TCR_Public/160202.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, February 2, 2016, Vol. 20, No. 33

                            Headlines

35 INNISBROOK: Case Summary & 7 Largest Unsecured Creditors
4522 KATELLA: Court Grants Bid for Turnover of Apartment Complexes
99¢ ONLY: Moody's Lowers CFR to Caa1, Outlook Negative
ADDICTION SPECIALISTS: Case Summary & 20 Top Unsecured Creditors
ADVANCED MICRO DEVICES: BlackRock Reports 7% Stake as of Dec. 31

AFFIRMATIVE INSURANCE: Rehabilitator Granted Leave to File Reply
ALKAME HOLDINGS: Going Concern Doubt Amid Net Loss, Deficit
ALLIED SECURITY: S&P Affirms 'B' CCR, Outlook Stable
ALPHA NATURAL: Cash Incentive Payments to Employees Approved
ALPHA NATURAL: Payment of Up to $11.9M in Manager Bonuses Okayed

ALVION PROPERTIES: Court Set to Hear Dismissal of Case
AMERICAN APPAREL: Gets Approval to Conduct Sales at 8 Stores
AMERICAN APPAREL: Sells Oak Stores Back to Founders
AMERICAN POWER: Gregory Ho Reports 38.5% Stake as of Jan. 14
ATLANTIC CITY, NJ: Former Emergency Manager Upbeat on Future

AXION POWER: To Delist Shares From Nasdaq Due to Non-Compliance
BARISTAS COFFEE: Going Concern Doubt Amid History of Losses
BC CAPITAL: Claims Bar Date Set for April 30
BION ENVIRONMENTAL: To Unlock Greater Value From Livestock Waste
BLUE BIRD: Auditor Raises Going Concern Doubt for Hennessy Capital

BOOMERANG SYSTEMS: Judge Approves March 23 Auction
CALCEUS ACQUISITION: S&P Lowers CCR to 'B-', Outlook Stable
CCNG ENERGY: $30 Million DIP Financing Approved
CCNG ENERGY: Feb. 4 Set as Claims Bar Date
CCNG ENERGY: Gets Add'l $3.10MM Under DIP Loan Agreement

CHICAGO BOARD OF EDUCATION: In Turmoil as Bond Sale Delayed
CHICAGO BOARD: Moody's Lowers Rating on $5.5BB GO Debt to B2
CHIEF POWER: Moody's Lowers Rating on Sr. Sec. Facilities to B1
CLIFFS NATURAL: Reports Fourth-Quarter & Full-Year 2015 Results
COMSTOCK MINING: Incurs $15.9 Million Net Loss in 2015

CRP-2 HOLDINGS: Has Access to Cash Collateral Until Feb. 29
CTI BIOPHARMA: Has Est. Net Fin'l Standing of $65M as of Dec. 31
DAVID'S BRIDAL: Moody's Lowers CFR to Caa1, Outlook Negative
DIFFUSION PHARMA: Changes Stock Ticker Symbol Change to DFFN
DOLLAR TREE: S&P Raises CCR to 'BB+', Outlook Stable

EARLY LIGHT: S&P Affirms 'BB+' Rating on 2014 Charter School Bonds
EDWARD THOMAS: Cal. App. Grants Writ of Mandate Bid in Corona Suit
EMPIRE TODAY: S&P Puts 'B-' CCR on CreditWatch Negative
ENDURANCE INTERNATIONAL: S&P Retains 'B' CCR on 1st Lien Facility
EXTREME PLASTICS: Case Summary & 20 Largest Unsecured Creditors

FIRST DATA: BlackRock Owns 5.3% of Class A Shares of Dec. 31
FIRST DATA: Leon Cooperman Reports 9.4% Equity Stake as of Dec. 31
FPL ENERGY: S&P Affirms 'B-' Rating on $125MM Sr. Sec. Notes
FREEDOM TANK: Case Summary & 20 Largest Unsecured Creditors
FTE NETWORKS: Changes Fiscal Year End to December 31

GEOMET INC: To Suspend Reporting Obligations with SEC
HAGGEN HOLDINGS: Boies Schiller Approved as Litigation Counsel
HAGGEN HOLDINGS: Committee Has Standing to Sue Affiliates, Comvest
HAGGEN HOLDINGS: Court Okays Young Conaway as Co-counsel
HAGGEN HOLDINGS: Court OKs Pachulski Stang as Committee Counsel

HAGGEN HOLDINGS: Pacific Pharmacy Approved as Broker
HANCOCK FABRICS: Reports Net Loss, Raises Going Concern Doubt
HOOVER GROUP: Moody's Lowers CFR to B3, Outlook Stable
HOVENSA LLC: Has Until April 12 to Decide on Unexpired Leases
HWA PROPERTIES: Ch. 11 Bar Order Unnecessary, Court Rules

INTERNATIONAL SUPPLY: Committee Hires Goldstein as Legal Counsel
INTERNATIONAL SUPPLY: Committee Hires R.J. Montgomery as Appraiser
INTERNATIONAL SUPPLY: Heartland Granted $4.78-Mil. Secured Claim
INTERNATIONAL SUPPLY: UCC Hires Fin'l Advisor, Investment Banker
INTERPOOL INC: S&P Revises Outlook to Stable & Affirms 'B+' CCR

JOHN ALBERT UPTON: Claims Not Listed on Schedules Aren't Sold
KU6 MEDIA: Signs Strategic Cooperative Agreement With 720Yun.com
LATTER RAIN: Case Summary & 20 Largest Unsecured Creditors
LI3 ENERGY: Admits Negative Capital Position, Going Concern Doubt
LIQUID HOLDINGS: Wins Approval to Move Ahead with Sale

MANITOWOC COMPANY: Moody's Lowers Corporate Family Rating to B2
MISSION NEW ENERGY: Ends 2015 With A$1.8 Million in Cash
MOTORS LIQUIDATION: No Units Distribution for Fiscal Q4 2015
MURRAY ENERGY: S&P Lowers Corporate Credit Rating to 'SD'
NATIONAL CINEMEDIA: BlackRock Reports 5.5% Stake as of Dec. 31

NEW GULF RESOURCES: US Trustee to Continue 341 Meeting on Feb. 5
NEW GULF: Balks at Regiment Objection, Lack of Alternative
NEW GULF: Says ENXP's Disputed Interests Adequately Protected
NORANDA ALUMINUM: Moody's Lowers CFR to Ca, Outlook Negative
NOVATION COMPANIES: Posts Net Loss, Raises Going Concern Doubt

O&S TRUCKING: Can't Challenge Confirmed Plan, 8th Cir. BAP Rules
OFFSHORE GROUP: Nobu Su Appeals Bankruptcy Plan Confirmation Order
OMNICOMM SYSTEMS: Swaps Common Shares for Preferred Shares
ONE SOURCE INDUSTRIAL: Ch. 11 Trustee Can Abandon Property
ONE SOURCE INDUSTRIAL: Court Directs Forshey to Turn Over $296K

ONE SOURCE INDUSTRIAL: Harper & Pearson OK'd to Audit 401(k) Plan
ONE SOURCE INDUSTRIAL: Michael McConnel Named Ch. 11 Trustee
ORTHO-CLINICAL DIAGNOSTICS: Moody's Cuts CFR to B3, Outlook Stable
OUTER HARBOR: Case Summary & 20 Largest Unsecured Creditors
OXYSURE THERAPEUTICS: Seeks Probe Into Short Selling Activities

PACIFIC GOLD: Incurs $2.20 Million Net Loss in Fiscal 2014
PONTIAC CITY SCHOOL: Moody's Affirms Caa1 Issuer Rating
PORTER BANCORP: Reports 4th Quarter 2015 Results
PROSERV GLOBAL: Moody's Lowers CFR to Caa3, Outlook Negative
PROWLER ACQUISITION: S&P Lowers CCR to 'CCC+', Outlook Stable

QUANTUM CORP: BlackRock Reports 5.6% Equity Stake as of Dec. 31
QUANTUM CORP: Reports Fiscal Third Quarter 2016 Results
QUANTUM CORP: Starboard Value Reports 14.8% Stake as of Jan. 25
QUICKSILVER RESOURCES: Court Approves Bluestone as Winning Bidder
RANK TRADE: Case Summary & 18 Largest Unsecured Creditors

RCS CAPITAL: Case Summary & 30 Largest Unsecured Creditors
RCS CAPITAL: Files for Chapter 11 with Support From Creditors
RCS CAPITAL: Files Prearranged Chapter 11 Plan of Reorganization
REALOGY HOLDINGS: Appoints Duncan Niederauer as Director
SAMSON RESOURCES: Seeks Authority to Pay Executive Bonuses

SANDPOINT CATTLE: Craig's Bid to Junk Malpractice Suit Denied
SCIENTIFIC GAMES: BlackRock Holds 5.5% Stake as of Dec. 31
SEQUENOM INC: BlackRock Reports 7.2% Stake as of Dec. 31
SFX ENTERTAINMENT: Case Summary & 40 Largest Unsecured Creditors
SL GREEN: S&P Raises Corp. Credit Rating From 'BB+'

SOUNDVIEW ELITE: Trustee Wins Partial Judgment in Suit v. Composite
SPANISH BROADCASTING: BlackRock Holds 5.2% of Class A Shares
STAR AMBULANCE: Case Summary & 8 Largest Unsecured Creditors
SYNIVERSE HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
TENET HEALTHCARE: BlackRock Reports 8.8% Stake as of Dec. 31

TLH INVESTMENTS: Court Denies Sale, Converts Case to Ch. 7
TROPICANA ENTERTAINMENT: Court Clarifies 75/25 Allocation Decision
U.S. STEEL CANADA: Sale or Investment Bids Due Feb. 29
US STEEL: S&P Lowers CCR to 'B', Outlook Negative
WALTER ENERGY: Can Borrow Up to $50-Mil., Court Says

WALTER ENERGY: To Sell Remaining U.S. Assets to VCLF's Seminole
WILLIAM JACOB MANAGEMENT: Voluntary Chapter 11 Case Summary
YRC WORLDWIDE: BlackRock Reports 5.5% Stake as of Dec. 31
YRC WORLDWIDE: Marc Lasry Reports 14.7% Stake as of Jan. 28
ZOGENIX INC: BlackRock Reports 6.5% Stake as of Dec. 31

[*] 13 Taube Summers Bankruptcy Lawyers Join Waller in Austin
[*] Energy Veteran Joins Paul Hastings in Houston
[^] Large Companies with Insolvent Balance Sheet

                            *********

35 INNISBROOK: Case Summary & 7 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: 35 Innisbrook LLC
        35 Innisbrook Ave.
        Las Vegas, NV 89113

Case No.: 16-10421

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 29, 2016

Court: United States Bankruptcy Court
       District of Nevada (Las Vegas)

Judge: Hon. Mike K. Nakagawa

Debtor's Counsel: Seth D Ballstaedt, Esq.
                  THE BALLSTAEDT LAW FIRM
                  9555 S. Eastern Ave, Ste #210
                  Las Vegas, NV 89123
                  Tel: (702) 715-0000
                  Fax: (702) 666-8215
                  Email: seth@ballstaedtlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roderick Nielsen, managing member.

A list of the Debtor's seven largest unsecured creditors is
available for free at http://bankrupt.com/misc/nvb16-10421.pdf


4522 KATELLA: Court Grants Bid for Turnover of Apartment Complexes
------------------------------------------------------------------
In a Memorandum Opinion and Judgment dated January 6, 2016, which
is available at http://is.gd/dgL8Dhfrom Leagle.com, Judge Dale L.
Somers of the United States Bankruptcy Court for the District of
Kansas granted 4522 Katella Avenue, LLC's Motion for Turnover,
which prays for an order compelling Harry Drake, a state court
receiver of real property of the Debtor, to turnover the estate
property in his possession.

The real properties which are the subject of the motion are two
apartment complexes located in Wichita, Kansas owned by the Debtor.
One is a 70-unit property known as Longfellow and the other is a
46-unit property known as Parkdale or Carter.  The Debtor is also
the owner of a 18-unit town house property known as Beach.
Although ColFin M5 Funding has recently acquired the Debtor's note
secured by Beach, that property is in the possession of the Debtor
and not included in the turnover motion.

The case is In re: 4522 KATELLA AVENUE, LLC, Chapter 11, Debtor,
Case No. 15-12107.

4522 Katella Avenue, LLC, Debtor, is represented by David G. Arst,
Arst & Arst, P.A.

Long Beach, California-based 4522 Katella Avenue, LLC, sought
protection under Chapter 11 of the Bankruptcy Code on September 25,
2015 (Bankr. D. Ks., Case No. 15-12107).  The Debtor's Counsel is
David G. Arst, Esq., at Arst & Arst, P.A., in Wichita, Kansas.  The
petition was signed by James A. Rainboldt, managing member.


99¢ ONLY: Moody's Lowers CFR to Caa1, Outlook Negative
-------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
and Probability of Default Rating of 99¢ Only Stores to Caa1 and
Caa1-PD from B3 and B3-PD respectively.  Moody's also downgraded
the ratings of the company's senior secured term loan to Caa1 from
B3 and its senior unsecured notes to Caa3 from Caa2.  In addition,
the company's Speculative Grade Liquidity Rating is lowered to
SGL-4 from SGL-3.  The rating outlook remains negative.

"99¢ Only Stores' liquidity profile is weak and operating
performance continues to be challenged with declining same store
sales, margins and earnings which has resulted in the weakening of
credit metrics to levels that are not consistent with current
ratings", Moody's Senior Analyst Mickey Chadha stated.  "Although
operating results could stabilize as the new management team
implements certain strategic initiatives, we expect credit metrics
and liquidity to remain weak for the next 12 months", Chadha
further stated.

These ratings are downgraded:

  Corporate Family Rating Downgraded to Caa1 from B3

  Probability of Default Rating, Downgraded to Caa1-PD from B3-PD
  $615 million senior secured term loan Downgraded to Caa1 (LGD3)
   from B3(LGD3)

  $250 million Senior Unsecured Notes Downgraded to Caa3(LGD5)
   from Caa2(LGD5)

  Speculative Grade Liquidity Rating, lowered to SGL-4 from SGL-3

RATINGS RATIONALE

The Caa1 Corporate Family Rating reflects 99¢ Only Stores' weak
credit metrics and liquidity profile, geographic concentration in
California and increased competition from other dollar store
operators in its core markets.  For the LTM period ending October
2015, the company's debt/EBITDA (including lease adjustments) was
approximately 10 times and EBIT/interest was below 1.0 times.
Moody's expects only modest improvement in the company's key credit
metrics over the next 12 months as the new management team
implements a turnaround strategy which includes improved inventory
and shrink management, more effective promotional strategies, and
improved effeciencies.  Despite improvements in working capital and
substantially reduced capital spending for new store growth,
Moody's expects free cash flow to be only slightly positive in the
next 12 months. In addition, the company's speculative grade
liquidity rating of SGL-4 also reflects the near-term maturity of
its $185 million ABL revolving credit facility which expires in
January 2017.  Despite these significant challenges, Moody's has a
favorable view of growth prospects for the dollar store sector
which benefits from affordable, low price points and relative
resistance to economic cycles.

The negative outlook reflects the potential for further earnings
declines given the risk associated with a successful turnaround
plan.  The negative outlook also reflects the possibility of a
distressed exchange as the company's unsecured notes are trading at
distressed levels.

Ratings could be downgraded if credit metrics do not stabilize from
current levels or if the company fails to address the near-term
maturity of its ABL revolving credit facility.  Any change in the
company's financial policies, including a higher risk of a
distressed exchange, could also result in a downgrade.

Given the negative outlook, a ratings upgrade is unlikely in the
near-term.  Ratings could be upgraded should 99¢ Only Stores
earnings grow such that debt to EBITDA approaches 7.0 times and
EBIT to interest expense rises above 1.0 time.  A ratings upgrade
would also require adequate liquidity and financial policies which
would support leverage and coverage remaining at these improved
levels.

99¢ Only Stores is 100% owned by Ares Management and Canada
Pension Plan Investment Board.  As of Oct. 30, 2015, the Company
operated 389 retail stores with 281 in California, 49 in Texas, 38
in Arizona, and 21 in Nevada.  Revenues are about $2.0 billion.

The principal methodology used in these ratings was Retail Industry
published in October 2015.



ADDICTION SPECIALISTS: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Addiction Specialists, Inc.
        1023 Pittsburgh Street, Suite 102
        Uniontown, PA 15401

Case No.: 16-20278

Nature of Business: Health Care

Chapter 11 Petition Date: January 29, 2016

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

Judge: Hon. Carlota M. Bohm

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: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sean Sugarman, secretary.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb16-20278.pdf


ADVANCED MICRO DEVICES: BlackRock Reports 7% Stake as of Dec. 31
----------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 56,317,323 shares of common stock of Advanced
Micro Devices Inc. representing 7.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/iaG7Yk

                  About Advanced Micro Devices

Sunnyvale, California-based Advanced Micro Devices, Inc., is a
global semiconductor company.  The Company's products include x86
microprocessors and graphics.

                          *     *     *

As reported by the TCR on Oct. 22, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Sunnyvale,
Calif.-based Advanced Micro Devices Inc. to 'CCC+' from 'B-'.  
"The downgrade reflects our expectation that AMD will experience a
more gradual return to revenue growth, ongoing competitive
challenges to restore operating profitability, and more severe
operating losses and negative free cash flow through 2016 than we
had previously forecast, despite recent improvements to its
liquidity," said Standard & Poor's credit analyst John Moore.

As reported by the TCR on June 5, 2014, Fitch Ratings had upgraded
the long-term Issuer Default Rating (IDR) for AMD (NYSE: AMD) to
'B-' from 'CCC'.  The upgrade primarily reflects AMD's improved
financial flexibility from recent refinancing activity, which
extends meaningful debt maturities until 2019.

In July 2015, Moody's Investors Service lowered Advanced Micro
Devices, Inc's ("AMD") corporate family rating to Caa1 from B3, and
the ratings on the senior unsecured notes to Caa2 from Caa1.  
The downgrade of the corporate family rating to Caa1 reflects AMD's
prospects for ongoing operating losses over the next year and
negative free cash flow.


AFFIRMATIVE INSURANCE: Rehabilitator Granted Leave to File Reply
----------------------------------------------------------------
U.S. Bankruptcy Judge Christopher Sontchi has granted a motion
filed by Affirmative Insurance Co.'s rehabilitator for leave to
file a reply to the company's objection to the conversion of its
Chapter 11 case to a Chapter 7 liquidation.

Anne Melissa Dowling, Acting Director of Insurance of the State of
Illinois, filed the motion after the company made a claim in its
objection that $750,000 that is held in premium fund trust accounts
is free for the company's use pursuant to Illinois insurance law.

According to Ms. Dowling, the objection as well as the reply filed
by the company's official committee of unsecured creditors in
support of its bid to convert the case presented new arguments that
have not yet been addressed.

Ms. Dowling further said her reply "will assist the court in
analyzing the facts and law at issue."

On Dec. 30 last year, the committee requested the conversion of
Affirmative's bankruptcy case to one under Chapter 7, saying the
company has no business to reorganize, its estate is
administratively insolvent, and that it has no hope of confirming a
feasible plan of reorganization or liquidation.

                      About Affirmative Insurance

Affirmative Insurance Holdings, Inc., Affirmative Management
Services, Inc., Affirmative Services, Inc., Affirmative
Underwriting Services, Inc., Affirmative Insurance Services, Inc.,
Affirmative General Agency, Inc., Affirmative Insurance Group, Inc.
and Affirmative, L.L.C. sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Proposed Lead Case No. 15-12136) on Oct. 14, 2015.
The petition was signed by Michael J. McClure as chief executive
officer.

The Debtors have engaged McDermott Will & Emery LLP as general
bankruptcy counsel, Polsinelli PC as Delaware and conflicts
counsel, Faegre Baker Daniels LLP as special regulatory counsel,
BDO USA LLP as financial advisor and Rust Consulting/Omni
Bankruptcy as notice and claims agent.

The Debtors disclosed total assets of $25.20 million and total
debts of $91.26 million as of Aug. 31, 2015.

Founded in June 1998, Affirmative provides non-standard personal
automobile insurance policies for individual consumers in targeted
geographic markets.  NSPAI policies provide coverage to drivers who
find it difficult to obtain insurance from standard automobile
insurance companies due to their lack of prior insurance, age,
driving record, limited financial resources, or other factors.


ALKAME HOLDINGS: Going Concern Doubt Amid Net Loss, Deficit
-----------------------------------------------------------
Alkame Holdings, Inc., reported a net loss of $758,158 for the
three months ended March 31, 2015, compared with a net loss of
$302,435 for the three months ended March 31, 2014.

For the three months ended March 31, 2015, the company has
recognized only $294,006 in revenue and as of March 31, 2015 had an
accumulated deficit of $9,229,508.  The continuation of the company
as a going concern is dependent upon the continued financial
support from its management, and its ability to identify future
investment opportunities and obtain the necessary debt or equity
financing, and generating profitable operations from the company's
future operations, according to Robert Eakle, chief executive
officer, president and director of the company, in a regulatory
filing with the U.S. Securities and Exchange Commission on December
15, 2015.

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

Mr. Eakle added, "We have not attained profitable operations and
are dependent upon obtaining financing to pursue any extensive
acquisitions and activities.  For these reasons, our auditors
stated in their report on our audited consolidated financial
statements that they have substantial doubt that we will be able to
continue as a going concern without further financing."

At March 31, 2015, the company had total assets of $2,950,929,
total liabilities of $5,193,036 and a total stockholders' deficit
of $2,242,107.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/z3u6vch

Las Vegas-based Alkame Holdings, Inc. is in the business of
distributing bottled/canned alkaline, antioxidant and oxygenated
water.  On Jan. 13, 2015, the company completed the acquisition of
Xtreme Technologies, Inc. and consequently acquired the patents on
the proprietary process that the company believes is the most
technologically advanced in water treatment systems for complete
hydration.  The company assumed the operations of Xtreme and
continues its business of distributing technologically enhanced
bottled water.


ALLIED SECURITY: S&P Affirms 'B' CCR, Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
corporate credit rating on Conshohocken, Pa.-based Allied Security
Holdings LLC.  The outlook is stable.

S&P also affirmed its 'B+' issue-level rating on the company's
first-lien $81 million revolving facility due 2021 and $664 million
term loan due 2021, and its 'CCC+' issue-level rating on the
second-lien $295 million term loan due 2021.  The recovery ratings
on the first-lien facilities are unchanged at '2', which indicates
S&P's expectation for lenders to receive substantial (70% to 90%,
at the low end of the range) recovery in the event of payment
default, and the recovery rating on the second-lien term loan is
unchanged at '6', indicating S&P's expectation for lenders to
receive negligible (0% to 10%) recovery in the event of payment
default.  Pro forma for the acquisition by Wendel Group,
outstanding debt was approximately $983 million.

"The ratings affirmation reflects Allied Security's recent
acquisition by Wendel Group, high debt leverage, narrow business
focus, and participation in the fragmented manned security services
industry.  We have also factored into the rating the company's good
market position, flexible cost structure, diversified client base,
and solid client retention experience. Debt-to-EBITDA increased
with the recent company sale to Wendel Group, and we expect credit
metrics to improve in 2016 and beyond," said Standard & Poor's
credit analyst Peter Deluca.

The stable rating outlook reflects S&P's expectation that Allied
Security will, over the next year, at least maintain credit metrics
near current levels, including debt-to-EBITDA in the mid-6x area.




ALPHA NATURAL: Cash Incentive Payments to Employees Approved
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia on
January 27, 2016, entered an order approving the implementation of
the Key Employee Incentive Plan for Certain Insider Employees for
2016 proposed in the Chapter 11 cases of Alpha Natural Resources,
Inc. and its debtor-affiliates.

The KEIP provides potential cash incentive payments to seven
executive employees of the Company and eight non-executive
employees of the Company who were not permitted to participate in
the Key Employee Retention Program, including two of the Company's
named executive officers.

The KEIP has one six-month performance period, commencing on
January 1, 2016 and ending on June 30, 2016. Under the KEIP, during
the performance period, the KEIP Participants will earn incentive
payments upon achievement of certain performance goals across
specific performance metrics. The performance metrics include:
annualized cost savings, specified levels of adjusted ending book
cash and safety and environmental metrics. The performance goals
for the cost savings and ending book cash metrics relate to
specific dollar amounts that must be achieved. The performance
targets will be adjusted to reflect the effects of asset sales,
financing-related transactions and certain other events to
neutralize their impact. KEIP Participants are entitled to payments
under the KEIP at or between threshold, target or maximum payout
opportunities with respect to each performance metric, depending
the level of achievement of the performance metrics. KEIP
Participants are not entitled to payment for achievement of any
performance metric that falls below threshold performance.

Each performance metric is weighted differently and has different
target opportunities, as follows:

     (i) the annual cost savings metric is 30% of the total
         payout opportunity, with an aggregate cost of
         $2.04 million at target;

    (ii) the ending book cash metric is 55% of the total payout
         opportunity, with an aggregate cost of $3.75 million at
         target;

   (iii) the safety metric is 7.5% of the total payout
         opportunity, with an aggregate cost of $0.511 million at
         target; and

    (iv) the environmental metric is 7.5% of the total payout
         opportunity, with an aggregate cost of $0.511 million at
         target.

In addition, all award payments will be deemed earned at target
upon the occurrence of either of the following prior to June 30,
2016: (A) a confirmation of a chapter 11 plan or (B) one or more
change of control transactions, or combinations thereof, for assets
representing more than 50% of the assets of the debtors in the
bankruptcy action.

The aggregate cost of the KEIP, if no performance goals were
achieved, would be $0. The aggregate cost of the KEIP, if
performance goals were achieved at threshold, target and maximum
levels across all metrics for the performance period, would be
$3.408 million, $6.816 million or $11.928 million, respectively.
Certain details relating to the payout opportunities for the
individual participants have been filed under seal with the
Bankruptcy Court.

75% of a KEIP Participant's earned incentive award will be paid
within 30 days of June 30, 2016, and 25% will be paid upon
confirmation of a chapter 11 plan, if a chapter 11 plan is
confirmed by December 31, 2016. If a chapter 11 plan is not
confirmed by December 31, 2016, the remaining 25% of the incentive
award will be forfeited. If a KEIP Participant is terminated
without cause before the occurrence of any of the events, or before
the end of the performance period, such KEIP Participant will
remain eligible to receive payments in the normal course under the
KEIP based on actual performance. All KEIP Participants will be
deemed to have waived any claim related to any retention agreement
that had not expired on August 3, 2015.

                        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.


ALPHA NATURAL: Payment of Up to $11.9M in Manager Bonuses Okayed
----------------------------------------------------------------
Bill Estep at Lexington Herald Leader reports that the Hon. Kevin
R. Huennekens of the U.S. Bankruptcy Court for the Eastern District
of Virginia has ruled that Alpha Natural Resources can pay
potential bonuses of up to $11.9 million to senior managers during
its bankruptcy.

The payments would be reasonable and justified because the
expertise of senior managers will be critical in efforts to
restructure and return the company to profitability, the Company
said in court documents.  

Herald Leader relates that under the incentive plan, 15 managers
deemed to be key employees can qualify for bonuses this year from a
pool of between $3.4 million to $11.92 million, based on how well
the Company meets goals in areas like lessening costs.

According to Herald Leader, United Mine Workers of America
spokesperson Phil Smith said the union is looking at whether to
appeal.

The report says that the UMWA, along with union health and
retirement funds and a government watchdog, had opposed the
request, saying that the bonuses would merely reward the Company's
managers for work they're already being paid well to do, and would
not be proper given the Company's financial distress.

                        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.


ALVION PROPERTIES: Court Set to Hear Dismissal of Case
------------------------------------------------------
A U.S. bankruptcy court is set to hear a motion filed by Alvion
Properties Inc. to dismiss its Chapter 11 case.

The U.S. Bankruptcy Court for the Southern District of Illinois
will take up the motion at a hearing on Feb. 29.

The company filed the motion on Jan. 13 in which it asked for the
dismissal of the case and approval to pay the remaining claims of
five creditors totaling $39,338.

The company had earlier paid more than $4.48 million to Farmers
State Bank of Alto Pass, George Howard and SWRR Properties Inc.,
and a group led by Coffman Law Group.

Alvion used the proceeds from the sale of its real properties to
pay the claims.  The sale generated more than $6.02 million, court
filings show.

                       About Alvion Properties

Alvion Properties, Inc. is a Virginia corporation formed in 1995
with the placement of real property and mineral rights it owns
today.  Alvion owns 1,295 acres of undeveloped land, with
significant coal reserves along with timber and building stone, in
Scott County, Virginia.  Alvion also owns an additional 3,219 acres
of mineral rights in property north of its fee simple ownership.

The current stockholders are Harold M. (Jack) Reynolds and Shirley
Medley.  Mr. Reynolds owns several entities involved in the coal
business.  Shirley and her family also owned coal mines from 1970
to 2010.

Alvion Properties filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Ill. Case No. 15-40462) on May 14, 2015.  Karnes Medley, the
president, signed the petition.

The Debtor disclosed total assets of $1 billion and total debts of
$2.7 million in its petition.

Antonik Law Offices serves as the Debtor's counsel.

The meeting of creditors was held on June 17, 2015.

The U.S. trustee overseeing the Chapter 11 case of Alvion
Properties appointed four creditors to serve on the official
committee of unsecured creditors.  Pachulski Stang Ziehl & Jones
LLP and Bryan Cave LLP represent the Creditors Committee.


AMERICAN APPAREL: Gets Approval to Conduct Sales at 8 Stores
------------------------------------------------------------
American Apparel Inc. received court approval to conduct closing
sales at eight stores run by the company.

Four of the stores are located in California while the other stores
are located in Connecticut, New Jersey, Oregon and Wisconsin.

Centercal Properties LLC had earlier opposed the sale guidelines
proposed by the company.  The landlord expressed concern these
would put its property at risk of potential damages.

American Apparel resolved the objection by including a provision
that allows the company and landlords to enter into agreements
modifying the sale guidelines, court filings show.

The sales were approved by Judge Brendan Shannon of the U.S.
Bankruptcy Court for the District of Delaware.

                      About American Apparel

American Apparel, Inc., American Apparel (USA), LLC,  American
Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc.,
KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11
bankruptcy protection (Bankr. D. Del. Proposed Lead Case No.
15-12055) on Oct. 5, 2015.  The petition was signed by Hassan Natha
as chief financial officer.

The Debtors reported total assets of $199,360,934 and total
liabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a vertically
integrated manufacturing, distribution, and retail business focused
on branded fashion-basic apparel, employing approximately 8,500
employees across six manufacturing facilities and approximately 230
retail stores in the United States and 17 other countries
worldwide.

The Debtors have engaged Jones Day as restructuring counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis &
Company as investment banker, FTI Consulting, Inc. as financial
advisor, DJM Real Estate as real estate consultant and Garden City
Group, LLC as claims and noticing agent.

                          *     *     *

The Debtors filed a proposed Joint Plan of Reorganization that
contemplates converting more than $200 million of senior notes
into
equity interests of the reorganized American Apparel.

On Nov. 20, 2015, the Court approved the Disclosure Statement and
set a Jan. 7, 2016 voting deadline and a Jan. 20 plan confirmation
hearing.

On Jan. 10, the Debtors received a letter from former CEO Dov
Charney disclosing a proposed $300 million alternative transaction
that will be funded by Hagan Capital Group and Silver Creek Capital
Partners but American Apparel rejected the proposal.

On Jan. 25, 2016, the Court held a telephonic hearing, granting
confirmation of the Debtors' First Amended Plan, provided certain
revisions were made to the First Amended Plan and the proposed
confirmation order.


AMERICAN APPAREL: Sells Oak Stores Back to Founders
---------------------------------------------------
Katy Stech, writing for Dow Jones' Daily Bankruptcy Review,
reported that the Oak chain of clothing stores, a seller of
avant-garde basics to urban creatives, is back in the hands of its
two founders after a brush with death during American Apparel
Inc.'s bankruptcy case.

According to the DBR report, Louis Terline and Jeff Madalena, who
opened the first Oak location in 2005 in Willimsburg, Brooklyn,
bought the retailer back from American Apparel in January.  The
deal saved Oak's four stores that are divided between the New York
City area -- there is also one on NoHo's Bond Street and one in
Greenpoint, Brooklyn -- and Los Angeles, the DBR report related.

Kim Bhasin, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that in 2013, Dov Charney, the founder and, at the time,
chief executive of American Apparel, bought Oak for an undisclosed
sum, and the original owners gave up their stake in the company.

According to Bloomberg, after Charney's ouster, it was clear to
Terline that American Apparel had no place for a boutique like Oak.
"They told us, straight up, that they didn't have the resources to
dedicate to us, but they still wanted us to somehow achieve
profitability," Terline told Bloomberg.

In January, Terline, Madalena, and outside investors repurchased
the company out of bankruptcy proceedings for less than $600,000.
The founders regain enough equity to "feel comfortable," Terline
further told Bloomberg, relieved he's done dealing with bankruptcy
court and getting unhitched from American Apparel.

                      About American Apparel

American Apparel, Inc., American Apparel (USA), LLC,  American
Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc.,
KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11
bankruptcy protection (Bankr. D. Del. Proposed Lead Case No.
15-12055) on Oct. 5, 2015.  The petition was signed by Hassan
Natha as chief financial officer.

The Debtors reported total assets of $199,360,934 and total
liabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a vertically
integrated manufacturing, distribution, and retail business
focused on branded fashion-basic apparel, employing approximately
8,500 employees across six manufacturing facilities and
approximately 230 retail stores in the United States and 17 other
countries worldwide.

The Debtors have engaged Jones Day as restructuring counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis &
Company as investment banker, FTI Consulting, Inc. as financial
advisor, DJM Real Estate as real estate consultant and Garden City
Group, LLC as claims and noticing agent.

                          *     *     *

The Debtors filed a proposed Joint Plan of Reorganization that
contemplates converting more than $200 million of senior notes
into
equity interests of the reorganized American Apparel.

On Nov. 20, 2015, the Court approved the Disclosure Statement and
set a Jan. 7, 2016 voting deadline and a Jan. 20 plan confirmation
hearing.

On Jan. 10, the Debtors received a letter from former CEO Dov
Charney disclosing a proposed $300 million alternative transaction
that will be funded by Hagan Capital Group and Silver Creek
Capital Partners but American Apparel rejected the proposal.

On Jan. 25, 2016, the Court held a telephonic hearing, granting
confirmation of the Debtors' First Amended Plan, provided certain
revisions were made to the First Amended Plan and the proposed
confirmation order.


AMERICAN POWER: Gregory Ho Reports 38.5% Stake as of Jan. 14
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Gregory P. Ho disclosed that as of Jan. 14, 2016, he
beneficially owns 32,785,233 of common stock of American Power
Group Corporation representing 38.5 percent of the shares
oustanding.  

Included in the filing are the following reporting persons:

                                        No. of
                                        Shares      Percent
                                     Beneficially    of
  Name                                  Owned       Class
  ----                               ------------  --------
SMC Select Co-Investment Fund I, LP   7,962,950      12.9%
SMC Reserve Fund II, LP              11,365,513      17.2%
SMC Reserve Fund II Offshore, LP      2,841,377       4.9%
SMC Employees Partnership             9,095,393      14.3%
SMC Select Co-Investment I GP, LLC    7,850,603      12.7%
SMC Private Equity Holdings G.P., LLC 1,500,000       2.6%
SMC Private Equity Holdings, LP       1,500,000       2.6%
Spring Mountain Capital G.P., LLC     23,669,840     30.8%
Spring Mountain Capital, LP           23,669,840     30.8%
Spring Mountain Capital, LLC          23,669,840     30.8%
John L. Steffens                      32,785,233     38.5%

A full-text copy of the regulatory filing is available at:

                     http://is.gd/cfwpxg

                  About American Power Group

American Power Group's alternative energy subsidiary, American
Power Group, Inc., provides a cost-effective patented Turbocharged
Natural Gas conversion technology for vehicular, stationary and
off-road mobile diesel engines.  American Power Group's dual fuel
technology is a unique non-invasive energy enhancement system that
converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run
on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and
compressed natural gas; (3) diesel fuel and pipeline or well-head
gas; and (4) diesel fuel and bio-methane, with the flexibility to
return to 100 percent diesel fuel operation at any time.  The
proprietary technology seamlessly displaces up to 80% of the
normal diesel fuel consumption with the average displacement
ranging from 40 percent to 65 percent.  The energized fuel balance
is maintained with a proprietary read-only electronic controller
system ensuring the engines operate at original equipment
manufacturers' specified temperatures and pressures.  Installation
on a wide variety of engine models and end-market applications
require no engine modifications unlike the more expensive invasive
fuel-injected systems in the market.  Additional information at
http://www.americanpowergroupinc.com/   

For the 12 months ended Sept. 30, 2015, the Company reported a net
loss available to common shareholders of $1.04 million on $2.95
million of net sales compared to a net loss available to common
shareholders of $920,000 on $6.28 million of net sales for the 12
months ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $11.1 million in total
assets, $11.3 million in total liabilities, and a $226,000
stockholders' deficit.


ATLANTIC CITY, NJ: Former Emergency Manager Upbeat on Future
------------------------------------------------------------
Kate King, writing for Dow Jones' Daily Bankruptcy Review, reported
that after spending a year examining the books of a city on the
brink of bankruptcy, Atlantic City's former emergency manager said
he is more optimistic than most that the struggling resort city can
be saved.

According to the report, Kevin Lavin, 54 years old, was appointed
last January by New Jersey Gov. Chris Christie to a role that gave
him wide-ranging control over the city's daily finances and
operations.  His yearlong analysis found that Atlantic City, absent
a state bailout, faces budget deficits totaling $391 million over
the next five years, the report related.

                   *     *     *

The Troubled Company Reporter, on Dec. 15, 2015, reported that
Moody's Investors Service has affirmed the City of Atlantic City,
NJ's General Obligation rating of Caa1.  The outlook remains
negative.  Concurrently, Moody's has affirmed the B2 rating on
Atlantic City Municipal Utilities Authority's (MUA)
city-guaranteed $7.5 million water revenue bonds.

The TCR, on the same date, reported that Moody's Investors Service
has affirmed the B2 rating Atlantic City
Municipal Utilities Authority's (NJ) net water revenue debt.  The
outlook remains negative.


AXION POWER: To Delist Shares From Nasdaq Due to Non-Compliance
---------------------------------------------------------------
Axion Power International, Inc. on Jan. 29 disclosed that it plans
to voluntarily delist from Nasdaq on the earliest date in
compliance with the 10-day notice period to Nasdaq, and filing of
its Form 25 with the SEC.

The Company is seeking delisting due to the costs and compliance
requirements of a Nasdaq listing, such as meeting listing
requirements and certain additional approval requirements for
issuance of additional securities.  Furthermore, the Company has
become aware that it is not in compliance with the continued
listing requirement set forth in Rule 5550(a)(2) as the bid price
for the Company's common stock has closed below $1.00 for the past
consecutive 30 days.  The Company has no plans to seek shareholder
approval for a further reverse split of its Common Stock, thus it
could not assure ability to achieve compliance within the time
periods proscribed.

              About Axion Power International, Inc.

Axion Power -- http://www.axionpower.com-- is a technology leader
in lead-carbon energy storage.  Its PbC battery technology
utilizing proprietary activated carbon electrodes is the only
advanced battery that can be assembled on existing lead-acid
production lines throughout the world.  Axion Power's primary goal
is to become the leading supplier of carbon electrode assemblies
for lead-acid battery companies around the world.


BARISTAS COFFEE: Going Concern Doubt Amid History of Losses
-----------------------------------------------------------
Baristas Coffee Company, Inc. has a history of operating losses as
it has focused its efforts on raising capital and building its
brand and expanding its business locations.  "The report of our
independent auditors issued on our consolidated financial
statements as of and for the year ended December 31, 2014,
expresses substantial doubt about our ability to continue as a
going concern," said Barry Henthorn, chief executive officer of the
company, in a regulatory filing with the U.S. Securities and
Exchange Commission dated December 15, 2015.

Mr. Henthorn elaborated: "For the period ended September 30, 2015,
we were successful in raising net proceeds of $261,734 through debt
financing in order to fund the development and growth of our
operations.  For the period ended September 30, 2014, the company
received $115,000 cash from minority interest, $152,500 proceeds
from issuance of preferred stock and $293,147 net proceeds through
debt financing.

"Our ability to continue as a going concern is dependent on our
ob1taining additional adequate capital to fund additional operating
losses until we become profitable.  If we are unable to obtain
adequate capital, we could be forced to cease operations.

"In response to these concerns, management intends to raise
additional funds through public or private placement offerings and
through loans from officers and directors.

"These factors, among others, raise substantial doubt about the
company's ability to continue as a going concern.  There can be no
assurance that management's plan will be successful."

At September 30, 2015, the company had total assets of $3,584,242
and total equity of $1,399,188.

For the three months ended September 30, 2015, the company posted a
net loss of $227,191 as compared with a net loss of $139,999 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/z72fwjo

Baristas Coffee Company, Inc. was originally formed as InfoSpi.com
on October 18, 1996.  On December 22, 2009, it acquired greater
than a 60% interest in Pangea Networks, Inc. (Pangea)/ DBA Baristas
and Inc., and it acquired for cash, stock, and other consideration,
numerous coffee stands in the greater Seattle area through the
acquisition of Pangea.  In May 2010, the company changed its name
to Baristas Coffee Company, Inc.  Baristas operates specialty
drive-through beverage retailers that provide customers with hot
and cold beverages, specializing in specialty coffees, blended teas
and other custom drinks.  In addition, the company offers
smoothies, fresh-baked pastries and other confections.  The company
is headquartered in Kent, Washington.



BC CAPITAL: Claims Bar Date Set for April 30
--------------------------------------------
The Hon. Edmond E. Chang of the U.S. District Court for the
Northern District of Illinois has established April 30, 2016 at
5:00 p.m. as the deadline for asserting claims against and
interests in BC Capital Group S.A., BC Capital Group International
Limited a/k/a BC Capital Group Limited a/k/a BC Capital Group
Global, and BC Capital Group Holdings S.A.

The order was issued in connection with the receivership of BC
Capital pending before the District Court.

Claims relating to direct or indirect investments in subfunds
related to these investment companies are also subject to the
Claims Bar Date:

     * Anchor Hedge Funds Limited

     * FuturesOne Diversified Fund Ltd.

     * FuturesOne Diversified Fund SPC Ltd.

     * FuturesOne Innovative Fund SPC Ltd.

     * FuturesOne Class 0 Investments Ltd.

     * Phl R(squared) Investment Fund SPC Ltd. --
       Segregated Portfolio Master Series

     * Galaxy Fund Inc.

     * Alliance Investment Management Limited (Bahamas),
       custodian of investment portfolios under investment
       programs titled:

       1. Private International Wealth Management

       2. Private International Wealth Management - Insurance

     * Nikolai Simon Battoo

     * BC Capital Group S.A.

     * BC Capital Group International S.A.

All proofs of claim or interest must be filed so as to be received
on or before the Bar Date:

     -- by email to BCCapital@robbevans.com

     -- by email to 11450 Sheldon Street, Sun Valley, CA 91352;
        or

     -- by fax to +1 (818) 768-8802

The case is, United States Commodity Futures Trading Commission,
Plaintiff, v. Nikolai Simon Batto; BC Capital Group S.A.; BC
Capital Group International Limited a/k/a BC Capital Group Limited
a/k/a BC Capital Group Global; and BC Capital Group Holdings S.A.,
Defendants, Case No. 1:12-cv-07127 (N.D. Ill.)


BION ENVIRONMENTAL: To Unlock Greater Value From Livestock Waste
----------------------------------------------------------------
Bion Environmental Technologies, Inc., announced that over the past
three years, it has modified its technology platform to enable the
capture of ammonia and its conversion into commercial products,
rather than its destruction.  This has enabled the production of
renewable natural gas from the volatile solids in the waste stream,
while maintaining the desired nutrient reductions.

Bion estimates the potential byproduct revenues from renewable
energy (and associated carbon-reduction credits) and fertilizer
products at Kreider Farms Phase 2 (at full operation), based on
present market prices, to be in the range of $15 to $20 million.

By capturing the ammonia, Bion not only prevents its impacts to the
environment as before, but is now able to recover and process
substantially more of the nitrogen in the manure stream into a
stabilized value-added product.  Bion filed a patent on this
process that recovers a nitrogen-rich, natural, non-synthetic
fertilizer in September 2015.  Bion is preparing a filing with the
Organic Materials Review Institute for certification for use in
organic production.

The technology platform can now utilize anaerobic digestion to
produce methane which can then be cleaned and injected into
existing pipelines, resulting in a clean renewable compressed
natural gas.  The gas can then be delivered anywhere in the country
for use as a vehicle fuel, such as California where it would
qualify for significantly more renewable energy credits. Patent
protection for the 3rd generation technology platform was filed in
September 2014.

Craig Scott, Bion's Director of Communications, said, "As stated
previously, we are optimistic that the Pennsylvania legislature
will ultimately do what is best for the environment and its
taxpayers and legislate  a competitive bidding strategy to lower
costs and achieve compliance.  Further, we are also optimistic that
other states with the same problem will follow the federal
government's lead in supporting private sector solutions, giving
their taxpayers an alternative to today's high-cost low-value
government solutions.

Regardless, it is apparent that the 'separate and aggregate
strategy' we began a few years ago in order to better utilize all
the assets in the waste stream is succeeding.  With sufficient
scale, we have already reduced our dependence on nutrient credits
to approximately half of total project revenues, just with recovery
of renewable energy and nitrogen byproducts."

                    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 BIRD: Auditor Raises Going Concern Doubt for Hennessy Capital
------------------------------------------------------------------
KMPG LLP, in its audit report on Hennessy Capital Acquisition
Corp.'s financial statements for the year ended December 31, 2014,
expressed substantial doubt about Hennessy Capital's ability to
continue as a going concern.

On February 24, 2015, Hennessy Capital consummated its business
combination (the Business Combination), pursuant to which it
acquired all of the outstanding capital stock of School Bus
Holdings, Inc. (SBH) from The Traxis Group B.V. (the Seller).  SBH
operates its business of designing and manufacturing school buses
through its Blue Bird Body Company subsidiary and under the "Blue
Bird" name.  In the Business Combination, the total purchase price
was paid in a combination of cash ($100 million) and in shares of
HCAC's Common Stock (12,000,000 shares valued at a total of $120
million).  In connection with the closing of the Business
Combination, the company changed its name from Hennessy Capital
Acquisition Corp. to Blue Bird Corporation (the company).

On February 28, 2015, the company's Audit Committee confirmed,
recommended and approved the dismissal of KPMG as Hennessy
Capital's independent registered public accounting firm.  For the
year ended December 31, 2014, KPMG's audit report on Hennessy
Capital's financial statements did not contain an adverse opinion
or disclaimer of opinion, nor was it qualified as to audit scope or
accounting principles.  However, the report was modified as to
uncertainty regarding a substantial doubt about Hennessy Capital's
ability to continue as a going concern given Hennessy Capital's
negative working capital at December 31, 2014, and other matters.

On February 28, 2015, as part of the change in independent
registered public accounting firms, the company's Audit Committee
confirmed, recommended and approved the appointment of
PricewaterhouseCoopers LLP as the company's independent registered
public accounting firm to audit the company's consolidated
financial statements as of and for the fiscal year ending October
3, 2015.

Philip Horlock, president and chief executive officer of the
company, disclosed in a regulatory filing with the U.S. Securities
and Exchange Commission on December 15, 2015, related that the
company had total assets of $267,903,000, total liabilities of
$389,133,000 and total stockholders' deficit of $121,230,000 at
October 3, 2015.

During the fiscal year ended October 3, 2015, the company reported
a net income of $14,932,000 as compared with a net income of
$2,757,000 for the fiscal year ended September 27, 2014.

A full-text copy of the company's annual report is available for
free at: http://tinyurl.com/jqb5oo8

Fort Valley, Georgia-based Blue Bird Corporation is an independent
designer and manufacturer of school buses with more than 550,000
buses sold since its formation in 1927 and approximately 180,000
buses in operation today.

On February 24, 2015, Hennessy Capital Acquisition Corp. (HCAC)
consummated its business combination (the Business Combination),
pursuant to which HCAC acquired all of the outstanding capital
stock of School Bus Holdings, Inc. (SBH) from The Traxis Group B.V.
(the Seller). SBH operates its business of designing and
manufacturing school buses through its Blue Bird Body Company
subsidiary and under the "Blue Bird" name.  In the Business
Combination, the total purchase price was paid in a combination of
cash ($100 million) and in shares of HCAC's Common Stock
(12,000,000 shares valued at a total of $120 million).  In
connection with the closing of the Business Combination, the
company changed its name from Hennessy Capital Acquisition Corp. to
Blue Bird Corporation.

Upon consummation of the Business Combination, SBH became a
wholly-owned subsidiary of Blue Bird Corporation and SBH's direct
and indirect subsidiaries became indirect subsidiaries of the
parent corporation.


BOOMERANG SYSTEMS: Judge Approves March 23 Auction
--------------------------------------------------
Judge Mary F. Walrath on Jan. 28, 2016, granted approval of bidding
procedures proposed by debtors Boomerang Systems, Inc., et al., and
their Official Committee of Unsecured Creditors in connection with
the sale of certain of the Debtors' assets.

At the behest of the Debtors and the Committee, the judge set:

    * a March 18, 2016 deadline for objections to the sale;

    * a March 21, 2016 at 4:00 p.m., deadline for initial bids;

    * an auction, if necessary, on March 23, 2016 at 10:00 a.m.;
and

    * a sale hearing on March 24, 2016, at 10:30 a.m.

The Debtors are negotiating the terms of an Asset Purchase
Agreement with Game Over Technologies, Inc.  A copy of the Asset
Purchase Agreement, the Debtors said, will be filed as soon as the
terms are agreed-upon by all parties.  In the event that an Asset
Purchase Agreement cannot be finalized, they reserve the right to
move forward with the sale process without a stalking horse bid. In
the event that an Asset Purchase Agreement is finalized, they will
provide the Court and all parties in interest with the disclosures
required by Local Rule 6004-1(b)(iv).

The currently anticipated purchaser is GOTI, through a credit bid,
with the participation of Messrs. James Gelly (the Debtors' Chief
Executive Officer and a Director), Mark Patterson (Chairman of the
Board), and David Koffman (Director). Each of these individuals is
an insider of the Debtors, and certain of the original Lenders who
provided the interim DIP Financing (as previously disclosed to the
Court) may also be insiders of the Debtors. The Committee's
participation in the sale process is contemplated to ameliorate any
potential allegations of self dealing in the Sale process

                         Switch to Liquidation

On Oct. 2, 2015, after a contested hearing, the Court entered a
final order granting the Debtors the ability to obtain an
additional $2 million in Debtor In Possession Financing from GOTI.
The Final DIP Order was the subject of lengthy and extensive
negotiations between GOTI, the Debtors and the Committee.  At the
time of the entry of the Final DIP Order, the parties expected that
the Debtors would pursue the negotiation and confirmation of a plan
of reorganization and exit chapter 11 as a reorganized and
restructured company.

After the Court's approval of the Final DIP Order, the Debtors and
GOTI attempted to negotiate the form of a final credit agreement.
These negotiations were extensive, and there were significant
differences of opinion as to certain provisions contained in the
agreement and over the terms and viability of the Debtors' business
plan and the budget necessary to implement such a plan. Ultimately,
it became apparent that significant litigation might arise between
the parties.  As the Debtors apprised the Court on Nov. 19, 2015,
the Debtors were unable to finalize and execute the DIP Credit
Agreement with GOTI, and ultimately, the Debtors determined that a
liquidation of their assets and a chapter 11 plan of liquidation
was the best option available to maximize value to all parties in
interest in the Chapter 11 cases.

Faced with an inability to reorganize, the Debtors sought to
negotiate funding from GOTI -- and concomitant reduction in
professional fees -- to ensure that these estates were
administratively solvent through the liquidation process.
Ultimately, these negotiations were also extensive, and there were
significant differences of opinion with regard to the funding
needed to support a liquidation.  These negotiations were
unsuccessful, and it appeared that sufficient funding to support an
orderly liquidation and chapter 11 plan process would not be
forthcoming.

On Dec. 4, 2015, GOTI reached an understanding with certain of the
Debtors' insiders -- including their Chief Executive Officer and
Chairman -- pursuant to which the insiders would provide $200,000
of the requisite $750,000 in DIP funding needed to support a
liquidating plan process pursuant to the professional fee
concessions negotiated by the Debtors' counsel.

On Dec. 21, 2015, the Court approved a First Amendment to the DIP
Loan Agreement that provides for the funding of $750,000 (in
installments) by GOTI with the participation of certain of the
Debtors' insiders.  As a result of the participation in the DIP
Financing by the Debtors' insiders, the Debtors, GOTI, and the
Committee have agreed that the Committee and its professionals will
conduct the marketing and sale process for the Debtors' assets.
Messrs. Patterson and Gelly, along with two other knowledgeable
employees, will remain with the Debtors throughout the sale and
plan confirmation process, and assist the Committee and its
professionals in the marketing and sale process.  The Committee and
its professionals will be vested — through the Order approving
the Bid Procedures -- with the authority to control the sale
process, including the determination of: (i) which bids and bidders
are qualified to participate in the auction process; (ii) which bid
is used to commence the auction process; and (iii) which bid is the
highest and best offer to be submitted to the Court for approval.
The Committee will consult with the Debtors and their professionals
in making these determinations.

The Sale Motion was filed in conjunction with a Joint Chapter 11
Plan of Liquidation proposed by the Debtors and the Committee, and
that the Proposed Plan will create a liquidating trust to handle
the liquidation of remaining assets, the litigation of claims, and
the distribution to unsecured creditors.  The Proposed Plan will
also memorialize an agreed-upon settlement with the Debtors'
prepetition alleged secured lenders that provides for an allocation
of the sale proceeds, and the proceeds from the liquidation of
other assets (including litigation claims), that will provide for
the possibility of a distribution to unsecured creditors in the
cases.

Boomerang Systems is represented by:

          Garvan F. McDaniel, Esq.
          HOGAN MCDANIEL
          1311 Delaware Avenue
          Wilmington, DE 19806
          Telephone: (302)656-7540
          Facsimile: (302)656-7599

                - and -

          Jeffrey R. Gleit, Esq.
          SULLIVAN & WORCESTER LLP
          1633 Broadway
          New York, NY 10019
          Telephone: (212)660-3043
          Facsimile: (212)660-3001
          E-mail: jgleit@sandw.com

The Official Committee of Unsecured Creditors is represented by:

          Anthony M. Saccullo, Esq.
          Thomas H. Kovach, Esq.
          A.M. SACCULLO LEGAL, LLC
          27 Crimson King Drive
          Bear, DE 19701
          Telephone: (302)836-8877
          Facsimile: (302)836-8787
          E-mail: ams@saccullolegal.com
                  Kovach@saccullolegal.com

                     About Boomerang Systems

Headquartered in Morristown, New Jersey, Boomerang Systems, Inc.
(Pink Sheets: BMER) through its wholly owned subsidiary, Boomerang
Utah, is engaged in the design, development, and marketing of
automated racking and retrieval systems for automobile parking and
automated racking and retrieval of containerized self-storage
units.

Boomerang Systems, Inc., and three affiliates sought Chapter 11
protection (Bankr. D. Del. Lead Case No. 15-11729) on Aug. 18,
2015.

The Company's legal advisor is Sullivan & Worcester LLP and its
local counsel is Hogan McDaniel.  Houlihan Lokey Capital, Inc., is
serving as financial advisor.  Garden City Group Inc. is the claims
and noticing agent.

The Debtors originally tapped Togut, Segal & Segal LLP as general
bankruptcy counsel and Ciardi, Ciardi & Astin as local counsel, but
replaced the firms with Sullivan & Worcester LLP and Hogan
McDaniel, respectively, effective Sept. 14, 2015.

The Official Committee of Unsecured Creditors tapped A.M. Saccullo
Legal, LLC as attorneys and Gavin/Solmonese LLC as financial
advisor.

                           *     *     *

The Debtors have submitted a proposed Chapter 11 Plan of
Liquidation.  A combined hearing on the Plan and Disclosure
Statement is scheduled for March 9, 2016.


CALCEUS ACQUISITION: S&P Lowers CCR to 'B-', Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Calceus Acquisition Inc. to 'B-' from 'B'.  The outlook
is stable.

At the same time, S&P downgraded its issue-level ratings on the
company's $320 million first-lien term loan due 2020 to 'B-' from
'B' and also revised S&P's recovery rating to '4' from '3',
reflecting S&P's expectation of average (30% to 50%, in the lower
half of the range) recovery in the event of a payment default.

"The downgrade on Calceus Acquisition Inc. reflects the company's
continuing high financial leverage because of declines in its
wholesale segment and significant debt burden," said Standard &
Poor's credit analyst Suyun Qu.  The stable outlook reflects
Standard & Poor's expectation that the company's liquidity is
adequate and will not be constrained should retail industry
weakness continue to pressure the company's margins and cash flow
generation over the next year.  S&P also expects continued direct
to customer growth will offset the wholesale decline and its EBITDA
margin will remain above 12%.



CCNG ENERGY: $30 Million DIP Financing Approved
-----------------------------------------------
CCNG Energy Partners, L.P., et al., received final approval from
Judge Ronald B. King in November 2015 to obtain postpetition
financing in an aggregate principal amount not to exceed $30
million.  Specifically, CCNG Energy may enter into a secured,
postpetition, debtor-in-possession credit facility on a
superpriority and priming basis providing for a multiple-draw, term
loan facility.

Each of the Debtors is the borrower under the credit facility.
Guggenheim Corporate Funding, LLC, is the administrative agent for
the DIP Lenders.  The DIP Facility will terminate on March 31,
2016.  The Loans will bear interest at 9.5% per annum, through and
until February 29, 2015, and thereafter shall accrue interest at
12% per annum, through and until March 31, 2016.  The Borrowers
will pay the fees and other charges payable in the amounts and at
the times separately agreed upon between the Borrowers and the DIP
Agent, including an upfront fee equal to 2.0% of the DIP Advancing
Commitment at the entry of the Final Order.

The Debtors will be required to comply with these sale milestones:

   (a) On or before the earlier of (A) Nov. 18, 2015 or (B) the
later date as may be agreed to in writing by the DIP Agent, the
Borrowers will file in the Chapter 11 Cases and properly serve (i)
the Sale Procedures Motion seeking approval of the Sale Procedures
Order, (ii) the 363 Purchase Agreement or such other purchase
agreement with a third-party, which other purchase agreement shall
be acceptable to the DIP Agent, the Pre-Petition Agent and the
Required Pre-Petition Lenders in their respective sole discretion,
and (iii) an application to employ an investment banker to market
and sell the Borrowers' assets or businesses provided that the
terms of such employment shall be acceptable to the DIP Agent and
the Pre-Petition Agent and the Required Pre-Petition Lenders in
their respective sole discretion.

   (b) On or before Dec. 4, 2015, or such later date to which the
DIP Agent, the Pre-Petition Agent and the Required Pre-Petition
Lenders consent in writing in their respective sole discretion, the
Bankruptcy Court shall have held a hearing on the Sale Procedures
Motion.

   (c) On or before Dec. 11, 2015, or such later date to which the
DIP Agent, the Pre-Petition Agent and the Required Pre-Petition
Lenders consent in writing in their respective sole discretion, the
Bankruptcy Court will have entered the Sale Procedures Order.

   (d) On or before Feb. 23, 2016, or such later date to which the
DIP Agent, the Pre-Petition Agent and the Required Pre-Petition
Lenders consent in writing in their respective sole discretion, the
Borrowers shall have held the Auction.

   (e) On or before Feb. 26, 2016, or such later date to which the
DIP Agent, the Pre-Petition Agent and the Required Pre-Petition
Lenders consent in writing in their respective sole discretion, the
Bankruptcy Court shall have held a hearing to consider approval of
the 363 Sale, results of the Auction and the winning bid received
at the Auction.

   (f) Unless the DIP Agent, the Pre-Petition Agent and the
Required Pre-Petition Lenders shall have otherwise provided their
prior written consent in their respective sole discretion, on or
before Feb. 29, 2016, the Bankruptcy Court shall have entered the
Sale Order approving the 363 Sale, the results of the Auction and
the winning bid received at the Auction.

   (g) Unless the DIP Agent, the Pre-Petition Agent and the
Required Pre-Petition Lenders agree otherwise in their respective
sole discretion, or unless the amounts owed under the Pre-Petition
Credit Agreement and the DIP Facility have been paid on or before
March 31, 2016, the Borrowers will have consummated the 363 Sale,
pursuant to the 363 Purchase Agreement or pursuant to the
Third-Party Purchase Agreement with the Winning Bidder.

   (h) The Borrowers may abandon the sale process and not
consummate the 363 Sale in the event that on or before March 31,
2016, the Borrowers have paid in cash the full amount owed under
the Pre-Petition Credit Agreement and the DIP Facility. DIP Agent
and the Lenders agree that such provision shall be included in the
Sales Procedures Motion, the Sales Procedures order and the Sale
Order, and that the Sale Order shall provide that no closing of the
363 Sale shall occur prior to March 31, 2016.

The Debtors are also authorized to use cash collateral of the
prepetition lenders subject to granting adequate protection to the
prepetition lenders.

Pursuant to the terms of a prepetition senior secured credit
facility, Guggenheim, as administrative agent, and the prepetition
lenders have outstanding obligations as of the Petition Date in the
outstanding amount of not less than $186,386,183, consisting of
$176,648,552 of principal indebtedness and $9,737,631.23 of
interest plus prepayment premiums, costs, expenses and fees.

A copy of the Final DIP Financing Order is available for free at:

        http://bankrupt.com/misc/CCNG_E_125_Final_DIP_Ord.pdf

Attorneys for CCNG Energy Partners, L.P., et al.:

         TAUBE SUMMERS HARRISON TAYLOR MEINZER BROWN LLP
         Eric J. Taube, Esq.
         Mark C. Taylor, Esq.
         Cleveland R. Burke, Esq.
         Christopher G. Bradley, Esq.
         100 Congress Avenue, 18th Floor
         Austin, TX 78701
         Telephone: (512) 472-5997
         Facsimile: (512) 472-5248
         E-mail: etaube@taubesummers.com
                 mtaylor@taubesummers.com
                 cburke@taubesummers.com
                 cbradley@taubesummers.com

Counsel for Guggenheim Corporate Funding, LLC:

         HAYNES AND BOONE, LLP
         Charles A. Beckham, Jr., Esq.
         Karl Burrer, Esq.
         Arsalan Muhammad, Esq.
         1221 McKinney Street, Suite 2100
         Houston, TX 77010
         Telephone: (713) 547-2000
         Telephone: (713) 547-2600
         E-mail: Charles.beckham@haynesboone.com
                 Karl.burrer@haynesboone.com
                 Arsalan.muhammad@haynesboone.com

                         About CCNG Energy

CCNG Energy Partners, L.P. -- Parent -- CCNG Energy Partners GP,
L.L.C. ("CCNG GP"), Trinity Environmental SWD, L.L.C., Trinity
Environmental Catarina SWD, L.L.C., Trinity Environmental Titan
Trucking, L.L.C., Moss Bluff Property, L.L.C. and Trinity
Environmental Services, L.L.C. -- Operating Subsidiaries -- filed
Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Proposed Lead
Case No. 15-70136) on Oct. 12, 2015.  The petition was signed by
Daniel B. Porter as CEO of General Partner.

All of the Debtors' operations are performed by the Operating
Subsidiaries.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.

Taube Summers Harrison Taylor Meinzer Brown LLP serves as the
Debtors' counsel.

Judge Ronald B. King is assigned to the case.

The Debtors are engaged in the disposal of produced saltwater and
waste from the exploration and production of oil and gas.

In 2015, the Office of the U.S. Trustee appointed six creditors to
the official committee of unsecured creditors.  The creditors are
Sun Coast Resources Inc., KBK Industries, Sabine Storage &
Operations Inc., Cambrian Management Ltd., WLP Oilfield Services,
and Dolphin Services & Chemicals LLC.


CCNG ENERGY: Feb. 4 Set as Claims Bar Date
------------------------------------------
The Hon. Ronald B. King of the U.S. Bankruptcy Court for the
Western District of Texas established Feb. 4, 2016, at 5:00 p.m.,
as the new deadline for any individual or entity to file proofs of
claim against CCNG Energy Partners, L.P., et al.

Proofs of claim by any governmental units will also be due on Feb.
4.

Proofs of claim must be submitted to:

         U.S. Bankruptcy Court
         615 E. Houston Street, Room 597
         San Antonio, TX 78205
         Tel: (210) 472-6720

                         About CCNG Energy

CCNG Energy Partners, L.P. (the "Parent"), CCNG Energy Partners GP,
L.L.C. ("CCNG GP"), Trinity Environmental SWD, L.L.C., Trinity
Environmental Catarina SWD, L.L.C., Trinity Environmental Titan
Trucking, L.L.C., Moss Bluff Property, L.L.C. and Trinity
Environmental Services, L.L.C. (collectively, the "Operating
Subsidiaries") filed Chapter 11 bankruptcy petitions (Bankr. W.D.
Tex. Proposed Lead Case No. 15-70136) on Oct. 12, 2015.  The
petition was signed by Daniel B. Porter as CEO of General Partner.

All of the Debtors' operations are performed by the Operating
Subsidiaries.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.

Taube Summers Harrison Taylor Meinzer Brown LLP serves as the
Debtors' counsel.

Judge Ronald B. King is assigned to the case.

The Debtors are engaged in the disposal of produced saltwater and
waste from the exploration and production of oil and gas.

In 2015, the Office of the U.S. Trustee appointed six creditors to
the official committee of unsecured creditors.  The creditors are
Sun Coast Resources Inc., KBK Industries, Sabine Storage &
Operations Inc., Cambrian Management Ltd., WLP Oilfield Services,
and Dolphin Services & Chemicals LLC.


CCNG ENERGY: Gets Add'l $3.10MM Under DIP Loan Agreement
--------------------------------------------------------
CCNG Energy Partners, L.P., et al., notified parties of an
additional $3.10 million in funding under the DIP Loan Agreement
with Guggenheim Corporate Funding, LLC, as administrative agent.

By order dated Nov. 24, 2015, the Court authorized the Debtors to
enter the DIP Loan Agreement with Guggenheim.

The Debtors and Guggenheim closed on the DIP Loan Agreement on Dec.
11, 2015, and the initial funding has occurred.

Pursuant to the Order, Guggenheim and the Debtors are authorized to
amend the Budget.  The parties have agreed to allow an additional
$3,103,836 in funding under the DIP Loan Agreement for capital
expenditures, repairs and improvements at the La Palangana, Cedar
Lake and Geronimo SWD facilities.  These expenditures are necessary
to maintain and enhance the value of the assets and the Debtors'
operations.

For clarity, as agreed between the Debtors and Guggenheim, though
the draw will be reflected on the budget reports, the expenditures
will not be included in the budget line items and variance analysis
under the DIP Loan Agreement.

                         About CCNG Energy

CCNG Energy Partners, L.P. -- Parent -- CCNG Energy Partners GP,
L.L.C. ("CCNG GP"), Trinity Environmental SWD, L.L.C., Trinity
Environmental Catarina SWD, L.L.C., Trinity Environmental Titan
Trucking, L.L.C., Moss Bluff Property, L.L.C. and Trinity
Environmental Services, L.L.C. -- Operating Subsidiaries -- filed
Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Proposed Lead
Case No. 15-70136) on Oct. 12, 2015.  The petition was signed by
Daniel B. Porter as CEO of General Partner.

All of the Debtors' operations are performed by the Operating
Subsidiaries.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.

Taube Summers Harrison Taylor Meinzer Brown LLP serves as the
Debtors' counsel.

Judge Ronald B. King is assigned to the case.

The Debtors are engaged in the disposal of produced saltwater and
waste from the exploration and production of oil and gas.

In 2015, the Office of the U.S. Trustee appointed six creditors to
the official committee of unsecured creditors.  The creditors are
Sun Coast Resources Inc., KBK Industries, Sabine Storage &
Operations Inc., Cambrian Management Ltd., WLP Oilfield Services,
and Dolphin Services & Chemicals LLC.


CHICAGO BOARD OF EDUCATION: In Turmoil as Bond Sale Delayed
-----------------------------------------------------------
Elizabeth Campbell, writing for Bloomberg Brief - Distress &
Bankruptcy, reported that Chicago's public schools delayed an $875
million bond sale after a clash between the state's top Republicans
and the city's Democratic mayor escalated, adding to the pressure
on the nation's third-largest district as it struggles to avert
insolvency.

According to the report, the Chicago Board of Education postponed
the deal on Jan. 27 after offering yields of as much as 7.75
percent, about 5 percentage points more than top-rated tax-exempt
bonds.  The planned debt issuance came a week after Republican
Governor Bruce Rauner called for the state to take over the
district and potentially authorize bankruptcy, the report said.

That idea was immediately rejected by Democrats in control of the
legislature and Chicago Mayor Rahm Emanuel, who have unsuccessfully
pushed for an influx of state aid, the report related.

The offering, one of the lowest-rated municipal sales in recent
history, would have refinanced debt and allowed the district to put
off interest payments, the report further related.

Chicago's schools are running out of cash after years of raiding
reserves and shortchanging its pensions, which caused its annual
payment to soar, the report added.  An effort to rescue the schools
has been caught in the financial and political crosscurrents of the
city and Illinois, both of which are contending with their own
fiscal strains, the report pointed out.

                      *     *     *

The Troubled Company Reporter, on Jan. 21, 2016, reported that
Fitch Ratings has assigned a 'B+' rating to the following Chicago
Board of Education, IL's (the board) bonds:

-- $795.5 million unlimited tax general obligation (ULTGO) bonds
    series 2016A;

-- $79.5 million ULTGO bonds taxable series 2016B.

The TCR, on Jan. 19, 2016, reported that Standard & Poor's Ratings
Services lowered its long-term rating and underlying rating (SPUR)
on Chicago Board of Education's general obligation (GO) bonds to
'B+' from 'BB' and kept the ratings on CreditWatch with negative
implications while it continues to monitor the board's efforts to
maintain sufficient liquidity to meet its financial obligations.
At the same time, S&P assigned its 'B+' rating, on CreditWatch with
negative implications, to the board's series 2016A and taxable
series 2016B unlimited-tax GO bonds (dedicated revenues).


CHICAGO BOARD: Moody's Lowers Rating on $5.5BB GO Debt to B2
------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the rating
on the Chicago Board of Education, IL's $5.5 billion of
Moody's-rated general obligation (GO) debt.  The district has $6.1
billion of GO debt outstanding.  The Chicago Board of Education is
the primary debt issuer for the Chicago Public Schools (CPS or the
district).  The outlook is negative.  This rating action concludes
a review for possible downgrade that Moody's initiated on Dec. 21,
2015.

The downgrade to B2 reflects the district's increasingly precarious
liquidity position and acute need for market access to support
ongoing operations.  The district plans to use proceeds of an
upcoming borrowing to support near-term debt service payments,
among other purposes.  Current liquidity provides minimal cushion
for unforeseen budgetary variances.  Absent near-term budgetary
relief in the form of increased revenues or decreased expenditures,
the district could deplete available cash by the end of the fiscal
year on June 30, 2016.  If liquidity is exhausted, the district may
be forced to seek additional external liquidity support at a steep
cost.

The downgrade also reflects the district's structurally imbalanced
fiscal 2016 budget, which assumes $480 million in additional
funding that has yet to be appropriated, and may not be
appropriated, by the State of Illinois (Baa1 negative).  The B2
rating also incorporates the district's steadily escalating pension
contributions and elevated debt levels.  Favorably, CPS benefits
from a large tax base and diverse economy.

Rating Outlook

The negative outlook reflects the expectation that the district's
liquidity position will remain severely pressured and reliant on
continued market access to maintain operations.  CPS faces several
critical challenges in the current fiscal year.  On February 15,
the district is scheduled to deposit with trustees funding for debt
service payments due between June 2016 and March 2017.
Additionally, the state has not yet indicated whether it will
provide $480 million in state aid that was built into the
district's current operating budget.  Beyond the current fiscal
year, budget pressures will continue, as escalating pension
payments and uncertain state aid are contributing to a projected
$931 million operating budget gap for fiscal 2017.

Factors that Could Lead to an Upgrade

Significant improvement in the district's liquidity profile

Revenue growth and/or expenditure reductions that enable
the district to achieve structurally-balanced operations
without reliance on non-recurring revenue sources

Factors that Could Lead to a Downgrade

Failure to deposit with trustees, by Feb. 15, 2016, funds
sufficient to cover debt service payments due between
June 2016 through March 2017.

Impaired or cost-prohibitive market access

Inability to significantly improve liquidity

A continuation of structurally imbalanced operations

Continued growth in the debt and/or unfunded pension
liabilities of the district

Legal Security

Debt service on CPS's GO bonds is ultimately secured by the
district's pledge to levy a property tax that is unlimited as to
rate or amount.  Debt service on CPS's GO bonds is paid from the
district's receipt of general state aid (GSA), personal property
replacement taxes (PPRT), intergovernmental agreement revenue, and
tax increment financing (TIF) revenue.

Use of Proceeds
Not applicable.

Obligor Profile

CPS's boundaries are coterminous with those of the City of Chicago.
The district is governed by a seven-member Board of Education
appointed by the Mayor of the City of Chicago.  In fiscal 2015, CPS
operated 664 schools, including district-run traditional and
options schools, charter schools, and contract schools.  Student
enrollment was 396,683 in fiscal 2016, which followed an average
annual decline of 1.5% since fiscal 2011.

Methodology

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



CHIEF POWER: Moody's Lowers Rating on Sr. Sec. Facilities to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating for Chief Power
Finance, LLC's senior secured credit facilities to B1 from Ba3,
including its $347.5 million six-year term loan facility and its
$44 million five-year revolving credit facility.  The rating
outlook is stable.

RATINGS RATIONALE

The rating downgrade to B1 from Ba3 for Chief Power reflects first
year financial performance that is significantly weaker than
envisioned, and our expectation of continued weak financial results
stemming from what we expect will be a prolonged environment of
lower commodity prices.  The downgrade incorporates increased
refinancing risk owing to excess cash flow generation to date that
is much lower than anticipated and our belief that lower excess
cash flow generation will continue in light of current commodity
price curves.

The rating also considers Chief Power's competitive position and
essential nature of its large, efficient, coal-fired generating
plants, the stable operating performance of the plants, and the
inherent volatility that comes as a result of operating as 100%
merchant facilities.  The rating reflects Chief Power's relatively
conservative capital and financing structures which provide
protection for the lenders under a variety of scenarios.  Further,
additional equity contribution by the sponsors applied towards a
voluntary major maintenance reserve is viewed positively and
demonstrates ongoing support for the project.

The stable outlook reflects the expectation of stable operations as
demonstrated by its recent operating performance, and the most
recent equity contribution from the sponsors to partially fund a
major maintenance reserve.  The stable outlook considers our view
that beyond 2016, wholesale prices for electricity may begin to
trend upward.

The Project's competitive advantages, its position within the PJM
market and capital structure position the company reasonably well
to withstand the volatility associated with operating as an
entirely merchant coal-fired generator at the current rating level.
Given this inherent volatility and recent financial performance,
the rating is not likely to be adjusted upward.  If however, Chief
Power is able to consistently generate excess cash flow that is in
excess of our revised expectations, for example if its FFO/debt
ratio was to remain above 12% for several years, there could be
upward pressure on the rating.

The rating could be downgraded if financial results are below
current revised budget expectations owing to weaker than expected
market conditions or significantly increased expenses or if the
Chief Power plants were to experience prolonged operational issues.
If Moody's was to expect the ratio of FFO/debt would remain below
5% beyond 2016, there could be downward pressure on the rating.

Recent Financial Performance and Near-Term Expectations

Financial performance, based on 9 months actual and 3 months
projected in 2015, was impacted by low natural gas prices and low
energy prices which prevailed throughout the year resulting in
significantly weaker credit metrics than anticipated at the time of
the financing at the end of 2014.  Excess cash flow for 2015 is
expected to be negative (evidenced by revolver usage at year-end)
versus a projected target cash sweep of $47 million in Chief
Power's base case and about $25 million in the Moody's base case.
Given the expectation of continued low natural gas prices during
2016, financial performance for this year is also expected to be
below initial expectations.

Positively, capacity revenues were near or slightly better than
projections based on strong results in incremental auctions for
2015-2016.  Chief Power also obtained better than anticipated
prices at the incremental capacity auctions for 2016/2017 and
2017/2018 periods which will aid financial performance.  In
December 2015, we understand that the sponsors contributed $4.5
million towards a voluntary major maintenance reserve which is
positive for the project.  The $4.5 million contribution represents
approximately 18% of projected capital expenditures for the year.

The debt service coverage ratio (DSCR) for FY 2015, excluding the
equity contribution of $4.5 million is estimated at slightly less
than 1.0x and the ratio of funds from operations to debt (FFO/debt)
was negative.  By comparison, management's projections previously
anticipated a DSCR of 3.7x, FFO/debt of 25% and excess cash flow
applied towards debt repayment of $47 million for FY 2015.
Similarly, Moody's more conservative base case projections
calculated DSCR of 1.9x and FFO/debt of 9% for the year, with
excess cash flows applied towards debt repayment of about $25
million.  For FY 2016, we understand Chief Power's is forecasting
FFO to be 4% of debt, a DSCR of 1.49x with excess cash flow
generation of $12.6 million.  These forecasts, which are below
Moody's base case assumptions and remain highly dependent on market
conditions for the sale of energy, are a primary factor in today's
rating change.

Increased Refinancing Risk

The project structure initially contemplated a relatively rapid
amortization schedule intended to mitigate the risk of pending
carbon regulations.  Poor financial performance in 2015 and a lower
revised budget for 2016 versus management's original expectations
illustrate a slower path toward debt repayment and approximately
$88 million of unfulfilled target debt repayments from excess cash
flow sweep by year-end 2016, or 25% of the initial debt.  Based on
recent performance and our current outlook, the term loan will
likely not be fully repaid by maturity at the end of 2020, as
originally contemplated by management, leaving the project more
exposed to refinancing risk at a time when carbon rule
implementation for Keystone and Conemaugh would occur.

Liquidity

External liquidity for the Project consists of a $44 million five
year revolving credit facility, of which $14 million is utilized to
provide a debt service reserve letter of credit.  As of 12/31/15
the revolver was fully utilized, but the project had a cash balance
of $21 million sourced primarily from the proceeds from the sale of
call options.  Moody's understands that as of January 26, 2016,
$13.5 million of the revolver had been repaid and remained
available.  With the sponsor equity provided in December 2015, the
project also has $4.5 million in a voluntary major maintenance
reserve.

Operating Performance

Since financial close in January of 2015, both the Conemaugh and
Keystone power plants have demonstrated good operating performance
with limited forced outages and with capacity factors at 72.6% and
82.5%, respectively.  That said, capacity factors were negatively
affected by economic dispatch rate caused by low natural gas
prices.  As a result, less coal was burned than budgeted leading to
higher coal inventories and a reduction of cash liquidity.  Moody's
believes that this particular working capital situation should be
somewhat alleviated during 2016 since coal purchases are committed
through 2017 and are based on projected annual burns.

The principal methodology used in these ratings was Power
Generation Projects published in December 2012.



CLIFFS NATURAL: Reports Fourth-Quarter & Full-Year 2015 Results
---------------------------------------------------------------
Cliffs Natural Resources Inc. reported a net loss attributable to
the Company's common shareholders of $60.3 million on $476 million
of revenues for the three months ended Dec. 31, 2015, compared to a
net loss attributable to the Company's common shareholders of $1.28
billion on $1.03 billion of revenues for the same period in 2014.

For the year ended Dec. 31, 2015, the Company reported a net loss
attributable to the Company's common shareholders of $749.3 million
on $2.01 billion of revenues compared to a net loss attributable to
the Company's common shareholders of $7.22 billion on $3.37 billion
of revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $2.13 billion in total assets,
$3.94 billion in total liabilities and a total deficit of $1.81
billion.

Lourenco Goncalves, Cliffs' Chairman, president and chief executive
officer, said, "Despite the severely negative impacts of global
iron ore and domestic steel prices, in 2015 we achieved substantial
cost reductions in all areas of the business."  He added, "On top
of an outstanding year of operating performance, we checked a
number of boxes in line with our U.S. pellet-centric strategy, most
recently with the full divestiture of our North American Coal
business."

A full-text copy of the press release is available at:

                         http://is.gd/hLFt3j

                    About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet plants
located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines located
in West Virginia and Alabama.  Additionally, Cliffs operates an
iron ore mining complex in Western Australia and owns two
non-operating iron ore mines in Eastern Canada.  Driven by the core
values of social, environmental and capital stewardship, Cliffs'
employees endeavor to provide all stakeholders operating and
financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain of
its affiliates, including Cliffs Quebec Iron Mining ULC commenced
restructuring proceedings in Montreal, Quebec, under the Companies'
Creditors Arrangement Act (Canada).  The initial CCAA order will
address the Bloom Lake Group's immediate liquidity issues and
permit the Bloom Lake Group to preserve and protect its assets for
the benefit of all stakeholders while restructuring and sale
options are explored.

The Company reported a net loss of $8.31 billion in 2014 following
net income of $362 million in 2013.

As of Sept. 30, 2015, the Company had $2.27 billion in total
assets, $4.03 billion in total liabilities and a $1.75 billion
total deficit.

                          *    *     *

As reported by the TCR on Feb. 3, 2015, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on Cliffs
Natural Resources Inc. to 'B' from 'BB-'.  The downgrade of
Cleveland-based Cliffs Natural Resources is driven by a revision
of the company's financial risk profile to "highly leveraged" from
"aggressive" as a result of S&P's lowered iron ore price
assumptions.  The 24% cut to $65 per metric ton marked the
third downward revision since early 2014, when S&P's forecast
prices were more than $100 per metric ton.

The TCR reported on Jan. 8, 2016, that Moody's Investors Service
downgrade Cliffs Natural Resources Inc. Corporate Family Rating and
Probability of Default Rating to Caa1 and Caa1-PD from B1 and B1-PD
respectively.  The downgrade reflects the deterioration in the
company's debt protection metrics and increase in leverage as a
result of continued downward movement in iron ore prices and weak
fundamentals in the US steel industry, which are resulting in lower
shipment levels.


COMSTOCK MINING: Incurs $15.9 Million Net Loss in 2015
------------------------------------------------------
Comstock Mining Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
available to common shareholders of $15.9 million on $18.5 million
of total revenues for the year ended Dec. 31, 2015, compared to a
net loss available to common shareholders of $13.3 million on $25.6
million of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $43.2 million in total assets,
$24.5 million in total liabilities and $18.8 million in total
stockholders' equity.

"If we are unable to find and mine adequate quantities of gold and
silver ore, it is unlikely that the cash generated from our
internal operations will suffice as a primary source of the
liquidity necessary for anticipated working capital requirements.
There is no assurance that the Company's initiatives to improve its
liquidity and financial position will be successful. Accordingly,
there is substantial risk that the Company will be unable to
continue as a going concern.  In the event of insolvency,
liquidation, reorganization, dissolution or other winding up of the
Company, the Company's creditors would be entitled to payment in
full out of the Company's assets before holders of common stock
would be entitled to any payment, and the claims on such assets may
exceed the value of such assets."

"We recognize that if we are unable to generate significant
revenues from the exploration and exploitation of our mineralized
materials in the future, we will not be able to earn profits or
continue operations.  There is no history upon which to base any
assumption as to the likelihood that we will prove successful, and
we can provide no assurance that we will generate significant
revenues or ever achieve profitability.  If we are unsuccessful in
addressing these risks, our business will fail and investors may
lose all of their investment in our Company," the Company stated in
the Annual Report.

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

                       http://is.gd/n2kIGn

                       About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock District in 2003.  Since then, the
Company has consolidated a substantial portion of the Comstock
district, secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.


CRP-2 HOLDINGS: Has Access to Cash Collateral Until Feb. 29
-----------------------------------------------------------
As of Jan. 26, 2016, Judge Donald R. Cassling has entered four
interim orders authorizing CRP-2 Holdings AA, L.P., to use cash
collateral.

According to the Fourth Interim Order, the Debtor is authorized to
use through and including Feb. 29, 2016, the cash collateral of
U.S. Bank National Association, in its capacity as trustee for the
registered holders of J.P. Morgan Commercial Mortgage Securities
Trust 2006-LDP9, Commercial mortgage pass through certificates
series 2206-LDP9, acting by and through CWCapital Asset Management
LLC solely in its capacity as special services.

The Court will hold a hearing on Feb. 9, 2016, at 11:00 a.m.
(prevailing Central time) to consider the continued use of cash
collateral.

As adequate protection from any diminution in value of the lenders'
collateral, the Debtor agreed to grant the Lender replacement liens
on all of the Debtor's assets, a superpriority administrative
claims status and payment of $660,000 monthly adequate protection.
Payment of monthly adequate protection will not exceed $660,000 per
month in any single month.

A copy of the Fourth Interim Order is available at:

      http://bankrupt.com/misc/CCNG_E_125_Final_DIP_Ord.pdf

                       About CRP-2 Holdings

CRP-2 Holdings AA, L.P., a Delaware limited partnership that was
formed in May 2006 for the primary purpose of acquiring and
managing real property.  CRP-2 is controlled by Colony Realty
Partners GP II, LLC.  Between May and October of 2006, CRP-2
acquired 14 properties for a total purchase price of $286,732,400,
financing approximately 60% of the purchase price with proceeds
from a $171 million secured credit facility with JPMorgan Chase
Bank.  The Debtor at present owns 10 properties consisting of six
office buildings and 26 industrial buildings located in and around
Chicago, Washington D.C., Boston and New Jersey.

CRP-2 Holdings filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Ill. Case No. 15-24683) on July 21, 2015.  Judge Donald R. Cassling
is assigned to the case.

The Debtor disclosed total assets of $171,349,208 and total
liabilities of $166,637,095.

The Debtor tapped FrankGecker LLP as counsel.

The official committee of unsecured creditors tapped Sugar
Felsenthal Grais & Hammer LLP as substitute counsel effective as of
Sept. 21, 2015.


CTI BIOPHARMA: Has Est. Net Fin'l Standing of $65M as of Dec. 31
----------------------------------------------------------------
CTI BioPharma Corp. or CTI Parent Company reported estimated and
unaudited net financial standing of $64.99 million for the month
ended Dec. 31, 2015.  CTI Consolidated Group's estimated and
unaudited net financial standing as of Dec. 31, 2015, was $65.66
million.

CTI Parent Company trade payables outstanding for greater than 30
days were approximately $6.6 million as of Dec. 31, 2015.
CTI Consolidated Group trade payables outstanding for greater than
30 days were approximately $8.3 million as of Dec. 31, 2015.
During December 2015, there were solicitations for payment only
within the ordinary course of business and there were no
injunctions or suspensions of supply relationships that affected
the course of normal business.

As of Dec. 31, 2015, there were no amounts overdue of a financial
or tax nature, or amounts overdue to social security institutions
or overdue to employees.

During the month of December 2015, the Company's common stock, no
par value, outstanding increased by 48,665,110 shares.  As a
result, the number of issued and outstanding shares of Common Stock
as of Dec. 31, 2015, was 280,461,097.

A full-text copy of the press release is available for free at:

                       http://is.gd/IY8Vtm

                       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 $63.1 million in total
assets, $90.6 million in total liabilities and a $27.5 million
total shareholders' deficit.


DAVID'S BRIDAL: Moody's Lowers CFR to Caa1, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded David's Bridal, Inc.'s
Corporate Family Rating to Caa1 from B3 and Probability of Default
Rating to Caa1-PD from B3-PD.  Concurrently, Moody's downgraded the
ratings on the company's term loan to B3 from B2 and the senior
unsecured notes to Caa3 from Caa2.  The ratings outlook is
negative.

The downgrade reflects Moody's view that the probability of David's
Bridal growing into its capital structure in the next several years
has decreased, given the highly competitive environment and the
company's challenges in turning around its operations.  The company
experienced EBITDA declines and underperformed relative to budget
in 2013, 2014 and year-to-date 3Q 2015.  The new management team
put in place in 2014 has made substantial efforts to bring back
traffic through frequent $99 dress events, expand the dress
assortment, overhaul the digital platform, and invest in
infrastructure and sales people.  However, Moody's expects that the
margin pressure from increased competition and continued investment
will prevent the company from meaningfully deleveraging and putting
the company on track towards a sustainable capital structure when
its maturities approach.

The negative outlook reflects the risk of an event that Moody's may
consider a distressed exchange, including sponsor purchases of debt
at a discount.  The outlook also incorporates the risk associated
with executing a successful operational turnaround.

Moody's took these rating actions on David's Bridal, Inc.:

   -- Corporate Family Rating, downgraded to Caa1 from B3

   -- Probability of Default Rating, downgraded to Caa1-PD from
      B3-PD

   -- $497 million ($520 million face value) Senior Secured Bank
      Credit Facility due 2019, downgraded to B3 (LGD3) from B2
      (LGD3)

   -- $270 million Senior Unsecured Bonds due 2020, downgraded to
      Caa3 (LGD5) from Caa2 (LGD5)

   -- Negative outlook

RATINGS RATIONALE

The Caa1 Corporate Family Rating reflects the company's
unsustainable capital structure and uncertainty regarding the
company's ability to turn around its operating performance on a
sustained basis.  Earnings have deteriorated since the 2012
leveraged buy-out as a result of operational missteps including
moving its focus away from the core lower-end customer, increased
competition, and catch-up investment in digital presence, inventory
management and product development.  As a result, same store sales
have been flat to slightly negative over the past 3 years, and
credit agreement EBITDA declined by 26% since its peak in 2012,
resulting in credit agreement debt/EBITDA of mid-8 times as of Oct.
3, 2015.  Moody's-adjusted leverage stood at mid-7 times and
EBIT/interest expense at 0.8 times for the last twelve months
period.  In addition, the rating reflects the company's modest
scale and limited product diversity as a specialty retailer in the
niche bridal category.  However, the rating derives key support
from David's Bridal's adequate liquidity, including the lack of
maturities until the October 2017 asset-based revolver expiration,
break-even to positive annual free cash flow, sufficient
availability under the $125 million revolver and springing
covenant-only debt structure.  The rating also incorporates the
company's well-recognized banner, broad product selection and
national footprint, which give David's Bridal a credible position
in its highly fragmented market.  The bridal niche is somewhat
recession-resistant, though not immune to changes in employment,
wages and consumer confidence.  The business is also subject to
limited fashion risk compared to other apparel retailers.

The outlook could revert back to stable if David's Bridal generates
positive free cash flow and earnings growth.  A stable outlook
would also require extension of the revolver maturity such that
that company does not face maturities before 2019.

The ratings could be downgraded if operating performance does not
improve in the next 12-18 months, or if the likelihood of a
discounted debt repurchase or other distressed exchange increases.
The ratings could also be downgraded if liquidity deteriorates for
any reason, including negative free cash flow or failure to
proactively address the ABL maturity.

Although a ratings upgrade is unlikely in the near term, the
ratings could be upgraded if the company achieves meaningful growth
in revenue and EBITDA, and maintains Moody's-adjusted debt/EBITDA
below 6 times and EBIT/interest expense above 1.25 times.

The principal methodology used in these ratings was the Retail
Industry published in October 2015.

David's Bridal, Inc., headquartered in Conshohocken, PA, is a
bridal retailer with 310 stores throughout the U.S., 11 in Canada,
1 in Puerto Rico and 1 in the UK.  The company sells both
value-oriented wedding gowns at under $800 and higher price point
gowns up to $2,000, as well as other wedding- and special-occasions
apparel and accessories.  Revenues for the twelve months ended
October 3, 2015 were approximately $757 million.  The company has
been controlled by Clayton, Dubilier & Rice, LLC (75%) and Leonard
Green & Partners, L.P. (25%) since the October 2012 buyout from
Leonard Green & Partners, L.P.



DIFFUSION PHARMA: Changes Stock Ticker Symbol Change to DFFN
------------------------------------------------------------
Diffusion Pharmaceuticals Inc., announced that FINRA has approved a
change in the Company's stock symbol.  Effective Jan. 25, 2016, the
Company's common shares commenced trading on the OTC Markets under
the trading symbol "DFFN".  The previous trading symbol was "RESX"
(OTCQX: RESX).

David Kalergis, president and CEO of the Company, said, "We are
pleased to begin trading under the new DFFN symbol as this marks
one of the final steps associated with the merger.  Diffusion
continues to develop its lead drug, trans sodium crocetinate (TSC),
and is on track to commence a Phase III trial in newly diagnosed
glioblastoma (GBM) and a Phase II/III trial in pancreatic cancer in
2016."

               About Diffusion Pharmaceuticals

Diffusion Pharmaceuticals, as surviving entity in its merger with
RestorGenex, is a clinical stage biotechnology company focused on
extending the life expectancy of cancer patients by improving the
effectiveness of current standard-of-care treatments including
radiation therapy and chemotherapy.  Diffusion is developing its
lead drug, trans sodium crocetinate (TSC), for use in the many
cancer types in which tumor hypoxia (oxygen deprivation) is known
to diminish the effectiveness of current treatments.  TSC targets
the cancer's hypoxic micro-environment, re-oxygenating
treatment-resistant tissue and making the cancer cells more
vulnerable to the therapeutic effects of treatments such as
radiation therapy and chemotherapy, without the apparent addition
of any serious side effects.  TSC has potential application in
other indications involving hypoxia, such as stroke and
neurodegenerative diseases.

Restorgenex reported a net loss of $14.4 million in 2014,
a net loss of $2.46 million in 2013 and a net loss of $6.85 million
in 2012.

As of Sept. 30, 2015, the Company had $23.37 million in total
assets, $4.30 million in total liabilities and $19.06 million in
total stockholders' equity.


DOLLAR TREE: S&P Raises CCR to 'BB+', Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Chesapeake, Va.-based Dollar Tree Inc. to 'BB+' from
'BB'.  The outlook is stable.

"Concurrently, we raised the issue-level rating on the company's
senior secured debt to 'BBB' from 'BB+' and revised the recovery
rating to '1' from '2', indicating our expectation for very high
(90%-100%) recovery in the event of a payment default.  This
includes the company's revolver, term loan A, term loan B and
legacy Family Dollar notes.  We are also raising our issue-level
rating on Dollar Tree's senior unsecured notes to 'BB-' from 'B+'.
The recovery rating is'6', indicating negligible (0% to 10%)
recovery in the event of a payment default," S&P noted.

"The upgrade reflects our view that Dollar Tree will reduce debt
through available cash flow generation in the coming year with
about $1 billion in pay down this month.  It will also continue to
successfully integrate and improve Family Dollar stores through
strategic new store growth, closures, and re-bannering
initiatives," said credit analyst Diya Iyer.  "We believe Dollar
Tree's focus on store efficiency initiatives and leveraging
complementary merchandise expertise offers the potential for
continued operational improvements at historically less-profitable
Family Dollar.  We also expect Dollar Tree to further optimize the
profitability mix of branded and private label goods and leverage
its foreign sourcing strength across the integrated company.  As a
result, we expect the company to achieve its targeted $300 million
in synergies, including $75 million in the first full year post
transaction close."

The stable outlook incorporates S&P's expectation that Dollar Tree
will continue to expand its market share given consistent positive
same-store sales at both banners in the coming year and a
complementary business model across both fixed price and
multi-price-point strategies and sales, creating a formidable
competitor to Dollar General.  That said, S&P believes competition
from other discounters will remain fierce, potentially complicating
ongoing execution of the integration.

S&P could raise the corporate credit rating to investment-grade in
the coming year if leverage falls below 3.0x, interest coverage
approaches 6.0x, and FFO/total debt exceeds 30% on a sustained
basis, resulting in further improvement in the financial risk
profile.  This will involve continuing to optimize locations,
formats, and product mix across banners faster than S&P anticipates
and driving store productivity gains ahead of its expectations.
Should Dollar Tree continue at this pace of profitability growth
and reduce debt in line with S&P's expectations, given the
pre-payment flexibility included in its term loan debt, S&P
believes it remains on a path to an investment-grade rating within
one to three years.

S&P could lower the rating if performance falls significantly below
its projections because of worse-than-expected performance at
Family Dollar, leading to slower-than-expected sales growth and
gross margin contraction of more than 100 basis points, resulting
in leverage in the high 4x range, coverage below the 3x range, and
low-teens percent FFO to debt, in line with an "aggressive"
financial risk score.  This would occur if Dollar Tree cannot turn
around Family Dollar's operating performance, with persistent weak
same-store sales results and pressured market share compared to
Dollar Tree as it continues to expand its own store base.



EARLY LIGHT: S&P Affirms 'BB+' Rating on 2014 Charter School Bonds
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook to negative
from stable and affirmed its 'BB+' rating on the Utah Charter
School Finance Authority's series 2014 charter school revenue
bonds, issued for Early Light Academy Inc. (ELA).

"The negative outlook reflects our view of ELA's continued
full-accrual deficits, very high maximum annual debt service or
MADS burden, and a drop in liquidity levels compared to the prior
year," said Standard & Poor's credit analyst Ryan Quakenbush.  "The
rating further reflects our view of ELA's weak MADS coverage. We
expect ELA's financial metrics to remain pressured because
operations are expected to remain similar compared to fiscal 2015
and 2014," Mr. Quakenbush added.

The series 2014 debt was used to acquire, construct, and equip a
37,000 square foot addition to the current school and to fund the
reserve requirement and capitalized interest.  The project added 14
classrooms, office and administrative space, a cafeteria and
kitchen, an auditorium, and a stage.

ELA was incorporated in May 2008 and serves students in grades
kindergarten through ninth grade (K-9).  Its charter was granted in
March 2009 by the Utah State Charter School Board and automatically
renews each year.  ELA currently owns and operates three buildings.
The north building houses grades K-4, the south building houses
grades 5-6, and the west building houses grades 7-9.  The school is
located in South Jordan in the Daybreak Planned Community in Salt
Lake County, Utah, about 20 miles south of Salt Lake City.



EDWARD THOMAS: Cal. App. Grants Writ of Mandate Bid in Corona Suit
------------------------------------------------------------------
The question before this court is whether a debtor can file for
bankruptcy, obtain a court order fixing a creditor's right to
recovery at far less than the amount claimed pursuant to a specific
bankruptcy statute, exit bankruptcy via a voluntary dismissal, and
still claim the benefit of the order for reduced recovery when the
creditor sues for the full amount due?

Petitioner Corona Commerce Center, L.P., moved for summary judgment
or adjudication of its right to the unpaid rent claimed.  In this
motion, Corona explained that Thomas Management, Inc.'s obligation
to Corona was fixed at $96,153 and TMI had eventually paid Corona
10 percent of that sum as a pro-rata distribution to its creditors.
Corona also acknowledged that the Thomases had obtained an order
under the same statute in their bankruptcy, which resulted in an
order that their obligations to Corona were $96,153 less credit for
the amount paid by TMI, for a reduced total of $86,538.  As the
Thomases had paid the latter amount, Corona claimed only the
remaining amount of its original claim, as augmented by expenses,
interest, etc., and reduced by rents received from a new tenant,
for a current total of $230,641.

Implicit in these calculations was Corona's position that because
the Thomases had not completed bankruptcy, but had dismissed the
petition, the bankruptcy court's application of Section 502(b)(6)
of the Bankruptcy Code to fix the Thomases' obligation to Corona
was ineffective.

In an Opinion dated January 15, 2016, which is available at
http://is.gd/lkG6Jefrom Leagle.com, the Court of Appeals of
California, Fourth District, Division Two, granted the petition for
writ of mandate.  The Superior Court of Riverside County is
directed to vacate its order denying petitioner's motion for
summary judgment.  If the trial court determines that Corona is
entitled to summary judgment in an established monetary amount, it
shall so order.  If it finds triable issues of fact on the amount
due, it may deny the motion for summary judgment, but this opinion
will be law of the case in any subsequent proceeding.  Petitioner
to recover its costs.

The case is CORONA COMMERCE CENTER, L.P., Petitioner, v. THE
SUPERIOR COURT OF RIVERSIDE COUNTY, Respondent; EDWARD M. THOMAS et
al., Real Parties in Interest, No. E063470 (Cal. App.).

Law Offices of Stuart A. Katz, and Stuart A. Katz, Esq.; Tullius
Law Group, and Jennifer R. Tullius, Esq. --
jtullius@tulliuslaw.com, for Petitioner.

Law Offices of Linda E. O'Brien, and Linda E. O'Brien, Esq., for
Real Parties in Interest.


EMPIRE TODAY: S&P Puts 'B-' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on
Chicago-based Empire Today LLC, including its 'B-' corporate credit
rating and issue-level rating on the company's senior secured
notes, on CreditWatch with negative implications.

"The CreditWatch placement reflects our view that challenging
market conditions could make it difficult for Empire Today to
refinance its $150 million senior notes due Feb. 1, 2017.
Management has made its most recent interest payment; however,
liquidity remains constrained as we now consider the notes a use of
cash over the next 12 months in our liquidity scenario.  Recent
operating performance for the company has improved over the past
two quarters, and we expect this trend to continue in the fourth
quarter, as the company has been able to convert more leads into
sales.  For the last trailing 12 months ended Sept. 30, 2015, debt
to EBITDA improved to 5.1x, EBITDA interest coverage strengthened
to 1.7x, and funds from operations (FFO) to debt increased to
8.3%," S&P said.

The CreditWatch negative status reflects S&P's view that it may be
difficult for Empire Today to refinance its revolving credit
facility and notes because of unstable market conditions.

S&P could lower the ratings if Empire Today has not secured a firm
refinancing or debt repayment plan within the CreditWatch period or
if vendors begin to tighten payment terms, which would lead to a
deterioration of cash balances.  S&P could also lower the ratings
if recent positive operating trends reverse their trajectory
potentially because of weaker lead generation.

S&P could affirm the rating if Empire Today is able to successfully
refinance its revolver and senior notes such that its liquidity
position stabilizes.



ENDURANCE INTERNATIONAL: S&P Retains 'B' CCR on 1st Lien Facility
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised the
recovery rating to '3' from '4' on Endurance International Group
Inc.'s (B/Stable/--) senior secured first-lien credit facility,
consisting of a revolving credit facility and a term loan.  The
recovery rating of '3' indicates S&P's expectation for meaningful
(50%-70%, (in the lower half of the range) recovery in the event of
a payment default.  The 'B' corporate credit rating and the 'B'
issue-level rating on the first-lien credit facility on Endurance
remain unchanged.

"The recovery rating revision primarily reflects our positive view
on increased mandatory amortization to 2% from 1% beginning in year
one, along with a reduced revolving credit facility to $165 million
from $175 million," said Standard & Poor's credit analyst Sylvester
Malapas.

S&P also revised the multiple applied to the company's insolvency
proxy to 5.5x from 5.0x. The higher multiple reflects the company's
increased scale and customer base.  S&P uses similar multiples for
companies of comparable size in the software and services sector.

RATINGS LIST

Endurance International Group Inc.
Corporate Credit Rating                B/Stable/--

Ratings Affirmed; Recovery Ratings Revised
                                        To          From
Endurance International Group Inc.
Senior Secured
  US$166.226 mil 1st lien incremental   B
  bank ln due 2019                
   Recovery Rating                      3L          4H
  US$884 mil 1st lien term bank ln due  B
  2019                            
   Recovery Rating                      3L          4H
  US$735 mil 1st lien incremental term  B
  ln bank ln due 2023             
   Recovery Rating                      3L          4H
  US$165 mil revolver bank ln due       B
  2021
   Recovery Rating                      3L          4H
Senior Unsecured
  Local Currency                        CCC+
  Recovery Rating                       6



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

     Debtor                                      Case No.
     ------                                      --------
     Extreme Plastics Plus, Inc.                 16-10221
     360 Epic Circle Drive
     Fairmont, WV 26554

     EPP Intermediate Holdings, Inc.             16-10222
     360 Epic Circle Drive
     Fairmont, WV 26554

Chapter 11 Petition Date: January 31, 2016

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

Debtors' Counsel: William D. Sullivan, Esq.
                  SULLIVAN HAZELTINE ALLINSON LLC
                  901 North Market Street, Suite 1300
                  Wilmington, DE 19801
                  Tel: (302) 428-8191
                  Fax: (302) 428-8195
                  Email: bsullivan@sha-llc.com

                                          Estimated    Estimated
                                           Assets     Liabilities
                                         ----------  ------------
Extreme Plastics Plus, Inc.              $10MM-$50MM $50MM-$100MM
EPP Intermediate Holdings                $1MM-$10MM  $50MM-$100MM

The petition was signed by Ryan S. Bouley, chief restructuring
officer.

A. List of Extreme Plastics Plus's 20 Largest Unsecured Creditors:


   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
GSE Lining Technology                Trade Debt       $1,456,210
PO Box 840286
Dallas, TX 75284-0286

Solmax International                 Trade Debt         $704,214
2801 Boul. Marie-Victoria
Varennes, Quebec
J3X1P7 Canada

Hanes Geo Components                 Trade Debt         $223,620

TenCate                              Trade Debt         $116,719

Bergad, Inc.                         Trade Debt         $112,833

Leetech Solutions, Inc.              Trade Debt          $74,586

DemTech                              Trade Debt          $38,919

Chief Industries, Inc.               Trade Debt          $35,431

Red Roofs Inns                       Trade Debt          $35,091

Trimac Containment LLC               Trade Debt          $33,657

IMTHOTSHOT, LLC                      Trade Debt          $30,010

ISCO Industries                      Trade Debt          $19,821

Residence Inn by Marriott            Trade Debt          $18,657

NB Logistics, LLC                    Trade Debt          $16,821

Poly-America, L.P.                   Trade Debt          $16,101

Carl Marks Advisory Group            Trade Debt          $15,540

K.C. Trucking                        Trade Debt          $14,755

Premier Energy Services, LLC         Trade Debt          $13,682

Rexer's, LLC                         Trade Debt          $10,227

Enterprise Rent-A-Car                Trade Debt           $9,600


FIRST DATA: BlackRock Owns 5.3% of Class A Shares of Dec. 31
------------------------------------------------------------
BlackRock, Inc., disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 9,529,683 shares of Class A common stock of First
Data Corp representing 5.3 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/VGFyCx

                        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.


FIRST DATA: Leon Cooperman Reports 9.4% Equity Stake as of Dec. 31
------------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Leon G. Cooperman disclosed that at of Dec. 31, 2015,
he beneficially owns 18,580,308 shares of common stock of First
Data Corporation representing 9.4 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/AsFA9y

                        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.


FPL ENERGY: S&P Affirms 'B-' Rating on $125MM Sr. Sec. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' issue-level
rating on project finance entity FPL Energy Wind Funding LLC's $125
million senior secured notes due 2017.  At the same time, S&P
revised the outlook to negative from stable.

The recovery rating on Wind Funding's senior secured bonds is
unchanged at '2', indicating S&P's expectation of a substantial
(70% to 90%) recovery in a default scenario.  S&P's recovery
expectations are in the higher end of the 70% to 90% range.

S&P's rating action stems from the uncertainty in wind speeds at
American Wind that has lowered revenues by about 9% below S&P's
expectations last articulated on Aug. 24, 2015.  Based on S&P's
liquidity forecast, Wind Funding is about $600,000 short of
covering the debt service payments in June 2016 of about
$4.5 million.  The holding company has an untapped debt service
reserve that of about $3.9 million.  Wind Funding repays debt from
distributions it receives from American Wind, which generates cash
flow from six U.S. wind projects totaling 683 megawatts (MW).

S&P will evaluate wind speeds after first-quarter 2016 and would
likely lower the rating at that time if generation deteriorates
further, which could make it unlikely that the holding company
could pay its debt service with project distributions.

S&P could change the outlook back to stable if American Wind
distributes sufficient funds in June 2016 to cover both the June
2016 payment and retains sufficient liquidity including the reserve
to pay the final debt payment in June 2017.



FREEDOM TANK: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Freedom Tank Rentals & Manufacturing, LLC
        PO Box 7
        Gardendale, TX 79758

Case No.: 16-70013

Chapter 11 Petition Date: January 29, 2016

Court: United States Bankruptcy Court
       Western District of Texas (Midland)

Judge: Hon. Ronald B. King

Debtor's Counsel: Max R. Tarbox, Esq.
                  TARBOX LAW, PC
                  2301 Broadway
                  Lubbock, TX 79401
                  Tel: (806) 686-4448
                  Fax: (806) 368-9785
                  Email: max@tarboxlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Craig DeArmond, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txwb16-70013.pdf


FTE NETWORKS: Changes Fiscal Year End to December 31
----------------------------------------------------
The Board of Directors of FTE Networks, Inc. adopted a resolution
on Jan. 27, 2016, to change the Company's fiscal year end from
September 30 to December 31, effective immediately as of the date
of the board resolution.  The Company will file its transition
report on form 10-Q.

                     About FTE Networks, Inc.

FTE Networks, formerly known as Beacon Enterprise Solutions Group,
Inc., is a vertically integrated company with an international
footprint.  Since its inception, FTE Networks has steadily
advanced its management, operational and technical capabilities to
become a leading provider of services to the telecommunications
and wireless sector with a focus on turnkey solutions.  FTE
Networks provides a comprehensive array of services centered on
quality, efficiency and customer service.

FTE Networks reported a net loss attributable to common
shareholders of $3.63 million on $14.4 million of revenues for the
year ended Sept. 30, 2015, compared to net income of $436,000 on
$16.9 million of revenues for the year ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had $4.89 million in total
assets, $16.0 million in total liabilities, and a total
stockholders' deficiency of $11.1 million.


GEOMET INC: To Suspend Reporting Obligations with SEC
-----------------------------------------------------
GeoMet, Inc., said it intends to file with the Securities and
Exchange Commission a Certification and Notice of Termination of
Registration Under Section 12(g) of the Securities Exchange Act of
1934, as amended, or Suspension of Duty to File Reports under
Sections 13 and 15(d) of the Exchange Act on Form 15.  The Company
is filing the Form 15 to terminate the registration under section
12(g) of the Exchange Act of the Company's common stock, par value
$0.001 per share.  The Company is also filing the Form 15 to notify
the SEC of the suspension of the Company's periodic reporting
obligations under Section 15(d) of the Exchange Act.

After that filing, the Company is not obligated to and will not
file current and periodic reports with the SEC for its current
fiscal year and does not expect to be obligated to do so for any
subsequent fiscal year.  Further, after such filing, the Company is
not obligated to and will not file an Annual Report on Form 10-K
for its previous fiscal year, which ended Dec. 31, 2015.

Based on the approval of the Plan of Dissolution by the Company's
stockholders at its Special Meeting of Stockholders held on
Dec. 10, 2015, the Company filed a Certificate of Dissolution on
Dec. 11, 2015, with the Delaware Secretary of State dissolving the
Company with an effective time of 5:00 p.m. Eastern Time on Dec.
21, 2015.

Under applicable law, as of the Effective Time, the Company, as a
general matter, no longer is able to issue stock, and consequently
it closed its stock transfer books and discontinued recording
transfers and issuing stock certificates (other than replacement
certificates).  Following the Effective Time, the Company's
stockholders of record are not able to transfer shares, except
assignments by will, intestate succession or operation of law. From
and after the Effective Time, the Company's stockholders have only
such rights and obligations as provided under the Delaware General
Corporation Law for stockholders of a dissolved corporation.

Although the Company will no longer be filing current and periodic
reports with the SEC, after filing the Form 15, the Company may
elect to continue to provide information concerning any material
developments with respect to any significant transactions for
disposing of the Company's remaining assets, any significant
developments in claims, litigation, investigations and any other
future events that could materially impact the timing or amount of
liquidating distributions, if any, to be made to the Company's
stockholders of record as of the Effective Time, either by press
release or other means.  However, there is no guaranty that the
Company will do so or that it will continue to provide such
information in the future.

                         About Geomet Inc.

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

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

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


HAGGEN HOLDINGS: Boies Schiller Approved as Litigation Counsel
--------------------------------------------------------------
Haggen Holdings, LLC, et al., sought and obtained permission from
the Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware to employ Boies, Schiller & Flexner LLP as special
litigation counsel in connection with the Albertson's Litigation,
nunc pro tunc to the September 8, 2015 petition date.

Prior to the petition date, on August 31, 2015, the Debtors
retained Boies Schiller in connection with:

     (a) these civil court actions:

            (i) Haggen Holdings, LLC v. Albertson's LLC &
                Albertson's Holdings LLC, Case No. 1:15-cv-00768,
                which is pending in the U.S. District Court for
                the District of Delaware; and

           (ii) Albertson's LLC and Albertson's Holdings LLC v.
                Haggen Holdings, LLC, Case No. N15C-07-161, which
                is pending in the Superior Court for the State of
                Delaware; and

     (b) certain real estate matters.

The Debtors require Boies Schiller to:

   (a) give advice to the Debtors with respect to the Matters;

   (b) prepare motions, pleadings, orders, applications,
       adversary proceedings, and other legal documents necessary
       in the prosecution of defense of the Matters;

   (c) represent the Debtors in all trials, hearings, or
       arbitration proceedings with respect to the Matters; and

   (d) protect the interests of the Debtors with respect ot the
       Matters.

Boies Schiller will be paid at these hourly rates:

       Partners               $780-$1,500
       Counsel                $720-$1,180
       Associates             $490-$790

Stuart H. Singer, currently billing at an hourly rate of $900, is
expected to have primary responsibility for providing services to
the Debtors.

Boies Schiller will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Boies Schiller received a retainer in the amount of $250,000. After
applying a portion of the retainer to the outstanding balance as of
the petition date, including fees and expenses associated with the
filing of these Chapter 11 cases, Boies Schiller continues to hold
a retainer in the amount of approximately $60,000. The remainder
will constitute a general retainer as security for post-petition
services and expenses.

Stuart H. Singer, partner of Boies Schiller, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Boies Schiller can be reached at:

       Stuart H. Singer, Esq.
       BOIES, SCHILLER & FLEXNER LLP
       401 East Las Olas Blvd., Ste 1200
       Fort Lauderdale, FL 33301
       Tel: (954) 356-0011
       Fax: (954) 356-0022
       E-mail: ssinger@bsfllp.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.


HAGGEN HOLDINGS: Committee Has Standing to Sue Affiliates, Comvest
------------------------------------------------------------------
Haggen Holdings, LLC, et al., won approval of a stipulation
granting derivative standing to the Official Committee of Unsecured
Creditors to commence litigation against Haggen's non-debtor
affiliates and equity sponsor.

The Committee has requested, and the Debtors have consented to, a
stipulation granting the Committee derivative standing to
investigate, and if the Committee deems appropriate, bring any and
all claims or causes of action on behalf of the Debtor' estates
against:

     (i) the Debtor' non-debtor affiliates Haggen Property
         Holdings LLC, Haggen Property South LLC, Haggen Property
         North, LLC, Haggen Property Holdings II, LLC, Haggen
         Property Holdings III, LLC -- "PropCo Entities";

    (ii) the Debtors' equity sponsor, Comvest Partners; and

   (iii) the past or present directors and officers of the PropCo
         Entities, the Sponsor, and/or the Debtors.

The Targets joined in the Stipulation solely for purposes of
setting forth the litigation parameters.

The Committee and the Debtors agree that the immediate commencement
by the Committee of the Derivative Causes of Action could be
distracting and disruptive to the ongoing process of marketing the
Debtors' core business as a going concern.  Consequently, the
Stipulation provide for an immediate vesting of derivative standing
to the Committee to investigate and bring the Derivative Causes of
Action, but delays the commencement of any such litigation by the
Committee to allow the Debtors to complete the Core Sale Process
through Feb. 29, 2016.

The Stipulation provides that notwithstanding the vesting of
derivative standing to the Committee, the Committee and the Debtors
agree to a litigation standstill relative to the Derivative Causes
of Action through and including Feb. 29, 2016, or such later date
as the Debtors and the Committee agree in writing.  The Parties may
conduct discovery prior to the Standstill Date; provided, however,
that no depositions will be conducted through the Standstill Date
absent agreement by the Parties and the proposed deponent.

No settlement of the Derivative Causes of Action will be approved
without any Order of the Bankruptcy Court, after notice and a
hearing thereon if any objections are timely filed and served.

The Debtors are represented by:

         Matthew B. Lunn, Esq.
         Robert F. Poppiti, Jr., Esq.
         YOUNG CONAWAY STARGATT & TAYLOR, LLP
         Rodney Square
         1000 North King Street
         Wilmington, DE 19801
         Tel: (302) 571-6600
         Fax: (302) 571-1256

             - and -

         Frank A. Merola, Esq.
         Sayan Bhattacharyya, Esq.
         Elizabeth Taveras, Esq.
         STROOCK & STROOCK & LAVAN LLP
         180 Maiden Lane
         New York, NY 10038
         Tel: (212) 806-5400
         Fax: (212) 806-6006

The Official Committee of Unsecured Creditors' attorneys:

         PACHULSKI STANG ZIEHL & JONES LLP
         Bradford J. Sandler, Esq.
         Robert J. Feinstein, Esq.
         Peter J. Keanne, Esq.
         919 North Market Street, 17th Floor
         Wilmington, DE 19801
         Tel: (302) 652-4100
         Fax: (302) 652-4400

Counsel to Comvest:

         KIRKLAND & ELLIS LLP
         Patrick J. Nash, Esq.
         300 North LaSalle
         Chicago, IL 60654
         Tel: (312) 862-2000
         Fax: (312) 862-2200

Counsel to the PropCo Entities:

         WOMBLE CARLYLE SANDRIDGE & RICE, PLLC
         Kevin Mangan, Esq.
         Philip Mohr, Esq.
         222 Delaware Avenue, Suite 1501
         Wilmington, DE 19801
         Tel: (302) 252-4320
         Fax: (302) 252-4330

                      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.  The Committee has retained Pachulski Stang
Ziehl & Jones LLP as attorneys.


HAGGEN HOLDINGS: Court Okays Young Conaway as Co-counsel
--------------------------------------------------------
Haggen Holdings, LLC, et al., sought and obtained authorization
from the Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware to employ Young Conaway Stargatt & Taylor, LLP
as bankruptcy co-counsel, nunc pro tunc to the September 8, 2015
petition date.

The Debtors require Young Conaway to:

   (a) provide legal advice with respect to the Debtors' powers
       and duties as debtors in possession in the continued
       operation of their business, management of their
       properties, and the potential sale of their assets;

   (b) prepare and pursue confirmation of a plan and approval of a

       disclosure statement;

   (c) prepare, on behalf of the Debtors, necessary applications,
       motions, answers, orders, reports, and other legal papers;

   (d) appear in Court and protecting the interests of the Debtors

       before the Court; and

   (e) perform all other legal services for the Debtors that may
       be necessary and proper in these proceedings.

Young Conaway will be paid at these hourly rates:

       Matthew B. Lunn            $580
       Robert F. Poppiti, Jr.     $420
       Ian J. Bambrick            $350
       Ashley E. Jacobs           $335
       Shane M. Reil              $285
       Chad Corazza, paralegal    $180

Young Conaway will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Matthew B. Lunn, partner of Young Conaway, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Consistent with the U.S. Trustee's Appendix B—Guidelines for
Reviewing Applications for Compensation and Reimbursement of
Expenses Filed Under 11 U.S.C. section 330 by Attorneys in Larger
Chapter 11 Cases, which became effective on November 1, 2013, Mr.
Lunn states as follows:

    -- Young Conaway has not agreed to a variation of its standard

       or customary billing arrangements for this engagement;

    -- None of the Firm's professionals included in this
       engagement have varied their rate based on the geographic
       location of these chapter 11 cases;

    -- Young Conaway was retained by the Debtors pursuant to an
       engagement agreement dated September 1, 2015. The billing
       rates and material terms of the prepetition engagement are
       the same as the rates and terms described in the
       Application; and

    -- The Debtors have approved or will be approving a
       prospective budget and staffing plan for Young Conaway's
       engagement for the postpetition period as appropriate. In
       accordance with the U.S. Trustee Guidelines, the budget may
       be amended as necessary to reflect changed or unanticipated

       developments.

Young Conaway can be reached at:

       Matthew B. Lunn, Esq.
       YOUNG CONAWAY STARGATT & TAYLOR, LLP
       Rodney Square
       1000 N. King Street
       Wilmington, DE 19801
       Tel: (302) 571-6600
       Fax: (302) 571-1253

                        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.



HAGGEN HOLDINGS: Court OKs Pachulski Stang as Committee Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Haggen Holdings,
LLC, et al., sought and obtained permission from the Hon. Kevin
Gross of the U.S. Bankruptcy Court for the District of Delaware to
retain Pachulski Stang Ziehl & Jones LLP as counsel to the
Committee, nunc pro tunc to the September 21, 2015.

The Committee requires Pachulski Stang to:

   (a) assist, advise and represent the Committee in its
       consultations with the Debtors regarding the
       administration of these Cases;

   (b) assist, advise and represent the Committee with respect to
       the Debtors' retention of professionals and advisors with
       respect to the Debtors' business and these Cases;

   (c) assist, advise and represent the Committee in analyzing
       the Debtors' assets and liabilities, investigating the
       extent and validity of liens and participating in and
       reviewing any proposed asset sales, any asset
       dispositions, financing arrangements and cash collateral
       stipulations or proceedings;

   (d) assist, advise and represent the Committee in any manner
       relevant to reviewing and determining the Debtors' rights
       and obligations under leases and other executory
       contracts;

   (e) assist, advise and represent the Committee in
       investigating the acts, conduct, assets, liabilities and
       financial condition of the Debtors, the Debtors'
       operations and the desirability of the continuance of any
       portion of those operations, and any other matters
       relevant to the Cases or to the formulation of a plan;

   (f) assist, advise and represent the Committee in connection
       with any sale of the Debtors' assets;

   (g) assist, advise and represent the Committee in its
       participation in the negotiation, formulation, or
       objection to any plan of liquidation or reorganization;

   (h) assist, advise and represent the Committee in
       understanding its powers and its duties under the
       Bankruptcy Code and the Bankruptcy Rules and in performing
       other services as are in the interests of those
       represented by the Committee;

   (i) assist, advise and represent the Committee in the
       evaluation of claims and on any litigation matters,
       including avoidance actions; and

   (j) provide such other services to the Committee as may be
       necessary in these Cases.

Pachulski Stang will be paid at these hourly rates:

       Partners/Counsel           $525-$1,145
       Associates                 $525
       Paralegals                 $275-$305

Pachulski Stang will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Bradford J. Sandler, partner of Pachulski Stang, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Pachulski Stang can be reached at:

       Bradford J. Sandler, Esq.
       PACHULSKI STANG ZIEHL & JONES LLP
       919 North Market Street, 17th Floor
       Wilmington, DE 19801
       Tel: (302) 652-4100
       Fax: (302) 652-4400
       E-mail: bsandler@pszjlaw.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.


HAGGEN HOLDINGS: Pacific Pharmacy Approved as Broker
----------------------------------------------------
Haggen Holdings, LLC, et al., sought and obtained permission from
the Hon. Kevin Gross of the U.S. Bankruptcy Court for the District
of Delaware to employ Pacific Pharmacy Consultants as broker, nunc
pro tunc to the September 8, 2015 petition date.

The Debtors seek to retain Pacific as broker to provide, to the
extent requested by the Debtors, among others, the following
brokering services: broker the sale, lease, trade or other
disposition of the Assets that are located at the certain pharmacy
locations identified by the Debtors, including hard copy
prescriptions, prescription files and records, customer lists and
patient files, and all pharmacy inventory including prescription
drugs at such locations.

The Debtors anticipate that Pacific's brokerage services will be
limited to those Assets, and future sales of similar assets held at
the Debtors' closing stores, which the Debtors will choose to sell
because they are non-core to the Debtors' business and will not be
a part of any going concern sale achieved in these chapter 11
cases.

For its services as Broker, Pacific seeks approval of a commission,
equal to 4% of the total purchase price of the Assets without set
off, provided, that, the total compensation is not less than
$10,000.

Pacific will receive such commission if a sale is completed during
its engagement for any of the Assets that it has been engaged to
sell.

P. Sean Duffy, president of Pacific, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

Pacific can be reached at:

       P. Sean Duffy
       PACIFIC PHARMACY CONSULTANTS
       1309 Sunset Court
       Tool, TX 75143
       Tel: (480) 717-3507
                        
                        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.


HANCOCK FABRICS: Reports Net Loss, Raises Going Concern Doubt
-------------------------------------------------------------
Hancock Fabrics, Inc.'s net loss was $3.6 million or $0.17 per
basic and diluted share for the 13 weeks ended October 31, 2015
compared to a net loss of $0.8 million, or $0.04 per basic and
diluted share for the 13 weeks ended October 25, 2014.

For the thirty-nine weeks ended October 31, 2015, the company has
generated a net loss of $12.7 million, resulting in a shareholders'
deficit of $29.2 million as of October 31, 2015.  Additionally, for
the thirty-nine weeks ended October 31, 2015, the company has used
$12.9 million in cash to fund its operations.

"These matters, along with our Revolver (revolving credit facility)
availability and recurring losses in prior years, raise substantial
doubt as to the ability of the company to continue as a going
concern," said O. Pierce Crockett, divisional vice president and
interim chief financial officer of the company, in a December 21,
2015 regulatory filing with the U.S. Securities and Exchange
Commission.

"In order to meet its cash and liquidity needs, the company intends
to raise additional financing and/or renegotiate its various debt
obligations.  There is no assurance that the company will be
successful in obtaining additional financing and/or be able to
renegotiate the terms of its existing debt obligations on terms
which are satisfactory to the company, or at all."  

Mr. Crockett further noted, "Our ability to improve our liquidity
in future periods and continue as a going concern will depend on
generating positive operating cash flow, primarily through
comparable store sales increases, improved gross profit and
controlling our expenses, which in turn, may be impacted by
prevailing economic conditions and other financial and business
factors, some of which are beyond our control."

At October 31, 2015, the company had total assets of $162,024,000,
total liabilities of $191,198,000, and total shareholders' deficit
of $29,174,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/j6z8e4g

Hancock Fabrics, Inc. is a specialty retailer committed to
nurturing creativity through a complete selection of fashion and
home decorating textiles, sewing accessories, needlecraft supplies
and sewing machines.  The Baldwyn, Mississippi-based company is one
of the largest fabric retailers in the United States, operating 260
stores in 37 states as of October 31, 2015 and an internet store
under the domain name hancockfabrics.com.



HOOVER GROUP: Moody's Lowers CFR to B3, Outlook Stable
------------------------------------------------------
Moody's Investors Service downgraded Hoover Group, Inc.'s Corporate
Family Rating to B3 from B2 and Probability of Default Rating to
Caa1-PD from B3-PD.  At the same time, the rating on the bank
credit facilities was downgraded to B3 from B2.  The rating outlook
is stable.

"The rating downgrade reflects expectations of elevated debt levels
in 2016 stemming from higher than anticipated capital investment in
2015 and expectations for potential weakness in new product sales,"
said Moody's Analyst, Morris Borenstein.  "While the rental side of
the business is stable, there is increasing risk driven from its
drilling and completion-exposed product revenues to more than
offset."

Hoover Group, Inc.:

Ratings downgraded:

  Corporate Family Rating to B3 from B2
  Probability of Default Rating to Caa1-PD from B3-PD
  Senior secured credit facilities to B3 (LGD3) from B2 (LGD3)

RATINGS RATIONALE

Hoover's B3 Corporate Family Rating reflects the company's very
small revenue base, high projected leverage approaching 6 times and
weak free cash flow in 2016.  The ratings incorporate that the oil
& gas sector accounts for a majority of its revenues.  While some
60% of its revenues are tied to more stable production-related
activities, Hoover has moderate exposure of roughly 15% to more
volatile and cyclical drilling and completion activities. Moody's
believes revenue generated from new product sales, more
specifically, tied to completion and its international markets will
be vulnerable in 2016, which could more than offset modest gains
from new contract wins and its rental revenue streams.  The ratings
are supported by Hoover's high EBITDA margins, its geographic
diversification, diversified blue-chip customer base and good
market position in the niche tank and containers market. Supporting
the ratings also is the company's large installed base of rental
equipment.

The company's liquidity position is adequate supported by modest
cash balances going into 2016 and the expectation of positive,
though weak, free cash flow generation.  The company's spend on
capex in 2015 neared half of its revenues.  Moody's believes capex
will come down in 2016 but will consume most of the company's
operating cash flow.  The company had less than $10 million
available under its $30 million revolving credit facility as of
year end.  The company used the revolver to fund its capex outspend
and acquisitions in 2015.  The credit facilities have a 6.00 times
maximum secured net debt to EBITDA financial maintenance covenant
that drops down to 5.75 times in March 2016 and to 5.50 times
thereafter.  Moody's believes the company will have only modest
cushion in the latter half of 2016 unless it reduces leverage.  The
company's test calculated leverage was 5.2 times as of Sept. 30,
2015.

The stable rating outlook reflects Moody's expectation that Hoover
will maintain adequate liquidity despite potentially weaker
profitability in 2016.

The ratings could be downgraded if Hoover's EBITDA to interest
coverage falls well below 2 times and or if liquidity materially
deteriorates beyond current levels.

A rating upgrade is unlikely in 2016 given the small revenue base
and high leverage.  Ratings could be upgraded if debt to EBITDA
declines to below 5.5 times on a sustained basis and liquidity
profile improves.  Additionally, a stabilization and improving
market environment in drilling & completion end markets would be
needed.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

Headquartered in Houston, Texas, Hoover Container Solutions is a
provider of chemical tanks, cargo carrying units, and related
products and services to the global energy, petrochemical and
related industrial end markets.  Revenues for the twelve months
ended Sept. 30, 2015, were approximately $99 million.  Hoover is
majority owned by the private equity firm First Reserve.



HOVENSA LLC: Has Until April 12 to Decide on Unexpired Leases
-------------------------------------------------------------
The District Court for the Virgin Islands extended until April 12,
2016, Hovensa L.L.C.'s time to assume or reject unexpired leases of
nonresidential real property.

Richard H. Dollison, Esq., as local bankruptcy counsel, submitted a
certificate of no objection regarding the Debtor's extension
motion.

                         About Hovensa

Hovensa, L.L.C, owns an oil refinery and an oil storage facility
business, both located on the island of St. Croix, U.S. Virgin
Islands, and both of which are currently idled.  The refinery and
storage facilities span approximately 2,000 acres of land located
on the south shore of St. Croix, including approximately 300 acres
of undeveloped land to the east of the refinery and storage.
Hovensa currently maintains its headquarters at 1 Estate Hope,
Christiansted, St. Croix, USVI.

Hovensa was formed in June 1998 and, through a series of
agreements dated October 30, 1998, became a joint venture between
Hess Oil Virgin Islands Corporation ("HOVIC"), a subsidiary of
Hess Corporation (f/k/a Amerada Hess Corporation), and PDVSA V.I.,
Inc. ("PDV-VI" and together with HOVIC, the "JV Parties"), a
subsidiary of Petroleos de Venezuela, S.A. ("PDVSA"), the national
oil company of Venezuela.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015, with a deal to sell
most of the assets.  Judge Mary F. Walrath is assigned to the
case.

The Debtor estimated assets of $100 million to $500 million, and
liabilities of more than $1 billion.

The Debtors tapped Morrison & Foerster LLP as bankruptcy counsel;
The Law Offices of Richard H. Dollison as local bankruptcy
counsel; Alvarez & Marsal North America, LLC to provide Thomas E.
Hill as chief restructuring officer; Lazard Freres & Co. LLC as
investment banker; White & Case LLP as special mergers and
acquisitions counsel; and Prime Clerk LLC as claims and noticing
agent and as administrative agent.

The Official Committee of Unsecured Creditors tapped Dentons US
LLP counsel; Hamm Eckard, LLP as its local/co-counsel; and
Berkeley Research Group, LLC as its financial advisor.

The Debtor's owners, HOVIC and PDV-VI, have agreed to provide DIP
financing in an amount not to exceed $40 million.  The DIP
facility requires the Debtors to achieve certain milestones,
including closing of the sale by Dec. 31, 2015.

                           *     *     *

Hovensa, L.L.C., reached a deal to sell most of its assets to
Limetree Bay Holdings, LLC for $220 million.  On Jan. 4, 2016, the
Debtor closed its sale of substantially all its assets.  

The Debtor has filed a liquidating plan. The combined hearing to
consider final approval of the Disclosure Statement and
confirmation of the Plan is on Jan. 19, 2016, at 10:00 a.m.
(prevailing Eastern Time).


HWA PROPERTIES: Ch. 11 Bar Order Unnecessary, Court Rules
---------------------------------------------------------
In a Memorandum Opinion and Order dated January 6, 2016, which is
available at http://is.gd/fMyLMkfrom Leagle.com, Judge Caryl E.
Delano of the United States Bankruptcy Court for the Middle
District of Florida, Fort Myers Division, denied HWA Properties,
Inc.'s motion for approval of the compromise and the confirmation
of the Debtor's Plan without prejudice to the Debtor's filing an
amended plan.

Court approval of broad release provisions and the issuance of a
"bar order" that would prohibit parties from asserting any claims
against the Debtor and several non-debtor parties are integral to
the compromise and the plan.  After considering the factors that
bankruptcy courts use to evaluate the propriety of a bar order, the
Court concludes that the requested bar order is neither necessary
to Debtor's successful reorganization nor fair and equitable.

The case is In re: HWA Properties, Inc., Chapter 11, Debtor, Case
No. 9:14-bk-11774-FMD (Bankr. M.D. Fla.).

HWA Properties, Inc., Debtor, is represented by Stephen R Leslie,
Esq. -- srl@srbp.com -- Stichter, Riedel, Blain & Postler, P.A.,
Michael J Hooi, Esq. -- mjh@srbp.com --  Stichter, Riedel, Blain &
Postler, P.A., Mark F Robens, Esq. -- mfr@srbp.com --   Stichter,
Riedel, Blain & Postler, PA, Daniel R Fogarty, Esq. -- drf@srbp.com
--  Stichter, Riedel, Blain & Postler, P.A.

Philip J von Kahle, Trustee, is represented by Stephanie C Lieb,
Esq. -- SLieb@trenam.com -- Attorney for Trustee, Trenam, Kemker,
Lara Roeske Fernandez,  Esq. -- LFernandez@trenam.com -- Trenam,
Kemker, Megan Wilson Murray,  Esq. -- MMurray@trenam.com -- Trenam
Kemker.


INTERNATIONAL SUPPLY: Committee Hires Goldstein as Legal Counsel
----------------------------------------------------------------
The official committee representing International Supply Co.'s
unsecured creditors has hired Goldstein & McClintock LLLP as its
counsel.

As legal counsel, Goldstein will provide these services:

   (a) advise the committee on all legal issues;

   (b) advise the committee regarding the terms of any sale of
       assets or plan of reorganization or liquidation, and assist

       the committee in negotiating with the company;

   (c) investigate the company's assets and pre-bankruptcy
       conduct;

   (d) prepare court papers on behalf of the committee;

   (e) represent and advise the committee in all proceedings in
       the company's bankruptcy case; and

   (f) assist and advise the committee in its administration.

Goldstein's billing rates for 2015 range from approximately $195
per hour for certain associates to $725 per hour for senior
partners.  The firm has agreed to keep its "blended rate" below
$350 per hour absent approval by the committee.

The attorneys who are expected to provide the services are:

   Attorneys                  Position     Hourly Rates
   ---------                  --------     ------------
   Matthew McClintock         Partner          $435
   Harold Israel              Partner          $525
   Sean Williams              Associate        $255

Goldstein will receive reimbursement for work-related expenses,
according to court filings.

The firm does not represent any interest adverse to the interests
of the company, and is "disinterested" as that term is defined in
section 101(14) of the Bankruptcy Code, according to a declaration
by Mr. McClintock, Esq., a partner at Goldstein.

Goldstein can be reached through:

   Harold D. Israel, Esq.
   Sean P. Williams, Esq.
   Goldstein & McClintock LLLP
   208 South LaSalle Street, Suite 1750
   Chicago, Illinois 60604
   Tel: (312) 337-7700
   Fax: (312) 277-2310
   Email: haroldi@goldmclaw.com

                   About International Supply

International Supply Co. commenced bankruptcy proceedings under
Chapter 11 of the U.S. Bankruptcy Code in Central District of
Illinois (Case No. 15-81467) on September 24, 2015.

The Debtor's primary line of business is integration services and
machinery for power generation systems throughout the country.

The Debtor has tapped Sumner Bourne, Esq., as its counsel.  Judge
Thomas L. Perkins has been assigned the case.

The Office of the U.S. Trustee appointed six creditors to the
official committee of unsecured creditors.  The committee is
represented by Goldstein & McClintock LLLP.


INTERNATIONAL SUPPLY: Committee Hires R.J. Montgomery as Appraiser
------------------------------------------------------------------
International Supply Co.'s official committee of unsecured
creditors has hired R.J. Montgomery & Assoc. Inc. as its
appraiser.

R.J. Montgomery's services include appraising the company's
equipment and advising interested parties as to the fair market
value of the equipment.  The firm will also provide other services
upon request by the committee, according to court filings.

The firm will be compensated by a flat fee not to exceed $2,500
without prior approval of the committee.

Richard Montgomery, who owns R.J. Montgomery, disclosed in a court
filing that his firm does not represent any interest adverse to the
committee, and is "disinterested" as that term is defined in
section 101(14) of the Bankruptcy Code.

                   About International Supply

International Supply Co. commenced bankruptcy proceedings under
Chapter 11 of the U.S. Bankruptcy Code in Central District of
Illinois (Case No. 15-81467) on September 24, 2015.

The Debtor's primary line of business is integration services and
machinery for power generation systems throughout the country.

The Debtor has tapped Sumner Bourne, Esq., as its counsel.  Judge
Thomas L. Perkins has been assigned the case.

The Office of the U.S. Trustee appointed six creditors to the
official committee of unsecured creditors.  The committee is
represented by Goldstein & McClintock LLLP.


INTERNATIONAL SUPPLY: Heartland Granted $4.78-Mil. Secured Claim
----------------------------------------------------------------
A bankruptcy judge signed off on an order that granted Heartland
Bank and Trust Co. a secured claim of $4.78 million.

The claim will be paid from a portion of the proceeds from the sale
of International Supply Co.'s assets last month.

The company has sold most of its assets to Fibrebond Inc., which
made a $10.05 million offer at a court-supervised auction held on
Dec. 15.  A portion of the sale proceeds in the amount of $7.76
million was deposited with the bank.  

As of Jan. 7, more than $5.11 million is left in the bank after
payments were made, which include a $624,238 payment to the bank
for the loan it provided to International Supply to get the company
through bankruptcy.

Heartland Bank is allowed to apply the $5.11 million in sale
proceeds against its $4.78 million secured claim, according to the
order signed on Jan. 27 by U.S. Bankruptcy Judge Thomas Perkins.

International Supply Co. owed the bank $8.16 million when it filed
for bankruptcy protection on Sept. 24 last year.

On Oct. 14, the company received interim court approval to get a
loan of up to $500,000 from Heartland Bank.  

In November, Judge Perkins issued two more court orders, which
extended the maturity date of the initial loan and approved an
additional $500,000 financing from the bank.

Aside from the loans, the company was able to support its
operations through the bank's cash collateral, court filings show.


                   About International Supply

International Supply Co. commenced bankruptcy proceedings under
Chapter 11 of the U.S. Bankruptcy Code in Central District of
Illinois (Case No. 15-81467) on September 24, 2015.

The Debtor's primary line of business is integration services and
machinery for power generation systems throughout the country.

The Debtor has tapped Sumner Bourne, Esq., as its counsel.  Judge
Thomas L. Perkins has been assigned the case.

The Office of the U.S. Trustee appointed six creditors to the
official committee of unsecured creditors.  The committee is
represented by Goldstein & McClintock LLLP.


INTERNATIONAL SUPPLY: UCC Hires Fin'l Advisor, Investment Banker
----------------------------------------------------------------
International Supply Co.'s official committee of unsecured
creditors has hired Amherst Consulting, LLC as its financial
advisor and investment banker.

Amherst's services as financial advisor include:

   (a) evaluate the company's business, business plan, prospects,
       and associated financial projections;

   (b) assist the committee and its counsel in reviewing and
       evaluating the company's business plan and liquidation
       analysis;

   (c) review and analyze financial information received by the  
       committee in discovery and assist the committee in
       analyzing preference and other avoidance actions;

   (d) evaluate sales or leases proposed by the company; and

   (e) attend court hearings and meetings.

Amherst will charge for its services on an hourly basis.  the
engagement will be headed by Sheldon Stone, a partner whose billing
rate is $375 per hour.  Most of the services, however, will be
provided by Brian Phillips, managing director, and Maxim Ananich,
an associate.  

Mr. Phillips' billing rate is $340 per hour while Mr. Ananich's
hourly rate is $250, according to court filings.

Meanwhile, the investment banking services to be provided by the
firm include:

   (a) reviewing and familiarizing itself with the business,
       operations, physical assets and financial condition of the
       company;

   (b) developing a list of potential buyers of the company's
       assets;

   (c) contacting potential buyers and arranging for and
       orchestrating meetings between potential buyers and the
       company or the committee;

   (d) presenting to the committee all proposals from potential
       buyers and making recommendations as to the committee's
       appropriate negotiating strategy and course of conduct; and

   (e) assisting in all negotiations and document reviews.

Amherst will receive a fee in the event that the company's assets
are sold for more than $7.5 million:

   Sale Price               Success Fee
   ----------               -----------
   $7.5 Million or less         0%
   $7.5 M-$8.5M             2% of proceeds from $7.5M-$8.5 M
   $8.5M +                  Amounts from above and 5% of
                            proceeds above $8.5M

Sheldon Stone, a partner at Amherst Consulting LLC, disclosed in a
court filing that the firm does not hold nor represent any interest
adverse to the committee, and that it is disinterested, as that
term is defined in section 101(14) of the Bankruptcy Code.

                   About International Supply

International Supply Co. commenced bankruptcy proceedings under
Chapter 11 of the U.S. Bankruptcy Code in Central District of
Illinois (Case No. 15-81467) on September 24, 2015.

The Debtor's primary line of business is integration services and
machinery for power generation systems throughout the country.

The Debtor has tapped Sumner Bourne, Esq., as its counsel.  Judge
Thomas L. Perkins has been assigned the case.

The Office of the U.S. Trustee appointed six creditors to the
official committee of unsecured creditors.  The committee is
represented by Goldstein & McClintock LLLP.


INTERPOOL INC: S&P Revises Outlook to Stable & Affirms 'B+' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Princeton, N.J.-based Interpool Inc. to stable from
positive and affirmed its 'B+' corporate credit rating on the
company.

"The outlook revision reflects our belief that the company's
financial policy has become somewhat more aggressive based on its
Jan. 14, 2016, 8k filing, in which the company announced that it
had drawn $52 million from its credit facility to pay its parent a
$51 million dividend," said Standard & Poor's credit analyst Betsy
Snyder.  In 2015, the company paid down $150 million of its
second-lien notes and S&P had expected that it would undertake
further debt reduction, which would have improved its credit
metrics.  S&P's rating now incorporates the potential for further
debt-financed dividends, which would cause the company's credit
metrics to fall below S&P's previous expectations.  Absent any
further debt-financed dividends, S&P now expects Interpool's funds
from operations (FFO)-to-debt ratio to remain in the mid-teens
percent area and its debt-to-capital ratio to remain in the mid-60%
area.  Although further dividends would cause the company's credit
metrics to deteriorate somewhat, S&P don't expect that its
FFO-to-debt ratio will decline to the 10% level it posted in 2014.

The stable outlook on Interpool reflects S&P's expectation that the
company's credit metrics will remain relatively consistent through
2016, incorporating the debt-financed dividend that it has already
completed.  S&P also expects that there will likely be further
debt-financed dividends going forward that could result in somewhat
weaker credit metrics.  S&P's rating already incorporates some
headroom for the company to pay additional dividends because its
credit metrics remain strong for the rating.

Although unlikely, S&P could lower its ratings on Interpool over
the next year if renewed economic weakness causes the company's
utilization and pricing to decline and its earnings and cash flow
to weaken, leading its FFO-to-total debt ratio to deteriorate to
about 7% on a sustained basis.

Although unlikely, S&P could raise its ratings on Interpool over
the next year if the company's earnings are better-than-expected
because of stronger demand and/or pricing or reduced debt, causing
its FFO-to-debt ratio to remain at current levels in the low-teens
percent area.  S&P would also have to believe that the company's
financial policy had evolved such that it would maintain its
current credit measures on an ongoing basis.



JOHN ALBERT UPTON: Claims Not Listed on Schedules Aren't Sold
-------------------------------------------------------------
Diane Davis, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that a bankruptcy court correctly interpreted the sale
order in a debtor's bankruptcy case to be limited to only
"disclosed" claims -- those listed on the debtor's schedules of
assets and liabilities -- and claims not disclosed weren't sold by
the trustee, a district court in Texas held Jan. 15.

According to the report, Judge Sam A. Lindsay of the U.S. District
Court for the Northern District of Texas concluded that in light of
the Fifth Circuit's ruling in Browning Mfg. v. Mims, requiring a
debtor to disclose even potential causes of action in his schedules
under Bankruptcy Code Section 521, the bankruptcy court correctly
interpreted the sale order in the debtor's case to not include the
causes of action that appellant Upton Creditors, LLC, is asserting
in a state court lawsuit.

According to the bankruptcy court, the "bankruptcy schedules are a
method of disclosing assets which 'all creditors rely.'”  The
debtor's description in the schedules wasn't specific enough to
notify the trustee that the debtor could potentially assert these
claims, and the sale order explicitly said that the trustee
was only authorized to sell "disclosed" assets, the court said, the
report related.

The appellant Upton Creditors is trying to pursue claims in a state
court lawsuit that are materially different from the causes of
action sold under the sale order and not disclosed in any way, the
report said.


KU6 MEDIA: Signs Strategic Cooperative Agreement With 720Yun.com
----------------------------------------------------------------
Ku6 Media Co., Ltd. has entered into a strategic cooperation
agreement with 720Yun.com to enhance the Company's virtual reality
strategy previous announced.  The Company recently launched a
cooperative VR community at the following website:
http://www.ku6.com/c2015/720yun/.

Ku6 Media and 720Yun.com's cooperative VR community currently
features eight categories, including aerial photography, SLR
(single lens reflex) photography, virtual effects, quick mode
(RICOH THETA), cities, campuses, fun and business projects.  The
Company expects to add additional categories to the VR community in
the future.

Pursuant to the Agreement, 720Yun.com will provide
three-dimensional panorama technology and contents to Ku6 Media in
the form of video and picture, and serve as technical support for
the Company's new VR products.  The two companies will work
together in exploring and developing potential business models
relating to three-dimensional panorama contents.

Benefits to Users

Utilizing existing VR products, Ku6 Media is now providing a
welcoming portal for visitors to expand, upload, and deliver their
personal three-dimensional contents to daily visitors.  The Company
has already seen visitors expanding rapidly and has received strong
feedbacks from its regular active users since launching of its VR
community Web site.  In addition, the merging of its technology
with 720Yun.com will be attractive to professionals, as
three-dimensional panorama has been used in a variety of industries
to graphically present product features and descriptions.

Mr. Feng Gao, chief executive officer of Ku6 Media, commented, "As
a preeminent UGC provider in China, we need to continue to provide
technologically superior products available to our users.  We are
very pleased to form strategic partnership with 720Yun.com, one of
China’s leading three-dimensional panorama technology companies,
to create a truly unique virtual reality community.
Three-Dimensional Panorama is one of the most important
technological aspects in developing our virtual reality strategy,
and this strategic cooperation with 720Yun.com is a solid step
forward for Ku6 Media.  We feel strongly that the development of
this emerging technology will continue to drive visitors to our
website and increase the proliferation of user-generated content
and ultimately, generate higher revenues for the Company."

                         About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

As of Dec. 31, 2015, the Company had $9.01 million in total assets,
$14.31 million in total liabilities and a $5.29 million total
shareholders' deficit.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that the Company's recurring losses, negative working
capital, net cash outflows, and uncertainties associated with
significant changes made, or planned to be made, in respect of the
Company's business model, raise substantial doubt about the
Company's ability to continue as a going concern.


LATTER RAIN: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Latter Rain Ministries
        305 E 19th St
        Odessa, TX 79761

Case No.: 16-70014

Chapter 11 Petition Date: January 29, 2016

Court: United States Bankruptcy Court
       Western District of Texas (Midland)

Judge: Hon. Ronald B. King

Debtor's Counsel: Max R. Tarbox, Esq.
                  TARBOX LAW, PC
                  2301 Broadway
                  Lubbock, TX 79401
                  Tel: (806) 686-4448
                  Fax: (806) 368-9785
                  Email: max@tarboxlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Craig DeArmond, director.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/txwb16-70014.pdf


LI3 ENERGY: Admits Negative Capital Position, Going Concern Doubt
-----------------------------------------------------------------
There exists substantial about Li3 Energy, Inc.'s ability to
continue as a going concern, according to Luis F. Saenz, chief
executive officer, and Luis Santillana, chief financial officer of
the company in a regulatory filing with the U.S. Securities and
Exchange Commission on December 15, 2015.

As of September 30, 2015, the company had no source of current
revenue, a cash balance on hand of $1,522 and negative working
capital of $1,257,661.

On January 27, 2014, the company entered into the BBL Transaction,
pursuant to which BBL SpA acquired 11 of our 60 shares of Minera Li
(of which the company owns a controlling interest) for a cash
payment of $1,500,000 and Minera Li issued 40 Additional Shares to
BBL in exchange for a cash payment of $5,500,000.  As a result of
the BBL Transaction, BBL became the majority shareholder of Minera
Li with a 51% interest, and the company retains a 49% interest in
Minera Li.

Concurrent with the execution of the BBL Transaction, the company
and BBL also entered into a Shareholders Agreement regarding their
joint ownership interest of Minera Li (the Shareholders
Agreement).

Pursuant to the terms of the BBL Transaction and the Shareholders
Agreement with BBL, the company has access to the following sources
of funding:

* Li3 Energy will receive $1,000,000 upon the earlier of
   completion of certain Maricunga Project milestones or
   January 27, 2016.

* BBL has provided the company with a credit facility of
   $1,800,000 for working capital (the BBL Credit Facility).  The
   BBL Credit Facility allows the company to draw $100,000 during
   May 2014, and $200,000 per month thereafter, until the maximum
   $1,800,000 (the Maximum Amount) is reached.  As of the date of
   this filing, the company has received $1,220,000 under the BBL
   Credit Facility.

* BBL will finance Li3 Energy's share of exploration expenses on
   the Maricunga Project to the stage of full permitting including
   environmental, social, and construction, and all studies
   related to the Maricunga Project to internationally recognized
   standards.  Specific limits for these loans have not been
   established and will be negotiated in good faith between the
   company and BBL.

Messrs. Saenz and Santillana elaborated: "The company's current
negative working capital position is not sufficient to maintain its
basic operations for at least the next 12 months.

"The company has no assurance that future financing will be
available on acceptable terms.  If financing is not available on
satisfactory terms, the company may be unable to continue, develop
or expand our operations.  Equity financing could result in
additional dilution to existing shareholders.

"If the company is unable to complete any phase of its development
or exploration activities or fails to raise additional capital to
maintain its operations in the future, it may be unable to carry
out its full business plan or it may be forced to cease operations.


"In the course of its development activities, the company has
sustained and continues to sustain losses.  The company cannot
predict if and when the company may generate profits.  In the event
we identify commercial reserves of lithium or other minerals, we
will require substantial additional capital to develop those
reserves and certain governmental permits to exploit such
resources.  The company expects to finance its future operations
primarily through future equity or debt financing.  However, there
exists substantial doubt about the company's ability to continue as
a going concern because there is no assurance that it will be able
to obtain such capital, through equity or debt financing, or any
combination thereof, on satisfactory terms or at all.
Additionally, no assurance can be given that any such financing, if
obtained, will be adequate to meet the company's ultimate capital
needs and to support its growth.  If adequate capital cannot be
obtained on a timely basis and on satisfactory terms, then the
company's operations would be materially negatively impacted.

"The company's ability to complete additional offerings is
dependent on the state of the debt and/or equity markets at the
time of any proposed offering, and such market's reception of the
company and the offering terms.  In addition, the company's ability
to complete an offering may be dependent on the status of its
exploration activities, which cannot be predicted.  There is no
assurance that capital in any form would be available to the
company, and if available, on terms and conditions that are
acceptable.

"These conditions raise substantial doubt about the company's
ability to continue as a going concern.  The company's continuation
as a going concern is dependent on its ability to obtain the
necessary rights to exploit its mineral rights; meet its financial
and operational obligations, to obtain additional financing as may
be required until such time as it can generate sources of recurring
revenues and to ultimately attain profitability."

At September 30, 2015, the company had total assets of $8,170,443,
total liabilities of $2,305,113, and total stockholders' equity of
$5,862,289.

For the three months ended September 30, 2015, the company posted a
net loss of $458,254 as compared with a net loss of $742,628 for
the same period in 2014.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/jt2bkr9

Li3 Energy, Inc. is a South America-based exploration company in
the lithium and potassium mining sector.  The Santiago, Chile-based
company aims to acquire and develop a unique portfolio of lithium
and potassium brine projects in the Americas.



LIQUID HOLDINGS: Wins Approval to Move Ahead with Sale
------------------------------------------------------
Lillian Rizzo, writing for Dow Jones' Daily Bankruptcy Review,
reported that cloud-based trading platform provider Liquid Holdings
Group Inc. won approval from a bankruptcy judge on Jan. 29 to move
forward with its case as it is in negotiations with an interested
bidder.

"At present Liquid is in serious negotiations with a buyer of the
assets, and this interested buyer could also be willing to
potential provide debtor-in-possession financing to support the
company through the chapter 11 process," said Michael B. Schaedle,
attorney for the company, the report related.

                  About Liquid Holdings Group

Liquid Holdings Group, Inc. (otc pink:LIQD) --
http://www.liquidholdings.com-- a SaaS provider of investment
management solutions for the buy side, on Jan. 28 disclosed that it
and its subsidiary Liquid Prime Holdings, LLC, each filed a
voluntary petition in the United States Bankruptcy Court for the
District of Delaware seeking relief under the provisions of Chapter
11 of the United States Bankruptcy Code.

The cases are Liquid Holdings Group, Inc., Case No. 16-10202
(Bankr. D. Del.) and Liquid Prime Holdings, LLC, Case No. 16-10203
(Bankr. D. Del.).

The Company's counsel in Chapter 11 is Blank Rome LLP.  The
Company
has engaged Carl Marks Advisory Group, LLC as its bankruptcy
financial advisor and SenaHill Advisors, LLC as its investment
banker.


MANITOWOC COMPANY: Moody's Lowers Corporate Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service downgraded Manitowoc Company, Inc.'s
Corporate Family Rating to B2 from B1 and Probability of Default
Rating to B2-PD from B1-PD, to reflect the anticipated spin-off of
the Foodservice business.  Concurrently, Moody's assigned a B1
rating to MTW Cranes Escrow Corp's proposed $250 million 8-year
second lien senior secured notes.

The proceeds from the proposed debt and a new ABL revolving credit
facility (unrated) combined with approximately a $1.3 billion
distribution from the Foodservice business are expected to be used
to repay Manitowoc's existing debt and allow the company to
effectuate the split of the Cranes and Foodservice business.  The
transaction is expected to close within the first half of 2016
contingent on the stand alone financing of Manitowoc Foodservice,
Inc.  Although Escrow Corp will be the initial issuer of the $250
million notes, MTW Cranes Escrow Corp. will be merged into The
Manitowoc Company, Inc. once the dividend payment from Manitowoc
Foodservice is received and consummation of the spin-off
transaction occurs as noted in the offering circular.

The ratings on the existing bank credit facilities and senior
unsecured notes remain unchanged at Ba1 and B2, respectively, and
are to be withdrawn once the transaction closes.  The Speculative
Grade Liquidity Rating was affirmed at SGL-2 representing a good
anticipated liquidity profile.  The rating outlook is stable.

Moody's assigned these ratings:

Issuer: MTW Cranes Escrow Corp:
  Proposed 8-year Second Lien Senior Secured Notes, B1 (LGD3)

Moody's downgraded these ratings:

Issuer: Manitowoc Company, Inc (The):
  Corporate Family Rating, B2 from B1
  Probability of Default Rating, B2-PD from B1-PD

Moody's affirmed these ratings:

Issuer: Manitowoc Company, Inc (The):
  Speculative Grade Liquidity Rating, SGL-2
  Outlook is stable

RATING RATIONALE

The downgrade of Manitowoc's CFR to B2 reflects a more cyclical
company going forward as Foodservice was considered to be the more
stable business over the long term.  Additionally, crane demand is
anticipated to remain challenging into 2017 and leverage post the
spin-off is high.  Pro forma for the proposed transaction, the
company is expected to initially have leverage (debt/EBITDA)
approximating 5 times and only moderate interest coverage
(EBITA/Interest) of 1.2 times as of LTM Dec. 31, 2015, (inclusive
of Moody's standard accounting adjustments).

The B2 CFR also considers a slow growth global macroeconomic
environment and the continuation of a strong US dollar which
translates foreign earnings into fewer dollars and also affects the
company's competitiveness against other major international
manufacturers.  As new demand is likely to be lackluster in 2016,
Moody's believes the company will focus on efficiency and margin
improvement.

The company's liquidity profile is good as reflected in its SGL-2
Speculative Grade Liquidity rating.  It is supported by good
anticipated availability under the ABL revolving credit facility
and the expectation of good positive free cash flow over the next
twelve months.  Moody's expects the company to rely on its revolver
for intra-quarter liquidity.  The company's liquidity is expected
to be also enhanced by an accounts receivables securitization
facility.  The springing covenant is not anticipated to be tested
over the next twelve months.

The stable ratings outlook reflects Moody's expectations for flat
revenue in 2016.  Given the slow growing global macroeconomic
environment, we anticipate a strong focus on improving
profitability to offset the initial high leverage.

The ratings and/or outlook could be downgraded if debt / EBITDA
were to increase and remained sustained over 6 times.  Moreover, as
Moody's currently anticipate EBITA / Interest to improve, a
weakening in this coverage metric from current levels would also
add to downwards ratings pressure (all figures on a Moody's
adjusted basis).  The ratings could also be downgraded if there
were a deterioration in the company's liquidity that would restrict
access to its ABL revolver.

A ratings upgrade would be considered if leverage were to fall
below 4.25 times (versus the current pro forma 5 times) on a
sustained basis while showing an improvement in EBITDA margins from
current levels and EBITA / Interest coverage of over 2.25 times and
improving.  A meaningful and sustained improvement in organic crane
sales along with strong working capital management would be an
important consideration for positive ratings traction.

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

The Manitowoc Company, Inc. is a diversified global manufacturer,
which before the spinoff of the Foodservice business, was comprised
of two segments: Cranes (about 60% of sales) and Foodservice
Equipment (about 40% of sales).  The Cranes business manufactures
engineered lift solutions, including lattice boom crawler cranes,
mobile telescopic cranes, and tower cranes for use in residential
and non-residential construction, energy, infrastructure and
general industrial end markets.  The Foodservice business
manufactures foodservice equipment, including refrigeration,
ice-making, cooking, and beverage dispensing products for use in
commercial food preparation applications and is expected to be
spun-off upon the close of its own financing. Through the last
twelve months ending September 2015, total combined revenues were
approximately $3.5 billion of which almost $2 billion was from the
Cranes business for the same period.  The company is headquartered
in Manitowoc, WI.



MISSION NEW ENERGY: Ends 2015 With A$1.8 Million in Cash
--------------------------------------------------------
Mission New Energy Limited disclosed in its quarterly report that
it spent A$214,000 for wages during the quarter ended Dec. 31,
2015.  At the beginning of the quarter, the Company had A$2.56
million in cash.  The Company reported a decrease in cash held of
A$644,000.  As a result, the Company had A$1.89 million in cash at
the end of the quarter.

A copy of the Company's Quarterly report (For entities admitted On
the basis of commitments) is available for free at:

                     http://is.gd/nuzW42

                   About Mission NewEnergy

Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.

The Company is not operating its biodiesel refining segment.  The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.

The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets.  The Company intends to cease all Indian
operations.

Mission NewEnergy reported profit of $28.4 million on $7.27 million
of total revenue for the year ended June 30, 2015, compared to a
loss of $1.09 million on $9.68 million
of total revenue for the year ended June 30, 2014.

As of June 30, 2015, the Company had $12.6 million in total assets,
$5.85 million in total liabilities and $6.76 million in total
equity.

"Although we incurred an operating profit for the year ended June
30, 2015 of A$28.3 million (2014: A$1.1 million loss), we have a
history of net losses and there is a substantial doubt about our
ability to continue as a going concern," the Company states in its
annual report for the year ended June 30, 2015.


MOTORS LIQUIDATION: No Units Distribution for Fiscal Q4 2015
------------------------------------------------------------
Pursuant to the Second Amended and Restated Motors Liquidation
Company GUC Trust Agreement dated as of July 30, 2015, and between
the parties thereto, Wilmington Trust Company, acting solely in its
capacity as trust administrator and trustee of the Motors
Liquidation Company GUC Trust, is required to file certain GUC
Trust Reports with the Bankruptcy Court for the Southern District
of New York.  In addition, pursuant to that certain Bankruptcy
Court Order Authorizing the GUC Trust Administrator to Liquidate
New GM Securities for the Purpose of Funding Fees, Costs and
Expenses of the GUC Trust and the Avoidance Action Trust, dated
March 8, 2012, the GUC Trust Administrator is required to file
certain quarterly variance reports as described in the third
sentence of Section 6.4 of the GUC Trust Agreement with the
Bankruptcy Court.

On Jan. 27, 2016, the GUC Trust Administrator filed the GUC Trust
Report required by Section 6.2(c) of the GUC Trust Agreement
together with the Budget Variance Report, each for the fiscal
quarter ended Dec. 31, 2015.  In addition, the Motors Liquidation
Company GUC Trust announced that no distribution in respect of its
Units is anticipated for the fiscal quarter ended Dec. 31, 2015.

On June 3, 2015, the GUC Trust Administrator filed a motion with
the Bankruptcy Court seeking an order authorizing the GUC Trust
Administrator to exercise and/or liquidate the GUC Trust's holdings
of New GM Warrants and New GM Common Stock.  On July 2, 2015, the
Bankruptcy Court entered an order granting the relief requested in
the Liquidation Motion.  Following entry of the Liquidation Order,
and in compliance therewith, the GUC Trust Administrator exercised
all of the New GM Warrants then held by the GUC Trust using a
cashless exercise feature, and then liquidated all of its holdings
of New GM Common Stock (including the proceeds of the exercised New
GM Warrants) for cash.

As of the quarter ended Dec. 31, 2015, but prior to current quarter
activity and post-closing adjustments, the GUC Trust's
Distributable Assets consisted solely of $459,842,725 in cash
($447,075,027 of which represents the proceeds of the liquidated
New GM Securities that were categorized as GUC Trust Distributable
Assets, and $12,767,698 of which are Dividend Assets that are
categorized as GUC Trust Distributable Assets).

A copy of the GUC Trust Report is available for free at:

                        http://is.gd/jsZx9J

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

As of June 30, 2015, Motors Liquidation had $860 million in total
assets, $74 million in total liabilities and $786 million in net
assets in liquidation.


MURRAY ENERGY: S&P Lowers Corporate Credit Rating to 'SD'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on U.S.-based Murray Energy Corp. to 'SD'
from 'B'.  At the same time, S&P lowered its rating on the
company's first-lien term notes to 'D' from 'B' and revised the
recovery rating to '2' from '3', indicating S&P's expectation of
substantial recovery (70% to 90%; lower half of the range) in the
event of a payment default.  In addition, S&P lowered its rating on
the company's second-lien term notes to 'D' from 'CCC+', with the
recovery rating unchanged at '6', indicating S&P's expectation of
negligible recovery (0% to 10%) in the event of a payment default.

"The rating action reflects Murray Energy Corp.'s ongoing debt
repurchases of its senior secured debt.  We are lowering the
corporate credit rating on the company and the issue-level ratings
on the senior secured debt because we view the related transactions
to be distressed, according to our criteria," said Standard &
Poor's credit analyst Vania Dimova.  "This determination is based
on the company's financial condition and the significant discounts
associated with the debt repurchase."

Once ongoing debt market repurchases are complete, S&P will assign
a corporate credit rating, issue ratings, and an outlook that
reflect the capital structure.



NATIONAL CINEMEDIA: BlackRock Reports 5.5% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 3,352,962 shares of common stock of National
Cinemedia Inc. representing 5.5 percent of the shares outstanding.
A copy of the regulatory filing is available for free at:

                      http://is.gd/Cih2fY

                    About National CineMedia

National CineMedia, Inc., is the holding company of National
CineMedia, LLC.  NCM LLC operates the largest digital in-theatre
network in North America, allowing NCM to distribute advertising,
Fathom entertainment programming events and corporate events under
long-term exhibitor services agreements with American Multi-Cinema
Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal
Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment
Group; and Cinemark USA, Inc., a wholly owned subsidiary of
Cinemark Holdings, Inc.  NCM LLC also provides such services to
certain third-party theater circuits under "network affiliate"
agreements, which expire at various dates.

As of Oct. 1, 2015, the Company had $1 billion in total assets,
$1.23 billion in total liabilities and a $228 million total
deficit.

                            *     *     *

As reported by the TCR on March 24, 2011, Standard & Poor's
Ratings Services raised its corporate credit ratings on
Centennial, Colorado-based National CineMedia Inc. and
operating subsidiary National CineMedia LLC (which S&P analyzes on
a consolidated basis) to 'BB-' from 'B+'.  "The 'BB-' corporate
credit rating reflects S&P's expectation that NCM's EBITDA growth
will enable the company to continue to de-lever over the
intermediate term despite its aggressive dividend policy," said
Standard & Poor's credit analyst Jeanne Shoesmith.


NEW GULF RESOURCES: US Trustee to Continue 341 Meeting on Feb. 5
----------------------------------------------------------------
The U.S. trustee overseeing the Chapter 11 case of New Gulf
Resources LLC will continue the meeting of creditors on Feb. 5,
2016, at 9:00 a.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 New Gulf Resources

New Gulf Resources, LLC, NGR Holding Company LLC, NGR Texas, LLC
and NGR Finance Corp. filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 15-12566) on Dec. 17, 2015.  The
petition was signed by Danni Morris as chief financial officer.

Founded in 2011 and headquartered in Tulsa, Oklahoma, New Gulf is
an independent oil and natural gas company engaged in the
acquisition, development, exploration and production of oil and
natural gas properties, focused primarily in the East Texas Basin.

The Company currently employs 55 people.

The Debtors have engaged Baker Botts L.L.P., as bankruptcy counsel,
Young, Conaway, Stargatt & Taylor, LLP as co-counsel, Barclays
Capital Inc., as investment banker, Zolfo Cooper, LLC as financial
advisor, and Prime Clerk LLC as claims and notice agent.

Judge Brendan Linehan Shannon has been assigned the case.


NEW GULF: Balks at Regiment Objection, Lack of Alternative
----------------------------------------------------------
New Gulf Resources, LLC and its affiliates are asking the U.S.
Bankruptcy Court to deny Regiment Capital Ltd.'s objections to the
Debtors' entry into a $75 million DIP financing and backstop
agreement for their $50 million rights offering, citing that Regent
has failed to offer any alternative solution.

According to the Debtors, under immense pressure driven by pending
indenture defaults and falling oil prices, the Debtors negotiated
the most favorable transaction possible to allow them to delever
their balance sheet and exit chapter 11 efficiently and with funds
to continue operations.  Beginning in August 2015, the Debtors
worked with Barclays to explore alternatives to enhance liquidity,
including potential sale transactions, new third-party financing,
exchange transactions, and bankruptcy-focused alternatives.

During this process, the Debtors engaged with a group of creditors
that would become the Ad Hoc Committee, first negotiating the
underlying economics of the transaction and then other material
terms and definitive documentation.

This month's-long process resulted in the transaction embodied in
the RSA and Backstop Agreement, but not without significant
negotiation.  Although the Debtors negotiated vigorously for more
favorable deal terms, entering into the transactions embodied in
the RSA and Backstop Agreement represents a sound exercise of the
Debtors' business judgment.

Regiment's attacks on the Debtors' proposed transaction to
restructure its balance sheet and exit bankruptcy ignore the fact
that the Debtors negotiated in a historically low and continually
declining commodities environment.  The Debtors held their first
diligence meeting with the creditors who would become the Ad Hoc
Committee in the second week of September 2015. At that time, oil
prices hovered between $35 and $50 per barrel.

By the time the Debtors signed the deal immediately prior to filing
the Chapter 11 cases, the price had fallen to $35 per barrel. Id.
Oil has fallen an additional 25% since December, to $26.55 as of
January 20, 2016.  Moreover, Regiment attacks a transaction in
which it had the opportunity to participate.  In October 2015,
Regiment approached the Debtors in October 2015 during the
negotiations with the Ad Hoc Committee.  At that time, the Debtors
lobbied the Ad Hoc Committee to invite Regiment to join their
group.  The Debtors succeeded, and Regiment signed an NDA and
negotiated alongside the Ad Hoc Committee for approximately one
month.  During this time, Regiment was party to discussions about
material deal terms, including the magnitude of the fees to which
it now objects.  Regiment ultimately chose not to participate in
the RSA transaction.  Regiment cannot credibly claim that the deal
is now too good after turning down an opportunity to participate.

Finally, Regiment complains loudly about the cost of the current
deal, but it fails to allege the existence of a viable alternative,
much less to offer to provide such an alternative.  The Debtors
negotiated the most favorable terms available in the current
commodities environment.

The Debtors add that Regiment's other objections should not prevent
approval of the RSA, Backstop, and DIP Motions. After proceeding
through its laundry list of issues with the treatment of the Ad Hoc
Committee, Regiment notes that the DIP, RSA, and Backstop Motions
"should not commit the Debtors to undertake any particular
transaction absent confirmation of the Debtors' proposed plan."
Regiment further asks that creditors not be precluded "from raising
all objections to the Plan and Disclosure Statement at the
appropriate times."   The Debtors have no interest in precluding
any creditor from filing an objection to the Plan and Disclosure
Statement.

Additionally, Regiment requests confirmation "that the Debtors'
indemnification obligations in the Backstop Agreement or elsewhere
will not directly or indirectly entitle the Backstop Parties to
damages based on lost profits or expectation damages, including for
the loss of the Put Option Notes, the loss of the DIP Facility
conversion fee or future interest on the New First Lien Notes, in
the event the Plan is not confirmed or consummated for any reason."
  Although the Debtors believe that the documents clearly reflected
their intentions, they are working with the Ad Hoc Committee to
amend the Backstop Agreement to clarify that if the Liquidated
Damages Payment is payable or paid, the Liquidated Damages Payment
will be the sole and exclusive remedy of the Backstop Parties with
respect to this Agreement and any claim related to the DIP
Exchange.

New Gulf Resources is represented by:

          M. Blake Cleary, Esq.
          Ryan M. Bartley, Esq.
          Justin P. Duda, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          100 N. King Street
          Rodney Square
          Wilmington, DE 19801
          Telephone: (302)571-6600
          E-mail: mbcleary@ycst.com
                  rbartley@ycst.com
                  jduda@ycst.com

                - and -

          C. Luckey McDowell, Esq.
          Ian E. Roberts, Esq.
          Meggie S. Gilstrap, Esq.
          BAKER BOTTS L.L.P.
          2001 Ross Avenue
          Dallas, Texas 75201
          Telephone: (214)953-6500
          E-mail: luckey.mcdowell@bakerbotts.com
                  ian.roberts@bakerbotts.com
                  meggie.gilstrap@bakerbotts.com

                      $75-Mil. DIP Financing

As reported in the Dec. 21, 2015 edition of the TCR, New Gulf
Resources, LLC, and its debtor affiliates sought authority from the
Bankruptcy Court to obtain a senior secured postpetition financing
on a priming, superpriority basis, from U.S. Bank, National
Association, as administrative agent and collateral agent, in the
amount of $75,000,000, of which $55,000,000 will be made available
upon entry of the Interim Order.

The DIP Facility will be used to, among others, indefeasibly
payment in full the Debtors' prepetition first lien obligations.
Borrowings under the DIP Term Facility bear an interest at the
LIBOR Rate, which is subject to a floor of 1.00%, plus an
Applicable Margin of 10.00%.  Default Rate is the rate per annum
otherwise applicable from time to time, plus two percent per annum.
The Debtors agree to pay to the DIP Agent an advance fee of $5,000
and an annual fee of $50,000, as specified in the Agent Fee
Letter.

                        Backstop Agreement

As reported in the Jan. 28, 2016 edition of the TCR, the Debtors
have sought approval to assume a backstop note purchase agreement.

The Debtors have negotiated a chapter 11 plan of reorganization
with the members of the Ad Hoc Committee, who collectively hold at
least approximately 72% of the Second Lien Notes and approximately
22% of the Subordinated PIK notes.

The Plan contemplates that the Debtors will issue, as exit
financing, New First Lien Notes in the Original principal amount of
$135.25 million.  Under the Plan, the New First Lien Notes issuance
would satisfy in full the claims of the Debtors' DIP Lenders,
through a dollar-for-dollar exchange of the approximately $75
million in borrowings under the DIP Facility, and raise an
additional $50 million of new operating capital -- Rights Offering
Amount.  Under the Plan, they will offer the right to fund the
Rights Offering Amount, on a pro rata basis, to holders of the
prepetition Second Lien Notes through the Rights Offering.  

To ensure that the Rights Offering raises the required funds for a
successful emergence from bankruptcy, the Backstop Agreement
memorializes each Backstop Party's commitment to purchase its pro
rata share of the Rights Offering Notes.  In exchange, the Debtors
agreed to provide the Backstop Parties:

     (i) the Put Option Notes, which constitutes a put option
         premium payment in the total amount of $5 million,
         payable entirely in New First Lien Notes;

    (ii) a Liquidated Damages Payment, representing liquidated
         damages in the amount of $3.5 million should the Debtors
         exercise the Fiduciary Out and consummate an alternative
         transaction;

   (iii) payment and reimbursement of all transaction expenses,
         which include reasonable fees and expenses incurred by
         the Backstop Parties and their professionals in
         connection with the transactions contemplated under the
         Restructuring Support Agreement, the Plan, the DIP
         Facility, the Rights Offering and the Backstop
         Agreement; and

    (iv) indemnification of the Backstop Parties and their
         affiliated parties and representatives from and against
         any and all losses, claims, damages, liabilities and
         expenses they may sustain, incur or suffer in connection
         with the transactions contemplated under the RSA, the
         Plan, the DIP Facility, the Rights Offering and the
         Backstop Agreement.

                     About New Gulf Resources

New Gulf Resources, LLC, NGR Holding Company LLC, NGR Texas, LLC
and NGR Finance Corp. filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 15-12566) on Dec. 17, 2015.  The
petition was signed by Danni Morris, the chief financial officer.

Founded in 2011 and headquartered in Tulsa, Oklahoma, New Gulf is
an independent oil and natural gas company engaged in the
acquisition, development, exploration and production of oil and
natural gas properties, focused primarily in the East Texas Basin.

The Company currently employs 55 people.

The Debtors have engaged Baker Botts L.L.P., as bankruptcy counsel,
Young, Conaway, Stargatt & Taylor, LLP as co-counsel, Barclays
Capital Inc., as investment banker, Zolfo Cooper, LLC as financial
advisor, and Prime Clerk LLC as claims and notice agent.

Judge Brendan Linehan Shannon has been assigned the case.


NEW GULF: Says ENXP's Disputed Interests Adequately Protected
-------------------------------------------------------------
New Gulf Resources, LLC and its affiliates responded to the
objection of Energy & Exploration Partners, LLC, to the entry of a
final order authorizing the Debtors to obtain up to $75 million of
DIP financing.

ENXP and New Gulf -- as successor by assignment to certain Halcon
entities -- are parties to two Joint Operating Agreements, one
dated April 19, 2012, as amended, and the second dated June 2,
2012, as amended.  ENXP asserts two claims against the Debtors
under the JOAs -- one for unpaid production revenue attributable to
ENXP's 20-25% working interest in four wells in the JOA contract
area, and one for alleged damages related to ENXP's assertion that,
under a non-uniform provision of the JOAs, New Gulf was required to
offer ENXP an opportunity to participate in New Gulf's purchase of
gas gathering and processing infrastructure and related
rights-of-way -- Midstream Assets -- which the Debtors purchased
from Halcon in connection with the East Texas Acquisition in May
2014 and then sold 9 months later to Enbridge in February 2015.  

ENXP contends that these claims are secured by a first priority
security interest in the Oil and Gas Leases and Oil and Gas
Interests in the Contract Area.  The Debtors deny any liability to
ENXP and assert that on a net basis ENXP owes the Debtors
approximately $2.8 million.

ENXP objects to the entry of the final DIP Order unless the Debtors
provide ENXP with adequate protection.  The Debtors aver that
ENXP's objection should be overruled. ENXP's disputed interests are
more than adequately protected for these reasons:

   a. No Priming of ENXP's Lien. In an effort to resolve ENXP's
objection to New Gulf's DIP loan (and New Gulf's objection to
ENXP's DIP loan in ENXP's chapter 11 case in Texas), New Gulf has
proposed not to prime ENXP's lien in this case, and vice versa in
respect of New Gulf's reciprocal lien in ENXP's case.  As the
Debtors are prepared to proceed on a non-priming basis, ENXP's
claim for adequate protection is no longer applicable.

   b. Segregation of Post-Petition Production on Account of ENXP's
Working Interests pending further Order of the Court. As further
adequate protection in an effort to resolve ENXP's objection, the
Debtors have proposed to segregate certain funds attributable to
ENXP's working interests.  Specifically, the final DIP order would
provide that, from and after the Petition Date, all cash proceeds
of production attributable to ENXP's working interests in the four
wells5 operated by New Gulf in the Contract Area (as defined in
each of the ENXP JOAs) that are payable to ENXP pursuant to the
terms and conditions of the ENXP JOAs, will be held by the Debtors
in reserve and shall not be used or disbursed absent further order
of the Court, upon notice and a hearing. The DIP Order would also
provide that each party-in-interest's rights, interests, liens,
claims and defenses (if any) in respect of such funds will be fully
preserved.  Further, New Gulf has proposed that it will provide
ENXP with reasonable information regarding the proceeds of
production attributable to ENXP's working interests in such wells
and the amounts held in reserve as soon as reasonably practicable
following the closing of NGR's books and records each month.

  c. Assumption of the JOAs. The Debtors have moved the Court for
authorization to assume the JOAs and to determine that there is no
cure amount owed by the Debtors to ENXP.  If ENXP establishes a
valid claim, such amounts would be paid in full as required under
section 365 and, once assumed, all post-assumption obligations
under the JOAs will be afforded administrative priority. Such
treatment, including payment in full of ENXP's claims, if such
claims are found to be valid, is sufficient adequate protection.

   d. Debtors will have sufficient liquidity to meet their
obligations under the JOAs.  Under their DIP budget, the Debtors
will have sufficient liquidity to operate their business in the
ordinary course and perform under the Debtors' JOAs.  This further
evidences that ENXP's disputed interests are adequately protected.

   e. ENXP is adequately protected by a significant equity cushion.
ENXP asserts a lien interest in certain Oil and Gas Leases and Oil
and Gas Interests in the JOA contract area.  New Gulf asserts that
ENXP does not have a perfected lien on the Debtors' personal
property, such as severed hydrocarbons, accounts, or cash.  Nor has
ENXP provided any evidence of having perfected such an interest by
the filing of a UCC financing statement.  The Debtors have
independently searched for such a filing and concluded that ENXP's
claimed security interest in personal property is unperfected and
thus voidable.  Cash collateral is, thus, not an issue here.

   f. ENXP asserts a secured claim of $10-15 million.  The Debtors
deny any liability to ENXP and assert that on a net basis ENXP owes
the Debtors approximately $2.8 million.  Assuming for the sake of
argument that ENXP can actually establish an allowed secured claim
of up to $15 million, which Debtors certainly dispute, ENXP is
adequately protected for any post-bankruptcy diminution in value by
its significant collateral cushion.  As shown in the Company's
Liquidation Analysis filed with the Debtors' amended disclosure
statement on January 21, ENXP's asserted collateral, hydrocarbons
in the ground in the Bedias Creek formation covered by the JOAs,
has a PV-10 value of over $60 million.  As such, ENXP's disputed
interests are adequately protected for any post-bankruptcy
diminution in value by its substantial collateral cushion.

For all these reasons, the Debtors assert that ENXP's disputed
interests are more than adequately protected and its Objection
should be overruled.

New Gulf Resources is represented by:

          M. Blake Cleary, Esq.
          Ryan M. Bartley, Esq.
          Justin P. Duda, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          100 N. King Street
          Rodney Square
          Wilmington, DE 19801
          Telephone: (302)571-6600
          E-mail: mbcleary@ycst.com
                  rbartley@ycst.com
                  jduda@ycst.com

                - and -

          C. Luckey McDowell, Esq.
          Ian E. Roberts, Esq.
          Meggie S. Gilstrap, Esq.
          BAKER BOTTS L.L.P.
          2001 Ross Avenue
          Dallas, Texas 75201
          Telephone: (214)953-6500
          E-mail: luckey.mcdowell@bakerbotts.com
                  ian.roberts@bakerbotts.com
                  meggie.gilstrap@bakerbotts.com

                      $75-Mil. DIP Financing

As reported in the Dec. 21, 2015 edition of the TCR, New Gulf
Resources, LLC, and its debtor affiliates sought authority from the
Bankruptcy Court to obtain a senior secured postpetition financing
on a priming, superpriority basis, from U.S. Bank, National
Association, as administrative agent and collateral agent, in the
amount of $75,000,000, of which $55,000,000 will be made available
upon entry of the Interim Order.

The DIP Facility will be used to, among others, indefeasibly
payment in full the Debtors' prepetition first lien obligations.
Borrowings under the DIP Term Facility bear an interest at the
LIBOR Rate, which is subject to a floor of 1.00%, plus an
Applicable Margin of 10.00%.  Default Rate is the rate per annum
otherwise applicable from time to time, plus two percent per annum.
The Debtors agree to pay to the DIP Agent an advance fee of $5,000
and an annual fee of $50,000, as specified in the Agent Fee
Letter.

                     About New Gulf Resources

New Gulf Resources, LLC, NGR Holding Company LLC, NGR Texas, LLC
and NGR Finance Corp. filed Chapter 11 bankruptcy petitions
(Bankr.
D. Del. Proposed Lead Case No. 15-12566) on Dec. 17, 2015.  The
petition was signed by Danni Morris, the chief financial officer.

Founded in 2011 and headquartered in Tulsa, Oklahoma, New Gulf is
an independent oil and natural gas company engaged in the
acquisition, development, exploration and production of oil and
natural gas properties, focused primarily in the East Texas Basin.

The Company currently employs 55 people.

The Debtors have engaged Baker Botts L.L.P., as bankruptcy
counsel,
Young, Conaway, Stargatt & Taylor, LLP as co-counsel, Barclays
Capital Inc., as investment banker, Zolfo Cooper, LLC as financial
advisor, and Prime Clerk LLC as claims and notice agent.

Judge Brendan Linehan Shannon has been assigned the case.


NORANDA ALUMINUM: Moody's Lowers CFR to Ca, Outlook Negative
------------------------------------------------------------
Moody's Investors Service downgraded Noranda Aluminum Acquisition
Corporation's Corporate Family Rating and Probability of Default
Rating to Ca and Ca-PD from Caa1 and Caa1-PD respectively.  The
senior secured term loan was downgraded to Ca from Caa1 and the
senior unsecured notes were downgraded to C from Caa3.  The
Speculative Grade Liquidity rating was lowered to SGL-4 from SGL-3.
The outlook is negative.

Downgrades:

Issuer: Noranda Aluminum Acquisition Corporation

  Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD
  Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL-3
  Corporate Family Rating, Downgraded to Ca from Caa1
  Senior Secured Bank Credit Facility, Downgraded to Ca (LGD3)
   from Caa1 (LGD3)
  Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD5)
   from Caa3 (LGD5)

Outlook Actions:

  Outlook, Remains Negative

RATINGS RATIONALE

The downgrade of Noranda's CFR to Ca reflects their weak debt
protection metrics, high leverage, operational and cost challenges
and the headwinds facing primary aluminum producers, which are
expected to result in weaker performance over the next year.
Midwest premiums have also dropped to about $0.09/lb compared to
the $0.25 it was roughly a year and half ago.  For the twelve
months through Sept. 30, 2015, leverage, as measured by the
debt/EBITDA ratio was 12.8x while EBIT/interest was -0.6x.  Given
the further weakening in market conditions and operational
challenges in the fourth quarter of 2015 and continuing in 2016, we
expect Noranda's debt protection metrics to weaken further and
leverage to increase.  Given fundamentals in the aluminum market,
excess global aluminum capacity and slowing growth rates in China,
aluminum prices and premiums are anticipated to remain pressured
well into 2016 and the beginning of 2017.

In addition, the company continues to face operational challenges.
On January 8th of this year, Noranda announced that production has
been idled at two of their three pot lines at its only aluminum
smelter, which is located in New Madrid, Missouri.  While the
company believes it has sufficient sources of aluminum to meet
customer commitments, this further supports the downgrade, and
heightens the risk of continued operational losses.  The financial
impact is still uncertain at this time.  Additionally, Noranda
Bauxite Limited, a wholly owned subsidiary of Noranda Aluminum
notified the GOJ that the incident at this facility is an event of
force majeure which will require Noranda to materially reduce
mining plans previously provided to GOJ.

The Ca senior secured term loan rating reflects its priority
position in the capital structure relative to the senior unsecured
notes.  Borrowings under the term loan are secured on a first
priority basis on assets other than inventory and accounts
receivables, which are pledged on a first lien basis to the ABL
("ABL priority collateral").  The term loan has a second lien
position on the ABL collateral.  The C rating on the senior
unsecured notes reflects the effective subordination of these
instruments to a substantial amount of first lien secured debt and
priority accounts payables, and the expectation of a considerable
loss in value in a default scenario.

The SGL-4 speculative grade liquidity rating reflects the company's
poor liquidity position, which consists of $9 million cash position
at September 30, 2015, and borrowing base capacity of $104 million
under its asset backed credit facility expiring in February 2017.
The contraction in aluminum prices, should they decrease below
current levels, will contribute to a contraction in borrowing base
availability.

The negative outlook incorporates our expectation that metrics will
deteriorate further in 2016 as the company's operating results are
impacted by the falling aluminum prices and premiums, and liquidity
continues to diminish.  It also captures the possibility that,
given the weak market fundamentals, aluminum pricing will remain
suppressed over the intermediate term.  The outlook also reflects
the uncertainty that Noranda is able to successfully improve stable
performance at its only remaining smelter.

Ratings are unlikely to be upgraded over the next twelve to
eighteen months given the expectations for weak performance and
profitability.

Noranda's ratings could be downgraded if liquidity continues to
deteriorate.

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

Headquartered in Franklin, Tennessee, Noranda Aluminum Acquisition
Corporation (Noranda) is involved in primary aluminum production at
its New Madrid, Missouri smelter and in downstream operations
through four rolling mills.  In addition, Noranda has a 100%
interest in an alumina refinery in Gramercy, Louisiana and through
its wholly owned subsidiary, St. Ann Bauxite Holdings Ltd.,
ultimately owns 49% of a bauxite mining operation in St. Ann,
Jamaica.  During the twelve months ending Sept. 30, 2015, Noranda
generated revenues of $1.3 billion.



NOVATION COMPANIES: Posts Net Loss, Raises Going Concern Doubt
--------------------------------------------------------------
Novation Companies, Inc. posted a net loss of $7,239,000 for the
three months ended Sept. 30, 2015, compared with a net loss of
$4,882,000 for the three months ended September 30, 2014.

"Since the sale of StreetLinks LLC, the company has incurred
significant and recurring operating losses and negative cash flows
from operations.  Given the early stage nature of Corvisa, LLC, the
company would expect these trends to continue for the foreseeable
future without the addition of significant new customers or a
significant reduction of expenses.  As of September 30, 2015, the
company's existing cash resources alone no longer appear to be
sufficient to cover the ongoing operating cash needs of Corvisa or
the company as a whole at their current run rate.  Further, the
company has limited ability to raise additional capital through the
issuance of additional equity securities and is unable to secure
additional debt funding due to restrictions set forth in the
indentures governing the Senior Notes," Rodney E. Schwatken, chief
executive officer and chief financial officer, and Brett A. Monger,
vice president and chief accounting officer of the company related
in a December 22, 2015 regulatory filing with the U.S. Securities
and Exchange Commission.

"As such, these matters raised substantial doubt about the
company's ability to continue as a going concern as of September
30, 2015."

The officers continued: "The company considered several strategic
alternatives with regard to the Corvisa business including, but not
limited to, identifying a potential buyer for Corvisa, identifying
potential outside investors to provide additional capital directly
for Corvisa, and/or implementing significant cost-cutting measures.
On December 21, 2015, the company entered into the Purchase
Agreement with Corvisa Services and ShoreTel, Inc.  Subject to the
terms and conditions under the Purchase Agreement, ShoreTel agreed
to purchase all of the membership interests of Corvisa.  While the
transaction is subject to certain closing conditions, the company
believes that its agreement to sell Corvisa alleviates the
substantial doubt about the company's ability to continue as a
going concern that existed as of September 30, 2015, as the sale
would eliminate the company's share of Corvisa's future net
operating losses and ongoing operating cash needs.

"With the sale of Corvisa, subject to the terms and conditions
under the Purchase Agreement, the company intends to continue its
strategy of seeking to acquire operating businesses or make other
investments that generate taxable earnings. Because the company has
large net operating losses, the company has the ability to operate
in a tax-efficient manner.  As of September 30, 2015, Novation had
approximately $674.9 million in federal net operating losses which
may be carried forward to offset future taxable income.  Recent
performance has not allowed Novation to capitalize on this
significant strategic advantage.  As of the date the financial
statements included in this report are issued, the company has not
yet identified any specific acquisition targets.  The company
acknowledges that the identification of an acquisition target and
the negotiation of a purchase agreement could take an extended
period of time, however, based on current projections and subject
to the completion of the company's sale of Corvisa, the company
believes its existing liquid assets and the ongoing cash flows from
its mortgage securities portfolio will be sufficient to sustain the
company for a period of at least twelve months and enable the
company to effectively implement this strategy.  While the company
acknowledges that cash flows from its mortgage securities portfolio
can be volatile in nature, the recent performance of these
securities would suggest that these securities will continue to be
a source of cash flows for the foreseeable future."

As of September 30, 2015, the company had approximately $4.6
million in unrestricted cash and cash equivalents and $0.7 million
of restricted cash, portions of which are included in the other
current assets and other assets line items on the condensed
consolidated balance sheet.  In addition, the company held
approximately $21.4 million in corporate notes and bonds with
average remaining maturities between six months and 20 months as of
September 30, 2015, and approximately $2.5 million in mortgage
securities, which have contributed approximately $4.7 million in
cash flows for the nine months ended September 30, 2015.

At September 30, 2015, the company had total assets of $40,559,000,
total liabilities of $95,046,000 and total shareholders' deficit of
$54,487,000.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/h4fy3pk

Kansas City, Missouri-based Novation Companies, Inc. owns 100% of
Corvisa, LLC, which sells cloud-based communication software under
the CorvisaOne(R) brand, telecommunications services, and
implementation consulting services.  With the sale of Corvisa, the
company intends to continue its strategy of seeking to acquire
operating businesses or make other investments that generate
taxable earnings.


O&S TRUCKING: Can't Challenge Confirmed Plan, 8th Cir. BAP Rules
----------------------------------------------------------------
Diane Davis, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that the U.S. Bankruptcy Appellate Panel for the Eighth
Circuit lacks jurisdiction over a Chapter 11 debtor's appeal from a
confirmation order because the debtor doesn't meet the "person
aggrieved" standard, the Eighth Circuit held Jan. 22.

According to the report, affirming the BAP's decision, Judge
Raymond W. Gruender concluded that debtor O&S Trucking, Inc., the
owner and operator of a fleet of commercial trucks, failed to carry
its burden to demonstrate standing.  Without standing, the debtor
can't appeal the confirmation order, and the language the debtor
used in its confirmation order to "reserve" its right to appeal
doesn't work, the appeals court said, the report related.

O&S Trucking, which provides brokerage and intermodal services
located in Springfield, Missouri, filed for Chapter 11 bankruptcy
protection on May 30, 2012 (Bankr. W.D. Mo., Case No. 12-61003).
The case was assigned to Judge Arthur B. Federman.  The Debtor's
counsel was Jonathan A. Margolies, Esq., at MCDOWELL RICE SMITH &
BUCHANAN, PC, in Kansas City, Missouri.



OFFSHORE GROUP: Nobu Su Appeals Bankruptcy Plan Confirmation Order
------------------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that Nobu Su, who has been charged in connection with the
Petrobras corruption scandal, has appealed the decision confirming
a bankruptcy-emergence plan for the Vantage Drilling offshore oil
and gas business.

According to the report, Mr. Su, also known as Hsin Chi Su, mounted
an unsuccessful effort to block the chapter 11 bankruptcy revamping
of Vantage's $2.6 billion debt load.  He appealed the loss, asking
a higher U.S. federal court to take a look at the decision, the
report related.

As previously reported by The Troubled Company Reporter, Judge
Brendan L. Shannon on Jan. 15, 2016, entered Findings of Fact,
Conclusions of Law and Order confirming Offshore Group Investment
Limited, et al.'s Joint Prepackaged Plan and approving the
Disclosure Statement.

The Prepackaged Plan is supported by 98.88% of the Debtors'
secured
term loan and noteholders and 100% of the Debtors' secured
revolving lenders. These are the only creditors entitled to vote
on
the Prepackaged Plan.  Unsecured claims are unimpaired.

                       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.


OMNICOMM SYSTEMS: Swaps Common Shares for Preferred Shares
----------------------------------------------------------
OmniComm Systems, Inc., entered into separate agreements with
certain holders of the Company's 5% Series A Convertible Preferred
Stock, par value $0.001 per share, pursuant to which the Company
and each such Holder agreed to exchange the Holder's Series A
Preferred Stock and waive all accrued and unpaid dividends on the
Series A Preferred Stock accrued through to the effective date of
the agreement, for shares of the Company's common stock, par value
$0.001 per share.  In the aggregate, the Company issued 7,643,376
shares of Common Stock in exchange for 1,910,844 shares of Series A
Preferred Stock and approximately $1,345,545 of accrued and unpaid
dividends on the Series A Preferred Stock.

                      About OmniComm Systems

Ft. Lauderdale, Fla.-based OmniComm Systems, Inc., is a healthcare
technology company that provides Web-based electronic data capture
("EDC") solutions and related value-added services to
pharmaceutical and biotech companies, clinical research
organizations, and other clinical trial sponsors principally
located in the United States and Europe.

OmniComm Systems reported a net loss attributable to common
stockholders of $4.66 million on $16.5 million of total revenues
for the year ended Dec. 31, 2014, compared to a net loss
attributable to common stockholders of $3.36 million on $14.3
million of total revenues for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $6.79 million in total
assets, $37.90 million in total liabilities and a total
shareholders' deficit of $31.11 million.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has experienced net losses and negative cash flows and has
utilized debt and equity financing to satisfy the Company's capital
requirements.  These factors raise substantial doubt about the
Company's ability to continue as a going concern, the auditors
noted.


ONE SOURCE INDUSTRIAL: Ch. 11 Trustee Can Abandon Property
----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Michael A. McConnel, Chapter 11 trustee for One Source
Industrial Holdings, LLC, et al., to abandon property of the
Debtors' estate.

The Chapter 11 trustee previously filed a motion stating that
following the sale of Dynamic Rental Systems, LLC, a wholly owned
subsidiary of Holdings, the Debtors could no longer generate
sufficient revenues to pay their employees and were forced to
discontinue operations.  Holdings holds equipment that had
previously been utilized by various affiliated entities, which
provide industrial services and rental equipment to businesses in
the oil and gas refining, manufacturing, pipeline, shipping and
construction industries.  The Chapter 11 trustee asserted that
there is no equity in much of the Debtors' equipment and equipment
is of inconsequential value or benefit to the trustee.

                   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 INDUSTRIAL: Court Directs Forshey to Turn Over $296K
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
directed Forshey, & Prostok, LLC, to turnover $257,500 remaining of
the sale proceeds; and $39,049 additional funds to Michael A.
McConnel, chapter 11 trustee for One Source Industrial Holdings,
LLC, and its debtor affiliates.

The Chapter 11 trustee previously filed a motion asking the Court
to direct Forshey for the immediate turnover of the funds in order
for the trustee to insure certain estate property and make lease
payments for the Northern District of Texas for the Northern
District of Texas.

Subsequent to the consummation of the sale, the Court entered an
order regarding payment of fees to SSG Advisors, LLC, authorizing
Forshey to pay SSG Advisors, LLC, approximately $142,500 from the
sale proceeds for its sale fee.  After the payment, there is
currently $257,500 remaining of the sale proceeds, which funds are
currently being held in the Forshey account.  In addition, Forshey
also holds approximately $39,049 paid by the Debtor for
professional fees.

                   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 INDUSTRIAL: Harper & Pearson OK'd to Audit 401(k) Plan
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized One Source Industrial Holdings, LLC, et al., to employ
Harper & Pearson Company, P.C., as accountants to include the
performance of an independent audit for the One Source Industrial,
LLC's 401(k) plan.

On July 7, 2015, the Court authorized the Debtors to employ HPC to
prepare 2014 federal and state income tax returns for the Debtor
and operating entities, review the 2014 consolidated balance and
related statements for the Debtors and operating entities, and
issue an accountant's report for the year ending Dec. 31, 2014.

HPC has given the Debtors an estimate for their fees in connection
with the 401(k) audit for approximately $8,000 to $9,000.

Professionals with primary responsibilities on the engagement and
their hourly rates are:

         Paul Bonnington                             $418
         Patrick Buckley                             $316
         Anna Nguyen                                 $204

The hourly rates of other professionals who will render services
for the Debtors are:

        Professional                              Fee Range
        ------------                              ---------
        Shareholders                             $316 - $439
        Principals                                  $302
        Senior Managers                             $294
        Manager                                     $268
        Supervisors                                 $246
        Seniors                                     $204
        Administrative Staff                      $70 - $139

In addition, HPC will seek reimbursement of expenses advanced on
behalf of the Debtors.

Paul Bonnington, a certified public accountant and director of
audit services of HPC, assures the Court that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

                   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 INDUSTRIAL: Michael McConnel Named Ch. 11 Trustee
------------------------------------------------------------
The Hon. Russel F. Nelms of the  U.S. Bankruptcy Court for the
Northern District of Texas approved the appointment of Michael A.
McConnel as Chapter 11 trustee for One Source Industrial Holdings,
LLC, and its debtor affiliates.

William T. Neary, the U.S. Trustee for Region 6, in consultation
with Bobby Forshey, counsel for the Debtor, and Laurie Huffman,
counsel for Ector CAD, Harris County and Ellis County, selected Mr.
McConnell to serve as trustee.  His bond is fixed at $10,000
personal recognizance.

The Debtors previously sought and obtained approval from the Court
for the appointment of a trustee.  The Chapter 11 Trustee,
according to the Debtors, will, among other things:

   (1) allow the continued involvement of the Official Committee of
Unsecured Creditors in the disposition of the Debtors' assets; and

   (2) facilitate the sale process and maximize recovery by taking
advantage of the efficiencies created from the prior sale
experience.

The Debtors and their counsel had already engaged in the sale of
substantial assets of the Debtors.

                   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.


ORTHO-CLINICAL DIAGNOSTICS: Moody's Cuts CFR to B3, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Ortho-Clinical
Diagnostics SA (Ortho) including the Corporate Family Rating to B3
from B2 and the Probability of Default Rating to B3-PD from B2-PD.
Moody's also downgraded the rating on the unsecured notes to Caa2
from Caa1.  Moody's affirmed the B1 rating on the senior secured
credit facility.  The outlook is stable.

The downgrade of Ortho's Corporate Family Rating reflects higher
leverage than expected at the time of the company's sale by Johnson
& Johnson to The Carlyle Group in 2014.  The weaker than expected
earnings and cash flow have also resulted in a weakening of
liquidity.  Moody's anticipates weak free cash flow over the next
12 months and believes that access to the company's revolving
credit facility will be limited by the covenant which springs into
effect when 30% of the facility is drawn.  Moody's forecasts very
little cushion under the covenant should it be tested, therefore
effectively limiting access to under $100 million of the facility.

Ratings Downgraded:

  Corporate Family Rating to B3 from B2
  Probability of Default Rating to B3-PD from B2-PD
  $1.3 billion senior unsecured notes due 2022, to Caa2 (LGD 5)
   from Caa1 (LGD5)

Ratings Affirmed:

  $350 million senior secured revolving credit facility expiring
   2019, at B1 (LGD3)
  $2.175 billion senior secured Term Loan B due 2021, at B1 (LGD3)
The outlook is stable.

RATINGS RATIONALE

The B3 Corporate Family Rating reflects the very high adjusted debt
to EBITDA -- of around 8.0x -- stemming from the debt incurred to
finance the acquisition by Carlyle, as well as on-going risks
associated with transitioning Ortho to a standalone company.
Moody's anticipates continued negative free cash flow over the next
12 months as the company experiences significant cash outflows
associated with the process of becoming a stand-alone company.
Further, the company's liquidity profile, though expected to be
adequate, does not leave significant cushion in the event of
material disruption to cash flows as the company exits the
transition services agreement with Johnson & Johnson and
transitions to its own IT systems.

The rating is supported by Ortho's large scale and good diversity
by customer, product and geography.  Further, Moody's views Ortho's
business model as fundamentally stable, given the recurring nature
of approximately 80% of revenue that is generated from sales of
consumables and reagents.  While near-term headwinds will likely
constrain growth, longer term Moody's believes that Ortho is well
positioned to grow EBITDA.  Growth will be driven mainly by cost
efficiencies once the company has become fully stand-alone and from
growth in emerging markets.

The stable outlook reflects Moody's view that Ortho has adequate
liquidity to manage through near-term expenses of fully
transitioning to a stand-alone company.  Following this transition,
Moody's believes the company will generate moderate earnings growth
and positive cash flow.

Moody's could upgrade the ratings if Ortho successfully completes
the transition to a stand-alone company, generates positive free
cash flow and is expected to sustain adjusted debt to EBITDA below
6.5x.

The ratings could be downgraded if Ortho's business or cash flow
experiences material disruption from the transition to a
stand-alone company, or if there is any deterioration in
liquidity.

Ortho-Clinical Diagnostics, headquartered in Raritan, NJ, produces
in-vitro diagnostics equipment and associated assays and reagents.
Ortho's largest segment, Clinical Laboratories, develops clinical
chemistry and immunoassay tests, targeting primarily small/medium
size hospitals.  Ortho also develops Immunohematology products used
by blood banks and hospitals to determine patient-donor
compatibility in blood transfusions.  Ortho also develops and
markets equipment and assays for blood and plasma screening for
infectious diseases.  The company generated approximately $1.7
billion of adjusted revenues for the twelve months ended Sept. 30,
2015.  Ortho is owned by the Carlyle Group.

The principal methodology used in these ratings was Global Medical
Product and Device Industry published in October 2012.



OUTER HARBOR: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Outer Harbor Terminal, LLC
           aka Ports America Outer Terminal, LLC
           aka PAOH
           aka PAOHT
        1599 Maritime Street
        Oakland, CA 94607

Case No.: 16-10283

Nature of Business: Port Operator

Chapter 11 Petition Date: February 1, 2016

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

Judge: Hon. Laurie Selber Silverstein

Debtor's         MILBANK, TWEED, HADLEY & MCCLOY LLP
General
Counsel:

Debtor's         Mark D. Collins, Esq.
Delaware         RICHARDS, LAYTON & FINGER, P.A.
Counsel:         One Rodney Square
                 920 North King Street
                 Wilmington, DE 19801
                 Tel: 302 651-7700
                 Fax: 302-651-7701
                 Email: collins@RLF.com

Estimated Assets: $100 million to $500 million

Estimated Debts: $100 million to $500 million

The petition was signed by Heather Stack, chief financial officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Port of Oakland                       Terminal       Unliquidated
                                     Concession

City of Oakland                    Transfer Tax      Unliquidated

Pape Material Handling                 Trade              $63,337

Southern Counties Oil                  Trade              $51,437
dba SC Fuels

Contra Costa Electric                  Trade              $40,559

Holland and Knight LLP             Legal Services         $30,421

NAPA Auto Parts                        Trade              $26,034

Dicksinson Donna                   General Cargo          $25,000
                                      Claim

Dered Weldehaimanot                General Cargo          $20,000
                                     Claim

Shinning Group Trucking            General Cargo         $20,000
                                      Claim

Acuna Maintenance &                  Trade               $18,240
Construction Inc.
321 Sarah Way
Petaluma, CA 94954

Peterson Trucks Inc.                 Trade               $17,484
PO Box 1508
San Leandro, CA 94954

Now Solutions                        Trade               $16,118

Conglobal Industries LLC             Trade               $15,688

Maersk Container Industries          Trade               $12,117

Windes, Inc.                         Trade               $10,100

Challenger, Gray and                 Trade                $9,500
Christmas Inc.

Airgas USA LLC                       Trade                $7,581

O C Jones and Sons Inc.              Trade                $5,233

Xerox Corporation                    Trade                $4,731


OXYSURE THERAPEUTICS: Seeks Probe Into Short Selling Activities
---------------------------------------------------------------
OxySure Therapeutics, Inc., the Board of Directors of the Company
and certain stockholders of the Company filed a letter with the
office of U.S. Senator John Cornyn requesting referrals to the
Securities and Exchange Commission and other authorities to
initiate investigations into certain manipulative short selling,
naked short selling or other illegal short selling activities
relating to the trading of the Company's common stock.  The
Company's stock is traded on OTCQB under the ticker symbol OXYS.

"Commencing on approximately November 20, 2014 we believe that
certain broker dealers who also act as market makers and/or a
client(s) of theirs started to systematically destroy the share
price of OXYS.  On November 20, 2014 the OXYS share price was
approximately $1.20.  At that point, we believe that through a
combination of improper activities, these Shorts have set about
systematically destroying the OXYS share price - the stock has
declined uncontrollably and precipitously to an all time low of
$.17 per share on January 25, 2016, a loss of almost 86%, while all
at the same time the company's fundamentals have been growing
(sales, growth, market share, lives saved, and so forth)."

"We believe there are 3 primary suspects, but others may be
involved: Citadel Securities (CDEL), PUMA Capital (PUMA) and an
individual by the name of Anthony Giambrone.  CDEL and PUMA are
registered broker dealers with the Financial Industry Regulatory
Authority (FINRA)," the Company stated in the letter.

The Company also filed a similar complaint directly with the
Securities and Exchange Commission on behalf of the Company and all
its stockholders.  The Company is seeking full accountability and
immediate delivery of all OXYS shares sold short over a period of
over fourteen months.

                    About OxySure Therapeutics

Frisco, Tex.-based OxySure Therapeutics, Inc., formerly known as
OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology
company that focuses on the design, manufacture and distribution of
specialty respiratory and emergency medical solutions.  The company
pioneered a safe and easy to use solution to produce medically pure
(USP) oxygen from inert powders.  The Company owns nine issued
patents and patents pending on this technology which makes the
provision of emergency oxygen safer, more accessible and easier to
use than traditional oxygen provision systems.

Oxysure Systems reported a net loss of $2.75 million in 2014
following a net loss of $712,000 in 2013.

As of Sept. 30, 2015, the Company had $4.42 million in total
assets, $2.24 million in total liabilities and $2.18 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had accumulated losses of $18.0 million as of Dec. 31, 2014
which raises substantial doubt about its ability to continue as a
going concern.


PACIFIC GOLD: Incurs $2.20 Million Net Loss in Fiscal 2014
----------------------------------------------------------
Pacific Gold Corp. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$2.20 million on $0 of revenue for the year ended Dec. 31, 2014,
compared to a net loss of $463,422 on $0 of revenue for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $481,964 in total assets,
$2.69 million in total liabilities and a total stockholders'
deficit of $2.21 million.

KLJ & Associates, LLP, in Edina, MN, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has negative working
capital and has incurred losses from operations.  These factors
raise substantial doubt about the Company's ability to continue as
a going concern.

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

                      http://is.gd/KjTvud

                      About Pacific Gold

Las Vegas, Nev.-based Pacific Gold Corp. is engaged in the
identification, acquisition, and development of prospects believed
to have gold mineralization.  Pacific Gold through its
subsidiaries currently owns claims, property and leases in Nevada
and Colorado.


PONTIAC CITY SCHOOL: Moody's Affirms Caa1 Issuer Rating
-------------------------------------------------------
Moody's Investors Service has affirmed Pontiac City School
District, MI's Caa1 issuer rating and Caa2 General Obligation
Limited Tax (GOLT) rating impacting $11.5 million in rated debt.
The outlook remains stable.

The Caa1 issuer rating reflects ongoing risk of a debt service
payment default, but the possibility of moderate-to-high bondholder
recovery in such an event. While the district's cash flows have
significantly improved allowing it to repay a debt service payment
missed in 2013, liquidity remains narrow and failure of voters to
approve renewal of an operating levy during an upcoming referendum
would place extreme stress on district's financial operations. Also
incorporated into the Caa1 rating is the district's still
distressed financial position with a very large General Fund
deficit and persistent though moderating enrollment declines that
pressure district revenues. The rating also considers a low debt
burden weighed against substantial outstanding capital needs, a
sizable tax base with low full value per capita and weak
demographic profile.

The Caa2 GOLT rating is notched from the issuer rating to reflect
the constitutional and statutory limitations on the district's
ability to raise operating revenue to pay debt service on non-voted
GOLT bonds.

Moody's ratings represent expected loss, encompassing both default
probability and bondholders' likely post-default recovery. When a
security is in or approaching default, then placement of the rating
will largely depend on the expected recovery to bondholders.
Ratings of defaulted bonds with expected recoveries of 65-95% will
typically be in the Caa range, 35-65% at Ca, and under 35% at the
lowest rating of C. In the rare case when expected recoveries
exceed 95%, such ratings will be in the single B range

Rating Outlook

The stable outlook reflects the expectation that, while the
district's financial operations remain distressed and liquidity is
extremely narrow, the financial position is stabilizing following
key actions by new management and support from the State of
Michigan (Aa1 stable). However, key near-term credit events that
are discussed in more detail below could have significantly
negative implications for the district.

Factors that Could Lead to an Upgrade

  Sustained improvement to liquidity and passage of operating
  millage reducing risk of a debt service default

  Reduced reliance on cash flow borrowing to finance operations

  Continued reduction in the deficit fund balance position

  Stabilization of enrollment trends

Factors that Could Lead to a Downgrade

  Inability to secure voter approval to renew operating millage

  Increase in likelihood of bankruptcy filing such as the
  appointment of an Emergency Manager

  Failure to maintain recent progress in improved financial
  operations or failure to reach targets set in the district's
  financial and operating plan

  Weakening of cash flows resulting in growth in payables or
  missed debt service payment

Legal Security

Debt service on the district's rated GOLT bonds is secured by the
district's pledge and authorization to pay debt service from annual
operating revenue, the collection of which is subject to
constitutional and statutory limitations.

Use of Proceeds

Not applicable

Located approximately 30 miles north of Detroit, the district
encompasses 38.8 square mile in Oakland County (Aaa stable). The
district provides K-12 education to the City of Pontiac and
portions of surrounding suburban communities including portions of
Auburn Hills and Bloomfield Township. The district currently has an
estimated 4,224 students enrolled and had a population of 77,524 as
of the 2010 Census.



PORTER BANCORP: Reports 4th Quarter 2015 Results
------------------------------------------------
Porter Bancorp, Inc., reported a net loss of $601,000 on $9.02
million of interest income for the three months ended Sept. 30,
2015, compared to a net loss of $3.78 million on $9.63 million of
interest income for the same period in 2014.

For the year ended Dec. 31, 2015, the Company reported a net loss
of $3.21 million on $36.57 million of interest income compared to a
net loss of $11.2 million on $39.5 million of interest income for
the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $948.72 million in total
assets, $917 million in total liabilities and $32.01 million in
total stockholders' equity.

John T. Taylor, president and CEO of the Company noted, "PBI Bank
has continued to make significant progress in reducing its
non-performing assets.  In the fourth quarter of 2015,
non-performing assets were reduced by $12.9 million after achieving
reductions of $23.7 million in the third quarter of 2015.  In
total, non-performing assets were reduced $60.2 million, or 64% in
2015."

A full-text copy of the press release is available for free at:

                       http://is.gd/QYQqsl

                      About Porter Bancorp

Porter Bancorp, Inc., is a bank holding company headquartered in
Louisville, Kentucky.  Through its wholly-owned subsidiary PBI
Bank, the Company operates 18 full-service banking offices in
12 counties in Kentucky.

Porter Bancorp reported a net loss of $11.2 million in 2014, a net
loss of $1.58 million in 2013 and a net loss of $32.93 million in
2012.

Crowe Horwath, LLP, in  Louisville, Kentucky, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
substantial losses in 2014, 2013 and 2012, largely as a result of
asset impairments resulting from the re-evaluation of fair value
and ongoing operating expenses related to the high volume of other
real estate owned and non-performing loans.  In addition, the
Company's bank subsidiary is not in compliance with a regulatory
enforcement order issued by its primary federal regulator
requiring, among other things, increased minimum regulatory capital
ratios as well as being involved in various legal proceedings in
which the Company disputes material factual allegations against the
Company.  Additional losses, adverse outcomes from legal
proceedings or the continued inability to comply with the
regulatory enforcement order may result in additional adverse
regulatory action.  These events raise substantial doubt about the
Company's ability to continue as a going concern, the auditors
said.


PROSERV GLOBAL: Moody's Lowers CFR to Caa3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Proserv Global Inc.'s
corporate family rating to Caa3 from Caa1 and probability of
default rating (PDR) to Caa3-PD from Caa1-PD.  Concurrently,
Moody's has also downgraded to Caa2 from Caa1 the ratings on the
USD135 million first lien term loan and the USD60 million first
lien revolving credit facility at Proserv Operations Limited, and
the USD230 million first lien term loan at Proserv US LLC, as well
as to Ca from Caa3 the rating on the USD115 million second lien
term loan at Proserv US LLC.  The rating outlook remains negative.

RATINGS RATIONALE

Today's rating action reflects Moody's view that Proserv's current
capital structure is untenable given current market conditions.
Moody's anticipates the company's Moody's-adjusted debt/EBITDA to
be at around 15.0x by year-end 2015 with limited visibility around
the timing of a potential recovery or stabilization of market
conditions at this stage as more projects are being deferred or
cancelled.

Projected capex reductions by E&P and integrated oil companies will
severely challenge the drilling and oilfield services (OFS) sector
beyond what it had already experienced in 2015.  Moody's expects
OFS sector EBITDA to drop by another 25%-30% in 2016, testing the
viability of the capital structures of many of these businesses.
Even if commodity prices recover, OFS companies are unlikely to
gain any pricing power because of the continued excess capacity
across most OFS subsectors.

Moreover, Proserv competes with a variety of companies -- some of
which are also customers and suppliers depending on the segment
and/or geography -- including larger oilfield services companies
with stronger financial profile such as Cameron International
Corporation (Baa1 review for upgrade), FMC Technologies, Inc. (Baa2
review for downgrade), and GE Oil & Gas (part of General Electric
Company rated A1 stable) and hence, have generally a superior
ability to withstand pricing pressures and persistently weak market
conditions.

The company's liquidity profile will likely weaken over the next 12
to 18 months.  Moody's does not anticipate the company to generate
free cash flow this year given the challenging market conditions
and its high interest burden.  As of Sept. 30, 2015, the company
has cash balances of approximately USD15 million and approximately
USD42 million available under its revolving credit facility (RCF)
maturing in December 2019, the rest being used to issue guarantees
and performance bonds.  However, Moody's believes that the company
will not be able to comply with the RCF's single first lien
leverage covenant if it were to be tested.  The covenant is only
tested when the RCF is used above 35% excluding up to USD25 million
for performance bonds and guarantees issued. In other words, the
company can draw and/or issue guarantees or performance bonds under
the RCF for up to USD21 million in addition to up to USD25 million
of performance bonds and guarantees without triggering a covenant
test.  The company has no material debt maturities before December
2021.

The rating is also supported by the company's leading positions in
selected product categories, its expanding product offering, and
its good geographic and customer diversity.

OUTLOOK

The negative outlook reflects the limited visibility for a
potential stabilization of credit metrics over the next 12 to 18
months.

WHAT COULD CHANGE THE RATING UP/DOWN

The ratings could be downgraded in the event of
stronger-than-expected deterioration in operating performance
and/or weakening liquidity position including negative free cash
flow and limited access to the RCF.  Moreover, any transaction in
which the company's creditors are offered a new or restructured
debt, or a new package of securities, cash or assets, that amount
to a diminished financial obligation relative to the original
obligation could lead to such actions being potentially classified
as a distressed exchange under Moody's methodology.  That being
said, there is currently no evidence suggesting that the company
has concrete plans to do so.

The rating outlook could be revised to stable if operating
performance starts recovering sustainably over the next 12 to 18
months.  The ratings could be upgraded if the aforementioned
concerns around sustainability of capital structure and liquidity
pressures are resolved.  Any potential upgrade would also include
an assessment of market conditions.



PROWLER ACQUISITION: S&P Lowers CCR to 'CCC+', Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Houston-based specialty product distributor Prowler
Acquisition Corp. to 'CCC+' from 'B-'.  The outlook is stable.

At the same time, S&P lowered its issue-level rating on the senior
secured first-lien term loan and revolving credit facility one
notch to 'B-' from 'B'.  The recovery rating on the notes remains
'2', indicating expectations for substantial (70% to 90%, in the
lower half of the range) recovery in the event of a payment
default.

S&P also lowered its senior secured issue-level ratings on the
second-lien term loan to 'CCC-' from 'CCC'.  The '6' recovery
rating on the notes is unchanged, indicating expectations for
negligible (0% to 10%) recovery in the event of a payment default.

"The downgrade reflects our view that a period of continued weak
hydrocarbon prices will lead to a slowdown in U.S. energy
infrastructure spending, resulting in lower demand for Prowler's
services and a contraction in margins," said Standard & Poor's
credit analyst Geoffrey Mrema.  As a result, S&P expects adjusted
debt to EBITDA in the 8.5x to 9x range for 2016 and funds from
operations (FFO) to debt of about 5%, versus S&P's previous
expectations of debt to EBITDA of 6.25x and FFO to debt of 9.0%.
S&P assess Prowler's capital structure as unsustainable in the long
term and believe that the company is dependent on favorable
business, financial, and economic conditions to meet its financial
obligations.

The stable outlook reflects S&P's expectation that Prowler will
maintain adequate liquidity during this period of low commodity
prices and will have lower demand and margins such that leverage
remains above 8-9x range for 2016.

S&P could lower the rating if liquidity deteriorates to what in its
assessment is less than adequate, most likely due to covenant
restrictions or if cutbacks to energy sector capital spending put
further pressure on cash flows such that the company's ability to
meet principal and interest payments on its obligations is
jeopardized.

Though unlikely in the next two years, S&P could raise the rating
if commodity prices improve resulting in stronger demand for energy
infrastructure and if the company maintains its above-average
EBITDA margins while keeping debt to EBITDA below 5.0x.



QUANTUM CORP: BlackRock Reports 5.6% Equity Stake as of Dec. 31
---------------------------------------------------------------
BlackRock, Inc., reported in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 14,893,457 shares of common stock of Quantum
Corporation representing 5.6 percent of the shares outstanding.  A
copy of the regulatory filing is available for free at
http://is.gd/WlOBMt

                      About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.

As of Sept. 30, 2015, the Company had $305 million in total assets,
$384 million in total liabilities and a $78.5 million total
stockholders' deficit.


QUANTUM CORP: Reports Fiscal Third Quarter 2016 Results
-------------------------------------------------------
Quantum Corporation reported a net loss of $299,000 on $128.04
million of total revenue for the three months ended Dec. 31, 2015,
compared to net income of $6.93 million on $142.06 million of total
revenue for the same period in 2014.

For the nine months ended Dec. 31, 2015, the Company reported a net
loss of $22.28 million on $355.92 million of total revenue compared
to net income of $3.85 million on $405.29 million of total revenue
for the nine months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $278.20 million in total
assets, $355.06 million in total liabilities and a stockholders'
deficit of $76.86 million.

"We are pleased with our overall results and the continued
scale-out revenue growth this quarter, to a new record high,
especially given the overall weakness in the broad storage market
environment," said Jon Gacek, president and CEO of Quantum.  "In
response to the market conditions, we also successfully implemented
significant operational changes during the quarter that improved
our profitability.  For the quarter, our data protection revenue
increased sequentially - with higher sales of both disk and tape
automation products.  In our scale-out storage solutions line,
targeted at specialized workflows, we grew revenue 31 percent over
the comparable quarter a year ago, even with no 'mega deals' above
$1 million in the just-completed quarter. Excluding mega deals,
scale-out storage revenue grew 48 percent and 49 percent,
respectively, over the comparable three- and nine-month periods in
the prior year.

"For the fourth quarter, we will continue to focus on growing our
run-rate scale-out revenue driven by expanding our media and
entertainment, surveillance and technical workflow opportunities,
and we will continue to work to close the mega deals in our sales
funnel.  In addition, similar to the third quarter, we will
actively manage tape media revenue based on the pricing environment
and optimize our activity for profit.  We will also continue to
manage our spending and our investments to achieve the right
balance across our financial objectives."

The company also announced that Linda Breard has resigned as senior
vice president and chief financial officer of Quantum to pursue
another opportunity.  Chris Willis, vice president, Financial
Planning and Analysis of Quantum, will serve as interim CFO while
the company completes its search process for a permanent CFO.

A full-text copy of the press release is available for free at:

                      http://is.gd/Lrwx5X

                      About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.


QUANTUM CORP: Starboard Value Reports 14.8% Stake as of Jan. 25
---------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Starboard Value LP, et al., disclosed that as of
Jan. 25, 2016, they beneficially own 42,279,698 shares of common
stock of Quantum Corporation representing 14.8 percent of the
shares outstanding.
  
As of the close of business on Jan. 26, 2016, 8,588,646 Shares were
held in the Starboard Value LP Account, including 4,459,623 Shares
underlying the Notes.  Starboard Value LP, as the investment
manager of Starboard V&O Fund, Starboard C LP and the Starboard
Value Account and the manager of Starboard S LLC, may be deemed the
beneficial owner of the (i) 25,564,402 Shares owned by Starboard
V&O Fund, (ii) 5,489,484 Shares owned by Starboard S LLC, (iii)
2,637,166 Shares owned by Starboard C LP and (iv) 8,588,646 Shares
held in the Starboard Value LP Account.

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

                         http://is.gd/MLUKRT

                          About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the year
ended March 31, 2014.

As of Sept. 30, 2015, the Company had $305 million in total assets,
$384 million in total liabilities and a $78.5 million total
stockholders' deficit.


QUICKSILVER RESOURCES: Court Approves Bluestone as Winning Bidder
-----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware on
Jan. 27 approved Tulsa-based BlueStone Natural Resources II, LLC as
the buyer of the domestic oil and gas assets of Texas-based
Quicksilver Resources Inc.  The $245 million acquisition of
Quicksilver's U.S. oil and gas assets makes this the largest
purchase for BlueStone to date.

Quicksilver Resources Inc., an upstream exploration and production
company based in Fort Worth, Tex., petitioned for bankruptcy
(Chapter 11) in March of 2015.  The auction of its assets began on
Jan. 20. BlueStone was announced as the highest and best bid on
Jan. 21.  With Wednesday's court approval, the transaction is
expected to close in the coming weeks.

The acquisition of Quicksilver assets is in line with BlueStone's
growth strategy and geographically complements existing holdings in
the Barnett Shale and South Texas.  The Quicksilver assets include
over 1,000 operating wells in the Barnett Shale play.

"We saw the Quicksilver asset purchase as an ideal way to advance
our growth strategy in Texas," said John Redmond, BlueStone II
president and CEO.  "These assets are a great fit for us -- high
quality wells in a clearly defined resource play.  We are very
pleased to be the successful bidder and grateful for the support of
our equity sponsor, Natural Gas Partners.  I am so proud of our
BlueStone team."

Specializing in the purchase and development of oil and gas
properties, the BlueStone franchise was formed in 2006 and has
grown to become one of the most acquisition-focused companies in
Texas.  Concentrating on capital deployment in the Lone Star State,
the BlueStone team has closed more than 100 transactions in its
10-year history.

The BlueStone team is headquartered in Tulsa, Okla.  Prior to the
Quicksilver acquisition, BlueStone II employed more than 60 people
in its Tulsa headquarters, along with numerous field offices in
Texas, and owned more than 800 wells in the South Texas and Barnett
Shale plays.

          About BlueStone Natural Resources II, LLC

BlueStone Natural Resources II, LLC --
http://www.bluestone-nr.com-- represents the BlueStone team's
third partnership with Natural Gas Partners (NGP).  Working
together for more than a dozen years, equity provider NGP provides
the BlueStone team with ready and reliable capital to facilitate
its continued growth through acquisition, drilling and asset
trades.  The BlueStone team values its business relationships and
strives to be a committed, reliable partner as a participant in the
upstream oil and gas space.

                  About Natural Gas Partners

Founded in 1988, Natural Gas Partners (NGP) --
http://www.naturalgaspartners.com-- is a family of private equity
investment funds, with approximately $16.5 billion of cumulative
equity commitments, organized to make investments in the natural
resources sector.  NGP is part of the investment platform of NGP
Energy Capital Management, a premier investment franchise in the
natural resources industry.  In addition to NGP, NGP Energy Capital
Management's investment platform includes NGP Global Agribusiness
Partners, and NGP Energy Technology Partners.

                  About Quicksilver Resources

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc. is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11 of
title 11 of the United States Code in Delaware.  The Debtors are
seeking joint administration under the main case, In re Quicksilver
Resources Inc. Case No. 15-10585.  Quicksilver's Canadian
subsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton & Finger,
P.A., is legal co-counsel in the Chapter 11 cases.  Houlihan Lokey
Capital, Inc., is serving as financial advisor.  Garden City Group
Inc. is the claims and noticing agent.

The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and total
stockholders' deficit of $1.14 billion.

The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors.

                           *     *     *

The Debtors have previously been given exclusive right to file a
bankruptcy plan through October 13, 2015.  They are seeking a
further extension of the exclusive plan filing period through Feb.
1, 2016.


RANK TRADE: Case Summary & 18 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Rank Trade Services, Inc.
        3555 NW 77th Avenue, Unit 103
        Miami, FL 33122

Case No.: 16-11451

Chapter 11 Petition Date: January 31, 2016

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Robert A Mark

Debtor's Counsel: Jeffrey P. Bast, Esq.
                  BAST AMRON LLP
                  1 SE 3 Ave #1400
                  Miami, FL 33131
                  Tel: (305) 379-7904
                  Fax: (305) 379-7905
                  Email: jbast@bastamron.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rafael Aznielles, president and sole
shareholder.

A list of the Debtor's 18 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flsb16-11451.pdf


RCS CAPITAL: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                         Case No.
     ------                                         --------
     RCS Capital Corporation                        16-10223
        aka 405 Holding Corporation
     405 Park Avenue, 12th Floor
     New York, NY 10022

     American National Stock Transfer, LLC          16-10224

     Braves Acquisition, LLC                        16-10225

     DirectVest, LLC                                16-10226

     J.P. Turner & Company Capital Management, LLC  16-10227

     RCS Advisory Services, LLC                     16-10228

     RCS Capital Holdings, LLC                      16-10229

     Realty Capital Securities, LLC                 16-10230

     SBSI Insurance Agency of Texas, Inc.           16-10231

     SK Research, LLC                               16-10232

     Trupoly, LLC                                   16-10233

     WE R Crowdfunding, LLC                         16-10234

Type of Business: The Company has historically been an integrated
                  financial services principally focused on retail

                  investors.

Chapter 11 Petition Date: January 31, 2016

Court: United States Bankruptcy Court
       District of Delaware

Debtors'                      DECHERT LLP
General
Counsel:

Debtors'            Ian J Bambrick
Delaware                      YOUNG CONAWAY STARGATT & TAYLOR, LLP
Counsel:                      1000 North King Street
                              Wilmington, DE 19801
                              Tel: 302-571-6600
                              Email: ibambrick@ycst.com

                              Robert S. Brady, Esq.
                              YOUNG CONAWAY STARGATT & TAYLOR, LLP

                              1000 North King Street
                              Wilmington, DE 19801
                              Tel: 302-571-6600
                              Fax: 302-571-1253
                              Email: rbrady@ycst.com

                              Robert F. Poppiti, Jr., Esq.
                              YOUNG CONAWAY STARGATT & TAYLOR, LLP
                              1000 North King Street
                              Wilmington, DE 19801
                              Tel: 302-571-6600
                              Email: rpoppiti@ycst.com

Debtors'                      ZOLFO COOPER MANAGEMENT, LLC
Restructuring
Advisor:

Debtors'                      LAZARD FRERES & CO. LLC
Investment
Banker:

Debtors'                      PRIME CLERK LLC
Administrative
Advisor and
Claims and
Noticing Agent:

Total Assets: $1.97 billion

Total Debts: $1.39 billion

The petition was signed by David Orlofsky, chief restructuring
officer.

List of Debtor's 30 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Wilmington Savings Fund Society,   Unsecured Notes    $120,000,000
FSB
Attn: Patrick Healy
500 Delaware Avenue
Wilmington, DE 19801

VEREIT Operating Partnership, LP   Unsecured Notes     $15,300,000
Attn: Lauren Goldberg, Executive
Vice President, General Counsel
and Secretary
2325 East Camelback Road
Suite 1100
Phoenix, AZ 85016

Centerview Partners LLC                Service         $5,099,562
31 West 52nd Street                    Provider
22d Floor
New York, NY 10019

Proskauer Rose LLP                     Service         $4,041,098
Attn: Accounts Receivable              Provider
Eleven Times Square
New York, NY 10036

RSM US LLP                             Service         $1,793,008
5155 Paysphere Circle                  Provider
Chicago, IL 6067440051

DST Systems Inc.                       Service         $1,742,281
333 W. 11th Street                     Provider
Kansas City, MO 64105

McGladrey LLP                          Service         $1,401,359
1185 Avenue of the Americas            Provider
New York, NY 10036

Cleary Gottlieb Steen and Hamilton     Service         $1,037,332
One Liberty Plaza                      Provider
New York, NY 10006

Charles Schwab & Co. Inc.              Service           $995,168
MS SF-211MN-08-434                     Provider
211 Main St. MS SF-211-MN-08-434
San Francisco, CA 94105

Empire Office Inc.                     Service           $432,567
GPO                                    Provider
PO Box 27752
New York, NY 100877752

J Frank Associates LLC                 Service           $417,285
622 Third Avenue                       Provider
New York, NY 10017

National Financial Services LLC        Service           $323,819
27 Orchard Ste 200                     Provider
Lake Forest, CA 92630

Heidrick & Struggles Inc.              Service           $282,453
1133 Paysphere Cr                      Provider
Chicago, IL 60674

DataSource Inc.                        Service           $265,945
Dept 730023                            Provider
PO ox 660919
Dallas, TX 752660919

Geneos Wealth Management Inc.          Service           $167,000
Ste 200                                Provider
9055 East Mineral Circle
Centennial, CO 80112

New York Security and                  Tax Claim         $146,894
Communications
19 School St
Yonkers, NY 10701

Wintsec Technologies LLC                Service          $138,982
PO Box 193                              Provider
Abington, PA 19001

Paul Weiss Rifkind Wharton              Service          $138,764
1285 Avenue of the Americas             Provider
New York, NY 10019-6064

Resources Global Professionals          Service          $117,635
1000 Wilshire Blvd #500, Los            Provider
Angeles, CA 90017

Winston and Strawn LLP                  Service          $115,877
101 California Street 34th Floor        Provider
San Francisco, CA 941115840

Duff & Phelps                           Service          $102,650
12595 Collection Center Drive           Provider
Chicago, IL 60693

CSB Technology Partners LLC             Service           $80,284
Ste 109                                 Provider
1595 South Mount Joy Street
Elizabethtown, PA 17022

Vintage Filings LLC                     Service           $75,667
PO Box 30719                            Provider
New York, NY 100870719

SNL Financial LC                        Service           $74,862
PO Box 414624                           Provider
Boston, MA 022414624

BlackLine Systems Inc.                  Service           $64,018
Dept LA 23816                           Provider
Pasadena, CA 911853816

NYC Department of Finance              Tax Claim          $51,820
66 John Street, Room 104
New York, NY 10038

Deutsche Investment Management          Service           $48,867
Americas, Inc.                          Provider
345 Park Avenue
New York, NY 10154

The Ritz-Carlton Laguna Niguel          Service           $46,402

1 Ritz Carlton Dr.                      Provider
Dana Point, CA 92629

DST Technologies Inc.                   Service           $44,997
333 W. 11th Street                      Provider
Kansas City, MO 64105

UMB Bank NA                             Service           $44,692
9220 Bass Lake Rd, Suite E10            Provider
New Hope, MN 55428


RCS CAPITAL: Files for Chapter 11 with Support From Creditors
-------------------------------------------------------------
RCS Capital Corporation, et al., sought bankruptcy protection in
the U.S. Bankruptcy Court for the District of Delaware to implement
a pre-arranged Chapter 11 plan.

The Debtors were able to garner support for the restructuring from
approximately 86% in number of holders and 92.5% in principal face
dollar amount of the outstanding loans under the First Lien Credit
Facility and 74.6% in number of holders and 87.6% in principal face
dollar amount of the outstanding loans under the Second Lien Term
Facility, Court filing indicates.  

The Debtors and the Prepetition Secured Lenders were also able to
successfully negotiate a global settlement with Luxor Capital Group
L.P., the Debtors' largest unsecured creditor, as the holder of
approximately $135 million in unsecured debt.  As part of this
settlement, Luxor agreed to support a Chapter 11 plan that provides
significant recoveries to all unsecured creditors that would
otherwise have been unavailable absent a global deal.

Headquartered in New York, New York, the Company has historically
been an integrated financial services company principally focused
on retail investors.  As of the Petition Date, the Debtors have
funded debt facilities in place with a face amount of approximately
$873.6 million, of which approximately $709.2 million is senior
secured debt and $164.4 million is unsecured debt.

David Orlofsky, the Debtors' chief restructuring officer, disclosed
in a declaration filed with the Court that beginning in early 2014
and through early 2015, the Company acquired 11 retail
broker-dealer subsidiaries in a series of acquisitions with the
intent to establish a presence in the retail advice independent
broker-dealer channel and consolidate that sector.  Mr. Orlofsky
said that in connection with the acquisitions, the Company incurred
approximately $1.1 billion in debt and preferred stock, and used in
excess of $150 million of cash to finance the acquisitions.  The
Company's acquisition plan contemplated the achievement of certain
synergies from higher strategic partner revenues, as well as cost
synergies associated with back office management, technology
efficiencies, renegotiation of clearing contracts, elimination of
duplicative public company expense, and other factors.

According to Mr. Orlofsky, during the course of 2014 and 2015, the
Company experienced a delay in realizing the expected synergies.
Specifically, strategic partner revenue synergies were not realized
in the amounts originally anticipated due to the effect of proposed
regulations and overall market conditions, which negatively
affected transaction volumes.  Cost synergies were not
realized in the amounts and within the timeframe originally
anticipated, as the Company lacked sufficient liquidity to make
certain investments required to realize these synergies, he added.

The bankruptcy filing stated that a number of factors and events
contributed to a decline in the the Debtors' operating and
financial performance, including, but not limited, to: (a) American
Realty Capital Properties, Inc.'s accounting errors which adversely
affected the Company's ability to raise equity capital through its
wholesale division on behalf of its investment program clients and,
as a result, generate wholesale revenues, (b) the termination by
Apollo Management of an agreement to acquire a 60% stake in AR
Global Investments, LLC, from AR Capital, LLC, an ARCP affiliate,
in cash and stock valued at approximately $378 million, (c) the
filing by the Massachusetts Securities Division of an
administrative complaint against Debtor Realty Capital Securities
alleging that it violated the Massachusetts Uniform Securities Act
and regulations thereunder by fraudulently casting shareholder
proxy votes in connection with the operation of its wholesale
distribution business, (d) receipt by the Debtors of a notice of
default from VEREIT, Inc. under the $15.3 million unsecured note,
and (e) the delisting of the Company's Class A common stock by The
New York Stock Exchange.

"As a result of the foregoing, the Company had been operating under
severe liquidity constraints prior to the Petition Date and did not
have sufficient projected short-term liquidity to service its
amortization and interest payment obligations under the Prepetition
Secured Facilities," Mr. Orlofsky said.

On Dec. 31, 2015, the Company failed to make a $14.4 million
amortization payment under the First Lien Credit Facility and $5.1
million in combined interest payments under the Prepetition Secured
Facilities.  

"Given these liquidity constraints, the Company's existing capital
structure was no longer sustainable based on $60 million of
first-lien amortization and approximately $60 million of cash
interest payments," Mr. Orlofsky continued.

As of Dec. 31, 2015, the Company entered into separate forbearance
agreements with requisite numbers of its First Lien Lenders, Second
Lien Lenders, and Convertible Noteholders, as well as certain
affiliates of Luxor Group with respect to their respective holdings
of the 2015 Promissory Notes.  Pursuant to these agreements, the
lenders agreed to forebear from exercising rights or remedies with
respect to then-existing events of default until Jan. 29, 2016,
which permitted the Company to, among other things, forgo a $14.4
million amortization payment under the First Lien Credit Facility
and approximately $5.1 million in combined interest payments under
the Prepetition Secured Facilities, all of which was payable on
Dec. 31, 2015.

                 Restructuring Support Agreement

After extensive and arm's-length negotiations, the Debtors, certain
of the Non-Debtor Subsidiaries, certain of the Prepetition Secured
Lenders, and Luxor reached an agreement on the terms of a
restructuring to be implemented through these Chapter 11 cases,
which was formalized by the RSA.

The RSA, among other things:

   (i) includes an injection of $150 million of incremental
       liquidity to (a) fund the first $50 million of a critically
       needed retention program for the independent financial
       advisors, which is crucial to mitigating attrition risk,
      (b) provide liquidity to ensure the regulated subsidiaries
       remain in compliance with regulatory net capital
       requirements, (c) fund the administration of, and the
       operations of the Company in, these Chapter 11 cases, and
      (d) make certain distributions under the chapter 11 plan;

  (ii) provides for a reduction in debt and preferred stock in
       excess of $500 million, including a reduction in
       prepetition secured debt of more than $200 million, $100
       million of which will be converted into equity of
       reorganized RCS Capital Corporation;

(iii) reduces the Debtors' cash interest obligations on an
       annual basis from approximately $65 million to
       approximately $22 million; and

  (iv) provides for distributions to unsecured creditors through a
       generously funded litigation trust.  

Importantly, the RSA locks in the necessary votes required under
1126(c) of the Bankruptcy Code to confirm the Debtors' proposed
Plan in an accelerated proceeding, which is crucial to the survival
of the Debtors.

Through the Plan, the Debtors and the Prepetition Secured Parties
have agreed to establish a creditor trust and contribute certain
assets to that trust for the benefit of all holders of allowed
unsecured claims.  That trust will be funded with (i) $12 million
in cash for both distributions to creditors and the funding of
trust expenses, (ii) new 5-year warrants to purchase up to 10% of
the new common stock issued by Reorganized RCS, and (iii) certain
estate claims and causes of action held by the Debtors, the
Non-Debtor Subsidiaries, and the RIAs, including certain avoidance
actions, the proceeds of which will be shared pro rata among
holders of unsecured claims.  To further improve general unsecured
creditor recoveries, the Second Lien Lenders have also agreed to
cap any deficiency claim under the Second Lien Facility at $105
million, and have waived any right to recover on account of that
deficiency claim any portion of (x) the $12 million in cash, (y)
the New Warrants, and (z) the first $30 million in proceeds
received from the creditor trust on account of the prosecution of
estate claims or causes of action.  

The Debtors believe that, without this settlement, unsecured
creditors are unlikely to receive any distributions in these
Chapter 11 cases.

                      First Day Motions

To minimize the effects of filing for bankruptcy protection on the
Debtors' business operations and employees, the Debtors have
requested various types of "first day" relief.  The Debtors are
seeking, among other things, to pay taxes, pay insurance premiums,
use existing cash management system, pay employee compensation, and
use cash collateral.

A copy of the declaration in support of the First Day Motions is
available for free at:

      http://bankrupt.com/misc/17_RCSCAPITAL_Declaration.pdf

                        About RCS Capital

RCS Capital Corporation and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10223 to
16-10234) on Jan. 31, 2016.  The petitions were signed by David
Orlofsky as chief restructuring officer.  The Debtors disclosed
total assets of $1.97 billion and total debts of $1.39 billion.

The Debtors have engaged Dechert LLP as general counsel, Young
Conaway Stargatt & Taylor, LLP as Delaware counsel, Zolfo Cooper
Management, LLC as restructuring advisor, Lazard Freres & Co. LLC
as investment banker and Prime Clerk LLC as administrative advisor
and claims and noticing agent.


RCS CAPITAL: Files Prearranged Chapter 11 Plan of Reorganization
----------------------------------------------------------------
RCS Capital Corporation on Feb. 1 announced that, as part of its
previously announced strategic initiatives to transform to a
Cetera-only independent retail business, the Company has filed a
prearranged plan of reorganization under Chapter 11 with the United
States Bankruptcy Court for the District of Delaware.  In addition
to the previously-announced agreement, the prearranged plan
reflects an agreement reached among the Company and 92.5% in
principal amount of the First Lien and 87.6% in principal amount of
Second Lien lenders, as well as holders of a majority of the
Company's outstanding unsecured debt, on the terms of a
restructuring that maximizes values available for all creditor
constituencies.

The purpose of the Chapter 11 filing is to improve RCS Capital's
balance sheet and capital structure by significantly reducing its
funded debt, eliminating existing equity and unsecured liabilities
and disposing of certain non-core assets.  Pursuant to the Chapter
11 plan, a creditor trust will be established for the benefit of
unsecured creditors, which will be funded with a combination of
cash, warrants to purchase equity in the reorganized company, and
certain claims and causes of action held by the Company and its
subsidiaries.  In addition, unsecured debt and preferred stock
aggregating in excess of $1.19 billion will be discharged and all
of the existing common stock will be eliminated.  Substantially all
of the equity of the Company following the restructuring will be
owned by the current First-Lien and Second-lien lenders.  The new
capital structure will significantly reduce the Company's future
cash costs for principal and interest payments.

The Company-wide restructuring will be effected in two waves of
filings.  These filings have been agreed to by 92.5% in principal
amount of the First Lien and 87.6% in principal amount of the
Second Lien lenders, which in aggregate represented $709 million,
as well as holders of a majority of unsecured claims.  The first
wave includes RCS Capital and certain of its subsidiaries under a
"pre-arranged" plan.  This first wave filing:  

  -- Includes a "pre-arranged" Chapter 11 bankruptcy plan

  -- Includes Debtor-in-Possession ("DIP") financing of $100
million

  -- Is expected to be completed in May 2016

  -- Excludes Cetera Member Broker-Dealer companies and Registered
Investment Advisors which will NOT be included in either wave of
the bankruptcy filings

Within approximately 60 days after the initial filing, the Company
anticipates commencing a streamlined "pre-packaged" bankruptcy
filing (the second wave filing) for the holding companies for its
broker-dealers, as well as certain other guarantors of the First
and Second Lien debt.  During this second wave filing:

   -- The broker dealer holding companies who serve as guarantors
of the RCS Capital debt will utilize a "pre-packaged" filing in
order to extinguish their guaranty associated with the First and
Second lien debt

   -- Only these guaranty claims will be impaired; all other
liabilities will be unaffected and "ride through" the proceeding

   -- Cetera payroll and benefits, vendor payables and all other
liabilities at these entities, including the deferred compensation
plans, will continue as is and will not be impaired or modified

   -- Excludes Cetera Member Broker-Dealer companies and Registered
Investment Advisors which will NOT be included in either wave of
the bankruptcy filings

The Company noted that upon completion of the restructuring
process, which is expected in May 2016, Cetera Financial Group will
operate as a wholly-owned, privately-held company of RCS Capital.

As previously announced, as an integral part of the balance sheet
restructuring, a group of its existing lenders have fully committed
to invest $150 million in new working capital into Cetera Financial
Group which the Company and the Cetera senior leadership team
intend to deploy to make continued significant investments in
technology, advisor growth and service enhancements in what is
already an industry-leading platform for the financial institutions
and financial advisors Cetera supports.

The agreement includes a retention program for eligible Cetera
Financial Group-affiliated advisors in the new post-bankruptcy
company.  The secured lenders have also agreed that the
reorganization will not affect the current deferred compensation
arrangements.  The restructuring and new investment is subject to
regulatory, court and other approvals, and obtaining a formal vote
by the requisite first- and second lien- lenders, and is expected
to be completed in May 2016.

Brad Scher, RCS Capital's chief executive officer and chairman of
the executive committee the board of directors, said, "Over the
past six months, the Company has taken a number of steps to
streamline the business, including rationalizing its capital
structure, disposing of certain noncore assets and increasing
financial flexibility.  Taken together, these actions position the
Company for long-term growth.  We expect the Chapter 11 process, as
agreed to by our existing senior secured lenders and majority of
our unsecured creditors, will provide Cetera Financial Group with a
significant infusion of capital that will help stabilize our
financial foundation and provide a robust basis from which we can
continue executing our retail advice focused strategy."

R. Lawrence "Larry" Roth, chief executive officer of Cetera
Financial Group, commented, "The restructuring of the Company's
balance sheet is one of the last remaining, yet critical steps in
the overall repositioning of the Company.  We believe the
initiatives announced today will enable Cetera Financial Group to
maximize its opportunities to achieve long-term growth and success.
I'd like to reiterate to our advisors and institutions that the
restructuring of RCS Capital will not impact the existing deferred
compensation plans or other related compensation plans at Cetera,
which will remain in effect in their current form."

Mr. Roth concluded, "The actions we have taken over the past
several months, while difficult, are aligned with our goal to
transform Cetera into the retail advisory platform of the future.
The underlying value proposition of Cetera remains intact, as does
the reason why advisors have joined, and stayed on, our platform.
As evidenced by Cetera's strong retention rates, the level of
institutional knowledge and management stability demonstrated by
our financial advisors over the years clearly stands out in our
industry.  Cetera offers unrivaled practice management support
tools for advisors seeking to grow their businesses.  From
technology to training and continuing education, the advisors on
the Cetera platform benefit from our industry leading offerings and
are the driving force behind our success, and we will continue to
invest in our platform to provide them with the resources they need
to support their clients."

                        About RCS Capital

New York-based RCS Capital Corporation -- http://www.rcscapital.com
-- is a full-service investment
firm focused on the individual retail investor.  With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.


REALOGY HOLDINGS: Appoints Duncan Niederauer as Director
--------------------------------------------------------
Duncan Niederauer was appointed to the Board of Directors of
Realogy Holdings Corp. and the Board of Managers of Realogy
Holdings' indirect wholly owned subsidiary, Realogy Group LLC.  The
Realogy Holdings Board has not yet determined the committees of the
Board on which Mr. Niederauer will serve.

Mr. Niederauer has been determined by the Board to be an
independent director for purposes of the listing standards of The
New York Stock Exchange.  With Mr. Niederauer's appointment, the
Realogy Holdings Board now consists of 10 directors, eight of whom
are independent directors.

Mr. Niederauer, age 56, served as chief executive officer of NYSE
Euronext from December 2007 until the NYSE's merger with
Intercontinental Exchange in November 2013, and thereafter
continued to serve as chief executive officer of the NYSE until his
retirement in August 2014.  Mr. Niederauer previously worked at
Goldman Sachs for 22 years, where he was a partner and co-Head of
the Equities Division Execution Services and Head of Electronic
Trading and e-Commerce Strategy.

Mr. Niederauer will receive compensation for his service as a
Realogy Holdings director in accordance with the Realogy Holdings'
director compensation guidelines set forth in the Company's annual
proxy statement.

                   About Realogy Holdings Corp.

Realogy Holdings Corp. (NYSE: RLGY) is a global leader in
residential real estate franchising with company-owned real estate
brokerage operations doing business under its franchise systems as
well as relocation and title services.  Realogy's brands and
business units include Better Homes and Gardens(R) Real Estate,
CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R),
The Corcoran Group(R), ERA(R), Sotheby's International Realty(R),
NRT LLC, Cartus and Title Resource Group.  Collectively, Realogy's
franchise system members operate approximately 13,500 offices with
251,000 independent sales associates doing business in 104
countries around the world. Realogy is headquartered in Madison,
N.J.

Realogy Holdings reported net income attributable to the Company of
$143 million on $5.32 billion of net revenues for the year ended
Dec. 31, 2014, compared to net income attributable to the Company
of $438 million on $5.28 billion of net revenues during the prior
year.

As of Sept. 30, 2015, the Company had $8.02 billion in total
assets, $5.63 billion in total liabilities and $2.39 billion in
total equity.

                           *     *     *

In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service
upgraded the corporate family rating of Realogy Group to to B2
from B3.  The upgrade to B2 CFR is driven by expectations for
ongoing strong financial performance, supported by Realogy's
recently-concluded debt and equity financing activities and a
continuing recovery in the US existing home sale market.

As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings
Services raised its corporate credit rating on Realogy Corp. to
'B+' from 'B'.

"The one notch upgrade in the corporate credit rating to 'B+'
reflects an increase in our expectation for operating performance
at Realogy in 2013, and S&P's expectation that total lease
adjusted debt to EBITDA will improve to the low-6x area and funds
from operations (FFO) to total adjusted debt will be improve to
the high-single-digits percentage area in 2013, mostly due to
EBITDA growth in the low- to mid-teens percentage area in 2013,"
S&P said.


SAMSON RESOURCES: Seeks Authority to Pay Executive Bonuses
----------------------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that bankrupt oil and gas company Samson Resources Corp.
is requesting permission to pay bonuses to its reshuffled executive
team, including $1.25 million in 2016 to its new interim chief
executive.

According to the report, Samson said in documents filed with the
U.S. Bankruptcy Court in Wilmington, Del., that the request to pay
bonuses in 2016 comes at a "critical juncture" for the company, in
the wake of the resignation of its previous interim chief
executive, Richard Fraley, as of Feb. 15. He is the second CEO to
step down recently; former CEO Randy Limbacher resigned in
December.

                        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.


SANDPOINT CATTLE: Craig's Bid to Junk Malpractice Suit Denied
-------------------------------------------------------------
Judge Shon Hastings of the United States Bankruptcy Court for the
District of Nebraska denied the Motion for Summary Judgment filed
by Robert Craig and his firm, Robert F. Craig P.C. d/b/a
Craig/Bednar Law P.C..

On October 6, 2014, Sandpoint Cattle Company, LLC, brought a legal
malpractice suit against Craig and his firm, alleging that the
defendants breached the standard of care in their representation of
its bankruptcy case by advising Sandpoint to abandon a large
portion of its cattle to its secured creditor.

On August 31, 2015, Craig and his firm filed a Motion for Summary
Judgment, arguing that Sandpoint should be judicially estopped from
offering evidence that contradicts what it had previously presented
in its bankruptcy case.  The defendants contended that Sandpoint's
new position that it could have sustained the cattle is clearly
inconsistent with its position offered in support of abandonment.

Judge Hastings found that John Widdowson's testimony that was
previously presented by Sandpoint may be interpreted to refer only
to whether the cattle could be sustained on the ranch -- not that
Sandpoint could not have maintained the cattle at all.  Thus, the
judge concluded that Widdowson's prior testimony is not clearly
inconsistent with the proposed testimony.

The case is Sandpoint Cattle Company, LLC, Plaintiff, v. Robert
Craig, Robert F. Craig P.C. d/b/a/ Craig/Bednar Law P.C., and Anna
M. Bednar, Defendants, Adversary No. 14-04052-SH (Bankr. D. Neb.).

The bankruptcy case is In Re: Sandpoint Cattle Company, LLC,
Chapter 11, Debtor, Bankruptcy No. 13-40219-SH (Bankr. D. Neb.).

A full-text copy of Judge Hastings' January 5, 2016 memorandum and
order is available at http://is.gd/IMfdyrfrom Leagle.com.

Sandpoint Cattle Company, LLC is represented by:

          James D. Sherrets, Esq.
          Diana J. Vogt, Esq.
          SHERRETS, BRUNO & VOGT LLC
          260 Regency Parkway Drive, Suite 200
          Omaha, NE 68114
          Tel: (800)465-1249

Robert Craig is represented by:

          William M. Lamson, Jr., Esq.
          Cathy S. Trent-Vilim, Esq.
          LAMSON, DUGAN & MURRAY, LLP
          10306 Regency Pkwy Dr
          Omaha, NE 68114
          Tel: (402)397-7300
          Fax: (402)397-7824
          Email: wlamson@ldmlaw.com
                 ctrent-vilim@ldmlaw.com

                    About Sandpoint Cattle

Sandpoint Cattle Company, LLC operates a commercial cattle
business in Nebraska. It has a cow-calf herd and raises and sells
bulls.

Sandpoint Cattle filed for Chapter 11 protection (Bankr. D. Neb.
Case No. 13-40219) on February 6, 2013.  The Debtor estimated it
had assets and liabilities of $1,000,001 to $10,000,000 at the
time of the filing.  Robert F. Craig, Esq., of Craig/Bednar Law
serves as its counsel.


SCIENTIFIC GAMES: BlackRock Holds 5.5% Stake as of Dec. 31
----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 4,710,745 shares of common stock of Scientific
Games Corp. representing 5.5 percent of the shares oustanding.  A
copy of the regulatory filing is available for free at:

                       http://is.gd/IXhkfH

                      About Scientific Games

Scientific Games Corporation is a developer of technology-based
products and services and associated content for worldwide gaming
and lottery markets.  The Company's portfolio includes instant and
draw-based lottery games; electronic gaming machines and game
content; server-based lottery and gaming systems; sports betting
technology; loyalty and rewards programs; and social, mobile and
interactive content and services.  Visit
http://www.scientificgames.com/     

Scientific Games reported a net loss of $234 million in 2014, a net
loss of $30.2 million in 2013 and a net loss of $62.6 million for
2012.

As of Sept. 30, 2015, the Company had $8.61 billion in total
assets, $9.59 billion in total liabilities and a $981 million total
stockholders' deficit.

                           *     *     *

The TCR reported on May 21, 2014, that Moody's Investors Service
downgraded Scientific Games Corporation's ("SGC") Corporate Family
Rating to 'B1'.  The downgrade reflects Moody's view that slower
than expected growth in SGC's Gaming and Instant Products segments
will cause Moody's adjusted leverage to exceed 6.0 times by the
end of 2014.

As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings
Services lowered its corporate credit rating to 'B+' from 'BB-' on
Scientific Games Corp.

"The downgrade and CreditWatch placement follow Scientific Games'
announcement that it has agreed to acquire Bally Technologies for
$5.1 billion, including the refinancing of about $1.8 billion in
net debt at Bally," said Standard & Poor's credit analyst Ariel
Silverberg.


SEQUENOM INC: BlackRock Reports 7.2% Stake as of Dec. 31
--------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. reported that as of Dec. 31, 2015, it
beneficially owns 8,481,987 shares of common stock of Sequenom,
Inc. representing 7.2 percent of the shares outstanding.  A copy of
the regulatory filing is avaialable at http://is.gd/BDHQTP

                          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.


SFX ENTERTAINMENT: Case Summary & 40 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                    Case No.
     ------                                    --------
     SFX Entertainment, Inc.                   16-10238
        fka SFX-VMX Operating LLC
        fka SFX Holding Corporation
        fka SFX-Huka Operating LLC
        fka SFX-320 Lincoln Operating LLC
        fka SFX-Mokai Operating LLC
        fka SFX-Opium Group Operating LLC
        fka SFX Intermediate Holdco I LLC
        fka SFX-VMX Holding LLC
        fka SFX-Star Island Operating LLC
        fka SFX-Cameo Operating LLC
     902 Broadway, 15th Floor
     New York, NY 10010

     430R Acquisition LLC                      16-10239

     Beatport, LLC                             16-10240

     Core Productions LLC                      16-10241

     EZ Festivals LLC                          16-10242

     Flavorus, Inc.                            16-10243

     ID&T/SFX Mysteryland LLC                  16-10244

     ID&T/SFX North America LLC                16-10245

     ID&T/SFX Q-Dance LLC                      16-10246

     ID&T/SFX Sensation LLC                    16-10247

     ID&T/SFX TomorrowWorld LLC                16-10248

     LETMA Acquisition, LLC                    16-10249

     Made Event, LLC                           16-10250

     Michigan JJ Holdings LLC                  16-10251

     SFX Acquisition LLC                       16-10252

     SFX Brazil LLC                            16-10253

     SFX Canada Inc.                           16-10254

     SFX Development LLC                       16-10255

     SFX EDM Holdings Corporation              16-10256

     SFX Entertainment International II, Inc.  16-10257

     SFX Entertainment International, Inc.     16-10258

     SFX Intermediate Holdco II LLC            16-10259

     SFX Managing Member Inc.                  16-10260

     SFX Marketing LLC                         16-10261

     SFX Platform & Sponsorship LLC            16-10262

     SFX Technology Services, Inc.             16-10263

     SFX/AB Live Event Canada, Inc.            16-10264

     SFX/AB Live Event Intermediate Holdco LLC 16-10265

     SFX/AB Live Event LLC                     16-10266

     SFX-94 LLC                                16-10267

     SFX-Disco Intermediate Holdco LLC         16-10268

     SFX-Disco Operating LLC                   16-10269

     SFXE IP LLC                               16-10270

     SFX-EMC, Inc.                             16-10271

     SFX-Hudson LLC                            16-10272

     SFX-IDT N.A. Holding II LLC               16-10273

     SFX-LIC Operating LLC                     16-10274

     SFX-IDT N.A. Holding LLC                  16-10275

     SFX-Nightlife Operating LLC               16-10276

     SFX-Perryscope LLC                        16-10277

     SFX-React Operating LLC                   16-10278

     Spring Awakening, LLC                     16-10279

     SFXE Netherlands Holdings Cooperatief U.A.16-10280

     SFXE Netherlands Holdings B.V.            16-10281

Type of Business: Global producer of live events and digital
                  entertainment content focused exclusively on the
                  electronic music culture and other world-class
                  festivals.

Chapter 11 Petition Date: February 1, 2016

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

Judge: Hon. Mary F. Walrath

Debtors' Counsel: Dennis A. Meloro, Esq.
                  GREENBERG TRAURIG, LLP
                  The Nemours Building
                  1007 North Orange Street
                  Suite 1200
                  Wilmington, DE 19801
                  Tel: 302-661-7000
                  Fax: 302-661-7360
                  Email: melorod@gtlaw.com

                     - and -

                  Nancy A. Mitchell, Esq.
                  Maria J. DiConza, Esq.
                  Nathan A. Haynes, Esq.
                  GREENBERG TRAURIG, LLP
                  200 Park Avenue
                  New York, NY 10166
                  Tel: (212) 801-9200
                  Fax: (212) 801-6400
                  Email: mitchelln@gtlaw.com
                         diconzam@gtlaw.com
                         haynesn@gtlaw.com

Debtors'          KURTZMAN CARSON CONSULTANTS LLC
Claims and
Noticing
Agent:

Total Assets: $661.6 million

Total Debts: $490.2 million

The petition was signed by Michael Katzenstein, chief restructuring
officer.

List of Debtors' 40 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Mountain B.V.                     Deferred Purchase   $11,682,500
Jeroen H.J. Preller               Price Payment
NautaDutilh N.V.
P.O. Box 1110
Rotterdam, 3000 BC
The Netherlands

Lewis Holding B.V.                Deferred Purchase   $11,682,500
Jeroen H.J. Preller                Price Payment
NautaDutilh N.V.
P.O. Box 1110
Rotterdam, 3000 BC
The Netherlands

Paolo Moreno; Gabriel Moreno;        Settlement        $7,000,000
Lawrence Vavra; John C. Hueston
Hueston Hennigan LLP
523 West 6th Street
Suite 400
Los Angeles, CA 90014

React Presents, Inc.; Clubtix, Inc;   Deferred         $5,829,000
Lucas King; Jeffrey Callahan          Purchase
Harlan D. Khan, Esq.                   Price
Bronson & Khan LLC                    Payment
150 North Wacker Drive
Suite 1400
Chicago, IL 60606

Mike Bindra                           Deferred         $5,000,000
Mitchell Lampert, Esq.                Purchase
Robinson & Cole LLP                     Price
1055 Washington Blvd                  Payment
Stamford, CT 06901

Laura DePalma                         Deferred         $5,000,000
Mitchell Lampert, Esq.                Purchase
Robinson & Cole LLP                     Price
1055 Washington Blvd                   Payment
Stamford, CT 06901

Beggars Canyon Investments Pty        Deferred         $4,320,000
Ltd In                                Purchase
as trustee of the Skywalker            Price
Family Trust                          Payment
David Vodicka, Esq.
Media Arts Lawyers Pty Ltd.
633 Queensberry St.
North Melbourne, VIC 3051
Australia

Nightlife Holdings, LLC                Deferred        $3,000,000
Mitchell C. Littman, Esq.              Purchase
Littman Krooks LLP                       Price
655 Third Avenue                       Payment
20th Fl
New York, NY 10017

Winston Farm Limited Partnership       Contract        $2,750,000
Philip H. Gitlen, Esq.                 Litigation
Whiteman Osterman & Hanna LLP
One Commerce Plaza
Albany, NY 12260

Hoeksema Holdings B.V.                 Deferred        $2,511,465
Mr. R.T. Hoeksema                      Purchase
Daniel Stalperstraat 46 hs              Price
Amsterdam, 1075 XH                     Payment
The Netherlands

Deyson Pty Ltd                         Deferred        $1,800,036
in its capacity as Trustee             Purchase
of the Deyson Trust                    Price
David Vodicka, Esq.                    Payment
Media Arts Lawyers Pty Ltd.
633 Queensberry St.
North Melbourne, VIC 3051
Australia

Peter John Raftopoulos                 Deferred        $1,800,036
in his capacity as Trustee             Purchase
of the Raff Family Trust               Price
David Vodicka, Esq.                    Payment
Media Arts Lawyers Pty Ltd.
633 Queensberry St.
North Melbourne, VIC 3051
Australia

Artists Alliance Australasia           Deferred        $1,800,036
Pty Ltd.                               Purchase
as trustee of The F Cotela             Price
Family Trust                           Payment
David Vodicka, Esq.
Media Arts Lawyers Pty Ltd.
633 Queensberry St.
North Melbourne, VIC 3051
Australia

Paul Hastings LLP                    Legal Services    $1,758,105
William Sullivan, Esq.
515 South Flower Street
Twenty-Fifth Floor
Los Angeles, CA 90071-2228

Wesselink Holdings B.V.                Deferred        $1,635,248
Daniel Stalperstraat 46hs              Purchase
Amsterdam, 1075 XH                      Price
The Netherlands                        Payment

BDO                                   Accounting       $1,156,295
Thomas McLoughlin                      Services
100 Park Avenue
New York, NY 10017

Sellmark International Pty Ltd.       Deferred         $1,080,000
in its capacity as trustee            Purchase
of the Robot Samba Trust                Price
David Vodicka, Esq.                    Payment
Media Arts Lawyers, Ptd. Ltd.
633 Queensberry St.
North Melbourne, VIC 3051
Australia

VistaJet US, Inc.                  Trade Creditor      $1,013,974
112 Charles A. Lindberg Dr.
Teterboro, NJ 07608

Jan Willem van der Meer               Deferred           $792,173
Daniel Stalperstraat 46 hs            Purchase
Amsterdam, 1075 XH                     Price
The Netherlands                       Payment

ID&T BVBA                          Trade Creditor        $641,440
Leuvenstraat 3
Antwerpen, 2000
Belgium

A2 Live                               Contract           $540,138
652 Changshou Rd, Building 10
Suite 107
200060 PRC
China

Berco Beute                           Deferred           $528,113
Daniel Stalperstraat 46 hs            Purchase
Amsterdam, 1075 XH                     Price
The Netherlands                        Payment

Steptoe & Johnson LLP              Legal Services        $480,292
Michael Rennock, Esq.
1114 Avenue of the Americas
New York, NY 10036

American Express                    Credit Card          $450,000
Jodi Hughes
P.O. Box 1270
Account #3-81007
Newark, NJ 07101-1270

Epic Tents                         Trade Creditor        $442,648
1069 Canton Road
Marietta, GA 30066

Joe Rascoff                           Severance          $360,000
Joseph Rascoff
1904 Via Casa Alta
La Jolla, CA 92037

NetSuite                            Trade Creditor       $347,591
2955 Campus Drive
Suite 100
San Mateo, CA 94403

PRS For Music (formerly MCPS)         Publishing         $327,681
2 Pancras Square                        Rights
London, N1C 4AG
United Kingdom

Postlight LLC                        Trade Creditor      $315,000
Rich Ziade
902 Broadway
8th Floor
New York, NY 10010

Facebook, Inc.                       Trade Creditor      $313,904
David M. Serepca
McMahon Serepca LLP
San Carlos Business park
985 Industrial Road, Suite 201
San Carlos, CA 94070

GAIA                                 Trade Creditor      $309,645
1502 Coronet Drive
Dalton, GA 30720

Front Gate Ticketing                 Trade Creditor      $301,385
Solutions LLC
1711 S Congress
Austin, TX 78704

Mabey, Inc.                          Trade Creditor      $290,329
6770 Dorsey Road
Elkridge, MD 21075

Sunbelt Rentals, Inc. (TW)           Trade Creditor      $282,358
2311 S Blue Island Ave
Chicago, IL 60608-4227

Nachtlab                             Trade Creditor      $276,648
Isolatorweg 36
1014
Netherlands

Prisa Mexico                         Trade Creditor      $273,577
Avda. de los Atersanos 6
28760 Tres Cantos
Madrid, Spain

Crowd RX                             Trade Creditor      $269,603
501 Baily Road
Yeadon, PA 19050

Galmiche Entertainment               Trade Creditor      $257,573
429 Waiakamilo Road
Suite 209
Waipahu, HI 96797

Enterprise Rent a Car                Trade Creditor      $250,645
2625 Market Place
Harrisburg, PA 17110

Paxahau                              Trade Creditor      $222,436
326 Hilton Road
Ferndale, MI 48220


SL GREEN: S&P Raises Corp. Credit Rating From 'BB+'
---------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on SL Green Realty Corp. to 'BBB-' from 'BB+'.  The outlook
is stable.

At the same time, S&P affirmed its 'BBB-' unsecured issue-level
ratings and withdrew the '2' recovery rating.

The upgrade reflects S&P's expectation that SL Green will use
proceeds from asset sales to repay debt and continue to benefit
from modest demand and disciplined supply growth in the Manhattan
office market," said credit analyst Anita Ogbara.  "Over the next
two years, we expect debt to EBITDA to decline into the 8.5x to
9.0x area and fixed-charge coverage (FCC) will remain in the 2.0x
to 2.5x range.  We do not anticipate any significant shifts in
financial policy and believe the company will manage future
acquisitions and development with a combination of debt and
equity."

The stable outlook reflects S&P's expectation that SL Green will
continue to use asset sale proceeds to reduce debt.  In S&P's view,
the company's competitively positioned, high quality N.Y. office
portfolio is supported by strong occupancy levels, good quality
tenants, and still favorable supply/demand dynamics, which will
support improving financial leverage and FCC over the next 12 to 18
months.  The stable outlook incorporates S&P's expectation that SL
Green will continue to grow its unencumbered asset base.

S&P would lower ratings if operating performance deteriorates
perhaps because of considerable weakness among tenants in the
financial and legal sectors or if leverage does not improve with
debt to EBITDA remaining above 9.5x or FCC declining to 2.1x on a
sustained basis.  S&P could also lower ratings if the company were
to further encumber its portfolio with additional debt from
acquisitions.

Although less likely, S&P could raise the rating if the company
significantly reduces debt, and continues to outperform similarly
sized peers as evidenced by occupancy and rental rate growth
resulting in fixed-charge coverage measures in the high 2x area and
debt to EBITDA of less than 7.5x on a sustained basis.



SOUNDVIEW ELITE: Trustee Wins Partial Judgment in Suit v. Composite
-------------------------------------------------------------------
Judge Robert E. Gerber of the United States Bankruptcy Court for
the Southern District of New York granted in favor of Corinne Ball,
as Chapter 11 trustee for Soundview Elite Ltd. and its affiliates,
a partial summary judgment and an injunction freezing Soundview
Composite Ltd.'s assets.

Ball, on behalf of Elite, initiated an adversary proceeding to
recover the net asset value of Elite's investment -- which
effectively is everything Composite would have after the payment of
Composite's creditor liabilities, since Elite is the only
shareholder with an economic interest in Composite -- after Elite
made a redemption request that Composite repeatedly acknowledged
but now refuses to honor.  Ball also sought a preliminary
injunction freezing Composite's assets to avoid their dissipation,
and moved for summary judgment.

Alphonse Fletcher, on behalf of Composite, contended that almost
all of the evidence supporting the redemption request is
inadmissible, and that what is admissible is "ambiguous"; that he
can find no record of the redemption request; and that he wasn't
sure whether, assuming any redemption request was made, the request
complied with necessary formalities.  Fletcher also contended that
Composite has the right, under "gating" provisions in the
investment documents, to "gate" Elite's redemption request.

Judge Gerber found Fletcher's position inexplicable and offensive
to the court, and that Fletcher's responses failed to create issues
of fact.  Judge Gerber, however, stated that while the trustee has
satisfactorily shown everything else, the court does not yet have
enough information to fix the exact amount due from Composite to
Elite.

The adversary proceeding is CORINNE BALL, as Chapter 11 Trustee of
SOUNDVIEW ELITE LTD., Plaintiff, v. SOUNDVIEW COMPOSITE LTD.,
Defendant,  Adv. Proc. No. 14-01923 (REG) (Bankr. S.D.N.Y.).

The case is In re SOUNDVIEW ELITE LTD., et al., Chapter 11,
Debtors, Case No. 13-13098 (REG) (Jointly Administered)(Bankr.
S.D.N.Y.).

A full-text copy of Judge Gerber's January 4, 2016 decision is
available at http://is.gd/fituVwfrom Leagle.com.

Corinne Ball, as Chapter 11 Trustee of Soundview Elite Ltd., is
represented by:

          William J. Hine, Esq.
          Veerle Roovers, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017-6702
          Tel: (212)326-3939
          Fax: (212)755-7306
          Email: wjhine@jonesday.com
                 vroovers@jonesday.com

Soundview Composite, Ltd. is represented by:

          Robert Knuts, Esq.
          SHER TREMONTE LLP
          80 Broad Street, Suite 1301
          New York, NY 10004
          Tel: (212)202-2600
          Fax: (212)202-4156
          Email: rknuts@shertremonte.com

                    About SoundView Elite Ltd.

Six mutual funds originally created by Citco Group of Cos.,
including Soundview Elite Ltd., filed petitions for Chapter 11
protection on Sept. 24, 2013, in Manhattan to avoid undergoing
bankruptcy liquidation in the Cayman Islands, where they are
incorporated.

The funds are Soundview Elite (Bankr. S.D.N.Y. Case No. 13-13098)
Soundview Premium, Ltd. (Case No. 13-13099); Soundview Star Ltd.
(Case No. 13-13101); Elite Designated (Case No. 13-13102); Premium
Designated (Case No. 13-13103); and Star Designated (Case No.
13-13104).  The petitions were signed by Floyd Saunders as
corporate secretary.  By order dated Oct. 16, 2013, the Court
directed that the Debtors' bankruptcy cases be procedurally
consolidated and jointly administered.

SoundView Elite Ltd. and two similarly named funds were the target
of a winding-up petitions in the Cayman Islands filed in August by
Citco, which had sold its interest in the funds' manager years
before.  An investor, who was removed from the funds' board in
June, filed a different winding-up petition in August, aimed at
three funds created later to hold illiquid assets.

The Debtor disclosed $20,703,641 in assets and $16,402,671 in
liabilities as of the Chapter 11 filing.  The funds said in a court
filing their total cash assets of about $20 million are held in the
U.S., where the funds are managed.  Court papers list the funds'
total assets as $52.8 million, against debt totaling $28 million.

Judge Robert E. Gerber presides over the U.S. cases.

Warren J. Martin, Jr., Esq., Mark J. Politan, Esq., Terri Jane
Freedman, Esq., and Rachel A. Segall, Esq., at Porzio, Bromberg &
Newman, PC, serve as the Debtors' counsel.  CohnReznick LLP serves
as financial advisor.

Peter Anderson and Matthew Wright, as Joint Official Liquidators of
the Debtors, are represented in the U.S. proceedings by John A.
Pintarelli, Esq., James J. Beha, II, Esq., William H. Hildbold,
Esq., at Morrison & Foerster LLP.

The U.S. Trustee solicited for the formation of an official
committee of unsecured creditors, but to date one has not been
formed.

In April 2014, District Judge J. Paul Oetken affirmed the
Bankruptcy Court order appointing a Chapter 11 trustee for
SoundView Elite Ltd. and its affiliated debtors, and tossed pro se
appeals filed by Alphonse Fletcher, Jr. and George E. Ladner, the
sole directors of the mutual funds.


SPANISH BROADCASTING: BlackRock Holds 5.2% of Class A Shares
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 216,930 shares of Class A common stock of Spanish
Broadcasting, Inc., representing 5.2 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/tjcxsQ

                  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 AMBULANCE: Case Summary & 8 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Star Ambulance Service, LLC
           fka Star EMS
        PO Box 1250
        Elsa, TX 78543

Case No.: 16-70051

Nature of Business: Health Care

Chapter 11 Petition Date: January 29, 2016

Court: United States Bankruptcy Court
       Southern District of Texas (McAllen)

Judge: Hon. Eduardo V Rodriguez

Debtor's Counsel: Marcos Demetrio Oliva, Esq.
                  MARCOS D. OLIVA, PC
                  223 W. Nolana
                  McAllen, TX 78504
                  Tel: 956-683-7800
                  Fax: 866-868-4224
                  Email: marcos@olivalawfirm.com

Total Assets: $800,000

Total Liabilities: $1.55 million

The petition was signed by Silvia Martinez, member.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/txsb16-70051.pdf


SYNIVERSE HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on Tampa-based Syniverse Holdings Inc.  The
outlook is stable.

At the same time, S&P affirmed the 'B+' issue-level rating on the
company's senior secured debt.  The recovery rating remains '2',
indicating S&P's expectation for substantial (70%-90%; at the lower
end of the range) recovery in the event of a payment default.  S&P
also affirmed the 'CCC+' issue-level rating on Syniverse's 9.125%
senior notes due 2019.  The recovery rating on this debt remains
'6', which indicates S&P's expectation of negligible (0%-10%)
recovery in the event of a payment default.

"The rating reflects our expectation that adjusted debt to EBITDA
will remain elevated, in the mid-7x area over the next year," said
Standard & Poor's credit analyst Eric Nietsch.

The business continues to face revenues declining in the
mid-single-digit range year over year due to volume declines from
code division multiple access (CDMA) roaming transactions, and the
legacy messaging businesses, currency challenges, and pricing
pressure from competition in the global system for mobile
communications (GSM) clearing and settlement business.
Additionally, the loss of a $20 million contract with a mobile
virtual network operator (MVNO) will hamper operating performance
over the next year.  However, Syniverse has a degree of revenue
visibility through the recurring and contractual nature of the
business, and S&P believes the company will continue to generate
solid FOCF.

The outlook is stable and reflects S&P's expectation that adjusted
leverage will remain elevated over the next year because of pricing
pressure and volume declines in the CDMA and messaging businesses,
although longer-term trends should be favorable because of strong
growth in mobile data traffic.  Moreover, despite S&P's expectation
for continued revenue and EBITDA declines in the near term, we
believe the company will still generate healthy amounts of FOCF.

S&P could lower the ratings if it do not believe that Syniverse has
a credible plan to address sizeable debt maturities in 2018 and is
on a path to revenue growth in 2017.  Additionally, S&P could lower
the ratings if the operating performance is materially weaker than
S&P expects because of volume declines, pricing pressure or both
such that FOCF generation and liquidity deteriorate.

Although unlikely in the near term, S&P could raise the ratings if
the company is able to grow revenue on a sustainable basis and
margins improve to the mid- to high-30% area, resulting in leverage
declining to the low-5x area on a sustained basis.  This would have
to be accompanied by an extended debt maturity schedule.



TENET HEALTHCARE: BlackRock Reports 8.8% Stake as of Dec. 31
------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of Dec. 31, 2015, it
beneficially owns 8,774,888 shares of common stock of Tenet
Healthcare Corp. representing 8.8 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at http://is.gd/tpTKil

                            About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported net income attributable to the Company's
shareholders of $12 million for the year ended Dec. 31, 2014,
compared to a net loss attributable to the Company's shareholders
of $134 million during the prior year.

As of Sept. 30, 2015, the Company had $23.2 billion in total
assets, $20.5 billion in total liabilities, $1.68 billion in
redeemable noncontrolling interests in equity of consolidated
subsidiaries and $1.01 billion in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TLH INVESTMENTS: Court Denies Sale, Converts Case to Ch. 7
----------------------------------------------------------
Judge Frank W. Volk of the United States Bank Court for the
Southern District of West Virginia, Charleston, denied TLH
Investments, LLC's motion to sell real property, and instead
granted the United State's Trustee's motions to convert the
bankruptcy cases of TLH and Timothy Lee Hopkins to Chapter 7
proceedings.

On October 29, 2015, TLH moved for approval to sell to Happy Coe
Investments LLC a parcel consisting of approximately 1.06 acres
located at Cobb Landing on Elk River Road in Kanawha County.  The
proposed sale price was $450,000.  MarkWest Energy Partners, L.P.,
objected to the proposed sale and sought to purchase the one acre
parcel as well as an adjacent undeveloped five-plus acres for
$565,000, plus payment of the sewage bill.

Judge Volk held that, although it may or may not be that MarkWest's
proposal is ultimately superior to that presented by Happy Coe, the
reasonable prospect that it may be or that it might spark even
better offers warrants disapproval of the sale by TLH to Happy Coe.
The judge concluded that value maximization would be best served
by disapproving the proposed sale and permitting the process to
proceed under Chapter 7, as proposed by the United States Trustee.

The case is IN RE: TLH INVESTMENTS, LLC, d/b/a Clendenin Laundromat
d/b/a Gold Key Realty, Chapter 11, Debtor in Possession. IN RE:
TIMOTHY LEE HOPKINS, Debtor in Possession, Case Nos. 14-20442,
14-20441 (Bankr. S.D.W.Va.).

A full-text copy of Judge Volk's January 4, 2016 memorandum opinion
and order is available at http://is.gd/siPdMBfrom Leagle.com.

Timothy Lee Hopkins is represented by:

          Scott A. Adkins, Esq.
          WORKFORCE WV LEGAL SECTION
          1321 Plaza East Shopping Ctr.
          Charleston, WV
          Tel: (304)558-0291
          Fax: (304)558-1979

            -- and --    

          Andrew S. Nason, Esq.
          William W. Pepper, Esq.
          PEPPER & NASON
          8 Hale Street
          Charleston, WV 25301
          Tel: (304)346-0361
          Fax: (304)346-1054

United States Trustee is represented by:

          David L. Bissett, Esq.
          U.S. TRUSTEES OFFICE
          300 Virginia Street East
          Room 2025 (2nd Floor)
          Charleston, WV 25301
          Tel: (304)347-3400
          Fax: (304)347-3402


TROPICANA ENTERTAINMENT: Court Clarifies 75/25 Allocation Decision
------------------------------------------------------------------
Judge Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware issued a memorandum and order clarifying the
75/25 split of professional fees in his previous allocation
decision.

On December 30, 2014, Judge Carey issued a Memorandum Regarding Fee
Allocation Dispute and an Order Regarding Fee Allocation Dispute,
in which the judge determined that the professional fees incurred
through June 30, 2009, should be allocated 75% to the OpCo Debtors
and 25% to the Liquidating LandCo Debtors and Tropicana Las Vegas,
Inc.  The parties, however, disagreed over the scope of the
Allocation Decision.

Judge Carey clarified that the 75/25 split of professional fees in
the Allocation Decision is limited to the issues arising in
connection with the Professional Fee Escrow Account contained in
the LandCo Debtors' confirmed plan or, more specifically, the
professional fees that were unpaid as of the effective date of the
LandCo Debtors' plan.  Judge Carey also concluded that the OpCo
Debtors' inclusion of a claim for professional fees under the
post-confirmation Intercompany Agreement is overreaching,
inequitable and inconsistent with the confirmed plans.

The case is In re: TROPICANA ENTERTAINMENT, LLC, et al., Chapter
11, Reorganized Debtors,  Case No. 08-10856 (KJC) (Bankr. D.
Del.).

A full-text copy of Judge Carey's January 5, 2016 memorandum and
order is available at http://is.gd/MR0rtYfrom Leagle.com.

Tropicana Entertainment, LLC is represented by:

          John J. Amberg, Esq.
          Wendy L. Bloom, Esq.
          David H. DeCelles, Esq.
          Seth A. Gastwirth, Esq.
          Scott Kitei, Esq.
          David J. Zott, Esq.
          KIRKLAND & ELLIS, LLP
          300 North LaSalle
          Chicago, IL 60654
          Tel: (312)862-2000
          Fax: (312)862-2200
          Email: wendy.bloom@kirkland.com
                 david.zott@kirkland.com
                           
            -- and --

          Joseph Charles Barsalona, II, Esq.
          Mark D. Collins, Esq.
          Daniel J. DeFranceschi, Esq.
          Paul N. Heath, Esq.
          Cory D. Kandestin, Esq.
          Lee E. Kaufman, Esq.
          Jason M. Madron, Esq.
          Michael W. Romanczuk, Esq.
          Zachary I Shapiro, Esq.
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          920 North King Street
          Wilmington, DE 19801
          Tel: (302)651-7700
          Fax: (302)651-7701
          Email: barsalona@rlf.com
                 collins@rlf.com
                 defranceschi@rlf.com
                 heath@rlf.com
                 kandestin@rlf.com
                 kaufman@rlf.com
                 madron@rlf.com
                 shapiro@rlf.com

            -- and --

          Robert S. Brady, Esq.
          YOUNG, CONAWAY, STARGATT & TAYLOR, LLP
          Rodney Square
          1000 North King Street
          Wilmington, DE 19801
          Tel: (302)571-6600
          Fax: (302)571-1253
          Email: rbrady@ycst.com

            -- and --

          Marc Jason Carmel, Esq.
          Kyle J. Ortiz, Esq.
          PAUL HASTINGS LLP
          71 S. Wacker Drive 45th Floor
          Chicago, IL 60606
          Tel: (312)499-6000
          Fax: (312)499-6100
          Email: marccarmel@paulhastings.com

            -- and --

          Scott D. Cousins, Esq.
          BAYARD, P.A.
          222 Delaware Avenue Suite 900
          Wilmington, DE 19801
          Tel: (302)655-5000
          Fax: (302)658-6395
          Email: scousins@bayardlaw.com

            -- and --

          L. Katherine Good, Esq.
          WHITEFORD TAYLOR & PRESTON LLC
          The Renassance Centre, Suite 500
          405 North King Street
          Wilmington, DE 19801-3700
          Tel: (302)353-4144
          Fax: (302)661-7950
          Email: kgood@wtplaw.com

            -- and --

          Travis A. McRoberts, Esq.
          AKIN GUMP STRAUSS HAUER & FELD LLP
          1700 Pacific Avenue, Suite 4100
          Dallas, TX 75201-4624
          Tel: (214)969-2800
          Fax: (214)969-4343
          Email: tmcroberts@akingump.com

United States Trustee is represented by:

          Richard L. Schepacarter, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          844 King Street Suite 2207
          Lockbox 35
          Wilmington, DE 19801
          Tel: (302)573-6491
          Fax: (302)573-6497

Kurtzman Carson Consultants LLC , Claims Agent, is represented by:

          Albert Kass, Esq.
          KURTZMAN CARSON CONSULTANTS, LLC
          1290 Avenue of the Americas 9th Floor
          New York, NY 10104
          Tel: (917)281-4800
          Email: akass@kccllc.com

Official Committee of Unsecured Creditors, Creditor Committee, is
represented by:

          Thomas F. Driscoll, III, Esq.
          John A. Sensing, Esq.
          MORRIS NICHOS ARSHT TUNNELL, LLP
          1201 North Market Street, 16th Floor
          Wilmington, DE 19899-1347
          Tel: (302)658-9200
          Fax: (302)658-3989

                 About Tropicana Entertainment

Tropicana Entertainment Inc. owned and operated nine casinos and
resorts in Indiana, Louisiana, Mississippi, Nevada and New Jersey.
The Company owns approximately 6,000 rooms, 9,000 slot positions
and 250 table games.  In addition, the Company owns a development
property in Aruba.  The company is based in Las Vegas, Nevada.

Tropicana Entertainment LLC and certain affiliates filed for
Chapter 11 protection (Bankr. D. Del. Case No. 08-10856) on May 5,
2008.  Kirkland & Ellis LLP and Mark D. Collins, Esq., at Richards
Layton & Finger, represent the Debtors in their restructuring
efforts.  Their financial advisor is Lazard Ltd.  Their notice,
claims, and balloting agent is Kurtzman Carson Consultants LLC.
Epiq Bankruptcy Solutions LLC is the Debtors' Web site
administration agent.  AlixPartners LLP is the Debtors'
restructuring advisor.  Stroock & Stroock & Lavan LLP and Morris
Nichols Arsht & Tunnell LLP represent the Official Committee of
Unsecured Creditors in this case.  Capstone Advisory Group LLC is
financial advisor to the Creditors' Committee.

The OpCo Debtors, a group of Tropicana entities owning casinos and
resorts in Atlantic City, New Jersey and Evansville, Indiana
obtained confirmation from the Bankruptcy Court of a
reorganization plan.  On April 29, 2009, non-debtor units of the
OpCo Debtors, designated as the New Jersey Debtors -- Adamar of
New Jersey, Inc., and its affiliate, Manchester Mall, Inc. --
filed for Chapter 11 (Bankr. D.N.J. Lead Case No. 09- 20711) to
effectuate a sale of the Atlantic City Resort and Casino to a
group of Investors-led by Carl Icahn.   Judge Judith H. Wizmur
presides over the cases.  Manchester Mall is a wholly owned
subsidiary of Adamar that owns and operates certain real property
utilized in the New Jersey Debtors' business operations.
Effective March 2010, Tropicana Entertainment successfully emerged
from the Chapter 11 reorganization process as an Carl Icahn-owned
entity.

A group of Tropicana entities, known as the LandCo Debtors, which
own Tropicana casino property in Las Vegas, have obtained approval
of a separate Chapter 11 plan.

Ilana Volkov, Esq., and Michael D. Sirota, Esq., at Cole, Schotz,
Meisel, Forman & Leonard, in Hackensack, New Jersey, represented
the New Jersey Debtors.  Kurtzman Carson Consultants LLC acts as
their claims and notice agent.  Adamar disclosed $500 million to
$1 billion both in total assets and debts in its petition.
Manchester Mall disclosed $1 million to $10 million in total
assets, and less than $50,000 in total debts in its petition.

Debtors Adamar of New Jersey Inc. and Manchester Mall Inc. have
merged into Adamar of NJ In Liquidation, LLC.  The merger and name
change is in accordance with an Amended and Restated Purchase
Agreement, which governs the sale and transfer of the operations
of the Tropicana Casino and Resort - Atlantic City, including
substantially all of the New Jersey Debtors' assets, to Tropicana
Entertainment Inc., Tropicana Atlantic City Corp., and Tropicana
AC Sub Corp., free and clear of any and all liens, claims and
encumbrances.


U.S. STEEL CANADA: Sale or Investment Bids Due Feb. 29
------------------------------------------------------
U.S. Steel Canada Inc. is commencing a Sale and Investment
Solicitation Process (SISP) pursuant to an order of the Ontario
Superior Court of Justice, Commercial List (Toronto) dated Jan. 12,
2016.

USSC's assets subject to the SISP are:

     -- 813 acres of real property located on Hamilton Harbour
        in Hamilton, Ontario, and coke ovens, assets used for
        iron-making, steelmaking and finishing, and other
        operating assets, and business operations located in
        Hamilton, Ontario; and

     -- 6,600 acres of real property located in Nanticoke,
        Ontario, coke ovens, assets used for iron-making and
        steelmaking, hot rolling, and pickling, and other
        operating assets and business operations located in
        Nanticoke, Ontario.

The SISP is intended to solicit interest in and opportunities for a
sale, restructuring or recapitalization of USSC's assets and
business operations.  The opportunity may include one or more of a
restructuring, recapitalization or other form of reorganization of
the business and affairs of USSC as a going concern, or a sale of
all, substantially all, or one or more components of its assets and
business operations.

The SISP will have two phases:

     1. Parties who have netered into a non-disclosure agreement
        will be provided with information and the opportunity to
        submit a non-binding letter of interest by Feb. 29, 2016;

     2. All parties that have submitted Qualified LOIs, have a
        bona fide interest in USSC, and have the financial
        capability to consummate a transaction may be invited to
        Phase 2, which will include detailed due diligence and
        access to a confidential data room.

Those who wish to participate in the SISP must provide Rotschild
Inc., USSC's financial advisor, wth an NDA and a letter setting
forth the identity of that potential bidder and other information.
Rothschild may be reached at:

      Gideon Volschenk, Director
      ROTHSCHILD INC.
      1251 Avenue Of The Americas 44Th Floor
      New York, NY 10020
      Tel: 202-862-1677

Pursuant to the Initial CCAA Order, USSC is authorized to pursue
all avenues of a sale or refinancing of its business or property,
subject to prior Court approval.

Lawyers for USSC said in a court filing that, "It is appropriate to
initiate the SISP at this time as it: (a) permits USSC to reach the
SISP milestones set out in the Amended and Restated Replacement DIP
Term Sheet; (b) provides sufficient time for USSC, the Financial
Advisor and the Monitor to properly
execute the SISP before the last extension to the Amended and
Restated DIP Term Sheet expires in December, 2016; (c) permits the
completion of a potential transaction prior to the annual
automotive contract negotiations for 2017, which are considered to
be of significant value to potential purchasers; and (d)
accommodates USSC's annual raw material purchasing cycle."

USSC is a two-site leading integrated steel producer whose assets
include blast furnace operations, coke ovens, steelmaking
facilities, and hot-rolling, picking, cold-rolling and galvanizing
lines.  In addition to the currently operating assets, USSC assets
include idled production equipment which could be restarted.

USSC obtained an initial order under the Companies' Creditors
Arrangement Act (Canada) on Sept. 16, 2014.  Ernst & Young Inc. was
appointed monitor of the Company.

The Monitor may be reached at:

     Alex Morrison, Senior Vice President
     Ernst & Young Inc.
     Tel: (416) 941 7743
     E-mail: alex.f.morrison@ca.ey.com

Lawyers for USSC are:

     McCARTHY TETRAULT LLP
     Toronto Dominion Bank Tower, Suite 5300
     Toronto, ON M5K 1E6
     Fax: (416) 868-0673

     James D. Gage, Esq.
     Tel: (416) 601-7539
     Fax: (416) 868-0673
     Email: jgage@mccarthy.ca

     Paul Steep, Esq.
     Tel: (416) 601-7998
     Email: psteep@mccarthy.ca

     Kelly Peters, Esq.
     Tel: (416) 601-8281
     Email: kpeters@mccarthy.ca



US STEEL: S&P Lowers CCR to 'B', Outlook Negative
-------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on Pittsburgh-based steel company U. S. Steel Corp.
to 'B' from 'BB-'.  The outlook is negative.  At the same time, S&P
lowered its issue-level rating on the company's senior unsecured
notes to 'B' from 'BB-'.  S&P also revised its recovery rating on
the unsecured notes to '4' from '3', indicating its expectation for
average (30% to 50%; upper half of the range) recovery in the event
of payment default.

"The negative outlook on U. S. Steel Corp. is based on our
expectation that weakness in the steel market will persist over the
next 12 months, continuing to weigh on operating performance," said
Standard & Poor's credit analyst William Ferara.  "This weakness is
expected to result in strained key credit measures, zncluding
adjusted debt to EBITDA of about 10x, EBITDA interest coverage of
roughly 1.25x, and minimal free operating cash flow in 2016.
Although we expect the company's liquidity position will remain
exceptional, we recognize that the company's cash balance could
decline in 2016, reducing a key source of liquidity unless steel
market conditions and prices improve."

S&P could lower the rating if steel prices remain under pressure
whether due to a deterioration in end-market demand or a
continuation of elevated import levels.  Under such a scenario, S&P
would expect 2016 adjusted debt leverage to materially exceed 10x
and for EBITDA interest coverage to be below 1x, which could lead
to a negative rating action.  Potentially favorable rulings on the
trade cases and the subsequent impact on steel prices could be more
visible as 2016 progresses and will be a key determining factor for
the credit rating.  S&P could also lower the rating if the
company's liquidity position were characterized as adequate or
less, which could occur if S&P expects the ratio of the company's
liquidity sources to uses to be less than 1.2x over the next 12
months or its qualitative liquidity factors hamper its quantitative
liquidity considerations.

S&P could revise the outlook to stable if there is an improvement
in the long-term fundamentals for the steel sector and U. S.
Steel's cash flow generation, resulting in credit measures that are
consistent with the current rating.  For instance, to revise the
outlook to stable S&P would expect debt to EBITDA of roughly 7x to
8x and adjusted EBITDA interest coverage of more than 1.5x in 2016.
Although S&P views an upgrade as unlikely in the next 12 months,
it could raise the rating if the company's credit ratios and
overall steel market conditions notably improve.



WALTER ENERGY: Can Borrow Up to $50-Mil., Court Says
----------------------------------------------------
Dawn McCarty, writing for Bloomberg Brief - Distress & Bankruptcy,
reported that U.S. Bankruptcy Judge Tamara Mitchell in Birmingham,
Alabama, authorized Walter Energy, which filed for bankruptcy
protection on July 15, 2015, received received court approval for
$50 million in debtor-in-possession financing.

According to the report, first-lien lenders, including the largest
holders Apollo, GSO and Franklin, will
backstop the loan.

Walter will seek approval to sell certain non-core assets on Feb.
3, the report said.  The Birmingham-based coal mining company
received court permission Jan. 11 to sell its Alabama coal
operation for $1.25 billion to lenders who banded together as Coal
Acquisition, the report related.

                      About Walter Energy

Walter Energy -- http://www.walterenergy.com/-- is a publicly  
traded "pure-play" metallurgical coal producer for the global
steel
iindustry 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.


WALTER ENERGY: To Sell Remaining U.S. Assets to VCLF's Seminole
---------------------------------------------------------------
Walter Energy, Inc. on Feb. 1 disclosed that it has signed an asset
purchase agreement with Seminole Coal Resources, LLC, ERP Compliant
Coke, LLC and ERP Environmental Fund, Inc. ("Seminole") all related
to ERP Compliant Fuels, LLC ("ERP"), an affiliate of Virginia
Conservation Legacy Fund, Inc. ("VCLF"), for its remaining U.S.
assets.

The agreement provides for the acquisition of substantially all of
the Company's remaining U.S. assets after giving effect to its
previously-announced agreement with an entity owned by certain of
the Company's senior lenders.  The assets of the Company's Canadian
or United Kingdom subsidiaries are also excluded from the
transaction.

Under the terms of the agreement, Seminole will acquire Walter
Energy's assets in West Virginia, including the Gauley Eagle and
Maple properties, as well as Walter Coke and Taft in Alabama.  As
part of the acquisition, Seminole will assume liabilities related
to the assets it is acquiring.

"The asset sale agreements we have negotiated during Walter
Energy's restructuring process -- first with members of our senior
lender group and now with ERP and VCLF -- together represent the
best possible outcome for Walter Energy, its creditors, employees,
and other stakeholders under the very difficult circumstances we
have faced in our industry," said Walt Scheller, Chief Executive
Officer.  "Over the last several months we have worked hard to
build a path forward for our operations, while also ensuring the
Company's environmental obligations are appropriately addressed to
the highest standards.  VCLF has established a strong track record
in this area, and we are very pleased to be partnering with them in
this transaction."

The agreement was filed on Feb. 1 with the Bankruptcy Court for the
Northern District of Alabama in connection with a proposed,
court-approved sale process under section 363 of the Bankruptcy
Code.  On July 15, 2015, Walter Energy and its U.S. subsidiaries
filed for relief under chapter 11 of the U.S. Bankruptcy Code in
the Bankruptcy Court for the Northern District of Alabama.

PJT Partners is serving as financial advisor and Paul, Weiss,
Rifkind, Wharton & Garrison LLP and Bradley Arant Boult Cummings
LLP are serving as legal advisors to Walter Energy.

                      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.


WILLIAM JACOB MANAGEMENT: Voluntary Chapter 11 Case Summary
-----------------------------------------------------------
Debtor: William Jacob Management, Inc.
        16350 Park Ten Place, Suite 100
        Houston, TX 7784

Case No.: 16-30490

Chapter 11 Petition Date: January 29, 2016

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. David R Jones

Debtor's Counsel: Wayne Kitchens, Esq.
                  HUGHES WATTERS ASKANASE LLP
                  Total Plaza
                  1201 Louisiana, 28th Floor     
                  Houston, TX 77002
                  Tel: 713-759-0818
                  Fax: 713-759-6834
                  Email: jwk@hwallp.com

Total Assets: $2.26 million

Total Liabilities: $16,641

The petition was signed by Michael P. Duffy, president.

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


YRC WORLDWIDE: BlackRock Reports 5.5% Stake as of Dec. 31
---------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc.. disclosed that as of Dec. 31, 2015, it
beneficially owns 1,787,584 shares of common stock of YRC
Worldwide, Inc. representing 5.5 percent of the shares outstanding.
A copy of the regulatory filing is available for free at
http://is.gd/VRtAjQ

                    About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

YRC Worldwide reported a net loss attributable to common
shareholders of $85.8 million in 2014, a net loss attributable to
common shareholders of $83.6 million in 2013 and a net loss
attributable to common shareholders of $140.4 million in 2012.

As of Sept. 30, 2015, the Company had $1.96 billion in total
assets, $2.39 billion in total liabilities and a $427 million total
shareholders' deficit.

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
had upgraded the Corporate Family Rating for YRC Worldwide from
'Caa3' to 'B3', following the successful closing of its refinancing
transactions.

In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings
Services said that it has raised its corporate credit rating on
Overland, Kan.-based less-than-truckload (LTL) trucking company YRC
Worldwide to 'B-' from 'CCC+'.

"The upgrade reflects YRC's earnings growth and improved liquidity
position, along with our belief that gradual improvement in the
company's operating performance will result in credit measures that
are commensurate with the rating," said Standard & Poor's credit
analyst Michael Durand.


YRC WORLDWIDE: Marc Lasry Reports 14.7% Stake as of Jan. 28
-----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Marc Lasry disclosed that as of Jan. 28, 2016, he
beneficially owns 4,795,767 shares of common stock of YRC Worldwide
Inc. representing 14.7 percent of the shares outstanding.  

Also included in the filing are the following reporting persons:

                                      Number of    Percentage
Name                                   Shares      of Shares
----                                 ---------    ----------
Avenue Spec VI                        3,458,612         10.6%
Avenue Special Opportunities          1,337,155          4.1%
Avenue Capital VI                     3,458,612         10.6%  
GL VI                                 3,458,612         10.6%  
Avenue SO Capital Partners I, LLC     1,337,155          4.1%
GL SO Partners I, LLC                 1,337,155          4.1%
Avenue Capital Management II          4,795,767  14.7%
GenPar                                4,795,767         14.7%

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

                        http://is.gd/ZW6cqD

                        About YRC Worldwide

Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ:
YRCW) -- http://www.yrcw.com/-- is a holding company that offers
its customers a wide range of transportation services.  These
services include global, national and regional transportation as
well as logistics.

YRC Worldwide reported a net loss attributable to common
shareholders of $85.8 million in 2014, a net loss attributable to
common shareholders of $83.6 million in 2013 and a net loss
attributable to common shareholders of $140.4 million in 2012.

As of Sept. 30, 2015, the Company had $1.96 billion in total
assets, $2.39 billion in total liabilities and a $427 million total
shareholders' deficit.

                            *    *    *

As reported by the TCR on Feb. 18, 2014, Moody's Investors Service
had upgraded the Corporate Family Rating for YRC Worldwide from
'Caa3' to 'B3', following the successful closing of its refinancing
transactions.

In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings
Services said that it has raised its corporate credit rating on
Overland, Kan.-based less-than-truckload (LTL) trucking company YRC
Worldwide to 'B-' from 'CCC+'.

"The upgrade reflects YRC's earnings growth and improved liquidity
position, along with our belief that gradual improvement in the
company's operating performance will result in credit measures that
are commensurate with the rating," said Standard & Poor's credit
analyst Michael Durand.


ZOGENIX INC: BlackRock Reports 6.5% Stake as of Dec. 31
-------------------------------------------------------
BlackRock, Inc. disclosed in a Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2015, it
beneficially owns 1,610,823 shares of common stock of Zogenix Inc.
representing 6.5 percent of the shares outstanding.  A copy of the
regulatory filing is available at http://is.gd/sloMk7

                         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.


[*] 13 Taube Summers Bankruptcy Lawyers Join Waller in Austin
-------------------------------------------------------------
The lawyers from Taube Summers Harrison Taylor Meinzer Brown, LLP,
a preeminent bankruptcy and civil litigation boutique firm in
Austin, Texas, have joined Waller Lansden Dortch & Davis, LLP, a
leading provider of legal services to the healthcare, financial
services, technology, retail and hospitality industries.  Thirteen
trial attorneys with reputations for handling significant and
complex litigation and bankruptcy restructuring have joined
Waller's Austin office which the firm opened in 2012.  Taube
Summers is recognized by Best Lawyers as a Tier One law firm in
Texas with top-tier rankings in Bankruptcy and Creditor Debtor
Rights / Insolvency and Reorganization Law; Commercial Litigation;
Litigation - Banking & Finance; Litigation - Bankruptcy; and
Litigation - Real Estate.

Handling large, complex litigation matters in federal and state
courts, as well as arbitration disputes for clients ranging from
start-ups and small businesses to Fortune 500 companies, the
lawyers from Taube Summers represent clients in banking, insurance,
real estate, securities, technology, energy, manufacturing,
construction, professional services, entertainment and other
industries.  The Taube Summers lawyers have significant experience
in real estate entitlement litigation, workouts, bankruptcy
reorganization and litigation, as well as partnership, trust and
fiduciary litigation and employment matters.

"Joining forces with Taube Summers presents a very real competitive
advantage for our clients and our law firm," said Waller chairman
Matt Burnstein.  "These are battle-tested trial attorneys who have
earned reputations for getting results in high-stakes and
high-pressure litigation."

"It is a tremendous opportunity for us to align with Waller.
Waller's transactional and regulatory practices will be great
assets for our clients, and Waller's litigation and restructuring
teams add valuable depth and experience for the litigation and
bankruptcy cases we handle," said Eric Taube.  "With Waller we
found a like-minded firm that shares our personal approach and
commitment to client service and to being both advocates for and
trusted advisors to our clients."

"This is an example of our continued focus on having the best
talent at every position," Mr. Burnstein said.  "We aggressively
recruit highly skilled veteran attorneys with proven experience as
well as promising young attorneys who will begin their careers at
Waller.  Our goal is to expand and enhance our team throughout the
country, and the lawyers joining us from Taube Summers are perfect
matches for that strategy."

Waller now has more than 225 attorneys in Nashville and Memphis,
Tenn., Birmingham, Ala. and Austin. The 13 attorneys who joined
Waller are:

Eric J. Taube - focuses on complex commercial and business
litigation; bankruptcy restructuring and litigation; securities
litigation; real estate litigation; employment law; and fiduciary
litigation.  Mr. Taube earned his J.D., cum laude, in 1983 from the
University of Houston Law Center and his B.A. in 1979 from
Vanderbilt University. Before forming Taube Summers, Taube was a
partner at Liddell Sapp in Austin and Houston.

Rick Harrison - focuses on complex commercial litigation; estate
and trust litigation; intellectual property disputes, professional
malpractice cases; employment law; and general civil litigation.
Mr. Harrison earned his J.D. in 1968 from the University of Texas
School of Law and his B.B.A. in 1966 from the University of Texas
at Austin.  Before joining Taube Summers, Mr. Harrison was a
partner at Fritz, Byrne, Head & Harrison, LLP in Austin and also
served as the head of the litigation section in the Austin office
of Jones Day.

Mark C. Taylor - focuses on bankruptcy, restructuring, creditors'
rights and collections; complex commercial litigation and business
torts; appellate law and general civil litigation.  Mr. Taylor
earned his J.D. in 1987 from the University of Texas School of Law
and his B.A. in 1984 from Rice University. Before joining Taube
Summers, Taylor practiced at Liddell Sapp.

B. Neal Meinzer - focuses on construction litigation; creditors'
rights and collections; complex commercial litigation and business
torts; and general civil litigation.  Mr. Meinzer earned his J.D.
in 1996 from St. Mary's School of Law and his B.A. in 1992 from the
University of Texas at Austin.

Kevin Brown - focuses on complex commercial litigation and business
torts; entertainment law and intellectual property litigation;
employment law; and general civil litigation;
Mr. Brown earned his J.D. in 1998 from the University of Texas
School of Law and his B.A., cum laude, in 1995 from Northwestern
University. Before joining Taube Summers, Mr. Brown was an
associate with Orrick, Herrington & Sutcliffe LLP and Pryor Cashman
LLP and a partner with Fritz, Byrne, Head & Harrison, LLP in
Austin.

S. Alex King - focuses on complex commercial litigation and
business torts; employment law; and general civil litigation.  
Ms. King earned her J.D. in 2004 from Harvard Law School and her
B.B.A, magna cum laude, in 2001 from the University of Texas at El
Paso.  Before joining Taube Summers, King was a partner at Fritz,
Byrne, Head & Harrison, LLP in Austin and an associate with Orrick,
Herrington & Sutcliffe LLP in New York.

Paul Matula - focuses on commercial landlord and tenant disputes;
construction litigation; creditors' rights and collections;
employment law and general civil litigation; Mr. Matula earned his
J.D. in 1990 from the University of Texas School of Law and his
Bachelor of Journalism degree in 1987 from the University of Texas
at Austin. Before joining Taube Summers, Mr. Matula served for nine
years as Assistant Attorney General in the Texas Attorney General's
Office.

Jamie McGonigal - focuses on complex commercial litigation and
business torts; estate and trust litigation; securities litigation;
and general civil litigation.  Ms. McGonigal earned her J.D., with
honors, in 1998 from the University of Texas School of Law and her
B.A., magna cum laude, in 1995 from Texas Tech University.

Morris D. Weiss - focuses on bankruptcy; restructuring, and
creditors' rights and collections; and complex commercial
litigation and business torts.  Mr. Weiss earned his J.D. in 1985
from South Texas College of Law and his B.S. in 1981 from Babson
College.  Before joining Taube Summers, Mr. Weiss was Managing
Director of Tejas Securities Group, Inc., Senior Vice President and
General Counsel of National Bancshares Corporation of Texas, and a
partner with Weil Gotshal and Manges LLP.

Christopher G. Bradley - focuses on complex commercial litigation
and business torts; bankruptcy, restructuring, creditors' rights
and collections; securities litigation; and appellate law. Bradley
earned his J.D., magna cum laude, in 2007 and an LL.M. in
International Legal Studies in 2008 from New York University School
of Law.  He holds a Master's degree (2003) and a Doctorate (2008)
in English Literature from Oxford University.  Mr. Bradley earned
his B.A., summa cum laude, in 2001 from Princeton University.
Before joining Taube Summers, Mr. Bradley was a Judicial Law Clerk
in the U.S. Bankruptcy Court in the Western District of Texas and
an associate with Weil Gotshal and Manges LLP.

Cleveland R. Burke - focuses on complex commercial litigation and
business torts; bankruptcy, restructuring, creditors' rights and
collections; and appellate law.  Mr. Burke earned his J.D., with
high honors, in 2008 from the University of Texas School of Law and
his B.A., magna cum laude, in 2001 from Duke University.  Before
joining Taube Summers, Burke was an associate with Thompson &
Knight LLP.

Rola Daaboul - focuses on commercial landlord and tenant disputes;
construction litigation; entertainment law; intellectual property
litigation; professional malpractice cases; and securities
litigation.  Ms. Daaboul earned her J.D. in 2010 from South Texas
College of Law and her B.A. from the University of Texas at Austin.
Before joining Taube Summers, Ms. Daaboul practiced at Reed &
Scardino LLP in Austin.

Andrew Preston Vickers - focuses on complex commercial litigation
and business torts; and general civil litigation.  He earned his
J.D. in 2012 from the University of Texas School of Law and his
B.A. in 2008 from the University of Texas at Austin where he
graduated Phi Beta Kappa.

                         About Waller

With more than 225 attorneys in Nashville and Memphis, Tenn.,
Birmingham, Ala., and Austin, Tex., Waller --
http://www.wallerlaw.com-- assists clients in complex
transactional, regulatory and litigation matters.  The firm has
built a national reputation for its work in healthcare, financial
services, retail and hospitality, and has extensive experience in
manufacturing, real estate, technology and other industries.


[*] Energy Veteran Joins Paul Hastings in Houston
-------------------------------------------------
Paul Hastings LLP, a leading global law firm, announced today that
Rick Burleson has joined the firm to head the Oil and Gas practice
group out of the firm's Houston office. He joins from Burleson LLP,
an energy-focused firm which he founded and led.

"Rick is a major player in the energy industry, one of the most
experienced oil and gas lawyers in this market and we could not be
more pleased that he's starting the next phase of his career at
Paul Hastings," said Greg Nelson, Esq. --
gregnelson@paulhastings.com -- chair of the Houston office.

Mr. Burleson has been practicing law in the oil and gas industry
for more than 30 years. He has a broad business practice in the
areas of mergers and acquisitions, corporate finance, and energy
that centers on complex oil and gas acquisitions, divestitures and
other strategic transactions. His clients include independent oil
and gas companies, private equity groups, senior and mezzanine
lenders, and other oil and gas focused companies.

His arrival follows other recent additions to the Houston office
and is another indication of the firm's investment in the energy
sector. In December, Will Burns, Esq. -- willburns@paulhastings.com
-- joined the Houston office of Paul Hastings from Vinson & Elkins
as a boost to the office's energy capital markets and MLP focus.
His arrival followed the relocation of Finance partner Lindsay
Sparks, Esq. -- lindsaysparks@paulhastings.com -- who moved from
the firm's Orange County office. The firm also announced in late
2015 that Roberta Bassegio, Esq. --
robertabassegio@paulhastings.com -- a New York and Brazil qualified
energy and infrastructure partner, joined to lead a proposed new
office in São Paulo, Brazil, which is subject to regulatory
approval.

In 2015, the firm advised clients on several notable deals out of
the Houston office including Crestwood Midstream Partners $7.5
billion public-to-public merger with Crestwood Equity Partners,
Vanguard Natural Resources public-to-public mergers with Eagle Rock
Energy Partners and LRR Energy, and Tall Oak Midstream's $1.55
billion sale of its subsidiaries to EnLink Midstream.

Mr. Burleson may be reached at:

          Rick Burleson, Esq.
          PAUL HASTINGS
          T 1(713) 860-7311
          F 1(713) 353-1738
          Email: rickburleson@paulhastings.com

                    *     *     *

"What I'm focusing on right now is building up my practice,"
Burleson, who spent much of his time in
management at Burleson, told Casey Sullivan, writing for Bloomberg
Brief - Distress & Bankruptcy.

According to Bloomberg, in November, the firm Burleson founded in
2005 announced it would shutter because of dwindling legal work in
the oil and gas market.  Burleson focused specifically on land and
title work on oil and gas projects, and as drilling has declined,
so did the firm's business.

"When the rig count goes from 1,300 to 600, our business is
impacted dramatically," Burleson the Denver
Business Journal at the time of the firm's collapse, the Bloomberg
report related.

Founded in 2005, Burleson staffed as many as 140 lawyers at its
peak.  In recent days, the firm's former bankruptcy lawyer Trent
Rosenthal, who is now at his own boutique, has served as chief
restructuring officer and is winding down the firm's affairs, which
includes paying off creditors -- landlords and vendors -- although
the firm never filed for bankruptcy, according to Burleson, the
Bloomberg report further related.


[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
                                                 Total
                                                Share-      Total
                                    Total     Holders'    Working
                                   Assets       Equity    Capital
  Company         Ticker             ($MM)        ($MM)      ($MM)
  -------         ------           ------     --------    -------
ABSOLUTE SOFTWRE  ABT CN            140.4        (51.4)     (47.6)
ABSOLUTE SOFTWRE  ALSWF US          140.4        (51.4)     (47.6)
ABSOLUTE SOFTWRE  OU1 GR            140.4        (51.4)     (47.6)
ADV MICRO DEVICE  AMD* MM         3,109.0       (412.0)     917.0
ADVENT SOFTWARE   ADVS US           424.8        (50.1)    (110.8)
AEROJET ROCKETDY  AJRD US         1,957.4       (107.2)      96.3
AEROJET ROCKETDY  GCY TH          1,957.4       (107.2)      96.3
AEROJET ROCKETDY  GCY GR          1,957.4       (107.2)      96.3
AIR CANADA        AC CN          12,755.0        (51.0)     531.0
AIR CANADA        ACDVF US       12,755.0        (51.0)     531.0
AIR CANADA        ACEUR EU       12,755.0        (51.0)     531.0
AIR CANADA        ADH2 GR        12,755.0        (51.0)     531.0
AIR CANADA        ADH2 TH        12,755.0        (51.0)     531.0
AK STEEL HLDG     AKS* MM         4,084.4       (599.7)     763.6
AMER RESTAUR-LP   ICTPU US           33.5         (4.0)      (6.2)
AMYLIN PHARMACEU  AMLN US         1,998.7        (42.4)     263.0
ANGIE'S LIST INC  8AL TH            173.2        (19.8)     (33.1)
ANGIE'S LIST INC  8AL GR            173.2        (19.8)     (33.1)
ANGIE'S LIST INC  ANGI US           173.2        (19.8)     (33.1)
ARCH COAL INC     ACIIQ* MM       5,848.0       (605.4)     824.1
ARIAD PHARM       APS TH            576.1        (49.7)     213.9
ARIAD PHARM       ARIAEUR EU        576.1        (49.7)     213.9
ARIAD PHARM       APS GR            576.1        (49.7)     213.9
ARIAD PHARM       ARIA SW           576.1        (49.7)     213.9
ARIAD PHARM       ARIACHF EU        576.1        (49.7)     213.9
ARIAD PHARM       ARIA US           576.1        (49.7)     213.9
ASPEN TECHNOLOGY  AST GR            276.4        (22.2)      (4.4)
ASPEN TECHNOLOGY  AZPN US           276.4        (22.2)      (4.4)
AUTOZONE INC      AZO US          8,217.5     (1,778.1)    (721.4)
AUTOZONE INC      AZ5 TH          8,217.5     (1,778.1)    (721.4)
AUTOZONE INC      AZOEUR EU       8,217.5     (1,778.1)    (721.4)
AUTOZONE INC      AZ5 GR          8,217.5     (1,778.1)    (721.4)
AUTOZONE INC      AZ5 QT          8,217.5     (1,778.1)    (721.4)
AVID TECHNOLOGY   AVD GR            264.2       (327.6)    (158.4)
AVID TECHNOLOGY   AVID US           264.2       (327.6)    (158.4)
AVINTIV SPECIALT  POLGA US        1,991.4         (3.9)     322.1
AVON - BDR        AVON34 BZ       3,774.7       (768.4)     660.1
AVON PRODUCTS     AVP QT          3,774.7       (768.4)     660.1
AVON PRODUCTS     AVP US          3,774.7       (768.4)     660.1
AVON PRODUCTS     AVP CI          3,774.7       (768.4)     660.1
AVON PRODUCTS     AVP* MM         3,774.7       (768.4)     660.1
AVON PRODUCTS     AVP TH          3,774.7       (768.4)     660.1
BARRACUDA NETWOR  CUDA US           429.9        (30.5)     (27.7)
BARRACUDA NETWOR  CUDAEUR EU        429.9        (30.5)     (27.7)
BARRACUDA NETWOR  7BM GR            429.9        (30.5)     (27.7)
BENEFITFOCUS INC  BNFT US           172.4         (8.7)      28.3
BENEFITFOCUS INC  BTF GR            172.4         (8.7)      28.3
BERRY PLASTICS G  BP0 GR          5,028.0        (53.0)     678.0
BERRY PLASTICS G  BERY US         5,028.0        (53.0)     678.0
BLUE BIRD CORP    BLBD US           307.6       (133.8)       5.4
BLUE BIRD CORP    1291067D US       307.6       (133.8)       5.4
BLUE BUFFALO PET  B6B GR            479.1         (2.7)     290.6
BLUE BUFFALO PET  B6B TH            479.1         (2.7)     290.6
BLUE BUFFALO PET  BUFFEUR EU        479.1         (2.7)     290.6
BLUE BUFFALO PET  BUFF US           479.1         (2.7)     290.6
BOMBARDIER INC-B  BBDBN MM       23,863.0     (3,660.0)   1,076.0
BOMBARDIER-B OLD  BBDYB BB       23,863.0     (3,660.0)   1,076.0
BOMBARDIER-B W/I  BBD/W CN       23,863.0     (3,660.0)   1,076.0
BRINKER INTL      EAT US          1,579.9       (164.9)    (195.1)
BRINKER INTL      BKJ GR          1,579.9       (164.9)    (195.1)
BUFFALO COAL COR  BUC SJ             54.9        (10.1)      (4.5)
BURLINGTON STORE  BUI GR          2,805.3       (121.9)     112.6
BURLINGTON STORE  BURL US         2,805.3       (121.9)     112.6
CABLEVISION SY-A  CVC US          6,745.7     (4,957.7)      39.4
CABLEVISION SY-A  CVY GR          6,745.7     (4,957.7)      39.4
CABLEVISION SY-A  CVY TH          6,745.7     (4,957.7)      39.4
CABLEVISION SY-A  CVCEUR EU       6,745.7     (4,957.7)      39.4
CABLEVISION-W/I   CVC-W US        6,745.7     (4,957.7)      39.4
CABLEVISION-W/I   8441293Q US     6,745.7     (4,957.7)      39.4
CAMBIUM LEARNING  ABCD US           185.8        (72.7)     (12.7)
CASELLA WASTE     WA3 GR            660.7        (15.6)       4.9
CASELLA WASTE     CWST US           660.7        (15.6)       4.9
CENTENNIAL COMM   CYCL US         1,480.9       (925.9)     (52.1)
CHOICE HOTELS     CZH GR            712.8       (400.6)     168.4
CHOICE HOTELS     CHH US            712.8       (400.6)     168.4
CINCINNATI BELL   CBB US          1,460.2       (323.3)     (38.6)
CLEAR CHANNEL-A   C7C GR          6,133.3       (297.8)     433.3
CLEAR CHANNEL-A   CCO US          6,133.3       (297.8)     433.3
CLIFFS NATURAL R  CLF* MM         2,134.5     (1,811.6)     401.1
COLGATE-BDR       COLG34 BZ      11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CL* MM         11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CPA GR         11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CPA TH         11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CPA QT         11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CLEUR EU       11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CL US          11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CLCHF EU       11,958.0        (44.0)   1,152.0
COLGATE-PALMOLIV  CL SW          11,958.0        (44.0)   1,152.0
COMMUNICATION     CSAL US         2,622.8     (1,092.2)       -
COMMUNICATION     8XC GR          2,622.8     (1,092.2)       -
CPI CARD GROUP I  PNT CN            289.3       (207.8)      55.7
CPI CARD GROUP I  CPB GR            289.3       (207.8)      55.7
CPI CARD GROUP I  PMTS US           289.3       (207.8)      55.7
CRIUS ENERGY TRU  KWH-U CN          297.7        (39.5)     (51.2)
CYAN INC          CYNI US           112.1        (18.4)      56.9
CYAN INC          YCN GR            112.1        (18.4)      56.9
DELEK LOGISTICS   DKL US            361.8        (11.7)       8.2
DELEK LOGISTICS   D6L GR            361.8        (11.7)       8.2
DENNY'S CORP      DENN US           289.7         (7.5)     (18.3)
DENNY'S CORP      DE8 GR            289.7         (7.5)     (18.3)
DIRECTV           DTV CI         25,321.0     (3,463.0)   1,360.0
DIRECTV           DTVEUR EU      25,321.0     (3,463.0)   1,360.0
DIRECTV           DTV US         25,321.0     (3,463.0)   1,360.0
DOMINO'S PIZZA    EZV TH            603.2     (1,255.9)     125.1
DOMINO'S PIZZA    EZV GR            603.2     (1,255.9)     125.1
DOMINO'S PIZZA    DPZ US            603.2     (1,255.9)     125.1
DUN & BRADSTREET  DNB US          2,082.4     (1,146.5)     (96.6)
DUN & BRADSTREET  DB5 GR          2,082.4     (1,146.5)     (96.6)
DUN & BRADSTREET  DB5 TH          2,082.4     (1,146.5)     (96.6)
DUN & BRADSTREET  DNB1EUR EU      2,082.4     (1,146.5)     (96.6)
DUNKIN' BRANDS G  2DB TH          3,348.1        (65.8)     285.7
DUNKIN' BRANDS G  2DB GR          3,348.1        (65.8)     285.7
DUNKIN' BRANDS G  DNKN US         3,348.1        (65.8)     285.7
DURATA THERAPEUT  DRTXEUR EU         82.1        (16.1)      11.7
DURATA THERAPEUT  DRTX US            82.1        (16.1)      11.7
DURATA THERAPEUT  DTA GR             82.1        (16.1)      11.7
EDGE THERAPEUTIC  EDGE US            58.5        (50.6)      47.1
EDGE THERAPEUTIC  EU5 GR             58.5        (50.6)      47.1
EDGEN GROUP INC   EDG US            883.8         (0.8)     409.2
ENERGIZER HOLDIN  ENR US          1,629.6        (60.1)     658.7
EOS PETRO INC     EOPT US             1.2        (27.9)     (29.0)
EPL OIL & GAS IN  EPL US          1,140.6       (388.7)    (257.6)
EPL OIL & GAS IN  EPA1 GR         1,140.6       (388.7)    (257.6)
EXELIXIS INC      EXEL US           363.2        (74.2)     151.4
EXELIXIS INC      EXELEUR EU        363.2        (74.2)     151.4
EXELIXIS INC      EX9 GR            363.2        (74.2)     151.4
EXELIXIS INC      EX9 TH            363.2        (74.2)     151.4
FREESCALE SEMICO  FSLEUR EU       3,159.0     (3,079.0)   1,264.0
FREESCALE SEMICO  1FS GR          3,159.0     (3,079.0)   1,264.0
FREESCALE SEMICO  1FS TH          3,159.0     (3,079.0)   1,264.0
FREESCALE SEMICO  FSL US          3,159.0     (3,079.0)   1,264.0
FREESCALE SEMICO  1FS QT          3,159.0     (3,079.0)   1,264.0
GAMING AND LEISU  GLPI US         2,516.1       (236.6)     (98.2)
GAMING AND LEISU  2GL GR          2,516.1       (236.6)     (98.2)
GARDA WRLD -CL A  GW CN           1,828.2       (378.3)     124.2
GARTNER INC       GGRA GR         2,091.5       (159.6)    (173.7)
GARTNER INC       IT* MM          2,091.5       (159.6)    (173.7)
GARTNER INC       IT US           2,091.5       (159.6)    (173.7)
GENTIVA HEALTH    GHT GR          1,225.2       (285.2)     130.0
GENTIVA HEALTH    GTIV US         1,225.2       (285.2)     130.0
GLG PARTNERS INC  GLG US            400.0       (285.6)     156.9
GLG PARTNERS-UTS  GLG/U US          400.0       (285.6)     156.9
GOLD RESERVE INC  GRZ CN             15.0        (32.3)     (42.5)
GRAHAM PACKAGING  GRM US          2,947.5       (520.8)     298.5
GYMBOREE CORP/TH  GYMB US         1,242.0       (386.5)      30.8
H&R BLOCK INC     HRB US          2,289.9        (27.2)     160.2
H&R BLOCK INC     HRB GR          2,289.9        (27.2)     160.2
H&R BLOCK INC     HRB TH          2,289.9        (27.2)     160.2
H&R BLOCK INC     HRBEUR EU       2,289.9        (27.2)     160.2
HCA HOLDINGS INC  HCAEUR EU      32,744.0     (6,046.0)   3,716.0
HCA HOLDINGS INC  HCA US         32,744.0     (6,046.0)   3,716.0
HCA HOLDINGS INC  2BH TH         32,744.0     (6,046.0)   3,716.0
HCA HOLDINGS INC  2BH GR         32,744.0     (6,046.0)   3,716.0
HD SUPPLY HOLDIN  5HD GR          5,486.0       (126.0)   1,101.0
HD SUPPLY HOLDIN  HDS US          5,486.0       (126.0)   1,101.0
HECKMANN CORP-U   HEK/U US          582.6         (4.9)      50.0
HERBALIFE LTD     HOO GR          2,421.5       (130.7)     461.6
HERBALIFE LTD     HLF US          2,421.5       (130.7)     461.6
HERBALIFE LTD     HLFEUR EU       2,421.5       (130.7)     461.6
HOVNANIAN-A-WI    HOV-W US        2,602.3       (128.1)   1,612.1
HUGHES TELEMATIC  HUTCU US          110.2       (101.6)    (113.8)
IDEXX LABS        IDXX US         1,475.0        (84.0)     (35.1)
IDEXX LABS        IX1 GR          1,475.0        (84.0)     (35.1)
IDEXX LABS        IX1 TH          1,475.0        (84.0)     (35.1)
IMMUNOGEN INC     IMU GR            251.6        (16.7)     207.7
IMMUNOGEN INC     IMGN US           251.6        (16.7)     207.7
IMMUNOGEN INC     IMU TH            251.6        (16.7)     207.7
INFOR US INC      LWSN US         6,778.1       (460.0)    (305.9)
INNOVIVA INC      HVE GR            437.6       (323.0)     212.5
INNOVIVA INC      INVA US           437.6       (323.0)     212.5
INSTRUCTURE INC   1IN GR             64.2        (15.3)     (15.5)
INSTRUCTURE INC   INST US            64.2        (15.3)     (15.5)
INTERNATIONAL WI  ITWG US           345.4         (9.7)      99.8
INVENTIV HEALTH   VTIV US         2,205.7       (699.2)     112.4
IPCS INC          IPCS US           559.2        (33.0)      72.1
ISTA PHARMACEUTI  ISTA US           124.7        (64.8)       2.2
J CREW GROUP INC  JCG US          1,627.1       (759.0)     111.7
JUST ENERGY GROU  JE US           1,281.8       (650.4)     (48.0)
JUST ENERGY GROU  1JE GR          1,281.8       (650.4)     (48.0)
JUST ENERGY GROU  JE CN           1,281.8       (650.4)     (48.0)
KEMPHARM INC      KMPH US            61.4         (5.7)      52.8
KEMPHARM INC      1GD GR             61.4         (5.7)      52.8
L BRANDS INC      LTD TH          7,969.0       (657.0)   1,836.0
L BRANDS INC      LB* MM          7,969.0       (657.0)   1,836.0
L BRANDS INC      LTD GR          7,969.0       (657.0)   1,836.0
L BRANDS INC      LBEUR EU        7,969.0       (657.0)   1,836.0
L BRANDS INC      LB US           7,969.0       (657.0)   1,836.0
LEAP WIRELESS     LWI TH          4,662.9       (125.1)     346.9
LEAP WIRELESS     LWI GR          4,662.9       (125.1)     346.9
LEAP WIRELESS     LEAP US         4,662.9       (125.1)     346.9
LORILLARD INC     LLV TH          4,154.0     (2,134.0)   1,135.0
LORILLARD INC     LO US           4,154.0     (2,134.0)   1,135.0
LORILLARD INC     LLV GR          4,154.0     (2,134.0)   1,135.0
MADISON-A/NEW-WI  MSGN-W US         863.1     (1,246.3)      78.8
MAJESCOR RESOURC  MJXEUR EU           0.0         (0.1)      (0.1)
MALIBU BOATS-A    M05 GR            195.3         (8.5)       9.7
MALIBU BOATS-A    MBUU US           195.3         (8.5)       9.7
MANNKIND CORP     MNKD IT           278.0       (124.6)    (196.1)
MARRIOTT INTL-A   MAR US          6,153.0     (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ TH          6,153.0     (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ QT          6,153.0     (3,589.0)  (1,786.0)
MARRIOTT INTL-A   MAQ GR          6,153.0     (3,589.0)  (1,786.0)
MDC COMM-W/I      MDZ/W CN        1,617.2       (376.7)    (326.5)
MDC PARTNERS-A    MDCA US         1,617.2       (376.7)    (326.5)
MDC PARTNERS-A    MD7A GR         1,617.2       (376.7)    (326.5)
MDC PARTNERS-A    MDZ/A CN        1,617.2       (376.7)    (326.5)
MDC PARTNERS-EXC  MDZ/N CN        1,617.2       (376.7)    (326.5)
MEAD JOHNSON      0MJA GR         3,998.1       (592.5)   1,349.1
MEAD JOHNSON      0MJA TH         3,998.1       (592.5)   1,349.1
MEAD JOHNSON      MJNEUR EU       3,998.1       (592.5)   1,349.1
MEAD JOHNSON      MJN US          3,998.1       (592.5)   1,349.1
MERITOR INC       MTOR US         2,195.0       (646.0)     174.0
MERITOR INC       AID1 GR         2,195.0       (646.0)     174.0
MERRIMACK PHARMA  MP6 GR            102.7       (140.7)     (24.3)
MERRIMACK PHARMA  MACK US           102.7       (140.7)     (24.3)
MICHAELS COS INC  MIM GR          2,083.1     (1,909.9)     585.9
MICHAELS COS INC  MIK US          2,083.1     (1,909.9)     585.9
MIDSTATES PETROL  MPO1EUR EU      1,298.1       (816.0)      96.2
MONEYGRAM INTERN  MGI US          4,511.4       (244.2)     (27.1)
MOODY'S CORP      DUT TH          4,772.9       (240.2)   1,811.9
MOODY'S CORP      MCOEUR EU       4,772.9       (240.2)   1,811.9
MOODY'S CORP      DUT GR          4,772.9       (240.2)   1,811.9
MOODY'S CORP      MCO US          4,772.9       (240.2)   1,811.9
MOTOROLA SOLUTIO  MTLA TH         8,086.0       (298.0)   2,758.0
MOTOROLA SOLUTIO  MTLA GR         8,086.0       (298.0)   2,758.0
MOTOROLA SOLUTIO  MOT TE          8,086.0       (298.0)   2,758.0
MOTOROLA SOLUTIO  MSI US          8,086.0       (298.0)   2,758.0
MPG OFFICE TRUST  1052394D US     1,280.0       (437.3)       -
MSG NETWORKS- A   1M4 TH            863.1     (1,246.3)      78.8
MSG NETWORKS- A   MSGN US           863.1     (1,246.3)      78.8
MSG NETWORKS- A   1M4 GR            863.1     (1,246.3)      78.8
NATHANS FAMOUS    NFA GR             81.9        (61.6)      60.8
NATHANS FAMOUS    NATH US            81.9        (61.6)      60.8
NATIONAL CINEMED  NCMI US         1,006.2       (228.3)      65.4
NATIONAL CINEMED  XWM GR          1,006.2       (228.3)      65.4
NAVIDEA BIOPHARM  NAVB IT            17.5        (51.8)       8.7
NAVISTAR INTL     IHR TH          6,692.0     (5,160.0)     834.0
NAVISTAR INTL     IHR GR          6,692.0     (5,160.0)     834.0
NAVISTAR INTL     NAV US          6,692.0     (5,160.0)     834.0
NEW ENG RLTY-LP   NEN US            202.4        (30.1)       -
NORTHERN OIL AND  NOG US          1,001.2        (28.3)      32.8
NTELOS HOLDINGS   NTLS US           668.4        (22.1)     150.8
OMEROS CORP       3O8 GR             41.4         (9.0)      17.2
OMEROS CORP       3O8 TH             41.4         (9.0)      17.2
OMEROS CORP       OMEREUR EU         41.4         (9.0)      17.2
OMEROS CORP       OMER US            41.4         (9.0)      17.2
OMTHERA PHARMACE  OMTH US            18.3         (8.5)     (12.0)
OUTERWALL INC     OUTR US         1,266.8         (2.1)      (7.0)
OUTERWALL INC     CS5 GR          1,266.8         (2.1)      (7.0)
PALM INC          PALM US         1,007.2         (6.2)     141.7
PBF LOGISTICS LP  11P GR            432.7       (191.5)      27.8
PBF LOGISTICS LP  PBFX US           432.7       (191.5)      27.8
PHILIP MORRIS IN  4I1 TH         32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PM1CHF EU      32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PM1EUR EU      32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PM1 TE         32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  4I1 GR         32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PMI EB         32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PM FP          32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PMI SW         32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PMI1 IX        32,011.0    (12,226.0)      10.0
PHILIP MORRIS IN  PM US          32,011.0    (12,226.0)      10.0
PLANET FITNESS-A  3PL TH            701.1        (14.2)      (1.2)
PLANET FITNESS-A  PLNT US           701.1        (14.2)      (1.2)
PLANET FITNESS-A  3PL GR            701.1        (14.2)      (1.2)
PLAYBOY ENTERP-A  PLA/A US          165.8        (54.4)     (16.9)
PLAYBOY ENTERP-B  PLA US            165.8        (54.4)     (16.9)
PLY GEM HOLDINGS  PG6 GR          1,311.1        (80.8)     264.6
PLY GEM HOLDINGS  PGEM US         1,311.1        (80.8)     264.6
POLYMER GROUP-B   POLGB US        1,991.4         (3.9)     322.1
PROTECTION ONE    PONE US           562.9        (61.8)      (7.6)
PUREBASE CORP     PUBC US             0.4         (1.1)      (1.4)
PURETECH HEALTH   PRTCL EB            -            -          -
PURETECH HEALTH   PRTC LN             -            -          -
PURETECH HEALTH   PRTCGBX EU          -            -          -
PURETECH HEALTH   PRTCL IX            -            -          -
QUALITY DISTRIBU  QDZ GR            413.0        (22.9)     102.9
QUALITY DISTRIBU  QLTY US           413.0        (22.9)     102.9
QUINTILES TRANSN  QTS GR          4,033.7       (179.9)     996.2
QUINTILES TRANSN  Q US            4,033.7       (179.9)     996.2
RAYONIER ADV      RYAM US         1,286.9        (17.0)     208.0
RAYONIER ADV      RYQ GR          1,286.9        (17.0)     208.0
REGAL ENTERTAI-A  RETA GR         2,409.1       (902.0)    (133.8)
REGAL ENTERTAI-A  RGC US          2,409.1       (902.0)    (133.8)
REGAL ENTERTAI-A  RGC* MM         2,409.1       (902.0)    (133.8)
RENAISSANCE LEA   RLRN US            57.0        (28.2)     (31.4)
RENTECH NITROGEN  2RN GR            291.1       (138.0)      13.7
RENTECH NITROGEN  RNF US            291.1       (138.0)      13.7
RENTPATH LLC      PRM US            208.0        (91.7)       3.6
REVLON INC-A      REV US          1,924.5       (623.3)     334.4
REVLON INC-A      RVL1 GR         1,924.5       (623.3)     334.4
ROUNDY'S INC      RNDY US         1,095.7        (92.7)      59.7
ROUNDY'S INC      4R1 GR          1,095.7        (92.7)      59.7
RURAL/METRO CORP  RURL US           303.7        (92.1)      72.4
SALLY BEAUTY HOL  S7V GR          2,094.4       (297.8)     695.4
SALLY BEAUTY HOL  SBH US          2,094.4       (297.8)     695.4
SANCHEZ ENERGY C  SN US           1,532.2       (473.6)     171.9
SANCHEZ ENERGY C  SN* MM          1,532.2       (473.6)     171.9
SANCHEZ ENERGY C  13S GR          1,532.2       (473.6)     171.9
SBA COMM CORP-A   SBACEUR EU      7,396.8     (1,697.7)      46.6
SBA COMM CORP-A   SBJ GR          7,396.8     (1,697.7)      46.6
SBA COMM CORP-A   SBAC US         7,396.8     (1,697.7)      46.6
SBA COMM CORP-A   SBJ TH          7,396.8     (1,697.7)      46.6
SCIENTIFIC GAM-A  TJW GR          8,615.1       (980.8)     655.1
SCIENTIFIC GAM-A  SGMS US         8,615.1       (980.8)     655.1
SEARS HOLDINGS    SHLD US        12,769.0     (1,293.0)     701.0
SEARS HOLDINGS    SEE GR         12,769.0     (1,293.0)     701.0
SEARS HOLDINGS    SEE TH         12,769.0     (1,293.0)     701.0
SILVER SPRING NE  9SI GR            529.8        (99.3)     (31.1)
SILVER SPRING NE  9SI TH            529.8        (99.3)     (31.1)
SILVER SPRING NE  SSNI US           529.8        (99.3)     (31.1)
SIRIUS XM CANADA  XSR CN            311.1       (147.2)    (189.0)
SONIC CORP        SONC US           616.1        (20.7)       7.4
SONIC CORP        SONCEUR EU        616.1        (20.7)       7.4
SONIC CORP        SO4 GR            616.1        (20.7)       7.4
SPORTSMAN'S WARE  SPWH US           343.4        (14.0)      91.8
SPORTSMAN'S WARE  06S GR            343.4        (14.0)      91.8
STINGRAY - SUB V  RAY/A CN          128.2        (17.8)     (41.0)
STINGRAY DIG-VSV  RAY/B CN          128.2        (17.8)     (41.0)
SUN BIOPHARMA IN  SNBP US             -            -          -
SUPERVALU INC     SJ1 TH          4,643.0       (444.0)      81.0
SUPERVALU INC     SJ1 GR          4,643.0       (444.0)      81.0
SUPERVALU INC     SVU US          4,643.0       (444.0)      81.0
SYNERGY PHARMACE  SGYP US           144.0        (27.1)     123.4
SYNERGY PHARMACE  SGYPEUR EU        144.0        (27.1)     123.4
SYNERGY PHARMACE  S90 GR            144.0        (27.1)     123.4
TRANSDIGM GROUP   TDG US          8,427.0     (1,038.3)   1,173.7
TRANSDIGM GROUP   T7D GR          8,427.0     (1,038.3)   1,173.7
TRINET GROUP INC  TN3 GR          1,609.6        (14.1)      54.4
TRINET GROUP INC  TNET US         1,609.6        (14.1)      54.4
TRINET GROUP INC  TN3 TH          1,609.6        (14.1)      54.4
TRINET GROUP INC  TNETEUR EU      1,609.6        (14.1)      54.4
TRINITY PLACE HO  TPHS US            56.3         (3.3)       -
UNISYS CORP       USY1 TH         2,143.2     (1,378.6)     165.2
UNISYS CORP       UIS US          2,143.2     (1,378.6)     165.2
UNISYS CORP       UIS1 SW         2,143.2     (1,378.6)     165.2
UNISYS CORP       USY1 GR         2,143.2     (1,378.6)     165.2
UNISYS CORP       UISEUR EU       2,143.2     (1,378.6)     165.2
UNISYS CORP       UISCHF EU       2,143.2     (1,378.6)     165.2
VECTOR GROUP LTD  VGR US          1,398.8        (56.8)     457.4
VECTOR GROUP LTD  VGR GR          1,398.8        (56.8)     457.4
VENOCO INC        VQ US             403.8       (354.3)     195.7
VERISIGN INC      VRS GR          2,577.3     (1,031.4)     (38.8)
VERISIGN INC      VRS TH          2,577.3     (1,031.4)     (38.8)
VERISIGN INC      VRSN US         2,577.3     (1,031.4)     (38.8)
VERIZON TELEMATI  HUTC US           110.2       (101.6)    (113.8)
VERSEON CORP      VSN LN              -            -          -
VIRGIN MOBILE-A   VM US             307.4       (244.2)    (138.3)
WEIGHT WATCHERS   WW6 GR          1,395.2     (1,337.7)    (193.6)
WEIGHT WATCHERS   WTWEUR EU       1,395.2     (1,337.7)    (193.6)
WEIGHT WATCHERS   WW6 TH          1,395.2     (1,337.7)    (193.6)
WEIGHT WATCHERS   WTW US          1,395.2     (1,337.7)    (193.6)
WEIGHT WATCHERS   WW6 QT          1,395.2     (1,337.7)    (193.6)
WEST CORP         WT2 GR          3,556.9       (595.5)      (6.6)
WEST CORP         WSTC US         3,556.9       (595.5)      (6.6)
WESTERN REFINING  WNRL US           412.0        (28.1)      66.3
WESTERN REFINING  WR2 GR            412.0        (28.1)      66.3
WINGSTOP INC      WING US           117.2        (14.3)       3.6
WINGSTOP INC      EWG GR            117.2        (14.3)       3.6
WINMARK CORP      GBZ GR             46.8        (36.0)      11.1
WINMARK CORP      WINA US            46.8        (36.0)      11.1
WYNN RESORTS LTD  WYR QT          9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYNN* MM        9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYR TH          9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYR GR          9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYNN US         9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYNNCHF EU      9,981.2        (60.8)   1,234.7
WYNN RESORTS LTD  WYNN SW         9,981.2        (60.8)   1,234.7
YRC WORLDWIDE IN  YRCW US         1,964.8       (427.3)     197.3
YRC WORLDWIDE IN  YEL1 GR         1,964.8       (427.3)     197.3
YRC WORLDWIDE IN  YEL1 TH         1,964.8       (427.3)     197.3


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***