TCR_Public/160229.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, February 29, 2016, Vol. 20, No. 60

                            Headlines

144 CORTLANDT ST.: Case Summary & Unsecured Creditor
146-148 CORTLANDT: Case Summary & Unsecured Creditor
173 CORTLANDT: Case Summary & Unsecured Creditor
ACTIVECARE INC: Incurs $2.31 Million Net Loss in Dec. 31 Quarter
ADELPHIA COMMUNICATIONS: Cancer Cues Rigas' Shortened Sentence

AGFEED USA: Exec in $249M Scandal Faces Ch. 11 Fraud Claims
ALEXZA PHARMACEUTICALS: Reacquires Rights for ADASUVE
ALLY FINANCIAL: Reports $1.28 Billion Net Income for 2015
ALPHA NATURAL: Amends Schedule of Unsecured Claims for 90 Debtors
ALPHA NATURAL: Enviros Want W.Va. Coal Mine Bonding Program Fixed

AMERICAN AIRLINES: Court Denies Davidson's Bid for Reconsideration
AMERICAN POWER: Conference Call Held to Discuss Q1 Results
ANACOR PHARMACEUTICALS: USPTO Reviews Two Kerydin Patents
ANNA'S LINENS: BDO OK'd to Prepare 2014 Tax Refund Claim
ARCH COAL: Selling Knott County to Quest for $2.3M Cash

ARGENTO LLC: Case Summary & 2 Unsecured Creditors
ASSOCIATED WHOLESALERS: Files Ch. 11 Liquidation Plan
BERRY PLASTICS: Stockholders Elect Three Directors
BH SUTTON: Case Summary & 20 Largest Unsecured Creditors
BIOLIFE SOLUTIONS: Incurs $5 Million Net Loss in 2015

BIOMBO INC: Case Summary & Unsecured Creditor
BLACKMAN COMMUNITY: U.S. Trustee Unable to Appoint Committee
BLUE SEA CRUISES: Case Summary & 6 Unsecured Creditors
BUNKERS INT'L: Liquidating Plan Confirmed by Judge
CAESARS ENTERTAINMENT: Says it Need Not Guarantee $7-Bil. Notes

CAPITOL LAKES: Has Patient Care Ombudsman
CARBON BEACH: Grant of Receiver's Fees, Expenses Affirmed
CASELLA WASTE: S&P Raises CCR to 'B' on Improved Credit Metrics
CHESAPEAKE ENERGY: Fitch Lowers IDR to B-, Outlook Still Negative
CINCINNATI TERRACE: Case Summary & 20 Largest Unsecured Creditors

CLIFFS NATURAL: Incurs $788 Million Net Loss in 2015
CLOUDCOMMERCE INC: Posts Net Loss, Raises Going Concern Doubt
CLUBCORP CLUB: Buyback Plan No Impact on Moody's B1 CFR
CONCO INC: Bids to Enforce, Clarify Confirmation Order Granted
COOPER GAY: Moody's Confirms B3 Corporate Family Rating

CRYSTAL SPOON: Voluntary Chapter 11 Case Summary
CUNNINGHAM LINDSEY: Moody's Places B3 CFR on Review for Downgrade
CURTIS JAMES JACKSON: On Judge's Radar After Posing with Cash Pile
CYTORI THERAPEUTICS: Amortization Commencement Date Moved to 2017
D.N.S.A. INC.: Voluntary Chapter 11 Case Summary

DARI REALTY: Case Summary & Unsecured Creditor
DASHLEY CORP: Case Summary & Unsecured Creditor
DEWEY & LEBOEUF: 15 Felony Counts vs. 2 DiCarmine, Sanders Dropped
DEWEY & LEBOEUF: Former Exec Slams DA for Press Statement
DIFFERENTIAL BRANDS: Knight's Bridge Capital Holds 5% Stake

DIFFERENTIAL BRANDS: Knight's Bridge RG No Longer a Shareholder
DIGITAL RIVER: S&P Raises Rating on 1st Lien Facilities to 'B+'
DOLPHIN DIGITAL: Issues $3.16 Million Convertible Note
DORAL FINANCIAL: May 23 Set as Governmental Claims Bar Date
DORAL FINANCIAL: Unsecured Claims Total $209-Mil.

DRM RENTAL: Voluntary Chapter 11 Case Summary
DRM SALES: Voluntary Chapter 11 Case Summary
EASTERN ILLINOIS UNIV: Moody's Cuts AFS Rev. Bonds Rating to Ba1
EIDOS LLC: Stairway Insists on Arbitration, Seeks Case Dismissal
ELBIT IMAGING: To Hold Extraordinary Meeting on March 31

ENERGY FUTURE: Judge Approves $77.8M in Professional Fees
ENERGY FUTURE: March 10 Hearing on Approval of Severance Hike
ENERGY FUTURE: TCEH Wins Nod to Arrange New Reorganized TCEH Debt
EXTREME PLASTICS: Has Approval to Pay Critical Vendors
EXTREME PLASTICS: Has Interim Authority to Use Citizen's Cash

FANNIE MAE & FREDDIE MAC: Briefing Ends in Del. Profit Sweep Suit
FELD LIMITED: Hearing on Further Use of Cash Collateral Today
FIRST DATA: Widens Net Loss to $1.48 Billion in 2015
FISKER AUTOMOTIVE: Visteon Agrees to Reduction of $19M Claim
FIVE-R EXCAVATING: Case Summary & 20 Largest Unsecured Creditors

FOCUS LEARNING: Fitch Lowers Rating on $9.02MM Bonds to B
GARLOCK SEALING: Chamber of Commerce Found Claims Inconsistencies
GLOBALSTAR INC: Announces 2015 Fourth Quarter and Annual Results
GO YE VILLAGE: Gets Interim Approval to Use Cash Collateral
GRAVITY-RATTERMAN: Suit vs Bankers Insurance Partially Dismissed

GT ADVANCED: Discloses Directors, Executive Pay After Ch. 11
GT ADVANCED: Online Auction Generates $2.43MM in Gross Bids
H. KREVIT: Committee Hires Polsinelli PC as Counsel
H. KREVIT: Committee Retains Finn Dixon as Co-counsel
HANCOCK FABRICS: Unsecured Creditors Blast Fast-Track Sale Plans

HAVERHILL CHEMICALS: Files Payout and Wind-Down Plan
HAVERHILL CHEMICALS: To Seek Plan Confirmation on March 29
HEBREW HOSPITAL: Court Approves Getzler Henrich as Fin'l Advisors
HEBREW HOSPITAL: Court Approves Harter Secrest as Legal Counsel
HEBREW HOSPITAL: Court Okays RBC Capital as Investment Bankers

HOT SHOT HK: Voluntary Chapter 11 Case Summary
HOVNANIAN ENTERPRISES: Ara Hovnanian Holds 64.5% of Class B Shares
HOVNANIAN ENTERPRISES: Ara Hovnanian Owns 14.5% of Class A Shares
HOVNANIAN ENTERPRISES: Executors Hold 1.3% of Class A Shares
HOVNANIAN ENTERPRISES: Executors No Longer Own Class B Shares

HOVNANIAN ENTERPRISES: Sirwart Hovnanian Owns 1.4% of CL-A Shares
HYDROCARB ENERGY: Files Corrected Version of Darling Note
IHEART COMMUNICATIONS: Fitch Affirms 'CCC' Issuer Default Ratings
IHEARTCOMMUNICATIONS INC: Incurs $755 Million Net Loss in 2015
INTERNATIONAL TECHNICAL: Court OKs White Berberian as Counsel

INTERNATIONAL TECHNICAL: Resolves Ohio Bond Issue with BoA
ISTAR INC: Reports Fourth Quarter and Fiscal Year 2015 Results
KEMPER CORP: Fitch Affirms BB Rating on $144MM Subordinated Notes
LEVEL 3: CEO to Take Medical Leave of Absence
LIBERTY HARBOR: Hearing on Case Closing Moved to March 22

LOUISIANA PELLETS: Construction Delays Result to Ch. 11 Filing
MALIBU LIGHTING: Challenge Period Enlarged as to Select Assets
MALIBU LIGHTING: Plan Filing Exclusivity Extended to June 4
MARK JONES: Judge Says Ch. 13 Plans Must Prioritize Condo Liens
MAUI LAND: Reports 2015 Net Income of $6.8 Million

MCK MILLENNIUM: Voluntary Chapter 11 Case Summary
MEDIA GENERAL: S&P Affirms 'BB-' CCR, Off CreditWatch Negative
MEDIACOM COMMUNICATIONS: S&P Raises CCR to 'BB', Outlook Stable
MEDIASHIFT INC: Sells Substantially All Assets for $11.7-Mil.
MERRIMACK PHARMACEUTIALS: Reports Q4 2015 Financial Results

MID-STATES SUPPLY: April 7 Auction Sought, No Stalking Horse Yet
MID-STATES SUPPLY: Committee Objects to Expedite Sale of Assets
MID-STATES SUPPLY: UST, Committee Object to $20MM DIP Financing
MILLER AUTO: Has Until March 15 to Propose Chapter 11 Plan
MISSION HOSPITAL: Moody's Lowers Rating on $26.4MM Bonds to Caa1

MOLYCORP: Wells Fargo Asks for Additional Adequate Protection
MONEY TREE: Martin's Bid for Summary Judgment Granted
MORGANS HOTEL: Chief Operating Officer Resigns
MOTT AVE: U.S. Trustee Unable to Appoint Committee
NANOSPHERE INC: Has Resale Prospectus of 500,000 Common Shares

NANOSPHERE INC: Incurs $42.8 Million Net Loss in 2015
NAVISTAR INTERNATIONAL: To Present at J.P. Morgan's Conference
NETFLIX INC: S&P Revises Outlook to Stable & Affirms 'B+' Rating
NEXSTAR BROADCASTING: S&P Hikes CCR to BB- on Media General Deal
ONE SOURCE INDUSTRIAL: Cases Converted to Chapter 7 Liquidation

ONE SOURCE INDUSTRIAL: Ch. 7 Trustee Taps IRS as Auctioneer
ORGENESIS INC: Inks Collaboration Agreement with Grand China
OSAGE EXPLORATION: UST Wants to Scrutinize EDC Break-Up Fee
P2 ENERGY: Moody's Cuts Corporate Family Rating to Caa1
PARADIGM HOLDCO: Moody's Cuts Corporate Family Rating to Caa1

PARALLEL ENERGY: Wants Structured Dismissal of Chapter 11 Case
PARKVIEW ADVENTIST: CMHC Appeals Sale of Assets to Mid Coast
POTOMAC SUPPLY: Pillsbury Ordered to Turnover $500K Deposit to CBE
PREMIER GOLF: Amends Schedules of Unsecured Creditors
PULTEGROUP INC: S&P Assigns 'BB+' Rating on New Unsecured Notes

QUANTA RESOURCES: Rexam Says Gibbons Shouldn't be DQ'd From Suit
QUICKSILVER RESOURCES: Creditors Ask for Shortened Ch. 11 Deadline
QUIKSILVER INC: Admin. Claims Payment Requests Due March 14
QUIRKY INC: FF&E Sold to Flextronics for $365,000
QUIRKY INC: Initial Cash Budget Extended to March 8

QUIRKY INC: Scorned Inventor Fails to Stop $4.7MM Asset Sale
QUIRKY INC: Undercurrent Domains Bought Back for $38,000
RCS CAPITAL: Accuses Competitor of Poaching Top Executives
RDIO INC: Creditors Want Exclusive Plan Periods Terminated
REALOGY CORP: Posts $184 Million Net Income for 2015

REALOGY GROUP: Moody's Affirms Ba3 Corporate Family Rating
REALOGY GROUP: S&P Affirms 'BB-' CCR, Outlook Remains Stable
RELATIVITY FASHION: Court Disallowed Norton's Wage Claims
REPUBLIC AIRWAYS: Asks Nod for Hughes Hubbard as Attorneys
REPUBLIC AIRWAYS: Hires Prime Clerk as Claims and Noticing Agent

REPUBLIC AIRWAYS: List of Creditors Holding 10 Top Secured Claims
REPUBLIC AIRWAYS: Proposes Seabury as Financial Advisor
REPUBLIC AIRWAYS: Proposes to Pay $310,000 to Critical Vendors
REPUBLIC AIRWAYS: Seeks to Enter Into Pacts with Aircraft Parties
REPUBLIC AIRWAYS: Taps Zirinsky Law as Lead Attorneys

RESTAURANTS ACQUISITION: To File Plan After Claims Bar Date
SAMSON RESOURCES: $6.3M Incentive Program for 2016 Approved
SAMSON RESOURCES: Defends 10-State, 1,262-Well Sale
SAMSON RESOURCES: Expanded Role for Ernst & Young Okayed
SCIENTIFIC GAMES: Reports 2015 Q4 and Full Year Results

SEARS HOLDINGS: Fairholme Capital Reports 25.5% Stake
SEARS HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
SEARS HOLDINGS: Reports Fourth Quarter and Full Year 2015 Results
SEARS HOLDINGS: Two Directors Elected to Board
SFX ENTERTAINMENT: Has Interim OK to Obtain $43-Mil. in DIP Loans

SHIPPY REALTY: Case Summary & Unsecured Creditor
SOUTHEASTHEALTH MISSOURI: Fitch Keeps 'B' Rating on $90.5MM Bonds
SPENDSMART NETWORKS: Chief Financial Officer Quits
TAYLOR-WHARTON: Names Thomas Doherty as Restructuring Officer
TAYLOR-WHARTON: Reed Smith Approved as Bankruptcy Counsel

TAYLOR-WHARTON: Stifel Nicolaus, Miller Buckfire OK'd as Banker
TEREX CORP: S&P Puts 'BB' CCR on CreditWatch Negative
TERRAFORM POWER: Moody's Cuts Corporate Family Rating to 'B3'
TGHI INC: Trustee Directed Not to Convene Creditors' Meeting
TOPOREK FAMILY: U.S. Trustee Unable to Appoint Committee

TWCC HOLDING: S&P Withdraws 'B' Corporate Credit Rating
VANTAGE ONCOLOGY: Moody's Puts Ba3 CFR on Review for Upgrade
VARIANT HOLDING: July 11 Set as Governmental Claims Bar Date
VERMILLION INC: Board Approves $90,000 Bonuses for Executives
VERTELLUS SPECIALTIES: Moody's Cuts Corp. Family Rating to Caa3

VISTA OUTDOOR: S&P Affirms 'BB+' CCR, Outlook Remains Stable
WALTER ENERGY: Court Approves Formation and Funding of VEBA
YELLOWSTONE MOUNTAIN: Atty Tells 9th Cir. $9B Claim was a Mistake
[*] Baker Donelson Plans Push to End Hedge Funds' Fraud Suit
[*] Stephanie Denby Joins Barnes & Thornburg's Chicago Office

[^] BOND PRICING: For the Week from February 22 to 26, 2016

                            *********

144 CORTLANDT ST.: Case Summary & Unsecured Creditor
----------------------------------------------------
Debtor: 144 Cortlandt St., LLC
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22254

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, managing member.

The Debtor listed Consolidated
Edison as its largest unsecured creditor holding a claim of
$4,000.

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

           http://bankrupt.com/misc/nysb16-22254.pdf


146-148 CORTLANDT: Case Summary & Unsecured Creditor
----------------------------------------------------
Debtor: 146-148 Cortlandt Street, LLC
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22255

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP     
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, managing member.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

             http://bankrupt.com/misc/nysb16-22255.pdf


173 CORTLANDT: Case Summary & Unsecured Creditor
------------------------------------------------
Debtor: 173 Cortlandt Street LLC
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22256

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, managing member.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

          http://bankrupt.com/misc/nysb16-22256.pdf


ACTIVECARE INC: Incurs $2.31 Million Net Loss in Dec. 31 Quarter
----------------------------------------------------------------
ActiveCare, Inc., filed with the Securities and Exchange Commission
its quarterly report on Form 10-Q disclosing a net loss of $2.31
million on $2.08 million of revenues for the three months ended
Dec. 31, 2015, compared to a net loss of $2.52 million on $1.50
million of revenues for the same period in 2014.

As of Dec. 31, 2015, the Company had $2.44 million in total assets,
$12.8 million in total liabilities and a total stockholders'
deficit of $10.4 million.

"The Company continues to incur negative cash flows from operating
activities and net losses.  The Company had negative working
capital and negative total equity as of December 31, 2015 and
September 30, 2015 and is in default with respect to certain debt.
These factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern."

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

                     http://is.gd/incu2t

                      About ActiveCare

South West Valley City, Utah-based ActiveCare, Inc., is organized
into three business segments based primarily on the nature of the
Company's products.  The Stains and Reagents segment is engaged in
the business of manufacturing and marketing medical diagnostic
stains, solutions and related equipment to hospitals and medical
testing labs.  The CareServices segment is engaged in the business
of developing, distributing and marketing mobile health monitoring
and concierge services to distributors and customers.  The Chronic
Illness Monitoring segment is primarily engaged in the monitoring
of diabetic patients on a real time basis.

The Company's business plan is to develop and market products for
monitoring the health of and providing assistance to mobile and
homebound seniors and the chronically ill, including those who may
require a personal assistant to check on them during the day to
ensure their safety and well being.

ActiveCare reported a net loss attributable to common stockholders
of $12.8 million on $6.59 million of chronic illness monitoring
revenues for the year ended Sept. 30, 2015, compared with a net
loss attributable to common stockholders of $16.4 million on $6.10
million of chronic illness monitoring revenues for the year ended
Sept. 30, 2014.

Tanner LLC, in Salt Lake City, Utah, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2015, citing that the Company has recurring losses,
negative cash flows from operating activities, negative working
capital, negative total equity, and certain debt that is in
default.  These conditions, among others, raise substantial doubt
about its ability to continue as a going concern.  


ADELPHIA COMMUNICATIONS: Cancer Cues Rigas' Shortened Sentence
--------------------------------------------------------------
Kat Greene at Bankruptcy Law360 reported that the Adelphia
Communications Corp. founder convicted of draining money from the
company as he and his sons sent it into insolvency will be freed
from prison after doctors said his cancer gives him less than six
months to live, according to a New York federal court order on Feb.
19, 2016.  John Rigas, who is serving a 12-year sentence, was going
to be eligible for release in January 2018, but after his terminal
Stage IV bladder cancer diagnosis, U.S. District Judge Kimba M.
Wood shortened his sentence.

               About Adelphia Communications

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation was once the fifth-biggest cable company.  Adelphia
served customers in 30 states and Puerto Rico, and offered analog
and digital video services, Internet access and other advanced
services over its broadband networks.

Adelphia collapsed in 2002 after disclosing that founder John
Rigas and his family owed $2.3 billion in off-balance-sheet debt
on bank loans taken jointly with the company.  Mr. Rigas was
sentenced to 12 years in prison, while son Timothy 15 years.

Adelphia Communications and its more than 200 affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on
June 25, 2002.  Willkie Farr & Gallagher represented the Debtors
in their restructuring effort.  PricewaterhouseCoopers served as
the Debtors' financial advisor.  Kasowitz, Benson, Torres &
Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented
the Official Committee of Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas-Managed Entities, were
entities that were previously held or controlled by members of the
Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for Chapter 11 protection
(Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31,
2006.  Their cases were jointly administered under Adelphia
Communications and its debtor-affiliates' Chapter 11 cases.

The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan
of Reorganization on Jan. 5, 2007.  The Plan became effective on
Feb. 13, 2007.

The Adelphia Recovery Trust, a Delaware Statutory Trust, was
formed pursuant to the Plan.  The Trust holds certain litigation
claims transferred pursuant to the Plan against various third
parties and exists to prosecute the causes of action transferred
to it for the benefit of holders of Trust interests.  Lawyers at
Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the
Adelphia Recovery Trust.


AGFEED USA: Exec in $249M Scandal Faces Ch. 11 Fraud Claims
-----------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that a Delaware
federal judge on Feb. 19, 2016, dismissed most counts in a
bankruptcy court action against a former AgFeed USA executive
caught up in a $249 million accounting fraud, but kept alive two
constructive fraud claims sought by a consultant for the company's
liquidation trust.  U.S. Bankruptcy Judge Brendan L. Shannon's
decision also retained two counts seeking recovery of avoidable
transfers and disallowance of claims against K. Ivan F. Gothner,
who is said to have played a pivotal role in a multi-year
accounting scandal.

                      About AgFeed Industries

AgFeed Industries, Inc., has 21 farms and five feed mills in China
producing more than 250,000 hogs annually. In the U.S., the
business included 10 sow farms in three states and two feed mills
producing more than one million hogs a year. AgFeed's revenue in
2012 was $244 million.

AgFeed and its affiliates filed voluntary petitions under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case No. 13-11761) on
July 15, 2013, with a deal to sell most of its subsidiaries to The
Maschhoffs, LLC, for cash proceeds of $79 million, absent higher
and better offers. The Debtors estimated assets of at least $100
million and debts of at least $50 million.

Keith A. Maib signed the petition as chief restructuring officer.
Hon. Brendan Linehan Shannon presides over the case. Donald J.
Bowman, Jr., and Robert S. Brady, Esq., at Young, Conaway,
Stargatt
& Taylor, serve as the Debtors' counsel. BDA Advisors
Inc. acts as the Debtors' financial advisor. The Debtors' claims
and noticing agent is BMC Group, Inc.

The U.S. Trustee has appointed a five-member official committee of
unsecured creditors to the Chapter 11 cases. The Creditors'
Committee tapped Lowenstein Sandler as lead bankruptcy counsel and
Greenberg Traurig, LLP, as co-counsel. CohnReznick LLP serves as
the Creditors' Committee's financial advisor.

An official committee of equity security holders was also
appointed
to the Chapter 11 cases. The Equity Committee tapped Sugar
Felsenthal Grais & Hammer LLP and Elliott Greenleaf as co-counsel.

Jefferies Leveraged Credit Products and Claims Recovery Group are
represented by Lawrence J. Kotler, Esq., and Catherine B.
Heitzenrater, Esq., at Duane Morris, LLP.

AgFeed USA, LLC, et al., notified the Bankruptcy Court that the
Effective Date of the Revised Second Amended Plan of Liquidation
occurred on Nov. 10, 2014.

As reported in the Troubled Company Reporter on Nov. 7, 2014, the
Court confirmed the revised second amended plan, which was
supported by the Official Committee of Equity Security Holders.


ALEXZA PHARMACEUTICALS: Reacquires Rights for ADASUVE
-----------------------------------------------------
Alexza Pharmaceuticals, Inc. has reacquired U.S. commercial rights
for ADASUVE (loxapine) inhalation powder from Teva Pharmaceuticals
USA, Inc., a subsidiary of Teva Pharmaceutical Industries Ltd.
Alexza and Teva have also restructured the obligations under the
outstanding note from Teva.  In conjunction with the reacquisition
of U.S. ADASUVE rights, Alexza and Teva have completed a transition
agreement, which is intended to provide continued availability of
ADASUVE by Alexza to patients and health care providers.

Terms of the ADASUVE Product Reacquisition

   * The ADASUVE NDA and related regulatory filings will be
     transferred to Alexza.  Alexza will assume responsibility for
     all regulatory activities related to ADASUVE in the U.S.

   * Responsibility for the ADASUVE U.S. Phase 4 study, product
     pharmacovigilance, medical services, and REMS compliance will
     be transferred to Alexza over the course of the next 90 days.
     Alexza intends to continue these activities with the
     relationships and agreements established by Teva.

   * Teva will transfer to Alexza product inventory, promotional
     materials, and other ADASUVE trade materials.  Alexza will
     have the ability to promote and distribute ADASUVE, under the
     currently approved label and labeling for up to 12 months,
     including to existing customers, subject to certain
     limitations.

   * Alexza will take over responsibility for administering the
     ongoing investigator sponsored studies and the directed
     research grant.

Terms of the Teva Note Restructuring

   * Alexza will issue approximately 2.17 million shares to Teva
     as consideration for the reduction in the Teva note by $5
     million of principal and forgiveness of all accrued and
     unpaid interest.  After the share issuance, Teva will own
     approximately 9.9% of Alexza's outstanding common stock.

   * The remaining Teva note balance will become payable in the
     first calendar year following the calendar year in which the
     aggregate annual net sales of ADASUVE and any other Staccato-
     based products first reach $50 million in the U.S.  After the

     U.S. sales reach this threshold, the $20 million note balance

     will be due and will be payable in four consecutive annual
     payments of $5 million each.

"We appreciate the efforts that Teva has made to date and are
looking forward to continuing to build the ADASUVE brand.  We
remain confident in ADASUVE's long-term commercial prospects and
plan to continue to work with Teva to effect a smooth transition,"
said Thomas B. King, Alexza President and CEO.  "Moving forward,
Alexza will have primary responsibility for the immediate
commercial aspects of ADASUVE and is working diligently to identify
a new U.S. commercial partner for ADASUVE."

                About Alexza Pharmaceuticals, Inc.

Alexza Pharmaceuticals is focused on the research, development, and
commercialization of novel, proprietary products for the acute
treatment of central nervous system conditions.  Alexza's products
and development pipeline are based on the Staccato(R) system, a
hand-held inhaler designed to deliver a pure drug aerosol to the
deep lung, providing rapid systemic delivery and therapeutic onset,
in a simple, non-invasive manner.  Active pipeline product
candidates include AZ-002 (Staccato alprazolam) for the management
of epilepsy in patients with acute repetitive seizures and AZ-007
(Staccato zaleplon) for the treatment of patients with middle of
the night insomnia.

Alexza Pharmaceuticals reported a net loss of $36.7 million in 2014
compared to a net loss of $39.6 million in 2013.

As of Sept. 30, 2015, the Company had $26.2 million in total
assets, $95.1 million in total liabilities and a $68.8 million
total stockholders' deficit.

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


ALLY FINANCIAL: Reports $1.28 Billion Net Income for 2015
---------------------------------------------------------
Ally Financial Inc. filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing net income of
$1.28 billion on $4.86 billion of total net revenue for the year
ended Dec. 31, 2015, compared to net income of $1.15 billion on
$4.65 billion of total net revenue for the year ended Dec. 31,
2014.  As of Dec. 31, 2015, the Company had $158.58 billion in
total assets, $145.14 billion in total liabilities and $13.43
billion in total equity.

At Dec. 31, 2015, Ally was in compliance with its regulatory
capital requirements.

                    Recent Funding Developments

During 2015, the Company accessed the public and private markets to
execute secured funding transactions, whole-loan sales, unsecured
funding transactions, and funding facility renewals totaling $35.6
billion.  Key funding highlights from Jan. 1, 2015, to date were as
follows:

  * Ally Financial Inc. closed, renewed, increased, and/or
    extended $19.9 billion in credit facilities.  The automotive
    credit facility renewal amount includes the March 2015
    refinancing of $12.5 billion in credit facilities at both the
    parent company and Ally Bank with a syndicate of eighteen
    lenders.  The $12.5 billion capacity is secured by retail,   
    lease, and dealer floorplan automotive assets and is allocated
    to two separate facilities; one is a $9.25 billion facility
    which is available to the parent company, while the other is a

    $3.25 billion facility available to Ally Bank.  Both
    facilities mature in March 2017.

  * Ally Financial Inc. continued to access the public and private
    term asset-backed securitization markets raising $8.3 billion,
    with $3.9 billion and $4.4 billion raised by Ally Bank and the
    parent company, respectively.  Included in Ally Bank's funding
    for 2015 is one off-balance sheet securitization backed by
    retail automotive loans, which raised $1.0 billion. In
    addition, Ally Bank raised $2.5 billion related to three
    whole-loan sales comprised of retail automotive loans,
    approximately $500 million of which is considered an off-
    balance sheet credit facility and included in the total credit

    facility closures, renewals, increases, and extensions.

  * Ally Financial Inc. accessed the unsecured debt capital
    markets during 2015 and raised $5.4 billion.

  * In January 2016, Ally Bank raised $795 million through a
    public securitization backed by retail automotive loans.

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

                     http://is.gd/ensxCt

                     About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALPHA NATURAL: Amends Schedule of Unsecured Claims for 90 Debtors
-----------------------------------------------------------------
Alpha Natural Resources, Inc., et al., filed with the U.S.
Bankruptcy Court for the Eastern District of Virginia amended
schedules of assets and liabilities and statements of financial
affairs.  Full-text copies of the Amended Schedles are available
for free at
http://bankrupt.com/misc/AlphaNatural_1491_amendedSAL.pdf

The Amendments consist of the following:

   * Schedule A/B – The addition of certain intercompany
receivables (Schedule B16 under the applicable Old Form and
Schedule A/B Part 3 under the applicable New Form) with respect to
two Affected Debtors.  In the interests of clarity, the Debtors
have included only a supplemental rider with respect to these
assets.

   * Schedule E/F – The addition, liquidation or amendment of
certain unsecured nonpriority liabilities for approximately 90
Affected Debtors.  Where applicable, these Amendments have been
disclosed using Part 2 of
New Form 206E/F.

   * Schedule G – The addition, amendment or removal of various
executory contracts or unexpired leases with respect to
approximately 109 Affected Debtors. Where applicable, additional or
amended Contracts and Leases have been disclosed using New Form
206G. In addition, the Debtors have included a supplemental rider,
where applicable, identifying any Contracts and Leases that have
been removed from Schedule G with respect to any Affected Debtor.

As reported by the Troubled Company Reporter on Oct. 12, 2015, the
Debtor disclosed total assets of $4,132,783,911 and total
liabilities of $5,990,449,294.

Feb. 19, 2016, was the deadline for any individual or entity to
file proofs of claim against the Debtor.  Governmental units had
until Feb. 19 to file proofs of claim.

                        About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,  
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  The petition was signed by Richard H. Verheij, executive
vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.

Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel.  Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment
banker.
Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.


ALPHA NATURAL: Enviros Want W.Va. Coal Mine Bonding Program Fixed
-----------------------------------------------------------------
Dani Kass at Bankruptcy Law 360 reported that environmental groups
Ohio Valley Environmental Coalition, West Virginia Highlands
Conservancy and Sierra Club, on Feb. 22, 2016, threatened to sue
the Interior Department and its Office of Surface Mining,
Reclamation and Enforcement if they don't start pushing the West
Virginia Department of Environmental Protection to fix its bonding
program so the public isn't on the hook when coal operators file
for bankruptcy.

The three groups in a notice of intent to sue, told Interior
Secretary Sally Jewell and OSMRE Director Joseph Pizarchik that the
federal government has violated the Surface Mining Control and
Reclamation Act by failing to properly oversee the WVDEP and ensure
it makes mine operators budget funds to clean up coal mines in the
case of bankruptcy.  The groups are asking the OSMRE to evaluate
the state's program, especially in the light of a bankruptcy
settlement with Alpha Natural Resources Inc.

The environmental groups are represented by J. Michael Becher of
Appalachian Mountain Advocates and Jim Hecker of Public Justice.

                       About Alpha Natural

Alpha Natural -- http://www.alphanr.com/-- is a coal supplier,    
ranked second largest among publicly traded U.S. coal producers as
measured by 2014 consolidated revenues of $4.3 billion.  

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  The petition was signed by Richard H. Verheij, executive
vice president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the case.

David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson,
Esq., at Jones Day serve as the Debtors' general counsel.

Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III,
Esq., and Justin F. Paget, Esq., serve as the Debtors' local
counsel.  Rothschild Group is the Debtors' financial advisor.
Alvarez & Marshal Holdings, LLC, is the Debtors' investment
banker.
Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.

The U.S. Trustee for Region 4 appointed seven creditors of Alpha
Natural Resources Inc. to serve on the official committee of
unsecured creditors.  Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP;
and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M.
Terry, Jr., Esq. at Sands Anderson PC, represent the Committee.



AMERICAN AIRLINES: Court Denies Davidson's Bid for Reconsideration
------------------------------------------------------------------
Judge Sean H. Lane of the United States Bankruptcy Court for the
Southern District of New York denied the motion of Stephen C.
Davidson to revisit two previously issued decisions.

On July 12, 2012, Davidson filed Claim No. 7670 in the amount
$16,466,00 for damages arising from his employment with the debtors
in the case captioned In re: AMR CORPORATION, et al., Chapter 11,
Reorganized Debtors, Case No. 11-15463 (SHL) (Bankr. S.D.N.Y.).

In January 2015, Judge Lane issued a decision disallowing and
expunging Davidson's claim.  The judge concluded that Davidson's
claim was barred by the doctrine of res judicata given a final
judgment issued in a state court litigation in Florida on the
merits for the same causes of action that Davidson asserted in his
claim.  Judge Lane subsequently denied Davidson's request to
revisit that decision, holding that Davidson had not satisfied the
requirements under Rule 59 or 60 of the Federal Rules of Civil
Procedure.

Davidson again moved for reconsideration of the decision
disallowing and expunging his proof of claim, as well as the
subsequent decision denying Davidson's request for reconsideration
of the prior decision.

Again, Judge Lane found that Davidson still fails to satisfy the
requirements for relief under both Rules 59(e) and 60(b) of the
Federal Rules of Civil Procedure.  The judge found that Davidson
has presented no new evidence that satisfies the requirements of
either Rule 59 or 60, and has not demonstrated exception
circumstances or mistake, inadvertence, surprise or excusable
neglect to satisfy Rule 60(b).  Further, Judge Lane also held that
Davidson's motion does not satisfy the requirements of Section
502(j) of the Bankruptcy Code, Federal Bankruptcy Rule 3008 and
Local Bankruptcy Rule 3008-1, which relate to the reconsideration
of claims that were previously disallowed.

A full-text copy of Judge Lane's February 18, 2016 memorandum of
decision and order is available at http://is.gd/MihXsbfrom
Leagle.com.

AMR Corporation, et al., Debtor, is represented by:

          Robert D. Albergotti, Esq.
          Scott W. Everett, Esq.
          Autumn D. Highsmith, Esq.
          HAYNES AND BOONE, LLP
          2323 Victory Avenue, Suite 700
          Dallas, TX 75219
          Tel: (214)651-5000
          Fax: (214)651-5940
          Email: robert.albergotti@haynesboone.com
                 autumn.highsmith@haynesboone.com

            -- and --

          Jasmine Ball, Esq.
          Richard F. Hahn, Esq.
          DEBEVOISE & PLIMPTON LLP
          919 Third Avenue
          New York, NY 10022
          Tel: (212)909-6000
          Fax: (212)909-6836
          Email: jball@debevoise.com
                 rfhahn@debevoise.com

            -- and --

          Richard J. Bernard, Esq.
          FOLEY & LARDNER LLP
          90 Park Avenue
          New York, NY 10016-1314
          Tel: (212)682-7474
          Fax: (212)687-2329
          Email: rbernard@foley.com

            -- and --

          Paul A Covell, Esq.
          Jeanette L Dixon, Esq.
          MANNING & KASS ELLROD, RAMIREZ, TRESTER LLP
          One Battery Park Plaza, 4th Floor
          New York, NY 10004
          Tel: (212)858-7769
          Fax: (212)858-7543
          Email: jld@manningllp.com

            -- and --

          Todd C. Duffield, Esq.
          PAUL HASTINGS
          75 East 55th Street
          New York, NY 10022
          Tel: (212)318-6000
          Fax: (212)319-4090

            -- and --

          Lars C. Golumbic, Esq.
          Edward J. Meehan, Esq.
          Kevin Walsh, Esq.
          Julia E. Zuckerman, Esq.
          GROOM LAW GROUP, CHARTERED
          1701 Pennsylvania Avenue, N.W.
          Washington, DC 20006-5811
          Tel: (202)857-0620
          Fax: (202)659-4503
          Email: lgolumbic@groom.com
                 emeehan@groom.com
                 kwalsh@groom.com
                 

            -- and --

          Stephen Karotkin, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, NY 10153-0119
          Tel: (212)310-8000
          Email: stephen.karotkin@weil.com

            -- and --
                 
          Alfredo R. Perez, Esq.
          WEIL, GOTSHAL & MANGES LLP
          700 Louisiana, Suite 1700
          Houston, TX 77002-2784
          Tel: (713)546-5000
          Email: alfredo.perez@weil.com

            -- and --
                  
          Stephen A. Youngman, Esq.
          WEIL, GOTSHAL & MANGES LLP
          200 Crescent Court, Suite 300
          Dallas, TX 75201-6950
          Tel: (214)746-7700
          Email: stephen.youngman@weil.com

            -- and --

          Rachel J. Mauceri, Esq.
          MORGAN, LEWIS & BOCKIUS LLP
          1701 Market St.
          Philadelphia, PA 19103-2921
          Tel: (215)963-5000
          Fax: (215)963-5001
          Email: rmauceri@morganlewis.com

            -- and --

          Trey Monsour, Esq.
          K&L GATES LLP
          1000 Main St., Suite 2250
          Houston, TX 77002
          Tel: (713)815-7300
          Fax: (713)815-7301
          Email: trey.monsour@klgates.com

            -- and --

          Marc G Schildkraut, Esq.
          COOLEY LLP
          1299 Pennsylvania Avenue, NW Suite 700
          Washington, DC 20004
          Tel: (202) 842-7800
          Fax: (202) 842-7899
          Email: mschildkraut@cooley.com

            -- and --

          Jeffrey S. Stein, Esq.
          GCG, INC.
          1985 Marcus Ave.
          Lake Success, NY 11042
          Tel: (800)327-3664

United States Trustee, U.S. Trustee, represented by:

          Elisabetta Gasparini, Esq.
          Brian Shoichi Masumoto, Esq.
          Eric J. Small, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          1835 Assembly Street, Suite 953
          Columbia, SC 29201
          Tel: (803)765-5250
          Fax: (803)765-5260

GCG, Inc. Claims Agent, Claims and Noticing Agent, represented by:

          Angela Ferrante, Esq.
          GARDEN CITY GROUP, LLC
          1985 Marcus Ave.
          Lake Success, NY 11042
          Tel: (800) 327-3664
          Email: angela.ferrante@gardencitygroup.com

Official Committee of Unsecured Creditors, Creditor Committee,
represented by:

          Neil Matthew Berger, Esq.
          Albert Togut, Esq.
          TOGUT, SEGAL & SEGAL LLP
          One Penn Plaza, Suite 3335
          New York, NY 10119
          Tel: (212)594-5000
          Fax: (212)967-4258
          Email: neilberger@teamtogut.com
                 altogut@teamtogut.com

            -- and --

          John Wm. Butler, Jr., Esq.
          John K. Lyons, Esq.
          SKADDEN ARPS SLATE MEAGHER & FLOM LLP
          155 N. Wacker Drive
          Chicago, IL 60606
          Tel: (312)407-0700
          Fax: (312)407-0411
          Email: jbutler@hilcoglobal.com
                 john.lyons@skadden.com           

                    About American Airlines

AMR Corp. and its subsidiaries including American Airlines, the
third largest airline in the United States, filed for bankruptcy
protection (Bankr. S.D.N.Y. Lead Case No. 11-15463) in Manhattan
on Nov. 29, 2011, after failing to secure cost-cutting labor
agreements.

AMR, previously the world's largest airline prior to mergers by
other airlines, is the last of the so-called U.S. legacy airlines
to seek court protection from creditors.

American Airlines, American Eagle and the AmericanConnection
carrier serve 260 airports in more than 50 countries and
territories with, on average, more than 3,300 daily flights.  The
combined network fleet numbers more than 900 aircraft.

The Company reported a net loss of $884 million on $18.02 billion
of total operating revenues for the nine months ended Sept. 30,
2011.  AMR recorded a net loss of $471 million in the year 2010, a
net loss of $1.5 billion in 2009, and a net loss of $2.1 billion
in 2008.

AMR's balance sheet at Sept. 30, 2011, showed $24.72 billion
in total assets, $29.55 billion in total liabilities, and a
$4.83 billion stockholders' deficit.

Weil, Gotshal & Manges LLP serves as bankruptcy counsel to the
Debtors.  Paul Hastings LLP and Debevoise & Plimpton LLP Groom Law
Group, Chartered, are on board as special counsel.  Rothschild
Inc., is the financial advisor.   Garden City Group Inc. is the
claims and notice agent.

Jack Butler, Esq., John Lyons, Esq., Felecia Perlman, Esq., and
Jay Goffman, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP
serve as counsel to the Official Committee of Unsecured Creditors
in AMR's chapter 11 proceedings.  Togut, Segal & Segal LLP is the
co-counsel for conflicts and other matters; Moelis & Company LLC
is the investment banker, and Mesirow Financial Consulting, LLC,
is the financial advisor.


AMERICAN POWER: Conference Call Held to Discuss Q1 Results
----------------------------------------------------------
American Power Group Corporation held a telephonic conference call
on Feb. 11, 2016, to provide an update on the Company to investors.
The call was held in concert with the Company's disclosure of its
fiscal 2016 first quarter results.  The Company furnished with the
Securities and Exchange Commission a transcript of that conference
call, a copy of which is available for free at:

                      http://is.gd/eCv6yh

                   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 Dec. 31, 2015, the Company had $10.6 million in total assets,
$9.51 million in total liabilities and $1.05 million in total
stockholders' equity.


ANACOR PHARMACEUTICALS: USPTO Reviews Two Kerydin Patents
---------------------------------------------------------
As disclosed in a regulatory filing with the Securities and
Exchange Commission, the Patent Trial and Appeal Board of the U.S.
Patent and Trademark Office instituted Inter Partes Review
proceedings on a total of three petitions filed by a hedge fund
(acting with affiliated parties and proceeding under the name of
the Coalition for Affordable Drugs X LLC ("CFAD") with respect to
Anacor Pharmaceuticals, Inc.'s Orange Book-listed U.S. Patents Nos.
7,582,621 (the "'621 Patent") and 7,767,657 (the "'657 Patent")
covering KERYDIN (tavaborole) topical solution, 5%.

In the IPR proceedings, CFAD will have the opportunity to challenge
the validity of the claims in the KERYDIN Orange Book Patents
before the PTAB.  The Company expects that the PTAB will issue
final decisions concerning the patentability of the claims in the
KERYDIN Orange Book Patents within one year after the institution
of the IPR proceedings, and either party may file an appeal of such
decisions with the United States Court of Appeals for the Federal
Circuit.

The Company intends to vigorously defend the KERYDIN Orange Book
Patents in the IPR proceedings.  However, the Company said it is
impossible to predict with certainty the outcome of those matters.
The Company can offer no assurance as to whether the Company will
be successful in its defense of some or all of the claims of the
KERYDIN Orange Book Patents, or will be able to maintain
exclusivity following the expiration of the expected U.S.
regulatory exclusivity for KERYDIN.  If CFAD is successful in the
IPR proceedings, the Company's business, financial condition,
results of operation and cash flows could be materially adversely
affected.

                   About Anacor Pharmaceuticals

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

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

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


ANNA'S LINENS: BDO OK'd to Prepare 2014 Tax Refund Claim
--------------------------------------------------------
Anna's Linens, Inc., sought and obtained authority from the U.S.
Bankruptcy Court for the Central District of California to expand
the employment of BDO USA, LLP, as accountant and tax consultant.

On Sept. 1, 2015, the Court approved the Debtor's application to
employ BDO.

In a supplemental application, the Debtors said that, in addition
to the accounting and tax services, they also require BDO's
services to recover a tax refund from the state of California for
the year of 2014.

BDO is expected to prepare the tax refund claim and necessary
supporting documentation.  BDO will obtain the required signatures
form the Debtor and will submit the tax refund claim to the
California Franchise Tax Board on behalf of the Debtor.  BDO will
also respond to any correspondence from the FTB regarding the Tax
Refund.  Additionally, BDO will provide services to the Debtor when
the tax refund is audited.

As compensation for its work performed in connection with the tax
refund, the Debtor will pay BDO a flat fee of $15,000.

To the best of the Debtors' knowledge, BDO is a "disinterested
person" as that term is defined Section 101(14) of the Bankruptcy
Code.

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


ARCH COAL: Selling Knott County to Quest for $2.3M Cash
-------------------------------------------------------
Arch Coal, Inc., and its affiliated debtors ask the U.S. Bankruptcy
Court for the Eastern District of Missouri, Eastern Division, to
approve a Membership Interest Purchase Agreement ("Knott County
MIPA") executed by selling debtors Arch Coal, Inc. and ICG, Inc,
with purchaser Quest Energy Inc, for the sale of their membership
interests in debtor ICG Knott County, LLC.

Debtor ICG Knott County, LLC, is a Delaware limited liability
company that holds certain property and idled operations generally
located in Knott, Letcher, Breathitt, Pike, Floyd, Leslie and Perry
Counties in Kentucky.

The Knott County MIPA includes, among others, the following salient
provisions:

     (a) Structure: The Seller will transfer the Knott County
Assets and associated liabilities to Quest.

     (b) Purchase Price: At closing, in consideration of Quest
taking the Seller's Membership Interests in ICG Knott County, LLC,
the Seller will pay the sum of $2.3 million in cash, plus Estimated
Closing Date Liabilities, which consist of Seller's good faith
estimate of liabilities deriving from (i) all accounts payable of
ICG Knott County, LLC, (ii) all production and production-related
taxes of ICG Knott County, LLC accrued for periods prior to the
Closing Date, which will remain unpaid as of the Closing Date, and
(iii) all employee payroll and related costs owed by ICG Knott
County, LLC and which will remain unpaid on the Closing Date.  The
Debtors estimate that, based on ICG Knott County, LLC's balance
sheet as of Dec. 31, 2015, the Estimated Closing Date Liabilities
would amount to $1.62 million.

     (c) Purchased Assets: The purchased assets will consist of all
of ICG, Inc.'s membership interests in ICG Knott County, LLC.

The Debtors believe that the Knott County Sale would generate
substantial value for their estates by relieving them of
significant liabilities with respect to idled assets that they do
not plan to use in the future, and that entry of the Proposed Order
is essential in order to achieve these benefits.

                       Reservation of Rights

Lexon Insurance Co. and Bond Safeguard Insurance Co. ("Lexon")
relate that they have issued certain surety bonds to the Debtors to
secure the Debtors' payment or performance of various obligations.
Lexon believes that certain Bonds were issued in connection with
the Knott County Assets that are to be sold.

Lexon is submitting a reservation of rights to insure that: (a) the
Sale Agreements are not amended to include the sale of the Bonds or
other collateral posted to secure performance thereunder; (b) that
any purchaser, including Quest, must be required to replace the
Bonds prior to the sale and transfer or any permits related to the
Knott County Assets being sold; and (c) that the Sale Order makes
it clear that nothing contained therein is a waiver of any rights,
remedies or defenses that Lexon may have under applicable
bankruptcy and non-bankruptcy law.

Arch Coal, Inc. and its affiliated debtors are represented by:

          Marshall S. Huebner, Esq.
          Brian M. Resnick, Esq.
          Michelle M. McGreal, Esq.
          Kevin J. Coco, Esq.
          DAVIS POLK
          450 Lexington Avenue
          New York, NY 10017
          Telephone: (212)450-4000
          Facsimile: (212)607-7983
          E-mail: marshall.huebner@davispolk.com
                  brian.resnick@davispolk.com
                  michelle.mcgreal@davispolk.com
                  kevin.coco@davispolk.com

                - and -

          Lloyd A. Palans, Esq.
          Brian C. Walsh, Esq.
          Cullen K. Kuhn, Esq.
          Laura Uberti Hughes, Esq.
          BRYAN CAVE LLP
          One Metropolitan Square
          211 N. Broadway, Suite 3600
          St. Louis, MO 63102
          Telephone: (314)259-2000
          Facsimile: (314)259-2020
          E-mail: lapalans@bryancave.com
                  brian.walsh@bryancave.com
                  ckkuhn@bryancave.com
                  laura.hughes@bryancave.com

Lexon Insurance Co. and Bond Safeguard Insurance Co. are
represented by:

          Larry E. Parres, Esq.
          John J. Hall, Esq.
          LEWIS RICE LLC
          600 Washington Avenue, Suite 2500
          St. Louis, MO 63101
          Telephone: (314)444-7600
          Facsimile: (314)612-7660
          E-mail: lparres@lewisrice.com
                  jhall@lewisrice.com

                - and -

          Lee E. Woodard, Esq.
          HARRIS BEACH PLLC
          333 West Washington St.
          Suite 200
          Syracuse, NY 13202
          Telephone: (315)423-7100
          Facsimile: (315)422-9331
          E-mail: lwoodard@harrisbeach.com

                          About Arch Coal

Founded in 1969, Arch Coal, Inc., is a producer and marketer of
coal in the United States, with operations and coal reserves in
each of the major coal-producing regions of the Country.  As of
January 2016, it was the second-largest holder of coal reserves in
the United States, owning or controlling over five billion tons of
proven and probable reserves.  As of the Petition Date, Arch
employed approximately 4,600 full- and part-time employees.

Arch Coal, Inc. and 71 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to
16-40191) on Jan. 11, 2016.  The petition was signed by Robert G.
Jones as senior vice president-law, general counsel and secretary.

The Debtors disclosed total assets of $5.84 billion and total debt
of $6.45 billion.  Judge Charles E. Rendlen III has been assigned
the case.

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


ARGENTO LLC: Case Summary & 2 Unsecured Creditors
-------------------------------------------------
Debtor: Argento, LLC
        15716 N. 76th St.
        Scottsdale, AZ 85260  

Case No.: 16-01736

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Madeleine C. Wanslee

Debtor's Counsel: Blake D. Gunn, Esq.
                  LAW OFFICE OF BLAKE D. GUNN
                  PO Box 22146
                  Mesa, AZ 85277-2146
                  Tel: 480-270-5073
                  E-mail: blake.gunn@gunnbankruptcyfirm.com

Total Assets: $3.50 million

Total Liabilities: $3.13 million

The petition was signed by Maria Papagno, member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/azb16-01736.pdf


ASSOCIATED WHOLESALERS: Files Ch. 11 Liquidation Plan
-----------------------------------------------------
ADI Liquidation, Inc., f/k/a AWI Delaware, Inc., filed with the
U.S. Bankruptcy Court for the District of Delaware a Chapter 11
plan of liquidation and an accompanying disclosure statement.

Under the Plan, holders of general unsecured claims will receive
cash on the initial, subsequent and final distribution dates in the
amount of the Allowed General Unsecured Claim multiplied by the
Initial, Subsequent or Final Distribution Percentage, as
applicable, and, if applicable, a Catch-Up Distribution.  General
Unsecured Claims against AWI are estimated to total $30,506,586.

The sale of substantially all of the Debtors' assets to C&S
Wholesale Grocers, Inc., closed on November 12, 2014.  Upon
Closing, C&S paid $152,739,122 to Bank of America, N.A.  C&S
further delivered cash at closing in the amount of $77,861,113, of
which $74,725,119 was paid to the Debtors following the payment of,
among other things, real estate taxes, municipal utilities, title
charges and fees.  C&S also paid $2,458,397 to Fulton Bank to
collateralize certain letters of credit issued by the bank.

A full-text copy of the Disclosure Statement dated Feb. 21, 2016,
is available at http://bankrupt.com/misc/ADIds0221.pdf

The Debtors are represented by Mark Minuti, Esq., Monique B.
DiSabatino, Esq., at Saul Ewing LLP, in Wilmington, Delaware;
Jeffrey C. Hampton, Esq., and Adam H. Isenberg, Esq., at at Saul
Ewing LLP, in Philadelphia, Pennsylvania.

                   About Associated Wholesalers

Founded in 1962 and headquartered in Robesonia, Pennsylvania,
Associated Wholesalers Inc. serviced 800 supermarkets, specialty
stores, convenience stores and superettes with grocery, meat,
produce, dairy, frozen foods and general merchandise/health and
beauty care products.  AWI, with distribution facilities in
Robesonia, Pennsylvania, and York, Pennsylvania, served the
mid-Atlantic United States.  AWI is owned by its 500 retail
members, who in turn operate supermarkets.  AWI had 1,459
employees.

White Rose Inc. is a food wholesaler and distributor serving the
greater New York metropolitan area.  The company traces its
origins to 1886, when brothers Joseph and Sigel Seeman founded
Seeman Brothers & Doremus to provide grocery deliveries throughout
New York City.  White Rose carries out its operations through three
leased warehouse and distribution centers, two of which are located
in Carteret, New Jersey, and one in Woodbridge, New Jersey.  White
Rose has 777 employees.

Associated Wholesalers and its affiliates sought Chapter 11
bankruptcy protection on Sept. 9, 2014, to sell their assets under
11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and
better offers.  The Debtors were granted joint administration of
their Chapter 11 cases for procedural purposes, under the lead case
of AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092.

As of the Petition Date, the Debtors owed the Bank Group
(consisting of lenders, Bank of America, N.A., Bank of American
Securities LLC as sole lead arranger and joint book runner, Wells
Fargo Capital Finance, LLC as joint book runner and syndication
agent, and RBS Capita, as documentation agent) an aggregate
principal amount of not less than $131,857,966 (inclusive of
outstanding letters of credit), plus accrued interest.  The Debtors
estimate trade debt of $72 million.  AWI Delaware disclosed $11,440
in assets and $125,112,386 in liabilities as of the Chapter 11
filing.

Saul Ewing LLP and Rhoads & Sinon LLP are serving as legal advisors
to the Debtors, Lazard Middle Market is serving as financial
advisor, and Carl Marks Advisors is serving as restructuring
advisor to AWI.  Carl Marks' Douglas A. Booth has been tapped as
chief restructuring officer.  Epiq Systems serves as the claims
agent.

The Official Committee of Unsecured Creditors is represented by
David B. Stratton, Esq., and Evelyn J. Meltzer, Esq., at Pepper
Hamilton, LLP, in Wilmington, Delaware; and Mark T. Power, Esq.,
and Christopher J. Hunker, Esq., at Hahn & Hessen LLP, in New York.
The Committee also has retained Capstone Advisory Group, LLC,
together with its wholly-owned subsidiary Capstone Valuation
Services, LLC, as its financial advisors.

The Troubled Company Reporter, on Nov. 5, 2014, reported that the
Bankruptcy Court authorized Associated Wholesalers to sell
substantially all of its assets, including their White Rose grocery
distribution business, to C&S Wholesale Grocers, Inc.   The C&S
purchase price consists of the lesser of the amount of the bank
debt, which totals about $18.1 million and $152 million, plus other
liabilities, which amount is valued at $194 million.  C&S,
according to Bill Rochelle and Sherri Toub, bankruptcy columnists
for Bloomberg News, ended up paying $86.5 million more cash to be
anointed as the winner at the auction.

Associated Wholesalers, which changed its name to AWI Delaware,
Inc., prior to the approval of the sale.  AWI Delaware notified the
Bankruptcy Court on Nov. 12, 2014, that closing occurred in
connection with the sale of their assets to C&S.  AWI Delaware then
changed its name to ADI Liquidation, Inc., following the closing of
the sale.


BERRY PLASTICS: Stockholders Elect Three Directors
--------------------------------------------------
Berry Plastics Group, Inc., held its annual meeting of stockholders
on Feb. 24, 2016, at which the stockholders:

  (i) elected Idalene F. Kesner, Carl J. (Rick) Rickertsen and
      Stephen E. Sterrett as directors;

(ii) approved, in an advisory, non-binding vote, the compensation
      of the Company's Named Executive Officers; and

(iii) ratified Ernst & Young LLP as the Company's independent
      registered public accountants for the fiscal year ending
      Oct. 1, 2016; and

(iv) approved the advisory stockholder proposal requesting the
      Board to take steps necessary to elect each Director
      annually.

                      About Berry Plastics

Berry Plastics Corporation manufactures and markets plastic
packaging products, plastic film products, specialty adhesives and
coated products.  At Jan. 2, 2010, the Company had more than 80
production and manufacturing facilities, primarily located in the
United States.  Berry is a wholly-owned subsidiary of Berry
Plastics Group, Inc.  Berry Group is primarily owned by affiliates
of Apollo Management, L.P., and Graham Partners.  Berry, through
its wholly owned subsidiaries operates five reporting segments:
Rigid Open Top, Rigid Closed Top, Flexible Films, Tapes/Coatings
and Specialty Films.  The Company's customers are located
principally throughout the United States, without significant
concentration in any one region or with any one customer.

On Dec. 3, 2009, Berry Plastics obtained control of 100 percent of
the capital stock of Pliant upon Pliant's emergence from
reorganization pursuant to a proceeding under Chapter 11 for a
purchase price of $602.7 million.  Pliant is a manufacturer of
films and flexible packaging for food, personal care, medical,
agricultural and industrial applications.

As of Sept. 26, 2015, the Company had $5.02 billion in
total assets, $5.08 billion in total liabilities and a $65 million
total stockholders' deficit.

                           *     *     *

As reported by the TCR on Jan. 30, 2015, Moody's Investors Service
upgraded the corporate family rating of Berry Plastics to 'B1' from
'B2'.  The upgrade of the corporate family rating reflects the
pro-forma benefits from the recent restructuring and acquisitions.

The TCR reported on Feb. 23, 2016, that Standard & Poor's Ratings
Services raised its corporate credit rating on Berry Plastics Group
Inc. to 'BB-' from 'B+' and the issue-level ratings on the
company's first-lien term loan and second-lien secured notes to
'BB' and 'B+', from 'BB-' and 'B' respectively. The outlook is
positive.


BH SUTTON: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------
Debtor: BH Sutton Mezz LLC
        428-432 East 58th Street
        New York, NY 10022

Case No.: 16-10455

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. Sean H. Lane

Debtor's Counsel: Joseph S. Maniscalco, Esq.
                  LAMONICA HERBST & MANISCALCO, LLP
                  3305 Jerusalem Avenue
                  Wantagh, NY 11793
                  Tel: (516) 826-6500
                  Fax: (516) 826-0222
                  E-mail: jsm@lhmlawfirm.com

Estimated Assets: $100 million to $500 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Herman Carlinsky, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
AAI Architects PC                     Trade Debt        $225,000

Adam Hakim                            Trade Debt        $250,000
9 Dawson Court
Purchase, NY 10604

Bryan Cave LLP                        Trade Debt        $202,753

Corcoran Sunshine                     Trade Debt        $440,000
660 Madison
Avenue 12th Fl.
New York, NY 10065

Cosentini Consulting Engineers        Trade Debt         $75,000

DeSimone Consulting Engineering       Trade Debt         $75,000
Group LLC

Douglas Elliman LLC                   Trade Debt         $60,000

FP Architects New York Inc.           Trade Debt        $852,600
300 West 57th Street
New York, NY 10019

Herrick, Feinstein LLP                Trade Debt        $250,000
Attn: Richard Kalikow
2 Park Ave 21st Fl.
New York, NY 10016

JAM Consultants Inc.                  Trade Debt         $75,000

Langan Engineering Environmental                         $60,000

Langan Engineering Environmental      Trade Debt         $60,000

Muchnick, Golieb & Golieb PC          Trade Debt         $50,000

New York Immigration Fund LLC         Trade Debt         $49,142

Pembrooke & Ives Luxurious             Trade Debt       $558,966
Interiors LLC
330 West 38th St. Ste 1001
New York, NY 10018

Prime Alliance                         Trade Debt        $50,000
229 Linwood Avenue
Cedarhurst, NY 11516

Rick Stafford                          Trade Debt        $74,500
Interstate 20 W36th
St 10 FI N
New York, NY 10018

S.M. Berger Architecture P.C.          Trade Debt        $67,500
PO Box 222113
Great Neck, NY 11022

Systems Implementation Group           Trade Debt        $57,500

Tishman Construction Corp              Trade Debt        $80,000


BIOLIFE SOLUTIONS: Incurs $5 Million Net Loss in 2015
-----------------------------------------------------
BioLife Solutions, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$4.99 million on $6.44 million of product sales for the year ended
Dec. 31, 2015, compared to a net loss of $3.30 million on $6.19
million of product sales for the year ended Dec. 31, 2014.

For the three months ended Dec. 31, 2015, the Company reported a
net loss of $1.40 million on $1.81 million of product sales
compared to a net loss of $995,613 on $1.67 million of product
sales for the same period in 2014.

As of Dec. 31, 2015, Biolife had $12.36 million in total assets,
$2.51 million in total liabilities and $9.85 million in total
shareholders' equity.

Mike Rice, BioLife president & CEO, commented, "We continued to
execute our growth plan in 2015, with solid increases in
biopreservation media product sales to the regenerative medicine
market segment and to our distributors throughout the world.  We
gained 140 new customers and saw increased adoption of CryoStor and
HypoThermosol for use in customer clinical trials of new cell-based
therapies.  With biologistex, we continued to invest in people and
software development in order to bring to market a truly
revolutionary and disruptive cloud-based cold chain management
service for our customers who ship time and temperature sensitive
biologic materials and manufactured cell products.  Powered by the
evo Smart Shipper, our vision for biologistex is to empower our
customers to improve the quality of their clinical distribution
practices by ensuring that every sensitive biologic medicine
shipment is tracked to the destination, maintained within a
required temperature environment, and administered within a
validated stability period.  The opportunity to help our customers
improve biologic based medicine is tremendous.  While the ramp up
has clearly taken longer than we anticipated, we are confident we
will demonstrate customer adoption and contributions from
biologistex in 2016."

2016 Expectations

Management has the following expectations for 2016:

  Revenue growth: The Company expects total revenue to exceed $10
  million in 2016, with 20% to 30% growth in biopreservation media
  revenue over 2015 and including revenue from its biologistex   
  cold chain logistics SaaS.

  Gross Margin: The Company expects gross margin to be in the
  range of 55% to 65% for the year.

  Operating Expenses: The Company anticipates a modest increase in
  operating expenses in 2016 as it continues to invest in sales
  and marketing efforts and to develop, test, and deploy new
  releases of its biologistex cold chain logistics app.

   Cash: The Company ended 2015 with $3.8 million in cash and
   anticipate that it will continue to use cash in 2016 and
   achieve cash flow breakeven by the end of 2016.

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

                        http://is.gd/VuY4sN

                       About BioLife Solutions

Bothell, Washington-based BioLife Solutions, Inc., develops and
markets patented hypothermic storage and cryo-preservation
solutions for cells, tissues, and organs, and provides contracted
research and development and consulting services related to
optimization of biopreservation processes and protocols.


BIOMBO INC: Case Summary & Unsecured Creditor
---------------------------------------------
Debtor: Biombo, Inc.
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22248

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, president.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

          http://bankrupt.com/misc/nysb16-22248.pdf


BLACKMAN COMMUNITY: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------------
The Office of the U.S. Trustee disclosed in a filing with the U.S.
Bankruptcy Court for the Northern District of Florida that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Blackman Community Water System Inc.

                    About Blackman Community

On January 15, 2016, Blackman Community Water System Inc. filed a
Chapter 11 petition (Case No. 16-30031) in the U.S. Bankruptcy
Court for the Northern District of Florida (Pensacola).  The
petition was signed by Randall Ward, president.

The Debtor has tapped Chesser & Barr P.A. as its legal counsel.

The Debtor estimated assets of $5.32 million and debts of $1.96
million.


BLUE SEA CRUISES: Case Summary & 6 Unsecured Creditors
------------------------------------------------------
Debtor: Blue Sea Cruises, Inc.
        P.O. Box 2429
        Kailua-Kona, HI 96745

Case No.: 16-00184

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       District of Hawaii (Honolulu)

Judge: Hon. Robert J. Faris

Debtor's Counsel: Jeffery S. Flores, Esq.
                  O'CONNOR PLAYDON & GUBEN LLP
                  Pacific Guardian Center
                  Makai Tower, Suite 2400
                  733 Bishop Street
                  Honolulu, HI 96813
                  Tel: 808-524-8350
                  Fax: 808-531-8628
                  E-mail: jsf@opglaw.com

                      - and -

                  Jerrold K. Guben, Esq.
                  O'CONNOR PLAYDON & GUBEN LLP
                  733 Bishop St., Fl. 24
                  Honolulu, HI 96813
                  Tel: 808.524.8350
                  Fax: 808.531.8628
                  E-mail: jkg@opglaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $500,000 to $1 million

The petition was signed by Raymond L. LeMay, Jr., vice president.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/hib16-00184.pdf


BUNKERS INT'L: Liquidating Plan Confirmed by Judge
--------------------------------------------------
Bunkers International Corp.., et al., have won confirmation of
their joint plan of liquidation.

Following a hearing on Jan. 28, 2016, Judge Cynthia C. Jackson on
Feb. 9 confirmed the Joint Plan of Liquidation, as modified, and
approved the Disclosure Statement.

A status conference in the case is scheduled for Thursday, July 7,
2016 at 2:00 p.m.

A copy of the Plan Confirmation Order is available at:

        http://bankrupt.com/misc/Bunkers_274_Plan_Conf_Ord.pdf

                         Terms of Plan

Bunkers International Corp., and its affiliated and related
entities Atlantic Gulf Bunkering, LLC ("AGB"), and Dolphin Marine
Fuels, LLC ("DMF"), have submitted to the Bankruptcy Court a
Chapter 11 Plan that proposes to liquidate the Debtors' assets and
liabilities in a manner designed to maximize recoveries to all
creditors.

Ultimately, the Debtors determined they could not successfully
reorganize and, in early November, began the process of an orderly
liquidation and cessation of operations with an eye to filing the
Plan.  The purpose of the Plan filed December is to allow each
Debtor to maintain existence as a liquidating debtor under the
control of the Liquidating Agent.  The Liquidating Agent is a
third-party fiduciary who will control liquidation of the retained
assets and prosecution of the causes of action and provide a
dividend to unsecured creditors.

Under the Plan, unsecured creditors will be entitled to share, pro
rata, in all Extraordinary Income.  "Extraordinary Income" will
mean, as to each liquidator debtor, all income of a respective
Liquidating Debtor received after the Petition Date, including any
funds recovered from causes of action.

All equity interests in the Debtors will be extinguished.

According to the Modification of the Plan, it's currently
contemplated that Mr. Bob Morrison will be the Liquidating Agent.
It's also provided that PNC Bank will have an allowed
administrative claim (the "Diminution Claim") that will be allowed
for $350,000 in BIC, $2,003,497 in AGB, and $255,472 in DMF.

The Debtors filed their Plan and Disclosure Statement in December
2015.  The Court on Dec. 23, 2015 entered a conditional order
approving the Disclosure Statement and setting a Jan. 28 hearing to
consider confirmation of the Plan.   On Jan. 22, 2016, the Debtors
field their Modification to the Plan.

According to the Balloting Report, all classes that submitted
ballots, including PNC Bank, and the unsecured creditors, voted to
accept the Plan.

                         Plan Objections

An objection to the Plan was filed by Sea Bunkering International
BV.  A limited objection was also filed by Seminole County Tax
Collector.  

Seminole County withdrew its objection after reaching an agreement
with the Debtor.  The Debtors acknowledged that Seminole County
shall have a secured lien in the amount of $3,614 for 2015
prepetition tangible personal property ad valorem taxes.

Sea Bunkering asked the Court to deny approval of the Disclosure
Statement and Plan and consider converting the proceeding to a
Chapter 7 liquidation or dismissing the case.  

"The Disclosure Statement and Plan have so little meat on their
bones regarding general unsecured creditors as to be merely
skeletal.  There is no estimate (much less a reasonable estimate)
of either the total general unsecured creditor claims or the
possible Extraordinary Income/Extraordinary Income Expenses," Sea
Bunkering said in its objection.

A copy of the affidavit in support of confirmation of the Plan, as
Modified, is available for free at:

    http://bankrupt.com/misc/Bunkers_248_Plan_Conf_Affidavit.pdf

Counsel to creditor Sea Bunkering International:

         Gregory Lee Scott, Esq.
         NASON, YEAGER, GERSON, WHITE & LIOCE, P.A.
         3001 PGA Boulevard, Suite 305
         Palm Beach Gardens, FL 33410
         Tel: (561) 686-3307
         Fax: (561) 656-6547
         E-mail: gscott@nasonyeager.com

Counsel for Seminole Tax Collector:

         ARNOLD W. SCHNEIDER, ESQ.
         Counsel for the Hon. Ray Valdes,
         Seminole County Tax Collector
         2320 Falmouth Road
         Maitland, FL 32751
         Telephone (407) 260-1832
         E-mail: arnoldwschneider49@gmail.com

Counsel to the Debtor:

         R. Scott Shuker
         LATHAM, SHUKER, EDEN & BEAUDINE, LLP
         111 N. Magnolia Avenue, Suite 1400
         Orlando, FL 32801
         Tel: 407-481-5800
         Fax: 407-481-5801
         E-mail: rshuker@lseblaw.com
                 bknotice@lseblaw.com

                 About Bunkers International Corp.

Based in Lake Mary, Florida, Bunkers International trades and
provides fuel for ships at sea.  It provides physical supply,
trading, and brokering services from a number of global locating
including those in the U.S., Singapore, Greece, and the United
Kingdom, and says it is the largest marine fuel supplier in
Colombia through its BunkersOil Colombia joint venture with
Vanoil, S.A.  The Company started in Colombia in 1995.

Related entities Atlantic Gulf Bunkering, LLC, and Dolphin Marine
Fuels, LLC provides marine fuel supply services in the Atlantic
Gulf Coast area from Mobile, Alabama, and for the ports of Long
Beach and Los Angeles, California, respectively.

Bunkers International and the two affiliates sought Chapter 11
bankruptcy protection (Bankr. M.D. Fla. Proposed Lead Case No.
15-07397) on Aug. 28, 2015.  The petitions were signed by John T.
Canal, the president/CEO.  

Bunkers estimated assets of $10 million to $50 million and
liabilities of at least $10 million.

The Debtors tapped R. Scott Shuker, Esq., and Mariane L. Dorris,
Esq., at Latham, Shuker, Eden & Beaudine, LLP, as attorneys.  The
Official Committee of Unsecured Creditors retained John Hutton,
Esq., at Greenberg Traurig, PA, as counsel.


CAESARS ENTERTAINMENT: Says it Need Not Guarantee $7-Bil. Notes
---------------------------------------------------------------
Vince Sullivan at Bankruptcy Law360 reported that Caesars
Entertainment sought an early out on Feb. 24, 2016, in New York
federal court from a pair of breach of contract suits claiming $7.1
billion in notes by trustees of its subsidiary, saying it didn't
break the conditions of the bond issuance and doesn't have to
guarantee the notes.  Caesars said it canceled a provision in the
agreement made between subsidiary Caesars Entertainment Operating
Co. and trustees UMB NA and BOKF NA to guarantee the value of the
notes.

                   About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies.  Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names.  The Company has its
corporate headquarters in Las Vegas.  Harrah's announced its
re-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended
and Restated Restructuring Support and Forbearance Agreement,
dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and
the Consenting Creditors.  As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015.  The bondholders are represented
by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill.  Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.

                         *     *     *

The Troubled Company Reporter, on April 27, 2015, reported that
Fitch Ratings has affirmed and withdrawn the Issuer Default
Ratings (IDR) and issue ratings of Caesars Entertainment Operating
Company (CEOC).  These actions follow CEOC's Chapter 11 filing on
Jan. 15, 2015.  Accordingly, Fitch will no longer provide ratings
or analytical coverage for CEOC.

In addition, Fitch has affirmed the IDR and issue rating of
Chester Downs and Marina LLC (Chester Downs) and the ratings have
been simultaneously withdrawn for business reason.


CAPITOL LAKES: Has Patient Care Ombudsman
-----------------------------------------
Patrick S. Layng, United States Trustee for the Western District of
Wisconsin, appointed as Patient Care Ombudsman in the Chapter 11
case of Capitol Lakes, Inc.:

     Heather A. Bruemmer, Executive Director
     Wisconsin Board on Aging & Long Term Care
     1402 Pankratz Street, Suite 111
     Madison, WI 53704-4001
     Tel: (608) 246-7014
          (800) 815-0015 Toll-free
     Fax: (608) 246-7001
     E-Mail: Heather.Bruemmer@wisconsin.gov

Bankruptcy Judge Robert D. Martin directed the U.S. Trustee to name
a patient care ombudsman in the case in a Jan. 29 Order.

The U.S. Trustee made an oral motion for the entry of an Order
directing the appointment of a patient care ombudsman.  The State
Long-Term Care Ombudsman expressed willingness to serve in that
capacity.

Section 333(b) of the Bankruptcy Code provides that the Patient
Care Ombudsman shall:

     (1) monitor the quality of patient care provided to patients
of the debtor, to the extent necessary under the circumstances,
including interviewing patients and physicians;

     (2) not later than 60 days after the date of this appointment,
and not less frequently than at 60 day intervals thereafter, report
to the court after notice to the parties in interest, at a hearing
or in writing, regarding the quality of patient care provided to
patients of the debtor; and

     (3) if such ombudsman determines that the quality of patient
care provided to patients of the debtor is declining significantly
or is otherwise being materially compromised, file with the court a
motion or written report, with notice to the parties in interest
immediately upon making that determination.

The U.S. Trustee may be reached at:

     Patrick S. Layng
     United States Trustee
     Office of the United States Trustee
     780 Regent Street, Suite 304
     Madison, WI 53715

                       About Capitol Lakes

On January 20, 2016, Capitol Lakes Inc. filed a Chapter 11
bankruptcy petition in the United States Bankruptcy Court for the
Western District of Wisconsin.  The case (Case No. 16-10158) is
assigned to Judge Robert D. Martin.

The Debtor has tapped DLA Piper LLP as its legal counsel, and Cain
Brothers & Company LLC as its financial advisor.

The Debtor estimated assets of $50 million to $100 million and
debts of $100 million to $500 million.  

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  They are Margaret
Barker, John Burkhalter, Geri Dickson, Sally Drew, Patrick J.
Holzem, Judith Snyderman and M. Crawford Young.  Murphy Desmond
S.C. represents the committee.


CARBON BEACH: Grant of Receiver's Fees, Expenses Affirmed
---------------------------------------------------------
The Court of Appeals of California, Second District, Division Two,
affirmed an order granting receiver fees and expenses to Robb Evans
& Associates, LLC.

Builders Bank filed a complaint alleging that Carbon Beach Partners
LLC defaulted on construction loans pertaining to a project to
build eight luxury villa condominiums on property located on the
Pacific Coast Highway in Malibu, California.  The principal amount
owing was $13,344,023.06.  Builders filed an ex parte application
for appointment of a receiver.   Robb Evans & Associates, LLC was
appointed as receiver on October 2, 2008.

In 2013, Carbon Beach settled with the receiver and Builders.  The
bankruptcy court approved the settlement agreements and dismissed
Carbon Beach's bankruptcy case.

On September 4, 2013, Robb Evans filed final account motions for
discharge of receiver, approval of final account, and an order
directing Builders to pay third party claims and the receiver's
administrative expenses.

Judge O'Donnell granted the final account motions and ordered
Builders to pay $152,666.41 in receivership fees, $145,383.87 in
attorney fees, and $185,200.22 to cover third party claims.

On appeal, the Court of Appeals of California found that Builders
was unable to identify the specific receivership fees and expenses
that it found objectionable.  The appellate court also determined
that Builders has not demonstrated a clear abuse of discretion as
it has not explained why or on what legal theory particular amounts
should have been disallowed, and has not provided a reporters'
transcript as to why it was denied discovery and an evidentiary
hearing.  Finally, the appellate court likewise dismissed Builders'
contention that it should not have to pay third party claims
because the receiver was not the real party in interest and the
claims were time barred.

The case is BUILDERS BANK, Plaintiff and Appellant, v. CARBON BEACH
PARTNERS, LLC, Defendant; ROBB EVANS & ASSOCIATES, LLC, Receiver
and Respondent, No. B259539 (Cal. Ct. App.).

A full-text copy of the appellate court's February 18, 2016 opinion
is available at http://is.gd/avoyfRfrom Leagle.com.

Plaintiff and Appellant is represented by:

          Richard D. Grossman, Esq.
          LAW OFFICES OF RICHARD D. GROSSMAN
          211 W Wacker Dr #710
          Chicago, IL 60606
          Tel: (312)750-9308

Defendant and Respondent is represented by:

          Alan M. Mirman, Esq.
          Michal E. Bubman, Esq.
          Scott C. Timpe, Esq.
          MIRMAN, BUBMAN & NAHMIAS
          21860 Burbank Boulevard, Suite 360
          Woodland Hills, CA 91367
          Tel: (818)451-4600
          Fax: (818)451-4620
          Email: amirman@mbnlawyers.com
                 mbubman@mbnlawyers.com
                 stimpe@mbnlawyers.com

                    About Carbon Beach Partners

Calabasas, California-based Carbon Beach Partners, LLC, owns an
eight-unit, luxury condominium complex consisting of approximately
41,000 square feet, in Malibu, California.  Carbon Beach filed for
Chapter 11 bankruptcy (Bankr. C.D. Cal. Case No. 09-24657) on
Nov. 3, 2009, Judge Geraldine Mund presiding.  Cynthia Futter,
Esq., at Futter-Wells PC, and Anne Wells, Esq., represent the
Debtor.  The Company disclosed $21,000,004 in assets and
$17,463,557 in liabilities as of the Chapter 11 filing.  Robb
Evans & Associates, LLC, is the appointed receiver in the Debtor's
case.


CASELLA WASTE: S&P Raises CCR to 'B' on Improved Credit Metrics
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate credit
rating on Casella Waste Systems Inc. to 'B' from 'B-'.  The outlook
is stable.

At the same time, S&P raised its issue-level ratings on the
company's senior unsecured revenue bonds to 'BB-' from 'B+'.  The
'1' recovery rating on the bonds is unchanged, indicating S&P's
expectation of very high (90%-100%) recovery in the event of
default.

Additionally, S&P raised its issue-level ratings on Casella's
senior subordinated debt to 'B' from 'B-'.  The '4' recovery rating
on the debt is unchanged, indicating S&P's expectation of average
(30%-50%; lower end of the range) recovery in the event of a
default.

"We are raising our corporate credit rating on Casella to reflect
the company's improved operating performance and credit measures,"
said Standard & Poor's credit analyst Daniel Lee.  Over the past
year, Casella has increased its top-line growth primarily through a
combination of pricing and volume gains in its core collection and
disposal business.  The company's operating margins have also
improved, mainly because of the roll-out of more efficient waste
collection vehicles and the improved density of its collection
routes.  As a result, S&P is projecting that Casella's top-line
growth will increase in the low-single digit percentage range over
the next year while its operating margins improve slightly.  S&P
now expects the company's adjusted debt-to-EBITDA ratio to be
between 5x and 6x by the end of fiscal-year 2016.  S&P believes
that there is ample room for Casella to further increase its sales
and improve its margins because landfill capacity remains
constrained in the company's core service area of the Northeastern
U.S. and it has continued to update its collection fleet. Casella's
recycling business remains challenged, although the company has
somewhat hedged its exposure with the introduction of its
Sustainability/Recycling Adjustment (SRA) fee.  S&P expects that
the company will actively redeem its subordinated notes in the
secondary markets, which should be mildly accretive to its credit
measures.  Given these factors, S&P has revised its comparable
ratings analysis modifier on the company to neutral from negative
because Casella's credit measures are closer to those of its peers
that S&P assess as having a highly leveraged financial risk
profile.

S&P's stable outlook on Casella reflects S&P's expectation that the
company will continue to benefit from the limited landfill capacity
in its core markets, which should promote further pricing and
volume growth.  S&P expects Casella to continue to upgrade its
fleet and improve the density of its routes, which S&P expects will
have a positive impact on its operating margins.  S&P's forecast
incorporates low-single digit percent revenue growth over the next
several years and a slight improvement in the company's operating
margin over the same period, resulting in an adjusted
debt-to-EBITDA ratio of around 5.5x by the end of fiscal-year 2016.
S&P expects the company to maintain its adequate liquidity, which
S&P views as the key consideration for its rating.  Casella may
continue to pursue small, bolt-on acquisitions; however, S&P do not
expect these transactions to meaningfully impact the company's
credit metrics or liquidity.

S&P could lower its ratings on Casella if unexpected business
challenges or delays in the company's operational improvement plan
result in weaker-than-expected free cash flow or an adjusted
debt-to-EBITDA ratio that exceeds 6.0x for a sustained period
without any prospect for improvement.  This could occur if the
company's sales decline and its EBITDA margins contract by 200
basis points (bps).  S&P could also lower its ratings on Casella if
the company's liquidity becomes constrained, though S&P views this
as less likely in the near term.

While unlikely during the next year, S&P could raise its ratings on
Casella if economic conditions and the company's credit measures
improve meaningfully such that the firm's total adjusted
debt-to-EBITDA ratio falls below 5.0x for a sustained period.  This
could occur if the company's sales increased modestly and its
EBITDA margins increased by 200 bps.  In addition, S&P would also
need to believe that management's financial policies will support
these improved metrics and sustain them through a business cycle.



CHESAPEAKE ENERGY: Fitch Lowers IDR to B-, Outlook Still Negative
-----------------------------------------------------------------
Fitch Ratings has downgraded Chesapeake Energy Corporation's
(Chesapeake; NYSE: CHK) Long-term Issuer Default Rating (IDR) to
'B-' from 'B'.  The Rating Outlook remains Negative.

The downgrade reflects the heightened liquidity risk given the
prospect for a lower and longer price recovery profile.  The
current rating also reflects the potential for low hydrocarbon
prices to negatively impact the company's plans to raise liquidity
through asset sales and could also have an unfavorable impact on
the next round of borrowing-base redeterminations.  This increases
the prospect that the company might more quickly and heavily rely
on its revolving credit facility to fund upcoming debt maturities
and Fitch's projected free cash flow (FCF) deficit, which could
compound borrowing base and bank support risks.  Fitch recognizes,
however, that the company still has considerable unencumbered
assets that could be pledged to help support the secured credit
facility if there are material negative borrowing-base revisions.

The Negative Outlook considers heightened asset sale execution
risk, as well as the potential for further deterioration of the
company's FCF profile.  Fitch continues to expect the company will
use its large, diversified asset base to manage its near- and
medium-term operational and financial obligations, currently
providing a limited margin of safety at the 'B-' level.  Fitch also
continues to believe that there is an adequate amount of capital
looking to be deployed for M&A.  This view is supported by
Chesapeake's recently announced $700 million (net $500 million
after repurchase of three Volumetric Production Payments [VPPs]) in
asset divestitures closed or under signed sales agreements, as well
as the size and volume of other E&P market transactions over the
past few quarters.  The company is targeting an additional $500
million to $1 billion in asset sales during 2016.

                        KEY RATING DRIVERS

Chesapeake's ratings reflect its considerable size with the
potential for more liquids-focused production, substantial asset
base, and strong operational execution and flexibility with ongoing
improvements leading to competitive production and cost profiles.
Fitch views the company's focus on completion activities, instead
of drilling, in 2016 positively.  This more closely aligns current
capital spending with production and, as a consequence, cash flows.
The company's recent guidance highlights these effects with a
year-over-year 50%-67% drop in drilling and completion capital
spending resulting in a production decline of 0%-5%, adjusted for
asset sales.

These considerations are offset by the company's levered capital
structure; continued exposure to legacy drilling, purchase, and
overriding royalty interest obligations; natural gas-weighted
profile that results in lower netbacks per barrel of oil equivalent
(boe) relative to liquid peers; and weaker realized natural gas
prices after differentials are incorporated.  In the near term, the
sharp drop in U.S. natural gas prices linked to a strong El Nino
weather pattern will continue to weigh on the company.  Fitch
recognizes, however, that Chesapeake has made significant progress
in its financial and operational deleveraging efforts since 2013,
including the recent secured debt exchange and completed midstream
transportation renegotiations which have the potential for further
savings.

The company reported year-end 2015 net proved reserves of over 1.5
billion boe, which is a year-over-year reduction of approximately
39% mainly due to price-related reserve revisions.  Production also
decline around 4% year-over-year to approximately 679 thousand boe
per day (mboepd; 28% liquids) in 2015 from nearly 707 mboepd (29%
liquids) in 2014.  The reserve revision and production decline
resulted in a year-end 2015 reserve life of just over six years.

Fitch estimates Chesapeake's balance sheet debt/EBITDA to be
approximately 4.8x for the year ended 2015 compared to 2.6x at
year-end 2014 demonstrating the impact of lower hedged price
realizations.  The company's debt/1p reserves metrics, as
calculated by Fitch, increased nearly 40% to around $7.50/boe at
year-end 2015 from approximately $5.40/boe at year-end 2014 mainly
due to negative price-driven reserve revisions.  Debt/flowing
barrel metrics, however, declined to over $16,500 at year-end 2015
from about $18,800 at year-end 2014 reflecting the reduction in
balance sheet debt offset by moderate production declines.  Fitch's
base case currently forecasts debt/EBITDA of 8.0x-8.5x in 2016.
This assumes the completion of an additional $750 million (total
$1.25 billion for 2016) in asset sales limiting the need for credit
facility borrowings.  Upstream leverage metrics are projected to
remain relatively steady through 2016.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Chesapeake
include:

   -- Base case WTI oil price that trends up from $35/barrel in
      2016 to a long-term price of $65/barrel;
   -- Base case Henry Hub gas that trends up from $2.25/mcf in
      2016 to a long-term price of $3.25/mcf;
   -- Production of approximately 622 mboepd in 2016, generally
      consistent with mid-point of guidance, followed by a price-
      and cash flow-linked production profile;
   -- Liquids mix declines to 25% in 2016 due to lower drilling
      activity with activity focused on completions, operationally

      committed, and shorter-cycle gas-oriented plays near term;
   -- Differentials are projected to exhibit improving trends over

      the medium term due to some Marcellus basis tightening and
      gathering cost relief;
   -- Capital spending is forecast to be $1.25 billion in 2016,
      consistent with mid-point of guidance, followed by a price-
      and cash flow-linked capex profile thereafter;
   -- Asset sales of $1.25 billion assumed to be completed in
      2016;
   -- Continued suspension of preferred and common dividends
      medium-term;
   -- No increase in long-term balance sheet debt assumed.

                        RATING SENSITIVITIES

Positive: No upgrades are currently contemplated given weakening
credit metrics associated with low oil & gas prices.  Future
developments that may, individually or collectively, lead to a
positive rating action include:

For an upgrade to 'B':

Maintenance of size, scale, and diversification of Chesapeake's
operations with some combination of the following metrics:

   -- Mid-cycle balance sheet debt/EBITDA under 6.0x-7.0x on a
      sustained basis;
   -- Balance sheet debt/flowing barrel under $40,000 - $45,000
      and/or debt/1p below $8.50 - $9.00/boe on a sustained basis;
   -- Continued progress in materially reducing adjusted debt
      balances and simplifying the capital structure;
   -- Improvements in realized oil & gas differentials.

To resolve the Negative Outlook at 'B-':

   -- Asset sale execution that alleviates the company's near-term

      reliance on its revolving credit facility to help fund FCF
      deficits;
   -- Improving oil & gas price environment and sufficient
      liquidity to help address escalating maturities profile;
   -- Mid-cycle balance sheet debt/EBITDA under 7.0x-8.0x on a
      sustained basis;
   -- Balance sheet debt/flowing barrel under $45,000 - $50,000
      and/or debt/1p around $9.00-$10.00/boe on a sustained basis.

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

   -- Mid-cycle balance sheet debt/EBITDA above 8.0x on a
      sustained basis;
   -- Balance sheet debt/flowing barrel over $55,000 and/or
      debt/1p above $10.00 on a sustained basis;
   -- An unwillingness or inability to execute asset sales, if
      necessary, to help address forecasted FCF shortfalls and
      debt maturities;
   -- A persistently weak oil & gas pricing environment that
      impairs the longer-term value of Chesapeake's reserve base.

                ADEQUATE NEAR-TERM LIQUIDITY POSITION

Cash & equivalents, as of Dec. 31, 2015, were approximately $825
million.  Additional liquidity is provided by the company's
previously amended $4 billion senior secured credit facility due
December 2019.  There were no outstanding borrowings under the
facility as of Dec. 31, 2015, with $77 million of the facility
capacity used for various letters of credit.  Fitch understands
that that the company has considerable unencumbered assets that
could be pledged to help support the secured credit facility if
there is a material negative borrowing base revision.

Chesapeake, as of Feb. 23, 2016, has hedged about 56% and 58% of
its projected oil and natural gas production, or approximately 19
mmboe and 590 Bcf, at approximately $47.79/barrel and $2.84/mcf,
respectively.

                   ESCALATING MATURITIES PROFILE

The company has an escalating maturities profile with approximately
$260 million, $1.8 billion, $900 million, and $1.1 billion due in
2016 - 2019.  These amounts include the effects of the recent
exchange, open-market repurchases, and the $1.2 billion and $347
million in contingent convertible senior notes with holders' demand
repurchase dates in May 2017 and December 2018, respectively.  If
oil & gas prices remain depressed in the medium term, Fitch
believes it is likely that the contingent convertible senior notes
holders will exercise their demand rights for a cash repurchase
given the five-year demand repurchase date schedule and
considerable spread between the current stock price and conversion
threshold.  Fitch also views the company's open-market debt
repurchases for approximately $240 million (at an average 5%
discount) of the 3.25% senior notes due 2016 and about $60 million
(at a 45% average discount) of debt due in 2017 favorably.

                MODIFIED FINANCIAL COVENANT PACKAGE

Financial covenants, as defined in the recently amended credit
facility agreement, consist of a maximum net debt-to-book
capitalization ratio of 65% (35% as of Dec. 31, 2015), senior
secured leverage ratio of 3.5x through 2017 and 3.0x thereafter,
and an interest coverage ratio of 1.1x through first quarter 2017
followed by periodic increases to 1.25x by the end of 2017 (3.13x).
Other customary covenants across debt instruments restrict the
ability to incur additional liens, make restricted payments, and
merge, consolidate, or sell assets, as well as change in control
provisions.  The company also has amended and increased its ability
to incur junior lien debt to up to $4 billion from $2 billion.  Any
junior lien issuances could reduce revolver availability after
April 15, 2016, (the first borrowing-base redetermination date).

FULL LIST OF RATING ACTIONS

Fitch has downgraded these ratings:

Chesapeake Energy Corporation

   -- Long-term IDR to 'B-' from'B';
   -- Senior secured bank facility to 'BB-'/'RR1' from 'BB'/'RR1';
   -- Senior secured second lien notes to 'B+'/'RR2' from
      'BB-'/'RR2';
   -- Senior unsecured notes to 'B-'/'RR4' from 'B'/'RR4';
   -- Convertible preferred stock to 'CCC'/'RR6' from
      'CCC+'/'RR6'.


CINCINNATI TERRACE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Cincinnati Terrace Plaza Retail, LLC
           dba Terrace Plaza Hotel
        600 Vine Street, Suite 2800
        Cincinnati, OH 45202

Case No.: 16-13384

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Debtor's Counsel: David L. Stevens, Esq.
                  SCURA, WIGFIELD, HEYER & STEVENS, LLP
                  1599 Hamburg Turnpike
                  Wayne, NJ 07470
                  Tel: 973-696-8391
                  E-mail: dstevens@scuramealey.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

The petition was signed by Lionel Nazario, member.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
A1 Sprinkler                                               $6,515

Ameet Patil                                               $18,000

American Scaffold                                         $19,548
PO Box 58145
Cincinnati, OH 45258

Brian Friedberg                                           $55,125

Cincinnati Temp                                           $17,000
Labor Inc.
15 W. 6th St.,
Cincinnati, OH 45202

CoolCo                                                 $1,011,146

Duke Energy                                               $19,377

Greater Cincinnati Waterworks                              $5,473
4747 Spring Grove Ave.
Cincinnati, OH 45232

Hamilton County                                          $444,338
Ohio Treasurer's
Office County
Administration Building
138 E. Court St. - Room 402
Cincinnati, OH 45202

Hopson & Associates, PC                                   $10,000

Jeff Miller                                               $24,000  

15 W. 6th St.,
Cincinnati, OH 45202

Madison Realty                                         $5,375,915
Investments, Inc.
3rd Fl., J&C Bldg.
PO Box 362
Tortola, BVI VG1110

Ohio Bureau of Worker's                                    $4,928
Compensation
PO Box 89492
Cleveland, OH 44101

Otis Elevator                                              $9,369
One Farm Springs
Farmington, CT 06032

Riverside Interiors                                      $483,238
Construction Corp.
15 W. 6th St.,
Cincinnati, OH 45202

Road to Safety                                             $2,400
701 US 50 - Ste. D
Milford, OH 45150

Rumpke Debris Containers                                  $14,557

Ullmer Bernie-Corp Lawyers                               $128,382

Ulmer Berne LLP                                           $14,049

William Hopson                                            $20,000


CLIFFS NATURAL: Incurs $788 Million Net Loss in 2015
----------------------------------------------------
Cliffs Natural Resources Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss attributable to Cliffs common shareholders of $788 million on
$2.01 billion of revenues for the year ended Dec. 31, 2015,
compared to a net loss attributable to Cliffs common shareholders
of $7.27 billion on $3.37 billion of revenues for the year ended
Dec. 31, 2014.

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

"We may be unable to obtain and renew permits necessary for our
operations or be required to provide additional financial
assurance, which could reduce our production, cash flows,
profitability and available liquidity.  We also could face
significant permit and approval requirements that could delay our
commencement or continuation of existing or new production
operations which, in turn, could affect materially our cash flows,
profitability and available liquidity," the Company stated in the
report.

"Our substantial level of indebtedness could limit our ability to
obtain additional financing on acceptable terms or at all for
working capital, capital expenditures and general corporate
purposes.  Our liquidity needs could vary significantly and may be
affected by general economic conditions, industry trends,
performance and many other factors not within our control.  If we
are unable to generate sufficient cash flow from operations in the
future to service our debt, we may be required to refinance all or
a portion of our existing debt.  However, we may not be able to
obtain any such new or additional debt on favorable terms or at
all."

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

                        http://is.gd/Gr5qHi

                   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.

                          *    *     *

As reported by the TCR on Feb. 1, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Cleveland-based iron ore producer Cliffs Natural Resources Inc. to
'CC' from 'B'.  The rating action reflects Cliffs' Jan. 27, 2016,
announcement of a private debt exchange offer for its second-lien
and senior unsecured debt.

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.


CLOUDCOMMERCE INC: Posts Net Loss, Raises Going Concern Doubt
-------------------------------------------------------------
CloudCommerce, Inc., posted a net loss of $463,216 for the three
months ended December 31, 2015 as compared with a net loss of
$180,624 for the three months ended December 31, 2014.  The
increase in net loss for the period was primarily due to an
increase of the derivative liability, interest expense and
additional operating costs of Indaba Group, Inc., according to
Andrew Van Noy, chief executive officer and president, and Greg
Boden, chief financial officer of the company in a regulatory
filing with the U.S. Securities and Exchange Commission on February
11, 2016.   

Moreover, the company had net loss of $5,217,894 for the six months
ended December 31, 2015 and net income of $311,535 for the six
months ended December 31, 2014, and net cash used in operating
activities of $381,509 and $346,138 for the same periods,
respectively.

Messrs. Van Noy and Boden pointed out: "While the company expects
that its capital needs in the foreseeable future may be met by
cash-on-hand and projected positive cash-flow, there is no
assurance that the company will be able to generate enough positive
cash flow or have sufficient capital to finance its growth and
business operations, or that such capital will be available on
terms that are favorable to the company or at all.  In the current
financial environment, it could become difficult for the company to
obtain equipment leases and other business financing.  There is no
assurance that the company would be able to obtain additional
working capital through the private placement of common stock or
from any other source.

"The company does not generate significant revenue, and has
negative cash flows from operations, which raise substantial doubt
about the Company's ability to continue as a going concern.  The
ability of the company to continue as a going concern and
appropriateness of using the going concern basis is dependent upon,
among other things, an additional cash infusion.  The company has
obtained funds from its shareholders since its inception.  It is
management's plan to generate additional working capital from
increasing sales from its desktop and mobile service offerings, and
then continue to pursue its business plan and purposes."

At December 31, 2015, the company had total assets of $2,404,930,
total liabilities of $2,069,565 and total shareholders' equity of
$335,365.

A full-text copy of the company's quarterly report is available for
free at: http://tinyurl.com/gog7yto

Santa Barbara, California-based CloudCommerce, Inc., together with
its subsidiary, is a provider of e-commerce services.  These
services include: (1) development of highly customized and
sophisticated online stores, (2) real-time integration to other
business systems, (3) digital marketing and data analytics, (4)
complete and secure site management, and (5) integration to
physical stores.


CLUBCORP CLUB: Buyback Plan No Impact on Moody's B1 CFR
-------------------------------------------------------
Moody's Investors Service said  that ClubCorp Club Operations,
Inc.'s announced share repurchase plan is moderately credit
negative, but does not immediately affect the company's B1
Corporate Family Rating (CFR) or stable rating outlook.

ClubCorp Club Operations, Inc. ("ClubCorp") is one of the largest
owners, operators and managers of private golf, country, business,
sports and alumni clubs in North America and the largest owner of
golf clubs in the US. As of December 29, 2015 the company operated
over 200 clubs (inclusive of golf & country clubs and business,
sports & alumni clubs) with locations in 26 states, the District of
Columbia, and two foreign countries (Mexico and China) serving more
than 430,000 individual members via approximately 185,000
memberships. The company's parent, ClubCorp Holdings, Inc. (NYSE:
MYCC), completed an IPO in September 2013. During the twelve month
period ended December 29, 2015, ClubCorp generated approximately
$1.05 billion of revenues.


CONCO INC: Bids to Enforce, Clarify Confirmation Order Granted
--------------------------------------------------------------
Judge Joan A. Lloyd of the United States Bankruptcy Court for the
Western District of Kentucky granted the motion filed by the
Oversight Committee to enforce the order confirming the Third
Amended Plan and the motion filed by the Trustees of the Conco,
Inc. Employee Stock Ownership Plan and Trust Agreement ("ESOP
Trustees") for clarification and declaration of rights.

Conco, Inc.'s Third Amended Plan, confirmed on November 20, 2014,
provides Class 3 (i)Defined Distributions, and (ii)Contingent
Distributions, which are to be made between confirmation of the
amended plan through December 31, 2018.  The amended plan also
provides that the ESOP would hold all of the equity interest in
Conco until December 31, 2018, when the last Defined Distributions
are scheduled to be made and the last Contingent Distributions
would have been calculated.

During the course of the Chapter 11 proceeding, Delfasco, LLC,
Conco's main competitor, attempted to acquire Conco and gain
control of Conco's estate.  On December 13, 2015, Delfasco served a
new offer to acquire Conco's capital stock which is conditioned
upon the entry of a final and non-appealable order declaring that
the seller has the right to consummate the transaction.

The Oversight Committee contended that a provision in the amended
plan prohibits the sale of equity interests until after January 1,
2019.

Judge Lloyd found that the document evidences the parties' intent
and agreement for the ESOP holders and the equity interest holders
to maintain their stock position until completion of the amended
plan.  The judge further explained that the quid pro quo was Conco,
the ESOP and the interested parties would keep control and their
ownership interests with no distributions and no transfers of
ownership in return for the Unsecured Creditors Committee's support
of the amended plan terms.

Thus, Judge Lloyd entered the relief requested by Conco, the
Oversight Committee and the ESOP Trustees in order to protect the
rights of all parties which were bargained for in the amended
plan.

The case is IN RE: CONCO, INC., Debtor(s), Case No. 12-34933(1)(11)
(Bankr. W.D. Ky.).

A full-text copy of Judge Lloyd's February 18, 2016 memorandum
opinion is available at http://is.gd/gg4uQUfrom Leagle.com.

Conco, Inc., Debtor, represented by:

          Neil Charles Bordy, Esq.
          SEILLER WATERMAN LLC
          2200 Meidinger Tower
          462 S. 4th Street
          Louisville, KY 40202
          Tel: (502) 584-7400
          E-mail: bordy@derbycitylaw.com

            -- and --

          Sharon A Mattingly, Esq.
          500 West Jefferson Street
          2000 PNC Plaza
          Louisville, KY 40202-2828
          Tel: (502)333-6000
          Fax: (502)333-6099
          Email: sharon.mattingly@skofirm.com

            -- and --

          James U. Smith, Esq.
          400 North, First Trust Centre
          200 South Fifth Street
          Louisvill, KY 40202
          Tel: (502)587-0761
          Email: jus@smithandsmithattorneys.com

Charles R. Merrill, US Trustee, represented by:

          John R. Stonitsch, Esq.
          OFFICE OF THE US TRUSTEE
          601 West Broadway, Suite 512
          Louisville, KY 40202
          Tel: (502)582-6000
          Fax: (502)582-6147

Creditors Committee, Creditors Committee, represented by:

          John W. Ames, Esq.
          C. R. Bowles, Esq.
          GREENEBAUM DOLL & MCDONALD PLLC
          3500 National City Tower
          101 South Fifth Street
          Louisville, KY 40202
          Tel: (502)589-4200
          Fax: (502)587-3695
          Email: jwa@gdm.com

            -- and --

          Ivana B. Shallcross, Esq.
          BINGHAM GREENEBAUM DOLL LLP
          3500 National City Tower
          101 South Fifth Street
          Louisville, KY 40202-3197
          Tel: (502)589-4200
          Fax: (502)587-3695

Oversight Committee, Creditors Committee, represented by James R.
Irving, Esq.

Conco, Inc., sought protection under Chapter 11 of the Bankruptcy
Code on November 3, 2012 (Bankr. W.D. Ky., Case No. 12-34933).  The
Debtor's counsel is Neil Charles Bordy, Esq., at Seiller Waterman
LLC, in Louisville, Kentucky.  The petition was signed by Gilbert
Everson, CEO.


COOPER GAY: Moody's Confirms B3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has confirmed the ratings of Cooper Gay
Swett & Crawford Limited (CGSC, Corporate Family Rating B3,
Probability of Default Rating B3-PD) following the company's
announcement of an agreement to sell CGSC North America Holdings
Corporation (Swett & Crawford) to BB&T Corporation (NYSE: BBT) for
$500 million in cash. The companies expect to complete the
transaction in the first half of 2016, pending regulatory
approvals. This concludes a review for downgrade of CGSC's ratings
initiated on 1 July 2015. The rating outlook for CGSC is stable.

Moody's expects that CGSC will use proceeds from the sale to repay
borrowings under its credit facilities, which currently amount to
less than $420 million. Assuming the facilities are fully repaid
and terminated, the rating agency will withdraw the company's
ratings.

RATINGS RATIONALE

CGSC commenced the Swett & Crawford sale process in November 2015
as a way to reduce/eliminate its financial leverage and allow for
greater investment in its non-US business. Swett & Crawford is a
leading wholesale insurance broker, complementary to the sizable
wholesale operations of BB&T Insurance. The pending transaction
encompasses US wholesale brokerage, specialty managing general
agencies and reinsurance brokerage, but excludes Swett & Crawford's
modest amount of non-US business.

CGSC's consolidated debt-to-EBITDA ratio remained above 10x for the
12 months through September 2015 (on a Moody's adjusted basis)
while (EBITDA - capex) interest coverage was below 1x. The
company's free-cash-flow-to-debt ratio was in the low single
digits. The company has sufficient cash and equivalents on hand
plus operating cash flow to meet near-term obligations.

Given CGSC's high financial leverage, Moody's sees little
likelihood of a rating upgrade in the near term.

Factors that could lead to a downgrade of CGSC's ratings include:
(i) failure to sell Swett & Crawford and substantially reduce or
eliminate financial leverage, (ii) debt-to-EBITDA ratio remaining
above 8x on a sustained basis, (iii) (EBITDA-capex) coverage of
interest remaining below 1.2x, or (iv) free-cash-flow-to-debt ratio
consistently below 2%.

CGSC's revolving credit facility is available to CGSC and certain
designated subsidiaries, including CGSC of Delaware Holdings
Corporation (CGSC DE), and the group's term loans were issued by
CGSC DE. The facilities are guaranteed by all direct and indirect
material subsidiaries of CGSC, and facility borrowings by CGSC DE
and other designated subsidiaries are also guaranteed by CGSC. In
addition, the facilities are secured by substantially all assets of
CGSC, CGSC DE and US guarantors, including the capital stock of
material subsidiaries.

Moody's has confirmed the following ratings (and loss given default
(LGD) assessments) with a stable outlook:

CGSC Corporate Family Rating B3;

CGSC Probability of Default Rating B3-PD;

CGSC and CGSC DE (co-borrower) $75 million
first-lien revolving credit facility expiring
in April 2018 B2 (LGD3);

CGSC DE $305 million (before amortization)
first-lien term loan due in April 2020 B2 (LGD3);

CGSC DE $120 million second-lien term loan due
in October 2020 Caa2 (LGD5).

Based in London, England, CGSC is an independent wholesale,
underwriting management and reinsurance broker group serving
clients in London, US and international insurance markets. For the
12 months through September 2015, the company generated revenue of
$354 million.


CRYSTAL SPOON: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: The Crystal Spoon
           aka Top Chef Meals
        175 Clearbrook Road
        Elmsford, NY 10523
        United States

Case No.: 16-22238

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Debtor's Counsel: Anne J. Penachio, Esq.
                  PENACHIO MALARA LLP
                  235 Main Street, Sixth Floor
                  White Plains, NY 10601
                  Tel: (914) 946-2889
                  Fax: (914) 946-2882
                  E-mail: apenachio@pmlawllp.com
                          FMalara@PMLawLLP.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Paul Ghiron, president.

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


CUNNINGHAM LINDSEY: Moody's Places B3 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed the ratings of Cunningham
Lindsey U.S. Inc. (Cunningham Lindsey, Corporate Family Rating B3,
Probability of Default Rating B3-PD) on review for downgrade based
on its declining revenue, weakening EBITDA and negative operating
cash flow. The rating agency also placed the B2 rating on the
company's revolving credit facility and first-lien term loan and
Caa2 rating on its second-lien term loan on review for downgrade.

RATINGS RATIONALE

According to Moody's, the review will focus on the company's
strategic initiatives to restore revenue and EBITDA growth, the
impact of restructuring activities, and the prospective interest
coverage and free cash flow generation to service debt. Cunningham
Lindsey's revenues have been declining gradually since 2012 with
commensurate pressure on EBITDA, driven by a decline in global
insured claims volume due to benign weather and lower catastrophe
activity, as well as a strengthening US dollar, relative to many of
the currencies in which the company operates.

The company's debt-to-EBITDA ratio has risen to over 7x on a
Moody's adjusted basis with a weakening of (EBITDA -- capex)
interest coverage to about 1.2x for the 12 months through September
2015. The rating agency added that the company's cash flow from
operations has been negative for the first nine months of 2015,
partially reflecting restructuring costs and new hires as the
company takes steps to improve business operations. While
Cunningham Lindsey had $31 million of unrestricted cash on its
balance sheet as of 30 September 2015, there is little headroom
under its existing financial covenant on the revolving credit
facility. There are no financial covenants on the term loans.

Cunningham Lindsey has a strong market position in complex claims
management services and has a diversified global customer base. The
company manages claims across multiple jurisdictions for global
insurers and self-insured entities. Declines in revenue and
earnings reflect a lack of weather events in the company's major
operating markets, a more competitive operating environment, and
the negative impact of foreign exchange movements.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio above 7.5x, (ii) (EBITDA - capex) coverage of
interest below 1.2x, (iii) free-cash-flow-to-debt ratio below 2%
for a sustained period, or (iv) an inability to borrow under the
revolving credit facility.

The ratings could be confirmed in the event of: (i) successful
execution of management actions to restore revenue and EBITDA
growth, (ii) debt-to-EBITDA ratio below 7.0x, (iii) (EBITDA -
capex) coverage of interest consistently exceeding 1.2x, and (iv)
free-cash-flow-to-debt ratio consistently exceeding 2%.

Moody's has placed the following ratings on review for downgrade
(along with loss given default (LGD) assessments, debt amounts as
of 30 September 2015):

Corporate Family Rating B3;

Probability of Default Rating B3-PD;

$100 million first-lien revolving credit facility
($58 million outstanding, maturing December 2017)
B2 (LGD3);

$486 million first-lien term loan (maturing December 2019)
B2 (LGD3);

$86 million second-lien term loan (maturing June 2020) Caa2
(LGD6).

Based in Tampa, Florida, Cunningham Lindsey is a leading provider
of independent loss adjusting and claims management services
worldwide. The company provides global outsourcing solutions for
property and casualty insurance and reinsurance companies and
self-insured corporations. The firm's operating platform includes
over 6,000 employees operating across 60 territories. The company
generated revenue of $707 million for the 12 months through
September 2015.


CURTIS JAMES JACKSON: On Judge's Radar After Posing with Cash Pile
------------------------------------------------------------------
Pete Brush at Bankruptcy Law360 reported that three days after 50
Cent rejected a repayment plan proposed by creditors as "indentured
servitude," a Hartford, Connecticut, bankruptcy judge on Feb. 18,
2016, summoned the rapper to court to explain social media
photographs that show him posing with piles of money.  Judge Ann M.
Nevins teed up a status conference after creditors including
SunTrust Bank posted pictures of the rapper posing with piles of
cash in their disclosure statement.

Curtis James Jackson, III, aka 50 Cent, filed for Chapter 11
bankruptcy protection (Bankr. D. Conn. Case No. 15-21233) on
July 13, 2015.


CYTORI THERAPEUTICS: Amortization Commencement Date Moved to 2017
-----------------------------------------------------------------
Cytori Therapeutics, Inc., disclosed in a Form 8-K filed with the
Securities and Exchange Commission it received an acknowledgement
and agreement from Oxford Finance LLC, as collateral agent and
lender that Oxford had received evidence, in form and substance
reasonably satisfactory to Oxford, that the Company had received
positive data on its US ACT-OA clinical trial.

As a result, pursuant to the Loan and Security Agreement, dated May
29, 2015, with Oxford and the other lenders party thereto from time
to time, the period for which the Company is only required to make
interest-only payment was extended from June 1, 2016, to
Jan. 1, 2017 (the "Amortization Commencement Date").  Following the
Amortization Commencement Date, the Company is required to make
payments of principal and accrued interest in equal monthly
installments sufficient to amortize the Term Loan through June 1,
2019, the maturity date.

                          About Cytori

Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX)
-- http://www.cytori.com/-- is an emerging leader in providing    
patients and physicians around the world with medical
technologies, which harness the potential of adult regenerative
cells from adipose tissue.  The Company's StemSource(R) product
line is sold globally for cell banking and research applications.

The Company's balance sheet at Sept. 30, 2014, showed $37.1 million
million in total assets, $60.2 million in total liabilities, and a
stockholders' deficit of $23.2 million.

KPMG LLP previously expressed substantial doubt about the Company's
ability to continue as a going concern in the Company's financial
statements for the fiscal year ended Dec. 31, 2014, citing that the
Company has recurring losses from operations, liquidity position,
and debt service requirements.


D.N.S.A. INC.: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: D.N.S.A., Inc
        540 National City Blvd.
        National City, CA 91950

Case No.: 16-00924

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       Southern District of California (San Diego)

Judge: Hon. Christopher B. Latham

Debtor's Counsel: Quintin G. Shammam, Esq.
                  LAW OFFICES OF QUINTIN G. SHAMMAM
                  2221 Camino Del Rio South, Ste. 207
                  San Diego, CA 92108
                  Tel: 619-444-0001
                  E-mail: Quintin@shammamlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Sabah Abro, president.

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


DARI REALTY: Case Summary & Unsecured Creditor
----------------------------------------------
Debtor: Dari Realty Corp.
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22250

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, president.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

            http://bankrupt.com/misc/nysb16-22250.pdf


DASHLEY CORP: Case Summary & Unsecured Creditor
-----------------------------------------------
Debtor: Dashley Corp.
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22253

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, president.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

          http://bankrupt.com/misc/nysb16-22253.pdf


DEWEY & LEBOEUF: 15 Felony Counts vs. 2 DiCarmine, Sanders Dropped
------------------------------------------------------------------
Brandon Lowrey at Bankruptcy Law360 reported that the two ex-Dewey
& LeBoeuf LLP executives facing charges left over from last year's
jury trial each defeated 15 more felony counts on Feb. 26, 2016,
further diminishing the once-massive criminal fraud conspiracy case
in the run-up to a much narrower trial -- if there will be one at
all.  A New York judge dismissed on Feb. 26, 15 counts of grand
larceny apiece against former Dewey executives Stephen DiCarmine,
left, and Joel Sanders.

In a separate report, Stewart Bishop at Bankruptcy Law360 said that
the judge declined to nix fraud and conspiracy counts, setting the
stage for a slimmed-down second trial over allegations they
defrauded the law firm's financial backers prior to its collapse.

                     About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DEWEY & LEBOEUF: Former Exec Slams DA for Press Statement
---------------------------------------------------------
Max Stendahl at Bankruptcy Law 360 reported that former Dewey &
LeBoeuf LLP Chief Financial Officer Joel Sanders criticized the
Manhattan District Attorney's office on Feb. 22, 2016, for
referring to him by name in a "gratuitous" recent statement
announcing a deferred prosecution deal with a former underling.  

According to the report, an attorney for Sanders wrote a letter to
New York Supreme Court Justice Robert Stolz that the Feb. 16
statement announcing a deferred prosecution agreement with former
Dewey client relations manager Zachary Warren supported the former
CFO's motion to dismiss the case.  The DA's statement read, in
part, "While the crimes with which Mr. Warren [is] charged are
serious, his overall culpability is different from that of the
remaining defendants, and we believe he engaged in that conduct at
the direction of his supervisor, former Chief Financial Officer
Joel Sanders."  

Mr. Sanders faces retrial in September on accounting fraud charges.
Mr. Sanders and former Dewey Executive Director Stephen DiCarmine
face allegations that they helped cook the firm's books before it
collapsed in 2012.  

Sanders is represented by Andrew Frisch and Cesar de Castro.

                      About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIFFERENTIAL BRANDS: Knight's Bridge Capital Holds 5% Stake
-----------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Knight's Bridge Capital Partners Fund I L.P. reported
that as of Feb. 12, 2016, it beneficially owns 643,716 shares of
common stock of Differential Brands Group Inc. representing 5.19
percent of the shares outstanding.  Knight's Bridge Capital
Partners Fund I (U.S.) L.P. also reported beneficial ownership of
77,211 shares.  A copy of the regulatory filing is available for
free at http://is.gd/FgiIxk

                    About Differential Brands

Joe's Jeans Inc. -- http://www.joesjeans.com/-- designs, produces
and sells apparel and apparel-related products to the retail and
premium markets under the Joe's(R) brand and related trademarks.

Joe's Jeans Inc. has completed the merger combining Hudson Jeans
and Robert Graham.  Additionally, the company has been renamed
Differential Brands Group Inc. and will remain publicly listed on
NASDAQ under the ticker DFBG.

As of Aug. 31, 2015, the Company had $172 million in total
assets, $149 million in total liabilities and $22.6 million in
total stockholders' equity.

In its audit report on the consolidated financial statements for
the year ended Nov. 30, 2014, Moss Adams LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has a net working capital deficiency due to
debt covenant violations and has suffered recurring losses from
operations.

The Company reported a net loss of $27.7 million on $189 million of
net sales for the fiscal year ended Nov. 30, 2014, compared with a
net loss of $7.31 million on $140 million of net sales in 2013.


DIFFERENTIAL BRANDS: Knight's Bridge RG No Longer a Shareholder
---------------------------------------------------------------
Knight's Bridge RG Holdings LLC disclosed in an amended Schedule
13G filed with the Securities and Exchange Commission that as of
Feb. 12, 2016, it ceased to beneficially own shares of common stock
of Differential Brands Group Inc.  A copy of the regulatory filing
is available for free at http://is.gd/ItbEz2


                   About Differential Brands

Joe's Jeans Inc. -- http://www.joesjeans.com/-- designs, produces
and sells apparel and apparel-related products to the retail and
premium markets under the Joe's(R) brand and related trademarks.

Joe's Jeans Inc. has completed the merger combining Hudson Jeans
and Robert Graham.  Additionally, the company has been renamed
Differential Brands Group Inc. and will remain publicly listed on
NASDAQ under the ticker DFBG.

As of Aug. 31, 2015, the Company had $172 million in total
assets, $149 million in total liabilities and $22.6 million in
total stockholders' equity.

In its audit report on the consolidated financial statements for
the year ended Nov. 30, 2014, Moss Adams LLP expressed substantial
doubt about the Company's ability to continue as a going concern,
citing that the Company has a net working capital deficiency due to
debt covenant violations and has suffered recurring losses from
operations.

The Company reported a net loss of $27.7 million on $189 million of
net sales for the fiscal year ended Nov. 30, 2014, compared with a
net loss of $7.31 million on $140 million of net sales in 2013.


DIGITAL RIVER: S&P Raises Rating on 1st Lien Facilities to 'B+'
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
issue-level rating on Digital River Inc.'s first-lien secured
credit facilities to 'B+' from 'B' and second-lien secured credit
facilities to 'CCC+' from 'CCC'.  S&P revised the recovery rating
on the first-lien term loan to '1' from '2'.  The '1' recovery
rating indicates S&P's expectation for very high (90%-to 100%)
recovery in the event of a payment default.  S&P revised the
recovery rating on the second-lien term loan to '5' from '6'.  The
'5' recovery rating reflects modest (10% to 30%; upper end of the
range) recovery in the event of a payment default.

The recovery rating revision reflects the company's $140 million
debt repayment on its first-lien term loan with proceeds from the
divesture of noncore assets, LML Payment Systems and Blue Hornets
Network Inc., in addition to cash on hand.

RATINGS LIST

Digital River Inc.
Corporate credit rating                 B-/Stable/--

Issue-Level Rating Raised; Recovery Rating Revised
                                         To          From
Digital River Inc.
  Senior Secured
First-lien revolver credit facility      B+          B
  Recovery rating                        1           2
Second-lien credit facility             CCC+        CCC
  Recovery rating                        5H          6


DOLPHIN DIGITAL: Issues $3.16 Million Convertible Note
------------------------------------------------------
Dolphin Digital Media, Inc., issued $3,164,000 Convertible Note to
an investor pursuant to a Subscription Agreement on Dec. 7, 2015,
as disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.

The Convertible Note would have become due and payable on Dec. 15,
2016, and would have accrued interest on the unpaid principal
balance at a rate of 10% per annum.

The terms of the Convertible Note provided that the outstanding
principal amount and all accrued interest of the Convertible Note
will mandatorily and automatically convert into shares of common
stock of the Company, par value $0.015 per share, upon occurrence
of a triggering event, as defined in the Convertible Note.
Pursuant to the terms of the Convertible Note, a triggering event
occurred as of Feb. 5, 2016.  As such, the entire principal amount
of the Convertible Note mandatorily and automatically converted
into 12,656,000 shares of Common Stock on such Mandatory Conversion
Date.  No accrued interest was outstanding under the Convertible
Note.

                      About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and
high quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of the-
art fingerprint identification technology, Dolphin Digital Media,
Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

Dolphin Digital reported a net loss of $1.87 million on $2.07
million of total revenue for the year ended Dec. 31, 2014, compared
to a net loss of $2.46 million on $2.29 million of total revenue
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $3.07 million in total
assets, $14.3 million in total liabilities, all current, and a
total stockholders' deficit of $11.3 million.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations, and
does not have sufficient working capital.  These events raise
substantial doubt about the Company's ability to continue as a
going concern.


DORAL FINANCIAL: May 23 Set as Governmental Claims Bar Date
-----------------------------------------------------------
The Hon. Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York established May 23, 2016, at 5:00
p.m., as the bar date for governmental units to file proofs of
claim against Doral Financial Corporation and its debtor
affiliates.

Feb. 24, 2016, was the deadline for any individual or entity to
file proofs of claim against the Debtors.

Proofs of claim must be filed with Garden City Group, LLC or the
Clerk of the Bankruptcy Court in a form substantially similar to
Official Bankruptcy Form No. 10.

Claimants may submit an original proof of claim in person, by first
class mail, courier service, or by hand delivery.  Proofs of claim
may not be submitted by facsimile, telecopy or e-mail.  A proof of
claim form is available on Garden City Group, LLC's website at --
www.gardencitygroup.com/cases/dor --

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Schulte Roth & Zabel
LLP represents the committee.


DORAL FINANCIAL: Unsecured Claims Total $209-Mil.
-------------------------------------------------
Doral Financial Corporation, et al., filed with the U.S. Bankruptcy
Court for the Southern District of New York amended their schedules
of assets and liabilities to revise, among other things, the total
of Schedule F - Creditors holding unsecured nonpriority claims --
to $209,192,207.

The Debtor also amended:

   1. Exhibit A -- Amended Schedule B-2 (Checking, savings or other
financial accounts, certificates of deposit, or shares in banks,
savings and loan, thrift, building and loan, and homestead
associations, or credit unions, brokerage houses, or cooperatives)
  
   2. Amended Schedule B-21 (Other contingent and unliquidated
claims of every nature, including tax refunds, counterclaims of the
Debtor, and rights to setoff claims)

   3. Amended Schedule F (Creditors holding unsecured nonpriority
claims)
  
   4. Exhibit B -- Amended SOFA 3c (Payments to creditors)

   5. Amended SOFA 11 (Closed financial accounts); and

   6. Amended SOFA 19a (Books, records and financial statements)

Full-text copies of the Amended Schedules dated Jan. 20, 2016, are
available at http://bankrupt.com/misc/DORALsal0120.pdf

As reported by the Troubled Company Reporter on May 27, 2015, Doral
Financial disclosed total assets of $87,847,424 and total
liabilities of $209,541,212.

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.  The case is assigned to
Judge Shelley C. Chapman.

DFC estimated $50 million to $100 million in assets and $100
million to $500 million in debt as of the bankruptcy filing.

The Debtor tapped Ropes & Gray LLP as counsel.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
Corp. appointed five creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at
Schulte Roth & Zabel LLP.

On Nov. 25, 2015, Doral Properties filed a voluntary petition with
the Court for relief under Chapter 11 of the Bankruptcy Code.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Schulte Roth & Zabel
LLP represents the committee.


DRM RENTAL: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: DRM Rental Properties, LLC
        P.O. Box 9236
        Midland, Tx 79708

Case No.: 16-70029

Chapter 11 Petition Date: February 26, 2016

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

Debtor's Counsel: David R. Langston, Esq.
                  MULLIN HOARD & BROWN, LLP
                  P.O. Box 2585
                  Lubbock, TX 79408-2585
                  Tel: 806 765 7491
                  Fax: 806 765 0553
                  E-mail: drl@mhba.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Donald Meek, manager.

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


DRM SALES: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: DRM Sales & Supply, LLC
        P.O. Box 9236
        Midland, Tx 79708

Case No.: 16-70028

Chapter 11 Petition Date: February 26, 2016

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

Debtor's Counsel: David R. Langston, Esq.
                  MULLIN HOARD & BROWN, L.L.P.
                  P.O. Box 2585
                  Lubbock, TX 79408-2585
                  Tel: 806 765 7491
                  Fax: 806 765 0553
                  E-mail: drl@mhba.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Donald Meek, manager.

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


EASTERN ILLINOIS UNIV: Moody's Cuts AFS Rev. Bonds Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service downgrades Eastern Illinois University's
(EIU's) Auxiliary Facilities System (AFS) Revenue Bonds to Ba1 from
Baa3 and the Certificates of Participation (COPs) to Ba3 from Baa3.
The outlook is negative.

The downgrade is driven by EIU's increasing vulnerability to the
ongoing state budget impasse given its thin liquidity, declining
enrollment, and high reliance on state funding. Liquid reserves are
expected to be exhausted by the end of the fiscal year. The ratings
incorporate the expectation that EIU will take the necessary
actions to cut expenses and manage cash flow to meet all
obligations.

The Ba1 rating for the AFS Revenue Bonds is based on strong
reserves within the AFS which roughly equal AFS debt outstanding
and are legally restricted to support only AFS expenses and debt
obligations. The AFS has historically been profitable, but also
benefits from a priority claim on net tuition revenue should net
AFS revenues be insufficient to cover debt service.

The Ba3 rating on the COPs reflects the increased risk of the COPs
security pledge given the absence of a state budget, no receipt of
any FY 2016 state appropriations, near exhaustion of unrestricted
reserves, no access to external liquidity facilities, minimal funds
at its foundation, and scant revenue anticipated until the next
wave of tuition revenue in July/August. The next payment on the
Series 2009 COPs of $3.7 million (net of the BABs subsidy) is on
April 1, 2016 and the next payment on the Series 2005 COPs of
approximately $146,000 is due August 15, 2016.

Rating Outlook

  The negative outlook reflects the expectation that
  the university's liquidity position will remain
  severely pressured.

Factors that Could Lead to an Upgrade

  Significant and sustained improvement in liquidity
  with consistent receipt of state operating appropriations

  Strengthened student demand evidenced in net tuition
  revenue growth and stronger cash flow

Factors that Could Lead to a Downgrade

  Insufficient cash flow to fund current operations or
  make debt service payments

  Material decline in state appropriations, including on-behalf
  payments

  Further credit deterioration of the state

  Failure to replenish and build reserves following resolution
  of the budget impasse

  Inability to stabilize enrollment or adjust expenses to
  balance operations

Legal Security

The revenue bonds are secured by the net revenues of the Auxiliary
Facilities System (AFS), as well as mandatory student fees and
tuition revenues, subject to the prior payment of operating and
maintenance expenses of the Auxiliary Facilities System, but only
to the extent necessary. There is a rate covenant to provide 2.0
times coverage of maximum annual debt service as well an additional
bonds test. There is no debt service reserve fund. For FY 2015,
pledged revenues provided 14 times MADS ($5.2 million reached in FY
2016).

The Certificates of Participation (COPs) are payable from both
state-appropriated funds and from budgeted legally available funds
of the university from sources other than state appropriations,
including tuition and fees. The COPs are payable from the
university's broad budget, and the obligation to pay can only be
terminated in the event that the university does not receive
sufficient state appropriations and does not have other legally
available funds. While the COPs typically benefit from the breadth
of revenue available to pay debt service, the lack of state
appropriation and severe budgetary and liquidity pressures
materially weakens COP security for EIU relative to the AFS bonds
in the current environment.

Use of Proceeds. Not applicable.

Obligor Profile

Eastern Illinois University is a regional public university,
founded in 1895, located in Charleston, approximately 50 miles
south of Champaign. EIU offers baccalaureate and master's degrees
in education, business, arts, sciences, and humanities to about
8,500 headcount students in fall 2015.


EIDOS LLC: Stairway Insists on Arbitration, Seeks Case Dismissal
----------------------------------------------------------------
Stairway Capital Management II L.P., a first lien lender owed $50
million by debtor Eidos LLC, will ask the U.S. Bankruptcy for the
Eastern District of Virginia at a hearing on March 1, 2016, at
11:00 a.m., to dismiss the Debtors' Chapter 11 cases, or in the
alternative, suspend the Chapter 11 cases.

"These cases are merely the latest episode in the Debtors' efforts
to frustrate and delay Stairway's exercise of its legitimate
contractual and state law rights and remedies against the Debtors.
These Chapter 11 Cases were filed in bad faith and should be
dismissed immediately," Stairway said in court filings.

Stairway Capital claims to possess a first-priority lien on all of
the assets of the Debtors and, as of Jan. 31, 2016, is owed $50
million.

After several years of litigation dating back to March 2012 and
spreading across several state and federal courts, the parties
landed in binding arbitration before the American Arbitration
Association ("AAA").  The disputes among the parties, however, are
being extensively litigated and are scheduled to conclude at a
hearing set for September 2016.  However, the Debtors sought
Chapter 11 protection to stay the Arbitration Proceeding.

The case is merely a three-party dispute between: (i) the
Debtors/Dentons and Stairway pursuant to the Loan Documents; and
(ii) among the Debtors, Stairway and the Debtors' insurer,
Ironshore Specialty Insurance Company, regarding an insurance
policy (obtained for Stairway's benefit).  The Arbitration can --
and will -- adjudicate the respective interests of all parties
fairly and economically, according to Stairway.

"The Debtors are legally solvent.  The Debtors also have no
business operations other than engaging in litigation regarding the
enforcement of a single patent.  The Debtors have few, if any,
employees and few, if any, creditors (other than Stairway).
Certainly, the claims of the same handful of unsecured creditors
listed on each of their petitions (aggregating approximately
$165,000) pales in comparison to the Debtors' stated assets of
between $100 million to $500 million.  Those claims, according to
the Debtors, can be satisfied without the need for bankruptcy
relief," Stairway tells the Bankruptcy Court.

Given the Debtors' solvency, and that there is no "business" that
needs rehabilitation or reorganization, Stairway asserts that there
is no legitimate purpose served by these Chapter 11 Cases, and no
just reason to delay the adjudication of all claims.

Stairway avers that dismissal will best serve the parties and
permit the adjudication of all issues to proceed to conclusion in
September 2016, after years of litigation.  Alternatively, Stairway
requests that the Court suspend the Chapter 11 Cases pending
resolution of the Arbitration and the Enforcement Action.

Stairway filed a redacted copy of its memorandum of law in support
of its dismissal motion.  A copy of the document is available for
free at http://bankrupt.com/misc/Eidos_15_14_Memo_Dismissal.pdf

Counsel for Stairway Capital Management II L.P.:

         G. David Dean, Esq.
         Jonathan A. Grasso, Esq.
         COLE SCHOTZ P.C.
         300 East Lombard Street, Suite 1450
         Baltimore, MD 21202
         Telephone: (410) 528-2972
         Facsimile: (410) 528-9402
         E-mail: ddean@coleschotz.com
                 jgrasso@coleschotz.com

                         About Eidos LLC

On Feb. 4, 2016, Eidos LLC and six affiliated debtors each filed a
Chapter 11 bankruptcy petition in the United States Bankruptcy
Court for the Eastern District of Virginia (Alexandria). The cases
are assigned to Judge Brian F. Kenney.

The Debtors have tapped Odin, Feldman & Pittleman P.C. as their
legal counsel.

Eidos LLC estimated assets of $100 million to $500 million and debt
of $50 million to $100 million.


ELBIT IMAGING: To Hold Extraordinary Meeting on March 31
--------------------------------------------------------
Elbit Imaging Ltd. notified shareholders that an extraordinary
general meeting will be held at 11:00 a.m. (Israel time) on
March 31, 2016, at the Company's offices at 7 Mota Gur Street,
Petach Tikva, Israel.

As disclosed in a Form 6-K filed with the Securities and Exchange
Commission, the agenda of the Meeting will be as follows:

   1. To approve an amended compensation policy for the Company's
      directors and officers.

   2. To approve the terms of office and employment of Mr. Doron
      Moshe as the Company's chief executive officer.

   3. To authorize the Company's Board of Directors to effect a
      reverse share split of all of the Company's ordinary shares,
      no par value, at a ratio not to exceed one-for-ten, and to
      approve related amendment to its Articles of Association.

   4. To amend the Company's Memorandum of Association by
      restating the authorized share capital to the post reverse
      split number of shares subject to Item no. 3 approval.

                        About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
holds investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Since February 2013, Elbit has intensively endeavored to come to
an arrangement with its creditors.  Elbit has said it has been
hanging by a thread for more than five months.  It has encountered
cash flow difficulties and this burdens its day to day activities,
and it certainly cannot make the necessary investments to improve
its assets.  In light of the arrangement proceedings, and
according to the demands of most of the bondholders, as well as an
agreement that was signed on March 19, 2013, between Elbit and the
Trustees of six out of eight series of bonds, Elbit is prohibited,
inter alia, from paying off its debts to the financial creditors
-- and as a result a petition to liquidate Elbit was filed, and
Bank Hapoalim has declared its debts immediately payable,
threatening to realize pledges that were given to the Bank on
material assets of the Company -- and Elbit undertook not to sell
material assets of the Company and not to perform any transaction
that is not during its ordinary course of business without giving
an advance notice to the trustees.

Accountant Rony Elroy has been appointed as expert for examining
the debt arrangement in the Company.

In July 2013, Elbit Imaging's controlling shareholders, Europe-
Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company
that the Tel Aviv District Court has appointed Adv. Giroa Erdinast
as a receiver with regards to the ordinary shares of the Company
held by Europe Israel securing Europe Israel's obligations under
its loan agreement with Bank Hapoalim B.M.  The judgment stated
that the Receiver is not authorized to sell the Company's shares
at this stage.  Following a request of Europe-Israel, the Court
also delayed any action to be taken with regards to the sale of
those shares for a period of 60 days.  Europe Israel and
Mr. Zisser have also notified the Company that they utterly reject
the Bank's claims and intend to appeal the Court's ruling.


ENERGY FUTURE: Judge Approves $77.8M in Professional Fees
---------------------------------------------------------
Angela Neville at Texas Lawyer reported that U.S. Bankruptcy Court
Judge Christopher S. Sontchi approved the omnibus order awarding
the interim allowance of Energy Future Holdings' professional fees
and expenses totaling more than $77.8 million.  Katherine Stadler,
a shareholder with Godfrey & Kahn and serves as a member of the fee
committee in EFH's Chapter 11 bankruptcy, said the professional
fees in the Energy Future Holdings' bankruptcy are probably now in
the range of approximately $300 million.
In the fee committee's report concerning the uncontested interim
fee applications for the hearing that took place Feb. 18, the fee
committee stated the following: "Since the issuance of its last
report, dated Oct. 21, 2015, the fee committee has reviewed and,
herein, expresses its recommendation for approval of applications
seeking interim compensation and expenses that aggregate
$77,766,117 in fees and $3,460,389 in expense reimbursements
through Aug. 31, 2015.  No objections have been filed."

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
Jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
Agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The
EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY FUTURE: March 10 Hearing on Approval of Severance Hike
-------------------------------------------------------------
BankruptcyData reported that Energy Future Holdings filed with the
U.S. Bankruptcy Court a motion approving an increase, to a total
amount not to exceed $35 million, in the limit on the Debtors'
authority to pay non-insider severance and authorizing the Debtors
to pay insider severance.

The motion explains, "To date, the Debtors have honored
approximately $10.5 million -- of the $15 million available under
the existing Non-Insider Severance Cap -- in postpetition
obligations to non-insiders under the Severance Program.  Primarily
due to the pending wind-down of the Monticello mines in April, as
well as the challenging current market and business climate, the
Debtors seek authority to honor up to $35 million in postpetition
obligations to non-insiders under the Severance Program in the
aggregate -- an increase of $20 million from the existing
Non-Insider Severance Cap….The $20 million increase on the
Non-Insider Severance Cap was formulated after significant
diligence by the Debtors' human resources department, taking
account of changed economic circumstances and industry prospects.
Similarly, the Debtors will continue to carefully calculate the
metrics of Insider Severance payments to remain in compliance with
section 503(c)(2)(B). The Debtors have discussed with counsel and
advisors and respectfully submit that the scope is fair and
reasonable.  The Debtors believe that the increase in the
NonInsider Severance Cap and authorization to pay severance to
Insiders in accordance with the Insider Severance Procedures, will
allow the Debtors to protect against future attrition and preserve
employee morale and confidence in the face of industry decline."

The Court scheduled a March 10, 2016 hearing, with objections due
March 3, 2016.

In a separate filing, Jonathan Randles at Bankruptcy Law360
reported that Energy Future Holdings asked permission on Feb. 18,
2016, to increase a cap on severance payments by $20 million,
saying the continued downturn in the energy market will force the
business to lay off more workers and close two coal mines in
Texas.

EFH filed court papers that seek to increase a cap that has been
placed on the company's severance payments from $15 million to $35
million.

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
Jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
Agreement are represented by Akin Gump Strauss Hauer & Feld LLP,
as legal advisor, and Centerview Partners, as financial advisor.
The
EFH equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the second-lien noteholders owed about $1.6 billion, is
represented by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and
Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


ENERGY FUTURE: TCEH Wins Nod to Arrange New Reorganized TCEH Debt
-----------------------------------------------------------------
Judge Christopher S. Sontchi on Feb. 16 entered an order
authorizing Energy Future Competitive Holdings Company LLC, Texas
Competitive Electric Holdings Company LLC, and their debtor
subsidiaries -- TCEH Debtors -- to enter into certain financing
agreements and to pay fees and expenses associated with incurring
the New Reorganized TCEH Debt in accordance with Energy Future
Holdings Corp., et al.'s Sixth Amended Joint Plan of Reorganization
and the order confirming the Plan.

On Dec. 9, 2015, the Court entered an order confirming the Plan,
approving the Plan Supplement (including any documents that may be
amended through and including the Effective Date), and authorizing
the Debtors to implement and consummate the Plan.

Among other things, the Plan directs Reorganized TCEH to (a) incur
the New Reorganized TCEH Debt, which is defined as "new long-term
debt of Reorganized TCEH to be issued on the Effective Date . . .
," and (b) enter into, deliver, and perform its obligations under,
the New Reorganized TCEH Debt Documents, which are defined as "the
documents necessary to effectuate the New Reorganized TCEH Debt"
and which are to be included in the Plan Supplement.

To consummate the Plan, the TCEH Debtors may decide in their
reasonable business judgment to obtain a commitment to fund—or an
agreement to exercise efforts to obtain funding for—the New
Reorganized TCEH Debt.  The Debtors, their advisors, and the TCEH
first lien creditors have been monitoring the debt and capital
markets and, if desired, the TCEH Debtors will seek to enter into
such an arrangement when they believe the markets will provide the
best terms for the New Reorganized TCEH Debt.

The TCEH Debtors believe the Confirmation Order and the Plan
already provide them with the authorization to enter into
commitment letters, structuring letters, engagement letters, and
other agreements, documents, and letters with respect to the
incurrence of the New Reorganized TCEH Debt, and to incur
associated obligations to, among other things, pay certain
reasonable fees and expenses related thereto.  Out of an abundance
of caution, however, the TCEH Debtors sought an order authorizing
them to enter into Financing Agreements and the Financing
Obligations on terms that the TCEH Debtors agree to with the new
lenders of such exit financing in the TCEH Debtors' reasonable
discretion.

The Financing Obligations, which will be set forth in the New
Reorganized TCEH Debt Documents (including the Financing Agreements
and associated fee letters), may include, without limitation:
commitment fees; arrangement fees; structuring fees; underwriting
fees; upfront fees and original issue discount; closing fees;
funding fees; consent fees; ticking fees; escrow-related fees;
agency fees; rating agency fees; letter-of-credit fees; break-up,
alternate transaction, or termination fees; processing and
recordation fees; professionals' fees; listing fees; regulatory
fees; indemnities; and all costs and expenses (including attorneys'
fees and expenses associates with syndication and any "road show")
owing in connection with the foregoing.

The Debtors are represented by:

     RICHARDS, LAYTON & FINGER, P.A.
     Mark D. Collins, Esq.
     Daniel J. DeFranceschi, Esq.
     Jason M. Madron, Esq.
     920 North King Street
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     Facsimile: (302) 651-7701
     E-mail: collins@rlf.com
             defranceschi@rlf.com
             madron@rlf.com

          - and -

     KIRKLAND & ELLIS LLP
     601 Lexington Avenue
     New York, NY 10022
     Attn: Edward O. Sassower, P.C., Esq.
           Stephen E. Hessler, Esq.
           Brian E. Schartz, Esq.
     E-mail: esassower@kirkland.com
             shessler@kirkland.com
             bschartz@kirkland.com

          - and -

     KIRKLAND & ELLIS LLP
     300 North LaSalle Street
     Chicago, IL 60654
     Attn: James H.M. Sprayregen, P.C., Esq.
           Marc Kieselstein, P.C., Esq.
           Chad J. Husnick, Esq.
           Steven N. Serajeddini, Esq.
     E-mail: jsprayregen@kirkland.com
             marc.kieselstein@kirkland.com
             chusnick@kirkland.com
             steven.serajeddini@kirkland.com

                       About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth.  EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).  The Debtors are seeking to have their cases
Jointly administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal.  The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring Agreement
are represented by Akin Gump Strauss Hauer & Feld LLP, as legal
advisor, and Centerview Partners, as financial advisor.  The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for the
second-lien noteholders owed about $1.6 billion, is represented by
Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee represents the interests of the unsecured
creditors of ONLY of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors.  The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring.  The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.


EXTREME PLASTICS: Has Approval to Pay Critical Vendors
------------------------------------------------------
Extreme Plastics Plus, Inc., and its affiliated debtors obtained
interim approval from Judge Mary F. Walrath to pay certain
prepetition claims of critical vendors.

The Debtors retain relationships with several vendors ("Critical
Vendors") that are essential to the maintenance of the Debtors'
business.  The Debtors warned that the failure to pay the Critical
Vendor Claims would result in:  (i) the Debtors' inability to
obtain necessary materials for their business operations; (ii)
severe negative effects on the Debtors' customers; and (iii) the
Debtors' inability to satisfy customer orders and therefore
maintain the Debtors' business operations, with the additional risk
that the Debtors' customers would look to the Debtors' competitors
to fulfill their orders.

The Debtors estimated that the Critical Vendor Claims aggregate
approximately $2.1 million, which represents approximately 67% of
the total amount of vendor claims against the Debtors.

In the interim order, Judge Walrath authorized the Debtors to pay
the Critical Vendor Claims that the Debtors determine, in the
exercise of their business judgment, are necessary, up to the
amount of the Critical Vendor Cap of $1,300,000.

Extreme Plastics Plus, Inc. and its affiliated Debtors are
represented by:

          William D. Sullivan, Esq.
          William A. Hazeltine, Esq.
          Elihu E. Allinson, III, Esq.
          SULLIVAN HAZELTINE ALLINSON LLC
          901 North Market Street, Suite 1300
          Wilmington, DE 19801
          Telephone: (302)428-8191
          Facsimile: (302)428-8195
          E-mail: bsullivan@sha-llc.com
                  whazelitne@sha-llc.com
                  zallinson@sha-llc.com


EXTREME PLASTICS: Has Interim Authority to Use Citizen's Cash
-------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware gave interim authority for Extreme Plastics Plus, Inc.,
and EPP Intermediate Holdings, Inc., to use cash collateral in the
aggregate amount not to exceed $2,636,415 million.

The Debtors and the Secured Lenders -- Citizens Bank, N.A., First
National Bank of Pennsylvania, First Commonwealth Bank, HSBC Bank
USA, First Niagara Customers Bank, S&T Bank, together with Citizens
Bank of Pennsylvania, as Administrative Agent -- entered into a
Credit Agreement prior to the Petition Date.  The Debtors are
indebted to the Lenders in the aggregate amount of approximately
$50 million, and the Prepetition Indebtedness is secured by
substantially all of the Debtors' real and personal property, and
all products, rents, profits, and proceeds.

The Debtors have an immediate need for access to liquidity to,
among other things, permit the orderly continuation of the
operation of their business, maintain business relationships with
their vendors and suppliers, make payroll, and satisfy other
essential working capital and operational needs, all of which are
required to preserve and maintain the Debtors' going concern value
for the benefit of all parties in interest.

The Agent has indicated its willingness to consent to the Debtors'
use of Cash Collateral for a limited period of time and only
pursuant to the terms of the Court's Order, on the Condition that
the Court provides the Agent, on behalf of Lenders, a security
interest in and lien and mortgage upon all property of the Debtors
and their estates.  To protect the Secured Lenders, the Debtors'
use of Cash Collateral will be limited to the amounts set forth in
the Interim Budget, subject to authorized variances, thereby
providing additional safeguards for all creditors of the Debtors'
estates.

As further protection for the interests of the Agent and the
Lenders in the Prepetition Collateral, the Debtors will pay to the
Agent, for the benefit of the Lenders, $600,000 on or before Feb.
24, 2016, and any additional cash amount necessary to have the
Debtors comply with the Borrowing Base.

Likewise, the Debtors intend to provide the Secured Lenders with
adequate protection, which includes: allowed superpriority
administrative claims, replacement liens on Prepetition Collateral,
Adequate Protection Liens, adherence to a Budget that maintains
cash in the possession of the Debtor at the level that existed on
the Petition Date, maintenance of the Debtors existing cash
management system, and the Debtors' compliance with the Budget, and
other financial reporting.

According to the Debtors, the Secured Lenders will inherently
benefit from the Debtors' use of the Cash Collateral, which will
prevent avoidable diminution of the value of the Cash Collateral
and enhance the likelihood of preserving, or even increasing, the
Debtors' overall going concern value as the Debtors proceed with
their chapter 11 cases.

A full-text copy of the Interim Cash Collateral Order with Budget
is available at http://bankrupt.com/misc/EPPIcashcol0203.pdf

Extreme Plastics Plus, Inc. and EPP Intermediate Holdings, Inc. are
represented by:

     William D. Sullivan, Esq.
     William A. Hazeltine, Esq.
     Elihu E. Allinson, Esq.
     SULLIVAN HAZELTINE ALLINSON LLC
     901 North Market Street, Suite 1300
     Wilmington, DE 19801
     Telephone: (302) 428-8191
     Facsimile: (302) 428-8195
     Email: bsullivan@sha-llc.com
            whazeltine@sha-llc.com
            zallinson@sha-llc.com

Attorneys for Citizens Bank of Pennsylvania

         Zachary I. Shapiro, Esq.
         Daniel J. DeFranceschi, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         One Rodney Square
         920 N. King St.
         Wilmington, DE 19801
         Telephone: (302) 651-7819
         Direct Fax: (302) 498-7819
         E-mail: defranceschi@rlf.com
                 shapiro@rlf.com

                - and -

         Brad B. Erens, Esq.
         Timothy W. Hoffmann, Esq.
         JONES DAY
         77 W. Wacker
         Chicago, IL 60601
         Telephone: (312) 782-3939
         E-mail: bberens@jonesday.com
                 thoffmann@jonesday.com

                      About Extreme Plastics

Founded in 2007, privately-held Extreme Plastics Plus, Inc.,
operates an environmental containment business specializing in
providing environmental lining, above ground storage tanks,
composite rig mats, secondary steel wall containment systems, and
closed loop solids control services, primarily for the oil and gas
industry.  Extreme Plastics has six facilities in Fairmont, West
Virginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore,
Texas, Odessa, Texas, and Oklahoma City, Oklahoma.

The stock of Extreme Plastics is held entirely by EPP Intermediate
Holdings, Inc.  The stock of EPP Intermediate is held entirely by
EPP Holding Company, LLC, a non-debtor.

Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc.,
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
16-10221) on Jan. 31, 2016, as the ongoing decline in the price of
oil and natural gas negatively impacted demand of the Debtors'
services.

Extreme Plastics estimated $10 million to $50 million in assets
and
$50 million to $100 million in debt.  EPP Intermediate estimated
$1
million to $10 million in assets and $50 million to $100 million
in
debt.

As of the Petition Date, Extreme Plastics owes $49.5 million under
a secured facility provided by lenders led by Citizens Bank of
Pennsylvania, as agent.   The facility is secured by a lien in
substantially all of the Debtors' assets, as well as a pledge of
100% of the equity in Extreme Plastics and EPP Intermediate.

The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneys
and
Epiq Bankruptcy Solutions, LLC, as claims and noticing agent.


FANNIE MAE & FREDDIE MAC: Briefing Ends in Del. Profit Sweep Suit
-----------------------------------------------------------------
Fannie Mae and Freddie Mac shareholder-plaintiffs David Jacobs and
Gary Hindes delivered a reply to the U.S. District Court for the
District of Delaware Friday urging the Honorable Gregory M. Sleet
to:

    -- reject the government's rigid interpretation that
       section 4617(f) of HERA blocks all litigation
       challenging the U.S. Treasury's quarterly sweep of
       all profits reported by the housing giants; and

    -- put the clear question before the Delaware and
       Virginia state courts about whether it is legal
       or illegal for a corporation to unilaterally
       contract away all of its net worth and profits
       to a single preferred shareholder.  

The government tells Judge Sleet he should never reach the merits
in Jacobs v. FHFA, Case No. 15-cv-708 (D. Del.), because 12 U.S.C.
sec. 4617(f) is an absolute bar to all shareholder litigation and
all shareholder rights arising under state law were washed away
through enactment of the Housing and Economic Recovery Act of 2008.
Messrs. Jacobs and Hindes say that while sec. 4617(f) limits the
relief a court may grant, it does not oust a court of jurisdiction
to hear a case altogether.  And, the Delaware shareholders tell
Judge Sleet, getting answers from the state courts will demonstrate
the inapplicability of sec. 4617(f).  Simply put, Fannie and
Freddie's Conservator does not have the unreviewable power to do as
it pleases.  FHFA can't enter into state law contracts while
violating applicable state law with impunity.  That cannot be --
and is not -- the law.

Messrs. Jacobs and Hindes tell Judge Sleet he should certify the
State Law Questions to the Delaware and Virginia Supreme Courts
because the answers to these questions will have broad implications
stretching far beyond this case, affecting every Delaware and
Virginia stock corporation and their directors, officers, and
stockholders.  While the government portrays this case as
presenting a unique fact pattern unlikely to recur, that simply is
not true.  It is only a matter of time before another controlling
stockholder attempts to unfairly eliminate the economic interests
of minority stockholders using the government's model to vaporize
the minority's rights via an illegal contract.  If these actions
are allowed to stand, private parties governed by Delaware and
Virginia corporate law will copy it freely and justify their action
by saying "the government did it so we can too."  

Messrs. Jacobs and Hindes are represented in this case by:

          Myron T. Steele, Esq.
          Michael A. Pittenger, Esq.
          Christopher N. Kelly, Esq.
          POTTER ANDERSON & CORROON LLP
          1313 North Market Street, 6th Floor
          Wilmington, DE 19801
          Telephone (302) 984-6000
          E-mail: msteele@potteranderson.com
                  mpittenger@potteranderson.com
                  ckelly@potteranderson.com

A free copy of Friday's filing in Delaware is available at
http://gselinks.com/Court_Filings/Jacobs_Hindes/15-00708-0034.pdf



FELD LIMITED: Hearing on Further Use of Cash Collateral Today
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Wisconsin
will convene a final hearing today, Feb. 29, 2016, at 1:00 p.m. on
Feld Limited Partnership's motion to use cash collateral.

Judge Susan V. Kelley has previously entered an interim order
authorizing the use of cash collateral, pending the final hearing
on Feb. 29.

Judge Kelley ordered the Debtor to make monthly adequate protection
payments to the Lender in the amount of $23,190.  The monthly
payments are due on or before the 15th of each month, with the
first payment due February 15, 2016. She further ordered the Debtor
to escrow one-twelfth of the real estate taxes for future payment
in the amount of $22,500 per month in a segregated DIP account,
commencing February 15, 2016 and in each month thereafter, to be
used specifically for that purpose.

According to the Interim Order, the Debtor is required to file a
Plan of Reorganization and a Disclosure Statement on or before June
3, 2016, or pursuant to any extension granted by the Court.

A full-text copy of Judge Kelley's Interim Order, dated Feb. 8,
2016 is available at http://is.gd/pvcMBU

Feld Limited Partnership is represented by:

          Paul G. Swanson, Esq.
          STEINHILBER, SWANSON, MARES, MARONE & MCDERMOTT
          107 Church Ave., PO Box 617
          Oshkosh, WI 54903-0617
          Telephone: (920)235-6690
          Facsimile: (920)426-5530
          E-mail: pswanson@oshkoshlawyers.com

                  About Feld Limited Partnership

Feld Limited Partnership, engaged in the business of leasing and
managing real properties in the Madison and Green Bay areas, filed
a Chapter 11 bankruptcy petition (Bank. E.D. Wisc. Case No.
16-20826) on Feb. 3, 2016.  Dennis J. Feld signed the petition as
general partner.  The Debtor disclosed total assets of $15.17
million and total debts of $7.50 million.  Steinhilber, Swanson,
Mares, Marone & McDermott serves as the Debtor's counsel.


FIRST DATA: Widens Net Loss to $1.48 Billion in 2015
----------------------------------------------------
First Data Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $1.48 billion on $11.5 billion of
total revenues for the year ended Dec. 31, 2015, compared to a net
loss attributable to the Company of $458 million on $11.2 billion
of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $34.36 billion in total
assets, $30.62 billion in total liabilities, $77 million in
redeemable non-controlling interest and $3.66 billion in total
equity.

As of Dec. 31, 2015, and 2014, the Company held $429 million and
$358 million in cash and cash equivalents, respectively.

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

                       http://is.gd/Z4KWnS

                        About First Data

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

                           *     *     *

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.


FISKER AUTOMOTIVE: Visteon Agrees to Reduction of $19M Claim
------------------------------------------------------------
Kali Hays at Bankruptcy Law360 reported that a Delaware bankruptcy
judge on Feb. 18, 2016, approved auto parts manufacturer Visteon
Corp.'s agreement to take a steep cut on a $19 million claim
against Fisker Automotive over certain unpaid design and equipment
costs stemming from halted electric-car assembly. In a brief order,
U.S. Bankruptcy Judge Kevin Gross signed off on the recent
stipulation, which will see Visteon's claim against the bankrupt
automaker reduced to $3.75 million and the remaining $15.3 million
go by the wayside.

                     About Fisker Automotive

Fisker Automotive Holdings, Inc., developer of the Karma plug-in
hybrid electric sedan, filed a petition for Chapter 11 protection
(Bankr. D. Del. Case No. 13-13087) on Nov. 22, 2013.

Fisker estimated assets of more than $100 million and listed debt
of $500 million in its bankruptcy petition.  The assets include an
assembly plant purchased for $21 million from General Motors Corp.
The plant never operated.  The cars were assembled in Finland.

Fisker received a $529 million loan from the Department of
Energy's Advanced Technology Vehicles Manufacturing Loan Program
and drew down about $192 million before the department froze the
loan after Fisker failed to hit several development targets.  The
company defaulted on its loan in April 2013.

Bankruptcy Judge Kevin Gross presides over the case.  The Debtors
have tapped James H.M. Sprayregen, P.C., Esq., Anup Sathy, P.C.,
Esq., and Ryan Preston Dahl, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, as co-counsel; Laura Davis Jones, Esq., James
E. O'Neill, Esq., and Peter J. Keane, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Wilmington, Delaware, as co-counsel;
Beilinson Advisory Group as restructuring advisors; and Rust
Consulting/Omni Bankruptcy, as notice and claims agent and
administrative advisor.

On Nov. 5, 2013, the Official Committee of Unsecured Creditors
was appointed. The members are: (a) David M. Cohen; (b) Sven
Etzelsberger; (c) Kuster Automotive Door Systems GmbH; (d) Magna
E-Car USA, LLC; (e) Supercars & More SRL; and (f) TK Holdings Inc.
The Committee is represented by William R. Baldiga, Esq., and
Sunni P. Beville, Esq., at Brown Rudnick LLP; and Mark Minuti,
Esq., at Saul Ewing LLP.  Emerald Capital Advisors Corp. is the
financial advisors for the Committee.

Fisker sought bankruptcy protection to pursue a private sale of
its business to Hybrid Tech Holdings, LLC.  The Committee,
however, wants a sale public sale, and has identified Wanxiang
America Corporation as stalking horse bidder.

Hybrid was initially under contract to buy Fisker in exchange for
$75 million of the $168.5 million government loan it acquired
immediately before the Debtor's Chapter 11 filing.  Hybrid later
raised its offer by adding an additional $1 million cash and
agreeing to share proceeds from the sale of a facility in Delaware
it doesn't intend to operate.  Hybrid also offered to pay real
estate taxes on the Delaware plant.  Hybrid also will waive $90
million in deficiency claims that otherwise would dilute unsecured
creditors' recovery.

Wanxiang, as stalking horse bidder, initially offered $25.8
million in cash.  However, Wanxiang has said it has raised its
offer by $10 million and is willing to go higher.

After the hearings on Jan. 10 and 13, the Court directed a public
auction, and capped Hybrid's credit bid to $25 million.

In response, Hybrid raised its offer to $55 million.

Hybrid is represented by Tobias Keller, Esq., and Peter
Benvenutti, Esq., at Keller & Benvenutti LLP, in San Francisco,
California.

Wanxiang, which bought A123 Systems, Inc., a manufacturer of
lithium-ion batteries used in electric vehicles such as the Fisker
Karma, in a bankruptcy auction early in 2013 for $256.6 million,
is represented in Fisker's case by Sidley Austin LLP's Bojan
Guzina, Esq., and Andrew F. O'Neill, Esq.; and Young Conaway
Stargatt & Taylor, LLP's Edmon L. Morton, Esq., Robert S. Brady,
Esq., and Kenneth J. Enos, Esq.

On Feb. 19, 2014, the Bankruptcy Court approved the sale of
Fisker's assets to Wanxiang America Corporation.  The sale closed
on March 24.  The sale to Wanxiang is valued at approximately $150
million, Fisker said in a news statement.

On March 27, 2014, the Court authorized Fisker Automotive Holdings
to change its name to FAH Liquidating Corp. and its affiliate,
Fisker Automotive Inc., to FA Liquidating Corp., following the
sale.

FA Liquidating Corp. (F/K/A Fisker Automotive, Inc.) and FAH
Liquidating Corp. (F/K/A Fisker Automotive Holdings, Inc.)
notified the U.S. Bankruptcy Court for the District of Delaware
that their Second Amended Chapter 11 Plan of Liquidation became
effective as of Aug. 13, 2014.


FIVE-R EXCAVATING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Five-R Excavating, Inc.
        P.O. Box 387
        New Florence, PA 15944

Case No.: 16-20639

Chapter 11 Petition Date: February 25, 2016

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

Judge: Hon. Gregory L. Taddonio

Debtor's Counsel: Corey J. Sacca, Esq.
                  BONONI & COMPANY, P.C.
                  20 North Pennsylvania Ave.
                  Greensburg, PA 15601
                  Tel: 724-832-2499
                  Fax: 724-836-0370
                  E-mail: csacca@bononilaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by ShirleyJeanne Ritenour, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb16-20639.pdf


FOCUS LEARNING: Fitch Lowers Rating on $9.02MM Bonds to B
---------------------------------------------------------
Fitch Ratings has downgraded to 'B' from 'BB-' approximately $9.02
million of education revenue bonds series 2011A&B issued by the
Beasley Higher Education Finance Corporation on behalf of FOCUS
Learning Academy, TX (Focus).

The bonds remain on Rating Watch Negative.

                          SECURITY

The revenue bonds are secured by a pledge of Focus' gross revenues,
a cash-funded debt service reserve and a mortgage on property and
facilities.

                        KEY RATING DRIVERS

HEIGHTENED CHARTER REVOCATION RISK: The downgrade is driven by
Focus' two consecutive years of state academic designations of
'Improvement Required (IR)'.  This status significantly increases
charter revocation risk, which Fitch would expect to result in
closure of the school and default on the bonds.  Under state law,
the authorizer has no option but to revoke a charter if the IR
designation is made for three consecutive years.  The state denied
the academy's appeal of its 2014 - 2015 academic year designation
in November 2015.  This risk outweighs all other credit factors at
this time.

GROWING BUT CHALLENGED ENROLLMENT: Focus grew enrollment 22% in
fall 2015, to around 1,149 students.  Focus' enrollment also grew
in fall 2014, and challenged facility capacity.  New charter
students that were not included in the 2014 - 2015 'IR' state
accountability rating will be included in the 2015/2016 state
rating, increasing the academic challenges.

FINANCIAL METRICS STABLE: Fiscal 2015 financial operations
generated break-even operations, resulting in bond debt service
coverage of 1.6x.  When lease debt service is included, coverage is
slimmer at 1.1x.  Balance sheet metrics remain stable but very
slim.

GOVERNANCE LACKS INDEPENDENCE: There has historically been overlap
between Focus' board of directors and day to day administration,
thereby weakening the independent oversight mechanism.  Several key
management personnel stepped down from board positions in calendar
2015, but retain prior management roles at the school.

                        RATING SENSITIVITIES

CHARTER REVOCATION RISK: Should Focus Learning Academy not improve
academic performance in the 2015/2016 academic year, and thereby
trigger charter revocation by the state, the rating will be
downgraded to reflect the expectation of bond default.

STANDARD SECTOR CONCERNS: A modest financial cushion, substantial
reliance on state per pupil funding, and charter renewal risk are
credit concerns common in all charter school transactions that, if
pressured, could impact the rating over time.

                         CREDIT PROFILE

Located in Dallas, TX, Focus is a K-12 charter school that received
its first charter in 1998 and started with an initial enrollment of
177 students in grades K-6.  The current charter extends to 2023.

Focus ended fiscal 2015 with 941 students, up from 844 at the end
of fiscal 2014.  Much of this increase came from mid-year transfers
(about 57 high school students) from an area charter school that
closed.  However, management reports that these transfers resulted
in significant administrative and academic stress during the 2014 -
2015 academic year. Enrollment for fiscal 2016 (fall 2015) was up
22% to 1,149 students; in mid-January 2016, it was 1,109, still an
increase.

Due to fall 2015 enrollment increases, Focus entered into an
$830,000 capital lease in June 2015 to provide 12 classrooms with
three modular/temporary buildings.  Those buildings are not
expected to be completed until early 2016, and Focus management has
temporarily converted its athletic center to an instructional
center.

                      CHARTER REVOCATION RISK

The Texas Education Agency (TEA) assigned Focus an 'improvement
required (IR)' accountability rating for two consecutive years,
academic years 2013/2014 and 2014/2015.  Under state law, the state
must revoke a charter if, for three consecutive years either the IR
designation is made or a charter does not meet financial standards.


TEA, Focus' authorizer, did not grant the school's appeal of its
2014/2015 academic year designation.  This factor drives Fitch's
rating downgrade, and the Negative Credit Watch status.  Receipt of
"IR" academic status for the current 2015/2016 academic year will,
under state law, require TEA to revoke Focus' charter.  Fitch
understands there is a limited appeal process, but it is uncertain
and has proven unsuccessful in the past.  Fitch expects TEA
academic results for the 2015/2016 academic year will be public by
August, 2016.

                          OPERATIONS STABLE

Focus' operating revenues remain highly reliant on state per-pupil
funding, as is the case with most charter schools.  State funding
was 87% of operating revenue in fiscal 2015.

Academy operations were stable for the fiscal year ended
Aug. 31, 2015, primarily due to expense controls and modest
enrollment increases.  The operating surplus was break-even, and
resulted in 1.6x MADS debt service coverage, which met bond
covenants (at least 1.1x is required).

                           WEAK LIQUIDITY

Available funds (AF) were stable in fiscal 2015, but overall
balance sheet reserves remain very slim. AF, as defined by Fitch,
was $1.3 million at fiscal year-end 2015, still a weak 12% of
operating expenses and 11.3% of outstanding bonds (about $10
million including capital leases).  Fitch views these financial
cushion ratios as low, and providing no cushion for bond-holders in
the event of charter revocation.

Focus' ratio of long-term debt to net income available, which
measures years of debt-financed cash flow, remained slim at 7.8x in
fiscal 2015.

Focus' fiscal 2015 debt burden (MADS as a percent of operating
revenue) of 8.6% is moderately high but more favorable than most
Fitch-rated charter schools.  Including capital lease debt service,
the debt burden increases to a high 11%.  Annual bond debt service
obligations are approximately level through final maturity in 2041;
the capital lease structure is level with a 10-year term.


GARLOCK SEALING: Chamber of Commerce Found Claims Inconsistencies
-----------------------------------------------------------------
Lydia Wheeler at The Hill reported that the U.S. Chamber of
Commerce's Institute for Legal Reform said it analyzed information
from 100 randomly selected personal information questionnaires
submitted by asbestos plaintiffs in the bankruptcy proceedings of
Garlock Sealing Technologies, Inc., and found that 69% of victims
making claims failed to list every place they've been employed,
making it impossible for the trusts to verify job site information.
The chamber's study also found that 15% of claimants failed to
list the specific products from which they were allegedly exposed;
55% had date discrepancies and 21% of claims contained other
troubling inconsistencies, such as differing medical diagnoses,
conflicting job descriptions and implausible exposure allegations.

"This study shows a system without accountability and demonstrates
the urgent need for external oversight and reform of the asbestos
bankruptcy trusts," Lisa Rickard, ILR's president, said in a news
release.  "Twenty-three bankruptcy trusts have already had to
reduce payments to asbestos claimants -- with some trusts paying
pennies on the dollar -- and if we do nothing to rein in these
abuses there is a very likely possibility some trusts will not have
enough money to compensate future asbestos claimants."
                     About Garlock Sealing

Headquartered in Palmyra, New York, Garlock Sealing Technologies
LLC is a unit of EnPro Industries, Inc. (NYSE: NPO).  For more
than
a century, Garlock has been helping customers efficiently seal the
toughest process fluids in the most demanding applications.

On June 5, 2010, Garlock filed a voluntary Chapter 11 petition
(Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina,
to establish a trust to resolve all current and future asbestos
claims against Garlock under Section 524(g) of the U.S. Bankruptcy
Code.  The Debtor estimated $500 million to $1 billion in assets
and up to $500 million in debts as of the Petition Date.

Affiliates The Anchor Packing Company and Garrison Litigation
Management Group, Ltd., also filed for bankruptcy.

Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A.,
represents the Debtor in their Chapter 11 effort.  Garland S.
Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel
for
asbestos matters.

The Official Committee of Asbestos Personal Injury Claimants in
the
Chapter 11 cases is represented by Travis W. Moon, Esq., at
Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC,
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New
York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and
Jeanna Rickards Koski, Esq., in Washington, D.C. 20005.

Joseph W. Grier, III, the Court-appointed legal representative for
future asbestos claimants, has retained A. Cotten Wright, Esq., at
Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan
P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his
co-counsel.

Judge George Hodges of the U.S. Bankruptcy Court for the Western
District of North Carolina on Jan. 10, 2014, entered an order
estimating the liability for present and future mesothelioma
claims
against Garlock Sealing at $125 million, consistent with the
positions GST put forth at trial.

In January 2015, the Debtors filed their Second Amended Plan of
Reorganization, which is backed by the Future Asbestos Claimants'
Representative (FCR).  The confirmation hearing is slated to begin
June 20, 2016.

Under the schedule for confirmation proceedings ordered by the
Court, objections to confirmation of the Plan that do not depend
on
the results of voting were due Oct. 6, 2015, and confirmation
objections that depend on such results are due on Dec. 18, 2015.


GLOBALSTAR INC: Announces 2015 Fourth Quarter and Annual Results
----------------------------------------------------------------
Globalstar, Inc., reported a net loss of $26.81 million on $22.76
million of total revenue for the three months ended Dec. 31, 2015,
compared to net income of $92.01 million on $22.09 million of total
revenue for the three months ended Dec. 31, 2014.

For the year ended Dec. 31, 2015, the Company reported net income
of $72.32 million on $90.49 million of total revenue compared to a
net loss of $462.86 million on $90.06 million of total revenue for
the year ended Dec. 31, 2014.

Jay Monroe, chairman and CEO of Globalstar, commented, "Throughout
2015, including through the fourth quarter of the year, we remained
focused on executing our operational initiatives and continuing to
drive our regulatory proceeding.  We added nearly 50,000
subscribers on our network last year, including 26,000 SPOT
subscribers.  In the fourth quarter, Duplex gross additions
increased 29% from the last quarter of 2014 as we focused on an
expanded international presence and continued to make increased
investments in markets outside of North America.  International
expansion is also driving our SPOT business as gross additions for
the fourth quarter increased 14%.  We continued our investment in
the second-generation ground upgrades with the installation of the
core network equipment and ongoing site-acceptance testing.  We
have upgraded six gateways with new radio access network equipment,
and over-the-air testing continues to proceed as planned.
Regarding the FCC proceeding, the docket was very active during the
fourth quarter as we provided additional information and conducted
tours of our TLPS deployment at the Washington School for Girls in
Washington, DC.  This real world deployment further confirms the
substantial benefits provided by a TLPS-enabled network while also
demonstrating peaceful coexistence with other services.  Numerous
decision makers from the Commission visited the deployment.
Finally, we very much appreciate the positive comments from public
interest groups filed in the proceeding in late 2015."

Mr. Monroe concluded, "Our second-generation gateway upgrades allow
the Company to roll out a series of new products.  These new
products provide affordable connectivity beyond cellular at speeds
and prices never seen before in MSS.  Finally, regarding our TLPS
proceeding, in deference to the deliberative process of the
Commission, we will not comment further at this time on the
proceeding."

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

                       http://is.gd/hb2oap

                      About Globalstar, Inc.

Globalstar is a leading provider of mobile satellite voice and
data services.  Globalstar offers these services to commercial and
recreational users in more than 120 countries around the world.
The company's products include mobile and fixed satellite
telephones, simplex and duplex satellite data modems and flexible
service packages.  Many land based and maritime industries benefit
from Globalstar with increased productivity from remote areas
beyond cellular and landline service.  Globalstar customer
segments include: oil and gas, government, mining, forestry,
commercial fishing, utilities, military, transportation, heavy
construction, emergency preparedness, and business continuity as
well as individual recreational users.  Globalstar data solutions
are ideal for various asset and personal tracking, data monitoring
and SCADA applications.


GO YE VILLAGE: Gets Interim Approval to Use Cash Collateral
-----------------------------------------------------------
Go Ye Village Inc. received interim approval to use the cash
collateral of Bank of Cherokee County.

The order, issued by U.S. Bankruptcy Judge Tom Cornish, allowed the
company to use the cash collateral of the bank to support its
operations, with total expenses capped at $500,000 per month.

The bank owed $877,543 as of Nov. 30, 2015 on a $1.02 million loan
to the company prior to its bankruptcy filing.  Go Ye Village used
as collateral its real property, consisting of approximately 20
acres located Cherokee County, Oklahoma.

BOCC will be granted a lien on the property in return for allowing
the company to use its cash collateral.  The bank will also receive
monthly interest payments in the amount of $3,606, according to
court filings.

                      Committee Counsel

The official committee representing Go Ye Village's unsecured
creditors hired Conner & Winters LLP as its counsel.  Andrew
Turner, a partner at Conner & Winters, will be paid $425 per hour
for his services.  Meanwhile, Austin Birnie, an associate, and
Wendy Huntzinger, a legal assistant at Conner & Winters, will
receive $200 per hour, according to court filings.

                      About Go Ye Village

Go Ye Village, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Okla Case No. 15-81287) on Nov. 30, 2015.  The petition was
signed by Maurice D. Turney as president.  The Debtor disclosed
total assets of $24.48 million and total debts of $36.18 million.
Doerner, Saunders, Daniel & Anderson, LLP serves as the Debtor's
counsel.  Judge Tom R. Cornish is assigned to the case.

Proofs of claim are due by April 10, 2016.

The U.S. Trustee for Region 20 appointed an official committee of
unsecured creditors.  Conner & Winters represents the committee.

The U.S. Trustee also appointed a patient care ombudsman in the
Debtors' bankruptcy case.


GRAVITY-RATTERMAN: Suit vs Bankers Insurance Partially Dismissed
----------------------------------------------------------------
Judge Terrence W. Boyle of the United States District Court for the
Eastern District of North Carolina, Eastern Division, dismissed
Counts II and III of the complaint in the case captioned KISAQ-RQ
8A 2JV, Plaintiff, v. BANKERS INSURANCE COMPANY, Defendant, No.
4:15-CV-155-BO (Bankr. E.D.N.C.).

In October 2012, KISAQ-RQ 8A 2JV entered into a subcontract with
Gravity-Ratterman, LLC, to provide a roofing system for KISAQ-RQ's
construction project for the Department of the Navy.  Bankers
Insurance Company issued a performance bond to insure
Gravity-Ratterman's performance under the subcontract.

On July 23, 2014, KISAQ-RQ notified Bankers Insurance that
Gravity-Ratterman had abandoned the project site and filed for
Chapter 11 bankruptcy.  Bankers Insurance, however, informed
KISAQ-RQ that it would not perform its obligations under the bond
because of the automatic stay provisions under the Bankruptcy
Code.

After filing for and receiving relief from the stay by the
bankruptcy court, KISAQ-RQ sued Bankers Insurance alleging claims
for breach of performance bond, breach of duty of good faith and
fair dealing, and unfair and deceptive trade practices.  Bankers
Insurance moved to dismiss Counts II and III of the complaint for
failure to state a claim upon which relief can be granted.

Judge Boyle dismissed Count II of the claim, explaining that North
Carolina does not appear to recognize a claim for bad faith by an
obligee against a surety.

Judge Boyle likewise dismissed Claim III for unfair and deceptive
trade practices.  The judge held that none of the allegations in
the complaint would plausibly support a finding that Bankers
Insurance engaged in immoral, unethical, or deceptive conduct, or
that substantial aggravating circumstances surround the contract
dispute.

A full-text copy of Judge Boyle's February 16, 2016 order is
available at http://is.gd/vMMGTyfrom Leagle.com.

Kisaq-RQ 8A 2 JV, Plaintiff, represented by:

          William C. Mayberry, Esq.
          Anita M. Foss, Esq.
          Joshua D. Davey, Esq.
          MCGUIREWOODS, LLP
          201 North Tryon Street, Suite 3000
          Charlotte, NC 28202-2146
          Tel: (704)343-2000
          Fax: (704)343-2300
          Email: bmayberry@mcguirewoods.com
                 afoss@mcquirewoods.com
                 jdavey@mcguirewoods.com

Bankers Insurance Company, Defendant, represented by:

          Jessica E. Bowers, Esq.
          Matthew C. Bouchard, Esq.
          LEWIS & ROBERTS, PLLC
          3700 Glenwood Avenue, Suite 410
          Raleigh, NC 27612
          Tel: (866)322-9873
          Fax: (919)981-0199


GT ADVANCED: Discloses Directors, Executive Pay After Ch. 11
------------------------------------------------------------
GT Advanced Technologies Inc. filed with the U.S. Bankruptcy Court
for the District of New Hampshire its Plan Supplements, as well as
the solicitation version of the Disclosure Statement, ahead of the
March 3, 2016 hearing to consider confirmation of the Debtors'
Amended Joint Plan of Reorganization dated Feb. 1, 2016.

The Plan Supplement identifies the board members of Reorganized GT
Inc.:

          Board Member                   Annual Compensation
          ------------                   -------------------
     Eugene Davis, Chairman          $100,000 cash/$100,000 stock

     Alexandre Zyngier               $50,000 cash/$50,000 stock

     Greg Knight                     $50,000 cash/$50,000 stock

     Matthew Aronsky                 $50,000 cash/$50,000 stock

     David Keck                      N/A— No add'l compensation
                                     beyond what is provided under
                                     management agreement

     [TBD]*                          $50,000 cash/$50,000 stock

     [TBD]*                          $50,000 cash/$50,000 stock

* Additional candidates are being interviewed to be the sixth and
seventh members of the Board.  The names of any sixth or seventh
member identified will be disclosed prior to or at the Confirmation
Hearing if known at such time, provided, however, that in the event
such members have not been identified by the Confirmation Hearing,
the total number of members of the Board would remain at seven with
up to two vacancies to be filled later in accordance with the terms
of the Stockholders Agreement.

Included in the Plan Supplement are copies of the new employment
agreements with Messrs. David Keck, Bal and Kim.   David Beck, will
serve as President and CEO of Reorganized GT and will have a base
salary of $575,000 per annum.  Hoil Kim -- hoil.kim@gtat.com --
will serve as Vice President, General Counsel and Secretary and
will have a base salary of $450,000 per annum.  Kanwardev Raja Bal
will serve as CFO and will have a base salary of $375,000 per
annum.

The New Board will adopt a cash incentive plan providing for a cash
pool of no more than $500,000 in the aggregate to be paid to
certain employees who are employed by the Company as of the
Effective Date of the Plan, of which the payments to the three
senior executives will be $133,796 for David Keck, $78,533 for Hoil
Kim, and $65,444 for Raja Bal (as provided in their employment
agreements).  The emergence bonus will be payable if Closing Cash
is at least $35 million

The 619-page Plan Supplement also contains other documents in
connection with the proposed confirmation of the Plan and the
emergence of the GTAT as Reorganized GT Inc.:

  Exhibit  Description
  -------  -----------
    1   Senior Secured Notes Indenture
    2   Collateral Agreement
    3   Certificate of Designation
    4   DIP Warrant Agreement
    5   Noteholder Warrant Agreement
    6   List of New Members of Board of Directors
    7   New Employment Agreements for Messrs. Keck, Bal, and Kim
    8   Contracts and Leases to Be Assumed Under Plan
    9   Certain Retained Causes of Action
    10  2nd Amended and Restated Cert. of Inc. of Reorg. GT Inc.
    11  2nd Amended and Restated Bylaws of Reorganized GT Inc.
    12  Management Incentive Plan
    13  Summary of Economic Terms for Senior Executives
    14  Litigation Trust Agreement
    15  Identity of Litigation Trustee
    16  Stockholders' Agreement
    17  Legal Entity Organizational Chart (as of Effective Date)

A copy of the Plan Supplement filed Feb. 16, 2016, is available at:
http://bankrupt.com/misc/GTAT_3118_Plan_Supp.pdf

A copy of the Modified Exhibit 6 to the Plan filed Feb. 19, 2016,
is available at:

    http://bankrupt.com/misc/GTAT_3122_Plan_Supp_Mod.pdf

A copy of the Approved Disclosure Statement filed Feb. 17, 2016, is
available for free at:

    http://bankrupt.com/misc/GTAT_3122_Plan_Supp_Mod.pdf

                         March 3 Hearing

As previously reported in the TCR, Judge Henry J. Boroff on Feb. 2,
2016, approved the disclosure statement explaining GT Advanced
Technologies, Inc., et al.'s joint plan of reorganization and
scheduled the hearing to consider confirmation of the plan for
March 3, 2016, at 10:00 a.m. (prevailing Eastern Time).  Ballots
and confirmation objections were due Feb. 26.

GTAT, et al., have proposed a Joint Plan of Reorganization that not
only keeps the Debtors operating as a going concern but also
provides for the distribution to holders of allowed general
unsecured claims of a portion of the Reorganized Debtors' equity or
Cash (in lieu of such equity) that is not being distributed to the
parties providing the $80 million exit financing.  In addition, the
Plan also establishes a "litigation trust" that may generate Cash
for distribution for holders of allowed general unsecured claims.
Holders of unsecured claims totaling $21.4 million to $182 million
against GT Inc. are slated to have a 0.61% recovery; unsecured
creditors of the Corporate Debtors owed $83.2 million to $256
million will recover 0.790% to 2.427%; and holders of unsecured
claims against GT Hong Kong owed $80.5 million to $108.6 million
are slated to have a 0.492% to 0.663% recovery.

Upon the Effective Date of the Plan, the Reorganized Debtors'
capital structure will consist of (a) the senior secured notes in
the amount of $60 million, (b) shares of preferred stock, which
will represent 86% of the ownership of the common stock in
Reorganized GT Inc. on an as-converted basis (subject to dilution),
and (c) shares of reorganized common stock.  Reorganized GT Inc.
will also issue shares of Reorganized Common Stock to holders of
allowed general unsecured claims, subject to dilution and the
cashing-out programs, which will represent
14% of the equity in Reorganized GT Inc.

                         About GT Advanced

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multi-year supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.  Under the deal,
Apple would provide GTAT with a prepayment of approximately $578
million paid in four installments and, starting in 2015, GTAT would
reimburse Apple for the prepayment over a five-year period.

GT was a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
sought bankruptcy protection due to a severe liquidity crisis
brought about by its issues with Apple.

The bankruptcy cases are assigned to Judge Henry J. Boroff.

The Debtors tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

                           *     *     *

In November 2014, GTAT reached a settlement with Apple.  The
settlement gives Apple an approved claim for $439 million secured
by more than 2,000 sapphire furnaces that GT Advanced owns and has
four years to sell, with proceeds going to Apple.  In addition,
Apple gets royalty-free, non-exclusive licenses for GTAT's
technology.

In December 2015, GTAT filed a proposed reorganization plan that
allows the company to continue operating as a going concern and
gives most of the equity to entities providing bankruptcy-exit
financing.


GT ADVANCED: Online Auction Generates $2.43MM in Gross Bids
-----------------------------------------------------------
GT Advanced Technologies Inc. reported to the U.S. Bankruptcy Court
for the District of New Hampshire the results of the nine online
auctions conducted by auctioneer Cunningham & Associates, Inc. as
of Jan. 20, 2016.  The online auctions conducted August 2015 until
Jan. 20, 2016 by C&A have generated gross bids totaling $2.43
million.

On April 16, 2015, the Court entered an order the Debtors to sell
certain excess assets via online auction.

On Aug. 14, 2015 the Debtors filed the first notice by the
auctioneer listing the winning bids and items sold at the first
online auction, closing July 8, 2015.  A copy of the First Notice
is available at

     http://bankrupt.com/misc/GTAT_2172_1st_N_Auction.pdf

On Feb. 11, 2016, the Debtors filed a second notice, containing a
report by the C&A on the items sold at eight online auctions, as
well as certain items listed in the first online auction and sold
by C&A after the close of the first online auction, together with
the winning bid and winning bidder for each item.  C&A's report
pertains to the auctions that closed on these dates:

                                                   Total Gross Bid
                                                   ---------------
  * Exh. A: Online Auction closing Aug. 5, 2015        $244,251
  * Exh. B: Online Auction closing Aug. 5, 2015        $240,500
  * Exh. C: Online Auction closing Aug. 27, 2015        $96,000
  * Exh. D: Items after close of 1st Auction           $108,250
  * Exh. E: Online Auction closing Nov. 30, 2015       $341,286
  * Exh. F: Online Auction closing Nov. 30, 2015       $130,562
  * Exh. G: Online Auction closing Dec. 2, 2015         $12,000
  * Exh. H: Online Auction closing Dec. 9, 2015      $1,256,705
  * Exh. I: Online Auction closing Jan. 20, 2016           $413

A copy of the Second Notice is available for free at:

         http://bankrupt.com/misc/GTAT_3091_2nd_N_Auction.pdf

                         About GT Advanced

Headquartered in Merrimack, New Hampshire, GT Advanced Technologies
Inc. -- http://www.gtat.com/-- produces materials and equipment
for the electronics industry.  On Nov. 4, 2013, GTAT announced a
multi-year supply deal with Apple Inc. to produce sapphire glass
material for use in consumer electronics products.  Under the deal,
Apple would provide GTAT with a prepayment of approximately $578
million paid in four installments and, starting in 2015, GTAT would
reimburse Apple for the prepayment over a five-year period.

GT was a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the NASDAQ
stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
sought bankruptcy protection due to a severe liquidity crisis
brought about by its issues with Apple.

The bankruptcy cases are assigned to Judge Henry J. Boroff.

The Debtors tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

                           *     *     *

In November 2014, GTAT reached a settlement with Apple.  The
settlement gives Apple an approved claim for $439 million secured
by more than 2,000 sapphire furnaces that GT Advanced owns and has
four years to sell, with proceeds going to Apple.  In addition,
Apple gets royalty-free, non-exclusive licenses for GTAT's
technology.

In December 2015, GTAT filed a proposed reorganization plan that
allows the company to continue operating as a going concern and
gives most of the equity to entities providing bankruptcy-exit
financing.


H. KREVIT: Committee Hires Polsinelli PC as Counsel
---------------------------------------------------
The Official Committee of Unsecured Creditors of H. Krevit and Co.,
Inc. and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the District of Connecticut to retain
Polsinelli PC as counsel for the Committee, nunc pro tunc to
December 4, 2015.

The Committee requires Polsinelli PC to:

   (a) provide legal advice with respect to the powers and duties
       available to the Committee, an official committee appointed

       under section 1102 of the Bankruptcy Code;

   (b) assist in the investigation of acts, conduct, assets,
       liabilities, and financial condition of the Debtors, the
       operation of the Debtors' businesses, and any other matter
       relevant to these chapter 11 cases or to the formulation of

       a plan or plans of reorganization or liquidation;

   (c) prepare on behalf of the Committee necessary applications,
       motions, complaints, answers, orders, agreements, and other

       legal papers;

   (d) review, analyze and respond to all pleadings filed by the
       Debtors and appearing in Court to present necessary
       motions, applications, and pleadings and to otherwise
       protect the interests of the Committee;

   (e) consult with the Debtors, their professionals, and the U.s.

       Trustee concerning the administration of the Debtors'
       estates;

   (f) represent the Committee in hearings and other judicial
       proceedings;

   (g) in conjunction with co-counsel, advise the Committee on
       practice and procedure before the U.S. Bankruptcy Court for

       the District of Connecticut; and

   (h) perform all other legal services for the Committee in
       connection with these chapter 11 cases.

Polsinelli PC will be paid at these hourly rates:

       Jeremy Johnson, shareholder       $607.50
       Christopher A. Ward, shareholder  $517.50
       Jarrett Vine, associate           $360
       Lindsey M. Suprum, paralegal      $247.50
       Shareholder                       $450-$675
       Associates and Sr. Counsel        $275-$425
       Paraprofessionals                 $125-$300

Polsinelli PC also be reimbursed for reasonable out-of-pocket
expenses incurred.

Christopher A. Ward, shareholder of Polsinelli PC, 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.

Polsinelli PC can be reached at:

       Christopher A. Ward, Esq.
       POLSINELLI PC
       222 Delaware Avenue, Suite 1101
       Wilmington, DE 19801
       Tel: (302) 252-0922
       Fax: (302) 252-0921
       E-mail: cward@polsinelli.com

                   About H. Krevit and Company

H. Krevit and Company, Incorporated is a manufacturer and
distributor of various inorganic chemicals, including sodium
hypochlorite (bleach), hydrochloric acid, and sodium hydroxide
(caustic soda). Krevit was established in 1919 and is the oldest
manufacturer of sodium hypochlorite in the United States.

GreenChlor, Inc. is the owner and operator of a chlor-alkali
manufacturing facility in New Haven, Connecticut and Krevit, which
owns 80% of GreenChlor, is its sole customer.  GCTR Realty, LLC
("GCTR") owns the real property located at 71-73 Welton Street, New
Haven, Connecticut.  Trucking, LLC ("HKC Trucking") is the owner of
a fleet of Volvo tractors which are used by Krevit in the operation
of Krevit's business.

H. Krevit and Company and its three affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to
15-31907) on Nov. 19, 2015, with plans to effectuate a sale of the
assets as a going concern.

The petitions were signed by Thomas S. Ross as president.  Judge
Julie A. Manning has been assigned the cases.

AJM Industries LLC ("AJM") is the Debtors' primary secured
creditor.  As of the Petition Date, AJM held claims against the
Debtors in the aggregate amount of $19,838,168.  AJM's claims are
secured by liens on substantially all of the Debtors' assets having
priority, with limited exceptions, ahead of all other claims,
liens, interests and encumbrances.

Rogin Nassau LLC serves as counsel to the Debtors.  The Debtors
tapped TrueNorth Capital Partners LLC to act as investment banker
in selling their assets.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Timothy S. Ponsler at
Olin Chlor Alkali Products Division; and Anthony Bellucci at
Hamilton Connections, are Co-Chairs of the Official Committee of
Unsecured Creditors.  Polsinelli PC represents the Committee.


H. KREVIT: Committee Retains Finn Dixon as Co-counsel
-----------------------------------------------------
The Official Committee of Unsecured Creditors of H. Krevit and Co.,
Inc. and its debtor-affiliates seeks authorization from the U.S.
Bankruptcy Court for the District of Connecticut to retain Finn
Dixon & Herling LLP as co-counsel for the Committee, nunc pro tunc
to December 4, 2015.

The Committee requires Finn Dixon to:

   (a) advise the Committee of their rights, powers and duties
       available to an official committee appointed under section
       102 of the Bankruptcy Code;

   (b) advise the Committee concerning, and assisting in the
       negotiation and documentation of, financing agreements,
       debt restructuring and related transactions;

   (c) review the nature and validity of liens asserted against
       the property of the Debtors and advising the Committee
       concerning the enforceability of such liens, if any;

   (d) advise the Committee concerning the actions that it might
       take to collect and to recover property for the benefit of
       the estates;

   (e) prepare on behalf of the Committee certain necessary and
       appropriate applications, motions, pleadings, draft orders,

       notices, schedules and other related documents, and
       reviewing financial reports and related reports to be filed

       in these Chapter 11 cases;

   (f) advise the Committee concerning, and preparing responses
       to, applications, motions, pleadings, notices and other
       papers which may be filed and served in these Chapter 11
       cases;

   (g) counsel the Committee in connection with the maximization
       of the Debtors' assets, including but not limited to the
       formulation, negotiation and promulgation of any plan and
       related documents; and

   (h) perform all other legal services for and on behalf of the
       Committee which may be necessary or appropriate in the
       administration of these Chapter 11 cases.

Finn Dixon will be paid at these hourly rates:

       Partners               $515-$800
       Associates             $295-$480
       Senior Paralegals      $200-$275

Finn Dixon will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Henry P. Baer, Jr., partner at Finn Dixon, 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.

Finn Dixon can be reached at:

       Henry P. Baer, Jr., Esq.
       FINN DIXON & HERLING LLP
       177 Broad Street
       Stamford, CT 06901-2048
       Tel: (203) 325-5083
       Fax: (203) 325-5001
       E-mail: hbaer@fdh.com

                   About H. Krevit and Company

H. Krevit and Company, Incorporated is a manufacturer and
distributor of various inorganic chemicals, including sodium
hypochlorite (bleach), hydrochloric acid, and sodium hydroxide
(caustic soda). Krevit was established in 1919 and is the oldest
manufacturer of sodium hypochlorite in the United States.

GreenChlor, Inc. is the owner and operator of a chlor-alkali
manufacturing facility in New Haven, Connecticut and Krevit, which
owns 80% of GreenChlor, is its sole customer.  GCTR Realty, LLC
("GCTR") owns the real property located at 71-73 Welton Street, New
Haven, Connecticut.  Trucking, LLC ("HKC Trucking") is the owner of
a fleet of Volvo tractors which are used by Krevit in the operation
of Krevit's business.

H. Krevit and Company and its three affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to
15-31907) on Nov. 19, 2015, with plans to effectuate a sale of the
assets as a going concern.

The petitions were signed by Thomas S. Ross as president.  Judge
Julie A. Manning has been assigned the cases.

AJM Industries LLC ("AJM") is the Debtors' primary secured
creditor.  As of the Petition Date, AJM held claims against the
Debtors in the aggregate amount of $19,838,168.  AJM's claims are
secured by liens on substantially all of the Debtors' assets having
priority, with limited exceptions, ahead of all other
claims, liens, interests and encumbrances.

Rogin Nassau LLC serves as counsel to the Debtors.  The Debtors
tapped TrueNorth Capital Partners LLC to act as investment banker
in selling their assets.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Timothy S. Ponsler at
Olin Chlor Alkali Products Division; and Anthony Bellucci at
Hamilton Connections, are Co-Chairs of the Official Committee of
Unsecured Creditors.  Polsinelli PC represents the Committee.


HANCOCK FABRICS: Unsecured Creditors Blast Fast-Track Sale Plans
----------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that the newly minted
creditors committee in the Hancock Fabrics Inc. bankruptcy took
issue on Feb. 18, 2016, with the textile retailer's
quick-turnaround strategy to liquidate at least a quarter of its
263 stores and the financing it's seeking to do it, arguing the
fast pace will put unsecured lenders at a disadvantage.  In
objections before the Delaware bankruptcy court, the official
committee of unsecured creditors took issue with Hancock's $100
million debtor-in-possession financing package, well as what it
calls the "fire sale" plan, which calls for immediate
going-out-of-business.

                        About Hancock Fabrics

Hancock Fabrics, Inc., is a specialty fabric retailer operating
stores under the name "Hancock Fabrics".  Hancock has 4,500
full-time and part time employees.  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
http://www.hancockfabrics.com/  

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on
Feb. 2, 2016.  Dennis Lyons, the senior vice president and chief
administrative officer, signed the petitions.  Judge Brendan
Linehan Shannon is assigned to the jointly administered cases.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.


HAVERHILL CHEMICALS: Files Payout and Wind-Down Plan
----------------------------------------------------
After selling its Haverhill, Ohio chemical plant in November,
Haverhill Chemicals LLC in February filed a Joint Combined
Disclosure Statement and Plan of Liquidation.  The Official
Committee of Unsecured Creditors is a co-proponent of the Plan.

On the Petition Date, the Debtor filed a motion to sell
substantially all assets, including its chemical plant, to ALTIVIA
Petrochemicals, LLC.  The Court approved the sale on Nov. 2, 2015.
The sale closed on Nov. 6.  The sale generated net cash proceeds of
$2 million, all of which constituted cash collateral of the
lenders.

After application of the net cash generated by the sale of
substantially all of the Debtor's assets to ALTIVIA, the lenders
under the prepetition credit facility, led by Bank of America, N.A,
as agent, are still owed in excess of $39 million.

The Debtor now seeks to approve and to confirm the Plan and
Disclosure Statement to, among other things, wind down the Debtor's
estate, liquidate its remaining assets, and distribute the proceeds
from the liquidation of the Debtor's remaining assets.

The Plan is the result of recent and extensive negotiations among
the Debtor, the Committee, and Bank of America, N.A., as agent.
The Plan incorporates and implements various settlements to
facilitate a successful liquidation of the Debtor's estate.

On Feb. 15, 2016, the Debtor and Committee filed their Joint
Combined Disclosure Statement and Plan.  On Feb. 24, they filed an
Amended Disclosure Statement and Plan to incorporate minor
revisions.  

The Plan classifies claims and interests into five classes: secured
claims of $39.7 million of lenders under the prepetition credit
facility (Class 1), other secured claims estimated at $0 (Class 2),
other priority claims estimated at $0 (Class 3), general unsecured
claims of $39.8 million (Class 4) and membership interests (Class
5).  Only Class 2 and 3 are unimpaired.  The lenders will receive a
60% beneficial interest in the "distribution trust" to be
established under the Plan while unsecured creditors will get 40%.
Holders of membership interests won't receive any distributions.

To permit the Debtor and the Committee to pursue confirmation of
the Plan and Disclosure Statement, the Lenders consented to a
nine-week extension to the Budget (through April 3, 2016), allowing
the Debtor to use up to approximately $175,000 of the Lenders' cash
collateral during this nine-week period.

The Plan would authorize the Debtor to contribute up to $481,918
(i.e., the Distribution Trust Seed Money) of the Lenders' remaining
cash collateral to the Distribution Trust, which amounts would then
be used to satisfy claims necessary to obtain confirmation of the
Plan (i.e. allowed administrative and priority claims) and to fund
the Distribution Trust.  Additionally, the Plan contemplates that
the Lenders will subordinate their liens on the Litigation Claims
to ensure that (i) allowed administrative and priority claims
(other than administrative claims of professionals incurred before
the Confirmation Date) are satisfied; and (ii) a distribution of
forty percent of the residual Distribution Trust Assets will be
paid to holders of allowed Class 4 general unsecured claims.

A copy of the First Amended Joint Combined Disclosure Statement and
Plan of Liquidation filed Feb. 24, 2016, is available at:

  http://bankrupt.com/misc/Haverhill_C_252_Am_Plan_DS.pdf

Counsel to Haverhill Chemicals:

          Kyung S. Lee, Esq.
          Charles M. Rubio, Esq.
          William Hotze, Esq.
          DIAMOND MCCARTHY LLP
          909 Fannin, Suite 1500
          Houston, TX 77010
          Telephone: (713)333-5100
          Facsimile: (713)333-5195
          E-mail: klee@diamondmccarthy.com
                 crubio@diamondmccarthy.com
                 whotze@diamondmccarthy.com

Counsel to the Official Committee of Unsecured Creditors:

          HALPERIN BATTAGLIA BENZIJA, LLP
          Alan D. Halperin, Esq.
          Julie Dyas Goldberg, Esq.
          40 Wall Street, 37th Floor
          New York, New York 10005
          Tel: (212) 765-9100
          Fax: (212) 765-0964
          E-mail: ahalperin@halperinlaw.net
                  jgoldberg@halperinlaw.net

                    About Haverhill Chemicals

Haverhill Chemicals LLC owned and operated a chemical plant in
Haverhill, Ohio, to produce Phenol, Acetone, Bisphenol A (BPA) and
Alpha-Methylstyrene ("AMS") for sale to customers.  The chemicals
are used to manufacture a wide variety of chemical intermediates,
including phenolic resins, paint, varnishes, pharmaceuticals,
film, epoxy resins, flame retardants, coatings and heat resistance
of polystyrene.

Haverhill Chemicals filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 15-34918) on Sept. 18, 2015, with a deal to
sell its Haverhill plant to ALTIVIA Petrochemicals, LLC, for $3
million, subject to higher or better bids.

The Debtor estimated assets of $1 million to $10 million and
liabilities of $100 million to $500 million.

The petition was signed by Paul Deputy, the chief financial
officer.   The case is assigned to Judge Marvin Isgur.

Diamond McCarthy LLP serves as the Debtor's counsel.

On Sept. 29, 2015, the U.S. trustee overseeing the Debtor's Chapter
11 case appointed Marathon Petroleum Company LP, Pritchard Electric
Co., and CB&I Stone & Webster Construction Inc. to serve on the
official committee of unsecured creditors.  The Committee is
represented by Gardere Wynne Sewell LLP.

                           *     *     *

The Court established Jan. 18, 2016 as the deadline for
non-governmental entities to file proofs of claim, and March 16,
2016 as the deadline for governmental entities.


HAVERHILL CHEMICALS: To Seek Plan Confirmation on March 29
----------------------------------------------------------
Haverhill Chemicals LLC has obtained the go signal to present its
creditor's committee-backed plan of liquidation for confirmation on
March 29, 2016.

Subject to the modifications orally ordered on Feb. 25, 2016, Judge
Marvin Isgur:

     -- conditionally approved the adequacy of the Plan and
Disclosure Statement, and

     -- scheduled a combined hearing on March 29, 2016, at 10:00
a.m. to consider final approval of the Disclosure Statement and
confirmation of the Plan.

Judge Isgur approved the timeline proposed by the Debtor and the
Official Committee of Unsecured Creditors:

Approval of Solicitation Procedures Motion   Feb. 25, 2016
Voting Record Date                           Feb. 25, 2016
Transmission of Solicitation Packages        Feb. 27, 2016
Objection Deadline                           March 24, 2016
Voting Deadline                              March 24, 2016
Deadline to file Ballot Summary              March 25, 2016
Filing of Proposed Findings of Fact          March 25, 2016
Combined Hearing                             March 29, 2016

The Debtor said it will make the Plan and Disclosure Statement, and
Combined Hearing Notice available in electronic format online at
http://www.diamondmccarthy.com/files/haverhill.pdf

The Debtor obtained a ruling that won't be required to send
solicitation packages to creditors holding claims that have already
been paid in full.  According to the Combined Plan and Disclosure
Statement, only the lenders and the unsecured creditors are
entitled to vote on the Plan.

The Court also set procedures for temporarily allowing claims for
voting purposes.

A copy of the Feb. 25 order is available for free at:

       http://bankrupt.com/misc/Haverhill_C_253_DS_Order.pdf

                    About Haverhill Chemicals

Haverhill Chemicals LLC owned and operated a chemical plant in
Haverhill, Ohio, to produce Phenol, Acetone, Bisphenol A (BPA) and
Alpha-Methylstyrene ("AMS") for sale to customers.  The chemicals
are used to manufacture a wide variety of chemical intermediates,
including phenolic resins, paint, varnishes, pharmaceuticals,
film, epoxy resins, flame retardants, coatings and heat resistance
of polystyrene.

Haverhill Chemicals filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Tex. Case No. 15-34918) on Sept. 18, 2015, with a deal to
sell its Haverhill plant to ALTIVIA Petrochemicals, LLC, for $3
million, subject to higher or better bids.

The Debtor estimated assets of $1 million to $10 million and
liabilities of $100 million to $500 million.

The petition was signed by Paul Deputy, the chief financial
officer.   The case is assigned to Judge Marvin Isgur.

Diamond McCarthy LLP serves as the Debtor's counsel.

On Sept. 29, 2015, the U.S. trustee overseeing the Debtor's Chapter
11 case appointed Marathon Petroleum Company LP, Pritchard Electric
Co., and CB&I Stone & Webster Construction Inc. to serve on the
official committee of unsecured creditors.  The Committee is
represented by Gardere Wynne Sewell LLP.

                           *     *     *

The Court established Jan. 18, 2016 as the deadline for
non-governmental entities to file proofs of claim, and March 16,
2016, as the deadline for governmental entities.


HEBREW HOSPITAL: Court Approves Getzler Henrich as Fin'l Advisors
-----------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., aka Westchester Meadows
Continuing Care Retirement Community and Fieldstone at Westchester
Meadows, sought and obtained permission from the Hon. Michael E.
Wiles of the U.S. Bankruptcy Court for the Southern District of New
York to employ Getzler Henrich & Associates LLC as financial
advisor, nunc pro tunc to the December 9, 2015 petition date.

The Debtor requires Getzler Henrich to:

   (a) assist in the preparation of analyses of the Debtor's
       transactions with other affiliated entities;

   (b) assist in the preparation and review of proposed business
       plans and the review of the business and financial
       condition of the Debtor generally;

   (c) assist in evaluating reorganization strategies and
       alternatives;

   (d) review and critique of the Debtor's financial projections
       and assumptions;

   (e) prepare enterprise, asset, and liquidation valuations;

   (f) assist in preparing documents necessary for confirmation;

   (g) provide advice and assistance to the Debtor in negotiations

       and meetings with any Creditors' Committee and other
       parties-in-interest;

   (h) assist with the claims resolution procedures, including,
       but not limited to, analyses of creditors' claims by type
       and entity;

   (i) provide litigation consulting services and expert witness
       testimony regarding confirmation issues, avoidance actions
       or other matters, if necessary; and

   (j) provide such other functions as requested by the Debtor or
       its counsel to assist the Debtor in this Chapter 11 case.

Getzler Henrich will be paid at these hourly rates:

       Principal/Managing Director     $435-$480
       Director/Specialist             $350-$425
       Associate Professional          $150-$345

Getzler Henrich will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Daniel S. Polsky, managing director of Getzler Henrich, 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.

Getzler Henrich can be reached at:

       Daniel S. Polsky
       GETZLER HENRICH & ASSOCIATES LLC
       295 Madison Avenue, 20th Floor
       New York, NY 10017
       Tel: (212) 697-2400
       Fax: (212) 697-4812

                    About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on Dec.
9, 2015.  The petition was signed by Mary Frances Barrett as CEO.
Harter Secrest & Emery LLP represents the Debtor as counsel. The
Debtor has engaged RBC Capital Markets as its investment banker.
The Debtor also tapped McCullough Goldberger & Staudt, LLP as
special counsel, Getzler Henrich & Associates LLC as financial
advisor, and Abbate DeMarinis, LLP as accountant.

Judge Michael E. Wiles has been assigned the case.

In its schedules, the Debtor listed $35,894,397 in total assets
and
$62,638,925 in total liabilities.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The
Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  The panel members are:
(a) 1199 SEIU Benefit and Pension Funds; (b) Andrea Taber, Esq. on
behalf of Lucille and Selig Popik; (c) Richard A. Bobbe; (d) Mary
Blumenthal-Lane on behalf of Julia Blumenthal; and (e) Peter Clark
on behalf of Ann Clark.  DLA Piper LLP (US) represents the
committee.

Hebrew Hospital Home of Westchester, Inc. filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10028) on Jan.
8, 2016.  On Jan. 14, Judge Wiles entered an order authorizing the
joint administration of HHH Choices Health Plan, LLC, Hebrew
Hospital Senior Housing, Inc. (aka Westchester Meadows Continuing
Care Retirement Community and Fieldstone at Westchester Meadows),
and Hebrew Hospital Homes of Westchester, Inc.


HEBREW HOSPITAL: Court Approves Harter Secrest as Legal Counsel
---------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., aka Westchester Meadows
Continuing Care Retirement Community and Fieldstone at Westchester
Meadows, sought and obtained permission from the Hon. Michael E.
Wiles of the U.S. Bankruptcy Court for the Southern District of New
York to employ Harter Secrest & Emery LLP as legal counsel, nunc
pro tunc to the December 9, 2015 petition date.

Harter Secrest's services will include, without limitation,
assisting, advising and representing the Debtor with respect to
these matters:

   (a) the administration of the Chapter 11 Case and the exercise
       of oversight with respect to the Debtor's affairs,
       including all issues in connection with the Debtor, any
       potential committee or the Chapter 11 Case;

   (b) the preparation on behalf of the Debtor of necessary
       applications, motions, memoranda, orders, reports and other

       legal papers;

   (c) appearances in Court and at statutory meetings of creditors

       to represent the interests of the Debtor;

   (d) the negotiation, formulation and confirmation of a plan or
       plans of reorganization or liquidation, and matters related

       thereto;

   (e) such investigation, if any, as the Debtor may desire
       concerning the assets, liabilities, financial condition,
       sale of any of the Debtor's businesses, and operating
       issues concerning the Debtor that may be relevant to the
       Chapter 11 Case;

   (f) communications with the Debtor's constituents and others at

       the direction of the Debtor in furtherance of its
       responsibilities under the Bankruptcy Code; and

   (g) the performance of all of the Debtor's duties and powers
       under the Bankruptcy Code, FED. R. BANKR. P. and such other

       services as are in the interests of those represented by
       the Debtor.

Harter Secrest will be paid at these hourly rates:

       Raymond L. Fink, Partner         $468
       Richard T. Yarmel, Partner       $468
       John A. Mueller, Sr. Associate   $332
       Rayza R. Santiago, Associate     $259
       Anna S.M. McCarthy, Associate    $225
       Paralegal                        $148

Harter Secrest will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Raymond L. Fink, member of Harter Secrest, 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.

Harter Secrest can be reached at:

       Raymond L. Fink, Esq.
       HARTER SECREST & EMERY LLP
       12 Fountain Plaza, Suite 400
       Buffalo, NY 14202-2293
       Tel: (716) 853-1616
       E-mail: rfink@hselaw.com

                    About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on Dec.
9, 2015.  The petition was signed by Mary Frances Barrett as CEO.
Harter Secrest & Emery LLP represents the Debtor as counsel. The
Debtor has engaged RBC Capital Markets as its investment banker.
The Debtor also tapped McCullough Goldberger & Staudt, LLP as
special counsel, Getzler Henrich & Associates LLC as financial
advisor, and Abbate DeMarinis, LLP as accountant.

Judge Michael E. Wiles has been assigned the case.

In its schedules, the Debtor listed $35,894,397 in total assets
and
$62,638,925 in total liabilities.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The
Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  The panel members are:
(a) 1199 SEIU Benefit and Pension Funds; (b) Andrea Taber, Esq. on
behalf of Lucille and Selig Popik; (c) Richard A. Bobbe; (d) Mary
Blumenthal-Lane on behalf of Julia Blumenthal; and (e) Peter Clark
on behalf of Ann Clark.  DLA Piper LLP (US) represents the
committee.

Hebrew Hospital Home of Westchester, Inc. filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10028) on Jan.
8, 2016.  On Jan. 14, Judge Wiles entered an order authorizing the
joint administration of HHH Choices Health Plan, LLC, Hebrew
Hospital Senior Housing, Inc. (aka Westchester Meadows Continuing
Care Retirement Community and Fieldstone at Westchester Meadows),
and Hebrew Hospital Homes of Westchester, Inc.


HEBREW HOSPITAL: Court Okays RBC Capital as Investment Bankers
--------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc., aka Westchester Meadows
Continuing Care Retirement Community and Fieldstone at Westchester
Meadows, sought and obtained permission from the Hon. Michael E.
Wiles of the U.S. Bankruptcy Court for the Southern District of New
York to employ RBC Capital Markets, LLC as investment bankers, nunc
pro tunc to the December 9, 2015 petition date.

The Debtor anticipates that RBC Capital may render the following
services in this case and with respect to the Westchester Meadows
Continuing Care Retirement Community
("Project"):

   (a) conduct the solicitation of offers for a sale of the
       Project ("Process") to facilitate an asset sale of the
       Project and related indebtedness;

   (b) conduct a site-visit of the Project and determine what
       further information and diligence items are needed to
       support the Process;

   (c) assemble and distribute a marketing teaser to generate
       awareness and interest in the sale of the Project;

   (d) assemble, distribute, solicit and market the sale of the
       Project to a broad audience through a sale, including:

       - develop a Sales Memorandum and Virtual Data Room
       
       - interact with interested parties to generate bids

       - facilitate a negotiation process to select a stalking
         horse for an auction

       - negotiate an asset purchase agreement/debt restructuring

       - facilitate and conduct an auction

       - close and consummate the sale/affiliation/restructure of
         Debts

   (e) advise the Debtor of current conditions in the local and
       national relevant skilled nursing and/or senior living
       market, and other general information and economic data;

   (f) coordinate with the Debtor, Creditor Committee and other
       interested parties as necessary, and interface with
       counsel, other outside professionals and representatives of

       the Debtor;

   (g) attend meetings and conference calls with the Debtor and
       working groups as needed; and

   (h) provide such other functions as requested by the Debtor or
       its counsel to assist the Debtor in this Chapter 11 Case.

RBC Capital's requested compensation for professional services
rendered to the Debtor will be based upon the "Fee Schedule"
between RBC Capital and the Debtor, outlined in the RBC Capital
Contract, which provides for the following:

   -- The Debtor will provide RBC Capital with a monthly retainer
      of either (i) $25,000 beginning 90 days from the
      commencement of the marketing process or (ii) $15,000 as of
      the commencement date;

   -- 3.0% of the gross sales proceeds; and

   -- Reimbursement for all necessary expenses incurred, which
      shall include, but not be limited to, travel, photocopying,
      delivery service, postage, vendor charges and other out-of-
      pocket expenses incurred in providing professional services.

David B. Fields, managing director in the Philadelphia Municipal
Finance office of RBC Capital Markets, 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.

RBC Capital can be reached at:

       David B. Fields
       RBC CAPITAL MARKETS, LLC
       One Logan Square, Suite 17th Floor
       Philadelphia, PA 19103
       Tel: (215) 832-1514
       Fax: (215) 832-1500
       E-mail: david.fields@rbccm.com

                    About Hebrew Hospital

Hebrew Hospital Senior Housing Inc. sought for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 15-13264) on Dec.
9, 2015.  The petition was signed by Mary Frances Barrett as CEO.
Harter Secrest & Emery LLP represents the Debtor as counsel. The
Debtor has engaged RBC Capital Markets as its investment banker.
The Debtor also tapped McCullough Goldberger & Staudt, LLP as
special counsel, Getzler Henrich & Associates LLC as financial
advisor, and Abbate DeMarinis, LLP as accountant.

Judge Michael E. Wiles has been assigned the case.

In its schedules, the Debtor listed $35,894,397 in total assets
and
$62,638,925 in total liabilities.

The Debtor is engaged in the sponsorship and operation of a 120
unit continuing care retirement community.  CCRCs are senior adult
programs that offer independent living apartments, residential
amenities and long-term care services to senior adults.  The
Debtor
generates the majority of its revenue from resident entrance fees
and monthly rents.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  The panel members are:
(a) 1199 SEIU Benefit and Pension Funds; (b) Andrea Taber, Esq. on
behalf of Lucille and Selig Popik; (c) Richard A. Bobbe; (d) Mary
Blumenthal-Lane on behalf of Julia Blumenthal; and (e) Peter Clark
on behalf of Ann Clark.  DLA Piper LLP (US) represents the
committee.

Hebrew Hospital Home of Westchester, Inc. filed for Chapter 11
bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10028) on Jan.
8, 2016.  On Jan. 14, Judge Wiles entered an order authorizing the
joint administration of HHH Choices Health Plan, LLC, Hebrew
Hospital Senior Housing, Inc. (aka Westchester Meadows Continuing
Care Retirement Community and Fieldstone at Westchester Meadows),
and Hebrew Hospital Homes of Westchester, Inc.


HOT SHOT HK: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Hot Shot HK, LLC
        1407 Broadway, Suite 2018
        New York, NY 10018

Case No.: 16-10449

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. James L. Garrity Jr.

Debtor's Counsel: Maeghan J. McLoughlin, Esq.
                  KLESTADT WINTERS JURELLER
                  SOUTHARD & STEVENS, LLP
                  200 West 41st Street, 17th Floor
                  New York, NY 10036
                  Tel: 212-972-3000
                  E-mail: mmcloughlin@klestadt.com

                    - and -

                  Sean C. Southard, Esq.
                  KLESTADT WINTERS JURELLER
                  SOUTHARD & STEVENS, LLP
                  200 West 41st Street, 17th Fl.
                  New York, NY 10036
                  Tel: (212) 972-3000
                  Fax: (212) 972-2245
                  E-mail: ssouthard@klestadt.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Youssef Saadia, chief financial
officer.

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


HOVNANIAN ENTERPRISES: Ara Hovnanian Holds 64.5% of Class B Shares
------------------------------------------------------------------
Ara K. Hovnanian disclosed in a amended Schedule 13D filed with the
Securities and Exchange Commission that as of Oct. 29, 2015, he
beneficially owns 11,646,680 shares of Class B Common Stock, $.01
par value per share, of Hovnanian Enterprises, Inc., representing
64.5 percent of the shares outstanding.  A copy of the regulatory
filing is available at http://is.gd/WOWs8l

                  About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HOVNANIAN ENTERPRISES: Ara Hovnanian Owns 14.5% of Class A Shares
-----------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Ara K. Hovnanian disclosed that as of Oct. 29, 2015, he
beneficially owns 20,865,381 shares of Class A Common Stock,
including 11,646,680 shares of Class A Common Stock receivable upon
the conversion of a like number of shares of Class B Common Stock
(including 2,737,500 shares of Class B Common Stock subject to
options either currently exercisable or exercisable within 60 days)
of Hovnanian Enterprises, Inc.  

The shares beneficially owned represent approximately 14.5% of the
shares of Class A Common Stock, based upon 131,802,150 shares of
Class A Common Stock outstanding as of Jan. 15, 2016, plus (for
purposes of computing such percentage) the shares of Class A Common
Stock receivable upon the conversion of such shares of Class B
Common Stock.  That beneficial ownership represents approximately
40.2% of the combined voting power of the Class A Common Stock and
Class B Common Stock.  A copy of the regulatory filing is available
at:

                      http://is.gd/b7jmbB

                  About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HOVNANIAN ENTERPRISES: Executors Hold 1.3% of Class A Shares
------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, the executors of the Estate of Kevork S. Hovnanian,
deceased, disclosed that as of Oct. 29, 2015, they beneficially own
1,705,259 shares of Class A Common Stock of Hovnanian Enterprises,
Inc., in their capacity as executors.  The shares beneficially
owned represent approximately 1.3% of the shares of Class A Common
Stock, based upon 131,802,150 shares of Class A Common Stock
outstanding as of Jan. 15, 2016, as set forth in the definitive
proxy statement filed by the Issuer on Feb. 1, 2016.  A copy of the
regulatory filing is available for free at:

                     http://is.gd/kEj69c

                 About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HOVNANIAN ENTERPRISES: Executors No Longer Own Class B Shares
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, the Executors of the Estate of Kevork S. Hovnanian,
deceased, reported that as of Oct. 29, 2015, they ceased to
beneficially own shares of Class B Common Stock, $.01 par value per
share, of Hovnanian Enterprises, Inc.

On Oct. 29, 2015, the Executors, in their capacity as executors,
distributed (a) 3,075,138 shares of Class A Common Stock to the
marital trust created under the Kevork S. Hovnanian 2004 Revocable
Trust Agreement for the benefit of Sirwart Hovnanian, (b) 1,376,146
shares of Class A Common Stock to Sirwart Hovnanian, (c) 1,050,873
shares of Class B Common Stock to trusts for the benefit of the
family of Kevork S. Hovnanian, and (d) 2,204,378 shares of Class B
Common Stock to the marital trust under the Kevork S. Hovnanian
2004 Revocable Trust Agreement for the benefit of Sirwart
Hovnanian.

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

                        http://is.gd/KMaNgt

                    About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HOVNANIAN ENTERPRISES: Sirwart Hovnanian Owns 1.4% of CL-A Shares
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sirwart Hovnanian disclosed that as of Oct. 29, 2015,
he beneficially owns 1,816,146 shares of Class A Common Stock,
including 1,376,146 shares of Class A Common Stock held in a
grantor retained annuity trust of which Sirwart Hovnanian is the
sole trustee and annuitant, of Hovnanian Enterprises, Inc.

The shares beneficially owned represent approximately 1.4% of the
shares of Class A Common Stock, based upon 131,802,150 shares of
Class A Common Stock outstanding as of Jan. 15, 2016.  That
beneficial ownership represents approximately 0.6% of the combined
voting power of the Class A Common Stock and Class B Common Stock.


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

                    http://is.gd/IQdRDT

                  About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on $2.14
billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.  As of Oct. 31, 2015,
the Company had $2.60 billion in total assets, $2.73 billion in
total liabilities and a $128.08 million total stockholders'
deficit.

                           *     *     *

As reported by the Troubled Company Reporter on April 25, 2013,
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Hovnanian Enterprises Inc. to 'B-' from 'CCC+'.
"The upgrade reflects strengthening operating performance
supported by the broader recovery in the housing market that, we
believe, should support modest profitability in 2013," said
Standard & Poor's credit analyst George Skoufis.

In the Dec. 9, 2013, edition of the TCR, Fitch Ratings upgraded
the Issuer Default Rating (IDR) of Hovnanian Enterprises to 'B-'
from 'CCC'.  The upgrade and the Stable Outlook reflects HOV's
operating performance year-to-date (YTD), adequate liquidity
position, and moderately better prospects for the housing sector
during the remainder of this year and in 2014.

The TCR reported on Jan. 9, 2014, that Moody's Investors Service
raised the Corporate Family Rating of Hovnanian Enterprises, Inc.,
to B3 from Caa1.  The upgrade of the Corporate Family Rating to B3
reflects Hovnanian's improved financial performance including
improvement in interest coverage to slightly above 1x and finally
turning net income positive for the fiscal year 2013.


HYDROCARB ENERGY: Files Corrected Version of Darling Note
---------------------------------------------------------
Hydrocarb Energy Corp. filed on Nov. 23, 2015, a Current Report on
Form 8-K to disclose, among other things, its sale on Nov. 17,
2015, of a $200,000 8% Short Term Cash Redeemable Note to Darling
Capital, LLC.  An incorrect and non-final version of the Darling
Note was filed under Item 9.01 of the Original Form 8-K.

On February 24, the Company filed an Amendment No. 1 to the
Original Form 8-K to include the correct version of Exhibit 10.2
and the correct version of the Darling Note as finalized, executed
and approved by the parties.  

A copy of the 8% Short Term Cash Redeemable Note is available for
free at http://is.gd/SObVkX

                     About Hydrocarb Energy

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

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

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

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


IHEART COMMUNICATIONS: Fitch Affirms 'CCC' Issuer Default Ratings
-----------------------------------------------------------------
Fitch Ratings has affirmed iHeart Communications, Inc.'s 'CCC'
Issuer Default Ratings (IDR), Clear Channel Worldwide Holdings,
Inc.'s (CCWW) 'B' IDR, and Clear Channel International B.V.'s (CCI)
'B' IDR.  The Rating Outlooks for CCWW and CCI remain Stable.

CCWW is an indirect, wholly-owned subsidiary of Clear Channel
Outdoor Holdings, Inc. (CCOH), which is a 90%-owned subsidiary of
iHeart and holds all of iHeart's outdoor assets.  CCI is an
indirect, wholly-owned subsidiary of CCWW and holds all of CCWW's
international outdoor assets with the exception of certain Latin
American entities and China.

                        KEY RATING DRIVERS

Leveraged Capital Structure: Fitch estimates iHeart's total and
secured leverage of 11.6x and 7.2x, respectively, as of Sept. 30,
2015.  Total leverage exceeds levels at the leveraged buyout, as
minimal FCF has prevented debt reduction and EBITDA has not
returned to pre-downturn levels.

Near Term Maturities Reduced: iHeart completed several transactions
over the past 12 months (detailed below) which reduced near-term
maturities and improved liquidity.  The company has $193 million
maturating in 2016, $190 million in 2017 (A/R facility maturity)
and $930 million in 2018.  The next maturity wall is now 2019 when
$8.4 billion matures.

Limited Room for Deterioration: Although the company's recent
capital raising transactions significantly reduced near-term
maturities, the bond issuance resulted in a higher interest burden,
which further reduced FCF.  Fitch expects FCF to be negative over
the next two years, primarily reflecting the interest burden
associated with iHeart's capital structure. iHeart's operating
performance is also hampered by significant secular headwinds
within the radio segment.  There is no room in the ratings for a
significant deterioration in operations.

Capital Market Flexibility: Recent credit markets have been
accommodating to iHeart and other highly leveraged issuers.
However, the below investment grade capital markets have been under
significant duress recently and their willingness to continue to
accommodate highly levered credits is suspect. Regardless, even if
the capital markets regained their footing, their flexibility would
ultimately depend on iHeart's ability to reduce secured leverage to
a level where lenders would be willing to recommit capital, which
is likely below the 6x level at which the banks originally lent.

Other Levers To Address Debt: The company has additional levers
available to address its near-term maturities, including $592
million of pro forma cash on hand as of Sept. 30, 2015, (includes
iHeart's share of CCOH's two recent dividends) and additional
non-core assets it could sell.  The company's recent non-core asset
sales (detailed below) were in line with Fitch's expectations that
iHeart would utilize such levers to support its liquidity
position.

Outdoor Subsidiary Ratings: CCWW's IDR considers its stand-alone
credit and operating profile, as well as its legal and operational
relationship with iHeart.  CCWW is an indirect wholly-owned
subsidiary of Clear Channel Outdoor Holdings, Inc. (CCOH), a
90.1%-owned subsidiary of iHeart that holds all of iHeart's outdoor
assets.  Although there is material protection for CCWW, iHeart is
expected to continue to extract cash from the entity.

                            KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for iHeart include:

   -- iHeart continues to benefit from its strongly positioned
      radio portfolio, which generates growth in line or exceeding

      the overall radio sector while the Outdoors business
      continues to generate positive FCF pre dividend;

   -- Model does not assume material assets sales other than those

      already announced.  Similarly, Fitch does not model any
      potential debt exchange;

   -- Fitch projects negative FCF of $225 million or greater per
      year during the rating horizon;

   -- Low cash balance in outer years will need to be made up with

      additional debt, asset sales, or operational improvements;

   -- Fitch does not expect a material amount of improvement of
      iHeart's credit profile or absolute debt reduction over the
      next several years, given the expected negative FCF.

                        RATING SENSITIVITIES

Negative: Cyclical or secular pressures on operating results that
further weaken credit metrics or liquidity position could result in
negative rating pressure.  Additionally, indications that a
distressed debt exchange is probable in the near term would also
drive a downgrade.

Positive: Fitch's sensitivities do not currently anticipate a
rating upgrade.

                             LIQUIDITY

Fitch believes that the recent series of transactions discussed
above provides iHeart with sufficient runway through the 2017
maturities.  As of Sept. 30, 2015, iHeart had approximately $209.9
million in cash excluding $172.9 million in cash held at CCOH
(neither balances account for CCI's debt issuance).  Pro forma for
CCOH's recent dividends, Fitch estimates cash balances of
approximately $592 million.  Backup liquidity consists of the ABL
facility that matures in December 2017.

iHeart completed several transactions over the past 12 months to
manage near-term maturities and improve liquidity:

   -- iHeart completed sale/leasebacks on 376 tower assets with
      Vertical Bridge Holdings, Inc. for total consideration of
      $375 million.  There is a net negative operating effect of
      approximately $30 million per annum as the decrease in
      annual operating expenses is more than offset by a reduction

      in revenue and an increase in lease expense;

   -- On Dec. 16, 2015, CCI issued $225 million of 8.75% senior
      notes due 2020 with net proceeds indirectly funding a $218
      million dividend to its shareholders, including $196 million

      to iHeart;

   -- On Jan. 7, 2016, Clear Channel Outdoor America (CCOA) closed

      on two transactions involving the sale of non-strategic
      outdoor assets to Lamar Advertising for total consideration
      of $458.5 million.  CCOA is a wholly-owned operating segment

      of CCOH.  Following the sale, CCOH paid a $540 million
      dividend to its shareholders, funded with a portion of net
      sale proceeds and a $300 million repayment from iHeart to
      CCOH under an intercompany revolving promissory note.
      iHeart's portion of the dividend was $186 million net of its

      $300 million repayment under the intercompany revolving
      promissory note;

   -- On Feb. 26, 2015, iHeart issued $950 million of 10.625%
      priority guarantee notes due 2023. Net proceeds were used to

      fully repay term loan B outstandings of $916 million and
      term loan C outstandings of $15 million.

Pro forma for the CCI debt issuance, as of Sept. 30, 2015, iHeart
had approximately $21 billion in consolidated debt.

Debt held at iHeart at Sept. 30, 2015, was $15.9 billion and
consisted of:

   -- $6.3 billion secured term loans due 2019;
   -- $190 million secured receivable based credit facility due
      2017;
   -- $6.3 billion secured PGNs, maturing 2019-2023;
   -- $1.7 billion in senior unsecured 12% cash pay / 2% PIK notes

      maturing in February 2021 (net of FinCo holdings of $432
      million);
   -- $730 million senior unsecured 10% notes due 2018 (net of
      FinCo holdings of $120 million);
   -- $668 million senior unsecured legacy notes, with maturities
      of 2016-2027 (net of FinCo holdings of $57 million.)

Debt held at CCWW was $4.9 billion and consisted of:

   -- $2.7 billion in senior unsecured 6.5% notes due 2022;
   -- $2.2 billion in subordinated 7.625% notes due 2020.

Debt held at CCI consisted of:

   -- $225 million of senior unsecured 8.75% notes due 2020

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

iHeartCommunications, Inc.

   -- Long-term IDR at 'CCC';
   -- Senior secured term loans at 'CCC/RR4';
   -- Senior secured priority guarantee notes at 'CCC/RR4';
   -- Senior unsecured guarantee notes due 2021 at 'CC/RR6';
   -- Senior unsecured legacy notes at 'C/RR6'.

Clear Channel Worldwide Holdings, Inc.

   -- Long-term IDR at 'B';
   -- Senior unsecured notes at 'BB-/RR2';
   -- Senior subordinated notes at 'B-/RR5'.

Clear Channel International B.V.

   -- Long-term IDR at 'B';
   -- Senior unsecured notes at 'BB-/RR2'.

The Rating Outlooks are Stable for CCWH and CCI.


IHEARTCOMMUNICATIONS INC: Incurs $755 Million Net Loss in 2015
--------------------------------------------------------------
IheartCommunications, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to the Company of $755 million on $6.24 billion of
revenue for the year ended Dec. 31, 2015, compared to a net loss
attributable to the Company of $793.76 million on $6.31 billion of
revenue for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $13.8 billion in total assets,
$24.4 billion in total liabilities and a total shareholders'
deficit of $10.6 million.

"We continue to be pleased with our progress in transforming the
company into a multi-platform, data-rich powerhouse, with our
investments driving strong operating results," said Bob Pittman,
chairman and chief executive officer.  "At iHeartMedia, the
fast-blurring lines between digital and broadcast radio play to our
strengths, and the CRB's new rates will encourage the growth of
digital streaming and help build a sustainable digital music
marketplace to benefit artists, consumers and the rest of the music
industry.  We are building on our traditional media sales business
by partnering with agencies and clients to launch major marketing
initiatives enhanced by rich data and research insights across our
core broadcast, live events and other businesses.  At Outdoor, we
continue to move forward in aligning our Americas and International
portfolios to focus on our most attractive strategic opportunities,
while tapping into new programmatic and data-learning trends that
our advertising partners value highly."

"With a strong fourth quarter performance, and excluding the impact
from foreign exchange rates, we showed growth in both revenue and
OIBDAN in 2015 across iHeartMedia, Americas outdoor and
International outdoor, despite strong headwinds in certain overseas
economies," said Rich Bressler, president, chief operating officer
and chief financial officer.  "The strength of our operating
business provides us with the flexibility to manage our capital
structure in a prudent way.  We continue to evaluate opportunities
to strengthen our balance sheet as we focus on positioning
iHeartMedia for long-term growth."

                       Bankruptcy Warning

"The ability to refinance the debt will depend on the condition of
the capital markets and our financial condition at such time.   Any
refinancing of the debt could be at higher interest rates and
increase debt service obligations and may require us and our
subsidiaries to comply with more onerous covenants, which could
further restrict our business operations. The terms of existing or
future debt instruments may restrict us from adopting some of these
alternatives.  These alternative measures may not be successful and
may not permit us or our subsidiaries to meet scheduled debt
service obligations.  If we or our subsidiaries cannot make
scheduled payments on indebtedness, we or our subsidiaries, as
applicable, will be in default under one or more of the debt
agreements and, as a result we could be forced into bankruptcy or
liquidation," the Company said in the report.

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

                       http://is.gd/gRJndE

                    About iHeartCommunications

iHeartCommunications, Inc., (formerly known as Clear Channel
Communications, Inc.) is a global media and entertainment company.
The Company specializes in radio, digital, outdoor, mobile,
social, live events, on-demand entertainment and information
services for local communities, and uses its unparalleled national
reach to target both nationally and locally on behalf of its
advertising partners.  The Company is dedicated to using the
latest technology solutions to transform the company's products
and services for the benefit of its consumers, communities,
partners and advertisers, and its outdoor business reaches over 40
countries across five continents, connecting people to brands
using innovative new technology.


INTERNATIONAL TECHNICAL: Court OKs White Berberian as Counsel
-------------------------------------------------------------
International Technical Coatings, Inc. sought and obtained
permission from the Hon. Madeleine C. Wanslee of the U.S.
Bankruptcy Court for the District of Arizona to employ Sean
Berberian of White Berberian PLC as special counsel, nunc pro tunc
to the November 18, 2015 petition date.

The Debtor sought to employ White Berberian for the limited purpose
of assisting them with respect to civil case number CV2015-012428,
Bank of America, N.A. vs. International Technical Coatings, Inc.,
et al.

White Berberian will also handle other legal issues needed in the
regular course of business, as well as issues arising from ITC's
obligations that could arise from the stockholder agreement between
ITC, Tommy Fisher and Johnnie Caldwell.

White Berberian will provide the following services to the Debtor:

   (a) services related to the role of general counsel for the
       company in non-bankruptcy matters;

   (b) services related to the railroad association which ITC
       belongs to regarding the railroad spur running adjacent to
       ITC's property;

   (c) services related to customer or vendor complaints regarding

       work performed or goods supplied by ITC;

   (d) services related to employee-based litigation, including
       the recent Vargas case referred to on the Debtor's
       schedules at Dkt #124, p. 44.

White Berberian provided pre-petition services to the Debtor and
has been paid in accordance for time billed through September 30,
2015, the amount of $8,555. White Berberian is currently owed
approximately $23,983 for pre-petition services provided to ITC.
The Debtors have not paid White Berberian a retainer. In accordance
with Bankruptcy Code section 330, no fees will be paid to White
Berberian from the Estate, except upon application to and order of
the Court.

Sean Berberian 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.

Bank of America Bank, N.A., secured creditor of the Debtor, filed
an objection to White Berberian's hiring indicating that as an
initial matter, the automatic stay of 11 U.S.C. section 362 stays
the State Court Action as to the Debtor, rendering unnecessary the
need to employ Proposed Counsel in connection with the State Court
Action. Notably, Proposed Counsel appeared in the State Court
Action prepetition on behalf of the Debtor and the Caldwells,
although the Caldwells have retained separate counsel since the
Debtor's bankruptcy filing.

Bank of America is represented by:

       Robert J. Miller, Esq.
       Kyle S. Hirsch, Esq.
       Amanda L. Cartwright, Esq.
       BRYAN CAVE LLP
       Two North Central Ave., Suite 2200
       Phoenix, AZ 85004-4406
       Tel: (602) 364-7000
       Fax: (602) 364-7070
       E-mail: rjmiller@bryancave.com
               kyle.hirsch@bryancave.com
               amanda.cartwright@bryancave.com

White Berberian can be reached at:

       Sean Berberian, Esq.
       WHITE BERBERIAN PLC
       60 East Rio Salado Parkway, Suite 900
       Tempe, AZ 85281
       Tel: (480) 626-8713
       E-mail: sberberian@wbazlaw.com

                   About International Technical

International Technical Coatings, Inc. is a Phoenix, Arizona-based
steel wire manufacturer.  It has facilities located in Phoenix,
Arizona and Columbus, Ohio.

ITC filed a Chapter 11 bankruptcy petition (Bank. D. Ariz. Case No.
15-14709) on Nov. 18, 2015.  John Caldwel, the chairman, signed the
petition.  Judge Madeleine C. Wanslee is assigned the case.

Bank of America Bank, N.A., which is owed more than $25.7 million
in outstanding matured, defaulted loan obligations, applied for the
appointment of a receiver over ITC on Oct. 28, 2015.  The Maricopa
County Superior Court held an initial hearing on the matter on Nov.
4.  A final hearing on the appointment of a receiver was scheduled
for Nov. 18 at 1:30 p.m.  Unable to secure an agreement with the
Bank prior to the scheduled hearing, ITC filed for Chapter 11
protection.

In its petition, the Debtor estimated assets of $50 million to $100
million and liabilities of more than $10 million.

The Debtor tapped Osborn Maledon, P.A., as bankruptcy counsel.
Morris Anderson & Associates, Ltd. serves as its financial
advisor.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  Stinson Leonard Street,
LLP represents the committee.  The Law Offices of Michael W.
Carmel, Ltd. serves as its conflicts counsel. The Committee
retained KRyS Global, USA, as its financial advisor.

Secured creditor Bank of America is represented by Robert J.
Miller, Esq., Kyle S. Hirsch, Esq., and Amanda L. Cartwright, Esq.,
at Bryan Cave LLP.


INTERNATIONAL TECHNICAL: Resolves Ohio Bond Issue with BoA
----------------------------------------------------------
International Technical Coatings, Inc., asks the Bankruptcy Court
to approve a resolution with respect to the proposed bond payments
to the Ohio Director of Development -- an issue that was left over
for resolution from the Court's final order authorizing the
Debtor's use of cash collateral.

On Nov. 18, 2015, the Debtor filed a motion seeking approval to use
cash collateral.  The Court entered a stipulated Interim Order
approving the use of cash collateral on Nov. 20, 2015 and that the
parties subsequently negotiated a stipulated Order on the use of
cash collateral which the Court signed on Dec. 21, 2015.  Following
that order, Bank of America, the Debtor, and the Official Committee
of Unsecured Creditors worked together to negotiate a "final" cash
collateral order that ran through April 29, 2016.  The parties
successfully negotiated virtually every issue in that order, with
the exception of the Debtor's payments to the Ohio Director of
Development ("Ohio Bond payments"), which was left for further
negotiation between the parties.

The Debtor tells the Court that the Ohio Bond payments are the
obligation of the Debtor's wholly-owned subsidiary, ITC
Manufacturing, LLC ("ITCM").  The Bank did not agree to allow the
use of the cash collateral to make those payments under the terms
of the Final Cash Collateral Order.  The Debtor relates that it has
resolved that issue with the Bank, and that the Bank is willing to
allow the use of its cash collateral to make these payments subject
to the terms of the proposed Supplemental Stipulated Cash
Collateral Order.

The Debtor notes that under the terms of the Supplemental Order,
the Debtor will be permitted to make the Ohio Bond payments,
approximately $47,000 per month.  The Debtor further notes that in
exchange, it will grant a lien in the personal property owned by
its wholly-owned subsidiary ITCM in the amount of the Ohio Bond
payments made.  The Debtor added that the lien will occupy a junior
position behind the senior lien of the Ohio Director of
Development.

                     Committee's Objection

The Official Committee of Unsecured Creditors points out that Bank
of America is a fully secured lender that is currently receiving
monthly interest payments at its contractual rate, and already has
an adequate protection replacement lien on the Debtor's cash.  The
Committee further contends that the Bank is now demanding to
enhance its lien position against the assets of ITCM.

The Creditors Committee tells the Court that prepetition and during
the initial cash collateral proceedings, the Bank has claimed only
a lien against the equity of ITCM.  It avers that the bona fide
creditors of ITCM, essentially all of whom have been listed as
creditors of the Debtor, all have prior claims to the assets of
ITCM ahead of the equity holders, or creditors that may have a lien
on the equity, such as the Bank.  The Committee asserts that the
Bank does not have a Uniform Commercial Code financing statement
recorded against the assets of ITCM.

International Technical Coatings is represented by:

          Warren J. Stapleton, Esq.
          OSBORN MALEDON, P.A.
          2929 North Central Avenue
          21st Floor
          Phoenix, AZ 85012-2793
          Telephone: (602)640-9000
          E-mail: wstapleton@omlaw.com

The Official Committee of Unsecured Creditors is represented by:

          Thomas J. Salerno, Esq.
          Alisa C. Lacey, Esq.
          Christopher C. Simpson, Esq.
          Anthony P. Cali, Esq.
          STINSON LEONARD STREET LLP
          1850 N. Central Avenue, Suite 2100
          Phoenix, AZ 85004-4584
          Telephone: (602)279-1600
          Facsimile: (602)240-6925
          E-mail: Thomas.salerno@stinson.com
                  Alisa.lacey@stinson.com
                  Christopher.simpson@stinson.com
                  Anthony.cali@stinson.com

                  About Int'l Technical Coatings

Phoenix, Arizona-based steel wire manufacturer International
Technical Coatings, Inc. filed Chapter 11 bankruptcy petition
(Bank. D. Ariz. Case No. 15-14709) on Nov. 18, 2015.  John
Caldwell
signed the petition as chairman.  The Debtor estimated assets in
the range of $50 million to $100 million and liabilities of more
than $10 million.  Osborn Maledon, P.A. represents the Debtor as
counsel.  Judge Madeleine C. Wanslee has been assigned the case.

ITC has facilities located in Phoenix, Arizona and Columbus, Ohio.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  Stinson Leonard Street,
LLP represents the committee.


ISTAR INC: Reports Fourth Quarter and Fiscal Year 2015 Results
--------------------------------------------------------------
iStar Inc. reported net income allocable to common shareholders of
$7.68 million on $172.02 million of total revenues for the three
months ended Dec. 31, 2015, compared to a net loss allocable to
common shareholders of $13.27 million on $110 million of total
revenues for the three months ended Dec. 31, 2014.

For the 12 months ended Dec. 31, 2015, the Company reported a net
loss allocable to common shareholders of $52.7 million on $515
million of total revenues compared to a net loss allocable to
common shareholders of $33.72 million on $462 million of total
revenues for the 12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $5.62 billion in total assets,
$4.51 billion in total liabilities, $10.71 million in redeemable
noncontrolling interests and $1.10 billion in total equity.

"We took a cautious view in the fourth quarter regarding new
investments, opting to maintain a significant cash balance.  At the
same time, we exceeded our adjusted income goals by realizing upon
the work and value created within our development businesses," said
Jay Sugarman, iStar's chairman and chief executive officer.

"We are beginning to realize the embedded value in our land
portfolio and development efforts over the past few years as sales
and profitability grew significantly year-over-year," said
Sugarman.  "We look forward to continuing our efforts to unlock the
value in our land portfolio during 2016."

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

                       http://is.gd/c5oZzA

                         About iStar Inc.

New York-based iStar Inc., formerly known as iStar Financial Inc.
(NYSE: SFI) provides custom-tailored investment capital to high-end
private and corporate owners of real estate, including senior and
mezzanine real estate debt, senior and mezzanine corporate capital,
as well as corporate net lease financing and equity.  The Company,
which is taxed as a real estate investment trust, provides
innovative and value added financing solutions to its customers.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


KEMPER CORP: Fitch Affirms BB Rating on $144MM Subordinated Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Kemper Corporation's holding company
ratings, including the senior debt rating at 'BBB-'.  Fitch has
also affirmed the Insurer Financial Strength (IFS) ratings of
Kemper's operating subsidiaries at 'A-'.  The Rating Outlook is
Stable.

                        KEY RATING DRIVERS

Kemper's property/casualty ratings reflect modest earnings, solid
balance sheet strength, and sufficient debt servicing capability.
The ratings also consider the company's more volatile earnings
profile caused by natural catastrophe exposures.  Kemper's market
position and size/scale are characterized as 'Medium' by Fitch when
measured by net written premium and equity, which is consistent
with the company's IFS rating.

Kemper's life/health segment (United Insurance Co. of America and
its subsidiaries') ratings reflect its continued stable underlying
earnings, solid capitalization, and effective niche in the home
service market, albeit a slow growth market.  The group has been a
steady source of capital for Kemper, with dividend capacity to
support parent objectives.  Fitch views United's ratings as limited
by its small size and scale relative to larger, national peers.

Kemper closed on its acquisition of the Alliance United Group
(Alliance United), a writer of non-standard auto insurance in
California on April 30, 2015.  Kemper reported 8 months of Alliance
United business in its consolidated results for full-year 2015.

Kemper reported weaker full year operating earnings in 2015 as
results in the non-standard auto segment, particularly at Alliance
United, were pressured by an increase in loss trends during the
year.  Kemper reported increased frequency and severity of claims
across the non-standard segment.  Consolidated operating earnings
declined to $69.9 million in 2015, down from $97.1 million in the
prior year.

Kemper reported full-year calendar-year combined ratio that was
essentially flat with the prior year at 103.6% in 2015, although
the company's underlying loss ratio, excluding catastrophes and
reserve development increased to 73.2% from 67.7% in the prior year
as the result of the adverse frequency and severity trends.
Calendar-year underwriting results benefited from a decline in
property/casualty segment catastrophe losses to approximately $57
million, down from $81 million in the prior year and a lower amount
of write-offs related to software that was being developed for
internal use.

Total revenue grew by 6.6% to $2.3 billion in 2015 as Alliance
United added approximately $273 million in net premiums earned to
Kemper's 2015 results since acquisition.  Kemper experienced modest
premium declines from its legacy personal lines in 2015, but this
decrease was offset by the premiums added by Alliance United.  Net
investment income declined by 2.1% in 2015, largely as the result
of a drop in dividend income received from its equity portfolio
relative to the prior year.

Capitalization at the property/casualty operating company level
scored 'Strong' on Fitch's proprietary capital model, Prism, based
on year-end 2014 data, which is considered consistent with Kemper's
'A-' Insurer Financial Strength rating.  Other measures of capital
strength also suggest Kemper is strongly capitalized. NAIC
risk-based capital ratio for Kemper's legacy property/casualty
subsidiaries was approximately 325% of the company action level at
year-end 2015. RBC for United Insurance Co. of America was
approximately 390% at year-end 2015.

Financial leverage at Dec. 31, 2015 (adjusted for the impact of FAS
115 unrealized gains on fixed-income investments) remained
unchanged from the previous year end at 29.4% and remains in line
with median guidelines for the current rating category.  The GAAP
fixed-charge coverage ratio dropped to 2.6x in 2015, largely due to
depressed earnings during the year and interest expense that
remained level following the issuance of $249 million of senior
notes in the first quarter of 2015 and the redemption of maturing
debt during the year.

The life/health segment reported a sizeable decline in net
operating income to $72 million in 2015, down from $92 million in
the prior year.  The decline was largely driven by reduced net
investment income along with increased legal expenses and a
deferred premium reserve adjustment.  Underlying profitability in
the segment remains stable, as the prior year's results benefited
from a $14 million special dividend received in the fourth
quarter.

                        RATING SENSITIVITIES

Factors that could lead to an upgrade of Trinity Universal
Insurance Co. include:

   -- Maintaining a Prism score of 'strong';
   -- Sustained underwriting profit;
   -- GAAP fixed charge coverage at or above 7x.

Factors that could lead to a downgrade of Trinity Universal
Insurance Co. include:

   -- Statutory fixed charge coverage below 3.5x;
   -- A combined ratio above 106% for a sustained period;
   -- Deterioration in capitalization with a p/c Prism capital
      model score below 'adequate';
   -- RBC ratio for the p/c entities below 200%;
   -- Financial leverage ratio that exceeds 30%.

Factors that could lead to an upgrade for the United Insurance Co.
and its subsidiaries include:

   -- Sustained strong profitability with positive movement in
      Trinity Universal Insurance Co. ratings.

Factors that could lead to a downgrade for the United Insurance Co.
and its subsidiaries include:

   -- A decline in the RBC ratio below 300% of the company action
      level;
   -- A sustained decline in profitability resulting in a return
      on capital below 5%.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings with a Stable Outlook:

Kemper

   -- IDR at 'BBB';
   -- $359 million senior notes 6% due 2017 at 'BBB-';
   -- $247 million senior notes 4.35% due 2025 at 'BBB-';
   -- $225 million credit facility at 'BBB-';
   -- $144 million subordinated notes due 2054 at 'BB'.

Trinity Universal Insurance Co.

United Insurance Co. of America
Union National Life Insurance Co.
Reliable Life Insurance Co.

   -- IFS rating at 'A-'.


LEVEL 3: CEO to Take Medical Leave of Absence
---------------------------------------------
Level 3 Communications, Inc. announced effective Feb. 24, 2016,
Jeff K. Storey, Level 3's CEO, will take a temporary medical leave
of absence relating to successful surgery for a recently diagnosed
heart condition.  Mr. Storey's leave of absence will be
approximately two months, after which he will return to duty on a
limited basis.  He is expected to make a full recovery.

The Level 3 Board of Directors has named Sunit S. Patel, Level 3's
chief financial officer, interim CEO until Mr. Storey's return.
Mr. Patel will continue to serve as Level 3's chief financial
officer.  Mr. Patel has been Level 3's chief financial officer
since 2003, and served as interim president of Level 3's EMEA
region in 2014.

"I have full confidence that Sunit will be able to continue the
solid execution and performance that we saw in 2015," said Mr.
Storey.  "Sunit's knowledge of our business, along with his
financial background and expertise, make him an excellent candidate
to fill in for me during my absence.  We also have an extremely
strong and deep executive team working to support him."

"The Board of Directors unanimously supports Sunit's appointment as
interim CEO.  We intend to respect Jeff's privacy so that he can
focus on a complete and speedy recovery, and we look forward to his
expected return to the company.  We wish him all the best as he
recovers," said James O. Ellis, Jr., Chairman of the Board of
Directors for Level 3.

"I am pleased to say that Mr. Storey's procedure went well," said
Myles S. Guber, M.D. with Colorado Cardiovascular Surgical
Associates.  "While a significant operation, it is a common
procedure and I expect Mr. Storey to make a full recovery."

                   About Level 3 Communications

Headquartered in Broomfield, Colorado, Level 3 Communications,
Inc., is a publicly traded international communications company
with one of the world's largest communications and Internet
backbones.

                           *     *     *

In September 2015, Fitch Ratings has upgraded the Issuer Default
Rating (IDR) assigned to Level 3 Communications, Inc. (LVLT) and
its wholly owned subsidiary level 3 Financing, Inc. (Level 3
Financing) to 'BB-' from 'B+'.  The rating action recognizes LVLT's
strengthening financial and operating profile as the company
completes the integration of tw telecom, Inc.

In June 2013, Standard & Poor's Ratings Services raised its
corporate credit rating on Level 3 to 'B' from 'B-'.  "The upgrade
reflects improved debt leverage, initially from the acquisition of
the lower-leveraged Global Crossing in October 2011, and
subsequently from realization of the bulk of what the company
expects to eventually be $300 million of annual operating
synergies," said Standard & Poor's credit analyst Richard
Siderman.

As reported by the TCR on Aug. 17, 2015, Moody's Investors Service
upgraded Level 3 Communications, Inc.'s corporate family rating
(CFR) to Ba3 from B2.  Level 3's Ba3 CFR is based on the company's
solidifying business and financial profiles as it integrates the
former tw telecom, inc., with Moody's anticipating continued margin
improvement as synergies are realized, and as higher margin
Internet Protocol-based services replace legacy services.


LIBERTY HARBOR: Hearing on Case Closing Moved to March 22
---------------------------------------------------------
The hearing to consider closing of Liberty Harbor Holding, LLC's
Chapter 11 case has been adjourned to March 22, 2016, at 10:00
a.m.

Around five months after Liberty's Chapter 11 plan was confirmed
May 13, 2015, the bankruptcy clerk on Oct. 14, 2015, served notice
of an intention to close the case, unless an objection is filed by
Nov. 11 to the closing of the bankruptcy case.  If a timely
objection is filed, a hearing was to be held before Bankruptcy
Judge Vincent F. Papalia.

Liberty Harbor consents to the closing of the case.  But James J.
Licata and First Connecticut Consulting Group, LLC, filed an
objection to the closing.

The hearing has been moved several times.

                            Licata JV

James J. Licata and First Connecticut (collectively "Objectors")
asked the Court extend the time for closing of the Debtors' Chapter
11 proceedings for 90 days, so that the Court can properly review
and determine the Objectors': (a) claims against the Debtors and
the properties within the Liberty Harbor project that are the
subject of the Debtors' proposed Plan of Reorganization; and (b)
equity interests in the said properties and the Debtor companies.

James J. Licata claims a 50 percent interest in the Liberty Harbor
project pursuant to the terms of the Joint Venture Agreement dated
January 28, 1998 between him and Peter Mocco.  According to the
Objectors, the value of that interest far exceeds the aggregate
value of the claims which have been made by the creditors of his
and FCCG's Chapter 7 estates.

Mr. Licata and his company, FCCG, are debtors in bankruptcy cases
which have been pending in the District of Connecticut since 2002.
Originally filed under Chapter 11, the Licata/FCCG bankruptcy cases
were converted in 2006 to Chapter 7 and trustees appointed (Ronald
Chorches, Esq. for Licata, and Richard Coan, Esq. for FCCG).  In
January 14, 2015, the Connecticut Trustees and the Moccos entered
into a settlement in which the Trustees released all of the Licata
estate claims against Mocco for $1.5 million.
On October 9, 2014, the Hon. Alan H.W. Shiff, U.S.B.J., of the
Connecticut Bankruptcy Court overruled LIcta's objections for lack
of standing, and granted the settlement.  Licata appealed the
settlement before the District of Connecticut but on Sept. 22,
2015, Judge Michael P. Shea (U.S.D.J.) affirmed the order approving
the settlement.

According to the Objectors, the Connecticut Trustees cannot legally
settle or compromise the excess value to which Mr. Licata is
entitled to under the terms of said Joint Venture Agreement.

The Objectors point out that Liberty Harbor's Fourth Amended Plan
of Reorganization dated May 12, 2015 was submitted for approval
during the pendency of two Federal Appellate Court proceedings
before Federal District Judge William Shea in Connecticut, each of
which deals with claims to an interest in the properties which are
the subject of the Debtors' proposed Plan of Reorganization.

They added that the Fourth Amended Plan was not sent to them or any
other parties in the proceedings as required by law.

                    Attempt to Re-Litigate

In response, Liberty Harbor claims that Licata's "objection" to the
closure of the Liberty cases is nothing more than an attempt by
Licata to litigate the claims settled by his bankruptcy trustees
and to re-litigate his objections to the trustees' settlement with
the Moccos, which objections were overruled by the Connecticut
Bankruptcy Court and later affirmed on appeal.

"This is obviously neither the time nor the place (nor is there any
need at this point) to litigate Licata's settled claims, and thus
we will not waste this Court's time responding to Licata's very
distorted and wholly irrelevant discussion of events that occurred
seventeen years ago," the Debtors said in response to Licata's
objection.

"Nor will we respond to the unsubstantiated opinion of Licata's
Connecticut bankruptcy counsel (quoted by Licata in paragraph 13 of
the objection) that "there will be no more than $5 million to $7
million of legitimate claims against Licata" except to note that
counsel's opinion was submitted to, considered, and rejected by
Judge Shiff and Judge Shea, the latter of whom concluded: "If one
were to remove each claim Licata challenges from the $200 million
total in the claims register at the time of the bankruptcy court's
decision, the estate would still have $80 million remaining in
liabilities.""

James J. Licata and his company, First Connecticut Consulting
Group, are represented by:

          Bruce J. Duke, Esq.
          BRUCE J. DUKE, LLC
          30 Freneau Avenue, Suite 3C
          Matawan, NJ 07747
          Telephone: (856)701-0555
          Facsimile: (856)282-1079
          E-mail: bruceduke@comcast.net

Liberty Harbor Holding, LLC and its affiliated debtors are
represented by:
          
          James A. Scarpone, Esq.
          SCARPONE & VARGO, LLC
          50 Park Place, Suite 1003
          Newark, NJ 07102
          Telephone: (973)623-4101
          Facsimile: (973)623-4181
          E-mail: jscarpone@scarponevargo.com

                     About Liberty Harbor Holding

Jersey City, New Jersey-based Liberty Harbor Holding, LLC, along
with two affiliates, sought Chapter 11 protection (Bankr. D.N.J.
Lead Case No. 12-19958) in Newark on April 17, 2012.  Each of the
Debtors were solely owned by Peter Mocco.

Liberty, as of April 16, 2012, had total assets of $350.08
million, comprising of $350 million of land, $75,000 in accounts
receivable and $458 cash.  The Debtor says that it has
$3.62 million of debt, consisting of accounts payable of $73,500
and unsecured non-priority claims of $3,540,000.  The Debtor's
real property consists of Block 60, Jersey City, NJ 100% ownership
Lots 60, 70, 69.26, 61, 62, 63, 64, 65, 25H, 26A, 26B, 27B, 27D.
Affiliates that filed separate petitions are: Liberty Harbor II
Urban Renewal Co., LLC (Case No. 12-19961) and Liberty Harbor
North, Inc. (Case No. 12-19964).  The three cases are
administratively consolidated.

Judge Novalyn L. Winfield presides over the case.  Wasserman,
Jurista & Stolz, P.C. serves as insolvency counsel and Scarpone &
Vargo serves as special litigation counsel.  The petition was
signed by Peter Mocco, managing member.


LOUISIANA PELLETS: Construction Delays Result to Ch. 11 Filing
--------------------------------------------------------------
Privately-held Louisiana Pellets, along with affiliate German
Pellets Louisiana sought Chapter 11 protection, after experiencing
cost overruns for its wood production facility project.

The Company owns a wood pellet production facility designed to
process raw wood.  The Debtors are members of the "German Pellets"
family of companies, which is a family of related companies
centered in Wismar, Germany.  

BankruptcyData reported that according to documents filed with the
Court, the Debtors experienced numerous cost overruns and delays in
the course of construction of Phase I and Phase II of the Facility.
The Debtors explained that multiple factors contributed to the
cost overruns and delays including electrical deficiencies, weather
events, delays in steel deliveries, other subcontractor delays
including delays in earth and concrete work, and the insolvency and
liquidation of the project's subcontractors.

                  About German Pellets Louisiana

Louisiana Pellets, Inc. and affiliate German Pellets Louisiana, LLC
sought Chapter 11 protection (Bankr. W.D. La. Lead Case No.
16-80162) on Feb. 18, 2016.  The petitions were signed by
Anna-Kathrin Leibold, president and chief executive officer.

The Hon. John W. Kolwe presides over the case.  

Louisiana Pellets, Inc., estimated assets and debts at $100 million
to $500 million.  German Pellets estimated assets and debts at $50
million to $100 million.

C. Davin Boldissar, Esq., and Alan H. Katz, Esq., at Locke Lord
LLP, represents the Debtors in their restructuring effort.


MALIBU LIGHTING: Challenge Period Enlarged as to Select Assets
--------------------------------------------------------------
Judge Kevin Gross on Feb. 10, 2016, approved a stipulation signed
by the Official Committee of Unsecured Creditors in Malibu Lighting
Corp., et al.'s cases and Bank of America, N.A., to (i) extend
until March 31, 2016, the Committee's period to challenge BofA's
security interests in certain assets of the Debtors, including
patents filed in non-U.S. jurisdictions, the ownership interest in
Brinkmann International, and the Debtors' insurance policies and
(ii) let the challenge period expire for certain other property.

Debtor Outdoor Direct Corporation f/k/a The Brinkmann Corporation
("ODC") is a party to an Amended and Restated Credit Agreement
dated as of March 9, 2012, with Bank of America, as administrative
agent, and Bank of America, Comerica Bank, and Texas Capital Bank,
N.A., as lenders which includes both a revolving loan and a term
loan credit facility.  

Debtor National Consumer Outdoors Corporation ("NCOC") is party to
an Amended and Restated Guaranty dated as of March 9, 2012,
pursuant to which NCOC, among other Debtors, guaranteed the
obligations under the ODC Bank of America Credit Agreement.  ODC is
also a party to an L/C Credit Agreement dated May 1, 2012, which
provides for the issuance of letters of credit.

On the Petition Date, ODC filed a motion seeking approval of a
stipulation by and between ODC, Q-Beam Corporation, Smoke 'N Pit
Corporation, Treasure Sensor Corporation and Stubbs Collections,
Inc. -- Syndicated Facility Debtors -- and Bank of America to
authorize the Syndicated Facility Debtors' use of cash collateral.

Also on the Petition Date, NCOC filed a motion seeking approval of
postpetition financing from Comerica Bank.

On Oct. 9, 2015, the Bankruptcy Court entered an order approving
the DIP Motion on an interim basis.  

On Oct. 13, 2015, the Court entered an order approving the Cash
Collateral Motion on an interim basis.

On Oct. 27, 2015, the Court entered a final order approving a
stipulation authorizing the use of cash collateral by ODC.  Also on
Oct. 27, the Court entered a final order authorizing NCOC to access
postpetition financing and use cash collateral.

Pursuant to the Cash Collateral Stipulation, the Syndicated
Facility Debtors stipulated to, inter alia, the validity,
perfection and enforceability of Bank of America's security
interests in and liens upon substantially all of the Facility
Debtors' assets (the "ODC Collateral") and to the amount of the
Pre-Petition Indebtedness and waived and released any and all
claims against (i) BofA, (ii) the Lenders, (iii) the Prepetition
Indebtedness, or (iv) Bank of America's respective security
interests in and liens upon the ODC Collateral (collectively, the
"ODC Claims").

Pursuant to the Cash Collateral Stipulation, the stipulations and
admissions contained in the Cash Collateral Stipulation are deemed
binding upon the Syndicated Facility debtors and all
parties-in-interest, including the Committee, unless and except to
the extent such party-in-interest has timely filed an adversary
proceeding or contested matter (an "ODC Challenge") by no later
than Dec. 27, 2015, challenging (a) the amount, validity and
enforceability or extent of the Prepetition Indebtedness, (b) Bank
of America's security interests in or liens upon the ODC
Collateral, or (c) otherwise asserting the ODC Claims.

Pursuant to the Final DIP Order, NCOC represented that Bank of
America, as administrative agent, is a secured creditor of NCOC and
its estate, holding valid and unavoidable security interest in and
liens upon, substantially all of NCOC's assets (the "NCOC
Collateral") and stipulated to the amount of the Guaranty
Indebtedness and waive and released all claims against, inter alia,
Bank of America, the Lenders, the Guaranty Indebtedness or Bank of
America's security interests in and liens upon the NCOC Collateral
(collectively, the "NCOC Claims").

Pursuant to the Final DIP Order ,the admissions of NCOC are deemed
binding upon NCOC and all other parties in interest, including the
Committee, unless and except to the extent such party-in-interest
has timely filed an adversary proceeding or contested matter (an
"NCOC Challenge") by no later than Dec. 27, 2015, challenging (a)
the amount, validity and enforceability or extent of the Guaranty
Indebtedness, (b) Bank of America's security interests in or liens
upon the NCOC Collateral, or (c) otherwise asserting the NCOC
Claims.

The Committee and Bank of America have previously stipulated to an
extension of the Challenge Periods through and including Feb. 10,
2016.

To promote an efficient resolution of the Challenges, the Committee
and Bank of America signed a stipulation Feb. 8, 2016, identifying
certain real, personal and intellectual property where the Debtors'
assets (i) are subject to perfected prepetition liens, security
interests, or other encumbrances of Bank of America and the
Challenge Period is deemed to be expired; (ii) are not subject to
perfected prepetition liens, security interests or other
encumbrances of Bank of America and no Challenge is necessary; or
(iii) remain subject to Challenge.

The Stipulation, approved by the Court on Feb. 10, 2016, provides
that:

   1. Bank of America does not hold a perfected prepetition
security interest in these vehicles and boats owned by the Debtors:
1992 Mercedes S600; 1993 Mercedes S600; 1994 Mercedes S600; 1995
Mercedes E320; 2011 Hummer; 2003 Lincoln Navigator; 2006 Hummer;
2007 Bentley ArnageT; two 2008 Bentley Flying Spurs; 1999 Dodge
1500 ST; 2000 Dodge Ram; 2008 Mercedes S600; 2010 Cadillac Escalade
ESV; five 2002 Sea Doos; AND 1997 Cobalt boat.  Any prepetition
security interest held by Bank of America in such property is
deemed preserved for the benefit of the applicable Debtor's
estate.

   2. Bank of America does not hold a perfected prepetition
security interest in $5,578 in petty cash held by debtor ODC and
$9,830 in petty cash held by debtor NCOC on the Petition Date.  Any
prepetition security interest held by Bank of America in such
property is deemed preserved for the benefit of the applicable
Debtor's estate.

   3. Bank of America does not hold a perfected prepetition
security interest in $7,791 held by debtor ODC on the Petition Date
at Town North Bank, Account NO. xxx 2689.  Any prepetition security
interest held by Bank of America in such property is deemed
preserved for the benefit of the debtor ODC's estate.

   4. Bank of America does not hold a perfected prepetition
security interest in $67,014 held by NCOC on the Petition Date at
Prosperity Bank, Account No. xxxx 2394.  Any prepetition security
interest held by Bank of America in such property is deemed
preserved for the benefit of NCOC's estate.

   5. The Parties disagree whether Bank of America holds a
perfected security interest in patent registrations and trademark
registrations owned by debtors ODC and NCOC that were filed in
non-U.S. jurisdictions.  The Challenge Period is extended, solely
as to patent registrations and trademark registrations filed in
non-U.S. jurisdictions, to and including March 31, 2016.

   6. The Parties disagree whether Bank of America holds a
perfected prepetition security interest in ODC's ownership interest
in Brinkmann International (Hong Kong Limited Company).  The
Challenge Period is extended, solely as to the ownership interest,
to and including March 31, 2016.

   7. The Parties disagree whether Bank of America holds a
perfected prepetition security interest in certain inventory held
in Canada for ODC on the Petition Date.  The Challenge Period is
extended, solely as to the inventory, to and including March 31,
2016.

   8. The Parties disagree whether Bank of America holds a
perfected prepetition security interest in the Debtors' insurance
policies or the proceeds of the Debtors' insurance policies. The
Challenge Period is extended, solely as to the insurance policies
and proceeds, to and including March 31, 2016.

The Committee's attorneys:

         BLANK ROME LLP
         Bonnie Glantz Fatell, Esq.
         Victoria Guilfoyle, Esq.
         1201 North Market Street, Suite 800
         Wilmington, DE 19801
         Tel: (302) 425-6400
         Fax: (302) 428-5110
         E-mail: Fatell@BlankRome.com
                 Guilfoyle@BlankRome.com

               - and -

         LOWENSTEIN SANDLER LLP
         Kenneth A. Rosen, Esq.
         Sharon L. Levine, Esq.
         Eric Chafetz, Esq.
         65 Livingston Avenue
         Roseland, NJ 07068
         Tel: (973) 597-2500
         Fax: (973) 597-2400
         E-mail: krosen@lowenstein.com
              slevine@lowenstein.com
              echafetz@lowenstein.com

Counsel to Bank of America:

         BUCHANAN INGERSOLL & ROONEY PC
         Kathleen A. Murphy, Esq.
         919 N. Market Street, Suite 1500
         Wilmington, DE 19801
         Tel: (302) 552-4200
         Fax: (302) 552-4295
         E-mail: kathleen.murphy@bipc.com

               - and -

         BRYAN CAVE LLP
         Brian C. Walsh, Esq.
         One Metropolitan Square
         211 North Broadway, Suite 3600
         St. Louis, MO 63102
         Tel: (314) 259-2000
         Fax: (314) 552-8717
         E-mail: brian.walsh@bryancave.com

               - and -

         Robert J. Miller, Esq.
         Two North Central Avenue, Suite 2200
         Phoenix, AZ 85004
         Tel: (602) 364-7000
         Fax: (602) 716-8043
         E-mail: rjmiller@bryancave.com

                      About Malibu Lighting

Malibu Lighting Corporation, Outdoor Direct Corporation, National
Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit
Corporation, Treasure Sensor Corporation and Stubbs Collections
Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 15-12080) on Oct. 8, 2015.  The petitions were signed by
David M. Baker, the chief restructuring officer.  Judge Kevin Gross
is assigned to the cases.

Malibu Lighting estimated both assets and liabilities of $10
million to $50 million.

MLC was a manufacturer and supplier of outdoor and landscape
lighting products, such as solar and low voltage lights and home
security lights, including the parts and accessories associated
with these products.

ODC was a manufacturer and supplier of a variety of consumer goods,
including (a) outdoor cooking products, such as outdoor gas grills,
charcoal grills, smokers and fryers, (b) hand held lighting
products, such as flashlights and spotlights, (c) landscape
lighting products, and (d) parts and accessories associated with
the foregoing products.

MLC and ODC are currently winding down operations as a result of
the termination of a business relationship with principal customer,
Home Depot.

NCOC is a manufacturer and supplier of both branded and private
label pet bedding and pet accessory products.  NCOC manufactures
beds, accessories, and deodorizers for dogs as well as beds,
scratching posts, and toys for cats.  In addition, NCOC markets and
sells boat covers manufactured primarily from Chinese suppliers.

The Debtors engaged Pachulski Stang Ziehl & Jones LLP as counsel,
Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.

On Oct. 20, 2015, the Office of the U.S. Trustee appointed an
Official Committee of Unsecured Creditors.  The Committee tapped
Blank Rome LLP and Lowenstein Sandler LLP as attorneys.


MALIBU LIGHTING: Plan Filing Exclusivity Extended to June 4
-----------------------------------------------------------
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware issued an order ruling that no other party, other than
Malibu Lighting Corporation, et al., may file any plan during the
period from Feb. 23, 2016, through June 4, 2016.

Judge Gross also ruled that no other party, other than the Debtors,
may solicit votes to accept a proposed plan filed with the Court
from Feb. 23, 2016, through and including Aug. 3, 2016.

On Nov. 19, 2015, the Court entered an order authorizing the sale
of substantially all assets of National Consumer Outdoors
Corporation f/k/a Dallas Manufacturing Company pursuant to an Asset
Purchase Agreement dated November 12, 2015, between NCOC and
Central Garden &Pet Company.

On Dec. 30, 2015, Outdoor Direct Corporation f/k/a The Brinkmann
Corporation and Malibu Lighting Corporation entered into an APA
with Sears Holdings Management Corp. for the sale of the remaining
inventory of ODC and MLC.  Pursuant to Court-approved Bid
Procedures, the bid deadline was February 5, 2016, and an auction
was held on February 9, 2016.

According to Jeffrey N. Pomerantz, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, the Debtors, in consultation
with the Official Committee of Unsecured Creditors, will need to
begin the process of reconciling the proofs of claim received with
their schedules of assets and liabilities.  The Debtors, Mr.
Pomerantz said, will use the extension to monetize substantially
all of the remaining assets of the estates.  Lastly, the extension
will enable the Debtors to engage the secured lender, the
Committee, and the Debtors' equity holder, in discussions on the
appropriate exit strategy, he added.

The Debtors are also represented by Maxim B. Litvak, Esq., and
Michael R. Seidl, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.

                      About Malibu Lighting

Malibu Lighting Corporation, Outdoor Direct Corporation, National
Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit
Corporation, Treasure Sensor Corporation and Stubbs Collections
Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 15-12080) on Oct. 8, 2015.  The petitions were signed by
David M. Baker as chief restructuring officer.  Judge Kevin Gross
is assigned to the cases.

The Debtors estimated both assets and liabilities of $10 million to
$50 million.

MLC was a manufacturer and supplier of outdoor and landscape
lighting products, such as solar and low voltage lights and home
security lights, including the parts and accessories associated
with these products.

ODC was a manufacturer and supplier of a variety of consumer goods,
including (a) outdoor cooking products, such as outdoor gas grills,
charcoal grills, smokers and fryers, (b) hand held lighting
products, such as flashlights and spotlights, (c) landscape
lighting products, and (d) parts and accessories associated with
the foregoing products.

MLC and ODC are currently winding down operations as a result of
the termination of a business relationship with principal customer,
Home Depot.

NCOC is a manufacturer and supplier of both branded and private
label pet bedding and pet accessory products.  NCOC manufactures
beds, accessories, and deodorizers for dogs as well as beds,
scratching posts, and toys for cats.  In addition, NCOC markets and
sells boat covers manufactured primarily from Chinese suppliers.

The Debtors engaged Pachulski Stang Ziehl & Jones LLP as counsel,
Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.


MARK JONES: Judge Says Ch. 13 Plans Must Prioritize Condo Liens
---------------------------------------------------------------
Jeannie O'Sullivan at Bankruptcy Law360 reported that the real
estate industry won a victory on Feb. 17, 2016, when a federal
judge sent a New Jersey couple's Chapter 13 plan back to square one
after finding a bankruptcy court incorrectly allowed the plan to
strip all but six months of assessment fees from a condominium
association's lien.  In a case of first impression, U.S. District
Court Judge Freda L. Wolfson said the bankruptcy court ruling in
the case of Mark and Ronda Rones of Monmouth Junction
misinterpreted the New Jersey Condominium Act.


MAUI LAND: Reports 2015 Net Income of $6.8 Million
--------------------------------------------------
Maui Land & Pineapple Company, Inc., reported net income of $6.81
million on $22.78 million of total operating revenues for the year
ended Dec. 31, 2015, compared to net income of $17.63 million on
$33.26 million of total operating revenues for the year ended
Dec. 31, 2014.

For the fourth quarter of 2015, the Company recognized a net loss
of $0.9 million or $(0.05) per share.  For the fourth quarter of
2014, the Company recognized net income of $18.8 million or $1.00
per share.  Operating revenues totaled $2.7 million and $23.0
million during the fourth quarters of 2015 and 2014, respectively.

In September 2015, the Company sold the 25-acre Kapalua Golf
Academy parcel and related facilities for $12 million.  The sale
resulted in a gain of approximately $10.2 million.

In October 2014, the Company sold an unimproved 244-acre parcel of
former agricultural land located in West Maui, commonly known as
Lipoa Point, to the State of Hawaii for $19.8 million.  The sale
resulted in a gain of approximately $19.3 million with the proceeds
from the sale designated for the benefit of the Company's pension
plans.

In May 2014, the Company sold a 4-acre parcel and building that
serves as the maintenance facility for the Kapalua Plantation Golf
Course for $2.3 million.  The sale resulted in a gain of $1.5
million.

"We are very pleased with the substantial progress the Company has
made over the past several years as we continue to focus on
strengthening and growing our business," stated Warren H. Haruki,
Chairman and CEO.  "Our team remains committed to being good
stewards of the lands we've been entrusted for the benefit of our
stakeholders and future Maui generations."

                 About Maui Land & Pineapple Co.

Maui Land & Pineapple Company, Inc. (NYSE: MLP) --
http://mauiland.com/-- develops, sells, and manages residential,  

resort, commercial, and industrial real estate.  The Company owns
approximately 23,000 acres of land on Maui and operates retail,
utility operations, and a nature preserve at the Kapalua Resort.
The Company's principal subsidiary is Kapalua Land Company, Ltd.,
the operator and developer of Kapalua Resort, a master-planned
community in West Maui.

Maui Land reported net income of $17.6 million on $33 million of
total operating revenues for the year ended Dec. 31, 2014, compared
with a net loss of $1.16 million on $15.2 million of total
operating revenues in 2013.

As of Dec. 31, 2014, the Company had $49.3 million in total assets,
$64.5 million in total liabilities and a $15.2 million
stockholders' deficiency.

Accuity LLP, in Honolulu, Hawaii, issued a "going concern"
qualification in its report on the Company's consolidated financial
statements for the year ended Dec. 31, 2014.


MCK MILLENNIUM: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: MCK Millennium Centre Realty, LLC
        1919 S. Highland Avenue
        Building D124
        Lombard, IL 60148

Case No.: 16-06369

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 25, 2016

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Jack B. Schmetterer

Debtor's Counsel: Jonathan D. Golding, Esq.
                  Richard N. Golding, Esq.
                  THE GOLDING LAW OFFICES, P.C.
                  500 N. Dearborn St., 2nd Fl.
                  Chicago, IL 60654
                  Tel: 312-832-7892
                  Fax: 312-755-5720
                  E-mail: jgolding@goldinglaw.net
                         rgolding@goldinglaw.net

Estimated Assets: $10 million to $50 million

Estimated Debts: $0 to $50,000

The petition was signed by William A Marovitz, member.

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


MEDIA GENERAL: S&P Affirms 'BB-' CCR, Off CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
corporate credit rating on Virginia-based Media General Inc.  At
the same time, S&P removed its ratings on the company from
CreditWatch, where S&P placed them with negative implications on
Sept. 8, 2015.  The rating outlook is stable.

S&P's issue-level and recovery ratings on Media General's debt
remain unchanged.  S&P will withdraw the ratings if the company
repays the existing debt at the closing of the merger.

"The affirmation and outlook revision reflect our expectation that
that the combined Media General and Nexstar Broadcasting Group
Inc.'s increased size and scale will result in significant cost and
revenue synergies by improving the combine company's negotiating
position with both its network and cable and satellite partners,"
said Standard & Poor's credit analyst Jawad Hussain. "The corporate
credit rating also reflects the combined company's aggressive
financial risk profile and our expectation that debt to
average-trailing-eight-quarter EBITDA will decrease to about 5x by
the end of 2017 from the mid- to high-5x area at the close of the
merger."  S&P expects the transaction to close in the second half
of 2016.

The stable rating outlook reflects S&P's expectation that the
combined company will be able to leverage its increased size and
scale to generate significant discretionary cash flow, maintain its
above-average EBITDA margin profile compared with similarly rated
peers, and reduce debt to average-trailing-eight-quarter EBITDA to
about 5x by the end of 2017.

S&P could lower its corporate credit rating on the combined company
if it is not able to successfully integrate the acquired assets
and, as a result, it is not able to fully realize cost efficiencies
and the benefits of its increased size and scale. This would likely
result in weaker-than-expected operating performance and debt to
average-trailing-eight-quarter average EBITDA remaining above 5x
beyond 2017.  Additionally, S&P could lower the rating if the
company adopts a more aggressive financial policy and begins to
meaningfully return capital to shareholders through dividends or
share repurchases, or if it embarks on significant acquisition
activity, increasing leverage above 5x on a sustained basis.

S&P could raise the rating if the company successfully executes the
merger strategy for the combined company and establishes a
financial policy track record that reduces debt to
average-trailing-eight-quarter EBITDA to below 4.5x on a sustained
basis.


MEDIACOM COMMUNICATIONS: S&P Raises CCR to 'BB', Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Mediacom Park, N.Y.-based cable-TV
operator Mediacom Communications Corp. to 'BB' from 'BB-'.  The
outlook is stable.

S&P also raised its issue level rating on Mediacom's secured debt
to 'BB+' from 'BB'.  The recovery rating on the company's secured
debt remains unchanged at '2', indicating S&P's expectation for
substantial (70% to 90%; upper half of the range) recovery for
secured lenders.  In addition, S&P raised its issue level rating on
the company's unsecured debt to 'B+' from 'B'.  The recovery rating
on the unsecured debt remains unchanged at '6', indicating S&P's
expectation for negligible recovery (0% to 10%) for the unsecured
note holders.

The rating upgrade reflects S&P's expectation that adjusted
leverage will improve to about 4x for 2016, down from 4.5x in 2015,
and that funds from operations (FFO) to debt will increase to about
20%.  Over the last four years, Mediacom's primary uses of cash
flow have gone toward debt repayment and capital investment, with
no substantial acquisitions or dividend payouts made.  S&P believes
that this will continue over the next one to two years, with
leverage potentially declining below 4x in 2017 absent unforeseen
acquisitions.  As a result of these factors, S&P is revising its
financial policy assessment to neutral from negative.

S&P's assessment of the company's business risk profile recognizes
the good revenue visibility characteristics of cable's largely
subscription-based business model.  Mediacom is the eighth-largest
cable operator based on video subscribers, primarily serving small
to midsize markets in the Midwest and Southeast.  In S&P's view,
Mediacom faces significant competitive pressures on both its video
customer base from the satellite TV providers and, to a lesser
extent, on its data customers from the local telephone companies.
Nevertheless, the company's more rural second-tier markets limit
video competition from the local telephone operators, at least in
the near to medium term.

Currently, S&P estimates AT&T's u-Verse, CenturyLink's PrismTV, and
Verizon's FiOS products are available to only about 9%, 4.5%, and
2%, respectively, of Mediacom's homes passed.  DISH and DIRECTV are
present in all of its markets, and S&P believes that competition
will only continue to increase with the merger of AT&T and DIRECTV.
AT&T's strategy around product bundling could lead to increased
competition as the company looks to promote quad-play packages that
can offer the typical triple-play package with wireless phone.

Mediacom looks to remain competitive as the company continues to
upgrade its network with the roll-out of DOCSIS 3.1 for residential
use in 2017.  Continued investment in the company's network and
increased demand for high-speed data (HSD), should help to further
increase penetration rates, which grew at a rate of about 7%
year-over-year in the fourth quarter.  S&P expects HSD growth will
continue to offset flat video revenue near term, as the company
continues to offset video subscriber declines with increased prices
primarily driven by retransmission cost pass-throughs to customers.
In the fourth quarter of 2015, video subscribers declined just
under four percent year-over-year, still well above industry
averages, as the company continues to shed its less-profitable
video-only customers.

The stable outlook reflects S&P's expectation that leverage will
continue to decline in 2016 based on continued debt repayment and
low- to mid-single digit percent EBITDA growth.  S&P expects that
FFO to debt should be in the high-teen to twenty percentage area,
with improvement in 2016 based on EBITDA growth, debt repayment,
and reduced cash interest expense based on recent refinancing
activity.


MEDIASHIFT INC: Sells Substantially All Assets for $11.7-Mil.
-------------------------------------------------------------
Judge Sandra L. Klein of the United States Bankruptcy Court for the
Central District of California authorized MediaShift, Inc., and
Ad-Vantage Networks, Inc., to sell substantially all of their
assets to MediaShift Holdings, Inc. for a purchase price of
$11,767,000.

The Assets include numerous patents and related computer software
and other assets owned by the Debtors related to internet
advertising.

In addition to the Cure Amounts to be paid by the Buyer, the total
purchase price consists of a credit bid pursuant to the Final DIP
Order, the Bidding Procedures Order, and the terms of the APA and
Section 363(k) equal to the Buyer's Secured Claim of $6,658,000 and
DIP Claim in the amount $431,000 and the Other Secured Claims
amounting to $3,978,000 or for a total amount of up to $11,067,000,
plus cash in the amount of $700,000.

The Final DIP Order, the Bidding Procedures Order, and the terms of
the APA entitled the Buyer to credit bid the allowed Pre-Petition
Secured Claim in the aggregate total amount of $6,658,000.
Similarly, the Final DIP Order, the Bidding Procedures Order, and
the terms of the APA allow the Other Secured Claims in the
aggregate total amount of $3,978,000 solely for the purpose of
allowing them to be included in the Credit Bid Amount.

Judge Klein approved the sale of the assets to MediaShift Holdings
after the Debtors filed a notification that they did not receive
any Qualified Bids for the Assets.  Therefore, the Debtors (1)
cancelled the Auction, and (2) sought approval of the sale of the
Assets to MediaShift Holdings.

                Settles Kensel Objection

Kensel & Co., LLC, opposed the sale that would include IP property
assets that are the subject of a pending litigation in captioned
Kensel & Co. LLC, v, MediaShift, Inc., LLC, Adv. No.
2:15-ap-01646-SK, in which Kensel asserts sole ownership to and
holds exclusive right, title and interest in the domain names,
trademarks, copyrights and MediaShift Visual Assets.  The Debtors
argued that Kensel's claims are already barred by laches for Kensel
had waited almost three years to bring an action seeking payment
for and recovery of the Disputed Assets or an injunction
prohibiting MediaShift’s continued use of the Disputed Assets.

To resolve Kensel's objection, the Debtors agreed to pay to Kensel
& Co., LLC, the sum of $40,000 from the sale proceeds on the day of
Closing.  Subject to receipt of the Kensel Payment, the Debtors and
Kensel will exchange mutual limited releases relating to the
subject matter of adversary proceeding captioned Kensel & Co. LLC,
v, MediaShift, Inc., LLC, Adv. No. 2:15-ap-01646-SK, execute and
file a Stipulation for Dismissal of the Adversary Proceeding, with
prejudice and with each side to pay their own fees and costs and
prepare and file notices of withdrawal of any Proofs of Claim filed
by Kensel in Debtors' Cases.  In addition, the Kensel's Motion for
preliminary injunction in the Adversary Proceeding is deemed
withdrawn.

            Eclipse, Jensen Contracts Not Assigned

The Court overruled all other objections to the sale, including
those raised by Eclipse Capital Partners, LLC, and Jensen Capital
Partners, LLC.

Eclipse and Jensen opposed specific items of the Purchased Assets
to be sold or that could potentially be sold to MediaShift
Holdings.  These objections are rendered moot by the Debtors'
removal of Eclipse and Jensen's contracts from the list of
potentially Assigned Contracts and the withdrawal of any request in
the Sale Motion to set a cure amount for Eclipse and Jensen’s
contracts or to allow the assumption and assignment thereof.

MediaShift, Inc. and Ad-Vantage Networks, Inc. are represented by:

     Rod Bender, Esq.
     Todd M. Arnold, Esq.
     LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
     10250 Constellation Boulevard, Suite 1700
     Los Angeles, California 90067
     Telephone: (310) 229-1234
     Facsimile: (310) 229-1244
     Email: rb@lnbyb.com
            tma@lnbyb.com

The Official Committee of Unsecured Creditors is represented by:

     Uzzi O. Raanan, Esq.
     Zev Shechtman, Esq.
     DANNING, GILL, DIAMOND & KOLLITZ, LLP
     1900 Avenue of the Stars, 11th Floor
     Los Angeles, California 90067
     Telephone: (310) 277-0077
     Facsimile: (310) 277-5735
     Email: uraanan@dgdk.com
            zshechtman@dgdk.com

Kensel & Co., LLC is represented by:

     Michael I. Gottfried, Esq.
     Aleksandra Zimonjic, Esq.
     LANDAU GOTTFRIED & BERGER LLP
     1801 Century Park East, Suite 700
     Los Angeles, California 90067
     Telephone: (310) 557-0050
     Facsimile: (310) 557-0056
     Email: mgottfried@lgbfirm.com
            azimonjic@lgbfirm.com

                      About MediaShift, Inc.

MediaShift, Inc. is a digital advertising technology company.  The
company, through its subsidiaries offers operators of private
internet networks to monetize their audiences through distributed
ad technology platforms and across multiple devices.

MediaShift, Inc., and Ad-Vantage Networks, Inc., filed Chapter 11
bankruptcy petitions (Bankr. C.D. Cal. Lead Case No. 15-25024) on
Sept. 30, 2015.  Rick Baran, the president, signed the petitions.
The Debtors estimated both assets and liabilities of $10 million
to
$50 million.

The Debtors have engaged Levene, Neale, Bender, Yoo & Brill L.L.P,
as counsel; Houlihan Lokey Capital, Inc. as financial advisor and
investment banker.

Judge Sandra R. Klein is assigned to the cases.

The Office of the U.S. Trustee appointed four creditors to the
official committee of unsecured creditors.  Danning, Gill, Diamond
& Kollitz, LLP represents the committee.


MERRIMACK PHARMACEUTIALS: Reports Q4 2015 Financial Results
-----------------------------------------------------------
Merrimack Pharmaceuticals, Inc., reported a net loss of $48.1
million on $21.4 million of total revenues for the three months
ended Dec. 31, 2015, compared to a net loss of $9.47 million on
$33.9 million of total revenues for the same period in 2014.

For the year ended Dec. 31, 2015, the Company reported a net loss
of $148 million on $89.3 million of total revenues compared to a
net loss of $83.6 million on $103 million of total revenues for the
year ended Dec. 31, 2014.

Cash, cash equivalents and marketable securities as of Dec. 31,
2015, were $186 million, compared to $124.0 million as of Dec. 31,
2014.  The increase was driven by $169 million of net proceeds from
the issuance of senior secured notes and $38.6 million of net
proceeds from an "at the market offering" program, which were
offset by $105.4 million of cash used to fund operating activities
and the payoff of $41.2 million of previously-existing debt.

Merrimack hosted a live conference call and webcast Feb. 25 to
provide an update on Merrimack's progress as well as a summary of
these results.

Merrimack will host an Analyst Day on May 19, 2016, in New York for
analysts and institutional investors.  A live webcast of the event
will be available in the Investors section of Merrimack's website,
investors.merrimack.com, and a replay of the webcast will be
archived there for six weeks.

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

                     http://is.gd/KHJMlY

                        About Merrimack

Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a
biopharmaceutical company discovering, developing and preparing to
commercialize innovative medicines consisting of novel
therapeutics paired with companion diagnostics.  The Company's
initial focus is in the field of oncology.  The Company has five
programs in clinical development.  In it most advanced program,
the Company is conducting a pivotal Phase 3 clinical trial.

As of Sept. 30, 2015, the Company had $103 million in total assets,
$243 million in total liabilities, $481,000 in non-controlling
interest and a $141.14 million total stockholders' deficit.


MID-STATES SUPPLY: April 7 Auction Sought, No Stalking Horse Yet
----------------------------------------------------------------
Although it's still negotiating with a prospective buyer to serve
as stalking horse bidder, Mid-States Supply Company, Inc., has
opted to formally commence the sale process by seeking approval
from the Bankruptcy Court to conduct an auction on April 7, 2016.

Mid-States pursued a sale process beginning October 2015 but a
potential out-of-court sale transaction fell through.  Mid-States
sought Chapter 11 protection to pursue a sale of substantially all
assets under 11 U.S.C. Sec. 363.

According to the Debtor, to date, several potential financial and
strategic buyers have entered into non-disclosure agreements
("NDAs") with the Debtor to pursue a potential sale transaction.
The Debtor and its investment banker continue to negotiate with a
prospective buyer to execute an asset purchase agreement and become
the "stalking horse" or "stalking horse bid" that drives the sale
process.

In order to obtain the highest or best offer(s) for its assets and
to meet the sale milestones set by its DIP Lender, the Debtor has
filed with the Bankruptcy Court proposed bidding procedures seeking
to establish:

    * A bid deadline of April 1, 2016, 5:00 p.m. prevailing Central
Time

    * An auction on April 5, 2016, 9:30 a.m. prevailing Central
Time;

    * A sale hearing objection deadline of April 7, 2016, 3:00 p.m.
prevailing Central Time; and

    * A sale hearing April 8, 2016.

Secured creditor and DIP lender Wells Fargo retains its right to
credit bid on the Assets pursuant to Bankruptcy Code Sec. 363(k).

The Debtor will seek approval to provide bid protections in the
event that it reaches a deal with an interested party to serve as
stalking horse.

                          Milestones

The terms of the $20 million DIP revolving line of credit provided
by  Wells Fargo Bank, National Association require the Debtors to
meet sale milestones, which if not met constitute as "events of
default" under the DIP facility:

  (a) By no later than Feb. 16, 2016, the Debtor will file a motion
with the Bankruptcy Court seeking authorization to sell
substantially all of its assets and seeking approval of bidding and
sale procedures therefor;

  (b) By no later than Feb. 26, 2016, a bid procedures Order (in
form and substance satisfactory to Wells Fargo) shall be entered by
the Bankruptcy Court;

  (c) By no later than March 11, 2016, Debtor will have entered
into a definitive asset purchase agreement with a prospective
purchaser in form and substance satisfactory Wells Fargo;

  (d) By no later than April 11, 2016, a sale hearing will be held
and a sale order entered by the Bankruptcy Court approving such
sale under Sec. 363; and

  (e) By no later than April 15, 2016, the sale of substantially
all of Debtor's assets will be consummated.

Counsel to Wells Fargo Bank, N.A.:

         Mark V. Bossi
         Thompson Coburn LLP
         505 N. 7th Street, Suite 3500
         St. Louis, MO 63101
         E-mail: mbossi@thompsoncoburn.com

Counsel for the Debtor:

         SPENCER FANE LLP
         Lisa A. Epps, Esq.
         Scott J. Goldstein, Esq.
         Lisa A. Epps, Esq.
         Eric L. Johnson, Esq.
         1000 Walnut Street, Suite 1400
         Kansas City, MO 64106
         Office: 816-474-8100
         Facsimile: 816-474-3216
         E-mail: sgoldstein@spencerfane.com
                 lepps@spencerfane.com
                 ejohnson@spencerfane.com

                  About Mid-States Supply Company

Founded and headquartered in Kansas City, Missouri, Mid-States
Supply Company, Inc., is a supplier of pipes, valves and fittings
to ethanol, pipeline and power industries in the United States.

Mid-States Supply Company filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Mo. Case No. 16-40271) on Feb. 7, 2016, to pursue a
sale of substantially all assets.  The petition was signed by
Stuart Noyes, the chief restructuring officer.  

The Debtor estimated both assets and liabilities in the range of
$50 million to $100 million.

The Debtor has engaged Spencer Fane LLP as counsel; Winter Harbor
LLC as financial advisor; Tarsus CFO Services, LLC as chief
financial officer services provider; and Epiq Bankruptcy Solutions,
LLC as claims and noticing agent.  The Debtor also tapped SSG
Advisors, LLC and Frontier Investment Banc Corporation as
investment bankers,

On February 12, 2016, the Office of the United States Trustee
appointed an Official Committee of Unsecured Creditors to represent
the interests of all unsecured creditors in this Case pursuant to
Section 1102 of the Bankruptcy Code.  The Committee tapped Gardere
Wynne Sewell LLP as counsel.


MID-STATES SUPPLY: Committee Objects to Expedite Sale of Assets
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of debtor Mid-States
Supply Company, Inc., as well as other parties, has objected to the
Debtor's proposal to sell substantially all assets through an
auction on April 17, 2016.

The Creditors Committee claims that the sale timeline is designed
to fire sale the Debtor's assets at a minimal cost to pay off the
lender's claim instead of maximizing value for unsecured
creditors.

The unsecured creditors committee also opposes the proposed $20
million DIP financing from existing lender Wells Fargo Bank,
National Association, which financing requires the Debtor to obtain
court approval of the sale by April 11 and consummate the sale by
April 15, 2016.

"The sale timeline was created for the benefit of the Lender with
an abbreviated closing designed to market and sell the Debtor's
assets in the least amount of time and lowest expense possible. The
Motion also contemplates a credit bid in favor of the Lender's
entire claim.  It is an event of default under the proposed DIP
Financing if either (i) a sale of substantially all of the assets
is not completed by the abbreviated deadline or (ii) a plan is
proposed that does not pay the Lender's DIP Loan in full.  Upon an
event of default, the Lender is provided with immediate relief from
the stay to foreclose its assets, subject only to the Debtor's
ability within 48 hours to dispute the alleged event of default.
The upshot of these provisions is that the Lender has forced this
case onto a one-way track to chapter 11 foreclosure at the Lender's
supervision," the Committee said.

The Committee notes that the Debtor's assets have a book value of
approximately $70,000,000 as of the Petition Date.  According to
the Committee, based on the testimony presented at the interim
hearing on the Motion, the Lender and the Debtor intend to sell the
Estate's assets for approximately $30,000,000.  The Lender's claim
($23,000,000) will be paid in full, and the Estate will be left
with significantly less residual value than a scenario where the
assets are monetized on an acceptable timeline.  However, since the
Debtor has been forced to sign onto an unreasonably short timeline,
and to stipulate that the Lender may credit bid its entire claim,
it appears that a "competitive" sale process will be illusory and
is just a vehicle to pay off the Lender's claim and maroon the
unsecured creditors with pennies on the dollar, the Committee tells
the Court.

Another party, Direct Capital Corporation, objects to the sale
motion for the reason that it fails to adequately protect Direct
Capital's lien on specific equipment in which it has a first
priority purchase money security interest and its blanket lien on
all of the remaining assets of the Debtor.  Moreover, Verne
Simmonds, Co., an unsecured creditor owed $17,396 for air
conditioning products delivered to the Debtor, is complaining that
the unsecured creditors are offered no protection whatsoever under
the sale motion.

Verne Simmonds' attorneys:

         SHUTTLEWORTH LAW FIRM, LLC
         Keith J. Shuttleworth
         9260 Glenwood
         Overland Park, KS 66212
         Tel: 913-322-7575
         Fax: 913-322-7576   

Counsel for Direct Capital Corporation

         Dennis A. Dressler, Esq.
         DRESSLER PETERS, LLC
         901 W. St. Louis St., Suite 200
         Springfield, MO 65806
         Tel: (312) 602-7360
         Fax: (312) 637-9378
         E-mail: ddressler@dresslerpeters.com

              - and -

         Kenneth D. Peters
         DRESSLER PETERS, LLC
         70 W. Hubbard St., Ste. 200
         Chicago, IL 60654
         Tel: (312) 602-7360
         Fax: (312) 637-9378
         E-mail: kpeters@dresslerpeters.com

Proposed counsel for the Creditors Committee:

         Marcus A. Helt, Esq.
         Michael S. Haynes, Esq.
         GARDERE WYNNE SEWELL LLP
         1601 Elm Street, Suite 3000
         Dallas, Texas 75201-4761
         Telephone: (214) 999-3000
         Facsimile: (214) 999-4667
         E-mail: mhelt@gardere.com
                 mhaynes@gardere.com

                  About Mid-States Supply Company

Founded and headquartered in Kansas City, Missouri, Mid-States
Supply Company, Inc., is a supplier of pipes, valves and fittings
to ethanol, pipeline and power industries in the United States.

Mid-States Supply Company filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Mo. Case No. 16-40271) on Feb. 7, 2016, to pursue a
sale of substantially all assets.  The petition was signed by
Stuart Noyes, the chief restructuring officer.  

The Debtor estimated both assets and liabilities in the range of
$50 million to $100 million.

The Debtor has engaged Spencer Fane LLP as counsel; Winter Harbor
LLC as financial advisor; Tarsus CFO Services, LLC as chief
financial officer services provider; and Epiq Bankruptcy Solutions,
LLC as claims and noticing agent.  The Debtor also tapped SSG
Advisors, LLC and Frontier Investment Banc Corporation as
investment bankers,

On Feb. 12, 2016, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors to represent the
interests of all unsecured creditors in this Case pursuant to
Section 1102 of the Bankruptcy Code.  The Committee tapped Gardere
Wynne Sewell LLP as counsel.


MID-STATES SUPPLY: UST, Committee Object to $20MM DIP Financing
---------------------------------------------------------------
The U.S. Trustee and the Official Committee of Unsecured Creditors
oppose the terms of Mid-States Supply Company, Inc.'s proposed $20
million DIP financing from existing lender Wells Fargo Bank,
National Association.

The Debtor obtained interim approval of the loan on Feb. 9, 2016
and a final hearing was scheduled on Feb. 26.  At the Feb. 26
hearing, the Debtor instead sought and obtained entry of a second
interim order approving the DIP financing.  A final hearing is now
scheduled for March 14, 2016 at 9:30 a.m.  

A copy of the Second Interim Order is available for free at:

  http://bankrupt.com/misc/Mid_States_S_135_2nd_Int_DIP_Order.pdf

The Creditors Committee claims that approval of the DIP Motion will
lock the Debtor into a 60-day sale process under which the Debtor
is required to pay off the Lender's claim either through (i) the
Lender's credit bid or (ii) a third party's bid just above the
combined amount of Lender's prepetition and postpetition claims.
As currently proposed, the sale timeline does not provide any
safeguards to ensure that the Debtor's assets will be sold at a
fair valuation, the Committee points out.

"As of the Petition Date, the Debtor's pre-petition secured lender
(the "Lender") holds a claim against the Debtor in the approximate
amount of $23,000,000.  After defaults only in financial covenants
-– the Debtor did not have any monetary defaults with the Lender
prepetition –- the Lender began exercising its default remedies
under the pre-petition loan documents.  Had the Lender been able to
fully exercise its default remedies, it would have received its
collateral and nothing more.  Yet it seeks to receive more than its
collateral through a combination of the proposed
debtor-in-possession financing (the "DIP Financing") and fasttrack
363 sale process," the Committee said in its objection.

"Specifically, if the DIP Motion is granted in its current form,
the Lender will cross-collateralize the pre-petition and
post-petition advances to protect and preserve its own prepetition
and post-petition collateral with liens on substantially all of the
bankruptcy estate's ("Estate") assets.  It will then receive
expedited recovery on its claim through a "fire sale" of
substantially all of the Estate's assets to the detriment of other
creditors.  The Lender will be guaranteed payment in full on a
truncated timeline along with the protection of lien validations,
indemnifications and releases that are sought in the Final DIP
Order.  Without this Case and without the DIP Financing, the Lender
would not be entitled to receive such protections in connection
with a state law foreclosure of its collateral."

The U.S. Trustee calls the Committee's objections "well-reasoned"
and chimes in.  The U.S. Trustee raises these additional points or
objections:

   (a) Carve Out for Professionals.  The DIP Motion proposes to
grant the DIP Lender a super-priority administrative expense claim
pursuant to Sec. 364(c), subject only to a carve out for the
payment of United States Trustee statutory fees and the fees of
certain professionals.  This carve out includes only $25,000 for
the payment of fees for professionals hired by the Committee.  This
amount appears to be woefully inadequate.

   (b) Carve Out for Successor Chapter 7 Trustee.  The proposed
super-priority administrative expense obviates the clear and
unambiguous language of Sec. 726(b) by granting the DIP Lender a
super-priority administrative expense claim even in the event that
the case converts to a Chapter 7 case.  Section 726(b) provides
that the administrative expenses incurred in a superseding Chapter
7 case have priority over administrative claims incurred in a prior
Chapter 11 case.  The super-priority administrative expense
requested here would impair a Chapter 7 trustee's ability to
fulfill his or her statutory duties as a fiduciary.

   (c) Avoidance Actions as Collateral.  The DIP Lender seeks as
additional collateral for its post-petition financing a lien on all
prepetition and postpetition property of the Debtors including all
claims and causes of action under Sec. 502(d), 542, 544, 545, 547,
558, 549, 550, and 553 ("Avoidance Actions").  Avoidance Actions
are created only by the filing of a bankruptcy petition and
generally should be preserved in the estate for the benefit of
unsecured creditors.  The DIP Lender has not made a sufficient
showing that its lending position is inadequately protected by a
lien on the Debtor's other assets.  In the alternative, the DIP
Lender should be required to turn to Avoidance Actions only after
all of its other collateral has been exhausted (what is commonly
referred to as "marshalling").

   (d) Preservation of Avoided Liens.  Under Sec. 551, any lien
avoided under Sec. 506(d) is automatically preserved for the
benefit of estate.  Any final DIP order in this case should clarify
that nothing contained in the provisions of the order waive, prime,
or otherwise supersede Sec. 551.

   (e) Waiver of Surcharge Rights under 11 U.S.C. Sec. 506(c).  The
proposed final DIP Order contains provisions that would bar any
successor trustee from seeking relief under 11 U.S.C. Sec. 506(c)
to surcharge the secured creditor's collateral to the extent that
the charge benefitted the collateral.  The United States Trustee
objects to any attempt to waive the provisions of 11 U.S.C. Sec.
506(c).  The United States Trustee asserts that ' 506(c) waivers
are unenforceable, at least in so far as they prohibit a Sec.
506(c) claim by any successor trustee.

   (f) Challenge Period.  The proposed final DIP Order includes a
provision validating the DIP Lender's liens and waiving all
objections, subject only to a period of 45 days from the date of
the appointment of the Committee for the Committee to investigate.
This is commonly referred to as a "Challenge Period."  The
Challenge Period proposed here is inadequate given the procedural
posture of this case.  According to the Committee's counsel, the
DIP Lender has yet to produce any documents to the Committee. The
Committee deserves an opportunity to review these documents and
thoroughly investigate any deficiencies.  The United States Trustee
suggests that the final DIP Order should contain a provision
allowing the Committee 60 days to investigate and preserve the
Committee's right to request additional time for good cause.

   (g) DIP Lender Attorneys Fees.  The Interim DIP Order provides
that the Debtors shall pay all reasonable attorneys' fees and costs
of the DIP Lender.  Any final order should make clear that nothing
in the order will prejudice a party's right to object to the
reasonableness of the DIP Lender's fees and expenses.

                  About Mid-States Supply Company

Founded and headquartered in Kansas City, Missouri, Mid-States
Supply Company, Inc., is a supplier of pipes, valves and fittings
to ethanol, pipeline and power industries in the United States.

Mid-States Supply Company filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Mo. Case No. 16-40271) on Feb. 7, 2016, to pursue a
sale of substantially all assets.  The petition was signed by
Stuart Noyes, the chief restructuring officer.  

The Debtor estimated both assets and liabilities in the range of
$50 million to $100 million.

The Debtor has engaged Spencer Fane LLP as counsel; Winter Harbor
LLC as financial advisor; Tarsus CFO Services, LLC as chief
financial officer services provider; and Epiq Bankruptcy Solutions,
LLC as claims and noticing agent.  The Debtor also tapped SSG
Advisors, LLC and Frontier Investment Banc Corporation as
investment bankers,

On Feb. 12, 2016, the Office of the United States Trustee appointed
an Official Committee of Unsecured Creditors to represent the
interests of all unsecured creditors in this Case pursuant to
Section 1102 of the Bankruptcy Code.  The Committee tapped Gardere
Wynne Sewell LLP as counsel.


MILLER AUTO: Has Until March 15 to Propose Chapter 11 Plan
----------------------------------------------------------
The Hon. Mary Grace Diehl of the U.S. Bankruptcy Court for the
Northern District of Georgia extended Miller Auto Parts & Supply
Company, Inc., et al.'s exclusive periods to file a chapter 11 plan
until March 15, 2016, and solicit acceptances for that plan until
May 17, 2016.

The Debtors, in their third extension motion, stated that they,
together with the official committee of unsecured creditors, needed
more time to identify and liquidate remaining assets well as
evaluate potential causes of action.  The Debtors need more time to
determine the best course of action to propose in one or more
Chapter 11 plan(s).

Pursuant to the terms of the Sale Motion, the Debtors sold
substantially all of their assets in a series of sales to Parts
Authority, Inc., Fisher Auto Parts, Inc., TPH Acquisition LLLP,
Automotive Distributors, and Stihl Incorporated.  As of Jan. 5,
2016, all of the Sales have closed.

The Debtors are represented by:

         J. Robert Williamson, Esq.
         Ashley Reynolds Ray, Esq.
         SCROGGINS & WILLIAMSON, P.C.
         One Riverside
         4401 Northside Parkway, Suite 450
         Atlanta, GA 30327
         Tel: (404) 893-3880
         Fax: (404) 893-3886
         E-mails: rwilliamson@swlawfirm.com
                  aray@swlawfirm.com

                        About Miller Auto Parts

Miller Auto Parts & Supply Company, Inc., and its affiliates are
distributors of automotive parts and service equipment.  The
companies operate from the Johnson Industries Inc.'s headquarters
in Atlanta, Georgia and have distribution operations in the
southeast, northeast and on-line.  The Southeastern distribution
center is located in Norcross, Georgia and supports nine satellite
centers across the state and supplies parts to key fleet customers
across the country.

Miller Auto Parts and its three subsidiaries sought Chapter 11
bankruptcy protection (Bankr. N.D. Ga.) on Sept. 15, 2014.  The
Debtors have sought joint administration under Lead Case No.
14-68113.  The cases are assigned to Judge Mary Grace Diehl.

The Debtors have tapped Scroggins & Williamson as counsel and
Logan & Co. as claims and noticing agent.

The U.S. Trustee for Region 21 appointed three creditors of Miller
Auto Parts & Supply Company Inc. to serve on the official
committee of unsecured creditors.  The Committee selected Kane
Russell Coleman & Logan as its counsel.


MISSION HOSPITAL: Moody's Lowers Rating on $26.4MM Bonds to Caa1
----------------------------------------------------------------
Moody's Investors Service downgrades Mission Hospital's (d.b.a
Mission Regional Medical Center, "MRMC") bond rating to Caa1 from
Ba2 on $26.4 million of rated debt outstanding issued by Hidalgo
County Health Services Corporation, TX. The outlook remains
negative.

The Caa1 reflects the material and precipitous decline in
unrestricted cash and investments over the last six months as the
unexpected reduction in Texas Medicaid supplemental payments
(additional reimbursement for hospitals with high levels of
Medicaid and uninsured patients) and continued decline in volumes
have exacerbated operating losses during the last quarter of FY
2015. These losses continue through the first quarter of FY 2016.
The magnitude of the cash decline exceeds Moody's expectations.
Additionally, the hospital has no committed source of alternate
liquidity.

The rating benefits from the hospital's fully funded debt service
reserve fund with at least a year of debt service and its
conservative all fixed rate debt structure. The hospital is
currently making monthly principle and interest payments. Prior to
the end of FY 2015 management engaged consultants to improve
operating performance; consultants remain in place. The hospital
also benefits from its limited demands on liquidity given the
absence of a defined benefit pension plan and interest rate
derivatives and planned low capital spending over the near term.

Rating Outlook

The negative outlook reflects the risk of possible interruption in
debt service payments and recovery values given the continued
operating losses and liquidity decline.

Factors that Could Lead to an Upgrade

Material organic enterprise growth

Materially improved and sustained operating performance and
liquidity growth

Factors that Could Lead to a Downgrade

Interruption of normal debt service payments

Decline in absolute and relative liquidity metrics beyond
expectations

Further unfavorable reimbursement changes in Medicare and Medicaid
beyond current expectations that negatively impact liquidity and
operating performance

Legal Security

Bonds are secured by a gross revenue pledge as defined in the bond
documents, and a mortgage pledge of Mission Hospital.

Use of Proceeds

Not applicable

Obligor Profile

MRMC is a private, not-for-profit 297 licensed-bed acute care
hospital offering inpatient and outpatient services to
Mission-Edinburg-McAllen townships and the surrounding Rio Grande
Valley.


MOLYCORP: Wells Fargo Asks for Additional Adequate Protection
-------------------------------------------------------------
Wells Fargo Bank, National Association filed with the U.S.
Bankruptcy Court for the District of Delaware, a motion seeking
additional adequate protection and relief from the automatic stay.

Wells Fargo noted that the Court previously determined that it was
entitled to adequate protection of its interests in collateral.  As
adequate protection, the Court ordered the Debtors to pay timely
the reasonable fees and expenses incurred by Wells Fargo, including
fees and expenses of counsel, in connection with participating in
the chapter 11 cases subject to a cap of $50,000 for any monthly
period and a supplement of $100,000 in connection with confirmation
of any plan.

Wells Fargo points out that the caps were negotiated prior to, and
without anticipating that, the Committee would file an adversary
complaint naming Wells Fargo as a defendant and proceed with that
litigation on an expedited schedule such that all pre-trial
pleadings, discovery, trial preparation, and trial are condensed
into a period of approximately two months.

Wells Fargo, the collateral agent under the prepetition credit
facility, requests that the Court enter an order granting it
additional adequate protection in the form of monthly payments from
the Debtors sufficient to cover all of its fees and expenses,
including the fees and expenses of counsel, incurred in connection
with the litigation and, to the extent of any shortfall in or
failure to make timely adequate protection payments.  

It also asks for relief from the automatic stay to allow it to
exercise any and all rights and remedies under the Collateral
Agency Agreement and applicable law to enforce its right to payment
of compensation and reimbursement of fees and expenses against the
applicable Debtors.

Wells Fargo Bank is represented by:

          J. Cory Falgowski, Esq.
          REED SMITH LLP
          1201 Market Street, Suite 1500
          Wilmington, DE 19801
          Telephone: (302)778-7500
          Facsimile: (302)778-7575
          E-mail: jfalgowski@reedsmith.com

                 - and -

          Eric A. Schaffer, Esq.
          Roy W. Arnold, Esq.
          Luke A. Sizemore, Esq.
          REED SMITH LLP
          225 Fifth Avenue, Suite 1200
          Pittsburgh, PA 15222
          Telephone: (412)288-3131
          Facsimile: (412)288-3063
          E-mail: eschaffer@reedsmith.com
                  rarnold@reedsmith.com
                  lsizemore@reedsmith.com

                       About Molycorp, Inc.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare      

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

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

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

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

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

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

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


MONEY TREE: Martin's Bid for Summary Judgment Granted
-----------------------------------------------------
Judge W. Louis Sands, Sr., of the United States District Court for
the Middle District of Georgia, Albany Division, granted the motion
filed by W. Derek Martin, as Executor of the Estate of Vance R.
Martin, W. Derek Martin, and Jeffrey V. Martin for summary judgment
on Count XXIV of the amended complaint filed by the
Post-Confirmation Committee for Small Loans, Inc., et al.

On behalf of the debtors The Money Tree of Georgia, Inc. ("TMG"),
Small Loans, Inc. ("SLI"), The Money Tree, Inc. ("TMT"), The Money
Tree of Florida, Inc. ("TMF"), and The Money Tree of Louisiana,
Inc. ("TML"), the Committee filed an action against numerous
defendants, including the Martins.  The Martins were corporate
officers, directors, or employees of TMT at various time periods
until 2012.  Count XXIV of the amended complaint alleged that the
Martins and co-defendant Bradley D. Bellville commmitted fraud by
misrepresenting or omitting material facts in "their public filings
with the Securities and Exchange Commission and prospectuses to
Investors."  The Committee sought to recover damages on behalf of
the investors and other creditors of the debtors who were harmed by
their reliance on the alleged fraudulent omissions and
misrepresentations.

The Martins argued that they are entitled to summary judgment on
Count XXIV of the amended complaint under state and federal laws.

Judge Sands declared that there is no genuine dispute of material
fact that the Committee lacks standing to bring non-assignable
fraud claims on behalf of investors and other creditors against the
Martins under Georgia and federal laws.

The case is POST-CONFIRMATION COMMITTEE FOR SMALL LOANS, INC., et
al., Plaintiff, v. W. DEREK MARTIN, as Executor of the Estate of
Vance R. Martin, et al., Defendants, Case No. 1:13-CV-195(WLS)
(M.D. Ga.).

A full-text copy of Judge Sands' February 17, 2016 order is
available at http://is.gd/P5QPUTfrom Leagle.com.

THE POST-CONFIRMATION COMMITTEE FOR SMALL LOANS INC, Plaintiff,
represented by:

          John D. Elrod, Esq.
          Ronald Kyle Woods, Esq.
          GREENBERG TRAURIG
          Terminus 200
          333 Piedmont Road NE Suite 2500
          Atlanta, GA 30305
          Tel: (678) 553-2100
          Fax: (678) 553-2212
          Email: elrodj@gtlaw.com
                 woodsk@gtlaw.com  

W DEREK MARTIN, SHANA SHOCKLEY MARTIN, MARTIN FAMILY GROUP LLP,
MARTIN SUBLEASE LLC, MARTIN INVESTMENTS INC, Defendants,
represented by:

          John T. McGoldrick, Jr., Esq.
          Thomas Peter Allen, III, Esq.
          MARTIN SNOW
          240 Third Street
          Macon, GA 31201
          Tel: (478)749-1700
          Email: jtmgoldrick@martinsnow.com
                 tpallen@martinsnow.com

JEFFEREY V MARTIN, KIMALA B MARTIN, Defendants, represented by:

          J. Rice Ferrelle, Jr., Esq.
          John T. McGoldRick, Jr., Esq.
          MARTIN SNOW
          240 Third Street
          Macon, GA 31201
          Tel: (478)749-1700
          Email: jtmgoldrick@martinsnow.com

GRACE ELIZABETH MARTIN JOHNSTON, James Patrick Johnston,
Defendants, represented by:

          GRAHAM MCDONALD

BRADLEY D BELLVILLE, H&B ENTERPRISES INC, Defendants, represented
by:

          Christopher D. Gunnels, Esq.
          LEITNER FIRM

SHANA SHOCKLEY MARTIN, Cross Defendant, represented by:

          Thomas Peter Allen, III, Esq.
          240 Third Street
          Macon, GA 31201
          Tel: (478)749-1700
          Email: tpallen@martinsnow.com

                    About Money Tree

Headquartered in Bainbridge, Georgia, The Money Tree Inc. --
http://www.moneytreeinc.com/-- operates a network of lending   
branches across the Southeast, concentrated in Georgia, Florida
and Alabama.  The Company and four affiliates filed for Chapter 11
bankruptcy (Bankr. M.D. Ala. Case Nos. 11-12254 thru 11-12258) on
Dec. 16, 2011.  The other debtor-affiliates are Small Loans, Inc.,
The Money Tree of Louisiana, Inc., The Money Tree of Florida Inc.,
and The Money Tree of Georgia Inc.

Judge William R. Sawyer oversees the case, replacing Judge Dwight
H. Williams, Jr.  Max A. Moseley, Esq., at Baker Donelson Bearman
Caldwell & Berkow, P.C., serves as the Debtors' counsel.  The
Debtors hired Warren, Averett, Kimbrough & Marino, LLC, as
restructuring advisors.

The Money Tree Inc. disclosed $73,413,612 in assets and
$73,050,785 in liabilities as of the Chapter 11 filing.  The
petitions were signed by Biladley D. Bellville, president.

The Company's subsidiary, Best Buy Autos of Bainbridge Inc., is
not a party to the bankruptcy filing and intends to operate its
business in the ordinary course.

On Jan. 10, 2012, the Court appointed two separate Official
Unsecured Creditors' Committees in The Money Tree Inc. case and
The Money Tree of Georgia Inc. case.  On Jan. 13, 2012, the
Committees moved the Court to consolidate the two into one Omnibus
Official Committee of Unsecured Creditors in the Chapter 11 cases,
which motion was granted on Feb. 28, 2012.  Greenberg Traurig LLP
represents the Committee.  The Committee tapped HGH Associates LLC
as its accountants and financial advisors.

On April 16, 2012, the Debtors filed a Plan of Reorganization and
Disclosure Statement.  Holders of General Unsecured Claims of The
Money Tree, estimated total $586,676, were to receive 95% of their
allowed claims.

The Debtors, however, failed to move forward with their Plan as
the Court stripped the Company's management of control and
appointed S. Gregory Hays as Chapter 11 Trustee.  Daniel D.
Sparks, Esq., and Bradley R. Hightower, Esq., at Christian & Small
LLP, in Birmingham, Alabama, represent the Chapter 11 Bankruptcy
Trustee.

In 2013, the Court approved a joint plan of liquidation proposed by
the Omnibus Official Committee of Unsecured Creditors and the
Chapter 11 trustee.  The Plan was declared effective May 22, 2013.
The Plan is based on extensive arm's-length negotiations among the
Committee, the Chapter 11 trustee and representatives of the major
creditors.

John D. Elrod, Esq., and R. Kyle Woods, Esq., at Greenberg
Traurig, LLP, in Atlanta, Georgia, represent the Committee as
counsel.


MORGANS HOTEL: Chief Operating Officer Resigns
----------------------------------------------
Joshua Fluhr informed Morgans Hotel Group Co. of his intention to
resign as chief operating officer to pursue other opportunities,
according to a Form 8-K filed with the Securities and Exchange
Commission.

In connection with that resignation, the Company has appointed
Chadi Farhat, the Company's senior vice president and chief
revenue officer, to serve as the Company's interim chief operating
officer.  Mr. Farhat will continue to serve as the Company's senior
vice president and chief revenue officer.  Mr. Farhat's appointment
and Mr. Fluhr's resignation will both be effective Feb. 29, 2016.

Mr. Farhat, age 39, has served as Senior Vice President and Chief
Revenue Officer of the Company since March 2015. As Chief Revenue
Officer of the Company, Mr. Farhat is responsible for guiding and
supporting all the revenue processes globally and leading the
strategy for driving profitable revenue growth through Sales and
e-Commerce. Prior to that, Mr. Farhat was the Company’s Vice
President of Revenue Management and Distribution and Head of Sales
and Revenue from March 2014 until March 2015 and Vice President of
Revenue Management from November 2011 until March 2014. Prior to
joining the Company, Mr. Farhat was the Director of eCommerce
Revenue Management at Marriott International from November 2010
until November 2011. In that position, he was responsible for
developing and implementing pricing and revenue management
strategies focused on optimizing revenue through Marriott’s
electronic distribution channels. Mr. Farhat worked in other
positions at Marriott International beginning in April 2003. Mr.
Farhat earned a Master of Business Administration from Johns
Hopkins University in January 2002 and a Bachelor of Arts in
Hospitality and Tourism Management from Notre Dame University in
Beirut, Lebanon in 1999.

Through his role as Senior Vice President and Chief Revenue Officer
and other experience at the Company, Mr. Farhat is intimately
involved in ongoing operations and works closely with each of our
owners, partners and management at all of our properties.

                   About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported a net loss attributable to common
stockholders of $66.6 million on $235 million of total revenues for
the year ended Dec. 31, 2014, compared with a net loss attributable
to common stockholders of $58.5 million on $236 million of total
revenues during the prior year.

As of Sept. 30, 2015, the Company had $515 million in total assets,
$774 million in total liabilities and a $259 million total deficit.


MOTT AVE: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------
The Office of the U.S. Trustee disclosed in a filing with the U.S.
Bankruptcy Court for the Eastern District of New York that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Mott Ave Real Estate Holdings LTD.

                          About Mott Ave

On January 25, 2016, Mott Ave Real Estate Holdings LTD. filed a
voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code in the Eastern District of New York (Central
Islip).

The Debtors' case (Case No. 16-70294) is assigned to Judge Louis A.
Scarcella.

Kafi Harris, Esq., serves as legal counsel for the Debtor.


NANOSPHERE INC: Has Resale Prospectus of 500,000 Common Shares
--------------------------------------------------------------
Nanosphere, Inc., filed with the Securities and Exchange Commission
a Form S-3 registration statement relating to the possible resale,
from time to time, by NSPH Funding LLC and SWK Funding LLC of up to
500,000 shares of the Company's common stock, par value $0.01 per
share, initially issued in private placements, which shares are
issuable upon the exercise of warrants.

The registration of these shares does not necessarily mean that any
holders will sell any of their shares or exercise their warrants.
The Company is not offering for sale any shares of its common stock
pursuant to this prospectus.  The Company will not receive any cash
proceeds from the sale of any of its shares of common stock by the
selling stockholders, but the Company has agreed to pay certain
registration expenses.

Nanosphere's common stock is listed on The NASDAQ Capital Market
under the symbol "NSPH."  On Feb. 23, 2016, the closing price of
the Company's common stock was $0.72 per share.

A full-text copy of the Form S-3 is available for free at:

                     http://is.gd/goOGJZ

                       About Nanosphere

Nanosphere, Inc., develops, manufactures and markets an advanced
molecular diagnostics platform, the Verigene System, that enables
simple, low cost and highly sensitive genomic and protein testing
on a single platform.  The Verigene System includes a bench-top
molecular diagnostics workstation that is a universal platform for
genomic and protein testing and provides for multiple tests to be
performed on a single platform, including both genomic and protein
assays, from a single sample.  Its proprietary nanoparticle
technology provides the ability to run multiple tests
simultaneously on the same sample.  Nanosphere was founded by Chad
A. Mirkin and Robert Letsinger on December 30, 1999 and is
headquartered in Northbrook, IL.

Nanosphere reported a loss attributable to common shareholders of
$42.84 million on $21.07 million of total revenue for the year
ended Dec. 31, 2015, compared to a net loss attributable to common
shareholders of $39.07 million on $14.29 million of total revenue
for the year ended Dec. 31, 2014.

Deloitte & Touche LLP, in Chicago, Illinois, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company's recurring
losses from continued use of cash to fund operations raise
substantial doubt about its ability to continue as a going concern.


NANOSPHERE INC: Incurs $42.8 Million Net Loss in 2015
-----------------------------------------------------
Nanosphere, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a loss attributable to
common shareholders of $42.8 million on $21.1 million of total
revenue for the year ended Dec. 31, 2015, compared with a net loss
attributable to common shareholders of $39.1 million on $14.3
million of total revenue for the year ended Dec. 31, 2014.

For the three months ended Dec. 31, 2015, the Company reported a
loss attributable to common shareholders of $10.98 million on $6.84
million of total revenue compared to a loss attributable to common
shareholders of $9.45 million on $4.64 million of total revenue for
the same period in 2014.

As of Dec. 31, 2015, the Company had $40.6 million in total assets,
$22.1 million in total liabilities and $18.6 million in total
stockholders' equity.

"As we noted in our preliminary release, we are pleased to report
continued growth of our infectious disease menu through our
expanding customer base," said Michael McGarrity, Nanosphere's
president and chief executive officer.  "In addition, we believe
the demonstrated accuracy of our test menu, the clinical and
economic data generated by our customer base, and the compelling
and proprietary benefits of our Flex panel design give us
confidence in, and visibility to, our continued growth reflected in
our 2016 guidance.  In addition, we are preparing to begin clinical
trials on our next generation Verigene Flex system and anticipate
regulatory submission by the end of the third quarter of 2016,
which we believe will position us well against current and future
competition and sustain our growth."

Cash at Dec. 31, 2015, was $19.1 million, with $4 million of this
being restricted cash. Cash used in operations during the fourth
quarter of 2015 was $5.0 million, compared to $8.6 million for the
same period in 2014, an improvement of $3.6 million.  Cash used in
operations for the year ended Dec. 31, 2015, was $25.6 million,
compared to $34.9 million for the same period in 2014, an
improvement of $9.3 million, which was due to a lower net operating
loss.

Deloitte & Touche LLP, in Chicago, Illinois, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company's recurring
losses from continued use of cash to fund operations raise
substantial doubt about its ability to continue as a going
concern.

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

                    http://is.gd/kZ3MHp

                      About Nanosphere

Nanosphere, Inc., develops, manufactures and markets an advanced
molecular diagnostics platform, the Verigene System, that enables
simple, low cost and highly sensitive genomic and protein testing
on a single platform.  The Verigene System includes a bench-top
molecular diagnostics workstation that is a universal platform for
genomic and protein testing and provides for multiple tests to be
performed on a single platform, including both genomic and protein
assays, from a single sample.  Its proprietary nanoparticle
technology provides the ability to run multiple tests
simultaneously on the same sample.  Nanosphere was founded by Chad
A. Mirkin and Robert Letsinger on December 30, 1999 and is
headquartered in Northbrook, IL.


NAVISTAR INTERNATIONAL: To Present at J.P. Morgan's Conference
--------------------------------------------------------------
Navistar International Corporation announced that Walter G. Borst,
executive vice president and chief financial officer, will discuss
business matters related to the Company during J.P. Morgan's 2016
Global High Yield & Leveraged Finance Conference in Miami, Florida,
on March 2nd, which is scheduled to begin at 7:40 a.m. Eastern.

Live audio webcasts will be available for the presentation at
http://ir.navistar.com/events.cfm. Investors are advised to log on
to the web site at least 15 minutes prior to the presentation to
allow sufficient time for downloading any necessary software. The
web cast will be available for replay at the same address
approximately three hours following its conclusion, and will remain
available for a period of 12 months or earlier, if the information
is superseded or replaced by more current information.

                   About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose             

subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar International reported a net loss attributable to the
Company of $619 million for the year ended Oct. 31, 2014, compared
to a net loss attributable to the Company of $898 million for the
year ended Oct. 31, 2013.

                          *     *     *

In the Oct. 9, 2013, edition of the TCR, Moody's Investors Service
affirmed the ratings of Navistar International Corp., including the
'B3' corporate family rating.  The ratings reflect Moody's
expectation that Navistar's successful incorporation of Cummins
engines throughout its product line up will enable the company to
regain lost market share, and that progress in addressing component
failures in 2010 vintage-engines will significantly reduce warranty
expenses.

As reported by the TCR on Oct. 9, 2013, Standard & Poor's Ratings
Services lowered its long-term corporate credit rating on Navistar
International to 'CCC+' from 'B-'.  "The rating downgrades reflect
our increased skepticism regarding NAV's prospects for achieving
the market shares it needs for a successful business turnaround,"
said credit analyst Sol Samson.

In January 2013, Fitch Ratings affirmed the issuer default ratings
for Navistar International at 'CCC' and removed the negative
outlook on the ratings.  The removal reflects Fitch's view that
immediate concerns about liquidity have lessened, although
liquidity remains an important rating consideration as NAV
implements its selective catalytic reduction engine strategy.


NETFLIX INC: S&P Revises Outlook to Stable & Affirms 'B+' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Los Gatos, Calif.-based online video service provider Netflix Inc.
to stable from negative.

S&P also affirmed its 'B+' issue-level on Netflix's senior
unsecured notes.  The '3' recovery rating indicates S&P's
expectation for meaningful recovery (high end of the 50%-70% range)
of principal for the noteholders in the event of a payment
default.

"The outlook revision to stable reflects our expectation that
Netflix will maintain strong subscriber growth and adequate
liquidity, which includes continual access to capital markets, to
fund expected discretionary cash flow deficits in 2016 and 2017,"
said Standard & Poor's credit analyst Elton Cerda.  "We expect that
the company will increase its subscriber base by more than 27
million over the next two years with the majority of adds from
international markets," he added.

S&P anticipates that Netflix would seek additional debt financing
in late 2016 or early 2017 to fund ongoing investments in original
programming and international expansion.  S&P expects that debt
leverage will decline to the mid-4x to high-4x range with EBITDA
growth largely offsetting potential incremental debt issuance.

S&P views Netflix's business risk profile as fair, reflecting the
company's leading position and large subscriber base in the
increasingly competitive and rapidly evolving online video service.
S&P views Netflix's financial risk assessment as highly leveraged
based on S&P's expectation for significant cash flow deficits and
high debt leverage over the next two years.  S&P views Netflix's
liquidity profile as adequate.

The stable outlook reflects S&P's expectation that Netflix's
positive momentum will continue and the company will maintain
adequate liquidity through a combination of cash on hand and
short-term investments and periodic debt issuance to support its
discretionary cash flow deficits over the next two years.

S&P could lower the rating if Netflix's subscriber growth
decelerates significantly, which could hamper its access to capital
markets and potentially pressure liquidity.  Under those
circumstances, if the company's cash on hand and short-term
investments decline to about $1 billion, S&P could lower the
rating.

S&P views the probability of an upgrade as unlikely based on its
expectation for significant discretionary deficits over the next
two years.  S&P could raise the rating if Netflix can achieve its
projected subscriber growth rates and demonstrate a clear path
toward generating positive discretionary cash flow.



NEXSTAR BROADCASTING: S&P Hikes CCR to BB- on Media General Deal
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Dallas-based local TV broadcaster
Nexstar Broadcasting Group Inc. to 'BB-' from 'B+'.  The rating
outlook is stable.

At the same time, S&P raised its issue-level ratings on the
company's debt by one-notch, in line with corporate credit rating.
The recovery ratings remain unchanged.

"The upgrade reflects our expectation that the increased size and
scale of the combined Nexstar and Media General Inc. will result in
significant cost and revenue synergies by improving the combined
company's negotiating position with both its network and cable and
satellite partners," said Standard & Poor's credit analyst Jawad
Hussain.  "Our corporate credit rating on Nexstar also reflects the
company's aggressive financial risk profile and our expectation
that its debt to average-trailing-eight-quarter EBITDA will
decrease to about 5x by the end of 2017 from the mid- to high-5x
area at the close of the transaction."  S&P expects the transaction
to close in the second half of 2016.

The stable rating outlook reflects S&P's expectation that Nexstar
will be able to leverage its increased size and scale to generate
significant discretionary cash flow, maintain its above-average
EBITDA margin profile compared with similarly rated peers, and
reduce debt to average trailing-eight-quarter EBITDA to about 5x by
the end of 2017.

S&P could lower its corporate credit rating on Nexstar if the
combined company is not able to successfully integrate the acquired
assets and, as a result, it is not able to fully realize cost
efficiencies and the benefits of its increased size and scale.
This would likely result in weaker-than-expected operating
performance and debt to average-trailing-eight-quarter average
EBITDA remaining above 5x beyond 2017.  Additionally, S&P could
lower the rating if the company adopts a more aggressive financial
policy and begins to meaningfully return capital to shareholders
through dividends or share repurchases, or if it embarks on
significant acquisition activity, increasing leverage above 5x on a
sustained basis.

S&P could raise the rating if Nexstar successfully executes the
merger strategy for the combined company and establishes a
financial policy track record that reduces debt to
average-trailing-eight-quarter EBITDA below 4.5x on a sustained
basis.


ONE SOURCE INDUSTRIAL: Cases Converted to Chapter 7 Liquidation
---------------------------------------------------------------
Just a month after being selected as Chapter 11 trustee for One
Source Industrial Holdings, LLC and One Source Industrial, LLC,
Michael A. McConnell has sought and obtained an order converting
each of the Debtors' bankruptcy cases to a liquidation under
Chapter 7 of the U.S. Bankruptcy Code.  Mr. McConnell continues to
manage the estates as Chapter 7 trustee.

The Chapter 7 Trustee can be reached at:

         MICHAEL A. McCONNELL
         Partner
         Chair of Bankruptcy and Business Reorganization Section
         KELLY HART & HALLMAN LLP
         Tel: (817) 878-3569
         Fax: (817) 878-9769
         E-mail: michael.mcconnell@kellyhart.com

Mr. McConnell, as Chapter 7 trustee, tapped his own firm as his
counsel in the Chapter 7 cases:

         Clay M. Taylor, Esq.
         Nancy Ribaudo, Esq.
         Katherine T. Hopkins, Esq.
         KELLY HART & HALLMAN LLP
         201 Main Street, Suite 2500
         Fort Worth, TX 76102
         Telephone: 817/332-2500
         Telecopy: 817/878-9280
         E-mail: clay.taylor@kellyhart.com
                 nancy.ribaudo@kellyhart.com
                 katherine.hopkins@kellyhart.com

In December 2014, One Source Industrial Holdings commenced a
voluntary case.  Thereafter, in January 2015, One Source Industrial
commenced its voluntary case under chapter 11 of the Bankruptcy
Code.

The Debtors' business operations deteriorated in 2015 as oil and
gas prices fell and oil and gas exploration and operations
contracted.  The Debtors were unable to propose a feasible Plan of
Reorganization.  In early December 2015 the Bankruptcy Court
approved a sale of the Debtors' membership interest in Dynamic
Rental Systems, LLC and various items of equipment, subject to
existing liens.  Following the sale, the Debtors discontinued
business operations and filed a Motion for Appointment of a Chapter
11 Trustee on Dec. 3, 2015, to begin the process of an orderly
liquidation of the remaining assets.  The Court granted the Motion
to Appoint Trustee on Dec. 9, 2015.

On Dec. 15, 2015, the United States Trustee filed the Notice of
Appointment of Michael A. McConnell as chapter 11 trustee. The
United States Trustee thereafter made application to approve the
appointment of the Trustee and the Court granted the application on
Dec. 18, 2015.  The Trustee has managed the Debtors' affairs since
that date.

After the Trustee's initial work on the case, including abandonment
of all of the Debtors' interests in equipment secured by purchase
money secured financing, he determined that conversion was in the
best interests of all stakeholders.  On January 11, 2016, he filed
a Motion to Convert the Case to Chapter 7.  On January 14, 2016,
the Court granted the motion and converted the cases.  The United
States Trustee subsequently named Mr. McConnell as the Chapter 7
Trustee for the cases.

                 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: Ch. 7 Trustee Taps IRS as Auctioneer
-----------------------------------------------------------
Michael A. McConnell, Chapter 7 Trustee for One Source Industrial
Holdings, LLC and One Source Industrial, LLC, sought and obtained
approval to employ G.T. Sales, Inc., doing business as Investment
Recovery Services, as auctioneer to sell equipment owned by the
Debtors.

Currently, the assets of the estates include various items of
equipment located in Baytown, Midland and Andrews, Texas.  Other
items of equipment may be located on the premises of former
clients.  This equipment consists of trucks, pickups, trailers and
other rolling stock, frac tanks and various types of bins and boxes
used in the disposal of oilfield waste.

In the exercise of his business judgment, the Trustee has
determined that hiring the Auctioneer to conduct an auction of the
equipment under Sec. 363 of the Bankruptcy Code will generate the
best net recovery from these assets for the estates.

The professional services that the Auctioneer will render include,
but are not limited to, the following:

   i. intake and preparation for auction;

  ii. advertising through print and electronic media; and

iii. conducting the live or online auctions – whichever method
it determines in consultation with the Trustee will achieve the
highest net return to the estate.

The Auctioneer, at its expense, subject to reimbursement out of
sales proceeds, will arrange for transport of the equipment, if
necessary, storage, cleaning, make-ready, collection of the sales
proceeds and coordination with successful buyers.

Under the terms of the Auctioneer Agreement, the Auctioneer will be
paid a 10% commission on the net sales proceeds after expenses and
may charge a buyer's premium of 15% to the buyers for sales (18%
for online sales).  The estates will not be responsible for any
costs of sale or expenses except as deductions from sales proceeds.
To the extent there are expense items that the Trustee and the
Auctioneer believe will ultimately improve the net results of the
sale, the Trustee can approve such expenses outside of the proposed
expense budget and the Auctioneer may advance those expenses.  Any
such expense advances can only be recoverable out of the net
proceeds of any sale.

To the best of the Trustee's knowledge, and based upon Gregory Paul
Trenor's declaration, the Auctioneer is a "disinterested person" as
that term is defined in Sec. 101(14) of the Bankruptcy Code, as
modified by Sec. 1107(b) of the Bankruptcy Code.

The Auctioneer can be reached at:

         Gregory Paul Trenor
         G.T. Sales, Inc.
         d/b/a Investment Recovery Services
         North Sylvania Avenue
         Fort Worth, TX 76111
         Tel: (817)222-9848

                 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.

                           *     *     *

In December 2015, the Debtors discontinued operations, and sought
and obtained an order appointing a Chapter 11 trustee.

In January 2016, Michael A. McConnell, the Chapter 11 trustee,
sought and obtained an order converting the cases to a Chapter 7
liquidation.


ORGENESIS INC: Inks Collaboration Agreement with Grand China
------------------------------------------------------------
Orgenesis Inc., through its Israeli subsidiary Orgenesis Ltd.,
entered into a Collaboration Agreement with Grand China Energy
Group Limited with headquarters in Beijing, China, to collaborate
in carrying out clinical trials and marketing the Company's
autologous insulin producing cell therapy product in the Peoples
Republic of China, Hong Kong and Macau, based on achieving certain
pre-market development milestones that include Grand China
obtaining the requisite regulatory approvals for commercialization
of the API, including performing all clinical and other testing
required for market authorization in each jurisdiction in the
Territory.  Upon achieving the pre-market development milestones by
Grand China, the parties will collaborate on marketing the products
in the Territory.  Grand China will bear all costs associated with
the pre-marketing development efforts in the Territory, which is
expected to last for approximately four years.

Subject to the completion of the pre-marketing development
milestones, Orgenesis Ltd. has agreed to grant to Grand China, or a
fully owned subsidiary thereof, under a separate sub-license
agreement, an exclusive sub-license to the intellectual property
underlying the API solely for commercialization of the Company's
products in each such jurisdiction in the Territory where all of
the pre-marketing development required to commercialize the API
product have been successfully completed by Grand China.  Grand
China has agreed to pay annual license fees, ongoing royalties
based on net sales generated by Grand China and its sublicensees,
milestone payments and sublicense fees.  It is anticipated that the
Sub-License Agreement will also contain, among other things,
minimum sales requirements as well as other provisions common in
licensing agreements for international biotech licensing
agreements.

The Collaboration Agreement is terminable by Orgenesis Ltd. upon
certain conditions, including, but not limited to, if the clinical
trials necessary to obtain the pre-marketing approval are not
commenced with 12 months of the date of the execution of the
agreement or if all approvals necessary for the commencement of
marketing in the Territory are not obtained within four years.  The
Collaboration Agreement is also terminable under certain limited
conditions relating to a party's insolvency or bankruptcy related
event or breach of a material term of the agreement and force
majeure events.

                       About Orgenesis

Orgenesis Inc., a development stage company, is engaged in research
and development in the biotechnology field in Israel.  It intends
to develop a technology for regeneration of functional
insulin-producing cells thus enabling normal glucose regulated
insulin secretion through cell therapy.  The company was formerly
known as Business Outsourcing Services, Inc. and changed its name
to Orgenesis Inc. in August 2011.  Orgenesis Inc. was founded in
2008 and is based in White Plains, New York.

The Company's balance sheet at Feb. 28, 2015, showed $1.23 million
in assets, $4.85 million in total liabilities, and a stockholders'
deficit of $3.62 million.

The Company's continuation as a going concern is dependent on its
ability to obtain additional financing as may be required and
ultimately to attain profitability.


OSAGE EXPLORATION: UST Wants to Scrutinize EDC Break-Up Fee
-----------------------------------------------------------
The U.S. Trustee contends that the U.S. Bankruptcy Court for the
Western District of Oklahoma should only allow a break-up fee and
expense reimbursement to U.S. Energy Development Corporation, the
stalking horse bidder for the assets of Osage Exploration and
Development, Inc., if the proposed payment is an "actually
necessary" expense under 11 U.S.C. Sec. 503(b) to preserve value
for the estate.

Alternatively, the U.S. Trustee asks the Court to deny the request
for a break-up fee or reimbursement of expenses subject to a future
opportunity for EDC to seek an appropriate administrative expense
under 11 U.S.C. Sec. 503(b).

The U.S. Trustee says it has no objection to the general concept of
the sale of the Debtor's assets.  However, as to the proposed
break-up fee, the U.S. Trustee contends:

   1. The Court should review and approve the proposed "break-up
      fee" contained in the Asset Purchase Agreement only if the
      Court finds the fee will not chill the bidding procedure,
      and is an "actually necessary" expense under 11 U.S.C. Sec.
      503(b) to preserve value for this estate.  The U.S. Trustee
      cited court rulings in:

      -- In re Reliant Energy Channelview LP, 594 F.3d 200,
         205-09 (3d Cir. 2010) (citing and readopting the
         analysis in the decision of Calpine Corp. v. O'Brien
         Envtl. Energy, Inc. (In re O'Brien Envtl. Energy, Inc.),
         181 F.3d 527, 534-35 (3d Cir. 1999));

      -- In re Tama Beef Packing, Inc., 290 B.R. 90, 96-98
         (B.A.P. 8th Cir. 2003) (allowing administrative expense
         but noting that administrative expenses diminish the
         recovery to creditors and other claimants);

      -- In re Twenver, Inc., 149 B.R. 954, 956-57 (Bankr. Colo.
         1992) (denying 10% "topping fee," when 1% to 2% is
         reasonable, as not in the best interests of the estate).

   2. The Reliant Energy Channelview and O'Brien Environmental
      Energy decisions both reviewed the claim of a bidder who
      entered into an asset purchase agreement with the debtor
      but who was not the successful purchaser of the debtor's
      assets. The unsuccessful bidder sought an administrative
      claim in the form of a break-up fee.

   3. The current motion states: "Debtor has negotiated the
      terms of the Asset Purchase Agreement to induce Stalking
      Horse Bidder to make a firm agreement to purchase the
      Assets and to maximize the possibility of other potential
      bidders making competing bids."  However, there is no
      statement that without the proposed break-up fee U.S.
      Energy Development Corporation would not agree to be the
      Stalking Horse Bidder.  Reliant Energy Channelview LP,
      594 F.3d at 206.

   4. In this case as in the Reliant Energy Channelview LP
      decision, EDC has agreed to proceed as the Stalking Horse
      Bidder knowing the Court might disallow the break-up fee
      terms set out in the Asset Purchase Agreement.
      594 F.3d at 208.

   5. The Reliant Energy Channelview and O'Brien Environmental
      Energy decisions hold that an administrative claim may be
      appropriate only if the unsuccessful stalking horse bidder
      can demonstrate to the Court that the "assurance of a
      break-up fee promoted more competitive bidding, such as
      inducing a bid that otherwise would not have been made and
      without which bidding would have been limited." Calpine
      Corp. v. O'Brien Envtl. Energy, Inc. (In re O'Brien Envtl.
      Energy, Inc.), 181 F.3d 527, 537 (3d Cir. 1999).

   6. the Court should not pre-approve the proposed break-up fee
      but simply allow the request for an administrative claim
      if and when appropriate.

As to the proposed expense reimbursement, the U.S. Trustee contends
that the $75,000 associated expense reimbursement simply augments
the break-up fee contained in the Asset Purchase Agreement raising
the potential break-up fee to 4.5%.  The expense reimbursement
states that it must represent "reasonable documented costs
incurred" by the Stalking Horse Bidder.  However, there is no
requirement that the expenses be presented to the Court for review
and approval, or that the expenses satisfy 11 U.S.C. Sec. 503(b).
The U.S. Trustee avers any expense reimbursement payable to EDC
should be paid within the context of the administrative expense
analysis under 11 U.S.C. Sec. 503(b).

According to the U.S. Trustee, if the Court determines stalking
horse protection is necessary under the sale motion, then it may be
appropriate to approve the allowance of a break-up fee, or a
expenses, but not both and, in any event, either allowance should
be approved only if it rises to the level of an administrative
expense under Sec. 503(b).

                        EDC-Led Auction

As reported in the Feb. 24, 2016 edition of the TCR, Osage
Exploration seeks Bankruptcy Court approval of proposed bidding
procedures in connection with the sale of most of its assets to EDC
for $5 million, absent higher and better offers.

The Debtor has proposed a March 22 deadline for initial bids, and a
March 24 auction.

The Debtor proposes to pay a $150,000 fee to EDC, plus reasonable
documented costs incurred by EDC not to exceed $75,000, in the
event that the Purchased Assets are sold to another purchaser,
other than the Stalking Horse Bidder, for a higher price.  The
Debtor said payment of the Break-Up Fee is critical to the
continuing obligation of the Stalking Horse Bidder to purchase the
assets.

                      About Osage Exploration

Based in San Diego, California with production offices in Oklahoma
City, Oklahoma, and executive offices in Bogota, Colombia, Osage
Exploration and Development, Inc. (OTC BB: OEDV) --
http://www.osageexploration.com/-- is an independent exploration
and production company with interests in oil and gas wells and
prospects in the US and Colombia.

Osage Exploration filed a Chapter 11 petition (Bankr. W.D. Okla.
Case No. 16-10308) on Feb. 3, 2016, to sell its assets under 11
U.S.C. Sec. 363.

The Debtor tapped Crowe & Dunlevy as counsel.

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

To facilitate an orderly sale process, Apollo Investment
Corporation has agreed to provide debtor-in-possession financing to
the Debtor.


P2 ENERGY: Moody's Cuts Corporate Family Rating to Caa1
-------------------------------------------------------
Moody's Investors Service has downgraded P2 Upstream Acquisition
Co.'s ("P2") Corporate Family Rating ("CFR") to Caa1, its
probability of default rating ("PDR") to Caa1-PD, as well as the
ratings on its first-lien debt, to B2 (LGD2). The second-lien term
loan's Caa2 (LGD5) rating has been affirmed, and the outlook
remains stable.

RATINGS RATIONALE

The downgrade reflects the impact the energy industry's prolonged
depressed operating environment is having on P2, whose revenues
Moody's expects will fall between five and ten percent this year,
with negative implications for liquidity and leverage. While
increasingly significant maintenance and support contracts with
largely "super-major" and leading national oil and gas customers
provide a measure of revenue stability, offsetting weakness in the
sale of new software licenses will depress absolute levels of
operating cash flows, pushing leverage above eight times.

The ratings reflect the extreme uncertainty with regard to the
degree and timing of any rebound in oil and gas markets, despite
the fact that P2 has maintained adequate liquidity and has thus far
witnessed little deterioration in its customer base. Moody's
believes that if the current, depressed oil and gas markets persist
through 2016, P2 risks customer defections that could impact not
just one-off software-license sales, but its core subscription and
support revenues as well, which, in turn, could hurt liquidity.

Incremental streamlining of the company's already lean cost
structure may be difficult to achieve going forward, and an
extended, depressed energy pricing environment could lead to
critical operating and liquidity challenges. If top-line softness
proves worse than we anticipate, P2's otherwise good
cash-flow-generation capability will be reduced over the
intermediate term. Moody's views the company's liquidity as
adequate, with cash balances healthy relative to P2's small scale,
no significant near-term debt maturities, and an undrawn $30
million revolver. However, if P2 needed to draw (at least 25%)
under the revolver, a total net leverage covenant, which tightens
this year in March and again in December (to 8.0 times), would come
into play, and the company could have trouble staying within
covenant limits.

The ratings could be pressured by a sustained deterioration in
capital spending by oil and gas exploration and production players,
leading to continued, significant declines in license revenues.
Deepening weakness in profits, or if the company's access to the
revolver appears threatened, could lead to a downgrade. The ratings
could be upgraded if leverage improves towards 7.5 times on a
sustained basis and free-cash-flow-to-debt holds in the
low-single-digit percentages. However, the current weak pricing
environment suggests that meaningful operating growth is unlikely
over the near term.

P2 Upstream Acquisition Co. was a newly formed borrower within the
P2 Energy Solutions family as a result of Advent International's
October 2013 acquisition, which was financed with proceeds from a
$310 million first lien loan, a $160 million second lien loan, plus
cash equity from Advent. (An additional $83 million of second-lien
debt was assumed in late calendar 2014 for the Merrick
acquisition.)

The following actions were taken:

Issuer: P2 Upstream Acquisition Co.

Corporate Family Rating, Downgraded to Caa1

Probability of Default Rating, Downgraded to Caa1-PD

$340 million senior secured, first-lien bank credit
facilities, maturing late 2018 and late 2020,
Downgraded to B2 (LGD2)

$243 million senior secured, second-lien term loan,
maturing early 2021, Affirmed Caa2 (LGD5)

Outlook is stable

Co-borrowers P2 Upstream Acquisition Co., and P2 Energy Solutions
Alberta ULC, (dba P2 Energy Solutions Inc.; "P2") provide
specialized software to exploration and production companies in the
oil and gas industry. P2's principal offices are in Houston, TX,
Denver, CO, and Calgary, Alberta. Moody's expects that the company
will generate revenues of roughly $165 million for the 2016 fiscal
year (ending September 2016).


PARADIGM HOLDCO: Moody's Cuts Corporate Family Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service has downgraded Pinnacle Holdco S.a.r.l.'s
Corporate Family Rating ("CFR") to Caa1, from B2, its Probability
of Default Rating ("PDR") to Caa1-PD, and the facility ratings on
its first- and second-lien debt to B3 (LGD3) and Caa3 (LGD6),
respectively. The rating outlook remains negative.

RATINGS RATIONALE

The two-notch downgrade, to a CFR of Caa1, reflects the impact the
energy industry's prolonged depressed operating environment has had
on Paradigm, whose revenues Moody's expects could fall again in
2016, by as much as 15%, with negative implications for leverage
and liquidity. Paradigm's narrow focus on geophysical oil and gas
software is problematic in a weak pricing environment like the
current one, as energy prices are critical for Paradigm's
customers' cash flow and, in turn, their ability to fund
exploration and development. While ongoing cost reductions
implemented by the company in response to market conditions may
keep profit margins stable, Moody's believes that pronounced
softness in demand will markedly reduce absolute EBITDA results,
pushing leverage to well above 8.0 times by late this year.

As a result of top-line weakness, Paradigm's cash-flow-generation
capability will be reduced over the intermediate term, with FCF
possibly negative this year. Moody's expects the company's
liquidity to weaken this year, with modest cash balances and a
likely need to borrow under a formerly undrawn $40 million revolver
-- drawings which, in turn would bring a first-lien leverage
covenant into play. (Moody's notes, too, the revolver's imminent,
July 2017 expiration.) Moody's recognizes management's successful
attempts, begun last year and ongoing , to keep costs in line with
the reduction in revenues, enabling the company to maintain fairly
stable EBITDA margins, in the low 30%s. However, incremental
streamlining of the company's already lean cost structure may be
difficult to achieve going forward, and an extended, depressed
energy pricing environment could lead to critical operating and
liquidity challenges.

The negative outlook reflects extreme uncertainty with regard to
the degree and timing of any rebound in oil and gas markets and the
potential for ongoing negative effects on customer spending
patterns. Moody's believes that the current, depressed oil and gas
markets will persist through 2016, and as a result Paradigm risks
customer defections that could impact not just one-off
software-license sales, but its core subscription, maintenance, and
support revenues as well, which, in turn, could hurt liquidity.

The ratings could be pressured by a sustained deterioration in
capital spending by oil and gas exploration and production players,
leading to continued, significant declines in license and support
and maintenance revenues. The ratings could be downgraded if
Moody's expects free cash flow to run negative, or if the company's
access to the revolver appears threatened. The ratings could be
upgraded if leverage were sustained below 7.0 times, an improvement
that, given the minimal required amortization of Paradigm's debt,
would come mostly from revenue and EBTIDA growth. However, the
current, weak pricing environment suggests that meaningful
operating growth is unlikely over the near term.

The following actions were taken:

Issuer: Pinnacle Holdco S.a.r.l

Corporate Family Rating, Downgraded to Caa1, from B2

Probability of Default Rating, Downgraded Caa1-PD, from
B2-PD

$380 million senior secured, first-lien bank credit
facilities, maturing July 2017 and 2019, Downgraded to
B3, from B1

$95 million senior secured, second lien term loan,
maturing July 2020, Downgraded to Caa3, from Caa1

Pinnacle Holdco S.a.r.l is the holding company and debt issuing
entity set up, in mid-2012, by private equity firms Apax Partners
and JMI Equity to acquire Paradigm, Ltd. ("Paradigm"), a leading,
multi-national provider of specialized sub-surface analytics
software for the oil and gas industry's exploration and extraction
efforts. Moody's projects Paradigm's 2016 revenues at about $165
million, a fifteen percent decline from 2015.


PARALLEL ENERGY: Wants Structured Dismissal of Chapter 11 Case
--------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that Parallel Energy
LP asked the Delaware bankruptcy court late on Feb. 18, 2016, to
end its case via structured dismissal, a sometimes-controversial
path that doesn't require a Chapter 11 plan, now that its $110
million sale to a Scout Energy unit has closed.  In its motion,
Parallel said that now that the sale is finished, it has no
business to run or anything of value left in its estate.

                      About Parallel Energy

Tulsa, Oklahoma-based natural gas producer Parallel Energy LP
formerly known as Parallel Energy Acquisitions LP, and Parallel
Energy GP LLC filed for Chapter 11 protection (Bankr. D. Del Case
Nos. 15-12263 and 15-12264) on Nov. 9, 2015.  The petition was
signed by Richard N. Miller, chief financial officer.

The Hon. Kevin Gross presides over the case.  Demetra L. Liggins,
Esq., and David M. Bennett, Esq., at Thompson & Knight LLP and
GianClaudio Finizio, Esq., at Bayard, P.A., represent the Debtor
as co-counsel.  Alvarez & Marsal North America, LLC serves as
financial advisor.  Prime Clerk LLC serves as notice, claims,
solicitation and balloting agent.  The Debtor estimated assets and
debts at $100 million to $500 million.


PARKVIEW ADVENTIST: CMHC Appeals Sale of Assets to Mid Coast
------------------------------------------------------------
Central Maine Healthcare Corp. has appealed a bankruptcy judge's
order that approved the sale of Parkview Adventist Medical Center's
assets to Mid Coast Hospital.

The company wants the U.S. District Court for the District of Maine
to review Judge Peter Cary's ruling issued on August 20 last year
that the offer made by the buyer is "fair and reasonable."  

The move came after the bankruptcy judge denied CMHC's bid to
revisit his ruling.  Judge Cary had said there was no need to
reconsider his August 20 decision since the company reviewed the
terms of the sale contrary to its claim that it wasn't given enough
time to review the deal before it was approved.

Mid Coast made a $3.83 million cash offer to purchase Parkview's
assets, including the hospital it operates in Brunswick, Maine.  

Judge Cary approved the sale but did not allow Parkview to use
$125,000 of the cash proceeds that it said is "unencumbered."  

The judge ruled that the proceeds must remain in escrow while the
validity of claims held by certain creditors is still being
determined.

Parkview's bid to use the proceeds had drawn flak from CMHC and
Maine Health and Higher Educational Facilities Authority, both of
which have an agreement with the medical center to deposit the
proceeds in an escrow account.  

Parkview defended its move by saying that a portion of the amount
it wanted to use was allocated to one of the properties sold to Mid
Coast in which both creditors do not have security interests.

The U.S. trustee overseeing Parkview's bankruptcy case did not
oppose the request.  The Justice Department's bankruptcy watchdog,
however, expressed belief that it will be more beneficial to
creditors if the court orders the dismissal or conversion of the
case to a Chapter 7 liquidation.

                     About Parkview Adventist

Parkview Adventist Medical Center, a Maine non-profit corporation,
operates the Parkview Hospital, a faith-based acute care community
hospital located in Brunswick, Maine, affiliated with the Seventh
Day Adventist Church.  Its mission is to provide services
supporting the physical, emotional and spiritual wellness of its
patients.

Parkview sought Chapter 11 protection (Bankr. D. Maine Case No.
15-20442) in Portland, Maine, on June 16, 2015.  The case is
assigned to Judge Peter G. Cary.

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

The Debtor is represented by George J. Marcus, Esq., at Marcus,
Clegg & Mistretta, PA, in Portlane, Maine.


POTOMAC SUPPLY: Pillsbury Ordered to Turnover $500K Deposit to CBE
------------------------------------------------------------------
Judge Brian F. Kenney of the United States Bankruptcy Court for the
Eastern District of Virginia, Richmond Division, ruled on the two
motions filed by the defendant Chesapeake Bay Enterprise, Inc.: (a)
the Motion to Authorize Prejudgment Interest, Attorney's Fees,
Costs and Expenses; and (b) the Motion to Compel Return of the
$500,000 Deposit.

As part of an effort to sell substantially all of its assets during
the course of its Chapter 11 bankruptcy case, Potomac Supply
Corporation entered into an Asset Purchase Agreement with CBE.  CBE
posted a $500,000 deposit with Pillsbury Winthrop Shaw Pittman,
LLP, who represented Potomac.  Ultimately, the Potomac Supply
assets were sold to a party other than CBE.  CBE demanded the
return of the deposit, but Pillsbury refused.  When the Potomac
Supply case was converted to Chapter 7, the Liquidating Trust
Agreement assigned to Chesapeake Trust the debtor's litigation
rights relating to the deposit funds against CBE or any person
claiming ownership or an interest in the funds.

The Chesapeake Trust filed an adversary proceeding against CBE on
April 9, 2013.  The bankruptcy court held trial in the adversary
proceeding on the parties' respective rights to the deposit, and
held that Chesapeake Trust was entitled to the deposit.  However,
this was reversed by the district court which held that CBE was
entitled to the deposit.

On October 29, 2015, CBE filed its Motion to Authorize (Award)
Prejudgment Interest, Attorney's Fees, Costs and Expenses.  During
the hearing on the motion, counsel for Chesapeake Trust and
Pillsbury disclosed that the deposit has been spent and is no
longer in the Pillsbury trust account.  On November 27, 2015, CBE
filed a Motion to Compel Return of the $500,000 deposit.

Judge Kenney found it appropriate to award CBE pre-judgment
interest at the rate of 6% per annum from November 6, 2012, this
being the Outside Date for a closing under the APA.  However, the
judge found that CBE is not entitled to attorney's fees because
there is no contract between CBE and Chesapeake Trust that provides
for an award of attorney's fees.  As to an award of costs, CBE
claims a total of $3,716.99, which was not contested by Chesapeake
Trust.  Accordingly, Judge Kenney awarded the said sum in favor of
CBE.

Judge Kenney entered a money judgment in favor of CBE and against
the Chesapeake Trust consistent with the district court's opinion,
in the amount of $500,000, plus pre-judgment interest and costs.
However, the judge denied CBE's request for an order compelling the
Trust to return the deposit as a matter of restitution, finding it
futile because the Trust did not have the ability to pay.

Judge Kenney nevertheless found Pillsbury to be the real party in
interest with respect to the deposit, because Pillsbury occupied
the position not just of the primary beneficiary of the Chesapeake
Trust, but that of Trustee and sole decision-maker as well.  For
this reason, Judge Kenney ordered Pillsbury to pay the deposit in
the amount of $500,000 plus interest at the rate of 6% per annum
from November 14, 2014, until paid, to CBE.

The adversary proceeding is CHESAPEAKE TRUST, Plaintiff, v.
CHESAPEAKE BAY ENTERPRISE, INC., Defendant, Adversary Proceeding
No. 13-03073-BFK (Bankr. E.D. Va.).

The bankruptcy case is In re: POTOMAC SUPPLY CORPORATION, Chapter
7, Debtor, Case No. 12-30347-BFK (Bankr. E.D. Va.).

A full-text copy of Judge Kenney's February 18, 2016 memorandum
opinion is available at http://is.gd/sxM7CBfrom Leagle.com.

Chesapeake Trust, Plaintiff, represented by:

          Jerry Lane Hall, Esq.
          Patrick J. Potter, Esq.
          PILLSBURY WINTHROP SHAW PITTMAN LLP
          1200 Seventeenth Street, NW
          Washington, DC 20036
          Tel: (202)663-8000
          Fax: (202)663-8007
          Email: patrick.potter@pillsburylaw.com

Chesapeake Bay Enterprise, Inc., Defendant, represented by:

          Steven Scott Biss, Esq.
          300 West Main St., Ste. 102
          Charlottesville, Virginia

Regions Bank, 3rd Pty Defendant, represented by:

          William A. Broscious, Esq.
          KEPLEY BROSCIOUS & BIGGS, PLC
          2211 Pump Road
          Richmond, VA 23233
          Tel: (804)741-0400
          Fax: (804)741-6175

            -- and --

          Jonathan W. Jordan, Esq.
          KING & SPALDING
          1180 Peachtree Street
          Atlanta, GA 30309
          Tel: (404)572-4600
          Fax: (404)572-5100
          Email: jjordan@kslaw.com

Pillsbury Winthrop Shaw Pittman LLP, 3rd Pty Defendant, represented
by:

          Jack McKay, Esq.
          PILLSBURY WINTHROP SHAW PITTMAN LLP
          1200 Seventeenth Street, NW
          Washington, DC 20036
          Tel: (202)663-8000
          Fax: (202)663-8007
          Email: jack.mckay@pillsburylaw.com

                    About Potomac Supply

Founded in 1948, Potomac Supply Corporation manufactures a diverse
range of wood products, including treated lumber, wood pellets,
decking, fencing and pallets, in its wood-processing and
production facilities.  The Kinsale, Virginia-based building-
supply manufacturer filed for Chapter 11 bankruptcy (Bankr. E.D.
Va. Case No. 12-30347) on Jan. 20, 2012, estimating assets and
debts of $10 million to $50 million.  Potomac in mid-January 2012
announced it was suspending manufacturing operations in Kinsale
after its lender refused to provide financing without additional
investment.  Judge Douglas O. Tice, Jr., presides over the case.
Patrick J. Potter, Esq., at Pillsbury Winthrop Shaw Pittman LLP,
in Washington, D.C., serves as the Debtor's bankruptcy counsel.
LeClairRyan P.C. is representing the Official Committee of
Unsecured Creditors.


PREMIER GOLF: Amends Schedules of Unsecured Creditors
-----------------------------------------------------
Premier Golf Properties, LP, filed with the U.S. Bankruptcy Court
for the Southern District of California, amendments to: (1) Summary
of Schedules (Includes Statistical Summary of Certain Liabilities)
Schedule of Real and/or Personal Property; and (2) Creditors
Holding Claims Secured by Property, Creditors Who Have Unsecured
Priority and/or Non-priority Claims, or Matrix, and/or list of
Creditors or Equity Holders -- Requires Compliance With Local Rule
1009, to correct or delete other information.

As reported by the Troubled Company Reporter on April 22, 2015,
Premier Golf disclosed total assets of $44,363,923 and total
liabilities of $19,228,427.

A copy of the amendment is available for free at:

   http://bankrupt.com/misc/PremierGolf_152_Dec11amendedSAL.pdf

                  About Premier Golf Properties

Premier Golf Properties, LP, conducts business under the name
"Cottonwood Golf Club."  The golf course and related operations are
located at 3121 Willow Glen Drive in the East County area of San
Diego known as Rancho San Diego, in the southern-most part of El
Cajon.  The golf course was built and commenced operations in 1962.
The property consists of a total of 283 acres, through which the
Sweetwater River meanders from east to west, and it is
approximately two miles in length.

Premier Golf Properties first sought Chapter 11 protection (Bankr.
S.D. Cal. Case No. 11-07388) on May 2, 2011.  The Debtor and Far
East National Bank, in December 2013 reached a settlement pursuant
to which FENB agreed to reduce its claim to $8.5 million and extend
the final balance payoff of $8.5 million to March 2016.  In April
2014, the case was dismissed pursuant to a joint motion of the
Debtor and FENB.

Premier Golf Properties again filed a Chapter 11 bankruptcy
petition (Bankr. S.D. Cal. Case No. 15-01068) on Feb. 24, 2015.
The new petition was signed by Daryl Idler, the secretary of
Premier Golf Property Management Inc, general partner.

Premier Golf Properties LP disclosed $44,363,923 in assets and
$19,228,427 in liabilities as of the Chapter 11 filing.  The
secured creditor is Cottonwood Cajon ES, LLC, which purchased the
note issued to FENB.

Jack Fitzmaurice, Esq., at Fitzmaurice & Demergian, serves as
counsel in the new Chapter 11 case.


PULTEGROUP INC: S&P Assigns 'BB+' Rating on New Unsecured Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB+'
issue-level rating (same as the corporate credit rating) to
Bloomfield Hills, Mich.-based homebuilder PulteGroup Inc.'s
proposed five- and 10-year senior unsecured notes.  The recovery
rating is '3', indicating S&P's expectation of meaningful (50% to
70%) recovery in the event of default.  S&P's recovery expectations
are in the higher half of the 50% to 70% range.  The company will
use the proceeds to redeem or repay at maturity its 6.50% senior
notes due May 1, 2016, of which about $465 million is outstanding,
and to use the remaining net proceeds for general corporate
purposes, which may include share repurchases, repayment of other
existing debt, and acquisition and development of land.

The 'BB+' corporate credit rating and stable outlook on PulteGroup
Inc. are unchanged and reflect S&P's view of the company's fair
business risk profile and intermediate financial risk profile.
S&P's business risk assessment reflects the company's significant
scale and geographic diversity compared with peers, favorable
profitability, and sizable land position.  Pulte's intermediate
financial risk profile is based on the company's credit measures,
including leverage and interest coverage ratios of 2.3x and 8x,
respectively, which S&P expects to remain within the intermediate
range or better over the next 12 months.

Ratings List

PulteGroup Inc.

Corporate Credit Rating               BB+/Stable/--

New Rating

PulteGroup Inc.
Senior unsecured notes               BB+
  Recovery Rating                     3H


QUANTA RESOURCES: Rexam Says Gibbons Shouldn't be DQ'd From Suit
----------------------------------------------------------------
Kurt Orzeck at Bankruptcy Law360 reported that Rexam Beverage Can
Co. urged a New York federal judge to reject Quanta Resources
Corp.'s efforts to disqualify its counsel Gibbons PC from a suit
alleging Rexam contributed to contamination at a Queens refining
center owned by Quanta, saying the company's motives were purely
tactical.  Rexam argued in a memorandum of opposition filed by
Frankfurt Kurnit Klein & Selz PC, its special professional
responsibility counsel, that Quanta waited too long to argue that
Gibbons should be disqualified because the firm had advised
Quanta.

The report relates that Quanta said in January that Gibbons should
be disqualified because former name partner and current director
Frank Vecchione represented Quanta during its bankruptcy in the
1980s and even advised the company on conduct that Rexam now says
is so egregious that part of its complaint should be dismissed.

According to the report, Quanta and ExxonMobil Corp. kicked off
their third-party action against Rexam and other companies after
paying about $8.1 million to settle holding company DMJ Associates
LLC's suit accusing the pair of damaging nearby real estate through
pollution from the Quanta-owned facility.

Quanta is represented by Allen G. Reiter, Jennifer L. Bougher and
Roger O. Chao of Arent Fox LLP.

Rexam is represented by William S. Hatfield, Camille V. Otero, Adam
C. Arnold and Paul M. Hauge of Gibbons PC and Nicole I. Hyland,
Ronald C. Minkoff and Tyler Maulsby of Frankfurt Kurnit Klein &
Selz PC, representing Rexam as special professional responsibility
counsel.

The case is ExxonMobil Corp. et al. v. Ace Waste Oil Inc. et al.,
case number 1:97-cv-07285, in the U.S. District Court for the
Eastern District of New York.

Quanta Resources Corp., which owned and operated a waste oil
storage and processing facility in Long Island City, New York,
filed a voluntary petition in bankruptcy under Chapter 11 of the
Act on Oct. 6, 1981.  The action was converted to a liquidation
proceeding under Chapter 7 on Nov. 12, 1981. Thomas J. O'Neill was
appointed trustee in bankruptcy on Nov. 18, 1981.


QUICKSILVER RESOURCES: Creditors Ask for Shortened Ch. 11 Deadline
------------------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Quicksilver
Resources Inc.'s second lienholders have asked a Delaware
bankruptcy court to shorten the fuse on the company's proposed
third extension of exclusive Chapter 11 plan control, saying a
45-day limit better reflects "economic realities."  The company,
which sought bankruptcy protection in March 2015, asked for a
90-day exclusive control extension, with an accompanying 120-day
timetable for soliciting approval of its plan.

                   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.  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.

Quicksilver Resources Inc. and its U.S. subsidiaries on January
22, 2016, entered into an Asset Purchase Agreement with BlueStone
Natural Resources II, LLC pursuant to which the Buyer agreed to
purchase substantially all of the Sellers' U.S. oil and gas assets
for a cash purchase price of $245.0 million.

The consummation of the transactions contemplated by the Purchase
Agreement is subject to customary closing conditions, and such
transactions are expected to close on or before March 31, 2016.


QUIKSILVER INC: Admin. Claims Payment Requests Due March 14
-----------------------------------------------------------
According to Quiksilver Inc., et al.'s notice of entry of an order
confirming their Plan and occurrence of the effective date of their
Plan:

    * All requests for payment of an Administrative Claim must be
filed with the Claims and Solicitation Agent on or before March 14,
2016, the first business day following the date that is 30 days
after the Effective Date;

    * All final requests for payment of Professional Claims for
services rendered to the Debtors from the Petition Date through and
including the Effective Date shall be filed with the Bankruptcy
Court on or before March 28, 2016, the first business day following
the date that is 45 days after the Effective Date;

    * Any proofs of Claim asserting Claims arising from the
rejection of the Executory Contracts and Unexpired Leases pursuant
to the Plan or otherwise must be filed with the Claims and
Solicitation Agent no later than 30 days after the later of the
Effective Date or the effective date of rejection.

On Jan. 29, 2016, the U.S. Bankruptcy Court for the District of
Delaware entered an order confirming the Third Amended Joint
Chapter 11 Plan of Reorganization.  On February 11, 2016, the
Effective Date of the Plan occurred.

                         The Confirmed Plan

As reported in the Jan. 29 edition of the TCR, Quiksilver Inc. won
approval of a Chapter 11 plan of reorganization that's backed by
Oaktree Capital Management, a holder of 73% of the Company's U.S.
Secured Notes.  Oaktree agreed to vote the full value of its claims
in favor of a restructuring which would impair and equitize its
claim, and is committing to backstop two further rights offerings,
of $122.5 million and EUR50 million, in order to provide liquidity
to fund certain obligations of the Debtors upon emergence from the
Chapter 11 Cases.

The Disclosure Statement provides that on the effective date,
Reorganized Quiksilver will issue new common stock to be
distributed as follows: (a) first, 22% to holders of Allowed
Secured Notes Claims; (b) second, up to 74% to Rights Offering
Participants; and (c) third, 4% to the Backstop Parties.

Holders of Class 4 - Secured Notes Claims are expected to recover
16.4-17.4%.  Holders of Class 5-A - Unsecured Notes Claims are
expected to recover 4.5%, while holders of Class 5-B General
Unsecured Claims are expected to recover 4.5%.

A full-text copy of the Third Amended Plan is available at
http://bankrupt.com/misc/QSIplan0128.pdf

The Debtors are represented by:

         Van C. Durrer, II, Esq.
         Annie Z, Li, Esq.
         SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
         300 South Grand Avenue, Suite 3400
         Los Angeles, CA 90071
         Tel: (213) 687-5000
         Fax: (213) 687-5600

              - and -

         Mark S. Chehi, Esq.
         SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
         One Rodney Square
         P.O. Box 636
         Wilmington, DE 19899
         Tel: (302) 651-3000
         Fax: (302) 651-3001

              - and -

         John K. Lyons, Esq.
         Jessica S. Kumar, Esq.
         SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
         155 N. Wacker Dr., Suite 2700
         Chicago, IL 60606
         Tel: (312) 407-0700
         Fax: (312) 407-0411

                       About Quiksilver Inc.

Quiksilver, Inc., and its affiliates filed Chapter 11 bankruptcy
petitions (Bankr. D. Del., Case Nos. 15-11880 to 15-11890) on
Sept. 9, 2015. Andrew Bruenjes signed the petition as chief
financial officer.  The Debtors disclosed total assets of $337
million and total debts of $826 million.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the
Debtors' legal advisor, FTI Consulting, Inc. as their
restructuring advisor, and Peter J. Solomon Company as their
investment banker.  Kurtzman Carson Consultants LLC acts as the
Debtors' claims and noticing agent.

The Debtors' First Amended Joint Chapter 11 Plan of Reorganization
provides that on the effective date, Reorganized Quiksilver will
issue new common stock to be distributed as follows: (a) first,
19% to holders of Allowed Secured Notes Claims; (b) second, up to
77% to Rights Offering Participants; and (c) third, 4% to the
Backstop Parties.  As of the Effective Date, the anticipated value
of the New Quiksilver Common Stock will be approximately $276
million.

The U.S. trustee overseeing the Chapter 11 cases of Quiksilver
Inc. and its affiliates appointed seven members to the official
committee of unsecured creditors.  The Committee tapped Akin Gump
Strauss Hauer & Feld LLP, and Pepper Hamilton LLP as its
co-counsel as co-counsel; Province Inc. as its financial advisor
and PJT Partners Inc. as investment banker.


QUIRKY INC: FF&E Sold to Flextronics for $365,000
-------------------------------------------------
Judge Martin Glenn in January 2016 granted a motion by Quirky, Inc.
to sell furniture, fixtures and Equipment (FF&E) to Flextronics
International USA Inc.  No objections were filed to the proposed
sale.  The Quirky FF&E consists primarily of all of the furniture,
equipment, machines, tools, electronic equipment, computers,
appliances and all other physical items located at Quirky's
facility at 606 West 28th Street, New York, NY 10001.  Quirky has
received an offer from Flex, memorialized in the Bill of Sale, by
which Buyer proposes to purchase the FF&E, free and clear of any
and all liens, claims and encumbrances, for a cash purchase price
of $365,000.  After marketing the FF&E, Quirky determined that the
offer by Flex is currently the highest and best offer.  Interested
parties were entitled to submit competing bids before the Jan. 19
sale hearing.  A copy of the Sale Order is available for free at:

        http://bankrupt.com/misc/Quirky_294_FFE_Sale_Ord.pdf

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors.  The Committee retained
Otterbourg P.C.


QUIRKY INC: Initial Cash Budget Extended to March 8
---------------------------------------------------
Judge Martin Glenn in January signed a stipulation that allows
debtors Quirky, Inc., et al., to use cash collateral of prepetition
lender Comerica Bank until March 8, 2016.

On Oct. 23, 2015, the Court entered a final order authorizing the
Debtors to use cash collateral in accordance with the budget agreed
to by the Debtors and the Prepetition Lender, subject to variances
set forth therein.  The Initial Budget was for a 13-week period
that ended on Dec. 18, 2015.

After discussions, the parties signed a stipulation to (i) extend
the Initial Budget for an additional 13-week period through March
8, 2015 (the "Extended Budget Period"); (ii) modify the Initial
Budget to reflect actual results since the entry of the Final Cash
Collateral Order and projected sources and uses of Cash Collateral
through the Extended Budget Period; and (iii) to modify the
Permitted Variances under the Initial Budget.

A copy of the Stipulation and Extended Budget is available for free
at:

   http://bankrupt.com/misc/Quirky_295_Stip_Extended_Budget.pdf

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors.  The Committee retained
Otterbourg P.C.


QUIRKY INC: Scorned Inventor Fails to Stop $4.7MM Asset Sale
------------------------------------------------------------
Efforts by Denyveaus Sells, an inventor seeking royalty payments
for the "Pickup Power" products sold by Quirky Inc., to stay
pending appeal the $4.7 million sale of the Quirky business were
rejected by a bankruptcy judge in a Feb. 16, 2016 order.

On Oct. 1, 2015, Quirky, Inc., filed a motion to sell its assets
directly related to the Quirky business, including the Quirky.com
platform and the Pivot Power, Aros, Cordies and other products
developed by Quirky.  On Oct. 27, the Court approved the bidding
and auction procedures.  Q Holdings LLC, which opened the Nov. 17
auction with a $2.3 million stalking horse bid, emerged as the
winning bidder with a $4.7 million offer.  On Dec. 10, Bankruptcy
Judge Martin Glenn approved the sale of the business to Q Holdings
after most of the objections were resolved.  A copy of the Sale
Order is available for free at:

     http://bankrupt.com/misc/Quirky_243_Ord_Quirky_Sale.pdf

Founded in 2009, Quirky was a crowd-sourced invention platform,
whereby inventors could pitch their ideas and receive royalty
payments for products developed by Quirky and sold by retail
partners.

                          Pickup Power

Mr. Sells recounted that in August 2012, he submitted to Quirky an
idea for a desktop power strip with a removal battery which was
later developed by Quirky and released to the public in July 2014
as Pickup Power.  Eight individual products were later derived from
Pickup Power.  Mr. Sells said he received royalty payments from the
sales of Pickup Power but payments ceased after June 8, 2015.

Mr. Sells claims that the Debtor has failed to make payment on his
current account balance of $15,696 and notes that, based on the
Debtor's schedules, 326,811 units of Pickup Power remain in the
Debtor's inventory, with a value of $330,622.  In a bid to obtain
more royalty payments, Mr. Sells, filing pro se, submitted a sale
objection, a motion for relief from stay, and an appeal of the sale
order.

His objection to the sale was overruled by the bankruptcy judge.
His appeal of the bankruptcy judge's sale order has been
transmitted to the district court.

                      Stay Relief Motion

Mr. Sells sought these forms of relief: (i) an order staying the
Dec. 10 sale order pending his appeal, (ii) an order compelling
assumption and assignment of licensing agreements so that he can
continue to receive royalty payments, (iii) an order requiring the
Debtor to confirm that Mr. Sells will continue to receive payments,
and (iv) an order requiring the Debtor to transfer intellectual
property Mr. Sells associated with the "Iron Station" pivoting
ironing board - another invention claimed by Mr. Sells.

The Debtors vehemently opposed the stay relief motion.  They noted
that no licensing agreement related to the Pickup Power product
exists, and that the Quirky.com Terms of Use and Privacy Policy,
last revised June 10, 2015 was not assumed by Q Holdings, and all
Pickup Power inventory was sold free and clear to Q Holdings in
connection with the Quirky Sale.

"The Debtors sympathize with Mr. Sells and acknowledge the
potential economic losses that are may be suffered by inventors and
community members on account of their prepetition unsecured claims
for royalties in these cases.  This unfortunate and regrettable
outcome, however, does not justify vitiating Q Holdings' business
judgment to leave the Terms of Use behind when acquiring the assets
of the Quirky business," the Debtors' attorneys said in the
objection.

On Feb. 16, 2016, Judge Glenn entered an order granting in part and
denying in part Mr. Sells' Stay Relief Motion.  The order provided
that:

   * The relief to stay the Quirky Sale Order pending appeal is
DENIED.

   * The relief to compel the Debtors to assume and assign the
Terms of Use and Privacy Policy is DENIED.

   * The relief to compel the Debtors to continue payment of
royalties with respect to inventory related to Pickup Power, or any
other product set forth in the Motion, sold pursuant to the Quirky
Sale Order is DENIED.

   * The relief that Mr. Sells recover intellectual property,
developed material, and research related to Iron Stations is
GRANTED.

   * The Debtors will return to Mr. Sells, within a reasonable
time, all known intellectual property, developed material,
prototypes (to the extent they exist and can be located), and
research related to Iron Station.

A copy of the Feb. 16 order is available for free at:

      http://bankrupt.com/misc/Quirky_340_Sells_Stay_Ord.pdf

                       Other Sale Objections

Aside from Mr. Sells, other objections were filed to the sale the
Quirky business: (i) a limited objection filed by the Official
Committee of Unsecured Creditors (ii) a conditional objection filed
by Flextronics Sales and Marketing (A-P), Ltd. and (iv) a
conditional objection filed by General Electric Company.  The three
objections were resolved.

The Dec. 10 Sale Order provides that in full resolution of the
objections filed by General Electric (i) all GE co-branded
inventory will be removed from the Sale of Quirky Assets, and the
Buyer agrees that those assets are not being sold to it, and (ii)
the purchase price for the consideration of the Sale of Quirky
Assets will be reduced by $175,000.

The Sale Order also provides that in full resolution of the
objection filed by Flextronics (i) Quirky will transfer to Flex all
of Quirky's right, title and interest related in any way to Norm
and P6-Ohno and (ii) Flex consents to Quirky's transfer to Q
Holdings of Spotter, IFM (Infant Formula Mixer) and Poppy.  Flex
agrees to provide the Debtors with the right to continued use and
occupancy, on a rent-free basis, to (i) that portion of the
premises located at 606 West 28th Street, New York, NY 10001
currently occupied by Wink, Inc. and the Debtors' remaining
furniture, fixtures and equipment (the "FF&E"); or (ii) any space
to which Wink, Inc. and the FF&E may move, for a period concluding
on the earlier of March 31, 2016 or the effective date of a plan of
liquidation.  In addition, Quirky will retain the existing units on
hand of the Norm inventory.  The purchase price for the
consideration of the Sale of Quirky Assets will be reduced by
$60,000 as a result of the resolution of the Flex objection.

The Sale Order further provides that Quirky, the Buyer, Comerica
Bank, and the Official Committee of Unsecured Creditors agree that
$325,000 of the proceeds of the Sale (the "Community Fund") will be
reserved and earmarked for distribution to the account holders at
Quirky.com (the "Community Members") in consideration of the
transfer of the Quirky Assets to the Buyer free and clear of the
interests of the Community Members.  The allocation of the
Community Fund shall be determined by the Committee with reasonable
and appropriate notice to all known Community Members of not less
than 21 days prior to the distribution of the Community Fund.

Upon the closing of the Sale of Quirky Assets, Comerica will
receive prompt payment from the proceeds of the Sale of Quirky
Assets in the amount of $3,025,000 on account of its prepetition
secured claim against Quirky.  In consideration for the creation of
the Community Fund, the Committee acknowledges and agrees that
Comerica has a first priority security interest in and liens on the
Quirky Assets that are being transferred to the Buyer, and the
Committee is waiving all potential claims and challenge rights with
respect to Comerica's liens.

Counsel to the Debtors:

         COOLEY LLP
         Jeffrey L. Cohen, Esq.
         Michael A. Klein, Esq.
         Richelle Kalnit, Esq.
         1114 Avenue of the Americas
         New York, NY 10036
         Telephone: (212) 479-6000
         Facsimile: (212) 479-6275

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors.  The Committee retained
Otterbourg P.C.


QUIRKY INC: Undercurrent Domains Bought Back for $38,000
--------------------------------------------------------
Judge Martin Glenn granted a motion by Quirky, Inc., to sell domain
names, including http://www.undercurrent.com/,
http://www.getundercurrent.com/and http://www.responsive.org/--
the "Undercurrent Domains" -- acquired by Quirky in its acquisition
of Undercurrent LLC.

On March 25, 2015, the Debtors acquired the assets of Undercurrent
from members of Domain Asset Holding Company, LLC.  Aaron Dignan
was at all times the President of Undercurrent.

On Jan. 15, 2016, Quirky filed a motion to sell the Undercurrent
Domains to Domain and Mr. Dignan.  Quirky said it has received an
offer from Domain, memorialized in a bill of sale, by which Domain
proposes to repurchase domain names, undercurrent.com and
getundercurrent.com, along with, inter alia, all social media
accounts, trademarks and goodwill associated therewith, free and
clear of any and all liens, claims and encumbrances, for a cash
purchase price of $35,000.

Quirky also said it has also received an offer, memorialized in a
bill of sale, by which Dignan proposes to purchase domain name,
http://www.responsive.org/,free and clear of any and all liens,
claims and encumbrances, for a cash purchase price of $3,000.

Neither of the Bills of Sale includes a waiver or a release of any
and all claims that may exist between the Buyers, the Debtors,
their estates, or any other parties in interest.

The Offers were subject to any higher or better bids received by
Quirky prior to the sale hearing.

Quirky did not receive any objection prior to the sale hearing.

The Court approved the sale to Domain and Dignan on Feb. 11.  A
copy of the order is available for free at:

  http://bankrupt.com/misc/Quirky_337_UnderCurrents_Sale_Ord.pdf

Gabriel Fried, CEO of Hilco IP Services, said that the Undercurrent
Domains were not included in the Nov. 17, 2015 auction of Quirky's
business and said that there would have been little to no interest
from the participants of the auction in the Undercurrent Domains.

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to Flextronics
International USA Inc., for $15 million, absent higher and better
offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to an Official
Committee of Unsecured Creditors.  The Committee retained
Otterbourg P.C.


RCS CAPITAL: Accuses Competitor of Poaching Top Executives
----------------------------------------------------------
Vince Sullivan at Bankruptcy Law360 reported that bankrupt
brokerage holding firm RCS Capital accused competitor Lightyear
Capital on Feb. 25, 2016, of trying to poach executives in
violation of a nondisclosure agreement signed when Lightyear
explored purchasing RCS last year.  The adversary proceeding in
Delaware accuses competing private equity firm Lightyear of hiring
away several top-tier executives since RCS filed for Chapter 11
protection on Jan. 31.  Lightyear entered into a nondisclosure
agreement in September saying it would not solicit executives for
one year, and two employees also named in the complaint signed
non-compete agreements.

                         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.

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.


RDIO INC: Creditors Want Exclusive Plan Periods Terminated
----------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that creditors of
defunct music streaming service Rdio Inc. are looking to wrest
control of the company's Chapter 11 case, saying in a filing in
California federal court that the Debtor has "poisoned the well" by
accusing creditors of holding up settlement talks with the Rdio's
secured lenders.  The official committee of unsecured creditors
filed court papers that seek to terminate the exclusive period in
which Rdio can file a Chapter 11 plan uncontested. The new fight
with the committee comes weeks after Rdio sold its assets.

                        About Rdio, Inc.

Rdio, Inc., was founded in 2008 as a digital music service.  The
business operations were launched in 2010 after Rdio secured all
of
the major record label rights.  Since that time, Rdio has strived
to grow into a worldwide music service, and today is in
approximately 86 countries.

Rdio, Inc., filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31430) on Nov. 16, 2015, with a deal in place
to
sell the company to Pandora Media.  The petition was signed by
Elliott Peters, the senior vice president.  Judge Dennis Montali
has
been assigned the case.

The Debtor estimated assets in the range of $50 million to $100
million and liabilities of more than $100 million.  

Levene, Neale, Bender, Yoo & Brill LLP serves as the Debtor's
counsel.  Moelis & Company serves as investment banker.


REALOGY CORP: Posts $184 Million Net Income for 2015
----------------------------------------------------
Realogy Holdings Corp. and Realogy Group LLC filed with the
Securities and Exchange Commission their annual report on Form
10-K disclosing net income attributable to the Companies of $184
million on $5.70 billion of net revenues for the year ended
Dec. 31, 2015, compared to net income attributable to the Companies
of $143 million on $5.32 billion of net revenues for the year ended
Dec. 31, 2014.

As of Dec. 31, 2015, Realogy Holdings had $7.53 billion in total
assets, $5.10 billion in total liabilities and $2.42 billion in
total equity.

"We delivered solid results for the full year, reflecting the
successful execution of our strategy to drive growth and innovation
in our business, and we are optimistic about the long-term growth
prospects in the housing market and confident in the strength of
our platforms to capitalize on the opportunities ahead," said
Richard A. Smith, Realogy's chairman, chief executive officer and
president.  "In particular, we are pleased to have reached the
milestone of authorizing the return of capital to shareholders,
which has been an important goal and underscores our confidence in
the strength of our business model.  Our financial strength enables
us to implement this program earlier than we anticipated while
maintaining the flexibility to invest in growth."

For the first quarter of 2016, Realogy expects to achieve homesale
transaction volume gains in the range of 6% to 9% year-over-year
for RFG and NRT combined.  Based on the Company's closed and open
sales activity in January and February, Realogy expects first
quarter homesale transaction sides to be up 3% to 5% year-over-year
and average homesale price to increase 3% to 4% on a company-wide
basis.

"As we look to 2016, we are well positioned to build on the strong
free cash flow we generated last year," said Anthony E. Hull,
executive vice president, chief financial officer and treasurer.
"We are focused on business optimization initiatives to enhance our
value proposition and service levels while leveraging our scale and
infrastructure to improve efficiency and maximize profitability."

Realogy expects its ongoing business optimization efforts to
deliver approximately $40 million of annual run-rate cost savings
at the start of 2017, after incurring approximately $37 million of
total restructuring costs through the end of 2016.  The Company
expects to realize $25 million of savings in 2016.

                   Share Repurchase Program

Realogy announced that its Board of Directors has authorized a
share repurchase program of up to $275 million of the Company's
common stock.  Repurchases may be made at management's discretion
from time to time on the open market or through privately
negotiated transactions.  The size and timing of these repurchases
will depend on price, market and economic conditions, legal and
contractual requirements and other factors.  The repurchase program
has no time limit and may be suspended or discontinued at any time.
The Company had approximately 146.7 million shares of common stock
outstanding as of Dec. 31, 2015.

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

                      http://is.gd/8XIgYD

                  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.

                           *     *     *

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.


REALOGY GROUP: Moody's Affirms Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service raised Realogy Group LLC's speculative
grade liquidity rating to SGL-1 from SGL-2 and assigned a B2 rating
to its proposed upsized senior unsecured notes due 2021. The
Corporate Family rating ("CFR") was affirmed at Ba3, the
Probability of Default rating ("PDR") at Ba3-PD, the senior secured
first lien rating at Ba2 and the senior unsecured rating at B2. The
ratings outlook remains stable.

Realogy plans to use the net proceeds of the proposed notes and
cash to repay $500 million of senior unsecured notes maturing in
May.

On Feb. 24, 2016, Realogy announced its board had approved a $275
million share repurchase program.

Issuer: Realogy Group LLC

Affirmations:

-- Corporate Family Rating, Ba3

-- Probability of Default Rating, Ba3-PD

-- Senior Secured 1st Lien, Ba2 (LGD3)

-- Senior Unsecured, B2 (LGD5)

Ratings raised:

-- Speculative Grade Liquidity Rating, raised to SGL-1 from SGL-2

Assignments:

-- Senior Unsecured Bond due 2021, Assigned B2 (LGD5)

Outlook:

-- Outlook, remains Stable

RATINGS RATIONALE

"The proposed note refinancing lifts the uncertainty surrounding
near term maturing debt, driving the SGL-1 liquidity rating," said
Edmond DeForest, Moody's Senior Credit Officer. DeForest added:
"However, the company's announced $275 million share repurchase
plan leads Moody's to expect a somewhat slower pace of debt
repayment, and is therefore considered a negative credit
development."

The affirmation of the CFR at Ba3 reflects Moody's expectations for
debt to EBITDA of about 5 times as of December 31, 2015 to decline
below 4.5 times in 2016. Moody's anticipates approximately 5%
annual revenue growth and stable 17% EBITA margins to lead to about
$900 million of EBITDA and at least $400 million of free cash flow.
EBITA to Interest around 2.5 times and free cash flow to debt about
10% are solid financial metrics at the Ba3 CFR. Realogy has a
leading 27% share of an improving US residential brokerage
marketplace and multiple brands that position it to reflect the
continuing, albeit slow and uneven, recovery in the US existing
home sale market. However, the residential real estate brokerage
market remains volatile, cyclical and seasonal.

The SGL-1 liquidity rating reflects very good liquidity from the
$815 million revolver, of which at least $400 million is expected
to be available during 2016, about $300 million of cash and Moody's
expectations for free cash flow of at least $400 million.

All financial metrics reflect Moody's standard adjustments.

The stable ratings outlook reflects Moody's anticipation that debt
to EBITDA will decline to below 4.5 times by the end of 2016
through EBITDA growth and debt repayment, while free cash flow to
debt will be maintained around 10%. The ratings could be upgraded
if Moody's expects debt to EBITDA to be sustained below 4 times and
EBITA to interest around 3 times through some combination of rising
existing unit home sales and average prices or accelerated debt
repayments. The ratings could be downgraded if revenue growth
stalls, or if free cash flow declines, and Moody's anticipates debt
to EBITDA will remain above 5 times or free cash flow to debt will
remain below 8%. Aggressive financial policies including large debt
financed shareholder returns or acquisitions or diminished
liquidity could also lead to lower ratings.

Realogy is a leading global provider of real estate and relocation
services. The company operates in four segments: real estate
franchise services, company owned real estate brokerage services,
relocation services and title and settlement services. The
franchise brand portfolio includes Century 21, Coldwell Banker,
Coldwell Banker Commercial, ERA, Sotheby's International Realty and
Better Homes and Gardens Real Estate. Moody's expects 2016 revenues
of over $6 billion.


REALOGY GROUP: S&P Affirms 'BB-' CCR, Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-'
corporate credit rating on Madison, N.J.-based Realogy Group LLC.
The rating outlook remains stable.

At the same time, S&P affirmed its 'B' issue-level rating on
Realogy's senior unsecured debt issues.  The '6' recovery rating
remains unchanged, indicating S&P's expectation for negligible
recovery (0%-10%) of principal for lenders in the event of payment
default.

S&P also raised its issue-level rating on Realogy's senior secured
debt issues, which include a $815 million revolving credit facility
due 2020, a $1.9 billion term loan B due 2020, and a $435 million
term loan A due 2020, to 'BB+' from 'BB' and revised the recovery
rating to '1' from '2'.  The '1' recovery rating indicates S&P's
expectation for very high recovery (90%-100%) of principal in the
event of a payment default.  The upgrade of the senior secured
issue-level debt incorporates a revision to S&P's expected year of
default under S&P's simulated default scenario, resulting in a
moderately lower level of senior secured principal and interest at
default and a modest improvement in recovery prospects for secured
lenders.

"The rating affirmation reflects our expectation for Realogy's
operating lease-adjusted debt to EBITDA to remain below 5x and
funds from operations (FFO) to total operating lease-adjusted debt
to be above 12% through 2017," said Standard & Poor's credit
analyst Carissa Schreck.  "We also expect that the U.S. residential
real estate market will continue to improve and Realogy will
maintain reasonable cost control, resulting in modest EBITDA growth
through 2017.  As a result, we believe Realogy's operating-lease
adjusted debt to EBITDA will improve to around 4x in 2016 (from
about 4.4x in 2015) and to the high-3x area in 2017, and the
company will maintain FFO to total operating lease-adjusted debt in
the high-teens percentage area (from about 15% in 2015) before it
improves to about 20% in 2017.  We expect that U.S. residential
real estate industry transaction volume and price growth through
2017 reflects expected economic growth, historically low mortgage
rates, and still-good home affordability nationwide.  However, the
risks to our base-case forecast include a potential deterioration
in consumer confidence and low housing inventory nationwide," S&P
said.

The affirmation also incorporates S&P's view that Realogy will
continue to maintain strong liquidity in the form of cash balances,
revolver availability, and free cash flow generation to support
acquisitions and share repurchases.  In February 2016, the company
announced that its board of directors approved a $275 million share
repurchase authorization that S&P expects, under its base-case
forecast, the company will fully utilize by the end of 2017.  A
one-notch upgrade could occur if S&P believes that Realogy can
sustain operating-lease adjusted debt to EBITDA below 4x and FFO to
operating-lease adjusted debt above 20% over the economic cycle,
while incorporating potential shareholder returns.

"The stable rating outlook reflects our view that the U.S.
residential real estate market will continue to improve through
2017, and that Realogy can sustain operating lease-adjusted debt to
EBITDA below 5x and FFO to total lease-adjusted debt above 12%
through 2017," said Ms. Schreck.  "We expect Realogy to maintain
EBITDA coverage of interest above 4x and maintain a strong
liquidity profile through cash balances, revolver availability, and
free operating cash flow through 2017."

S&P could lower its corporate credit rating on Realogy if the
company's operating performance meaningfully underperforms S&P's
expectation and it believes operating lease-adjusted debt to EBITDA
will remain higher than 5x and FFO to total operating-lease
adjusted debt will remain below 12%.

Although S&P's base-case forecast for adjusted debt to EBITDA is in
the high-3x area in 2017, S&P could raise the rating by one notch
if it believes Realogy can maintain operating lease-adjusted debt
to EBITDA below 4x and FFO to total operating lease-adjusted debt
above 20%, incorporating EBITDA volatility over the economic cycle
and potential future shareholder returns.


RELATIVITY FASHION: Court Disallowed Norton's Wage Claims
---------------------------------------------------------
In the case captioned In re: RELATIVITY FASHION, LLC, et al.,
Chapter 11, Debtors, Case No. 15-11989 (MEW) (Bankr. S.D.N.Y.),
Judge Michael E. Wiles of the United States Bankruptcy Court for
the Southern District of New York sustains the debtors' objection
to Michael A. Norton's claims and disallowed and expunged Claim 41.
Claims 30 and 36 were withdrawn by Norton.

Norton had filed, pro se, three proofs of claims against the
debtors in the above-captioned jointly-administered bankruptcy
proceedings of Relativity Fashion, LLC, et al. -- Claim No. 30
filed against Relativity Media, LLC on August 12, 2015; Claim No.
36 filed against Relativity Fashion, LLC on August 12, 2015; and
Claim No. 41 against Relativity Fashion, LLC on August 13, 2015.
The proofs of claim were each for claims of amounts between $345
million and $375 million, each including administrative priority
claims of $45 million for "wages, salary, or commissions" under
section 507(a)(4) of the Bankruptcy Code.

The debtors objected to all three claims in their entirety,
contending that Norton had no employment or contractual
relationship, nor any other known connection with the debtors that
would give rise to the claims.

Judge Wiles concluded that Norton does not hold any allowable
claims against the debtors.  The judge found that Norton offered no
evidence that would support a finding that any of the debtors
should bear any responsibility for the alleged infringement or
misappropriation of his works or wronged him in various ways.

A full-text copy of Judge Wiles' February 18, 2016 memorandum
opinion is available at http://is.gd/fEBCzXfrom Leagle.com.

Relativity Fashion, LLC, Debtor, represented by:

          Jason R. Alderson, Esq.
          Malani Cademartori, Esq.
          Blanka K. Wolfe, Esq.
          Craig A. Wolfe, Esq.
          SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
          30 Rockefeller Plaza
          New York, NY 10112
          Tel: (212)653-8700
          Fax: (212)653-8701
          Email: cwolfe@sheppardmullin.com
                 mcademartori@sheppardmullin.com
                 bwolfe@sheppardmullin.com

          Paul Nii-Amar Amamoo, Esq.
          Andrew K. Glenn, Esq.
          KASOWITZ, BENSON, TORRES & FRIEDMAN LLP
          1633 Broadway
          New York, NY 10019
          Tel: (212)506-1700
          Fax: (212)506-1800
          Email: namamoo@kasowitz.com
                 aglenn@kasowitz.com

            -- and --

          Dana Baiocco, Esq.
          Lori Sinanyan, Esq.
          Bennett L. Spiegel, Esq.
          Monika S. Wiener, Esq.
          Richard L. Wynne, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017
          Tel: (212)326-3939
          Fax: (212)755-7306
          Email: rlwynne@jonesday.com
                 blspiegel@jonesday.com
                 lsinanyan@jonesday.com

            -- and --

          Glenn E. Siegel, Esq.
          MORGAN, LEWIS & BOCKIUS LLP
          101 Park Avenue
          New York, NY 10178-0600
          Tel: (212)309-6780
          Fax: (212)309-6001
          Email: glenn.siegal@morganlewis.com

United States Trustee, U.S. Trustee, represented by:

          Susan D. Golden, Esq.
          Serene K. Nakano, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE SDNY
          U.S. Federal Office Building
          201 Varick Street, Suite 1006
          New York, NY 10014
          Tel: (212)510-0500
          Fax: (212)668-2255

                    About Relativity Fashion

Relativity -- http://relativitymedia.com/-- is a next-generation  

global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  The team is led by Timothy Coleman, Senior
Managing Director, CJ Brown, Senior Managing Director, Paul
Sheaffer, Vice President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company, Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on
Oct. 21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors and CEO Ryan C.
Kavanaugh filed a proposed plan of reorganization that will allow
the Debtors to reorganize their non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing.  Jim Cantelupe, of Summit Trail
Advisors, LLC, has committed to work with the Debtors to raise up
to $100 million of new equity to fund the Plan.


REPUBLIC AIRWAYS: Asks Nod for Hughes Hubbard as Attorneys
----------------------------------------------------------
Republic Airways Holdings Inc. and its debtor affiliates seek
permission from the Bankruptcy Court to employ Hughes Hubbard &
Reed LLP as their attorneys, nunc pro tunc to the Petition Date.

It is proposed that Hughes Hubbard will:

   (a) prepare on behalf of the Debtors, as debtors-in-possession,
       all necessary motions, applications, answers, orders,
       reports, and other papers in connection with the
       administration of the Debtors' estates;

   (b) take all necessary action to protect and preserve
       the Debtors' estates, including the prosecution of actions
       on the Debtors' behalf, the defense of any actions
       commenced against the Debtors, the negotiation of disputes
       in which the Debtors are involved, and the preparation of
       objections to claims filed against the Debtors' estates;

   (c) take all necessary actions in connection with any chapter
       11 plan and related disclosure statement, and all related
       documents, and such further actions as may be required in
       connection with the administration of the Debtors'
       estates;

   (d) represent the Debtors in connection with any potential
       financing transactions;

   (e) advise the Debtors in connection with any potential sale of
       assets;

   (f) advise the Debtors regarding tax matters; and

   (g) perform all other necessary legal services in connection
       with the prosecution of these Chapter 11 cases.

Within 90 days of the Petition Date, Hughes Hubbard received
payments of $2,035,131 for services performed and expenses
incurred, including the preparation for the commencement of these
Chapter 11 cases.  Of this amount, as of the Petition Date, Hughes
Hubbard held approximately $750,000 as an advance payment
retainer.

The Debtors have agreed to pay Hughes Hubbard at its normal hourly
rates in effect at the time the services are rendered subject to
discounts.  Hughes Hubbard's current customary hourly rates are:
$700 to $1,150 for partners and counsel, $425 to $770 for
associates, and $280 to $290 for paraprofessionals.  The firm has
provided the Debtors with the following negotiated fee discounts
applicable for fees accrued in the 2016 calendar year: 5% discount
on all attorney and paraprofessional fees until fees reach
$750,000, 10% discount for those fees in excess of $750,000 until
fees reach $1,750,000, and 15% discount for such fees in excess of
$1,750,000.  The Debtors also agreed to reimburse Hughes Hubbard
for its expenses.

Hughes Hubbard disclosed that:

   (i) certain discounts have been negotiated with the Debtors;

  (ii) none of the professionals included in this engagement vary
       their rate based on the geographic location of the
       bankruptcy case;

(iii) it represented the Debtors for the 12 months leading to the
       Petition Date and its billing rates and material financial
       terms with respect to this matter have not changed
       postpetition; and

  (iv) the Debtors have approved its prospective budget and
       staffing plan for the first interim period.

To the best of the Debtors' knowledge, Hughes Hubbard is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code, as modified by Section 1107(b) of the
Bankruptcy Code.

                      About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: Hires Prime Clerk as Claims and Noticing Agent
----------------------------------------------------------------
Republic Airways Holdings Inc. and its affiliated debtors have
engaged Prime Clerk LLC as their claims and noticing agent, subject
to approval of the Bankruptcy Court.

In filings with the Court, the Debtors said they anticipate that
there will be in excess of 10,000 entities to be noticed.

"By appointing Prime Clerk as the Claims and Noticing Agent in
these chapter 11 cases, the distribution of notices and the
processing of claims will be expedited, and the Office of the Clerk
of the Bankruptcy Court will be relieved of the administrative
burden of processing what may be an overwhelming number of claims,"
according to Joseph P. Allman, senior vice president and chief
financial officer of Republic.

Republic agrees to pay Prime Clerk in accordance with its current
fee structure and reimburse the firm for reasonable out-of-pocket
expenses.  Republic requests that the undisputed fees and expenses
incurred by Prime Clerk in the performance of the services be
treated as administrative expenses of Republic's Chapter 11 estates
and be paid in the ordinary course of business without further
application to or order of the Court.

Prior to the Petition Date, Republic provided Prime Clerk a
retainer in the amount of $25,000.  Prime Clerk seeks to first
apply the retainer to all prepetition invoices, and thereafter, to
have the retainer replenished to the original retainer amount, and
thereafter, to hold the retainer under the Engagement Agreement
during these Chapter 11 cases as security for the payment of fees
and expenses incurred under the Engagement Agreement.

Under the terms of the Engagement Agreement, Republic has agreed to
indemnify, defend and hold harmless Prime Clerk and its members,
officers, employees, representatives, and agents under certain
circumstances specified in the Engagement Agreement, except in
circumstances resulting solely from Prime Clerk's gross negligence
or willful misconduct or as otherwise provided in the Engagement
Agreement or Retention Order.

Prime Clerk represents it is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code with respect
to the matters upon which it is engaged.

                      About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: List of Creditors Holding 10 Top Secured Claims
-----------------------------------------------------------------
Pursuant to Local Bankruptcy Rule 1007-2(a)(5), Republic Airways
Holdings Inc., et al., filed a list of holders of 10 largest
secured claims against the Debtors on a consolidated basis,
excluding claims of insiders:

                                     Description and
                                        Value of        Amount of
  Name and Mailing Address             Collateral         Claim
  ------------------------           ---------------    ---------
Brazilian National Bank for Economic    Aircraft-  $1,141,720,937
and Social Development (BNDES),        Value to be
Agencia Especial de Financiamento       Determined
Industrial - FINAME c/o Area de
Exportacao Av. Republica do Chile,
330-22 Torre Oeste Rio de Janeiro - RJ
CEP 20031-917 Brasil Attn:
Superintendencia da Area de
Exportacao

NY Life Insurance and Annuity           Aircraft    $113,552,799
Corporation, c/o NY Life Investment     Value to
Management LLC, 51 Madison            be Determined
Avenue 2nd floor, Room 208 New
York, NY 10010-10603, Attn: Fixed
Income Investors Group, Private
Finance

Deutsche Bank, AG London Branch          Aircraft    $92,002,897
Winchester House, 1 Great Winchester   Value to be
Street, London Ec2N 2DB United         Determined
Kingdom

Natixis Transport Finance, BP 4 -        Aircraft    $89,189,013
75060 Paris Cedex 02, France Attn:     Value to be
Transportation Finance                 Determined

NY Life Insurance Company, c/o           Aircraft    $88,905,680
NYL Investors LLC, 51 Madison          Value to be
Avenue, 2nd Floor, Room 208, New       Determined
York, NY 10010-1603, Attn: Fixed
Income Investors - Structured Products
Group

PK AirFinance US, Inc., 601 Merritt      Aircraft    $87,984,475
Seven, 5th Floor, Norwalk, CT           Value to be
06851, Attn: Vice President             Determined

RPAK 2015-1 Aircraft Loan Trust, c/o     Aircraft    $85,441,336
Wells Fargo Delaware Trust Company,     Value to be
N.A. 919 N Market Street Suite 1600,    Determined
Wilmington, DE 19801

Dougherty Funding LLC, 90 South           Aircraft   $84,372,187
Seventh Street, Suite 4300              Value to be
Minneapolis, MN 55402, Attn: Al         Determined
Weingart

Norddeutsche Landesbank                   Aircraft   $62,149,459
Girozentrale, Attn: Ship and Aircraft   Value to be
Finance Dept., Friedrichswall 10        Determined
30159 Hannover Germany

Metropolitan Life Insurance Company,      Aircraft   $50,828,925
10 Park Avenue, PO Box 1902             Value to be
Morristown, NJ 07962, Attn: Director     Determined
Leveraged Leases

                   About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring. Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: Proposes Seabury as Financial Advisor
-------------------------------------------------------
Republic Airways Holdings Inc. and its debtor affiliates are
seeking authority from the Bankruptcy Court to employ Seabury
Corporate Advisors LLC and Seabury Securities LLC as their
financial advisor and investment banker under the terms of the an
engagement letter dated Feb. 24, 2016.

Specifically, Seabury will provide the following financial advisory
and investment banking services:

   (a) general financial advisory services such as evaluation of
       Republic's businesses and prospects; development of
       Republic's long-term business plan and related financial
       projections; assisting in the development of Republic's
       long-term business plan and related financial projections;
       assisting in the development of financial data and
       presentations to Republic's Board of Directors, various
       creditors and other third parties; analysis Republic's
       financial liquidity and evaluate alternatives to
       improve such liquidity; evaluation Republic's debt capacity
       and alternative capital structures;

   (b) restructuring services such as analysis of various
       restructuring scenarios on the value of Republic and the
       recoveries of those stakeholders impacted by the
       restructuring, and provide testimony related thereto as   
       necessary; providing strategic advice with regard to
       restructuring or refinancing Republic's obligations;
       participation in negotiations among Republic and its
       creditors, suppliers, lenders, lessors and other
       interested parties; assistance in such areas as court
       testimony on matters what are within the scope of this
       engagement and within Seabury's area of testimonial
       competencies;

   (c) supplementary restructuring services such as restructuring
       and negotiating Republic's codeshare partner agreements as
       the cornerstone of its restructuring; restructuring and
       refinancing and material non-aircraft debt and lease
       obligations; restructuring and refinancing any aircraft
       debt and lease obligations, as required to meet the revised
       needs of Republic;

   (d) as requested by Republic, assist Republic in evaluating and

       completing one or more transactions that involve a sale of
       all or a portion of Republic's operations (including the
       assignment of any executory contracts), including offers of
       employment to Republic's employees, to, merger with, or
       acquisition of another entity including, soliciting parties
       to such a transaction, evaluating alternative transactions
      (including assisting Republic and its other advisors in
       conducting and supervising any due diligence processes with
       such third parties), and structuring, negotiating and  
       assisting in documenting one or more M&A Transactions.  
       Those services will also include assisting Republic's
       management in preparation of business plans, financial
       projections, pro forma financial statements, cash flow
       analyses, valuation analyses, and other pertinent work
       product necessary for Republic's management, Board of
       Directors and other stakeholders to evaluate one or more
       M&A Transactions, and negotiating waivers or amendments
       with Republic's major creditors and lessors in connection
       with such M&A Transactions;

   (e) as requested by Republic, assist Republic in evaluating and
       completing one or more transactions that involve a sale of
       all or a portion of Republic's assets;

   (f) assist Republic, or any business enterprise arising from
       such an M&A Transaction with respect to raising equity,
       including valuation advice, analytical support, and
       advisory assistance in securing equity for Republic, its
       successor company, or any New Enterprise, whether via a
       private equity or a rights offering structure;

   (g) assist Republic in evaluating and, if directed by the
       Board, pursuing arranging (i) exit debt financing in
       connection for emergence from chapter 11 and/or
       (ii) debt financing for completion of an M&A Transaction;

   (h) communicate and/or negotiate with outside constituents
       including debtor-in-possession lenders and their advisors,
       any committees formed in the case and their advisors as
       well as customers, suppliers, vendors and other
       stakeholders, as appropriate;

   (i) provide Republic with assistance in planning, training and
       managing a vendor control program which would assist
       Republic in managing its relationships with vendors system-

       wide as a means of minimizing cash requirements leading up
       to, as well as during, reorganization while maintaining
       continuity of operations; additionally evaluate
       opportunities to improve Republic's liquidity and
       maximize its cash;

   (j) set up and manage for Republic a vendor contract
       optimization process through which Seabury will assist
       Republic to (i) minimize assumption of prepetition
       contracts and (ii) optimize the ultimate vendor contract
       terms and conditions for the reorganized company;

   (k) as requested by Republic, develop a labor strategy and
       costing plan that supports the future business and fleet
       plan including (i) update and/or build a labor cost
       model to identify and quantify changes to collectively
       bargained labor costs; (ii) model productivity, staffing
       movements and contract expense; and (iii) coordinate with
       other restructuring efforts;

   (l) as requested by Republic, assist with employee
       compensation concerns including (i) prepare an overview of
       the objectives, alternatives and process for designing and
       implementing cash and equity-based incentives for employee
       compensation; (ii) articulate objectives and plan design
       parameters including eligibility, target payouts,
       performance metrics and payout timing and model projected
       plan costs; (iii) define a process for selecting
       participants and develop a communication and
       implementation plan; (iv) provide recommendations on the
       design and allocation of equity incentives for key
       employees, including plan size, eligibility, type of  
       equity granted, vesting terms and timing, provisions for
       termination and change in control; (v) model individual
       and total allocation of the available share pool; and

   (m) other consulting services as requested by Republic from
       time to time on an hourly fee basis.

The Debtors agree to pay to Seabury a monthly retainer fee of
$400,000 for the first three months and $200,000 for each month
thereafter, payable in advance commencing from March 1, 2016, and
the first of each month thereafter during the Term of the Agreement
of which 50% of the first six months payments only will be
creditable against any Restructuring Success Fees, Debt & Lease
Restructuring Fee, Sale Success Fees, M&A Transaction Success Fees,
Equity Success Fee, Debt Success Fee or DIP Success Fee
paid to Seabury by the Debtors.

The Debtors agree to pay Seabury a "Restructuring Success Fee" of
$6,000,000 upon the conclusion of a Court Restructuring.

At closing of each Sale Transaction, the Debtors will pay to
Seabury a success fee of 0.65% of the proceeds from such sale.

Cash Management, Vendor Control, Vendor Contract Optimization,
Workforce Analytics, Compensation Consulting and Other Consulting
Services are billed
upon actual hours worked at the standard Seabury billing rates:

        Level                           Hourly Rate
        -----                           -----------
        Chairman/President/CEO             $1,350
        Sr. Managing Director              $1,200
        Managing Director                  $1,050
        Executive Director                  $950
        Senior VP / Director                $825
        Vice President                      $675
        Senior Associate                    $550
        Associate                           $475
        Senior Analyst                      $400
        Analyst                             $300

In addition, the Debtors will reimburse Seabury for its reasonable
out-of-pocket expenses incurred by Seabury in connection with the
services to be rendered under the Agreement.

To the best of the Debtors' knowledge, Seabury and its
professionals are "disinterested" within the meaning of Section
101(14) of the Bankruptcy Code, as modified by section 1107(b) of
the Bankruptcy Code.

                     About Republic Airways
  
Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: Proposes to Pay $310,000 to Critical Vendors
--------------------------------------------------------------
Republic Airways Holdings Inc. and its debtor affiliates are
seeking permission from the Bankruptcy Court to pay prepetition
claims of vendors, suppliers, service providers, and other similar
entities that are essential to maintaining the going concern value
of their business.

Republic estimates that the aggregate amount owed to Critical
Vendors for goods delivered or services provided during the period
before the Petition Date should not exceed $310,000.  Of this
amount, Republic requests authority to pay up to $155,000 prior to
the hearing.

While Republic expects to be able to assure a continuing
postpetition supply of goods and services by consensual negotiation
with the Critical Vendors, it recognizes that its fiduciary duties
require that the company plan for those Critical Vendors that may
refuse to provide future goods or services unless their prepetition
claims are paid.  

"The Critical Vendors are so important to Republic's business that
the lack of each of their particular services, even for a short
duration, will likely cause irreparable harm to Republic's business
as a result of the potential disruption to its flight operations,"
said Bruce R. Zirinsky, Esq., at Zirinksky Law Partners PLLC,
counsel for the Debtors.

The Debtors propose to condition these payments on agreements that
the Critical Vendors continue to sell their goods or services at
the same or reduced prices and on terms at least as favorable as
those in effect before the Petition Date.

Republic has identified the following categories of Critical
Vendors: (i) safety and security providers, (ii) maintenance
service providers, (iii) flight training providers, (iv) customer
amenity providers, (v) passenger and cargo handling and ground
support service providers, (vi) fuel providers, (vii) crew services
providers, and (viii) information technology suppliers and service
providers.

                      About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: Seeks to Enter Into Pacts with Aircraft Parties
-----------------------------------------------------------------
Republic Airways Holdings Inc. and its debtor affiliates seek
permission from the Bankruptcy Court to enter into agreements with
parties that may be subject to the provisions of Section 1110 of
the Bankruptcy Code, which provides certain aircraft lessors and
lenders with rights to relief from the automatic stay.  

Specifically, Section 1110 states:

   "[T]he right of a secured party with a security interest in
    equipment [of the type described in section 1110(a)(3)] ... or
    of a lessor or conditional vendor of such equipment, to take  

    possession of such equipment in compliance with a security
    agreement, lease, or conditional sale contract, and to enforce

    any of its other rights or remedies, under such security
    agreement, lease, or conditional sale contract, to sell,
    lease, or otherwise retain or dispose of such equipment, is
    not limited or otherwise affected by any other provision of
    this title or by any power of the court."

Republic's operating fleet consists of 230 aircraft and a large
amount of related equipment.  Substantially all of the Aircraft
Equipment is subject to leases, subleases, financing arrangements,
and other agreements including security agreements, operating
leases, and subleases.

Republic said it has been working intensively since the prepetition
period to evaluate and optimize the size of its fleet for ongoing
operations.  As part of its reorganization efforts, Republic has
targeted significant cost savings and will seek to maximize the
value of its estates by continuing its strategy of simplifying its
operating fleet and transitioning out of its smaller regional
jets.

In furtherance of these efforts, Republic seeks to continue to
analyze the Aircraft Agreements in the context of its business
strategy and operating needs and negotiate with the numerous
parties having an interest in the Aircraft Equipment, while
preserving important rights under the Bankruptcy Code.

"In view of the large number of aircraft owned or leased by
Republic, it  will take a substantial amount of time to evaluate,
and if necessary negotiate, definitive agreements with Aircraft
Parties with respect to Aircraft Agreements," according to Bruce R.
Zirinsky, Esq., at Zirinsky Law Partners PLLC, counsel for
Republic.  

Mr. Zirinsky added that in many cases, Republic will require more
than the 60-day period specified in Section 1110 of the Bankruptcy
Code.

                      About Republic Airways
  
Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


REPUBLIC AIRWAYS: Taps Zirinsky Law as Lead Attorneys
-----------------------------------------------------
Republic Airways Holdings Inc. and certain of its subsidiaries seek
authority from the Bankruptcy Court to employ Zirinsky Law Partners
LLC as their lead bankruptcy attorneys, nunc pro tunc to the
Petition Date.

It is proposed that Zirinsky will:

   (a) prepare, or oversee the preparation of, on behalf of the
       Debtors, as debtors and debtors-in-possession, all
       necessary motions, applications, answers, orders, reports,
       and other papers in connection with the administration of
       the Debtors' estates;

   (b) take, or oversee the taking of, all necessary action to
       protect and preserve the Debtors' estates, including the
       prosecution of actions on the Debtors' behalf, the defense
       of any actions commenced against the Debtors, the   
       negotiation of disputes in which the Debtors are involved,
       and the preparation of objections to claims filed against
       the Debtors' estates;

   (c) take, or oversee the taking of, all necessary actions in
       connection with any Chapter 11 plan and related disclosure
       statement, and all related documents, and such further
       actions as may be required in connection with the  
       administration of the Debtors' estates; and

   (d) perform, or oversee the performance of, all other legal
       services necessary or appropriate in connection with the
       prosecution of these Chapter 11 cases.

In the 90-day period prior to the Petition Date, Zirinsky  received
$1,125,516 for services rendered and to be rendered, and expenses
incurred and to be incurred, in connection with the
potential restructuring of the Debtors' financial obligations and
the preparation of these Chapter 11 cases.  Of this amount, as of
the Petition Date, Zirinsky held approximately $750,000 as an
advance payment retainer.

The Debtors propose to pay Zirinsky at its normal hourly rates in
effect at the time the services are rendered, subject to Bankruptcy
Court approval.  Zirinsky's current customary hourly rates are
$1,000 for Bruce R. Zirinsky and $750 for Sharon J. Richardson and
Gary D. Ticoll.  The firm does not currently employ associates or
other legal professionals or paraprofessionals.

The Debtors also intend to reimburse Zirinsky for expenses incurred
in connection with its representation in accordance with Zirinsky's
normal reimbursement policies.

To the best of the Debtors' knowledge, Zirinsky is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b).

Zirinsky disclosed that:

   (a) it did not agree to any variations from, or alternatives
       to, its standard or customary billing arrangements for this
       engagement;

   (b) none of the professionals included in this engagement vary
       their rate based on the geographic location of the
       bankruptcy case;

   (c) it or its members individually represented the Debtors for
       approximately eight months prior to the Petition Date.  
       During the prepetition period, the Debtors were invoiced on

       a bi-weekly or monthly basis.  The billing rates and
       material financial terms with respect to this engagement
       have not changed postpetition other than to comply with the
       provisions of the Bankruptcy Code and any Orders relating
       to the timing and payment of compensation and reimbursement

       of expenses; and

   (d) the Debtors have approved its prospective budget and
       staffing plan for the first interim fee period.

                      About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ about
6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.  Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and noticing
agent.


RESTAURANTS ACQUISITION: To File Plan After Claims Bar Date
-----------------------------------------------------------
Restaurants Acquisition I, LLC, asks the U.S. Bankruptcy Court for
the District of Delaware to extend the periods within which only
the Debtor may file through and including June 29, 2016, and
solicit acceptances of a plan of reorganization through and
including August 28, 2016.

The Debtor relates that it is diligently addressing issues relating
to a proposed plan of reorganization.  The Debtor, however, asserts
that completion of a draft plan and disclosure statement should
await the passage of the claims bar date -- March 14 as the general
bar date and May 30 as the governmental bar date -- and analysis of
all claims asserted.

In addition, the Debtor is also working diligently and has made
substantial strides in transitioning its finances and business
operations towards a more effective and efficient model, which will
allow it to capitalize on the strengths of its existing resources,
while eliminating underperforming and unprofitable operations.

Furthermore, the Debtor asserts that much of its plan will depend
on resolution of the pending motion to transfer venue and an
understanding as to the scope of its creditor body and the extent
of their claims.

The Debtor is represented by Sean J. Bellew, Esq., Sommer L. Ross,
Esq., and Jarret P. Hitchings, Esq., at Duane Morris LLP, in
Wilmington, Delaware.

                  About Restaurants Acquisition

Restaurants Acquisition I, LLC filed a Chapter 11 bankruptcy
petition (Bankr. D. Del. Case No. 15-12406) on Dec. 2, 2015.  The
petition was signed by Craig W. Barber as president.  Duane Morris
LLP represents the Debtor as counsel.

The Debtor operates a chain of full-service restaurants throughout
Texas, largely located in the Dallas-Fort Worth and Houston
metropolitan area, operating under the trade-names Black-eyed Pea
and Dixie House.  Through its restaurants, the Debtor also provides
its customers and patrons with on and off premises dining along
with catering services.

The Debtor's debt obligations consist of approximately $2.44
million in loans under a secured credit agreement with CNL
Financial Group, Inc., approximately $1.42 million in loans owed to
Grove Family Investments, L.P., approximately $850,000 owed to
American Express Bank, FSB, under a business and loan security
agreement and approximately $2.17 million in trade debt.

As of the Petition Date, the Debtor estimates that it has
approximately $3.92 million of unsecured trade debt and other
outstanding operating expenses, including, but not limited to,
rent, general operating payables and past-due taxes.


SAMSON RESOURCES: $6.3M Incentive Program for 2016 Approved
-----------------------------------------------------------
BankruptcyData reported that Samson Resources won approval from the
Bankruptcy Court to implement a non-insider incentive program and
non-officer severance program for 2016.

The Debtors, the report relates, sought authority to make, at most,
approximately $6.3 million in incentive payments in the first eight
and a half months of 2016 -- $2.3 million less in incentive
payments than they would if they had not updated their non-insider
incentive program.

According to the report, the reduced amount is due, in part, to a
smaller participant pool and lower overall headcount.  Second, the
Debtors altered the payment schedule, with payments under the
program payable on the date an order is entered confirming a
chapter 11 plan (or the date of the closing of a sale of
substantially all of the Debtors' assets); provided that if there
has been no order entered confirming a chapter 11 plan (or the sale
of substantially all of the Debtors' assets has not closed) by Aug.
15, 2016, 75% of the payments will be payable on Aug. 15, 2016, and
25% will be payable as of the date an order is entered confirming a
chapter 11 plan (or the date of the closing of a sale of
substantially all of the Debtors' assets).

The report notes that the Court also approved Samson's motion for
an extension of the performance award program for three senior
officers.  The aggregate dollar amounts potentially payable for the
first quarter of 2016 -- including prorated awards for the CEO and
COO -- will not exceed $1,147,550 and are broken down as follows:
$487,000 for Andrew Kidd (Chief Executive Officer/General Counsel);
$306,750 for Sean Woolverton (Chief Operating Officer); $353,800
for Philip Cook (Chief Financial Officer).  As currently
contemplated, but subject to stakeholders' input, notice, and
objection rights, the aggregate dollar amounts payable for each of
the remaining three quarters of 2016 would not exceed $1,546,300
and are broken down as follows: $765,000 for Andrew Kidd (Chief
Executive Officer/General Counsel); $427,500 for Sean Woolverton
(Chief Operating Officer); $353,800 for Philip Cook (Chief
Financial Officer).

The Debtors sought approval of the plan for the entire calendar
year 2016 even though the performance metrics, targets, and award
opportunities have only been set for the first quarter.

                      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.  The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.


SAMSON RESOURCES: Defends 10-State, 1,262-Well Sale
---------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Samson Resources
Corp. is defending plans for a Chapter 11 sale of 1,262 lower-yield
well sites, telling a Delaware court the move will cut expenses by
$6 million annually and saying that claims of risks to taxing
authorities, landowners or leaseholders are unfounded. In a
document filed with the court, Samson said it has long sold off
wells that "no longer fit" company goals, with auctions of
low-value production sites by Samson or its predecessors generating
$600 million over the past 20 years.  Bankruptcy law allows
"ordinary course of business" sales without hearing, the company
said.

Samson has proposed a March 9, 2016 auction to sell-off wells
spanning 10 states, most of them in Texas, Oklahoma, Louisiana and
New Mexico.

The proposed sale raised opposition from some creditors and
landowners who have already urged the U.S. Trustee's office to
create a committee to represent thousands now holding rights to
royalties from Samson wells across the country.

Samson's official committee of unsecured creditors said it was
unable to determine if individual wells would generate more from
sale than retention, because Samson has yet to establish or
disclose minimum sale prices for each asset.

EnerVest Operating LLC, which collects revenues from well
production on behalf of third parties and operates its own wells,
said that Samson had not yet disclosed how it will treat claims
against individual wells.

Harrison Williams, chief executive officer of Oil & Gas Asset
Clearinghouse II LLC, said in a filing with the court that the
company would receive a commission on well sales equal to or less
than customary rates paid by other sellers.

"The sale of the wells will not unduly prejudice the rights or
interests of any party, including those parties that filed the
objections," Samson said in its response.

                      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.  The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.


SAMSON RESOURCES: Expanded Role for Ernst & Young Okayed
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Samson Resources Corporation, et al., to expand the scope of their
employment of Ernst & Young LLP, nunc pro tunc to Dec. 7, 2015.

As reported by the Troubled Company Reporter, the Debtor hired EY
LLP to provide fresh start accounting and related valuation
services to the Debtors during the chapter 11 cases.  EY LLP will
provide assistance with the accounting impact of emergence from
bankruptcy to allow the Debtors to apply fresh start accounting in
accordance with ASC 852.  The Court approved the firm's hiring on
Dec. 9, 2015.  

The Debtors then entered into an additional engagement letter with
EY LLP outlining the firm's services in connection with the
provision of legal advice by the General Counsel's Office of Samson
Resources Corporation with respect to the investigation into
alleged fraud.

Domenic E. Pacitti, Esq., at Klehr Harrison Harvey Branzburg LLP,
submitted a certification regarding the proposed expansion of
services to be provided by EY LLP.  He said he has reviewed the
Court's docket in the cases and no answer, objection or other
responsive pleading to the expansion notice or additional
engagement letter appears thereon.

EY LLP will be paid at these hourly rates:

       Partner/Principal          $645
       Executive Director         $570
       Senior Manager             $485
       Manager                    $425
       Senior                     $325
       Staff                      $200

EY LLP will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Kevin S. Corbett, partner of Ernst & Young, 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.

                       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.


SCIENTIFIC GAMES: Reports 2015 Q4 and Full Year Results
-------------------------------------------------------
Scientific Games Corporation reported a net loss of $127.5 million
on $737 million of total revenue for the three months ended
Dec. 31, 2015, compared to a net loss of $47.1 million on $565.8
million of total revenue for the same period in 2014.

For the 12 months ended Dec. 31, 2015, the Company reported a net
loss of $1.39 billion on $2.75 billion of total revenue compared to
a net loss of $234.3 million on $1.78 billion of total revenue for
the 12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $7.73 billion in total assets,
$9.22 billion in total liabilities and a total stockholders'
deficit of $1.49 billion.

"2015 was a transformational year for Scientific Games, culminating
in a strong finish for our fourth quarter operating results," said
Gavin Isaacs, Scientific Games' president and chief executive
officer.  "We completed the heavy lifting of integration, benefited
from $231 million of implemented annualized cost synergies, and
built a strong foundation for our future.  We are one company, with
one mission and three strong businesses, offering the broadest
product portfolio in the industry.  Our innovation was showcased at
G2E, NASPL, and most recently at ICE. We believe that our
innovation has helped generate our improved fourth quarter
performance, and is already driving our momentum into 2016.  Our
winning edge consists of our people, our innovative new products
led by our new TwinStar and Dualos cabinets, our Lottery contract
awards, our systems successes, our electronic table growth, and our
booming social gaming business. We will not rest on our laurels; we
will continue to innovate and to improve our business processes in
order to increase cash flow and reduce leverage."

"Fiscal discipline, strengthening cash flow, and operational
excellence are key strategic priorities for Scientific Games," said
Michael Quartieri, Scientific Games' executive vice president,
chief financial officer, and corporate secretary designee.  "We
made meaningful progress during 2015, as evidenced by the improved
margins and cash flow achieved in the second half of the year.
After incurring costs associated with accelerating implementation
of integration actions early in the year, in the second half of
2015, we increased AEBITDA margin to 40 percent and reduced debt by
$105 million.  Moving forward, we will remain diligent in reviewing
our operational practices to identify additional opportunities for
continuous improvement and to drive shareholder value."

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

                       http://is.gd/5MfOZR

                     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.

                           *     *     *

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.


SEARS HOLDINGS: Fairholme Capital Reports 25.5% Stake
-----------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Fairholme Capital Management, L.L.C. reported
beneficial ownership of 27,184,648 shares of common stock of
Sears Holdings Corporation as of Feb. 24, 2016, representing 25.5
percent of the shares outstanding.  Also included in the filing are
Bruce R. Berkowitz (28,097,648 shares) and Fairholme Funds, Inc.
(16,291,673 shares).  A copy of the regulatory filing is available
for free at http://is.gd/paALNF

                            About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 30, 2016, the Company reported a net loss
of $1.12 billion on $25.14 billion of revenues compared to a net
loss of $1.81 billion on $31.19 billion of revenues for the year
ended Jan. 31, 2015.

As of Jan. 30, 2016, the Company had $11.33 billion in total
assets, $13.29 billion in total liabilities and a total deficit of
$1.95 billion.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service  revised Sears Holdings Corp.'s rating
outlook to negative from stable. All other ratings including the
Caa1 Corporate Family Rating and the SGL-2 Speculative Grade
Liquidity rating were affirmed.

The revision of the rating outlook to negative reflects Sears
continued declines in EBITDA with Domestic Adjusted EBITDA
declining to $836 million (which includes rent paid to Seritage and
related JVs) in fiscal 2015 and as a result cash burn during 2015
exceeded our previous expectations. Disappointing Q4 results and
full year cash usage of an estimated $2.5 billion was partially
related to softness in its apparel sales which challenged the
overall department store sector. While the company is undertaking
actions to reduce fixed costs, it has yet to demonstrate the
ability to stabilize sales and gross margins such that cost savings
translate into improved operating profitability. At current
performance levels, we expect the company will continue to burn
cash which Moody's estimates could be around $1.6 billion in fiscal
2016. This will require the company to continue to monetize assets
to raise liquidity which continues to erode the company's asset
base. We believe the company continues to see meaningful erosion of
market share across most product categories and we see few
operating catalysts to drive meaningful profit improvement in the
near to intermediate term.

The affirmation of the company's ratings reflects our view that the
company still has a significant asset based including 419 owned
stores and our view that the company has demonstrated the ability
to monetize the store base to raise liquidity, most recently
evidenced by the creation of the Seritage REIT. While the company's
cash burn remains high, we believe the ability to continue to
monetize real estate will provide the company with sufficient
liquidity to fund operations. The affirmation also considers the
company's relatively benign debt maturity schedule with no debt
maturities until 2018, and the debt coming due in 2018 is secured
debt against the company's inventory and receivables.

The following ratings were affirmed:

Sears Holdings Corp.

-- Corporate Family Rating, Affirmed Caa1

-- Probability of Default Rating, Affirmed Caa1-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

-- Senior Secured Bank Term Loan due 2018, Affirmed Ba3, LGD2

-- Senior Secured Regular Bond/Debenture due 2018, Affirmed Caa1,

    LGD3

-- 8% Senior Unsecured Notes due 2019, Affirmed Caa3, LGD6

--  Shelf, Affirmed (P)Caa3

Sears Roebuck Acceptance Corp.

--  Senior Unsecured Regular Bond/Debenture, Affirmed Caa2, LGD5

--  BACKED Commercial Paper, Affirmed NP

Outlook Change:

Sears Holdings Corp:

--  Outlook, Changed to Negative from Stable

Sears Roebuck Acceptance Corp.:

--  Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Sears' Caa1 rating reflects the company's sizable operating losses
-- Domestic Adjusted EBITDA (as defined by Sears) was a loss of
$836 million during fiscal 2015 and its cash burn was approximately
$2.5 billion. It remains uncertain if the company's operating
strategies will stem its continued losses and be sufficient for its
cash burn to approach breakeven levels. While the company maintains
a sizable asset base its debts are significant with approximately
$3.2 billion of funded debt as well as an unfunded pension
obligation of $2.1 billion. The ratings also reflect Moody's view
on the uncertainty of the viability of the Kmart franchise in
particular given its meaningful market share erosion.

The Caa1 rating also reflects that even after recent transactions,
Sears still retains ownership of around 419 properties across the
Sears and Kmart banners and the $2.7 billion Seritage transaction
(266 properties) demonstrates the company's ability and willingness
to monetize its holdings. We also recognize the nature of the
arrangements with Seritage and the joint ventures with three large
mall developers provide flexibility for Sears to reduce its store
footprint over time, which we think has the potential to be
positive for Sears.

The negative rating outlook reflects Moody's expectations the
company will face challenges in mitigating operating losses and
reducing its high cash burn despite its ability to monetize
additional real estate as needed to maintain liquidity. The
negative outlook recognizes the company's benign debt maturity
profile with no meaningful debt maturities until 2018 but
recognizes the company's high cash needs including minimum pension
contributions of approximately $596 million in 2016 and 2017,
annual interest expense of $300 million and annual capex of $200
million.

In light of the negative outlook, an upgrade in the near-term is
unlikely. However, ratings could be upgraded if the company were to
make meaningful further progress improving operating results while
maintaining a good liquidity profile. Quantitatively ratings could
be upgraded if we expected EBITDA-Cap Ex to interest to sustainably
approach 1 times while maintaining a good liquidity profile.

Ratings could be downgraded if the company's unencumbered asset
base continued to erode while adjusted EBITDA losses remained
significant and asset sale proceeds primarily were used to fund
operating losses. Ratings could be downgraded if the company's
liquidity were to become more constrained, operating losses widened
beyond current levels, or if probability of default were to
otherwise increase.

Headquartered in Hoffman Estates, IL, Sears Holdings Corporation
("Sears Holdings") through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, operates 1,672 stores in US
as of January 30, 2016. For the most recent LTM period, domestic
revenues were $25.2 billion. 48.5% of Sears Holdings' common stock
is held by entities affiliated with Sears Chairman and CEO Mr.
Edward S. Lampert.


SEARS HOLDINGS: Reports Fourth Quarter and Full Year 2015 Results
-----------------------------------------------------------------
Sears Holdings Corporation reported a net loss of $580 million on
$7.30 billion of revenues for the quarter ended Jan. 30, 2016,
compared to a net loss of $159 million on $8.09 billion of revenues
for the quarter ended Jan. 31, 2015.

For the year ended Jan. 30, 2016, the Company reported a net loss
of $1.12 billion on $25.14 billion of revenues compared to a net
loss of $1.81 billion on $31.19 billion of revenues for the year
ended Jan. 31, 2015.

As of Jan. 30, 2016, the Company had $11.33 billion in total
assets, $13.29 billion in total liabilities and a total deficit of
$1.95 billion.

Edward S. Lampert, Holdings' Chairman and chief executive officer,
said, "While our fourth quarter comparable store sales were
improved over the prior three quarters and January 2016 was our
best monthly comparable store sales performance of the year
(-4.5%), the unseasonably warm weather and the associated
competitive promotional environment resulted in higher than
expected markdowns and significantly lower gross margin in our key
apparel categories.  The impact on our margin rate from the highly
promotional environment had a greater impact than the comparable
store sales improvements.  As we head into 2016, we remain
committed to restoring Sears Holdings to profitability.  Generating
positive Adjusted EBITDA is our most important area of focus, and
to that end, we plan to accelerate our transformation into a
leading member-centric integrated retailer and take action, where
necessary, to optimize our cost structure and improve our gross
margin realization."

Rob Schriesheim, Holdings' chief financial officer, said, "During
2015, we reduced our net debt position by approximately $1.0
billion as compared to year-end 2014, driven by the successful
completion of various strategic actions, including the rights
offering and sale-leaseback transaction with Seritage Growth
Properties and the amendment and extension of our domestic credit
facility.  We believe we have substantially enhanced our financial
flexibility and achieved our objective of further reducing our
reliance on inventory as a source of financing as we execute on our
transformation.  We continue to have many alternatives to access
capital through our existing financing arrangements and we continue
to hold an asset-rich portfolio, including substantial unencumbered
real estate, which affords us flexibility to fund our
transformation and meet our financial obligations.  We intend to
continue taking significant actions to alter our capital structure,
as circumstances allow, to better position Sears Holdings for
success and profitability, which could include further reductions
in debt or changes in the composition of our debt."

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

                       http://is.gd/TVQLpH

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Two Directors Elected to Board
----------------------------------------------
Bruce R. Berkowitz, chief investment officer of Fairholme Capital
Management and president of Fairholme Funds, Inc., and Alesia J.
Haas, formerly chief financial officer of OneWest Bank, N.A., were
elected to the Board of Directors of Sears Holdings Corporation, as
disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.

Mr. Berkowitz and Ms. Haas will each hold office until the 2016
annual meeting of stockholders of the Company, or until his or her
successor is duly elected and qualified.  The Board has determined
that each of Mr. Berkowitz and Ms. Haas meets the standards of
independence under the Company's Corporate Governance Guidelines
and the applicable NASDAQ listing rules.  There is no arrangement
or understanding between Mr. Berkowitz or Ms. Haas and any other
person pursuant to which he or she was selected as a director.
Neither Mr. Berkowitz nor Ms. Haas has been appointed to serve on
any committees of the Board at this time.  As non-employee
directors, Mr. Berkowitz and Ms. Haas are entitled to receive
compensation in the same manner as the Company's other non-
employee directors; however, Mr. Berkowitz has requested to forego
any compensation for his service as a non-employee director of the
Company.

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

For the year ended Jan. 30, 2016, the Company reported a net loss
of $1.12 billion on $25.14 billion of revenues compared to a net
loss of $1.81 billion on $31.19 billion of revenues for the year
ended Jan. 31, 2015.

As of Jan. 30, 2016, the Company had $11.33 billion in total
assets, $13.29 billion in total liabilities and a total deficit of
$1.95 billion.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SFX ENTERTAINMENT: Has Interim OK to Obtain $43-Mil. in DIP Loans
-----------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware issued an amended order giving SFX Entertainment, Inc.,
et al., interim authority to draw upon the DIP Facility and borrow
from the DIP Lenders on the Closing Date in an aggregate principal
amount of up to $43 million, of which $30 million will be Tranche A
DIP Loans and $13 million will be Tranche B DIP Loans, and, after
the Closing Date, up to an additional $16 million in funding will
be availabl to the Debtors.

The Final Hearing will take place on March 4, 2016, at 10:30 a.m.
The Debtors are seeking to obtain senior secured financing from
Wilmington Savings Fund Society, FSB, as administrative agent and
collateral agent for a consortium of lenders, in an aggregate
amount not to exceed $87.6 million, which will consist of Tranche A
DIP Loans in an amount not to exceed $30 million and Tranche B DIP
Loans in an amount not to exceed $57.6 milion.

The Tranche A DIP Loans bear an interest at a rate of 12% per
annum, payable monthly in cash while the Tranche B DIP Loans bear
an interest at a rate per annum equal to 10%, with default at a
rate equal to 2% per annum.

More than $345 million is the outstanding debt of the Debtors to
the First Lien Lenders, Foreign Lenders and Second Lien Note
Lenders.  Accordingly, the Debtors assert that a DIP financing
transaction with the DIP Lenders together with the Restructuring
Support Agreement presents the best, least expensive and most
expeditious option to finance the Debtors through these Chapter 11
Cases.  The DIP Facility will be used for the full payment of the
First Lien and Foreign Loan Obligations with an aggregate amount of
$54.79 million.

The DIP Facility will provide for payment of carve-out that will
include fees and expenses incurred by the retained professional in
an amount not more than $500,000 and up to $1.4 million for the
purchase of a tail policy for the Debtors' directors' and officers'
liability insurance.

SFX Entertainment, Inc., et al. is represented by:

      Dennis A. Meloro, Esq.
      GREENBERG TRAURIG, LLP
      The Nemours Building
      1007 North Orange Street, Suite 1200
      Wilmington, Delaware 19801
      Telephone: (302) 661-7000
      Facsimile: (302) 661-7360
      Email: melorod@gtlaw.com

      -- and --

      Nancy A. Mitchell, Esq.
      Maria J. DiConza, Esq.
      Nathan A. Haynes, Esq.
      GREENBERG TRAURIG, LLP
      MetLife Building
      200 Park Avenue
      New York, NY 10166
      Telephone: (212) 801-9200
      Facsimile: (212) 801-6400
      Email: mitchelln@gtlaw.com
             diconzam@gtlaw.com
             haynesn@gtlaw.com

         About SFX Entertainment

Headquartered in New York, New York, SFX Entertainment, with
approximately $312 million in pro-forma revenues, is a producer of
live events and media and entertainment content focused exclusively
on electronic music culture.

SFX Entertainment, Inc., and 43 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to
16-10281) on Feb. 1, 2016.  The petitions were signed by Michael
Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SHIPPY REALTY: Case Summary & Unsecured Creditor
------------------------------------------------
Debtor: Shippy Realty Corp.
        150 Cortlandt Street
        Tarrytown, NY 10591

Case No.: 16-22249

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: February 26, 2016

Court: United States Bankruptcy Court
       Southern District of New York (White Plains)

Judge: Hon. Robert D. Drain

Debtor's Counsel: Bruce R. Alter, Esq.
                  ALTER & BRESCIA, LLP
                  550 Mamaroneck Avenue
                  Harrison, NY 10528
                  Tel: (914) 670-0030
                  Fax: (914) 670-0031
                  E-mail: altergold@aol.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Cirilo Rodriguez, president.

The Debtor listed Consolidated Edison as its largest unsecured
creditor holding a claim of $4,000.

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

           http://bankrupt.com/misc/nysb16-22249.pdf


SOUTHEASTHEALTH MISSOURI: Fitch Keeps 'B' Rating on $90.5MM Bonds
-----------------------------------------------------------------
Fitch Ratings has maintained these Cape Girardeau County Industrial
Development Authority bonds issued on behalf of Southeast Missouri
Hospital Association (d/b/a SoutheastHealth) on Rating Watch
Evolving:

   -- $90.5 million hospital revenue bonds, series 2007, currently

      rated 'B'.

SoutheastHealth has an additional $30 million in direct placement
debt (series 2013) outstanding with Regions Bank which Fitch does
not rate.

                               SECURITY

The bonds are secured by a pledge of security interest in the
unrestricted receivables of Southeast Missouri Hospital
Association, with additional security provided by a debt service
reserve fund.

                         KEY RATING DRIVERS

POSSIBLE DEBT ACCELERATION: SoutheastHealth remains in violation of
its debt service coverage covenant, which constitutes an event of
default per the bank documents granting the bank the right to
accelerate the debt.  If the bank accelerates the series 2013
bonds, it would trigger a cross-default to the series 2007 bonds,
and would result in negative rating pressure.  SoutheastHealth is
currently working to refinance the bank debt, which is expected to
occur by April 30, 2016.

EVIDENCE OF OPERATING IMPROVEMENT: Through the unaudited fiscal
year ended Dec. 31, 2015, SoutheastHealth generated a solid 10.3%
EBITDA margin and 3.7x coverage of maximum annual debt service
(MADS) by EBITDA, with further incremental improvement expected in
2016.  In addition, cash flow continues to bolster liquidity, to
76.1 days of cash on hand (DCOH) at Dec. 31, 2015 versus 58.3 DCOH
prior year.

                        RATING SENSITIVITIES

SUCCESSFUL REFINANCING: The failure of SoutheastHealth to
successfully refinance its 2013 bonds - and effectively resolve its
debt service coverage covenant violation and threat of acceleration
and cross-default to the series 2007 bonds - would likely prompt
negative rating pressure.

SUSTAINED IMPROVEMENTS: Assuming the execution of an acceptable
waiver of default and resolution of its covenant violation, upward
rating movement is likely should SoutheastHealth continue its track
record of better revenue-cycle management and improved operating
results.

                          CREDIT PROFILE

SoutheastHealth is located in Cape Girardeau, MO, approximately 100
miles south of St. Louis.  The system operates four hospitals,
including an acute care hospital with 230 staffed beds and three
regional acute care facilities with a total of 94 staffed beds.
Additional operations include home health, hospice, and various
other ambulatory sites and services across the Southeast Missouri
region.  Effective March 11, 2016, SoutheastHealth plans to close
one of its regional hospitals, the 25-bed Southeast Health Center
of Reynolds County in Ellington, MO.

In 2015 (unaudited; Dec. 31 year end), SoutheastHealth reported
total revenues of $345.6 million.

                           DEBT PROFILE

Total debt equals approximately $130.8 million, including the
$30 million in outstanding series 2013 direct placement debt.
SoutheastHealth is planning to refinance this direct placement debt
by April 30, 2016 with a public bond issuance.  While material
changes to MADS or leverage are not anticipated, Fitch expects to
review the structure and size of the planned issuance in the coming
months.

A failure to complete the planned refinancing, resulting in an
ongoing threat of acceleration and cross-default, could result in
further rating pressure.  SoutheastHealth obtained a waiver from
the bank related to the fiscal 2013 covenant violations, but has
not received a waiver for fiscal 2014 covenant violations.



SPENDSMART NETWORKS: Chief Financial Officer Quits
--------------------------------------------------
Mr. Bruce Neuschwander resigned as Spendsmart Networks, Inc.'s
chief financial officer effective Feb. 24, 2016, and will
transition into a consulting role, according to a Form 8-K report
filed with the Securities and Exchange Commission.

                     About SpendSmart Networks

SpendSmart Networks, Inc., provides proprietary loyalty systems
and a suite of digital engagement and marketing services that help
local merchants build relationships with consumers and drive
revenues.  These services are implemented and supported by a vast
network of certified digital marketing specialists, aka "Certified
Masterminds," who drive revenue and consumer relationships for
merchants via loyalty programs, mobile marketing, mobile commerce
and financial tools, such as prepaid card and reward systems.  We
enter into licensing agreements for our proprietary loyalty
marketing solution with "Certified Masterminds" which sell and
support the technology in their respective markets.  The Company's
products aim to make Consumers' dollars go further when they spend
it with merchants in the SpendSmart network of merchants, as they
receive exclusive deals, earn rewards and ultimately build a
connection with their favorite merchants.

SpendSmart Networks incurred a net loss of $12.2 million on $4.03
million of total revenues for the year ended Dec. 31, 2014,
compared to a net loss of $14.09 million on $0 of total revenues
for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $8.52 million in total
assets, $4.48 million in total liabilities and $4.04 million in
total stockholders' equity.

EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has recurring net
losses since inception and has yet to establish a profitable
operation.  These factors among others raise substantial doubt
about the ability of the Company to continue as a going concern.


TAYLOR-WHARTON: Names Thomas Doherty as Restructuring Officer
-------------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware authorized Taylor-Wharton International LLC,
et al., to employ Argus Management Corporation to provide interim
management services, and designate Thomas Doherty as chief
restructuring officer nunc pro tunc to the Petition Date.

On Nov. 5, J. Cory Falgowski, Esq., at Reed Smith LLP, as counsel
for the Debtors, submitted a certification of counsel in relation
to the revised order authorizing the debtors to (i) employ and
retain Argus Management Corporation.

The Debtors, in their motion, said that as a result of extensive
prepetition marketing efforts by the Debtors and their advisors,
the Debtors have received an offer to purchase the assets of
the CryoScience business division for $24 million in cash and the
assumption of certain liabilities from Haier Medical and Laboratory
Products USA, Inc.

Contemporaneous herewith, the Debtors are filing a motion seeking
approval of bid procedures which will subject the stalking horse
bid to higher and better offers.

It is the Debtors' intention to sell all of their remaining assets
and businesses, including CryoScience, Cryogenics' Theodore,
Alabama plant, and the stock or assets of Cryogenics' foreign
subsidiaries.  Accordingly, under the Bid Procedures, the Debtors
intend to solicit bids for Cryogenics' U.S. assets and businesses
well as the assets and businesses of Cryogenics' foreign
subsidiaries.

Argus is expected to, among other things:

   a) facilitate the asset sale process assisting the investment
banking firm to maximize proceeds and expediting the time frame;

   b) develop a short-term cash flow forecasting process and
implementing cash management strategies; and

   c) establishing a weekly financial reporting package that
provides additional transparency into the Debtors' near term cash
position, including a forecast to actual variance analysis.

The hourly rates of Argus' professionals anticipated to be assigned
to the cases are:

         Engagement Staff                        Hourly Rate
         ----------------                        -----------
   Thomas Doherty, chief restructuring officer       $495
   Staff Consultants                             $250 - $295

During the 90 days prior to the commencement of the cases,
including the retainer, the Debtors paid Argus a total of
$656,782.

To the best of the Debtors' knowledge, Argus is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       About Taylor-Wharton

Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed
Lead
Case No. 15-12075) on Oct. 7, 2015.  The petition was signed by
Thomas Doherty as chief restructuring officer.

Cryogenics is a leading designer, engineer and manufacturer of
cryogenic equipment designed to transport and store liquefied
atmospheric and hydrocarbon gases.  Cryogenics has a single United
States operation in Theodore, Alabama.  Cryogenics is the direct
or
indirect parent of several foreign non-debtor subsidiaries which
have manufacturing operations in China, Malaysia, Slovakia, and
warehousing operations in Germany and Australia.

The Debtors have engaged Reed Smith LLP as general bankruptcy
counsel, Nixon Peabody LLP as special counsel, Argus Management
Corporation as interim management services provider, Stifel,
Nicolaus & Company, Incorporated and Miller Buckfire & Company LLC
as investment banker and Logan & Company, Inc., as noticing and
claims agent.  Argus Management Corporation is authorized to
provide interim management services, and designate Thomas Doherty
as chief restructuring officer.

Taylor-Wharton International LLC disclosed total assets of
$14,463,438 and total liabilities of $47,978,923.  O'Neal Steel
Inc. is listed as the largest unsecured creditor holding a trade
claim of $788,815.

Judge Brendan Linehan Shannon is assigned to the case.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel, The Rosner Law Group LLC as its
Delaware counsel; EisnerAmper LLP as its financial advisor.


TAYLOR-WHARTON: Reed Smith Approved as Bankruptcy Counsel
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Taylor-Wharton International LLC, et al., to employ Reed Smith LLP
as bankruptcy counsel nunc pro tunc to Oct. 7, 2015.

Reed Smith is expected to:

   a) advise the Debtors of their rights, powers and duties as
debtors and debtors in possession;

   b) take all necessary action to protect and preserve the
Debtors' estates, including the prosecution of actions on the
Debtors’ behalf, the defense of any actions commenced against the
Debtors, the negotiation of disputes in which the Debtors are
involved and the preparation of objections to claims filed against
the Debtors' estates;

   c) prepare on behalf of the Debtors all necessary motions,
applications, answers, orders, reports and papers in connection
with the administration of the Debtors' estates.

Paul M. Singer., Esq., a partner in Reed Smith told the Court that
Reed Smith has received payments during the period of Oct. 1, 2014,
through Oct. 1, 2015, of $1,517,191 for legal services rendered in
connection with: (i) general corporate matters; (ii) financing
matters; (iii) asset sales; and (iv) the Debtors' financial
restructuring and in contemplation of the bankruptcy cases.

Reed Smith is holding a retainer of: $118,098 provided to it on
Oct. 1, 2015, plus an additional retainer of $150,000 provided to
it on Oct. 7, 2015.  Immediately prior to the filing Reed Smith set
off against the retainer sums owing for unpaid services rendered
from Oct. 1, 2015, to the Petition Date of $90,000.

The Court also ordered that Reed Smith is authorized to hold the
unused portion of its security retainer and to apply the retainer
to Reed Smith's postpetition fees and expenses.

To the best of the Debtors' knowledge, Reed Smith is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Thomas Doherty, chief restructuring officer, submitted a
declaration in support of the Debtors' application to employ Reed
Smith.

                       About Taylor-Wharton

Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed
Lead
Case No. 15-12075) on Oct. 7, 2015.  The petition was signed by
Thomas Doherty as chief restructuring officer.

Cryogenics is a leading designer, engineer and manufacturer of
cryogenic equipment designed to transport and store liquefied
atmospheric and hydrocarbon gases.  Cryogenics has a single United
States operation in Theodore, Alabama.  Cryogenics is the direct
or
indirect parent of several foreign non-debtor subsidiaries which
have manufacturing operations in China, Malaysia, Slovakia, and
warehousing operations in Germany and Australia.

The Debtors have engaged Reed Smith LLP as general bankruptcy
counsel, Nixon Peabody LLP as special counsel, Argus Management
Corporation as interim management services provider, Stifel,
Nicolaus & Company, Incorporated and Miller Buckfire & Company LLC
as investment banker and Logan & Company, Inc., as noticing and
claims agent.  Argus Management Corporation is authorized to
provide interim management services, and designate Thomas Doherty
as chief restructuring officer.

Taylor-Wharton International LLC disclosed total assets of
$14,463,438 and total liabilities of $47,978,923.  O'Neal Steel
Inc. is listed as the largest unsecured creditor holding a trade
claim of $788,815.

Judge Brendan Linehan Shannon is assigned to the case.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel, The Rosner Law Group LLC as its
Delaware counsel; EisnerAmper LLP as its financial advisor


TAYLOR-WHARTON: Stifel Nicolaus, Miller Buckfire OK'd as Banker
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Taylor-Wharton International LLC, et al., to employ Stifel,
Nicolaus & Company, Incorporated, and its affiliate Miller Buckfire
& Company LLC, as investment banker, effective as of the Petition
Date.

Stifel Nicolaus is expected to:

   a. develop a list of entities that might be potential purchasers
of Cryogenics or CryoScience or any of their respective businesses,
securities or assets;

   b. identify opportunities for the sale of Cryogenics or
CryoScience;

   c. initiate and coordinate discussions with potential
purchasers; and

   d. prepare a document or documents to describe Cryogenics and
its management and financial status for use in discussions with
prospective purchasers.

The Debtors, in their motion, said that as a result of extensive
prepetition marketing efforts by the Debtors and their advisors,
the Debtors have received an offer to purchase the assets of the
CryoScience business division for $24 million in cash and the
assumption of certain liabilities from Haier Medical and Laboratory
Products USA, Inc.

The Debtors submit that a successful sale of all or substantially
all of Cryogenics or CryoScience is the best way to maximize the
value of the Debtors' estates and that the assistance of Stifel is
necessary to such a sale.

According to the Debtors, Stifel's services will complement, and
not duplicate, the services to be rendered by any other
professional retained in thee cases.  Specifically, Stifel will
carry out a unique function and will use reasonable efforts to
coordinate with the Debtors and other professionals retained in the
cases to avoid unnecessary duplication of services.

Stifel's fee and expense structure includes:

   a. Sale Fee: upon a Sale, the greater of $400,000 or the sum of
these percentages of aggregate sale consideration:

   Up to $30 million: 1.5%
   Between $30 and $40 million: 3.0%
   Over $40 million: 7.0%

   b. Expenses: the Debtors will reimburse Stifel for its expenses
incurred in connection with the matters contemplated by the
engagement letter, including, without limitation, reasonable fees,
disbursements, and other charges of Stifel's counsel, but not over
$50,000 in the aggregate without the Debtors' reasonable consent;
and

   c. multiple fees: Stifel will be entitled to multiple sale fees
only if aggregate Consideration across all sales exceeds
$26,666,667, above which amount Stifel is entitled only to the
percentage-based sale fee and not the $400,000 minimum.

In the ninety-day period prior to the Petition Date, Stifel has
received no payment from the Debtors for any services rendered but
has received reimbursement of a total of $50,000 in expenses
incurred in connection with performing the engagement.  In the
twelve-month period prior to the Petition Date, Stifel received
$739,348 in fees for services rendered and reimbursement for
expenses incurred, of which all but the $50,000 noted above were in
connection with a prior engagement of Stifel Nicolaus by the
Debtors in connection with the sale of Sherwood Valve LLC. That
engagement concluded in June 2015.

To the best of the Debtors' knowledge Stifel is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                       About Taylor-Wharton

Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed
Lead
Case No. 15-12075) on Oct. 7, 2015.  The petition was signed by
Thomas Doherty as chief restructuring officer.

Cryogenics is a leading designer, engineer and manufacturer of
cryogenic equipment designed to transport and store liquefied
atmospheric and hydrocarbon gases.  Cryogenics has a single United
States operation in Theodore, Alabama.  Cryogenics is the direct
or
indirect parent of several foreign non-debtor subsidiaries which
have manufacturing operations in China, Malaysia, Slovakia, and
warehousing operations in Germany and Australia.

The Debtors have engaged Reed Smith LLP as general bankruptcy
counsel, Nixon Peabody LLP as special counsel, Argus Management
Corporation as interim management services provider, Stifel,
Nicolaus & Company, Incorporated and Miller Buckfire & Company LLC
as investment banker and Logan & Company, Inc., as noticing and
claims agent.  Argus Management Corporation is authorized to
provide interim management services, and designate Thomas Doherty
as chief restructuring officer.

Taylor-Wharton International LLC disclosed total assets of
$14,463,438 and total liabilities of $47,978,923.  O'Neal Steel
Inc. is listed as the largest unsecured creditor holding a trade
claim of $788,815.

Judge Brendan Linehan Shannon is assigned to the case.

The Official Committee of Unsecured Creditors tapped Lowenstein
Sandler LLP as its counsel, The Rosner Law Group LLC as its
Delaware counsel; EisnerAmper LLP as its financial advisor.


TEREX CORP: S&P Puts 'BB' CCR on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said that it has placed all of
its ratings on Terex Corp., including S&P's 'BB' corporate credit
rating, on CreditWatch with negative implications.

"The CreditWatch placement follows Terex Corp.'s announcement that
it is pausing its merger integration efforts with Hyvinkaa,
Finland-based Konecranes PLC," said Standard & Poor's credit
analyst Tyrell Peebles.  "Prior to Terex's announcement,
China-based manufacturer Zoomlion Heavy Industries (Zoomlion)
issued a statement outlining the funding plan for its previously
announced unsolicited acquisition offer for Terex."  The proposed
$3.3 billion offer, which represented a 41% premium over Terex's
share price as of the time it was announced, would purportedly be
funded with 60% debt and 40% cash. Terex's Board of Directors
entered into a confidentiality agreement with Zoomlion and is
currently in discussions with the company regarding the proposal to
determine the course of action that it believes is in the best
interest of Terex's shareholders.  S&P believes that it would
likely have to lower its corporate credit rating on Terex if it is
acquired by the lower rated and highly leveraged Zoomlion.

S&P will continue to monitor developments related to the proposed
transactions with Zoomlion and Konecranes and expect to resolve the
CreditWatch placement after Terex makes a definitive decision
regarding the two alternatives.



TERRAFORM POWER: Moody's Cuts Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
(CFR) of TerraForm Power Operating LLC (TPO) and TerraForm Global
Operating LLC (TGO) to B3 from B2. The unsecured debt rating at
both TPO and TGO were downgraded to Caa1 from B3, and the
Probability of Default rating at both TPO and TGO were downgraded
to B3-PD from B2-PD. The Speculative Grade Liquidity (SGL) rating
of TPO was lowered to SGL-4 and the SGL of TGO was maintained at
SGL-3. The rating outlook of both entities is negative. TPO and TGO
are subsidiaries of TerraForm Power Inc (TERP) and TerraForm Global
Inc (GLBL), respectively, which are the publicly listed YieldCos
and subsidiaries of sponsor SunEdison Inc (SUNE, unrated).

Downgrades:

Issuer: TerraForm Global Operating, LLC

--  Probability of Default Rating, Downgraded to B3-PD from B2-PD

--  Corporate Family Rating, Downgraded to B3 from B2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
    (LGD 5) from B3 (LGD4)

Issuer: TerraForm Power Operating LLC

--  Probability of Default Rating, Downgraded to B3-PD from B2-PD

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

--  Corporate Family Rating, Downgraded to B3 from B2

--  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     (LGD 5) from B3 (LGD 5)

Outlook Actions:

Issuer: TerraForm Global Operating, LLC

-- Outlook, Remains Negative

Issuer: TerraForm Power Operating LLC

-- Outlook, Remains Negative

Affirmations:

Issuer: TerraForm Global Operating, LLC

--  Speculative Grade Liquidity Rating, Affirmed SGL-3

RATINGS RATIONALE

Rating Rationale

"Our rating action reflects heightened concerns around the solvency
of SunEdison as well as liquidity considerations at the yieldcos,
with TERP likely needing additional capital in 2016 to meet
obligations under the Vivint asset purchase commitment agreement",
said Swami Venkataraman, Moody's Vice President -- Senior Credit
Officer. "In our opinion, both TERP and GLBL exhibit stronger
credit quality than parent SUNE because their cash flows remain
stable. However, our rating incorporates a low but not negligible
probability that one or both yieldcos may eventually end up in
bankruptcy proceedings as a result of a SUNE bankruptcy", he
added.

Moody's believes that the fundamental credit quality of both TERP
and GLBL has been weakened as they have not been able to terminate
or otherwise eliminate certain of their financial obligations. In
TERP's case, while the ultimate obligation to purchase the
Invenergy assets always resided with TERP, the initial plan called
for SUNE to own a part of the portfolio in a warehouse and for the
assets to be dropped into TERP over time. SUNE's inability to raise
capital resulted in TERP purchasing all of the assets in 2015 --
In addition, TERP signed an amended "purchase commitment" that
reduced its prior obligation but will potentially still require it
to purchase 400-450 MW of rooftop systems from Vivint annually for
up to five years. This obligation, along with the requirement to
purchase other assets from SUNE, will require TERP to incur
additional non-recourse debt, sell assets or access the capital
markets in 2016 as its liquidity is limited, although the
obligations would fall away if SUNE is successful in selling these
assets to third-parties. We estimate that TERP will need to draw
down a substantial all of its $725 million revolver, accounting for
the downgrade of its SGL rating to SGL-4 from SGL-3. Proforma for
the Invenergy acquisition that closed in Dec 2015, we estimate that
TERP's Debt/EBITDA stands at about 6.9x, and cash flow coverage of
interest and debt at 2.57x and 8.5%, respectively.

In Moody's opinion, GLBL has also stepped up to support SUNE, with
SUNE selling it 425 MW of solar projects in India. GLBL pre-paid
$231 million for these assets in Q4 2015, with an adjustment to the
price paid to be made as the projects are completed and transferred
in 2016. GLBL is yet to complete four of its originally planned
acquisitions (under construction or pending project lender or
governmental approvals) and one planned acquisition has been
terminated by SUNE. As a result, the company did not need external
capital to complete the Indian solar acquisition and Moody's
estimates still has approximately $800 million of cash balances as
of Dec 31, 2015 and full availability of its $485 million revolving
credit facility, leading Moody's to keep GLBL's SGL rating
unchanged at SGL-3.

Moody's said, "On January 7, 2016, when SUNE completed its $725
million second lien debt and exchange offer, the company disclosed
that it had $1.1 billion of cash on hand proforma for the debt
issuance. We estimate that about $500 million of this amount likely
resides at various projects currently under construction and a
majority of this amount is not really free cash available to meet
liquidity needs. A portion of this cashincludes EPC profits
retained temporarily at the projects by SUNE, which normally acts
as the EPC contractor for all the projects it develops, and which
we believe is likely available for general liquidity if needed.
SUNE has about $200 million in interest payments and approximately
$600 million in G&A expenses for 2016. Even if one assumes $200
million of EBITDA at SUNE's services business as forecasted by the
company, this leaves SUNE dependent upon sales of developed assets
to maintain its solvency.

"SUNE's challenging financial position and heightened bankruptcy
risk also contributed to the downgrade since it raises the
possibility, although unlikely, that the yield cos may be pulled
into a SUNE bankruptcy. When SUNE added independent directors to
the board in November 2015, the CEO and the CFO of both TERP and
GLBL were replaced and two former independent directors resigned,
in our opinion it strengthened each yieldco's connection with SUNE
rather than reinforcing their independence. The new Chairman of
both yieldcos was a director on SUNE's board, and the CEO also acts
as SUNE's CFO. The current board of both yieldcos consists of 4
independent directors and 3 representatives from SUNE. SUNE's
ability to sell assets to the yieldcos also illustrates this
increasingly close relationship.

"The yieldcos will face collateral consequences from a SUNE
bankruptcy and at some point, it is possible that their boards may
need to make an independent decision as to whether the yieldcos
themselves may need to be filed into bankruptcy. In our view, there
are a number of factors that reduce the risk of a voluntary
bankruptcy filing by TERP or GLBL including: (i) The companies are
currently able to meet all of their obligations and are not
themselves insolvent; (ii) SUNE only has a minority economic
interest in both yieldcos, though it controls both companies
through class B shares; (iii) Both TERP and GLBL are publicly
listed Delaware corporations rather than wholly owned SPVs and
Delaware law imposes fiduciary duties on a company's directors; and
(iv) a voluntary filing of either yieldco requires a vote of a
majority of three independent directors on the yieldco's "corporate
governance and conflicts committee."

The assets and cash flows of the yieldcos would only be available
to SUNE's creditors in case of a SUNE bankruptcy if a substantive
consolidation of the yieldcos into a SUNE bankruptcy were ordered
by a bankruptcy judge. Moody's said, "Although we consider the
likelihood of this event to be remote, since all three companies
have operated as clearly separate legal entities with their own
boards, capital structures and financing documents, it is not
impossible that a bankruptcy court might reach a different result.
At the time of the original ratings of TERP and GLBL, Moody's was
also provided with non-consolidation opinions from an external
counsel."

Liquidity

TPO has an SGL-4 rating while TGO has an SGL-3 rating. Moody's
projects TERP'S liquidity is weaker because of its expectation that
they will draw substantially all of their revolver while Moody's
projects that TGO has approximately $800 million of cash balances
and full availability of its $485 million revolving credit
facility. TERP's liquidity is also affected by its need to raise
additional capital in relation to Vivint related asset purchase
obligations should that acquisition close.

Outlook: The negative outlook primarily reflects liquidity and
solvency risks at SUNE and the possibility that TPO and TGO may be
drawn into a SUNE bankruptcy, should it occur.

What could change the rating UP?

Limited near term prospects exist for a rating upgrade. However, if
SUNE is able to either successfully close or terminate the Vivint
acquisition, a stable outlook on TPO and TGO could be considered.
This would also require a high degree of certainty that SUNE will
not file for bankruptcy and is able to successfully continue as a
going concern. A stable outlook would also require that TPO and TGO
are not saddled with additional financial obligations that pressure
their financial profiles and that they continue to maintain
adequate liquidity to support their operations.

What could change the rating Down?

Ratings at both TPO and TGO could be lowered further if Moody's
perceive an increase in the risk at TPO and TGO from a bankruptcy
filing at SUNE. Moreover, Moody's will assess how recent management
changes at SUNE, TERP and GLBL impact financing plans around the
completion of near-term acquisitions, both yieldcos' strategic
direction, SUNE's liquidity profile and corporate governance
practices, especially how TERP and GLBL's independent directors
view and react to ongoing developments.


TGHI INC: Trustee Directed Not to Convene Creditors' Meeting
------------------------------------------------------------
The Hon. Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York directed the U.S. Trustee not to
convene a 341 meeting pursuant to Section 341(e) of the Bankruptcy
Code, in the Chapter 11 case of TGHI, Inc., and its debtor
affiliates.

The order, however, directed the U.S. Trustee to schedule a Section
341 meeting if the Debtors' prepackaged plan is not confirmed
within 90 days after the Petition Date.

The order further said that the portion of the motion that seeks a
determination that no Committee of Unsecured Creditors should be
formed is deferred.  Judge Wiles said the U.S. Trustee may solicit
the Debtors' unsecured creditors for participation in a statutory
committee in the Chapter 11 Cases but will refrain from appointing
a statutory committee unless and until (i) sufficient interest in
participation is established, and (ii) the Court rules on the
motion.  Both the Debtors and the U.S. Trustee reserve their rights
to seek a determination of the Court with respect to the need of a
statutory committee in the Chapter 11 Cases.

In an earlier order, the Court granted, in part, the motion for
entry of an order waiving the requirement for meetings of creditors
or equity security holders, the appointment of a statutory
committee, and the filing of monthly operating reports.

                      About TGHI, Inc.

TGHI, Inc. and Parent THI, Inc. filed petitions under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 16-10300 and
16-10301, respectively) on Feb. 9, 2016, to effectuate a wind down
and dissolution of their estates.

The Debtors were the former direct or indirect holding companies of
Targus Group International, Inc. and its operating subsidiaries --
which are now unaffiliated with the Debtors and are not "Debtors"
in the Chapter 11 Cases -- and were a leading global supplier of
carrying cases and accessory products for the mobile lifestyle.

TGII and its operating subsidiaries were a global supplier of
carrying cases and accessory products for the mobile lifestyle.
The Parent owns 100% of the equity interests in Holdings.  Holdings
owned 100% of the equity interests in TGII prior to the Oct. 30,
2015 transaction.

After various events of default commencing in December 2014 under
each of the operative senior secured revolving loan and term loan
credit facilities, the Debtors obtained various forbearances.
Pursuant to a Transaction Support Agreement dated May 21, 2015 with
holders of a prepetition $185 million credit facility, the Debtors
agreed to release the common stock into escrow and a marketing
process for a sale or refinancing transaction was commenced.  The
marketing process, however, failed to yield a result that would
repay a meaningful portion of the debt facilities.  On Oct. 30,
2015, 100% of the stock of TGII was released to an entity
controlled by the $185 Million Facility Lenders in exchange for an
agreement to fund the administration of the Debtors' Chapter 11
cases and the wind-down of the Debtors, and provide a "transaction
consideration" for the benefit of Holdings' creditors.

TGHI, Inc. estimated assets in the range of $1 million to $10
million and liabilities of $10 million to $50 million.  Parent THI,
Inc. estimated assets of $0 to $50,000 and liabilities of $50
million to $100 million.

Judge Michael E. Wiles is assigned to the cases.

The Debtors have engaged Klestadt Winters Jureller Southard &
Stevens, LLP as counsel and Kurtzman Carson Consultants LLC as
claims, noticing agent and administrative agent.

The Debtors also tapped Kramer Levin Naftalis & Frankel LLP's Adam
C. Rogoff, Esq. -- arogoff@kramerlevin.com -- and Anupama
Yerramalli, Esq. -- ayerramalli@kramerlevin.com -- as special
counsel.

                          *     *    *

On Feb. 11, 2016, the Court entered an order establishing a March
18, 2016 general claims bar date, and an Aug. 8, 2016 governmental
claims bar date.


TOPOREK FAMILY: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee disclosed in a filing with the U.S.
Bankruptcy Court for the Eastern District of New York that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Toporek Family LP.

                       About Toporek Family

On January 25, 2016, Toporek Family LP filed a voluntary petition
for relief under Chapter 11 of the U.S. Bankruptcy Code in the
Eastern District of New York (Central Islip).

The Debtors' case (Case No. 16-70282) is assigned to Judge Louis A.
Scarcella.


TWCC HOLDING: S&P Withdraws 'B' Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its
ratings, including the 'B' corporate credit rating, on U.S.-based
media company TWCC Holding Corp. at the company's request.

The rating withdrawals follow TWCC's full repayment of its
obligations under its credit agreements upon International Business
Machines Corp.'s (IBM's) acquisition of the company and its digital
assets.


VANTAGE ONCOLOGY: Moody's Puts Ba3 CFR on Review for Upgrade
------------------------------------------------------------
Moody's Investors Service placed the B3 Corporate Family Rating
(CFR), B3-PD Probability of Default Rating (PDR), B3 senior secured
notes rating and Ba3 senior secured revolver rating of Vantage
Oncology, LLC ("Vantage") under review for upgrade. The review
follows Vantage's announcement that it has signed a definitive
agreement to be acquired by McKesson Specialty Health, a business
unit of the McKesson Corporation (Baa2, stable). McKesson is one of
the nation's largest pharmaceutical distributors.

The following ratings were placed under review for upgrade:

Corporate Family Rating, B3

Probability of Default Rating, B3-PD

$25 million senior secured revolving credit facility, Ba3 (LGD1)

$300 million senior secured notes, B3 (LGD4)

RATINGS RATIONALE

The review for upgrade is based on Moody's view that, should the
acquisition by McKesson be consummated, Vantage will become part of
an enterprise with a stronger overall credit profile (and hence a
potentially higher rating) than if Vantage remains a standalone
company. Moody's expects that Vantage's debt will be repaid in
advance of its maturity. Moody's will withdraw Vantage's ratings
when all debt is repaid.

The acquisition is expected to close by the end of June 2016 and is
subject to customary closing conditions, including compliance with
the Hart-Scott-Rodino Antitrust Improvements Act.

Vantage is a provider of radiation therapy and related oncology
services to cancer patients. The company is owned by Oak Hill
Capital Partners and other private and institutional investors and
management. Revenue for the twelve months ended September 30, 2015
was approximately $199 million.

McKesson is one of the nation's largest pharmaceutical
distributors. The company also distributes medical supplies to
alternate site providers and offers information systems solutions
for healthcare providers and payors. Revenue for the twelve months
ended December 31, 2015 was approximately $189 billion.


VARIANT HOLDING: July 11 Set as Governmental Claims Bar Date
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware established
these deadlines for individuals or entities to file proofs of
claims against Variant Holding Company, LLC, et al.:

   1. General Bar Date:       4:00 p.m., on the date that is 45
                              days after the bar date notice
                              mailing date;

   2. Governmental Bar Date:  July 11, 2016, at 4:00 p.m.

Proofs of claim must be submitted to:

         Clerk of the Bankruptcy Court
         District of Delaware
         824 Market Street, 3rd Floor
         Wilmington, DE 19801

         Variant Subsidiaries Claims Processing
         c/o UpShot Services LLC
         8269 E. 23rd Ave., Suite 275
         Denver, CO 80238

                      About Variant Holding

Tucson, Arizona-based Variant Holding Company, LLC, and its direct
and indirect subsidiaries are a commercial real estate business
with direct and indirect ownership interests in 23 real property
interests in various states.

Variant Holding commenced bankruptcy proceedings under Chapter 11
of the U.S. Bankruptcy Code in Delaware (Case No. 14-12021) on Aug.
28, 2014. Variant Holding estimated $100 million to $500 million in
assets and less than $100 million in debt.

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

Variant's subsidiaries filed voluntary Chapter 11 petitions on Jan.
12, 2016. Variant's property-owning subsidiaries, which own 23
apartment complexes, and which are debtors are: (1) Broadmoor
Apartments, LLC, Chesapeake Apartments, LLC, Holly Ridge
Apartments, LLC, Holly Tree Apartments, LLC, Preston Valley
Apartments, LLC, Ravenwood Hills Apartments, LLC, River Road
Terrace Apartments, LLC, and Sandridge Apartments, LLC
(collectively, the "FX3 Portfolio Debtors"); (2) 10400 Sandpiper
Apartments, LLC, 10301 Vista Apartments, LLC, Pines of Westbury,
Ltd., 201 Ashton Oaks Apartments, LLC, 13875 Cranbook Forest
Apartments, LLC, 5900 Crystal Springs Apartments, LLC, 7107 Las
Palmas Apartments, LLC, 11911 Park Texas Apartments, LLC, 1201 Oaks
of Brittany Apartments LLC, 3504 Mesa Ridge Apartments, LLC, 667
Maxey Village Apartments, LLC, 17103 Pine Forest Apartments, LLC,
7600 Royal Oaks Apartments, LLC, and 4101 Pointe Apartments, LLC
(collectively, the "H14 Portfolio Debtors"); and (3) The Oaks of
Stonecrest Apartments, LLC ("Oaks at Stonecrest")(the FX3 Portfolio
Debtors, the H14 Portfolio Debtors and Oaks at Stonecrest are
collectively referred as the "Property-Owning Debtors").

The FX3 Portfolio Debtors own 8 apartment projects in Texas,
Maryland, Virginia, and South Carolina, which properties total
1,850 housing units. The H14 Portfolio Debtors own 14 apartment
projects in Texas, which consist of a total of 5,050 housing units.
Oaks at Stonecrest owns a single apartment project in Lithonia,
Georgia, which has 280 housing units.

The Debtors have tapped Pachulski Stang Ziehl & Jones LLP, as
counsel and UpShot Services LLC as claims and noticing agent.


VERMILLION INC: Board Approves $90,000 Bonuses for Executives
-------------------------------------------------------------
The Compensation Committee of the Board of Vermillion, Inc.
approved the 2015 bonus payout amounts to each of the Company's
named executive officers.

As disclosed in a Form 8-K report filed with the Securities and
Exchange Commission, the 2015 cash bonus payout amounts were
determined based primarily on 2015 achievements measured against
predetermined metrics for (1) continued commercialization (volume
and revenue) of OVA1, (2) payer contract coverage rates and number
of covered lives, (3) Food and Drug Administration (FDA) clearance
of Overa, (4) generation of publications supporting Overa, and (5)
initiating a new clinical registry study.  The amounts together
represent approximately 21% of the aggregate target bonus amount
for those named executive officers.  Mr. Ferrara's payout was
prorated based upon his start date of April 1, 2015.  As previously
disclosed, Ms. Miller departed the Company on Feb. 19, 2016, and
thus did not receive a payout for 2015.

                                   Bonus Target    Bonus Payout
  Name                               for 2015        for 2015
  ----                             ------------    ------------
Valerie B. Palmieri                     50%          $67,500
President, Chief Executive
Officer and Director

Fred Ferrara                            40%          $22,680
Chief Information Officer

Laura A. Miller                         40%          $0
Senior Vice President of Sales and
Customer Experience

                       About Vermillion

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

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

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

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


VERTELLUS SPECIALTIES: Moody's Cuts Corp. Family Rating to Caa3
---------------------------------------------------------------
Moody's Investors Service downgraded Vertellus Specialties Inc.'s
Corporate Family Rating (CFR) to Caa3 from B3. The downgrade
results from significant earnings deterioration due to price and
volume declines for pyridine in its agricultural business segment
(VAN), as well as the prospect for a significant increase in
environmental liabilities. The weak earnings would have resulted in
a covenant default for the period ending December 31, 2015 if the
private equity sponsor had not cured pursuant to the language in
the term loan. In conjunction with the downgrade of the CFR,
Moody's also downgraded the $455 million senior secured first lien
term loan due 2019 to Ca and the Probability of Default to Caa3-PD.
The company also has a $100 million ABL revolver due 2019 that is
unrated. The outlook is negative.

"Weak agricultural end markets combined with overcapacity and
increased competitive behavior in China has materially deteriorated
Vertellus' earnings and volumes from its VAN segment," said Lori
Harris Associate Vice President and lead analyst for Vertellus.
"Expectations for covenant breaches in 2016 and the elevated risk
of structure reorganization and transaction will continue to
pressure the rating."

Ratings downgraded:

Vertellus Specialties Inc.

Corporate Family Rating -- to Caa3 from B3

Probability of Default Rating -- to Caa3-PD from B3-PD

$455 million Senior Secured First Lien Term Loan
due 2019 -- to Ca (LGD4) from B3 (LGD4)

Ratings outlook -- Negative

RATINGS RATIONALE

Vertellus' Caa3 ratings reflect the impact of substantially lower
pyridine prices and volumes in the agricultural and nutrition
segment (VAN), primarily driven by weak agricultural end markets,
increased competition, and overcapacity. The rating reflects
Vertellus' small size, its high leverage at 9.1x Debt/EBITDA, low
EBITDA/Interest Expense of 1.0x, and negative Retained Cash
Flow/Debt that declined significantly in the second half of 2015 as
a result of price and volume weakness. The rating also reflects the
high cost of capital that prevents debt reduction, as well as the
legal and environmental obligations, which are not fully
quantified. Although the private equity owners cured the FYE 2015
covenant breach, covenant stress will persist as the company does
not expect to meet covenant requirements throughout 2016 and is
limited to two cures over a four quarter period. Furthermore, the
company is considering a corporate structure reorganization and
possible sale of assets that would result in a repayment of the
existing indebtedness.

While the company enjoys a leading position in agricultural
pyridines and vitamin B3, end market softness has significantly
stressed the VAN business, which historically makes up 40% of
revenues. An increase in pyridine competitive pressure in China,
where the company has a production cost advantage, combined with
end market weakness in agricultural and nutrition have lowered
prices and demand. The protective five year anti-dumping tariff on
pyridine imports into China that started in November 2013,
initially supported pyridine pricing and benefitted Vertellus.
However, in 2015 pyridine prices declined due to the aforementioned
increased competitive dynamics in China's pyridine markets as well
as weaker agricultural end-markets, especially related to corn and
soy. Overcapacity in China also pressure the rating as it will take
some time before demand improves to support prices. Historically
volatile raw materials costs also pressure the rating.

Benefiting the company are its position as a diversified business
of niche specialty chemistries that support good EBITDA margins
that generally range between 11% and 14%. Vertellus' financial
performance benefits from the VSM business that operates with a
wider range of chemistries and serves a diverse end market base.
Additionally, Vertellus' products generally represent a small
percentage of customer end product costs, but add valuable
attributes. The company also enjoys relatively low maintenance
capex to support its operations.

Vertellus' weak liquidity reflects the expectation that it will not
be able to meet the financial covenant in the term loan without
assistance from their sponsor throughout 2016. Given the limitation
on the number of cures during any 12 month period, the sponsor will
need to obtain an amendment to the facility from existing term loan
holders in the event that it cannot repay the debt using proceeds
from a sale or reorganization. Vertellus' liquidity is supported by
its cash balance of $5.7 million (as of December 31, 2015),
availability on its ABL revolver, and expectations that it will
generate flat to slightly positive free cash flow in 2016.

Vertellus' $100 million ABL revolving credit facility is due in
2019. The ABL revolver is regularly used to fund working capital
and capex. The company indicates that it has $14 million of
availability under the ABL facility on a borrowing base of $96
million as of February 23, 2016. The ABL facility is secured on a
first priority basis by accounts receivable and inventory and on a
second priority basis by property, plant, and equipment. Moody's
expects that Vertellus will not exceed the ABL revolver's $7
million minimum borrowing liquidity during 2016. If the minimum
borrowing liquidity is not maintained for three consecutive days,
and if the company does not maintain an average fixed charge
coverage ratio of more than 1.10 to 1.0 (over the prior 4
quarters), an event of default would occur. The Fixed Charge
Coverage Ratio is a ratio of adjusted EBITDA less unfunded capital
expenditures to the total of interest payments plus cash taxes and
management fees per GAAP.

Vertellus' $455 million first lien term loan is due in 2019. The
term loan contains a maximum total leverage covenant and has a 1%
principal payment requirement. The company has indicated that it
will not meet the leverage covenant test as of the fourth quarter
2015 without assistance from the sponsor; and that it does not
expect to be able to meet the covenant for the remainder of 2016.
Hence the sponsor is looking into a number of alternatives to
recapitalize the balance sheet or amend the facility.

Vertellus spent approximately $10 million on capex over 2015, a
level below regular maintenance, productivity, and growth costs.
Moody's expects Vertellus to increase capex in 2016 to cover basic
capex requirements as well as implement growth investments for VSM
that they are contractually obligated to perform. Capex in 2016
should range between $12 and $16 million.

The company has no near term maturities with both the ABL and term
loan maturing in 2019. However, given the challenging dynamics in
the VAN business Vertellus is contemplating a corporate structure
reorganization that could include a sale of some or all of the
business, which would result in a capital structure change.

Vertellus' negative outlook reflects its elevated leverage, the
stress in the VAN business segment, and heightened event risk that
could result in a capital structure change. The outlook also
reflects the company's high cost of capital that limits its ability
to reduce leverage, as well as the lack of financial flexibility
under the covenants in the term loan.

There is currently limited upside to the rating due to the
company's elevated leverage metrics, lack of financial flexibility,
potential for a capital structure change, and unresolved
environmental obligations. An upgrade could be considered if the
company were to realize a sustained improvement in price and
volumes, continued strength in margins, and generate positive
retained cash flow such that Debt/EBITDA approaches 7.0x.
Conversely, further deterioration in volumes, profit margins, or
total liquidity falling below $15 million could result in a rating
downgrade. Additionally, failure of the company to amend the term
loan or take other actions that repay the existing debt in the
second quarter of 2016 could result in a downgrade.

Vertellus Specialties Inc., a private company controlled by private
equity firm Wind Point Partners, is a leading global manufacturer
of pyridine and picoline derivative chemicals and producer of
renewable chemistries for plastics and coatings, high performance
additives for medical and plastics applications, and complex
intermediates for pharmaceutical and agriculture customers.
Vertellus offers a broad array of products to a diverse range of
customers in seven target markets: agricultural, nutrition,
personal care, industrial specialties, polymers and plastics,
pharmaceutical and medical, and coatings, adhesives, sealants and
elastomers. The company operates through two business segments VAN,
which specializes in agricultural and nutrition products, and VSM,
that makes specialty chemistries for personal care, pharmaceutical,
and polymer markets. In late 2014, Vertellus acquired Pentagon, a
producer of fine and specialty chemicals producer used in the life
sciences industry. Headquartered in Indianapolis, Indiana, the
company has operating facilities in the US, the United Kingdom,
Belgium, India and China. Revenues for the last twelve months ended
December 31, 2015 were $596 million.


VISTA OUTDOOR: S&P Affirms 'BB+' CCR, Outlook Remains Stable
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings,
including its 'BB+' corporate credit rating on Clearfield,
Utah-based outdoor sporting goods company Vista Outdoor Inc.  The
outlook remains stable.

"The ratings affirmation reflects our expectation that Vista will
reduce debt following the acquisition with its good cash flow
generation," said Standard & Poor's credit analyst Bea Chiem.

S&P expects that the company will reduce leverage between 2x and
2.5x during the next 12 months to strengthen the balance sheet for
the next acquisition, consistent with the company's consolidation
strategy.  S&P believes that the acquisition adds well-known brands
in the sports equipment industry such as Giro, Bell, C-Preme, and
Blackburn and is complementary to the company's existing portfolio.
The acquisition will further diversify the company's portfolio
mix, resulting in almost an equal split between shooting sports and
outdoor products as compared with roughly 60% and 40%,
respectively, before the acquisition.

Pro forma for the transaction, S&P estimates that Vista will have
roughly $1.1 billion of debt outstanding.


WALTER ENERGY: Court Approves Formation and Funding of VEBA
-----------------------------------------------------------
BankruptcyData reported that the U.S. Bankruptcy Court approved the
joint motion filed by Walter Energy, the United Mine Workers of
America's (the UMWA) and Coal Acquisition (the buyer) for entry of
an order authorizing and approving the formation and funding of a
Walter Retirees' volunteer employee benefits association (VEBA).

The order states, "The UMWA is authorized, but not required, to
form and administer the Walter Retirees' VEBA for the benefit of
the UMWA Retirees.  The buyer will provide funding to the Walter
Retirees' VEBA in accordance with the buyer CBA if the buyer CBA is
ratified by the UMWA Employees and Closing of the Sale occurs...The
Walter Retirees' VEBA and the effectiveness thereof are expressly
conditioned upon the UMWA Employees ratifying the Buyer CBA and the
Closing of the Sale.  In the event that the Closing does not occur
and the UMWA Employees fail to ratify the Buyer CBA, the terms of
this Order will be deemed null and void, and all respective rights
and obligations preserved as if this Order was not entered."

                       About Walter Energy

Walter Energy, Inc. -- http://www.walterenergy.com/-- is a  
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, 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 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; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
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 -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


YELLOWSTONE MOUNTAIN: Atty Tells 9th Cir. $9B Claim was a Mistake
-----------------------------------------------------------------
Daniel Siegal at Bankruptcy Law360 reported that a former attorney
for the imprisoned founder of Yellowstone Mountain Club told the
Ninth Circuit on Feb. 25, 2016, he shouldn't have to pay sanctions
for filing a $9 billion counterclaim against a trustee of the
bankrupt ski resort's estate, arguing suing the trustee as an
individual was "a mistake."  During oral arguments in Pasadena,
California, attorney Christopher Conant of Conant Law LLC,
representing himself, urged a three-judge panel to reverse U.S.
District Judge Gary A. Feess' order finding Conant had filed a
frivolous, improper suit.

              About Yellowstone Mountain Club

Located near Big Sky, Montana, Yellowstone Mountain Club LLC --
http://www.theyellowstoneclub.com/-- is a private golf and ski    

community with more than 350 members, including Bill Gates and Dan
Quayle.  The Company was founded in 1999.

Yellowstone Club and its affiliates filed for Chapter 11
bankruptcy (Bankr. D. Montana, Case No. 08-61570) on Nov. 10,
2008.  The Company's owner affiliate, Edra D. Blixseth, filed
a separate Chapter 11 petition on March 27, 2009 (Case No.
09-60452).

Attorneys at Bullivant Houser Bailey PC and Bekkedahl & Green
PLLC represented Yellowstone.  The Debtors hired FTI Consulting
Inc. and Ronald Greenspan as CRO.  The official committee of
unsecured creditors were represented by Parsons, Behle and
Latimer; and James H. Cossitt, Esq., as counsel.  Credit Suisse,
the prepetition first lien lender, was represented by Skadden,
Arps, Slate, Meagher & Flom.

In June 2009, the Bankruptcy Court entered an order confirming
Yellowstone's Chapter 11 Plan.  Pursuant to the Plan, CrossHarbor
Capital Partners LLC acquired equity ownership in the reorganized
Club for $115 million.

Marc S. Kirschner, Esq., was appointed the Trustee of the
Yellowstone Club Liquidating Trust created under the Plan.


[*] Baker Donelson Plans Push to End Hedge Funds' Fraud Suit
------------------------------------------------------------
Kali Hays at Bankruptcy Law360 reported that Baker Donelson Bearman
Caldwell & Berkowitz PC told an Illinois federal court on Feb. 19,
2016, that it plans to seek a dismissal of a suit brought by two
hedge funds claiming the Tennessee-based firm doctored a loan
agreement for a bankrupt energy company because the court lacks
jurisdiction in the matter.  The hedge funds are Pentwater Equity
Opportunities Master Fund Ltd. and PWCM Master Fund Ltd.


[*] Stephanie Denby Joins Barnes & Thornburg's Chicago Office
-------------------------------------------------------------
Stephanie Denby has joined Barnes & Thornburg LLP's Chicago office
as a partner in the Corporate Department and Private Client
Services Practice Group.

Ms. Denby comes from Burke, Warren, MacKay & Serritella, where she
was a partner in its Wealth and Succession Planning group.

Ms. Denby is the fifth attorney to join Barnes & Thornburg's
growing Chicago office since January, when the firm added products
liability partner James Murdica and intellectual property partners
Christopher Dolan, John Gabrielides and Philip Jones.

With more than 25 years of experience, Ms. Denby represents
high-net worth individuals, family offices and corporate
fiduciaries. She advises clients on complex tax issues; investment
structures; acquisitions and sales of special assets; trust and
probate administration issues; and charitable giving. She also
serves as fiduciary consultant on litigation matters for corporate
fiduciaries and interfamily disputes.

"Stephanie brings a wide range of experience in wealth management,
investment structuring and a keen understanding of clients' needs
throughout all of their life stages," said Mark Rust, managing
partner of Barnes & Thornburg’s Chicago office.  "She will be
instrumental in strengthening our general corporate and private
wealth capabilities in Chicago and nationally."

Ms. Denby earned her J.D. from University of Michigan Law School
and her bachelor’s degree from University of Chicago.

With more than 600 attorneys and other legal professionals, Barnes
& Thornburg -- www.btlaw.com -- is one of the largest law firms in
the country.  The firm serves clients worldwide from 13 offices in
Atlanta, Chicago, Dallas, Delaware, Indiana, Los Angeles, Michigan,
Minneapolis, Ohio, and Washington, D.


[^] BOND PRICING: For the Week from February 22 to 26, 2016
-----------------------------------------------------------
  Company                      Ticker  Coupon Bid Price   Maturity
  -------                      ------  ------ ---------   --------
99 Cents Only Stores LLC       NDN     11.000    35.250 12/15/2019
A. M. Castle & Co              CAS     12.750    71.969 12/15/2016
A. M. Castle & Co              CAS      7.000    39.000 12/15/2017
AAR Corp                       AIR      2.250    99.250   3/1/2016
ACE Cash Express Inc           AACE    11.000    42.000   2/1/2019
ACE Cash Express Inc           AACE    11.000    46.500   2/1/2019
Alpha Appalachia Holdings Inc  ANR      3.250     2.750   8/1/2015
Alpha Natural Resources Inc    ANR      7.500     0.700   8/1/2020
Alpha Natural Resources Inc    ANR      3.750     0.500 12/15/2017
Alpha Natural Resources Inc    ANR      7.500     0.500   8/1/2020
Alpha Natural Resources Inc    ANR      7.500     0.826   8/1/2020
Alta Mesa Holdings LP /
  Alta Mesa Finance
  Services Corp                ALTMES   9.625    23.000 10/15/2018
American Eagle Energy Corp     AMZG    11.000    17.250   9/1/2019
American Eagle Energy Corp     AMZG    11.000     5.250   9/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.125    24.500  11/1/2020
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.375    24.750  11/1/2021
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.119    24.000   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.119    23.750   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.375    24.125  11/1/2021
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp                 AMEPER   7.125    24.250  11/1/2020
American Gilsonite Co          AMEGIL  11.500    45.250   9/1/2017
American Gilsonite Co          AMEGIL  11.500    45.000   9/1/2017
Approach Resources Inc         AREX     7.000    20.500  6/15/2021
Appvion Inc                    APPPAP   9.000    32.500   6/1/2020
Appvion Inc                    APPPAP   9.000    38.250   6/1/2020
Arch Coal Inc                  ACI      7.000     0.902  6/15/2019
Arch Coal Inc                  ACI      7.250     1.291  6/15/2021
Arch Coal Inc                  ACI      9.875     1.157  6/15/2019
Arch Coal Inc                  ACI      8.000     1.375  1/15/2019
Arch Coal Inc                  ACI      8.000     0.846  1/15/2019
Armstrong Energy Inc           ARMS    11.750    33.325 12/15/2019
Armstrong Energy Inc           ARMS    11.750    40.625 12/15/2019
Aspect Software Inc            ASPECT  10.625    65.000  5/15/2017
Aspect Software Inc            ASPECT  10.625    73.750  5/15/2017
Aspect Software Inc            ASPECT  10.625    73.750  5/15/2017
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource Finance Corp  ARP      9.250    14.189  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource Finance Corp  ARP      7.750    14.000  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource Finance Corp  ARP      9.250    14.875  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource Finance Corp  ARP      9.250    14.875  8/15/2021
Avaya Inc                      AVYA    10.500    26.500   3/1/2021
Avaya Inc                      AVYA    10.500    20.566   3/1/2021
BPZ Resources Inc              BPZR     6.500     4.000   3/1/2015
BPZ Resources Inc              BPZR     6.500     2.504   3/1/2049
Basic Energy Services Inc      BAS      7.750    19.250  2/15/2019
Basic Energy Services Inc      BAS      7.750    18.750 10/15/2022
Berry Petroleum Co LLC         LINE     6.375    11.000  9/15/2022
Berry Petroleum Co LLC         LINE     6.750    11.000  11/1/2020
Black Elk Energy Offshore
  Operations LLC /
  Black Elk Finance Corp       BLELK   13.750     3.136  12/1/2015
Bon-Ton Department Stores
  Inc/The                      BONT    10.625    62.000  7/15/2017
Bon-Ton Department Stores
  Inc/The                      BONT    10.625    56.625  7/15/2017
Bon-Ton Department Stores
  Inc/The                      BONT    10.625    56.625  7/15/2017
Bonanza Creek Energy Inc       BCEI     6.750    30.000  4/15/2021
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp       BBEP     7.875    10.989  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp       BBEP     8.625    11.000 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp       BBEP     8.625    11.125 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp       BBEP     8.625    11.125 10/15/2020
CNG Holdings Inc               CNGHLD   9.375    41.500  5/15/2020
CNG Holdings Inc               CNGHLD   9.375    42.000  5/15/2020
Caesars Entertainment
  Operating Co Inc             CZR     10.000    34.000 12/15/2018
Caesars Entertainment
  Operating Co Inc             CZR     12.750    32.500  4/15/2018
Caesars Entertainment
  Operating Co Inc             CZR      6.500    30.550   6/1/2016
Caesars Entertainment
  Operating Co Inc             CZR     10.000    32.500 12/15/2018
Caesars Entertainment
  Operating Co Inc             CZR      5.750    30.000  10/1/2017
Caesars Entertainment
  Operating Co Inc             CZR     10.000     8.000 12/15/2015
Caesars Entertainment
  Operating Co Inc             CZR     11.250    73.500   6/1/2017
Caesars Entertainment
  Operating Co Inc             CZR     10.000    33.375 12/15/2018
Caesars Entertainment
  Operating Co Inc             CZR      5.750    12.250  10/1/2017
Caesars Entertainment
  Operating Co Inc             CZR     11.250    73.500   6/1/2017
Caesars Entertainment
  Operating Co Inc             CZR     10.000    33.375 12/15/2018
Caesars Entertainment
  Operating Co Inc             CZR     10.000    32.125 12/15/2018
California Resources Corp      CRC      8.000    24.750 12/15/2022
California Resources Corp      CRC      6.000    14.100 11/15/2024
California Resources Corp      CRC      5.000    16.000  1/15/2020
California Resources Corp      CRC      5.500    13.250  9/15/2021
California Resources Corp      CRC      8.000    24.750 12/15/2022
California Resources Corp      CRC      6.000    12.875 11/15/2024
California Resources Corp      CRC      5.000    35.750  1/15/2020
California Resources Corp      CRC      6.000    12.875 11/15/2024
California Resources Corp      CRC      5.000    15.750  1/15/2020
Cenveo Corp                    CVO     11.500    47.250  5/15/2017
Cenveo Corp                    CVO      7.000    43.250  5/15/2017
Chaparral Energy Inc           CHAPAR   7.625    10.944 11/15/2022
Chaparral Energy Inc           CHAPAR   9.875     9.000  10/1/2020
Chaparral Energy Inc           CHAPAR   8.250     8.680   9/1/2021
Chassix Holdings Inc           CHASSX  10.000     8.000 12/15/2018
Chassix Holdings Inc           CHASSX  10.000     8.000 12/15/2018
Chesapeake Energy Corp         CHK      6.500    44.900  8/15/2017
Chesapeake Energy Corp         CHK      6.625    22.921  8/15/2020
Chesapeake Energy Corp         CHK      3.872    20.250  4/15/2019
Chesapeake Energy Corp         CHK      7.250    34.375 12/15/2018
Chesapeake Energy Corp         CHK      2.500    43.750  5/15/2037
Chesapeake Energy Corp         CHK      6.125    20.811  2/15/2021
Chesapeake Energy Corp         CHK      5.750    20.889  3/15/2023
Chesapeake Energy Corp         CHK      4.875    21.000  4/15/2022
Chesapeake Energy Corp         CHK      6.875    22.300 11/15/2020
Chesapeake Energy Corp         CHK      2.250    26.000 12/15/2038
Chesapeake Energy Corp         CHK      5.375    20.000  6/15/2021
Chesapeake Energy Corp         CHK      2.500    45.250  5/15/2037
Chesapeake Energy Corp         CHK      6.875    21.250 11/15/2020
Claire's Stores Inc            CLE      8.875    15.750  3/15/2019
Claire's Stores Inc            CLE      7.750    14.500   6/1/2020
Claire's Stores Inc            CLE     10.500    58.000   6/1/2017
Claire's Stores Inc            CLE      7.750    14.250   6/1/2020
Clean Energy Fuels Corp        CLNE     5.250    42.776  10/1/2018
Cliffs Natural Resources Inc   CLF      5.950    20.750  1/15/2018
Cliffs Natural Resources Inc   CLF      4.875    11.600   4/1/2021
Cliffs Natural Resources Inc   CLF      6.250    11.000  10/1/2040
Cliffs Natural Resources Inc   CLF      5.900     8.250  3/15/2020
Cliffs Natural Resources Inc   CLF      7.750    22.000  3/31/2020
Cliffs Natural Resources Inc   CLF      4.800    10.500  10/1/2020
Cliffs Natural Resources Inc   CLF      7.750    14.138  3/31/2020
Cloud Peak Energy
  Resources LLC / Cloud
  Peak Energy Finance Corp     CLD      8.500    39.690 12/15/2019
Community Choice
  Financial Inc                CCFI    10.750    31.000   5/1/2019
Computer Sciences Corp         CSC      6.500   110.274  3/15/2018
Comstock Resources Inc         CRK      7.750     9.500   4/1/2019
Comstock Resources Inc         CRK     10.000    38.500  3/15/2020
Comstock Resources Inc         CRK      9.500    10.000  6/15/2020
Comstock Resources Inc         CRK     10.000    33.500  3/15/2020
Cumulus Media Holdings Inc     CMLS     7.750    34.580   5/1/2019
Denbury Resources Inc          DNR      6.375    26.889  8/15/2021
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   9.375    30.000   5/1/2020
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   6.375    27.000  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   7.750    20.250   9/1/2022
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   6.375    20.125  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   6.375    20.125  6/15/2023
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   7.750    20.625   9/1/2022
EP Energy LLC / Everest
  Acquisition Finance Inc      EPENEG   7.750    20.625   9/1/2022
EPL Oil & Gas Inc              EXXI     8.250     3.625  2/15/2018
EV Energy Partners LP /
  EV Energy Finance Corp       EVEP     8.000    21.828  4/15/2019
EXCO Resources Inc             XCO      7.500    19.150  9/15/2018
EXCO Resources Inc             XCO      8.500    12.065  4/15/2022
Eagle Rock Energy
  Partners LP / Eagle Rock
  Energy Finance Corp          EROC     8.375    15.129   6/1/2019
Emerald Oil Inc                EOX      2.000     2.750   4/1/2019
Endeavour International Corp   END     12.000     1.017   3/1/2018
Energy & Exploration
  Partners Inc                 ENEXPR   8.000     1.345   7/1/2019
Energy & Exploration
  Partners Inc                 ENEXPR   8.000     1.345   7/1/2019
Energy Conversion Devices Inc  ENER     3.000     7.875  6/15/2013
Energy Future Holdings Corp    TXU      9.750    35.050 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc             TXU     10.000     3.250  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc             TXU     10.000     3.125  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc             TXU      9.750    16.000 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc             TXU      6.875     2.875  8/15/2017
Energy XXI Gulf Coast Inc      EXXI    11.000    11.125  3/15/2020
Energy XXI Gulf Coast Inc      EXXI     9.250     4.958 12/15/2017
Energy XXI Gulf Coast Inc      EXXI     7.500     3.400 12/15/2021
Energy XXI Gulf Coast Inc      EXXI     6.875     3.250  3/15/2024
Energy XXI Gulf Coast Inc      EXXI     7.750     4.136  6/15/2019
FBOP Corp                      FBOPCP  10.000     1.843  1/15/2009
FTS International Inc          FTSINT   6.250    10.250   5/1/2022
FairPoint
  Communications Inc/Old       FRP     13.125     1.879   4/2/2018
Federal Farm Credit Banks      FFCB     3.250    97.611  4/26/2028
Federal Farm Credit Banks      FFCB     2.720    99.880  4/22/2024
Federal Farm Credit Banks      FFCB     3.150    97.750  6/14/2027
Federal Farm Credit Banks      FFCB     2.300   100.000  3/28/2022
Federal Farm Credit Banks      FFCB     2.900    99.500 12/26/2024
Federal Farm Credit Banks      FFCB     3.200   100.016  1/22/2027
Federal Farm Credit Banks      FFCB     3.390   100.000  12/3/2029
Federal Farm Credit Banks      FFCB     2.910    98.902   3/3/2025
Federal Farm Credit Banks      FFCB     3.180   100.017  3/30/2027
Federal Farm Credit Banks      FFCB     2.650   100.013  7/21/2023
Federal Farm Credit Banks      FFCB     2.650   100.013  7/14/2023
Federal Farm Credit Banks      FFCB     2.300    99.856  3/28/2022
Federal Home Loan Banks        FHLB     3.250   100.000  6/18/2027
Federal Home Loan Banks        FHLB     2.100    99.850  9/27/2021
Federal Home Loan Banks        FHLB     2.430    99.500 10/11/2022
Federal Home Loan Banks        FHLB     3.200    99.900  3/27/2028
Federal Home Loan Banks        FHLB     2.390   100.000  10/4/2022
Federal Home Loan Banks        FHLB     1.550    99.207   2/5/2020
Federal Home Loan Banks        FHLB     3.000   100.030  10/8/2025
Federal Home Loan Banks        FHLB     3.830   100.200   9/4/2035
Federal National
  Mortgage Association         FNMA     3.250   100.084   3/6/2028
Federal National
  Mortgage Association         FNMA     3.170   100.063   3/6/2028
Fleetwood Enterprises Inc      FLTW    14.000     3.557 12/15/2011
Forbes Energy Services Ltd     FES      9.000    33.255  6/15/2019
GT Advanced Technologies Inc   GTAT     3.000     0.125 12/15/2020
Gastar Exploration Inc         GST      8.625    47.000  5/15/2018
Gibson Brands Inc              GIBSON   8.875    48.650   8/1/2018
Gibson Brands Inc              GIBSON   8.875    55.450   8/1/2018
Gibson Brands Inc              GIBSON   8.875    56.750   8/1/2018
Goodman Networks Inc           GOODNT  12.125    30.032   7/1/2018
Goodrich Petroleum Corp        GDPM     8.875     1.599  3/15/2019
Goodrich Petroleum Corp        GDPM     8.875     4.375  3/15/2018
Goodrich Petroleum Corp        GDPM     8.875     1.000  3/15/2018
Goodrich Petroleum Corp        GDPM     8.875     0.511  3/15/2019
Goodrich Petroleum Corp        GDPM     8.875     0.511  3/15/2019
Gymboree Corp/The              GYMB     9.125    20.696  12/1/2018
Halcon Resources Corp          HKUS     9.750    10.500  7/15/2020
Halcon Resources Corp          HKUS    13.000    15.000  2/15/2022
Halcon Resources Corp          HKUS     8.875    11.000  5/15/2021
Halcon Resources Corp          HKUS     9.250     8.000  2/15/2022
Halcon Resources Corp          HKUS    13.000    15.000  2/15/2022
Hexion Inc                     HXN      7.875    22.885  2/15/2023
Hexion Inc                     HXN      9.200    24.500  3/15/2021
Horsehead Holding Corp         ZINC    10.500    56.000   6/1/2017
Horsehead Holding Corp         ZINC     3.800    11.500   7/1/2017
Horsehead Holding Corp         ZINC     9.000    20.000   6/1/2017
Horsehead Holding Corp         ZINC    10.500    55.500   6/1/2017
Horsehead Holding Corp         ZINC    10.500    55.500   6/1/2017
ION Geophysical Corp           IO       8.125    40.150  5/15/2018
Illinois Power Generating Co   DYN      7.000    43.000  4/15/2018
Illinois Power Generating Co   DYN      6.300    34.750   4/1/2020
Interactive Network Inc /
  FriendFinder Networks Inc    FFNT    14.000    48.250 12/20/2018
James River Coal Co            JRCC     7.875     3.050   4/1/2019
James River Coal Co            JRCC     4.500     0.400  12/1/2015
K Hovnanian Enterprises Inc    HOV      7.000    45.500  1/15/2019
K Hovnanian Enterprises Inc    HOV      7.000    45.125  1/15/2019
Key Energy Services Inc        KEG      6.750     9.950   3/1/2021
Las Vegas Monorail Co          LASVMC   5.500     5.042  7/15/2019
Laureate Education Inc         LAUR     9.250    44.250   9/1/2019
Laureate Education Inc         LAUR     9.250    63.240   9/1/2019
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp                 LGCY     6.625    10.000  12/1/2021
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp                 LGCY     8.000    11.620  12/1/2020
Lehman Brothers Holdings Inc   LEH      5.000     5.625   2/7/2009
Lehman Brothers Holdings Inc   LEH      4.000     5.625  4/30/2009
Lehman Brothers Inc            LEH      7.500     3.750   8/1/2026
Light Tower Rentals Inc        LHTTWR   8.125    45.000   8/1/2019
Light Tower Rentals Inc        LHTTWR   8.125    44.000   8/1/2019
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     8.625     4.750  4/15/2020
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     6.500     4.250  5/15/2019
Linn Energy LLC /
  Linn Energy Finance Corp     LINE    12.000    11.125 12/15/2020
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     6.250     4.250  11/1/2019
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     7.750     4.000   2/1/2021
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     6.500     4.515  9/15/2021
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     6.250    84.000  11/1/2019
Linn Energy LLC /
  Linn Energy Finance Corp     LINE     6.250     4.258  11/1/2019
Logan's Roadhouse Inc          LGNS    10.750    21.800 10/15/2017
MBIA Insurance Corp            MBI     11.882    26.750  1/15/2033
MBIA Insurance Corp            MBI     11.882    26.375  1/15/2033
MF Global Holdings Ltd         MF       3.375    22.250   8/1/2018
MModal Inc                     MODL    10.750    10.125  8/15/2020
Magnetation LLC /
  Mag Finance Corp             MAGNTN  11.000     6.000  5/15/2018
Magnetation LLC /
  Mag Finance Corp             MAGNTN  11.000     6.875  5/15/2018
Magnetation LLC /
  Mag Finance Corp             MAGNTN  11.000     6.875  5/15/2018
Magnum Hunter Resources Corp   MHRC     9.750    23.000  5/15/2020
Manitowoc Co Inc/The           MTW      8.500   104.370  11/1/2020
Memorial Production
  Partners LP / Memorial
  Production Finance Corp      MEMP     7.625    24.797   5/1/2021
Memorial Production
  Partners LP / Memorial
  Production Finance Corp      MEMP     6.875    24.794   8/1/2022
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO     10.000    27.000   6/1/2020
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO     10.750     0.250  10/1/2020
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO      9.250     2.200   6/1/2021
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO     10.000    28.250   6/1/2020
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO     10.750     0.398  10/1/2020
Midstates Petroleum Co Inc /
  Midstates Petroleum Co LLC   MPO     10.750     0.398  10/1/2020
Modular Space Corp             MODSPA  10.250    27.875  1/31/2019
Modular Space Corp             MODSPA  10.250    27.625  1/31/2019
Molycorp Inc                   MCP     10.000    10.000   6/1/2020
Molycorp Inc                   MCP      6.000     2.500   9/1/2017
Molycorp Inc                   MCP      5.500     1.500   2/1/2018
Morgan Stanley                 MS       2.502    99.750   3/1/2016
Morgan Stanley                 MS       2.702    99.750   3/1/2016
Murray Energy Corp             MURREN  11.250    11.500  4/15/2021
Murray Energy Corp             MURREN   9.500    11.500  12/5/2020
Murray Energy Corp             MURREN  11.250    13.750  4/15/2021
Murray Energy Corp             MURREN   9.500    11.500  12/5/2020
Natural Resource Partners
  LP / NRP Finance Corp        NRP      9.125    47.230  10/1/2018
Natural Resource Partners
  LP / NRP Finance Corp        NRP      9.125    46.875  10/1/2018
Natural Resource Partners
  LP / NRP Finance Corp        NRP      9.125    46.875  10/1/2018
Navistar International Corp    NAV      4.750    37.742  4/15/2019
Navistar International Corp    NAV      4.500    41.100 10/15/2018
New Gulf Resources LLC/
  NGR Finance Corp             NGREFN  12.250    28.875  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp             NGREFN  12.250    29.000  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp             NGREFN  12.250    28.875  5/15/2019
Nine West Holdings Inc         JNY      8.250    22.250  3/15/2019
Nine West Holdings Inc         JNY      6.875    16.838  3/15/2019
Nine West Holdings Inc         JNY      6.125    14.500 11/15/2034
Nine West Holdings Inc         JNY      8.250    23.250  3/15/2019
Noranda Aluminum
  Acquisition Corp             NOR     11.000     1.000   6/1/2019
Nuverra Environmental
  Solutions Inc                NESC     9.875     8.000  4/15/2018
OMX Timber Finance
  Investments II LLC           OMX      5.540    13.000  1/29/2020
Peabody Energy Corp            BTU      6.000     3.347 11/15/2018
Peabody Energy Corp            BTU      6.500     2.700  9/15/2020
Peabody Energy Corp            BTU      6.250     2.930 11/15/2021
Peabody Energy Corp            BTU     10.000     4.062  3/15/2022
Peabody Energy Corp            BTU      4.750     0.125 12/15/2041
Peabody Energy Corp            BTU      7.875     2.860  11/1/2026
Peabody Energy Corp            BTU     10.000     5.800  3/15/2022
Peabody Energy Corp            BTU      6.000     2.802 11/15/2018
Peabody Energy Corp            BTU      6.000    17.250 11/15/2018
Peabody Energy Corp            BTU      6.250     2.750 11/15/2021
Peabody Energy Corp            BTU      6.250     2.286 11/15/2021
Penn Virginia Corp             PVAH     8.500     7.186   5/1/2020
Penn Virginia Corp             PVAH     7.250     5.000  4/15/2019
Permian Holdings Inc           PRMIAN  10.500    38.625  1/15/2018
Permian Holdings Inc           PRMIAN  10.500    38.625  1/15/2018
PetroQuest Energy Inc          PQ      10.000    46.380   9/1/2017
Praxair Inc                    PX       5.200   103.746  3/15/2017
Prospect Holding Co LLC /
  Prospect Holding Finance Co  PRSPCT  10.250    50.500  10/1/2018
Prospect Holding Co LLC /
  Prospect Holding Finance Co  PRSPCT  10.250    46.800  10/1/2018
Quicksilver Resources Inc      KWKA    11.000     2.125   7/1/2021
Quicksilver Resources Inc      KWKA     9.125     2.500  8/15/2019
RAIT Financial Trust           RAS      7.000    97.000   4/1/2031
Resolute Energy Corp           REN      8.500    33.000   5/1/2020
Rex Energy Corp                REXX     8.875    12.590  12/1/2020
Rex Energy Corp                REXX     6.250     8.750   8/1/2022
Rex Energy Corp                REXX     8.875    12.000  12/1/2020
Rex Energy Corp                REXX     8.875    12.000  12/1/2020
Reynolds American Inc          RAI      6.750   106.510  6/15/2017
Rolta LLC                      RLTAIN  10.750    39.250  5/16/2018
SFX Entertainment Inc          SFXE     9.625     5.000   2/1/2019
SFX Entertainment Inc          SFXE     9.625     5.000   2/1/2019
SFX Entertainment Inc          SFXE     9.625     5.000   2/1/2019
SFX Entertainment Inc          SFXE     9.625     5.000   2/1/2019
Sabine Oil & Gas Corp          SOGC     7.250     6.938  6/15/2019
Sabine Oil & Gas Corp          SOGC     7.500     7.375  9/15/2020
Sabine Oil & Gas Corp          SOGC     7.500     7.000  9/15/2020
Sabine Oil & Gas Corp          SOGC     7.500     7.000  9/15/2020
SandRidge Energy Inc           SD       8.750    19.500   6/1/2020
SandRidge Energy Inc           SD       7.500     4.000  3/15/2021
SandRidge Energy Inc           SD       7.500     6.000  2/15/2023
SandRidge Energy Inc           SD       8.750     5.250  1/15/2020
SandRidge Energy Inc           SD       8.125     5.750 10/15/2022
SandRidge Energy Inc           SD       8.125     0.375 10/16/2022
SandRidge Energy Inc           SD       7.500     5.750  3/15/2021
SandRidge Energy Inc           SD       8.750    25.000   6/1/2020
SandRidge Energy Inc           SD       7.500     5.750  3/15/2021
Savient Pharmaceuticals Inc    SVNT     4.750     0.225   2/1/2018
Sequa Corp                     SQA      7.000    15.250 12/15/2017
Sequa Corp                     SQA      7.000    15.000 12/15/2017
Seventy Seven Energy Inc       SSE      6.500     3.490  7/15/2022
Seventy Seven Operating LLC    SSE      6.625    19.250 11/15/2019
Seventy Seven Operating LLC    SSE      6.625    17.000 11/15/2019
Seventy Seven Operating LLC    SSE      6.625    48.000 11/15/2019
Sidewinder Drilling Inc        SIDDRI   9.750    39.000 11/15/2019
Sidewinder Drilling Inc        SIDDRI   9.750    39.000 11/15/2019
Solazyme Inc                   SZYM     6.000    47.167   2/1/2018
Speedy Cash Intermediate
  Holdings Corp                SPEEDY  10.750    49.000  5/15/2018
Speedy Cash Intermediate
  Holdings Corp                SPEEDY  10.750    55.500  5/15/2018
Speedy Cash Intermediate
  Holdings Corp                SPEEDY  10.750    45.625  5/15/2018
Speedy Cash Intermediate
  Holdings Corp                SPEEDY  10.750    45.625  5/15/2018
Speedy Group Holdings Corp     SPEEDY  12.000    45.875 11/15/2017
Speedy Group Holdings Corp     SPEEDY  12.000    45.875 11/15/2017
SquareTwo Financial Corp       SQRTW   11.625    28.500   4/1/2017
Stone Energy Corp              SGY      7.500    27.750 11/15/2022
Stone Energy Corp              SGY      1.750    55.000   3/1/2017
SunEdison Inc                  SUNE     2.375    17.750  4/15/2022
SunEdison Inc                  SUNE     2.000    18.000  10/1/2018
SunEdison Inc                  SUNE     0.250    13.850  1/15/2020
SunEdison Inc                  SUNE     2.750    16.000   1/1/2021
SunEdison Inc                  SUNE     2.625    13.500   6/1/2023
Swift Energy Co                SFY      7.875     9.250   3/1/2022
Swift Energy Co                SFY      7.125     3.211   6/1/2017
Swift Energy Co                SFY      8.875     2.200  1/15/2020
Syniverse Holdings Inc         SVR      9.125    37.125  1/15/2019
TMST Inc                       THMR     8.000    15.250  5/15/2013
Talos Production LLC / Talos
  Production Finance Inc       TALPRO   9.750    28.000  2/15/2018
Talos Production LLC / Talos
  Production Finance Inc       TALPRO   9.750    28.250  2/15/2018
Terrestar Networks Inc         TSTR     6.500    10.000  6/15/2014
TetraLogic
  Pharmaceuticals Corp         TLOG     8.000    26.500  6/15/2019
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     10.250     4.250  11/1/2015
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     11.500    30.000  10/1/2020
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     15.000     4.000   4/1/2021
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     10.250     7.000  11/1/2015
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     15.000     2.800   4/1/2021
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     11.500    30.750  10/1/2020
Texas Competitive Electric
  Holdings Co LLC / TCEH
  Finance Inc                  TXU     10.250     6.125  11/1/2015
Triangle USA Petroleum Corp    TPLM     6.750    14.000  7/15/2022
Triangle USA Petroleum Corp    TPLM     6.750    27.000  7/15/2022
Trilogy International
  Partners LLC / Trilogy
  International Finance Inc    TRIINT  10.250    88.063  8/15/2016
Trilogy International
  Partners LLC / Trilogy
  International Finance Inc    TRIINT  10.250    96.500  8/15/2016
UCI International LLC          UCII     8.625    18.905  2/15/2019
Vanguard Natural Resources
  LLC / VNR Finance Corp       VNR      7.875    11.060   4/1/2020
Venoco Inc                     VQ       8.875     1.500  2/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750    14.375  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750    18.500  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750     0.100  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750     5.875  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750     5.875  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750     1.379  1/15/2019
Verso Paper Holdings LLC /
  Verso Paper Inc              VRS     11.750     1.379  1/15/2019
W&T Offshore Inc               WTI      8.500    12.000  6/15/2019
Walter Energy Inc              WLTG     9.500    15.000 10/15/2019
Walter Energy Inc              WLTG     9.500    14.875 10/15/2019
Walter Energy Inc              WLTG     9.500    28.500 10/15/2019
Walter Energy Inc              WLTG     9.500    14.875 10/15/2019
Whiting Petroleum Corp         WLL      5.000    46.500  3/15/2019
Whiting Petroleum Corp         WLL      6.500    36.000  10/1/2018
iHeartCommunications Inc       IHRT    10.000    32.500  1/15/2018
iHeartCommunications Inc       IHRT     6.875    50.509  6/15/2018


                            *********

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 ***