TCR_Public/160305.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, March 5, 2016, Vol. 20, No. 65

                            Headlines

NEW GULF RESOURCES: Incurs $53.71 Million Net Loss in December
NORTEL NETWORKS: Ends September With $611.8 Million Cash
OFFSHORE GROUP: Ends December with $199.45 Million Cash
PATRIOT COAL: Reports $358.60 Million Net Loss in October
QUICKSILVER RESOURCES: Posts $180.19 Million Net Loss in December

QUIKSILVER INC: Reports $19.52 Million Net Loss in December
SABINE OIL: Net Loss Decreases to $14.75 Million in October
SANTA FE GOLD: Incurs $680,823 Net Loss in November
SWIFT ENERGY: Files Initial Monthly Report
TAYLOR-WHARTON INT'L: Files Initial Monthly Report

TAYLOR-WHARTON INT'L: Lists $1.44 Million Net Loss in October
TAYLOR-WHARTON INT'L: Net Loss Increases to $1.80-Mil. in November
TAYLOR-WHARTON INT'L: Posts $6.87 Million Net Loss in December
UNIVERSAL COOPERATIVES: Lists $200,594 Net Loss in September
UNIVERSAL COOPERATIVES: Lists $349,065 Net Loss in August

UNIVERSAL COOPERATIVES: Net Loss Increases to $363,270 in October
UNIVERSAL COOPERATIVES: Reports $56.28 Mil. Liabilities at Dec. 1
VERTIS HOLDINGS: Incurs $4,773 Net Loss in October
VERTIS HOLDINGS: Net Loss Increases to $29,311 in November

                            *********

NEW GULF RESOURCES: Incurs $53.71 Million Net Loss in December
--------------------------------------------------------------
New Gulf Resources, LLC, et. al., January 29, 2016, filed a monthly
operating report for December 2015.

The Debtors' income statement showed a net loss of $53.71 million
on $2.63 million net revenues for the month.

At December 31, 2016, the Debtors had $303.94 million in total
assets, $629.46 million in total liabilities, and total
shareholders' deficit of $325.53 million.

For the period from December 17, 2015, to December 31, 2015, the
Debtors had $3.58 million in total net receipts and $2.07 million
in total disbursements.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/NewGulfResources_dec2015mor.pdf

                     About New Gulf Resources

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

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

The Company currently employs 55 people.

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

                      *     *     *

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the
District of Delaware on Feb. 4, 2016, approved the disclosure
statement explaining New Gulf Resources, LLC, et al.'s First
Amended Joint Plan of Reorganization and scheduled the
Confirmation hearing for April 11, 2016, at 10:00 a.m. (prevailing
Eastern Time).

The Plan Objection Deadline and Voting Deadline are established as
March 24, 2016.

Prior to the Disclosure Statement hearing, the Debtors amended the
Plan outline to provide that holders of Class 6 - Subordinated PIK
Notes Claims will be entitled to receive: (i) if Class 6 votes to
accept the Plan, its Pro Rata share of 12.5% of the New Equity
Interests that are issued and outstanding as of the Effective
Date; or (ii) if Class 6 does not vote to accept the Plan, its Pro
Rata share of 5% of the New Equity Interests that are issued and
outstanding as of the Effective Date.


NORTEL NETWORKS: Ends September With $611.8 Million Cash
--------------------------------------------------------
Nortel Networks Inc., et al., on December 11, 2015, filed their
monthly operating report for September 2015.

As of September 30, 2015, NNI listed $734.9 million in total
assets, $5.29 billion in total liabilities, and $4.55 billion in
total shareholders' deficit.

NNI started September with $616.1 million cash.  It posted total
cash receipts of $1.8 million and total cash disbursements of $6.1
million.  At month end, the Debtor's cash balance was pegged at
$611.8 million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/NORTELNETWORKSsept2015mor.pdf

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation and
its various affiliated entities provided next-generation
technologies, for both service provider and enterprise networks,
support multimedia and business-critical applications.  Nortel did
Networks Limited was the principal direct operating subsidiary of
Nortel Networks Corporation.

On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent
Nortel Networks Corporation, NNI's direct corporate parent Nortel
Networks Limited and certain of their Canadian affiliates commenced
a proceeding with the Ontario Superior Court of Justice under the
Companies' Creditors Arrangement Act (Canada) seeking relief from
their creditors.  Ernst & Young was appointed to serve as monitor
and foreign representative of the Canadian Nortel Group.  That same
day, the Monitor sought recognition of the CCAA Proceedings in U.S.
Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter
15 of the U.S. Bankruptcy Code.

That same day, NNI and certain of its affiliated U.S. entities
filed voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 09-10138).

In addition, the High Court of England and Wales placed 19 of NNI's
European affiliates into administration under the control of
individuals from Ernst & Young LLP.  Other Nortel affiliates have
commenced and in the future may commence additional creditor
protection, insolvency and dissolution proceedings around the
world.

On May 28, 2009, at the request of administrators, the Commercial
Court of Versailles, France, ordered the commencement of secondary
proceedings in respect of Nortel Networks S.A.  On June 8, 2009,
Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court
for recognition of the English Proceedings as foreign main
proceedings under Chapter 15.

U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and
15 cases.  Mary Caloway, Esq., and Peter James Duhig, Esq., at
Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as
Chapter 15 petitioner's counsel.

In the Chapter 11 case, James L. Bromley, Esq., and Howard S.
Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York,
serve as the U.S. Debtors' general bankruptcy counsel; Derek C.
Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington,
serves as Delaware counsel.  The Chapter 11 Debtors' other
professionals are Lazard Freres & Co. LLC as financial advisors;
and Epiq Bankruptcy Solutions LLC as claims and notice agent.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors in respect of the U.S. Debtors.

An ad hoc group of bondholders also was organized.  An Official
Committee of Retired Employees and the Official Committee of
Long-Term Disability Participants tapped Alvarez & Marsal
Healthcare Industry Group as financial advisor.  The Retiree
Committee is represented by McCarter & English LLP as Delaware
counsel, and Togut Segal & Segal serves as the Retiree Committee.
The Committee retained Alvarez & Marsal Healthcare Industry Group
as financial advisor, and Kurtzman Carson Consultants LLC as its
communications agent.

Several entities, particularly, Nortel Government Solutions
Incorporated and Nortel Networks (CALA) Inc., have material
operations and are not part of the bankruptcy proceedings.

As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated
assets of $11.6 billion and consolidated liabilities of $11.8
billion.  The Nortel Companies' U.S. businesses are primarily
conducted through Nortel Networks Inc., which is the parent of
majority of the U.S. Nortel Companies.  As of Sept. 30, 2008, NNI
had assets of about $9 billion and liabilities of $3.2 billion,
which do not include NNI's guarantee of some or all of the Nortel
Companies' about $4.2 billion of unsecured public debt.

Since the commencement of the various insolvency proceedings,
Nortel has sold its business units and other assets to various
purchasers.  Nortel has collected roughly $9 billion for
distribution to creditors.  Of the total, $4.5 billion came from
the sale of Nortel's patent portfolio to Rockstar Bidco, a
consortium consisting of Apple Inc., EMC Corporation,
Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In
Motion Limited, and Sony Corporation.  The consortium defeated a
$900 million stalking horse bid by Google Inc. at an auction.  The
deal closed in July 2011.

Nortel has filed a proposed plan of liquidation in the U.S.
Bankruptcy Court.  The Plan generally provides for full payment on
secured claims with other distributions going in accordance with
the priorities in bankruptcy law.

The trial on how to divide proceeds among creditors in the U.S.,
Canada, and Europe commenced on Sept. 22, 2014.  The question of
how to divide $7.3 billion raised in the international bankruptcy
of Nortel Networks Corp. was answered on May 12, 2015, by two
judges, one in the U.S. and one in Canada.

According to The Wall Street Journal, Justice Frank Newbould of the
Ontario Superior Court of Justice in Toronto and Judge Kevin Gross
of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the
outcome: a modified pro rata split of the money.


OFFSHORE GROUP: Ends December with $199.45 Million Cash
-------------------------------------------------------
Offshore Group Investment Limited, et. al., on January 29, 2016,
filed a monthly operating report for the period from December 3,
2015, to December 31, 2015.

The Debtors' income statement showed a net loss of $16.6 million on
$29.67 million net revenues for the period.

As of December 31, 2015, the Debtors had $7.08 billion in
consolidated total assets, $2.78 billion in consolidated total
liabilities, and total shareholders' equity of $4.30 billion.

The Debtors started the period with $151.04 million cash. During
the period, the Debtors had $65.39 million in total receipts and
$16.98 million in total disbursements. At the end of the period,
the Debtors' cash balance was pegged at $199.45 million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/OffshoreGroup_dec2015mor.pdf

                       About Offshore Group

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

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

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

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


PATRIOT COAL: Reports $358.60 Million Net Loss in October
---------------------------------------------------------
Patriot Coal Corporation, et al., on December 3, 2015, filed their
monthly operating report for October 2015.

The Debtors' October consolidated statement of operations revealed
a net loss of $358.60 million on total revenues of $48.42 million.

At October 31, 2015, the Debtors listed consolidated total assets
of $101.40 million, consolidated total liabilities of $80.19
million, and $21.21 million in total consolidated shareholders'
deficit.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/PatriotCoal_1919_morOctober.pdf

                About Patriot Coal Corporation

Patriot Coal Corporation is a producer and marketer of coal in the
United States.  Patriot and its subsidiaries control 1.4 billion
tons of proven and probable coal reserves -- including owned and
leased assets in the Central Appalachia basin (in West Virginia
and Ohio) and Southern Illinois basin (in Kentucky and Illinois)
and their operations consist of eight active mining complexes in
West Virginia.

Patriot Coal first sought Chapter 11 protection on July 9, 2012,
and, on Dec. 18, 2013, won approval of its bankruptcy-exit plan
from the U.S. Bankruptcy Court for the Eastern District of
Missouri.  The plan turned over most of the ownership of the
company to bondholders that include New York hedge fund Knighthead
Capital Management LLC.  The linchpins of the plan were a global
settlement among the Debtors, the United Mine Workers of America,
and two third parties -- Peabody Energy Corporation and Arch Coal,
Inc. -- and a commitment by a consortium of creditors, led by
Knighthead, to backstop two rights offerings that funded the plan.

Patriot Coal Corporation and its subsidiaries commenced new
Chapter 11 cases (Bankr. E.D. Va. Lead Case No. 15-32450) in
Richmond, Virginia, on May 12, 2015.  The cases are assigned to
Judge Keith L. Phillips.

Patriot Coal estimated more than $1 billion in assets and debt.

The Debtors tapped Kirkland & Ellis LLP as counsel; Kutak Rock
L.L.P., as co-counsel; Centerview Partners LLC as investment
bankers; Alvarez & Marsal North America, LLC, as restructuring
advisors; and Prime Clerk LLC, as claims and administrative agent.

The U.S. trustee overseeing the Chapter 11 case of Patriot Coal
Corp. appointed seven creditors of the company to serve on the
official committee of unsecured creditors.  The Committee is
represented by Morrison & Foerster LLP as its counsel, and
Tavenner & Beran, PLC, as its local counsel.  Jefferies LLC
serves as its investment banker.


QUICKSILVER RESOURCES: Posts $180.19 Million Net Loss in December
-----------------------------------------------------------------
Quicksilver Resources Inc., et al., on January 29, 2016, filed a
monthly operating report for December 2015.

The Debtors incurred a consolidated net loss of $180.19 million on
$13.51 million in net revenue for the month.

The Debtors posted $214.49 million in total assets, $2.04 billion
in total liabilities, and $1.83 billion in total shareholders'
deficit as of December 31, 2015.

The Debtors started the month with $137.84 million cash.  They
listed $17.92 million in total receipts and $39.66 million in total
disbursements. Disbursements include $4.58 million in professional
fees and expenses.  At month end, the Debtors had $116.11 million
cash.

A copy of the monthly operating report is available at:

  http://bankrupt.com/misc/QuicksilverResources_dec2015mor.pdf

                  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
the Bankruptcy 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: Reports $19.52 Million Net Loss in December
-----------------------------------------------------------
Quicksilver Resources Inc., et al., on January 29, 2016, filed a
monthly operating report for December 2015.

The Debtors incurred a net loss of $19.52 million for the month.

As of December 31, 2015, the Debtors posted $292.42 million in
total assets, $745.55 million in total liabilities, and $453.14
million in total shareholders' deficit.

The Debtors started the month with $16.12 million cash.  They
listed $35.71 million in total cash receipts and $48.37 million in
total disbursements.  The Debtors also recorded a $10 million
December change in the DIP Term Loan Balance.  At month end, the
Debtors had $13.46 million cash.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/QuiksilverInc_dec2015mor.pdf

                      About Quiksilver Inc.

Quiksilver, Inc. -- http://www.quiksilver.com,http://www.roxy.com

and http://www.dcshoes.com-- is an outdoor sports lifestyle   
companies, that designs, produces and distributes branded apparel,
footwear and accessories.  The Company's apparel and footwear
brands, inspired by a passion for outdoor action sports, represent
a casual lifestyle for young-minded people who connect with its
boardriding culture and heritage.  The Company's Quiksilver, Roxy,
and DC brands have authentic roots and heritage in surf, snow and
skate.  The Company's products are sold in more than 100 countries
in a wide range of distribution, including surf shops, skate shops,
snow shops, its proprietary Boardriders shops and other
Company-owned retail stores, other specialty stores, select
department stores and through various e-commerce channels.

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 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.

                           *     *    *

The Court filed a pre-arranged Chapter 11 restructuring plan backed
by Oaktree Capital Management, a holder of 73% of the Company's
U.S. Secured Notes.  The Plan was confirmed Jan. 29, 2016, and the
Plan was declared effective Feb. 11, 2016.

Under the Plan, 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.


SABINE OIL: Net Loss Decreases to $14.75 Million in October
-----------------------------------------------------------
Sabine Oil & Gas Corp., et. al., on December 1, 2015, filed a
monthly operating report for October 2015.

The Debtors posted a net loss of $14.75 million on total revenues
of $23.67 million at October 31, a decrease from the $628.74
million net loss posted for September.

As of October 31, the Debtors recorded total assets of $1.13
billion, total current liabilities of $128.24 million, total
long-term liabilities of $3.14 billion, and total shareholders'
deficit of $2 billion.

The Debtors started the month with $254.97 million cash. They
listed $35.44 million in total receipts and $55.96 million in total
disbursements.  At the end of the period, the Debtors had $234.46
million cash.

A copy of the operating report is available at:

        http://bankrupt.com/misc/SABINEOILoct2015mor.pdf

                        About Sabine Oil & Gas

Sabine Oil & Gas Corp. is an independent energy company engaged in
the acquisition, production, exploration, and development of
onshore oil and natural gas properties in the U.S.  The Company's
current operations are principally located in the Cotton Valley
Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in
South Texas, the Granite Wash in the Texas Panhandle, and the North
Louisiana Haynesville.  The Company operates, or has joint working
interests in, approximately 2,100 oil and gas production sites
(approximately 1,800 operating and approximately 315 non-operating)
and has approximately 165 full-time employees.

Sabine Oil and its affiliated entities sought Chapter 11 protection
(Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15,
2015.

The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, as counsel; Lazard Freres & Co. LLC, as
investment banker and Prime Clerk LLC as notice, claims and
balloting agent.  The Debtors also tapped Zolfo Cooper Management,
LLC, to provide Jonathan A. Mitchell as CRO and other additional
personnel.

The U.S. Trustee for Region 2 appointed five creditors to serve on
the official committee of unsecured creditors.  The Committee is
represented by Mark R. Somerstein, Esq., Keith H. Wofford, Esq.,
and D. Ross Martin, Esq., at Ropes & Gray LLP as their counsel.
The Committee is also hiring Blackstone Advisory Partners L.P. as
investment banker; and Berkeley Research Group, LLC as financial
advisor.


SANTA FE GOLD: Incurs $680,823 Net Loss in November
---------------------------------------------------
Santa Fe Gold Corporation, et. al., on January 26, 2016, filed
their monthly operating report for November 2015.

The Debtors' November consolidated statement of operations revealed
a net loss of $680,823 on 61.80 net revenue.

As of November 30, 2015, the Debtors listed consolidated total
assets of $23.92 million, consolidated total liabilities of $35.19
million, and $11.27 million in total consolidated shareholders'
deficit.

At the start of the month, the Debtors had $2,081 cash.  They
listed total receipts of $825,787 and total disbursements of
$201,445. Disbursements include $121,505 in professional fees.  At
the end of the month, the Debtors had $624,342 cash.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/SantaFeGold_nov2015mor.pdf

               About Santa Fe Gold

Santa Fe Gold Corporation and three affiliated entities, a group of
mining and mineral exploration companies headquartered in
Lordsburg, New Mexico, filed Chapter 11 bankruptcy petitions
(Bankr. D. Del. Lead Case No. 15-11761) on Aug. 26, 2015, to pursue
an expedited sale of their assets in order to maximize value for
all stakeholders.

The case is pending before the Honorable Mary F. Walrath.  The
cases are being jointly administered for procedural purposes.  The
Debtor continues to operate its business and manage its properties
as a debtor-in-possession.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, as
counsel; Canaccord Genuity Group Inc., as financial advisor; and
American Legal Claim Services, LLC, as notice, claims, and
solicitation agent.

Santa Fe Gold disclosed $19.1 million in assets and $29.9 million
in debt as of March 31, 2015.


SWIFT ENERGY: Files Initial Monthly Report
------------------------------------------
Swift Energy Company, et. al., filed an initial monthly operating
report on January 20, 2016.

The Debtors' Initial MOR includes a cash flow projection for the
13-week period covering the week ended January 8, 2016, through the
week ended April 1, 2016.

Swift Energy projects cash receipts to total $81.58 million for the
13-week period ended April 1, and expenses to total $127.28 million
for the same period.  Among the disbursements are payroll and
benefits of $9.67 million.

The Initial MOR also include a schedule of retainers paid to
professionals. Among the Debtors' bankruptcy professionals are
Alvarez & Marsal North America LLC, Baker & Hostetler LLP, and
Jones Day.

A copy of the monthly operating report is available at:

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

                       About Swift Energy

Headquartered in Houston, Texas, Swift Energy Company is an
independent energy company engaged in the exploration, development,
production and acquisition of oil and natural gas properties.  Its
primary assets and operations are focused in the Eagle Ford trend
of South Texas and the onshore and inland waters of Louisiana.

Swift Energy Company and eight of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-12669 to
15-12677) on Dec. 31, 2015, with a Chapter 11plan of Reorganization
that, among other things, exchanges the approximately $905.1
million outstanding on account of senior notes obligations for 96%
of the common equity in the Reorganized Debtors.

The petitions were signed by Alton D. Heckaman, Jr., the executive
vice president and CFO.  Judge Mary F. Walrath is assigned to the
cases.

The Debtors disclosed total assets of $1.02 billion and total debt
of $1.34 billion as of Sept. 30, 2015.

The Debtors engaged Jones Day as general counsel; Richards, Layton
& Finger, P.A., as local counsel; Lazard Freres & Co, LLC as
investment banker; Alvarez & Marsal North America LLC as financial
advisor; and Kurtzman Carson Consultants LLC as claims and noticing
agent.

The Office of the U.S. Trustee appointed three creditors to the
Debtors' official committee of unsecured creditors.  Reed Smith LLP
represents the committee.


TAYLOR-WHARTON INT'L: Files Initial Monthly Report
--------------------------------------------------
Taylor-Wharton International LLC, et. al., filed an initial monthly
operating report on October 23, 2015.

Taylor-Wharton US Operations' Initial MOR includes a cash flow
projection for the 13-week period covering the week ended October
16, 2015 through the week ended January 8, 2016.

Taylor-Wharton projected cash receipts to total $31.68 million for
the 13-week period ended January 8, and expenses to total $32.03
million for the same period. Disbursements include professional
fees of $2.22 million.

The Initial MOR also include a schedule of retainers paid to
professionals. The Debtors' bankruptcy professionals are Reed Smith
LLP, Argus Management, and Logan & Company.

A copy of the monthly operating report is available at:

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

                       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, 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.

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


TAYLOR-WHARTON INT'L: Lists $1.44 Million Net Loss in October
-------------------------------------------------------------
Taylor-Wharton International LLC, et. al., on November 23, 2015,
filed their monthly operating report for October 2015.

The Debtors' October consolidated statement of operations revealed
a net loss of $1.44 million on $2.56 million net revenue.

As of October 31, 2015, the Debtors listed consolidated total
assets of $102.49 million, consolidated total liabilities of
$139.18 million, and $36.69 million in total consolidated
shareholders' deficit.

At the start of the month, the Debtors had $1.82 million cash.
They listed total receipts of $3.02 million and total disbursements
of $2.92 million. Disbursements include $182,3355 in professional
fees.  At the end of the month, the Debtors had $1.92 million
cash.

A copy of the monthly operating report is available at:

     http://bankrupt.com/misc/TaylorWharton_oct2015mor.pdf

                       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, 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.

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


TAYLOR-WHARTON INT'L: Net Loss Increases to $1.80-Mil. in November
------------------------------------------------------------------
Taylor-Wharton International LLC, et. al., on December 30, 2015,
filed their monthly operating report for November 2015.

The Debtors' November consolidated statement of operations revealed
a net loss of $1.80 million on $4.76 million net revenue.

As of November 30, 2015, the Debtors listed consolidated total
assets of $101.21 million, consolidated total liabilities of
$139.65 million, and $38.44 million in total consolidated
shareholders' deficit.

At the start of the month, the Debtors had $1.92 million cash.
They listed total receipts of $4.82 million and total disbursements
of $5.95 million. Disbursements include $173,005 in professional
fees.  At the end of the month, the Debtors had $794,818 cash.

A copy of the monthly operating report is available at:

      http://bankrupt.com/misc/TaylorWharton_nov2015mor.pdf

                       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, 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.

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


TAYLOR-WHARTON INT'L: Posts $6.87 Million Net Loss in December
--------------------------------------------------------------
Taylor-Wharton International LLC, et. al., on January 22, 2016,
filed their monthly operating report for December 2015.

The Debtors' December consolidated statement of operations revealed
a net loss of $6.87 million on $1.83 million net revenue.

As of December 31, 2015, the Debtors listed consolidated total
assets of $87.56 million, consolidated total liabilities of $119.12
million, and $31.57 million in total consolidated shareholders'
deficit.

At the start of the month, the Debtors had $794,818 cash.  They
listed total receipts of $31.42 million and total disbursements of
$31.33 million. Disbursements include $643,205 in professional
fees.  At the end of the month, the Debtors had $878,119 cash.

A copy of the monthly operating report is available at:

        http://bankrupt.com/misc/TaylorWharton_dec2015mor.pdf

                       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, 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.

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


UNIVERSAL COOPERATIVES: Lists $200,594 Net Loss in September
------------------------------------------------------------
Universal Cooperatives, Inc., et al., on October 16, 2015, filed
their monthly operating report for September 2015.

Universal Cooperatives, Inc., suffered a net loss of $200,594 on
zero revenue in August.

At September 30, 2015, the Debtors reported $16.98 million in
consolidated total assets, $57.36 million in consolidated total
liabilities, and $34.92 million in total consolidated shareholders'
equity.

UCI had a cash balance of $10.80 million at September 1.  It listed
$8,992 in total receipts and $209,586 in total disbursements for
the month.  At month end, the Debtor had a cash balance of $10.60
million.

A copy of the monthly operating report is available at:

        http://bankrupt.com/misc/UNIVERSALCOOP_sept2015mor.pdf

                       About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.  

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and zavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.

The cases are assigned to Judge Mary F. Walrath.  

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.  

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.  

The United States Trustee for Region 3 appointed seven members to
the Official Committee of Unsecured Creditors, which is represented
by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R.
Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey;
and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at  Venable LLP, in Wilmington, Delaware.


UNIVERSAL COOPERATIVES: Lists $349,065 Net Loss in August
---------------------------------------------------------
Universal Cooperatives, Inc., et al., on September 16, 2015, filed
their monthly operating report for August 2015.

Universal Cooperatives, Inc., suffered a net loss of $349,065 on
zero revenue in August.

At August 31, the Debtors reported $17.18 million in consolidated
total assets, $57.37 million in consolidated total liabilities, and
$34.72 million in total consolidated shareholders' equity.

UCI had a cash balance of $11.15 million at August 1.  It listed
$16,023 in total receipts and $365,088 in total disbursements for
the month.  At month end, the Debtor had a cash balance of $10.80
million.

A copy of the monthly operating report is available at:

       http://bankrupt.com/misc/UNIVERSALCOOP_aug2015mor.pdf

                  About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.  

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and zavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.

The cases are assigned to Judge Mary F. Walrath.  

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.  

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.  

The United States Trustee for Region 3 appointed seven members to
the Official Committee of Unsecured Creditors, which is represented
by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R.
Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey;
and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at  Venable LLP, in Wilmington, Delaware.


UNIVERSAL COOPERATIVES: Net Loss Increases to $363,270 in October
-----------------------------------------------------------------
Universal Cooperatives, Inc., et al., on November 16, 2015, filed
their monthly operating report for October 2015.

Universal Cooperatives, Inc., suffered a net loss of $363,270 on
zero revenue in October.

At October 31, 2015, the Debtors reported $16.61 million in
consolidated total assets, $57.36 million in consolidated total
liabilities, and $35.28 million in total consolidated shareholders'
equity.

UCI had a cash balance of $10.60 million at October 1.  It listed
$18,678 in total receipts and $381,948 in total disbursements for
the month.  At month end, the Debtor had a cash balance of $10.24
million.

A copy of the monthly operating report is available at:

   http://bankrupt.com/misc/UNIVERSALCOOP_oct2015mor.pdf

                  About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.  

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and zavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.

The cases are assigned to Judge Mary F. Walrath.  

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.  

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.  

The United States Trustee for Region 3 appointed seven members to
the Official Committee of Unsecured Creditors, which is represented
by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R.
Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey;
and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at  Venable LLP, in Wilmington, Delaware.


UNIVERSAL COOPERATIVES: Reports $56.28 Mil. Liabilities at Dec. 1
-----------------------------------------------------------------
Universal Cooperatives, Inc., et al., on December 18, 2015, filed
their monthly operating report for the period from November 1,
2015, to December 1, 2015.

Universal Cooperatives, Inc., suffered a net loss of $208,805 on
zero revenue for the period.

At December 1, 2015, the Debtors reported $15.32 million in
consolidated total assets, $56.28 million in consolidated total
liabilities, and $35.49 million in total consolidated shareholders'
equity.

UCI had a cash balance of $10.24 million at the start of the
period.  It listed $34,121 in total receipts and $1.31 million in
total disbursements for the month.  At the end of the period, the
Debtor had a cash balance of $8.96 million.

A copy of the monthly operating report is available at:

      http://bankrupt.com/misc/UNIVERSALCOOP_dec2015mor.pdf

                  About Universal Cooperatives

As an inter-regional farm supply cooperative, Universal
Cooperatives, Inc. consolidates the purchasing power of its members
to procure, and/or manufacture, and distribute high quality
products at competitive prices. Universal has 14 voting members and
over 50 associate members.  

Eagan, Minnesota-based Universal Cooperatives and its affiliates
sought Chapter 11 protection (Bankr. D. Del. Lead Case No.
14-11187) on May 11, 2014.  The debtor-affiliates are Heritage
Trading Company, LLC; Bridon Cordage LLC; Universal Crop Protection
Alliance, LLC; Agrilon International, LLC; and zavalon, Inc.  UCI
do Brasil, a majority-owned subsidiary located in Brazil, is not a
debtor in the Chapter 11 cases.

The cases are assigned to Judge Mary F. Walrath.  

Universal Cooperatives disclosed $12.09 million in assets and $29.3
million in liabilities as of the Chapter 11 filing.

The Debtors have tapped Travis G. Buchanan, Esq., Robert S. Brady,
Esq., Andrew L. Magaziner, Esq., and Travis G. Buchanan, Esq., at
Young Conaway Stargatt & Taylor, LLP; and Mark L. Prager, Esq.,
Michael J. Small, Esq., and Emil P. Khatchatourian, Esq., at Foley
& Lardner LLP, as counsel; The Keystone Group, as financial
advisor and Prime Clerk as notice and claims agent.  

Bank of America, N.A., as agent for the DIP Lenders, is represented
by Daniel J. McGuire, Edward Kosmowski, Esq., and Gregory M.
Gartland, Esq., at Winston & Strawn, LLP.  

The United States Trustee for Region 3 appointed seven members to
the Official Committee of Unsecured Creditors, which is represented
by Sharon Levine, Esq., Bruce S. Nathan, Esq., and Timothy R.
Wheeler, Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey;
and Jamie L. Edmonson, Esq., and Daniel A. O'Brien,
Esq., at  Venable LLP, in Wilmington, Delaware.


VERTIS HOLDINGS: Incurs $4,773 Net Loss in October
--------------------------------------------------
Vertis Holdings, Inc., at al., on December 14, 2015, filed a
monthly operating report for October 2015.

The Debtors incurred a consolidated net loss of $4,773 for the
month.

As of October 31, 2015, the Debtors posted $1.35 million in total
assets, $431.73 million in total liabilities, and a $430.37 million
total shareholders' deficit.

At the start of the month, the Debtors had $164,184 cash. They
reported $20,079 in total receipts and $4,773 in total
disbursements. Thus, at the end of the month, the Debtors had a
cash balance of $179,490.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/VERTISHOLDINGSoct2015mor.pdf

                    About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides
advertising services in a variety of print media, including
newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised by
Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail nserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics.  ACG also commenced separate bankruptcy
proceedings.  In August 2008, Vertis emerged from bankruptcy,
completing the merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No.
10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16172),
Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft
Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The bankruptcy
court approved the prepackaged Chapter 11 plan on Dec. 16, 2010,
and Vertis consummated the plan on Dec. 21.  The plan reduced
Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis
Holdings for a net purchase price of $170 million.  This assumes
the purchase price of $267 million less the payment of $97 million
for current assets that are in excess of normalized working capital
requirements.


VERTIS HOLDINGS: Net Loss Increases to $29,311 in November
----------------------------------------------------------
Vertis Holdings, Inc., at al., on December 14, 2015, filed a
monthly operating report for November 2015.

The Debtors incurred a consolidated net loss of $29,311 in
November, an increase from the $4,773 net loss posted for the
previous month.

As of November 30, 2015, the Debtors posted $1.32 million in total
assets, $431.73 million in total liabilities, and a $430.40 million
total shareholders' deficit.

At the start of the month, the Debtors had $179,490 cash. They
reported zero receipts and $29,311 in total disbursements. Thus, at
the end of the month, the Debtors had a cash balance of $150,178.

A copy of the monthly operating report is available at:

    http://bankrupt.com/misc/VERTISHOLDINGSnov2015mor.pdf

                  About Vertis Holdings

Vertis Holdings Inc. -- http://www.thefuturevertis.com/-- provides
advertising services in a variety of print media, including
newspaper inserts such as magazines and supplements.

Vertis and its affiliates (Bankr. D. Del. Lead Case No. 12-12821),
returned to Chapter 11 bankruptcy on Oct. 10, 2012, this time to
sell the business to Quad/Graphics, Inc., for $258.5 million,
subject to higher and better offers in an auction.

As of Aug. 31, 2012, the Debtors' unaudited consolidated financial
statements reflected assets of approximately $837.8 million and
liabilities of approximately $814.0 million.

Bankruptcy Judge Christopher Sontchi presides over the 2012 case.
Vertis is advised by Perella Weinberg Partners, Alvarez & Marsal,
and Cadwalader, Wickersham & Taft LLP.  Quad/Graphics is advised by
Blackstone Advisory Partners, Arnold & Porter LLP and Foley &
Lardner LLP, special counsel for antitrust advice.  Kurtzman Carson
Consultants LLC is the Debtors' claims agent.

Quad/Graphics is a global provider of print and related
multichannel solutions for consumer magazines, special interest
publications, catalogs, retail nserts/circulars, direct mail,
books, directories, and commercial and specialty products,
including in-store signage. Headquartered in Sussex, Wis. (just
west of Milwaukee), the Company has approximately 22,000 full-time
equivalent employees working from more than 50 print-production
facilities as well as other support locations throughout North
America, Latin America and Europe.

Vertis first filed for bankruptcy (Bankr. D. Del. Case No.
08-11460) on July 15, 2008, to complete a merger with American
Color Graphics.  ACG also commenced separate bankruptcy
proceedings.  In August 2008, Vertis emerged from bankruptcy,
completing the merger.

Vertis against filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 10-16170) on Nov. 17, 2010.  The Debtor estimated its
assets and debts of more than $1 billion.  Affiliates also filed
separate Chapter 11 petitions -- American Color Graphics, Inc.
(Bankr. S.D.N.Y. Case No. 10-16169), Vertis Holdings, Inc. (Bankr.
S.D.N.Y. Case No. 10-16170), Vertis, Inc. (Bankr. S.D.N.Y. Case No.
10-16171), ACG Holdings, Inc. (Bankr. S.D.N.Y. Case No. 10-16172),
Webcraft, LLC (Bankr. S.D.N.Y. Case No. 10-16173), and Webcraft
Chemicals, LLC (Bankr. S.D.N.Y. Case No. 10-16174).  The bankruptcy
court approved the prepackaged Chapter 11 plan on Dec. 16, 2010,
and Vertis consummated the plan on Dec. 21.  The plan reduced
Vertis' debt by more than $700 million or 60%.

GE Capital Corporation, which serves as DIP Agent and Prepetition
Agent, is represented in the 2012 case by lawyers at Winston &
Strawn LLP.  Morgan Stanley Senior Funding Inc., the agent under
the prepetition term loan, and as term loan collateral agent, is
represented by lawyers at White & Case LLP, and Milbank Tweed
Hadley & McCloy LLP.

On Jan. 16, 2013, Quad/Graphics completed the acquisition of Vertis
Holdings for a net purchase price of $170 million.  This assumes
the purchase price of $267 million less the payment of $97 million
for current assets that are in excess of normalized working capital
requirements.


                            *********

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
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Editors.

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