TCR_Public/160311.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, March 11, 2016, Vol. 20, No. 71

                            Headlines

1250 OCEANSIDE: Batiste Suit Referred to Bankr. Court for Pretrial
ABBY LEE MILLER: Facing Bankruptcy Fraud Charges
AGFEED INDUSTRIES: Stevens & Lee Sued by Malpractice Insurer
ALLIANCE ONE: Moody's Cuts Corporate Family Rating to Caa2
AMERICAN CAPITAL: Fitch Puts 'BB-' IDR on CreditWatch Negative

ARCH COAL: DIP Lenders Agree to Waiver, Extension of Availability
ARCH COAL: Gets Nod on Agreement to Reduce Environmental Costs
ASPECT SOFTWARE: Approval of $30-Mil. DIP Facility Sought
ASPECT SOFTWARE: Seeking Joint Administration of Cases
ASPECT SOFTWARE: Taps Prime Clerk as Claims and Noticing Agent

ASPECT SOFTWARE: Wants to Pay $1.5-Mil. for Critical Vendor Claims
ATLANTIC CITY, NJ: Risks Default & Poss. Bankruptcy, Moody's Says
BAHA MAR: Bahamas Urged to Fund JPLs for Creditors' Best Interest
BANC OF AMERICA 2009-14: Moody's Cuts Cl. 1-A-1 Notes Rating to C
BFS ENTERTAINMENT: Files for Bankruptcy in Canada

BH SUTTON: Gamma Lender's Warning to Foreclose Cues Bankruptcy
BIOLIFE SOLUTIONS: Appoints Interim Chief Financial Officer
BIRMINGHAM COAL: Directed to Pay $300K to Regions Bank
BOOMERANG SYSTEMS: US Trustee to Continue 341 Meeting on March 24
BROCK HOLDINGS: S&P Lowers Rating to 'CCC+', Outlook Developing

CAESARS ENTERTAINMENT: Ret. Judge Joseph Farnan Tapped as Mediator
CHARLES SCHWAB: Fitch Affirms 'BB+' Preferred Stock Rating
CHINA SUNERGY: Fails to Regain NASDAQ Listing Compliance
CLEAR CREEK RETIREMENT: U.S. Trustee Forms 7-Member Committee
CORNERSTONE SCHOOLS: S&P Hikes Rating on 2012 Bonds From 'BB+'

CORPORATE CAPITAL: Fitch Affirms 'BB+' IDR, Outlook Stable
CRC COMMERCIAL: U.S. Trustee Unable to Appoint Committee
CROSSROADS SYSTEMS: Receives NASDAQ Listing Non-Compliance Notice
CRYSTAL WATERFALLS: U.S. Trustee Moves for Chapter 7 or Dismissal
E Z MAILING: Chapter 11 Cases Jointly Administered

ECOSPHERE TECHNOLOGIES: Obtains $200,000 Loan From Brisben Water
ENSECO SERVICES: Tiger to Hold Online Asset Auction on March 22
FIRST DATA: Fitch Assigns BB Rating on First Lien Notes Due 2024
FOREST PARK REALTY: Agreed Final Order on Cash Use Entered
FOREST PARK REALTY: Everbank Seeks Automatic Stay Relief

FORU HOLDINGS: Acquires Outstanding Equity Interest of Life 180
FORU HOLDINGS: Appoints Heaton & Company as New Auditors
FORU HOLDINGS: Names Diego Roca Chief Financial Officer
FORU HOLDINGS: Plans to File Comprehensive Form 10-K Report
FPMC AUSTIN: Court Approves $1.7-Mil. DIP Facility From Frost Bank

FREDDIE MAC: 25 Shareholders Sue PricewaterhouseCoopers in Fla.
FREE GOSPEL OF THE APOSTLES: Files, Then Withdraws, Ch. 11 Plan
FREE GOSPEL OF THE APOSTLES: U.S. Trustee Seeks Case Dismissal
FREEDOM COMMUNICATIONS: Stern, McEachen Ask for More KEIP Info
FREESEAS INC: Gets Nasdaq Delisting Notice; to Request Hearing

FRESH & EASY: Asks for Court OK to Transfer Real Property Lease
FRESH & EASY: Great American to Auction HQ & Data Center Assets
GARLOCK SEALING: To Postpone Asbestos Claims Resolution Hearing
GINGER OIL: U.S. Trustee Unable to Appoint Committee
GOLDEN GUERNSEY: Trustee Accuses BDO USA of Malpractice

GT ADVANCED: Pirinate's Davis to Sit as Chairman, Plan Trustee
GT ADVANCED: Wins Confirmation of Reorganization Plan
GUNPOWDER PROPERTIES: Case Summary & 2 Unsecured Creditors
HARBORVIEW TOWERS COUNCIL: Case Summary & 20 Top Unsec. Creditors
HARBORVIEW TOWERS COUNCIL: Files for Bankruptcy, Seeks Cash Access

HARBORVIEW TOWERS COUNCIL: Proposes Yumkas Vidmar as Counsel
HARBORVIEW TOWERS COUNCIL: Section 341 Meeting Set for April 6
HARSCO CORP: S&P Lowers CCR to 'BB-' on Weakness in End Markets
HEMCON MEDICAL: Court Authorizes Use of Sussex Cash Collateral
HEMCON MEDICAL: Tricol DIP Financing Has Final Approval

HENDERSON HOLDINGS: Case Summary & 9 Unsecured Creditors
HII TECHNOLOGIES: Files Amended Plan, Disclosure Statement
HII TECHNOLOGIES: Seeks Sept. 12 Extension of Plan Exclusivity
HORSEHEAD HOLDING: Against Macquarie's Bid for Interest Payments
HOT SHOT HK: U.S. Trustee Forms 5-Member Committee

IHEARTCOMMUNICATIONS INC: Gets Notices of Default From Noteholders
INTERNATIONAL SUPPLY: Committee Proposes Liquidating Plan
IRISH BANK: Yahoo Resists Releasing Email Account in Chapter 15
KING COUNTY HOUSING: Moody's Cuts 1998 Rev Bonds Rating to Ba2
KLX INC: S&P Lowers Rating to 'B+', Outlook Negative

LATEX FOAM: Plan Confirmed; Motion for Final Decree Due March 31
LIFESAVERS HOME: Case Summary & 20 Largest Unsecured Creditors
LINEAR ELECTRIC: Cooper Electric's Non-Debtor Liens Violate Stay
LOS GATOS HOTEL: Ogilvies Get $2.5M After Creditors Fully Paid
MA LERIN HILLS: Asks for June 8 Extension to Seek Final Decree

MA LERIN HILLS: Seeks Transfer of Water Right to Miralomas
MAGNUM HUNTER: Ad Hoc Group Asks for Official Equity Committee
MCCLATCHY COMPANY: Reports $300 Million Net Loss for 2015
MIAMI TEES: Case Summary & 8 Unsecured Creditors
MICROVISION INC: Reports $14.5 Million Net Loss for 2015

MISSISSIPPI PHOSPHATES: U.S. Trustee Wants Case Converted to Ch. 7
NAVISTAR INTERNATIONAL: Incurs $33-Mil. Net Loss in 1st Quarter
NEW BERN RIVERFRONT: Weaver Cooke's Claim Not Under UCC
NEW GULF RESOURCES: Wants Until July 14 to Decide on Leases
NEWBURY COMMON ASSOCIATES: Banks Oppose OCPs, Insurance Payments

NEWBURY COMMON ASSOCIATES: Investors Push for Official Committee
NEWBURY COMMON ASSOCIATES: UST Wants Examiner to Probe Wrongdoing
NORANDA ALUMINUM: Bauxite Case Should Be Dismissed, Sherwin Says
NORANDA ALUMINUM: Contractors Want Adequate Protection
NORFE GROUP: PRAPI Blocks Access to Cash Collateral

NPPF I: Fitch Cuts Ratings on 2 Tranches to 'BB'
OSAGE EXPLORATION: Judge OKs Bidding Rules, Sets March 24 Auction
OUTER HARBOR: Wind-Down Gets $9.5M DIP Financing to Continue
PDC ENERGY: S&P Lowers Rating on Sr. Unsecured Notes to 'BB-'
PEABODY ENERGY: Citadel Reports 4.4% Stake as of March 1

PETTERS COMPANY: Judge Approves Outline of Liquidating Plan
PHARMACYTE BIOTECH: Incurs $1.79 Million Net Loss in Third Quarter
POSITIVEID CORP: Extends Thermomedics Closing Date to March 31
PRECISION OPTICS: Joel Pitlor Retires as Director
REICHHOLD HOLDINGS: Liquidating Plan Declared Effective

RESIDENTIAL CAPITAL: Trust Posts 2015 Financial Statements
RIVERSIDE FINANCIAL: Case Summary & 2 Unsecured Creditors
RWL INVESTMENTS: Asks Court Approval of Cash Collateral Use
RWL INVESTMENTS: Files Application to Employ Keech Law Firm
S AND L HOLDINGS: U.S. Trustee Unable to Appoint Committee

SAINT PETER'S HOSP: Moody's Affirms Ba1 Rating on $158MM Debt
SINCLAIR TELEVISION: Moody's Rates New $350MM Unsec. Notes 'B1'
SINCLAIR TELEVISION: S&P Assigns 'B+' Rating on $350MM Sr. Notes
SUNDEVIL POWER: 341 Meeting of Creditors Set for March 21
SUNDEVIL POWER: Has Until March 14 to File Schedules

SUNTECH AMERICA: District Asks Court to Allow $418,000 Claim
TOWN SPORTS: Moody's Changes Prob. of Default Rating to Caa2-PD/LD
TROJE'S TRASH: U.S. Trustee Forms 3-Member Committee
TRUMP ENTERTAINMENT: Reorganization Plan Declared Effective
ULTRA PETROLEUM: Advisors on Board for Company, Creditors

ULTRA PETROLEUM: Bondholders Agree to Forbearance Thru April 30
ULTRA PETROLEUM: Has Forbearance Deal with JPMorgan Thru April 30
UNISYS CORP: Moody's Cuts Corporate Family Rating to 'B2'
UNISYS CORP: S&P Assigns 'B+' Rating on Proposed Sr. Notes
UNO RESTAURANTS: Mass. App. Affirms Summary Judgment vs. Ex-Worker

VERSO CORP: Inks Tentative Deal on $775M Financing Plan
VIRTUAL PIGGY: Issues $105,100 Unsecured Notes
VISION SOLUTIONS: S&P Affirms 'B-' CCR, Off CreditWatch Negative
WAFERGEN BIO-SYSTEMS: Reports Results for Q4 and Fiscal 2015
[*] February 2016 Commercial Bankruptcy Filings Climb 32% vs 2015

[*] Fitch Completes Periodic Review of 10 Business Development Cos.
[*] HWA Bankruptcy Attorneys Among 2016 Texas Rising Stars List
[*] Justices Seem Wary of Narrow Bankruptcy Fraud Exemption
[*] Montgomery McCracken Adds Transpo. Partner, Associate
[*] Moody's Hikes $81.7MM of Alt-A RMBS Deals Issued 2003-2004

[^] BOOK REVIEW: Lost Prophets

                            *********

1250 OCEANSIDE: Batiste Suit Referred to Bankr. Court for Pretrial
------------------------------------------------------------------
In the case captioned WILLIAM BATISTE AND VIRGINIA BATISTE, AS
TRUSTEES OF THE WILLIAM AND VIRGINIA BATISTE REVOCABLE TRUST DATED
JANUARY 23, 2001; RICHARD L. DVORAK AND TERESA D. DVORAK, AS
TRUSTEES OF THE RICHARD L. DVORAK LIVING TRUST, JENNIE ANN FREIMAN,
INDIVIDUALLY AND AS TRUSTEE OF THE JENNIE ANN FREIMAN PROFIT
SHARING PLAN; STUART H. MENDEL, INDIVIDUALLY AND AS TRUSTEE OF THE
JENNIE ANN FREIMAN PROFIT SHARING PLAN, Plaintiffs, v. SUN KONA
FINANCE I, LLC; JOHN AND JANE DOES 1-15; DOE PARTNERSHIPS 1-15; DOE
CORPORATIONS 1-15; and DOE ENTITIES 1-15, Defendants, Civ. No.
15-00397 ACK-KSC (D. Haw.), Senior District Judge Alan C. Kay of
the United States District Court for the District of Hawaii adopted
Magistrate Judge Kevin S.C. Chang's January 16, 2016 findings and
recommendations to grant Sun Kona Finance I, LLC's motion to refer
the case to the United States Bankruptcy Court for pretrial
matters.

Prior to the hearing on the confirmation of 1250 Oceanside
Partners' plan of reorganization, a settlement was entered into
wherein the plaintiffs, who are unsecured creditors, agreed to
withdraw their objections to the reorganization plan and SKFI
agreed to increase the amount of the unsecured creditors fund from
$750,000 to $1,550,500.  The settlement term sheet also provided
that SKFI will not oppose an administrative expense claim by Bays
Lung Rose & Holma, the firm who represented the plaintiffs in the
bankruptcy case, in the amount of $250,000 for making a substantial
contribution to the case.

On September 1, 2015, the plaintiffs filed a complaint and demand
for jury trial in the Circuit Court of the First Circuit of the
State of Hawaii, alleging that SKFI breached the settlement term
sheet by opposing their request for $250,000 in attorneys' fees.
SKFI filed a notice of removal and a moved to refer the case to the
United States Bankrupcty Court, which the plaintiffs opposed,
claiming that the bankruptcy court lacks jurisdiction.

Magistrate Judge Chang held a hearing on the motion on January 12,
2016, and thereafter issued findings and recommendations that the
case be referred to the bankruptcy court for pretrial matters based
on his determination that the bankruptcy court has both statutory
and ancillary jurisdiction over the plaintiffs' claims.

Agreeing with Magistrate Judge Chang's determination, Senior
District Judge Kay held that the bankruptcy court has "related to"
jurisdiction over the plaintiffs' claims because resolution of
these claims requires interpretation of the settlement term sheet
which was incorporated into the reorganization plan and approved
and made binding on the parties through the bankruptcy court's
confirmation order.  Moreover, the allegations raised in the
plaintiffs' complaint involve conduct that occurred during the
bankruptcy proceedings, and the claims would not exist but for the
bankruptcy proceedings.

Judge Kay also agreed with Judge Chang's determination that the
bankruptcy court has ancillary jurisdiction over the plaintiffs'
claims because the resolution of these claims will require
interpretation and/or enforcement of the settlement term sheet
which was approved by the bankruptcy court in its confirmation
order.

A full-text copy of Judge Kay's February 26, 2016 order is
available at http://is.gd/iTc12Qfrom Leagle.com.

William Batiste, Virginia Batiste, Jennie Ann Freiman, Stuart H.
Mendel, Richard L. Dvorak, Teresa D. Dvorak, are represented by:

          A. Bernard Bays, Esq.
          Christian D. Chambers, Esq.
          BAYS LUNG ROSE & HOLMA
          Topa Financial Center, Suite 900
          700 Bishop Street
          Honolulu, HI 96813
          Tel: (808)523-9000
          Fax: (808)533-4184
          Email: abb@legalhawaii.com
                 cchambers@legalhawaii.com

Sun Kona Finance I, LLC is represented by:

          Allison A. Ito, Esq.
          James A. Wagner, Esq.
          Neil J. Verbrugge, Esq.
          WAGNER CHOI & VERBRUGGE

              About 1250 Oceanside Partners

1250 Oceanside Partners, Front Nine, LLC, and Pacific Star
Company, LLC, owners of the 1,800-acre Hokuli'a luxury real
estate development near Kona on the island of Hawaii, sought
Chapter 11 protection (Bankr. D. Hawaii Lead Case No. 13-00353)
on March 6, 2013, in Honolulu.

The Debtors were formed by developer Lyle Anderson and were
part of his development "empire", which included developments
in Hawaii, Arizona, New Mexico and Scotland.  The secured
lender, Bank of Scotland, declared a default and obtained
control of the Debtors in January 2008.

Development of the property, which has 3.5 miles of waterfront
on the Kona coast, stopped after the developers were declared
in default under the loan.  Oceanside and Front Nine own most
of the land within the Hokuli'a project, which is the principal
development.  Pacific Star owns the land referred to as
"Keopuka", near Hokuli'a.  The Hokuli'a was to have 730
residential units, an 18-hole golf course, club and other
amenities.

The Debtors say their assets are worth $68.1 million while they
are jointly liable to $625 million of debt to Sun Kona Finance
LLC, which acquired the Hawaii loan from Bank of Scotland.

Simon Klevansky, Esq., Alika L. Piper, Esq., and Nicole D.
Stucki, Esq., at Klevansky Piper, LLP, represent the Debtor in
its restructuring effort.  They replaced the law firm of Gelber,
Gelber & Ingersoll as general counsel.

A creditors committee has not been appointed.

James A. Wagner, Esq., and Allison A. Ito, Esq., at Wagner Choi &
Verbrugge, represent creditor Sun Kona Finance I, LLC, as counsel.

The Honolulu Star-Advertiser reports that U.S. Bankruptcy Judge
Robert Faris on May 12 confirmed the bankruptcy-exit plan by 1250
Oceanside Partners and two affiliates.

1250 Oceanside Partners on May 12, 2014 won court approval of a
reorganization plan that would turn over ownership to its secured
lender.  Sun Kona would provide a $65 million exit facility to
help make payments under the plan and to fund the reorganized
company when it leaves court protection.

The Debtors' Third Amended Joint Plan of Reorganization became
effective July 1, 2014.


ABBY LEE MILLER: Facing Bankruptcy Fraud Charges
------------------------------------------------
Joel R. Spivack, Esq., at the Law Office of Joel R. Spivack,
reported that Abby Lee Miller, from the Lifetime network's reality
show "Dance Moms," allegedly made false declarations when filing
for Chapter 11 bankruptcy in 2010 and could be headed to prison if
she is convicted of bankruptcy fraud.  Federal authorities allege
that Ms. Miller specifically hid more than $750,000 that she earned
from the "Dance Moms" TV show.


AGFEED INDUSTRIES: Stevens & Lee Sued by Malpractice Insurer
------------------------------------------------------------
Westport Insurance Corp. filed a lawsuit in Pennsylvania federal
court Monday alleging Stevens & Lee PC withheld key information in
order to secure a $10 million malpractice policy that the firm is
currently relying on in an adversary proceeding accusing an
ex-partner of giving bad advice to bankrupt AgFeed Industries Inc.

Westport, which is seeking to ax the policy, said in its complaint
that it had issued the professional liability policy to Stevens &
Lee in December 2012 based on an application from the firm that
failed to disclose a class action case that AgFeed was facing over
alleged accounting fraud.

"Stevens & Lee denied that any of its securities clients had a
claim or allegation of fraud, negligence or breach of duty asserted
against it," the complaint said. "Had Westport been made aware of
the class action securities lawsuit filed against AgFeed, it would
have issued the policy under different terms and conditions."

Westport is represented by Elit Felix of Margolis Edelstein, and
Robert Conlon and Ryan Rodman of Walker Wilcox Matousek LLP.

The case is Westport Insurance Corp. v. Stevens & Lee PC et al.,
case number 2:16-cv-00937, in U.S. District Court for the Eastern
District of Pennsylvania.


ALLIANCE ONE: Moody's Cuts Corporate Family Rating to Caa2
----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
(CFR) of Alliance One International, Inc. (AOI) to Caa2 from Caa1.
Moody's also downgraded the Probability of Default Rating to
Caa2-PD from Caa1-PD, and the senior secured second lien note
rating to Caa3 from Caa2. At the same time Moody's affirmed the
company's senior secured bank credit facility rating at B1 and the
Speculative Grade Liquidity Rating at SGL-4 (signifying weak
liquidity). The ratings outlook is negative.

The downgrade of AOI's CFR to Caa2 reflects Moody's increased
liquidity concerns. In light of persistently weak credit metrics
and delays in financial reporting, there is increasing risk around
the company's ability to refinance upcoming maturities and maintain
compliance with financial and reporting covenants.

The company's $210 million revolving credit facility and $150
million accounts receivable securitization facility both mature in
April 2017. AOI is reliant external sources of liquidity to fund
its highly seasonal cash flows. Moody's also expects that AOI will
be challenged to meet financial covenants under its revolving
credit facility, given material tightening of covenant levels over
the next year.

Further, the company has delayed filing quarterly financial
statements with the Securities and Exchange Commission and has said
that previous financial statements may not be relied upon. This
stems from recently discovered accounting discrepancies found in
its Kenyan subsidiary. The company is currently not in compliance
with reporting requirements under its bond indenture. Prolonged
delays in financial reporting or escalation of the accounting
issues could increase the likelihood that bondholders pursue a
notice of violation, and potentially, debt acceleration.

Moody's downgraded the following ratings:

-- Corporate Family Rating, to Caa2 from Caa1

-- Probability of Default Rating, to Caa2-PD from Caa1-PD

-- Senior secured second lien note rating, to Caa3 (LGD 5) from
    Caa2 (LGD 5)

Moody's affirmed the following ratings:

-- Senior secured bank credit facility rating, at B1 (LGD 1)

-- Speculative Grade Liquidity Rating at SGL-4

The ratings outlook is negative.

RATINGS RATIONALE

AOI's Caa2 Corporate Family Rating reflects Moody's expectation
that credit metrics and liquidity will remain weak over the next 12
to 18 months. Moody's expects debt to EBITDA to remain very high,
fluctuating seasonally between 7.4 and 8.7 times (including Moody's
standard adjustments). The ratings also reflect the mature, low
margin nature of the leaf tobacco processing business. The ratings
are supported by AOI's strong market position, its established
relationships with key tobacco manufacturing customers, and its
global procurement and processing network.

The negative outlook reflects Moody's expectation that leverage
will remain very high and that liquidity will remain weak, and that
the company will be challenged to meet financial covenants under
its revolving credit facility.

AOI's rating could be further downgraded if the company's liquidity
profile deteriorates.

AOI's ratings could be upgraded if its committed financing lines
are refinanced, the accounting discrepancy issue is resolved, and
there is a material improvement in the company's liquidity
profile.

Headquartered in Morrisville, North Carolina, Alliance One
International, Inc. is one of the world's leading tobacco
processors and merchants. Its principal products include flue-cured
burley and oriental tobaccos, which are major ingredients in
cigarettes. Revenue for the twelve months ended June 30, 2015 (last
publically filed financial statements) was approximately $2.1
billion.


AMERICAN CAPITAL: Fitch Puts 'BB-' IDR on CreditWatch Negative
--------------------------------------------------------------
Fitch Ratings has placed the 'BB-' Long-term Issuer Default Rating
'BB+' senior secured debt, and 'BB-' senior unsecured debt for
American Capital, Ltd. (ACAS) on Rating Watch Negative.  The rating
actions are taken as part of Fitch's periodic review of Business
Development Companies (BDCs), which encompasses 10 publicly rated
firms.

                      BDC INDUSTRY OUTLOOK

Fitch's outlook for the BDC sector is negative; reflecting
competitive underwriting conditions, earnings pressure,
underperforming energy investments, unsustainable asset quality
metrics, increased activist pressure, and limited access to growth
capital.  While some firms are better positioned, given their more
conservative financial profiles and portfolio characteristics,
others are likely to see rating pressure over the outlook horizon.

BDCs are heavily dependent on the equity markets to fund portfolio
growth, but access to the market has been almost non-existent over
the last 18 months as share prices continue to trade at steep
discounts to net asset value (NAV).  At March 7, 2016, rated BDCs
were trading at a 18.3% average discount to NAV, thus preventing
most from issuing stock without significantly diluting existing
shareholders.  While the reduction in portfolio growth is viewed
favorably by Fitch, given tough underwriting conditions, some firms
may struggle to close the trading gap, leaving them at a
competitive disadvantage if and when investment opportunities
arise.

The decline in commodity prices has yielded the first notable crack
in asset quality performance for BDCs.  More broadly, asset quality
metrics remain at unsustainably low levels, in Fitch's opinion.
While strong portfolio company performance has been supported by an
improving economic environment, low interest rates are likely
masking some potential underlying company-specific issues, as
issuers have been able to refinance themselves out of trouble
rather easily in recent years.  Fitch believes asset quality
metrics are likely to deteriorate over the near term; however, the
pace of deterioration will be somewhat dependent upon the rate of
change in interest rates, the backdrop of the broader economic
environment, differing sector exposures, and the integrity of
individual firms' underwriting.

Fitch has not observed a marked increase in leverage levels for the
sector, with average leverage for investment grade-rated BDCs of
0.74x at year-end 2015 compared to 0.60x at year-end 2014. However,
there is a wide dispersion of leverage around the average, and
those with the most energy exposure often also have the highest
leverage ratios.  Share repurchase activity has also increased in
the sector in recent quarters, which could inflate leverage ratios
further.  Fitch believes that BDCs heavily focused on maximizing
leverage run the risk of having less dry powder to deploy when if
and when underwriting conditions improve, thus weakening earnings
upside.

                         KEY RATING DRIVERS

IDRs AND SENIOR DEBT

The Rating Watch Negative stems from potential changes in ACAS's
strategy, organizational structure, and/or ownership over the near-
to medium-term, which are more likely to translate into negative
rating actions, in Fitch's opinion, given the complexity of the
business model, relative to other BDCs.  Currently, ACAS is
soliciting bids for the sale of its business in whole, or in
parts.

If ACAS should pursue a partial sale, an orderly liquidation of its
business or if the firm is unable to sell its business, that could
translate into negative rating action.

Should ACAS pursue a full sale of its business, Fitch would assess
the credit worthiness of the potential acquirer or acquirers.  All
things equal, the sale to a higher-rated entity could have positive
rating implications, or conversely, the sale to a lower-rated
entity and/or an entity with a more aggressive operating strategy
could have negative rating implications.  However, Fitch views
ACAS's sale to a single buyer, as the least likely outcome of the
sale process, given the size and complexity of the business.

Despite the Negative Watch, Fitch believes debtholders continue to
be in a solid position in terms of collateral coverage.  Based on
the investment portfolio at Dec. 31, 2015, the currently
outstanding secured and unsecured notes could be fully repaid if
the investment portfolio was liquidated using an 90.2% haircut,
assuming proceeds were used to reduce borrowings. Should cash be
used solely to fund share repurchases, debtholders could be fully
repaid if the portfolio was haircut 80.5%.

The ratings are supported by ACAS's relatively low leverage, modest
oil and gas exposure and sufficient liquidity to service near term
debt maturities.  As a C corporation, ACAS can retain earnings,
which is also viewed favorably by Fitch.

Rating constraints include ACAS's, inconsistent operating strategy,
outsized equity exposure relative to peers, which is subject to
more valuation volatility, large levels of non-accruals and
paid-in-kind (PIK) interest income, limited funding flexibility,
and an inability to access the equity markets without severely
diluting existing shareholders.

In November 2015, Elliot Management Corp. filed a proxy urging
ACAS's shareholders to vote against the company's spin-off
proposal, citing that the plan to create a new BDC and standalone
asset manager would put the firm's assets at risk, serve to
entrench management and significantly limit options for future
stockholder value creation.  Elliott holds an approximate 5% stake
in ACAS, making it one of the firm's largest shareholders.

On Nov. 25, 2015, ACAS announced that the board instructed the
company to undertake a full strategic review with its advisors,
Goldman Sachs and Credit Suisse, to consider alternatives to
maximize shareholder value including the possible sale of part or
all of its business, or to proceed with the previously announced
spin-off plans.  On Jan. 7, 2016, the company completed the initial
phase of its strategic review and announced it would proceed with
the solicitation of offers to purchase the company or its various
business lines in whole or in part.

The company did not provide further details on the potential timing
of a potential transaction, nor is Fitch aware of any specifics
beyond those outlined by the company in the public domain, but
Fitch expects the transformation will move relatively quickly to
avoid damage to the franchise and sponsor relationships, if the
transaction cannot be completed.  That said; Fitch believes the
transaction will be complicated and it will be difficult finding a
single buyer of ACAS's portfolio, given the existing CLO exposure,
its ownership of an asset manager, publicly traded mortgage REITs,
and legacy buyout equity investments.

Leverage, defined as total debt to total equity, amounted to 0.26x,
as of Dec. 31, 2015.  Net of unrestricted balance sheet cash,
leverage was 0.16x, which is among the lowest amongst peer-BDCs.
However, Fitch believes lower leverage is appropriate given ACAS's
outsized exposure to equity and CLO investments, which represented
approximately 51%, or 38% excluding ACAS's equity investment of
American Capital Asset Management (ACAM), of the total investment
portfolio, as of Dec. 31, 2015.

During the fourth quarter of 2014, the board authorized the
purchase of $600 million to $1 billion of ACAS's common stock
through June 20, 2016, under a programmatic 10b5-1 share repurchase
plan at prices per share below 85% of the most recent quarterly
NAV.  During the year ended Dec. 31, 2015, ACAS repurchased a total
of 36.9 million shares in the open market for $525.6 million at an
average price of $14.25 per share.  Since the inception of the
share repurchase program in 2011, ACAS has repurchased a total of
138.5 million shares, totaling $1.7 billion and representing 40% of
its outstanding shares, more than any other peer-BDC.

Fitch generally views share repurchases as shareholder friendly and
a contributor to higher leverage metrics, to the detriment of
creditors.  Should ACAS repurchase shares up to the $1 billion
program limit, leverage would increase to 0.29x.  However, if the
earning accretion achievable through the share buyback is greater
than the accretion other achievable through investments in new
loans, creditors could benefit from stronger cash flow coverage.
More recently, ACAS has funded its share repurchases through
liquidation proceeds from its broadly syndicated loan portfolio.
Since investment activity has slowed and ACAS is deleveraging its
balance sheet, Fitch understands the motivation its meaningful
buybacks.  However, if share repurchases inflate leverage beyond
levels commensurate with portfolio risk, this would be viewed
negatively by Fitch.

In Fitch's view, asset quality remains a key rating constraint, as
non-accrual loans remain elevated on an absolute and relative
basis.  Non-accruals amounted to 10.6% of the portfolio at cost and
4.9% at fair value, as of Dec. 31, 2015, compared to the peer
average of 2.7% and 0.86% at cost and fair value, respectively.
Overall, Fitch believes asset quality metrics will be somewhat
volatile going forward, as the portfolio amortizes or liquidates
and become adversely selected when stronger borrowers refinance or
repay, and weaker credits remain.

ACAS does not have meaningful exposure to oil and gas investments,
which is a benefit given the steep declines in energy prices since
2014.  The firm had $157 million of investments in oil, gas &
consumable fuel and energy equipment and services companies,
representing 3.5% of the total investment portfolio at cost, as of
Dec. 31, 2015.  Fitch conducted a stress test on ACAS's energy
portfolio along with the peer group, and views the impact of
valuation declines and write-offs on leverage metrics as
negligible.

Adjusted after-tax net investment income (NII) amounted to $265
million in 2015, up significantly from $136 million in 2014 driven
by interest and dividend income growth and advisory income
generated by ACAS's investment manager, American Capital Asset
Management (ACAM).  NII was adjusted for severance costs of $19
million and $12 million in 2014 and 2015, respectively, related to
ACAS's planned workforce reduction.  Fitch expects operating
performance will decline modestly on an absolute basis, due to a
reduction in investment income resulting from portfolio
amortization and/or liquidation.  Further cost reductions by ACAS
may be warranted in efforts to maintain current margins.

Currently, Fitch views ACAS's funding flexibility as being limited
given its reliance on secured debt and because its stock is trading
at a meaningful discount to NAV.  Since the first quarter of 2010,
ACAS's shares have been trading at an average discount of 32.7%.
Share repurchases have been modestly accretive to NAV, totaling
$2.66 per share since the program began.

ACAS's liquidity profile is considered adequate, with $483 million
of balance sheet cash at year-end 2015 and $3.7 billion of proceeds
from principal repayments and investment sales in 2015. Given the
outstanding balance of $1.3 billion under its various debt
facilities and remaining authorization of up to $474.4 million in
share repurchases, assuming no further investment activities, Fitch
believes ACAS has sufficient liquidity to repay its debt in full
prior to its scheduled maturities.

Generally, Fitch monitors non-cash income closely, as RIC
regulations require distributing 90% of taxable earnings on an
annual basis.  However, ACAS does not currently qualify as a RIC
and, therefore, is able to retain earnings.  Still, Fitch will
continue to closely monitor PIK levels relative to investment
income, even though ACAS is not expected to return to RIC status
over the near-term.  As of Dec. 31, 2015, PIK as a percentage of
total investment income amounted to 6.4%, which is consistent with
the peer average.

                       RATING SENSITIVITIES

IDRs AND SENIOR DEBT

Should ACAS sell its business to a lower-rated entity, and/or the
acquirer has a more aggressive operating strategy, that could drive
negative rating momentum.  In a scenario where ACAS pursues a
partial sale, an orderly liquidation of its business or if the firm
is unable to sell its business, that could also be viewed
negatively from a ratings perspective, as it signals possible
reputational or franchise damage.

Negative rating actions could also be driven by a material increase
in leverage not commensurate with the relative risk of the
investment portfolio, or resulting from significant unrealized
portfolio depreciation or outsized share repurchases, a spike in
non-accrual levels, and/or higher PIK income.  An inability to
redeploy portfolio proceeds into attractive investment
opportunities would also be viewed unfavorably from a ratings
perspective.

Fitch believes, over the near-term, positive rating momentum would
only be driven by the full sale of ACAS's business to a
higher-rated acquirer or acquirers.

If the Long-term IDR were to be downgraded, there is the potential
for the outstanding senior secured debt and unsecured debt ratings
to stay at their current level, subject to the assessment of ACAS's
liquidity profile and asset coverage at that time.

Based in Bethesda, MD, ACAS is a publicly traded private equity
firm and alternative asset manager organized in 1986 which
completed its IPO in 1997.  As of Dec. 31, 2015, the company
managed $21 billion of assets, including balance sheet assets and
fee-earning assets under management by affiliated managers with $73
billion of total assets under management.

Fitch has placed these ratings on Rating Watch Negative:

American Capital, Ltd.
   -- Long-term IDR 'BB-';
   -- Senior secured debt 'BB+';
   -- Senior unsecured debt 'BB-'.


ARCH COAL: DIP Lenders Agree to Waiver, Extension of Availability
-----------------------------------------------------------------
Arch Coal, Inc., said in a regulatory filing with the Securities
and Exchange Commission that in connection with the Bankruptcy
Court's final order approving the Debtors' superpriority secured
term loan credit facility, the Company entered into a waiver and
consent and amendment to the DIP Credit Agreement, dated as of
March 4, 2016, with the consent of:

     -- Wilmington Trust, National Association, as administrative
        agent and collateral agent for the DIP Lenders;

     -- the DIP Lenders holding a majority of the term loans and
        unused commitments under the DIP Facility; and

     -- only with respect to the consent to dismiss the Chapter
        11 case of one debtor entity, the lenders holding a
        majority of the term loans under Arch's prepetition
        credit facility.

The DIP Amendment, among other things:

    (i) provides for a waiver of any default or event of default
        that otherwise would occur under the DIP Credit Agreement
        as a result of the dismissal of the Chapter 11 case of
        one of the Company's subsidiaries following the sale of
        that subsidiary;

   (ii) grants the consent to dismiss the Chapter 11 case of the
        Sold Entity;

  (iii) extends the availability period to borrow under the DIP
        Facility from four months to six months, with a
        corresponding extension to the period during which the
        1% voluntary prepayment fee is applicable;

   (iv) reduces the minimum liquidity threshold applicable after
        the entry of the Final Order from $575 million to $500
        million and

    (v) removes the event of default relating to a material
        breach by any of the Debtors of any provision of the
        Restructuring Support Agreement, dated as of January 10,
        2016 and as amended by the First Amendment to the
        Restructuring Support Agreement dated as of February 25,
        2016 that results in the termination thereof.

                         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
debts
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

The Official Committee of Unsecured Creditors tapped Spencer Fane
LLP and Kramer Levin Naftalis & Frankel LLP as attorneys.


ARCH COAL: Gets Nod on Agreement to Reduce Environmental Costs
--------------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that a Missouri
bankruptcy judge on Feb. 29, 2016, approved an agreement between
Arch Coal and Wyoming environmental regulators that significantly
reduces the financial commitment the coal company must post in
order to continue operating its coal mines in the state.  U.S.
Bankruptcy Judge Charles E. Rendlen III approved a deal between
Arch Coal subsidiaries and the Wyoming Department of Environmental
Quality that will reduce the bonds it must post to operate its
mines from approximately $485.5 million to $75 million.

                          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.


ASPECT SOFTWARE: Approval of $30-Mil. DIP Facility Sought
---------------------------------------------------------
Aspect Software Parent, Inc., et al., are seeking authority from
the U.S. Bankruptcy Court for the District of Delaware to obtain
postpetition secured financing and to use cash collateral of their
prepetition secured lenders.  The Debtors said access to Cash
Collateral and the proposed DIP Facility will provide them with
sufficient funds to pay wages, preserve and maximize the value of
their estates, and administer their Chapter 11 cases.

"The DIP Facility and access to Cash Collateral will provide a
clear, strong message to the Debtors' customers, vendors,
employees, and contract counterparties that operations are
appropriately funded and that the bankruptcy filing will not impact
the Debtors' businesses operationally," according to Michael W.
Yurkewicz, Esq., at Klehr Harrison Harvey Branzburg LLP, counsel
for the Debtors.  "Immediate access to Cash Collateral and the DIP
Facility will facilitate the Debtors' progression through chapter
11 as they work to effectuate a viable and actionable restructuring
... that will help the Debtors avoid
the negative impact of a prolonged chapter 11 case."

Wilmington Trust, N.A. serves as the DIP Agent under the Proposed
DIP Agreement.

The DIP Facility provides postpetition financing in the form of a
non-amortizing multiple draw term loan facility in an aggregate
principal amount of $30 million ($10 million of which will be
available upon entry of the Court's interim order).

Loans under the DIP Facility bear an interest rate of 9.75%, in the
case of a Eurodollar Loan and 8.75%, in the case of an
ABR Loan, with a 1% floor per annum.

Aspect agrees to pay to the Administrative Agent for the account
of each Lender (i) a commitment fee of 3.00% of the Commitments of
such Lender available to the Borrower on the Effective Date, earned
on the Effective Date and payable in cash upon the earlier of the
Initial Draw Date and the Termination Date, (ii) an unused line
fee, which will accrue at 2.50% per annum on the average daily
unused amount of the Commitment of such Lender during the period
from and including the Effective Date to but excluding the date on
which the Commitments terminate, and an annual administrative fee
of $50,000.

The DIP Agreement will terminate on the earliest to occur of:

    * the Maturity Date (Sept. 30, 2016);

    * the date of termination of the Commitments and acceleration
      of any outstanding extensions of credit, in each case, under
      the Facility in accordance with the terms of the DIP Credit
      Agreement;

    * the Prepayment Date;

    * the Plan Effective Date;

    * the date of dismissal of the Cases by the Bankruptcy Court;  

      or

    * the earlier of the date (x) the Borrower enters into (or
      files a motion with the Bankruptcy Court or otherwise takes
      action to pursue the Bankruptcy Court for approval of) a
      purchase agreement for all or substantially all of the  
      Borrower's assets and (y) the Borrower files a motion or
      otherwise takes action to pursue the Bankruptcy Court
      for approval of a sale of all or substantially all of the
      Debtors' assets, (vii) the consummation of a sale of all or
      substantially all of the assets of the Borrower pursuant to
      Section 363 of the Bankruptcy Code or otherwise and (viii)
      the date of filing or support by the Borrower of a   
      Reorganization Plan that is not an Acceptable Reorganization
      Plan.

The following are the parties with interest in the Cash Collateral:
(a) Wilmington Trust, N.A., as administrative and collateral agent,
and each of the lenders under the Prepetition Credit Agreement
(collectively, the "Prepetition First Lien Secured Parties"); and
(b) U.S. Bank N.A., as trustee and collateral agent, and each of
the lenders under the Prepetition Second Lien Indenture and holders
of Prepetition Second Lien Notes (collectively, the "Prepetition
Second Lien Secured Parties").

The Debtors will provide the Prepetition Secured Parties with
adequate protection of their respective interests in the
Prepetition Collateral.

The First Lien Agent and Prepetition First Lien Lenders will have
the right to credit bid up to the full amount of their Prepetition
First Lien Obligations under the Prepetition First Lien Loan
Documents and any obligations related thereto in connection with
the sale of the Prepetition Collateral, including, without
limitation, (a) pursuant to Section 363 of the Bankruptcy
Code, (b) a plan of reorganization or a plan of liquidation under
Section 1129 of the Bankruptcy Code, or (c) a sale or disposition
by a chapter 7 trustee.

                       About Aspect Software

Headquartered in Phoenix, Arizona, with 38 offices located in 19
countries, Aspect Software serves as a global provider of software
systems and equipment for contact centers that service the needs of
customers across various industries.  Aspect delivers solutions to
more than 2,200 Contact Centers in more than 70 countries, and its
products currently support approximately 1.5 million contact center
agent seats, managing over 100 million enterprise customer
interactions daily.

Aspect Software Parent, Inc., Aspect Software, Inc., VoiceObjects
Holdings Inc., Voxeo Plaza Ten, LLC and Davox International
Holdings, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10597) on March 9, 2016.  Robert Krakauer
signed the petitions as executive vice president and chief
financial officer.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Klehr Harrison Harvey Branzburg LLP as co-bankruptcy
counsel, Alix Partners, LLP as financial advisor, Jefferies LLC as
investment banker and Prime Clerk LLC as claims, notice, and
balloting agent.


ASPECT SOFTWARE: Seeking Joint Administration of Cases
------------------------------------------------------
Aspect Software Parent, Inc., et al., ask the Bankruptcy Court to
direct procedural consolidation and joint administration of
their Chapter 11 cases and grant related relief, including the
ability to add later filed cases.  The Debtors request that one
file and one docket be maintained for all of the
jointly-administered cases under the case of Aspect Software
Parent, Inc., Case No. 16-10597.

The Debtors said that given the integrated nature of their
operations, joint administration will:

   (a) provide significant administrative convenience without
       harming the substantive rights of any party-in-interest;

   (b) reduce fees and costs by avoiding duplicative filings
       and objections; and

   (c) allow the U.S. Trustee and all parties-in-interest to
       monitor these Chapter 11 cases with greater ease and
       efficiency.

                     About Aspect Software

Headquartered in Phoenix, Arizona, with 38 offices located in 19
countries, Aspect Software serves as a global provider of software
systems and equipment for contact centers that service the needs of
customers across various industries.  Aspect delivers solutions to
more than 2,200 Contact Centers in more than 70 countries, and its
products currently support approximately 1.5 million contact center
agent seats, managing over 100 million enterprise customer
interactions daily.

Aspect Software Parent, Inc., Aspect Software, Inc., VoiceObjects
Holdings Inc., Voxeo Plaza Ten, LLC and Davox International
Holdings, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10597) on March 9, 2016.  Robert Krakauer
signed the petitions as executive vice president and chief
financial officer.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Klehr Harrison Harvey Branzburg LLP as co-bankruptcy
counsel, Alix Partners, LLP as financial advisor, Jefferies LLC as
investment banker and Prime Clerk LLC as claims, notice, and
balloting agent.


ASPECT SOFTWARE: Taps Prime Clerk as Claims and Noticing Agent
--------------------------------------------------------------
Aspect Software Parent, Inc., et al., filed an application with the
Bankruptcy Court for the appointment of Prime Clerk LLC as their
claims and noticing agent, including assuming full responsibility
for the distribution of notices and the maintenance, processing,
and docketing of proofs of claim filed in their Chapter 11 cases.

The Debtors assert that by appointing Prime Clerk, 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.

Prime Clerk's claims and noticing rates are:

            Title                          Hourly Rate
            -----                          -----------
            Analyst                          $30-$50
            Technology Consultant            $80-$100
            Consultant/Senior Consultant     $90-$170
            Director                        $175-$195
            Solicitation Consultant            $185
            Director of Solicitation           $210

The Debtors request that the undisputed fees and expenses incurred
by Prime Clerk in the performance of the services be treated as
administrative expenses of their Chapter 11 estates and be paid in
the ordinary course of business without further application to or
order of the Court.

Before the Petition Date, the Debtors provided Prime Clerk a
retainer in the amount of $50,000.  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, the Debtors have
agreed to indemnify, defend, and hold harmless Prime Clerk and its
directors, officers, employees, affiliates, and agents under
certain circumstances specified in the Engagement Agreement, except
in circumstances resulting solely from Prime Clerk's gross
negligence or willful misconduct.

Prime Clerk has represented that it neither holds nor represents
any interest materially adverse to the Debtors' estates in
connection with any matter on which it would be employed and that
it is a "disinterested person," as defined in Section 101(14) of
the Bankruptcy Code.

                       About Aspect Software

Headquartered in Phoenix, Arizona, with 38 offices located in 19
countries, Aspect Software serves as a global provider of software
systems and equipment for contact centers that service the needs of
customers across various industries.  Aspect delivers solutions to
more than 2,200 Contact Centers in more than 70 countries, and its
products currently support approximately 1.5 million contact center
agent seats, managing over 100 million enterprise customer
interactions daily.

Aspect Software Parent, Inc., Aspect Software, Inc., VoiceObjects
Holdings Inc., Voxeo Plaza Ten, LLC and Davox International
Holdings, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10597) on March 9, 2016.  Robert Krakauer
signed the petitions as executive vice president and chief
financial officer.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Klehr Harrison Harvey Branzburg LLP as co-bankruptcy
counsel, Alix Partners, LLP as financial advisor, Jefferies LLC as
investment banker and Prime Clerk LLC as claims, notice, and
balloting agent.


ASPECT SOFTWARE: Wants to Pay $1.5-Mil. for Critical Vendor Claims
------------------------------------------------------------------
Aspect Software Parent, Inc., et al., seek permission from the
Bankruptcy Court to pay claims of vendors that are critical to
their business operations and may discontinue providing goods and
services absent payment of their prepetition claims in an amount
not to exceed $1 million on an interim basis and $1.5 million on a
final basis.

The Debtors said they rely on goods and services provided by
approximately 2,500 third-party vendors.  Of these vendors, the
Debtors have identified those that are highly specialized whose
services cannot be replaced quickly or without significant cost to
their estates, especially during this early, critical juncture in
these Chapter 11 cases.

"Without the Critical Vendors' supplies and services, the Debtors
would experience software and network outages immediately while
they searched for substitute vendors, which could in turn
jeopardize numerous customer relationships and significantly impair
the value of the Debtors' businesses," said Domenic E. Pacitti,
Esq., at Klehr Harrison Harvey Branzburg LLP, counsel for the
Debtors.

The Critical Vendor Claims are limited to approximately 17% of the
Debtors' outstanding trade debt and approximately 0.12% of the
Debtors' total funded indebtedness as of the Petition Date.

The Debtors intend to condition payment of Critical Vendor Claims
upon each Critical Vendor's agreement to continue supplying goods
and services on terms that are acceptable to them in light of
customary industry practices.

                       About Aspect Software

Headquartered in Phoenix, Arizona, with 38 offices located in 19
countries, Aspect Software serves as a global provider of software
systems and equipment for contact centers that service the needs of
customers across various industries.  Aspect delivers solutions to
more than 2,200 Contact Centers in more than 70 countries, and its
products currently support approximately 1.5 million contact center
agent seats, managing over 100 million enterprise customer
interactions daily.

Aspect Software Parent, Inc., Aspect Software, Inc., VoiceObjects
Holdings Inc., Voxeo Plaza Ten, LLC and Davox International
Holdings, LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10597) on March 9, 2016.  Robert Krakauer
signed the petitions as executive vice president and chief
financial officer.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Klehr Harrison Harvey Branzburg LLP as co-bankruptcy
counsel, Alix Partners, LLP as financial advisor, Jefferies LLC as
investment banker and Prime Clerk LLC as claims, notice, and
balloting agent.


ATLANTIC CITY, NJ: Risks Default & Poss. Bankruptcy, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service has released a scenario analysis of
possible outcomes for Atlantic City, NJ (Caa1 review for downgrade)
as the New Jersey (A2 negative) legislature considers rescue
legislation and greater influence in placing it on the path to
fiscal recovery.

"Without drastic action, Atlantic City could face a default as
early as April or May. The city also owes $190 million to casinos
that successfully appealed their property taxes. Factoring in these
liabilities, we project a budget deficit of $102 million in fiscal
2016, ending December 31," Josellyn Yousef, a Moody's VP -- Senior
Analyst says in "Atlantic City, NJ: Rescue Legislation Key to
Fiscal Recovery."

The state legislature is considering two bills to help Atlantic
City: the Casino Property Tax Stabilization Act (PILOT bill) and
the Municipal Stabilization and Recovery Act (state intervention
bill) with Moody's identifying three scenarios that would have a
positive or negative credit impact on the city's credit quality.

The first, and most credit positive scenario, is if the state
passes both bills, which grants NJ the authority to implement
proposals included in the city's emergency manager's January 2016
report. Under this scenario, Moody's projects the city's $102
million deficit will shrink by 73% to $27.8 million in 2016 and be
almost gone by 2020. The proposals include added revenues, expense
cuts and restructured casino debt.

"The state would also generate savings by eliminating city
departments and terminating union contracts, which would allow it
to turn over police and fire operations to the county. Reorganizing
the police and fire departments has been politically contentious
between the city and state," Yousef says.

Moody's believes if only the PILOT bill passes, the city will
continue to face distress since the single bill is insufficient to
restore Atlantic City's fiscal health. While the PILOT bill
produces additional revenues and avoids incurring additional casino
tax liabilities, it is not enough to avoid crippling deficits of
$30 million to $40 million annually over the next five years.
Moody's believes the state intervention bill is too politically
contentious to pass on its own.

If neither bill passes, Atlantic City will run out of cash in the
next few weeks, leading to a potential default, distressed
exchange, or bankruptcy filing. The state could take stopgap
measures to help Atlantic City, such as a providing a loan or
allowing the deferment of pension contributions, but this would not
solve the underlying causes of the crisis.

No matter which scenario ultimately occurs, Atlantic City's
financial position remains vulnerable to external factors such as
further casino closures and deteriorating state finances.


BAHA MAR: Bahamas Urged to Fund JPLs for Creditors' Best Interest
-----------------------------------------------------------------
BMD Holdings Ltd. on March 10 sent the following letter to
unsecured creditors urging them to press the government of The
Bahamas to provide the necessary funding for the Baha Mar Joint
Provisional Liquidators (the "JPLs") to represent the interests of
the unsecured creditors of Baha Mar.

The following is the full text of the letter, as sent:

10 March 2016

Dear Baha Mar Creditor,

We are fast approaching March 27th, the one-year anniversary of the
date that Baha Mar was to have opened to the public, and now, more
than ever, is a time for plain speaking and jargon-free information
about the current problems in respect of the project.  That opening
date was based on repeated assurances by CCA to the bank, the
Bahamian Government and the developer, that the resort would be
complete and ready to open.  If CCA had lived up to its word, the
resort would be opened; thousands of Bahamians would be gainfully
employed; many Bahamian vendors and suppliers would be benefitting,
and, not least, creditors would have been paid.

Instead, today there is no Baha Mar. Recent court documents
strongly indicate that CCA deceived the Government, the developer,
you, and the Bahamian people.  The impact of this deception has
resulted in serious economic consequences for many in the Bahamas
and elsewhere.

A lot has happened in the past year as a result of CCA's failures.
Unfortunately, that has not included creditors being paid, or even
the current prospect of being paid.

As you well know, Baha Mar sought to reorganize under Chapter 11 of
the U.S bankruptcy code, a constructive process that would have
resulted in creditors being paid.  But the Government (and CCA and
the bank) fought the Chapter 11, and instead pursued the winding up
(or liquidation) of Baha Mar in the Bahamian courts, with all of
the destructive effect that has had.  Thousands of Bahamians, who
were to work at Baha Mar, became unemployed.  Hundreds of Bahamian
and international businesses which were to enjoy the success of
Baha Mar were forced to become unsecured creditors.

When the Government succeeded in pushing the winding up/liquidation
process on Baha Mar, Joint Provisional Liquidators, or JPL's, were
identified by the Government and appointed by the local court to
preserve the Bahamian assets of the resort.  The JPLs were paid
from funds still remaining in Baha Mar's bank accounts and from
certain repayments of money owed to Baha Mar.  Then, when that
money ran out, Baha Mar's assets were seized by the Export-Import
Bank of China, or CEXIM, the secured lender, and put under the
control of its receiver, the accounting firm Deloitte.  The role of
the receivers is to protect the secured creditor, the bank, not
you, and not us.

Because of this, the JPL's are the only ones who can possibly
advocate for, and have the responsibility to represent, the best
interests of the vendors, suppliers and individuals who are the
unsecured creditors.  Despite this role of central importance, the
JPLs are not being paid, and consequently, the unsecured creditors
have no voice advocating their interests before the Bahamian court.


Without such an advocate, no one can check or stem the actions of
the receivers.  The Prime Minister told the House of Assembly on
Monday that intensive discussions are being held between CCA's
parent, CSCEC, and the bank on detailed plans of remobilization.
Whilst we are all for progress, those comments also underscore that
the bank and the receivers will assuredly not pursue the valuable
claims against CCA or CSCEC, including the lawsuit against CSCEC
currently pending in the UK High Court, as urged by Granite
Ventures in its recent court filing.  Those claims potentially add
value to the estate and thereby generate real dollars to be paid to
you.  The Prime Minister said that such a deal between CSCC and
CEXIM would require approval of their regulators, but he did not
say that approval is required by the Bahamian court.  Creditors
should be very concerned that they will be left out in the cold. No
one is protecting your interests right now.  

And this is exactly why the Bahamian Government must step up and
act now on behalf of the unsecured creditors, to fulfill its
assurances to you.  The Government must now fund the JPLs so that
they can do their job on behalf of Baha Mar's unsecured creditors,
on your behalf.  The assets of Baha Mar must be managed and
monetized to maximize their value.  This includes, among other
efforts, pursuing the UK litigation claim against CSCEC
effectively.  This means not allowing either CEXIM or CSCEC to
undertake actions, such as instituting new financial commitments,
that further push the unsecured Bahamian and international
creditors down the line in financial recovery.  It means not
allowing Baha Mar to be sold at a discount by CEXIM at the expense
of the unsecured creditors.

Your interests are at stake.  Tell the Government you need
representation, and that the JPL's must receive funds to fulfill
their role.  There is no sign that the receiver (appointed for
CEXIM, not you) will fund the JPL's and there is every reason to
believe that they would not do so.  Tell the court it must order an
investigation of the claims against CSCEC.  We urge all creditors,
especially Bahamian creditors, to make their voices heard now,
before it is too late.

Yours truly,

Tom Dunlap

Media ContactRobert Siegfried / Ross Lovern
212-521-4806

                         About Baha Mar

Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar
Enterprises Ltd., and their affiliates sought protection under
Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del.,
Case No. 15-11402).  Baha Mar owns, and is in the final stages of
developing, a 3.3 million square foot resort complex located in
Cable Beach, Nassau, The Bahamas.

The bankruptcy cases are assigned to Judge Kevin J. Carey.  The
Debtors are represented by Paul S. Aronzon, Esq., and Mark
Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los
Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz,
Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in New York.  The Debtors' Delaware counsel are Laura
Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq.,
and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware.  The Debtors' Bahamian counsel is Glinton
Sweeting O'Brien.  The Debtors' special litigation counsel is Kobre
& Kim LLP.  The Debtors' construction counsel is Glaser Weil Fink
Howard Avchen & Shapiro LLP.

The Debtors' investment banker and financial advisor is Moelis
Company LLC.  The Debtors' claims and noticing agent is Prime Clerk
LLC.


BANC OF AMERICA 2009-14: Moody's Cuts Cl. 1-A-1 Notes Rating to C
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class 1-A-1
issued by Banc of America Funding 2009-R14 Trust. The tranche is
backed by the Class AF-1 issued by Renaissance Home Equity Loan
Trust 2007-3.

Complete rating actions are as follows:

Issuer: Banc of America Funding 2009-R14 Trust

Cl. 1-A-1, Downgraded to C (sf); previously on Mar 11, 2015
Downgraded to Caa3 (sf)

RATINGS RATIONALE

Class 1-A-1 of Banc of America Funding 2009-R14 Trust has been
downgraded due to a decline in the expected principal recovery on
the underlying tranche which supports this resecuritized bond.

The actions reflect the recent performance of the underlying bond
and Moody's updated loss expectations on the underlying bond and
the collateral backing the bond.


BFS ENTERTAINMENT: Files for Bankruptcy in Canada
-------------------------------------------------
BFS Entertainment & Multimedia Limited (BFS) of Richmond Hill,
Ontario on March 10 disclosed that due to ongoing losses and its
inability to support its bank covenants that it has filed for
Bankruptcy for both BFS Entertainment & Multimedia Limited and
Collectables Direct Inc its wholly owned consumer Catalogue
division.  The Trustee in Bankruptcy is The Fuller Landau Group
Inc. Toronto, Ontario.  BFS Entertainment & Multimedia Limited is a
recognized independent manufacturer and distributor of home video.



BH SUTTON: Gamma Lender's Warning to Foreclose Cues Bankruptcy
--------------------------------------------------------------
Privately-held BH Sutton Mezz filed for Chapter 11 protection.
BankruptcyData reported that the Company owns real estate property
in New York.  The Debtor, according to BData, said its Chapter 11
filing was precipitated by, among other things, litigation with one
of its lenders and an attempt by the Gamma Lender to foreclose on
the Debtor's membership interest through a quick sale under the
Uniform Commercial Code.  The Debtor believes there is substantial
equity in the real properties and the Debtor seeks relief from the
Bankruptcy Court to protect the value of its assets.

New York City-based BH Sutton Mezz LLC filed for Chapter 11
protection (Bankr. S.D. NY Case No. 16-10455) on Feb. 26, 2016.
The petition was signed by Herman Carlinsky, president.  The Hon.
Sean H. Lane presides over the case.  Joseph S. Maniscalco, Esq.,
at Lamonica Herbst & Maniscalco, LLP represents the Debtor in its
restructuring effort.  The Debtor estimated assets at $100 million
to $500 million and debts at $10 million to $50 million.


BIOLIFE SOLUTIONS: Appoints Interim Chief Financial Officer
-----------------------------------------------------------
BioLife Solutions, Inc., appointed Roderick de Greef, 54, as the
Company's interim chief financial officer and interim secretary on
March 4, 2016, according to a Form 8-K report filed with the
Securities and Exchange Commission.  Previously, Mr. de Greef
served as a director of the Company from June 2000 through November
2013, and provided the Company with strategic and financial
consulting services from July 2007 through August 2011.

Mr. de Greef has served Elephant Talk Communications Corp., a
mobile communications company, as a director, chair of the Audit
Committee and member of the Nominating and Corporate Governance
Committee and Compensation Committee since September 2015, and was
previously a director of Elephant Talk from January 2008 to October
2011.  Since June 2013, Mr. de Greef has served as a director and
as acting chief financial officer of RealAnalogics, Inc., a
privately held real estate data company.  From March 2015 to
February 2016, Mr. de Greef was a partner of MedTech Advisors,
Inc., a strategic and financial consulting firm.  Since November
2013 Mr. de Greef has served as the president and sole director of
Cambridge Cardiac Technologies, Inc. a privately held successor to
Cambridge Heart, Inc.  From November 2003 to May 2013, Mr. de Greef
served as a director, member of the Audit Committee and chairman of
the Compensation Committee of Endologix, Inc., a developer of
minimally invasive, AAA stents.  From November 2008 to October
2013, Mr. de Greef was the chairman of the board of Cambridge
Heart, Inc., a manufacturer of non-invasive diagnostic cardiology
products.  Mr. de Greef has extensive experience in corporate
finance and the business world in general as well as serving as an
officer and director of public companies.

Mr. de Greef will serve at the discretion of the board of
directors.  Mr. de Greef will be employed on a part-time basis and
will receive a salary of $10,000 per month and will be eligible to
participate in the Company's employee benefit programs as in effect
from time to time, to the extent he is entitled to do so under the
terms of such programs.  On March 4, 2016, Mr. de Greef was awarded
100,000 nonqualified stock options under the Company's amended and
restated 2013 performance incentive plan, with an exercise price of
$1.76 per share.  The options are for a period of ten years and
vest 25% on the first anniversary of the date of grant and
thereafter, in 36 equal monthly installments.  In light of the
interim nature of Mr. de Greef's appointment, his options will
continue to vest regardless of whether his service with the Company
continues, and in the event that his service with the Company
terminates for any reason prior to the fourth anniversary of the
date of grant, he may exercise any options that are vested on the
date of exercise until the later of (i) the date provided for in
the Company's customary form of stock option agreement, and the
fifth day after the fourth anniversary of the date of grant.

As interim chief financial officer, Mr. de Greef will serve as the
Company's principal financial and accounting officer.  Michael
Rice, who was appointed to such role on a temporary basis following
the resignation of Daphne Taylor as chief financial officer on Feb.
25, 2016, will remain the president and chief executive officer and
a director of the Company.

                    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.

BioLife reported 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.

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.


BIRMINGHAM COAL: Directed to Pay $300K to Regions Bank
------------------------------------------------------
Judge Tamara O. Mitchell of the U.S. Bankruptcy Court for the
Northern District of Alabama gave Birmingham Coal & Coke Company,
Inc., et al., interim authority to provide adequate protection to
Regions Bank as to the equipment which constitutes the collateral
of Regions.

As adequate protection, the Debtors will remit one payment of
$300,000 due February 29, 2016, which will be applied to principal
by Regions on the Equipment Debt.  The Debtors will insure their
property and the Regions Equipment Collateral against all risks to
which it is exposed in an amount not less than the fair market
value of the collateral and will name Regions as loss payee on such
policies.  Furthermore, the Debtors will maintain the Regions
Collateral in good working order and will perform all routine
maintenance in accordance with the manufacturer's recommended
maintenance schedule.  The Debtors will not remove any parts whose
estimated value exceeds $10,000 from Equipment that is part of the
Regions Collateral and use those parts on any other Equipment
without the prior consent of Regions, except for the Komatsu
PC1800.

In addition to any adequate protection payments authorized to be
made to REFCO and RECF, during the term of the Third Interim Order,
the Debtors will pay to Regions Bank the amount of $15,000 to be
applied toward interest and/or principal, in Regions' discretion,
accruing postpetition on the Revolving Lines of Credit, and the
Bridge Loan, extended to BCC/CCR and RAC.

                 About Birmingham Coal

Birmingham Coal & Coke Company, Inc. produces and markets coal to
industrial, utility and export markets. It owns and operates three
coal mines with an average annual coal production of approximately
480,000 tons.  The company also offers coal brokerage services.
Birmingham Coal & Coke Company, Inc. was founded in 2000 and is
based in Birmingham, Alabama.  As of May 9, 2011, Birmingham Coal
operates as a subsidiary of CanAm Coal Corp.

On May 27, 2015, Birmingham Coal and affiliates Cahaba Contracting
& Reclamation LLC, and RAC Mining LLC each filed a voluntary
petition for Chapter 11 reorganization (Bankr. N.D. Ala. Lead Case
No. 15-02075) in Birmingham, Alabama.

The Debtors tapped Jones Walker LLP as counsel.

Birmingham Coal and Cahaba Contracting each estimated $10 million
to $50 million in assets and debt.  RAC Mining estimated $1 million
to $10 million in assets and debt.


BOOMERANG SYSTEMS: US Trustee to Continue 341 Meeting on March 24
-----------------------------------------------------------------
The Office of the U.S. Trustee will continue the meeting of
creditors of Boomerang Systems Inc. on March 24, 2016, at 1:00 p.m.


The meeting will take place at J. Caleb Boggs Federal Building,
Room 2112, 844 King Street, Wilmington, Delaware.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                      About Boomerang Systems

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

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

The Company has engaged the law firms Togut, Segal & Segal LLP as
general bankruptcy counsel, Ciardi, Ciardi & Astin as local
bankruptcy counsel, and Garden City Group, LLC, as claims and
noticing agent.  In addition, the Company has retained the law firm
Berg & Androphy, which filed a lawsuit on Aug. 18, 2015 in the
Southern District of New York against the Company's defaulting
lender.

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 Creditors Committee tapped A. M. Saccullo Legal, LLC as
attorneys.

                            *     *     *

Boomerang Systems Inc. and the Creditors Committee on Jan. 20,
2016, filed a Combined Disclosure Statement and Plan of
Liquidation.  The Debtors also filed a motion to sell substantially
all assets at an auction slated for March 23, 2016.  The Debtors
are in negotiations for Game Over Technologies, Inc., to serve as
stalking horse bidder at the auction.


BROCK HOLDINGS: S&P Lowers Rating to 'CCC+', Outlook Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services downgraded Houston-based
specialty maintenance provider Brock Holdings II Inc. (BHII) and
its wholly owned subsidiary Brock Holdings III Inc. to 'CCC+' from
'B-'.  The outlook on both entities is developing.

At the same time, S&P lowered its issue-level ratings on Brock's
$125 million revolving credit facility and $510 million first-lien
term loan to 'CCC+' from 'B' and revised our recovery ratings on
the debt to '3' from '2', indicating S&P's expectation that lenders
would receive meaningful (50%-70%; upper half of the range)
recovery in a payment default scenario.

Additionally, S&P lowered its issue-level ratings on Brock's $190
million second-lien term loan to 'CCC-' from 'CCC'.  The '6'
recovery rating is unchanged, indicating S&P's expectation for
negligible (0%-10%) recovery in the event of a payment default.

"The downgrade reflects our view that Brock's lower-than-expected
project volumes and execution difficulties have negatively affected
its operating performance, causing the company's adjusted
debt-to-EBITDA ratio to increase to about 8x," said Standard &
Poor's credit analyst Noel Mangan.  "Also, covenant headroom under
the company's $125 million revolving credit facility is very tight,
and the company faces the upcoming maturities of its first-lien
debt obligations."

The developing rating outlook on Brock reflects the potential that
Standard & Poor's could raise or lower its ratings on the company
based on its ability to successfully refinance its upcoming
maturities and reduce its debt leverage.



CAESARS ENTERTAINMENT: Ret. Judge Joseph Farnan Tapped as Mediator
------------------------------------------------------------------
Jessica DiNapoli at Reuters reported that retired U.S. Judge Joseph
Farnan has agreed to serve as the mediator in the Chapter 11
bankruptcy of the operating unit of Caesars Entertainment Corp.,
according to a court filing on March 1, 2016.  Farnan's agreement
to mediate the drawn-out case came as the company and creditors
wait for the independent examiner's report, due mid-March.
Creditors have accused Caesars of looting the operating unit before
the bankruptcy for the benefit of private equity owners Apollo
Global Management and TPG Capital Management.  The examiner's
report will look into the accusations.  The operating unit proposed
a mediator last month as a way to help creditors reach a compromise
and guide the case to resolution.

                   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.


CHARLES SCHWAB: Fitch Affirms 'BB+' Preferred Stock Rating
----------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-Term Issuer Default
Ratings (IDRs) of Charles Schwab Corporation (Schwab) at 'A/F1'.
The Rating Outlook is Stable.

                        KEY RATING DRIVERS

IDRs AND SENIOR DEBT

The rating affirmations reflects Schwab's leading market position
with retail investors, good earnings diversity, and scalable
business model combined with appropriate cash flow and balance
sheet leverage metrics for its rating category.  Rating constraints
primarily include the potential for intense price competition
and/or operational risks combined with some sensitivity of the
business model to movements in equity markets.

Schwab has evolved its business model away from pure trading
commissions and more toward a full service financial firm catering
to the needs of the mass affluent and mass market retail investors.
This includes a strong focus on asset/wealth management products
and banking products and away from traditional trading products.
Fitch views this strategic approach positively from a credit
perspective.

Schwab's franchise supports its ratings and is a key differentiator
compared to peer institutions.  Fitch believes Schwab's strong
franchise has contributed to improving wallet share with customers,
creating sticky, profitable and long-term relationships that afford
Schwab increased opportunities to capture incremental revenue
through cross-selling.

Schwab's key value proposition to clients is its ability to offer
low cost products with good customer service.  Schwab seeks to
increase customer wallet share by improving customer interfaces
through the use of technology to stay ahead of competitors.
Examples of this include the introduction of the Schwab Index
Advantage (SIA) offering and the Schwab Intelligent Portfolios
(SIP) among others.

Schwab's revenue composition reflects a balanced business model
with asset management and other fee revenue constituting 47% of
overall revenue; net interest income (NII) that comprises 40% of
overall revenue; and more volatile trading revenue that constitutes
only 13% of overall revenue in 2015.  Moreover, Fitch believes the
recurring nature of the asset management revenue and NII should add
stability to Schwab's operating performance over time.

Fitch believes Schwab has strong earnings upside potential given
its positive sensitivity to higher short-term interest rates.  This
is due to a relatively short duration investment portfolio which
should reprice more quickly than deposits in a higher short-term
interest rate environment.  At certain points in the interest rate
cycle, Fitch estimates this could drive NII to over 55% of overall
revenue.  Rising rates would also benefit Schwab's money market
fund platform, where fee waivers are currently impacting the
profitability of the business.

Given that the bulk of this potentially higher profitability should
drop directly to the bottom line, it has the potential to also
significantly boost the company's profit margin (35.7% in 2015) and
its return on equity, which was 11.5% in 2015.  While this earnings
improvement would not necessarily impact ratings since it is viewed
as a cyclical dynamic rather than a structural one, Fitch notes
that this may allow Schwab's management to more significantly
invest in technology products to further extend the company's
competitive advantages.

Schwab's leverage as measured by adjusted debt to earnings before
interest, depreciation and amortization (EBITDA) ticked up to an
annualized 0.94x in the fourth quarter of 2015 as recent debt
issuances that have been largely held in high quality liquid assets
(HQLA) couldn't be fully offset by improved earnings performance.
Nevertheless, Schwab's leverage is solidly in line with its rating
category.

Fitch also places significant weight on Schwab's Tier 1 Leverage
ratio in its analysis given the growing size of Schwab Bank.  As of
year-end 2015, Schwab's Tier 1 leverage ratio was satisfactory at
7.1%, particularly given Fitch's view of the comparatively low risk
of the bank balance sheet.  It is noteworthy that Schwab plans to
move more of its money market fund balances into deposit products,
and as such recently issued preferred stock to maintain its Tier 1
Leverage ratio near its 7.0% target.

Fitch also notes the current proposals from the Department of Labor
(DOL) regarding holding retirement advisors to a fiduciary
standard.  If implemented as currently proposed, Fitch anticipates
that the proposals could require additional disclosures and/or
changes to processes or fee structures, but have less impact on
larger players with scale and larger, more affluent customers.  As
such, Fitch does not expect this to impact ratings at this time.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Schwab has a Support Rating of '5' and Support Rating Floor of
'NF'.  In Fitch's view, Schwab is not systemically important and
therefore, sovereign support is unlikely.  The company's IDRs do
not incorporate any support.

                          PREFERRED STOCK

Preferred stock issued by Schwab is notched down from the holding
company rating in accordance with Fitch's assessment of the
instrument's non-performance and relative loss severity risk
profiles.  Schwab's preferred stock issuances are notched five
notches from the IDR, which includes two notches for
non-performance and three notches for loss absorbing capacity.

                        RATING SENSITIVITIES

IDRs AND SENIOR DEBT

Given the evolution of Schwab's business model noted above, there
could be some modest upside to ratings should Fitch observe greater
revenue stability through various market cycles, combined with
sustained capital and liquidity levels.

Fitch continues to believe that the most significant rating risk
for Schwab is a large operational or technological security loss
specific to the firm that causes clients to leave the firm.
Operational and technological security losses are inherently
difficult to predict and measure and do serve as an upwards rating
limitation.

Additionally, with the expanding lending platform, underwriting
discipline and asset quality are also increasingly important rating
drivers.  To date, credit performance of the loan portfolio has
been excellent.  However, the growth of Schwab Bank bears
monitoring.  While not anticipated, should the company begin to
reach for yield in its investment portfolio such that it increases
the credit or interest rate risk profile of the balance sheet this
could be viewed negatively.

Fitch also acknowledges that Schwab -- as well as other industry
participants -- derive some revenue from payment for order flow,
which is akin to receiving rebates from directing client trades to
a certain market makers.  While this may provide more efficient
execution for clients, given current industry scrutiny, it is
possible that regulatory changes could cause Schwab and others to
have to either enhance disclosures and/or adjust routing practices.
While not expected, to the extent that this regulatory scrutiny
caused lost revenue or regulatory findings that contributed to
reputational damage to the industry, this could negatively impact
Schwab's ratings or the Rating Outlook.

              SUPPORT RATING AND SUPPORT RATING FLOOR

Should Fitch's views on the perceived likelihood of extraordinary
support extended to Schwab change, a change in the Support Rating
and Support Rating Floor could occur.  Presently, Fitch does not
anticipate this scenario.

                         PREFERRED STOCK

Schwab's preferred stock rating is primarily sensitive to any
change in the company's IDR.  The existing notching would be
maintained in conjunction with any change in the IDR, at least for
so long as the IDR is investment grade.

Fitch has affirmed these ratings

Charles Schwab Corporation:
   -- Long-term IDR at 'A';
   -- Short-term IDR at 'F1';
   -- Senior unsecured notes at 'A';
   -- Short-term debt at 'F1';
   -- Preferred stock at 'BB+';
   -- Support at '5';
   -- Support floor at 'NF'.

The Rating Outlook is Stable.


CHINA SUNERGY: Fails to Regain NASDAQ Listing Compliance
--------------------------------------------------------
China Sunergy Co., Ltd. on March 9 disclosed that it had received a
letter from the Listing Qualifications Department of the NASDAQ
Stock Market, on March 3, 2016, informing the Company that it
failed to regain compliance with the Listing Rule related to the
maintenance of minimum Market Value of Publicly Held Shares of
US$15,000,000 within a compliance period of 180 calendar days.

As previously disclosed, on September 3, 2015, NASDAQ notified the
Company that for the previous 30 consecutive trading days, the
market value of its publicly held shares had been below the minimum
$15,000,000 required for continued listing as set forth in Listing
Rule 5450(b)(3)(C).  Therefore, in accordance with Marketplace Rule
5810(c)(3)(D), the Company was provided 180 calendar days, or until
March 1, 2016, to regain compliance with the Rule.  However, the
Company has not regained compliance with the Rule.  Accordingly,
its securities will be delisted from The Nasdaq Global Select
Market.  In that regard, unless the Company requests an appeal of
this determination, trading of the Company's American Depositary
Shares will be suspended at the opening of business on March 14,
2016, and a Form 25-NSE will be filed with the Securities and
Exchange Commission, which will remove the Company's securities
from listing and registration on the Nasdaq Stock Market.

The Company is considering whether it will appeal NASDAQ's
determination to a Hearings Panel.  A hearing request will stay the
suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel's decision.  If the Company does not
appeal NASDAQ's determination to the Panel, the Company's
securities may be eligible to continue to be quoted on the OTC
Bulletin Board or in the "Pink Sheets."

China Sunergy Co., Ltd. -- http://www.csun-solar.com-- is a
specialized solar cell and module manufacturer.


CLEAR CREEK RETIREMENT: U.S. Trustee Forms 7-Member Committee
-------------------------------------------------------------
Gail Brehm Geiger, acting U.S. trustee for Region 18, appointed
seven creditors of Clear Creek Retirement Plan II LLC to serve on
the official committee of unsecured creditors.

The committee members are:

     (1) Steven D. Bowerman
         Mountain Mules Construction
         P.O. Box 484
         Nine Mile Falls, WA 99026
         (509) 276-2907 Phone
         (509) 276-8722 Fax
         mtmules@gmail.com

     (2) Tim Orr
         SKL Funding, LLC
         4010 E Tanager Lane, #A
         Mead, WA 99021
         (509) 462-2926 (Phone)
         (509) 769-0303 (Fax)
         tim@jcapital.org
          
     (3) Barbara J. Morrett
         Bmorrrett12@gmail.com

     (4) Robert L. Doremus
         Sound Investments
         P.O. Box 2661
         Gig Harbor, WA 98335
         (253) 307-3725 (Phone)
         (253) 858-2313 (Fax)
         bob@sound-investments.com

     (5) Grant Brooker
         Bennett Truck Transport, LLC
         1001 Industrial Parkway
         McDonough, GA 30253
         (770) 914-2718 (Phone)
         (678) 569-1265 (Fax)
         grant.brooker@bennettig.com

     (6) George Makari
         gmakari@yahoo.com

     (7) Leonard Glaser
         Glaser Family Limited Partnership
         5414 NE 81st Ave, Apt 313T
         Vancouver, WA 98862
         (360) 896-0100 (Phone)
         (360) 896-0828 (Fax)
         lglaser@ransier.com

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor’s business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                        About Clear Creek

Clear Creek Retirement Plan II LLC sought protection under Chapter
11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
Western District of Washington (Tacoma) (Bankr. W.D. Wash., Case
No. 16-40547) on February 12, 2016.  The petition was signed by
Rusty D. Fields, manager.

The Debtor is represented by John R. Rizzardi, Esq., at Cairncross
& Hempelmann, P.S.  The case is assigned to Judge Brian D. Lynch.

The Debtor disclosed total assets of $9.88 million and total debts
of $8.56 million.


CORNERSTONE SCHOOLS: S&P Hikes Rating on 2012 Bonds From 'BB+'
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term rating to
'BBB-' from 'BB+' on the series 2012 lease revenue bonds issued by
Belle Isle, Fla. for Cornerstone Charter Academy and Cornerstone
Charter High School (collectively known as the Cornerstone
Schools). The outlook is stable.

"The raised rating reflects our view of the schools' healthy demand
metrics, with growing enrollment and waitlists, good academic
performance, strong operations, solid debt service coverage, and
adequate liquidity," said Standard & Poor's credit analyst Jessica
Wood.  Previously, the schools' limited operating history had
capped the rating, but in our view, the schools have now
established a foundation and history of enrollment growth and
strong fiscal performance after five years of operations.

A lien on pledged revenues from Cornerstone Schools secures the
bonds, and S&P's analysis reflects consolidated operations.  Belle
Isle (which Standard & Poor's does not rate) owns the school
buildings, and Cornerstone has leased the facilities for 30 years,
equal to the bonds' maturity.


CORPORATE CAPITAL: Fitch Affirms 'BB+' IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed the long-term Issuer Default Rating
(IDR) and secured debt rating of Corporate Capital Trust (CCT) at
'BB+'.  The Rating Outlook is Stable.  The rating actions have been
taken as part of Fitch's periodic peer review of Business
Development Companies (BDCs), which comprises 10 publicly rated
firms.

                         BDC INDUSTRY OUTLOOK

Fitch's outlook for the BDC sector is negative; reflecting
competitive underwriting conditions, earnings pressure,
underperforming energy investments, unsustainable asset quality
metrics, increased activist pressure, and limited access to growth
capital.  While some firms are better positioned, given their more
conservative financial profiles and portfolio characteristics,
others are likely to see rating pressure over the outlook horizon.

BDCs are heavily dependent on the equity markets to fund portfolio
growth, but access to the market has been almost non-existent over
the last 18 months as share prices continue to trade at steep
discounts to net asset value (NAV).  At March 7, 2016, rated BDCs
were trading at an 18.3% average discount to NAV, thus preventing
most from issuing stock without significantly diluting existing
shareholders.  While the reduction in portfolio growth is viewed
favorably by Fitch, given tough underwriting conditions, some firms
may struggle to close the trading gap, leaving them at a
competitive disadvantage if and when investment opportunities
arise.

The decline in commodity prices has yielded the first notable crack
in asset quality performance for BDCs.  More broadly, asset quality
metrics remain at unsustainably low levels, in Fitch's opinion.
While strong portfolio company performance has been supported by an
improving economic environment, low interest rates are likely
masking some potential underlying company-specific issues, as
issuers have been able to refinance themselves out of trouble
rather easily in recent years.  Fitch believes asset quality
metrics are likely to deteriorate over the near term; however, the
pace of deterioration will be somewhat dependent upon the rate of
change in interest rates, the backdrop of the broader economic
environment, differing sector exposures, and the integrity of
individual firms' underwriting.

Fitch has not observed a marked increase in leverage levels for the
sector, with average leverage for investment grade-rated BDCs of
approximately 0.74x at year-end 2015 compared to 0.60x at year-end
2014.  However, there is a wide dispersion of leverage around the
average, and those with the most energy exposure often also have
the highest leverage ratios.  Share repurchase activity has also
increased in the sector in recent quarters, which could inflate
leverage ratios further.  Fitch believes that BDCs heavily focused
on maximizing leverage run the risk of having less dry powder to
deploy if and when underwriting conditions improve, thus weakening
earnings upside.

                         KEY RATING DRIVERS

IDRs AND SENIOR DEBT

The rating affirmations reflect the strength of CCT's relationship
with CNL Fund Advisors Company (CNL) and KKR Credit Advisors (US)
LLC (KKR Credit), low leverage, relatively low portfolio
concentrations, and strong asset quality to date.  CNL has
demonstrated its ability to raise and administer capital in the
retail market over a long period of time, while KKR Credit has a
strong and established track record underwriting credit and has
strong access to deal flow, given its affiliation with KKR & Co.
L.P. (KKR, rated 'A' by Fitch).

Rating constraints include a limited operating history as a
business development company (BDC), weaker-than-peer earnings
yields, a fully secured funding profile, higher-than-average
non-cash income, weaker relative earnings coverage of the dividend,
and the potential that CCT will be unable to access the equity
markets for capital following the completion of its current issuing
authority in 2016, barring a liquidity event.

Leverage, as measured by debt to equity, amounted to 0.55 times (x)
at Sept. 30, 2015, which is below the peer average of 0.64x and the
firm's long-term target of 0.67x.  At third quarter 2015 (3Q15),
effective borrowing capacity would have allowed the company to
lever to 0.71x (assuming 40% collateral is held against the total
return swap [TRS], although this requirement declined to 33% in the
fourth quarter).  Fitch believes the firm will look to increase
debt capacity over time to add funding flexibility. However,
leverage could move above that level with the recognition of
additional portfolio depreciation, which Fitch believes is likely
over the near-term given the volatile market environment. CCT's
leverage must be carefully managed, particularly as the firm's
access to the equity markets will decline in 2016 with the
termination of their continuous offering.

CCT remains heavily focused on secured debt, which accounted for
74.2% of its portfolio at Sept. 30, 2015; modestly above the peer
average.  Still, exposure to equity investments, which can
experience meaningful valuation volatility, has increased over the
last year, from 4.8% of the portfolio at year-end 2014 to 9% at
3Q15, with an additional 2.7% in structured products.  Fitch would
view a meaningful increase in equities and structured products as a
proportion of the portfolio negatively.

The investment portfolio is more diverse than peers, with the top
10 investments accounting for 22.6% of assets and 36.4% of equity,
including the TRS, at Sept. 30, 2015.  Still, Fitch expects
portfolio concentrations to increase modestly over time, as CCT
transitions the portfolio into more directly originated
transactions.  That said; CCT is likely to maintain a greater
exposure to liquid credit than the peer group, as the firm has the
option to co-invest alongside other KKR credit vehicles, including
CLOs, in addition to its less liquid direct senior lending and
mezzanine funds.

Asset quality trends have been strong since inception, supported,
in part, by relatively benign market conditions.  CCT had three
investments on non-accrual status at 3Q15, accounting for 1.63% and
0.58% of the portfolio at cost and value, respectively.  CCT's
subordinated investment in Hilding Anders (SE) has been on
non-accrual since 4Q14 and remains one of the firm's largest
investments (second largest at cost).  Two tranches of the firm's
subordinated debt are on paid-in-kind (PIK) non-accrual, while the
largest tranche continues to accrue PIK.

Through the first three quarters of 2015, CCT recognized $28.8
million of net realized losses on portfolio company investments,
relating largely to the restructuring of debt investments in
Towergate Finance PLC.  This is the largest investment loss in
CCT's history.

At Sept. 30, 2015, according to Fitch's calculations, energy
investments represented approximately 5.1% of the portfolio, at
fair value, while oil & gas investments, more specifically
accounted for 3.4% of the portfolio, excluding the TRS, both of
which are below the peer average.  Nearly 97% of oil & gas
investments were in first lien securities and 3% were in equity.
The fair value of the portfolio represented 77.1% of the cost
basis, due largely to fair value marks taken on OAG Holdings, LLC
and Wilbros Group, Inc.

According to a recent stress test conducted by Fitch, it was
estimated that the impact on CCT's leverage from an oil & gas
stress to be negligible, with an energy stress resulting in a one
bps increase in leverage, and a complete write-off of oil & gas
exposure resulting in a two bps increase in leverage, based on
Sept. 30, 2015 data; all of which is deemed manageable and compares
favorably to the peer group average.

CCT's operating earnings continued to increase in 2015 as equity
proceeds were deployed into portfolio growth; however, this trend
is expected to level off in 2016 as equity access will be more
limited following the launch of Corporate Capital Trust II (another
BDC managed by CNL and KKR Credit), leading to the ultimate closing
of the offering no later than Oct. 16, 2016. Additionally, tough
market conditions and the underperformance of certain portfolio
investments are likely to hurt overall returns in 2016.

CCT's funding profile is fully secured, consisting of two special
purpose vehicles (SPVs), a corporate revolver, and a secured term
loan.  Borrowing capacity is about $1.5 billion, and $1.2 billion
was outstanding at Sept. 30, 2015.  The firm also has a $500
million TRS, which is used opportunistically to fund investments in
the liquid markets.  The revolving period on CCT's corporate credit
facility expires in September 2016, but Fitch believes the firm
will look to extend the maturity of the facility over the
near-term.  Fitch believes CCT will look to opportunistically
access the unsecured markets to improve funding flexibility.

CCT's liquidity profile is considered sound with $48.2 million of
balance sheet cash, and $335 million of availability on various
secured funding facilities, subject to borrowing base requirements,
at Sept. 30, 2015.  Additionally, cash flows from investment
repayments and exits remain significant, amounting to $637.3
million in the first nine months of 2015.  Additionally, a
meaningful portion of the portfolio could be considered liquid, as
44.4% of fixed interest rate debt investments had prices generally
available from third-party pricing services at Sept. 30, 2015.

Net investment income (NII) dividend coverage, which adjusts for
non-cash incentive payment accruals and realized gains, was sound,
amounting to 118.9% through 3Q15.  However, coverage ratios fall if
non-cash income is removed from NII, as CCT has a meaningful amount
of PIK income.  Realizations of non-cash income, to date, have been
limited, given the relatively short operating history of the BDC.
Fitch would view a reduction in non-cash income and an improvement
in NII coverage of the dividend, excluding realized gains,
favorably.

The Stable Outlook reflects Fitch's expectations for continued
operating consistency, improved earnings yields, given the gradual
shift into less-liquid direct originations, the maintenance of good
asset quality, modest leverage, and improved dividend coverage.

                       RATING SENSITIVITIES

IDRs AND SENIOR DEBT

Negative rating actions for CCT could be driven by an extended
increase in leverage above the targeted range of approximately
0.67x (asset coverage of 250%), resulting from increased borrowings
or material realized or unrealized depreciation, and/or a
meaningful increase in the proportion of equity holdings without a
commensurate decline in leverage.  A spike in non-accrual levels, a
continued increase in non-cash income, an inability to refinance
near-term debt maturities, and weaker cash income dividend coverage
would also be viewed unfavorably from a ratings perspective.

Positive rating momentum for CCT is viewed as limited over the near
term, particularly given the challenging market backdrop, but could
develop over time with increased funding flexibility, including an
extension of the debt maturity profile, access to the public
unsecured debt markets, and the ability to issue public equity for
growth capital.  Other positive rating factors could include an
improvement in net investment income yields, a continuation of
solid asset quality performance, particularly given the competitive
market environment, reduced non-cash income, and stronger cash
earnings dividend coverage.

CCT is an externally managed business development company,
organized in June 2010 and commencing investment operations in July
2011.  As of Sept. 30, 2015, the company had investments in 120
portfolio companies amounting to approximately $3.5 billion.

Fitch has affirmed these ratings:

Corporate Capital Trust
   -- Long-term Issuer Default Rating at 'BB+';
   -- Secured debt rating at 'BB+'.

The Rating Outlook is Stable.


CRC COMMERCIAL: 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 Middle District of Florida that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of CRC Commercial Holdings, LLC.

CRC Commercial Holdings, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla., Case No. 16-01141) on
February 12, 2016.  The Debtor is represented by Pierce J. Guard
Jr., Esq., at The Guard Law Group, PLLC.


CROSSROADS SYSTEMS: Receives NASDAQ Listing Non-Compliance Notice
-----------------------------------------------------------------
Crossroads Systems, Inc., on March 8 disclosed that on March 2,
2016, Crossroads Systems, Inc. received written notice from The
NASDAQ Stock Market LLC indicating that the Company is not in
compliance with the $1.00 minimum bid price requirement for
continued listing on The NASDAQ Capital Market, as set forth in
Listing Rule 5550(a)(2).

In accordance with Listing Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days, or until August 29, 2016, to regain
compliance with the minimum bid price requirement.  To regain
compliance, the closing bid price of the Company's common stock
must meet or exceed $1.00 per share for a minimum of ten
consecutive business days during this 180 day period.

If the Company is not in compliance by August 29, 2016, the Company
may be eligible for a second 180 calendar day period to regain
compliance.  To qualify, the Company would be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for The NASDAQ
Capital Market, with the exception of the minimum bid price
requirement.  In addition, the Company would be required to notify
NASDAQ of its intent to cure the minimum bid price deficiency,
which may include, if necessary, implementing a reverse stock
split.

If the Company does not regain compliance within the allotted
compliance periods, including any extensions that may be granted by
NASDAQ, NASDAQ will provide notice that the Company's common stock
will be subject to delisting.

The Company is currently reviewing its options to regain compliance
with the NASDAQ Listing Rules, but no decisions have been made at
this time.

                     About Crossroads Systems

Crossroads Systems, Inc. (NASDAQ: CRDS) --
http://www.crossroads.com-- is a global provider of data storage
solutions.  Through the innovative use of new technologies,
Crossroads delivers customer-driven solutions that enable proactive
data security, advanced data archiving, optimized performance and
significant cost-savings.  Founded in 1996 and headquartered in
Austin, TX, Crossroads has been awarded more than 100 patents and
has been honored with numerous industry awards for data archiving,
storage and protection.


CRYSTAL WATERFALLS: U.S. Trustee Moves for Chapter 7 or Dismissal
-----------------------------------------------------------------
Peter C. Anderson, United States Trustee, asks the U.S. Bankruptcy
Court for the Central District of California to either convert
Crystal Waterfalls, LLC's bankruptcy case to a Chapter 7 case, or
dismiss the case.

The U.S. Trustee relates that to date, no Disclosure Statement or
Plan of Reorganization has been filed or submitted by the Debtor.
He further relates that the Debtor has failed to provide documents
and financial reports required by the United States Trustee Chapter
11 Notices and Guides Effective September 1, 2011, Bankruptcy Code
and/or Local Bankruptcy Rules, such as: (a) sufficient evidence of
closing of all pre-petition bank accounts including closing bank
statements; (b) sufficient evidence or the opening and maintenance
of at least three debtor-in-possession bank accounts; (c)
sufficient evidence of current insurance coverage; and (d) renewal
business licenses for the City of Covina, which expired 12/31/15,
among others.

According to the U.S. Trustee, the Debtor has failed to pay
quarterly fees for the fourth quarter of 2015, in the estimated
amount of $4,875, and the first quarter of 2016, which began
accruing on January 1, 2016, which are in the estimated amount of
$4,875.

Based on his review of the record and evidence, the U.S. Trustee
suggests that the Court convert the Chapter 11 case to a Chapter 7
case.  He believes conversion is in the best interest of the estate
and creditors because there may be a real property asset with
equity that a trustee can administer and sell to pay off creditors.


If the case is dismissed, the U.S. U.S. Trustee asks that the Court
order the Debtor to pay any quarterly fees due to the United States
Trustee, and enter a judgment in favor of the United States Trustee
for any unpaid quarterly fees.

The Conversion/Dismissal Motion is scheduled for hearing on April
12, 2016 at 11:00 a.m.

The United States Trustee is represented by:

          Hatty Yip, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          915 Wilshire Blvd., Suite 1850
          Los Angeles, CA 90017
          Telephone: (213)894-1507
          Facsimile: (213)894-2603
          E-mail: Hatty.Yip@usdoj.gov

                     About Crystal Waterfalls

Crystal Waterfalls LLC owns real property in Covina, California, on
which it currently operates a hotel known as the Park Inn by
Radisson.  Situated in the heart of Southern California, the Hotel
is just east of downtown Los Angeles at the base of the San
Gabriel Mountains, and a short distance from West Covina, San
Dimas, Irwindale, City of Industry, Pomona, and Ontario, and many
major attractions (such as amusement parks, the Pomona Fairplex,
and Irwindale Speedway).  The Hotel includes 258 rooms (50 of which
require certain forms of rehabilitation and currently are not in
use), and has a fitness center, an outdoor heated swimming pool and
whirlpool, and 9,000 square feet of meeting space.  

Facing an imminent foreclosure sale by its senior lender, Crystal
Waterfalls LLC filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 15-27769) in Los Angeles, California, on Nov. 19, 2015.  Judge
Ernest M. Robles presides over the case.  The petition was signed
by Lucy Gao, managing member.

Crystal Waterfalls currently has two members: (1) Lucy Gao, who
serves as the Debtor's managing member; and (2) Golden Bay
Investments LLC, a California limited liability company ("Golden
Bay").  Ms. Gao is the sole and managing member of Golden Bay.

The Debtor disclosed $52.5 million in assets and $71.4 million in
liabilities in its schedules.  The schedules say that the Covina,
California hotel property is worth $52 million.

The Debtor received approval to employ Landsberg Law, APC, as
bankruptcy counsel.


E Z MAILING: Chapter 11 Cases Jointly Administered
--------------------------------------------------
U.S. Bankruptcy Judge Stacey L. Meisel has ordered that the Chapter
11 cases of E Z Mailing Services, Inc., and United Business Freight
Forwarders Limited Liability Company, will be consolidated for
procedural purposes only and jointly administered under Case No.
16-10615.  A docket entry will be made in each of the
above-captioned cases, Case Nos. 16-10615 and 16-10616, reflecting
the procedural consolidation and joint administration of these
cases.

                    About E Z Mailing Services

E Z Mailing Services Inc. and United Business Freight Forwarders,
transportation logistics companies, filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016.  Ajay Aggarwal, the president,
signed the petition.  The Debtors estimated both assets and
liabilities in the range of $10 million to $50 million.  Porzio,
Bromberg & Newman, PC represents the Debtors as counsel.  Judge
Stacey L. Meisel presides over the cases.


ECOSPHERE TECHNOLOGIES: Obtains $200,000 Loan From Brisben Water
----------------------------------------------------------------
Ecosphere Technologies, Inc., borrowed $200,000 from Brisben Water
Solutions, LLC on March 2, 2016, as disclosed in a Form 8-K report
filed with the Securities and Exchange Commission.  

In connection with the loan, the Company and the Lender entered
into an Amended and Restated 10% Secured Convertible Promissory
Note in the principal amount of $2,475,000 convertible into shares
of common stock of the Company at $0.115 per share.  The $200,000
together with $20,000 in interest is pre-payable on May 29, 2016.
The Note is secured by a lien on certain collateral and replaced a
prior note of $2,275,000.  If the payment is not made on the
$200,000 on May 29th and a $150,000 installment is not made on
April 17th, the due dates will be extended to Sept. 12, 2016, when
the principal and accrued interest of the Note is due and the
Company will issue the Lender 3,478,260 and 2,608,695 warrants to
purchase shares of the Company's common stock, respectively.  

The collateral securing the Note upon a default consists of (i)
collateral securing the Prior Note and (ii) all proceeds received
from the Company's Ozonix intellectual properties in the
mining-related global field of use and various patents and patent
applications related to such Ozonix technology for the global field
of use for commercial mining wastewater treatments, other than from
oil and gas and other excluded minerals which are owned by a
company in which the Company has a minority interest.  In addition,
a prior provision requiring the Company to pay the Lender 5% of all
revenues received by the Company or its subsidiaries from equipment
sales and licensing fees was modified to exclude revenues received
by Sea of Green Systems, Inc.

The Note was issued without registration under the Securities Act
of 1933 in reliance upon the exemption provided in Section 4(a)(2)
and Rule 506(b) thereunder.

                  About Ecosphere Technologies

Stuart, Florida-based Ecosphere Technologies (OTC BB: ESPH) --
http://www.ecospheretech.com/-- is a water engineering,
technology licensing and environmental services company that
designs, develops and manufactures wastewater treatment solutions
for industrial markets.  Ecosphere, through its majority-owned
subsidiary Ecosphere Energy Services, LLC, provides energy
exploration companies with an onsite, chemical free method to kill
bacteria and reduce scaling during fracturing and flowback
operations.

Ecosphere reported a net loss of $11.5 million on $1.11 million of
total revenues for the year ended Dec. 31, 2014, compared with net
income of $19.2 million on $6.71 million of total revenues for the
year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $3.03 million in total
assets, $10.4 million in total liabilities, $3.86 million in total
redeemable convertible cumulative preferred stock, and a total
deficit of $11.2 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company reported a
net loss of $11.5 million in 2014, and cash used in operating
activities of $4.55 million and $10.3 million in 2014 and 2013,
respectively.  At Dec. 31, 2014, the Company had a working capital
deficiency, and accumulated deficit of $2.86 million, and $109
million, respectively.  These matters raise substantial doubt about
the Company's ability to continue as a going concern.


ENSECO SERVICES: Tiger to Hold Online Asset Auction on March 22
---------------------------------------------------------------
By order of the court appointed receiver, Tiger Liquidity Services
Energy Partners will conduct an online auction on March 22 for
assets formerly owned by Enseco Services Energy Corp., a Calgary,
Canada-headquartered well-production testing company.

The auction is the first project for the recently formed
partnership between New York-based Tiger Capital Group and
Washington, D.C.-based Liquidity Services (NASDAQ: LQDT).  The
partnership was created to help insolvency and turnaround
professionals ramp up their services to the turbulent oil and gas
market, and to directly assist companies seeking to sell surplus
assets.

The sale will include horizontal drilling and
measurement-while-drilling (MWD) equipment, as well as
state-of-the-art laboratory equipment, rolling stock, parts, and
portable offices from Enseco's Casper, Wyo., and Minot, N.D.
locations.

Online bidding will commence March 16 at www.networkintl.com
Liquidity Services' marketplace for idle and used energy equipment
in the oil and gas industry and information is also available at
www.SoldTiger.com

The auction will close in rapid succession, live auction style, on
March 22, beginning at 9:30 a.m. CT. Previews of the assets will be
held March 14 through March 16 from 9:00 a.m. to 4:00 p.m. (MT) at
the Wyoming facility located at 8627 Delta Drive in Casper, and at
the North Dakota facility located at 5220 N. Broadway in Minot.

"Well-production test and flowback test companies, MWD and
directional-drilling companies, as well as energy services
companies will be interested in the assets up for bid," said Jeff
Tanenbaum, president of Tiger Group's Remarketing Services
Division.

"This auction offers an opportunity for companies to acquire and
consolidate a range of equipment and components that are required
to service operators in the field, so they'll be fully prepared
when the oil market returns to robust activity," added Daniel Beck,
vice president of global sales for Liquidity Services.  "All assets
have been organized for easy inspection and evaluation."

Horizontal drilling and MWD drilling assets up for bid include sand
separators, junk catchers, pipe skids, MWD positive pulse kits and
surface systems, manifolds, lab equipment, repair and maintenance
equipment.

Rolling stock includes utility trailers as new as 2013, along with
car-haul trailers, cargo trailers, enclosed trailers, gooseneck
trailers, furnished portable office trailers, and other equipment.

For a full catalog of the items offered and details on how to
schedule a site visit and bid, go to: www.SoldTiger.com or
www.networkintl.com

Enseco Services Energy Corp. filed for Chapter 15 bankruptcy on
October 23, 2015 in the Colorado Bankruptcy Court (case number
1:15-bk-21821).

Enseco is a supplier of directional drilling, production testing
and frac flowback services operating throughout the Western
Canadian Sedimentary Basin and select markets in the United States.
The corporate office is located in Calgary and sales offices are
located in both Calgary and Denver.


FIRST DATA: Fitch Assigns BB Rating on First Lien Notes Due 2024
----------------------------------------------------------------
Fitch rates First Data Corp.'s senior secured first lien notes due
2024 'BB/RR1'.  FDC is offering $500 million additional notes in a
reopening of the $1 billion 5% senior secured first lien notes
previously issued in November 2015 and due in 2024.  Fitch's Issuer
Default Rating on FDC is 'B'.  The rating outlook is Positive.  At
Dec. 31, 2015, the company had $19.6 billion in total debt
outstanding.

Proceeds from the senior secured first lien note offering are
expected to be used to repay a portion of the amounts outstanding
on the senior secured first lien term loan due March 2018.  There
is approximately $5 billion outstanding on the term loan.

KEY RATING DRIVERS

   -- The Positive Outlook reflects improvements in First Data's
      credit profile subsequent to the completion of an IPO on
      Oct. 15, 2015.  FDC used the IPO proceeds to reduce debt.  
      In addition, Fitch believes the debt reduction combined with

      the refinancing of higher cost debt has materially
      strengthened FDC's prospective free cash flow.

   -- Improved Credit Profile: Total leverage was 7.0x at Dec. 31,

      2015, down from 7.8x at yearend 2014.  Fitch estimates
      leverage could be under 6x at the end of 2017.  Expectations

      for leverage sustained below this level would likely lead to

      an upgrade.

   -- Leveraged Capital Structure: The current rating reflects
      FDC's highly leveraged capital structure.  As of Dec. 31,
      2015, total and secured leverage were 7.0x and 5.8x,
      respectively.  Fitch notes that leverage has materially
      declined from 10.6x in 2010 as a result of debt reduction
      and EBITDA growth.

   -- Large Operational Scale: The Global Business Solutions
      business is characterized by its large scale and global
      footprint with more than six million merchant locations.
      Existing merchant relationships and large distribution
      platform (alliances and partnerships) reinforce the
      company's ability to sustain its market share while
      providing a pathway to introduce and capitalize on emerging
      technologies (i.e. Apple Pay, Clover, EMV, and Mobile
      Payments).  The Global Financial Solutions business also
      benefits from this scale and established relationships with
      card issuers as well as from long-term contracts which have
      high switching costs.

   -- Diversified Customer Base: The customer base is global in
      nature and consists primarily of millions of regional and
      local merchants and large financial institutions.  Fitch
      notes, however, that FDC is exposed to price-sensitive
      merchants within small- and medium-sized businesses that are

      more susceptible to down cycles.

   -- Fee Structure Offsets Cyclicality: Revenue has a correlation

      with consumer spending, but volatility is subdued due to the

      continued adoption of electronic payments, exposure to
      consumer staples, pricing model (paid per transaction as
      well as on a percentage of transacted amount) in Global
      Business Solutions, and contractual nature of fees (based on

      activity level) in Global Financial Solutions.

   -- Spending Shift: A mix shift in consumer spending patterns
      favoring large discount retailers that have more leverage to

      negotiate favorable fees has pressured profitability and
      revenue growth.  Fitch notes that this is mitigated by
      increased spending online that can generate high fees due to

      the higher risk associated with the transaction.

   -- Financial Industry Consolidation: Consolidation could pose a

      risk for the company, particularly in FDC's Global Financial

      Solutions segment, as could changes in regulations in First
      Data's overall business.

   -- Emerging Competition: The high barriers to entry could be
      eroded by the emergence of new payment technology in the
      Global Business Solutions segment.  Conversely, the Global
      Financial Solutions segment has much lower exposure to
      emerging competitors due to First Data's strong position in
      card processing for large institutions.

KEY ASSUMPTIONS

   -- Fitch assumes revenues will grow in the low- to mid-single
      digits over the near term, and that First Data's EBITDA
      margin will be relatively stable in the 24% to 25% range.
      Fitch's assumptions for the EBITDA margin are based on gross

      revenues, which include material reimbursable expenses.

   -- Fitch believes that through EBITDA growth and debt reduction

      First Data's consolidated leverage will decline to under
      6.0x by the end of 2017.

   -- Fitch's recovery ratings assigned to the various debt
      classes are based upon assumed going concern EBITDA of
      $2.4 billion and a going concern enterprise valuation of 7x.

                       RATING SENSITIVITIES

Positive Trigger: The ratings could be upgraded if First Data's
credit profile continues to strengthen, and leverage is expected to
be maintained at or below 6x (gross leverage).  Future developments
that may lead to positive rating action include sustained EBITDA
growth and reductions in debt from the company's improved free cash
flow position.

Negative Trigger: The ratings could be downgraded if First Data
were to experience erosion in its market share or if price
compression accelerates due to new competitive threats leading to
sustained EBITDA margins at approximately 20% or below with
negative free cash flow generation.

                     LIQUIDITY AND DEBT STRUCTURE

Liquidity as of Dec. 31, 2015, consisted of $268 million in cash
(net $161 million in amounts held outside the U.S. and at
subsidiaries to fund their respective operations).  First Data also
has a $1.25 billion revolving credit facility (RCF) that expires in
June 2020 (subject to an earlier springing maturity if certain debt
remains outstanding at certain dates).  As of
Dec. 31, 2015, First Data's RCF provided an additional
approximately $1.2 billion of liquidity (net of $250 million drawn
and $42 million in letters of credit outstanding).

Additional liquidity is available through a $240 million accounts
receivable facility, which expires in 2019.  There were no
outstandings under the agreement at the end of 2015, but FDC
borrowed the full $240 million in January 2016.  FDC used the
proceeds to redeem a portion of the 8.75% senior secured second
lien notes on January 15, 2016.


FOREST PARK REALTY: Agreed Final Order on Cash Use Entered
----------------------------------------------------------
Forest Park Realty Partners III, LP, and BT Forest Park Realty
Partners, LP, sought and obtained from the U.S. Bankruptcy Court
for the Northern District of Texas, Dallas Division, authorization
to use cash collateral.

Prepetition, the Debtors obtained a $110 million loan from Sabra
Texas Holdings, LP, secured by real properties owned by the Debtors
that constitute Forest Park Dallas, which includes several hospital
buildings, a parking garage, and a vacant lot ("Properties").  The
Properties are leased out to a separate operating company, which
operates the medical facility.

Sabra is the Debtors' main secured creditor, and as of the Petition
Date, the Debtors were indebted to Sabra in the amount of
approximately $116,000,000 ("Loan").  Sabra asserts a first lien
priority on all of the Debtors' assets, including the rents and the
accounts, which would constitute cash collateral pursuant to
Section 363(a) of the Bankruptcy Code.

The Debtors contended that in addition to owning the Properties,
they own several deposit accounts ("Accounts") which are used by
the Debtors to operate the Properties, including to pay the
Debtors' insurance, property taxes, management fees, utilities,
maintenance, and marketing expenses ("Operational Costs").  The
Debtors further contended that because the Operating Company is no
longer able to operate the Forest Park Dallas facility, the Debtors
must employ a "transition team" in order to maintain Forest Park
Dallas' operational license and support the safety, maintenance,
and stewardship of the Dallas campus to reinforce the sales
efforts, process, and operations as necessary.  The Debtors
believed that the license, which is transferable to a new buyer,
adds $7 to $12 million in value to the Debtors' Properties.

The Court authorized the Debtors to use cash collateral not to
exceed $50,000 per month and ending on the earlier of the date of a
final hearing on the Debtors' Motion or a "termination event".
The failure of the Debtors to consummate a sale of the Properties,
acceptable to Sabra, by March 31, 2016 constitutes a termination
event.

A full-text copy of the Agreed Final Cash Collateral Order, dated
Feb. 2, 2016 is available at http://is.gd/j3KYfG

Forest Park Realty Partners III, et al.'s attorneys:

          Melissa S. Hayward, Esq.
          Julian Vasek, Esq.
          FRANKLIN HAYWARD LLP
          10501 N. Central Expy, Ste. 106
          Dallas, TX 75231
          Telephone: (972)755-7100
          Facsimile: (972)755-7110
          E-mail: Mhayward@FranklinHayward.com
                  Jvasek@FranklinHayward.com

                     About Forest Park Realty

Forest Park Realty Partners III, LP, and BT Forest Park Realty
Partners, LP, own properties that constitute Forest Park Dallas,
which includes several hospital buildings, a parking garage, and a
vacant lot.

Forest Park Realty Partners III, LP, and BT Forest Park Realty
Partners, LP, sought Chapter 11 protection (Bankr. N.D. Tex. Lead
Case No. 15-34814) on Nov. 30, 2015.  The petitions were signed by
Todd Furniss as manager of Neal Richards Group Forest Park
Development LLC, its general partner.   Judge Stacey G. Jernigan
has been assigned to the cases.

Forest Park estimated assets of $50 million to $100 million and
liabilities of $100 million to $500 million.  

Franklin Hayward LLP serves as counsel to the Debtors.

                          *     *     *

Proofs of claim are due by March 28, 2016.


FOREST PARK REALTY: Everbank Seeks Automatic Stay Relief
--------------------------------------------------------
Everbank Commercial Finance, Inc., asks the U.S. Bankruptcy Court
for the Northern District of Texas, Dallas Division for relief from
the automatic stay to permit it to take possession of and to
foreclose its interest in collateral located in Forest Park Realty
Partners III, LP's property.

Everbank relates that the Debtor owns real property located at
11990 North Central Expressway, Dallas, Texas, on which certain
collateral financed by Everbank is located.  Everbank further
relates that a Master Security Agreement and UCC-1 filing create
and perfect an interest in favor of Everbank on the property.

Everbank tells the Court that the Master Security Agreement is in
default and the Collateral is subject to seizure, depreciation, and
further wear and tear if Everbank is not permitted to access the
Debtor's real property to remove the Collateral in question from
the premises.  Everbank further tells the Court that it does not
have, and has not been offered protection for its interest in the
Collateral, and that the Collateral is depreciating by reason of
the passage of time, causing Everbank irreparable injury, loss and
damage.

                    Debtor's Limited Objection

Forest Park Realty Partners III relates that it owns, together with
debtor BT Forest Park Realty Partners, LP, principal assets that
consist of the real property constituting Forest Park Medical
Center of Dallas ("Forest Park Dallas").  FPRP further relates that
the Property includes several hospital buildings, a parking garage,
and a vacant lot.  It notes that Forest Park Dallas has been closed
for business for several months, and the Property is currently
vacant.

FPRP contends that while it generally does not object to the
Motion, it has the following objections:

   (a) It objects to the Motion to the extent that any of the
Collateral constitutes a fixture but not a trade fixture.

   (b) It objects to the Motion to the extent that removing any of
the Collateral will cause physical damage to the Property.

   (c) It requests that Everbank coordinate with it for access to
the Property.

                     Dallas County's Objection

Dallas County, on behalf of itself, the City of Dallas, the
Parkland Hospital District, the Community College District and the
School Equalization Fund ("Dallas County"), contends that it holds
pre-eminent liens against all business personal property owned or
claimed by Forest Park Medical Center, LLC ("FPMC, LLC"), the
non-Debtor obligor, whose property Everbank seeks to repossess.
Dallas County further contends that it currently has possession of
all of FPMC, LLC's tangible business property pursuant to a seizure
that took place in connection with a Tax Warrant issued on December
22, 2015, in Dallas County et. al. v. Forest Park Medical Center,
LLC, in the District Court, 68th Judicial District of Dallas
County, Cause No. TX-15-02475.

Dallas County tells the Court that a sale was set by the Sheriff of
Dallas County for some of FPMC, LLC's personal property on February
22, 2016.  It further tells the Court that FPMC, LLC owes Dallas
County unpaid business personal property ad valorem taxes for tax
year 2015 in the amount of $698,474 plus court costs and other
costs associated with the Tax Warrant, seizure and sale.

Dallas County asserts that Everbank is not entitled to gain
possession of property against which it asserts liens because
Dallas County's liens against FPMC, LLC's business personal
property are senior to those of Everbank, and also because Dallas
County currently has possession of all of FPMC, LLC's business
personal property to the exclusion of all other creditors pursuant
to its Tax Warrant.

Everbank Commercial Finance, Inc., is represented by:

          Patrick M. Lynch, Esq.
          BEASLEY, HIGHTOWER & HARRIS, P.C.
          1601 Elm Street, Suite 4350
          Dallas, TX 75201
          Telephone: (214)220-4700
          Facsimile: (214)220-4747
          E-mail: plynch@bhhhlaw.com

Dallas County is represented by:

          Laurie Spindler Huffman, Esq.
          LINEBARGER GOGGAN BLAIR & SAMPSON, LLP
          2777 N. Stemmons Fwy, Suite 1000
          Dallas, TX 75207
          Telephone: (214)880-0089
          Facsimile: (469)221-5002


                     About Forest Park Realty

Forest Park Realty Partners III, LP, and BT Forest Park Realty
Partners, LP, own properties that constitute Forest Park Dallas,
which includes several hospital buildings, a parking garage, and a
vacant lot.

Forest Park Realty Partners III, LP, and BT Forest Park Realty
Partners, LP, sought Chapter 11 protection (Bankr. N.D. Tex. Lead
Case No. 15-34814) on Nov. 30, 2015.  The petitions were signed by
Todd Furniss as manager of Neal Richards Group Forest Park
Development LLC, its general partner.   Judge Stacey G. Jernigan
has been assigned to the cases.

Forest Park estimated assets of $50 million to $100 million and
liabilities of $100 million to $500 million.  

Franklin Hayward LLP serves as counsel to the Debtors.

                          *     *     *

Proofs of claim are due by March 28, 2016.


FORU HOLDINGS: Acquires Outstanding Equity Interest of Life 180
---------------------------------------------------------------
In a regulatory filing with the Securities and Exchange Commission,
ForU Holdings, Inc., formerly known as Capsalus Corp., disclosed
that it entered into a share exchange agreement with Life, 180,
Inc., SRD, Inc., which is the sole shareholder of 180, and John de
Vries.  Pursuant to the Agreement, the Company agreed to purchase
all of the outstanding equity interests of 180 from the Shareholder
in exchange for 3,750,000 shares of the Company's $.001 par value
per share common stock.  Also, prior to the signing date of the
Agreement, the Company made advances to 180 of $1,850,000 and
pursuant to the Agreement, such advanced funds are to be applied as
part of the purchase price for the 180 Shares.  

The Agreement also provides the Company is required to make
available to 180 an additional $150,000 for use as working capital
in the 180 business.  Although the Agreement has been executed, the
transactions contemplated by the Agreement have yet to close.

                      About foru Holdings

foru Holdings, Inc. (www.foruholdings.com) partners with and
acquires visionary enterprises in the health and wellness space
producing progressive, broad-based solutions for better physical,
nutritional and emotional health worldwide.  foru Holdings, Inc.
works with companies in varying stages of development: from
consumer products to media and technology and biotechnology.  It
provides operating infrastructure, strategic pathways and financial
support to get companies to the mass market quickly and
efficiently.

Capsalus reported a net loss of $16.02 million in 2010 and a
net loss of $10.89 million in 2009.  The Company also reported a
net loss of $2.09 million for the nine months ended Sept. 30,
2011.

The Company's balance sheet at Sept. 30, 2011, showed
$4.60 million in total assets, $6.77 million in total liabilities,
and a $2.16 million total stockholders' deficit.

As reported by the TCR on April 21, 2011, Moquist Thorvilson
Kaufmann Kennedy & Pieper LLC, in Edina, Minnesota, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has suffered losses
from operations since its inception.


FORU HOLDINGS: Appoints Heaton & Company as New Auditors
--------------------------------------------------------
FORU Holdings, Inc., was notified that since the Company's last
audit of years ended Dec. 31, 2010, and 2009, the Company's
independent registered public accounting firm, Moquist Thorvilson
Kaufmann Kennedy & Pieper LLC changed its name to Moquist
Thorvilson Kaufmann & Pieper LLC and then to Moquist Thorvilson &
Kaufman, LLC.  Then on July 1, 2013, MTK terminated all its
employees and ceased operations.  All of the former employees and
former partners of MTK became employees and partners of BDO USA,
LLP.  Accordingly, the former firm of MTK no longer exists nor does
it have a license to practice public accounting.  

As disclosed in a regulatory filing with the Securities and
Exchange Commission, the board of directors appointed Heaton &
Company, PLLC as the Company's new independent registered public
accounting firm for the fiscal years ended Dec. 31, 2015, 2014,
2013, 2012 and 2011.  Heaton is located at 250 North East
Promontory, Suite 200, Farmington, Utah 84025.

The Company disclosed that during the Company's most recent fiscal
years ended Dec. 31, 2010, and 2009 and through Dec. 16, 2015, the
Company did not consult with Heaton.

The Company provided BDO with a copy of this Current Report.  BDO
advised that it is unable to request that the former MTK partners
furnish the Company with a letter addressed to the Securities and
Exchange Commission stating whether or not the former firm agrees
with the Company's statements because MTK no longer exists nor does
it have a license to practice public accounting.  

                     About foru Holdings

foru Holdings, Inc. (www.foruholdings.com) partners with and
acquires visionary enterprises in the health and wellness space
producing progressive, broad-based solutions for better physical,
nutritional and emotional health worldwide.  foru Holdings, Inc.
works with companies in varying stages of development: from
consumer products to media and technology and biotechnology.  It
provides operating infrastructure, strategic pathways and financial
support to get companies to the mass market quickly and
efficiently.

Capsalus reported a net loss of $16.02 million in 2010 and a
net loss of $10.89 million in 2009.  The Company also reported a
net loss of $2.09 million for the nine months ended Sept. 30,
2011.

The Company's balance sheet at Sept. 30, 2011, showed
$4.60 million in total assets, $6.77 million in total liabilities,
and a $2.16 million total stockholders' deficit.

As reported by the TCR on April 21, 2011, Moquist Thorvilson
Kaufmann Kennedy & Pieper LLC, in Edina, Minnesota, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has suffered losses
from operations since its inception.


FORU HOLDINGS: Names Diego Roca Chief Financial Officer
-------------------------------------------------------
The Board of Directors of foru Holdings, Inc.  appointed Mr. Diego
E. Roca as the Company's chief financial officer on Dec. 16, 2015
according to a Form 8-K report filed with the Securities and
Exchange Commission.

Mr. Roca, age 48, has over 20 years of experience in financial
management, operations, public (SEC) filings, compliance, cash
management and internal controls. From 1995 until 2004, he worked
with Digitec 2000, Inc., a U.S. based telecommunications firm,
where he began his career as Digitec's controller.  He was promoted
to chief operating officer and finally senior vice president and
chief financial officer.  From 2004 to 2006, Mr. Roca served as a
consultant to various companies, including Digitec and Dominion
Minerals Corp.  From 2007 to present he has held the office of
executive vice president, chief financial officer and director for
Dominion Minerals Corp, an international mining firm with projects
in the republics of China and Panama.  From November 2013 to April
2014 and from August 2014 to October 2014, Mr. Roca served as the
chief financial officer and chief restructuring officer,
respectively, to Codesmart Holdings, Inc.  Mr. Roca received a
Bachelor of Science degree in Accounting from Queens College in
1991.

On Feb. 1, 2016, the Company and Mr. Roca entered into an
employment agreement, pursuant to which Mr. Roca is entitled to
compensation consisting of $150,000, $175,000, $225,000 and
$250,000 per year of base salary in 2016, 2017, 2018 and 2019,
respectively and an annual bonus if certain performance targets are
met at the discretion of the Board.  Pursuant to the Employment
Agreement, Mr. Roca was granted an option to purchase 150,000
shares of the Company's Common Stock at $0.88 per share.  The
Option carries a term of five years.  Additionally, the Employment
Agreement contains a grant of shares of Common Stock of the Company
to Mr. Roca in the amount of 150,000 shares, 150,000 shares and
200,000 shares that will be issued in 2016, 2017 and 2018,
respectively.

                     About foru Holdings

foru Holdings, Inc. (www.foruholdings.com) partners with and
acquires visionary enterprises in the health and wellness space
producing progressive, broad-based solutions for better physical,
nutritional and emotional health worldwide.  foru Holdings, Inc.
works with companies in varying stages of development: from
consumer products to media and technology and biotechnology.  It
provides operating infrastructure, strategic pathways and financial
support to get companies to the mass market quickly and
efficiently.

Capsalus reported a net loss of $16.02 million in 2010 and a
net loss of $10.89 million in 2009.  The Company also reported a
net loss of $2.09 million for the nine months ended Sept. 30,
2011.

The Company's balance sheet at Sept. 30, 2011, showed
$4.60 million in total assets, $6.77 million in total liabilities,
and a $2.16 million total stockholders' deficit.

As reported by the TCR on April 21, 2011, Moquist Thorvilson
Kaufmann Kennedy & Pieper LLC, in Edina, Minnesota, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has suffered losses
from operations since its inception.


FORU HOLDINGS: Plans to File Comprehensive Form 10-K Report
-----------------------------------------------------------
foru Holdings, Inc. has been delinquent in its filings with the
Securities and Exchange Commission.  The last report filed with the
SEC by the Company was its Form 10-Q for the nine months and three
months ended Sept. 30, 2011.  The Company is currently preparing a
Comprehensive Form 10-K which will include audited financial
statements for the years ended Dec. 31, 2015, 2014, 2013, 2012 and
2011 and will also include quarterly reports for the quarterly
periods ended prior to the time of filing of the Comprehensive Form
10-K.  The Company anticipates that the Comprehensive Form 10-K
shall be prepared and ready for filing no later than 120 days from
the date of March 8, 2016, according to a Form 8-K report filed
with the Securities and Exchange Commission.

                        About foru Holdings

foru Holdings, Inc. -- http://www.foruholdings.com/-- partners
with and acquires visionary enterprises in the health and wellness
space producing progressive, broad-based solutions for better
physical, nutritional and emotional health worldwide.  foru
Holdings, Inc. works with companies in varying stages of
development: from consumer products to media and technology and
biotechnology.  It provides operating infrastructure, strategic
pathways and financial support to get companies to the mass market
quickly and efficiently.

Capsalus reported a net loss of $16.02 million in 2010 and a
net loss of $10.89 million in 2009.  The Company also reported a
net loss of $2.09 million for the nine months ended Sept. 30,
2011.

The Company's balance sheet at Sept. 30, 2011, showed
$4.60 million in total assets, $6.77 million in total liabilities,
and a $2.16 million total stockholders' deficit.

As reported by the TCR on April 21, 2011, Moquist Thorvilson
Kaufmann Kennedy & Pieper LLC, in Edina, Minnesota, expressed
substantial doubt about the Company's ability to continue as a
going concern, following the 2010 financial results.  The
independent auditors noted that the Company has suffered losses
from operations since its inception.


FPMC AUSTIN: Court Approves $1.7-Mil. DIP Facility From Frost Bank
------------------------------------------------------------------
FPMC Austin Realty Partners LP sought and obtained from Judge Tony
M. Davis of the U.S. Bankruptcy Court for the Western District of
Texas, Austin Division, final approval to obtain postpetition
financing on a senior secured superpriority basis.

The DIP Facility contains, among others, the following terms:

     (1) DIP Lender: Frost Bank

     (2) DIP Facility: A super-priority senior secured term loan
credit facility in an aggregate principal amount of up to
$1,700,000.

     (3) DIP Facility Termination Date: The DIP Facility will
terminate on the earlier of (a) June 30, 2016, or such other date
as may be subsequently agreed to in writing between the Lenders and
Debtor; (b) the date of consummation of a sale transaction; and (c)
an event of default.

     (4) Purpose: In accordance with and subject to the Budget
proceeds of the DIP Facility will be used for the following
exclusive purposes: (i) to pay fees and expenses and interest in
connection with the Loan to the Lender in accordance with the Loan
Documents;(ii) to pay certain general operating expenses incurred
by the Debtor-in- Possession after the Petition Date; and (iii)
certain costs and expenses related to the administration of the
Bankruptcy Case, including reasonable fees of the Case
Professionals and certain other expenses as contemplated in the
Budget, allowed by the Bankruptcy Court, and as set forth in the
Orders, or as consented to by Lender in its sole and absolute
discretion.

     (5) Interest Rates: Fixed rate of 10% per annum.


The Debtor proposes to sell its Forrest Park Medical Center
Hospital property in Round Rock, Texas through a court ordered sale
pursuant to Section 363 of the Code.  The Debtor received a
prepetition letter of intent to purchase the Property.  The Debtor
related that it is evaluating the terms of the offer and has not
yet determined how it will proceed regarding the sale of the
Property.  The Debtor told the Court that in order to secure and
maintain the Property through the date a sale of the Property can
be consummated, the Debtor requires access to adequate funds to pay
reasonable and necessary expenses to secure, preserve and maintain
the Property.  A full-text copy of the Final Order, dated Feb. 29,
2016, is available at http://is.gd/aPccJb

FPMC Austin Realty Partners' attorneys:

          Raymond W. Battaglia, Esq.
          THE LAW OFFICES OF RAY BATTAGLIA, PLLC
          66 Granburg Circle
          San Antonio, TX 78218
          Fort Worth, TX 76102
          Telephone: (210)601-9405
          E-mail: rbattaglialaw@outlook.com

                 About FPMC Austin Realty Partners

FPMC Austin Realty Partners, LP's primary asset is a medical campus
property commonly known as the Forrest Park Medical Center Hospital
and Medical Office Building located 8.5 acres on the south side of
SH 45 North between MoPac and I-35 in Round Rock, Texas
("Property").

FPMC Austin Realty Partners filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Tex. Case No. 16-10020) on Jan. 5, 2016.  The petition
was signed by Mary Hatcher as manager of NRG Austin Dev. LLC, its
general partner.  Judge Tony M. Davis has been assigned the case.

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

The Law Offices of Ray Battaglia, PLLC serves as the Debtor's
counsel.  

Proofs of claim are due by May 9, 2016.


FREDDIE MAC: 25 Shareholders Sue PricewaterhouseCoopers in Fla.
---------------------------------------------------------------
A group of twenty-five Freddie Mac shareholders filed a lawsuit
Wednesday charging PricewaterhouseCoopers, LLP, with failing to
conduct its audits of the mortgage finance giant in accordance with
industry standards and giving its seal of approval to Freddie Mac's
grossly misstated financial statements.  Worse yet, the lawsuit
says, PwC assisted government regulators and the directors and
officers of Freddie Mac to destroy the value of Freddie Mac stock
held by the twenty-five shareholder-plaintiffs.  

The 123-page complaint initiating Edwards v.
PricewaterhouseCoopers, LLP, Case No, 2016-005875-CA-01 (Fla. 11th
Cir. Ct.), alleges that Freddie Mac's officers and directors, the
Federal Housing Finance Agency and the U.S. Department of the
Treasury manipulated Freddie Mac's books by making wildly
pessimistic and unrealistic assumptions about Freddie Mac's future
financial prospects in order to overstate losses and understate
assets by hundreds of billions of dollars with the auditing firm's
participation and endorsement.  The shareholder-plaintiffs say that
PwC's audit opinions issued in 2009, 2010, 2011, 2012, and 2013 are
flawed.  

Many industry observers say a judgment for hundreds of billions of
dollars against PwC would render the auditing firm insolvent.  

A copy of the complaint is available at
http://gselinks.com/Court_Filings/PWC/Complaint.pdfat no charge.

The twenty-five shareholders are represented in this matter by:

          Steven W. Thomas, Esq.
          THOMAS, ALEXANDER & FORRESTER LLP
          14 27th Street
          Venice, CA 90291
          Telephone (310) 961-2536
          E-mail: steventhomas@tafattorneys.com

               - and -

          Hector Lombana, Esq.
          GAMBA & LOMBANA, P.A.
          2701 Ponce de Leon Blvd., Mezzanine
          Coral Gables, FL 33134
          Telephone (305) 448-4010
          E-mail: hlombana@glhlawyers.com

               - and -

          Gonzalo R. Dorta, Esq.
          GONZALO R. DORTA, P.A.
          334 Minorca Avenue
          Coral Gables, FL 33134
          Telephone (305) 441-2299
          E-mail: grd@dortalaw.com


FREE GOSPEL OF THE APOSTLES: Files, Then Withdraws, Ch. 11 Plan
---------------------------------------------------------------
The Free Gospel of the Apostles' Doctrine filed a Chapter 11 Plan
of Reorganization and Disclosure Statement on Dec. 31, 2015.
However a month later, on Feb. 1, 2016, the Debtor, without stating
a reason, announced that it is withdrawing its bankruptcy-exit plan
and disclosures.

Following the withdrawal of the Plan, Judge Wendelin I. Lipp in an
order dated Feb. 10, 2016, scheduled a status conference for March
2 to consider setting a deadline for the Debtor to file a plan or
conversion of the case.  In the order, the judge said that the
Debtor's failure to file a plan within the exclusivity period
established pursuant to 11 U.S.C. Sec. 1121(b) merits a status
conference.

Prince George's County, Maryland asserts real estate tax claims
against the Debtor and related entity F.G. Development Corp.
secured by a first priority lien upon the Debtor's real property.
On Jan. 13, 2016, it filed an objection to the Dec. 31 Plan.

The Plan provides for payment of some of the real estate claims at
the rate of 8% per annum and others at the rate of 20% per annum.
In each case however, the Debtor intends to make payments over a
period of 144 months, far in excess of the 60 months provided for
under the Code.

Prince George's County says the proposed treatment is simply
unacceptable as all remaining unpaid real property taxes must be
paid at the statutory rate of interest over a period not to exceed
60 months from the Petition Date.

Attorneys for Prince George's County, MD:

         MEYERS, RODBELL & ROSENBAUM, P.A.
         M. Evan Meyers
         680l Kenilworth Avenue, Suite 400
         Riverdale Park, MD 20737
         Tel: (301) 699-5800

          About The Free Gospel of the Apostles' Doctrine

The Free Gospel of the Apostles' Doctrine, a non-profit, was
founded Feb. 9, 1996 as a Pentecostal denominational church.

Free Gospel is closely connected with F.G. Development Corporation.
F.G. Development guaranteed a loan to SMS Financial XXVI, LLC
("SMS") that was made to and for the benefit of Free Gospel.  After
Free Gospel defaulted on the loan, SMS looked to F.G. Development
for payment.

To stop SMS's collection efforts, The Free Gospel of the Apostles'
Doctrine filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case
No. 15-18209) on June 9, 2015.   The petition was signed by
Antoinette Green-Snow as executive administrator.  The Debtor
estimated assets of $10 million to $50 million and debts of $1
million to $10 million.  Frank Morris, II, Esq., at Law Office of
Frank Morris II, serves as the Debtor's counsel.

On June 9, 2015, F.G. Development also filed bankruptcy (Case No.
15-18210), estimating $1 million to $10 million in assets.  F.G. is
also represented by the Law Office of Frank Morris II.

Free Gospel and F.G. did not seek joint administration of their
Chapter 11 cases.


FREE GOSPEL OF THE APOSTLES: U.S. Trustee Seeks Case Dismissal
--------------------------------------------------------------
Judy A. Robbins, the United States Trustee for Region 4, at a
hearing on March 28, 2016, at 10:30 a.m., will ask the U.S.
Bankruptcy Court for the District of Maryland to dismiss the
Chapter 11 case of The Free Gospel of the Apostles' Doctrine.

In its dismissal motion filed Feb. 29, the U.S. Trustee said that
the case should be dismissed because the Debtor has failed to file
monthly operating reports and is delinquent in paying quarterly
fees.  The Debtor filed its last monthly operating report for
October, 2015.  The Debtor has failed to file a monthly operating
report for November and December 2015, and January 2016.  The
Debtor also owes an estimated $ $1,625 in quarterly fees.

The U.S. Trustee believes that dismissal of the case is the only
alternative.  Because the Debtor is a nonprofit organization, the
Debtor cannot be forced to convert to Chapter 7.  Section 1112(c)
states that a court may not convert a case to Chapter 7 "if the
debtor is . . . not a moneyed, business, or commercial
corporation."  The Debtor's case cannot be converted unless the
Debtor so requests.

Judy A. Robbins, the U.S. Trustee for Region 4, is represented by:

         Lynn A. Kohen
         Trial Attorney
         Office of the U. S. Trustee
         6305 Ivy Lane, Suite 600
         Greenbelt, Maryland 20770
         Tel: (301) 344-6216
         Fax: (301) 344-8431
         E-mail: lynn.a.kohen@usdoj.gov

         About The Free Gospel of the Apostles' Doctrine

The Free Gospel of the Apostles' Doctrine, a non-profit, was
founded Feb. 9, 1996 as a Pentecostal denominational church.

Free Gospel is closely connected with F.G. Development Corporation.
F.G. Development guaranteed a loan to SMS Financial XXVI, LLC
("SMS") that was made to and for the benefit of Free Gospel.  After
Free Gospel defaulted on the loan, SMS looked to F.G. Development
for payment.

To stop SMS's collection efforts, The Free Gospel of the Apostles'
Doctrine filed a Chapter 11 bankruptcy petition (Bankr. D. Md. Case
No. 15-18209) on June 9, 2015.   The petition was signed by
Antoinette Green-Snow as executive administrator.  The Debtor
estimated assets of $10 million to $50 million and debts of $1
million to $10 million.  Frank Morris, II, Esq., at Law Office of
Frank Morris II, serves as the Debtor's counsel.

On June 9, 2015, F.G. Development also filed bankruptcy (Case No.
15-18210), estimating $1 million to $10 million in assets.  F.G. is
also represented by the Law Office of Frank Morris II.

Free Gospel and F.G. did not seek joint administration of their
Chapter 11 cases.


FREEDOM COMMUNICATIONS: Stern, McEachen Ask for More KEIP Info
--------------------------------------------------------------
Secured creditors Mitchell Stern and Mark McEachen submitted to the
U.S. Bankruptcy Court for the Central District of California, Santa
Ana Division, their Statement of Position and Request for
Clarification ("Statement") in response to debtors Freedom
Communications, Inc., et. al.'s motion seeking approval of the
Debtors' Employee Incentive and Severance Program.

The Motion seeks approval of certain payments in order to, inter
alia, incentivize key executives during the sale process to
maximize the ultimate recovery for the creditors and interested
parties in these estates.  Specifically, the Debtors offer to these
key executives the carrot of a $500,000 to $1,500,000 bonus pool
which hinges on the outcome of the Debtors' sale of assets set for
auction on March 16, 2016.  The bonus pool payout to the seven key
executives is "based upon their current annual base salaries and is
directly linked to the value of the consideration ultimately
received by the Debtors' estates in connection with the
Court-approved sale of substantially all of the Debtors' assets"
but only upon the conclusion of a Qualifying Sale or combination of
Qualifying Sales that results in 'Aggregate Value' to the Debtors'
estates of at least $42,000,000 ("KEIP Payment Event")"... The
Motion confirms that the basis for calculation of "the Aggregate
Value shall not include any amount with respect to an acquiring
party's assumption of the Debtors' pension liabilities."

Messrs. Stern and McEachen aver that in order to consider the
request in the Motion and its impact on the estate, much more
information is required.  According to the objectors, without this
information, it is impossible to determine whether the Aggregate
Value of $42,000,000 is sufficient to pay the itemized list of debt
that will trigger the KEIP Payment of $500,000.  Specifically:

     1. What is the estimated "secured debt" that must be paid
ahead of the KEIP Payment Event?

     2. What are the estimated "administrative claims" that must be
paid ahead of the KEIP Payment Event?

     3. What percentage or dollar amount is required in order to
achieve a "material distribution to unsecured creditors?

The Objectors note that no information is provided with regard to
any of this critical information, and thus, it is unclear whether
the $42,000,000 threshold for the first $500,000 KEIP Payment Event
is even sufficient to satisfy all of the Debtors' stated
obligations, or whether it is entirely illusive."

                   U.S. Trustee Has No Objection

Peter C. Anderson, the United States Trustee for Region 16,
submitted his Statement of Non-Opposition to the Debtor's Motion,
which states: "... The incentive program appears to be properly
structured since its purpose is primarily performance based rather
than retentive in nature. As such, the incentive program is subject
to the "justified by the facts and circumstances of the case"
standard under section 503(c)(3) of the Code... As with the
incentive program, with the exception of one employee who is an
insider, the severance program is also analyzed under 503(c)(3) and
as with the incentive program, the Motion properly applies the Dana
II factors.  The severance payment to the one insider is properly
analyzed under 503(c)(2) and meets the specific requirements of
503(c)(2)(B)."    

Mitchell Stern and Mark McEachen are represented by:

          Ron Bender, Esq.
          Beth Ann R. Young, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.P.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: rb@lnbyb.com
                 bry@lnbyb.com

The United States Trustee for Region 16 is represented by:

          Michael Hauser, Esq.
          Ronald Reagan Federal Building
          411 West Fourth Street, Suite 9041
          Santa Ana, CA 92701-8000
          Telephone: (714)338-3400
          Facsimile: (714)338-3421
          E-mail: Michael.Hauser@usdoj.gov

                   About Freedom Communications

Headquartered in Santa Ana, California, Freedom Communications,
Inc., owns two daily newspapers -- The Press-Enterprise in
Riverside, Calif. and The Orange County Register in Santa Ana,
Calif.

Freedom Communications, Inc., et al., filed Chapter 11 bankruptcy
petitions (Bankr. C.D. Cal. Lead Case No. 15-15311) on Nov. 1,
2015, with the intention of selling their assets to a group of
local investors led by Rich Mirman,Freedom's chief executive
officer and publisher.

Richard E. Mirman, the chief executive officer, signed the
petitions.

Freedom Communications Holdings estimated both assets and
liabilities in the range of $10 million to $50 million.

Lobel Weiland Golden Friedman LLP serves as the Debtors' counsel.


FREESEAS INC: Gets Nasdaq Delisting Notice; to Request Hearing
--------------------------------------------------------------
FreeSeas Inc. announced that on March 2, 2016, it received notice
from the Listing Qualifications Staff of The NASDAQ Stock Market
LLC indicating that unless the Company timely requests a hearing
before the Nasdaq Listing Qualifications Panel, its securities
would be subject to delisting from The Nasdaq Capital Market based
upon its non-compliance with the minimum bid price requirement, as
set forth in Nasdaq Listing Rule 5550(a)(2), and concerns raised by
the Staff, pursuant to the Staff's discretionary authority under
Nasdaq Listing Rule 5101, regarding the Company's ability to remedy
the bid price deficiency in light of dilution that may occur from
financing transactions.

The Company intends to timely request a hearing before the Panel,
at which hearing it will present its plan to regain and sustain
compliance with the bid price requirement and otherwise address the
Staff's concerns in connection therewith.  The Company's request
for a hearing will stay any delisting action and the Company's
common stock will continue to trade on The Nasdaq Capital Market at
pending the issuance of the Panel's decision following the hearing
and the expiration of any extension granted by the Panel.

                      About FreeSeas Inc.

Headquartered in Athens, Greece, FreeSeas Inc., formerly known as
Adventure Holdings S.A., was incorporated in the Marshall Islands
on April 23, 2004, for the purpose of being the ultimate holding
company of ship-owning companies.  The management of FreeSeas'
vessels is performed by Free Bulkers S.A., a Marshall Islands
company that is controlled by Ion G. Varouxakis, the Company's
Chairman, President and CEO, and one of the Company's principal
shareholders.

The Company's fleet consists of six Handysize vessels and one
Handymax vessel that carry a variety of drybulk commodities,
including iron ore, grain and coal, which are referred to as
"major bulks," as well as bauxite, phosphate, fertilizers, steel
products, cement, sugar and rice, or "minor bulks."  As of
Oct. 12, 2012, the aggregate dwt of the Company's operational
fleet is approximately 197,200 dwt and the average age of its
fleet is 15 years.

Freeseas reported a net loss of $12.7 million in 2014, a net loss
of $48.7 million in 2013 and a net loss of $30.9 million in 2012.

As of June 30, 2015, the Company had $41.4 million in total assets,
$32.2 million in total liabilities and $9.22 million in total
shareholders' equity.

RBSM LLP, in New York, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2014, citing that the Company has incurred recurring operating
losses and has a working capital deficiency.  In addition, the
Company has failed to meet scheduled payment obligations under its
loan facilities and has not complied with certain covenants
included in its loan agreements.  Furthermore, the vast majority of
the Company's assets are considered to be highly illiquid and if
the Company were forced to liquidate, the amount realized by the
Company could be substantially lower that the carrying value of
these assets.  Also, the Company has disclosed alternative methods
of testing the carrying value of its vessels for purposes of
testing for impairment during the year ended December 31, 2014.
These conditions among others raise substantial doubt about the
Company's ability to continue as a going concern.


FRESH & EASY: Asks for Court OK to Transfer Real Property Lease
---------------------------------------------------------------
Fresh & Easy, LLC, filed with the U.S. Bankruptcy Court for the
District of Delaware a motion for an order (i) authorizing the
assumption, assignment, and transfer of the real property lease
with respect to the premises located at 955 Catalina Boulevard, San
Diego, California, and certain related property to Zack Brothers
Inc., dba Jensen's Finest Foods; and (ii) approving
the terms of the assignment and assumption agreement.

A hearing on the motion is set for March 17, 2016, at 11:00 a.m.
(prevailing Eastern Time).

Jensen's, through its broker, indicated an interest in acquiring
the Lease, and the Debtor subsequently re-engaged with Jensen's and
other parties after CVS Pharmacy, Inc., terminated its option to
purchase the Lease.

The Debtor's remarketing of the Lease produced expressions of
interest from multiple parties interested in acquiring the Lease,
but only Jensen's and one other party were willing to pay a premium
to the Debtor for the assignment of the Lease, and no party would
agree to exceed Jensen's offer.  The Debtor has decided to proceed
with the assignment of the Lease to Jensen's, which presents the
highest and best offer for the Lease, without conducting a formal
auction process.  Proceeding with the private sale of the Lease
ensures a significant recovery to the Debtor's estate.

The Debtor and Jensen's Assignment Agreement states that:

      (i) Jensen's will acquire all of the Debtor's right, title
          and interest in and to the leasehold interest in the
          Lease and the liquor license for the Premises on an "as
          is, where is" basis;

     (ii) Jensen's will pay to the Debtor a purchase price of
          $360,000, plus an additional $50,000 for cure of amounts

          that have already come due and remain unpaid under the
          Lease.  To the extent the Court enters an order fixing
          the cure amounts at less than $50,000, the balance of
          the $50,000 will be paid to the Debtor as additional
          consideration; and

    (iii) The Debtor will be solely responsible for paying all
          cure amounts necessary under section 365(b)(1)(A) of the

          Bankruptcy Code in excess of $50,000, if any.  Jensen's
          will be responsible for paying all remaining obligations

          under the Lease and the liquor license for the Premises,

          including, but not limited to, any rent, any accrued but

          not yet due adjustments for CAM, real estate taxes,
          insurance and any other accrued but not yet due charges,

          and any indemnification obligations or matters of
          performance.

The Debtor believes it is important to subject the Lease to higher
and better offers, and will serve the motion on all parties that
have, in the past, demonstrated any potential interest in the Lease
or taking assignment thereof, to give these parties a final
opportunity to provide a higher and better offer than that of
Jensen's.

On March 10, 2016, Catalina-Talbot Properties, LLC, a master lessee
under a long-term lease and, under that lease, operates a small
neighborhood shopping center at the intersection of Catalina
Boulevard and Talbot Street in the Point Loma neighborhood of San
Diego, filed with the Court an objection to the Debtor's proposed
cure amount set forth in the motion.  The Shopping Center consists
of one contiguous building and accompanying parking areas and has
six retail tenants which includes the Fresh & Easy grocery market.

Catalina says in its objection -- a copy of which is available for
free at http://bankrupt.com/misc/FRESH&EASY_675_saleobj.pdf--
that, among other things, the Debtor defaulted on its obligations
under the Lease by failing to pay the base rent and the Debtor's
share of the common area maintenance charges due pursuant to lease
not later than Oct. 5, 2015, in the amount of $38,024.67.  As a
result of the Debtor's failure to timely pay its October 2015 rent
obligations by Oct. 10, 2015, the Debtor became obligated to pay a
late charge to Catalina in the amount of $1,901.23, for a total
amount due of $39,925.90.

The Debtor states in its motion that the amount necessary to cure
all defaults under the Lease is $38,024.67, which fails to include
the Late Charge, which is also a default under the Lease, Catalina
claims.  Catalina wants that the Debtor be required to pay the late
charge to cure all defaults under the Lease.

Catalina is represented by:

      William A. Hazeltine, Esq.
      Sullivan Hazeltine Allinson LLC
      901 North Market Street, Suite 1300
      Wilmington, DE 19801
      Tel: (302) 428-8191
      Fax: (302) 428-8195
      E-mail: whazeltine@sha-llc.com

                        About Fresh & Easy

Fresh & Easy, LLC, a chain of grocery stores in the Southwest
United States, filed a Chapter 11 bankruptcy petition (Bankr. D.
Del., Case No. 15-12220) on Oct. 30, 2015.  The petition was signed
by Peter McPhee, the chief financial officer.  The Debtor estimated
assets of $10 million to $50 million and liabilities of at least
$100 million.

Judge Christopher S. Sontchi is assigned to the case.

The Debtor has engaged Cole Schotz P.C. as counsel, Epiq Bankruptcy
Solutions, LLC, as claims and noticing agent, DJM Realty Services,
LLC, and CBRE Group, Inc., as real estate consultants and FTI
Consulting, Inc., as restructuring advisors.

                           *     *     *

Judge Brendan Linehan Shannon extended Fresh & Easy, LLC's
exclusive plan filing period through and including April 27, 2016,
and its exclusive solicitation period through and including June
27, 2016.  As part of the claims process, a bar date of Feb. 19,
2016, was established by the Court for creditor claims.


FRESH & EASY: Great American to Auction HQ & Data Center Assets
---------------------------------------------------------------
Fresh & Easy, LLC, filed with the U.S. Bankruptcy Court for the
District of Delaware a motion for order approving its asset
marketing/sale agreement with auctioneer Great American Global
Partners, LLC, with respect to the sale of certain of the Debtor's
property located at the Debtor's corporate headquarters and data
center; and (ii) authorizing the sale and liquidation of the Assets
free and clear of all liens, claims and encumbrances through Great
American.

The Debtor has undertaken the process of liquidating the estate's
assets located at its retail locations and distribution center with
the  assistance of Hilco Merchant Resources, LLC, and Industrial
Assets Corp., respectively, has engaged DJM Realty Services, LLC,
and CBRE, Inc., to market its leasehold interests, and has recently
engaged Hilco Streambank to assist with the disposition of its
intellectual property.  At this time, the Assets at the Company's
corporate headquarters located at 20101 Hamilton Avenue, 3rd Floor,
Torrance, California, and the Company's data center located at 200
N Nash Street, El Segundo California, remain another viable source
of significant recovery, and the Debtor entered into the Auction
Agreement, subject to court approval, in an effort to realize
proceeds from these Assets in the near term.  After soliciting bids
from multiple experienced auctioneers that operate in the industry
of distressed assets, including Hilco, the Debtor determined that
Great American provided the highest and best proposal for the right
to sell the Assets on the terms set forth in the Auction
Agreement:

      -- the Debtor will retain Great American to act as its
         exclusive agent to sell the Assets located at the
         Premises through a publicly-marketed sale during the
         term, which will begin on the date the Court enters an
         order approving the sale of the Assets by Auctioneer
         pursuant to the terms of the Auction Agreement or on
         another date mutually agreed upon by the parties and
         ending on the later of July 1, 2016, or at a later date
         agreed upon by the Debtor and Great American, provided
         that all Assets in the Corporate Headquarters will be
         removed by April 30, 2016, or at a later date as mutually

         agreed upon by the Debtor and Great American;
  
      -- Great American will charge buyers and retain an amount
         equal to 18% of the Gross Proceeds received upon the sale

         of any Assets;

      -- Great American will not be entitled to any commission on
         the sales of the Assets;

      -- Great American will be entitled to reimbursement by the
         Debtor for all actual expenses regardless of whether or
         not any Assets are sold, provided that the expenses will
         not exceed $5,000 without the Debtor's prior written
         consent; and

      -- Great American will be responsible to collect, report and

         remit any applicable taxes due in connection with the
         sales.

The Debtor requests authority to employ Great American as its sales
agent pursuant to the terms and conditions of the Auction
Agreement.  As part of its duties as the Debtor's agent, Great
American will, among other things, develop and implement an
advertising and marketing plan for the sale of the Assets.   

On Feb. 25, 2016, the Debtor also sought court order (i)
authorizing the disposition of the Debtor's retired, used,
end-of-life, and surplus IT and communications equipment located at
Itek Services, Inc., 25501 Arctic Ocean Drive, Lake Forest,
California, pursuant to the terms of that certain asset disposition
services agreement; and (ii) approving the terms of the Agreement.

Under the terms of that agreement, subject to the Court's approval,
HiTech Assets, Inc., will serve as the exclusive agent to the
Debtor for the purpose of cleansing, refurbishing and reselling, or
scrapping, as appropriate, the Equipment as outlined in the
agreement.  The Debtor seeks approval of the agreement so that it
may leverage the experience and resources of HiTech in processing
and liquidating used and surplus IT and communications equipment,
to the benefit of all stakeholders in these cases.  The Debtor
solicited offers from several providers of asset disposition
services to purchase the Equipment or consign the Equipment, before
ultimately concluding that the terms offered by HiTech were most
advantageous to the estate.

The Debtor and HiTech agreed that:

      -- HiTech will prepare the Equipment for reuse by cleaning
         of data-bearing devices so that data is unrecoverable in
         accord with specification NIST 800-88 or equivalent and
         selling the Equipment on the secondary market, and
         scrapping Equipment that is unmarketable due to age or
         damage.  The services to be provided by HiTech may also
         include, among other things, picking up packed/palletized

         Equipment from Itek, at the direction of the Debtor's
         representative, and arranging the freight and packing
         services and materials if needed.

      -- the Debtor will receive 50% of gross sales generated by
         assets resold by HiTech, and HiTech will retain 50% of
         sales.  HiTech will use its expertise and commercially
         reasonable options available to maximize the purchase
         price paid to the Debtor for all Equipment that can be
         resold and to minimize the costs associated with
         processing for reuse or recycling of the Equipment.

      -- the Debtor intends to dispose of the Equipment through a
         private transaction rather than conducting a public sale
         or auction process.  Hitech does not intend to conduct a
         public auction for the Equipment, but reserves the right
         to do so; and

      -- the Debtor requests that the Court waive the 14-day stay
         period under Bankruptcy Rule 6004(h).  

The Debtor believes the Equipment is worth less than $50,000 and
represents de minimis value to the estate.  Despite soliciting
offers from several other potential purchasers and asset
disposition services providers, the Debtor has been unable to
obtain more favorable terms than those provided under the
Agreement.  Proceeding by private disposition and without
conducting a formal auction significantly reduces the transaction
costs associated with the proposed disposition, which likely
represents minimal value to the estate.  

                        About Fresh & Easy

Fresh & Easy, LLC, a chain of grocery stores in the Southwest
United States, filed a Chapter 11 bankruptcy petition (Bankr. D.
Del., Case No. 15-12220) on Oct. 30, 2015.  The petition was signed
by Peter McPhee, the chief financial officer.  The Debtor estimated
assets of $10 million to $50 million and liabilities of at least
$100 million.

Judge Christopher S. Sontchi is assigned to the case.

The Debtor has engaged Cole Schotz P.C. as counsel, Epiq Bankruptcy
Solutions, LLC, as claims and noticing agent, DJM Realty Services,
LLC, and CBRE Group, Inc., as real estate consultants and FTI
Consulting, Inc., as restructuring advisors.

                           *     *     *

Judge Brendan Linehan Shannon extended Fresh & Easy, LLC's
exclusive plan filing period through and including April 27, 2016,
and its exclusive solicitation period through and including June
27, 2016.  As part of the claims process, a bar date of Feb. 19,
2016, was established by the Court for creditor claims.


GARLOCK SEALING: To Postpone Asbestos Claims Resolution Hearing
---------------------------------------------------------------
EnPro Industries, Inc., on March 7 disclosed that its Garlock
Sealing Technologies (GST) subsidiary has agreed with the
court-appointed legal representative of future asbestos claimants
(the FCR) and the official committee representing current asbestos
claimants (the Current Claimants' Committee) in GST's Asbestos
Claims Resolution Process (ACRP) pending in the U.S. Bankruptcy
Court for the Western District of North Carolina to postpone until
a later date to be determined the hearing in the ACRP that had been
scheduled to be held on March 10, 2016.  The purpose of the
postponement is to permit the parties to continue to focus on the
negotiation of a potential consensual settlement.

EnPro and GST continue to believe that an agreed settlement with
both the FCR and the Current Claimants' Committee would provide the
best path to certainty and finality of the ACRP, provide for faster
and more efficient completion of the case, save significant future
costs, and allow for the attainment of complete finality.  However,
there can be no assurance that the current or any future
negotiations will result in a settlement among GST and both the FCR
and the Current Claimants' Committee.  Neither EnPro nor GST plans
to provide any further interim updates on the status of
negotiations.

                     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.


GINGER OIL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
Judy Robbins, U.S. Trustee for Region 7, disclosed in a filing with
the U.S. Bankruptcy Court for the Southern District of Texas that
no official committee of unsecured creditors has been appointed in
the Chapter 11 case of Ginger Oil Company.

Ginger Oil Company sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas (Houston) (Bankr. S.D. Tex., Case No. 16-30678)
on February 4, 2016.  The petition was signed by William D.
Neville, president and director.

The Debtor is represented by Julie Mitchell Koenig, Esq., at Cooper
& Scully, PC.  The case is assigned to Judge Marvin Isgur.

The Debtor disclosed total assets of $29.27 million and total debts
of $6.47 million.


GOLDEN GUERNSEY: Trustee Accuses BDO USA of Malpractice
-------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that the Chapter 7
trustee for the estates of Golden Guernsey Dairy LLC and Highway
Technologies Inc. launched adversary cases late Feb. 29, 2016,
against BDO USA LLP, accusing the accounting firm of malpractice by
botching audits that caused "massive damage" to the companies,
which both ended up in bankruptcy.  In complaints filed in the
Delaware bankruptcy court, trustee Charles A. Stanziale Jr.
contends that BDO didn't follow generally accepted accounting
practices in audits in 2013 for both companies.

                     About Golden Guernsey

Waukesha, Wisconsin-based milk processor Golden Guernsey, LLC,
filed for Chapter 7 bankruptcy (Bankr. D. Del. Case No. 13-10044)
on Jan. 8, 2013, days after closing the facility.

OpenGate Capital, LLC, a private investment and acquisition firm,
acquired Golden Guernsey in September 2011 from Dean Foods after
the United States Department of Justice required Dean Foods to
sell the business to resolve antitrust concerns that Dean Foods'
share of the school milk supply business was too large.

The Chapter 7 petition stated that assets and debt both exceed
$10 million.

Charles Stanziale was appointed Chapter 7 trustee.


GT ADVANCED: Pirinate's Davis to Sit as Chairman, Plan Trustee
--------------------------------------------------------------
Eugene Davis, Chairman and Chief Executive Officer of PIRINATE
Consulting Group, LLC, has been named as chairman of GT Advanced
Technologies Inc., et al., and trustee of the litigation trust to
be established under the Debtor's plan of reorganization.

GT filed with the U.S. Bankruptcy Court for the District of New
Hampshire on Feb. 24, 2016, further modified exhibits to the plan
supplements for their Amended Joint Plan of Reorganization dated
Feb. 1, 2016, to identify the litigation trustee and his proposed
compensation, as well as to include the biographies of the board
members of Reorganized GT.

The Debtors' Plan establishes a "litigation trust" that may
generate Cash for distribution for holders of allowed general
unsecured claims   Mr. Davis, as litigation trustee, will be
compensated at the annual fee of $12,000.  The Financing Support
Parties are considering whether an additional success fee may be
appropriate to further incentivize the Litigation Trustee to
maximize the value of the Non-Released D&O Causes of Action.  The
Financing Support Parties have reserved all rights with respect to
the compensation structure, and any modification or addition to the
annual fee of $12,000 will be disclosed at or before the
Confirmation Hearing.

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.

Since founding PIRINATE Consulting in 1999, Mr. Davis has managed
numerous debtor and creditor side restructuring assignments
involving businesses in various industries including automotive;
consumer products, retail & cataloging; financial services;
healthcare & medical technology; industrial materials;
manufacturing & distribution; media & entertainment; power, energy,
oil, gas & mining; publishing; real estate; technology;
telecommunications; and transportation & logistics.  He is
currently a director of the following public companies HRG Group,
Inc., Spectrum Brands Holdings, Inc., U.S. Concrete, Inc., WMIH
Corp., Hercules Offshore, Inc., and Genco Shipping & Trading Ltd.
In addition, Mr. Davis has served as a director of GT Advanced
Equipment Holding LLC since shortly before the Petition Date.

The Litigation Trustee may be reached at:

     Eugene Irwin Davis
     Chairman and Chief Executive Officer
     PIRINATE Consulting Group LLC
     6 Canoe Brook Drive
     Livingston, NJ 07039

A copy of the Further Modified Exhibit 6 and 15 to the Plan
Supplement is available for free at:

         http://bankrupt.com/misc/GTAT_3167_PS_Mod_Exh.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.


GT ADVANCED: Wins Confirmation of Reorganization Plan
-----------------------------------------------------
Judge Henry J. Boroff has entered an order confirming GT Advanced
Technologies Inc., et al.'s Amended Joint Plan of Reorganization
dated March 7, 2016.

The Plan incorporates a compromise and settlement of numerous
inter-debtor, debtor-creditor, and inter-creditor issues, including
issues regarding substantive consolidation of the Debtors' estates,
the validity and enforceability of intercompany claims, and the
allocation of assets among the Debtors' estates.
The Plan not only keeps the Debtors operating as a going concern
but also provides for the distribution to holders of allowed
general unsecured claims in the form of 14% of the Reorganized
Debtors' equity plus proceeds from causes of action.

Judge Boroff on Feb. 2, 2016, approved the Disclosure Statement,
authorized the Debtors to solicit votes, and set a March 3 hearing
to consider confirmation of the Plan.

Impaired classes of claims eligible to vote affirmatively voted to
accept the Plan.

Several objections to confirmation were filed.  Subsequent to
solicitation, the Debtors filed amendments to the Plan on March 2,
2016 and on March 7, 2016, which, among other things, address
objections raised by certain parties.  Most of the objections by
parties were resolved and the outstanding objections by the U.S.
Trustee were overruled.

Hearings on the Plan and objections were held on March 3 and 4, and
a hearing on the proposed confirmation order was scheduled March 9.
On March 8, the Court ordered that the March 9 hearing is
cancelled as "the recently filed proposed order being acceptable to
the Court and applicable objections having been withdrawn, settled,
or overruled."

A copy of the Plan Confirmation Order entered March 8, 2016, is
available for free at:

      http://bankrupt.com/misc/GTAT_3310_Plan_Conf_Ord.pdf

A copy of the Amended Plan filed March 7, 2016, is available for
free at:

      http://bankrupt.com/misc/GTAT_3298_Am_Plan_BL.pdf

                      Objections Resolved

The objection of the Creditors' Committee has been consensually
resolved as reflected in the modifications to the Plan and the Plan
Supplement filed on March 7, 2016 and the Confirmation Order. The
Committee had complained that the Plan and Plan Supplement denies
general unsecured creditors the consideration and protections the
Committee bargained for and secured through negotiations with the
Debtors and the exit lenders.

The limited objection by Duncan Harwood is resolved by the Plan
Confirmation Order, which provides, among others, that the Debtors
will release to Mr. Harwood the $300,000 remaining in the escrow
account established in connection with the D2 Solar LLC sale and
Mr. Harwood will be allowed to file general unsecured claim for
rejection damages capped at $210,000.

The Objection of Dow Corning Corporation is resolved by (i) the
Debtors' agreement not to further use or develop technology that is
the subject of the trade secret claims asserted by Dow in its
administrative expense claim, and (ii) the establishment of a
reserve of $1.5 million in cash on account of the administrative
claim.

                       US Trustee Objection

The United States Trustee on Feb. 26 filed an objection to
confirmation of the Plan, saying that it unlawfully extends
exculpation to non-estate fiduciaries and provides third parties
with releases which are overly broad, contrary to public policy,
and not in compliance with applicable law and First Circuit
precedent.

The Court, however, overruled the objection, citing that the
exculpation, release, and injunction provisions of the Plan have
been negotiated in good faith and at arm's-length by the parties,
are consistent with sections 105, 362, 1122, 1123(b)(3)(A),
1123(b)(6), 1129, and 1142 of the Bankruptcy Code, and are each
necessary and appropriate to the successful reorganization of the
Debtors' estates.

On March 8, the U.S. Trustee filed an objection to the Debtors'
proposed confirmation order, citing, among other things that
despite representations made at the Confirmation Hearing regarding
the ability of creditors to opt out of the releases, the Proposed
Order provides for full releases to be given by creditors who had
no ability to opt out of the releases and could not affirmatively
consent to the same.  Judge Boroff immediately overruled the
objection on grounds that the issues raised either (1) were raised
and rejected by the Court at the Confirmation hearing or (2) are
totally without merit.

                 Overwhelming Acceptance of Plan

Class 4A (GT Inc. Notes Claims), Class 4B (GT Inc. General
Unsecured Claims), Class 4C (Corp Debtors General Unsecured
Claims), and Class 4D (GT Hong Kong General Unsecured Claims),
which are Impaired Classes of Claims eligible to vote, have
affirmatively voted to accept the Plan.  Specifically, as set forth
in the Vote Certification, (a) creditors holding 84.27% in number
and 94.07% in dollar amount of Class 4A Claims voted to accept the
Plan, (b) creditors holding 73.91% in number and 98.85% in dollar
amount of Class 4B Claims voted to accept the Plan, (c) creditors
holding 81.47% in number and 93.07% in dollar amount of Class 4C
Claims voted to accept the Plan, and (d) creditors holding 73.53%
in number and 80.32% in dollar amount of Class 4D Claims voted to
accept the Plan.

                       HTOT Claim Reclassified

After the applicable bar date, Guizhou Haotian Optoelectronics
Technology Co., Ltd. ("HTOT") filed (a) Proof of Claim No. 1082,
which asserts an administrative expense claim under section
503(b)(9) of the Bankruptcy Code in the amount of $18,134,636, (b)
Proof of Claim No. 1083, which asserts a secured claim in the
amount of $16,306,137, (c) Proof of Claim No. 1084, which asserts
an administrative expense claim under Section 503(b)(9) of the
Bankruptcy Code in the amount of $9,053,760, and (d) Proof of Claim
No. 1085, which asserts an administrative expense claim in the
amount of $1,791,650.

At the Confirmation Hearing, the Court determined that Claim No.
1083 is not entitled to secured status or administrative expense
priority and that Claim No. 1085 is not entitled to administrative
expense status.  Accordingly, the Court holds that (a) Claim No.
1083 is reclassified in its entirety as an Allowed Class 4C General
Unsecured Claim in the amount of $10,917,606 and (b) Claim No. 1085
is disallowed in its entirety.  In addition, HTOT has acknowledged
that Claim No. 1082 and Claim No. 1084 are general unsecured
claims.  Accordingly, Claim No. 1082 and Claim No. 1084 are
reclassified as general unsecured claims.

                        General Unsecured Claims

The Plan establishes a "litigation trust" that may generate Cash
for distribution for holders of allowed general unsecured claims.
The Court ruled that the establishment of the Litigation Trust, the
selection of Eugene Davis to serve as the Litigation Trustee, and
the form of the proposed Litigation Trust Agreement (as it may be
modified or amended) are appropriate.

The holders of Allowed GT Inc. Notes Claims, Allowed Corp Debtors
General Unsecured Claims, and Allowed GT Hong Kong General
Unsecured Claims are the beneficiaries of the Litigation Trust

In order to enhance recoveries for the Litigation Trust
Beneficiaries, Kelley Drye & Warren LLP, counsel to the Creditors
Committee, and Houlihan Lokey Capital, Inc., financial advisor to
the Creditors Committee, have offered to gift to the Litigation
Trust, for distribution to the Litigation Trust Beneficiaries in
accordance with the terms of the Litigation Trust Agreement, 5% of
their final allowed fees in the Chapter 11 Cases.

                        The Chapter 11 Plan

GTAT, et al., have proposed a Joint Plan of Reorganization that
proposes to grant 86% of Reorganized GT Inc. to entities providing
$80 million of exit financing and 14% of the shares to general
unsecured creditors.

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.  

The Financing Support Parties, the entities providing the $80
million exit financing, are comprised of: (a) WBox 2014-3 Ltd.; (b)
Jefferies LLC; (c) QPB Holdings Ltd.; (d) Wolverine Flagship Fund
Trading Limited; (e) Privet Fund Management LLC; (f) Citigroup
Financial Products Inc.; (g) Caspian Capital LP, (h) Corre Partners
Management LLC; and (i) Empyrean Capital Partners, LP.

The Financing Support Parties are represented by:

         James D. Kelly
         KELLY LAW PLLC
         16 Broad Street
         Nashua, New Hampshire 03064
         Telephone: (603) 809-4230
         E-mail: jim@kellylawnh.com

             - and -

         Philip D. Anker
         WILMER CUTLER PICKERING HALE AND DORR LLP
         7 World Trade Center
         250 Greenwich Street
         New York, New York 10007
         Telephone: (212) 230-8890
         E-mail: philip.anker@wilmerhale.com

             - and -

         Dennis L. Jenkins
         WILMER CUTLER PICKERING HALE AND DORR LLP
         60 State Street
         Boston, MA 02109
         Telephone: (617) 526-6000
         E-mail: dennis.jenkins@wilmerhale.com

                         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.


GUNPOWDER PROPERTIES: Case Summary & 2 Unsecured Creditors
----------------------------------------------------------
Debtor: Gunpowder Properties, LLC
        c/o Richard E. Wentz, Agent
        23 Leathers Rd
        Ft Mitchell, KY 41017-2908

Case No.: 16-20292

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       Eastern District of Kentucky (Covington)

Judge: Hon. Tracey N. Wise

Debtor's Counsel: Michael L. Baker, Esq.
                  ZIEGLER & SCHNEIDER, P.S.C
                  541 Buttermilk Pk. #500
                  P.O. Box 175710
                  Covington, KY 41017-5710
                  Tel: (859) 426-1300
                  Fax: (859) 426-0222
                  E-mail: mlb@zslaw.com

Total Assets: $1.82 million

Total Liabilities: $1.40 million

The petition was signed by Richard E. Wentz, member.

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/kyeb16-20292.pdf


HARBORVIEW TOWERS COUNCIL: Case Summary & 20 Top Unsec. Creditors
-----------------------------------------------------------------
Debtor: Council of Unit Owners of the 100 Harborview Drive
        Condominium
           dba The HarborView Towers
           aka The HarborView Towers Council of Unit Owners
           aka 100 Harborview Drive Condominium
           aka 100 HarborView Drive Council of Unit Owners
           aka 100 Harborview Drive Condominium Council of Unit
                   Owners
           aka 100 HarborView Drive Condominium Association
        100 Harborview Drive
        Baltimore, MD 21230

Case No.: 16-13049

Type of Business: Condominium Association

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       District of Maryland (Baltimore)

Judge: Hon. James F. Schneider

Debtor's Counsel: Paul Sweeney, Esq.
                  YUMKAS, VIDMAR, SWEENEY & MULRENIN, LLC
                  10211 Wincopin Circle, Suite 500
                  Columbia, MD 21044
                  Tel: (443) 569-5972
                  Fax: (410) 571-2798
                  Email: psweeney@yvslaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Dr. Reuben Mezrich, president.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Constantine Commercial               Trade Debt         $203,516

Construction Inc.

BGE                                Trade Debt             $93,163

City of Baltimore                  Water Bill             $63,604
Department of Finance

C.A. Lindman, Inc.                 Trade Debt             $40,000

Profiles, Inc.                     Trade Debt             $27,368

Direct Energy Business             Trade Debt             $25,913

Corporate Cleaning Solutions       Trade Debt             $22,213

Extra Clean Inc.                   Trade Debt             $21,785

L&L Rail & Fence, Inc.             Trade Debt             $20,475

SI Restoration, Inc.               Trade Debt             $17,728

DRD Pool Management                Trade Debt             $16,931

Design Collective, Inc.            Trade Debt             $11,488

Thyssenkrupp Elevator Corp.        Trade Debt             $11,425

Palmer Brothers                    Trade Debt             $11,060

Coleman Consulting                 Trade Debt             $10,480

Charm City Networks, LLC           Trade Debt              $6,634

BuildingLink.Com, LLC              Trade Debt              $5,976

Simpson of Maryland, Inc.          Trade Debt              $5,256

Cummins Power Systems, LLC         Trade Debt              $5,028

Response TECH, Inc.                Trade Debt              $4,440


HARBORVIEW TOWERS COUNCIL: Files for Bankruptcy, Seeks Cash Access
------------------------------------------------------------------
Council of Unit Owners of the 100 Harborview Drive Condominium
sought creditor protection to stabilize its affairs and formulate a
plan to deal with all of its obligations as a result of
garnishments and other pending litigation.

The Debtor filed a petition under Chapter 11 of the Bankruptcy Code
in the U.S. Bankruptcy Court for the District of Maryland (Bankr.
D. Md. Case No. 16-13049) on March 9, 2016.  Dr. Reuben Mezrich
signed the petition as president.

The Debtor is a condominium association that maintains and operates
The HarborView Towers, a 30-story building with 249 luxury
condominium units and a health club, in Baltimore's Inner Harbor.

As disclosed in a Court filing, the Debtor has been involved over
the past six years in contested mandatory arbitration and
litigation matters with Penthouse 4C, LLC and James W. Ancel, Sr.,
that resulted in judicial confirmation of two arbitration awards
against the Debtor in the amounts of $1,252,487 and $1,594,762,
respectively, plus a money judgment in the amount of $609,030.  The
arbitration award of $1,252,487 was paid and satisfied by the
Debtor in September 2012.

In an effort to collect on the most recent money judgment of
$609,030, PH4C issued writs of garnishment on the Debtor's bank
accounts at Howard Bank, Citizens Bank in January 2016.  In
February 2016, PH4C further garnished the Debtor's management
company, Barkan Management, LLC.  In response to the garnishments,
Howard Bank filed its own proceedings against PH4C asserting a
secured priority interest in the garnished funds.

The Debtor said these contested proceedings, now pending in the
Circuit Court for Baltimore City, have frozen all of its accounts.


The Debtor estimated assets in the range of $10 million to $50
million and liabilities of up to $50 million.  Yumkas, Vidmar,
Sweeney & Mulrenin, LLC represents the Debtor as counsel.  

Judge James F. Schneider is assigned to the case.

                      Cash Collateral Motion

Contemporaneously with its bankruptcy petition, the Debtor is
seeking Court permission to use the cash collateral in which Howard
Bank asserts a security interest, to fund its ordinary and
necessary day-to-day operations.  The Debtor said it does not have
the cash required to continue daily operations, to provide
essential services and safety to the condominium owners.

In 2015 and 2016, the Debtor obtained $8 million financing from
Howard Bank.  The funds were used for repairs and improvements to
the building's interior, exterior, roof and façade.  All assets of
the Debtor, both cash and non-cash, and all proceeds and products
of the collateral were granted as security to Howard Bank.

As adequate protection for Howard Bank, the Debtor will:

   (a) file a report of cash receipts and disbursements on
       the 15th day of each month for the prior calendar
       month and perform other reasonable reporting required by
       Howard Bank;

   (b) keep the property in good working order, maintenance and
       repair; and

   (c) request that the Court grant Howard Bank replacement liens
       on the same assets on which it held prepetition liens and
       all products and proceeds thereof in the Interim Period.

In addition, Howard Bank will be authorized to debit the Debtor's
account held by Howard Bank in full or partial payment of the
Debtor's current monthly payment obligation to Howard Bank under
the loan documents.


HARBORVIEW TOWERS COUNCIL: Proposes Yumkas Vidmar as Counsel
------------------------------------------------------------
Council of Unit Owners of the 100 Harborview Drive Condominium,
filed an application with the Bankruptcy Court to employ Yumkas,
Vidmar, Sweeney & Mulrenin, LLC as its counsel.  The Company is
also seeking permission to pay the firm a retainer of $100,000.

Subject to Court approval, YVSM will, among other things:

   (a) advise the Debtor of its rights, powers and duties as a
       debtor and debtor-in-possession;

   (b) advise the Debtor concerning, and assist in the
       negotiation and documentation of, financing agreements,
       debt restructurings, cash collateral arrangements and
       related transactions;

   (c) represent the Debtor in defense of any proceedings
       instituted to reclaim property or to obtain relief from the
       automatic stay under Section 362(a) of the Bankruptcy Code;

   (d) represent the Debtor in any proceedings instituted with
       respect to certain Debtor's use of cash collateral;

   (e) review the nature and validity of liens asserted against
       the property of the Debtor and advising the Debtor
       concerning the enforceability of those liens;

   (f) advise the Debtor concerning the actions that it might
       take to collect and to recover property for the benefit of
       the Debtor's estate;

   (g) preparing on behalf of the Debtor all necessary and
       appropriate applications, motions, pleadings, draft orders,
       notices, schedules and other documents, and review all
       financial and other reports to be filed in this Chapter 11
       case;

   (h) advise the Debtor concerning, and prepare responses
       to, applications, motions, pleadings, notices and other
       papers that may be filed and served in this Chapter 11
       case;

   (i) counsel the Debtor in connection with the formulation,
       negotiation and promulgation of a plan of reorganization or
       liquidation and related documents; and

   (j) perform all other legal services it is qualified to  
       handle for and on behalf of the Debtor that may be
       necessary or appropriate in the administration of this
       Chapter 11 case, including advising and assisting the
       Debtor with respect to debt restructurings, claims analysis

       and disputes, legal advice with respect to general
       corporate, bankruptcy, and finance, and matters and
       litigation other than for discrete matters for which
       special counsel may be retained.

The Debtor said that prior to the filing of the petition, YVSM was
paid $7,527 in partial payment of fees for services rendered in
preparing and filing this bankruptcy case.  YVSM also received
$1,717 that was used to pay the fee to initiate this bankruptcy
case.

Subject to the Court's approval, YVSM will charge the Debtor for
its legal services on an hourly basis in accordance with its
ordinary and customary hourly rates as in effect on the date
services are rendered, plus reimbursement of actual and necessary
expenses incurred by YVSM.  The current hourly rates charged by
YVSM for its professionals are as follows:

                                   Hourly Range
                                   ------------
              Members               $295-$450
              Associates            $235-$275
              Paralegals            $115-$175

Paul Sweeney will be the primary attorney who will be involved in
this case.  His hourly rate is $420.   

Paul Sweeney represented that YVSM is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code.

                       About Council of Unit

Council of Unit Owners of the 100 Harborview Drive Condominium, a
condominium association, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Md. Case No. 16-13049) on March 9, 2016.
Dr. Reuben Mezrich signed the petition as president.  The Debtor
estimated assets in the range of $10 million to $50 million and
liabilities of up to $50 million.  Yumkas, Vidmar, Sweeney &
Mulrenin, LLC represents the Debtor as counsel.  Judge James F.
Schneider is assigned to the case.


HARBORVIEW TOWERS COUNCIL: Section 341 Meeting Set for April 6
--------------------------------------------------------------
A meeting of creditor in the bankruptcy case of the Council of Unit
Owners of the 100 Harborview Drive       Condominium has been
scheduled for April 6, 2016, at 10:00 a.m. at 341 meeting room 2650
at 101 W. Lombard St., in Baltimore.

This is the first meeting of creditors required under Section
341(a) of the Bankruptcy Code in all bankruptcy cases.

All creditors are invited, but not required, to attend.  This
meeting of creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

                 About HarborView Towers Council

Council of Unit Owners of the 100 Harborview Drive Condominium, a
condominium association that maintains and operates The HarborView
Towers, a 30-story building with 249 luxury condominium units and a
health club, in Baltimore's Inner Harbor, sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-13049)
on March 9, 2016.  Dr. Reuben Mezrich signed the petition as
president.  The Debtor estimated assets in the range of $10 million
to $50 million and liabilities of up to $50 million.

Yumkas, Vidmar, Sweeney & Mulrenin, LLC represents the Debtor as
counsel.  Judge James F. Schneider is assigned to the case.

Creditors have until July 5, 2016, to file their proofs of Claim.


HARSCO CORP: S&P Lowers CCR to 'BB-' on Weakness in End Markets
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it has lowered its
corporate credit rating on Camp Hill, Pa.-based diversified
industrial company Harsco Corp. to 'BB-' from 'BB' and removed all
of its ratings on the company from CreditWatch, where S&P placed
them with negative implications on Nov. 10, 2015.  The outlook is
negative.

At the same time, S&P lowered its issue-level ratings on the
company's $450 million senior notes due 2018 to 'BB-' from 'BB'.
The '3' recovery rating is unchanged, indicating S&P's expectation
for meaningful (50%-70%; upper half of the range) recovery in the
event of a payment default.

"The downgrade reflects our expectation that Harsco's operating
performance and credit measures will continue to weaken in 2016,"
said Standard & Poor's credit analyst Jaissy Lorenzo.  "We expect
that the persistent softness in the company's key end
markets--particularly the portion of Harsco's industrial segment
that is exposed to oil and gas--will continues in 2016, causing its
debt-to-EBITDA metric to increase above 4x (adjusted for pensions
and operating leases) by the end of the year."  Slightly less than
10% of the company's revenue and operating income is directly tied
to its oil and gas end markets.  In addition, the company will rely
on cost-cutting initiatives to sustain the profitability of its
metals and minerals segment, which is exposed to the steel industry
and faces substantial weakness due to lower commodity prices.

S&P's negative outlook on Harsco reflects S&P's view that low
commodity prices coupled with persistent weakness in the company's
energy-related end markets could further pressure its operating
performance, credit metrics, and covenant headroom.  In addition,
persistent weakness in the company's metals and minerals segment or
the divestiture of this segment could cause S&P to revise its
assessment of the company's business risk profile.

S&P could lower its ratings on Harsco if S&P forecasts that the
company's operating performance will be materially worse in 2016,
causing its debt-to-EBITDA metric to approach 5x while its covenant
headroom falls below 15% with limited prospects for improvement.
Additionally, if the company's metals and minerals business weakens
in excess of S&P's current expectations or management chooses to
divest the business, S&P would likely revise its assessment of the
company's business risk profile, which could potentially lead to a
lower rating.

S&P could revise its outlook on Harsco to stable if the company's
operating prospects improve such that S&P expects it will maintain
stable financial metrics, 15% of covenant headroom, and generate
meaningful amounts of free cash flow.  This could occur if the
company achieves about $100 million of operating profit this year
through some combination of improving market conditions or solid
execution on its cost-cutting initiatives.  Separately, asset sales
could bolster Harsco's financial flexibility and cause S&P to
revise its outlook on the company to stable.


HEMCON MEDICAL: Court Authorizes Use of Sussex Cash Collateral
--------------------------------------------------------------
Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the
District of Oregon, issued a final order authorizing debtor HemCon
Medical Technologies, Inc. to use cash collateral.

Judge McKittrick authorized the Debtors to use cash collateral
until the earlier of April 29, 2016, or the closing of a sale of
substantially all of the Debtor's assets pursuant to a Court Order.


The Debtor and Sussex Associates, L.P., are parties to certain loan
and security agreements pursuant to which Sussex assets it holds
security interests and lines in Debtor's cash, existing and future
accounts receivable, inventory, purchase orders, and all
intellectual property and patents owned or licensed for use by the
Debtor.

The Debtor will use Sussex's cash Collateral to pay its continued
operating expenses in accordance with a budget.  The budget
provides for operating expenses totaling $1,522,228, for a
thirteen-week period, beginning on Jan. 18, 2016 and ending on
April 17, 2016.

A full-text copy of the Final Order, dated Feb. 10, 2016, is
available at http://is.gd/E1gwC1

HemCon Medical's attorneys:

          Albert N. Kennedy, Esq.
          Timothy J. Conway, Esq.
          TONKON TORP LLP
          888 S.W. Fifth Avenue, Suite 1600
          Portland, OR 97204-2099
          Telephone: (503)221-1440
          Facsimile: (503)274-8779
          E-mail: al.kennedy@tonkon.com
                  tim.conway@tonkon.com

                 About HemCon Medical Technologies

HemCon Medical Technologies, Inc., began operations in 2001 and
today brings advanced wound care technologies to the worldwide
healthcare market.

HemCon Medical previously filed a Chapter 11 bankruptcy on April
10, 2012, in the District of Oregon (Case No. 12-32652-elp11).  The
Debtor's Fifth Amended Plan of Reorganization was confirmed on
May 6, 2013, and the Final Decree was entered and the case was
closed on Nov. 20, 2013.

HemCon Medical again filed for Chapter 11 bankruptcy (Bankr. D.
Ore. Case No. 16-30119) on Jan. 15, 2016.  The petition was signed
by Michael Wax as president and CEO.

The Debtor estimated both assets and liabilities in the range of
$10 million to $50 million.  

Tonkon Torp LLP serves as counsel in the new Chapter 11 case.


HEMCON MEDICAL: Tricol DIP Financing Has Final Approval
-------------------------------------------------------
Judge McKittrick of the U.S. Bankruptcy Court for the District of
Oregon issued a final order authorizing debtor HemCon Medical
Technologies, Inc. to obtain DIP financing from Tricol
International Group Limited.

Trico has agreed to provide financing in an amount up to $800,000.
The outstanding principal balance under the DIP Facility will bear
interest at the rate of 12% per annum.  The DIP Facility will
mature, and all obligations of the Debtor under the DIP Facility
will be due and payable in full in cash on the earliest of (i) the
closing of a sale of all or substantially all of the Debtor's
assets; or (ii) conversion or dismissal of the Chapter 11 case.

The DIP Facility will be used to (i) fund the working capital
requirements and other financing needs of the Debtor during the
pendency of the Case, and (ii) pay certain costs and expenses of
the administration of the case.  According to the Final DIP Order,
the use of the funds must be consistent with the Budget, which
provides for operating expenses in the aggregate amount of
$1,522,228, for a thirteen-week period, beginning on Jan. 18, 2016
and ending on April 17, 2016.

A full-text copy of the Final DIP Order dated Feb. 10, 2016, is
available at http://is.gd/3ha64q

                 About HemCon Medical Technologies

HemCon Medical Technologies, Inc., began operations in 2001 and
today brings advanced wound care technologies to the worldwide
healthcare market.

HemCon Medical previously filed a Chapter 11 bankruptcy on April
10, 2012, in the District of Oregon (Case No. 12-32652-elp11).  The
Debtor's Fifth Amended Plan of Reorganization was confirmed on
May 6, 2013, and the Final Decree was entered and the case was
closed on Nov. 20, 2013.

HemCon Medical again filed for Chapter 11 bankruptcy (Bankr. D.
Ore. Case No. 16-30119) on Jan. 15, 2016.  The petition was signed
by Michael Wax as president and CEO.

The Debtor estimated both assets and liabilities in the range of
$10 million to $50 million.  

Tonkon Torp LLP serves as counsel in the new Chapter 11 case.



HENDERSON HOLDINGS: Case Summary & 9 Unsecured Creditors
--------------------------------------------------------
Debtor: Henderson Holdings 1, LLC
        c/o David K. Gottlieb & Associates, LLC
        15233 Ventura Boulevard, 9th Floor
        Sherman Oaks, CA 91403

Case No.: 16-10685

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Hon. Maureen Tighe

Debtor's Counsel: Linda F Cantor, Esq.
                  PACHULSKI STANG ZIEHL & JONES LLP
                  10100 Santa Monica Blvd 13th Flr
                  Los Angeles, CA 90067
                  Tel: 310-277-6910
                  Fax: 310-201-0760
                  E-mail: lcantor@pszjlaw.com

Total Assets: $2.03 million

Total Liabilities: $1.41 million

The petition was signed by David K. Gottlieb, solely as Chapter 7
Trustee for the Bankruptcy Estate of Roger W. Meyer, the managing
member of Henderson Holdings 1, LLC.

A list of the Debtor's nine largest unsecured creditors is
available for free at http://bankrupt.com/misc/cacb16-10685.pdf


HII TECHNOLOGIES: Files Amended Plan, Disclosure Statement
----------------------------------------------------------
HII Technologies filed with the U.S. Bankruptcy Court an Amended
Plan and related Disclosure Statement.  BankruptcyData.com reports
that the Disclosure Statement provides that, "Under Section 4.5 of
the Plan, each holder of an Allowed General Unsecured Claim shall
receive, in full satisfaction of such Claim: (i) its Pro Rata Share
of 5% of the New HIIT Common Stock; and (ii) its Pro Rata Share of
the Unsecured Creditor Beneficial Trust Interest, in accordance
with the Waterfall, on account of which such holder shall receive,
as soon as is reasonably practicable after the Litigation Trustee,
from time to time, determines that there is sufficient
Distributable Trust Cash to make a distribution to Litigation Trust
Beneficiaries, its Pro Rata Share of such Distributable Trust Cash
based upon such Pro Rata Share of the Unsecured Creditor Beneficial
Trust Interest, in accordance with the Waterfall.  . . . Holders of
Allowed General Unsecured Claims will share pro rata in (i) 5% of
the stock of the new HIIT Common Stock, and (ii) a pro rata share
of the Unsecured Creditor Beneficial Litigation Trust Interest,
from which the Litigation Trustee shall make distributions of cash
as set forth in the Plan.  . . . Existing Equity Interests in HIIT
will be cancelled, all stock de-listed, and no SEC filings will be
required upon entry of an administrative order from the SEC that
de-registers the HIIT Stock. The Debtors' tax attributes will be
preserved and it will continue operating. The Plan is also a motion
to compromise with the DIP Lenders on the amount of their
superpriority administrative expense of over $11 Million, accepting
less than full payment in exchange for payment under the Plan."

The Court scheduled a March 10, 2016 hearing to consider
conditional approval of the Disclosure Statement with an April 15,
2016 confirmation hearing to follow.

The original version of the Joint Plan of Reorganization was filed
Jan. 6.

                      About HII Technologies

HII Technologies, Inc., Apache Energy Services, LLC, Aqua Handling
of Texas, LLC, Hamilton Investment Group, Inc., and Sage Power
Solutions, Inc., filed Chapter 11 bankruptcy petitions (Bankr.
S.D.
Tex. proposed lead case No. 15-60070) on Sept. 18, 2015.  Judge
David R Jones is assigned to the cases.

HII Technologies (HIITQ) is a publicly-traded oilfield services
company which entered the hydraulic fracturing water management
business via acquisition of Apache Energy Services dba AES Water
Solutions in September 2012.

HII Technologies currently has only one employee, its CEO, Matt
Flemming.

HII Technologies reported assets of $17.6 million and liabilities
of $26.5 million as of July 31, 2015.

The Debtors tapped McKool Smith P.C. as counsel, and Stout Risius
Ross, Inc. for management and restructuring services.

On Sept. 29, 2015, Power Reserve Corp., Bold Production Services
LLC, and Black Gold Energy LLC were appointed to serve on its
official committee of unsecured creditors.  On Oct. 7, Black Gold
was replaced by Worldwide Power Products LLC.  The Official
Committee is represented by W. Steven Bryant, Esq., and Elizabeth
M. Guffy, Esq., at Locke Lord LLP.

Unsecured Creditors of Debtor Apache Energy Services, LLC, have
formed their own group.  The Ad Hoc Committee of AES Unsecured
Creditors is represented by Leonard H. Simon, Esq., at Pendergraft
& Simon, L.L.P.; and Joan Kehlhof, Esq., at Wist Holland & Kehlhof.


HII TECHNOLOGIES: Seeks Sept. 12 Extension of Plan Exclusivity
--------------------------------------------------------------
HII Technologies filed with the U.S. Bankruptcy Court an emergency
motion to extend the exclusive period during which the Company can
file a Chapter 11 plan and solicit acceptances thereof both through
and including September 12, 2016.  According to BankruptcyData.com,
the motion explains, "The Debtors request a 180-day extension of
exclusivity while the compromise and plan currently submitted are
considered. Exclusivity would otherwise expire on March 16, 2016.
Granting the extension will not unreasonably delay progress of
these Chapter 11 cases and the formulation of a plan, as one has
already been submitted for approval. A hearing on conditional
approval of the Debtors' First Amended Disclosure Statement is
currently set for March 10, 2016. The Ad Hoc Group, the Official
Unsecured Creditors' Committee, and the DIP Lenders consent (almost
entirely) to the Plan. The Court has scheduled the confirmation
hearing for April 15, 2016. The extension of exclusivity benefits
the estates by permitting the bulk of creditors to permit the
Debtors' consensual plan to go forward without other plans
frustrating the process."

The Court will consider approval of the extension motion at a March
14, 2016 hearing.

                      About HII Technologies

HII Technologies, Inc., Apache Energy Services, LLC, Aqua Handling
of Texas, LLC, Hamilton Investment Group, Inc., and Sage Power
Solutions, Inc., filed Chapter 11 bankruptcy petitions (Bankr.
S.D.
Tex. proposed lead case No. 15-60070) on Sept. 18, 2015.  Judge
David R Jones is assigned to the cases.

HII Technologies (HIITQ) is a publicly-traded oilfield services
company which entered the hydraulic fracturing water management
business via acquisition of Apache Energy Services dba AES Water
Solutions in September 2012.

HII Technologies currently has only one employee, its CEO, Matt
Flemming.

HII Technologies reported assets of $17.6 million and liabilities
of $26.5 million as of July 31, 2015.

The Debtors tapped McKool Smith P.C. as counsel, and Stout Risius
Ross, Inc. for management and restructuring services.

On Sept. 29, 2015, Power Reserve Corp., Bold Production Services
LLC, and Black Gold Energy LLC were appointed to serve on its
official committee of unsecured creditors.  On Oct. 7, Black Gold
was replaced by Worldwide Power Products LLC.  The Official
Committee is represented by W. Steven Bryant, Esq., and Elizabeth
M. Guffy, Esq., at Locke Lord LLP.

Unsecured Creditors of Debtor Apache Energy Services, LLC, have
formed their own group.  The Ad Hoc Committee of AES Unsecured
Creditors is represented by Leonard H. Simon, Esq., at Pendergraft
& Simon, L.L.P.; and Joan Kehlhof, Esq., at Wist Holland & Kehlhof.


HORSEHEAD HOLDING: Against Macquarie's Bid for Interest Payments
----------------------------------------------------------------
Horsehead Holding Corp. and its affiliated debtors submitted to the
U.S. Bankruptcy Court for the District of Delaware their objection
to Macquarie Bank Limited's motion for adequate protection.

The Debtors' objection states: "...The Debtors are not required to
pay Macquarie cash interest during the course of the case, nor are
the Debtors obliged to pay Macquarie's professional fees current
during the case.  Such payments are not required to provide the
adequate protection described in the Bankruptcy Code where, as
here, Macquarie concedes that it is substantially oversecured and
is being granted replacement liens worth well in excess of any
realistic diminution in value.  Macquarie offers no evidence
demonstrating that it is entitled to payment of the incremental
fees and expenses (which exceed $5 million) it has added to the
face amount of its outstanding indebtedness... But if Macquarie is
entitled to interest, fees, and expenses, they (along with the
principal amount owed) will be paid at the case's conclusion, in
full – whether in cash or otherwise... Macquarie offers no reason
to suggest that its collateral position is ultimately at risk (in
fact, it argues the opposite), and there is no legal basis to
require interest and fees paid current during the case where (as
here) Macquarie's claim is adequately protected in full.
Macquarie's request for additional protection must therefore be
denied."

The Official Committee of Unsecured Creditors joined in on the
Debtors' objection, and reserved its right to (i) amend or
supplement its joinder and objection and (ii) assert additional
objections to the Adequate Protection Motion at or prior to the
hearing.

Horsehead Holding Corp. and its affiliated debtors are represented
by:

          Laura Davis Jones, Esq.
          James E. O'Neill, Esq.
          Joseph M. Mulvihill, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          919 North Market Street, 17th Floor
          P.O. Box 8705
          Wilmington, DE 19899-8705 (Courier 19801)
          Telephone: (302)652-4100
          Facsimile: (302)652-4400
          E-mail: ljones@pszjlaw.com
                 joneill@pszjlaw.com
                 jmulvihill@pszjlaw.com

                - and -

          Patrick J. Nash, Jr., Esq.
          Ryan Preston Dahl, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          300 North LaSalle
          Chicago, IL 60654
          Telephone: (312)862-2000
          Facsimile: (312)862-2200
          E-mail: patrick.nash@kirkland.com
                 ryan.dahl@kirkand.com

The Official Committee of Unsecured Creditors is represented by:

          Sharon L. Levine, Esq.
          Bruce Buechler, Esq.
          Michael Savetsky, Esq.
          Philip J. Gross, Esq.
          LOWENSTEIN SANDLER LLP
          65 Livingston Avenue
          Roseland, NJ 07068
          Telephone: (973)597-2500
          Facsimile: (973)597-2400
          E-mail: slevine@lowenstein.com
                 bbuechler@lowenstein.com
                 msavetsky@lowenstein.com
                 pgross@lowenstein.com

                - and -

          Howard A. Cohen, Esq.
          Robert K. Malone, Esq.
          DRINKER BIDDLE & REATH LLP
          222 Delaware Avenue, Ste. 1410
          Wilmington, DE 19801
          Telephone: (302)467-4200
          Facsimile: (302)467-4201
          E-mail: howardcohen@dbr.com
                 Robert.Malone@dbr.com

                   About Horsehead Holding Corp.

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.

Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The petition
was signed by Robert D. Scherich, the vice president and CFO.
Judge Christopher S. Sontchi is assigned to the case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.


HOT SHOT HK: U.S. Trustee Forms 5-Member Committee
--------------------------------------------------
The U.S. Trustee for Region 2 appointed five creditors of Hot Shot
HK, LLC, to serve on the official committee of unsecured creditors.


The committee members are:

     (1) Novelty Textiles, Inc.
         2944 East 44th St.
         Vernon, CA 90058
         Attention: Sean Ktm, VP
         Telephone: (323) 581-3724

     (2) A Plus Fabrics, Inc.
         3040 East 12th Street
         Los Angeles, CA 90023
         Attention: Eliot Tishbi, President
         Telephone: (213) 746-1100

     (3) Fabric Selection, Inc.
         800 East 14th St.
         Los Angeles, CA 90021
         Attention: Rosita Neman
         Telephone: (213) 747-6297

     (4) Nobel Textile, Inc.
         845 S. San Pedro Street
         Los Angeles, CA 90014
         Attention: Robert Omidi
         Telephone: (213) 622-6858

     (5) Samtex Fabrics, Inc.
         1418 18th Street
         Los Angeles, CA 90021
         Attention: Justin Kachan
         Telephone: (213) 742-0200

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor’s business and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they represent.

                        About Hot Shot HK

Hot Shot HK, LLC sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of New York (Manhattan) (Bankr. S.D.N.Y., Case No.
16-10449) on February 26, 2016.  The petition was signed by Youssef
Saadia, chief financial officer.

The Debtor is represented by Maeghan J. McLoughlin, Esq., and Sean
C. Southard, Esq., at Klestadt Winters Jureller Southard & Stevens
LLP.  The case is assigned to Judge James L. Garrity, Jr.

The Debtor estimated both assets and liabilities in the range of $1
million to $10 million.


IHEARTCOMMUNICATIONS INC: Gets Notices of Default From Noteholders
------------------------------------------------------------------
iHeartCommunications, Inc., on March 7, 2016, received Notices of
Default from the holders of at least 25% of the outstanding
principal amount of four of the Company's outstanding series of
Priority Guarantee Notes, according to a regulatory filing with the
Securities and Exchange Commission.

The Notices allege that the Company violated certain covenants
under the indentures governing the Priority Guarantee Notes when,
as previously disclosed, on Dec. 3, 2015, the Company contributed
100,000,000 shares of Class B common stock of Clear Channel Outdoor
Holdings, Inc. from Clear Channel Holdings Inc., one of its
wholly-owned subsidiaries, to Broader Media, LLC, one of the
Company's wholly-owned subsidiaries that is an "unrestricted
subsidiary" under the Indentures.  As the Company has communicated
to the Holders on multiple occasions, the Company believes the
Contribution was made in full compliance with all of the provisions
of the Indentures and the Holders have no basis to issue the
Notices.

The Notices assert that the alleged defaults will become an "Event
of Default" under the Indentures following the expiration of 60
days.  An Event of Default, if it were to occur, would entitle the
Holders to accelerate the underlying indebtedness and would trigger
events of default under our other material indebtedness.

"We strongly object to the allegations contained in the Notices,
and intend to vigorously contest the issuance and the validity of
the Notices," the Company said in the filing.

In anticipation of the possibility of the issuance of the Notices,
on March 7, 2016, the Company filed a lawsuit in the State District
Court in Bexar County, Texas against the Holders and the indenture
trustees under the Indentures seeking, among other things, a ruling
by the Court through declaratory judgment that the Company is not
in default or in violation of any covenant or provision of the
Indentures.  The Company is also seeking a temporary restraining
order from the Court preventing, among other things, the Defendants
from taking any actions in reliance of the Notices and preventing
them from declaring any of our indebtedness immediately due and
payable.  Moreover, the Company is also seeking preliminary and
permanent injunctions from the Court to fully protect its rights.

"We strongly believe that the Contribution did not cause a default
under any of the Indentures or under the terms of any of our other
indebtedness.  If, however, we are unable to obtain the requested
relief from the Court or are otherwise unable to successfully
contest the validity of the Notices and any subsequent acceleration
of a material portion of our indebtedness, then we would need to
pursue other available alternatives to address the claimed
defaults," the Company maintained.

                    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.

IheartCommunications reported 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.

                       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 for the year ended
Dec. 31, 2015.


INTERNATIONAL SUPPLY: Committee Proposes Liquidating Plan
---------------------------------------------------------
Judge Thomas L. Perkins will convene a hearing on April 5, 2,016,
at 10:30 a.m. to consider approval of the disclosure statement
explaining the plan of liquidation proposed by the Official
Committee of Unsecured Creditors for debtor International Supply
Co.  Objections to the adequacy of the Disclosure Statement are due
March 25, 2016.

On Dec. 22, 2015, the Debtor sold substantially all of its assets
to Fibrebond, Inc. free of all liens claims and encumbrances.  The
Debtor had previously sought and obtained court approval of this
transaction pursuant to a motion to approve the sale with the
Bankruptcy Court, by which the sale was approved pursuant to the
Court’s order of Dec. 21, 2015.  On Dec. 22, Fibrebond closed on
the sale of substantially all of the Debtor’s assets for the
final price (after working capital adjustments) of $7,758,937, from
which the following payments have been made:

   * Amada America - $957,500 (secured creditor)
   * Caterpillar Financial - $213,750 (secured creditor)
   * Unsecured Creditor Carve-out - $623,471
   * Break-up fee to FSM Fund I, L.P. - $229,713
   * Payoff of DIP Facility - $624,239
   * Payment to Heartland Bank - $4,779,624.62 (secured creditor)
   * Heartland Earmarked Proceeds for professional fees -
$330,639.

The Debtor, the Committee, and Heartland in December entered into a
settlement pursuant to which Heartland agreed to a "carve-out" for
the benefit of unsecured creditors in an amount equal to 8% of the
purchase price.  In addition, Heartland agreed to waive any
deficiency claim arising out of the sale transaction.

The Committee's Liquidating Plan proposes to distribute remaining
assets to creditors.  The Plan contemplates assigning all of the
Debtor's assets to a Creditor Trust.  The Creditor Trust will be
administered by an experienced financial professional, initially
Sheldon Stone of Amherst Partners.

As the Debtor's assets have been sold, what's left of the company
are possible litigation claims.  The Committee is investigating
potential causes of action and reserves, on behalf of the Estate
and the Creditor Trust, its right to seek repayment of any of these
payments.  The Debtors made payments to creditors within the 90-day
period immediately preceding the commencement of the case.  In
addition, the Debtor made payments totaling approximately $16.75
million to certain related entities prior to the Petition Date.
The Committee says its best estimate of the net recovery from the
pursuit of such claims is $500,000 to $2,500,000.

The Creditor Trust will be initially funded by $200,000 of the
Unsecured Creditor Carveout.  The Creditor Trustee anticipates
hiring Amherst Partners as his financial advisor, Sumner Bourne to
review and, if necessary, object to claims, and Goldstein &
McClintock LLLP to handle bankruptcy causes of action. Goldstein &
McClintock anticipates entering into a partial contingent fee
arrangement in which its fees would be capped at a set amount and
it would earn a contingency fee in exchange for the risk that the
cap is not sufficient.

The Disclosure Statement did not include the estimated percentage
recovery by holders of unsecured claims.

The Committee filed the Plan and the Disclosure Statement on Feb.
23, 2016.  A copy of the Disclosure Statement is available for free
at:

          http://bankrupt.com/misc/Int_Supply_253_DS.pdf

Counsel for the Official Committee of Unsecured
Creditors:

         Harold D. Israel, Esq.
         Sean P. Williams, Esq.
         GOLDSTEIN & McCLINTOCK LLLP
         208 South LaSalle, Suite 1750
         Chicago, Illinois 60604
         Telephone: 312-337-7700
         Facsimile: 312-277-2310
         E-mail: haroldi@goldmclaw.com
                 seanw@restructuringshop.com

                   About International Supply

International Supply Co., an Illinois corporation, was a leading
manufacturer of custom UL-listed enclosures and fuel tanks for
generator sets as well as generator switchboards and gen-set
trailers. The company was founded in 1983 in Edelstein, Illinois
and grew from just a handful of employees in 1983, to 59 full-time
employees in 2015.  The company had a physical plant covering a
total of 265,000 square feet and operated a state-of-the-art full
sheet metal fabrication shop.

International Supply Co. commenced bankruptcy proceedings under
Chapter 11 of the U.S. Bankruptcy Code in Central District of
Illinois (Case No. 15-81467) on Sept. 24, 2015.  Judge
Thomas L. Perkins has been assigned the case.

The Debtor tapped Sumner Bourne, Esq., as its counsel.

The Office of the U.S. Trustee appointed six creditors to the
official committee of unsecured creditors.  The committee retained
Goldstein & McClintock LLLP as counsel and Amherst Partners LLC as
financial advisor.


IRISH BANK: Yahoo Resists Releasing Email Account in Chapter 15
---------------------------------------------------------------
Matt Chiappardi at Bankruptcy Law360 reported that Yahoo told a
Delaware bankruptcy judge on March 1, 2016, that it would be in
violation of federal law if it acquiesces to the demands of the
former Anglo Irish Bank for access to an e-mail account allegedly
connected to a $3.8 billion loan evasion scheme, even though he
ordered the production.  Yahoo Inc.'s attorney is Robert F. Huff of
Zwillgen PLLC.

                   About Irish Bank Resolution

Irish Bank Resolution Corp., the liquidation vehicle for what was
once one of Ireland's largest banks, filed a Chapter 15 petition
(Bankr. D. Del. Case No. 13-12159) on Aug. 26, 2013, to protect
U.S. assets of the former Anglo Irish Bank Corp. from being
seized by creditors.  Irish Bank Resolution sought assistance
from the U.S. court in liquidating Anglo Irish Bank Corp. and
Irish Nationwide Building Society.  The two banks failed and were
merged into IBRC in July 2011.  IBRC is tasked with winding them
down and liquidating their assets.  In February, when Irish
lawmakers adopted the Irish Bank Resolution Corp., IBRC was
placed into a special liquidation in the Irish High Court to
complete liquidation and distribution of the two banks' assets.

IBRC's principal asset as of June 2012 was a loan portfolio
valued at some EUR25 billion (US$33.5 billion). About 70 percent
of the loans were to Irish borrowers. Some 5 percent of the
portfolio was under U.S. law, according to a court filing.  Total
liabilities in June 2012 were about EUR50 billion, according
to a court filing.

Most assets in the U.S. have been sold already.  IBRC is involved
in lawsuits in the U.S.

IBRC was granted protection under Chapter 15 of the U.S.
Bankruptcy Code in December 2013.

Kieran Wallace and Eamonn Richardson of KPMG have been named the
special liquidators.


KING COUNTY HOUSING: Moody's Cuts 1998 Rev Bonds Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
Housing Authority of King County's (WA) Multifamily Housing Revenue
Bonds (Seaview Apartments Project) Series 1998. The rating action
affects $1,650,000 in bonds outstanding.

RATINGS RATIONALE

The rating action is based on the continued deterioration of the
bond program's financial position as the projected revenue
insufficiency on 7/1/2020 nears from 5 years to 4 years.

The rating reflects the likelihood of rising interest rates in
improving financial performance of the program and to offset any
insufficiencies until bond maturity.

Factors that Could Lead to an Upgrade

-- An infusion of assets prior to the date of projected revenue
    insufficiency (7/1/20) that would be enough to eliminate any
    future shortfalls.

Factors that Could Lead to a Downgrade

-- Closer duration to revenue insufficiency or higher break-even
    reinvestment rate.


KLX INC: S&P Lowers Rating to 'B+', Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services downgraded KLX Inc. by two
notches to 'B+' from 'BB'.  The outlook is negative.

"The downgrade reflects KLX's lower forecasted credit metrics
because of the very difficult operating conditions in its oilfield
services business and its acquisitive growth strategy," said
Standard & Poor's credit analyst Chris Denicolo.  "We believe that
KLX's credit ratios could deteriorate moderately from their current
levels as the company pursues acquisitions and/or repurchases its
stock."

KLX's debt-to-EBITDA metric was above 5x and its funds from
operations (FFO)-to-debt ratio was below 10% for the year ended
Jan. 31, 2016, compared with Standard & Poor's previous
expectations of between 2.3x and 2.8x and 22% and 27%,
respectively.

The negative outlook on KLX incorporates Standard & Poor's
expectation that the company's earnings will increase modestly,
driven by management's cost-reduction efforts in its energy segment
and increasing volumes in its aerospace segment.  However, S&P
believes that the company will pursue bolt-on acquisitions, which
could cause its credit metrics to deteriorate modestly in 2016.


LATEX FOAM: Plan Confirmed; Motion for Final Decree Due March 31
----------------------------------------------------------------
Judge Alan H.W. Shiff entered an order confirming the Modified
Second Amended Plan of Reorganization proposed by Latex Foam
International, LLC, et al., and their Official Committee of
Unsecured Creditors.  The Debtor is required to file a Final Report
with an Application for Final Decree no later than March 31, 2016
unless that time is extended by the Court.

The Plan provides that SummitBridge's claim will be allowed in the
amount of $16.4 million, which will be bifurcated such that (a)
$13.5 million and a payment to be made on the Effective Date of
$250,000 will be treated as a Secured Claim in Class I; (b)
$2,500,000 will be treated as an Unsecured Claim in Class III; and
(c) $500,000 will be converted to 340,000 shares of common stock of
Reorganized LFIH (representing 34% of the common stock of
Reorganized LFIH on the Effective Date).

In payment of SummitBridge's allowed secured claim, the Debtors
will execute and deliver to SummitBridge loan documents that will
provide, among other things, that SummitBridge receive monthly
fixed total principal and interest payments of (i) $90,000 for
December 2015, (ii) $102,500 commencing Jan. 1, 2016 through
Dec. 31, 2016, and (iii) $112,500 commencing Jan. 1, 2017 and
thereafter; and the remaining balance of principal and accrued but
unpaid interest shall be due in full on April 1, 2020.

Upon SummitBridge's receipt of payment of the Class I Secured Claim
in full, plus an additional $3,000,000 in excess of the amounts due
and owing under the Summitbridge Loan Documents (including as a
result of payments resulting from its Class III Unsecured Claim),
SummitBridge will thereupon immediately transfer without further
consideration to a new entity to be formed by LFIH and spun off to
its existing stockholders immediately prior to the Effective Date
("Legacy Latex Co.") 200,000 shares of common stock of Reorganized
LFIH common stock (representing 20% of the outstanding common stock
of Reorganized LFIH as of the Effective Date).

The DECD's Secured Claim, is estimated to be equal to $2.50
million; however, the secured status is currently Disputed.  If the
DECD votes in favor of the Plan, then, LFI will create 35 and
retain 150 full-time employment positions in Connecticut during the
twelve month period ending December 31, 2019 and will maintain this
employment obligation level for the period of 72 consecutive months
beginning on January 1, 2020 and ending on December 31, 2025.  If
the DECD votes to reject the Plan, then the DECD Secured Claim
shall be Disallowed, the DECD Claim shall be an Allowed Class III
Unsecured Claim, and the Debtors shall have no obligation to retain
or employ any individuals in the State of Connecticut.

The Allowed Unsecured Claims against the Debtors that have been
scheduled in the amount of $12,258,307, will be converted into the
Preferred Stock of LFIH and 340,000 shares of common stock of
Reorganized LFIH on the Effective Date representing 34% of the
common stock of Reorganized LFIH on the Effective Date) ("Class III
Common Stock") to be issued on the Effective Date.

Holders of equity interests Legacy Latex Co. receive 320,000 shares
of common stock of Reorganized LFIH issued to Latex Legacy Co. on
the Effective Date (representing 32% of the common stock of
Reorganized LFIH on the Effective Date). If and when SummitBridge
is paid the full amount of the Class I Secured Claim plus
$3,000,000, SummitBridge will thereupon immediately transfer
without further consideration to Legacy Latex Co. 200,000 shares of
Reorganized LFIH common stock (representing 20% of the outstanding
common stock of Reorganized LFIH as of the Effective Date).

A copy of the Second Amended Plan is available for free at:

    http://bankrupt.com/misc/Latex_Foam_468_2nd_Am_Plan.pdf

A copy of the Plan Supplement is available for free at:

    http://bankrupt.com/misc/Latex_Foam_486_Plan_Supplement.pdf

A copy of the Plan Confirmation Order is available for free at:

    http://bankrupt.com/misc/Latex_Foam_501_Plan_Order.pdf

                         About Latex Foam

Headquartered in Shelton, Connecticut, Latex Foam International,
LLC manufactures foam mattresses and component mattresses.  The
196-employee company produces mattress cores, toppers, and pillow
buns utilizing both the Talaway and Dunlop manufacturing
processes.

LFIH is a holding company for 100% of the equity interests in LFI,
PLB, and an inactive entity, Dunlop Latex Foam (Malaysia) SDN.
BHD.

LFI and four affiliates sought Chapter 11 bankruptcy protection
(Bankr. D. Conn. Lead Case No. 14-50845) in Bridgeport,
Connecticut, on May 30, 2014.  David Fisher signed the petitions
as
president.  The Debtors are seeking joint administration of their
cases.

LFI disclosed $18,437,185 in assets and $30,342,926 in liabilities
as of the Chapter 11 filing.

Judge Alan H.W. Shiff presides over the cases.

James Berman, Esq., and Craig I. Lifland, Esq., at Zeisler and
Zeisler, serve as the Debtors' counsel.

On June 19, 2014, the U.S. Trustee appointed five creditors to
serve on the Official Committee of Unsecured Creditors.   The
Committee tapped to retain Schafer and Weiner, PLLC as its
counsel,
and Reid and Reige, P.C. as its local counsel.


LIFESAVERS HOME: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Lifesavers Home Respiratory, Inc.
        2525 Drane Field Road #14
        Lakeland, FL 33811

Case No.: 16-02032

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       Middle District of Florida (Tampa)

Debtor's Counsel: Alberto F Gomez, Jr., Esq.
                  JOHNSON POPE BOKOR RUPPEL & BURNS, LLP
                  PO Box 1100
                  Tampa, FL 33601-1100
                  Tel: 813-225-2500
                  Fax: 813-223-7118
                  E-mail: al@jpfirm.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Michael A. Minacci, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/flmb16-02032.pdf


LINEAR ELECTRIC: Cooper Electric's Non-Debtor Liens Violate Stay
----------------------------------------------------------------
In the case COOPER ELECTRIC SUPPLY CO. et al., Appellants, v.
LINEAR ELECTRIC CO., INC., Appellee, Civil Action No. 15-06429
(SDW) (D.N.J.), Judge Susan D. Wigenton of the United States
District Court for the District of New Jersey affirmed the
bankruptcy court's orders dated July 31, 2015, and August 13, 2015,
which held that the appellants' postpetition construction liens
filed against non-debtor real property violated the automatic stay
provisions of 11 U.S.C. Section 362.

When Linear Electric Company, Inc., filed for chapter 11
bankruptcy, it allegedly owed appellant Cooper Electric Supply Co.
$1,234,100.48 and appellant Samson Electrical Supply Co., Inc.
$142,980.17, for previously-supplied electrical materials that
Linear incorporated into buildings owned by third-parties.

Cooper and Samson filed construction liens subsequent to the
petition date against a number of third-party properties in which
Linear incorporated electrical materials the appellants had
supplied. The appellants sought to collect the accounts receivable
the owners of the third-party properties owe to Linear.  Linear
filed a motion with the bankruptcy court seeking entry of an order
directing Cooper and Samson to discharge the construction liens for
violation of the automatic stay provisions of 11 U.S.C. Section
362.

On July 31, 2015, the bankruptcy court issued an order directing
Cooper and Samson "to expeditiously discharge any and all
construction liens filed after [the petition date] involving
projects contracted with [Appellee] as violations of the automatic
stay provisions of 11 U.S.C. section 362."  On August 13, 2015, the
bankruptcy court issued another order holding that the appellants'
construction liens against third-party properties were void ab
initio for violation of automatic stay.

Cooper and Samson appealed to the district court, seeking reversal
of the bankruptcy court's July 31 and August 13 orders.

Judge Wigenton held that the bankruptcy court properly determined
that the accounts receivable underlying the appellants'
construction liens are property of the estate.  Thus, Judge
Wigenton concluded that the appellants' act of filing post-petition
construction liens created liens against property of the estate
and, therefore, falls squarely within the broad prohibitions of the
automatic stay provisions of 11 U.S.C. Section 362.

A full-text copy of Judge Wigenton's February 29, 2016  opinion is
available at http://is.gd/jOTc0Hfrom Leagle.com.

COOPER ELECTRIC SUPPLY CO., and SAMSON ELECTRICAL SUPPLY CO., INC.,
are represented by:

          Michael J. Stafford, Esq.
          NORD & DE MAIO
          Turnpike Metroplex
          190 State Hwy 18
          East Brunswick, NJ 08816
          Tel: (732)214-0303

LINEAR ELECTRIC COMPANY, INC. is represented by:

          Edward M. Callahan, Jr.
          CLANCY, CALLAHAN & SMITH
          103 Eisenhower Pkwy
          Roseland, NJ 07068
          Tel: (973)403-8300

            -- and –-

          Leonard C. Walczyk, Esq.
          WASSERMAN, JURISTA & STOLZ, P.C.
          110 Allen Road, Suite 304
          Baskin Ridge, NJ 07920
          Tel: (973)467-2700
          Fax: (973)467-8126
          Email: lwalczyk@wjslaw.com

Linear Electric Co., Inc., sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J., Case No. 15-22493) on July 1,
2015.  The Debtor's counsel is Leonard C. Walczyk, Esq., at
Wasserman, Jurista & Stolz, P.C., in Basking Ridge, New Jersey.


LOS GATOS HOTEL: Ogilvies Get $2.5M After Creditors Fully Paid
--------------------------------------------------------------
Judge Dennis Montali in January signed a stipulation between the
Pinns and the Ogilvies that resolves issues between them and
provides how they'll split the funds remaining in debtor Los Gatos
Hotel Corporation's estates after creditors were paid in full from
the assets sale.

On Sept. 18, 2015 the Court entered its Order confirming the Plan
of Reorganization dated Sept. 16, 2015.  A copy of the Order is
available for free at:

   http://bankrupt.com/misc/Los_Gatos_H_579_Plan_Conf_Ord.pdf

The function of the Plan was to effect a sale of the Debtor's
principal asset and to distribute the proceeds of sale.   The Court
authorized the sale of the Debtor's property to IHA Hotel
Management Company, LLC d/b/a Greystone Hotels, or its designee,
International Hotel Associates No. 11 LLC.  The purchase price was
$29.5 million in cash, payable on the Closing Date, subject to
certain adjustments and pro-rations as set forth in the Sale
Agreement.  The Plan provides for payment of creditors in full with
interest.  The estimated amounts of claims against the Debtor are:

      * Professional fee expenses of $769,000;
      * Ordinary course administrative expenses of $300,000;
      * Lender's secured claim of $11.7 million;
      * General unsecured claims of $77,000; and
      * Unsecured claims held by insiders of $7.12 million.

A copy of the Fourth Amended Plan is available for free at:

     http://bankrupt.com/misc/Los_G_H_551_Rev_4th_Am_Plan.pdf

After the satisfaction or provision for the payment of all Claims
assigned to Classes 1 through 4, inclusive, material funds remain
for distribution, and additional funds may hereafter become
available for distribution ("Distributable Funds") for unsecured
claims held by insiders (Class 5) and holders of equity interests
(Class 6).

Alan Pinn and David Pinn (collectively, the "Pinns") and the Bypass
Trust for the Benefit of the Issue of D.J. Ogilvie and the Bypass
Trust for the Benefit of the Issue of Christiansen (collectively,
the "Ogilvies") own or control all Class 5 claims and all Class 6
interests.  But disputes arose between the Pinns and the Ogilvies.
The Ogilvies own a claim assigned to Class 5, described as held by
Eva Ogilvie (the "Ogilvie Claim") and 50% of the Interests assigned
to Class 6 (the "Ogilvie Stock").   The Pinns own and control every
claim assigned to Class 5 (other than the Ogilvie Claim) and 50% of
the Interests assigned to Class 6.

On Dec. 29, 2015, the parties announced that they have have entered
into a settlement agreement which resolves all disputes and
provides for the redemption of the Ogilvies' Interests and the
distribution of the Debtor's funds on account of Class 5 Claims and
Class 6 Interests.

Pursuant to a stipulation approved by Judge Montali in January:

   1. The Debtor will forthwith distribute $2.5 million to the
Ogilvies (the "Ogilvie Distribution") as follows:

     a. $867,937 in satisfaction of the Ogilvie Claim, consisting
of $600,000 in principal and $267,937 in interest, payable
$433,968.50 to Terrie Christiansen and $433,968.50 to Douglas
Ogilvie;

     b. $816,031.50 to redeem 50% of the Ogilvie Stock, payable to
the Bypass Trust for the Benefit of the Issue of D.J. Ogilvie or at
the direction of Douglas Ogilvie, Trustee; and

     c. $816,031.50 to redeem 50% of the Ogilvie Stock, payable to
the Bypass Trust for the Benefit of the Issue of Christiansen or at
the direction of Terrie Christiansen, Trustee.

   2. The foregoing Ogilvie Distribution, whenever received, shall
represent the satisfaction of the Ogilvie Claim and the redemption
and repurchase by the Debtor of the Ogilvie Stock, both effective
as of Dec. 31, 2015.  The Debtor's tax returns shall be prepared
and filed consistently with the foregoing.

   3. The Ogilvie Distribution shall fully satisfy, discharge and
effect the cancellation of all of the Ogilvies' claims and
interests and shall encompass the satisfaction, discharge and
cancellation of any and all claims held by the Debtor against the
Ogilvies.

   4. Following the funding of the Ogilvie Distribution, all
Distributable Funds now or hereafter available shall be distributed
at the direction of the Pinns.

A copy of the parties' stipulation is available for free at:

     http://bankrupt.com/misc/Los_Gatos_H_625_Stip_Class_5.pdf

Counsel for the Ogilvies:

         Michael St. James, Esq.
         ST. JAMES LAW, P.C.
         155 Montgomery Street, Suite 1004
         San Francisco, California 94104
         Tel: (415) 391-7566
         Fax: (415) 391-7568
         E-mail: michael@stjames-law.com

                     About Los Gatos Hotel

San Jose, California-based Los Gatos Hotel Corporation, dba Hotel
Los Gatos, was formed in 2000 to build and operate Hotel Los
Gatos,
a full-service boutique hotel in downtown Los Gatos, California.

Los Gatos Hotel filed for Chapter 11 bankruptcy protection on
December 27, 2010 (Bankr. N.D. Cal. Case No. 10-63135).  The
Debtor
disclosed $17,191,277 in assets and $12,896,468 in liabilities as
of the Chapter 11 filing.  Affiliate Blossom Valley Investors,
Inc., filed a separate Chapter 11 petition on September 10, 2009
(Bankr. N.D. Cal. Case No. 09-57669).

Jeffry A. Davis, Esq., at Mintz Levin Cohn Ferris Glovsky Popeo,
serves as the Debtor's bankruptcy counsel.  The Debtor has tapped
OSAS Inc. as financial advisor and investment banker.


MA LERIN HILLS: Asks for June 8 Extension to Seek Final Decree
--------------------------------------------------------------
Andrew S. Cohen, the receiver and responsible person for each of
debtors MA Lerin Hills Holder, LP, et al., filed a motion asking
the Court to extend the time to file an application for final
decree closing the Chapter 11 cases of the Debtors.

On June 9, 2015, the Debtors filed their Joint Chapter 11 Plan of
Liquidation, as amended or modified thereafter.

On Sept. 10, 2015, the Plan was confirmed by the Court.  The notice
of order confirming the Plan noted that the application for final
decree was due March 8.

Since entry of the Confirmation Order, Mr. Cohen and Putnam Bridge
Funding III, LLC and its affiliates, Miralomas Land Company LP and
Miralomas Development Corporation have diligently worked to comply
with the Confirmation Order and to resolve all remaining issues:

   a. Notices of the Entry of Confirmation Order and of the
Effective Date were timely filed and served.

   b. Stipulations have been entered resolving claims filed by
Apolinar Zepeda Sanchez d/b/a Zepeda Masonry, KGME, Inc. Rafael
Rios d/b/a Rios Contracting, D.C. Civil and Abel Godines.  There
are no pending objections to claims and the claims objection
deadline has passed.

   c. Any and all tax returns due for tax year 2014 were filed with
the Internal Revenue Service on or before Sept. 20, 2015.

   d. Adversary No. 15-05097 has been resolved and dismissed.
There are no other pending adversary proceedings.

   e. On Jan. 4, 2016, a Motion for an Order Implementing the
Confirmation Order was filed.  The Implementation Motion was set
for hearing on March 2.  However, pursuant to an unopposed motion
to continue the hearing, the Implementation Motion has been reset
to March 30, 2016.

Accordingly, Mr. Cohen asks the Court to extend the deadline to
file the Application for Final Decree until June 8, 2016.  Putnam
supports Mr. Cohen's motion and the U.S. Trustee has no objection
to the requested extension.

Attorneys for the Debtors:

         DYKEMA COX SMITH
         Deborah D. Williamson
         112 East Pecan Street, Suite 1800
         San Antonio, TX 78205
         Tel: (210) 554-5500
         Fax: (210) 226-8395
         E-mail: dwilliamson@dykema.com

                         About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., own 867 acres of real property known as the Lerin Hills
residential real estate development located in Boerne, Texas.  The
Lerin Hills project currently produces no cash flow, has run out of
cash and remains materially unfinished.

In December 2014, the companies defaulted on debt to Putnam Funding
III, LLC, which claims to be owed not less than $41.3 million as of
the Petition Date.  On April 7, 2015, at the behest of Putnam, the
216th Judicial District Court in Kendall County, Texas, appointed
Andrew S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitions
for MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. Case
Nos. 15-51424 to 15-51426) in San Antonio, Texas.  The Receiver
immediately filed a Joint Chapter 11 Plan of Liquidating Plan for
the Debtors.  The Plan is being sponsored by Putnam.

The Receiver tapped Dykema Cox Smith as attorneys.  Putnam tapped
Akin Gump Strauss Hauer & Feld LLP as counsel.


MA LERIN HILLS: Seeks Transfer of Water Right to Miralomas
----------------------------------------------------------
Andrew S. Cohen, the receiver and responsible person for each of
debtors MA Lerin Hills Holder, LP, et al., and Putnam Bridge
Funding III, LLC, at a continued hearing on March 30, 2016, will
ask the Bankruptcy Court to enter an order to aid in the
implementation of the Sept. 10, 2015 Plan Confirmation Order by
directing all applicable federal, state, and local officials to
accept the assignment of water right for recordation purposes.

On July 30, 2015, the Debtors and Putnam, as co-proponents, filed
the First Amended Joint Chapter 11 Plan of Liquidation.  On
September 10, 2015, the Court entered an order confirming the Plan
and, among other things, appointing Mr. Cohen as the Responsible
Person for the Debtors.

The Plan and Confirmation Order approve, authorize, and direct the
distribution to Putnam or its designees, Mariposa Development
Corporation and Mariposa Land Company LP -- together, "Miralomas"
-- of all assets of the Debtors, expressly including the 867-acre
parcel of land and "all easements, interests, claims, licenses,
rights, appurtenances, water rights, and other real property rights
owned by the Debtors and relating, belonging to, or benefitting any
of the Property."

Located entirely within the boundaries of the property owned by the
Debtor that was distributed Putnam's designees under the Plan is
Lake Oz.  Sometime before 1998, water from Frederick Creek and
Robroy Creek was impounded to form three reservoirs for the purpose
of irrigation, one of which is known as "Lake Oz."  Subject to any
permits granted by the Texas Commission on Environmental Quality
("TCEQ") for the diversion and use of water, the water within Lake
Oz belongs to the State of Texas.
In 1978, TCEQ issued a permit to divert 54.95 acre-feet of water
per year from Lake Oz for irrigation purposes (the "TCEQ Water
Right").  In 2005, Willis Jay Harpole sold the Property and
assigned the Water Right to Lerin Hills, Ltd.

In order for Mr. Cohen, as Responsible Person, to carry out his
duties under the Plan and Confirmation Order and to fully
consummate the transactions described therein, the Plaintiff must
convey all of the Assets to Miralomas, as Putnam's designee to
receive Putnam's distribution pursuant to the Plan.  The 85%
Interest in the TCEQ Water Right was conveyed to Landco via its
predecessor, LHL.  It was property of the estate within the meaning
of Sec. 541(a)(1) on the Petition Date, and is an integral
component of the Assets to be distributed under the Plan.

Based on the books and records available to the Responsible Person,
however, he has been unable to effectuate the conveyance of the 85%
Interest to Miralomas.  The Texas Administrative Code requires "[a]
written instrument evidencing a water right ownership transfer
shall be recorded in the office of the county clerk."  This
requirement is affirmed in the TCEQ's own Change of Ownership Form,
which requires "certified and/or recorded legal documents
establishing a complete chain of title from the owner of record to
the current owner."  However, Texas Prop. Code § 12.0011(b) does
not permit a document concerning real or personal property to be
recorded unless "the paper document contains an original signature
or signatures that are acknowledged, sworn to with a proper jurat,
or proved according to law."

The Responsible Person is therefore bound by the Plan and
Confirmation Order to "distribute" the 85% Interest to Putnam and
Miralomas, but unable to do so given the apparent unavailability of
an "original" of the Water Right Assignment.

Accordingly, the Responsible Person and Putnam ask the Bankruptcy
Court to enter an order under Sec. 105(a) authorizing and directing
the County Clerk Office of Kendall County and all other applicable
federal, state, and local officials to accept the Assignment of
Water Right for recordation purposes.

                     W.Jay Harpole Objection

W. Jay Harpole on Feb. 3 filed an objection to the Implementation
Motion, saying that the motion seeks to adjudicate disputed
property rights between non-debtor parties based on an ineffective
assignment.

"As an initial matter, such relief cannot be adjudicated via the
filing of a motion alone because an adversary proceeding is
required.  Even if the matter were properly pursued via an
adversary proceeding, however, the bankruptcy court lacks
jurisdiction over the dispute between non-debtor parties.  Further,
the Movants' request that the Court order a document to be recorded
with the Kendall County Clerk's Office rests on a factual
inaccuracy.  The alleged assignment referenced in the Motion was
incident to a transaction that was never consummated, and the
agreement was modified and resulted in the recording of the special
warranty deed that now governs the water rights at issue.
Accordingly, Harpole is still the owner of the subject water rights
which were expressly reserved by special warranty deed.  Harpole
thus objects to the Motion and requests that it be denied," Harpole
said in its objection.

On Feb. 26, Harpole filed an amended objection, saying:

"Harpole withdraws his assertion that the Assignment sought to be
recorded by Movants was not incident to a consummated transaction.
Further investigation into the 2005 transaction and the revival of
certain agreements contemporaneously with the closing revealed that
the Assignment was part of the consummated transaction. Harpole no
longer opposes the recordation of the Assignment and understands
from Movants' Reply that such recording has now been achieved by
Landco."

With the disclosure that that Assignment has been recorded, Harpole
said the Motion is now moot.  To the extent the Movants seek any
additional relief beyond such recordation, Harpole renews his
assertion in the Objection that such relief cannot be adjudicated
by this Court because the bankruptcy court lacks jurisdiction over
the dispute between non-debtor parties.

                           *     *     *

The Implementation Motion was set for hearing on March 2.  At the
behest of Putnam, the hearing has been continued to March 30.

Counsel to the Putnam Bridge Funding III, LLC:

         AKIN GUMP STRAUSS HAUER & FELD LLP
         Michael P. Cooley
         1700 Pacific Avenue, Suite 4100
         Dallas, Texas 75201
         Tel: (214) 969-2723
         Fax: (214) 969-4343
         E-mail: mcooley@akingump.com

Counsel for W. Jay Harpole:

         JACKSON WALKER L.L.P.
         J. Scott Rose
         112 E Pecan Street, Suite 2400
         San Antonio, Texas 78205
         Tel: (210) 978-7760
         Fax: (210) 242-4645
         E-mail: srose@www.jw.com

         Jennifer F. Wertz
         100 Congress Avenue, Suite 1100
         Austin, Texas 78701
         Tel: (512) 236-2247
         Fax: (512) 391-2147
         E-mail: jwertz@jw.com

                         About Lerin Hills

MA Lerin Hills Holder, LP, LH Devco, Inc., and Lerin Hills Utility
Inc., own 867 acres of real property known as the Lerin Hills
residential real estate development located in Boerne, Texas.  The
Lerin Hills project currently produces no cash flow, has run out of
cash and remains materially unfinished.

In December 2014, the companies defaulted on debt to Putnam Funding
III, LLC, which claims to be owed not less than $41.3 million as of
the Petition Date.  On April 7, 2015, at the behest of Putnam, the
216th Judicial District Court in Kendall County, Texas, appointed
Andrew S. Cohen as receiver for the assets.

On June 8, 2015, the Receiver filed Chapter 11 bankruptcy petitions
for MA Lerin Hills and its two affiliates (Bankr. W.D. Tex. Case
Nos. 15-51424 to 15-51426) in San Antonio, Texas.  The Receiver
immediately filed a Joint Chapter 11 Plan of Liquidating Plan for
the Debtors.  The Plan is being sponsored by Putnam.

The Receiver tapped Dykema Cox Smith as attorneys.  Putnam tapped
Akin Gump Strauss Hauer & Feld LLP as counsel.


MAGNUM HUNTER: Ad Hoc Group Asks for Official Equity Committee
--------------------------------------------------------------
The Ad Hoc Group of Equity Holders formed in Magnum Hunter Corp.'s
case asks the U.S. Bankruptcy Court for the District of Delaware to
direct the appointment of an Official Committee of Equity Security
Holders.

The Ad Hoc Group relates that since the inception of the Debtors'
cases, no fewer than 29 letters have been sent by shareholders to
the Court doubting the valuation of the Debtors' assets, many of
which also request the appointment of an equity committee.  The Ad
Hoc Group further relates that a formal letter requesting the
appointment of an equity committee was submitted to the Office of
the United States Trustee from the law firm of Brown Rudnick, and
that the U.S. Trustee denied the request for the appointment of an
equity committee.

The Ad Hoc Group cites the an official equity committee for these
reasons:

     (1) The Debtors are not "hopelessly insolvent." A valuation of
the Debtors show that the Debtors may be solvent by between
approximately $200 million and $400 million, based on
publicly-available information and conservative assumptions.

     (2) The cases are extremely large and complex. The cases
involve 20 affiliated Debtors. As of the Petition Date, the Debtors
own leasehold interests in over 3,000 oil and gas production sites
across the United States. The Debtors' capital structure is
complex, consisting of approximately $1 billion in debt, including
a $200 million DIP facility, $336.6 million outstanding under a
Second Lien Credit Agreement; and $600 million in 9.75% Senior
Secured Notes. On top of this indebtedness, the Debtors have three
series of Preferred Stock outstanding, in addition to the
outstanding common stock. With a capital structure as large and
complex as the Debtors', an Equity Committee is crucial to ensure
adequate representation of equity holders' interests.

     (3) The shares are widely held.  The Debtors have 264 million
shares of common stock in addition to approximately 8 million
shares of preferred stock.  According to Bloomberg, approximately
41.4% of the Debtors' common stock is held by 167 investors,
although most of these institutions hold the shares as nominees for
the ultimate beneficial holders, which are likely to be many tens
of thousands more.  In addition, the Company's preferred shares
appear to be widely held based on publicly-available information.

     (4) The request for appointment of an equity committee is
timely. It is critical that equity holders have the ability to be
heard with respect to the Debtors' plan, if only to ensure a proper
valuation of the enterprise, which will determine equity's stake.
Without the appointment of an equity committee, equity holders will
be left with nothing based on a plan that the Debtors and other
creditor constituencies developed before the Petition Date.

     (5) Appointment of an official committee is essential to
ensure that equity holders will be adequately represented.

     (6) The need for a committee outweighs the potential costs.

The Ad Hoc Committee asserts that it has one ultimate goal: to
discover the true value of the Debtors' estates, so that this value
may be distributed equitably to all stakeholders.

The Ad Hoc Group of Equity Holders is represented by:

          Jamie L. Edmonson, Esq.
          Daniel A. O'Brien, Esq.
          VENABLE LLP
          1201 N. Market St., Suite 1400
          Wilmington, DE 19801
          Telephone: (302)298-3535
          Facsimile: (302)298-3550
          E-mail: jledmonson@Venable.com
                 dao'brien@Venable.com

                  About Magnum Hunter Resources

Magnum Hunter Resources Corporation is an oil and gas company
headquartered in Irving, Texas that primarily is engaged in the
acquisition, development, and production of oil and natural gas
reserves in the United States.  MHRC and its affiliates own
interests in approximately 431,643 net acres in total and have
proved reserves with an industry value of approximately $234.5
million as of December 31, 2015.  In the aggregate, MHRC generated
approximately $391.5 million in revenue from their operations in
2014 and generated approximately $169.3 million in revenues from
their operations for the ten months ended October 31, 2015.

Magnum Hunter Resources Corporation and 19 of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case
No. 15-12533) on Dec. 15, 2015.  The petitions were signed by Gary
C. Evans as chairman and chief executive officer.

The Debtors have engaged Kirkland & Ellis, LLP as their general
counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC, as restructuring advisor, and Prime Clerk, LLC as notice,
claims and balloting agent.

As of Sept. 30, 2015, the Debtors reported approximately $1.1
billion in total liabilities, as well as $416.3 million in stated
value of preferred stock.  The Debtors' significant funded debt
obligations include: (a) approximately $70 million in principal
amount of obligations under the Debtors' Bridge Financing
Facility; (b) approximately $336.6 million in principal amount of
obligations under the Debtors' second lien credit agreement; (c)
approximately $13.2 million in principal amount of Equipment and
Real Estate Notes; and (d) approximately $600 million in principal
amount of Notes.


MCCLATCHY COMPANY: Reports $300 Million Net Loss for 2015
---------------------------------------------------------
The McClatchy Company filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$300 million on $1.05 billion of net revenues for the year ended
Dec. 27, 2015, compared to net income of $374 million on $1.14
billion of net revenues for the year ended Dec. 28, 2014.

As of Dec. 27, 2015, McClatchy had $1.92 billion in total assets,
$1.73 billion in total liabilities and $192.76 million in
stockholders' equity.

The Company's cash and cash equivalents were $9.3 million as of
Dec. 27, 2015, compared to $220.9 million of cash and cash
equivalents at Dec. 28, 2014.  The cash and cash equivalents
balance as of Dec. 28, 2014, reflected a $146.9 million cash
distribution from Classified Ventures, which was equal to the
Company's share of the proceeds from its sale of Apartments.com
business; the $34 million in cash proceeds received from the sale
of one of our newspapers; and the $606.2 million in cash proceeds
received from the sale of the Company's ownership interest in
Classified Ventures.  The cash and cash equivalents balance as of
Dec. 28, 2014, was also impacted by the partial payment of taxes on
these transactions, as well as the repurchase of debt for a total
amount of $494.2 million in cash plus accrued and unpaid interest
in November 2014.

"We expect that most of our cash and cash equivalents, and our cash
generated from operations, for the foreseeable future will be used
to repay debt, pay income taxes, fund our capital expenditures,
invest in new revenue initiatives, digital investments and
enterprise-wide operating systems, make required contributions to
the Pension Plan, repurchase stock, and other corporate uses as
determined by management and our Board of Directors," the Company
stated in the report.

As of Dec. 27, 2015, the Company had approximately $937.3 million
in total aggregate principal amounts of debt outstanding,
consisting of $55.5 million of the Company's 5.750% notes due in
2017, $516.4 million of our 9.00% Notes due 2022 and $365.4 million
of the Company's notes maturing in 2027 and 2029.  The Company
expects that it will need to refinance a significant portion of
this debt prior to the scheduled maturity of such debt.

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

                        http://is.gd/JDB0E8

                     About The McClatchy Company

Sacramento, Cal.-based The McClatchy Company (NYSE: MNI)
-- http://www.mcclatchy.com/-- is a media company that provides
both print and digital news and advertising services.  Its
operations include 30 daily newspapers, community newspapers,
websites, mobile news and advertising, niche publications, direct
marketing and direct mail services.  Its owned newspapers include,
among others, the (Fort Worth) Star-Telegram, The Sacramento Bee,
The Kansas City Star, the Miami Herald, The Charlotte Observer,
and The (Raleigh) News & Observer.  The Company holds interest in
digital assets which include CareerBuilder, LLC, Classified
Ventures, LLC, HomeFinder, LLC, and Wanderful Media.

                           *     *     *

McClatchy carries a 'Caa1' corporate family rating from Moody's
Investors Service.  In May 2011, Moody's changed the rating
outlook from stable to positive following the company's
announcement that it closed on the sale of land in Miami for
$236 million.  The outlook change reflects Moody's expectation
that McClatchy will utilize the net proceeds to reduce debt,
including its underfunded pension position, which will reduce
leverage by approximately half a turn and lower required
contributions to the pension plan over the next few years.

As reported by the TCR on April 2, 2014, Standard & Poor's Ratings
Services affirmed all ratings on U.S. newspaper company The
McClatchy Co., including the 'B-' corporate credit rating, and
revised the rating outlook to stable from positive.  The outlook
revision to stable reflects S&P's expectation that the
timeframe for a potential upgrade lies beyond the next 12 months,
and could also depend on the company realizing value from its
digital minority interests.


MIAMI TEES: Case Summary & 8 Unsecured Creditors
------------------------------------------------
Debtor: Miami Tees, Inc.
        5120 NW 165 Street
        Bays 101 and 102
        Miami Gardens, FL 33014

Case No.: 16-13346

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Jay A. Cristol

Debtor's Counsel: William J Maguire, Esq.
                  MAGUIRE LAW CHARTERED
                  400 Columbia Drive, Suite 100
                  West Palm Beach, FL 33409
                  Tel: 561-300-6812
                  Fax: 561-687-8103
                  E-mail: william@maguire-law.com

Total Assets: $1.86 million

Total Liabilities: $1.42 million

The petition was signed by Michael J. Chavez, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb16-13346.pdf


MICROVISION INC: Reports $14.5 Million Net Loss for 2015
--------------------------------------------------------
MicroVision, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$14.5 million on $9.18 million of total revenue for the year ended
Dec. 31, 2015, compared to a net loss of $18.12 million on $3.48
million of total revenue for the year ended Dec. 31, 2014.

For the three months ended Dec. 31, 2015, the Company reported a
net loss of $4.29 million on $1.84 million of total revenue
compared to a net loss of $3.34 million on $687,000 of total
revenue for the same period in 2014.

As of Dec. 31, 2015, MicroVision had $14.04 million in total
assets, $14.19 million in total liabilities and a total
shareholders' deficit of $153,000.

As of Dec. 31, 2015, backlog was $11 million and cash and cash
equivalents were $7.9 million.

"Last year was marked by significant progress and growth.  In fact,
we are in the best position of our company's history with two
customers in production with our technology," said Alexander
Tokman, president and CEO of MicroVision.  "We are very optimistic
about 2016 both in terms of revenue growth potential from pico
projection and advancing our technology to address emerging
applications such as augmented reality and 3D sensing and
imaging."

Moss Adams LLP, in Seattle, Washington, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency, which
raises 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/NsMNtZ

                        About MicroVision

Redmond, Washington-based MicroVision, Inc. is developing its
PicoP(R) display technology that can be adopted by its customers to
create high-resolution miniature laser display and imaging modules.
This PicoP display technology incorporates the company's patented
expertise in two-dimensional Micro-Electrical Mechanical Systems
(MEMS), lasers, optics and electronics.


MISSISSIPPI PHOSPHATES: U.S. Trustee Wants Case Converted to Ch. 7
------------------------------------------------------------------
Henry G. Hobbs, Jr., acting U.S. Trustee for Region 5, asks the
U.S. Bankruptcy Court to convert the Chapter 11 cases of
Mississippi Phosphates Phosphates Corporation, et al., to cases
under Chapter 7 of the Bankruptcy Code, or, in the alternative,
dismiss the proceedings.

The U.S. Trustee tells the Court that it has already conducted and
concluded the meetings of creditors. Likewise, the Debtors has
closed transactions in which they transferred and conveyed
substantially all of their assets, less the 320-acre parcel, to the
MPC Environmental Trust and to the MPC Liquidation Trust pursuant
to the Sale and Transfer Orders.

Accordingly, the U.S. Trustee asserts, there are no more hard or
tangible assets left for the Debtors to protect through the Chapter
11 cases.  The U.S. Trustee contends that the Chapter 11 cases have
been pending for over one year, but the Debtors have not filed a
disclosure statement and a confirmable plan of reorganization.

The U.S. Trustee's Motion to Convert or Dismiss is scheduled to be
heard on April 7, 2016, and any responses to the Motion is due by
March 31, 2016.

Henry G. Hobbs, Jr., Acting U.S. Trustee for Region 5, is
represented by:

    Christopher J. Steiskal, Sr., Esq.
    Trial Attorney, U.S. Department of Justice
    OFFICE OF THE U.S. TRUSTEE, REGION 5
    501 East Court Street, Suite 6-430
    Jackson, Mississippi 39201
    Telephone: (601) 965-5241
    Facsimile: (601) 965-5226
    Email: christopher.j.steiskal@usdoj.gov

              About Mississippi Phosphates

Mississippi Phosphates Corporation is a major United States
producer and marketer of diammonium phosphate ("DAP"), one of the
most common types of phosphate fertilizer.  MPC, which was formed
as a Delaware corporation in October 1990, owns a DAP facility in
Pascagoula, Mississippi, which was acquired from Nu-South, Inc. in
its 1990 bankruptcy.  Phosphate rock, the primary raw material used
in the production of DAP, is being supplied by OCP S.A., a
corporation owned by the Kingdom of Morocco.

The parent, Phosphate Holdings, Inc., was formed in December 2004
in connection with the bankruptcy reorganization of MPC and its
then-parent Mississippi Chemical Corporation, the first fertilizer
cooperative in the United States.

As of Oct. 27, 2014, MPC has a work force of 250 employees, broken
into 224 regular employees and 26 "nested" third-party contract
employees.

MPC and its subsidiaries, namely Ammonia Tank Subsidiary, Inc., and
Sulfuric Acid Tanks Subsidiary, Inc., sought Chapter 11 bankruptcy
protection (Bankr. S.D. Miss. Lead Case No. 14-51667) on Oct. 27,
2014. Judge Katharine M. Samson is assigned to the cases.

Mississippi Phosphates disclosed in its amended schedules, assets
of $98,949,677 and liabilities of $140,941,276 plus unknown
amounts.  Affiliates Ammonia Tank and Sulfuric Acid Tanks each
estimated $1 million to $10 million in both assets and
liabilities.

The Debtors have tapped Stephen W. Rosenblatt, Esq., at Butler Snow
LLP as counsel.

The U.S. Trustee for Region 5 appointed seven creditors of
Mississippi Phosphates Corp. to serve on the official committee of
unsecured creditors.  The Committee tapped to retain Burr & Forman
LLP as its counsel.


NAVISTAR INTERNATIONAL: Incurs $33-Mil. Net Loss in 1st Quarter
---------------------------------------------------------------
Navistar International Corporation filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss attributable to the Company of $33 million on $1.76
billion of net sales and revenues for the three months ended Jan.
31, 2016, compared to a net loss attributable to the Company of $42
million on $2.42 billion of net sales and revenues for the same
period in 2015.

Revenues in the quarter declined 27 percent compared to the first
quarter last year.  The decline reflects lower volumes in its Core
U.S. and Canadian markets, due to softer industry conditions; lower
volumes in Mexico and export markets, reflecting a stronger U.S.
dollar; and, lower engine volumes in Brazil, due to ongoing weak
economic conditions in that country.  Additionally, one-quarter of
the year-over-year decline was due to the discontinuation of the
Company's Blue Diamond Truck joint venture in mid-2015.

As of Jan. 31, 2016, Navistar had $5.98 billion in total assets,
$11.17 billion in total liabilities and a total stockholders'
deficit of $5.19 billion.

"Despite a lower revenue base, we continued to unlock value by
significantly improving adjusted EBITDA through managing and
optimizing our costs," said Troy A. Clarke, Navistar president and
chief executive officer.  "We are encouraged by our Q1 performance
and remain on track to achieve our goals of returning to
profitability and generating manufacturing free cash flow in
2016.'

"This was a solid quarter in which we made real progress toward our
2016 targets," said Walter G. Borst, Navistar executive vice
president and chief financial officer.  "We operated within our
indicated cash range in what is seasonally our weakest revenue and
most cash-intensive quarter, ending the first quarter 2016 with
$673 million in manufacturing cash, cash equivalents and marketable
securities.  We also continued to manage costs out of our business,
putting us on track to achieve our annual $200 million cost
reduction target."

The Company presented via live web cast its fiscal 2016 first
quarter financial results on Tuesday, March 8th.  Speakers on the
web cast included: Troy Clarke, president and chief executive
officer; Walter Borst, executive vice president and chief financial
officer; and other company leaders.

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

                      http://is.gd/Ga3jHb

                   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.

                          *     *     *

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.


NEW BERN RIVERFRONT: Weaver Cooke's Claim Not Under UCC
-------------------------------------------------------
Judge W. Earl Britt of the United States District Court for the
District of North Carolina, Western Division, affirmed the
September 30, 2014, and February 23, 2015, orders of the bankruptcy
court in the case captioned EAST CAROLINA MASONRY, INC., Appellant,
v. WEAVER COOKE CONSTRUCTION, LLC, Appellee, No. 5:15-CV-98-BR
(D.N.C.).

New Bern Riverfront Development, LLC, the project owner/developer
of a luxury condominium complex in New Bern, North Carolina,
previously sued various parties, including the project's general
contractor Weaver Cooke Construction, LLC.  Weaver Cooke thereafter
filed a third-party complaint, asserting claims against numerous
subcontractors, including East Carolina Masonry, Inc., for
negligence, contractual indemnity, and breach of express warranty.

ECM filed a motion for summary judgment on all Weaver Cooke's
claims.  On September 30, 2014, the bankruptcy court denied the
motion to the extent ECM argued that Weaver Cooke's breach of
express warranty claim fails as a matter of law.  ECM had argued
that this claim failed because, under North Carolina law, a breach
of express warranty claim does not exist outside the sale of goods
under the Uniform Commercial Code ("UCC").  On February 23, 2015,
the bankruptcy court denied ECM's motion for reconsideration.

On appeal, Judge Britt found that pertinent allegations in Weaver
Cooke's second third-party complaint sufficiently allege a breach
of contract claim, with the operative contract being the
subcontract between the parties which contains certain warranties.
The judge also considered Weaver Cooke's labelling the claim in its
pleading as "breach of express warranty," rather than "breach of
contract," to be of no consequence.  Lastly, Judge Britt also held
that since Weaver Cooke has alleged a breach of contract claim, the
claim is outside the purview of the UCC.

A full-text copy of Judge Britt's February 25, 2016 order is
available at http://is.gd/nPUAZtfrom Leagle.com.

East Carolina Masonry, Inc., Appellant, represented by William
Walter Rapp -- walt.rapp@mgclaw.com -- McAngus, Goudlock, &
Courie.

Weaver Cooke Construction, LLC, Appellee, represented by C.
Hamilton (Hank) Jarrett, III -- hjarrett@cgspllc.com -- Conner Gwyn
Schenck PLLC, Joseph P. Gram -- jgram@cgspllc.com -- Conner Gwyn
Schenck PLLC, Kelli E Goss -- kgross@cgspllc.com -- Conner Gwyn
Schenck PLLC & Luke J. Farley -- lfarley@cgspllc.com -- Conner Gwyn
Schenck PLLC.

Travelers Casualty & Surety Company of America, Appellee,
represented by C. Hamilton (Hank) Jarrett, III, Conner Gwyn Schenck
PLLC, Douglas P. Jeremiah, Conner Gwyn Schenck PLLC, Joseph P.
Gram, Conner Gwyn Schenck PLLC, Kelli E Goss, Conner Gwyn Schenck
PLLC & Luke J. Farley, Conner Gwyn Schenck PLLC.

New Bern Riverfront Development, LLC, Interested Party, represented
by Daniel K. Bryson -- dan@wbmllp.com -- Whitfield, Bryson & Mason,
LLP, Matthew E. Lee -- matt@wbmllp.com -- Whitfield, Bryson &
Mason, LLP & Jeremy Richard Williams -- jeremy@wbmllp.com --
Whitfield, Bryson & Mason, LLP.

J. Davis Architects, PLLC, Interested Party, represented by Gregory
Wenzl Brown, Brown Law LLP & Jessica Cobaugh Tyndall --
jessica.tyndall@mgclaw.com -- McAngus, Goudelock & Courie, LLC.

McKim & Creed, PA, Interested Party, represented by Kristina M.
Varady, Pharr Law, PLLC & Steve M. Pharr, Pharr Law, PLLC.

United Forming, Inc., Interested Party, represented by Kristina M.
Varady, Pharr Law, PLLC & Steve M. Pharr -- spharr@pharrlaw.com --
Pharr Law, PLLC.

National Reinforcing Systems, Inc., Interested Party, represented
by Jeffrey D. Keister -- jkeister@mgclaw.com -- McAngus, Goudelock
& Courie, LLC.

Fluhrer Reed, PA, Interested Party, represented by John M. Nunnally
-- jnunally@rl-law.com -- Ragsdale Liggett PLLC & Melissa Dewey
Brumback -- brumback@rl-law.com -- Ragsdale Liggett, PLLC.

JMW Concrete Contractors, Interested Party, represented by Norman
F. Klick, Jr. -- nfk@crlaw.com -- Curruthers & Roth, PA & Robert N.
Young -- rny@crlaw.com -- Carruthers & Roth, P.A..

National Erectors Rebar, Inc., Interested Party, represented by
Christopher J. Derrenbacher, Patterson Dilthey LLP, Eric G. Sauls,
Patterson Dilthey LLP &Jennifer Michelle St. Clair, Patterson
Dilthey LLP.

Stock Building Supply, LLC and PLF of Sanford are represented by A.
Todd Brown -- tbrown@hunton.com -- Hunton & Williams, LLP & Ryan
George Rich -- rrich2@hunton.com -- Hunton & Williams, L.L.P..

Hamlin Roofing Company, Inc., Hamlin Roofing Services, Inc., are
represented by Brian J. Schoolman -- bschoolman@safranlaw.com --
Safran Law Offices.

Randolph Stair and Rail Company, Interested Party, represented by
Tracy L. Eggleston -- teggleston@cozen.com -- Cozen O'Connor, PC &
Patrick M. Aul -- paul@cozen.com -- Cozen O'Connor, PC.

Gouras, Inc., Interested Party, represented by Jay P. Tobin --
jay.tobin@youngmoorelaw.com -- Young Moore & Henderson.

Carolina Custom Moulding, Inc., Interested Party, represented by
Michael P. Hugo, Attorney at Law.

Curenton Concrete Works, Inc., Interested Party, represented by
Andrew A. Vanore, III, Brown, Crump, Vanore & Tierney, LLP.

Humphrey Heating and Air Conditioning, Inc., Interested Party,
represented by Beth Faleris, Faleris Law Firm, PLLC, Steven C.
Lawrence, Anderson, Johnson, Lawrence & Butler, LLP & Stacey Erin
Tally, Anderson, Johnson, Lawrence & Butler, LLP.

William H. Dail, Interested Party, represented by Andrew James
Santaniello, Clawson & Staubes, PLLC & Edward Hallett Maginnis,
Maginnis Law, PLLC.

Waterproofing Specialties, Inc., Interested Party, represented by
Ron D. Medlin, Ennis, Baynard & Morton, P.A..

Johnson's Modern Electric, Inc.., Interested Party, represented by
Brian E. Wolfe, Clawson & Staubes, PLLC & Milton Heath Gilbert,
Jr., Baucom, Claytor, Benton, Morgan & Wood, PA.

Performance Fire Protection, LLC, Interested Party, represented by
Bryan T. Simpson, Teague, Campbell, Dennis & Gorham, LLP.
5 Boys, Inc., Interested Party, represented by Richard Leonard
Pinto, Pinto Coates Kyre & Bowers, PLLC.

Summit Design Group, Inc., Interested Party, represented by
Benjamin Smith Chesson, Hedrick, Gardner, Kincheloe & Garofalo,
LLP, Lucian P. Sbarra, Hedrick, Gardner, Kincheloe & Garofalo, LLP
& Bridget Villacorta Warren, Hedrick, Gardner, Kincheloe and
Garofalo, LLP.

Robert Armstrong, Jr., Interested Party, represented by Benjamin
Smith Chesson, Hedrick, Gardner, Kincheloe & Garofalo, LLP & Lucian
P. Sbarra, Hedrick, Gardner, Kincheloe & Garofalo, LLP.

Robert P. Armstrong, Jr., Inc., Interested Party, represented by
Benjamin Smith Chesson, Hedrick, Gardner, Kincheloe & Garofalo,
LLP, Lucian P. Sbarra, Hedrick, Gardner, Kincheloe & Garofalo, LLP
& Bridget Villacorta Warren, Hedrick, Gardner, Kincheloe and
Garofalo, LLP.

                About New Bern Riverfront Development

Cary, North Carolina-based New Bern Riverfront Development, LLC, is
the developer of SkySail Condominium, consisting of 121 residential
condominiums (plus 1 commercial/non-residential unit) located on
Middle Street on the waterfront in historic downtown New Bern,
North Carolina, and sells the SkySail Condominiums in the ordinary
course of business.  New Bern Riverfront filed for Chapter 11
bankruptcy protection (Bankr. E.D.N.C. Case No. 09-10340) on Nov.
30, 2009.  John A. Northen, Esq., at Northen Blue, LLP, represents
the Debtor.  The Company disclosed $31,515,040 in assets and
$25,676,781 in liabilities as of the Chapter 11 filing.

New Bern Riverfront has filed an Amended Plan of Reorganization,
which represents a consensual plan negotiated with the Debtor's
secured creditor, Wells Fargo Bank, N.A.  The Debtor contemplates
selling properties.


NEW GULF RESOURCES: Wants Until July 14 to Decide on Leases
-----------------------------------------------------------
New Gulf Resources, LLC and its affiliated debtors ask the U.S.
Bankruptcy Court for the District of Delaware to extend the time
within which they may assume or reject unexpired leases of
nonresidential real property to the earlier of the effective date
of the Plan, or July 14, 2016.

The Debtors' Motion states: "The Debtors are parties to
approximately 2,030 unexpired leases by which they hold real
property interests and title to hydrocarbons, as well as certain
other non-residential real property leases (the "Unexpired
Leases"). The Unexpired Leases include surface lease agreements,
oil and gas leases, and certain other leases. Many of the Unexpired
Leases are sources of revenue, act as accommodation agreements
between the Debtors and their business partners, and support the
Debtors' exploration and production businesses. Accordingly, many
of the Unexpired Leases are highly valuable assets of the Debtors'
estates and are integral to the continued operation of the Debtors'
businesses... In requesting the relief sought by this Motion, the
Debtors seek to maintain the status quo. Under the Plan, the
Debtors intend to assume all Unexpired Leases upon the Effective
Date of the Plan. To the extent that a particular oil and gas lease
is subject to assumption or rejection under applicable law and the
precise terms of such lease—which the Debtors do not concede
exist—this Motion seeks to extend the time to assume or reject
any Unexpired Lease, out of an abundance of caution, to avoid the
potential for a counterparty to claim that a particular Unexpired
Lease is deemed rejected if the timeline of these cases is
extended, for any reason, beyond that which currently is
contemplated by the Restructuring Support Agreement or the
Effective Date does not occur prior to the Current Deadline."

A hearing on the Motion is scheduled on March 24, 2016 at 10:00
a.m.  The deadline for the filing of objections is March 7, 2016.

New Gulf Resources, et al.'s attorneys:

          M. Blake Cleary, Esq.
          Ryan M. Bartley, Esq.
          Justin P. Duda, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          1000 N. King Street
          Rodney Square
          Wilmington, DE 19801
          Telephone: (302)571-6600
          E-mail: mbcleary@ycst.com
                 rbartley@ycst.com
                 jduda@ycst.com

               - and -

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

                  About New Gulf Resources, LLC

Founded in 2011 and headquartered in Tulsa, Oklahoma, New Gulf
Resources 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.

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

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.


NEWBURY COMMON ASSOCIATES: Banks Oppose OCPs, Insurance Payments
----------------------------------------------------------------
U.S. National Bank, National Association and Citizens Bank, N.A.,
filed their respective limited objections to debtors Newbury Common
Associates, et. al.'s motions asking the U.S. Bankruptcy Court for
the District of Delaware to authorize the employment and retention
of ordinary course professionals, and to continue and renew
insurance policies and premium payments.

Debtor 300 Main Street Associates, LLC ("300 Main") is indebted to
the U.S. Bank, National Association ("Lender"), as memorialized in
a series of commercial mortgage loan documents ("Loan Documents").
The outstanding principal balance is $11,500,000 ("Loan").
Repayment of the Loan is secured by a mortgage on a commercial
office building commonly known as 300 Main Street, Stamford,
Connecticut ("Mortgaged Premises").

Pursuant to the terms of the mortgage, U.S. Bank holds an absolute
assignment of rents, issues and profits from the Mortgaged Premises
("Rents").  The Rents constitute the Lender's cash collateral. The
scope of 300 Main's ability to use the Rents is the subject of a
pending Motion before the Court ("Cash Collateral Motion").  The
Lender has objected to the Debtors' proposed use of the Rents other
than for direct expenses related to the operation and maintenance
of the Mortgaged Premises ("Cash Collateral Objection").

U.S. Bank, National Association's Limited Objection states: "The
Debtors seek approval of an order that would allow them to retain
and compensate certain ordinary course professionals without
further involvement of the Court or notice to creditors. The Lender
objects to this Motion to the extent the Debtors intend to use the
Rents from the Mortgaged Premises to compensate the ordinary course
professionals... the Debtors have failed to provide factual or
legal support for their proposed use of the Rents and, in any
event, are unable to provide adequate protection to the Lender for
the proposed use. Therefore, aside from paying expenses directly
related to the operation and maintenance of the Mortgaged Premises,
the Debtors may not use the Rents to compensate ordinary course
professionals... The Debtors seek entry of an order that would
allow them to continue and renew certain insurance policies and to
pay premiums. The Lender objects to this Motion to the extent that
the Debtors intend to use the Rents from the Mortgaged Premises to
pay for policies unrelated to the Mortgaged Premises. The Debtors,
in paragraph 39 of their Motion, represent that they have
sufficient funds to pay for all of the policies summarized on
Exhibit B attached thereto, "by virtue of cash reserves, expected
cash flow from ongoing business operations, and anticipated access
to cash collateral." The Lender has objected to use of cash
collateral and for the reasons stated therein, it objects to this
Insurance Motion... Assuming the Lender is provided with sufficient
information to verify the coverage and costs, the Lender will not
object to use of its cash collateral to pay for insurance directly
related to the Mortgaged Premises. Until such time as sufficient
information is provided, however, the Lender objects to the relief
sought under the Insurance Motion."

                    Citizens Bank Also Objects

Century Plaza Investor Associates, LLC and Seaboard Residential LLC
are the owners, as tenants in common, of the property commonly
known as 100 Prospect Street., Stamford, Connecticut ("100
Prospect"). Pursuant to an Open-End Mortgage Deed and Security
Agreement, a Collateral Assignment of Leases and Rentals and a
Security Agreement, Citizens holds a valid, perfected first
mortgage, collateral assignment of rents and security interest in
100 Prospect and the rental stream emanating therefrom to secure
repayment of a commercial mortgage loan made to Century and
Seaboard in the original principal amount of $21,090,000.

One Atlantic Investor Associates, LLC ("One Atlantic Investor") is
the owner of the property commonly known as 1 Atlantic St.,
Stamford, Connecticut ("One Atlantic"). Pursuant to an Open-End
Mortgage Deed and Security Agreement, a Collateral Assignment of
Leases and Rentals and a Security Agreement, Citizens holds a
valid, perfected first mortgage, collateral assignment of rents and
security interest in One Atlantic and the rental stream emanating
therefrom to secure repayment of a commercial mortgage loan made to
One Atlantic Investor in the original principal amount of
$20,500,000.

Citizens Bank, N.A.'s Limited Objection states: "...Debtors seek
approval to retain leasing and environmental counsel. Citizens
notes that Debtors have provided no explanation as to why they
require the services of environmental counsel with respect to One
Atlantic and 100 Prospect. Accordingly the Motion should be denied
as to One Atlantic and 100 Prospect. To the extent the Debtors seek
leasing counsel as to One Atlantic and 100 Prospect, they have
similarly failed to explain why such counsel is required. To the
extent the Debtors are permitted to retain leasing counsel, such
counsel should specifically be required to account for, and
invoice, its time on a property by property basis, the secured
lender for such property should also be provided with copies of
such invoices and an opportunity to object to the payment thereof,
no fees should be permitted to be paid for any fees incurred except
out of the rents generated by the property as to which the services
were performed and no such invoices should be paid except to the
extent the Debtors have been authorized to use cash collateral from
such property to pay such fees."

U.S. Bank National Association, as Trustee for the Registered
Holders of Greenwich Capital Commercial Funding Corp., et. al., is
represented by:

          Kate Roggio Buck, Esq.
          MCCARTER & ENGLISH, LLP
          405 N. King Street, 8th Floor
          Wilmington, DE 19801
          Telephone: (302)984-6300
          E-mail: kbuck@mccarter.com

                 - and -

          Joseph Lubertazzi, Jr., Esq.
          MCCARTER & ENGLISH, LLP
          Four Gateway Center
          100 Mulberry Street
          Newark, NJ 07102
          Telephone: (973)639-2082
          E-mail: jlubertazzi@mccarter.com

Citizens Bank, N.A. is represented by:

          Edward M. Fox, Esq.
          SEYFARTH SHAW LLP
          620 Eighth Avenue
          32nd Floor
          New York, NY 10018
          Telephone: (212)218-4646
          Facsimile: (917)344-1339
          E-mail: emfox@seyfarth.com

                 - and -

         William J. Hanlon, Esq.
         SEYFARTH SHAW LLP
         World Trade Center East
          Two Seaport Lane, Suite 300
          Boston, MA 02210
          Telephone: (617)946-4995
          Facsimile: (617)790-6719
          E-mail: whanlon@seyfarth.com

                 - and -

          Donald J. Detweiler, Esq.
          PEPPER HAMILTON LLP
          Hercules Plaza, Suite 5100
          1313 Market Street
          P.O. Box 1709
          Wilmington, DE 19899-1709
          Telephone: (302)777-6524
          Facsimile: (302)421-8390
          E-mail: detweilerd@pepperlaw.com

                  About Newbury Common Associates

Newbury Common Associates, LLC, et al., comprise a corporate
enterprise
that owns a diverse portfolio of high quality, distinctive
commercial, hospitality and residential properties with an
aggregate of approximately 800,000 square feet located primarily
in
Stamford, Connecticut.

On Dec. 13, 2015, Newbury Common Associates, LLC, and 13
affiliates
each commenced a voluntary case (Bankr. D. Del. Lead Case No.
15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14,
Tag Forest LLC commenced a Chapter 11 case (collectively,
"Original
Debtors").  On Feb. 3, 2016, Newbury Common Member Associates, LLC
and 8 affiliates commenced a voluntary case under chapter 11 of
the
Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue
Associates,
LLC filed a Chapter 11 petition (collectively "Additional
Debtors").

Seaboard Realty, LLC, its principals or entities it manages serve
as the manager under the operating agreements for each of the
Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L.
Kelly, Jr. and 25% by William A. Merritt, Jr.  The Original
Debtors
other than Seaboard Residential, LLC, Tag, and Newbury Common
Associates, LLC, are holding companies whose assets are
substantially comprised of the equity of the Property Owner
Debtors.  The Debtors' eight operating property are owned by the
"Property Owner Debtors", namely Century Plaza Investor
Associates,
LLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS
Associates,
LLC; Park Square West Associates, LLC; Clocktower Close
Associates,
LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue
Associates, LLC; 220 Elm Street I, LLC; 300 Main Street
Associates,
LLC; and Seaboard Residential, LLC.

The Original Debtors' chapter 11 cases are being jointly
administered pursuant to an order entered Dec. 18, 2015.  The
Debtors later won approval of a supplemental motion seeking joint
administration of the Additional Debtors' Chapter 11 cases with
the
cases of the Original Debtors for procedural purposes only.

As of Jan. 7, 2016, the Debtors had incurred purported aggregate
funded secured indebtedness of approximately $177.2 million in
principal, including approximately $150.4 million of
property-level
secured debt and approximately $26.8 million of purported and
allegedly unauthorized mezzanine debt.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Dechert LLP as attorneys, and Donlin Recano as claims and noticing
agent.


NEWBURY COMMON ASSOCIATES: Investors Push for Official Committee
----------------------------------------------------------------
Non-insider Investors ask the U.S. Bankruptcy Court for the
District of Delaware to direct the appointment of an official
committee of non-insider investors ("Investors Committee") in the
Chapter 11 cases of Newbury Common Associates, LLC, et al.

In their Motion, the Investors state: "....These cases are also
faced with the prospect of never-ending investigations and lawsuits
regarding prepetition fraud that, if unchecked, will consume any
potential recoveries for investors. Investors should be provided
with adequate representation in the form of an official committee
to allow them a say in the outcome of these case-dispositive
matters, all of which address how their invested capital will be
spent.... The Debtors have testified under oath that significant
equity value exists for investors and the Investors will provide
evidence at the hearing on this Motion that the majority of the
Debtors' properties have material equity value that should be
returned to investors... the benefit that will derive from the
appointment of an investors' committee will far outweigh its cost.
The Investors include individuals that have deep expertise in and
knowledge of the Stamford, Connecticut, real estate market, and
have as much if not more knowledge of the Debtors' properties—and
a better understanding of how to maximize their value—than the
retained professional in these cases. On these facts, it would be a
mistake not to provide these investors with the representation of
an official committee as they are the parties best positioned and
incentivized to maximize the value of the Debtors' properties."

The Non-insider Investors are represented by:

          Robert J. Dehney, Esq.
          Curtis S. Miller, Esq.
          Matthew B. Harvey, Esq.
          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          1201 North Market Street
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Telephone: (302)658-9200
          Facsimile: (302)658-3989
          E-mail: rdehney@mnat.com
                  cmiller@mnat.com
                  mharvey@mnat.com

                  About Newbury Common Associates

Newbury Common Associates, LLC, et al., comprise a corporate
enterprise
that owns a diverse portfolio of high quality, distinctive
commercial, hospitality and residential properties with an
aggregate of approximately 800,000 square feet located primarily
in
Stamford, Connecticut.

On Dec. 13, 2015, Newbury Common Associates, LLC, and 13
affiliates
each commenced a voluntary case (Bankr. D. Del. Lead Case No.
15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14,
Tag Forest LLC commenced a Chapter 11 case (collectively,
"Original
Debtors").  On Feb. 3, 2016, Newbury Common Member Associates, LLC
and 8 affiliates commenced a voluntary case under chapter 11 of
the
Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue
Associates,
LLC filed a Chapter 11 petition (collectively "Additional
Debtors").

Seaboard Realty, LLC, its principals or entities it manages serve
as the manager under the operating agreements for each of the
Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L.
Kelly, Jr. and 25% by William A. Merritt, Jr.  The Original
Debtors
other than Seaboard Residential, LLC, Tag, and Newbury Common
Associates, LLC, are holding companies whose assets are
substantially comprised of the equity of the Property Owner
Debtors.  The Debtors' eight operating property are owned by the
"Property Owner Debtors", namely Century Plaza Investor
Associates,
LLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS
Associates,
LLC; Park Square West Associates, LLC; Clocktower Close
Associates,
LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue
Associates, LLC; 220 Elm Street I, LLC; 300 Main Street
Associates,
LLC; and Seaboard Residential, LLC.

The Original Debtors' chapter 11 cases are being jointly
administered pursuant to an order entered Dec. 18, 2015.  The
Debtors later won approval of a supplemental motion seeking joint
administration of the Additional Debtors' Chapter 11 cases with
the
cases of the Original Debtors for procedural purposes only.

As of Jan. 7, 2016, the Debtors had incurred purported aggregate
funded secured indebtedness of approximately $177.2 million in
principal, including approximately $150.4 million of
property-level
secured debt and approximately $26.8 million of purported and
allegedly unauthorized mezzanine debt.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Dechert LLP as attorneys, and Donlin Recano as claims and noticing
agent.



NEWBURY COMMON ASSOCIATES: UST Wants Examiner to Probe Wrongdoing
-----------------------------------------------------------------
Andrew R. Vara, Acting United States Trustee for Region 3, asks the
U.S. Bankruptcy Court for the District of Delaware, to direct the
appointment of an examiner in the Chapter 11 cases of Newbury
Common Associates, LLC, et al.

The U.S. Trustee contends that the immediate appointment of an
examiner under Section 1104(c)(1) is required so that an
independent and disinterested person can investigate extensive
irregularities in the management of the Debtors' affairs, including
purported prepetition wrongdoing, misconduct, and mismanagement, as
well as inter-debtor claims and claims that may exist against
current or former insiders.

The UST avers that these facts and circumstances that support the
appointment of an examiner:

     (1) the prepetition failure of the Debtors and their
affiliates to maintain proper business records and cash controls,
including a disregard of corporate formalities and a failure to
maintain the corporate separateness of the various entities;

     (2) the purported mishandling of investor funds prepetition;

     (3) the alleged forging by one insider of other insiders'
signatures on financial documents, including personal guarantees,
prior to the commencement of the Chapter 11 cases;

     (4) the postpetition filing of deficient monthly financial
reports;

     (5) the postpetition filing of schedules with multiple
disclaimers that call their reliability into question;

     (6) the Debtors' postpetition failure to open and maintain
appropriate postpetition bank accounts for the various estates in
compliance with 11 U.S.C. Section 345, and the commingling of
estate and non-estate funds, including funds that may be cash
collateral of creditors of non-debtors;

     (7)  inadequate information regarding the adverse interests of
the various bankruptcy estates, posing conflicts among the various
debtors and non-debtors, with corresponding problems for the
fulfillment of fiduciary responsibilities by estate representatives
and professionals.

The UST tells the Court that the Debtors' professionals acknowledge
many of these facts and circumstances, and have provided extensive
information requested by the U.S. Trustee.  He further tells the
Court that irrespective of such cooperation, however, the divergent
interests of the various estates, the extreme financial
irregularities that have taken place, and the extensive conflicts
among the various Debtors and their affiliates and insiders, all
make the appointment of an independent and disinterested examiner
necessary and in the best interests of creditors, any equity
security holders and the estates.

                U.S. Bank Seeks 300 Main Exclusion

U.S. Bank, National Association, as Trustee for the Registered
Holders of Greenwich Capital Commercial Funding Corp., et. al.
("Lender") relates that debtor 300 Main Street Associates, LLC
("300 Main") is indebted to it as memorialized in a series of
commercial mortgage loan documents. U.S. Bank further relates that
the outstanding principal balance is $11,500,000.

U.S. Bank, in its limited objection, states: "the Examiner Motion
should be denied because the standard required by Section
1104(c)(1) for the appointment of an examiner has not been met as
to this debtor... The Lender takes no position with the request for
an examiner for any of the other debtors, as long as revenue from
300 Main is not used to compensate the examiner. The Trustee's
Motion does not set forth any specific allegations of wrongdoing or
mismanagement with respect to 300 Main, or how the interests of the
creditors or security holders of 300 Main would benefit from the
appointment of an examiner. 300 Main is a single asset entity that
owns and operates an office building in Stamford, Connecticut. It
generates sufficient cash flow to support its own operations. With
the segregation of Rents and reporting requirements ordered by the
Court on February 16, 2016.... sufficient measures exist to monitor
the activities of 300 Main during this proceeding. The Lender and
any other creditors of 300 Main, are able to proceed under
Bankruptcy Rule 2004 to obtain pre-petition information from 300
Main should they determine it is relevant to enforcing their
claims. Thus, an examiner is not needed to protect the interests of
the 300 Main creditors or the estate."

                          *     *     *

Andrew R. Vara, Acting United States Trustee for Region 3, is
represented by:

          David L. Buchbinder, Esq.
          David Gerardi, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          844 King Street, Suite 2207, Lockbox 35
          Wilmington, DE 19801
          Telephone: (302)573-6491
          Facsimile: (302)573-6497

U.S. Bank National Association, as Trustee for the Registered
Holders of Greenwich Capital Commercial Funding Corp., et. al., is
represented by:

          Kate Roggio Buck, Esq.
          MCCARTER & ENGLISH, LLP
          405 N. King Street, 8th Floor
          Wilmington, DE 19801
          Telephone: (302)984-6300
          E-mail: kbuck@mccarter.com

                 - and -

          Joseph Lubertazzi, Jr., Esq.
          MCCARTER & ENGLISH, LLP
          Four Gateway Center
          100 Mulberry Street
          Newark, NJ 07102
          Telephone: (973)639-2082
          E-mail: jlubertazzi@mccarter.com

                  About Newbury Common Associates

Newbury Common Associates, LLC, et al., comprise a corporate
enterprise that owns a diverse portfolio of high quality,
distinctive commercial, hospitality and residential properties with
an aggregate of approximately 800,000 square feet located primarily
in Stamford, Connecticut.

On Dec. 13, 2015, Newbury Common Associates, LLC, and 13 affiliates
each commenced a voluntary case (Bankr. D. Del. Lead Case No.
15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14,
Tag Forest LLC commenced a Chapter 11 case (collectively, "Original
Debtors").  On Feb. 3, 2016, Newbury Common Member Associates, LLC
and 8 affiliates commenced a voluntary case under chapter 11 of the
Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue Associates,
LLC filed a Chapter 11 petition (collectively "Additional
Debtors").

Seaboard Realty, LLC, its principals or entities it manages serve
as the manager under the operating agreements for each of the
Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L.
Kelly, Jr. and 25% by William A. Merritt, Jr.  The Original Debtors
other than Seaboard Residential, LLC, Tag, and Newbury Common
Associates, LLC, are holding companies whose assets are
substantially comprised of the equity of the Property Owner
Debtors.  The Debtors' eight operating property are owned by the
"Property Owner Debtors", namely Century Plaza Investor Associates,
LLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS Associates,
LLC; Park Square West Associates, LLC; Clocktower Close Associates,
LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue
Associates, LLC; 220 Elm Street I, LLC; 300 Main Street Associates,
LLC; and Seaboard Residential, LLC.

The Original Debtors' chapter 11 cases are being jointly
administered pursuant to an order entered Dec. 18, 2015.  The
Debtors later won approval of a supplemental motion seeking joint
administration of the Additional Debtors' Chapter 11 cases with the
cases of the Original Debtors for procedural purposes only.

As of Jan. 7, 2016, the Debtors had incurred purported aggregate
funded secured indebtedness of approximately $177.2 million in
principal, including approximately $150.4 million of property-level
secured debt and approximately $26.8 million of purported and
allegedly unauthorized mezzanine debt.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Dechert LLP as attorneys, and Donlin Recano as claims and noticing
agent.


NORANDA ALUMINUM: Bauxite Case Should Be Dismissed, Sherwin Says
----------------------------------------------------------------
Sherwin Alumina Company is asking the the U.S. Bankruptcy Court to
dismiss the Chapter 11 case of Noranda Bauxite Ltd., Noranda
Aluminum Holding's affiliated Debtor.

According to BankruptcyData.com, the motion explains, "NBL's filing
in this District smack of forum shopping. NBL is a Jamaican company
that operates the St. Ann bauxite mine in Discovery Bay, Jamaica.
It has no facilities or offices in the United States, let alone
Missouri. . . .  Even worse, NBL filed its Chapter 11 Case in this
Court -- not out of a good faith need to restructure its business
here -- but rather to avoid adjudication concerning its supply
agreement with Sherwin by the Bankruptcy Court in the Southern
District of Texas, where Sherwin had already filed its own chapter
11 case, or in its own home forum of Jamaica. More specifically,
Sherwin is NBL's only non-affiliate customer. . . .  Alternatively,
this Court can dismiss this case for cause based on forum non
convenient grounds and in the interests of international comity.
The incontrovertible facts establish that NBL has no nexus to
Missouri, and Missouri has no interest in NBL, in general, or the
fate of the bauxite Supply Agreement, in particular. Conversely,
Jamaica, which is NBL's place of incorporation and principal place
of business, is both available to NBL and perfectly capable of
providing NBL with an adequate forum in which to restructure its
business."

                     About Noranda Aluminum

Noranda Aluminum Holding Corporation is an integrated producer of
primary aluminum and high-quality rolled aluminum coils.  The
Company has two businesses: an Upstream Business and a Downstream
Business.  The Upstream Business consists of a smelter near New
Madrid, Missouri, referred to as "New Madrid," and supporting
operations at a bauxite mining operation ("St. Ann") and an alumina
refinery ("Gramercy").  The Downstream, or Flat-Rolled Products
Business is one of the largest aluminum foil producers in North
America, and consists of four rolling mill facilities.  Noranda had
approximately 1,857 employees as of the Petition Date.

Noranda Aluminum, Inc., et al., filed separate Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Lead Case No. 16-10083) on
Feb. 8, 2016.  The petitions were signed by Dale W. Boyles, the
chief financial officer.  Judge Barry S. Schermer is assigned to
the cases.

The Debtors estimated both assets and liabilities in the range of
$1 billion to $10 billion.  As of the Petition Date, the Debtors
had approximately $529.6 million in outstanding principal amount of
secured indebtedness, consisting of a revolving credit facility and
a term loan facility.

The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP as general counsel, Carmody MacDonald P.C. as local counsel,
PJT Partners, LP as investment banker, Alvarez & Marsal North
America, LLC as restructuring advisors and Prime Clerk LLC as
claims, solicitation and balloting agent.

                          *     *     *

The Court on Feb. 9, 2016, entered an order granting joint
administration of the Chapter 11 cases under Case No.
16-10083-399.

On Feb. 11, 2016, the Court entered an order confirming that the
Debtors are entitled to statutory protections under Sec. 105, 362
and 525 of the Bankruptcy Code.

The meeting of creditors under 11 U.S.C. Sec. 341(a) is scheduled
for April 13, 2016.  The last day to oppose discharge or
dischargeability is June 13, 2016.


NORANDA ALUMINUM: Contractors Want Adequate Protection
------------------------------------------------------
Progressive Services, Inc. d/b/a Progressive Roofing and Artisan
Contracting, LLC filed their respective responses in opposition to
debtors Noranda Aluminum, Inc., et. al.'s motion to obtain DIP
financing.

Progressive Services, a contractor that provided substantial labor
and materials for Debtors' benefit as a result of an explosion at
its New Madrid Facility, said it mechanics and materialmen's lien
rights are being put at risk by the scope and effect of the sought
after final approval of the DIP Financing.  Progressive asserts it
is entitled to the same adequate protection for its lien rights
under Missouri law as being offered and provided to the Debtors'
prepetition lenders under the DIP Facility.  As a result,
Progressive avers that the DIP Facility requires revisions to
provide it with the same level of adequate protection assurances.

Artisan Contracting, a contractor that also provided substantial
labor and materials for Debtors' benefit as a result of an
explosion at its New Madrid Facility, says its mechanics and
materialmen's lien rights are being put at risk by the scope and
effect of the sought after final approval of the DIP Financing.  It
also claims that the DIP Facility requires revisions to provide it
with the same level of adequate protection assurances.

Sound Harbor Partners LLC withdrew its response to the Debtor's
motion.

Progressive Services, Inc.'s attorneys:

          E.P. Keiffer, Esq.
          COATS ROSE
          325 North St. Paul St., Suite 4150
          Dallas, TX 75201
          Telephone: (214)651-6500
          Facsimile: (214)481-2817
          E-mail: pkeiffer@coatsrose.com
                 
                 - and -

          David A. Sosne, Esq.
          SUMMERS COMPTON WELLS LLC
          8909 Ladue Road
          St. Louis, MO 63124
          Telephone: (314)991-4999
          Facsimile: (314)991-2413
          E-mail: dasattymo@summerscomptonwells.com

Sound Harbor Partners' attorneys:

          Scott Greenberg, Esq.
          SANDBERG PHOENIX & VON GONTARD P.C.
          600 Washington Avenue
          15th Floor
          St. Louis, Missouri 63101
          Telephone: (314)231-3332
          Facsimile: (314)241-7604
          E-mail: sgreenberg@sandbergphoenix.com

                 - and -

          James H. Millar, Esq.
          Stacy A. Lutkus, Esq.
          DRINKER BIDDLE & REATH LLP
          1177 Avenue of the Americas
          41st Floor
          New York, NY 10036
          Telephone: (212)248-3140
          Facsimile: (212)248-3141

Artisan Contracting's attorneys:

          J. Michael Payne, Esq.
          THE LIMBAUGH FIRM
          407 N. Kingshighway #400, P.O. Box 1150
          Cape Girardeau, MO 63702-1150
          Telephone: (573)335-3316
          Facsimile: (573)335-0621
          E-mail: mpayne@limbaughlaw.com

                      About Noranda Aluminum

Headquartered in New Madrid, Missouri, Noranda Aluminum, Inc., is
engaged in the production of primary aluminum and rolled aluminum
coils.  In 2015, Noranda produced approximately 498 million pounds
of primary aluminum.

Noranda Aluminum and 10 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D. Mo. Lead Case No. 16-10083) on
Feb. 8, 2016.  The petitions were signed by Dale W. Boyles, the
chief financial officer.  Judge Barry S. Schermer is assigned to
the cases.

The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP as counsel, Carmody MacDonald P.C. as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC as restructuring advisors and Prime Clerk LLC as claims,
solicitation and balloting agent.

The Debtors estimated both assets and liabilities in the range of
$1 billion to $10 billion.  As of the Petition Date, the Debtors
had approximately $529.6 million in outstanding principal amount
of secured indebtedness, consisting of a revolving credit facility
and a term loan facility.

The Debtors had approximately 1,857 employees as of the Petition
Date.


NORFE GROUP: PRAPI Blocks Access to Cash Collateral
---------------------------------------------------
PR Asset Portfolio 2013-1 International Sub I, LLC ("PRAPI") sought
and obtained from Judge Mildred Caban Flores of the U.S. Bankruptcy
Court for the District of Puerto Rico an order prohibiting Norfe
Group Corp. from using its cash collateral

PRAPI related that it entered into a Settlement with the Debtor,
whereby PRAPI agreed to a certain payment structure.  As a result
of the Debtor's continued and ongoing defaults under the
Settlement, PRAPI was forced to file State Court Cases on April 2,
2014.  Prior to the filing of the petition, it once again reached
out to the Debtor and agreed to a new repayment structure through
the Consensual Agreement filed in the State Court Cases.  PRAPI
agreed to modify the terms of the Consensual Agreement on two
separate occasions solely to accommodate the Debtor's needs.

PRAPI told the Court that the Debtor's bad faith dealings have
precluded any and all efforts made by PRAPI to find reasonable
commercial solutions to this matter.  PRAPI further told the Court
that the Debtor has now filed the instant bankruptcy case as a
means to delay the foreclosure process and obtain additional time
to the sole prejudice and detriment of PRAPI, whose collateral has
been diminishing in value, and will likely continue to diminish in
value.

PRAPI asserted that it should not be forced, through the
non-consented use of its cash collateral, to place its collateral
at substantial risk by essentially "financing" a bankruptcy
proceeding that appears to have a minimum, if any, probability of
reorganization whatsoever, and where the likelihood of PRAPI
recovering on the used cash collateral is remote, at best, in light
of the fact that there exists no viable exit strategy pursuant to
which creditors, such as PRAPI, will be paid the amount and value
of their security interest.

PR Asset Portfolio 2013-1 International Sub I, LLC ("PRAPI") is
represented by:

          Hermann D. Bauer, Esq.
          Nayuan Zouairabani, Esq.
          O'NEILL & BORGES LLC
          American International Plaza
          250 Muñoz Rivera Avenue, Suite 800
          San Juan, PR 00918-1813
          Telephone: (787)764-8181
          Facsimile: (787)753-8944
          E-mail: hermann.bauer@oneillborges.com
                  nayuan.zouairabani@oneillborges.com

                        About Norfe Group

Norfe Group Corp. filed a Chapter 11 bankruptcy petition (Bankr.
D.P.R. Case No. 16-00285) in Old San Juan, Puerto Rico, on Jan. 20,
2016.  The petition was signed by David Efron, president.

The Debtor disclosed total assets of $14.9 million and debt of
$25.4 million.

The Debtor tapped Charles Alfred Cuprill, Esq., at Charles A
Cuprill, PSC Law Office, as counsel.  



NPPF I: Fitch Cuts Ratings on 2 Tranches to 'BB'
------------------------------------------------
Fitch Ratings has downgraded all classes, revised the Rating
Outlooks on three classes, and maintained the Recovery Estimates
(RE) for two classes of certificates of Non-Profit Preferred
Funding Trust I (NPPF I).

                         KEY RATING DRIVERS

Since Fitch's last rating action in March 2015, the portfolio has
experienced a net negative credit migration, with downgrades in
either the public ratings or Fitch's point-in-time credit opinions,
outpacing upgrades.  The average credit quality has deteriorated to
'B-' from 'B+/B' at last review.

NPPF I's portfolio balance has decreased by approximately
$4.8 million to $148.9 million, or 37% of the initial portfolio
size, as per the February 2016 trustee report, compared to Fitch's
last rating action.  Regularly scheduled amortizations accounted
for $2.3 million of the total principal amortization, while the
remaining $2.5 million of paydowns yielded from a partial recovery
(36%) of one defaulted security.  The proceeds were then used to
amortize the class A certificates, which over the last payment date
received approximately $5.2 million, or 7% of their collective
balance at last review, in principal repayments, due to the
amortization and excess spread diverted to cure the failing class D
Coverage Test.

Presently, the pool comprises debt of 16 obligors, of which 13 are
considered by Fitch as performing, compared to 15 and 12,
respectively, at last review.  Only 16% of the portfolio is
carrying investment grade public rating or credit
opinion-equivalent of investment grade.  The cumulative exposure to
defaulted securities now stands at 20.3%, compared to 27.1% at last
review.  The lower exposure to defaulted assets is the result of
one obligor that fully recovered from default.

In evaluating the notes, Fitch applied the analytical framework
described in the report 'Global Rating Criteria for CLOs and
Corporate CDOs' using corporate PCM for projecting future default
levels and performing a cash flow modeling analysis for the notes
to measure the breakeven levels under the various default timing
and interest rate stress scenarios.  Fitch adjusted the assumptions
for correlation and recovery estimates from the 'Global Rating
Criteria for CLOs and Corporate CDOs' to account for the high
intra-state correlation in the portfolio.  For the defeased assets,
Fitch used the first call date as their expected maturity date.

The ratings and outlooks for all classes of certificates reflect
the range of breakeven results from the cash flow model.  Fitch
does not assign Outlooks to classes rated 'CCCsf' and lower.  Fitch
has maintained the previously assigned Recovery estimates (REs) on
the class C and D certificates reflecting minimal change in
recovery expectations from defaulted assets.

NPPF I is a Structured Tax-Exempt Pass-Through (STEP) program
formed in November 2006 to issue $416.5 million of municipal market
data (MMD) index-based senior, mezzanine, and junior certificates.
The proceeds of the issuance were invested in a portfolio of
municipal debt issued under the 501(c)(3) program. The initial
portfolio was selected by Cohen Municipal Capital Management, LLC
together with sub-advisors Nonprofit Capital LLC and Shattuck
Hammond.  In March 2009, Muni Capital Management, LLC took over the
management responsibilities for this transaction by consolidating
the team of Cohen Municipal Capital Management, LLC.

                       RATING SENSITIVITIES

Given the high degree of portfolio concentration in this
transaction, the risk of adverse selection could negatively impact
the ratings.  Any significant collateral quality deterioration
could lead to further downgrades of the ratings for the
certificates.
DUE DILIGENCE USAGE

No third-party due diligence was provided or reviewed in relation
to this rating action.

Fitch has downgraded all classes and revised the Rating Outlooks as
indicated:

   -- $20,044,974 class A-1 senior certificates to 'BBsf' from
      'BBBsf'; Outlook to Stable from Negative;

   -- $51,075,038 class A-2 delayed issuance senior certificates
      to 'BBsf' from 'BBBsf'; Outlook to Stable from Negative;

   -- $16,500,000 class B senior certificates to 'Bsf' from
      'BBsf'; Outlook to Stable from Negative;

   -- $22,000,000 class C mezzanine certificates to 'CCsf' from
      'CCCsf'; RE 20%;

   -- $14,000,000 class D subordinated certificates to 'Csf' from
      'CCsf'; RE 0%.

Fitch does not rate class E junior certificates.


OSAGE EXPLORATION: Judge OKs Bidding Rules, Sets March 24 Auction
-----------------------------------------------------------------
A bankruptcy judge approved a bidding process for potential suitors
to buy the assets of Osage Exploration and Development Inc.

The order, issued on March 9 by U.S. Bankruptcy Judge Sarah Hall,
allows the company to solicit offers and sell most of its assets to
the highest bidder.  

The bidding rules set a March 22 deadline for potential buyers to
make an offer.  Osage will hold an auction on March 24 at the
offices of Crowe & Dunlevy, Oklahoma City, if it receives multiple
bids for its assets.

U.S. Energy Development Corp. will take part at the auction as the
stalking horse bidder.  The company made a $5 million cash offer
for the assets, according to court filings.

U.S. Energy will receive a breakup fee of $150,000 and
reimbursement of up to $75,000 for its expenses if it is not
selected as the winning bidder.

Judge Hall will hold a hearing on March 31 to consider the sale of
the assets to the winning bidder.  Objections to the sale are due
by March 28.

A copy of the document detailing the bidding procedures is
available for free at http://is.gd/gMJMgO

                    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 pursue a sale of
substantially all assets.  

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

The Debtor tapped Crowe & Dunlevy as counsel.


OUTER HARBOR: Wind-Down Gets $9.5M DIP Financing to Continue
------------------------------------------------------------
Vince Sullivan at Bankruptcy Law360 reported that Outer Harbor
Terminal received final approval for its $9.5 million
debtor-in-possession financing package on March 1, 2016, in
Delaware to help fund the wind-down of its cargo handling operation
in California over the objections of a labor union seeking back
wages and benefits payments.  The company received interim approval
for $3.5 million in financing last month, but objections raised by
the Port of Oakland over rent and maintenance payments led Outer
Harbor to seek approval for the additional $6 million to cover
those costs on its leased space.

                        About Outer Harbor

Oakland, California-based port operator Outer Harbor Terminal, LLC
filed for Chapter 11 protection (Bankr. D. Del. Case No. 16-10283)
on Feb. 1, 2016.

The Hon. Laurie Selber Silverstein presides over the case.
Milbank, Tweed, Hadley & Mccloy LLP is the Debtor's general
counsel.  Mark D. Collins, Esq., at Richards, Layton & Finger,
P.A., serves as its Delaware counsel.

The Debtor estimated assets and debts at $100 million to $500
million.  The petition was signed by Heather Stack, chief
financial
officer.


PDC ENERGY: S&P Lowers Rating on Sr. Unsecured Notes to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised the issue-level rating on
the company's senior unsecured notes to 'BB-' from 'B+'.  S&P
revised the recovery rating on the senior unsecured debt to '2'
from '3'.  The recovery rating indicates S&P's expectation of
substantial (70% to 90%, lower half of range) recovery in the event
of payment default.

The corporate credit rating remains 'B+' and the outlook remains
stable.

The upgrade in the senior unsecured rating to 'BB-' from 'B+' and
recovery rating to '2' from '3' reflects S&P's expectation that PDC
will use the proceeds from its recent $303 million (gross proceeds)
equity offering to repay the upcoming maturity on its 3.25%
convertible notes due in May 2016.  Additionally, the upgrade
reflects the benefit to our PV-10 value from PDC's ability to
continue to grow reserves despite the weaker price environment in
2015, without increasing debt levels.

"The ratings on PDC Energy Inc. reflect our assessment of the
company's vulnerable business risk, significant financial risk, and
adequate liquidity," said Standard & Poor's credit analyst David
Lagasse.

The stable outlook on PDC Energy Inc. reflects Standard & Poor's
Ratings Services' expectation that it will maintain solid financial
measures including FFO/debt above 20% and adequate liquidity
despite the decline in current commodity prices.

S&P could lower the rating if it expected PDC's funds from
operations (FFO)/debt to fall below 20% for a sustained period or
if liquidity weakens considerably, which would most likely occur if
the company's operational performance declines.

S&P could raise the rating if PDC consistently improves its
operational performance, geographic diversity, and increases
reserves to levels more consistent with 'BB' rated peers, while
expected FFO to total debt remains more than 45% and debt/EBITDA
below 2x.



PEABODY ENERGY: Citadel Reports 4.4% Stake as of March 1
--------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Citadel GP LLC and Kenneth Griffin disclosed that as of
March 1, 2016, they beneficially own 815,035 shares of common stock
of Peabody Energy Corporation representing 4.4 percent of the
shares outstanding.  Also included in the filing are: Citadel
Advisors LLC (201,665 shares) and Citadel Advisors Holdings II LP
(201,665 shares).  A copy of the regulatory filing is available for
free at http://is.gd/ZUFgUD

                    About Peabody Energy

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company.  As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia.   The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount Mine
in Australia.  In addition to its mining operations, the Company
markets and brokers coal from other coal producers, both as
principal and agent, and trade coal and freight-related contracts
through trading and business offices in Australia, China, Germany,
India, Indonesia, Singapore, the United Kingdom and the U.S.
(listed alphabetically).

The Company reported a net loss attributable to common stockholders
of $787 million in 2014, a net loss attributable to common
stockholders of $524.9 million in 2013 and a net loss attributable
to common stockholders of $585.7 million in 2012.

                        *     *     *
                
As reported by the Troubled Company Reporter on Jan. 20, 2016,
Standard & Poor's Ratings Services said it lowered its corporate
credit rating on St. Louis-based Peabody Energy Corp. to 'CCC+'
from 'B'.


PETTERS COMPANY: Judge Approves Outline of Liquidating Plan
-----------------------------------------------------------
A bankruptcy judge approved the outline of liquidating plan
proposed by the Chapter 11 trustee of Petters Company Inc. and its
affiliates.

Judge Gregory Kishel of the U.S. Bankruptcy Court in Minnesota
approved the disclosure statement, allowing the companies to begin
soliciting votes from creditors who have until April 5, 2016, to
cast their votes.

A court hearing to consider confirmation of the liquidating plan is
scheduled for April 12.  Objections are due by April 5.

The liquidating plan provides for a settlement of the two largest
claims filed by lenders Lancelot Investors Fund L.P. and Palm Beach
Finance.  

The deal requires Lancelot and Palm Beach to pay a total amount of
$15.6 million to the companies.  In exchange, each of the lenders
will get a general unsecured claim.  

Under the plan, Interlachen Harriet Investments Limited's claim
will be allowed as a general unsecured claim in the amount of $60
million.  Meanwhile, the claim of Ark Discovery II, LP will be
allowed as a general unsecured claim in the amount of $107.2
million.

The liquidating plan also provides for a settlement between Douglas
Kelley, the companies' Chapter 11 trustee, and the trustee
appointed in the Chapter 7 case of Petters Capital, LLC.

The deal requires the Chapter 11 trustee to drop the $3 million
claim of Petters Group Worldwide LLC, which was filed in the
Chapter 7 case of Petters Capital.

In exchange, Petters Capital will drop its claims against the
companies in excess of $259 million.  Moreover, the claim of
Petters Company will be allowed in the amount of $107.85 million in
the Chapter 7 case.

Meanwhile, two liquidating trusts will be created under the plan
for the commencement and continued prosecution of claims and causes
of action, according to court filings.

A copy of the latest version of the disclosure statement is
available for free at http://is.gd/c1UB5v

The outline of the liquidating plan had earlier been modified to
address the concerns of the U.S. trustee regarding claims of
substantial contribution under section 503(b)(3) and (4) of the
Bankruptcy Code, court filings show.

                      About Petters Company

Based in Minnetonka, Minn., Petters Group Worldwide LLC is a
collection of some 20 companies, most of which make and market
consumer products.  It also works with existing brands through
licensing agreements to further extend those brands into new
product lines and markets.  Holdings include Fingerhut (consumer
products via its catalog and Web site), SoniqCast (maker of
portable, WiFi MP3 devices), leading instant film and camera
company Polaroid (purchased for $426 million in 2005), Sun Country
Airlines (acquired in 2006), and Enable Holdings (online
marketplace and auction for consumers and manufacturers' overstock
inventory).  Founder and chairman Tom Petters formed the company in
1988.

Petters Company, Inc. is the financing and capital-raising unit of
Petters Group Worldwide.

Thomas Petters, the founder and former CEO of Petters Group, has
been indicted and a criminal proceeding against him is proceeding
in the U.S. District Court for the District of Minnesota.

Petters Company, Petters Group Worldwide and eight other affiliates
filed separate petitions for Chapter 11 protection (Bankr. D. Minn.
Lead Case No. 08-45257) on Oct. 11, 2008.  In its petition, Petters
Company estimated its debts at $500 million and $1 billion.  Parent
Petters Group Worldwide estimated its debts at not more than
$50,000.

Petters Aviation, LLC, and affiliates MN Airlines, LLC, doing
business as Sun Country Airlines, Inc., and MN Airline Holdings,
Inc. filed separate petitions for Chapter 11 bankruptcy protection
(Bankr. D. Minn. Case Nos. 08-45136, 08-35197 and 08-35198) on Oct.
6, 2008.  Petters Aviation is a wholly owned unit of Thomas Petters
Inc. and owner of MN Airline Holdings, Sun Country's parent
company.

The Official Committee of Unsecured Creditors is represented by
David E. Runck, Esq., Lorie A. Klein, Esq., at Fafinski Mark &
Johnson, P.A.

Trustee Douglas A. Kelley is represented by James A. Lodoen, Esq.,
Mark D. Larsen, Esq., Kirstin D. Kanski, Esq., Adam C. Ballinger,
Esq., at Lindquist & Vennum LLP.


PHARMACYTE BIOTECH: Incurs $1.79 Million Net Loss in Third Quarter
------------------------------------------------------------------
Pharmacyte Biotech, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $1.79 million on $0 of revenues for the three months ended
Jan. 31, 2015, compared to a net loss of $1.45 million on $0 of
revenues for the same period in 2015.

For the nine months ended Jan. 31, 2016, the Company reported a net
loss of $4.94 million on $0 of revenues compared to a net loss of
$7.10 million on $0 of revenues for the nine months ended
Jan. 31, 2015.

As of Jan. 31, 2016, Pharmacyte had $8 million in total assets,
$1.06 million in total liabilities and $6.93 million in total
stockholders' equity.

As of Jan. 31, 2016, the Company's cash totaled approximately $2.9
million, compared to approximately $2.7 million at April 30, 2015.
Working capital was approximately $1.8 million at Jan. 31, 2016,
and approximately $2.6 million at April 30, 2015.  The increase in
cash is attributable to the Company's reduction of operating
expenses, net of the proceeds from the sale of its common stock.

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

                      http://is.gd/CUUcnz
  
                 About PharmaCyte Biotech, Inc.

PharmaCyte Biotech, Inc., formerly known as Nuvilex Inc, is
dedicated to bringing to market scientifically derived products
designed to improve the health, condition and well-being of those
who use them.  The Company is a clinical stage biotechnology
company focused on developing and preparing to commercialize
treatments for cancer and diabetes based upon a proprietary
cellulose-based live-cell encapsulation technology known as
Cell-in-a-Box.  The Company intends to use this unique and patented
technology as a platform upon which to build treatments for several
types of cancer, including advanced, inoperable pancreatic cancer,
and diabetes.

For the year ended April 30, 2015, the Company reported a net loss
of $10.85 million compared to a net loss of $27.25 million for the
year ended April 30, 2014.


POSITIVEID CORP: Extends Thermomedics Closing Date to March 31
--------------------------------------------------------------
PositiveID Corporation, on Oct. 21, 2015, entered into an agreement
to acquire all of the outstanding capital stock of Thermomedics,
Inc., pursuant to a Stock Purchase Agreement by and between
PositiveID and Sanomedics Inc. ("Seller"), the shareholder of
Thermomedics.

On Dec. 4, 2015, PositiveID entered into a First Amendment to the
Stock Purchase Agreement with the Seller.  PositiveID, the Seller
and Thermomedics also entered into a Management Services and
Control Agreement, dated Dec. 4, 2015, whereby PositiveID was
appointed the manager of Thermomedics.

As a result of the Company assuming control of Thermomedics
pursuant to the Control Agreement it was determined under
applicable accounting standards that Dec. 4, 2015, was the
acquisition date of Thermomedics.

On March 8, 2016, the Company filed a current report with the SEC
to disclose certain updates to the agreement of the parties with
respect to the Acquisition and Control Agreement.

On March 4, 2016, PositiveID, the Seller and Thermomedics entered
into a letter agreement, which includes an amendment to the Control
Agreement, an agreement to terminate intercompany indebtedness, and
an agreement for the transfer of Thermomedics' intellectual
property.

Under the terms of the March Agreement, PositiveID, the Seller and
Thermomedics agreed to extend the closing date for the Purchase
Agreement to March 31, 2016.

The Seller also agreed to release, cancel, terminate or otherwise
settle all intercompany indebtedness and accounts owed by
Thermomedics to the Seller as of Dec. 4, 2015, and the Seller
agreed to also cause Thermomedics to release, cancel, terminate or
otherwise settle all intercompany indebtedness and accounts owed by
the Seller to Thermomedics as of Dec. 4, 2015.  Additionally,
pursuant to the March Agreement, effective as of Dec. 4, 2015, the
Seller agreed to transfer all patents and other intellectual
property owned by the Seller, but which relate to, or are used by,
Thermomedics, to Thermomedics such that Thermomedics is the
rightful and valid owner of all of its intellectual property and
the intellectual property used in the business as of such date.

Except as otherwise modified by the March Amendment, the terms of
the Control Agreement remains in effect and unchanged.  Further,
the Purchase Agreement and SPA Amendment continue to be in effect.

                        About PositiveID

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.

PositiveID reported a net loss attributable to common stockholders
of $8.22 million on $945,000 of revenue for the year ended
Dec. 31, 2014, compared with a net loss attributable to common
stockholders of $13.33 million on $0 of revenue for the year ended
Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $1.04 million in total
assets, $10.86 million in total liabilities and a $9.82 million
total stockholders' deficit.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014.  The accounting firm noted that the
Company reported a net loss, and used cash for operating
activities of approximately $7.19 million and $2.57 million
respectively, in 2014.  At Dec. 31, 2014, the Company had a working
capital deficiency, stockholders' deficit and accumulated deficit
of approximately $8.076 million, $8.45 million and $133 million,
respectively.


PRECISION OPTICS: Joel Pitlor Retires as Director
-------------------------------------------------
Mr. Joel R. Pitlor retired from Precision Optics Corporation,
Inc.'s Board of Directors on March 2, 2016, according to a Form
8-K report filed with the Securities and Exchange Commission.  Mr.
Pitlor has served as a member of the Company's Board for more 25
years.

"We are deeply grateful to Mr. Pitlor for his many years of service
and dedication to our Company and wish him the best in the future,"
the Company said in the filing.

On March 2, 2016, the Company's Board of Directors appointed Andrew
Miclot as a director of the Company.

Mr. Miclot has more than 25 years of leadership experience with
medical device suppliers and brings substantial global industry
knowledge to the Company.  Since October 2015, Mr. Miclot has been
the president, CEO, and director of Micro Machine Co., a supplier
of medical products for the orthopedic and spinal industries. Prior
to joining Micro Machine Co., from May 2013 to September 2014, Mr.
Miclot was executive vice president of MicroTechnologies, Inc., a
medical device supplier.  Mr. Miclot was general manager and senior
vice president of ArthroCare Corporation from June 2009 to March
2013.  From January 2008 to March 2009, Mr. Miclot was president,
CEO, and director of Ascension Orthopedics, Inc.  He was vice
president of Marketing for the orthopedic global business unit at
Orthofix, Inc. from April 2007 to January 2008, and from March 1994
to April 2007, he served as senior vice president with Symmetry
Medical Inc., a medical device supplier.  Mr. Miclot has a BA
degree in Speech and Hearing and a MA degree in Audiology from
Indiana University and a MBA from the Lake Forest Graduate School
of Management, earned in 1991.

                    About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.17 million on $3.91
million of revenues for the year ended June 30, 2015, compared to a
net loss of $1.16 million on $3.65 million of revenues for the year
ended June 30, 2014.

As of Dec. 31, 2015, the Company had $2.09 million in total assets,
$1.26 million in total liabilities, all current, and $829,664 in
total stockholders' equity.

Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2015, citing that the Company has suffered
recurring net losses and negative cash flows from operations, which
raises substantial doubt about its ability to continue as a going
concern.


REICHHOLD HOLDINGS: Liquidating Plan Declared Effective
-------------------------------------------------------
BankruptcyData reported that Reichhold Holdings US' Second Amended
Chapter 11 Plan of Liquidation became effective.  The Bankruptcy
Court confirmed the Plan on Jan. 13, 2016.  The Plan provides for
the following creditor treatment: Secured claimholders will receive
payment in full in cash or collateral securing the claim; general
unsecured claimants holding uninsured claims will receive a share
of the liquidating trust interests and convenience claim holders
will receive cash equal to 5% of their claim.

                     About Reichhold Holdings

Founded in 1927, Reichhold, with its world headquarters and
technology center in Durham, North Carolina, is one of the world's
largest manufacturer of unsaturated polyester resins and a leading
supplier of coating resins for the industrial, transportation,
building and construction, marine, consumer and graphic arts
markets.  Reichhold -- http://www.Reichhold.com/-- has       
manufacturing operations throughout North America, Latin America,
the Middle East, Europe and Asia.

As of June 30, 2014, the Reichhold companies had consolidated
assets of $538 million and liabilities of $631 million.

Reichhold Holdings US, Inc., Reichhold, Inc., and two U.S.
affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case
No. 14-12237) on Sept. 30, 2014.

Cole, Schotz, Meisel, Forman & Leonard, P.A. (legal advisor) and
CDG Group LLC (financial advisor) are representing Reichhold, Inc.

Latham & Watkins LLP (legal advisor) and Moelis & Company
(investment banker) are serving Reichhold Industries, Inc.  Logan
&
Company is the company's claims and noticing agent.  The cases are
assigned to Judge Mary F. Walrath.

The U.S. Trustee for Region 3 appointed seven creditors of
Reichhold Holdings US, Inc. to serve on the official committee of
unsecured creditors.

On April 1, 2015, the U.S. Trustee named three non-union retirees
of Debtors to serve as the official Non-Union Retiree Committee.
Each of the Retiree Committee members is receiving retiree welfare
benefits from one or more of the Debtors.

On April 2, 2015, Reichhold disclosed that the purchase of most of
the assets of the U.S. business was completed.  This transaction,
approved by the Delaware Bankruptcy Court on January 12, 2015,
allows Reichhold's U.S. businesses to successfully emerge from
bankruptcy and re-join the rest of the global Reichhold
organization.  Concurrent with this purchase, Reichhold completed
a
debt-for-equity exchange with a group of investors led by Black
Diamond Capital Management LLC and including J.P. Morgan
Investment
Management, Inc., Third Avenue Management LLC, and Simplon
Partners
LP.


RESIDENTIAL CAPITAL: Trust Posts 2015 Financial Statements
----------------------------------------------------------
The ResCap Liquidating Trust on March 9 disclosed that its
unaudited Consolidated Financial Statements, as of and for the
period ended Dec. 31, 2015, along with its year end Beneficiary
Letter have been posted to the Trust's website.

In addition, the 2015 Trust Beneficiary Information for U.S.
Federal and State Income Tax Purposes Letter and 2015 Trust
Beneficiary Tax Worksheet for U.S. Federal Income Tax Purposes for
Beneficiaries of Trust Units for the calendar year 2015 have been
posted to the Trust's website.

The 2015 Tax worksheets for State Specific Income Tax Purposes for
Beneficiaries of Trust Units for the calendar year 2015 will be
posted at a later date after all Trust state tax returns have been
completed.  The Trust is targeting the posting of these worksheets
on or before July 15, 2016.

                   About Residential Capital

Residential Capital LLC, the unprofitable mortgage subsidiary of
Ally Financial Inc., filed for bankruptcy protection (Bankr.
S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally
Financial nor Ally Bank is included in the bankruptcy filings.

ResCap, one of the country's largest mortgage originators and
servicers, was sent to Chapter 11 with 50 subsidiaries amid
"continuing industry challenges, rising litigation costs and
claims, and regulatory uncertainty," according to a company
statement.

ResCap disclosed $15.7 billion in assets and $15.3 billion in
liabilities at March 31, 2012.

Centerview Partners LLC and FTI Consulting are acting as financial
advisers to ResCap. Morrison & Foerster LLP is acting as legal
adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is
the conflicts counsel.  Rubenstein Associates, Inc., is the  public
relations consultants to the Company in the Chapter 11  case.
Morrison Cohen LLP is advising ResCap's independent  directors.
Kurtzman Carson Consultants LLP is the claims and notice agent.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves
as counsel to Ally Financial.

ResCap sold most of the businesses for a combined $4.5 billion.
The Bankruptcy Court in November 2012 approved ResCap's sale of its
mortgage servicing and origination platform assets to Ocwen Loan
Servicing, LLC and Walter Investment Management Corporation for $3
billion; and its portfolio of roughly 50,000 whole loans to
Berkshire Hathaway for $1.5 billion.

Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11
Plan co-proposed by Residential Capital and the Official Committee
of Unsecured Creditors.


RIVERSIDE FINANCIAL: Case Summary & 2 Unsecured Creditors
---------------------------------------------------------
Debtor: Riverside Financial Group, Inc.
        5 Clocks Lane
        Darien, CT 06820
        United States

Case No.: 16-50337

Chapter 11 Petition Date: March 9, 2016

Court: United States Bankruptcy Court
       District of Connecticut (Bridgeport)

Judge: Hon. Carla E. Craig

Debtor's Counsel: Daniel S. DiBartolomeo, Esq.
                  DIBARTOLOMEO LAW FIRM
                  203 Circle Drive
                  Bantam, CT 06750
                  Tel: 203-797-9903
                  E-mail: atty.dibartolomeo@yahoo.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

A list of the Debtor's two largest unsecured creditors is available
for free at http://bankrupt.com/misc/ctb16-50337.pdf


RWL INVESTMENTS: Asks Court Approval of Cash Collateral Use
-----------------------------------------------------------
RWL Investments, LLC, seeks permission from the Bankruptcy Court to
use cash collateral in which Bancorp South, Centennial Bank, Eagle
Bank & Trust, First Community Bank, Batesville, First Security
Bank, and U.S. Bank hold potential interest, for the period of
March 1, 2016, to Aug. 31, 2016.

The Debtor intends to use accounts receivable, rents and proceeds
from its commercial and residential properties -- which constitute
Cash Collateral -- to pay staffing, operating, maintenance and
administrative expenses.  According to the Debtor, it has no
unencumbered source of funding to operate its business and as a
result of its financial condition, it has been unable to obtain
alternative sources of cash or credit.

The Debtor maintained that secured creditors are adequately
protected as the aggregate value of the property securing the
secured creditors' debts greatly exceeds the alleged aggregate
amount of those creditors' claims.

RWL Investments agreed not to pay any pre-petition debts with the
Cash Collateral except upon orders of the Court.

The Debtor proposed to account monthly for the collection and
expenditure of the Cash Collateral via the required monthly
operating report pursuant to the regulations of the office of the
United States Trustee and other applicable law.

Any money not used from the Cash Collateral will be distributed as
directed by a confirmed plan of reorganization.

                     About RWL Investments

RWL Investments, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Ark. Case No. 16-11251) on March 8, 2016.  The petition was
signed by Ryan Lazenby as manager.  Keech Law Firm, P.A.,
represents the Debtor as counsel.  The Debtor listed total assets
of $11.11 million and total debts of $8.57 million.


RWL INVESTMENTS: Files Application to Employ Keech Law Firm
-----------------------------------------------------------
RWL Investments, LLC, seeks permission from the Bankruptcy Court to
employ Keech Law Firm, P.A., as its counsel to, among other things,
advise it with respect to its power and duties as
Debtor-in-Possession in the continued management of its business,
manage its property and perform all legal services.

To the best of the Debtor's knowledge, neither Kevin P. Keech nor
any of the employees of Keech Law Firm holds or represents an
interest adverse to the Debtor or its estate.

The Debtor desires to employ Keech Law Firm as its customary hourly
rates as follows:

             Kevin Keech, Attorney            $315
             Dana Landrum, Attorney           $285
             Rachel Hampton, Attorney         $140
             Caitlin Wilson, Legal Assistant  $125
             Seth Hyder, Attorney             $195
             Allison Gladden, Attorney        $275
             Lauren Sparks, Paralegal         $125
             Sarah Roy, Legal Assistant       $85

As disclosed in the filing, the Debtor advanced $12,000 for payment
of prepetition counsel fees to Keech Law Firm, for the case filing
fee and as a post-petition "evergreen" security deposit retainer
for post-petition services.

The Debtor requests that the employment be approved nunc pro tunc
to March 8, 2016.

                       About RWL Investments

RWL Investments, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Ark. Case No. 16-11251) on March 8, 2016.  The petition was
signed by Ryan Lazenby as manager.  Keech Law Firm, P.A.,
represents the Debtor as counsel.  The Debtor listed total assets
of $11.11 million and total debts of $8.57 million.


S AND L HOLDINGS: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of S and L Holdings NW LLC.

S and L Holdings NW, LLC, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Wash., Case No. 15-17559), on December
31, 2015.  The Debtor is represented by Jacob D DeGraaff, Esq., at
Henry Degraaff & Mccormick, P.S.


SAINT PETER'S HOSP: Moody's Affirms Ba1 Rating on $158MM Debt
-------------------------------------------------------------
Moody's Investors Service affirms the Ba1 rating on Saint Peter
University Hospital's (NJ) outstanding debt issued through New
Jersey Health Care Facilities Financing Authority of approximately
$158 million. The outlook is stable.

The affirmation of the Ba1 reflects the second consecutive year of
stable break-even financial performance, resulting in adequate debt
service coverage of a modest debt burden. Liquidity metrics show
improvement but remain below average when compared to medians. The
affirmation acknowledges Saint Peter's well-regarded women and
children's services although concentration in these two clinical
service lines remains a credit risk. These attributes are offset by
a very competitive service area, continued litigation regarding the
Church Status of the pension plan and recent litigation filed
against the largest payor in the state.

Rating Outlook

The stable outlook reflects our expectations that financial
performance will remain largely on par in FY 2016 despite increased
revenue pressure given ongoing cost reductions and clinical growth
strategies. Management has demonstrated an ability to operate
within a narrow corridor of financial flexibility that should
continue over the near term. Recent notification of an increase in
charity care subsidies should also contribute to margin stability.

Factors that Could Lead to an Upgrade

Much improved and sustained financial performance
and debt service coverage

Much improved and sustained liquidity

Factors that Could Lead to a Downgrade

Departure from current level of financial performance
  that results in weaker debt service coverage metrics

Reduction in liquidity

Unfavorable final ruling regarding pension that requires
significant contribution and impairs liquidity

Material increase in debt without commensurate cash flow increase

Contraction in market position

Legal Security

The obligated group is comprised of Saint Peter's University
Hospital (SPUH). Margaret McLaughlin McCarrick Care Center, a
120-bed nursing home which was a member of the obligated group, was
recently sold to an outside party. All tests and covenants
associated with the withdrawal from the legal borrowing group were
met. The bonds are secured by gross revenue pledge and a mortgage
of certain hospital property in New Brunswick. 1.25 times debt
service coverage ratio covenant measured on a twelve month rolling
date.

Use of Proceeds. Not applicable.

Obligor Profile

Saint Peter's University Hospital is the largest component of Saint
Peter's Healthcare System, Inc. a $436 million (total revenues)
system in New Brunswick. Major service lines include women and
children's services.


SINCLAIR TELEVISION: Moody's Rates New $350MM Unsec. Notes 'B1'
---------------------------------------------------------------
Moody's Investors Service assigned B1 to the proposed $350 million
senior unsecured notes of Sinclair Television Group, Inc., a
subsidiary of Sinclair Broadcast Group, Inc. ("Sinclair"). Proceeds
from the new notes will be used for repayment of outstanding
revolver balances and general corporate purposes. The revolver was
drawn largely to fund the acquisition Tennis Channel, Inc. stock
for a total purchase price of $350 million on March 1, 2016. There
is no immediate impact to Sinclair's debt ratings or stable outlook
as Moody's expects revenue and EBITDA growth over the next 12
months will improve financial credit metrics and better position
the company in the Ba3 Corporate Family Rating.

Assigned:

Issuer: Sinclair Television Group, Inc.

--  NEW $350 million Senior Unsecured Notes: Assigned B1 (LGD5)

RATINGS RATIONALE

Sinclair's Ba3 Corporate Family Rating reflects moderately high
leverage with 2-year average debt-to-EBITDA of 5.5x as of December
31, 2015 (including Moody's standard adjustments) and pro forma for
completed transactions. Acquisitions have expanded Sinclair's
footprint of U.S. households while diversifying revenue by
geography, network affiliation, and market size. Ratings
incorporate Sinclair's media revenue of $2.1 billion in 2015
reflecting a 13% increase over full-year 2014. Moody's believes
Sinclair's large scale and reach, with more stations than any other
broadcaster and household coverage just under the FCC maximum,
provide operating and financial benefits, including being better
positioned when negotiating with its networks as well as cable,
satellite and telco distributors. We expect 2-year average leverage
and free cash flow ratios will improve over the next 12 months
given growing cash flow benefits from retransmission fees (net of
reverse compensation) as well as significant political ad demand,
particularly in the second half of 2016.

Moody's notes that the Tennis Channel currently has 30 million
subscribers and Sinclair confirms another 20 million subscribers
will be added within 18 months of closing based on agreements with
MVPD's put in place over the last several months. Tennis Channel
comes with over-the-top subscription services, TC Plus, TV
Everywhere, and rights to 90% of U.S. televised tennis matches. The
transaction brings $200 million of NOL's with an estimated $65
million net present value. Management expects increased carriage
fees and greater ad revenue from contracted subscriber increases to
result in $60 million of pro forma annual cash flow.

Sinclair, headquartered in Hunt Valley, MD, and founded in 1986, is
one of the largest U.S. television broadcasters owning, operating
or providing services to roughly 170 stations in 81 markets. The
station group reaches roughly 38% of U.S. television households
with diversified network affiliations across primary and digital
subchannels including each of the major networks. The company also
owns a Washington D.C. based local cable news network. Members of
the Smith family exercise control over most corporate matters given
they represent four of the eight board seats and, through
Sinclair's dual class share structure, the Smith family controls
approximately 76% of voting rights. Reported net revenue for the 12
months ended December 31, 2015 totaled over $2.2 billion.


SINCLAIR TELEVISION: S&P Assigns 'B+' Rating on $350MM Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and '5' recovery rating to Sinclair Television Group Inc.'s
proposed $350 million senior unsecured notes due 2026.  The '5'
recovery rating indicates S&P's expectation for modest recovery
(10%-30%; lower half of the range) of principal in the event of a
payment default.

Sinclair is a wholly owned subsidiary of Hunt Valley, Md.-based TV
broadcaster Sinclair Broadcast Group Inc.  The company expects to
use the net proceeds to repay the $245 million balance on its
revolving credit facility and for general corporate purposes.  The
revolver was drawn to partly fund the company's $350 million
acquisition of the Tennis Channel earlier this year.

Pro forma for the acquisition and proposed debt issuance,
Sinclair's leverage will to increase slightly to the low-5x area
from 5x, based on average-eight-quarter EBITDA.  However, S&P
expects that leverage will moderate to the mid-4x area over the
next 12-18 months due to EBITDA growth.  S&P expects growth in
Tennis Channel subscribers and the subsequent growth in advertising
related to the increased viewer base.  S&P believes that the Tennis
Channel's carriage fees will increase due to Sinclair's existing
agreements and negotiating leverage with cable and satellite
television providers.  The providers will either increase carriage
by adding the Tennis Channel to Sinclair's existing agreements or
by moving the cable channel to more basic cable subscription tiers
with broader distribution.

S&P also expects deleveraging to occur as a result of robust
political advertising and retransmission revenue growth in 2016.
S&P could lower its corporate credit rating on Sinclair Broadcast
Group if the company adopts a more aggressive financial policy that
further increases leverage through large debt-financed
acquisitions, shareholder-favoring measures, or investment losses.
S&P could also lower the rating if the company's debt to
average-eight-quarter EBITDA increases to above 5.5x and if the
satisfactory business risk profile assessment remains unchanged,
and S&P believes leverage will remain elevated on a sustained
level.

RATINGS LIST

Sinclair Broadcast Group Inc.
Corporate Credit Rating         BB-/Stable/--

New Ratings

Sinclair Television Group Inc.
Senior Unsecured
  $350 million notes due 2026      B+
   Recovery Rating                 5L



SUNDEVIL POWER: 341 Meeting of Creditors Set for March 21
---------------------------------------------------------
The meeting of creditors of Sundevil Power Holdings LLC and its
affiliates is set to be held on March 21, 2016, at 2:00 pm (ET),
according to a filing with the U.S. Bankruptcy Court in Delaware.

The meeting will be held at J. Caleb Boggs Federal Building, Room
2112, 844 King Street, Wilmington, Delaware.

The court overseeing the bankruptcy case of a company schedules the
meeting of creditors usually about 30 days after the bankruptcy
petition is filed.  The meeting is called the "341 meeting" after
the section of the Bankruptcy Code that requires it.

A representative of the company is required to appear at the
meeting and answer questions under oath.  The meeting is presided
over by the U.S. trustee, the Justice Department's bankruptcy
watchdog.

                       About Sundevil Power

Merchant power generators Sundevil Power Holdings, LLC and SPH
Holdco LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case Nos. 16-10369 and 16-10370,
respectively), on Feb. 12, 2016.  The petitions were signed by
Blake M. Carlson as authorized signatory.

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

The Debtors have engaged Vinson & Elkins LLP as legal counsel,
Drinker Biddle & Reath LLP as Delaware counsel, and Garden City
Group as claims and noticing agent.

Judge Kevin J. Carey is assigned to the case.


SUNDEVIL POWER: Has Until March 14 to File Schedules
----------------------------------------------------
The U.S. Bankruptcy Court in Delaware has given Sundevil Power
Holdings LLC and its affiliates until March 14, 2016, to file their
schedules of assets and liabilities, and statements of financial
affairs.

                       About Sundevil Power

Merchant power generators Sundevil Power Holdings, LLC and SPH
Holdco LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case Nos. 16-10369 and 16-10370,
respectively), on Feb. 12, 2016.  The petitions were signed by
Blake M. Carlson as authorized signatory.

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

The Debtors have engaged Vinson & Elkins LLP as legal counsel,
Drinker Biddle & Reath LLP as Delaware counsel, and Garden City
Group as claims and noticing agent.

Judge Kevin J. Carey is assigned to the case.


SUNTECH AMERICA: District Asks Court to Allow $418,000 Claim
------------------------------------------------------------
Banning Unified School District asks the U.S. Bankruptcy Court to
temporarily allowing its Claim No. 39 against Suntech America,
Inc., et al., in the amount of $418,000 for the purpose of voting
to accept or reject the Debtors' Plan.

The District tells the Court that Suntech Power Holding Co., Ltd.,
supplied the 220 solar panels that fried and cracked one year after
being installed on the District's new classroom building roof,
which prompted the District to file its claim against the Debtors
on April 13, 2015.

However, the Debtors have not set forth any reason for their delay
in filing an objection until Feb. 19, 2016, after the District has
invested in resources in reviewing and analyzing the Plan and
Disclosure Statement, the District contends.  Furthermore, the
Objection provides no evidence to refute the facts set forth in the
Claim, the District added.

Banning Unified School District is represented by:

     Lynn Beekman, Esq.
     FAGEN FRIEDMAN & FULFROST, LLP
     1525 Faraday Avenue, Suite 300
     Carlsbad, California 92008
     Telephone: (760) 304-6000
     Facsimile: (760) 304-6011
     Email: lbeekman@f3law.com

        About Suntech America

Suntech America, Inc., and Suntech Arizona, Inc. filed for Chapter
11 bankruptcy protection (Bankr. D. Del. Case Nos. 15-10054 and
15-10056) on Jan. 12, 2015.  Judge Christopher S. Sontchi presides
over the case.

Mark D. Collins, Esq., Paul Noble Heath, Esq., William A.
Romanowicz, Esq., Zachary I Shapiro, Esq., at Richards, Layton &
Finger, P.A., serve as the Debtors' bankruptcy counsel.  Upshot
Services LLC is the Debtors' claims and noticing agent.

The Debtors estimated their assets at between $100 million and $500
million, and their debts at between $100 million and $500 million.

Headquartered in San Francisco, California, Suntech America, aka
Suntech Power, an affiliate of Wuxi, China-based Suntech Power
Holdings Corp., was the main operating subsidiary of the Suntech
Group in the Americas and its primary business purpose was acting
as an intermediary for marketing, selling and distributing Suntech
Group manufactured products.

                                    *     *     *

Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware will convene a hearing on Feb. 25, 2016, at
2:00 p.m. (ET) to consider confirmation of Suntech America, Inc.,
et al.'s Chapter 11 Plan of Liquidation.

The Debtors filed on Feb. 2, 2016, a plan supplement disclosing
that a Plan Administrator to be appointed under the Plan will
receive a flat fee of $20,000 per month.  The Plan calls for the
appointment on the Effective Date of Robert Moon, or another person
jointly selected by the Debtors and the Committee as Plan
Administrator.  The Plan Administrator is tasked to make
distributions in accordance with the Plan.

Majority of the Debtors' assets have already been liquidated to
cash.  The Debtor has $16.3 million in cash and cash equivalents.

A plan settlement provides for the resolution of two significant
disputed claims against the Debtors (The Solyndra Residual Trust's
$1.5 billion Claim and Wuxi Suntech Power Co.'s approximate $145
million Claim).  The general unsecured claims of Solyndra and Wuxi
are allowed at $360,441,916 and these claimants have agreed to a
payment of $10,312,500 plus 60% of the total value of any
additional assets, for a 2.86% recovery.  Holders of other general
unsecured claims totaling $6 million are slated to recover 30%.
Holders of equity interests will receive the remaining cash after
distribution to holders of allowed claims have been made.


TOWN SPORTS: Moody's Changes Prob. of Default Rating to Caa2-PD/LD
------------------------------------------------------------------
Moody's Investors Service changed Town Sports International
Holdings, Inc.'s Probability of Default Rating (PDR) to Caa2-PD/LD
from Caa2-PD following its discounted repurchase and subsequent
extinguishment of a portion of its first-lien term loan. In
December 2015, through open market transactions, the company used
$10.9 million of cash on hand to retire $29.8 million of the
approximately $306 million remaining principal balance at the time.
Moody's believes the repurchase at such a significant discount to
par value results in a material economic loss to lenders, and
therefore, constitutes a distressed exchange under Moody's
definition of default. This policy is intended to capture events
whereby issuers fail to meet debt service obligations outlined in
their original debt agreements. Moody's will remove the "/LD"
(limited default) designation from Town Sports' PDR after three
days. These transactions do not constitute an event of default
under any of the company's debt agreements.

The repurchase, although marginally credit positive because it
reduces debt leverage and cash interest slightly, does not
materially change Town Sports' overall credit profile or alter
Moody's views at the time of the February 2016 double-notch
downgrade. Accordingly, Moody's affirmed Town Sports' Caa2
Corporate Family Rating, the Caa2 rating on the first-lien bank
facility and the SGL-3 Speculative Grade Liquidity rating. The
rating outlook remains negative.

The following actions were taken:

Town Sports International Holdings, Inc.

Corporate Family Rating affirmed at Caa2;

Probability of Default Rating changed to Caa2-PD/LD from
Caa2-PD

Speculative Grade Liquidity Rating affirmed at SGL-3;

Town Sports International, LLC

$45 million Senior Secured Revolving Credit Facility due 2018
affirmed at Caa2 (LGD3);

$275 million (originally $325 million) Senior Secured First-Lien
Term Loan B due 2020 affirmed at Caa2 (LGD3)

RATINGS RATIONALE

The Caa2 CFR reflects Town Sports' sustained weak operating
performance and declining comparable-club revenue, as well as
Moody's expectation that a significant near-term reversal in the
negative trends demonstrated over the last several quarters is
unlikely. With no expectation for material debt reduction beyond
mandatory term loan amortization, weakening profitability will lead
to increasing debt leverage and a potentially unsustainable
long-term capital structure. Moody's believes EBITA margins will
continue to decline in 2016 due to higher operating costs for new
and existing clubs and high attrition rates, particularly among
higher-price members. Although the company has undertaken various
cost-saving initiatives to improve cash flow generation, it may
take several quarters to realize the full benefit of these efforts.
In addition, the rating incorporates Moody's concern regarding Town
Sports' regional concentration in the Mid-Atlantic and Northeast US
regions, particularly in the New York City metro area. Also
factored into the rating is the competitive pressure that the
company faces from both high-end and low-cost fitness club
operators within its key markets, as well as other fitness
alternatives, which could limit growth opportunities. While the
conversion to the new, low-price model initiated in 4Q14 helped
grow membership count after several consecutive quarters of
declines, the long-term effectiveness of this change in strategy in
improving overall performance remains uncertain. The ratings are
supported by Town Sports' market position as a large-scale fitness
club operator, strong brand awareness and favorable fundamentals
for the health and fitness industry.

The Caa2 ratings on the revolver and first-lien term loan are the
same as the CFR, as the bank facility comprises 100% of the
company's debt capital structure. Moody's also believes that the
support being provided to the bank facility by the relatively large
amount of lease rejection claims (in a default scenario) is
currently offset by substantially higher-than-expected loss
severity, keeping the bank facility rating in line with the CFR.

The SGL-3 Speculative Grade Liquidity Rating reflects Moody's view
that Town Sports will maintain an adequate liquidity profile over
the next 12 months. As of December 31, 2015, the company had a cash
balance of $76 million, which Moody's expects will remain flat in
2016. Currently, the company has sufficient liquidity to fund basic
cash needs, including $2.8 million of annual term loan amortization
and about $12.5 million of annual cash interest expense, as well as
budgeted capital expenditures, for at least the next 12 to 18
months without relying on external financing. The company also has
an undrawn $45 million revolving credit facility due 2018 ($2.9
million of outstanding letters of credit). The facility includes a
total leverage covenant that restricts borrowing capacity under the
revolver to 25% of the committed amount if total leverage (as
defined by the Credit Agreement) is greater than 4.5x. As of
December 31, 2015, the company significantly exceeded the maximum
leverage threshold, resulting in total current borrowing capacity
(excluding letters of credit) of $11.25 million, and Moody's does
not expect full availability to be restored. All assets are
encumbered to secure borrowings under the credit facility. The
company could generate cash from the sale of owned club locations,
however it would likely be required to apply a portion of the
proceeds to debt prepayment. Aside from the revolver, the company
has no material debt maturities until the term loan matures in
2020.

The negative outlook reflects Moody's expectation that operating
performance will continue to weaken over the next 12 months, with
little to no free cash flow generation until the company stabilizes
its top-line and reverses negative trends in member attrition. .

Given the continued deterioration in operating performance and
capital structure concerns, an upgrade of Town Sports' ratings is
unlikely over the near term. However, a significant increase in
membership count that drives positive comparable-club revenue
growth with stronger EBITA margins could result in positive rating
actions. Positive free cash flow generation and full access to the
revolving credit facility could also lend support to a rating
upgrade or stabilization of the outlook.

The ratings could be downgraded if membership count declines
materially, if comparable-club revenues weaken further or if
liquidity deteriorates.

Town Sports International Holdings, Inc., through its wholly-owned
operating subsidiary Town Sports International, LLC, is one of the
leading owners and operators of fitness clubs in the Northeast and
Mid-Atlantic regions of the United States. As of December 31, 2015,
the company operated 152 fitness clubs under four key regional
brand names; New York Sports Clubs, Boston Sports Clubs, Washington
Sports Clubs and Philadelphia Sports Clubs as well as three clubs
in Switzerland. In 2014, the company introduced BFX Studio, its
private studio brand, which offers cycling, personal training and
group exercise classes. These clubs collectively served
approximately 541,000 members as of FYE15. Revenue for the year
ended December 31, 2015 was $424 million.


TROJE'S TRASH: U.S. Trustee Forms 3-Member Committee
----------------------------------------------------
The U.S. Trustee for Region 12 appointed three creditors of Troje's
Trash Pick-Up Inc. to serve on the official committee of unsecured
creditors.

The committee members are:

     (1) Resource Recovery Technologies, LLC.
         6321 Bury Drive, Suite 14
         Eden Prairie, MN 55346
         Contact Person: Christopher Gondeck
         Phone: 952-826-3329

     (2) Danner, Inc.
         843 Hardman Ave South
         South St. Paul, MN 55075
         Contact Person: Marlon Danner
         Phone: 651-450-0830

     (3) Mazanec, Bauer & Associates, PLC
         2600 Eagan Woods Drive, Suite 210
         Eagan, MN 55121-1152
         Contact Person: Michael J. Barrett
         Phone: 651-454-7241

Christopher Gondeck of Resource Recovery was designated as acting
chairperson of the committee pending selection of a permanent
chairperson.

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense.  They may investigate the debtor’s business and
financial affairs.  Importantly, official committees serve as
fiduciaries to the general population of creditors they represent.

                       About Troje's Trash

Troje's Trash Pick-Up Inc. sought protection under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the District
of Minnesota (St. Paul) (Bankr. D. Minn., Case No. 16-30037) on
January 7, 2016.  The petition was signed by Dennis Troje,
president.

The Debtor is represented by Steven Nosek, Esq., at Steven B.
Nosek, P.A.  The case is assigned to Judge Kathleen H. Sanberg.

The Debtor estimated both assets and liabilities in the range of $1
million to $10 million.


TRUMP ENTERTAINMENT: Reorganization Plan Declared Effective
-----------------------------------------------------------
BankruptcyData reported that Trump Entertainment Resorts' Third
Amended Joint Plan of Reorganization became effective, and the
Company emerged from Chapter 11 protection.  The Court confirmed
the Plan on March 12, 2015.  The Plan gives control of the
reorganized entity and its Taj Mahal casino to senior secured
lender Carl Icahn and further provides for an exchange of Icahn's
$290 million debt for all of the reorganized company's stock.
Trump Entertainment Resorts and affiliated Debtors emerged from
previous bankruptcy filings in 1991, 1992, 2005 and 2010.  The
privately-held gaming provider filed its most recent Chapter 11
petition on Sept. 9, 2014, listing more than $100 million in
prepetition assets.

                   About Trump Entertainment

Based in Atlantic City, New Jersey, Trump Entertainment Resorts
Inc. (NASDAQ: TRMP) -- http://www.trumpcasinos.com/-- owns and    
operates three casino hotel properties in Atlantic City, New
Jersey, which include Trump Taj Mahal Casino Resort, Trump Plaza
Hotel and Casino, and Trump Marina Hotel Casino.  The Company
conducts gaming activities and provides customers with casino
resort and entertainment.

Donald Trump is a shareholder of the Company and, as its non-
executive Chairman, is not involved in the daily operations of the
Company.  The Company is separate and distinct from Mr. Trump's
privately held real estate and other holdings.

Trump Entertainment Resorts, TCI 2 Holdings, LLC, and other
affiliates filed for Chapter 11 protection on Feb. 17, 2009
(Bankr. D. N.J. Lead Case No. 09-13654).  The Company tapped
Charles A. Stanziale, Jr., Esq., at McCarter & English, LLP, as
lead counsel, and Weil Gotshal & Manges as co-counsel.  Ernst &
Young LLP served as the Company's auditor and accountant and
Lazard Freres & Co. LLC was the financial advisor.  Garden City
Group was the claims agent.  The Company disclosed assets of
$2,055,555,000 and debts of $1,737,726,000 as of Dec. 31, 2008.

Trump Hotels & Casino Resorts, Inc., filed for Chapter 11
protection on Nov. 21, 2004 (Bankr. D. N.J. Case No. 04-46898
through 04-46925).  Trump Hotels obtained the Court's confirmation
of its Chapter 11 plan on April 5, 2005, and in May 2005, it
exited from bankruptcy under the name Trump Entertainment Resorts
Inc.

                           *     *     *

The Troubled Company Reporter, on March 19, 2015, reported that
Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware confirmed Trump Entertainment Resorts, Inc., et al.'s
Third Amended Joint Plan of Reorganization and Disclosure
Statement
pursuant to Section 1129 of the Bankruptcy Code.

The Debtors filed on January 5, 2015, the Plan and accompanying
Disclosure Statement to, among other things, provide that holders
of General Unsecured Claims will receive Distribution Trust
Interests, which will include $1 million in cash and the proceeds,
if any, of certain avoidance actions.  Under the revised plan,
holders of general unsecured claims are estimated to recover 0.47%
to 0.43% of their total allowed claim amount.  The Amended Plan
also includes language reflecting the recently-approved $20 million
loan from Carl Icahn.


ULTRA PETROLEUM: Advisors on Board for Company, Creditors
---------------------------------------------------------
Creditors of Ultra Petroleum Corp. and its subsidiaries have formed
groups and hired advisors, according to regulatory filings by the
Company and a February report by TheDeal.com.

Ultra Petroleum unveiled last month that it has engaged Kirkland &
Ellis LLP as legal advisor and Rothschild and Petrie Partners as
financial advisors.   It also disclosed in a Form 8-K filing with
the Securities and Exchange Commission on March 2 that a group of
noteholders of its wholly owned subsidiary, Ultra Resources, Inc.,
has retained FTI Consulting, as financial advisor to the
Noteholders; and Morgan Lewis & Bockius, as special U.S. counsel to
the Noteholders.

The Deal reported that Ultra Resources' noteholders have hired as
legal counsel:

     Michael J. Reilly, Esq.
     Renee Dailey, Esq.
     MORGAN, LEWIS & BOCKIUS LLP
     One State St.
     Hartford, CT 06103-3178
     Tel: 860-240-2748
     Fax: 860-240-2800
     E-mail: michael.reilly@morganlewis.com
             renee.dailey@morganlewis.com

On March 2, Ultra Petroleum said the Company and its wholly-owned
subsidiary, Ultra Resources, entered into waiver and amendment
agreements with all of the Ultra Resources lenders, including each
of the lenders participating in Ultra Resources; unsecured
revolving credit facility and each of the investors holding
unsecured senior notes issued by Ultra Resources.  The waiver and
amendment agreements provide the Company with an opportunity to
continue discussions with its creditors about restructuring all of
its debt burdens, including the senior notes issued by the Company.
The waiver and amendment agreements postpone and defer the March
1, 2016 maturity and interest payments arising under the Ultra
Resources' senior notes and waive certain other potential defaults
that could occur under the Ultra Resources' debt agreements between
March 1, 2016 and April 30, 2016, subject to earlier termination of
the waivers based on terms and conditions specified in the waiver
and amendment agreements.

The Waiver Agreement says Ulta Resources has agreed to pay the
reasonable and documented fees and disbursements of FTI and Morgan
Lewis & Bockius.

The Deal also reported that another bondholder group has hired as
financial advisers:

     Michael Kramer
     Joshua Scherer
     DUCERA PARTNERS LLC
     499 Park Avenue, 16th floor
     New York, NY 10022
     Tel: (212) 671-9771
     E-mail: mkramer@ducerapartners.com  
             jscherer@ducerapartners.com

and as legal counsel:

     Andrew Rosenberg, Esq.
     Paul Weiss Rifkin Wharton
     1285 Ave of the Americas
     New York, NY 10019
     Tel: 212-373-3158
     E-mail: arosenberg@paulweiss.com

The Deal also reported that Ultra's bank lenders have tapped Mayer
Brown as legal counsel.

Ultra Resources is a borrower under an unsecured revolving Credit
Agreement, dated as of October 6, 2011, with JPMorgan Chase Bank
N.A., as administrative agent, and the lenders party thereto.
Under the credit facility, it owes the Lenders $999,000,000 in the
aggregate.

Ultra Petroleum said in its Annual Report on Form 10-K filed with
the SEC on Feb. 29 that it expects to be in default under its
credit agreement on March 15, 2016, when it deliver its financial
statements to the lenders.  In its statement last month announcing
2015 financial and operating results, Ultra said, "The covenant for
the outstanding debt at Ultra Resources, Inc., consisting of the
senior unsecured revolving credit facility and senior notes, is
based upon a debt to trailing twelve month EBITDA ratio that is not
to exceed 3.5 times. At December 31, 2015, the consolidated
leverage ratio was 3.4 times. . . . The debt at Ultra Petroleum
Corp. is subject to an interest coverage ratio of a minimum of 2.25
times. At the end of the fourth quarter, the interest coverage was
3.3 times."

"The level of our indebtedness and the current commodity price
environment has presented significant challenges as they relate to,
among other things, our ability to comply with the financial and
non-financial covenants in the agreements governing our
indebtedness, our ability to amend, replace or refinance any or all
of the agreements governing our indebtedness and otherwise raise
significant additional capital, which may materially impact the
operation of our business. In light of the company's near term
maturities and covenant requirements, the company is evaluating a
variety of strategic alternatives related to its capital
structure," the Company said.

As of Feb. 29, the Company said the total outstanding principal
amount of its debt obligations was $3.76 billion, consisting of:

     $450.0 million of 2018 Notes;
     $850.0 million of 2024 Notes;
     $999.0 million under the Credit Agreement; and
      $1.46 billion of Senior Notes.

Ultra does not discount the possibility of seeking bankruptcy
protection.

"We cannot provide any assurances that we will be able to comply
with the covenants in our debt agreements or to make satisfactory
alternative arrangements in the event we cannot do so. If we are
unable to cure any such defaults, or obtain a forbearance, a waiver
or replacement financing, and those lenders, or other parties
entitled to do so, accelerate the payment of such indebtedness, we
may consider or pursue various forms of negotiated restructurings
of our debt obligations and/or asset sales under court supervision
pursuant to a voluntary bankruptcy filing under Chapter 11 of the
U.S. Bankruptcy Code or the Canadian Bankruptcy and Insolvency Act,
which would have a material adverse effect on our business,
financial condition, results of operations and cash flows. Under
certain circumstances, it is also possible that our creditors may
file an involuntary petition for bankruptcy against us," the
Company admitted in its Annual Report.

The Deal reported that Kirkland's David Seligman --
david.seligman@kirkland.com -- and Rothschild's Todd Snyder are
working with the Company.

Ultra swung to a net loss of $3,207,220,000 for the year ended Dec.
31, 2015, from net income of $542,851,000 in 2014 and $237,838,000
in 2013.  It reported total operating revenues of $839,111,000 for
the year, down from $1,230,020,000 in 2014 and $933,404,000 in
2013.

At Dec. 31, 2015, it had total assets of $971,486,000 against total
liabilities, all current, of $3,671,344,000; and total
shareholders' deficit of $2,991,937,000.

Ernst & Young LLP in Houston, Texas, the Company's independent
registered public accounting firm, said in a letter dated February
29, 2016, to the Company's board of directors and shareholders that
the Company's maturing credit agreement and debt covenant violation
raise substantial doubt about its ability to continue as a going
concern.  Ernst & Young audited the Company's consolidated balance
sheets, as of December 31, 2015 and 2014, and the related
consolidated statements of operations, shareholders' equity and
cash flows for each of the three years in the period ended December
31, 2015.

Ultra Petroleum Corp. (NYSE: UPL) -- http://www.ultrapetroleum.com/
-- is an independent energy company engaged in domestic natural gas
and oil exploration, development and production.


ULTRA PETROLEUM: Bondholders Agree to Forbearance Thru April 30
---------------------------------------------------------------
Ultra Resources, Inc., a wholly owned subsidiary of Ultra Petroleum
Corp., on March 1, 2016, entered into a Waiver and Amendment to
Master Note Purchase Agreement, Notes and Supplement -- MNPA Waiver
-- in connection with the Master Note Purchase Agreement dated as
of March 6, 2008, with 100% of the holders of the unsecured senior
notes issued by Ultra Resources.

Pursuant to the MNPA Waiver, the noteholders agreed to waive
certain specified defaults under the MNPA until the earlier of:

     (i) April 30, 2016;

    (ii) certain defaults or events of default under the Waiver
         and Amendment or the MNPA, as applicable, which are not
         otherwise waived; and

   (iii) the occurrence of one or more other termination events
         specified in the MNPA Waiver.

Between March 1, 2016 and the Termination Date, the outstanding
indebtedness under the Senior Notes will accrue interest at the
contract rate otherwise applicable to such debt, except that unpaid
interest and unpaid principal that comes due and payable between
March 1, 2016 and the Termination Date will accrue interest at the
rate applicable thereto plus 2% per annum.

The Senior Notes issued by Ultra Resources subject to this Waiver
are:

     $200,000,000 5.92% Senior Notes, Series 2008-B,
                  due March 1, 2018
      $62,000,000 7.31% Senior Notes, Series 2009-A,
                  due March 1, 2016
     $173,000,000 7.77% Senior Notes, Series 2009-B,
                  due March 1, 2019
     $116,000,000 4.98% Senior Notes, Series 2010-A,
                  due January 27, 2017
     $207,000,000 5.50% Senior Notes, Series 2010-B,
                  due January 28, 2020
      $87,000,000 5.60% Senior Notes, Series 2010-C, due
                  January 28, 2022
      $90,000,000 5.85% Senior Notes, Series 2010-D, due
                  January 28, 2025
     $315,000,000 4.51% Senior Notes, 2010 Series E, due
                  October 12, 2020
      $35,000,000 4.66% Senior Notes, 2010 Series F,
                  due October 12, 2022
     $175,000,000 4.91% Senior Notes, 2010 Series G,
                  due October 13, 2025

Ultra Resources acknowledges that the aggregate outstanding
principal amount of the Holdco Bonds is $1,300,000,000.  The Holdco
Bonds are the (i) 5.750% Senior Notes due 2018 and (ii) 6.125%
Senior Notes due 2024 issued by Ultra Petroleum.  No interest has
been prepaid in respect of the Holdco Bonds and the last interest
payment in respect of the Holdco Bonds (i) maturing in 2018 was
made on or about December 15, 2015 and (ii) maturing in 2024 was
made on or about October 1, 2015.  No Ultra Entity owns, directly
or indirectly, any Holdco Bonds.

The Waiver also provides that the parties' agreement may only be
amended with the written consent of the Company and the Required
Holders except that:

   (iii) the occurrence of one or more other termination events

     (i) an amendment that would extend the Termination Date
         beyond April 30, 2016:

         (A) shall require the written consent of the Company
             and the holders of at least 85% in principal
             amount of the Notes, and

         (B) except as provided in the following clause (ii),
             shall not extend the Termination Date beyond
             May 27, 2016 (it being understood that there
             may be successive extensions so long as the
             last extension terminates no later than
             May 27, 2016) and (ii) an amendment that would
             extend the Termination Date beyond May 27, 2016
             to a date no later than June 29, 2016 (it being
             understood that there may be successive
             extensions so long as the last such extension
             terminates no later than June 29, 2016) shall
             require:

             (a) the written consent of the Company and the
                 holders of at least 85% in principal amount
                 of the Notes and

             (b) written confirmation from the Parent,
                 attaching relevant supporting documents,
                 demonstrating that the Parent has commenced
                 either an exchange offer for the Holdco
                 Bonds or a court-supervised proceeding with
                 respect to the Parent. For the avoidance of
                 doubt, the consent of each Noteholder
                 affected thereby would be required for any
                 extension of the Termination Date beyond
                 June 29, 2016.

A copy of the Waiver and Amendment to Master Note Purchase
Agreement, Notes and Supplement, dated as of March 1, 2016, by and
among Ultra Resources, Inc. and the holders of the unsecured senior
notes issued by Ultra Resources under the Master Note Purchase
Agreement, dated as of March 6, 2008, is available at
http://is.gd/QYg8H3


ULTRA PETROLEUM: Has Forbearance Deal with JPMorgan Thru April 30
-----------------------------------------------------------------
Ultra Petroleum Corp., and its wholly owned subsidiaries -- Ultra
Resources, Inc., and UP Energy Corporation -- on March 1, 2016,
entered into a Limited Waiver Agreement in connection with the
unsecured revolving Credit Agreement, dated as of October 6, 2011,
by and among Ultra Resources, as borrower, JPMorgan Chase Bank
N.A., as administrative agent, and the lenders party thereto.

Pursuant to the RCF Waiver, the Agent and 100% of the Lenders
agreed to waive certain specified defaults under the Credit
Agreement, and to forbear from exercising their rights and remedies
otherwise available under the Credit Agreement, until the earlier
of:

     (i) April 30, 2016;

    (ii) certain defaults or events of default under the RCF
         Waiver or the Credit Agreement, as applicable, which are
         not otherwise waived; and

   (iii) the occurrence of one or more other termination events
         specified in the RCF Waiver.

During the Forbearance Period, the outstanding indebtedness
incurred pursuant to the Credit Agreement will accrue interest at
the contract rate otherwise applicable to such debt, except that
unpaid interest that comes due and payable during the Forbearance
Period will accrue interest at the rate applicable thereto plus 2%
per annum.

Under the credit facility, the Borrower owes the Lenders
$999,000,000 in the aggregate.

A copy of the Limited Waiver Agreement, dated as of March 1, 2016,
by and among Ultra Petroleum Corp., Ultra Resources, Inc., UP
Energy Corporation, JPMorgan Chase Bank N.A., as administrative
agent under the Credit Agreement, dated as of October 6, 2011, and
the Lenders party thereto, is available at http://is.gd/LLoi1s


UNISYS CORP: Moody's Cuts Corporate Family Rating to 'B2'
---------------------------------------------------------
Moody's Investors Service downgraded Unisys Corp.'s Corporate
Family Rating ("CFR") to B2 from B1 and rated the new Convertible
Senior Unsecured Notes ("New Notes") at B2. Moody's also downgraded
Unisys's existing 6.25% Senior Notes due 2017 ("Existing Notes") to
B2 from B1, the Probability of Default Rating ("PDR") to B2-PD from
B1-PD, and the Speculative Grade Liquidity ("SGL") rating to SGL-3
from SGL-2. The outlook is negative.

The downgrade to Unisys's CFR and other ratings reflects Moody's
belief that over the near term Unisys's revenues will continue to
decline in the mid-single digits percent and that Unisys will
consume cash due to the lower revenues, weak margins, pension
funding requirements, and the impact of cash restructuring costs.

Nevertheless, the proceeds of the New Notes will allow Unisys to
build liquidity to fund a large portion of the remaining cash
expenses of Unisys's restructuring program, which will include a
sizable workforce reduction. Thus, Moody's expects that cash
severance payments will comprise a large portion of the
restructuring charges over the next one to two years. (In 2015,
Unisys incurred $59 million of cash costs, with an additional $200
million to $220 million of remaining cash restructuring costs to be
incurred over 2016 and 2017.)

Ratings Assigned:

Issuer: Unisys Corporation

-- Senior Unsecured Regular Bond/Debenture, B2 (LGD4)

Ratings Downgraded:

Issuer: Unisys Corporation

--  Probability of Default Rating, to B2-PD from B1-PD

--  Corporate Family Rating, to B2 from B1

-- Senior Unsecured Regular Bond/Debenture, Downgraded to B2
    (LGD4) from B1 (LGD4)

Ratings Lowered:

Issuer: Unisys Corporation

--  Speculative Grade Liquidity Rating, to SGL-3 from SGL-2

Outlook Actions:

-- Issuer: Unisys Corporation

-- Outlook, Remains Negative

RATINGS RATIONALE

The B2 Corporate Family Rating ("CFR") reflects the execution risks
and cash costs of Unisys's operating restructuring program as well
as our expectation that revenues will continue to decline and
margins will remain weak over the near term, reflecting both a
challenging competitive environment and the slowing global economy.
Given the declining revenues, weak margins, cash costs of the
restructuring, and pension funding requirements, we expect that
Unisys will consume cash over the near term. Thus, Moody's believes
that Unisys will have to refinance the Existing Notes (due August
2017), which could result in a much higher interest burden.
Although funded debt is modest, Unisys faces a significant
underfunded pension liability of about $1.95 billion, and Moody's
expects that contributions to the pension plans will consume a
large portion of FCF over the near to intermediate term. Moreover,
Unisys competes against firms that have considerably larger scale
and greater financial resources.

The proceeds of the New Notes will provide Unisys with liquidity to
fund the near term cash consumption. Although the operational
restructuring entails considerable execution risks due to the staff
reductions, Moody's notes that Unisys has also directed resources
toward revenue growth, recently filling the remaining open senior
executive positions in its restructured sales organization.
Moreover, Unisys has a diversified services portfolio, which
includes a large Public Sector (22% of FY2015 total revenue) and
U.S. Federal component (19% of FY2015 total revenue), and a
geographic mix in which more than half of revenues are
international. This customer base diversity adds some stability to
the revenue streams.

The negative outlook reflects Moody's expectation that Unisys will
consume cash over the near term and reflects uncertainty about both
the ultimate success of the restructuring program and the company's
plan for addressing the August 2017 maturity of the Existing Notes.
Moody's believes that Unisys's restructuring program, which will
strain liquidity over the next year, combined with generally
difficult capital market conditions, may make it difficult for
Unisys to refinance the Existing Notes over the next few months.
Although Unisys could potentially repay the Existing Notes
utilizing cash on hand, this action would substantially weaken the
company's liquidity position. Still, Moody's expects revenues will
gradually stabilize over the near term and margins will gradually
improve such that we expect debt to EBITDA (Moody's adjusted) to
decline toward 6x over the next two years.

The B2 rating on both the New Notes and the Existing Notes reflects
both Unisys's probability of default and the loss given default
expectation for the debt instruments. The B2 rating equals the B2
CFR and reflects the absence of collateral and the minimal amount
of secured debt obligations in the capital structure.

The Speculative Grade Liquidity ("SGL") rating of SGL-3 reflects
Unisys's adequate liquidity. We expect Unisys to consume cash over
the next year. Although there are only modest debt maturities in
2016, Unisys will need to address the August 2017 maturity of the
Existing Notes. Liquidity is supported by the cash balance ($365
million as of December 31, 2015) and the proceeds of the New Notes,
though we expect that the cash costs of the restructuring will
reduce this over the near term. Liquidity is also supported by the
secured revolver.

The rating outlook could be changed to stable if Unisys shows
progress in achieving the $200 million of anticipated cost
synergies and stabilizes revenues. We would also expect Unisys to
address the upcoming Existing Notes maturity over the next four
months by either building a sizable cash balance to fund the
repayment or by refinancing the Existing Notes.

Although an upgrade is unlikely over the near term due to the
negative outlook, over the intermediate term, the rating could be
upgraded if Unisys successfully executes the restructuring, with
the EBITDA margin (Moody's adjusted, excluding restructuring
expenses) maintained above 20% and revenues growing at least in the
low single digits percent level. We would also expect debt to
EBITDA (Moody's adjusted, excluding restructuring expenses) to be
sustained below 5x.

The ratings could be downgraded if Unisys does not take steps to
address the maturity of the Existing Notes over the next four
months. The rating could also be downgraded if cash consumption
increases or revenues decline by more than the mid-single digits
percent, as this would likely indicate difficulty implementing the
restructuring or a weakening competitive position. If Unisys is not
on-course to improve the EBITDA margin to the upper teen percent
level (Moody's adjusted, excluding restructuring expenses) and debt
to EBITDA to below 6x (Moody's adjusted, excluding restructuring
expenses), the rating could be downgraded.

Unisys Corporation, based in Blue Bell, Pennsylvania, provides
information technology (I/T) services and enterprise server
hardware worldwide. Unisys competes against similar-sized peers as
well as much larger I/T services and hardware vendors including
IBM, Accenture, Hewlett Packard, and a number of services providers
located in India, including Infosys and Tata Consultancy Services.


UNISYS CORP: S&P Assigns 'B+' Rating on Proposed Sr. Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' issue-level
rating and '4' recovery rating to Blue Bell, Pa.-based information
technology (IT) services provider Unisys Corp.'s proposed
convertible senior unsecured notes.  The '4' recovery rating
indicates S&P's expectation for average (30% to 50%; lower half of
the range) recovery in the event of a payment default.

S&P's corporate credit rating on Unisys remains 'B+' with a
negative outlook.  S&P's ratings reflect its view of the company's
second-tier position in the highly competitive global technology
services market, volatile earnings from the firm's technology
hardware business, and leverage in excess of 5x.  S&P's negative
outlook reflects its expectation that it will be challenging for
the company to generate free cash flow as a result of high
restructuring charges and weakened margins in a highly competitive
IT services environment.

RATINGS LIST

Unisys Corp.
Corporate Credit Rating               B+/Negative/--

New Rating

Unisys Corp.
Senior unsecured convertible notes    B+
  Recovery Rating                      4L


UNO RESTAURANTS: Mass. App. Affirms Summary Judgment vs. Ex-Worker
------------------------------------------------------------------
The Appeals Court of Massachusetts affirmed the entry of summary
judgment in favor of Uno Restaurants, LLC, on Jason Clifton's
complaint under G. L. c. 151B.

Clifton, who is African-American, filed the complaint alleging that
he was terminated from Uno Restaurants because of his race.  Uno
moved for summary judgment and Clifton opposed, arguing that a jury
could conclude that the reduction in workforce was a pretext for
replacing him with a white woman, and that Richard Hendrie's 2008
reference to Clifton as "a horse" reflected his discriminatory
animus.  The motion judge allowed Uno's motion, concluding that Uno
had overcome the prima facie case of discrimination with
"substantial, unrebutted evidence that Hendrie's decision to
terminate Clifton was due to the huge cut in the marketing
department's budget for the fiscal year beginning in October,
2010."

On appeal, the Appeals Court of Massachusetts agreed with the
motion judge that Clifton's "proof is insufficient, as a matter of
law, to show that, when [he] was terminated, [Uno] had a
discriminatory intent, motive, or state of mind based on [his race]
and that any such animus was `a material and important ingredient
in the discharge.'"

The case is JASON E. CLIFTON, vs. UNO RESTAURANTS, LLC, & others,
No. 14-P-1935 (Mass. App. Ct.).

A full-text copy of the appeals court's February 29, 2016
memorandum and order is available at http://is.gd/AiWgkTfrom
Leagle.com.

                        About Uno Restaurant

Boston, Massachusetts-based Uno Restaurant Holdings Corporation --
http://www.unos.com/-- has 179 company-owned and franchised  
full-service Uno Chicago Grill restaurants located in 28 states,
the District of Columbia, Puerto Rico, South Korea, the United
Arab Emirates, Honduras, Kuwait, and Saudi Arabia.  The company
also operates a fast casual concept called Uno Due Go(R), a quick
serve concept called Uno Express, and a consumer foods division
which supplies airlines, movie theaters, hotels, airports, travel
plazas, schools and supermarkets with both frozen and refrigerated
private-label foods and branded Uno products.

The Company and 152 affiliates filed for Chapter 11 protection on
Jan. 20, 2010 (Bankr. S.D.N.Y. Lead Case No. 10-10209).  The
Company estimated its assets and debts at $100 million to
$500 million as of the Petition Date.

Weil, Gotshal & Manges LLP assisted the Debtors in their
restructuring effort.  CRG Partners Group LLC served as the
restructuring advisor.  Kurtzman Carson Consultants LLC served as
noticing and claims agent.

As reported by the Troubled Company Reporter on July 27, 2010, Uno
Restaurant emerged from Chapter 11 pursuant to its plan of
reorganization, confirmed by the Bankruptcy Court on July 6.
Pursuant to the Plan, 100% of the Company's $142 million, 10%
Senior Secured Notes, due February 2011, was converted into
substantially all of the equity of the Company, thereby
eliminating $14.2 million in annual interest payments and reducing
total debt from $176.3 million to approximately $40 million.

In connection with the emergence from Chapter 11, the Company
arranged for $55 million of permanent, long-term exit financing
comprised of a $30 million revolving credit facility, due July
2015, provided by long-standing-lender Wells Fargo Capital
Finance, part of Wells Fargo & Company, and $25 million of new
notes, due February 2016, provided by a majority of the new equity
holders.  The Exit Facility allowed the Company to repay all
outstanding amounts under its former Debtor in Possession Credit
Facility, implement the provisions of the Plan, pay transaction
costs and provide significant liquidity going forward to fund
working capital needs and the Company's growth and investment
plans.


VERSO CORP: Inks Tentative Deal on $775M Financing Plan
-------------------------------------------------------
Jeff Montgomery at Bankruptcy Law360 reported that Verso Corp.
found tentative agreement late March 1, 2016, on terms for its $775
million bankruptcy financing plan after working through a final
round of disputes in a Delaware courtroom over lender rights to
lock down the firm's remaining assets. The big paper company and
its creditors had been grappling over the issues for weeks,
narrowing the problem by March 1, to a handful of disputes,
including disagreements over liens related to tax credits for past
operating losses and rights to money or assets that bankrupt
companies can reclaim.

                    About Verso Corporation

Verso Corporation and 26 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10163 to
16-10189, respectively) on Jan. 26, 2016.  The petitions were
signed by David Paterson as president and chief executive officer.

Verso Corporation claims to be the leading North American producer
of coated papers, which are used primarily in magazines, catalogs,
high-end advertising brochures and annual reports, among other
media and marketing publications.  The Debtors employ
approximately
5,200 personnel.

The Debtors disclosed total assets of $2.9 billion and total debts
of $3.87 million.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,

Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel,

Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners
L.P. as investment banker, Alvarez & Marsal North America, LLC as
financial advisor and Prime Clerk LLC as claims and noticing agent.


VIRTUAL PIGGY: Issues $105,100 Unsecured Notes
----------------------------------------------
Virtual Piggy, Inc., issued $105,100 aggregate principal amount of
unsecured Promissory Notes to two accredited investors pursuant to
Promissory Note Agreements from March 2, 2016, to March 4, 2016, as
disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.

The notes issued consist of (i) a $100,100 principal amount
unsecured promissory note and (ii) a $5,000 principal amount
unsecured promissory note.   Each purchaser of Notes also received
a two-year Warrant to purchase a number of shares of common stock
equal to approximately twenty percent of the principal amount
invested at an exercise price of $0.90 per share, resulting in the
issuance in the aggregate of Warrants to purchase 21,000 shares of
Company common stock.

The Notes bear interest at a rate of 10% per annum and mature on
the six month anniversary of the issuance date, or on such earlier
date that (i) the Company completes the closing of a specified
joint venture agreement or (ii) the Company completes the sale of
at least an additional $1 million of 10% Secured Convertible
Promissory Notes.  As an additional inducement, the purchasers of
Class A Unsecured Notes only will receive, on the Maturity Date, a
commitment fee equal to 7.5% of the original principal amount.

                   About Oink (Virtual Piggy, Inc.)

Virtual Piggy is the provider of Oink, a secure online and in-store
teen wallet.  Oink enables teens to manage and spend money within
parental controls, while gaining valuable financial management
skills.  The technology company also delivers payment platforms
designed for the Under 21 age group in the global market, and
enables online businesses the ability to function in a  manner
consistent with the Children's Online Privacy Protection Act and
similar international children's privacy laws.  The company, based
in Hermosa Beach, CA, is on the Web at: http://www.oink.com/and
holds three technology patents, US Patent No. 8,762,230, 8,650,621
and 8,812,395.

Virtual Piggy reported a net loss of $9.65 million in 2014, a net
loss of $16 million in 2013 and a net loss of $12.03 million in
2012.

As of Sept. 30, 2015, the Company had $1.31 million in total
assets, $6.26 million in total liabilities, all current, and a
$4.94 million stockholders' deficit.

Morison Cogen LLP, in Bala Cynwyd, PA, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's losses from
development stage activities raise substantial doubt about its
ability to continue as a going concern.


VISION SOLUTIONS: S&P Affirms 'B-' CCR, Off CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B-'
corporate credit rating on Irvine, Calif.-based Vision Solutions
Inc. and removed the rating from CreditWatch, where S&P had placed
it with negative implications on Feb. 5, 2016.  The rating outlook
is negative.

At the same time, S&P affirmed its 'B' issue-level rating on the
company's first-lien senior secured term loan due April and July
2017.  The recovery rating remains '2', which indicates S&P's
expectation for substantial (70%-90%; upper half of the range)
recovery in the event of a payment default.  S&P also affirmed its
'CCC' issue-level rating on the company's second-lien senior
secured term loan due July 2017.  The recovery rating remains '6',
which indicates S&P's expectation for negligible (0%-10%) recovery
in the event of a payment default.

In addition, S&P assigned its 'B' issue-level rating to the
company's first-lien bank loan due 2017.  The '2' recovery rating
indicates S&P's expectation for substantial recovery (70%-90%;
upper half of the range) of principal in the event of a payment
default.

"The rating action follows the company's amendment to its
first-lien senior secured credit agreement, which extends the
maturity date of substantially all of its $240 million first-lien
term loan to April 2017 from July 2016," said Standard & Poor's
credit analyst Tuan Duong.

Despite its successful maturity extension, S&P continues to assess
Vision Solutions' liquidity to be less than adequate due to S&P's
expectation for limited headroom in its minimum EBITDA covenant
requirement over the next 12 months.  Additionally, the company
continues to face significant refinancing risk related to its term
loan maturities in April and July 2017.  

The negative outlook reflects S&P's view that Vision Solutions will
have limited headroom in its covenant requirement over the next 12
months and continued refinancing risk related to its significant
debt maturities in April and July 2017.  The outlook also reflects
the company's continued revenue declines and operation challenges.


WAFERGEN BIO-SYSTEMS: Reports Results for Q4 and Fiscal 2015
------------------------------------------------------------
WaferGen Bio-systems reported a net loss attributable to common
stockholders of $7.89 million on $2.40 million of total revenue for
the three months ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $3.26 million on $1.61
million of total revenue for the same period in 2014.

For the year ended Dec. 31, 2015, the Company reported a net loss
attributable to common stockholders of $19.99 million on $7.16
million of total revenue compared to a net loss attributable to
common stockholders of $10.7 million on $6 million of total revenue
for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $22.9 million in total assets,
$7.17 million in total liabilities and $15.7 million in total
stockholders' equity.

"We are very pleased with the trajectory of our business," said
Rollie Carlson, Ph.D., president and chief executive officer of
WaferGen.  "The launch of our ICELL8 Single-Cell System is off to a
strong start, with the first two commercial sales having been
recorded in the fourth quarter.  In addition, the feedback we
received from researchers regarding the ICELL8 at AGBT, where
WaferGen had a substantial presence, was highly encouraging, and
reinforced our confidence in the significant commercial potential
of this new product.  Moreover, the demand for our existing
products continues to be strong, and we are optimistic about our
future prospects here, as well.  Following our recent public
offering, we are also in a solid financial position as we move into
2016.  We are confident that WaferGen is well positioned to achieve
the strong 67% to 81% revenue growth the company anticipates in
2016."

At Dec. 31, 2015, WaferGen had cash and cash equivalents of
approximately $15.2 million.

                   About WaferGen Bio-systems

Fremont, California-based WaferGen Bio-systems, Inc., engages in
the development of systems for gene expression quantification,
genotyping and stem cell research.  Since 2008, the Company's
primary focus has been on the development, manufacture and
marketing of its SmartChip System, a genetic analysis platform
used for profiling and validating molecular biomarkers in the life
sciences and pharmaceutical drug discovery industries.


[*] February 2016 Commercial Bankruptcy Filings Climb 32% vs 2015
-----------------------------------------------------------------
ABI.org reported that total U.S. bankruptcy filings decreased just
1% in February from the same period last year, according to data
provided by Epiq Systems, Inc. Bankruptcy filings totaled 64,662 in
February 2016, down slightly from the February 2015 total of
65,064.

Consumer filings declined 2% in February 2016 to 61,662 from the
February 2015 consumer filing total of 62,784.  However, total
commercial filings in February 2016 jumped to 3,000, representing a
32 percent increase from the 2,280 business filings recorded in
February 2015.  The 476 total commercial chapter 11 filings in
February 2016 represented an increase of 31% from February 2015's
total of 364.

"February showed that decreases in total filings are starting to
level off, and more businesses are turning to the financial relief
of bankruptcy," said ABI Executive Director Samuel J. Gerdano. "As
the last major overhaul of chapter 11 took place in 1978, the
recommendations of ABI's Chapter 11 Reform Commission provide an
updated roadmap for struggling businesses and courts trying to
navigate today's complex financial terrain."

Total bankruptcy filings for the month of February 2016 increased
23% compared to the 52,542 total filings registered in January
2016.  Total noncommercial filings for February, 61,662,
represented a 24% increase from the January 2016 noncommercial
filing total of 49,728.  The February 2016 commercial filing total
of 3,000 represented a 7% increase from the January 2016 commercial
filing total of 2,814, although February 2016's 476 commercial
chapter 11 filings represented a 4 percent decrease from the 494
filings recorded the previous month.

The average nationwide per capita bankruptcy-filing rate in
February 2016 was 2.26 (total filings per 1,000 per population), a
decrease from January 2016's rate of 2.02.  Average total filings
per day in February were 2,126, a 5 percent decrease from the 2,244
total daily filings recorded in February 2015.  States with the
highest per capita filing rate (total filings per 1,000 population)
in February 2016 were:

   1. Tennessee (5.39)
   2. Alabama (5.09)
   3. Georgia (4.73)
   4. Illinois (4.10)
   5. Mississippi (3.55)

ABI has partnered with Epiq Systems, Inc. in order to provide the
most current bankruptcy filing data for analysts, researchers and
members of the news media.


[*] Fitch Completes Periodic Review of 10 Business Development Cos.
-------------------------------------------------------------------
Fitch Ratings, on March 9, 2016, completed its periodic review of
Business Development Companies (BDCs), which comprises 10 publicly
rated firms.  These actions were taken as a result of the peer
review:

   -- American Capital, Ltd.'s ratings were placed on Rating Watch

      Negative.

   -- Apollo Investment Corporation's Long-term Issuer Default
      Rating (IDR) was downgraded to 'BBB-' from 'BBB'. The Rating

      Outlook is Negative.

   -- Ares Capital Corporation's Long-term IDR was affirmed at
      'BBB'.  The Rating Outlook is Stable.

   -- BlackRock Capital Investment Corporation's Long-term IDR was

      affirmed at 'BBB-'.  The Rating Outlook is Negative.

   -- Corporate Capital Trust, Inc.'s Long-term IDR was affirmed
      at 'BB+'.  The Rating Outlook is Stable.

   -- Fifth Street Finance Corp.'s Long-term IDR was downgraded to

      'BB' from 'BB+'.  The Rating Outlook is Negative.

   -- FS Investment Corporation's Long-term IDR was affirmed at
      'BBB-'.  The Rating Outlook is Stable.

   -- PennantPark Investment Corporation's Long-term IDR was
      affirmed at 'BBB-'.  The Rating Outlook was revised to
      Negative from Stable.

   -- Solar Capital Ltd.'s Long-term IDR was affirmed at 'BBB-'.
      The Rating Outlook was revised to Stable from Negative.

   -- TPG Specialty Lending, Inc.'s Long-term IDR was affirmed at
      'BBB-'.  The Rating Outlook is Stable.

Fitch's outlook for the BDC sector is negative and reflects
competitive underwriting conditions, earnings pressure,
underperforming energy investments, unsustainable asset quality
metrics, increased activist pressure, and limited access to growth
capital.  While some firms are better positioned, given their more
conservative financial profiles and portfolio characteristics,
others are likely to see rating pressure over the outlook horizon.

BDCs are heavily dependent on the equity markets to fund portfolio
growth, but access to the market has been almost non-existent over
the last 18 months as share prices continue to trade at steep
discounts to net asset value (NAV).  At March 7, 2016, rated BDCs
were trading at an 18.3% average discount to NAV, thus preventing
most from issuing stock without significantly diluting existing
shareholders.  While the reduction in portfolio growth is viewed
favorably by Fitch, given tough underwriting conditions, some firms
may struggle to close the trading gap, leaving them at a
competitive disadvantage if and when investment opportunities
arise.

The decline in commodity prices has yielded the first notable crack
in asset quality performance for BDCs.  More broadly, asset quality
metrics remain at unsustainably low levels, in Fitch's opinion.
While strong portfolio company performance has been supported by an
improving economic environment, low interest rates are likely
masking some potential underlying company-specific issues, as
issuers have been able to refinance themselves out of trouble
rather easily in recent years.  Fitch believes asset quality
metrics are likely to deteriorate over the near term; however, the
pace of deterioration will be somewhat dependent upon the rate of
change in interest rates, the backdrop of the broader economic
environment, differing sector exposures, and the integrity of
individual firms' underwriting.

Fitch has not observed a marked increase in leverage levels for the
sector, with average leverage for investment grade-rated BDCs of
approximately 0.74x at year-end 2015 compared to 0.60x at year-end
2014.  However, there is a wide dispersion of leverage around the
average, and those with the most energy exposure often also have
the highest leverage ratios.  Share repurchase activity has also
increased in the sector in recent quarters, which could inflate
leverage ratios further.  Fitch believes that BDCs heavily focused
on maximizing leverage run the risk of having less dry powder to
deploy if and when underwriting conditions improve, thus weakening
earnings upside.


[*] HWA Bankruptcy Attorneys Among 2016 Texas Rising Stars List
---------------------------------------------------------------
Six attorneys with Hughes Watters Askanase L.L.P. (HWA) have been
recognized by Law & Politics and Texas Monthly Magazine on the2016
Texas Rising Stars List.

HWA attorneys who made the 2016 list of Texas Rising Stars are
Kristen B. Bates (Consumer Bankruptcy); Allison D. Byman (Business
Bankruptcy, Consumer Bankruptcy); Simon R. Mayer (Business
Bankruptcy); Nathan J. Milliron (Banking, Civil Litigation: Defense
and Business Litigation); Sabrina A. Neff (Business Litigation);
and Sarah S. Robbins (Consumer Creditor Debtor Rights).

Rising Stars recognizes the state's top up-and-coming attorneys
aged 40 or younger or those who have been practicing law for 10
years or less.  The survey from which Rising Stars are selected is
based on nominations, personal observation and attorney-led
research.  Only 2.5 percent of eligible Texas attorneys are chosen
as Rising Stars.

Super Lawyers, a Thomson Reuters business, is a rating service of
outstanding lawyers from more than 70 practice areas who have
attained a high degree of peer recognition and professional
achievement.  The annual selections are made using a patented
multiphase process that includes a statewide survey of lawyers, an
independent research evaluation of candidates and peer reviews by
practice area.  The result is a credible, comprehensive and diverse
listing of exceptional attorneys.

"We value the contributions these bright young attorneys bring to
the firm and our clients," commented Wayne Kitchens, HWA
co-managing partner and head of the firm's Business Bankruptcy
Practice Area.  "Their selection to the list of Texas Rising Stars
validates what our legal team at HWA already knows about them --
that these HWA attorneys are bright young professionals who
demonstrate such attributes as leadership, a solid work ethic, and
a spirit of collaboration in addition to admirable legal
competencies."

Kitchens co-manages HWA with Gary Gunn, who leads the Real Estate
and Real Estate Finance, and Commercial Finance Practice Areas.

                      About These Attorneys

Ms. Bates joined HWA as an associate in August 2010.  She supports
the firm's Consumer Financial Services and Default Servicing
Practice Areas.  She earned a Bachelor of Arts degree in
communication, magna cum laude, from Texas A&M University in 2007.
She received a Doctor of Jurisprudence from the University of
Houston Law Center in May 2010 and was admitted to the State Bar of
Texas in November 2010. She has been recognized on the Rising Stars
list in 2015 and 2016.

Ms. Byman joined HWA in an Of Counsel role in May 2012.  She earned
a Bachelor of Arts degree in political science, cum laude, from
Texas A&M University in 2000 and a Doctor of Jurisprudence from the
University of Houston Law Center in 2003.  She was admitted to the
State Bar of Texas in 2003.  She was appointed as Chapter 7
Bankruptcy Trustee for the Southern District of Texas in April
2012, and also supports the firm's Business Bankruptcy Practice
Area.  She has been recognized on the Rising Stars list every year
since 2010.

Mr. Mayer joined the firm as an associate in HWA's Business
Bankruptcy Practice Area in 2007.  He earned a Bachelor of Arts
degree in philosophy from Trinity University in 1998.  He earned a
Doctor of Jurisprudence from South Texas College of Law and was
admitted to the State Bar of Texas in 2007.  He has been recognized
on the Rising Stars list every year since 2012.

Mr. Milliron, who joined HWA in 2011, supports the firm's
Commercial Litigation Practice Area.  He earned a Bachelor of
Science degree in business and finance from Seton Hall University
in 2001.  He earned a Doctor of Jurisprudence from the University
of Houston Law Center and was admitted to the State Bar of Texas in
May 2004.  Mr. Milliron has been recognized on the Rising Stars
list in 2014, 2015 and 2016.

Ms. Neff joined HWA in February 2011 as an associate in the
Commercial Litigation Practice Area.  She attended Baylor
University where she earned a Bachelor of Arts degree in political
science in 2002 and a Master of Arts degree in church-state studies
in 2004.  Ms. Neff earned a Doctor of Jurisprudence from the
University of Houston Law Center in 2008 and was admitted to the
State Bar of Texas the same year.  She has been named to the list
of Rising Stars in 2014, 2015, and 2016.

Ms. Robbins, who joined HWA as an associate in December 2011,
supports the firm's Consumer Financial Services and Default
Servicing Practice Areas.  She earned a Bachelor of Science degree
in advertising, magna cum laude, from the University of Texas in
2007.  Ms. Robbins was admitted to the State Bar of Texas in 2010
after earning a Doctor of Jurisprudence from the University of
Houston Law Center.  She has been named to the Rising Stars list in
2015 and 2016.

Full biographical information on all HWA attorneys is available at
www.hwa.com

                   About Hughes Watters Askanase

For almost 40 years, Hughes Watters Askanase, L.L.P. --
http://www.hwa.com-- has helped business organizations, financial
institutions and individuals succeed with their business endeavors.
The firm's attorneys play a strategic role and support clients
through every stage of existence and operation.  The firm's
practice focuses on representation of commercial and mortgage
lenders, including banks and credit unions, business bankruptcy,
business planning and strategy, default servicing, real estate and
real estate finance, commercial and consumer financial services
litigation, employment law, and wills and probate.


[*] Justices Seem Wary of Narrow Bankruptcy Fraud Exemption
-----------------------------------------------------------
Jonathan Randles at Bankruptcy Law360 reported that the U.S.
Supreme Court justices expressed skepticism on March 1, 2016, about
adopting a narrow interpretation of the phrase "actual fraud" for
purposes of determining when debts arising from wrongdoing can be
discharged through bankruptcy.  The issue came up during oral
arguments in an appeal examining the proper interpretation of a
U.S. Bankruptcy Code provision that bars parties from shedding
debts that are obtained under false pretenses.  Federal appeals
courts have split on whether the discharge bar applies only when a
debtor knowingly makes a misrepresentation to creditors.


[*] Montgomery McCracken Adds Transpo. Partner, Associate
---------------------------------------------------------
Two attorneys were added to Montgomery McCracken's Maritime and
Transportation practice group in the firm's New York office.
Stephen H. Vengrow joins the firm as a partner and Eric Chang joins
as an associate.  Both were previously at the maritime law firm of
Cichanowicz Callan Keane Vengrow & Textor, LLP.

"We are delighted that Steve and Eric will be joining us," said
Vincent M. DeOrchis and John J. Levy, co-chairs of the firm's
Maritime and Transportation Group. "We are continuing to expand the
capabilities of Montgomery McCracken's Maritime and Transportation
Practice Group, having grown significantly over the past ten years,
with prospects for additional growth in the next few months.
Steve's and Eric's combined depth and experience add to the great
talent we have."

Vengrow has more than 40 years of experience in maritime law.  He
focuses his practice on cargo claims, personal injuries,
collisions, ship fires, land transportation, insurance, corporate
litigation, and bankruptcy matters.  Vengrow previously served in
the General Counsel's office of the Federal Maritime Commission
(FMC) and as in-house counsel of SeaLand.  He has developed a
well-regarded reputation in matters involving the illegal carriage
of drugs on vessels and stowaways.

Chang focuses his practice on complex commercial litigation and
maritime matters.  He has represented clients in the defense of
claims for damage/lost cargo carried on container ships and cargo
ships on ocean and intermodal rail/track carriage.  Chang has also
drafted memorandums of law and briefs and has argued motions in
State and Federal courts.

Montgomery McCracken's Maritime and Transportation practice serves
all sectors of the maritime industry including ship owners,
charterers, pilots, cargo owners, shipyards, terminals, commodities
traders, non-vessel operators and non-vessel operating common
carriers.  The multifaceted practice includes cargo and products
claims; bankruptcy and restructuring; corporate and finance
matters; sustainable growth; and defense of criminal
investigations, including corporate compliance matters.

Montgomery McCracken is a multidisciplinary law firm with more than
120 attorneys in offices in Pennsylvania, New York, New Jersey and
Delaware.  Its attorneys provide legal services to clients in a
wide range of industries both nationwide and internationally.


[*] Moody's Hikes $81.7MM of Alt-A RMBS Deals Issued 2003-2004
--------------------------------------------------------------
Moody's Investors Service, on March 9, 2016, upgraded the ratings
of 11 tranches from three transactions, backed by Alt-A RMBS loans,
issued by multiple issuers.

Complete rating actions are as follows:

Issuer: Deutsche Mortgage Securities, Inc. Mortgage Loan Loan
Trust, Series 2004-2

Cl. A-5, Upgraded to Baa1 (sf); previously on Jul 7, 2014 Upgraded
to Ba1 (sf)

Cl. A-6, Upgraded to A3 (sf); previously on Jul 7, 2014 Upgraded to
Baa1 (sf)

Cl. M-1, Upgraded to Caa3 (sf); previously on Oct 3, 2012
Downgraded to C (sf)

Issuer: Impac CMB Trust Series 2003-8

Cl. 1-A-1, Upgraded to Aa1 (sf); previously on Aug 12, 2013
Confirmed at Aa2 (sf)

Cl. 1-A-2, Upgraded to Aa2 (sf); previously on Aug 12, 2013
Confirmed at A1 (sf)

Cl. 1-M-1, Upgraded to A2 (sf); previously on Aug 12, 2013
Confirmed at Baa1 (sf)

Cl. 1-M-2, Upgraded to A3 (sf); previously on Aug 12, 2013
Confirmed at Baa2 (sf)

Cl. 1-M-3, Upgraded to A3 (sf); previously on Aug 12, 2013
Confirmed at Baa2 (sf)

Cl. 1-M-4, Upgraded to Baa1 (sf); previously on Aug 12, 2013
Confirmed at Baa3 (sf)

Issuer: Impac CMB Trust Series 2004-9 Collateralized Asset-Backed
Bonds, Series 2004-9

Cl. 1-A-1, Upgraded to Ba1 (sf); previously on Sep 19, 2013
Downgraded to Ba3 (sf)

Cl. 1-A-2, Upgraded to Caa1 (sf); previously on Sep 19, 2013
Confirmed at Caa3 (sf)

RATINGS RATIONALE

The rating actions are a result of the recent performance of the
underlying pools and reflect Moody's updated loss expectation on
the pools. The rating upgrades are a result of the improving
performance of the related pools and an increase in credit
enhancement available to the bonds.


[^] BOOK REVIEW: Lost Prophets
------------------------------
Author: Alfred L. Malabre, Jr.
Publisher: Beard Books
Softcover: 256 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at http://is.gd/KNTLyr

Alfred Malabre's personal perspective on the U.S. economy over the
past four decades is firmly grounded in his experience and
knowledge.  Economics Editor of The Wall Street Journal from 1969
to 1993 and author of its weekly "Outlook" column, Malabre was in
a singular position to follow the U.S. economy in recent decades,
have access to the major academic and political figures
responsible for economic affairs, and get behind the crucial
economic stories of the day.  He brings to this critical overview
of the economy both a lively, often provocative, commentary on the
picture of the turns of the economy.  To this he adds sharp
analysis and cogent explanation.

In general, Malabre does not put much stock in economists. "In
sum, the profession's record in the half century since Keynes and
White sat down at Bretton Woods [after World War II] provokes
dismay."  Following this sour note, he refers to the belief of a
noted fellow economist that the Nobel Prize in this field should
be discontinued.  In doing so, he also points out that the Nobel
for economics was not one originally endowed by Alfred Nobel, but
was one added at a later date funded by the central bank of Sweden
apparently in an effort to give the profession of economists the
prestige and notice of medicine, science, literature and other
Nobel categories.

Malabre's view of economists is widespread, although rarely
expressed in economic circles.  It derives from the plain fact
that modern economists, even hugely influential ones such as John
Meynard Keynes, are wrong as many times as they are right.  Their
economic theories have proved incomplete or shortsighted, if not
basically wrong-headed.  For example, Malabre thinks of the
leading economist Milton Friedman and his "monetarist colleagues"
as "super salespeople, successfully merchandising.an economic
medicine that promised far more than it could deliver" from about
the 1960s through the Reagan years of the 1980s.  But the author
not only cites how the economy has again and again disproved the
theories and exposed the irrelevance of wrong-headedness of the
policy recommendations of the most influential economists of the
day.  Malabre also lays out abundant economic data and describes
contemporary marketplace and social activities to show how the
economy performs almost independently of the best analyses and
ideas of economists.

Malabre does not engage in his critiques of noted economists and
prevailing economic ideas of recent decades as an end in itself.
What emerges in all of his consistent, clear-eyed, unideological
analysis and commentary is his own broad, seasoned view of
economics-namely, the predominance of the business cycle.  He
compares this with human nature, which is after all the substance
of economics often overlooked by professional and academic
economists with their focus on monetary policy, exchange rates,
inflation, and such.  "The business cycle, like human nature, is
here to stay" is the lesson Malabre aims to impart to readers
interested in understanding the fundamental, abiding nature of
economics.  In Lost Prophets, in language that is accessible and
jargon-free, this author, who has observed, written about, and
explained economics from all angles for several decades,
persuasively makes this point.

In addition to holding a top position at The Wall Street Journal,
Malabre is also the author of the books, Understanding the New
Economy and Beyond Our Means, which received the George S. Eccles
Prize from the Columbia Business School as the best economics book
of 1987.


                            *********

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 ***