TCR_Public/160324.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Thursday, March 24, 2016, Vol. 20, No. 84

                            Headlines

A. CORDERO BADILLO: Loses Bid to Dismiss ERISA Plan Suit
AFFIRMATIVE INSURANCE: April 11 Fixed as Governmental Bar Date
AFFIRMATIVE INSURANCE: Lists $35.8MM Assets, $112.5MM Liabilities
AFFIRMATIVE INSURANCE: Rust/OMNI Approved as Administrative Agent
AIRCASTLE LIMITED: Moody's Gives Ba1 Rating on 2023 Unsec. Notes

ALERIS INTERNATIONAL: S&P Rates New Sr. Secured Notes 'B'
AMERICAN BUILDERS: S&P Raises CCR to 'BB', Outlook Stable
AMERICAN MEDIA: Successfully Completes First Lien Notes Reduction
AMPLIPHI BIOSCIENCES: Bioscience Managers Reports 6.5% Stake
ARCH COAL: Blackacre Tapped as Creditors Panel's Coal Consultant

ARCH COAL: Creditors' Panel Hires Kramer Levin as Counsel
ATLANTIC CITY, NJ: Mayor Warns of Shutdown
ATLANTIC CITY, NJ: Selling Bader Field for $155-Mil.
AURORA DIAGNOSTICS: Incurs $83.4 Million Net Loss in 2015
BERNARD L. MADOFF: Investors Appeal Dismissal of Suit

BIOLIFE SOLUTIONS: Approves Cash Bonus Awards for Executives
BLUE EARTH: Requests Joint Administration of Cases
BON-TON STORES: Appoints New Member to its Board of Directors
CHRYSLER LLC: Car Dealer Denied High Court Review of NLRB Ruling
COOPER TIRE: Moody's Raises CFR to Ba3, Outlook Stable

DELIAS INC: Court OKs $30K Sale of Remnant Assets to Oak Point
DELIAS INC: Seeks Dismissal of Chapter 11 Cases
DIGIPATH INC: Sells $250,000 Securities to William Bokovoy
DIOCESE OF GALLUP: Files Plan to Pay Abuse Victims
DRAFT CONTRACTING: Case Summary & 20 Largest Unsecured Creditors

EMERALD OIL: Files for Ch. 11 Bankruptcy Amid Oil Price Slump
ESTATE FINANCIAL: Court OKs Non-Material Adjustment to Sale Order
EVERTEC GROUP: Moody's Affirms B1 CFR on Financial Filing Delay
EXTREME PLASTICS PLUS: Can Use Cash Collateral Until April 8
FEDERATION EMPLOYMENT: Has $4.7M Offer for Brooklyn Property

FORESIGHT ENERGY: Has Until March 29 to Negotiate with Lenders
FRAC SPECIALISTS: $369K Sale of Vehicles to Cornerstone Approved
FRONTIER STAR: Landlords Object to Bidding Protocol
FRONTIER STAR: Units Want to Hire Stinson Leonard as Counsel
GLOBAL MINISTRIES: Bond Default Goes Unrecognized

GLOBAL PARTNERS: S&P Affirms 'B+' CCR, Outlook Stable
GREAT LAKES COMNET: Employs Miller Canfield Paddock as Counsel
GREAT LAKES COMNET: Hires Klein Law Group as Special Counsel
GT ADVANCED: Deal Allowing Manz China Claim for $33MM Approved
HAAS ENVIRONMENTAL: Objects to Case Closing Prior to Effective Date

HEXION INC: Signs $226 Million Purchase Agreement With Synthomer
HHH CHOICES: HHSH Still Looking for Buyer, Says It Has $5M Funding
HHH CHOICES: U.S. Trustee Forms Official Committee for Each Debtor
HOUSTON AMERICAN: Receives NYSE Listing Deficiency Letter
HUNT OIL: Moody's Lowers Rating to Ba3, Outlook Negative

INTELLIPHARMACEUTICS INT'L: Had US$7.4M Net Loss in Fiscal 2015
JTS LLC: Disclosure Statement Hearing Moved to April 12
JTS LLC: Dismissal/Conversion Hearing Also Moved to April 12
JUMIO INC: Appoints Rust/Omni as Administrative Agent
JUMIO INC: Hires Sagent Advisors as Investment Banker

JUMIO INC: Seeks Court Approval of Bidding Procedures
LB STEEL: Plan Filing Period Extended to April 18
MAGNUM HUNTER: Seeks to Reject Oneok Gas Purchase Agreement
MAGNUM HUNTER: Sues Over Covenant in Oneok Gas Purchase Deal
MANLEY TOYS: Chapter 15 Case Summary

MANLEY TOYS: Files for Chapter 15 Bankruptcy Over Litigations
MDC PARTNERS: $900MM Upsized Note No Impact on Moody's 'B2' CFR
MID-STATES SUPPLY: Has Interim OK to Tap S. Noyes as CRO
MJC AMERICA: Has Access to Cash Collateral Until July 29
MOLYCORP INC: Westchester Seeks Temporary Allowance of $12MM Claim

NATIONAL CINEMEDIA: Determines Membership Units of Founding Group
NEWARK CITY: Moody's Assigns Ba1 Underlying Rating on $15.1MM Bonds
NORANDA ALUMINUM: Creditors Object to Proposed Bidding Protocol
NORTEL NETWORKS: Claims Trader Demands Cash as Fights Rage On
NORTHERN OIL: Moody's Lowers CFR to Caa2, Outlook Negative

NUVERRA ENVIRONMENTAL: Moody's Lowers CFR to Caa3, Outlook Neg.
OMEGA HEALTHCARE: Fitch Affirms 'BB+' Subordinated Debt Rating
OSAGE EXPLORATION: Taps Crowe & Dunlevy as Bankruptcy Counsel
OUTER HARBOR: Taps Richards Layton as Bankruptcy Co-Counsel
OUTER HARBOR: Wants to Employ Milbank Tweed as Counsel

PACIFIC ARCHITECTS: Moody's Withdraws B2 Corporate Family Rating
PARADIGM EAST HANOVER: Chapter 11 Plan Declared Effective
PEABODY ENERGY: Coal Mine Clearance Sale Heads to Australia
PEABODY ENERGY: Troubles Prompt Concern Over Cleanup Ability
PENN VIRGINIA: Event of Default Deadline Extended to April 12

PERFORMANCE SPORTS: Says CEO Kevin Davis Leaving Company
PILGRIM MEDICAL: Case Summary & 20 Largest Unsecured Creditors
PUERTO RICO: Fights for Chapter 9 Bankruptcy in Supreme Court
QUIRKY INC: Judge Gropper Named Mediator for Plan Issues
RCS CAPITAL: Ch. 11 Plan Goes to May 2 Confirmation Hearing

RCS CAPITAL: U.S. Trustee's Objection to Plan Outline Overruled
RCS CAPITAL: UST Opposes Admin. Expense Claims in RSA
RELATIVITY FASHION: Robert Keach Appointed as Fee Examiner
RELATIVITY MEDIA: Can't Keep Rights to "The Crow," Creditor Says
REPUBLIC AIRWAYS: Has Court Authority to Return Aircraft

ROBERT MEIER: DIP Funds Must be Turned Over to Ch. 7 Trustee
RYAN LLC: S&P Lowers CCR to 'B-', Outlook Negative
SANGO POOL: U.S. Trustee Unable to Appoint Committee
SCRAP METAL: Case Summary & 14 Unsecured Creditors
SEABOARD REALTY: Judge Denies Bid to Appoint Examiner

SFX ENTERTAINMENT: Will Have Consumer Privacy Ombudsman
SHERWIN ALUMINA: Creditors' Panel Hires Gavin/Solmonese as Advisor
SIGA TECHNOLOGIES: Shareholders Seek to Defeat Ch. 11 Plan
SOUTHCROSS ENERGY: Parent Plans to File for Bankruptcy
SOUTHCROSS ENERGY: To File for Ch. 11, Soliciting Votes for Prepack

STADIUM CHEVRON: Case Summary & 8 Unsecured Creditors
STAG INDUSTRIAL: Fitch Assigns 'BB+' Preferred Stock Rating
STATE FISH: Deadline to Remove Suits Extended to May 31
STEVEN J. ANCONA: Wins Partial Summary Judgment Against Landlord
SUNEDISON INC: In Talks with Creditors Regarding DIP Loan

TEMPLAR ENERGY: Skips $11.8-Mil. Interest Payment
TIERRA DEL RAY: Wants Up to July 1 to File Reorganization Plan
TMOV INC: Case Summary & 20 Largest Unsecured Creditors
TRIDENT RESOURCES: S&P Lowers CCR to 'CCC-', Outlook Negative
UTE MESA: FCB Wants Changes to Proposed Dismissal Order

VALEANT PHARMACEUTICALS: Delays Annual Filing; Ackman Joins Board
VERMILLION INC: FDA Clears Overa, Second Generation OVA1 Test
VERMILLION INC: Peter Roddy Won't Seek Board Re-Election
WISE METALS: S&P Lowers CCR to 'CCC+', Outlook Negative
ZLOOP INC: Seeks Continuance of UST's Conversion Motion

[^] Recent Small-Dollar & Individual Chapter 11 Filings

                            *********

A. CORDERO BADILLO: Loses Bid to Dismiss ERISA Plan Suit
--------------------------------------------------------
Thomas E. Perez, Secretary of Labor, filed an action against
Atilano Cordero-Badillo and the Empresas A. Cordero Badillo
Retirement Plan alleging that Cordero breached his fiduciary duty
as trustee of the Plan, an employee benefit plan as defined by the
Employee Retirement Income Security Act.

The Plaintiff alleges that this breach caused the Plan to exist
without a named fiduciary or with assets not held in trust. Before
the Court are defendants' motion to dismiss and plaintiff's motion
to appoint an independent fiduciary.

In an Opinion and Order dated March 1, 2016, which is available at
http://is.gd/pAfFrDfrom Leagle.com, Judge Francisco A. Besosa of
the United States District Court for the District of Puerto Rico
denied both motions.

The case is THOMAS E. PEREZ, Secretary of Labor, United States
Department of Labor, Plaintiff, v. ATILANO CORDERO BADILLO, et al.,
Defendants, Civil No. 15-1541 (FAB)

United States Department of Labor, Plaintiff, is represented by
Orly Shoham, Office of the Solicitor.

Thomas E. Perez, Plaintiff, is represented by Orly Shoham, Office
of the Solicitor.

Atilano Cordero Badillo, Defendant, is represented by Edgar
Hernandez-Sanchez, Esq. -- Cancio, Nadal, Rivera & Diaz.

Empresas A. Cordero Badillo Retirement Plan, Defendant, is
represented by Edgar Hernandez-Sanchez, Cancio, Nadal, Rivera &
Diaz.

              About A. Cordero Badillo

Catano, Puerto Rico-based A. Cordero Badillo, Inc., aka
Supermercados Grande, filed for Chapter 11 bankruptcy protection
(Bankr. D. P.R. Case No. 10-10705) on Nov. 12, 2010.  Charles
Alfred Cuprill, Esq., at Charles A Curpill, PSC Law Office,
assists the Debtor in its restructuring effort.  The Debtor
disclosed $5,424,595 in assets and $35,470,180 in liabilities as
of the Chapter 11 filing.

On Dec. 15, 2010, Donald F. Walton, the U.S. Trustee for Region
21, appointed these persons to the Official Committee of Unsecured
Creditors in the Debtor's Chapter 11 case:

1. De La Cruz & Asc, Inc.
2. Pepsi Cola Puerto Rico Distributing, LLC
3. Mi Pan Asociados, Inc.
4. V. Suarez y Co, Inc.
5. Marvel International, Inc.
6. Drogueria Betances, Inc.
7. Kraft Foods Puerto Rico/Cadbury Adams Puerto Rico


AFFIRMATIVE INSURANCE: April 11 Fixed as Governmental Bar Date
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware established
April 11, 2016, at 5:00 p.m. as the deadline for government
entities to file claims against Affirmative Insurance Holdings,
Inc., and its debtor affiliates.

The general claims bar date was March 1, 2016.

Proofs of claim must be filed with the Debtors' claims agent:

         Affirmative Insurance Holdings Inc. Claims Processing
         c/o Rust Consulting/OMNI Bankruptcy
         5955 DeSoto Avenue, Suite No. 100
         Woodland Hills, CA 91367

                 About Affirmative Insurance

Affirmative Insurance Holdings, Inc., Affirmative Management
Services, Inc., Affirmative Services, Inc., Affirmative
Underwriting Services, Inc., Affirmative Insurance Services, Inc.,
Affirmative General Agency, Inc., Affirmative Insurance Group,
Inc.
and Affirmative, L.L.C. sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Proposed Lead Case No. 15-12136) on Oct. 14, 2015.

The petition was signed by Michael J. McClure as chief executive
officer.

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

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

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

On Oct. 30, 2015, the Office of the U.S. Trustee appointed five
creditors to the official committee of unsecured creditors.  The
Committee consists of Alesco Preferred Funding X, Ltd., c/o ATP
Management LLC; Alesco Preferred Funding VI, Ltd., c/o Mead Park
Advisors LLC; Trapeza CDO IX, Ltd.; Trapeza Edge CDO, Ltd.; and
The
Bank of New York Mellon Trust Co., N.A., as Indenture Trustee for
junior subordinated debt securities due March 15, 2035.  The
Committee selected Kilpatrick Townsend & Stockton LLP as its
counsel, Potter Anderson & Corroon LLP as cocounsel, and FTI
Consulting, Inc. as its financial advisor.

Anne Melissa Dowling, Insurance of the State of Illinois Acting
Director, as the statutory and court-affirmed rehabilitator of
Affirmative Insurance Company, is represented by Saul Ewing LLP's
Mark Minuti, Esq.; and Faye B. Feinstein, Esq., and Christopher
Combest, Esq., at Quarles & Brady LLP.

Affirmative Insurance Holdings, Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a Chapter 11 plan of
liquidation and accompanying disclosure statement, which propose
to
pay 2% to holders of general unsecured claims against Holdco.

Holders of general unsecured claims against AMSI, ASI, AUSI, AISI,
AGAI, AIGI, and ALLC, will recover 0% of their allowed claims.
AFFM Debt Holdings L.P., which holds secured claims, will recover
92% of its allowed claims.  

The filing of a plan of liquidation, however, failed to convince
the Delaware bankruptcy judge to let the debtors keep their Chapter
11 cases.

Judge Christopher S. Sontchi said March 10 that Affirmative
Insurance Holdings and its debtor-affiliates will liquidate in
Chapter 7, thus granting a request for case conversion by the
official committee of unsecured creditors.  In a separate order
that day, Judge Sontchi directed the Office of the United States
Trustee to appoint a Chapter 7 trustee to oversee the liquidation.


AFFIRMATIVE INSURANCE: Lists $35.8MM Assets, $112.5MM Liabilities
-----------------------------------------------------------------
Affirmative Insurance Holdings, Inc., filed with the U.S.
Bankruptcy Court for the District of Delaware its schedules of
assets liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $35,820,761
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $15,518,789
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $97,005,926
                                 -----------      -----------
        Total                    $35,820,761     $112,524,715

A copy of the schedules are available for free at:

  http://bankrupt.com/misc/AffirmativeInsurance_169_Dec18SAL.pdf

                 About Affirmative Insurance

Affirmative Insurance Holdings, Inc., Affirmative Management
Services, Inc., Affirmative Services, Inc., Affirmative
Underwriting Services, Inc., Affirmative Insurance Services, Inc.,
Affirmative General Agency, Inc., Affirmative Insurance Group,
Inc.
and Affirmative, L.L.C. sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Proposed Lead Case No. 15-12136) on Oct. 14, 2015.

The petition was signed by Michael J. McClure as chief executive
officer.

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

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

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

On Oct. 30, 2015, the Office of the U.S. Trustee appointed five
creditors to the official committee of unsecured creditors.  The
Committee consists of Alesco Preferred Funding X, Ltd., c/o ATP
Management LLC; Alesco Preferred Funding VI, Ltd., c/o Mead Park
Advisors LLC; Trapeza CDO IX, Ltd.; Trapeza Edge CDO, Ltd.; and
The
Bank of New York Mellon Trust Co., N.A., as Indenture Trustee for
junior subordinated debt securities due March 15, 2035.  The
Committee selected Kilpatrick Townsend & Stockton LLP as its
counsel, Potter Anderson & Corroon LLP as cocounsel, and FTI
Consulting, Inc. as its financial advisor.

Anne Melissa Dowling, Insurance of the State of Illinois Acting
Director, as the statutory and court-affirmed rehabilitator of
Affirmative Insurance Company, is represented by Saul Ewing LLP's
Mark Minuti, Esq.; and Faye B. Feinstein, Esq., and Christopher
Combest, Esq., at Quarles & Brady LLP.

Affirmative Insurance Holdings, Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a Chapter 11 plan of
liquidation and accompanying disclosure statement, which propose
to
pay 2% to holders of general unsecured claims against Holdco.

Holders of general unsecured claims against AMSI, ASI, AUSI, AISI,
AGAI, AIGI, and ALLC, will recover 0% of their allowed claims.
AFFM Debt Holdings L.P., which holds secured claims, will recover
92% of its allowed claims.  

The filing of a plan of liquidation, however, failed to convince
the Delaware bankruptcy judge to let the debtors keep their Chapter
11 cases.

Judge Christopher S. Sontchi said March 10 that Affirmative
Insurance Holdings and its debtor-affiliates will liquidate in
Chapter 7, thus granting a request for case conversion by the
official committee of unsecured creditors.  In a separate order
that day, Judge Sontchi directed the Office of the United States
Trustee to appoint a Chapter 7 trustee to oversee the liquidation.


AFFIRMATIVE INSURANCE: Rust/OMNI Approved as Administrative Agent
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
Affirmative Insurance Holdings, Inc., et al., to employ Rust
Consulting/OMNI Bankruptcy as administrative agent nunc pro tunc o
Dec. 1, 2015.

Rust/OMNI is expected to, among other things:

   a) assist with the preparation and filing of the Debtors'
schedules of assets and liabilities and statements of financial
affairs;

   b) record all transfers of claims and providing any notices of
such transfers as required by Bankruptcy Rule 3001(e); provided,
however, that if any evidence of transfer of claim(s) is filed with
the Court pursuant to Bankruptcy Rule 3001(e), and if the evidence
of transfer or notice thereof executed by the parties purports to
waive the 21-day notice and objection period required under
Bankruptcy Rule 3001(e), then the Administrative Agent may process
the transfer of claim(s) to change the name and address
of the claimant of such claim to reflect the transfer, and the
effective date of such transfer will be the date the evidence of
such transfer was docketed in the case;

   c) generate and provide claim reports and claim objection
exhibits.

Prior to the Petition Date, the Debtors provided Rust/Omni a
retainer in the amount of $35,000.  Rust/Omni has applied the
retainer to all prepetition invoices, and Rust/Omni is holding the
remaining amount of the retainer during the cases as security for
the payment of fees and expenses incurred under the Engagement
Agreement.

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

                 About Affirmative Insurance

Affirmative Insurance Holdings, Inc., Affirmative Management
Services, Inc., Affirmative Services, Inc., Affirmative
Underwriting Services, Inc., Affirmative Insurance Services, Inc.,
Affirmative General Agency, Inc., Affirmative Insurance Group,
Inc.
and Affirmative, L.L.C. sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Proposed Lead Case No. 15-12136) on Oct. 14, 2015.

The petition was signed by Michael J. McClure as chief executive
officer.

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

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

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

On Oct. 30, 2015, the Office of the U.S. Trustee appointed five
creditors to the official committee of unsecured creditors.  The
Committee consists of Alesco Preferred Funding X, Ltd., c/o ATP
Management LLC; Alesco Preferred Funding VI, Ltd., c/o Mead Park
Advisors LLC; Trapeza CDO IX, Ltd.; Trapeza Edge CDO, Ltd.; and
The
Bank of New York Mellon Trust Co., N.A., as Indenture Trustee for
junior subordinated debt securities due March 15, 2035.  The
Committee selected Kilpatrick Townsend & Stockton LLP as its
counsel, Potter Anderson & Corroon LLP as cocounsel, and FTI
Consulting, Inc. as its financial advisor.

Anne Melissa Dowling, Insurance of the State of Illinois Acting
Director, as the statutory and court-affirmed rehabilitator of
Affirmative Insurance Company, is represented by Saul Ewing LLP's
Mark Minuti, Esq.; and Faye B. Feinstein, Esq., and Christopher
Combest, Esq., at Quarles & Brady LLP.

Affirmative Insurance Holdings, Inc., et al., filed with the U.S.
Bankruptcy Court for the District of Delaware a Chapter 11 plan of
liquidation and accompanying disclosure statement, which propose
to
pay 2% to holders of general unsecured claims against Holdco.

Holders of general unsecured claims against AMSI, ASI, AUSI, AISI,
AGAI, AIGI, and ALLC, will recover 0% of their allowed claims.
AFFM Debt Holdings L.P., which holds secured claims, will recover
92% of its allowed claims.  

The filing of a plan of liquidation, however, failed to convince
the Delaware bankruptcy judge to let the debtors keep their Chapter
11 cases.

Judge Christopher S. Sontchi said March 10 that Affirmative
Insurance Holdings and its debtor-affiliates will liquidate in
Chapter 7, thus granting a request for case conversion by the
official committee of unsecured creditors.  In a separate order
that day, Judge Sontchi directed the Office of the United States
Trustee to appoint a Chapter 7 trustee to oversee the liquidation.


AIRCASTLE LIMITED: Moody's Gives Ba1 Rating on 2023 Unsec. Notes
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Aircastle
Limited's senior unsecured notes due 2023.  Aircastle's Ba1
corporate family rating and stable rating outlook are unchanged by
the new transaction.

                           RATINGS RATIONALE

The Ba1 rating assigned to the new notes reflects Aircastle's
fundamental credit profile and the notes' relative priority in
Aircastle's capital structure.  Aircastle maintains a competitive
mid-tier position within the aircraft leasing industry, has a
record of profitable operations, and possesses solid capital and
liquidity positions.

The terms of the new notes are consistent with those of Aircastle's
existing senior unsecured debt.  Aircastle intends to use the
proceeds of the notes for general corporate purposes, which may
include debt repayment and aircraft acquisitions.

The stable rating outlook reflects Moody's expectation that
Aircastle will produce less volatile earnings, based in part on
improved aircraft fleet composition, while maintaining moderate
leverage and adequate liquidity.

Ratings could improve if Aircastle strengthens liquidity, achieves
a sustainably higher return on managed assets in part by reducing
impairment expense, improves franchise positioning in the aircraft
leasing sector, reduces customer concentrations, and maintains an
acceptable capital profile.

Rating could be downgraded if Aircastle's profitability
unexpectedly declines, leverage increases materially above 2.5x or
the company's liquidity runway weakens.

Aircastle Limited is a commercial aircraft lessor headquartered in
Stamford, CT, with a $6.0 billion portfolio of flight equipment and
finance leases at Dec. 31, 2015.

The principal methodology used in this rating was Finance Companies
published in October 2015.


ALERIS INTERNATIONAL: S&P Rates New Sr. Secured Notes 'B'
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'B' issue-level rating to Aleris International Inc.'s proposed
senior secured notes.  The recovery rating is '3', indicating S&P's
expectation for meaningful (upper half of the 50% to 70% range)
recovery in the event of a payment default.

At the same time, S&P lowered its issue-level rating on the
company's 2020 senior unsecured notes to 'B-' from 'B'.  S&P also
revised the recovery rating on the notes to '5' from '4',
indicating its expectation for modest (lower half of the 10% to 30%
range) recovery in the event of payment default.  The corporate
credit rating on the company remains 'B'.  The outlook is stable.

Aleris is proposing to issue $450 million of senior secured notes
due 2021.  The company will use the proceeds to retire its 2018
senior unsecured notes, including the payment of related fees and
expenses.

"The 'B' corporate credit rating on Aleris reflects the combination
of what we consider to be a weak business risk profile and highly
leveraged financial risk profile," said Standard & Poor's credit
analyst Patricia Mendonca.  "These assessments consider the
company's participation in the highly competitive rolled aluminum
industry, which is characterized by volatile pricing, competitive
end markets, and thin operating margins." Improving demand in the
U.S., solid global aerospace growth, and adequate liquidity
somewhat offset these factors.

The stable outlook reflects S&P's expectations that favorable
long-term trends in end markets, specifically, automotive and
aerospace, will support profitability and free cash flow generation
over the next year.  In addition, S&P believes that the full ramp
up of the Zhenjiang rolling mill facility should improve
operational efficiency and EBITDA generation.  S&P expects Aleris
to generate approximately $210 million in adjusted EBITDA in 2016,
resulting in debt to EBITDA in the range of 7x to 7.5x and FFO to
debt in the range of 5% to 7%.

S&P could lower its ratings on Aleris if leverage were to increase
beyond 8x in the next 12 months.  This could happen if the company
decides to pursue additional debt-financed dividends or an
acquisition.  It could also happen for operational reasons as a
result of cost overruns in the Lewisport facility upgrade or other
projects that could cause Aleris to use a significant portion of
its ABL revolving facility.

S&P views an upgrade in the next 12 months as unlikely.  However,
S&P could raise its ratings on Aleris if the company's credit
measures improve such that FFO to debt is above 12% and leverage is
below 5x for a sustained period.  This would likely be prompted by
very strong aerospace, automotive, and construction end markets as
well as positive contributions from the Zhenjiang rolling mill in
China.



AMERICAN BUILDERS: S&P Raises CCR to 'BB', Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on American Builders & Contractors Supply Co. Inc. to 'BB'
from 'BB-'.  The outlook is stable.

At the same time, S&P raised its issue-level ratings on the
company's $1.25 billion senior secured term loan B due 2020 to
'BBB-' from 'BB+'.  The recovery rating remains '1', indicating
S&P's expectation that lenders could expect very high (90%-100%)
recovery in the event of a payment default.

Additionally, S&P raised its issue-level ratings on both the
$500 million senior unsecured notes due 2021 and the $350 million
senior unsecured notes due 2023 to 'BB' from 'BB-'.  The recovery
ratings remain unchanged at '4', indicating S&P's expectation of
average recovery (30%-50%, albeit at the low end of the range) in
the event of a default.

"Our upgrade of ABC Supply reflects the improvement in the
company's EBITDA levels, which we view as above average for a
roofing distributor," said Standard & Poor's credit analyst
Kimberly Garen.

Standard & Poor's ratings reflect ABC Supply's position as the
largest wholesale distributor of exterior building products and
roofing distribution in the U.S., with 75% of sales tied to repair
and remodeling, which is a relatively stable market.  The recent
Norandex acquisition has in S&P's view improved product mix, with
the siding/windows/doors segment now accounting for 25% of the
business, in addition to improving the company's scale, scope, and
operating margins.  ABC distributes products primarily to
professional contractors and builders through a network of around
600 locations in 49 states.  Partially offsetting ABC Supply's
business strengths is the fragmented nature of the building
products distribution space, which leads to intense competition,
limited pricing power, and a lack of product differentiation.

S&P's ratings also reflect ABC Supply's aggressive financial risk
profile reflects debt/EBITDA of 4.1x at fiscal year-end 2015.  S&P
expects leverage measures to improve slightly with debt leverage of
just below 4x and funds from operation (FFO)/debt of 14.3% in
fiscal 2016.

The stable rating outlook reflects Standard & Poor's expectation
that over the next 12 months the company will continue to generate
positive free cash flow and maintain strong liquidity while
maintaining total leverage (including lease obligations) of less
than 4x and FFO to debt of more than 12%.



AMERICAN MEDIA: Successfully Completes First Lien Notes Reduction
-----------------------------------------------------------------
American Media, Inc., disclosed it successfully completed the
previously-announced first lien notes reduction wherein bondholders
have exchanged approximately $59 million of the company's first
lien notes due in 2017 for approximately $76 million of the
company's existing 7% second lien notes due in 2020.

In addition, AMI separately issued approximately $76 million of 7%
second lien notes to equity investors in the company.

These transactions result in a decrease of AMI's first lien notes
to approximately $213 million and an increase of 7% second lien
notes to approximately $191 million.

"We are pleased to announce the completion of the first lien notes
reduction, which strengthens AMI's balance sheet and better
positions us to refinance the remaining first lien notes," said
David J. Pecker, chairman, president and CEO of AMI.  He added that
the company will continue to monitor the capital markets for an
opportunity to refinance on favorable terms.  

                     Supplemental Indentures

On March 18, 2016, American Media entered into a supplemental
indenture by and between the Company and Wilmington Trust, National
Association, as successor by merger to Wilmington Trust FSB, as
trustee and collateral agent, to an indenture, dated as of Dec. 1,
2010, by and among the Company and the First Lien Trustee, pursuant
to which the Company issued its 11 1/2% First Lien Senior Secured
Notes due 2017, and a supplemental indenture by and between the
Company and Wilmington Trust, National Association, as trustee and
collateral agent, to an indenture, dated as of
Jan. 20, 2015, by and among the Company, the guarantors party
thereto and the Second Lien Trustee, pursuant to which the Company
issued its 7.0% Second Lien Senior Secured Notes due 2020.  The
Supplemental Indentures amend the First Lien Indenture and the
Second Lien Indenture, as applicable, to, among other things,
permit the issuance of additional Second Lien Notes.  On March 21,
2016, the Second Lien Notes were issued to certain equity holders
of the Company which own a majority of the Company's equity
interests.

On March 15, 2016, the Company launched a consent solicitation
seeking the consent of holders of the First Lien Notes to amend the
First Lien Indenture and execute the First Lien Supplemental
Indenture.  By March 17, 2016, the Company received consents from a
majority of the holders of the First Lien Notes.  The consent
solicitation will remain open to holders of First Lien Notes until
5:00 p.m., New York City time, on March 28, 2016.  Holders that
deliver a consent on or prior to March 28, 2016, will receive cash
consideration equal to 1.00% of the principal amount of First Lien
Notes for which consents have been validly delivered, and not
revoked, by each holder.

On March 18, 2016, the Company received consents from all of the
holders of the Second Lien Notes to amend the Second Lien Indenture
and execute the Second Lien Supplemental Indenture.  No consent fee
was paid to the holders of the Second Lien Notes.

                Revolving Credit Facility Amendment

On March 18, 2016, the Company amended its revolving credit
agreement, dated as of Dec. 22, 2010, by and among the Company,
JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
from time to time party thereto.  In particular, the amendment
modifies certain provisions to permit the issuance of additional
Second Lien Notes under the Second Lien Indenture.

                          Noted Redemption

On March 18, 2016, the Company redeemed all of its outstanding
13 1/2% Second Lien Senior Secured Notes due 2018.  Upon the
cancellation of all outstanding 13 1/2% Second Lien Notes, the
collateral agreement securing the 13 1/2% Second Lien Notes was
terminated and the obligations of the Company under the indenture
governing the 13 1/2% Second Lien Notes, dated Dec. 22, 2010, among
the Company, the guarantors party thereto and Wilmington Trust,
National Association, as successor by merger to Wilmington Trust
FSB, as trustee and collateral agent, were satisfied in full and
the discharge thereof was acknowledged by the Trustee.

                     About American Media

Based in New York, American Media, Inc., publishes celebrity
journalism and health and fitness magazines in the U.S.  These
include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health,
and The National Enquirer.  In addition to print properties, AMI
manages 14 different Web sites.  The company also owns
Distribution Services, Inc., an in-store magazine merchandising
company.

American Media, Inc., and 15 units, including American Media
Operations, Inc., filed for Chapter 11 protection in Manhattan
(Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a
prepackaged plan.  The Debtors emerged from Chapter 11
reorganization in December 2010, handing ownership to former
bondholders.  The new owners include hedge funds Avenue Capital
Group and Angelo Gordon & Co.

American Media reported a net loss of $54.3 million on
$344 million of total operating revenues for the fiscal year ended
March 31, 2014, following a net loss of $56.2 million on $349
million of total operating revenues for the year ended March 31,
2013.

As of Dec. 31, 2015, the Company had $423.52 million in total
assets, $437.94 million in total liabilities, $3 million in
redeemable noncontrolling interests and a total stockholders'
deficit of $17.41 million.

                           *     *     *

As reported in the Jan. 9, 2015 edition of the TCR, American Media
carries a 'Caa1' corporate family rating from Moody's.  American
Media's Caa1 CFR reflects the company's elevated total debt to
EBITDA leverage that Moody's expect will rise to the 8-9x range
(Moody's adjusted) over the rating horizon from about 7x as of
Sept. 30, 2014 as a result of lower EBITDA performance that
stems from a reduction in circulation sales associated with the
bankruptcy filing of AMI's second largest publications wholesaler,
Source Interlink Distribution ("Source").  The rating also captures
AMI's weak liquidity profile and deteriorating EBITDA cushion under
the revolver's first-lien leverage covenant resulting from the
lower circulation revenue aggravated by the Source bankruptcy,
which required temporary covenant relief through an amendment to
the credit facility.

The TCR reported on December 2015 that Standard & Poor's Ratings
Services raised its corporate credit rating on Boca Raton,
Fla.-based American Media Inc. to 'CCC+' from 'CCC'.  The upgrade
follows S&P's review of American Media's liquidity and capital
structure after company announced its fiscal third quarter
(ended Sept. 30, 2015) results.


AMPLIPHI BIOSCIENCES: Bioscience Managers Reports 6.5% Stake
------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Bioscience Managers PTY Ltd., Asia Pacific Healthcare
Fund II, Jeremy Curnock Cook, et al., reported that as of Nov. 10,
2015, they beneficially owned 384,140 shares of common stock of
AmpliPhi Biosciences Corporation representing 6.53 percent based on
5,883,503 shares of Common Stock, par value $0.01 per share,
reported to be outstanding in the Issuer's Form 10-Q for the fiscal
quarter ended Sept. 30, 2015.  A copy of the regulatory filing is
available at http://is.gd/GO32NE

                        About AmpliPhi

AmpliPhi Biosciences Corp. is a biopharmaceutical company that
develops bacteriophage-based therapeutics.  It also develops an
internally generated pipeline of naturally occurring viruses
called bacteriophage (Phage) for the treatment of bacterial
infection, such as drug-resistant strains of bacteria that are
commonly found in the hospital setting.  The company's Phage
discovery also focuses on acute & chronic lung, sinus and
gastrointestinal infections.  AmpliPhi Biosciences was founded in
March 1989 and is headquartered in Glen Allen, Virginia.

The Company reported net income attributable to common stockholders
of $21.82 million for the year ended Dec. 31, 2014, compared to a
net loss attributable to common stockholders of $65.2 million for
the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $34.07 million in total
assets, $7.47 million in total liabilities, $10.94 million in
series B redeemable convertible preferred stock, and $15.66 million
in total stockholders' equity.


ARCH COAL: Blackacre Tapped as Creditors Panel's Coal Consultant
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Arch Coal, Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
Eastern District of Missouri to retain Blackacre LLC as coal
consultant to the Committee, nunc pro tunc to January 27, 2016.

The Committee requires Blackacre to:

   (a) review and analyze any bid submitted as part of the process

       to sell the Debtors' assets;

   (b) review and analyze the Debtors' disclosure statement and
       plan of reorganization;

   (c) review and analyze other proposals made by the Debtors in
       their chapter 11 cases to determine whether such proposals
       are feasible and optimal;

   (d) develop an expert report and opinion and provide expert
       testimony with respect to any bid, disclosure statement,
       plan of reorganization, or other proposal put forward by
       the Debtors; and;

   (e) provide such other consulting or advisory services as may
       be needed;

Blackacre has agreed to provide the consulting services of W.
Douglas Blackburn to the Committee and receive compensation and
reimbursement in accordance with its standard billing practices.
Blackacre will charge $500 per hour for Mr. Blackburn's consulting
services.

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

W. Douglas Blackburn, founder of Blackacre, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Blackacre can be reached at:

       W. Douglas Blackburn, Jr.
       BLACKACRE LLC
       2849 Oak Point Lane
       Richmond, VA 23233
       Tel: (804) 527-1015
       Fax: (804) 527-5308
       E-mail: blackacrellc@yahoo.com

                          About Arch Coal

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

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

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

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


ARCH COAL: Creditors' Panel Hires Kramer Levin as Counsel
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Arch Coal, Inc.,
et al., seeks authorization from the U.S. Bankruptcy Court for the
Eastern District of Missouri to retain Kramer Levin Naftalis &
Frankel LLP as counsel for the Committee, nunc pro tunc to January
27, 2016.

Kramer Levin is expected to render any legal services that the
Committee may request in order to discharge the Committee's
responsibilities and further the interests of the Committee's
constituents in these cases. In addition to acting as primary
spokesman for the Committee, it is expected that Kramer Levin's
services will include, without limitation, assisting, advising and
representing the Committee with respect to the following matters:

   (a) the administration of these cases and the exercise of
       oversight with respect to the Debtors' affairs, including
       all issues in connection with the Debtors, the Committee
       and/or these Chapter 11 Cases;

   (b) the preparation on behalf of the Committee of necessary
       applications, motions, memoranda, orders, reports, and
       other legal papers;

   (c) appearances in Court, participation in litigation as a
       party-in-interest, and at statutory meetings of creditors
       to represent the interests of the Committee;

   (d) the negotiation and evaluation of the proposed debtor-in-
       possession financing and any other potential financing
       alternatives;

   (e) the negotiation and evaluation of the proposed
       restructuring support agreement and any other potential
       alternatives;

   (f) the negotiation, formulation, drafting and confirmation of
       a plan or plans of reorganization or liquidation and
       matters related thereto;

   (g) investigation, directed by the Committee, of among other
       things, unencumbered assets, liabilities, and financial
       condition of the Debtors, prior transactions, and
       operational issues concerning the Debtors that may
       be relevant to these Chapter 11 Cases;

   (h) investigation, directed by the Committee, of the failed
       prepetition exchange offer and to take such other action as

       the Committee directs;

   (i) the negotiation and formulation of any proposed sale of any

       of the Debtors' assets, including pursuant to section 363
       of the Bankruptcy Code;

   (j) communications with the Committee's constituents in
       furtherance of its responsibilities, including, but not
       limited to, communications required under section 1102 of
       the Bankruptcy Code; and

   (k) the performance of all of the Committee's duties and powers

       under the Bankruptcy Code and the Bankruptcy Rules and the
       performance of such other services as are in the interests
       of those represented by the Committee.

Kramer Levin will be paid at these hourly rates:

       Partners                 $810-$1,195
       Counsel                  $875-$1,150
       Special Counsel          $800-$875
       Associates               $470-$855
       Legal Assistants         $310-$365

Kramer Levin will also be reimbursed for reasonable out-of-pocket
expenses incurred.

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

The following is provided in response to the request for additional
information set forth in  the Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. section 330 by Attorneys in Larger Chapter 11 Cases
("Appendix B Guidelines").

   -- Kramer Levin did not represent the Committee before its
      formation on January 25, 2016. Kramer Levin's billing rates
      have not changed since the Petition Date. Kramer Levin has
      in the past represented, currently represents and may
      represent in the future certain Committee members and/or
      their affiliates in their capacities as official committee
      members in other chapter 11 cases and/or as set forth in
      this Application.

   -- Kramer Levin is developing a budget and staffing plan for
      the period through March 31, 2016 that will be presented for

      approval by the Committee.

Kramer Levin can be reached at:

       Douglas H. Mannal, Esq.
       KRAMER LEVIN NAFTALIS & FRANKEL LLP
       1177 Avenue of the Americas
       New York, NY 10036
       Tel: (212) 715-9100
       Fax: (212) 715-8000

                         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.



ATLANTIC CITY, NJ: Mayor Warns of Shutdown
------------------------------------------
Romy Varghese, writing for Bloomberg Brief, reported that Atlantic
City's mayor said workers won't be paid and nonessential services
will be shut down for about a month beginning April 8 as the
distressed gaming hub pushes for New Jersey to rescue it from the
brink of insolvency.

According to the report, no employees would be paid until at least
May 2, when the city will get its next installment of taxes, Mayor
Don Guardian said in an e-mailed statement.  While essential
services like as public safety and revenue collections will
continue, other functions will cease and City Hall will close 4:30
pm local time on April 8, the report said.

The mayor on March 21 met with the state agency that oversees the
city's finances, the report further related.

"The city's ongoing financial position is of grave concern to the
division," Tammori Petty, a spokeswoman for the Department of
Community Affairs, told Bloomberg.

                   *     *     *

The Troubled Company Reporter, on March 11, 2016, reported that
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 TCR, on Feb. 3, 2016, reported that Moody's Investors Service
has placed the City of Atlantic City, NJ Caa1 GO rating under
review for possible downgrade.  The review for downgrade will
consider the adequacy of proposed legislative budget solutions and
the likelihood of municipal debt restructuring with bondholder
impairment.  Within the next two months, Moody's expects the state
legislature to develop a plan that will specify the powers to be
granted to the New Jersey Local Finance Board to implement budget
improvements and restructure municipal debt.  The probability of
bondholder impairment is likely low if budget solutions are
adequate and/or state financial support is high, but could rise if
they are not, which would lead to a revision of the rating
downward.  A specific indication that bondholders would be
included
in adverse debt restructuring could also lead to a rating
downgrade.  Beyond the rating review time horizon, outstanding tax
appeal refunds could pose a risk to bondholder security even if
adequate budget measures are achieved.

The TCR, on Feb. 1, 2016, reported that Standard & Poor's Ratings
Services has lowered its underlying rating on Atlantic City Board
of Education, N.J.'s existing general obligation (GO) bonds to
'BB-' from 'BBB-'.  At the same time, S&P removed the rating from
CreditWatch negative.  The outlook is negative.

At the same time, S&P affirmed its 'A' school program rating.  The
outlook on the program rating is stable.


ATLANTIC CITY, NJ: Selling Bader Field for $155-Mil.
----------------------------------------------------
Romy Varghese, writing for Bloomberg Brief, reported that Atlantic
City is selling a century-old former airport for a fraction of what
it could have received eight years ago.

Bader Field, which spurred the first use of the word "air-port" in
a 1919 newspaper, will go up for a minimum bid of $155 million on
June 17, after the city council of the distressed casino hub signed
off on the move, according to the report.  The winning bid must be
approved by the council and the state, which monitors the finances
of the junk-rated city that was pummeled by the closing of a third
of its betting parlors in 2014, the report related.

"It is one of our last and most treasured assets," Council
President Marty Small told Bloomberg.

The report said in 2008, two years after it was closed, the city
balked at an offer of $800 million for the airfield, where several
U.S. presidents landed and the Civil Air Patrol, a cadre of
volunteer airmen, was founded in 1941.  Officials wagered the site,
over 140 acres, could fetch as much as $1.5 billion from competing
casinos, Mr. Small told Bloomberg.

                   *     *     *

The Troubled Company Reporter, on March 11, 2016, reported that
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 TCR, on Feb. 3, 2016, reported that Moody's Investors Service
has placed the City of Atlantic City, NJ Caa1 GO rating under
review for possible downgrade.  The review for downgrade will
consider the adequacy of proposed legislative budget solutions and
the likelihood of municipal debt restructuring with bondholder
impairment.  Within the next two months, Moody's expects the state
legislature to develop a plan that will specify the powers to be
granted to the New Jersey Local Finance Board to implement budget
improvements and restructure municipal debt.  The probability of
bondholder impairment is likely low if budget solutions are
adequate and/or state financial support is high, but could rise if
they are not, which would lead to a revision of the rating
downward.  A specific indication that bondholders would be
included
in adverse debt restructuring could also lead to a rating
downgrade.  Beyond the rating review time horizon, outstanding tax
appeal refunds could pose a risk to bondholder security even if
adequate budget measures are achieved.

The TCR, on Feb. 1, 2016, reported that Standard & Poor's Ratings
Services has lowered its underlying rating on Atlantic City Board
of Education, N.J.'s existing general obligation (GO) bonds to
'BB-' from 'BBB-'.  At the same time, S&P removed the rating from
CreditWatch negative.  The outlook is negative.

At the same time, S&P affirmed its 'A' school program rating.  The
outlook on the program rating is stable.


AURORA DIAGNOSTICS: Incurs $83.4 Million Net Loss in 2015
---------------------------------------------------------
Aurora Diagnostics Holdings, LLC, filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $83.4 million on $264 million of net revenue for the year
ended Dec. 31, 2015, compared to a net loss of $55.5 million on
$243 million of net revenue for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Aurora Diagnostics had $263 million in total
assets, $453 million in total liabilities and a $191 million total
members' deficit.

The Company considers deposits and investments that have original
maturities of less than three months, when purchased, to be cash
equivalents.  The Company maintains its cash balances at high
quality financial institutions.  At Dec. 31, 2014 and 2015, the
Company's balances in its accounts exceeded amounts insured by the
Federal Deposit Insurance Corporation, which insures amounts of up
to $250,000.

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

                       http://is.gd/XgBeUE

                     About Aurora Diagnostics

Headquartered in Palm Beach Gardens, Florida, Aurora Diagnostics
Holdings, LLC, through its subsidiaries, provides physician-based
general anatomic and clinical pathology, dermatopathology,
molecular diagnostic services and other esoteric testing services
to physicians, hospitals, clinical laboratories and surgery
centers.  The company recognized approximately $260 million in
revenue for the 12 months ended June 30, 2013.  The company is
majority owned by equity sponsors KRG Capital Partners and Summit
Partners.

                             *   *   *

As reported by the Troubled Company Reporter on Sept. 27, 2013,
Moody's Investors Service downgraded Aurora's Corporate Family
Rating to Caa2 from B3 and Probability of Default Rating to Caa2-
PD from B3-PD.  Moody's also lowered the debt ratings of Aurora
Diagnostics Holdings, LLC's and Aurora Diagnostics, LLC
(collectively Aurora).  Concurrently, Moody's downgraded Aurora's
Speculative Grade Liquidity Rating to SGL-4 from SGL-3.  The
outlook for the ratings remains negative.

The downgrade of the ratings reflects Moody's expectation that the
company will see continued difficulty in mitigating a significant
decline in revenue and EBITDA.  This stems from a reduction in
Medicare reimbursement due to a decrease in rates and
sequestration, continued challenging volume growth trends and
threats of additional reimbursement reductions.  This will
negatively impact the company's credit metrics, constrain Aurora's
ability to repay debt and pressure the company's liquidity
position.  Moody's also has concerns about the sustainability of
the company's capital structure given its significant debt load
and related interest burden.

In the Aug. 7, 2014, edition of the TCR, Standard & Poor's Ratings
Services raised its corporate credit rating on Palm Beach Gardens,
Fla.-based anatomic pathology services provider Aurora Diagnostics
Holdings LLC to 'CCC+' from 'CCC'.  The outlook is stable.


BERNARD L. MADOFF: Investors Appeal Dismissal of Suit
-----------------------------------------------------
Cameron Finch, writing for Bloomberg Brief, reported that victims
of Bernard Madoff's infamous $18 billion Ponzi scheme on March 21
appealed a bankruptcy court's decision dismissing their claims
against Madoff's alleged co-conspirator, Jeffrey M. Picower.

According to the report, the investors are seeking to recover
approximately $11 billion from Picower.

A&G Goldman Partnership and Pamela Goldman -- the Goldman Parties
-- claimed that Picower "propped up" the fraud by making two loans
to Bernard L. Madoff Investment Securities LLC totaling $200
million, the report related.  Without the loans, BLMIS wouldn't
have been able to pay off redeeming investors and the scheme would
have collapsed, they argued, the report further related.  They said
the alleged "bailouts" gave Picower the power to "coerce and
control" BLMIS, the report added.

According to the Goldman Parties, Picower should be held liable for
all the losses suffered by BLMIS customers, the report said.  They
sought to recover $18 billion less $7.2 billion from a previous
settlement, the report added.

                     About Bernard L. Madoff

Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff
orchestrated the largest Ponzi scheme in history, with losses
topping US$50 billion.  On Dec. 15, 2008, the Honorable Louis A.
Stanton of the U.S. District Court for the Southern District of
New York granted the application of the Securities Investor
Protection Corporation for a decree adjudicating that the
customers of BLMIS are in need of the protection afforded by the
Securities
Investor Protection Act of 1970.  The District Court's Protective
Order (i) appointed Irving H. Picard, Esq., as trustee for the
liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his
counsel, and (iii) removed the SIPA Liquidation proceeding to the
Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789)
(Lifland, J.).  Mr. Picard has retained AlixPartners LLP as claims
agent.

On April 13, 2009, former BLMIS clients filed an involuntary
Chapter 7 bankruptcy petition against Bernard Madoff (Bankr.
S.D.N.Y. 09-11893).  The petitioning creditors -- Blumenthal &
Associates Florida General Partnership, Martin Rappaport
Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and
Steven Morganstern -- assert US$64 million in claims against  Mr.
Madoff based on the balances contained in the last statements they
got from BLMIS.

On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff
Securities International Limited in London under bankruptcy
protection pursuant to Chapter 15 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. 09-16751).  The Chapter 15 case was later
transferred to Manhattan.  In June 2009, Judge Lifland approved
the consolidation of the Madoff SIPA proceedings and the
bankruptcy case.

Judge Denny Chin of the U.S. District Court for the Southern
District of New York on June 29, 2009, sentenced Mr. Madoff to 150
years of life imprisonment for defrauding investors in United
States v. Madoff, No. 09-CR-213 (S.D.N.Y.).

From recoveries in lawsuits coupled with money advanced by SIPC,
Mr. Picard has commenced distributions to victims.  As of December
2015, the SIPA Trustee has recovered more than $10.91 billion and
has distributed approximately $9.16 billion, including $833 million
in committed advances from the Securities Investor Protection
Corporation (SIPC).


BIOLIFE SOLUTIONS: Approves Cash Bonus Awards for Executives
------------------------------------------------------------
BioLife Solutions, Inc., disclosed in a regulatory filing with the
Securities and Exchange Commission that it approved cash bonus
awards for its named executive officers for the fiscal year ended
Dec. 31, 2015.

As of the filing of the Annual Report, cash bonuses for the named
executive officers had not been determined and, therefore, were
omitted from the Summary Compensation Table included in the Annual
Report.  The cash bonus awards and total compensation for the named
executive officers for fiscal year 2015 are set forth below:       
          

Name & Position                   Year       Salary      Bonus
---------------                   ----       --------  --------
Michael Rice                      2015       $400,000   $50,000
President, Chief Executive        2014       $345,000  $150,000
Officer and Director

Aby J. Mathew                     2015       $345,000   $12,500
Chief Technology Officer          2014       $260,000  $128,000

                    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.


BLUE EARTH: Requests Joint Administration of Cases
--------------------------------------------------
Blue Earth, Inc., and Blue Earth Tech, Inc. ask the Bankruptcy
Court to enter an order directing joint administration under the
case number assigned to Blue Earth, Inc. (Case No. 16-30296), which
will be designated as the single pleadings docket for all pleadings
relating to any of their Chapter 11 cases.

The Debtors assert that joint administration will:

   (a) expedite the administration of their cases and reduce
administrative expense without prejudicing creditors'
       substantive rights;

   (b) allow creditors to receive notice of all matters relating to
the Debtors, thereby ensuring that creditors are
       informed of matters potentially affecting their claims,
without the burden of unnecessary and expensive
       duplication;

   (c) not adversely impact any creditors' rights because each
creditor may file a claim against a particular Debtor;

   (d) relieve the Court of the burden of entering duplicative
orders and maintaining duplicative files; and

   (e) simplify the Office of the United States Trustee's
supervision of these Chapter 11 cases.

                         About Blue Earth

Blue Earth, Inc. and its subsidiaries are comprehensive providers
of alternative/renewable energy solutions for small and
medium-sized commercial and industrial facilities.  Blue Earth
builds, manages, owns and operates independent power generation and
management systems geared towards helping commercial and industrial
building owners save energy and money, and reduce their carbon
footprint.

Blue Earth, Inc. and Blue Earth Tech, Inc. filed Chapter 11
bankruptcy petitions (Bankr. N.D. Calif. Case Nos. 16-30296 and
16-30297) on March 21, 2016.  The petitions were signed by Robert
G. Powell as CEO.  The Debtors' other subsidiaries are not included
in the filing.

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

Pachulski, Stang, Ziehl & Jones LLP serves as the Debtors' counsel.
Eos Capital Advisors LLC and Ice Glen Associates, LLC act as
valuators of the Debtors' assets.  Kurtzman Carson Consultants LLC
represents the Debtors as claims and noticing agent.

Judge Dennis Montali has been assigned the cases.


BON-TON STORES: Appoints New Member to its Board of Directors
-------------------------------------------------------------
The Bon-Ton Stores, Inc., announced its Board of Directors has
elected Debra K. Simon as director, effective March 21, 2016,
expanding its Board membership to 10.

Ms. Simon, 57, the wife of Tim Grumbacher, Chairman of the Board
and Strategic Initiatives Officer, has been a practicing CPA, and
was employed by SF & Company (now known as Baker Tilly) for 32
years, retiring in 2015.  She held various positions with SF &
Company, including chief operating officer from 2010 to 2015.  She
was awarded a bachelor's degree in accounting from The Pennsylvania
State University.  Ms. Simon currently serves as the Chair of the
Susan P. Byrne Health Education Center.

Mr. Grumbacher stated, "We are very pleased to welcome Debra as a
member of our Board of Directors.  Debra has an extensive finance
and accounting background as well as experience in strategic
planning, human resources and operational management.  We welcome
her insight as we strive to execute our business strategies for
profitable growth and increased shareholder value."

                       About Bon-Ton Stores

The Bon-Ton Stores, Inc., with corporate headquarters in York,
Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which
includes nine furniture galleries and four clearance centers, in
26 states in the Northeast, Midwest and upper Great Plains under
the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman,
Herberger's and Younkers nameplates.  The stores offer a broad
assortment of national and private brand fashion apparel and
accessories for women, men and children, as well as cosmetics and
home furnishings.  For further information, please visit the
investor relations section of the Company's Web site at
http://investors.bonton.com.         

For the 52 weeks ended Jan. 30, 2016, the Company reported a net
loss of $57.05 million on $2.71 billion of net sales compared to a
net loss of $6.97 million on $2.75 billion of net sales for the 52
weeks ended Jan. 31, 2015.

As of Jan. 30, 2016, the Company had $1.55 billion in total assets,
$1.52 billion in total liabilities and $34.9 million in total
shareholders' equity.

                           *     *     *

As reported in the TCR on Dec. 4, 2015, Moody's Investors Service
downgraded Bon-Ton Stores's Corporate Family Rating to Caa1 from
B3. The company's Speculative Grade Liquidity rating was affirmed
at SGL-2.  The rating outlook is stable.  The downgrade considers
the continuing and persistent negative pressure on Bon-Ton's
revenue and EBITDA margins which has been accelerating during the
course of fiscal 2015.

Standard & Poor's Ratings Services in December 2015 lowered its
corporate credit rating Bon-Ton Stores to 'CCC+' from 'B-'.
The outlook is negative.  S&P said the downgrade reflects both
Bon-Ton's weakening performance and our forecast for an
unsustainable capital structure and "less than adequate" liquidity.


CHRYSLER LLC: Car Dealer Denied High Court Review of NLRB Ruling
----------------------------------------------------------------
Kevin McGowan, writing for Bloomberg Brief, reported that denying
an Illinois car dealership's petition, the U.S. Supreme Court March
21 declined to review whether the employer violated federal labor
law by closing a dealership where its mechanics were
union-represented and moving them to an affiliated, nonunion
dealership where it refused to recognize the union.

According to the report, without comment, the justices left intact
a U.S. Court of Appeals for the District of Columbia Circuit
decision upholding an NLRB order that Burke Automotive Group Inc.
and Dodge of Naperville Inc. committed unfair labor practices by
refusing to bargain with the union over the effect of the move or
recognizing the union as the mechanics' bargaining representative
after the move.

In seeking review, the dealership urged the court to reverse the
D.C. Circuit and rule an employer doesn't violate the National
Labor Relations Act by refusing to bargain with a union that's
supported
only by a minority of employees, the report related.

Judge Merrick B. Garland, nominated March 16 by President Barack
Obama to fill the Supreme Court vacancy caused by Justice Antonin
Scalia's death, was part of the D.C. Circuit panel that upheld the
board, the report said.

The case is Dodge of Naperville, Inc. and v. NLRB, 12-1032 (U.S.).

            About Old Carco LLC (f/k/a Chrysler LLC)

Chrysler Group LLC, formed in 2009 from a global strategic alliance
with Fiat Group, produces Chrysler, Jeep(R), Dodge, Ram Truck,
Mopar(R) and Global Electric Motorcars (GEM) brand vehicles and
products.  Headquartered in Auburn Hills, Michigan, Chrysler Group
LLC's product lineup features some of the world's most recognizable
vehicles, including the Chrysler 300, Jeep Wrangler and Ram Truck.

Chrysler LLC and 24 affiliates on April 30, 2009, sought Chapter 11
protection from creditors (Bankr. S.D.N.Y (Mega-case), Lead Case
No. 09-50002).  Chrysler hired Jones Day, as lead counsel; Togut
Segal & Segal LLP, as conflicts counsel; Capstone Advisory
GroupLLC, and Greenhill & Co. LLC, for financial advisory services;
and Epiq Bankruptcy Solutions LLC, as its claims agent.  Chrysler
changed its corporate name to Old CarCo following its sale to a
Fiat-owned company.  As of Dec. 31, 2008, Chrysler had
$39,336,000,000 in assets and $55,233,000,000 in debts.  Chrysler
had $1.9 billion in cash at that time.

In connection with the bankruptcy filing, Chrysler reached an
agreement with Fiat SpA, the U.S. and Canadian governments and
other key constituents regarding a transaction under Section 363 of
the Bankruptcy Code that would effect an alliance between Chrysler
and Italian automobile manufacturer Fiat.  As part of that deal,
Fiat acquired a 20% equity interest in Chrysler Group.

Under the terms approved by the Bankruptcy Court, the company
formerly known as Chrysler LLC on June 10, 2009, formally sold
substantially all of its assets, without certain debts and
liabilities, to a new company that will operate as Chrysler Group
LLC.  The U.S. and Canadian governments provided Chrysler with
$4.5 billion to finance its bankruptcy case.  Those loans are to
be
repaid with the proceeds of the bankruptcy estate's liquidation.
Old Carco's Second Amendment Joint Plan of Liquidation was
confirmed by the Bankruptcy Court on April 23, 2010.


COOPER TIRE: Moody's Raises CFR to Ba3, Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded Cooper Tire & Rubber Company's
ratings - Corporate Family and Probability of Default ratings to
Ba3 and Ba3-PD, from B1 and B1-PD, respectively.  In a related
action, Moody's upgraded the ratings of the senior unsecured notes
to B1 from B2.  The company's Speculative Grade Liquidity Rating
was raised to SGL-2 from SGL-3.  Cooper Tire's rating outlook is
stable.

Ratings upgraded:

  Corporate Family Rating to Ba3 from B1;
  Probability of Default to Ba3-PD from B1-PD;
  Senior unsecured Notes due 2019 to B1 (LGD4) from B2 (LGD4);
  Senior unsecured Notes due 2027 to B1 (LGD4) from B2 (LGD4);
  Speculative Grade Liquidity Rating, to SGL-2 from SGL-3

Rating outlook, Stable

                          RATINGS RATIONALE

The upgrade of Cooper Tire's Corporate Family Rating to Ba3 is
supported by the company's strong credit metrics and major market
position as the 5th largest tire manufacturer in the U.S.  As of
Dec. 31, 2015, Cooper Tire's debt/EBITDA leverage and
EBITA/Interest coverage were 1.3x and 7.0x (inclusive of Moody's
standard adjustment), respectively.  While Moody's believes lower
raw material pricing (largely rubber and synthetic rubber) have
largely driven these credit metrics over the recent years, Moody's
also expects raw material pricing to continue to have a favorable
impact on Cooper Tire's operating performance over the next 12-18
months.  In the event that raw material costs reverse and begins to
increase over the intermediate-term, the company's current strong
credit metrics have sufficient capacity to provide support for the
Ba3 rating.  The rating also is supported by the expectation that
Cooper Tire's management will execute balanced financial policies
over the intermediate-term balancing shareholder and debtholder
interests in their consideration of additional investments or
acquisitions to broaden markets or sourcing.

The stable rating outlook incorporates Moody's expectation of
overall growth in aftermarket tire demand in the company's end
markets, balanced by the potential volatility in raw material
costs.

Cooper Tire's SGL-2 Speculative Grade Liquidity rating indicates
the expectation of a good liquidity profile over the near-term
supported by the significant cash on hand and availability under
the company's $400 million ABL revolving credit facility and the
$150 million accounts receivable securitization facility.  Cash and
cash equivalents were $505.2 million as of Dec. 31, 2015, and both
the $400 million ABL revolving credit and the $150 million accounts
receivable securitization facilities were undrawn.  Based on
available collateral at Dec. 31, 2015, additional borrowing
capacity under these facilities, net of amounts used to back
letters of credit, was $505 million.  The revolving credit facility
contains net leverage ratio and interest coverage ratio financial
covenants which are expected to have ample cushion over the next
12-18 months.  Moody's further anticipates that Cooper Tire will
generate positive free cash flow over the next twelve months
consistent with recent levels of modestly below $100 million.

Cooper Tire's ratings or outlook could be raised over the
intermediate-term if its financial policy remains balanced between
shareholder returns and capital investments to support organic
growth (notably in high valued tires) or through acquisitions which
could include expansions in Asia.  Cooper Tire must also
demonstrate the ability of its operations to support and improve
credit metrics on a sustained basis without the impact of lower raw
material costs.

Cooper Tire's rating or outlook could be lowered resulting from
industry competitive pressures, weaker product mix, or higher raw
material costs not passed on to customers.  Consideration for a
lower rating or outlook could occur if Moody's believes Cooper
Tire's EBITA margin will revert below 10%, EBITA/interest
approaches 4.5x, debt/EBITDA moves above 2x, or the liquidity
profile weakens.  As these triggers are high for a lower rating
level, a major consideration for a rating downgrade also would
include, in Moody's view, a material change in the company's
financial policies toward debt financed acquisitions, increasing
shareholder returns, or a change in the company's competitive
profile.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in May 2013.

Cooper Tire & Rubber Company, headquartered in Findlay, OH, is the
fifth largest tire manufacturer in the United States and is focused
on the replacement tire markets for passenger cars and light and
medium duty trucks.  Revenues for 2015 were $3.0 billion.


DELIAS INC: Court OKs $30K Sale of Remnant Assets to Oak Point
--------------------------------------------------------------
dELiA*s, Inc. and its affiliated debtors sought and obtained from
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York, approval to sell their remnant assets to Oak
Point Partners, Inc.

Since the conclusion of their Going Out of Business Sales ("GOB
Sales"), the Debtors have sold their intellectual property, owned
real estate, their claim in the Visa/MasterCard interchange
litigation and have recovered funds that collateralize certain
prepetition letters of credit.  In the course of winding down the
administration of the Chapter 11 Cases, the Debtors have engaged in
efforts to ensure that the maximum value of the estates' assets is
realized.  While the they are not aware of any specific remaining
assets of the estate, there may exist estate assets consisting of
known or unknown assets or claims which have not been previously
sold, assigned, transferred, encumbered or resolved ("Remnant
Assets").  The Debtors believed that the cost of identifying and
administering the Remnant Assets will likely exceed any benefit the
respective estates would possibly receive.

The Remnant Purchase Agreement contains, among others, the
following relevant terms:

     (a) Purchase Price: $30,000.

     (b) Payments Received on Remnant Assets: Seller agrees that
any payments received by Seller on account of any Remnant Assets
shall constitute property of the Purchaser to which the Purchaser
has an absolute right, and that Seller will promptly deliver such
payment to Purchaser at Purchaser's address set forth below. Seller
agrees to use reasonable efforts to forward to Purchaser notices
received with respect to any Remnant Assets.  Remnant Assets
specifically include any and all rights of the Debtors in and to
payments, reimbursements, refunds, and proceeds of any kind arising
under the Administrative Services Agreement ("ASA"), entered into
by and between the Debtors and Empire HealthChoice Assurance, Inc.,
doing business as Empire Blue Cross and Blue Shield ("Empire"), as
well as any and all rights of the Debtors to request and pursue an
audit of amounts due under the ASA, for which Purchaser will bear
the costs of conducting such an audit in accordance with the terms
of the ASA, and to receive all audit proceeds.

dELiA*s, Inc., and its affiliated debtors are represented by:

          Thomas R. Califano, Esq.
          Dienna Corrado, Esq.
          Arkady A. Goldinstein, Esq.
          DLA PIPER LLP (US)
          1251 Avenue of the Americas
          New York, NY 10020
          Telephone: (212)335-4500
          Facsimile: (212)335-4501
          E-mail: thomas.califano@dlapiper.com
                  dienna.corrado@dlapiper.com
                  arkady.goldinstein@dlapiper.com

                        About dELiA*s, Inc.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiAs brand products are sold through
the Company's mall-based retail stores, direct mail catalogs and
e-commerce Web sites.

On Dec. 7, 2014, dELiAs and eight of its subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United States
Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have requested that
their cases be jointly administered under Case No. 14-23678.

As of the bankruptcy filing, dELiA owns and operates 92 stores in
29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott LLC,
as investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47.0 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC,
to
launch going-out-of-business sales.


DELIAS INC: Seeks Dismissal of Chapter 11 Cases
-----------------------------------------------
dELiA*s, Inc. and its affiliated debtors ask the U.S. Bankruptcy
Court for the Southern District of New York to dismiss their
Chapter 11 cases.

The Debtors contend that they have not had any operating businesses
or other sources of revenue since the Going Out of Business Sales
concluded in February 2015 and there are no funds through which a
plan of liquidation can be implemented.  The Debtors further
contend that as of the time of filing of their Motion, they have
$114,463 remaining in their bank account and expect to receive
another $30,000 upon the closing of the Remnant Asset Sale.

The Debtors tell the Court that here is no estate left to
administer and no possibility of rehabilitation for the Debtors,
and that the only activity in the Chapter 11 cases has been to
monetize remaining assets.  The Debtors further tell the Court that
there is nothing left to be achieved through keeping the cases
open.  They assert that the longer the cases remain open, the more
U.S. Trustee fees will be incurred and the Debtors' wind-down
budget will increase.

dELiA*s, Inc. and its affiliated debtors are represented by:

          Thomas R. Califano, Esq.
          Dienna Corrado, Esq.
          Arkady A. Goldinstein, Esq.
          DLA PIPER LLP (US)
          1251 Avenue of the Americas
          New York, NY 10020
          Telephone: (212)335-4500
          Facsimile: (212)335-4501
          E-mail: thomas.califano@dlapiper.com
                  dienna.corrado@dlapiper.com
                  arkady.goldinstein@dlapiper.com

                        About dELiA*s, Inc.

Launched in 1993, dELiA*s Inc., is a retailer which sells apparel,
accessories, footwear, and cosmetics marketed primarily to teenage
girls and young women.  The dELiAs brand products are sold through
the Company's mall-based retail stores, direct mail catalogs and
e-commerce Web sites.

On Dec. 7, 2014, dELiAs and eight of its subsidiaries each filed a
voluntary petition for relief under Chapter 11 of the United
States
Bankruptcy Code (Bankr. S.D.N.Y.).  The Debtors have requested
that
their cases be jointly administered under Case No. 14-23678.

As of the bankruptcy filing, dELiA owns and operates 92 stores in
29 states.

The Debtors have tapped Piper LLP (US) as counsel, Clear Thinking
Group LLC, as restructuring advisor, Janney Montgomery Scott
LLC,as
investment banker, and Prime Clerk LLC as claims agent.

As of the Petition Date, the Debtors had $47.0 million in total
assets and $50.5 million in liabilities.

The Debtors have sought court approval of a deal for Gordon
Brothers Retail Partners, LLC and Hilco Merchant Resources, LLC,
to
launch going-out-of-business sales.


DIGIPATH INC: Sells $250,000 Securities to William Bokovoy
----------------------------------------------------------
DigiPath, Inc., sold William H. Bokovoy 1,666,667 "Units" at a
price of $0.15 per Unit, each Unit consisting of one share of the
Company's common stock and a three year warrant to purchase one
share of the Company's common stock at an exercise price of $0.30
per share, as disclosed in a Form 8-K report filed with the
Securities and Exchange Commission.  

Proceeds to the Company from the sale of the Units in the offering
were $250,000.  The Company previously sold Mr. Bokovoy 333,334
Units, on the same terms, in January 2016, resulting in gross
proceed to the Company of $50,000.  The issuances to Mr. Bokovoy
were exempt from registration pursuant to Section 4(a)(2) of the
Securities Act of 1933 and Regulation D promulgated thereunder.

                        About DigiPath

DigiPath, Inc. was incorporated in Nevada on Oct. 5, 2010.
DigiPath, Inc. and its subsidiaries support the cannabis industry's
best practices for reliable testing, cannabis education and
training, and brings unbiased cannabis news coverage to the
cannabis industry.

The Company reported a net loss of $4.33 million for the year ended
Sept. 30, 2015, compared to a net loss of $2.83 million for the
year ended Sept. 30, 2014.

Anton & Chia, LLP, in Newport Beach, CA, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2015, noting that the Company has recurring losses
and insufficient working capital, which raises substantial doubt
about its ability to continue as a going concern.


DIOCESE OF GALLUP: Files Plan to Pay Abuse Victims
--------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that the Roman Catholic Diocese of Gallup, N.M., on March
21 unveiled a $22 million reorganization plan, the bulk of which
will be used to compensate 57 clergy sexual-abuse victims.

According to the report, the plan, filed March 21 with the U.S.
Bankruptcy Court in Albuquerque, N.M., lays out how the diocese
expects to repay its creditors, the vast majority of whom say they
were sexually abused by the diocese's clergy decades ago.

As previously reported by The Troubled Company Reporter, citing the
Albuquerque Journal, an attorney who filed 13 lawsuits against the
Diocese of Gallup on behalf of alleged victims of clerical sexual
abuse said the disclosure of church records will be an essential
part of any settlement in the diocese's Chapter 11 bankruptcy
case.

According to the Albuquerque Journal, Robert Pastor, a Phoenix
attorney, said claimants and their attorneys in the case are
adamant that the diocese must release church records, including the
personnel files of accused priests.  Attorneys working toward a
settlement told U.S. Bankruptcy Judge David Thuma of Albuquerque
that they intend to file a reorganization plan with the court later
this month.

                   About The Diocese of Gallup

The Diocese of Gallup, New Mexico, principally encompasses
American Indian reservations for seven tribes in northwestern New
Mexico and northeastern Arizona. It is the poorest diocese in the
U.S.

There are 38 active priests working in the Diocese and 27
permanent deacons also serve the Diocese along with five
seminarians.  The Diocese and its missions, schools and ministries
employ approximately 50 people, and a significant number of
additional people offer their services as volunteers.

The diocese sought bankruptcy protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. N.M. Case No. 13-bk-13676) on Nov. 12,
2013, in Albuquerque, New Mexico amid suits for sexual abuse
committed by priests.

The Diocese of Gallup became one of 13 U.S. dioceses that have
filed for bankruptcy in response to civil lawsuits filed against
the diocese on behalf of alleged victims of sexual abuse by
priests.

The petition shows assets and debt both less than $1 million.




DRAFT CONTRACTING: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Draft Contracting, LLC
        8215 Steele Street
        Denver, CO 80229

Case No.: 16-12536

Chapter 11 Petition Date: March 22, 2016

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Michael E. Romero

Debtor's Counsel: David Warner, Esq.
                  SENDER WASSERMAN WADSWORTH, P.C.
                  1660 Lincoln St., Ste. 2200
                  Denver, CO 80264
                  Tel: 303-296-1999
                  Fax: 303-296-7600
                  E-mail: david.warner@sendwass.com

Total Assets: $1,500

Total Liabilities: $1.27 million

The petition was signed by Pamela Montoya, managing member.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob16-12536.pdf


EMERALD OIL: Files for Ch. 11 Bankruptcy Amid Oil Price Slump
-------------------------------------------------------------
Emerald Oil, Inc. and four of its wholly owned subsidiaries
commenced cases under Chapter 11 of the Bankruptcy Code blaming the
historically low commodity prices -- with crude oil prices dropping
to their lowest levels since 2003 to around or even below $40 per
barrel -- coupled with the global decline in oil demand growth
projections.  With no available liquidity runway, the Debtors
decided to file the cases to avert the threat of impending creditor
remedies.

Emerald followed in the footsteps of other independent E&P
Companies, including Magnum Hunter Resources Corporation, Swift
Energy Company, American Eagle Energy Corporation, Quicksilver
Resources Inc., Saratoga Resources Inc., Sabine Oil & Gas
Corporation, Energy and Exploration Partners, LLC, and Samson
Resources Corporation which filed for bankruptcy protection in 2015
and 2016.

According to the Debtors, the macroeconomic factors coupled with
their substantial debt obligations strained their ability to
sustain the weight of their capital structure and devote the
capital necessary to maintain and grow their businesses.

Ryan Smith, chief financial officer of Emerald Oil, said that as a
result of these substantial declines in oil and gas prices, the
Debtors' liquidity profile, including their working capital balance
and EBITDA, have become dramatically impaired.

"Simply put, the commodity price decline has severely reduced the
revenues that were generated from the sale of the Debtors' oil and
gas production volumes," Mr. Smith maintained.

Court documents show that as of Dec. 31, 2015, the Debtors
estimated approximately $291 million in total assets and
approximately $337 million in total liabilities.  As of the
Petition Date, the principal amount of the Debtors' consolidated
funded debt obligations totaled approximately $260.5 million,
comprising approximately $111 million of obligations under a 2014
credit facility with Wells Fargo Bank, N.A., as administrative
agent, and approximately $148.5 million of obligations under the
convertible notes with U.S. Bank, National Association acting as
indenture trustee.

Due the numerous issues facing its industry, Emerald said it was
unable to maintain the minimum ratios required by certain of its
financial covenants under the Credit Agreement for the quarters
ended June 30 and Sept. 30, 2015.  The Debtors failed to pay a
deficiency of $20 million under the Credit Agreement after Wells
Fargo lowered the borrowing base from $200 million to $120 million
in October 2015.  

Given the financial covenant defaults and Emerald's inability to
make the first installment payment with respect to the deficiency,
on Nov. 5, 2015, the Debtors, certain Lenders, and the Agent
entered into a forbearance agreement.  During the forbearance
period, the Debtors engaged in numerous discussions with their
creditor constituencies regarding possible restructuring
alternatives.  The Forbearance Agreement expired on its terms of
Jan. 29, 2016, without reaching a consensual resolution.

Mr. Smith said the Debtors have initiated numerous measures aimed
at continuing to improve efficiency and cutting costs at both the
operational and corporate level.  In December 2014, the Debtors
reduced the 2015 development program due to the fallen commodity
price environment.  The Debtors have also discharged approximately
40 percent of their employees since the beginning of 2015.  

Mr. Smith related the Debtors were not current on their obligations
to their vendors in the months leading up to the Petition Date.
The Debtors extended certain trade terms with their vendors in
order to carefully manage their precarious liquidity situation.

As early as September, 2015, the Debtors had retained financial
advisors to evaluate potential strategic alternatives to enhance
their liquidity and address their current capital structure.

                Sale Talks, Proposed DIP Financing

As disclosed in Court filings, the Debtors negotiated with various
parties in the months leading up to the Petition Date concerning a
potential sale of a material portion or substantially all of their
assets.  These led to the Debtors' entry into a non-binding sale
term sheet with The Latium Group to facilitate discussions
regarding the terms of a fully-documented agreement whereby Latium
proposes to serve as a stalking horse in connection with a
court-approved auction of substantially all of the assets of the
Debtors.

The Debtors intend to file a motion seeking approval of bidding
procedures followed by a liquidating Chapter 11 plan.

Prior to the Petition Date, the Debtors also successfully
negotiated and finalized the terms of a debtor-in-possession
financing facility with certain of their prepetition lenders as
well as the consensual use of cash collateral during these Chapter
11 cases.  The Proposed DIP Financing calls for a new senior
secured credit facility in the amount of $20 million, in addition
to the paydown of a portion of the prepetition indebtedness under
the Credit Agreement.

The Proposed DIP Financing requires the Debtors to, among other
milestones, consummate a sale on or prior to July 22, 2016.

                         First Day Motions

Concurrently with the filing of the petitions, the Debtors have
filed certain "first day" motions seeking authority to, among other
things, obtain debtor-in-possession financing, honor
employee-related wages and benefits obligations, and ensure the
continuation of their cash management systems and other business
operations without interruption.

                        About Emerald Oil

Emerald is a Denver-based independent exploration and production
company that is focused on acquiring acreage and developing wells
in the Williston Basin of North Dakota.

Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB
LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March
22, 2016.  Ryan Smith signed the petitions as chief financial
officer.

The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Pachulski Stang
Ziehl & Jones LLP as local counsel, Intrepid Financial Partners,
LLC as investment banker, Opportune LLP as restructuring advisor
and Donlin Recano & Company, Inc., as claims and noticing agent.

Judge Kevin Gross has been assigned the cases.


ESTATE FINANCIAL: Court OKs Non-Material Adjustment to Sale Order
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
amended its order authorizing Estate Financial, Inc.'s Trustee to
sell the interests in the real property legally described as: real
property in the City of Pismo Beach, County of San Luis Obispo,
State of California, described as:

Parcel A: Certificate of Compliance 2015-015290.  That portion of
Block 12 of the Map of Town of El Pizmo, in the City of Pismo
Beach, County of San Luis Obispo, State of California according to
the map recorded June 5, 1905 in Book A, Page 155 of Maps, in the
Office of the Recorder of said County described in the City of
Pismo Beach Voluntary Notice of Merger No.ENG15-000004, in said
City of Pismo Beach, County of San Luis Obispo, State of California
described in Document Number 2015-015288 of Official Records filed
in said Office of the Recorder;  Together with that portion of said
Block 12 being the northeasterly 59.00 feet of the land described
in the City of Pismo Beach Voluntary Notice of Merger
No.ENG15-000005, in said City of Pismo Beach described in Document
Number 2015-015289 of said Official Records, measured parallel with
the northeasterly line of said Voluntary Notice of Merger No.ENG
15-000004 described in said Document Number 2015-015289.

Parcel B: Certificate of Compliance 2015-015291.  That portion of
Block 12 of the Map of Town of El Pizmo, in the City of Pismo
Beach, County of San Luis Obispo, State of California according to
the map recorded June 5, 1905 in Book A, Page 155 of Maps, in the
Office of the Recorder of said County described in the City of
Pismo Beach Voluntary Notice of Merger No.ENG15-000004, in said
City of Pismo Beach, County of San Luis Obispo, State of California
described in Document Number 2015-015289 of Official Records filed
in said Office of the Recorder; Except there from that portion of
said Block 12 being the northeasterly 59.00 feet of said Voluntary
Notice of Merger No.ENG 15-000004 described in said Document Number
2015-015289, measured parallel with the northeasterly line of said
Voluntary Notice of Merger No.ENG 15-000004 described in said
Document Number 2015-015289. APN 005-152-033 of (a) his estate,
including equitable interests of others as to which the estate may
be merely the legal holder and (b) Subject Investors.
      
                      About Estate Financial

Estate Financial, Inc., was a licensed real estate brokerage firm
since the later 1980's.  EFI solicited funding for, and arranged
and made, loans secured by various real property.  EFI also was the
sole manager of Estate Financial Mortgage Fund LLC, which was
organized for the purpose of investing in and funding loans
originated by EFI which were secured by first deeds of trust
encumbering commercial and real estate located primarily in
California and has been funding such mortgage loans since 2002.

Five creditors of EFI filed an involuntary Chapter 11 petition
against the real estate broker (Bankr. C.D. Cal. Case No. 08-11457)
on June 25, 2008.  EFI consented to the bankruptcy petition on July
16, 2008.

In its schedules, Estate Financial disclosed total assets of $27.4
million, and total debt of $7.32 million.

Robert B. Orgel, Esq., at Pachulski Stang Ziehl & Jones LLP, and
William C. Beall, Esq., at Beall and Burkhardt, serve as counsel to
the Debtor.

A Chapter 11 trustee, Thomas P. Jeremiassen, was appointed by the
Court on July 23, 2008.

Robyn B. Sokol, Esq., and Steven T. Gubner, Esq., at Ezra Brutzkus
& Gubner, serve as counsel to the official committee of unsecured
creditors.


EVERTEC GROUP: Moody's Affirms B1 CFR on Financial Filing Delay
---------------------------------------------------------------
Moody's Investors Service said that EVERTEC Group, LLC's parent
company Evertec, Inc's announcement that it expects further delays
in filing its form 10-K for the fiscal year ended Dec. 31, 2015 is
credit negative.  However, EVERTEC Group's existing ratings,
including its B1 Corporate Family Rating and the B1 ratings for its
senior secured credit facilities, and the stable ratings outlook
are not affected at this time.


EXTREME PLASTICS PLUS: Can Use Cash Collateral Until April 8
------------------------------------------------------------
Judge Christopher S. Sontchi entered a third interim order,
authorizing Extreme Plastics Plus, Inc., et al., to use cash
collateral until April 8, 2016.  The amount of cash collateral
usage during March 15 until April 8 will not exceed $5,288,280 plus
amounts to be paid to Citizens Bank of Pennsylvania, the agent for
the prepetition lenders.  A final hearing on the Debtors' motion to
use cash collateral subject to the interests of Citizens Bank is
scheduled for April 5, 2016 at 2:00 p.m.  

The Third Interim Order also provides that Extreme Plastics Plus is
authorized to and will pay PACCAR Financial Corp. the monthly
installments in accordance with the retail installment contract
dated June 9, 2014, during the Chapter 11 case as long as Extreme
Plastics Plus retains possession of the property subject to the
contract or until further order of the Court.  PACCAR is authorized
to keep the amounts that the Debtor paid to PACCAR in February
2016.

PACCAR, Citizens Bank and the Official Committee of Unsecured
Creditors each filed responses to the Debtors' Cash Collateral
Motion.  At the hearing on March 11, 2016, the Debtors' counsel
announced that PFC, Citizens Bank, and the Committee had agreed to
the entry of the Third Interim Order.

A copy of the Third Interim Order is available for free at:

   http://bankrupt.com/misc/Extr_Plastics_181_3rd_Cash_Ord.pdf

                      About Extreme Plastics

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

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

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

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

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

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

The U.S. Trustee has appointed five members to the Official
Committee of Unsecured Creditors.  The Committee selected Reed
Smith LLP as counsel.


FEDERATION EMPLOYMENT: Has $4.7M Offer for Brooklyn Property
------------------------------------------------------------
Federation Employment and Guidance Service, Inc. d/b/a FEGS asks
the U.S. Bankruptcy Court for the Eastern District of New York, to
approve proposed bid procedures, as well as the sale of its real
property located at 3312-30 Surf Avenue, Brooklyn, New York.

The Debtor relates that it has received a formal written offer from
3312 Surf Avenue CATS, LLC, to purchase the Property for $4.7
million.  The Debtor seeks the sale of the Property to 3312 Surf
Avenue CATS or such other bidder who submits the highest or
otherwise best offer.

The Sale Agreement contains, among others, the following material
terms:

     (a) Purchase Price: $4.7 million, all cash and no financing
contingency.

     (b) Deposit: $1 million, upon execution of the Sale
Agreement.

     (c) Personalty: Included in the sale of the Property is the
sale of any furniture, fixtures, equipment and other items of
personal property exclusively owned by the Debtor and located in or
on the Property and used in connection with the Property. The
Personalty has de minimis value. No portion of the Purchase Price
is attributable to the Personalty.

     (d) Closing Conditions Required by the Purchaser: The
Purchaser's closing conditions include, among other things: (i) the
ability of the Debtor to deliver title to the Property at closing,
free of liens, claims, and encumbrances, as provided in the Sale
Agreement; (ii) the delivery of customary closing documents by the
Debtor; and (iii) a Sale Order being entered pursuant to Bankruptcy
Code section 363.

     (e) Closing Conditions Required by the Debtor: The Debtor's
closing conditions will generally be limited to: (i) the accuracy
of the Purchaser's representations and warranties; (ii) the
Purchaser's compliance with covenants and performance of agreements
and obligations; and (iii) entry of the Sale Order.

     (f) Break-Up Fee: if the Court approves the sale of the
Property to another Successful Purchaser, and if the Debtor
successfully consummates a sale of the Property with that
Successful Purchaser, 3312 Surf Avenue CATS will be entitled to:
(i) the return of the $1,000,000 deposit; and (ii) a break-up fee
of $160,000.

The Debtors will solicit higher and better offers for the Property
based on this timeline:

     (a) Bid Deadline: May 3, 2016 at 4:00 p.m.

     (b) Auction Date: May 5, 2016 at 10:00 a.m.

     (c) Sale Hearing: May 10, 2016

     (d) Objection Deadline to Sale Order: no later than seven days
before the Sale Hearing, at 4:00 p.m.

The Debtor contends that the Sale Agreement is fair and reasonable
and in the best interests of the Debtor's estate, its creditors,
and other parties in interest. The Debtor further contends that the
proposed sale to the Purchaser will be tested by an additional
solicitation process and auction at which higher or better offers
will be considered.

The hearing on the Debtor's Motion is scheduled on March 28, 2016
at 1:30 p.m. The deadline for the filing of objections to the
Debtor's Motion is set on March 25, 2016 at 4:00 p.m.

Federation Employment and Guidance Service, Inc. d/b/a FEGS is
represented by:

          Frank A. Oswald, Esq.
          Brian F. Moore, Esq.
          Jessica G. Berman, Esq.
          TOGUT, SEGAL & SEGAL LLP
          One Penn Plaza, Suite 3335
          New York, NY 10119
          Telephone: (212)594-5000
          E-mail: frankoswald@teamtogut.com
                  bmoore@teamtogut.com
                  jberman@teamtogut.com

                            About FEGS

Established in 1934 amidst the Great Depression, Federation
Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit
provider of various health and social services to more than
120,000
individuals annually in the areas of behavioral health,
disabilities, housing, home care, employment/workforce, education,
youth and family services.  At its peak, FEGs' network of programs
operated over 350 locations throughout metropolitan New York and
Long Island and employed 2,217 highly skilled professionals.

FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case
No. 15-71074) in Central Islip, New York on March 18, 2015.

The Debtor filed applications to hire Garfunkel, Wild, P.C., as
general bankruptcy counsel; Togut, Segal & Segal, LLP, as
co-counsel; JL Consulting LLC as Restructuring Advisor, as
restructuring advisor; Crowe Horwath, LLP as accountants; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The Debtor disclosed $86,697,814 in assets and $45,572,524 in
liabilities as of the Chapter 11 filing.

The U.S. Trustee for Region 2 appointed three members to the
Official Committee of Unsecured Creditors.  The Committee tapped
Pachulski Stang Ziehl & Jones LLP as its counsel.


FORESIGHT ENERGY: Has Until March 29 to Negotiate with Lenders
--------------------------------------------------------------
Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review,
reported that coal company Foresight Energy LP has received more
time to negotiate with debt holders after warning that it may need
to file for chapter 11 bankruptcy protection.

According to the report, Foresight announced in financial documents
that its bondholders and lenders have agreed not to take any action
against the company through March 29 as the groups work to strike a
debt-restructuring deal.  Those talks have been going on since
December, when an unfavorable court decision threw $596.7 million
of senior bonds into default -- and because of cross-default
provisions, its bank and other debt as well, the report related.
Overall, the company has $1.39 billion in debt as of Dec. 31, the
report added.

As previously reported by The Troubled Company Reporter, Foresight
Energy LLC and Foresight Energy Finance Corporation, together with
Foresight Energy LP and certain other subsidiaries of Foresight
Energy LP again extended the term of the existing forbearance
agreement that was entered into on Dec. 18, 2015, with certain
holders of the Issuers' 7.875% Senior Notes due 2021.  As a result
of the extension, the forbearance period runs through March 22,
2016, unless further extended by the Consenting Noteholders in
their sole discretion or unless earlier terminated in accordance
with its terms.  

                    About Foresight Energy

Foresight Energy mines and markets coal from reserves and
operations located exclusively in the Illinois Basin.  
As of Dec. 31, 2015, the Company has invested over $2.3 billion to
construct state-of-the-art, low-cost and highly productive mining
operations and related transportation infrastructure.  The Company
controls over 3 billion tons of proven and probable coal in the
state of Illinois, which, in addition to making the Company one of
the largest reserve holders in the United States, provides organic
growth opportunities.  The Company's reserves consist principally
of three large contiguous blocks of uniform, thick, high heat
content (high Btu) thermal coal which is ideal for highly
productive longwall operations.  Thermal coal is used by power
plants and industrial steam boilers to produce electricity or
process steam.

Foresight Energy reported a net loss attributable to limited
partner units of $39.47 million on $984.85 million of total
revenues for the year ended Dec. 31, 2015, compared to net income
attributable to limited partner units of $70.19 million on $1.10
billion of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Foresight had $1.83 billion in total assets,
$1.81 billion in total liabilities and $18.88 million in total
partners' capital.

Ernst & Young LLP, in St. Louis, Missouri, issued a "going
concern"
qualification on the consolidated financial statements for the
year
ended Dec. 31, 2015, noting that the Partnership is in default of
certain provisions of its long-term debt and capital lease
obligations, resulting in a working capital deficit as of Dec. 31,
2015.  These conditions raise substantial doubt about the
Partnership's ability to continue as a going concern.

                          *     *     *

The Troubled Company Reporter on March 22, 2016, reported that
Standard & Poor's Ratings Services said it lowered its corporate
rating on St. Louis-based Foresight Energy L.P. to 'D' from
'CCC-'.

S&P also lowered its issue-level rating on the partnership's
first-lien debt to 'D' from 'CCC+'.  In addition, S&P lowered its
issue-level rating on the company's senior unsecured notes to 'D'
from 'CCC-'.


FRAC SPECIALISTS: $369K Sale of Vehicles to Cornerstone Approved
----------------------------------------------------------------
Frac Specialists, LLC and its affiliated debtors sought and
obtained from Judge Mark X. Mullin of the U.S. Bankruptcy Court for
the Northern District of Texas, Fort Worth Division, authorization
to sell certain vehicles and trailers free and clear of claims,
encumbrances, liens and interests.

The Debtors own 45 trucks, vans and tractors.  In addition, Frac
Specialists, LLC owns two sand bulk trailers.

The Debtors related that they have solicited and received various
bids for the sale of the Vehicles and Trailers in bulk. Cornerstone
Co. of Stanton, Texas, has offered to purchase all of the Vehicles
and Trailers for a total combined purchase price of $369,500.  The
Debtors contended that Cornerstone's bid represents the highest and
best bid received by the Debtors for the Vehicles and Trailers.  

The Debtors told the Court that, with the consent of Cornerstone, a
non-insider employee of Frac Specialists was permitted to match
Cornerstone's bid price of $15,000 for Unit 237, which is a 2012
GMB Sierra 1500 pickup truck, with approximately 60,000 miles.

The Debtors asserted that they no longer need such assets in
connection with their ongoing business operations.  They concluded
that the sale of the Vehicles and Trailers will maximize the value
of their estates and will be in the best interests of their
creditors as the proposed sale will reduce the Debtors' expenses by
eliminating the associated maintenance and insurance costs and will
provide the Debtors with greater liquidity.

Frac Specialists and its affiliated debtors are represented by:

          Jeff P. Prostok, Esq.
          Clarke V. Rogers, Esq.
          Lynda L. Lankford, Esq.
          FORSHEY & PROSTOK, L.L.P.
          777 Main Street, Suite 1290
          Fort Worth, TX 76102
          Telephone: (817)877-8855
          Facsimile: (817)877-4151
          E-mail: jprostok@forsheyprostok.com
                  crogers@forsheyprostok.com   
                  llankford@forsheyprostok.com

                    About Frac Specialists, LLC

Frac Specialists, LLC, Cement Specialists, LLC, and Acid
Specialists, LLC, are oilfield service providers serving the
exploration and production industry within the Permian Basin.
Noble
Natural Resources, LLC, Javier Urias and Alex Hinojos collectively
own 100% of the membership interests in the
Companies.

The Companies sought Chapter 11 bankruptcy protection (Bankr. N.D.
Tex. Lead Case No. 15-41974), on May 17, 2015.  Larry P. Noble
signed the petitions as manager.  

On May 27, 2015, the Court directed the joint administration of
the
cases.  The Debtors disclosed $61,675,313 in assets and
$57,982,488
in liabilities.

Judge Michael Lynn presides over the cases.  The Debtors tapped
Lynda L. Lankford, Esq., and Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, as their counsel.  The Debtors hired CBRE, Inc. as
their real estate appraiser.

The U.S. Trustee appointed five creditors to serve on an official
committee of unsecured creditors.  The Committee is represented by
Mark E. Andrews, Esq., and Aaron M. Kaufman, Esq., at Dykema Cox
Smith.


FRONTIER STAR: Landlords Object to Bidding Protocol
---------------------------------------------------
Vestar California XXII, L.L.C., HVTC, L.L.C., and Gilbert-Chandler
Heights I, L.L.C., jointly file an objection to the motion to
approve bidding procedures for the sale of substantially all of the
assets of Frontier Star, LLC and its affiliates.  The motion was
filed by P. Gregg Curry, the Chapter 11 Trustee of the bankruptcy
estates of the Debtors.

William Novotny, Esq., at Dickinson Wright PLLC, in Phoenix,
Arizona -- wnovotny@dickinsonwright.com -- says the objection is
based on the fact that the Sale Procedures Motion fails to provide
for adequate notice to the Landlords of the Trustee's statement of
the Cure Amounts due each of the Landlords and of the adequate
assurance of future performance to be provided by the Buyer, the
Successful Bidder, and the Next Best Bidder.

The Landlords are the owners of and landlords for these leasehold
premises that are currently occupied by the Debtor, Frontier Star
CJ, LLC:

   Landlord              Shopping Center
   --------              ---------------
   Vestar California     Las Tiendas Village
   XXII, L.L.C.          Chandler, AZ

   HVTC, L.L.C.          Happy Valley Towne Center
                         Phoenix, AZ

   Gilbert-Chandler      Gilbert Gateway Towne Center Phase II
   Heights I, L.L.C.     Gilbert, AZ

Each of the leasehold premises is located in a shopping center and
each of the Leases relating to the Shopping Centers has
restrictions on use, radius, location, and exclusivity.  As to each
of the Leases, there are unpaid amounts due the Landlords, Mr.
Novotny informs the Court.

Therefore, Mr. Novotny argues, to ensure that the Trustee, the
Buyer, the Successful Bidder, and the Next Best Bidder comply with
the requirements of the Bankruptcy Code, it is essential that the
Landlords receive sufficient notice and be given sufficient
opportunity to be heard regarding:

   * the Cure Amounts;

   * the financial condition and operating performance of the
     Buyer, the Successful Bidder, and the Next Best Bidder;

   * whether any assumption and assignment of a lease the Buyer,
     the Successful Bidder, or the Next Best Bidder are subject
     to all the provisions thereof, including provisions like
     radius, location, use, or exclusivity provisions in the
     subject leases or in leases with other tenants in the
     Shopping Centers; and

   * whether any assumption and assignment of a lease to the
     Buyer, the Successful Bidder, or the Next Best Bidder will
     disrupt any tenant mix or balance in the Shopping Centers.

Mr. Novotny also asserts that there is no indication in the Sale
Procedures Motion or in any of the exhibits attached as to when the
Notices of the Trustee's position regarding Cure Amounts will be
sent to the Landlords.  He notes that there is no indication of
when the information regarding the statutorily mandated "adequate
assurance of future performance" will be provided to the Landlords
as to the Buyer, the Successful Bidder, and the Next Best Bidder.

The Sale Procedures Motion proposes that the deadline for
objections by the Landlords to the proposed lease assignment to the
Buyer -- including the Cure Amounts stated by the Trustee and the
adequate assurance information regarding the Buyer -- is March 18,
2016, Mr. Novotny notes.  He contends that the Landlords' counsel
should have no less than three full business days' electronic
notice of the Cure Amounts stated by the Trustee and of the
required adequate assurance information regarding the Buyer: by no
later than March 15, 2016.

If, following the Auction proposed to occur on March 21, 2016,
there is a Successful Bidder and a Next Best Bidder to be the
assignees of the Landlords' Leases, the Trustee proposes to seek
approval of those proposed assignments at the sale hearing on March
23, 2016.  Therefore, Mr. Novotny says, the Landlords' counsel must
have no less than two business days' electronic notice of the
adequate assurance information regarding the Successful Bidder and
the Next Best Bidder -- that is, by no later than the end of
business on March 21, 2016.

Furthermore, Mr. Novotny says, the Landlords should have until the
time of hearing on the proposed lease assignments to the Successful
Bidder and the Next Best Bidder, which is scheduled for March 23,
2016, to state any objections to the "adequate assurance of future
performance" to be provided by the Successful Bidder and the Next
Best Bidder.

Lessors, 1629 McDonald, LLC, Carlees, LLC, and Jo Fern Wade Trust
join in and assert on Lessors' behalf the objections set forth in
the Landlords' objection to the Sale.

The Landlords are represented by:

         William Novotny, Esq.
         DICKINSON WRIGHT PLLC
         1850 North Central Avenue, Suite 1400
         Phoenix, AZ 85004
         Phone: (602) 285-5000
         Fax: (602) 285-5100
         Email: wnovotny@dickinsonwright.com

                       About Frontier Star

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ LLC
are large Carl's Jr. and Hardee's franchisees operated by three
grandchildren of Carl Karcher, who founded the Carl's Jr. hamburger
chain, now owned by parent company CKE Restaurants, Inc.

The grandchildren include the LeVecke siblings Carl, Margaret and
Jason, who is listed as chief executive officer/manager of both
companies.  The LeVecke siblings had more than 130 Carl's Jr. and
Hardee's franchises in seven states and Puerto Vallarta, Mexico, as
of late 2013.

Frontier Star, LLC and Frontier Star CJ, LLC filed Chapter 11
bankruptcy petitions (Bankr. D. Ariz. Lead Case No. 15-09383) on
July 27, 2015.  The petitions were signed by Jason LeVecke as
CEO/manager.  The Cavanagh Law Firm serves as counsel to the
Debtors.

On November 19, 2015, P. Gregg Curry was appointed as the Debtors'
Chapter 11 trustee.

Frontier Star disclosed $71.9 million in assets and $27.3 million
in debt in its schedules.


FRONTIER STAR: Units Want to Hire Stinson Leonard as Counsel
------------------------------------------------------------
Frontier Star 1, LLC, and MIH Admin Services, LLC, affiliates of
Frontier Star, LLC, ask the U.S. Bankruptcy Court for the District
of Arizona for permission to employ Thomas J. Salerno, Esq., and
Stinson Leonard Street, LLP as bankruptcy counsel.

Mr. Salerno, will, among other things:

   (1) advise the Debtors of their rights, power and duties in this
case;

   (2) assist the Debtors in preparation of their voluntary Chapter
11 Petition and Statements and Schedules; and

   (3) assist the Debtors in any matters related to the
administration of Debtors' case.

Mr. Salerno, a member of the SLS, tells the Court that the hourly
rates charged for attorneys and paralegals at SLS range from $200
to $750.  

On Aug. 27, 2015, the Debtors engaged SLS and provided SLS with a
retainer in the amount of $50,000.  Since that time, the Debtors
have timely paid for SLS' services, and have provided additional
retainers of $80,000 on Nov. 16, 2015.1  In total, SLS invoiced the
Debtors for prepetition services in the amount of $296,986 which
was either timely paid by the Debtors or applied against the
retainers.  Just prior to the filing of the cases, the sum of
$22,400 remained in SLS' trust account, of which $3,434 was applied
to cover the filing fees for Star 1 and MIH.  Accordingly, the sum
of $18,966 remains in SLS' trust account to be applied to approved
postpetition fees and expenses.

Mr. Salerno disclosed that SLS performed some work for Western
Alliance Bank, a creditor in the case, on unrelated matters.

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

The firm can be reached at:

         Thomas J. Salerno, Esq.
         Alisa C. Lacey, Esq.
         Christopher C. Simpson, Esq.
         Anthony P. Cali, Esq.
         STINSON LEONARD STREET LLP
         1850 N. Central Avenue, Suite 2100
         Phoenix, Arizona 85004-4584
         Tel: (602) 279-1600
         Fax: (602) 240-6925
         E-mails: Thomas.salerno@stinson.com
                  Alisa.lacey@stinson.com
                  Christopher.simpson@stinson.com
                  Anthony.cali@stinson.com

                       About Frontier Star

Guadalupe, Arizona-based Frontier Star LLC and Frontier Star CJ LLC
are large Carl's Jr. and Hardee's franchisees operated by three
grandchildren of Carl Karcher, who founded the Carl's Jr. hamburger
chain, now owned by parent company CKE Restaurants, Inc.

The grandchildren include the LeVecke siblings Carl, Margaret and
Jason, who is listed as chief executive officer/manager of both
companies.  The LeVecke siblings had more than 130 Carl's Jr. and
Hardee's franchises in seven states and Puerto Vallarta, Mexico, as
of late 2013.

Frontier Star, LLC and Frontier Star CJ, LLC filed Chapter 11
bankruptcy petitions (Bankr. D. Ariz. Lead Case No. 15-09383) on
July 27, 2015.  The petitions were signed by Jason LeVecke as
CEO/manager.  The Cavanagh Law Firm serves as counsel to the
Debtors.

On Nov. 19, 2015, P. Gregg Curry was appointed as the Debtors'
Chapter 11 trustee.

Frontier Star disclosed $71.9 million in assets and $27.3 million
in debt in its schedules.


GLOBAL MINISTRIES: Bond Default Goes Unrecognized
-------------------------------------------------
Martin Z. Braun, writing for Bloomberg Brief, reported that in
early February, a ministry that owns two dilapidated apartment
complexes in Memphis said the federal government cut off rental
subsidies used to repay $12 million of bonds, triggering a default
that would cause the price of the securities to tumble by as much
as 81 percent.

The report pointed out that not all investors got word of the
debacle as seven days after the apartments's owner, Global
Ministries Foundation, made the disclosure, the tax-exempt debt was
still sold in lots of $25,000 and $50,000 to buyers for as much as
110 cents on the dollar.  Within days, they saw the value of their
bonds plummet to as little as 21 cents, the report related.

According to the report, the trades show that small-time investors,
who are the biggest holders of state and local debt, may still not
be receiving key information when they buy bonds, despite
regulators' years-long effort to inject more transparency into one
of Wall Street's most opaque niches.

It wasn't until 2005 that investors could even access real-time
prices to see whether they were being overcharged when trading in
the $3.7 trillion market, where more than 50,000 borrowers have
issued over a million securities, the report said.  In 2009, the
Municipal Securities Rulemaking Board, the industry's regulator,
created its EMMA system, the first comprehensive, publicly
accessible website where issuers report information that could
affect the value of their bonds, yet many investors don't know the
records are available or rely on brokers to disclose the risks, the
report related.


GLOBAL PARTNERS: S&P Affirms 'B+' CCR, Outlook Stable
-----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Global Partners L.P.  The outlook is stable.  S&P
also affirmed the 'BB' rating on the senior secured debt and 'B+'
rating on the senior unsecured debt.

S&P's recovery rating on the senior unsecured debt remains '4',
indicating expectations of average recovery in the event of a
payment default.  However, based on S&P's expectations for a lower
valuation under its post-default scenario, S&P now expects recovery
in the lower half of the 30% to 50% range.

"The ratings reflect our belief that the actions Global Partners
has taken to preserve cash flow and provide additional financial
flexibility will allow the partnership to maintain credit measures
appropriate for the current rating," said Standard & Poor's credit
analyst Michael Grande.  Global recently cut its annual
distribution by about 34% and amended its total leverage covenant
to 5.5x through March 2017 in response to weakness in its
crudeby-rail logistics business.  Crude differentials have narrowed
significantly, making it uneconomical to rail crude to the East and
West coasts.  This business also has high fixed rail-lease costs
which will greatly reduce margins for 2016 in S&P's view.
Consequently, S&P expects Global's balance sheet to be somewhat
stretched, with total debt to EBITDA in the low-5x area and
interest coverage of about 3x.  S&P expects the distribution
coverage to be between 1.2x and 1.4x pro forma for the reduction.

The stable outlook reflects S&P's view that Global Partners has
taken credible steps to manage its credit measures and its large
working capital needs appropriately, which will partly offset the
weakness in its crude logistics business and enable the partnership
to maintain EBITDA to interest coverage above 3x, and a debt to
EBITDA ratio of less than 5x by 2017.

S&P could lower ratings if Global Partners' product margins weaken
further such that S&P expects its EBITDA interest ratio to fall
below 2.5x or debt to EBITDA to remain above 5x, or if distribution
coverage falls below 1x and the partnership does not take action to
restore financial flexibility and maintain liquidity.

An upgrade is possible if the partnership improves its asset and
geographic diversity while maintaining EBITDA to interest coverage
above 4x, debt to EBITDA of less than 4.5x, and an adequate cushion
in its distribution coverage ratio above 1.1x.



GREAT LAKES COMNET: Employs Miller Canfield Paddock as Counsel
--------------------------------------------------------------
Great Lakes Comnet, Inc., and Comlink, L.L.C., sought and obtained
authority from the U.S. Bankruptcy Court for the Western District
of Michigan to employ Miller, Canfield, Paddock & Stone, PLC, as
their counsel, nunc pro tunc to the Petition Date.

The professional services of Miller Canfield will include, but will
not be limited to:

   (a) advising the Debtors with respect to their rights, powers
       and duties as debtors and debtors in possession in the
       continued management and operation of their financial
       affairs and property;

   (b) assisting in the preparation of schedules and statements
       of affairs;

   (c) assisting in the preparation of financial statements,
       balance sheets, and business plans;

   (d) attending meetings and negotiating with representatives of
       creditors and other parties-in-interest;

   (e) advising and consulting with the Debtors regarding the
       conduct of these cases, including all of the legal and
       administrative requirements of operating in Chapter 11;

   (f) advising the Debtors on matters relating to the evaluation
       of the rejection, assumption or assignment of unexpired
       leases and executory contracts;

   (g) taking all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced against
       their estates, negotiations concerning all litigation in
       which the Debtors may be involved and objections to claims
       filed against the estates;

   (h) assisting the Debtors in obtaining and documenting debtor-
       in-possession financing;

   (i) assisting the Debtors in selling assets pursuant to 11
       U.S.C. Section 363 and drafting agreements and Court
       papers to accomplish it, including, without limitation,
       negotiating and preparing a purchase and sale agreement;

   (j) assisting in formulating and prosecuting a Plan of
       Reorganization and Disclosure Statement, along with all
       related agreements and/or documents, and taking any
       necessary action on behalf of the Debtors to obtain
       confirmation of a Plan of Reorganization;

   (k) appearing before this Court and the Office of the United
       States Trustee, and protecting the interests of the
       Debtors' bankruptcy estates before the court and the
       Office of the United States Trustee; and

   (l) performing all other necessary or appropriate legal
       services and providing all other necessary legal advice to
       the Debtors in connection with these Chapter 11 cases,
       including analyzing interests, liens, leases, and
       contracts, and advising the Debtors on corporate and
       litigation matters.

Miller Canfield's hourly rates as of the Petition Date currently
are:

   * $330-$630/hour for attorneys Of Counsel, Senior Principals,
                    and Senior Counsel

   * $320-$610/hour for Principals

   * $185-$500/hour for Associates and Senior Attorneys

   * $190-$365/hour for Staff Attorneys

   * $120-$380/hour for Legal Assistants and Paralegals

Miller Canfield is customarily reimbursed for all expenses it
incurs in connection with its representation of a client in a given
matter.

The Debtors paid $791,889 to Miller Canfield prepetition for
services in preparing for these Chapter 11 filings and services
related to the resolution and attempted resolution of the Debtors'
financial difficulties.  As the Debtors determined that
approximately 5% of these services were related to their non-debtor
subsidiaries, the Debtors charged, and were reimbursed,
approximately 5% of this amount from the non-debtor subsidiaries.

The Debtors paid $95,000 to Miller Canfield as a retainer within 90
days before filing of the Chapter 11 Petition.  The Retainer will
be held in trust as collateral security for the payment of fees and
expenses that are allowed by the Court.  The Debtors do not owe any
prepetition debts to Miller Canfield, having paid Miller Canfield
for services related to and in preparation for these bankruptcy
cases prior to the Petition Date.  Other than as disclosed, Miller
Canfield has not received any other payments or compensation from
the Debtors or their affiliates for services related to this
bankruptcy case.

Stephen S. LaPlante, Esq., a Senior Principal with Miller Canfield,
assures the Court that Miller Canfield is a "disinterested person"
as that term is defined in Section 101(14) of the Bankruptcy Code.

                    About Great Lakes Comnet

East Lansing, Michigan-based Great Lakes Comnet, Inc., owns and
operates a 6,500 mile fiber network serving the carrier and
enterprise sectors in Michigan, with the network extending to Ohio,
Indiana, Illinois, Wisconsin, and Minnesota.  GLC's services
include transport, dark fiber sales, cloud and datacenter
operations, toll resale, toll routes, local switching, tandem
switching and SS7.

GLC's tandem switch is used -- in conjunction with tandem transport
services provided by GLC and Westphalia Telephone Company -- to
send long distance calls from the network of one telecommunications
carrier to the network of another telecommunications carrier.  By
using the services provided by GLC and WTC, interexchange carriers
such as AT&T, are able to exchange interstate long distance calls
with local telecommunications service providers, namely, rural
Incumbent Local Exchange Carriers and competitive LECs, located
throughout Michigan, where the rural ILECs and CLECs operate "end
office switches" homing on GLC's tandem switch.

Comlink provides data and communication services, including
dedicated ultra-high-speed bandwidth data transmission, Ethernet
private line services and virtual private network services,
cloud-based and colocation data center services, and data
management services to Consumers Energy, several hospital systems,
municipalities and state correctional facilities.

Great Lakes Comnet, Inc. and Comlink, LLC filed Chapter 11
bankruptcy petitions (Bankr. W.D. Mich. Case Nos. 16-00290 and
16-00292, respectively) on Jan. 25, 2016.  The petitions were
signed by John Summersett as chief executive officer.  The Debtors
estimated both assets and debts in the range of $10 million to $50
million.

The Debtors have engaged Miller Canfield Paddock & Stone PLC as
counsel, Alix Partners LLP as restructuring advisors and Kurtzman
Carson Consultants, LLC as claims, balloting and noticing agent.


GREAT LAKES COMNET: Hires Klein Law Group as Special Counsel
------------------------------------------------------------
Great Lakes Comnet, Inc., and Comlink, L.L.C., seek authorization
from the U.S. Bankruptcy Court for the Western District of Michigan
to employ Klein Law Group PLLC as their special counsel, nunc pro
tunc to the Petition Date.

The Debtors want to employ Klein Law as special counsel with
respect to certain currently pending and anticipated trial and
appellate litigation and administrative proceedings, and other
regulatory and legal matters specific to the Debtors' business
operations, including:

   * Great Lakes Comnet, Inc. & Westphalia Tel. Co. v Fed.
     Communications Comm'n, Case No 15-1064 (D.C. Circuit);

   * Great Lakes Comnet, Inc. & Westphalia Telephone Co. v. AT&T
     Corp., Case No. 1:15-cv-00216 (Western District of
     Michigan); and

   * other matters as the Debtors should expressly authorize,
     including regulatory compliance filings and matters before
     state and federal regulatory agencies and other legal
     matters.

Klein Law represented GLC with respect to the Legal Proceedings
prior to the filing of the Debtors' bankruptcy petitions.

As special counsel, Klein Law will:

   (a) advise the Debtors with respect to their ongoing
       regulatory and legal obligations with the FCC and other
       associated state and federal agencies in the continued
       management and operation of their business affairs and
       property;

   (b) assist in or advise on the preparation of various notices,
       applications, and filings with the FCC and other
       associated federal agencies prompted by the Debtors'
       filings under the Bankruptcy Code;

   (c) advise and consult with the Debtors regarding the conduct
       of the Legal Proceedings, including all of the legal and
       administrative requirements or undertakings associated
       with the Legal Proceedings;

   (d) assist in the preparation of business plans and advise on,
       among other things, FCC rules, regulations, and orders
       that may apply or impact such plans;

   (e) attend meetings and negotiating with representatives of
       creditors and other parties-in-interest that are parties
       in the Legal Proceedings, among others;

   (f) advise the Debtors on obligations before the FCC, NTIA and
       other related federal agencies on matters associated with
       any federal grants awarded;

   (g) assist the Debtors in obtaining necessary regulatory
       approvals related to the sale of assets and drafting
       regulatory filings and applications to accomplish such
       approvals;

   (h) assist in the managing and revision of Debtors' federal
       tariffs and the negotiation of interconnection agreements;

   (i) take all necessary action to protect and preserve the
       Debtors' estates by the prosecution and defense of the
       Legal Proceedings and representation of the Debtors in
       regulatory matters before Federal and Michigan regulatory
       agencies; and

   (j) perform all other necessary or appropriate legal services
       and providing all other necessary legal advice to the
       Debtors and their bankruptcy counsel in connection with
       the Legal Proceedings as they relate to the Debtors'
       bankruptcy cases.

Klein Law's current hourly rates are:

      * $415/hour for the Managing Attorney
      * $355-$415/hour for Principals
      * $295-$385/hour for Associates and Senior Counsel
      * $120-$250/hour for Legal Assistants and Paralegals
      * $225-$385/hour for Staff Attorneys and Regulatory
                  Consultants

Klein Law will charge its clients and get reimbursements of
expenses in accordance with applicable provisions of the Bankruptcy
Code.

Philip J. Macres, Esq., a Principal with Klein Law, says that as
Klein Law is proposed as special counsel to provide services in
connection with the Legal Proceedings, Section 327(e) of the
Bankruptcy Code does not require that Klein Law be "disinterested
persons" as defined in Section 101(14) of the Bankruptcy Code.
Rather, he notes, Section 327(e) of the Bankruptcy Code only
requires that Klein Law not represent or hold any interest adverse
to the Debtors or the estates with respect to the matters on which
Klein Law is to be employed.

Klein Law can be reached at:

          Philip J. Macres, Esq.
          KLEIN LAW GROUP PLLC
          1250 Connecticut Avenue N.W., Suite 200
          Washington, D.C. 20036
          Telephone: (202) 289-6956
          E-mail: pmacres@kleinlawpllc.com

                    About Great Lakes Comnet

East Lansing, Michigan-based Great Lakes Comnet, Inc., owns and
operates a 6,500 mile fiber network serving the carrier and
enterprise sectors in Michigan, with the network extending to Ohio,
Indiana, Illinois, Wisconsin, and Minnesota.  GLC's services
include transport, dark fiber sales, cloud and datacenter
operations, toll resale, toll routes, local switching, tandem
switching and SS7.

GLC's tandem switch is used -- in conjunction with tandem transport
services provided by GLC and Westphalia Telephone Company -- to
send long distance calls from the network of one telecommunications
carrier to the network of another telecommunications carrier.  By
using the services provided by GLC and WTC, interexchange carriers
such as AT&T, are able to exchange interstate long distance calls
with local telecommunications service providers, namely, rural
Incumbent Local Exchange Carriers and competitive LECs, located
throughout Michigan, where the rural ILECs and CLECs operate "end
office switches" homing on GLC's tandem switch.

Comlink provides data and communication services, including
dedicated ultra-high-speed bandwidth data transmission, Ethernet
private line services and virtual private network services,
cloud-based and colocation data center services, and data
management services to Consumers Energy, several hospital systems,
municipalities and state correctional facilities.

Great Lakes Comnet, Inc. and Comlink, LLC filed Chapter 11
bankruptcy petitions (Bankr. W.D. Mich. Case Nos. 16-00290 and
16-00292, respectively) on Jan. 25, 2016.  The petitions were
signed by John Summersett as chief executive officer.  The Debtors
estimated both assets and debts in the range of $10 million to $50
million.

The Debtors have engaged Miller Canfield Paddock & Stone PLC as
counsel, Alix Partners LLP as restructuring advisors and Kurtzman
Carson Consultants, LLC as claims, balloting and noticing agent.


GT ADVANCED: Deal Allowing Manz China Claim for $33MM Approved
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire
approved a stipulation and agreed order among GT Advanced
Technologies Inc., et al., Manz China Suzhou Ltd, and Manz AG.

Pursuant to the stipulation, Manz China will have an allowed
administrative expense claim under Section 503(b)(9) of the
Bankruptcy Code against GT Hong Kong in the amount of $375,000,
which claim will be satisfied in accordance with a confirmed
chapter 11 plan for GT Hong Kong.  Except for the Allowed Manz
China 503(b)(9) Claim, Manz China will not have any administrative
expense claim against any Debtor.

Manz China will have an allowed secured claim against GT Hong Kong
in the amount of $31,083,300, which claim is secured by a right of
setoff against GT Hong Kong's claim against Manz China in an equal
amount.  The automatic stay will be lifted solely to the extent
necessary to permit Manz China to set off the Allowed Manz China
Secured Claim against GT Hong Kong's claim against Manz China in
the same amount.  For the avoidance of doubt, no payments or
distributions from the chapter 11 estates or reorganized GT Hong
Kong, as applicable, will be made on account of the Allowed Manz
China Secured Claim.  Except for the Allowed Manz China Secured
Claim, Manz China will not have any secured claim against any
Debtor.

Manz China will have an allowed general unsecured claim against GT
Hong Kong in the amount of $1,600,000, which claim will be
satisfied in accordance with a confirmed plan for GT Hong Kong.
Except for the Allowed Manz China General Unsecured Claim, Manz
China will not have any general unsecured claim against any Debtor.
The Manz China Claim is deemed amended in accordance with the
foregoing.

Prior to the Petition Date, GTAT and Manz China entered into a
transaction for the "sale and buy-back" of 76 annealing furnaces.

As reported by the Troubled Company Reporter on Feb. 16, 2016,
under the stipulation, Manz agrees to reduce its administrative
expense claims to $375,000.  Manz China is permitted to exercise
its set off rights with respect to the approximately $31 million it
owes to GT Hong Kong, and that no payments or distributions will be
made from the chapter 11 estates or the reorganized Debtors, as
applicable, on account of any secured claim asserted by Manz China.
In addition, Manz will receive general unsecured claims in an
aggregate amount of $6 million.

According to the Debtors, the reduction in administrative expense
claims will substantially benefit the general unsecured creditors
and the chapter 11 estates.  Absent the Stipulation, the Debtors
would have to reserve cash in the amount of approximately $6.25
million on account of Manz's administrative expense claims, with no
assurance that these claims would be resolved on better terms in
the future following costly and time-consuming litigation with
Manz.  Furthermore, the Debtors tell the Court that Manz has agreed
to support the Debtors' Plan and to vote all of its general
unsecured claims to accept the Plan, which is another important
step forward in the Debtors' efforts to emerge from chapter 11.

                  About GT Advanced Technologies

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 is 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 says that it has sought bankruptcy protection due to
a severe liquidity crisis brought about by its issues with Apple.

The Debtors have 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.

GTAT has 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.

The bankruptcy case is assigned to Judge Henry J. Boroff.

GT Advanced Technologies, Inc., notified the United States
Bankruptcy Court for the District of New Hampshire that the
Debtors' Amended Joint Plan of Reorganization became effective on
March 17, 2016.


HAAS ENVIRONMENTAL: Objects to Case Closing Prior to Effective Date
-------------------------------------------------------------------
Haas Environmental , Inc., objected to the U.S. Bankruptcy Court
for the District of New Jersey's notice to close the Chapter 11
case.

U.S. Bankruptcy Judge Kathryn C. Ferguson signed off a stipulation
and consent order extending the effective date of the Debtors'
Fourth Amended Plan of Reorganization until April 4, 2016.
According to the Court's notice, it is closing the case because the
effective date of its confirmed Plan of Reorganization has been
extended.

The Debtor objected to the closing of the case and asserted that
the case must not be closed until the Plan becomes effective.

Andrew R. Vara, Acting U.S. Trustee for Region 3, supported the
Debtor's objection, stating that on Jan. 5, 2016, the Court entered
an order extending the Effective Date to April 4.  As a result, the
Plan has not yet become effective.  The U.S. Trustee asked that the
case not be closed until the Debtor provides disbursement
information for 2016, pays all attendant statutory fees as required
by 28 U.S.C. Section 1930(a)(6).

The order confirming the Fourth Amended Plan of Reorganization was
entered on May 29, 2015.

According to the Fourth Amended Disclosure Statement, the Debtor
has a plan that allows the Debtor to continue operations and lets
Eugene Haas, the current 100% owner and president, remain in
control.

Payments to creditors will be funded from cash on hand,
contributions from Mr. Haas and other insiders, and ongoing
operations.

The Fourth Amended Plan is a product of the Debtor's negotiations
with various creditors, including the Official Committee of
Unsecured Creditors.  The Creditors Committee asked unsecured
creditors to vote in favor of the Plan.

Pursuant to the Plan Settlement, the Debtor, Mr. Haas and other
insiders will make payments to the plan administrator to holders of
allowed unsecured claims equal to 50% of the total amount of the
claims.  Payment of the plan settlement will begin on the effective
date of the Plan, with a minimum initial payment of $300,000.  All
Plan settlement payments must be completed by the third anniversary
of the Effective Date.  In the event that the Debtor, Mr. Haas and
other releasees make accelerated payments such that not less than
95% of the plan settlement payment is paid on or prior to the
second anniversary, the plan administrator will "forgive" the
remaining 5% balance.

Pursuant to the settlement, in exchange for Mr. Haas' new value
contribution, he will retain his equity interests in the Debtor.

The Plan estimates unsecured creditors will receive 45% to 50% on
account of their allowed claims, which amount is greater than the
0% that unsecured creditors would expect under a Chapter 7
liquidation.

A copy of the court-approved Fourth Amended Disclosure Statement
dated April 2, 2015, is available for free at:

         http://bankrupt.com/misc/Haas_Env_4th_Am_DS.pdf

The Creditors' Committee's attorneys:

         LOWENSTEIN SANDLER LLP
         Mary E. Seymour, Esq.
         65 Livingston Avenue
         Roseland, NJ 07068
         Tel: (973) 597-2376
         Fax: (973) 597-2377

The Debtor's attorneys:

         SHERMAN SILVERSTEIN KOHL ROSE & PODOLSKY, P.A.
         Arthur J. Abramowitz, Esq.
         308 Harper Drive, Suite 200
         Moorestown, NJ 08057
         Tel: (856) 661-2081
         Fax: (856) 773-5308

                      About Haas Environmental

With corporate offices located at Vincentown, New Jersey, Haas
Environmental, Inc., performs industrial cleaning and maintenance
at steel mills, and provides support services to companies
involved
in "fracking" operations.  The company's steel mill operations are
located in Trinity, Alabama; Armorel, Arkansas; and Burns Harbor,
Indiana.  Eugene Haas is the president.

Haas Environmental filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 13-27297) on Aug. 6, 2013.  Judge Kathryn C. Ferguson presides
over the case.  The Debtor disclosed $10.1 million in assets and
$11.6 million in liabilities as of the Chapter 11 filing.  

The Debtor tapped Cozen O'Conner as counsel from the Petition Date
through Dec. 8, 2013, and Sherman Silverstein from Dec.9, 2013 to
the present.  Woodworth & St. John is the Debtor's accountant;
Guida Realty is the realtor to assist with the sale of the
Seubenville, Ohio property; and Kennen & Kennen, Inc. as realtor
for the sale of the Glen Dale property.

Mary E. Seymour, Esq., at Lowenstein Sandler LLP, serves as counsel
for the Official Committee of Unsecured Creditors.  EisnerAmper LLP
serves as the Committee's financial advisor.


HEXION INC: Signs $226 Million Purchase Agreement With Synthomer
----------------------------------------------------------------
Hexion Inc. entered into a definitive agreement on March 18, 2016,
for the sale of its Performance Adhesives, Powder Coatings,
Additives & Acrylic Coatings and Monomers businesses to Synthomer
plc for a purchase price of approximately $226 million, according
to a Form 8-K filed with the Securities and Exchange Commission.

Assets included in the transaction are the Company's manufacturing
sites in Sokolov, Czech Republic; Sant'Albano, Italy; Leuna,
Germany; Asua, Spain; Roebuck, South Carolina; and Chonburi,
Thailand.  The Business produces resins, polymers, monomers and
additives that provide enhanced performance for adhesives,
sealants, paints, coatings, mortars and cements used primarily in
consumer, industrial and building and construction applications.  

According to the Company, the Business generated annual sales of
approximately $370 million in 2015, and is reported within the
Epoxy, Phenolic and Coating Resins Division of the Company.  The
sale is subject to customary closing conditions, including Works
Council consultation.  The transaction is expected to close in the
second quarter of 2016.

The sale of the Business' French assets is subject to a separate,
ongoing negotiation process.  The employees' representative bodies
at the Business' Ribecourt, France site will be informed and
consulted on the transaction in accordance with applicable French
law.  The timing of the closing of this separate sale of French
assets is intended to be similar with the timing of the sale of the
other Business assets.

Until the closing date, the Company has agreed to operate the
Business in the ordinary course.  The Company has agreed to provide
certain transitional services to the Buyer for a limited period of
time following the closing.

                          About Hexion Inc.

Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc.,
headquartered in Columbus, Ohio, is a producer of thermoset resins
(epoxy, formaldehyde and acrylic).  The company is also a supplier
of specialty resins for inks and specialty coatings sold to a
diverse customer base as well as a producer of commodities such as
formaldehyde, bisphenol A, epichlorohydrin, versatic acid and
related derivatives.

Hexion reported a net loss attributable to the Company of $40
million on $4.14 billion of net sales for the year ended Dec. 31,
2015, compared to a net loss attributable to the Company of $223
million on $5.13 billion of net sales for the year ended Dec. 31,
2014.

As of Dec. 31, 2015, Hexion had $2.38 billion in total assets,
$4.85 billion in total liabilities and a $2.47 billion total
deficit.

                           *     *     *

The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings
Services lowered its corporate credit rating on Momentive
Specialty by one notch to 'CCC+' from 'B-'.  "The downgrade
follows MSC's significant use of cash in the first half of 2014 and
our expectation that lackluster cash flow from operations and
elevated capital spending will cause free operating cash flow to be
significantly negative in 2014 and 2015," said Standard & Poor's
credit analyst Cynthia Werneth.

As reported by the TCR on Dec. 15, 2014, Moody's Investors Service
lowered the Corporate Family Rating of Momentive to 'Caa1' from
'B3'.  "Due to elevated leverage, heavy capital spending on new
capacity in 2014 and 2015, and the lack of meaningful improvement
in financial performance, Moody's have lowered Momentive
Specialty's rating," stated John Rogers, senior vice president at
Moody's.


HHH CHOICES: HHSH Still Looking for Buyer, Says It Has $5M Funding
------------------------------------------------------------------
Hebrew Hospital Senior Housing, Inc. said the process of locating a
buyer for its 120-unit continuing care retirement community, known
as Westchester Meadows, is still ongoing, and said that it is
working on a $5 million DIP financing from a new lender after
previous DIP financing proposals were opposed by creditors.

Alan S. Pearce, the chairman of the board of HHSH, recounted in a
February court filing that despite the improvement in the Debtor's
cash flow in 2015, it lacked liquidity to refund entrance fee
refunds that came due during the 2014 calendar year.  Families and
legal representatives were asserting claims and in several
instances initiated suit.

In 2015, the board of directors of HHSH determined that a sale of
the Debtor's business and assets to a qualified buyer could provide
greater financial stability and would be in the best interest of
the residents and in furtherance of the mission.  A chapter 11
filing was envisioned to facilitate and enhance the sale process.

The Board engaged the Marwood Group as its broker to market the
Debtor's business.  Marwood had acted as a broker for the sale of
other HHH home care businesses and achieved favorable results.

The Marwood Group procured a prospective buyer.  A letter of intent
was executed which contemplated and envisioned a Chapter 11 filing
and competitive process (the "Stalking Horse LOI").  The Stalking
Horse LOI did not involve in to an asset purchase agreement.

Upon learning of the Stalking Horse LOI, the Residents Council
expressed strident opposition to the Stalking Horse LOI.  The
council engaged legal and financial advisors (DLA Piper and Cohn
Reznick) to reprsent their interests.  The Residents Council
insisted that the Debtor restart the sale process by hiring a new
investment banking firm (RBC Capital or Houlihan Lokey) that had
substantial experience in the CCRC industry.  The Board, as a
result, agreed to terminate the Stalking Horse LOI and on Sept. 15,
2015, engaged RBC Capital Markets, LLC, for the project.

The Debtor's inability to refund the entrance fees drew the
attention, not only, of the DOH and DFS but also the New York State
Attorney General.  Absent an infusion of funds from another source,
the Debtor did not have the financial resources to pay the 2015
entrance fee refunds, which totaled approximately $2,300,000.

After exhaustive negotiations between and among the Debtor, the
Residents' Council's professionals and the NYSAG, an agreement was
negotiated whereby $3,500,000 was advanced by Hebrew Hospital Home
of Westchester, Inc. (HHHW) to the Debtor.  The funding source was
the proceeds from the sale of HHHW's assets ("Bridge Loan").
Approximately $2.5 million was earmarked to fund the 2015 entrance
fee refunds.  The balance was for working capital and the Residents
Council's professional fees. The presiding Supreme Court for the
Westchester County approved and authorized the Bridge Loan.

The Bridge Loan was secured by a second mortgage and payable with
interest at 5.5% per annum.  The underlying agreement contemplated
that the Debtor would file for Chapter 11 and the Bridge Loan would
be repaid from the proceeds of the Debtor's postpetition financing
facility.  M&T Bank continued its approval of the junior mortgage
upon payment of the bonds from the anticipated post-petition
financing.  In tandem with the negotiation of the Bridge Loan, the
Debtor was negotiating with Lapis Advisors for a $12.2 million
debtor-in-possession financing facility (the "Lapis DIP Loan").
The Residents Council's professionals also recommended Lapis
Advisers to the Debtor.

Contemporaneously with the Chapter 11 filing, the Debtor sought
interim and final orders approving the Lapis DIP loan facility.
The proposed Lapis DIP Loan motion met with stiff opposition.
Based upon the level of opposition as well as initial comments from
the Court expressing concerns about many of the material terms, the
Debtor has not pursued the Lapis DIP Loan.

The Debtor's other secured creditor, M&T Bank, declined the
opportunity to provide post-petition financing.  Lacking other
alternatives, the Debtor and HHHW considered a $2 million
post-petition loan facility (the "HHHW DIP Loan").  The structure
and terms would be fundamentally the same as the intensely
negotiated Bridge Loan.  Accordingly, HHHW filed its Chapter 11
petition on Jan. 8, 2016, and simultaneously a joint motion with
HHSH for approval of the HHHW DIP Loan.

Objections have been filed to the motion, which is still pending at
this time.  Interim funding has been provided through the return of
retainers by HHSH's professionals.

According to Mr. Pearce, HHSH continues with its pursuit to find a
buyer.  RBC Capital has expanded its search effort.  There are
challenges that have deterred some prospective buyers.  HHSH and
its investment banker remain optimistic that a transaction will
emerge.  Approximately 50 non-disclosure agreements have been
signed by interested prospects.  There have been numerous tours of
the facilities by potential buyers, arrangement companies and
financial backers.  The process is vigorous.

Mr. Pearce relates that the Debtor received a letter of intent on
Feb. 22, 2016.  The proposed sale price is targeted at $14 million
and provides for the assumption of the entrance fee refund
obligations.  The prospective purchaser is an established owner and
operator of a skilled nursing home in New York State.

HHHW said in a March 16 filing that on March 11, HHSH received a
letter of intent from a newly introduced third party lender to
provide HHSH with debtor-in-possession financing of up to
$5,000,000 ("New Lender LOI").   Accordingly, HHHW and HHSH
provided notice to both the U.S. Trustee and the HHHW Creditors'
Committee of the New Lender LOI, and corresponding adjournment of
the HHHW DIP Motion.  As of March 22, HHSH has not filed a motion
seeking approval of the $5 million DIP financing.

                    Objections to HHHW Financing

LTC Consulting Services, an unsecured creditor of HHHW, argued,
"The proposed DIP financing in the form of yet another loan from
HHHW is not in the best interests of HHHW or its creditors. It
represents a bridge to nowhere. There is no potential sale of
Senior Housing's assets on the horizon. There is no one positioned
to enforce the proposed DIP loan on behalf of HHHW. The relief
sought would contravene an order entered just three months ago by
the Westchester County Supreme Court and cannot be granted in light
of Bankruptcy Code sections 363(d)(1) and 541(f).  The New York
State Attorney General's Office, which was involved when the $3.5
million bridge loan was approved, has expressed deep reservations
concerning various aspects of the proposed loan as well."

Another objector, Unlimited Care, Inc., a creditor of HHHW, stated,
"HHHW is under economic siege by its sister companies, while its
hopelessly conflicted management actively participates in the
attempted movement of assets from HHHW to its affiliated Debtor, to
the extreme prejudice and detriment of HHHW's estate and creditors.
HHHW's management is also the management of Debtor Hebrew Hospital
Senior Housing, Inc. ("HHSH"), and management essentially
"negotiated" with itself and decided that HHHW would provide
post-petition financing (the "DIP Loan") to HHSH."

Counsel for LTC Consulting Services:

         RUBIN LLC
         345 Seventh Avenue, 21st Floor
         New York, New York 10001
         Tel: 212. 390.8054
         Fax: 212.390.8064
         E-mail: prubin@rubinlawllc.com
         Paul A. Rubin

Attorneys for Unlimited Care, Inc.:

         Alan D. Halperin, Esq.
         Donna H. Lieberman, Esq.
         HALPERIN BATTAGLIA BENZIJA, LLP
         40 Wall Street, 37th Floor
         New York, NY 10005
         Tel: 212.765-9100
         Fax: 212.765-0964
         E-mail: ahalperin@halperinlaw.net

                         About HHH Entities

Three alleged creditors owed about $1.9 million submitted an
involuntary Chapter 11 petition for HHH Choices Health Plan, LLC on
May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan.

The petitioners are The Royal Care, Inc., (allegedly owed
$772,762), Amazing Home Care Services ($1,178,752), and InterGen
Health LLC ($42,298), all claiming that they are owed by the Debtor
for certain services rendered.  They all tapped Marc A. Pergament,
Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New
York, as counsel.

With the consent from the board of directors, HHH Choices filed a
notice of consent to order for relief on June 1, 2015, and an order
for relief was entered on June 22, 2015.  HHH Choices was engaged
in operating a managed long-term care program ("MLTCP").  HHH
Choices, which essentially was a health insurance maintenance plan,
sold its business in 2015.

On Dec. 9, 2015, Hebrew Hospital Senior Housing, Inc., commenced a
Chapter 11 case (Bankr. S.D.N.Y. Case No. 15-13264).  HHSH is
engaged in the sponsorship and operation of a 120-unit continuing
care retirement community ("CCRC") with ancillary components
consisting of; a 20 bed skilled nursing facility ("SNF"), which
includes an adult day healthcare program ("ADHCP"), and a 10-bed
enriched housing unit. These programs are commonly known as,
Westchester Meadows and Fieldstone.

On Jan. 8, 2016, Hebrew Hospital Home of Westchester, Inc.
commenced a Chapter 11 Case (Case No. 16-10028).  HHHW's
predecessor, Hebrew Hospital Home, Inc. owned and operated a
480-bed skilled nursing facility located in the Bronx.  In 1998,
HHHW opened a new 160-bed facility situated at 61 Grasslands Road,
Valhalla, New York.  HHHW sold the Bronx SNF in 2007 and the
Westchester SNF in mid-2015.  HHHW no longer has any active
business operations.  However, it still has responsibilities to
wind-up its affairs, including finishing any remaining billing and
processing, filing reports with regulatory agencies and closing its
books and records.  The true-up process and final reconciliation
with the purchasers of the Westchester SNF is incomplete.

The Debtors sought and obtained an order directing joint
administration of their cases under Case No. 15-11158.

Judge Michael E. Wiles oversees the cases.

Mary Frances Barrett is president of all of the Debtors.

The Debtors tapped Harter Secrest & Emery LLP as counsel and
Getzler Henrich & Associates LLC as financial advisor.


HHH CHOICES: U.S. Trustee Forms Official Committee for Each Debtor
------------------------------------------------------------------
William K. Harrington, United States Trustee for Region 2, pursuant
to 11 U.S.C. Section 1102(a), has formed an official committee of
unsecured creditors in each of the Chapter 11 cases of HHH Choices
Health Plan, LLC, and its two affiliated debtors.

On March 3, 2016, the U.S. Trustee appointed these unsecured
creditors that are willing to serve on the Official Committee of
Unsecured Creditors in the case of Hebrew Hospital Home of
Westchester, Inc.:

      1. 1199SEIU Benefit and Pension Funds
         330 West 42nd Street, 28th Floor
         New York, NY 10036
         Attn: John P. Stack

      2. HHH Acquisition, LLC
         180 Sylvan Avenue
         Englewood Cliffs, NJ 07362
         Attn: Mark Friedman

      3. Unlimited Care Inc.
         333 Westchester Avenue
         West Building-WE02
         White Plains, NY 10604
         Attn: Donna McNamara

      4. LTC Consulting Services, LLC
         Randolph Road
         Howell, NJ 07731
         Attn: Esther Yormack

      5. Carenext PostAcute LLC
         4 Greenwich Office Park
         Greenwich, CT 06831
         Attn: Richard W. Kaplan

The U.S. Trustee on Dec. 28, 2015, appointed these unsecured
creditors who are willing to serve on the Official Committee of
Unsecured Creditors in the Chapter 11 case of Hebrew Hospital
Senior Housing, Inc.:

      1. 1199 SEIU Benefit and Pension Funds
         c/o Levy Ratner, P.C.
         Ryan Barbur, Esq.
         80 Eighth Avenue, 8th floor
         New York, NY 10011-7175
         Telephone: (212) 627-8100

      2. Andrea Taber, Esq.
         on behalf of Lucille and Selig Poplik
         5 Warner Lane
         Tarrytown, NY 10591
         Telephone: (914) 472-8648

      3. Richard A. Bobbe
         55 Grassland Road, B121
         Valhalla, NY 10595
         Telephone: (914) 989-8808

      4. Mary Blumenthal-Lane
         on behalf of Julia Blumenthal-Lane
         10 Donellan Road
         Scarsdale, NY 10583
         Telephone: (914) 723-0655

      5. Peter Clark
         on behalf of Ann Clark
         17 William Street
         W. Harrison, NY 10604
         Telephone: (914) 423-4006

The U.S. Trustee on Nov. 16, 2015, appointed these unsecured
creditors that are willing to serve on the Official Committee of
Unsecured Creditors of HHH Choices Health Plan, LLC:

      1. Rain Home Attendant Agency
         81 Morris Park Avenue
         Bronx, NY 10462
         Contact: James V. Carey
         Telephone: (718) 829-2131

      2. Amazing Home Care Services, LLC
         1601 Bronxdale Avenue
         Bronx, NY 10462
         Contact: Ari Erlichman
         Telephone: (718) 863-3300

      3. Enosa Aibangbee
         16-03 Central Avenue – Suite 100
         Far Rockaway, NY 11691
         Telephone: (718) 471-5800

      4. CABS Home Attendants Service, Inc.
         44 Varet Street
         Brooklyn, NY 11206
         Attn: Sherly Demosthenes-Atkinson, Executive Director
         Telephone (718)388-0220

      5. 1199 SEIU Health Care Employees Pension Fund
         330 West 42nd Street, 28th Floor
         New York, New York 10036
         Attention: John P. Stack
         Telephone: (646) 473-6067

Counsel for the Creditors Committee in the Chapter 11 case of HHH
Choice:

         Martin G. Bunin
         ALSTON & BIRD LLP
         90 Park Avenue
         New York, NY 10016
         Tel: 212 210-9492
         Fax: 212 922-3892
         E-mail: marty.bunin@alston.com

         Thomas R. Califano
         DLA PIPER LLP (US)
         1251 Avenue of the Americas
         29th Floor
         New York, NY 10020-1104
         Tel: (212) 335-4500
         Fax: (212) 335-4501
         E-mail: thomas.califano@dlapiper.com

         Craig Freeman
         ALSTON & BIRD LLP
         90 Park Avenue
         New York, NY 10016
         Tel: (212) 212 210-9591
         Fax: (212) 922-3891
         E-mail: craig.freeman@alston.com

Counsel for Creditors Committee of HHSH:

         Thomas R. Califano
         Daniel Egan
         DLA PIPER LLP (US)
         1251 Avenue of the Americas
         New York, NY 10021
         E-mail: daniel.egan@dlapiper.com

Counsel for the Creditors Committee of HHHW:

         DUANE MORRIS LLP
         James J. Vincequerra, Esq.
         1540 Broadway
         New York, NY 10036-4086
         Telephone: 212.692.1000
         Fax: 212.692.1020
         E-mail: JVincequerra@duanemorris.com

                         About HHH Entities

Three alleged creditors owed about $1.9 million submitted an
involuntary Chapter 11 petition for HHH Choices Health Plan, LLC on
May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan.

The petitioners are The Royal Care, Inc., (allegedly owed
$772,762), Amazing Home Care Services ($1,178,752), and InterGen
Health LLC ($42,298), all claiming that they are owed by the Debtor
for certain services rendered.  They all tapped Marc A. Pergament,
Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New
York, as counsel.

With the consent from the board of directors, HHH Choices filed a
notice of consent to order for relief on June 1, 2015, and an order
for relief was entered on June 22, 2015.  HHH Choices was engaged
in operating a managed long-term care program ("MLTCP").  HHH
Choices, which essentially was a health insurance maintenance plan,
sold its business in 2015.

On Dec. 9, 2015, Hebrew Hospital Senior Housing, Inc., commenced a
Chapter 11 case (Bankr. S.D.N.Y. Case No. 15-13264).  HHSH is
engaged in the sponsorship and operation of a 120-unit continuing
care retirement community ("CCRC") with ancillary components
consisting of; a 20 bed skilled nursing facility ("SNF"), which
includes an adult day healthcare program ("ADHCP"), and a 10-bed
enriched housing unit. These programs are commonly known as,
Westchester Meadows and Fieldstone.

On Jan. 8, 2016, Hebrew Hospital Home of Westchester, Inc.
commenced a Chapter 11 Case (Case No. 16-10028).  HHHW's
predecessor, Hebrew Hospital Home, Inc. owned and operated a
480-bed skilled nursing facility located in the Bronx.  In 1998,
HHHW opened a new 160-bed facility situated at 61 Grasslands Road,
Valhalla, New York.  HHHW sold the Bronx SNF in 2007 and the
Westchester SNF in mid-2015.  HHHW no longer has any active
business operations.  However, it still has responsibilities to
wind-up its affairs, including finishing any remaining billing and
processing, filing reports with regulatory agencies and closing its
books and records.  The true-up process and final reconciliation
with the purchasers of the Westchester SNF is incomplete.

The Debtors sought and obtained an order directing joint
administration of their cases under Case No. 15-11158.

Judge Michael E. Wiles oversees the cases.

Mary Frances Barrett is president of all of the Debtors.

The Debtors tapped Harter Secrest & Emery LLP as counsel and
Getzler Henrich & Associates LLC as financial advisor.


HOUSTON AMERICAN: Receives NYSE Listing Deficiency Letter
---------------------------------------------------------
Houston American Energy Corp. on March 21 announced receipt of
notification (the "Deficiency Letter") from the NYSE MKT LLC that
the Company is not in compliance with certain NYSE MKT continued
listing standards relating to stockholders' equity.

Specifically, the Deficiency Letter indicated that the Company is
not in compliance with Section 1003(a)(iii) (requiring
stockholders' equity of $6.0 million or more if it has reported
losses from continuing operations and/or net losses in its five
most recent fiscal years).  As of December 31, 2015, the Company
had stockholders' equity of $5.5 million.  The Company is required
to submit a plan to the NYSE MKT by April 18, 2016 advising of
actions it has taken or will take to regain compliance with the
continued listing standards by September 18, 2016.  The Company
intends to submit a plan by the April 18, 2016 deadline.  If the
Company fails to submit a plan, if the Company's plan is not
accepted or if the Company fails to regain compliance by the
deadline, the NYSE MKT may commence delisting procedures.

In addition, the Deficiency Letter indicated that the NYSE MKT
staff has determined that the Company's securities have been
selling for a low price per share for a substantial period of time
and, pursuant to Section 1003(f)(v) of the NYSE MKT Company Guide,
the Company's continued listing is predicated on taking appropriate
steps to demonstrate sustained price improvement within a
reasonable period of time, which the staff determined to be no
later than September 19, 2016.

The Company's common stock will continue to be listed on the NYSE
MKT while it attempts to regain compliance with the listing
standards noted, subject to the Company's compliance with other
continued listing requirements.  The Company's common stock will
continue to trade under the symbol "HUSA," but will have an added
designation of ".BC" to indicate that the Company is not in
compliance with the NYSE MKT's listing standards.  The NYSE MKT
notification does not affect the Company's business operations or
its SEC reporting requirements and does not conflict with or cause
an event of default under any of the Company's material
agreements.

The Company also announced the inclusion of a going concern
qualification in the audit opinion relating to the Company's
audited consolidated financial statement at and for the year ended

December 31, 2015, which financial statements are included in the
Company's Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 18, 2016.

               About Houston American Energy Corp.

Based in Houston, Texas, Houston American Energy Corp. is a
publicly-traded independent energy company with interests in oil
and natural gas wells and prospects.  The Company's business
strategy is to focus on early identification of, and entrance into,
existing and emerging conventional and resource plays and typically
seeks to partner with established operators for the development of
these projects.  The Company's property mix includes producing and
non-producing assets with a focus on Texas, Louisiana, Colombia and
plans to acquire an ownership interest in an Australian based shale
resource company.


HUNT OIL: Moody's Lowers Rating to Ba3, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded Hunt Oil Company's issuer
rating to Ba3 from Baa2.  The rating outlook is negative.  This
concludes the review for downgrade initiated on Dec. 16, 2015.

"The severity of the rating downgrade for Hunt Oil reflects the
dual effects of the prolonged loss of cash distributions from its
Yemen LNG investment and much lower cash flow from its other
producing assets caused by low commodity prices," commented Pete
Speer, Moody's Senior Vice President.  "The negative outlook
reflects the uncertainty regarding the timing for resumption of
operations at Yemen LNG, and the risk of permanent loss of this
major asset."

Issuer: Hunt Oil Company

Downgrades:

  Issuer Rating, Downgraded to Ba3 from Baa2

Outlook Actions:
  Outlook, Changed To Negative From Rating Under Review

                        RATINGS RATIONALE

The downgrade of Hunt's issuer rating to Ba3 from Baa2 reflects
Moody's expectations of low cash flow generation and very weak
credit metrics through at least 2017.  The Ba3 rating is supported
by Hunt's good liquidity, modest debt maturities through 2017 and
expectations of financial support from its parent company, Hunt
Consolidated, Inc. (HCI, unrated).  The rating also incorporates
the risks related to the company's asset concentration, large
adjusted debt balance and financial relationships and guarantees
with other affiliated HCI companies.  Hunt has significant
structural complexity, with its senior unsecured debt structurally
subordinated to outstanding debts at subsidiaries and LNG
projects.

Hunt owns other non-oil & gas assets and has large note receivables
from and other investment interests in HCI and its other
subsidiaries that provide additional asset value to support its
debt beyond its core oil & gas properties.  HCI also has additional
financial resources to support Hunt's liquidity through this low
commodity price environment and prolonged operational interruption
at Yemen LNG.

Moody's expects Hunt to maintain good liquidity through 2017,
supported by the relatively large committed bank credit facility
that matures in 2020.  The likely reduction in dividends to minimal
levels in 2016, combined with significantly lower capital spending
should limit negative free cash flow to modest levels in 2016.
Moody's expects that the company will stay relatively cash flow
neutral in 2017 because of its capital spending flexibility and our
expectation of rising commodity prices.  The available borrowing
capacity amply covers Hunt's anticipated negative free cash flow
and its scheduled debt maturities through 2019.

The revolving credit facility has financial covenants that limit
total debt to capitalization and priority indebtedness as defined
in the agreement.  Hunt has good headroom for future compliance and
Moody's expects that the company will remain in compliance through
at least 2017.  Hunt has a good track record of raising cash
through asset sales and joint ventures; however, asset sales will
likely be smaller and at lower valuations given the weak commodity
price environment.  In addition, HCI has cash and other liquid
investments that could be used to support Hunt's liquidity.

The negative outlook highlights the uncertain timing for the
resumption of operations at Yemen LNG, the ongoing financial
support necessary to retain the investment, and the risk that the
asset could be permanently lost.

Hunt's ratings could be downgraded if the Yemen LNG facility has
not resumed shipments by the end of 2016 or if its production
volumes in the rest of its global portfolio enter significant
decline.  If the company is not able to substantially improve
RCF/debt and other credit metrics from the current weak levels
through a combination of improved cash flow generation, adjusted
debt reduction or equity investments from its parent company then
the ratings could be downgraded.  Low commodity prices and the
operational disruption at Yemen LNG make an upgrade unlikely
through 2017.  Much higher cash flow coverage of debt and interest
coverage on a sustained basis could result in a ratings upgrade.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

Hunt Oil Company is a privately owned independent exploration and
production company headquartered in Dallas, Texas.  It is a wholly
owned subsidiary of Hunt Consolidated Inc.


INTELLIPHARMACEUTICS INT'L: Had US$7.4M Net Loss in Fiscal 2015
---------------------------------------------------------------
Intellipharmaceutics International Inc. filed with the Securities
and Exchange Commission its annual report on Form 20-F disclosing a
net loss of US$7.43 million on US$4.09 million of revenues for the
year ended Nov. 30, 2015, compared to a net loss of US$3.85 million
on US$8.76 million of revenues for the year ended Nov. 30, 2014.

As of Nov. 30, 2015, the Company had US$5.22 million in total
assets, US$5.36 million in total liabilities and a $138,000
shareholders' deficiency.

Deloitte LLP issued a "going concern" opinion on the consolidated
financial statements for the year ended Nov. 30, 2015, citing that

the Company's recurring losses from operations and shareholders'
deficiency raise substantial doubt about its ability to continue as
a going concern.

A full-text copy of the Form 20-F is available for free at:

                         http://is.gd/mYU1Cz

                      About Intellipharmaceutics

Toronto, Canada-based Intellipharmaceutics International Inc. is
incorporated under the laws of Canada.  Intellipharmaceutics is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs.  Its patented
Hypermatrix(TM) technology is a multidimensional controlled-
release drug delivery platform that can be applied to the
efficient development of a wide range of existing and new
pharmaceuticals.  Based on this technology, Intellipharmaceutics
has a pipeline of product candidates in various stages of
development, including filings with the FDA in therapeutic areas
that include neurology, cardiovascular, gastrointestinal tract,
diabetes and pain.


JTS LLC: Disclosure Statement Hearing Moved to April 12
-------------------------------------------------------
The hearing to consider approval of the disclosure statement
explaining JTS, LLC's Amended Chapter 11 Plan has been rescheduled
to April 12, 2016, at 10:00 a.m.

The hearing on the First Amended Disclosure Statement was
originally scheduled for Jan. 20, has been continued several times,
and was later set for March 14.

In a fourth ex parte motion to continue the hearing filed March 13,
the Debtor explained that since January, it has been in discussions
with a potential lessee who has expressed interest in all or nearly
all of the available space at 3330 Denali St.

Originally the Debtor was told that this lessee would need
occupancy by April 1, so the Debtor expected a fairly rapid
decision and negotiation of lease terms.  It now appears that this
schedule has slipped and the lessee is investigating another option
but the Denali Street property is still being considered.

In addition, a different potential lessee for most of the property
is sending representatives, including decision-makers, to view the
property this week. So a potential lease may still be forthcoming
very soon.

The Solo judgment creditors have sent discovery requests for
information on the details of loans by, and repayments to, Dennis
Gaede. Mr. Gaede has the largest unsecured claim, and the main
issue is whether his claim should be subordinated in whole or in
part.  Solo's request for information is targeted at this issue and
those creditors have asked that the disclosure statement hearing
not proceed until the discovery requests have been answered. Debtor
is making every effort to respond by March 21.

The U.S. Trustee has filed a motion to dismiss this case or convert
to chapter 7 and that motion is set for hearing on April 13, 2016.
There seems little point in approving a disclosure statement until
that motion is resolved.  The Debtor expects that prior to that
hearing it will file a revised plan and disclosure statement, and
suggests that the disclosure statement hearing be continued to the
same date and time.

                        The Chapter 11 Plan

The Debtor filed its original Plan of Reorganization and Disclosure
Statement on Oct. 27, 2015.  On Dec. 18, 2015, it filed an Amended
Plan and an Amended Disclosure Statement.  A copy of the First
Amended Disclosure Statement is available for free at:

    http://bankrupt.com/misc/JTS_LLC_205_Am_DS.pdf

The Debtor is proposing a Chapter 11 plan that contemplates selling
the property located at 3330 Denali St. in Anchorage, Alaska, in
order to pay off claims.  According to the Plan, the Debtor's
Denali Street property was recently appraised at a value of
$11,930,000.

JTS' secured creditors are its lenders Northrim Bank and the U.S.
Small Business Association and the tire manufacturers, Maxxis
International and Continental Tire the Americas.  The values of
secured claims on the bankruptcy filing date were: Northrim Bank
and SBA: $9,663,129; Cooper Tire & Rubber Company: $347,866;
Continental Tire: $142,616; Maxxis: $90,919.  Cooper Tire has been
paid in full through port-petition sales, and on the Effective Date
the secured claims should be reduced to approximately $9.6 million
in total.

Unsecured Claims are estimated at $2.5 million.

Under the Plan, Northrim Bank's real estate loan will be paid in
accordance with the loan documents until the Denali Property is
sold, at which time the loan will be paid in full with non-default
interest.  Northrim Bank's equipment loan will receive no monthly
payments until the Denali Property is sold, at which time the loan
shall be paid in full, including non-default interest; however, if
the Debtor sells any equipment on which Northrim Bank has a first
priority lien, the Debtor will pay 60% of the net proceeds of sale
to the bank to be applied on this loan.  Northrim Bank's Line of
Credit will receive no payments until the Denali Property is sold,
at which time the loan will be paid in full, including non-default
interest and attorney's fees and costs.

Evergreen (SBA)'s Loan will receive no payments until the Denali
Property is sold, at which time the loan will be paid in full,
including non-default interest and attorney's fees and costs.

As to Maxxis International's claim and the Continental Tires'
claim, any balance remaining on the claims as of the Effective
Date
of the Plan will be paid by payment to the creditor of 50% of the
gross sale proceeds of the tires on which the creditor has a lien,
with such payments to be made within ten days of the sale.

Holders of unsecured claims will receive an initial distribution
and a possible subsequent distribution.  The first distribution to
the class shall be made 30 days following the closing of the sale
of the Debtor's property at 3300 Denali St, Anchorage, and will be
the greater of $300,000 or 50% of the net proceeds of sale of the
property.  The holders of these claims should recover
approximately
28% of the amount of the claim.

Pursuant to the Plan, Kelly Gaede, the sole equity owner, will
surrender his interest on the effective date and no longer be an
owner of the Debtor.  Gaede is serving as manager and is being paid
$14,000 per month.

                            About JTS

JTS, LLC, d/b/a Johnson's Tire Service, a privately held single
member LLC owned by Kelly Gaede, is one of the largest family owned
and operated independent tire dealer and auto repair companies in
Alaska.  The company provides three main services: (i) new tires
(ii) tire change over (iii) automotive repair. With corporate
headquarters in Anchorage, JTS, LLC currently operates three
locations across the Anchorage Metro area which services a combined
population of 400,000 in the communities of Anchorage, Eagle River
and Wasilla.  The Eagle River and Wasilla locations were scheduled
to close by Feb. 29, 2016.

JTS, LLC sought Chapter 11 protection (Bankr. D. Alaska Case No.
15-00167) in Anchorage, Alaska, on June 15, 2015.  JTS estimated
$10 million to $50 million in assets and debt.

The Debtor tapped David H. Bundy, Esq., at David H. Bundy, PC, in
Anchorage, as counsel.  The Debtor also engaged BDO, LLP as
accountants to prepare income tax returns; Newhouse & Vogler as
accountants to audit the Debtor's 2014 financial statement; and
Gary Petros, a real estate agent with Jack White Commercial to list
and sell the Debtor's property at 3300 Denali St, Anchorage.


JTS LLC: Dismissal/Conversion Hearing Also Moved to April 12
------------------------------------------------------------
The hearing on the U.S. Trustee's motion to convert JTS LLC's
Chapter 11 case to a case under Chapter 7 of the Bankruptcy Code or
dismiss the case due to the Debtor's dereliction of its fiduciary
duties has been rescheduled to April 12, 2016, at 10:00 a.m.

As reported in the March 18, 2016 edition of the TCR, Gail Brehm
Geiger, acting U.S. Trustee for Region 18, filed a motion asking
for the dismissal or conversion of the case due to the Debtor's
dereliction of its fiduciary duties.

According to the U.S. Trustee, the Debtor mismanaged its estate by
conducting unauthorized asset sales of a secured creditor's
collateral and by liquidating its equipment at discounted cash
prices without Court approval and no advance notice to creditors or
other parties in interest.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, is
represented by:

         Thomas A. Buford III, Esq.
         Assistant United States Trustee
         OFFICE OF THE UNITED STATES TRUSTEE
         United States Courthouse
         700 Stewart Street, Suite 5103
         Seattle, WA 98101-1271
         Telephone: (206) 553-2000
         Facsimile: (206) 553-2566

                            About JTS

JTS, LLC, d/b/a Johnson's Tire Service, a privately held single
member LLC owned by Kelly Gaede, is one of the largest family owned
and operated independent tire dealer and auto repair companies in
Alaska.  The company provides three main services: (i) new tires
(ii) tire change over (iii) automotive repair. With corporate
headquarters in Anchorage, JTS, LLC currently operates three
locations across the Anchorage Metro area which services a combined
population of 400,000 in the communities of Anchorage, Eagle River
and Wasilla.  The Eagle River and Wasilla locations were scheduled
to close by Feb. 29, 2016.

JTS, LLC sought Chapter 11 protection (Bankr. D. Alaska Case No.
15-00167) in Anchorage, Alaska, on June 15, 2015.  JTS estimated
$10 million to $50 million in assets and debt.

The Debtor tapped David H. Bundy, Esq., at David H. Bundy, PC, in
Anchorage, as counsel.  The Debtor also engaged BDO, LLP as
accountants to prepare income tax returns; Newhouse & Vogler as
accountants to audit the Debtor's 2014 financial statement; and
Gary Petros, a real estate agent with Jack White Commercial to list
and sell the Debtor's property at 3300 Denali St, Anchorage.


JUMIO INC: Appoints Rust/Omni as Administrative Agent
-----------------------------------------------------
Jumio Inc. asks the Bankruptcy Court to approve the employment of
Rust Consulting/Omni Bankruptcy as its administrative agent, nunc
pro tunc to the Petition Date, to help manage administrative tasks
with respect to the hundreds of creditors and other parties-in-
interest that are expected to be involved in its Chapter 11 case.

The Debtor seeks to retain Rust/Omni to provide, among other
things, the following bankruptcy administrative services:

    (a) assist with, among other things, balloting, and tabulation
        and calculation of votes, as well as prepare any
        appropriate reports, as required in furtherance of
        confirmation of plans of reorganization or liquidation;

    (b) generate an official ballot certification and testify, if
        necessary, in support of the ballot tabulation results;

    (c) gather data in conjunction with the preparation, and
        assist with the preparation, of the Debtor's schedules of
        assets and liabilities and statements of financial
        affairs;

    (d) manage any distributions pursuant to a confirmed plan of
        reorganization or liquidation; and

    (e) provide other claims processing, noticing,
        solicitation, balloting and administrative services.

Rust/Omni will charge the Debtor for its services based on the
following hourly rates:

          Custom Services           Discounted Rates (20+%)
          ---------------           -----------------------
          Clerical Support              $21-$38 per hour
          Project Specialists           $48-$63 per hour
          Project Supervisors           $63-$80 per hour
          Consultants                   $80-$106 per hour
          Technology/Programming        $85-$110 per hour
          Senior Consultants            $119-$148 per hour

Additionally, Rust/Omni will seek reimbursement from the Debtor
for reasonable expenses.

Prior to the Petition Date, Rust/Omni received a retainer of
$10,000 from the Debtor.

Rust/Omni represents it is a "disinterested person," as that term
is referenced in Bankruptcy Code Section 327(a) and defined in
Bankruptcy Code Section 101(14).

                          About Jumio

Headquartered in Palo Alto, California, Jumio is a leading online
and mobile identity management and credentials authentication
company.  Its customers include, among others, Airbnb, United
Airlines, WorldRemit, EasyJet, and Duolingo.  Jumio has operations
in the United States, Europe and India.  Jumio employs 43
individuals.

Jumio offers three primary products -- Fastfill, BAM Checkout and
Netverify.

Fastfill enables Jumio's customers to dramatically improve their
new account sign-up and shopping cart completion rates with fast
user onboarding and near-instant population of personal data - once
Fastfill is installed on a mobile application, users can scan their
own IDs to extract and automatically populate personal data fields
on the customet's sign-up or checkout pages a process that takes
seconds rather than minutes.

BAM Checkout enables Jumio's customers to give their users an easy
and friction-free way to make purchases on mobile applications.
Similar to Fastfill, during checkout users tap a scan button
integrated into the customer's electronic checkout form and hold up
a credit card or ID to their mobile camera.

The Netverify technology helps Jumio's customers to meet KYC (know
your customer) and ID verification requirements and reduce fraud by
authenticating and extracting data from IDs.

Jumio Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No. 16-10682) on March 21, 2016.  The petition was signed by
Stephen Stuut as chief financial officer.  The Debtor estimated
assets in the range of $1 million to $10 million and debts of up to
$50 million.  Judge Brendan Linehan Shannon has been assigned the
case.

The Debtor has engaged Landis Rath & Cobb LLP as bankruptcy
counsel, Wilmer Cutler Pickering Hale and Dorr LLP as special
corporate counsel, Ernst & Young LLP as financial advisor, Sagent
Advisors, LLC as investment banker, Cooley LLP as special SEC
counsel and Rust Consulting/Omni Bankruptcy as claims and noticing
agent.


JUMIO INC: Hires Sagent Advisors as Investment Banker
-----------------------------------------------------
Jumio Inc. filed an application with the Bankruptcy Court seeking
authority to employ Sagent Advisors, LLC as its investment banker
to assist with the sale, assignment, license or other disposition
of all or substantially all of its assets.  Specifically, Sagent
will, among other services:

    (a) assist the Debtor in analyzing and evaluating the business
        and financial performance of the Company;

    (b) assist in the preparation of a descriptive memorandum and
        other marketing materials describing the Debtor, its
        operations, its historical performance and future
        prospects;

    (c) develop, update and review with the Debtor on an ongoing
        basis those parties that might be interested in acquiring
        the Debtor or investing in the company;

    (d) assist the Debtor in screening and contacting selected     
  
        qualified acquirers and/or investors acceptable to the
        company;

    (e) assist the Debtor in compiling and maintaining a data room
        of necessary and appropriate documents related to the
        transaction;

    (f) assist the Debtor with the due diligence process;

    (g) assist the Debtor in evaluating any proposals received
        from potential acquirers and/or investors;

    (h) assist the Debtor in structuring and negotiating the
        financial aspects of any proposed Transaction, under the
        Company's guidance; and

    (i) present progress summaries regarding the Transaction to
        the Debtor's senior management team and Board of
        Directors, as requested.
    
Prior to the Petition Date, the Debtor engaged Sagent to provide
advisory services in connection with a potential sale.  The Debtor
paid Sagent fees of $100,000 for services rendered and reimbursed
Sagent for reasonable out-of-pocket expenses, which totaled
$14,397.  No amounts are outstanding under the prior Engagement
Agreement.

The Debtor and Sagent have agreed to the following terms of
compensation:

   (i) Monthly Fee: $100,000, payable in cash, with the first
       month's fee payable upon the signing of the Engagement
       Agreement and thereafter upon each monthly anniversary
       during the term of Sagent's engagement for a maximum of six
       months and that such monthly retainer fee (excluding the
       first such fee) will be credited against any amounts
       payable as a Transaction Fee.

  (ii) Transaction Fee: The Debtor will pay Sagent an advisory
       fee equal to (i) $1,500,000 plus (ii) the following
       percentages of the Consideration involved in such
       Transaction payable in cash at the closing of a Sale (with
       the exception of any portion of the advisory fee that is
       attributable to any consideration that is contingent upon
       the occurrence of a future event (other than such amounts
       held in escrow) will be paid when the Consideration is
       actually received):

          Total Consideration              Percentage
      ---------------------------          ----------
      Between $40 and $60 million              3%
      Amount over $60 million                  5%

In addition to the fees, the Debtor has agreed to reimburse Sagent
for its reasonable out of-pocket with its expenses.  However, those
expenses shall not exceed $50,000 in the aggregate without the
Debtor's prior written consent.

Pursuant to the terms of the Engagement Agreement, the Debtor
acknowledges and agrees to indemnify Sagent.

Sagent represents it is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

                           About Jumio

Headquartered in Palo Alto, California, Jumio is a leading online
and mobile identity management and credentials authentication
company.  Its customers include, among others, Airbnb, United
Airlines, WorldRemit, EasyJet, and Duolingo.  Jumio has operations
in the United States, Europe and India.  Jumio employs 43
individuals.

Jumio offers three primary products -- Fastfill, BAM Checkout and
Netverify.

Fastfill enables Jumio's customers to dramatically improve their
new account sign-up and shopping cart completion rates with fast
user onboarding and near-instant population of personal data
- once Fastfill is installed on a mobile application, users can
scan their own IDs to extract and automatically populate personal
data fields on the customet's sign-up or checkout pages a process
that takes seconds rather than minutes.

BAM Checkout enables Jumio's customers to give their users an easy
and friction-free way to make purchases on mobile applications.
Similar to Fastfill, during checkout users tap a scan button
integrated into the customer's electronic checkout form and hold up
a credit card or ID to their mobile camera.

The Netverify technology helps Jumio's customers to meet KYC (know
your customer) and ID verification requirements and reduce fraud by
authenticating and extracting data from IDs.

Jumio Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No. 16-10682) on March 21, 2016.  The petition was signed by
Stephen Stuut as chief financial officer.  The Debtor estimated
assets in the range of $1 million to $10 million and debts of up to
$50 million.  Judge Brendan Linehan Shannon has been assigned the
case.

The Debtor has engaged Landis Rath & Cobb LLP as bankruptcy
counsel, Wilmer Cutler Pickering Hale and Dorr LLP as special
corporate counsel, Ernst & Young LLP as financial advisor, Sagent
Advisors, LLC as investment banker, Cooley LLP as special SEC
counsel and Rust Consulting/Omni Bankruptcy as claims and noticing
agent.


JUMIO INC: Seeks Court Approval of Bidding Procedures
-----------------------------------------------------
Jumio Inc. asks the Bankruptcy Court to approve certain procedures
in connection with the solicitation and acceptance of higher and
better bids relating to the sale of substantially all of its
assets.

The Debtor has (1) a wholly-owned Austrian subsidiary, Jumio
Austria; (2) a wholly-owned direct Irish subsidiary, Jumio Holdings
("Jumio Ireland Holdings"), a company organized under the laws of
lreland, which is dormant; (3) Jumio Ireland ("Jumio Ireland"),
which is wholly owned by Jumio Holdings, a company organized under
the laws of Ireland, and which is also dormant; and (4) a 51%
interest in an Indian joint venture, Jumio India Private Limited, a
company organized under the laws of India ("Jumio India").

The Debtor has determined to sell substantially all of its assets
to Jumio Acquisition, LLC, as stalking horse bidder.  The assets of
the Debtor to be sold will (a) exclude the Debtor's equity
interests in Jumio Austria, Jumio Ireland Holdings, and Jumio
Ireland, but (b) ínclude the Debtor's equity interest in Jumio
India, provided, that at any time prior to the closing date, the
Buyer has the right to elect not to acquire the assets or equity
interests of Jumio India.  

In connection with the Debtor's sale of its assets, Jumio Austria
will also sell substantially all of its assets, which are an
integrated part of the Debtor's overall business, to the same
buyer.  

Prior to the Petition Date, the Debtor and Jumio Software
Development GmbH (the "Selling Entities") and Jumio Acquisition
have entered into an asset purchase agreement pursuant to which the
Stalking Horse Bidder will acquire the Debtor's assets through a
combination of credit bid and cash bid, subject to higher or
otherwise better offers.  

The purchase price will be allocated between the Selling Entities,
with $870,000 of the cash portion of the purchase price being paid
by the Buyer to Jumio Austria in exchange for the transfer by Jumio
Austria of substantially all of its assets, and with the balance of
the purchase price being paid by the Buyer to the Debtor in
exchange for the transfer by the Debtor of substantially all of its
assets.  The total deemed value of the Purchase Price is estimated
to be $22,662,288.

                        Proposed Bid Procedures

The Debtor seeks to conduct an open and transparent sale process
pursuant to which the winning bidder will enter into an asset
purchase agreement for the purchase of substantially all of the
Selling Entities' assets, free and clear of liens, claims and
encumbrances, with those liens, claims and encumbrances attaching
to the sale proceeds.

The deadline for submitting bids by a qualified bidder, other than
the Stalking Horse Bidder, will be at 4:00 p.m. (Prevailing Eastern
Time) on Tuesday, April 26, 2016.  A bid received after the Bid
Deadline will not constitute a Qualified Bid.  The Stalking Horse
Bidder has the right under the Agreement to be provided with all
Qualified Bids.

Only in the event that the Debtor receives at least one Qualified
Bid (other than that of the Stalking Horse Bidder) by the Bid
Deadline, the Debtor will conduct an auction of the Purchased
Assets to determine the highest or otherwise best bid with respect
to the Purchased Assets.  No later than 4:00 p.m. (Prevailing
Eastern Time) on Wednesday, April 27, 2016, the Debtor will notify
all Qualified Bidders and and counsel to the Committee, if any,
whether the Auction will occur and will provide copies of all
Qualified Bids.  The Auction will commence at 10:00 a.m.
(Prevailing Eastern Time) on Thursday, April 28, 2016, at the
offices of Landis Rath &. Cobb LLP, Wilmington, Delaware.

The Debtor will seek approval of the Sale at a hearing on
April 29, 2016.

The Stalking Horse Bidder has not requested any break-up and has
limited its bid protections to a modest expense reimbursement of up
to $300,000 of reasonable, documents out-of-pocket costs and
expenses.

The Debtor believes that the proposed Sale will maximize the value
of its assets for all stakeholders.  The sale is expected to close
no later than May 2, 2016.

                         About Jumio

Headquartered in Palo Alto, California, Jumio is a leading online
and mobile identity management and credentials authentication
company.  Its customers include, among others, Airbnb, United
Airlines, WorldRemit, EasyJet, and Duolingo.  Jumio has operations
in the United States, Europe and India.  Jumio employs 43
individuals.

Jumio offers three primary products -- Fastfill, BAM Checkout and
Netverify.

Fastfill enables Jumio's customers to dramatically improve their
new account sign-up and shopping cart completion rates with fast
user onboarding and near-instant population of personal data - once
Fastfill is installed on a mobile application, users can scan their
own IDs to extract and automatically populate personal data fields
on the customer's sign-up or checkout pages a process that takes
seconds rather than minutes.

BAM Checkout enables Jumio's customers to give their users an easy
and friction-free way to make purchases on mobile applications.
Similar to Fastfill, during checkout users tap a scan button
integrated into the customer's electronic checkout form and hold up
a credit card or ID to their mobile camera.

The Netverify technology helps Jumio's customers to meet KYC (know
your customer) and ID verification requirements and reduce fraud by
authenticating and extracting data from IDs.

Jumio Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No. 16-10682) on March 21, 2016.  The petition was signed by
Stephen Stuut as chief financial officer.  The Debtor estimated
assets in the range of $1 million to $10 million and debts of up to
$50 million.  Judge Brendan Linehan Shannon has been assigned the
case.

The Debtor has engaged Landis Rath & Cobb LLP as bankruptcy
counsel, Wilmer Cutler Pickering Hale and Dorr LLP as special
corporate counsel, Ernst & Young LLP as financial advisor, Sagent
Advisors, LLC as investment banker, Cooley LLP as special SEC
counsel and Rust Consulting/Omni Bankruptcy as claims and noticing
agent.


LB STEEL: Plan Filing Period Extended to April 18
-------------------------------------------------
Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern
District of Illinois extended LB Steel, LLC's exclusive period
within which to file a plan of reorganization to April 18, 2016.
The Court also extended the Debtor's exclusive period within which
to obtain acceptance of that plan to June 17, 2016.

                         About LB Steel

LB Steel, LLC, provider of outsourced machining, fabrication,
burning, and assembly services, sought Chapter 11 bankruptcy
protection (Bankr. N.D. Ill. Case No. 15-35358) on Oct. 18, 2015.
Michael Goich signed the petition as president.  The Debtor
estimated assets in the range of $10 million to $50 million and
debts of more than $50 million.  The Debtor has engaged Perkins
Coie LLP as counsel.  Judge Janet S. Baer is assigned to the case.



MAGNUM HUNTER: Seeks to Reject Oneok Gas Purchase Agreement
-----------------------------------------------------------
Magnum Hunter Resources Corporation, et al., seek authority from
the U.S. Bankruptcy Court for the District of Delaware to reject
their Gas Purchase Agreement and Tableland Agreement with Oneok
Rockies Midstream, LLC.

In view of the declines in drilling activity, and thus production,
in the current commodity price environment, the Debtors believe
production will be insufficient to satisfy the requirements under
the Gas Purchase Agreement at least for the near-term.  If
rejected, the loss of the direct contractual relationship with
Oneok will not have any material effect on the Debtors' business
operations, Colin R. Robinson, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, tells the Court.  Absent
rejection, the Oneok Agreements will continue to impose an undue
burden on the Debtors and their estates, Mr. Robinson tells the
Court.  Accordingly, to avoid incurring additional unnecessary
expenses associated with the Oneok Agreements, the Debtors seek to
reject these agreements, which will allow the Debtors to maximize
the value of their estates for the benefit of all stakeholders.

The Debtors filed their Motion to Reject and the Gas Purchase
Agreement under seal in order to protect confidential commercial
information regarding rates charged by Oneok.

Tim Loh and Steven Church, writing for Bloomberg Brief, reported
that court challenges are raising questions about how heavily oil
and natural gas pipeline operators such as Oneok can rely on
contracts with energy explorers to shield them from the worst
industry downturn in decades.  On March 8, a bankruptcy court judge
ruled that driller Sabine Oil & Gas Corp. can reject contracts with
two pipeline operators in a move that industry analysts said could
set a precedent for the sector, the report related.

Pipeline operators have seen their market values sink on concern
that sliding oil and gas prices will force energy producers into
bankruptcies and cut their revenues, the report said.

The Debtors are also represented by Laura Davis Jones, Esq., and
Joseph M. Mulvihill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware; Edward O. Sassower, P.C., Esq., and Brian E.
Schartz, Esq., at Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, in New York; and James H.M. Sprayregen, P.C.,
Esq., Justin R. Bernbrock, Esq., and Alexandra Schwarzman, Esq., at
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, in
Chicago, Illinois.

                        About Magnum Hunter

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.

Judge Kevin Gross oversees the cases.  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.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.  The Committee retains Ropes & Gray LLP as
counsel, Cole Schotz P.C. as Delaware co-counsel, and Berkeley
Research Group, LLC as its financial advisor.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware has approved the disclosure statement explaining Magnum
Hunter Resources Corporation, et al.'s Second Amended Joint Chapter
11 Plan of Reorganization and scheduled the confirmation hearing
for March 31, 2016, at 11:00 a.m., prevailing Eastern time.


MAGNUM HUNTER: Sues Over Covenant in Oneok Gas Purchase Deal
------------------------------------------------------------
Magnum Hunter Resources Corporation, et al., filed an adversary
complaint against Oneok Rockies Midstream, LLC, asking the U.S.
Bankruptcy Court for the District of Delaware to declare that
certain covenants contained in the Gas Purchase Agreement between
Oneok and Debtor Bakken Hunter, LLC, as successor to Williston
Hunter Inc., do not "run with the land."

According to Laura Davis Jones, Esq., at Pachulski Stang Ziehl &
Jones LLP, in Wilmington, Delaware, a declaration will serve the
twin interests of judicial efficiency and cost effectiveness by
terminating the substantial and actual controversy between the
parties, or resolving some part of it.  It will also serve a useful
purpose in considering the proposed chapter 11 reorganization plan
by enabling the Court to determine whether the Gas Purchase
Agreement and all obligations thereunder may be rejected under
section 365 of the Bankruptcy Code, Ms. Jones asserts.

A full-text copy of the Complaint is available at
http://bankrupt.com/misc/MAGNUM_AP.pdf

The Debtors are also represented by Colin R. Robinson, Esq., and
Joseph M. Mulvihill, Esq., at Pachulski Stang Ziehl & Jones LLP, in
Wilmington, Delaware; Edward O. Sassower, P.C., Esq., and Brian E.
Schartz, Esq., at Kirkland & Ellis LLP and Kirkland & Ellis
International LLP, in New York; and James H.M. Sprayregen, P.C.,
Esq., Justin R. Bernbrock, Esq., and Alexandra Schwarzman, Esq., at
Kirkland & Ellis LLP and Kirkland & Ellis International LLP, in
Chicago, Illinois.

                        About Magnum Hunter

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.

Judge Kevin Gross oversees the cases.  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.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.  The Committee retains Ropes & Gray LLP as
counsel, Cole Schotz P.C. as Delaware co-counsel, and Berkeley
Research Group, LLC as its financial advisor.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of
Delaware has approved the disclosure statement explaining Magnum
Hunter Resources Corporation, et al.'s Second Amended Joint Chapter
11 Plan of Reorganization and scheduled the confirmation hearing
for March 31, 2016, at 11:00 a.m., prevailing Eastern time.


MANLEY TOYS: Chapter 15 Case Summary
------------------------------------
Chapter 15 Petitioners: Matt Ng and John Robert Lees
                        5 Queen's Road Central
                        20/F Henley Building
                        Central, Hong Kong

Chapter 15 Debtor: Manley Toys Limited
                   818 Cheung Sha Wan Road
                   8/F HK Spinners INdustrial Bldg.
                   Cheung Sha Wan
                   Hong Kong

Chapter 15 Case No.: 16-15374

Type of Business: Engaged in the development, sourcing, and
                  marketing of toys, children's products and party

                  supplies.

Chapter 15 Petition Date: March 22, 2016

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

Judge: Hon. Jerrold N. Poslusny Jr.

Chapter 15 Petitioners' Counsel: Stephen M. Packman, Esq.
                                 ARCHER & GREINER, P.C.
                                 One Centennial Square
                                 Haddonfield, NJ 08033
                                 Tel: (856) 795-2121
                                 Email: spackman@archerlaw.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


MANLEY TOYS: Files for Chapter 15 Bankruptcy Over Litigations
-------------------------------------------------------------
Manley Toys Limited filed a Chapter 15 bankruptcy petition in the
U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.
N.J. Case No. 16-15374), seeking recognition in the United States
of a liquidation proceeding currently pending in Hong Kong.  

On March 22, 2016, Manley Toys initiated a voluntary winding up
proceeding pursuant to Section 228(1)(c) of the Hong Kong Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32),
stating they have suffered financial difficulties as a result of
various litigations.  The Debtor had decided to wind up its
business due to its liabilities.

The Debtor's assets in the United States consist primarily of a
US$5 million claim against Toys "R" Us, Inc., in a litigation
pending in the United States District Court for the District of New
Jersey captioned as Manley Toys, Ltd. v. Toys "R" Us, Inc., Civil
A. No.2:12-cv-03072-KSH-PS.  

Mat Ng and John Robert Lees, as duly appointed liquidators and
foreign representatives of Manley Toys, commenced the Chapter 15
case to prevent the levying by Aviva Sports, Inc. upon any sums
which Toys "R" Us may be ordered to pay the Debtor in connection
with that proceeding.

According to documents filed with the Court, Manley Toys owes Aviva
Sports US$8,588,931 in accordance with the United States District
Court for the District of Minnesota's default judgment order in
favor of Aviva, dated Aug. 21, 2013, in the litigation captioned
Aviva Sports, Inc. v. Fingerhut Direct Marketing, Inc., et al.,
Civ. No. 09-cv-1091-JNE-JSM.  Aviva has aggresively pursued
collection of the Judgment from the Debtor, having sought to
domesticate the Judgment in a number of foreign jurisdictions for
purposes of execution of the levy, including the District of New
Jersey, the Central District of California, and the Middle District
of Tennessee.

Further, Aviva has filed in the Minnesota District Court Action a
motion seeking monetary sanctions and injunctive relief against not
only the Debtor, but also its affiliated entity Toy Quest Limited.
The injunction motion has been scheduled for hearing before the
Minnesota District Court on March 31, 2016.

The Debtor is also a defendant in another action, pending in the
United States District Court for the District of Maryland captioned
as JFJ Toys, Inc. v. Toys "R" Us-Delaware, Inc., et al., Civ. A.
No. 13-cv-793 DKC.  The Debtor has been brought into the Maryland
District Court Action by way of a third-party complaint filed by
TRU against the Debtor asserting claims for, among other things,
indemnification.  The plaintiff in the Maryland District Court
Action has added direct claims against the Debtor as well.

In addition, the Debtor is a defendant in the following other
matters pending in the United States:

   (a) A certain breach of contract action captioned as August v.
       Manley Toys Ltd., Case No. 2:13-cv-13894-PDB-PJK in the
       United States District Court for the Eastern District of
       Michigan;

   (b) A certain sexual harassment/retaliation action captioned as
       Ackelson v. Manley Toys Direct L.L.C., et al., Case No.
       LA32912 in the Iowa District Court for the Warren County;
       and

   (c) A certain sexual harassment/retaliation action captioned as
       Drake and Miller v. Manley Toy Direct L.L.C., et al., Case
       No. LA32931 in the Iowa District Court for the Warren
       County.

Founded in 1977, Manley Toys is engaged in the development,
sourcing, and marketing of toys, children's products and party
supplies in Hong Kong and China for sale and export to
international markets, including the United States.

The Liquidators have hired Archer & Greiner, P.C. as their
counsel.

Judge Jerrold N. Poslusny Jr. has been assigned the case.


MDC PARTNERS: $900MM Upsized Note No Impact on Moody's 'B2' CFR
---------------------------------------------------------------
Moody's Investors Service says MDC Partners Inc.'s upsize of its
proposed senior unsecured note to $900 million from $800 million
will not impact the B3 rating for the note or the B2 CFR.  The
outlook remains stable.  The upsize would increase pro-forma
leverage as of Q4 2015 to 7.4x, but deferred acquisition
consideration repayments and EBITDA growth are expected to reduce
leverage to the low 6x range by the end of 2016.


MID-STATES SUPPLY: Has Interim OK to Tap S. Noyes as CRO
--------------------------------------------------------
The Hon. Cynthia A. Norton of the U.S. Bankruptcy Court for the
Western District of Missouri, in an interim order, authorized
Mid-States Supply Company, Inc., to (i) employ Winter Harbor LLC;
and (ii) Stuart Noyes as chief restructuring officer.

The authorization is subject to these terms, which apply
notwithstanding anything in the motion or any exhibit(s) related
thereto to the contrary, among other things:

   a. Winter Harbor, its affiliates and Mr. Noyes will not act in
any other capacity (for example, and without limitation, as a
financial advisor, claims agent/claims administrator, or
investor/acquirer) in connection with the captioned case.

   b. in the event Debtor seeks to have Winter Harbor personnel or
Mr. Noyes assume executive officer positions that are different
than the position(s) disclosed in the motion, or to materially
change the terms of the engagement by either (i) modifying the
functions of personnel, (ii) adding new personnel, or (iii)
altering or expanding the scope of the engagement, a motion to
modify the retention will be filed.

   c. Winter Harbor and Mr. Noyes will file with the Court, with
copies to the U.S. Trustee and all official committees, a report of
staffing on the engagement for the previous month.  Such report
will include the names and functions filled of the individuals
assigned. All staffing will be subject to review by the Court in
the event an objection is filed.

                    About Mid-States Supply

Founded and headquartered in Kansas City, Missouri, Mid-States
Supply Company, Inc., supplier of pipes, valves and fittings to
ethanol, pipeline and power industries in the United States, filed
a Chapter 11 bankruptcy petition (Bankr. W.D. Mo. Case No.
16-40271) on Feb. 7, 2016.  The petition was signed by Stuart Noyes
as chief restructuring officer.  The Debtor estimated both assets
and liabilities in the range of $50 million to $100 million.

The Debtor has engaged Spencer Fane LLP as counsel, Winter Harbor
LLC as financial advisor, SSG Advisors, LLC and Frontier
Investment
Banc Corporation as investment bankers, Tarsus CFO Services, LLC as
chief financial officer services provider and Epiq Bankruptcy
Solutions, LLC as claims and noticing agent.


MJC AMERICA: Has Access to Cash Collateral Until July 29
--------------------------------------------------------
MJC America, Ltd., won approval of an eighth stipulation entered
into with East West Bank that extends the Debtor's authority to use
cash collateral until July 29, 2016.  A further hearing on the
Debtor's cash collateral motion is scheduled for July 21, 2016, at
8:30 a.m.

EWB asserts a blanket security interest in all of Debtor's personal
property assets ("Pre-Petition Collateral") including, but not
limited to, Debtor's inventory, accounts receivable and Debtor's
deposit accounts with EWB to secure a credit facility.  As of the
Petition Date, EWB asserted a claim of $2.1 million (the "EWB
Initial Claim"), which claim was also guaranteed by some of
Debtor's affiliates.

The Parties have engaged in ongoing negotiations regarding the use
of cash collateral from the inception of the case and have entered
into a series of stipulations authorizing the use of cash
collateral.

Pursuant to the Cash Collateral Stipulations, the Debtor was
required to make, and has timely made monthly adequate protection
payments of $75,000 through June, 2015, and $100,000 from and after
July, 2015.

In an Order entered Sept. 4, 2014, the Court granted relief from
stay authorizing EWB to disgorge and deposit into court, pursuant
to CCP Sec. 572, approximately $1.8 million ("the Disgorged
Amount") (consisting of deposit accounts maintained at EWB by
Debtor and some of its affiliates) pending the resolution of the
Hong Kong Gree Electric Appliances Sales, LTD. v. MJC Supply Inc.,
et al. Los Angeles Superior Court Case No. KC066119 or MJC America
Ltd. et al. v. Gree Electric Appliances Inc. of Zhuhai et al, USDC
Central District of California, Case No CV13-04264-SJO.  This
effectively increased the EWB claim to approximately $3.3 million.
The Disgorged Amount remains on deposit with the Los Angeles
Superior Court.

On Oct. 22, 2014 EWB moved for leave to examine, and obtain
documents from Debtor and some of its affiliates.  The Court
granted that motion in an Order entered Oct. 23, 2014.

The Debtor and its affiliates intended to seek protective Orders
both on procedural and substantive grounds.

The discovery dispute interrupted cash collateral negotiations and
Debtor immediately filed a new motion ("Motion") for use of cash
collateral.

On or about Dec. 3, 2014, the Parties reached further agreement
resolving the discovery dispute, authorize the use of cash
collateral through May 31, 2015 and continued monthly adequate
protection payments.  A stipulation was filed with the
Court on Dec. 3, 2014 and approved by the Court in an Order entered
Dec. 4, 2014.

The Court conducted a continued hearing on the Motion and entered
an Order authorizing use of cash collateral through Sept. 17, 2015
under the same terms and conditions as set forth in the most recent
stipulation. The Court set a briefing schedule to resolve issues
raised by the Motion.

Renewed discussions between the Debtor and EWB resulted in a
further stipulation, approved by the Court in an Order entered June
30, 2015.  This authorized continued use of cash collateral through
March 31, 2016 and directed the parties to set a continued hearing
on the Motion for the first Chapter 11 date in March, 2016.

The aggregate principal amount of the EWB claim as of Jan. 26, 2016
is $1,647,862.

The Parties have continued to discuss the use of cash collateral
and have now reached a further agreement.

Pursuant to a stipulation signed Feb. 16, 2016, the parties agreed
that the operative period for the Debtor's use of cash collateral
is extended to the close of business on July 29, 2016.

                       About MJC America

MJC America, Ltd., doing business as Soleus Air System --
http://www.soleusair.com/-- which sells Soleus-branded air     
conditioners and heaters in the U.S., filed for Chapter 11
bankruptcy protection (Bankr. C.D. Cal. Case No. 13-39097) in Los
Angeles on Dec. 10, 2013.

The Debtor selected Law Offices of David A. Tilem ("TILEM") as its
general bankruptcy counsel.  Winston & Strawn LLP serves as
special litigation counsel.

MJC disclosed $14.0 million in total assets and $15.9 million in
liabilities in its schedules.  Accounts receivable of $9.22
million
and inventory of $4.12 million comprise most of the
assets.  East West Bank has a scheduled secured claim of $2.1
million on a line of credit, and Hong Kong Gree Electric
Appliances Sales, Ltd., is owed $4.07 million, but only $288,000
is secured.


MOLYCORP INC: Westchester Seeks Temporary Allowance of $12MM Claim
------------------------------------------------------------------
Westchester Fire Insurance Company asks the U.S. Bankruptcy Court
to issue an order temporarily estimating and allowing its claims
against Molycorp Inc., et al., in the amount of $12,930,017 for the
limited purposes of voting on the Debtors' proposed Third Amended
Joint Plan of Reorganization and opting out of the third-party
releases contained therein.

Westchester tells the Court that it holds contingent claims
comprising of the current penal sums of all bonds plus all
attorneys' fees, consulting fees, accounting fees, costs and
expenses incurred in connection with Westchester’s issuance of
bonds on behalf of any of the Debtors in this Bankruptcy, prompting
Westchester to file three Proofs of Claim on Oct. 13, 2015 and are
prima facie evidence of the validity and amount of Westchester's
Claims and clearly identify that Westchester holds certain amounts
in trust and contingent claims.

Westchester complains that the Debtors' proposed Amended Plan is
especially unfair in that fails to provide Westchester with any
description concerning how the Debtors will be satisfying or
otherwise discharging the bonded obligations and it inexplicably
fails to afford Westchester the ability to affirmatively opt-out of
the third party releases, thereby thrusting the third party
releases upon Westchester solely by virtue of its “non-voting”
status.

Westchester further tells the Court that it is not seeking for
final allowance of its Claims or a full adjudication of those
claims but rather, Westchester seeks temporary allowance of its
Claims for voting purposes only for precluding Westchester from
voting on the Plan and from opting-out of the third party releases
would be highly prejudicial to Westchester’s rights and potential
claims against such third parties as the Debtors are forcing
Westchester to accept broad, all-encompassing third-party
releases.

Westchester Fire Insurance Company is represented by:

     Gary D. Bressler, Esq.
     Jason D. Angelo, Esq.
     MCELROY, DEUTSCH, MULVANEY & CARPENTER, LLP
     300 Delaware Avenue – Suite 770
     Wilmington, Delaware 19801
     Telephone: (302) 300-4515
     Facsimile: (302) 654-4031
     Email: gbressler@mdmc-law.com
            jangelo@mdmc-law.com

         About Molycorp, Inc.

Molycorp Inc. -- http://www.molycorp.com/-- is a global rare
earths and rare metals producer.  Molycorp owns several prominent
are earth processing facilities around the world.  It has a
workforce of 2,530 employees at locations on three continents.
Molycorp's Mountain Pass Rare Earth Facility in San Bernadino
County, California, is home to one of the world's largest and
richest deposits of rare earths.

Molycorp has corporate offices in the United States, Canada and
China.  CEO Geoffrey R. Bedford, and other senior management
members are located in Molycorp's corporate offices in Toronto,
Canada.  Other senior management members are located at its U.S.
corporate headquarters in Greenwood Village, Colorado.

Molycorp reported a net loss of $623 million in 2014, a net loss of
$377 million in 2013 and a net loss of $475 million in 2012.

As of March 31, 2015, the Company had $2.49 billion in total
assets, $1.78 billion in total liabilities and $709 million in
total stockholders' equity.

Molycorp and its North American subsidiaries, together with certain
of its non-operating subsidiaries outside of North America, filed
Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead
Case No. 15-11357) on June 25, 2015, after reaching agreement with
a group of lenders on a financial restructuring. The Chapter 11
cases of Molycorp and 20 affiliated debts are pending before Judge
Christopher S. Sontchi.

The agreement provides for a financial restructuring of the
Company's $1.7 billion in debt and provides up to $225 million in
gross proceeds in new financing to support operations while the
Company completes negotiations with creditors.

The Company's operations outside of North America, with the
exception of non-operating companies in Luxembourg and Barbados,
are excluded from the filings.  Molycorp Rare Metals (Oklahoma),
LLC, with operations in Quapaw, Oklahoma, also is excluded from the
filings as it is not 100% owned by the Company.

Molycorp is being advised by the investment banking firm of Miller
Buckfire & Co. and is receiving financial advice from AlixPartners,
LLP.  Jones Day and Young, Conaway, Stargatt & Taylor LLP act as
legal counsel to the Company in this process. Prime Clerk serves as
claims and noticing agent.

Secured creditor Oaktree Capital Management L.P., consented to the
use of cash collateral and to extend postpetition financing.

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.

                                             *     *     *

Judge Christopher Sontchi in Delaware approved the disclosure
statement explaining the Debtors' Plan on Jan. 20, 2015, after the
Debtors revised the Disclosure Statement to incorporate certain
modifications directed by the Court during the Jan. 14 hearing.

The Plan contemplates two possible outcomes: (1) the sale of
substantially all of the Debtors' assets if certain conditions set
forth in the Plan are satisfied and (2) (a) the sale of the assets
associated with the Debtors' Mountain Pass mining facility in San
Bernardino County, California; and (b) the stand-alone
reorganization around the Debtors' other three business units.


NATIONAL CINEMEDIA: Determines Membership Units of Founding Group
-----------------------------------------------------------------
National CineMedia, Inc., as sole manager of National CineMedia,
LLC, provided written notice setting forth the determination of
common membership units due to/from the members of NCM LLC in
accordance with the Common Unit Adjustment Agreement dated as of
Feb. 13, 2007, by and among NCM, Inc., NCM LLC, Regal CineMedia
Holdings, LLC, American Multi-Cinema, Inc., Cinemark Media, Inc.,
Regal Cinemas, Inc. and Cinemark USA, Inc. Regal, AMC and Cinemark
are referred to collectively as the "Founding Members."  The
"Founding Member Group" means, with respect to each Founding
Member, the Founding Member, its ESA Party, and their Affiliates.  
The common membership units are expected to be issued on March 31,
2016, the settlement date.  Following is a summary of the NCM LLC
ownership units that will result from this most recent Common Unit
Adjustment:

                           Number of Units        Total Number
                           Owned Prior to        of Units Owned
                           2015 Adjustment    Post 2015 Adjustment
Founding Member Group  (as of Dec. 31, 2015)(as of Dec. 31, 2015)

---------------------  --------------------- --------------------
AMC                       23,862,988              23,862,988
Cinemark                  25,631,046              26,384,644
Regal                     26,409,784              27,072,701
NCM, Inc.                 59,239,154              59,239,154
                          -----------              ----------
Total                    135,142,972             136,559,487

Following the issuance of these common membership units pursuant to
the Common Unit Adjustment Agreement for fiscal 2015, each Founding
Member Group's ownership interest in NCM LLC will change as
follows:

                         Ownership Interest      Ownership
                          Prior to 2015         Interest Post
                             Adjustment        2015 Adjustment
Founding Member Group (as of Dec. 31, 2015)(as of Dec. 31, 2015)
--------------------- --------------------- --------------------
AMC                           17.66%                17.47%
Cinemark                      18.97%                19.32%
Regal                         19.54%                19.83%
NCM, Inc.                     43.83%                43.38%

Pursuant to NCM, Inc.'s Amended and Restated Certificate of
Incorporation and NCM LLC's Third Amended and Restated Limited
Liability Company Operating Agreement, as amended, members of NCM
LLC, other than NCM, Inc., may choose to have common membership
units redeemed, and NCM, Inc. may elect to issue cash or shares of
its common stock on a one-for-one basis.  Therefore, the NCM LLC
units issued to the Founding Members may be redeemable for an equal
number of shares of NCM, Inc.'s common stock.

Neither NCM, Inc. nor NCM LLC received any cash consideration in
exchange for the issuance of the units.  In addition to the
issuance of the units, cash will be paid in lieu of partial units
in the amounts of $13.88 and $12.63 to Cinemark USA, Inc. and RCI,
respectively.

The units will be issued in reliance upon the exemption from the
registration requirements of the Securities Act provided for by
Section 4(2) thereof for transactions not involving a public
offering.  Appropriate legends will be affixed to the securities
issued in this transaction.  The Founding Members had adequate
access, through business or other relationships, to information
about NCM, Inc.

Additional information is available for free at:

                      http://is.gd/3Gxwri

                    About National CineMedia

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

For the year ended Dec. 31, 2015, the Company reported net income
attributable to the Company of $15.4 million on $447 million of
revenue compared to net income of $13.4 million on $394 million of
revenue for the year ended Jan. 1, 2015.

As of Dec. 31, 2015, National Cinemedia had $1.08 billion in total
assets, $1.25 billion in total liabilities and a $171.7 million
total deficit.

                            *     *     *

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


NEWARK CITY: Moody's Assigns Ba1 Underlying Rating on $15.1MM Bonds
-------------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 underlying rating and
A3 enhanced rating to the City of Newark, NJ's $15.1 million
general obligation limited tax Qualified Energy Savings Improvement
Bonds, Series 2016.  Both ratings carry a negative outlook.
Concurrently, Moody's affirms the Baa3 rating on $425 million
general obligation unlimited tax debt, Ba1 rating on $39 million
general obligation limited tax debt, and A3 rating on enhanced
Municipal Qualified Bonds.

  Issue: Qualified Energy Savings Improvement Bonds, Series 2016;
   Rating: Ba1; Rating Type: Underlying LT; Sale Amount:
   $15,060,000; Expected Sale Date: 03/25/2016; Rating
   Description: General Obligation Limited Tax;

  Issue: Qualified Energy Savings Improvement Bonds, Series 2016;
   Rating: A3; Rating Type: Enhanced LT; Sale Amount: $15,060,000;

   Expected Sale Date: 03/25/2016; Rating Description: General
   Obligation Limited Tax;

The underlying Ba1 rating on the city's general obligation limited
tax debt reflects the city's unlimited tax debt rating of Baa3 and
property tax levy limitation of 2% over the prior year's levy for
these bonds.  The Baa3 rating reflects the city's weak financial
position, which improved to a positive Current Fund balance in
2015, and reliance on tax anticipation notes for operations.  It
also reflects the city's long history of aggressive budgeting, low
wealth indicators and high debt burden.  The rating further
incorporates Newark's large and growing tax base with a large
daytime employment base and numerous redevelopment projects
underway.

The A3 enhanced rating with negative outlook reflects the
enhancement provided by the Municipal Qualified Bonds Act state aid
intercept program.  The rating is notched one-notch off the state's
rating (A2 negative).

                           Rating Outlook

The negative outlook reflects uncertainties surrounding the
maintenance of improved financial flexibility demonstrated in
unaudited fiscal 2015 (Dec. 31) results.  Future rating reviews
will consider 2015 audited financial information, the timely
adoption of the 2016 budget and 2016 operating results.

Factors that Could Lead to an Upgrade

  Elimination of the city's structural gap by aligning recurring
   revenues with recurring expenditures

  Timely budget adoption

  Material improvement in monthly cash position net of TAN
   proceeds

  Sustained reserve and cash balance improvements on balance sheet

  Reduced deferred charges

  Successful economic development that results in prudently
   managed recurring revenues

Factors that Could Lead to a Downgrade

  Weakened financial position

  Continued late budget adoption

  Increase in cash flow borrowing

  Increased debt burden

Legal Security

The vast majority of the city's debt is secured by its general
obligation unlimited tax pledge.  The city's Lease Revenue Bonds
(City of Newark Project) Series 2010 A, issued through the Essex
County Improvement Authority, are secured by the city's limited
general obligation pledge, subject to the state of New Jersey's 2%
levy increase limitation.  These bonds will also be secured by the
city's limited general obligation pledge and enhanced by the
state's MQBA state aid intercept program (A3 negative).

Use of Proceeds

Proceeds will fiance capital improvements for energy savings.  The
debt service on this debt is intended to be less than the expected
savings from the energy savings.

Obligor Profile

Newark is the county seat for Essex County and New Jersey's most
populous city.

Methodology

The principal methodology used in this underlying rating was US
Local Government General Obligation Debt published in January 2014.
The principal methodology used in this enhanced rating was State
Aid Intercept Programs and Financings: Pre and Post Default
published in July 2013.


NORANDA ALUMINUM: Creditors Object to Proposed Bidding Protocol
---------------------------------------------------------------
Dawn McCarty, writing for Bloomberg Brief, reported that Noranda
Aluminum Inc.'s creditors committee objected to the aluminum
producer's request for approval of bid procedures involving the
sale of a downstream business, seeking modifications of the
procedures to "prevent the credit parties from hijacking the sale
process."

According to the report, the committee asked for additional time
and information to assess sale process and said it reserves right
to object to the proposed sale.  "The downstream business is not a
melting ice cube, and a false emergency created by the credit
parties should not be the sole justification for the expedited sale
process," the committee said in court papers, the report related.

                     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.

Headquartered in New Madrid, Missouri, Noranda Aluminum, Inc., et
al., engaged in the production of primary aluminum and rolled
aluminum coils, filed separate Chapter 11 bankruptcy petitions
(Bankr. E.D. Mo. Proposed 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 case.

The Debtors had approximately 1,857 employees as of the Petition
Date.

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 Office of the U.S. Trustee appointed seven creditors of
Noranda
Aluminum Holding Corp. and its affiliated debtors to serve on the
official committee of unsecured creditors.


NORTEL NETWORKS: Claims Trader Demands Cash as Fights Rage On
-------------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that a company that invests in bankruptcy claims is
pounding the table in Nortel Networks' long-running bankruptcy,
demanding cash now from a stash of billions of dollars that has
been locked up for years.

According to the report, Liquidity Solutions Inc. is calling on
U.S. Bankruptcy Judge Kevin Gross to order Nortel to start handing
out the money, even though fights continue over how to divide the
cash among various national units of the former Canadian global
telecommunications giant.

"These cases should not continue to be held hostage by warring
creditor and debtor factions while NNI's creditors remain unpaid,"
lawyers for the claims-trading entity wrote, the report related.
NNI is shorthand for Nortel Networks Inc., the U.S. unit of the
defunct telecommunications technology company, the report further
related.

According to the report, claims traders are companies that buy up
the debts of bankrupt companies, from vendor bills to employee
claims for unpaid benefits and severance pay.  Liquidity Solutions
and other traders paid top dollar for unsecured claims in the
chapter 11 bankruptcy of Nortel's U.S. unit, only to see their
hopes of big windfalls held up in continuing court fights, the
report said.

Liquidity Solutions owns about $11.6 million worth of unsecured
claims and is tired of waiting for its money, court papers say, the
report added.

                    About Nortel Networks

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


NORTHERN OIL: Moody's Lowers CFR to Caa2, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Northern Oil and Gas, Inc's
Corporate Family Rating to Caa2 from B3, Probability of Default
Rating to Caa2-PD from B3-PD, and the ratings on its senior
unsecured notes to Caa3 from Caa1.  At the same time, Moody's
lowered the Speculative Grade Liquidity (SGL) rating to SGL-4 from
SGL-3.  This concludes the ratings review commenced on Jan. 21,
2016.  The ratings outlook is negative.

"Weak oil and natural gas prices will diminish NOG's cash flows in
2017, when it no longer benefits from commodity price hedges,"
stated James Wilkins, a Moody's Vice President.  "Leverage will
increase sharply and credit metrics will deteriorate."

Issuer: Northern Oil and Gas, Inc

Ratings Downgraded:
  Corporate Family Rating, Caa2 from B3
  Probability of Default Rating, Caa2-PD from B3-PD
  Senior Unsecured Regular Bond/Debenture, Caa3 (LGD5) from Caa1
   (LGD5)

Ratings Lowered:
  Speculative Grade Liquidity Rating, SGL-4 from SGL-3

Outlook Action:
  Outlook, Negative from under review

                        RATINGS RATIONALE

The Caa2 CFR reflects Moody's expectations that NOG's production
and cash flows will decline meaningfully in 2016 as it pulls back
on its investment plans.  NOG has guided that its capital budget
will be closely aligned with operating cash flows in 2016, and
while its board of directors approved a $99.8 million capital
expenditure budget for a total of 16 net wells, it will initially
embark on a program to drill 10 net wells at a cost of $60-$70
million, resulting in a significant decline in production and cash
flows in 2016-2017.  NOG has hedged over 40% of expected crude
production in 2016 at favorable swap prices, lessening the impact
of weak crude oil commodity prices.  It has oil swaps at $90/bbl in
the first half 2016, but the swap prices drop to $65/bbl in the
second half, and the company's production will be unhedged in 2017.
Despite having a production mix weighted to crude oil, a heavy
interest burden and steep basis differentials are hampering cash
margins.  At Moody's expected commodity price deck ($38 WTI crude
oil in 2017), NOG's interest coverage will weaken substantially in
2017 and could drop below 1.0x.  The 2017 capital program will
require funding from the company's revolving credit facility,
pushing leverage higher.

NOG's SGL-4 Speculative Grade Liquidity Rating reflects its weak
liquidity driven by Moody's expectation that the company will have
to amend its revolver financial covenants.  The company had $3.4
million of cash and $400 million of available borrowing capacity
under its revolving credit facility (after accounting for $150
million of drawings) as of Dec. 31, 2015.  The revolver's borrowing
base is $550 million and will likely decline after the spring
re-determination, but should be of sufficient size to meet NOG's
2016 financing needs.  However, the company will need to access the
revolver to fund 2017 capital spending.  The covenants governing
the revolver require maintenance of a secured debt / EBITDAX no
greater than 2.5x, EBITDAX to interest expense of at least 2.5x,
and a current ratio of at least 1.0x.  Moody's expects that NOG
will need to amend the interest coverage covenant in 2016 to remain
in compliance.  The company benefits from no debt maturities in
2016-2017; the next debt maturity is the revolver, which is due in
September 2018.  Substantially all of the company's assets are
pledged as security under the credit facility, which limits the
extent to which asset sales could provide a source of additional
liquidity, if needed.

The negative outlook reflects NOG's high leverage, weak liquidity
and declining interest coverage.  The CFR could be downgraded if
liquidity falls below $100 million.  If NOG can maintain its
interest coverage over 1.5x and its ratio of retained cash flow to
debt over 10% on a sustained basis, an upgrade could be
considered.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.

Northern Oil and Gas, Inc., based in Wayzata, Minnesota, owns
non-operated working interests in oil and gas wells and acreage
primarily in the Bakken and Three Forks formations within the
Williston Basin in North Dakota and Montana.


NUVERRA ENVIRONMENTAL: Moody's Lowers CFR to Caa3, Outlook Neg.
---------------------------------------------------------------
Moody's Investors Service downgraded Nuverra Environmental
Solutions, Inc.'s Corporate Family Rating to Caa3 from Caa1 and the
Probability of Default Rating (PDR) to Ca-PD from Caa1-PD.  At the
same time, Moody's downgraded the rating on the company's senior
unsecured notes to C from Caa2 and lowered the Speculative Grade
Liquidity rating to SGL-4 from SGL-3.  The rating outlook is
negative.

These actions follow the company's recent announcement that it had
entered into a privately negotiated restructuring support agreement
with holders of its unsecured notes due 2018 to participate in
Nuverra's proposed exchange offer whereby the notes will be
exchanged for new second-lien notes maturing in 2021 at par.  The
exchange offer is set to expire April 12, 2016, unless extended and
will be accompanied by the conversion into equity of approximately
$31 million of notes held by Nuverra's CEO and a partial paydown of
revolver borrowings from a new first-lien term loan.  Independent
of the exchange, the company is also proposing to amend the
financial covenants tied to its asset-based lending (ABL) facility
to provide more cushion going forward.  Moody's believes the
proposed transactions constitute a distressed exchange and the PDR
downgrade to Ca-PD reflects the high likelihood of a default within
the next 60 days.  Moody's expects to append a "LD" to the
post-transaction PDR rating to indicate a limited default upon
completion of the exchange offer.

                          RATINGS RATIONALE

The Caa3 CFR reflects the sharp deterioration in operating results
in 2015, ongoing earnings pressure as the impact of the collapse in
oil and natural gas prices on drilling activity lingers,
debt-to-EBITDA in excess of 12x and Nuverra's still-limited
liquidity going forward.  The C instrument rating reflects Moody's
expectation for a meaningful expected economic loss relative to the
original legal promise for the company's unsecured notes despite
the par exchange.  Under the terms of the proposed exchange offer,
the new second-lien notes would incur 100% paid-in-kind (PIK)
interest at 12.5% for the October 2016 payment, then transition to
50% PIK / 50% cash interest at 10% for both 2017 payments before
settling on cash interest at 10% from 2018 until maturity.  Moody's
views the transaction to be a distressed exchange and a limited
default on the unsecured notes.  Moody's notes that the exchange
helps alleviate near-term liquidity pressure, but overriding
operating challenges remain as drilling activity is curtailed in
the current price environment.  Debt-to-EBITDA will also remain
high based on the limited amount of debt reduction occurring as
part of the transactions.

Nuverra's SGL-4 Speculative Grade Liquidity rating reflects the
company's weak liquidity position prior to completion of the
proposed transactions because of negligible cash on hand and the
expectation for breakeven-to-modest free cash flow over the next
12-18 months.  The unrated ABL facility had approximately $80
million outstanding at the end of February 2016 with essentially no
availability due to non-compliance with the minimum 1.1x fixed
charge coverage ratio.  The company was in compliance with its
secured leverage ratio covenant at year-end 2015 but indicated that
if results don't improve or the ABL is not amended, a covenant
violation could take place as soon as the first quarter of 2016.

Alternative sources of liquidity are limited as substantially all
assets are pledged to the ABL facility.

The negative outlook considers the risks and challenges that
Nuverra faces in maintaining sufficient liquidity to meet its
obligations as well as to effectively operate the business in the
midst of the energy sector's severe downturn.

Moody's took these rating actions on Nuverra Environmental
Solutions, Inc.:

   -- Corporate Family Rating, downgraded to Caa3 from Caa1
   -- Probability of Default Rating, downgraded to Ca-PD from
      Caa1-PD
   -- $400 million senior notes, downgraded to C, LGD-5 from Caa2,

      LGD-4
   -- Speculative Grade Liquidity Rating, downgraded to SGL-4 from

      SGL-3
   -- Rating outlook is negative

Nuverra Environmental Solutions, Inc. provides full-cycle
environmental solutions to energy end markets, focusing on the
collection, transportation, treatment, recycling and disposal of
restricted solids, water and wastewater.  Customers are engaged in
unconventional onshore energy exploration and production in the US,
namely the drilling, completion and ongoing production of shale oil
(the Bakken, Eagle Ford and Permian Basin shale areas) and natural
gas (the Marcellus, Haynesville and Utica shale areas).  Nuverra
reported revenues of nearly $360 million for its fiscal year ended
Dec. 31, 2015, down from $535 million in 2014.

The principal methodology used in these ratings was Environmental
Services and Waste Management Companies published in June 2014.


OMEGA HEALTHCARE: Fitch Affirms 'BB+' Subordinated Debt Rating
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings for Omega Healthcare
Investors, Inc. (OHI) including the Issuer Default Rating (IDR) at
'BBB-'. In addition, Fitch has assigned a 'BBB-' rating to the $350
million senior unsecured term loan due 2021 entered into in January
2016.

KEY RATING DRIVERS

"The affirmation and 'BBB-' ratings are based on Omega's strong
credit metrics (low leverage, high fixed-charge coverage [FCC] and
ample liquidity) providing a sufficient buffer against the
potential effects of tenant-related operating headwinds. OHI
focuses on skilled nursing (SNFs) and assisted living facilities
(ALFs) wherein tenants' capacity to honor lease obligations are
closely influenced by changes to government reimbursement and
regulatory / licensing risk. Operating headwinds faced by skilled
nursing operators in general have been a focal point year-to-date
after announcements related to fourth quarter 2015 (4Q15)
performance at some of the industry's largest operators. We do not
believe these headwinds will materially affect OHI's credit,
although they could cause the price at which OHI can issue debt and
equity to become more expensive."

LOW LEVERAGE WITH SUFFICIENT CUSHION

OHI has consistently maintained leverage between 3.9x - 5.1x since
2011, with leverage at 4.4x and 5x for the quarter and year ended
Dec. 31, 2015. Fitch views quarterly leverage as more meaningful
than trailing 12 months for OHI given the lack of seasonality in
reported earnings and timing effects of acquisitions. Fitch expects
leverage will remain between 4x - 5x over the next 12-to-24 months.


"Fitch's projections indicate OHI has a cushion of 0.5x - 1x to the
negative leverage sensitivity of 5.5x. We view it as unlikely that
tenant issues could in and of themselves cause OHI to breach the
5.5x sensitivity. Under a simple analysis where the rent was
reduced for tenants having coverage below 1x (7.6% of 4Q15 ) back
to 1.4x (as measured by EBITDAR), leverage would only increase
0.2x. Were OHI to change its financial policies and operate with
leverage closer to 5.5x, Fitch would then consider the adequacy of
the cushion. Fitch defines leverage as debt net of readily
available cash divided by recurring operating EBITDA."

FCC is strong for the rating at 4.2x for the year ended Dec. 31,
2015, compared with 3.7x and 3.6x for 2014 and 2013, respectively.
Fitch expects OHI's FCC will continue to improve, driven by
contractual rental escalators and reduced fixed charges as the
interest savings from the refinancing is realized. Fitch defines
FCC as recurring operating EBITDA less straight-line rents divided
by total interest incurred.

STRONG LIQUIDITY & APPROPRIATE CONTINGENT LIQUIDITY

OHI's near-term liquidity is exceptionally strong with no debt
maturities until 2017, especially when considering these maturities
can be extended at OHI's option to 2019. Fitch estimates OHI's
sources of liquidity (primarily capacity under the $1.25 billion
revolving credit facility due 2018, proceeds from the $350 million
January 2016 term loan issuance and retained cash flow from
operations) exceed uses by $900 million to $1.2 billion depending
on whether the aforementioned extension options are exercised.

Other measures of OHI's liquidity and contingent liquidity are also
appropriate for the 'BBB-' rating. OHI's unencumbered assets cover
net unsecured debt by 1.8x - 2.4x assuming stressed capitalization
rates of 9% - 12%.

COMMONALITY OF TENANT REVENUE SOURCES MITIGATES OPERATOR
DIVERSIFICATION BENEFITS
Fitch views skilled nursing real estate (and by extension pure-play
REITs) as having more risk than other real estate subsectors due to
the potential for legislative or regulatory changes (including the
annual changes to reimbursement amounts by the Center for Medicare
and Medicaid Services). These unilateral actions can impact the
profitability of most tenants, thus partially mitigating the
benefits of tenant and geographic diversification.

"The start to 2016 has been eventful with weak results being
announced by some of the largest operators. SNF margins are being
pressured by increasing coverage under Medicare Advantage,
Department of Justice investigations potentially influencing
billing practices and pilot programs for bundled payments and
coordinated care. We view these as long-term headwinds that
stronger operators should be able to manage given they are fairly
well-telegraphed."

Another limiting factor on the rating (but inherent to the
strategy) is OHI's exposure to private, unrated operators, which
limits the extent to which Fitch can assess their creditworthiness.
Fitch views most for-profit post-acute operators to be 'B' category
credits, where capacity to meet debt obligations is vulnerable to
deterioration in the business and economic environment. Rent
coverage, as measured by EBITDARM (EBITDAR before management fees)
and EBITDAR were 1.8x and 1.4x, respectively, at Sept. 30, 2015,
which is comparable to peers, consistent with prior periods and
implies some cushion to sustain annual rental increases and/or
unforeseen changes to reimbursement rates.

KEY ASSUMPTIONS

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

-- Operator headwinds persist and pressure coverage levels but do

    not result in wholesale bankruptcies or rent renegotiations;
-- Contractual rental escalators of 2%-2.5% per year through
    2018;
-- Acquisitions of $500 million per year through 2018 at 8.5% cap

    rates;
-- $300 million of equity being issued in both 2017 and 2018 to
    fund acquisitions. Should OHI's equity trade at levels where
    it is unable or unwilling to transact, Fitch assumes OHI would

    reduce acquisition volumes.

RATING SENSITIVITIES

Fitch does not expect management will operate the company
consistent with the metrics that could otherwise result in positive
momentum in OHI's ratings and/or Outlook, such as:

-- Increased scale and diversification;
-- Fitch's expectation of net debt-to-recurring operating EBITDA
    sustaining below 4x (leverage was 4.4x at Dec. 31, 2015);
-- Fitch's expectation of fixed-charge coverage sustaining above
    3.5x (coverage was 4.2x for TTM).

The following factors may result in negative momentum in OHI's
ratings and/or Outlook:

-- Further pressure on operators through reimbursement cuts;
-- Fitch's expectation of leverage sustaining above 5.5x;
-- Fitch's expectation of fixed-charge coverage sustaining below
    2.5x.

FULL LIST OF RATING ACTIONS

Fitch affirmed OHI's ratings as follows:

Omega Healthcare Investors, Inc.:
-- Long-term IDR at 'BBB-';
-- Unsecured revolving credit facility at 'BBB-';
-- Senior unsecured notes at 'BBB-';
-- Senior unsecured term loans at 'BBB-';
-- Subordinated debt at 'BB+'.


OSAGE EXPLORATION: Taps Crowe & Dunlevy as Bankruptcy Counsel
-------------------------------------------------------------
Osage Exploration and Development, Inc., filed a first amended
application asking the U.S. Bankruptcy Court for the Western
District of Oklahoma for permission to employ Crowe & Dunlevy as
general bankruptcy and litigation counsel.

To the extent necessary, Crowe & Dunlevy will arrange for the
employment of outside conflicts counsel to the extent any matter
that presents a conflict of interest from Crowe & Dunlevy arises.

Mark A. Craige, a shareholder/director at Crowe & Dunlevy,  will
serve as lead counsel for Debtor in the engagement.  Mr. Craige
tells the Court that the Debtor agreed to compensate Crowe &
Dunlevy at it normal hourly billing rates plus reimbursement of
actual and necessary expenses from funds of bankruptcy estate.  The
present billing rates of the firm's professional assigned to the
case are:

         Attorneys             $230 - $410
         Mr. Craig                $410
         William H. Hoch          $375
         Michael R. Pacewicz      $325

Other attorneys who may provide services and their hourly rates
are:

         Christopher M. Staine    $230
         John P. Napier           $230
         Legal Assistants     $125  - $215

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

The original application was filed on Feb. 4, 2016.

The firm can be reached at:

         Mark A. Craige, Esq.
         Michael R. Pacewicz, Esq.
         CROWE & DUNLEVY, PC
         500 Kennedy Building
         321 South Boston Avenue
         Tulsa, OK 74103-3313
         Tel: (918) 592-9800
         Fax: (918) 592-9801
         E-mails: mark.craige@crowedunlevy.com
                 michael.pacewicz@crowedunlevy.com

                    About Osage Exploration

Headquartered 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 disclosed total assets of $11,147,152 and total
liabilities of $39,464,678.

The Debtor tapped Crowe & Dunlevy as counsel.

The Office of the U.S. Trustee on Feb. 29 appointed three creditors
to serve on the official committee of unsecured creditors.


OUTER HARBOR: Taps Richards Layton as Bankruptcy Co-Counsel
-----------------------------------------------------------
Outer Harbor Terminal, LLC, asks the U.S. Bankruptcy Court for the
District of Delaware for permission to employ Richards, Layton &
Finger, P.A., as its bankruptcy co-counsel nunc pro tunc to Feb. 1,
2016.

RL&F will, among other things:

   (a) assist in preparing all necessary petitions, motions,
applications, orders, reports, and papers necessary to commence the
Chapter 11 case;

   (b) advise the Debtor of its rights, powers, and duties as
debtor and debtor in possession under chapter 11 of the Bankruptcy
Code; and

   (c) assist in preparing on behalf of the Debtor all motions,
applications, answers, orders, reports, and papers in connection
with the administration of the Debtor's estate.

In addition to these services, RL&F may perform all other services
assigned by the Debtor, in consultation with Milbank, Tweed, Hadley
& McCloy LLP, the Debtor's proposed lead counsel, to RL&F.

Mark D. Collins, a director of RL&F which maintains an office at at
One Rodney Square, 920 North King Street, Wilmington, Delaware,
tells the Court that RL&F's current hourly rates are:

         Position                      Range of Hourly Rates
         --------                      ---------------------
         Directors                         $610 - $850
         Counsel                           $535 - $550
         Associates                        $295 - $510
         Paraprofessionals                    $240

The principal professionals and paraprofessionals designated to
represent the Debtor and their current standard hourly rates are:

         Mark D. Collins                      $850
         Marisa A. Terranova Fissel           $510
         Andrew M. Dean                       $295
         Cynthia M. McMenamin                 $240

Prior to the Petition Date, the Debtor paid RL&F a total retainer
of $75,000 in connection with and in contemplation of the case.
Throughout RL&F's representation of the Debtor prior to the
Petition Date, RL&F applied such amounts to its invoices for work
performed and expenses incurred in connection with RL&F's
representation of the Debtor.  The Debtor proposes that the
retainer monies paid to RL&F and not expended for prepetition
services and disbursements be treated as an evergreen retainer to
be held by RL&F as security throughout the Chapter 11 Case until
RL&F's fees and expenses are awarded by final order and payable to
RL&F.

RL&F will also charge for all other expenses incurred in connection
with the client's case.

To the best of the Debtor's knowledge, RL&F is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

The firm may be reached by:

         Mark D. Collins, Esq.
         Marisa A. Terranova Fissel, Esq.
         Andrew M. Dean, Esq.
         RICHARDS, LAYTON & FINGER, P.A.
         One Rodney Square
         920 North King Street
         Wilmington, DE 19801
         Tel: (302) 651-7700
         Fax: (302) 651-7701
         E-mails: collins@rlf.com
                  terranova@rlf.com
                  dean@rlf.com

                    About Outer Harbor Terminal

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.


OUTER HARBOR: Wants to Employ Milbank Tweed as Counsel
------------------------------------------------------
Outer Harbor Terminal, LLC, asks the U.S. Bankruptcy Court for the
District of Delaware for permission to employ Milbank, Tweed,
Hadley & McCloy LLP as its attorneys in the Chapter 11 case, nunc
pro tunc to the Petition Date.

Milbank Tweed will, among other things:

   (a) advise the Debtor with respect to its rights, powers and
duties as debtor-in-possession in the operation and wind down of
its business during the case;

   (b) advise and consult on the conduct of the case, including all
of the legal and administrative requirements of operating in
Chapter 11; and

   (c) attend meetings and negotiate with representatives of
creditors and other parties-in-interest, including governmental
authorities.

By separate application, the Debtor is also requesting Court
authority to employ Richards, Layton & Finger, P.A., as bankruptcy
co-counsel with respect to the case.  The Debtor has discussed the
division of responsibilities with Milbank and RL&F, and intends to
monitor carefully these and any other retained legal professionals
to insure a clear delineation of their respective duties and roles
so as to prevent duplication of effort.

Thomas R. Kreller, a partner at Milbank tells the Court that the
Debtor agreed to compensate the firm based on:

         Billing Category                       U.S. Range
         ----------------                       ----------
         Partners                               $995 - $1,350
         Counsel                                $985 - $1,185
         Associates                             $390 - $915
         Paraprofessionals                      $205 - $340

According to Milbank's books and records for the year prior to the
Petition Date, Milbank has received payment from the Debtor of
approximately $800,097 on account of invoices for legal services
performed and expenses incurred in contemplation of, or in
connection with, the Debtor's wind down and bankruptcy-related
efforts, including, among other things, the preparation of various
"first day" pleadings and negotiations with various creditor groups
in connection with its wind down process.

As of Jan. 29, 2016, the Debtor provided Milbank with an aggregate
advance payment of $500,000 to establish a retainer to pay for
legal services rendered or to be rendered in connection with the
case. As of the Feb. 9, 2016 application date, Milbank holds a
retainer in the approximate amount of $359,373.

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

The firm may be reached by:

         Gregory A. Bray, Esq.
         Thomas R. Kreller, Esq.
         Haig M. Maghakian, Esq.
         MILBANK, TWEED, HADLEY & McCLOY LLP
         601 S. Figueroa Street, 30th Floor
         Los Angeles, CA 90017
         Tel: (213) 892-4000
         Fax: (213) 629-5063
         E-mails: gbray@milbank.com
                  tkreller@milbank.com
                  hmaghakian@milbank.com

            -- and --

         Dennis F. Dunne
         Samuel A. Khalil
         28 Liberty Street
         New York, NY 10005
         Tel: (212) 530-5000
         Fax: (212) 530-5219
         E-mails: ddunne@milbank.com
                  skhalil@milbank.com

                    About Outer Harbor Terminal

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


PACIFIC ARCHITECTS: Moody's Withdraws B2 Corporate Family Rating
----------------------------------------------------------------
Moody's Investor Service has withdrawn all credit ratings of
Pacific Architects and Engineers Incorporated.

                         RATINGS RATIONALE

On March 15, 2016, PAE was acquired by Platinum Equity, LLC.  PAE's
prior outstanding debt has been repaid.

Issuer: Pacific Architects and Engineers Incorporated

Withdrawals:
  Corporate Family Rating, Withdrawn, previously rated B2
  Probability of Default Rating, Withdrawn, previously rated B2-PD
  Senior Secured Bank Credit Facility, Withdrawn, previously rated

   B2, LGD3

Outlook Actions:
  Outlook, Changed To Rating Withdrawn From Negative

Pacific Architects and Engineers Incorporated provides contract
support services to US government agencies, international
organizations, and foreign governments.


PARADIGM EAST HANOVER: Chapter 11 Plan Declared Effective
---------------------------------------------------------
The effective date of Paradigm East Hanover, LLC's Second Modified
Plan, as Modified, occurred Dec. 1, 2015.  The Plan was confirmed
by the Bankruptcy Court on Nov. 16, 2015.  The Plan Confirmation
Order provided that the Debtor or any other party-in-interest will
have 60 days subsequent to confirmation to object to the allowance
of claims.  Except for the Township of East Hanover, all creditors,
including general unsecured creditors, voted to accept the Plan.  

The Plan provides for the sale of the lots as approved by the Court
and that the proceeds thereof will pay in full the attaching liens.
The Plan provides for each secured creditor to retain their
respective liens and to receive payments.  General unsecured claims
will be paid a pro rata share of the net sale proceeds received by
the Debtor from the closing(s) on the sale of Lot 4, Lot 4.02
and/or Lot 5.01 until such claims have been satisfied in full
without interest. Equity holders were unimpaired under the Plan.  

The Township, which asserts claims for prepetition and postpetition
taxes, filed a motion to dismiss the Chapter 11 case or for relief
from the stay as well as an objection to confirmation.  At the
hearing the Debtor and East Hanover resolved the objection.  The
Plan Confirmation Order provides that the Debtor will satisfy the
Township's Class 1 claim within the third anniversary of the
Effective Date and the postpetition taxes are to b e paid 1
business day after entry of the Confirmation Order.

The Township was represented by Keith A. Bonchi, Esq., at
Goldenberg, Mackler, Sayegh, Mintz, Pfeffer, Bonchi & Gill.

A copy of the Second Modified Disclosure Statement dated Aug. 5,
2015, is available for free at:

     http://bankrupt.com/misc/Paradigm_East_2nd_M_DS.pdf

                        About Paradigm East

Paradigm East Hanover, LLC, is the 80 percent owner of real
property identified as Block 99, Lot 4 a/k/a 11 Mt. Pleasant
Avenue, East Hanover, NJ 07936 ("Lot 4"), Block 99, Lot 4.02 a/k/a
3 Farinella Drive, East Hanover, NJ 07936 ("Lot 4.02"), and Block
99, Lot 5.01 a/k/a 33 Mt. Pleasant Avenue, East Hanover, NJ 07936.
77 Charters, Inc. maintains a 20% interest in the Lots. Based on a
contract to purchase the Lots, Paradigm East values Lot 4 and Lot
5.01, together, at approximately $9,900,000 and Lot 4.02 at
$5,100,000.  Paradigm East is owned by entities held by Paradigm
Capital Funding, LLC.

Paradigm East sought Chapter 11 bankruptcy protection (Bankr.
D.N.J. Case No. 14-25017) in Newark, New Jersey, on July 23, 2014.

The case is assigned to Judge Donald H. Steckroth.  

The Debtor estimated assets between $10 million and $50 million
and
debt of less than $10 million.

The Debtor tapped Norris McLaughlin & Marcus, PA, in Bridgewater,
New Jersey, as bankruptcy counsel, and Tannenbaum, Helpern,
Syracuse & Hirschtritt, LLP, as special real estate counsel in
connection with the sale of the Lot 4 and Lot 5.01.

                           *     *     *

On March 25, 2015, six bidders participated in an open-cry auction
for the Lots.  SLKRE East Hanover LLC won the auction with its $15
million offer.  Mount Pleasant Enterprises, LLC, agreed to be the
back-up bidder solely as to Lot 4 and Lot 5.01, for a purchase
price of $9.1 million.  American Properties at East Hanover, LLC
greed to be the back-up bidder as to Lot 4.02 for a minimum
purchase price of $5 million.

A contract of sale dated as of April 3, 2015 was executed between
SLKRE and the Debtor to purchase the Lots for $15 million, subject
to a 90-day due diligence period, which 90-day period may be
extended for an additional 90 days solely if a Phase 2
environmental study is required and only for such purpose.  Prior
to July 29, 2015, SLKRE advised the Debtor that it was extending
the Due Diligence Period for another 90 days in order to proceed
with a Phase II environmental study.  In light of the extension,
the Due Diligence Period does not conclude until Oct. 27, 2015.


PEABODY ENERGY: Coal Mine Clearance Sale Heads to Australia
-----------------------------------------------------------
David Fickling, writing for Bloomberg Brief, reported that Peabody
Energy has tried to stoke buyer interest in recent years by
offering some deep discounts on select Australian coal mines.

According to the report, the buyers need not rush as the company is
about to hold a clearance sale when it seeks Chapter 11 bankruptcy
protection, crippled by $6 billion of debt and operations that have
turned a profit in just one quarter since the start of 2013.

The report said the majority of these Australian mines are
producing export coal to feed the power stations and blast furnaces
of Japan, Korea and China, as opposed to the vast North American
operations that mainly dig stuff up for the domestic market.
Anyone making a bet that coal prices are at a cyclical low would
find the Australian pits much more attractive than Peabody's U.S.
mines, which are mostly tied to longterm contracts with little room
for improvement should prices rise, the report related.

The report, however, noted that, exposed as they are to global
market prices, the Australian mines are not very profitable at the
moment.  Its metallurgical mines, which dig up the coking coal used
in steelmaking, have lost money even at the most generous level of
gross profits in five out of the past eight quarters, the report
said.

                      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'.


PEABODY ENERGY: Troubles Prompt Concern Over Cleanup Ability
------------------------------------------------------------
Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review,
reported that Peabody Energy Corp.'s recent warning it may need to
file for bankruptcy protection is raising questions about its
ability to pay for some $900 million in environmental cleanup costs
at its coal mines.

According to the report, citing what they called Peabody's
"precarious financial condition," two landowners' groups on March
21 filed a citizen complaint asking state and federal regulators to
investigate the St. Louis company's ability to reclaim the land and
treat the water at its Wyoming mines.  According to the groups --
the Powder River Basin Resource Council and the Western
Organization of Resource Councils -- the obligations are valued at
about $800 million, the report related.

As previously reported by The Troubled Company Reporter, citing
various news agencies, Peabody warned that it might have to file
for bankruptcy protection as it struggles to keep up with its debt
payments.

The New York Times' DealBook reported that in a securities filing
Peabody said waning demand for coal around the world and stiffer
regulations had raised "substantial doubt" about whether the
company could continue to operate outside bankruptcy.  The DBR said
a Chapter 11 filing by Peabody, which operates 26 mines in the U.S.
and Australia, would be the latest in a wave of bankruptcies to hit
top American coal producers, including Arch Coal Inc., Alpha
Natural Resources, Inc., Patriot Coal Corp. and Walter Energy,
Inc., as they wrestle with low energy prices, new regulations, and
the conversion of coal-fired power plants to natural gas.

Tim Loh, Jodi Xu Klein and Sridhar Natarajan, writing for Bloomberg
Brief, said the company in recent months has struggled to close the
sale of three coal mines in the western U.S. to Bowie Resource
Partners and to renegotiate payment terms with its creditors.

The company elected to skip the semiannual coupons due March 15 on
$1 billion of 10 percent second-lien notes maturing in March 2022
and $650 million of 6.5 percent unsecured bonds coming due in
September 2020, the Bloomberg report said, citing the company's
regulatory filing.  It has a 30- day grace period to make the
payment.

                      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 Troubled Company Reporter on March 22, 2016, reported that
Peabody Energy Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common stockholders of $1.99 billion on $5.60
billion of total revenues for the year ended Dec. 31, 2015,
compared to a net loss attributable to common stockholders of $787
million on $6.79 billion of total revenues for the year ended Dec.
31, 2014.

                        *     *     *
                
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'.


PENN VIRGINIA: Event of Default Deadline Extended to April 12
-------------------------------------------------------------
Spencer Cutter and Leon Huang, writing for Bloomberg Brief,
reported that independent oil and gas explorer Penn Virginia saw
its lenders cut the size of its credit line on March 15 to $171.8
million, the amount that was utilized, and agreed to extend the
deadline for an event of default to be triggered to April 12.

According to the report, the deadline be further extended to May 10
if the company monetizes oil hedges and uses proceeds to repay
borrowings on the credit line.

Funds managed by Franklin Resources held more than $100 million of
Penn Virginia debt as of the end of 2015, the report related,
citing Bloomberg data, making it the largest single holder of the
oil and gas producer's bonds.  While Franklin appears to have been
reducing its position, it still held about 10 percent Penn
Virginia's bonds as of the end of 2015, the report further related.


PERFORMANCE SPORTS: Says CEO Kevin Davis Leaving Company
--------------------------------------------------------
Scott Deveau, writing for Bloomberg Brief, reported that
Performance Sports Group Ltd., the sports equipment and apparel
retailer whose shares have tumbled almost 64 percent this year,
said on March 22 that Chief Executive Officer Kevin Davis is
leaving the company.

According to the report, Mr. Davis will be replaced on an interim
basis by Amir Rosenthal, the company said in a statement.  Mr.
Rosenthal will also remain as president of PSG Brands, the report
related.

"Amir is a proven leader with a strong understanding of our brands
and our customers and has been instrumental in the growth and
success of Performance Sports Group," Chairman Bernard McDonell
said in the statement, the report cited.

                    *     *     *

The Troubled Company Reporter, on March 23, 2016, reported that
Moody's Investors Service downgraded Performance Sports Group's
(PSG) Corporate Family Rating to B3 from B1 due to its recent poor
operating performance highlighted by its earnings announcement and
weak credit metrics. The rating on the senior secured term loan was
downgraded to Caa1 from B2. The SGL 2 speculative grade liquidity
rating was affirmed. The rating outlook is stable.

"PSG's revised earning guidance resulted in a significant departure
in its operating performance and credit metrics from our previous
expectations, said Kevin Cassidy, Senior Credit Officer at Moody's
Investors Service. Moody's had expected leverage to be temporarily
high due to foreign exchange head winds. But we now expect
debt/EBITDA to remain above 10 times for at least the next year,
noted Cassidy."

The TCR, on Feb. 1, 2016, reported that Standard & Poor's Ratings
lowered its corporate credit rating on Exeter, N.H.-based
Performance Sports Group Ltd. to 'B-' from 'B'.  The outlook is
stable.

At the same time, S&P lowered the issue-level rating on PSG's $450
million term loan due 2021 to 'B-' from 'B'.  The recovery rating
remains unchanged at '3', indicating S&P's anticipation of
meaningful (50% to 70% recovery, in the upper half of the range)
in
the event of a payment default.


PILGRIM MEDICAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Pilgrim Medical Center, Inc.
        393 Bloomfiled Ave.
        Montclair, NJ 07042

Case No.: 16-15414

Nature of Business: Health Care

Chapter 11 Petition Date: March 22, 2016

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

Judge: Hon. Stacey L. Meisel

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

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Nicholas V. Campanella, shareholder.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/njb16-15414.pdf


PUERTO RICO: Fights for Chapter 9 Bankruptcy in Supreme Court
-------------------------------------------------------------
Mary Williams Walsh, writing for The New York Times' DealBook,
reported that debt-laden Puerto Rico went toe to toe with its
creditors at the Supreme Court on March 22, arguing that it has
been wrongly locked out of the bankruptcy courts, the only place it
can reasonably expect to restructure its crushing debt.

"We've talked a lot about legal principles," said the lawyer
Christopher Landau, summing up his arguments on behalf of the
commonwealth, the DealBook cited.  "But this is also a
flesh-and-blood situation in Puerto Rico."  Hanging on the outcome,
he said, were questions like "whether people in a village in Puerto
Rico will be able to get clean water," the report related.

According to the DealBook, Puerto Rico is struggling with $72
billion in debt and has been saying for more than a year that it
needs to restructure at least some of it under Chapter 9, the part
of the bankruptcy code for insolvent local governments, but Puerto
Rico cannot do so, because Chapter 9 specifically excludes it,
although it is unclear why.

In 2014, the island tried to get around that exclusion by enacting
its own version of a bankruptcy law, designed for its big public
utilities, which account for about $26 billion of the total debt,
but that attempt ran afoul of yet another provision of the code,
which says that only Congress can enact bankruptcy laws, the report
related.

Many of the justices' questions, and the parties' responses,
involved possible rationales for tying Puerto Rico's hands, as
Congress went out of its way to do in 1984, the report added.  Its
amendment that year also barred the District of Columbia, without
leaving any legislative history or indication of intent, the report
said.


QUIRKY INC: Judge Gropper Named Mediator for Plan Issues
--------------------------------------------------------
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York appointed Hon. Allan L. Gropper (Ret.) as
mediator for an initial period through March 24, 2016.

Quirky, Inc. and its affiliated Debtors, the Official Committee of
Unsecured Creditors, and Comerica Bank executed a Stipulation and
Order concerning the appointment of a Mediator to assist the
parties in resolving certain issues relating to the formulation and
confirmation of a Plan.

The following disputes, among others, exist in relation to the
formation and confirmation of a Plan:

     (a) a potential challenge by the Committee concerning the
scope and extent of Comerica's liens;

     (b) the Committee's assertion that the Debtors' estates should
be substantively consolidated; and

     (c) allocation of administrative expenses among the Debtors'
creditors.

The Parties acknowledged that the resolution of the disputes by a
neutral third party, would lead to the prompt filing and
solicitation of a chapter 11 plan.

The "challenge period" for the Official Committee of Unsecured
Creditors was extended until the date that is five business days
after the conclusion of the mediation, but not later than March 31,
2016.

Quirky, Inc., is represented by:

          Sean C. Southard, Esq.
          Brendan M. Scott, Esq.
          KLESTADT WINTERS JURELLER
          SOUTHARD & STEVENS, LLP
          200 West 41st Street, 17th Floor
          New York, NY 10036
          Telephone: (212)972-3000
          E-mail: ssouthard@klestadt.com
                 bscott@klestadt.com

                 - and -

          Jeffrey L. Cohen, Esq.
          Michael A. Klein, Esq.
          COOLEY LLP
          1114 Avenue of the Americas
          New York, NY 10035
          Telephone: (212)479-6000
          E-mail: jcohen@cooley.com
                 mklein@cooley.com

Comerica Bank is represented by:

          William R. Wyatt, Esq.
          SHEPPARD MULLIN RICHTER &
          HAMPTON LLP
          30 Rockefeller Plaza
          New York, NY 10112-0015
          Telephone: (212)653-8700
          E-mail: wwyatt@sheppardmullin.com

The Official Committee of Unsecured Creditors is represented by:

          Melanie L. Cyganowski, Esq.
          OTTERBOURG P.C.
          230 Park Avenue
          New York, NY 10169
          Telephone: (212)661-9100

                        About Quirky, Inc.

Headquartered in New York City, Quirky designs and develops
various
products ranging from electronics, home and garden, kitchen and
organization and sells those products through big box retailers
like Target and Home Depot and online through its Web site.  The
Company sold over 150 different products and a total of 4 million
units, generating over $50 million in revenue from its retail and
consulting businesses in 2014.

Quirky, Inc., Wink, Inc. and Undercurrent Acquisition, LLC filed
Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No.
15-12596) on Sept. 22, 2015, with a deal to sell their assets
related to the Wink business line as a going concern to
Flextronics International USA Inc., for $15 million, absent higher
and better offers.

The petitions were signed by Charles Kwalwasser, the chief
administrative officer.

Judge Martin Glenn is assigned to the jointly administered cases.

Quirky estimated assets in the range of $10 million to $50 million
and liabilities of at least $50 million.

The Debtors have engaged Cooley LLP as counsel, Klestadt Winters
Jureller Southard & Stevens LLP as conflicts counsel, Centerview
Partners LLC as investment bankers, FTI Consulting, Inc., as
financial advisors, Rust Consulting/Omni Bankruptcy as claims and
noticing agent and Hilco IP Services LLC dba Hilco Streambank as
intellectual property disposition consultant to Quirky, Inc.

The U.S. Trustee for Region 2 appointed five members to the
Official Committee of Unsecured Creditors.


RCS CAPITAL: Ch. 11 Plan Goes to May 2 Confirmation Hearing
-----------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware on March 21, 2016, approved the disclosure statement
explaining RCS Capital Corporation, et al.'s First Amended Joint
Plan of Reorganization and scheduled the confirmation hearing for
May 2, 2016, at 2:00 p.m. (Eastern Time).

Any objection to confirmation of the Plan must be filed on or
before April 21.  All ballots must be properly executed and
received by the Balloting Agent no later than April 21.

A full-text copy of the Amended Disclosure Statement dated March
16, 2016, is available at http://bankrupt.com/misc/RCSds0316.pdf

                         About RCS Capital

New York-based RCS Capital Corporation --
http://www.rcscapital.com/-- is a full-service investment firm   
focused on the individual retail investor.  With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.

RCS Capital Corporation and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10223 to
16-10234) on Jan. 31, 2016.  The petitions were signed by David
Orlofsky as chief restructuring officer. The Debtors disclosed
total assets of $1.97 billion and total debts of $1.39 billion.

The Debtors have engaged Dechert LLP as general counsel, Young
Conaway Stargatt & Taylor, LLP as Delaware counsel, Zolfo Cooper
Management, LLC as restructuring advisor, Lazard Freres & Co. LLC
as investment banker and Prime Clerk LLC as administrative advisor
and claims and noticing agent.

The U.S. Trustee has appointed five creditors of RCS Capital
Corporation, et al., to serve on the official committee of
unsecured creditors.


RCS CAPITAL: U.S. Trustee's Objection to Plan Outline Overruled
---------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware overruled the objections to the disclosure statement
explaining RCS Capital Corporation, et al.'s Plan of
Reorganization, including the objections raised by Andrew R. Vara,
acting U.S. Trustee.

The U.S. Trustee said the Debtors indicated willingness to address
several of these issues including: (a) providing that the schedule
of assumed contracts cannot be amended to add additional assumed
contracts later than 24 days prior to the confirmation hearing, to
permit sufficient time for parties to object to the assumption of
their contracts or leases, (b) providing for service of the cure
amount notice by next day delivery, to ensure a proper objection
deadline, (c) serving any objection to claims by next day delivery,
to provide as much notice as possible to creditors of the need to
file an estimation motion, if necessary, and (d) other amendments
to the various procedures and documents.

The U.S. Trustee complained that the Plan provides for improper
releases, and, thus, the Debtors must provide an express "opt-in"
procedure for creditors to provide the broad third-party releases.
Likewise, the unimpaired class of claims must be provided the
ability to opt out, as well as any voting creditor who elects to
vote to accept the plan but does not wish to grant the third-party
releases, or any creditor who elects to abstain from voting, the
U.S. Trustee further complained.

Furthermore, the U.S. Trustee complained that the Disclosure
Statement does not provide sufficient information regarding: (a)
the relationship between the Debtors and Luxor, and thus, must be
fully disclosed, (b) the "Excluded Parties" to the releases, which
must be disclosed for their identities are critical for the
creditors to determine whether to consent to the third party
releases provided for in the Plan, and (c) the causes of action
being provided to the trust, as well as the causes of action being
retained, must be disclosed. A description of these claims, the
impact the litigation will have on the cash portion of the
recoveries, the expected recoveries, and the expected sources of
recoveries, including insurance proceeds, should be disclosed, the
U.S. Trustee said.

Andrew R. Vara, Acting U.S. Trustee is represented by:

     Linda J. Casey, Esq.
     Trial Attorney
     U.S. DEPARTMENT OF JUSTICE
     Office of the U.S. Trustee
     J. Caleb Boggs Federal Building
     844 N. King Street, Room 2207, Lockbox 35
     Wilmington, DE 19801
     Telephone: (302) 573-6491
     Facsimile: (302) 573-6497
     Email: linda.casey@usdoj.gov

        About RCS Capital

New York-based RCS Capital Corporation --
http://www.rcscapital.com/-- is a full-service investment firm
focused on the individual retail investor.  With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.

RCS Capital Corporation and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10223 to
16-10234) on Jan. 31, 2016.  The petitions were signed by David
Orlofsky as chief restructuring officer. The Debtors disclosed
total assets of $1.97 billion and total debts of $1.39 billion.

The Debtors have engaged Dechert LLP as general counsel, Young
Conaway Stargatt & Taylor, LLP as Delaware counsel, Zolfo Cooper
Management, LLC as restructuring advisor, Lazard Freres & Co. LLC
as investment banker and Prime Clerk LLC as administrative advisor
and claims and noticing agent.


RCS CAPITAL: UST Opposes Admin. Expense Claims in RSA
-----------------------------------------------------
Andrew R. Vara, Acting United States Trustee for Region 3,
submitted to the U.S. Bankruptcy Court for the District of
Delaware, an objection to the motion filed by debtors RCS Capital
Corporation, et. al., seeking authorization to assume a
Restructuring Support Agreement and Exit Financing Letters.

On Jan. 29, 2016, the Debtors and the First Lien Agent, et al.
("Supporting Parties"), entered into the Restructuring Support
Agreement ("RSA").  The Debtors filed their RSA Motion, seeking
approval of the RSA.  The Debtors also filed a Supplement to the
RSA Motion, seeking authority to enter into Exit Financing
Letters.

The U.S. Trustee notes that through the assumption of the RSA and
authorization to enter into the Exit Financing Letters, the Debtors
seek approval of various fees and expenses to be paid to third
parties as administrative expense claims.  The U.S. Trustee avers
that the allowance of these administrative expense claims are
governed by 11 U.S.C. Section 503(b)(1), (3) and (4), which
requires notice and hearing, as well as a factual record supporting
the allowance of such claims in accordance with the requirements of
the applicable section.  The Debtors cannot sidestep these
requirements, according to the U.S. Trustee.

The U.S. Trustee tells the Court that other than the obligation of
the Debtors to pay the Transaction Expenses, the approval of the
assumption of the RSA will not bind parties in interest who are not
signatories thereto to the plan term sheet.  The Debtors maintain
the right to exercise their fiduciary obligations, even if such
fiduciary obligations conflict with the RSA and related documents.
The U.S. Trustee objects only to the provisions of the RSA and Exit
Financing Letters that obligate the estate to pay administrative
expense claims.  The U.S. Trustee tells the Court that he reserves
the right to interpose any objection to the Disclosure Statement
and the Plan.

                       UST Cherry-Picking,
                      First Lien Lenders Say

"The U.S. Trustee has essentially cherry-picked the terms of the
RSA that he finds objectionable and would like to remove the
Debtors' ability to pay certain of the fees— including fees that
have already been approved by the Court—that the parties
bargained for as consideration for agreeing to be contractually
obligated to support the Plan and, in some instances, provide the
funding necessary to implement the Debtors' proposed restructuring.
In doing so, the U.S. Trustee not only jeopardizes the Debtors'
restructuring, but also disregards the facts and legal standards
relevant to the Court's approval of the relief requested in the RSA
Motions. Assumption of the RSA and the concurrent payment of the
fees associated therewith are sound exercises of the Debtors'
business judgment and should be approved pursuant to sections 363
and 365 of the Bankruptcy Code. Therefore, the Objection should be
overruled in its entirety," the Steering Committee of First Lien
Lenders avers.

               Objection Ignores Economic Realities,
                             Says RCS

The sole objection to the Restructuring Support Agreement was
lodged by the United States Trustee (the "U.S. Trustee").  That
Objection, however, ignores both the economic realities of these
chapter 11 cases and the significant benefits that the
Restructuring Support Agreement and Exit Financing Letters provide
to the Debtors, namely "locking up" both creditor support
sufficient to permit approval of the Debtors' Plan, and the
financial means necessary to implement the Plan should this Court
confirm it.  Indeed, the Restructuring Support Agreement provides
not only a roadmap to a highly successful reorganization, but
solidifies the Supporting Parties' agreements, concessions and
financing commitments necessary for the Debtors to travel that
path, a path which must be traveled expeditiously given the nature
of the Debtors' businesses and assets.  Additionally, the Debtors'
entry into the Exit Financing Letters locks in now lender
commitments to the $150 million Exit Facility contemplated by the
Restructuring Support Agreement.  Access to the Exit Facility is a
crucial element of the Company's restructuring.  The ability of the
Company to expeditiously emerge from chapter 11, and fund itself
upon emergence, depends on having sufficient committed exit
financing, which the Exit Facility provides.  Absent entry into the
Exit Financing Letters, the Debtors run the risk of moving towards
confirmation of a plan without committed financing and bear the
unacceptable risks of delay and the potential unavailability of
reasonable financing at a later date.  The Debtors, in the sound
exercise of their business judgment, are unwilling to bear such
risks," the Debtors allege.

                     Barclays Joins In Debtor

Barclays Bank PLC relates that integral to the overall success of
the restructuring is both the assumption by the Debtors of the
Restructuring Support Agreement, which sets forth a framework for a
consensual and comprehensive restructuring, and approval of the
Exit Financing Letters, which provides for committed exit financing
needed to ensure the feasibility of the Company's restructuring.
Barclays further relates that the Restructuring Support Agreement
and Exit Financing Letters provide for payment of certain standard
and reasonable fees, customary expense reimbursement provisions and
customary indemnities that were necessary pre conditions for
Barclays and other creditors to support the overall restructuring.
Barclays adds that its willingness to serve as a provider of
committed financing under the Exit Financing Letters was
conditioned on obtaining court approval of the Exit Financing
Letters.  Barclays submits that the Court should approve the
assumption of the Restructuring Support Agreement and the Debtors'
entry into the Exit Financing Letters.

                      Committee Does Not Object

The Official Committee of Unsecured Creditors ("Official
Committee") relate that it does not object to the Court's approval
of the Debtors' Motion.  The Official Committee tells the Court
that it does not yet and, ultimately, man not, support the proposed
restructuring contemplated by the Joint Plan of Reorganization for
RCS Capital Corporation and its Affiliated Debtors Under Chapter 11
of the Bankruptcy Code.

"The Committee has just begun in earnest its investigation and
analysis of the proposed restructuring and various issues
underlying the agreements among the RSA Parties. Until the
Committee has concluded its investigation to its satisfaction, the
Committee will not be in a position to support the proposed
restructuring and, accordingly, the Committee reserves all of its
rights and remedies under the Bankruptcy Code, including, but not
limited to, to object to the Debtors' proposed disclosure statement
and confirmation of the Plan," the Official Committee contends.

                           *     *     *

Andrew R. Vara, Acting United States Trustee for Region 3, is
represented by:

          Linda J. Casey, Esq.
          OFFICE OF THE U.S. TRUSTEE
          J. Caleb Boggs Federal Building
          844 N. King Street, Room 2207, Lockbox 35
          Wilmington, DE 19801
          Telephone: (302)573-6491
          Facsimile: (302)573-6497
          E-mail: linda.casey@usdoj.gov

The Official Committee of Unsecured Creditors is represented by:

          Richard M. Beck, Esq.
          Domenic E. Pacitti, Esq.
          Sally E. Veghte, Esq.
          KLEHR HARRISON HARVEY BRANZBURG LLP
          919 N. Market St., Suite 1000
          Wilmington, DE 19801
          Telephone: (302)426-1189
          Facsimile: (302)426-9193
          E-mail: rbeck@klehr.com
                 dpacitti@klehr.com
                 sveghte@klehr.com

                 - and -

          David M. Feldman, Esq.
          Matthew K. Kelsey, Esq.
          GIBSON, DUNN & CRUTCHER LLP
          200 Park Avenue
          New York, NY 10166
          Telephone: (212)351-4000
          Facsimile: (212)351-4035
          E-mail: dfeldman@gibsondunn.com
                 mkelsey@gibsondunn.com

                 - and -

          Daniel B. Denny, Esq.
          GIBSON, DUNN & CRUTCHER LLP
          333 South Grand Avenue
          Los Angeles, CA 90071
          Telephone: (213)229-7000
          Facsimile: (213)229-7520
          E-mail: ddenny@gibsondunn.com

The Steering Committee of First Lien Lenders is represented by:

          Derek C. Abbott, Esq.
          Tamara K. Minott, Esq.
          MORRIS, NICOLS, ARSHT & TUNNELL LLP
          1201 N. Market Street, 16th Floor
          P.O. Box 1347
          Wilmington, DE 19899
          Telephone: (302)658-9200
          Facsimile: (302)658-3989
          E-mail: dabbott@mnat.com
                 tminott@mnat.com

                 - and -

          Scott J. Greenberg, Esq.
          Stacey L. Corr-Irvine, Esq.
          JONES DAY
          222 E. 41st Street
          New York, NY 10017
          Telephone: (212)326-3939
          Facsimile: (212)755-7306
          E-mail: sgreenberg@jonesday.com
                 scorrirvine@jonesday.com
        
RCS Corporation and its affiliated Debtors are represented by:

          Robert S. Brady, Esq.
          Edmon L. Morton, Esq.
          Robert F. Poppiti, Esq.
          Ian J. Bambrick, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302)571-6600
          Facsimile: (302)571-1253
          E-mail: rbrady@ycst.com
                 emorton@ycst.com
                 rpoppiti@ycst.com
                 ibambrick@ycst.com

                 - and -

          Michael J. Sage, Esq.
          Shmuel Vasser, Esq.
          Stephen M. Wolpert, Esq.
          Andrew C. Harmeyer, Esq.
          DECHERT LLP
          1095 Avenue of the Americas
          New York, NY 10036
          Telephone: (212)698-3500
          Facsimile: (212)698-3599
          E-mail: michael.sage@dechert.com
                 shmuel.vasser@dechert.com
                 stephen.wolpert@dechert.com
                 stephen.wolpert@dechert.com

Barclays Bank PLC is represented by:

          Mark D. Collins, Esq.
          Brendan J. Schlauch, Esq.
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          920 North King Street
          Wilmington, DE 19801
          Telephone: (302)651-7700
          Facsimile: (302)651-7701
          E-mail: collins@rlf.com
                 schlauch@rlf.com

                 - and -

          Joel S. Moss, Esq.
          SHEARMAN & STERLING LLP
          599 Lexington Avenue
          New York, NY 10022
          Telephone: (212)848-4000
          Facsimile: (646)848-5175
          E-mail: joel.moss@shearman.com

                   About RCS Capital Corporation

New York-based RCS Capital Corporation --
http://www.rcscapital.com/-- is a full-service investment firm  
focused on the individual retail investor.  With operating
subsidiaries primarily focused on retail advice and until the
completion of recently announced pending sales and divestiture of
its wholesale distribution and investment banking, the company's
business aims to capitalize, grow and maximize value for the
investment programs its distributes and the independent advisors
and clients it serves.

RCS Capital Corporation and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10223 to
16-10234) on Jan. 31, 2016.  The petitions were signed by David
Orlofsky as chief restructuring officer. The Debtors disclosed
total assets of $1.97 billion and total debts of $1.39 billion.

The Debtors have engaged Dechert LLP as general counsel, Young
Conaway Stargatt & Taylor, LLP as Delaware counsel, Zolfo Cooper
Management, LLC as restructuring advisor, Lazard Freres & Co. LLC
as investment banker and Prime Clerk LLC as administrative advisor
and claims and noticing agent.


RELATIVITY FASHION: Robert Keach Appointed as Fee Examiner
----------------------------------------------------------
Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
Southern District of New York appointed Robert Keach as Fee
Examiner.

Debtors Relativity Fashion, et. al.; William K. Harrington, the
United States Trustee for Region 2; and the Official Committee of
Unsecured Creditors executed a stipulation providing for the
appointment of a Fee Examiner to review the fees and expenses of
professionals paid by the Debtors' estates, applications for
allowances of compensation and reimbursement of expenses by
professionals subject to the Court's Compensation Order and
professionals subject to the Court's Order Authorizing the Debtors
to Employ Professionals Used in the Ordinary Course of Business
("OCP Order") seeking monthly compensation in excess of the OCP
Monthly Cap, including interim and final applications for
compensation and reimbursement of expenses, but excluding Monthly
Fee Statements.

Robert Keach can be reached at:

          Bernstein Shur
          100 Middle Street
          Portland 04104-5029

Relativity Fashion, LLC and its affiliated debtors are represented
by:

          Richard L. Wynne, Esq.
          Bennett L. Spiegel, Esq.
          Lori Sinanyan, Esq.
          JONES DAY
          222 East 41st Street
          New York, NY 10017
          Telephone: (212)326-3939
          E-mail: rlwynne@jonesday.com
                  blspiegel@jonesday.com
                  lsinanyan@jonesday.com

                 - and -

          Craig A. Wolfe, Esq.
          Malani J. Cademartori, Esq.
          SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
          30 Rockefeller Plaza
          New York, NY 10112
          Telephone: (212)653-8700
          E-mail: cwolfe@sheppardmullin.com
                  mcademartori@sheppardmullin.com

The Official Committee of Unsecured Creditors is represented by:

          Albert Togut, Esq.
          Frank A. Oswald, Esq.
          TOGUT, SEGAL & SEGAL LLP
          One Penn Plaza, Suite 3335
          New York, NY 10119
          Telephone: (212)594-5000
          E-mail: altogut@TeamTogut.com
                  frankoswald@teamtogut.com

William K. Harrington, United States Trustee for Region 2, is
represented by:

          Serene K. Nakano, Esq.
          Susan D. Golden, Esq.
          201 Varick Street, Room 1006
          New York, NY 10014
          Telephone: (212)510-0500

                   About Relativity Fashion, LLC

Relativity -- http://relativitymedia.com/-- is a next-generation
global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and
The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment
banker.  The team is led by Timothy Coleman, Senior Managing
Director, CJ Brown, Senior Managing Director, Paul Sheaffer, Vice
President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company,
Inc.


RELATIVITY MEDIA: Can't Keep Rights to "The Crow," Creditor Says
----------------------------------------------------------------
Tiffany Kary, writing for Bloomberg Brief, reported that entities
affiliated with Edward R. Pressman, who produced the 1994 film "The
Crow," objected to the completion of the company's exit plan,
saying the compay can't assume the rights for exclusive live action
versions and sequels to the film because a previously selected
director, Corin Hardy, was recently fired by Relativity Studios'
new president Dana Brunetti.

According to the report, creditor VII Peaks Capital LLC also said a
settlement that would give the company a $5 million loan it needs
to exit bankruptcy has yet to be fully negotiated and Macquarie
said it seeks to reserve its rights on definitive agreements in
support of exit funding.  Additionally, the Directors Guild of
America and other guilds and their pension plans said they are
still negotiating claims that include pension and health
contributions, the report related.

                        About Relativity

Relativity -- http://relativitymedia.com/-- is a next-generation  

global media company engaged in multiple aspects of content
production and distribution, including movies, television, sports,
digital and music.  More than just a collection of
entertainment-related businesses, Relativity is a content engine
with the ability to leverage each of these business units,
independently and together, to create content across all mediums,
giving consumers what they want, when they want it.

Relativity Studios, the Company's largest division, has produced,
distributed or structured financing for more than 200 motion
pictures, generating more than $17 billion in worldwide box-office
revenue and earning 60 Oscar nominations.  Relativity's films
include Oculus, Safe Haven, Act of Valor, Immortals, Limitless,
and The Fighter.

Relativity Media LLC and its affiliates, including Relativity
Fashion, LLC, sought protection under Chapter 11 of the Bankruptcy
Code on July 30, 2015 (Bankr. S.D.N.Y., Case No. 15-11989).  The
case is assigned to Judge Michael E. Wiles.

The Debtors are represented by Craig A. Wolfe, Esq., Malani J.
Cademartori, Esq., and Blanka K. Wolfe, Esq., at Sheppard Mullin
Richter & Hampton LLP, in New York; and Richard L. Wynne, Esq.,
Bennett L. Spiegel, Esq., and Lori Sinanyan, Esq., at Jones Day,
in New York.

Brian Kushner of FTI Consulting, Inc., serves as chief
restructuring officer and crisis and turnaround manager.  Luke
Schaeffer of FTI Consulting, Inc., serves as deputy CRO.

Blackstone Advisory Partners L.P. serves as the Debtors'
investment banker.  The team is led by Timothy Coleman, Senior
Managing Director, CJ Brown, Senior Managing Director, Paul
Sheaffer, Vice President, and Joseph Goldschmid, Associate.

The Debtors' noticing and claims agent is Donlin, Recano &
Company, Inc.

                           *     *     *

An investor group composed of Anchorage Capital Group, L.L.C.,
Falcon Investment Advisors, LLC and Luxor Capital Group, LP on
Oct. 21, 2015, completed its purchase of the assets of Relativity
Television.

After selling their TV business, the Debtors and CEO Ryan C.
Kavanaughfiled a proposed plan of reorganization that will allow
the Debtors to reorganize their non-TV business units with a
substantially de-levered balance sheet utilizing new equity
investments and new financing.  

Jim Cantelupe, of Summit Trail Advisors, LLC, assisted the Debtors
in raising up to $100 million of new equity to fund the Plan.

The Bankruptcy Court on Feb. 8, 2016 confirmed the Debtors' Fourth
Amended Plan.  A copy of the Fourth Amended Plan is available at
http://is.gd/wZI1gd   

Judge Michael E. Wiles of the U.S. Bankruptcy Court for the
District of Delaware, in a March 18, 2016, order reaffirmed in its
entirety the Court's findings of fact and conclusions of law with
respect to confirmation of Relativity Fashion, LLC, et al.'s
Fourth
Amended Plan of Reorganization generally, and specifically with
respect to the feasibility requirement of Section 1129(a)(11) of
the Bankruptcy Code.


REPUBLIC AIRWAYS: Has Court Authority to Return Aircraft
--------------------------------------------------------
Tiffany Kary, writing for Bloomberg Brief, reported that Republic
Airways Holdings Inc. won permission to use the bankruptcy process
to return what it says are some of its less attractive airplanes
and engines.

According to the report, the company can turn over six Embraer SA
E145 regional jets and three engines to Citibank NA, an agent to an
outstanding loan, U.S. Bankruptcy Judge Sean Lane in Manhattan
said.  It also obtained permission to reject the lease for a
seventh Embraer plane, the report related.

As previously reported by The Troubled Company Reporter, citing
Bloomberg Brief, Republic sought to return or transfer title to 7
Embraer E-145 aircraft and 1 Rolls Royce AE3007 engine "as a first
step" in getting rid of "excess owned equipment."  Republic owns or
leases about 300 aircraft and is seeking to slim down to single
family type -- Embraer 170/175, the report related.  The company
wants to return "out-of-favor" aircraft such as Q400s, ERJ-145s and
ERJ140s, the report further related.

Bloomberg reported that Citibank said the aircraft or engines at
stake in the current motion are collateral under a revolving credit
facility that now has a balance of $23 million.  Judge Lane said
Citibank, which had complained that some of the aircraft had been
separated from their engines, will have to bring legal claims later
if it can't work out a resolution, the report related.

                     About Republic Airways

Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000     
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ
about 6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.  Judge
Sean H. Lane has been assigned the cases.

As of Jan. 31, 2016, on a consolidated basis, Republic had assets
and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited),
respectively.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring. Seabury
Group LLC is serving as financial advisor.  Deloitte & Touche LLP
is the independent auditor.  Prime Clerk is the claims and
noticing agent.


ROBERT MEIER: DIP Funds Must be Turned Over to Ch. 7 Trustee
------------------------------------------------------------
Robert J. Meier filed for individual bankruptcy under Chapter 11 in
2014.  He then converted his case to a case under Chapter 7, which
raised the question of whether the money Meier had earned after the
commencement of the proceedings belonged to him or the Chapter 7
estate.  A creditor filed a motion, which was joined by the Chapter
7 trustee, seeking to compel Meier to turn over the funds to the
Chapter 7 estate.  The bankruptcy court granted the motion, and
Meier appealed.

In a memorandum opinion and order dated March 11, 2016, Judge John
Z. Lee of the United States District Court for the Northern
District of Illinois, Eastern Division, affirmed the bankruptcy
court's ruling.  Judge Lee ordered that the bankruptcy court's
order instructing that the funds in the DIP account be turned over
to the trustee is affirmed.

Diane Davis, writing for Bloomberg Brief, reported that Prof.
Charles J. Tabb, Mildred Van Voorhis Jones Chair in Law, University
of Illinois, said the result in this case "is very unfortunate and,
in my opinion, wrong, albeit understandable, given the statute."

"At first blush, one certainly can understand why a court would
limit the special protective rule of Section 348(f) to Chapter 13
cases, since it refers only to Chapter 13 cases," Prof. Tabb told
Bloomberg.  "But there is little reason to think that when Congress
in 2005 added the post-petition property rules to Chapter 11 cases
(in Section 1115) it thought to revisit the conversion rule of
Section 348(f), which had been enacted 11 years earlier to address
exactly this problem -- and did so in a way favorable to the
debtor," Prof. Tabb said, the report related.

This is "yet another of a very long laundry list of illustrations
of the careless and inept drafting of the draconian 2005 law,"
Prof. Tabb further told Bloomberg.  "All Congress was trying to do
in 2005 regarding individual Chapter 11 debtors was to mimic the
Chapter 13 approach, but as Meier illustrates, an individual debtor
can be worse off under Chapter 11 than under Chapter 13," he said,
the report noted.  "The Meier outcome disincentivizes an individual
debtor from trying to pay his creditors in a Chapter 11 case.  Even
worse, an individual can be thrown into Chapter 11 involuntarily
(unlike in Chapter 13), and thus, could be
exposed to the risk of post-petition wages being brought into his
estate even though he's never voluntarily chosen anything other
than to liquidate," the report cited Prof. Tabb, as saying.

A full-text copy of the Decision is available at
http://is.gd/4ocRw9from Leagle.com.

The case is ROBERT J. MEIER Plaintiff, v. ROBERT B. KATZ, trustee,
Defendants, No. 15 C 3434 (N.D. Ill.).

Robert J Meier, Appellant, Pro Se.

Robert B. Katz, Trustee, Defendant, represented by Elizabeth A.
Bates, Esq. -- ebates@springerbrown.com -- Springer Brown, LLC.

Service List, represented by U.S. Bankruptcy Court, Clerk, Clerk.

Service List, represented by United States Trustee, Office of the
United States Trustee.

Service List, represented by Jack B Schmetterer, United States
Bankruptcy Court.


RYAN LLC: S&P Lowers CCR to 'B-', Outlook Negative
--------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on U.S.-based Ryan LLC. to 'B-' from 'B'.
The rating outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's senior secured debt to 'B-' from 'B'.  The recovery
rating remains '3', indicating S&P's expectation for meaningful
recovery (50%-70%; lower half of the range) of principal for
debtholders in the event of a payment default.

"The downgrade is based on Ryan's poor operating performance and
our expectation that the company's liquidity and margin of
compliance with its financial covenant will be fairly tight over
next several quarters," said Standard & Poor's credit analyst Elton
Cerda.  In the third quarter of 2015, the company experienced a
significant slowdown in account receivables collection.  This
caused the company to borrow under its revolving credit facility to
fund operations, resulting in a very narrow margin of compliance
with the financial covenant.  S&P expects this margin to improve in
the fourth quarter, but it probably won't reach 15%.  Additionally,
Ryan has stepped up its accounts receivable collection efforts,
which should increase cash collection and reduce revolver usage in
the fourth quarter and early 2016.

Ryan is a global provider of tax services.  Although the company
has offices in 13 countries and serves clients in 40 countries, it
generates the vast majority of its revenue from the U.S. and
Canada.  Ryan has a large and diverse client base, with low
customer concentration.  Transaction and property tax services are
the company's largest practice areas, accounting for almost 70% of
revenues.

"The negative rating outlook on Ryan reflects our expectation that
the company's liquidity will be less than adequate over the next 12
months due to low compliance headroom with its debt leverage
covenant and minimal cash flow generation," said Mr. Cerda.

S&P could lower its the corporate credit rating one notch to 'CCC+'
if Ryan's cash flow generation does not improve, causing the
company to draw on its revolving credit facility.  This would cause
its margin of compliance with financial covenant to fall below our
expectation of about 10% in fourth-quarter 2015 and in 2016.
Additionally, S&P could lower the rating if the company's
liquidity, including cash and availability under the revolving
credit facility, drops to below $40 million.

S&P would revise its outlook to stable if Ryan restores its margin
of compliance to 15%, and S&P become convinced that the company
will maintain adequate liquidity over the next 12 months.  This
would likely entail the company generating discretionary cash flow
and reducing its average DSO on it unbilled revenue to more
manageable levels.



SANGO POOL: 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 Sango Pool and Spa, LLC.

Sango Pool and Spa, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Tenn., Case No. 16-00850) on February
10, 2016. The Debtor is represented by Griffin S. Dunham, Esq., at
Emerge Law PLC.


SCRAP METAL: Case Summary & 14 Unsecured Creditors
--------------------------------------------------
Debtor: Scrap Metal Solutions, LLC
        1010 SSE Loop 323
        Tyler, TX 75701

Case No.: 16-60193

Chapter 11 Petition Date: March 22, 2016

Court: United States Bankruptcy Court
       Eastern District of Texas (Tyler)

Debtor's Counsel: Michael E. Gazette, Esq.
                  LAW OFFICES OF MICHAEL E. GAZETTE
                  100 East Ferguson Street, Ste. 1000
                  Tyler, TX 75702
                  Tel: (903) 596-9911
                  E-mail: megazette@suddenlinkmail.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Monica Dee Sitton, manager.

A list of the Debtor's 14 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-60193.pdf


SEABOARD REALTY: Judge Denies Bid to Appoint Examiner
-----------------------------------------------------
Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review,
reported that a bankruptcy judge denied a request by the Justice
Department to appoint an examiner to investigate Seaboard Realty
LLC's finances, but only after the agency delivered a searing
report on the state of the company's bankruptcy.

According to the report, during a hearing on March 23 at the U.S.
Bankruptcy Court in Wilmington, Del., David Buchbinder, a lawyer
for Acting U.S. Trustee Andrew Vara -- a watchdog appointed by the
Justice Department -- told Judge Laurie Silverstein that the
company wasn't prepared for bankruptcy and couldn't explain
discrepancies between documents filed with the bankruptcy court and
its own ledgers.

                     About Seaboard Realty

Seaboard Realty LLC and certain of its affiliates on Dec. 13,
2015, filed petitions with the United States Bankruptcy Court for
the District of Delaware seeking protection under Chapter 11 of
the
United States Bankruptcy Code.

Seaboard and its affiliates own a portfolio of first class
commercial real estate in Stamford, Connecticut, including office,
residential and hotel properties.  All operations are expected to
continue as normal throughout this process.

The Chapter 11 filing includes Seaboard Realty LLC and a number of
affiliates it manages, which own the equity of subsidiaries that
directly own the properties, but does not include the
property-owning subsidiaries themselves.

Seaboard Realty LLC is owned by John DiMenna, Thomas Kelly and
William Merritt.  Mr. DiMenna actively managed the Seaboard
operations as the managing member of Seaboard Realty LLC, and
managed the properties owned by its affiliates through a
property-management company owned solely by Mr. DiMenna.

The Debtors have sought and obtained an order authorizing joint
administration of their Chapter 11 cases, with all further
pleadings or other papers to be filed in the case of Newbury
Common Associates, LLC, Case No. 15-12507 (LSS).

The Debtors tapped Dechert LLP as counsel and directing
the accounting firm of Anchin, Block and Anchin as forensic
accountant.


SFX ENTERTAINMENT: Will Have Consumer Privacy Ombudsman
-------------------------------------------------------
The U.S. Bankruptcy Court has approved SFX Entertainment's request
for appointment of a consumer privacy ombudsman in the case.  

The Debtors explain that on February 29, 2016, they filed the
"Motion of the Debtors for Entry of an Order (A) Approving Bid
Procedures Relating to the Sale of All or Substantially All of the
Assets of the Fame House Business, (B) Approving Notice Procedures,
and (C) Granting Related Relief."  The assets proposed to be sold
in accordance with the Fame House Bid Procedures Motion may include
personally identifiable information of individuals.

The Debtors note that Section 332 of the Bankruptcy Code requires
the appointment of a consumer privacy ombudsman when a debtor seeks
to sell or transfer PII notwithstanding restrictions in the
debtor's privacy policy with respect to the transfer of the PII.
CPOs assist the Court in evaluating proposed transfers by a debtor
of PII. The CPO may present the Court with information about the
relevant privacy policy, potential losses or gains to the consumers
involved, potential costs or benefits to those consumers, as well
as possible alternatives that would reduce any potential costs or
privacy loss.

On February 29, 2016, the Debtors also filed a motion seeking
approval of bid procedures for the sale of the assets of Beatport,
LLC.  PII may be sold in connection with the proposed sale of the
Beatport assets; however, based on a review of Beatport's privacy
policy, the Debtors determined that a CPO is not required for that
sale.

                      About SFX Entertainment

Headquartered in New York, New York, SFX Entertainment, with
approximately $312 million in pro-forma revenues, is a producer of
live events and media and entertainment content focused
exclusively on electronic music culture.

SFX Entertainment, Inc., and 43 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to
16-10281) on Feb. 1, 2016.  The petitions were signed by Michael
Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SHERWIN ALUMINA: Creditors' Panel Hires Gavin/Solmonese as Advisor
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sherwin Alumina
Company, LLC et al,. seeks authorization from the U.S. Bankruptcy
Court for the Southern District of Texas to retain Gavin/Solmonese
LLC as financial advisor to the Committee.

The Committee requires Gavin/Solmonese to:

   (a) review and analyze the businesses, management, operations,
       properties, financial condition and prospects of the
       Debtors;

   (b) review and analyze historical financial performance, and
       transactions between and among the Debtors, their
       creditors, affiliates and other entities;

   (c) review the assumptions underlying the business plans and
       cash flow projections for the assets involved in any
       potential asset sale or plan of reorganization;

   (d) determine the reasonableness of the projected performance
       of the Debtors, both historically and future;

   (e) monitor, evaluate and report to the Committee with respect
       to the Debtors' near-term liquidity needs, material
       operational changes and related financial and operational
       issues;

   (f) review and analyze all material contracts and/or
       agreements;

   (g) assist and procure and assemble any necessary validations
       of asset values;

   (h) provide ongoing assistance to the Committee and the
       Committee's legal counsel;

   (i) evaluate the Debtors' capital structure and making
       recommendations to the Committee with respect to the
       Debtors' efforts to reorganize their business operations
       and/or confirm a restructuring or liquidating plan;

   (j) assist the Committee in preparing documentation required in
       connection with creating, supporting or opposing a plan and

       participating in negotiations on behalf of the Committee
       with the Debtors or any groups affected by a plan;

   (k) assist the Committee in marketing the Debtors' assets with
       the intent of maximizing the value received for any such
       assets from any such sale;

   (l) provide ongoing analysis of the Debtors' financial
       condition, business plans, capital spending budgets,
       operating forecasts, management and the prospects for their
       future performance; and

   (m) such other tasks as the Committee or its counsel may
       reasonably request in the course of exercise of the
       Committee's duties in these cases.

Gavin/Solmonese will be paid at these hourly rates:

       Edward T. Gavin, CTP            $650
       Kathryn B. McGlynn              $425
       Jeremy VanEtten                 $400

Gavin/Solmonese will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Edward T. Gavin, founding partner of Gavin/Solmonese, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Gavin/Solmonese can be reached at:

       Edward T. Gavin
       GAVIN/SOLMONESE LLC
       919 N. Market Street, Suite 600
       Wilmington, DE 19801
       Tel: (302) 655-8997 ext. 151
       E-mail: ted.gavin@gavinsolmonese.com

                      About Sherwin Alumina

Sherwin Alumina Company, LLC and Sherwin Pipeline, Inc. filed
Chapter 11 bankruptcy petitions (Bankr. S.D. Tex. Case Nos.
16-20012 and 16-20013, respectively) on Jan. 11, 2016.  Thomas
Russell signed the petitions as authorized signatory.  Judge David
R Jones has been assigned the case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Zack A. Clement PLLC as local counsel, Huron Consulting Services
LLC as financial advisor and Kurtzman Carson Consultants LLC as
claims, notice and balloting agent.

Sherwin operates an alumina plant in Gregory, Texas that produces
aluminum oxide (or alumina), which is the primary component of
aluminum, from bauxite.  Sherwin produces alumina through the
"Bayer Process," a refining technique that produces alumina from
bauxite ore by dissolving the bauxite in a caustic solution.

The Debtors, on Feb. 5, 2016, the disclosed total assets of
$254,617,187 and total liabilities of $218,177,760.

The U.S. Trustee appointed five members to the Official Committee
of Unsecured Creditors.  Robin Russell, Esq., Timothy S. McConn,
Esq., and Ashley Gargour, Esq., at Andrews Kurth LLP, in Houston,
Texas, represent the Committee.



SIGA TECHNOLOGIES: Shareholders Seek to Defeat Ch. 11 Plan
----------------------------------------------------------
Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that shareholders are asking a bankruptcy judge to block
the chapter 11 exit plan of Siga Technologies Inc., which makes an
experimental smallpox remedy that's part of the national biodefense
stockpile.

According to the report, PharmAthene Inc. bested Siga in litigation
over a failed deal that was driven by hopes the drug, tecovirimat,
would be a blockbuster. It hasn't borne out that potential, but
tecovirimat is one of the drugs the government keeps on hand in
case of a biological attack.

The Court scheduled a confirmation hearing on April 5, 2016, with
objections due by March 15, 2016.

As previously reported by The Troubled Company Reporter, SIGA
Technologies in February filed with the U.S. Bankruptcy Court an
Amended Chapter 11 Plan and related Disclosure Statement.

According to the disclosure statement, "On or as soon as
reasonably
practicable after the later of (i) the Effective Date and (ii) the
date such General Unsecured Claim becomes Allowed, each holder of
an Allowed General Unsecured Claim will receive Cash in an amount
equal to such Allowed General Unsecured Claim up to Five Million
Dollars ($5,000,000), plus postpetition interest at the
Postpetition Interest Rate accrued from the Commencement Date to
the Effective Date.  

To the extent any such Allowed General Unsecured Claim is
$5,000,000 or less, such treatment will be in full settlement and
satisfaction of such Claim.  The PharmAthene Claim will be deemed
allowed to the extent of $5,000,000 on the Effective Date, if not
otherwise allowed in a greater amount on such date....The only
potential holder of an Allowed General Unsecured Claim in excess
of
Five Million Dollars ($5,000,000) is PharmAthene.  PharmAthene
will
receive in respect of the portion, if any, of the PharmAthene
Allowed Claim in excess of $5,000,000, in full settlement and
satisfaction of such Claim, the following: (i) Treatment on
PharmAthene Allowed Claim Treatment Date.  On the PharmAthene
Allowed Claim Treatment Date, treatment in accordance with one of
the following options, which option will be determined by the
Debtor or Reorganized Debtor, as applicable, in its sole and
absolute discretion: (A) Option 1: Payment in full in Cash of the
unpaid balance of the PharmAthene Allowed Claim.  Option 1 will
only be available if the PharmAthene Final Order provides for a
single lump sum payment, together with any interest, fees and
expenses included in such PharmAthene Final Order, to be paid to
PharmAthene (a 'Lump Sum Payment Award'); (B) Option 2: Treatment
of the PharmAthene Allowed Claim pursuant to and in compliance
with
the provisions of the PharmAthene Final Order if, and only if,
such
order provides for something other than a single lump sum payment
(plus any interest, fees and expenses included in such PharmAthene
Final Order) to be paid to PharmAthene (or an award of specific
performance))."

                      About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in
Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due May
14, 2015.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in
liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.


SOUTHCROSS ENERGY: Parent Plans to File for Bankruptcy
------------------------------------------------------
Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review,
reported that the parent of pipeline operator Southcross Energy
Partners LP said March 22 that it plans to file for bankruptcy
after reaching a deal with its owners and the majority of its
lenders that will result in a "significant reduction" of the
company's debt.

According to the DBR, parent company Southcross Holdings LP said it
is asking creditors to vote on a proposed restructuring plan, which
will calls for the holding company's owners to pump up to $50
million into the pipeline operator through the end of fiscal year
2016.

Reuters reported that Southcross Energy Partners said its parent,
Southcross Holdings LP, has reached a restructuring deal "in
principle" with its owners, lenders and others, that would be
implemented under Chapter 11.  The restructuring is contingent
upon, among other things, final documentation and necessary
approvals, Southcross Energy said in a regulatory filing, the
report added.

Southcross Energy Partners, L.P. (NYSE: SXE) provides natural gas
gathering, processing, treating, compression and transportation
services and NGL fractionation and transportation services.  The
Dallas-based Company has assets, including four gas processing
plants,
two fractionation plants and approximately 3,100 miles of pipeline,
in
Texas, Mississippi and Alabama.

                     *     *     *

Troubled Company Reporter , Jan 13, 2016 ( Source: TCR)

Moody's Investors Service downgraded Southcross Energy Partners,
LP's Corporate Family Rating to Caa1 from B2, Probability of
Default (PDR) to Caa1-PD from B2-PD, and senior secured term loan
rating to Caa1 from B2.  The Speculative Grade Liquidity Rating
was
downgraded to SGL-4 from SGL-3.  The rating outlook is negative.


SOUTHCROSS ENERGY: To File for Ch. 11, Soliciting Votes for Prepack
-------------------------------------------------------------------
Southcross Energy Partners, L.P. on March 22 announced preliminary
results for the fourth quarter of 2015 and provided an update on
Southcross Holdings LP ("Holdings").  Holdings, a privately held
entity, owns 100% of Southcross Energy Partners GP, LLC, the
general partner of Southcross, as well as a portion of Southcross'
outstanding equity.

Preliminary Results for the Fourth Quarter of 2015 and Operations
Update

During the fourth quarter of 2015, Southcross' processed gas
volumes and production of natural gas liquids ("NGLs") were in line
with its previously communicated outlook.  Processed gas volumes
during the quarter averaged approximately 437 MMcf/d, consistent
with third quarter 2015 volumes of approximately 441 MMcf/d.  The
volume of NGLs produced during the quarter increased by
approximately 6% over third quarter 2015 volumes to approximately
46,000 Bbls/d.  Southcross expects to report fourth quarter 2015
Adjusted EBITDA at the upper end of the previously provided
guidance range of $23 million to $25 million.

Update on Southcross Holdings LP

Holdings on March 22 disclosed that it has entered into a
Restructuring Support Agreement with its owners, a majority of its
senior lenders and all of the Class B preferred equity holders and,
as part of this agreement, commenced a solicitation of votes for a
prepackaged plan of reorganization (the "POR").  Holdings intends
to commence cases under chapter 11 of the United States Bankruptcy
Code to implement the POR, which is expected to result in a
significant reduction in outstanding debt along with a new equity
investment from certain of its existing equity holders.

Holdings' POR also includes repayment of all past due obligations
due to Southcross and current payment of such obligations going
forward.  In addition, Holdings has agreed, subject to bankruptcy
court approval, to commit up to $50 million to fund any potential
equity cure requirements of Southcross through fiscal year 2016.
Both the repayment and the equity cure contributions are expected
to be funded from the proceeds of the equity investment
contemplated under, and upon the effectiveness of, the POR.

Southcross and its subsidiaries are not included in these actions,
will not be a party to the Chapter 11 cases and will continue to
operate as usual.  Southcross' customers will continue to receive
the highest levels of service and reliability and its vendors will
continue to be paid in the ordinary course.

Delay in Filing of Annual Report on Form 10-K and Associated Fourth
Quarter Earnings Release

On March 16, 2016, Southcross filed a Form 12b-25, Notification of
Late Filing, with the Securities and Exchange Commission with
respect to its Form 10-K for the year ended December 31, 2015.
Southcross expects that the POR outlined above will address any
financial covenant default and liquidity shortfall concerns that
could give rise to a going concern audit qualification.  As a
result, Southcross plans to file its Form 10-K and associated
fourth quarter 2015 results once potential issues related to a
going concern audit opinion have been resolved through the POR.   

                   About Southcross Holdings LP

Southcross Holdings LP owns 100% of Southcross Energy Partners GP,
LLC, the general partner of Southcross, as well as a portion of
Southcross' common units, all of Southcross' subordinated units and
all of Southcross' Class B convertible units.  Holdings also owns
natural gas gathering and treating assets as well as NGL pipelines
and fractionation facilities in South Texas.


STADIUM CHEVRON: Case Summary & 8 Unsecured Creditors
-----------------------------------------------------
Debtor: Stadium Chevron, Inc.
        1300 Scenic Hwy.
        Baton Rouge, LA 70802

Case No.: 16-10334

Chapter 11 Petition Date: March 22, 2016

Court: United States Bankruptcy Court
       Middle District of Louisiana (Baton Rouge)

Debtor's Counsel: Arthur A. Vingiello, Esq.
                  STEFFES, VINGIELLO & MCKENZIE, LLC
                  13702 Coursey Blvd., Blg. 3
                  Baton Rouge, LA 70817
                  Tel: 225-751-1751
                  Fax: 225-751-1998
                  E-mail: avingiello@steffeslaw.com

Estimated Assets: $1 million to $10 million

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

The petition was signed by Melvin George, president.

A list of the Debtor's eight largest unsecured creditors is
available for free at http://bankrupt.com/misc/lamb16-10334.pdf


STAG INDUSTRIAL: Fitch Assigns 'BB+' Preferred Stock Rating
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to STAG Industrial,
Inc.'s 6.875% Series C Cumulative Redeemable Preferred Stock issued
on March 10, 2016. The company plans to use the net proceeds of
$72.6 million to finance acquisitions and repay debt outstanding
under its unsecured credit facility.

The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's ratings for STAG reflect the company's credit strengths,
which include strong leverage and fixed charge coverage metrics for
the rating, excellent liquidity, a sizable unencumbered asset pool
and improving access to unsecured debt capital. Fitch expects STAG
to operate through the cycle with metrics that are appropriate for
the 'BBB' rating, including leverage sustaining in the low-to-mid
5.0x range and fixed charge coverage in the mid-to-high 3.0x range.


Strategy, Growth Pressuring SSNOI

Fitch expects STAG's same store net operating income (SSNOI) will
decline at a low single digit rate through 2017 as occupancy losses
offset solidly positive leasing spreads. STAG's strategy of
acquiring 100% occupied single-tenant industrial buildings is the
principal driver for its recent SSNOI declines. As the company
grows larger and its acquisitions season, the law of large numbers
essentially pulls STAG's portfolio occupancy rate closer to market
(roughly 93% to 95%).

Fitch expects the company's SSNOI performance to be uneven, and
generally negative, until the company grows to a size where a
majority of its portfolio has seasoned, which typically occurs
after five years of ownership. However, STAG is generally
compensated for this occupancy loss through higher going-in yields
for acquisitions.

That said, STAG's cash SSNOI grew by 1.7% during the fourth quarter
of 2015 (4Q'15), helping the company to achieve 0.6% SSNOI growth
during 2015. The positive 2015 growth reversed a negative trend
that included SSNOI declines of 2.0% and 2.2% in 2014 and 2013,
respecitively. STAG retained 49.2% of its expiring leased square
footage in 4Q'15. The company's 2015 retention rate was 69.8%,
which is generally in-line with its long-term average.

Adequate Leverage

Fitch projects the company will sustain leverage in the 5.0x to
5.5x range during the next three years on an annualized basis that
includes a full-year's impact of earnings from projected
acquisitions. STAG's leverage was 5.5x based on an annualized run
rate of recurring operating EBITDA for the quarter ending Dec. 31,
2015 and 5.3x after adjusting 4Q'15 earnings for the impact of
partial period acquisitions. Fitch recently revised its treatment
of REIT cumulative perpetual preferred stock to 50% equity credit
from 100%. STAG's annualized leverage adjusted for partial period
acquisitions and including 50% of preferred equity credit was 5.7x
at Dec. 31, 2015.

Improving Capital Access

STAG's issuances of senior unsecured notes in July 2014, December
2014, February 2015 and December 2015 have been important
milestones in the company's transition to a predominantly unsecured
borrowing strategy, evidencing broader access to unsecured debt
capital. Prior to the company's inaugural private unsecured notes
placement, STAG's unsecured borrowings were limited to three bank
term loans, as well as drawdowns under the company's unsecured
revolver. However, STAG's unsecured debt capital access remains
somewhat less established pending an inaugural public unsecured
bond offering and further private placement issuance.

Strong Fixed Charge Coverage

Fitch expects the company's fixed charge coverage to sustain in the
high 3.0x's through 2017. The low interest rate environment and
higher capitalization rates for properties in secondary markets
should allow STAG to continue deploying capital on a strong spread
investing basis. STAG's fixed charge coverage was 3.4x and 3.4x for
the years ended Dec. 31, 2015 and 2014, respectively.

Sufficient Liquidity

STAG maintains sufficient liquidity of $12.0 million in cash and
$422 million remaining availability under its unsecured credit
facility and unsecured term loans. The company has minimal debt
maturities over the next several years, until $132 million of
secured property level mortages mature during 2018.

STAG's unencumbered assets, defined as unencumbered NOI (as
calculated in accordance with the company's unsecured loan
agreements) divided by a stressed capitalization rate of 10%,
covered its unsecured debt by 2.1x in 4Q'15, which is solid for the
'BBB' rating. The company's substantial unencumbered asset pool is
a source of contingent liquidity that enhances STAG's credit
profile.

Straightforward Business Model

STAG has not made investments in ground-up development or
unconsolidated joint venture partnerships. The absence of these
items helps simplify the company's business model, improve
financial reporting transparency and reduce potential contingent
liquidity claims, which Fitch views positively.

While the company may selectively pursue the acquisition of
completed build-to-suit (BTS) development projects in the future,
Fitch anticipates only a moderate amount of such activity by STAG
on an ongoing basis. Fitch views the acquisition of completed BTS
projects developed by third parties as less risky than the
speculative development undertaken by some of STAG's industrial
REIT peers.

Secondary Market Locations

STAG's growth strategy centers on the acquisition of single tenant
industrial properties (primarily warehouse/distribution and
manufacturing assets). Its emphasis on relative value has
predominantly led the company to acquire properties in secondary
markets throughout the United States by sourcing third party
purchases and structured sale-leasebacks. Such transactions
typically range in price from $5 million to $50 million and have
higher going-in yields, stronger internal rates of return, and less
competition from institutional buyers.

As of Dec. 31, 2015, the company's portfolio was primarily in
secondary markets (64.2% of annualized base revenue), followed by
primary markets (23.4%) and tertiary markets (12.4%). STAG defines
primary markets as the 29 largest industrial metropolitan areas,
which each have approximately 200 million or more in net rentable
square footage. It defines secondary industrial markets as the
markets which each have net rentable square footage ranging from
approximately 25 million to approximately 200 million and tertiary
markets as markets with less than 25 million square feet of net
rentable square footage.

The company has only minimal exposure to what market participants
general consider 'core' U.S. industrial and logistics markets,
which include Chicago, Los Angeles/Inland Empire, Dallas - Fort
Worth, Atlanta and New York/Northern New Jersey. Fitch views this
as a credit negative, all else equal, given superior liquidity
characteristics for industrial assets in 'core' markets - both in
terms of financing capacity and transaction volumes.

Differentiated Strategy within Fragmented Market

STAG's current market share of its target markets is less than 1%
of the $250 billion single-tenant industrial market in secondary
markets, providing growth opportunities in the company's target
asset class. The company's management team focuses on the binary
nature of the cash flow of individual, single-tenant, industrial
properties and the opportunity for cash flow growth across markets,
industries, segments and property sizes. This differentiated
business model is thoughtful in its considerations of leasing,
asset management, credit and capital market funding, which Fitch
views favorably.

Preferred Stock Notching

The two-notch differential between STAG's IDR and preferred stock
rating is consistent with Fitch's criteria for a U.S. REIT with an
IDR of 'BBB'. These preferred securities are deeply subordinated
and have loss absorption elements that would likely result in poor
recoveries in the event of a corporate default.

Stable Outlook

“The Stable Outlook reflects Fitch's expectation that STAG will
maintain credit metrics over the rating horizon (typically one to
two years) that are consistent with the 'BBB' rating, as well as
our outlook for positive near- to medium-term industrial property
fundamentals.”

KEY ASSUMPTIONS

Fitch's base case rating assumptions for STAG include the
following:

-- SSNOI declines within a range of 1% - 2% in 2016 and 2017;
-- Net acquisition activity of approximately $200 million through

    2017;
-- STAG funds its near-to-medium term external growth with
    roughly 60% equity and 40% debt financing;
-- Adjusted funds from operations (AFFO) payout ratio around 95%
    - 100%.

RATING SENSITIVITIES

Although positive rating momentum is unlikely in the near-to-medium
term, the following factors may have a positive impact on STAG's
ratings:

-- Leverage calculated on an annualized basis adjusted for
    acquisitions sustaining below 5.0x (leverage was 5.7x as of
    Dec. 31, 2015 after giving effect to partial period
    acquisitions);
-- Further development of STAG's unsecured debt capital access;
-- Fixed charge coverage to sustaining above 4.0x (coverage was
    3.2x for the year ended Dec. 31, 2015).

The following factors may have a negative impact on the company's
ratings and/or Outlook:

-- Indications that STAG's property portfolio is not competing
    effectively within its markets, which could include below
    market leasing velocity and rent growth and weak SSNOI growth
    for seasoned acquisitions;
-- Fitch's expectation for leverage sustaining above 5.5x;
-- Fixed charge coverage sustaining below 3.0x;
-- Unencumbered assets to net unsecured debt of below 2.5x.

FULL LIST OF RATING ACTIONS

Fitch currently rates STAG as follows:

STAG Industrial, Inc.
-- Issuer Default Rating (IDR) 'BBB';
-- Preferred stock 'BB+'.

STAG Industrial Operating Partnership, L.P.
-- IDR 'BBB';
-- Senior unsecured revolving credit facility 'BBB';
-- Senior unsecured term loans'BBB';
-- Senior unsecured notes 'BBB'.


STATE FISH: Deadline to Remove Suits Extended to May 31
-------------------------------------------------------
U.S. Bankruptcy Judge Sandra Klein has given State Fish Co., Inc.
and Calpack Foods, LLC until May 31, 2016, to file notices of
removal of lawsuits involving the companies.

                        About State Fish

State Fish Co., Inc., was founded in 1932 and began as a small
local wholesale fish buyer in California.  Under the leadership of
Sam DeLuca, State Fish expanded from a small fresh fish company to
an internationally-known import and export company operating its
own processing and cold store facilities near the Port of Los
Angeles. Calpack Foods, LLC, a wholly owned subsidiary, was formed
in April 2012 to produce high quality food and beverage products.

State Fish and Calpack Foods filed voluntary Chapter 11 bankruptcy
petitions (C.D. Cal. Lead Case No. 15-11084) on Jan. 26, 2015, amid
a family dispute and liquidity woes brought by declining fish
catches.  Sisters Vanessa DeLuca, Roseann DeLuca and Janet
Esposito, backed the bankruptcy filing while John DeLuca has
opposed the Chapter 11 effort.

The Hon. Sandra R. Klein presides over the jointly administered
cases.  Amir Gamliel, Esq., and Alan D Smith, Esq., at Perkins Coie
LLP, serve as the Debtors' counsel.  George Blanco, at Avant
Advisory Group, acts as chief restructuring officer.

State Fish disclosed $34,868,772 in assets and $10,084,671 in
liabilities as of the bankruptcy filing.

The U.S. Trustee has appointed three entities -- Cedar Cold
Services LLC, Star-Box Inc., and Queen City Seafood Sales -- to
serve on the official committee of unsecured creditors.  The panel
has tapped Levene, Neale, Bender, Yoo & Brill LLP to serve as its
general counsel.

R. Todd Neilson was appointed as Chapter 11 trustee effective as of
Feb. 27, 2015.  The Trustee tapped Klee, Tuchin, Bogdanoff & Stern
LLP as counsel.  The Trustee also received approval to hire Michael
M. Ozawa and Robert E. Bates, by and through Enterprise Management
Advisors, LLC as consultants nunc pro tunc to Nov. 16, 2015.


STEVEN J. ANCONA: Wins Partial Summary Judgment Against Landlord
----------------------------------------------------------------
Steven J. Ancona filed Motion for Summary Judgment in connection
with his objection to the amended claim in the amount of
$20,561,342 of the Landlord, 3 West 16th Street LLC.

The Landlord opposes the Debtor's Motion, arguing that the Landlord
does not have adequate information on the Debtor's financial
condition to present facts essential to justify its position, and
hence, the Motion should be denied. That the amounts for base rent,
attorneys' fees, interest, late fees, real estate taxes and
insurance are properly included and calculated in the Amended
Claim.

In a Memorandum Decision dated March 2, 2016, which is available at
http://is.gd/WfQMbOfrom Leagle.com, Judge Cecelia G. Morris of the
United States Bankruptcy Court for the Southern District of New
York granted the motion in part and denied in part.

Among other things, Judge Morris held that although the well
settled view is to apply Section 502(b)(6) of the Bankruptcy Code
to a lessor's claim against a debtor-guarantor, the Landlord's
argument that this Court should adopt the reasoning of Danrik and
Dronebarger in no way manifests an improper purpose of harassing or
punishing the Debtor.  Thus, Judge Morris concluded, summary
judgment to reduce the Amended Claim to zero and expunge it for bad
faith is denied.

The case is In re: STEVEN J. ANCONA, Chapter 11, Debtor, Case No.
14-10532 CGM.


SUNEDISON INC: In Talks with Creditors Regarding DIP Loan
---------------------------------------------------------
Chris Martin, writing for Bloomberg News, reported on March 23 that
SunEdison Inc. fell the most in five weeks after a report that
it’s in debtor-in-possession negotiations with some creditors on
$725 million in second-lien loans.

According to the March 23 report, SunEdison declined 26 percent to
$1.49 at the close in New York, the most since Feb. 12.  The
Maryland Heights, Missouri-based renewable energy developer has
twice delayed reporting 2015 financial statements partly because of
questions raised by current and former employees that led to an
internal investigation, the report related.

MarketWatch reported that SunEdison's stock tumbled 23% in
afternoon trade on March 22, enough to make it the biggest
percentage decliner on the NYSE after a report said the renewable
energy company was in talks with its creditors.  The stock was also
the NYSE's second-most active, with 82.3 million shares changing
hands, MarketWatch said, citing FactSet.

Earlier on March 22, Debtwire reported, citing sources familiar
with the matter, that the company held talks with holders of its
second lien loans to fund a debtor-in-possession facility, which is
often seen as a precursor to a bankruptcy filing.

Steven Davidoff Solomon, writing for The New York Times' DealBook,
said that if SunEdison enters into bankruptcy, the autopsy will no
doubt reveal a suicide, finding the solar energy company done in by
financial engineering that was too clever and by a failure of its
executives and investment bankers to remember the lessons of the
financial crisis.

According to the DealBook, the immediate cause of SunEdison's
distress is the now-terminated agreement to acquire Vivint for $2.2
billion that was struck last July.  The highly leveraged deal
flashed caution from the start, the DealBook said.  SunEdison
agreed to acquire Vivint Solar, but could not afford to pay the
$2.2 billion, the report related.  Instead, the deal consisted of
cash and SunEdison common stock, the report added.  SunEdison did
not have the cash so it arranged to borrow $500 million from
Goldman Sachs Bank USA, and agreed to issue $350 million in
convertible notes to Vivint holders, debt instruments that
SunEdison would pay out later at 2.25 percent interest, the report
further related.  This type of self-financed debt is the last
resort of acquirers, Mr. Solomon said.

SunEdison Inc. and units SunEdison Holdings Corp. and TerraForm
Power Inc. were hit with a lawsuit on Feb. 10, 2016, by
shareholders of Latin America Power Holding BV seeking
$150 million to satisfy a possible arbitral award against
SunEdison
for backing out.

                          *     *     *

As reported by the Troubled Company Reporter on Dec. 24, 2015,
Standard & Poor's Ratings Services lowered its corporate credit
rating on TerraForm Power Inc. (TERP) to 'B-' from 'B+'.  The
outlook is negative.

At the same time, S&P lowered the rating on TerraForm Power
Operating LLC's senior unsecured debt to 'B-' from 'B+'.  The
recovery rating on this debt is '4', indicating expectations of
average (30% to 50%; upper half of the range) recovery if a
default
occurs.

S&P is lowering its corporate credit rating on TerraForm Global
Inc. (GLBL) to 'B' from 'B+'.  The outlook is negative.  At the
same time, S&P is lowering its rating on Terraform Global
Operating
LLC's senior unsecured debt to 'B' from 'B+' and on the senior
secured debt to 'BB-' from 'BB'.  The recovery rating on the
senior
unsecured debt is '3', indicating S&P's expectation of meaningful
(50% to 70%; upper half of the range) recovery if a default occurs.


TEMPLAR ENERGY: Skips $11.8-Mil. Interest Payment
-------------------------------------------------
Carol Ko, writing for Bloomberg Brief, reported that struggling oil
and gas exploration company Templar Energy LLC skipped an $11.8
million interest payment that was due on March 21.

According to the report, the company has entered a 30-grace period
to engage in talks with its investors before it must make the
payments on its $1.45 billion loan due in 2020, Templar said in a
statement on March 22.  The firm has "sufficient liquidity to make
these interest payments" but is exploring ways to improve its
capital structure, it said, the report related.

"It is no secret that all oil and gas related companies, whether
they are upstream, midstream, or in the service sector of the
industry, are challenged by the current, macroeconomic environment
we find ourselves immersed in," the report cited David D. Le
Norman, Templar's chief executive officer, as saying.

                      *     *     *

The Troubled Company Reporter on Feb. 15, 2016, reported that
Standard & Poor's Ratings Services affirmed its 'CC' issue-level
rating on Templar Energy LLC's second-lien debt and removed it from
CreditWatch, where S&P placed it with negative implications on Feb.
9, 2016.  The recovery rating remains '5', indicating S&P's
expectation of modest (10% to 30%, upper half of the range)
recovery in the event of a payment default.  The 'CCC-' corporate
credit rating and negative outlook are unaffected.


TIERRA DEL RAY: Wants Up to July 1 to File Reorganization Plan
--------------------------------------------------------------
Tierra Del Ray, LLC, asks the U.S. Bankruptcy Court for the
Southern District of California to extend its exclusive period to
file a plan of reorganization through July 1, 2016.

The Debtor seeks the extension to enable it to negotiate with
creditors and otherwise complete its reorganization effort.  The
Debtor contends that it is not seeking an extension for purposes of
unduly pressuring creditors.

Tierra Del Rey, LLC, is represented by:

          K. Todd Curry, Esq.
          CURRY ADVISORS
          525 B Street, Ste. 1500
          San Diego, CA 92101
          Telephone: (619) 238-0004
          Facsimile: (619) 238-0006

                     About Tierra Del Rey, LLC

Tierra Del Rey, LLC, owns the Tierra Del Rey Apartments, an
80-unit
multi-family apartment complex at 3675 King Street and 6975 Waite
Street in La Mesa, California.  The property is valued at $10.6
million and secures a debt of $4.21 million debt to Fannie Mae
(1st
trust deed) and a $1.27 million debt to AP Mortgage Company, Inc.
(2nd trust deed).

A receiver seized control of the apartment complex on June 19,
2015.  The receiver, Trigild Inc., was appointed at the behest of
AP Mortgage, which commenced the suit styled, AP Mortgage Company,
Inc. vs. Bay Vista Methodist Heights et al.
37-2015-00012044-CU-OR-CTL, SDSC Central Division.

Tierra Del Rey filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Cal. Case No. 15-04253) on June 29, 2015, disclosing assets of
$10.8 million against $5.54 million in debt.

The Debtor tapped Craig E. Dwyer, Esq., in San Diego, California,
as counsel.


TMOV INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: TMOV, Inc.
        5550 Union Pacific Avenue
        Commerce, CA 90022

Case No.: 16-13649

Chapter 11 Petition Date: March 22, 2016

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Sandra R. Klein

Debtor's Counsel: Raymond H Aver, Esq.
                  LAW OFFICES OF RAYMOND H AVER APC
                  1950 Sawtelle Blvd Ste 120
                  Los Angeles, CA 90025
                  Tel: 310-473-3511
                  Fax: 310-473-3512
                  E-mail: ray@averlaw.com

Estimated Assets: $50,000 to $100,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Kimmy Song, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb16-13649.pdf


TRIDENT RESOURCES: S&P Lowers CCR to 'CCC-', Outlook Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Calgary, Alta.-based Trident Resources
Corp. to 'CCC-' from 'CCC+.'  The outlook is negative.  At the same
time, Standard & Poor's lowered its rating on subsidiary Trident
Exploration Corp.'s senior unsecured debt to 'CCC' from 'B-'.  The
recovery rating on these notes is unchanged at '2', and indicates
S&P's expectation for substantial recovery (70%-90%; at the upper
half of the range) under S&P's simulated default scenario.

"The downgrade reflects our view of the continued deterioration of
Trident's EBITDA generation and liquidity position, which we
believe compromises its ability to fund the upcoming interest
payment due on April 13, 2016," said Standard & Poor's credit
analyst Michelle Dathorne.  "As a result, we believe there is a
heightened risk of a default, as well as a covenant breach,"
Ms. Dathorne added.

Standard & Poor's derives its 'CCC-' corporate credit rating on
Trident from:

   -- The company's vulnerable business risk and highly leveraged
      financial risk profile assessments; and

   -- The application of the 'CCC' criteria in light of Trident's
      small, regionally focused, natural gas-focused exploration
      and production (E&P) operations; continued deterioration of
      the company's cash flow adequacy and leverage metrics; risk
      of covenant breach; and significant liquidity constraints to

      meet its next interest payment.

Trident's vulnerable business risk profile reflects S&P's view of
the company's weak profitability metrics, neutral-to-negative funds
from operations (FFO) generation, inability to exploit the organic
growth potential inherent in its 393 billion cubic feet of net
coalbed methane natural gas reserves, and high debt leverage. S&P
believes the internal growth prospects inherent in Trident's
resource base offsets these weaknesses, although the company does
not have the financial resources to realize its assets' growth
potential.  Its unit total cash operating costs (which includes
operating, transportation, and general and administrative costs),
which Standard & Poor's estimates at about C$2.50 per thousand
cubic feet (mcf) for 2016, are competitive for a natural
gas-focused exploration and production company; however, low
natural gas prices have significantly pressured Trident's
profitability. As a result, S&P expects the company's unhedged unit
earnings before interest and taxes to be insufficient to fully fund
financing costs and required maintenance spending.  As such, S&P
believes Trident will see its 2016 production base decline under
its natural gas price assumptions.

The company's highly leveraged financial risk profile reflects
S&P's assessment of Trident's very weak cash flow adequacy and
leverage metrics, with fully adjusted debt-to-EBITDA forecast to
remain above 10x and FFO-to-debt to be negligible.  Forecast FFO
will be insufficient to fund the minimal capital spending
incorporated in S&P's base-case scenario.  As such, S&P do not
believe the company's financial risk profile could improve during
S&P's year-long outlook period.

The negative outlook reflects Standard & Poor's view that Trident's
credit profile could be subject to further deterioration in the
very near term.  As outlined in S&P's criteria, it would lower the
rating if the company missed the interest payment on its notes,
announced a debt exchange that S&P views as distressed, or lost
access to its revolving credit facility due to a covenant
violation.

S&P's 'CCC' criteria specifies that it could lower the rating if
Trident missed the interest payment on its notes, announced a
distressed exchange of its debt, or lost access to its credit
facility as a result of a covenant violation.

Although unlikely, S&P could raise the rating if it no longer
believed a capital restructuring or debt exchange was likely to
occur.  S&P believes Trident's credit profile could strengthen if
the company was able to raise additional capital financing to fund
reserve replacement, and increase production levels.


UTE MESA: FCB Wants Changes to Proposed Dismissal Order
-------------------------------------------------------
First Citizens Bank & Trust Company ("FCB") is not opposing Debtor
Ute Mesa Lot 1, LLC's motion to dismiss its Chapter 11 case
although it wants amendments to the proposed dismissal order.

"At the status conference on January 19, 2016, FCB was clear that
it would not oppose dismissal if an acceptable, agreed form of
order were to be entered.  That form of order is not submitted with
the Debtor's Motion, however, despite FCB's attempts to reach an
agreeable form of dismissal order with the Debtor before it filed
its Motion.  For whatever reason, the Debtor refused to agree to be
bound (simply under applicable law) to issues that have been
litigated and decided against it in this case," FCB contends.

In response, the Debtor points out, "FCB does not contend in its
Response that this Chapter 11 case should not be dismissed. Rather,
FCB requests that the dismissal include, as part of the order, the
provision that all orders entered in this case, and all issues
actually litigated and decided remain binding on the Debtor and
interested parties under applicable law... Though Debtor has
repeatedly requested that FCB advise it of which specific orders
FCB would like to remain in full force and affect, FCB has
repeatedly refused to make this disclosure."

First Citizens Bank & Trust Company is represented by:

          Craig A. Christensen, Esq.
          Theodore J. Hartl, Esq.
          LINDQUIST & VENNUM LLP
          600 17th Street, Suite 1800-S
          Denver, CO 80202
          Telephone: (303)573-5900
          Facsimile: (303)573-1956
          E-mail: thartl@lindquist.com

Ute Mesa Lot 1, LLC is represented by:

          Duncan E. Barber, Esq.
          BEIGING SHAPIRO & BARBER LLP
          4582 S. Ulster St. Pkwy, Suite 1650
          Denver, CO 80237
          Telephone: (720)488-0220
          E-mail: dbarber@bsblawyers.com

                     About Ute Mesa Lot 1, LLC

Denver, Colorado-based Ute Mesa Lot 1, LLC, filed for Chapter 11
bankruptcy (Bankr. D. Colo. Case No. 10-30620) on Aug. 13, 2010.
Duncan E. Barber, Esq., and Steven T. Mulligan, Esq., at Bieging
Shapiro & Burrus LLP, in Denver, assist the Debtor in its
restructuring effort. Ute Mesa owns real property located in
Pitkin County, Colorado. The Debtor disclosed $10,017,982 in
assets and $11,633,024 in liabilities.


VALEANT PHARMACEUTICALS: Delays Annual Filing; Ackman Joins Board
-----------------------------------------------------------------
Valeant Pharmaceuticals International, Inc. on March 21 disclosed
that it has initiated a search for a new chief executive officer,
appointed William A. Ackman to its board of directors, and provided
an update on certain accounting and financial reporting matters.

CEO Search

Valeant on March 21 disclosed that the board has initiated a search
to identify a candidate to succeed J. Michael Pearson as chief
executive officer.  Mr. Pearson will continue to serve as CEO and a
director until his replacement is appointed.

Robert Ingram, chairman of the board, stated, "While the past few
months have been difficult, Valeant has a collection of leading
brands, valuable franchises and great people, and I am confident
that the company will be able to rebuild its reputation and thrive
under new leadership.  We thank Mike for his dedicated service to
Valeant and for agreeing to stay on until we conclude our search.
As a colleague and a friend he will be missed, and we wish him the
best for the future."  

"It's been a privilege to lead Valeant for the past eight years,"
said J. Michael Pearson, chief executive officer.  "While I regret
the controversies that have adversely impacted our business over
the past several months, I know that Valeant is a strong and
resilient company, and I am committed to doing everything I can to
ensure a smooth transition to new leadership."

Changes to Board of Directors

Valeant on March 21 disclosed that William A. Ackman, CEO of
Pershing Square Capital Management, L.P., will join its board of
directors, effective immediately.  Mr. Ackman, whose firm has a
9.0% stake in Valeant, will join Pershing Square's Vice Chairman,
Stephen Fraidin, on the board.  As the maximum size of Valeant's
board currently is fixed at 14 directors, Katharine B. Stevenson
voluntarily resigned from the Board to create a vacancy to permit
Mr. Ackman's appointment.  The Board requested that former chief
financial officer Howard Schiller tender his resignation as a
director, but Mr. Schiller has not done so.  

Robert Ingram, chairman of the board said, "We look forward to Bill
Ackman's perspective and contributions as a new member of our board
and one of Valeant's largest shareholders.  The Board thanks our
valued colleague, Kate, for her service on our Board and for
voluntarily offering to step down in order to allow Bill Ackman to
join the Board."

William A. Ackman, CEO of Pershing Square, said, "I am looking
forward to working with the board to identify new leadership for
Valeant.  The company's large scale and dominant franchises in eye
care, dermatology, GI, and other therapeutic areas coupled with its
extraordinarily low valuation present a spectacular opportunity for
a world-class health care executive.  On behalf of all
shareholders, we are extremely appreciative of Valeant employees'
hard work and commitment during this challenging time for the
company."

Accounting and Financial Reporting Update

As previously disclosed, on February 22, 2016, based on the work of
an ad hoc committee of the Board (the "Ad Hoc Committee")
established to review allegations regarding the company's
relationship with Philidor and related matters, as well as
additional work and analysis by the company, the company
preliminarily determined that approximately $58 million in net
revenue relating to sales to Philidor in the second half of 2014
should not have been recognized upon delivery of product to
Philidor.  

Management of the company, the Audit and Risk Committee (the
"Committee") and the Board have concluded that the company's
audited financial statements for the year ended, and unaudited
financial statements for the quarter ended, December 31, 2014
included in the company's Annual Report on Form 10-K and the
unaudited financial statements included in the company's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2015 should no
longer be relied upon due to the misstatements described in the
company's Form 8-K filed on March 21.  In addition, due to the fact
that the first quarter 2015 results are included within the
financial results for the six-month period included in the
Quarterly Report on Form 10-Q for the period ended June 30, 2015
and the financial results for the nine-month period included in the
Quarterly Report on Form 10-Q for the period ended September 30,
2015, management, the Committee and the Board have concluded that
the financial statements for such six-month and nine-month periods
reflected in those Quarterly Reports should no longer be relied
upon.

The company is in the process of restating the affected financial
statements and the restated financial statements  will be included
in the company's Annual Report on Form 10-K for the year ended
December 31, 2015, which the company intends to file with the
Securities and Exchange Commission and the Canadian Securities
Regulators on or before April 29, 2016.  The company believes that
after giving effect to the restatement, it will have remained in
compliance with all of the financial maintenance covenants in its
credit facility at the end of each affected quarterly period.

Robert Ingram, chairman of the board and chair of the Ad Hoc
Committee stated, "Over the past five months, the Ad Hoc Committee
has worked closely with our independent advisors to conduct a
comprehensive review of Philidor and related matters.  While the Ad
Hoc Committee is still reviewing certain accounting related items,
and has identified certain concerns related to those items with
respect to the tone of the organization, it has not identified any
additional items affecting the financial statements to date."

Impact of Misstatements

As described in the company's Form 8-K filed on March 21, the
company has identified misstatements to date that would reduce
previously reported fiscal year 2014 revenue by approximately $58
million, net income attributable to Valeant by approximately $33
million, and basic and diluted earnings per share by $.09. A
substantial part of the earnings impact of these misstatements will
reverse in the first quarter of 2015.  The company has identified
misstatements in the first quarter of 2015, consisting primarily of
the reversing effect on earnings of the 2014 misstatements, which
would reduce revenue by approximately $21 million (timing of
recognition of managed care rebates), increase net income
attributable to Valeant by approximately $24 million and increase
basic and diluted earnings per share by $.07. These adjustments are
preliminary, unaudited and subject to change.

Assessment of Disclosure Controls and Procedures and Internal
Controls Over Financial Reporting

As a result of the restatement, management is continuing to assess
the company's disclosure controls and procedures and internal
control over financial reporting. Management, in consultation with
the committee, has concluded that one or more material weaknesses
exist in the company's internal control over financial reporting
and that, as a result, internal control over financial reporting
and disclosure controls and procedures were not effective as of
December 31, 2014 and disclosure controls and procedures were not
effective as of March 31, 2015 and the subsequent interim periods
in 2015 and that internal control over financial reporting and
disclosure controls and procedures will not be effective at
December 31, 2015.  

The improper conduct of the company's former Chief Financial
Officer and former Corporate Controller, which resulted in the
provision of incorrect information to the Committee and the
company's auditors, contributed to the misstatement of results.  In
addition, as part of this assessment of internal control over
financial reporting, the company has determined that the tone at
the top of the organization and the performance-based environment
at the company, where challenging targets were set and achieving
those targets was a key performance expectation, may have been
contributing factors resulting in the company's improper revenue
recognition.   

In connection with the Ad Hoc Committee's work to date, certain
remediation actions have been recommended and are being implemented
by the company, including placing the company's former Corporate
Controller on administrative leave.  The board and the talent and
compensation committee, based on recommendations of the Ad Hoc
Committee, have determined that the deficient control environment,
among other things, would impact executive compensation decisions
with respect to 2015 compensation for certain members of senior
management.  The company is in the process of implementing
additional remedial measures.

Circumstances that Resulted in Delay in the Filing of 10-K

Valeant announced on October 30, 2015 that the Ad Hoc Committee
appointed former Deputy Attorney General of the United States, Mark
Filip of Kirkland & Ellis LLP, to advise the committee in its
review.  Over the past five months, Mr. Filip and his colleagues at
Kirkland & Ellis have conducted more than 70 interviews and
reviewed over one million documents as part of their comprehensive
review to assist the Ad Hoc Committee.  In addition to certain
Philidor-related accounting matters, the Ad Hoc Committee
determined that certain other accounting issues required review.
That additional work, along with the administrative leave of our
former Corporate Controller, has led to the delayed filing of
Valeant's 10-K.

J. Michael Pearson, CEO of Valeant, said, "While we regret the
circumstances that have resulted in the delay of our 10-K filing,
we are committed to filing the 10-K on or before April 29, 2016."

Covenant Highlights

Bond indentures:

As discussed on its March 15, 2016 preliminary earnings call,
Valeant could receive a notice of default under its bond indentures
as a result of the delay in filing its Form 10-K for the year ended
December 31, 2015.

If such notice is received, Valeant has 60 days from the receipt of
the notice to file its 10-K, which will cure the default in all
respects.  The notice does not result in the acceleration of any of
Valeant's indebtedness.

Credit agreement:

If Valeant does not file its Form 10-K by March 30, 2016, there
will be a default under the credit facility.  The company will have
30 days, or until April 29, to cure this default by filing its Form
10-K.

Valeant expects to file its Form 10-K and become current on its
financial filings by April 29, 2016 (within the curing period) but
to be prudent, the company also announced that it intends to seek a
waiver from the lenders under its credit facility.  The waiver that
the company is seeking will include a request to extend the
deadline to file its Form 10-K for December 31, 2015 and the
deadline to file its Form 10-Q for the quarter ended March 31,
2016.  

Robert L. Rosiello, Valeant's Chief Financial Officer, said, "I
appreciate the dedication and effort of our finance staff, who are
working diligently to complete and file our 10-K."

Delay in Canadian Annual Filings

Valeant on March 21 disclosed that it anticipates a delay in filing
its audited annual financial statements for the year ended December
31, 2015, the related management's discussion and analysis,
certificates of its CEO and CFO and its 2015 Form 10-K
(collectively, the "Canadian Required Filings") with Canadian
securities regulators until after the March 30, 2016 filing
deadline.  The company is working diligently and intends to make
the Canadian Required Filings on or before April 29, 2016.

In connection with this anticipated delay, the company will apply
for a customary management cease trade order (the "MCTO") relating
to the trading in securities of the company by the company's CEO
and CFO and each other member of the company's board of directors
from the Autorite des marches financiers, the company's principal
regulator in Canada.  If granted, the MCTO should not affect the
ability of other shareholders to trade in the securities of the
company.         

If the MCTO is granted, the company intends to comply with the
provisions of the alternative information guidelines set out in
Canadian National Policy 12-203 Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203") by providing bi-weekly updates by
way of news release until the Canadian Required Filings have been
made.  

Mr. William A. Ackman

Mr. Ackman is the founder and Chief Executive Officer of Pershing
Square Capital Management.
Mr. Ackman currently serves as a member of the board of Canadian
Pacific Railway Limited, chairman of the board of The Howard Hughes
Corporation, a trustee of the Pershing Square Foundation, a member
of the Board of Trustees at The Rockefeller University and a member
of the Board of Dean's Advisors of the Harvard Business School.
Mr. Ackman holds an M.B.A. from Harvard Business School and a
Bachelor of Arts magna cum laude from Harvard College.

                           About Valeant

Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) --
http://www.valeant.com-- is a multinational specialty
pharmaceutical company that develops, manufactures and markets a
broad range of pharmaceutical products primarily in the areas of
dermatology, gastrointestinal disorder, eye health, neurology and
branded generics.


VERMILLION INC: FDA Clears Overa, Second Generation OVA1 Test
-------------------------------------------------------------
Vermillion, Inc., announced the receipt of 510(k) marketing
clearance from the U.S. Food and Drug Administration for the
successor to Vermillion's OVA1 test for determining ovarian cancer
risk in conjunction with independent clinical and imaging
assessment prior to planned surgery for a women with a pelvic mass.
The Second Generation OVA1 test, previously referred to as "OVA2",
has been trademarked "Overa(R)."

Overa replaces two of the five OVA1 biomarkers with HE4 and FSH in
order to improve specificity and eliminate the need for physicians
to determine menopausal status when interpreting the test.  The
test is run on a single Roche cobas 6000 platform, and like OVA1,
stratifies patients into low- or high-risk of malignancy on a scale
of zero to ten.  Whereas other ovarian cancer tests such CA 125,
ROMA and OVA1 require patient reported or physician determination
of menopausal status, Overa uses a single cutoff of 5, irrespective
of menopause.  As a result, there is lower possibility of error or
confusion, reducing physician work, and simplifying interpretation
and patient counseling about the result.  Now physicians can offer
women even greater peace of mind with the improved specificity and
simplified interpretation made possible by Overa.

"Many women still do not receive the proper initial treatment for
ovarian cancer," stated Dr. Robert Coleman, Department of
Gynecologic Oncology and Reproductive Medicine, University of Texas
MD Anderson Cancer Center.  Dr. Coleman, the lead author of the
soon to be published Overa clinical validation study added "Overa
is specifically designed to help us know which patients are low
risk for malignancy and to better identify patients who are at high
risk for having a malignancy and, therefore, would benefit from
care with a Gynecologic Oncologist."

Vermillion's chief medical officer, Dr. Judy Wolf, added, "Overa
addresses a critical need for a 'liquid biopsy' test to aid in the
pre-surgical detection of ovarian cancer across all stages, all
ages and histological subtypes.  Overa's improved performance,
coupled with our upcoming publications on clinical validation,
should position Vermillion to offer early access programs with
major healthcare systems.  We are working to develop carepath
protocols and effective local guidelines that will continue to
advance our campaign to accurately identify more women with ovarian
cancer and put an end to off label use of the CA 125 blood test for
pre-surgical risk assessment."

"The FDA clearance of Overa represents a major achievement in
Vermillion's mission to provide a vastly improved pre-surgical
assessment of the likelihood of malignancy for ovarian cancer,"
said Valerie Palmieri, president and CEO of Vermillion.  "As the
first in its class to receive a second-generation FDA 510(k)
clearance, Overa's proven diagnostic technology running on Roche
Cobas 6000, lays a solid foundation for worldwide product and
portfolio development to enable more women to benefit from our
technology," Ms. Palmieri added.

                       Conference Call

Vermillion will report its fourth quarter and full year 2015
financial results on Thursday, March 24, 2016, rather than on
Wednesday, March 30, 2016, as previously announced.  There will be
an investor conference call and webcast at 8:30 a.m. Eastern on
March 24, 2016, to discuss such financial results.

Conference Call and Webcast:

Thursday, March 24th @ 8:30am Eastern Time/5:30am Pacific
Domestic     :888-587-0615
International:719-325-2432
Conference ID:2472310

Webcast: http://public.viavid.com/index.php?id=118712

Replay - available through April 13, 2016

Domestic     :877-870-5176
International:858-384-5517
Conference ID:2472310   

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.

As of Sept. 30, 2015, the Company had $25.38 million in total
assets, $3.27 million in total liabilities and $22.11 million in
total stockholders' equity.


VERMILLION INC: Peter Roddy Won't Seek Board Re-Election
--------------------------------------------------------
Peter S. Roddy, a director of Vermillion, Inc., advised the Company
that he intends to retire from the board of directors of the
Company at the end of his current term and will therefore not stand
for re-election to the Board at the Company's 2016 annual meeting
of shareholders.  Mr. Roddy advised the Company that his decision
to retire was not the result of any disagreement with the Company,
as disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.

                          About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.2 million in 2014, a net loss
of $8.81 million in 2013 and a net loss of $7.14 million in 2012.

As of Sept. 30, 2015, the Company had $25.38 million in total
assets, $3.27 million in total liabilities and $22.11 million in
total stockholders' equity.


WISE METALS: S&P Lowers CCR to 'CCC+', Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on U.S.-based aluminum can sheet
producer Wise Metals Intermediate Holdings LLC to 'CCC+' from 'B-'.
The outlook is negative.

At the same time, S&P lowered its issue rating on Wise Metals' $650
million senior secured notes due 2018 to 'CCC+' from 'B-'. The
recovery rating remains at '4', indicating S&P's expectations of
average recovery prospects in the higher half of the 30%-50%
range.

S&P also lowered its issue ratings on the $150 million
payment-in-kind (PIK) toggle notes due 2019 to 'CCC-' from 'CCC'.
The recovery rating remains at '6', reflecting S&P's expectation of
negligible recovery of 0%-10% in the event of a default.

The downgrade reflects weaker-than-expected performance at Wise
Metals, S&P's view of the company's unsustainable capital
structure, and S&P's opinion that improvement prospects have
weakened.  Wise Metals' parent, Constellium, has decided to invest
in body-in-white (aluminum flat products for the auto industry)
finishing lines through its joint venture (JV) with UACJ Corp.
instead of through Wise Metals.  Wise Metals will therefore
continue to focus on lower-margin aluminum can sheet production,
while providing some intermediate products to feed the JV finishing
lines.  A material portion of Wise Metals' long-term EBITDA
improvement prospects in the body-in-white segment have therefore
shifted elsewhere in the group.  S&P has thus lowered its
assessment of Wise Metals' importance to the group to moderately
strategic.  As such, S&P considers that the likelihood of
Constellium providing support to Wise Metals has weakened, while
Wise Metals relies entirely on liquidity support from the parent to
meet its commitments.

In 2015, Wise Metals reported EBITDA significantly below S&P's
expectations, translating into adjusted debt to EBITDA materially
exceeding 12x.  S&P anticipates moderate improvement in operating
margins in 2016, since restructuring should help mitigate the
sensitivity of earnings to prices and premiums.  S&P also takes
into account that volume increases are partly contracted.

The negative outlook reflects S&P's view of Wise Metals' capital
structure as unsustainable and uncertainty on the extent to, and
the manner in which the parent will address the issue.

Further EBITDA headwinds could put pressure on the rating.  S&P
could lower the rating if it observes prospects of a liquidity
shortage, reflecting lack of support from Constellium.

S&P could revise the outlook to stable if it believes the
likelihood of group support has increased, and Wise Metals
establishes a track record of largely improved EBITDA, credit
metrics, and liquidity.


ZLOOP INC: Seeks Continuance of UST's Conversion Motion
-------------------------------------------------------
ZLOOP, Inc., and its affiliated debtors submitted to the U.S.
Bankruptcy Court for the District of Delaware an objection filed by
the United States Trustee to convert the Debtors' Chapter 11 cases
to cases under Chapter 7.

The Debtors contend that they filed their objection because "recent
developments in the case give the Debtors reason to believe that
remaining in chapter 11 will permit a consensual path forward that
is in the best interests of the Debtors, their estates and their
creditors and efforts to inform the Trustee and to request the
Trustee's consent to a short continuance of the hearing on the
Motions prior to the deadline to respond to the Motions were
unsuccessful."

The Debtors seek to continue the hearing on the Motions and on
approval of the Debtors' disclosure statement in order to permit
such material developments to be completed which would pave the
path to a consensual plan confirmation.  The Debtors relate that
they have granted the other parties in the cases an extension of
time to file objections to the Debtors' disclosure statement in
furtherance of pursuing this consensual path forward.  The Debtors
further relate that in the event that the Trustee does not consent
to the requested continuance, the Debtors and creditors intend to
request a scheduling conference with the Court to discuss the
Debtors' requested continuance.

The Debtors contend that it would be a waste of judicial resources
to hold a hearing on the Motions if a consensual resolution of the
cases through confirmation of a consensual plan is ultimately
possible.

ZLOOP, Inc. and its affiliated debtors are represented by:

          Stuart M. Brown, Esq.
          R. Craig Martin, Esq.
          Daniel N. Brogan, Esq.
          Kaitlin M. Edelman, Esq.
          DLA PIPER LLP (US)
          1201 North Market Street, Suite 2100
          Wilmington, DE 19801
          Telephone: (302)468-5700
          Facsimile: (302)394-2341
          E-mail: stuart.brown@dlapiper.com
                 craig.martin@dlapiper.com
                 daniel.brogan@dlapiper.com
                 kaitlin.edelman@dlapiper.com
                 
                         About ZLOOP, Inc.

ZLOOP, Inc., and two affiliates sought Chapter 11 protection
(Bankr. D. Del. Case No. 15-11660) on Aug. 9, 2015.  

ZLOOP operates a proprietary, state of the art, 100% landfill free
eWaste recycling company headquartered in Hickory, North Carolina.

The Debtors tapped DLA Piper LLP as counsel.

As of the Petition Date, the Debtors' unaudited consolidated
balance sheet reflect total assets of approximately $25 million,
including the land and improvements, but excluding certain
commodity inventories that are the output of eWaste recycling, and
total liabilities of approximately $32 million.

On Sept. 2, 2015, the U.S. trustee overseeing the Debtors' Chapter
11 cases appointed Recycling Equipment Inc., E Recycling Systems
LLC and Carolina Metals Group to serve on the official committee
of
unsecured creditors.  The committee is represented by Cole Schotz
P.C.


[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Native Environmental, LLC
   Bankr. D. Ariz. Case No. 16-02378
      Chapter 11 Petition filed March 10, 2016
         See http://bankrupt.com/misc/azb16-02378.pdf
         represented by: D. Lamar Hawkins, Esq.
                         AIKEN SCHENK HAWKINS & RICCIARDI, PC
                         E-mail: dlh@ashrlaw.com

In re Mark Jeffrey Klamrzynski
   Bankr. D. Ariz. Case No. 16-02390
      Chapter 11 Petition filed March 10, 2016

In re Felicitas Guess
   Bankr. E.D. Cal. Case No. 16-21468
      Chapter 11 Petition filed March 10, 2016
         Filed Pro Se

In re Felicitas Solzer
   Bankr. N.D. Cal. Case No. 16-30261
      Chapter 11 Petition filed March 10, 2016
         Represented by: Michael Avanesian, Esq.
                         AVANESIAN LAW FIRM
                         E-mail: Michael@AvanesianLaw.com

In re American Heritage Global Energy, LLC
   Bankr. S.D. Fla. Case No. 16-13429
      Chapter 11 Petition filed March 10, 2016
         See http://bankrupt.com/misc/flsb16-13429.pdf
         represented by: Brian K. McMahon, Esq.
                         E-mail: briankmcmahon@gmail.com

In re James Dodson McDowell and Bethany Patrice McDowell
   Bankr. S.D. Fla. Case No. 16-13431
      Chapter 11 Petition filed March 10, 2016

In re S & H of West Palm Beach, Inc.
   Bankr. S.D. Fla. Case No. 16-13452
      Chapter 11 Petition filed March 10, 2016
         See http://bankrupt.com/misc/flsb16-13452.pdf
         represented by: Stephen P Orchard, Esq.
                         LAW OFFICES OF STEPHEN ORCHARD
                         E-mail: sporchard@orchardlaw.com

In re Global Recycling Centers of America
   Bankr. E.D. Mo. Case No. 16-41579
      Chapter 11 Petition filed March 10, 2016
         Filed Pro Se

In re Deetown Entertainment, Inc.
   Bankr. S.D.N.Y. Case No. 16-10568
      Chapter 11 Petition filed March 10, 2016
         See http://bankrupt.com/misc/nysb16-10568.pdf
         represented by: Gabriel Del Virginia, Esq.
                         LAW OFFICES OF GABRIEL DEL VIRGINIA
                         E-mail: gabriel.delvirginia@verizon.net

In re Scrubs & Gloves CPR Training LLC
   Bankr. E.D. Cal. Case No. 16-21491
      Chapter 11 Petition filed March 11, 2016
         See http://bankrupt.com/misc/caeb16-21491.pdf
         filed Pro Se

In re Mohsen Mehrtash
   Bankr. C.D. Cal. Case No. 16-11039
      Chapter 11 Petition filed March 11, 2016
         Represented by: Anerio V Altman, Esq.
                         LAKE FOREST BANKRUPTCY
                         E-mail: lakeforestpacer@gmail.com

In re Nexgen Assets Management LLC
   Bankr. S.D. Cal. Case No. 16-01329
      Chapter 11 Petition filed March 11, 2016
         Filed Pro Se

In re Roland Ysidro Montoya
   Bankr. N.D. Ga. Case No. 16-54570
      Chapter 11 Petition filed March 11, 2016

In re Milo H. Leach
   Bankr. E.D.N.C. Case No. 16-01298
      Chapter 11 Petition filed March 11, 2016

In re Four Square Mattress Partners, LLC
   Bankr. W.D.N.C. Case No. 16-10088
      Chapter 11 Petition filed March 11, 2016
         See http://bankrupt.com/misc/ncwb16-10088.pdf
         represented by: D. Rodney Kight Jr., Esq.
                         KIGHT LAW OFFICE PC
                         E-mail: info@kightlaw.com

In re Basket Originals Inc.
   Bankr. D.P.R. Case No. 16-01932
      Chapter 11 Petition filed March 11, 2016
         See http://bankrupt.com/misc/prb16-01932.pdf
         represented by: Homel Antonio Mercado Justiniano, Esq.
                         JUSTINIANO & MERCADO LAW OFFICE
                         E-mail: hmjlaw2@gmail.com

In re LMR Doors & Windows, Inc.
   Bankr. D.P.R. Case No. 16-09161
      Chapter 11 Petition filed March 11, 2016
         See http://bankrupt.com/misc/prb16-01961.pdf
         represented by: Nicolas A. Wong, Esq.
                         WONG LAW OFFICES
                         E-mail: lcdo.nwong@gmail.com

In re Josue Carrion Carrero
   Bankr. D.P.R. Case No. 16-01964
      Chapter 11 Petition filed March 11, 2016

In re Chais Enterprises, LLC
   Bankr. M.D. Tenn. Case No. 16-01741
      Chapter 11 Petition filed March 11, 2016
         See http://bankrupt.com/misc/tnmb16-01741.pdf
         represented by: David Foster Cannon, Esq.
                         LAW OFFICE OF DAVID F CANNON
                         E-mail: bkcourt@davidcannon.net

In re Byron Todd Vassberg
   Bankr. S.D. Tex. Case No. 16-10059
      Chapter 11 Petition filed March 11, 2016
         Represented by: William A Csabi, Esq.
                         E-mail: wcsabi@sbcglobal.net

In re Janet S Proctor
   Bankr. E.D. Wis. Case No. 16-22103
      Chapter 11 Petition filed March 11, 2016

In re Lynn Metrow
   Bankr. C.D. Cal. Case No. 16-10731
      Chapter 11 Petition filed March 13, 2016
         Represented by: Bryan Diaz, Esq.
                         BRYAN DIAZ LAW, APC
                         E-mail: bryan@bryandiazlaw.onmicrosoft.co
In re Lawrence Michael Alonzo and Heather Renee Alonzo
   Bankr. D. Ariz. Case No. 16-02507
      Chapter 11 Petition filed March 14, 2016

In re Dennis George Bakkenson
   Bankr. C.D. Cal. Case No. 16-10734
      Chapter 11 Petition filed March 14, 2016
         Represented by: Daniel King, Esq.
                         GENESIS LAW GROUP
                         E-mail: dking@TheGenesisLaw.com

In re Adrian Simon
   Bankr. C.D. Cal. Case No. 16-13218
      Chapter 11 Petition filed March 14, 2016
         Represented by: Louis J Esbin, Esq.
                         E-mail: Esbinlaw@sbcglobal.net

In re Lyman Jee
   Bankr. N.D. Cal. Case No. 16-40662
      Chapter 11 Petition filed March 14, 2016
         Represented by: Marc Voisenat, Esq.
                         LAW OFFICES OF MARC VOISENAT
                         E-mail: voisenatecf@gmail.com

In re Ernest W Shepher
   Bankr. M.D. Ga. Case No. 16-50560
      Chapter 11 Petition filed March 14, 2016

In re Mothers Food, Inc.
   Bankr. N.D. Ill. Case No. 16-08646
      Chapter 11 Petition filed March 14, 2016
         See http://bankrupt.com/misc/ilnb16-08646.pdf
         represented by: Robert J Adams, Esq.
                         ROBERT J ADAMS & ASSOCIATES
                         E-mail: bankruptcy714@gmail.com

In re BEA Chicago LLC
   Bankr. N.D. Ill. Case No. 16-08764
      Chapter 11 Petition filed March 14, 2016
         See http://bankrupt.com/misc/ilnb16-08764.pdf
         represented by: Angie S Lee, Esq.
                         E-mail: aleelawecf@yahoo.com

In re David P. Sedlock
   Bankr. N.D. Ill. Case No. 16-80607
      Chapter 11 Petition filed March 14, 2016

In re RCR Car Care, LLC
   Bankr. E.D.N.Y. Case No. 16-71074
      Chapter 11 Petition filed March 14, 2016
         See http://bankrupt.com/misc/nyeb16-71074.pdf
         represented by: Heath S Berger, Esq.
                         BERGER, FISCHOFF & SHUMER, LLP
                         E-mail: hberger@bfslawfirm.com

In re AFS Management Group, Inc.
   Bankr. D.P.R. Case No. 16-01975
      Chapter 11 Petition filed March 14, 2016
         See http://bankrupt.com/misc/prb16-01975.pdf
         represented by: Luis D Flores Gonzalez, Esq.
                         LUIS D FLORES GONZALEZ LAW OFFICE
                         E-mail: ldfglaw@coqui.net
In re Dru Ellen Harris
   Bankr. C.D. Cal. Case No. 16-13269
      Chapter 11 Petition filed March 15, 2016

In re Aiad Samuel and Hoda Samuel
   Bankr. E.D. Cal. Case No. 16-21585
      Chapter 11 Petition filed March 15, 2016

In re Falcon Repair, Inc.
   Bankr. N.D. Ill. Case No. 16-08787
      Chapter 11 Petition filed March 15, 2016
         See http://bankrupt.com/misc/ilnb16-08787.pdf
         represented by: Manuel A. Cardenas, Esq.
                         MANUEL A. CARDENAS AND ASSOCIATES PC
                         E-mail: manuelantonio_cardenas@yahoo.com

In re Gerald Patrick Dever
   Bankr. D. Md. Case No. 16-13325
      Chapter 11 Petition filed March 15, 2016

In re Scott P. Cowan
   Bankr. D.N.J. Case No. 16-14758
      Chapter 11 Petition filed March 15, 2016

In re Jane Jones
   Bankr. D.N.J. Case No. 16-14763
      Chapter 11 Petition filed March 15, 2016

In re Byron Stephens Kilpatrick
   Bankr. D. Nev. Case No. 16-11326
      Chapter 11 Petition filed March 15, 2016

In re Luxury Limousine Service, Inc.
   Bankr. E.D. Penn. Case No. 16-11748
      Chapter 11 Petition filed March 15, 2016
         See http://bankrupt.com/misc/paeb16-11748.pdf
         represented by: Stephen Vincent Bottiglieri, Esq.
                         MICHALE F.X. GILLIN AND ASSOCIATES PC
                         E-mail: sbottiglieri@gillinlawoffice.com

In re Shawerma Express, Inc.
   Bankr. E.D. Va. Case No. 16-10936
      Chapter 11 Petition filed March 15, 2016
         See http://bankrupt.com/misc/vaeb16-10936.pdf
         represented by: John Paul Forest II, Esq.
                         ALLRED BACON HALFHILL & YOUNG, PC
                         E-mail: jforest@abhylaw.com


                            *********

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 ***