TCR_Public/160329.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Tuesday, March 29, 2016, Vol. 20, No. 89

                            Headlines

AES CORP: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
AGAP LS 108: Case Summary & 16 Largest Unsecured Creditors
ALAMOS GOLD: Moody's Confirms B2 Corporate Family Rating
ALERIS INTERNATIONAL: Moody's Lowers CFR to B3, Outlook Stable
ALPHA NATURAL: Holds 1.21% Stake in Rice Energy

AMAYA INC: Moody’s Affirms B2 CFR & Alters Outlook to Negative
AMC NETWORKS: Moody's Rates New Unsecured Notes Due 2024 'Ba3'
AMERICAN HOSPICE: April 1 Meeting Set to Form Creditors' Panel
AMERICAN MEDIA: S&P Lowers Corporate Credit Rating to 'SD'
AP GROUP: Case Summary & Unsecured Creditor

ARCH COAL: Court Enters Revised Order on Prime Clerk Hiring
ARCH COAL: Creditors' Panel Hires Berkeley as Financial Advisor
AXION INTERNATIONAL: Community Bank Loses Bid for Standing to Sue
AXION INTERNATIONAL: Court Rejects Community Bank's Discovery Bid
AXION INTERNATIONAL: Gordian Approved as Investment Banker

AXION INTERNATIONAL: May 9 Hearing on Bank's Ch. 7 Conversion Bid
BH SUTTON: Hires LaMonica Herbst as Counsel
BLACK ELK: Gets Final Approval for $15-Mil. Financing
BLUE EARTH: U.S. Trustee Forms 2-Member Committee
BUDD COMPANY: Court Set to Hear Bid to Modify Retiree Benefits

CENTRAL BEEF: Asks Court to Authorize Cash Collateral Use
CHS/COMMUNITY HEALTH: Spin-Off No Impact on Moody's B1 CFR
CINCINNATI TERRACE: Meeting of Creditors Set for April 6
CORINTHIAN COLLEGES: California Wins $1.1-Bil. Judgment
CORINTHIAN COLLEGES: More Students Can Apply for Debt Forgiveness

CORPORATE RESOURCE: Trustee Hires Gaffney as Forensic Consultant
CUMULUS MEDIA: Moody's Lowers CFR to Caa1, Outlook Stable
DRIVERS SELECT: U.S. Trustee Unable to Appoint Committee
E Z MAILING: Chris Carey Advisors to Be Paid 2% of DIP Loan Amount
EAST AFRICAN DRILLING: Case Summary & 10 Top Unsecured Creditors

EAST COAST FOODS: Case Summary & 20 Largest Unsecured Creditors
EMERALD OIL: April 6 Meeting Set to Form Creditors' Panel
FIVE-R EXCAVATING: U.S. Trustee Unable to Appoint Committee
FLOUR CITY BAGELS: Hires Phoenix Management as Financial Advisors
FORESIGHT ENERGY: Moody's Cuts Corporate Family Rating to Caa3

FOREST PARK: Files Schedules of Assets and Liabilities
FOUNTAINS OF BOYNTON: Files Schedules of Assets & Liabilities
FRAC SPECIALISTS: Extends CRO Engagement to April 7
FREEDOM COMMUNICATIONS: Has Until May 29 to Decide on Leases
FREEDOM COMMUNICATIONS: Squar Milner Approved as Accountant

GETCHELL AGENCY: Case Summary & 20 Largest Unsecured Creditors
GFD CONSTRUCTION: U.S. Trustee Unable to Appoint Committee
GOOD SHEPHERD: Moody's Lowers Ratings to Caa1, Outlook Negative
GREAT BASIN SCIENTIFIC: Dec. 31 Balance Sheet Upside Down by $23M
GREENWAY HEALTH: Moody's Affirms 'B3' Corporate Family Rating

GRIFFON CORP: Revolver Debt Upsize No Impact on Moody's B1 CFR
GRIZZLY LAND: May Hire Kutner Brinen as Attorneys
HHH CHOICES: Chapter 11 Cases Jointly Administered
HHH CHOICES: Court Approves DLA Piper as Committee Counsel
HHH CHOICES: HHHW Taps McCullough Goldberger as Special Counsel

HHH CHOICES: Hires Getzler Henrich as Financial Advisor
HHH CHOICES: Panel Can Hire CohnReznick as Financial Advisor
HHH CHOICES: Panel May Hire CBIZ as Financial Advisors
HNO GREEN: Brundidge Moves for Case Dismissal or Conversion
HNO GREEN: Plan Promises Full Recovery for Unsec. Creditors

HNO GREEN: Wants Plan Approval Deadline Extended to June
HOMEJOY LLC: U.S. Trustee Forms 3-Member Committee
HUNTSMAN INT'L: Moody's Rates New $550 Million Term Loan 'Ba2'
IAMGOLD CORP: Moody's Confirms B2 CFR & Alters Outlook to Negative
IHS INC: Moody's Affirms 'Ba1' Corporate Family Rating

INFORMATICA CORP: Bank Debt Trades at 2% Off
INTERNATIONAL BRIDGE: Has Access to Cash Collateral Until July 8
INTREPID POTASH: Lenders Waive Financial Covenants Thru May 13
J & K JIMENEZ: U.S. Trustee Unable to Appoint Committee
J. CREW: Bank Debt Trades at 30% Off

JUMIO INC: Meeting to Form Creditors' Panel Set for March 31
JUMIO INC: To Sell Jumio Acquisition Assets, Gets $3.7M Financing
KLD ENERGY: Case Summary & 20 Largest Unsecured Creditors
LEHMAN BROTHERS: 9th Distribution to Creditors Total $1.6-Bil.
LEHMAN BROTHERS: Ninth Distribution Excludes JPM Deal Proceeds

LINN ENERGY: May Breach Loan Covenants, Going Concern Doubt Raised
LOUISIANA PELLETS: Muni-Bonds Funds Burned in Bankruptcy
MAGNUM HUNTER: Taps Deloitte as Tax Services Provider
MALIBU LIGHTING: Affiliates Can Use Cash Collateral Until June 30
MALLINCKRODT GROUP: Bank Debt Trades at 3% Off

METALDYNE CORP: Bank Debt Trades at 2% Off
MOMENTIVE PERFORMANCE: Posts $82 Million Net Loss for 2015
MOOD MEDIA: Moody's Lowers Corporate Family Rating to Caa1
MOUNTAIN COUNTRY PARTNERS: W. Va. Court Affirms Arbitration Award
MS. MANNERS CHILDCARE: U.S. Trustee Unable to Appoint Committee

NEIMAN MARCUS: Bank Debt Trades at 8% Off
NEIMAN MARCUS: Focuses on Growth Initiatives, Says Moody's
NEWBURY COMMON ASSOCIATES: Young Conaway Approved as Co-Counsel
NEWBURY COMMON: US Trustee Unable to Appoint Committee
NEXEO SOLUTIONS: Moody's Hikes Corporate Family Rating to B2

NOVA SECURITY: No Appointment of Creditors' Committee
PACIFIC EXPLORATION: Extends Forbearance Arrangements to April 29
PARAGON OFFSHORE: Hires Ernst & Young as Tax Consultant
PARAGON OFFSHORE: Lazard Pegs Reorganization Value at $2-Bil. Max
PATHEON INC: Bank Debt Trades at 4% Off

PEABODY ENERGY: Official Stays Optimistic Despite Coal's Woes
PENN HILLS SCHOOL: Moody's Affirms B3 Rating on $71.3MM GO Debt
PUBLIC SERVICE: A.M. Best Lowers Fin. Strength Rating to B-
QUANTUM FUEL: Employs Foley & Lardner as Bankruptcy Counsel
QUORUM HEALTH: Moody's Gives B2 CFR & Rates Secured Debt B1

RDX TECHNOLOGIES: U.S. Trustee Forms 2-Member Committee
REGIONALCARE HOSPITAL: Moody's Puts B3 CFR on Review for Downgrade
REPUBLIC AIRWAYS: Reaches Long-Term Deal with Delta
RYCKMAN CREEK: Gets Final Court Approval on $35M DIP Loan
SABINE OIL: Reports $2.24 Billion Net Loss in 2015

SDI SOLUTIONS: U.S. Trustee Forms 5-Member Committee
SECURITY DEVICES: Schwartz Levitsky Expresses Going Concern Doubt
SIDEWINDER DRILLING: Armory Delivers Notice of Default to Trustee
SNEED SHIPBUILDING: U.S. Trustee Forms 5-Member Committee
SPECIALTY TRUST: Has Final Decree Closing Chapter 11 Cases

SPORTS AUTHORITY: Gibson Dunn Tapped as Restructuring Co-counsel
SPORTS AUTHORITY: Hires FTI Consulting as Financial Advisor
SPORTS AUTHORITY: Hires Rothschild as Investment Banker
SPORTS AUTHORITY: Taps Kurtzman Carson as Administrative Advisor
SUPERVALU: Bank Debt Trades at 3% Off

TATOES LLC: Files for Chapter 11 to Restructure Debt
TATOES LLC: Hires Bailey & Busey as Bankruptcy Counsel
TATOES LLC: Wants to Use Secured Parties' Cash Collateral
THOUGHTWIRE MEDIA: Case Summary & 16 Largest Unsecured Creditors
TIERPOINT LLC: Moody's Affirms B3 CFR & Alters Outlook to Negative

TRAC INTERMODAL: Moody's Withdraws Caa1 Rating for $485MM Notes
TRIANGLE USA: Moody's Cuts Corporate Family Rating to Caa2
TRONOX INC: Bank Debt Trades at 9% Off
VALEANT PHARMACEUTICALS: Bank Debt Trades at 6% Off
VENOCO INC: Meeting to Form Creditors' Panel Set for March 29

VISTEON CORP: Moody's Hikes Corporate Family Rating to Ba3
WESTERN GENERAL INSURANCE: A.M. Beset Cuts FSR to B(fair)
WRIGHTWOOD GUEST RANCH: Seeks Court Approval to Hire GlassRatner
[*] Moody's Concludes Review on 9 U.S. B-Rated E&P Companies
[^] Large Companies with Insolvent Balance Sheet


                            *********

AES CORP: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
--------------------------------------------------------------
Moody's Investors Service, affirmed The AES Corporation's (AES)
ratings, including the Corporate Family Rating (CFR) and Senior
Unsecured Rating at Ba3, the Probability of Default Rating (PDR) at
Ba3-PD, the convertible Trust preferred rating at B2, the Senior
Secured Bank Credit Facility at Ba1, as well as the SGL-2
speculative grade liquidity rating. Concurrently, Moody's changed
AES' rating outlook to positive from stable. "The rating action
follows our assessment of the unregulated power sector in the wake
of a sustained period of global low commodity prices, including
natural gas and electricity."

Outlook Actions:

Issuer: AES Corporation, (The)

-- Outlook, Changed To Positive From Stable

Issuer: AES Trust III

-- Outlook, Changed To Positive From Stable

Affirmations:

Issuer: AES Corporation, (The)

-- Probability of Default Rating, Affirmed Ba3-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

-- Corporate Family Rating, Affirmed Ba3

-- Senior Secured Bank Credit Facility, Affirmed Ba1, LGD2

-- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3, LGD4

Issuer: AES Trust III

-- Backed Preferred Stock, Affirmed B2, LGD6

RATINGS RATIONALE

"The change in AES' outlook to positive reflects the group's
improving financial profile" said Natividad Martel, Vice President
-- Senior Analyst. "This view reflects the expected increase in
dividends from more stable and predictable subsidiaries, a modest
reduction in debt balances and the de-risking across the corporate
family resulting from the targeted asset divestitures that began in
September 2011".

AES's Ba3 CFR and positive outlook reflects Moody's expectation of
an improvement over the next two years in AES' financial metrics on
a standalone and consolidated basis such that they will be better
positioned within the Ba-rating category considering the group's
utilities and long-term contracted cash flows. Specifically,
Moody's calculates that its average 2016-2018 Parent Only Cash Flow
(POCF; defined as dividends received excluding interest and parent
holding company expenses) to holding-company debt will exceed 14%
while its consolidated Funds from Operations (FFO) to consolidated
indebtedness will exceed 12%, respectively.

Moody's expectation of AES' improving credit metrics is largely
predicated on the group's incremental cash flows that should be
generated by the commission of various projects currently under
construction along with the continuation of AES' cost saving and
revenue enhancement initiatives plus expected tax savings from the
utilization of its significant Net Operating Losses carry forward
balances.

Importantly, the completion of these projects will provide
incremental cash flows and earnings at two of AES' most predictable
subsidiaries: the regulated utility holding company IPALCO
Enterprises Inc (Baa3 stable) and from AES Gener S.A. (Baa3
stable). Moody's also expects this to reduce the cash exposure to
power merchant operations and re-contracting risk amid Moody's
expectations for a protracted recovery of power prices in several
countries, including the US.

Additionally, the affirmation of AES' Ba3 CFR and the positive
outlook incorporate a view that management will continue to be
evenhanded between shareholder rewards including a moderate
dividend growth rate that is in line with its POCF annual growth as
well as limited share repurchases and balance sheet strengthening
initiatives. This is important because the improvement in the
group's credit metrics is also predicated on the expectation of
some modest deleveraging at the parent company. This also considers
the scheduled amortizing project debt albeit the positive effects
on the consolidated leverage are likely to be partially offset by
the incremental indebtedness incurred at the operating subsidiaries
to finance new growth initiatives. The deleveraging efforts is an
important consideration given AES' high financial leverage profile
and the structural subordination of its recourse debt at the parent
level to the significant amount of non-recourse debt in its
consolidated capital structure at the operating subsidiary level.
The diversification provided by AES' large number of subsidiaries
and wide geographic distribution mitigates those structural
constraints.

Liquidity Profile

AES' liquidity remains adequate and its speculative grade liquidity
rating of SGL-2 reflects good liquidity prospects for the next
twelve months based upon Moody's expectation that the parent will
remain free cash flow positive. Thus, the SGL-2 assumes that AES
will be able to fund all its capital requirements with its
discretionary cash, including year-end 2015 cash balance of $400
million. In 2016, AES estimates its sources of cash flow for 2016
to range between $1.1 and $1.2 billion, largely consisting of
$525-$625 million in expected POCF plus the expected proceeds from
the sale of assets and minority equity stakes. AES' holding company
capital requirements in 2016 include $290 million in dividend
distributions, $330 million in equity contributions to its
subsidiaries, a $200 million parent debt prepayment out of which
$85 million was completed earlier this year along with $79 million
executed in share buyback. Management plans to end 2016 with $50
million in cash on hand. Thus, the remaining potential uses of cash
for 2016, which approximate $120 million to $220 million is still
pending which provide the company with incremental financing
flexibility.

The SGL-2 also assumes limited borrowings under its $800 million
committed revolving credit that is scheduled to expire in July
2018. At year-end 2015, the revolver was almost fully available
($62 million outstanding Letter of Credits). It also anticipates
that AES' will further remain in compliance with substantial
headroom with the two financial covenant requirements: a minimum
parent operating cash flow coverage and a maximum level of recourse
debt relative to cash flow. Excluding non-recourse maturities, AES
does not have any major debt maturities until 2019.

Rating Outlook

AES' positive rating outlook reflects the expectation of improving
credit metrics and financial profile. It also reflects that the new
projects incremental cash flows will also lower AES' growing
reliance in recent years on the cash distributions from
subsidiaries that operate in less predictable environments, such as
the Dominican Republic (B1 stable), amid its key subsidiaries'
diminished ability to upstream cash flows.

The positive outlook further considers the overall satisfactory
credit quality of the off-takers of AES's independent power
producer entities. This largely consists of regulated utilities,
including some government related entities, that help mitigate
counterparty risk considerations particularly in the emerging
markets amidst the current overall global low economic growth
environment and recovery of the commodity prices.

The positive outlook further captures AES' foreign exchange hedging
strategy that has aided AES to enhance the predictability of its
subsidiaries' cash distributions and mitigate the effect of the
material devaluation recorded by various currencies to the US$.

What Could Change the Rating -- UP

AES' ratings could be upgraded upon an improvement of its parent
only and consolidated key credit metrics, particularly during 2018
such that its POCF to debt and its consolidated FFO to consolidated
indebtedness exceeds 13%, on a sustainable basis. These metrics are
commensurate with the low-end of the guidelines provided for the
Ba-rating category under the Unregulated Utilities and Unregulated
Power Companies Methodology. That said, Moody's acknowledges that
AES' ownership of utilities and reliance of generation assets with
long-term contracts enhance the durability of the group's cash
flows.

What Could Change the Rating -- DOWN

Given AES' positive outlook the prospects of a downgrade of AES'
ratings including its Ba3 CFR are limited. That said, Moody's
perception that management's decisions cease to be evenhanded
between shareholder rewards and balance sheet strengthening
initiatives could result in a stabilization of the outlook and/or
rating downgrade. The outlook will also likely stabilize if AES
fails to report the anticipated improvement in the parent only and
consolidated credit metrics; Specifically, if its 3-year average
POCF to debt and consolidated FFO to debt remain below 12% as well
as if the 3-year parent only Retained Cash flows to standalone debt
falls below 7% for an extended period.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in October
2014. Please see the Ratings Methodologies page on www.moodys.com
for a copy of this methodology.

The AES Corporation is a globally diversified power holding company
that owns a portfolio of electricity generation and distribution
businesses in 18 countries. AES' assets are largely financed on a
non-recourse basis and include a combination of regulated utilities
as well as merchant and contracted generating facilities. In total,
AES has ownership interests in approximately 36,000 MWs of
generating capacity across the globe and serves retail customers
via its distribution subsidiaries in three countries.


AGAP LS 108: Case Summary & 16 Largest Unsecured Creditors
----------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

      Debtor                                     Case No.
      ------                                     --------
      AGAP LS 108, LLC                           16-40529
      10567 Buccaneer Point
      Frisco, TX 75034

      AGAP LS 109, LLC                           16-40530
      10567 Buccaneer Point
      Frisco, TX 75034

       AGAP LS 209, LLC                          16-40531
       10567 Buccaneer Point
       Frisco, TX 75034

       AGAP LS 509, LLC                          16-40532
       10567 Buccaneer Point
       Frisco, TX 75034

Chapter 11 Petition Date: March 25, 2016

Court: United States Bankruptcy Court
       Eastern District of Texas (Sherman)

Judge: Hon. Brenda T. Rhoades

Debtors' Counsel: Joyce W. Lindauer, Esq.
                  JOYCE W. LINDAUER ATTORNEY, PLLC
                  12720 Hillcrest Road, Suite 625
                  Dallas, TX 75230
                  Tel: (972) 503-4033
                  Fax: (972) 503-4034
                  E-mail: joyce@joycelindauer.com

                                       Estimated   Estimated
                                        Assets    Liabilities
                                      ----------  -----------
AGAP LS 108, LLC                      $500K-$1MM   $1MM-$10MM
AGAP LS 109, LLC                      $1MM-$10MM   $1MM-$10MM
AGAP LS 209, LLC                      $100K-$500K  $1MM-$10MM
AGAP LS 509, LLC                      $100K-$500K  $1MM-$10MM

The petitions were signed by Jeffrey Madden, manager.

A list of AGAP LS 108's 16 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40529.pdf

A list of AGAP LS 109's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40530.pdf

A list of AGAP LS 209's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40531.pdf

A list of AGAP LS 509's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/txeb16-40532.pdf


ALAMOS GOLD: Moody's Confirms B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service confirmed Alamos Gold Inc.'s Corporate
Family (CFR) rating at B2, its Probability of Default Rating at
B2-PD and its senior secured notes at B3. The company's speculative
grade liquidity rating was raised to SGL-1 from SGL-2. The rating
outlook is stable. This concludes the review for downgrade
initiated on January 21, 2016.

The confirmation of Alamos Gold's rating is based on an expectation
of continued strong liquidity and credit metrics that will somewhat
improve, which provides an offset to the expectation of continued
negative free cash flow generation assuming a $1100/oz gold price,
said Jamie Koutsoukis, Moody's Vice President, Senior Analyst.

This rating action resolves a rating placed under review pursuant
to Moody's review of the global mining sector, parts of which have
undergone a fundamental downward shift. While gold has not
experienced the same magnitude of recent price reductions seen in
base metals, it is nevertheless a volatile commodity, the price of
which is very hard to predict as it is not driven by normal
industrial supply and demand factors. Moody's expects this price
risk to be tempered with a focus on cost efficiency, prudent
project development and low financial risk, in terms of leverage,
coverage and robust liquidity.

Outlook Actions:

Issuer: Alamos Gold Inc.

-- Outlook, Changed To Stable From Rating Under Review

Confirmations:

Issuer: Alamos Gold Inc.

-- Probability of Default Rating, Confirmed at B2-PD

-- Corporate Family Rating, Confirmed at B2

-- Senior Secured Regular Bond/Debenture, Confirmed at B3(LGD4)

Ratings raised:

Issuer: Alamos Gold Inc.

-- Speculative Grade Liquidity Rating, raised to SGL-1 from SGL-2

RATINGS RATIONALE

Alamos's B2 CFR is driven by its small scale, exposure to the
volatile price of gold, relatively high operating costs,
concentration risks (three operating mines), negative free cash
flow and execution risks associated with the continued development
of Young-Davidson's underground mine. Alamos is expected to
continue to have weak interest coverage and profitability in 2016
with its adjusted EBIT margin expected to be negative and
EBIT/interest expense of about -1.5x. Offsetting some of these
pressures is that Alamos will have low leverage (adjusted debt/
EBITDA) of about 2.5x through 2016, incorporating a $1,100/oz gold
price sensitivity, and its mines are located in stable operating
jurisdictions (Canada and Mexico), where costs are benefiting from
the deprecation of local currencies against the US dollar.

Alamos' liquidity is very good (SGL-1), with cash of $283 million
at Q4/15 , which is ample to fund Moody's estimate of up to $50
million of cash consumption through mid-2017. Alamos has access to
an unused $150 million senior secured revolver (matures 2020) with
good covenant headroom. Most of Alamos' funded debt matures in
2020.

The stable ratings outlook reflects ample liquidity to fund a small
cash flow shortfall, while its credit metrics continue to show
slight improvement.

The CFR could be upgraded to B1 if Alamos achieves greater mine
diversity and is able to sustain an EBIT margin at or above 4.5%
while maintaining leverage below 3.5x .

"A lower rating would result from operating challenges that
significantly impaired our cash flow expectations from the
Young-Davidson or Mulatos mines or if we expected leverage to be
sustained above 5x . Additionally we could downgrade should the
company's liquidity position materially weaken."

Alamos Gold Inc. is headquartered in Toronto, Ontario, with one
mine in Ontario and two mines in Mexico producing about 380,000
ounces of gold annually.


ALERIS INTERNATIONAL: Moody's Lowers CFR to B3, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded Aleris International Inc.'s
Corporate Family Rating and Probability of Default rating to B3 and
B3-PD from B2 and B2-PD respectively.  The senior unsecured notes
were downgraded to Caa2 from B3.  At the same time, Moody's
assigned a B2 rating to the proposed secured notes.  A SGL-3
speculative grade liquidity rating was also assigned.  The outlook
is stable.

The senior secured notes are being issued to complete the tender
offer for the 7 5/8% notes due 2018, which was launched on March
21, 2016.  Upon completion of the tender offer for the 2018 notes,
the Caa2 rating will be withdrawn.

Issuer: Aleris International Inc.

Downgrades:

  Probability of Default Rating, Downgraded to B3-PD from B2-PD

  Corporate Family Rating, Downgraded to B3 from B2

  Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
   (LGD5) from B3 (LGD4)

Assignments:

  Speculative Grade Liquidity Rating, Assigned SGL-3
  Senior Secured Regular Bond/Debenture, Assigned B2 (LGD3)

Outlook Actions:

  Outlook, Remains Stable

                         RATINGS RATIONALE

The downgrade reflects Aleris' weak debt protection metrics and
high leverage as evidenced by the EBIT/interest and debt/EBITDA
ratios of around 0.2x and 8.3x respectively for the twelve months
ended Dec. 31, 2015, following pressure on performance in recent
years from the aerospace inventory overhang, tightened scrap
spreads and other challenges in the company's markets both in North
America and Europe.  While the downward trend in the company's
performance appears to have bottomed, improvement in debt
protection metrics and moderation in the leverage position are
expected to occur only gradually through 2017 and into 2018. Until
then, the company will have high capital expenditures related to
its $400 million investment at its Lewisport, Kentucky facility to
expand its automotive body sheet (ABS) capacity.  The company's
objective is to commence customer shipments in 2017. Given capital
expenditures anticipated, Aleris is expected to have negative free
cash flow in 2016.

The company has customer commitments for greater than 50% of the
ABS capacity being added at Lewisport under long-term agreements
with fixed conversion premiums.  Once completed and ramped up, this
expansion will enhance Aleris' value added product mix in North
America and contribute to a more substantive improvement in
profitability and metrics.  In addition, although Aleris' business
model is a margin on metal construct, the weakening currently seen
in aluminum prices could pressure volumes and scrap spreads.

The rating anticipates that Aleris' performance will continue to
reflect benefits over time from an improving product mix following
the divestiture of its recycling/specification alloys and extrusion
businesses.  In addition, with the completion and ramp up of the
rolling mill in China, performance from this segment will continue
to improve as aerospace qualifications continue to be received and
delivery into this market will increase in 2016, providing further
value added products.  The rating also reflects the company's good
market position and value added capabilities in the aerospace and
automotive industries in its European rolled products segment.

The stable outlook reflects the fact that the company's performance
will show improving, albeit gradual, trends over the next twelve to
eighteen months, on continued good volumes in aerospace and
automotive in the European segment, reduced losses in the Asia
Pacific segment and improving trends in North America.

Under Moody's loss given default methodology, the B2 rating on the
new secured notes reflects their stronger position in the capital
structure provided by the security package, which includes US
plant, property and equipment with the exception of the Lewisport
assets.  The Caa1 rating on the senior unsecured notes methodology
reflects the weaker position of the notes in the liabilities
waterfall behind the $600 million secured asset-based lending
facility, the new secured notes, and priority accounts payable.

The SGL-3 reflects the company's adequate liquidity profile, which
is supported by a $600 million (includes a $300 million European
Revolving Subcommitment) asset backed multli-currency revolving
credit facility (ABL) expiring on June 15, 2020.  At Dec. 31, 2015,
the borrowing base supported roughly $393 million and approximately
$373 million was available after giving consideration to Letters of
Credit issued.  The ABL has a springing maturity to 60 days prior
to the maturity date of each of the 7.625% senior notes (February
15, 2018 -- currently being tendered for) and the 7.875% senior
notes (Nov. 1, 2020). Liquidity is also supported by the company's
$62 million cash position at Dec. 31, 2015.  In addition, the ABS
commitments have an $80 million advance payment component, which
will provide support to the development expenditures at Lewisport.
The company's liquidity position is expected to comfortably cover
the capital requirements.

Upward rating movement is possible if the company can maintain
leverage, as measured be the debt/EBITDA ratio of no more than 5x
and EBIT/interest of at least 2x.  The rating could be downgraded
should debt/EBITDA be sustained above 5.5x.

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

Headquartered in Beachwood, Ohio, Aleris is a global aluminum
rolled products company with operations in North America, Europe
and China.  For the twelve months ended Dec. 31, 2015, the company
reported revenues of $2.9 billion.


ALPHA NATURAL: Holds 1.21% Stake in Rice Energy
-----------------------------------------------
Alpha Natural Resources, Inc. filed a SCHEDULE 13D/A (Amendment No.
8) report with the Securities and Exchange Commission to disclose
that as of March 22, 2016, ANR may be deemed to beneficially own in
the aggregate 1,650,000 shares -- or roughly 1.21% -- of the common
stock of Rice Energy Inc.

ANR said it has sold 350,000 shares of Rice Energy Common Stock,
which deal has not yet settled.

ANR's subsidiary, Foundation PA Coal Company, LLC, directly holds
the 1,650,000 Rice Energy shares.

A copy of the SEC report is available at http://is.gd/g8GMdZ

                   About Alpha Natural Resources

Headquartered in Bristol, Virginia, Alpha Natural --
http://www.alphanr.com/-- is a coal supplier, ranked second   
largest among publicly traded U.S. coal producers as measured by
2014 consolidated revenues of $4.3 billion.  As of August 2015,
Alpha had 8,000 full time employees across many different states,
with UMWA representing 1,000 of the employees.

Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896)
and its affiliates filed separate Chapter 11 bankruptcy petitions
on Aug. 3, 2015, listing $9.9 billion in total assets as of June
30, 2015, and $7.3 billion in total liabilities as of June 30,
2015.  

The petitions were signed by Richard H. Verheij, executive vice
president, general counsel and corporate secretary.

Judge Kevin R. Huennekens presides over the cases.

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

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

Kurtzman Carson Consultants, LLC, is the Debtors' claims and
noticing agent.

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


AMAYA INC: Moody’s Affirms B2 CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed Amaya, Inc.'s and Amaya B.V.'s
(collectively, "Amaya") ratings, including the B2 Corporate Family
rating, and also revised the rating outlook to negative from stable
following public disclosure that the company's Chief Executive
Officer, David Baazov, has been charged with insider trading by
Quebec's securities regulator.

The negative outlook considers Moody's perception of increased
credit risk for Amaya. Moody's believes these civil charges along
with the legal process that follows could negatively affect the
execution of the company's operations and growth strategies,
particularly given that Mr. Baazov is significantly involved in the
development and execution of Amaya's business strategies.
Additionally, the negative outlook also considers the uncertainty
with respect to how the regulators will react to any subsequent
disclosure regarding the insider trading charges.

Amaya Inc. ratings affirmed:

Corporate Family Rating, at B2

Probability of Default Rating, at B2-PD

Speculative Grade Liquidity rating, at SGL-2

Amaya B.V. ratings affirmed:

$100 million first lien revolver due 2019, at B1 (LGD3)

$1.96 billion (USD/EUR) first lien term loan due 2021, at B1
(LGD3)

$800 million second lien term loan due 2022, at Caa1 (LGD6)

Rating outlook to negative from stable.

RATING RATIONALE:

Amaya's B2 Corporate Family Rating considers the company's market
leading position in terms of revenue in online poker, and its
licenses to operate in all major jurisdictions where online poker
has been legalized. The ratings are also supported by the company's
good liquidity profile and relatively high EBITDA margins at over
30%. The B2 Corporate Family Rating also considers that Moody's is
not aware of anything in the company's debt agreements that would
trigger a change in control or an event of default resulting from
Mr. Baazov either voluntarily or involuntarily leaving his position
on a permanent or temporary basis.

To the extent the insider investigation charges and investigation
matter is resolved with limited or manageable implications to
Amaya's operations and financial profile, the outlook could be
revised back to stable. Upward rating triggers in place remain the
same: the company is able to achieve and maintain debt/EBITDA at or
below 4.5 times. Conversely, Amaya's ratings could be downgraded if
Moody's perceives a higher risk arising from the charges and
investigations that would weaken the company's business profile,
liquidity, financial profile and/or access to capital. Downward
rating triggers already in place remain the same: debt/EBITDA above
6.5 times, EBIT/interest below 2.0 times, and/or inability to
reduce leverage or accumulate cash for the purpose of meeting its
deferred payment obligation of up to $400 million, under certain
conditions, to the sellers of OGL.

Amaya (TSX and NASDAQ: AYA) provides products, services and systems
to online gaming operators. The company owns and operates the Poker
Stars and Full Tilt Poker online poker brands. Revenue for the
fiscal year-ended December 31, 2015 was about CA$1.4 billion.


AMC NETWORKS: Moody's Rates New Unsecured Notes Due 2024 'Ba3'
--------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to AMC Networks
Inc.'s proposed senior unsecured notes due 2024. The Notes will be
guaranteed on a senior unsecured basis by AMC's existing and future
domestic restricted subsidiaries and will be subordinated to the
company's senior secured credit facility. The notes rank pari passu
with the company's existing senior unsecured notes, which include
$600 million 4.75% notes due 2022 and $700 million 7.75% notes due
2021. The new debt issuance will not impact the Ba2 Corporate
Family rating, Ba2-PD Probability of Default rating, Baa3 rating on
the senior secured credit facility or the SGL-2 Speculative Grade
Liquidity rating. The rating outlook for AMC is stable.

Assignments:

Issuer: AMC Networks Inc.

-- Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD5)

RATINGS RATIONALE

"Concurrently, the company also commenced a tender offer to
purchase its $700 million 7.75% notes due 2021. Proceeds from the
new debt offering will be used to fund the tender offer and for
general corporate purposes. We believe the company is taking
advantage of the interest rate environment to lock-in long term
financing at attractive coupons and bolster its liquidity position.
Moody's expects the transaction will be essentially leverage
neutral and thereby will not materially impact AMC's debt-to-EBITDA
ratio, which stood at 3.5x (incorporating Moody's standard
adjustments) at 12/31/2015."

With its headquarters in New York, New York, AMC Networks Inc.
supplies television programming to pay-TV service providers
throughout the United States. Revenues for the year ended
12/31/2015 were approximately $2.6 billion.


AMERICAN HOSPICE: April 1 Meeting Set to Form Creditors' Panel
--------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on April 1, 2016, at 10:00 a.m. in the
bankruptcy case of American Hospice Management Holdings, LLC, et
al.

The meeting will be held at:

         J. Caleb Boggs Federal Building
         844 King St., Room 2112
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it represents.


AMERICAN MEDIA: S&P Lowers Corporate Credit Rating to 'SD'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its
corporate credit rating on Boca Raton, Fla.-based American Media
Inc. to 'SD' (selective default) from 'CCC+'.

At the same time, S&P lowered its issue-level rating on the
company's 11.5% senior notes due December 2017 to 'D' from 'CCC+'.
The recovery rating on the notes remains '4', indicating S&P's
expectation for average recovery (30%-50%; upper half of the range)
of principal in the event of a payment default.

The downgrades follow American Media's announcement that it has
completed an exchange of $58.9 million of its existing 11.5%
first-lien senior secured notes due 2017 for $78 million 7% senior
secured second-lien notes due 2020.  Concurrent with the exchange,
the company issued and distributed about $83.5 million of
additional second-lien notes to equity holders.

"We view the exchange as distressed (and tantamount to a default,
based on our criteria), rather than purely opportunistic, given the
challenging environment American Media operates in, the company's
meaningful upcoming debt maturities in 2017, and our view that the
company could enter into a debt for equity exchange of its
second-lien notes as a way to reduce debt leverage and address
upcoming maturities," said Standard & Poor's credit analyst Scott
Zari.  "Additionally, we believe that investors received less than
what was promised on the original securities." As a result of the
exchange, the senior secured noteholders received new securities
that rank junior in terms of the value of collateral, with diluted
recoveries (due to the additional second-lien note issuance and
distribution) and delayed payments (due to the maturity extension
and lower cash interest payments).

S&P expects to review its ratings on American Media over the next
two weeks.  Given S&P's view that the company could enter into
further debt exchanges, it expects that the corporate credit rating
will be in the 'CCC' category.  S&P's analysis will incorporate the
company's stable and improving operating performance, its
higher-than-expected debt leverage and lower-than-expected cash
flow, the first-lien senior secured notes reduction and the
improved recovery prospects for noteholders, and the challenging
industry fundamentals.


AP GROUP: Case Summary & Unsecured Creditor
-------------------------------------------
Debtor: AP Group, L.L.C.
           dba Sleep Inn & Suites
        6405 Landmark Drive
        Alexandria, LA 71301

Case No.: 16-80343

Chapter 11 Petition Date: March 26, 2016

Court: United States Bankruptcy Court
       Western District of Louisiana (Alexandria)

Judge: Hon. John W. Kolwe

Debtor's Counsel: Thomas R. Willson, Esq.
                  P. O. Drawer 1630
                  Alexandria, LA 71309-1630
                  Tel: (318) 442-8658
                  Fax: 318-442-9637
                  E-mail: rocky@rockywillsonlaw.com

Total Assets: $2.39 million

Total Liabilities: $2.01 million

The petition was signed by Jaydev Sachania, manager.

The Debtor listed Clear Channel Outdoor, Inc. as its largest
unsecured creditor holding a claim of $20,000.

A full-text copy of the petition is available at no charge at:

          http://bankrupt.com/misc/lawb16-80343.pdf


ARCH COAL: Court Enters Revised Order on Prime Clerk Hiring
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri has
entered an amended order authorizing the application of Arch Coal
to employ Prime Clerk as its Notice,  Claims and Solicitation
Agent.

The Amended Order is eight pages long.  Among other things, it
provides that:

     -- Prime Clerk is authorized to receive, maintain, record, and
otherwise administer the proofs of claim filed in these Chapter 11
cases, and to perform all related tasks as described in this Order
and in any non-conflicting provisions of the Application and the
Services Agreement.  Those tasks include, not are not limited to,
noticing, claims processing, solicitation, and administrative
services, as the Debtors and the Clerk may request from time to
time and that are not inconsistent with the terms of this Order.
Those tasks also include regularly reviewing the electronic docket
sheet to obtain all proofs of claim that may be filed on the docket
and including those claims in the Court's proofs of claim
registers.  

     -- Prime Clerk shall not unilaterally remove or alter any
incorrect names or addresses from the claims register or mailing
lists.  Prime Clerk shall file with the Court an updated creditor
matrix along with a memorandum describing the change(s) in
accordance with Local Rule of Bankruptcy Procedure 1009 and pay any
requisite fee.

     -- Prime Clerk will serve as a custodian pro tempore of the
proofs of claim filed in these Cases and of the Court's proof of
claim register.  In its capacity as custodian pro tempore, Prime
Clerk is designated as the authorized repository for all proofs of
claim filed with the Court in these Cases, and is authorized and
directed to maintain the Court's official proofs of claim registers
for each of the Debtors on behalf of the Court.  

     -- Notwithstanding Prime Clerk's service as a custodian pro
tempore, the Clerk of the Court shall at all times remain the
permanent custodian of the proofs of claim filed in these Cases and
of the Court's proofs of claim registers in these Cases, even as
those records and those registers are held and maintained by Prime
Clerk.  Prime Clerk shall forthwith provide the Clerk with any
original Court document or any certified duplicate of a Court
document that it may have, upon the request of the Clerk for such
original document or such certified duplicate.  Nothing limits the
authority of the Clerk in managing the records of the Court.   

     -- Pursuant to Sec. 105(a) of the Bankruptcy Code, the Court
may set a status conference at any time, to discuss or review the
operations of Prime Clerk in connection with this Order and to
address any matters regarding the Court's records and the proofs of
claim register.  The Court may issue additional or supplemental
orders as necessary and appropriate.

     -- All transfers of claim shall be filed with the Clerk.  Any
and all transfers of claim and accompanying filing fees received by
Prime Clerk shall be filed with and paid to the Clerk.

     -- If these Cases convert to cases under chapter 7 of the
Bankruptcy Code, Prime Clerk will continue to be paid for its
services until the claims filed in the chapter 11 cases have been
completely processed, at which time Prime Clerk will cooperate with
the Clerk to turn over any reasonably requested materials to the
Clerk or a new claims agent; if a claims agent representation is
necessary in the converted chapter 7 cases, Prime Clerk will
continue to be paid in accordance with section 156(c) of title 28
of the United States Code under the terms set forth in the Services
Agreement and this Order.

     -- Prime Clerk shall not cease providing claims processing
services during the Cases for any reason, including for nonpayment,
and shall not be relieved of its engagement or its service as a
custodian pro tempore, without an order of this Court.

     -- The Debtors shall not be authorized to terminate Prime
Clerk's services, nor shall Prime Clerk withdraw from the
engagement, without an order of the Court (which may be sought by
Prime Clerk on expedited notice by filing a request with the Court
with notice of such request to be provided by overnight or
facsimile delivery to the Debtors, the Office of United States
Trustee and counsel to any official committee of creditors
appointed in these cases); provided, however, that Prime Clerk
shall be compensated for any unpaid fees and expenses in accordance
with the terms of the Services Agreement and this Order; provided,
further, that the foregoing does not obligate a successor trustee
to utilize Prime Clerk's services.

     -- The indemnification provisions in Section 9 of the Services
Agreement are approved, subject to these clarifications:

        (a) Prime Clerk shall not be entitled to indemnification,
contribution or reimbursement for services other than the services
to be provided under the Services Agreement, the Application and
this Order, unless such additional services and the
indemnification, contribution or reimbursement therefor are
approved by the Court;

        (b) Notwithstanding anything to the contrary in the
Services Agreement, the Debtors shall have no obligation to
indemnify any person, or provide contribution or reimbursement to
any person, for any claim or expense that is either (i) judicially
determined (the determination having become final and no longer
subject to appeal) to have arisen from Prime Clerk's bad-faith,
self-dealing, breach of fiduciary duty (if any), negligence, gross
negligence, fraud or willful misconduct; (ii) for a contractual
dispute in which the Debtors allege breach of Prime Clerk's
contractual obligations under the Services Agreement unless the
Court determines that indemnification, contribution or
reimbursement would be permissible pursuant to In re United Artists
Theatre Co., 315 F.3d 217 (3d Cir. 2003); or (iii) settled prior to
a judicial determination as to the exclusions set forth in clauses
(i) and (ii) above, but determined by this Court, after notice and
a hearing, to be a claim or expense for which that person should
not receive indemnity, contribution or reimbursement under the
terms of the Services Agreement as modified by the Application and
Order;  

        (c) If, before the earlier of (i) the entry of an order
confirming a chapter 11 plan in these cases (that order having
become a final order no longer subject to appeal) and (ii) the
entry of an order closing these chapter 11 cases, Prime Clerk
believes that it is entitled to the payment of any amounts by the
Debtors on account of the Debtors' indemnification, contribution
and/or reimbursement obligations under the Services Agreement (as
modified by this Order), including without limitation the
advancement of defense costs, Prime Clerk must file an application
before this Court, and the Debtors may not pay any such amounts
before the entry of an order by this Court approving the payment.
This subparagraph (c) is intended only to specify the period of
time under which the Court shall have jurisdiction over any request
for payment related to indemnification, contribution or
reimbursement, and not a provision limiting the duration of the
Debtors' obligation to indemnify Prime Clerk; and

        (d) If Prime Clerk seeks reimbursement from the Debtors for
attorneys' fees and expenses in connection with the payment of an
indemnity claim pursuant to the Application and/or Services
Agreement, the invoices and supporting time records for the
attorneys' fees and expenses shall be included in Prime Clerk's own
applications, both interim and final, but determined by this Court
after notice and a hearing. 26. In the event Prime Clerk is unable
to provide the services set forth in this Order, Prime Clerk will
immediately notify the Court, the Clerk, and counsel to the Debtors
and, upon approval of the Court, cause to have all original proofs
of claim and computer information turned over to another notice,
claims and solicitation agent, as directed by the Court.

As reported by the Troubled Company Reporter, Arch Coal, Inc., et
al., sought and obtained permission from the Hon. Charles E.
Rendlen, III of the U.S. Bankruptcy Court for the Eastern District
of Missouri to employ Prime Clerk LLC as notice, claims and
solicitation agent, nunc pro tunc to the January 11, 2016.

The Debtors require Prime Clerk to:

   (a) prepare and serve required notices and documents in these
       chapter 11 cases in accordance with the Bankruptcy Code and

       the Bankruptcy Rules in the form and manner directed by the

       Debtors and/or the Court, including (i) notice of the
       commencement of these chapter 11 cases and the initial
       meeting of creditors under section 341(a) of the Bankruptcy

       Code, (ii) notice of any claims bar date, (iii) notices of
       objections to claims and objections to transfers of claims,

       (iv) notices of hearings on motions filed by the Office of
       the United States Trustee for the Eastern District of
       Missouri, (v) notices of transfers of claims, (vi) notices
       of any hearings on a disclosure statement and confirmation
       of the Debtors' plan or plans of reorganization, including
       under Bankruptcy Rule 3017(d), (vii) notice of the
       effective date of any plan and (viii) all other notices,
       orders, pleadings, publications or other documents as the
       Debtors or Court may deem necessary or appropriate for an
       orderly administration of these chapter 11 cases.

   (b) maintain an official copy of the Debtors' schedules of
       assets and liabilities and statements of financial affairs,

       listing the Debtors' known creditors and amounts owed
       thereto;

   (c) maintain (i) a list of all potential creditors, equity
       holders and other parties in interest and (ii) a "core"
       mailing list consisting of all parties described in
       Bankruptcy Rule 2002(i), (j) and (k) and those parties that

       have filed a notice of appearance pursuant to Bankruptcy
       Rule 9010 and updating and making said lists available upon

       request by a party in interest or the Clerk;

   (d) furnish a notice to all potential creditors of the last
       date for filing proofs of claim and a form for filing a
       proof of claim, after such notice and form are approved by
       the Court, and notifying the said potential creditors of
       the existence, amount and classification of their
       respective claims as set forth in the Schedules, which may
       be effected by inclusion of such information on a
       customized proof of claim form provided to potential
       creditors;

   (e) maintain a post office box or address for the purpose of
       receiving claims and returned mail and processing all mail
       received;

   (f) for all notices, motions, orders or other pleadings or
       documents served, preparing and filing or causing to be
       filed with the Clerk an affidavit or certificate of service
       within 7 business days of service which includes (i)
       either a copy of the notice served or the docket number(s)
       and title(s) of the pleading(s) served, (ii) a list of
       persons to whom it was mailed (in alphabetical order) with
       their addresses, (iii) the manner of service and (iv) the
       date served;

   (g) process all proof of claims received, including those
       received by the Clerk, checking said processing for
       accuracy and maintaining the original proofs of claim in a
       secure area;

   (h) maintain a claims register for each Debtor, providing the
       Clerk with certified, duplicate Claims Registers and
       specifying in the Claims Registers the following
       information for each claim docketed: (i) the claim number
       assigned, (ii) the date received, (iii) the name and
       address of the claimant and agent, if applicable, who filed

       the claim, (iv) the amount asserted, (v) the asserted
       classifications of the claim, (vi) the applicable
       Debtor and (vii) any disposition of the claim;

   (i) record all transfers of claims and providing any notices
       of such transfers as required by Bankruptcy Rule 3001(e);

   (j) relocate, by messenger or overnight delivery, all of the
       court-filed proofs of claim to the offices of Prime Clerk,
       not less than weekly;

   (k) upon completion of the docketing process for all claims
       received to date for each case, turning over to the Clerk
       copies of the Claims Registers for the Clerk's review;

   (l) monitor the Court's docket for all notices of appearance,
       address changes and claims-related pleadings and orders
       filed and making necessary notations on and/or changes to
       the claims register and any service or mailing lists,
       including to identify and eliminate duplicative names and
       addresses from such lists;

   (m) identify and correct any incomplete or incorrect
       addresses in any mailing or service lists;

   (n) assist in the dissemination of information to the public
       and responding to requests for the administrative
       information regarding these chapter 11 cases as directed by
       the Debtors or the Court, including through the use of a
       case website and/or call center;

   (o) if these chapter 11 cases are converted to cases under
       chapter 7 of the Bankruptcy Code, contacting the Clerk's
       office within 3 days of notice to Prime Clerk of entry of
       the order converting the cases;

   (p) 30 days prior to the close of these chapter 11 cases,
       to the extent practicable, requesting that the Debtors
       submit to the Court a proposed order dismissing Prime Clerk

       as Notice, Claims and Solicitation Agent and terminating
       its services in such capacity upon completion of its duties

       and responsibilities and upon the closing of these chapter
       11 cases;

   (q) within 7 days of notice to Prime Clerk of entry of an order

       closing these chapter 11 cases, providing to the Court the
       final version of the Claims Registers as of the date
       immediately before the close of the chapter 11 cases;

   (r) at the close of these chapter 11 cases, boxing and
       transporting all original documents, in proper format, as
       provided by the Clerk's office, to (i) the Federal
       Archives Record Administration, located at Central Plains
       Region, 200 Space Center Drive, Lee's Summit, MO 64064 or
       (ii) any other location requested by the Clerk's office;

   (s) assist with, among other things, solicitation, balloting
       and tabulation of votes, and prepare any related reports,
       as required in support of confirmation of a chapter 11
       plan, and in connection with such services, processing
       requests for documents from parties in interest, including,

       if applicable, brokerage firms, bank back-offices and
       institutional holders;

   (t) prepare an official ballot certification and, if necessary,
       testifying in support of the ballot tabulation results;

   (u) assist with the preparation of the Debtors' schedules of
       assets and liabilities and statements of financial affairs
       and gathering data in conjunction therewith;

   (v) provide a confidential data room, if requested;

   (w) manage and coordinate any distributions pursuant to a
       chapter 11 plan; and

   (x) provide such other claims processing, noticing, plan
       solicitation and related administrative services as may be
       requested from time to time by the Debtors.

The Debtors  submit that the fees and expenses incurred by Prime
Clerk are administrative in nature and, therefore, should not be
subject to the standard fee application procedures for
professionals.

Prime Clerk shall maintain records of all services showing dates,
categories of services, fees charged and expenses incurred, and
shall file with the Court monthly invoices, and serve such monthly
invoices upon the Debtors, the Office of the U.S. Trustee, counsel
to the Debtors, counsel to any official committee monitoring the
expenses of the Debtors and any party-in-interest who specifically
requests service of the monthly invoices.

Prior to the Petition Date, the Debtors provided Prime Clerk with a
retainer in the amount of $75,000.

Michael J. Frishberg, co-president and chief operating officer of
Prime Clerk, 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.

Prime Clerk can be reached at:

       Shai Waisman
       PRIME CLERK LLC
       830 3rd Avenue, 9th Floor
       New York, NY 10022
       Tel: (212) 257-5450
       E-mail: swaisman@primeclerk.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 Debts
of $6.45 billion.  Judge Charles E. Rendlen III has been assigned
the case.

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


ARCH COAL: Creditors' Panel Hires Berkeley as Financial Advisor
----------------------------------------------------------------
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 Berkeley Research Group, LLC
as financial advisor to the Committee, nunc pro tunc to January 27,
2016.

The Committee requires Berkeley to:

   (a) examine the Debtors' investment accounts, bank accounts
       and other liquid assets for proper lien perfection;

   (b) validate the treasury system and reported balances as of
       the Debtors' bankruptcy filing date and selected periods
       prior to the filing; and

   (c) provide expert testimony and litigation/forensic work.

The hourly rates for Berkeley professionals anticipated to be
assigned to the Debtors' case are Edwin N. Ordway, Jr. ($940),
Christopher J. Kearns ($940), Peter Chadwick ($875), Joseph Vizzini
($665), and Sarah Holko ($275).

The current standard hourly rates for Berkeley personnel for the
year 2016 are:

       Managing Directors             $650-$940
       Staff                          $250-$650
       Support staff                  $125-$250

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

Peter C. Chadwick, managing director and a partner of Berkeley,
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.

Berkeley can be reached at:

       Peter C. Chadwick
       BERKELEY RESEARCH GROUP, LLC
       1800 M Street Northwest, Suite 200
       Washington, DC 20036
       Tel: (202) 909-2800
       Fax: (816) 474-3216
       E-mail: pchadwick@thinkbrg.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.

An Official Committee of Unsecured Creditors has been appointed in
the case.  The Committee has retained Kramer Levin Naftalis &
Frankel LLP as counsel; Spencer Fane LLP as local counsel; Berkeley
Research Group, LLC as financial advisor; Jefferies LLC as
investment banker; and Blackacre LLC as coal consultant.


AXION INTERNATIONAL: Community Bank Loses Bid for Standing to Sue
-----------------------------------------------------------------
Community Bank failed to convince the U.S. Bankruptcy Court for the
District of Delaware to grant it standing and authority to
commence, prosecute, settle and recover certain causes of action on
behalf of Debtors Axion International, Inc., et. al.'s estates.

"For the reasons set forth on the record at the hearing, [Community
Bank's] Motion is denied," Judge Christopher Sontchi said.

Community Bank is a substantial creditor of the Debtors' estates.
The Debtors granted security interests to Community Bank, evidenced
by Security Agreements and by UCC Filings in Ohio, Texas and
Delaware.  As of Jan. 29, 2016, the balance due on the Debtors'
loan was $4,471,137.

As reported by the Troubled Company Reporter, Community Bank
alleges that the Debtors have grossly mismanaged their assets, and
that the Debtors, as debtors-in-possession, actually sold assets
after the Petition Date without notice or Court approval.  It
further alleges that the Debtors' conduct has not only impaired
Community Bank's collateral and thus its claims, it has and will
materially affect the claims of all general unsecured creditors.

Community Bank relates that the Debtors filed their Bid Procedures
Motion on Dec. 2, 2015, where an entity controlled by investor
Allen Krondstadt, as stalking horse bidder, sought to use Mr.
Krondstadt's loans to acquire substantially all of the Debtors
assets. It further relates that the Official Committee of Unsecured
Creditor's Standing Motion, details numerous issues with liens and
claims of Mr. Krondstadt, and the Debtors' conduct related to
assets and equipment.  Community Bank notes that the Court granted
the Committee Standing Motion and stated that the allegations made
by the Official Committee are colorable claims for the
recharacterization of the debt, as well as for equitable
subordination.

Community Bank relates that it has direct prepetition and
post-petition claims against the Debtors, Mr. Kronstadt and current
and former officers and directors of the Debtors.  Community Bank
further relates that it also has direct claims that assets in the
Debtors' possession -- which the Debtors believe are securing
claims of Mr. Kronstadt and the DIP Lender -- are actually
Community Bank Collateral.  Community Bank believes the conduct of
Mr. Kronstadt and the DIP Lender, warrant granting a creditor --
Community Bank -- standing to pursue claims on behalf of the estate
challenging and subordinating or recharacterizing the claims of Mr.
Kronstadt and entities he controls.

The Creditors Committee has informed the Court that it will not
bring its claims against Mr. Krondstadt, deciding instead to
support a plan of reorganization that will release Mr. Krondstadt
and provide limited funds to general unsecured creditors. Community
Bank contends that it wants to bring the claims the Court granted
the Committee standing to pursue.

After extended hearings, the Court granted the Committee standing
to sue in open court at the hearing on Feb. 12, 2016.  It entered a
written Order granting the motion
on Feb. 24, 2016, and another written order extending the deadline
by which the Committee had to commence suit to May 11, 2016.  

At the Feb. 26 hearing, the Committee, the Debtors and Mr.
Kronstadt advised the Court that they reached a tentative global
settlement, and will be pursuing resolution
through a jointly sponsored plan of liquidation.  The Global
Settlement includes settlement of the Lien Challenge.  On March 7,
the Debtors, together with the Committee, Mr. Kronstadt, and
Plastic Ties filed the Joint Plan and Disclosure Statement.  The
Plan proposes a May 9 effective date.

The Debtors, the Committee and Mr. Kronstadt and Plastic Ties
Financing, LLC have objected to Community Bank's request.

The Debtors argued that, as part of the global settlement among the
Debtors, the Committee and the Kronstadt Parties, the Committee has
resolved the Lien Challenge -- pending confirmation of the Debtors'
Plan -- and Community Bank is bound by the Committee's resolution
of those claims.  The Debtors also pointed out that standing with
respect to the Lien Challenge is the exclusive right of the
Committee to the exclusion of all other creditors, including
interference by Community Bank.

The Debtors also noted that the sale of surplus equipment, which
occured postpetition but was in the ordinary course of business,
did not involve the sale of Community Bank's collateral.  They
explained that the purported "missing" Community Bank Collateral is
either (i) equipment that Community Bank first sold to a third
party and then later fraudulently "re-sold" by misrepresentation to
the Debtors; (ii) equipment that is still, actually, located at the
Debtors' facilities, or (iii) surplus equipment and scrap that were
sold in the ordinary course and which Community Bank was previously
aware.

Mr. Kronstadt echoed the Debtors' arguments.  "There is nothing for
which the Community Bank can obtain standing to pursue. Taking it
at its word, the Community Bank asks for standing to pursue the
exact same estate claims and causes of action that the Official
Committee of Unsecured Creditors was granted standing to pursue by
the Court's orders. . . .  Such claims and causes of action have
been settled by the Committee, the Debtors, Kronstadt and the DIP
Lender subject to Court approval. Thus, there is nothing for the
Community Bank to pursue and no standing that can, or should, be
given to the Community Bank," said Mr. Kronstadt.  He also argued
that Community Bank did not timely file the Standing Motion.

The Committee also contended that Community Bank is precluded from
seeking standing because the Committee has exclusive standing and
is actively pursuing the Claims.

                    About Axion International

Axion International, Inc., et al., manufacture, market and sell
structural products and building materials, with an emphasis on
railroad ties and construction mats. As of Dec. 2, 2015, Axion had
70 employees.

Axion International Holdings, Inc., is a publicly-traded company
(AXIH), organized under Colorado law, with executive offices
located in Zanesville, Ohio.  As of the Petition Date, Holdings
had
54,121,611 shares of common stock, par value $0.016 per share,
traded on the OTCC Bulletin Board.

Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-12415) on Dec. 2, 2015.

The petitions were signed by Donald W. Fallon, the CFO and
treasurer.  Judge Christopher S. Sontchi has been assigned to the
cases.

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

The Debtors tapped Bayard, P.A., as counsel.  Greenberg Traurig LLP
serves as special counsel.  Epiq Bankruptcy Solutions, LLC serves
as the Debtors' claims and noticing agent.

The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esquire., at the Law Offices of Sandra Mayerson.

Community Bank is represented by Christopher P. Simon, Esq., and
Kevin S. Mann, Esq., at Cross & Simon, LLC.


AXION INTERNATIONAL: Court Rejects Community Bank's Discovery Bid
-----------------------------------------------------------------
Judge Christopher Sontchi denied the request of Community Bank to
conduct Rule 2004 examination of Axion International, Inc.

Community Bank also filed a motion to conduct Rule 2004 examination
of Allen Kronstadt.  No ruling has been made on this request.

"For the reasons set forth on the record at the Hearing, the Motion
is DENIED," Judge Sontchi said in a March 21 order.

Community Bank said, "With the Debtors' proposed sale of
substantially all of their assets to Mr. Kronstadt via a credit
bid, it is imperative that Community Bank be allowed to investigate
whether its liens extend to assets of the Debtors not specifically
listed in the Security Agreements but described thereby, what
assets of the Debtors are subject to the liens of Mr. Kronstadt,
and whether the Debtors plan to permit Mr. Kronstadt to credit bid
on assets which are unencumbered or subject to the liens of other
parties, including Community Bank."

"The discovery sought by Community Bank is necessary in order for
it to investigate the nature, extent and priority of its claims and
security interests and the alleged claims of Mr. Kronstadt and
whether Mr. Kronstadt's claims and interests are subject to
equitable subordination, reclassification, or other relief.
Clearly, this investigation could impact how Community Bank and Mr.
Kronstadt's claims are treated under any plan put forth in this
case."

The Committee Bank also argued that "Mr. Kronstadt has or should
have information that is vital to Community Bank's investigation of
the assets subject to its liens and the assets subject to the
alleged liens of Mr. Kronstadt. Mr. Kronstadt is not an
arms-length, unrelated lender with limited information about these
Debtors. On the contrary, Mr. Kronstadt is an insider of the
Debtors who exerted considerable control over the Debtors prior to
the Petition Date."

Mr. Kronstadt, however, debunked the Bank's allegations and called
the Bank's request a "fishing expedition".

"Kronstadt is not an insider of the Debtors and did not exercise
control of the Debtors pre-petition.  Although Kronstadt at one
time owned equity in the Debtors and sat on the Debtors' board of
directors, he relinquished al of his equity interests pre-petition
(except for a small amount held in a family trust) and resigned
from the board in June 2015. He is not a director of the Debtors,
nor is he, nor has he ever been, an officer or a "person in
control" of the Debtors," he said in response to the Rule 2004
Motion.

Mr. Kronstadt said the proposed discovery is "nothing more than
harassment and, in light of the incredible overbreadth of the
Community Bank discovery requests as applied to Kronstadt, and the
duplication of the Community Bank's discovery program as between
the Debtors and Kronstadt, overly burdensome. Read literally, the
Community Bank discovery arguably requests production of every
single communication and piece of paper Kronstadt ever received or
sent over the entirety of his relationship with the Debtors,
regardless of the subject matter or whether such discovery more
appropriately should be directed to the Debtors."

The Debtors and the Committee objected to both of the Bank's
discovery motions.  The Debtors, among other things, said Community
Bank's Rule 2004 Motion as to Kronstadt has exceptionally broad,
overlapping document production requests with the Bank's Rule 2004
Motion with respect to the Debtors.

The Committee also weighed in on the Bank's requests.  "Requiring
Community Bank to abide by the Formal Discovery Rules, as it should
have followed at the outset, is not unduly burdensome to Community
Bank. In this regard, the Committee notes that the Debtors have
already abided by the Formal Discovery Rules and noticed a
deposition of Community Bank under F.R.C.P. 30(b)(6) (see Dkt. No.
279) and served written discovery (Dkt. No. 279). Community Bank
could have easily done the same rather than over reach and
unnecessarily clutter the docket. The Committee favors a formal
discovery process that will provide for an orderly and uniform
schedule regarding the pending contested matters and the Committee
submits that such a formal process for discovery may assist the
parties and the Court," the Committee said.

                     About Axion International

Axion International, Inc., et al., manufacture, market and sell
structural products and building materials, with an emphasis on
railroad ties and construction mats. As of Dec. 2, 2015, Axion had
70 employees.

Axion International Holdings, Inc., is a publicly-traded company
(AXIH), organized under Colorado law, with executive offices
located in Zanesville, Ohio.  As of the Petition Date, Holdings
had
54,121,611 shares of common stock, par value $0.016 per share,
traded on the OTCC Bulletin Board.

Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-12415) on Dec. 2, 2015.

The petitions were signed by Donald W. Fallon, the CFO and
treasurer.  Judge Christopher S. Sontchi has been assigned to the
cases.

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

The Debtors tapped Bayard, P.A., as counsel.  Greenberg Traurig
LLP
serves as special counsel.  Epiq Bankruptcy Solutions, LLC serves
as the Debtors' claims and noticing agent.

The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esquire., at the Law Offices of Sandra Mayerson.

Community Bank is represented by Christopher P. Simon, Esq., and
Kevin S. Mann, Esq., at Cross & Simon, LLC.


AXION INTERNATIONAL: Gordian Approved as Investment Banker
----------------------------------------------------------
Axion International, Inc., and its debtor-affiliates; and Gordian
Group LLC have entered into a revised engagement agreement to clear
hurdles raised by the Official Committee of Unsecured Creditors and
Community Bank in their objections to the hiring.

Subsequently, the Bankruptcy Court gave the Debtors the green light
to employ Gordian effective as of Jan. 20, 2016.

The letter agreement between the Debtors and Gordian dated Feb. 16,
and filed with the Court on Feb. 19, supersedes their agreement
dated Jan. 20, 2016.


Pursuant to the Feb. 16 letter agreement, Gordian is hired as the
Debtors' exclusive investment banker to provide financial advisory
and investment banking services to the Debtors in connection with a
possible Financial Transaction (which shall mean Financial
Transaction as defined in the Engagement Letter plus,
disjunctively, a plan of reorganization or liquidation for one or
more of the Debtors, a liquidation for one or more of the Debtors
not contained in a plan of reorganization under title 11 of the
United States Code, a structured dismissal, or a resolution of a
negotiated settlement among all or a significant number of the
major parties in interest in the Debtors' bankruptcy cases, whether
effectuated in a bankruptcy case or outside a bankruptcy case for
one or more of the Debtors).

The provision about Gordian assisting the Debtors in exploring a
possible sale or series of sales in bankruptcy of all or
substantially all of the assets and/or securities of the Debtors
and/or one or more of their respective businesses, was removed.

For Gordian's Services in connection with the Re-Engagement, the
Debtors will pay the firm a nonrefundable cash fee of $250,000.

A copy of the letter agreement is available at:

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

The Court's order provides that Gordian will waive all prepetition
claims against the Debtor.  Any claims of Gordian scheduled by the
Debtors are deemed disallowed.

According to the Committee, Gordian is the holder of a substantial
prepetition general unsecured claim in the case, and -- through the
guise of a "re-engagement" -- the amount it is owed for prepetition
services would be paid immediately upon the approval of its
retention, upfront and before the rendering of any additional
postpetition services, while all the other general unsecured
creditors are not guaranteed to receive anything upon their
claims.

Community Bank objected to the Debtors' application complaining
that the Debtors had not demonstrated that they have or will
adequately market the Debtors' assets for sale.  Moreover, the
Debtors were unable to demonstrate that the retention of Gordian is
necessary or beneficial to the estates.  Finally, the bank
complains that Gordian is not "disinterested."

According to Community Bank, as of Jan. 29, 2016, the balance due
on the notes was $4,471,136.  There is a combined total of at least
$10,000 in late fees.  Interest continues to accrue at a rate of
$519.57 ($404.44 on loan #374 and $115.13 on loan #398) per day.
The Debtors have made no payments to Community Bank since well
before the Petition Date and there is no indication that they
intend to make payments to Community Bank during the cases.

Pursuant to the application filed on Jan. 26, Gordian will, among
other things:

   a. advise and assist the Debtors regarding any potential sale
transaction, including identifying and contacting potential parties
for any such sale transaction;

   b. assist with making presentations to the Debtors' board of
directors, their secured creditors and their unsecured creditors
committee regarding any potential sale transaction, its
participating parties or other financial issues related thereto;

   c. provide testimony before the Court relating to the services
performed in connection with a sale transaction as to which Court
approval may be sought.

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

                          About Axion

Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Proposed Lead Case No. 15-12415) on
Dec. 2, 2015.  The petition was signed by Donald W. Fallon as chief
financial officer and treasurer.  The Debtors estimated both assets
and liabilities in the range of $10 million to $50 million.
Bayard, P.A. represents and Debtors as counsel.  Epiq Bankruptcy
Solutions, LLC serves as the Debtors' claims and noticing agent.
Judge Christopher S. Sontchi has been assigned the case.

The Debtors manufacture, market and sell structural products and
building materials, with an emphasis on railroad ties and
construction mats.

As of the Petition Date, the Debtors employ approximately 70
employees.

The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esquire., at the Law Offices of Sandra Mayerson.  EisnerAmper LLP
serves as its financial advisor.

Community Bank is represented by Kevin S. Mann, Esq., and
Christopher P. Simon, Esq., at Cross & Simon, LLC.


AXION INTERNATIONAL: May 9 Hearing on Bank's Ch. 7 Conversion Bid
-----------------------------------------------------------------
The hearing on Community Bank's request for the U.S. Bankruptcy
Court for the District of Delaware to convert the Chapter 11 cases
of Axion International, Inc., et al., to Chapter 7 cases has been
moved to May 9, 2016, at 10:00 a.m.  Objections are due April 29.

A hearing on Community Bank's motion was originally scheduled for
April 4, 2016 at 10:00 a.m., and objections were due March 28.

Community Bank relates that the record in the cases shows the
Debtors have, since the Petition Date, disregarded properly
conducted chapter 11 cases, and shirked fiduciary duties owed by
debtors-in-possession.  Community Bank further relates that in
numerous pleadings and evidentiary hearings in the  Court, the
Official Committee of Unsecured Creditors and other parties have
repeatedly exposed misconduct by the Debtors.

Community Bank tells the Court that it has discovered by its own
investigation that the Debtors engaged in the improper sale of
assets before the Petition Date, in abject disregard for
representations and warranties, and in direct violation of loans,
security agreements, and other covenants.  Community Bank further
tells the Court that it has recently learned that that practice
continued after the Petition Date -- on at least one known occasion
-- without notice, disclosure or Court Order.

Community Bank contends that while it is continuing its
investigation, the overwhelming evidence in the record in the cases
shows that the Debtors have little interest in acting as
fiduciaries, and instead, approach the process as a game, to be won
for the Debtors' insider, at the expense of all other creditors.
Community Bank further contends that the Debtors' disregard of the
law and ignorance of their fiduciary duties warrants appointment of
an objective, independent trustee who will act for all creditors.

Community Bank is represented by:

          Christopher P. Simon, Esq.
          Kevin S. Mann, Esq.
          CROSS & SIMON, LLC
          1105 N. Market St., Suite 901
          Wilmington, DE 19801
          Telephone: (302)777-4200
          Facsimile: (302)777-4224
          E-mail: csimon@crosslaw.com
                  kmann@crosslaw.com

                     About Axion International

Axion International, Inc., et al., manufacture, market and sell
structural products and building materials, with an emphasis on
railroad ties and construction mats. As of Dec. 2, 2015, Axion had
70 employees.

Axion International Holdings, Inc., is a publicly-traded company
(AXIH), organized under Colorado law, with executive offices
located in Zanesville, Ohio.  As of the Petition Date, Holdings
had
54,121,611 shares of common stock, par value $0.016 per share,
traded on the OTCC Bulletin Board.

Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-12415) on Dec. 2, 2015.

The petitions were signed by Donald W. Fallon, the CFO and
treasurer.  Judge Christopher S. Sontchi has been assigned to the
cases.

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

The Debtors tapped Bayard, P.A., as counsel.  Greenberg Traurig
LLP
serves as special counsel.  Epiq Bankruptcy Solutions, LLC serves
as the Debtors' claims and noticing agent.

The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esquire., at the Law Offices of Sandra Mayerson.

Community Bank is represented by Christopher P. Simon, Esq., and
Kevin S. Mann, Esq., at Cross & Simon, LLC.


BH SUTTON: Hires LaMonica Herbst as Counsel
-------------------------------------------
BH Sutton Mezz LLC seeks authorization from the U.S. Bankruptcy
Court for the Southern District of New York to employ LaMonica
Herbst & Maniscalco, LLP as counsel, nunc pro tunc to the February
26, 2016 petition date.

The Debtor requires LaMonica Herbst to:

   (a) provide legal advice with respect to the Debtor's
       powers and duties as a debtor-in-possession in accordance
       with the provisions of the Bankruptcy Code in the
       continued operation of the Debtor's business and the
       management of its property;

   (b) prepare, on behalf of the Debtor, all necessary
       schedules, applications, motions, answers, orders,
       reports, adversary proceedings and other legal documents
       required by the Bankruptcy Code and Federal Rules of
       Bankruptcy Procedure;

   (c) perform all other legal services for the Debtor that
       may be necessary in connection with the Debtor's attempt
       to reorganize its affairs under the Bankruptcy Code; and

   (d) assist the Debtor in the development and implementation
       of a plan of reorganization.

Prior to the petition date, LaMonica Herbst was paid $50,000, which
included the filing fee in the amount of $1,717.

Joseph S. Maniscalco, partner of LaMonica Herbst & Maniscalco, LLP,
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.

Mr. Maniscalco disclosed in an affidavit that the firm's current
hourly rates are: (a) up to $150 for para-professionals; (b) up to
$400 for associates; and (c) up to $575 for partners.

Effective as of April 1, 2016, the firm's hourly rates will
increase as follows: (a) up to $175 for para-professionals; (b) up
to $415 for associates; and (c) up to $595 for partners.

LaMonica Herbst can be reached at:

       Jordan Pilevsky, Esq.
       Joseph S. Maniscalco, Esq.
       LAMONICA HERBST & MANISCALCO
       3305 Jerusalem Avenue
       Wantagh, NY 11793
       Tel: (516) 826-6500
       E-mail: JP@LHMLawFirm.com
               JSM@LHMLawFirm.com
      
                          About BH Sutton

BH Sutton Mezz LLC is a limited liability corporation formed in
Delaware in January 2015. It owns 100% of Sutton 58 Owner LLC.
Sutton 58 Owner LLC owns the real properties known as, and located
at, 428 East 58th Street, New York, New York; 10022, 430 East 58th
Street, New York, New York 10022; and 432 East 58th Street, New
York, New York 10022.

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

The U.S. Trustee for Region 2 has appointed three creditors of BH
Sutton Mezz LLC to serve on the official committee of unsecured
creditors.


BLACK ELK: Gets Final Approval for $15-Mil. Financing
-----------------------------------------------------
A federal judge approved a $15 million financing to get Black Elk
Energy Offshore Operations LLC through bankruptcy.

Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern
District of Texas gave final approval to the loan to be provided by
a group of lenders led by Wilmington Trust, National Association.

Black Elk will use the loan to continue to operate its business and
liquidate its assets pursuant to a liquidating plan to be proposed
by the company.

Judge Isgur ordered the company to file a liquidating plan on or
before April 4, and get court approval of the plan on or before May
31, 2016.   

The bankruptcy judge overruled all objections to final approval of
the $15 million loan that have not been withdrawn or resolved,
according to court filings.  

A copy of the court order is available without charge at
http://is.gd/L0ic68

The $15 million financing had previously drawn objections from
Argonaut Insurance Co. and Liberty Mutual Insurance Co.  

Both companies demanded that certain collateral held by the
insurance company should be "fully protected and superior to the
liens and superiority claims" granted in favor of the lenders,
according to court filings.

Separately, Judge Isgur had earlier granted "adequate protection"
to holders of liens on the $2.2 million cash, which Black Elk was
authorized to use pursuant to the bankruptcy judge's ruling issued
in December last year.

                          About Black Elk

Black Elk Energy Offshore Operations, LLC, is a Houston, Texas
based privately held limited liability company engaged in the
acquisition, exploitation, development and production of oil and
natural gas properties primarily in the shallow waters of the Gulf
of Mexico near the coast of Louisiana and Texas.

Black Elk had total assets of $339.7 million and total debt of
$432.3 million as of Sept. 30, 2014.

Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern
District of Texas placed Black Elk under Chapter 11 bankruptcy
protection on Sept. 1, 2015, converting an involuntary Chapter 7
bankruptcy petition by its creditors.  Thereafter, the Company
filed with the Court a voluntary Chapter 11 petition (Bankr. S.D.
Tex. Case No. 15-34287) on Sept. 10, 2015.  

Judge Paul later recused herself from the case and the matter was
given to Judge Marvin Isgur, according to information posted on the
case docket on Sept. 14.

The Debtor is represented by Elizabeth E. Green of Baker &
Hostetler.  Blackhill Partners' Jeff Jones is the Debtor's Chief
Restructuring Officer.


BLUE EARTH: U.S. Trustee Forms 2-Member Committee
-------------------------------------------------
The U.S. Trustee for Region 17 appointed two creditors of Blue
Earth, Inc., to serve on the official committee of unsecured
creditors.

The committee members are:

     (1) D. Jason Davis
         Joseph Patalano
         c/o H. Troy Romero
         Romero Park P.S.
         16935 West Bernardo Drive, Ste. 260
         San Diego, CA 92127

     (2) Sam Clar Office Furniture, Inc.
         c/o John Schwartz, CEO
         2500 Bisso Lane, Ste. 200
         Concord, CA 94520

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

                          About 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.


BUDD COMPANY: Court Set to Hear Bid to Modify Retiree Benefits
--------------------------------------------------------------
A U.S. bankruptcy court is set to hear a motion filed by The Budd
Company Inc. to approve its proposed modification to retiree
benefits.

The U.S. Bankruptcy Court for the Northern District of Illinois
will take up the motion in a hearing scheduled for April 25.

Budd Company has proposed to provide all of its retirees, including
the UAW retirees, with individual, tax-free health reimbursement
accounts that will allow them to obtain lifetime healthcare
coverage and benefits.

The proposed modification is necessary to confirm the company's
Chapter 11 plan of reorganization, according to court filings.

The Committee of Executive & Administrative Retirees had expressed
support for court approval of the motion.

                      About The Budd Company

The Budd Company, Inc., a former supplier to the automotive
industry, filed for chapter 11 bankruptcy protection (Bankr. N.D.
Ill. Case No. 14-11873) on March 31, 2014, with a deal to settle
potential claims against its parent, ThyssenKrupp AG.

The company -- which ceased manufacturing operations in 2006 and
does not have any current employees, facilities or customers -- has
obligations consisting largely of medical and other benefits to
approximately 10,000 former employees.

Liabilities amount to approximately $1 billion with assets of
approximately $400 million.  Most of the debt consists largely of
medical and other benefits to approximately 10,000 former
employees.

The Debtor disclosed $387,555,681 in assets and $1,107,350,034 in
liabilities as of the Chapter 11 filing.

The Hon. Jack B. Schmetterer oversees the case.  The Debtor has
tapped Proskauer Rose LLP as Chapter 11 counsel, Dickinson Wright
PLLC as special counsel, Epiq Bankruptcy Solutions, LLC as
noticing, claims and balloting agent, and Conway MacKenzie
Management Services, LLC's Charles M. Moore as CRO.

The U.S. Trustee appointed five individuals to serve on the
Committee of Executive & Administrative Retirees.  The Segal
Company (Eastern States), Inc. serves as the Committee's actuarial
consultant.  The Committee retained Solic Capital Advisors, LLC as
its financial advisor.

Reed Heiligman, Esq., at FrankGecker LLP, in Chicago, Illinois,
represents the ad hoc committee of asbestos personal injury
claimants.


CENTRAL BEEF: Asks Court to Authorize Cash Collateral Use
---------------------------------------------------------
Central Beef Ind., LLC, asked a bankruptcy judge in Florida for
authority to utilize cash collateral to pay trust fund claims under
the Packers & Stockyards Act, fund operating expenses and costs of
administration in its Chapter 11 cases, provide replacement liens
as adequate protection for the interests in any cash collateral,
and, ultimately to pay down the BankUnited, N.A. line of credit.

Established in 1999, Central Beef claims to be the largest
purchaser of cattle and the largest beef packing house in the State
of Florida, with annual revenues reaching $180 million in 2013.
Central Beef said it urgently needs to pay for cattle that have
been purchased and to pay payroll and other operating expenses.

"The inability of Central Beef to pay its ordinary business
expenses will jeopardize its ability to process and ship meat and
livestock products, causing irreparable injury to its chances for
reorganization and adversely impacting the value of its assets,"
said Harley E. Riedel, Esq. at Stichter Riedel Blain & Postler,
P.A., attorney for the Debtors.

According to Court documents, BankUnited, N.A. asserts security
interests in certain items of cash collateral held by the Debtor.
Bridge Capital Leasing, Inc. may assert some interest in cash
collateral as well by virtue of cross-collateralization
agreements.

Prior to the Petition Date, BankUnited extended two loans to the
Debtors: (a) a real estate loan in the amount of $7,040,000 secured
by the real estate owned by 5C of Central Florida, LLLP,
in Center Hill, Florida and the improvements located thereon, and
(b) a $7,500,000 revolving line of credit to the Debtors secured by
all of the personal property of the Debtor, consisting primarily of
accounts receivable and inventory.

5C, Central Beef's debtor affiliate, maintains a segregated debt
service reserve account at BankUnited that serves as additional
collateral for BankUnited and that is used to make monthly payments
on the term loans to BankUnited and Bridge Capital Leasing, Inc.
and to pay accrued interest on the Revolving Loan.  The current
balance of the debt service reserve account is $750,000.  In March
of 2015, the Revolving Loan was reduced to $5,000,000.  The
approximate current principal balance owed on the Real Estate Loan
is $5.7 million.  The Debtors said monthly payments on the Real
Estate Loan are current.

The Debtors maintained that the current amount owing under the
Revolving Loan is approximately $3,524,000.  There are unpaid
amounts due to sellers of cattle in the amount of $1,030,000.  The
Revolving Loan is secured by Central Beef's receivables, cash on
hand, and inventory.  All of Central Beef's receivables are from
the sale of meat or livestock products, and all receivables
generated in the future will be from sales of meat and livestock
products derived from inventory of cattle on hand.  As to all of
receivables, the cattle sellers have a senior trust fund interest
to the interests of BankUnited.  According to the Debtors, the
value, net of payment of the claims of sellers of cattle and the
costs of processing, shipping and selling current inventory,
exceeds $5 million.  Accordingly, the Debtors expect that within
the next eight weeks or less, as reflected by the budget, all trust
fund claims and the entire amount owed on the Revolving Loan will
be paid in full if Central Beef is authorized to do so, and Central
Beef will have in excess of $3 million in cash.

Bridge Capital, an affiliate of BankUnited, also loaned $5,460,000
to the Debtors secured by machinery and equipment owned by the
Debtors.  The current balance of the Equipment Loan is $2.9
million.

Mr. Riedel said BankUnited and Bridge Finance are adequately
protected by an equity cushion in their collateral of more than $10
million.  In addition, in exchange for Central Beef's ability to
use cash collateral in the operation of its business, Central Beef
proposes to grant, as adequate protection, to BankUnited and Bridge
Capital a replacement lien equal in extent, validity, and
priority to the lien held by them as of the Petition Date.

                         About Central Beef
  
Central Beef Ind., LLC, 5C of Central Florida, LLLP and  CBI
Management/Administration, LLC, engaged in the business of
purchasing cattle, each filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Fla. Case Nos. 16-02366, 16-02368 and 16-02370,
respectively) on March 21, 2016.  Ida Raye Chernin, the manager,
signed the petitions.  The Debtors estimated assets and liabilities
in the range of $10 million to $50 million.  Stichter, Riedel,
Blain & Poster, P.A., serves as counsel to the Debtors.  Judge
Catherine Peek McEwen is assigned to the cases.


CHS/COMMUNITY HEALTH: Spin-Off No Impact on Moody's B1 CFR
----------------------------------------------------------
Moody's Investors Service commented that the financial leverage of
CHS/Community Health Systems, Inc. will increase modestly from the
spin-off of Quorum Health Corporation. The increase in leverage
comes from loss of EBITDA associated with the operations that will
be spun-off and the estimated debt repayment that Community could
make with dividend proceeds received in the transaction. However,
there is no immediate impact on Community's ratings, including its
B1 Corporate Family Rating. The negative rating outlook also
remains unchanged.

CHS/Community Health Services, Inc., headquartered in Franklin,
Tennessee, is an operator of general acute care hospitals in
nonurban and mid-sized markets throughout the US. Community
recognized approximately $19.4 billion in revenue for the year
ended December 31, 2015.


CINCINNATI TERRACE: Meeting of Creditors Set for April 6
--------------------------------------------------------
The meeting of creditors of Cincinnati Terrace Plaza Retail is set
to be held on April 6, 2016, at 9:00 a.m.

The meeting will take place at One Newark Center, Suite 1401,
according to a filing with the U.S. Bankruptcy Court in New Jersey.


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

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

               About Cincinnati Terrace Plaza Retail

Cincinnati Terrace Plaza Retail, LLC, and its affiliated entities,
Cincinnati 926 Hotel, LLC and Cincinnati 926 Office, LLC, together
own real property located at 15 West 6th Street, Cincinnati, Ohio
and commonly known as Terrace Plaza.  Terrace Plaza is a 19-story
commercial mixed-use building consisting of a total of 600,000
square feet of space. The building is currently occupied by retail
tenants on the ground floor, floors two through seven are purposed
for office tenants, and floors eight through nineteen is purposed
for hotel rooms. Only the retail portion of the building is
occupied.   Cincinnati Terrace Plaza Retail is the owner of the
ground floor retail space.

At the behest of mortgage holder Madison Realty Investments, Inc.,
the state court appointed Prodigy Properties, LLC, as receiver for
the Property.  The receiver conducted a sale process and Madison
was the high bidder at sale with a credit bid of $7,000,000.

Cincinnati Terrace Plaza Retail, LLC, based in Cincinnati, Ohio,
filed for Chapter 11 bankruptcy (Bankr. D.N.J. Case No. 16-13384)
on Feb. 25, 2016, to regain control of the property.  The petition
was signed by Lionel Nazario, member.

David L. Stevens, Esq., at Scura, Wigfield, Heyer & Stevens, LLP,
serves as the Debtor's counsel.  The case is assigned to Judge
Vincent F. Papalia.

Cincinnati Terrace estimated $10 million to $50 million in assets;
and $1 million to $10 million in liabilities.


CORINTHIAN COLLEGES: California Wins $1.1-Bil. Judgment
-------------------------------------------------------
Dow Jones' Daily Bankruptcy Review, citing the Associated Press,
reported that a San Francisco Superior Court judge has awarded the
state of California a $1.17 billion default judgment against the
bankrupt operator of for-profit colleges.

According to the report, the California judge ordered Corinthian
Colleges Inc., which filed for bankruptcy in May 2015, to pay $820
million to former students and another $350 million in civil
penalties, based on a suit filed by that state's attorney general
alleging the school misled students with false advertising on job
placement rates, among other claims.

The DBR said it is unlikely that judgment will be fulfilled,
though, since Corinthian's assets were dissolved in bankruptcy.
But Attorney General Kamala Harris said the judgment can help
former students pay off loans through aid programs, the report
related.

A representative for the California attorney general's office said
that no matter how much money changes hands the judgment is
important in supporting claims by students that they shouldn't be
held liable for loans because of the school's illegal activity, the
report further related.

                   About Corinthian Colleges

Corinthian Colleges, Inc., et al., were founded in February 1995
and through acquisitions became one of the largest for-profit
post-secondary education companies in the U.S. and Canada.  In
January 2010, Corinthian purchased Heald Capital LLC, which
operated Heald College, a 150 year-old regionally-accredited
institution with 12 campuses.

Corinthian Colleges, Pegasus Education, Inc., and 23 affiliated
entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 15-10952) on May 4, 2015, to complete an orderly wind down
of operations.  The cases are jointly administered under Case No.
15-10952.  Judge Kevin J. Carey presides over the case.  

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI Consulting, Inc., as restructuring advisors;
PricewaterhouseCoopers, LLC, as tax advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The U.S. Trustee for Region 3 formed an Official Committee of
Unsecured Creditors and an Official Committee of Student
Creditors. The Creditors Committee retained Brown Rudnick LLP and
Rosner Law Group as attorneys.   The Student Committee tapped
Robins Kaplan LLP and Poslinelli PC as attorneys.

                          *     *     *

The Debtors closed each of their campus locations effective as of
April 27, 2015, and immediately began the process of liquidating
their assets and winding down operations.

The Troubled Company Reporter, on Oct. 9, 2015, reported that
Corinthian Colleges, Inc., et al., notified that the effective date
of their Third Amended and Modified Combined Disclosure Statement
and Chapter 11 Plan of Liquidation was Sept. 21, 2015.


CORINTHIAN COLLEGES: More Students Can Apply for Debt Forgiveness
-----------------------------------------------------------------
Melissa Korn, writing for Dow Jones' Daily Bankruptcy Review,
reported that the U.S. Department of Education on March 25, 2016,
announced a path to debt relief for former students at 91
additional campuses owned by the now-defunct Corinthian Colleges,
dramatically expanding eligibility for people seeking to get their
federal student loans forgiven.

According to the report, an Education Department representative
said the agency doesn't know exactly how many students might seek
debt relief or how much money is at play, but it is reaching out to
250,000 former students at Corinthian-owned campuses to alert them
to the opportunity to file for loan forgiveness through a form on
the department's website.

The Education Department has already approved more than $130
million in loan discharges for 8,886 former Corinthian students,
the DBR related, citing a new report by Joseph Smith, the
department's special master for borrower defense.  That tally
includes claims under both the borrower defense program and a
provision for discharging loans for students who attended
now-closed institutions, the report said.

                   About Corinthian Colleges

Corinthian Colleges, Inc., et al., were founded in February 1995
and through acquisitions became one of the largest for-profit
post-secondary education companies in the U.S. and Canada.  In
January 2010, Corinthian purchased Heald Capital LLC, which
operated Heald College, a 150 year-old regionally-accredited
institution with 12 campuses.

Corinthian Colleges, Pegasus Education, Inc., and 23 affiliated
entities filed voluntary Chapter 11 petitions (Bankr. D. Del. Lead
Case No. 15-10952) on May 4, 2015, to complete an orderly wind down
of operations.  The cases are jointly administered under Case No.
15-10952.  Judge Kevin J. Carey presides over the case.  

Corinthian Colleges, Inc., disclosed $721,596,789 in assets and
$2,929,448,278 in liabilities as of the Chapter 11 filing.

The Debtors tapped Richards, Layton & Finger, P.A., as counsel;
FTI Consulting, Inc., as restructuring advisors;
PricewaterhouseCoopers, LLC, as tax advisors; and Rust
Consulting/Omni Bankruptcy as claims and noticing agent.

The U.S. Trustee for Region 3 formed an Official Committee of
Unsecured Creditors and an Official Committee of Student
Creditors. The Creditors Committee retained Brown Rudnick LLP and
Rosner Law Group as attorneys.   The Student Committee tapped
Robins Kaplan LLP and Poslinelli PC as attorneys.

                          *     *     *

The Debtors closed each of their campus locations effective as of
April 27, 2015, and immediately began the process of liquidating
their assets and winding down operations.

The Troubled Company Reporter, on Oct. 9, 2015, reported that
Corinthian Colleges, Inc., et al., notified that the effective date
of their Third Amended and Modified Combined Disclosure Statement
and Chapter 11 Plan of Liquidation was Sept. 21, 2015.


CORPORATE RESOURCE: Trustee Hires Gaffney as Forensic Consultant
----------------------------------------------------------------
James S. Feltman, the Chapter 11 Trustee of Corporate Resource
Services, Inc., et al., seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Gaffney, Gallagher & Philip as forensic consultant of the Trustee,
nunc pro tunc to February 9, 2016.

As part of the Trustee's effort to identify and recover assets that
potentially were wrongfully disposed of in connection with certain
transfers, the Trustee seeks to retain Gaffney, in anticipation of
litigation, to provide expert services as the Trustee may require
in connection with his efforts to identify and recover estate
assets.

Mr. Feltman is also the Chapter 11 Trustee of TS Employment, Inc.,
an affiliate of the CRS Debtors.  TSE sought Chapter 11 protection
upon the "discovery" that more than $100 million of withholding tax
for CRS' employees was not paid to the Internal Revenue Service --
a "discovery" which took place while employees from CRS and
Tri-State (an affiliate of CRS) were managing TSE.

Other assets also were transferred under highly suspicious
circumstances, according to Mr. Feltman.  By way of example,
following TSE's chapter 11 filing but prior to the Petition Date,
the CRS Debtors sold or otherwise transferred substantially all of
their assets, in some instances just nominally, to certain
third-parties pursuant to numerous transactions and transfers.  The
Trustee's investigation into these Transfers suggests that many of
the Transfers may be avoidable as fraudulent conveyances because
the Debtors potentially did not receive reasonably equivalent value
for the assets transferred.

Gaffney will be paid at $250-$450 per hour for investigations and
$200 per hour for analysis.

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

Ross M. Gaffney, partner of Gaffney, 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.

Gaffney can be reached through counsel at:

       Ross M. Gaffney
       GAFFNEY, GALLAGHER & PHILIP
       P.O. Box 19467,
       Plantation, FL 33318
       Tel: (954) 321-9011
       Fax: (954) 321-3390

                     About Corporate Resource

Corporate Resource Services, Inc., is a provider of corporate
employment and human resource solutions, headquartered in New York.
CRS leases its headquarters and does not own any real property.
About 90% of CRS shares are owned by Robert Cassera and the balance
are traded OTC.

As of Dec. 31, 2014, CRS was one of the largest employment staffing
companies in the U.S., providing employment and human resources
solutions for corporations with annual sales of about one billion
dollars.  In February 2015, CRS began an orderly wind down of
operations after discovering that TS Employment, Inc., a privately
held company owned by Mr. Cassera, failed to remit tens of millions
of dollars of  the Debtors' withholding taxes to taxing
authorities.

TS Employment Inc., a professional employer organization that
provided payroll-related services for CRS, sought Chapter 11
protection (Bankr. S.D.N.Y. Case No. 15-10243) in Manhattan on Feb.
2, 2015.  TSE tapped Scott S. Markowitz, Esq., at Tarter  Krinsky &
Drogin LLP, in New York, as counsel.  Realization  Services Inc.
serves as the Debtor's consultant.  The case is before Judge Martin
Glenn.

CRS and its subsidiaries sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 15-11546) on July 23, 2015, to complete their
orderly wind down of operations.  The CRS Debtors tapped (a)
Gellert Scali Busenkell & Brown, LLC, as bankruptcy counsel, (b)
Wilmer Cutler Pickering Hale & Dorr LLP, as special counsel; (c)
Carter Ledyard & Milburn LLP, as special SEC counsel, (d) SSG
Capital Advisors as financial advisors and investment bankers, and
(e) Rust Omni LLC as claims agent.

CRS estimated $10 million to $50 million in assets and $50 million
to $100 million in debt.

The CRS Debtors' cases were transferred to New York (Bankr.
S.D.N.Y. Lead Case No. 15-12329), on August 18, 2015, and assigned
to Judge Martin Glenn.

James S. Feltman has been appointed as Chapter 11 trustee for the
CRS Debtors and for TS Employment, Inc.  He has tapped Togut, Segal
& Segal LLP as counsel.


CUMULUS MEDIA: Moody's Lowers CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate
Family Rating to Caa1 from B3 and Probability of Default Rating to
Caa1-PD from B3-PD.  Moody's also downgraded the company's secured
credit facilities to B3 from B2 and senior unsecured 7.75% notes to
Caa3 from Caa2.  The downgrades reflect Moody's revised forecast
indicating a decline in EBITDA over the next 12 months resulting in
elevated leverage and reduced free cash flow.  The outlook is
stable.

Issuer: Cumulus Media Inc.

Downgraded:

  Corporate Family Rating: Downgraded to Caa1 from B3
  Probability of Default Rating: Downgraded to Caa1-PD from B3-PD

Unchanged:

  Speculative Grade Liquidity Rating: SGL-3 unchanged

Outlook Actions:

  Outlook is Stable

Issuer: Cumulus Media Holdings Inc.

Downgraded:

  $200 million 1st Lien Senior Secured Revolver due 2018
   (undrawn): Downgraded to B3, LGD3 from B2, LGD3

  1st Lien Senior Secured Term Loan due 2020 ($1.8 billion
   outstanding): Downgraded to B3, LGD3 from B2, LGD3

  $610 million of 7.75% senior notes due 2019: Downgraded to Caa3,

   LGD5 from Caa2, LGD5

                        RATINGS RATIONALE

Cumulus' Caa1 Corporate Family Rating reflects the company's
excessive leverage with debt-to-EBITDA exceeding 9.5x (including
Moody's standard adjustments) and Moody's revised expectation that
debt-to-EBITDA will remain elevated over the next 12 months due to
continued declines in network revenue and increased operating
expenses more than offsetting the benefits from an expected
increase in station group revenue and political ad sales in 2016.
Despite debt repayment from the sale of $200 million of non-core
real estate holdings to be completed sometime in 2017, leverage
will remain above our prior expectations due to deterioration in
consolidated EBITDA extending into 2016.  Liquidity is adequate
over the next 12 months with an undrawn $50 million revolving
securitized facility and low single digit percentage free cash
flow-to debt despite the decline in EBITDA margins to less than 23%
of revenue compared to 33% in 2013 (including Moody's standard
adjustments).  Moody's believes the risk of a restructuring,
including a distressed exchange, is high given the need to
meaningfully reduce leverage in advance of the May 2019 maturity of
the notes and potential acceleration of the term loan maturity.

Separately, the company recently disclosed its proposal to exchange
the 7.75% unsecured notes for secured commitments under the $200
million revolver plus equity.  It is uncertain that the transaction
will be completed; however, as proposed, the exchange of all $610
million of notes would come with a significant discount to face
value.  Moody's would deem a transaction of this size and discount
as a distressed exchange which we consider to be a limited
default.

The stable outlook reflects Moody's expectation for Cumulus to
achieve generally flat revenue growth over the next 12 months
supported by political ad sales in 2016 and sustained demand in
core time sales.  The outlook incorporates a decline in EBITDA in
2016 followed by gradual improvements in leverage and coverage
ratios as free cash flow and asset sale proceeds (roughly $200
million) are applied to reduce debt balances; however, we expect
debt-to-EBITDA to remain very high at more than 8x (including
Moody's standard adjustments).  Ratings could be further downgraded
if we expect debt-to-EBITDA will be sustained above 9x after the
sale of real estate in LA and Washington D.C. (expected sometime in
2017) due to further deterioration in performance as a result of
increased competition, weak ad demand in key markets, or audience
and advertising revenue migration to competing media platforms.
Deterioration in liquidity could also result in a downgrade.
Moody's could consider an upgrade of ratings if the company
sustains leverage comfortably under 7.0x (including Moody's
standard adjustments) with expectations for stable operating
performance.  Liquidity would also need to be good with improved
availability under the company's committed revolver facilities and
free cash flow-to-debt in the mid to high single digit percentage
range.  The company is not able to draw under the $200 million
revolver given reported 1st lien net leverage exceeds the maximum
permitted (5.0x limit on March 31, 2016 decreasing to 4.0x by March
31, 2018).

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries published in May
2012.

Headquartered in Atlanta, GA, Cumulus Media Inc. is one of the
largest radio broadcasters in the U.S. with 454 stations in 90
markets, a nationwide network serving over 8,200 broadcast
affiliates and numerous digital channels.  Cumulus is publicly
traded with Crestview Radio Investors, LLC owning an estimated 28%
interest.  The company reported $1.2 billion of net revenue for
FY2015.


DRIVERS SELECT: 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 Drivers Select, Inc.

Drivers Select, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Ark., Case No. 16-70190) on January
28, 2016. The Debtor is represented by Stanley V Bond, Esq., at
Bond Law Office.


E Z MAILING: Chris Carey Advisors to Be Paid 2% of DIP Loan Amount
------------------------------------------------------------------
New Jersey Judge Stacey L. Meisel has entered an amended order
authorizing E Z Mailing Services, Inc., and its debtor-affiliates
to employ Chris Carey Advisors, LLC as Advisory Services
Professional.

The firm's Retainer Agreement and Fee Schedule are modified as
follows:

     a. Chris Carey Advisors, LLC shall commit 15 hours per week at
the Debtors' Elizabeth facility;

     b. The fee payable to Chris Carey Advisors, LLC in connection
with securing debt financing will be equal to 2% of the total
issuance size of debt financing; and

     c. The Financing Fee shall be payable upon closing of a debt
financing transaction following entry of a Court Order approving
such financing agreement.

The firm's fees and expenses will not be subject to the standard of
review set forth in section 330 of the Bankruptcy Code, except by
the U.S. Trustee, the Committee, and PNC Bank.  

The firm may be reached at:

     Chris Carey Advisors, LLC
     146 South 4th Street, Unit 11B
     Brooklyn, NY 11211

The Troubled Company Reporter previously reported that E Z Mailing
obtained Bankruptcy Court approval to employ Chris Carey Advisors
as financial advisor.  The Debtor said that the employment of Chris
Carey is necessary for financial advisory services in improving the
profitability of the Debtors' business operations through financial
measurements and reporting, changes to organizational structure,
improving customer profitability, optimizing asset utilization
warehousing, improving productivity, leveraging information
technology and reducing costs, as well as to assist with arranging
funding to replace the PNC Bank debt.

According to the prior report, for its professional advisory
services, Chris Carey Advisors will charge for its services at a
rate of $25,000 monthly for four months.  The total engagement is
expected to be $100,000.

The TCR also reported that, for financing services, including
arranging funding to replace the PNC Bank debt, Chris Carey
Advisors, LLC, will charge an engagement fee of $25,000, with 50%
payable at Court approval and 50% due in 60 days thereafter.  Chris
Carey Advisors, LLC, will also be entitled to 3% of the total line
commitment offered by lenders brought to the table by Chris Carey
Advisors, LLC (but the Debtors will not owe any fees if the Debtors
raise this capital on their own), and for all reasonable
out-of-pocket expenses, with any expenses in excess of $500 to be
approved in advance by the Debtors.

The firm has 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.

                        PNC Bank Responds

PNC Bank, National Association, takes no position with respect to
the retention of Chris Carey Advisors.  With respect to payment of
the Applicant, PNC Bank, however, does not consent to payment of
Applicant from its cash collateral.  PNC Bank reserves all rights,
including, without limitation, the right to object to payment of
the Applicant from PNC Bank's cash collateral, and all rights of
PNC Bank under applicable cash collateral orders.

PNC Bank is represented by:

         McCarter & English, LLP
         Lisa S. Bonsall
         Peter M. Knob
         Four Gateway Center, 100 Mulberry Street
         Newark, New Jersey 07102
         Tel: (973) 622-4444
         Fax: (973) 624-7070
         E-mail: lbonsall@mccarter.com
                 pknob@mccarter.com

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


EAST AFRICAN DRILLING: Case Summary & 10 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: East African Drilling LTD.
           a/k/a East Africa Drilling Ltd.
        9595 Six Pines, Bld 8, Suite 8210
        The Woodlands, TX 77380

Case No.: 16-31447

Chapter 11 Petition Date: March 25, 2016

Court: United States Bankruptcy Court
       Southern District of Texas (Houston)

Judge: Hon. Karen K. Brown

Debtor's Counsel: James B. Jameson, Esq.
                  ATTORNEY AT LAW
                  P. O. Box 980575
                  Houston, TX 77098
                  Tel: 713-807-1705
                  Fax: 713-807-1710
                  E-mail: jbjameson@jamesonlaw.net

Total Assets: $10 million

Total Debts: $45.35 million

The petition was signed by Shane Reeves, restructuring officer.

List of Debtor's 10 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
ART FM SPC / Assured                Business Loan    $30,000,000
Risk Transfer LLC
Attn: Mike Seely,
Attorney in Fact
Gardere Wynne Sewell LLP

OEJP, LLC                             Judgment        $5,281,453
Attn: Trey Henderson, Attorney
Doyle Restrepo Harvin & Robbins, LLP
440 Louisiana Street

Fabrication of Rig &                Trade Vendor         $74,085  
Exploration, Inc.
407 Austin Street
Cleveland, Texas 77327

Robinson Group, LLC                 Trade Vendor          $2,851

Oklahoma Rig Fabricators, LLC                                 $0

Mr. Gary Holley, et al                                        $0

Mr. Fred Zaziski                                              $0

Internal Revenue Service                                      $0

Insolvency Group                                              $0
Internal Revenue Service

66 Oilfield Services, LLC                                     $0


EAST COAST FOODS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: East Coast Foods, Inc.
        1514 Gower Street
        Los Angeles, CA 90028

Case No.: 16-13852

Chapter 11 Petition Date: March 25, 2016

Court: United States Bankruptcy Court
       Central District of California (Los Angeles)

Judge: Hon. Sheri Bluebond

Debtor's Counsel: Vakhe Khodzhayan, Esq.
                  KG LAW, APC
                  1010 N Central Ave Ste 450
                  Glendale, CA 91202
                  Tel: 818-245-1340
                  Fax: 818-245-1341
                  E-mail: vahe@lawyer.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $10 million to $50 million

The petition was signed by Herbert Hudson, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cacb16-13852.pdf


EMERALD OIL: April 6 Meeting Set to Form Creditors' Panel
---------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on April 6, 2016, at 10:00 a.m. in the
bankruptcy case of Emerald Oil, Inc., et al.

The meeting will be held at:

         The Double Tree Hotel
         700 King Street
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it
represents.



FIVE-R EXCAVATING: 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 Five-R Excavating, Inc.

Five-R Excavating, Inc., sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Western
District of Pennsylvania (Pittsburgh) (Bankr. W.D. Pa., Case No.
16-20639) on February 25, 2016. The petition was signed by Shirley
Jeanne Ritenour, president.

The Debtor is represented by Corey J. Sacca, Esq., at Bononi &
Company, P.C.  The case is assigned to Judge Gregory L. Taddonio.

The Debtor estimated assets of $0 to $50,000 and debts of $1
million to $10 million.


FLOUR CITY BAGELS: Hires Phoenix Management as Financial Advisors
-----------------------------------------------------------------
Flour City Bagels, LLC seeks authorization from the U.S. Bankruptcy
Court for the Western District of New York to employ, nunc pro tunc
to the March 2, 2016 petition date:

    -- Phoenix Management Services, LLC as financial advisors;
       and

    -- Phoenix Capital Resources as investment bankers.

The Debtor requires Phoenix Management to:

   (a) provide oversight of the Debtor's operations and
       management. All of the Debtor's personnel shall report to
       Phoenix Management and the firm shall report to Kevin
       Coyne;

   (b) monitor the Debtor's cash management to assure cash is
       being properly handled, including review of daily cash
       reports, monitoring banking activities, and reviewing
       disbursements for propriety;

   (c) perform a review and assess accounting for inventories and
       other assets to determine whether values are reasonable in
       respect to offers to purchase the assets of the Debtor;

   (d) participate in communications with the senior lender;

   (e) assist in preparation of schedules, documents, operating
       reports and other matters to be filed and to testify as a
       witness, if so requested, in this case;

   (f) assist with the coordination of a proposed sale under
       section 363 of the Bankruptcy Code or as part of a plan of
       reorganization; and

   (g) perform other duties as are mutually agreed.

The Debtor requires Phoenix Capital to:

   (a) conduct due diligence as deemed appropriate on the
       Debtor and the industry in which it operates, and prepare,
       in conjunction with the Debtor's owners and senior
       management, a confidential information memorandum
       concerning the Debtor;

   (b) develop update and review with the Debtor on an ongoing
       basis a list of parties that might be interested in a
       Transaction with the Debtor; and

   (c) consult with and advise the Debtor concerning Transaction
       opportunities that have been identified by either the
       Debtor or Phoenix Capital, assist the Debtor and its
       accountants and attorneys in managing the process involved
       with any restructuring, valuation, negotiating and closing
       of a Transaction, and advise on strategic alternative that
       may be options for the Debtor.

The current hourly rate charged by Richard Szekelyi, the Phoenix
Management professional who will provide the majority of the
services to be rendered to the Debtor, is $455.

The Debtor provided Phoenix Management a $25,000 retainer.

Phoenix Capital requested an initial fee of $30,000 from the
Debtor. The Debtor also agreed to pay Phoenix Capital $10,000 per
month until the earlier of the closing of a Transaction or the
termination of the engagement agreement.

The Debtor also agreed to pay Phoenix Capital a transaction fee
equal to the greater of:

   (a) $175,000, or

   (b) 3% of a Transaction Value up to $6,000,000;

       plus 4% of any incremental proceeds from a Transaction
       Value between $6,000,001 and $7,500,000;

       plus 6.5% of any incremental proceeds from a Transaction
       Value between $7,500,001 and $9,000,000;

       plus 8% of any incremental proceeds from a Transaction
       Value between $9,000,001 and $9,500,000;

       plus 10% of any incremental proceeds from a Transaction
       Value greater than $9,500,001.

Phoenix Management and Phoenix Capital will also be reimbursed for
reasonable out-of-pocket expenses incurred.

Richard Szekelyi, managing director at Phoenix, 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 Bankruptcy Court will hold a hearing on the application on
April 12, 2016, at 12 noon.

Phoenix can be reached at:

       Richard J. Szekelyi
       Phoenix Management Services, LLC
       1382 W 9th St
       Cleveland, OH 44113
       Tel: (216) 832-6977
       Fax: (216) 472-8788
       Email: rszekelyi@phoenixmanagement.com

                     About Flour City Bagels

Headquartered in Fairport, New York, Flour City Bagels, LLC
operates 32 bakeries that serve "New York Style" bagels, coffee,
drinks, soups, salads, sandwiches, fresh fruit, and a variety of
other related items.  In 1993, the Debtor opened its commissary in
Rochester, at which it produces bagels for sale at all of its 32
bakeries.  The Debtor employs 425 people.

Flour City Bagels, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.Y. Case No. 16-20213) on March 2,
2016, estimating both assets and debts in the range of $10 million
to $50 million.  Kevin Coyne, the manager, signed the petition.

Judge Paul R. Warren is assigned the case.

Bond, Schoeneck & King, PLLC and Buckley King serve as the Debtor's
counsel.


FORESIGHT ENERGY: Moody's Cuts Corporate Family Rating to Caa3
--------------------------------------------------------------
Moody's Investors Service downgraded all ratings of Foresight
Energy, LLC including the corporate family rating to Caa3 from
Caa1, the probability of default rating (PDR) to Caa3-PD/LD from
Caa1-PD, senior unsecured rating to Ca from Caa3, and senior
secured rating to Caa2 from B2. The speculative grade liquidity
rating is unchanged at SGL-4. Moody's appended an /LD designation
to Foresight's PDR, reflecting the fact that the company failed to
make the interest payment on its 2021 Senior Notes, which was due
February 16, 2016, within the 30-day grace period. The LD
designation will be removed within 3 business days and the PDR will
be Caa3-PD. The outlook is negative.

Issuer: Foresight Energy, LLC

Downgrades:

-- Probability of Default Rating, Downgraded to Caa3-PD /LD from
    Caa1-PD

-- Corporate Family Rating, Downgraded to Caa3 from Caa1

-- Senior Secured Bank Credit Facilities, Downgraded to Caa2
    (LGD3) from B2 (LGD2)

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Ca
    (LGD5) from Caa3 (LGD5)

Unchanged:

-- Speculative Grade Liquidity Rating, unchanged at SGL-4

Outlook Actions:

-- Outlook, Remains Negative

RATINGS RATIONALE

On February 23, 2016, the company once again extended the term of
its forbearance agreement entered into on December 18, 2015 with
holders of the issuers of its 7.875% notes due 2021. The
forbearance period now extends through March 29, 2016. The
downgrade nevertheless reflects the prolonged continued negotiation
with the company's creditors, the recent failure to make interest
payments due February 16, 2016 and March 18, 2016, respectively, as
well as the indication in the company's recently filed Form 10-K
that there's substantial doubt as to the company's ability to
continue as a going concern.

The company continues to be involved in a litigation by the trustee
for the bondholders of the company's 2021 Senior Notes, alleging
that a change of control event had occurred as a result of the
Murray acquisition in 2015. In December 2015 the company received a
notice from the administrative agent of its secured credit
agreement that it was in default under the terms of the agreement
as a result of the court opinion issued in the bondholder
litigation. The company continues to negotiate with its lenders to
cure the alleged default events, and the outcome is uncertain. As
of December 31, 2015, the company had $600 million of 2021 Senior
Notes outstanding, and roughly $650 million under its senior
secured bank credit facility. The company does not have sufficient
liquidity to repay its debt if it were to be accelerated. The
company's Form 10-K indicated that the company would likely file
for Chapter 11 bankruptcy protection if its negotiations with
creditors were unsuccessful.

In May 2015, the trustee for the bondholders of the company's 2021
Senior Notes filed suit alleging that Murray Energy Corporation's
acquisition of an interest in Foresight Energy GP LLC triggered a
change of control of the 2021Senior Notes. On December 4, 2015 a
Vice Chancellor of the Delaware Chancery Court issued his opinion,
but not a judgment, stating that change of control had occurred and
that the trustee was entitled to a company's offer to purchase the
2021 Senior Notes at 101% of the principal amount tendered, as
required by the indenture. A judgment in the case has not yet been
rendered. The company is involved in ongoing discussions with a
majority of the unsecured holders of their 2021 Senior Notes and
with certain lenders under their revolving credit facility, in an
attempt to resolve these issues.

The corporate family rating continues to reflect the expected
moderate debt recovery in the event of bankruptcy, given the
company's position as the lowest cost underground producer in the
Illinois Basin, ample reserves, multiple transportation options,
and access to export markets. “The CFR also captures the stable
domestic customer base of large scrubbed coal plants and attractive
contracted position through the end of 2016. The ratings are
further supported by our view that Illinois Basin (ILB) remains the
better positioned coal region in the US. The ratings are
constrained by the company's geographical and operational
concentration as an Illinois Basin producer with four underground
mining complexes.”

The Speculative Grade Liquidity rating of SGL-4 reflects the
receipt of default notice by the administrative agent of the
company's secured credit agreement, the recently missed interest
payments, and lack of sufficient funds to repay debt if it were to
be accelerated. At December 31, 2015 the company had $17 million in
cash and cash equivalents.

The negative outlook reflects uncertainty over the bondholder
negotiations and risk of debt acceleration.

The ratings are unlikely to be upgraded, but the outlook could be
stabilized if negotiations are successful with the trustee.

The ratings can be further downgraded if progress is not made with
the trustee, or liquidity continues to deteriorate. The ratings
would be withdrawn if the company were to file for bankruptcy
protection.

Foresight Energy, LLC (Foresight) is 100% owned by Foresight Energy
L.P., which is a Master Limited Partnership (MLP). Foresight is a
thermal coal producer operating in the Illinois Basin. Currently,
the company has four operating mining complexes, with four longwall
operations, one continuous miner operation, and over 3 billion tons
of coal reserves. In 2015 the company generated $985 million in
revenues.

In 2015, Foresight's parent company sold 34% of its general partner
interest and 50% of the limited partner interest to Murray Energy
Corporation. Christopher Cline, the founder of Foresight, and his
affiliates retained an approximately 66% general partner interest
and an approximately 36% limited partner interest, with the balance
of limited partner units publicly traded.


FOREST PARK: Files Schedules of Assets and Liabilities
------------------------------------------------------
Forest Park Medical Center at Southlake, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Texas its schedules
of assets liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                   Unknown
  B. Personal Property           $35,192,338
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $13,854,291
  E. Creditors Holding
     Unsecured Priority
     Claims                                      Undetermined
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $21,567,069
                                 -----------      -----------
        Total                    $35,192,338      $35,421,360

A copy of the schedules is available for free at:

                       http://is.gd/gjtHh4

                 About Forest Park Medical Center

Forest Park Medical Center at Southlake, LLC, owns and operates a
54 private bed state-of-the-art medical facility, including 10
family suites and 6 intensive care beds, located at 421 East Texas
114 Frontage Road, Southlake, Texas, and commonly known as Forest
Park Medical Center at Southlake.  The Hospital is a licensed, full
service, acute-care medical facility with an emergency room, full
service imaging and lab, twelve operating rooms and two procedure
rooms.  The Hospital provides all manner of in-patient and
out-patient services and treatments, including primarily elective
scheduled out-patient surgery.  The Hospital was opened in June of
2013, and since that time has performed over 15,000 surgeries and
provided non-surgical procedures, x-rays, lab work, ER, and related
services to numerous other patients.

Forest Park Medical Center at Southlake, LLC, filed a Chapter 11
bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40273) on Jan.
19, 2016.  Charles Nasem, the CEO, signed the petition.  Judge
Russell F. Nelms has been assigned the case.

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

Haynes and Boone, LLP, serves as counsel to the Debtor.


FOUNTAINS OF BOYNTON: Files Schedules of Assets & Liabilities
-------------------------------------------------------------
Fountains of Boynton Associates, Ltd., filed with the U.S.
Bankruptcy Court for the Southern District of Florida its schedules
of assets liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property               $71,400,000
  B. Personal Property               $21,648
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $52,016,436
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $14,000
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $1,641,593
                                 -----------      -----------
        Total                    $71,421,648      $53,672,029

A copy of the schedules is available for free at:

                       http://is.gd/z1aH20

Fountains of Boynton Associates, Ltd., based in Boynton Beach,
Fla., sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla.
Case No. 16-11690) on February 5, 2016.  The Debtor considers
itself a "single asset real estate".  The Hon. Erik P. Kimball
oversees the case.  Bradley S Shraiberg, Esq., at Shraiberg,
Ferrara, & Landau, serves as the Debtor's counsel.  In its
petition, the Debtor estimated $50 million to $100 million in both
assets and debts.  The petition was signed by John B. Kennelly,
manager.


FRAC SPECIALISTS: Extends CRO Engagement to April 7
---------------------------------------------------
U.S. Bankruptcy Judge Mark X. Mullin has approved Frac Specialists,
LLC's motion to extend the engagement of Cary Grossman of Shoreline
Capital Advisors, Inc., as Chief Restructuring Officer to April 7,
2016.

On Feb. 17, 2016, the Bankruptcy Court approved the engagement of
Shoreline Capital Advisors, Inc., to designate Cary Grossman as the
Chief Restructuring Officer for the Debtors and to provide certain
additional personnel to assist the CRO in his duties on behalf of
the Debtors, subject to Court approval.

The Debtors will pay the CRO sufficient funds to bring the CRO's
current unapplied retainer to a balance of $10,000, and will pay
the CRO a one-time fee of $50,000 for the extended temporary period
of employment.  The Debtors are also authorized to pay the CRO's
and Shoreline's reasonable out-of-pocket expenses incurred during
the extended temporary period of March 9 to April 7, 2016.

The CRO's duties and powers will include:

   1. The CRO will have the combined power and authority of all
senior management personnel of the Company, including the chief
executive officer, chief operating officer and chief financial
officer of the Company, for all purposes; including the sole power
and authority, subject to the consent and approval of the Board of
Directors of the Company in those instances where a chief executive
officer would require Board consent and approval.

   2. The CRO will perform a financial review of the Company,
including but not limited to a review and assessment of financial
information that has been, and that will be, provided by the
Company to the public or its creditors, and will assist the Company
in developing, refining and implementing its business plans, and
subject to the consent and approval of the Board in those instances
where a chief executive officer would require Board consent and
approval, the CRO will have the power to implement such business
plans subject to the approval and consent of the Board; and

   3. The CRO will assist in the identification of cost reduction
and operations improvement opportunities and the CRO will have the
power and authority to implement such cost reduction
recommendations subject to the consent and approval of the Board in
those instances where a Chief Executive Officer would require Board
consent and approval; and

   4. The CRO will develop possible restructuring plans or
strategic alternatives for maximizing the enterprise value of the
Company's various business lines, the CRO shall determine which
plan(s) or alternative(s) are appropriate under the circumstances
and the CRO shall use commercially reasonable efforts to attempt to
implement such plan(s) or alternative(s), subject to the approval
and consent of the Board; and

   5. The CRO will assist in identifying strategic alternatives
and, if applicable, in negotiating with potential merger or
business partners or acquirers of some or all of the Company's
assets and with current or potential new lenders and investors,
and

   6. Notwithstanding the foregoing, nothing herein shall be deemed
to authorize the CRO, to initiate any receivership, plan of
liquidation, Chapter 11 proceeding under the Bankruptcy Code or
similar proceeding without the prior consent and approval of the
Board of Directors, provided, however, that if and for so long as
the CRO remains the CRO under this Agreement, the CRO will be the
Company's representative for all purposes in connection with any
such proceeding.

Cary Grossman of Shoreline Capital Advisors, Inc., assures 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 Debtor.

The firm can be contacted at:

         Cary M. Grossman
         Shoreline Capital Advisors
         Three Riverway, Suite 1010
         Houston, TX 77056
         Tel: (713) 468-2717
         Fax: (832) 550-2045
         E-mail: cgrossman@shorelinecapitaladvisors.com

                     About Frac Specialists

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.



FREEDOM COMMUNICATIONS: Has Until May 29 to Decide on Leases
------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
extended until May 29, 2016, Freedom Communications, Inc., et al.'s
deadline to assume or reject all unexpired leases of nonresidential
real property.

The Debtors' original 120 day assumption/rejection period pursuant
to Section 365(d)(4) of the Bankruptcy Code was set to expire on
Feb. 29, 2016.

Prior to the Petition Dates, the Debtors were parties to various
leases for premises used in connection with its business
operations.  As of the date of the motion (Feb. 5, 2016), the
Debtors are still in possession of certain premises pursuant to the
leases.

According to the Debtors, they will be in a position to decide on
the leases once the sale process has been completed and the
successful purchaser(s) approved.  

The Debtors are represented by:

         William N. Lobel, Esq.
         Alan J. Friedman, Esq.
         Beth E. Gaschen, Esq.
         Christopher J. Green, Esq.
         LOBEL WEILAND GOLDEN FRIEDMAN LLP
         650 Town Center Drive, Suite 950
         Costa Mesa, CA 92626
         Tel: (714) 966-1000
         Fax: (714) 966-1002
         E-mails: wlobel@lwgfllp.com
                  afriedman@lwgfllp.com
                  bgaschen@lwgfllp.com
                  cgreen@lwgfllp.com

                   About Freedom Communications

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

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

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

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

Freedom Communications Inc., in an amended schedules disclosed
total assets of $59,368,451 and total liabilities of $213,887,330.
The Debtor previously reported assets of $59,368,451 and
liabilities of $218,890,683.

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


FREEDOM COMMUNICATIONS: Squar Milner Approved as Accountant
-----------------------------------------------------------
The Hon. Mark S. Wallace of the U.S. Bankruptcy Court for the
Central District of California authorized Freedom Communications,
Inc., et  al., to employ Squar Milner as accountant, nunc pro tunc
to Dec. 7, 2015.

The firm is expected to provide the Debtors with any and all tax
consulting and accounting consulting serviced as may become
necessary or advisable in the cases.  Such services may include tax
implications related to, but are not limited to, among other
things:

   1. debt restructuring including any cancellation of
indebtedness;

   2. tax attribute reduction; and

   3. stock for debt exchange considerations, if any.

The Debtors submit that none of the services that the firm will
render in connection with the cases will be duplicative of the
services rendered by any of the other professionals employed by the
Debtors in the cases.

The hourly rates of the team members range from $140 to $650.  In
addition, the firm will be reimbursed of its actual, out-of-pocket
expenses.

The firm was engaged in September 2015 to provide tax consulting
services for the Debtors and received a total prepetition retainer
amount of $65,000.  The retainer balance is $15,086.

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

                   About Freedom Communications

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

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

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

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

Freedom Communications Inc., in an amended schedules disclosed
total assets of $59,368,451 and total liabilities of $213,887,330.
The Debtor previously reported assets of $59,368,451 and
liabilities of $218,890,683.

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


GETCHELL AGENCY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: The Getchell Agency
           aka Getchell Agency Inc
           aka The Getchell Agency Inc
           aka Getchell Agency
        1211 Broadway
        Bangor, ME 04401

Case No.: 16-10172

Nature of Business: Health Care

Chapter 11 Petition Date: March 25, 2016

Court: United States Bankruptcy Court
       Maine (Bangor)

Judge: Hon. Peter G Cary

Debtor's Counsel: James F. Molleur, Esq.
                  MOLLEUR LAW OFFICE
                  419 Alfred Street
                  Biddeford, ME 04005
                  Tel: (207) 283-3777
                  Fax: (207) 283-4558
                  E-mail: jim@molleurlaw.com

                    - and -

                  Andrew R. Sarapas, Esq.
                  MOLLEUR LAW OFFICE
                  419 Alfred Street
                  Biddeford, ME 04005-3747
                  Tel: (207) 283-3777
                  Fax: (207) 283-4558
                  E-mail: andy@molleurlaw.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Rena J. Getchell, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/meb16-10172.pdf


GFD CONSTRUCTION: 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 GFD Construction, Inc.

GFD Construction, Inc., sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Northern
District of Florida (Pensacola) (Case No. 16-30087) on February 1,
2016. The petition was signed by Anthony J. Greene, Sr., authorized
representative.

The Debtor is represented by Brandi Thomas, Esq., at Akbar Law
Firm, PA.  The case is assigned to Judge Jerry C. Oldshue Jr.

The Debtor estimated assets of $1 million to $10 million and debts
of $100,000 to $500,000.


GOOD SHEPHERD: Moody's Lowers Ratings to Caa1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service downgrades Good Shepherd Health System's
(GSHS) ratings to Caa1 from Ba3, as well as affirms the short term
SG rating on the Series 2015A bonds, affecting approximately $150
million of outstanding debt. The outlook is negative.

The severity of the downgrade reflects a confluence of material
developments in the interim period including severe volume and
operating cashflow losses, significant recent liquidity declines,
minimal headroom under covenants resulting in high debt
acceleration risk, and a large mandatory tender in a year. While
the system is expected to meet March covenants, the pace of
liquidity decline and dependency on historically uneven Medicaid
funding raise the risk of meeting the September liquidity
covenant.

The Caa1 rating incorporates the system's current liquidity and
debt service reserve funds, which allow the system to meet debt
service over the next year in the absence of acceleration and
provide adequate recovery in the event of a near-term default. The
rating also incorporates the system's leading market position,
which make it attractive to potential buyers. The system is seeking
a merger partner. Given the typical complexities of and possible
delays completing mergers, as experienced by others in the
industry, the potential transaction is not a primary rating factor
at this time. In the event the transaction fully retires, refunds
or provides for a full guarantee of the system's debt, the rating
would be withdrawn or reflect the guarantee.

The SG short-term rating reflects the high degree of risk of paying
or refinancing the mandatory tender by March 1, 2017 on the Series
2015A bonds given the system's credit profile, as indicated by the
long-term rating.

Rating Outlook

The negative outlook reflects expected further cash decline,
increasing the risk of covenant breach and acceleration and
lowering expected recovery in the event of a default. The outlook
also reflects material refinancing risk with the Series 2015A
mandatory tender in a year. Absent an exogenous event that fully
retires the debt, the rating is likely to be downgraded.

Factors that Could Lead to an Upgrade

  Significant and sustained improvement in operating margins

  Elimination of acceleration risk

  Permanent refinancing of Series 2015A bonds at economical terms
to GSHS

  Stability of volumes

Factors that Could Lead to a Downgrade

  Failure to meet covenants or reduced headroom under covenants

  Increased acceleration risk

  Acceleration of rate of liquidity decline

  Reduction in expected recovery on defaulted bonds

  Bankruptcy or restructuring

Legal Security

GSMC's bonds are secured by gross revenues of the GSMC Obligated
Group, which includes the parent Good Shepherd Health System, Good
Shepherd Medical Center, and Good Shepherd Medical Center -
Marshall. The Obligated Group has granted a deed of trust lien on
its leasehold estate in the Medical Center Hospital and related
personal property and Marshall has granted a lien on the real and
personal property constituting the Marshall Hospital facilities in
order to further secure payment of the issued under the Master
Indenture. Debt service reserve funds exist.

Use of Proceeds

Not applicable.

Obligor Profile

Good Shepherd Health System consists of two acute care hospitals,
clinics, two physician networks, a joint venture ambulatory surgery
center, a joint venture home health agency and other ancillary
services. The health system's flagship hospital, Good Shepherd
Medical Center, operates in Longview, Texas and staffs 399 beds.


GREAT BASIN SCIENTIFIC: Dec. 31 Balance Sheet Upside Down by $23M
-----------------------------------------------------------------
Great Basin Scientific Inc. reported revenues of $2,142,040 for
2015 from $1,606,254 for 2014.  It incurred a net loss of
$57,899,169 for 2015 from $21,727,818 for 2014.

At Dec. 31, 2015, the Company had $28,558,363 in total assets
against $51,753,326 in total liabilities and shareholders' deficit
of $23,194,963.

The Company noted that it has incurred substantial losses from
operations causing negative working capital and negative operating
cash flows, which raise substantial doubt about its ability to
continue as a going concern. The Company sustained a net loss for
the year ended December 31, 2015 of $57,899,169 and a net loss for
the year ended December 31, 2014 of $21,727,818, and has an
accumulated deficit of $121,903,865 as of December 31, 2015.

The Company intends to develop its products and expand its customer
base, but does not have sufficient realized revenues or operating
cash flows in order to finance these activities internally. As a
result, the Company intends to seek financing in order to fund its
working capital and development needs.

The Company has been able to meet its short-term needs through
private placements of convertible preferred securities, an initial
public offering, a secondary public offering, convertible debt
financing and the sale and leaseback of analyzers used to report
test results. The Company will continue to seek funding through the
issuance of additional equity securities, debt financing, the sale
and leaseback of analyzers, or a combination of these items. Any
proceeds received from these items could provide the needed funds
for continued operations and development programs. The Company can
provide no assurance that it will be able to obtain sufficient
additional financing that it needs to alleviate doubt about its
ability to continue as a going concern. If the Company is able to
obtain sufficient additional financing proceeds, the Company cannot
be certain that this additional financing will be available on
acceptable terms, if at all. To the extent the Company raises
additional funds by issuing equity securities, the Company's
stockholders may experience significant dilution. Any debt
financing, if available, may involve restrictive covenants that
impact the Company's ability to conduct business. The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty. If the Company is unable to obtain
additional financings, the impact on the Company's operations will
be material and adverse.

A copy of the Company's Annual Report is available at
http://is.gd/CpBh7q

Great Basin is a molecular diagnostic testing company focused on
the development and commercialization of its patented, molecular
diagnostic platform designed to test for infectious disease,
especially hospital-acquired infections.


GREENWAY HEALTH: Moody's Affirms 'B3' Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Greenway Health, LLC's credit
ratings. The Corporate Family rating ("CFR") was affirmed at B3,
the Probability of Default rating ("PDR") at B3-PD, the senior
secured first lien at B1 and the senior secured second lien at
Caa2. The ratings outlook was revised to negative from stable.

Issuer: Greenway Health, LLC

Affirmations:

-- Corporate Family Rating, Affirmed B3

-- Probability of Default Rating, Affirmed B3-PD

-- Senior Secured First Lien, Affirmed B1 (LGD3)

-- Senior Secured Second Lien, Affirmed Caa2 (LGD5)

Outlook:

-- Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The B3 CFR reflects debt to EBITDA over 8 times, less than $5
million of anticipated free cash flow and elevated business risks
from Greenway's ongoing transition away from one-time software
license sales and toward recurring service subscriptions. Revenue
growth and the pace of new customer wins have been lower than
Moody's anticipated, leading to concerns that very high financial
leverage and limited free cash may persist. However, Moody's notes
Greenway maintains greater than 90% customer retention rates and
expects Greenway to achieve its planned cost reduction targets.
Also supporting the rating are Moody's expectations for adequate
liquidity from about $10 million of cash and a fully available $30
million revolving credit facility.

All financial metrics cited reflect Moody's standard adjustments.

The negative ratings outlook reflects Moody's concerns that
financial leverage could remain very high and liquidity may
deteriorate. The ratings could be lowered if revenues, profits or
free cash flow do not grow, resulting in Moody's expectations for
debt to EBITDA to remain above 6.5 times and a decline in
liquidity. The ratings could be raised if Moody's expects expanded
profits and debt reduction to drive debt to EBITDA to about 5.5
times and free cash flow to debt to be at least 5%, while Greenway
maintains conservative financial policies.

Greenway provides revenue cycle management ("RCM"), practice
management and electronic healthcare record ("EHR") software to
physician practices, community health centers and retail medical
clinics. Controlled by affiliates of Vista Equity Partners
("Vista"), Moody's expects revenue of approximately $350 million in
fiscal 2016 (ends September).


GRIFFON CORP: Revolver Debt Upsize No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service said that Griffon Corporation's increase
in the size of its unrated secured revolving credit facility to
$350 million from $250 million is a moderate credit positive, but
does not immediately affect the company's B1 Corporate Family
Rating (CFR), B1-PD Probability of Default Rating (PDR), or the
stable rating outlook.

Griffon Corporation (NYSE:GFF) is a diversified management and
holding company that conducts business through its wholly-owned
subsidiaries. Griffon currently conducts its operations through
three reportable segments: Home & Building Products (approximately
52% of FY15 revenues), Clopay Plastic Products Company ("PPC")
(27%), and Telephonics Corporation ("Telephonics")(21%). Home &
Building Products consists of two companies, The AMES Companies
("AMES") and Clopay Building Products ("CBP"). AMES is a Global
provider of non-powered landscaping products for homeowners and
professionals. CBP is a leading manufacturer and marketer of
residential, commercial and industrial garage doors to professional
dealers and major home center retail chains. Telephonics develops
and manufactures high-technology, integrated information,
communication and sensor system solutions for military and
commercial markets worldwide. PPC is an international leader in the
development and production of embossed, laminated and printed
specialty plastic films used in a variety of hygienic, health-care
and industrial applications. Griffon had total revenue of $2
billion during the twelve-month period ended December 31, 2015.


GRIZZLY LAND: May Hire Kutner Brinen as Attorneys
-------------------------------------------------
Grizzly Land, LLC sought and obtained authorization from the U.S.
Bankruptcy Court for the District of Colorado to employ Kutner
Brinen Garber, P.C. as attorneys.

The Debtor requires Kutner Brinen to:

   (a) provide the Debtor with legal advice with respect to its
       powers and duties;

   (b) aid the Debtor in the development of a plan of
       reorganization under Chapter 11;

   (c) file the necessary petitions, pleadings, reports, and
       actions that may be required in the continued
       administration of the Debtor's property under Chapter 11;

   (d) take necessary actions to enjoin and stay until a final
       decree herein the continuation of pending proceedings and
       to enjoin and stay until a final decree herein the
       commencement of lien foreclosure proceedings and all
       matters as maybe provided under 11 U.S.C. section 362; and

   (e) perform all other legal services for the Debtor that may be

       necessary herein.

Kutner Brinen will be paid at these hourly rates:

       Lee M. Kutner               $460
       Jeffrey S. Brinen           $400
       Aaron A Garber              $370
       Jenny M.F. Fujii            $320
       Benjamin H. Shloss          $260
       Keri L. Riley               $200
       Paralegals                  $75

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

Lee M. Kutner, shareholder of Kutner Brinen, 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.

Kutner Brinen can be reached at:

       Lee M. Kutner, Esq.
       KUTNER BRINEN GARBER, P.C.
       1660 Lincoln Street, Suite 1850
       Denver, CO 80264
       Tel: (303) 832-2400
       Fax: (303) 832-1510
       E-mail: lmk@kutnerlaw.com

                        About Grizzly Land

Grizzly Land LLC sought Chapter 11 protection (Bankr. D. Col. Case
No. 16-11757) in Denver on March 1, 2016.  Judge Thomas B. McNamara
is assigned to the case.  The petition was signed by Kirk A.
Shiner, DVM, manager.

The Debtor estimated $10 million to $50 million in assets and
debt.

Lee M. Kutner, Esq., at Kutner Brinen Garber, P.C., serves as
counsel to the Debtor.


HHH CHOICES: Chapter 11 Cases Jointly Administered
--------------------------------------------------
U.S. Bankruptcy Judge Michael E. Wiles has ordered that the Chapter
11 cases of HHH Choices Health Plan, LLC, are consolidated for
procedural purposes only and will be jointly administered by the
Court.  All original pleadings will be captioned as indicated in
the preceding decretal paragraph, and all original docket entries
shall be made in the Case of In re HHH CHOICES HEALTH PLAN, LLC.
Case No. 15-11158-MEW as the lead case.

                         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: Court Approves DLA Piper as Committee Counsel
----------------------------------------------------------
The Official Committee of Unsecured Creditors of Hebrew Hospital
Senior Housing, Inc. sought and obtained permission from the U.S.
Bankruptcy Court for the Southern District of New York to retain
DLA Piper LLP (US) as counsel to the Committee, nunc pro tunc to
January 5, 2016.

The Committee requires DLA Piper to:

   (a) advise the Committee with respect to its rights, duties and

       powers in this Chapter 11 Case;

   (b) participate in in-person and telephonic meetings of the
       Committee and any subcommittees formed thereby, and
       otherwise advise the Committee with respect to its rights,
       powers and duties in the Chapter 11 Case;

   (c) assist and advise the Committee in its consultations,
       meetings and negotiations with the Debtor and all other
       parties in interest regarding the administration of the
       Chapter 11 Case;

   (d) assist the Committee in analyzing the claims asserted
       against and interests asserted in the Debtor, in
       negotiating with the holders of such claims and interests,
       and in bringing, participating in, or advising the
       Committee with respect to contested matters and adversary
       proceedings, including objections or estimation
       proceedings, with respect to such claims or interests;

   (e) assist with the Committee's review of the Debtor's
       Schedules of Assets and Liabilities, Statements of
       Financial Affairs and other financial reports prepared by
       the Debtor, and the Committee's investigation of the acts,
       conduct, assets, liabilities and financial condition of the

       Debtor and of the historic and ongoing operation of its
       business;

   (f) assist the Committee in its analysis of, and negotiations
       with, the Debtor or any third party related to, among other

       things, financings, use, sale or leasing of the Debtor's
       assets, including asset disposition transactions,
       compromises of controversies, assumption or rejection of
       executor contracts and unexpired leases, and matters
       affecting the automatic stay;

   (g) assist the Committee in its analysis of, and negotiations
       with, the Debtor or any third party related to, the
       negotiation, formulation, confirmation and implementation
       of a chapter 11 plan for the Debtor, and all pleadings,
       agreements and documentation related thereto;

   (h) assist and advise the Committee with respect to its
       communications with the general creditor body regarding
       significant matters in the Chapter 11 Case;

   (i) represent the Committee at all hearings and other
       proceedings before the Court and such other courts or
       tribunals, as appropriate;

   (j) review and analyze all complaints, motions, applications,
       orders and other pleadings filed with the Court, and advise

       the Committee with respect to its position thereon and the
       filing of any response thereto;

   (k) assist the Committee in preparing pleadings and
       applications, and pursuing or participating in adversary
       proceedings, contested matters and administrative
       proceedings as may be necessary or appropriate in
       furtherance of the Committee's interests and objectives;
       and

   (l) perform such other legal services as may be necessary or as

       may be requested by the Committee in accordance with the
       Committee's powers and duties as set forth in the
       Bankruptcy Code.

DLA Piper will be paid at these hourly rates:

       Partner                 $995
       Associates              $625-$845
       Paraprofessionals       $325

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

DLA Piper has agreed that the blended hourly rate charged for legal
services provided to the Committee in this Chapter 11 Case will not
exceed $650. In addition, as an accommodation to the Committee, DLA
has agreed to a 100% discount for the time spent on non-working
travel related to the representation of the Committee.

Thomas R. Califano, partner in the Restructuring Group of DLA
Piper, 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.

DLA Piper can be reached at:

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


HHH CHOICES: HHHW Taps McCullough Goldberger as Special Counsel
---------------------------------------------------------------
U.S. Bankruptcy Judge Michael E. Wiles has authorized Hebrew
Hospital Home of Westchester, Inc., to employ of McCullough
Goldberger & Staudt, LLP (MGS) as special counsel, nunc pro tunc to
the Petition Date.

MGS is expected to render special legal counsel to the Debtor and
such legal services as the Debtor may consider desirable to
discharge the Debtor's responsibilities and further the interests
of the Debtor in the Chapter 11 Case.  It is expected that those
services will focus primarily on the following:

   a. post-closing reconciliations and obligations relating to the
Asset Purchase Agreement between the Debtor and HHH Acquisition,
LLC2 transaction with Bethel Nursing Home Company, Inc. and
Westchester Health Care Properties I, LLC, in relation to the joint
venture for a new nursing home in White Plains, New York; and

   b. commercial loan services, including repayment of the loan to
debtor, Hebrew Hospital Senior Housing, Inc.

The following professionals, who will be primarily responsible for
MGS's representation of the Debtor, are listed with their current
hourly billing rates, effective December 1, 2015:

         Linda B. Whitehead     Partner       $450
         Ruth Post              Associate     $375
         Meredith Leff          Associate     $350
         My-Hanh Retherford     Paralegal     $200

Linda B. Whitehead, a partner at McCullough Goldberger, assures 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 Debtor.

The firm can be reached at:

         Linda B. Whitehead, Esq.
         McCullough Goldberger & Staudt, LLP
         1311 Mamaroneck Avenue, Suite 340
         White Plains, New York 10605
         Tel: (914) 949-6400
         Fax: (914) 949-2510
         E-mail: lwhitehead@mgslawyers.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.


HHH CHOICES: Hires Getzler Henrich as Financial Advisor
-------------------------------------------------------
Hebrew Hospital Home of Westchester, Inc., seeks authorization from
the U.S. Bankruptcy Court for the Southern District of New York to
employ Getzler Henrich & Associates LLC as financial advisor, nunc
pro tunc to the January 8, 2016 petition date.

The Debtor requires Getzler Henrich to:

   (a) assist in the preparation of analyses of the Debtor's
       transactions with other affiliated entities;

   (b) assist in the preparation and review of proposed business
       plans and the review of the business and financial
       condition of the Debtor generally;

   (c) assist in evaluating reorganization strategies and
       alternatives;

   (d) review and critique of the Debtor's financial projections
       and assumptions;

   (e) prepare enterprise, asset, and liquidation valuations;

   (f) assist in preparing documents necessary for confirmation;

   (g) provide advice and assistance to the Debtor in negotiations
       and meetings with any Creditors' Committee and other
       parties-in-interest;

   (h) assist with the claims resolution procedures, including,
       but not limited to, analyses of creditors' claims by type
       and entity;

   (i) provide litigation consulting services and expert witness
       testimony regarding confirmation issues, avoidance actions
       or other matters, if necessary; and

   (j) provide such other functions as requested by the Debtor or
       its counsel to assist the Debtor in this Chapter 11 case.

Getzler Henrich will be paid at these hourly rates:

       Principal/Managing Director     $435-$480
       Director/Specialist             $350-$425
       Associate Professional          $150-$345

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

Daniel S. Polsky, managing director of Getzler Henrich, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Getzler Henrich can be reached at:

       Daniel S. Polsky
       GETZLER HENRICH & ASSOCIATES LLC
       295 Madison Avenue, 20th Floor
       New York, NY 10017
       Tel: (212) 697-2400
       Fax: (212) 697-4812

                         About 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: Panel Can Hire CohnReznick as Financial Advisor
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Hebrew Hospital
Senior Housing, Inc. sought and obtained authorization from the
U.S. Bankruptcy Court for the Southern District of New York to
retain CohnReznick LLP as financial advisor to the Committee nunc
pro tunc to January 5, 2016.

The Committee requires CohnReznick to:

   (a) review the reasonableness of the cash collateral/DIP
       arrangements as to cost to the Debtor and the likelihood
       that the Debtor will be able to comply with the terms of an
       order approving of such arrangements;

   (b) at the request of Committee's counsel, analyze and review
       key motions to identify strategic financial issues in the
       case;

   (c) gain an understanding of the Debtor's corporate structure,
       including non-Debtor entities;

   (d) perform a preliminary assessment of the Debtor's short-term

       budgets;

   (e) establish reporting procedures that will allow for the
       monitoring of the Debtor's postpetition operations and
       sales efforts;

   (f) develop and evaluate alternative sale strategies;

   (g) Scrutinize proposed transactions, including the assumption
       and/or rejection of executory contracts;

   (h) identify, analyze and investigate transactions with non-
       Debtor entities and other related parties;

   (i) monitor the Debtor's weekly operating results;

   (j) monitor the Debtor's budget to actual results on an ongoing

       basis for reasonableness and cost control;

   (k) communicate findings to the Committee;

   (l) perform forensic accounting procedures, as directed by the
       Committee and its counsel;

   (m) investigate and analyze all potential avoidance action
       claims;

   (n) prepare preliminary dividend analyses to determine the
       potential return to unsecured creditors;

   (o) monitor the sales process and supplement the lists of
       potential buyers;

   (p) assist the Committee and its counsel in negotiating the key

       terms of a plan of reorganization or plan of liquidation;
       and

   (q) render such assistance as the Committee and its counsel may

       deem necessary.

CohnReznick will be paid at these hourly rates:

       Partner                      $600-$810
       Managers, Senior Managers,
       Directors                    $440-$630
       Other Professional Staff     $295-$430
       Paraprofessionals            $195

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

Chad J. Shandler, partner of CohnReznick, 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.

CohnReznick can be reached at:

       Chad J. Shandler
       CohnReznick LLP
       1301 Avenue of the Americas
       New York, NY 10019
       Tel: (212) 297-0400

                         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: Panel May Hire CBIZ as Financial Advisors
------------------------------------------------------
The Official Committee of Unsecured Creditors of HHH Choices Health
Plan, LLC sought and obtained permission from the U.S. Bankruptcy
Court for the Southern District of New York to retain CBIZ
Accounting Tax & Advisory of New York, LLC and CBIZ, Inc. as
financial advisors to the Committee, nunc pro tunc to January 19,
2016.

The Committee requires CBIZ to:

   (a) assist the Committee in its evaluation of the Debtor's
       post-petition cash flow and/or other projections and
       budgets prepared by the Debtor;

   (b) monitor the Debtor's activities regarding cash expenditures
       subsequent to the filing of the petition under Chapter 11;

   (c) assist the Committee in its review of monthly operating
       reports submitted by the Debtor;

   (d) manage or assist with any investigation into the pre-
       petition acts, conduct, transfers of property, and/or
       funds, liabilities and financial condition of the Debtor,
       its management, or creditors, including the operation of
       the Debtor's business;

   (e) provide financial analysis related to funding in any
       proposed DIP Financing, including advising the Committee
       concerning such matters, if applicable;

   (f) analyze transactions with vendors, insiders, related and/or
       affiliated entities, prior and subsequent to the date of
       the filing of the petition under Chapter 11;

   (g) assist the Committee or its counsel in any litigation
       proceedings against insiders and other potential
       adversaries;

   (h) assist the Committee in its review of the financial aspects

       of any proposed plan of reorganization/liquidation;

   (i) attend meetings with representatives of the Committee and
       its counsel, and prepare presentations to the Committee
       that provides analyses and updates on diligence performed;
       and

   (j) perform any other services that may be necessary in our
       role as financial advisor to the Committee or that may be
       requested by Committee counsel or the Committee.

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

Charles Berk, lead managing director of CBIZ, 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.

CBIZ can be reached at:

       Charles Berk
       CBIZ ACCOUNTING, TAX &
       ADVISORY OF NEW YORK, LLC
       1065 Avenue of the Americas
       11th Floor
       New York, NY 10018
       Tel: (212) 790-5883
       E-mail: cberk@cbiz.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.


HNO GREEN: Brundidge Moves for Case Dismissal or Conversion
-----------------------------------------------------------
Creditors Carl I. Brundidge and Brundidge & Stanger P.C. seek
Chapter 7 conversion or dismissal of the Chapter 11 case of HNO
Green Fuels, Inc.  

In light of claims that the principal, Don Owens, was soliciting
new investments from shareholders without Court approval, the Court
in January entered an order to show cause why the case should not
be dismissed or converted.  In seeking dismissal/conversion,
Brundidge & Stanger points out that:

  -- Over time, HNO took money from more than 1,200 shareholders,
most of them unsophisticated shareholders.

  -- HNO hid the bankruptcy filing from its shareholders by
omitting its shareholders from the master mailing list.

  -- After filing bankruptcy, HNO also failed to shut down the
IndieGoGo crowdsource funding page.

  -- HNO never mentioned the bankruptcy to its shareholders until
six months after the bankruptcy petition.

  -- Don Owens cannot be expected to steer HNO thorough chapter 11
because Owens' management decisions will be shaded toward limiting
Owen's personal liability under California Corporations Code Sec.
1507.

Rene Mitchell and C&R Enterprises, LLC, join in Brundidge's Motion.
C&R asserts that the Court should convert this case to Chapter 7.
According to C&R, a trustee will be able to explore the long
history of investments and possible diversion of resources by Mr.
Owens.  Alternatively, C&R avers that the Court should dismiss the
Chapter 11 case and leave the parties to their state court
remedies.

Attorneys for C&R Enterprises, LLC:

         Gregory M. Salvato, Esq.
         Joseph Boufadel, Esq.
         SALVATO LAW OFFICES
         Wells Fargo Center
         355 South Grand Avenue, Suite 2450
         Los Angeles, CA 90071-9500
         Telephone: (213) 484-8400
         Facsimile: (213) 402-3778
         E-mail: Gsalvato@salvatolawoffices.com
                 Jboufadel@salvatolawoffices.com

Attorneys for Brundidge & Stanger:

         J. Scott Bovitz, Esq.
         BOVITZ & SPITZER
         1100 Wilshire Boulevard, Suite 2403
         Los Angeles, CA 90017‐1961
         Tel: (213) 346‐8300
         Fax: (213) 928‐4174
         E-mail: bovitz@bovitz‐spitzer.com

                      About HNO Green Fuels

Founded in 2010, HNO Green Fuels, Inc. --
http://www.hnogreenfuels.com/-- is a manufacturing, distribution
and research and development company specializing in reducing
particulate matter emission, improving combustion efficiency and
fuel economy and producing breathable oxygen.  The company owns
nine patents and has six pending. The patents are for the Hydrogen
Supplemental System for On-Demand Hydrogen Generation for Internal
Combustion Engines.

HNO Green Fuels sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 15-14946) in Riverside, California, on May 16, 2015. Judge Mark
D. Houle is the case judge.

The Debtor estimated $50 million to $100 million in assets and $1
million to $10 million in debt.  

The Debtor tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as
counsel.


HNO GREEN: Plan Promises Full Recovery for Unsec. Creditors
-----------------------------------------------------------
HNO Green Fuels, Inc., has filed a proposed reorganization plan
that will be funded by personal funds of its principal, Don Owens.

The Plan says the Debtor doesn't have any secured claims.  The only
impaired class under the Plan consists of general unsecured
creditors.  The Plan provides that unsecured creditors will
ultimately be paid the full amount of their allowed claims by
either receiving payments equal to the amount of their allowed
claims in four equal installments, with interest at the rate of 4%,
or common stock of the Reorganized Debtor with a value equal to the
amount of their allowed claim.

According to the Disclosure Statement, the total undisputed general
unsecured claims filed against the Debtor combined with projected
unclassified claims (other than professional fees) total
approximately $10,000.

The Debtor disputes that it owes $1.3 million to Brundidge &
Stanger P.C. ("B&S"), former patent attorneys for the Debtor, and
the Plan assumes that the claim will be allowed for $0.  The Plan
also assumes that $0 is owed to C&R Enterprises, which asserts
ownership to some of the patents claimed by the Debtor.  The Debtor
has commenced an adversary proceeding against Brundidge and C&R.

A status hearing on the Disclosure Statement will be held on April
26, 2016 at 2:00 p.m. at Courtroom 303, 3420 Twelfth St.,
Riverside.  The case judge is Hon. Mark D. Houle.

A copy of the Disclosure Statement is available for free at:

       http://bankrupt.com/misc/HNO_Green_92_DS.pdf

Attorney for the Debtor:

         Gary E. Klausner, Esq.
         Eve H. Karasik, Esq.
         Lindsey L. Smith, Esq.
         LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
         10250 Constellation Boulevard, Suite 1700
         Los Angeles, CA 90067
         Telephone: (310) 229-1234
         Facsimile: (310) 229-1244
         E-mail: gek@lnbyb.com
                 ehk@lnbyb.com
                 lls@lnbyb.com

                      About HNO Green Fuels

Founded in 2010, HNO Green Fuels, Inc. --
http://www.hnogreenfuels.com/-- is a manufacturing, distribution
and research and development company specializing in reducing
particulate matter emission, improving combustion efficiency and
fuel economy and producing breathable oxygen.  The company owns
nine patents and has six pending. The patents are for the Hydrogen
Supplemental System for On-Demand Hydrogen Generation for Internal
Combustion Engines.

HNO Green Fuels sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 15-14946) in Riverside, California, on May 16, 2015. Judge Mark
D. Houle is the case judge.

The Debtor estimated $50 million to $100 million in assets and $1
million to $10 million in debt.  

The Debtor tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as
counsel.


HNO GREEN: Wants Plan Approval Deadline Extended to June
--------------------------------------------------------
At a hearing on April 5, 2016 at 2:00 p.m., HNO Green Fuels, Inc.,
will ask the U.S. Bankruptcy Court for the Central District of
California to extend its deadline to confirm a plan of
reorganization from April 25, 2016 to June 30, 2016.

Gary E. Klausner, Esq., at Levene, Neale, Bender, Yoo & Brill
L.L.P., says the Debtor's 45 day period to confirm a plan of
reorganization set pursuant to 11 U.S.C. Sec. 1129(e) should be
extended until after the Debtor obtains final approval of its
disclosure statement for two reasons:

   (1) The Debtor and the parties involved in the primary disputes
in the Debtor's bankruptcy case were scheduled to participate in a
mediation on March 18, 2016, and the outcome of that mediation may
result in a material change in the plan; and,

   (2) Until the disclosure statement has been approved, which will
not occur until the conclusion of the hearing presently set for
April 26, 2016, the Debtor cannot proceed to solicit consents to
its plan.

Therefore, the Debtor believes it is prudent and cost effective to
wait until disclosure statement has been finally approved (which
the Debtor anticipates will occur at the hearing on the disclosure
statement scheduled for April 26, 2016) before moving towards
confirming its plan.

                      About HNO Green Fuels

Founded in 2010, HNO Green Fuels, Inc. --
http://www.hnogreenfuels.com/-- is a manufacturing, distribution
and research and development company specializing in reducing
particulate matter emission, improving combustion efficiency and
fuel economy and producing breathable oxygen.  The company owns
nine patents and has six pending. The patents are for the Hydrogen
Supplemental System for On-Demand Hydrogen Generation for Internal
Combustion Engines.

HNO Green Fuels sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 15-14946) in Riverside, California, on May 16, 2015. Judge Mark
D. Houle is the case judge.

The Debtor estimated $50 million to $100 million in assets and $1
million to $10 million in debt.  

The Debtor tapped Levene, Neale, Bender, Yoo & Brill L.L.P, as
counsel.


HOMEJOY LLC: U.S. Trustee Forms 3-Member Committee
--------------------------------------------------
The U.S. Trustee for Region 17 on March 25 filed an amended notice
of appointment of the official committee of unsecured creditors in
the Chapter 11 case of Homejoy (assignment for the benefit of
creditors) LLC.

The Justice Department's bankruptcy watchdog said it appointed
these creditors to serve on the committee:

     (1) Debra Mugnani
         Monroe Personnel Svc, LLC
         220 Montgomery St., Ste 1006
         San Francisco, CA 94104

     (2) Amy Johnson
         TaskUs
         3233 Donald Douglas Loop S
         Santa Monica, CA 90405

     (3) Vilma Zenelaj
         c/o Byron Goldstein
         Goldstein, Borgen, Dardarian & Ho
         300 Lakeside Drive, Suite 1000
         Oakland, CA 94612

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

                        About Homejoy LLC

Homejoy (assignment for the benefit of creditors) LLC sought
protection under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of California (San Jose)
(Bankr. N.D. Calif., Case No. 15-53931) on December 15, 2015. The
petition was signed by Tim J. Cox, responsible individual.

The Debtor is represented by Ron Bender, Esq., and John-Patrick M.
Fritz, Esq., at Levene, Neale, Bender Yoo & Brill L.L.P. The case
is assigned to Judge Elaine E. Hammond.

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


HUNTSMAN INT'L: Moody's Rates New $550 Million Term Loan 'Ba2'
--------------------------------------------------------------
Moody's Investors Service assigned Ba2 ratings to Huntsman
International LLC's (HI) $625 million amended secured revolving
credit facility due 2021 and its new $550 million term loan B.
Proceeds from the new term loan, along with a minimal amount of
balance sheet cash, will be used to repay HI's outstanding term
loan B-1, B-2 and C. HI is a direct subsidiary of Huntsman
Corporation (Huntsman), and both entities have Corporate Family
Ratings (CFRs) of Ba3 with stable outlooks.

"Huntsman is seeking to refinance near-term maturities and extend
the maturity of its revolver as the lack of EBITDA growth has
limited the free cash flow available for debt repayment, " stated
John Rogers Senior Vice President at Moody's.

Ratings assigned

Huntsman International LLC

Senior secured term loan B at Ba2 (LGD2)

Amended senior secured revolving credit facility
at Ba2 (LGD2)

RATINGS RATIONALE

The Ba2 ratings on the amended revolving credit facility and new
term loan B are the same as HI's other term loans (total of $1.9
billion) and notched up from the CFR due to their secured position
in the capital structure. HI has roughly $2.45 billion of secured
debt and a $215 million of accounts receivable financing that is
senior to roughly $1.8 billion of unsecured debt.

The Ba3 Corporate Family Ratings (CFR) at Huntsman and HI reflect
their solid competitive position in urethanes, improving
profitability in Performance Products, downstream position in
epoxies, as well as an experienced management team. Additional
support for the rating is based on management's stated intention to
reduce net leverage to about 2.0 to 2.5 times on a normalized
EBITDA basis (this ratio does not incorporate Moody's adjustments).
However, the 2014 acquisition of Rockwood's Pigments business
increased leverage, while profitability declined in 2015. This has
materially weakened credit metrics for the Ba3 CFR, Debt/EBITDA is
5.1x and Retained Cash Flow/Debt (RCF/Debt) is 10% for the LTM
ended December 30, 2015. Furthermore, there is growing concern that
the company will not be able to materially de-lever its balance
sheet in 2016 due to relatively weak earnings growth and limited
free cash flow. Any material decline in earnings or cash flow in
2016 versus 2015, especially in the Urethanes segment, would likely
trigger a negative outlook or a reassessment of the appropriateness
of the Ba3 CFR.

The Debt/EBITDA metric cited above incorporates Moody's standard
adjustments, which add close to $1.3 billion of additional debt
($853 million in pensions, and $427 million in capitalized
operating leases).

The stable outlook reflects the expectation of modest improvements
to Huntsman's financial metrics in 2016, from the weak pro forma
levels cited above, given the anticipated growth in Huntsman's
Polyurethane and Performance Products businesses. Moody's could
downgrade Huntsman's and HI's ratings, if Debt/EBITDA remains close
to 5.0x and Retained Cash Flow/Debt remains below 10% in 2016. The
ratings currently have limited upside due to Huntsman's weak credit
metrics. However, if they successfully reduce leverage below 3.5x
and raise RCF/Debt above 15% on a sustainable basis, Moody's would
upgrade their CFRs to Ba2.

Huntsman Corporation is a global manufacturer of differentiated and
commodity chemical products. Huntsman's products are used in a wide
variety of end markets, including aerospace, automotive,
construction, consumer products, electronics, medical, packaging,
coatings, refining and synthetic fibers. Huntsman has revenues of
over $10 billion.


IAMGOLD CORP: Moody's Confirms B2 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service confirmed IAMGOLD Corporation's Corporate
Family (CFR) rating at B2, its Probability of Default Rating at
B2-PD and its subordinate notes rating at B3. The company's
speculative grade liquidity rating was raised to SGL-1 from SGL-2.
The rating outlook is negative. This concludes the review for
downgrade initiated on January 21, 2016.

"The confirmation of IAMGOLD's rating is based on the company's
strong liquidity, which provides an offset to the expectation of
continued negative free cash flow generation (using a $1100/oz gold
price) and execution risks at its operating mines," said Jamie
Koutsoukis, Moody's Vice President, Senior Analyst.

This rating action resolves a rating placed under review pursuant
to Moody's review of the global mining sector, parts of which have
undergone a fundamental downward shift. While gold has not
experienced the same magnitude of recent price reductions seen in
base metals, it is nevertheless a volatile commodity, the price of
which is very hard to predict as it is not driven by normal
industrial supply and demand factors. Moody's expects this price
risk to be tempered with a focus on cost efficiency, prudent
project development and low financial risk, in terms of leverage,
coverage and robust liquidity.

Outlook Actions:

Issuer: IAMGOLD Corp. (IAG)

-- Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: IAMGOLD Corp. (IAG)

-- Probability of Default Rating, Confirmed at B2-PD

-- Corporate Family Rating, Confirmed at B2

-- Subordinate Regular Bond/Debenture, Confirmed at B3(LGD4)

Ratings raised:

Issuer: IAMGOLD Corp. (IAG)

-- Speculative Grade Liquidity Rating, raised to SGL-1 from SGL-2

RATINGS RATIONALE

IAMGOLD's B2 CFR is driven by the company's modest scale, elevated
geopolitical risks and dependence on its Rosebel gold mine in
Suriname (Ba3 stable) and Essakane gold mine in Burkina Faso
(unrated) for the majority of its cash flows. In addition the
rating reflects increasing rock hardness at both Rosebel and
Essakane which could possibly result in higher costs in addition to
the execution risk in increasing production at its Westwood mine in
Canada following the mining-based seismic event which derailed the
mine's original 2015 ramp up. Providing some offset to these
concerns is the company's very strong cash balance which is in
excess of its debt, and Moody's estimate that the company's
leverage will improve to 3.5x-4x in 2016 from 5.1x at year end 2015
using a gold price assumption of US$1,100/oz. In addition IAMGOLD's
March 2016 issuance of $41 million in flow through shares to fund
the development of its Westwood mine displays the company's
commitment to maintaining the balance sheet. “However, we remain
concerned that the high costs and the potential operating
challenges of the company's mines could affect liquidity and we
expect that IAMGOLD will remain modestly cash consumptive after
capital spending.”

IAMGOLD has very good liquidity (SGL-1). At December 31, 2015, the
company had $548 million in cash and had $143 million in
available-for-sale gold bullion (the company has since sold the
bullion for proceeds of $170M). IAMGOLD's external liquidity
currently consists of a $100 million committed facility (matures
2020). “The company's liquidity sources are ample to fund our
expectation of about $100 million in negative free cash flow for
2016. IAMGOLD's facility includes financial covenants including net
debt to EBITDA, tangible net worth, interest coverage and minimum
liquidity of which we believe IAMGOLD will remain comfortably in
compliance with.”

The negative outlook reflects ongoing cash consumptiveness,
execution risks associated with achieving production and cost
expectations at Westwood and potential upward pressure on costs at
Rosebel and Essakane as the composition of harder ore increases
over the next few years.

The CFR could be upgraded to B1 if IAMGOLD achieves greater mine
diversity and reduced reliance on countries that have elevated
political/economic risks along with evidence they are managing
their mine related challenges. In addition an upgrade would require
EBIT/ Interest in excess of 2.0x (compared to -2.80x as at December
31, 2015) while maintaining leverage below 4x.

"The CFR could be downgraded to B3 if IAMGOLD's overall cash costs
escalate without a higher gold price, if we expect the company's
adjusted debt/EBITDA to be sustained above 5x, or should we believe
the company's liquidity position would materially contract.”

Headquartered in Toronto, Canada, IAMGOLD owns and operates three
gold mines: Rosebel (95% owned, about 290koz of estimated
attributable gold production in 2016) in Suriname, Essakane (90%,
370koz) in Burkina Faso, and Westwood (100%, 55koz) in Canada. The
company also owns 41% of a joint venture (Sadiola, 70koz) in Mali.


IHS INC: Moody's Affirms 'Ba1' Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed IHS Inc.'s (IHS) existing
ratings, including its Ba1 Corporate Family Rating (CFR) and the
Ba1 rating for its senior notes, following the announcement that
IHS and Markit Limited will combine via an all-stock merger in a
transaction valued at approximately $13 billion. The companies
expect the acquisition to close in the second half of 2016. The
ratings have a stable outlook.

RATINGS RATIONALE

The affirmation of IHS' Ba1 CFR reflects the meaningful
deleveraging as a result of the merger and management's commitment
to target total debt to EBITDA between 2x to 3x on its reported
basis. The combination with Markit will improve IHS' revenue
diversification and enhance free cash flow generation. Moody's
estimates that IHS' total debt to EBITDA, as adjusted by Moody's,
will decline from about 4.6x (pro forma for the full year of EBITDA
from Oil Price Information Service, LLC and CarProof acquisitions)
to about 3.5x, pro forma for the merger with Markit and before
including revenue and cost synergies. IHS expects to achieve annual
cost savings of $125 million by 2019, about $100 million of revenue
synergies and benefit from lower consolidated tax rates pro forma
for the merger.

The Ba1 CFR reflects IHS' enhanced scale and Moody's expectations
that the combined company will maintain total debt to EBITDA below
4x (Moody's adjusted) and generate free cash flow of about 20% of
total adjusted debt. The rating also incorporates the execution
risk in integrating two companies of significant scale with mainly
disparate market focus. While pro forma free cash flow will be
strong, prospective free cash flow will essentially be committed to
financing $1 billion of targeted annual share repurchases in 2017
and 2018. Moody's believes that these large share repurchases will
limit the company's flexibility to absorb potential challenges in
integrating the two companies. Furthermore, the company's ability
to maintain leverage in its target range will be highly predicated
on generating good organic revenue growth rates and timely
attainment of cost synergies. The Ba1 rating also reflects IHS'
highly acquisitive growth strategy and its moderately high
leverage.

The stable outlook reflects Moody's expectations that IHS will
generate good EBITDA growth prior to the merger from a combination
of flat-to-modestly positive organic revenue growth and EBITDA
margin expansion.

The SGL-1 Speculative Grade Liquidity rating reflects IHS' very
good liquidity comprising cash balances, strong free cash flow and
approximately $300 million of availability under its revolving
credit facility.

IHS' ratings could be downgraded if revenue declines, challenges in
integrating Markit or deviations in financial policies cause total
debt to EBITDA to be sustained above 4x (Moody's adjusted) and free
cash flow-to-total debt to be sustained above below 15% (Moody's
adjusted).

Given IHS' moderately high leverage and integration risk, a ratings
upgrade is not expected over the intermediate term. Moody's could
raise IHS' ratings if the company maintains strong earnings growth
and demonstrates a commitment to more conservative financial
policies. The ratings could be upgraded if Moody's expects IHS'
total debt to EBITDA (Moody's adjusted) to be sustained below
3.0x.

The following ratings were affirmed:

Issuer: IHS Inc.

-- Corporate Family Rating, Ba1

-- Probability of Default Rating, Ba1-PD

-- Senior Unsecured Notes due 2022, Ba1(LGD 4)

-- Speculative Liquidity Grade, SGL-1

Outlook

-- Stable

IHS Inc. provides information, research and analytics services to
businesses in the energy, chemicals, automotive, aerospace and
defense, technology, and maritime industries.


INFORMATICA CORP: Bank Debt Trades at 2% Off
--------------------------------------------
Participations in a syndicated loan under which Informatica Corp is
a borrower traded in the secondary market at 97.75
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.17 percentage points from the
previous week.  Informatica Corp pays 350 basis points above LIBOR
to borrow under the $ 1.875 billion facility. The bank loan matures
on June 1, 2022 and carries Moody's B2 rating and Standard & Poor's
B rating.  The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


INTERNATIONAL BRIDGE: Has Access to Cash Collateral Until July 8
----------------------------------------------------------------
International Bridge Corp. received interim court approval to use
the cash collateral to support its operations.

The order, issued by U.S. Bankruptcy Judge Robert Gerber, allowed
the company to use the cash collateral until July 8, 2016.

Judge Gerber ordered the company to make monthly payments in the
amount of $2,000 to the Internal Revenue Service, which claims an
interest or lien in the cash collateral.

International Bridge was also ordered to grant the agency a
"replacement lien" in accounts receivable created after the
company's bankruptcy filing.

TOA Corp. and Leidos Inc. had earlier criticized the company's bid
to use the cash collateral.  Both creditors complained
International Bridge will use the cash collateral to pay companies
it has had transactions with although there is no evidence that
those are the result of an "arms-length dealings for the benefit of
creditors."

                   About International Bridge

International Bridge Corporation, a contractor for government
projects in the South Pacific and Guam, sought Chapter 11
protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May
7, 2015.  Robert Toelkes, the sole shareholder and manager, signed
the petition.  The Debtor disclosed total assets of $17.4 million
and total debt of $27.4 million.

The case is assigned to Judge Robert D. Berger.  The Debtor tapped
Stevens & Brand, LLP, as its counsel.  Foulston Siefkin, LLP,
serves as the Debtor's special litigation counsel.  Robert G. Nath,
PLLC, represents the Debtor as special tax counsel.


INTREPID POTASH: Lenders Waive Financial Covenants Thru May 13
--------------------------------------------------------------
Intrepid Potash, Inc. on March 23, 2016, entered into waiver
agreements with its lenders:

     (A) Waiver and Amendment No. 5 to Credit Agreement with each
of the lenders named therein and U.S. Bank National Association, as
administrative agent.  The Credit Facility Amendment amends the
Credit Agreement, dated as of August 3, 2011, and amended as of
August 5, 2013, August 28, 2015, January 15, 2016, and February 26,
2016, by and among Intrepid, the Lenders, and U.S. Bank.  See
http://is.gd/0rsopv

         Under the Credit Facility Amendment, the Lenders and
         U.S. Bank are waiving until May 13, 2016, (1) the
         requirement that the Company comply with the financial
         covenants under the Credit Facility relating to its
         leverage ratio and fixed charge coverage ratio for the
         quarter ending March 31, 2016 -- and agreed that any
         noncompliance with these covenants for the quarter
         ending March 31, 2016, will not constitute a default or
         event of default under the Credit Facility until May 13,
         2016; and (2) the requirement that the Company deliver
         audited annual financial statements for fiscal year 2015
         without any going concern modifier -- and agreed that
         the existence of audited annual financial statements for
         fiscal year 2015 with a going concern modifier will not
         constitute a default or event of default under the
         Credit Facility until May 13, 2016.  In addition, the
         Credit Facility Amendment permanently reduces the
         aggregate borrowing capacity of the Credit Facility from
         $150 million to $85 million. The Credit Facility
         continues to have a maturity date of August 28, 2020.

         The members of the lending syndicate are:

         * U.S. BANK NATIONAL ASSOCIATION, as a Lender, as
           LC Issuer and as Administrative Agent;
         * WELLS FARGO BANK, N.A., as a Lender;
         * BANK OF MONTREAL, as a Lender;
         * BANK OF AMERICA, N.A., as a Lender;
         * AGFIRST FARM CREDIT BANK, as a Lender;
         * UNITED FCS PCA, D/B/A FCS COMMERCIAL FINANCE GROUP,
           as a Lender;
         * BANK OF THE WEST, as a Lender; and
         * JPMORGAN CHASE BANK, N.A., as a Lender

     (B) Waiver to Note Purchase Agreement with each of the
purchasers named therein.  The NPA Waiver relates to the Note
Purchase Agreement, dated as of August 28, 2012, and amended as of
January 15, 2016, by and among Intrepid and the Noteholders.  See
http://is.gd/o0Ueit

         Under the NPA Waiver, the Noteholders are waiving until
         May 13, 2016, the requirement that the Company comply
         with the financial covenants under the NPA relating to
         the Company's leverage ratio and fixed charge coverage
         ratio for the quarter ending March 31, 2016 -- and
         agreed that any noncompliance with these covenants for
         the quarter ending March 31, 2016, will not constitute a
         default or event of default under the NPA until May 13,
         2016.  The NPA continues to have $150 million aggregate
         principal amount of unsecured senior notes outstanding
         under it, consisting of the following series:

         $60 million of 3.23% Senior Notes, Series A,
                     due April 16, 2020
         $45 million of 4.13% Senior Notes, Series B,
                     due April 14, 2023
         $45 million of 4.28% Senior Notes, Series C,
                     due April 16, 2025

         The Company's Noteholders are:

                         Aggregate      Aggregate      Aggregate
                         Principal      Principal      Principal
                         Amount of      Amount of     
Amount of
                          Series A       Series B       Series C
                             Notes          Notes          Notes
                       Outstanding    Outstanding    Outstanding
                              ($MM)          ($MM)          ($MM)
                       -----------    -----------    -----------
Teachers Insurance and
   Annuity Association
   of America                  0.0            0.0           37.5
The Guardian Life
   Insurance Company
   of America                  0.0           23.5            7.5
CoBank, ACB                   25.0            0.0            0.0
AgFirst Farm
   Credit Bank                15.0            0.0            0.0
Farm Credit Bank
   of Texas                   10.0            0.0            0.0
GreenStone Farm
   Credit Services,
   ACA/FLCA                   10.0            7.0            0.0
1st Farm Credit
   Services, PCA               0.0            7.5            0.0
Farm Credit Services
   of America, PCA             0.0            7.0            0.0
                       -----------    -----------    -----------
Totals                        60.0           45.0           45.0
                       ===========    ===========    ===========

"We continue to work with the Lenders and Noteholders and to
evaluate our options for maintaining compliance with our debt
agreements," the Company said.

In its Annual Report on Form 10-K for the fiscal year ended Dec.
31, 2015 (see http://is.gd/tVvWpF),the Company disclosed that, "We
are currently in compliance with the covenants under our debt
agreements; however, if current market conditions continue, we
anticipate that our EBITDA levels will not be sufficient for us to
maintain compliance with these financial covenants through 2016. As
a result, we are proactively working with our lenders and
evaluating options for maintaining compliance, which include
requesting covenant amendments, waivers or forbearances, and could
include a possible reduction of our debt level (including the
payment of prepayment penalties). Our failure to comply with these
covenants would be an event of default that, if not waived, could
result in the acceleration of all outstanding indebtedness
(including the acceleration of our senior notes discussed below and
any amounts outstanding under the credit facility). In addition,
the amount available under the facility would be reduced to zero.
If the lenders were to make such a demand for repayment, we would
be unable to pay the obligations as we do not have sufficient cash
on hand to satisfy these obligations. These factors raise
substantial doubt about our ability to continue as a going concern.
While we will continue to work with our existing lenders, there can
be no assurance that we will be successful. The accompanying
consolidated financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and
satisfaction of liabilities in the ordinary course of business. The
consolidated financial statements do not include any adjustments
relating to the recoverability and classification of recorded
assets or the amounts and classification of liabilities that might
be necessary should we be unable to continue as a going concern."

At Dec. 31, 2015, the Company had total assets of $640,484,000
against total liabilities of $213,958,000.

It reported a net loss of $524,776,000 for 2015 from net income of
$9,761,000 for 2014 and $22,275,000 for 2013.

Intrepid Potash, Inc., is the only producer of potash in the United
States and is one of two producers of langbeinite, which it markets
and sells as Trio(R).  The Company also produces salt and magnesium
chloride from its potash mining processes.


J & K JIMENEZ: 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 J & K Jimenez Properties LLC.

J & K Jimenez Properties, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla., Case No. 16-01213) on
February 17, 2016. The Debtor is represented by David W Steen,
Esq., at David W. Steen, PA.


J. CREW: Bank Debt Trades at 30% Off
------------------------------------
Participations in a syndicated loan under which J. Crew is a
borrower traded in the secondary market at 70.31
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 2.58 percentage points from the
previous week.  J. Crew pays 300 basis points above LIBOR to borrow
under the $1.56 billion facility. The bank loan matures on Feb. 27,
2021 and carries Moody's B2 rating and Standard & Poor's B- rating.
The loan is one of the biggest gainers and losers among 247 widely
quoted syndicated loans with five or more bids in secondary trading
for the week ended March 18.


JUMIO INC: Meeting to Form Creditors' Panel Set for March 31
------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on March 31, 2016, at 10:00 a.m. in the
bankruptcy case of Jumio Inc.

The meeting will be held at:

         J. Caleb Boggs Federal Building
         844 King St., Room 2112
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it represents.


JUMIO INC: To Sell Jumio Acquisition Assets, Gets $3.7M Financing
-----------------------------------------------------------------
Jumio Inc., the online and mobile credentials authentication
company, on March 21 disclosed that it has agreed to sell
substantially all its assets to Jumio Acquisition, LLC ("Jumio
Acquisition"), an entity formed by Eduardo Saverin.  An early
backer of Jumio, Mr. Saverin remains a significant stockholder and
secured debt holder of the company.  The sale will be subject to
other bids that may be received.

Jumio is confident that a sale is the single best path to provide
the company with the necessary resources to continue to fund and
scale the business as it enters its next phase of growth.  Jumio is
well positioned to build on its strong momentum through increased
customer wins and new vertical entry.

Stephen Stuut, Jumio's CEO said, "Jumio created the online ID
verification industry, and we are thriving from an operational
standpoint as we continue to see robust bookings and build strong
relationships with some of the most recognizable brands and
companies in the world.  After thoroughly evaluating all available
options, we determined that an asset sale is in the best interests
of Jumio and our stakeholders.  We expect this process to be
seamless for our customers with no disruption to our operations."

Certain legacy issues combined with related government
investigations and proceedings have made it difficult for Jumio to
secure necessary funding for its operations.  As a result, Jumio
intends to implement the sale as an asset sale under Section 363 of
the U.S. Bankruptcy Code.  To that end, Jumio's U.S. business has
commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy
Court for the District of Delaware to facilitate the process.  This
action is expected to allow the company to provide for an orderly
sale of its assets in a court-supervised environment.  The
company's subsidiaries located outside the U.S. are not included in
the court filings but are included in the sale.  Jumio expects all
of its operations to continue without disruption during the sale
process. Customers and employees should see no interruption as a
result of this process.

Mr. Stuut continued, "Despite some of the challenges Jumio's
leadership team inherited, our underlying business remains
exceptionally strong.  The court-supervised sale and restructuring
process will allow us to strengthen the Company's financial
structure and extend our leadership position in ID verification."

Mr. Saverin stated, "The fair and orderly process will allow
Jumio's new management and its employees to continue to serve its
top tier customers and to realize the company's potential.  With
the company's future operations in good hands, Jumio Acquisition is
pleased to make this stalking horse bid to facilitate an orderly
transition to a promising future for Jumio."

In conjunction with the proposed transaction, Jumio Acquisition or
its affiliates have committed to provide Jumio with $3.7 million in
"debtor-in-possession" financing at a rate of 4% per annum, which
the company believes to be an attractive and below-market rate, to
support the company's continued operations during the sale process.
In addition, the company has filed a number of customary motions
to facilitate ongoing operations.

Jumio Acquisition will serve as the "stalking horse bidder" in a
court-supervised auction process.  Accordingly, the asset purchase
agreement is subject to higher and otherwise better offers, among
other conditions.  If Jumio Acquisition prevails, it intends to
make employment offers to Jumio's existing team to enable the
business to run in a seamless manner for the benefit of customers,
employees, partners and other stakeholders.

Landis Rath & Cobb LLP is serving as legal advisor, Sagent Advisors
LLC is serving as financial advisor and Ernst & Young Capital
Advisors LLC is serving as restructuring advisor to Jumio.

                         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.


KLD ENERGY: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: KLD Energy Technologies, Inc.
        1611 Headway Circle, Bldg. 3
        Austin, TX 78754

Case No.: 16-10345

Type of Business: Engages in the engineering, development, and
                  manufacture of electric drive systems.

Chapter 11 Petition Date: March 25, 2016

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

Judge: Hon. Christopher H. Mott

Debtor's Counsel: Lynn H. Butler, Esq.
                  HUSCH BLACKWELL LLP
                  111 Congress Avenue, Suite 1400
                  Austin, TX 78701
                  Tel: (512) 479-9758
                  Fax: (512) 226-7318
                  Email: lynn.butler@huschblackwell.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Mark Wabschall, chief financial
officer.

List of Debtor's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
James R. Steele                                       $2,139,625
1363 FM 303
Brownfield, TX 79316

Mary McDermott                                        $1,316,989
The Kirk, Dublin
Road, Castlepollard, Co,
Ireland

Ira Jon Yates                                         $1,211,838
P.O. Box 5068
San Angelo, TX 76902

Zachary D. Wassmuth                                   $1,057,111
9807 Tree Bend Cove
Austin, TX 78750

Playfair & Graham                                     $1,054,215
Holdings LLC
1228 Havre Lafitte Dr
Austin, TX 78746

AMPM Enterprises                                         $854,944
(Alan Helene)
425 East 58th Street #28H
New York, NY 10022

Seade Family                                             $694,600
Revocable Trust
4601 Dusik Ln
Austin, TX 78746

Steele Enterprises                                       $651,355
PO Box 215
Brownfield, TX 79316

Jim Pete Hale                                            $575,000
1365 Windstone Dr.
Waco, TX 76712

John Findley                                             $485,034
27230 IBIS Cove Ct
Bonita Springs, FL 34134

Gordon Feller                                            $458,281
2601 Espreranza
Crossing, Apt # 1211
Austin, TX 78758

George W Evans                                           $452,833
Investments Ltd.
2630 Bering Dr.
Houston, TX 77057

Jack Wesley Wallis                                       $412,222
601 Snyder Hill Drive
San Marcos, TX 78666

Ravi Ganeshappa, MD                                      $409,322
10 Westerleigh
San Antonio, TX 78218

Big Rock                                                 $358,915
Investments LLC
986 Clear Creek Drive
Ashland, OR 97520

Tim and Fran Orrok Trust                                 $337,792
501 S La Posada Cir
Apt 262
Green Valley, AZ 85614

Papa Doug Trust                                          $326,250
Dated January 11, 2010
350 Camino de la Reina
San Diego, CA 92108

James Hay-Arthur                                         $323,750
4257 Main St; Ste 110
Westminster, CO 80031

Benjamin J. Williams                                     $307,196
1300 Verdant Way
Austin, TX 78746

Prime 3 Group, LLC                                       $291,500
(Richard Marten)
212B 74th Street
Virginia Beach, VA 23451


LEHMAN BROTHERS: 9th Distribution to Creditors Total $1.6-Bil.
--------------------------------------------------------------
Lehman Brothers Holdings Inc., as Plan Administrator, on March 24
announced in a court filing the percentage recovery that will be
distributed on March 31, 2016 to holders of allowed claims against
Lehman Brothers Holdings Inc. and its various affiliated Debtors
(collectively "Lehman").

Lehman's aggregate ninth distribution to unsecured creditors
pursuant to its confirmed chapter 11 plan will total approximately
$1.6 billion.  This distribution includes (1) $1.3 billion of
payments on account of third-party claims, which includes
non-controlled affiliate claims, and (2) $0.3 billion of payments
among the Lehman Debtors and their controlled affiliates (see
Exhibit B to the court filing, Docket # 52347, for further detail).
Cumulatively through the ninth distribution, Lehman's total
distributions to unsecured creditors will amount to approximately
$106.9 billion including (1) $78.5 billion of payments on account
of third-party claims, which includes non-controlled affiliate
claims and (2) $28.5 billion of payments among the Lehman Debtors
and their controlled affiliates.

In accordance with the chapter 11 plan, which was confirmed on
December 6, 2011, and subject to available funds, the Lehman
Debtors' tenth distribution to creditors is anticipated to be made
within 5 business days of September 30, 2016.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more than
150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in U.S.
history.  Several other affiliates followed thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC
sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as
counsel to the Official Committee of Unsecured Creditors.  
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens has been appointed as trustee
for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

                          *     *     *

In October 2015, Lehman made its eighth distribution to creditors,
bringing Lehman's total distributions to unsecured creditors to
approximately $105.4 billion including (1) $77.2 billion of
payments on account of third-party claims, which includes
non-controlled affiliate claims and (2) $28.2 billion of payments
among the Lehman Debtors and their controlled affiliates.

As of September 2015, the trustee in charge of LBI has returned
around $7.65 billion to the defunct brokerage's unsecured
creditors, a recovery of about 35 cents on the dollar.


LEHMAN BROTHERS: Ninth Distribution Excludes JPM Deal Proceeds
--------------------------------------------------------------
Lehman Brothers Holdings Inc., as Plan Administrator, confirmed on
March 28 disclosed that the Ninth Distribution, which is scheduled
to commence on March 31, 2016, will not include the proceeds from
the recently approved settlement with JPMorgan Chase Bank, N.A.
Under the settlement agreement, which was approved on February 8,
2016 by the U.S. Bankruptcy Court for the Southern District of New
York, JPMorgan will pay $1.42 billion to Lehman and its affiliates
and release approximately $76.5 million of restricted funds.

Subsequent to settlement agreement approval by the Bankruptcy
Court, a lone objector and pro se litigant filed a notice of appeal
of the Bankruptcy Court's order with the U.S. District Court for
the Southern District of New York.  The District Court ordered a
dismissal of the appeal on March 11, 2016.  The objector has
appealed the District Court's order.  On March 18, 2016, the Plan
Administrator filed a motion to the Court of Appeals to expedite
dismissal of the appeal.  As of
March 28, 2016, the Court of Appeals has not ruled on the motion.

The Plan Administrator will continue to seek the resolution of this
objection to enable the distribution of these settlement proceeds
to creditors in the most timely and practicable manner.

                     About Lehman Brothers

Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States.  For more than
150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and
individuals worldwide.

Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555).  Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in U.S.
history.  Several other affiliates followed thereafter.

Affiliates Merit LLC, LB Somerset LLC and LB Preferred Somerset LLC
sought for bankruptcy protection in December 2009.

The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at  Weil,
Gotshal & Manges, LLP, in New York, represent Lehman.  Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve as
counsel to the Official Committee of Unsecured Creditors.  Houlihan
Lokey Howard & Zukin Capital, Inc., is the Committee's investment
banker.

On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant to
the provisions of the Securities Investor Protection Act (Case No.
08-CIV-8119 (GEL)).  James W. Giddens has been appointed as trustee
for the SIPA liquidation of the business of LBI.

The Bankruptcy Court approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for US$1.75
billion.  Nomura Holdings Inc., the largest brokerage house in
Japan, purchased LBHI's operations in Europe for US$2 plus the
retention of most of employees.  Nomura also bought Lehman's
operations in the Asia Pacific for US$225 million.

Lehman emerged from bankruptcy protection on March 6, 2012, more
than three years after it filed the largest bankruptcy in U.S.
history.  The Chapter 11 plan for the Lehman companies other than
the broker was confirmed in December 2011.

                          *     *     *

In October 2015, Lehman made its eighth distribution to
creditors,bringing Lehman's total distributions to unsecured
creditors to approximately $105.4 billion including (1) $77.2
billion of
payments on account of third-party claims, which includes
non-controlled affiliate claims and (2) $28.2 billion of payments
among the Lehman Debtors and their controlled affiliates.

As of September 2015, the trustee in charge of LBI has returned
around $7.65 billion to the defunct brokerage's unsecured
creditors, a recovery of about 35 cents on the dollar.


LINN ENERGY: May Breach Loan Covenants, Going Concern Doubt Raised
------------------------------------------------------------------
LINN Energy LLC, an independent oil and natural gas company, does
not expect to remain in compliance with all of the restrictive
covenants contained in its credit facilities throughout 2016 unless
those requirements are waived or amended, and could file for
Chapter 11 bankruptcy protection, according to a regulatory filing
by LinnCo, LLC, with the Securities and Exchange Commission.

LinnCo is a Delaware limited liability company formed on April 30,
2012, under the Delaware Limited Liability Company Act. LinnCo's
initial sole purpose was to own units representing limited
liability company interests in its affiliate, Linn Energy, LLC.  In
connection with the acquisition of Berry Petroleum Company, now
Berry Petroleum Company, LLC, LinnCo amended its limited liability
company agreement to permit, among other things, the acquisition
and subsequent transfer of assets to LINN Energy for consideration
received.  As of December 31, 2015, LinnCo had no significant
assets or operations other than those related to its interest in
LINN Energy.

In an Annual Report filed on Form 10-K for the fiscal year ended
Dec. 31, 2015, LinnCo reported an equity loss from its investment
in LINN Energy of $1,181,604,000 for 2015.  For 2014 and 2013,
LinnCo reported an equity loss from its LINN Energy investment of
$1,964,999,000 and $244,189,000, respectively.

LinnCo reported a net loss of $1,174,426,000 for 2015, compared to
a net loss of $1,219,460,000 for 2014 and $912,447,000 for 2013.

At Dec. 31, 2015, LinnCo had total assets of $37,408,000 against
total liabilities, all current, of $30,402,000 and shareholders'
equity of $7,006,000.

At Dec. 2014, it had total assets of $1,368,022,000 against total
current liabilities of $1,415,000 and noncurrent liabilities of
$68,056,000.  Shareholders' equity was $1,298,551,000.

LinnCo also disclosed that as of December 31, 2015, it had income
taxes payable of approximately $30 million and cash of
approximately $11 million. The Company's only significant asset is
its interest in LINN Energy units and the Company's cash flow,
which was historically used to pay dividends to the Company's
shareholders, is completely dependent upon the ability of LINN
Energy to make distributions to its unitholders.

The Company estimates that the income taxes will become due later
in 2016, but cannot be certain of the exact timing of payment, or
of the final amount that will ultimately be owed. If the income
taxes owed are greater than the cash on hand at such time, the
payment will require some form of liquidity to satisfy it. As of
March 15, 2016, LINN Energy had not agreed to provide any cash
contribution to the Company.

In October 2015, LINN Energy suspended the payment of its
distribution.  LinnCo said the uncertainty associated with its
ability to meet its obligations as they become due raises
substantial doubt about its ability to continue as a going concern.


KPMG LLP in Houston, Texas, the Company's independent registered
public accounting firm, audited LinnCo's financial statements in
the Annual Report on Form 10-K.  "Our report on the financial
statements dated March 15, 2016, contains an explanatory paragraph
that states there is substantial doubt about the Company's ability
to continue as a going concern," KPMG said.

LinnCo also said that LINN Energy's auditors' opinion issued in
connection with its consolidated financial statements also includes
a going concern explanation. If lenders, and subsequently
noteholders, accelerate LINN Energy's outstanding indebtedness, it
will become immediately due and payable and LINN Energy will not
have sufficient liquidity to repay those amounts. If LINN Energy is
unable to reach an agreement with its creditors prior to any
accelerations, it could be required to immediately file for
protection under Chapter 11 of the U.S. Bankruptcy Code, and as a
result, may result in LinnCo immediately filing for protection
under Chapter 11 of the U.S. Bankruptcy Code.

LINN Energy is currently in discussions with various stakeholders
and is pursuing or considering a number of actions, but there can
be no assurance that sufficient liquidity can be obtained from one
or more of these actions or that these actions can be consummated
within the period needed.

A copy of LinnCo's SEC report is available at http://is.gd/KhVghd


LOUISIANA PELLETS: Muni-Bonds Funds Burned in Bankruptcy
--------------------------------------------------------
Brian Chappatta, writing for Bloomberg Brief, reported that Invesco
Ltd., Waddell & Reed Financial Inc. and AllianceBernstein Holding
LP are among buyers left in limbo after Louisiana Pellets Inc., a
subsidiary of the world's biggest pellet maker in Germany, filed
for Chapter 11 bankruptcy in February.

According to the report, after selling almost $300 million in
municipal debt since 2013, it defaulted
on some taxable bonds on Jan. 1 because its facility in a small
lumber town struggled to ramp up output to the levels projected in
initial offering documents.  The project is the latest example of
the risks associated with chasing yield in the portion of the $3.7
trillion municipal market that finances industrial-development
projects, the segment most prone to default, the report related.

Investors have had few opportunities to buy recently and a lot of
money to work with: High-yield muni funds saw inflows in 93 of the
115 weeks since the start of 2014, the report further related,
citing Lipper US Fund Flows data show.

The wave of cash means "you have people jumping over themselves
chasing incremental yield," John Bonnell, a
fund manager who oversees about $10 billion of state and
local-government debt at USAA Investment Management Co. in San
Antonio, told Bloomberg.  "There used to be a saying way back when:
If something couldn't get financed in the bank market or the
corporate market or the equity market, it would get done in the
muni market."

                      About Louisiana Pellets

Louisiana Pellets, Inc and German Pellets Louisiana, LLC are
members of the "German Pellets" family of companies, which is a
family of related companies centered in Wismar, Germany, operating
in the wood pellets industry.

LPI owns a wood pellet production facility located on 334 acres of
land in Urania, Louisiana.  The Facility is still under
construction and is not yet fully complete or operational.  GPLA
is
the general contractor for construction of the Facility.  A
contract is in place with E.ON UK PLC (a United Kingdom utility
company) to purchase the wood pellet production from the Facility.

LPI and PLA sought Chapter 11 protection (Bankr. W.D. La., Lead
Case No. 16-80162) on Feb. 18, 2016, due to cost overruns and
delays in the course of construction of their
still-to-be-completed
wood pellet production facility.  The petitions were signed by
Anna-Kathrin Leibold, president and chief executive officer.  The
Hon. John W. Kolwe presides over the case.  

Louisiana Pellets, Inc., estimated assets and debts at $100
million
to $500 million.  German Pellets estimated assets and debts at $50
million to $100 million.

The Debtors tapped Locke Lord LLP, as counsel.

                           *     *     *

According to the docket, the Debtor's Chapter 11 plan and
Disclosure Statement are due June 17, 2016.  A status conference
hearing is scheduled for July 6, 2016, at 9:30 a.m.


MAGNUM HUNTER: Taps Deloitte as Tax Services Provider
-----------------------------------------------------
Magnum Hunter Resources Corporation, et al., ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Deloitte Tax LLP as their tax services provider nunc pro
tunc to Dec. 22, 2015.

Deloitte Tax will, among other things:

   a) assist the Debtors under the Prepetition Sales and Use Tax
Work Order  and provide a sales and use tax refund study to
identify potential sales and use tax overpayments and prepare
vendor or taxing jurisdiction refund requests, as necessary.

   b) assist the Debtors in performing certain federal, state, or
local tax services related to the continuing operation of the
Debtors' businesses under the Miscellaneous Tax Services Engagement
Letter.

   c) perform Services pursuant to the Tax Compliance Engagement
Letter, including:

   -- assist the Debtors with the preparation and electronic filing
of certain specified 2015 federal and state tax returns of the
Debtors;

   -- in connection with preparing the Tax Returns, assist the
Debtors in calculating the amounts of related extension payments
and preparing the extension requests; and

   -- to the extent the Internal Revenue Service (“IRS”) and/or
certain states requires the Debtors to disclose their participation
in certain reportable transactions, assist the Debtors with the
assessment of such rules and requirements and, if necessary, the
preparation and filing of any required reportable transaction
disclosure forms with the IRS and the applicable state agency.

   d) perform Services pursuant to the Tax Advisory Engagement
Letter, including:

   -- advise the Debtors on the cash tax effects of restructuring
and bankruptcy and the post-restructuring tax profile, including
plan of reorganization tax costs.  This will include gaining an
understanding of the Debtors' financial advisors' valuation model
and disclosure model to consider the tax assumptions contained
therein;

   -- advise the Debtors regarding the restructuring and bankruptcy
emergence process from a tax perspective, including a tax work
plan;

   -- advise the Debtors on the cancellation of debt income for tax
purposes under Internal Revenue Code (“IRC”) Section 108.

Pursuant to the Prepetition Sales and Use Tax Work Order, Deloitte
Tax's professional fees are a tiered contingent fee as follows: 30%
of any Benefits6 received by the Debtors, up to $1,500,000, and 25%
of any Benefits exceeding $1,500,000.  This fee is billed upon the
receipt or realization of any portion of the Benefits by the
Debtors.  To the extent that refunds of $1,500,000 or more are
identified, the training sessions included as part of the Refund
Request Filing Phase (as such term is defined in the Prepetition
Tax Work Order Engagement Letter), will be included in the project
at no additional cost.  If the refunds are less than $1,500,000 of
Benefits, the sessions will be presented at a cost of 55% of
Deloitte Tax's standard hourly rates required to prepare and
present the training.

For Services rendered pursuant to the terms of the Tax Advisory
Engagement Letter and the Miscellaneous Tax Services Engagement
Letter, other than for Services that are the subject of a separate
engagement letter with a different fee arrangement or a work order,
Deloitte Tax will bill at the following hourly rates:

   Personnel Classification          Applicable Hourly Rates
   ------------------------          -----------------------
   National Specialist/Partner                   $800
   Partner/Principal/Director                    $730
   Senior Manager                                $640
   Manager                                       $540
   Senior                                        $425
   Staff                                         $295

Deloitte Tax's professional fees earned pursuant to the terms of
the Tax Compliance Engagement Letter will be at a fixed amount of
$350,000.  Subject to the approval of the Court, Deloitte Tax will
bill the fees for these services according to the billing schedule
referenced in the Tax Compliance Engagement Letter, whereby each of
the four scheduled bills will be in the amount of $87,500.  In
addition to the fixed fee of $350,000, for any out-of-scope tax
compliance activities performed by Deloitte Tax, Deloitte Tax will
bill the Debtors based on the amount of professional time required
at the agreed-upon hourly rates.

   Personnel Classification           Applicable Hourly Rates
   ------------------------           -----------------------
   Partner/Director                               $690
   Senior Manager                                 $610
   Manager                                        $525
   Senior Staff                                   $435
   Staff                                          $345

Deloitte Tax provided prepetition services to the Debtors.  The
Debtors paid Deloitte Tax $521,768, including amounts in the form
of a retainer, in the 90 days prior to Dec. 15, 2015.  As of the
Petition Date, approximately $9,724.00 of the retainer amounts
remained outstanding.

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

                        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.

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

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

The Debtor disclosed total assets of $1,592,735,153 plus an
undetermined amount and total liabilities of $1,099,500,655 plus an
undetermined amount.


MALIBU LIGHTING: Affiliates Can Use Cash Collateral Until June 30
-----------------------------------------------------------------
Outdoor Direct Corp. and its four affiliates have until June 30,
2016, to use the cash collateral of their lenders, according to an
order issued by the bankruptcy judge overseeing their Chapter 11
cases.

The order, signed by Judge Kevin Gross, approved an agreement that
further extended the right of Outdoor Direct, Q-Beam Corp., Smoke
'N Pit Corp., Treasure Sensor Corp. and Stubbs Collections Inc. to
use the cash collateral of a group of lenders led by Bank of
America N.A.

Judge Gross' prior order, issued on Oct. 27 last year, that allowed
the companies to use the cash collateral on a final basis set an
expiration date of Dec. 31, 2015.

Outdoor Direct's two other affiliates Malibu Lighting Corp. and
National Consumer Outdoors Corp. received final approval to use the
cash collateral of Comerica Bank also on Oct. 27.

                        About Malibu Lighting

Malibu Lighting Corporation, Outdoor Direct Corporation, National
Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit
Corporation, Treasure Sensor Corporation and Stubbs Collections
Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead
Case No. 15-12080) on Oct. 8, 2015.  The petition was signed by
David M. Baker as chief restructuring officer.  Judge Kevin Gross
is assigned to the case.

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

The Debtors have engaged Pachulski Stang Ziehl & Jones LLP as
counsel, Piper Jaffray Co. as investment banker and Kurtzman Carson
Consultants as claims and noticing agent.

MLC was a manufacturer and supplier of outdoor and landscape
lighting products, such as solar and low voltage lights and home
security lights, including the parts and accessories associated
with these products.

ODC was a manufacturer and supplier of a variety of consumer goods,
including (a) outdoor cooking products, such as outdoor gas grills,
charcoal grills, smokers and fryers, (b) hand held lighting
products, such as flashlights and spotlights, (c) landscape
lighting products, and (d) parts and accessories associated with
the foregoing products.

MLC and ODC are currently winding down operations as a result of
the termination of a business relationship with principal customer,
Home Depot.

NCOC is a manufacturer and supplier of both branded and private
label pet bedding and pet accessory products.  NCOC manufactures
beds, accessories, and deodorizers for dogs as well as beds,
scratching posts, and toys for cats.  In addition, NCOC markets and
sells boat covers manufactured primarily from Chinese suppliers.


MALLINCKRODT GROUP: Bank Debt Trades at 3% Off
----------------------------------------------
Participations in a syndicated loan under which Mallinckrodt Group
Inc is a borrower traded in the secondary market at 97.09
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.16 percentage points from the
previous week.  Mallinckrodt Group pays 275 basis points above
LIBOR to borrow under the $1.3 billion facility. The bank loan
matures on Feb. 25, 2021 and carries Moody's Ba1 rating and
Standard & Poor's BB+ rating.  The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended March 18.


METALDYNE CORP: Bank Debt Trades at 2% Off
------------------------------------------
Participations in a syndicated loan under which Metaldyne Corp is a
borrower traded in the secondary market at 97.98
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.95 percentage points from the
previous week.  Metaldyne Corp pays 275 basis points above LIBOR to
borrow under the $1.072 billion facility. The bank loan matures on
Oct. 5, 2021 and carries Moody's Ba3 rating and Standard & Poor's
BB+ rating.  The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


MOMENTIVE PERFORMANCE: Posts $82 Million Net Loss for 2015
----------------------------------------------------------
Momentive Performance Materials, Inc., which emerged from Chapter
11 proceedings in 2014, reported a net loss of $82 million for the
fiscal year ended Dec. 31, 2015, its first full year out of
bankruptcy.  Momentive said net sales were $2.289 billion for the
year.

At Dec. 31, 2015, the Company had $2.663 billion in total assets
against $2.037 billion in total liabilities.

Moody's Investors Service, in late January 2016, downgraded
Momentive Performance Materials Inc.'s corporate family rating
(CFR) to Caa1 from B3, and their probability of default rating
(PDR) to Caa1-PD from B3-PD. Concurrently, Moody has downgraded the
assigned ratings of Momentive's $1.1 billion, at 3.88%, first-lien
senior secured notes due 2021; and Momentive's $250 million, at
4.69%, second-lien senior secured notes due 2022.  The first-lien
notes are now rated Caa1, down from B3; and the
second-lien notes are now rated Caa3, down from Caa2. Moody's has
also affirmed Momentive's SGL-3 speculative grade liquidity rating,
meaning the company's liquidity position for the next 12-18 months
is adequate. The outlook on the ratings is stable.

"The change in Momentive's rating to Caa1 from B3 comes following
the company's poor third-quarter 2015 performance, and our
expectation that Momentive's sales and margins will come under
increasing pressure due to weakening end-markets for silicones,
especially in Asia," says Anthony Hill, a Moody's Vice President -
Senior Credit Officer and lead analyst for Momentive.

Momentive Performance Materials Inc. and its debtor-affiliates
notified the U.S. Bankruptcy Court for the Southern District of New
York that their joint Chapter 11 plan of reorganization became
effective as of Oct. 24, 2014, at 4:00 p.m. (prevailing Eastern
Time).  The Court confirmed their joint plan on Sept. 11, 2014.

                   About Momentive Performance

Based in New York, US, Momentive Performance Materials Inc. is one
of the largest global producer of silicones and silicone
derivatives.  Momentive is approximately 40% owned by funds managed
or owned by the private equity division of Apollo Global Management
(unrated).


MOOD MEDIA: Moody's Lowers Corporate Family Rating to Caa1
----------------------------------------------------------
Moody's Investors Service downgraded Mood Media Corporation's (Mood
Media) corporate family rating (CFR) to Caa1 from B3, its'
Probability of Default rating (PDR) to Caa2-PD from B3-PD, its'
secured bank credit facility to B1 from Ba3, and also downgraded
the company's senior unsecured notes to Caa2 from Caa1. The
company's speculative grade liquidity was affirmed at SGL-3
(adequate) and the rating outlook was revised to negative from
stable.

The rating action was prompted by Moody's expectation that ongoing
weak operating performance would persist, and that leverage of debt
to EBITDA would remain above 7x for the foreseeable future,
potentially frustrating future refinance efforts. The company's
$250 million of senior secured bank credit facilities come due in
2019, about three years from now, while its $350 million senior
unsecured notes come due in 2020. Absent debt reduction or
significant EBITDA expansion, neither of which Moody's anticipates,
Mood Media's capital structure will become unsustainable. This
circumstance may also prompt Mood Media to, effectively,
restructure its debts without filing for creditor protection,
through open market negotiations to repurchase its debts at less
than par (which Moody's may consider as a limited default depending
on the terms of the exchange or buyback).

The following summarizes today's rating actions and Mood Media's
ratings:

Actions for Mood Media Corporation

-- Corporate Family Rating: Downgraded to Caa1 from B3

-- Probability of Default Rating: Downgraded to Caa2-PD from B3-
    PD

-- Senior Secured Credit Facility: Downgraded to B1 (LGD1) from
    Ba3 (LGD2)

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
    (LGD4) from Caa1 (LGD4)

-- Speculative Grade Liquidity Rating, Affirmed at SGL-3

-- Outlook: Changed to Negative from Stable

RATINGS RATIONALE

Mood Media's Caa1 CFR stems from Moody's opinion that, with
Debt/EBITDA of nearly 7.5x and with only modest growth prospects
and limited free cash flow with which to de-lever, the company's
capital structure may not be viable, a matter that will come to a
head as 2019 and 2020 debt maturities approach. In the interim, the
company has reasonable liquidity, with about $10 million per year
of free cash flow, a $15 million revolving credit facility that is
only partially drawn, and no debts coming due until 2019. While
these matters manage downside risks, the real issue is the
uncertainty of whether the company's growth trajectory can improve
enough to facilitate much-needed de-levering.

The company's Caa2-PD probability of default rating signals
heightened potential of the company, effectively, restructuring its
debts without filing for creditor protection, through open market
negotiations to repurchase its debts at less than par.

Mood Media has adequate liquidity arrangements (SGL-3) based
primarily on free cash flow of about $10 million over the next four
quarters, and $7 million of availability under its $15 million
revolving credit facility along with adequate covenant compliance
cushions.

Rating Outlook

The negative outlook reflects the potential of additional adverse
rating actions as Mood Media's debt maturities advance. Since
Moody's believes that Mood Media's capital structure may
unsustainable, its debts may not be refinance-able.

What Could Change the Rating - Up

-- Cash flow self-sustainability together with

-- Positive industry fundamentals

-- Maintenance of solid liquidity

-- Reduced leverage and clarity on capital structure planning

What Could Change the Rating - Down

-- Should the company not refinance its debts well in advance of
    their maturity

-- If Moody's expect an imminent default including a distressed
    debt exchange or buy-back (which Moody's may consider as a
    limited default depending on the terms of the exchange or
    buyback)

-- Or should liquidity deteriorate

Company Profile

Headquartered in Austin, Texas, Mood Media Corporation provides
subscription branding and advertising services using primarily
in-store/premises digital audio and visual media for retail
companies in the United States (62% of revenue) and internationally
(38% of revenue).


MOUNTAIN COUNTRY PARTNERS: W. Va. Court Affirms Arbitration Award
-----------------------------------------------------------------
Ryan Cunningham appeals from the November 2, 2011, order of the
Circuit Court of Kanawha County confirming an arbitration award and
entering judgment on that award.  The petitioner argues that the
arbitrator manifestly disregarded the law of West Virginia; the
arbitrator considered hearsay evidence; and the arbitrator refused
to reopen the proceedings for rebuttal evidence.  In response to
these assignments of error, the bankruptcy trustee for respondent
Mountain Country Partners, LLC, argues that the petitioner has
failed to identify any valid basis for setting aside the
arbitration award.

In a Decision dated March 15, 21016, which is available at
http://is.gd/RAYvIhfrom Leagle.com, the Supreme Court of Appeals
of West Virginia affirmed the decision of the Circuit Court of
Kanawha County confirming the arbitration award.

The case is RYAN CUNNINGHAM, Petitioner, v. RONALD F. LEGRAND and
MOUNTAIN COUNTRY PARTNERS, LLC, Respondents, No. 11-1613.

Richard Neely, Esq. -- Neely & Callaghan, Charleston, West
Virginia, Counsel for Petitioner.

William F. Dobbs, Jr., Esq. -- wdobbs@jacksonkelly.com, William C.
Ballard, Esq. -- wballard@jacksonkelly.com, Elizabeth A. Amandus,
Esq. -- eamandus@jacksonkelly.com -- Jackson Kelly PLLC,
Charleston, West Virginia, Counsel for Chapter 11 Trustee of The
Bankruptcy Estate of Mountain Country Partners, LLC.

             About Mountain Country Partners

Seven individual investors filed an involuntary Chapter 11
bankruptcy petition against Jacksonville, Florida-based Mountain
Country Partners, LLC (Bankr. S.D. W.Va. Case No. 12-20094) on
Feb. 17, 2012.  Judge Ronald G. Pearson presides over the case.
Joseph W. Caldwell, Esq., at Caldwell & Riffee, represent the
petitioners.

An Order for Relief was entered by the Court on June 25, 2012.
Robert L. Johns was appointed Chapter 11 Trustee on July 6, 2012.

James W. Lane, Jr., at the Law Offices of Jim Lane, Jr.,
represents the Debtor as counsel.  The law firm of Turner & Johns,
PLLC, represents the Chapter 11 Trustee as counsel.  Kay Biscopink
of Elliot Davis, LLP is the Trustee's accountant.


MS. MANNERS CHILDCARE: 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 Ms. Manners Childcare Inc.

Ms. Manners Childcare, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla., Case No. 16-01618) on
February 26, 2016. The Debtor is represented by James D. Jackman,
Esq., at James D. Jackman PA.


NEIMAN MARCUS: Bank Debt Trades at 8% Off
-----------------------------------------
Participations in a syndicated loan under which Neiman Marcus Group
Inc is a borrower traded in the secondary market at 92.38
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 6.60 percentage points from the
previous week.  Neiman Marcus pays 300 basis points above LIBOR to
borrow under the $ 2.9 billion facility. The bank loan matures on
Oct. 16, 2020 and carries Moody's B2 rating and Standard & Poor's
B- rating.  The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


NEIMAN MARCUS: Focuses on Growth Initiatives, Says Moody's
----------------------------------------------------------
Neiman Marcus Group LTD LLC (B3 stable) continues to spend on
growth initiatives despite weak customer demand, a strategy that
could expose the company to greater risk as business conditions in
the luxury sector become more challenging, said Moody's Investors
Service.

The luxury retailer will focus on increasing its online presence
and expanding its geographical footprint to counter the effect the
strong US dollar has had on tourist spending in the US, which has
resulted in comparable store sales declining almost 4% over the
past six months. Moody's notes the credit risk of keeping capital
spending elevated during a period when weak customer demand has
already negatively affected performance.

"Neiman Marcus's main presence is in gateway destinations such as
New York, Las Vegas, Los Angeles and Hawaii, where tourism revenues
have declined due to the strength of the dollar," said Christina
Boni, a Moody's Vice President and Senior Analyst. "The company
also has a strong brick-and-mortar presence in Texas, where the oil
& gas downturn has constrained luxury spending."

The company does have some options to manage liquidity and reduce
costs if business conditions worsen, according to the report
"Neiman Marcus Group LTD LLC: Focus Remains Firmly on Funding
Growth as Luxury Headwinds Continue."

For instance, one alternative the company has is to increase its
asset-based revolver. However, pursuit of some of the other
available options, such as deferring interest payments on $600
million senior payment-in-kind/toggle notes due in 2021, would
suggest a greater need for Neiman Marcus to enhance its liquidity
profile.

The rating agency notes that the retailer's variable cost structure
is a credit positive in this low-growth environment because it
allows Neiman Marcus to cut expenses quickly if needed. Unlike most
of its competitors, Neiman Marcus also uses a commissioned sales
force, which allows it to scale back labor costs quickly as well.


NEWBURY COMMON ASSOCIATES: Young Conaway Approved as Co-Counsel
---------------------------------------------------------------
U.S. Bankruptcy Judge Laurie Selber Silverstein has authorized
Newbury Common Associates, LLC, et al., to employ Young Conaway
Stargatt & Taylor, LLP as bankruptcy co-counsel and conflicts
counsel.

The professional services that Young Conaway will render to the
Debtors include:

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

   b) to pursue confirmation of a plan and approval of a disclosure
statement;

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

   d) to appear in Court and to protect the interests of the
Debtors before the Court; and

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

The principal attorneys and paralegal presently designated to
represent the Debtors and their current standard hourly rates,
which went into effect as of Jan. 1, 2016, are:

         Robert S. Brady             $850
         Sean T. Greecher            $550
         Michael S. Neiburg          $505
         Elizabeth S. Justison       $370
         Debbie Laskin (paralegal)   $265

Robert S. Brady, Esq., assures 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 Debtor.

                 About Newbury Common Associates

Newbury Common Associates, LLC, et al., comprise a corporate
enterprise that owns a diverse portfolio of high quality,
distinctive commercial, hospitality and residential properties with
an aggregate of approximately 800,000 square feet located primarily
in Stamford, Connecticut.

On Dec. 13, 2015, Newbury Common Associates, LLC, and 13 affiliates
each commenced a voluntary case (Bankr. D. Del. Lead Case No.
15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14,
Tag Forest LLC commenced a Chapter 11 case (collectively, "Original
Debtors").  On Feb. 3, 2016, Newbury Common Member Associates, LLC
and 8 affiliates commenced a voluntary case under chapter 11 of the
Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue Associates,
LLC filed a Chapter 11 petition (collectively "Additional
Debtors").

Seaboard Realty, LLC, its principals or entities it manages serve
as the manager under the operating agreements for each of the
Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L.
Kelly, Jr. and 25% by William A. Merritt, Jr.  The Original Debtors
other than Seaboard Residential, LLC, Tag, and Newbury Common
Associates, LLC, are holding companies whose assets are
substantially comprised of the equity of the Property Owner
Debtors.  The Debtors' eight operating property are owned by the
"Property Owner Debtors", namely Century Plaza Investor Associates,
LLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS Associates,
LLC; Park Square West Associates, LLC; Clocktower Close Associates,
LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue
Associates, LLC; 220 Elm Street I, LLC; 300 Main Street Associates,
LLC; and Seaboard Residential, LLC.

The Original Debtors' chapter 11 cases are being jointly
administered pursuant to an order entered Dec. 18, 2015.  The
Debtors later won approval of a supplemental motion seeking joint
administration of the Additional Debtors' Chapter 11 cases with the
cases of the Original Debtors for procedural purposes only.

As of Jan. 7, 2016, the Debtors had incurred purported aggregate
funded secured indebtedness of approximately $177.2 million in
principal, including approximately $150.4 million of property-level
secured debt and approximately $26.8 million of purported and
allegedly unauthorized mezzanine debt.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Dechert LLP as attorneys, and Donlin Recano as claims and noticing
agent.


NEWBURY COMMON: US 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 Newbury Common Associates, LLC.

                 About Newbury Common Associates

Newbury Common Associates, LLC, et al., comprise a corporate
enterprise that owns a diverse portfolio of high quality,
distinctive commercial, hospitality and residential properties with
an aggregate of approximately 800,000 square feet located primarily
in Stamford, Connecticut.

On Dec. 13, 2015, Newbury Common Associates, LLC, and 13 affiliates
each commenced a voluntary case (Bankr. D. Del. Lead Case No.
15-12507) under chapter 11 of the Bankruptcy Code, and on Dec. 14,
Tag Forest LLC commenced a Chapter 11 case (collectively, "Original
Debtors").  On Feb. 3, 2016, Newbury Common Member Associates, LLC
and 8 affiliates commenced a voluntary case under chapter 11 of the
Bankruptcy Code; and then on Feb. 4, 88 Hamilton Avenue Associates,
LLC filed a Chapter 11 petition (collectively "Additional
Debtors").

Seaboard Realty, LLC, its principals or entities it manages serve
as the manager under the operating agreements for each of the
Debtors and is owned 50% by John J. DiMenna, Jr., 25% by Thomas L.
Kelly, Jr. and 25% by William A. Merritt, Jr.  The Original Debtors
other than Seaboard Residential, LLC, Tag, and Newbury Common
Associates, LLC, are holding companies whose assets are
substantially comprised of the equity of the Property Owner
Debtors.  The Debtors' eight operating property are owned by the
"Property Owner Debtors", namely Century Plaza Investor Associates,
LLC; Seaboard Hotel Associates, LLC; Seaboard Hotel LTS Associates,
LLC; Park Square West Associates, LLC; Clocktower Close Associates,
LLC; One Atlantic Investor Associates, LLC; 88 Hamilton Avenue
Associates, LLC; 220 Elm Street I, LLC; 300 Main Street Associates,
LLC; and Seaboard Residential, LLC.

The Original Debtors' chapter 11 cases are being jointly
administered pursuant to an order entered Dec. 18, 2015.  The
Debtors later won approval of a supplemental motion seeking joint
administration of the Additional Debtors' Chapter 11 cases with the
cases of the Original Debtors for procedural purposes only.

As of Jan. 7, 2016, the Debtors had incurred purported aggregate
funded secured indebtedness of approximately $177.2 million in
principal, including approximately $150.4 million of property-level
secured debt and approximately $26.8 million of purported and
allegedly unauthorized mezzanine debt.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Dechert LLP as attorneys, and Donlin Recano as claims and noticing
agent.


NEXEO SOLUTIONS: Moody's Hikes Corporate Family Rating to B2
------------------------------------------------------------
Moody's Investors Service upgraded Nexeo Solutions, LLC's
Corporate Family Rating to B2 from B3. In conjunction with the
upgrade of the CFR, Moody's also upgraded the existing senior
secured term loans to B2 from B3 and the senior subordinated notes
to Caa1 from Caa2. The outlook is stable.

"Improved execution that has strengthened margins and cash flow and
allowed for debt reduction has significantly improved credit
metrics since the downgrade last year," said Joseph Princiotta, VP-
Senior Credit Officer. "Moreover, the pending acquisition of Nexeo
by WL Ross Holdings and related refinancing would eliminate the
refinancing risk the company faced with respect to the term loans
and revolver that mature next year."

Ratings upgraded:

Nexeo Solutions, LLC

Corporate Family Rating -- B2 from B3

Probability of Default Rating -- B2-PD from B3-PD

$325 million Gtd Sr sec term loan B-1 due 2017- B2 LGD4
from B3 LGD4

$175 million Sr sec term loan B-2 due 2017- B2 LGD4 from B3
LGD4

$170 million Sr sec term loan B-3 due 2017- B2 LGD4 from
B3 LGD4

$175 million Gtd Sr subordinated notes due 2018 -- Caa1 LGD6
from Caa2 LGD6

Ratings outlook, Stable

RATINGS RATIONALE

The upgrade reflects an improved level of operational execution
that has facilitated margin and cash flow growth, debt reduction
and stronger metrics. On a year on year basis, Nexeo has improved
its pro forma adjusted EBITDA margin by 210 bp to 5.4%,
underscoring its 'spread' and pricing focus and occurring at a time
when revenues were down 18.9% due to lower commodity chemical and
plastic prices. Better margins and cash flow have enabled $160
million gross debt reduction and a quick and significant
improvement in Moody's adjusted leverage from 7.3 times at the time
of the downgrade in April, 2015 to 4.7x the end of the 2016 fiscal
first quarter (ending December 31, 2015).

The operational improvements result in large part through
implementation of a centralized ERP platform that facilitates
timely connectivity with the sales force and allows for better
market intelligence and a more dynamic pricing model -- a
capability that proves important particularly in a volatile pricing
environment, as recently witnessed, Moody's noted.

The ratings are supported by Nexeo's economies of scale,
significant market share in North America, strong supplier base
representing leading industry producers, and long-lived customer
relationships with minimal concentration. Nexeo also benefits from


NOVA SECURITY: No Appointment of Creditors' Committee
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Alabama has
ordered that no official committee of unsecured creditors will be
appointed in the Chapter 11 case of Nova Security Group, Inc.

Nova Security Group, Inc. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Alabama (Mobile) (Case No. 16-00370) on February 8,
2016. The petition was signed by Richard K. Bastin, Sr.,
president.

The Debtor is represented by Irvin Grodsky, Esq.  The case is
assigned to Judge Jerry Oldshue, Jr.

The Debtor estimated assets of $0 to $50,000 and debts of $1
million to $10 million.


PACIFIC EXPLORATION: Extends Forbearance Arrangements to April 29
-----------------------------------------------------------------
Pacific Exploration & Production Corp. on March 24 disclosed that
the terms of previously announced forbearance arrangements entered
into with certain of its creditors have been extended to April 29,
2016, subject to certain terms and conditions.

As previously announced, the Company has entered into an agreement
with certain holders (the "2019 Noteholders") of its 5.375% senior
notes due 2019 (the "2019 Notes") and certain holders (the "2025
Noteholders", and together with the 2019 Noteholders, the
"Noteholders") of its 5.625% senior notes due 2025 (the "2025
Notes", and together with the 2019 Notes, the "Notes") pursuant to
which such Noteholders had agreed to forbear from declaring the
principal amounts of such Notes (and certain additional amounts)
due and payable as a result of certain specified defaults until
March 31, 2016.  Such Noteholders have now agreed with the Company,
subject to certain terms and conditions, to forbear from declaring
such amounts due and payable as a result of such defaults (the
"Forbearance") until April 29, 2016 (such agreement, as so
extended, the "Noteholder Extension Agreement").  The Forbearance
is in respect of the previously announced decision by the Company
to not make scheduled interest payments under the Notes due on
January 19, 2016 (in the case of the 2025 Notes) and January 26,
2016 (in the case of the 2019 Notes) (collectively, the "January
Interest Payments").  Under the terms of the Noteholder Extension
Agreement, holders of approximately 34% of the aggregate principal
amount of outstanding 2019 Notes and 42% of the aggregate principal
amount of outstanding 2025 Notes have agreed to forbear in the
manner described above.  Such Notes are governed by the terms of
separate indentures (the "Indentures").

As previously announced, the Company has also entered into
forbearance agreements in respect of the following agreements: (i)
U.S.$1 billion revolving credit and guaranty agreement with a
syndicate of lenders and Bank of America, N.A, as administrative
agent; (ii) U.S.$250 million credit and guaranty agreement with
HSBC Bank USA, N.A., as agent; (iii) U.S.$109 million credit and
guaranty agreement with Bank of America, N.A., as lender; and (iv)
U.S.$75 million master credit agreement with Banco Latino Americano
de Comercio Exterior, S.A., as lender (collectively, the "Credit
Facilities").  Under the terms of such agreements, the requisite
lenders pursuant to the Credit Facilities agreed to forbear from
declaring the principal amounts of such Credit Facilities due and
payable as a result of certain specified defaults until March 31,
2016.  Such lenders have now agreed with the Company, subject to
certain terms and conditions, to forbear from declaring such
amounts due and payable as a result of such defaults until April
29, 2016 (the agreements with such lenders, as so extended, the
"Lender Forbearance Agreements and, together with the Noteholder
Extension Agreement, the "Extension Agreements" and the periods of
forbearance provided for under the Extension Agreements, the
"Extension Period").  Under the terms of the Extension Agreements,
the Company has agreed that interest will not be paid pursuant to
the Indentures or Credit Facilities during the Extension Period.

The Company intends to use the Extension Period to continue to work
with its creditors to formulate a comprehensive plan to address the
current oil price environment and ensure the long-term viability of
its business.  The Company remains, and intends to remain, current
with its suppliers, trade partners and contractors.  Normal
operations continue in Colombia and the other jurisdictions within
which the Company operates.

                     About Pacific Exploration

Pacific Exploration & Production Corp. is a Canadian public company
and a leading explorer and producer of natural gas and crude oil,
with operations focused in Latin America.  The Company has a
diversified portfolio of assets with interests in more than 70
exploration and production blocks in various countries including
Colombia, Peru, Guatemala, Brazil, Guyana and Belize. The Company's
strategy is focused on sustainable growth in production & reserves
and cash generation.  

The Troubled Company Reporter-Latin America, on Feb. 23, 2016,
reported that Fitch Ratings says that the agency could downgrade
its ratings on Pacific Exploration and Production Corp. (Pacific;
Long-term Foreign and Local Currency Issuer Default Ratings of 'C')
to restricted default (RD).  This could occur after the expiration
of the recently negotiated extension with bondholders of the time
in which to declare principal due and payable on certain notes.  
Fitch considers the extension of multiple waivers or forbearance
periods upon a payment default a restricted default given they
represent a material reduction in terms compared with the original
contractual terms.  Furthermore, the extension of multiple waivers
can be interpreted as a tool that is being conducted in order to
avoid bankruptcy.

                        *     *     *

On Jan. 21, 2016, the TCR reported that Moody's Investors Service
has downgraded Pacific Exploration & Production Corp (Pacific
E&P)'s corporate family rating and senior unsecured debt ratings to
C from Caa3.

The TCR, on Jan. 20, 2016, reported that Standard & Poor's Ratings
Services said it lowered its long-term corporate credit and
issue-level ratings on Pacific Exploration and Production Corp
(Pacific) to 'CC' from 'CCC+'.  S&P also removed the rating from
CreditWatch with negative implications. The outlook is negative.

On Jan. 14, 2016, Pacific announced that it has elected to utilize
the 30 day grace period rather than make the interest payments due
on Jan. 19, 2016 and Jan. 26, 2016 of about $65 million.  Although
the company is still current on those obligations, S&P expects
default to be a virtual certainty.


PARAGON OFFSHORE: Hires Ernst & Young as Tax Consultant
-------------------------------------------------------
Paragon Offshore PLC, et al., seek authorization from the U.S.
Bankruptcy Court for the District of Delaware to retain Ernst &
Young LLP to provide tax, valuation and modeling services, nunc pro
tunc to February 14, 2016.

The Debtor requires Ernst to provide services in accordance with
the terms and conditions set forth in the parties' Engagement
Letters, as follows:

   A) Valuation Services

      -- interview senior management of the Debtor concerning
         the nature of the assets and reporting units and
         operations;

      -- review business plans, future performance estimates or
         budgets for the Debtor provided by management;

      -- give consideration to applicable economic, industry, and
         competitive environments, including relevant historical
         and future estimated trends;

      -- leverage relevant work-findings and insights of the
         Debtor's advisors (both within and outside of EY);

      -- analyze the historical financial performance of the
         Debtor;

      -- provide fair value analysis of any of the Debtor's
         reporting units, including a reconciliation to the
         reorganization value (or the implied shareholders'
         equity value) of the Debtor from any plan of
         reorganization;

      -- discuss the assignment of the Debtor's assets and
         resulting fair values to the Reporting Units with the
         Debtor's management;

      -- discuss with the Debtor's management and auditors
         valuation approaches and methodologies used in EY's
         analysis;

      -- review and comment on management's identification
         of identifiable intangible assets and potential
         liabilities (as applicable);

      -- corroborate valuation results under the Income Approach
         to comparable transactions for each reporting unit;

      -- prepare a risk adjusted discount rate calculation for
         each reserve area and category estimated under the
         Income Approach (for corroboration purposes);

      -- develop valuation analysis of the production equipment
         assets like jack ups, rigs, drill ships, vehicles, and
         mobile equipment relying on the indirect method of the
         Cost Approach for equipment and the Market Approach for
         vehicles and mobile equipment;

      -- develop valuation analysis of any real property assets
         owned by the Company, as applicable;

      -- develop valuation analysis of any identifiable
         intangible assets (e.g., contracts), as applicable;

      -- hold discussions with the Debtor's management around the
         potential lifting and amortization/depreciation of the
         tangible and identifiable assets based on the valuation
         analysis;

      -- perform corroborative procedures, such as estimating the
         consolidated internal rate of return implied from
         the overall reorganization value from the plan of
         reorganization and prepare a weighted average return on
         assets ("WARA") calculation to facilitate analyses that
         are internally and externally consistent and reasonable;

      -- provide estimates of fair value for equity and/or cost
         method investments held by the Debtor giving
         consideration to appropriate approaches to value, as
         applicable;

      -- provide fair value analysis of debt assumed and discuss
         financial reporting considerations, as applicable;

      -- to the extent any consideration is considered to be
         contingent consideration for financial reporting
         purposes, provide fair value analysis of the contingent
         consideration using either an option pricing or income
         approach, as appropriate and depending on the structure
         of the contingent consideration;

      -- provide fair value analysis of the modification of
         management incentive plan(s), as applicable;

      -- apply the Income, Market, and/or Cost Approaches to
         value using, where appropriate, financial data that is
         based on a market participant perspective; and

      -- prepare a narrative Report summarizing the methodologies
         employed in the analyses, the assumptions on which the
         analyses were based, and recommendations of fair value;

   B) Bankruptcy Accounting Services

      -- provide assistance with the assessment of the
        accounting, including income tax accounting, impact of
        emergence from bankruptcy to allow the Debtor to apply
        fresh start accounting in accordance with ASC 852, if
        required.

Ernst & Young will be paid as follows:

     -- Fees for services and "non-core" services (which
        may include any services required by the Bankruptcy Court
        including any services by bankruptcy employment
        application preparation and fee application work), will
        be based on the time that EY professionals spend
        performing those service, as adjusted annually on July 1
        while such Services are being performed. The current
        hourly rates, by level of professional, are:

             Partner/Principal           $700
             Executive Director          $650
             Senior Manager              $485
             Manager                     $425
             Senior                      $325
             Staff                       $200

     -- If fresh start accounting is required, the estimated
        professional fee range for valuation services related to
        financial reporting is estimated to be between $175,000
        and $250,000.  EY actual fees could exceed this estimated
        range based on unexpected circumstances.

     -- If the Debtors are required to value contingent
        consideration, the estimated range for valuation services
        is estimated to be $50,000 and $90,000, depending on
        specific terms and conditions of the ultimate agreement
        and the number of iterations related to the analysis.
        Ernst actual fees could exceed this estimated range based
        on unexpected circumstances.

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

Kevin S. Corbett, partner of Ernst & Young LLP, 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.

Ernst & Young LLP can be reached at:

     Kevin S. Corbett
     ERNST & YOUNG LLP
     5 Times Square
     New York, NY 10036

                      About Paragon Offshore

Paragon Offshore PLC is a global provider of offshore drilling
rights. Its operated fleet includes 34 jackups, including two high
specification heavy duty/harsh environment jackups and six floaters
(four drillships and two semisubmersibles). Paragon's primary
business is contracting its rigs, related equipment and work crews
to conduct oil and gas drilling and workover operations for its
exploration and production customers on dayrate basis around the
world.

Paragon Offshore and 25 affiliates have filed voluntary petitions
for relief under chapter 11 of the Bankruptcy Code before the U.S.
Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case
No. 16-10386) on February 14, 2016. The case was assigned to Judge
Christopher S. Sontchi. The petition was signed by Randall D.
Stilley, authorized representative, and Mark D. Collins, Esq.

The Debtor has an estimated assets on a consolidated basis of $1
billion to $10 billion and total estimated debt on a consolidated
basis of $1 billion to $10 billion.

The Debtors have engaged Weil, Gotshal & Manges LLP as counsel,
Richards, Layton & Finger, P.A. as co-counsel, Lazard Freres & Co.
LLC as financial advisor, AlixPartners, LLP as restructuring
advisor, Kurtzman Carson Consultants LLC, as claims, noticing and
solicitation agent.


PARAGON OFFSHORE: Lazard Pegs Reorganization Value at $2-Bil. Max
-----------------------------------------------------------------
Paragon Offshore plc and its debtor subsidiaries filed with the
U.S. Bankruptcy Court for the District of Delaware on March 24,
2016, an amended plan of reorganization and disclosure statement.
The Amended Disclosure Statement includes revised financial
projections and valuation analysis of the Company; and an amendment
to two risk factors contained therein.

A copy of the Updated Financial Projections is available at
http://is.gd/zNok90

The Debtors believe that the Plan meets the feasibility requirement
set forth in section 1129(a)(11) of the Bankruptcy Code (see
Section XIII.C hereof), as confirmation is not likely to be
followed by liquidation or the need for further financial
reorganization of the Debtors or any successor under the Plan.  In
connection with the development of the Plan and for the purposes of
determining whether the Plan satisfies the feasibility standard,
the Debtors analyzed their ability to satisfy their financial
obligations while maintaining sufficient liquidity and capital
resources.  The Debtors have prepared financials for 2015 and
financial projections for 2016 through 2019.  The Debtors do not,
as a matter of course, publish their business plans or strategies,
projections or anticipated financial position.  Accordingly, the
Debtors do not anticipate that they will, and disclaim any
obligation to, furnish updated business plans or Projections to
holders of Claims or other parties in interest after the
Confirmation Date, or to include such information in documents
required to be filed with the SEC or otherwise make such
information public, unless required to do so by the SEC or other
regulatory bodies pursuant to the provisions of the Plan.  In
connection with the development of the Plan, the Projections were
prepared by the Debtors, with the assistance of their advisors, to
present the anticipated impact of the Plan.  The Projections assume
that the Plan will be implemented in accordance with its stated
terms.  The Projections are based on forecasts of key economic
variables and may be significantly impacted by, among other
factors, oil and natural gas prices, expectations regarding future
commodity prices, the level of activity of oil and natural gas
exploration, development, and production globally, demand for
drilling services, competition and supply of competing rigs,
changes in the political environment of the countries in which the
Paragon Group operates, regulatory changes, and/or a variety of
other factors.  Consequently, the estimates and assumptions
underlying the Projections are inherently uncertain and are subject
to material business, economic, and other uncertainties.
Therefore, such Projections, estimates, and assumptions are not
necessarily indicative of current values or future performance,
which may be significantly less or more favorable than set forth.
The Projections were last updated on March 14, 2016.

A copy of the Updated Valuation Analysis is available at
http://is.gd/6CwCTI

The Debtors have been advised by Lazard Freres & Co. LLC with
respect to the reorganization value of the Reorganized Debtors on a
going concern basis.

Solely for purposes of the Plan, the estimated range of a
reorganization value of the Reorganized Debtors was assumed to be
approximately $1.650 billion to $2.075 billion (with a midpoint
estimate of approximately $1.863 billion) as of an assumed
Effective Date of June 30, 2016.  The valuation analysis is based
on information as of the date of the Disclosure Statement and is
based on the Projections for the Projection Period.  For purposes
of this valuation, it has been assumed that no material changes
that would affect value occur between the date of the Disclosure
Statement and the assumed Effective Date.  Lazard's estimate of a
range of reorganization values does not constitute an opinion as to
fairness from a financial point of view of the consideration to be
received under the Plan or of the terms and provisions of the
Plan.

THE ASSUMED RANGE OF THE REORGANIZATION VALUE, AS OF AN ASSUMED
EFFECTIVE DATE OF JUNE 30, 2016, REFLECTS WORK PERFORMED BY LAZARD
ON THE BASIS OF INFORMATION IN RESPECT OF THE BUSINESS AND ASSETS
OF THE DEBTORS AVAILABLE TO LAZARD AS OF MARCH 14, 2016.  IT SHOULD
BE UNDERSTOOD THAT, ALTHOUGH SUBSEQUENT DEVELOPMENTS MAY AFFECT
LAZARD'S CONCLUSIONS, LAZARD DOES NOT HAVE ANY OBLIGATION TO
UPDATE, REVISE OR REAFFIRM ITS ESTIMATE.

Based upon the assumed combined range of the reorganization value
of the Reorganized Debtors of between $1.650 billion and $2.075
billion and assumed net debt of $1.120 billion -- assuming a debt
balance of $1.408 billion and a pro forma cash balance of $288
million as of June 30, 2016 -- Lazard has employed an imputed
estimate of the range of equity value for the Reorganized Debtors
between approximately $530 million and $955 million, with a
midpoint estimate of $742 million.

A copy of the "Amended Risk Factors" statements is available at
http://is.gd/CSGb1B

Section XI.A.2 of the Amended Disclosure Statement is revised to
provide that:

"Although the Debtors believe that the Plan will satisfy all
requirements necessary for confirmation by the Bankruptcy Court,
there can be no assurance that the Bankruptcy Court will reach the
same conclusion or that modifications to the Plan will not be
required for confirmation or that such modifications would not
necessitate re-solicitation of votes.  Moreover, the Debtors can
make no assurances that they will receive the requisite acceptances
to confirm the Plan, and even if all Voting Classes voted in favor
of the Plan or the requirements for "cramdown" are met with respect
to any Class that rejected the Plan, the Bankruptcy Court, which
may exercise substantial discretion as a court of equity, may
choose not to confirm the Plan.  If the Plan is not confirmed, it
is unclear what distributions holders of Claims or Interests
ultimately would receive with respect to their Claims or Interests
in a subsequent plan of reorganization.

The Plan provides that the Debtors will reinstate and render
unimpaired all or a portion of the Allowed Secured Term Loan Claims
(Class 4) pursuant to section 1124 of the Bankruptcy Code.  Holders
of the Allowed Secured Term Loan Claims may challenge Reinstatement
and unimpairment by contending, among other things, that the
Debtors have defaulted on their obligations under the Allowed
Secured Term Loan Agreement and, therefore, Reinstatement and
unimpairment is not permitted under section 1124 of the Bankruptcy
Code.  The Debtors maintain that no events of default have occurred
that would prevent Reinstatement and unimpairment.  Because the
Plan is contingent on Reinstatement and unimpairment, failure to
reinstate the Allowed Secured Term Loan Claims would require the
Debtors to revise or abandon the Plan.  Moreover, if Reinstatement
and unimpairment does not occur, the Debtors may not be able to
secure adequate new financing, and the cost of any such new
financing would likely be materially higher.

Holders of the Allowed Secured Term Loan Claims (Class 4) may also
challenge the feasibility of the Plan by contending, among other
things, that the Debtors' Projections are not reasonable and that
the Debtors will not have sufficient resources to make the
principal and interest payments required under the Secured Term
Loan Agreement.  The Debtors maintain that their Projections
demonstrate that the Debtors will have sufficient liquidity to
satisfy these obligations, and that the Plan meets the feasibility
requirement set forth in section 1129(a)(11) of the Bankruptcy Code
because confirmation is not likely to be followed by liquidation or
the need for further financial reorganization of the Debtors or any
successor under the Plan."

Section XI.C.4 of the Amended Disclosure Statement is revised to
provide that:

"As explained in Section II.C.2, due to the filing of its Chapter
11 Cases, Paragon Parent negotiated forbearance under its
Prospector-related Lease Agreements through April 15, 2016.  The
Company is in the process of negotiating a permanent waiver of the
event of default under the Lease Agreements.  If the Company is not
able to obtain a permanent waiver of the event of default, the
Prospector entities will explore further alternatives, including a
potential chapter 11 filing.  If the Prospector entities commence
chapter 11 cases, the Prospector debtors would seek to confirm a
plan along a parallel path as the Paragon Plan that would seek to
pay all creditors in full and leave the Prospector Lease Agreements
intact.  If the Prospector debtors are unsuccessful in obtaining
confirmation of such a plan of reorganization, it would likely have
a material effect on Paragon's Plan."

As reported by the Troubled Company Reporter on Feb. 25, 2016, a
hearing will be held before the Honorable Christopher S. Sontchi,
U.S. Bankruptcy Judge, in the U.S. Bankruptcy Court for the
District of Delaware on April 6, 2016 at 10:00 a.m. (prevailing
Eastern Time), to consider approval of the disclosure statement
explaining Paragon Offshore plc, et al.'s proposed reorganization
plan.  Objections, if any, to approval of the Proposed Disclosure
Statement are due March 30, 2016 at 4:00 p.m. (prevailing Eastern
Time).

As reported in the Feb. 16, 2016 edition of the TCR, Paragon
Offshore plc, et al., filed with their Chapter 11 bankruptcy
petitions a proposed reorganization plan that lets holders of
$1.02
billion in senior notes recover up to 72.6%, returns 100% cents on
the dollar to general unsecured creditors, and lets existing
shareholders retain 65% of the company.

Holders of approximately 95.6% in outstanding principal amount of
the revolving credit agreement claims entitled to vote on the Plan
and holders of 76.9% in outstanding principal amount of the senior
notes claims entitled to vote on the Plan have already agreed to
vote in favor of the Plan.

The rights of holders of general unsecured claims will be left
unaltered by the Plan, and the Debtors will continue to pay or
dispute each general unsecured claim in the ordinary course of
business.

The restructuring will leave the Debtors' business intact under
Paragon Offshore and substantially de-lever it, providing for the
reduction of $1.1 billion of the Debtors' existing debt and $60
million of the Debtors' annual cash interest expense upon the
completion of the Restructuring.

Copies of the Plan and Disclosure Statement are available for free
at:

   http://bankrupt.com/misc/Paragon_11_Ch11_Plan.pdf
   http://bankrupt.com/misc/Paragon_12_Disc_Statement.pdf

Counsel to the Debtors:

          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, NY 10153
          Attn: Gary T. Holtzer, Esq.
                Stephen A. Youngman, Esq.
          Telephone: (212) 310-8000
          E-mail: gary.holtzer@weil.com
                  stephen.youngman@weil.com

Co-Counsel to the Debtors:

          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          920 North King Street
          Wilmington, DE 19801
          Attn: Mark D. Collins, Esq.
                Amanda R. Steele, Esq.
          Telephone: (302) 651-7700
          E-mail: collins@rlf.com
                  steele@rlf.com

Counsel to the Ad Hoc Committee of Senior Noteholders

          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Attn: Andrew N. Rosenberg, Esq.
                Elizabeth R. McColm, Esq.
          Telephone: (212) 373-3000
          E-mail: arosenberg@paulweiss.com
                  emccolm@paulweiss.com

Counsel to the Revolving Credit Facility Agent:

          SIMPSON THACHER & BARTLETT LLP
          425 Lexington Avenue
          New York, NY 10017
          Attn: Sandeep Qusba, Esq.
                Kathrine A. McLendon, Esq.
          Telephone: (212) 455-2000
          E-mail: squsba@stblaw.com
                  kmclendon@stblaw.com

                        About Paragon Offshore

Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a   
global provider of offshore drilling rigs.  Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas. Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the over-
the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.

Paragon Offshore Plc, et al., filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-
10410) on Feb. 14, 2016, after reaching a deal with lenders on a
reorganization plan that would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the
cases.

The Debtors reported total assets of $2.47 billion and total
debts of $2.96 billion as of Sept. 30, 2015.

The Debtors have engaged Weil, Gotshal & Manges LLP as general
counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard
Freres & Co. LLC as financial advisor, Alixpartners, LLP as
restructuring advisor, and Kurtzman Carson Consultants as claims
and noticing agent.


PATHEON INC: Bank Debt Trades at 4% Off
---------------------------------------
Participations in a syndicated loan under which Patheon Inc is a
borrower traded in the secondary market at 95.92
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.54 percentage points from the
previous week.  Patheon Inc pays 325 basis points above LIBOR to
borrow under the $0.985 billion facility. The bank loan matures on
Jan. 14, 2021 and carries Moody's B1 rating and Standard & Poor's B
rating.  The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


PEABODY ENERGY: Official Stays Optimistic Despite Coal's Woes
-------------------------------------------------------------
Dow Jones' Daily Bankruptcy Review, citing the Associated Press,
reported that the coal industry is struggling, but a spokesman for
St. Louis-based Peabody Energy says neither coal nor the company is
going away.

According to the report, heavy debt loads are weighing on companies
like Peabody that made acquisitions when coal prices peaked,
prompting a lengthy slump.

As previously reported by The Troubled Company Reporter, citing
various news agencies, Peabody Energy Corporation 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 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 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 March 23, 2016,
reported that Standard & Poor's Ratings Services said it lowered
its corporate credit rating on St. Louis-based Peabody Energy Corp.
to 'D' from 'CCC+'.

S&P also lowered its issue-level ratings on the company's debt
facilities associated with the missed interest payments--the 10%
second-lien notes due 2022 and the 6.5% unsecured notes due
2020--to 'D' from 'CCC+' and 'CCC-', respectively.  This is based
on S&P's view that the interest payments will not be made within
the 30-day grace period.  At the same time, S&P revised the
recovery rating on the second-lien debt to '6' from '4'.  The '6'
recovery rating indicates S&P's expectation of negligible (0% to
10%) recovery in the event of a payment default.

The TCR, 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 HILLS SCHOOL: Moody's Affirms B3 Rating on $71.3MM GO Debt
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 underlying rating on
Penn Hills School District PA's $71.3 million of outstanding
general obligation debt. Concurrently, we have affirmed the B1
post-default enhanced rating on the district's Series 2012, 2013
and 2014 bonds and the B1 pre-default enhanced rating on the
district's Series 2015 bonds and notes. The outlook is negative for
both the underlying and enhanced ratings.

"The B3 underlying rating reflects the rapid and severe
deterioration of the district's financial position including
insufficient liquidity to operate a complete fiscal year. Cash flow
uncertainty remains and the district continues to rely on the
state's intercept program to meet debt service payments coming due
on April 1, 2016 and May 15, 2016. We expect the state intercept
mechanics to make a timely payment, similar to last year's debt
service payment, given sufficient notification by the district and
proactive management by the state. The rating also incorporates the
district's willingness to risk default on general obligation bonds,
large budget pressures driven by charter school enrollment, very
high debt burden and already heavy pension contributions, and our
expectation that the district's liquidity position will remain
challenged given its distressed credit fundamentals. Any lack of
state aid due to the ongoing state budget crisis will exacerbate
this position."

The B1 enhanced ratings on both the pre-default and post-default
enhanced bonds reflects the availability of state aid for debt
service obligations in light of the commonwealth's chronically late
budgets and the lack of clarity surrounding the intercept programs'
mechanical feasibility in the absence of an approved and
implemented budget. Based on the rating action on the enhancement
programs dated December 22, 2015, the district's enhanced ratings
are subject to the floor rating of B1.

Rating Outlook

"The negative outlook on the district's underlying rating reflects
the continued inability of the district to fund debt service on its
own, and our expectation of sustained and ongoing financial stress
given the lack of liquidity to meet payment obligations and
uncertainty over how the district will restore balanced operations.
Cash flow sufficiency will be the greatest concern over the
short-term as long as the state budget impasse continues."

The enhanced ratings have a negative outlook which is based on the
outlook for the commonwealth and the ongoing uncertainty
surrounding its ability to fund the intercept programs during
budget stalemates.

Factors that Could Lead to an Upgrade

  Sustained reversal of the negative operating trend that
  reduces the district's reliance on the state to meet
  debt service and other payments

  Stabilization of operating position

Factors that Could Lead to a Downgrade

  Prospect of a debt restructuring that would impose loss
  on bondholders

  Inability to maintain district operations and programs
  leading to insolvency or overall re-organization

Legal Security

Debt service on the district's bonds are secured by a general
obligation limited tax pledge, as debt service is not exempt from
the limitations of Special Session Act 1 (Taxpayer Relief Act). The
2015 bonds are enhanced with additional security through a State
Appropriation Intercept Agreement which ensures the disbursement of
available state aid directly to the paying agent to pay debt
service on a pre-default basis.

Use of Proceeds. Not applicable.

Obligor Profile

The district has a total population of 42,423 and provides K-12
education to approximately 3,900 students. It is located in the
eastern central part of Allegheny County in the southwest portion
of the commonwealth, approximately 9 miles east of downtown
Pittsburgh.


PUBLIC SERVICE: A.M. Best Lowers Fin. Strength Rating to B-
-----------------------------------------------------------
A.M. Best has downgraded the financial strength rating to B- (Fair)
from B (Fair) and the issuer credit rating to "bb-" from "bb+" of
Public Service Insurance Company (Chicago, IL) and its affiliates,
Paramount Insurance Company (New York, NY) and Western Select
Insurance Company (Chicago, IL) (collectively referred to as Magna
Carta Companies). Additionally, A.M. Best has placed the ratings
under review with negative implications.

The downgrade and the under review with negative implications
status reflects the significant deterioration in operating
performance in the last half of 2015, resulting partially from a
$40 million development in reserves in the fourth quarter, having
followed a $13.8 million charge at the end of the third quarter.
This equated to almost $60 million in surplus losses for 2015,
after adding in underwriting losses for the year.

Approximately $23.6 million of the fourth quarter reserve
development was related to the workers' compensation line of
business. Management has an adverse development cover (ADC) on 100%
of the 2013 and prior accident years, in place since 2014, to
provide protection against further unexpected reserve developments.
However, the group has yet to reach its retention of $385 million,
(having just over $12 million of retention remaining), and begin to
use the cover of $60 million for all lines of business. 2015's
development counting toward the ADC's retention level was $36
million.

The ratings will remain under review with negative implications
pending A.M. Best's evaluation of management's capital preservation
plans.


QUANTUM FUEL: Employs Foley & Lardner as Bankruptcy Counsel
-----------------------------------------------------------
Quantum Fuel Systems Technologies Worldwide, Inc., seeks authority
from the Bankruptcy Court to employ Foley & Lardner LLP as its
general bankruptcy counsel.  The Debtor has selected Foley because
the firm has previously represented it in various corporate
matters.

Foley is expected to, among other tasks:

  (a) analyze the Debtor's current financial and legal situation;

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

  (c) assist the Debtor with respect to any sales of assets under
      Section 363 of the Bankruptcy Code;

  (d) advise the Debtor concerning its powers and duties as
      debtor-in-possession in the continued operation of its
      businesses and management of its property;

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

  (f) advise the Debtor with regard to its relationships with
      secured and unsecured creditors and equity security holders,
      past, present and future, negotiate with those creditors
      and security holders, and its representatives and legal
      counsel, as necessary, and take legal actions as may be
      necessary or advisable in the best interests of the Debtor;

  (g) review the nature and validity of liens asserted against the

      property of the Debtor and advise the Debtor concerning the
      enforceability of those liens;

  (h) negotiate and assist in the drafting and preparation of
      leases, security instruments, and other contracts as may be
      in the best interests of the Debtor;

  (i) represent the Debtor at the meeting of creditors,
      confirmation hearing, and such other hearings as may occur;

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

  (k) assist and counsel the Debtor in connection with a Chapter
      11 plan;

  (l) prepare, on behalf of the Debtor, a disclosure statement,
      and assist the Debtor in soliciting acceptances of the
      Plan;

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

  (n) represent the Debtor in adversary proceedings and other
      contested matters;

  (o) Perform all other legal services for or on behalf of the
      Debtor that may be necessary or prudent in the
      administration of its Chapter 11 case and the
      reorganization of the Debtor's business, including advising

      and assisting the Debtor with respect to debt
      restructurings, stock or asset dispositions, claims
      analysis and disputes, and legal issues involving general
      corporate, bankruptcy, labor, employee benefits, tax,
      finance, real estate, and litigation matters, and
      utilize paraprofessionals, law clerks, associates, and
      partners of Foley as may be prudent and economical under
      the circumstances.

The Foley professionals and paraprofessionals presently expected to
have primary responsibility for providing services to the Debtor
are:

    Name                        Position         Hourly Rate
    ----                    -----------------    -----------
    Victor A. Vilaplana         Partner             $680
    John A. Simon               Partner             $525
    Tamar N. Dolcourt           Associate           $425
    Jack Haake                  Associate           $325
    Marshall Hogan,             Associate           $400
    Kathleen A. Northcutt    Paraprofessional       $180

The Debtor requests that all legal fees and related costs and
expenses incurred by Foley in this Chapter 11 case be paid as
administrative expenses of its estate.

According to Court documents, in the course of Foley's
representation of the Debtor, Foley has provided legal services to
the Debtor for which it was not paid.  The total of these unpaid
services exceeds $20,000.  Foley has waived the Pre-Petition
Claim.

Prior to the Petition Date, the Debtor paid Foley a retainer of
$74,479.  None of the Retainer remains.

Foley conducted an investigation to ascertain conflicts and
connections with the Debtor's creditors and equity security
holders.  Based on this conflicts investigation, Foley has
determined that it has no connection with the Debtor, its creditors
or other parties-in-interest or its respective attorneys
accountants, or the United States Trustee, or any of the Trial
Attorneys in the Central District of California offices of the
United States Trustee, any of the judges for the United States
Bankruptcy Court for the Central District of California.

Foley represents it is a "disinterested person" within the meaning
of Sections 101(14) and 327 of the Bankruptcy Code.

                       About Quantum Fuel

Lake Forest, California-based Quantum Fuel Systems Technologies
Worldwide, Inc., is an innovator, developer and producer of
compressed natural gas (CNG) fuel storage tanks and packaged fuel
storage systems for heavy-, medium-, and light-duty trucks and
passenger vehicles.  The Company also produces integrated vehicle
system technologies, including engine and vehicle control systems
and drivetrains.  It supplies its tanks and systems to truck and
automotive original equipment manufacturers and aftermarket and OEM
truck integrators worldwide.

Quantum Fuel filed a Chapter 11 bankruptcy petition (Bankr. C.D.
Calif. Case No. 16-11202) on March 22, 2016.  The petition was
signed by Brian W. Olson as chief executive officer.  The Debtor
listed total assets of $23.10 million and total debts of $21.7
million.  Foley & Lardner LLP represents the Debtor as counsel.
Judge Mark S Wallace is assigned to the case.


QUORUM HEALTH: Moody's Gives B2 CFR & Rates Secured Debt B1
-----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Quorum Health Corporation.
Moody's also assigned a B1 (LGD 3) rating to the company's proposed
senior secured credit facilities and a Caa1 (LGD 5) rating to the
proposed senior unsecured notes. Finally Moody's assigned an SGL-2
Speculative Grade Liquidity Rating. The rating outlook is stable.

The proceeds of the proposed debt offerings will be used to
capitalize the company and pay a dividend in the spin-off of the
company from CHS/Community Health Systems, Inc. This is the first
time Moody's has assigned ratings to Quorum.

The following ratings have been assigned to Quorum Health
Corporation.

  Corporate Family Rating at B2

  Probability of Default Rating at B2-PD

  Senior secured revolving credit facility expiring 2021, at B1
(LGD 3)

  Senior secured term loan due 2022, at B1 (LGD 3)

  Senior unsecured notes due 2023, at Caa1 (LGD 5)

  Speculative Grade Liquidity Rating, at SGL-2

The rating outlook is stable

RATINGS RATIONALE

Quorum's B2 Corporate Family Rating reflects the company's
considerable financial leverage and limited track record of free
cash flow generation. The rating also reflects the risks associated
with establishing systems and operations as a stand-alone entity.
Further, Moody's expects that the company will pursue acquisitions
in order to increase scale and diversity and that these
transactions may require additional debt financing due to limited
cash flow. However, Quorum's ratings also reflect the company's
considerable scale, limited competition in many of its markets and
Moody's expectation of relatively stable profitability.

The stable rating outlook reflects Moody's expectation that the
company will successfully manage the transition to a stand-alone
entity with minimal disruption to operations. Moody's also expects
improving cash flow trends and modest but stable EBITDA growth
allowing for modest improvement in credit metrics. The outlook also
reflects Moody's expectation that the company will take a measured
approach to the use of incremental leverage to pursue acquisitions
of additional hospitals.

The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's
expectation that Quorum will maintain good liquidity over the 12 to
18 months following the spin. The liquidity position of the company
will be characterized by improving but still modest free cash flow
generation as well as access to an asset based credit facility (not
rated by Moody's) as well as a senior secured revolving credit
facility.

Quorum Health Corporation is an operator and manager of hospitals
and outpatient services in non-urban areas of the US. As of
December 31, 2015, the company owned or leased 38 hospitals in 16
states. The company also managed, through its Quorum Health
Resources subsidiary, 93 non-affiliated hospitals. Quorum
recognized revenue of approximately $2.2 billion in the year ended
December 31, 2015.


RDX TECHNOLOGIES: U.S. Trustee Forms 2-Member Committee
-------------------------------------------------------
The Office of the U.S. Trustee appointed two creditors of RDX
Technologies Corp. to serve on the official committee of unsecured
creditors.

The committee members are:

     (1) Trango Technology Inc.
         Attn: Wayne Hackelton
         25850 N. Tennyson Lane
         Stevenson Ranch CA 91381
         Phone: 818-425-3750
         Fax: 661-287-3141
         Email: wayne.hackelton@trangoadvisory.com

     (2) McLeod Law LLP
         Attn: Andrew Neil Hutton
         14505 Bannister Road S.E., 3rd Floor
         Calgary, Alberta, CANADA T2X 3J3
         Phone: 403-278-9411
         Fax: 403-271-1769
         Email: anhutton@mcleod-law.com

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

                     About RDX Technologies

RDX Technologies Corp. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Arizona (Phoenix) (Bankr. D. Ariz., Case No. 15-15859) on December
17, 2015. The petition was signed by Dennis Danzik, director.

The Debtor is represented by Ronald J. Ellett, Esq., at Ellett Law
Offices, P.C.. The case is assigned to Judge Paul Sala.

The Debtor estimated assets of $0 to $50,000 and debts of $10
million to $50 million.


REGIONALCARE HOSPITAL: Moody's Puts B3 CFR on Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service placed the ratings of RCHP, Inc. under
review for downgrade, including the company's B3 Corporate Family
Rating and B3-PD Probability of Default Rating. RCHP is a wholly
owned subsidiary of RegionalCare Hospital Partners Holdings, Inc.
The review is prompted by the announcement on March 22, 2016 that
RCHP plans to merge with Capella Healthcare Inc., a privately-held
owner and operator of non-urban hospitals, headquartered in
Franklin, Tennessee. Capella operates 10 hospitals and is owned by
Medical Properties Trust, Inc. RCHP is majority owned by Apollo
Global Management, LLC.

Ratings placed under review for downgrade:

Corporate Family Rating, B3

Probability of Default Rating at B3-PD

First lien senior secured debt at B1 (LGD 2)

Second lien senior secured debt at Caa1 (LGD 5)

RATINGS RATIONALE

The rating review will focus primarily on the financing plan,
capital structure and financial leverage that will result from the
transaction. Moody's expects that the company will need to raise a
considerable amount of debt in order to complete the transaction.
In its review Moody's will also consider the ongoing operating
performance at both RCHP and Capella, including opportunities for
synergies and benefits associated with the increased scale of the
combined company.

RCHP's B3 Corporate Family Rating, which is under review for
downgrade, reflects the company's high financial leverage, small
scale relative to other U.S. for-profit hospital operators, and
high reliance on revenue and EBITDA generation from a limited
number of facilities and markets. The rating also reflects the
risks associated with Moody's expectation that the company will
pursue growth through acquisitions in order to gain scale. Further,
acquisitions are likely to be debt financed given the modest amount
of free cash flow. The rating is also supported by Moody's
expectations for improving operating results, driven by same
facility revenue and earnings growth.

RCHP is focused on acquiring and developing general acute care
hospitals in non-urban markets and currently operates eight
regional medical centers in seven states. RCHP generated revenues,
after the provision for doubtful accounts, of approximately $783
million in the twelve months ended September 30, 2015.


REPUBLIC AIRWAYS: Reaches Long-Term Deal with Delta
---------------------------------------------------
Republic Airways Holdings Inc. has reached a comprehensive,
long-term agreement with Delta Air Lines Inc., on fees in regional
flights, various news agencies reported.

Josh Beckerman of Dow Jones' Daily Bankruptcy Review related that
Delta sued Republic in October in the wake of a pilot shortage that
caused Republic to ground some of the flights it operated for Delta
and other carriers.

According to Michael Sasso and Mary Schlangenstein, writing for
Bloomberg Brief, if approved by a bankruptcy judge, the
wide-ranging pact would settle litigation between the two carriers
while also providing immediate cash for Republic.  Delta has agreed
to supply the bankrupt airline with $75 million through a
debtor-in-possession credit deal, the report related.

The agreement also would allow Republic, which provides flights for
larger airlines, to wind down use of its 50-seat aircraft and move
to larger 70- to 88-seat aircraft, the report further related.
While the carrier has been trying to shift to a single class of
aircraft because of potential savings on parts and pilot training,
its contract with Delta had blocked it from shedding the smaller
planes, the report added.

                     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.


RYCKMAN CREEK: Gets Final Court Approval on $35M DIP Loan
---------------------------------------------------------
Peregrine Midstream Partners LLC and its affiliates Peregrine Rocky
Mountains LLC, Ryckman Creek Resources Holding Company LLC, and
Ryckman Creek Resources, LLC on March 28 disclosed that on March 27
it received final bankruptcy court approval on a $35,000,000
Debtor-in-Possession loan to provide substantial liquidity and
working capital to the business while it continues to reorganize
under Chapter 11 of the U.S. Bankruptcy Code.

The Companies also disclosed that they have entered into a Plan
Support Agreement with certain holders of its secured loans to
restructure the Companies' balance sheets eliminating more than
$160 million from the balance sheet, providing significant working
capital and converting a substantial amount of the Companies'
pre-petition debt to equity.

Rob Foss, Companies' Chief Executive Officer, said "Our
pre-petition lenders have expressed ongoing commitment to the
successful operation of the Ryckman Creek Facility by committing to
the $35,000,000 credit facility and entering into the Plan Support
Agreement with each other and the Company.  This significant
milestone in our reorganization provides a clear path for us to
emerge from Chapter 11 as quickly as possible.  We look forward to
continuing to work with all of our stakeholders to emerge as a
healthy and successful business."

Additional information, including court filings and other
documents, regarding the restructuring, can be found by visiting
www.kccllc.net/ryckman

                           About Ryckman

Formed on Sept. 8, 2009, Ryckman Creek Resources, LLC is engaged in
the acquisition, development, marketing, and operation of a Natural
gas storage facility known as the Ryckman Creek Facility.  The
Ryckman Creek Facility is a depleted crude oil and natural gas
reservoir located in Uinta County, Wyoming.  The Company began
development of the reservoir into a natural gas storage facility in
2011.  The Ryckman Creek Facility began commercial operations in
late 2012 and received injections of customer gas and gas purchased
by the Company.  The Debtors have approximately 35 employees.

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016.  The petitions were signed
by Robert Foss as chief executive officer.  Kevin J. Carey has been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC as management provider, Evercore Group
LLC as investment banker, and Kurtzman Carson Consultants LLC as
claims and noticing agent.

The Debtors estimated both assets and liabilities in the range of
$100 million to $500 million.  As of the Petition Date, Ryckman Had
approximately $333 million of prepetition bank debt.


SABINE OIL: Reports $2.24 Billion Net Loss in 2015
--------------------------------------------------
Sabine Oil & Gas Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K for the fiscal year ended
Dec. 31, 2015.

Sabine O&G said its net loss widened to $2,239,643,000 in 2015.
The Company posted a net income of $10,577,000 in 2013 and a net
loss of $326,720,000 in 2014.

Total revenues, primarily from production of oil and natural gas,
were $337,211,000 in 2015, down from the $464,723,000 in 2014 and
$354,978,000 in 2013.

Sabine O&G had total operating expenses of $1,968,541,000 for 2015.
It also posted expenses related to its Chapter 11 reorganization
of $458,838,000.

Sabine O&G repored total assets of $797,721,000 at Dec. 31, 2015,
against $3,100,669,000 in total liabilities and $2,302,948,000 in
shareholders' deficit.  At Dec. 31, 2014, it had total assets of
$2,392,266,000 and shareholder deficit of $63,792,000.

A copy of the Company's SEC report is available at
http://is.gd/lebHz3

                     About Sabine Oil & Gas

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

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

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

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


SDI SOLUTIONS: U.S. Trustee Forms 5-Member Committee
----------------------------------------------------
The U.S. Trustee for Region 3 appointed five creditors of SDI
Solutions LLC and SDI Opco Holdings, LLC, to serve on the official
committee of unsecured creditors.

The committee members are:

      (1) I-sys/Debra Ohlendorf
         505 Gilbert Landing
         Mount Pleasant, SC 29464
         Phone: 843-475-1982
         Fax: 843-863-0462

     (2) AP Adler BDP LLC
         c/o Adler Group
         Attn: Steven R. Brownstein
         1400 NW 107 Ave., 5th Floor
         Miami, FL 33172
         Phone: 305-392-4100
         Fax: 305-392-4022

     (3) March Networks, Inc.
         Attn: Christine Maher
         303 Terry Fox Dr., Ste. 200
         Ottawa, ON K1Y 3L3
         Phone: 613-591-8228 x 5761
         Fax: 613-591-5210

     (4) Inoc, LLC
         Attn: Prasad K. Rao
         500 Skokie Blvd., Ste. 380
         Northbrook, IL 60062
         Phone: 847-714-9909 x 100
         Fax: 847-714-9919

     (5) Derek Radoski
         7610 Holiday Dr.
         Alexandria, VA 22300
         Phone: 703-447-1504

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

                       About SDI Solutions

SDI Solutions LLC and SDI Opco Holdings, LLC sought protection
under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy
Court for the District of Delaware (Delaware) (Bankr. D. Del., Case
Nos. 16-10627 and 16-10628) on March 13, 2016. The petition was
signed by David Sullivan, chief executive officer.

The cases are jointly administered under Case No. 16-10627.

The Debtors are represented by Stuart M. Brown, Esq., Kaitlin
MacKenzie Edelman, Esq., and Thomas R. Califano, Esq., at DLA Piper
LLP (US).  The Debtors tapped Gulf Atlantic Capital Corp. as their
financial advisor and Donlin, Recano & Company Inc. as their claims
and noticing agent.

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


SECURITY DEVICES: Schwartz Levitsky Expresses Going Concern Doubt
-----------------------------------------------------------------
Schwartz Levitsky Feldman, LLP said there is substantial doubt in
the ability of Security Devices International, Inc., to continue as
a going concern.

"The Company has suffered recurring losses from operations and has
not earned significant revenue. These conditions raise substantial
doubt about its ability to continue as a going concern," the
auditing firm said.

Security Devices develops, manufactures, and sells less-lethal
ammunition used by the military, correctional services, and police
agencies for crowd control.

The Company reported a net loss of $2,550,438 for the fiscal year
ended Nov. 30, 2015.

At Nov. 30, 2015, the Company had total assets of $2,166,418
against total liabilities of $1,571,921 and shareholders' equity of
$594,497.  It had an accumulated deficit of $26,593,207.

A copy of the Company's SEC report is available at
http://is.gd/koMWYy

The auditing firm may be reached at:

     SCHWARTZ LEVITSKY FELDMAN LLP
     2300 Yonge Street, Suite 1500, Box 2434
     Toronto, Ontario M4P 1E4
     Tel: 416 785 5353
     Fax: 416 785 5663



SIDEWINDER DRILLING: Armory Delivers Notice of Default to Trustee
-----------------------------------------------------------------
Armory Capital Group, LLC, representing a group of five holders of
certain Senior Unsecured Notes issued by Sidewinder Drilling, Inc.,
on March 22 disclosed that it had notified the trustee and
Sidewinder through its counsel on March 9 that Sidewinder was in
violation of sections 3.02, 3.03 and 3.04 of the Notes' indenture
as a result of Sidewinder's recently announced transaction
involving certain holders of the Notes.  The transaction included
four components: a private placement of new notes, a redemption of
existing Notes, a purported amendment of the Notes' indenture, and
an amendment to Sidewinder's existing credit facility.

Headquartered in Houston, Texas, Sidewinder Drilling Inc. --
http://www.sidewinderdrilling.com/-- owns and operates a fleet of
premium land drilling rigs and provides contract drilling services
to exploration and production ("E&P") companies targeting
unconventional resource plays in North America.



SNEED SHIPBUILDING: U.S. Trustee Forms 5-Member Committee
---------------------------------------------------------
The Office of the U.S. Trustee appointed five creditors of Sneed
Shipbuilding, Inc., to serve on the official committee of unsecured
creditors.

The committee members are:

     (1) Triple-S Steel Supply Co.
         Attn: Walter Fowlkes
         P.O. Box 21119
         Houston, TX 77226
         Tel. 713-354-4138
         Fax 713-697-5945
         Email: walter.fowlkes@sss-steel.com

     (2) New Industries, L.L.C.
         Attn: William C. New
         P.O. Box 2176
         Morgan City, LA 70381-2176
         Tel. 985-385-6789
         Fax 985-385-6156
         Email: bill.new@newindustries.com

     (3) NC Receivables Corporation/
         Kloeckner Metals Corporation
         Attn: David Whitlock
         14200 Almeda Road
         Houston, TX 77053
         Tel. 713-433-7211
         Fax 832-460-5826
         Email: dwhitlock@kloecknermetals.com

     (4) Contractors Building Supply Co., L.L.C.
         Attn: Kevin Romito
         8660 South Loop East
         Houston, TX 77017
         Tel. 713-643-1300
         Fax 713-641-1326
         Email: kevin.romito@teamcbs.com

         Counsel: Stibbs & Co. Attorneys
         c/o Brandon Hedblom, Esq.
         819 Crossbridge Drive
         Spring, TX 77373
         Tel. 281-367-2222
         Fax 281-681-2330
         Email: bhedblom@stibbsco.com

     (5) Central Boat Rentals, Inc.
         Attn: Michael Patterson
         P.O. Box 2545
         Morgan City, LA 70381
         Tel. 985-384-8200
         Fax 985-384-8455
         Email: mike@centralboat.com
                
Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

                     About Sneed Shipbuilding

Sneed Shipbuilding, Inc. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas (Victoria) (Bankr. S.D. Tex., Case No. 16-60014)
on March 4, 2016. The petition was signed by Clyde E. Sneed,
president.

The Debtor is represented by Amber Michelle Chambers, Esq., Eric
Michael VanHorn, Esq., and Nicholas Zugaro, Esq., at McCathern,
PLLC. The case is assigned to Judge David R Jones.

The Debtor estimated assets of $1 million to $10 million and debts
of $10 million to $50 million.


SPECIALTY TRUST: Has Final Decree Closing Chapter 11 Cases
----------------------------------------------------------
U.S. Bankruptcy Judge Gregg W. Zive has entered a final decree
closing the Chapter 11 bankruptcy cases of Specialty Trust Inc.  
The Bankruptcy Cases have been fully administered and the
Reorganized Debtors have substantially consummated the Confirmed
Plan.

                       About Specialty Trust

Specialty Trust Inc. is a privately held Maryland corporation that
acquires and holds, in a tax-advantaged real estate investment
trust structure, mortgage loans and mezzanine loans secured by real
property located primarily in Nevada, Arizona and California, and
interests in entities owning real estate that was acquired through
foreclosure of mortgage loans made by ST and mezzanine loans.

Reno, Nevada-based Specialty Trust filed for Chapter 11 bankruptcy
protection (Bankr. D. Nev. Case No. 10-51432) on April 20, 2010.
Affiliates Specialty Acquisition Corp. (Bankr. D. Nev. Case No.
10-51437) and SAC II (Bankr. D. Nev. Case No. 10-51440) filed
separate Chapter 11 petitions.

Sallie B. Armstrong, Esq., and Michelle N. Kazmar, Esq., at Downey
Brand LLP, in Reno, Nevada; and Ira D. Kharasch, Esq., Scotta E.
McFarland, Esq., and Victoria A. Newmark, Esq., at Pachulski Stang
Ziehl & Jones LLP, in Los Angeles, Calif., serve as the Debtor's
bankruptcy counsel.

On May 24, 2010, a committee of equity holders was appointed.  On
Sept. 2, 2010, the Court appointed Grant Lyon as chief
restructuring officer of the Debtors.

In its schedules, Specialty Trust disclosed assets of $201,452,048
and liabilities of $109,022,194 as of the petition date.  In its
amended schedules, Specialty Acquisition disclosed assets of
$3,886,113 and liabilities of $49,068,173 as of the petition date.
In its amended schedules, SAC II disclosed assets of $40,955,000 an
liabilities of $39,445,118 as of the petition date.


SPORTS AUTHORITY: Gibson Dunn Tapped as Restructuring Co-counsel
----------------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from the
U.S. Bankruptcy Court for District of Delaware to employ Gibson,
Dunn & Crutcher LLP as general bankruptcy and restructuring
co-counsel to the Debtor, nunc pro tunc to March 2, 2016.

The Committee requires Gibson Dunn to:

   (a) advise the Debtor of their rights, powers, and duties as
debtors in possession under chapter 11 of the Bankruptcy Code;

   (b) prepare, on behalf of the Debtors, all necessary and
appropriate applications, motions, proposed orders, other
pleadings, notices, schedules, and other documents, and review

Gibson Dunn received the following payments from the Debtors:

   -- Remaining Advance Payment            $750,000.00

   -- During 90 days before petition date
      Fees                               $2,130,063.23
      Expense Reimbursements                $42,722.51

   -- Within one year prior petition date
      Fees                               $3,620,554.65
      Expense reimbursements                $80,187.23

Gibson Dunn professionals will be paid these hourly rates:

   -- Hourly rate
      Partners                           $895-$1,215
      Counsel                            $855
      Associates                         $480-$795
      Paraprofessionals                  $365-420

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

Robert A. Klyman, Esq., a partner in the law firm of Gibson, Dunn &
Crutcher LLP, 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.

Gibson Dunn also will make a reasonable effort to comply with the
U.S. Trustee's requests for information and additional disclosures
as set forth in the Guidelines for Reviewing Applications for
Compensation and Reimbursement of Expenses Filed under 11 U.S.C.
Sec. 330 by Attorneys in Larger Chapter 11 Cases, effective as of
November 1, 2013, both in connection with the Application and the
interim and final fee applications to be filed by Gibson Dunn in
these Chapter 11 Cases.

Gibson Dunn can be reached at:

       Robert A. Klyman
       GIBSON, DUNN & CRUTCHER LLP
       333 South Grand Avenue
       Los Angeles, CA 90071-1512
       Tel: (213) 229-7000
       Fax: (213) 229-7520
       E-mail: rklyman@gibsondunn.com

                     About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10527 to 16-10533) on March 2, 2016.  The case has been assigned
to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Hires FTI Consulting as Financial Advisor
-----------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from the
U.S. Bankruptcy Court for the District of Delaware to employ FTI
Consulting, Inc. and FTI Consulting Technology LLC, as financial
advisor to Debtor, nunc pro tunc to March 2, 2016.

The Debtor requires FTI Consulting to:

   (a) render general financial advice, provide financial
       analytics and modeling;

   (b) assist with developing and evaluating the Debtor's short
       term cash flows under a variety of scenarios;

   (c) assist with sizing and securing financing as needed;

   (d) provide analytical support for the development and
       analysis of various strategic alternatives available to
       the Debtors;

   (e) assist the Debtors with the development of their business
       plan;

   (f) assist with analyzing and developing strategies to address
       the Debtors' existing obligations;

   (g) assist the Debtors with developing and implementing
       operational improvements initiatives;

   (h) provide information and analyses necessary to support
       sales of the Debtors' assets and assist with any related
       auction processes;

   (i) assist the Debtors with store closures and liquidations;

   (j) attend meetings, presentations and negotiations as may be
       requested by the Debtors;

   (k) assist with developing accounting and operating procedures
       to segregate prepetition and postpetition business
       transactions;

   (l) support the preparation of motions and develop procedures
       and processes necessary to implement such motions;

   (m) assist in the development of a creditor matrix;

   (n) work with the Debtors to develop appropriate
       communications materials;

   (o) develop training materials and assist in training the
       Debtors' personnel with respect to accounting and
       reporting;

   (p) assist with developing a process and infrastructure to
       respond to and track calls received from suppliers,
       employees and other constituents, including the production
       of various management reports reflecting call center
       activity;

   (q) assist in the identification of executor contracts and
       unexpired leases and performing cost/benefit evaluations
       with respect to the assumption or rejection of each, as
       needed;

   (r) assist in negotiations with contract counterparties;

   (s) prepare the Debtors with respect to financial related
       disclosures that will be required by the Court and the
       U.S. Trustee;

   (t) assist in the preparation of Statements of Financial
       Affairs, Schedules of Assets and Liabilities, and Monthly
       Operating Reports;

   (u) participate in meetings and provide support to the Debtors
       and their other professional advisor in negotiations with
       potential investors, banks and other secured lenders, the
       creditors' committee appointed in these cases, the U.S.
       Trustee, other parties-in-interest, and professionals
       hired by the same, as requested;

   (v) assist in the evaluation and analysis of avoidance
       actions, including fraudulent conveyances and preferential
       transfers;

   (w) assist in the development of a Key Employee Incentive
       Plan, if needed;

   (x) assist in the preparation for (and attendance at as a
       witness or otherwise) depositions and court hearings;

   (y) assist the Debtors in managing and executing the
       reconciliation process involving claims filed by all
       creditors;

   (z) assist with the development of a contract database for the
       Debtors; and

   (aa) render such other restructuring and general business
        consulting or such other assistance for the Debtors as
        the Debtors' management or counsel may request.

FTI Consulting will be paid as follows:

   (a) Daily Rate:

       Scott Wallace                   $3,000
       Terry Barwin                    $2,500

   (b) FTI Consulting Technology LLC: The Debtors have agreed to
       pay FTI for services related to the development of a
       contract database based on FTI Consulting Technology LLC's
       customary rates for these services.

   (c) Hourly Rates:

       Senior Managing Directors                        $825-$995
       Directors/Senior Directors/Managing Directors    $615-$815
       Consultants/Senior Consultants                   $325-$595
       Administrative/Paraprofessionals                 $130-$260

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

Stephen Coulombe, senior managing director of FTI Consulting,
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.

FTI Consulting can be reached at:

       Stephen Coulombe
       FTI CONSULTING, INC.
       200 State Street, 9th Floor
       Boston MA, 02109
       Tel: (617) 897-1500
       Fax: (617) 897-1510
       E-mail: steve.coulombe@fticonsulting.com

                     About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family’s destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10527 to 16-10533) on March 2, 2016.  The case has been assigned
to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Hires Rothschild as Investment Banker
-------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from the
U.S. Bankruptcy Court for District of Delaware to employ Rothschild
Inc. as investment banker to Debtor, nunc pro tunc to March 2,
2016.

The Debtor requires Rothschild to:

   (a) review and analyze the Debtor's assets and the operating
       and financial strategies of the Debtor;

   (b) review and analyze the business plans and financial
       projections prepared by the Company including, but not
       limited to, testing assumptions and comparing those
       assumptions to historical Company and industry trends;

   (c) evaluate the Debtor's debt capacity in light of its
       projected cash flows and assist in the determination of an
       appropriate capital structure for the Debtor;

   (d) evaluate the Debtor's liquidity, including financing
       alternatives;

   (e) determine a range of values for the Debtor and any
       securities that the Debtor offers or proposes to offer in
       connection with a Transaction;

   (f) identify and/or initiate potential Transactions, M&A
       Transactions and/or New Capital Raises, as appropriate;

   (g) assist the Debtor in raising debt or equity financing,
       including developing marketing materials, creating and
       maintaining a data room and contact log, initiating
       contact with potential capital providers and running the
       process for a New Capital Raise;

   (h) assist the Debtor in M&A Transaction related activities,
       including developing marketing materials, creating and
       maintaining a data room and contact log and initiating and
       managing contact with interested buyers throughout the
       process;

   (i) assist the Debtor in planning for dialogue and
       negotiations with creditors for a potential Transaction,
       including with respect to the creditor due diligence
       process and negotiations with the various creditor
       constituencies;

   (j) assist the Debtor and its other professionals in reviewing
       the terms of any proposed Transaction, M&A Transaction
       and/or New Capital Raise (whether proposed by the Debtor
       or by a third party), in responding thereto and, if
       directed, in evaluating alternative proposals for a
       Transaction, M&A Transaction and/or New Capital Raise, as
       applicable;

   (k) advise the Debtor on the risks and benefits of considering
       a Transaction with respect to the Debtor's intermediate
       and long-term business prospects and strategic
       alternatives to maximize the business enterprise value of
       the Debtor;

   (l) assist or participate in negotiations with the parties in
       interest, including, without limitation, any current or
       prospective creditors of, holders of equity in, or
       claimants against the Debtor and/or their respective
       representatives in connection with a Transaction;

   (m) advise the Debtor with respect to, and attend, meetings
       of the Debtor's Board of Directors, creditor groups,
       official constituencies and other interested parties, as
       reasonably requested;

   (n) participate in hearings and trials before the Court and
       provide relevant testimony (at hearings, trial and
       depositions) with respect to the matters described in this
       Application and the Engagement Letter and issues arising
       in connection with any proposed Plan, and attend any
       depositions and assist counsel in the preparation with
       respect to any of the foregoing; and

   (o) render such other financial advisory or investment banking
       services as may be agreed upon by Rothschild and the
       Debtor.

Rothschild will be paid as follows:

   (a) Monthly Fee: $150,000 per month

   (b) Completion Fee: $4,750,000 upon the earlier of (i) the
       confirmation and effectiveness of a Plan and (ii) the
       closing of a Transaction;

   (c) M&A Fee: Upon the closing of an M&A Transaction, (i) 0.75%
       of the Aggregate Consideration up to Aggregate
       Consideration of $700 million plus (ii) 2.0% of the
       Aggregate Consideration greater than $700 million and up
       to $900 million, plus (iii) 3.0% of the Aggregate
       Consideration greater than $900 million;

   (d) New Capital Fee:

       (1) 1.0% of the face amount of any senior secured or
           junior secured debt raised (including, without
           limitation, any debtor-in-possession financing
           raised);

       (2) 2.0% of the face amount of any unsecured debt raised;
           and

       (3) 3.5% of any equity capital or capital convertible
           into equity or hybrid capital raised, including,
           without limitation, equity underlying any warrants,
           purchase rights or similar contingent equity
           securities (each, a "New Capital Raise");

       Provided that (A) the New Capital Fee shall not be payable
       to the extent new capital is raised from Leonard Green &
       Partners, L.P. or its affiliates and (B) the New Capital
       Fee shall be reduced by 50% with respect to any new
       capital raised from existing creditors of the Debtors (or
       the creditors' affiliates) (the reduction in this clause
       (B), the "New Capital Fee Reduction").   Leonard Green &
       Partners, L.P. and its affiliates are significant
       shareholders of the Debtors.

       Up to $1.25 million of the New Capital Fee shall be
       payable upon the later of the (a) the closing of the
       transaction by which the new capital is committed and
       (b) entry of an order approving Rothschild's retention
       by the Debtors, with any remainder of the New Capital
       Fee to be paid upon entry of an order approving
       Rothschild's final fee application. For the avoidance of
       doubt, the term "raised" shall include the amount
       committed or otherwise made available to the Debtors
       whether or not the amount (or any portion thereof) is
       drawn down at closing or is ever drawn down and whether
       or not such amount (or any portion thereof) is used to
       refinance existing obligations of the Debtors;

   (e) Credit: against the Completion Fee or M&A Fee (such credit
       to be applied only once and without duplication): (i) 50%
       of all Monthly Fees paid in excess of $500,000 and (ii)
       50% of any paid New Capital Fee; provided that the New
       Capital Fee Credit shall not apply with respect to New
       Capital Fees paid for any new capital raised from existing
       parties who are creditors of the Company as of the time
       the new capital is committed (or from the affiliates of
       such parties) provided such transaction has benefited from
       the New Capital Fee Reduction; provided, further, that the
       sum of any New Capital Fee Credit and the Monthly Fee
       Credit shall not exceed the Completion Fee or M&A, as
       applicable; and

   (f) Expenses: the Debtors will reimburse Rothschild for
       reasonable expenses incurred in connection with the
       performance of its engagement and the enforcement of the
       Engagement Letter, including without limitation the
       reasonable fees, disbursements and other charges of
       Rothschild's counsel (without the requirement that the
       retention of such counsel be approved by the Bankruptcy
       Court). Reasonable expenses also include, without
       limitation, expenses incurred in connection with travel
       and lodging, data processing and communication charges,
       research and courier services.

Neil A. Augustine, executive vice chairman of North American Global
Financial Advisory and co-chair of the North American Debt Advisory
and Restructuring Group at Rothschild Inc., 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.

Rothschild can be reached at:

       Neil A. Augustine
       ROTHSCHILD INC.
       1251 Avenue of the Americas
       New York, NY 10020
       Tel: (212) 403-3500
       Fax: (212) 403-3501

                     About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family’s destination for footwear, apparel, fitness, team sports
and outdoor recreation.


Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10527 to 16-10533) on March 2, 2016.  The case has been assigned
to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SPORTS AUTHORITY: Taps Kurtzman Carson as Administrative Advisor
----------------------------------------------------------------
Sports Authority Holdings, Inc, et al., seek authorization from the
U.S. Bankruptcy Court for District of Delaware to employ Kurtzman
Carson Consultants LLC as administrative advisor to Debtor, nunc
pro tunc to March 2, 2016.

The Debtor requires Kurtzman Carson to:

   (a) assist with, among other things, the solicitation,
       balloting, and tabulation and calculation of votes, as
       well as prepare any appropriate reports, as required in
       furtherance of confirmation of chapter 11 plan(s) in these
       cases;

   (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 Debtors' schedules
       of assets and liabilities and statements of financial
       affairs;

   (d) provide a confidential data room;

   (e) manage any distributions pursuant to a confirmed chapter
       11 plan; and

   (f) provide other claims processing, noticing, solicitation,
       balloting, and administrative services described in the
       Services Agreement, but not included in the Section 156(c)
       Application, as may be requested from time to time by the
       Debtors.

Kurtzman Carson will be paid at these hourly rates:

  -- Consulting Services & Rates

     Executive Vice President                    Waived
     Director/Senior Managing Consultant         $175
     Consultant/Senior Consultant                $70-$160
     Technology/Programming Consultant           $35-$70
     Clerical                                    $25-$50

  -- Public Securities & Solicitation Services

     Solicitation Lead/Securities Director       $215
     Securities Senior Consultant                $200

Kurtzman Carson will also be reimbursed for reasonable
out-of-pocket expenses.

Evan Gershbein, senior vice president of Corporate Restructuring
Services at Kurtzman Carson Consultants LLC, 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.

Kurthzman Carson can be reached at:

       Evan Gershbein
       KURTZMAN CARSON CONSULTANTS LLC
       2335 Alaska Ave.
       El Segundo, CA 90245
       Tel: (310) 823-9000
       Fax: (310) 823-9133

                     About Sports Authority

Headquartered in Englewood, Colorado, Sports Authority is one of
the largest full-line sporting goods retailers, with 463 locations
across 41 states and Puerto Rico. Sports Authority offers a broad
range of sporting goods from leading brands and is the active
family's destination for footwear, apparel, fitness, team sports
and outdoor recreation.

Sports Authority Holdings, Inc., and six of its affiliates filed
voluntary Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10527 to 16-10533) on March 2, 2016.  The case has been assigned
to Judge Mary F. Walrath.

Sports Authority Holdings, Inc., has estimated assets of $0 to
$50,000; and estimated debt of $1 million to $10 million.  The
petitions were signed by Michael E. Foss as chairman and chief
executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.

Andrew Vara, Acting U.S. trustee for Region 3, has appointed seven
creditors to serve on the official committee of unsecured
creditors.


SUPERVALU: Bank Debt Trades at 3% Off
-------------------------------------
Participations in a syndicated loan under which SuperValu is a
borrower traded in the secondary market at 96.81
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.39 percentage points from the
previous week.  SuperValu pays 350 basis points above LIBOR to
borrow under the $1.485 billion facility. The bank loan matures on
March 21, 2019 and carries Moody's Ba3 rating and Standard & Poor's
BB- rating.  The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


TATOES LLC: Files for Chapter 11 to Restructure Debt
----------------------------------------------------
Tatoes, LLC, Wahluke Produce, Inc., and Columbia Manufacturing,
Inc., sought protection under Chapter 11 of the Bankruptcy Code
after it missed debt payment to Rabo AgriFinance totaling $22
million on March 1, 2016.

RAF had delivered to the Debtors a notice of default and demanded
the turn over of all collateral securing its operating loans.  The
Debtors said that while they attempted to negotiate an out-of-court
restructuring of its obligations with RAF, their efforts have been
unsuccessful.

The Debtors intend to use the Chapter 11 process to: (a) allow them
to continue conducting farming operations; (b) restructure their
obligations with RAF to provide payment terms that are more
realistic given the nature and extent of RAF's collateral; and (c)
allow them to pay their trade and other unsecured creditors.

While the Debtors may propose to liquidate certain of its assets in
order to improve efficiencies and reduce costs, the Debtors do not
see this as a liquidation bankruptcy.

In addition to their secured obligations, the Debtors also owe
approximately $5.36 million to trade creditors.  The largest part
of the trade debt is made up of obligations owed to Saddle Mountain
Supply Company amounting to approximately $1,700,000 and Windflow
Fertilizer totaling approximately $2,500,000.

As of March 1, 2016, the Debtors estimate that the net value of
their remaining 2015 crops in storage is approximately $3.52
million.  The Debtors also have an investment in the 2016 crops of
approximately $1.25 million, constituting the cost of the
chemicals, fertilizer and supplies.  

The Debtors currently have approximately $4.25 million in cash,
accounts receivable, and checks, Court documents indicate.

                       About Tatoes LLC

Tatoes, LLC, Wahluke Produce, Inc. and Columbia Manufacturing,
Inc., are engaged in farming, packing, storing, and selling
potatoes, onions and wheat.  Each of the Debtors filed Chapter 11
bankruptcy petitions (Bankr. E.D. Wash. Case Nos. 16-00900,
16-00899 and 16-00898, respectively) on March 21, 2016.

Tatoes LLC estimated assets and liabilities in the range of $10
million to $50 million.  Wahluke Produce and Columbia Man.
estimated assets in the range of $50 million to $100 million and
liabilities of up to $100 million.

Bailey & Busey LLC represents the Debtors as counsel.


TATOES LLC: Hires Bailey & Busey as Bankruptcy Counsel
------------------------------------------------------
Tatoes LLC and its debtor affiliates filed an application with the
Bankruptcy Court seeking authority to employ Bailey & Busey, PLLC
as their bankruptcy counsel.

The Debtors have agreed to pay professionals at Bailey & Busey at
their customary hourly rates: $250 per hour for Roger W. Bailey;
$230 per hour for Joshua J. Busey and $60 per hour for legal
assistants.  The Debtors will also reimburse the firm for its
necessary expenses.

According to Court filings, an initial retainer of $25,000 was paid
to Bailey & Busey prior to the Petition Date for the purposes of
preparing and filing the Chapter 11 bankruptcy petition.  As of the
Petition Date, $310 remains in trust.

Bailey & Busey disclosed that it has performed legal services for
John Deere/Deere Credit.  John Deere/Deere Credit holds certain
purchase money equipment loans with the Debtors.  Deere's loans are
secured by the equipment for which the financing was provided and
Deere is understood to hold a first priority lien in said
equipment.

Bailey & Busey maintained that the services it provided to Deere
did not relate to the Debtors in any fashion.  According to the
firm, the services provided related to collection of certain
commercial and agricultural loans.  Bailey & Busey does not believe
that its representation of Deere creates an actual conflict with
its representation of the Debtors.

                         About Tatoes LLC

Tatoes, LLC, Wahluke Produce, Inc. and Columbia Manufacturing,
Inc., are engaged in farming, packing, storing, and selling
potatoes, onions and wheat.  Each of the Debtors filed Chapter 11
bankruptcy petitions (Bankr. E.D. Wash. Case Nos. 16-00900,
16-00899 and 16-00898, respectively) on March 21, 2016.

Tatoes LLC estimated assets and liabilities in the range of $10
million to $50 million.  Wahluke Produce and Columbia Man.
estimated assets in the range of $50 million to $100 million and
liabilities of up to $100 million.

Bailey & Busey LLC represents the Debtors as counsel.


TATOES LLC: Wants to Use Secured Parties' Cash Collateral
---------------------------------------------------------
Tatoes, LLC, et al., seek permission from the Bankruptcy Court to
use cash collateral consisting of proceeds from 2015 and 2016 crops
in order to fund their integrated farming, storage, packing and
sales operations.

The Debtors estimate that the net value of the remaining 2015 crops
in storage is approximately $3.52 million.  In addition, the
Debtors currently have approximately $4.25 million in cash,
accounts receivable and checks which are due to them.

Rabo AgriFinance, a secured creditor of the Debtors, holds interest
in substantially all of the Debtors' assets including crops, farm
products, inventory, accounts receivable and equipment.  In
addition, RAF's collateral includes assets of a number of
non-Debtor affiliated companies.

All of the proceeds of the 2015 Crops are encumbered by security
interests and liens in favor of RAF.  The 2016 Crops are currently
encumbered by crop liens in favor of Saddle Mountain Supply Company
and Windflow Fertilizer for the fertilizer, chemicals and supplies
that have been provided in order to prepare the land for the
Debtors' 2016 farming operations.  One of the Debtors' landlords,
Anderson Farms, Inc., has filed two liens against Tatoes, LLC's
2016 Crops in order to secure the payment of rent.

The Debtors said RAF is adequately protected by the value of its
existing collateral by the replacement lien in the 2016 Crops, crop
insurance and periodic interest payments proposed on its loans.

With respect to the parties holding liens on the 2016 Crops, the
Debtors' 2016 budgets include repayment of the lease and
chemicals/fertilizer costs.

                       About Tatoes LLC

Tatoes, LLC, Wahluke Produce, Inc. and Columbia Manufacturing,
Inc., are engaged in farming, packing, storing, and selling
potatoes, onions and wheat.  Each of the Debtors filed Chapter 11
bankruptcy petitions (Bankr. E.D. Wash. Case Nos. 16-00900,
16-00899 and 16-00898, respectively) on March 21, 2016.

Tatoes LLC estimated assets and liabilities in the range of $10
million to $50 million.  Wahluke Produce and Columbia Man.
estimated assets in the range of $50 million to $100 million and
liabilities of up to $100 million.

Bailey & Busey LLC represents the Debtors as counsel.


THOUGHTWIRE MEDIA: Case Summary & 16 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Thoughtwire Media LLC
        PO Box 3735
        Mansfield, OH 44907

Case No.: 16-60607

Chapter 11 Petition Date: March 25, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Canton)

Judge: Hon. Russ Kendig

Debtor's Counsel: Anthony J. DeGirolamo, Esq.
                  ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW
                  3930 Fulton Drive NW, Suite 100B
                  Canton, OH 44718
                  Tel: 330-305-9700
                  Fax: 330-305-9713
                  E-mail: ajdlaw@sbcglobal.net

Total Assets: $346,543

Total Liabilities: $1.05 million

The petition was signed by Thomas C. Hickox, managing member.

A list of the Debtor's 16 largest unsecured creditors is available
for free at http://bankrupt.com/misc/ohnb16-60607.pdf


TIERPOINT LLC: Moody's Affirms B3 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of TierPoint, LLC ("TierPoint" or "the company") and changed
the outlook to negative from stable. The outlook change is based on
the heightened operating and financial risk associated with
TierPoint's proposed acquisition of Cosentry Holdings, LLC
("Cosentry"). This transaction was announced in January, just weeks
after TierPoint completed its $575 million acquisition of
Windstream Hosted Solutions LLC (WHS).

The Cosentry transaction will be funded with a mix of equity and
$140 million of incremental term loans ($100 million incremental
first lien term loan due 2022 and a $40 million incremental second
lien term loan due 2022). In addition, TierPoint will upsize its
revolving credit facility by $70 million tor a total of $145
million, mostly undrawn at transaction close. Moody's has affirmed
the company's B3 corporate family rating, B3-PD probability of
default rating, B2 senior secured first lien bank credit facility
rating and Caa2 senior secured second lien bank credit facility
rating. The deal is expected to close in March 2016.

The outlook change reflects Moody's view of the financial and
operational risks associated with integrating the company's recent
acquisitions of Cosentry and Windstream Hosted Solutions. TierPoint
has not generated positive free cash flow over the past several
years and has consistently funded its capital investment program
with external borrowing. “We expect TierPoint's free cash flow to
remain negative over the next two years as the company invests in
building out additional datacenters and platforms to sustain
growth.” If TierPoint were to trend toward achieving positive
free cash flow and a self-funding business model, the outlook could
be stabilized. Moody's affirmation of TierPoint's B3 corporate
family rating is predicated upon leverage (Moody's adjusted)
falling below 7x by FYE2017.

Issuer: TierPoint, LLC

Affirmations:

-- Probability of Default Rating, Affirmed B3-PD

-- Corporate Family Rating, Affirmed B3

-- Senior Secured Bank Credit Facilities, Affirmed B2 (LGD3)

-- Senior Secured Bank Credit Facilities, Affirmed Caa2 to (LGD5)

    from (LGD6)

Outlook Actions:

-- Outlook, Changed To Negative From Stable

RATINGS RATIONALE

TierPoint's B3 corporate family rating reflects its small scale,
high leverage and consistent negative free cash flow resulting from
its high capital intensity. TierPoint's revenue growth has
decelerated, yet its capital spending remains high at over 30% of
revenues for the last twelve months ended 12/31/15. The rating also
incorporates the company's history of frequent acquisitions and the
financial and operational risks associated with integrating
acquired assets with its current operations. The integration of
acquired customers could result in heightened churn and a
deterioration in EBITDA, especially given the two transactions in
such a short timeframe.

TierPoint participates in a rapidly evolving segment of the
telecommunications industry that favors operators with large scale.
Many traditional carriers are reducing their exposure to this
segment due to the intense price competition and uncertain return
on invested capital. TierPoint will increase its exposure to more
complex managed services products with the two acquisitions.
Although this has the positive effect of improving TierPoint's
product portfolio to better address the industry dynamics and
reducing capital intensity, this could result in a need to increase
development costs for new services and technical headcount, which
could pressure margins and cash flow.

These limiting factors are offset by TierPoint's stable base of
contracted recurring revenues, its position as a high quality
colocation provider in the high-growth sector and its exposure to
less competitive Tier II markets. Also, coincident with the funding
for Cosentry, TierPoint has increased its revolving credit facility
to $145 million. This boost in available liquidity is the primary
driver behind the rating affirmation.

"The negative outlook reflects our expectation that the company's
credit metrics will remain under pressure over the next 12-18
months given the higher leverage, the company's reliance on its
revolver to fund capital spending, and persistent negative free
cash flow."

Though unlikely given the negative outlook, Moody's could consider
a rating upgrade if free cash flow is consistently positive and
leverage were to trend towards 4x (both on a Moody's adjusted
basis). Downward rating pressure could develop is liquidity becomes
strained or from any material churn increase, or if Moody's
adjusted leverage is not on track to fall below 7x by year end
2017.


TRAC INTERMODAL: Moody's Withdraws Caa1 Rating for $485MM Notes
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Caa1 rating for TRAC
Intermodal LLC's planned $485 million senior secured second lien
notes.

RATINGS RATIONALE

The notes offering was launched in March 2016 but was not
completed. No other ratings were affected.

Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

Issuer: TRAC Intermodal LLC

Ratings withdrawn:

-- $485 Million Senior Secured Second Lien Notes, Caa1 (LGD5)

TRAC Intermodal LLC ('TRAC'), headquartered in Princeton, NJ, is a
leading provider of intermodal container chassis to the
transportation industry in North America.


TRIANGLE USA: Moody's Cuts Corporate Family Rating to Caa2
----------------------------------------------------------
Moody's Investors Service, downgraded Triangle USA Petroleum
Corporation's (TUSA) Corporate Family Rating (CFR) to Caa2 from
Caa1, Probability of Default Rating (PDR) to Caa2-PD from Caa1-PD,
and its senior unsecured notes rating to Caa3 from Caa2. The
Speculative Grade Liquidity rating was withdrawn. The outlook
remains negative.

"Given our expectation for low commodity prices through 2018 and
our expectation that TUSA management will not resume drilling
operations in this price environment, we expect that production
could decline to a level that no longer supports the company's debt
burden," noted John Thieroff, Moody's VP -- Senior Analyst. "As a
result of these production declines, the company's leverage metrics
will deteriorate further, increasing the likelihood that the
company will pursue a debt restructuring."

Downgrades:

Issuer: Triangle USA Petroleum Corporation

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

-- Corporate Family Rating, Downgraded to Caa2 from Caa1

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
    from Caa2

Withdrawals:

-- Speculative Grade Liquidity Rating, Withdrawn , previously
    rated SGL-3

Outlook Actions:

-- Outlook, Remains Negative

RATINGS RATIONALE

"TUSA's Caa2 Corporate Family Rating (CFR) reflects the company's
high leverage, our increasing concerns over the sustainability of
the capital structure, and its weak liquidity. It also reflects the
company's relatively modest size in terms of production and
reserves, concentration in the Bakken Shale, and our expectation
that production will decline through fiscal 2017 (the company's
fiscal year-end is January 31). The company suspended drilling in
the third quarter of fiscal 2016 and is unlikely to resume prior to
a material and sustained rebound in crude prices. Prolonged
underinvestment raises the likelihood that the company will need to
debt-finance a much larger drilling program (or acquire production)
in order to support its debt burden longer term. Additionally, the
downgrade reflects the potential that TUSA could breach the
interest coverage and secured leverage covenants that govern its
senior secured revolving credit facility by the third quarter of
fiscal 2017. The likelihood of a borrowing base reduction in the
spring 2016 redetermination further restricts the company's
liquidity."

The rating is supported by the company's competitive cost structure
relative to other similar-size E&Ps, a production mix heavily
skewed toward oil, the embedded growth potential in its Bakken
acreage and the transportation advantage it enjoys through its
affiliate, Caliber.

“We view TUSA's liquidity into early calendar 2017 as weak. The
company's primary source of liquidity is its secured revolving
credit facility, under which it had availability of $161 million
available at October 31, 2015 along with $6 million of cash on its
balance sheet. The revolver's $350 million borrowing base is
scheduled to next be redetermined in May; we expect the borrowing
base will be reduced given continuing low commodity prices,
diminished hedging and the effect of underinvestment on TUSA's
asset base. The revolver is governed by financial covenants that
require EBITDAX/interest coverage of at least 2.5x, senior secured
debt leverage not greater than 2.75x, and a current ratio of at
least 1x. We expect TUSA to have difficulty complying with
covenants, with a breach occurring perhaps as soon as the third
quarter of FY 2017. The credit facility matures October 2018;
TUSA's only other maturity is its senior notes, which mature in
2022."

The Caa3 unsecured notes rating reflects the subordination of the
notes to TUSA's senior secured revolving credit facility's priority
claim to company assets, causing them to be rated one notch below
the Caa2 CFR under Moody's Loss Given Default Methodology.

"The negative outlook reflects the risk that TUSA will breach its
financial covenants as well as the possibility its capital
structure is untenable and the potential for a debt restructuring,
if so. The risk is heightened by the company's steep production
decline curves and a prolonged slump in commodity prices that we
expect will last through 2017."

The rating could be downgraded if the company's liquidity falls
below $50 million or if the company pursues debt restructuring.
Although unlikely in 2016, the rating could be upgraded if the
company maintains retained cash flow-to-debt above 10% on a
sustained basis.


TRONOX INC: Bank Debt Trades at 9% Off
--------------------------------------
Participations in a syndicated loan under which Tronox Inc is a
borrower traded in the secondary market at 91.23
cents-on-the-dollar during the week ended Friday, March 18, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.79 percentage points from the
previous week.  Tronox Inc pays 300 basis points above LIBOR to
borrow under the $1.5 billion facility. The bank loan matures on
March 15, 2020 and carries Moody's B1 rating and Standard & Poor's
BB+ rating.  The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended March 18.


VALEANT PHARMACEUTICALS: Bank Debt Trades at 6% Off
---------------------------------------------------
Participations in a syndicated loan under which Valeant
Pharmaceuticals is a borrower traded in the secondary market at
93.54 cents-on-the-dollar during the week ended Friday, March 18,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents a decrease of 0.85 percentage points from
the previous week.  Valeant Pharmaceuticals pays 325 basis points
above LIBOR to borrow under the $2.350 billion facility. The bank
loan matures on April 9, 2022 and carries Moody's Ba2 rating and
Standard & Poor's BB rating.  The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended March 18.


VENOCO INC: Meeting to Form Creditors' Panel Set for March 29
-------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on March 29, 2016, at 10:00 a.m. in the
bankruptcy case of Venoco, Inc., et al.

The meeting will be held at:

         The DE State Bar Association
         405 N. King St., Ste. 100
         Wilmington, DE 19801

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' case.

The organizational meeting is not the meeting of creditors pursuant
to Section 341 of the Bankruptcy Code.  A representative of the
Debtor, however, may attend the Organizational Meeting, and provide
background information regarding the bankruptcy cases.

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.

Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it represents.


VISTEON CORP: Moody's Hikes Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service upgraded Visteon Corporation's ratings --
Visteon's Corporate Family and Probability of Default Ratings, to
Ba3 and Ba3-PD from at B1 and B1-PD, respectively. In a related
action, Moody's upgraded the ratings on Visteon's bank credit
facilities to Ba2 from Ba3. Visteon's Speculative Grade Liquidity
Rating is SGL-2. The rating outlook is stable.

The following ratings were upgraded:

Corporate Family Rating, to Ba3 from B1

Probability of Default, to Ba3-PD from B1-PD

$200 million senior secured revolving credit
facility due 2019, to Ba2 (LGD3) from Ba3 (LGD3);

$600 million ($350 remaining amount) senior secured
term loan facility due 2021, to Ba2 (LGD3) from
Ba3 (LGD3)

The following rating was affirmed:

SGL-2 Speculative Grade Liquidity Rating

RATINGS RATIONALE

The upgrade of Visteon's Corporate Family Rating (CFR) to Ba3
incorporates the 2015 operational improvement achievements made in
its electronics operations. Visteon strong competitive position as
a leading supplier of instrument clusters and information displays,
and a major supplier of head-up display, automotive audio
infotainment, and telematics products is also driving improving
backlogs. While EBITA margins, estimated in the mid-6% range,
currently lag the assigned ratings, the impact of restructuring
actions and Visteon's strong backlog of new and rewin business of
$1.35 billion won in 2015 are expected to drive stronger margins
supportive of the assigned rating over the next 12-18 months. The
ratings are also supported by the company's modest leverage of
about 2.8x (inclusive of Moody's standard adjustments) and diverse
geographic footprint somewhat mitigated by high customer
concentrations.

The Ba3 CFR continues to incorporate the complex organizational
structure for the electronics business which includes consolidated
overseas joint-venture interests that contribute a significant
amount of the company's consolidated operating profits. Positively,
Visteon continues to have strong cash balances located in the U.S.
in excess of current debt levels following the special dividends
and shareholder returns executed in 2015 and 2016 from the 2015
sale of the Halla Visteon Climate Control joint venture interest.
Moody's also believe there is a risk of strategic acquisitions over
the near-term as areas of safety, electronics, infotainment, and
connectivity are expect to increase in vehicle content over the
near-term.

Visteon is anticipated to have a good liquidity profile over the
next 12 to 18 months supported by cash balances and availability
under the $200 million revolving credit facility. Cash balances as
of December 31, 2015 were approximately $2.8 billion. Pro forma for
the impact the special shareholder distribution in January 2016 and
certain other items, cash balances, at December 31, 2015 are
estimated to be about $740 million with about $285 million located
in foreign subsidiaries. The revolving credit facility was unused
as of December 31, 2015. Covenants under the bank credit facilities
include a net leverage ratio test under which the company has ample
cushion. Moody's estimates the company will be cash flow positive
in 2016 in excess of $100 million, supported by the operational
improvements in the electronics business. As such, combined with
ample cash balances, the revolver should remain undrawn over the
next 12-18 months.

Developments that could lead to a higher ratings include a
demonstrated ability to deliver improved operating performance and
positive free cash flow generation without the need for more
restructuring charges resulting in EBITA margin (inclusive of
restructuring charges) above 8%; EBITA/interest above 4x;
Debt/EBITDA approaching 2x. The demonstration, in Moody's view,
that the company's cash repatriation strategies support strong debt
service will also be a consideration for higher ratings.

Developments that could lead to a lower ratings include
deterioration in automotive industry conditions that are not offset
by cost saving actions, or debt funded acquisitions. Consideration
for a lower rating could result from Moody's expectation of
EBITA/interest approaching 2.5x or Debt/EBITDA approaching 4x.
Deteriorating liquidity could also lead to a lower rating. The
demonstration, in Moody's view, that the company's cash
repatriation strategies support weakening debt service will also be
a consideration for lower ratings.

Visteon, headquartered in Van Buren Township, Michigan, is a
leading global automotive supplier that designs, engineers and
manufactures innovative cockpit electronics products and connected
car solutions for most of the world's major vehicle manufacturers.
Visteon is a leading provider of instrument clusters, head-up
displays, information displays, infotainment, audio systems, and
telematics solutions; its brands include Lightscape(R), OpenAir(R)
and SmartCore(TM). Revenues in 2015 were $3.2 billion.


WESTERN GENERAL INSURANCE: A.M. Beset Cuts FSR to B(fair)
---------------------------------------------------------
A.M. Best has downgraded the financial strength rating to B (Fair)
from B+ (Good) and the issuer credit rating to bb from bbb- of
Western General Insurance Company (Western General) (Calabasas,
CA). The outlook for both ratings remains negative.

The ratings downgrade and negative outlook are based on a material
decline in Western General's risk-adjusted capitalization in the
fourth quarter of 2015 to below a level supportive of its ratings.
This decline was driven by deterioration in Western General's
operating performance and policyholders' surplus.

The ratings and outlook reflect Western General's fair
risk-adjusted capitalization, unfavorable five-year operating
results, underwriting volatility, as well as product and geographic
concentration. These negative rating factors are partially
mitigated by Western General's conservative investment strategy and
long-standing market presence as a niche writer of dealer
originated and agent/broker produced non-standard private passenger
auto business, primarily in California, where it wrote 75% of its
business, and Texas, where it wrote 22% of its business.

Western General's unfavorable five-year operating performance has
been driven by underwriting volatility that caused considerable
surplus erosion in 2011, 2012 and 2015. Negative rating factors
also include a geographic and product concentration of risk, an
elevated expense position and increased adverse loss reserve
development in recent calendar years. Furthermore, as a
California-predominant automobile writer with limited market
penetration, Western General is subject to competitive pressures
from multi-line carriers, as well as judicial, regulatory and
economic pressures.

In addition to the aforementioned positive rating factors,
management's recent strategic initiatives are designed to improve
profitability through the implementation of underwriting and
operational strategies, all of which are in place. While these
initiatives may help to improve profitability through the
underwriting, selection and pricing of its risks, as well as
increased operating efficiencies, the ultimate effectiveness
remains uncertain.

As the company's rating outlook is negative, key rating drivers
that could lead to a rating downgrade include a material loss of
surplus or continued underwriting volatility, similar to what
occurred during the past five-year period. Key rating drivers that
could produce a revision in the rating outlook to stable include
sustained improvement in underwriting, operating profitability and
risk-adjusted capitalization.


WRIGHTWOOD GUEST RANCH: Seeks Court Approval to Hire GlassRatner
----------------------------------------------------------------
Wrightwood Guest Ranch LLC's Chapter 11 trustee is seeking court
approval to hire GlassRatner Brokerage Services Inc.

In an application filed with the U.S. Bankruptcy Court for the
Central District of California, Richard Laski asked for approval to
hire the firm as his broker in connection with the sale of the
company's interest in a real property located in Wrightwood,
California.

GlassRatner will receive a commission equal to 5% of the property's
sale price that is either actually received by escrow upon closing
of the sale, or the total proceeds received by the company from the
sale.

The firm, however, will receive only $100,000 for its services if
Greenlake Real Estate Fund LLC or any entity related to it is
approved by the court as the stalking horse bidder and is selected
as the winning bidder.

GlassRatner will not request reimbursement for work-related
expenses, according to the court filing.

Steven Speier, a real estate broker, disclosed in a declaration
that his firm does not have interests adverse to Wrightwood or its
creditors.
    
Separately, the bankruptcy court had earlier denied the request of
the company to use the cash collateral of a secured creditor to
support its operations.

                   About Wrightwood Guest Ranch

Wrightwood Guest Ranch LLC, a California limited liability company,
provides recreational services such as Snow Play, Zip Line,
endurance races, logging and other outdoor events at a 300-acre
property it owns in Wrightwood area of Los Angeles County.  WGR
also operates a wedding and special event center at a 2.45-acre
property at Wrightwood area.

WGR is 60% owned by Richard and Judy Halllett and 40% owned by GREF
WGR I, LLC, an affiliate of secured creditor GreenLake Real Estate
Fund, LLC.  WGR owns 100% of the interests in Wrightwood Guest
Ranch Holdings, LLC, which in turns owns 100% of the interests in
Wrightwood Canopy Tours, LC.

Being concerned about GreenLake's threat of foreclosure, unsecured
creditors Masterpiece Marketing, Larry Rundle, and Snyder
Dorenfeld, filed an involuntary petition against Wrightwood Guest
Ranch LLC (Bankr. C.D. Cal. Case No. 15-17799) on Aug. 5, 2015.
The Petitioners' counsel is Douglas A Plazak, Esq., at Reid &
Hellyer, APC, in Riverside, California.

The Bankruptcy Court on Aug. 31, 2015, granted Wrightwood Guest
Ranch's request for relief under Chapter 11 and vacated the
Involuntary Petition filed against the Debtor.

The case is assigned to Judge Scott C. Clarkson.

The Debtor tapped Walter & Wilhelm Law Group as bankruptcy counsel;
Hall & Company as accountants; and Baker, Manock & Jensen as
special counsel.

The Debtor filed a proposed Plan and Disclosure Statement on Oct.
26, 2015.  On Dec. 4, 2014, it filed an amended Plan and Disclosure
Statement.

Under the Plan, the Debtor intends to pay unsecured creditors 100
percent of their allowed claims, together with interest at a rate
of 1.5 percent.  Part of the creditor payments will be made in
semi-annual installments over the course of the next 60 months; the
remainder will be paid "with a balloon payment due at the end of
the sixtieth month following the Effective Date."


[*] Moody's Concludes Review on 9 U.S. B-Rated E&P Companies
------------------------------------------------------------
Moody's Investors Service, on March 24, 2016, concluded rating
reviews on nine US B-rated exploration and production (E&P)
companies. Moody's confirmed four companies' ratings, and
downgraded three companies' ratings one notch, one company's
ratings three notches, and one company's ratings four notches.

Oil prices have dropped substantially reflecting continuing
oversupply in the global oil markets, very high inventory levels
and additional Iranian oil exports coming on line. Furthermore,
North American natural gas and natural gas liquids prices remain
quite weak. Moody's lowered its oil price estimates on January 21
and expects a slow recovery for oil prices over the next several
years. For E&P companies, cash flow declines in tandem with oil
prices, with the decline weakening credit metrics and liquidity,
and increasing their negative free cash flow. The drop in oil
prices and corresponding capital market concerns will also raise
financing costs and increase refinancing risks for E&P companies.

The drop in oil prices has caused a fundamental change in the
energy industry, and its ability to generate cash flow has fallen
substantially. Moody's believes this condition looks likely to
persist for several years. As a result, Moody's is recalibrating
the ratings of many energy companies to reflect this industry
shift. However, the impact of the drop in oil prices will vary
substantially from issuer to issuer. As a result, Moody's confirmed
the current ratings of some companies, while downgrading others by
multiple notches.

RATINGS RATIONALE

Bonanza Creek Energy, Inc.

Lead Analyst: John Thieroff

Moody's downgraded Bonanza Creek's (BCEI) Corporate Family Rating
(CFR) to Caa3 from B2, with a negative outlook. This action
reflects BCEI's high leverage, weak liquidity and much weaker cash
flow based leverage metrics, declining production and limited
geographic diversification. BCEI's ability to comply with its
EBITDAX to interest coverage and senior secured debt to EBITDAX
coverage covenants under its revolving credit facility is in doubt,
with a breach possible as soon as the third quarter. Following a
$209 million drawdown on its revolving credit facility in early
March in advance of its borrowing base redetermination, BCEI will
likely be reliant on execution of proposed asset sales to cure
covenant breaches or potential over-advances on its revolving
credit facility. The rating draws modest support from the
attractive acreage position BCEI holds in the Wattenberg Field and
the high concentration of extended-reach drilling opportunities it
has there along with the high degree of operating control the
company has over its acreage.

The negative outlook reflects the company's declining production,
uncertainty around asset sales, the likely need to re-negotiate its
financial covenants, and the potential for a substantial borrowing
base reduction. The ratings may be downgraded if the company
breaches its EBITDAX/interest covenant or liquidity falls below $50
million. While unlikely in the next 12 months, an upgrade could be
considered if BCEI improves interest coverage to above 1.2x,
retained cash flow-to-debt approaches 10%, and liquidity is
adequate.

Carrizo Oil & Gas, Inc.

Lead Analyst: Gretchen French

Moody's downgraded Carrizo's Corporate Family Rating (CFR) to B2
from B1, with a stable outlook. The rating downgrade reflects the
impact of weaker commodity prices on Carrizo's cash flow-based
financial leverage metrics in 2016 and 2017, as Carrizo's hedge
book rolls off and the company continues to maintain capital
spending in order to offset its steep portfolio decline in the
Eagle Ford. Helping to offset weaker cash flow-based credit metrics
are Carrizo's lower cost drilling inventory in the Eagle Ford
shale, management's good track record of financing its growth with
a combination of equity financing, asset sales, joint venture
formation, and debt in order to maintain supportive credit
metrics.

The stable rating outlook assumes Carrizo is able to manage its
financial leverage and liquidity profile through the commodity
price downturn and continues to achieve covenant relief such that
its maintains sufficient covenant compliance cushion. An upgrade
would be considered if Carrizo is successful in generating retained
cash flow to debt metrics above 20%. A downgrade is possible should
Carrizo experience weakened liquidity or interest coverage
(EBITDA/Interest below 2.0x).

Diamondback Energy, Inc.

Lead Analyst: Sajjad Alam

Moody's confirmed Diamondback's B1 Corporate Family Rating (CFR)
and changed the ratings outlook to positive. The B1 CFR reflects
Diamondback's Permian Basin focused growing and low cost E&P
operations, oil-weighted production platform, strong cash margins
even in a low oil and gas price environment and significant
alternative liquidity through its ownership interest in Viper
Energy Partners LP. The rating is also supported by the company's
strong operating track record to date, deep drilling inventory in
the prolific Midland Basin featuring stacked pay zones and
predictable geology, and high degree of operational control (~95%).
The CFR is restrained by the limited scale of Diamondback's
upstream operations, its narrow geographic focus and high level of
capital spending that will produce break-even to slightly negative
free cash flow through 2017 despite a significantly scaled back
drilling program. "Although Diamondback's production and reserves
are smaller than many B1 rated E&P companies today, we believe the
high quality asset base and low debt level will help the company
outperform most of its peers as oil prices start to recover."

The positive outlook reflects Diamondback's good liquidity and low
cost profile that should support moderate growth through 2017. An
upgrade could be considered if Diamondback can sustain production
near 45,000 boe per day while maintaining the retained cash flow to
debt ratio above 40%. A downgrade could occur if the retained cash
flow to debt ratio cannot be sustained above 20% or if the debt to
average daily production ratio rises above $30,000 per boe.

Gulfport Energy Corporation

Lead Analyst: Sajjad Alam

Moody's confirmed Gulfport's B1 Corporate Family Rating (CFR) with
a stable outlook. The B1 CFR is supported by Gulfport's substantial
acreage position and drilling locations in some of the most
productive areas of the Utica Shale, modest production and reserves
growth potential even in a low natural gas price environment, and
manageable leverage and liquidity positions. Gulfport's substantial
hedge book through 2017, firm-transportation contracts to move gas
out of eastern Ohio and over $400 million in proceeds from an
equity offering in March 2016 should fully fund its drilling
program through 2017. The B1 CFR also reflects the company's
significant capital needs for developing its high-decline shale
assets that produce recurring negative free cash flow, a natural
gas weighted and concentrated production and reserves base in the
Utica Shale and the projected drop in realized prices as hedge
protection declines heading into 2017. "Based on our expectation of
sustained pressure on North American natural gas prices, we expect
the company to develop its acreage in a manner that would not
increase financial leverage in any meaningful way."

The stable outlook reflects Gulfport's good liquidity. An upgrade
to Ba3 could be considered if the company continues to exhibit
production and reserve growth and maintains a retained cash flow to
debt ratio in excess of 40% and a leveraged full-cycle ratio near
1.5x. The B1 CFR could be downgraded if the increase in debt
outpaces the growth in production and reserves, or if the retained
cash flow to debt ratio drops below 20%.

Laredo Petroleum, Inc.

Lead Analyst: Amol Joshi

Moody's downgraded Laredo's Corporate Family Rating (CFR) to B2
from B1, with a stable outlook. The downgrade reflects Laredo's
relatively high debt balances and deteriorating leverage metrics as
hedges roll off, due to the subdued oil and gas price outlook. The
B2 CFR reflects Laredo's oil-weighted production in the Permian
Basin; a large, repeatable drilling inventory with low geological
risks and significant organic growth potential; a high degree of
operational control; and management's long history and experience
in the region. The B2 CFR is constrained by Laredo's relatively
small scale and geographically concentrated upstream operations and
the significant capital expenditures required to develop its
acreage and grow production.

Laredo's stable rating outlook assumes that it will manage its
financial leverage and good liquidity through the commodity price
downturn. Laredo could be upgraded if it can maintain retained cash
flow to debt approaching 20% after its hedges roll off in 2017. A
downgrade would be considered if Laredo's retained cash flow to
debt is sustained below 10%. Accelerated capital spending leading
to weak liquidity could also prompt a downgrade.

Matador Resources Company

Lead Analyst: Sreedhar Kona

Moody's confirmed Matador Resources Company's (Matador) B2
Corporate Family Rating (CFR) with a stable outlook. This action
reflects the company's small scale, albeit growing, its relatively
low debt to average daily production ratio, modest hedge book, and
capital expenditures that exceed cash flow from operations.
Matador's management has taken a number of steps to bolster the
company's balance sheet and to enhance the liquidity profile,
including an equity offering in March 2016 and the sale of certain
midstream assets in October 2015. Furthermore, Matador extended the
maturity on its $375 million undrawn revolving credit facility to
October 2020 from December 2016. The rating considers that Matador
has some flexibility on its capital spending in that it could
reduce its operating rig count from three to two if oil prices
retreat.

The stable outlook reflects Moody's expectation that Matador's
operations and credit metrics will continue to be supportive of the
current level. Factors that could contribute to an upgrade include
production increasing above 30,000 boe/d while maintaining a LFCR
over 1.0x, both on a sustained basis. Factors that could contribute
to a downgrade include the debt to proved developed reserves ratio
increasing over $15 or the retained cash flow to debt ratio
decreasing below 15%.

PDC Energy

Lead Analyst: Arvinder Saluja

Moody's confirmed PDC's B1 Corporate Family Rating (CFR) with a
stable outlook. The B1 rating reflects our expectations that PDC
will continue to prudently grow its production and reserve base
scale despite the weak commodity price outlook. PDC is expected to
have strong credit metrics and good liquidity, which will
comfortably cover any capital expenditure outspend of cash flow in
2016. PDC has few drilling requirements and low sustaining capital
expenditure. PDC has a good hedging profile in 2016-2017 and
recently issued common equity. The CFR also reflects its moderate
finding and development (F&D) costs, good returns, a large drilling
inventory, considerable flexibility with the size of its capital
expenditure program, and the growth in its liquids production, with
total production consisting of over 60% liquids. PDC's rating is
constrained by its primary concentration in one basin, the
Wattenberg Field of the Rocky Mountain region. Even though its
expansion into the liquid-rich window of Utica Shale could over
time improve diversification and increase liquids production, PDC
is expected to have little drilling activity in 2016 in the region
due to weak NGL prices.

The stable outlook reflects Moody's expectation that PDC will be
able to continue production growth into 2016 while maintaining a
favorable finding and development cost profile. The ratings could
be upgraded if average daily production approached 60 mboe/day
while maintaining debt to average daily production below $20,000
per BOE, assuming retained cash flow/debt, returns, and the
company's business risk profile do not deteriorate as a result of
further expansion and development. The ratings could be downgraded
if RCF / debt decreases to below 20%, or should capital
productivity decline to the extent that PDC's leveraged full-cycle
ratio falls below 1.0x.

Talos Production LLC

Lead Analyst: Amol Joshi

Moody's downgraded Talos Production LLC's (Talos) Corporate Family
Rating (CFR) to Caa1 from B3, with a negative outlook. Moody's also
withdrew Talos' SGL-4 Speculative Grade Liquidity Rating. The Caa1
CFR reflects Talos' limited financial flexibility and the likely
deterioration of credit metrics as hedges roll off in 2017. Ratings
also reflect Talos' relatively small scale, asset concentration and
challenges of operating in the Gulf of Mexico, especially
deepwater. Operating in the Gulf of Mexico involves risks of
relatively short reserve lives and meaningful plugging and
abandonment costs. The rating is supported by Talos' 2016 hedging
program and relatively low risk behind-pipe drilling and
recompletion opportunities.

The negative outlook reflects Talos' weak liquidity and
deteriorating credit metrics as its hedges roll off. The rating
could be downgraded if liquidity is sustained below $50 million or
if cash flow deteriorates more than anticipated. Maintaining
liquidity of at least $200 million, retained cash flow to debt
exceeding 15% and good headroom under its covenants would be
supportive of a higher rating.

W&T Offshore, Inc.

Lead Analyst: Amol Joshi

Moody's downgraded W&T Offshore, Inc.'s (W&T) Corporate Family
Rating (CFR) to Caa3 from B3, with a negative outlook. The Caa3 CFR
reflects the company's weak cash flow and credit metrics which will
likely deteriorate further due to the subdued commodity price
outlook. There is no availability under the company's fully-drawn
revolving credit facility and

looming event risks could exhaust a meaningful portion of the
company's relatively high cash balances. Limited financial
flexibility and a challenging operating environment could lead to
an unsustainable capital structure. Default risk is elevated due to
its weak credit metrics and the high likelihood of a covenant
breach in 2016, if revolver borrowings remain at current levels.
Ratings are also constrained by its geographic concentration in the
Gulf of Mexico and the operational challenges this focus area
brings to W&T, a company with relatively small scale.

The negative outlook reflects the likely need to re-negotiate its
financial covenants, potential for a reduced borrowing base and
uncertainty around the outcome of the company's discussions with
the U.S. Department of the Interior's Bureau of Ocean Energy
Management (BOEM), that along with weak cash flow and credit
metrics could lead to reduced liquidity and elevated default risk.
A downgrade is possible if the company's liquidity falls below $150
million. An upgrade may be possible if EBITDA to interest expense
exceeds 1.5x and there is visibility into the company's ability to
maintain adequate liquidity.

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

Issuer: Bonanza Creek Energy, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to Caa3-PD from B2-
    PD

-- Corporate Family Rating, Downgraded to Caa3 from B2

-- Senior Unsecured Regular Bond/Debentures, Downgraded to Ca
    (LGD 5) from B3 (LGD 4)

Lowered:

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

Outlook Actions:

Issuer: Bonanza Creek Energy, Inc.

-- Outlook, Changed To Negative From Rating Under Review

Issuer: Carrizo Oil & Gas, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to B2-PD from B1-PD

-- Corporate Family Rating, Downgraded to B2 from B1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD 4) from B2 (LGD 5)

Lowered:

-- Speculative Grade Liquidity Rating, Lowered to SGL-3 from
    SGL-2

Outlook Actions:

-- Issuer: Carrizo Oil & Gas, Inc.

-- Outlook, Changed To Stable From Rating Under Review

Issuer: Diamondback Energy, Inc.

Confirmations:

-- Probability of Default Rating, Confirmed at B1-PD

-- Corporate Family Rating, Confirmed at B1

-- Senior Unsecured Regular Bond/Debenture, Confirmed at B2
    (LGD 5)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Issuer: Diamondback Energy, Inc.

-- Outlook, Changed To Positive From Rating Under Review

Issuer: Gulfport Energy Corporation

Confirmations:

-- Probability of Default Rating, Confirmed at B1-PD

-- Corporate Family Rating, Confirmed at B1

-- Senior Unsecured Regular Bond/Debentures, Confirmed at
    B2 (LGD 5 from LGD 4)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Issuer: Gulfport Energy Corporation

-- Outlook, Changed To Stable From Rating Under Review

Issuer: Laredo Petroleum, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to B2-PD from B1-PD

-- Corporate Family Rating, Downgraded to B2 from B1

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD 5) from B2 (LGD 5)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Issuer: Laredo Petroleum, Inc.

-- Outlook, Changed To Stable From Rating Under Review

Issuer: Talos Production LLC

Downgrades:

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

-- Corporate Family Rating, Downgraded to Caa1 from B3

-- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2
    (LGD 5) from Caa1 (LGD 5)

Withdrawals:

-- Speculative Grade Liquidity Rating, Withdrawn , previously
    rated SGL-4

Outlook Actions:

-- Issuer: Talos Production LLC

-- Outlook, Changed To Negative From Rating Under Review

Issuer: W&T Offshore, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to Caa3-PD from
    B3-PD

-- Corporate Family Rating, Downgraded to Caa3 from B3

-- Senior Secured Bank Credit Facility, Downgraded to Caa2 (LGD
    2) from B2 (LGD 3)

-- Senior Unsecured Regular Bond/Debentures, Downgraded to Ca
    (LGD 5) from Caa1 (LGD 5)

Lowered:

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

Outlook Actions:

-- Issuer: W&T Offshore, Inc.

-- Outlook, Changed To Negative From Rating Under Review

Issuer: PDC Energy

Confirmations:

-- Probability of Default Rating, Confirmed at B1-PD

-- Corporate Family Rating, Confirmed at B1

-- Senior Unsecured Regular Bond/Debenture, Confirmed at B2
    (LGD 5)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

Outlook Actions:

-- Issuer: PDC Energy

-- Outlook, Changed To Stable From Rating Under Review

Issuer: Matador Resources Company

Confirmations:

-- Issuer: Matador Resources Company

-- Probability of Default Rating, Confirmed at B2-PD

-- Corporate Family Rating, Confirmed at B2

-- Senior Unsecured Regular Bond/Debenture, Confirmed at B3
    (LGD 5)

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-3

Outlook Actions:

-- Issuer: Matador Resources Company

-- Outlook, Changed To Stable From Rating Under Review


[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
                                                Total
                                               Share-      Total
                                    Total    Holders'    Working
                                   Assets      Equity    Capital
  Company         Ticker             ($MM)       ($MM)      ($MM)
  -------         ------           ------    --------    -------
ABSOLUTE SOFTWRE  ABT CN            108.3       (42.6)     (41.9)
ABSOLUTE SOFTWRE  ABT2EUR EU        108.3       (42.6)     (41.9)
ABSOLUTE SOFTWRE  ALSWF US          108.3       (42.6)     (41.9)
ABSOLUTE SOFTWRE  OU1 GR            108.3       (42.6)     (41.9)
ADV MICRO DEVICE  AMD* MM         3,109.0      (412.0)     917.0
ADVENT SOFTWARE   ADVS US           424.8       (50.1)    (110.8)
AEROJET ROCKETDY  GCY TH          2,034.9      (145.5)     108.5
AEROJET ROCKETDY  AJRD US         2,034.9      (145.5)     108.5
AEROJET ROCKETDY  GCY GR          2,034.9      (145.5)     108.5
AK STEEL HLDG     AKS* MM         4,084.4      (595.6)     763.6
AK STEEL HLDG     AKS US          4,084.4      (595.6)     763.6
AK STEEL HLDG     AK2 TH          4,084.4      (595.6)     763.6
AK STEEL HLDG     AK2 GR          4,084.4      (595.6)     763.6
AMYLIN PHARMACEU  AMLN US         1,998.7       (42.4)     263.0
ANGIE'S LIST INC  ANGI US           174.9        (2.4)     (21.3)
ANGIE'S LIST INC  8AL TH            174.9        (2.4)     (21.3)
ANGIE'S LIST INC  8AL GR            174.9        (2.4)     (21.3)
ARCH COAL INC     ACIIQ* MM       5,106.7    (1,244.3)  (4,361.0)
ARIAD PHARM       APS GR            546.7      (103.1)     142.9
ARIAD PHARM       ARIAEUR EU        546.7      (103.1)     142.9
ARIAD PHARM       APS TH            546.7      (103.1)     142.9
ARIAD PHARM       ARIA SW           546.7      (103.1)     142.9
ARIAD PHARM       ARIA US           546.7      (103.1)     142.9
ARIAD PHARM       ARIACHF EU        546.7      (103.1)     142.9
ASPEN TECHNOLOGY  AZPN US           276.4       (22.2)      (4.4)
ASPEN TECHNOLOGY  AST GR            276.4       (22.2)      (4.4)
AUTOZONE INC      AZO US          8,366.4    (1,741.3)    (784.8)
AUTOZONE INC      AZOEUR EU       8,366.4    (1,741.3)    (784.8)
AUTOZONE INC      AZ5 TH          8,366.4    (1,741.3)    (784.8)
AUTOZONE INC      AZ5 GR          8,366.4    (1,741.3)    (784.8)
AUTOZONE INC      AZ5 QT          8,366.4    (1,741.3)    (784.8)
AVID TECHNOLOGY   AVD GR            247.9      (329.6)    (167.5)
AVID TECHNOLOGY   AVID US           247.9      (329.6)    (167.5)
AVINTIV SPECIALT  POLGA US        1,991.4        (3.9)     322.1
AVON - BDR        AVON34 BZ       3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP US          3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP CI          3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP GR          3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP TH          3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP* MM         3,879.5    (1,056.4)     146.0
AVON PRODUCTS     AVP QT          3,879.5    (1,056.4)     146.0
BARRACUDA NETWOR  CUDA US           429.9       (30.5)     (27.7)
BARRACUDA NETWOR  7BM QT            429.9       (30.5)     (27.7)
BARRACUDA NETWOR  CUDAEUR EU        429.9       (30.5)     (27.7)
BARRACUDA NETWOR  7BM GR            429.9       (30.5)     (27.7)
BENEFITFOCUS INC  BTF GR            182.1       (18.0)      18.4
BENEFITFOCUS INC  BNFT US           182.1       (18.0)      18.4
BERRY PLASTICS G  BERY US         7,710.0       (67.0)     646.0
BERRY PLASTICS G  BP0 GR          7,710.0       (67.0)     646.0
BLUE BIRD CORP    1291067D US       251.0      (121.5)       1.5
BLUE BIRD CORP    BLBD US           251.0      (121.5)       1.5
BOMBARDIER INC-B  BBDBN MM       22,903.0    (4,054.0)     282.0
BOMBARDIER-B OLD  BBDYB BB       22,903.0    (4,054.0)     282.0
BOMBARDIER-B W/I  BBD/W CN       22,903.0    (4,054.0)     282.0
BRINKER INTL      BKJ GR          1,579.9      (164.9)    (195.1)
BRINKER INTL      EAT US          1,579.9      (164.9)    (195.1)
BRP INC/CA-SUB V  B15A GR         2,445.2       (14.1)     363.3
BRP INC/CA-SUB V  DOO CN          2,445.2       (14.1)     363.3
BRP INC/CA-SUB V  BRPIF US        2,445.2       (14.1)     363.3
BUFFALO COAL COR  BUC SJ             54.9       (10.1)      (4.5)
BURLINGTON STORE  BURL US         2,580.1       (99.0)      46.4
BURLINGTON STORE  BUI GR          2,580.1       (99.0)      46.4
CABLEVISION SY-A  CVY TH          6,867.3    (4,911.6)    (313.1)
CABLEVISION SY-A  CVY GR          6,867.3    (4,911.6)    (313.1)
CABLEVISION SY-A  CVCEUR EU       6,867.3    (4,911.6)    (313.1)
CABLEVISION SY-A  CVC US          6,867.3    (4,911.6)    (313.1)
CABLEVISION-W/I   8441293Q US     6,867.3    (4,911.6)    (313.1)
CABLEVISION-W/I   CVC-W US        6,867.3    (4,911.6)    (313.1)
CAMBIUM LEARNING  ABCD US           141.4       (74.2)     (54.9)
CASELLA WASTE     CWST US           649.9       (21.6)      (8.7)
CASELLA WASTE     WA3 GR            649.9       (21.6)      (8.7)
CENTENNIAL COMM   CYCL US         1,480.9      (925.9)     (52.1)
CHARTER COM-A     CKZA GR        39,316.0       (46.0)  (1,627.0)
CHARTER COM-A     CKZA TH        39,316.0       (46.0)  (1,627.0)
CHARTER COM-A     CHTR US        39,316.0       (46.0)  (1,627.0)
CHOICE HOTELS     CHH US            717.0      (395.9)     102.9
CHOICE HOTELS     CZH GR            717.0      (395.9)     102.9
CINCINNATI BELL   CBB US          1,454.4      (298.2)     (58.8)
CINCINNATI BELL   CIB GR          1,454.4      (298.2)     (58.8)
CLEAR CHANNEL-A   C7C GR          6,357.2      (569.7)     656.6
CLEAR CHANNEL-A   CCO US          6,357.2      (569.7)     656.6
CLIFFS NATURAL R  CLF* MM         2,135.5    (1,811.6)     401.0
COGENT COMMUNICA  CCOI US           662.8       (12.3)     182.4
COGENT COMMUNICA  OGM1 GR           662.8       (12.3)     182.4
COHERUS BIOSCIEN  8C5 GR            212.4        (6.9)      91.4
COHERUS BIOSCIEN  CHRSEUR EU        212.4        (6.9)      91.4
COHERUS BIOSCIEN  8C5 TH            212.4        (6.9)      91.4
COHERUS BIOSCIEN  CHRS US           212.4        (6.9)      91.4
COLGATE-BDR       COLG34 BZ      11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CL* MM         11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CLEUR EU       11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CPA TH         11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CPA GR         11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CPA QT         11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CL US          11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CLCHF EU       11,958.0       (44.0)     850.0
COLGATE-PALMOLIV  CL SW          11,958.0       (44.0)     850.0
COMMUNICATION     CSAL US         2,542.6    (1,166.9)       -
COMMUNICATION     8XC GR          2,542.6    (1,166.9)       -
CPI CARD GROUP I  PMTS US           280.4       (86.6)      59.0
CPI CARD GROUP I  CPB GR            280.4       (86.6)      59.0
CPI CARD GROUP I  PNT CN            280.4       (86.6)      59.0
CYAN INC          CYNI US           112.1       (18.4)      56.9
CYAN INC          YCN GR            112.1       (18.4)      56.9
DELEK LOGISTICS   DKL US            375.3       (11.0)      26.4
DELEK LOGISTICS   D6L GR            375.3       (11.0)      26.4
DENNY'S CORP      DENN US           297.0       (60.6)     (65.1)
DENNY'S CORP      DE8 GR            297.0       (60.6)     (65.1)
DIRECTV           DTV US         25,321.0    (3,463.0)   1,360.0
DIRECTV           DTV CI         25,321.0    (3,463.0)   1,360.0
DIRECTV           DTVEUR EU      25,321.0    (3,463.0)   1,360.0
DOMINO'S PIZZA    EZV GR            799.8    (1,800.3)     226.7
DOMINO'S PIZZA    EZV TH            799.8    (1,800.3)     226.7
DOMINO'S PIZZA    DPZ US            799.8    (1,800.3)     226.7
DPL INC           DPL US          3,340.8       (62.2)    (453.8)
DUN & BRADSTREET  DB5 GR          2,273.6    (1,105.3)       0.4
DUN & BRADSTREET  DNB US          2,273.6    (1,105.3)       0.4
DUN & BRADSTREET  DNB1EUR EU      2,273.6    (1,105.3)       0.4
DUN & BRADSTREET  DB5 TH          2,273.6    (1,105.3)       0.4
DUNKIN' BRANDS G  2DB TH          3,197.1      (220.7)     139.0
DUNKIN' BRANDS G  DNKN US         3,197.1      (220.7)     139.0
DUNKIN' BRANDS G  2DB GR          3,197.1      (220.7)     139.0
DURATA THERAPEUT  DRTX US            82.1       (16.1)      11.7
DURATA THERAPEUT  DTA GR             82.1       (16.1)      11.7
DURATA THERAPEUT  DRTXEUR EU         82.1       (16.1)      11.7
EDGEN GROUP INC   EDG US            883.8        (0.8)     409.2
EMPIRE RESORTS I  NYNY US            65.4        (1.5)      (6.7)
EMPIRE RESORTS I  LHC1 GR            65.4        (1.5)      (6.7)
ENERGIZER HOLDIN  ENR US          1,617.5       (32.5)     639.3
ENERGIZER HOLDIN  ENR-WEUR EU     1,617.5       (32.5)     639.3
ENERGIZER HOLDIN  EGG GR          1,617.5       (32.5)     639.3
EOS PETRO INC     EOPT US             1.2       (27.9)     (29.0)
EPL OIL & GAS IN  EPA1 GR           563.6      (933.3)    (308.4)
EPL OIL & GAS IN  EPL US            563.6      (933.3)    (308.4)
ERIN ENERGY CORP  ERN SJ            376.2      (105.8)    (314.8)
EXELIXIS INC      EX9 GR            332.3      (104.3)     126.4
EXELIXIS INC      EXEL US           332.3      (104.3)     126.4
EXELIXIS INC      EXELEUR EU        332.3      (104.3)     126.4
EXELIXIS INC      EX9 TH            332.3      (104.3)     126.4
FAIRPOINT COMMUN  FONN GR         1,322.5        (1.5)      (4.1)
FAIRPOINT COMMUN  FRP US          1,322.5        (1.5)      (4.1)
FREESCALE SEMICO  1FS TH          3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  FSL US          3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  FSLEUR EU       3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  1FS GR          3,159.0    (3,079.0)   1,264.0
FREESCALE SEMICO  1FS QT          3,159.0    (3,079.0)   1,264.0
GAMCO INVESTO-A   GBL US            104.0      (276.3)       -
GAMING AND LEISU  2GL GR          2,448.2      (253.5)     (83.7)
GAMING AND LEISU  GLPI US         2,448.2      (253.5)     (83.7)
GARDA WRLD -CL A  GW CN           1,828.2      (378.3)     124.2
GARTNER INC       GGRA GR         2,174.7      (132.4)    (182.5)
GARTNER INC       IT US           2,174.7      (132.4)    (182.5)
GCP APPLIED TECH  43G GR            961.6      (224.1)     217.6
GCP APPLIED TECH  GCP US            961.6      (224.1)     217.6
GENTIVA HEALTH    GTIV US         1,225.2      (285.2)     130.0
GENTIVA HEALTH    GHT GR          1,225.2      (285.2)     130.0
GLG PARTNERS INC  GLG US            400.0      (285.6)     156.9
GLG PARTNERS-UTS  GLG/U US          400.0      (285.6)     156.9
GOLD RESERVE INC  GRZ CN             15.0       (32.3)     (42.5)
GOLD RESERVE INC  GOD GR             15.0       (32.3)     (42.5)
GOLD RESERVE INC  GDRZF US           15.0       (32.3)     (42.5)
GRAHAM PACKAGING  GRM US          2,947.5      (520.8)     298.5
GYMBOREE CORP/TH  GYMB US         1,242.0      (386.5)      30.8
H&R BLOCK INC     HRB US          2,874.0      (536.7)     631.6
H&R BLOCK INC     HRB TH          2,874.0      (536.7)     631.6
H&R BLOCK INC     HRBEUR EU       2,874.0      (536.7)     631.6
H&R BLOCK INC     HRB GR          2,874.0      (536.7)     631.6
HCA HOLDINGS INC  2BH GR         32,744.0    (6,046.0)   3,716.0
HCA HOLDINGS INC  2BH TH         32,744.0    (6,046.0)   3,716.0
HCA HOLDINGS INC  HCAEUR EU      32,744.0    (6,046.0)   3,716.0
HCA HOLDINGS INC  HCA US         32,744.0    (6,046.0)   3,716.0
HECKMANN CORP-U   HEK/U US          531.3       (38.3)    (461.5)
HERBALIFE LTD     HLFEUR EU       2,477.9       (53.5)     541.9
HERBALIFE LTD     HOO GR          2,477.9       (53.5)     541.9
HERBALIFE LTD     HLF US          2,477.9       (53.5)     541.9
HEWLETT-PACKA-WI  HPQ-W US       25,517.0    (4,909.0)  (1,606.0)
HOVNANIAN-A-WI    HOV-W US        2,552.7      (143.1)   1,501.0
HP COMPANY-BDR    HPQB34 BZ      25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQ* MM        25,517.0    (4,909.0)  (1,606.0)
HP INC            HWP QT         25,517.0    (4,909.0)  (1,606.0)
HP INC            7HP GR         25,517.0    (4,909.0)  (1,606.0)
HP INC            7HP TH         25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQ TE         25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQCHF EU      25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQ SW         25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQ CI         25,517.0    (4,909.0)  (1,606.0)
HP INC            HPQ US         25,517.0    (4,909.0)  (1,606.0)
HUGHES TELEMATIC  HUTCU US          110.2      (101.6)    (113.8)
IDEXX LABS        IX1 TH          1,475.0       (84.0)     (35.1)
IDEXX LABS        IX1 GR          1,475.0       (84.0)     (35.1)
IDEXX LABS        IDXX US         1,475.0       (84.0)     (35.1)
IMMUNOGEN INC     IMU TH            251.6       (16.7)     179.3
IMMUNOGEN INC     IMU GR            251.6       (16.7)     179.3
IMMUNOGEN INC     IMGN US           251.6       (16.7)     179.3
INFOR US INC      LWSN US         6,778.1      (460.0)    (305.9)
INNOVIVA INC      HVE GR            424.1      (342.6)     200.8
INNOVIVA INC      INVA US           424.1      (342.6)     200.8
INSTRUCTURE INC   INST US            64.2       (15.3)     (15.5)
INSTRUCTURE INC   1IN GR             64.2       (15.3)     (15.5)
INTERNATIONAL WI  ITWG US           325.1       (11.5)      95.4
INVENTIV HEALTH   VTIV US         2,152.7      (771.1)     124.3
IONIX TECHNOLOGY  IINX US             0.0        (0.0)      (0.0)
IPCS INC          IPCS US           559.2       (33.0)      72.1
ISTA PHARMACEUTI  ISTA US           124.7       (64.8)       2.2
J CREW GROUP INC  JCG US          1,516.3      (769.0)      91.7
JACK IN THE BOX   JBX GR          1,273.0       (60.1)    (103.2)
JACK IN THE BOX   JACK US         1,273.0       (60.1)    (103.2)
JACK IN THE BOX   JACK1EUR EU     1,273.0       (60.1)    (103.2)
JUST ENERGY GROU  JE CN           1,274.3      (673.6)     (97.6)
JUST ENERGY GROU  JE US           1,274.3      (673.6)     (97.6)
JUST ENERGY GROU  1JE GR          1,274.3      (673.6)     (97.6)
KEMPHARM INC      KMPH US            55.7       (10.1)      45.7
KEMPHARM INC      1GD GR             55.7       (10.1)      45.7
KOPPERS HOLDINGS  KO9 GR          1,125.4       (12.4)     163.8
KOPPERS HOLDINGS  KOP US          1,125.4       (12.4)     163.8
L BRANDS INC      LTD QT          8,493.0      (258.0)   2,281.0
L BRANDS INC      LBEUR EU        8,493.0      (258.0)   2,281.0
L BRANDS INC      LTD GR          8,493.0      (258.0)   2,281.0
L BRANDS INC      LB US           8,493.0      (258.0)   2,281.0
L BRANDS INC      LB* MM          8,493.0      (258.0)   2,281.0
L BRANDS INC      LTD TH          8,493.0      (258.0)   2,281.0
LEAP WIRELESS     LEAP US         4,662.9      (125.1)     346.9
LEAP WIRELESS     LWI GR          4,662.9      (125.1)     346.9
LEAP WIRELESS     LWI TH          4,662.9      (125.1)     346.9
LORILLARD INC     LLV GR          4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LLV TH          4,154.0    (2,134.0)   1,135.0
LORILLARD INC     LO US           4,154.0    (2,134.0)   1,135.0
MADISON-A/NEW-WI  MSGN-W US         911.0    (1,213.9)     103.4
MAJESCOR RESOURC  MJXEUR EU           0.0        (0.1)      (0.1)
MALIBU BOATS-A    M05 GR            199.9        (1.4)      13.7
MALIBU BOATS-A    MBUU US           199.9        (1.4)      13.7
MANNKIND CORP     MNKD IT           126.4      (350.3)    (191.7)
MARRIOTT INTL-A   MAQ QT          6,082.0    (3,590.0)  (1,849.0)
MARRIOTT INTL-A   MAQ TH          6,082.0    (3,590.0)  (1,849.0)
MARRIOTT INTL-A   MAR US          6,082.0    (3,590.0)  (1,849.0)
MARRIOTT INTL-A   MAQ GR          6,082.0    (3,590.0)  (1,849.0)
MDC COMM-W/I      MDZ/W CN        1,590.2      (417.6)    (403.9)
MDC PARTNERS-A    MD7A GR         1,590.2      (417.6)    (403.9)
MDC PARTNERS-A    MDZ/A CN        1,590.2      (417.6)    (403.9)
MDC PARTNERS-A    MDCA US         1,590.2      (417.6)    (403.9)
MDC PARTNERS-EXC  MDZ/N CN        1,590.2      (417.6)    (403.9)
MEAD JOHNSON      0MJA GR         3,998.1      (592.5)   1,349.1
MEAD JOHNSON      MJNEUR EU       3,998.1      (592.5)   1,349.1
MEAD JOHNSON      MJN US          3,998.1      (592.5)   1,349.1
MEAD JOHNSON      0MJA TH         3,998.1      (592.5)   1,349.1
MEDLEY MANAGE-A   MDLY US           121.5       (17.7)      53.8
MERITOR INC       MTOR US         2,050.0      (653.0)     118.0
MERITOR INC       AID1 GR         2,050.0      (653.0)     118.0
MERRIMACK PHARMA  MP6 GR            234.9      (183.7)      97.6
MERRIMACK PHARMA  MACK US           234.9      (183.7)      97.6
MICHAELS COS INC  MIM GR          2,023.3    (1,724.1)     594.9
MICHAELS COS INC  MIK US          2,023.3    (1,724.1)     594.9
MIDSTATES PETROL  MPO1EUR EU      1,298.1      (816.0)      96.2
MONEYGRAM INTERN  9M1N QT         4,505.2      (222.8)     (19.0)
MONEYGRAM INTERN  MGI US          4,505.2      (222.8)     (19.0)
MOODY'S CORP      MCO US          5,123.4      (333.0)   2,024.6
MOODY'S CORP      DUT GR          5,123.4      (333.0)   2,024.6
MOODY'S CORP      DUT TH          5,123.4      (333.0)   2,024.6
MOODY'S CORP      MCOEUR EU       5,123.4      (333.0)   2,024.6
MOTOROLA SOLUTIO  MTLA GR         8,387.0       (96.0)   2,389.0
MOTOROLA SOLUTIO  MTLA TH         8,387.0       (96.0)   2,389.0
MOTOROLA SOLUTIO  MOT TE          8,387.0       (96.0)   2,389.0
MOTOROLA SOLUTIO  MSI US          8,387.0       (96.0)   2,389.0
MPG OFFICE TRUST  1052394D US     1,280.0      (437.3)       -
MSG NETWORKS- A   MSGN US           911.0    (1,213.9)     103.4
MSG NETWORKS- A   1M4 TH            911.0    (1,213.9)     103.4
MSG NETWORKS- A   1M4 GR            911.0    (1,213.9)     103.4
NATHANS FAMOUS    NFA GR             81.0       (65.2)      57.4
NATHANS FAMOUS    NATH US            81.0       (65.2)      57.4
NATIONAL CINEMED  XWM GR          1,084.3      (171.7)      84.6
NATIONAL CINEMED  NCMI US         1,084.3      (171.7)      84.6
NAVIDEA BIOPHARM  NAVB IT            15.0       (53.8)       6.4
NAVISTAR INTL     NAV US          5,980.0    (5,190.0)     139.0
NAVISTAR INTL     IHR GR          5,980.0    (5,190.0)     139.0
NAVISTAR INTL     IHR TH          5,980.0    (5,190.0)     139.0
NEFF CORP-CL A    NEFF US           656.3      (178.0)      20.5
NEW ENG RLTY-LP   NEN US            202.2       (30.8)       -
NORTHERN OIL AND  4LT GR            733.9      (197.6)      50.7
NORTHERN OIL AND  NOG US            733.9      (197.6)      50.7
NTELOS HOLDINGS   NTLS US           643.0       (39.0)     106.7
OMEROS CORP       OMER US            41.4        (9.0)      17.2
OMEROS CORP       3O8 TH             41.4        (9.0)      17.2
OMEROS CORP       3O8 GR             41.4        (9.0)      17.2
OMEROS CORP       OMEREUR EU         41.4        (9.0)      17.2
OMTHERA PHARMACE  OMTH US            18.3        (8.5)     (12.0)
OUTERWALL INC     OUTR US         1,366.1       (22.1)      43.2
OUTERWALL INC     CS5 GR          1,366.1       (22.1)      43.2
PALM INC          PALM US         1,007.2        (6.2)     141.7
PBF LOGISTICS LP  PBFX US           422.9      (185.7)      34.2
PBF LOGISTICS LP  11P GR            422.9      (185.7)      34.2
PENN NATL GAMING  PN1 GR          5,138.8      (678.0)    (185.3)
PENN NATL GAMING  PENN US         5,138.8      (678.0)    (185.3)
PHILIP MORRIS IN  4I1 QT         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  4I1 GR         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  4I1 TH         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PMI SW         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PM1 TE         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PMI EB         33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PMI1 IX        33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PM1CHF EU      33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PM US          33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PM1EUR EU      33,956.0   (11,476.0)     418.0
PHILIP MORRIS IN  PM FP          33,956.0   (11,476.0)     418.0
PLANET FITNESS-A  3PL TH            699.2        (1.1)       6.7
PLANET FITNESS-A  PLNT US           699.2        (1.1)       6.7
PLANET FITNESS-A  3PL GR            699.2        (1.1)       6.7
PLAYBOY ENTERP-A  PLA/A US          165.8       (54.4)     (16.9)
PLAYBOY ENTERP-B  PLA US            165.8       (54.4)     (16.9)
PLY GEM HOLDINGS  PG6 GR          1,285.9       (76.8)     256.1
PLY GEM HOLDINGS  PGEM US         1,285.9       (76.8)     256.1
POLYMER GROUP-B   POLGB US        1,991.4        (3.9)     322.1
PROTECTION ONE    PONE US           562.9       (61.8)      (7.6)
PURETECH HEALTH   PRTCGBX EU          -           -          -
PURETECH HEALTH   PRTC LN             -           -          -
PURETECH HEALTH   PRTCL IX            -           -          -
PURETECH HEALTH   PRTCL EB            -           -          -
QUALITY DISTRIBU  QLTY US           413.0       (22.9)     102.9
QUALITY DISTRIBU  QDZ GR            413.0       (22.9)     102.9
QUINTILES TRANSN  Q US            3,926.3      (335.7)     817.8
QUINTILES TRANSN  QTS GR          3,926.3      (335.7)     817.8
RAYONIER ADV      RYQ GR          1,288.5       (17.1)     196.3
RAYONIER ADV      RYAM US         1,288.5       (17.1)     196.3
REGAL ENTERTAI-A  RETA GR         2,632.3      (877.6)    (113.1)
REGAL ENTERTAI-A  RGC* MM         2,632.3      (877.6)    (113.1)
REGAL ENTERTAI-A  RGC US          2,632.3      (877.6)    (113.1)
RENAISSANCE LEA   RLRN US            57.0       (28.2)     (31.4)
RENTECH NITROGEN  2RN GR            291.1      (138.0)      13.7
RENTECH NITROGEN  RNF US            291.1      (138.0)      13.7
RENTPATH LLC      PRM US            208.0       (91.7)       3.6
REVLON INC-A      RVL1 GR         2,014.3      (587.5)     351.9
REVLON INC-A      REV US          2,014.3      (587.5)     351.9
ROUNDY'S INC      4R1 GR          1,095.7       (92.7)      59.7
ROUNDY'S INC      RNDY US         1,095.7       (92.7)      59.7
RURAL/METRO CORP  RURL US           303.7       (92.1)      72.4
RYERSON HOLDING   RYI US          1,556.2      (140.8)     643.0
SALLY BEAUTY HOL  SBH US          2,043.1      (321.7)     674.9
SALLY BEAUTY HOL  S7V GR          2,043.1      (321.7)     674.9
SANCHEZ ENERGY C  13S GR          1,542.3      (456.2)     499.1
SANCHEZ ENERGY C  13S TH          1,542.3      (456.2)     499.1
SANCHEZ ENERGY C  SN US           1,542.3      (456.2)     499.1
SANCHEZ ENERGY C  SN* MM          1,542.3      (456.2)     499.1
SBA COMM CORP-A   SBAC US         7,403.2    (1,706.1)      20.6
SBA COMM CORP-A   SBACEUR EU      7,403.2    (1,706.1)      20.6
SBA COMM CORP-A   SBJ GR          7,403.2    (1,706.1)      20.6
SBA COMM CORP-A   SBJ TH          7,403.2    (1,706.1)      20.6
SCIENTIFIC GAM-A  TJW GR          7,732.2    (1,495.5)     521.6
SCIENTIFIC GAM-A  SGMS US         7,732.2    (1,495.5)     521.6
SEARS HOLDINGS    SEE QT         11,337.0    (1,956.0)     607.0
SEARS HOLDINGS    SEE GR         11,337.0    (1,956.0)     607.0
SEARS HOLDINGS    SEE TH         11,337.0    (1,956.0)     607.0
SEARS HOLDINGS    SHLD US        11,337.0    (1,956.0)     607.0
SILVER SPRING NE  9SI TH            457.7       (33.9)       5.7
SILVER SPRING NE  SSNI US           457.7       (33.9)       5.7
SILVER SPRING NE  9SI GR            457.7       (33.9)       5.7
SIRIUS XM CANADA  SIICF US          311.1      (147.2)    (189.0)
SIRIUS XM CANADA  XSR CN            311.1      (147.2)    (189.0)
SIRIUS XM HOLDIN  RDO TH          8,046.7      (166.5)  (1,934.6)
SIRIUS XM HOLDIN  SIRI US         8,046.7      (166.5)  (1,934.6)
SIRIUS XM HOLDIN  RDO GR          8,046.7      (166.5)  (1,934.6)
SONIC CORP        SONC US           616.1       (20.7)       7.4
SONIC CORP        SO4 GR            616.1       (20.7)       7.4
SPORTSMAN'S WARE  SPWH US           303.0        (2.1)     104.8
SPORTSMAN'S WARE  06S GR            303.0        (2.1)     104.8
SUPERVALU INC     SVU US          4,643.0      (444.0)      81.0
SUPERVALU INC     SJ1 GR          4,643.0      (444.0)      81.0
SUPERVALU INC     SJ1 TH          4,643.0      (444.0)      81.0
SYNDAX PHARMACEU  1T3 GR             12.8        (5.7)       2.1
SYNDAX PHARMACEU  SNDX US            12.8        (5.7)       2.1
TAILORED BRANDS   TLRD US         2,259.4      (100.1)     723.6
TRANSDIGM GROUP   T7D GR          8,330.0      (964.3)   1,204.3
TRANSDIGM GROUP   TDG SW          8,330.0      (964.3)   1,204.3
TRANSDIGM GROUP   TDGCHF EU       8,330.0      (964.3)   1,204.3
TRANSDIGM GROUP   TDG US          8,330.0      (964.3)   1,204.3
TRIBUNE PUBLISHI  TPUB US           833.0       (14.4)      (1.3)
TRINITY PLACE HO  TPHS US            56.3        (3.3)       -
UNISYS CORP       UISCHF EU       2,143.2    (1,378.6)     165.2
UNISYS CORP       UIS US          2,143.2    (1,378.6)     165.2
UNISYS CORP       UISEUR EU       2,143.2    (1,378.6)     165.2
UNISYS CORP       USY1 GR         2,143.2    (1,378.6)     165.2
UNISYS CORP       USY1 TH         2,143.2    (1,378.6)     165.2
UNISYS CORP       UIS1 SW         2,143.2    (1,378.6)     165.2
VECTOR GROUP LTD  VGR US          1,310.8      (122.2)     367.4
VECTOR GROUP LTD  VGR GR          1,310.8      (122.2)     367.4
VENOCO INC        VQ US             403.8      (354.3)     195.7
VERISIGN INC      VRSN US         2,357.7    (1,070.4)     464.9
VERISIGN INC      VRS GR          2,357.7    (1,070.4)     464.9
VERISIGN INC      VRS TH          2,357.7    (1,070.4)     464.9
VERIZON TELEMATI  HUTC US           110.2      (101.6)    (113.8)
VIRGIN MOBILE-A   VM US             307.4      (244.2)    (138.3)
WEIGHT WATCHERS   WW6 TH          1,422.1    (1,285.7)    (144.2)
WEIGHT WATCHERS   WTW US          1,422.1    (1,285.7)    (144.2)
WEIGHT WATCHERS   WW6 GR          1,422.1    (1,285.7)    (144.2)
WEIGHT WATCHERS   WTWEUR EU       1,422.1    (1,285.7)    (144.2)
WEST CORP         WT2 GR          3,612.3      (552.1)     243.1
WEST CORP         WSTC US         3,612.3      (552.1)     243.1
WESTERN REFINING  WR2 GR            501.0       (68.4)      36.7
WESTERN REFINING  WNRL US           501.0       (68.4)      36.7
WINGSTOP INC      EWG GR            121.1        (9.7)       7.1
WINGSTOP INC      WING US           121.1        (9.7)       7.1
WINMARK CORP      GBZ GR             47.4       (30.7)      16.9
WINMARK CORP      WINA US            47.4       (30.7)      16.9
WORKHORSE GROUP   WKHS US             5.2        (1.5)      (5.3)
YRC WORLDWIDE IN  YEL1 TH         1,894.6      (379.4)     160.9
YRC WORLDWIDE IN  YRCW US         1,894.6      (379.4)     160.9
YRC WORLDWIDE IN  YEL1 GR         1,894.6      (379.4)     160.9
YRC WORLDWIDE IN  YRCWEUR EU      1,894.6      (379.4)     160.9


                            *********

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 ***