TCR_Public/160401.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, April 1, 2016, Vol. 20, No. 92

                            Headlines

21ST CENTURY ONCOLOGY: S&P Puts 'B-' CCR on CreditWatch Negative
492 HARVARD: Voluntary Chapter 11 Case Summary
ABEINSA HOLDING: Seeks Approval to Reject 2 Real Property Leases
ADAMIS PHARMACEUTICALS: Has $2M Loan Agreement With Bear State
ADAMIS PHARMACEUTICALS: Signs Agreement to Acquire US Compounding

AEMETIS INC: Incurs $27.1 Million Net Loss in 2015
AIRBORNE MEDIA: Judge Orders Dismissal of Chapter 11 Case
AMERICAN APPAREL: S&P Withdraws 'D' Corporate Credit Rating
AMPLIPHI BIOSCIENCES: To Restate 2014 Financial Statements
ATI HOLDINGS: Moody's Puts B2 CFR Under Review for Downgrade

ATNA RESOURCES: Deadline to Remove Suits Extended to April 15
B&L EQUIPMENT: U.S. Trustee Forms 2-Member Committee
BALL CORP: Acquisition Offering No Impact on Moody's Ba1 CFR
BG MEDICINE: Deregisters Unsold Securities Under $75M Prospectus
BG MEDICINE: Deregisters Unsold Securities Under Plans

CAPSUGEL HOLDINGS: Moody's Says Secured Debt Rating May be Lowered
CBA 54: Judge Orders Dismissal of Chapter 11 Case
CHESTER COMMUNITY: Fitch Lowers Rating on $54.3MM Bonds to 'BB-'
CORNERSTONE HOMES: Secured Lenders Propose Chapter 11 Plan
CORRECTIONS CORP: S&P Affirms 'BB+' CCR, Outlook Stable

CRP-2 HOLDINGS: U.S. Bank Wins Dismissal of Chapter 11 Case
CRYSTAL WATERFALLS: April 12 Hearing on Use of Cash Collateral
DIAMONDHEAD CASINO: Delays Filing of 2015 Annual Report
DIEBOLD INC: Moody's Assigns B2 Rating to $500MM Unsecured Notes
DOLE FOOD: S&P Affirms 'B-' CCR & Revises Outlook to Stable

ELBIT IMAGING: Unit Finds Issues With Previously Entered Contracts
EXPLORER HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
FINJAN HOLDINGS: Provides Shareholders Financial Update
FIRST DATA: Sells $900 Million Senior Secured Notes Due 2024
FLOUR CITY BAGELS: Has Access to Cash Collateral Until April 15

FOODS INC: Consensual Chapter 11 Plan Confirmed
FORESIGHT ENERGY: Lenders Extend Forbearance Period Thru April 5
FOUR OAKS: May Issue 150,000 Shares Under Bonus Plan
FOUR OAKS: Reports $20 Million Net Income for 2015
FOURTH QUARTER: Liquidating Plan Confirmed by Judge

FPMC SAN ANTONIO: Court Confirms Default; TCB Gets Stay Relief
FREEDOM COMMUNICATIONS: AFCO Premium Finance Agreement Okayed
FREEDOM COMMUNICATIONS: Incentive and Severance Program Approved
FREEDOM COMMUNICATIONS: Plan Filing Exclusivity Expires April 29
FRESH & EASY: $360K Sale of Catalina Lease Approved

FRESH & EASY: Auction of HQ, Data Center Assets Approved
HANCOCK FABRICS: Going-Out-of-Business Sales to Begin Today
HERCULES OFFSHORE: Posts $362-Mil. Net Loss in 4th Quarter 2015
IHEARTMEDIA INC: Texas Judge Issues Subpoena on Elliot Capital
ILLINOIS POWER: Widens Net Loss to $563 Million in 2015

IMH FINANCIAL: Extends SRE Monarch Loan Maturity Date to June 2016
ISTAR INC: Issues $275 Million Senior Notes Due 2021
ITG COMMUNICATIONS: SSG Capital Places Debt Financing Package
JC PENNEY: S&P Raises CCR to 'B', Off CreditWatch Positive
KRATOS DEFENSE: S&P Revises Outlook to Neg. & Affirms 'B-' CCR

M/I HOMES: Fitch Affirms 'B+' Issuer Default Rating
MADISON HOTEL: U.S. Trustee Unable to Appoint Committee
MAGNOLIA BREWING: U.S. Trustee Forms 4-Member Committee
MARK TECHNOLOGIES: 341 Meeting of Creditors Set for April 13
MARSHALL CO. RADIO: U.S. Trustee Unable to Appoint Committee

MCK MILLENNIUM: Has Until May 25 to Propose Chapter 11 Plan
MCK MILLENNIUM: Schedules $16.05M in Assets, $9.55M in Debt
MIDSTATES PETROLEUM: Warns of Bankruptcy Risk
MMRGLOBAL INC: Needs More Time to File Annual Report
MOLYCORP INC: Wins Approval of Bankruptcy-Exit Plan

MOUNTAIN PROVINCE: Files Copy of 2015 Facility Agreement
MPMS ST. JAMES: Voluntary Chapter 11 Case Summary
NATIONAL CINEMEDIA: Cinemark Reports 29.6% Stake as of March 17
NEBRASKA BOOK: S&P Lowers CCR to 'CC', Outlook Negative
NMSC HOLDINGS: S&P Assigns 'B' CCR, Outlook Stable

NORTHERN FRONTIER: Gets Extension of Temporary Waiver From Lenders
PACIFIC EXPLORATION: Court Suspends Quifa Block Operations
PEABODY ENERGY: Asset Sale to Bowie in Jeopardy
PERRY ELLIS: S&P Revises Outlook to Positive & Affirms 'B' CCR
PHI INC: S&P Affirms 'BB-' CCR, Outlook Stable

PINNACLE ENTERTAINMENT: S&P Affirms 'BB-' CCR, Outlook Negative
PIONEER HEALTH: Voluntary Chapter 11 Case Summary
PRECISION DRILLING: S&P Lowers CCR to 'BB', Outlook Negative
PRECYSE ACQUISITION: S&P Assigns 'B' CCR, Outlook Stable
QUORUM HEALTH: S&P Assigns 'B' CCR, Outlook Stable

RUSSELL INVESTMENT: S&P Assigns 'BB' ICR, Outlook Stable
SANDRIDGE ENERGY: Reports Q4 and 2015 Financial Results
SANDRIDGE ENERGY: Warns of Bankruptcy; Taps Kirkland, Houlihan
SANMINA CORP: S&P Affirms 'BB' CCR & Revises Outlook to Positive
SB PARTNERS: Posts $17.4 Million Net Income for 2015

SCHOOL SPECIALTY: S&P Revises Outlook to Stable & Affirms 'B-' CCR
SELECT MEDICAL: Moody's Affirms B1 Corporate Family Rating
SERENA SOFTWARE: S&P Puts 'B' CCR on CreditWatch Positive
SPI ENERGY: Announces Management and Board Changes
SUN STRUCTURE: U.S. Trustee Unable to Appoint Committee

SWIFT ENERGY: Court Confirms Reorganization Plan
T-MOBILE USA: S&P Assigns 'BB' Rating on Proposed $1BB Sr. Notes
TRANS-LUX CORP: Incurs $1.74 Million Net Loss in 2015
TRUGREEN LP: S&P Assigns 'B' CCR, Outlook Stable
US SILICA: S&P Lowers Rating to 'B', Outlook Negative

VANTAGE DRILLING: Posts Net Loss of $8.8M in 4th Quarter 2015
VICTORY ENERGY: Agrees to Settle Litigation With Oz Gas
WAGLE LLC: Case Summary & 15 Unsecured Creditors
WWW STORAGE: Case Summary & 5 Unsecured Creditors
XG TECHNOLOGY: Nasdaq Extends Listing Compliance Period

[*] Auto Insurer Underwriting Results Decline in 2015, Fitch Says
[*] Justine Block Joins Hahn & Hessen as Special Conusel
[^] BOOK REVIEW: Lost Prophets

                            *********

21ST CENTURY ONCOLOGY: S&P Puts 'B-' CCR on CreditWatch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit rating on Fort Myers, Fla.-based cancer care
provider 21st Century Oncology Holdings Inc. on CreditWatch with
negative implications.  In addition, S&P is placing its 'B-' senior
secured rating and 'CCC' senior unsecured rating on subsidiary 21st
Century Oncology Inc.'s debt on CreditWatch negative.

"The CreditWatch placement reflects the potential adverse impact on
the company's financial risk profile from its announcement on March
25 that it will restate its financial statements for the three
years from 2012-2014 and the first three quarters of 2015," said
Standard & Poor's credit analyst Matthew O'Neill.  In addition, the
company's failure to file its 10-K by March 31, 2016, will trigger
a technical event of default.

S&P's business risk assessment is unchanged and continues to
reflect the company's narrow business focus in a competitive
market, ongoing reimbursement risk, and geographic concentration.
These are the principal reasons S&P deems the business risk profile
to be weak.  The company's physicians provide outpatient integrated
cancer care services in 391 locations, including the company's 180
centers in 16 U.S. states and six Latin American countries.

The CreditWatch placement reflects the uncertainty and potential
rating downgrade associated with a possible adverse impact on the
company's financial risk profile from the outcome of restated
financial statements.  It also reflects the potential that the
company does not complete the restatement within the 30 day grace
period, triggering an event of default.  S&P aims to resolve the
CreditWatch by May 2016 if the company completes its financial
restatements as planned.



492 HARVARD: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 492 Harvard Residential LLC
        1864 Centre Street, Suite 4
        West Roxbury, MA 02132

Case No.: 16-11127

Chapter 11 Petition Date: March 30, 2016

Court: United States Bankruptcy Court
       District of Massachusetts (Boston)

Judge: Hon. Melvin S. Hoffman

Debtor's Counsel: Michael Van Dam, Esq.
                  VAN DAM LAW LLP
                  233 Needham Street, Suite 540
                  Newton, MA 02464
                  Tel: 617-969-2900
                  Fax: 617-964-4631
                  E-mail: mvandam@vandamlawllp.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by James Peebles, managing member.

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


ABEINSA HOLDING: Seeks Approval to Reject 2 Real Property Leases
----------------------------------------------------------------
Abeinsa Holding Inc., et al., sought permission from the Bankruptcy
Court to reject leases with landlords Phoenix Plaza PT, LLC and
1000-1100 Wilson Owner, LLC, effective as of the Petition Date, and
to abandon any fixtures, furniture, advertising displays, and other
office and equipment remaining at the premises.

As disclosed in Court documents, Debtor Abeinsa EPC, LLC, as
tenant, is party to an Office Lease Agreement with Phoenix Plaza
PT, LLC, as landlord, for three floors of commercial office space
located in a building known as Phoenix Plaza Offices at 2929 N.
Central Avenue in Phoenix, Arizona.  As of January 2016, AEPC paid
rent in an amount of $82,636 per month.

Debtor Abengoa Solar LLC is a party to a lease agreement with
1000-1100 Wilson Owner, LLC as Landlord, dated March 26, 2013, for
7,195 square feet of office space in a thirty-one-story building
located at 1100 Wilson Boulevard in Arlington, Virginia.  The base
monthly rent is over $35,900 with a 2.75% base rent annual
escalation percentage.  The Debtors said Abengoa Solar is current
on its monthly rent obligations, and the Landlord is holding a
security deposit in the amount of $35,975.

Craig R. Martin, Esq., at DLA Piper LLP (US), attorney to the
Debtors, disclosed that throughout the last few months, as the
Debtors experienced liquidity issues, they have undergone an
extensive review of their financial obligations.  Upon this review,
the Debtors have identified certain burdensome agreements,
including the unexpired nonresidential real property leases.

"The Debtors have determined in their business judgment that the
rejection of the Leases is appropriate because continuing to honor
the obligations under the Leases would result in an extreme
financial drain to the Debtors' estates," said Mr. Martin.

Phoenix had alleged that AEPC owed it past due amounts of $191,228.
The past due amounts owed are currently in dispute.

                    About Abeinsa Holding

Abeinsa Holding Inc., Abengoa Solar LLC, Abeinsa EPC LLC, Abencor
USA, LLC, Nicsa Industrial Supplies LLC, Abener Construction
Services LLC, Abeinsa Abener Teyma General Partnership, Abener
Teyma Mojave General Partnership, Abener Teyma Inabensa Mount
Signal Joint Venture, Teyma USA & Abener Engineering and
Construction Services General Partnership, Teyma Construction USA,
LLC, Abener North America Construction L.P., and Inabensa USA, LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead
Case No. 16-10790) on March 29, 2016.  The petitions were signed by
Javier Ramirez as treasurer.  

DLA Piper LLP (US) represents the Debtors as counsel.  Prime Clerk
serves as the Debtors' claims and noticing agent.

                      About Abengoa S.A.

Spanish energy giant Abengoa S.A. is a leading engineering and
clean technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range of
customers in the energy and environmental sectors.  Abengoa is one
of the world's top builders of power lines transporting energy
across Latin America and a top engineering and construction
business, making massive renewable-energy power plants worldwide.

As of the end of 2015, Abengoa, S.A. was the parent company of 687
other companies around the world, including 577 subsidiaries, 78
associates, 31 joint ventures, and 211 Spanish partnerships.
Additionally, the Abengoa Group held a number of other interests of
less than 20% in other entities.

On Nov. 25, 2015 in Spain, Abengoa S.A. announced its intention
to seek protection under Article 5bis of Spanish insolvency law,
a pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28,
2016, deadline to agree on a viability plan or restructuring plan
with its banks and bondholders, without which it could be forced
to declare bankruptcy.

On March 16, 2016, Abengoa presented its Business Plan and
Financial Restructuring Plan in Madrid to all of its stakeholders.

                        U.S. Bankruptcy

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on March
28, 2016, to seek U.S. recognition of its restructuring proceedings
in Spain.  Christopher Morris signed the petitions as foreign
representative.  DLA Piper LLP (US) represents the Debtors as
counsel.

Involuntary petitions were filed against the three affiliated
entities -- Abengoa Bioenergy of Nebraska, LLC, Abengoa Bioenergy
Company, LLC, and Abengoa Bioenergy Biomass of Kansas, LLC
-- under Chapter 7 of the Bankruptcy Code in the United States
Bankruptcy Court for the District of Nebraska and the United States
Bankruptcy Court for the District of Kansas.  The bankruptcy cases
for affiliate Abengoa Bioenergy of Nebraska, LLC and Abengoa
Bioenergy Company, LLC were converted to cases under chapter 11 of
the Bankruptcy Code and transferred to the United States Bankruptcy
Court for the Eastern District of Missouri.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and 5 five
other U.S. units of Abengoa S.A., which collectively own, operate,
and/or service four ethanol plants in Ravenna, York, Colwich, and
Portales, each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Eastern District of Missouri.  The cases
are pending before the Honorable Kathy A.  Surratt-States and are
jointly administered under Case No. 16-41161.

Abeinsa Holding Inc., and 12 other affiliates, which are energy,
engineering and environmental companies and indirect subsidiaries
of Abengoa, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Proposed Lead Case No. 16-10790) on March 29, 2016.


ADAMIS PHARMACEUTICALS: Has $2M Loan Agreement With Bear State
--------------------------------------------------------------
Adamis Pharmaceuticals Corporation, on March 28, 2016, entered into
a Loan and Security Agreement with Bear State Bank, N.A., a
national banking association with an office located in Little Rock,
Arkansas, according to a Form 8-K report filed with the Securities
and Exchange Commission.  Pursuant to the Loan Agreement, Bear
State agreed to loan to the Company from time to time up to an
aggregate of $2,000,000, subject to the terms and conditions of the
Loan Agreement and the Company entered into a related Line of
Credit Promissory Note to evidence amounts that the Company may
borrow from Bear State under the Loan Agreement.

Advances under the Loan Agreement will be made upon the Company's
request to Bear State.  The Company agreed to maintain a checking
account at Bear State for the deposit, among other things, of
amounts that it may borrow under the Loan Agreement.  The Company
intends to use proceeds that it borrows under the Loan Agreement,
among other purposes, to provide working capital to US Compounding,
Inc., an Arkansas corporation.

Interest on amounts borrowed under the Loan Agreement accrues at a
rate equal to the prime commercial rate of interest charged by
banks in New York, New York, as reflected in the Central Edition of
The Wall Street Journal.

Under the Loan Documents, the Company agreed to pay accrued and
unpaid interest on amounts that it borrows and that are represented
by the Note commencing on April 1, 2016, and on the first day of
each July, October, and January, through and including March 1,
2017.  The entire outstanding principal balance, and all accrued
and unpaid interest and all other sums payable pursuant to the
Note, the Loan Agreement, or any of the other Loan Documents, are
due and payable on March 1, 2017, unless sooner provided.  The
Company may repay any amounts that it borrows under the Loan
Agreement at any time.

To secure its obligations to Bear State under the Loan Agreement
and all documents executed in connection with or pursuant to Loan
Agreement, including without limitation the Note, and all other
security agreements, documents, agreements, and other instruments
contemplated by the Loan Agreement or in connection with the Loan
Agreement, the Company has granted Bear State a security interest
in that certain Non-Revolving Line of Credit Agreement of up to
$2,000,000 by and between the Company and USC as evidenced by a
Promissory Note dated March 28, 2016, from USC in favor of the
Company in the principal amount of up to $2,000,000, which relates
to amounts that the Company may loan to USC to help provide funding
for USC's business activities, and the Company's accounts, general
intangible and payment intangible rights relating to its rights
under the USC Note.

In addition to the collateral securing its obligations under the
Loan Documents, the Company has issued a Warrant to Bear State
allowing Bear State to purchase up to 1,000,000 shares of the
Company's common stock at an exercise price equal to par value per
share.  The Warrant is only exercisable by Bear State if the
Company is in default under the Note or Loan Documents.  If at any
time before the full satisfaction of the Company's obligations
under the Loan Documents the product of: (A) number of unexercised
Warrant Shares multiplied by (B) the value of the common stock of
the Company, falls below the product of: (Y) 1.50 multiplied by (Z)
the outstanding principal balance of the Note, then the Company
must, within three business days after delivery of notice from Bear
State, either (1) issue additional Warrants to provide Bear State
with rights to additional shares of common stock of the Company, or
(2) reduce the principal balance of the Note to bring the Company
in compliance with the above ratio requirements.

The Company is also obligated to comply with various other
customary covenants, including, among other things: preserve its
corporate existence and comply with applicable laws; pay Bear
State's expenses (including legal fees) in connection with the
preparation of the Loan Documents; notify Bear State of certain
kinds of legal or regulatory proceedings or material adverse events
affecting the Company's business; not incur indebtedness in excess
of $500,000; or not sell or dispose of all or substantially all of
the Company's assets or sell or dispose of any of the collateral
under the Loan Documents.


The Company has agreed to acquire the building and property on
which USC's principal offices and facilities are located and
certain laboratory equipment used in connection with USC's
operations in consideration of the assumption by the Company of
loans made by Bear State to the owners of such assets.  Subject to
customary conditions, at the Merger closing, Bear State has agreed
to permit the assumption of and assignment to the Company of such
loans.

                            About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Adamis reported a net loss of $13.6 million on $0 of revenue for
the year ended Dec. 31, 2015, compared to a net loss of $9.31
million on $0 of revenue for the year ended Dec. 31, 2014.
As of Dec. 31, 2015, Adamis had $12.06 million in total assets,
$2.74 million in total liabilities and $9.31 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred recurring losses from operations, and is
dependent on additional financing to fund operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, the auditors noted.

                       Bankruptcy Warning

The Company disclosed it currently has no credit facility or
committed sources of capital.  Delays in obtaining funding could
adversely affect its ability to develop and commercially introduce
products and cause it to be unable to comply with its obligations
under outstanding instruments.

"Our ability to obtain additional financing will be subject to a
number of factors, including market conditions, our operating
performance and investor sentiment.  If we are unable to raise
additional capital when required or on acceptable terms, we may
have to significantly delay, scale back or discontinue the
development or commercialization of one or more of our product
candidates, restrict our operations or obtain funds by entering
into agreements on unattractive terms, which would likely have a
material adverse effect on our business, stock price and our
relationships with third parties with whom we have business
relationships, at least until additional funding is obtained.  If
we do not have sufficient funds to continue operations, we could be
required to seek bankruptcy protection or other alternatives that
would likely result in our stockholders losing some or all of their
investment in us," the Company stated in its annual report for the
year ended Dec. 31, 2015.


ADAMIS PHARMACEUTICALS: Signs Agreement to Acquire US Compounding
-----------------------------------------------------------------
Adamis Pharmaceuticals Corporation announced that it has entered
into a definitive merger agreement to acquire US Compounding, Inc.,
a privately held company registered as a drug compounding
outsourcing facility under Section 503B of the U.S. Food, Drug &
Cosmetic Act, that provides prescription medications to patients,
physician clinics, hospitals and surgery centers throughout most of
the United States.  Under the terms of the Agreement, upon the
closing of the transactions contemplated by the Agreement USC will
become a wholly-owned subsidiary of Adamis, all of the outstanding
shares of USC will be converted into the right to receive
approximately 1.62 million shares of Adamis common stock, and
Adamis will assume certain secured debt obligations.  The
transaction is expected to close in the second quarter of 2016,
subject to the satisfaction of customary closing conditions.

Dr. Dennis J. Carlo, President and CEO of Adamis, stated, "USC will
be a compelling addition for Adamis.  We believe the combination of
revenues of $20 million or greater in each of the last two years, a
large sales and marketing team and robust manufacturing
capabilities, will be both synergistic with and accretive to
Adamis' overall value.  We expect the new division will generate at
least $5 million in operating income over the first 12 months and
achieve an annualized run rate of $50 million per year within 24
months after closing."

Additional information is available for free at:

                        http://is.gd/mKY7sj

                           About Adamis

San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC
QB: ADMP) is a biopharmaceutical company engaged in the
development and commercialization of specialty pharmaceutical and
biotechnology products in the therapeutic areas of respiratory
disease, allergy, oncology and immunology.

Adamis reported a net loss of $13.6 million on $0 of revenue for
the year ended Dec. 31, 2015, compared to a net loss of $9.31
million on $0 of revenue for the year ended Dec. 31, 2014.
As of Dec. 31, 2015, Adamis had $12.06 million in total assets,
$2.74 million in total liabilities and $9.31 million in total
stockholders' equity.

Mayer Hoffman McCann P.C., in San Diego, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred recurring losses from operations, and is
dependent on additional financing to fund operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern, the auditors noted.

                       Bankruptcy Warning

The Company disclosed it currently has no credit facility or
committed sources of capital.  Delays in obtaining funding could
adversely affect its ability to develop and commercially introduce
products and cause it to be unable to comply with its obligations
under outstanding instruments.

"Our ability to obtain additional financing will be subject to a
number of factors, including market conditions, our operating
performance and investor sentiment.  If we are unable to raise
additional capital when required or on acceptable terms, we may
have to significantly delay, scale back or discontinue the
development or commercialization of one or more of our product
candidates, restrict our operations or obtain funds by entering
into agreements on unattractive terms, which would likely have a
material adverse effect on our business, stock price and our
relationships with third parties with whom we have business
relationships, at least until additional funding is obtained.  If
we do not have sufficient funds to continue operations, we could be
required to seek bankruptcy protection or other alternatives that
would likely result in our stockholders losing some or all of their
investment in us," the Company stated in its annual report for the
year ended Dec. 31, 2015.


AEMETIS INC: Incurs $27.1 Million Net Loss in 2015
--------------------------------------------------
Aemetis, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $27.1
million on $147 million of revenues for the year ended Dec. 31,
2015, compared to net income of $7.13 million on $207.7 million of
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Aemetis had $83.1 million in total assets,
$118 million in total liabilities and a total stockholders' deficit
of $35.3 million.

Cash and cash equivalents were $0.3 million at Dec. 31, 2015, of
which $0.1 million was held in North America and $0.2 million was
held in its Indian subsidiary.  The Company's current ratio was
0.27 and 0.29, respectively, at Dec. 31, 2015, and 2014.  The
Company expects that its future available capital resources will
consist primarily of cash generated from operations, remaining cash
balances, EB-5 program borrowings, amounts available for borrowing,
if any, under its senior debt facilities and its subordinated debt
facilities, and any additional funds raised through sales of
equity.

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

                       http://is.gd/vUBrM1

                           About Aemetis

Cupertino, Calif.-based Aemetis, Inc., is an international
renewable fuels and specialty chemical company focused on the
production of advanced fuels and chemicals and the acquisition,
development and commercialization of innovative technologies that
replace traditional petroleum-based products and convert first-
generation ethanol and biodiesel plants into advanced
biorefineries.


AIRBORNE MEDIA: Judge Orders Dismissal of Chapter 11 Case
---------------------------------------------------------
A federal judge has ordered the dismissal of the Chapter 11 case of
Airborne Media Group Inc.

The order, issued by Judge Kevin Gross of the U.S Bankruptcy Court
in Delaware, dismissed the bankruptcy case at the request of the
company.

Airborne Media filed a voluntary Chapter 11 petition with the
Delaware court on May 8 last year.  

Prior to Airborne Media's bankruptcy filing, five of its creditors
filed an involuntary petition for relief under Chapter 7 against
the company in the U.S. Bankruptcy Court in Colorado on April 17.

On May 13, the Colorado court preliminarily enjoined Airborne
Media's Chapter 11 case from proceeding while the motion filed by
the company to change venue of its bankruptcy proceeding to the
Delaware court remained contested.  Since May 13, 2015, the
Delaware case has been stayed.

On May 15, the company determined to proceed in the Colorado case
by filing a motion to convert the case from an involuntary Chapter
7 proceeding to a voluntary Chapter 11.

While the company was able to manage the Colorado case as a
voluntary Chapter 11 case for some time, the Colorado court
ultimately converted the Colorado case to Chapter 7 on
July 1.

The Colorado case is currently proceeding under Chapter 7 with a
trustee in charge of Airborne Media's estate and winding down its
affairs, according to court filings.


AMERICAN APPAREL: S&P Withdraws 'D' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it withdrew its 'D'
corporate credit rating and issue-level rating on Los Angeles-based
American Apparel Inc.

S&P withdrew the 'D' corporate credit rating on American Apparel
Inc.  The company exited from bankruptcy in February 2016 and
emerged as a private company, for which there is no publicly
available financial information.  American Apparel filed its most
recent set of audited financial statements (10-Q) for the period
ended Sept. 30, 2015, which was before it entered Chapter 11
proceedings.  As such, S&P cannot perform a post-bankruptcy
evaluation of the company and withdrew the ratings.



AMPLIPHI BIOSCIENCES: To Restate 2014 Financial Statements
----------------------------------------------------------
The Audit Committee of the Board of Directors of AmpliPhi
Biosciences Corporation concluded that the Company's consolidated
statements of operations for the year ended Dec. 31, 2014, three
and six months ended June 30, 2014, three and nine months ended
Sept. 30, 2014, and three months ended June 30, 2015, should no
longer be relied upon due to errors in accounting for basic and
diluted income (loss) per share.

According to a regulatory filing with the Securities and Exchange
Commission, the errors relate to the misapplication of Accounting
Standards Codification No. 260, Earnings Per Share (ASC No. 260),
as a result of (i) the failure to consider the participating
component of the Company's Series B redeemable convertible
preferred stock in computing basic income (loss) per share and (ii)
the failure to make certain adjustments to diluted income (loss)
per share required by the change in fair value of the liability
classified warrants and the change in fair value of the Series B
redeemable convertible preferred stock derivative.

The Audit Committee, in consultation with the Company's chief
financial officer, has determined that the financial statements
should be restated in order to give proper application to ASC No.
260.  The Company anticipates including such restated financial
statements within the Company's Annual Report on Form 10-K for the
year ended Dec. 31, 2015.

                           About AmpliPhi

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

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

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


ATI HOLDINGS: Moody's Puts B2 CFR Under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service placed the ratings of ATI Holdings, Inc.
("ATI Physical Therapy") under review for downgrade, including the
company's B2 Corporate Family Rating, B2-PD Probability of Default
Rating, as well as the B1 instrument ratings on its senior secured
credit facilities. The review was prompted by the announcement on
March 29, 2016 that Advent International has entered into a
definitive agreement to acquire ATI Physical Therapy.

Although financing details have not been provided, Moody's expects
that financial leverage will increase as a result of the
acquisition of the company by Advent International. Moody's review
of the ratings will focus primarily on the financial leverage and
the capital structure that will result from the sale to Advent
International, as well as ongoing operating trends at ATI Physical
Therapy. Moody's will also evaluate current and projected operating
performance, as well as the proposed ownership and governance
structure. Moody's expects to withdraw the existing credit
facilities ratings upon repayment as part of the transaction.

The following ratings were placed under review for downgrade:

Corporate Family rating at B2

Probability of Default Rating at B2-PD

Senior secured revolving credit facility expiring in 2017 at B1
(LGD 3)

Senior secured first lien term loan due in 2019 at B1 (LGD 3)

RATINGS RATIONALE

The B2 Corporate Family Rating (currently under review) reflects
ATI's high financial leverage, its small but growing revenue base
and significant geographic concentration in two regions.
Furthermore, Moody's is concerned that relatively low barriers to
entry could increase competitive challenges in the longer-term. The
rating also reflects the company's aggressive growth strategy, both
organically and through acquisitions, which will limit debt
repayment.

Alternatively, the rating is supported by ATI's demonstrated track
record of solid revenue and EBITDA growth, even throughout the
economic recession and in spite of its focus on workers
compensation cases from cyclical industries like construction and
manufacturing. The rating is also supported by ATI's solid market
share within the regions the company competes.

ATI Holdings, Inc., headquartered in Bolingbrook, IL, is an
outpatient physical therapy and rehabilitation provider. The
company operates 454 clinics in sixteen states concentrated around
the U.S. Midwest and east coast. ATI recognized revenues of $420
million for the twelve months ended September 30, 2015. ATI is
owned by financial sponsor KRG Capital Partners.


ATNA RESOURCES: Deadline to Remove Suits Extended to April 15
-------------------------------------------------------------
The U.S. Bankruptcy Court in Colorado has given Atna Resources Inc.
until April 15, 2016, to file notices of removal of lawsuits
involving the company and its affiliates.

                      About Atna Resources

Headquartered in Lakewood, Colorado, Atna Resources Ltd. --
http://www.atna.com/-- is engaged in all phases of the mining
business, including exploration, preparation of pre-feasibility and
feasibility studies, permitting, construction and development,
operation and final closure of mining properties.  

The Company owns or controls various properties with gold
resources.  The Company's production property includes Briggs Mine
California and Pinson Mine Property, Nevada.  The Company's
development properties include Mag Pit at Pinson; Columbia Project,
Montana and Briggs Satellite Projects, California.  Its exploration
properties include Sand Creek Uranium Joint Arrangement, Wyoming;
Blue Bird Prospect, Montana and Canadian Properties, Yukon and
British Columbia.  Its Closure Property is Kendall, Montana.  The
Briggs mine is located on approximately 156 unpatented claims,
including approximately 15 mill site claims, covering over 2,890
acres.  The Company's Pinson Mine Property is located in Humboldt
County, Nevada, over 30 miles east of Winnemucca.

Atna Resources, Inc. and its direct and indirect subsidiaries filed
Chapter 11 bankruptcy petitions (Bankr. D. Colo. Proposed Lead Case
No. 15-22848) on Nov. 18, 2015.  The petitions were signed by
Rodney D. Gloss as vice president & chief financial officer.   

Atna also sought ancillary relief in Canada pursuant to the
Companies' Creditors Arrangement Act in the Supreme Court of
British Columbia in Vancouver, Canada.

In its Chapter 11 petition, Atna estimated assets in the range of
$10 million to $50 million and liabilities of $50 million to $100
million.  

Squire Patton Boggs (US) LLP serves as counsel to the Debtors.

On Dec. 14, 2015, the Office of the United States Trustee for the
District of Colorado appointed a statutory committee of unsecured
creditors in the Chapter 11 Cases.  The Committee tapped Onsager |
Guyerson | Fletcher | Johnson as attorneys.


B&L EQUIPMENT: U.S. Trustee Forms 2-Member Committee
----------------------------------------------------
The U.S. Trustee for Region 17 on March 30 appointed Rod Rodriguez
and Ivan Medrano to serve on the official committee of unsecured
creditors of B&L Equipment Rentals, Inc.

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 B&L Equipment

B&L Equipment Rentals, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Calif. Case No. 15-14685) on Nov. 30, 2015.  The
petition was signed by Lawrence F. Jenkins as president.  The
Debtor listed total assets of $17.14 million and total debts of
$5.02 million.  The Law Office of Leonard K. Welsh represents the
Debtor as counsel.  The case has been assigned to Judge Rene
Lastreto II.

Proofs of claim are due by April 5, 2016.


BALL CORP: Acquisition Offering No Impact on Moody's Ba1 CFR
------------------------------------------------------------
Moody's Investors Service said that Ball Corporation's change in
acquisition financing offering has no immediate impact on the
company's Ba1 corporate family rating, other instrument ratings and
stable outlook. The U.S senior secured term loan due 2021 has been
increased to $1,400 million from $1,300 million and the European
senior secured term loan due 2021 has been increased to EUR1,100
million from EUR1,000 million. Proceeds will be used to fund the
acquisition of Rexam PLC. The increased issuance will be used to
avoid the ticking fees on the bridge loan and will be used to repay
debt sometime in 3Q16 after the deal closes.


BG MEDICINE: Deregisters Unsold Securities Under $75M Prospectus
----------------------------------------------------------------
BG Medicine, Inc., filed a post-effective amendment No. 1 to its
registration statement on Form S-3, filed on May 19, 2015, which
registered an aggregate of $75,000,000 of shares of common stock,
shares of preferred stock, debt securities, warrants, rights,
purchase contracts and units.  

In accordance with an undertaking made by the Company in the
Registration Statement to remove from registration, by means of a
post-effective amendment, any of the securities registered under
the Registration Statement which remain unsold at the termination
of the offering, the Company amended the Registration Statement to
deregister any remaining securities registered and unsold under the
Registration Statement.  The securities are being removed from
registration because the securities are no longer being offered or
sold pursuant to the Registration Statement.

                          About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $8.06 million in 2014, a
net loss of $15.8 million in 2013 and a net loss of $23.8 million
in 2012.

As of Sept. 30, 2015, the Company had $3.35 million in total
assets, $2.03 million in total liabilities, $2.59 million in
convertible preferred stock, and a total stockholders' deficit of
$1.27 million.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's recurring
losses from operations, recurring cash used in operating activities
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.


BG MEDICINE: Deregisters Unsold Securities Under Plans
------------------------------------------------------
BG Medicine, Inc., filed with the Securities and Exchange
Commission post-effective amendments to the following registration
statements on Form S-8:

   (1) Registration No. 333-172208, filed on Feb. 11, 2011, which
       registered an aggregate of 3,761,549 shares of common stock
       issuable to participants in the Company's 2001 Stock Option
       and Incentive Plan, as amended, 2010 Employee, Director and
       Consultant Stock Plan and 2010 Employee Stock Purchase
       Plan.

   (2) Registration No. 333-181700, filed on May 25, 2012, which
       registered an aggregate of 494,990 shares of common stock
       issuable to participants in the Company's 2010 Employee,
       Director and Consultant Stock Plan and 2010 Employee Stock
       Purchase Plan.

   (3) Registration No. 333-181701, filed on May 25, 2012, which
       registered an aggregate of 725,675 shares of common stock
       issuable upon exercise of a stock option granted to Eric
       Bouvier, former president and chief executive officer of
       the Company.

   (4) Registration No. 333-188213, filed on April 29, 2013, which

       registered an aggregate of 494,990 shares of common stock
       issuable to participants in the Company's 2010 Employee,
       Director and Consultant Stock Plan and 2010 Employee Stock
       Purchase Plan.

   (5) Registration No. 333-188710, filed on May 20, 2013, which
       registered an aggregate of 460,480 shares of common stock
       issuable upon exercise of a stock option granted to Paul R.
       Sohmer, M.D, the president and chief executive officer of
       the Company.

   (6) Registration No. 333-197279, filed on July 7, 2014, which
       registered an aggregate of 494,990 shares of common stock
       issuable to participants in the Company's 2010 Employee,
       Director and Consultant Stock Plan and 2010 Employee Stock
       Purchase Plan.

   (7) Registration No. 333-204306, filed on May 19, 2015, which
       registered an aggregate of 494,990 shares of common stock
       issuable to participants in the Company's 2010 Employee,
       Director and Consultant Stock Plan and 2010 Employee Stock
       Purchase Plan.

In accordance with an undertaking made by the Company in the
Registration Statements to remove from registration, by means of a
post-effective amendment, any of the securities registered under
the Registration Statement which remain unsold at the termination
of the offering, the Company amended the Registration Statements to
deregister any remaining securities registered and unsold under the
Registration Statement.  The securities are being removed from
registration because the securities are no longer being offered or
sold pursuant to the Registration Statements.

                         About BG Medicine

Waltham, Mass.-based BG Medicine is a diagnostics company focused
on the development and commercialization of novel cardiovascular
diagnostic tests to address significant unmet medical needs,
improve patient outcomes and contain healthcare costs.  The
Company is currently commercializing two diagnostic tests, the
first of which is the BGM Galectin-3 test, a novel assay for
measuring galectin-3 levels in blood plasma or serum for use as an
aid in assessing the prognosis of patients diagnosed with heart
failure.  The Company's second diagnostic test is the CardioSCORE
test, which is designed to identify individuals at high risk for
near-term, significant cardiovascular events, such as heart attack
and stroke.

BG Medicine reported a net loss of $8.06 million in 2014, a
net loss of $15.8 million in 2013 and a net loss of $23.8 million
in 2012.

As of Sept. 30, 2015, the Company had $3.35 million in total
assets, $2.03 million in total liabilities, $2.59 million in
convertible preferred stock, and a total stockholders' deficit of
$1.27 million.

Deloitte & Touche LLP, in Boston, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company's recurring
losses from operations, recurring cash used in operating activities
and accumulated deficit raise substantial doubt about its ability
to continue as a going concern.


CAPSUGEL HOLDINGS: Moody's Says Secured Debt Rating May be Lowered
------------------------------------------------------------------
Moody's Investors Service said that Capsugel's plans to replace
holdco debt with incremental senior secured debt could cause a
downgrade of the company's existing senior secured debt. Capsugel
Holdings US, Inc. is seeking to raise $200 million of incremental
senior secured term loan borrowings and use these proceeds to
partially repay existing PIK toggle notes at its parent holding
company Capsugel S.A. Luxembourg. The proposed refinancing -- if it
moves forward -- will be credit negative for senior secured
creditors. This is because the capital structure's shift to more
senior secured debt means that the same amount of collateral must
secure a greater pool of senior secured creditors. The relative
dilution of this collateral pool with a greater amount of secured
debt would be a credit negative to existing senior secured
creditors. If this transaction closes as proposed, the shift would
likely cause the first lien credit facilities to be downgraded by
one notch to B1.



CBA 54: Judge Orders Dismissal of Chapter 11 Case
-------------------------------------------------
A federal judge has ordered the dismissal of the Chapter 11 case of
CBA 54, LLC.

The order, issued by Judge Maureen Tighe of the U.S Bankruptcy
Court Central District of California, required the company to pay
the fees of the U.S. trustee overseeing its bankruptcy case.

CBA 54, LLC sought protection under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the Central District of
California (San Fernando Valley) (Case No. 15-13429) on October 14,
2015. The petition was signed by Firooz Payan, managing member.

The Debtor is represented by Cynthia Futter, Esq., at Futter-Wells
PC. The case is assigned to Judge Maureen Tighe.

The Debtor estimated assets of $10 million to $50 million and debts
of $50,000 to $100,000.


CHESTER COMMUNITY: Fitch Lowers Rating on $54.3MM Bonds to 'BB-'
----------------------------------------------------------------
Fitch Ratings issued a correction to a press release on Chester
Community Charter School bonds, originally published on March 22,
2016. It corrected the rating for the Delaware County Industrial
Development Authority, PA (DCIDA), which was downgraded to 'BB-'
from 'BB'.

The corrected press release is as follows:

Fitch Ratings has downgraded approximately $54.3 million of charter
school revenue bonds, series 2010A issued by the Delaware County
Industrial Development Authority, PA (DCIDA) to 'BB-' from 'BB'.
The bonds are issued on behalf of Chester Community Charter School
(CCCS).

Fitch has also placed the bonds on Rating Watch Negative.

                             SECURITY

The series 2010 bonds are secured by pledged revenues of CCCS,
backed by a mortgage on the property and facilities leased by the
school and a debt service reserve (DSR) cash-funded to transaction
maximum annual debt service (TMADS) of about $4.1 million.
Management fee payments to CSMI, LLC (CSMI) are subordinated to the
payment of debt service and DSR replenishment.

                         KEY RATING DRIVERS

PRESSURED OPERATING PERFORMANCE: The downgrade to 'BB-'/Rating
Watch Negative reflects Fitch's concern over CCCS' ability to
stabilize its financial profile.  CCCS reported operating deficits
in fiscal 2015 and fiscal 2016 (projected) resulting in thinning
debt service coverage and slim liquidity.  CCCS is transitioning to
a new long-term revenue framework grounded in lower per pupil
funding (PPF).  A 10-year negotiated settlement provides for
reduced special education PPF, resulting in a lower expected
revenue base.

ENROLLMENT DRIVES PERFORMANCE: The achievement of break-even
operations in fiscal 2017 is dependent upon enrollment growth of
approximately 4.9% (150 students) and expenditure reductions of
4.2% or $2.25 million.  CCCS projections do not currently include
year-end revenue PPF revenue adjustments, which have trended
positively over the last few years and could provide added cushion
if realized again in fiscal 2017.  According to management, CCCS
enrollment is currently about 3,100 after experiencing modest
growth in 2015-2016.

LIMITED BALANCE SHEET: CCCS' cash position is slim.  CCCS' audited
fiscal 2015 available funds (AF; or unrestricted cash and
investments) of $3.6 million equates to a very low 4.9% of expenses
and 5% of outstanding debt.  Absent offsetting action, management
anticipates using AF to partially cover the reduction in per pupil
funding through the 2016 school year.

STATE FUNDING DELAYS; EXTERNAL LIQUIDITY: CCCS's $30 million
taxable revenue anticipation notes, series 2015 (RAN) issued in
Nov. 2015 temporarily mitigates operating risk caused by the
commonwealth's budget impasse continuing into its ninth month.
While CCCS has managed operations well, the external funding
environment adds credit risk.  The RAN matures on June 30, 2016,
and CCCS expects to issue new RANs or extend it through December
2016.

AUTHORIZOR IN RECEIVERSHIP; PROVEN INTERCEPT: The Chester Upland
School District (CUSD) has been in receivership since December
2012.  CCCS revenues flow through the CUSD and in the event CUSD's
monthly PPF distributions are delayed, legal and structural
provisions include a tested trustee intercept of state aid that
provides first for debt service and secondly for operations.  This
mechanism was first tested in June 2014 when the Pennsylvania
Department of Education (PDE) reimbursed the charter for delayed
payment, pursuant to the 2012 settlement agreement procedure, but
repayment was not as timely as expected due to delays in the
commonwealth's final approval of the 2014-2015 budget.

                        RATING SENSITIVITIES

ABILITY TO OUTPERFORM PROJECTIONS: Failure of Chester Community
Charter School to outperform fiscal 2017 projections which show low
cash levels and breakeven operations despite budgeted enrollment
growth and expense reductions will likely result in a downgrade to
the 'B' category.  Fitch believes the school's key source of
flexibility is in its ability to grow enrollment and cut spending
beyond what is budgeted and realize additional revenues through the
CUSD annual year-end rate adjustment of tuition revenue based on
CUSD final budgeted expenditures.

LIQUIDITY: The stressed liquidity caused by state budget delays, as
well as the unique CCCS and CUSD relationship, required Chester
Community Charter School to obtain an external cash-flow facility.
Increased expenses related to the facility, as well as potential
extension costs, add credit risk which, if not managed, would drive
a downgrade.

STANDARD SECTOR CONCERNS: A limited financial cushion; substantial
reliance on enrollment-driven, per pupil funding; and charter
renewal risk are credit concerns common among all charter school
transactions which, if pressured, could negatively impact Chester
Community Charter School's rating.

                          CREDIT PROFILE

CCCS was formed in 1998 to provide an alternative public school
option for residents in CUSD, which serves the City of Chester, PA,
Chester Township, PA and the Borough of Upland, PA.  About 80% of
CCCS' students come from the CUSD.  CCCS experienced consistent
enrollment growth over time, leading the charter school to expand
its grades K-8 academic offerings to three campuses in 2013.
Enrollment remains stable in fall 2015 at about 3,024; management
reports that final enrollment at the end of the 2015-2016 academic
year will be closer to 3,100.

CCCS has a strong relationship with CSMI, which was formed
specifically to manage the charter school's operations.  CSMI's
management strategy has been fiscally conservative, resulting in
historically balanced operations and stronger academic performance
than CUSD.

Fitch notes the following criteria deviation per its internal
policies and procedures.  Per Fitch's charter school criteria,
Fitch is required to attempt to correspond with the authorizer
associated with this credit, CUSD.  After multiple attempts, there
was no direct contact.  Given the sufficiency of the available
information, and a recent charter renewal, Fitch believes it is
provided with reasonable confirmation from the management team that
the school is in compliance with charter requirements. Available
financial and enrollment data support that determination.

                          CHARTER RENEWAL

CCCS has received multiple charter renewals during its 18-year
operating history, which Fitch views favorably.  Following its
initial three-year charter, the charter has received four five-year
renewals.  The most recent five-year charter renewal was granted in
August 2014 by CUSD, and is effective July 1, 2016, through June
30, 2021.

                       LIQUIDITY FLEXIBILITY

The commonwealth of Pennsylvania's nine-month impasse over the
fiscal 2016 budget continues to put operating pressure on school
districts and charter schools state-wide.  CCCS has been forced to
obtain external financing to manage its cash flow due to delays in
state funding.  The school secured a $10 million bank line of
credit in calendar 2015, which it subsequently repaid and converted
to a $30 million privately placed RAN which is due
June 30, 2016.  At this time the full $30 million balance has been
drawn, with expectations of repaying it when the state approves the
second half of K-12 education appropriations later this spring.
Fitch believes the RAN financing adds further credit risk due to
the added interest expense and refinancing risk.  Fitch notes that
debt service on the series 2010A bonds is paid monthly to the bond
trustee, so no large lump-sum debt service payment is due at the
end of a fiscal year.  There is also a trustee-held debt service
reserve.

                      OPERATING PERFORMANCE

CCCS is highly reliant on PPF to support operations and the PPF
rate (90% of which comes from CUSD).  Periodic true-up adjustments
are made based on enrollment and the home district's annual
operating expenditures, which CCCS typically benefits from.  To
date in fiscal 2016, because of the state budget impasse, no
true-up calculation has been made.

Operating performance weakened in fiscal 2015 to negative 1.8%,
after generally positive margins (and a 7% margin in fiscal 2014),
due to a one-time extraordinary expense.  As part of its settlement
agreement with CUSD, CCCS has written off a $5.6 million tuition
receivable from CUSD in fiscal 2015 in exchange for more stable
revenue computations over the next 10 years.  The 10-year
settlement agreement was made among multiple parties, including the
PA Department of Education, the CUSD school board, the CUSD
receiver, and CCCS, and establishes a minimum special education PPF
rate, irrespective of future changes in state charter school laws.


The agreed special education PPF amount is based on the regular
education tuition rate of $10,683, with that figure multiplied by
2.53x; however, the rate cannot fall below $27,029 for each CUSD
special education student.  While providing a stable funding floor,
this represents a decline of CUSD special education funding from
the current $40,000 per student.  This reduced special education
rate is partly contributing to the projected weaker 4.0% fiscal
2016 operating deficit, and adding pressure for the fiscal 2017
budget.

                        ENROLLMENT BUDGET

Strong student demand supports CCCS enrollment.  CCCS management
expects continued academics and financial pressures at both CUSD
and neighboring school districts will support enrollment growth at
CCCS.  CCCS is budgeting a 4.9% increase in enrollment from the
current 3,100 students to 3,250 students in fall 2016, which Fitch
believes is reasonable.  However, given CCCS's thin operating
performance, achieving or exceeding that enrollment target in fall
2016 is critical to meeting the fiscal 2017 operating budget.

There is limited charter-school competition for CCCS.  Further,
about 54% of CUSD's K-8 student population attends CCCS.  The
charter school provides a significant level of educational capacity
in the area, which while atypical of the sector provides CCCS with
an unusually strong market niche.  There are no caps/limits on the
number of students that can be enrolled by CCCS.  Management
reports that it has facility capacity for up to 3,500 students.

Fitch will monitor CCCS' enrollment trends, as there may be
long-term efforts from CUSD to grow enrollment to stabilize its
financial position.

                         DEBT MANAGEABILITY

CCCS has a high but manageable debt burden, which is common for the
charter school sector.  However, the need to secure external
funding to manage cash-flow places further stress on CCCS and
heightens the risk to the series 2010 bondholders.  TMADS was 8.4%
of fiscal 2015 operating revenues, somewhat improved from a
five-year average of 10.3%, but still high.  Coverage of annual
debt service averaged 1.0x between fiscal 2011 and 2015.  Fiscal
2015 coverage was lower at about 0.9x and is expected to be reduced
further in fiscal 2016 given weaker operating performance. Coverage
of debt service from operations below 1.0x is characterized by
Fitch as a low speculative-grade attribute for charter schools.

If operating expenses in fiscal 2015 are adjusted to exclude $5.6
million, representing the one-time receivable cancellation, TMADS
coverage would have been a sound 2.1x.  Fitch expects improved
TMADS coverage in fiscal 2017, at least 1.0x, even if management
fees need to be deferred or subordinated to meet coverage
requirements.


CORNERSTONE HOMES: Secured Lenders Propose Chapter 11 Plan
----------------------------------------------------------
The Community Preservation Corporation, First Citizens National
Bank, The Elmira Savings Bank, FSB, and Lyons National Bank -- the
secured lenders of debtor Cornerstone Homes -- filed a proposed
Chapter 11 Plan of Reorganization for the Debtor.  The Plan
provides:

  -- Secured lenders CPC, First Citizens, ESB and LNB will each
receive an interest in a Secured Lenders' Trust, which Trust will
be comprised of all of the assets of the Debtor which were pledged
as collateral to the Secured Lenders.  The class is impaired and
will be entitled to vote on the Plan.

  -- Each Holder of an allowed unsecured creditors' claim will
receive an amount equal to each Claimant's pro rata share of an
Unsecured Creditors' Trust which will be comprised of all assets of
the Reorganized Debtor, including all properties not subject to the
Secured Creditors' liens, together with any causes of action
available to the Debtor, and any other assets not contained in the
Secured Lenders' Trust.  The Official Committee of Unsecured
Creditors will manage the Trust.  The class is impaired and will be
entitled to vote on the Plan.

  -- The holder(s) of interests will not receive or retain any
payment or distribution under the Plan on account of such
interests.  The common stock of the Debtor will be extinguished on
the Effective Date.  The class is impaired and will be entitled to
vote on the Plan.

A copy of the Lenders' Plan is available for free at:

    http://bankrupt.com/misc/Cornerstone_H_786_Lenders_Plan.pdf

                     About Cornerstone Homes

Cornerstone Homes Inc. is based in Corning, New York and was
engaged in the business of buying, selling and leasing single
family homes in the State of New York, with such properties
primarily located in the South Central and South Western portions
of the State.

Cornerstone Homes Inc. filed a Chapter 11 petition (Bankr. W.D.N.Y.
Case No. 13-21103) on July 15, 2013, in Rochester, New York.

The Debtor disclosed assets of $18.6 million and liabilities of
$36.2 million.

Judge Paul R. Warren presides over the case.  Curtiss Alan Johnson,
Esq., and David L. Rasmussen, Esq., at Davidson Fink, LLP, in
Rochester, N.Y., serve as the Debtor's counsel.  The Debtor has
tapped GAR Associates to appraise a selection of its properties to
support the Debtor's liquidation analysis.

The Official Committee of Unsecured Creditors is represented by
Gregory J. Mascitti, Esq., at LeClairRyan PC.  The Committee
retained Getzler Henrich & Associates LLC as financial advisor.

                           *     *     *

The Debtor sought Chapter 11 protection alongside a reorganization
plan already accepted by 96 percent of unsecured creditors' claims.
  Four secured lenders with $21.8 million in claims are to be paid
in full under the plan.  Unsecured creditors -- chiefly noteholders
with $14.5 million in claims -- were to have a 7 percent recovery.

The Court has not confirmed the Debtor's Plan.  Instead, the Court
accepted the request of the Committee to appoint a Chapter 11
trustee to replace management.  The Court approved the appointment
of Michael H. Arnold, Esq., as Chapter 11 trustee.  

The Chapter 11 trustee tapped as counsel his own firm, Place and
Arnold.  LeClairRyan and Barclay Damon LLP serve as his special
counsel.

The Trustee was appointed after accusations that the principal,
David L. Fleet, operated the Debtor as a massive Ponzi scheme in
loving millions of dollars and hundreds of mostly elderly,
unsophisticated individual investor victims who shared the same
religious beliefs espoused by Fleet.

The Trustee has commenced an adversary proceeding against First
Citizens National Bank for enabling Mr. Fleet to perpetuate the
Ponzi scheme by providing bank loans.


CORRECTIONS CORP: S&P Affirms 'BB+' CCR, Outlook Stable
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on Nashville, Tenn.-based Corrections Corp. of
America.  The outlook is stable.

At the same time, S&P affirmed its 'BBB' issue-level ratings on the
company's senior secured revolver and term loan and S&P's 'BB+'
issue-level ratings on the company's senior unsecured notes. The
recovery rating on the senior secured debt remains '1', indicating
S&P's belief that lenders could expect very high recovery (90% to
100%) in the event of payment default.  The recovery rating on the
notes remains '3', indicating S&P's belief that lenders could
expect meaningful recovery (50% to 70%, on the high end of the
range) in the event of payment default.

"The ratings affirmations reflect our more positive view of CCA's
defensible position as the largest private prison owner and
operator in the U.S., despite generally declining prison
populations across most states," said Standard & Poor's credit
analyst Brennan Clark.  "We view the company's relatively stable
contracted revenues with creditworthy counterparties as a credit
positive."

The stable outlook reflects S&P's view that CCA will maintain its
operating performance and cash flows, despite ongoing government
budget deficit issues at both the federal and state levels and
declining prison population levels in most states.  S&P do not
believe these challenges will affect CCA's occupancy rates
significantly, allowing it to continue to maintain healthy and
stable cash flows over the rating horizon.

S&P could lower the ratings if CCA's financial policy becomes more
aggressive or if its operating performance materially weakens,
likely as a result of major contract losses with one of its federal
customers, engaging in speculative (non-contracted) new prison
development, or occupancy rates falling dramatically, resulting in
financial leverage sustained above 4x over S&P's forecast horizon.


S&P could raise the ratings if CCA sustains leverage comfortably
below 3x through a more conservative financial policy.  This is
unlikely, however, as the company must distribute most of its free
cash flows generated to shareholders to retain its REIT status.  In
addition, S&P believes CCA will continue to prioritize bolt-on
acquisitions of smaller facilities in order to grow its top line
over debt reduction.



CRP-2 HOLDINGS: U.S. Bank Wins Dismissal of Chapter 11 Case
-----------------------------------------------------------
CRP-2 Holdings AA, L.P.'s Chapter 11 case was closed effective
March 15, 2016.  A motion to dismiss the Chapter 11 case of CRP-2
Holdings was filed by U.S. Bank, National Association, in its
capacity as trustee for the registered holders of J.P. Morgan Chase
Commercial Mortgage Securities Trust 2006-LDP9, Commercial Mortgage
Pass-Through Certificates, Series 2006-LDP9, by and through
CWCapital Asset Management LLC, solely in its capacity as Special
Servicer for the Trust.  The Debtor responded that it does not
oppose dismissal of the case.  

Following a hearing, Judge Donald R. Cassling ordered that:

   -- The case is dismissed, effective immediately, for cause
pursuant to 11 U.S.C. Sec. 1112(b), and all stays and injunctions
of the above-captioned bankruptcy case, including the automatic
stay of 11 U.S.C. Sec. 362(a) are terminated.

   -- On or before Feb. 15, 2016, Debtor will cause to be paid the
following amounts for U.S. Trustee quarterly fees: $9,750 for the
4th Quarter 2015 (billed and past-due); and $6,500 for the 1st
Quarter 2016.

   -- The Court retains jurisdiction over (i) that portion of the
First Interim Fee Application of FrankGecker LLP for Allowance of
Compensation for Services Rendered and Reimbursement of Expenses
Incurred as Counsel to CRP-2 Holdings AA, L.P. for the Period from
July 21, 2015 through Dec. 31, 2015, requesting authority to apply
the prepetition retainer provided to FrankGecker LLP; (ii) that
portion of the Trust's Limited Objection to the Fee Application,
objecting to the use of any of the Trust's Cash Collateral to pay
any of FrankGecker's fees and expenses and reserving the Trust's
rights to seek disgorgement of the Retainer; and (iii) that portion
of the Committee's Combined Objection to FrankGecker's  Fee
Application & Motion for Turnover of Property of the Estate, that
requests turnover of the Retainer.

FrankGecker was directed to file its retainer agreement on or
before Feb. 16, 2016.  The Committee and the Trust were given
through March 8, 2016 to file briefs with respect to the Fee
Application and the disgorgement or turnover of the Retainer, to
the extent of the Court's retained jurisdiction.  The Debtor and/or
FrankGecker were given through March 22 to file a response to the
briefs; and the Court set a status hearing on the briefs and any
responses thereto on March 29, 2016.

                       About CRP-2 Holdings

CRP-2 Holdings AA, L.P., a Delaware limited partnership that was
formed in May 2006 for the primary purpose of acquiring and
managing real property.  CRP-2 is controlled by Colony Realty
Partners GP II, LLC.  Between May and October of 2006, CRP-2
acquired 14 properties for a total purchase price of $286,732,400,
financing approximately 60% of the purchase price with proceeds
from a $171 million secured credit facility with JPMorgan Chase
Bank.  The Debtor at present owns 10 properties consisting of six
office buildings and 26 industrial buildings located in and around
Chicago, Washington D.C., Boston and New Jersey.

CRP-2 Holdings filed a Chapter 11 bankruptcy petition (Bankr. N.D.
Ill. Case No. 15-24683) on July 21, 2015.  Judge Donald R.
Cassling
is assigned to the case.

The Debtor disclosed total assets of $171,349,208 and total
liabilities of $166,637,095.

The Debtor tapped FrankGecker LLP as counsel.

The official committee of unsecured creditors tapped Sugar
Felsenthal Grais & Hammer LLP as substitute counsel effective as of
Sept. 21, 2015.


CRYSTAL WATERFALLS: April 12 Hearing on Use of Cash Collateral
--------------------------------------------------------------
Judge Ernest M. Robles in mid-March 2016 entered an order
authorizing Crystal Waterfalls LLC to use cash collateral through
April.  The judge ruled that the Debtor's revised budget filed on
Feb. 22, 2016, is approved on an interim basis, with the exception
of payments to the Debtor's counsel.  The Court will hold a
continued hearing on April 12, 2016, at 11:00 a.m.  To the extent
necessary, Debtor may file a supplemental brief addressing concerns
raised in the opposition to the cash collateral motion filed by
secured creditor, B3 Capital Venture, LLC, on or before March 29,
2016.  To the extent necessary, B3 may file a response to the
Supplemental Brief on or before April 7, 2016.  The Debtor will
file a further revised budget for the continued use of collateral
by no later than April 7, 2016, if a stipulation to the continued
use of cash collateral is not filed by the parties by April 5,
2016.

                     About Crystal Waterfalls

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

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

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

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

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

                           *     *     *

The U.S. Trustee has filed a motion seeking to convert Crystal
Waterfalls' bankruptcy case to a Chapter 7 case, or to dismiss the
case.


DIAMONDHEAD CASINO: Delays Filing of 2015 Annual Report
-------------------------------------------------------
Diamondhead Casino Corporation disclosed in a regulatory filing
with the Securities and Exchange Commission it was unable to
complete the preparation of its annual report on Form 10-K for the
year ended Dec. 31, 2015, within the prescribed time period because
it experienced unforeseen delays in the collection and compilation
of certain financial and other data to be included in the report
and the associated audited financial statements and notes.
According to the Company, this information could not have been
obtained without unreasonable effort or expense.

The Company said it is working diligently to finalize this data and
anticipates filing its Annual Report on Form 10-K for the year
ended Dec. 31, 2015, within the prescribed period allowed by Rule
12b-25.

                        About Diamondhead

Largo, Fla.-based Diamondhead Casino Corporation, from inception
through approximately August of 2000, operated gaming vessels in
international waters.  The Company eventually divested itself of
its gaming operations to satisfy financial obligations to its
vendors, lenders and taxing authorities and to focus its resources
on the development of a casino resort in Diamondhead, Mississippi.

The Company owns, through its wholly-owned subsidiary, Mississippi
Gaming Corporation, an approximate 404.5 acre tract of unimproved
land in Diamondhead, Mississippi.  The property is located at 7051
Interstate 10.  The Company intends, in conjunction with unrelated
third parties, to develop the site in phases beginning with a
casino resort.  The casino resort is expected to include a casino,
a hotel and spa, pools, a sport and entertainment center, a
conference center and a state-of-the-art recreational vehicle
park.

As of Sept. 30, 2015, Diamondhead had $5.72 million in total
assets, $8.73 million in total liabilities and a $3.01 million
total stockholders' deficit.

"The Company has incurred continued losses over the past several
years and certain conditions raise substantial doubt about the
Company's ability to continue as a going concern.  The Company has
had no operations since it ended its gambling cruise ship
operations in 2000.  Since that time, the Company has concentrated
its efforts on the development of its Diamondhead, Mississippi
Property.  The development of the Diamondhead Property is dependent
on obtaining the necessary capital, through equity and/or debt
financing, unilaterally, or in conjunction with one or more
partners, to master plan, design, obtain permits for, construct,
staff, open, and operate a casino resort.  In the past, the Company
has been able to sustain itself through various short term
borrowings, however, as of September 30, 2015, the Company cash on
hand amounted to $87,599, while accounts payable and accrued
expenses totaled $3,747,634.  Therefore, in order to sustain
itself, it is imperative that the Company secure a source of funds
to provide further working capital," the Company stated in its
quarterly report for the period ended Sept. 30, 2015.


DIEBOLD INC: Moody's Assigns B2 Rating to $500MM Unsecured Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B2 (LGD-5) rating to
Diebold, Inc.'s (Diebold) $500 million senior unsecured note
offering. The notes, in conjunction with previously raised debt and
cash on hand will be used to fund the roughly $1.8 billion business
combination of Wincor Nixdorf AG ("Wincor"), and to refinance
existing debt at both companies, settle transactional fees, and
integration costs. All other ratings and the outlook remain
unchanged.

Assignments:

Senior Unsecured Notes - B2 (LGD 5)

RATINGS RATIONALE

The pending combination of Diebold and Wincor will create the
world's largest manufacturer of automated teller machines ("ATM")
with a broad global presence and wide customer diversification. The
combined company will have an installed base of about 1 million
ATMs, and will also serve 24 of the top 25 retailers in Europe with
its retail check-out products. Moody's believes that the
transaction is highly complementary from a geographic and product
standpoint, with the expectation that the consolidation of the
hardware portfolio will result in significant development and
manufacturing savings in the future.

The acquisition will also provide a platform to generate stable and
higher margin recurring service revenues that stem from long-term
service contracts on the installed ATMs and retail check-out
terminals. Diebold has the largest number of field-service
professionals among its competitors, and there are organic revenue
opportunities to expand the service to Wincor's customers, as that
company has not had the same service attach rates on its hardware
installations as Diebold.

Moreover, the long-term roadmap for technology investments in the
retail banking industry bode well for ATM manufacturers, as the
drive to automate and transform bank branches is gaining traction
across financial institutions, as they promote more efficient bank
operations. This should drive faster growth of higher-end ATMs and
newer automated products, and with greater functionality in the new
installations come strong attach rates of higher margin software
services and maintenance contracts.

Diebold is considered weakly positioned in the Ba3 rating category
given the high initial leverage and integration risks. However, the
rating incorporates Moody's expectation for improving operating
performance and margin expansion as Diebold integrates Wincor's
operations and achieves operating synergies.

The Ba3 CFR reflects the company's high adjusted debt to EBITDA
leverage resulting from the Wincor acquisition (about 5.75 times at
closing), relative to more conservative historic levels at both
companies, and the risks that the benefits of the combination will
take longer than expected to realize. Moody's also acknowledges the
integration risks of merging companies on two continents and with
distinctly different corporate cultures. In addition, competitor
innovation, challenging macroeconomic forces and technology changes
may impact the sales of the company's products in the future.

Rating Outlook

The stable outlook reflects Moody's expectations that the company
will make tangible progress in integrating Wincor and will grow
revenues and operating margins in the near term.

What Could Change the Rating -- UP

Given the high initial leverage and integration risk, an upgrade is
unlikely in the near term. Diebold's rating could be upgraded if
the company successfully integrates Wincor, achieves strong revenue
growth, and attains synergies such that adjusted operating margins
consistently stay above 7% and consistently high levels of free
cash flow are generated. The rating could also be considered for an
upgrade if the company maintains adjusted leverage below 4.0
times.

What Could Change the Rating -- DOWN

Diebold's ratings could be downgraded if the company suffers
integration issues, its operating margins do not improve as
anticipated, the company loses market share, or there is a change
in the company's competitive position as evidenced by adjusted
operating margins staying below 5%. In addition, the rating may be
downgraded if Diebold's adjusted leverage remains above 5.0 times.

Headquartered in North Canton, OH Diebold, Inc. has leading market
positions in developing, manufacturing and servicing automatic
teller machines, electronic cash registers, and other related
physical security solutions for banks and retailers.



DOLE FOOD: S&P Affirms 'B-' CCR & Revises Outlook to Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its ratings,
including its 'B-' corporate credit rating, on Westlake Village,
Calif.-based Dole Food Co. Inc., and revised the outlook to stable
from positive.

"The outlook revision to stable reflects higher-than-expected
leverage, in part due to the company's litigation payment at the
end of fiscal 2015," said Standard & Poor's credit analyst Chris
Johnson.

According to the terms of the shareholder lawsuit settlement, the
company -- which had paid $233.4 million or $13.50 a share for the
merger consideration -- was required to pay an additional $2.74 per
share, bringing the total loss contingency to $82.4 million.  The
company paid this in cash in the fourth quarter of 2015, which
Standard & Poor's believes delayed debt reduction.  The courts also
found Dole CEO David Murdock and former COO C.  Michael Carter
liable for breaches of fiduciary duty, with damages of over $100
million.  The company now intends to pay a permitted dividend of
$50 million to Mr. Murdock, which S&P believes will further delay
deleveraging.  S&P had previously expected the company's debt to
EBITDA to be closer to 4.5x.  S&P now believes the company will
operate with leverage closer to 5x over the next year. Although the
company resolved all its shareholder liabilities in 2015, its owner
remains liable to shareholders for more than $100 million, and S&P
believes the company may consider additional dividends to Mr.
Murdock prior to deleveraging closer to 4.5x or below.

Still, the company is performing largely as anticipated, generating
modest EBITDA growth of 3.4% in fiscal 2015, partly reflecting
continued EBIT growth in its fresh vegetables segment, which
increased primarily from higher volumes and pricing in its packaged
salads division.  Following significant growth capital investments
in 2015, including the purchase of three shipping vessels and
continued investment in a vertical integration strategy (in which
the company acquires banana and pineapple farms overseas), S&P
expects the company's capital expenditures to decline.

The ratings on Dole largely reflect the company's leading positions
in several fresh fruit, vegetable, and packaged salad product
categories, including the No. 1 share of bananas and the No. 2
share of fresh pineapples in North America.  It has good
geographical, product, and customer diversification, and a
well-recognized brand name.  Although Dole competes in the
competitive, commodity-oriented, seasonal, and volatile fresh
produce industry, and operating performance is subject to
uncontrollable factors such as global supply, world trade policies,
political risk, currency swings, weather, and crop disease, the
company has diversified its product mix into more value-added fruit
and salad offerings, and has invested in proprietary farms.  S&P
believes these efforts will allow for continued EBITDA growth at
higher margins, while better mitigating operating performance
volatility that has hurt the company's profits in the past.

The ratings also reflect the negative two-notch impact of S&P's
weak management and governance assessment, relating to the role of
the controlling stockholder and principal executive, David Murdock,
following the 2013 going-private transaction.  S&P believes there
are a limited number of independent board members, and that the
wishes of the controlling stockholder could take priority over
creditor interests at Dole.

S&P could upgrade Dole if the company sustains debt to EBITDA near
or below 4.5x.  S&P would downgrade the company if it significantly
leverages its capital structure such that it is no longer
sustainable, including EBITDA interest coverage well below 1.5x, or
if any future unforeseen litigation liabilities were to challenge
the long-term viability of the company.


ELBIT IMAGING: Unit Finds Issues With Previously Entered Contracts
------------------------------------------------------------------
Elbit Imaging Ltd. disclosed that Plaza Centers N.V., an indirect
subsidiary of the Company, has announced that its Board has become
aware of certain issues with respect to certain agreements that
were executed in the past by Plaza in connection with the Casa
Radio Project in Romania.  In order to address this matter, Plaza's
Board has appointed the chairman of Plaza's Audit Committee to
investigate the matters internally.  Plaza's Board has also
appointed independent law firms to perform an independent review of
the issues raised.

Plaza has approached and is co-operating fully with the relevant
Romanian Authorities regarding the matters that have come to its
attention in this respect and it has submitted its findings to the
Romanian Authorities.  As the investigation of this matter is
ongoing Plaza in unable to comment on any details related to this
matter.

Following Plaza's report to the Company, the Company's audit
committee has decided to appoint a special committee to examine the
matters raised in Plaza's announcement, including any internal
control and reporting issues.

                       About Elbit Imaging

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

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

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

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


EXPLORER HOLDINGS: S&P Affirms 'B' CCR, Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said it affirmed its 'B'
corporate credit rating on eResearch Technology Inc.  S&P also
assigned its 'B' corporate credit rating to Explorer Holdings Inc.,
a parent company of operating subsidiary eResearch Technology.  The
outlook is stable.  S&P subsequently withdrew its corporate credit
rating on eResearch Technology.

At the same time, S&P assigned a 'B' issue-level rating and '3'
recovery rating to Explorer's proposed $540 million first-lien
credit facilities, which include a $45 million revolving credit
facility and a $495 million term loan.  The recovery rating is '3'
and indicates S&P's expectation of meaningful (50% to 70%; at the
higher end of the range) recovery in the event of a payment
default.  In addition, S&P assigned a 'CCC+' issue-level and '6'
recovery rating to the company's proposed $220 million second-lien
term loan.  The '6' recovery rating indicates S&P's expectation of
negligible (0% to 10%) recovery in the event of a payment default.


Proceeds of the proposed facilities will be used to fund Nordic
Capital's purchase of the company, including repaying eResearch's
current debt.  S&P expects to withdraw the existing issue-level
rating on eResearch's debt once it is repaid.

"Our stable rating outlook on the company reflects solid revenue
visibility and our expectation that revenue and EBITDA will grow at
a brisk pace and that the company will continue to generate
moderate discretionary cash flow," said Standard & Poor's credit
analyst Jinsung Kim.  "However, we expect the company will use
internally generated cash and debt capacity to reward shareholders,
maintaining a highly leveraged financial risk profile."

S&P could consider a lower rating if the company experiences a
sharp decrease in demand that results in revenue growth less than
5% and an EBITDA margin contraction in excess of 250 basis points
over the next year.  S&P expects that this would cause a free
operating cash flow deficit.

S&P could consider a higher rating if the company can reduce
leverage to below 5x on a sustained basis, which would require a
less aggressive financial policy than S&P currently expects.  S&P
views this scenario to be unlikely in the near term because it
would require the company to pay down about $250 million in debt.



FINJAN HOLDINGS: Provides Shareholders Financial Update
-------------------------------------------------------
Finjan Holdings, Inc., provided shareholders with a financial
update and a highlight of key accomplishments for the 2015 fiscal
year ended Dec. 31, 2015.

Financial Highlights for the Year Ended Dec. 31, 2015:

   * $4.7 million in licensing revenue for 2015 recognized from
     three new licensees;

   * $3.9 million in gross profit;

   * 83.6% gross profit margin; and,

   * $6.1 million in cash, with an additional $5 million in
     licensing fees under contract with scheduled collections in
     2016.

"In 2015 we focused on executing on our core licensing and
enforcement strategy, securing a $40 million Jury award and
Judgment against Blue Coat Systems and collecting nearly $5 million
in licensing revenue from three new licensees," said Phil
Hartstein, president and CEO of Finjan Holdings.  "Importantly, we
continued to invest in our future platform through the launch of
our cyber risk and advisory services firm, CybeRisk, the return to
product development with the formation of Finjan Mobile and with
the release of our Mobile Secure Browser application, and through
our investment in next generation cyber technologies through JVP."

"Entering 2016, we have several catalysts that will help drive
future growth including a strong licensing pipeline and
approximately $5 million of licensing revenue already under
contract and two scheduled trials with ProofPoint and Sophos,"
continued Hartstein.  "We are eager to build upon the Finjan brand
while vigorously protecting our IP portfolio as we value Finjan's
20-year history in cybersecurity, the investment of our licensees
and our shareholders."

Select Strategic Highlights

IP Licensing and Enforcement:

* $40 million Jury Verdict and subsequent Judgment in favor of
   Finjan for patents being found valid and infringed by Blue Coat

   Systems;

* The value of Finjan's patents reinforced in several decisive
   key actions by the Patent Trial and Appeal Board (PTAB):

     -- Sophos filed inter parties reviews (IPRs) on two petitions

        against Finjan's U.S. Patent 8,677,494 ('494 Patent) and
        U.S. Patent 7,613,926 ('926 Patent) both of which were
        denied institution;

     -- Symantec attempted to invalidate 8 of the asserted Finjan
        patents through 11 separate IPR challenges; 10 of the 11
        challenges were denied institution while 30 of 31 grounds
        of invalidity were challenged; and,

     -- Palo Alto Networks filed 13 IPRs in an attempt to
        invalidate 10 Finjan Patents.  To date, only two responses

        have been received from the PTAB related to Finjan's U.S.
        Patent No. 7,418,731 ("the '731 Patent") and U.S. Patent
        No. 8,141,154 ("the '154 Patent").  The PTAB denied
        institution of the ‘731 but agreed to hear evidence
        against the '154 patent.

Expanding Patent Portfolio:

* Received four new issued patents by the United States Patent
   and Trademark office (USPTO):

     -- U.S. Patent No. 9,141,786 (Malicious Mobile Code
        Protection);

     -- U.S. Patent No. 9,189,621 (Malicious Mobile Code
        Protection);

     -- U.S. Patent No. 9,219,755 (Malicious Mobile Code
        Protection); and,

     -- U.S. Patent No. 9,294,493 (Computer Security Method and
        System and System with Input Parameter Validation).

Enforcement Schedule:

* Symantec (3:14-cv-02998-HSG, CAND SF) -- Hearing on lifting the
   Stay in the case based upon PTAB outcome of 11 IPR challenges
   scheduled for April 5, 2016;

* Blue Coat Systems (5:13-cv-03999-BLF, CAND SJ) -- Hearing on
   post-trial motions scheduled for April 28, 2016;

* ProofPoint (3:13-cv-05808-HSG, CAND SF) -- Trial scheduled for
   June 13, 2016;

* Sophos (3:14-cv-01197-WHO, CAND SF) -- Trial scheduled for
   Sept. 6, 2016; and,

* Blue Coat Systems II (5:15-cv-03295-BLF, CAND SJ) -- Claim
   construction hearing scheduled for Dec. 9, 2016.

Emerging Cyber Focused Businesses and Investments in Innovation:

* CybeRisk Security Solutions Ltd. launched in Tel Aviv and has
   expanded presence with an office in London, England;

* Significant early returns realized from our strategic limited
   partner investment with Jerusalem Venture Partners (JVP); and,

* Launched Finjan Mobile with launch of first mobile security
   application The Finjan Mobile Secure Browser, a simple solution
   for protecting consumers' mobile device from malicious content.

                           About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan Holdings reported a net loss of $12.60 million in 2015, a
net loss of $10.47 million in 2014 and a net loss of $6.07 million
in 2013.

As of Dec. 31, 2015, Finjan had $9.20 million in total assets,
$2.85 million in total liabilities and $6.34 million in total
stockholders' equity.


FIRST DATA: Sells $900 Million Senior Secured Notes Due 2024
------------------------------------------------------------
First Data Corporation, on March 29, 2016, issued and sold
$900,000,000 aggregate principal amount of additional 5.000% Senior
Secured Notes due 2024, which mature on Jan. 15, 2024, pursuant to
the indenture governing the 5.000% Senior Secured Notes due 2024
that were issued on Nov. 25, 2015, by and among the Company, the
guarantors party thereto and Wells Fargo Bank, National
Association, as trustee, according to a regulatory filing with the
Securities and Exchange Commission.  

The additional notes are expected to be treated as a single series
with the Existing 5.000% Notes and will have the same terms as
those of the Existing 5.000% Notes.  The additional notes and the
Existing 5.000% Notes will vote as one class under the Indenture.
The Company used the net proceeds from the issue and sale of the
additional notes to repay a portion of its senior secured term loan
facility due 2018 and to pay related fees and expenses.

                       About First Data

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

First Data reported a net loss attributable to the Company of $1.48
billion on $11.5 billion of total revenues for the year ended Dec.
31, 2015, compared to a net loss attributable to the Company of
$458 million on $11.2 billion of total revenues for the year ended
Dec. 31, 2014.

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


                           *     *     *

The Company carries a 'B3' corporate family rating, with a
stable outlook, from Moody's Investors Service, a 'B' corporate
credit rating, with stable outlook, from Standard & Poor's, and
a 'B' long-term issuer default rating from Fitch Ratings.


FLOUR CITY BAGELS: Has Access to Cash Collateral Until April 15
---------------------------------------------------------------
Judge Paul R. Warren issued a third interim order authorizing Flour
City Bagels, LLC, to use cash collateral of United Capital Business
Lending, Inc. and Canal Mezzanine Holdings II LP.  The Debtor can
use cash collateral in accordance with the budget through April 15,
2016.  As of the Petition Date, the Debtor was indebted in the
principal of $5.26 million to United Capital and $4.50 million to
Canal.  As adequate protection, the Lenders will receive
superpriority claims and adequate protection liens.  A final
hearing on the Debtor's motion is scheduled for April 12, 2016, at
noon (Eastern Time).  Objections are due April 1.

A copy of the Third Interim Order dated March 17, 2016, is
available for free at:

   http://bankrupt.com/misc/Flour_City_118_3rd_Cash_Ord.pdf

                     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.


FOODS INC: Consensual Chapter 11 Plan Confirmed
-----------------------------------------------
Foods Inc., which has sold most of its assets, won confirmation of
a Chapter 11 plan that was co-proposed by its Official Committee of
Unsecured Creditors.  The withdrawal of pending objections rendered
the Debtor's plan consensual.  Holders of general unsecured claims
owed $4.72 million (Class 3) are impaired although they are
projected to have a 100% recovery.  The Debtor's Plan contemplates
that the Trustee of the Dahl's Liquidating Trust will conduct an
analysis of all potentially avoidable preference payments and other
fraudulent transfers.  Depending on the outcome and results of any
disputes involving any remaining assets of the Debtor, and the
Trust's success in pursuit of the preference Claims and actions,
there may be a dividend paid on account of the allowed claims of
general unsecured creditors.  Equity interests will be paid a pro
rata dividend, if any, and only to the extent general unsecured
claims are paid in full, from the net proceeds of the assets of the
Liquidating Trust.  The Second Amended Combined Disclosure
Statement and Plan was approved Oct. 10, 2015, and the Plan became
effective Nov. 6, 2015.

Copies of the Combined Plan and Disclosure Statement, as amended,
are available at:

        http://bankrupt.com/misc/Foods_Inc_593_Am_DS.pdf
        http://bankrupt.com/misc/Foods_Inc_642_2nd_Am_DS.pdf

Barry A. Chatz, as the Liquidating Trustee of The Foods, Inc.
Liquidating Trust, is represented by:

         Richard S. Lauter
         Devon J. Eggert
         Elizabeth L. Janczak
         FREEBORN & PETERS LLP
         311 South Wacker Drive, Ste. 3000
         Chicago, Illinois 60606-6677
         Telephone: 312.360.6000
         Facsimile: 312.360.6520
         E-mail: rlauter@freeborn.com
                 deggert@freeborn.com
                 ejanczak@freeborn.com

                        About Foods Inc.

Dahl's Foods owned and operated 10 full-line grocery stores in and
around the Des Moines, Iowa area.  Since the 1970s, Dahl's has been
employee owned pursuant to an ESOP with 97% of the ownership held
by the ESOP.  The remaining 3% is owned by certain past and present
members of management and other former employees.

Foods, Inc. dba Dahl's Foods, Dahl's Food Mart, Inc., and Dahl's
Holdings I, LLC, sought bankruptcy protection (Bankr. S.D. Iowa
Lead Case No. 14-02689) in Des Moines, Iowa on Nov. 9, 2014, with a
deal to sell to Associated Wholesale Grocers Inc. for $4.8
million.

The Debtors tapped Bradshaw, Fowler, Proctor & Fairgrave, P.C., as
bankruptcy counsel, Crowe & Dunlevy, P.C., as special
reorganization and conflicts counsel, and Foods Partners, LLC as
financial advisor and investment banker.

The U.S. Trustee for Region 12 appointed four creditors of Foods,
Inc. to serve on the official committee of unsecured creditors. The
Committee is represented by Freeborn & Peters LLP; and O'Keefe &
Associates Consulting, LLC serves as its financial advisor.

                           *     *     *

The Debtor also sought approval to tap (i) John C. Alonso, CPA and
State Tax Advisors, Inc. as Debtor's Special Iowa Sales and Use Tax
Refund Claims Accountants, and (ii) K. Dwayne Vande Krol, Esq. and
Nyemaster Goode, PC as its Special Iowa Sales and Use Tax Refund
Claims Counsel.

The Debtor in January 2015 conducted an auction for its real estate
and operational assets and another auction for its pharmacy
prescriptions and pharmaceutical inventory.  The Debtor's store at
5003 EP True Parkway, West Des Moines, Iowa, and the equipment in
the EP True Store were sold to Kum & Go, L.C.  The Debtor's store
at 8700 Hickman Road, Clive, Iowa was sold to Equity Ventures
Commercial Development, L.C.  The Debtor's pharmacy prescriptions
and pharmacy inventory at the 8700 Hickman Store, EP True Store,
and 3400 East 33rd Street, Des Moines, Iowa were sold to Hy-Vee,
Inc.  The Debtor's remaining assets were sold to AWG, pursuant to
the Second Amended Asset Purchase Agreement between AWG and the
Debtors.

The cases involving the Debtor's affiliates, Dahl's Food Mart
(14-2690) and Dahl's Holding LLC (14-2691) were dismissed by court
order on Aug. 14, 2015, and the cases were closed on Aug. 31, 2015.


FORESIGHT ENERGY: Lenders Extend Forbearance Period Thru April 5
----------------------------------------------------------------
Foresight Energy LLC and Foresight Energy Finance Corporation,
together with Foresight Energy LP and certain other subsidiaries of
Foresight Energy LP, again extended the term of the existing
forbearance agreement that was entered into on December 18, 2015
with certain holders of the Company's 7.875% Senior Notes due 2021.
As a result of the extension, the forbearance period runs through
April 5, 2016, unless further extended by the Consenting
Noteholders in their sole discretion or unless earlier terminated
in accordance with its terms.  

Foresight Receivables LLC, together with the Partnership, extended
the term of the forbearance agreement that was entered into on
January 27, 2016 with certain lenders  under Foresight Receivables'
receivables financing agreement.  As a result of the extension, the
forbearance period runs through April 5, 2016, unless further
extended by the Consenting Lenders in their sole discretion or
unless earlier terminated in accordance with its terms.  

The extensions are intended to provide additional opportunity to
engage in discussions and negotiations with the holders of the
Notes and our secured lenders.

Kenneth Pringle, writing for Bloomberg News, in an article at
Bloomberg Brief, noted that the company's forbearance period was
set to expire March 29 with bondholders who say they are owed more
than $600 million and with creditors who didn't receive a $23.6
million interest payment in February. The company has been trying
to restructure its debt with lenders outside of court as it works
to stave off bankruptcy after defaulting on several fronts.


FOUR OAKS: May Issue 150,000 Shares Under Bonus Plan
----------------------------------------------------
Four Oaks Fincorp, Inc., filed with the Securities and Exchange
Commission a Form S-8 registration statement to register an
additional 150,000 shares of common stock of the Company issuable
under its Amended and Restated Employee Stock Purchase and Bonus
Plan.  A copy of the regulatory filing is available for free at:

                     http://is.gd/ZpDyfS

                        About Four Oaks

Four Oaks Fincorp, Inc., through its wholly-owned subsidiary, Four
Oaks Bank & Trust Company, offers a broad range of financial
services through its sixteen offices in Four Oaks, Clayton,
Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs,
Harrells, Zebulon, Dunn, Raleigh (LPO), Apex (LPO) and Southern
Pines (LPO), North Carolina.  Four Oaks Fincorp, Inc. trades
through its market makers under the symbol of FOFN.

                            *   *    *

This concludes the Troubled Company Reporter's coverage of Four
Oaks Fincorop, Inc. until facts and circumstances, if any, emerge
that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


FOUR OAKS: Reports $20 Million Net Income for 2015
--------------------------------------------------
Four Oaks Fincorp, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K reporting net income of
$20 million on $29.36 million of total interest and dividend income
for the year ended Dec. 31, 2015, compared to a net loss of $4.18
million on $28.80 million of total interest and dividend income for
the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Four Oaks had $691.38 million in total assets,
$630.98 milion in total liabilities and $60.40 million in total
shareholders' equity.

At Dec. 31, 2015, the Company's outstanding commitments to extend
credit consisted of loan commitments of $29.4 million, undisbursed
lines of credit of $94.2 million, unused credit card lines of $16.0
million, financial stand-by letters of credit of $438,000 and
performance stand-by letters of credit of $233,000.  The Company
believes that its combined aggregate liquidity position from all
sources is sufficient to meet the funding requirements of loan
demand, and deposit maturities and withdrawals in the near term.

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

                     http://is.gd/9UnaUk
                      About Four Oaks

Four Oaks Fincorp, Inc., through its wholly-owned subsidiary, Four
Oaks Bank & Trust Company, offers a broad range of financial
services through its sixteen offices in Four Oaks, Clayton,
Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs,
Harrells, Zebulon, Dunn, Raleigh (LPO), Apex (LPO) and Southern
Pines (LPO), North Carolina.  Four Oaks Fincorp, Inc. trades
through its market makers under the symbol of FOFN.

                            *   *    *

This concludes the Troubled Company Reporter's coverage of Four
Oaks Fincorp, Inc. until facts and circumstances, if any, emerge
that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.


FOURTH QUARTER: Liquidating Plan Confirmed by Judge
---------------------------------------------------
Judge W. Homer Drake on March 15, 2016, entered an order confirming
Fourth Quarter Properties 86, LLC's Amended Liquidating Plan of
Reorganization dated Dec. 23, 2015.

MLIC Asset Holdings, LLC and MLIC CB Holdings, LLC ("MetLife")
voted to reject the Plan and submitted a confirmation objection.
However, according to the Plan Confirmation Order, the Debtor
announced clarifications and modifications to the Plan in response
to objections and requests made by MetLife (Class 2) and John D.
Phillips (Class 3).

The Modifications provide that the Allowed Secured Claims of
MetLife in the stipulated amount of $26,817,816 as of the Petition
Date, plus interest at the non-default rate of 5% per annum accrued
from the Petition Date to the Closing Date, plus post-petition
reasonable attorney's fees and costs subject to review and approval
by the Debtor, and less adequate protection payments made prior to
the Closing Date, collateralized by a security interest in the Real
Property is included in Class 2 and shall be paid in full on the
Effective Date from the Net Proceeds from the sale of the Real
Property.

In the event the proposed sale of the Real Property does not close
on or before Oct. 31, 2016, the Real Property shall continue to be
governed by the terms of that certain Consent Order dated December
2, 2015 between the Debtor and MetLife.  If the Real Property does
not sell for an amount in excess of the Allowed Amount of the
Allowed Secured Claim in Class 2, the Net Proceeds of the Sale will
be paid to the holder of the Class 2 Allowed Secured Claim, and the
balance of the Allowed Claim in Class 2, including accrued but
unpaid interest will be included in Class 5 and paid as provided
for Allowed Claims in such Class.  No provision of this Plan shall
impair the credit bid rights of the holder of the Class 2 Claim or
the right of the Debtor to contest the amount of any deficiency
claim included in Class 5.

In addition, the Allowed Claim of John D. Phillips in the
stipulated amount of $28,051,077 as of the Petition Date,
collateralized by a second position security interest in the Real
Property, is included in Class 3.  Any Net Proceeds of such sale in
excess of the amount payable to the holder of the Allowed Secured
Claim in Class 2 hereunder, shall be paid to the holder of any
Allowed Secured Claim in Class 3 on the Effective Date.  Claims in
Class 3 are not designated to be paid in full under this Plan.  To
the extent Net Proceeds from the sale of the Real Property are
insufficient to pay the Class 3 claim in full, any deficiency will
be treated as a Class 5 Claim.

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

   http://bankrupt.com/misc/4th_Q_Prop_168_Plan_Conf_Order.pdf

                       The Liquidating Plan

The Debtor's Plan proposes a liquidation under Chapter 11 of the
Bankruptcy Code.  The funds required for implementation of the Plan
and repayment of the DIP financing will be generated from operating
the cattle ranch and proceeds of the sale of personal property, and
funds required for the distributions will be provided from the
proceeds of the sale of the Real Property and Personal Property of
the Debtor.

According to the Disclosure Statement, the Plan provides that:

   * The allowed secured claims of governmental units (Class 1),
are unimpaired.  There are no known claims in this class.

   * The allowed secured claims of MLIC Asset Holdings, LLC and
MLIC CB Holdings, LLC (Class 2) will be paid in full on the
Effective Date from the net proceeds from the sale of the Debtor's
real property.  

   * The allowed secured claim of John d. Phillips (Class 3) will
be paid on the Effective Date from the Net Proceeds of the sale of
the Real Property.

   * Non-tax priority claims (Class 4) are impaired and will be
paid in full, together with plan interest, on the effective date
from the net proceeds from the sale of Personal Property.

   * General unsecured claims (Class 5) will receive, pro rata, the
net proceeds of the sale of Personal Property of the Debtor,
following payment of Unclassified and Class 4 Claims in full.

   * Subordinated claims (Class 6) will be paid on a pro rata
basis, the remaining net proceeds from the sale of the Real
Property and Personal Property to the extent Net Proceeds are
available after distributions to allowed unclassified, and
Class 1 to 5 Claims.

   * Equity interest holders of the Debtor (Class 7) will not
retain or receive any property under the Plan.

A copy of the Amended Disclosure statement is available for free
at:

         http://bankrupt.com/misc/Fourth_Q_140_Am_DS.pdf

                       About Fourth Quarter

Fourth Quarter Properties 86, LLC, owns and operates the Little
Jennie Ranch.  The Ranch was created when several homesteads along
Dell Creek were combined, and now comprises of 3,011 acres just
north of the tiny community of Bondurant, Wyoming.  The Ranch is a
working cattle ranch and seeped in a rich history and has been in
operation since the 1950s and considered by many to be the crown
jewel of working cattle ranches in Wyoming.  Black Angus cattle
thrive on the property, which with its meadowlands and grazing
leases can provide sufficient forage for 1,100 to 1,400 head.

As of Fourth Quarter's bankruptcy filing, the Ranch was home to
and
continues to be home to livestock, comprising of approximately 468
commercial cattle, 11 horses, 13 heifer calves, and 2 steer
calves.
The Ranch's complex cattle operations are run by Mr. Dick Beck,
one
of the premier ranch managers in the United States, with Three
Trees Ranch, Inc., one of the largest purebred Angus operations in
the nation.

Little Suwanee Holdings, LLC, owns 95 percent of the membership
interests in the Debtor while J. Bruce Williams, Jr., holds the
remaining 5 percent.

Due to notices of foreclosure by MetLife, Fourth Quarter
Properties
86 sought Chapter 11 protection (Bankr. N.D. Ga. Case No.
15-10135)
in Newnan, Georgia, on Jan. 22, 2015.

The Debtor tapped Stone & Baxter LLP, in Macon, Georgia, as
bankruptcy counsel.  The Debtor also received approval to hire
Thomas A. Ogle to appraise its real property.

The Debtor disclosed $49,124,608 in assets and $75,377,946 in
liabilities in its schedules.

Debtor attended the Sec. 341 meeting of creditors on March 11,
2015.

No creditor's committee has been appointed in the Bankruptcy Case.

                           *     *     *

The Debtor obtained approval to obtain a credit facility from
Fourth Quarter Properties 100, LLC in the maximum amount of
$500,000.  On Feb. 3, 2016, the Debtor obtained approval to extend
the term of the DIP financing to Oct. 31, 2016, and raise the
maximum amount to $1,750,000.


FPMC SAN ANTONIO: Court Confirms Default; TCB Gets Stay Relief
--------------------------------------------------------------
Judge Craig A. Gargotta in early March 2016 entered an order
providing that the automatic stay in FPMC San Antonio Realty
Partners, LP's Chapter 11 case is lifted as to the DIP lender and
the prepetition lenders, effective as of Jan. 4, 2016.

On Nov. 12, 2015, the Court entered an order authorizing the Debtor
to obtain postpetition financing.  The DIP Order, inter alia,
provided certain events of default in the event the Debtor failed
to satisfy certain requirements of the DIP Credit Agreement.
Events of Default under the DIP Order and the DIP Credit Agreement
occurred in December of 2015 and January of 2016. As a result of
these Events of Default, the DIP Order and the DIP Credit Agreement
provide that the automatic stay is lifted as to the DIP Lender and
the Prepetition Lenders with respect to any and all rights of the
Lender and the Prepetition Lenders under applicable law and the
respective Loan Documents and Prepetition Loan Documents without
further notice or order of the Court.

Accordingly, in an order dated March 3, 2016, the Court confirms
that the automatic stay of 11 U.S.C. Section 362 has been lifted as
to the DIP Lender and the Prepetition Lenders.  The Court rules
that on and after Jan. 4, 2016, the DIP Lender and the Prepetition
Lenders may exercise any and all of their rights with respect to
the Collateral and the Mortgaged Property securing their respective
obligations as provided by the Loan Documents and the Prepetition
Loan Documents and state law, including posting for and conducting
a non-judicial foreclosure sale of the Collateral and the Mortgaged
Property.

On Dec. 30, 2015, counsel for DIP lender Texas Capital Bank N.A.
sent notice to the Debtor of an alleged event of default under the
DIP Loan Agreement.  The Default Letter alleges that effective Jan.
4, 2016, the Debtor will have failed to meet the milestones
requiring the Debtor to (i) select a strategic transaction on or
before Dec. 20, 2015 that satisfied the requirements of the DIP
Agreement, and (ii) obtain a Court order approving the sale on or
before Jan. 4, 2016.

                     About FPMC San Antonio

FPMC San Antonio Realty Partners, LP's primary asset is a property
commonly known as the Forest Park Medical Center Hospital and
Medical Office Building located at 5510 Presidio Parkway in San
Antonio, Texas.  Forest Park Medical Center Hospital is a specialty
surgical hospital and medical office building.  The four-story,
150,000 square-foot hospital has 54 beds.  The Property includes an
adjacent 4-story, 84,000 square foot Medical Office Building,
together with a parking garage.

The Debtor did not operate the health care business conducted on
its property and instead leased the surgical hospital to a third
party.  The hospital has ceased operations and furloughed its
employees.

FPMC San Antonio Realty Partners sought Chapter 11 bankruptcy
protection (Bankr. W.D. Tex. Case No. 15-52462) on Oct. 6, 2015 to
pursue an 11 U.S.C. Sec. 363 sale of the assets.   The Debtor was
forced to file the Chapter 11 Case in order to stop an impending
foreclosure on the Property.

Judge Craig A. Gargotta is assigned to the case.

FPMC reported $110.3 million in assets and $67.4 million in
liabilities, according to San Antonio Express-News. The mortgage
loan accounts for most of the debt.

The Debtor tapped the Law Offices of Ray Battaglia, PLLC, as
counsel. The Debtor also engaged CBRE, Inc., to market the
property.

DIP Lender Texas Capital Bank is represented by J. Mark
Chevallier,
Esq., at McGuire, Craddock & Strother.


FREEDOM COMMUNICATIONS: AFCO Premium Finance Agreement Okayed
-------------------------------------------------------------
Freedom Communications, Inc., and its related debtors received
approval from the Bankruptcy Court to enter into a premium finance
agreement with AFCO Corp. and to pay AFCO all sums due under the
Agreement.  Annually, Freedom obtains an excess workers'
compensation coverage from Safety National Casualty Corporation and
finance the Policy premium through AFCO Corp. for coverage in
excess of $1 million.  The Debtors' current Policy bears a total
premium payment of $204,327.  The Debtors are duty bound on the
coverage on the Policy, but did not have the ability to pay the
Premium in one lump sum, so that the Debtors must enter into the
premium finance agreement with AFCO to pay for the balance of the
insurance premium remaining after application of the Initial Down
Payment of $71,514 and payments of $19,217.44 monthly installments
over a term of seven months and in addition, the obligations under
the financing agreement will be secured by unearned premiums.  The
Debtors said having such excess workers' compensation coverage will
ensure that the Debtors operations can continue uninterrupted and
the Debtors are still operating their businesses.

                   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 and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.

Headquartered in Santa Ana, California, Freedom 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. Proposed Lead Case No. 15-15311) on
Nov. 1, 2015.  Richard E. Mirman signed the petition as chief
executive officer.  Lobel Weiland Golden Friedman LLP serves as
the
Debtors' counsel.

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


FREEDOM COMMUNICATIONS: Incentive and Severance Program Approved
----------------------------------------------------------------
Freedom Communications, Inc., and its related debtors won approval
from the Bankruptcy Court of an employee incentive and severance
program for certain of the Debtors' employees.

Judge Mark S. Wallace granted the Debtors' Motion in its entirety.
The Incentive and Severance Program will provide for the (i)
payment of incentive pay to seven key members of the Debtors'
management based on obtaining certain value thresholds in
connection with the contemplated sale of substantially all of the
Debtors' assets pursuant to a Key Executive Incentive Program (the
"KEIP"), and (ii) payment of severance pay to associate employees
and Key Executives of the Debtors in the event of a termination of
employment post-Jan. 1, 2016 pursuant to a Employee Severance
Program.

The Debtors are authorized, but not directed, to implement the KEIP
and ESP as detailed in the Incentive and Severance Program.

Once earned, the Debtors' obligation to pay amounts that become due
and owing under the KEIP and/or ESP will constitute an
administrative expense pursuant to 503(b) of the Bankruptcy Code,
entitled to priority payment pursuant to Section 507(a)(2) of the
Bankruptcy Code.  

The right of a Participant to any Bonus Amount under the Incentive
and Severance Plan will be subordinate to claims of the DIP Agent
and DIP Lenders as set forth in the DIP Order.  The payments
provided for under the terms of the Incentive and Severance Program
will not be considered "payroll and associated costs" as used in
paragraph 18(a) of the DIP Order and, after the occurrence of a
Termination Date (as defined in the DIP Order), the Debtors may not
use Cash Collateral (as defined in the DIP Order) to make any
payments to or on behalf of any Employee pursuant to the KEIP or
ESP.

                   About Freedom Communications

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

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

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

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

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


FREEDOM COMMUNICATIONS: Plan Filing Exclusivity Expires April 29
----------------------------------------------------------------
Freedom Communications, Inc., et al., sought and obtained from the
U.S. Bankruptcy Court for the Central District of California an
order extending their exclusive periods to file a plan of
reorganization to April 29, 2016, and to solicit acceptances of
that plan to June 28, 2016.

In seeking an extension, William N. Lobel, Esq. --
wlobel@lwgfllp.com -- at Lobel Weiland Golden Friedman LLP, in
Costa Mesa, California, explained that the Debtors require
additional time to complete the sale of their assets.  He added
that the Debtors anticipate that a plan and disclosure statement
will be filed and served after the completion of the sales process,
which they hope to be completed by the end of March 2016.

                   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 and 24 of its affiliates sought Chapter 11
bankruptcy protection in California with the intention of selling
their assets to a group of local investors led by Rich Mirman,
Freedom's chief executive officer and publisher.

Headquartered in Santa Ana, California, Freedom 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. Proposed Lead Case No. 15-15311) on
Nov. 1, 2015.  Richard E. Mirman signed the petition as chief
executive officer.  Lobel Weiland Golden Friedman LLP serves as
the
Debtors' counsel.

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


FRESH & EASY: $360K Sale of Catalina Lease Approved
---------------------------------------------------
At the behest of Fresh & Easy, LLC, the U.S. Bankruptcy Court for
the District of Delaware entered an order (i) authorizing the
assumption, assignment, and transfer of the real property lease
with respect to the premises located at 955 Catalina Boulevard, San
Diego, California, and certain related property to Zack Brothers
Inc., dba Jensen's Finest Foods; and (ii) approving the terms of
the assignment and assumption agreement.  Jensen's will pay to the
Debtor a purchase price of $360,000, plus an additional $50,000 for
cure of amounts that have already come due and remain unpaid under
the Lease.  

The Debtor will be solely responsible for paying all  cure amounts
necessary under section 365(b)(1)(A) of the Bankruptcy Code in
excess of $50,000, if any.  Jensen's will be responsible for paying
all remaining obligations under the Lease and the liquor license
for the Premises, including, but not limited to, any rent, any
accrued but not yet due adjustments for CAM, real estate taxes,
insurance and any other accrued but not yet due charges, and any
indemnification obligations or matters of performance.

                        About Fresh & Easy

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

Judge Christopher S. Sontchi is assigned to the case.

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

                           *     *     *

The Debtor has undertaken the process of liquidating the estate's
assets located at its retail locations and distribution center with
the assistance of Hilco Merchant Resources, LLC, and Industrial
Assets Corp., respectively, has engaged DJM Realty Services, LLC,
and CBRE, Inc., to market its leasehold interests, and has recently
engaged Hilco Streambank to assist with the disposition of its
intellectual property.  

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


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

The Company said the assets at its corporate headquarters located
at 20101 Hamilton Avenue, 3rd Floor, Torrance, California, and the
Company's data center located at 200 N Nash Street, El Segundo
California, remain a viable source of significant recovery.  Great
American will conduct a publicly-market sale of the Assets until
July 1, 2016.  Great American will charge buyers and retain an
amount equal to 18% of the Gross Proceeds received upon the sale of
any Assets.  Great American will not be entitled to any commission
on the sales of the Assets.  Great American will be entitled to
reimbursement by the Debtor for all actual expenses.

                        About Fresh & Easy

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

Judge Christopher S. Sontchi is assigned to the case.

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

                           *     *     *

The Debtor has undertaken the process of liquidating the estate's
assets located at its retail locations and distribution center with
the assistance of Hilco Merchant Resources, LLC, and Industrial
Assets Corp., respectively, has engaged DJM Realty Services, LLC,
and CBRE, Inc., to market its leasehold interests, and has recently
engaged Hilco Streambank to assist with the disposition of its
intellectual property.  


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


HANCOCK FABRICS: Going-Out-of-Business Sales to Begin Today
-----------------------------------------------------------
Great American Group (GA), a provider of advisory and valuation
services, asset disposition and auction solutions, commercial
lending services and a subsidiary of B. Riley Financial, Inc. was
the highest bidder in the bankruptcy auction for the assets and
inventory of fabric retailer, Hancock Fabrics, Inc.

On March 31, 2016, GA was recognized as the successful bidder at
auction by the U.S. Bankruptcy Court in Delaware and will manage
the going-out-of-business sales for 185 Hancock Fabrics stores
beginning today, April 1, 2016.

"Great American Group has worked closely with Hancock Fabrics in a
range of capacities over the last several years," said Scott
Carpenter, president of GA's Retail Solutions division.  "This has
given us a deep understanding of Hancock's inventory and assets,
which ultimately allowed us to prevail as the highest bidder."

Bryant Riley, Chairman and CEO of B. Riley Financial, added: "Great
American Group has extensive experience working with specialty
retailers like Hancock, as well as creditors, to effectively manage
complicated and sensitive situations.  This transaction is an
example of the expansive operating and financial synergies of the
B. Riley Financial platform, which leverages our company's industry
relationships and unmatched consumer retail expertise."

The going-out-of-business sales start April 1, 2016 and are
expected to last several weeks before all of the merchandise is
sold in all of the 185 remaining locations.

                       About Hancock Fabrics

Hancock Fabrics, Inc., is a specialty fabric retailer operating
stores under the name "Hancock Fabrics".  Hancock has 4,500
full-time and part time employees.  The Baldwyn, Mississippi-based
company is one of the largest fabric retailers in the United
States, operating 260 stores in 37 states as of October 31, 2015
and an internet store under the domain name
http://www.hancockfabrics.com/    

Hancock Fabrics, Inc. and six of its affiliates, retailer of
fabric, sewing and accessories, filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10296 to 16-10302) on Feb.
2, 2016.  Dennis Lyons, the senior vice president and chief
administrative officer, signed the petitions.  Judge Brendan
Linehan Shannon is assigned to the jointly administered cases.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Richards, Layton & Finger, P.A., as local counsel, Clear Thinking
Group LLC as financial advisor, Retail Consulting Services, Inc.
d/b/a Real Estate Advisors as real estate advisors and Kurtzman
Carson Consultants, LLC as claims and noticing agent.

The Debtors disclosed total assets of $151.4 million and total
debts of $182.1 million.  The Debtors owe its trade vendors
approximately $21.2 million as of Jan. 31, 2016.


HERCULES OFFSHORE: Posts $362-Mil. Net Loss in 4th Quarter 2015
---------------------------------------------------------------
Hercules Offshore, Inc. on March 30 reported a net loss of $361.8
million, or $2.24 per diluted share, on revenue of $27.5 million
for the period from October 1, 2015 to November 6, 2015 for the
Predecessor Company, and a net loss of $23.7 million, or $1.18 per
diluted share, on revenue of $32.4 million for the period from
November 6, 2015 to December 31, 2015 for the Successor Company.
Upon emergence from Chapter 11 bankruptcy on November 6, 2015,
Hercules adopted fresh start accounting, which resulted in the
Company becoming a new entity for financial reporting purposes.
References to "Successor" relate to the financial position of the
reorganized Hercules as of and subsequent to November 6, 2015.
References to "Predecessor" refer to the financial position of
Hercules as of and prior to November 6, 2015 and the results of
operations through November 6, 2015.  As a result of the
application of fresh start accounting and the effects of the
implementation of the Plan of Reorganization, the financial
statements on or after November 6, 2015 are not comparable with the
financial statements prior to that date.

As outlined in the Reconciliation of GAAP to Non-GAAP Financial
Measures, Predecessor results for the period from October 1, 2015
to November 6, 2015 include a net charge of approximately $345.6
million, or $2.14 per diluted share, consisting primarily of a
$342.7 million charge for reorganization items.  Successor results
for the period from November 6, 2015 to December 31, 2015 include a
charge for reorganization items of $1.3 million, or $0.06 per
diluted share.  For the fourth quarter 2014, the Predecessor
reported a net loss of $154.1 million, or $0.96 per diluted share,
on revenue of $178.7 million.  Predecessor results for the fourth
quarter 2014 include a non-cash impairment charge of property and
equipment for $117.0 million, or $0.73 per diluted share.

For the period from January 1, 2015 to November 6, 2015, the
Predecessor reported a net loss of $602.5 million, or $3.73 per
diluted share, on revenue of $303.2 million, and a net loss of
$23.7 million, or $1.18 per diluted share, on revenue of $32.4
million for the period from November 6, 2015 to December 31, 2015
for the Successor.  For the twelve month period ending December 31,
2014, the Predecessor reported a net loss of $216.1 million, or
$1.35 per diluted share, on revenue of $900.3 million.  As outlined
in the Reconciliation of GAAP to Non-GAAP Financial Measures,
Predecessor results for the period from January 1, 2015 to November
6, 2015 include a net charge of approximately $384.3 million, or
$2.38 per diluted share, primarily related to reorganization,
restructuring and financing items.  Predecessor results for the
twelve month period ending December 31, 2014 include a net charge
of approximately $196.8 million, or $1.23 per diluted share,
consisting of a $199.5 million non-cash impairment charge of
property and equipment, a $22.6 million net gain on the sale of
cold stacked drilling rigs, and a $19.9 million charge related to
retirement of our 7.125% senior secured notes and issuance of our
6.75% senior notes.

John T. Rynd, Chief Executive Officer and President of Hercules
Offshore stated, "We closed out 2015 with the drilling industry at
its weakest point in over 30 years, driven by the sharp decline in
the price of crude oil.  Both our rig and liftboat segments in all
regions have been negatively impacted.  In an effort to realign our
cost structure to better reflect the weak environment, we have made
significant reductions to our organization and capital spending
programs, and will continue to be vigilant with our cost
curtailment efforts.  As previously disclosed, we are also working
diligently with our Board of Directors and advisors on reviewing
our strategic alternatives to maximize the value of the Company.

"Looking into 2016 and beyond, we do not expect business conditions
to rebound without a material and sustained rally in oil prices.
The duration of this low commodity price environment is uncertain,
which places greater emphasis on liquidity and drove us to
proactively restructure our balance sheet last year.  We emerged
from our restructuring process with significantly less debt and
over $500 million in cash, including $200 million reserved for the
final shipyard payment on our newbuild rig the Hercules Highlander.
Construction of the Hercules Highlander is progressing as
scheduled, with delivery expected during the second quarter 2016.
We are working closely with our customer, Maersk Oil & Gas, and the
shipyard to ensure timely delivery and acceptance of the rig prior
to its departure to the U.K. North Sea, where it will commence on
its five-year contract."

Domestic Offshore

Revenue generated from Domestic Offshore by the Predecessor for the
period from October 1, 2015 to November 6, 2015 was $10.3 million,
and $9.9 million for the period from November 6, 2015 to December
31, 2015 for the Successor.  Fourth quarter 2014 Predecessor
revenue was $90.2 million.  The 78% decrease in revenue was driven
largely by lower dayrates and utilization on a reduced rig fleet.
Operating expense reported by the Predecessor for the period from
October 1, 2015 to November 6, 2015 was $5.4 million and $9.0
million for the period from November 6, 2015 to December 31, 2015
for the Successor.  Fourth quarter 2014 Predecessor operating
expense was $59.3 million.  The 76% decline in operating expense is
largely attributable to a reduction in the number of marketed rigs
in operation.  Domestic Offshore reported nearly breakeven
operating income by the Predecessor for the period from October 1,
2015 to November 6, 2015 and an operating loss of $0.6 million for
the period from November 6, 2015 to December 31, 2015 for the
Successor.  Fourth quarter 2014 Predecessor reported an operating
loss of $104.2 million for Domestic Offshore, including a non-cash
asset impairment charge of property and equipment for $117.0
million.

International Offshore

Revenue generated from International Offshore by the Predecessor
for the period from October 1, 2015 to November 6, 2015 was $12.4
million and $17.3 million for the period from November 6, 2015 to
December 31, 2015 for the Successor.  Fourth quarter 2014
Predecessor revenue was $64.6 million.  The 54% decrease in revenue
was primarily due to lower contracted dayrates for the rigs working
for Saudi Aramco and idle time on the Hercules 208, Hercules 267
and Hercules Resilience, partially offset by full utilization on
the Hercules 260.  Operating expense reported by the Predecessor
for the period from October 1, 2015 to November 6, 2015 was $13.3
million and $14.4 million for the period from November 6, 2015 to
December 31, 2015 for the Successor.  Fourth quarter 2014
Predecessor operating expense was $54.0 million.  The 49% decline
in operating expense was primarily driven by cost reduction
measures on the idle rigs as well as higher fourth quarter 2014
expense related to the mobilization cost of the Hercules Triumph to
the North Sea.  International Offshore reported an operating loss
of $10.3 million by the Predecessor for the period from October 1,
2015 to November 6, 2015 and an operating loss of $1.6 million for
the period from November 6, 2015 to December 31, 2015 for the
Successor.  Fourth quarter 2014 Predecessor reported an operating
loss of $11.0 million for International Offshore.

International Liftboats

Revenue generated from International Liftboats by the Predecessor
for the period from October 1, 2015 to November 6, 2015 was $4.8
million and $5.3 million for the period from November 6, 2015 to
December 31, 2015 for the Successor.  Fourth quarter 2014
Predecessor revenue was $23.8 million.  The 58% decrease in revenue
was driven primarily by lower dayrates and utilization. Operating
expense reported by the Predecessor for the period from October 1,
2015 to November 6, 2015 was $3.8 million and $6.3 million for the
period from November 6, 2015 to December 31, 2015 for the
Successor.  Fourth quarter 2014 Predecessor operating expense was
$16.1 million.  The 38% decline in operating expense reflects our
cost reduction measures and lower activity levels. International
Liftboats reported an operating loss of $1.4 million by the
Predecessor for the period from October 1, 2015 to November 6, 2015
and an operating loss of $3.2 million for the period from November
6, 2015 to December 31, 2015 for the Successor.  Fourth quarter
2014 Predecessor reported operating income of $0.9 million for
International Liftboats.

Reorganization Items

For the period from October 1, 2015 to November 6, 2015, the
Predecessor incurred $342.7 million of Reorganization Items,
consisting of a $1.0 billion non-cash adjustment of assets due to
the application of fresh start accounting, a $686.6 million
non-cash gain on the settlement of liabilities subject to
compromise, and $10.0 million of other items related to the
reorganization, principally professional fees.  For the period from
November 6, 2015 to December 31, 2015, the Successor incurred $1.3
million of Reorganization Items, primarily for professional fees.

                      About Hercules Offshore

Headquartered in Houston, Hercules Offshore, Inc. --
http://www.herculesoffshore.com/-- operates a fleet of 27 jackup
rigs, including one rig under construction, and 21 liftboats.  The
Company offers a range of services to oil and gas producers to
meet their needs during drilling, well service, platform
inspection, maintenance, and decommissioning operations in several
key shallow water provinces around the world.

On Aug. 13, 2015 Hercules Offshore and 14 affiliated debtors each
filed a voluntary petition for relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-11685) in the U.S.
Bankruptcy Court for the District of Delaware.  The cases are
pending before the Honorable Kevin J. Carey.

The Debtors tapped Baker Botts LLP as counsel; Morris, Nichols,
Arsht & Tunnell, as local counsel; Andrews Kurth LLP, as general
corporate counsel; Lazard Freres & Co. LLC, as investment banker,
Alvarez & Marsal, as restructuring advisor; and Prime Clerk, LLC,
as claims and noticing agent.

The Steering Group of Holders of Senior Notes is represented by
Akin Gump Strauss Hauer & Feld LLP's Arik Preis, Esq., and Michael
S. Stamer, Esq.

HERO disclosed $546 million in assets and $1.306 billion in debt as
of Aug. 11, 2015.

                           *     *     *

The Debtors on the Petition Date filed a pre-packaged Chapter 11
plan that would convert $1.2 billion of outstanding senior notes to
96.9% of new common equity.


IHEARTMEDIA INC: Texas Judge Issues Subpoena on Elliot Capital
--------------------------------------------------------------
In an article at Bloomberg Brief, Laura J. Keller and Laurel
Brubaker Calkins, writing for Bloomberg News, reported that
IHeartMedia Inc. was able to persuade a Texas state court judge to
issue a subpoena requiring hedge-fund firm Elliott Management Corp.
to disclose all trading positions linked to iHeart, plus the dates
they were secured and the prices paid for them. The judge directed
Elliott to provide the information by Friday, April 1, ahead of a
hearing to consider a temporary injunction starting April 4.

As reported by the Troubled Company Reporter, iHeartCommunications,
Inc., a wholly-owned subsidiary of iHeartMedia on March 7, 2016,
received Notices of Default from the holders of at least 25% of the
outstanding principal amount of four of the Company's outstanding
series of Priority Guarantee Notes.  The Notices alleged that the
Company violated certain covenants under the indentures governing
the Priority Guarantee Notes when, on December 3, 2015, iHeartMedia
contributed 100,000,000 shares of Class B common stock of Clear
Channel Outdoor Holdings, Inc. from Clear Channel Holdings Inc.,
one of iHeartMedia's wholly-owned subsidiaries, to Broader Media,
LLC, one of its wholly-owned subsidiaries that is an "unrestricted
subsidiary" under the Indentures.

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

On March 7, 2016, iHeartMedia filed a lawsuit (Cause No. 2016 CI
04006) in the State District Court in Bexar County, Texas, against
the Holders and the indenture trustees under the Indentures
seeking, among other things, a ruling by the Court through
declaratory judgment that the Company is not in default or in
violation of any covenant or provision of the Indentures.

On March 9, 2016, iHeartMedia obtained a temporary restraining
order from the Court (i) rescinding the Notices until the temporary
restraining order expires pursuant to its terms or until further
order of the Court, and (ii) restraining and enjoining the
Defendants from issuing additional notices of default on the
Priority Guarantee Notes or any other indebtedness of the Company
based upon the Contribution. The TRO expires in 14 days, but for
good cause shown, the Court may extend the temporary restraining
order up to 14 additional days.

"As a condition to obtaining the temporary restraining order from
the Court, we agreed not to sell, transfer, encumber, pledge,
hypothecate or otherwise dispose of any interest in, or proceeds
of, the Shares until such time as a hearing may be held for a
temporary injunction," iHeartMedia said in a regulatory filing with
the Securities and Exchange Commission.  "We continue to believe
that the Contribution did not cause a default under any of the
Indentures or under the terms of any of our other indebtedness. If,
however, we are unable to obtain the permanent relief we are
requesting from the Court or are otherwise unable to successfully
contest the validity of the Notices and any subsequent acceleration
of a material portion of our indebtedness, then we would need to
pursue other available alternatives to address the claimed
defaults."

According to the Bloomberg report, IHeartMedia claims an affiliate
of Elliott Management Corp. bought short-term credit default swaps
to reap a "financial windfall" that materializes if creditors can
push the Company to default by claiming it violated its debt
covenants.

According to Bloomberg, iHeartMedia's lawyers said in a March 24
court filing in San Antonio that, "IHeart has learned from other
participants in the marketplace that
Bluejay Securities, its sole member Elliott Capital, or one of
their affiliates have purchased short-term credit default swaps on
iHeart's debt.

"Through these CDS," the investment firm "stands to earn a
financial windfall if Bluejay Securities can drive iHeart into
default and/or bankruptcy, without regard to whether iHeart has
actually complied with the terms of the contracts governing its
debt."

According to Bloomberg, Wendy Goldberg, a spokeswoman for iHeart,
declined to comment on the company's demand for documents from
Elliott. A representative of Elliott didn't immediately respond to
a message seeking comment.

The case is iHeartCommunications Inc. v. Benefit Street Partners
LLC, 2016 CI 04006, District Court of Bexar County, Texas (San
Antonio).

Based in San Antonio, Texas, iHeartMedia is a global media and
entertainment company specializing in broadcast and digital radio,
out-of-home, mobile and on-demand entertainment and information
services for national audiences and local communities while
providing premium opportunities for advertisers.  

At Dec. 31, 2015, the Company had $13,821,098,000 in total assets
against $1,659,228,000 in total current liabilities and
$20,687,082,000 in long-term debt, and shareholders' deficit of
$10,606,681,000.


ILLINOIS POWER: Widens Net Loss to $563 Million in 2015
-------------------------------------------------------
Illinois Power Generating Company filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $563 million on $534 million of revenues for the year ended
Dec. 31, 2015, compared to a net loss of $48 million on $648
million of revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Illinois Power had $1.23 billion in total
assets, $1.08 billion in total liabilities and $141 million in
total equity.

As of Dec. 31, 2015, the Company's liquidity consisted of $61
million of cash on hand.  Based on current projections as of
Dec. 31, 2015, the Company expects operating cash flows and daily
working capital needs to be sufficiently covered by its cash on
hand in 2016.

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

                    http://is.gd/RlQ5Lj

                    About Illinois Power

Illinois Power Generating Company is an electric generation
subsidiary of Illinois Power Resources, LLC, which is an indirect
wholly-owned subsidiary of Dynegy Inc.  The Company is
headquartered in Houston, Texas and were incorporated in Illinois
in March 2000.  It owns and operates a merchant generation business
in Illinois.  The Company has an 80 percent ownership interest in
Electric Energy, Inc., which it consolidates for financial
reporting purposes.  EEI operates merchant electric generation
facilities in Illinois and FERC-regulated transmission facilities
in Illinois and Kentucky.  The Company also consolidates its
wholly-owned subsidiary, Coffeen and Western Railroad Company, for
financial reporting purposes.


IMH FINANCIAL: Extends SRE Monarch Loan Maturity Date to June 2016
------------------------------------------------------------------
According to a regulatory filing with the Securities and Exchange
Commission, IMH Financial Corporation and SRE Monarch Lending, LLC
entered into a Fifth Amendment to Loan Agreement extending the
maturity date of the Company's loan from SRE Monarch Lending from
March 23, 2016, to June 21, 2016.  The Company paid a fee of
$100,000 to SRE Monarch Lending in connection with this extension.
The Fifth Amendment provides the Company with an option to extend
the maturity date for an additional three months in exchange for an
extension fee of $100,000.  SRE Monarch Lending is a related party
of Seth Singerman, one of the Company's directors.

SRE Revolver

On March 23, 2016, a subsidiary of the Company, Buena Yuma, LLC,
and SRE Monarch Lending entered into a line of credit agreement for
a revolving line of credit facility.  The SRE Revolver is secured
by real estate assets owned by Buena Yuma and is guaranteed by the
Company.  The SRE Revolver has an initial advance limit of $2.5
million that may be increased to $4.0 million on advance notice
from Buena Yuma.  The advance rate fee is $50,000 for each advance
under the initial advance limit of $2.5 million, and $25,000 for
each advance in excess of $2.5 million. Upon execution of the SRE
Revolver agreement, the Company paid a facility fee of $100,000.
All amounts advanced under the SRE Revolver may be prepaid in whole
or in part without premium or penalty.

The SRE Revolver bears interest at a per annum base rate of 5% and
has a term that expires on the earliest to occur of 1) June 23,
2016 (which date may be extended for an additional three months in
exchange for an extension fee payment of $50,000), 2) the sale of
the Buena Yuma Land, or 3) the sale of our multi-family residential
project located in Apple Valley, Minnesota.
In the event that a sale of the Buena Yuma Land occurs before March
31, 2017, the Company is obligated to pay SRE Monarch Lending
either a) an amount equal to i) 3% of net sales proceeds if no
advances have been made under the SRE Revolver as of the date of
sale, or ii) 5% of net sale proceeds if one or more advances have
been made under the SRE Revolver as of the date of sale; or b) if
no sale has occurred or is expected to occur prior to the Facility
Exit Date, an amount equal to the foregoing applicable percentages
of the presumed net sales proceeds based on the appraised value of
the Buena Yuma Land.

                       About IMH Financial

Scottsdale, Ariz.-based IMH Financial Corporation was formed from
the conversion of IMH Secured Loan Fund, LLC, or the Fund, a
Delaware limited liability company, on June 18, 2010.  The
conversion was effected following a consent solicitation process
pursuant to which approval was obtained from a majority of the
members of the Fund to effect the Conversion Transactions and
involved (i) the conversion of the Fund from a Delaware limited
liability company into a Delaware corporation named IMH Financial
Corporation, and (ii) the acquisition by the Company of all of the
outstanding shares of the manager of the Fund Investors Mortgage
Holdings Inc., or the Manager, as well as all of the outstanding
membership interests of a related entity, IMH Holdings LLC, or
Holdings on June 18, 2010.

IMH Financial reported a net loss attributable to common
shareholders of $39.5 million in 2014, a net loss attributable to
common shareholders of $26.2 million in 2013 and a net loss
attributable to common shareholders of $32.2 million in 2012.

As of Sept. 30, 2015, the Company had $208.56 million in total
assets, $121.78 million in total liabilities, $29.04 million in
redeemable convertible preferred stock, and $57.73 million in total
stockholders' equity.


ISTAR INC: Issues $275 Million Senior Notes Due 2021
----------------------------------------------------
iStar Inc., on March 29, 2016, issued (i) $275 million aggregate
principal amount of the Company's 6.50% Senior Notes due 2021, as
disclosed in a regulatory filing with the Securities and Exchange
Commission.  The Notes were issued pursuant to a base indenture,
dated as of Feb. 5, 2001, as amended and supplemented by a
supplemental indenture with respect to the Notes, dated as of March
29, 2016, between the Company and U.S. Bank National Association.
The Notes are unsecured, senior obligations of the Company and rank
equally in right of payment with all of the Company's existing and
future unsecured, unsubordinated indebtedness.

The Notes were issued at 100% of their principal amount.  The Notes
bear interest at an annual rate of 6.50% and mature on
July 1, 2021.  The Company will pay interest on the Notes on each
January 1 and July 1, commencing on July 1, 2016.

The Company may redeem some or all of the Notes at any time and
from time to time at a price equal to 100% of the principal amount
thereof, plus the applicable "make-whole" premium and accrued but
unpaid interest, if any, to, but excluding, the date of redemption.
If the Notes are redeemed on or after July 1, 2018, the redemption
price will be at the prices and as described in the Indenture.  In
addition, prior to July 1, 2018, the Company may redeem up to 35%
of the Notes using the proceeds of certain equity offerings at a
redemption price equal to 106.500% of the principal amount of the
Notes redeemed plus accrued but unpaid interest, if any, to, but
excluding, the date of redemption.

Upon the occurrence of a Change of Control Triggering Event, each
holder of the Notes has the right to require the Company to
purchase all or a portion of such holder's Notes at a purchase
price equal to 101% of the principal amount thereof, plus accrued
and unpaid interest to, but excluding, the date of repurchase.

                          About iStar Inc.

New York-based iStar Inc., formerly known as iStar Financial Inc.
(NYSE: SFI) provides custom-tailored investment capital to high-end
private and corporate owners of real estate, including senior and
mezzanine real estate debt, senior and mezzanine corporate capital,
as well as corporate net lease financing and equity.  The Company,
which is taxed as a real estate investment trust, provides
innovative and value added financing solutions to its customers.

iStar Inc. reported a net loss allocable to common shareholders of
$52.7 million on $515 million of total revenues for the year ended
Dec. 31, 2015, compared to a net loss allocable to common
shareholders of $33.7 million on $462 million of total revenues for
the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $5.62 billion in total assets,
$4.51 billion in total liabilities, $10.71 million in redeemable
noncontrolling interests, and $1.10 billion in total equity.

                            *     *     *

As reported by the TCR on June 26, 2014, Fitch Ratings had
affirmed the Issuer Default Rating (IDR) of iStar Financial
at 'B'.  The 'B' IDR is driven by improvements in the company's
leverage, continued demonstrated access to the capital markets and
new sources of growth capital and material reductions in non-
performing loans (NPLs).

As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings
Services affirmed its 'B+' long-term issuer credit rating on iStar
Financial.

In October 2012, Moody's Investors Service upgraded the corporate
family rating to 'B2' from 'B3'.  The current rating reflects the
REIT's success in extending near term debt maturities and
improving fundamentals in commercial real estate.  The ratings on
the October 2012 senior secured credit facility takes into account
the asset coverage, the size and quality of the collateral pool,
and the term of facility.


ITG COMMUNICATIONS: SSG Capital Places Debt Financing Package
-------------------------------------------------------------
SSG Capital Advisors, LLC ("SSG") acted as the exclusive investment
banker to ITG Communications, LLC ("ITG" or the "Company") in the
placement of a financing package which enabled ITG to refinance
existing indebtedness and generate additional liquidity for growth.
The transaction closed in February 2016.

Headquartered in Hendersonville, Tennessee with service locations
throughout the country, ITG is a national provider of fulfillment,
construction and project management services to the cable and
telecommunications industries.  The Company manages permanently
outsourced operational activities in specific markets, including
new customer installations, upgrades, service calls, dispatch and
warehousing.  Furthermore, ITG's construction divisions support the
cable and telecommunications industries' outside plant project
needs. Services include aerial and underground drops, fiber
backhaul, aerial construction, directional boring and trenching,
and MDU wiring.

Following the acquisition of the current operations in early 2014,
the management team upgraded the existing operations with drastic
overhauls and re-training of the technician workforce.  While
achieving significant growth in existing locations, the Company
continued to launch new locations and explore growth opportunities
through acquisitions.  In mid-2014, the Company acquired its
telecommunications construction division, which allowed it to
diversify service offerings among a neighboring industry and expand
its customer portfolio.  With the growth in fulfillment locations
and the diversification within the construction businesses, the
Company has continued to improve operational performance.  ITG
believes it is now at an inflection point where operational
initiatives combined with revenue growth are anticipated to drive
consistent profitability.

SSG was engaged to refinance the Company's credit facility and
secure additional capital in order to properly capitalize its
balance sheet and fund its growth strategy.  SSG solicited interest
from traditional banks, asset based lenders and commercial finance
companies.  After receiving multiple term sheets, the Company
selected Siena Lending Group LLC as its new lender.

Other professionals who worked on the transaction include:

    * Jonathan Motley of Safford Motley PLC, counsel to ITG
Communications, LLC;
    * Lawrence F. Flick, Jason I. Miller, Krishana L. Pleasant and
Ritika Kapadia of Blank Rome LLP, counsel to Siena Lending Group
LLC;
    * Robert A. Kargen of White and Williams LLP, counsel to prior
senior lender; and
    * Jack Teitz and Nicholas W. Arrington of Compass Advisory
Partners, LLC, financial advisor to ITG Communications, LLC.

                 About SSG Capital Advisors, LLC

SSG Capital Advisors is an independent boutique investment bank
that assists middle-market companies and their stakeholders in
completing special situation transactions.  It provide its clients
with comprehensive investment banking services in the areas of
mergers and acquisitions, private placements, financial
restructurings, valuations, litigation and strategic advisory.  SSG
has a proven track record of closing over 300 transactions in North
America and Europe and is a leader in the industry.

SSG Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned
broker dealer of SSG Holdings, LLC. SSG is a registered trademark
for SSG Capital Advisors, LLC.  SSG provides investment banking,
restructuring advisory, merger, acquisition and divestiture
services, private placement services and valuation opinions.


JC PENNEY: S&P Raises CCR to 'B', Off CreditWatch Positive
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on J.C. Penney Co. Inc. (JCP) to 'B' from 'CCC+'.  The
outlook is positive.  S&P also raised its issue-level ratings on
the company's debt in conjunction with the raised corporate credit
rating.  S&P removed all the ratings from CreditWatch with positive
implications, where it placed them on Feb. 26, 2016.

"We based the upgrade on our view that JCP's turnaround efforts are
sustainable in the challenging U.S. department store environment
and have positioned the company to support its current debt
burden," said credit analyst Robert Schulz.  "In the most recent
quarter, net revenue rose 2.6%, same-store sales rose 4.1%, gross
margin improved 30 basis points to 34.1%, while selling, general,
and administrative (SG&A) costs fell $70 million.  Margins still
lag higher-rated peers, but comparable-store sales increased 3.9%
for the nine-week November to December holiday period, with a 7.6%
increase over a two year period--both of which are far better than
most of its department store peers."

The positive outlook reflects S&P's view that there is a one-third
chance of an upgrade over the next year if the company exceeds
S&P's expectations in executing its merchandising turnaround,
EBITDA grows, and free cash flow increases, resulting in sustained
leverage better than S&P's current expectations--comfortably under
5x for example.  S&P would also need to believe the company's
operating performance prospects will position it to refinance the
2018 maturities.

S&P could revise the outlook to stable or lower the rating if the
company's performance gains reverse because of merchandise missteps
or if consumer spending erodes unexpectedly, which would increase
prospects for eventual negative cash flow.  In such a scenario, the
company would not be able to sustain its sales recovery and gross
margin improvement, causing leverage to rise toward 6x.

S&P could raise the rating if adjusted EBITDA seems capable of
reaching approximately $1.5 billion versus S&P's base-case forecast
of about $1.2 billion in 2016.  This would occur if, for example,
net sales growth is more than 2% with a gross margin increase of
about 100 basis points from 2015.  Other supporting metrics for an
upgrade would include prospects for positive cash flow (after
capital spending) of around $200 million so that the company is
well positioned to manage 2018 maturities.



KRATOS DEFENSE: S&P Revises Outlook to Neg. & Affirms 'B-' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on U.S.-based Kratos Defense & Security Solutions Inc. to
negative from stable.

At the same time, S&P affirmed all of its ratings on the company,
including its 'B-' corporate credit rating.

"The negative outlook reflects the potential that we could lower
our ratings on Kratos if the company is unable to improve its very
weak credit metrics and remedy its free cash flow deficit," said
Standard & Poor's credit analyst Chris Mooney.  The company's
debt-to-EBITDA metric was approximately 11x in 2015--compared with
our expectation for a debt-to-EBITDA metric of 7.5x-8.5x--and it
posted $41 million of negative free cash flow for the year.  These
weaker-than-expected results were due to continued operational
problems and discretionary investments in Kratos' unmanned systems
initiatives.  The company was affected by cost overruns in its
public safety business and order delays and cancellations in its
modular systems business that caused its EBITDA margins to decline
to about 7% in 2015 compared with our expectations of 9%-10%.  S&P
believes that the company has taken steps to reduce its costs and
improve the efficiency of both of these segments, and management
has stated that it will now focus on higher-margin, albeit smaller,
contracts in its public safety business.  This, coupled with the
increasing sales of Kratos' electronic warfare, satellite
communications, missile defense targets, and unmanned systems
should improve its profitability going forward and gradually reduce
its financial leverage.

The negative outlook on Kratos reflects the company's free cash
flow deficit and very weak credit metrics, which could increase the
likelihood that it will default or undertake a distressed exchange
in the future if its earnings and cash flow do not improve as S&P
expects.

S&P could lower its rating on Kratos if operating conditions worsen
or if it is unable to secure new contracts such that S&P believes
the company's capital structure will be unsustainable for the
long-term.  S&P could also lower the rating if the company's
liquidity profile deteriorates because of sustained cash outflows
combined with covenant violations that limit its access to the
revolver.

S&P could revise its outlook on Kratos to stable if its FFO-to-debt
ratio approaches the mid-to-high single digits percent area over
the next year, which would most likely be caused by improvements in
the company's operating efficiency.  S&P could also revise its
outlook to stable if Kratos were to significantly improve its
long-term revenue visibility by winning new contract awards while
maintaining adequate liquidity.



M/I HOMES: Fitch Affirms 'B+' Issuer Default Rating
---------------------------------------------------
Fitch Ratings has affirmed the ratings of M/I Homes, Inc. (NYSE:
MHO), including the company's Issuer Default Rating (IDR) at 'B+'.
The Rating Outlook is Stable.

KEY RATING DRIVERS

The ratings for MHO reflect the company's execution of its business
model in the current housing environment, management's demonstrated
ability to manage land and development spending, healthy liquidity
position and improving credit metrics. The Stable Outlook takes
into account the favorable prospects for the housing sector in 2016
and 2017. Fitch believes that the housing recovery is firmly in
place (although the rate of recovery remains well below historical
levels and will likely continue to occur in fits and starts).

IMPROVING CREDIT METRICS

MHO's credit metrics have improved significantly over the past four
years. Leverage as measured by debt-to-EBITDA declined from 12.1x
at the end of 2011 to 4.2x at year-end 2014 and 4.1x at the
conclusion of 2015. Similarly, interest coverage increased from
0.8x in 2011 to 3.5x in 2014 and 3.3x in 2015. Fitch expects
further improvement in these credit metrics during 2016, with
debt-to-EBITDA projected to be below 4x and interest coverage above
3x.

THE INDUSTRY

Housing activity ratcheted up more sharply in 2015 than in 2014
with the support of a generally robust economy throughout the year.
Considerably lower oil prices restrained inflation and left
American consumers with more money to spend. The unemployment rate
moved lower (5.0% in 2015). Credit standards eased steadily
moderately throughout 2015. Demographics were somewhat more of a
positive catalyst. Single-family starts rose 10.3% to 715,000 as
multifamily volume grew about 11.5% to 396,000. Total starts were
just in excess of 1.1 million. New home sales increased 14.6% to
501,000. Existing home volume was approximately 5.260 million, up
6.5%.

New home price inflation slimmed with higher interest rates, and
the mix of sales shifting more to first-time homebuyer product.
Average home prices increased 2.8%, while median prices rose 3.8%.


Sparked by a similarly growing economy, the housing recovery is
expected to continue in 2016. Although interest rates are likely to
be higher, a robust economy, healthy job creation, demographics,
pent-up demand, steep rent increases, and further moderation in
lending standards should stimulate housing activity. More of those
younger adults who have been living at home should find jobs and
these 25-35-year-olds should provide some incremental elevation to
the rental and starter home markets. First-time buyers should be
able to take advantage of less expensive mortgage insurance and
lenders offering low down-payment programs. Housing starts should
be approximately 1.22 million with single-family volume of 0.80
million and multifamily starts of 0.42 million. New home sales
should reach 574,000, up 14.6%. Existing home volume growth should
again see mid-single-digit growth (+4.0%). Average and median home
prices should rise 2.0%-2.5%.

SOME EROSION IN HOUSING AFFORDABILITY

The most recent Freddie Mac 30-year average mortgage rate (March
24, 2016) was 3.71%, down 2 bps sequentially from the previous week
and 2 bps higher than the same period a year ago. Current rates are
still below historical averages and help moderate the effect of
much higher home prices during the past few years. Income growth
has been (and may continue to be) relatively modest. Nevertheless,
there has been some lessening of affordability as the upcycle in
housing has matured. The Realtor Association's composite
affordability index peaked at 207.3 in the first quarter of 2012
(1Q12), averaged 176.9 in 2013, 165.8 in 2014, 163.9 in 2015, and
171 in January 2016.

Erosion in affordability is likely to continue, as interest rates
are likely headed higher in 2016 (as the economic recovery
continues). Fitch projects that mortgage rates will average 30-40
bps higher in 2016. Home price inflation should moderate this year,
reflecting the higher interest rates and the mix of sales shifting
more to first-time homebuyer product. However, average and median
home prices should still rise within a range of 2.0%-2.5% this
year, pressuring affordability.

HEALTHY LIQUIDITY POSITION

The company ended 2015 with $10.2 million of unrestricted cash and
$316.4 million of borrowing availability under its $400 million
revolving credit facility that matures in October 2018. During
3Q15, MHO exercised the accordion feature under the facility,
increasing the commitment from $300 million to $400 million. The
company's debt maturities are well-laddered, with no major debt
maturities until September 2017, when $57.5 million of convertible
senior subordinated notes becomes due.

LAND STRATEGY

Following the significant reduction of its land supply during
2006-2009, MHO began to focus on growing its business in late 2009
by investing in new communities and entering new markets. In March
2010, the company entered the Houston, TX market. MHO expanded into
the San Antonio, TX market through the acquisition of a small
homebuilder in 2011. The company expanded its geographic footprint
by expanding further into Texas, entering the Austin market in 2012
and the Dallas/Fort Worth market in 2013. MHO entered the
Minneapolis/St. Paul, MN market in 2015 with the acquisition of
Hans Hagen Homes, Inc. The company has a strong presence in most of
its markets. Total lots controlled increased 37.2% in 2012, 39.6%
in 2013, 4.5% in 2014 and 8.2% in 2015.

MHO maintains an approximately 5.8-year supply of total lots
controlled, based on trailing 12-month deliveries, and 2.9 years of
owned land. As of Dec. 31, 2015, the company controlled 22,422
lots, of which 50.8% were owned and the rest controlled through
options.

Historically, MHO developed about 80% of its communities from which
it sells product, resulting in inventory turns that were moderately
below average as compared to its public peers. During the recent
downturn, MHO had been less focused on land development, as most
land purchases were developed lots. In 2011, about 21%of land
purchases were raw lots. During the past four years, MHO has been
purchasing more raw land due to the decline in the availability of
developed lots. Management estimates that raw land purchases
accounted for about 45% of total land purchases during 2012 and 50%
of total land purchases during 2013-2015. The percentage of lots
internally developed by MHO decreased to 76% during 2015 from 79%
in 2014 and 81% in 2013.

LAND AND DEVELOPMENT SPENDING AND CASH FLOW

The company spent roughly $438 million on land and development
during 2015 ($233 million for land and $205 million for
development) compared with $382 million in 2014 ($237.7 million for
land and $144.3 million for development), $323.6 million spent
during 2013 ($216.8 million for land and $106.8 million for
development) and $195.1 million in total expenditures during 2012.
The company expects total land and development spending will be
between $425 million and $475 million during 2016.

MHO has reported negative cash flow from operations (CFFO) for the
past six years, including during 2015, as the company adds to its
land position. In 2015, MHO reported negative CFFO of $82.2
million. This compares to negative CFFO of $132.7 million in 2014,
$74 million in 2013, $47 million in 2012, $34 million in 2011 and
$37.3 million in 2010. Fitch expects MHO will be slightly cash flow
negative-to-neutral during 2016 as the company expands inventory
only slightly and the company reports modestly higher profits.

Fitch is comfortable with this strategy given the company's healthy
liquidity position and management's demonstrated ability to manage
its spending.

SPECULATIVE INVENTORY

MHO ended 2015 with 872 speculative homes, of which 483 were
completed. Total specs at the end of 2015 were 11% lower from
year-end 2014. This translates into about 5 specs per community, a
slight decrease from the 6.5 specs per community in 2014 and equal
to 5 specs per community in 2013. The company has spec homes in
order to facilitate delivery of homes on an immediate-need basis.
Of the total number of homes closed in 2015 and 2014, 52% and 55%,
respectively, were spec homes, which included both homes started as
spec and homes that were started under a contract that were later
cancelled and became spec inventory. In general, spec homes carry a
lower margin compared with pre-sold homes, as was particularly the
case during the sharp housing downturn. However, the margin
differential during the past three years has narrowed and at times
been comparable with pre-sold homes.

KEY ASSUMPTIONS

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

-- Industry single-family housing starts improve 11.5%, while new

    and existing home sales grow 14.6% and 4.0%, respectively, in
    2016;
-- MHO's revenues grow by low double-digits and the operating
    profit margin remains relatively stable in 2016;
-- MHO's debt-to-EBITDA will be below 4.0x and interest coverage
    exceeds 3.0x during 2016;
-- The company spends between $425 million and $475 million on
    land acquisitions and development activities during 2016;
-- The company maintains a healthy liquidity position (above $150

    million with a combination of unrestricted cash and revolver
    availability).

RATING SENSITIVITIES

Future ratings and Outlooks will be influenced by broad
housing-market trends as well as company-specific activities, such
as trends in land and development spending, general inventory
levels, speculative inventory activity (including the impact of
high cancellation rates on such activity), gross and net new-order
activity, debt levels, and in particular, free cash flow trends and
uses and the company's cash position.

Positive rating actions may be considered if the recovery in
housing is maintained, MHO's credit metrics improve further
(particularly debt-to-EBITDA sustaining at 3.5x and interest
coverage exceeding 4x), and the company preserves a healthy
liquidity position (cash and revolver availability to adequately
cover debt maturities over the next two years and any cash flow
shortfall in the next 12 months).

A negative rating action could be triggered if the industry
recovery dissipates and MHO maintains an overly aggressive land
strategy, EBITDA margins decline 200 bps-300 bps, and leverage
exceeds 6x. If MHO's liquidity position (cash plus revolver
availability) falls sharply and cannot cover maturities over the
next two years and any cash flow shortfall in the next 12 months,
this would also pressure the rating.

FULL LIST OF RATING ACTIONS

Fitch has affirmed M/I Homes Inc.'s ratings as follows:

-- Long-term IDR at 'B+';
-- Senior unsecured notes at 'BB-/RR3';
-- Unsecured revolver at 'BB-/RR3';
-- Convertible senior subordinated notes at 'B-/RR6';
-- Series A non-cumulative perpetual preferred stock at
    'CCC+/RR6'.

The Rating Outlook is Stable.

The Recovery Rating (RR) of 'RR3' on MHO's senior unsecured notes
indicates good recovery prospects for holders of this debt issue.
MHO's exposure to claims made pursuant to performance bonds and the
possibility that part of these contingent liabilities would have a
claim against the company's assets were considered in determining
the recovery for the unsecured debt holders. The 'RR6' on MHO's
convertible senior subordinated notes and preferred stock indicates
poor recovery prospects in a default scenario. Fitch applied a
liquidation valuation analysis for these RRs.



MADISON HOTEL: 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 Madison Hotel Apartments LLC.

Madison Hotel Apartments LLC sought protection under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the Western
District of Washington (Seattle) (Case No. 16-10973) on February
26, 2016. The petition was signed by Andrew Steve Elliott,
authorized representative.

The Debtor is represented by Matthew W. Anderson, Esq., at the Law
Offices of Matthew W. Anderson, PLLC. The case is assigned to Judge
Timothy W. Dore.

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


MAGNOLIA BREWING: U.S. Trustee Forms 4-Member Committee
-------------------------------------------------------
The Office of the U.S. Trustee on March 30 filed an amended notice
of appointment of Magnolia Brewing Company LLC's official committee
of unsecured creditors.

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

     (1) Rusty Riley, CEO
         MaltHandling.com, LLC
         6355 N. Broadway, Ste. 16
         Chicago, IL 60660

     (2) Peter Watler

     (3) David Reifsnyder

     (4) Eric Heath

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 Magnolia Brewing

Magnolia Brewing Company LLC sought protection under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern
District of California (San Francisco) (Case No. 15-31480) on
November 30, 2015. The petition was signed by Dave McLean, managing
member.

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 Dennis Montali.

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


MARK TECHNOLOGIES: 341 Meeting of Creditors Set for April 13
------------------------------------------------------------
The Office of the U.S. Trustee will hold a meeting of creditors of
Mark Technologies Corp. on April 13, 2016, at 2:30 p.m.

The meeting will be held at Room 720, 3801 University Avenue,
Riverside, California, according to a filing with the U.S.
Bankruptcy Court for the Central District of California.

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 Mark Technologies

Mark Technologies Corp. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Central
District of California (Riverside) (Case No. 16-12192) on March 11,
2016. The petition was signed by Mark G. Jones, president.

The Debtor is represented by Todd L. Turoci, Esq., at The Turoci
Firm. The case is assigned to Judge Wayne E. Johnson.

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


MARSHALL CO. RADIO: 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 Marshall Co. Radio Corporation.

Marshall Co. Radio Corporation sought protection under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 16-01403) on
February 29, 2016. The Debtor is represented by Steven L.
Lefkovitz, Esq., Law Offices Lefkovitz & Lefkovitz.


MCK MILLENNIUM: Has Until May 25 to Propose Chapter 11 Plan
-----------------------------------------------------------
A U.S. bankruptcy judge has ordered MCK Millennium Centre Retail
LLC to file a Chapter 11 plan by May 25, 2016.

The order, issued by Judge Jack Schmetterer of the U.S. Bankruptcy
Court for the Northern District of Illinois, also required the
company to file an outline of its plan or the so-called disclosure
statement.

Under U.S. bankruptcy law, a company must get approval of its
disclosure statement to begin soliciting votes from creditors.  The
document must contain adequate information to enable creditors to
make an informed decision about its bankruptcy plan.

                      About MCK Millennium

MCK Millennium Centre Retail LLC sought protection under Chapter 11
of the Bankruptcy Code in the U.S. Bankruptcy Court for the
Northern District of Illinois (Chicago) (Case No. 16-06369) on
February 25, 2016.

The Debtor is represented by Jonathan D. Golding, Esq., and Richard
N. Golding, Esq., at The Golding Law Offices, P.C. The case is
assigned to Judge Jack B. Schmetterer.


MCK MILLENNIUM: Schedules $16.05M in Assets, $9.55M in Debt
-----------------------------------------------------------
MCK Millennium Centre Retail, LLC, filed its schedules of assets
and liabilities, disclosing:

   Name of Schedule                   Assets       Liabilities
   ----------------                   ------       -----------
A. Real Property                 $15,750,000                       
   
B. Personal Property                $303,000           
C. Property Claimed as Exempt
D. Creditors Holding
   Secured Claims                                   $9,300,000
E. Creditors Holding Unsecured
   Priority Claims                                          $0
F. Creditors Holding Unsecured
   Non-priority Claims                                $253,486
                                  -----------      -----------
TOTAL                             $16,053,000       $9,553,486

A copy of the company's schedules is available without charge at
http://is.gd/xdGWbN

                      About MCK Millennium

MCK Millennium Centre Retail LLC sought protection under Chapter 11
of the Bankruptcy Code in the U.S. Bankruptcy Court for the
Northern District of Illinois (Chicago) (Case No. 16-06369) on
February 25, 2016.

The Debtor is represented by Jonathan D. Golding, Esq., and Richard
N. Golding, Esq., at The Golding Law Offices, P.C. The case is
assigned to Judge Jack B. Schmetterer.


MIDSTATES PETROLEUM: Warns of Bankruptcy Risk
---------------------------------------------
Midstates Petroleum Company, Inc. admitted in a regulatory filing
with the Securities and Exchange Commission this week that it may
have to seek Chapter 11 bankruptcy protection.

According to Midstates, "As a result of the sustained commodity
price decline and our substantial debt burden, we believe that
forecasted cash and available credit capacity will not be
sufficient to meet commitments as they come due over the next
twelve months, and we will not be able to remain in compliance with
current debt covenants unless we are able to successfully increase
liquidity or deleverage. The uncertainty associated with the
ability to meet commitments as they come due or to repay
outstanding debt raises substantial doubt about our ability to
continue as a going concern."

Midstates' event of default under its credit facility, a projected
additional debt covenant violation, and resulting lack of liquidity
raise substantial doubt about its ability to continue as a going
concern, Deloitte & Touche LLP, in Houston, Texas, said in a March
30, 2016 report.

Midstates noted that it has obtained a waiver to the Credit
Facility waiving any default as a result of receiving the going
concern doubt opinion.  

"We have not received a similar waiver from our lenders under the
Credit Facility for the explanatory paragraph to our 2015
independent registered public accounting firm report," the Company
said.  "As a result, we are in default under our Credit Facility. A
failure to cure this default within 30 days will result in the
acceleration of all of our indebtedness under the Credit Facility.
If the lenders under our Credit Facility accelerate the loans
outstanding thereunder, we will also be in default under the
indentures governing our Senior Notes, in which case the lenders
under the indentures governing our Senior Notes could accelerate
the repayment thereof."

"If lenders, and subsequently noteholders, accelerate the Company's
outstanding indebtedness, it will become immediately due and
payable and the Company will not have sufficient liquidity to repay
those amounts. If we are unable to reach an agreement with our
creditors prior to any of the above described accelerations, we
could be required to immediately file for protection under Chapter
11 of the U.S. Bankruptcy Code."

A copy of the Company's Annual Report is available at
http://is.gd/wBd8rz

At Dec. 31, 2015, the Company had total assets of $679,167,000
against total current liabilities of $1,984,560,000 and total
long-term liabilities of $20,673,000 and total stockholders'
deficit of $1,326,066,000.


MMRGLOBAL INC: Needs More Time to File Annual Report
----------------------------------------------------
MMRglobal, Inc. filed with the U.S. Securities and Exchange
Commission a Notification of Late Filing on Form 12b-25 with
respect to its annual report on Form 10-K for the year ended
Dec. 31, 2015.  The Company said the preparation and review of the
Form 10-K by management has taken longer than anticipated and
cannot be completed by the required filing date of March 30, 2016,
without unreasonable effort and expense.  The Company anticipates
filing its Form 10-K within the fifteen-day extension period.

                        About MMRGlobal

Los Angeles, Calif.-based MMR Global, Inc. (OTC BB: MMRF)
-- http://www.mmrglobal.com/-- through its wholly-owned operating
subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-
use online Personal Health Records (PHRs) and electronic safe
deposit box storage solutions, serving consumers, healthcare
professionals, employers, insurance companies, financial
institutions, and professional organizations and affinity groups.

MMRGlobal reported a net loss of $2.18 million on $2.57 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $7.63 million on $587,000 of total revenues for the
year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $1.93 million in total
assets, $10.1 million in total liabilities, all current, and a
total stockholders' deficit of $8.19 million.

Rose, Snyder & Jacobs LLP, in Encino, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has incurred
significant operating losses and negative cash flows from
operations during the years ended Dec. 31, 2014, and 2013.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


MOLYCORP INC: Wins Approval of Bankruptcy-Exit Plan
---------------------------------------------------
Steven Church, writing for Bloomberg News, in an article at
Bloomberg Brief, said Molycorp, Inc., has Bankruptcy Judge
Christopher Sontchi approved the Company's plan to exit Chapter 11
bankruptcy.  The Judge's approval follows a two-day trial this week
in Wilmington, Delaware.

Mr. Church reported that the trial pitted lenders and bondholders
owed about $1.9 billion against environmental regulators, as well
as insurance companies that would be on the hook for about $41
million in future pollution cleanup costs.

"It's been a long couple of days and its been a very fluid
situation," Sontchi said, referring to how quickly the final
version of the reorganization plan came together this week,
according to Mr. Church.

Molycorp filed a Fourth Amended Joint Plan of Reorganization ahead
of the trial.

According to BankruptcyData, the Plan notes, "The Effective Date
shall not occur and the Plan shall not be consummated unless and
until each of the following conditions have been satisfied or duly
waived pursuant to Section X.C: (1) The Confirmation Order shall be
in full force and effect and not be subject to any stay or
injunction; (2) The DIP Facility maturity date shall not have
occurred; (3) If the Downstream Businesses Sale Trigger occurs, all
conditions to closing the Downstream Businesses Sale shall have
been satisfied or waived in accordance with the terms of the
Downstream Businesses Sale Agreements; (4) The final form of all
Plan Documents and all Plan Supplement documents shall be in form
and substance acceptable to the Plan Debtors, subject to the
Oaktree Consent Right and, solely with respect to those issues
contained in the Committee Settlement Agreement, the Creditors'
Committee Consent Right, the Directors and Officers Consent Right
and the National Union Consent Right; provided that the order
approving the 10% Noteholder Group Settlement or portion of the
Confirmation Order concerning the 10% Noteholder Group Settlement
as applicable, shall be acceptable to the Ad Hoc 10% Noteholders,
Oaktree and the Debtors; (5) All governmental and material third
party approvals and consents . . . will have been obtained or
entered, not be subject to unfulfilled conditions and be in full
force and effect, and all applicable waiting periods will have
expired without any action being taken or threatened by any
competent authority that would restrain, prevent or otherwise
impose materially adverse conditions on such transactions; and (6)
All documents and agreements necessary to implement the Plan will
have (a) been tendered for delivery and (b) been effected or
executed by all Entities party thereto, or will be deemed executed
and delivered by virtue of the effectiveness of the Plan . . . and
all conditions precedent to the effectiveness of such documents and
agreements will have been satisfied or waived pursuant to the terms
of such documents or agreements."

                       About Molycorp, Inc.

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

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

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

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

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

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

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

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

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

On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of
Molycorp Inc. appointed eight creditors of the company to serve on
the official committee of unsecured creditors.  The Creditors
Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as
attorneys.

Wells Fargo Bank, the cash collateral lender, is represented in the
case by J. Cory Falgowski, Esq., Eric A. Schaffer, Esq., Roy W.
Arnold, Esq., and Luke A. Sizemore, Esq., at Reed Smith LLP.

                           *     *     *

Judge Christopher Sontchi in Delaware approved the disclosure
statement explaining the Debtors' Plan on Jan. 20, 2016, after the
Debtors revised the Disclosure Statement to incorporate certain
modifications directed by the Court during the Jan. 14 hearing.

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


MOUNTAIN PROVINCE: Files Copy of 2015 Facility Agreement
--------------------------------------------------------
Mountain Province Diamonds Inc. filed with the Securities and
Exchange Commission a copy of a Facility Agreement dated April 2,
2015, which is available for free at http://is.gd/1uBg1U,entered
into between Mountain Province and certain lenders.  Certain
portions of the Agreement have been omitted, as indicated by the
word "[Redacted]", and filed separately with the SEC pursuant to a
request for confidential treatment under Rule 24b-2 promulgated
under the Securities Exchange Act of 1934, as amended.

On April 2, 2015, 2435572 Ontario Inc., as borrower, entered into a
US$370,000,000 term facility for the development of the Gahcho Kue
Diamond Project.  Mountain Province and 2435386 Ontario Inc. serve
as guarantors under the Credit Facility.

The joint lead arrangers and bookrunners are:

         The Bank of Nova Scotia,
         Natixis S.A. and
         Nedbank Limited, London Branch

                 About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province incurred a net loss of C$4.39 million in 2014,  a
net loss of C$26.6 million in 2013 and a net loss of C$3.33 million
in 2012.

As of Sept. 30, 2015, the Company had C$553 million in total
assets, $235 million in total liabilities and $318 million in total
shareholders' equity.

KPMG LLP, in Toronto, Canada, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company's ability to continue
operations is dependent upon its ability to obtain sufficient
financing to fund its operations and development costs.


MPMS ST. JAMES: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: MPMS St. James Real Estate Acquisition, LLC
        721 Elmwood
        Troy, MI 48083

Case No.: 16-44722

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 30, 2016

Court: United States Bankruptcy Court
       Eastern District of Michigan (Detroit)

Judge: Hon. Marci B McIvor

Debtor's Counsel: Michael E. Baum, Esq.
                  SCHAFER AND WEINER, PLLC
                  40950 Woodward Ave., Suite 100
                  Bloomfield Hills, MI 48304
                  Tel: (248) 540-3340
                  E-mail: mbaum@schaferandweiner.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Bradley Mali, authorized person.

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


NATIONAL CINEMEDIA: Cinemark Reports 29.6% Stake as of March 17
---------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Cinemark Holdings, Inc. reported that as of March 17,
2016, it beneficially owns 26,384,644 shares of common stock of
National CineMedia, Inc., representing 29.6 percent of the shares
outstanding.

On March 17, 2016, pursuant to the Common Unit Adjustment
Agreement, the Reporting Person received, through its wholly-owned
subsidiary, Cinemark USA, Inc., 753,598 newly issued NCM Units in
accordance with the 2015 Annual Adjustment.

In accordance with the Common Unit Adjustment Agreement, no
payments were made by or on behalf of any party in exchange for the
NCM Units received pursuant to the 2015 Annual Adjustment.

A full-text copy of the regulatory filing is available at:

                     http://is.gd/IzGGyZ

                    About National CineMedia

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

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

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

                            *     *     *

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


NEBRASKA BOOK: S&P Lowers CCR to 'CC', Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Lincoln, Neb.-based Nebraska Book Holdings Inc. to 'CC'
from 'CCC'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's $110 million senior secured notes due 2016 to 'CC' from
'CCC-', and revised the recovery rating to '6' from '5', indicating
S&P's belief that lenders could expect negligible recovery (0% to
10%) in the event of payment default.

Subsequent to the downgrades, S&P withdrew all of its ratings on
the company at its request.  Debt outstanding pro forma for the
proposed transactions (including the exchange) is about $210
million.

The downgrades are a result of Nebraska Book Holdings' announcement
that it has launched an exchange offer for its $110 million senior
secured notes due June 2016.  If completed, the transaction would,
among other things, exchange existing senior secured notes for
convertible senior unsecured notes, extend the maturity by 10
years, lower cash interest expense, and include a PIK interest
feature.  The offer, in S&P's view, implies that investors will
receive less value than the promise of the original securities.

The negative outlook reflects S&P's view that Nebraska Book
Holdings will enter into a distressed exchange or default on its
financial obligations.


NMSC HOLDINGS: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Long Island-N.Y.-based anesthesia
management services provider NMSC Holdings Inc.  The rating outlook
is stable.

At the same time, S&P assigned its 'B' issue-level rating to the
company's first-lien credit facility.  The company also has a
second-lien credit facility (unrated).

NMSC Holdings is an anesthesia and perioperative servicer to
hospitals, ambulatory surgery centers, and physician office sites
in the U.S. NMSC services 253 facilities in the U.S., mostly
concentrated in the Northeast.

S&P views the U.S. anesthesia staffing industry as highly
fragmented, with no one independent servicer in control of more
than 5% of the total market.  NMSC faces significant local
competition as local servicers own about 40% market share. However,
the market also presents opportunity for contract expansion as 40%
of the market is currently covered in-house.

"We view NMSC's focus as narrow, given that the company's primary
focus is in the outsourcing of anesthesia management," said
Standard & Poor's credit analyst James Uko.

Relative to more diversified competitors, NMSC holds less scale as
a pure-play provider of anesthesia services because the company
owns only 5% market share.  NMSC's reimbursement risk is
comparatively lower than its peers as commercial payors generate
more than 70% of its revenues.  Less than 20% of NMSC's payor mix
consists of Medicare and Medicaid payors, and only 6% of total
revenues come from out-of-network payors.  This credit
consideration leaves the company less exposed to state and local
regulatory pressures that may affect government reimbursement.
Although S&P views the company's margins as stable given its
flexible cost structure, NMSC's primary concentration in anesthesia
leaves it exposed to adverse trends and headwinds that may hurt the
company's margins.  Collectively, these factors support our
assessment of a weak business risk profile.

S&P's rating outlook on NMSC is stable, indicating its expectation
that the company will generate mid- to high-single-digit growth,
sustain margins in the midteens level, and produce positive cash
flows through a mix of organic and acquisitive growth.  Although
S&P expects the company to fund its strategy through internally
generated cash flow, it believes leverage will remain over 5x for
the next few years given the company's scale and financial sponsor
ownership.


NORTHERN FRONTIER: Gets Extension of Temporary Waiver From Lenders
------------------------------------------------------------------
Northern Frontier Corp. on March 31 disclosed that it has received
an extension of its previously announced temporary waiver (the
"Waiver") from its lenders (the "Lenders") of certain financial
covenants under its credit facilities for the periods ended
December 31, 2015 and March 31, 2016.

Management has negotiated a Waiver of the previously announced
anticipated breaches from its Lenders. The Waiver terms include:

   -- the Lenders waive compliance by Northern Frontier of the
senior funded debt to EBITDA ratio covenant;
   -- the Lenders waive compliance by Northern Frontier of the
fixed charge coverage ratio covenant; and
  --  the Waiver expires on May 31, 2016 (the "Waiver Period").

The Waiver is conditional on, among other items, Northern Frontier
entering into amended credit facilities on terms satisfactory to
the Lenders on or before the expiration of the Waiver Period.  The
Waiver is a temporary solution to allow management and the Lenders
additional time to amend Northern Frontier's credit facilities.

                  About Northern Frontier Corp.

Northern Frontier's strategic objective is to create a large
industrial and environmental services business through a buy and
build growth strategy.  Currently, the Corporation provides: civil
construction, excavation, fabrication and maintenance services to
the industrial industry, bulk water transfer logistic services and
installs and dismantles remote workforce lodging and modular
offices in western Canada.

The Corporation's common shares and common share purchase warrants
are listed on the TSX Venture Exchange under the trading symbol
"FFF" and "FFF.WT.A", respectively.


PACIFIC EXPLORATION: Court Suspends Quifa Block Operations
----------------------------------------------------------
Pacific Exploration & Production Corp. on March 31 disclosed that
it was formally notified of the Colombian Constitutional Court's
decision instructing the Company to suspend operations within two
kilometers of the border of an indigenous community known as
"Vencedor Piriri" encompassing a portion of Quifa Block.  The
community is located in the north-west corner of the Quifa Block in
the Meta Department of Colombia.  Operations in this area are to be
suspended until a prior consultation process is conducted with the
indigenous community.

Pacific is in the process of an orderly suspension of operations
within this two kilometer border area, which impacts water
injection at the Pad-3 location.  The Company has implemented
contingency plans so as to not materially affect the production
from the Quifa Block.  The Company does not expect a material
decline in aggregate production during the suspension period, which
will last for approximately ten weeks.

In the past, the Company has demonstrated that it had effectively
met consultation process requirements in locations identified by
the Ministry of Interior, pursuant to Colombian law.  However, the
Constitutional Court ruled that it should conduct a prior
consultation process in an area that to the best of the Company's
knowledge does not have the presence of indigenous community,
alleging indirect damages in the two kilometer border area.

The Company has developed a plan that will be filed with the
applicable Colombia authorities within the next few days and will
proceed to fulfill the mandate of prior consultation in the area in
question.  The Company has also contacted the Ministry of Interior
to immediately start the prior consultation process.

                    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.


PEABODY ENERGY: Asset Sale to Bowie in Jeopardy
-----------------------------------------------
Bowie Resource Partners is scrapping a loan sale that would've
funded its purchase of mines from Peabody Energy Corp.,
jeopardizing a deal that would help stave off a Peabody bankruptcy
filing, according to a person with knowledge of the matter,
Bloomberg News' Michelle F. Davis, Jodi Xu Klein and Tim Loh
reported, according to an article at Bloomberg Brief.

According to the Bloomberg report, the source, who asked not to be
identified because the matter is private, said Louisville,
Kentucky-based Bowie Resources dropped the $650 million financing
after getting a cool reception from investors.  Bowie had put the
loan deal on hold in February and was seeking to renegotiate the
terms of the purchase.

As reported by the Troubled Company Reporter, Peabody said in March
that it has elected to exercise the 30-day grace period with
respect to:

      $21.1 million semi-annual interest payment due March 15,
                    2016 on the 6.50% Senior Notes due September
                    2020; and

      $50.0 million semi-annual interest payment due March 15,
                    2016 on the 10.00% Senior Secured Second Lien
                    Notes due March 2022,

as provided for in the indentures governing these notes.

Peabody has until April 14 to make an overdue interest payment.

Bloomberg noted that under the terms of the acquisition,
Louisville, Bowie Resource will have to pay Peabody a $20 million
fee if the deal can't be done because of the buyer's failure to
obtain sufficient funding.  The companies have the right to
terminate the deal if the transaction hasn't closed by March 31.

                      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).

Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777.3 million in 2014 and the $512.6 million net
loss in 2013.  The Company reported a net loss attributable to
common stockholders of $585.7 million in 2012.

At Dec. 31, 2015, the Company had total assets of $11.021 billion
against $10.102 billion in total liabilities, and stockholders'
equity of $918.5 million.

                        *     *     *

Peabody Energy warned in its Form 10-K filed with the Securities
and Exchange Commission on March 16, 2016, that it might have to
file for bankruptcy protection and said there is "substantial
doubt" about whether the company could continue to operate outside
bankruptcy.

Moody's Investors Service has downgraded the ratings of Peabody
Energy, including the corporate family rating (CFR) to Ca from
Caa3; and Standard & Poor's Ratings Services said it lowered its
corporate credit rating on the Company to 'D' from 'CCC+',
following the Company's announcement.  Fitch Ratings also has cut
Peabody Energy's long-term Issuer Default Rating (IDR) to 'C' from
'CC'.  

The company has been in discussions with creditors on an out of
court restructuring, but Fitch views bankruptcy as a highly likely
risk.


PERRY ELLIS: S&P Revises Outlook to Positive & Affirms 'B' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook to positive
from stable and affirmed its 'B' corporate credit rating on
Miami–based apparel company Perry Ellis International Inc. (PEI).


"The outlook revision reflects our expectation that PEI's operating
performance gains will continue to propel modest strengthening of
the company's credit measures," said Standard & Poor's credit
analyst Mariola Borysiak.



PHI INC: S&P Affirms 'BB-' CCR, Outlook Stable
----------------------------------------------
Standard & Poor's Ratings Services affirmed all its ratings,
including its 'BB-' corporate credit rating, on Lafayette,
La.-based helicopter service provider PHI Inc.  The outlook is
stable. The recovery rating on the debt remains '4', indicating
S&P's expectation of average (30%-50%, lower end of the range)
recovery in the event of default.

"The rating affirmations reflect our view that although credit
metrics will weaken in 2016, we still view them as appropriate for
the 'BB-' corporate credit rating, given the company's weak
business profile and strong liquidity," said Standard & Poor's
credit analyst Stephen Scovotti.  "We've reduced our revenue and
EBITDA estimates for 2016 and 2017 due to continued weakness in the
oil and gas sector and, as a result, we revised our assessment of
the company's financial risk profile to aggressive from
significant," he added.

The stable outlook reflects S&P's expectation that the company will
experience weakness in its oil and gas segment but that the
company's air medical business will continue to perform well and
represent a larger proportion of cash flows in 2016.  S&P also
expects the company to maintain what it considers to be strong
liquidity and generate free cash flow in 2016.

S&P could lower the rating if PHI's cash flow generation weakened
below S&P's current expectations, such that FFO to debt fell below
12% with no near-term remedy or S&P no longer viewed liquidity as
strong.  This could occur due to further weakness in the oil and
gas segment beyond S&P's current expectations, or a more aggressive
financial policy.

S&P could raise the rating if PHI improved its business risk
profile by broadening the scale and scope of its operations, while
maintaining FFO to debt above 20% on a sustained basis.  Given the
relatively small size and scope of the company and the current
credit metrics, S&P does not anticipate an upgrade during the next
12 months.



PINNACLE ENTERTAINMENT: S&P Affirms 'BB-' CCR, Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating on Las Vegas, N.V.-based gaming company Pinnacle
Entertainment Inc.  The rating outlook is negative.

At the same time, S&P assigned the company's proposed senior
secured credit facility (consisting of a $400 million revolver due
2021, a $185 million term loan A due 2021, and a $350 million term
loan B due 2022) S&P's 'BB+' issue-level rating and '1' recovery
rating, indicating S&P's expectation for very high recovery (90% to
100%) for lenders in the event of payment default.

In addition, S&P assigned the company's proposed $300 million
senior unsecured notes due 2023 S&P's 'BB-' issue-level rating and
'3' recovery rating, indicating S&P's expectation for meaningful
recovery (50% to 70%; capped, upper half of the range) for
noteholders in the event of a payment default.

"The negative outlook reflects our expectation that Pinnacle's
leverage will remain weak over the next year relative to the 5.25x
leverage threshold at which we would consider lower ratings for
Pinnacle given our revised business risk assessment," said Standard
& Poor's credit analyst Setphen Pagano.

S&P could lower the rating if it believes lease adjusted leverage
will not improve to below 5.25x, if EBITDA coverage of interest is
not sustained near 2x or if free operating cash flow to debt falls
below 5%.  This could result from either weaker-than-anticipated
operating performance that leads to a slower pace of deleveraging
or if the company takes a more aggressive approach to capital
spending, acquisitions, or returns to shareholders than S&P is
currently anticipating.  S&P would not lower the ratings, however,
if free operating cash flow to debt fell below 5% temporarily if
S&P believed the investment spending supported asset quality and
cash flow generation.

S&P could revise Pinnacle's outlook to stable once S&P is confident
that Pinnacle's leverage will improve to and remain below 5.25x.
Higher ratings are unlikely at this time given S&P's expectation
for lease-adjusted leverage to remain above 5x through 2017.  S&P
could, however, consider higher ratings if Pinnacle significantly
outperforms S&P's expectations and pays down debt at a much faster
rate than S&P forecasts, such that lease adjusted leverage improves
closer to 4x and S&P believes the financial policy of the company
is aligned with maintaining these levels.

Pinnacle plans to use the proceeds from the proposed debt
issuances, along with proceeds from GLPI from the sale of its real
estate assets, to refinance all of Pinnacle's outstanding debt and
to pay transaction fees and expenses.  S&P plans to withdraw its
issue-level and recovery ratings on the company's existing debt
when it is repaid.


PIONEER HEALTH: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                             Case No.
     ------                                             --------
     Pioneer Health Services, Inc.                      16-01119
     P.O. Box 1100
     Magee, MS 39111

     Pioneer Health Services of Patrick County, Inc.    16-01120
        dba Pioneer Community Hospital of Patrick
     P.O. Box 1100
     Magee, MS 39111

     Pioneer Health Services of Newton County, LLC      16-01121
     Pioneer Health Services of Stokes County, Inc.     16-01122
     Pioneer Health Services of Choctaw County, LLC     16-01123
     Pioneer Health Services of Oneida, LLC             16-01124
     Pioneer Health Services of Monroe County, Inc.     16-01125
     Medicomp, Inc.                                     16-01126

Type of Business: Provides healthcare services to rural
                  communities and owns and manages rural critical
                  access hospitals.

Chapter 11 Petition Date: March 30, 2016

Court: United States Bankruptcy Court
       Southern District of Mississippi
       (Jackson-3 Divisional Office)

Judge: Hon. Neil P. Olack

Debtors' Counsel: Craig M. Geno, Esq.
                  LAW OFFICES OF CRAIG M. GENO, PLLC
                  587 Highland Colony Pkwy.
                  Ridgeland, MS 39157
                  Tel: 601 427-0048
                  Fax: 601-427-0050
                  E-mail: cmgeno@cmgenolaw.com

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petitions were signed by Joseph S. McNulty III, president.

The Debtors did not file a list of their largest unsecured
creditors together with the petitions.


PRECISION DRILLING: S&P Lowers CCR to 'BB', Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on Calgary, Alta.-based Precision Drilling
Corp. to 'BB' from 'BB+'.  The outlook is negative.  At the same
time, Standard & Poor's affirmed its 'BB' issue-level rating on
Precision's senior unsecured debt, and revised its recovery rating
on the rated debt to '4' from '5', indicating S&P's expectation of
average (30%-50%) recovery, at the lower end of the range, for
bondholders in a default scenario.

"Although Precision's ability to reduce operating and general and
administrative costs in tandem with falling revenues during the
current cyclical downturn provides some stability to its EBITDA
margins, our decision to lower the CCR to 'BB' reflects our view
that the company has not been able to fully arrest the
deterioration of its cash flow and leverage metrics," said Standard
& Poor's credit analyst Michelle Dathorne.  As a result, S&P
believes Precision's key cash flow metrics, specifically its annual
and three-year, weighted-average funds from operations
(FFO)-to-debt ratio, and its overall financial risk profile will
remain below the levels required to support a 'BB+' CCR.

The ratings on Precision reflect S&P's view of the continued
deterioration of the company's cash flow and leverage metrics, due
to both the dramatic decrease in projected revenues and cash flow
and the adverse effects of the depreciated Canadian dollar, because
all of the company's rated debt is in U.S. dollars.  S&P believes
Precision's strong market position in Canada, diversified
operations in the U.S. expanding international footprint, ability
to temper EBITDA margin deterioration during the current cyclical
downturn through effective cost management, and ability to curtail
costs, which limits balance-sheet debt increases to the effects of
the depreciated Canadian dollar, somewhat offset these weaknesses.


Precision's satisfactory business risk profile reflects S&P's view
of the company's high-quality land drilling rig fleet, dominant
market position in Canada, presence in several unconventional
producing regions in the U.S., and ability to temper EBITDA margin
volatility throughout the hydrocarbon price cycle.  Overall,
Precision's market position in Canada, and its diverse customer
base support its scale, scope, and diversity.  S&P believes these
factors, in conjunction with the company's remaining long-term
contracts, are the primary factors supporting the overall business
risk profile.  S&P forecasts that long-term contracts will generate
approximately 70% and 50% of EBITDA in 2016 and 2017,
respectively.

S&P's analysis of Precision's aggressive financial risk profile
incorporates S&P's view of the company's FFO to debt and free
operating cash flow (FOCF)-to-debt metrics during S&P's 2016-2018
forecast period.  S&P is forecasting a significant drop in revenues
and EBITDA in 2016 and 2017 as industry activity remains depressed
and Precision's rigs roll off contracts before the resurgence in
industry activity implied in our hydrocarbon price assumptions for
2018.  At the same time, the forecast credit measures also reflect
the inflated debt number due to the weakened Canadian dollar, and
upfront capital expenditures associated with the two new rig builds
for Kuwait, which should start operating and generate cash flow in
early 2017.  S&P is also assuming that, beyond 2016, the company
will limit spending to maintenance levels until industry activity
increases.  S&P expects the forecast cash flow projection metrics,
specifically fully adjusted debt-to-EBITDA and FFO-to-debt, will
remain weak through 2017.

The negative outlook reflects Standard & Poor's view that
Precision's financial risk profile remains vulnerable to continued
deterioration if industry conditions do not rebound as outlined in
S&P's base-case scenario.  In addition, both decreasing cash flow
generation and the depreciated Canadian dollar adversely affect our
estimates of the company's fully adjusted debt, because all of its
debt is in U.S. dollars.  Nevertheless, S&P believes Precision
should be able to limit the fluctuation of its debt levels to
foreign exchange-related movements, given S&P's estimates of
positive free operating cash flow generation throughout S&P's
2016-2018 cash flow forecast period.

S&P could lower its ratings if the company's financial risk profile
deteriorated materially from S&P's current estimates. Specifically,
S&P could lower the ratings if it expected the company's fully
adjusted three-year weighted-average FFO-to-debt and FOCF-to-debt
ratios to consistently remain below 12% and 5%, respectively.  In
addition, a downgrade would occur if S&P believed Precision's
business risk profile had also weakened from S&P's current
assessment.

Assuming no material change in our assessment of the company's
business risk profile, S&P could revise the outlook to stable if
Precision were able to strengthen its cash flow metrics such that
its fully adjusted, three-year, weighted-average FFO-to-debt moved
to the midpoint of the 12%-20% range, and S&P expected it to remain
at these levels consistently.


PRECYSE ACQUISITION: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'B'
corporate credit rating to Alpharetta, Ga.-based Precyse
Acquisition Corp.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating and '2'
recovery rating to the company's $510 million first-lien credit
facility, comprising a $50 million revolving credit facility due
2021 (undrawn at close) and a $460 million first-lien term loan due
2022.  The '2' recovery indicates S&P's expectation of substantial
(70%-90%, lower half of the range) recovery for the first-lien
debtholders in the event of default.  S&P also assigned a 'CCC+'
issue-level rating and '6' recovery rating to the company's $190
million second-lien term loan due 2023.  The '6' recovery indicates
our expectation of negligible (0%-10%) recovery for the second-lien
debtholders.

"The rating on Precyse reflects our view of the company's business
risk profile as weak, incorporating its small scale and narrow
market focus in the health care information technology (IT)
industry offset by its large percentage of revenues under multiyear
contracts," said Standard & Poor's credit analyst Geoffrey Wilson.


The highly leveraged financial risk profile reflects leverage in
the mid- to high-6x area at close before cost synergies and pro
forma leverage expected to be in the low-6x area in fiscal 2016.

The stable outlook reflects S&P's view of the company's stable
profitability, with a large portion of revenues under multiyear
contracts coming from its revenue cycle management SaaS solution,
and S&P's expectation that the company will continue to generate
positive FOCF over the next 12 months.



QUORUM HEALTH: S&P Assigns 'B' CCR, Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to healthcare services provider Quorum Health Corp.
(QHC).  The rating outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed $980 million senior
secured credit facility, consisting of a $100 million revolving
credit facility due 2021 (expected to be undrawn at closing) and an
$880 million term loan B due 2022.  S&P's '3' recovery rating
reflects its expectation for meaningful recovery in the event of
payment default (50%-70%, at the higher end of the range).  S&P
also assigned its 'CCC+' issue-level rating and '6' recovery rating
to the company's proposed $400 million in senior unsecured notes
due 2023.  S&P's '6' recovery rating reflects its expectation for
negligible (0%-10%) recovery in the event of payment default.  The
company's $125 million asset-backed revolving credit facility is
not rated.

Quorum Health Corp. is being created through a spin-off of 38
hospitals and Quorum Health Resources (a hospital management and
consulting business) from Community Health Systems.

QHC will operate 38 hospitals in 16 states with over 3,500 licensed
beds, and the company is the sole hospital provider in over 80% of
its markets.  While S&P views the company's geographic diversity
favorably, QHC will be a midsize provider in a very fragmented
marketplace, with meaningfully less scale than larger providers
like HCA Inc. (BB/Stable/--) or Community Health Systems
(B+/Negative/--).  In addition, the company's profitability is
highly dependent on a relatively small handful of facilities, with
a third of EBITDA coming from its Illinois facilities.  Like all
health care service providers, S&P believes that QHC is vulnerable
to reimbursement risk over time, as both government and commercial
payors seek to slow growth in health care spending.  However, S&P
believes that the company's positioning as the sole hospital
operator in many rural markets insulates it somewhat from this
risk, as QHC is a lower-cost provider and is unlikely to face the
risk of being excluded from narrow network plans given the relative
scarcity of nearby competing facilities.  While S&P sees some
potential for margin expansion over time, it believes that the
smaller size of the company's facilities and a business mix that
tilts toward primary care is likely to result in margins that are
low relative to health care services peers, notwithstanding S&P's
belief that the company's business may be more stable than some
competitors over time given the absence of competition in many
markets.  Collectively, these factors are consistent with S&P's
assessment of the business risk profile as weak.

"Our stable rating outlook on Quorum Health Corp. reflects our
expectation that the company will generate low-single-digit organic
revenue growth and at least flat EBITDA margins, which should allow
the company to generate around $40 million to
$60 million in annual free cash flow [excluding the impact of an
ongoing new tower project in Oregon]," said Standard & Poor's
credit analyst Matthew O'Neill.

S&P could lower the rating if the company is unable to generate
sufficient cash flow to fund its interest expense and capital
needs.  In S&P's view, cash flow would be about breakeven if QHC
experienced an EBITDA margin drop greater than 200 to 300 basis
points, most likely as a result of adverse reimbursement changes.

A higher rating would require both an improvement to the company's
business risk such that it is less reliant on a small number of
hospitals to drive profitability, as well as meeting S&P's
expectations of improved credit measures, which include leverage
below 5x on a sustained basis, while generating at least $50
million in annual discretionary cash flow.  Under this scenario,
S&P would need to be convinced that the company's financial
policies would be consistent with maintaining those metrics over
time, which S&P views as unlikely given consolidation opportunities
in this space.



RUSSELL INVESTMENT: S&P Assigns 'BB' ICR, Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its 'BB' issuer
credit rating on Russell Investment Group (RI).  The outlook is
stable.

RI is a newly created entity that was established after TA
Associates and Reverence Capital Partners (RCP), two private equity
firms, announced the acquisition of the asset management business
of Frank Russell Co. (FRC) from the London Stock Exchange (LSE),
the previous owner. LSE had previously acquired FRC, which included
both the asset management and index businesses, from Northwestern
Mutual back in 2014.  Following the conclusion of the transaction,
which S&P anticipates will occur during the second quarter of 2016,
TA is expected to have a majority stake in RI, while RCP will own a
significant minority holding.

"In our view, RI's business risk profile benefits from FRC's long
track record in the asset management business and sizable AUM,"
said Standard & Poor's credit analyst Brian Estiz.  "At the end of
December 2015, FRC had $164 billion in AUM, with approximately
$40 billion managed in-house and the remaining outsourced." FRC
experienced a strong increase in AUM between 2011 and 2014, mainly
as a result of market appreciation, but it suffered a 10% decline
in 2015 as a result of both net outflows and market depreciation.
S&P expects that the company will manage to keep AUM at similar
levels in the short term.

As a result of the expected financial sponsor ownership by TA and
RCP, RI's financial risk profile is capped at aggressive.  S&P
anticipates that the $1.15 billion acquisition from LSE will be
funded with a combination of debt, equity, earn-outs, and repayment
of liabilities.  S&P applies 50/50 weightings to its financial
projections for RI for 2016 and 2017, given that the company has
just been established and had minimal leverage on a pro forma
basis.  S&P expects that leverage ratios, measured as adjusted debt
to adjusted EBITDA, will remain 4.0x-5.0x during 2016 and 2017.

"Our stable rating outlook on RI reflects that we anticipate the
company will maintain stable AUM while operating with debt to
adjusted EBITDA between 4.0x and 5.0x in the next 12 months," said
Mr. Estiz.

S&P could revise the outlook to negative or even lower the ratings
if the company experiences meaningful AUM outflows, if investment
performance significantly deteriorates, or if leverage exceeds
5.0x, on a sustained basis.

An upgrade looks unlikely in the next 12 months.  However, S&P
could revise the outlook to positive if leverage declines below
4.0x on a consistent basis, performance remains strong, and inflows
increase faster than anticipated.



SANDRIDGE ENERGY: Reports Q4 and 2015 Financial Results
-------------------------------------------------------
SandRidge Energy, Inc., reported a net loss available to the
Company's common stockholders of $664.57 million on $144 million of
total revenues for the three months ended Dec. 31, 2015, compared
to net income available to the Company's common stockholders of
$254 million on $347 million of total revenues for the same period
in 2014.

For the year ended Dec. 31, 2015, SandRidge reported a net loss
available to common stockholders of $3.73 billion on $769 million
of total revenues compared to net income available to common
stockholders of $203 million on $1.55 billion of total revenues for
the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $2.99 billion in total assets,
$4.17 billion in total liabilities and a total stockholders'
deficit of $1.18 billion.

James Bennett, SandRidge president and CEO noted, "In 2016 we will
be reducing capital spending by around 60% compared to 2015,
ensuring liquidity while advancing our operations with one rig in
each of our plays.  Combining high-graded development of our
Mid-Continent assets with our emerging Niobrara play is resulting
in a more diversified company with improved capital efficiencies.
We've also reduced our G&A expense in order to match our ongoing
activity as we preserve and extend capabilities while managing
optionality in this challenging environment."

The Company currently has two rigs running in the Mississippian and
one rig running in the Niobrara, and expects to run one rig in each
area starting in May, consistent with a $285 million capital
program guidance.  Capital expenditures for 2016 and for future
periods are highly dependent on numerous factors including changes
in commodity prices and available liquidity and may differ
materially from guidance.

On Jan. 22, 2016, the Company borrowed $489 million under its
Senior Credit Facility, bringing the total amount outstanding to
approximately $500 million, including letters of credit.  Following
the funding of this borrowing, the Company's cash balance was
approximately $855 million.  On that same day, the Company also
announced that it had retained Kirkland & Ellis, LLP and Houlihan
Lokey, Inc. as its legal and financial advisors, respectively, to
assist the Company in analyzing and considering financial,
transactional, and strategic alternatives.

A full-text copy of the press release is available without charge
at http://is.gd/WWcalM

                    About SandRidge Energy

SandRidge Energy, Inc. (OTC PINK: SDOC) --
http://www.sandridgeenergy.com/-- is an oil and natural gas
exploration and production company headquartered in Oklahoma City,
Oklahoma, with its principal focus on developing high-return,
growth-oriented projects in the U.S. Mid-Continent and Niobrara
Shale.


SANDRIDGE ENERGY: Warns of Bankruptcy; Taps Kirkland, Houlihan
--------------------------------------------------------------
SandRidge Energy, Inc. this week unveiled its financial and
operational results for the year ended December 31, 2015.

PricewaterhouseCoopers LLP, in Oklahoma City, Oklahoma, which
audited the Company's financial report, said there is substantial
doubt about the Company's ability to continue as a going concern.

On January 22, 2016, the Company borrowed $489 million under its
Senior Credit Facility, bringing the total amount outstanding to
approximately $500 million, including letters of credit. Following
the funding of this borrowing, the Company's cash balance was
approximately $855 million. On that same day, the Company also
announced that it had retained Kirkland & Ellis, LLP and Houlihan
Lokey, Inc. as its legal and financial advisors, respectively, to
assist the Company in analyzing and considering financial,
transactional, and strategic alternatives.

In its Annual Report on Form 10-K, the Company relates that the
market price for oil, natural gas and natural gas liquids ("NGLs")
decreased significantly beginning in the fourth quarter of 2014,
continuing throughout 2015, and into 2016. The decrease in the
market price for production directly reduces the Company's cash
flow from operations and indirectly impacts its other potential
sources of funds.  The Company borrowed all of its remaining
available capacity under the senior credit facility in January 2016
and in March 2016, the lenders under the senior credit facility
elected to reduce the borrowing base to $340.0 million.

On March 21, 2016, the Company notified the administrative agent
that the Company would submit for the administrative agent's
consideration proposed additional oil and gas properties to serve
as collateral under the senior credit facility sufficient to
support a borrowing base of $500.0 million. Additionally, the
Company notified the administrative agent that it believed the
currently pledged assets are sufficient to support a borrowing base
of $500.0 million and reserved the right to exercise all other
options available to remedy the borrowing base deficiency, if any.


The Company has until April 20, 2016 to submit such additional
properties. Lower market prices for production may result in
further reductions to the borrowing base under the senior credit
facility or higher borrowing costs from other potential sources of
financing as the Company's borrowing capacity and borrowing costs
are generally related to the value of the Company's estimated
proved reserves. The weakness in pricing may also impact the
Company's ability to negotiate asset monetizations at acceptable
prices.

As a result of the impacts to the Company's financial position
resulting from declining industry conditions and in consideration
of the substantial amount of long-term debt outstanding, the
Company has engaged advisors to assist with the evaluation of
strategic alternatives, which may include, but not be limited to,
seeking a restructuring, amendment or refinancing of existing debt
through a private restructuring or reorganization under Chapter 11
of the Bankruptcy Code. However, there can be no assurances that
the Company will be able to successfully restructure its
indebtedness, improve its financial position or complete any
strategic transactions. As a result of these uncertainties and the
likelihood of a restructuring or reorganization, management has
concluded that there is substantial doubt regarding the Company's
ability to continue as a going concern as it is currently
structured.

As a result, the report of the Company's independent registered
public accounting firm that accompanies these consolidated
financial statements for the year ended December 31, 2015 contains
an explanatory paragraph regarding the substantial doubt about the
Company's ability to continue as a going concern, which under the
terms of the senior credit facility may result in an event of
default. If the Company does not obtain a waiver of this
requirement or otherwise cure this event within 30 calendar days of
the issuance of these financial statements, the lenders under the
senior credit facility will be able to accelerate maturity of the
debt. Any acceleration of the obligations under the senior credit
facility would result in a cross-default and potential acceleration
of the maturity of the Company's other outstanding long-term debt.
These defaults create additional uncertainty associated with the
Company's ability to repay its outstanding long-term debt
obligations as they become due and further reinforces the
substantial doubt over the Company's ability to continue as a going
concern.

SandRidge's key financial results for the Fourth Quarter 2015:

     * Pro forma for divestitures and net of noncontrolling
interest, adjusted EBITDA was $79 million in the fourth quarter of
2015 compared to $239 million in the fourth quarter of 2014.
Adjusted EBITDA, net of noncontrolling interest, was $67 million in
the fourth quarter of 2015 compared to $224 million in the fourth
quarter of 2014.

     * Adjusted operating cash flow of ($56) million for fourth
quarter 2015 compared to $203 million in fourth quarter 2014.

     * Adjusted net loss of $74 million, or $0.09 per diluted
share, for fourth quarter 2015 compared to adjusted net income of
$44 million, or $0.08 per diluted share, in fourth quarter 2014.

SandRidge's key financial results for the Full Year 2015:

     * Pro forma for divestitures and net of noncontrolling
interest, adjusted EBITDA was $589 million in 2015 compared to $873
million in 2014. Adjusted EBITDA, net of noncontrolling interest,
was $528 million in 2015 compared to $873 million in 2014.

     * Adjusted operating cash flow of $246 million for 2015
compared to $712 million in 2014.

     * Adjusted net loss of $135 million, or $0.21 per diluted
share, for 2015 compared to $150 million adjusted income, or $0.26
per diluted share, in 2014.

A copy of SandRidge's Form 10-K Report is available at
http://is.gd/KSF81o

Its earnings press release is available at http://is.gd/WWcalM


SANMINA CORP: S&P Affirms 'BB' CCR & Revises Outlook to Positive
----------------------------------------------------------------
Standard & Poor's affirmed its 'BB' corporate credit rating on San
Jose, Calif.-based Sanmina Corp. and revised the outlook to
positive from stable.

At the same time, S&P affirmed its 'BB+' issue-level rating on the
company's senior secured notes.  The recovery rating remains '2',
indicating S&P's expectation of substantial recovery (70% to 90%;
in the upper half of the range) in the event of a payment default.

"The outlook change reflects a revision of our view of Sanmina's
business relative to competitors in the EMS industry," said
Standard & Poor's credit analyst Christian Frank.

Benchmark Electronics Inc. and Celestica Inc. are rated 'BB' and,
given similar financial risk, S&P believes Sanmina's business could
support a favorable one-notch difference.  Flextronics
International Ltd. and Jabil Circuit Inc. are rated 'BBB-' and
although S&P views them as having stronger businesses, Sanmina has
less financial risk; S&P believes this combination could support an
unfavorable one-notch difference rather than the current two-notch
difference.  Nevertheless, S&P is cautious due to Sanmina's lack of
revenue and EBITDA growth since 2010, but S&P could raise the
rating if the company delivers revenue growth in line with S&P's
forecast, with stable EBITDA margins and capital intensity, and
leverage below 3x over the next 12 months.  The rating also
reflects S&P's view of Sanmina's highly competitive and cyclical
industry conditions and meaningful client concentration, partly
offset by its focus on high-margin, low-volume market segments and
minimal exposure to the more volatile mobile end market.


SB PARTNERS: Posts $17.4 Million Net Income for 2015
----------------------------------------------------
SB Partners filed with the Securities and Exchange Commission its
annual report on Form 10-K reporting net income of $17.4 million on
$1.01 million of total revenues for the year ended Dec. 31, 2015,
compared to a net loss of $875,000 on $1.08 million of total
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, SB Partners had $20.1 million in total assets,
$8.47 million in total liabilities and $11.7 million in total
partners' equity.

As of Dec. 31, 2015, the Company had cash and cash equivalents of
approximately $1,207,000 as compared to approximately $933,000 as
of Dec. 31, 2014.  Cash and cash equivalents increased during the
year ended Dec. 31, 2015, primarily due to rental income received
from the tenants leasing space at the Company's properties less
operating expenses, partnership expenses paid and debt service
obligations.

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

                       http://is.gd/H4iMm4

                       About SB Partners

Milford, Conn.-based SB Partners is a New York limited partnership
engaged in acquiring, operating and holding for investment a
varying portfolio of real estate interests.  As of June 30,
2010, the partnership owns an industrial flex property in Maple
Grove, Minnesota and warehouse distribution centers in Lino Lakes,
Minnesota and Naperville, Illinois.

                             *   *    *

This concludes the Troubled Company Reporter's coverage of SB
Partners until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at
a level sufficient to warrant renewed coverage.


SCHOOL SPECIALTY: S&P Revises Outlook to Stable & Affirms 'B-' CCR
------------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Wisconsin-based School Specialty Inc. to stable from negative.  At
the same time, S&P affirmed all ratings on the company, including
the 'B-' corporate credit rating and the 'B-' issue-level rating on
the company's term loan facility.  The recovery rating is '3',
reflecting S&P's expectation for meaningful recovery at the higher
end of the 50% to 70% range.

"The outlook revision reflects our expectation for improved sales
growth and EBITDA margins in 2016 because of company sales
initiatives, new product introductions, furniture-related sales
growth, and science curriculum sales leading to better overall
revenue," said credit analyst Mathew Christy.  "We also project
EBITDA margins to benefit from cost cutting initiatives, albeit
partially offset by lower gross margins because of a product mix
shift."

The stable rating outlook on School Specialty Inc. reflects S&P's
expectation that credit protection measures will moderately improve
over the next year as the company operates with a better balance
sheet following the pay down of debt, but still challenging market
environment.  S&P expects liquidity to remain adequate with ample
availability under the ABL revolver and sufficient covenant
headroom over this timeframe.

A lower rating could result from a deterioration of the company's
liquidity such that the capital structure becomes unsustainable or
weaker operating performance results in a significantly tighter
cushion in its financial maintenance covenants.  This could occur
if reduced school facility and supply spending by educational
districts results in an EBITDA decline by more than 20% from S&P's
current base-case projections.

S&P could consider an upgrade if the company achieves a sustained
improvement in operating results on improved sales growth and
margins all leading to an adjusted leverage ratio below 5x on a
sustained basis.  This scenario could occur if improved school
budgets and spending levels coupled with the company's sales
initiatives leads to sales growth improving by more than 2% in
conjunction with gross margins improving 100 basis points.


SELECT MEDICAL: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service raised the Speculative Grade Liquidity
Rating of Select Medical Holdings Corporation to SGL-3 from SGL-4.
Moody's also affirmed all other existing ratings of Select Medical
Holdings Corporation and Select Medical Corporation, including the
B1 Corporate Family Rating, B1-PD Probability of Default Rating,
Ba2 rating on senior secured debt and B3 rating on senior unsecured
debt. The rating outlook is stable.

Raising the Speculative Grade Liquidity Rating to SGL-3 reflects
Moody's expectation that the company will maintain adequate
liquidity over the next 12 to 18 months. The improvement in
Select's liquidity reflects the refinancing of a portion of the
company's term loan facilities that was set to mature in December
2016. Moody's also expects cash flow to benefit from the maturation
of newly opened facilities in the company's specialty hospital
segment. However, the company will remain highly reliant on its
revolver over the forecast period.

The affirmation of Select's B1 Corporate Family Rating reflects
Moody's expectation that the company will continue to operate with
considerable financial leverage and modest interest coverage over
the next year. Select will face potential reductions in revenue and
EBITDA in its specialty hospital segment as long term acute care
hospitals (LTCHs) adjust to new Medicare patient criteria and the
changes in reimbursement that accompany it. However, Moody's
believes that continued growth in the company's inpatient
rehabilitation facilities and improvements in profitability at
Concentra will likely allow the company to reduce debt/EBITDA to
below 5.0 times over the next 12 to 18 months.

Rating raised:

Select Medical Holdings Corporation:

Speculative Grade Liquidity Rating to SGL-3 from SGL-4

Ratings affirmed:

Select Medical Holdings Corporation:

Corporate Family Rating at B1

Probability of Default Rating at B1-PD

Select Medical Corporation:

Senior secured credit facilities at Ba2 (LGD 2)

Senior unsecured notes at B3 (LGD 5)

Outlooks are stable.



SERENA SOFTWARE: S&P Puts 'B' CCR on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
its 'B' corporate credit rating, on San Mateo, Calif.-based Serena
Software Inc. on CreditWatch with positive implications.

As part of the acquisition, S&P expects that the company will repay
its $345 million term loan due 2020.  S&P will withdraw the ratings
on the company after the transaction closes.

The CreditWatch action follows Serena's announcement that Micro
Focus has agreed to acquire the company from private equity firm
HGGC.

"We believe the transaction could result in Serena's leverage
remaining below 4x on a pro forma basis, and its scale
significantly improving, which would likely result in an upgrade of
the company," said Standard & Poor's credit analyst Sylvester
Malapas.



SPI ENERGY: Announces Management and Board Changes
--------------------------------------------------
SPI Energy Co., Ltd., announced that Xiaofeng Peng, chairman of the
Board of Directors, has taken on the additional role of chief
executive officer, effective March 25, 2016.  Roger Dejun Ye has
retired from his role as CEO and was appointed to the Company's
Board as a director and executive vice president in charge of the
solar business, effective the same day.

In addition, Amy Jing Liu tendered her resignation as the Company's
chief financial officer and director of the Board effective March
24, 2016, for personal reasons.  SPI Energy's Board will conduct a
search for a new CFO.  Tairan Guo, SPI Energy's assistant to
chairman and head of Lvdiantong, has been named interim CFO until a
permanent CFO is appointed.  Mr. Guo has been responsible for
overseeing SPI Energy's green energy payment platform, Lvdiantong,
and assisting in the development and implementation of the
Company's investment, asset management and Internet finance
strategies.  Prior to joining SPI Energy, Mr. Guo was the
co-founder of Unisun Energy Group, a global PV power plant
investor, developer and clean energy solutions provider, and the
general manager of Unisun Japan.  Prior to that, Mr. Guo served as
assistant to chairman and vice president at BaySolar AG, a
subsidiary of Bay Energy Group and a leading provider of financing,
construction and management services for major PV projects.
Earlier in his career, Mr. Guo was the chief business officer at
China Technology Development Group Corporation.

The Board has also promoted Minghua Zhao to senior vice president
in charge of the Company's finance service business, effective
March 25, 2016.  Mr. Zhao joined SPI Energy in March 2015 and is
stationed in Suzhou, Jiangsu Province.  He previously served as
chairman of the Suzhou Industrial Park Chengcheng Enterprises
Guarantee Co., Ltd., a financial services company, and as president
of Suzhou Industrial Park Branch of Suzhou Bank.

"We would like to thank Amy and Roger for their significant
contributions to the Company's growth and development, and we wish
Amy well in her future endeavors," said Xiaofeng Peng, Chairman and
CEO of SPI Energy.  "As a fast growing global green energy Internet
company, we are focused on attracting top industry and technology
talent to strengthen our existing management team and help us
execute our ambitious growth strategy."

                  About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

Solar Power reported a net loss of $5.19 million in 2014, a net
loss of $32.2 million in 2013 and a net loss of $25.4 million in
2012.  As of Sept. 30, 2015, the Company had $727 million in total
assets, $431 million in total liabilities and $296 million in total
equity.


SUN STRUCTURE: 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 Sun Structure Designs, Inc.

Sun Structure Designs, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Ill. Case No. 16-90180) on
February 29, 2016. The Debtor is represented by Brett Kepley, Esq.,
at O'Byrne, Stanko, Kepley & Jefferson, PC.


SWIFT ENERGY: Court Confirms Reorganization Plan
------------------------------------------------
Swift Energy Company on March 31 disclosed that the United States
Bankruptcy Court for the District of Delaware confirmed its Plan of
Reorganization (the "Plan"), paving the way for the Company to
emerge from bankruptcy.

The Company filed for Chapter 11 protection after entering into a
restructuring support agreement (RSA) with an ad hoc group of its
senior noteholders.  Pursuant to the RSA, which contained
milestones that governed the timing and progress of the process,
the parties agreed to the Plan, which provided for a conversion of
the Company's senior unsecured notes to equity, payment or
satisfaction in full of most of the Company's secured and unsecured
creditors, and distribution of equity and warrants in Reorganized
Swift to the existing shareholders.  At the time the Plan was
filed, agreements had not been reached on the treatment of the $75
million debtor in possession loan provided by certain unsecured
noteholders and the treatment of the Company's reserve-based loan.
Agreements have since been reached with respect to both loans.  The
Swift DIP lenders agreed to convert the entirety of their $75
million DIP loan to equity and the Company's bank group has agreed
to provide a $320 million reserve-based exit loan that will
refinance the existing loan and be used, among other things, to
fund obligations under the Plan and the Company's operations
following its emergence from bankruptcy.

Upon implementation of the Plan, the pre-petition senior note
holders, contract rejection claim holders and DIP participants will
hold 96% of the New Swift Common Stock.  Existing shareholders will
hold 4% of the New Swift Common Stock and receive Warrants for an
additional 30% of the New Swift Common Stock.  As a result of the
exchange of senior notes for equity, the Company will have reduced
its unsecured debt by approximately $905 million.  Pursuant to the
terms of the Plan and orders entered during the bankruptcy case,
all pre-petition amounts owing to royalty and working interest
holders, vendors and suppliers will also have been repaid.

Swift anticipates that the Plan will become effective and it will
emerge from bankruptcy on or before April 15, 2016.  The
effectiveness of the Plan is contingent on the Company's
satisfaction of a number of conditions that are set forth in the
Plan and the Confirmation Order.

"Swift Energy has worked diligently to improve its business and
meet the required milestones under the RSA with the goal of
achieving the best possible outcome for all of our constituents. We
are grateful for the efforts of our employees and our strong
relationships with royalty owners, vendors, suppliers and capital
providers, equity holders and other stakeholders, all of whom have
supported us during this restructuring.  Throughout this process,
we have endeavored to work cooperatively with our constituents to
position Swift to emerge from bankruptcy as a stronger company,"
said Terry Swift, President and Chief Executive Officer.

Swift Energy is being advised by the law firm of Jones Day,
investment bank Lazard, and financial advisor Alvarez & Marsal.

                        About Swift Energy

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

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

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

Swift Energy Company disclosed total assets of $416,358,243 plus an
undetermined amount and total liabilities of $1,233,022,421 plus an
undetermined amount.  Other Debtors disclosed total assets of $1.02
billion and total debt of $1.34 billion as of Sept. 30, 2015.

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

Reed Smith LLP represents the committee.

                        *     *     *

A hearing to consider confirmation of the Plan will be held on
March 30, 2016, at 10:30 a.m., (prevailing Eastern Time).
Objections, if any, to confirmation of the Plan must be filed with
the Court no later than 4:00 p.m., prevailing Eastern Time, on
March 23.


T-MOBILE USA: S&P Assigns 'BB' Rating on Proposed $1BB Sr. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' issue-level
rating and '3' recovery rating to Bellevue, Wash.-based wireless
service provide T-Mobile US Inc.'s proposed $1 billion of senior
notes due 2024.  The '3' recovery ratings indicates S&P's
expectation for meaningful (50%-70%; upper end of the range)
recovery in the event of payment default.  The notes will be issued
out of wholly-owned subsidiary T-Mobile USA Inc.

Net proceeds from the new notes will be used to fund the purchase
of 700 MHz A-block spectrum and for other spectrum purchases.  S&P
expects that total debt issuance to fund the acquisition of
spectrum licenses, including these notes and the $2 billion of 5.3%
senior notes due 2021 that will be issued to parent-company
Deutsche Telekom AG (DT), will be around $10 billion.  As a result,
S&P believes that adjusted net debt to EBITDA will be in the mid-
to high-4x area by year-end 2016, which supports S&P's aggressive
financial risk assessment and the 'BB' corporate credit rating.

RATINGS LIST

T-Mobile US Inc.
Corporate Credit Rating          BB/Stable/--

T-Mobile USA Inc.
$1 bil. notes due 2024
Senior Unsecured                 BB
  Recovery Rating                 3H


TRANS-LUX CORP: Incurs $1.74 Million Net Loss in 2015
-----------------------------------------------------
Trans-Lux Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K reporting a net loss of
$1.74 million on $23.56 million of total revenues for the year
ended Dec. 31, 2015, compared to a net loss of $4.62 million on
$24.35 million of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Trans-Lux had $12.99 million in total assets,
$13.14 million in total liabilities and a 156,000 total
stockholders' deficit.

Marcum LLP, in Hartford, CT, issued a "going concern" qualification
on the consolidated financial statements for the year ended Dec.
31, 2015, noting that the Company has suffered recurring losses
from operations and has a significant working capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.  Further, the Company is in default of the indenture
agreements governing its outstanding 9 1/2% subordinated debentures
which were due in 2012 and its 8 1/4% limited convertible senior
subordinated notes which were due in 2012 so that the trustees or
holders of 25% of the outstanding Debentures and Notes have the
right to demand payment immediately.  Additionally, the Company has
a significant amount due to their pension plan over the next 12
months.

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

                    http://is.gd/ceF5RH

                About Trans-Lux Corporation

Norwalk, Conn.-based Trans-Lux Corporation (NYSE Amex: TLX) is a
designer and manufacturer of digital signage display solutions for
the financial, sports and entertainment, gaming and leasing
markets.


TRUGREEN LP: S&P Assigns 'B' CCR, Outlook Stable
------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' corporate rating
on Memphis, Tenn.–based TruGreen LP.  The outlook is stable.

At the same time, S&P assigned its 'B' issue-level rating to the
company's proposed first-lien credit facilities, which consist of a
$560 million first-lien term loan due 2023, and $146 million
revolving facility expiring 2021.  The recovery rating on the
first-lien facilities is '3' indicating S&P's expectation for
meaningful recovery (50%-70%; at the higher end of the range) in
the event of a payment default.

S&P's ratings assume the transactions close on substantially the
same terms as presented to them.

"The ratings on TruGreen reflect its high financial leverage,
narrow business focus, strong market share, and efficient operating
platform," said Standard & Poor's credit analyst Suyun Qu.  "Pro
forma for the transaction, leverage is high at about 6x. We expect
credit metrics will deteriorate slightly, including debt to EBITDA
increasing to about 6.5x, in the second half of 2016 because of
costs related to branch consolidation and other one-time
integration expenses."

The stable outlook reflects S&P's view that TruGreen will smoothly
integrate Scotts LawnService, operating performance will strengthen
in 2017, and the company will generate positive operating cash
flow.  Upon completion of the integration, S&P expects a more
efficient operating platform for the combined company to lead to
improved credit metrics.  S&P expects the company to maintain
leverage below 7x over the next year.



US SILICA: S&P Lowers Rating to 'B', Outlook Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said it downgraded Frederick,
Md.-based industrial sand producer U.S. Silica Co. to 'B' from
'BB-'.  The outlook is negative.

At the same time, S&P lowered its issue-level rating on the
company's senior secured term loan to 'B' from 'BB-'.  The '3'
recovery rating on the debt is unchanged, indicating S&P's
expectation of average (50%-70%; upper half of the range) recovery
in the event of a payment default.

"The negative outlook reflects our expectation for continued
pressure on U.S. Silica's profitability and cash flows as demand
and pricing for frac sand remains weak, driving leverage higher
over the next 12 months," said Standard & Poor's credit analyst
Ryan Gilmore.  "The negative outlook also reflects the high
likelihood of a cash-financed acquisition within the next 12
months, which could lead to a downward revision of our liquidity
assessment."

S&P could lower the rating if it no longer deemed liquidity to be
strong.  This could occur if the company used a substantial amount
of cash to finance a large acquisition.  A negative rating action
could also occur if S&P viewed the business risk profile to be more
consistent with a vulnerable assessment.  This could be the result
of a weakening competitive position due to reduced operating
efficiency, deteriorating profitability, or other factors.

It is unlikely that S&P would raise the rating in the next 12
months given the current weakness in U.S. Silica's operating
environment.  However, S&P could consider revising the outlook to
stable within the next year if oil prices increased and drilling
and completion activity stabilized or showed improvement.  S&P
could also consider an upgrade if the company achieved sustainable
improvement in credit measures, with debt to EBITDA of less than
8x.  This could occur in the longer term if prices or volumes rose
meaningfully from current levels.


VANTAGE DRILLING: Posts Net Loss of $8.8M in 4th Quarter 2015
-------------------------------------------------------------
Vantage Drilling International on March 30 reported net loss
attributable to shareholder for the three months ended December 31,
2015 of $8.8 million as compared to earnings of $27.6 million for
the three months ended December 31, 2014.  The three months ended
December 31, 2015 included charges totaling $39.4 million of
reorganization items.

For the year ended December 31, 2015, Vantage reported net income
attributable to shareholder of $17.2 million as compared to
earnings of $92.9 million for the year ended December 31, 2014.
The year ended December 31, 2015 includes gains on the early
retirement of debt of approximately $10.8 million and approximately
of $39.4 million of reorganization items as compared to the year
ended December 31, 2014 which included approximately $4.4 million
of gains from the early retirement of debt.

Vantage filed a Joint Prepackaged Chapter 11 Plan of Reorganization
on December 3, 2015 and emerged from those proceedings on February
10, 2016.  In connection with the reorganization, Vantage
recognized charges totaling approximately $39.4 million consisting
primarily of the write-off of deferred financing costs and
unamortized original issued debt discounts, and professional fees.

Vantage, a Cayman Islands exempted company, is an offshore drilling
contractor, with an owned fleet of three ultra-deepwater
drillships, the Platinum Explorer, the Titanium Explorer and the
Tungsten Explorer and four Baker Marine Pacific Class 375
ultra-premium jackup drilling rigs.  Vantage's primary business is
to contract drilling units, related equipment and work crews
primarily on a dayrate basis to drill oil and natural gas wells.
Vantage also provides construction supervision services for, and
will operate and manage, drilling units owned by others.  Through
its fleet of seven owned drilling units, Vantage is a provider of
offshore contract drilling services globally to major, national and
large independent oil and natural gas companies.

A copy of the Company's financial statements for the three months
ended December 31, 2015, is available for free at:

       http://www.marketwired.com/press-release/-2110076.htm

                       About Offshore Group

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

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

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

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

                           *     *     *

Offshore Group on Feb. 10, 2016, disclosed that it has Successfully
completed its prepackaged restructuring and recapitalization and
emerged from chapter 11 bankruptcy protection.  The Debtors'
prepackaged plan was confirmed by the bankruptcy judge Jan. 15,
2016.


VICTORY ENERGY: Agrees to Settle Litigation With Oz Gas
-------------------------------------------------------
Victory Energy Corporation and Oz Gas Corporation entered into a
Settlement and Forbearance Agreement on March 22, 2016, in order to
settle all matters pertaining to certain litigation between Oz and
the Company with respect to the case Oz Gas Corporation v. Remuda
Operating Company, et al. v. Victory Energy Corporation, in the
District Court of Crockett County, Texas, 112th Judicial District,
according to a Form 8-K report filed with the Securities and
Exchange Commission.

Under the Settlement Agreement, the Company and Oz agreed, among
other things, that the Company would settle Oz's claims by
permitting Oz to keep $14,000 previously seized by a judgment
receiver and by paying Oz an additional total amount of $140,000 in
$7,500 monthly installments beginning April 15, 2016.  The parties
further agreed to make certain court filings to dismiss the related
action and release the Company from the related judgment.  If the
Company defaults in its payments, Oz may seek to resume litigation
proceedings and post-judgment collection procedures.

                    About Victory Energy

Austin, Texas-based Victory Energy Corporation is engaged in the
exploration, acquisition, development and exploitation of domestic
oil and gas properties.  Current operations are primarily located
onshore in Texas, New Mexico and Oklahoma.

Victory Energy reported a net loss of $4.22 million in 2014
following a net loss of $2.11 million in 2013.

As of Sept. 30, 2015, the Company had $1.89 million in total
assets, $4.13 million in total liabilities, and a $2.24 million
total stockholders' deficit.

Weaver and Tidwell, L.L.P., in Houston, Texas, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has
experienced recurring losses since its inception and has an
accumulated deficit, which raise substantial doubt regarding the
Company's ability to continue as a going concern.


WAGLE LLC: Case Summary & 15 Unsecured Creditors
------------------------------------------------
Debtor: Wagle, LLC
           aka Ed & Mark's Locksmith
        615 National Pike
        Uniontown, PA 15401

Case No.: 16-21169

Chapter 11 Petition Date: March 30, 2016

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

Judge: Hon. Carlota M. Bohm

Debtor's Counsel: Francis E. Corbett, Esq.
                  310 Grant Street, Suite 1420
                  Pittsburgh, PA 15219-2230
                  Tel: 412-456-1882
                  Fax: 412-471-5125
                  E-mail: fcorbett@fcorbettlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Patricia D. Wagle, member.

A list of the Debtor's 15 largest unsecured creditors is available
for free at http://bankrupt.com/misc/pawb16-21169.pdf


WWW STORAGE: Case Summary & 5 Unsecured Creditors
-------------------------------------------------
Debtor: WWW Storage, LLC
        333 15th Street NE
        Auburn, WA 98002

Case No.: 16-11703

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: March 30, 2016

Court: United States Bankruptcy Court
       Western District of Washington (Seattle)

Judge: Hon. Timothy W. Dore

Debtor's Counsel: Maria S Stirbis, Esq.
                  LIBERTY LAW, LLC
                  6108 Community Pl SW Ste 1
                  Lakewood, WA 98499
                  Tel: 253-573-9111
                  E-mail: maria@stirbis-stirbis.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Chris Kealy, manager/member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/wawb16-11703.pdf


XG TECHNOLOGY: Nasdaq Extends Listing Compliance Period
-------------------------------------------------------
xG Technology, Inc. on March 30 disclosed that is has received a
written notification from the Nasdaq Stock Market LLC ("Nasdaq")
indicating that the Company is eligible for an additional 180
calendar day period, or until September 26, 2016, to regain
compliance with Nasdaq Listing Rule 5550(a)(2) covering minimum bid
price requirement.

The determination by Nasdaq that the Company was eligible for this
additional period was based upon the Company meeting the continued
listing requirement for market value of publicly held shares and
all other applicable requirements for initial listing on the Nasdaq
Capital Market with the exception of the Bid Price Rule, and the
Company's written notice of its intention to cure the deficiency
during the second compliance period by effecting a reverse stock
split, if necessary.

If the Company does not regain compliance within the allotted
compliance period, Nasdaq will provide notice that the Company's
shares of common stock will be subject to delisting.

The Company intends to monitor the closing bid price of its common
stock between now and September 26, 2016 and will consider
available options to resolve the Company's noncompliance with the
minimum bid price requirement as may be necessary.

As previously disclosed, on September 28, 2015, xG was notified
that the Company's common stock no longer met the minimum $1 bid
price per share listing requirement, and was provided under
NASDAQ's Listing Rules with 180 calendar days, or until March 28,
2016, to regain compliance.

                    About xG Technology, Inc.

Founded in 2002, xG Technology -- http://www.xgtechnology.com--
has developed communication technologies that make wireless
networks more intelligent, accessible, affordable and reliable.
The company's technology brand portfolio includes xMax and
Integrated Microwave Technologies (IMT).

Based in Sarasota, Florida, xG has over 100 patents and pending
patent applications.  xG is a publicly traded company listed on the
NASDAQ Capital Market (symbol: XGTI)


[*] Auto Insurer Underwriting Results Decline in 2015, Fitch Says
-----------------------------------------------------------------
Most leading personal auto insurance underwriters experienced
deterioration in segment underwriting results in 2015, according to
a new Fitch Ratings report.  A review of full year 2015 for 10
publicly traded property/casualty insurers that breakout personal
auto business in GAAP filings reveals an aggregate decline in
underwriting profitability despite continued favorable premium
growth.

The group of 10 accounts for approximately one-quarter of industry
personal auto premiums and includes Berkshire Hathaway's GEICO
subsidiary, Allstate, and Progressive, which rank number two,
three, and four in market share.

Personal auto premiums increased by 7.5% during 2015 for the sample
group, but the aggregate combined ratio for the sample group
increased by over 2 percentage points versus 2014 results to 97.6%.
Higher loss ratios are driven by claims severity trends that
exceed general inflation levels, and a more recent shift toward
unfavorable claims frequency patterns.

This deterioration in results is a precursor to higher premium
rates going forward in private passenger automobile insurance.
However, competitive forces will continue to challenge insurers'
ability to sustain rate increases that keep pace with or exceed
future loss costs changes.



[*] Justine Block Joins Hahn & Hessen as Special Conusel
--------------------------------------------------------
New York law firm Hahn & Hessen LLP on March 30 disclosed that
Justine J. Block has joined the Firm, as Special Counsel.

"We are pleased to welcome Justine to the Firm," said Managing
Partner Mark S. Indelicato.  "Justine brings a wealth of knowledge
and experience in representing clients in the purchase and sale of
distressed assets, including U.S. and international bank loans and
claims against bankrupt and financially-distressed companies.  The
addition of Justine to the Firm's already-robust bankruptcy and
restructuring group strengthens and provides greater depth to the
claims trading and distressed investment advisory services we
provide to the Firm's institutional and other clients."

Justine's practice focuses on the representation of companies,
financial institutions and hedge funds in secondary loan trading
utilizing forms promulgated by the Loan Syndications and Trading
Association (LSTA) for the U.S. market and the Loan Market
Association (LMA) for the European/Asian/Middle East markets, as
well as tailored documentation for other complex secondary loan
transactions.  She advises clients on and negotiates transfer
documentation in connection with their acquisition of secured,
administrative expense and general unsecured trade claims against
debtors in bankruptcy and the trading and settlement of private
securities issued by companies emerging from Chapter 11, utilizing
various applicable exemptions from the registration requirements of
the securities laws.  Justine also assists clients with the
documentation for total return swaps, loan credit default swaps and
derivative transactions and she advises investors in distressed
assets on a variety of confidentiality and nondisclosure issues.

Prior to joining Hahn & Hessen, Justine was an attorney in the
Corporate Restructuring and Bankruptcy Group at Kramer Levin
Naftalis & Frankel LLP.

Justine is a 1998 cum laude graduate of Brooklyn Law School, where
she served on the Law Review, and a 1995 graduate of Cornell
University.  She is admitted to practice law in New York.

                       About Hahn & Hessen

Founded in 1931, Hahn & Hessen LLP -- http://www.hahnhessen.com
--is a full service commercial firm serving primarily financial
institutions and creditors holding distressed debt.  The Firm has
received substantial recognition for its unique capabilities in
situations where the creditworthiness of a client's existing or
potential borrower, counterparty or customer is of concern.


[^] BOOK REVIEW: Lost Prophets
------------------------------
Author: Alfred L. Malabre, Jr.
Publisher: Beard Books
Softcover: 256 pages
List Price: $34.95
Review by Henry Berry

Order your personal copy today at http://is.gd/KNTLyr

Alfred Malabre's personal perspective on the U.S. economy over the
past four decades is firmly grounded in his experience and
knowledge.  Economics Editor of The Wall Street Journal from 1969
to 1993 and author of its weekly "Outlook" column, Malabre was in
a singular position to follow the U.S. economy in recent decades,
have access to the major academic and political figures
responsible for economic affairs, and get behind the crucial
economic stories of the day.  He brings to this critical overview
of the economy both a lively, often provocative, commentary on the
picture of the turns of the economy.  To this he adds sharp
analysis and cogent explanation.

In general, Malabre does not put much stock in economists. "In
sum, the profession's record in the half century since Keynes and
White sat down at Bretton Woods [after World War II] provokes
dismay."  Following this sour note, he refers to the belief of a
noted fellow economist that the Nobel Prize in this field should
be discontinued.  In doing so, he also points out that the Nobel
for economics was not one originally endowed by Alfred Nobel, but
was one added at a later date funded by the central bank of Sweden
apparently in an effort to give the profession of economists the
prestige and notice of medicine, science, literature and other
Nobel categories.

Malabre's view of economists is widespread, although rarely
expressed in economic circles.  It derives from the plain fact
that modern economists, even hugely influential ones such as John
Meynard Keynes, are wrong as many times as they are right.  Their
economic theories have proved incomplete or shortsighted, if not
basically wrong-headed.  For example, Malabre thinks of the
leading economist Milton Friedman and his "monetarist colleagues"
as "super salespeople, successfully merchandising.an economic
medicine that promised far more than it could deliver" from about
the 1960s through the Reagan years of the 1980s.  But the author
not only cites how the economy has again and again disproved the
theories and exposed the irrelevance of wrong-headedness of the
policy recommendations of the most influential economists of the
day.  Malabre also lays out abundant economic data and describes
contemporary marketplace and social activities to show how the
economy performs almost independently of the best analyses and
ideas of economists.

Malabre does not engage in his critiques of noted economists and
prevailing economic ideas of recent decades as an end in itself.
What emerges in all of his consistent, clear-eyed, unideological
analysis and commentary is his own broad, seasoned view of
economics-namely, the predominance of the business cycle.  He
compares this with human nature, which is after all the substance
of economics often overlooked by professional and academic
economists with their focus on monetary policy, exchange rates,
inflation, and such.  "The business cycle, like human nature, is
here to stay" is the lesson Malabre aims to impart to readers
interested in understanding the fundamental, abiding nature of
economics.  In Lost Prophets, in language that is accessible and
jargon-free, this author, who has observed, written about, and
explained economics from all angles for several decades,
persuasively makes this point.

In addition to holding a top position at The Wall Street Journal,
Malabre is also the author of the books, Understanding the New
Economy and Beyond Our Means, which received the George S. Eccles
Prize from the Columbia Business School as the best economics book
of 1987.


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

                   *** End of Transmission ***