TCR_Public/160404.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, April 4, 2016, Vol. 20, No. 95

                            Headlines

21ST CENTURY: Needs More Time to File Annual Report
499 WINDING ROAD: U.S. Trustee Unable to Appoint Committee
ALCOA INC: Moody's Confirms Ba1 Corporate Family Rating
ALPHA NATURAL: Wants Cleary Gottlieb to Aid in Regulatory Reviews
ALVOGEN PHARMA: Moody's Hikes Corporate Family Rating to B2

AMERICAN APPAREL: Wants Until April 4 to Remove Proceedings
AMERICAN EAGLE: Can Continue Using Cash Collateral Through April 30
AMERIGAS PARTNERS: Fitch Affirms 'BB' IDR, Outlook Stable
AMPLIPHI BIOSCIENCES: Reports Full-Year 2015 Financial Results
ANACOR PHARMACEUTICALS: Prices $250-Mil. Senior Notes Offering

BAKERSFIELD GROVE: Court Closes Chap. 11 Case
BATAA/KIERLAND: Consents to Chapter 11 Trustee Appointment
BG MEDICINE: Delays Filing of 2015 Annual Report
BIOFUELS POWER: Delays Filing of 2015 Annual Report
BIOMBO, INC.: Judge Drain Orders Appointment of Chapter 11 Trustee

BOWIE RESOURCE: Moody's Cuts Corporate Family Rating to Caa1
CALMARE THERAPEUTICALS: Needs More Time to File 2015 Form 10-K
CATASYS INC: Reports Full Year 2015 Financial Results
CHAMPION INDUSTRIES: Shareholders Elect 5 Directors
CPI INT'L: Moody's Cuts Corporate Family Rating to B3

CRYOPORT INC: Extends Issuer Tender Offer Until April 7
CTI BIOPHARMA: Has Est. Net Fin'l Standing of $83.2M at Feb. 29
D.A.B. GROUP: New York Property Slated for May Auction
DIFFUSION PHARMACEUTICALS: Thomas Byrne Quits as Director
DOLPHIN DIGITAL: Stockholders OK Reverse Common Stock Split

DOVER DOWNS: Regains Compliance with NYSE Listing Standard
E Z MAILING: Wants Exclusive Plan Filing Period Extended to July 31
ELBIT IMAGING: Appoints Doron Moshe as Chief Executive Officer
ELBIT IMAGING: Four Resolutions Adopted at General Meeting
ELBIT IMAGING: Incurs NIS 314.9 Million Net Loss in 2015

ELBIT IMAGING: Unit Closes Sale of Liberec Plaza for EUR 9.5M
ELDORADO GOLD: Moody's Cuts Corporate Family Rating to B1
ELDORADO GOLD: Moody's Cuts Corporate Family Rating to B1
EMPIRE GENERATING: Moody's Cuts Senior Credit Facilities to 'B2'
ENERGY COAL: Resolves Objections to Ch. 15 Petition

ESTATE FINANCIAL: Disclosure Statement Hearing Moved to April 6
ESTATE FINANCIAL: Plan to Provide 3% Recovery to Unsec. Creditors
ESTATE FINANCIAL: Settlement With EFMF Trustee Approved
ETERNAL ENTERPRISE: Debtor's Counsel Steals $300,000 from Estate
EWT HOLDINGS: Moody's Affirms B2 Corporate Family Rating

EXAMWORKS GROUP: S&P Affirms 'B+' CCR & Revises Outlook to Pos.
EXELON CORP: Fitch Cuts Junior Subordinated Debt Rating to 'BB+'
FANNIE MAE & FREDDIE MAC: Josh Angel Revisits Implicit Guarantee
FEDERAL RESOURCES: Cases Converted to Chapter 7 Proceedings
FJK PROPERTIES: Judge Issues Final Decree to Close Case

FRESH & EASY: McCarron & Diess Represents PACA Trust Claimants
FRONTIER STAR: Chapter 11 Trustee Announces Closing of Asset Sale
FRONTIER STAR: Gets Court Approval for Western Alliance Deal
FULLCIRCLE REGISTRY: Delays Filing of 2015 Form 10-K
GEMSA LOAN: Fitch Lowers Rating to 'CPS2-' Then Withdraws

GLENN POOL: S&P Puts BB+ Rating on CreditWatch Negative
GLYECO INC: Names Grant Sahag New Chief Executive Officer
GOLDCUP MERGER: Moody's Assigns B2 Corporate Family Rating
GOODMAN NETWORKS: Moody's Cuts Corporate Family Rating to Ca
GOODRICH PETROLEUM: Extends Tender Offer Period Until April 8

GOODRICH PETROLEUM: Plans to File for Bankruptcy in Coming Weeks
GOODRICH PETROLEUM: Signs RSA with Noteholders as Back-up Plan
GREAT BASIN: Effects Reverse Common Stock Split
GREAT BASIN: Gets Notices of Deferrals From Noteholders
GRIDWAY ENERGY: Has Until April 4 to Remove Causes of Action

GT ADVANCED: Taps Quinn Emanuel as Conflicts Counsel
H. KREVIT: Exclusive Plan Proposal Period Extended to Sept. 19
HARSCO CORP: Fitch Cuts LT Issuer Default Rating to 'BB'
HEALTH NET: Fitch Lowers $400MM Senior Notes Rating to BB-
HIGH RIDGE: Court Grants Bid to Substitute Lawyer

HII TECHNOLOGIES: Hamiltons Object to Amended Disclosure Statement
HII TECHNOLOGIES: Plan Exclusivity Extended to Sept. 12
HII TECHNOLOGIES: To Present Plan for Confirmation April 15
HORSEHEAD HOLDING: Court Approves Joint Administration of Cases
HOVENSA LLC: Ret. Judge James Giles Okayed as Dispute Arbitrator

HUGHES SATELLITE: S&P Raises CCR to 'BB', Outlook Stable
HYDROCARB ENERGY: Shadow Tree Declares Default Under Credit Pact
HYPNOTIC TAXI: Committee Taps EisnerAmper as Fin'l Advisors
HYPNOTIC TAXI: Proposes 100% Payment Reorganization Plan
IBCS MINING: Disclosure Statement Hearing Moved to May 17

IBCS MINING: Has Access to Cash Collateral Until May 17
ICAGEN INC: Needs More Time to File 2015 Annual Report
IMH FINANCIAL: Incurs $18.9 Million Net Loss in 2015
INDIANA FINANCE: S&P Cuts Issue Ratings on $243.84MM Bonds to BB+
INSTITUTO MEDICO: Plan Confirmation Hearing on April 26

INSTITUTO MEDICO: Taps FPV & Galindez for Audit Services
JUMIO INC: U.S. Trustee Unable to Appoint Committee
LEE STEEL: Panel's Objection to Notice of Case Closing Sustained
LIFEPOINTE VILLAGE: TMI Asks to Be Appointed as Series C Trustee
LOGAN's ROADHOUSE: S&P Lowers CCR to 'CCC-', On Watch Negative

MEDICURE INC: Reports C$1.7 Million Net Income for 2015
MGM RESORTS: Marketing Credit Facility to Prospective Lenders
MIDSTATES PETROLEUM: Defers $16 Million Notes Interest Payment
MIDSTATES PETROLEUM: Gets Notice of Borrowing Base Determination
MIDWEST FAMILY: S&P Lowers Rating on 2006A Class III Bonds to B+

MINT LEASING: Needs More Time to File 2015 Annual Report
MORNINGSTAR MARKETPLACE: Leon P. Haller Named Chapter 11 Trustee
NATURAL MOLECULAR: Clark Nuber Okayed as Trustee's Expert Witness
NET ELEMENT: Reports 2015 Annual Results and Provides Update
NEW GOLD: Moody's Cuts Corporate Family Rating to 'B2'

NEW GULF RESOURCES: Files Amended Schedules of Assets & Debt
NEW GULF RESOURCES: Wants Until July 14 to Remove Actions
NEWZOOM INC: Sheppard Mullin Okayed as Committee Counsel
NMSC HOLDINGS: Moody's Assigns B2 Corporate Family Rating
NMSC HOLDINGS: Moody's Assigns B2 Corporate Family Rating

PACIFIC BEACON: Fitch Hikes 2006A Class III Bonds Rating From BB
PARAGON OFFSHORE: Ad Hoc Noteholder Group Membership Disclosed
PEABODY ENERGY: Extends Accounts Receivables Program to March 2018
PEABODY ENERGY: Unit Signs Limited Waiver to Purchase Agreement
PHOTOMEDEX INC: Delays Filing of 2015 Form 10-K

PINNACLE ENTERTAINMENT: Moody's Puts B1 CFR on Review for Upgrade
PMA MEDICAL: Meeting to Form Creditors' Panel Set for April 11
POSTROCK ENERGY: Files Voluntary Chapter 11 Bankruptcy Petition
PREMIER EXHIBITIONS: Daoping Bao Reports 47.5% Stake
PRIME GLOBAL: Amiruddin Bin Che Embi Quits as Director

PRIME GLOBAL: Maylee Lee Appointed as Director
PURADYN FILTER: Announces 2015 Year End Audited Financial Results
QUANTUM MATERIALS: Amends License Agreements with Rice University
QUANTUM MATERIALS: Has Private Placement of 2,000 Units
QUEST SOLUTION: Delays Filing of 2015 Annual Report

SCC PARTNERS: U.S. Trustee Forms 3-Member Committee
SEA SHELL COLLECTIONS: Employs Richard Colbert as Counsel
SEA SHELL COLLECTIONS: Files Schedules of Assets and Liabilities
SEA SHELL COLLECTIONS: U.S. Trustee Requests April 27 Meeting
SFX ENTERTAINMENT: Court Approves Joint Administration of Cases

SIGA TECHNOLOGIES: Wants Solicitation Period Extended Thru May 16
SOUTHCROSS HOLDINGS: Court Directs Joint Administration of Cases
SOUTHCROSS HOLDINGS: Enters Into $85 Million DIP Facility
SOUTHCROSS HOLDINGS: Hires Epiq as Noticing and Balloting Agent
SOUTHCROSS HOLDINGS: Proposes April 11 Confirmation Hearing

SPIRE CORP: Needs More Time to File 2015 Annual Report
SPX CORP: Fitch Affirms Then Withdraws 'BB+' IDR
SQUARETWO FINANCIAL: Moody's Cuts Corporate Family Rating to Ca
SUNEDISON INC: Faces Bankruptcy Risk, TerraForm Global Says
SYCAMORE MARBLE: Liquidating Plan Contemplates Sale by Year-End

TARGETED MEDICAL: Delays Filing of 2015 Form 10-K
TENET HEALTHCARE: Closes Sale of Atlanta-Area Hospitals for $575M
TRANS ENERGY: Needs More Time to File 10-K to Complete Audit
U.S. STEEL: Moody's Puts B1 CFR Under Review for Downgrade
ULTRA PETROLEUM: Defers $26 Million Notes Interest Payment

VALEANT PHARMACEUTICALS: Moody's Cuts Corp Family Rating to B2
VERSO CORP: NewPage Taps Pepper Hamilton as Conflicts Counsel
VERSO CORP: Quinn Emmanuel Tapped as Special Conflicts Counsel
VERSO CORP: Taps O'Melveny & Myers as Bankruptcy Counsel
VULCAN MATERIALS: Fitch Raises Issuer Default Rating From 'BB+'

WALTER ENERGY: Authorized to Liquidate Provident Life Plan
WESTERN DIGITAL: Fitch Maintains 'BB+' Issuer Default Rating
ZAYO GROUP: Moody's Affirms B2 Corporate Family Rating
ZYNEX INC: Reports $2.93 Million Net Loss for 2015
[*] 16 Chapter 11 Cases Filed by SARE Debtors in March 2016

[*] Bankruptcy Filings Up in Delaware, Judge Says
[*] Scott Barshay Joins Paul, Weiss as Global Head of M&A
[^] BOND PRICING: For Week from March 28 to April 1, 2016

                            *********

21ST CENTURY: Needs More Time to File Annual Report
---------------------------------------------------
21st Century Oncology Holdings, Inc. was unable to file its annual
report on Form 10-K for the year ended Dec. 31, 2015, within the
prescribed time period without unreasonable effort or expense.  The
Company said it requires additional time to finalize its financial
statements to be filed as part of the 2015 10-K as it completes its
regular year-end closing process.  

In addition, as previously disclosed in the Company's Current
Report on Form 8-K filed on March 25, 2016, the Company will be
restating the unaudited condensed consolidated financial statements
as of and for the interim periods ended March 31, June 30 and Sept.
30, 2015, and the 2015 10-K is expected to reflect this
restatement.  The Company intends to file the 2015 10-K as soon as
reasonably practicable.

                        About 21st Century

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

As of Sept. 30, 2015, the Company had $1.09 billion in total
assets, $1.33 billion in total liabilities, $370.47 million in
series A convertible redeemable preferred stock, $19.93 million in
noncontrolling interests and a $623.11 million total deficit.

                            *     *     *

As reported by the TCR on Feb. 27, 2015, Moody's Investors Service
upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and
Probability of Default Rating to B3 and B3-PD, respectively.
The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board and subsequent debt
reduction.

In the April 16, 2015, edition of the TCR, Standard & Poor's
Ratings Services affirmed its 'B-' corporate credit rating on Fort
Myers-based cancer care provider 21st Century Oncology Holdings
Inc.


499 WINDING ROAD: 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 499 Winding Road Corp.

499 Winding Road Corp. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern
District of New York (Central Islip) (Case No. 16-70651) on
February 19, 2016. The petition was signed by Moe Tamazi,
president.

The Debtor is represented by J. Logan Rappaport, Esq., at Pryor &
Mandelup, LLP. The case is assigned to Judge Robert E. Grossman.

The Debtor disclosed total assets of $283 and total debts of $1.48
million.


ALCOA INC: Moody's Confirms Ba1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service confirmed Alcoa Inc's Ba1 Corporate
Family Rating (CFR), Ba1-PD Probability of Default rating, Ba1
senior unsecured rating, Ba1 backed industrial bond ratings, (P)
Ba1 senior unsecured shelf rating, (P)Ba1 Medium-Term Note Program
rating and Ba2 preferred stock rating. The Speculative Grade
Liquidity rating remains unchanged at SGL-1. The outlook is
negative. This concludes the review for downgraded initiated on
January 21, 2016.

The following ratings have been Confirmed:

Issuer: Alcoa Inc.

-- Probability of Default Rating, at Ba1-PD

-- Corporate Family Rating, at Ba1

-- Senior Unsecured Shelf, at (P)Ba1

-- Preferred Stock, at Ba2

-- Senior Unsecured Medium-Term Note Program, at (P)Ba1

-- Senior Unsecured Regular Bond/Debenture, at Ba1

Issuer: Chelan County Development Corporation, WA

-- Senior Unsecured Revenue Bonds, at Ba1

Issuer: Iowa Finance Authority

-- Senior Unsecured Revenue Bonds, at Ba1

Outlook Actions:

Issuer: Alcoa Inc.

-- Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

The confirmation acknowledges the ability of Alcoa to maintain debt
protection metrics and leverage appropriate for a Ba1 CFR with
EBIT/interest for the year ended December 31, 2015 of 2.8x (3.3x in
2014) and leverage, as measured by the debt/EBITDA ratio of 3.5x at
December 31, 2015, up slightly from 3.2x the prior year. The
company was able to achieve this performance despite the meaningful
drop in 2015 in aluminum and alumina prices as well as the Midwest
premiums, well as relatively flat to only modestly lower EBITDA and
ATOI in the Global Rolled Products (GRP), Engineered Products and
Solutions (EPS), and Transportation and Construction Solutions
(TCS) segments. The CFR also considers Alcoa's solid liquidity
position, which included $1.9 billion in cash at year-end 2015 and
ability to continue to achieve material productivity improvements
and cost reductions.

Alcoa's continued focus on moving down the cost curve in both its
alumina and aluminum businesses is exemplified by the continued
scrutiny of refineries and smelters and ongoing capacity idling or
outright closure. Recent actions include the permanent closing of
the Warrick, Indiana smelter in early 2016. Despite a roughly 16%
drop in aluminum prices to $1,499/metric ton (MT) average for the
4th quarter of 2015, an approximate 29% drop in spot alumina prices
and a close to 65% drop in Midwest premiums over the same time
frame, Alcoa evidenced an acceptable performance in its alumina and
primary metals operations.

"The GRP, EPS and TCS segments continue to focus on increasing
value added product, particularly to the aerospace and automotive
industries. While Alcoa continues to gain important new contracts,
particularly in aerospace and aero-engines, overall earnings
performance in these segments continues to reflect market
challenges in other areas such as packaging and construction. In
addition, performance at Firth Rixson, acquired in November 2014,
remains below expectations and we anticipate the level of earnings
contribution will be slower than initially contemplated."

Alcoa continues to move forward with the announced separation of
its business into two companies: Upstream Co, comprising the
bauxite, alumina and primary metals business and Value Add Co,
which will be named Arconic and include GRP, EPS, and TSC. The Ba1
CFR evaluates Alcoa as it is currently structured and the drivers
of performance and metrics that will impact how the company is
likely to look at the time of the separation.

The Ba1 senior unsecured debt rating, at the same level as the CFR,
reflects the absence of secured debt in the capital structure.

The negative outlook incorporates the headwinds facing the company
in 2016 in light of weak global economic activity, although
important pockets of strength such as aerospace are evidenced,
slowing growth rates in China, overcapacity in the global aluminum
markets, continued pressure on aluminum and alumina prices and low
Midwest premium prices.

"Given the anticipated separation into two companies and
performance outlook for 2016, which we believe is likely to be on a
par with that of 2015, upward rating action is unlikely. The Ba1
CFR could be downgraded should EBIT/interest fall and be sustained
below 2.75x and leverage deteriorates such that the debt/EBITDA
ratio trends toward and is sustained above 4x. A material
contraction in liquidity could also pressure the rating."

Headquartered in New York, NY, Alcoa is major player in the
lightweight metals and materials industries. The company has
continued to focus on its strategic objective of providing higher
value added products and solutions, while at the same time reducing
its cost basis in the more commodity oriented business, which
includes the bauxite, alumina and aluminum operations.

Alcoa generated revenues of $22.5 billion in 2015.


ALPHA NATURAL: Wants Cleary Gottlieb to Aid in Regulatory Reviews
-----------------------------------------------------------------
Alpha Natural Resources, Inc., et al., ask, in a supplemental
application, the U.S. Bankruptcy Court for the Eastern District of
Virginia for authority to expand the scope of employment of Cleary
Gottlieb Steen & Hamilton LLP, as special counsel for certain
corporate and litigation matters, effective as of Dec. 17, 2015.

According to the Debtors, the Initial Retention Order approved the
employment of Cleary Gottlieb to represent the Debtors in legal,
non-bankruptcy matters, including:

   (a) disclosure and corporate governance matters, including
reporting under the Securities Exchange Act of 1934, as amended,
and requirements of the Securities and Exchange Commission;

   (b) the derivative litigation captioned California State
Teachers' Retirement System et al. v. Blankenship et al.;

   (c) litigation proceedings relating to the acquisition of Massey
Energy Company and its affiliates and related Delaware derivative
litigation;

   (d) litigation proceedings involving Doe Run Acquisition
Corporation and indemnity claims arising out of former Fluor-led
businesses;

   (e) the securities litigation captioned Nitsoo v. Alpha Natural
Resources Inc. et al. (Pa. Commw. Ct. No. AD-303-2014 (Green
Cty.));

   (f) advice and assistance in criminal, regulatory and other
proceedings concerning the Upper Big Branch explosion and related
criminal investigation;

   (g) general advice relating to debt securities, loan agreements
and other financings; and

   (h) advice and assistance concerning ANR's investment in Rice
Energy, Inc.

The Representative Matters and the Initial Retention Order also
contemplated that Cleary Gottlieb was retained to provide advice
and assistance of "such other matters as the Debtors may request
from time to time."

In this relation, the Debtors have requested that Cleary Gottlieb
assist them in ongoing mine regulatory requests for information and
related reviews.  In addition, in December 2015, the Debtors
requested that Cleary Gottlieb provide them advice and assistance
with respect to certain strategic corporate matters, including
matters related to ANR's current and future businesses,
consideration of opportunities and management of potential
liabilities associated with different business and operations
alternatives, and ANR's regulatory obligations.

ANR executed two supplemental engagement letters to encompass the
expanded scope of representation of the Additional Representative
Matters and to formally memorialize Cleary Gottlieb's engagement as
expanded.  The first supplemental engagement letter, dated Jan. 19,
2016, is intended to be effective as of Dec. 17, 2015.

The second supplemental engagement letter, dated Feb. 3, 2016, is
intended to govern advice on mine regulatory requests provided on
and after that date.  ANR intends that such representation will be
complementary to, and not duplicative of, the advice and
representation of other professionals.

Cleary Gottlieb's current hourly rates for New York office
timekeepers (prior to application of any discount), subject to
periodic adjustments to reflect economic and other conditions,
are:

         Billing Category                    U.S. Range
         ----------------                    ----------
         Partners                          $915 - $1,250
         Senior Counsel                       $1,250
         Counsel                           $845 - $1,040
         Senior Attorneys                  $825 -   $965
         Associates                        $480 -   $810
         International Lawyers                  $425
         Law Clerks                             $390
         Paralegals                        $265 -   $355

To the best of the Debtors' knowledge, Cleary Gottlieb does not
represent or hold any interest adverse to the Debtors or the
Debtors' estates with respect to matters on which Cleary Gottlieb
is to be retained and employed in the cases.

                   About Alpha Natural Resources

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

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

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

Judge Kevin R. Huennekens presides over the cases.

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

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

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

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

                       *     *     *

Alpha Natural Resources, Inc. on March 8 disclosed that it has
filed a proposed Chapter 11 Plan of Reorganization and a related
Disclosure Statement with the United States Bankruptcy Court for
the Eastern District of Virginia.  Together with the motion seeking
approval of a marketing process for Alpha's core operating assets,
these filings provide for the sale of Alpha's assets, detail a path
toward the resolution of all creditor claims, and anticipate the
emergence of a streamlined and sustainable reorganized company able
to satisfy its environmental obligations on an ongoing basis.  By
selling certain assets as a going concern and restructuring the
company's remaining assets into a reorganized Alpha, the company is
able to provide maximum recovery to its creditors, while preserving
jobs and putting itself in the best position to meet its
reclamation obligations.  This path will allow for a conclusion of
Alpha's bankruptcy proceedings by June 30, 2016.


ALVOGEN PHARMA: Moody's Hikes Corporate Family Rating to B2
-----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating and
Probability of Default Rating of Alvogen Pharma US, Inc.
("Alvogen") to B2 and B2-PD from B3 and B3-PD, respectively.
Moody's also affirmed the rating on the senior secured term loan at
B3. Despite the upgrade of the Corporate Family Rating, the
significant increase in size of the asset-backed loan (ABL,
unrated), which has first priority on Alvogen's most liquid assets,
constrains upward movement of the term loan rating. Moody's also
changed the outlook to stable from positive.

The upgrade of the Corporate Family Rating to B2 reflects material
improvement in the company's size, product diversification and
product pipeline over the past several years. The launch of the
rivistigmine patch in late 2015 and recent favorable developments
that will allow Alvogen to launch generic Tamiflu before February
23, 2017 demonstrate the company's ability to develop and launch
high value-added generic products. Further, recently announced
acquisitions, including the acquisitions of County Line and Fera,
which will be added to the credit group, also improve the company's
growth outlook.

Ratings Upgraded:

Corporate Family Rating, to B2 from B3

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

Ratings Affirmed:

$716 million senior secured term loan B, B3 (LGD4)

The outlook is stable.

RATINGS RATIONALE

“Alvogen's B2 Corporate Family Rating reflects its modest size
and scale within the highly competitive generic pharmaceutical
industry. The rating is also constrained by the company's highly
acquisitive nature and our expectation that the company will
continue this strategy given the credit group lacks internal
research and development capabilities. The rating also reflects the
risk that cash flow will continue to be transferred to outside of
the credit group to fund less profitable international operations.
The rating is supported by relatively good product diversity and
the expectation that Alvogen will maintain moderate leverage of
around 4.0x. The ratings are also supported by the company's strong
profit margins and our expectation for good free cash flow.”

The stable outlook balances the potential for significant growth
from new product launches with Moody's view that excess cash flow
would likely be taken out of the credit group.

If Alvogen successfully integrates and launches recently acquired
assets, sustains debt/EBITDA below 3.0 times and generates
consistently positive free cash flow that remains within the credit
group, Moody's could upgrade the ratings. An upgrade would also
require the company to maintain good liquidity.

The ratings could be downgraded should there be material
deterioration in any key franchise product or if the company fails
to obtain new product launches and business wins to replace the
declines in the current base business. If leverage were to be
sustained above 5.0x times or free cash flow turns negative Moody's
could downgrade the ratings. Further, if liquidity were to
materially weaken or the company provides support to the operations
outside of the credit group to a degree that is detrimental to US
creditors, Moody's could downgrade the ratings.

Alvogen Pharma US, Inc. ("Alvogen") is a subsidiary of Alvogen Lux
Holdings Sarl ("LuxCo"). Alvogen comprises the US generic
pharmaceuticals and contract manufacturing operations of LuxCo,
which also has international and other operations not included in
the US credit group. Alvogen's US third party sales exceed $300
million in 2015. Alvogen is owned by a consortium of private equity
firms including CVC Capital and Temasek. The company's CEO Robert
Wessman also owns a significant stake in the company.


AMERICAN APPAREL: Wants Until April 4 to Remove Proceedings
-----------------------------------------------------------
American Apparel, Inc., et al., ask the U.S. Bankruptcy Court for
the District of Delaware to extend until April 4, 2016, their time
to file notices of removal with respect to any proceedings that are
eligible for removal under Section 1452 of the Judicial Code.

The Debtors are party to various civil lawsuits and proceedings and
are evaluating whether they may seek to remove certain of these
actions.  Since the commencement of the Debtors' cases, the
Debtors' limited resources have been focused on numerous pressing
matters associated with, among other things, (a) administering
their bankruptcy estates, (b) operating their businesses, and (c)
executing on their turnaround business plan.  

Consequently, the Debtors require a additional time to complete
their evaluation of whether removal is appropriate with respect to
each of the Actions.

                    About American Apparel

American Apparel, Inc., American Apparel (USA), LLC, American
Apparel Retail, Inc., American Apparel Dyeing & Finishing, Inc.,
KCL Knitting, LLC and Fresh Air Freight, Inc. sought Chapter 11
bankruptcy protection (Bankr. D. Del. Proposed Lead Case No.
15-12055) on Oct. 5, 2015.  The petition was signed by Hassan
Natha as chief financial officer.

The Debtors reported total assets of $199,360,934 and total
liabilities of $397,576,744.

The Debtors and their non-debtor affiliates operate a vertically
integrated manufacturing, distribution, and retail business
focused on branded fashion-basic apparel, employing approximately
8,500 employees across six manufacturing facilities and
approximately 230 retail stores in the United States and 17 other
countries worldwide.

The Debtors have engaged Jones Day as restructuring counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, Moelis &
Company as investment banker, FTI Consulting, Inc. as financial
advisor, DJM Real Estate as real estate consultant and Garden City
Group, LLC as claims and noticing agent.

                          *     *     *

The Debtors filed a proposed Joint Plan of Reorganization that
contemplates converting more than $200 million of senior notes
into equity interests of the reorganized American Apparel.

On Nov. 20, 2015, the Court approved the Disclosure Statement and
set a Jan. 7, 2016 voting deadline and a Jan. 20 plan confirmation
hearing.

On Jan. 10, 2016, the Debtors received a letter from former CEO
Dov
Charney disclosing a proposed $300 million alternative transaction
that will be funded by Hagan Capital Group and Silver Creek
Capital
Partners but American Apparel rejected the proposal.

On Jan. 25, 2016, the Court held a telephonic hearing, granting
confirmation of the Debtors' First Amended Plan, provided certain
revisions were made to the First Amended Plan and the proposed
confirmation order.

On Jan. 27, 2016, the Court entered an order confirming American
Apparel's First Amended Joint Plan of Reorganization, under which,
on Feb. 5, 2016, the Effective Date of the Plan, all shares of
Common Stock and other equity interests in the Company were
cancelled and terminated, and the Company was converted into a
Delaware limited liability company with membership interests
issued
to unitholders, including certain Reporting Persons, in accordance
with the Plan.


AMERICAN EAGLE: Can Continue Using Cash Collateral Through April 30
-------------------------------------------------------------------
The Hon. Howard R. Tallman of the U.S. Bankruptcy Court for the
District of Colorado granted American Eagle Energy Corporation and
AMZG, Inc.'s request for entry of a Third Final Order authorizing
the Debtors' continued use of Cash Collateral.

The Debtors has submitted a proposed Third Final Order that is very
similar to the current Third Final Order containing certain
material modifications. The variations between the current Third
Final Order and the proposed Third Final Order are as follows:

   a. The amended Third Final Order Provides for a new Approved
Budget and Approved Budget Period.

   b. The amended Third Final Order re-defines the Cash Collateral
Termination Date to mean April 30, 2016 while providing that the
Approved Budget Period may be extended beyond such date by mutual
consent of the Debtors and the Secured Parties upon satisfaction of
the conditions set forth in the Third Final Order.

   c. The amended Third Final Order provides that the Challenge
Deadline established in the First Final Order has passed, and that
parties in interest who have not otherwise challenged the
Stipulations are forever barred and enjoined from challenging the
Stipulations.

   d. The amended Third Final Order modifies the previously used
definition for Events of Default, providing that it will be an
Event of Default for the Debtors' cash on hand to be less than $4.5
million at or prior to March 5, 2016, or less than $3.9 million at
or prior to April 2, 2016.  

   e. The amended Third Final Order removes certain default
provisions for events that have already occurred, and otherwise
revises default provisions based upon the Debtors' anticipated
auction and sale to reflect the completion of the Sale, as well as
other updated dates and timing.

American Eagle Energy Corporation and AMZG, Inc. are represented
by:

     Elizabeth Green, Esq.
     Jimmy D.  Parrish, Esq.
     BAKER & HOSTETLER LLP  
     200 S.  Orange Ave.
     SunTrust Center, Suite 2300
     P.O.  Box 112 (32802-0112)
     Orlando, Florida 32801-3432
     Telephone: 407-649-4000
     Facsimile: 407-841-0168
     Email: egreen@bakerlaw.com
            jparrish@bakerlaw.com   

     -- and --

     Jorian L.  Rose, Esq.
     BAKER & HOSTETLER LLP  
     45 Rockefeller Plaza, 14th Floor
     New York, New York 101111
     Telephone: 212-589-4200
     Facsimile: 212-589-4201
     Email: jrose@bakerlaw.com   

     -- and --

     Lars Fuller, Esq.
     BAKER & HOSTETLER LLP  
     1801 California Street, Suite 4400
     Denver, Colorado 80202
     Telephone: 303-764-4114
     Facsimile: 303-861-7805
     Email: lfuller@bakerlaw.com

          About American Eagle

Littleton, Colorado-based American Eagle Energy Corporation is
engaged in the acquisition, exploration and development of oil and
gas properties.  The Company is primarily focused on extracting
proved oil reserves from those properties.

American Eagle Energy Corporation and its wholly-owned subsidiary,
AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D.
Colo., Case No. 15-15073).  The case is assigned to Judge Howard R.
Tallman.  The Debtors are represented by Elizabeth A. Green, Esq.,
at Baker & Hostetler LLP, in Orlando, Florida.

On May 13, 2015, Judge Tallman granted the Debtors' request for
joint administration.

American Eagle Energy disclosed total assets of $21,980,687 and
total liabilities of $193,604,113 as of the Chapter 11 filing.

The U.S. Trustee for Region 6 appointed seven creditors to serve on
the Official Committee of Unsecured Creditor.  The Committee tapped
Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie
as financial advisor.


AMERIGAS PARTNERS: Fitch Affirms 'BB' IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the 'BB' long-term Issuer Default Rating
and the 'BB/RR3' senior unsecured debt rating of AmeriGas Partners,
LP (APU) and its fully guaranteed financing co-borrower, AmeriGas
Finance Corp.  Approximately $2.3 billion in outstanding long-term
debt is affected.  The Rating Outlook is Stable.

APU's ratings reflect the underlying strength of its retail propane
distribution network, broad geographic reach, adequate credit
metrics, and proven ability to manage unit margins under various
operating conditions.  APU's financial performance remains
sensitive to weather conditions and general customer conservation,
and the partnership must continue to manage volatile supply costs
and customer conservation.

Fitch believes that APU management has exhibited its ability and
intent to maintain a stable balance sheet and consistent credit
metrics even in the face of varying market conditions and growth
through acquisitions.  APU has proven itself adept at managing its
operating costs, distribution policies, and integrating
acquisitions.  As a result, APU has seen steady EBITDA growth, cash
flow consistency and improved credit metrics over the past several
years despite negative volume impacts from warmer weather and
commodity price volatility.

                        KEY RATING DRIVERS

Scale of Business: APU is the largest retail propane distributor in
the country, providing it with significant customer and geographic
diversity.  This broad scale and diversity helps to dampen the
weather related volatility of cash flows.  APU is the largest
retail propane distributor in the United States with an estimated
15% market share serving approximately 2 million customers.
AmeriGas has approximately 2,000 locations in all 50 states.
Retail gallon sales are fairly evenly distributed by geography
limiting the impact that unseasonably warm weather could have on a
regional basis.

High Degree of Seasonality: APU is highly seasonal and very
dependent on the winter heating season.  A high percentage of
earnings are derived in the first two quarters of each fiscal year
(September fiscal yearend).  With an abnormally warm 2015 and the
first quarter of 2016 (1Q2016) near a close with warmer than normal
weather nationally, Fitch expects EBITDA to be negatively impacted.
The cylinder exchange business affords some seasonal diversity and
national accounts are a steady year round earnings provider,
however, weather nationwide has been over 15% warmer than normal
thus far this year which will weigh on 2016 results.

Customer Conservation/Attrition: Fitch's primary concern with
respect to the retail propane industry continues to be customer
conservation and attrition.  Customer conservation and switching to
electric heat reduces propane demand during high usage periods.
Recent propane price declines and expectations for some price
stability at or near current low levels have alleviated some
conservation demand destruction and helped APU lower its bad debt
expense.  Electricity remains the largest competing heat source to
propane; however, customer migration to natural gas remains a
longer term competitive factor as natural gas utilities look to
build out systems to serve areas previously only served by propane
and electricity providers.

                          KEY ASSUMPTIONS

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

   -- Retail and wholesale sales consistent with recent history;

   -- Retail and wholesale pricing consistent with current pricing

      for 2016 rising modestly (approximately 2% per year) in the
      outer years;

   -- Growth and maintenance capital spending of between
      $105 million and $115 million annually.

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- If leverage (debt/EBITDA) were to improve to between 3.0x to

      3.5x on a sustained basis and distribution coverage were
      expected to remain 1.1x or above on a sustained basis, Fitch

      would consider a positive ratings action.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

   -- Leverage above 4.5x times on a sustained basis, with
      distribution coverage below 1.0x would likely lead to a
      rating downgrade.

   -- Accelerating deterioration in declining customer, margin and

      or volume trends could lead to a negative ratings action.

                              LIQUIDITY

Liquidity Adequate: Liquidity is adequate and maturities are
manageable.  APU's liquidity is supported by a $525 million
revolving credit facility which is typically used to fund any short
term borrowing needs.  APU's short-term borrowing needs are
seasonal and are typically greatest during the fall and winter
heating-season months due to the need to fund higher levels of
working capital.  Availability under the revolver at Dec. 31, 2015,
was $279 million, maturities through 2018 total $35 million. Fitch
does not expect APU to require any external financing and leverage
should remain fairly constant between 3.5x and 4.0x (debt/EBITDA).

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

AmeriGas Partners, L.P./AmeriGas Finance Corp.

   -- Long-term IDR at 'BB';
   -- Senior unsecured debt at 'BB/RR3'.

The Rating Outlook is Stable.


AMPLIPHI BIOSCIENCES: Reports Full-Year 2015 Financial Results
--------------------------------------------------------------
AmpliPhi Biosciences Corporation announced its financial results
for the fiscal year ended Dec. 31, 2015.

"AmpliPhi had a very productive 2015, making important advances in
our programs, raising capital to support development of our product
candidates, and strengthening our management team and Board of
Directors," said M. Scott Salka, CEO of AmpliPhi Biosciences.  "We
have continued to make progress into 2016, establishing our
presence in San Diego, acquiring additional key bacteriophage
assets and dosing the first patient in our Phase 1 clinical trial
of AB-SA01 for the treatment of Staphylococcus aureus infections in
patients with chronic rhinosinusitis."

"Our achievements in 2015 and the anticipated advancement of our
pre-clinical and clinical pipeline in 2016 put us in a strong
position to realize our vision of delivering innovative phage-based
therapies that address the serious and growing challenge of
antibiotic-resistant bacterial infections," concluded Mr. Salka.

2015 Highlights

  * Completed a $13 million private placement of common stock in
    March 2015 that was pivotal to advancing our product
    candidates

  * Received a European patent for our bacteriophage therapy to
    fight Pseudomonas aeruginosa bacterial infections
    characterized by biofilm formation in March 2015

  * Received Good Manufacturing Practices (cGMP) certification for
    the Company's facility in Slovenia in June 2015

  * Up-listed to the NYSE MKT in August 2015

  * Presented data demonstrating comparable efficacy between our
    prototype bacteriophage cocktail and Vancomycin in treating
    Staphylococcus aureus lung infections in September 2015

  * Signed an agreement in November 2015 with the University of
    Adelaide and the Queen Elizabeth Hospital in Adelaide to
    conduct a Phase I trial of AB-SA01 in patients with chronic
    rhinosinusitis associated with Staphylococcus aureus
    infection, and dosed the first patient in January 2016

  * Acquired key bacteriophage assets from Novolytics in January
    2016, broadening our IP portfolio and accelerating the
    development of our phage-based therapies

  * AmpliPhi's collaboration partner, the Westmead Institute's
    Centre for Infectious Diseases and Microbiology, received an
    AUS $860,000 grant from the Australian Government to isolate
    and develop phages targeting E. Coli and Klebsiella.  AmpliPhi
    will participate in the project by providing its proprietary
    expertise in bacteriophage isolation, characterization and
    manufacturing scale-up

  * Appointed Vijay B. Samant and Paul C. Grint, M.D. to the
    AmpliPhi Biosciences Board of Directors in November 2015 and
    Steve R. Martin as chief financial officer in January 2016,
    enhancing AmpliPhi's commercial, development, financial and
    business management expertise

Fiscal Year-End 2015 Financial Results:

  * Cash and cash equivalents as of Dec. 31, 2015, totaled $9.4
    million.  The Company anticipates its current financial
    resources will provide sufficient cash to fund operations
    through Q3 2016

  * The Company raised $12.4 million in net proceeds from the sale

    of common stock in 2015 to fund its development programs

  * Full-year 2015 research & development expenses totaled $4.0
    million, including expenses required to manufacture AB-SA01
    clinical trial material for use in the Phase I study and
    confirm the final component phages for the AB-PA01 cocktail

  * General and administrative expenses for the year ended
    Dec. 31, 2015 were $6.4 million

  * Loss from operations for the fiscal year ended Dec. 31, 2015,
    was $10.2 million compared to $14.1 million for the year ended

    Dec. 31, 2014

  * The Company filed its Annual Report on Form 10-K on March 30,
    2016.  The audit opinion included in the Company's Annual
    Report contains a going concern qualification

For more information, visit www.ampliphibio.com.

AmpliPhi Biosciences hosted hosted a conference call and webcast to
discuss its year-end 2015 financial results and provide an update
on business activities on March 30, 2016.

                        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.


ANACOR PHARMACEUTICALS: Prices $250-Mil. Senior Notes Offering
--------------------------------------------------------------
Anacor Pharmaceuticals, Inc. announced the pricing of its offering
of $250,000,000 aggregate principal amount of 2.00% Convertible
Senior Notes due 2023 in a private placement under the Securities
Act of 1933, as amended.  Anacor also granted to the initial
purchasers of the Convertible Notes a 30-day option to purchase up
to an additional $37,500,000 aggregate principal amount of the
Convertible Notes, solely to cover over-allotments, if any.  The
offering of the Convertible Notes is expected to close on April 6,
2016, subject to customary closing conditions.

In connection with the pricing of the Convertible Notes, Anacor
entered into capped call transactions with certain financial
institutions.  The capped call transactions are expected to reduce
the potential dilution to Anacor's common stock and/or offset any
cash payments that Anacor will be required to make in excess of the
principal amount upon any conversion of the Convertible Notes, with
such reduction and/or offset subject to a cap.  The cap price of
the capped call transactions will initially be approximately $80.18
per share of Anacor common stock, representing a premium of
approximately 50.0% to the $53.45 per share closing price of
Anacor's common stock on March 31, 2016, and is subject to certain
adjustments under the terms of the capped call transaction
documentation.

In connection with establishing their initial hedges of the capped
call transactions, Anacor expects that the option counterparties
(and/or their respective affiliates) will enter into various
derivative transactions with respect to Anacor's common stock
concurrently with or shortly after the pricing of the Convertible
Notes and that the option counterparties (and/or their respective
affiliates) may unwind these various derivative transactions and
purchase shares of Anacor's common stock in open market
transactions shortly following the pricing of the Convertible
Notes.  These activities could have the effect of increasing, or
reducing the size of a decline in, the market price of Anacor's
common stock or the Convertible Notes concurrently with, or shortly
following, the pricing of the Convertible Notes.  In addition, the
option counterparties (and/or their respective affiliates) may
modify their hedge positions by entering into or unwinding various
derivatives with respect to Anacor's common stock and/or purchasing
or selling Anacor's common stock or other securities of Anacor in
secondary market transactions following the pricing of the
Convertible Notes and prior to the maturity of the Convertible
Notes (and are likely to do so during any observation period
related to a conversion of Convertible Notes or following any
repurchase of Convertible Notes by Anacor on any fundamental change
purchase date or otherwise).  Any of these activities could cause
or avoid an increase or a decrease in the market price of Anacor's
common stock or the Convertible Notes, which could affect a
holder's ability to convert the Convertible Notes and, to the
extent the activity occurs during any observation period related to
a conversion of Convertible Notes, it could affect the number of
shares and/or value of the consideration that holders will receive
upon conversion of the Convertible Notes.  In addition, if the
capped call transactions fail to become effective, whether or not
the offering of Convertible Notes is completed, the option
counterparties (and/or their respective affiliates) may unwind
their hedge positions with respect to Anacor's common stock, which
could adversely affect the value of Anacor's common stock and, if
the Convertible Notes have been issued, the value of the
Convertible Notes.

Anacor expects that the net proceeds from the offering of the
Convertible Notes will be approximately $241.6 million, after
deducting the initial purchasers' fees and estimated offering
expenses.  Anacor intends to use approximately $14.0 million of the
net proceeds of the offering to fund the cost of the capped call
transactions described above and the remaining net proceeds for
general corporate purposes.  If the over-allotment option granted
to the initial purchasers is exercised, Anacor may use a portion of
the net proceeds from the sale of additional Convertible Notes to
enter into additional capped call transactions and intends to use
the remaining net proceeds from the sale of additional Convertible
Notes for general corporate purposes.

The Convertible Notes will be general unsecured obligations of
Anacor.  The Convertible Notes will bear interest at a fixed rate
of 2.00% per year, payable semiannually in arrears on April 15 and
October 15 of each year, beginning on Oct. 15, 2016.  The
Convertible Notes will mature on April 15, 2023, unless earlier
purchased or converted.  The Convertible Notes will not be
redeemable at Anacor's option prior to their maturity date.

Subject to satisfaction of certain conditions and during certain
periods, the Convertible Notes will be convertible at the option of
holders into cash, shares of Anacor common stock or a combination
thereof (with the form of consideration at Anacor's election).  The
conversion rate will initially be 14.1201 shares of common stock
per $1,000 principal amount of Convertible Notes (equivalent to an
initial conversion price of approximately $70.82 per share of
Anacor common stock).  The conversion rate and the corresponding
conversion price will be subject to adjustment upon the occurrence
of certain events, but will not be adjusted for any accrued and
unpaid interest.  The initial conversion price of the Convertible
Notes represents a premium of approximately 32.5% to the $53.45 per
share closing price of Anacor's common stock on March 31, 2016.

If Anacor undergoes a fundamental change (as defined in the
indenture governing the Convertible Notes), holders may require
Anacor to purchase for cash all or part of their Convertible Notes
at a purchase price equal to 100% of the principal amount of the
Convertible Notes to be purchased, plus accrued and unpaid
interest, if any, to, but excluding, the fundamental change
purchase date.  In addition, if certain make-whole fundamental
changes occur, Anacor will, in certain circumstances, increase the
conversion rate for any Convertible Notes converted in connection
with such make-whole fundamental change.

Goldman, Sachs & Co. and Citigroup Global Markets Inc. are acting
as joint book-running managers for the offering.  Cowen and
Company, LLC is acting as the lead manager and Wedbush Securities
Inc. and JMP Securities LLC are acting as co-managers for the
offering.

                  About Anacor Pharmaceuticals

Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a
biopharmaceutical company focused on discovering, developing and
commercializing novel small-molecule therapeutics derived from its
boron chemistry platform.  Anacor has discovered eight compounds
that are currently in development.  Its two lead product
candidates are topically administered dermatologic compounds -
tavaborole, an antifungal for the treatment of onychomycosis, and
AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of
atopic dermatitis and psoriasis.

Anacor reported a net loss of $61.2 million on $82.4 million of
total revenues for the year ended Dec. 31, 2015, compared to a net
loss of $87.1 million on $20.7 million of total revenues for the
year ended Dec. 31, 2014.

As of Dec. 31, 2015, Anacor had $176 million in total assets, $124
million in total liabilities, $49,000 in redeemable common stock,
and $52.3 million in total stockholders' equity.


BAKERSFIELD GROVE: Court Closes Chap. 11 Case
---------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
has closed the Chapter 11 case of Bakersfield Grove Limited, LLC.

The Court found that an order dismissing case was entered and
notice was provided to parties-in-interest.  It also appeared that
no further matters are required that the case remain open, or that
the jurisdiction of the Court continue.

The Court considered the order to show cause why the case must not
be dismissed on Dec. 17, 2015, and ruled for the dismissal of the
case.  The Court also denied as moot the Debtor's motion to dismiss
it case.

As reported by the Troubled Company Reporter, on June 18, 2015, the
Court directed the Debtor to show cause why its case must not be
converted as it appears that no reorganization is in prospect and
the Debtor's motion to dismiss has been pending for more than two
years.

                 About Bakersfield Grove Limited

Brea, California-based Bakersfield Grove Limited, LLC, owns real
property at Panam Lane in Bakersfield, Calif.  Bakersfield Grove
filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 12-13157) on
March 12, 2012.  The petition was signed by Robert M. Clark,
president of managing member.

Judge Erithe A. Smith presides over the case.  Kathy Bazoian
Phelps, Esq., at Danning, Gill, Diamond & Kollitz, LLP.  

The Debtor scheduled total assets of $17.4 million and total
liabilities of $20.7 million.

Steven M. Speier, the receiver of the Debtor's assets, is
represented by Jeffrey B. Gardner, Esq., and Laurie Chavez, Esq.,
at Barry, Gardner & Kincannon.


BATAA/KIERLAND: Consents to Chapter 11 Trustee Appointment
----------------------------------------------------------
Bataa/Kierland, LLC, has consented to appointment of a chapter 11
trustee in is continue chapter 11 proceeding, and the Honorable
Madeleine C. Wanslee entered an order on Mar. 30, 2016,
memorializing that.  

The Trustee is represented by:

          Terry A. Dake, Esq,
          TERRY A. DAKE, LTD.
          20 E. Thomas Rd., Suite 2200
          Phoenix, Arizona 85012-3133
          Telephone: (602) 710-1005
          E-mail: tdake@cox.net

                       About Bataa/Kierland

Bataa/Kierland, LLC, owns and operates a Class "A" office building
known as Kierland Corporate Center located at 7047 E. Greenway
Parkway, Scottsdale, Arizona.  It filed for Chapter 11 bankruptcy
protection (Bankr. D. Ariz. Case No. 11-05850) on March 9, 2011.
The Debtor estimated its assets and debts at $10 million to $50
million.  The Debtor is represented by:

          Philip R. Rudd, Esq.
          SACKS TIERNEY P.A.
          4250 N. Drinkwater Blvd., 4th Floor
          Scottsdale, AZ 85251-3693
          E-mail: Rudd@SacksTierney.com

The Debtor filed an amended chapter 11 plan in Sept. 2011, the plan
was confirmed by the bankruptcy court in July 2012, but the
confirmation order was overturned in Sept. 2014 by the U.S.
District Court.  


BG MEDICINE: Delays Filing of 2015 Annual Report
------------------------------------------------
BG Medicine, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission to report the late filing of its annual report
on Form 10-K for the year ended Dec. 31, 2015.

The Company anticipates that its results of operations for the
fiscal year ended Dec. 31, 2015, to be included in the Form 10-K
will be significantly different than its results of operations for
the fiscal year ended Dec. 31, 2014, as follows:

The Company anticipates net loss for the year ended Dec. 31, 2015,
of $5.3 million, a $2.8 million or 34% improvement from the $8.1
million net loss reported for the year ended Dec. 31, 2014, on
total revenues of $1.6 million for the year ended Dec. 31, 2015, a
$1.2 million or 44% reduction from total revenues of $2.8 million
in the year ended Dec. 31, 2014.  The decrease in revenues
primarily resulted from a decrease in product revenues ($1.3
million), principally due to a 55% decline in orders from our
largest clinical laboratory customer, which was partially offset by
increases in partnership revenues and product fee revenues ($0.1
million).

Operating expenses for the year ended Dec. 31, 2015, declined by
$3.5 million or 38% from $9.2 million for the year ended Dec. 31,
2014.

Net cash used in operating activities in the year ended Dec. 31,
2015, decreased $4.5 million, or 55%, to $3.7 million, from $8.2
million in the year ended Dec. 31, 2014.

                        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.


BIOFUELS POWER: Delays Filing of 2015 Annual Report
---------------------------------------------------
Biofuels Power Corporation 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.  According to the Company, its financial statements for
the year ended Dec. 31, 2015, are not yet ready for distribution as
many confirmations have not been received back from the Company's
note holders.

                         Biofuels Power

Humble, Tex.-based Biofuels Power Corporation is a distributed
energy company that is pioneering the use of biodiesel to fuel
small electric generating facilities that are located in close
proximity to end-users.  BPC's first power plant is currently
located near Houston, Texas in the city of Oak Ridge North.

Biofuels Power reported a net loss of $1.08 million on $0 of sales
for the year ended Dec. 31, 2014, compared with a net loss of
$607,000 on $0 of sales for the year ended Dec. 31, 2013.

Clay Thomas, P.C., in Abilene, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has suffered
significant losses and will require additional capital to develop
its business until the Company either (1) achieves a level of
revenues adequate to generate sufficient cash flows from
operations; or (2) obtains additional financing necessary to
support its working capital requirements.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


BIOMBO, INC.: Judge Drain Orders Appointment of Chapter 11 Trustee
------------------------------------------------------------------
The Honorable Robert D. Drain ordered the appointment of a chapter
11 trustee last week in these jointly administered chapter 11
cases:

     -- Biombo, Inc. (Bankr. S.D.N.Y. Case No. 16-22248)
     -- 173 Cortlandt St, LLC (Bankr. S.D.N.Y. Case No. 16-22256)
     -- 144 Cortlandt St. LLC (Bankr. S.D.N.Y. Case No. 16-22254)
     -- 146-148 Cortlandt Street, LLC (Bankr. S.D.N.Y. Case No.
16-22255)
     -- Shippy Realty Corporation (Bankr. S.D.N.Y. Case No.
16-22249)
     -- Dari Realty Corp. (Bankr. S.D.N.Y. Case No. 16-22250)
     -- Dashley Corp. (Bankr. S.D.N.Y. Case No. 16-22253)

Judge Drain's order indicates that the Debtors consented to 100
Mile Fund, LLC's request that a chapter 11 trustee be appointed to
take possession of the their assets and take charge of their
chapter 11 cases.  

Pursuant to 11 U.S.C. Sec. 1104(a)(2), the United States Trustee is
directed to appoint a disinterested person to serve as a Chapter 11
trustee in the Debtors' cases, with all of the powers and duties of
a trustee under 11 U.S.C. Secs. 1104 through 1106 and all other
applicable provisions of the Bankruptcy Code.  Further, the Debtors
and their manager, Cirilo Rodriguez, are directed to cooperate in
all respects with the Chapter 11 trustee and
are further directed to expeditiously provide the Chapter 11
trustee with all books and records of the Debtors and any and all
information and documentation requested by the Chapter 11 trustee
in their possession custody or control necessary to complete a full
accounting of the Debtors’ operations and cash management from
August 1, 2015 through the April 1, 2016, and, pending further
direction from the Chapter 11 trustee, and without
limiting the Chapter 11 trustee’s powers, the Debtors and Cirilo
Rodriguez are prohibited
from collecting, or causing to be collected, any rents or other
payments from any tenant at any of the Debtors’ properties unless
accompanied by a designated agent from 100 Mile Fund,
LLC.

These single asset real estate debtors filed chapter 11 petitions
on Feb. 26, 2016.


BOWIE RESOURCE: Moody's Cuts Corporate Family Rating to Caa1
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Bowie Resource
Partners LLC (Bowie), including the Corporate Family Rating (CFR)
to Caa1 from B2, Probability of Default Rating (PDR) to Caa1-PD
from B2-PD, the rating on the first lien secured term loan to B3
from B1, and the rating on second lien secured term loan to Caa2
from Caa1. The outlook is stable.

This concludes the review initiated on January 21, 2016, when
Moody's placed all ratings on review for downgrade, reflecting an
effort to recalibrate ratings in the mining sector given perceived
fundamental shift in the operating environment.

Issuer: Bowie Resource Partners LLC

Downgrades:

-- Probability of Default Rating, Downgraded to Caa1-PD from B2-
    PD

-- Corporate Family Rating, Downgraded to Caa1 from B2

-- Senior Secured 1st Lien Term Loan, Downgraded to B3 (LGD3)
    from B1 (LGD3)

-- Senior Secured 2nd Lien Term Loan, Downgraded to Caa2 (LGD5)
    from Caa1 (LGD5)

Outlook Actions:

-- Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

The downgrade reflects the potential long-term pressure on volume
and pricing as a result of the coal industry headwinds. For
example, regulatory changes and persistently low natural gas prices
could impact the long-term economic viability of the plants
serviced by the company and potentially trigger termination
provisions or drive renegotiation of the contracts.

That said, the ratings continue to acknowledge the proximity of the
company's coal mines to its regional customer base of large
baseload plants, with over 90% of company's expected 2016
production secured under long-term, attractively structured
contracts. In addition, while credit risks include heavy customer
concentration, the ratings also acknowledge that a large proportion
of revenue stems from major utilities that rely heavily on coal -
including PacificCorp and Intermountain Power Agency.

The Caa1 CFR continues to reflect the company's small scale and
business diversity, as well as the potential acquisition of assets
from Peabody Energy Corporation (Ca, negative) which would nearly
double the company's production but introduce integration risks.
The ratings continue to reflect the low-cost position of the
company's mines, and general risks inherent in mining.

"The company's liquidity position includes roughly $4 million in
cash at December 31, 2015, and about $17 million available under
their ABL revolving credit facility maturing in August 2018. During
the first quarter of 2016, the company entered into an amendment
that increased the ABL limit from $35 million to $50 million. We
expect the company to be able to meet its cash needs over the next
twelve months. The company recently amended the financial covenants
under its senior secured credit facilities, waiving the senior
secured leverage covenant through March 31, 2016 and resetting it
to 4.0x maximum starting with the quarter ending June 30, 2016. We
expect the company to be in compliance with the revised covenant,
although the headroom could become limited if sale volumes from the
company's key mines were to decline."

The first lien term loan is rated B3 and the second lien Caa2 due
to their relative positions in the company's capital structure and
claims on collateral. The term loans are guaranteed by the
company's wholly-owned domestic subsidiaries and are primarily
secured by the first-priority and second-priority interest on the
company's fixed assets.

The stable outlook reflects the company's solid contracted
position.

A positive rating action could result if industry conditions were
to stabilize and Debt/ EBITDA, as adjusted, was expected to be
maintained under 6x.

A downgrade would be considered if Debt/ EBITDA, as adjusted, were
expected to be maintained above 7x, or if liquidity were to
deteriorate.

Bowie Resource Partners (Bowie) is a 100% owner of the Canyon Fuel
Company LLC, which operates three mines in the Western Bituminous
region of the US, including Sufco longwall mine, Skyline longwall
mine, and Dugout Canyon room-and-pillar mine. In 2015 the company
generated $606 million in revenues.


CALMARE THERAPEUTICALS: Needs More Time to File 2015 Form 10-K
--------------------------------------------------------------
Calmare Therapeutics Incorporated was unable, without unreasonable
effort or expense, to file its annual report on Form 10-K for the
period ended Dec. 31, 2015, by the March 30, 2016, filing date
applicable to smaller reporting companies due to a delay
experienced by the Company in completing its financial statements
and other disclosures in the Annual Report, according to a
regulatory filing with the Securities and Exchange Commission.

The Company said it is still in the process of compiling required
information to complete the Annual Report and its independent
registered public accounting firm requires additional time to
complete its review of the financial statements for the period
ended Dec. 31, 2015, to be incorporated in the Annual Report.  The
Company anticipates that it will file the Annual Report no later
than the fifteenth calendar day following the prescribed filing
date.

                  About Calmare Therapeutics

Calmare Therapeutics Incorporated, formerly known as Competitive
Technologies, Inc., provides distribution, patent and technology
transfer, sales and licensing services focused on the needs of its
customers and matching those requirements with commercially viable
product or technology solutions.  Sales of the Company's
Calmare(R) pain therapy medical device continue to be the major
source of revenue for the Company.

Calmare reported a net loss of $3.4 million on $1 million of
product sales for the year ended Dec. 31, 2014, compared to a net
loss of $2.6 million on $653,000 of product sales for the year
ended Dec. 31, 2013.

As of Sept. 30, 2015, Calmare had $4.23 million in total assets,
$13.89 million in total liabilities and a total shareholders'
deficit of $9.66 million.

Mayer Hoffman McCann CPAs, in New York, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2014, citing that the Company has incurred operating
losses since fiscal year 2006 and has a working capital and
shareholders' deficiency at Dec. 31, 2014.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


CATASYS INC: Reports Full Year 2015 Financial Results
-----------------------------------------------------
Catasys, Inc., reported a net loss of $7.22 million on $2.70
million of revenues for the 12 months ended Dec. 31, 2015, compared
to a net loss of $27.34 million on $2.03 million of revenues for
the 12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, Catasys had $2.88 million in total assets,
$11.60 million in total liabilities and a total stockholders'
deficit of $8.72 million.

"In 2015, we made significant strides in scaling our operations as
patient enrollment increased by 121%.  This expansion reflects the
implementation of several agreements signed and expanded during the
year with several of the nation's leading health plan providers,
which we expect will fully ramp enrollment over the next few
quarters.  The number of Equivalent Lives ("EL") covered under our
agreements increased by approximately 3.2 million to approximately
5.0 million in 2015.  This increase was mostly driven by new and
expanded contracts in the fourth quarter of 2015, which contributed
approximately 2.7 million new equivalent lives," said Rick
Anderson, Catasys' president and COO.

"The rollout of OnTrak has exceeded expectations as we expanded
into 12 states over the last twelve months and, in many cases, now
maintain a presence with multiple health plans in many of these
states.  We believe the increased adoption of our solutions by
leading health plan providers is demonstrative of the outcomes of
OnTrak.  As we continue to increase the presence of OnTrak, we are
confident in our ability to remain focused on improving the health
of patients and reducing costs for insurers nationwide," concluded
Anderson.

A copy of the press release is available at no charge at:

                      http://is.gd/rry8tf


                         About Catasys Inc.

Based in Los Angeles, California, Hythiam, Inc., n/k/a Catasys,
Inc., is a healthcare services management company, providing
through its Catasys(R) subsidiary specialized behavioral health
management services for substance abuse to health plans.

Catasys reported a loss of $27.3 million on $2.03 million of
healthcare services revenues for the 12 months ended Dec. 31, 2014,
compared to a loss of $4.67 million on $754,000 of healthcare
services revenues for the 12 months ended Dec. 31, 2013.

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 continued
to incur significant operating losses and negative cash flows from
operations during the year ended Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue as
a going concern.

As of Sept. 30, 2015, the Company had $1.92 million in total
assets, $14.02 million in total liabilities and total stockholders'
deficit of $12.09 million.

                        Bankruptcy Warning

"[W]e currently expend cash at a rate of approximately $450,000 per
month, excluding non-current accrued liability payments.  We also
anticipate cash inflow to increase during 2015 as we continue to
service our executed contracts and sign new contracts.  We expect
our current cash resources to cover our operations through the
first quarter of 2015; however delays in cash collections, revenue,
or unforeseen expenditures could impact this estimate.  We are in
need of additional capital, however, there is no assurance that
additional capital can be timely raised in an amount which is
sufficient for us or on terms favorable to us and our stockholders,
if at all.  If we do not obtain additional capital, there is a
significant doubt as to whether we can continue to operate as a
going concern and we will need to curtail or cease operations or
seek bankruptcy relief.  If we discontinue operations, we may not
have sufficient funds to pay any amounts to our stockholders," the
Company stated in its quarterly report for the period ended Sept.
30, 2015.


CHAMPION INDUSTRIES: Shareholders Elect 5 Directors
---------------------------------------------------
At the annual meeting of shareholders of Champion Industries, Inc.
held March 21, 2016, the shareholders elected Louis J. Akers,
Philip E. Cline, Marshall T. Reynolds, Neal W. Scaggs and Glenn W.
Wilcox, Sr. as directors and approved, in an advisory (non-binding)
vote, the Company's executive compensation.

                     About Champion Industries

Champion Industries, Inc., is engaged in the commercial printing
and office products and furniture supply business in regional
markets east of the Mississippi River.  The Company also publishes
The Herald-Dispatch daily newspaper in Huntington, West Virginia
with a total daily and Sunday circulation of approximately 23,000
and 28,000.

Champion Industries reported a net loss of $1.19 million on $61.28
million of total revenues for the year ended Dec. 31, 2015,
compared to a net loss of $1.13 million on $63.52 million of total
revenues for the year ended Oct. 31, 2014.

As of Jan. 31, 2016, the Company had $22.89 million in total
assets, $21.15 million in total liabilities and $1.74 million in
total shareholders' equity.


CPI INT'L: Moody's Cuts Corporate Family Rating to B3
-----------------------------------------------------
Moody's Investors Service downgraded CPI International, Inc.'s
("CPI") Corporate Family Rating (CFR) to B3 from B2 and its
Probability of Default Rating to B3-PD from B2-PD. In connection
with this action, Moody's also lowered the company's first-lien
bank facility rating to B1 from Ba3 and its senior unsecured notes'
rating to Caa2 from Caa1. In a related action, Moody's changed
CPI's Speculative Grade Liquidity Rating to SGL-3 from SGL-2. The
rating outlook is negative.

"The downgrade of CPI's CFR reflects weaker-than-expected sales and
profitability, driven largely by unexpected delays in order
placements within the company's Defense segment. Organic sales
declined 10% in 1Q16, which raises concerns given that overall
fundamentals for the US defense sector are positive and US defense
prime contractors are reporting healthy financial performance. We
expect on-going procurement delays to continue to hamper near-term
revenue visibility. CPI is also experiencing margin contraction due
to underperformance in Defense and Medical end markets, which earn
higher margins than its growing Communications segment. In
addition, pro forma debt leverage of 6.9x at the end of 1Q16 is
above the level that we cited could result in negative rating
actions (all metrics incorporate Moody's standard adjustments)."

"The change in the outlook to negative from stable reflects our
expectation that performance could continue to deteriorate, as well
as our concerns regarding the company's plans to address its
upcoming debt maturities."

The Speculative Grade Liquidity Rating was lowered to SGL-3 due to
heightened liquidity concerns, including weakening free cash flow
generation, covenant-based restrictions on revolver availability,
and uncertainty regarding CPI's plans to refinance its senior
unsecured notes before the bank facility comes due in 2017.

The downgrades of the senior secured first-lien bank facility
(revolver and term loan) and the senior unsecured notes to B1 and
Caa2, respectively, were a function of the one-notch downgrade of
CPI's CFR.

The following actions were taken:

Corporate Family Rating downgraded to B3;

Probability of Default Rating downgraded to B3-PD;

Speculative Grade Liquidity Rating lowered to SGL-3 from SGL-2;

$30 million sr. secured 1st-lien revolving credit facility
downgraded to B1 (LGD2) from Ba3 (LGD2);

$304.6 million (originally $310 million) sr. secured 1st-lien term
loan B downgraded to B1 (LGD2) from Ba3 (LGD2);

$215 million sr. unsecured notes downgraded to Caa2 (LGD5) from
Caa1 (LGD5)

RATINGS RATIONALE

CPI's B3 CFR reflects the company's small size, elevated debt
leverage and weak operating metrics, as well as its susceptibility
to procurement delays and changes in federal defense spending
priorities. CPI's revenue base of approximately $450 million is
small compared with other rated manufacturers and substantially
below its major competitors. Debt/EBITDA as of the end of 1Q16 was
6.9x and will remain above 6.5x over the next 12 to 18 months due
to weak operating performance and debt reduction limited to
mandatory term loan amortization and an excess cash flow sweep. CPI
also faces refinancing risk, as it must repay or refinance 65% of
its senior unsecured notes due 2018 within the next 18 months in
order to extend the maturity of its first-lien bank facility beyond
2017. Given the current credit environment, Moody's believes the
company could face difficulty refinancing its debt, which would
constrain liquidity and significantly reduce financial flexibility.
In addition, financial policy remains a concern as a result of
prior debt-financed distributions to the private equity sponsor.

Counterbalancing these risks are strong overall fundamentals and a
positive outlook for CPI's key commercial and defense end markets.
The ratings also consider the company's business position as a
significant niche manufacturer and distributor of an array of
vacuum electronic devices and related equipment, its sole-provider
contracts on multiple platforms that create high barriers to entry,
a substantial installed commercial and defense customer base, and a
large proportion of recurring replacement part revenues. While over
half of the company's business services the defense and military
communications markets, the company is diversified by end market
with commercial communications and its medical segment comprising a
meaningful portion of the remaining revenues. Also, one third of
the company's sales are generated abroad, providing geographic
diversification, as well.

The rating on the senior secured credit facility and senior
unsecured notes reflect CPI's overall probability of default, which
Moody's rates B3-PD. The B1 ratings on the revolver and first-lien
term loan are two notches above the CFR, which reflects the
first-loss support provided by $243 million of second-lien and
unsecured debt in the capital structure. The Caa2 rating on the
senior unsecured notes, two notches below the CFR, reflects the
notes' subordination to approximately $330 million of secured bank
debt.

The SGL-3 Speculative Grade Liquidity Rating reflects Moody's view
that CPI will maintain an adequate liquidity profile over the next
12 months. As of January 1, 2016, the company had a cash balance of
$34 million, which Moody's does not expect to grow materially in
2016. Currently, the company has sufficient liquidity to fund basic
cash needs and budgeted capital expenditures without relying on
additional external financing. The company has an undrawn $30
million revolving credit facility ($6 million of outstanding
letters of credit), which includes a maximum total leverage
covenant that applies only if revolver borrowings exceed 30% of the
committed amount. As of January 1, 2016, the company had sufficient
cushion under the covenant, but we expect that to deteriorate with
the upcoming step-down in September 2016. In order to extend the
maturities of the revolver and term loans to 2019 and 2021,
respectively, the company must repay or refinance 65% of its $215
million senior unsecured notes ($140 million) prior to the
facilities' current 2017 maturity dates. CPI has limited alternate
sources of liquidity, as all assets are encumbered to secure
borrowings under the credit facility.

“The negative outlook reflects our expectation that continued
order slippage could further weaken credit metrics and that margin
pressure will persist through the end of fiscal 2016. The outlook
also considers the uncertainty regarding the company's plans to
address the upcoming 2017 maturity of its first-lien bank facility,
as well as refinancing risk in the current credit environment.
Stabilization of the outlook would require a substantial
improvement in the CPI's overall liquidity profile.”

The ratings could be downgraded if the company's liquidity profile
deteriorates, including negative free cash flow generation, erosion
of headroom under covenants, and/or delays in (or inability to)
refinance 65% of the senior unsecured notes well in advance of the
current bank facility maturity dates. Negative rating actions could
also be taken if revenue declines significantly or if changes in
government spending patterns cause profitability to deteriorate
further. Specifically, debt/EBITDA sustained above 7.0x by
mid-fiscal 2016 or EBIT interest coverage falling below 1.0x could
result in a downgrade. Shareholder friendly activities and/or
leveraging acquisitions could also pressure the ratings.

Although not anticipated over the intermediate term, upward rating
movement would require a significant improvement in liquidity. An
upgrade could also be considered if CPI demonstrates consistent
organic revenue and earnings growth or if the company reduces
balance sheet debt, such that debt/EBITDA improves to and is
sustained below 6.0x and free cash flow-to-debt is well above
5.0%.

CPI International, Inc. is the parent company of Communications &
Power Industries LLC and Communications & Power Industries Canada
Inc. (collectively referred to as "CPI"), a leading manufacturer
and distributor of vacuum electron devices and related equipment
for defense and commercial applications requiring high power and/or
high frequency energy generation. CPI is owned by the affiliates of
Veritas Capital Management, LLC. Sales for the 12 months ended
December 31, 2015 totaled $448 million.


CRYOPORT INC: Extends Issuer Tender Offer Until April 7
-------------------------------------------------------
Cryoport, Inc. extended its issuer tender offer with respect to
certain warrants to purchase common stock of the Company until 9:00
p.m., Pacific Time on April 7, 2016, unless further extended by the
Company.  The Offer had been previously scheduled to expire at 9:00
p.m., Pacific Time on March 30, 2016.

Pursuant to the Offer, the Company is offering to amend Original
Warrants with respect to up to 2,448,000 shares of common stock
issuable upon exercise of such warrants, upon the terms and subject
to the conditions set forth in the Company's Tender Offer Statement
on Schedule TO and the related exhibits included therein initially
filed with the Securities and Exchange Commission on March 3,
2016.

As of 1:00 p.m., Pacific Time on March 30, 2016, Original Warrants
to purchase 1,178,198 shares of the Company's common stock were
tendered by holders of Original Warrants.

                           About Cryoport

Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides
comprehensive solutions for frozen cold chain logistics, primarily
in the life science industries.  Its solutions afford new and
reliable alternatives to currently existing products and services
utilized for bio-pharmaceuticals and biologics, including in-vitro
fertilization, cell lines, vaccines, tissue and other commodities
requiring a reliable frozen solution.

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.

As of Dec. 31, 2015, the Company had $7.45 million in total assets,
$2.46 million in total liabilities and $4.99 million in total
stockholders' equity.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2015, citing that the
Company has incurred recurring operating losses and has had
negative cash flows from operations since inception.  Although the
Company has cash and cash equivalents of $1.4 million at March 31,
2015, management has estimated that cash on hand, which include
proceeds from Class B convertible preferred stock received
subsequent to the fourth quarter of fiscal 2015, will only be
sufficient to allow the Company to continue its operations into the
third quarter of fiscal 2016.  These matters raise substantial
doubt about the Company's ability to continue as a going concern,
the auditors said.


CTI BIOPHARMA: Has Est. Net Fin'l Standing of $83.2M at Feb. 29
---------------------------------------------------------------
CTI BioPharma Corp. or CTI Parent Company reported total estimated
and unaudited net financial standing as of Feb. 29, 2016, of $83.2
million.  The total estimated and unaudited net financial standing
of CTI Consolidated Group as of Feb. 29, 2016, was $83.5 million.

CTI Parent Company trade payables outstanding for greater than 30
days were approximately $14.4 million as of Feb. 29, 2016.
CTI Consolidated Group trade payables outstanding for greater than
30 days were approximately $16.9 million as of Feb. 29, 2016.

During February 2016, there were solicitations for payment only
within the ordinary course of business and there were no
injunctions or suspensions of supply relationships that affected
the course of normal business.

As of Feb. 29, 2016, there were no amounts overdue of a financial
or tax nature, or amounts overdue to social security institutions
or overdue to employees.

During the month of February 2016, the Company's common stock, no
par value, outstanding decreased by 21,526 shares.  As a result,
the number of issued and outstanding shares of Common Stock as of
Feb. 29, 2016, was 280,543,507.

A full-text copy of the press release is available for free at:

                      http://is.gd/YJarsv

                      About CTI BioPharma

CTI BioPharma Corp. (NASDAQ and MTA: CTIC) --
http://www.ctibiopharma.com/-- formerly known as Cell
Therapeutics, Inc., is a biopharmaceutical company focused on
the acquisition, development and commercialization of novel
targeted therapies covering a spectrum of blood-related cancers
that offer a unique benefit to patients and healthcare providers.
The Company has a commercial presence in Europe and a late-stage
development pipeline, including pacritinib, CTI's lead product
candidate that is currently being studied in a Phase 3 program for
the treatment of patients with myelofibrosis.  CTI BioPharma is
headquartered in Seattle, Washington, with offices in London and
Milan under the name CTI Life Sciences Limited.

CTI Biopharma reported a net loss attributable to common
shareholders of $122.62 million on $16.11 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss
attributable to common shareholders of $95.99 million on $60.07
million of total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $144.33 million in total
assets, $96.91 million in total liabilities and $47.41 million in
total shareholders' equity.

The Company's independent registered public accounting firm
included an explanatory paragraph in its reports on its
consolidated financial statements for each of the years ended
Dec. 31, 2007, through Dec. 31, 2011, and for the year ended
Dec. 31, 2014, regarding their substantial doubt as to the
Company's ability to continue as a going concern.  The Company said
that although its independent registered public accounting firm
removed this going concern explanatory paragraph in its report on
our Dec. 31, 2015, consolidated financial statements, the Company
expects to continue to need to raise additional financing to fund
its operations and satisfy obligations as they become due.
According to the Company, the inclusion of a going concern
explanatory paragraph in future years may negatively impact the
trading price of its common stock and make it more difficult, time
consuming or expensive to obtain necessary financing, and the
Company cannot guarantee that it will not receive such an
explanatory paragraph in the future.


D.A.B. GROUP: New York Property Slated for May Auction
------------------------------------------------------
D.A.B. Group LLC is set to hold a public sale of its real property
in New York next month.

The property, located at 139-141 Orchard Street, New York, will be
auctioned off on May 10.  Also to be sold are certain development
rights controlled exclusively by the company, including any "air
rights."

The auction will take place at the U.S. Bankruptcy Court Southern
District of New York, One Bowling Green, New York.  

Orchard Hotel LLC and Orchard Construction LLC, which hold senior
liens on the property, can take part at the auction, according to
court filings.

A court hearing to consider the sale of the assets to the winning
bidder is scheduled for May 16.  Objections to the sale are due by
May 13.

In connection with the sale, D.A.B. Group's bankruptcy trustee
hired Maltz Auctions Inc. as broker, court filings show.

                        About D.A.B. Group

D.A.B. Group LLC, owner of a stalled 16-story Allen Street Hotel
project in Orchard Street, New York, sought Chapter 11 protection
(Bankr. S.D.N.Y. Case No. 14-12057) in Manhattan on July 14, 2014,
to pursue a prompt sale of the property.  The case is assigned to
Judge Shelley C. Chapman.

The property has been in the hands of a receiver since July 18,
2011.  Simon J.K. Miller, of Blank Rome LLP, serves as receiver.

J. Ted Donovan, Esq., at Goldberg Weprin Finkel Goldstein LLP, in
New York, serves as counsel to the Debtor.

DAB Group said in a court filing that its property is contiguous to
the commercial property owned by its affiliate, 77-79 Rivington
Street Realty LLC (Bankr. S.D.N.Y. Case No. 14-10339).
Accordingly, DAB's Chapter 11 case is being filed as a related
proceeding.

                           *     *     *

Orchard Hotel LLC and Orchard Construction LLC filed a motion
asking the Court to convert D.A.B. Group LLC's Chapter 11 case to a
case under Chapter 7 or alternatively to appoint a Chapter 11
trustee for the Debtor.  To resolve the motion, the Debtor agreed
to withdraw its proposed Chapter 11 plan and consented to the
appointment of a Chapter 11 trustee.

On Nov. 16, 2015, the Office of the United States Trustee appointed
Ronald J. Friedman, Esq., as Chapter 11 Trustee of D.A.B. Group.
Mr. Friedman tapped his own firm, SilvermanAcampora LLP, as his
attorney in the Chapter 11 case.

Mr. Friedman only serves as the Chapter 11 Trustee of D.A.B. Group.
77-79 Rivington continues to serve as debtor-in-possession.


DIFFUSION PHARMACEUTICALS: Thomas Byrne Quits as Director
---------------------------------------------------------
Diffusion Pharmaceuticals Inc. announced that Thomas Byrne will be
transitioning from his current position on the Board of Directors
in order to join the Company in a new role as general counsel,
effective April 1, 2016.  Mr. Byrne will continue to oversee
Diffusion's intellectual property strategy, which he has directed
since the Company was founded in 2001.

David Kalergis, chairman and chief executive officer of Diffusion
Pharmaceuticals, said, "We are strengthening Diffusion's executive
team with the addition of Tom as General Counsel. Tom brings over
three decades of biopharmaceutical and legal expertise to our
company.  He has been instrumental in developing our robust
intellectual property strategy. Tom will play a critical role in
Diffusion's evolution as a publicly traded company and in the
strengthening of our IP portfolio as we continue to advance the
clinical development of our lead candidate, trans sodium
crocetinate (TSC), in oncology indications."

Thomas Byrne is an experienced pharmaceutical development executive
with special expertise in related intellectual property law.  His
experience includes in-house counsel positions at both Genentech
and Amgen.  While at Amgen as Senior Counsel, he was involved in
the patent prosecution of cases relating to Neupogen® and Epogen,
and coinvented the erythropoiesis stimulating agent darbepoietin
alpha (Aranesp).  Subsequently, Mr. Byrne was a partner at the
intellectual property law firm of Nixon and Vanderhye P.C.  He
holds BS degrees from the University of Virginia in both Chemical
Engineering and Nuclear Engineering, an MS degree from Yale
University in Biochemical Engineering, and a JD from the University
of Virginia.

Effective as of April 1, 2016, Thomas Byrne resigned as member of
the Board of Directors of Diffusion.  Mr. Byrne's decision to
resign was not due to any disagreement with the Company on any
matter relating to its operations, policies or practices and Mr.
Byrne, according to a Form 8-K report filed with the Securities and
Exchange Commission.

                 About Diffusion Pharmaceuticals

Diffusion Pharmaceuticals, as surviving entity in its merger with
RestorGenex, is a clinical stage biotechnology company focused on
extending the life expectancy of cancer patients by improving the
effectiveness of current standard-of-care treatments including
radiation therapy and chemotherapy.  Diffusion is developing its
lead drug, trans sodium crocetinate (TSC), for use in the many
cancer types in which tumor hypoxia (oxygen deprivation) is known
to diminish the effectiveness of current treatments.  TSC targets
the cancer's hypoxic micro-environment, re-oxygenating
treatment-resistant tissue and making the cancer cells more
vulnerable to the therapeutic effects of treatments such as
radiation therapy and chemotherapy, without the apparent addition
of any serious side effects.  TSC has potential application in
other indications involving hypoxia, such as stroke and
neurodegenerative diseases.

Diffusion reported a net loss of $23.8 million on $0 of revenues
for the year ended Dec. 31, 2015, compared to a net loss of $14.4
million on $0 of revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Diffusion had $19.9 million in total assets,
$3.47 million in total liabilities and $16.43 million in total
stockholders' equity.

Deloitte & Touche LLP, in Chicago, Illinois, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company's recurring
losses from operations and its present financial resources raise
substantial doubt about its ability to continue as a going concern.


DOLPHIN DIGITAL: Stockholders OK Reverse Common Stock Split
-----------------------------------------------------------
The holders of a majority of the issued and outstanding shares of
common stock, par value $0.015 per share, of Dolphin Digital Media,
Inc., executed a written consent, approving an amendment to the
Company's Articles of Incorporation to effect a reverse stock split
of the outstanding shares of Common Stock on the basis of 20 old
shares for one new share of Common Stock.  

According to a Form 8-K report filed with the Securities and
Exchange Commission, the Holders collectively voted an aggregate of
56,137,074 shares of Common Stock, representing approximately 52.5%
of the 106,841,992 issued and outstanding shares of Common Stock
entitled to vote on the Reverse Stock Split on the Consent Date,
"for" the Reverse Stock Split.  No votes were cast "against" the
Reverse Stock Split and there were no abstentions or broker
non-votes.

On March 18, 2016, the Company filed a preliminary Information
Statement pursuant to Section 14(c) of the Securities Exchange Act
of 1934, as amended, that describes the Reverse Stock Split in
detail.  Pursuant to Rule 14c-2 under the Exchange Act, the Reverse
Stock Split (to be effected by the Amendment) will not be effective
sooner than twenty calendar days after the mailing of the
definitive Information Statement to the Company's shareholders.
The Company anticipates effecting the Reverse Stock Split
immediately following the twenty calendar-day period.

                       About Dolphin Digital

Coral Gables, Florida-based Dolphin Digital Media, Inc., is
dedicated to the twin causes of online safety for children and
high quality digital entertainment.  By creating and managing
child-friendly social networking websites utilizing state-of the-
art fingerprint identification technology, Dolphin Digital Media,
Inc. has taken an industry-leading position with respect to
internet safety, as well as digital entertainment.

Dolphin Digital reported a net loss of $4.05 million on $2.99
million of total revenue for the year ended Dec. 31, 2015, compared
to a net loss of $1.87 million on $2.07 million of total revenue
for the year ended Dec. 31, 2014.  As of Dec. 31, 2015, Dolphin
Digital had $2.92 million in total assets, $15.80 million in total
liabilities and a total stockholders' deficit of $12.87 million.

BDO USA, LLP, in Miami, Florida, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from operations, negative cash flows from operations, and
does not have sufficient working capital.  These events raise
substantial doubt about the Company's ability to continue as a
going concern.


DOVER DOWNS: Regains Compliance with NYSE Listing Standard
----------------------------------------------------------
Dover Downs Gaming & Entertainment, Inc. announced that it has
regained compliance with the New York Stock Exchange's share price
continued listing standard.  On April 1, 2016, the NYSE notified
the Company that it had satisfied the NYSE's standard by virtue of
the fact that as of March 31, 2016, both the closing share price of
the Company's common stock and its average closing share price over
the preceding 30 consecutive trading days were in compliance with
the $1.00 minimum threshold required by the NYSE.  Accordingly, the
Company's common stock will continue to be traded on the NYSE.

                       About Dover Downs

Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE),
Dover Downs Hotel & Casino(R) is a gaming and entertainment resort
destination in the Mid-Atlantic region.  Gaming operations consist
of approximately 2,500 slots and a full complement of table games
including poker.  The AAA-rated Four Diamond hotel is Delaware's
largest with 500 luxurious rooms/suites and amenities including a
full-service spa/salon, concert hall and 41,500 sq. ft. of multi-
use event space.  Live, world-class harness racing is featured
November through April, and horse racing is simulcast year-round.
Professional football parlay betting is accepted during the
season.  Additional property amenities include multiple
restaurants from fine dining to casual fare, bars/lounges and
retail shops.  Visit http://www.doverdowns.com/  

As of Dec. 31, 2015, Dover Downs had $174 million in total assets,
$58.9 million in total liabilities and $115 million in total
stockholders' equity.

The Company's auditors, KPMG LLP, in Philadelphia, Pennsylvania,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015, citing that
the Company's credit facility expires on Sept. 30, 2016, and at
present no agreement has been reached to refinance the debt.


E Z MAILING: Wants Exclusive Plan Filing Period Extended to July 31
-------------------------------------------------------------------
E Z Mailing Services, Inc., and its debtor-affiliates ask the
Honorable Stacey L. Meisel to extend their exclusive period to file
a chapter 11 plan through and including July 31, 2016, and extend
their exclusive period to solicit acceptances of that plan through
and including Sept. 29, 2016.  

On Mar. 29, 2016, the Court approved a DIP financing facility under
which PNC Bank, National Association and PNC Equipment Finance,
LLC, agreed, among other things, to provide continued working
capital.  That DIP facility was conditioned on Debtors filing a
plan by July 31, 2016, and the Court holding a confirmation hearing
on Nov. 1, 2016.

Edward Bond at Bederson LLP, serving as the Debtors' chief
restructuring officer, says the Debtors have worked expeditiously
to address critical business and legal issues and move their
chapter 11 cases forward and tangible progress has been made toward
the Debtors' goal of confirming a plan that will receive support
from their various constituencies.  By way of example, although
initially plagued with litigation and a number of contentious
hearings, the Debtors have worked to stabilize their operations,
and through their counsel, achieved use of cash collateral and
recently obtained authority to continue their use of cash
collateral for a more meaningful amount of time to formulate a
plan. The Debtors have also obtained critical debtor-in-possession
financing via entry of the DIP Order. As would be expected of cases
that were filed less than three months ago, however, there is more
that needs to be done. The Debtors maintain that they require
additional time to negotiate and formulate a plan that maximizes
value to these estates and creditors, and to prepare adequate
information for all interested parties to evaluate that plan.

E Z Mailing Services Inc. and United Business Freight Forwarders,
transportation logistics companies whose customers include Macy's,
Walmart, JC Penny and Forever 21, filed Chapter 11 bankruptcy
petitions (Bankr. D. N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016.  The Debtors each estimated assets
and liabilities in the range of $10 million to $50 million.
Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors and
Chris Carey Advisors, LLC, provides financial advisory services.
Lowenstein Sandler LLP is counsel to the creditors' committee and
EisnerAmper LLP provides the committee with financial advice.
Judge Stacey L. Meisel presides over the cases.


ELBIT IMAGING: Appoints Doron Moshe as Chief Executive Officer
--------------------------------------------------------------
Elbit Imaging Ltd. announced the appointment of Mr. Doron Moshe, as
the Company's chief executive officer .

Mr. Moshe's terms of office and employment as the Company's CEO
were approved at the Extraordinary general meeting of the Company's
shareholders held on March 31, 2016.

Mr. Moshe served as the Company's CFO since 2010 and as the
Company's acting CEO since April 1, 2015, and will continue to
serve as the Company's CFO in addition and in parallel to his role
as the Company's CEO.

Such appointment is effective as of April 1, 2016.

                       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.


ELBIT IMAGING: Four Resolutions Adopted at General Meeting
----------------------------------------------------------
Elbit Imaging Ltd. disclosed in a press release that at its
extraordinary general meeting of shareholders held on March 31,
2016, the following resolutions were approved by the required
majority:

  1. An amended compensation policy for the Company's directors
     and officers;
     
  2. The terms of office and employment of Mr. Doron Moshe as the
     Company's chief executive officer;
     
  3. Authorization to the Company's Board of Directors to effect a
     reverse share split of all of its ordinary shares, no par
     value, at a ratio not to exceed one-for-ten, and a related
     amendment to the Company's Articles of Association; and
     
  4. An amendment to the Company's Memorandum of Association by
     restating the authorized share capital to the post reverse
     split number of shares subject to Item no. 3.

                        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.


ELBIT IMAGING: Incurs NIS 314.9 Million Net Loss in 2015
--------------------------------------------------------
Elbit Imaging Ltd. reported a net loss of NIS 314.92 million on NIS
347.96 million of total revenues for the year ended Dec. 31, 2015,
compared to profit of NIS 784.35 million on NIS 398.57 million of
total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Elbit had NIS 2.70 billion in total assets,
NIS 2.39 billion in total liabilities and NIS 304.06 million in
shareholders' equity.

A full-text copy of the Form 6-K Report is available for free at:

                        http://is.gd/wGrkqI

                        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.


ELBIT IMAGING: Unit Closes Sale of Liberec Plaza for EUR 9.5M
-------------------------------------------------------------
Elbit Imaging Ltd. disclosed that its indirect subsidiary Plaza
Centers N.V. has completed the sale of its subsidiary holding
Liberec Plaza, a shopping and entertainment center in the Czech
Republic, for EUR 9.5 million.  Following net asset value
adjustments related to the subsidiary's balance sheet, Plaza
received net EUR 9.37 million.

                      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.


ELDORADO GOLD: Moody's Cuts Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service downgraded Eldorado Gold Corporation's
(Eldorado) Corporate Family rating (CFR) to B1 from Ba3,
Probability of Default Rating to B1-PD from Ba3-PD and senior
unsecured note ratings to B1 from Ba3. Eldorado's Speculative Grade
Liquidity Rating ("SGL") rating was lowered to SGL-3 from SGL-2.
The rating outlook is negative.

"The downgrade of Eldorado's rating reflects an expectation of
continued cash consumption driven by spending on growth projects",
said Jamie Koutsoukis, Moody's Vice-President, Senior Analyst. "We
also see increased execution risk with its key projects in Greece
where government actions have delayed development" she added.

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

Downgrades:

Issuer: Eldorado Gold Corporation

-- Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

-- Corporate Family Rating, Downgraded to B1 from Ba3

-- Senior Unsecured Regular Bond/Debenture, Downgraded to
    B1(LGD4) from Ba3(LGD4)

-- Speculative Grade Liquidity Rating, lowered to SGL-3 from
    SGL-2.

Outlook Actions:

Issuer: Eldorado Gold Corporation

-- Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

Eldorado's B1 corporate family rating is driven by its modest
scale, significant exposure to the volatile price of gold,
relatively high geopolitical risks, limited mine diversity, and
execution risks related to its development projects, particularly
in Greece. The company has experienced delays on its mining
projects in Greece largely driven by setbacks in receiving permits
and licenses, reflecting the risk of operating in a jurisdiction
with higher political risk. “Additionally, we expect 2016
leverage to increase to over 3.0x from 2.3x at year-end 2015 as the
company increases debt to fund its cash consumption driven by
project development spending. Eldorado however, has a below average
cost position, large reserves, and growing production after 2016
that should support deleveraging.”

Eldorado has adequate liquidity (SGL-3), with a cash balance of
$288 million at Dec 2015 to fund estimated free cash flow
consumption of about $250 million in 2016. However, unless the
company can either renew its unused $375 million revolver which
expires in November 2016, or cut its planned development capex to
maintain liquidity, liquidity could become inadequate later this
year. Eldorado's funded debt matures in 2020.

"The negative outlook reflects our expectations that Eldorado will
continue to face challenges bringing its projects to production in
Greece where the current government has hampered mine development
and concerns regarding continued cash consumption associated with
these projects. It also incorporates the company's need to address
liquidity issues later this year."

Upward rating movement would occur should Eldorado achieves
commercial production at some of its key development projects to
improve its geographic and mine diversity. This would need to be
accompanied by adjusted leverage sustained below 3x and adequate
liquidity.

Downward rating movement could occur should liquidity become
inadequate or if uncertainty increases over the ability of Eldorado
to get its development projects completed and producing cash flow,
particularly in Greece. A ratings downgrade would also result
should adjusted leverage exceed 4x.

Headquartered in Vancouver, British Columbia, Eldorado Gold
Corporation owns and operates three gold mines in China, two gold
mines in Turkey, and a lead/zinc/silver mine in Greece. The company
is also constructing the Eastern Dragon gold mine in China and
Olympias and Skouries gold mines in Greece.


ELDORADO GOLD: Moody's Cuts Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service downgraded Eldorado Gold Corporation's
(Eldorado) Corporate Family rating (CFR) to B1 from Ba3,
Probability of Default Rating to B1-PD from Ba3-PD and senior
unsecured note ratings to B1 from Ba3. Eldorado's Speculative Grade
Liquidity Rating ("SGL") rating was lowered to SGL-3 from SGL-2.
The rating outlook is negative.

"The downgrade of Eldorado's rating reflects an expectation of
continued cash consumption driven by spending on growth projects",
said Jamie Koutsoukis, Moody's Vice-President, Senior Analyst. "We
also see increased execution risk with its key projects in Greece
where government actions have delayed development" she added.

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

Downgrades:

Issuer: Eldorado Gold Corporation

-- Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

-- Corporate Family Rating, Downgraded to B1 from Ba3

-- Senior Unsecured Regular Bond/Debenture, Downgraded to
    B1(LGD4) from Ba3(LGD4)

-- Speculative Grade Liquidity Rating, lowered to SGL-3 from SGL-
    2.

Outlook Actions:

-- Issuer: Eldorado Gold Corporation

-- Outlook, Changed To Negative From Rating Under Review

RATINGS RATIONALE

Eldorado's B1 corporate family rating is driven by its modest
scale, significant exposure to the volatile price of gold,
relatively high geopolitical risks, limited mine diversity, and
execution risks related to its development projects, particularly
in Greece. The company has experienced delays on its mining
projects in Greece largely driven by setbacks in receiving permits
and licenses, reflecting the risk of operating in a jurisdiction
with higher political risk. “Additionally, we expect 2016
leverage to increase to over 3.0x from 2.3x at year-end 2015 as the
company increases debt to fund its cash consumption driven by
project development spending. Eldorado however, has a below average
cost position, large reserves, and growing production after 2016
that should support deleveraging.”

Eldorado has adequate liquidity (SGL-3), with a cash balance of
$288 million at Dec 2015 to fund estimated free cash flow
consumption of about $250 million in 2016. However, unless the
company can either renew its unused $375 million revolver which
expires in November 2016, or cut its planned development capex to
maintain liquidity, liquidity could become inadequate later this
year. Eldorado's funded debt matures in 2020.

"The negative outlook reflects our expectations that Eldorado will
continue to face challenges bringing its projects to production in
Greece where the current government has hampered mine development
and concerns regarding continued cash consumption associated with
these projects. It also incorporates the company's need to address
liquidity issues later this year."

Upward rating movement would occur should Eldorado achieves
commercial production at some of its key development projects to
improve its geographic and mine diversity. This would need to be
accompanied by adjusted leverage sustained below 3x and adequate
liquidity.

Downward rating movement could occur should liquidity become
inadequate or if uncertainty increases over the ability of Eldorado
to get its development projects completed and producing cash flow,
particularly in Greece. A ratings downgrade would also result
should adjusted leverage exceed 4x.

Headquartered in Vancouver, British Columbia, Eldorado Gold
Corporation owns and operates three gold mines in China, two gold
mines in Turkey, and a lead/zinc/silver mine in Greece. The company
is also constructing the Eastern Dragon gold mine in China and
Olympias and Skouries gold mines in Greece.


EMPIRE GENERATING: Moody's Cuts Senior Credit Facilities to 'B2'
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 Empire
Generating Co. LLC's senior secured credit facilities consisting of
a $409 million 7-year senior secured Term Loan B due March 2021, a
$30 million 7-year Term Loan C (used to fund the debt service
reserve account and L/Cs) due March 2021 and a $20 million 5-year
Revolving Credit Facility due March 2019. Empire's rating outlook
is revised to negative.

RATINGS RATIONALE

"The rating downgrade to B2 from B1 for Empire reflects financial
performance that is weaker than previously envisioned, and our
expectation of continued weak financial results stemming from what
we expect will be a prolonged environment of lower commodity
prices. The downgrade incorporates increased refinancing risk owing
to excess cash flow generation to date that is much lower than
anticipated and revised projections showing that lower excess cash
flow generation will continue in light of lower power prices. The
downgrade also recognizes that the completion of the Constitution
Pipeline will be one year later than previously envisioned, further
delaying the potential improvement in natural gas price basis
differential currently impacting Empire's region. The project's
exposure to this period of lower commodity prices has been
partially mitigated by the receipt of substantial Brownfield
Redevelopment Tax Credit (BRTC) payments received through 2015,
with a final payment expected in October of 2016. That said,
excluding the BRTC payments, no excess cash flow has been generated
for debt repayment, unlike previously envisioned."

"The B2 rating reflects the project's status as a single-asset
power project with 100% merchant exposure in New York Independent
System Operator's (NYISO) Rest Of State (ROS) region. While we view
capacity auction results as a form of contractual revenue, we also
acknowledge the shorter term nature of the NY ISO results (up to
six months) and the period over period volatility than can surface
during subsequent strip auctions. The rating recognizes the
project's strong operator and committed sponsor along with some
credit positive features of the secured credit facility, including
a 100% excess cash flow sweep and a six --month Debt Service
Reserve Account (DSRA). The rating also acknowledges Empire's
competitive position as one of the newest, most efficient solid
fuel plants in the state. Even with this strong competitive
position, the plant continues to experience lower dispatch levels
than originally anticipated and as compared to plants located in
Southern and Western New York who have ready access to cheaper gas
and are capable of dispatching into Zone F."

"From a financial performance perspective, Empire's 2015 financial
results, while below management's prior projections, were somewhat
close to Moody's expectations owing in large part to the reliance
on the BRTC payments. Based on unaudited 2015 results and Moody's
calculations, Funds from Operations to Debt (FFO/Debt) was 5.8%
(adjusted for the funded L/C collateral that supports the term loan
C and deducting payments related to the Long Term Service
Agreement), and the Debt Service Coverage Ratio (DSCR) was 1.87x.
For FY 2016, we anticipate results to be somewhat weaker based upon
our discussions with management. Financial performance for 2017
through 2020 faces numerous uncertainties including the potential
for and timing of plant closures in New York state and the
completion of the numerous pipeline projects, including the
Constitution Project, both of which could enhance Empire's
financial performance. Under more conservative assumptions that
incorporate lower capacity, power and gas prices, credit metrics
remain in the low B/high Caa range over the next several years,
with minimal excess cash flow generation and DSCR that provides a
modest amount of headroom above the 1.10x financial covenant in the
financing documents."

"From a liquidity perspective, we understand that cash on hand at
12/31/2015 was $35.5 million and includes the BRTC payment which
was not yet applied to debt repayment. The project also has a $20
million working capital facility which was undrawn at year-end and
a 6 month DSRA, which is fully cash funded. Further, pursuant to an
LTSA with Power Systems MFG, the project has prepaid a portion of
its major maintenance by approximately $9.1 million as of 12/31/15,
or approximately 43% of its expected major maintenance expenditures
planned for 2017. This prepayment will help future financial
results at the project."

"The negative outlook incorporates our view that the current
depressed commodity price environment for natural gas and for
electric energy prices will weaken cash flow generation and credit
metrics beyond 2016 when BRTC payments are no longer available.
While a capacity market exists and the potential for plant closures
in the state could improve capacity and energy revenues for
generators in the state, the negative outlook incorporates the
uncertain prospects about the timing and actual retirement of
certain power plants. The negative rating outlook also points to
the delay in the completion of the Constitution Pipeline by at
least one year until November 2017. Completion of the pipeline
should improve Empire's competitiveness and financial performance
as it will reduce the plant's natural gas basis differential. The
current timeframe now suggests that such improvement will not occur
until 2018 at the earliest."

In light of the negative rating outlook, the rating is not likely
to move upward over the near-to-medium term. The rating could
stabilize if results from capacity auctions end up being materially
higher than currently anticipated or if that the current low
commodity price environment strengthens such that the project is
able to generate excess cash flow for additional debt retirement.
The rating could be upgraded should the current energy and capacity
market experience a sustained positive uplift returning the
project's financial metrics and excess cash flow generation
commensurate to previous expectations or better, or should the
project implement meaningful hedges to realize predictable and
margin enhancing cash flows, enabling faster repayment of the term
loan than currently expected.

The rating could face further downward pressure if weak market
conditions for the sale of capacity and energy continue, or if a
further delay in the completion of the Constitution pipeline occurs
and credit metrics further deteriorate.

Empire is the owner of a 635 net megawatt (MW) combined cycle,
natural gas-fired power plant in Rensselaer, New York that began
commercial operations in September 2010. In July 2007, Energy
Capital Partners (ECP or Sponsor) through its wholly-owned
subsidiary Empire Gen Holdings, Inc. ("EGH") purchased Empire from
Besicorp-Empire Development Company ("BEDCO"). Wheelabrator
Technologies, Inc., another portfolio company of ECP, provides the
management at Empire. The Empire plant is a highly efficient GE 7FA
natural gas-fired combined cycle ("CCGT") facility that was
constructed by ECP. The Empire plant is one of the newest CCGT in
Rest of State ("ROS") New York and has an excellent operational
track record. The facility is located 150 miles north of New York
City in Rensselaer, NY and dispatches into New York Independent
System Operator (NYISO) Zone F.


ENERGY COAL: Resolves Objections to Ch. 15 Petition
---------------------------------------------------
The Hon. Laurie Selber Silverstein of the  U.S. Bankruptcy Court
for the District of Delaware Energy Coal S.P.A. approved a
stipulation between the foreign representative of EnergyCoal
S.P.A., Falcon Navigation A/S, and XO Shipping A/S settling formal
objections to verified petition under Chapter 15 of the Bankruptcy
Code for recognition of a foreign main proceeding and for
additional relief and assistance under Sections 105(a), 507 and
1521 of the Bankruptcy Code.

On Nov. 12, 2015, the Court entered an order granting recognition
of the Italian proceeding commenced by the Debtor pursuant to
Section 160 R.D. 267/1942 Italian Insolvency Law as foreign main
proceeding pending in Genova, Italy, under Chapter 15 of the
Bankruptcy Code.

Thyssenkrupp Minenergy GmbH n/k/a Thyssenkrupp Metallurgical
Products GmbH objected to the relief stating that:

   1. it appears that Energy Coal may not satisfy the requirements
of 11 U.S.C. Section 109(a) because it may not have the requisite
property in the United States, and to the extent Energy Coal does
not satisfy the requirements of Section 109, its Chapter 15
petition for recognition of the Italian Proceeding should be
denied; and

   2. and alternatively, even if Energy Coal has sufficient
property in the United States and establishes its entitlement to
recognition, the New York Litigation must be excluded from the
scope of the stay sought by Energy Coal.  Allowing the New York
Litigation to continue results in little to no prejudice to Energy
Coal because the filing of the Italian Proceeding does not result
in a stay of actions such as the New York Litigation.

TKMP is the plaintiff in a lawsuit (the New York Litigation)
against Energy Coal styled, Thyssenkrupp Metallurgical Products
GmbH f/k/a Thyssenkrupp Minenergy GmbH v. Energy Coal S.p.A., that
is currently pending in the Supreme Court of New York for the
County of New York.  That case has been actively defended by Energy
Coal since it was filed in December 2014.  Indeed, earlier this
year, Energy Coal moved to dismiss the case, which motion involved
extensive briefing by the parties, submissions from German legal
experts, and oral argument that was held on July 14, 2015.  A
decision on the motion was issued on Oct. 15, denying Energy Coal's
motion in part and granting it in part.

In another filing, Falcon Navigation A/S and XO Shipping A/S has
submitted a reservation of rights to seek a termination of the
recognition or relief from the automatic stay with respect to the
verified petition under Chapter 15 for recognition of a foreign
main proceeding.

As reported by the Troubled Company Reporter on Oct. 5, 2015, the
Italian Concordato Proceeding, pursuant to Section 160 of R.D.
267/1942 Italian Insolvency Law or IIL, is a court-supervised
procedure by which a business facing financial difficulties may
seek to reach an agreement with its creditors by proposing a debt
restructuring plan.

The petition for recognition under Chapter 15 of the United States
Bankruptcy Code was filed by Augusto Ascheri, director and
authorized foreign representative of Energy Coal, to protect the
Company's valuable trade in the United States.  The Chapter 15
petition is proceeding in bankruptcy court in Wilmington,
Delaware.

According to documents filed in the U.S. court, the Company
regularly trades in various ports in the United States as a core
part of its business.  The Company owned Cargo M/V Coretalent OL,
located at the Marcus Hook Anchorage, is subject to attachment
proceedings currently pending before the United States District
Court for the District of Delaware.  On board the Vessel is
approximately 26,000 metric tons of petroleum coke.

The Company believes that it currently has approximately 15
creditors based in the United States.

TKMP is represented by:

         Michael F. Bonkowski, Esq.
         Nicholas J. Brannick, Esq.
         COLE SCHOTZ P.C.
         500 Delaware Avenue, Suite 1410
         Wilmington, DE 19801
         Tel: (302) 652-3131
         E-mail: nbrannick@coleschotz.com

Falcon Navigation, etal., are represented by:

         Julie M. Murphy, Esq.
         1000 N. West Street, Suite 1278
         Wilmington, DE 19801
         Tel: (302) 295-3805
         E-mail: jmmurphy@stradley.com

            -- and --

         Michael E. Unger, Esq.
         Susan Lee, Esq.
         80 Pine Street
         New York, NY 10005
         Tel.: (212) 425-1900
         E-mails: unger@freehill.com
                  lee@freehill.com

                         About Energy Coal

The Company is primarily engaged in trading in coal and other raw
material, including petroleum coke.  The Company is a part of a
group of companies headed by parent company ICE Holding S.r.L.  The
Company currently has outstanding 9,000,000 shares of stock and ICE
Holding holds approximately 77.35% of the outstanding stock.  The
Company currently has 21 employees, all located in Genova, Italy.

Energy Coal S.p.A. filed a Chapter 15 bankruptcy petition (Bankr.
D. Del. Case No. 15-12048) on Oct. 2, 2015.

The Debtor has engaged Blank Rome LLP as counsel and
PricewaterhouseCoopers Advisory S.p.A. as restructuring advisor.

Judge Laurie Selber Silverstein is assigned to the case.


ESTATE FINANCIAL: Disclosure Statement Hearing Moved to April 6
---------------------------------------------------------------
Thomas P. Jeremiassen, chapter 11 trustee for Estate Financial,
Inc., and the Official Committee of Unsecured Creditors appointed
in EFI's chapter 11 case, entered into a stipulation with the U.S.
Trustee for Region 16 to continue to April 6, 2016, at 10:00 a.m.
the hearing on the motion for approval of the disclosure statement
explaining the Chapter 11 Plan proposed by the Case Trustee and the
Committee.

On Nov. 25, 2015, the Trustee and Committee filed their First
Amended Liquidating Plan and Disclosure Statement.

On Jan. 11, 2016, the Trustee and Committee filed their Joint
Motion for an order approving the Disclosure Statement with respect
to the First Amended Liquidating Plan, and Motion for an Order
Approving Solicitation and Voting Procedures.  Both Motions were
set for hearing on Feb. 17, 2016.

At the Feb. 17, 2016 hearing, no appearances were made other than
by counsel for the Case Trustee and U.S. Trustee requesting a
continuance, and the Court announced in open court that the hearing
on the Disclosure Statement Motion and Solicitation Motion was
continued to March 23, 2016.

On March 3, 2016, the Trustee and Committee filed their Second
Amended Liquidating Plan and Disclosure Statement.

The U.S. Trustee has been in active discussions with counsel for
the Case Trustee and the Committee regarding the presence of
exculpatory and related clauses in the Disclosure Statement and
Plan, and additional time is necessary to resolve the concerns of
the U.S. Trustee.  Counsel for the Case Trustee and the Committee,
and the U.S. Trustee require time to discuss resolution of the U.S.
Trustee's concerns and to determine if any dispute can be resolved
without filing of an objection to the Disclosure Statement and
Plan.

To allow sufficient time to potentially resolve any the concerns of
the U.S. Trustee, the Parties have agreed to a further continuance
of the hearing on the Disclosure Statement Motion and Solicitation
Motion to April 6, 2016 at 10:00 a.m.

                      About Estate Financial

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

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

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

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

The Trustee tapped Pachulski Stang Ziehl & Jones LLP as attorneys.

The Official Committee of Unsecured Creditors tapped the Law
Offices of David M. Meadows as counsel.

                           *     *     *

The Chapter 11 Trustee filed a liquidating plan that proposes to
establish a trust to, among other things, complete the liquidation
of the Estate's assets.  The Official Committee of Unsecured
Creditors is a co-proponent to the Plan.


ESTATE FINANCIAL: Plan to Provide 3% Recovery to Unsec. Creditors
-----------------------------------------------------------------
Thomas P. Jeremiassen, Chapter 11 trustee for Estate Financial,
Inc., filed a disclosure statement for his proposed Second Amended
Plan that says unsecured creditors estimated to have allowed claims
of $150 million will split $5 million.

The Official Committee of Unsecured Creditors is a co-proponent to
the Plan.

Over $39 million already has been paid to investor-creditors from
the sales of real estate.  Although these prior distributions are
the bulk of what the Proponents believe will be distributed through
the Case, it is time to press for conclusion of the Case and to
finally be able to make distributions in respect of "allowed"
claims.  As of March 1, 2016, the Trustee has additional
unrestricted Cash on hand of $8.3 million, primarily the remainder
from (1) EFI's share of the proceeds of sales of real estate; and
(2) recoveries from title companies or prepetition professionals of
EFI.

The Trustee anticipates that reasonably promptly after the Plan's
Effective Date approximately $5 million will be available for pro
rata payment to holders of allowed general unsecured claims.  As to
the claims sharing in this distribution, although the amount of all
general unsecured claims asserted against EFI totaled nearly $1
billion in over 2,000 claims, the Trustee and his professionals
have filed nine omnibus objections covering over 400 Claims filed
by EFMF investors, and an additional 21 omnibus objections covering
almost 1,000 Claims of investors who had settled their claims.  The
Proponents believe the amount of general unsecured claims likely
will be reduced to approximately $150 million when all claim
objections have been resolved.

In addition to the initial distributions and distributions enabled
by resolution of Disputed Claims, the Trustee anticipates further
recoveries after the Effective Date of the Plan, that may enable
further distributions, on account of: (1) recoveries on account of
ongoing litigation against EFI's prepetition counsel, Bryan Cave,
LLP; and (2) resolution from settlement or litigation as to
disposition of the over $350,000 attributable to the asserted
tenants-in-common (TIC) interests of investors who have not yet
settled.  Those future recoveries and their timing cannot be
predicted with any level of certainty.

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

      http://bankrupt.com/misc/Estate_Fin_3619_DS_2nd_Am_Plan.pdf

Thomas P. Jeremiassen, EFI Trustee, is represented by:

         Robert B. Orgel, Esq.
         Jeffrey L. Kandel, Esq.
         Cia H. Mackle, Esq.
         PACHULSKI STANG ZIEHL & JONES LLP
         10100 Santa Monica Blvd., 13th Floor
         Los Angeles, CA 90067-4003
         Telephone: (310) 277-6910
         Facsimile: (310) 201-0760
         E-mail: rorgel@pszjlaw.com
                 jkandel@pszjlaw.com
                 cmackle@pszjlaw.com

The Official Committee of Unsecured Creditors is represented by:

         David W. Meadows, Esq.
         LAW OFFICES OF DAVID W. MEADOWS
         1801 Century Park East, Suite 1235
         Los Angeles, California 90067
         Telephone: 310-557-8490
         Facsimile: 310-557-8493
         E-mail:david@davidwmeadowslaw.com

                      About Estate Financial

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

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

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

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

The Trustee tapped Pachulski Stang Ziehl & Jones LLP as attorneys.

The Official Committee of Unsecured Creditors tapped the Law
Offices of David M. Meadows as counsel.

                           *     *     *

The Chapter 11 Trustee filed a liquidating plan that proposes to
establish a trust to, among other things, complete the liquidation
of the Estate's assets.  The Official Committee of Unsecured
Creditors is a co-proponent to the Plan.


ESTATE FINANCIAL: Settlement With EFMF Trustee Approved
-------------------------------------------------------
Thomas P. Jeremiassen, the Chapter 11 Trustee for the estate of
Estate Financial, Inc., obtained authority from the U.S. Bankruptcy
Court for the Central District of California to enter into a
settlement agreement with Bradley D. Sharp, solely in his capacity
as liquidating trustee of the EFMF Liquidating Trust.

The EFI Trustee and EFMF Trustee have agreed to enter into a
Settlement Agreement to fully and finally resolve substantially the
issue on the distribution of so-called Dispute Proceeds that have
already been received and some of which may be received by one or
the other Party in the future through litigation or settlement.

The Trustees agreed to allocate 68% of those Proceeds to the EFMF
Liquidating Trust and 32% to the EFI Estate.

The Trustees further stipulate that EFMF Liquidating Trust will not
receive any distributions in connection with those funds in its
capacity as a general unsecured creditor of EFI, whether pursuant
to the EFI Plan or any distribution to creditors made by a trustee
if the EFI Case is converted to one under Chapter 7 of the
Bankruptcy Code.  The Trustees further agree that each Trustee
releases the other and related parties in connection with Disputes
and the Dispute Proceeds.

                      About Estate Financial

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

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

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

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

The Trustee tapped Pachulski Stang Ziehl & Jones LLP as attorneys.

The Official Committee of Unsecured Creditors tapped the Law
Offices of David M. Meadows as counsel.

                           *     *     *

The Chapter 11 Trustee filed a liquidating plan that proposes to
establish a trust to, among other things, complete the liquidation
of the Estate's assets.  The Official Committee of Unsecured
Creditors is a co-proponent to the Plan.


ETERNAL ENTERPRISE: Debtor's Counsel Steals $300,000 from Estate
----------------------------------------------------------------
Secured creditor Hartford Holdings, LLC, wants a Chapter 11 Trustee
to take possession of Eternal Enterprise, Inc.'s assets and control
of the company's chapter 11 proceeding following the
"incomprehensible defalcation of over $300,000 from this case by
the Debtor’s former counsel."  The money that was taken from the
estate was reported to have been held in
a tax escrow at the Debtor’s counsel’s office, but when it was
time to make the tax payment, the money was gone.  

Hartford tells the Court that while the immediate, direct cause for
this loss of estate property (and the collateral of Hartford
Holdings) is the malfeasance of Debtor's counsel, an underlying and
proximate cause is that Debtor's management failed to take the
obvious and appropriate steps of instructing Debtor's counsel to
use the accumulated funds to pay the necessary real estate taxes
when they became due.  Hartford says that the Debtor's management
has failed to act in a manner necessary and required to preserve
and protect the assets of this estate, the severity of which rises
to the level of incompetence or gross mismanagement.

Hartford says an independent Chapter 11 Trustee should displace the
insiders -- who serve as the current management of the Debtor --
because they have demonstrated that they are both unwilling and
incapable of acting in the best interests of creditors, but suffer
from a complete conflict of interest, rendering them incapable of
carrying out the duties of a Chapter 11 debtor in possession.
Given the status of this matter -- the departure of counsel for the
Debtor, the defalcation of over $300,000, the failure to pay real
estate taxes, the sub judice status of the Hartford Holdings plan,
the pending adversary proceedings against the insiders with respect
to their alleged claim of indebtedness -- all require an objective
and independent analysis as to what should be done to bring this
case to a conclusion.

Hartford is represented in this matter by:

          Thomas A. Gugliotti, Esq.
          Kevin J. McEleney, Esq.
          UPDIKE, KELLY & SPELLACY, P.C.
          100 Pearl Street
          P.O. Box 231277
          Hartford, CT 06123-1277
          Tel. (860) 548-2600
          E-mail: tgugliotti@uks.com
                  kmceleney@uks.com

Eternal Enterprise, Inc., filed a chapter 11 petition (Bankr. D.
Conn. Case No. 14-20292) on Feb. 19, 2014, estimating its assets at
less than $100,000 and its liabilities at more than $1 million.  


EWT HOLDINGS: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the ratings of EWT Holdings III
Corp., the parent company of Evoqua Water Technologies LLC (Evoqua)
including the B2 Corporate Family Rating (CFR), the B2-PD
Probability of Default Rating, the B2 rating on the first-lien
credit facility -- term loan and revolving facility -- and the Caa1
rating on the second-lien term loan. This rating action follows
Evoqua's announcement to acquire Neptune Benson, Inc. (Neptune)
earlier this month and to upsize its first-lien term loan by $185
million to help fund the purchase. The rating outlook is stable.

"The affirmation reflects Moody's expectation that Evoqua will
maintain its solid business profile within the water treatment
industry, which we view as a relatively stable, steady growth
industry, driven by strong brands, favorable longer-term trends and
a substantial services revenue stream. The addition of Neptune
should provide a platform for accelerated growth (well above
GDP-level growth rates) and higher margins in the aquatics market.
In addition, modest product and end-market overlap should provide
revenue synergies over the near-to-intermediate term. The
affirmation also anticipates that Evoqua will generate markedly
improved free cash flow over the next 12-18 months after falling
off sharply from historical levels in fiscal 2015."

Despite the incremental debt, metrics are supportive of the B2
rating, however debt-to-EBITDA remains in the 5.5x - 6x range and
the liquidity profile is weaker as a result of a sizable portion of
cash used in funding the fully-valued purchase of Neptune. This
places greater importance on the need to generate stronger free
cash flow in fiscal 2016 and beyond.

Moody's took the following rating actions on EWT Holdings Corp.:

-- Corporate Family Rating affirmed at B2

-- Probability of Default affirmed at B2-PD

-- Senior Secured First-Lien Revolving Credit Facility affirmed
    at B2 (LGD3)

-- Senior Secured First-Lien Term Loan affirmed at B2 (LGD3)

-- Senior Secured Second-Lien Term Loan affirmed at Caa1 (LGD6)

-- Outlook is stable

RATINGS RATIONALE

The B2 Corporate Family Rating (CFR) reflects Evoqua's elevated
leverage -- over 5.5x -- and weaker liquidity position following
the Neptune acquisition as well as relative scale and scope in the
large, highly fragmented water and wastewater treatment industry.
Margins and return on assets, though showing improvement, remain
modest in relation to other manufacturing peers. Evoqua should
ultimately benefit from a solid free cash flow profile that is
aided by a high percentage of recurring-type revenues and moderate
capital expenditure requirements (should trend in-line with
depreciation expense) though capital outlays and other expenses
remain higher than the anticipated normal run-rate as the
transition to complete independence nears completion. “We expect
investments to begin moderating in fiscal 2017 at which point free
cash flow should steadily improve.” The addition of Neptune, with
its considerably higher margins and low capital expenditure
requirements, should also provide a boost to free cash generation.
The company has established industry brands within the water
treatment industry as well as a relatively stable business profile
driven by favorable, longer-term industry dynamics and a
substantial services revenue stream that is slightly offset by
exposure to cyclical capital equipment sales. In addition, there is
good revenue visibility derived from a sizable percentage of
revenues contracted or in backlog.

"We note that Evoqua has a limited track record operating as a
standalone entity following the separation from Siemens in early
2014. Furthermore, the purchase of Neptune is the first major
acquisition the company has undertaken since establishing its
independence."

The rating outlook is stable, reflecting Moody's expectation that
debt-to-EBITDA will gradually fall below 5.5x (from peak pro forma
leverage of approximately 5.65x) over the remainder of fiscal 2016
and that currently modest margins, though not in the near-term,
will improve over time as the company continues its transition into
an independent operation. Moody's also anticipates that Evoqua's
revenues and earnings will demonstrate modest volatility and free
cash flow generation will steadily improve through 2016 and into
2017.

The ratings could be upgraded if Evoqua reduces leverage so that
debt-to-EBITDA falls below 5x on a sustained basis or if free cash
flow-to-debt settles in the mid-single digit range for an extended
period of time. Improving pricing power and increasing operating
efficiencies that translate into higher margins and return metrics
would also support positive rating pressure.

The ratings could be downgraded if debt-to-EBITDA trends toward 6x,
free cash flow doesn't materially improve or if margins erode in
the event the company is unable to realize anticipated cost
savings/efficiencies operating as a standalone company.

Headquartered in Warrendale, Pennsylvania, EWT Holdings III Corp.
(EWT) is the parent company of Evoqua Water Technologies LLC
(Evoqua) which designs, builds and supports water treatment
solutions for the process, drinking and waste water needs of
industrial and municipal customers. EWT was acquired by AEA
Investors LP in January 2014 from Siemens AG. For the latest twelve
months ended December 31, 2015, Evoqua generated nearly $1.1
billion in revenues (FYE = 9/30).


EXAMWORKS GROUP: S&P Affirms 'B+' CCR & Revises Outlook to Pos.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on ExamWorks Group Inc. and revised the outlook to
positive from stable.

At the same time, S&P affirmed its 'BB-' rating on ExamWorks'
first-lien revolving credit facility.  The recovery rating on this
debt is '2', indicating expectations for substantial (at the lower
end of the 70% to 90% range) recovery in the event of payment
default.  In addition, S&P affirmed its 'B-' rating on ExamWorks'
$500 million senior unsecured notes.  The recovery rating on this
debt is '6', indicating expectations for negligible (0% to 10%)
recovery in the event of default.

"The positive rating outlook reflects the company's steady growth
and increasing ability to fund its acquisition strategy with a
higher mix of internally generated cash flows," said Standard &
Poor's credit analyst James Uko.  If ExamWorks allocates its
growing cash flows to acquisitions, relying less on debt funding,
we believe the company could sustain funds from operations (FFO) to
debt above 20%, a key consideration for a higher rating.

ExamWorks' positive operating performance does not materially
change S&P's view of the company's business risk profile. ExamWorks
is narrowly focused on the niche business of arranging independent
medical examination (IME) services for insurers and other parties
to confirm the veracity of sick or injured individuals.  The
company is also exposed to regulatory changes in some jurisdictions
and low barriers to entry, including the ability for customers to
arrange these services in-house.  These factors are only partially
offset by S&P's favorable view of the company's leading market
share in most of its markets, its broad network of doctors, and its
software and data-security infrastructure, which S&P views as
competitive advantages that continue to help the company gain
market share in a relatively mature market.

The positive outlook on ExamWorks reflects the company's sustained
revenue and earnings growth, coupled with flat capital spending
that is now generating nearly $75 million of discretionary cash
flow annually.  If the company's acquisition strategy is funded
with a higher mix of internally generated funds, deleveraging could
accelerate and exceed S&P's current base case.

S&P could revise its outlook to stable in the event that the
company's deleveraging trajectory does not accelerate and S&P no
longer sees near term prospects for FFO to debt to improve to the
low- to mid-20% range.  This could be the result of integration
difficulties or contract losses that impose on the company's
ability to produce margin improvement and sustain cash flow
generation above $50 million.  This could also result from a shift
in financial policy to share repurchases rather than acquisitions.

S&P could raise the rating if the company outperforms S&P's
base-case projection and it has a high degree of confidence that
stronger leverage metrics will be sustained.  Specifically, S&P
will be monitoring FFO to debt to exceed 20%.  This scenario
envisions ExamWorks producing growth in the mid-double-digits and a
margin improvement of 200 basis points through 2017.


EXELON CORP: Fitch Cuts Junior Subordinated Debt Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has downgraded Exelon Corp.'s (EXC) Issuer Default
Rating and senior unsecured debt ratings to 'BBB' from 'BBB+ and
the junior subordinated debt rating to 'BB+' from 'BBB-'. The
commercial paper (CP) rating is affirmed at 'F2'. The ratings are
removed from Rating Watch Negative where they were placed in April
2014 following the announcement of an agreement to acquire Pepco
Holdings, Inc. (PHI) in an all-cash transaction. The Rating Outlook
is Stable. The ratings of EXC's four operating subsidiaries are
unaffected by this rating action.

The downgrades reflect the increased consolidated leverage that
results from the PHI acquisition and to a lesser extent the weak
operating environment of its competitive generation business. The
higher leverage is a product of the acquisition financing, which
included approximately 65% debt and consolidation of the more
levered PHI. The rise in leverage is softened by a modest reduction
in business risk from the increase in regulated earnings.
Post-merger regulated earnings are expected to account for roughly
65% of 2017 consolidated earnings compared to an estimated 55%
without the acquisition.

KEY RATING DRIVERS

Increased Leverage: The acquisition results in a meaningful
increase in consolidated leverage compared to EXC's current and
projected stand-alone financial condition. Fitch estimates adjusted
debt to EBITDAR will approximate 4.25x - 4.5x in the first full
year after the merger compared to about 3.0x - 3.5x on a
stand-alone basis. The rise in leverage is driven by the
combination of the acquisition debt to be issued by EXC and the
assumption of existing PHI consolidated debt. Funding for the $6.9
billion acquisition plus fees, integration costs and regulatory
commitments includes approximately $4.2 billion of EXC corporate
debt and $1 billion of mandatory convertible debt (issued in 2014).
Under Fitch criteria the convertible debt issued by EXC, in the
form of equity units, receives no equity credit. The remainder of
the acquisition financing consisted of common stock and proceeds
from asset sales. In addition, EXC will assume approximately $6
billion of PHI consolidated debt.

Regulatory Concessions: To gain merger approval, EXC agreed to a
number of rate concessions in each of PHI's four regulatory
jurisdictions aggregating to an estimated $350 million - $400
million, including customer rate credits and deferral of rate
increases and funding for a variety of customer investment funds
largely related to energy efficiency, renewable energy programs,
and low-income customer programs. Moreover the PHI utility
subsidiaries deferred rate filings during the nearly two-year
merger review process that increased PHI's leverage and weakened
its credit quality.

Ring Fencing: Each of the utility commissions imposed several
ring-fencing provisions to protect the PHI utilities, but none are
considered to be onerous or to impair EXC's credit quality.

The requirements include:

-- Potomac Electric Power Co. (Pepco), Delmarva Power & Light Co.

    (DPL) and Atlantic City Electric Co. (ACE) maintaining a
    rolling 48% equity ratio (no other dividend restrictions)

-- Creation of a bankruptcy-remote special purpose entity (SPE)
    to hold 100% of PHI equity

-- Maintenance of separate books and records

-- Pepco, DPL and ACE will maintain separate debt

-- The Board of Directors of the SPE will have four directors, \
    one of which will be independent

-- The seven-member PHI board will include one director from each

    of PHI's utility subsidiaries

Corporate Structure: PHI will be structured as a subsidiary of EXC
and the parent of its existing three regulated transmission and
distribution utilities.

Utility Earnings Contribution: The acquisition furthers EXC's goal
of increasing regulated earnings and lowering business risk.
Post-merger regulated earnings are expected to account for roughly
65% of consolidated earnings from its six regulated utilities
compared to an estimated 55% - 60% without the acquisition. Even
without the PHI acquisition the regulated earnings contribution was
expected to increase due to significant amount of planned utility
investment, particularly at Commonwealth Edison Co (ComEd).

Competitive Generation Business: The operating environment for
EXC's competitive generation business is expected to remain
challenging with sluggish demand and low natural gas and power
prices expected by Fitch to persist for several years. Favorably,
the business is well capitalized and the credit profile has
stabilized during a low point in the commodity cycle. In addition,
management employs a three-year hedging strategy that moderates
earnings and cash flow volatility.

KEY ASSUMPTIONS

-- Relatively flat load growth

-- Each of the PHI subsidiaries file rate cases in 2016 and every

    12-15 months thereafter

-- Commonwealth Edison Co. formula rate plan updated annually

-- $1 billion in cash from the remarketing of junior subordinated

    debt in 2017

-- Henry Hub Natural gas prices as of Dec. 31, 2015

-- Nihub and PJM forward power prices as of Dec. 31, 2015

RATING SENSITIVITIES

Positive Rating Action: An upgrade seems unlikely over the next few
years given the rise in leverage associated with the PHI
acquisition, but could occur if on a sustained basis debt/EBITDAR
is reduced below 3.5x while lease-adjusted FFO leverage is below
4.25x.

Negative: Ratings could be lowered if lease adjusted FFO leverage
exceeds 4.5x on a sustained basis. A renewed emphasis on
non-regulated investments could also have an adverse effect on
ratings.

LIQUIDITY

Cash flow from operations, CP borrowings and committed bank credit
facilities provide ample liquidity. EXC and each of its operating
subsidiaries maintain separate credit facilities and CP programs.
Syndicated credit facilities aggregate to $8 billion (excluding
minority and community banks) and bilateral agreements an
additional $400 million. The syndicated facilities include $500
million at EXC, $5.3 billion at Exelon Generation Co., LLC (Exgen),
$1 billion at ComEd and $600 million each at PECO Energy Co. (PECO)
and Baltimore Gas and Electric Co. (BGE). The syndicated facilities
support CP programs of equal size and have five-year terms.

EXC also operates a corporate money pool with subsidiaries Exgen
and PECO. EXC can lend to the money pool, but not borrow from the
pool. ComEd and BGE are excluded from the money pool due to ring
fencing measures.

Fitch has downgraded the following ratings:

Exelon Corp.
-- Long-term IDR to 'BBB' from 'BBB+';
-- Senior unsecured debt to 'BBB' from 'BBB+';
-- Junior subordinated debt to 'BB+' from 'BBB-'.

Fitch has affirmed the following ratings:
-- Commercial paper at 'F2;
-- Short-term IDR at 'F2'


FANNIE MAE & FREDDIE MAC: Josh Angel Revisits Implicit Guarantee
----------------------------------------------------------------
Fannie Mae and Freddie Mac preferred shareholder Joshua J. Angel
expressed his opposition in In re Third Amendment Litigation, MDL
No. 2713 (J.P.M.L.), Friday to the government's request for
transfer and consolidation of current and future lawsuits
challenging the on-going Net Worth Sweep of the housing finance
giants' profits.  Ms. Angel opposes FHFA's move because he doesn't
plan to sue to unwind the Third Amendment.  He plans to sue Fannie
and Freddie's directors because they've failed to treat similarly
situated pre-conservatorship preferred shareholders equally.  

Once again, Mr. Angel hits hard on the government's breach of the
GSEs' preferred shares' implicit guarantee.  Central to Mr. Angel's
response are these three concepts:

    (A) the government's implicit guarantee of preferred shares
        has always been in place;

    (B) that implicit guarantee did not change when the GSEs
        were placed into conservatorship; and

    (C) the guaranty is still in place today.  

Mr. Angel's decades of corporate restructuring experience tell him
there's significant economic value in the GSEs' preferred
securities and speculative FIfth Amendment taking value in the
GSEs' common stock.  And Mr. Angel isn't speaking hypothetically or
otherwise pontificating.  He has his own money invested in Fannie
and Freddie's preferred securities and he expects the U.S.
government to honor its contractual obligations.  Mr. Angel points
to a variety of government documents which we'll examine in
tomorrow's newsletter.  

On Mar. 1, 2016, Mr. Angel sent letters to each of Fannie and
Freddie's directors urging them to "seek and obtain clarification
from outside counsel regarding your duties and liabilities . . .
and to begin taking steps to behave as an informed, active board."
Mr. Angel's received nothing in response -- not even FHFA general
counsel's one-page form letter saying HERA prohibits shareholder
lawsuits.  

At http://gselinks.com/pdf/Govt_Perfidy_Angel.pdfis a copy of Mr.
Angel's paper entitled "Government Perfidy and Mismanagement of the
GSEs in Conservatorship" released in late-Feb. 2016 and provided by
Mr. Angel to each current GSE director on Mar. 1.

It is interesting to us that Mr. Angel is the only party focused on
the government's implicit guarantee of the GSE's preferred shares.
It's surprising to us their aren't more shareholders expressing
outrage at what Mr. Angel labels "Animal Farm equality, where all
preferred shareholders are equal, but some are more equal than
others."

Mr. Angel is represented by:

          Hanh V. Huynh, Esq.
          HERRICK, FEINSTEIN LLP
          2 Park Avenue
          New York, NY 10016
          Telephone: (212) 592-1482
          E-mail: hhuynh@herrick.com



FEDERAL RESOURCES: Cases Converted to Chapter 7 Proceedings
-----------------------------------------------------------
A federal judge has ordered the conversion of the Chapter 11 cases
of Federal Resources Corp. and Camp Bird Colorado Inc. to a Chapter
7 liquidation.

The order, issued by Judge Kevin Anderson of the U.S Bankruptcy
Court in Utah, converted the bankruptcy cases at the request of
Duane Gillman, the companies' court-appointed Chapter 11 trustee.

Mr. Gillman had said that a liquidation process can be pursued "as
effectively and for less cost in a Chapter 7 case under the
direction of a trustee."

                     About Federal Resources

Federal Resources Corporation is a Nevada Corporation that was
formed in 1960 as a result of a merger between Radorock Resources,
Inc., and Federal Uranium Corporation.  Federal currently has only
two assets: (1) 100% of the stock of Camp Bird, a Colorado
corporation and (2) 100% interest in a Madawaska Mines Limited, a
Canadian corporation doing business in Ontario Canada.

Camp Bird Colorado, Inc.'s principal assets consist of patented
gold mining claims and related land located in Ouray, Colorado.
Camp Bird also is the sole owner of Camp Bird Tunnel, Mining and
Transportation Company ("CTMT"), which owns various water and
tunnel rights used and associated with the Camp Bird properties.

Madawaska Mines owns a 5l% interest in a joint venture, which holds
the Madawaska Mine near Bancroft, Ontario.

Scott A. Butters is the President and CEO.  Bentley J. Blum is the
controlling shareholder of FRC.

Federal Resources Corporation, along with subsidiary Camp Bird
Colorado, sought Chapter 11 bankruptcy protection (Bankr. D. Utah
Case No. 14-33427 and 14-33428) in Salt Lake City on Dec. 29, 2014,
with plans to sell subsidiary Camp Bird's gold mine in Ouray,
Colorado to pay off creditors.  The petitions were signed by Scott
A. Butters, president and director.

The Debtors are represented by David E. Leta, Esq., at Snell &
Wilmer, in Salt Lake City.

Federal and Camp Bird each estimated $10 million to $50 million in
asset and debt.

The Chapter 11 cases and any associated open adversary proceedings
are assigned to Judge Kevin R. Anderson.

                          *     *     *

On March 27, 2015, the Debtors filed their joint plan of
liquidation and accompanying disclosure statement.  The Plan
contemplates the establishment of a liquidating trust and the
appointment of an independent liquidating agent to sell the
Debtors' assets.

In November 2015, the Debtors won approval for bid procedures for
Sale of Camp Bird Colorado's mining equipment.  Richard Ciardo, The
stalking horse bidder, purchased the equipment for $87,000.

On Nov. 6, 2015, the Court entered an order extending the exclusive
time period within which the Debtors may solicit acceptances to
their Plan pursuant to 11 U.S.C. Sec. 1121(d) up to and including
Feb. 29, 2016.

On Jan. 28, 2016, the bankruptcy judge entered an order granting
Caldera's motion for the immediate appointment of a Chapter 11
trustee in the Debtors' Chapter 11 cases.



FJK PROPERTIES: Judge Issues Final Decree to Close Case
-------------------------------------------------------
A federal judge has ordered to close the Chapter 11 case of FJK
Properties Inc.

Judge Paul Hyman, Jr. of the U.S. Bankruptcy Court for the Southern
District of Florida issued the order barely two months after
approving the company's Chapter 11 plan of liquidation on Jan. 27.

FJK Properties had earlier announced in a court filing that its
case had been fully administered.
  
The Office of the U.S. Trustee did not oppose the bankruptcy judge
granting the company's bid to close the case, according to court
filings.

                       About FJK Properties

FJK Properties Inc. is a Florida profit corporation located in Palm
Beach, Florida and was formed on November 17, 1995 to purchase and
operate an office building located at 230 Royal Palm Way, Palm
Beach, Florida.

FJK III Properties, Inc., is a Florida profit corporation located
in Palm Beach, Florida and was formed on June 27, 1997 to purchase
and operate an office building located at 240 Royal Palm Way, Palm
Beach, Florida.

FJK Properties Inc. filed a Chapter 11 bankruptcy petition (Bankr.
S.D. Fla. Case No. 15-19494) on May 26, 2015.  FJK III also filed a
Chapter 11 petition (Case No. 15-19496).  Hon. Paul G. Hyman, Jr.,
is assigned to the cases.

The Debtors tapped Robert C. Furr and the law firm Furr and Cohen,
P.A., as counsel.   The Debtors also won approval to hire David J.
Thomas, CPA and the firm of Holyfield & Thomas LLC ("Accountants")
as financial advisor and accountants.  The Debtors also engaged (i)
Manuel de Zaraga, Real Estate Broker and the firm of Holiday
Fenoglio Fowler, LP as exclusive agent to sell the debtors' real
property, and (ii) Jessica T. Lifshitz, Esq. and the law firm of
McDonald Hopkins as special real estate counsel.

                        *     *     *

The Court in July 2015 entered order dismissing the Chapter 11
cases due to failure to timely file schedules.  In August, the
Court vacated the dismissal orders after the Debtors file their
initial schedules and statements of financial affairs on July 14.

The Meeting of Creditors was held and concluded on August 14, 2015.
The U.S. Trustee did not appoint a Creditors' Committee.  

The Claims Bar Date expired on Nov. 12, 2015.


FRESH & EASY: McCarron & Diess Represents PACA Trust Claimants
--------------------------------------------------------------
Pursuant to Rule 2019(a) of the Federal Rules of Bankruptcy
Procedure, McCarron & Diess and Sullivan Hazeltine Allinson LLC
disclose these creditors acting in concert to advance their common
interests in enforcing their claims against Fresh & Easy, LLC,
arising under the Perishable Agricultural Commodities Act:

          Andrew & Williamson Sales Co., Inc.
          a/t/a Andrew & Williamson Fresh Produce
          Attn: Ira Gershow, Chief Financial Officer
          9940 Marconi Drive
          San Diego, CA 92154

          Eagle Eye Produce California, Inc.
          Attn: Linda Hill, Credit & Collections Manager
          4050 E. Lincoln Road
          Idaho Falls, Idaho 83401

          Los Angeles Salad International, Inc.
          a/t/a The Los Angeles Salad Company
          Attn: o Gregg Carrico, Controller
          600 S. 6th Avenue
          City of Industry, CA 91746.

Each of the creditors holds PACA trust claims against Fresh & Easy
for unpaid produce, plus applicable interest thereon.  Eagle Eye
Produce and Los Angeles Salad also assert claims for attorney’s
fees as part of the PACA trust.  

The PACA claimants lead counsel is:

          Mary Jean Fassett, Esq.
          McCarron & Diess
          4530 Wisconsin Avenue, NW #301
          Washington, D.C. 20016
          Telephone: 202-364-0400
          E-mail: mjf@mccarronlaw.com

and their local counsel is:

          Elihu E. Allinson III, Esq.
          Sullivan Hazeltine Allinson LLC
          901 North Market Street, Suite 1300
          Wilmington, DE 19801
          Telephone: (302) 428-8191
          E-mail: zallinson@sha-llc.com

                        About Fresh & Easy

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

Judge Christopher S. Sontchi is assigned to the case.

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

                           *     *     *

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.


FRONTIER STAR: Chapter 11 Trustee Announces Closing of Asset Sale
-----------------------------------------------------------------
Frontier Star LLC's Chapter 11 trustee announced on March 31 that
the sale of the company's assets to Starcorp LLC has closed.

The announcement came a day after Judge Eddward Ballinger Jr. of
the U.S. Bankruptcy Court in Arizona approved the sale of almost
all assets of Frontier Star and its affiliates.

Starcorp's offer includes $40 million in cash and the assumption of
debts.  The assets it purchased consist mostly of equipment and
inventory used to operate the companies' restaurants.  

Frontier Star and Frontier Star CJ, LLC are the franchisees of 79
Hardee's restaurants and 85 Carl's Jr. restaurants.

The ruling required payment of $23.158 million by Frontier Star to
Western Alliance Bank as part of a settlement agreement that the
bankruptcy judge approved in a separate order on March 30.  

Western Alliance, which had previously opposed the sale, asserts
liens on the assets that Frontier Star used as collateral for the
$25 million loan it received from the bank prior to its bankruptcy
filing.  

Judge Ballinger also ordered Frontier Star to pay $665,000 to
Sterling National Bank, a secured creditor, in exchange for
allowing the company to sell the bank's collateral.  The bank had
previously opposed the sale.

The sale had also drawn opposition from state taxing agencies and
various groups.  

Frontier will create reserves for tax claims to resolve the taxing
agencies' objections.  Objections that have not been resolved were
overruled by the court, according to court filings.

                       About Frontier Star

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

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

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

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

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


FRONTIER STAR: Gets Court Approval for Western Alliance Deal
------------------------------------------------------------
A bankruptcy judge has approved a settlement tied to the sale of
Frontier Star's assets to Starcorp LLC.

The settlement, approved by Judge Eddward P. Ballinger Jr. of the
U.S. Bankruptcy Court in Arizona, required Frontier Star to pay
$23.2 million to Western Alliance Bank.

In exchange, Western Alliance agreed to the sale of the assets that
Frontier Star used as collateral for the $25 million loan it
received from the bank prior to its bankruptcy filing.

The deal also required payment of $6.75 million to Hardee's
Restaurants LLC and Carl's Jr. Restaurants LLC.  

Meanwhile, $250,000 of the sale proceeds will be reserved for
payment of claims of general unsecured creditors, according to the
settlement agreement.

The settlement had earlier drawn opposition from taxing agencies
and landlords.  Objections that have not been resolved were
overruled by the bankruptcy court, according to court filings.

                       About Frontier Star

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

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

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

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

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


FULLCIRCLE REGISTRY: Delays Filing of 2015 Form 10-K
----------------------------------------------------
FullCircle Registry, Inc. notified the Securities and Exchange
Commission it was unable to file its annual report on Form 10-K for
the period ended Dec. 31, 2015, within the prescribed time period
due to its difficulty in completing and obtaining required
financial and other information without unreasonable effort and
expense.  The Company expects to file the Form 10-K within the time
period permitted by this extension.

                    About FullCircle Registry

Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the
acquisition of small profitable businesses.  FullCircle Registry,
Inc., has become a holding company with three subsidiaries.  They
are FullCircle Entertainment, Inc., FullCircle Insurance Agency,
Inc. and FullCircle Prescription Services, Inc.  Target companies
for future acquisition are those in search of exit plans for the
owners and are intended to continue autonomous operations as
current ownership is phased out over a period of 3-5 years.

FullCircle Registry reported a net loss of $653,000 on $1.49
million of revenues for the year ended Dec. 31, 2014, compared to a
net loss of $448,000 on $1.88 million of revenues for the year
ended Dec. 31, 2013.

As of June 30, 2015, the Company had $5.57 million in total assets,
$6.4 million in total liabilities and a total stockholders' deficit
of $819,557.

Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that FullCircle
Registry has suffered recurring losses from operations and has a
net working capital deficiency that raises substantial doubt about
the Company's ability to continue as a going concern.


GEMSA LOAN: Fitch Lowers Rating to 'CPS2-' Then Withdraws
---------------------------------------------------------
Fitch Ratings has taken these actions on the U.S. commercial
servicer ratings of GEMSA Loan Services, LP (GEMSA):

   -- Primary servicer rating downgraded to 'CPS2-' from 'CPS1-'
      and subsequently withdrawn;

   -- Master servicer rating affirmed at 'CMS2+' and subsequently
      withdrawn.

Fitch is withdrawing the ratings of GEMSA as GEMSA has undergone
reorganization.  Accordingly, Fitch will no longer provide ratings
or analytical coverage for GEMSA.



GLENN POOL: S&P Puts BB+ Rating on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+ (sf)' rating on
Glenn Pool Oil & Gas Trust II's (Glenn Trust II's) senior secured
notes on CreditWatch with negative implications.

Glenn Trust II, together with Glenn Pool Oil & Gas Trust I (Glenn
Trust I), is a volumetric production payment transaction backed by
the overriding royalty interest in the production of gas, oil, and
natural gas liquid from Chesapeake Exploration LLC's portfolio of
wells located in Oklahoma.  The two trusts are entitled to a
prorated share of the production with Glenn Trust I's share
representing 65% and Glenn Trust II's share representing 35% for
the first five years.  After August 2016, Glenn Trust I will
terminate, and Glenn Trust II will be entitled to the full
production amount for an additional five years.  Both transactions
benefit from commodity hedges provided by Barclays Bank PLC to
mitigate the price volatility risk.  Each transaction has a
mortgage that provides a security interest over the complete
working interest that Chesapeake Exploration LLC, the operator, has
in the wells.

The CreditWatch negative placement on Glenn Trust II's senior
secured notes follows the recent gas production coverage ratio
decline to 1.00 in the November 2015 production month and 1.03 in
the December 2015 production month.  Before the September 2015
production month, the gas production coverage ratio had always been
above 1.10 except for February production months when the gas
production coverage ratio had temporarily dropped to 1.03-1.06 and
then increased again.

The coverage ratio (actual production divided by scheduled delivery
in each month), a measurement of excess production or cushion to
the transaction, has generally trended downward since the deal
closed in May 2011, when it was about 1.30.

Because Glenn Trust II receives 35% of the scheduled production in
the first five years after closing and 100% thereafter, these notes
are currently being paid more slowly than Glenn Trust I's loan and
therefore are more vulnerable to potentially lower production in
the future.  The ratings assigned to Glenn Trust I are not affected
by the actions.

S&P will resolve the CreditWatch placement after the completion of
a comprehensive review of the transaction for which S&P will need
additional detail on the operator's production projections over the
transaction's remaining life.  If the operator cannot provide S&P
with the information it needs in order to review the transaction,
S&P may consider withdrawing the rating because of insufficient
information.


GLYECO INC: Names Grant Sahag New Chief Executive Officer
---------------------------------------------------------
David Ide, Glyeco, Inc.'s interim chief executive officer, informed
the Board of Directors of the Company of his intention to not
extend his tenure as interim chief executive officer beyond the
expiration of his Consulting Agreement on April 30, 2016.  Mr. Ide
will continue to serve as a member of the Board of Directors and as
Chairman of the Board of Director's Executive Committee, according
to a Form 8-K report filed with the Securities and Exchange
Commission.

On March 28, 2016, the Board of Directors of the Company appointed
Grant Sahag to be the Company's chief executive officer, effective
May 1, 2016.

Mr. Sahag, 31, was appointed as president on Feb. 12, 2016.  Prior
to being named as president, Mr. Sahag served as executive vice
president and chief information officer of the Company.  Prior to
being named as executive vice president and chief information
officer, Mr. Sahag served as senior VP Business Development and VP
International Development.  

Before joining the Company, Mr. Sahag was a business attorney who
specialized in providing strategic business development advice to
emerging growth companies.  Mr. Sahag managed a practice that
focused in the areas of business formation, corporate governance,
mergers and acquisitions, intellectual property, strategic
partnerships, and international development.  Mr. Sahag's past
clients included technology start-ups, retailers, U.S. and
international universities, school districts, non-profit charities,
and professional athletes.  Mr. Sahag has lead several
international initiatives, including the expansion of retail
franchises into Mexico, the development of a legal practice in
Asia, and supply-chain logistics strategy for a non-profit in
Africa.  Mr. Sahag received a Juris Doctor from Arizona State
University, specializing in business law, and a B.S. in Business
Administration from the University of Arizona.  Mr. Sahag is
president and chairman of the non-profit charity Success Through
Sports.

The Company and Mr. Sahag plan to enter into an amendment to his
Employment Agreement reflecting his appointment as chief executive
officer.  Terms of this amendment will be disclosed upon execution.


                       About GlyEco, Inc.

Phoenix, Ariz.-based GlyEco, Inc., is a green chemistry company
formed to roll-out its proprietary and patent pending glycol
recycling technology that transforms waste glycols, a hazardous
material, into profitable green products.

Glyeco reported a net loss attributable to common shareholders of
$8.73 million on $5.89 million of net sales for the year ended Dec.
31, 2014, compared with a net loss of $4 million on $5.53 million
of net sales for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $15.1 million in total
assets, $2.37 million in total liabilities and $12.8 million in
total stockholders' equity.

Semple, Marchal & Cooper, LLP, in Phoenix, Arizona, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has yet to
achieve profitable operations and is dependent on its ability to
raise capital from stockholders or other sources to sustain
operations and to ultimately achieve viable operations. These
factors raise substantial doubt about the Company's ability to
continue as a going concern.


GOLDCUP MERGER: Moody's Assigns B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
(CFR) and a B2-PD Probability of Default Rating (PDR) to Explorer
Holdings, Inc. ("Explorer," initially " Goldcup Merger Sub, Inc.")
following the announcement of its leveraged buyout. Goldcup Merger
Sub, Inc. is an acquisition vehicle that will be merged with and
into Explorer Holdings, Inc. upon closing of the transaction, with
Explorer Holdings, Inc. being the surviving entity and obligor
under the new capital structure. Concurrently, Moody's assigned B1
ratings to the company's proposed $45 million first lien revolver
and $495 million first lien term loan. The rating outlook is
stable.

The proceeds from the above term loan, a $220 million second lien
term loan (not rated by Moody's) and over $1 billion in common
equity will fund the leveraged buyout of the company by Nordic
Capital, refinance existing debt, and pay transaction fees and
expenses.

Moody's assigned the following ratings to Goldcup Merger Sub,
Inc.:

-- Corporate Family Rating of B2

-- Probability of Default Rating of B2-PD

-- Proposed $45 million senior secured first lien revolving
    credit facility due 2021 at B1 (LGD 3)

-- Proposed $495 million senior secured first lien term loan due
    2023 at B1 (LGD 3)

-- Stable outlook

All ratings are subject to review of final documentation. Moody's
anticipates all of the corporate and instrument ratings at
eResearch Technology, Inc. (the predecessor) to be withdrawn upon
completion of the proposed transaction and repayment of existing
debt.

RATINGS RATIONALE

"The B2 Corporate Family Rating reflects the high financial
leverage resulting from the sizable amount of debt that will be
used to fund the leveraged buyout of the company," stated Moody's
analyst Todd Robinson. "However, the company's credit profile
benefits from its strong market position in the niche electronic
based clinical outcome assessment market and favorable business
fundamentals as the company benefits from the transfer to digital
assessments ," continued Todd Robinson.

As a result of this transaction, Explorer's leverage will be higher
than typical for B2 rated companies in the services sector, which
is a key constraint to the rating. Moody's estimates the company's
pro forma debt-to-EBITDA at approximately 6.6 times, including
Moody's standard adjustments as of the twelve months ended December
31, 2015 and reflecting a full year of earnings from PHT, Inc.,
which was acquired in May 2015. The rating also reflects the
company's modest revenue size at about $300 million and limited
service offering, significant customer concentration, and risks
associated with private equity ownership. However, the rating is
supported by Moody's expectation for strong revenue and EBITDA
growth, improving operating margins and the large equity
contribution. Revenue growth is expected through greater
outsourcing by pharmaceutical companies and the continued
conversion to digital assessments. The company also has good
revenue visibility as over 70% of 2016 revenue will be derived from
existing contracts that are in later stages of the trial phase.
Moody's also anticipates that the company will generate increasing
levels of free cash flow over the next few years, which will be
used to reduce debt.

The stable rating outlook reflects Moody's expectation that the
company will realize strong earnings growth and positive free cash
flow that will be used to repay debt and deleverage the company to
below 6.0 times over the next 12-18 months.

The ratings could be downgraded if Explorer cannot maintain
debt-to-EBITDA below 6.5 times over the next 12-18 months, or if
the company's revenue growth decelerates or free cash turns
negative. Failure to maintain good liquidity or a deterioration in
margins could also warrant a downgrade.

An upgrade in the near term is unlikely given Explorer's high
financial leverage and private equity ownership. However,
achievements of consistent and high revenue growth and free cash
flow levels, along with a demonstration of creditor friendly
policies, could result in an upgrade of ratings if Moody's expects
debt-to-EBITDA to be maintained below 4.0 times and free-cash-flow
to debt to be sustained above 8%.

Explorer is a provider of cardiac safety, respiratory efficacy and
electronic clinical outcome assessment ("eCOA") solutions to
pharmaceutical and healthcare organizations sponsoring or involved
in the clinical trial of new drugs. The company had $296 million of
revenue in fiscal 2015 and will be owned by Nordic Capital after
the transaction is complete.



GOODMAN NETWORKS: Moody's Cuts Corporate Family Rating to Ca
------------------------------------------------------------
Moody's Investors Service  has downgraded Goodman Networks, Inc.'s
corporate family rating (CFR) to Ca from Caa1, probability of
default rating (PDR) to Ca-PD from Caa1-PD, senior secured debt
ratings to Ca from Caa1 and changed the outlook to negative from
stable. The downgrade follows the company's release of its 2015
year-end results which demonstrate operating losses and negative
free cash flows that raise material concern as to whether Goodman
can meet its obligations over the next 12-18 months. The negative
rating action also captures the above average expected loss in the
event of a debt restructuring given the company's low asset
coverage and weak cash flow generation.

Issuer: Goodman Networks, Inc.

Downgrades:

-- Probability of Default Rating, Downgraded to Ca-PD from Caa1-
    PD

-- Corporate Family Rating, Downgraded to Ca from Caa1

-- Senior Secured Regular Bond/Debenture, Downgraded to Ca (LGD4)

    from Caa1 (LGD4)

Outlook Actions:

-- Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The Ca family rating reflects Goodman's weak operating performance
and poor liquidity position. Revenue for 2015 declined 40%
year-over-year due primarily to decreases in the volume of projects
completed with AT&T. Profitability has also declined due to the
reduction in wireless capital spending by AT&T and the impact of
project suspensions by AT&T in 2015. In 2016, Goodman has
opportunities to win additional work from AT&T (including DirecTV)
and new customers Sprint and CenturyLink, which could diversify
Goodman's revenues and help stabilize the business.

The negative outlook reflects Moody's view that Goodman's credit
metrics will continue to deteriorate such that liquidity will be
prohibitively weak in the near term. A positive rating action is
unlikely at this time, given the company's strained liquidity
position. Further negative action could result should the company's
deteriorating financial condition persist. The ratings would be
withdrawn in the event the company files for bankruptcy
protection.

Goodman Networks, Inc., headquartered in Plano, TX, is a
specialized technical service provider to wireless and wireline
carriers throughout the US. Goodman provides outsourced cell site
builds, upgrades, and professional services to maintain and improve
existing networks. Revenue for the twelve months ended December 31,
2015 totaled approximately $725 million.


GOODRICH PETROLEUM: Extends Tender Offer Period Until April 8
-------------------------------------------------------------
Goodrich Petroleum Corporation announced results to date and that
it is extending the expiration date of its previously announced
offers to exchange newly issued shares of common stock, par value
$0.20 per share, for any and all of its Existing Unsecured Notes
and for any and all shares of its Existing Preferred Stock.  The
Company has amended the expiration of the tender offers until 5:00
p.m., New York City time, on April 8, 2016, to coincide with the
Special Shareholders Meeting scheduled for the same day.  All of
the other terms and conditions of the Exchange Offers remain
unchanged.  This is the final extension.

Unsecured Notes Exchange Offer Results to Date

American Stock and Transfer & Trust Company, LLC, has advised the
Company that as of 5:00 p.m., New York City time, on March 31,
2016, approximately 61% of the Existing Unsecured Notes eligible
for exchange have been tendered, including all convertible notes
converted to Common Stock since Dec. 31, 2015, broken out as
follows:

  * $78,900,000 of the 8.875% Senior Notes due 2019 have been
    validly tendered and not properly withdrawn pursuant to the
    tender offer, representing approximately 68% of the 2019 Notes
    offered for exchange;


  * $103,000 of the 3.25% Convertible Senior Notes due 2026 have
    been validly tendered and not properly withdrawn pursuant to
    the tender offer, representing approximately 24% of the 2026
    Notes offered for exchange;

  * $2,808,000 of the 5.00% Convertible Senior Notes due 2029 have
    been validly tendered and not properly withdrawn pursuant to
    the tender offer, representing approximately 42% of the 2029
    Notes offered for exchange;

  * $42,788,000 of the 5.00% Convertible Senior Notes due 2032    

    have been validly tendered and not properly withdrawn pursuant

    to the tender offer, representing approximately 45% of the
    2032 Notes offered for exchange; and

  * $25,106,000 of the 5.00% Convertible Exchange Senior Notes due

    2032 have been validly tendered and not properly withdrawn
    pursuant to the tender offer, representing approximately 98%
    of the 2032 Exchange Notes offered for exchange.

Preferred Exchange Offer Results to Date

The Exchange Agent, has advised the Company that as of 5:00 p.m.,
New York City time, on March 31, 2016, approximately 42% of shares
of Existing Preferred Stock eligible for exchange have been
tendered, including all convertible preferred stock converted to
Common Stock since Dec. 31, 2015, broken out as follows:

   * 268,015 shares of 5.375% Series B Cumulative Convertible
     Preferred Stock have been validly tendered and not properly
     withdrawn pursuant to the tender offer, representing
     approximately 19% of the Series B Preferred Stock offered for

     exchange;

   * 1,090,025 depositary shares each representing 1/1000th of a
     share of the Company's 10.00% Series C Cumulative Preferred
     Stock have been validly tendered and not properly withdrawn
     pursuant to the tender offer, representing approximately 35%
     of the Series C Preferred Stock offered for exchange;

   * 1,189,613 depositary shares each representing 1/1000th of a
     share of the Company's 9.75% Series D Cumulative Preferred
     Stock have been validly tendered and not properly withdrawn
     pursuant to the tender offer, representing approximately 32%
     of the Series D Preferred Stock offered for exchange; and

   * 2,431,434 depositary shares each representing 1/1000th of a
     share of the Company's 10.00% Series E Cumulative Convertible
     Preferred Stock have been validly tendered and not properly
     withdrawn pursuant to the tender offer, representing
     approximately 68% of the Series E Preferred Stock offered for

     exchange.

Holders who have already tendered their Existing Unsecured Notes or
Existing Preferred Stock do not have to re-tender their notes or
shares or take any other action as a result of the extension of the
tender offers.

As the Company has previously announced, the Company has elected to
exercise its right to a grace period with respect to certain
interest payments due March 15, 2016, and April 1, 2016, on its
8.875% Senior Notes due 2019, 8.00% Second Lien Senior Secured
Notes due 2018, 8.875% Second Lien Senior Secured Notes due 2018,
5.00% Convertible Senior Notes due 2029, 5.00% Convertible Senior
Notes due 2032 and our 5.00% Convertible Exchange Senior Notes due
2032.  Such grace periods permit the Company 30 days to make the
interest payments before an event of default occurs under the
respective indentures governing the notes.  If the Exchange
Offers are unsuccessful, the Company is likely to seek relief under
the U.S. Bankruptcy Code.  In such an event, the Company expects
that the holders of its Existing Unsecured Notes, shares of
Existing Preferred Stock and shares of its Common Stock would
receive little or no consideration.  To this end, the Company has
engaged Lazard, as restructuring advisor, and Vinson & Elkins
L.L.P., as restructuring counsel, to begin work on a plan of
reorganization.

Copies of the Offers to Exchange and Letters of Transmittal may be
found on the Company's website at www.goodrichpetroleum.com and may
be obtained from the Exchange Agent or the Information Agent for
the Exchange Offers as follows:

   * Georgeson, Inc., at 888-607-6511 (toll free) or
     www.georgeson.com

   * American Stock Transfer & Trust Company, LLC, at (877) 248-
     6417 (toll free) or (718) 921-8317 or
     www.americanstocktransfer.com

                     About Goodrich Petroleum

Goodrich Petroleum Corporation (OTC Markets: GDPM) is an
independent oil and gas exploration and production company.

As of Dec. 31, 2015, Goodrich had $98.97 million in total assets,
$507.05 million in total liabilities and a total stockholders'
deficit of $408.08 million.

Goodrich reported a net loss applicable to common stock of $409.88
million in 2015, a net loss applicable to common stock of $382.85
million in 2014 and a net loss applicable to common stock of
$113.79 million in 2013.

Ernst & Young LLP, in Houston, Texas, isued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has near term
liquidity constraints and is not in compliance with their Current
Ratio covenant that raise substantial doubt about its ability to
continue as a going concern.


GOODRICH PETROLEUM: Plans to File for Bankruptcy in Coming Weeks
----------------------------------------------------------------
Patrick Fitzgerald, writing for Dow Jones' Daily Bankruptcy Review,
reported that Goodrich Petroleum Corp. said on April 1 that it
plans to file for bankruptcy protection in the coming weeks after
reaching a deal on the terms of a debt-for-equity swap with it
junior bondholders.

According to the report, the Houston-based oil and gas company said
it plans to file a so-called prepackaged bankruptcy plan by April
15 after striking a deal with its second-lien bondholders that
calls for them to swap $175 million in debt for 100% of the
reorganized Goodrich.

Under the proposed restructuring agreement, senior lenders would be
paid in full or have their debt reinstated, the report related.
The reorganized Goodrich, which drills for crude oil and natural
gas in the Tuscaloosa Marine shale formation in Louisiana and
Mississippi, would emerge from the anticipated bankruptcy as a
going concern with its day-to-day operations substantially intact,
the report further related.

                     About Goodrich Petroleum

Goodrich Petroleum Corporation (OTC Markets: GDPM) is an
independent oil and gas exploration and production company.

As of Sept. 30, 2015, Goodrich had total assets of $584,968,000
against total liabilities of $601,595,000 and stockholders' deficit
of $16,627,000.

                   *     *     *

The TCR, on Feb. 23, 2016, reported that Standard & Poor's Ratings
Services said it lowered its issue-level rating on Goodrich
Petroleum's 3.25% senior unsecured convertible notes due 2026 and
5% senior unsecured convertible notes due 2029 to 'CC' from 'CCC'
following the company's offer to exchange the unsecured notes to
common stock at a ratio of 800.635 shares of common stock per
$1,000 principal amount of notes. Additionally, S&P has lowered
the
company's 8% second-lien senior secured notes due 2018 to 'CC'
from
'CCC+' based on the company's announcement that it will offer to
exchange the notes for new senior secured notes with materially
identical terms except that interest thereon may be paid at the
company's option either in cash or in-kind or deferred until
maturity.

The Company has noted that if the Exchange Offers are
unsuccessful,
it will likely to seek relief under the U.S. Bankruptcy Code.

It also has elected to exercise its right to a grace period with
respect to certain interest payments due March 15, 2016 and April
1, 2016.  The Company is exercising the grace period on its:

     $5.2 million interest payment due on its 8.875% Senior
                  Notes due 2019,
     $4.0 million interest payment due on its 8.00% Second
                  Lien Senior Secured Notes due 2018 and
     $3.0 million interest payment due on its 8.875% Second
                  Lien Senior Secured Notes due 2018.

These interest payments are due March 15, 2016.

The Company has also elected to exercise its right to a grace
period with respect to:

     $0.2 million interest payment due on its 5.00% Convertible
                  Senior Notes due 2029,
     $2.4 million interest payment due on its 5.00% Convertible
                  Senior Notes due 2032 and a
     $0.2 million interest payment due on its 5.00% Convertible
                  Exchange Senior Notes due 2032.

These interest payments are due on April 1, 2016.

The grace periods permit the Company 30 days to make the interest
payments before an event of default occurs under the respective
indentures governing the notes.

The Company has engaged Lazard, as restructuring advisor, and
Vinson & Elkins L.L.P., as restructuring counsel, and is working on
a plan of reorganization that the Company expects to implement if
the Exchange Offers are unsuccessful.


GOODRICH PETROLEUM: Signs RSA with Noteholders as Back-up Plan
--------------------------------------------------------------
Goodrich Petroleum Corporation and its subsidiary, as a contingency
alternative to the Company's ongoing offers to exchange newly
issued shares of its common stock for any and all of its
outstanding unsecured notes and any and all of its outstanding
preferred stock, entered into an agreement with certain holders of
the Company's 8.00% Second Lien Senior Secured Notes due 2018 and
8.875% Second Lien Senior Secured Notes due 2018.

As disclosed in a Form 8-K report filed with the Securities and
Exchange Commission, the Restructuring Support Agreement sets
forth, subject to certain conditions, the commitment to and
obligations of, on the one hand, the Debtors, and on the other
hand, the Consenting Noteholders, in connection with a
restructuring of the Second Lien Notes, the Company's 3.25%
Convertible Senior Notes due 2026, 5.00% Convertible Senior Notes
due 2029, 5.00% Convertible Senior Notes due 2032, 5.00%
Convertible Exchange Senior Notes due 2032, 8.875% Senior Notes due
2019, 5.375% Series B Cumulative Convertible Preferred Stock,
10.00% Series C Cumulative Preferred Stock, 9.75% Series D
Cumulative Preferred Stock, 10.00% Series E Cumulative Convertible
Preferred Stock and the Company's common stock, par value $0.20 per
share pursuant to a Joint Prepackaged Plan of Reorganization to be
filed under Chapter 11 of the United States Bankruptcy Code.  The
Plan will be based on the restructuring term sheet attached to and
incorporated by reference in the Restructuring Support Agreement.

The parties have agreed to use reasonable best efforts to proceed
with further actions under Chapter 11 no later than April 15, 2016,
if the Exchange Offers are unsuccessful.

Pursuant to the terms of the Restructuring Support Agreement, the
Consenting Noteholders agreed, among other things, and subject to
certain conditions:

   (a) to vote substantially all notes beneficially owned by such
       Consenting Noteholder in favor of the Plan;

   (b) to not withdraw or revoke its vote;

   (c) following the commencement of the Chapter 11 case, to not
      (1) object, on any grounds, to confirmation of the Plan,
       except to the extent that the terms of such Plan are
       inconsistent with the terms contained in the Term Sheet, or

      (2) directly or indirectly seek, solicit, support, or
       encourage (x) any objection to the Plan, or (y) any other
       plan of reorganization or liquidation with respect to
       Goodrich;

   (d) subject to appropriate confidentiality measures or
       agreements, to cooperate to the extent reasonable and
       practicable with Goodrich's efforts to obtain required
       regulatory approvals of the Plan; and

   (e) to not take any other action, including, without
       limitation, initiating any legal proceeding, that is
       inconsistent with, or that would materially delay
       consummation of, the transactions embodied in the Plan.

The Company has agreed, among other things, and subject to certain
conditions: (a) to commence a Chapter 11 case on or before
April 15, 2016; (b) to not file any motion, pleading or other
document with the Bankruptcy Court that, in whole or in part, is
inconsistent in any material respect with the Restructuring Support
Agreement or the Plan; (c) to not incur or suffer to exist any
material indebtedness, except indebtedness existing and outstanding
immediately prior to the date of the Restructuring Support
Agreement, trade payables, and liabilities arising and incurred in
the ordinary course of business; and (d) to use its commercially
reasonable best efforts to obtain prompt confirmation of the Plan
by order of the Bankruptcy Court and, following such confirmation,
promptly consummate the transactions embodied in the Plan, in each
case within the timeframes specified in the Restructuring Support
Agreement and to do all things reasonably necessary and appropriate
in furtherance of the transactions embodied in the Plan.

The Term Sheet contemplates that the Debtors will reorganize as a
going concern and continue their day-to-day operations
substantially as currently conducted.  Specifically, the material
terms of the Plan are expected to effect, among other things,
subject to certain conditions and as more particularly set forth in
the Term Sheet, upon the effective date of the Plan, a substantial
reduction in the Debtors' funded debt obligations (including $175
million of face amount of the Second Lien Notes).

  * Each holder of an allowed priority claim (other than a
    priority tax claim or administrative claim) shall receive
    either: (a) cash equal to the full allowed amount of its claim
    
    or (b) such other treatment as may otherwise be agreed to by
    such holder, the Debtors, and the Consenting Noteholders;

  * Each holder of a secured claim (other than a priority tax
    claim, senior credit facility claim, or Second Lien Notes
    claim) will receive, at the Debtors' election and with the
    consent of the Consenting Noteholders, either: (a) cash equal
    to the full allowed amount of its claim, (b) reinstatement of
    such holder's claim, (c) the return or abandonment of the
    collateral securing such claim to such holder, or (d) such
    other treatment as may otherwise be agreed to by such holder,
    the Debtors, and the Consenting Noteholders; and

  * Holders of the Second Lien Notes shall receive their pro rata
    share of 100% of the new membership interests in the
    reorganized Company, subject to dilution from shares issued in
    connection with a proposed long-term management incentive plan

    for the reorganized Company, which shall initially provide for

    grants of New Equity Interests in an aggregate amount equal to

    9% of the total New Equity Interests.

The Restructuring Support Agreement may be terminated upon the
occurrence of certain events, including the consummation of the
Exchange Offers by no later than April 10, 2016, the failure to
meet specified milestones related to filing, confirmation and
consummation of the Plan, among other requirements, and in the
event of certain breaches by the parties under the Restructuring
Support Agreement.  There can be no assurance that a Restructuring
Transaction will be consummated.

                    About Goodrich Petroleum

Goodrich Petroleum Corporation (OTC Markets: GDPM) is an
independent oil and gas exploration and production company.

As of Dec. 31, 2015, Goodrich had $98.97 million in total assets,
$507.05 million in total liabilities and a total stockholders'
deficit of $408.08 million.

Goodrich reported a net loss applicable to common stock of $409.88
million in 2015, a net loss applicable to common stock of $382.85
million in 2014 and a net loss applicable to common stock of
$113.79 million in 2013.

Ernst & Young LLP, in Houston, Texas, isued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has near term
liquidity constraints and is not in compliance with their Current
Ratio covenant that raise substantial doubt about its ability to
continue as a going concern.


GREAT BASIN: Effects Reverse Common Stock Split
-----------------------------------------------
Great Basin Scientific, Inc. filed a Third Certificate of Amendment
to its Certificate of Incorporation with the Secretary of State of
the State of Delaware, which effected a reverse stock split of the
Company's common stock at a ratio of 1 to 35, on March 30, 2016, at
5:00 pm EDT, as disclosed in a Form 8-K report filed with the
Securities and Exchange Commission.

The Reverse Stock Split was effected pursuant to the approval of
the Company's stockholders obtained at a special meeting of its
stockholders held on March 24, 2016.  At the Special Meeting, the
stockholders approved an amendment to the Company's Seventh Amended
and Restated Certificate of Incorporation to effect a reverse stock
split of the Company's common stock at a ratio between 1 to 20 and
1 to 35, such ratio to be determined by the board of directors of
the Company. On March 25, 2016, the Board held a meeting and
approved the Reverse Stock Split at a ratio of 1 to 35, such
Reverse Stock Split to be effective at 5:00 pm EDT on March 30,
2016.

As a result of the Reverse Stock Split, every 35 shares of the
Company's issued and outstanding common stock, par value $0.0001
was converted into one share of common stock, par value $0.0001
reducing the number of issued and outstanding shares of the
Company’s common stock from approximately 114.2 million to
approximately 3.3 million.  There was no change in the par value of
the common stock.

No fractional shares will be issued in connection with the Reverse
Stock Split.  Stockholders who otherwise would be entitled to
receive fractional shares because they hold a number of pre-reverse
stock split shares of the Company's common stock not evenly
divisible by 35 will have the number of post-reverse split shares
of the Company's common stock to which they are entitled rounded up
to the next whole number of shares of the Company's common stock.
No stockholders will receive cash in lieu of fractional shares.

The Reverse Stock Split will not change the authorized number of
shares of common stock or preferred stock of the Company.  Pursuant
to the terms of the Company's Series E Convertible Preferred Stock
and senior secured convertible notes, the conversion price at which
Series E Preferred Shares and Convertible Notes, respectively, may
be converted into shares of common stock has been proportionately
adjusted to reflect the Reverse Stock Split.  In addition, pursuant
to their terms, a proportionate adjustment has been made to the per
share exercise price per share and number of shares issuable under
of all of the Company's outstanding stock options and warrants to
purchase shares of common stock, and the number of shares reserved
for issuance pursuant to the Company's equity compensation plans
has been reduced proportionately.

Trading of the Company's common stock on the NASDAQ Capital Market
on a split-adjusted occurred at the opening of trading on
March 31, 2016.  The trading symbol for the common stock remains
"GBSN."  The new CUSIP number for the Common Stock following the
Reverse Stock Split is 39013L502.

                        About Great Basin

Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections.  The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods.  The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals.  The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.

Great Basin reported a net loss of $57.89 million in 2015 following
a net loss of $21.72 million in 2014.

As of Dec. 31, 2015, Great Basin had $28.55 million in total
assets, $51.75 million in total liabilities and a total
stockholder's deficit of $23.19 million.

Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows.  These
issues raise substantial doubt about its ability to continue as a
going concern.


GREAT BASIN: Gets Notices of Deferrals From Noteholders
-------------------------------------------------------
As disclosed in a regulatory filing with the Securities and
Exchange Commission, Great Basin Scientific, Inc., on March 30,
2016, received notices of deferral pursuant to section 8(d) of the
Company's Convertible Notes from each of the holders of those
Convertible Notes notifying the Company of each such holder's
election to defer the entire installment amount due such holder on
April 29, 2016 (for which a pre-installment payment was due on
March 31, 2016) until the next installment date of May 31, 2016
(for which pre-installment will be due on April 29, 2016).

                         About Great Basin

Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections.  The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods.  The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals.  The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.

Great Basin reported a net loss of $57.89 million in 2015 following
a net loss of $21.72 million in 2014.

As of Dec. 31, 2015, Great Basin had $28.55 million in total
assets, $51.75 million in total liabilities and a total
stockholder's deficit of $23.19 million.

Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows.  These
issues raise substantial doubt about its ability to continue as a
going concern.


GRIDWAY ENERGY: Has Until April 4 to Remove Causes of Action
------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware further extended until April 4, 2016,
Gridway Energy Holdings, et al.'s time to file notices of removal
of claims and causes of action related to the Debtors' Chapter 11
proceedings.

The April 4 deadline applies to all matters specified in Bankruptcy
Rule 9027(a)(2) and (a)(3).

Gridway Energy Holdings, Inc., and its affiliates, including
Glacial Energy Holdings -- providers of electricity and natural gas
in markets that have been restructured to permit retail competition
-- sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead
Case No. 14-10833) on April 10, 2014.

The Debtors have 200,000 electric residential customers and 55,000
gash residential customers across the U.S.  A large portion of the
customers' energy consumption and revenue is generated in the
northeast U.S., Ohio, Illinois and Texas (collectively accounting
for 80% of revenue), with the remaining portion coming from
California and other states.

The Debtors blamed the bankruptcy due to lower revenue brought by
increased market competition, which caused the Debtors to default
on certain of their obligations.  Gridway defaulted on $60 million
of debt.

Prepetition, the Debtors negotiated a stock purchase transaction
with an interested buyer.  But in March 2014, the purchaser
withdrew from the transaction because of the large amount of debt
that the purchaser would become liable through a stock
transaction.

The Debtors are represented by Michael R. Nestor, Esq., Joseph M.
Barry, Esq., and Donald J. Bowman, Jr., Esq., at Young Conaway
Stargatt & Taylor, LLP; and Alan M. Noskow, Esq., and Mark A.
Salzberg, Esq., at Patton Boggs LLP.  They employed Omni Management
Group, LLC, as claims and notice agent.

Gridway Energy estimated assets of $500 million to $1 billion and
debt of more than $1 billion.

The Creditors' Committee is represented by Sharon Levine, Esq., and
Philip J. Gross, Esq., at Lowenstein Sandler LLP; and Frederick B.
Rosner, Esq., and Julia B. Klein, Esq., at The Rosner Law Group
LLC.

Vantage is represented in the case by Ingrid Bagby, Esq., David E.
Kronenberg, Esq., Kenneth Irvin, Esq., and Karen Dewis, Esq., at
Cadwalader, Wickersham & Taft LLP, and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A.


GT ADVANCED: Taps Quinn Emanuel as Conflicts Counsel
----------------------------------------------------
GT Advanced Technologies Inc., et al., filed a supplemental
application seeking authority from the U.S. Bankruptcy Court for
the District of New Hampshire to employ Quinn Emanuel Urquhart &
Sullivan, LLP, as conflicts counsel, nunc pro tunc to January 13,
2016.

Quinn Emanuel will represent the Debtors in matters in which Paul
Hastings LLP, the Debtors' primary bankruptcy counsel, and Ropes &
Gray LLP, the Debtors' primary conflicts counsel, have a conflict
of interest.

Prior to the Petition Date, Equipment Holding retained Quinn
Emanuel to provide legal advice relating to certain intercompany
matters, including Equipment Holding's decision to file for Chapter
11 protection with its affiliated Debtors.  Quinn Emanuel continues
to render services postpetition to Equipment Holding in connection
with intercompany matters in which Equipment Holding's interests
may diverge from those of the other Debtors.  As previously
disclosed, however, Quinn Emanuel's role in the cases has been
minimal.

Quinn Emanuel will coordinate its efforts to ensure that legal
services provided to the Debtors by Paul Hastings, Ropes & Gray,
and Quinn Emanuel are not duplicative.

According to the Debtors, Quinn Emanuel's role in the cases under
the Initial Application has been largely rendered moot by virtue of
a comprehensive settlement achieved early in the cases.  Certain
intercompany issues have periodically arisen, however, that have
required Quinn Emanuel to protect the interests of Equipment
Holding, including by reviewing contracts to which Equipment
Holding and other Debtors are parties.

Currently, the hourly rates of partners of Quinn Emanuel range from
$840 to $1175.  Other attorneys' hourly rates, including counsel
positions, range from $490 to $1010.  The hourly rates charged for
Quinn Emanuel's law clerks and legal assistants range from $300 to
$365.

These professionals are expected to have primary responsibility for
providing services to the Debtors:

         Susheel Kirpalani, partner          $1,045
         Kate Scherling, associate             $735
         William Pugh, associate               $570

To the best of the Debtors' knowledge, Quinn Emanuel does not
represent any entity having an adverse interest to the Debtors.

Susheel Kirpalani, Esq., provided these information in response to
the request for additional information set forth in Paragraph D.I
of the U.S. Trustee Guidelines:

   Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangement for this
engagement?

   Response: In accordance with the Local Bankruptcy Rules, Quinn
Emanuel has reduced its standard photocopy charge from $0.24 per
page to $0.10 per page.  Additionally, Quinn Emanuel will comply
with the Local Bankruptcy Rules requiring the following expenses be
billed at actual cost: outside photocopying; outgoing facsimile and
long distance telephone charges; computer-accessed legal research;
and reimbursement for travel (unless reimbursement sought for
mileage at the rate by the Secretary of the Treasury
pursuant to the Internal Revenue Code).  Quinn Emanuel also will
comply with any Local Bankruptcy Rules, administrative or other
order of the Court, or, as applicable, the U.S. Trustee Guidelines
with respect to billing for nonworking travel time.  Quinn Emanuel
also recognizes that the Court may not approve reimbursement for
meals, word processing, document production, administrative
charges, or overtime charges.

   Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Response: No.
   
   Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition.  If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.

   Response: The billing rates and material financial terms of
Quinn Emanuel's current engagement by Equipment Holding—including
Quinn Emanuel's prepetition retention by Equipment Holding—are
set forth within the Initial Application.  Other than as set forth
herein, the billing rates and financial terms applicable to Quinn
Emanuel's prepetition representation of Equipment Holding have not
changed post-petition for either Quinn Emanuel's current
representation of Equipment Holding as special counsel and will be
the same as its proposed representation of the Debtors as conflicts
counsel.

   Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

   Response: There is at least one material matter for which the
Debtors know that Paul Hastings and Ropes&Gray are conflicted and
therefore require the advice of another firm. A prospective budget
and staffing plan has been approved by the client encompassing the
scope of that matter.

The Debtor are represented by:

        Daniel W. Sklar, Esq.
        Holly J. Barcroft, Esq.
        NIXON PEABODY LLP
        900 Elm Street
        Manchester, NH 03101-2031
        Tel: (603) 628-4000
        Fax: (603) 628-4040

                  About GT Advanced Technologies

Headquartered in Merrimack, New Hampshire, GT Advanced
Technologies Inc. -- http://www.gtat.com/-- produces materials and
equipment for the electronics industry.  On Nov. 4, 2013, GTAT
announced a multi-year supply deal with Apple Inc. to produce
sapphire glass material for use in consumer electronics products.

Under the deal, Apple would provide GTAT with a prepayment of
approximately $578 million paid in four installments and, starting
in 2015, GTAT would reimburse Apple for the prepayment over a
five-year period.

GT is a publicly held corporation whose stock was traded on NASDAQ
under the ticker symbol "GTAT."  GTAT was de-listed from the
NASDAQ stock exchange in October 2014.

As of June 28, 2014, the GTAT Group's unaudited and consolidated
financial statements reflected assets totaling $1.5 billion and
liabilities totaling $1.3 billion.  As of Sept. 29, 2014, GTAT had
$85 million in cash, $84 million of which is unencumbered.

On Oct. 6, 2014, GT Advanced Technologies and eight affiliates
filed voluntary petitions for relief under Chapter 11 of the
United
States Bankruptcy Code (Bankr. D.N.H. Lead Case No. 4-11916).  GT
says that it has sought bankruptcy protection due to a severe
liquidity crisis brought about by its issues with Apple.

The Debtors have tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

GTAT has reached a settlement with Apple.  The settlement gives
Apple an approved claim for $439 million secured by more than
2,000 sapphire furnaces that GT Advanced owns and has four years to
sell, with proceeds going to Apple.  In addition, Apple gets
royalty-free, non-exclusive licenses for GTAT's technology.

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

The Debtors tapped Nixon Peabody LLP and Paul Hastings LLP as
attorneys and Kurtzman Carson Consultants LLC as claims and
noticing agent.

The U.S. Trustee has named seven members to the Official Committee
of Unsecured Creditors.  The Committee' professionals are Kelley
Drye as its bankruptcy counsel; Devine, Millimet & Branch,
Professional Association as local counsel; EisnerAmper LLP as
financial advisors; and Houlihan Lokey Capital, Inc. as investment
banker.

                           *     *     *

In November 2014, GTAT reached a settlement with Apple.  The
settlement gives Apple an approved claim for $439 million secured
by more than 2,000 sapphire furnaces that GT Advanced owns and has
four years to sell, with proceeds going to Apple.  In addition,
Apple gets royalty-free, non-exclusive licenses for GTAT's
technology.

In December 2015, GTAT filed a proposed reorganization plan that
allows the company to continue operating as a going concern and
gives most of the equity to entities providing bankruptcy-exit
financing.


H. KREVIT: Exclusive Plan Proposal Period Extended to Sept. 19
--------------------------------------------------------------
H. Krevit and Company, Incorporated, and its debtor-affiliates
sought and obtained an extension of their period to file a chapter
11 plan solicit acceptances of that plan.  

An order entered by the Honorable Julie A. Manning on Apr. 1, 2016,
extends the Debtors' Exclusive Filing Period to and including
September 19, 2016, and extends the Debtors' Exclusive Solicitation
Period up to and including November 18, 2016.  Judge Manning makes
it clear that these extensions are without prejudice to the
Official Committee of Unsecured
Creditors filing a motion seeking to reduce or terminate the
Exclusive Filing Period and Exclusive Solicitation Period as
extended by this order in the event the Committee believes cause
exists to seek such reduction or termination.  

                   About H. Krevit and Company

H. Krevit and Company, Incorporated is a manufacturer and
distributor of various inorganic chemicals, including sodium
hypochlorite (bleach), hydrochloric acid, and sodium hydroxide
(caustic soda). Krevit was established in 1919 and is the oldest
manufacturer of sodium hypochlorite in the United States.

GreenChlor, Inc. is the owner and operator of a chlor-alkali
manufacturing facility in New Haven, Connecticut and Krevit, which
owns 80% of GreenChlor, is its sole customer.  GCTR Realty, LLC
("GCTR") owns the real property located at 71-73 Welton Street, New
Haven, Connecticut.  Trucking, LLC ("HKC Trucking") is the owner of
a fleet of Volvo tractors which are used by Krevit in the operation
of Krevit's business.

H. Krevit and Company and its three affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Conn. Case Nos. 15-31904 to
15-31907) on Nov. 19, 2015, with plans to effectuate a sale of the
assets as a going concern.

The petitions were signed by Thomas S. Ross as president.  Judge
Julie A. Manning has been assigned the cases.

AJM Industries LLC ("AJM") is the Debtors' primary secured
creditor.  As of the Petition Date, AJM held claims against the
Debtors in the aggregate amount of $19,838,168.  AJM's claims are
secured by liens on substantially all of the Debtors' assets having
priority, with limited exceptions, ahead of all other claims,
liens, interests and encumbrances.

Rogin Nassau LLC serves as counsel to the Debtors.  The Debtors
tapped TrueNorth Capital Partners LLC to act as investment banker
in selling their assets.

The Office of the U.S. Trustee appointed five creditors to the
official committee of unsecured creditors.  Timothy S. Ponsler at
Olin Chlor Alkali Products Division; and Anthony Bellucci at
Hamilton Connections, are Co-Chairs of the Official Committee of
Unsecured Creditors.  Polsinelli PC serves as lead counsel to the
Committee, and Finn Dixon & Herling LLP serves as local counsel.  


HARSCO CORP: Fitch Cuts LT Issuer Default Rating to 'BB'
--------------------------------------------------------
Fitch Ratings has lowered its rating on Harsco Corporation's
long-term Issuer Default Rating (IDR) to 'BB' from 'BB+', the
secured revolver and term loan to 'BB+/RR1' from 'BBB-/RR1', and
the senior unsecured notes to 'BB/RR4' from 'BB+/RR4'.

At the same time, Fitch has removed the ratings from Negative
Watch, where they were placed in November 2015. Harsco had $911
million of debt outstanding as of Dec. 31, 2015. The Rating Outlook
is Negative. A full list of rating actions follows at the end of
this release.

KEY RATING DRIVERS
The downgrade reflects weak results in Harsco's metals and mining
(M&M) and industrial businesses, and the resulting pressure on the
company's credit metrics. Fitch expects further deterioration in
2016, though the suspension of the dividend will support liquidity
going forward. The 'BB' IDR reflects Harsco's credit profile given
its current business mix and is the highest likely rating outcome
should the company separate its M&M business, as it intends to do.

The removal from Rating Watch Negative reflects the expectation
that a separation of the metals and mining business will take some
time, having been slowed by weak market conditions (end markets and
credit markets), and that it likely won't occur this year. In
addition, Fitch expects the ultimate rating outcome would be in the
mid to low-'BB' range.

The Negative Outlook reflects continued negative business trends as
well as the potential separation of the M&M business. A separation,
either in the form of a sale or a spin-off, would reduce the
diversification and scale of Harsco's operations, which are already
relatively small, as the M&M segment represents roughly two-thirds
of revenues and one-third of profitability in 2015. In addition,
there is some uncertainty around the ultimate capital structure and
financial policies of the remaining Harsco.

Assuming a separation occurs, Harsco's business would be composed
of the Rail and Industrials segments and a minority interest in the
Brand joint venture. These segments, while posting weak results in
2015, are viewed by Fitch as having better growth and margin
prospects than the M&M business longer-term.

The M&M segment (36.5% of 2015 operating earnings) was hurt in 2015
by foreign exchange translation, lower customer steel production
and lower nickel-related sales. In addition, the company exited
certain contracts as it works to improve upon persistently weak
operating margins. Sales in the M&M segment declined by 19.7% in
2015 and are expected to be down in the high teens again in 2016.
The segment operating margin narrowed in 2015 to 5.6% from 6.7% in
2014 and is expected to be stable to up slightly in 2016 as a
result of the company's restructuring activities.

Sales in the industrial segment (33.5% of operating earnings)
declined 13.5% in 2015 due to lower demand for heat exchangers used
in natural gas processing. Operating margins improved in 2015 to
16% from 15.5%. However, sales and operating earnings are expected
to be off sharply in 2016 due to weakness in oil and gas markets.

The rail segment (29.9%) experienced a 5.8% sales decline in 2015,
but will benefit over the next few years from a new contract with
Swiss Rail, offsetting weak rail markets in North America. A margin
recovery is not expected before 2017.

Lower EBITDA and higher debt levels caused Harsco's credit metrics
to weaken in 2015. Debt/EBITDA increased to 3.2x from 2.6x at the
end of 2015, while EBITDA/interest narrowed to 6.3x from 7.5x.
Assuming the Harsco business remains in its current form and the
M&M is not separated, Fitch expects debt/EBITDA will increase
further to the high-3x range in 2016 before gradually improving in
2017 and beyond. Positive FCF following suspension of the dividend
will permit modest debt reduction going forward. The suspension of
the dividend will save the company $66 million annually and result
in FCF after dividends in the $50-60 million range in 2016 compared
with negative $72 million in 2015.

Harsco amended its $500 million unsecured credit facility in
December 2015, resulting in a $600 million secured facility
composed of a $350 million revolver and a $250 million term loan A,
both of which mature in June 2019. The collateral backing the
facilities includes the capital stock of each direct subsidiary
(65% of stock of foreign subs) and substantially all of the
company's tangible and intangible assets. In addition, all of the
company's domestic, wholly owned restricted subsidiaries guarantee
the facilities. The proceeds from the term loan were used to repay
borrowings on the revolver.

The ratings and Outlook incorporate:
-- Ongoing cost-reduction actions, particularly in M&M, should
    mitigate a portion of the impact of weak sales on
    profitability
-- Better growth prospects in the rail segment due to the
    contract with Swiss Rail
-- Positive FCF following suspension of dividend

Concerns include Harsco's:
-- Continued soft results across all three segments in 2016, with

    particular weakness in the industrial segment due to its
    exposure to oil and gas markets
-- Subdued top-line growth prospects in M&M due to low global
    steel production, sales declines from exiting underperforming
    contracts and weak commodity prices
-- Large customer concentrations in M&M segment, and associated
    risk of bad debts from distressed steel mills
-- Sustained higher total leverage given lower profitability

KEY ASSUMPTIONS
-- Sales decline by around 16% in 2016, due to weakness in the
    M&M and industrial segments
-- The EBITDA margin is down only slightly in 2016 from 16.3% in
    2015, supported by the company's restructuring activities
-- Debt levels are reduced modestly with FCF
-- FCF improves to $50-60 million due to the suspension of the
    dividend
-- Debt/EBITDA increases to the high-3x range from 3.2x in 2015

RATING SENSITIVITIES
Future developments that may, individually or collectively, lead to
a negative rating action include:

-- The separation of the M&M business, given the resulting
    reduced scale and diversification. The ultimate rating impact
    of a separation would depend on the proceeds received and the
    extent to which they are used for debt reduction.
-- Fitch expectation that debt/EBITDA will remain above 3-3.5x,
    and FFO adjusted leverage remain above 4-4.5x. These levels
    would likely be reset following a separation of the M&M
    business.
-- FCF turns negative on a sustained basis.

The ratings are unlikely to be upgraded in the medium-term.
Longer-term, developments that may, individually or collectively,
lead to a positive rating action include:

-- The company either retains the M&M business or the remaining
    business develops into a larger, more diversified operation.
-- Stronger FCF generation.
-- Debt/EBITDA is sustained under 2.5x, and FFO adjusted leverage

    under 3.5x.

LIQUIDITY
Harsco's liquidity at year-end 2015 is supported by cash of $79.8
million, of which $78.3 million was held overseas, but could be
remitted to the U.S. with minimal tax implications. Liquidity is
further supported by a $350 million secured revolver, on which
$140.6 million was available. Liquidity is also supported by FCF,
which Fitch expects will turn positive in 2016.

Harsco faces some refinancing risk over the medium term with its
$449 million of 5.75% senior unsecured notes that mature on May 15,
2018. The revolver and $250 million secured term loan A both mature
in June 2019, but the maturity date on these facilities accelerates
to 91 days before May 15, 2018 if the notes have not been repaid by
that date.

FULL LIST OF RATING ACTIONS

Fitch downgrades Dover Corporation's ratings as follows:

-- Long-term IDR to 'BB' from 'BB+';
-- Senior secured RCF to 'BB+/RR1' from 'BBB-/RR1';
-- Senior secured term loan to 'BB+/RR1' from 'BBB-/RR1';
-- Senior unsecured debt to 'BB/RR4' from 'BB+/RR4';

The ratings are removed from Rating Watch Negative. The Rating
Outlook is Negative.



HEALTH NET: Fitch Lowers $400MM Senior Notes Rating to BB-
----------------------------------------------------------
Fitch Ratings has downgraded Health Net Inc.'s (HNT) $400 million
of 6.375% senior notes due June 1, 2017 to 'BB-' from 'BB'. Fitch
has also downgraded HNT's Issuer Default Rating (IDR) to 'BB' from
'BB+' and affirmed the 'BBB' Insurer Financial Strength (IFS)
ratings of various Health Net insurance companies. The Rating
Outlooks are Negative.

The rating actions follow HNT's March 24, 2016 announcement that it
and Centene Corp. (CNC) have closed on the companies' previously
announced merger agreement. Prior to today, Fitch's last review of
HNT's ratings occurred on Nov. 5, 2015. At that time Fitch affirmed
the companies' subsidiaries' IFS ratings and said it expected to
downgrade the ratings on HNT's senior notes and IDR by one notch
upon the merger's close.

Going forward, Fitch expects HNT's ratings to primarily be shaped
by CNC's post-HNT acquisition consolidated credit-quality. Fitch
does not currently maintain public ratings on CNC.

KEY RATING DRIVERS

The downgrade of HNT's senior notes and the company's IDR reflects
CNC's post-close consolidated financial leverage and interest
coverage metrics, which do not support Fitch's standard notching
between insurance operating company and holding company ratings.
The Negative Outlooks reflect potential execution risks as CNC
integrates the HNT organization.

Including on a pro forma basis the approximately $2.4 billion of
senior notes CNC issued in January 2016 to partially fund its
purchase of HNT and the repayment that occurred upon the merger's
close of $285 million outstanding under HNT's revolving credit
facility at year-end 2015, Fitch estimates CNC's year-end 2015
debt-to-EBITDA and debt-to-capital ratios at 3.0x and 45%
respectively and the company's EBITDA-based interest coverage ratio
at 6.0x. HNT's comparable ratios at year-end 2015 were 1.3x, 27%,
and 15.3x.

The affirmation of the HNT's insurance companies' 'BBB' IFS ratings
reflects the effect of the combined HNT-CNC organization's higher
financial leverage and lower interest coverage balanced against the
favorable ratings aspects of the combined HNT-CNC's geographically
more diverse enrollment and improved market position and size and
scale characteristics.

In comparison with HNT's pre-close membership, the combined HNT-CNC
organization's membership is more geographically diverse, which
Fitch views as reducing the company's exposure to economic,
competitive, and regulatory conditions in any single market. CNC
has members in 23 states while HNT has members in four and HNT's
Western Region operation is heavily concentrated in California from
which it derives roughly 90% of its membership. Additionally, while
the combined HNT-CNC organization's membership consists primarily
of Medicaid members it will also include meaningful commercial and
TRICARE membership.

At year-end, HNT and CNC had approximately 11.2 million members and
in 2015 the companies generated $39 billion of revenues and $543
million of net income. Fitch estimates the companies' combined 2015
EBITDA-to-revenue margin on a pro forma basis at 3.7%.  

RATING SENSITIVITIES

-- Rating downgrades could result from deterioration of financial

    leverage ratios from post-merger close levels.

-- Material earnings disruptions where EBITDA margins and return
    on capital fall below 3X and 3%, respectively for an extended
    period could result in a rating downgrade.

-- Evidence that the HNT-CNC merger is being effectively
    integrated from an operational and financial perspective would

    likely lead to a revision of the Rating Outlooks to Stable.
    Fitch will look for membership and revenue and EBITDA and net
    income trends that are consistent with HNT's and CNC's recent
    organic rends as well as operational and key personnel
    continuity as evidence that merger is being effectively
    integrated.

-- Opportunities for an upgrade will be most sensitive to CNC's
    consolidated mid- to long-term financial leverage metrics and
    ability to generate consistent earnings in light of its larger

    and more diversified market position.

-- Debt-to-EBITDA and financial leverage ratios approximating
    2.5x and 35% could lead to an upgrade of the ratings on HNT's
    senior notes reflecting a return to Fitch's typical notching
    between insurance operating company and holding company
    ratings.

-- An EBITDA margin exceeding 4x and return on capital of
    approximately 5% would place upward pressure on the IFS
    ratings.

Fitch has downgraded, removed from Rating Watch Negative, and
assigned Negative Outlooks to the following ratings:

Health Net Inc.
-- Long-term IDR to 'BB' from 'BB+';
-- 6.375% senior notes due June 1, 2017 to 'BB-' from 'BB'.

Fitch has affirmed the following ratings with Negative Outlooks:

Health Net Of California, Inc.
Health Net of Arizona, Inc.
Health Net Health Plan of Oregon, Inc.
-- IFS at 'BBB'.


HIGH RIDGE: Court Grants Bid to Substitute Lawyer
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida has
granted the motion of Markowitz, Ringel, Trusty & Hartog P.A. for
substitution of Timothy Bow as counsel of record for High Ridge
Management Corp.

The bankruptcy court ordered that all future pleadings should be
directed to Grace Robson, Esq., at Markowitz.

                About Hight Ridge Management Corp.

High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills
Rehabilitation Center LLC, sought for Chapter 11 protection (Bankr.
S.D. Fla. Lead Case No. 15-16388) on April 8, 2015.

High Ridge is the landlord of Pavilion and Hollywood Hills.  High
Ridge is the 100 percent owner of the membership interests in
Hollywood Hills and Pavilion.  Prior to Jan. 14, 2014, when a
receiver was appointed, High Ridge managed the operations for
Pavilion and Hollywood Hills.

The Hon. John K. Olson presides over the jointly administered
cases.  

The Debtors tapped Grace E. Robson, Esq., at Markowitz Ringel
Trusty & Hartog, P.A., in Fort Lauderdale, Florida, as their
counsel, and Bayshore Partners, LLC as their investment banker.

Clarence Lamont Davidson, Jr., Davidson Collins and Joyce CPA, LLC
serve as the Debtors' accountants.  Meanwhile, Nancy M. Ridenour
and PDR Certified Public Accountants serve as auditing accountants
for the Debtors.

The U.S. trustee overseeing the Debtors' cases appointed Keith E.
Gibson as patient care ombudsman on May 29, 2015.

On Nov. 20, 2015, the Debtors disclosed total assets of $20.12
million and total liabilities of $60.53 million.


HII TECHNOLOGIES: Hamiltons Object to Amended Disclosure Statement
------------------------------------------------------------------
Unsecured creditors and partial equity owners, William Mark
Hamilton, Sharon Hamilton, Craig Hamilton and S&M Assets, LLC,
object to the proposed and submitted First Amended Disclosure
Statement and Second Amended Disclosure Statement filed by HII
Technologies, Inc., et al.

The Hamiltons note that the First Amended Disclosure Statement and
Second Amended Disclosure Statement contain a key incorrect
statement regarding the status of litigation against Debtors HII
Technologies, Inc. and Hamilton Investment Group, Inc. in the
respective Exhibit B document attached to each and entitled
"Statement of Financial Affairs".  In that document, reference is
made to a lawsuit filed in June 2014 in the District Court of Logan
County, Oklahoma, by the Hamiltons against these two Debtors.  The
lawsuit is listed only on the Statement of Financial Affairs as to
Debtor, HII Technologies, Inc., but not listed on the Statement of
Financial Affairs as to Debtor, Hamilton Investment Group, Inc.
More importantly, on the listing as to Debtor, HII Technologies,
Inc., the status is reported as "Dismissed".  

This is a false statement, the Hamiltons contend, saying the
lawsuit remains pending.  They explain that the only parts of the
lawsuit that were dismissed were the portions dealing with the
Motion for Attachment and the Temporary Restraining Order.  But,
the lawsuit itself is pending.

The Hamiltons assert, "The Debtors should be required to accurately
and correctly list the litigation against them.  This very issue
was raised in a written communication from the Hamiltons'
undersigned counsel to Debtors' counsel last week, a day before the
First Amended Disclosure Statement was filed.  It was understood by
the undersigned that this statement would be correctly stated in
the documents to be filed."

The Hamiltons also argue that the First Amended Disclosure
Statement and the Second Amended Disclosure Statement are
fundamentally deficient and misleading because of the vague and
undetailed statements regarding the representations by Debtors that
they "assume[] that recoveries from causes of actions is $5
million."  This is also referenced as a beginning foundational fact
on the Hypothetical Waterfall Analysis, attached to the Second
Amended Disclosure Statement as Exhibit F, they state.  They
further contend that this "is a conclusory representation, with no
detail or supporting facts or statements as to how the purported $5
million was calculated, from which person or entity the parts of
the $5 million are targeted to come, and some semblance of factual
detail supporting that claim against that person or entity. It is
critical for the unsecured creditors to have this information in
order to decide whether to vote for the proposed Plan of
Reorganization, or to vote against it and put Debtors into
liquidation.  Simply listing a very large figure that appears to
have been just pulled out of the air, and providing no supporting
information about how that figure was derived, appears to be an
effort to entice the unsecured creditors to vote in favor of the
proposed Plan of Reorganization without having adequate information
as is required by law."

Attorneys for the Hamiltons:

         Victor F. Albert, Esq.
         CONNER & WINTERS, LLP
         211 N. Robinson Ave., Ste. 1700
         Oklahoma City, OK 73102
         Telephone: (405) 272-5711
         Facsimile: (405) 232-2695
         E-mail: valbert@cwlaw.com

              - and -

         Ashley L. Selwyn, Esq.
         CONNER & WINTERS, LLP
         1001 McKinney Street, Suite 550
         Houston, TX 77002
         Telephone: (713) 650-3850
         Facsimile: (713) 650-3851
         E-mail: aselwyn@cwlaw.com

                      About HII Technologies

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

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

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

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

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

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

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


HII TECHNOLOGIES: Plan Exclusivity Extended to Sept. 12
-------------------------------------------------------
At the behest of HII Technologies, Inc., et al., the U.S.
Bankruptcy Court for the Southern District of Texas, Victoria
Division, entered an order extending the Debtors' exclusive periods
to file and solicit a plan of reorganization for 180 days to Sept.
12, 2016.

Benjamin W. Hugon, Esq., at McKool Smith, P.C., explains that
granting the extension will not unreasonably delay progress of the
Chapter 11 cases and the formulation of a plan of reorganization,
as one has already been submitted for approval.  A hearing on
conditional approval of the Debtors' First Amended Disclosure
Statement was set for March 10, 2016.  The Ad Hoc Group, the
Official Unsecured Creditors' Committee, and the DIP Lenders
consent (almost entirely) to the Plan.  The Court has scheduled the
confirmation hearing for April 15, 2016.  The extension of
exclusivity benefits the estates by permitting the bulk of
creditors to permit the Debtors' consensual plan to go forward
without other plans frustrating the process, Mr. Hugon tells the
Court.

The Debtors anticipate confirming a plan on April 15, 2016.  If,
however, they do not and a subsequent solicitation is needed, the
Debtors believe that the extension provides time to formulate and
execute alternative plans.

The proposed extension will be without prejudice to any
party-in-interest to move to shorten or terminate exclusivity for
cause.  As of now, the pending motion to terminate exclusivity is
abated pending approval of the compromise with the Ad Hoc Group,
according to the Debtors.

                      About HII Technologies

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

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

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

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

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

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

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


HII TECHNOLOGIES: To Present Plan for Confirmation April 15
-----------------------------------------------------------
HII Technologies, et al., are slated to seek confirmation on April
15, 2016, at 2:00 p.m. Central Time of a reorganization plan that
projects a 7.6% recovery for unsecured creditors.

The U.S. Bankruptcy Court for the Southern District of Texas on
March 10, 2016, entered an order providing that:

   1. The Disclosure Statement is conditionally approved, pursuant
to Sec. 1125 of the Bankruptcy Code.

   2. The date by which creditors must hold claims in order to be
eligible to vote for the Plan is March 10, 2016.

   3. The service date is set for March 15, 2016.

   4. The deadline is set for April 8, 2016, at 5:00 p.m.
prevailing United States central time as the time for the receipt
of ballots on the Plan.

   5. April 8, 2016 at 5:00 p.m. prevailing United States Central
time as the deadline to file and serve objections to approval of
the Disclosure Statement and objections to confirmation of the
Plan.  Responses to any such objections must be filed on or before
April 14, 2016.

   6. The hearing on confirmation of the Plan and final approval of
the Disclosure Statement is set for April 15, 2016 at 2:30 p.m.

A red-lined copy of the Second Amended Disclosure Statement filed
March 9, 2016, is available for free at:

        http://bankrupt.com/misc/HII_Tech_403_2nd_DS_RL.pdf

                         The Chapter 11 Plan

As reported in the Jan. 22, 2016 edition of the TCR, HII
Technologies, Inc., et al., filed their Joint Plan of
Reorganization which proposes to reorganize each of the Debtors,
and transfer certain assets of the Debtors including cash provided
by the DIP Lenders, causes of action to a litigation trust.

The litigation trust will investigate and pursue causes of action,
and distribute any proceeds from the causes of action to the DIP
lenders and holders of allowed general unsecured and subordinated
claims pursuant to the DIP Order and the terms of the Plan.

Under the Plan:

   * Each allowed secured claim will be paid in full to the extent
of the value of the collateral securing such Claim.  The DIP
Lenders will receive on account of their over $11 million
super-priority administrative expense, (i) repayment of the
postpetition obligations in cash, (ii) the distributable cash,
(iii) 95% of the stock of the reorganized HIIT, (iv) 55% of the
beneficial interests in the litigation trust and the litigation
trust assets, and (v) 100% of the insurance proceeds of their
collateral.

   * Other allowed administrative expenses and all allowed priority
tax claims will be paid in full, on or promptly after the Effective
Date.

   * Holders of allowed general unsecured claims will share pro
rata in (i) 5% of the stock of the reorganized HIIT, and (ii) the
remaining 45% of the litigation trust and the litigation trust
assets.

   * To the extent holders of allowed claims in senior classes are
paid in full, holders of allowed subordinated claims will share any
remaining proceeds of causes of action.

   * Existing equity interests in the Debtors will be cancelled,
all stock de-listed, and no SEC filings will be required.  The
Debtors' tax attributes will be preserved and it will continue
operating.

According to the Liquidation Analysis, holders of administrative
claims are slated to have a 100% recovery, holders of secured debt
would have a 69.9% recovery, and holders of unsecured debt would
have a 7.6% recovery.  In contrast, in a Chapter 7 liquidation
scenario, holders of secured debt would only have an 8.5% recovery
and unsecured creditors would recover 1%.

                      About HII Technologies

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

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

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

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

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

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

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


HORSEHEAD HOLDING: Court Approves Joint Administration of Cases
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware authorized
the joint administration of the Chapter 11 cases of Horsehead
Holding Corp., et al., for procedural purposes only.

The cases will be jointly administered under Case No. 16-10287.

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a leading recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC ("INMETCO"), a
leading recycler of metals-bearing wastes and a leading processor
of nickel-cadmium (NiCd) batteries in North America; and Zochem
Inc., a zinc oxide producer located in Brampton, Ontario.
Horsehead, headquartered in Pittsburgh, Pa., has seven facilities
throughout the U.S. and Canada.  The Debtors currently employ
approximately 730 full-time individuals.

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

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

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

The Acting U.S. Trustee for Region 3 appointed seven creditors of
Horsehead Holding Corp. to serve on the official committee of
unsecured creditors.  The Creditors' Committee is represented by
Sharon L. Levine, Esq., Bruce Buechler, Esq., and Philip J. Gross,
Esq., at Lowenstein Sandler LLP, in Roseland, New Jersey; and
Howard A. Cohen, Esq., and Robert K. Malone, Esq., at Drinker
Biddle & Reath LLP, in Wilmington, Delaware.


HOVENSA LLC: Ret. Judge James Giles Okayed as Dispute Arbitrator
----------------------------------------------------------------
The Hon. Mary F. Walrath of the District Court of the Virgin
Islands Bankruptcy Division St. Croix, Virgin Islands, signed off
an agreed order between the Government of the Virgin Islands and
John K. Dema, P.C., to appoint James T. Giles as arbitrator.

On Feb. 3, 2016, Mr. Gwynne submitted a certification of counsel
submitting the agreed order appointing Judge Giles, a retired
District Judge from the U.S. District Court for the Eastern
District of Pennsylvania, as arbitrator.

On Jan. 22, 2016, the Court directed the Law Offices of John K.
Derma to compel arbitration of the dispute between Hovensa L.L.C.,
and the Government of Virgin Islands.

The Government is represented by:

         Thomas G. Macauley, Esq.
         300 Delaware Avenue, Suite 760
         Wilmington, DE 19801
         Tel: (302) 656-0100
         E-mail: tm@macdelaw.com

The Law Office is represented by:

         Kurt F. Gwynne, Esq.
         REED SMTH LLP
         1201 Market Street, Suite 150
         Wilmington, DE 19801
         Tel: (302) 778-7500
         Fax: (302) 778-7575
         E-mail: kgwynne@reedsmith.com

                          About Hovensa

Hovensa, L.L.C., produces and markets refined petroleum products.
The Company offers gasoline, diesel, home heating oil, jet fuel,
kerosene, and residual fuel oil.  Hovensa serves customers
throughout North America.

Hovensa L.L.C. filed a Chapter 11 bankruptcy petition in the U.S.
Bankruptcy Court for the District of the Virgin Islands (Bankr. D.
V.I. Case No. 15-10003) on Sept. 15, 2015.  The petition was signed
by Sloan Schoyer as authorized signatory.  The Debtor has estimated
assets of $100 million to $500 million, and liabilities of more
than $1 billion.

Judge Mary F. Walrath is assigned to the case.  The Law Offices of
Richard H. Dollison, P.C., serves as the Debtor's counsel.  Prime
Clerk LLC is the Debtor's claims and noticing agent.  Alvarez &
Marsal North America, LLC to provide Thomas E. Hill as chief
restructuring officer, effective Sept. 15, 2015 petition date.

The U.S. Trustee appointed five creditors to serve on the committee
of creditors holding unsecured claims.

                      *     *     *

The effective date of Hovensa LLC's Chapter 11 plan occurred on
Feb. 17, 2016, and the official committee of unsecured creditors
was dissolved.


HUGHES SATELLITE: S&P Raises CCR to 'BB', Outlook Stable
--------------------------------------------------------
Standard & Poor's Ratings Services said it raised its corporate
credit rating on Englewood, Colo.-based Hughes Satellite Systems
Corp. to 'BB' from 'BB-'.  The outlook is stable.

At the same time, S&P raised its issue-level rating on the
company's senior secured notes to 'BBB-' from 'BB+'.  The recovery
rating remains '1', indicating S&P's expectation for very high
recovery (90%-100%) for lenders in the event of a payment default.

Additionally, S&P raised its issue-level rating on the company's
senior unsecured notes to 'BB' from 'BB-'.  The recovery rating
remains '4', indicating S&P's expectation for average recovery
(50%-70%; upper half of the range) for lenders in the event of a
payment default.

"The ratings upgrade reflects our expectation that continued EBITDA
growth at HSS will result in net adjusted leverage in the high-1x
area by the end of 2016 (declining to the mid-1x area in 2017),
relative to our 2x upgrade target," said Standard & Poor's credit
analyst Rose Askinazi.

In addition, S&P believes the risk of cash flows being diverted
from HSS to ultimate parent EchoStar Corp. has improved over time
due to EchoStar's sizable cash and marketable securities balance.
In S&P's view, EchoStar's solid liquidity position offsets the
weaknesses of the digital-set top box business (EchoStar
Technologies), which has a high level of customer concentration,
low margins in the high-single-digit percent area, and low demand
at the tail end of product life cycles.

The stable outlook reflects S&P's expectation for low- to
mid-single-digit percent revenue growth over the next few years,
driven by the company's satellite-broadband segment.  However, S&P
do not expect the company to materially improve its credit metrics
in the near term due to its elevated level of capital spending.


HYDROCARB ENERGY: Shadow Tree Declares Default Under Credit Pact
----------------------------------------------------------------
Hydrocarb Energy Corp. disclosed in a regulatory filing with the
Securities and Exchange Commission it received a Notice of Default,
Acceleration of Loans and Exercise of Remedies from Shadow Tree
Capital Management LLC on March 24, 2016.

Pursuant to the Notice, Shadow Tree provided notice that an event
of default had occurred under the Amended and Restated Credit
Agreement dated June 10, 2015 (as amended to date), due to the
Company's failure to timely pay interest on the loans made by
Shadow Tree when due, declared all loans due and payable
immediately in full, and directed the Company to hold all assets
subject to Shadow Tree's security interest (substantially all of
the Company's assets) for the benefit of Shadow Tree pursuant to
Shadow Tree's security agreement.

                      About Hydrocarb Energy

Hydrocarb Energy, formerly known as Duma Energy Corp, is a
publicly-traded Domestic and International energy exploration and
production company targeting major under-explored oil and gas
projects in emerging, highly prospective regions of the world.
With exploration concessions in Africa, production in Galveston
Bay and Oil Field Services in the United Arab Emirates, the
Company maintain offices in Houston, Texas, Abu Dhabi, UAE and
Windhoek, Namibia.

Hydrocarb Energy reported a net loss of $12.6 million on $3.94
million of revenues for the year ended July 31, 2015, compared to a
net loss of $6.55 million on $5.06 million of revenues for the year
ended July 31, 2014.

As of Jan. 31, 2016, Hydrocarb had $25.39 million in total assets,
$28.85 million in total liabilities and a $3.46 million total
stockholders' deficit.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended July 31, 2015, citing that the Company has suffered recurring
losses from operations, which raises substantial doubt about its
ability to continue as a going concern.


HYPNOTIC TAXI: Committee Taps EisnerAmper as Fin'l Advisors
-----------------------------------------------------------
The Official Committee of Unsecured Committee in the Chapter 11
case of Hypnotic Taxi, LLC, et al., sought and obtained approval to
retain EisnerAmper LLP as accountants and financial advisors, nunc
pro tunc to Nov. 3, 2015.

EisnerAmper will render professional services to the Committee,
including, without limitation:

  (a) Analyzing the financial operations of the Debtors pre- and
post- petition as necessary;

  (b) Performing forensic investigating services as requested by
the Committee and counsel regarding pre-petition activities of the
Debtors in order to identify potential causes of action as
necessary;

  (c) Performing claims analysis for the Committee, as necessary;

  (d) Verifying the physical inventory of supplies, equipment and
other material assets and liabilities, as necessary; and

  (e) Assisting the Committee in its analysis and review of monthly
statements of operations to be submitted by the Debtors.

EisnerAmper will bill at its normal hourly rates as follows:

                                         Hourly Rate
                                         -----------
       Directors/Partners/Principals       $400-$620
       Managers/Senior Managers            $260-$460
       Associates/Seniors                  $160-$340
       Paraprofessionals                   $130-$175

EisnerAmper says it is a "disinterested person" as that phrase is
defined in Section 101(14) of the Bankruptcy Code, as modified by
section 1103(b), and neither holds nor represents any interest
adverse to the Debtors' estates, creditors or equity holders.

                     About Hypnotic Taxi

Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015.  The petition was signed by Evgeny Freidman as sole
and managing member.

Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel.  Judge Carla E. Craig presides over the case.

The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.

Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.

The U.S. Trustee for Region 2 appointed three creditors to serve on
the official committee of unsecured creditors.  The Committee
tapped White & Williams LLP as counsel and EisnerAmper as its
accountants and financial advisors.

                           *     *     *

Judge Carla E. Craig on Jan. 19, 2016 entered an order extending
the Debtors' Exclusive Periods to March 18, 2016 for filing of a
plan of reorganization, and May 17, 2016 for soliciting acceptances
thereto.


HYPNOTIC TAXI: Proposes 100% Payment Reorganization Plan
--------------------------------------------------------
Hypnotic Taxi, LLC, et al., filed a proposed Plan of Reorganization
that provides for the restructuring of the Debtors through the
adjustment of certain debtor-creditor relationships. The Plan will
restructure the Debtors' outstanding debt obligations such that
repayment is possible without forcing a fire sale liquidation of
the Debtors' assets to the detriment of the Debtors' creditors and
other stakeholders.

A hearing on the Disclosure Statement explaining the Plan is
scheduled for May 4, 2016, at 3:30 p.m. at Courtroom 3529, in
Brooklyn, New York.

The Plan provides for the treatment of these claims:

   * Citibank Secured Debtors Loans Claim.  Impaired.  The
Reorganized Debtors will issue promissory notes to Citibank on
account of the actual amount owed on such loans providing for
monthly interest payments commencing on the Effective Date and
interest at Treasury Rate plus 1.5% per annum, with principal due
at maturity five years from the Effective Date.  Citibank will
retain its liens on its prepetition collateral a lien on the real
estate assets to the extent given by the Attachment Order. The
promissory notes issued to Citibank will be subject to reduction if
(i) Citibank collects on account of such debt from any guarantor or
other source, and/or (ii) by any judgment obtained by the
Reorganized Debtors against Citibank on the Citibank Action
Counterclaims.  New notes will be issued and old notes cancelled
upon any reduction or final allowance with respect to any disputed
amount.  Estimated recovery: 100% over 5-year period plus
interest.

   * Secured Tax Claims Impaired.  This class includes New York
State's secured tax claims.  Such holders will receive 100% of
their claims with interest at the Applicable Federal Rate over 60
equal monthly payments commencing on the Effective Date.  Estimated
recovery: 100% over 5 year period plus interest.

   * General Unsecured Claims - Non-Personal Injury Claims.
Impaired.  This class includes all general unsecured claims against
the Debtors exclusive of personal injury related claims, including
subrogation claims and prepetition claims from professionals.  Such
creditors will be paid 100% of their allowed claims in equal
monthly installments over two years commencing at the later of the
Effective Date or Allowance Date.  Estimated recovery: 100% over
two-year period.

   * General Unsecured Claims - Personal Injury Claims Less Than
TLC Insurance Coverage Minimums.  Unimpaired.  This class includes
all general unsecured tort claims to the extent they do not exceed
the TLC insurance coverage minimums.  The holders will be paid 100%
of their allowed claims by the relevant Management Companies at the
later of the Effective Date or Allowance Date.  Estimated recovery:
100%

   * General Unsecured Claims - Personal Injury Claims Exceeding
TLC Insurance Coverage Minimums.  Impaired.  This class includes
general unsecured tort claims to the extent they exceed the TLC
insurance coverage minimums.  Such creditors will be paid 100% of
their allowed claims in equal monthly installments over two (2)
years commencing at the later of the Effective Date or Allowance
Date.  Estimated recovery: 100% over two-year period.

   * Old Equity Interests.  Unimpaired.  All Old Equity Interests
will receive all equity in the Reorganized Debtors subject to the
consideration given in the Plan Sponsorship agreement.

A copy of the Disclosure Statement in support of the Plan filed
March 14, 2016, is available for free at:

       http://bankrupt.com/misc/Hypnotic_Taxi_204_DS.pdf

Counsel for Hypnotic Taxi, LLC, et al.:

         Fred Stevens, Esq.
         Brendan M. Scott, Esq.
         Maeghan J. McLoughlin, Esq.
         KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP
         200 West 41st Street, 17th Floor
         New York, NY 10036-7203
         Telephone: (212) 972-3000
         Facsimile: (212) 972-2245

                     About Hypnotic Taxi

Hypnotic Taxi LLC and 21 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. E.D.N.Y. Lead Case No. 15-43300) on
July 22, 2015.  The petition was signed by Evgeny Freidman as sole
and managing member.

Klestadt Winters Jureller Southard & Stevens LLP serves as the
Debtors' counsel.  Judge Carla E. Craig presides over the case.

The Debtors each own either two or three medallions issued by the
New York City Taxi and Limousine Commission that permit taxi
services to be performed by the Debtors.

Hypnotic Taxi LLC disclosed total assets of $1,941,314 and total
liabilities of $2,825,401 as of the Petition Date.

The U.S. Trustee for Region 2 appointed three creditors to serve on
the official committee of unsecured creditors.  The Committee
tapped White & Williams LLP as counsel and EisnerAmper as its
accountants and financial advisors.

                           *     *     *

Judge Carla E. Craig on Jan. 19, 2016 entered an order extending
the Debtors' Exclusive Periods to March 18, 2016 for filing of a
plan of reorganization, and May 17, 2016 for soliciting acceptances
thereto.


IBCS MINING: Disclosure Statement Hearing Moved to May 17
---------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Virginia
continued until May 17, 2016, at 11:00 a.m., the hearing to
consider approval of the Disclosure Statement explaining IBCS
Mining, Inc., et al.'s Joint Plan of Reorganization.  The hearing
has been continued several times.

As reported in the TCR on Feb. 2, 2015, the Debtors submitted a
Joint Plan and an explanatory Disclosure Statement dated Jan. 23,
2015.  According to the Disclosure Statement, the Joint Plan for
each Debtor is separately funded.  The Plan for IBCS will be funded
through distributions from IBCS KY to Holders of Interests in IBCS
KY Class 5.  The Plan of Reorganization for IBCS KY will be funded
by cash proceeds from ongoing operations.

All general working capital requirements of the Reorganized Debtors
on and after the Effective Date will be funded with cash receipts.

The Plan provides for the following classification and treatment of
claims against, and interests in, the Debtors:

    * The claim in IBCS KY 2 Class 2 (Mullins Secured Claim) will
be paid through monthly payments.

    * IBCS KY Class 3 (BB&T Secured Claim) will be paid through
monthly payments.  Payments to IBCS KY Class 3 will only commence
after IBCS KY Class 2 Claims are paid in full.

    * IBCS KY Class (General Unsecured Claims 4) will be paid
through monthly payments.  Payments to IBCS KY Class 4 Claims will
only commence after IBCS KY Class 2 Claims and IBCS KY Class 3
Claims are paid in full.

    * IBCS KY Class 5 (Interests) will be paid through monthly
payments.  Payments to holders of interests in IBCS KY Class 5 will
only commence after IBCS KY Class 2 Claims, IBCS KY Class 3 Claims,
and IBCS KY Class 4 Claims are paid in full.

    * IBCS Class 2 (Secured Claims) will be paid through
distributions    by IBCS KY to IBCS KY Class 5 Claims.  Payments to
IBCS Class 2 Claims will only commence after IBCS Class 1 Claims
are paid in full.

    * IBCS Class 3 (General Unsecured Claims) will be paid through
distributions by IBCS KY to IBCS KY Class 5 Claims.  Payments to
IBCS Class 3 Claims will only commence after IBCS Class 1 Claims
and IBCS Class 2 Claims are paid in full.

    * Holder of IBCS Class 4 (Interests) will receive no
distribution under the Plan on account of the interests.  On the
Effective Date, all Interests in IBCS KY will be cancelled and
discharged and will be of no further force and effect, whether
surrendered for cancellation or otherwise.

Copies of the Disclosure Statement and Plan are available for free
at:

               http://bankrupt.com/misc/IBCS_DS.pdf
               http://bankrupt.com/misc/IBCS_PLAN.pdf

                        About IBCS Mining

IBCS Mining, Inc., is a producer and marketer of coal based out of
a mine owned by IBCS Mining, Inc., Kentucky Division, and located
in Kentucky.  IBCS' principal business is the mining, preparation
and sale of coal.  IBCS is a Delaware corporation that is owned by
Edmund and Yvonne Scarborough.  IBCS KY is a Kentucky corporation
owned 100% by IBCS.

IBCS Mining, Inc., and IBCS Mining, Inc., Kentucky Division, sought
Chapter 11 protection (Bankr. W.D. Va. Case Nos. 14-61215 and
14-61216) on June 27, 2014.  The Court on July 8, 2014, authorized
the joint administration of the cases.

IBCS Mining Inc. disclosed $6.91 million in assets and $7.28
million in liabilities.

Hirschler Fleischer, P.C., serves as the Debtors' counsel.


IBCS MINING: Has Access to Cash Collateral Until May 17
-------------------------------------------------------
As of March 15, 2016, Judge Rebecca B. Connelly has issued nine
interim orders authorizing IBCS Mining, Inc., et al., to use cash
collateral.  The ninth interim order provides that the Debtors can
use cash collateral through May 17, 2016.  Upon the transfer of the
permits described in the Debtors' Motion to Sell, and approved by
the Court in the Order Granting the Debtors' Motion to Sell,
$47,500 will be paid by Lexon directly to Southern Coal Corporation
from cash collateral currently retained by Lexon as collateral for
the bonding provided by Lexon.  As for any remaining cash
collateral retained by Lexon, the timing and amount of which is yet
to be determined, all such funds remain subject to the provisions
of prior cash collateral orders entered in the case, which
provisions may be modified by (i) the consent of BB&T and the
Debtors; or (ii) further order of the Bankruptcy Court.  A 10th
interim hearing is scheduled for May 17, 2016, at 11:00 a.m.
(prevailing Eastern Time) before the Court, at Room 200, United
States Courthouse, 255 West Main Street, Charlottesville,
Virginia.

Counsel for the Debtors:

         Robert S. Westermann, Esq.
         Rachel A. Greenleaf, Esq.
         HIRSCHLER FLEISCHER, P.C.
         The Edgeworth Building
         2100 East Cary Street
         Post Office Box 500
         Richmond, VA 23218-0500
         Telephone: (804) 771-9500
         Facsimile: (804) 644-0957
         E-mail: rwestermann@hf-law.com
                 rgreenleaf@hf-law.com

Counsel for Branch Banking and Trust Company:

         Peter M. Pearl, Esq.
         SPILMAN THOMAS & BATTLE, PLLC
         P.O. Box 90
         Roanoke, VA 24002
         Telephone: (540) 512-1832
         Facsimile: (540) 342-4480
         E-mail: ppearl@spilmanlaw.com

The Office of the U.S. Trustee is represented by:

         Margaret K. Garber, Esq.
         Office of the United States Trustee
         210 First Street, Suite 505
         Roanoke, VA 24011
         E-mail: margaret.k.garber@usdoj.gov
         Tel: (540) 857-2806

                        About IBCS Mining

IBCS Mining, Inc., is a producer and marketer of coal based out of
a mine owned by IBCS Mining, Inc., Kentucky Division, and located
in Kentucky.  IBCS' principal business is the mining, preparation
and sale of coal.  IBCS is a Delaware corporation that is owned by
Edmund and Yvonne Scarborough.  IBCS KY is a Kentucky corporation
owned 100% by IBCS.

IBCS Mining, Inc., and IBCS Mining, Inc., Kentucky Division, sought
Chapter 11 protection (Bankr. W.D. Va. Case Nos. 14-61215 and
14-61216) on June 27, 2014.  The Court on July 8, 2014, authorized
the joint administration of the cases.

IBCS Mining Inc. disclosed $6.91 million in assets and $7.28
million in liabilities.

Hirschler Fleischer, P.C., serves as the Debtors' counsel.


ICAGEN INC: Needs More Time to File 2015 Annual Report
------------------------------------------------------
Icagen, 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 it was unable to file, without
unreasonable effort and expense, the Annual Report because the
Company is still compiling and reviewing information to complete
the annual review of the financial statements for that period and
the Company is unable to give an estimate at this time.  The
Company anticipates that the Annual Report on Form 10-K will be
filed on or before the deadline.

                           About Icagen

Icagen, Inc., formerly known as XRpro Sciences, Inc., is a
biopharmaceutical company, focuses on the discovery, development,
and commercialization of orally-administered small molecule drugs
that modulate ion channel targets.  Its drug candidates include
ICA-105665, a small molecule compound that targets specific KCNQ
ion channels for the treatment of epilepsy and pain, which is in
Phase II clinical trial stage; and a compound that targets the
sodium channel Nav1.7 for the treatment of pain, which is in Phase
I clinical trial stage.

XRPro Sciences reported a net loss applicable to common stock of
$569,000 in 2014 following a net loss applicable to common stock of
$5.88 million in 2013.

As of Sept. 30, 2015, the Company had $18.2 million in total
assets, $14.3 million in total liabilities, $133,000 in convertible
redeemable preferred stock, and $3.78 million in total
stockholders' equity.


IMH FINANCIAL: Incurs $18.9 Million Net Loss in 2015
----------------------------------------------------
IMH Financial Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common shareholders of $18.90 million on $32.49
million of total revenue for the year ended Dec. 31, 2015, compared
to a net loss attributable to common shareholders of $39.46 million
on $31.42 million of total revenue for the year ended Dec. 31,
2014.

As of Dec. 31, 2015, IMH Financial had $185.81 million in total
assets, $108 million in total liabilities, $29.63 million in
redeemable convertible preferred stock, and $48.17 million in total
stockholders' equity.

IMH Financial said it was unable, without unreasonable effort or
expense, to file the Annual Report within the prescribed time
period because it required additional time to finalize a
forbearance agreement with one of its lenders relating to the
Company's noncompliance with certain loan covenants in a loan
agreement.

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

                       http://is.gd/2cf8LW

                       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.


INDIANA FINANCE: S&P Cuts Issue Ratings on $243.84MM Bonds to BB+
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue
ratings to 'BB+' from 'BBB-' on Indiana Finance Authority's (IFA)
$243.845 million long-term private activity bonds (PAB) series 2014
(tranches that are fully amortized in 2046) and borrowed by I-69
Development Partners LLC.  S&P placed the ratings on CreditWatch
with negative implications.  S&P also assigned a recovery rating of
'1', indicating its expectation of very high (90%-100%) recovery.

"The downgrade reflects our opinion that the construction phase
business assessment has weakened due to a tight schedule and
because the time buffer to accommodate additional delays is
limited," said Standard & Poor's credit analyst Antonio Bettinelli.


This results in a construction phase stand-alone credit profile of
'bb+', one notch below S&P's previous assessment of 'bbb-'.  There
have been significant delays, mainly due to permitting issues and
utility work, resulting in slowdowns of other construction tasks.
The IFA approved a revised schedule, which now puts the revised
completion date as June 2017 versus October 2016, an eight-month
delay.  This leaves only four months of buffer between the revised
completion date and the long stop date in October 2017.  This
severe delay increases the risk that the construction counterparty
will miss the contracted long stop date in the concession
agreement.  If this occurs, the IFA could terminate the concession,
although it would need to compensate the project, as discussed in
S&P's recovery analysis below.

"Key in our analysis is that the project does have sufficient
liquidity to withstand this expected delay and could finance, based
on our estimates, additional delays up to about the long-stop
date--then it could effectively withstand as much as nearly a
year-long delay in total without exhausting liquidity.  We expect
the counterparty to incur liquidated damages of about $22 million
for missing key target dates.  Against this, the project has about
$29 million in the form of a letter of credit and retention as of
March 2016.  However, the delay ultimately reduces the likelihood
that there will be enough construction liquidity for further delays
and contractor replacements, if required," S&P said.

S&P's CreditWatch placement reflects its uncertainty that the
construction schedule will remain on track and S&P's need to
further monitor performance.  S&P believes it may be difficult for
the project to adhere to the revised schedule, that further delays
could occur, and that it's possible that the contractor could
further delay key target construction dates.  This would ultimately
put additional pressure on construction liquidity and the
contractual long stop date.


INSTITUTO MEDICO: Plan Confirmation Hearing on April 26
-------------------------------------------------------
A confirmation hearing is scheduled for April 26, 2016, at 2:00
p.m. at Jose V Toledo Fed Bldg & US Courthouse, 300 Recinto Sur
Street, Courtroom 2 Second Floor, San Juan, Puerto Rico, to
consider Instituto Medico Del Norte, Inc.'s Amended Plan of
Reorganization dated Aug. 31, 2015.

The Plan provides for a 5% recovery for holders of unsecured
claims.  Under the Plan:

   * Holders of all allowed unsecured claims of less than $10,000
will receive 5% of the allowed amount of their claim, not to exceed
$500, per claim, within 90 days of the Effective Date of the Plan.
The aggregate of allowable claims under this class, not including
class 12 elections total $378,991.  The aggregate distribution in
this class is expected to be $18,952.

   * General Unsecured claims allowed for amounts more than $10,000
will receive 5% of the allowed amount of their claim, in 60
consecutive installments, without interest, commencing 60 days
after the Effective Date of the Plan.  The aggregate monthly
payments under this class are expected to be $5,265.  Claims for
bodily injury covered by insurance will be paid by the related
insurance company.

The equity security holders of prepetition common shares will
receive no distribution for their interest, however they will be
allowed to retain their existing shares in the Debtor's
corporation.  No dividends will be payable to prepetition
shareholders during the payment plan term and until all other
administrative, priority and unsecured classes are paid as stated
in this plan.

  * The allowed claims arising from assumed executory contracts,
will be paid in full satisfaction of such claims through different
payment plans negotiated with the contract parties.  Scheduled
executory contracts totaled $455,804, however proofs of claims and
adjustments reduced the amounts expected to be allowed, but with
the adjustments to the scheduled amount of Continental Casualty,
the amount expected to be allowed decreases to $383,299.  The
Debtor reached an agreement with CIRACET to pay 50% of their claim
in 18 equal monthly installments of $1,639.

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

    http://bankrupt.com/misc/Instituto_M_492_Am_Plan.pdf

                      About Instituto Medico

Instituto Medico del Norte, Inc. -- aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez -- sought protection under Chapter
11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961).  The case is assigned to Judge Mildred Caban Flores.

The Debtor scheduled $20,843,692 in total assets and $20,107,642 in
total liabilities.  The Debtor, however, said its real property has
a book value of $16,000,000 and personal property is worth
$6,105,979.

The Debtor is represented by Fausto David Godreau Zayas, Esq., and
Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid &
Godreau, in San Juan, Puerto Rico.  Luis B. Gonzalez & Co. CPA's
P.S.C. serves as accountant.

The U.S. Trustee for the District of Puerto Rico has appointed Dr.
Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as patient care
ombudsman.

                           *     *     *

MCS Advantage, Inc, MCS Life Insurance Company, Medical Card
System, Inc., have filed a motion to convert the bankruptcy case to
a liquidation under Chapter 7.


INSTITUTO MEDICO: Taps FPV & Galindez for Audit Services
--------------------------------------------------------
Instituto Medico del Norte, Inc., sought and obtained leave from
the U.S. Bankruptcy Court for the District of Puerto Rico to employ
FPV & Galindez, CPA PSC, to provide audit, tax and management
consulting services.

Mr. Julio A. Galindez will audit the Company's financial statements
as of and for the year ended Dec. 31, 2014, and will issue a report
thereon as soon as reasonably possible after completion of work.
The report will also include the preparation of the Company's
states tax returns for the year ended Dec. 31, 2013.  It will also
include management consulting services on third-party
reimbursement.  Finally, the firm will assist the Debtor with the
Agreed Upon Procedures Report of the Company as required to be
filed with the Puerto Rico Treasury Department for the request of
waiver for the additional gross income tax imposed by Act 40-2013
and pursuant to Circular Letter No. 13-05

Mr. Axel Ramirmez and Levi D. Villegas, members of the CPA Firm,
will applly for the and to try to obtain a tax exemption decree for
the Instituto under Act No. 196 of June 30, 1968.

The estimated fees are segregated as follows:

           Audit             $33,600
           Taxes              $6,200
           Consulting        $11,400
                             -------
             Total           $51,200

The Debtor believes that FPV does not hold or represent any
interest adverse to the estate, and is a "disinterested" party as
required as required 11 U.S.C. 327(a).

                      About Instituto Medico

Instituto Medico del Norte, Inc. -- aka Centro Medico Wilma N.
Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of
Centro Medico Wilma N. Vazquez -- sought protection under Chapter
11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No.
13-08961).  The case is assigned to Judge Mildred Caban Flores.

The Debtor scheduled $20,843,692 in total assets and $20,107,642 in
total liabilities.  The Debtor, however, said its real property has
a book value of $16,000,000 and personal property is worth
$6,105,979.

The Debtor is represented by Fausto David Godreau Zayas, Esq., and
Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid &
Godreau, in San Juan, Puerto Rico.  Luis B. Gonzalez & Co. CPA's
P.S.C. serves as accountant.

The U.S. Trustee for the District of Puerto Rico has appointed Dr.
Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as patient care
ombudsman.

                           *     *     *

MCS Advantage, Inc, MCS Life Insurance Company, Medical Card
System, Inc., have filed a motion to convert the bankruptcy case to
a liquidation under Chapter 7.


JUMIO INC: 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 Jumio Inc.

                         About Jumio

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

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

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

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

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

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

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


LEE STEEL: Panel's Objection to Notice of Case Closing Sustained
----------------------------------------------------------------
The Hon. Marci B. McIvor of the U.S. Bankruptcy Court for the
Eastern District of Michigan sustained the objection of the
Official Committee Of Unsecured Creditors to the closing of the
Chapter cases of LSC Liquidation, Inc., f/k/a Lee Steel Corp., and
its debtor affiliates.

The Court scheduled a status conference on Jan. 17, 2017, at 10:30
a.m. to determine if the case should remain open.

On Jan. 22, 2016, the Committee objected to the Nov. 26, 2015
notice of confirmation and opportunity to object to the closing of
the case, complaining that the Debtors' estates are not fully
administered.  The Committee noted that on Nov. 24, 2015, the Court
entered the order granting final approval of Disclosure Statement
and Confirming the Debtors' and Committee's Combined Joint Plan Of
Liquidation.

The Debtors concurred to the objection of the Committee.  The
Debtors asked that the Court will not close the cases until the
time the cases have been fully administered.

The Debtors are represented by:

         Stephen M. Gross, Esq.
         Jayson B. Ruff, Esq.
         Joshua A. Gadharf, Esq.
         McDONALD HOPKINS PLC
         39533 Woodward Avenue, Suite 318
         Bloomfield Hills, MI 48304
         Tel: (248) 646-5070
         Fax: (248) 646-5075
         E-mails: sgross@mcdonaldhopkins.com
                  jruff@mcdonaldhopkins.com
                  jgadharf@mcdonaldhopkins.com

The Committee is represented by:

        Scott A. Wolfson, Esq.
        Anthony J. Kochis, Esq.
        WOLFSON BOLTON PLLC
        3150 Livernois, Suite 275
        Troy, MI 48083
        Tel: (248) 247-7105
        Fax: (248) 247-7099
        E-Mail: akochis@wolfsonbolton.com

                        About Lee Steel

Novi, Michigan-based Lee Steel Corp., provides flat rolled steel,
including hot rolled steel, cold rolled steel, and exposed coated
products for automotive and other manufacturing industries.

Lee Steel and 2 affiliated companies -- Taylor Industrial
Properties, L.L.C., and 4L Ventures, LLC -- filed for separate
bankruptcy protection (Bankr. D. Del. Case No. 15-45784) on April
13, 2015.  

The Hon. Marci B. McIvor presides over the cases.  Joshua A.
Gadharf, Esq., at McDonald Hopkins PLC, represents the Debtor.
Huron Business Advisory, serves as financial advisor; and Epiq
Bankruptcy Solutions serves as claims and noticing agent.

Lee Steel disclosed $63,206,282 in total assets and $62,659,806 in
total liabilities.

Hilco Global has purchased the steel processing facility located at
the Lee Steel Corporation site in Romulus, Michigan.  The deal,
which was approved in U.S. Bankruptcy Court includes a 200,000
square foot plant and all of the steel processing equipment located
at that site.  The sale is expected to close in mid-September.

Lee Steel Corporation has asked Court for permission to change its
name to LSC Liquidation Inc. as contemplated by the previously
approved sale transaction with Union Partners I LLC.

The U.S. Trustee for Region 9 appointed three creditors to serve on
the official committee of unsecured creditors.  Conway Mackenzie,
Inc. serves as its financial advisor.

                        *     *     *

Judge Marci B. McIvor in November 2015 signed an order confirming
the Plan of Liquidation proposed by LSC Liquidation, Inc.,
formerly
Lee Steel Corp., et al.

A confirmation hearing was held on Nov. 24, 2015.  


LIFEPOINTE VILLAGE: TMI Asks to Be Appointed as Series C Trustee
----------------------------------------------------------------
TMI Trust Company, currently serving as the Trustee for the benefit
of First Mortgage Bonds, 2008 Series A and B of LifePointe
Village-Southaven, LLC and as Trust Company for the Subordinate
General Mortgage Bonds, 2008 Series C of LifePointe
Village-Southaven, LLC (CUSIP No. 53222HAT0), asks the U.S.
Bankruptcy Court for the Northern District of Mississippi to
appoint it as Successor Trustee of the Subordinate General Mortgage
Bonds, 2008 Series C of Lifepointe Village-Southaven, LLC, and in
support of this motion tells the Court:

     (A) TMI is the Trustee of the First Mortgage Bonds, 2008
Series A and First Mortgage
Bonds, 2008 Series B of the Debtor. The priority secured claim of
the bondholders of the Series A and B Bonds has been substantially
satisfied following the foreclosure sale of the real property.

     (B) Following the foreclosure of the real property, the
substitute trustee under the Deed of Trust sought to pay excess
proceeds from the foreclosure into the registry of this
Court, pending further orders regarding how those excess proceeds
should be distributed.

     (C) Pursuant to the confirmed plan in this case, and as a
result of the foreclosure, there may be multiple parties that have
an interest in the excess proceeds, including the
bondholders of the Series C Bonds.  The previous Trustee of the
Series C Bonds resigned, the Debtor, as Issuer of the Series C
Bonds, did not appoint a successor Trustee, and the Series C
Bondholders holding a majority in principal amount of the Series C
Bonds have not selected a successor Trustee.

    (D) The Trust Indenture for the Series C Bonds provides for the
appointment of a
successor Trustee by court order upon application by any Series C
Bondholder.  Although the Trust Indenture also permits the
selection of a successor Trustee by the holders of a majority in
principal amount of the Series C Bonds, no other Series C
Bondholders have taken any action in this regard, and the
petitioning Series C Bondholder believes that it is logistically
impossible to obtain such majority consent under the
circumstances.

    (E) So that the interest of the Series C Bondholders may be
protected and any distribution to them be administered efficiently,
the petitioning Series C Bondholder is asking the Court to appoint
TMI as successor Trustee of the Series C Bonds.  If appointed, and
in light of TMI’s current responsibilities as both Trustee of the
Series A and B Bonds and as the existing Trust Company for the
Series C Bonds, TMI's performance as the successor Trustee of the
Series C Bonds would allow for the efficient distribution of funds
to the Series C Bondholders and the other unsecured creditors
pursuant to the confirmed plan of reorganization.

     (F) TMI is willing to undertake the role as successor Trustee,
and upon entry of the
proposed order will send the Order to the last known addresses of
the Series C Bondholders.

TMI is represented in this matter by:

          John S. Golwen, Esq.
          BASS, BERRY & SIMS PLC
          The Tower at Peabody Place
          100 Peabody Place, Suite 900
          Memphis, Tennessee 38103
          Telephone: (901) 543-5900
          E-mail: jgolwen@bassberry.com

The chapter 11 proceeding is captioned In re LifePointe
Village-Southaven, LLC, Bankr. Case No. 12-12031 (N.D. Miss.).


LOGAN's ROADHOUSE: S&P Lowers CCR to 'CCC-', On Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Nashville, Tenn.-based restaurant operator Logan's
Roadhouse Inc., to 'CCC-' from 'CCC+'.  S&P also lowered its
issue-level ratings on its $143.9 million 10.75% senior secured
notes and $112.5 million series 2015-1 and $109.7 million series
2015-2 notes due October 2017 to 'CCC-' from 'CCC+'.  The recovery
rating is '4', indicating S&P's expectations for average (30% to
50%, high end) recovery in the event of default.  S&P placed all
the ratings on CreditWatch with negative implications.

"The downgrade and CreditWatch placement reflects our belief that
the company is likely to default again in the coming months, absent
an unexpected source of liquidity.  The company has said it is
engaged in ongoing discussions with its stakeholders to reduce debt
and improve liquidity," said credit analyst Adam Melvin.  "In
addition, LRI Holdings, parent of Logan's, is delaying its 10K
filing.  Performance trends have been poor, as restaurant traffic
has declined for the past three years, while EBITDA has remained
weak as a result of declining same-restaurant sales that more than
offset cost reductions.  The deterioration in same-restaurant sales
is a result of a mid- to high-single-digit decrease in guest
traffic despite modest growth in average check."

Resolution of the CreditWatch listing will depend on Logan's
announcements of any actions it takes regarding its capital
structure.


MEDICURE INC: Reports C$1.7 Million Net Income for 2015
-------------------------------------------------------
Medicure Inc. filed with the Securities and Exchange Commission its
annual report on Form 20-F disclosing net income of C$1.66 million
on C$22.08 million of net product sales for the year ended Dec. 31,
2015, compared to net income of C$1.19 million on C$5.26 million of
net product sales for the seven months ended Dec. 31,
2014.

As of Dec. 31, 2015, Medicure had C$21.25 million in total assets,
$16.79 million in total liabilities and C$4.46 million in total
equity.

As at Dec. 31, 2015, the Company had cash totaling $3.6 million
compared to $493,000 as of Dec. 31, 2014.  As at Dec. 31, 2015, the
Company had a working capital of $7.0 million compared to a working
capital deficit of $506,000 at Dec. 31, 2014.  The increase in
working capital between the two periods is as a result of higher
net income, when factoring out non-cash items, resulting from
increased revenues resulting in higher accounts receivable and cash
as at Dec. 31, 2015.  Additionally, the $3.6 million, net, private
placement financing completed during June of 2015 contributed to
the increase in working capital.

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

                     http://is.gd/27FZGk

                     About Medicure Inc.

Medicure -- http://www.medicure.com/-- is a specialty
pharmaceutical company focused on the development and
commercialization of therapeutics for the U.S. hospital market.
The primary focus of the Company and its subsidiaries is the
marketing and distribution of AGGRASTAT (tirofiban HCl) for non-ST
elevation acute coronary syndrome in the United States, where it is
sold through the Company's U.S. subsidiary, Medicure Pharma, Inc.

                         *     *     *

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


MGM RESORTS: Marketing Credit Facility to Prospective Lenders
-------------------------------------------------------------
As disclosed in a Form 8-K report filed with the Securities and
Exchange Commission, MGM Growth Properties LLC, a subsidiary of MGM
Resorts International, commenced the marketing of a senior secured
credit facility to prospective lenders to be entered into by a
newly formed operating partnership, which will be a subsidiary of
MGP following MGP's initial public offering.

In connection with these marketing efforts, the following
information is being provided to those prospective lenders: A
sources and uses table that assumes (A) $800 million of equity
proceeds and (B) debt financings, consisting of (1) a 5-year $600
million revolver (of which $150 million is expected to be drawn at
closing, with an additional amount, not to exceed $150 million,
available to be drawn at closing), (2) a 5-year $300 million term
loan A facility, (3) a $1,850 million term loan B facility and (4)
a $1,050 million offering of senior unsecured notes to be issued in
a private placement.

These are assumed amounts that are subject to change as a result of
market and other conditions.  Lenders have committed to provide the
5-year term loan A facility, with drawings to accrue interest at
LIBOR plus 2.75%, and the 5-year revolving credit facility, with
drawings to accrue interest at LIBOR plus 2.75%.  It is anticipated
that the $4,150 million of aggregate proceeds from these financings
will be used by the Operating Partnership to repay approximately
$4,000 million of indebtedness that the Operating Partnership is
expected to assume from the Company and certain of its subsidiaries
in connection with the foregoing financings and to pay
approximately $150 million of fees and expenses associated with
such financings and related transactions, with the remainder, if
any, for general corporate purposes.

                        About MGM Resorts

MGM Resorts International (NYSE: MGM) a global hospitality
company, operating a portfolio of destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage.  The
Company also owns 51% of MGM China Holdings Limited, which owns
the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50% of CityCenter in Las
Vegas, which features ARIA resort and casino.  For more
information about MGM Resorts International, visit the Company's
Web site at www.mgmresorts.com.

MGM Resorts reported a net loss attributable to the Company of
$156.60 million in 2013 following a net loss attributable to the
Company of $1.76 billion in 2012.

As of June 30, 2015, the Company had $27.1 billion in total assets,
$17.9 billion in total liabilities, $5 million in redeemable
noncontrolling interest and $9.1 billion in total stockholders'
equity.

                         Bankruptcy Warning

The Company stated in its 2013 Annual Report, "The agreements
governing our senior secured credit facility and other senior
indebtedness contain restrictions and limitations that could
significantly affect our ability to operate our business, as well
as significantly affect our liquidity, and therefore could
adversely affect our results of operations.  Covenants governing
our senior secured credit facility and certain of our debt
securities restrict, among other things, our ability to:

   * pay dividends or distributions, repurchase or issue equity,
     prepay certain debt or make certain investments;

   * incur additional debt;

   * incur liens on assets;

   * sell assets or consolidate with another company or sell all
     or substantially all assets;

   * enter into transactions with affiliates;

   * allow certain subsidiaries to transfer assets; and

   * enter into sale and lease-back transactions.

Our ability to comply with these provisions may be affected by
events beyond our control.  The breach of any such covenants or
obligations not otherwise waived or cured could result in a
default under the applicable debt obligations and could trigger
acceleration of those obligations, which in turn could trigger
cross defaults under other agreements governing our long-term
indebtedness.  Any default under our senior secured credit
facility or the indentures governing our other debt could
adversely affect our growth, our financial condition, our results
of operations and our ability to make payments on our debt, and
could force us to seek protection under the bankruptcy laws."

                           *     *     *

As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings
Services raised its corporate credit rating on MGM Resorts
International to 'B-' from 'CCC+'.   In March 2012, S&P revised
the outlook to positive from stable.

"The revision of our rating outlook to positive reflects strong
performance in 2011 and our expectation that MGM will continue to
benefit from the improving performance trends on the Las Vegas
Strip," S&P said.

In March 2012, Moody's Investors Service affirmed its B2 corporate
family rating and probability of default rating.  The affirmation
of MGM's B2 Corporate Family Rating reflects Moody's view that
positive lodging trends in Las Vegas will continue through 2012
which will help improve MGM's leverage and coverage metrics,
albeit modestly. Additionally, the company's declaration of a $400
million dividend ($204 million to MGM) from its 51% owned Macau
joint venture due to be paid shortly will also improve the
company's liquidity profile. The ratings also consider MGM's
recent bank amendment that resulted in about 50% of its
$3.5 billion senior credit facility being extended one year from
2014 to 2015.

As reported by the TCR on Sept. 29, 2014, Fitch Ratings has
upgraded MGM Resorts International's (MGM) and MGM China Holdings
Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-',
respectively.  Fitch's upgrade of MGM's IDR to 'B+' and the
Positive Outlook reflect the company's strong performance on the
Las Vegas Strip and in Macau as well as Fitch's longer-term
positive outlooks for these markets.


MIDSTATES PETROLEUM: Defers $16 Million Notes Interest Payment
--------------------------------------------------------------
Midstates Petroleum Company, Inc. elected to exercise its right to
a grace period with respect to an approximately $16 million
interest payment due on its 10.75% Senior Notes due 2020, issued
pursuant to the Indenture, dated as of Oct. 1, 2012, by and between
the Company and Wells Fargo Bank, National Association, as trustee.
The interest payment on the 2020 Notes was due April 1, 2016;
however, such grace period permits the Company 30 days to make such
interest payment before an event of default occurs, as disclosed in
a regulatory filing with the Securities and Exchange Commission.

The Company believes it is in the best interests of its
stakeholders to actively address the Company's debt and capital
structure and is continuing discussions with its creditors and
their respective professionals.  As of March 31, 2016, the Company
had a cash balance of approximately $301.4 million, which provides
liquidity to fund its current operations.  The Company is
continuing to pay suppliers and other trade creditors in the
ordinary course.

                 About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MIDSTATES PETROLEUM: Gets Notice of Borrowing Base Determination
----------------------------------------------------------------
Midstates Petroleum Company, Inc., on April 1, 2016, received a
notice of scheduled borrowing base determination from the
administrative agent and the lenders under its revolving credit
agreement, reducing its borrowing base to $170 million (the
"Conforming Borrowing Base").

As of April 1, 2016, the Company had approximately $252 million in
aggregate outstanding borrowings under the Credit Agreement,
resulting in a borrowing base deficiency of approximately $82
million based on the Conforming Borrowing Base set forth in the
Notice.  Under the Credit Agreement, the Company is required to
cure the borrowing base deficiency within 30 days after receipt of
the Notice.  The Company can elect to cure the borrowing base
deficiency by one or a combination of the following:

   (i) paying the amount by which the Effective Amount exceeds the
       Conforming Borrowing Base;

  (ii) paying the amount by which the Effective Amount exceeds the

       Conforming Borrowing Base in six equal successive monthly
       payments; or

(iii) providing a reserve report in accordance with the Credit
       Agreement covering additional unencumbered assets that when
       added to the Collateral (as defined in the Credit
       Agreement) causes the Conforming Borrowing Base to exceed
       the Effective Amount.  

The Company believes the borrowing base set forth in the Notice
does not attribute appropriate value to its reserves and intends to
engage in discussions with the Administrative Agent and the Lenders
regarding the appropriate borrowing base amount and, if necessary,
the relevant cure options, including a repayment schedule.

                 About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma.  The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates reported net income of $117 million on $794 million of
total revenues for the year ended Dec. 31, 2014, compared to a net
loss of $344 million on $470 million of total revenues for the year
ended Dec. 31, 2013.

As of Dec. 31, 2014, the Company had $2.47 billion in total assets,
$2 billion in total liabilities and $466 million in total
stockholders' equity.

The Company's independent auditor, Deloittee & Touche LLP, in
Houston, Texas, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2014,
citing that Midstates' projected debt covenant violation and
resulting lack of liquidity raise substantial doubt about its
ability to continue as a going concern.

                             *    *    *

Midstates Petroleum carries a 'B' corporate credit rating from
Standard & Poor's Ratings Services.

As reported by the TCR on April 8, 2013, Moody's Investors Service
affirmed Midstates Petroleum's 'B3' Corporate Family Rating.


MIDWEST FAMILY: S&P Lowers Rating on 2006A Class III Bonds to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating and
underlying rating (SPUR) on on Midwest Family Housing LLC, Ill.'s
class I bonds to 'A+' from 'AA-'.  S&P also lowered its ratings on
ratings on Midwest Family Housing's (Navy Midwest Housing
privatization project) series 2006A class III military housing
taxable revenue bonds to 'B+' (sf) from 'BB' (sf).

In addition, Standard & Poor's affirmed its:

   -- 'BBB' (sf) long-term rating and SPUR on the project's series

      2006A class II military housing revenue bonds; and

   -- 'B' (sf) long-term rating and SPUR on the project's series
      2006A class IV military housing revenue bonds.

The outlook on the class I,II, III, and IV bonds is negative.

"The rating reflects our view of the project's vulnerable
construction risk and vulnerable-to-highly vulnerable financial
performance for the class III and IV bonds," said Standard & Poor's
credit analyst Ki Beom-Ki Park.

Other factors include its:

   -- Vulnerable loss coverage for classes IV, III, and II,
      respectively, with a loan-to-value (LTV) ratio of 123%; and

   -- The debt service reserve fund (DSRF) in the form of a surety

      policy from CIFG Assurance North America, which is not rated

      by Standard & Poor's.

"The negative outlook on class I, II, III, and IV bonds reflects
our view of the transaction's deteriorated coverage levels for each
of four classes of debt," added Mr. Park.  S&P expects the project
to maintain debt service coverage commensurate with its rating
determination throughout the two-year outlook period.

However, S&P would consider revising the rating if financial
performance underperforms S&P's projections, if the planned sale of
land doesn't materialize in 2015, or if the construction fund is
not sufficient to cover debt service shortfalls for classes III and
IV.  A consistent decline in occupancy below the 90% level or an
increase in expenses without a corresponding increase in revenues
will also put stress on coverage levels, leading to a negative
rating action.  Conversely, S&P may take a positive rating action
within the outlook period if financial performance improves and the
remaining project scope is completed within budget.



MINT LEASING: Needs More Time to File 2015 Annual Report
--------------------------------------------------------
The Mint Leasing, Inc. was unable to file, without unreasonable
effort or expense, its 2015 yearly report on Form
10-K for the period ended Dec. 31, 2015.  The Company said
aditional time is needed for it to compile and analyze supporting
documentation in order to complete the Form 10-K and in order to
permit the Company's independent registered public accounting firm
to complete its review of the unaudited condensed consolidated
financial statements included in the Form 10-K.  The Company
intends to file the Form 10-K by or before April 14, 2016.

                      About Mint Leasing

Houston, Texas-based The Mint Leasing, Inc., is in the business of
leasing automobiles and fleet vehicles throughout the United
States.

Mint Leasing reported a net loss of $3.08 million in 2014,
following net income of $3.22 million in 2013.

As of Sept. 30, 2015, the Company had $11.1 million in total
assets, $13.3 million in total liabilities and a total
stockholders' deficit of $2.25 million.

                      Bankruptcy Warning

"We were notified on October 19, 2015, by Raven Asset-Based
Opportunity Fund I LP, the successor to MNH, that we were in
default of certain provisions of the Loan Agreement and Amended
Loan.  Specifically, Raven alleged that we were in default because
of (a) our failure to timely make certain monthly payments under
the note owed to Raven, (b) our failure to repay certain required
overadvances due under the note, (c) our creation of indebtedness
to third parties without the approval of Raven, and (d) other
alleged defaults.  At the same time, Raven declared a total amount
of approximately $7.0 million immediately due and payable under the
note (representing principal, interest, default interest and late
charges).  We have not paid Raven the amounts owed to date and do
not have sufficient available cash available to make such payments.
Notwithstanding the above, Raven has not yet taken any action to
enforce their security interests which they hold over substantially
all of our assets (notwithstanding their option to do that at any
time), and we and Raven are currently in discussions regarding the
entry into a forbearance agreement.  In the event we are unable to
agree to terms of a forbearance agreement with Raven, we may be
forced to seek bankruptcy protection and/or Raven may enforce its
securities interest, foreclose on our assets and take control and
ownership of substantially all of our assets in order to satisfy
amounts owed to Raven, any of which could result in the value of
our securities becoming worthless and/or us ceasing operations,"
the Company states in the report.


MORNINGSTAR MARKETPLACE: Leon P. Haller Named Chapter 11 Trustee
----------------------------------------------------------------
Andrew R. Vara, Acting U.S. Trustee for Region 3, sought and
obtained authority from Judge Mary D. France of the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to appoint Leon P.
Haller, Esq., as Chapter 11 trustee for Morningstar Marketplace,
Ltd.

The U.S. Trustee has consulted with Henry W. Van Eck, Esq., counsel
for creditor Manufacturers and Traders Trust Co., and with counsel
for the Debtor, Robert L. Knupp, Esq.  No one has proffered the
name of any other person who might be appointed.

To the best of the U.S. Trustee's knowledge, Mr. Haller has no
connections with the Debtor, creditors, or other
parties-in-interest, their respective attorneys or accountants, the
U.S. Trustee or persons employed in the Office of the U.S.
Trustee.

Prior to appointment, the Court granted the request of M&T, for an
appointment of a trustee, and directed that the U.S. Trustee
appoint a trustee.  The Debtors had objected to the motion.

Mr. Haller is a member of the panel of Chapter 7 Trustees.

M&T, in its motion, stated that the Debtor mismanaged the company
and the Debtor's professionals and principal have an actual
conflict with Debtor's interests because they also have represented
the interests of MMI, Debtor's tenant.

M&T serves as the trustee under a trust indenture for holders of
the York County Industrial Development Authority Mortgage Revenue
Bonds Series 2010.  M&T holds a second mortgage on the property.

                   About Morningstar Marketplace

Morningstar Marketplace, LTD, owns a flea market business located
along Route 30 in Jackson Township, York County, Pennsylvania.
Andrew W. Lentz created the Marketplace to serve farmers,
antiquaries and vendors and the general consumer and collector
population within the surrounding area.  Built in 1999, the
Marketplace site consists of 3 side-by-side buildings totaling
51,440 square feet, and two free standing pavilions measuring 30'
by 50' and 50' by 50'.  The site has 190 vendor spaces in its shed
area and 200 outside vendor spaces in the upper parking lot.

Andrew Lentz is the general partner of Morningstar Marketplace,
LTD, and his wife owns the remaining 19%.  Morningstar
Marketplace,
Inc., a related company owned by Mr. Lentz, is the operator of the
site.

Morningstar Marketplace LTD filed a Chapter 11 bankruptcy petition
(Bankr. M.D. Pa. Case No. 14-00451) in Harrisburg on Feb. 3, 2014.

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

Judge Mary D. France presides over the case.  Attorneys at Smigel,
Anderson & Sacks, LLP serve as counsel to the Debtor.


NATURAL MOLECULAR: Clark Nuber Okayed as Trustee's Expert Witness
-----------------------------------------------------------------
The Hon. Marc Barreca of the U.S. Bankruptcy Court for the Western
District of Washington authorized Mark Calvert, the Chapter 11
Trustee for National Molecular Testing Corporation, to employ Clark
Nuber PS as expert witness nunc pro tunc to Sept. 14, 2015.

John S. Kaplan, Esq., on behalf of the trustee, submitted a
declaration of no objection to the motion.

The trustee has determined that engaging a forensic accountant to
review and complete an insolvency analysis and testify as an expert
witness as necessary will add both expertise and efficiency.

Peter Miller, a shareholder of Clark Nuber P.S., tells the Court
that he will take the lead in Clark Nuber's work on behalf of the
trustee.

Clark Nuber's standard hourly rates range from $250 to $500;
however, because the case involves a bankruptcy estate, Clark Nuber
will apply a 25% discount to those rates. T otal costs for the
assignment are estimated to be $20,000.  The Trustee has agreed to
pay $10,000 to Clark Nuber upon entry of the order approving their
employment and another $10,0000 upon delivery of Clark Nuber's
final report.  If expert witness testimony is
required, rates for those services will be at undiscounted rates.

Mr. Miller assures the Court that Clark Nuber is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Miller may be reached at:

         Peter Miller
         CLARK NUBER P.S.
         Tel: 425-454-4919
         Email: pmiller@nuber.com

The trustee is represented by:

         John S. Kaplan, Esq.
         PERKINS COIE LLP
         1201 Third Avenue, Suite 4900
         Seattle, WA 98101-3099
         Tel: (206) 359-8000
         Fax: (206) 359-9000
         E-mail: JKaplan@perkinscoie.com

                     About Natural Molecular

Natural Molecular Testing Corp., which provides molecular
diagnostic-testing services, including testing for sexually
transmitted diseases and screening and counseling about cystic
fibrosis, filed a petition for Chapter 11 protection (Bankr. W.D.
Wash. Case No. 13-19298) on Oct. 21, 2013, in Seattle.  Hacker &
Willig, Inc., P.S., serves as its bankruptcy counsel.  The closely
held company said assets are worth more than $100 million while
debt is less than $50 million.

Gail Brehm Geiger, Acting U.S. Trustee for Region 18, appointed a
five-member Committee of Unsecured Creditors.  Foster Pepper's
Jane Pearson, Esq.; Christopher M. Alston, Esq., and Terrance
Keenan,
Esq., serve as the Committee's attorneys.


NET ELEMENT: Reports 2015 Annual Results and Provides Update
------------------------------------------------------------
Net Element, Inc. reported a net loss attributable to common
stockholders of $14.83 million on $40.23 million of net revenues
for the 12 months ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $10.18 million on $21.23
million of total revenues for the 12 months ended Dec. 31, 2014.

As of Dec. 31, 2015, Net Element had $22.91 million in total
assets, $13.87 million in total liabilities and $9.04 million in
total stockholders' equity.

"We are very pleased with our strong finish to the year with
positive momentum across all channels.  Our results are a
reflection of our ability to deliver growth," commented Oleg Firer,
CEO of Net Element.  "Our growth for 2015, included completing our
strategic acquisition of PayOnline, expanding organic growth
throughout the year, and leveraging our strengths in omni-channel
transaction processing to win new business."

2015 Business Highlights:

  * Acquired PayOnline, leading online payment platform in
    emerging markets

  * Digital Provider exceeded 3 million recurring mobile
    subscribers

  * PayOnline successfully deployed MasterCard’s MasterPass
    digital wallet to over 800 online merchants

  * Expanded into Kyrgyzstan and signed leading e-commerce company

    in the region

  * Expanded to Kazakhstan by creating partnerships with leading
    mobile operators

  * Launched payment processing in Kazakhstan through partnership
    with KAZKOM bank

  * Launched joint venture to focus on Gulf Cooperation Council
    (GCC) states and India

2015 Product Launches:

  * Launched Restoactive, a comprehensive mobile restaurant
    solution.  Integrated with some of the biggest POS and
    restaurant management platforms such as MICROS, POSitouch,
    Aloha and Symphony.  By integrating into the leading POS and
    restaurant management platforms Restoactive is now available
    to over 500,000 restaurants in the United States.

  * PayOnline launched "Pay-Travel" to automate payments for
    travel industry including integration with Global Distribution

    Systems (GDS), which includes Amadeus and Sabre and available
    for online and mobile application payments acceptance

  * PayOnline launched new mobile payment solution for iOS to
    existing Microsoft and Android processing capabilities.  The
    new software developer kit (SDK) enables integration of
    PayOnline transaction processing into Apple's iPad and iPhone
    applications

  * Aptito added EMV and mobile payments acceptance including
    Android Pay, Apple Pay and Samsung Pay to its POS offering.
    Merchants Using Aptito POS Systems are provided secure EMV
   -compliant and mobile payment acceptance hardware

  * Expanded our service offerings to over 100 payment methods
    internationally

A copy of the press release is available for free at:

                      http://is.gd/LHZFSC

                       About Net Element

Miami, Fla.-based Net Element International, Inc., formerly Net
Element, Inc., currently operates several online media Web sites
in the film, auto racing and emerging music talent markets.

Net Element reported a net loss of $10.18 million on $21.2
million of net revenues for the 12 months ended Dec. 31, 2014,
compared to a net loss of $48.3 million on $18.7 million of net
revenues for the 12 months ended Dec. 31, 2013.

Daszkal Bolton LLP, in Fort Lauderdale, Florida isssued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2014, citing that the Company has sustained
recurring losses from operations and has working capital and
accumulated deficits that raise substantial doubt about its ability
to continue as a going concern.


NEW GOLD: Moody's Cuts Corporate Family Rating to 'B2'
------------------------------------------------------
Moody's Investors Service downgraded New Gold Inc.'s Corporate
Family rating (CFR) to B2 from B1, its Probability of Default
Rating to B2-PD from B1-PD, and its unsecured rating to B3 from B2.
The company's speculative grade liquidity rating was lowered to
SGL-3 from SGL-2. The rating outlook is negative. This concludes
the review for downgrade initiated on January 21, 2016.

"The downgrade of New Gold's rating reflects the significant
execution risk faced by the company as it works toward completing
its sizable Rainy River gold mine in Ontario combined with a
deterioration of liquidity," said Jamie Koutsoukis, Moody's Vice
President, Senior Analyst. "Should the company experience delays in
production at Rainy River coming on stream in 2017, leverage could
move towards 4x" she added.

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

Downgrades:

Issuer: New Gold Inc.

-- Probability of Default Rating, Downgraded to B2-PD from B1-PD

-- Corporate Family Rating, Downgraded to B2 from B1

-- Senior Unsecured Regular Bond/Debenture, Downgraded to
    B3(LGD4) from B2(LGD4)

Ratings Lowered:

-- Speculative Grade Liquidity Rating, Lowered to SGL-3 from SGL-
    2

Outlook Actions:

Issuer: New Gold Inc.

-- Outlook, Changed To Negative From Rating Under Review


NEW GULF RESOURCES: Files Amended Schedules of Assets & Debt
------------------------------------------------------------
New Gulf Resources, LLC, filed with the U.S. Bankruptcy Court for
the District of Delaware its amended schedules of assets and
liabilities, disclosing:

     Schedule A/B: Assets-Real and Personal Property

          1a. Real property:                         $350,658,403

          1b. Total personal property:                $41,216,569
                                                -----------------
          1c. Total of all property:                 $391,874,972

     Summary of Liabilities

          Schedule D: Creditors Who Have Claims
            Secured by Property                      $481,208,135

          Schedule E/F: Creditors Who Have
            Unsecured Claims

              3a. Total claim amounts of  
                  priority unsecured claims                    $0

              3b. Total amount of claims of
                  nonpriority amount of
                  unsecured claims                   $179,065,359
                                                -----------------
          Total liabilities                          $660,273,494

A copy of the Schedules, as amended, is available at no extra
charge at:

       http://bankrupt.com/misc/New_Gulf_373_Am_SAL.pdf

                     About New Gulf Resources

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

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

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

                           *     *     *

The Debtors negotiated a Chapter plan of reorganization
that contemplates the raising of new capital through a rights
offering and the conversion of necessary debtor-in-possession
financing into flexible exit financing. The Debtors won approval
assume a backstop note purchase agreement with entities that have
agreed to support the $50 million rights offering.  The Debtors on
March 4, 2016 announced an extension of the rights offering
maturity date to March 24.


NEW GULF RESOURCES: Wants Until July 14 to Remove Actions
---------------------------------------------------------
New Gulf Resources, LLC and its debtor-affiliates ask the
Bankruptcy Court to extend the period within which they may remove
actions pending in various state and federal courts by 120 days
through and including July 14, 2016.

The Debtors request that the proposed July 14 deadline to file
notices of removal apply to all matters specified in Bankruptcy
Rule 9027(a)(2) and (a)(3).

The Debtors believe that ample cause exists to extend the current
deadline.

The Debtors' counsel, Justin P. Duda, Esq., at Young Conaway
Stargatt & Taylor, LLP, explains that since the Petition Date, the
Debtors have (i) worked diligently to ensure their smooth entry
into chapter 11 and deal with the myriad issues related to the
commencement of the Chapter 11 cases; (ii) compiled and analyzed
the information needed for the Debtors' Schedules of Assets and
Liabilities and Statements of Financial Affairs and filed the same;
(iii) pursued the assumption of the Restructuring Support Agreement
with certain holders of the Debtors' senior secured notes, which
the Court granted on Feb. 4, 2016, pursuant to which the Debtors
seek to consummate a restructuring transaction under the Plan; and
(iv) obtained Court approval of the disclosure statement regarding
the Plan and commenced solicitation of votes to approve the Plan.
As a result of all of these efforts, and others, in the Chapter 11
Cases, the Debtors have not yet had an opportunity to fully
investigate the Actions to determine whether removal is
appropriate.

                     About New Gulf Resources

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

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

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


NEWZOOM INC: Sheppard Mullin Okayed as Committee Counsel
--------------------------------------------------------
The Hon. Hannah L. Blumenstiel of the U.S. Bankruptcy Court for the
Northern District of California authorized the Official Committee
of Unsecured Creditors in the Chapter 11 case of Newzoom, Inc., to
retain Sheppard, Mullin, Richter & Hampton LLP as its counsel
effective as of Sept. 22, 2015.

The firm is expected to, among other things:

   1. advise regarding the bankruptcy law;

   2. advise with respect to the Committee's powers and duties in
the Debtor's bankruptcy case; and

   3. attend Committee meetings.

The firm will be compensated on an hourly basis and it will be
reimbursed of expenses to be paid from the Debtor's estate.  The
hourly rates are:

   Ori Katz, Esq., partner                        $650
   Michael M. Lauter, Esq., partner               $595

While Mr. Katz's normal and customary hourly rate is $720, Sheppard
Mullin has agreed to reduce Mr. Katz's rate to $650 for the
engagement.

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

The firm can be reached at:

        Ori Katz, Esq.
        Michael M. Lauter, Esq.
        SHEPPARD, MULLIN, RICHTER & HAMPTON LLP
        Four Embarcadero Center, 17th Floor
        San Francisco, CA 94111-4109
        Tel: (415) 434.9100
        Fax: (415) 434.3947
        E-mail: okatz@sheppardmullin.com
                mlauter@sheppardmullin.com

           About NewZoom

Headquartered in San Francisco, California, NewZoom, doing business
as ZoomSystems, operates an automated retail channel.  It operates
ZoomShops, a custom-branded automated self-service retail stores
that facilitates online shopping.  It has ZoomShop network
locations in airports, malls, resorts, military bases, and retail
stores in the United States, Europe, and Japan.  The Debtor employs
approximately 115 people.

NewZoom, Inc. filed Chapter 11 bankruptcy petition (Bankr. N.D.
Calif. Case No. 15-31141) on Sept. 10, 2015.  The petition was
signed by John A. Lawrence, the president and CEO.  The case is
assigned to Judge Hannah L. Blumenstiel.

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

Pachulski Stang Ziehl & Jones LLP serves as counsel to the Debtor.

Prime Clerk LLC acts as the claims and noticing agent.

The Official Committee of Unsecured Creditors tapped Sheppard
Mullin Richter & Hampton LLP as attorneys.

MIHI LLC is providing $3.7 million to finance the Chapter 11
effort.


NMSC HOLDINGS: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to NMSC Holdings, Inc. (NMSC),
the indirect parent of NAPA Management Services Corporation (NAPA).
At the same time, Moody's assigned a B1 rating to NMSC's proposed
$360 million senior secured credit facilities, comprised of a $40
million first lien revolver and $320 million first lien term loan.
The rating outlook is stable. This is the first time Moody's has
assigned public ratings to NMSC Holdings.

The proceeds of the first lien loan together with $160 million of
second lien term loans (not rated) and $411 million of equity
contributions will be used to fund the acquisition of NAPA
Management Services Corporation by financial sponsor American
Securities LLC and fund two acquisitions.

The following ratings and LGD's have been assigned:

Ratings assigned:

NMSC Holdings, Inc.

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$40 million revolving credit facility expiring in 2021 at B1 (LGD
3)

$320 million first lien term loan due 2023 at B1 (LGD 3)

The outlook is stable

RATING RATIONALE

The B2 Corporate Family Rating reflects NAPA's small revenue size
at under $450 million, the company's high financial leverage and
its significant concentration in the Northeast United States. In
addition, the company's high concentration in anesthesia is a
further constraint on the rating. Ratings are supported by
favorable market trends within healthcare services outsourcing,
strong organic growth and high customer retention.

The rating outlook is stable, reflecting Moody's expectation that
NAPA will continue to produce steady organic revenue and profit
growth that will reduce leverage over the next 12 months.

Though not anticipated in the near-term, a rating upgrade could be
considered if NAPA substantially increases its scale, while
diversifying its revenue sources both on a geographic and contract
basis. In addition, if the company is able to sustain adjusted debt
to EBITDA below 5.0 times the rating could be upgraded.

Moody's could downgrade the rating should the company take on
additional debt to fund either acquisitions or dividends, such that
leverage fails to decline below 6.0 times over the next 12 months.
Additionally, Moody's could downgrade the ratings if it anticipates
that the company will have negative free cash flow or if liquidity
deteriorates.

Headquartered in Melville, NY, NAPA Management Services Corporation
is a leading specialty anesthesia management company in the United
States. NAPA partners with hospitals, ambulatory surgery centers
and physician offices to provide anesthesia services and
perioperative care.


NMSC HOLDINGS: Moody's Assigns B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating and
B2-PD Probability of Default Rating to NMSC Holdings, Inc. (NMSC),
the indirect parent of NAPA Management Services Corporation (NAPA).
At the same time, Moody's assigned a B1 rating to NMSC's proposed
$360 million senior secured credit facilities, comprised of a $40
million first lien revolver and $320 million first lien term loan.
The rating outlook is stable. This is the first time Moody's has
assigned public ratings to NMSC Holdings.

The proceeds of the first lien loan together with $160 million of
second lien term loans (not rated) and $411 million of equity
contributions will be used to fund the acquisition of NAPA
Management Services Corporation by financial sponsor American
Securities LLC and fund two acquisitions.

The following ratings and LGD's have been assigned:

Ratings assigned:

NMSC Holdings, Inc.

Corporate Family Rating at B2

Probability of Default Rating at B2-PD

$40 million revolving credit facility expiring in 2021 at B1 (LGD
3)

$320 million first lien term loan due 2023 at B1 (LGD 3)

The outlook is stable

RATING RATIONALE

The B2 Corporate Family Rating reflects NAPA's small revenue size
at under $450 million, the company's high financial leverage and
its significant concentration in the Northeast United States. In
addition, the company's high concentration in anesthesia is a
further constraint on the rating. Ratings are supported by
favorable market trends within healthcare services outsourcing,
strong organic growth and high customer retention.

The rating outlook is stable, reflecting Moody's expectation that
NAPA will continue to produce steady organic revenue and profit
growth that will reduce leverage over the next 12 months.

Though not anticipated in the near-term, a rating upgrade could be
considered if NAPA substantially increases its scale, while
diversifying its revenue sources both on a geographic and contract
basis. In addition, if the company is able to sustain adjusted debt
to EBITDA below 5.0 times the rating could be upgraded.

Moody's could downgrade the rating should the company take on
additional debt to fund either acquisitions or dividends, such that
leverage fails to decline below 6.0 times over the next 12 months.
Additionally, Moody's could downgrade the ratings if it anticipates
that the company will have negative free cash flow or if liquidity
deteriorates.

Headquartered in Melville, NY, NAPA Management Services Corporation
is a leading specialty anesthesia management company in the United
States. NAPA partners with hospitals, ambulatory surgery centers
and physician offices to provide anesthesia services and
perioperative care.


PACIFIC BEACON: Fitch Hikes 2006A Class III Bonds Rating From BB
----------------------------------------------------------------
Fitch Ratings affirms the ratings on these classes of Pacific
Beacon LLC (CA), military housing taxable revenue bonds (Naval Base
San Diego Unaccompanied Housing Project), 2006 series A:

   -- $175 million class I bonds at 'AA-';
   -- $62 million class II bonds at 'A-'.

In addition, Fitch upgrades this rating:

   -- $55 million class III bonds to 'BBB-' from 'BB';

The Rating Outlook is Stable.

                             SECURITY

The bonds are special limited obligations of the issuer primarily
secured by pledged revenues from the operation of the unaccompanied
housing project known as Pacific Beacon at the San Diego Naval
Base.  The absence of a cash funded debt service reserve fund
limits protections afforded bondholders.

                        KEY RATING DRIVERS

OCCUPANCY REMAINS HIGH: The project is currently 98% occupied.
Management continues to achieve high occupancy levels, despite
deployments resulting in a nearly 80% turnover rate per year.

BAH PERCENTAGE INCREASE: For the Pacific Beacon project the U.S.
Navy authorized the payment of Basic Allowance for Housing (BAH)
for junior enlisted personnel in the paygrades of E-1 to E-4.  The
increase in the percentage of BAH from 68% to 82% in 2014 for the
residents of Pacific Beacon allowed for rental payments increased
revenue to the project and in turn increased debt service coverage.
The residents of Palmer Hall continue to receive the 68% of BAH in
accordance with the business agreement.

IMPROVING DEBT SERVICE COVERAGE: The affirmation of the ratings on
the class I and II and the upgrade of the class III bonds with a
Stable Outlook are based on the improved debt service coverage
ratios (DSCR).  The actual third quarter 2015 year-to-date DSCR of
2.22x, 1.66x and 1.36x for the class I, II and III bonds,
respectively, compared favorably to the 2014 DSCR of 1.96x, 1.47x
and 1.20x, respectively.  The 2014 coverage was an improvement on
the coverage posted in 2013.

PROPERTY MANAGEMENT ADDS CREDIT STRENGTH: Management's ability to
continue to maintain occupancy levels and contain operating
expenses even with the persistent apartment turnover is a positive
credit factor.

ROBUST RENTAL MARKET: The BAH increased approximately 8% for the
E-1 to E-4 rank on average when compared to last year due to San
Diego's rental market strength.

RATING SENSITIVITIES
BAH DECREASE: A material decrease in BAH for the San Diego market
area in the near term could put negative pressure on the ratings.

DECREASED OCCUPANCY AND/OR INCREASED EXPENSES: Management's
inability to maintain high occupancy levels and/or control project
operating expenses could negatively impact DSCRs.

                         CREDIT PROFILE

BASE INFORMATION

Located just south of downtown San Diego and adjacent to National
City, CA, Naval Base San Diego has a primary mission of providing
shore support, living quarters and pier-side berthing services to
the 37 ships of the Naval Surface Force, U.S. Pacific Fleet.  It is
the largest surface force support installation in the U.S.

The naval base is home to 90 tenant commands, including many fleet
vocational schools; employs more than 40,000 military and civilian
personnel; houses 6,500 family members of military personnel; and
supports 58,000 military retirees.

                        PROJECT INFORMATION

The project, which is located at Naval Base San Diego, consists of
1,199 units made up of Pacific Beacon (941 units) and Palmer Hall
(258 units) and operates under the name Pacific Beacon.

The original scope included upgrading and renovating existing
two-bedroom residential units at Palmer Hall and the construction
of three new buildings/towers known as Pacific Beacon with
two-bedroom units.  The project includes multiple fitness
facilities, a multiuse area, classrooms and free parking.

                     PROJECT OCCUPANCY LEVELS

The project is currently 98% occupied and demonstrated 98% average
occupancy for the three year period ending December 2015.
Management reports that the project experiences high turnover rates
every year which is largely driven by the deployment and promotion
of existing tenants.

Project occupancy levels play a key role in determining the amount
of revenue generated by the project, as BAH amounts vary by rank
level.  However, rank levels are now less important as currently
86% of the beds are leased to service members with a rank of E4 or
below which all receive the same monthly BAH amount.

                             BAH RATES

One of the keys to the financial health of the project was the
Department of Defense changing the percentage of the BAH to the
E1-E4 ranks living at Pacific Beacon to 82% of BAH in 2014.  This
increased the per bedroom revenue (regardless of tenant mix),
offset some of the property operating expenses and increased DSCR
this year and should continue that trend in the future assuming
operating expenses remain stable.  Management reports that the
project will pay off the balance of deferred management fees that
were incurred prior to the increase in the percentage of BAH
available for rental payments at the end of the current year well
ahead of its prior projections.

              PROJECTED DEBT SERVICE COVERAGE LEVELS

The 2016 budget for the property incorporates a 3.3% economic
vacancy assumption.  In addition, the projection includes the
actual 8% increase in BAH with the same tenant mix which
demonstrates a 1.44x all in debt service coverage ratio on a
year-to-date basis through then end of February 2016.

Debt service remains nearly level throughout the life of the bonds
at approximately $20 million.

Fitch continues to view unaccompanied military housing projects as
having more risk than other Fitch rated military family housing
projects given the varied profile of the respective tenant bases.
Unaccompanied housing projects tend to be subject to higher levels
of physical wear and much higher annual turnover which leads to
higher property operating expenses.  Therefore, Fitch expects that
the DSCRs for an unaccompanied project will be higher than those of
military family housing transactions at the same rating level to
account for this dynamic.

                       PROJECT CONSTRUCTION

Construction for the project was completed ahead of schedule, June
2009.

                             BRAC RISK

In 2005, the BRAC commission recommended the closure of Naval
Station Ingleside, TX and the relocation of its ships, equipment
and personnel to Naval Base San Diego.  This closure and the
consolidation of the Navy Reserve Command's installation management
function with Navy Region Southwest at the San Diego base resulted
in a gain of nearly 1,100 military personnel and more than 80
civilian employees for Naval Base San Diego.

While the four previous BRAC commission recommendations (1988,
1991, 1993 and 1995) to the President resulted in the loss of some
assigned personnel and activities located in San Diego due to
realignments within the Navy's organizational structure, none of
the recommendations challenged the future of the base as a home
port, fleet support facility or training center.  On the contrary,
the consolidation of the Navy's infrastructure over the past 18
years has increased its reliance on the San Diego base to serve as
a home port to the Pacific Fleet, securing its vital role for the
foreseeable future.

There has been no additional BRAC information since the 2005
commission.

                      DEBT SERVICE RESERVE FUND

The transaction maintains a National Public Finance Guarantee
surety bond for the debt service reserve fund sized at maximum
annual debt service.  Fitch does not assign any value to the surety
bond and does not rely on its presence in the event of project
financial deterioration.  In addition, there is an excess
collateral agreement in place in the amount of $10 million which
acts as a line of credit to the project from Merrill Lynch with a
wrap from AIG.  As far as the excess collateral agreement, Fitch no
longer gives any credit in the analysis to that agreement.

                        PROJECT MANAGEMENT

The project manager is Clark Realty Capital, LLC.  Since taking
over the property management in January 2010, an affiliate of Clark
Realty Capital has maintained high occupancy rates and has ably
managed operating expenses.


PARAGON OFFSHORE: Ad Hoc Noteholder Group Membership Disclosed
--------------------------------------------------------------
The law firms of PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP and
YOUNG CONAWAY STARGATT & TAYLOR, LLP, disclose pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure, that they
represent certain unaffiliated holders of (i) the 6.75% Senior
Notes due 2022 and (ii) the 7.25% Senior Notes due 2024 issued by
Paragon Offshore plc under that certain indenture dated as of July
18, 2014, by and among Paragon Offshore plc, the subsidiary
guarantors party thereto, Deutsche Bank Trust Company Americas, as
trustee, and Deutsche Bank Luxembourg S.A., as paying agent and
transfer agent.

The Noteholders and the face amount of the bonds they hole are:

                                    5.75% Notes   7.25% Notes
                                    -----------   -----------
AllianceBernstein L.P.         
1345 Avenue of the Americas
New York, NY 10105                  $39,171,000    $85,767,000

Arosa Capital Management LP
120 West 45th Street, Suite 3600
New York, NY 10036                  $39,131,000    $93,847,000

Loomis, Sayles & Company, L.P.
One Financial Center
Boston, MA 02111                    $93,657,000   $152,532,000

Oaktree Capital Management, L.P.
333 S. Grand Avenue, 28th Floor
Los Angeles, CA 90071               $72,170,000             $0

P. Schoenfeld Asset Management LP
1350 Ave. of the Americas, 21/F
New York, NY 10019                  $44,489,000    $36,852,000

The law firms relate that in Sept. 2015, certain members of the Ad
Hoc Group of Noteholders
retained:

          Andrew N. Rosenberg, Esq.
          Elizabeth R. McColm, Esq.
          Oksana Lashko, Esq.
          Jeanne L. John, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212) 373-3000

to represent them in connection with potential restructuring
discussions involving the Debtors.  From time to time thereafter,
certain additional holders of Senior Notes Claims have joined the
Ad Hoc Group of Noteholders.  In Feb. 2016, the Ad Hoc Group of
Noteholder retained:

          Pauline K. Morgan, Esq.
          Maris J. Kandestin, Esq.
          Elizabeth S. Justison, Esq.
          YOUNG CONAWAY STARGATT & TAYLOR, LLP
          1000 North King Street
          Wilmington, DE 19801
          Telephone: (302) 571-6600

as its Delaware counsel.

                        About Paragon Offshore

Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a    

global provider of offshore drilling rigs.  Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas. Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the over-
the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.

Paragon Offshore Plc, et al., filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-
10410) on Feb. 14, 2016, after reaching a deal with lenders on a
reorganization plan that would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the
cases.

The Debtors reported total assets of $2.47 billion and total
debts of $2.96 billion as of Sept. 30, 2015.

The Debtors have engaged Weil, Gotshal & Manges LLP as general
counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard
Freres & Co. LLC as financial advisor, Alixpartners, LLP as
restructuring advisor, and Kurtzman Carson Consultants as claims
and noticing agent.


PEABODY ENERGY: Extends Accounts Receivables Program to March 2018
------------------------------------------------------------------
As previously disclosed, Peabody Energy Corporation has an accounts
receivable securitization program through its wholly owned
subsidiary, P&L Receivables Company, LLC.  Under the program,
Peabody contributes a pool of eligible trade receivables to P&L
Receivables, which then sells, without recourse, the receivables to
various conduit and committed purchasers.

On March 25, 2016, the receivables purchase agreement for the
program was amended and restated to, among other things:

   (a) extend the term of the program by two years to March 25,
       2018;

   (b) reduce the maximum availability under the facility to
       $180,000,000;

   (c) add Peabody Gateway North Mining, LLC, Peabody Wild Boar
       Mining, LLC and Peabody Bear Run Mining, LLC as originators

       of receivables;

   (d) provide exclusive control of the related lock-box accounts
       to PNC Bank, National Association, as administrator;

   (e) change the timing of receivables valuation adjustments from
       monthly to daily; and

   (f) make certain other changes.

As of March 31, 2016, approximately $170 million notional amount of
letters of credit were outstanding under the program and no
additional capacity under the program was available based on the
value of the collateral.

                      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.


PEABODY ENERGY: Unit Signs Limited Waiver to Purchase Agreement
---------------------------------------------------------------
As previously announced, Four Star Holdings, LLC ("Seller"), an
indirect subsidiary of Peabody Energy Corporation, entered into a
Purchase and Sale Agreement, dated as of Nov. 20, 2015, with
Western Megawatt Resources, LLC ("Purchaser"), a subsidiary of
Bowie Resource Holdings, LLC.  

The Seller is the sole owner of Southwest Coal Holdings, LLC
("Target") which owns, directly and indirectly, all of the equity
interests of the various entities that hold Peabody's El Segundo
and Lee Ranch coal mines and related mining assets located in New
Mexico and at Twentymile Mine in Colorado.  Pursuant to the
Purchase Agreement, Purchaser would acquire 100% of the ownership
interests of Target in exchange for $358 million in cash, subject
to customary purchase price adjustments in respect of working
capital, accounts receivable, debt and transaction expenses at the
time of closing.

On March 30, 2016, Seller and Purchaser entered into the Limited
Waiver to Purchase and Sale Agreement whereby Seller waived its
termination rights under the Purchase Agreement until 11:59:59
p.m., New York time, on April 7, 2016, and Purchaser waived its
termination rights under the Purchase Agreement until 11:59:59
p.m., New York time, on April 15, 2016.  The parties intend to use
this time to evaluate alternative payment structures which may
include cash and non-cash consideration.  The other provisions,
terms, and conditions of the Purchase Agreement remain unchanged,
according to a Form 8-K report filed with the Securities and
Exhange Commission.

                      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.


PHOTOMEDEX INC: Delays Filing of 2015 Form 10-K
-----------------------------------------------
PhotoMedex, 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.     
     
PhotoMedex said its management and auditors require additional time
to prepare, substantiate and verify the accuracy of certain
disclosure in this Annual Report on Form 10-K, which could not be
completed without incurring undue hardship and expense.  The
Company anticipates that it will be able to file its complete
Annual Report on Form 10-K for the period ended Dec. 31, 2015, on
or before the fifteenth calendar day following the prescribed due
date.

                      About PhotoMedex

PhotoMedex, Inc., is a global health products and services company
providing integrated disease management and aesthetic solutions to
dermatologists, professional aestheticians, ophthalmologists,
optometrists, consumers and patients.  The Company provides
proprietary products and services that address skin conditions
including psoriasis, vitiligo, acne, actinic keratosis, photo
damage and unwanted hair, as well as fixed-site laser vision
correction services at our LasikPlus(R) vision centers.

PhotoMedex and its subsidiaries has entered into a second
amended and restated forbearance agreement with the lenders that
are parties to the credit agreement dated May 12, 2014, and with JP
Morgan Chase, as administrative agent for the Lenders pursuant to
which the Lender have agreed to forbear from exercising their
rights and remedies with respect to certain events of default from
Aug. 25, 2014, until April 1, 2016, or earlier if an event of
default occurs, according to a document filed with the Securities
and Exchange Commission in March 2015.

Photomedex reported a net loss of $121 million on $164 million of
revenues for the year ended Dec. 31, 2014, compared to net income
of $18.4 million on $225 million of revenues for the year ended
Dec. 31, 2013.

As of June 30, 2015, the Company had $67.7 million in total assets,
$23.9 million in total liabilities and $43.8 million in total
stockholders' equity.

                        Bankruptcy Warning

"If, in the future, PhotoMedex is required to obtain similar
forbearance agreements as a result of our inability to meet the
terms of the credit agreement, there can be no assurance that those
forbearance agreements will be available on commercially reasonable
terms or at all.  If, as or when required, we are unable to repay,
refinance or restructure our indebtedness under those credit
facilities, or amend the covenants contained therein, the lenders
could elect to terminate their commitments under the credit
facilities and institute foreclosure proceedings against our
assets.  Under such circumstances, we could be forced into
bankruptcy or liquidation.  In addition, any additional events of
default or declaration of acceleration under one of those
facilities or the forbearance agreement could also result in an
event of default under one or more of these agreements.  Such a
declaration would have a material adverse impact on our liquidity,
financial position and results of operations," the Company stated
in its 2014 annual report.


PINNACLE ENTERTAINMENT: Moody's Puts B1 CFR on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed Pinnacle Entertainment, Inc.'s B1
Corporate Family Rating and B1-PD Probability of Default Rating on
review for upgrade. The Ba2 rating on the company's existing bank
loan facilities, B2 senior unsecured note rating and B3 senior
subordinated debt rating were affirmed.

At the same time, Moody's assigned a Ba2 rating to Pinnacle's
proposed $350 million term loan B, $400 million revolver, and $185
million term loan A, along with a B2 rating to the company's
proposed $300 million senior unsecured notes. These debt offerings
are being made in connection with Pinnacle's planned sale leaseback
of its real estate assets to Gaming and Leisure Properties, Inc.
(GLPI; Ba1 stable), a real estate investment trust (REIT) where
GLPI will acquire substantially all of Pinnacle's real estate
assets and Pinnacle will operate the gaming facilities acquired by
GLPI under a triple-net master lease agreement.

The review for upgrade considers that since the Pinnacle's July
2015 announcement that it entered into a sale leaseback transaction
with GLPI, a number of positive developments have occurred that are
discussed in the rating rationale section of this press release,
including the beginning of the formal capital raise and refinancing
needed to accomplish the REIT transaction, something Moody's
believes will enhance Pinnacle's long-term operating and financial
flexibility.

Assuming the transaction closes as planned, and no material
unexpected negative developments arise between now and closing,
Moody's expects to raise Pinnacle's Corporate Family Rating and
Probability of Default Rating one-notch to Ba3 and Ba3-PD,
respectively, and assign a stable rating outlook. At closing,
Moody's also intends to withdraw the ratings on Pinnacle's existing
revolver, term loan, senior unsecured notes and senior subordinated
notes given that these debt issues will be refinanced and no longer
exist.

Pinnacle ratings placed on review for upgrade:

Corporate Family Rating -- B1

Probability of Default Rating -- B1-PD

New ratings assigned to Pinnacle proposed debt issues:

$350 million term loan B, at Ba2(LGD3)

$400 million revolver, at Ba2(LGD3)

$185 million term loan A, at Ba2(LGD3)

$300 million senior unsecured notes, at B2(LGD5)

Pinnacle existing ratings affirmed and to be withdrawn upon
transaction closing:

$1 billion revolver due 2018, at Ba2(LGD2)

$1.1 billion tranche B term loan due 2020, at Ba2(LGD2)

$850 million 6.375% senior unsecured notes due 2021, at B2(LGD5)

$1.04 billion 7.5% senior unsecured notes due 2021, at B2(LGD5)

$350 million 8.75% senior subordinated notes due 2020, at B3(LGD5)

$325 million senior subordinated notes due 2022, at B3(LGD5)

RATINGS RATIONALE

Positive developments supporting the review for upgrade include a
more stable operating environment for Pinnacle, a lower and more
efficient cost structure, and an improved free cash flow position.
Moody's also believes that the REIT relationship also puts in place
a longer-term, more flexible and lower cost financing mechanism
that better positions Pinnacle to deal with the longer-term
challenges, including access to capital, faced by US regional
gaming companies in general. In Moody's view, the REIT relationship
with GLPI also presents opportunities for Pinnacle to secure
management contracts from new assets at GLPI, and facilitates
further diversification for Pinnacle by allowing it ownership of
assets in jurisdictions with restrictions on ownership of more than
one asset.

Pinnacle owns and operates 15 gaming entertainment properties,
located in Colorado, Indiana, Iowa, Louisiana, Mississippi,
Missouri, Nevada and Ohio. Pinnacle also holds a majority interest
in the racing license owner, as well as a management contract, for
Retama Park Racetrack outside of San Antonio, Texas. The company's
net revenue for the fiscal year-ended Dec. 31, 2015 was about $2.3
billion.


PMA MEDICAL: Meeting to Form Creditors' Panel Set for April 11
--------------------------------------------------------------
Andy Vara, Acting United States Trustee for Region 3, will hold an
organizational meeting on April 11, 2015, at 10:00 a.m. in the
bankruptcy case of PMA Medical Specialists, LLC.

The meeting will be held at:

         Office of the United States Trustee
         833 Chestnut Street, Suite 501
         Philadelphia, PA 19107

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

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

To increase participation in the Chapter 11 proceeding, Section
1102 of the Bankruptcy Code requires that the United States Trustee
appoint a committee of unsecured creditors as soon as practicable.
The Committee ordinarily consists of the persons, willing to serve,
that hold the seven largest unsecured claims against the debtor of
the kinds represented on the committee.
Section 1103 of the Bankruptcy Code provides that the Committee may
consult with the debtor, investigate the debtor and its business
operations and participate in the formulation of a plan of
reorganization.  The Committee may also perform other services as
are in the interests of the unsecured creditors whom it represents.


POSTROCK ENERGY: Files Voluntary Chapter 11 Bankruptcy Petition
---------------------------------------------------------------
PostRock Energy Corporation on April 1 disclosed that it and its
subsidiaries have filed voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in the U.S.
Bankruptcy Court for the Western District of Oklahoma to facilitate
an orderly sale of substantially all of their assets.  After
extensively exploring alternatives and thorough consultation with
its legal and financial advisors, PostRock's board of directors
determined, in consultation with its secured lenders, that an
orderly sale of the Company's assets through a Chapter 11 process
would be the most prudent and effective way to maximize value for
PostRock's creditors.  PostRock does not expect any recovery for
its stockholders and expects that its stockholders will lose their
entire investment.

PostRock also announced the resignation of its current directors,
Duke R. Ligon, Alexander P. Lynch, William H. Damon III, J. Philip
McCormick and Clark W. Edwards, effective upon the appointment of a
trustee in bankruptcy.

Clark Edwards, Interim President and Chief Executive Officer of
PostRock, said, "Following a comprehensive review of our
alternatives and in consultation with our secured lenders, the
Board of Directors and management team determined that this process
would produce the best outcome for PostRock and its creditors.  We
want to thank our employees, as well as our suppliers and service
providers, for their continued support."

Like many other exploration and production companies, PostRock's
operations have been significantly impacted by the recent and
dramatic decline in oil prices, the continued low prices of natural
gas, and general uncertainty in the energy market.

PostRock is engaged in the acquisition, exploration, development,
production and gathering of crude oil and natural gas.  Its primary
production activity is focused in the Cherokee Basin, a 15-county
region in southeastern Kansas and northeastern Oklahoma.  PostRock
owns and operates over 2,500 wells and nearly 2,200 miles of gas
gathering lines in the Basin.  It also owns and operates minor oil
and gas producing properties in the Appalachian Basin.


PREMIER EXHIBITIONS: Daoping Bao Reports 47.5% Stake
----------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Daoping Bao reported that as of Oct. 30, 2015, he
beneficially owns 4,448,113 shares of common stock of Premier
Exhibitions, Inc., representing 47.5 percent of the shares
outstanding.

Pursuant to the merger agreement entered into as of April 2, 2015,
by and among the Company, Dinoking Tech Inc., Exchangeco, and Mr.
Bao and Ms. Nancy Brenner, on Nov. 1, 2015, the Company acquired
all of the outstanding shares of Dinoking for total consideration
of 1,434,720 shares of Exchangeco.  The Exchangeable Shares are
exchangeable for an aggregate of 1,434,720 shares of Issuer Common
Stock pursuant to the terms of such shares and that certain Support
Agreement entered into between the Company and Exchangeco at the
Closing.  At the Closing, Mr. Bao received 1,271,994 Exchangeable
Shares and Ms. Brenner received 162,726 Exchangeable Shares, which
they can exchange on a one-for-one basis into shares of the
Issuer's Common Stock at any time, and Mr. Bao received one share
of Class 1 Special Voting Stock and Ms. Brenner received one share
of Class 2 Special Voting Stock, which provides them with voting
rights in the Company equal to the number of Exchangeable Shares
they hold.

In connection with the Merger Agreement, the Company also issued a
convertible promissory note to Mr. Bao, as agent for Mr. Lange
Feng, Mr. Jihe Zhang, High Nature Holding Limited and Mandra
Forestry Limited.  The Convertible Note automatically converted
pursuant to the terms of the Convertible Note into 3,013,393 shares
of Issuer Common Stock on Oct. 30, 2015.

A copy of the regulatory filing is available for free at:

                       http://is.gd/fjp73E

                     About Premier Exhibitions

Premier Exhibitions, Inc., develops, deploys and operates
exhibition products that are presented to the public in exhibition
centers, museums and non-traditional venues.  The Atlanta-based
Company's exhibitions generate income primarily through ticket
sales, third-party licensing, sponsorship and merchandise sales.

Premier Exhibitions reported a net loss of $11.7 million on $29.4
million of total revenue for the year ended Feb. 28, 2015, compared
with a net loss of $778,000 on $29.3 million of total revenue for
the year ended Feb. 28, 2014.

As of Aug. 31, 2015, the Company had $35.89 million in total
assets, $32.2 million in total liabilities, $2.66 million in equity
attributable to shareholders of the Company and $1.02 million in
equity attributable to non-controlling interest.


PRIME GLOBAL: Amiruddin Bin Che Embi Quits as Director
------------------------------------------------------
Amiruddin Bin Che Embi resigned from his position as a director of
Prime Global Capital Group Incorporated.

According to a Form 8-K report filed with the Securities and
Exchange Commission, his resignation was not due to any dispute or
disagreement with the Company on any matter relating to the
Company's operations, policies or practices.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated in
the following three business segments during fiscal year 2014: (i)
software business (the provision of IT consulting, programming and
website development services); (ii) plantation business (including
oilseeds and castor seeds business); and (iii) its real estate
business.  In the fourth quarter of fiscal 2014, the Company
discontinued its castor seeds business in China, and in December
2014 it discontinued the software business (the provision of IT
consulting, programming and website services) in Malaysia. As a
result, the Company no longer conduct business operations in China
and anticipate winding down or otherwise selling its interests in
the following entities: Power Green Investments Limited; Max Trend
International Limited and Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year ended
Oct. 31, 2015, compared to a net loss of US$1.33 million for the
year ended Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Oct. 31, 2015.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


PRIME GLOBAL: Maylee Lee Appointed as Director
----------------------------------------------
Maylee Gan Suat Lee was appointed to serve as director of Prime
Global Capital Group Incorporated, on April 1, 2016, to serve until
her successors will be duly elected or appointed, unless she
resigns, is removed from office or is otherwise disqualified from
serving as a director of the Company, according to a regulatory
filing with the Securities and Exchange Commission.  Ms. Gan will
serve on the Company's Board of Directors in accordance with the
terms and conditions of the Company's standard Director Retainer
Agreement.

Maylee Gan Suat Lee, age 39, is currently the founder and senior
partner of Messrs. Maylee Gan & Tai.  Prior to founding her firm in
2008, Ms. Gan practiced at one of the top 5 legal firms in
Malaysia, Lee Hishammuddin Allen & Gledhill from 2004 to 2008.  Ms.
Gan graduated with a Bachelor of Laws (Hons) degree from the
University of London, England in 1999.  She obtained her
Certificate of Legal Practice in 2000 and has a Masters of Science
in Information Technology (MSc IT) from the University of
Staffordshire in 2004.

Ms. Gan was admitted and enrolled as an advocate and solicitor of
the High Court of Malaya in 2005.  She has vast experience in
various complex corporate matters, and she was the lead associate
in charge of the largest worldwide business disposal to-date known
as the "Pfizer Pontiac Project", which involves the worldwide sale
of Pfizer Consumer Healthcare business division in 2006, and the
largest Asset-Backed Securities transaction carried out by RCE
Capital Berhad in Malaysia in the year 2008.  Ms. Gan is also a
Non-executive Director of G&L Trading Sdn Bhd, as a successor of
her late father.  G&L Trading Sdn Bhd supplies cleaning detergent
to hotels and food & beverages related businesses.  Through her
vast experience in legal corporate matters with numerous large
corporations, with which her legal firm is a panel of solicitor,
Ms. Gan brings to the Board of Directors her legal insight,
knowledge and experience in legal corporate matters.

Ms. Gan will receive a monthly compensation of 3,000 Malaysian
Ringgit, or approximately US $752, in connection with her service
on our Board of Directors.  Ms. Gan will serve as an independent
director on each of the Company's audit, compensation and
nomination and corporate governance committees.

According to the filing, Ms. Gan does not have a direct family
relationship with any of the Company's directors or executive
officers, or any person nominated or chosen by the Company to
become a director or executive officer.

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group operated in
the following three business segments during fiscal year 2014: (i)
software business (the provision of IT consulting, programming and
website development services); (ii) plantation business (including
oilseeds and castor seeds business); and (iii) its real estate
business.  In the fourth quarter of fiscal 2014, the Company
discontinued its castor seeds business in China, and in December
2014 it discontinued the software business (the provision of IT
consulting, programming and website services) in Malaysia. As a
result, the Company no longer conduct business operations in China
and anticipate winding down or otherwise selling its interests in
the following entities: Power Green Investments Limited; Max Trend
International Limited and Shenzhen Max Trend Green Energy Co Ltd.

Prime Global reported a net loss US$1.59 million for the year ended
Oct. 31, 2015, compared to a net loss of US$1.33 million for the
year ended Oct. 31, 2014.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Oct. 31, 2015.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


PURADYN FILTER: Announces 2015 Year End Audited Financial Results
-----------------------------------------------------------------
Puradyn Filter Technologies Incorporated reported a net loss of
$1.44 million on $1.97 million of net sales for the year ended Dec.
31, 2015, compared to a net loss of $1.15 million on $3.11 million
of net sales for the year ended Dec. 31, 2014.

Puradyn's 2015 net sales declined 37% to $1.97 million in 2015
compared to 2014 due to a number of customers that have
historically purchased larger product models, and continue to be
negatively and directly impacted by the downturn in global oil
prices.  Domestic sales represented 87% of net revenues in each of
2015 and 2014; and in 2015 and 2014, international sales remained
at 13% of the Company's net sales.

Gross profit, as a percentage of sales, decreased from 36% for 2014
to 26% for 2015.  The decrease is attributable to reduced sales.
Selling and administration expense declined by 17% in 2015 compared
to 2014, mostly due to decreases in patent expense and travel and
marketing expense.

Reflecting the decrease in gross profit, Puradyn's loss from
operations increased to $1.2M in 2015 compared to $0.9M in 2014.
Interest expense increased 17% in 2015 as compared to 2014 as a
result of increased borrowings in 2015, with a weighted average
interest rate of 2.56% in 2015 versus 2.43% in 2014.  Puradyn
recorded a net loss of $1.4M, or $(0.03) per basic share, in 2015
compared to a net loss of $1.2M, or $(0.02) per basic share, in
2014.

Kevin G. Kroger, president and COO commented: "The decline in our
2015 sales was due mainly to the downturn in global oil prices,
which has had a far-reaching effect on the different industries we
serve, whether directly oil-related or not.  Many of our existing
customers, as well as those interested in our product, have been
reluctant to move forward with any new projects until oil prices
begin to stabilize.  However, in recent months we have seen renewed
interest from both groups as oil prices began to trend upward.
Proof of this has been demonstrated through increased order intake
during the first quarter 2016.

"Recently, we announced the addition of a new global distributor,
DistributionNOW (DNOW).  DNOW's dominance in the industries it
serves has introduced us to many new customers, where, before, we
were never able to gain an audience.  These new introductions have
quickly transformed into orders with the potential for future
sales.  DNOW has also been able to possibly expand our distribution
network with the addition of its 300 locations worldwide, that
provides our customers easier access to our product on a more
timely and convenient basis."

Kroger concluded: "The combination of a slow but steady settling of
global oil prices coupled with rigorous attention paid by companies
to operating efficiencies, plus our growing distribution network,
lead us to remain cautiously optimistic as we enter 2016."

A copy of the press release is available for free at:

                     http://is.gd/LFy3S6

                     About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil
Filtration System.

Puradyn Filter reported a net loss of $1.15 million on $3.11
million of net sales for the year ended Dec. 31, 2014, compared to
a net loss of $1.33 million on $2.53 million of net sales for the
year ended Dec. 31, 2013.

Liggett, Vogt & Webb, P.A., in Boynton Beach, Florida, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014.  The independent
auditors noted that the Company has incurred net losses each year
since inception and has relied on the sale of its stock and loans
from third parties and related parties to fund its operations.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.


QUANTUM MATERIALS: Amends License Agreements with Rice University
-----------------------------------------------------------------
Quantum Materials Corp. and its wholly-owned subsidiary Solterra
Renewable Technologies, Inc. have each entered into amended
licensing agreements with William Marsh Rice University, according
to a Form 8-K report filed with the Securities and Exchange
Commission.

Prior to the amendments, on Aug. 20, 2008, Solterra entered into a
License Agreement with Rice University, which was amended and
restated on Sept. 26, 2011; also on Sept. 26, 2011, QMC entered
into a new License Agreement with Rice.  On Aug. 21, 2013, QMC and
Solterra each entered into amended license agreements with Rice
University.
  
A copy of the March 15, 2016 Amendment to the License Agreement
between QMC and Rice University is available at no charge at:     

                      http://is.gd/OxIYmg  

A copy of the March 24, 2016 Amendment to the License Agreement
between Solterra and Rice University is available for free at:

                      http://is.gd/601pgu

                    About Quantum Materials

Quantum Materials Corp. and its wholly owned subsidiary, Solterra
Renewable Technologies, Inc. (collectively referred to as the
company) are headquartered in San Marcos, Texas.  The company
specializes in the design, development, production and supply of
quantum dots, including tetrapod quantum dots, a high performance
variant of quantum dots, and highly uniform nanoparticles, using
its patented automated continuous flow production process.

As of Dec. 31, 2015, the Company had $1.46 million in total assets,
$1.35 million in total liabilities and $112,222 in total
stockholders' equity.

Weaver and Tidwell, L.L.P., in an October 13, 2015 report addressed
to the board of directors and stockholders of Quantum Materials
Corp., expressed substantial doubt about the company's ability to
continue as a going concern.  The firm audited the consolidated
balance sheets of the company as of June 30, 2015 and 2014, and the
related consolidated statements of operations, stockholders' equity
(deficit), and cash flows for each of the years in the two-year
period ended June 30, 2015.  The independent auditor noted that the
Company has suffered recurring losses from operations and has an
accumulated deficit that raises substantial doubt about its ability
to continue as a going concern.


QUANTUM MATERIALS: Has Private Placement of 2,000 Units
-------------------------------------------------------
Quantum Materials Corp. disclosed in a Form 8-K report filed with
the Securities and Exchange Commission it is conducting a private
placement of up to 2,000 Units, each Unit consisting of $1,000
Unsecured Convertible Promissory Notes and a warrant to purchase
4,166 shares of the Company's common stock, par value $0.001 per
share at a purchase price of $0.15 per share for five years.

The Notes have a maturity of two years from the date of issuance,
bear interest at the rate of 6% per annum and are convertible into
shares of Common Stock at $0.12 per-share, subject to adjustment.

                     About Quantum Materials

Quantum Materials Corp. and its wholly owned subsidiary, Solterra
Renewable Technologies, Inc. (collectively referred to as the
company) are headquartered in San Marcos, Texas.  The company
specializes in the design, development, production and supply of
quantum dots, including tetrapod quantum dots, a high performance
variant of quantum dots, and highly uniform nanoparticles, using
its patented automated continuous flow production process.

As of Dec. 31, 2015, the Company had $1.46 million in total assets,
$1.35 million in total liabilities and $112,222 in total
stockholders' equity.

Weaver and Tidwell, L.L.P., in an October 13, 2015 report addressed
to the board of directors and stockholders of Quantum Materials
Corp., expressed substantial doubt about the company's ability to
continue as a going concern.  The firm audited the consolidated
balance sheets of the company as of June 30, 2015 and 2014, and the
related consolidated statements of operations, stockholders' equity
(deficit), and cash flows for each of the years in the two-year
period ended June 30, 2015.  The independent auditor noted that the
Company has suffered recurring losses from operations and has an
accumulated deficit that raises substantial doubt about its ability
to continue as a going concern.


QUEST SOLUTION: Delays Filing of 2015 Annual Report
---------------------------------------------------
Quest Solution, Inc. notified the Securities and Exchange
Commission it requires additional time to complete the accounting
and reporting for certain activities and disclosures, and could not
finalize its annual report on Form 10-K for the year ended Dec. 31,
2015, in sufficient time to permit its filing within the prescribed
time period without unreasonable expense and effort. According to
the Company, the delay in processing is a result of its acquisition
of ViascanQData, a Canadian corporation, on
Nov. 6, 2015.  The Company said it is working expeditiously to
complete the Annual Report and expects that the Annual Report will
be filed no later than the fifteenth calendar day following the
prescribed due date.

                    About Quest Solution

Quest Solution (formerly known as Amerigo Energy, Inc.) is a
national mobility systems integrator with a focus on design,
delivery, deployment and support of fully integrated mobile
solutions.  The Company takes a consultative approach by offering
end to end solutions that include hardware, software,
communications and full lifecycle management services.  The highly
tenured team of professionals simplifies the integration process
and delivers proven problem solving solutions backed by numerous
customer references.  Motorola, Intermec, Honeywell, Panasonic,
AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest
Solution uses in its systems.

Quest Solution reported net income of $302,000 on $37.3 million of
total revenues for the year ended Dec. 31, 2014, compared with a
net loss of $1.12 million on $4,069 of total revenues for the year
ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $38.3 million in total
assets, $36.0 million in total liabilities and $2.32 million in
total stockholders' equity.


SCC PARTNERS: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------
The Office of the U.S. Trustee on April 1 appointed three creditors
of SCC Partners Group, LLC, to serve on the official committee of
unsecured creditors.

The committee members are:

     (1) Craig M. Dodd

     (2) MM&D Services, Inc.
         Attn: William E. Miller
         6901 S. Yosemite St., #201
         Centennial, CO 80112
         Tel: (303) 908-0062
         email: wem46@comcast.net

     (3) Corporate Development Capital, LLC
         Attn: Chris G. Mendrop
         14680 Sterling Rd.
         Colorado Springs, CO 80921
         Tel: (719) 632-8341, ext. 101
         Fax: (702) 947-5774
         email: cmendrop@cdcapital.bz
                
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 SCC Partners

SCC Partners Group, LLC, filed for Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 16-11003) on Feb. 9, 2016, estimating its
assets at up to $50,000 and its liabilities at between $10 million
and $50 million.  The petition was signed by Steven H. Miller,
manager.

Mr. Miller said in a statement that "the Company is working
diligently to move forward with its plan and obtain the appropriate
financing to generate sufficient, sustainable revenues to satisfy
its obligations and exit this process as quickly as possible."

Judge Michael E. Romero presides over the case.

Kenneth J. Buechler, Esq., at Buechler Law Office, L.L.C., serves
as the Company's bankruptcy counsel.

SCC Partners Group, LLC, is headquartered in Castle Rock, Colorado.
It  owns the spring-fed Sweetwater Lake on 500 acres bordering the
Flat Tops Wilderness Area northwest of Dotsero.


SEA SHELL COLLECTIONS: Employs Richard Colbert as Counsel
---------------------------------------------------------
Sea Shell Collections, LLC seeks permission from the Bankruptcy
Court to hire Richard M. Colbert, PLLC, as its general counsel nunc
pro tunc to the Petition Date.

The professional services that Colbert PLLC will render include,
but are not limited to, the following:

   (a) To give advice to the Debtor with respect to its powers and
       duties as debtor-in-possession and the continued management

       of its business operations;

   (b) To advise the Debtor with respect to its responsibilities
       in complying with the United States Trustee's Operating
       Guidelines and Reporting Requirements and with the rules of

       the Court;

   (c) To prepare motions, pleadings, orders, applications,
       adversary proceedings, and other legal documents in the
       administration of this case;

   (d) To protect the interests of the Debtor in all matters
       pending before the Court; and

   (e) To represent the Debtor in negotiations with its creditors
       and in the preparation of a plan.

Richard M. Colbert, Esq., is the attorney who will be principally
responsible for Colbert PLLC's representation of the Debtor.  His
hourly rate is $250.

Mr. Colbert represents that his firm neither holds nor represents
any interest adverse to the Debtor and is a "disinterested person"
within the scope and meaning of Section 101(14) of the Bankruptcy
Code.

On Dec. 1, 2015, the Debtor retained Colbert PLLC to act as its
counsel in connection with insolvency and restructuring matters.  

Colbert PLLC received a $15,000 retainer from the Debtor.

                  About Sea Shell Collections

Sea Shell Collections LLC, owner and operator of a shopping center,
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No.
16-30304) on March 31, 2016.  The petition was signed by James C.
Moulton as president - Mouton Propertis, Inc., manager.

The Debtor listed total assets of $21.28 million and total
liabilities of $37.03 million.


SEA SHELL COLLECTIONS: Files Schedules of Assets and Liabilities
----------------------------------------------------------------
Sea Shell Collections LLC filed with the U.S. Bankruptcy Court for
the Northern District of Florida (Pensacola) a summary of its
schedules of assets and liabilities, disclosing:

     Schedule A/B: Assets-Real and Personal Property

          1a. Real property:                          $21,000,000

          1b. Total personal property:                   $282,959
                                                -----------------
          1c. Total of all property:                  $21,282,959

     Summary of Liabilities

          Schedule D: Creditors Who Have Claims
            Secured by Property                       $36,013,708

          Schedule E/F: Creditors Who Have
            Unsecured Claims

              3a. Total claim amounts of
                  priority unsecured claims                    $0

              3b. Total amount of claims of
                  nonpriority amount of
                  unsecured claims                     $1,025,291
                                                -----------------
          Total liabilities                           $37,039,000

A copy of the Schedules is available for free at:

             http://bankrupt.com/misc/flnb16-30304.pdf

                   About Sea Shell Collections

Sea Shell Collections LLC, owner and operator of a shopping center,
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No.
16-30304) on March 31, 2016.  The petition was signed by James C.
Moulton as president - Mouton Propertis, Inc., manager.

Richard M Colbert PLLC represents the Debtor as counsel.


SEA SHELL COLLECTIONS: U.S. Trustee Requests April 27 Meeting
-------------------------------------------------------------
The U.S. Trustee for the Northern District of Florida has requested
that a meeting of creditors be held in the bankruptcy case of Sea
Shell Collections LLC at 11:00 a. m. (CST) on April 27, 2016, in
Pensacola, according to a memo filed with the Bankruptcy Court.

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

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

                    About Sea Shell Collections

Sea Shell Collections LLC, owner and operator of a shopping center,
filed a Chapter 11 bankruptcy petition (Bankr. N.D. Fla. Case No.
16-30304) on March 31, 2016.  The petition was signed by James C.
Moulton as president - Mouton Propertis, Inc., manager.

The Debtor listed total assets of $21.28 million and total
liabilities of $37.03 million.

Richard M Colbert PLLC represents the Debtor as counsel.


SFX ENTERTAINMENT: Court Approves Joint Administration of Cases
---------------------------------------------------------------
The Hon. Mary F. Walrath of the U.S. Bankruptcy Court for the
District of Delaware authorized the joint administration of the
Chapter 11 cases of SFX Entertainment, Inc, at al., for procedural
purposes only under Case No. 16-10238.

As reported by the Troubled Company Reporter on Feb. 8, 2016, the
Debtors said that joint administration of their cases will ease the
administrative burden on the Court and the parties, and protect
creditors of different estates against potential conflicts
of interest.  

The Debtors anticipate that there will be numerous notices,
applications, motions, other documents, pleadings, hearings and
orders in these Chapter 11 cases.  With affiliated debtors, each
with their own case docket, the failure to administer these Chapter
11 cases jointly would result in numerous duplicative pleadings
being filed and served upon parties identified in separate service
lists, the Debtors maintained.

Joint administration will permit the Clerk to use a single general
docket for each of the Debtors' Chapter 11 cases and to combine
notices to creditors and other parties-in-interest of the Debtors'
respective estates.

According to the Debtors, the rights of the respective creditors
will not be adversely affected by joint administration inasmuch as
the relief requested is procedural in nature only and is in no way
intended to affect substantive rights.  Each party-in-interest will
maintain claims or rights it has against the particular estate in
which it allegedly has a claim or right.

                       About SFX Entertainment

SFX Entertainment, Inc., and 43 of its affiliates, a global
producer of live events and digital entertainment content focused
exclusively on the electronic music culture and other world-class
festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016.  The petitions
were signed by Michael Katzenstein as chief restructuring officer.

The Debtors disclosed total assets of $661.6 million and total
debts of $490.2 million.

Greenberg Traurig, LLP serves as the Debtors' counsel.   Kurtzman
Carson Consultants LLC acts as the Debtors' claims and noticing
agent.  

Judge Mary F. Walrath is assigned to the case.


SIGA TECHNOLOGIES: Wants Solicitation Period Extended Thru May 16
-----------------------------------------------------------------
SIGA Technologies, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to further extend the exclusive
period during which only the Debtor may propose a Chapter 11 plan
of reorganization and solicit acceptances or rejections with
respect to the plan.  Specifically, the Debtor requests, pursuant
to section 1121(d) of the Bankruptcy Code, a further 30-day
extension of the Exclusive Solicitation Period through and
including May 16, 2016.

If the Plan is confirmed and becomes effective before the Exclusive
Solicitation Period expires, the Debtor shall withdraw this Motion.


A hearing on the Debtor's request is set for April 14, 2016 at 2:00
p.m. (Eastern Time), before the Hon. Sean H. Lane.  Objections or
responses are due April 7.  The hearing date was originally
scheduled for April 13, and the objection deadline April 6.

On December 15, 2015, the Debtor filed its Chapter 11 Plan.
Thereafter, on February 9, 2016, the Debtor filed its First Amended
Chapter 11 Plan, and on March 30, 2016, the Debtor filed its Second
Amended Chapter 11 Plan.  The Plan, which has the support of the
Committee, provides, among other things, a construct for the
satisfaction of the claims of the Debtor's creditors, including
PharmAthene's claim which has been the subject of years of
litigation between PharmAthene and the Debtor.

On February 16, 2016, the Court entered an order approving the
voting and solicitation procedures set forth in the Disclosure
Statement Motion and scheduling the hearing to consider
confirmation of the Plan on April 5, 2016.

Peg Brickley, writing for Dow Jones' Daily Bankruptcy Review,
reported that shareholders have asked the Bankruptcy Court to
reject the Chapter 11 plan.

According to the report, PharmAthene Inc. bested Siga in litigation
over a failed deal that was driven by hopes the drug, tecovirimat,
would be a blockbuster. It hasn't borne out that potential, but
tecovirimat is one of the drugs the government keeps on hand in
case of a biological attack.

As previously reported by The Troubled Company Reporter, the
Disclosure Statement explaining SIGA's Plan provides that: "On or
as soon as reasonably practicable after the later of (i) the
Effective Date and (ii) the date such General Unsecured Claim
becomes Allowed, each holder of an Allowed General Unsecured Claim
will receive Cash in an amount equal to such Allowed General
Unsecured Claim up to Five Million Dollars ($5,000,000), plus
postpetition interest at the Postpetition Interest Rate accrued
from the Commencement Date to the Effective Date.  To the extent
any such Allowed General Unsecured Claim is $5,000,000 or less,
such treatment will be in full settlement and satisfaction of such
Claim.  The PharmAthene Claim will be deemed allowed to the extent
of $5,000,000 on the Effective Date, if not otherwise allowed in a
greater amount on such date. . . .  The only potential holder of an
Allowed General Unsecured Claim in excess of Five Million Dollars
($5,000,000) is PharmAthene.  PharmAthene will receive in respect
of the portion, if any, of the PharmAthene Allowed Claim in excess
of $5,000,000, in full settlement and satisfaction of such Claim,
the following: (i) Treatment on PharmAthene Allowed Claim Treatment
Date.  On the PharmAthene Allowed Claim Treatment Date, treatment
in accordance with one of the following options, which option will
be determined by the Debtor or Reorganized Debtor, as applicable,
in its sole and absolute discretion: (A) Option 1: Payment in full
in Cash of the unpaid balance of the PharmAthene Allowed Claim.
Option 1 will only be available if the PharmAthene Final Order
provides for a single lump sum payment, together with any interest,
fees and expenses included in such PharmAthene Final Order, to be
paid to PharmAthene (a 'Lump Sum Payment Award'); (B) Option 2:
Treatment of the PharmAthene Allowed Claim pursuant to and in
compliance with the provisions of the PharmAthene Final Order if,
and only if, such order provides for something other than a single
lump sum payment (plus any interest, fees and expenses included in
such PharmAthene Final Order) to be paid to PharmAthene (or an
award of specific performance))."

                      About SIGA Technologies

Publicly held SIGA Technologies, Inc., with headquarters in Madison
Avenue, New York, is a biotech/pharmaceutical company that
specializes in the development and commercialization of solutions
for serious unmet medical needs and biothreats.  SIGA's lead
product is Tecovirimat, also known as ST-246, an orally
administered antiviral drug that targets orthopoxviruses.

SIGA sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case
No. 14-12623) on Sept. 16, 2014, in Manhattan.  The case is
assigned to Judge Sean H. Lane.

The Debtor has tapped Weil, Gotshal & Manges LLP, as counsel, and
Prime Clerk LLC as claims agent.

The Debtor's Chapter 11 plan and disclosure statement are due May
14, 2015.

The Debtor disclosed total assets of $131,669,746 and $7,954,645
in liabilities as of the Chapter 11 filing.

The Statutory Creditors' Committee is represented by Martin J.
Bienenstock, Esq., Scott K. Rutsky, Esq., and Ehud Barak, Esq., at
Proskauer Rose LLP.  The Committee tapped to retain Guggenheim
Securities, LLC, as its financial advisor and investment banker.


SOUTHCROSS HOLDINGS: Court Directs Joint Administration of Cases
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
entered an order directing joint administration of the Chapter 11
cases of Southcross Holdings LP, et al., under Case No. 16-20111.
The Judge ordered that:

     (a) one disclosure statement and plan of reorganization may
         be filed for all cases by any plan proponent;

     (b) Case Nos. 16-20102, 16-20107, 16-20110, 16-20111 and 16-
         20112 are transferred to Judge Marvin Isgur; and

     (c) parties may request joint hearings on matters pending in
         any of the joint administered cases.

Zack A. Clement, Esq., at Zack A. Clement PLLC, counsel to the
Debtors, told the Court that: "Joint administration of these
chapter 11 cases will provide significant administrative
convenience without harming the substantive rights of any party in
interest.  The entry of an order directing joint administration of
these chapter 11 cases will reduce fees and costs by avoiding
duplicative filings and objections.  Joint administration also will
allow the Office of the United States Trustee for the Southern
District of Texas and all parties in interest to monitor these
chapter 11 cases with greater ease and efficiency."

                        Southcross Holdings

Southcross Holdings LP owns and operates gathering and
fractionation assets in the midstream energy sector.  It is the
parent company of Southcross Energy Partners GP, LLC and a major
unitholder of Southcross Energy Partners, L.P., a publicly traded
master limited partnership.  EIG Global Energy Partners,
Charlesbank Capital Partners and Tailwater Capital each indirectly
own approximately one-third of Holdings.

Holdings and its affiliates offer a full suite of midstream energy
services, including natural gas gathering, treating, compression
and transportation, as well as natural gas liquids fractionation
and delivery to end-user markets.

Southcross Holdings LP and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D. Tex. Lead Case 16-20111) on March
27, 2016.  Bret M. Allan signed the petitions as authorized
signatory.

The Debtors estimated assets and debts in the range of $1 billion
to $10 billion.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Zack A. Clement PLLC as co-counsel, Houlihan Lokey
Capital, Inc. as financial advisor, Alvarez & Marsal as
restructuring advisor and Epiq Systems as claims and noticing
agent.

Hon. Marvin Isgur has been assigned the jointly administered cases.


SOUTHCROSS HOLDINGS: Enters Into $85 Million DIP Facility
---------------------------------------------------------
Southcross Holdings LP and its debtor affiliates request authority
from the Bankruptcy Court to obtain a debtor-in-possession facility
consisting of approximately $85 million of senior secured
financing, with $32 million available on an interim basis, from EIG
BBTS Holdings, LLC and TW BBTS Aggregator LP, as lenders.

The DIP Facility is secured by a first priority priming lien that
is junior only to the Revolving Obligations under the Prepetition
Credit Agreement, permitted liens under the Prepetition Credit
Agreement, and the Carve Out.

"Without access to the debtor-in-possession financing contemplated
by the Restructuring Support Agreement and Plan, the Debtors are
projected to run out of cash in a matter of days, and would be
unable to continue operating as a going concern," said Zack A.
Clement, Esq., at Zack A. Clement PLLC, attorney to the Debtors.

According to Mr. Clement, the Debtors' total cash balance is
approximately $750,000 as of the Petition Date, which is
insufficient to operate their enterprise and continue paying their
debts as they come due.

"The Debtors require immediate access to liquidity to ensure that
they are able to continue operating during these chapter 11 cases,
make required payments to the MLP Entities, and to preserve the
value of their estates for the benefit of all parties in interest,"
Mr. Clement added.

The DIP Facility will mature on the earliest of:

   (a) the date that is six months after the Petition Date
       ("Stated Maturity Date");

   (b) 45 days after entry by the Court of the Interim DIP Order
       approving the DIP Facility, if the Final DIP Order has not
       been entered by the Court prior to the expiration of such
       45-day period;

   (c) the effective date of a plan of reorganization or
       liquidation in any of the Chapter 11 cases;

   (d) the consummation of a sale of all or substantially all of
       the assets of the Debtors pursuant to Section 363 of the
       Bankruptcy Code or otherwise;

   (e) without the prior written consent of the Required Lenders,
       the date of filing or express written support by the DIP
       Borrower of a plan of reorganization that does not provide

       for indefeasible payment in full in cash of all DIP
       Facility obligations except as contemplated by the
       Restructuring Support Agreement; or

   (f) the date of termination of the DIP Lenders' commitments and
       the acceleration of any outstanding extensions of credit,
       in each case, under the DIP Facility in accordance with the
       terms of the DIP Credit Agreement.

Loans under the DIP Facility will bear interest at a rate of 10.00%
per annum, payable in kind on monthly basis by adding accrued
interest to the principal balance of the loans funded under the DIP
Facility.  Interest will be calculated on the basis of the actual
number of days elapsed in a 360-day year.

At any time when (i) an Event of Default under the DIP Facility has
occurred and is continuing or (ii) after a default in the payment
of the Funding Fee when due and payable, all outstanding amounts
under the DIP Facility will bear interest, to the fullest extent
permitted by law, at the rate of 12.00% per annum.

Each DIP Lender will receive a funding fee of 2.00% of the
aggregate principal amounts of the Commitments under the DIP
Facility at any time, payable on the Maturity Date.

Wilmington Trust, National Association, as administrative agent and
collateral agent The DIP Agent will receive administration fees
consisting of:

   (a) a one-time acceptance fee of $5,000, payable on the Closing
       Date;

   (b) an annual administration fee of $30,000, due and payable
       annually in advance, with the first payment due on the
       Closing Date;

   (c) extraordinary administration fees that may be charged in
       connection with services of the DIP Agent outside the scope
       of the services set forth in the Fee Letter, including
       services in connection with document amendments,
       forbearances, waivers, extraordinary collateral release,
       substitutions under the DIP Loan Documents, or    
       participation in a committee formed in connection with
       a restructuring under the DIP Loan Documents, in the amount

       of $225 per hour for associates and $450 per hour for
       account managers; and

   (d) a funds distribution fee billed at the rate of $1,500 for 1
       to 10 wires, $3,000 for 10 to 20 wires, and so on, payable
       on the Closing Date.

Southcross is obliged to comply with the following Chapter 11
milestones:

  1. On or before the date that is 5 days after the Closing Date,
     the Debtors shall have commenced solicitation of a chapter 11
     plan pursuant to the Restructuring Support Agreement;

  2. On or before the date that is 45 days after entry of the
     Interim DIP Order, the Final DIP Order on a final basis, in
     form and substance satisfactory to the Required Lenders in
     their sole discretion and in form and substance approved by
     the DIP Agent (such approval of the DIP Agent not to be  
     unreasonably withheld, conditioned or delayed) shall have
     been entered by the Court;

  3. On or before the date that is 90 days (or 120 days if the
     Parties are continuing in good faith to move toward
     the consummation of the Restructuring after the Petition
     Date, (i) the Debtors shall have filed the Plan and
     related disclosure statement in form and content acceptable
     to the DIP Agent and the Required Lenders and (ii) the
     hearing with respect to confirmation of the Plan shall have
     been commenced;

  4. on or before the date that is 130 days (or 160 days if the
     Parties (as defined in the Restructuring Support Agreement)
     are continuing in good faith to move toward the consummation
     of the Restructuring after the Petition Date, the Court shall
     have entered an order confirming the Plan; and

  5. On or before 150 days (or 180 days if the Parties are
     continuing in good faith to move toward the consummation of
     the Restructuring) after the Petition Date, the Plan shall
     become effective.

                          Cash Collateral

The Debtors further seek permission to use cash collateral of the
prepetition secured parties.  The Debtors propose to provide the
Prepetition Secured Lenders with a variety of adequate protection
to protect against the postpetition diminution in value of the
Prepetition Collateral resulting from the use, sale, or lease of
such collateral by the Debtors and the imposition of the automatic
stay, including: payment of professional fees, replacement liens,
the 507(b) Claim, and cash payment of interest at the non-default
contract rate to the Prepetition Agent for the benefit of the
Revolving Lenders.

                          Southcross Holdings

Southcross Holdings LP owns and operates gathering and
fractionation assets in the midstream energy sector.  It is the
parent company of Southcross Energy Partners GP, LLC and a major
unitholder of Southcross Energy Partners, L.P., a publicly traded
master limited partnership.  EIG Global Energy Partners,
Charlesbank Capital Partners and Tailwater Capital each indirectly
own approximately one-third of Holdings.

Holdings and its affiliates offer a full suite of midstream energy
services, including natural gas gathering, treating, compression
and transportation, as well as natural gas liquids fractionation
and delivery to end-user markets.

Southcross Holdings LP and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D. Tex. Lead Case 16-20111) on March
27, 2016.  Bret M. Allan signed the petitions as authorized
signatory.

The Debtors estimated assets and debts in the range of $1 billion
to $10 billion.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Zack A. Clement PLLC as co-counsel, Houlihan Lokey
Capital, Inc. as financial advisor, Alvarez & Marsal as
restructuring advisor and Epiq Systems as claims and noticing
agent.

Hon. Marvin Isgur has been assigned the jointly administered cases.


SOUTHCROSS HOLDINGS: Hires Epiq as Noticing and Balloting Agent
---------------------------------------------------------------
Southcross Holdings LP and its debtor affiliates seek permission
from the Bankruptcy Court to appoint Epiq Bankruptcy Solutions, LLC
as their noticing and balloting agent effective nunc pro tunc to
the Petition Date to, among other tasks, (i) serve as the noticing
and balloting agent to mail notices to the estates' creditors,
equity security holders, and parties-in-interest; (ii) provide
computerized objection, soliciting, and balloting database
services; and (iii) provide expertise, consultation, and assistance
in ballot processing and other administrative services with respect
to the Debtors' bankruptcy cases.

The Debtors estimate that there will be hundreds of persons and
entities to be noticed in these Chapter 11 cases.  In light of the
number of parties-in-interest and the complexity of their
businesses, the Debtors assert that the appointment of a noticing
and balloting agent will provide the most effective and efficient
means of, and relieve the Debtors and/or the Office of the Clerk of
the Bankruptcy Court of the administrative burden of,
noticing and soliciting and balloting votes and is in the best
interests of both the Debtors' estates and their creditors.

Epiq's claims and noticing rates are:

     Title                                     Rate/Hour
     -----                                     ---------
     Clerical/Administrative Support            $30-$45
     Case Manager                               $55-$75
     IT/Programming                             $70-$100
     Sr. Case Manager/Dir. of Case Management   $80-$150
     Consultant/Senior Consultant               $145-$185
     Director/Vice President Consulting         $190
     Executive Vice President - Solicitation    $200
     Executive Vice President - Consulting      $200

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

Prior to the Petition Date, the Debtors provided Epiq a retainer in
the amount of $15,000.  Epiq seeks to first apply the retainer to
all prepetition invoices, and thereafter, to seek to have the
retainer replenished to the original retainer amount, and
thereafter, to hold the retainer under the Engagement Agreement
during these Chapter 11 cases as security for the payment of fees
and expenses incurred under the Engagement Agreement.

To the best of the Debtors' knowledge, Epiq is a "disinterested
person" as that term is defined in Bankruptcy Code Section 101(14),
as modified by Bankruptcy Code Section 1107(b).

                       Southcross Holdings

Southcross Holdings LP owns and operates gathering and
fractionation assets in the midstream energy sector.  It is the
parent company of Southcross Energy Partners GP, LLC and a major
unitholder of Southcross Energy Partners, L.P., a publicly traded
master limited partnership.  EIG Global Energy Partners,
Charlesbank Capital Partners and Tailwater Capital each indirectly
own approximately one-third of Holdings.

Holdings and its affiliates offer a full suite of midstream energy
services, including natural gas gathering, treating, compression
and transportation, as well as natural gas liquids fractionation
and delivery to end-user markets.

Southcross Holdings LP and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D. Tex. Lead Case 16-20111) on March
27, 2016.  Bret M. Allan signed the petitions as authorized
signatory.

The Debtors estimated assets and debts in the range of $1 billion
to $10 billion.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Zack A. Clement PLLC as co-counsel, Houlihan Lokey
Capital, Inc. as financial advisor, Alvarez & Marsal as
restructuring advisor and Epiq Systems as claims and noticing
agent.

Hon. Marvin Isgur has been assigned the jointly administered cases.


SOUTHCROSS HOLDINGS: Proposes April 11 Confirmation Hearing
-----------------------------------------------------------
Southcross Holdings LP, et al., asked the Bankruptcy Court to
schedule a combined hearing on the adequacy of their disclosure
statement and confirmation of their prepackaged Chapter 11 plan of
reorganization on April 11, 2016, and schedule an objection
deadline at 4:00 p.m., prevailing Central Time, on April 8.

While the Debtors acknowledge that their request for such an
expedited schedule is not ordinary, they assert that they need to
confirm the Plan prior to April 15, 2016, to avoid the risk of
default under the MLP Credit Facilities.  

Zack A. Clement, Esq., at Zack A. Clement PLLC, counsel to the
Debtors, said that one of the Debtors' most significant assets is

their 60 percent interest in non-Debtor Southcross Energy Partners,
L.P.  He maintained that the MLP Entities must deliver an
unqualified or "clean" audit report in connection with their annual
audited financial statements by no later than April 15, 2016,
otherwise the MLP entities will be unable to comply with their
obligations under the MLP Credit Facilities.  If that occurs, the
MLP Entities could be forced into bankruptcy themselves.

According to the Debtors, it is appropriate to shorten the notice
requirements for the Confirmation Hearing and the Objection
Deadline for the following reasons:

   (1) The plan is confirmable and supported by a significant
       percentage of the holders of claims or interests entitled
       to vote on the Plan.  Specifically, approximately 95% of
       the holders of the Class 3 Revolving Facility Claims in
       amount, approximately 83% of the holders of the Class 4
       Term Loan Facility Claims in amount, and 100% of the
       holders of Class 9 Holdings Class B Interests have voted in
       favor of the Plan.

   (2) Considering the overwhelming support in favor of the Plan,
       a combined hearing on shortened notice will reduce the time
       the Debtors remain in bankruptcy, thereby cutting the costs
       of administering and funding these Chapter 11 cases.

   (3) The accelerated Confirmation Schedule is necessary to
       preserve the value of the MLP Entities, the Debtors' most
       valuable asset.

   (4) Solicitation was commenced on March 21, 2016.  The
       Disclosure Statement and other solicitation materials were
       distributed to each holder of a claim and interest entitled

       to vote on the Plan.

   (5) Class 10 Holdings Interests and Class 11 Section 510(b)
       Claims are the only holders treated under section 1129(b)
       of the Plan.  Holders of Holdings Interests, however, will
       not be denied due process because 100% of those holders
       executed the RSA and were adequately represented during the

       plan negotiation process.

   (6) Because the Plan is supported by the holders of claims and
       interests entitled to vote on the Plan, few, if any, will
       be impacted by the shortened objection deadline.

In addition, the Debtors asked the Court to direct the United
States Trustee for the Southern District of Texas not convene a
meeting of creditors under Section 341(e) of the United States Code
if the Plan is confirmed within 75 days of the Petition Date.
The Debtors seek waiver of the Section 341 meeting because
unsecured creditors holding allowed claims will be paid in full
under the Plan and other "first day" relief sought by the Debtors.


                       Southcross Holdings

Southcross Holdings LP owns and operates gathering and
fractionation assets in the midstream energy sector.  It is the
parent company of Southcross Energy Partners GP, LLC and a major
unitholder of Southcross Energy Partners, L.P., a publicly traded
master limited partnership.  EIG Global Energy Partners,
Charlesbank Capital Partners and Tailwater Capital each indirectly
own approximately one-third of Holdings.

Holdings and its affiliates offer a full suite of midstream energy
services, including natural gas gathering, treating, compression
and transportation, as well as natural gas liquids fractionation
and delivery to end-user markets.

Southcross Holdings LP and 11 of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. S.D. Tex. Lead Case 16-20111) on March
27, 2016.  Bret M. Allan signed the petitions as authorized
signatory.

The Debtors estimated assets and debts in the range of $1 billion
to $10 billion.

The Debtors have hired Kirkland & Ellis LLP as general bankruptcy
counsel, Zack A. Clement PLLC as co-counsel, Houlihan Lokey
Capital, Inc. as financial advisor, Alvarez & Marsal as
restructuring advisor and Epiq Systems as claims and noticing
agent.

Hon. Marvin Isgur has been assigned the jointly administered cases.


SPIRE CORP: Needs More Time to File 2015 Annual Report
------------------------------------------------------
Spire Corp. 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-Q for the year ended
Dec. 31, 2015.   

The Company said it has limited cash resources and liquidity, and
has been exploring various alternatives on how to fund working
capital needs and institute cost reduction efforts.  The Company's
current lack of sufficient cash resources, lack of financing,
delays in shipments of certain products coupled with the
corresponding delays in receipt of expected revenue from the sale
of such products, and the imposition of stricter payment terms from
certain of its suppliers, continue to constrain the registrant's
liquidity and operations.  

In January 2015, the registrant's chief financial officer resigned,
and the registrant's chief executive officer currently acts as the
registrant's principal financial officer.  

In September 2015, the registrant announced that it had engaged an
investment banking firm for the purpose of assessing strategic
alternatives, including, but not limited to, a potential sale of
the registrant or certain of its assets.

In October 2015, the registrant announced a small reduction in
force and, due to insufficient financial support, the suspension of
all non-essential operations until further notice.  

In addition, on Oct. 29, 2015, the registrant was notified by its
independent registered public accounting firm, RSM US LLP (formerly
McGladrey LLP), that RSM has resigned as the registrant's
independent registered public accounting firm effective
immediately.  The registrant currently lacks the financial
resources to engage a new independent registered public accounting
firm.

On Jan. 11, 2016, the registrant announced it entered into an asset
purchase agreement which it sold substantially all of the assets of
its simulator business.

On March 10, 2016, as a result of the continued deterioration of
the registrant's business and financial condition and lack of
sufficient liquidity, the registrant determined to cease
operations.  In consultation with its financial advisor, the
registrant intends to pursue a potential pro rata settlement
arrangement with the registrant's creditors.  If the registrant is
not successful in reaching such settlement with its creditors or is
not able to obtain additional financing, the registrant may be
required to file for bankruptcy.

"As a result, because the registrant's management continues to
devote considerable attention to addressing the registrant's
financial and liquidity issues and because of its lack of a
full-time Chief Financial Officer and resignation of its
independent auditor, the registrant is unable to complete its
financial statements for its Annual Report on Form 10-K for the
annual period ended December 31, 2015 within the prescribed time
period without unreasonable effort or expense."

                        About Spire Corp

Bedford, Massachusetts-based Spire Corporation currently develops,
manufactures and markets customized turn-key solutions for the
solar industry, including individual pieces of manufacturing
equipment and full turn-key lines for cell and module production
and testing.

Spire Corporation reported a net loss of $8.52 million in 2013, as
compared with a net loss of $1.85 million in 2012.

As of Sept. 30, 2014, the Company had $9.73 million in total
assets, $15.60 million in total liabilities and a total
stockholders' deficit of $5.87 million.

McGladrey LLP, in Boston, Massachusetts, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company incurred an operating loss from continuing operations
of $8.4 million and cash used in operating activities of
continuing operations was $5.2 million.  The Company's credit
agreement with a bank is due to expire on April 30, 2014.  These
factors raise substantial doubt about its ability to continue as a
going concern.


SPX CORP: Fitch Affirms Then Withdraws 'BB+' IDR
------------------------------------------------
Fitch Ratings has affirmed and withdrawn the Issuer Default Ratings
for SPX Corporation (SPXC) at 'BB+' and the ratings of SPXC's
senior secured credit facilities at 'BBB-/RR1'.  The Rating Outlook
is revised to Negative from Stable.  The ratings cover $350 million
of senior secured long-term borrowings.

Fitch has chosen to withdraw the ratings for SPXC for commercial
reasons.

                        KEY RATING DRIVERS

The main drivers of the Negative Outlook are the risks associated
with SPXC's exposure to large projects; continued exposure to the
Kusile project, which has contributed to recent charges; operating
challenges, margin pressures, and the overall challenging
macro-environment affecting the Power segment; the company's
still-evolving operating strategy, and concerns about future cash
deployment.  Even though SPXC has taken numerous steps to de-risk
its exposure to the large South African projects in the second half
of 2015, it will continue to be exposed to the project throughout
2016.  Recent margin pressures in the Power segment weakened the
company's credit metrics in 2015 and Fitch expects credit metrics
will remain weak for the ratings until mid-2017.

Fitch does not expect SPXC to use its cash to repay its term loans
earlier than the current amortization schedule.  Fitch expects the
company will deploy the majority of its excess cash towards
strategic bolt-on acquisitions or for share repurchases, which
could resume in 2016.

Fitch projects the company's financial metrics will be adequate for
the current ratings by the end of 2017; however, there are still
concerns as to execution risks of the South African project,
completing the project's redefined scope in 2016, and the company's
ability to address underperformance in the Power Generation sector
of its Power segment.  In 2015, the company reported 1.1%
Power-segment income margin, down from 4% in 2014. Fitch expects
the margin will improve to the historical level by 2017; however,
the prolonged underperformance in this largest segment may further
pressure the company's credit metrics.

Fitch's expects that SPXC's leverage will be approximately 2.86x
(as defined by Fitch) at the end of 2017, down from approximately
4.26x at the end of 2016 (Fitch's 2016 leverage includes estimates
for financial results of the South African projects).  The decrease
in leverage will be driven by a slight increase in operating
margins, and scheduled amortization of the company's term loans.

Other rating concerns include an anticipated reduction in product
and end-market diversification, increased exposure to highly
cyclical end markets, and recent underperformance in the company's
Power segment.  SPXC has historically shown a willingness to
maintain higher leverage than its stated leverage range for a
prolonged period of time and to deploy cash for share repurchases
and acquisitions.  Additionally, Fitch is cautious regarding post
spin-off SPXC's overall business strategy.  On Feb. 25, 2016, the
company announced plans to optimize capital utilization to assess
strategic alternatives for portions of the power generation
business that do not meet SPXC's return expectations.

Fitch's ratings reflect SPXC's capital structure, management's
commitment to conservative financial policies, which includes a
publically stated gross leverage (debt/EBITDA) target in the range
of approximately 1.5x to 2.5x, expected positive free cash flow
(FCF) generation, and adequate financial flexibility.  Fitch notes
that SPXC's leverage targets are based on EBITDA as defined in its
bank agreement and the ratio is therefore understated when compared
to Fitch's calculation.

                        KEY ASSUMPTIONS

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

   -- Low single-digit revenue annual decline through 2017 with a
      moderate rebound in 2018;

   -- Steady EBITDA margins in the range of 6.5% to 7.5% beginning

      2017;

   -- Dividend payments remain suspended through the rating period

      and the company renews its share repurchases in 2016;

   -- The company generates approximately 4% FCF margin annually
      beginning 2017;

   -- Capital expenditures remain steady in the range of 1.1% to
      1.3% of revenues;

   -- Debt will decline slightly with the repayment of scheduled
      amortization the term loan;

   -- The company makes no acquisitions;

   -- Pension contributions will not be a material cash flow item
      in the foreseeable future.

                       RATING SENSITIVITIES

Rating sensitivities are no longer relevant given today's rating
withdrawal.

                             LIQUIDITY

Fitch expects the company's liquidity will be adequate for the
ratings.  In 2015, SPXC entered into a new five-year $1.2 billion
senior secured credit agreement consisting of a $350 million
revolving credit facility (RCF), $350 million Term Loan A, and $300
million participation, and $200 million bilateral Foreign Credit
Instrument Facility (for performance letters and guarantees).  As
of Dec. 31, 2015, SPXC had liquidity of approximately $451 million
consisting of $101.4 million in cash and full availability under
its $350 million RCF.  Fitch expects the company's liquidity will
remain in the range of $400 million to $500 million over the next
several years.

FULL LIST OF RATING ACTIONS

These ratings have been affirmed and withdrawn:

   -- Long-term IDR at 'BB+';
   -- Senior secured facilities at 'BBB-/RR1'.

The Rating Outlook is revised to Negative from Stable.


SQUARETWO FINANCIAL: Moody's Cuts Corporate Family Rating to Ca
---------------------------------------------------------------
Moody's Investors Service downgraded SquareTwo Financial
Corporation's Corporate Family Rating and Senior Secured Second
Lien Notes to Ca. The outlook for the ratings is negative.

Downgrades:

Issuer: SquareTwo Financial Corporation

Corporate Family Rating Downgraded from Caa2 to Ca

Senior Secured Second Lien Notes Downgraded from Caa3 to Ca

Negative outlook

RATINGS RATIONALE

The downgrade reflects SquareTwo's increasing refinancing risk due
to the impending maturity of its senior revolving credit facility
which matures on 6 April 2016. SquareTwo is currently in active
discussions with investors and lenders as part of a broader
evaluation of financing options. In addition, SquareTwo announced
that it does not anticipate making the semi-annual interest payment
to the holders of the second lien notes which is due 1 April 2016.
The negative outlook reflects the significant challenge which
SquareTwo's management faces in completing a significant
refinancing in current market conditions and the potential for a
weak recovery on the existing purchased debt portfolio should
refinancing efforts fail.

SquareTwo is experiencing net losses, weakened cashflow generation
and growing negative equity as a result of reduced supply of
charged-off debt and elevated pricing. These conditions have
negatively impacted SquareTwo's profitability and debt coverage as
charged-off debt supply has been slow to normalize to historical
levels. Losses have depleted SquareTwo's positive equity position
of $9.1 million as of March 31, 2014 to ($74.7) million as of 30
September 2015. The company's current position could impact its
ability to pursue new purchase opportunities once supply fully
returns to the market.

WHAT COULD CHANGE THE RATINGS UP

SquareTwo's ratings could be upgraded if the company is able to
refinance the senior revolving credit facility in a manner that
supports the long term viability of the company with limited impact
to the senior second lien notes.

WHAT COULD CHANGE THE RATINGS DOWN

Ratings could be downgraded further if SquareTwo is unable to
address the maturity of the senior revolving credit facility and
subsequent events undermine recoverability of the existing
purchased debt portfolio.

SquareTwo is a purchaser of charged off debt receivables which
pursues collections via in-house staff and a network of attorneys.
SquareTwo is headquartered in Denver, CO.


SUNEDISON INC: Faces Bankruptcy Risk, TerraForm Global Says
-----------------------------------------------------------
TerraForm Global, Inc. disclosed in a regulatory filing last week
that due to SunEdison, Inc.'s liquidity difficulties, there is a
substantial risk that SunEdison will soon seek bankruptcy
protection.

"Such an action would have a material adverse effect on TerraForm
Global given our reliance on SunEdison," TerraForm Global said.

TerraForm Global noted that it does not rely substantially on
SunEdison for funding or liquidity and believes that, in the event
SunEdison seeks bankruptcy protection, TerraForm Global will have
sufficient liquidity to support its ongoing operations.  

"Our revolving credit facility, which we do not believe is critical
to the continued business and operation of TerraForm Global,
requires that the 2015 Form 10-K and audit be delivered by March
30, 2016 with a 10 business day cure period.  We are in active
discussions with our revolving credit lenders to obtain an
extension with respect to the required delivery of our Form 10-K
for the year ended December 31, 2015 and the related audit report,"
TerraForm Global added.

"If SunEdison does not perform as obligated under the Management
Services Agreement or seeks protection under the bankruptcy code,
our ability to address these issues will become substantially more
difficult and time consuming," it said.

TerraForm Global made the disclosure in a Form 8-K filing with the
Securities and Exchange Commission on Tuesday.  TerraForm Global
said it anticipates that the filing of the Annual Report on Form
10-K for the fiscal year ended December 31, 2015 will be delayed
beyond March 30, 2016.  

"We expect to file a Form 12b-25 on or prior to March 30, 2016,"
TerraForm Global said.

On February 29, 2016, SunEdison, Inc., a Delaware corporation and
TerraForm's controlling shareholder, filed a Form 12b-25,
Notification of Late Filing, regarding the delayed filing of
SunEdison, Inc.'s Annual Report on Form 10-K for the year ended
December 31, 2015.  SunEdison, Inc. announced that its delay in
filing its Form 10-K was principally due to:

     (1) the need to complete all tasks and steps necessary to
finalize the annual financial statements and the other disclosures
required to be included in that filing, and

     (2) ongoing inquiries and investigations by the Audit
Committee of its Board of Directors and its advisors relating to
allegations concerning the accuracy of SunEdison, Inc.'s
anticipated financial position based on certain issues raised by
former executives and current and former employees of SunEdison,
Inc.

On March 16, 2016, SunEdison, Inc. announced a further delay in
filing its Form 10-K.  SunEdison, Inc. stated that this delay is
principally due to the additional scope of work required from the
identification by SunEdison, Inc.'s management of material
weaknesses in its internal controls over financial reporting,
primarily due to deficient information technology controls in
connection with newly implemented systems.  Because of these
material weaknesses, additional procedures are necessary for
SunEdison, Inc.'s management to complete SunEdison, Inc.'s annual
financial statements and related disclosures, and in order for
SunEdison, Inc.'s independent registered accounting firm to
finalize its audits of SunEdison, Inc.'s annual financial
statements and the effectiveness of internal controls over
financial reporting as of December 31, 2015.  SunEdison, Inc. also
announced that they had not completed the SUNE-Related Matters,
including the investigation described.  

TerraForm said, "The timeframe for SunEdison, Inc.'s completion of
work on the SUNE-Related Matters and the SUNE-Internal Control
Matters has not been determined.  As a result, we have been
assessing whether, and to what extent, the SUNE-Related Matters and
SUNE-Internal Control Matters has affected and could continue to
affect the preparation and timing of completion of our financial
statements."

"Under the Management Services Agreement with SunEdison, Inc., our
financial reporting and control processes rely significantly on
SunEdison, Inc. systems and personnel.  As a result, if there are
control deficiencies at SunEdison, Inc., including with respect to
the systems we utilize, it is necessary for us to assess whether
those deficiencies could affect our financial reporting and, if so,
address them to the extent necessary and appropriate prior to
filing our Form 10-K," TerraForm added

TerraForm also noted that it has not yet completed all steps and
tasks necessary to finalize its financial statements and other
required disclosures.  

"We currently have identified a material weakness in internal
controls over financial reporting primarily due to SunEdison,
Inc.'s ineffective controls over accounting consolidation and
reporting system that we rely upon. We are working to remediate
these issues as promptly as practicable. To date, we have not
identified any material misstatements or restatements of our
audited or unaudited financial statements or disclosures for any
period previously reported," TerraForm said.


SYCAMORE MARBLE: Liquidating Plan Contemplates Sale by Year-End
---------------------------------------------------------------
Sycamore Marble, Inc., delivered a Chapter 11 Disclosure Statement
to the U.S. Bankruptcy Court for the Northern of Alabama last week
describing plan to liquidate the company's assets in an orderly
manner and turnover the sale proceeds to its secured lenders,
Credit Strategy Advisors, LLC (owed slightly less than $730,000),
and Joseph C.P. Turner (owed slightly more than $72,000).  

The Debtor hopes to sell the is assets in a private sale by Dec.
31, 2016, and will conduct a public auction no later than Mar. 31,
2017, if the private sale doesn't transpire.  Unless the property
does not sell for enough to payoff the secured creditors, the
Debtor estimates there will be no unsecured claims against the
estate.  A copy of the Debtor's Disclosure Statement is available
at:

     http://bankrupt.com/misc/alnb15-40632-0120.pdf

Credit Strategy Advisors is represented in this matter by:

         Clark Hammond, Esq.
         WALLACE, JORDAN, RATLIFF & BRANDT, LLC
         800 Shades Creek Parkway, Suite 400
         Birmingham, AL 35209

Sycamore Marble Company, Inc., sought chapter 11 protection (Bankr.
N.D. Ala. Case No. 15-40632) on Apr. 17, 2015, represented by Harry
P. Long, Esq. -- ecfpacer@gmail.com -- in Anniston, Alabama.


TARGETED MEDICAL: Delays Filing of 2015 Form 10-K
-------------------------------------------------
Targeted Medical Pharma, Inc. disclosed in a regulatory filing with
the Securities and Exchange Commission it was unable to file its
annual report on Form 10-K for the fiscal year ended Dec. 31, 2015,
on a timely basis due to additional time needed for compilation and
review to insure adequate disclosure of certain information
required to be included in the Form 10-K.  The Company expects to
file its Form 10-K within the additional time allowed by this
report.

Targeted Medical anticipates that its revenue for the year ended
Dec. 31, 2015, will be approximately $5.3 million, significantly
less than its revenue for the year ended Dec. 31, 2014, of $7.1
million.  The decrease in revenue is primarily the result of a
decrease in cash collections from the Company's customers that are
accounted for pursuant to the cash method of accounting.  The
Company anticipates that its operating expenses for the year ended
Dec. 31, 2015, will be significantly less than the year ended
Dec. 31, 2014, as a result of decreases in salary and general and
administrative expenses.  The net loss before income taxes for the
year ended Dec. 31, 2015, is expected to be slightly less than the
year ended Dec. 31, 2014, primarily as a result of these factors.

                     About Targeted Medical

Los Angeles, Calif.-based Targeted Medical Pharma, Inc., is a
specialty pharmaceutical company that develops and commercializes
nutrient- and pharmaceutical-based therapeutic systems.

Targeted Medical reported a net loss of $3.89 million on $7.11
million of total revenue for the year ended Dec. 31, 2014, compared
to a net loss of $9.33 million on $9.55 million of total revenue in
2013.

As of Sept. 30, 2015, the Company had $2.44 million in total
assets, $14.8 million in total liabilities and a total
stockholders' deficit of $12.33 million.

Marcum LLP, in Irvine, CA, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has incurred significant net
losses since its inception.  The Company had an accumulated deficit
of $26.9 million and negative working capital of $11.8 million as
of Dec. 31, 2014.  In addition, the Company has incurred net losses
since inception and incurred a net loss of $3.90 million for the
year ended Dec. 31, 2014.  The foregoing matters raise substantial
doubt about the Company's ability to continue as a going concern.


TENET HEALTHCARE: Closes Sale of Atlanta-Area Hospitals for $575M
-----------------------------------------------------------------
Tenet Healthcare Corporation has completed the sale of its five
Atlanta-area hospitals and related operations to WellStar Health
System in exchange for $575 million in cash, with an effective date
of March 31, 2016.  As part of the transaction, Tenet will retain
certain net working capital accounts and WellStar will assume
certain capital leases related to the operation of the acquired
facilities.

Tenet and WellStar previously announced the planned transaction on
Dec. 1, 2015, which includes Atlanta Medical Center and its South
Campus, North Fulton Hospital, Spalding Regional Hospital, Sylvan
Grove Hospital and 26 physician clinics.

                          About Tenet

Tenet Healthcare Corporation -- http://www.tenethealth.com/-- is  

a national, diversified healthcare services company with 110,000
employees united around a common mission: to help people live
happier, healthier lives.  The company operates 80 hospitals, 214
outpatient centers, six health plans and Conifer Health Solutions,
a leading provider of healthcare business process services in the
areas of revenue cycle management, value based care and patient
communications.

Tenet Healthcare reported a net loss attributable to the Company's
common shareholders of $140 million on $18.63 billion of net
operating revenues for the year ended Dec. 31, 2015, compared to
net income available to the Company's common shareholders of $12
million on $16.60 billion of net operating revenues for the year
ended Dec. 31, 2014.  As of Dec. 31, 2015, the Company had $23.68
billion in total assets, $20.45 billion in total liabilities, $2.26
billion in redeemable noncontrolling interests in equity of
consolidated subsidiaries and $958 million in total equity.

                         *    *    *

Tenet carries a 'B' IDR from Fitch Ratings, 'B' corporate credit
rating from Standard & Poor's Ratings Services and 'B1' Corporate
Family Rating from Moody's Investors Service.


TRANS ENERGY: Needs More Time to File 10-K to Complete Audit
------------------------------------------------------------
Trans Energy, 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 it has not finalized its financial statements for
the fiscal year ended Dec. 31, 2015, nor has its certifying
auditors had the opportunity to complete their audit of the
financial statements to be included in the Form 10-K.  The Company
expects its financial statements and audit will be completed and
the Form 10-K finalized in order to file the report within the
prescribed extension period.

Trans Energy currently anticipates that the results of its
operations for the year ended Dec. 31, 2015, will result in net
losses in the range of $18 million to $20 million prior to the
recognition of a write-down of the carrying value of its oil and
gas properties.  Because of the drop in prices for sales of oil and
gas during 2015, the registrant expects to recognize noncash
impairments of proved oil and gas properties of approximately $50
million for the year ended Dec. 31, 2015, as well as other negative
adjustments to its oil and gas reserves.

                     About Trans Energy

St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG)
-- http://www.transenergyinc.com/-- is an independent energy
company engaged in the acquisition, exploration, development,
exploitation and production of oil and natural gas.  Its
operations are presently focused in the State of West Virginia.

Trans Energy reported a net loss of $12.5 million on $27.2 million
of total operating revenues for the year ended Dec. 31, 2014,
compared with a net loss of $17.7 million on $18.4 million of total
operating revenues for the year ended Dec. 31, 2013.

As of Sept. 30, 2015, the Company had $101 million in total
assets, $129 million in total liabilities, and a $28 million total
stockholders' deficit.


U.S. STEEL: Moody's Puts B1 CFR Under Review for Downgrade
----------------------------------------------------------
Moody's Investors Service placed United States Steel Corporation's
(U.S. Steel) B1 Corporate Family Rating (CFR), B1-PD Probability of
Default rating, B2 senior unsecured notes and B2 industrial revenue
bond ratings supported by U.S. Steel under review for downgrade.
The SGL-2 speculative grade liquidity rating remains unchanged.

RATINGS RATIONALE

The review for downgrade results from the deterioration in U.S.
Steel's performance and debt protection metrics and expectations
that continued contraction will be evidenced given the challenging
conditions facing the US steel industry, particularly for
flat-rolled and tubular products. In addition, given the persistent
challenges in the energy markets and U.S. Steel's exposure to the
OCTG (Oil Country Tubular Goods) market, performance in 2016 is
expected to continue to result in losses. Given industry
fundamentals, we expect the time horizon for a recovery to be
extended as oversupply continues in the global oil markets, demand
growth remains tepid, and the timing of an oil price recovery is
uncertain. In addition, Moody's expects material reductions in E&P
capital spending in 2016.

While key input costs for scrap, iron ore and metallurgical coal
have also declined significantly, this has not been sufficient to
help earnings, particularly for integrated producers such as U.S.
Steel given the degree of price degradation and weaker capacity
utilization rates relative to fixed cost absorption. The industry
also continues to face import risk due in part to the strong US
dollar.

The review will focus on U.S. Steel's ability to further reduce
costs through the Carnegie Way program, expected costs per ton,
level of spot and contract value added sales and the ability of the
company to be at least break even free cash flow generation. The
review will also focus on the end markets to which U.S. Steel sells
and the expected demand from such markets as well as the time
horizon over which an improved performance by U.S. Steel is likely
to be realized. The conclusion of the review could result in more
than a one notch downgrade.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation is the second largest flat-rolled steel producer in
North America in terms of production capacity. The company
manufactures and sells a wide variety of steel sheet, tubular, and
tin products across a broad array of industries, including service
centers, transportation, appliance, construction, containers, and
oil, gas and petrochemicals. Through its major production
operations in North America and Central Europe, U.S. Steel has a
combined annual raw steel capacity of approximately 22 million
tons. Revenues for the twelve months ended December 31, 2015 were
$11.6 billion down from $17.5 billion for the twelve months ended
December 31, 2014.


ULTRA PETROLEUM: Defers $26 Million Notes Interest Payment
----------------------------------------------------------
Ultra Petroleum Corp. decided to defer making an interest payment
of approximately $26 million due on April 1, 2016, with respect to
the Company's 6.125% Senior Notes due 2024.

As disclosed in a regulatory filing with the Securities and
Exchange Commission, the indenture governing the 2024 Notes permits
the Company a 30-day grace period to make the interest payment.  If
the Company fails to make the interest payment within the grace
period, or is otherwise unable to obtain a waiver or suitable
relief from the holders of the 2024 Notes within the grace period,
an Event of Default will result, and the trustee or noteholders
holding at least 25% in the aggregate outstanding principal amount
of 2024 Notes may elect to accelerate the 2024 Notes causing them
to be immediately due and payable.

                      About Ultra Petroleum

Ultra Petroleum Corp. is an independent oil and gas company engaged
in the development, production, operation, exploration and
acquisition of oil and natural gas properties.  The Company was
incorporated on Nov. 14, 1979, under the laws of the Province of
British Columbia, Canada.  Ultra remains a Canadian company, but
since March 2000, has operated under the laws of Yukon, Canada
pursuant to Section 190 of the Yukon Business Corporations Act. The
Company's principal business activities are developing its
long-life natural gas reserves in the Green River Basin of
southwest Wyoming -- the Pinedale and Jonah fields, its oil
reserves in the Uinta Basin in northeast Utah and its natural gas
reserves in the north-central Pennsylvania area of the Appalachian
Basin.

Ultra Petroleum reported a net loss of $3.2 billion on $839.11
million of total operating revenues for the year ended Dec. 31,
2015, compared to net income of $542.85 million on $1.23 billion of
total operating revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $971.48 million in total
assets, $3.96 billion in total liabilities and a $2.99 billion
total shareholders' deficit.

In its report on the consolidated financial statements for the year
ended Dec. 31, 2015, Ernst & Young LLP issued a "going concern"
qualification stating that the Company's maturing Credit Agreement
and debt covenant violation raise substantial doubt about the
Company's ability to continue as a going concern.


VALEANT PHARMACEUTICALS: Moody's Cuts Corp Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service downgraded certain ratings of Valeant
Pharmaceuticals International, Inc. ("Valeant") and subsidiaries,
including the Corporate Family Rating to B2 from B1, the
Probability of Default Rating to Caa1-PD from B1-PD and the senior
unsecured rating to B3 (LGD 3) from B2 (LGD 5). There is no action
today on Valeant's Ba2 (LGD 2) senior secured rating, which remains
under review for downgrade. All of these ratings remain under
review for further downgrade, related to Valeant's late 10-K
filing, continuing a rating review initiated on February 29, 2016.
Moody's also affirmed Valeant's Speculative Grade Liquidity Rating
at SGL-3.

Ratings downgraded and remaining under review for downgrade:

Valeant Pharmaceuticals International, Inc.:

Corporate Family Rating to B2 from B1

Probability of Default Rating to Caa1-PD from B1-PD

Senior unsecured notes to B3 (LGD 3) from B2 (LGD 5)

Valeant Pharmaceuticals International:

Senior unsecured notes to B3 (LGD 3) from B2 (LGD 5)

VRX Escrow Corp. (obligations assumed by Valeant Pharmaceuticals
International, Inc.):

Senior unsecured notes to B3 (LGD 3) from B2 (LGD 5)

Rating affirmed:

Valeant Pharmaceuticals International, Inc.:

Speculative Grade Liquidity Rating, at SGL-3

Ratings unaffected but remaining under review for downgrade:

Valeant Pharmaceuticals International, Inc.:

Senior secured bank credit facilities at Ba2 (LGD 2)

"The downgrade of the Corporate Family Rating reflects a
combination of operating headwinds, CEO and Board changes occurring
at a time of elevated financial leverage, and regulatory scrutiny,"
stated Michael Levesque, Moody's Senior Vice President.
"Considering the operating risks associated with a difficult
pricing and reimbursement environment, Valeant's credit ratios --
including debt/EBITDA in excess of 5.0 times -- place the company
more appropriately at the B2 rating level," continued Mr.
Levesque.

The B2 Corporate Family Rating reflects Moody's view that Valeant's
cash flow is solid and that it is unlikely to face any near-term
payment defaults absent a debt acceleration scenario arising from
its late 10-K filing. Other positive factors providing support to
the B2 rating include Valeant's viable business despite a lower
earnings base, wide use of its products, good name recognition
(particularly at Bausch and Lomb), and a low-cost structure
resulting in good margins and profitability.

The downgrade of the Probability of Default Rating to Caa1-PD from
B1-PD and continuation of the rating review reflects the potential
for debt acceleration if certain events unfold. These include
bondholders serving a notice of default and Valeant being unable to
cure the breach either by filing its 10-K within 60 days of receipt
of any such notice, or reaching consent with bondholders. To date,
bondholders have not served a notice. Valeant is in the process of
negotiating with its secured lenders to waive the cross default in
the credit agreement to Valeant's indentures that arose when the
10-K was not filed by March 15, 2016, and to extend the time period
for the 10-K filing, among other terms. These requests are subject
to consent by lenders holding more than 50% of the Company's term
loan balances and revolving credit agreement commitments. Valeant
has stated its intention of filing the 10-K on or before April 29,
2016. If Valeant becomes compliant with its financial reporting
covenants, Moody's anticipates that in resolving the review, the
Probability of Default Rating would move toward or become aligned
with the Corporate Family Rating.

RATINGS RATIONALE

Valeant's B2 Corporate Family Rating (under review for downgrade)
reflects the company's high financial leverage with gross
debt/EBITDA of approximately 6x (pro forma for acquisitions in
2015), and significant business challenges related to Valeant's
pricing strategy and rapid growth through acquisitions. The
company's late 10-K filing exposes it to potential debt
acceleration. Valeant is also confronting significant scrutiny on
its pricing practices, including those on products acquired through
acquisitions, and uncertainty related to government investigations.
The rating also reflects Valeant's good scale in the global
pharmaceutical industry with annual revenue above $10 billion, its
strong diversity, its high profit margins, and its good cash flow.
The ratings are also supported by low exposure to patent cliffs,
and good underlying prescription volumes of products like Jublia
(antifungal) and Xifaxan for irritable bowel syndrome and hepatic
encephalopathy. In addition, the ratings are supported by
management's commitment to reduce debt/EBITDA, using excess cash
flow for debt repayment.

The SGL-3 Speculative Grade Liquidity rating reflects adequate
liquidity based on good cash flow in excess of required interest
and debt amortization payments. However, there is slim cushion
under financial maintenance covenants and limited availability
under the revolving credit agreement.

The Ba2 (LGD 2) rating on the senior secured bank facilities
reflects their secured position in the capital structure and the
expectation that recovery would be very strong. The B3 (LGD 3)
rating on the senior unsecured notes reflects their junior position
relative to secured lenders. With the lowering of the Corporate
Family Rating to B2 and the Probability of Default Rating to
Caa1-PD, Moody's is incorporating an above-average recovery
assumption compared to the standard 50% firm-wide recovery
assumption in the LGD framework. This reflects good asset value of
core brands in Valeant's portfolio.

Headquartered in Laval, Quebec, Valeant Pharmaceuticals
International, Inc. ("Valeant") is a global specialty
pharmaceutical company with expertise including branded
dermatology, gastrointestinal disorders, eye health, neurology,
branded generics and OTC products. Valeant reported approximately
$10 billion in total revenue for the 12 months ended September 30,
2015.


VERSO CORP: NewPage Taps Pepper Hamilton as Conflicts Counsel
-------------------------------------------------------------
Debtors NewPage Investment Company LLC, et al., ask the U.S.
Bankruptcy Court for the District Of Delaware for permission to
employ Pepper Hamilton LLP as Delaware special conflicts counsel,
nunc pro tunc to Jan. 26, 2016.

Pepper Hamilton will address matters where the interests of the
NewPage Debtors, on the one hand, and the interests of any of the
other Debtors, on the other hand, are not aligned.

Pursuant to separate retention applications filed with the Court,
(i) theDebtors, including the NewPage Debtors, have sought to
retain O'Melveny & Myers LLP (OMM) and Richards Layton & Finger, PA
(RL&F) as general bankruptcy co-counsel to the Debtors; and (ii)
the Verso Debtors have sought to retain Quinn Emanuel Urquhart &
Sullivan LLP (Quinn Emanuel) as their special conflicts counsel.

According to the NewPage Debtors, separate counsel is required for
the NewPage Debtors to ensure that they are obtaining independent
advice as necessary and appropriate to protect their interests in
the cases.  Importantly, the services rendered and functions to be
performed by Pepper Hamilton will not be duplicative of work
performed by OMM, RL&F, Quinn Emanuel, or any other law firms
retained by the Debtors.

Evelyn J. Meltzer, a partner in the law firm of Pepper Hamilton,
tells the Court that the primary Pepper Hamilton attorneys and
paraprofessionals staffed on the cases, subject to modification
depending upon further development, are:

         Name/Title                      Hourly Rate
         ----------                      -----------
         David B. Stratton, partner         $815
         Evelyn J. Meltzer, partner         $535
         John H. Schanne, II, associate     $455
         Christopher Lano, paralegal        $250
         Rebecca S. Hudson, paralegal       $230

Pepper Hamilton's hourly rates, as of the Petition Date, which are
adjusted from time to time, and currently range from $415 per hour
to $1,040 for partners and counsel, $250 to $595 for associates and
$40 to $330 for paraprofessionals.

Pepper Hamilton will also request for reimbursement for all
expenses incurred in connection with its representation.

To the best of the Debtors' knowledge, Pepper Hamilton does not
represent or hold any interest adverse to the Debtor or to the
estate with respect to the matter on which such attorney is to be
employed.

The firm can be reached at:

         David B. Stratton, Esq.
         Evelyn J. Meltzer, Esq.
         John H. Schanne, II, Esq.
         PEPPER HAMILTON LLP
         Hercules Plaza, Suite 5100
         1313 N. Market Street, P.O. Box 1709
         Wilmington, DE 19899-1709
         Tel: (302) 777-6500
         Fax: (302) 421-8390
         E-mails: strattond@pepperlaw.com
                  meltzere@pepperlaw.com
                  schannej@pepperlaw.com

                     About Verso Corporation

Verso Corporation claims to be the leading North American producer
of coated papers, which are used primarily in magazines, catalogs,
high-end advertising brochures and annual reports, among other
media and marketing publications.  It employs approximately 5,200
personnel.

Verso Corporation and 26 of its affiliates, including NewPage
Corporation, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10163 to 16-10189, respectively) on Jan. 26, 2016.
The petitions were signed by David Paterson, the president and
CEO.

The Debtors disclosed total assets of $2.9 billion and total debts
of $3.87 million.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel,
Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners
L.P. as investment banker, Alvarez & Marsal North America, LLC as
financial advisor and Prime Clerk LLC as claims and noticing
agent.

The U.S. Trustee for Region 3 has appointed seven creditors of
Verso Corp. and its affiliates to serve on the official committee
of unsecured creditors.


VERSO CORP: Quinn Emmanuel Tapped as Special Conflicts Counsel
--------------------------------------------------------------
Verso Paper Holdings LLC, et al., ask the U.S. Bankruptcy Court for
the District of Delaware for permission to employ Quinn Emanuel
Urquhart & Sullivan, LLP as their special conflicts counsel.

Quinn Emanuel will represent the Verso Debtors as special conflicts
counsel to provide independent legal advice relating to the Verso
Debtors' transactions with the NewPage Debtors and related matters.
Because of potential issues that may arise between the Verso
Debtors and the NewPage Debtors, the Verso Debtors believe that it
is necessary to have independent counsel as to several important
matters in the Chapter 11 cases.  

The scope of Quinn Emanuel's engagement will include providing
advice to the Verso Debtors with respect to situations where their
interests may not be aligned with the NewPage Debtors, including,
but not limited to, matters related to corporate governance,
postpetition financing, and that certain Shared Services Agreement
between NewPage Corporation, NewPage Holdings Inc., and Verso
Corporation dated Jan. 7, 2015.

Pursuant to separate retention applications filed with this Court,
(i) the Debtors, including the Verso Debtors, have sought to retain
O'Melveny & Myers LLP and Richards Layton & Finger, PA as general
bankruptcy co-counsel to the Debtors and (ii) the NewPage Debtors
have sought to retain Latham & Watkins LLP as their
special conflicts counsel.  The services rendered and functions to
be performed by Quinn Emmanuel will not be duplicative of work
performed by OMM, RLF, Latham, or any other law firms retained by
the Debtors.

In January 2016, in connection with the prepetition representation
of the Verso Debtors, Quinn Emanuel received advanced payments in
the amount of $150,000.  As of the Petition Date, based on the
information in the Firm's accounting systems as of Feb. 1, 2016,
the fees incurred by Quinn Emanuel and applied against the amounts
advanced to it by the Verso Debtors equaled $79,701 and the
expenses incurred by Quinn Emanuel and applied against advances
equaled $1.95, leaving a balance of $70,296.  Upon reconciliation
of the final amounts incurred prepetition, Quinn Emanuel will
return the balance to the Verso Debtors.  

Quinn Emanuel has no outstanding amounts with respect to the work
performed for the Verso Debtors prior to the Petition Date.
Accordingly, Quinn Emanuel does not represent or hold any interest
adverse to the Debtors or the estate with respect to the matter.

Compensation will be payable to Quinn Emanuel on an hourly basis at
the firm's standard hourly rates, plus reimbursement of actual,
necessary expenses and other charges incurred by the firm.  The
hourly rates of partners of Quinn Emanuel range from $840 to
$1,175. O ther attorneys' hourly rates, including counsel
positions, range from $490 to $1,010.  The hourly rates charged for
Quinn Emanuel's law clerks and legal assistants range from $300 to
$365.

The following professionals presently are expected to have primary
responsibility for providing services to the Verso Debtors:

         Susheel Kirpalani, partner           $1,105
         James C. Tecce, partner              $1,005
         William Pugh, associate                $635
         Jordan Harap, associate                $550

To the best of the Verso Debtors' knowledge, Quinn Emanuel does
not hold or represent any interest adverse to the estate.

The following information is provided in response to the request
for additional information set forth in Paragraph D.I of the
Appendix B Guidelines:

   Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangement for this
engagement?

   Response: Quinn Emanuel has reduced its standard photocopy
charge from $0.24 per page to $0.05 per page.  Additionally, Quinn
Emanuel will charge no more than $1.00 per page for outgoing
facsimiles and will not charge for incoming facsimiles.  Where
possible, all other expenses will be billed at actual cost.  Quinn
Emanuel also will comply with the Local Rules and the Appendix B
Guidelines with respect to billing for non-working travel time.

   Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Response: No.

   Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition.  If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.

   Response: The billing rates and material financial terms for the
prepetition engagement are carried through to the proposed
postpetition engagement except as set forth herein and as required
by the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and
any other applicable procedures and order of the Court and, to the
extent required by the foregoing, the Appendix B Guidelines.

   Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?

   Response: Yes. The budget and staffing plan encompasses legal
advice to be provided by Quinn Emanuel during the first two months
of these Chapter 11 Cases.

Quinn Emanuel may be reached at:

         Susheel Kirpalani, Esq.
         James C. Tecce, Esq.
         William Pugh, Esq.
         Jordan Harap, Esq.
         QUINN EMANUEL URQUHART & SULLIVAN, LLP
         Email: susheelkirpalani@quinnemanuel.com
                jamestecce@quinnemanuel.com
                williampugh@quinnemanuel.com
                jordanharap@quinnemanuel.com

                     About Verso Corporation

Verso Corporation claims to be the leading North American producer
of coated papers, which are used primarily in magazines, catalogs,
high-end advertising brochures and annual reports, among other
media and marketing publications.  It employs approximately 5,200
personnel.

Verso Corporation and 26 of its affiliates, including NewPage
Corporation, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10163 to 16-10189, respectively) on Jan. 26, 2016.
The petitions were signed by David Paterson, the president and
CEO.

The Debtors disclosed total assets of $2.9 billion and total debts
of $3.87 million.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel,
Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners
L.P. as investment banker, Alvarez & Marsal North America, LLC as
financial advisor and Prime Clerk LLC as claims and noticing
agent.

The U.S. Trustee for Region 3 has appointed seven creditors of
Verso Corp. and its affiliates to serve on the official committee
of unsecured creditors.


VERSO CORP: Taps O'Melveny & Myers as Bankruptcy Counsel
--------------------------------------------------------
Verso Corporation, et al., ask the U.S. Bankruptcy Court for the
District of Delaware for permission to employ O'Melveny & Myers LLP
as counsel nunc pro tunc to Jan. 26, 2016.

O'Melveny & Myers will, among other things:

   a) advise the Debtors of their rights, powers, and duties as
debtors and debtors in possession in the management and operation
of their business;

   b) prepare on behalf of the Debtors all necessary and
appropriate applications, motions, draft orders, other pleadings,
notices, schedules, and other documents, and reviewing all
financial and other reports to be filed in the Debtors' chapter 11
cases; and

   c) advise the Debtors on, and preparing responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed and served in the Debtors' cases.

The Debtors believe that OMM's services will complement, and not
unnecessarily duplicate, the services rendered by any other
professional retained in the cases.

Contemporaneously with filing this Application, the Debtors are
filing applications to retain (i) Richards, Layton & Finger, P.A.,
as Delaware co-counsel to the Debtors; (ii) Paul, Weiss, Rifkind,
Wharton & Garrison LLP, as special corporate and transactions
counsel to the Debtors; (iii) Prime Clerk LLC, as claims and
noticing agent and administrative agent to the Debtors; (iv) PJT
Partners LP, as investment banker to the Debtors; (v) Alvarez and
Marsal North America, LLC, as financial advisor to the Debtors;
(vi) Latham & Watkins LLP, as special conflicts counsel to Debtors
NewPage Investment Company LLC,  et al.; and (vii) Quinn Emanuel
Urquhart & Sullivan, LLP, as special conflicts counsel to Debtors
Verso Paper Holdings LLC, et al.

George A. Davis, a senior partner and co-chair of the Restructuring
Practice of OMM, tells the Court that OMM will be compensated at
its standard hourly rates.  OMM's current hourly rates for partners
range from $835 to $1,300, other attorneys' hourly rates, including
counsel positions, range from $415 to $1,075, and the hourly rates
charged for OMM's legal assistants range from $175 to $350.  The
Debtors understand that OMM's rates are subject to annual and
customary firm-wide adjustments in the ordinary course of OMM's
business.  The hourly rates and corresponding rate structure that
OMM will use in the cases are consistent with the rates that OMM
charges other comparable clients, regardless of the location of the
clients or any associated case.

To the best of the Debtors' knowledge, (i) OMM is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.

The firm can be reached at:

         George A. Davis, Esq.
         Peter Friedman, Esq.
         Andrew M. Parlen, Esq.
         Diana M. Perez, Esq.
         O'MELVENY & MYERS LLP
         Times Square Tower
         Seven Times Square
         New York, NY 10036
         Tel: (212) 326-2000
         Fax: (212) 326-2061

                     About Verso Corporation

Verso Corporation claims to be the leading North American producer
of coated papers, which are used primarily in magazines, catalogs,
high-end advertising brochures and annual reports, among other
media and marketing publications.  It employs approximately 5,200
personnel.

Verso Corporation and 26 of its affiliates, including NewPage
Corporation, filed Chapter 11 bankruptcy petitions (Bankr. D. Del.
Case Nos. 16-10163 to 16-10189, respectively) on Jan. 26, 2016.
The petitions were signed by David Paterson, the president and
CEO.

The Debtors disclosed total assets of $2.9 billion and total debts
of $3.87 million.

The Debtors have engaged O'Melveny & Myers LLP as general counsel,
Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel,
Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners
L.P. as investment banker, Alvarez & Marsal North America, LLC as
financial advisor and Prime Clerk LLC as claims and noticing
agent.

The U.S. Trustee for Region 3 has appointed seven creditors of
Verso Corp. and its affiliates to serve on the official committee
of unsecured creditors.


VULCAN MATERIALS: Fitch Raises Issuer Default Rating From 'BB+'
---------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Vulcan Materials Company
(NYSE: VMC), including the company's Issuer Default Rating, to
'BBB-' from 'BB+'.  The Rating Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade of Vulcan Materials Company's (Vulcan) IDR to 'BBB-'
reflects the company's improving financial and credit metrics and
Fitch's expectation that Vulcan will maintain (or further improve)
these credit metrics.  Fitch believes that the company's profile
has been enhanced over the past few years and should be able to
sustain an investment grade rating through the cycle.

The rating for Vulcan is based on the company's leading market
position in the aggregates industry, geographically diverse quarry
network, solid liquidity position and strong credit metrics.  The
ratings also take into account the expected relatively stable
demand for construction products prompted by committed federal
government funding of transportation projects, high barriers to
entry, and the operating leverage of the company.  Fitch's concerns
include the historic relative volatility of state and federal
spending on highway construction, the cyclical and seasonal nature
of the construction industry and the high level of fixed costs in
the company's cost structure.

The Stable Outlook reflects Fitch's expectation that demand for
Vulcan's products will continue to grow in the near to intermediate
term as the U.S. construction market maintains its moderate
recovery.  In particular, highway construction, which represents
about 26% of the company's aggregates shipments, is expected to
expand in the intermediate term given the passage of the new
long-term highway bill in December 2015.  Fitch believes that the
new long-term highway bill provides greater certainty of funding
from the federal government, which allows individual states to plan
longer-term projects.

                        LEADERSHIP POSITION

Vulcan is the largest producer of construction aggregates in the
U.S. with coast-to-coast operations.  Vulcan operated 236
aggregates quarries and 108 other aggregates facilities at fiscal
year-end 2015 with 15.7 billion tons of aggregates reserves that
principally serve markets in 20 states, Washington D.C. and the
local markets surrounding its operations in Mexico and the Bahamas.
Management believes that it has the #1 or #2 position in 85% of
its markets.

In 2014, the company sharpened its focus on its aggregates business
with the sale of its Florida cement and concrete assets. The
aggregates industry has typically exhibited less volatile
characteristics than the cement sector due to less price
volatility.  Aggregates are diminishing assets and aggregates
producers continued to realize higher pricing even when volumes
declined meaningfully during the last construction downturn. Vulcan
also has asphalt and ready-mixed concrete businesses in certain
markets where it has a large aggregates presence.  The company
considers these downstream products an extension of its aggregates
business.

Barriers to entry in the aggregates industry are high due to
increasingly more stringent zoning and environmental restrictions
that can limit new quarry development.  Additionally, the
aggregates business is capital intensive and the high weight of
aggregates makes transportation expensive.  Fitch believes that the
high barriers to entry can deter new entrants and somewhat limit
competition, thereby supporting the sustainability of the company's
leading market position over the intermediate to long term.

                         GROWTH STRATEGY

The company has in the past been a relatively active acquirer,
including between 1999 and 2001 when the company spent about $1.2
billion on acquisitions.  In November 2007, the company acquired
100% of the outstanding stock of Florida Rock Industries in a cash
and stock deal valued at $4.7 billion ($3.3 billion of cash and
$1.4 billion of stock).  At that time, Florida Rock was a leading
producer of construction aggregates, cement, concrete and concrete
products in the southeastern and mid-Atlantic states.

Most recently, the company supplemented organic growth with
selective bolt-on acquisitions.  During 2014, Vulcan completed
eight transactions that expanded its aggregates business in
Arizona, California, New Mexico, Texas, Virginia and Washington
D.C., its asphalt business in Arizona and New Mexico, and its
ready-mixed concrete operations in New Mexico.  The company spent
$331.8 million for acquisitions during 2014, including cash of
$284.2 million, $45.2 million of stock, and $2.4 million of asset
swaps.

In 2015, the company completed several acquisitions, including an
aggregates facility in Tennessee, three aggregates facilities and
seven ready-mixed concrete operations in Arizona and New Mexico,
and 13 asphalt mix plants, primarily in Arizona.  These
acquisitions totaled $47.2 million, which were funded with $27.2
million of cash and $20 million of asset swaps.

Going forward, Fitch expects the company will continue to be more
focused on bolt-on acquisitions to expand operations in its current
markets.  There may also be opportunities to swap assets with other
operators where both parties can benefit from the transaction.

                     IMPROVING CREDIT METRICS

Vulcan's credit metrics have improved significantly from trough
levels reported during 2011.  Debt to EBITDA improved from 7.7x at
the end of 2011 to 6.0x at year-end 2012, 5.2x at the conclusion of
2013, 3.4x at the end of 2014 and 2.4x at year-end 2015. The
company reduced its debt levels from about $3.6 billion following
the Florida Rock acquisition in 2007 to $2 billion currently. Fitch
expects further improvement in leverage as the company continues to
increase EBITDA and maintains current debt levels. Fitch projects
leverage will be around 2.0x by the end of 2016.

EBITDA to interest also increased from 1.6x during 2011 to 1.9x
during 2012, 2.4x during 2013, 3.5x during 2014 and 5.5x during
2015.  Fitch expects interest coverage will settle above 6.5x by
year-end 2016.

Management has indicated that it is committed to pursuing and
maintaining an investment grade rating and intends to manage
leverage (debt to EBITDA) consistently between 2.0x and 2.5x.

Fitch believes that the company can sustain these investment grade
credit metrics through the cycle.  The company has taken steps to
reduce its cost structure and also eliminated its exposure to the
more volatile cement sector.  Vulcan's EBIT margin of 16.6% during
2015 is the highest since 2002 except during the peak construction
years of 2006 (20.6% EBIT margin) and 2007 (19.7%).  At the peak in
2006, the company shipped approximately 300 million tons of
aggregates.  By comparison, the company shipped 178.3 million tons
of aggregates during 2015 (about 40% below peak levels).

                      SOLID LIQUIDITY POSITION

Vulcan has a solid liquidity position with cash of $284.1 million
and $476.1 million of borrowing capacity under its $750 million
revolving credit facility that matures in June 2020.  The company
completed a number of transactions last year that lowered its
interest expense and extended its debt maturities.  In 2015, the
company issued $400 million of 4% senior unsecured notes and
borrowed $235 million on its revolver to repurchase, tender and
retire at maturity about $635 million of existing debt.  The
company's debt maturities are well-laddered, with no major debt
maturities until 2018, when about $522.5 million of senior notes
become due.

                          FREE CASH FLOW

Vulcan reported free cash flow (FCF; cash flow from operations less
capital expenditures and dividends) of $160.8 million (4.7% FCF
margin) during 2015 compared with $6.6 million (0.2%) during 2014,
$75.8 million (2.7%) during 2013 and $139.9 million (5.4%) during
2012.  The FCF during 2013 and 2012 included $153 million and $73.6
million, respectively, of proceeds from the sale of future
aggregates production.  Fitch projects Vulcan will generate FCF
margin of 7%-8% during 2016, excluding any growth capital
expenditures.  Between 2002 and 2005, Vulcan reported FCF margins
averaging about 7%.

Vulcan increased its quarterly dividend twice during 2014, from
$.01 per share to $0.05 per share in February 2014 and $0.06 per
share in July 2014.  In February 2015, the company grew its
quarterly dividend to $0.10 per share.  In February 2016, Vulcan
doubled its quarterly dividend to $0.20 per share.  Fitch expects
Vulcan will continue to increase dividends as earnings grow.

Fitch projects Vulcan will generate sufficient cash flow to fund
capital expenditures and dividends, and excess cash flow will be
deployed for bolt-on acquisitions and share repurchases.

                       CONSTRUCTION OUTLOOK

Fitch projects overall construction spending (Value of Construction
Put In Place as measured by the Census Bureau) will advance 7.1%
during 2016 following a 10.5% increase in 2015, a 5.4% improvement
in 2014 and a 5.8% growth in 2013.  Private residential
construction spending is projected to advance 9.5% while private
non-residential construction is expected to improve 7% this year.
Public construction spending is forecast to increase 4%.  Fitch
expects industry aggregates shipments and pricing will expand
mid-single-digit percentage this year.

Fitch believes that highway spending will grow and remain
relatively stable in the intermediate term given the recent
certainty of funding from the federal government.  On Dec. 4, 2015,
President Obama signed into law a new five-year, $305 billion
highway bill.  This measure is the first long-term highway program
put in place since the expiration of the last long-term highway
bill in 2009.  Spending will also be supported by state initiatives
to fund highway projects.  State governments continue to seek
alternative revenue sources to fund highway projects, including
increasing state gas and motor fuel taxes, raising sales taxes, and
transferring general fund revenues to highway fund budgets.
Several states have initiated some of these approaches and have
also tapped the private sector to supplement funding for highway
expenditures.

Fitch believes that the passage of a long-term highway bill,
combined with state initiatives, will allow individual states to
plan longer-term (and more aggregates-intensive) construction
projects.

                         KEY ASSUMPTIONS

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

   -- Overall U.S. construction spending grows 7.1% during 2016;

   -- Vulcan's same-store aggregates shipments and pricing rise
      mid-single digits during 2016;

   -- EBITDA margins expand 100 basis points (bps)-200 bps this
      year;

   -- Vulcan generates FCF margin of 7%-8% during 2016 (excluding
      any growth capital expenditures);

   -- Debt to EBITDA settles around 2.0x by the end of 2016;

   -- Interest coverage is above 6.5x during 2016.

                        RATING SENSITIVITIES

Additional positive rating actions may be considered if the company
shows sustained improvement in financial results and credit
metrics, including debt to EBITDA consistently and comfortably
within the company's target leverage of 2.0x-2.5x range, funds from
operations (FFO) adjusted leverage below 3.0x and interest coverage
steadily above 7.5x.  In considering positive rating actions, Fitch
will also take into account Vulcan's ability to sustain these
credit metrics through the cycle.

On the other hand, a negative rating action may be considered if
there is a sustained erosion of profits and cash flows due to
particularly weak construction activity (possibly prompted by an
untypically severe downturn), meaningful and continued loss of
market share, and/or ongoing cost pressures resulting in margin
contraction and deterioration in credit metrics, including debt to
EBITDA levels consistently in the 3.0x-3.5x range, FFO adjusted
leverage is routinely above 4.0x and interest coverage falls below
6x.

                     FULL LIST OF RATING ACTIONS

Fitch has upgraded these ratings:

Vulcan Materials Company:

   -- Long-term IDR to 'BBB-' from 'BB+';
   -- Senior unsecured notes to 'BBB-' from 'BB+/RR4'.

Fitch has also assigned a 'BBB-' rating to Vulcan's $750 million
unsecured revolving credit facility that matures in June 2020.

The Rating Outlook is Stable.


WALTER ENERGY: Authorized to Liquidate Provident Life Plan
----------------------------------------------------------
Bankruptcy Judge Tamara O. Mitchell of the U.S. Bankruptcy Court
for the Northern District of Alabama approved Walter Energy, Inc.'s
request to surrender and liquidate its Provident Life and Accident
Insurance Company Plan Number 61002.  

According to BankruptcyData, Walter Energy said in its motion,
"Pursuant to the terms of the Plan and the Policies, WEI, as owner
of the Policies, may terminate the Plan and surrender the Policies
in exchange for the cash surrender value of the Policies. Under the
terms of the Policies, if the Policies are surrendered, the cash
surrender value is payable to WEI as owner of the Policies. As of
March 1, 2016, there were nineteen outstanding Policies issued
pursuant to the Plan, with a total cash surrender value of
$12,819,729.77 (the 'Cash Surrender Value'). . . . As the Debtors
are winding down operations in light of the Sale. . . . The Debtors
have determined that terminating the Plan and surrendering the
Policies is appropriate under the circumstances and in the best
interests of the estates. Without limitation, the court-authorized
sale of the Debtors' core Alabama coal mining operations (the
'Sale') is scheduled to close at the end of March, after which
point the Debtors will have few, if any, employees. Moreover,
surrendering WEI's interest in the Policies will bring over $12
million in cash to the Debtors' estates to satisfy certain
obligations, including the DIP Obligations . . . If such funds are
received by the Debtors before the Closing Date, as that terms is
defined in the Asset Purchase Agreement dated November 5, 2015 by
and among Coal Acquisition, LLC (n/k/a Warrior Met Coal, LLC) as
Buyer ('Buyer') and Walter Energy, Inc. and Certain Subsidiaries of
Walter Energy, Inc. as Sellers (the 'APA') the funds will be used
to prepay the outstanding DIP Obligations in accordance with the
terms of the DIP Credit Agreement, and will minimize the Debtors'
need to draw on the DIP Facility (as defined in the DIP Financing
Order)."

                       About Walter Energy

Walter Energy, Inc. -- http://www.walterenergy.com/-- is a      
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America.  The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas, with operations in
the United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.  

Walter Energy and its affiliates sought Chapter 11 protection
(Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama
on July 15, 2015, after signing a restructuring support agreement
with first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total
debt of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
AlixPartners, LLP, as financial advisor, and Kurtzman Carson
Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner &
Block LLP as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WESTERN DIGITAL: Fitch Maintains 'BB+' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings maintains its 'BB+' Issuer Default Rating for Western
Digital Corp. which was originally assigned on March 14, 2016 with
a Stable Rating Outlook. Fitch also assigned 'BBB-/RR1' ratings to
the senior secured debt, including credit facilities and secured
senior notes, and 'BB+/RR4' ratings to the senior unsecured notes.
Western Digital will use net proceeds from debt issuance to fund
the pending $17 billion acquisition of SanDisk Corporation
(SanDisk). A full list of current ratings follows at the end of
this release.

The ratings and outlook reflect Western Digital's:

-- Diversified storage portfolio, pro forma for the acquisition
    of SanDisk, which should strengthen the company's positions in

    next generation storage platforms, while reducing nearer-term
    risks associated with solid-state drives (SSD) cannibalization

    of hard disk drives (HDD);

-- Increased scale and profitability, which should support higher

    investment intensity as: i) Western Digital faces larger
    competitors; and ii) the industry rapidly evolves around
    significant cloud driven data growth and new storage
    architectures, such as 3D NAND;

-- Credible profit margin expansion story, driven by cost
    synergies related to the deal and integration of Hitachi
    Global Storage Technologies (Hitachi), resulting in operating
    EBITDA margin to the mid- to high-20s from the low 20s; and

-- Commitment to rapid debt reduction from free cash flow (FCF)
    and tax efficient use of offshore cash, made possible in
    connection with a restructuring that is expected to relocate
    SanDisk's domestic intellectual property (IP) offshore.

The ratings consider Fitch's expectations:

-- Western Digital is subject to significant technology risk from

    the storage industry's rapid evolution and emergence of new
    storage architectures, which will be exacerbated by a wider
    array of competitors with alternative technologies;

-- Western Digital could structurally trail larger competitors,
    including Intel Corp. and Samsung, in 3D NAND through the
    intermediate term, potentially adversely impacting operating
    results and reducing FCF for debt reduction;

-- The combined company will face meaningful near- to
    intermediate-term revenue pressures from continued personal
    computer (PC) shipment declines, pressured removable retail
    and decreased use of single function electronics devices, and
    that increased exposure to uneven datacenter spending could
    exacerbate volatility; and

-- Total leverage (total debt to operating EBITDA) will be high
    at 3.4x at the close of the transaction (excluding synergies
    and pro forma the repayment of the bridge loan), limiting
    financial flexibility, despite rapid debt reduction.

FULL LIST OF CURRENT RATINGS

Western Digital Corp.

-- Long-term Issuer Default Rating (IDR) 'BB+';
-- Senior secured revolving credit facility 'BBB-/RR1';
-- Senior secured term loan A 'BBB-/RR1';
-- Senior secured term loan B 'BBB-/RR1';
-- Senior secured notes 'BBB-/RR1';
-- Senior unsecured notes 'BB+/RR4'.


ZAYO GROUP: Moody's Affirms B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service changed the ratings outlook for Zayo to
positive from stable based on its improved fundamental credit
profile and assigned a Caa1 (LGD5) rating to Zayo Group LLC's
("Zayo") proposed $350 million senior unsecured notes offering.
Moody's has also affirmed Zayo's B2 corporate family rating (CFR),
B2-PD probability of default rating, SGL-1 speculative grade
liquidity rating, Caa1 (LGD5) unsecured debt rating and Ba2 (LGD2)
senior secured debt rating.

Issuer: Zayo Group, LLC

Assignments:

-- Senior Unsecured Regular Bond/Debenture, Assigned Caa1 (LGD5)

Affirmations:

-- Probability of Default Rating, Affirmed B2-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-1

-- Corporate Family Rating , Affirmed B2

-- Senior Secured Bank Credit Facility, Affirmed Ba2 (LGD2)

-- Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

Outlook Actions:

-- Outlook, Changed To Positive From Stable

RATINGS RATIONALE

Zayo's B2 corporate family rating reflects its strong revenue
growth, stable base of contracted recurring revenues and valuable
fiber optic network assets. Zayo is well positioned for continued
growth from strong bandwidth demand from both carrier and
enterprise customers. Management has demonstrated its ability to
execute a high quantity of both small and large acquisitions and
achieve (or exceed) projected merger benefits. Although Zayo's
aggressive M&A stance is generally credit negative, management's
skill in navigating these transactions does offset a meaningful
amount of this risk. These positives are offset by Zayo's moderate
leverage of around 5.5x (Moody's adjusted as of 12/31/15) and the
company's history of frequent debt-financed acquisitions. Zayo's
business model requires heavy capital investment and is susceptible
to customer churn, both of which pressure free cash flow. And, in
addition to increasing its credit risk, Zayo's serial debt-financed
acquisition activity has also led to poor visibility into the
company's organic growth and steady state cost structure.

The positive outlook reflects Moody's view that Zayo will continue
its strong EBITDA growth such that leverage trends lower and free
cash flow remains positive. Zayo has increased capital investment
but primarily in response to strong demand for wireless backhaul
projects that have defined payback parameters. Moody's expects
Zayo's capex to plateau and free cash flow to continue to grow such
that it can continue to fully self-fund its aggressive capex
program and finance an increasing portion of future M&A targets
from internally generated cash.

The ratings for the debt instruments reflect both the overall
probability of default of Zayo, to which Moody's has assigned a
probability of default rating (PDR) of B2-PD, and individual loss
given default assessments. The senior secured credit facilities are
rated Ba2 (LGD2), three notches higher than the CFR given the loss
absorption from the Caa1 (LGD5) rated senior unsecured notes. The
senior unsecured rating could be upgraded if Zayo were to shift a
modest amount of debt from secured to unsecured. Moody's expects
this to occur over time, but Zayo has been opportunistic and
recently utilized additional secured debt to finance M&A
transactions.

"Moody's expects Zayo to maintain very good liquidity supported by
$176 million of cash on hand as of December 31, 2015 and an
effectively undrawn $450 million revolver. We also expect the
company to generate modest free cash flow of around $100 million
annually going forward. Zayo has no debt maturities prior to 2020
and the covenants governing Zayo's secured debt offer ample cushion
relative to the most recent results."

Moody's could upgrade Zayo's ratings if adjusted leverage
approaches 4.5x and FCF/Debt is sustained around 10%. Downward
rating pressure could develop if liquidity deteriorates or if
capital intensity increases such that Zayo is unable to generate
sustainable positive free cash flow or if leverage exceeds 6x on a
sustained basis.

Headquartered in Boulder, Colorado, Zayo Group is a provider of
bandwidth infrastructure and network-neutral interconnection
services with significant fiber network assets and international
reach.


ZYNEX INC: Reports $2.93 Million Net Loss for 2015
--------------------------------------------------
Zynex, Inc. filed with the Securities and Exchange Commission its
annual report on Form 10-K disclosing a net loss of $2.93 million
on $11.64 million of net revenue for the year ended Dec. 31, 2015,
compared to a net loss of $6.23 million on $11.11 million of net
revenue for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Zynex had $3.69 million in total assets, $7.76
million in total liabilities and a total stockholders' deficit of
$4.07 million.

GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company incurred significant
losses in 2015 and 2014, and has limited liquidity.  In addition,
the Company is in default of its secured line of credit and as a
result, if its lender insists upon immediate repayment, the Company
will be insolvent and may be forced to seek protection from its
creditors.  These factors raise substantial doubt about its ability
to continue as a going concern.

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

                      http://is.gd/tKaoqU

                          About Zynex

Zynex, Inc. (OTCQB: ZYXI) specializes in the production and sale of
non-invasive medical devices for pain management, stroke
rehabilitation, neurodiagnostic equipment, cardiac and blood volume
monitoring.  The company maintains its headquarters in Lone Tree,
Colorado.


[*] 16 Chapter 11 Cases Filed by SARE Debtors in March 2016
-----------------------------------------------------------
Aleksandrs Rozens, Bloomberg Brief Editor, reported that the number
of Chapter 11 cases involving single asset real estate debtors is
at its highest level since July, according to data compiled by
Bloomberg.  In March 2016, 16 single asset real estate debtors
filed Chapter 11s involving debt of $1 million or more -- up from
15 in each of the first two months of the year.  Twelve of these
real estate bankruptcies in March involved debt of $1 million to
$10 million and four cases involved liabilities of $10 million to
$50 million.


[*] Bankruptcy Filings Up in Delaware, Judge Says
-------------------------------------------------
Diane Davis, writing for Bloomberg News, in an article at Bloomberg
Brief, reported that the U.S. Bankruptcy Court for the District of
Delaware could face a severe hardship if one of their judges leaves
the bench in the near future, judges told Bloomberg BNA.  The
report said Delaware Bankruptcy Court has six judges, but five of
those judges are temporary judgeships.

According to the report, the Hon. Mary Walrath told Bloomberg BNA
on March 18 that after May 25, 2017, if one of those five judges
leaves the bench, the position wouldn't be filled, and ultimately,
Delaware could be left with only one judge to handle all of the
cases, based on the way the temporary judgeships work.

According to the report, Judge Walrath said Delaware has one of the
"highest weighted caseloads" for bankruptcy judges in the country.

The report also noted that the Hon. Cecelia G. Morris, Chief Judge
of the U.S. Bankruptcy Court for the Southern District of New York,
told Bloomberg BNA on March 23 that bankruptcy filings have
"trended back up, especially in Delaware."  

Bloomberg's Ms. Davis further reported that on March 15, the
Judicial Conference of the United States said that it wants to
convert 16 temporary bankruptcy judgeships to permanent judgeships
in nine districts that have high caseloads. The Judicial
Conference, which is a 26-member policymaking body for the federal
court system, said these nine districts have a 55% increase in
weighted bankruptcy filings from Dec. 31, 2006 -- the last time new
bankruptcy judgeships were authorized -- until Sept. 30, 2014.


[*] Scott Barshay Joins Paul, Weiss as Global Head of M&A
---------------------------------------------------------
Paul, Weiss, Rifkind, Wharton & Garrison LLP announced on April 3
that Scott A. Barshay is joining the firm as Global Head of Mergers
& Acquisitions, where he will focus on advising clients on mergers
and acquisitions, activist defense, corporate governance and other
significant corporate matters.

"Scott is widely recognized as one of the country's leading M&A
lawyers, advising the world's largest companies on their most
complex corporate transactions and governance issues," said Paul,
Weiss Chair Brad S. Karp. "We are delighted to welcome Scott to our
firm."

"While I've very much enjoyed practicing law at Cravath, I am
thrilled to join Paul, Weiss, a firm I've long admired," said Mr.
Barshay. "Paul Weiss's wide range of highest quality practices and
extraordinary lawyers will be invaluable in serving the needs of
our clients."

"The breadth and depth of Scott's practice perfectly complement our
firm," said Robert B. Schumer, chair of Paul, Weiss's Corporate
Department. "Our clients worldwide will benefit from Scott's
unparalleled expertise in public M&A representation and board-level
strategic counsel."

Paul, Weiss is a leader in M&A, and its public M&A practice
regularly advises blue-chip companies on major strategic
transactions. The firm's 2016 deals include advising Time Warner
Cable in its pending approximately $79 billion proposed merger with
Charter Communications; EXOR, an investment company headquartered
in Italy, in its recently completed approximately $7 billion
unsolicited cash bid for PartnerRe; and funds affiliated with
Apollo Global Management in the pending approximately $15 billion
acquisition of ADT Corporation. Paul, Weiss has advised on more
than 65 deals each valued in the billion or multibillion dollar
range during the past two years.

Mr. Barshay has represented clients in many of the biggest and
highest-profile M&A transactions and activist defense matters in
recent years. In 2015, Mr. Barshay worked on transactions with an
aggregate value in excess of $250 billion. His significant M&A
representations over the past year include advising 3G Capital and
H.J. Heinz in the $60 billion Kraft-Heinz merger; Anheuser-Busch
InBev in its $107 billion acquisition of SABMiller; Cameron
International in its $15 billion sale to Schlumberger; Honeywell in
its $90 billion proposal to acquire United Technologies; and
Starwood Hotels in its contested pending $13.6 billion sale to
Marriott International.

Mr. Barshay's significant recent activist defense representations
include advising Avon in its settlement agreement with Barington
Capital; Cheniere Energy in an accumulation of over 12% of
Cheniere's stock by Carl Icahn; Qualcomm in the accumulation of
more than $2.5 billion of Qualcomm's stock by JANA Partners; and
Xerox in the accumulation of more than 7% of Xerox's stock by Carl
Icahn and subsequent separation into two public companies.

News organizations and legal publications consistently recognize
Mr. Barshay as one of the country's leading M&A lawyers. In
December, The Wall Street Journal featured Mr. Barshay as one of
seven leading deal makers (and the only lawyer) in the United
States. Last year, Mr. Barshay was named to the National Law
Journal's list of M&A Trailblazers; in 2011, the Financial Times
named him one of its ten most innovative lawyers in North America
for his role in defending Barnes & Noble from activist attacks.

Mr. Barshay received a B.A. degree magna cum laude from Colgate
University in 1988, where he was elected to Phi Beta Kappa, and a
J.D. degree from Columbia Law School in 1991, where he was a Stone
Scholar. He joined Cravath, Swaine & Moore in 1991 and was named a
partner in 1998.

Mr. Barshay may be reached at:

          Scott A. Barshay, Esq.
          PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019-6064
          Tel: (212) 373-3040
          Fax: (212) 492-0040  
          Email: sbarshay@paulweiss.com

                          *     *     *

Michael J. de la Merced, writing for The New York Times' DealBook,
reported that the move is unusual for the highest echelons of
American corporate law as Mr. Barshay, one of Wall Street's top
deal makers defected to a rival after a 25-year career at the
white-shoe law firm Cravath, Swaine and Moore.

According to the DealBook, the defection is a big loss for Cravath,
whose nearly two-century history includes representing Samuel
Morse, Thomas Edison and J.P. Morgan, and a bold bid by Paul, Weiss
to bolster its mergers team and add another top-flight legal
practice to a stable that already includes corporate litigation and
white-collar defense.


[^] BOND PRICING: For Week from March 28 to April 1, 2016
---------------------------------------------------------
  Company                   Ticker  Coupon Bid Price   Maturity
  -------                   ------  ------ ---------   --------
99 Cents Only Stores LLC    NDN     11.000    37.230 12/15/2019
A. M. Castle & Co           CAS     12.750    71.969 12/15/2016
A. M. Castle & Co           CAS      7.000    46.250 12/15/2017
ACE Cash Express Inc        AACE    11.000    40.000   2/1/2019
ACE Cash Express Inc        AACE    11.000    40.000   2/1/2019
Affinion Investments LLC    AFFINI  13.500    43.513  8/15/2018
Aleris International Inc    ARS      7.625    99.250  2/15/2018
Alpha Appalachia
  Holdings Inc              ANR      3.250     0.875   8/1/2015
Alpha Natural
  Resources Inc             ANR      6.000     0.500   6/1/2019
Alpha Natural
  Resources Inc             ANR      7.500     0.500   8/1/2020
Alpha Natural
  Resources Inc             ANR      3.750     0.250 12/15/2017
Alpha Natural
  Resources Inc             ANR      4.875     0.250 12/15/2020
Alpha Natural
  Resources Inc             ANR      7.500     0.826   8/1/2020
Alpha Natural
  Resources Inc             ANR      7.500     0.500   8/1/2020
Alta Mesa Holdings LP /
  Alta Mesa Finance
  Services Corp             ALTMES   9.625    28.250 10/15/2018
American Eagle Energy Corp  AMZG    11.000    17.250   9/1/2019
American Eagle Energy Corp  AMZG    11.000    16.375   9/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.125    31.250  11/1/2020
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.119    24.000   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.125    30.625  11/1/2020
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.119    29.750   8/1/2019
American Energy-Permian
  Basin LLC / AEPB
  Finance Corp              AMEPER   7.375    30.750  11/1/2021
American Gilsonite Co       AMEGIL  11.500    53.000   9/1/2017
American Gilsonite Co       AMEGIL  11.500    52.750   9/1/2017
Appvion Inc                 APPPAP   9.000    38.125   6/1/2020
Appvion Inc                 APPPAP   9.000    38.125   6/1/2020
Arch Coal Inc               ACI      7.000     0.551  6/15/2019
Arch Coal Inc               ACI      7.250     0.935  10/1/2020
Arch Coal Inc               ACI      8.000     1.375  1/15/2019
Arch Coal Inc               ACI      8.000     1.558  1/15/2019
Armstrong Energy Inc        ARMS    11.750    37.245 12/15/2019
Armstrong Energy Inc        ARMS    11.750    30.000 12/15/2019
Aspect Software Inc         ASPECT  10.625    63.000  5/15/2017
Aspect Software Inc         ASPECT  10.625    62.750  5/15/2017
Aspect Software Inc         ASPECT  10.625    62.750  5/15/2017
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    15.750  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      7.750    14.750  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    14.750  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp              ARP      9.250    14.750  8/15/2021
Avaya Inc                   AVYA    10.500    30.250   3/1/2021
Avaya Inc                   AVYA    10.500    28.938   3/1/2021
BPZ Resources Inc           BPZR     6.500     5.000   3/1/2015
BPZ Resources Inc           BPZR     6.500     2.504   3/1/2049
Basic Energy Services Inc   BAS      7.750    32.125  2/15/2019
Berry Petroleum Co LLC      LINE     6.375    19.250  9/15/2022
Berry Petroleum Co LLC      LINE     6.750    17.644  11/1/2020
Black Elk Energy Offshore
  Operations LLC /
  Black Elk Finance Corp    BLELK   13.750     2.250  12/1/2015
Bonanza Creek Energy Inc    BCEI     6.750    27.933  4/15/2021
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     7.875    11.700  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    13.390 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    11.625 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance Corp    BBEP     8.625    11.625 10/15/2020
Caesars Entertainment
  Operating Co Inc          CZR     10.000    41.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     12.750    39.000  4/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    40.250 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      5.750    38.250  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.000    41.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR      5.750    12.250  10/1/2017
Caesars Entertainment
  Operating Co Inc          CZR     10.000    40.000 12/15/2018
Caesars Entertainment
  Operating Co Inc          CZR     10.000    41.000 12/15/2018
California Resources Corp   CRC      5.000    25.439  1/15/2020
California Resources Corp   CRC      5.500    23.750  9/15/2021
Cenveo Corp                 CVO     11.500    44.000  5/15/2017
Cenveo Corp                 CVO      7.000    43.250  5/15/2017
Chaparral Energy Inc        CHAPAR   7.625    19.250 11/15/2022
Chaparral Energy Inc        CHAPAR   8.250    19.125   9/1/2021
Chaparral Energy Inc        CHAPAR   9.875    19.000  10/1/2020
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Chassix Holdings Inc        CHASSX  10.000     8.000 12/15/2018
Chesapeake Energy Corp      CHK      6.500    66.500  8/15/2017
Chesapeake Energy Corp      CHK      3.872    37.500  4/15/2019
Chesapeake Energy Corp      CHK      2.500    63.250  5/15/2037
Chesapeake Energy Corp      CHK      2.250    41.250 12/15/2038
Chesapeake Energy Corp      CHK      2.500    73.000  5/15/2037
Claire's Stores Inc         CLE      8.875    30.850  3/15/2019
Claire's Stores Inc         CLE      7.750    22.000   6/1/2020
Claire's Stores Inc         CLE     10.500    62.865   6/1/2017
Claire's Stores Inc         CLE      7.750    21.375   6/1/2020
Clean Energy Fuels Corp     CLNE     5.250    54.500  10/1/2018
Clean Energy Fuels Corp     CLNE     7.500    87.130  8/30/2016
Cliffs Natural
  Resources Inc             CLF      5.950    49.900  1/15/2018
Cliffs Natural
  Resources Inc             CLF      5.900    29.880  3/15/2020
Cliffs Natural
  Resources Inc             CLF      4.800    29.750  10/1/2020
Cliffs Natural
  Resources Inc             CLF      7.750    30.750  3/31/2020
Cliffs Natural
  Resources Inc             CLF      7.750    33.000  3/31/2020
Community Choice
  Financial Inc             CCFI    10.750    44.500   5/1/2019
Comstock Resources Inc      CRK      7.750    14.964   4/1/2019
Comstock Resources Inc      CRK      9.500    15.000  6/15/2020
Cumulus Media Holdings Inc  CMLS     7.750    38.750   5/1/2019
EPL Oil & Gas Inc           EXXI     8.250     5.000  2/15/2018
EV Energy Partners LP /
  EV Energy Finance Corp    EVEP     8.000    28.894  4/15/2019
EXCO Resources Inc          XCO      7.500    30.550  9/15/2018
EXCO Resources Inc          XCO      8.500    21.400  4/15/2022
Eagle Rock Energy
  Partners LP / Eagle Rock
  Energy Finance Corp       EROC     8.375    16.023   6/1/2019
Emerald Oil Inc             EOX      2.000     2.750   4/1/2019
Endeavour
  International Corp        END     12.000     1.017   3/1/2018
Endeavour
  International Corp        END     12.000     1.017   3/1/2018
Energy & Exploration
  Partners Inc              ENEXPR   8.000     1.970   7/1/2019
Energy & Exploration
  Partners Inc              ENEXPR   8.000     1.970   7/1/2019
Energy Conversion
  Devices Inc               ENER     3.000     7.875  6/15/2013
Energy Future
  Holdings Corp             TXU      9.750    20.000 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU     10.000     3.000  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU      9.750    20.000 10/15/2019
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU     10.000     2.765  12/1/2020
Energy Future Intermediate
  Holding Co LLC /
  EFIH Finance Inc          TXU      6.875     2.765  8/15/2017
Energy XXI Gulf Coast Inc   EXXI    11.000    14.250  3/15/2020
Energy XXI Gulf Coast Inc   EXXI     9.250     6.000 12/15/2017
Energy XXI Gulf Coast Inc   EXXI     6.875     5.100  3/15/2024
Energy XXI Gulf Coast Inc   EXXI     7.750     4.000  6/15/2019
Energy XXI Gulf Coast Inc   EXXI     7.500     3.500 12/15/2021
FBOP Corp                   FBOPCP  10.000     1.843  1/15/2009
FTS International Inc       FTSINT   6.250    12.711   5/1/2022
FairPoint Communications
  Inc/Old                   FRP     13.125     1.879   4/2/2018
Fleetwood Enterprises Inc   FLTW    14.000     3.557 12/15/2011
Forbes Energy Services Ltd  FES      9.000    39.550  6/15/2019
Gibson Brands Inc           GIBSON   8.875    53.000   8/1/2018
Goodman Networks Inc        GOODNT  12.125    39.500   7/1/2018
Goodrich Petroleum Corp     GDPM     8.875     4.875  3/15/2018
Goodrich Petroleum Corp     GDPM     8.875     4.607  3/15/2018
Gymboree Corp/The           GYMB     9.125    34.338  12/1/2018
Halcon Resources Corp       HKUS     9.750    18.900  7/15/2020
Halcon Resources Corp       HKUS    13.000    30.250  2/15/2022
Halcon Resources Corp       HKUS     8.875    17.050  5/15/2021
Halcon Resources Corp       HKUS     9.250    20.150  2/15/2022
Halcon Resources Corp       HKUS    13.000    30.125  2/15/2022
Hexion Inc                  HXN      7.875    20.900  2/15/2023
Hexion Inc                  HXN      9.200    21.000  3/15/2021
Horsehead Holding Corp      ZINC    10.500    56.000   6/1/2017
Horsehead Holding Corp      ZINC     3.800     7.875   7/1/2017
Horsehead Holding Corp      ZINC     9.000    20.000   6/1/2017
Horsehead Holding Corp      ZINC    10.500    55.500   6/1/2017
Horsehead Holding Corp      ZINC    10.500    55.500   6/1/2017
ION Geophysical Corp        IO       8.125    50.625  5/15/2018
Illinois Power
  Generating Co             DYN      6.300    31.500   4/1/2020
Illinois Power
  Generating Co             DYN      7.000    38.330  4/15/2018
IronGate Energy
  Services LLC              IRONGT  11.000    25.000   7/1/2018
IronGate Energy
  Services LLC              IRONGT  11.000    24.500   7/1/2018
IronGate Energy
  Services LLC              IRONGT  11.000    24.500   7/1/2018
IronGate Energy
  Services LLC              IRONGT  11.000    24.500   7/1/2018
Key Energy Services Inc     KEG      6.750    20.260   3/1/2021
Las Vegas Monorail Co       LASVMC   5.500     3.125  7/15/2019
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     8.000    20.768  12/1/2020
Legacy Reserves LP /
  Legacy Reserves
  Finance Corp              LGCY     6.625    19.250  12/1/2021
Lehman Brothers
  Holdings Inc              LEH      4.000     3.912  4/30/2009
Lehman Brothers
  Holdings Inc              LEH      2.070     3.912  6/15/2009
Lehman Brothers
  Holdings Inc              LEH      2.000     3.912   3/3/2009
Lehman Brothers
  Holdings Inc              LEH      1.600     3.912  11/5/2011
Lehman Brothers
  Holdings Inc              LEH      5.000     3.912   2/7/2009
Lehman Brothers
  Holdings Inc              LEH      1.500     3.912  3/29/2013
Lehman Brothers Inc         LEH      7.500     3.750   8/1/2026
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     8.625    10.050  4/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     7.750    11.000   2/1/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500    10.250  5/15/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE    12.000    13.750 12/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    10.800  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.500    12.000  9/15/2021
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    84.000  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp       LINE     6.250    10.750  11/1/2019
Logan's Roadhouse Inc       LGNS    10.750    35.000 10/15/2017
MF Global Holdings Ltd      MF       6.250    23.500   8/8/2016
MF Global Holdings Ltd      MF       3.375    23.500   8/1/2018
MModal Inc                  MODL    10.750    10.125  8/15/2020
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     8.000  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     8.000  5/15/2018
Magnetation LLC /
  Mag Finance Corp          MAGNTN  11.000     8.000  5/15/2018
Magnum Hunter
  Resources Corp            MHRC     9.750    22.000  5/15/2020
Memorial Production
  Partners LP / Memorial
  Production Finance Corp   MEMP     7.625    29.300   5/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.000    37.500   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO      9.250     4.750   6/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC          MPO     10.750     5.320  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC         MPO     10.000    28.250   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC         MPO     10.750     4.016  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC         MPO     10.750     4.016  10/1/2020
Molycorp Inc               MCP     10.000     7.000   6/1/2020
Molycorp Inc               MCP      6.000     2.000   9/1/2017
Molycorp Inc               MCP      5.500     1.870   2/1/2018
Murray Energy Corp         MURREN  11.250    13.250  4/15/2021
Murray Energy Corp         MURREN  11.250    13.750  4/15/2021
Murray Energy Corp         MURREN   9.500    13.000  12/5/2020
Murray Energy Corp         MURREN   9.500    13.000  12/5/2020
New Gulf Resources LLC/
  NGR Finance Corp         NGREFN  12.250     3.000  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp         NGREFN  12.250    29.000  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp         NGREFN  12.250     5.000  5/15/2019
Nine West Holdings Inc     JNY      8.250    28.250  3/15/2019
Nine West Holdings Inc     JNY      6.125    19.600 11/15/2034
Nine West Holdings Inc     JNY      6.875    19.867  3/15/2019
Nine West Holdings Inc     JNY      8.250    23.250  3/15/2019
Noranda Aluminum
  Acquisition Corp         NOR     11.000     1.000   6/1/2019
Nuverra Environmental
  Solutions Inc            NESC     9.875    24.300  4/15/2018
OMX Timber Finance
  Investments II LLC       OMX      5.540    13.125  1/29/2020
Peabody Energy Corp        BTU      6.000     7.500 11/15/2018
Peabody Energy Corp        BTU      6.500     6.500  9/15/2020
Peabody Energy Corp        BTU     10.000     7.500  3/15/2022
Peabody Energy Corp        BTU      6.250     6.007 11/15/2021
Peabody Energy Corp        BTU      4.750     0.500 12/15/2041
Peabody Energy Corp        BTU      7.875     6.150  11/1/2026
Peabody Energy Corp        BTU     10.000     8.160  3/15/2022
Peabody Energy Corp        BTU      6.000     6.875 11/15/2018
Peabody Energy Corp        BTU      6.000     6.875 11/15/2018
Peabody Energy Corp        BTU      6.250     2.750 11/15/2021
Peabody Energy Corp        BTU      6.250     7.000 11/15/2021
Penn Virginia Corp         PVAH     8.500     9.770   5/1/2020
Penn Virginia Corp         PVAH     7.250    11.110  4/15/2019
Permian Holdings Inc       PRMIAN  10.500    38.625  1/15/2018
Permian Holdings Inc       PRMIAN  10.500    38.625  1/15/2018
PetroQuest Energy Inc      PQ      10.000    48.550   9/1/2017
Quicksilver Resources Inc  KWKA     9.125     2.125  8/15/2019
Quicksilver Resources Inc  KWKA    11.000     2.125   7/1/2021
Resolute Energy Corp       REN      8.500    34.850   5/1/2020
Rex Energy Corp            REXX     8.875    12.500  12/1/2020
Rex Energy Corp            REXX     6.250    12.250   8/1/2022
Rolta LLC                  RLTAIN  10.750    48.250  5/16/2018
SFX Entertainment Inc      SFXE     9.625     2.000   2/1/2019
SFX Entertainment Inc      SFXE     9.625     2.000   2/1/2019
SFX Entertainment Inc      SFXE     9.625     2.000   2/1/2019
SFX Entertainment Inc      SFXE     9.625     2.000   2/1/2019
Sabine Oil & Gas Corp      SOGC     7.250     1.500  6/15/2019
Sabine Oil & Gas Corp      SOGC     7.500     1.375  9/15/2020
Sabine Oil & Gas Corp      SOGC     7.500     1.339  9/15/2020
Sabine Oil & Gas Corp      SOGC     7.500     1.339  9/15/2020
Samson Investment Co       SAIVST   9.750     0.375  2/15/2020
SandRidge Energy Inc       SD       8.750    24.750   6/1/2020
SandRidge Energy Inc       SD       7.500     5.500  3/15/2021
SandRidge Energy Inc       SD       8.125     5.750 10/15/2022
SandRidge Energy Inc       SD       7.500     5.000  2/15/2023
SandRidge Energy Inc       SD       8.750     4.228  1/15/2020
SandRidge Energy Inc       SD       8.750    25.250   6/1/2020
SandRidge Energy Inc       SD       8.125     0.375 10/16/2022
SandRidge Energy Inc       SD       7.500     0.375  2/16/2023
SandRidge Energy Inc       SD       7.500     5.750  3/15/2021
SandRidge Energy Inc       SD       7.500     5.750  3/15/2021
Sequa Corp                 SQA      7.000    14.430 12/15/2017
Sequa Corp                 SQA      7.000    14.375 12/15/2017
Seventy Seven Energy Inc   SSE      6.500     6.000  7/15/2022
Seventy Seven
  Operating LLC            SSE      6.625    30.625 11/15/2019
Seventy Seven
  Operating LLC            SSE      6.625    35.700 11/15/2019
Seventy Seven
  Operating LLC            SSE      6.625    28.500 11/15/2019
Sidewinder Drilling Inc    SIDDRI   9.750     7.500 11/15/2019
Sidewinder Drilling Inc    SIDDRI   9.750     7.250 11/15/2019
Solazyme Inc               SZYM     6.000    52.000   2/1/2018
Speedy Cash Intermediate
  Holdings Corp            SPEEDY  10.750    61.250  5/15/2018
Speedy Cash Intermediate
  Holdings Corp            SPEEDY  10.750    58.000  5/15/2018
Speedy Cash Intermediate
  Holdings Corp            SPEEDY  10.750    60.250  5/15/2018
Speedy Cash Intermediate
  Holdings Corp            SPEEDY  10.750    60.250  5/15/2018
Speedy Group
  Holdings Corp            SPEEDY  12.000    45.750 11/15/2017
Speedy Group
  Holdings Corp            SPEEDY  12.000    45.750 11/15/2017
SquareTwo Financial Corp   SQRTW   11.625    35.017   4/1/2017
Stone Energy Corp          SGY      1.750    29.000   3/1/2017
Stone Energy Corp          SGY      7.500    27.000 11/15/2022
SunEdison Inc              SUNE     2.000     3.625  10/1/2018
SunEdison Inc              SUNE     2.375     4.000  4/15/2022
SunEdison Inc              SUNE     0.250     3.625  1/15/2020
SunEdison Inc              SUNE     3.375     4.000   6/1/2025
SunEdison Inc              SUNE     2.750     4.078   1/1/2021
SunEdison Inc              SUNE     2.625     3.750   6/1/2023
Swift Energy Co            SFY      7.875     5.237   3/1/2022
Swift Energy Co            SFY      7.125     4.550   6/1/2017
Swift Energy Co            SFY      8.875     5.050  1/15/2020
Syniverse Holdings Inc     SVR      9.125    45.950  1/15/2019
TMST Inc                   THMR     8.000    13.000  5/15/2013
Talos Production LLC /
  Talos Production
  Finance Inc              TALPRO   9.750    31.000  2/15/2018
Talos Production LLC /
  Talos Production
  Finance Inc              TALPRO   9.750    31.250  2/15/2018
Terrestar Networks Inc     TSTR     6.500    10.000  6/15/2014
TetraLogic
  Pharmaceuticals Corp     TLOG     8.000    23.987  6/15/2019
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     10.250     3.500  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     11.500    30.000  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     15.000     3.875   4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     10.250     3.000  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     15.000     1.978   4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     11.500    30.750  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc              TXU     10.250     3.443  11/1/2015
Triangle USA
  Petroleum Corp           TPLM     6.750    19.000  7/15/2022
Triangle USA
  Petroleum Corp           TPLM     6.750    18.250  7/15/2022
Trilogy International
  Partners LLC /
  Trilogy International
  Finance Inc              TRIINT  10.250    88.250  8/15/2016
Trilogy International
  Partners LLC /
  Trilogy International
  Finance Inc              TRIINT  10.250    88.500  8/15/2016
UCI International LLC      UCII     8.625    19.259  2/15/2019
Vanguard Natural
  Resources LLC /
  VNR Finance Corp         VNR      7.875    14.682   4/1/2020
Venoco Inc                 VQ       8.875     0.250  2/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750    12.500  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750    18.500  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750     0.100  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS      8.750     0.950   2/1/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750     6.000  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750     2.805  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750     2.805  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc    VRS     11.750     6.000  1/15/2019
Violin Memory Inc          VMEM     4.250    34.000  10/1/2019
W&T Offshore Inc           WTI      8.500    12.554  6/15/2019
Walter Energy Inc          WLTG     9.500    13.250 10/15/2019
Walter Energy Inc          WLTG     9.500    15.625 10/15/2019
Walter Energy Inc          WLTG     9.500    15.625 10/15/2019
Walter Energy Inc          WLTG     9.500    15.625 10/15/2019
iHeartCommunications Inc   IHRT    10.000    34.000  1/15/2018
iHeartCommunications Inc   IHRT     6.875    54.300  6/15/2018


                            *********

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 ***