TCR_Public/160415.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, April 15, 2016, Vol. 20, No. 106

                            Headlines

2654 HIGHWAY: Case Summary & 6 Unsecured Creditors
35 INNISBROOK: U.S. Trustee Unable to Appoint Committee
88 HAMILTON AVENUE: Schedules $36.96M in Assets, $28.4M in Debt
A&A WHEELER: Plan Exclusivity Period Extended Thru May 24
ABEINSA HOLDING: U.S. Trustee Forms 5-Member Committee

ABENGOA SA: Chapter 15 Recognition Hearing Set for April 27
ADAMIS PHARMACEUTICALS: Completes Acquisition of US Compounding
AES CORP: S&P Raises Corp. Credit Rating to 'BB', Outlook Stable
AFFIRMATIVE INSURANCE: Rehabilitator Bid for Case Dismissal Denied
ALLIED ERECTING: Case Summary & 20 Largest Unsecured Creditors

ALTERNATIVES LIVING: Deadline to Confirm Plan Moved to May 12
AMERICAN COMMERCE: Acquires Best Way Auto & Truck Rental
ANNA'S LINENS: Case Converted to Chapter 7 Liquidation
AQGEN LIBERTY: Moody's Puts B2 LT CFR on Review for Downgrade
ATNA RESOURCES: Proposes May 2 Auction of Assets

AZTEC OIL: Voluntary Chapter 11 Case Summary
AZURE MIDSTREAM: Moody's Cuts Corporate Family Rating to Caa2
BALMORAL RACING: Files Liquidating Plan, Proposes Creditor Trust
BH SUTTON: Files Schedules of Assets and Liabilities
BLUE LEOPARD: U.S. Trustee Unable to Appoint Committee

CAPITAL L. CORP: Case Summary & 5 Unsecured Creditors
CASA EN DENVER: Access to Cash Collateral Extended to May 23
CENVEO INC: Egan-Jones Downgrades Sr. Unsec. Rating to CCC
CIENA CORP: Egan-Jones Cuts FC Commercial Paper Rating to B
CINCINNATI TERRACE: Creditors Seek Transfer of Ch. 11 Case to Ohio

CINCINNATI TERRACE: Files Schedules of Assets & Liabilities
CINCINNATI TERRACE: Seeks Joint Administration of Chapter 11 Cases
CIRCLE T FARM: Case Summary & 5 Unsecured Creditors
COMMUNITY PAPERS: Court Grants 3-Month Extension of Exclusivity
DCP MIDSTREAM: Egan-Jones Cuts Sr. Unsecured Rating to BB

DIPLOMATA S/A INDUSTRIAL: Chapter 15 Case Summary
DIVERSE ENERGY: Gets OK to Distribute Proceeds from Cimarron Sale
DORAL FINANCIAL: Plan Exclusivity Period Extended Through June 22
EAST ORANGE: Committee Can Hire Arent Fox as Co-Counsel
EAST ORANGE: McCarter & English Okayed as Transactional Counsel

EAST ORANGE: Saul Ewing Approved as Counsel for PCO
ELITE PHARMACEUTICALS: Appoints Eugene Pfeifer to Board
ENCORE PROPERTIES: Voluntary Chapter 11 Case Summary
ENERGY TRANFSER: Egan-Jones Cuts Sr. Unsecured Rating to BB+
ENERGY XXI: CorEnergy Responds to Chapter 11 Filing

ENERGY XXI: Files Chapter 11 With Prearranged Plan
EOGH LIQUIDATION: Asks Court to Extend Exclusivity Thru July 7
EQUA MANAGEMENT: Asks Court to Extend Exclusivity Thru July 21
EXTREME PLASTICS: Has Access to Cash Collateral Until May 6
FOUR WELLS: Case Summary & 6 Unsecured Creditors

FTE NETWORKS: 2016 FTE Networks Shareholder Update Letter
GFL ENVIRONMENTAL: Notes Add-On No Impact on Moody's B2 CFR
GOODRICH PETROLEUM: Soliciting Acceptances of Prepackaged Plan
HAGGEN HOLDINGS: Closing Sales for 4 More Stores Approved
HAGGEN HOLDINGS: Obtains Advance Approval of Misc. Asset Sales

HAGGEN HOLDINGS: Proposes Closing Sales at 3 Excluded Stores
HALYARD HEALTH: Moody's Says CORPAK Acquisition is Credit Pos.
HARRON COMMUNICATIONS: Moody's Withdraws B2 CFR Over Refinancing
HCSB FINANCIAL: Announces Independent Outside Loan Review
HCSB FINANCIAL: Closes Preferred Stock Repurchases with Treasury

HCSB FINANCIAL: Completes $45 Million Capital Raise
HCSB FINANCIAL: Final Settlement of Subordinated Debt Class Action
HILLWINDS FAMILY: Asks Court to Extend Exclusivity to June 30
HYDROCARB ENERGY: Voluntary Chapter 11 Case Summary
IMAGE MAKERS: U.S. Trustee Unable to Appoint Committee

INTERNATIONAL GAME: Egan-Jones Cuts LC Sr. Unsec. Rating to BB
JAGUAR HOLDING II: Term Loan Upsize No Impact on Moody's B2 CFR
JAMES M. SCOTT: Asks Court to Extend Plan Exclusivity to June 15
JAMES V. FITZGERALD: Wants Plan Exclusivity Extended Thru Aug. 3
JOLY JACOB: Court Extends Plan Exclusivity Thru July 29

KALOBIOS PHARMA: $26.4MM in Unsecured Claims Filed by the Bar Date
KALOBIOS PHARMA: Delays Filing of 2015 Annual Report
KALOBIOS PHARMA: Seeks Approval of $3M DIP Loan from Black Horse
KEMET CORP: Egan-Jones Cuts FC Sr. Unsecured Rating to CC
KRISHNA ASSOCIATES: Plan Exclusivity Period Extended to May 2

LAGINAPPE LLC: U.S. Trustee Unable to Appoint Committee
LATEX FOAM: Seeks More Time to File Application for Final Decree
LEUCADIA NATIONAL: Egan-Jones Cuts LC Sr. Unsecured Rating to BB+
LIFE CARE: Appoints American Legal as Claims and Noticing Agent
LIFE PARTNERS: Postnikoff Represents 13 Insruance Policy Investors

LIGHTSTREAM RESOURCES: Moody's Cuts Corporate Family Rating to Ca
LINN ENERGY: Law Firms Investigates Investor Claims on Acquisition
LOWER BUCKS: Court Partially OKs Summary Judgment Bids in "Becker"
MANASOTA GROUP: Change in Control Occurs
MANASOTA GROUP: Hires Goldstein Schechter as New Accountant

MANASOTA GROUP: Issues 2 Million Common Shares
MANLEY TOYS: Aviva Objects to Ch. 15 Recognition Bid
NANOSPHERE INC: Amends 500,000 Shares Resale Prospectus
NETSMART INC: Moody's Assigns B3 Corporate Family Rating
OAKFABCO, INC: Asbestos Committee Retains Insurance Professionals

OXYSURE THERAPEUTICS: Reverse Split Certificate of Amendment
PACIFIC SUNWEAR: Seeks Approval of Employee Bonus Plans
PEABODY ENERGY: Extends US$250M Revolving Loan to Australian Unit
PEABODY ENERGY: Judge Okays First-Day Motions, Affirms $800M DIP
PEABODY ENERGY: Moody's Cuts PDR to 'D-PD' on Bankruptcy Filing

PEABODY ENERGY: S&P Lowers Ratings to 'D' on Chap. 11 Bankr. Filing
PEABODY ENERGY: Summary and Terms of $800M DIP Facilities
PETROLEUM PRODUCTS: Hires Calvetti Ferguson as Auditor
PHOTOMEDEX INC: Alleges Breach Under DSKX Merger Agreement
POSITIVEID CORP: Incurs $11.5 Million Net Loss in 2015

PREFERRED PROPERTIES: Wants Plan Exclusivity Extended to Aug. 24
PREMIER EXHIBITIONS: Enters Into Replacement Notes with Lenders
PREMIER EXHIBITIONS: Errors Found in Dinoking Financial Statements
PREMIER EXHIBITIONS: Issues Shareholder Update Letter
PREMIER EXHIBITIONS: Signs Separation Pact with Units President

PRESIDENTIAL REALTY: Reports $495,000 Net Loss for 2015
PRIMORSK INTERNATIONAL: April 29 Set as General Claims Bar Date
QUANTUM FUEL: Mainstay Fuel Resigns from Creditors' Committee
QUICKSILVER RESOURCES: Closes Sale to BlueStone; Price Slashed
REBUS CORP: Case Summary & 4 Unsecured Creditors

RENAULT WINERY: US Trustee Seeks Conversion of Case to Chapter 7
SABLE OPERATING: Aggietech Approved as Operator
SABRE HOLDINGS: Moody's Hikes Corporate Family Rating to Ba2
SADDLE CREEK: Tex. App. Upholds Allegiance Lease on FABDA Property
SAFEWAY INC: Egan-Jones Withdraws Sr. Unsecured Debt Ratings

SCC PARTNERS: Corporate Development Resigns from Committee
SEARS HOLDINGS: ESL Partners Reports 57.5% Stake
SEARS HOLDINGS: Obtains $500 Million Secured Loan Facility
SEPCO CORP: Names M. Jacoby as Deputy Restructuring Officer
SM ENERGY: Egan-Jones Cuts Sr. Unsecured Rating to B-

SOUTHCROSS HOLDINGS: Pre-Packaged Plan Confirmed; Exits Chapter 11
SPIRE CORP: Warns of Possible Bankruptcy if Settlement Fails
SPORTS AUTHORITY: Wilmington Appeals Consigned Goods Sale Orders
STARVING STUDENTS: U.S. Trustee Unable to Appoint Committee
TX FOUR HOLDINGS: Case Summary & 5 Unsecured Creditors

U.S. STEEL: Egan-Jones Lowers Sr. Unsecured Ratings to B-
VALEANT PHARMACEUTICALS: Moody's Cuts Corp. Family Rating to B2
VENOCO INC: Hires BMC Group as Administrative Agent
VENOCO INC: Hires Deloitte as Administration Services Provider
VENOCO INC: Hires Ernst & Young as Auditor, Tax Advisor

VERSO CORP: Creditors' Panel Hires Womble Carlyle as Co-Counsel
VERTELLUS SPECIALTIES: Moody's Moves PDR to 'Ca-PD/LD'
VISCOUNT SYSTEMS: James Cacioppo Reports 56.6% Stake
WGC INC: Case Summary & 5 Unsecured Creditors
WHITESBURG REALTY: Case Summary & Unsecured Creditor

WPX ENERGY: Egan-Jones Cuts FC Sr. Unsecured Rating to CCC+
[^] BOOK REVIEW: The First Junk Bond

                            *********

2654 HIGHWAY: Case Summary & 6 Unsecured Creditors
--------------------------------------------------
Debtor: 2654 Highway 169, LLC
        475 S San Antonio Road
        Los Altos, CA 94022

Case No.: 16-10644

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       District of Kansas (Wichita)

Judge: Hon. Robert E. Nugent

Debtor's Counsel: David P Eron, Esq.
                  ERON LAW, P.A.
                  229 E. William, Suite 100
                  Wichita, KS 67202
                  Tel: 316-262-5500
                  Fax: 316-262-5559
                  E-mail: david@eronlaw.net

Estimated Assets: $10 million to $50 million

Estimated Debts: $10 million to $50 million

The petition was signed by Andrew Lewis, managing member.

List of Debtor's six Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
City of Coffeyville                   Utilities          $6,235

Atmos Energy                          Utilities          $4,000

Shelton Construction                 Professional          $500
                                   Goods & Services

Sherwood Harper                     Legal Services         $467

CT Service Team 5                    Professional          $113
                                   Goods & Services

AT&T                                   Utilities           $100


35 INNISBROOK: 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 35 Innisbrook LLC.

35 Innisbrook LLC sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Nevada (Las Vegas) (Case No. 16-10421) on January 29, 2016.  

The petition was signed by Roderick Nielsen, managing member. The
case is assigned to Judge Mike K. Nakagawa.

The Debtor is represented by Seth D. Ballstaedt, Esq., at The
Ballstaedt Law Firm.

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


88 HAMILTON AVENUE: Schedules $36.96M in Assets, $28.4M in Debt
---------------------------------------------------------------
88 Hamilton Avenue Associates LLC disclosed $36,961,850 in assets
and $28,444,777 in liabilities in its schedules of assets and
liabilities:

   Name of Schedule                   Assets       Liabilities
   ----------------                   ------       -----------
A. Real Property                 $32,500,000
B. Personal Property              $4,461,850           
C. Property Claimed as Exempt
D. Creditors Holding
   Secured Claims                                  $27,000,000
E. Creditors Holding Unsecured
   Priority Claims                                          $0
F. Creditors Holding Unsecured
   Non-priority Claims                              $1,444,777
                               --------------   --------------
TOTAL                             $36,961,850      $28,444,777

A copy of the company's schedules is available without charge at
http://is.gd/eFzk8W

                        About 88 Hamilton

88 Hamilton Avenue Associates, LLC sought protection under Chapter
11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Delaware (Delaware) (Case No. 16-10330) on February 4,
2016. The petition was signed by Marc Beilinson, chief
restructuring officer.

The Debtor is represented by Robert S. Brady, Esq., at Young,
Conaway, Stargatt & Taylor, LLP. The case is assigned to Judge
Frank R. Alley III.

The Debtor is an affiliate of Newbury Common Associates, LLC which
filed for bankruptcy protection on Dec. 13, 2015, Case No.
15-12507.

SSC Inc. is the Debtor's largest unsecured creditor, asserting a
$76,753 claim.  A list of the Debtor's 20 largest unsecured
creditors is available at http://is.gd/QL29eU


A&A WHEELER: Plan Exclusivity Period Extended Thru May 24
---------------------------------------------------------
Chief Judge Bruce A. Harwood of the U.S. Bankruptcy Court for the
District of New Hampshire extended the exclusivity period for A&A
Wheeler Mfg., Inc., to file a Chapter 11 Plan and Disclosure
Statement through May 24, 2016 and the 180-day period specified in
11 U.S.C. Sec. 1121(c)(3) is extended through July 21, 2016.   

A&A Wheeler Mfg., Inc., based in Lee, New Hampshire, filed for
Chapter 11 bankruptcy (Bankr. D.N.H. Case No. 15-11799) on November
24, 2015.  Hon. Bruce A. Harwood presides over the case.  Franklin
C. Jones, Esq., at WENSLEY & JONES, PLLC, serves as the Debtor's
counsel.

A&A Wheeler listed total assets of $1.19 million and total
liabilities of $1.49 million in its petition, which was signed by
Angela Wheeler, vice president and CFO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nhb15-11799.pdf


ABEINSA HOLDING: U.S. Trustee Forms 5-Member Committee
------------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, appointed five
creditors of Abeinsa Holding Inc. and its affiliates to serve on
the official committee of unsecured creditors.

The committee members are:

     (1) Societe Generale
         Agent to the 2014 EUR1.4 Billion Syndicated Loan
         Attn: Sue Waterhouse
         245 Park Ave.
         New York, NY 10167
         Phone: 212-278-6530
         Fax: 212-278-6944

     (2) Deutsche Trustee Company Limited  
         Attn: Ranjit Mather and Leigh Cobb
         Winchester House, 1 Great Winchester St.
         London, EC2N 2DB, UK
         Phone: 44-207-547-7093
         Fax: 44-207-547-6732

     (3) Deutsche Bank Trust Company Americas
         Attn: Brendan Meyer
         100 Plaza One, 6th Fl.
         Jersey City, NJ 07311
         Phone: 201-593-8545
         Fax: 646-502-4546

     (4) FHI Plant Services
         Attn: Nigel Lyons
         2200 E. Williams Field Rd. Ste. 200
         Gilbert, AZ 85295
         Phone: 702-580-1466
         Fax: 480-584-6607

     (5) Archer Daniels Midland Co.
         Attn: Gary W. Barry
         4666 Faries Pkwy.
         Decatur, IL 62526
         Phone: 217-424-5244
         Fax: 217-424-6187

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 Abeinsa Holding

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

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

                      About Abengoa S.A.

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

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

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

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

                        U.S. Bankruptcy

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

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

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

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


ABENGOA SA: Chapter 15 Recognition Hearing Set for April 27
-----------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware will hold a hearing for April 27, 2016, at
10:00 a.m. (EDT), 824 Market Street, 5th Floor, Wilmington,
Delaware, on the petition filed by Christopher Morris, in his
capacity as the foreign representative of Abengoa S.A. et al., for
order and final decree granting recognition under Chapter 15 of the
U.S. Bankruptcy Code of the Debtors' foreign proceedings, and for
permanent injunctive and other relief.

A full-text copies of the petition and related filings in the
Debtors' cases are available for free at
http://cases.primeclerk.com/AgengoaSA. Copies are also available
upon request to counsel of the foreign representative:

   DLA Piper LLP (US)
   1201 North Market Street
   Wilmington, Delaware 19801
   Attention: R. Craig Martin
   Email: craig.martin@dlapiper.com

                        About Abengoa S.A.

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

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

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

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

                       U.S. Bankruptcies

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

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC
("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7
petition for Abengoa Bioenergy Company, LLC ("ABC").  ABC's
involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178.
ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141.  An
order for relief has not been entered, and no interim Chapter 7
trustee has been appointed in the Involuntary Cases.  The
petitioning creditors are represented by McGrath, North, Mullin &
Kratz, P.C.

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

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


ADAMIS PHARMACEUTICALS: Completes Acquisition of US Compounding
---------------------------------------------------------------
Adamis Pharmaceuticals Corporation announced that it has
successfully completed its acquisition of US Compounding, Inc. Upon
the closing of this transaction, USC has become a wholly-owned
subsidiary of Adamis.

Dr. Dennis J. Carlo, president and CEO of Adamis, stated, "We are
pleased to have completed this transformational acquisition that
will expand our product portfolio, provide immediate revenues, as
well as significantly increase our manufacturing, sales and
marketing capabilities.  The combination will now position us to
better commercialize our pipeline products upon approval and
diversify our revenue mix.

Our Epinephrine Pre-filled Syringe ("PFS") has an FDA agency action
date (PDUFA date) of June 4, 2016.  The potential revenues from the
PFS combined with the anticipated cash flows from USC,
should put Adamis in a strong financial position."

All of the outstanding shares of common stock of USC have been
converted into the right to receive a total of approximately
1,618,544 shares of Adamis common stock; and as described further
below, in connection with the Merger and the transactions
contemplated by the Merger Agreement, the Company assumed
approximately $5,722,500 principal amount of debt obligations and
related loan agreements of USC and certain related entities.

The acquisition of USC is intended by the Company to expand the
Company's product portfolio, provide immediate revenues to the
Company, and significantly increase the Company's manufacturing,
sales and marketing capabilities, which the Company believes will
assist in the future in commercializing the Company's pipeline of
products if they are approved for marketing by applicable
regulatory authorities, and diversify the Company's future revenue
mix.

Pursuant to the terms of the Merger Agreement, 300,000 shares of
the Company's common stock issued to the principal former
stockholders of USC will be held in escrow for a period of three
years after the closing date in order to satisfy the
indemnification obligations of the Indemnifying Stockholders under
the Merger Agreement for breaches of USC's representations,
warranties, covenants and certain other matters.  In addition,
Eddie Glover and Kristen Riddle, the chief executive officer and
president, respectively, of USC, entered into individual milestone
agreements pursuant to which 750,000 shares of the Company's common
stock issued to such stockholders will be withheld, with such
shares to vest and be released annually over a period of three
years after the closing date provided that such stockholder
continues to be employed by USC or the Company as of the applicable
vesting date.

Additional details on the transaction is available at:

                     http://is.gd/xPmwII

                         About Adamis

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

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

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

                       Bankruptcy Warning

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

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


AES CORP: S&P Raises Corp. Credit Rating to 'BB', Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on The AES Corp. to 'BB' from 'BB-'.  The outlook is
stable.

At the same time, S&P raised the rating on the senior unsecured
debt to 'BB' from 'BB-'.  The recovery rating on this debt remains
'3', indicating expectations for meaningful (50% to 70%, at the
lower end of the range) recovery in the event of a payment
default.

Additionally, S&P affirmed its 'B' rating on AES Trust III's
trust-preferred securities.

"The upgrade follows a full review based on Standard & Poor's
release of its revised project developer rating criteria on
March 21, 2016," said Standard & Poor's credit analyst Terry Pratt

As a project developer, AES' business risk assessment of
satisfactory essentially reflects the quality of
distributions--QD--from subsidiaries to cover corporate-level
obligations and the overall level of industry risk and country
origination of these distributions.  S&P's QD assessment for AES
over the next three years is '3' ('1' being least risk and '6'
being most risk), and is based primarily on diversity in assets,
revenue type, geography, and production technology.  S&P views
industry risk for developers as moderately high risk by the very
nature of reliance on distributions from leveraged subsidiaries.

The stable outlook reflects S&P's conclusion that AES' business and
financial risk profiles are not likely to change over the next two
years.  The business profile will continue to reflect fairly stable
cash flow from an increasing number of assets through 2018.
Financial metrics are also likely to show improvement over time,
further underscoring S&P's current assessment.

S&P do not expect any changes to AES' profile over the next two
years, so the primary driver of any rating downgrade would be a
financial performance well below S&P's current expectations--more
specifically FFO to debt below about 5% or free operating cash flow
to debt of less than 5%.  S&P considers such a development remote
at this time.

Developments that would lead to an improvement in the rating would
be limited to financial ones based on S&P's view that the business
profile is likely to remain the same over the next two years.  More
specifically, if on a sustained basis FFO to debt exceeded 20% and
debt to EBITDA was below 4x, a higher rating would be possible.
However, S&P considers such a development unlikely.



AFFIRMATIVE INSURANCE: Rehabilitator Bid for Case Dismissal Denied
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware denied the
request of Anne Melissa Dowling, Acting Director of Insurance of
the State of Illinois, to dismiss the Chapter 11 cases of
Affirmative Insurance Holdings, Inc., et al.

Ms. Dowling, not individually, but solely as the statutory and
court-affirmed rehabilitator of Affirmative Insurance Company
(AIC), requested that the Court dismiss the Debtors' cases.

Contrary to the motion to the Official Committee of Unsecured
Creditors to convert the cases, Ms. Dowling asserted that
dismissal, not conversion, is the appropriate remedy under Section

1112(b) because:

   a) The Debtors have no assets to reorganize or liquidate, except
causes of action that were already being pursued prepetition or can
be brought and pursued outside of bankruptcy
post-dismissal;

   b) The Debtors have no ongoing business to preserve -- the
Debtors' regulated insurance subsidiaries are all under the control
of state regulatory agencies, and the agreement
under which Debtors provided services to those subsidiaries has
been terminated;

   c) The Debtors' only employee is an officer who has no business
to run and no employees to supervise, and

   d) Administrative expenses of the estates appear to have
ballooned to $1.4 million in just over four months, with no end in
sight and no cash with which to pay them.

The Committee, in its motion, stated that converting the cases at
this juncture will allow an independent Chapter 7 trustee, not
influenced by the Debtors' management, to pursue and seek to
monetize unliquidated and contingent assets for the benefit of the
Debtors' creditors, including holders of the Debtors' approximately
$100 million in unsecured debt.  Furthermore, conversion, according
to the Committee, will prevent the Debtors' estate from incurring
even more Chapter 11 administrative expenses when no parties have
asserted a willingness to fund the expenses.

                  About Affirmative Insurance

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

Affirmative Insurance Holdings, Inc., Affirmative Management
Services, Inc., Affirmative Services, Inc., Affirmative
Underwriting Services, Inc., Affirmative Insurance Services, Inc.,
Affirmative General Agency, Inc., Affirmative Insurance Group, Inc.
and Affirmative, L.L.C. sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Lead Case No. 15-12136) on Oct. 14, 2015.  The
petitions were signed by Michael J. McClure, the chief executive
officer.

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

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

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

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

                           *     *     *

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

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

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

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


ALLIED ERECTING: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                     Case No.  
       ------                                     --------
       Allied Erecting & Dismantling Co., Inc.    16-40672
       2100 Poland Ave.
       Youngstown, OH 44502

       Allied Industrial Scrap, Inc.              16-40673
       2100 Poland Ave.
       Youngstown, OH 44502

       Allied-Gator, Inc.                         16-40674
       2100 Poland Ave.
       Youngstown, OH 44502

       Allied Consolidated Industries, Inc.       16-40675
       2100 Poland Ave.
       Youngstown, OH 44502

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Youngstown)

Judge: Hon. Kay Woods

Debtors' Counsel: Melissa M. Macejko, Esq.
                  SUHAR & MACEJKO, LLC
                  29 E. Front St., 2nd Floor
                  P O Box 1497
                  Youngstown, OH 44501-1497
                  Tel: 330-744-9007
                  Fax: 330-744-5857
                  E-mail: mmacejko@suharlaw.com

                                           Estimated   Estimated
                                             Assets    Liabilities
                                         -----------   -----------
Allied Erecting                          $0-$50,000    $10MM-$50MM
Allied Industrial Scrap                  $0-$50,000    $0-$50,000
Allied-Gator, Inc.                       $0-$50,000    $500K-$1MM
Allied Consolidated                      $0-$50,000    $0-$50,000

The petitions were signed by John R. Ramun, president.

A list of Allied Erecting's 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-40672.pdf

A list of Allied Industrial Scrap's largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-40673.pdf

A list of Allied-Gator, Inc.'s 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-40674.pdf

A list of Allied Consolidated 's largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-40675.pdf


ALTERNATIVES LIVING: Deadline to Confirm Plan Moved to May 12
-------------------------------------------------------------
Judge Elizabeth W. Magner of the U.S. Bankruptcy Court for the
Eastern District of Louisiana in New Orleans granted Alternatives
Living, Inc. an extension of the Sec. 1129(e) deadline within which
it must obtain confirmation of its Plan through and including May
12, 2016.

Alternatives Living, Inc., based in New Orleans, Louisiana, filed
for Chapter 11 bankruptcy (Bankr. E.D. La. Case No. 15-12308) on
Sept. 9, 2015.  Hon. Elizabeth W. Magner presides over the case.
Leo D. Congeni, Esq., at CONGENI LAW FIRM, LLC, serves as the
Debtor's counsel.

ALI estimated assets of $500,000 to $1 million; and liabilities of
$1 million to $10 million.  The petition was signed by Rickey
Roberson, chief financial officer.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/laeb15-12308.pdf


AMERICAN COMMERCE: Acquires Best Way Auto & Truck Rental
--------------------------------------------------------
Daniel L. Hefner, president and CEO of American Commerce Solutions,
Inc., announced April 1, 2016, that American Commerce has acquired
100% of Best Way Auto & Truck Rental, Inc.

The executive staff of Best Way have industry experience since
1979, as former executives of Flite Ways Auto Rentals and have
operated rental locations in Miami, Orlando, Jacksonville, Ft
Lauderdale, and New York with a total fleet of approximately 3000
vehicles represented by 97 employees.  After the sale of Flite Ways
and a quiet period, the executives formed Best Way Auto & Truck
Rentals in December 2015 with a goal of replicating that company's
success.

Best Way Auto & Truck Rental currently has 3 locations open and
options on an additional 11 locations with plans to expand further
onto college campuses where the company's first time buyer program
and 3 hour rentals for college students will become readily
available.

Best Way also owns Auto Dealerships in Boise, Idaho and plans to
open an additional five (5) locations within the next six (6)
months with franchising available for interested parties.

"This is a great day for Best Way! We are delighted with the
opportunities afforded our company as part of American Commerce
Solutions, Inc. as a public company.  We believe that we bring
something new and exciting to both ACS and the industry.  Unlike
most rental companies, where rental dollars spent disappear, Best
Way Rewards program allows every rental dollar spent to be
converted into a down payment on one of our rental vehicles with
Best Way offering financing for up to 72 months," said John Keena
president of Best Way Auto & Truck Rental.

Hefner commented, "We are excited to welcome aboard this aggressive
team of professionals and the fast-growing business model that they
have perfected.  The anticipated growth projected will bring much
needed life and enthusiasm to the AACS shareholders and
management."

The Company has agreed to issue 342,709,427 shares of its common
stock (a combination of treasury shares and unissued shares), plus
an additional number of shares to be determined to provide 3
Sisters Trust with not less than 51% of the issued and outstanding
shares of the Company's common stock; provided that the shares to
be issued will result in the issue of the Company's entire
authorized shares.

Additional information is available for free at:

                          http://is.gd/RPophF

                        About American Commerce

American Commerce Solutions, Inc., headquartered in Bartow,
Florida, is primarily a holding company with one wholly owned
subsidiary; International Machine and Welding, Inc., is engaged in
the machining and fabrication of parts used in heavy industry, and
parts sales and service for heavy construction equipment.

American Commerce reported a net loss of $130,000 for the year
ended Feb. 28, 2015, compared to a net loss of $169,000 for the
year ended Feb. 28, 2014.

As of Nov. 30, 2015, the Company had $4.77 million in total assets,
$3.20 million in total liabilities and $1.56 million in total
stockholders' equity.

Messineo & Co., CPAs LLC, in Clearwater, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Feb. 28, 2015, citing that the Company has recurring
losses resulting in an accumulated deficit and is in default of
several notes payable.  These conditions raise substantial doubt
about its ability to continue as a going concern.


ANNA'S LINENS: Case Converted to Chapter 7 Liquidation
------------------------------------------------------
Anna's Linens, Inc., at the end of March 2016 won an order from the
U.S. Bankruptcy Court for the Central District of California, Santa
Ana Division, converting its Chapter 11 case to a case under
Chapter 7 of the Bankruptcy Code.

In seeking a conversion, the Debtor relates that although it was
working on a transaction that would preserve its going concern
value through a plan of reorganization or sale of its operations,
such efforts were not successful and the case transitioned into a
liquidation.  The Debtor further relates that the liquidation of
the Debtor's assets has substantially concluded.  It notes that the
estate still retains substantial claims and causes of action which
may be pursued for the benefit of all creditors.

The Debtor told the Court that the Official Committee of Unsecured
Creditors requested that the Debtor remain in Chapter 11 and
utilize its debtor in possession personnel and its professionals to
prosecute certain claims and causes of action, which the Debtor has
been doing.  The Debtor further tells the Court that numerous
matters and scheduled for hearing on March 23, 2016.  The Debtor
contends that the Committee has requested that the Debtor convert
this case to one under Chapter 7 of the Bankruptcy Code promptly
upon entry of orders resolving the matters scheduled for hearing on
March 23, 2016, and that it agreed to do so.

The Conversion Order provides:

   a. The debtor in possession or chapter 11 trustee, if the Debtor
is not a debtor-in-possession, must file a schedule of unpaid debts
incurred after commencement of the chapter 11 case by April 14.

   b. The debtor in possession or chapter 11 trustee, if the Debtor
is not a debtor in possession, must file and transmit to the United
States trustee a final report and account by April 30.

   c. The Debtor or chapter 11 trustee, if the Debtor is not a
debtor  in possession, must immediately turn over to the chapter 7
trustee all records and property of the estate remaining in its
custody and control.

   d. By April 14, the Debtor must file the statements and
schedules required by FRBP 1019(1)(A) and 1007, if such documents
have not already been filed.

   e. If the Debtor is an individual, within 30 days of the date of
this order or before the first date set for the meeting of
creditors, whichever is earlier, Debtor must file a statement of
intention with respect to retention or surrender of
property securing consumer debts.

   f. Within 30 days of the date of this order, the Debtor must, if
the case is converted AFTER confirmation of a plan, file: (1) A
schedule of all property not listed in the final report and account
which was acquired after commencement of the chapter 11 case but
before entry of the Conversion Order.  (2) A schedule of executory
contracts and unexpired leases entered into or assumed after the
commencement of the chapter 11 case but before entry of the Order,
and (3) A schedule of unpaid debts not listed in the final report
and account which were incurred after the commencement of the
chapter 11 case but before entry of the Order.

Anna's Linens is represented by:

          David B. Golubchik, Esq.
          Eve H. Karasik, Esq.
          Juliet Y. Oh, Esq.
          LEVENE, NEALE, BENDER, YOO & BRILL L.L.P.
          10250 Constellation Boulevard, Suite 1700
          Los Angeles, CA 90067
          Telephone: (310)229-1234
          Facsimile: (310)229-1244
          E-mail: dbg@lnbyb.com
                  ehk@lnbyb.com
                  jyo@lnbyb.com

                        About Anna's Linens

Anna's Linens is a specialty retailer offering home textiles,
furnishings and decor at attractive prices.  Headquartered in
Costa Mesa, California, operates a chain of 268 company owned
retail stores throughout 19 states in the United States (including
Puerto Rico and Washington, D.C.) generates over $300 million in
annual revenue and employs a workforce of over 2,500 associates.

Anna's Linens sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-13008) in Santa Ana, California, on June 14,
2015.

The case is assigned to Judge Theodor Albert.  The Debtor tapped
Levene, Neale, Bender, Yoo & Brill LLP as counsel.  The Debtor
estimated assets of $50 million to $100 million and debt of $100
million to $500 million.

The U.S. trustee overseeing the Chapter 11 case of Anna's Linens
Inc. appointed seven creditors to serve on the official committee
of unsecured creditors.


AQGEN LIBERTY: Moody's Puts B2 LT CFR on Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B2
long-term corporate family rating of AqGen Liberty Holdings LLC
("AqGen Liberty"), and the B2 senior secured first lien term loan
and senior secured revolving credit facility ratings issued by
co-borrowers AqGen Liberty Management I and AqGen Liberty
Management II following the announcement that Chinese securities
firm Huatai International Finance ("Huatai") has entered into a
conditional agreement to acquire AssetMark Financial Holdings, Inc.
("AssetMark"), a wholly-owned subsidiary of AqGen Liberty from
private equity sponsors Aquiline Capital Partners and Genstar
Capital. The transaction is expected to close by year-end 2016.
Moody's understands that all outstanding debt will be extinguished
upon completion of the sale.

Huatai's purchase of AssetMark is conditioned upon the receipt of
the necessary approvals from US and Chinese regulatory authorities,
as well as AssetMark maintaining 85% of its aggregate assets under
management (AUM) net of market fluctuations and 66.7% of its mutual
fund AUM net of market fluctuations as of 4 April 2016.

RATINGS RATIONALE

The review for downgrade reflects Moody's view of the potential
risk of the transaction not closing or being delayed due to higher
cross-border regulatory hurdles and/or organic business decay
driven by elevated client loss causing a breach of an AUM trigger.

During the review period, Moody's will assess the potential risks
of the transaction being terminated or delayed as well as
AssetMark's business operations. If complexities arise during this
period, potential business disruption could occur, including loss
of AUM or a decline in advisor retention, management disruption and
staff departures. Moody's will likely have an extended review
period in monitoring this transaction, outside of its normal review
window of three months.

AqGen Liberty was established as a holding company to hold the
assets of operating subsidiaries AssetMark and Altegris Holdings,
Inc, ("Altegris") following the spin-off of Genworth Wealth
Management from Genworth Financial Inc. in 2013. AqGen Liberty's B2
rating reflects the combined positions of its two operating
subsidiaries, AssetMark and Altegris. The rating is principally
supported by the stability of AssetMark's turnkey asset management
platform (TAMP), which is driven by high advisor retention. The
strength of AssetMark's performance is offset by weak operating
performance at Altegris, which specializes in liquid alternatives
and has been plagued with performance and AUM retention issues,
necessitating a writedown of assets shortly after the spin-off.

Upon transaction close, Moody's expects that cash proceeds from the
sale of AssetMark will be used to retire the outstanding $225
million senior secured bank debt. Assuming the facilities are fully
repaid and terminated, the rating agency will withdraw the
company's ratings.

The following ratings were placed on review for downgrade:

AqGen Liberty Holdings LLC:

Corporate family rating: B2

AqGen Liberty Management I and AqGen Liberty Management II, as
co-borrowers:

$225 million senior secured term loan: B2

$25 million senior secured revolving credit facility: B2


ATNA RESOURCES: Proposes May 2 Auction of Assets
------------------------------------------------
Atna Resources Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court to approve procedures governing the sale of
substantially all of their assets and schedule an auction of the
assets, or any portion thereof, on or before May 2, 2016.

According to the Debtors, they they have been working on conducting
a comprehensive process to identify all potential restructuring
alternatives and options to maximize value in the bankruptcy cases.
The Transaction Process was designed to help facilitate (i) the
ongoing marketing process that began in earnest pre-petition, (ii)
the selection and execution of specific transaction(s) resulting
from the marketing process, and (iii) the consummation of a sale
(or sales) of substantially all of the Debtors' assets, or a
portion thereof, and/or the consummation of a plan of
reorganization to resolve these cases.

Since the entry of the Process Order, the Debtors and their
advisors have proceeded with the Transaction Process and have
complied with all the milestones to date.  On March 3, 2016, the
deadline for initial Letters of Intent, the Debtors received
preliminary indications of interest and specific proposals from at
least four separate potential transaction parties for various asset
sale transactions, none of which involves the purchase of the same
set of assets.  These four asset sale proposals are not final and
are subject to further negotiations and the resolution of certain
contingencies.  In addition, the Debtors and their advisors
anticipate that new proposals will be received by the upcoming
deadlines scheduled pursuant to the Process Order.  No proposal was
received for a plan-based transaction.

In light of these proposals and the absence of any proposal at this
time for a plan-based transaction, the Debtors, in consultation
with the Official Committee of Unsecured Creditors, have determined
that the best way to maximize value in these cases is to pursue
sales of substantially all of the Debtors assets, or a portion
thereof, pursuant to section 363 of the Bankruptcy Code.  The sale
transactions will likely be followed by the filing of a plan of
liquidation through which (i) the sale proceeds, if any, will be
distributed, (ii) the remaining assets and causes of action, if
any, will be addressed and pursued, (iii) proofs of claim would be
reconciled and objections thereto resolved, and (iv) these cases
would otherwise be wound up.

Prepetition lender Waterton Precious Metals Fund II Cayman, L.P.,
is entitled to credit bid all or a portion of its claims against
the Debtors in accordance with the DIP Order.  The Debtors propose
to provide to the Stalking Horse Bidder a Breakup Fee in an amount
up to 3% of the proposed purchase price in the event that the
Debtors consummate a sale of all or a portion of the assets subject
to the stalking horse Asset Purchase Agreement with a third party;
and and Expense Reimbursement of up to a cap of $150,000 for all
actual, reasonable and documented out-of-pocket expenses incurred
in connection with the stalking horse APA and the transactions
contemplated thereby.  

The Debtors also ask the Court to schedule a hearing to approve the
sale of their assets, or a portion thereof, on or before May 5,
2016.  The Debtors propose to close the Sale Transaction on or
before May 13, 2016.

Atna Resources Inc. and its affiliated debtors are represented by:

     Stephen D. Lerner, Esq.
     SQUIRE PATTON BOGGS (US) LLP
     221 E. Fourth Street, Suite 2900
     Cincinnati, OH 45202
     Telephone: (513) 361-1200
     Facsimile: (513) 361-1201
     Email: Stephen.lerner@squirepb.com

     -- and --

     Nava Hazan, Esq.
     SQUIRE PATTON BOGGS (US) LLP
     30 Rockefeller Plaza, 23rd Floor
     New York, NY 10112
     Telephone: (212) 872-9800
     Facsimile: (212) 872-9815
     Email: Nava.hazan@squirepb.com  

     -- and --

     Aaron A. Boschee, Esq.
     SQUIRE PATTON BOGGS (US) LLP
     1801 California Street, Suite 4900
     Denver, CO 80202
     Telephone: (303) 830-1776
     Facsimile: (303) 894-9239
     Email: Aaron.boschee@squirepb.com

             About Atna Resources

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

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

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

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

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

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

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


AZTEC OIL: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

     Debtor                                   Case No.
     ------                                   --------
     Aztec Oil & Gas, Inc.                    16-31895
     21175 Tomball Parkway, Suite 330
     Houston, TX 77070

     Aztec Energy, LLC                        16-31896
     21175 Tomball Parkway, Suite 330
     Houston, TX 77070


     Aztec Operating Company                  16-31897
     21175 Tomball Parkway, Suite 330
     Houston, TX 77070

     Aztec Drilling & Operaring LLC           16-31898
     Aztec VIIIB Oil & Gas LP                 16-31899
     Aztec VIIIC Oil & Gas LP                 16-31900
     Aztec XA Oil & Gas LP                    16-31901
     Aztec XB Oil & Gas LP                    16-31902
     Aztec XC Oil & Gas LP                    16-31903
     Aztec XI-A Oil & Gas LP                  16-31904
     Aztec XI-B Oil & Gas LP                  16-31905
     Aztec XI-C Oil & Gas LP                  16-31907
     Aztec XI-D Oil & Gas LP                  16-31908
     Aztec XII-A Oil & Gas LP                 16-31909
     Aztec XII-B Oil & Gas LP                 16-31910
     Aztec XII-C Oil & Gas LP                 16-31911
     Aztec Comanche A Oil & Gas LP            16-31912
     Aztec Comanche B Oil & Gas, LP           16-31913

Chapter 11 Petition Date: April 13, 2015

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

Judge: Hon. David R Jones [16-31895]
       Hon. Marvin Isgur [16-31896 and 16-31897]

Debtors' Counsel: Kristin Nicole Rhame, Esq.
                  CHRISTIN, SMITH & JEWELL, LLP
                  2302 Fannin, Suite 500
                  Houston, TX 77002
                  Tel: 713-659-7617
                  Fax: 713-659-7641
                  E-mail: kwallis@csj-law.com
                          krhame@csj-law.com

                                          Estimated  Estimated
                                           Assets    Liabilities
                                         ----------  -----------
Aztec Oil & Gas, Inc.                   $100K-$500K  $500K-$1M
Aztec Energy, LLC                       $0-$50,000   $0-$50,000
Aztec Operating Company                 $0-$50,000   $0-$50,000

The petitions were signed by Jeremy Driver, president.

The Debtors did not include a list of their largest unsecured
creditors when they filed the petition.


AZURE MIDSTREAM: Moody's Cuts Corporate Family Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service downgraded Azure Midstream Energy LLC's
Corporate Family Rating (CFR) to Caa2 from B3, Probability of
Default Rating (PDR) to Caa2-PD from Caa1-PD, senior secured term
loan rating to Caa2 from B3, and the senior secured revolving
credit facility rating to B1 from Ba3. The Speculative Grade
Liquidity rating was withdrawn. The outlook remains negative.

"The downgrade reflects our expectation that Azure's throughput
volumes will fall well below previously expected levels in the
second half of 2016 and throughout 2017, the result of diminished
drilling activity in the dedicated acreage. As a result, liquidity
could diminish to negligible levels in the second half of 2016, due
in part to the timing of payments related to throughput
deficiencies," said John Thieroff, Moody's VP-Senior Analyst.
"Although this period of severely constrained liquidity is expected
to ease in early 2017, Azure's ability to execute its dropdown
strategy, proceeds of which are expected to be a primary source of
term loan repayment, has become doubtful given the financial
distress of its MLP subsidiary, Azure Midstream Partners, L.P.
which further weighs on ratings."

Issuer: Azure Midstream Energy LLC

Ratings Downgraded:

-- Corporate Family Rating, Downgraded to Caa2 from B3

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

-- Senior Secured Term Loan Rating, Downgraded to Caa2 (LGD 4)
    from B3 (LGD 3)

-- Senior Secured Revolving Credit Facility, Downgraded to B1
    (LGD 1) from Ba3 (LGD 1)

Withdrawals:

-- Speculative Grade Liquidity Rating, Withdrawn , previously
    rated SGL-4

Outlook Actions:

-- Outlook, Remains Negative

RATINGS RATIONALE

Azure's Caa2 Corporate Family Rating (CFR) reflects its relatively
small scale and concentrated operations in the Haynesville Shale, a
gas producing region that has seen significant curtailments and
reduced drilling activity in a weak natural gas pricing
environment. EXCO Resources, Inc. (Caa2, stable) and BG Energy
Holdings, Ltd (subsidiary of Royal Dutch Shell plc.; Aa2, negative)
make up a high proportion of Azure's total throughput and revenues;
with both companies facing potential capital budgeting
uncertainties in the near term. While Azure benefits from fee-based
and fixed margin contracts that eliminate direct commodity price
exposure, sharp reductions in drilling activity in 2015 and 2016
leave the company exposed to further throughput declines. As a
result, increased reliance on deficiency payments through at least
2017 to offset production declines from contracted acreage
threatens Azure's ability to execute and fund future acquisitions
and expansion projects that could provide needed scale and
potentially geographic diversification.

"We view Azure's liquidity as weak into early 2017. As of December
31, 2015 Azure had $9 million of cash on hand and $23 million
available under its $40 million senior secured revolving credit
facility. The facility is governed by financial covenants that will
effectively restrict borrowing capacity in the future based on
covenant compliance headroom. We expect borrowing capacity to
become reduced to $20 million or lower throughout much of 2016 as
our projection for debt to EBITDA covenant compliance through that
period shows tight coverage of the 2016 requirement of 4.5x,
leaving scant availability under the revolver. Current covenant
levels are 4.5x debt to EBITDA and EBITDA to interest coverage of
2.5x."

Required amortization on the term loan is $6.875 million per
quarter, with final maturity in November 2018. The revolver matures
in November 2017. The payment structure for deficiency payments on
Azure's minimum revenue and minimum volume commitments, in which
producers make a deficiency payment for delivering below the
committed volumes, further constrains liquidity. These payments are
made annually, in arrears, creating an uneven distribution of cash
flow throughout the year; deficiency payments are expected to total
about $20 million for 2016.

The senior secured revolving credit facility is rated B1, four
notches above the Caa2 CFR, because although the revolver and
senior secured term loan B share a first lien on the company's
assets, the revolver has first priority repayment ahead of the term
loan and therefore enjoys a significant loss absorption cushion
afforded by the senior secured term loan B. The small size of the
revolver's priority claim is not large enough to result in a
notching down of the term loan under Moody's Loss Given Default
(LGD) Methodology, thus the term loan is rated the same as the Caa2
CFR.

The negative outlook reflects the risk of further erosion in
Azure's liquidity due to heightened counterparty risk, exacerbated
by limited revolver availability throughout 2016. The CFR could be
downgraded if EBITDA appears unlikely to cover debt service
(including required term loan amortization) in 2017. Although
unlikely in 2016, an upgrade would be considered if throughput
rises , EBITDA to debt service is sustained above 1.25x, and
liquidity is adequate.

Azure Energy LLC is a Dallas, Texas-based private midstream company
engaged in natural gas gathering, compression, treating,
processing, transportation, and marketing in the Haynesville Shale.
In addition to owning specific gathering systems, the company owns
the 2% general partner interest and 90% of the incentive
distribution rights in Azure Midstream Partners, LP (unrated), a
publicly traded midstream MLP.


BALMORAL RACING: Files Liquidating Plan, Proposes Creditor Trust
----------------------------------------------------------------
Balmoral Racing Club, Inc., and Maywood Park Trotting Association,
Inc., filed a proposed Joint Liquidating Plan of Reorganization and
Disclosure Statement.

The Plan provides that the estates of Balmoral and Maywood are
deemed to be "substantively consolidated" solely for purposes of
voting on, confirming and making distributions under the Plan.

The Plan provides for the sale, liquidation or other disposition of
all assets in the Debtors' estates in order that creditor
distributions can be maximized and accomplished as soon as is
practicable after the Plan's confirmation.

The Plan is based upon the proposition that the Debtors' creditors
will receive a more prompt and greater distribution thereunder than
they would if the Chapter 11 cases were converted to Chapter 7
liquidation cases, with the attendant delays and costs associated
therewith.  Under the Plan, the Creditor Trustee has the ability to
exercise his reasonable business judgment and discretion and take
actions to implement the Plan provisions, largely without need for
further order of the Court.  A Chapter 7 trustee needs court
authority for virtually all decisions, and as such, many costs and
delays arise therefrom.  The end result of a Chapter 7 liquidation
is often a diminution and delay in any distribution to unsecured
creditors.

The Plan is a liquidating plan providing for the establishment of a
creditor trust pursuant to a trust agreement.  The Plan and
Creditor Trust Agreement further provide for the appointment of a
third party, independent trustee.  The Creditor Trustee is charged
with overseeing and directing the sale, liquidation or other
disposition of all of the Debtors' assets and the complete
distribution of proceeds to the creditors in the Chapter 11 cases
in accordance with the priorities established in the Bankruptcy
Code and applicable law, and pursuant to the terms and conditions
of the Plan and the Creditor Trust Agreement.  All distributions
under the Plan will be strictly in accordance with the "Absolute
Priority Rule" established under the Code, which provides that no
junior class of claims or interests will receive any distribution
until all senior classes are paid in full.  For example, the
Debtors' shareholder cannot receive any distributions on account of
its stock holdings in the Debtors unless all of the Debtors'
creditors are paid in full.

The Plan proposes that Barry A. Chatz, Esq., a partner in the law
firm of Arnstein & Lehr LLP, 120 S. Riverside Plaza, Suite 1200,
Chicago, IL 60606, serve as the Creditor Trustee.

The general responsibility for carrying out the terms and
conditions of the Plan will pass from the Debtors to the Creditor
Trustee.  The Creditor Trustee will hold all monies in these
estates at the time of confirmation and any and all funds received
thereafter.  All such monies will be deposited by the Creditor
Trustee upon receipt into interest bearing segregated trust
accounts in accordance with the Plan, to be established by the
Creditor Trustee upon confirmation, and shall be known as the
Liquidation Proceeds.  All disbursements of the Liquidation
Proceeds shall be strictly in accordance with the terms and
conditions of the Plan and the Creditor Trust Agreement.

The Plan provides for the distribution of all monies in the
Debtors' estates as quickly as possible after confirmation in
accordance with the priorities established under the Code.  The
Creditor Trustee will be compensated for his services.  The
Creditor Trustee is authorized under the Plan to retain
professionals or other persons as necessary to consummate the Plan.
The Creditor Trustee's primary responsibilities will be to: (i)
complete the sale, liquidation or other disposition of all of the
real and personal assets in the Chapter 11 cases; (ii) file,
prosecute, settle or dismiss any and all Causes of Action in favor
of the estates; (iii) review, and if necessary, object to, any
claims filed in the Chapter 11 cases; and (iv) ensure compliance
with all tax filing and other reporting requirements until the Plan
is fully consummated and the cases are closed.

A copy of the Disclosure Statement filed March 31, 2016, is
available for free at http://is.gd/bflEq8

                     About Balmoral Racing

Balmoral Racing Club, Inc., and Maywood Park Trotting Association,
Inc. operate pari-mutuel wagering at the Balmoral Park and Maywood
Park racetracks in Illinois under a license granted by the State of
Illinois pursuant to the Illinois Horse Racing Act of 1975.

Balmoral Racing Club (Bankr. N.D. Ill. Case No. 14-45711) and
Maywood Park Trotting Association (Bankr. N.D. Ill. Case No.
14-45718) filed for Chapter 11 bankruptcy protection on Dec. 24,
2014, to continue operations into 2015 and protect themselves
against property seizure.  Both cases were consolidated on Dec. 31,
2014.

Alexander F Brougham, Esq., Chad H. Gettleman, Esq., and Nathan Q.
Rugg, Esq., at Adelman & Gettleman, Ltd., serve as the Debtors'
bankruptcy counsel.  

Neither a trustee nor a committee of unsecured creditors has been
appointed in the Chapter 11 cases.


BH SUTTON: Files Schedules of Assets and Liabilities
----------------------------------------------------
BH Sutton Mezz LLC filed with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets liabilities,
disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property              $181,000,000
  B. Personal Property               $60,000
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                               $20,000,000
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $6,643,980
                                 -----------      -----------
        Total                   $181,060,000      $26,643,980

A copy of the schedules is available for free at:

                        http://is.gd/UzoT3Q

                         About BH Sutton

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


BLUE LEOPARD: 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 Blue Leopard L.L.C.

Blue Leopard L.L.C. sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Nevada (Las Vegas) (Case No. 16-10686) on February 18, 2016.  

The petition was signed by J. Colby Wheeler, managing member. The
case is assigned to Judge Mike K. Nakagawa.

The Debtor is represented by Seth D. Ballstaedt, Esq., at The
Ballstaedt Law Firm.

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


CAPITAL L. CORP: Case Summary & 5 Unsecured Creditors
-----------------------------------------------------
Debtor: Capital L. Corp
        P.O. Box 928
        Aurora, OH 44202

Case No.: 16-50850

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Hon. Alan M. Koschik

Debtor's Counsel: Michelle DiBartolo-Haglock, Esq.
                  THOMAS TRATTNER & MALONE, LLC
                  1653 Merriman Road, Suite 203
                  Akron, OH 44313
                  Tel: 330-253-1500
                  E-mail: mdibartolo@ttmlaw.com

                      - and -

                  Robert S. Thomas, II, Esq.
                  THOMAS, TRATTNER & MALONE, LLC
                  1653 Merriman Road #203
                  Akron, OH 44313
                  Tel: 330-253-5738
                  Fax: 330-253-5743
                  E-mail: rstlaw@yahoo.com
                          rthomas@ttmlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Louis Telerico, president.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-50850.pdf


CASA EN DENVER: Access to Cash Collateral Extended to May 23
------------------------------------------------------------
Judge Robert A. Mark has continued the hearing until May 19, 2016,
at 2:00 p.m. the final hearing on the motions of Casa Media
Partners, LLC, and Casa en Denver, Inc., to use cash collateral.
The judge ordered that the interim use of cash collateral is
continued and approved through and including May 23, 2016, with all
previous conditions for the use of cash collateral remaining in
place.

The Debtors stated in their motion to use cash collateral that Casa
Media allegedly owes Bank of Commerce $4,229,320 while Casa en
Denver allegedly owes the Bank approximately $7,773,489.

The Debtors propose to grant the Bank replacement liens on
postpetition property acquired through the use of cash collateral.

                       About Casa en Denver

Casa Media Partners, LLC, and Casa en Denver, Inc., commenced
Chapter 11 bankruptcy cases (Bankr. S.D. Fla. Case Nos. 15-16741
and 15-16746) in Miami, Florida on April 15, 2015.  The petition
was signed by Juan Salvador Gonzalez, the chief financial officer.
Judge Hon. Robert A Mark presides over the cases.  The Debtors are
represented by Kristopher Aungst, Esq., at Tripp Scott, P.A., as
their counsel.


CENVEO INC: Egan-Jones Downgrades Sr. Unsec. Rating to CCC
----------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured rating on
debt issued by Cenveo Inc. to CCC from CCC+ on March 31, 2016.  EJR
also lowered commercial paper rating on the Company to C from B.

Cenveo, Inc., incorporated on May 1, 1997, is a diversified
manufacturing company focused on print-related products. The
Company’s portfolio of products includes envelope converting,
commercial printing, label manufacturing and specialty packaging.



CIENA CORP: Egan-Jones Cuts FC Commercial Paper Rating to B
-----------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency commercial
paper rating on Ciena Corp to B from A3 on March 31, 2016.

Ciena Corporation is a United States-based global supplier of
telecommunications networking equipment, software and services that
support the delivery and transport of voice, video and data
service.



CINCINNATI TERRACE: Creditors Seek Transfer of Ch. 11 Case to Ohio
------------------------------------------------------------------
Madison Realty Investments, Inc., and Cincinnati Terrace Plaza,
LLC, as creditors of debtors Cincinnati Terrace Plaza Retail, LLC,
et al., ask the Bankruptcy Court for an order transferring venue of
the Debtors to the U.S. Bankruptcy Court for the Southern District
of Ohio.

There are state court actions relevant to the Debtor and the
Debtor's sole asset in Hamilton County, Ohio.

On Dec. 11, 2014, the Hamilton County, Ohio Court of Common Pleas
entered a final judgment in an action styled Madison Realty
Investments, Inc. v. Cincinnati 926 Hotel, LLC, et al., Case No.
A1407238 against Debtor.  On Dec. 18, 2014, Madison filed a
Complaint in Foreclosure in the Hamilton County, Ohio Court of
Common Pleas styled Madison Realty Investments, Inc. v. Cincinnati
926 Hotel, LLC, et al., Case No. A1407369, which sought to
foreclose the equity of redemption of three mortgages based upon
the judgment entered in Case No. A1407238 against, among other
entities, to include Debtor.  On Dec. 19, 2014, an Order Appointing
Receiver was entered by the Hamilton County, Ohio Court of Common
Pleas by which Prodigy Properties, LLC, was appointed as Receiver
over the real estate commonly known as 15 W. Sixth Street,
Cincinnati, Ohio, which is the Debtor's sole asset.  

In the receivership action, a Final Judgment and Decree in
Foreclosure was entered by the state court on May 21, 2015.  On
Jan. 11, 2016, the state court entered an Order authorizing a
Receiver's sale of the Property.

Pursuant to the terms of the sale order, the Debtor's right of
redemption in the Property terminated on Jan. 16, 2016.
Subsequently, the receiver completed the sale process and reported
that Madison had submitted a high bid in the amount of $7,000,000.


The Jan. 11, 2016, sale order also set a confirmation of sale
hearing for Feb. 26, 2016.  The evening of Feb. 25, 2016, the
Debtor filed the Petition in the instant action.  As a result, the
state court did not confirm the sale but, instead, continued the
sale hearing in 7-day increments beginning March 3, 2016.

On March 10, 2016, the state court entered an Order confirming a
sale of the Property as to two non-Debtor entities.  Subsequently,
those entities filed Petitions on March 10, 2016.

The Property has significant deferred maintenance and code
violation issues.  For example, the City of Cincinnati has issued
orders relating to the Property which condemn a cooling structure
on the roof of the Property, require the Property to be vacated,
require the Property to be barricaded, and require the public
right-of-way to the south of the Property be barricaded from
pedestrian and motorist traffic.

On March 11, 2016, the City of Cincinnati issued criminal charges
against Alan Friedberg as a result of the code violations.  As a
result, many, if not all, of the witnesses - except Friedberg -
reside in Cincinnati, Ohio outside of the subpoena jurisdiction of
this Court.  Even Friedberg is currently at the Property and has
been there since March 10, 2016.  Obtaining and preserving the
testimony will be difficult, time consuming, and preclude live
testimony since the witnesses are outside of the subpoena limit of
this District.

The Chapter 11 case has no connection to New Jersey, other than the
fact that Friedberg has a bankruptcy pending in this District.
This case should be transferred to the Ohio Bankruptcy Court, which
dealt with it in a prior filing and is familiar with the issues,
parties, and in close proximity to all of the evidence, including
the Property.

Madison Realty Investments, Inc., and Cincinnati Terrace Plaza,
LLC, are represented by:

         RAGAN & RAGAN
         W. Peter Ragan, Sr., Esq.
         3100 Route 138 West
         Brinley Plaza, Building One
         Wall, New Jersey 07719
         Tel: (732) 280-4100

               About Cincinnati Terrace Plaza Retail

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

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

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

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

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


CINCINNATI TERRACE: Files Schedules of Assets & Liabilities
-----------------------------------------------------------
Cincinnati Terrace Plaza Retail, LLC, filed with the U.S.
Bankruptcy Court for the District of New Jersey its schedules of
assets liabilities, disclosing:

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                $4,000,000
  B. Personal Property               $32,902
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                                $5,863,590
  E. Creditors Holding
     Unsecured Priority
     Claims                                           $12,135
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                        $2,064,079
                                 -----------      -----------
        Total                     $4,032,902       $7,939,803

A copy of the schedules is available for free at:

                       http://is.gd/OT4ucH

               About Cincinnati Terrace Plaza Retail

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

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

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

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

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


CINCINNATI TERRACE: Seeks Joint Administration of Chapter 11 Cases
------------------------------------------------------------------
Cincinnati Terrace Plaza Retail, LLC, et al., seek entry of an
order directing that the joint administration of their Chapter 11
cases.

The Debtors are parties to the same foreclosure action and retain
substantially similar creditors.  Furthermore, the rights of all
creditors will be enhanced by the reduced costs that will result
from the joint administration of these cases.  The Court will also
be relieved of the burden of entering duplicative orders and
maintaining duplicative files.  Further, supervision of the
administrative aspects of these Chapter 11 cases by the United
States Trustee for the District of New Jersey will be simplified.

The Debtors believe joint administration of their Chapter 11 cases
will allow the cases to be administered more efficiently,
expeditiously, economically, and will not prejudice any creditors
of the Debtors' individual estates.

               About Cincinnati Terrace Plaza Retail

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

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

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

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

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


CIRCLE T FARM: Case Summary & 5 Unsecured Creditors
---------------------------------------------------
Debtor: Circle T Farm, Inc.
        P.O. Box 928
        Aurora, OH 44202

Case No.: 16-50852

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Hon. Alan M. Koschik

Debtor's Counsel: Michelle DiBartolo-Haglock, Esq.
                  THOMAS TRATTNER & MALONE, LLC
                  1653 Merriman Road, Suite 203
                  Akron, OH 44313
                  Tel: 330-253-1500
                  E-mail: mdibartolo@ttmlaw.com

                    - and -

                  Robert S. Thomas, II, Esq.
                  THOMAS, TRATTNER & MALONE, LLC
                  1653 Merriman Road #203
                  Akron, OH 44313
                  Tel: 330-253-5738
                  Fax: 330-253-5743
                  E-mail: rstlaw@yahoo.com

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

Estimated Liabilities: $1 million to $10 million

The petition was signed by Louis Telerico, president.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-50852.pdf


COMMUNITY PAPERS: Court Grants 3-Month Extension of Exclusivity
---------------------------------------------------------------
Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western
District of New York entered an order enlarging the exclusive
periods within which only debtors Community Papers of Western New
York, LLC, and James C. Austin may file and seek approval of a
joint disclosure statement and plan of reorganization, and solicit
acceptances of the Plan.

Specifically, the Debtors' Plan exclusivity period is extended for
90 days, through July 13, 2016.  The Debtors' solicitation period
is extended for another 90 days, through Sept. 13, 2016.

In their request, the Debtors sought a six-month extension of their
exclusivity periods.

Judge Bucki said the consideration regarding a further three-month
extension is deferred at this time.  The Court will hold another
hearing on July 11 to consider the remaining three months'
extension.

Based in Angola, New York, Community Papers of Western New York,
LLC, which owns several newspapers including the Hamburg Sun, West
Seneca Sun, and Orchard Park Sun, filed for Chapter 11 bankruptcy
(Bankr. W.D.N.Y. Case No. 15-12657) on December 15, 2015.  The case
is jointly administered with the individual Chapter 11 case of its
CEO, James C. Austin, (Case No. 15-12658).

Daniel F. Brown, Esq., at ANDREOZZI, BLUESTEIN, WEBER, BROWN, LLP,
serves as the Debtors' counsel.

Community Papers estimated $1 million to $10 million in both assets
and liabilities.  The petition was signed by Mr. Austin.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/nywb15-12657.pdf


DCP MIDSTREAM: Egan-Jones Cuts Sr. Unsecured Rating to BB
---------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured rating on
debt issued by DCP Midstream Partners LP to BB from BBB- on March
31, 2016.

Headquartered in Denver, Colorado, DCP Midstream Partners, LP,
together with its subsidiaries, owns, operates, acquires, and
develops a portfolio of midstream energy assets in the United
States. It operates through three segments: Natural Gas Services,
Natural Gas Liquids (NGL) Logistics, and Wholesale Propane
Logistics.



DIPLOMATA S/A INDUSTRIAL: Chapter 15 Case Summary
-------------------------------------------------
Chapter 15 Petitioner: Capital Administradora Judicial Limitada

Chapter 15 Debtors:

  Diplomata S/A Industrial e Comercial        16-15327
  C/O Kobre & Kim LLP
  2 South Biscayne Boulevard
  35th Floor

  Attivare Engenharia e Eletricidade Ltda     16-15330

  Jornal Hoje Ltda                            16-15333

  Klassul Indstria de Alimentos S/A           16-15335

  Paper Midia Ltda                            16-15337

Type of Business:

Diplomata began operations in 1996 as a poultry producer and
distributor.  Diplomata maintains its headquarters in Capanema,
Parana, Brazil, and its management center in Cascavel, Parana,
Brazil.  As of July 2012, Diplomata was the largest employer in
Capanema, with approximately 5,000 employees working in its
processing and animal feed plants.

Klassul began operations in 1981 as a company that produces fertile
poultry eggs, manufactures animal feed, and wholesales pesticides,
fertilizer, and soil products.  Klassul has not
been operational since 1995.

Attivare began operations as a construction company in 2005, but
has not been operational since 2011.

Jornal Hoje began operations as a newspaper publisher and printer
in 1998, but has not been operational since it transferred its
publications to Paper Mídia in 2000.

Paper Midia began operations as a newspaper publisher and printer
in 2000 upon receiving transfer of the Jornal Hoje publications.

Chapter 15 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Laurel M Isicoff

Chapter 15 Petitioner's Counsel: John D Couriel, Esq.
                                 KOBRE & KIM LLP
                                 2 S Biscayne Blvd 35 Floor
                                 Miami, FL 33131
                                 Tel: 305-967-6115
                                 Email: john.couriel@kobrekim.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated


DIVERSE ENERGY: Gets OK to Distribute Proceeds from Cimarron Sale
-----------------------------------------------------------------
Diverse Energy Systems LLC won court approval to distribute the
proceeds from the sale of its assets to Cimarron Acquisition Co.

The order, issued by Judge Karen Brown of the U.S. Bankruptcy Court
for the Southern District of Texas, allowed the company to pay ITS
Engineered Systems Inc. and three others from the sale proceeds.

The company received a total of $3.9 million from the sale, which
was approved by the court on January 22, according to court
filings.

Diverse Energy will pay $275,000 to ITS; $72,435 to its legal
counsel Forshey & Prostok LLP; $20,500 to the company's chief
restructuring officer; and $35,011 to Rockport Resources Capital
Corp.

The payment to Rockport is subject to court approval of its
application to allow its administrative expense claim in the amount
of $70,022.  If approved, Diverse Energy would pay half of the
claim while ITS would pay the other half, according to court
filings.

The court will issue a separate order in ITS' bankruptcy case
approving the distribution of the proceeds it received from the
sale of its assets.

ITS, a subsidiary of Diverse N.D., also sold its assets to
Cimarron, which paid $1.57 million.  The bankruptcy court approved
the sale on January 22.

                      About Diverse Energy

Diverse Energy Systems, LLC, et al., filed Chapter 11 bankruptcy
petitions (Bankr. S.D. Tex. Lead Case No. 15-34736) on Sept. 7,
2015. The jointly administered cases have been assigned to Judge
Karen K. Brown.

Forshey Prostok LLP serves as the Debtor's counsel. SSG Advisors,
LLC serves as the Debtor's financial and restructuring advisor. The
Debtor tapped Gordon Brothers Asset Advisors, LLC as appraiser.

Diverse is the indirect parent of ITS Engineered Systems, Inc. ITS
filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code on April 17, 2015. ITS's bankruptcy case is
currently pending in this Court as Case No. 15-32145.

Diverse is a provider of integrated solution platforms for upstream
and midstream customers in the natural gas production, oil
production, and water treatment industries.

On Oct. 5, 2015, Diverse disclosed total assets of $15,836,103 and
total liabilities of $3,261,959.

On Dec. 22, 2015, Diverse filed a motion to extend the period of
time during which it alone holds the right to file a Chapter 11
plan. Diverse proposed to extend its exclusive right to file a plan
to April 4, 2016, and to solicit votes from creditors to June 3,
2016.

The extension, if approved, would prevent others from filing rival
plans in court and maintain Diverse's control over its bankruptcy
case.

The Debtors closed on the sale of certain assets to Cimarron
Acquisition Co. on Jan. 29, 2016.



DORAL FINANCIAL: Plan Exclusivity Period Extended Through June 22
-----------------------------------------------------------------
Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the
Southern District of New York granted the request of Doral
Properties, Inc. for an extension of:

      (i) its Exclusive Filing Period by 90 days, through and
including June 22, 2016, and

     (ii) its Exclusive Solicitation Period through and including
September 20, 2016, or 90 days after the expiration of the
Exclusive Filing Period.

The relief granted is without prejudice to Doral Properties' right
to seek further extensions of the Exclusive Filing Period and
Exclusive Solicitation Period.

                     About Doral Financial

Doral Financial Corporation is a holding company whose primary
operating asset was equity in Doral Bank.  DFC maintains offices
in
New York City, Coral Gables, Florida and San Juan, Puerto Rico.
DFC has three wholly-owned subsidiaries: (i) Doral Properties,
Inc., (ii) Doral Insurance Agency, LLC ("Doral Insurance"), and
(iii) Doral Recovery, Inc.

On Feb. 27, 2015, regulators placed Doral Bank into receivership
and named the Federal Deposit Insurance Corp. as receiver.  Doral
Bank served customers through 26 branches located in New York,
Florida, and Puerto Rico.

DFC sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
15-10573) in Manhattan on March 11, 2015.   DFC estimated $50
million to $100 million in assets and $100 million to $500 million
in debt as of the bankruptcy filing.  

On Nov. 25, 2015, Doral Properties filed a voluntary petition
(Case
No. 15-13160).  Doral Properties Inc. disclosed total assets of
P23,149,434 and total liabilities of 37,335,000.

On Dec. 4, 2015, the Court directed the joint administration of
the
Debtors' chapter 11 cases under Case No. 15-10573, for procedural
purposes.  Both cases are assigned to Judge Shelley C. Chapman.

The Debtors are represented by Ropes & Gray LLP as counsel.
Garden
City Group, LLC serves as the Debtors' claims agent.  Carol Flaton
at Zolfo Cooper Management serves as chief restructuring officer.

The U.S. trustee overseeing the Chapter 11 case of Doral Financial
appointed five creditors of the company to serve on the official
committee of unsecured creditors.  The Committee is represented by
Brian D. Pfeiffer, Esq., and Taejin Kim, Esq., at Schulte Roth &
Zabel LLP.  The panel tapped Fiddler, Gonzalez, Rodriguez, P.S.C.
as special Puerto Rico counsel; McConnell Valdes LLC as special
Puerto Rico tax counsel; Capstone Advisory Group, LLC, together
with its wholly-owned subsidiary Capstone Valuation Services, LLC,
as financial advisor; and Prime Clerk LLC as its information agent.


EAST ORANGE: Committee Can Hire Arent Fox as Co-Counsel
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey, in a
amended order, authorized the Official Committee of Unsecured
Creditors in the Chapter 11 cases of East Orange General Hospital,
Inc., et al., to retain Arent Fox LLP as its co-counsel, nunc pro
tunc to Jan. 14, 2015.

The amended order provides that compensation and reimbursement of
expenses to be paid to Arent Fox will be paid as an administrative
expense of the Debtors' estates.

The original order was entered on Dec. 22, 2015.

In the amended application, the Committee said that Robert M.
Hirsh, Leah M. Eisenberg and Jill Steinberg will be primarily
responsible for Arent Fox's representation of the Committee.  In
the original application, the Committee said that Mr. Hirsh and Ms.
Eisenberg will be primarily responsible for Arent Fox's
representation.

Arent Fox also intends to make a reasonable effort to comply with
the U.S. Trustee's requests for information and additional
disclosures as set forth in the Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses filed
under Section 330 of the Bankruptcy Code by attorneys in larger
chapter 11 cases effective as of Nov. 1, 2013, both in connection
with the application and the interim and final fee applications to
be filed by Arent Fox.

Arent Fox is expected to, mong other things:

   a) advise the Committee on the numerous health care issues
arising in the cases;

   b) advise the Committee on related regulatory issues that may
arise in the cases, primarily in the area of health care; and

   c) advise the Committee on the Debtors' proposed sale of
pursuant to Section 363 of the Bankruptcy Code.

Arent Fox has agreed to charge at what is known as its "Guideline
Rates."  The hourly rates represent a discount from the firm's
regular "National Rates."  These are Arent Fox's hourly Guideline
Rates for work:

        Partners                   $570 - $940
        Of Counsel                 $555 - $910
        Associates                 $320 - $620
        Paraprofessionals          $180 - $320

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

The firm can be reached at:

         Robert M. Hirsh, Esq.
         Leah M. Eisenberg, Esq.
         Jill Steinberg, Esq.
         ARENT FOX LLP
         1675 Broadway
         New York, NY 10019
         Tel: (212) 484-3900
         Fax: (212) 484-3990
         E-mails: robert.hirsh@arentfox.com
                  leah.eisenberg@arentfox.com
                  jill.steinberg@arentfox.com

                     About East Orange General

Located in East Orange, New Jersey, East Orange General Hospital is
211-bed hospital that claims to be the only independent, fully
accredited, acute-care hospital in Essex County and is a recognized
leader in behavioral health services, renal dialysis, wound care,
diagnostic services, emergency services, and family health care.

East Orange General Hospital, Inc. and parent Essex Valley
Healthcare, Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
N.J. Case Nos. 15-31232 and 15-31233, respectively) on Nov. 10,
2015.  Martin A. Bieber, the interim president and chief executive
officer, signed the petitions.  T

East Orange General Hospital, Inc., in an amended summary disclosed
total assets of $36,686,168 adtotal liabilities of $37,374,246.  It
previously disclosed total assets of $36,686,168 and total
liabilities of $37,376,204.

The Debtors have engaged Lowenstein Sandler LLP as counsel,
PricewaterhouseCoopers LLP as financial advisor, McCarter &
English, LLP as special transactional counsel, and Prime Clerk LLC
as claims, noticing and balloting agent.

Judge Vincent F. Papalia has been assigned the case.

The Debtors employ approximately 860 individuals.

As reported by the Troubled Company Reporter on March 31, 2016,
Judge Vincent F. Papalia has authorized East Orange General
Hospital to change its name to EOGH Liquidation, Inc. in relatin to
the sale of substantially all of the Debtors' assets to Prospect
EOGH, Inc.  The Sale closed as of Feb. 29, 2016.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  The committee is
represented by Arent Fox LLP and Trenk, DiPasquale, Della Fera &
Sodono, P.C.

Laura L. Katz was appointed the Patient Care Ombudsman on Nov. 23,
2015.  Ms. Katz is a member of the law firm of Saul Ewing, LLP,
which also serves as her counsel in the Ch. 11 case.


EAST ORANGE: McCarter & English Okayed as Transactional Counsel
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
East Orange General Hospital, Inc., et al., to employ McCarter &
English, LLP, as special transactional counsel effective as of the
Petition Date.

As a condition to McCarter agreeing to provide further legal
services to the Debtors during the prepetition period, the Debtors
agreed in August 2015 to make weekly payments of $25,000 to
McCarter until all amounts owed to McCarter were paid in full.
Between Aug. 12, 2015 and the Petition Date, the Debtors made
payments of $25,000 each to McCarter, for a total of $325,000
during that period.  As of the Petition Date, the Debtors owed
McCarter $607,036, on account of prepetition services.

McCarter is expected to, among other things, advise and assist the
Debtors with respect to the non-bankruptcy related aspects of the
proposed sale of substantially all of their assets in the Chapter
11 cases.

The Debtors believe that employing McCarter will enable them to
avoid the unnecessary delay and significant expense that the
Debtors would otherwise incur if another law firm was required to
familiarize itself with the intricacies and complexities of the
Debtors' proposed transaction with
Prospect and the regulatory matters relating thereto.

At the request of the Debtors, McCarter has agreed to cap its fees
(exclusive of out of pocket expenses) for services rendered to the
Debtors in the cases as:

   a) McCarter's fees will not exceed $300,000 for the period from
the Petition Date through a closing of the proposed sale to
Prospect.

   b) in the event that the New Jersey Attorney General reopens the
regulatory review of the proposed sale to Prospect pursuant to the
Community Health Care Assets Protection Act (CHAPA), McCarter's
fees will not exceed $345,000 from the Petition Date through a
closing of the proposed sale to Prospect.

   c) in the event that a purchaser other than Prospect prevails in
the bankruptcy auction, McCarter's fees will not exceed $395,000
from the Petition Date through a closing of the proposed sale to
such other purchaser.

   d) in the event that the closing is materially delayed beyond
the anticipated January 2016 closing date due to the Chapter 11
Cases, CHAPA proceedings or other substantive issues not reasonably
anticipated by the parties, the Debtors and McCarter will negotiate
in good faith and in a timely manner the amount of additional fees
to be paid to McCarter for such services.

In addition, the Debtors have agreed to waive and release any and
all potential causes of action against McCarter pursuant to Section
547 of the Bankruptcy Code, whether related to the $325,000 in
payments that McCarter received between Aug. 12, 2015 and the
Petition Date, or otherwise.

On Nov. 9, 2015, the Debtors paid McCarter an advance retainer of
$50,000 to be applied towards services rendered postpetition.

To the best of the Debtors' knowledge, McCarter does not represent
or hold any interest adverse to the Debtors or their estates with
respect to the matters on which McCarter is to be employed.

In a supplement to the Debtors' application, Martin A. Bieber,
interim president and CEO, said that subsequent to the filing of
the application, and to resolve certain concerns of the U.S.
Trustee, Todd C. Brower, a partner with McCarter, agreed to resign
from the board of The Foundation for East Orange General Hospital,
Inc.

Mr. Brower's resignation will become effective soon as practicable,
but no later than three business days after the date of entry of an
order approving the application.

Mr. Brower also previously served as the chairman of the board of
each of the Debtors from May 1, 2004 through April 30, 2007.

                     About East Orange General

Located in East Orange, New Jersey, East Orange General Hospital is
211-bed hospital that claims to be the only independent, fully
accredited, acute-care hospital in Essex County and is a recognized
leader in behavioral health services, renal dialysis, wound care,
diagnostic services, emergency services, and family health care.

East Orange General Hospital, Inc. and parent Essex Valley
Healthcare, Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
N.J. Case Nos. 15-31232 and 15-31233, respectively) on Nov. 10,
2015.  Martin A. Bieber, the interim president and chief executive
officer, signed the petitions.  

East Orange General Hospital, Inc., in an amended summary disclosed
total assets of $36,686,168 adtotal liabilities of $37,374,246.  It
previously disclosed total assets of $36,686,168 and total
liabilities of $37,376,204.

The Debtors have engaged Lowenstein Sandler LLP as counsel,
PricewaterhouseCoopers LLP as financial advisor, McCarter &
English, LLP as special transactional counsel, and Prime Clerk LLC
as claims, noticing and balloting agent.

Judge Vincent F. Papalia has been assigned the case.

The Debtors employ approximately 860 individuals.

As reported by the Troubled Company Reporter on March 31, 2016,
Judge Vincent F. Papalia has authorized East Orange General
Hospital to change its name to EOGH Liquidation, Inc. in relatin to
the sale of substantially all of the Debtors' assets to Prospect
EOGH, Inc.  The Sale closed as of Feb. 29, 2016.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  The committee is
represented by Arent Fox LLP and Trenk, DiPasquale, Della Fera &
Sodono, P.C.

Laura L. Katz was appointed the Patient Care Ombudsman on Nov. 23,
2015.  Ms. Katz is a member of the law firm of Saul Ewing, LLP,
which also serves as her counsel in the Ch. 11 case.


EAST ORANGE: Saul Ewing Approved as Counsel for PCO
---------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey authorized
Laura L. Katz, patient care ombudsman for East Orange General
Hospital, Inc., et al., to employ Saul Ewing LLP as her counsel.

The professional services to be rendered will include, but not be
limited to:

   a. representing the PCO in any proceeding or hearing in the
Bankruptcy Court, and in any action in other courts where the
rights of the patients may be litigated or affected as a result of
these cases;

   b. advising the PCO concerning the requirements of the United
States Bankruptcy Code, the Federal Rules of Bankruptcy Procedure,
and the Office of the U.S. Trustee relating to the discharge of her
duties under Section 333 of the Bankruptcy Code; and

   c. performing other legal services as may be required under the
circumstances of the cases in accordance with the PCO's duties as
set forth in the United States Bankruptcy Code, including but not
limited to assisting the PCO in filing any reports with the U.S.
States Bankruptcy Court, fee applications or other matters.

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

The firm can be reached at:

         Stephen B. Ravin, Esq.
         Dipesh Patel, Esq.
         SAUL EWING LLP
         One Riverfront Plaza, Suite 1520
         1037 Raymond Boulevard
         Newark, NJ 07102
         Tel: (973) 286-6718

              About East Orange General

Located in East Orange, New Jersey, East Orange General Hospital is
211-bed hospital that claims to be the only independent, fully
accredited, acute-care hospital in Essex County and is a recognized
leader in behavioral health services, renal dialysis, wound care,
diagnostic services, emergency services, and family health care.

East Orange General Hospital, Inc. and parent Essex Valley
Healthcare, Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
N.J. Case Nos. 15-31232 and 15-31233, respectively) on Nov. 10,
2015.  Martin A. Bieber, the interim president and chief executive
officer, signed the petitions.  

East Orange General Hospital, Inc., in an amended summary disclosed
total assets of $36,686,168 adtotal liabilities of $37,374,246.  It
previously disclosed total assets of $36,686,168 and total
liabilities of $37,376,204.

The Debtors have engaged Lowenstein Sandler LLP as counsel,
PricewaterhouseCoopers LLP as financial advisor, McCarter &
English, LLP as special transactional counsel, and Prime Clerk LLC
as claims, noticing and balloting agent.

Judge Vincent F. Papalia has been assigned the case.

The Debtors employ approximately 860 individuals.

As reported by the Troubled Company Reporter on March 31, 2016,
Judge Vincent F. Papalia has authorized East Orange General
Hospital to change its name to EOGH Liquidation, Inc. in relatin to
the sale of substantially all of the Debtors' assets to Prospect
EOGH, Inc.  The Sale closed as of Feb. 29, 2016.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  The committee is
represented by Arent Fox LLP and Trenk, DiPasquale, Della Fera &
Sodono, P.C.

Laura L. Katz was appointed the Patient Care Ombudsman on Nov. 23,
2015.  Ms. Katz is a member of the law firm of Saul Ewing, LLP,
which also serves as her counsel in the Ch. 11 case.


ELITE PHARMACEUTICALS: Appoints Eugene Pfeifer to Board
-------------------------------------------------------
Elite Pharmaceuticals, Inc., announced that its Board of Directors
has appointed Eugene Pfeifer to its board effective April 7, 2016.
At the same meeting, the Board accepted the resignation of
Jeenarine Narine.

Mr. Pfeifer brings with him more than 45 years of regulatory and
trade experience, most recently having served as a law partner at
King & Spalding in Washington DC and prior to that as a law partner
at the Burditt, Bowles & Radzius.  Among his many accomplishments,
he was a major participant in the development of the Drug Price
Competition and Patent Term Restoration Act of 1984, and provided
strategic counseling to companies affected by that statue.  In
addition, he has provided regulatory advice and representation on a
wide variety of FDA, FTC, and DEA regulated activities, including
product approval, advertising, promotion, and compliance issues.

Prior to working at Burditt, Bowles and Radzius, Mr. Pfeifer served
for a year in the General Counsel's office of the Federal Trade
Commission, where he represented the FTC in Federal Court to enjoin
violations of the Federal Trade Commission Act, and served ten
years in the Chief Counsel's Office at the FDA as Associated Chief
Counsel for Enforcement, Associate Chief Counsel for Drugs and
Deputy Chief Counsel for Regulations and Hearings.  During his
tenure at the FDA, he was the FDA's lead litigator and Appellate
Court advocate, and he briefed the FDA's cases before the Supreme
Court.  Mr. Pfeifer is a graduate of Brown University and the
Georgetown University Law Center.

Mr. Narine tendered his resignation as part of the acquisition of
Epic Pharma LLC by Humanwell Healthcare USA, LLC.  Mr. Narine is
one of the founding members of Epic Pharma.

"We welcome Gene to our board," said Elite's Chairman of the Board,
Nasrat Hakim.  "He will be a great addition for us and brings
tremendous experience and expertise to Elite. I also want to thank
Jai Narine for his years of contributions to Elite during a period
of change and growth."

                  About Elite Pharmaceuticals

Northvale, New Jersey-based Elite Pharmaceuticals, Inc., is a
specialty pharmaceutical company principally engaged in the
development and manufacture of oral, controlled-release products,
using proprietary technology and the development and manufacture
of generic pharmaceuticals.  The Company has one product,
Phentermine 37.5mg tablets, currently being sold commercially.

Elite reported net income attributable to common shareholders of
$28.9 million on $5 million of total revenues for the year ended
March 31, 2015, compared to a net loss attributable to common
shareholders of $96.5 million on $4.6 million of total revenues for
the year ended March 31, 2014.

As of Dec. 31, 2015, the Company had $27.13 million in total
assets, $29.20 million in total liabilities, $58.42 million in
convertible preferred shares and a $60.49 million total
stockholders' deficit.


ENCORE PROPERTIES: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Encore Properties of Rochester, LLC
        1002 McKinley Avenue
        Rome, NY 13440

Case No.: 16-60524

Type of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of New York (Utica)


Debtor's Counsel: David S Stern, Esq.
                  ELLIOTT STERN CALABRESE LLP
                  One East Main Street
                  Rochester, NY 14614
                  Tel: 585-232-4724
                  E-mail: dstern@elliottstern.com

Total Assets: $25 million

Total Debts: $17.72 million

The petition was signed by Patrick F. Loreto, managing partner.

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


ENERGY TRANFSER: Egan-Jones Cuts Sr. Unsecured Rating to BB+
------------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured rating on
debt issued by Energy Transfer Partners LP to BB+ from BBB- pn
March 29, 2016.

Energy Transfer Partners is a Fortune 500 natural gas and propane
company.



ENERGY XXI: CorEnergy Responds to Chapter 11 Filing
---------------------------------------------------
Energy XXI Ltd and substantially all of its directly and indirectly
owned subsidiaries (the "EXXI Debtor Group") filed on April 14 a
voluntary petition to reorganize, after reaching an agreement with
certain creditors to provide support for a restructuring of its
debt.

The bankruptcy filing of Energy XXI Ltd, the guarantor of the Grand
Isle Gathering System Lease (the "GIGS Lease"), and its failure to
make interest payments to its creditors within the applicable cure
period, would have constituted defaults under the terms of the GIGS
Lease.  However, to facilitate post-filing financing arrangements
between the EXXI Debtor Group and its lenders, CorEnergy provided a
conditional waiver to certain remedies available to it as a result
of these non-monetary defaults.

CorEnergy's tenant under the GIGS Lease, Energy XXI GIGS Services,
LLC ("GIGS Services"), has not filed for bankruptcy.  Therefore,
its obligations under the GIGS Lease are currently not subject to
the proceedings affecting the EXXI Debtor Group.  CorEnergy has not
compromised any remedies available to it for any default by GIGS
Services under the GIGS Lease.

"GIGS Services relies on our subsea pipeline and onshore facilities
to provide critical transportation, storage and processing services
for the EXXI Debtor Group," said CorEnergy Chief Executive Officer,
Dave Schulte.  Regarding the waiver, Schulte commented, "As long as
our tenant remains in compliance with our lease, including the
timely payment of rent, we intend for GIGS Services to maintain its
operations of our asset."

           About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. --
http://www.corenergy.corridortrust.com-- is a real estate
investment trust (REIT) that owns essential midstream and
downstream energy assets, such as pipelines, storage terminals, and
transmission and distribution assets.  It seeks long-term
contracted revenue from operators of its assets, primarily under
triple net participating leases.

                         About Energy XXI

Energy XXI Ltd was incorporated in Bermuda on July 25, 2005.  With
its principal operating subsidiary headquartered in Houston, Texas,
Energy XXI is engaged in the acquisition, exploration, development
and operation of oil and natural gas properties onshore in
Louisiana and Texas and in the Gulf of Mexico Shelf.  It is listed
on the NASDAQ Global Select Market under the symbol "EXXI".

The Company lists total assets of $1,764,237,000 and total
liabilities of $4,381,300,000 at Dec. 31, 2015.

                      *     *     *

The Troubled Company Reporter, on Feb. 18, 2016, reported that
Standard & Poor's Ratings Services lowered its corporate credit
ratings on oil and gas exploration and production company Energy
XXI Ltd. and its subsidiary EPL Oil & Gas to 'D' from 'CCC+'.

S&P also lowered the issue-level rating on the company's
second-lien debt to 'D' from 'B-'.  The recovery rating on the
second-lien debt remains '2', indicating S&P's expectation of
substantial (70% to 90%, lower end of the range) recovery in the
event of default.  S&P lowered the rating on the company's
unsecured debt to 'D' from 'CCC-'.  The recovery rating remains
'6', indicating S&P's expectation of negligible (0%-10%) recovery
in the event of default.

At the same time, S&P lowered the issue-level rating on subsidiary
EPL Oil & Gas' debt to 'D' from 'CCC'.  The recovery rating remains
'5', indicating S&P's expectation of modest (10% to 30%, lower end
of the range) recovery in the event of a default.


ENERGY XXI: Files Chapter 11 With Prearranged Plan
--------------------------------------------------
Energy XXI Ltd. on April 14 disclosed that it and certain of its
subsidiaries have entered into a Restructuring Support Agreement
(the "RSA") with holders of more than 63% of the Company's secured
second lien 11.0% notes (the "Second Lien Notes") on the material
terms of a balance sheet restructuring plan that will strengthen
the Company's financial position by reducing long-term debt and
enhancing financial flexibility.  In order to implement the terms
of the RSA, the Company commenced cases under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Texas, Houston Division.

Through the Chapter 11 restructuring, Energy XXI will eliminate
more than $2.8 billion in debt from its balance sheet,
substantially deleverage its capital structure and position the
Company for long-term success.  The RSA eliminates substantially
all of the Company's prepetition funded indebtedness other than its
first lien reserve based loan facility, resulting in a
significantly deleveraged balance sheet upon the Company's
emergence from the Chapter 11 bankruptcy process.  The RSA also
provides that John Schiller will continue as the reorganized
company's Chief Executive Officer and a member of its board of
directors.  The Company is also continuing ongoing negotiations
with a steering committee of lenders under the Company's first lien
reserve based loan facility that is not party to the RSA at this
time.

Energy XXI expects operations to continue as normal throughout the
court-supervised financial restructuring process, including paying
royalty and surety obligations in the ordinary course.  In
addition, the Company expects to maintain compliance with its
existing long-term plan with the Bureau of Ocean Energy Management
throughout the restructuring process.

Energy XXI's President and Chief Executive Officer John Schiller
said, "[Thurs]day's announcement reflects the next step in our
efforts to respond proactively to the challenging market
environment.  Over the last several months, we have worked to
actively manage our balance sheet, and after thoroughly evaluating
our options with the help of our outside advisors, we determined
that entering these agreements and implementing them through a
court-supervised process is the best course of action for Energy
XXI and all our stakeholders.  We are confident that we are taking
the right steps to provide Energy XXI a solid foundation for a
successful future."

Mr. Schiller continued, "Our production is on track as we continue
to focus our operations on low-risk, high-return projects.  We
thank our employees for their continued hard work and dedication,
and we look forward to working with our vendors and partners as we
move through this process and position Energy XXI to emerge as a
stronger company."

The Company believes it has sufficient liquidity, including
approximately $180 million of cash on hand as of March 31, 2016 and
funds generated from ongoing operations, to continue its operations
and support the business in the ordinary course during the
financial restructuring process.

The Company expects to file a Current Report on Form 8-K with the
Securities and Exchange Commission that will include the full terms
of the RSA.

Energy XXI has filed various motions with the Bankruptcy Court in
support of its financial restructuring.  The Company intends to
continue to pay employee wages and provide benefits without
interruption in the ordinary course of business.  The Company also
expects to pay suppliers and vendors in full under normal terms for
goods and services provided on or after the Chapter 11 filing date,
and anticipates making royalty payments and payments to working
interest owners when due.  The Company expects to receive
Bankruptcy Court approval for the requests in its motions.

Additional information is available on Energy XXI's website at
www.EnergyXXI.com/restructuring or by calling Energy XXI's
Restructuring Hotline, toll-free in the U.S., at (844) 807-7712.
(For calls originating outside the U.S., please dial (503)
520-4464).  In addition, court filings and other documents related
to the reorganization proceedings are available on a separate
website administered by Energy XXI's claims agent, Epiq Systems, at
http://dm.epiq11.com/EnergyXXI

PJT Partners LP is serving as Energy XXI's financial advisor,
Opportune LLP is serving as Energy XXI's restructuring advisor, and
Vinson & Elkins L.L.P. is serving as Energy XXI's legal advisor.

Energy XXI Ltd was incorporated in Bermuda on July 25, 2005.  With
its principal operating subsidiary headquartered in Houston, Texas,
Energy XXI is engaged in the acquisition, exploration, development
and operation of oil and natural gas properties onshore in
Louisiana and Texas and in the Gulf of Mexico Shelf.  It is listed
on the NASDAQ Global Select Market under the symbol "EXXI".

The Company lists total assets of $1,764,237,000 and total
liabilities of $4,381,300,000 at Dec. 31, 2015.

                      *     *     *

The Troubled Company Reporter, on Feb. 18, 2016, reported that
Standard & Poor's Ratings Services lowered its corporate credit
ratings on oil and gas exploration and production company Energy
XXI Ltd. and its subsidiary EPL Oil & Gas to 'D' from 'CCC+'.

S&P also lowered the issue-level rating on the company's
second-lien debt to 'D' from 'B-'.  The recovery rating on the
second-lien debt remains '2', indicating S&P's expectation of
substantial (70% to 90%, lower end of the range) recovery in the
event of default.  S&P lowered the rating on the company's
unsecured debt to 'D' from 'CCC-'.  The recovery rating remains
'6', indicating S&P's expectation of negligible (0%-10%) recovery
in the event of default.

At the same time, S&P lowered the issue-level rating on subsidiary
EPL Oil & Gas' debt to 'D' from 'CCC'.  The recovery rating remains
'5', indicating S&P's expectation of modest (10% to 30%, lower end
of the range) recovery in the event of a default.


EOGH LIQUIDATION: Asks Court to Extend Exclusivity Thru July 7
--------------------------------------------------------------
EOGH Liquidation, Inc., f/k/a East Orange General Hospital, Inc.,
et al., ask the U.S. Bankruptcy Court for the District of New
Jersey to further extend their exclusive right to file a chapter 11
plan by 60 days through and including July 7, 2016; and solicit
votes thereon by another 60 days through and including September 5,
2016.

With the sale of their assets now closed, and the Debtors having
ceased all business operations, the Debtors seek to wind up these
Chapter 11 Cases through what they believe will be a consensual
plan confirmation process.  The Debtors and the Committee are
currently negotiating regarding the terms of a joint chapter 11
plan of liquidation.  The Debtors and the Committee are working
diligently so that a plan may be filed as soon as possible.   

On Nov. 20, 2015, the Debtors filed a motion for the entry of
orders authorizing and approving, among other things, the sale of
substantially all of the Debtors’ assets free and clear of liens,
claims, and encumbrances to Prospect EOGH, Inc. pursuant to the
terms of an Amended and Restated Asset Purchase Agreement dated
Nov. 20, 2015.

On Jan. 20, 2016, the Court held a hearing to authorize the Sale to
Prospect under the terms of the Stalking Horse APA, as amended.  On
Jan. 21, 2016, the Court entered an order approving the Sale to
Prospect pursuant to the Final APA.

Immediately after the Court approved the Sale, the Debtors took the
necessary steps to obtain the requisite regulatory approvals of the
Sale.  On February 24, 2016, the proposed sale to Prospect was
approved by the Superior Court of New Jersey after a hearing held
pursuant to the Community Health Care Assets Protection Act.  The
Sale closed as of February 29, 2016.

"The Debtors must retain the ability and flexibility to focus on
negotiating and preparing a plan without the distraction,
disruption, and expense of competing chapter 11 plans.  Maintaining
the exclusive right to file and solicit votes on a chapter 11 plan
is critical to the Debtors' ability to formulate a plan as
efficiently and expeditiously as possible.  Accordingly, the
Debtors request an extension of the Exclusivity Periods to allow
the Debtors to continue to negotiate, prepare, file, and obtain
confirmation of a plan without the costly disruption that would
occur if competing plans were to be proposed at this time," the
Debtor said.

The current Exclusivity Periods are May 8, 2016 (with respect to
the Filing Exclusivity Period) and July 7, 2016 (with respect to
the Soliciting Exclusivity Period).

A hearing on the request is set for May 4, 2016 at 11:00 a.m.
Objections are due April 27, 2016.

The Debtors are represented by:

     LOWENSTEIN SANDLER LLP
     Kenneth A. Rosen, Esq.
     Gerald C. Bender, Esq.
     Michael Savetsky, Esq.
     Barry Z. Bazian, Esq.
     65 Livingston Avenue
     Roseland, NJ 07068
     Tel: (973) 597-2500
     E-mail: krosen@lowenstein.com
             gbender@lowenstein.com
             msavetsky@lowenstein.com
             bbazian@lowenstein.com

                     About East Orange General

Located in East Orange, New Jersey, East Orange General Hospital
is
211-bed hospital that claims to be the only independent, fully
accredited, acute-care hospital in Essex County and is a
recognized
leader in behavioral health services, renal dialysis, wound care,
diagnostic services, emergency services, and family health care.

East Orange General Hospital, Inc. and parent Essex Valley
Healthcare, Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
N.J. Case Nos. 15-31232 and 15-31233, respectively) on Nov. 10,
2015.  Martin A. Bieber, the interim president and chief executive
officer, signed the petitions.  The Debtors estimated both assets
and liabilities in the range of $100 million to $500 million.

The Debtors have engaged Lowenstein Sandler LLP as counsel,
PricewaterhouseCoopers LLP as financial advisor, McCarter &
English, LLP as special transactional counsel, and Prime Clerk LLC
as claims, noticing and balloting agent.

Judge Vincent F. Papalia has been assigned the case.

The Debtors employ approximately 860 individuals.

The Office of the U.S. Trustee appointed seven creditors to the
official committee of unsecured creditors.  The committee is
represented by Arent Fox LLP and Trenk, DiPasquale, Della Fera &
Sodono, P.C.

Laura L. Katz was appointed the Patient Care Ombudsman on Nov. 23,
2015.  Ms. Katz is a member of the law firm of Saul Ewing, LLP,
which also serves as her counsel in the Ch. 11 case.


EQUA MANAGEMENT: Asks Court to Extend Exclusivity Thru July 21
--------------------------------------------------------------
Equa Management, Inc., asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend the periods within which the
Debtor has the exclusive right to file a disclosure statement and
plan of reorganization, and to solicit acceptances that will lead
to the confirmation of the plan.

Specifically, Equa Management seeks a 90-day extension from the
April 21, 2016, deadline through and including July 21, 2016, of
the exclusivity period to file the Disclosure Statement and the
Plan; and accordingly extend the term to solicit acceptances
without prejudice to seek further extensions.

Pursuant to Section 1121 of the Bankruptcy Code, debtors have the
exclusive right to file plan(s) in the first 120 days after the
date of an order for relief and an additional 60 days -- for a
total of 180 days -- to solicit acceptances to such plan(s).
Bankruptcy Code Section 1121(d) provides this Court may extend the
Exclusive Periods for cause.  Specifically, Section 1121(d) (1)
provides: "[O]n request of a party in interest made within the
respective periods specified in subsections (b) and (c) of this
section and after notice and a hearing, the court may for cause . .
. increase the 120 day period or the 180-day period referred to in
this section."

Equa Management says it is working to meet its Chapter 11 operating
and reporting requirements.  It has retained an external financial
advisor approved by the Court and has recruited an in house
accountant to assist the Debtor in the turnaround financial
refurbishing essential to an efficient and emerging reorganization
process.  

The Debtor and its advisors have complied with the Office of the
United States Trustee mandates by appearing at the Initial Debtor
Interview (IDI), appearing to testify at the meeting of creditors
under section 341 of the Bankruptcy Code and tendered requested
information.  They also have requested a 30-day extension to comply
with the reporting requirements under the Bankruptcy Code and the
Bankruptcy Rules, and are also designing and structuring its plan
of reorganization and disclosure statement.

The Debtor contends that termination of the Exclusive Periods at
this juncture would give rise to the concomitant threat of multiple
plans and a contentious confirmation process.  Such a process would
undoubtedly lead to needless litigation, resulting in
administrative costs that would cause diminishing the potential
recovery pay-out to the general unsecured creditors and would delay
Debtor’s ability to confirm a plan, the Debtor says.

Equa Management, Inc., based in Caguas, Puerto Rico, filed for
Chapter 11 bankruptcy (Bankr. D. P.R. Case No. 15-10189) on
December 23, 2015.  Hon. Mildred Caban Flores oversees the case.
Alexis Fuentes Hernandez, Esq., at FUENTES LAW OFFICES, LLC, serves
as the Debtor's counsel.

Equa Management estimated $0 to $50,000 in assets and $1 million to
$10 million in liabilities.  The petition was signed by William
Casteline, president.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/prb15-10189.pdf


EXTREME PLASTICS: Has Access to Cash Collateral Until May 6
-----------------------------------------------------------
Judge Christopher S. Sontchi entered a fourth interim order
authorizing Extreme Plastics Plus, Inc., et al., to use cash
collateral subject to security interests of Citizens Bank of
Pennsylvania, as agent for the prepetition lenders.  As of the
Petition Date, the Debtors were indebted to the lenders in the
aggregate amount of $50 million.  The Debtors have agreed to
provide Citizens Bank adequate protection in the form of adequate
protection liens, administrative claim status, and the payment of
$600,000 by April 15.  According to the Fourth Interim Order,
access to cash collateral will expire May 6, 2016.  The Debtors
have agreed to comply with these milestones for the marketing and
sale of substantially all of the Debtors' assets:

   (1) Marketing Materials.  No later than April 20, 2016, the
Debtors will distribute "teasers" and other marketing materials
that are typical and customary in a Chapter 11 sale process for
companies of a similar size and financial state as the Debtors.  

   (2) Confidential Information Memo.  No later than April 27,
2016, the Debtors will distribute a confidential information
memorandum to potential buyers.

   (3) Excess Inventory Liquidation.  No later than April 29, 2016,
the Debtors will present a written plan to the Agent to liquidate
their excess inventory and equipment that sets forth the process,
including the hiring of a liquidator or similar professional, by
which the Debtors intend to liquidate their excess inventory and
equipment.

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

   http://bankrupt.com/misc/Extr_Plastics_216_4th_Int_Cash_Ord.pdf

                      About Extreme Plastics

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

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

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

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

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

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

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


FOUR WELLS: Case Summary & 6 Unsecured Creditors
------------------------------------------------
Debtor: Four Wells Limited
        P.O. Box 928
        Aurora, OH 44202

Case No.: 16-50851

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Hon. Alan M. Koschik

Debtor's Counsel: Michelle DiBartolo-Haglock, Esq.
                  THOMAS TRATTNER & MALONE, LLC
                  1653 Merriman Road, Suite 203
                  Akron, OH 44313
                  Tel: 330-253-1500
                  E-mail: mdibartolo@ttmlaw.com

                    - and -

                  Robert S. Thomas, II, Esq.
                  THOMAS, TRATTNER & MALONE, LLC
                  1653 Merriman Road #203
                  Akron, OH 44313
                  Tel: 330-253-5738
                  Fax: 330-253-5743
                  E-mail: rstlaw@yahoo.com
                          rthomas@ttmlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Louis Telerico, managing member.

A list of the Debtor's six largest unsecured creditors is available
for free at http://bankrupt.com/misc/ohnb16-50851.pdf


FTE NETWORKS: 2016 FTE Networks Shareholder Update Letter
---------------------------------------------------------
On April 12, 2016, FTE Networks, Inc., mailed a letter to its
stockholders as part of its communications efforts to keep its
stakeholders informed about the Company, its business, and its
corporate developments.

April 12, 2016

Dear loyal Shareholder,

In an effort to keep you informed on the recent updates at FTE,
management would like to provide an update letter to our investors.
I'd like to reiterate management's previous sentiment, that we
believe FTE Networks has successfully established a strong
foundation for both near-term growth and long-term sustainability.
Management is currently operating with a clear focus on growth,
execution and profitability.  As Chairman and Chief Executive
Officer of the Company, I am excited about the Company's future and
its anticipated positive growth trajectory.

During the first quarter of 2016, we were awarded two contracts
with major industry players totaling up to $150 million dollars
over the next three (3) years, both of which we anticipate to be
measurably accretive to our top and bottom line.  We believe that
these contracts, combined with our existing customer base and our
growing pipeline, position FTE to stand as a strong provider in the
networking infrastructure services industry.  We believe this is an
incredible start to the current calendar year. Additionally, we are
confident that our management team has finalized our legacy
challenges related to the 2013 reverse merger, forging the path for
anticipated market expansion and growth.  With this behind us, and
our multi-million dollar contracts signed, FTE is well positioned
for significant overall growth.  In an effort to maximize our
expansion, I have and will continue to strive to implement solid
internal processes and procedures to ensure continued customer
cultivation, production and execution, each of which we hope will
ultimately contribute to increased shareholder value.

Our Business - 2015 Highlights and Accomplishments

In 2015, we booked $14.5 million in revenue.  During the last five
(5) months, the company has experienced an increase in SG&A.  The
increase was primarily due to investments made in our back office
infrastructure, new market set up, and the addition of executive
management and personnel to support the anticipated growth
associated with our current pipeline and newly executed contracts.
These investments support the Company's ability to meet the high
expectations of our customers and supports the scaling and growth
that we are now experiencing.  The Company has reached several
significant milestones in its quest to achieve a strong foundation
from which the Company can grow.  We successfully began quotation
on the OTCQB Venture Market. Shortly prior to this, the Company had
received approval from FINRA to be relisted and commenced quotation
on the OTC Pinksheets. We believe that being quoted on the OTCQB
Venture Market is a tremendous achievement since it means we were
not only relisted, but also uplisted a few months later.

Additionally, we recently filed our Form 10-Q transitioning from a
fiscal year ending on September 30 to a traditional calendar year
end of December 31.  This helps us in becoming aligned with
industry standard reporting.  Further, the Company successfully
entered into an $8.0 million credit facility that strengthened our
balance sheet and supported the execution of our new customer
contracts.

Management's current sales efforts are building on that very solid
foundation.  In addition to the signing of the two multi-million
dollar contracts, we have built a $36 million customer pipeline
(75% committed) for 2016.  Many of our partners are Fortune 500
customers whose names are known in households around the world.
During the year, we also expanded into numerous new markets in the
U.S., which further demonstrates our path to anticipated
profitability.  We have on-going projects in Colorado, Georgia,
Iowa, Missouri, New York, North Carolina, Oklahoma and Texas.

We believe that the proper foundation has been set; execution,
growth and profitability are Management's primary goals for 2016.

Our Business - 2016 and Beyond

For 2016 and beyond, we are 100% focused on our path to
profitability.  We have laid the groundwork to increase sales by
cultivating our pipeline, and this is the year we hope to reap the
rewards.

Our priorities going forward are to enhance our relationships with
existing customers, build a strong FTE team in each market and
maximize market expansion.  In February, we signed a Strategic
Alliance Agreement with Edge Communications, which we estimate to
be worth roughly $100 million over three years. We also expanded
our services with a long-time customer, which is a leading
telecommunications carrier.  This contract is valued at over $45
million dollars over the next three years with the potential for
additional service offerings in existing and new markets. Under the
terms of this contract, we will be providing its Fiber Optic
Infrastructure Services by expanding the carriers' current fiber to
the home (FTTH) offering.  As we take on new work and expand in new
markets, it is critical that we bring on skilled staff to execute.
Our industry is heavily based on relationships so every detail
needs to be in place and handled professionally to deliver high
quality work and customer service. In addition to hiring quality
staff, we are strengthening our implementation and reporting
processes.  We believe that this will enable us to optimize
execution, control operating costs and improve our bottom line.

The team has done well strategically expanding our market
geographically.  In 2015, we expanded into eight additional markets
and with each new project, we expect this number will grow in 2016.
Expanding into key markets helps us diversify our capabilities,
distinguish our brand, and develop new streams of revenue.

On April 5, 2016, the Company entered into an Amended Credit
Agreement with our debt provider, Lateral Investment Management.
The terms of this agreement provides us flexibility to support our
growth.

Our rapid expansion and growth truly enables our path to
profitability. However, on this path, we have and will continue to
encounter growing pains.  Major contracts and market expansion does
require a hefty amount of upfront costs on our end.  We are working
diligently to raise capital to further strengthen our balance
sheet, support aggressive growth and increase shareholder value.

Corporate Developments

In order to fortify our corporate governance practices to the level
expected by the popular stock exchanges, FTE has developed an
independent Board of Directors, each of whom brings a wide breath
of experience and expertise in his or her respective field. In
recent months, we have added four (4) new independent board
members: Mr. Brad Mitchell, Mr. Christopher Ferguson, Mrs. Luisa
Ingargiola and Mr. Patrick O'Hare.  These key additions will
provide significant insight and relationships in both the capital
markets and the telecommunications industry.

Mr. Mitchell currently serves as President of TelePacific
Communications - Texas, and is responsible for TelePacific's
operations across the state of Texas.  Mr. Mitchell brings a unique
combination of knowledge and wide-ranging telecommunications
industry experience gained in both the venture capital and
established industry leader arenas.

Mr. Ferguson currently serves as the Managing Director of Tern
Capital Group, LLC, a private equity investment firm founded by Mr.
Ferguson in 2013.  We will benefit from his financial expertise and
experience.

Ms. Ingargiola is the chief financial officer for MagneGas, a
NASDAQ listed Technology Company, which produces a plasma based
system for the gasification and sterilization of liquid waste.  She
brings an acute understanding of tech financing to our board.

Mr. Patrick O'Hare is the Senior Vice President of Operations at
ZenFi Networks, Inc. where he is responsible for network planning,
engineering, operations, and service delivery.  Mr. O'Hare's
extensive industry operations and business experience will prove
valuable to the board as well.

We devoted the last year or so to putting the system in place that
we hope will propel us forward this year.  We believe FTE Networks
is now on the cusp of a period of growth and is on a trajectory for
profitability in the coming months.  We are grateful to our
shareholders for their faith in our vision and for their loyalty.
We believe that this faith and loyalty will be well rewarded in the
coming years.

Yours sincerely,

Michael Palleschi

Chairman and Chief Executive Officer

                      About FTE Networks, Inc.

FTE Networks, formerly known as Beacon Enterprise Solutions Group,
Inc., is a vertically integrated company with an international
footprint.  Since its inception, FTE Networks has steadily
advanced its management, operational and technical capabilities to
become a leading provider of services to the telecommunications
and wireless sector with a focus on turnkey solutions.  FTE
Networks provides a comprehensive array of services centered on
quality, efficiency and customer service.

FTE Networks reported a net loss attributable to common
shareholders of $3.63 million on $14.4 million of revenues for the
year ended Sept. 30, 2015, compared to net income of $436,000 on
$16.9 million of revenues for the year ended Sept. 30, 2014.

As of Dec. 31, 2015, the Company had $9.24 million in total assets,
$18.75 million in total liabilities, $437,380 in total temporary
equity and a $9.94 million total stockholders' deficiency.


GFL ENVIRONMENTAL: Notes Add-On No Impact on Moody's B2 CFR
-----------------------------------------------------------
GFL Environmental Inc.'s (GFL) B2 corporate family rating, B2-PD
probability of default rating, B3 senior unsecured notes rating and
stable outlook remain unchanged following the company's
announcement that it plans to issue a US$150 million add-on to its
existing 9.875% senior unsecured notes due in February 2021. GFL
will use the net proceeds to repay outstanding amounts under its
revolving credit facility.

GFL Environmental Inc., headquartered in Toronto, provides solid
waste and liquid waste collection, treatment and disposal solutions
and soil remediation services to municipal, industrial and
commercial customers in Canada. Pro-forma for acquisitions, revenue
exceeds C$900 million.


GOODRICH PETROLEUM: Soliciting Acceptances of Prepackaged Plan
--------------------------------------------------------------
Goodrich Petroleum Corporation disclosed in a regulatory filing
with the Securities and Exchange Commission it commenced a
solicitation of acceptances of the Company's Joint Prepackaged Plan
of Reorganization under Chapter 11 of the United States Bankruptcy
Code.

The Company recommends that holders of claims against the Company
refer to the information and the limitations and qualifications
discussed in the Solicitation and Disclosure Statement, including
the Plan.  Information contained in the Solicitation and Disclosure
Statement is subject to change, whether as a result of amendments,
actions of third parties or otherwise.  There can be no assurances
that the Plan will be approved or confirmed pursuant to the
Bankruptcy Code.    

"The Plan and this Disclosure Statement are the result of extensive
and vigorous negotiations among the Company and certain of the
Second Lien Noteholders.  The culmination of such negotiations was
the entry into the Restructuring Support Agreement.  The Plan
substantially deleverages the Company's balance sheet by converting
the Second Lien Notes into 100% of the equity in Reorganized
Goodrich and cancelling all debt junior to the Second Lien Notes."

The key components of the Plan are as follows:

   * Payment in full, in cash, of all Allowed Administrative
     Claims, Professional Fee Claims, Priority Tax Claims,
     statutory fees, Other Priority Claims, and Other Secured
     Claims.

   * The Senior Credit Facility Claims will have such treatment as

     is mutually agreed to by the Company, the Holders of Senior
     Credit Facility Claims, and the Majority Second Lien
     Noteholders that shall be set forth in the Plan Supplement.

   * Approximately $175 million of debt under the Second Lien
     Notes will be converted for 100% of the New Goodrich Equity
     Interests, subject to dilution from shares issued in
     connection with the Management Incentive Plan.

   * The Unsecured Notes Claims will be cancelled and extinguished
     without further notice to, approval of, or action by any
     Entity, and each Holder of an Unsecured Notes Claim will not
     receive any Distribution or retain any property on account of

     those Unsecured Notes Claim.

   * Holders of General Unsecured Claims will not receive a
     distribution under the Plan.

   * Equity Interests in Goodrich Subsidiary will be Reinstated
     and will vest in the Company as a Reorganized Company.  
     Equity Interests in Goodrich will be cancelled and discharged

     and will be of no further force or effect, whether
     surrendered for cancellation or otherwise, and Holders of
     Equity Interests in Goodrich will not receive or retain any
     property under the Plan on account of such Equity Interests
     in Goodrich.

A copy of the Joint Prepackaged Chapter 11 Plan of Reorganization
is available for free at http://is.gd/dBJwpF

                         About Goodrich

Goodrich Petroleum Corporation is an independent oil and natural
gas company engaged in the exploration, development and production
of oil and natural gas on properties primarily in (i)  Southwest
Mississippi and Southeast Louisiana, which includes the Tuscaloosa
Marine Shale Trend, (ii) Northwest Louisiana and East Texas, which
includes the Haynesville Shale, and (iii) South Texas, which
includes the Eagle Ford Shale Trend.

Goodrich Petroleum reported a net loss of $479.42 million on $77.65
million of revenues for the year ended Dec. 31, 2015, compared to a
net loss of $353.13 million on $208.55 million of revenues for the
year ended Dec. 31, 2014.  As of Dec. 31, 2015, Goodrich had $98.97
million in total assets, $507.05 million in total liabilities and a
total deficit of $408.08 million.

The Company's auditors Ernst & Young LLP, Houston, Texas, issued 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.


HAGGEN HOLDINGS: Closing Sales for 4 More Stores Approved
---------------------------------------------------------
Haggen Holdings, LLC, et al., won approval from the Bankruptcy
Court to (i) commence store closing sales at 4 additional non-core
stores, and (ii) enter into a Fourth Letter Agreement Governing
Inventory Disposition by and among Haggen, Inc., Haggen Opco North,
LLC and Hilco Merchant Resources, LLC (the "Agent"), dated March 9,
2016.

The locations for the four stores are:

   Store No./Name              Address
   --------------              -------
   2079-Sunnyside              4800 S E Sunnyside Rd Clackamas OR
   2083-West Linn              1855 Blankenship Rd West Linn OR
   2116-Burien - Five Corners  15840 1st Avenue South Burien WA
   2117-Federal Way            31009 Pacific Hwy South Fed. Way WA


In early-August, 2015, before the Petition Date, the Debtors
identified 27 locations as the initial non-core stores (the "Phase
1 Stores") for which they would conduct store closing sales, many
of which had operating pharmacies on the premises.  The Debtors had
commenced the closing sales in the Phase 1 Stores prior to the
Petition Date and, on Sept. 24, 2015, the Court entered orders
authorizing the Debtors to continue such sales postpetition on an
interim basis and to sell the assets of certain of their
pharmacies, respectively.  An order authorizing the Non-Core Store
Closing Sales in the Phase 1 Stores on a final basis was entered on
Oct. 15, 2015.

Thereafter, in consultation with their advisors the Debtors
identified 100 additional non-core stores (the "Phase 2 Stores")
for which it would conduct closing sales.  On Oct. 5, 2015, the
Court entered orders authorizing the sale of certain assets of the
pharmacies located in the Phase 2 Stores.  Additionally, on Oct.
15, 2015, the Court entered an order authorizing the Debtors to
implement global procedures to liquidate the inventory and
furniture, fixtures and equipment of the Phase 2 Stores and to
sell, transfer, or abandon certain surplus, obsolete, non-core, or
burdensome assets located at such stores.  Furthermore, the Court
entered orders on Jan. 29, 2016 authorizing the commencement of
store closing sales at, and the sale certain assets of the pharmacy
(the "Pharmacy Assets") located in, the Debtors' Non-Core
Store located at 11012 Canyon Road East in Puyallup, Washington.

In addition to conducting the Non-Core Store Closing Sales, the
Debtors determined that it was in their best interest to separately
market and sell their interests in the Non-Core Stores and certain
additional assets.  To that end, on Nov. 13, 2015, the Debtors
obtained approval from the Court to sell 36 Non-Core Stores in the
aggregate to two stalking horse bidders, Gelson's Markets and Smart
& Final Stores, LLC, respectively.  In addition to the stalking
horse sales, the Court approved the sale of approximately 50
additional Non-Core Stores to certain third parties and landlords.

Furthermore, the deadline for the Debtors to assume or reject
unexpired leases of non-residential real property under which any
of the Debtors are lessees was extended pursuant to an order of the
Court through the earlier of (i) April 5, 2016, or (ii) the date of
the entry of an order confirming a chapter 11 plan.  To date, the
Debtors were continuing to evaluate their options with respect to
the leases governing four of the Non-Core Stores (collectively, the
"Specified Stores").

To date, the Debtors were continuing to evaluate their options with
respect to the leases governing four of the Non-Core Stores
(collectively, the "Specified Stores").  Accordingly, the Debtors
have continued to operate, and have not yet liquidated the assets
of such Specified Stores. However, in light of the Assumption/
Rejection Deadline, the Debtors have determined that they will
either sell such stores after they have gone "dark" or reject the
applicable leases, in either case, in advance of the
Assumption/Rejection Deadline.  The Debtors have consulted with
each of the lessors of the Specified Stores and obtained, or expect
to obtain, their consent to extend the Assumption/Rejection
Deadline through April 30, 2016.

Accordingly, the Debtors have continued to operate, and have not
yet liquidated the assets of such Specified Stores.  However, in
light of the Assumption/Rejection Deadline, the Debtors have
determined that they will either sell such stores after they have
gone "dark" or reject the applicable leases, in either case, in
advance of the Assumption/Rejection Deadline.  The Debtors have
consulted with each of the lessors of the Specified Stores and
obtained, or expect to obtain, their consent to extend the
Assumption/Rejection Deadline through April 30, 2016.

Accordingly, in order to comply with the Assumption/Rejection
Deadline (including the limited extension granted by the lessors of
the Specified Stores), the Debtors have determined that it is
necessary to close, and liquidate the merchandise (the
"Merchandise") and furniture, fixtures and equipment (the "FF&E"
and, together with the Merchandise, the "Store Closing Assets")
located at, the Specified Stores (such store closing sales, the
"Store Closing Sales") prior to April 30, 2016.

To that end, the Debtors, based on their experience with the prior
Non-Core Store Closing Sales, determined that the engagement of a
professional liquidator will maximize the value of the Store
Closing Assets through the Store Closing Sales.  After extensive
arm's-length negotiations, with the assistance of A&M, the Debtors
have selected Hilco Merchant Resources, LLC, the agent that was
engaged by the Debtors in connection with the liquidation of the
Non-Core Stores, to conduct the Store Closing Sales on a similar
fee-basis.  As such, the Debtors are seeking authority to enter
into the Liquidation Agreement, which the Debtors determined in
their business judgment proposes the most favorable terms.

The Debtors believe that engaging Hilco, as agent, pursuant to the
Liquidation Agreement will achieve the maximum value for the Store
Closing Assets and minimize the administrative expenses to be borne
by the Debtors' estates.  The material terms of the Liquidation
Agreement are:

   * The Supplemental Sale will commence on or about March 23, 2016
(the "Supplemental Sale Commencement Date") and terminate no later
than March 30, 2016 (the "Supplemental Sale Termination Date");
provided, however, that the Parties may mutually agree in writing
to extend or terminate the Supplemental Sale prior to the original
Supplemental Sale Termination Date; provided, further, that if
Merchant successfully negotiates an extension of the deadline under
section 365(d)(4) of the Bankruptcy Code with respect to the lease
for a Store, for each such Store, the Supplemental Sale Termination
Date will be extended to the earlier of (x) the date of such
extension and (y) April 22, 2016.

   * Gross Cost Recovery is no less than 88% (the "Base Fee
Threshold"), Hilco will earn a fee equal to 0.5% ("Agent's
Supplemental Fee") of the aggregate Gross Proceeds of Merchandise
sold at the Stores.  If the Gross Cost Recovery is less than the
Base Fee Threshold, Hilco will not earn any fee for services.  If
the Gross Cost Recovery is equal to or greater than (i) 91.5%,
Agent's Supplemental Fee shall be increased by 0.25% for a total
Agent's Supplemental Fee of three quarters of 0.75% of the
aggregate Gross Proceeds of Merchandise sold at the Stores and (ii)
100.0%, the Agent's Supplemental Fee will be increased by fifteen
basis points (expressed as a percentage, 0.15%) for a total Agent's
Supplemental Fee of nine tenths of 0.9% of the aggregate Gross
Proceeds of Merchandise sold at the Stores (the thresholds set
forth in (i) and (ii), each an "Incentive Fee Threshold" and
together the "Incentive Fee Thresholds").

   * No later than five calendar days after the Sale Commencement
Date, Merchant may exclude certain FF&E from the Supplemental Sale
such as but not limited to bailers, compactors, and refrigeration
(the "Excluded FF&E"), and dispose of such Excluded FF&E through
means other than through the Supplemental Sale conducted by Agent.

Counsel to the Debtors:

        YOUNG CONAWAY STARGATT & TAYLOR, LLP
        Matthew B. Lunn
        Robert F. Poppiti, Jr.
        Rodney Square
        1000 North King Street
        Wilmington, Delaware 19801
        Telephone: (302) 571-6600
        Facsimile: (302) 571-1256

             - and -

        STROOCK & STROOCK & LAVAN LLP
        Frank A. Merola
        Sayan Bhattacharyya
        Elizabeth Taveras
        180 Maiden Lane
        New York, New York 10038
        Telephone: (212) 806-5400
        Facsimile: (212) 806-6006

                       About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30-store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.  The Committee retained Pachulski Stang Ziehl
& Jones LLP as counsel.


HAGGEN HOLDINGS: Obtains Advance Approval of Misc. Asset Sales
--------------------------------------------------------------
Haggen Holdings, LLC, et al., sought and obtained approval from the
U.S. Bankruptcy Court for the District of Delaware of procedures
for the sale of certain miscellaneous assets and pharmacy assets
outside the ordinary course of business, free and clear of all
liens, claims, interests and encumbrances.

As part of the Debtors' overall restructuring strategy, the Debtors
have decided, in their business judgment, to market for sale all or
substantially all of their stores, including the assets related
thereto.  The Debtors say they may determine that the liquidation
of certain of their stores through store closing sales is necessary
and in the best interests of their estates and stakeholders.  As
such, the Debtors may cease business operations in these stores,
and would be required to expeditiously sell certain assets in
conjunction with the closure of such stores.

In the ordinary course of their business operations, the Debtors
have accumulated and are currently in possession of certain assets
located at certain of their stores, including, but not limited to,
equipment, furniture, supplies, fixtures, liquor licenses and other
miscellaneous personal property (collectively, the "Miscellaneous
Assets") that will not be necessary for the operation of the
Debtors' businesses.

Additionally, through the ordinary course of their business
operations, the Debtors have certain pharmaceutical assets,
including: (A) prescription records, customer records, lists and
medical profiles (the "Records") located at specified pharmacies of
the Debtors, (B) the goodwill of such pharmacies (the "Goodwill")
and/or (C) prescription drug inventory (the "Eligible Inventory",
and together with the Goodwill and Records, the "Pharmacy Assets").
In the event that the Debtors determine that additional stores
should be closed, these Pharmacy Assets will not be necessary for
the operation of the Debtors' businesses.

Ashley E. Jacobs, Esq., at Young Conaway Stargatt & Taylor, LLP,
avers that because the sales of the Miscellaneous Assets are
expected to be of a relatively de minimis value, the usual process
of obtaining Court approval of each individual sale would impose
unnecessary administrative burdens on the Court, would be
prohibitively expensive to the Debtors' estates, and in some
instances may hinder the Debtors' ability to take advantage of sale
opportunities that are available only for a limited time

In connection with the sale of the Miscellaneous Assets, the
Debtors seek authorization to sell such Miscellaneous Assets
pursuant to these procedures:

   (a) If the sale consideration from a purchaser of the
Miscellaneous Assets does not exceed $200,000, on a per-transaction
basis, and if the sale is not to an insider, the
Debtors may sell the assets upon providing written notice, via
electronic mail or otherwise, to (i) the Office of the United
States Trustee for the District of Delaware, (ii) counsel to each
of the Debtors' prepetition and postpetition lenders, (iii) counsel
to the Creditors' Committee, (iv) all known parties holding or
asserting liens, claims, encumbrances or other interests in the
assets being sold and their respective counsel, if known, and (v)
those parties requesting notice pursuant to Bankruptcy Rule 2002
(collectively, the "Notice Parties"), which will have three
business days (unless extended by agreement from the Debtors) from
the receipt of such notice to inform the Debtors in writing that
they object to the proposed sale described in this subparagraph.
If no written objection is received from the Notice Parties, the
Debtors may consummate the Proposed Miscellaneous Asset Sale,
without further notice to any other party and without the need for
a hearing, upon entry of an order of the Court submitted under
certification of counsel in accordance with these procedures, and
upon entry of such order, such Proposed Miscellaneous Asset Sale
will be deemed fully authorized by the Court.  If a timely written
objection is received from the Notice Parties, the Debtors will
comply with the procedures set forth in subparagraph (e).

   (b) If the sale consideration from a purchaser for the
Miscellaneous Assets, on a per-transaction basis, exceeds $200,000
but is less than $2,000,000, or if the sale is to an insider in an
amount less than $2,000,000, the Debtors will file with the Court a
notice of such Proposed Miscellaneous Asset Sale and serve such
Miscellaneous Asset Sale Notice by overnight delivery, facsimile or
hand delivery on the Notice Parties.

   (c) The Miscellaneous Asset Sale Notice, to the extent that the
Debtors have such information, will include: (i) a description of
the Miscellaneous Assets that are the subject of the Proposed
Miscellaneous Asset Sale; (ii) the location of the Miscellaneous
Assets; (iii) the economic terms of sale; (iv) appraisal
information for the Miscellaneous Assets being sold or transferred,
to the extent applicable; (v) the identity of any non-Debtor party
to the Proposed Miscellaneous Asset Sale and specify whether that
party is an "affiliate" or "insider" as those terms are defined
under Section 101 of the Bankruptcy Code; and (vi) the identity of
the party, if any, holding liens, claims, encumbrances or other
interests in the Miscellaneous Assets.

   (d) The Notice Parties will have 5 business days (unless
extended by agreement from the Debtors) after the Miscellaneous
Asset Sale Notice is filed and served to advise the Debtors and
counsel to the Debtors in writing with specific and particular
bases that they object to the Proposed Miscellaneous Asset Sale. If
no written objection is received, the Debtors may consummate the
Proposed Miscellaneous Asset Sale, without further notice to any
other party and without the need for a hearing, upon entry of an
order of the Court submitted under certification of counsel in
accordance with these procedures, and upon entry of such order,
such Proposed Miscellaneous Asset Sale will be deemed fully
authorized by the Court.

   (e) If a written objection to a Proposed Miscellaneous Asset
Sale is timely received by the Objection Deadline, the Debtors will
not proceed with the Proposed Miscellaneous Asset Sale unless (i)
the objection is withdrawn or otherwise resolved; or (ii) the Court
approves the Proposed Miscellaneous Asset Sale at the next
regularly scheduled omnibus hearing that is at least 3 business
days after receipt by the Debtors of a Notice Party's objection, or
at the next omnibus hearing in these chapter 11 cases that is
agreed to by the objecting party and the Debtors.

In connection with the sale of the Pharmacy Assets, the Debtors
seek authorization to sell such Pharmacy Assets pursuant to these:

   (a) If the sale consideration from a purchaser of the Pharmacy
Assets does not exceed $1,000,000, on a per-transaction basis, and
if the sale is not to an insider, the Debtors may sell the assets
upon providing written notice, via electronic mail or otherwise, to
the Notice Parties and the Court-appointed consumer privacy
ombudsman (the "CPO"), which parties will have 5 business days from
the receipt of such notice to inform the Debtors in writing that
they object to the proposed sale described in this subparagraph.
Such notice will include a description of the Pharmacy Assets that
are the subject and the economic terms of such proposed sale and
the identity of the purchaser of such Pharmacy Assets.  If no
written objection is received from the Notice Parties and the CPO
has issued a privacy report, to the extent applicable, the Debtors
may consummate the Proposed Pharmacy Asset Sale without further
notice to any other party and without the need for a hearing, upon
entry of an order of this Court submitted under certification of
counsel in accordance with these procedures, and upon entry of such
order, such Proposed Pharmacy Asset Sale will be deemed fully
authorized by the Court.

   (b) If the sale consideration from a purchaser for the Pharmacy
Assets, on a per-transaction basis, is greater than $1,000,000, or
if the sale is to an insider, the Debtors will file with the Court
a notice of such Proposed Pharmacy Asset Sale (a "Pharmacy Asset
Sale Notice") and serve such Pharmacy Asset Sale Notice by
overnight delivery, facsimile or hand delivery on the Notice
Parties and the CPO.

   (c) The Pharmacy Asset Sale Notice, to the extent that the
Debtors have such information, will include: (i) a description of
the Pharmacy Assets that are the subject of the Proposed Pharmacy
Asset Sale; (ii) the location of the Pharmacy Assets; (iii) the
economic terms of sale; (iv) appraisal information for the Pharmacy
Assets being sold or transferred, to the extent applicable; (v) the
identity of any non-Debtor party to the Proposed Pharmacy Asset
Sale and specify whether that party is an "affiliate" or "insider"
as those terms are defined under section 101 of the Bankruptcy
Code; and (vi) the identity of the party, if any, holding liens,
claims, encumbrances or other interests in the Pharmacy Assets.

   (d) The Notice Parties will have 5 business days after the
Pharmacy Asset Sale Notice is filed and served to advise the
Debtors and counsel to the Debtors in writing with specific and
particular bases that they object to the Proposed Pharmacy Asset
Sale described in such Pharmacy Asset Sale Notice.  If no written
objection is received by the Objection Deadline and the CPO has
issued a privacy report, to the extent applicable, the Debtors may
consummate the Proposed Pharmacy Asset Sale, without further notice
to any other party and without the need for a hearing, upon entry
of an order of the Court submitted under certification of counsel
in accordance with these procedures, and upon entry of such order
such Proposed Pharmacy Asset Sale will be deemed fully authorized
by the Court.

   (e) If a written objection to a Proposed Pharmacy Asset Sale is
timely received by the Objection Deadline, the Debtors will not
proceed with the Proposed Pharmacy Asset Sale unless (i) the
objection is withdrawn or otherwise resolved; or (ii) the Court
approves the Proposed Pharmacy Asset Sale at the next regularly
scheduled omnibus hearing that is at least three business days
after receipt by the Debtors of a Notice Party's or CPO's
objection, or at the next omnibus hearing in the Chapter 11 cases
that is agreed to by the objecting party and the Debtors.

                       About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30-store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.  The Committee retained Pachulski Stang Ziehl
& Jones LLP as counsel.


HAGGEN HOLDINGS: Proposes Closing Sales at 3 Excluded Stores
------------------------------------------------------------
Haggen Holdings, LLC, and its affiliated debtors seek approval from
the Court to commence store closing sales at 3 of the core stores
that were not included in the proposed sale of the cote-stores to
Albertson's LLC:

   Store No.                   Address
   ---------                   -------
     47                    201 37th Avenue SE, Puyallup, WA
     79                    19701 Highway 213, Oregon City, OR
    2096                   114 E Lauridsen Blvd, Port Angeles, WA

In order to comply with the April 30, 2016 Assumption/Rejection
deadline (including the limited extension granted by the lessors of
the Excluded Stores), the Debtors have determined that it is
necessary to close, and liquidate the merchandise (the
"Merchandise") and furniture, fixtures and equipment (the "FF&E"
and, together with the Merchandise, the "Store Closing Assets")
located at, the Excluded Stores (such store closing sales, the
"Store Closing Sales") prior to April 30, 2016.

The Debtors propose to enter into a Fifth Letter Agreement
Governing Inventory Disposition by and among Haggen, Inc., Haggen
Opco North, LLC and Hilco Merchant Resources, LLC (the "Agent").

The store closing sales will commence on or about March 29, 2016
and terminate no later than April 22, 2016.  Provided the Gross
Cost Recovery is no less than 88% (the "Base Fee Threshold"), Hilco
will earn a fee equal to 0.5% ("Agent's Supplemental Fee") of the
aggregate Gross Proceeds of Merchandise sold at the Stores. If the
Gross Cost Recovery is less than the Base Fee Threshold, Agent
shall not earn any fee for services.  If the Gross Cost Recovery is
equal to or greater than (i) 91.5%, Hilco's Supplemental Fee will
be increased by 0.25% for a total Agent's Supplemental Fee of 0.75%
of the aggregate Gross Proceeds of Merchandise sold at the Stores
and (ii) 100.0%, Agent's Supplemental Fee shall be increased by
fifteen basis points (expressed as a percentage, 0.15%) for a total
Agent's Supplemental Fee of nine tenths of 0.9% of the aggregate
Gross Proceeds of Merchandise sold at the Stores (the thresholds
set forth in (i) and (ii), each an "Incentive Fee Threshold" and
together the "Incentive Fee Thresholds").

                       About Haggen Holdings

Headquartered in Bellingham, Washington, Haggen was founded in 1933
as a single grocery store.  From 1933 to 2014, Haggen grew into a
30-store family-run grocery chain, with stores located in the
northwestern United States.  From 2011 to 2014, Haggen reduced its
store base to 18, including a stand-alone pharmacy location.

Haggen rapidly expanded in 2014 and 2015, and, as of the Petition
Date, Haggen owned and operated 164 stores through three operating
companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco
South, LLC.

Haggen Holdings, LLC, and its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to
15-11879) on Sept. 8, 2015, with the intention of reorganizing, or
selling as a going concern, their stores for the benefit of their
creditors.

The petitions were signed by Blake Barnett, the chief financial
officer.

The Debtors estimated assets of $50 million to $100 million and
estimated liabilities of $10 million to $50 million.

Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors'
local counsel.  Stroock & Stroock & Lavan LLP serves as the
Debtors' general counsel.  Alvarez & Marsal North America, LLC,
acts as the Debtors' financial advisor.  Kurtzman Carson
Consultants LLC serves as the Debtors' claims and noticing agent.

In September 2015, T. Patrick Tinker, assistant U.S. trustee for
Region 3, appointed seven creditors to the official committee of
unsecured creditors.  The Committee retained Pachulski Stang Ziehl
& Jones LLP as counsel.


HALYARD HEALTH: Moody's Says CORPAK Acquisition is Credit Pos.
--------------------------------------------------------------
Moody's Investors Service said that Halyard Health's (Halyard, Ba3
stable) acquisition of CORPAK MedSystems (Corpak), a manufacturer
of enteral feeding tubes and related accessories, for $174 million
in cash is credit positive.

Halyard Health, Inc., headquartered in Alpharetta, GA operates in
two business segments: surgical and infection prevention, which
produces sterilization wrap, surgical drapes and gowns, facial
protection, protective apparel and medical exam gloves; and medical
devices which provides post-operative pain management solutions,
minimally invasive interventional (or chronic) pain therapies,
closed airway suction systems and enteral feeding tubes. For the
twelve months ended December 31, 2015, the company reported
revenues of $1.57 billion.


HARRON COMMUNICATIONS: Moody's Withdraws B2 CFR Over Refinancing
----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings, LGD
assessments, and outlook of Harron Communications, LP following the
company's refinancing of its formerly rated 9.125% senior unsecured
notes and senior secured term loan.

RATINGS RATIONALE

Harron's ratings were withdrawn because the company's unsecured
notes and bank obligations are no longer outstanding.

The following ratings and assessments were withdrawn:

Issuer: Harron Communications, LP

-- Corporate Family Rating , Withdrawn, previously rated B2

-- Probability of Default Rating, Withdrawn, previously rated B2-
    PD

-- Outlook, Changed To Rating Withdrawn From Stable

Issuer: MetroCast Cablevision of New Hampshire, LLC

-- Senior Secured Bank Credit Facility, Withdrawn, previously
    rated Ba2, LGD2

-- Outlook, Changed To Rating Withdrawn From Stable

Headquartered in Frazer, PA, Harron Communications, L.P. (Harron),
doing business as MetroCast Communications, delivers advanced
video, internet, and phone services to business and residential
customers in mostly small towns and rural communities located in
the northeast. The company operates in five states including New
Hampshire, Maine, Pennsylvania, Maryland, and Virginia. As of
September 30, 2015 the company's cable plant passed about 234
thousand homes, serving 141 thousands customers including 112
thousand internet subscribers, 100 thousand video subscribers, 39
thousand telephone subscribers. The Harron family and management
own the company. Revenue for the trailing twelve months ended
September 30, 2015, was approximately $202 million (pro forma for
divestitures).


HCSB FINANCIAL: Announces Independent Outside Loan Review
---------------------------------------------------------
As disclosed in a Form 8-K report filed with the Securities and
Exchane Commission, in June 2015, HCSB Financial Corporation's
financial advisor, Hovde Group, LLC, retained an independent
outside loan review firm to conduct an evaluation of the Bank's
loan portfolio and to provide certain projections regarding
potential future cumulative losses to the loan portfolio and the
Bank's OREO based on financial data as of May 31, 2015.  This
review was based on a  30-month forecast horizon with a pessimistic
outlook and analyzed a sample of the unpaid or committed balances
of commercial loans, as well as all non-commercial loans and OREO.
This calculation was not prepared in accordance with GAAP.  The
review also included a full review of the Bank's specific policies
and practices regarding credit policy and administration, product
mix, asset concentrations, file accuracy and completeness, loan
review, risk management and assessment, appraisals, Special Asset
Group (SAG) effectiveness, and asset disposition.  Based on its
analysis using a pessimistic outlook, this outside loan review firm
projected a net incremental loss to the loan portfolio and OREO of
$15.9 million through
Nov. 30, 2017.  In January 2016, the loan review firm performed a
"Bring Forward Analysis and Comparison" from its prior review,
including a comparison between its original forecast and its
current forecast.  Adjusting for timing, current reserves,
charge-offs taken since the prior review, and OREO changes, the
loan review firm concluded that its current forecast was consistent
with its original forecast and the resulting re-look forecast has
not resulted in a material change to its opinion of the overall
loss outlook for the Bank.

"Management closely monitors the loan portfolio, the value of the
collateral in the loan portfolio, and OREO.  After considering the
hypothetical cumulative loss scenario set forth in the review and
other information, including information regarding the Bank's
borrowers, guarantors, and loan collateral, management believes
that the Bank's loans are appropriately risk rated and that the
allowance for loan losses is appropriately determined in accordance
with GAAP.  However, if management's assumptions and judgments
about the collectability of the loan portfolio are incorrect, the
Bank may experience additional losses beyond its current reserves.
Such losses could materially affect the Company's financial
condition and ability to execute our business and financial plans.
Management intends to evaluate various alternatives for liquidating
or otherwise resolving the Bank's classified loans, which could
include a potential sale of a substantial amount of its classified
and most risky assets."

A full-text copy of the Form 8-K report is available at:

                     http://is.gd/ykm57f
  
                     About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common shareholders
of $1.75 million on $13.7 million of total interest income for the
year ended Dec. 31, 2015, compared to a net loss available to
common shareholders of $1.40 million on $16.09 million of total
interest income for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, HCSB Financial had $362 million in total
assets, $374 million in total liabilities and a total shareholders'
deficit of $12.3 million.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, 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 that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels.  As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels.  These considerations raise substantial doubt about
the Company's ability to continue as a going concern.  The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of December 31, 2015.
Under the terms of the debentures, the Company may defer payments
for up to 20 consecutive quarters without creating a default.
Payment for the 20th quarterly interest deferral period was due in
March 2016.  The Company failed to pay the deferred and compounded
interest at the end of the deferral period, and the trustees of the
corresponding trusts, have the right, after any applicable grace
period, to exercise various remedies, including demanding immediate
payment in full of the entire outstanding principal amount of the
debentures.  The balance of the debentures and accrued interest as
of December 31, 2015 were $6,186,000 and $901,000, respectively.
These events also raise substantial doubt about the Company's
ability to continue as a going concern as of December 31, 2015.


HCSB FINANCIAL: Closes Preferred Stock Repurchases with Treasury
----------------------------------------------------------------
HCSB Financial Corporation disclosed in a regulatory filing with
the Securities and Exchange Commission that on April 11, 2016, it
closed its previously announced Series T preferred stock repurchase
with the United States Department of the Treasury, pursuant to
which the Company repurchased all 12,895 shares of its outstanding
fixed rate cumulative perpetual preferred stock, Series T, from the
U.S. Treasury for $128,950.  In addition, on April 11, 2016, the
Company closed its previously announced trust preferred securities
repurchase with Alesco Preferred Funding VI LTD, pursuant to which
the Company repurchased all of its floating rate trust preferred
securities issued through its subsidiary, HCSB Financial Trust I,
for an aggregate cash payment of $600,000.

                         About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common shareholders
of $1.75 million on $13.7 million of total interest income for the
year ended Dec. 31, 2015, compared to a net loss available to
common shareholders of $1.40 million on $16.09 million of total
interest income for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, HCSB Financial had $362 million in total
assets, $374 million in total liabilities and a total shareholders'
deficit of $12.3 million.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, 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 that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels.  As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels.  These considerations raise substantial doubt about
the Company's ability to continue as a going concern.  The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of December 31, 2015.
Under the terms of the debentures, the Company may defer payments
for up to 20 consecutive quarters without creating a default.
Payment for the 20th quarterly interest deferral period was due in
March 2016.  The Company failed to pay the deferred and compounded
interest at the end of the deferral period, and the trustees of the
corresponding trusts, have the right, after any applicable grace
period, to exercise various remedies, including demanding immediate
payment in full of the entire outstanding principal amount of the
debentures.  The balance of the debentures and accrued interest as
of December 31, 2015 were $6,186,000 and $901,000, respectively.
These events also raise substantial doubt about the Company's
ability to continue as a going concern as of December 31, 2015.


HCSB FINANCIAL: Completes $45 Million Capital Raise
---------------------------------------------------
HCSB Financial Corporation announced that it closed its private
placement of 359,468,443 shares of its common stock at $0.10 per
share and 905,315.57 shares of its Series A preferred stock at
$10.00 per share to Castle Creek Capital Partners VI, L.P. and
certain other institutional and accredited investors for gross
proceeds of approximately $45 million.

The Company utilized approximately $3 million of the gross proceeds
from the private placement to repurchase all of its outstanding
Series T preferred stock, trust preferred securities and
subordinated debt notes, and approximately $38 million to
recapitalize the Company's wholly-owned bank subsidiary, Horry
County State Bank, to support its operations and increase its
capital ratios to levels in excess of required regulatory levels.

Jan H. Hollar was appointed as the chief executive officer and a
director of the Company and the Bank effective as of the closing of
the private placement.  Ms. Hollar commented, "I am personally
honored to be leading this Company at this pivotal point in time. I
have had the privilege of working with HCSB in a consultant role
over the past year and a half.  During that time, I have come to
deeply respect this Company and what it stands for.  I intend to
build upon the deep history and solid relationships we have
throughout the markets we serve."

Michael S. Addy, Chairman of the Board of the Company, added: "The
private placement and subsequent resolution of the Company's
outstanding preferred stock, trust preferred securities and
subordinated debt represent a tremendous accomplishment following
many long hours of work by our employees, management, the Board and
our outside partners.  I believe today is a turning point for our
Company as we bring in a seasoned and experienced management team
to lead the Bank forward with purpose and vision.  Although HCSB,
like many financial institutions, has suffered several setbacks as
a result of the recent economic turmoil, I believe we have now
overcome these obstacles and can move ahead with a well-capitalized
balance sheet and a return to responsible lending.  I deeply
appreciate the support of our employees, my fellow Board members
and, most importantly, our customers and community supporters."

Hovde Group, LLC served as the exclusive placement agent for the
private placement and as financial advisor to the Company and the
Bank.  Nelson Mullins Riley & Scarborough LLP served as the
Company's legal advisor.  Sidley Austin LLP served as legal advisor
to Castle Creek.

                       About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common shareholders
of $1.75 million on $13.7 million of total interest income for the
year ended Dec. 31, 2015, compared to a net loss available to
common shareholders of $1.40 million on $16.09 million of total
interest income for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, HCSB Financial had $362 million in total
assets, $374 million in total liabilities and a total shareholders'
deficit of $12.3 million.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, 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 that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels.  As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels.  These considerations raise substantial doubt about
the Company's ability to continue as a going concern.  The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of December 31, 2015.
Under the terms of the debentures, the Company may defer payments
for up to 20 consecutive quarters without creating a default.
Payment for the 20th quarterly interest deferral period was due in
March 2016.  The Company failed to pay the deferred and compounded
interest at the end of the deferral period, and the trustees of the
corresponding trusts, have the right, after any applicable grace
period, to exercise various remedies, including demanding immediate
payment in full of the entire outstanding principal amount of the
debentures.  The balance of the debentures and accrued interest as
of December 31, 2015 were $6,186,000 and $901,000, respectively.
These events also raise substantial doubt about the Company's
ability to continue as a going concern as of December 31, 2015.


HCSB FINANCIAL: Final Settlement of Subordinated Debt Class Action
------------------------------------------------------------------
The statutory appeals period ended on April 1, 2016, for the final
approval order confirming the previously announced class action
settlement agreement between HCSB Financial Corporation, the Bank,
James R. Clarkson, Glenn Raymond Bullard, Ron Lee Paige, Sr., and
Edward Lewis Loehr, Jr., the president and chief executive officer,
former senior executive vice president, executive vice president,
and chief financial officer of the Company and the Bank,
respectively, and Jan W. Snyder, Acey H. Livingston, and Mark
Josephs, on behalf of themselves and as representatives of a class
of similarly situated purchasers of the Company's subordinated debt
notes (Case No. 2014-CP-26-00204).

No appeals were filed, and therefore, the class action settlement
was final as of that date.  On April 11, 2016, pursuant to the
terms of the class action settlement agreement, the Company
deposited approximately $2.4 million into a trust account with
counsel for the class members.  The approximately $2.4 million
represents 20% of the principal of subordinated debt notes issued
by the Company, and class members will receive 20% of their notes
in exchange for a full and complete release of all claims that were
asserted or could have been asserted in the class action lawsuit.

Also on April 11, 2016, the Company settled, pursuant to previously
executed binding settlement agreements, with all subordinated debt
noteholders who opted out of the class action settlement.  These
settlements constituted the full satisfaction of the principal and
interest owed on, and require the immediate dismissal of all
pending litigation related to, the respective subordinated debt
notes.  In each case, the Company and the Bank also obtained a full
and complete release of all claims asserted or that could have been
asserted with respect to the subordinated debt notes.

                      About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common shareholders
of $1.75 million on $13.7 million of total interest income for the
year ended Dec. 31, 2015, compared to a net loss available to
common shareholders of $1.40 million on $16.09 million of total
interest income for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, HCSB Financial had $362 million in total
assets, $374 million in total liabilities and a total shareholders'
deficit of $12.3 million.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, 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 that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels.  As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels.  These considerations raise substantial doubt about
the Company's ability to continue as a going concern.  The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of December 31, 2015.
Under the terms of the debentures, the Company may defer payments
for up to 20 consecutive quarters without creating a default.
Payment for the 20th quarterly interest deferral period was due in
March 2016.  The Company failed to pay the deferred and compounded
interest at the end of the deferral period, and the trustees of the
corresponding trusts, have the right, after any applicable grace
period, to exercise various remedies, including demanding immediate
payment in full of the entire outstanding principal amount of the
debentures.  The balance of the debentures and accrued interest as
of December 31, 2015 were $6,186,000 and $901,000, respectively.
These events also raise substantial doubt about the Company's
ability to continue as a going concern as of December 31, 2015.


HILLWINDS FAMILY: Asks Court to Extend Exclusivity to June 30
-------------------------------------------------------------
Hillwinds Family Limited Partnership asks the U.S. Bankruptcy Court
for the District of Massachusetts to extend its exclusive rights to
file and confirm a plan of reorganization, pursuant to 11 U.S.C.
Sections 1121(b) and (c), to June 30, 2016 and August 29, 2016,
respectively.

Absent an extension, the Debtor's exclusive right to file a plan of
reorganization expires on April 13, 2016, or 120 days after its
Petition Date, and the Debtor's exclusive right to seek and obtain
sufficient votes to confirm a plan expires on June 13, 2016, or 180
days after its Petition Date.

Hillwinds explains that since the Petition Date, the Debtor has
made efforts to market its real estate to new tenants. It has
secured one new tenant, Iron Horse, albeit at a monthly rent less
than the Debtor initially anticipated; Iron Horse is signing that
new lease this week, after protracted negotiations.  

The Debtor says it requires additional time to negotiate and
develop a plan with Avidia Bank, its primary secured lender and the
holder of three mortgages on the Real Estate, regarding the effect
of the new Iron Horse lease and to determine the effect of Avidia's
collection of accounts receivable of another related entity that is
now defunct (on Avidia's third mortgage, securing the Debtor's
guaranty of the obligations of that entity).

The Debtor also continues to explore all options that will allow it
to confirm a plan and emerge from Chapter 11, including, but not
limited to, securing additional  tenants and/or a sale of all or
part of the Real Estate to a third party or parties.  

An extension of the exclusivity periods, the Debtor says, will
enable it to complete its efforts and negotiations, and to make the
necessary decisions required to file and confirm a plan of
reorganization in this case.

Hillwinds Family Limited Partnership's business is the rental of a
large tract of commercial real estate located at 489 Neck Road,
Lancaster, Massachusetts.  The Debtor is a "single asset real
estate" entity as defined in 11 U.S.C. Sec. 101(51B).  

Hillwinds Family Limited Partnership filed for Chapter 11
bankruptcy (Bankr. D. Mass. Case No. 15-42424) on December 14,
2015, listing under $1 million in both assets and liabilities.  A
copy of the petition is available at no extra charge at
http://bankrupt.com/misc/mab15-42424.pdf

The Debtor is represented by:

     Kevin C. McGee, Esq.
     MATUZEK & MCGEE
     4 Austin Street
     Worcester, MA  01609
     Tel: (508) 208-9208
     Fax: (508) 754-6601
     E-mail: kcmmcgee@outlook.com


HYDROCARB ENERGY: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

       Debtor                                   Case No.
       ------                                   --------
       Hydrocarb Energy Corporation             16-31922
       800 Gessner Road, Suite 375
       Houston, TX 77024-4257

       Galveston Bay Energy, LLC                16-31923
       800 Gessner Road, Suite 375
       Houston, TX 77024-4257

Type of Business: Energy exploration and production company

Chapter 11 Petition Date: April 13, 2016

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

Judge: Hon. David R Jones [16-31922]
       Hon. Marvin Isgur [16-31923]

Debtors' Counsel: Christopher Adams, Esq.
                  OKIN & ADAMS LLP
                  1113 Vine Street, Suite 201
                  Houston, TX 77002
                  Tel: 713-228-4100
                  Fax: 888-865-2118
                  Email: cadams@oakllp.com

                                        Total        Total
                                        Assets    Liabilities
                                     -----------  -----------
Hydrocarb Energy Corporation           $25.39M     $14.31MM
Galveston Bay Energy, LLC            $10MM-$50MM  $10MM-$50MM

The petitions were signed by Kent Watts, chief executive officer.

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


IMAGE MAKERS: 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 Image Makers Automotive Land Holdings, LLC.

Image Makers Automotive Land Holdings, LLC, sought protection under
Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Nevada (Las Vegas) (Case No. 16-10761) on February
22, 2016.  

The petition was signed by Carlos Aleman, president. The case is
assigned to Judge Laurel E. Davis.

The Debtor is represented by Zachariah Larson, Esq., at Larson &
Zirzow, LLC.

The Debtor disclosed total assets of $1.34 million and total debts
of $1.06 million.


INTERNATIONAL GAME: Egan-Jones Cuts LC Sr. Unsec. Rating to BB
--------------------------------------------------------------
Egan-Jones Ratings Company lowered the local currency senior
unsecured rating on debt issued by International Game Technology to
BB from BB+ on March 29, 2016.  EJR also lowered the foreign
currency senior unsecured rating on the Company to BB from BBB.

International Game Technology PLC is an American gaming and lottery
systems company specializing in the design, development,
manufacturing, sales and distribution of gaming machines, lottery
systems, and network system products internationally, as well as
online and mobile gaming solutions for regulated markets.



JAGUAR HOLDING II: Term Loan Upsize No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service said there is no impact on the B2
Corporate Family Rating and B2-PD Probability of Default Rating of
Jaguar Holding Company II (parent of Pharmaceutical Product
Development, LLC, together "PPD") following the announcement that
the company will upsize its term loan by $200 million. The proceeds
of the incremental term loan will be used to fund an acquisition,
which will modestly increase PPD's already high debt/EBITDA.
However, Moody's expects the company's operating performance to
continue to be strong and liquidity will remain good. The stable
rating outlook is also unchanged.

PPD's B2 CFR rating reflects the company's very high financial
leverage and aggressive financial policies, including a significant
amount of shareholder dividends paid since the company's leveraged
buyout. The rating also reflects risks inherent in the CRO
industry, which is highly competitive, has high reliance on the
pharmaceutical industry, and is subject to cancellation risk. The
B2 rating is supported by PPD's significant scale, leading breadth
of services and strong reputation, which Moody's believes gives the
company competitive advantages over many peers in the highly
fragmented CRO industry. The rating is also supported by Moody's
view that PPD has good revenue and earnings growth prospects due to
increased outsourcing of R&D by the pharmaceutical industry and a
healthy biotechnology funding environment. Finally, the B2 rating
is also supported by Moody's expectation for positive free cash
flow and good liquidity.

While not anticipated, Moody's could upgrade the ratings if PPD
repays debt with free cash flow and grows EBITDA such that adjusted
debt to EBITDA is expected to be sustained below 5.5 times and free
cash flow to debt is expected to be sustained above 8%. Moody's
could downgrade the ratings if leverage is expected to remain above
6.5 times for a protracted period of time. Further, if free cash
flow to debt is expected to be negative for a sustained period, or
liquidity is expected to materially worsen, Moody's could downgrade
the ratings.

PPD is a leading global contract research organization. The company
provides preclinical drug discovery, Phase I through Phase IV
clinical development, post-approval services as well as laboratory
services to pharmaceutical, biotechnology and academic customers,
among others. PPD is owned by The Carlyle Group and Hellman &
Friedman. Net revenues for the twelve months ended December 31,
2015 approximated $2.1 billion.



JAMES M. SCOTT: Asks Court to Extend Plan Exclusivity to June 15
----------------------------------------------------------------
James M. Scott asks the U.S. Bankruptcy Court for the District of
Connecticut to extend, pursuant to 11 U.S.C. Sec. 1121(d):

     (a) his exclusive period of time within which to file a Plan
and Disclosure Statement until June 15, 2016; and

     (b) the exclusive period of time to procure confirmation of
the Plan until the expiration of an additional 60 days thereafter;
the approximate date being
August 20, 2016.

Mr. Scott owns real estate and other businesses including Scott
Swimming Pools, Inc., which sells and services swimming pools and
provides related landscaping and construction services.

Mr. Scott filed his Chapter 11 case (Bankr. D. Conn. Case No.
15-50083) on January 20, 2015.

The bankruptcy case was filed as a result of the entry of a large
adverse judgment rendered against the Debtor and Scott Swimming
Pools, Inc. in state court.  That creditor, Walter Whitney, asserts
that he is owed approx. $3,000,000.00 with the accumulation of
pre-and post-judgment interest.  That judgment was on appeal to the
Connecticut Appellate Court.  The Appellate Court recently rendered
its decision reducing the outstanding amount of the judgment
significantly by disallowing prejudgment interest.

At this juncture in this case, the Debtor is reviewing its
appellate options and has recently discussed settlement with
Whitney.  Because of the large size of this judgment, it has a
significant effect on the outcome of this Chapter 11 case.
Therefore, it is premature to attempt to file a plan at this
juncture.

Mr. Scott is represented in the case by:

     Matthew K. Beatman, Esq.
     Zeisler & Zeisler, P.C.
     10 Middle Street 15th Floor
     Bridgeport, CT 06604
     Telephone: (203) 368-4234
     Facsimile: (203) 367-9678
     E-mail: mbeatman@zeislaw.com

As reported by the Troubled Company Reporter, Scott Swimming Pools,
Inc., based in Woodbury, Conn., filed a Chapter 11 petition (Bankr.
D. Conn. Case No. 15-50094) on Jan. 22, 2015.  Hon. Alan H.W. Shiff
presides over the case.   Scott Swimming Pools is represented by
James M. Nugent, Esq., at HARLOW, ADAMS, AND FRIEDMAN, P.C.  The
petition listed $0 in assets and $3.79 million in total
liabilities, and was signed by James M. Scott, president.  A list
of Scott Swimming Pools's 20 largest unsecured creditors is
available

   for free at http://bankrupt.com/misc/ctb15-50094.pdf


JAMES V. FITZGERALD: Wants Plan Exclusivity Extended Thru Aug. 3
----------------------------------------------------------------
James V. Fitzgerald and Colleen A. Fitzgerald ask the U.S.
Bankruptcy for the Southern District of Florida to enter an order
extending the Debtors' exclusive period to file a plan of
reorganization through and including August 3, 2016, and extending
the exclusive period to solicit acceptances of its plan for 60 days
thereafter, October 3, 2016.

Pursuant to 11 U.S.C. Sec. 1121(b), the Debtors have the exclusive
right to file a plan of reorganization for a period of 120 days
following the date of the order for relief.  Further, under 11
U.S.C. Sec. 1121(c)(3), the Debtors have the balance of 180 days
after the order for relief to solicit acceptances of such plan.
Currently, the Exclusive Filing Period expires on May 5, 2016.
Section 1121(d) of the Bankruptcy Code provides, in part, as
follows: On request of a party in interest made within the
respective periods specified in subsections (b) and (c) of this
section and after notice and a hearing, the court may  for cause .
. . increase the 120-day period or the 180-day period referred to
in this section.  In determining whether cause exists for an
extension of a debtors' exclusive period to solicit acceptances,
courts have relied on a variety of factors, each of which may
provide sufficient grounds for extending the periods.

The Debtors note that the deadline for their creditors to file
proofs of claim is May 16, 2016.  Accordingly, the Debtors request
that the exclusivity deadline be extended so all claims be filed
prior to Debtors being required to propose a Plan of
Reorganization.

Absent an extension, the Debtor's exclusivity period expires on May
5, 2016.

James V. Fitzgerald and Colleen A. Fitzgerald filed a Chapter 11
bankruptcy petition (Bankr. S.D. Fla. Case No. 16-10683) on January
16, 2016.


JOLY JACOB: Court Extends Plan Exclusivity Thru July 29
-------------------------------------------------------
At the behest of debtors Joly Jacob and Anie Jacob, Bankruptcy
Judge Jerrold N. Poslusny, Jr., extended the Debtors' exclusive
periods in which to file a plan of reorganization pursuant to
section 1121(d) of the Bankruptcy Code, from March 29, 2016 to and
including July 29, 2016.  The Debtor's Exclusive Period within
which to solicit acceptances of a plan of reorganization is
extended from May 29, 2016 to and including September 29, 2016.

Joly Jacob and Anie Jacob filed a Chapter 11 bankruptcy petition
(Bankr. D.N.J. Case No. 15-32385) on November 30, 2015.  The
Debtors are represented by:

     William Mackin, Esq.
     Sherman, Silverstein, Kohl, Rose & Podolsky, P.A.
     308 Harper Drive, Suite 200
     Moorestown, NJ 08057
     Tel: (856) 662-0700


KALOBIOS PHARMA: $26.4MM in Unsecured Claims Filed by the Bar Date
------------------------------------------------------------------
The Delaware Bankruptcy Court on February 16, 2016, entered the
Order Granting KaloBios Pharmaceuticals, Inc.'s Motion for an Order
(I) Establishing Bar Dates for Filing Proofs of Claim, (II)
Approving the Form and Manner of Notice Thereof and (III) Granting
Related Relief, which, among other things, established April 1,
2016, as the general bar date by which creditors must file proofs
of claim for pre-Petition Date claims.

After the entry of the Bar Date Order, the Debtor served notice of
the General Bar Date and appropriate claim forms pursuant to the
Bar Date Order.  The Debtor also
published notice of the General Bar Date in the San Francisco
Chronicle and the National Edition of The Wall Street Journal.  

Since the passage of the General Bar Date, the Debtor has begun
reviewing and reconciling claims.  A preliminary analysis of proofs
of claim timely filed against the Debtor shows unsecured claims
asserted in the aggregate amount of $26,422,025.

                 About KaloBios Pharmaceuticals

KaloBios Pharmaceuticals, Inc., is a company biopharmaceutical
company focused on the development of monoclonal antibody
therapeutics.

The Company's balance sheet at March 31, 2015, showed $32.0 million
in total assets, $15.9 million in total liabilities, and a
stockholders' deficit of $16.1 million.

KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a
voluntary petition for bankruptcy protection under Chapter 11 of
Title 11 of the United States Bankruptcy Code.  The filing was
made in the U.S. Bankruptcy Court for the District of Delaware
(Case No. 15-12628).

The Company is represented by Eric D. Schwartz of Morris, Nichols,
Arsht & Tunnell.

No trustee, examiner or committee has been appointed in this
chapter 11 case.


KALOBIOS PHARMA: Delays Filing of 2015 Annual Report
----------------------------------------------------
KaloBios Pharmaceuticals, Inc. has yet to file its Annual Report on
Form 10-K for the period ended December 31, 2015.

The Company said in a notice with the Securities and Exchange
Commission on March 31 that it is unable to file its Annual Report
within the prescribed time period or within the 15-day extension
period permitted by the applicable SEC rules without unreasonable
effort and expense.

As previously disclosed, on December 29, 2015, the Company filed a
voluntary petition for bankruptcy protection under Chapter 11 of
Title 11 of the United States Bankruptcy Code (the “Bankruptcy
Code”). The filing was made in the United States Bankruptcy Court
for the District of Delaware (the “Bankruptcy Court”) (Case No.
15-12628). The Company continues to operate its business as debtor
in possession pursuant to sections 1107(a) and 1108 of the
Bankruptcy Code.

In connection with the Company's bankruptcy proceedings, the
Company has embarked on a restructuring program.  The the Company's
board of directors has hired a new Chief Executive Officer and an
interim Chief Financial Officer and promoted its Head of Clinical
Operations to the position of Chief Operating Officer. In addition,
as previously disclosed, the Company has entered into a binding
Letter of Intent with Savant Neglected Diseases, LLC in connection
with the development of a medication used to treat Chagas disease,
a parasitic infection. The Company's restructuring program places
enormous strain on its limited human and financial resources. As a
result, the Company has been unable to dedicate financial and human
resources to the preparation of the Annual Report and has
determined that it is unable to timely file its Annual Report
without unreasonable effort or expense.

The Company also said its financial statements for the year ended
December 31, 2015 have not been completed because a substantial
amount of time and effort of the financial and accounting staff has
and continues to be dedicated to the Chapter 11 proceedings and
related matters. However, the Company expects that its results of
operations for the year ended December 31, 2015 will reflect a
significant adverse change compared with the Company's results of
operations for the year ended December 31, 2014. During 2015, the
Company's results of operations were impacted by (i) a pause in
enrollment in the Phase 2 cohort expansion phase of its ongoing
clinical study of lenzilumab in certain hematologic malignancies,
(ii) a large reduction in the Company's workforce in connection
with a plan to reduce operating costs, and (iii) disruptions in the
management and operations of the Company resulting from the arrest
of the Company's former Chairman and Chief Executive Officer,
Martin Shkreli.

KaloBios also has yet to file its quarterly report on Form 10-Q for
the third quarter of 2015.

                 About KaloBios Pharmaceuticals

KaloBios Pharmaceuticals, Inc., is a company biopharmaceutical
company focused on the development of monoclonal antibody
therapeutics.

The Company's balance sheet at March 31, 2015, showed $32.0
million in total assets, $15.9 million in total liabilities, and a
stockholders' deficit of $16.1 million.

KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a
voluntary petition for bankruptcy protection under Chapter 11 of
Title 11 of the United States Bankruptcy Code.  The filing was
made in the U.S. Bankruptcy Court for the District of Delaware
(Case No. 15-12628).

The Company is represented by Eric D. Schwartz of Morris, Nichols,
Arsht & Tunnell.

No trustee, examiner or committee has been appointed in this
chapter 11 case.


KALOBIOS PHARMA: Seeks Approval of $3M DIP Loan from Black Horse
----------------------------------------------------------------
KaloBios Pharmaceuticals, Inc. seeks authority from the U.S.
Bankruptcy Court in Delaware to incur postpetition debt on a
superpriority basis.  A hearing on the matter is set for April 28.
Objections are due April 21.

On April 1, 2016, the Company entered into a Debtor in Possession
Credit and Security Agreement with Black Horse Capital Master Fund
Ltd., as administrative agent and lender, Black Horse Capital LP,
as a lender, Cheval Holdings, Ltd., as a lender and Nomis Bay LTD,
as a lender.  The Credit Agreement provides for a
debtor-in-possession credit facility in the original principal
amount of $3,000,000:

                   Term Loan               Term Loan        
   Lender          Commitment Amount       Commitment Percentage
   ------          -----------------       ---------------------
Nomis Bay LTD          $1,500,000                    50%
Black Horse Capital
  Master Fund Ltd.       $600,000                    20%
Cheval Holdings, Ltd.    $642,900                  21.43%
Black Horse Capital LP   $257,100                   8.57%
                   -----------------       ---------------------
TOTALS                 $3,000,000                    100%

The Credit Agreement provides that the Term Loan will be made by
the Lenders at an original discount equal to $191,000 -- Upfront
Fee -- and requires the payment by the Company to the Lenders of a
commitment fee equal to $150,000.

In accordance with the terms of the Credit Agreement, the Company
will use the proceeds of the Term Loan for working capital,
bankruptcy-related costs, costs related to the Company's plan of
reorganization, the payment of certain fees and expenses owed to
the Agent and the Lenders in connection with the Credit Agreement
and other costs incurred in the ordinary course of business.

Pursuant to the terms of the Credit Agreement, the Term Loan will
bear interest at a rate per annum equal to 12.00%. The Term Loan is
subject to certain customary representations, warranties and
covenants, and the Lenders' obligations to fund the Term Loan is
contingent upon the satisfaction of certain conditions, including,
without limitation, the entry of a final order by the Bankruptcy
Court approving the Term Loan.

In accordance with the bidding procedures order entered by the
Bankruptcy Court, the Term Loan and the Securities Purchase
Agreement are together subject to competing, higher and better
offers.

The Lenders have agreed to fund the Term Loan within three business
days of the Funding Order becoming a "Final Order" as defined in
the Credit Agreement, assuming all other conditions to funding have
been satisfied.  The outstanding principal balance of the Term
Loan, plus accrued and unpaid interest, plus the Upfront Fee, plus
the Commitment Fee and all other non-contingent obligations, will
mature on the earlier of an event of default under the Credit
Agreement or the effective date of the Company's plan of
reorganization. If there is no event of default under the Credit
Agreement, and if the Lenders fund the exit financing under the
Company's plan of reorganization, the Conversion Amount will be
paid to the Lenders by converting the Conversion Amount into the
Company's common stock, par value $0.001 per share, at a conversion
price equal to $1.75 per share, as may be adjusted pursuant to
certain anti-dilution protections.

Upon the occurrence of any event of default set forth in the Credit
Agreement, the Agent has the option of terminating the Credit
Agreement and declaring all of the Company's obligations
immediately payable. The occurrence of an event of default will
cause the Term Loan to bear interest at a rate per annum equal to
17.00%. At the Agent's option, upon the occurrence of an event of
default, the Conversion Amount may be paid in cash to the Lenders
or by conversion of the Conversion Amount into Common Stock at the
Conversion Rate.

Further, under the terms of the Credit Agreement, the Lenders may
also be entitled to a breakup fee upon the occurrence of certain
triggering events.  A Triggering Event is defined in the Credit
Agreement as any of the following events:

     (i) the Company consummates a sale of any of its intellectual
property rights or other assets, which is not approved by Agent;

    (ii) the Company consummates a sale of all or substantially all
of its assets or Common Stock, which is not approved by Agent;

   (iii) the Company accepts an alternative debtor-in-possession
financing and/or exit financing proposal other than those proposals
contemplated by the Letter of Intent, dated March 18, 2016 (the
"Letter of Intent"), between the Company and the Lenders; and/or

    (iv) the Company consummates a plan of reorganization, which is
not approved by Agent.

The Breakup Fee is equal to the sum of, as determined in Agent's
discretion, either:

     (a) payment to the Lenders in the amount of $420,000.00 in
immediately available funds or

     (b) (i) prior to the Funding Date, at Agent's option, the
Lenders' purchase of $2,800,000.00 of Common Stock in the
reorganized Company at a price of $1.75 per share in accordance
with each Lender's Term Loan commitment percentage or (ii) after
the Funding Date, at Agent's option, the Lenders' purchase of
$2,000,000 of Common Stock in the reorganized Company at a price of
$1.75 per share in accordance with each Lender's Term Loan
commitment percentage, in each case plus reimbursement of up to
$200,000.00 of reasonable attorneys' fees and other expenses
incurred by Lenders in connection with the financing and the other
items identified in the Letter of Intent.

Subject to entry of the Funding Order, the Company's obligations
under the Credit Agreement will be (i) secured by first priority
security interests in all of the Company's real and personal
property, subject only to certain carve outs and permitted liens,
as set forth in the Credit Agreement; and (ii) granted
super-priority administrative claim status in the Company's
bankruptcy case, subject only to certain carve outs. The Company
has and will, at the request of the Agent, enter into additional
documents further documenting the Term Loan and securing the
Company's obligations under the Credit Agreement in favor of the
Agent and for the benefit of the Lenders.

A copy of the DIP Agreement is available at http://is.gd/vLYbYT

             Intellectual Property Security Agreement

In connection with the Credit Agreement, KaloBios executed in favor
of Black Horse an Intellectual Property Security Agreement, dated
as of April 1, 2016.  Under the terms of the IP Security Agreement,
the Company has pledged to the Agent for the ratable benefit of the
Lenders, as collateral for its obligations under the Credit
Agreement, all of its intellectual property.

A copy of the IP Security Agreement is available at
http://is.gd/gx7lkU

                         Promissory Notes

In connection with the Company's execution of the Credit Agreement,
the Company has issued in favor of each Lender a promissory note in
an amount equal to each Lender's Term Loan commitment under the
Credit Agreement.

Copies of the promissory notes are available at:

     http://is.gd/UfPhRs
     http://is.gd/a9s1jl
     http://is.gd/5bJGK5
     http://is.gd/i8FSqE

                   Securities Purchase Agreement

On April 1, 2016, the Company also entered into a Securities
Purchase Agreement with the Lenders. The SPA provides for the sale
to the Lenders on the closing date of an aggregate of 5,885,000
shares of the Company's Common Stock, subject to adjustment as
provided in the SPA, in respect of exit financing in the amount of
$11,000,000 plus an exit financing commitment fee of $770,000
payable by the Company to the Lenders, plus payment to the Lenders
of their fees and expenses incurred in connection with the Exit
Financing and the SPA.

The consummation of the transactions contemplated by the SPA are
subject to certain closing conditions, including, without
limitation, the funding of the Term Loan, the approval of the
Bankruptcy Court of the Company's plan of reorganization, and the
simultaneous closing of the Company's transaction with Savant
Neglected Diseases, LLC.

In addition, the closing of the transactions are contingent upon
the board of directors of the Company, upon the effectiveness of
the confirmed plan of reorganization, consisting of (i) one
director to be designated by Nomis; (ii) one director to be jointly
designated by BHC, BHCF, and Cheval; (iii) the Chief Executive
Officer of the Company to be designated jointly and unanimously by
the Lenders; and (iv) two independent directors to be designated
jointly and unanimously by the Lenders. When and if all of the
closing conditions are met, the closing of the SPA will occur, but
in no event later than June 30, 2016.

The SPA contains certain customary representations, warranties and
covenants and sets forth certain events of default applicable to
the Company and the Lenders. Upon the occurrence of an event of
default, the Company or the Lenders, as applicable, will have the
right to terminate the SPA. In addition, upon the occurrence of
certain triggering events, as defined in the SPA and consistent
with the Triggering Events set forth in the Credit Agreement, the
Lenders will be entitled to the Breakup Fee, unless otherwise paid
under the terms of the Credit Agreement.

A copy of the SPA is available at http://is.gd/F79EFH

The Debtor is represented by:

      HOGAN LOVELLS US LLP
      875 Third Avenue
      New York, NY 10022
      Attn: Peter Ivanick, Esq.
            Christopher Bryant, Esq.
      Facsimile:  (212) 918-3100
      E-mail: peter.ivanick@hoganlovells.com
              christopher.bryant@hoganlovells.com
       
           - and -
       
      MORRIS, NICHOLS, ARSHT & TUNNELL LLP
      1201 N. Market St., 16th Fl.
      Wilmington, DE 19801
      Attn: Gregory W. Werkheiser
      Facsimile: (302) 425-4663
      E-mail: gwerkheiser@mnat.com

Black Horse Capital Master Fund Ltd., as administrative agent and
lender, Black Horse Capital LP, as a lender, and Cheval Holdings,
Ltd., as a lender are represented by:

      Quarles & Brady LLP
      300 North LaSalle Street, Suite 4000
      Chicago, IL 60654
      Attn:  Faye Feinstein, Esq.
      Facsimile: (312) 632-1723
      E-mail:  faye.feisntein@quarles.com

Nomis Bay is represented by:

      Hahn & Hessen LLP
      488 Madison Avenue
      New York, New York 10022
      Attn:  Gilbert Backenroth, Esq.
      Facsimile:  (212) 478-7400
      E-mail:  gbackenroth@hahnhessen.com

The lenders may be reached at:

      BLACK HORSE CAPITAL LP
      c/o Opus Equum, Inc.
      P.O. Box 788
      Dolores, CO 81323
      Attn:  Dale Chappell
      Facsimile:  (646) 786-4044
      E-mail:  dchappell@blackhorsecap.com

             - and -

      CHEVAL HOLDINGS, LTD.
      P.O. Box 309G
      Ugland House
      Georgetown, Grand Cayman
      Cayman Islands, KY1-1104
      Attn:  Dale Chappell
      Facsimile:  (646) 786-4044
      E-mail:  dchappell@blackhorsecap.com

             - and -

      NOMIS BAY LTD
      Penboss Building
      50 Parliament Street
      Hamilton HM12 Bermuda
      Attn:  James Keyes
      E-mail:  jkeyes@mercury.bm

                 About KaloBios Pharmaceuticals

KaloBios Pharmaceuticals, Inc., is a company biopharmaceutical
company focused on the development of monoclonal antibody
therapeutics.

The Company's balance sheet at March 31, 2015, showed $32.0
million in total assets, $15.9 million in total liabilities, and a
stockholders' deficit of $16.1 million.

KaloBios Pharmaceuticals (Nasdaq: KBIO) on Dec. 29, 2015, filed a
voluntary petition for bankruptcy protection under Chapter 11 of
Title 11 of the United States Bankruptcy Code.  The filing was
made in the U.S. Bankruptcy Court for the District of Delaware
(Case No. 15-12628).

The Company is represented by Eric D. Schwartz of Morris, Nichols,
Arsht & Tunnell.

No trustee, examiner or committee has been appointed in this
chapter 11 case.


KEMET CORP: Egan-Jones Cuts FC Sr. Unsecured Rating to CC
---------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Kemet Corp. to CC from CCC- on
March 30, 2016.  EJR also lowered the commercial paper rating on
the Company to D from C.

KEMET Corporation was set up in 1919 and now is based in
Simpsonville, South Carolina. The company produces many kinds of
capacitors, such as tantalum, aluminum, multilayer ceramic, film,
paper, polymer electrolytic, and supercapacitors.



KRISHNA ASSOCIATES: Plan Exclusivity Period Extended to May 2
-------------------------------------------------------------
Bankruptcy Judge Brenda T. Rhoades of the U.S. Bankruptcy Court for
the Eastern District of Texas granted the request of Krishna
Associates, LLC to extend its exclusive period to file a Chapter 11
Plan to May 2, 2016.

No objections were filed to the request.

Headquartered in Texarkana, Texas, Krishna Associates, LLC, is
owned and managed by Texarkana doctor Hiren Patel.  It owns
Country
Inn and Suites and an adjacent vacant lot in Texarkana, Texas.

Krishna Associates, LLC, filed for Chapter 11 bankruptcy
protection
(Bankr. E.D. Tex. Case No. 15-50148) on Nov. 3, 2015, estimating
its assets and liabilities at between $1 million and $10 million.
The petition was signed by Hiren Patel, president.

TXK Today reports that the Company filed for bankruptcy to stop
the
foreclosure sale of a Texarkana, Texas hotel scheduled on that
day.
The report says that Midsouth Bank was to sell the property to the
highest bidder.  

Judge Brenda T. Rhoades presides over the case.

Bill F. Payne, Esq., at The Moore Law Firm, L.L.P, serves as the
Company's bankruptcy counsel.


LAGINAPPE LLC: 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 Laginappe, LLC.

Laginappe, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Ga. Case No. 16-10486) on March 8, 2016. The
Debtor is represented by Leon S. Jones, Esq., at Jones & Walden,
LLC.


LATEX FOAM: Seeks More Time to File Application for Final Decree
----------------------------------------------------------------
Latex Foam International Holdings, Inc., has filed a motion seeking
additional time to file its application for final decree.

In its motion, Latex Foam asked the U.S. Bankruptcy Court in
Connecticut to allow the company to file the application until June
30, 2016.

                         About Latex Foam

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

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

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

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

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

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

On Jan. 3, 2016, the case was reassigned from Judge Alan H.W. Shiff
to Judge Julie A. Manning.


LEUCADIA NATIONAL: Egan-Jones Cuts LC Sr. Unsecured Rating to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company downgraded the local currency senior
unsecured rating on debt issued by Leucadia National Corp to BB+
from BBB- on March 31, 2016.

Leucadia National Corporation is an American holding company that,
through its subsidiaries, engages in mining & drilling services,
telecommunications, healthcare services, manufacturing, banking and
lending, real estate, and winery businesses.



LIFE CARE: Appoints American Legal as Claims and Noticing Agent
---------------------------------------------------------------
Life Care St. Johns, Inc. filed an application with the Bankruptcy
Court seeking approval of its employment of American Legal Claims
Services, LLC as claims and noticing agent.

The Debtor said it has more than 400 potential creditors, many of
whom are former residents, current residents and prospective
residents.  According to the Debtor, the mailing of required
notices and pleadings to such a large number of parties is
burdensome and time consuming.

The current hourly rates for the professionals and staff at ALCS
are as follows:

     Position                                Hourly Rate
     --------                                -----------
     Clerical                                  $28-$38
     Analyst                                   $55-$95
     Consultant                               $100-$150
     SR Consultant                            $155-$185
     Managing Director                           $195

The Debtor requests that the undisputed fees and expenses incurred
by ALCS be treated as administrative expenses of its Chapter 11
estate and be paid in the ordinary course of business without
further application to or order of the Court.

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

                      About Life Care St. Johns

Life Care St. Johns, Inc., doing business as Glenmoor, is a
not-for-profit organization that owns and operates a continuing
care retirement community in St. Johns County, Florida.  The
company received its certificate of occupancy in 1999 and began
operations in October of 2001.

As a CCRC, Glenmoor provides "lifecare services" to its residents,
each of whom reside in a residential unit.  The "lifecare" concept
recognizes that the healthcare and residency needs of elderly
residents vary along a continuum beginning with independent living
and in many cases ending with a need for full-time nursing care.
The Glenmoor community thus includes independent residential units,
an assisted living center, and a healthcare center for residents
requiring round the clock nursing care.

As disclosed in documents filed with the Court, Residency at
Glenmoor is provided pursuant to "Residence and Care Contracts"
which require prospective residents to pay an "Entrance Fee" and a
"Monthly Service Fee."  The Entrance Fee is a lump sum, one-time
payment based on the type of Residential Unit occupied by the
resident, and obligates Glenmoor to provide care to the resident so
long as he or she remains a resident and pays the Monthly Service
Fee.  Depending upon the type of contract selected, the Entrance
Fee may or may not be refundable.  For residents with refundable
Entrance Fee contracts, the refund is to be paid
from the proceeds of the next Entrance Fee received by Glenmoor.

According to Court filings, the economic recession which began in
late 2007 had a dramatic impact on Glenmoor, with fewer residents
being able to afford the required Entrance Fees as their home
equity and investments portfolios shrank in value.  With fewer new
residents entering the community than were moving out, significant
Entrance Fee refund liabilities began to accumulate, rising to
almost $8 million at their peak.  The decreasing revenues
eventually led to payment and other defaults under the $59 million
in Revenue Bonds issued in 2006 to support Glenmoor and refinance
an earlier bond issue.

On July 3, 2013, Glenmoor filed its initial Chapter 11 case in the
U.S. Bankruptcy Court for the Middle District of Florida amid
defaults under the Debtor's 2006 Bonds and threats of enforcement
action by the Florida's Office of Insurance Regulation, the
government entity that governs the licensing and operations of
continuing care retirement community in Florida.  A consensual Plan
of Reorganization was filed Nov. 27, 2013.  Glenmoor's Plan of
Reorganization was confirmed by the Court on Feb. 28, 2014.  The
Final Decree was entered on April 6, 2016.

Glenmoor filed its second voluntary petition under Chapter 11 of
the Bankruptcy Code (Bankr. M.D. Fla. Case No.: 16-01347) on
April 11, 2016.

The Debtor has engaged Thames Markey & Heekin, P.A., as bankruptcy
counsel; Walchle Investment Group, Inc. as sale broker; Cassidy
Turley Commercial Real Estate Services, Inc., as investment banker;
Greystone Development Company II, LP, as operations consultant;
Eddie Williams, III, Esq., as regulatory compliance counsel; Moore
Stephens Lovelace, CPA, as accountant; Globic Advisors, Inc., as
plan solicitation and tabulation agent; and American Legal Claim
Services, LLC as claims and noticing agent.

The Debtor estimated assets in the range of $10 million to $50
million and liabilities of up to $100 million.

The case is pending before the Honorable Jerry A. Funk.


LIFE PARTNERS: Postnikoff Represents 13 Insruance Policy Investors
------------------------------------------------------------------
To comply with Rule 2019 of the Federal Rules of Bankruptcy
Procedure:

          Joseph F. Postnikoff, Esq.
          GOODRICH POSTNIKOFF $ ASSOCIATES, LLP
          801 Cherry Street, Suite 1010
          Fort Forth, TX 76102
          Telephone: (817) 335-9400

disclosed this week that it represents 13 claimants that purchased
fractional interests in various life insurance policies from Life
Partners, Inc., or purchased one more promissory notes through
their retirement accounts, which notes are secured by fractional
interests in policies.  The 13 client-claimants purchased their
interests in the policies more than one year prior to the Debtors'
chapter 11 bankruptcy filing.  

                About Life Partners

Headquartered in Waco, Texas, Life Partners Holdings, Inc. --
http://www.lphi.com/-- is the parent company engaged in the       


secondary market for life insurance, commonly called "life
settlements."  Since its incorporation in 1991, Life Partners,
Inc. has completed over 162,000 transactions for its worldwide
client base of over 30,000 high net worth individuals and
institutions in connection with the purchase of over 6,500
policies totaling over $3.2 billion in face value.

LPHI is a publicly traded company incorporated in Texas and its
common stock has been delisted from the NASDAQ (formerly trading
under the symbol LPHI).

Life Partners Holdings sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20,
2015.

The case is assigned to Judge Russell F. Nelms.  J. Robert
Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the
Debtor.

LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities
as of the Chapter 11 filing.

The official committee of unsecured creditors formed in the case
tapped Munsch Hardt Kopf & Harr, P.C., as counsel.

Tracy A. Bolt of BDO USA, LLP was named as examiner for the
Debtor's case.  At the behest of the U.S. Securities and Exchange
Commission, the U.S. Trustee, and the Creditors Committee, the
Court ordered the appointment of a Chapter 11 trustee.  On March
13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee
in LPHI's case.  The trustee is represented by Thompson & Knight
LLP.

The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for
LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No.
15-41995) and LPI Financial Services, Inc. (Case No. 15-41996).

Life Partners is estimated to have $100 million to $500 million in
assets and more than $1 billion in debt.  LPI Financial estimated
less than $50,000.


LIGHTSTREAM RESOURCES: Moody's Cuts Corporate Family Rating to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded Lightstream Resources
Ltd.'s Corporate Family Rating (CFR) to Ca from Caa2, Probability
of Default Rating (PDR) to Ca-PD from Caa2-PD, the senior unsecured
notes rating to C from Ca and its Speculative Grade Rating to SGL-4
from SGL-3. The outlook remains negative.

"The downgrade is based on our expectation that Lightstream will
file or restructure this year as an expected significant drop in
Lightstream's borrowing base will severely impact liquidity", said
Paresh Chari, Moody's Analyst.

Downgrades:

Issuer: Lightstream Resources Ltd

-- Probability of Default Rating, Downgraded to Ca-PD from Caa2-
    PD

-- Corporate Family Rating, Downgraded to Ca from Caa2

-- Senior Unsecured Regular Bond/Debenture, Downgraded to C(LGD6)

    from Ca(LGD5)

Ratings Lowered:

Issuer: Lightstream Resources Ltd

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

Outlook Actions:

Issuer: Lightstream Resources Ltd

-- Outlook, Remains Negative

RATINGS RATIONALE

Lightstream's Ca CFR reflects Moody's expectation that the company
will restructure its debt or file for creditor protection in 2016.
The company will not have enough funds to cover its basic
requirements in 2016 due to expected reductions in its borrowing
base revolver. Moody's also expects very high leverage (debt to
EBITDA around 20x) in 2016, low EBITDA to interest coverage (about
0.6x), declining reserves and production (a decline of about 20% in
2016 due to underinvestment).

The SGL-4 rating reflects weak liquidity. As of December 31, 2015
Lightstream had no cash and about C$200 million available under its
C$550 million revolving credit facility due June 2017. Moody's
expectation is that the C$200 million will be significantly reduced
at the spring borrowing base redetermination, leaving the company
unable to fund expected negative free cash flow of about C$90
million through 2016. Moody's also expects a covenant breach under
its senior secured to EBITDA covenant by the end of 2016. Alternate
liquidity is limited as all of the assets are pledged under the
revolver and second lien notes.

The senior unsecured notes are rated C, one notch below the Ca CFR,
reflecting the amount of priority-ranking debt in the capital
structure in the form of second lien notes and secured revolver.

The negative outlook reflects the high likelihood that Lightstream
will lack liquidity to fund its basic requirements in 2016.

The rating could be upgraded if EBITDA to interest approaches 1x or
if liquidity improves.

The rating could be downgraded if Lightstream is unable to make
interest payments, files for protection or undertakes a debt
restructuring.

Lightstream, a Calgary, Alberta-based oil and gas exploration and
production company, owns producing light oil resources in the
Saskatchewan Bakken formation and the Cardium formation in central
Alberta.


LINN ENERGY: Law Firms Investigates Investor Claims on Acquisition
------------------------------------------------------------------
Silver Law Group and the Law Firm of David R. Chase, P.A. continue
to investigate stockbrokers' and brokerage firms' unsuitable
recommendations to purchase Linn Energy ("LINE") and other oil and
gas investments, including master limited partnership (MLPs).

Despite drastic drops in the price of oil and corresponding drops
in companies whose business revolves entirely around the commodity,
many brokers and their employing brokerage firms continued to
recommend purchasing these risky and speculative investments in
2014 and 2015.  Some of the firms which maintained coverage of Linn
Energy include Raymond James, RBC Capital Markets and Stifel
Financial Corp.

Oil prices began its precipitous descent in 2014.  With the
commodity's descent in price, many companies whose business
depended on its high prices have seen their values plummet right
along with oil.  There has been speculation and warnings that some
of these companies and MLPs, including Sandridge, Linn Energy and
Chesapeake Energy, will declare bankruptcy due to the volatile
market and industry.  Recently, on April 13, 2016, the United
States' largest coal company, Peabody Energy Corp. filed for
Chapter 11 bankruptcy after posting four consecutive yearly losses,
including a $2 billion loss in 2015.

Many brokers solicited investors to invest in these high yield
stocks and bonds, improperly recommending master limited
partnerships ("MLPs"), bonds, private placements, stocks, and other
oil and gas securities to conservative investors based upon the
high yields of these investments rather than the risk to principal.
Investor claims frequently focus on brokers negligence to conduct
due diligence and investigate these investments and negligently
recommended them to customers frequently on a concentrated basis.

Silver Law Group and the Law Firm of David R. Chase, PA, focus
their practice on the representation of investment fraud victims in
claims against securities brokerage firms.  Scott L. Silver,
managing partner of the Silver Law Group, has devoted his legal
career to representing aggrieved investors.  David R. Chase,
principal of the Law Firm of David R. Chase, PA., is a former SEC
Prosecutor.  Its lawyers have collectively represented hundreds of
investors in FINRA or securities arbitration claims and recovered
millions of dollars from large and regional brokerage firms.

                       About Linn Energy

Houston-based Linn Energy, LLC is an independent oil and natural
gas company that began operations in March 2003 and completed its
initial public offering in January 2006.  The Company's properties
are located in the United States, in the Hugoton Basin, the
Rockies, California, east Texas and north Louisiana, the
Mid-Continent, Michigan/Illinois, the Permian Basin and south
Texas.

                       Going Concern Doubt

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

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

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

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

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

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

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

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


LOWER BUCKS: Court Partially OKs Summary Judgment Bids in "Becker"
------------------------------------------------------------------
Judge Legrome D. Davis of the United States District Court for the
Eastern District of Pennsylvania ruled on cross-motions for summary
judgment filed by the parties in the case captioned LEONARD BECKER,
v. THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. and J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION, Civil Action No. 11-6460,
Consolidated with No. 12-6412 (E.D. Pa.).

Leonard Becker, individually and on behalf of similarly situated
holders of revenue bonds, sued The Bank of New York Mellon Trust
Company, N.A. ("BNYM") and J.P. Morgan Trust Company, National
Association ("JP Morgan") as successive Indenture Trustee under
multi-party agreements creating a bond financing transaction.  

After the confirmed plan for reorganization of the bankruptcy
debtor, Lower Bucks Hospital (LBH) became effective, BNYM received
a cash distribution of the funds awarded under the plan to the
bondholders, a sum of $8,150,000.  BNYM has not paid any of those
funds to the bondholders, refusing to do so based on cited
provisions of the plan and the transaction agreements, including
alleged rights to be compensated and indemnified for all of its
expenditures and to exercise a first-priority charging lien for
those expenditures against the bondholders' funds.

The complaint in Becker I alleged that the defendants were
negligent and breached their fiduciary and contractual duties to
the bondholders by failing to maintain perfected security interests
in the property securing the bonds.  The complaint in Becker II
sued for declaratory judgment and equitable remedies for the
claimed losses.  Becker then filed a motion:

          -- requesting summary judgment on the claim for breach
             of contract stated in Count III of the complaint in
             Becker I;

          -- requesting, under Count I of the complaint in Becker
             II, a declaration that the bondholders are entitled
             to immediate disbursal of the funds under the plan,
             and that the defendants are entitled to deduct only
             BNYM's reasonable fees and expenses incurred after
             January 19, 2012, for the limited purpose of
             disbursing the funds to the bondholders; and

          -- requesting, under Count III of the complaint in
             Becker II, an injunction prohibiting BNY from
             dissipating the funds and requiring BNYM to promptly
             distribute the funds.

The defendants moved for summary judgment on all claims stated in
Becker I and Becker II.  BNYM also counterclaimed to recover its
fees, expenses, costs, and attorneys' fees incurred solely in this
litigation.  The parties cross-moved for summary judgment on the
counterclam.

Judge Davis found that the record establishes triable disputes as
to whether the defendants breached any contractual duties, and
whether any proven breach caused the bondholders to incur loss or
damage.  Judge Davis also found that although the defendants do not
have any rights to compensation, indemnification, or a
first-priority charging lien against the bondholders' funds for any
fees, expenditures, or costs incurred in the defense of this
litigation, triable disputes are presented as to whether the
defendants had rights under the plan, the indenture, the loan
agreement, or other bond documents to be indemnified and to
exercise a first-priority charging lien for other expenditures
incurred.

The Plaintiff does not contest the $8,150,000 sum, which LBH paid
to settle the adversary proceeding.  The Plaintiff challenges the
Defendants' conduct that allegedly caused the bondholders to
receive less than they would have been entitled to receive, if the
Defendants had not breached their duties -- a loss of about
$4,983,328.  Whereas the latter sum remains for proof at trial, the
Memorandum resolves the lion's share of amounts to be assessed
against the funds awarded under the Plan to the bondholders.  As to
the remainder, the parties are encouraged to work with Magistrate
Judge Timothy R. Rice to resolve their disputes.

A full-text copy of Judge Davis' March 23, 2016 memorandum is
available at http://is.gd/4QfGOffrom Leagle.com.

LEONARD BECKER is represented by:

          Daniel E. Bacine, Esq.
          Lisa M. Port, Esq.
          BARRACK RODOS & BACINE
          Two Commerce Square
          2001 Market Street, Suite 3300
          Philadelphia, PA 19103
          Tel: (215)963-0600
          Fax: (215)963-0838
          Email: dbacine@barrack.com
                 lport@barrack.com

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. and J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION, are represented by:

          Christine Cesare, Esq.
          Howard M. Rogatnick, Esq.
          Stephanie Wickouski, Esq.
          Thomas J. Schell, Esq.
          BRYAN CAVE LLP
          1290 Avenue of the Americas
          New York, NY 10104-3300
          Tel: (212)541-2000
          Fax: (212)541-4630
          Email: cbcesare@bryancave.com
                 hmrogatnick@bryancave.com
                 stephanie.wickouski@bryancave.com
                 tjschell@bryancave.com

            -- and --

          Natalie D. Ramsey, Esq.
          Patrick T. Ryan, Esq.
          MONTGOMERY, MC CRACKEN, WALKER & RHOADS
          123 South Broad Street
          Avenue of the Arts
          Philadelphia, PA 19109
          Tel: (215)772-1500
          Fax: (215)772-7620
          Email: nramsey@mmwr.com
                 pryan@mmwr.com

SAUL EWING LLP and ADAM ISENBERG are represented by:

          Timothy W. Callahan, II
          SAUL EWING LLP
          Centre Square West, 1500
          Market Street, 38th Floor
          Philadelphia, PA 19102-2186
          Tel: (215)972-7777
          Fax: (215)972-7725
          Email: tcallahan@saul.com

BLANK ROME LLP and JOHN LUCIAN are represented by:

          JEREMY A. RIST, Esq.
          BLANK ROME LLP
          One Logan Square
          130 North 18th Street
          Philadelphia, PA 19103-6998
          Tel: (215)569-5500
          Fax: (215)569-5555
          Email: rist@blankrome.com

                    About Lower Bucks Hospital

Lower Bucks Hospital is a non-profit hospital based in Bristol,
Pennsylvania.  The Hospital is licensed to operate 183 beds.
Together with affiliates Advanced Primary Care Physicians and
Lower Bucks Health Enterprises, Inc., Lower Bucks owns a 36-acre
campus with several medical facilities.  The Hospital's emergency
room serves 30,000 patients annually.  For the fiscal year ending
June 30, 2009, Lower Bucks had $114 million in consolidated
revenues.

The Hospital filed for Chapter 11 bankruptcy protection (Bankr.
E.D. Pa. Case No. 10-10239) on Jan. 13, 2010.  The Hospital's
affiliates -- Lower Bucks Health Enterprises, Inc, and Advanced
Primary Care Physicians -- also filed Chapter 11 petitions.
Jeffrey C. Hampton, Esq., and Adam H. Isenberg, at Saul Ewing LLP,
in Philadelphia, assist the Hospital in its restructuring effort.
Donlin, Recano & Company, Inc., is the Hospital's claims and
notice agent.  The Debtors tapped Zelenkofske Axelrod LLC for tax
preparation services.  The Hospital estimated assets and
liabilities at $50 million to $100 million.

Regina Stango Kelbon, Esq., at Blank Rome LLP, in Philadelphia,
represents the Official Committee of Unsecured Creditors as
counsel.

The Bankruptcy Court confirmed the hospital operator's Chapter 11
plan on Dec. 7, 2011.  It emerged from bankruptcy in January 2012.


MANASOTA GROUP: Change in Control Occurs
----------------------------------------
As disclosed in a regulatory filing with the Securities and
Exchange Commission, effective March 21, 2016, there occurred a
change in the control Manasota Group, Inc.  In this connection:

  (1) The persons who acquired control were: Charles S. Conoley,
      Daniel D. Dinur, M. Shannon Glasgow and Barclay Kirkland,
      D.D.S.  Messrs. Conoley, Glasgow and Kirkland have served
      and continue to serve as three of the Company's five members
      of the Board of Directors.

  (2) The transaction which resulted in the change in control
      consisted of a purchase by the Purchasers the aggregate of
      2,000,000 shares of the Company's Common Stock, $.01 par
      value, i.e. the Shares.

  (3) The Shares which are now beneficially owned by the
      Purchasers constitute 2,000,000 out of 3,770,139, or
      approximately 53% of the total number of shares of Common
      Stock outstanding.

  (4) The consideration paid by the Purchasers consisted of
      $20,000 in cash.

  (5) The source of funds used by the Purchasers was their
      respective personal funds.

The transaction did not result in a change of the Company's status
as a shell company, nor did it result in a change in the Company's
operations.

                      About Manasota Group

Manasota Group, Inc., f/k/a Horizon Bancorporation, Inc., was
incorporated in the State of Florida on May 27, 1998, for the
purpose of becoming a bank holding company owning all of the
outstanding capital stock of Horizon Bank, a commercial bank
chartered under the laws of Florida and a member of the Federal
Reserve System.

For the nine months ended Sept. 30, 2013, the Company incurred a
net loss of $63,330 on $121,531 of total operating income as
compared with net income of $22,938 on $131,253 of total operating
income for the same period a year ago.

The Company's balance sheet at Sept. 30, 2013, showed $1.15
million in total assets, $1.54 million in total liabilities and a
$381,738 total shareholders' deficit.


MANASOTA GROUP: Hires Goldstein Schechter as New Accountant
-----------------------------------------------------------
Effective March 22, 2016, Manasota Group, Inc. engaged Goldstein
Schechter Koch, PA, as its principal accountant to audit the
Company's financial statements for the fiscal years ending December
31, 2013, 2014 and 2015.  Warren Averett, LLC had last acted as the
Company's principal accountant for the fiscal year ending Dec. 31,
2012.  The Company decided, by action of the Audit Committee of its
Board of Directors, not to renew such firm's engagement going
forward.

Warren Averett's report on the Company's financial statements for
either of the past two fiscal years or for the fiscal years ended
Dec. 31, 2011, and 2012, did not contain an adverse opinion, a
disclaimer of opinion, or was qualified or modified as to
uncertainty, audit scope or accounting principle.  By the same
token, there were no disagreements during such periods, or during
the subsequent interim period preceding March 22, 2016, between the
Company and Warren Averett on any matter of accounting principles
or practices, financial statement disclosure, or auditing scope or
procedure.

The Company has not consulted with the New Accounting Firm during
its two most recent fiscal years, or during any subsequent interim
period prior to its appointment as the principal accountant.

                        About Manasota Group

Manasota Group, Inc., f/k/a Horizon Bancorporation, Inc., was
incorporated in the State of Florida on May 27, 1998, for the
purpose of becoming a bank holding company owning all of the
outstanding capital stock of Horizon Bank, a commercial bank
chartered under the laws of Florida and a member of the Federal
Reserve System.

For the nine months ended Sept. 30, 2013, the Company incurred a
net loss of $63,330 on $121,531 of total operating income as
compared with net income of $22,938 on $131,253 of total operating
income for the same period a year ago.

The Company's balance sheet at Sept. 30, 2013, showed $1.15
million in total assets, $1.54 million in total liabilities and a
$381,738 total shareholders' deficit.


MANASOTA GROUP: Issues 2 Million Common Shares
----------------------------------------------
Manasota Group, Inc. f/k/a Horizon Bancorporation, Inc., issued
2,000,000 shares of the Company's Common Stock, $.01 par value, to
each of four purchasers for the purchase price of $.01 per Share
effective March 21, 2016.  The total consideration received by the
Company was $20,000 in cash, according to a Form 8-K report filed
with the Securities and Exchange Commission.

                        About Manasota Group

Manasota Group, Inc., f/k/a Horizon Bancorporation, Inc., was
incorporated in the State of Florida on May 27, 1998, for the
purpose of becoming a bank holding company owning all of the
outstanding capital stock of Horizon Bank, a commercial bank
chartered under the laws of Florida and a member of the Federal
Reserve System.

For the nine months ended Sept. 30, 2013, the Company incurred a
net loss of $63,330 on $121,531 of total operating income as
compared with net income of $22,938 on $131,253 of total operating
income for the same period a year ago.

The Company's balance sheet at Sept. 30, 2013, showed $1.15
million in total assets, $1.54 million in total liabilities and a
$381,738 total shareholders' deficit.


MANLEY TOYS: Aviva Objects to Ch. 15 Recognition Bid
----------------------------------------------------
ASI Inc., f/k/a Aviva Sports Inc., objects to all emergency relief
sought by the Appointed Liquidators and Foreign Representatives of
Debtor Manley Toys Limited, including their request for provisional
relief pursuant to Section 1519(a) of the Bankruptcy Code.  

According to Aviva, the emergency relief is unwarranted because the
Debtor has shown no potential for irreparable harm, as none of its
assets are in urgent need of protection from the non-bankruptcy
litigations pending in Minnesota, New Jersey, and elsewhere.

Aviva asserts that the Debtor's alleged non-judicial "liquidation
proceedings" in Hong Kong and its Chapter 15 filing is just another
part of the Debtor's long-running scheme to flout the U.S. judicial
system trying to mislead U.S. Courts, including its plot to evade
more than $8.5 million on an unpaid judgment that the Debtor owes
to Aviva by virtue of a Judgment entered in 2013 by the U.S.
District Court of Minnesota in Case No. 09 cv-1091. Since then, the
Debtor has been trying to escape the motions for sanctions filed in
Minnesota federal court for the Debtor’s refusal to respond to
post-judgment discovery.

Aviva further asserts that the Debtor has initiated its Hong Kong
"proceedings" for the benefit of its alter ego and other
affiliates, not real creditors, just like most of the Debtor's
other ploys, as evidenced by the fact that all of the so-called
"creditors" in attendance at the "Creditors' Meeting" are closely
connected to the Debtors.

Aviva further asserts that the Court's recognition of the Hong Kong
proceeding should be limited under Section 1507(b) which provides
that "even if recognition is granted, the court may decline to
provide 'additional assistance' to the foreign proceeding if the
court believes that among other things the foreign proceeding would
fail to achieve "just treatment of all holders of claims,” or
prejudice rights of US claimholders, or result in preferential or
fraudulent dispositions of assets," so as to prevent the Debtors'
efforts to escape its responsibilities in the United States to its
U.S. creditors.

ASI Inc., f/k/a Aviva Sports Inc. is represented by:

     Richard B. Honig, Esq.
     Matthew E. Moloshok, Esq
     HELLRING LINDEMAN GOLDSTEIN & SIEGAL LLP
     One Gateway Center
     Newark, New Jersey 07102-5323
     Telephone: 973.621.9020
     Facsimile: 973.621.7406
     Email: rbhonig@hlgslaw.com
            mmoloshok@hlgslaw.com

Matt Ng and John Robert Lees filed a petition under Chapter 15 of
the Bankruptcy Code for Hong Kong-based Manley Toys Limited on
March 22, 2016 (Bankr. D.N.J., Case No.: 16-15374).  Manley Toys is
engaged in the development, sourcing, and marketing of toys,
children's products and party supplies.  The case is before Judge
Jerrold N. Poslusny Jr.

The Chapter 15 Petitioners are represented by Stephen M. Packman,
Esq., at Archer & Greiner, P.C., in Haddonfield, New Jersey.


NANOSPHERE INC: Amends 500,000 Shares Resale Prospectus
-------------------------------------------------------
Nanosphere, Inc., filed with the Securities and Exchange Commission
an amended Form S-3 in connection with the possible resale, from
time to time, by the selling stockholders of up to 500,000 shares
of its common stock, par value $0.01 per share, initially issued in
private placements, which shares are issuable upon the exercise of
warrants.

The Company is are not offering for sale any shares of its common
stock pursuant to this prospectus.  The Company will not receive
any cash proceeds from the sale of any of its shares of common
stock by the selling stockholders, but the Company has agreed to
pay certain registration expenses.

The Company's common stock is listed on The NASDAQ Capital Market
under the symbol "NSPH."  On April 8, 2016, the closing price of
the Company's common stock was $0.77 per share.

A full-text copy of the Form S-3/A is available for free at:

                       http://is.gd/ycq0nv

                         About Nanosphere

Nanosphere, Inc., develops, manufactures and markets an advanced
molecular diagnostics platform, the Verigene System, that enables
simple, low cost and highly sensitive genomic and protein testing
on a single platform.  The Verigene System includes a bench-top
molecular diagnostics workstation that is a universal platform for
genomic and protein testing and provides for multiple tests to be
performed on a single platform, including both genomic and protein
assays, from a single sample.  Its proprietary nanoparticle
technology provides the ability to run multiple tests
simultaneously on the same sample.  Nanosphere was founded by Chad
A. Mirkin and Robert Letsinger on December 30, 1999 and is
headquartered in Northbrook, IL.

Nanosphere reported a loss attributable to common shareholders of
$42.84 million on $21.07 million of total revenue for the year
ended Dec. 31, 2015, compared to a net loss attributable to common
shareholders of $39.07 million on $14.29 million of total revenue
for the year ended Dec. 31, 2014.

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 continued use of cash to fund operations raise
substantial doubt about its ability to continue as a going concern.


NETSMART INC: Moody's Assigns B3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Netsmart, Inc. Moody's also
assigned B2 ratings to the company's senior secured first lien
revolver and term loan and a Caa2 rating to its senior secured
second lien term loan, with the co-borrowers being i) Netsmart,
Inc., ii) Netsmart Technologies, Inc. and iii) Andrews Henderson
LLC (aka Allscripts Homecare). The ratings outlook is stable.

GI Partners ("GI" / "Sponsor') has entered into a definitive
agreement to acquire Netsmart Technologies, Inc. ("Netsmart
Technologies") in partnership with Allscripts Healthcare Solutions,
Inc. ("Allscripts Healthcare"). Netsmart Technologies will merge
with Allscripts Healthcare's asset "Allscripts Homecare", under a
joint venture ("JV") agreement, and operate as "Netsmart". The
combination will create an electronic healthcare record ("EHR")
leader in the post-acute IT space for Health and Human Services
("HHS") and home health. The proceeds from about $562 million of
first and second lien term loans plus equity contributions will be
used to effect the combination of Netsmart Technologies and
Allscripts Homecare.

RATINGS RATIONALE

The B3 corporate family rating ("CFR") reflects very high initial
leverage (upper 7x at LTM December 31, 2015, on a Moody's adjusted
basis, including expensing all software development costs). When
calculating EBITDA, Moody's generally treats all software
development costs for software companies as an expense, including
those costs that may be capitalized in accordance with Generally
Accepted Accounting Principles ("GAAP"). Moody's adjustment for
Netsmart to expense capitalized software development costs was
about $10.6 million in FY 2015. The rating is also constrained by
integration risks, a competitive landscape, small overall revenue
base and limited historical financial information on Allscripts
Homecare.

The B3 rating is supported by the combined company's leadership
position in the niche EHR segment serving the HHS and home health
space. The combined company is many times larger than its next
largest competitor in its niche market segment. Netsmart
Technologies clients include 450,000 users in 24,000 organizations
across all 50 states. While Allscripts Homecare clients include
30,000+ home health, private duty and hospice clinicians. Moody's
anticipates strong YoY revenue growth in 2016 (low teen percentage
revenue growth) driven by greenfield opportunities in HHS and
post-acute markets (i.e., less than 50% of HHS providers currently
utilize a commercial EHR) and selling additional solutions and
services to the existing base. Both companies have high retention
rates (high 90%) and stable recurring revenues, with a substantial
portion of revenue in backlog at the beginning of each year.
Moody's expects favorable macro industry dynamics in the near to
medium term, including a favorable regulatory environment, an
increased focus on integrated care and a large addressable market.

“Liquidity is adequate based on a modest cash balance of about $5
million at closing and an undrawn $50 million first lien revolver.
For 2016 we expect total FCF to be modest and the revolver to
remain undrawn. Moody's anticipates adequate cushion under the
financial covenants of the first and second lien credit facilities.
The first lien term loan is anticipated to amortize approximately
1% per annum, with a bullet due at maturity about 7 years from
closing. The second lien term loan is anticipated to have just a
bullet due at maturity, about 7.5 years from closing. The revolver
is anticipated to mature 5 years from closing.”

The stable outlook reflects Moody's expectation of low teen
percentage revenue growth YoY, EBITDA margins (on a Moody's
adjusted basis) in the mid 20% and FCF to debt in the low single
digits over the next year.

The ratings could be upgraded if:

-- The integration proceeds smoothly;

-- the company demonstrates high single digit organic revenue
    growth;

-- leverage is on track to get to 6.0x; and

-- FCF to debt is sustained above 5%.

The ratings could be downgraded if:

-- Liquidity materially weakens; or

-- performance deteriorates materially, as a result of
    competitive pressures or integration challenges, such that i)
    leverage does not progress towards 7.0x or ii) FCF is
    negative.

The following ratings were assigned:

Issuer: Netsmart, Inc.

Corporate Family Rating, Assigned B3

Probability of Default Rating, Assigned B3-PD

Senior Secured First Lien Revolving Credit Facility, Assigned B2
(LGD3)

Senior Secured First Lien Term Loan, Assigned B2 (LGD3)

Senior Secured Second Lien Term Loan, Assigned Caa2 (LGD5)

Outlook - Stable

In addition to Netsmart, Inc., the co-borrowers under the credit
facilities will be Netsmart Technologies, Inc. and Andrews
Henderson LLC (aka Allscripts Homecare)

GI Partners ("GI" / "Sponsor') has entered into a definitive
agreement to acquire Netsmart Technologies, Inc. ("Netsmart
Technologies") in partnership with Allscripts Healthcare Solutions,
Inc. ("Allscripts Healthcare"). Netsmart Technologies will merge
with Allscripts Healthcare's asset "Allscripts Homecare", under a
joint venture ("JV") agreement, and operate as "Netsmart". The
combination will create an electronic healthcare record ("EHR")
leader in the post-acute IT space for Health and Human Services
("HHS") and home healthcare, with pro forma revenues above $260
million for FY December 31, 2015.


OAKFABCO, INC: Asbestos Committee Retains Insurance Professionals
-----------------------------------------------------------------
The Hon. Jack B. Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois has authorized the Asbestos
Claimants' Committee in the Chapter 11 case of Oakfabco, Inc., to
retain Henry Booth and Colin Gray to provide the insurance
professional services.

Mr. Gray will serve as insurance recoveries specialist, and
insurance erosion auditor.  Mr. Gray will provide services at his
regular hourly rate of $400.  Mr. Gray estimates the cost of his
services ranging from $8,000 to $20,000, plus out of pocket
expenses.

The Asbestos Claimants' Committee is represented by:

         Frances Gecker, Esq.
         Joseph D. Frank, Esq.
         Micah R. Krohn, Esq.
         FRANKGECKER LLP
         325 North LaSalle Street, Suite 625
         Chicago, IL 60654
         Tel: (312) 276-1400
         Fax: (312) 276-0035
         E-mail: mkrohn@fgllp.com

                       About Oakfabco, Inc.

Oakfabco, Inc, formerly known as Kewanee Boiler Corporation, has
not manufactured boilers since 1988 when it sold its Kewanee boiler
business in an 11 U.S.C. Section 363 sale to Coppus Engineering
Corporation.  In early 2009, it sold all of its remaining assets.
The Debtor has no employees, and, Frederick W. Stein is the
Debtor's sole officer and director.  The Debtor's sole remaining
asset is its insurance, and it has no known liabilities other than
asbestos claims.

In January 1970, Kewanee Boiler Corp, then a newly-formed Illinois
Corporation, acquired the assets and debt of American Standard,
Inc.'s commercial boiler manufacturing division known as "Kewanee
Boiler."  The boilers manufactured and sold by Kewanee Boiler were
insulated with asbestos.

Oakfabco sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
16-27062) on Aug. 7, 2015, to resolve its remaining asbestos
claims.  Reed Smith LLP serves as counsel to the Debtor.

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

The U.S. Trustee for Region 11, appointed four members to the
Asbestos Claimants' Committee in the Chapter 11 bankruptcy case of
Oakfabco Inc.


OXYSURE THERAPEUTICS: Reverse Split Certificate of Amendment
------------------------------------------------------------
OxySure Therapeutics, Inc., filed on April 6, 2016, a corrected
amendment to Article Four of the Company's Articles of
Incorporation with the Secretary of State in Delaware.  Pursuant to
the certificate of amendment, the Company effected a reverse split
at a ratio of 1-for-50.

In addition, the Company filed an as corrected amendment to Section
4.01 of Article Four of the Company's Articles of Incorporation.
Pursuant to the certificate of amendment the Company increased the
authorized shares of the Company's common stock, par value $0.0004
per share to 500,000,000 shares.

A copy of the Form 8-K report is available for free at:

                       http://is.gd/mZhCgN

                   About OxySure Therapeutics

Frisco, Tex.-based OxySure Therapeutics, Inc., formerly known as
OxySure Systems, Inc. (OTC QB: OXYS) is a medical technology
company that focuses on the design, manufacture and distribution of
specialty respiratory and emergency medical solutions.  The company
pioneered a safe and easy to use solution to produce medically pure
(USP) oxygen from inert powders.  The Company owns nine issued
patents and patents pending on this technology which makes the
provision of emergency oxygen safer, more accessible and easier to
use than traditional oxygen provision systems.

Oxysure Systems reported a net loss of $2.75 million in 2014
following a net loss of $712,000 in 2013.

As of Sept. 30, 2015, the Company had $4.42 million in total
assets, $2.24 million in total liabilities and $2.18 million in
total stockholders' equity.

Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company had accumulated losses of $18.0 million as of Dec. 31, 2014
which raises substantial doubt about its ability to continue as a
going concern.


PACIFIC SUNWEAR: Seeks Approval of Employee Bonus Plans
-------------------------------------------------------
BankruptcyData reported that Pacific Sunwear of California filed
with the U.S. Bankruptcy Court a motion for entry of an order (i)
authorizing implementation of a key employee incentive program
(KEIP) and a key employee retention program (KERP), (ii) approving
the terms of the programs and (iii) granting related relief.

According to the report, the motion explains, "In order to
effectively and efficiently accomplish the proposed restructuring
and maximize recovery for all stakeholders, the Debtors determined
that formulating and implementing the KEIP and KERP is in the best
interests of their estates and all parties in interest. The KEIP
and KERP will help ensure (i) that the Debtors' key executives, who
are essential to the Debtors' dual-track reorganization and
marketing efforts are properly motivated to maximize the value of
their estates and (ii) that the non-insider KERP Participants will
remain with the Debtors throughout the process to help manage the
Debtors' ongoing operations and the administration of the estates
and to help ensure a successful outcome in these Cases.".

The Debtors also filed a separate motion to for an order
authorizing them to file under seal certain related information
related to this motion. The Court scheduled a May 3, 2016 hearing
to consider both the KEIP/KERP and seal motions, with objections
due by April 26, 2016.

                        About Pacific Sunwear

Founded in 1982 in Newport Beach, California as a surf shop,
Pacific Sunwear of California, Inc. operates in the teen and young
adult retail sector, selling men's and women's apparel,
accessories, and footwear.  The Company went public in 1993
(NASDAQ: PSUN), and peaked with 965 stores in 2006.  At present,
the Company has approximately 593 retail locations nationwide under
the names "Pacific Sunwear" and "PacSun," which stores are
principally in mall locations.  The Company has 2,000 full-time
workers.  Through its ecommerce business, the Company operates an
e-commerce site at http://www.pacsun.com/  

On April 7, 2016, Pacific Sunwear of California, Inc., and two
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the District of Delaware.  The cases are pending before the
Honorable Laurie Selber Silverstein, and the Debtors have requested
joint administration of the cases under Case No. 16-10882.

The Debtors sought Chapter 11 protection with a Chapter 11 plan
that would convert debt into equity.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc.,
as financial advisor; Guggenheim Securities, LLC, as investment
banker; and Prime Clerk LLC as claims and noticing agent.


PEABODY ENERGY: Extends US$250M Revolving Loan to Australian Unit
-----------------------------------------------------------------
Peabody Energy Corp. disclosed in a regulatory filing with the
Securities and Exchange Commission on April 13, 2016, that the
Company has made available to its Australian platform a committed
US$250 million revolving intercompany loan facility. The
Intercompany Loan Facility is designed to provide additional
liquidity to support the ongoing operations of the Australian
business during Peabody's Chapter 11 reorganization, with draw
amounts being tied to operating budgets and subject to certain
availability restrictions.

The form of the agreement governing the Intercompany Loan Facility
was provided to certain debt holders and is available at
http://is.gd/vVeqDY

Peabody also disclosed in Wednesday's filing that it had
discussions with certain debt holders concerning potential interest
in issuing new debt securities and exchanging and repurchasing debt
securities.  The parties were unable to reach agreement in
connection with the Transaction Discussions.

The Transaction Discussions contemplated raising secured debt
financing through an Australian subsidiary of Peabody and through a
subsidiary of Peabody that does not guarantee any of Peabody's
existing debt (a "Non-Guarantor Subsidiary"), which would have
included certain mines in the United States being contributed to a
Non-Guarantor Subsidiary and mines in the United States and
Australia being used as collateral to secure debt. It was not
anticipated that the mines would be sold in connection with such
financing.  

Technical and operating information and historical financial
information relating to the Company's mines are available at
http://is.gd/kr2BPq

The Transaction Discussions also contemplated using all or a
portion of the net proceeds from the debt financing, along with new
secured first lien notes of Peabody, to repurchase or otherwise
acquire other outstanding debt securities of Peabody.

In February 2016, the focus of the Transaction Discussions changed,
and the Transaction Discussions then contemplated a Proposed
Exchange with respect to Peabody's 6.00% Senior Notes due 2018 (the
"2018 Notes"), 6.50% Senior Notes due 2020 (the "2020 Notes"),
6.25% Senior Notes due 2021 (the "2021 Notes"), 7.875% Senior Notes
due 2026 (the "2026 Notes") and 10.00% Senior Secured Second Lien
Notes due 2022.  The Proposed Exchange contemplated the exchange of
the Existing Notes for a combination of (i) up to $250.0 million
principal amount of 6.00% Secured First Lien Notes due 2021 to be
issued by Peabody that would have been pari passu with the debt
under our Credit Agreement and (ii) up to $350 million of cash.

As part of the Proposed Exchange, Peabody also intended to conduct
a consent solicitation with respect to the indenture governing the
Second Lien Notes to (i) eliminate the requirement in Section 4.09
of such indenture that if a non-guarantor subsidiary provides a
guarantee of capital markets indebtedness above a certain principal
amount, then such subsidiary must also guarantee the Second Lien
Notes, and (ii) eliminate the restrictive covenant contained in
Section 4.11 of such indenture limiting the amount of indebtedness
permitted to be incurred by a Non-Guarantor Subsidiary.

Summary of the principal terms of the Exchange Offer are available
at http://is.gd/8WC9Smand http://is.gd/YI74s9

The Transaction Discussions also contemplated, among other things,
certain holders of Peabody's Existing Notes (the "Specified
Holders") agreeing to (i) not tender substantially all the Existing
Notes held by them in the Proposed Exchange, (ii) extend the
maturity date of the 2018 Notes held by them by two years and with
PIK interest payable on such 2018 Notes instead of cash pay
interest for a period of two years, (iii) receive PIK interest
instead of cash interest for a period of two years with respect to
the 2020 Notes, 2021 Notes, 2026 Notes and Second Lien Notes held
by them and (iv) exchange $200.0 million aggregate principal amount
of Existing Notes held by the Specified Holders for $200.0 million
aggregate principal amount of senior secured notes (the "PAC
Notes") issued by a newly created subsidiary of Peabody (Peabody
Asset Holding Company), which PAC Notes would have had a five-year
term (subject to mandatory redemption as of December 31, 2016 if
Peabody had not contributed certain mine assets to the new
subsidiary by that date), borne interest at an annual rate of 6.0%
(payable monthly in kind) and been secured by cash maintained in a
blocked deposit account, provided that all accrued and unpaid
interest on the Existing Notes held by the Specified Holders would
have been paid in kind in applicable Existing Notes and certain
cash payments of interest by Peabody that may have been required to
avoid material adverse tax consequences would be paid as
necessary.

Additional terms regarding the proposed structure of Peabody Asset
Holding Company are available at http://is.gd/39Jyey

The closing of the Proposed Additional Transactions would have been
conditioned on the consummation of the Proposed Exchange, which
transactions could have been consummated substantially concurrent
with each other.

Closing of the Proposed Exchange would have been subject to certain
conditions, such as (i) a minimum percentage of the aggregate
principal amount of all series of Existing Notes not held by the
Specified Holders electing to participate in the Proposed Exchange,
(ii) the consummation of the Proposed Additional Transactions,
(iii) the consummation of Peabody's sale of its New Mexico and
Colorado assets (the "Asset Sale") to Bowie Resources Partners
("Bowie"), and (iv) customary closing conditions.

As part of the Transaction Discussions, the Specified Holders also
proposed that a Non-Guarantor Subsidiary that would hold the assets
to be sold in the Asset Sale (the "Four Star Subsidiary") would
invest $100.0 million in Bowie in the form of convertible preferred
equity (the "Bowie Preferred") and the Specified Holders would
purchase $100.0 million aggregate principal amount of senior
secured notes convertible into the Bowie Preferred issued by the
Four Star Subsidiary, the obligations of which would be secured by
the Bowie Preferred and guaranteed by a newly formed bankruptcy
remote Non-Guarantor Subsidiary that would hold all of the Existing
Notes purchased in the Proposed Exchange.  The Four Star
Transaction is not complete.  A term sheet for the Four Star
Transaction is available at http://is.gd/khsmTc


PEABODY ENERGY: Judge Okays First-Day Motions, Affirms $800M DIP
----------------------------------------------------------------
Peabody Energy Corporation on April 14 disclosed that first-day
motions to help facilitate continued operations in the ordinary
course of business while the company operates under Chapter 11
protection were approved by Judge Barry S. Schermer of the U.S.
Bankruptcy Court for the Eastern District of Missouri.

As part of the court's approval of first-day motions, Peabody
received authorization from the court to:

   -- Pay employees in the usual manner and to continue their
healthcare and other benefits programs without disruption;

   -- Pay certain prepetition wages and reimbursable U.S. employee
expenses; and

   -- Continue to use existing cash management systems and maintain
existing bank accounts.

The Court's approvals also affirmed on an interim basis the $800
million in Debtor-in-Possession (DIP) financing facilities by a
lender group led by Citigroup that includes participation of a
number of the company's secured lenders and unsecured noteholders.
Those facilities include a $500 million term loan, of which $200
million is now available to the company, a $200 million bonding
accommodation facility and a cash-collateralized $100 million
letter of credit facility.

The Court will hold hearings in May to issue the final orders
regarding Peabody's first-day motions including the final approval
of the DIP financing.

All of the company's mines and offices are continuing to operate in
the ordinary course of business.  No Australian entities are
included in the filings, and Australian operations are also
continuing as usual.

"We are pleased with this first positive step forward in our
Chapter 11 process, and the support we have received since our
filing from our employees, customers, suppliers and many other
stakeholders has been highly encouraging," said Peabody President
and Chief Executive Officer Glenn Kellow.

In its remarks to the Court the company noted that the DIP
financing, involving both secured and unsecured lenders, provides
sufficient liquidity to enable Peabody to operate in the normal
course of business, and the opportunity for the company to maximize
value to the estate through this process.  The company also
welcomed the comments to the Court from certain unsecured lenders
that they believe in the company, in its assets and its people.

As announced on April 13, Peabody voluntarily filed petitions under
Chapter 11 for the majority of its U.S. entities in the U.S.
Bankruptcy Court for the Eastern District of Missouri, taking a
major step to strengthen its liquidity and reduce debt amid an
unprecedented industry downturn.

Related to these activities, Peabody has retained Jones Day as its
legal advisor, Lazard Freres & Co. LLC as its investment banker and
financial advisor and FTI Consulting Inc. as its restructuring
advisor.

                      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.

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: Moody's Cuts PDR to 'D-PD' on Bankruptcy Filing
---------------------------------------------------------------
Moody's Investors Service lowered Peabody Energy Corporation's
Probability of Default Rating (PDR) to D-PD from Ca-PD. The action
was prompted by the company's April 13, 2016 announcement that it
voluntarily filed for relief under Chapter 11 of the United States
Bankruptcy Code. All other ratings are affirmed. The outlook is
negative.

Issuer: Peabody Energy Corporation

Downgrades:

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

Affirmations:

-- Speculative Grade Liquidity Rating, Affirmed SGL-4

-- Corporate Family Rating, Affirmed Ca

-- Senior Secured Bank Credit Facility, Affirmed Caa1 (LGD 2)

-- Senior Secured Regular Bond/Debenture, Affirmed Ca (LGD 3)

-- Senior Unsecured Regular Bond/Debenture, Affirmed C (LGD 5)

-- Junior Subordinated Conv./Exch. Bond/Debenture, Affirmed C
    (LGD 6)

Outlook Actions:

-- Issuer: Peabody Energy Corporation

-- Outlook, Remains Negative

RATINGS RATIONALE

The action follows today's announcement that Peabody have filed
voluntary petitions for reorganization under Chapter 11 of the
Bankruptcy Code in the Bankruptcy Court for the Eastern District of
Missouri. However, none of its Australian operations are included
in the filings. Subsequent to today's actions, Moody's will
withdraw all ratings. Please refer to Moody's Withdrawal Policy on
moodys.com.

Peabody Energy Corporation is the world's largest private sector
coal company with coal mining operations in the US and Australia
and roughly 6 billion tons of proven and probable reserves. For the
twelve months ended December 31, 2015, the company sold 228.8
million tons of coal and generated $5.6 billion in revenues,
including about 21 million tons of thermal coal sold from the
Midwestern division, 138.8 million tons of thermal coal sold from
the Powder River Basin and Colorado, 35.8 million of tons of
thermal and metallurgical coal from Australia, and 15.1 million
tons from trading and brokerage. For the twelve months ended
December 31, 2015, the company generated $5.6 billion in revenues.



PEABODY ENERGY: S&P Lowers Ratings to 'D' on Chap. 11 Bankr. Filing
-------------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its issue-level
ratings on St. Louis-based coal producer Peabody Energy Corp.'s
first-lien, senior unsecured (except for the senior notes with the
missed interest payment), and junior subordinated debt to 'D' from
'CC', 'C', and 'C', respectively.  The corporate credit rating and
the issue-level ratings on the second-lien notes and senior
unsecured notes associated with missed interest payments remain
'D'.

The rating action follows Peabody's announcement that it has filed
voluntary petitions for restructuring under Chapter 11 of the U.S.
Bankruptcy Code.  The company had approximately $8.9 billion of
adjusted debt outstanding at the end of 2015 (primary adjustments
included pension and other post retirement obligations of $622
million, operating lease adjustments of $516 million, and asset
retirement obligations of $463 million) and has obtained an $800
million debtor-in-possession (DIP) financing package that includes
the participation of a number of the company's secured lenders and
unsecured noteholders.  The 30-day grace periods on missed interest
payments on its second-lien notes and one of its senior unsecured
notes were coming to an end.  Peabody also announced today that the
planned sale of the company's New Mexico and Colorado assets was
terminated.

"We will reassess our recovery ratings on Peabody's prepetition
debt in light of ongoing changes to the capital structure," said
Standard & Poor's credit analyst Chiza Vitta.



PEABODY ENERGY: Summary and Terms of $800M DIP Facilities
---------------------------------------------------------
Peabody Energy Corp. has obtained a $500 million
debtor-in-possession term loan facility, $100 million letter of
credit facility and a $200 million bonding accommodation facility
with certain lenders on terms and conditions set forth in the DIP
term sheet and DIP credit agreement filed with the Court.  Upon
approval by the Court and the satisfaction of the conditions set
forth in the DIP term sheet and DIP credit agreement, the DIP
Financing as well as an accounts receivable securitization program,
along with the Company's existing liquidity and cash generated from
ongoing operations, will be used to support the business during the
restructuring process.

A summary of the terms and conditions of the DIP facilities is
available at http://is.gd/R2sfxO

Earlier versions of the DIP facility are available at
http://is.gd/GXsZ1sand at http://is.gd/f3Wo7E

The first version proposed $400 million in term loans.

The Lenders are financial institutions or entities identified by
Citigroup Global Markets Inc. as sole lead arranger and book runner
in consultation with the Company.  The Term Facility will be made
available to funds managed by Aurelius, Elliott, CapRe, and
Franklin, as Participating DIP Lenders.

An affiliate of Citigroup Global Markets Inc. acts as
administrative agent in respect of the DIP Facilities.

The Debtors are parties to these Prepetition Secured Debt
Facilities:

     (A) Fifth Amended and Restated Receivables Purchase Agreement,
dated as of March 25, 2016, by and among P&L Receivables Company,
LLC, as seller, the Company, as initial servicer, the sub-servicers
party thereto, PNC Bank, National Association, as administrator
(the "A/R Agent") and LC bank, and the other parties thereto (the
"A/R Facility Agreement").

     (B) A first lien senior secured term and revolving loan
facility made available to the Company pursuant to that certain
Amended and Restated Credit Agreement, dated as of September 24,
2013, by and among the Company, the lenders and L/C issuers party
thereto, Citibank, N.A., as administrative agent (in such capacity,
the "Prepetition Administrative Agent") and swing line lender, and
the other agents and arrangers party thereto (as amended,
supplemented or otherwise modified prior to the date hereof, the
"Prepetition Credit Agreement").

     (C) Indenture, dated as of March 16, 2015, among the Company,
the subsidiary guarantors party thereto and U.S. Bank National
Association, as trustee and collateral agent, as amended,
supplemented or otherwise modified -- Second Lien Notes Indenture
-- pursuant to which the Company issued $1,000 million aggregate
principal amount of its 10% Senior Secured Second Lien Notes due
2022.

                     DIP Loan Maturity, Fees

The DIP Facilities terminate on the earliest of (a) the Scheduled
Termination Date, (b) 45 days after the entry of the Interim Order
if the Final Order has not been entered prior to the expiration of
such 45-day period, (c) the substantial consummation (as defined in
Section 1101 of the Bankruptcy Code and which for purposes hereof
shall be no later than the "effective date" thereof) of a plan of
reorganization filed in the Cases that is confirmed pursuant to an
order entered by the Bankruptcy Court, (d) the acceleration of the
loans and the termination of commitments with respect to the DIP
Facilities in accordance with the DIP Loan Documents and (e) a sale
of all or substantially all of the assets of the Company (or the
Company and the Guarantors) pursuant to Section 363 of the
Bankruptcy Code.

"Scheduled Termination Date" means the date that is 12 months after
the Closing Date; provided that such date may, at the election of
the Company, be extended by up to an additional 6 months so long
as, at the time such extension shall become effective, (w) there
shall exist no default under the DIP Loan Documents, (x) the
representations and warranties of the Loan Parties therein shall be
true and correct in all material respects (or in the case of
representations and warranties with a "materiality" qualifier, true
and correct in all respects) immediately prior to, and after giving
effect to, such extension, (y) the Company shall have paid or
caused to be paid to the Administrative Agent for the account of
each Lender an extension fee in an amount equal to 2.50% of the
Lender's outstanding exposure under the Term Facility at that time
and (z) the Company shall have delivered to the Administrative
Agent an updated DIP budget covering the additional period to be
effected by the extension.

The Debtors are required to pay these interest rates:

With respect to the Term Facility, loans will bear interest, at the
option of the Company, at one of these rates:

     (i) the Applicable Margin plus the Base Rate, payable monthly
in arrears; or

    (ii) the Applicable Margin plus the current LIBO Rate as quoted
by the Administrative Agent, adjusted for reserve requirements, if
any, and subject to customary change of circumstance provisions,
for interest periods of one, two, three or six months (the "LIBO
Rate"), payable at the end of the relevant interest period, but in
any event at least quarterly; provided that the LIBO Rate shall be
not less than 1.00% (the "LIBOR Floor").

"Applicable Margin" means (x) 8.00% per annum, in the case of Base
Rate Loans, and (y) 9.00% per annum, in the case of LIBO Rate
Loans.

"Base Rate" means the highest of (i) Citibank, N.A.'s base rate,
(ii) the Federal Funds Effective Rate plus 1/2 of 1% and (iii) the
LIBO Rate for an interest period of one month (giving effect to the
LIBOR Floor) plus 1.00%.

Interest shall be calculated on the basis of the actual number of
days elapsed in a 360-day year (or a 365/366-day year, in the case
of Base Rate Loans).

During the continuance of an event of default under the DIP Loan
Documents, Loans will bear interest at an additional 2% per annum.

In no event shall aggregate fees payable to Administrative Agent
and Arranger exceed 1.0% of total DIP Facilities.

A fronting fee in the amount of 0.25% on the outstanding face
amount of each Bonding Letter of Credit shall be payable to the
issuer of such Bonding Letter of Credit. In addition, the Company
will pay to each Bonding Letter of Credit issuer its standard
opening, amendment, presentation, wire and other administration
charges applicable to each such Bonding Letter of Credit.

A fronting fee in the amount of 0.25% on the outstanding face
amount of each L/C Facility Letter of Credit shall be payable to
the issuer of such L/C Facility Letter of Credit. In addition, the
Company will pay to each L/C Facility Letter of Credit issuer its
standard opening, amendment, presentation, wire and other
administration charges applicable to each such L/C Facility Letter
of Credit.

The Company shall pay or cause to be paid, for the account of each
Lender in respect of the Term Facility, a participation fee (which
may take the form of original issue discount) equal to 5.0% of the
Lender's commitments under the Term Facility as set forth in the
DIP Loan Documents as commitments under the Term Facility are
funded, such fees to be earned and due and payable on the
respective funding dates.

The Debtors agree to pay or reimburse the Administrative Agent and
the Arranger for all reasonable, documented, out-of-pocket costs
and expenses incurred by the Administrative Agent and the Arranger
(including reasonable attorneys' fees and expenses) in connection
with (i) the preparation, negotiation and execution of the DIP Loan
Documents; (ii) the syndication and funding of the Loans and any
issuance of Bonding Letters of Credit or L/C Facility Letters of
Credit; (iii) the creation, perfection or protection of the liens
under the DIP Loan Documents (including all search, filing and
recording fees); and (iv) the ongoing administration of the DIP
Loan Documents (including the preparation, negotiation and
execution of any amendments, consents, waivers, assignments,
restatements or supplements thereto), including, for the avoidance
of doubt, the fees and expenses of Davis Polk & Wardwell LLP,
Centerview Partners LLC and Zolfo Cooper LLC.

The Debtors also agree to pay or reimburse all reasonable,
documented, out-of-pocket expenses costs and expenses of the
Participating DIP Lenders, including but not limited to reasonable
legal fees and expenses (the reasonable fees and expenses of Kramer
Levin Naftalis & Frankel LLP, Pachulski Stang Ziehl & Jones LLP,
Kirkland & Ellis LLP, O'Melveny & Myers LLP, local counsel, and
counsel in Australia) and reasonable fees and expenses of any other
advisors (including but not limited to the reasonable fees and
expenses of Houlihan Lokey, Inc. and Ducera Partners) incurred in
connection with any aspect of the Cases.

                        DIP Loan Covenants

The DIP Facilities contain only the following financial covenants:

     (A) Maximum cumulative capital expenditures of the Loan
Parties, to be tested monthly beginning on May 31, 2016; such
covenant levels to be set for each period with a cumulative
variance from the DIP budget equal to the amount specified opposite
such period in the following table:

         Period Ending               Cumulative Variance
         -------------               -------------------
         May 31, 20166                      $7.5 million
         June 30, 2016                      $8.0 million
         July 31, 2016,                     $8.5 million
            August 31, 2016 and                
            September 30, 2016
         Thereafter                         17.5% cumulative
                                            variance from the
                                            DIP budget

To the extent that the six-month maturity extension option is
exercised, compliance in months 13 through 18 will be tested on a
trailing twelve-month basis.

The period ending May 31, 2016, covers the period from and
including April 1, 2016 to and including May 31, 2016.

     (B) Minimum cumulative consolidated operational EBITDAR (to be
defined in the DIP Loan Documents) of the Loan Parties, to be
tested monthly beginning May 31, 2016; such covenant levels to be
set for each period with a cumulative variance from the DIP budget
equal to the amount specified opposite such period in the following
table:

         Period Ending               Cumulative Variance
         -------------               -------------------
         May 31, 20166                     $12.5 million
         June 30, 2016                     $17.5 million
         July 31, 2016                     $25.0 million
         August 31, 2016                   $27.5 million
         September 30, 2016                $30.0 million
         Thereafter                        17.5% cumulative
                                           variance from the
                                           DIP budget

     (C) Minimum Liquidity of the Loan Parties of $300 million, to
be tested on a weekly basis each Friday (but, in the event that
Liquidity or projected Liquidity (according to the most recently
delivered 13-week cash flow forecast) shall be less than a
threshold of $400 million (which threshold may be reduced on a
dollar-for-dollar basis to no lower than $350 million pursuant to
the mechanism set forth in the proviso to this paragraph) at any
point, with reporting to occur on a daily basis at the end of each
day until such condition no longer exists) beginning with the first
Friday that is two business days after the entry of the Final
Order; provided that the minimum Liquidity amount shall
automatically be reduced on a dollar-for-dollar basis by up to $50
million of prepayments of Loans or unused Term Facility commitments
from the proceeds of certain "resource management" surplus land
sales (other than any such proceeds included in the initial DIP
budget) as required under the terms set forth in "Mandatory
Prepayments".

"Liquidity" shall be defined as the sum of unrestricted cash and
cash equivalents of the Loan Parties (but excluding, for the
avoidance of doubt, (i) any restricted cash or cash equivalents,
(ii) any cash or cash equivalents pledged as collateral to secure
Bonding Letters of Credit or L/C Facility Letters of Credit (but
only to the extent such cash or cash equivalents described in this
clause (ii) exceed $50 million) and (iii) any cash or cash
equivalents held by Global Center).

                    Business Plan in 4 Months,
                 Chapter 11 Exit Plan in 7 Months

The DIP Loan Documents require compliance with these milestones:

     -- Not later than 120 days following the Petition Date, the
Company shall deliver to the Administrative Agent, which shall upon
the request of a Lender deliver to such Lender, a five-year
business plan [in accordance with the parameters set forth in the
DIP Loan Documents]5 in respect of its U.S. operations (the "U.S.
Business Plan"), which U.S. Business Plan shall be on a monthly
basis for 2016 and 2017; provided that the Company shall, not later
than 60 days following the Petition Date, deliver to the
Administrative Agent, which shall upon the request of a Lender
deliver to such Lender, a written update setting forth in
reasonable detail the Company's progress in formulating the U.S.
Business Plan and any material developments with respect thereto
since the Petition Date.

     -- Not later than 120 days following the Petition Date, the
Company shall deliver to the Administrative Agent, which shall upon
the request of a Lender deliver to such Lender, a five-year
business plan [in accordance with the parameters set forth in the
DIP Loan Documents]6 in respect of its Australian operations (the
"Australian Business Plan"), which Australian Business Plan shall
be on a monthly basis for 2016 and 2017 and shall include, without
limitation, (i) a determination, if any, of mining complexes or
interests thereon of such Australian operations to be sold,
assigned, abandoned or otherwise disposed of in connection with the
reorganization of the Company and the other Loan Parties and (ii)
an assessment of the financial impact of the cessation of
operations at, or the disposition of, any assets of such Australian
operations, if any; provided that the Company shall, not later than
60 days following the Petition Date, deliver to the Administrative
Agent, which shall upon the request of a Lender deliver to such
Lender, a written update setting forth in reasonable detail the
Company's progress in formulating the Australian Business Plan and
any material developments with respect thereto since the Petition
Date.

     -- Not later than 180 days following the Petition Date, the
Bankruptcy Court shall have entered a final determination of the
"Principal Property Cap" and which of the Company's U.S. Mine
complexes are "Principal Properties" (as such terms are defined in
the Prepetition Credit Agreement) of the Prepetition Lenders;
provided that a declaratory judgment action seeking such a
determination shall be commenced by the Company by the date that is
30 days after the Petition Date.

     -- Not later than 210 days following the Petition Date, the
Company shall file with the Bankruptcy Court (x) a plan of
reorganization that provides for the payment in full in cash and
full discharge of the Loan Parties' obligations under the DIP
Facilities at emergence and for full releases of the Lenders, the
L/C Issuers and the Administrative Agent (each in their capacities
as such) that are customarily contained in a plan of reorganization
(an "Acceptable Plan of Reorganization") and (y) a disclosure
statement with respect thereto.

     -- Not later than 270 days following the Petition Date, the
Bankruptcy Court shall enter an order approving a disclosure
statement with respect to an Acceptable Plan of Reorganization.

     -- Not later than 330 days following the Petition Date, the
Bankruptcy Court shall enter an order confirming an Acceptable Plan
of Reorganization.

     -- Not later than 360 days following the Petition Date, the
confirmed Acceptable Plan of Reorganization shall be effective.


                      Carve-Out Provisions

The DIP Facilities provide for a "Carve-Out" in an amount equal to
the sum of:

     (i) all fees required to be paid to the clerk of the
Bankruptcy Court and to the Office of the United States Trustee
under 28 U.S.C. section 1930(a) plus interest at the statutory
rate;

    (ii) fees and expenses of up to $25,000 incurred by a trustee
under section 726(b) of the Bankruptcy Code; and

   (iii) allowed and unpaid claims for unpaid fees, costs, and
expenses incurred by persons or firms retained by the Debtors or
the official committee of unsecured creditors in the Cases, if any,
whose retention is approved by the Bankruptcy Court pursuant to
Section 327 and 1103 of the Bankruptcy Code, which shall be paid to
the extent allowed by the Bankruptcy Court, that are incurred (A)
at any time before delivery by the Administrative Agent of a
Carve-Out Trigger Notice, whether allowed by the Bankruptcy Court
prior to or after delivery of a Carve-Out Trigger Notice --
-Pre-Trigger Date Fees -- which shall be paid to the extent allowed
by the Bankruptcy Court; and (B) after the occurrence and during
the continuance of an event of default under the DIP Loan Documents
and delivery of notice -- Carve-Out Trigger Notice -- thereof
(which may be by email) to the Debtors, the Debtors' counsel, the
United States Trustee, and lead counsel for the Creditors'
Committee, if any, in an aggregate amount not to exceed $7.5
million -- Post-EoD Carve-Out Amount -- provided that nothing shall
be construed to impair the ability of any party to object to the
fees, expenses, reimbursement or compensation described in clauses
(iii)(A) or (iii)(B), on any grounds.

The Carve-Out shall not include, apply to or be available for any
fees or expenses incurred by any party in connection with:

     (a) the investigation, initiation or prosecution of any
claims, causes of action, adversary proceedings or other litigation
(i) against any of the Lenders, the Administrative Agent or the
Prepetition Lenders (whether in such capacity or otherwise) or (ii)
challenging the amount, validity, perfection, priority or
enforceability of or asserting any defense, counterclaim or offset
to, the obligations and the liens and security interests granted
under the DIP Loan Documents or the Prepetition Credit Agreement,
including, in each case, without limitation, for lender liability
or pursuant to section 105, 510, 544, 547, 548, 549, 550, or 552 of
the Bankruptcy Code, applicable non-bankruptcy law or otherwise;

     (b) attempts to modify any of the rights granted to the
Lenders or the Administrative Agent;

     (c) attempts to prevent, hinder or otherwise delay any of the
Lenders' or the Administrative Agent's assertion, enforcement or
realization upon any Collateral in accordance with the DIP Loan
Documents and the Final Order other than to seek a determination
that an event of default has not occurred or is not continuing; or


     (d) paying any amount on account of any claims arising before
the commencement of the Cases unless such payments are approved by
an order of the Bankruptcy Court.

For the avoidance of doubt and notwithstanding anything to the
contrary herein or in the DIP Loan Documents, the Carve-Out shall
be senior to all liens and claims securing the DIP Loan Documents,
any adequate protection liens, if any, and the superpriority
claims, and any and all other liens or claims securing the DIP
Facilities (it being understood and agreed that the Carve-Out shall
not apply to the cash-collateralized Bonding Letters of Credit or
the cash-collateralized L/C Facility Letters of Credit).

                            *     *     *

The Company says the bankruptcy filing constitutes an event of
default that -- other than with respect to the AR program so long
as an order approving certain amendments to the AR program, the
assumption of the related documents and superpriority status for
the claims under the AR program is entered on or prior to May 1,
2016 -- accelerated Peabody's obligations under these debt
instruments:

     -- Indenture governing $1,000 million outstanding aggregate
principal amount of the Company's 10.00% senior secured second lien
notes due 2022, dated as of March 16, 2015, among the Company, U.S.
Bank National Association ("U.S. Bank"), as trustee and collateral
agent, and the guarantors named therein.

     -- Indenture governing $650 million outstanding aggregate
principal amount of the Company's 6.50% senior notes due 2020,
dated as of March 19, 2004, between the Company and U.S. Bank, as
supplemented by that certain Thirty-Third Supplemental Indenture,
dated as of August 25, 2010, as further supplemented by that
certain Thirty-Eighth Supplemental Indenture, dated as of April 21,
2011, in each case by and among the Company, U.S. Bank and the
guarantors named therein.

     -- Indenture governing $1,519 million outstanding aggregate
principal amount of the Company's 6.00% senior notes due 2018,
dated as of November 15, 2011, by and among the Company, U.S. Bank
and the guarantors named therein.

     -- Indenture governing $1,340 million outstanding aggregate
principal amount of the Company's 6.25% senior notes due 2021,
dated as of November 15, 2011, by and among the Company, U.S. Bank
and the guarantors named therein.

     -- Indenture governing $250 million outstanding aggregate
principal amount of the Company's 7.875% senior notes due 2026,
dated as of March 19, 2004, between the Company and U.S. Bank, as
supplemented by that certain Eleventh Supplemental Indenture, dated
as of October 12, 2006, as further supplemented by that certain
Fourteenth Supplemental Indenture, dated as of November 10, 2006,
as further supplemented by that certain Seventeenth Supplemental
Indenture, dated as of January 31, 2007, as further supplemented by
that certain Twentieth Supplemental Indenture, dated as of June 14,
2007, as further supplemented by that certain Twenty-Third
Supplemental Indenture, dated as of November 14, 2007, as further
supplemented by that certain Twenty-Sixth Supplemental Indenture,
dated as of March 31, 2008, as further supplemented by that certain
Twenty-Ninth Supplemental Indenture, dated as of November 5, 2008,
as further supplemented by that certain Thirty-Second Supplemental
Indenture, dated as of March 13, 2009, as further supplemented by
that certain Thirty-Fifth Supplemental Indenture, dated as of May
28, 2010, as further supplemented by that certain Thirty-Seventh
Supplemental Indenture, dated as of April 21, 2011, in each case by
and among the Company, U.S. Bank and the guarantors named therein.

     -- Subordinated Indenture governing $733 million outstanding
aggregate principal amount of the Company's convertible junior
subordinated debentures due 2066, dated as of December 20, 2006, as
supplemented by that certain First Supplemental Indenture, dated as
of December 20, 2006, by and among the Company and U.S. Bank, as
further supplemented by that certain Second Supplemental Indenture,
dated as of June 25, 2014, in each case between the Company and
U.S. Bank.

     -- Amended and Restated Credit Agreement, as amended and
restated as of September 24, 2013, related to $1,165 million
outstanding aggregate principal amount of term loans and
approximately $947 million in revolving credit facility borrowings,
as well as approximately $675 million of posted but undrawn letters
of credit, by and among the Company, Citibank, N.A., as
administrative agent, swing line lender and L/C issuer, Citigroup
Global Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, BNP Paribas Securities Corp., Credit Agricole
Corporate and Investment Bank, HSBC Securities (USA) Inc., Morgan
Stanley Senior Funding, Inc., PNC Capital Markets LLC and RBS
Securities Inc., as joint lead arrangers and joint book managers,
and the lender parties thereto, as amended by that certain Omnibus
Credit Agreement, dated as of February 5, 2015 (the "Credit
Agreement").

The Debt Instruments provide that as a result of the filing of the
Bankruptcy Petitions, all unpaid principal and accrued and unpaid
interest due thereunder became immediately due and payable. Any
efforts to enforce such payment obligations under the Debt
Instruments are automatically stayed as a result of the Bankruptcy
Petitions, and the creditors' rights of enforcement in respect of
the Debt Instruments are subject to the applicable provisions of
the Bankruptcy Code.

If an order approving certain amendments to the AR program, the
assumption of the related documents and superpriority status for
the claims under the AR program is not entered on or prior to May
1, 2016, the AR Program will automatically terminate and the
obligations thereunder will be accelerated. As of April 12, 2016,
approximately $169.5 million of obligations were outstanding under
the AR program.

                      Debtholder Discussions

Peabody Energy Corp., disclosed that prior to filing of the
Bankruptcy Petitions, the Company had discussions with certain of
its debt holders relating to the potential restructuring of its
debt, including DIP Financing.  In connection with these
discussions, Peabody entered into non-disclosure agreements with
the debt holders pursuant to which Peabody agreed to publicly
disclose certain confidential information relating to or provided
in connection with such discussions.  Peabody expects to continue
to have discussions with its debt holders throughout the Chapter 11
process.


PETROLEUM PRODUCTS: Hires Calvetti Ferguson as Auditor
------------------------------------------------------
Petroleum Products & Services, Inc., d/b/a Wellhead Distributors
International, seeks authorization from the U.S. Bankruptcy Court
for the Southern District of Texas to retain Calvetti Ferguson P.C.
as its auditor, nunc pro tunc to March 4, 2016.

Petroleum Products requires Calvetti to perform the annual audit of
the Plan for the plan year ended 2015.

Petroleum Products will pay Calvetti on a flat fee basis of
$10,700.

Natasha Erskine of Calvetti Ferguson P.C. assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Calvetti can be reached at:

     Natasha Erskine
     CALVETTI FERGUSON P.C.
     1201 Louisiana, Suite 800
     Houston, TX 77002
     Tel: (713) 957-2300

                       About Petroleum Products

Petroleum Products & Services, Inc.(d/b/a Wellhead Distributors
Int'l and dba WDi) distributes API-6A wellhead equipment and valves
used in the petroleum and natural gas industries.

The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Tex., Case No. 16-31201) on March 4, 2016. Alejandro Kiss signed
the petition as president. The Debtor estimated assets in the range
of $10 million to $50 million and liabilities of at least $10
million.

The Debtor has engaged Hoover Slovacek, LLP as counsel and Hirsch
Westheimer, P.C. as special litigation counsel.


PHOTOMEDEX INC: Alleges Breach Under DSKX Merger Agreement
----------------------------------------------------------
PhotoMedex, Inc., issued a notice to DS Healthcare Group, Inc.
("DSKX") on April 12, 2016.  The Company and its subsidiaries,
Radiancy, Inc. and PhotoMedex Technology, Inc. had entered into
Agreements and Plans of Merger and Reorganization with DSKX and its
subsidiaries on Feb. 19, 2016.  Under those Agreements, the
Company's two subsidiaries were to merge with two subsidiaries of
DSKX; as a result, DSKX would become the holding company for
Radiancy and P-TECH, while the Company would become the majority
shareholder in DSKX.  

The Notice states that, based upon the disclosures set forth in
DSKX's Current Report on Form 8-K filed on March 23, 2016, and
subsequent press releases and filings by DSKX with the United
States Securities and Exchange Commission, DSKX is in material
breach of various representations, warranties, covenants and
agreements set forth in the Agreements; had failed to provide to
the Company the information contained in the DSKX Public
Disclosures during the discussions relating to the negotiation and
execution of the Agreements; and continues to be in material breach
under the Agreements.  As a result, the conditions precedent to the
closing of these transactions as set forth in the Agreements may
not be able to occur.

The Notice also declares that the Company reserves all its rights
and remedies under the Agreements, including, without limitation,
the right to terminate the Agreements and collect a termination fee
from DSKX of $3.0 million.  The Notice further asserts that the
Company regards certain provisions of the Agreements to have been
waived by DSKX and to no longer be in effect, including the
non-solicitation and no-shop provisions, negative covenants, and
termination events, as applicable solely to the PHMD Group, as well
as the payment of any termination fee by PHMD to DSKX. Finally, the
Notice provides that the Company has the right to terminate the
Agreements to pursue, consider and enter into any acquisition
proposal or other transaction without the payment of fees and
expenses to DSKX.

A copy of the Form 8-K filing is available for free at:

                       http://is.gd/40UzYn

                         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 $34.6 million on $75.9 million of
revenues for the year ended Dec. 31, 2015, compared to a net loss
of $121 million on $133 million of revenues for the year ended Dec.
31, 2014.  As of Dec. 31, 2015, PhotoMedex had $34.4 million in
total assets, $21.7 million in total liabilities and $12.69 million
in total stockholders' equity.


POSITIVEID CORP: Incurs $11.5 Million Net Loss in 2015
------------------------------------------------------
PositiveID Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
attributable to common stockholders of $11.5 million on $2.94
million of revenues for the year ended Dec. 31, 2015, compared with
a net loss attributable to common stockholders of $8.22 million on
$945,000 of revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, PositiveID Corp had $4.69 million in total
assets, $16.5 million in total liabilities and a stockholders'
deficit of $11.8 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company reported a
net loss, and used cash for operating activities of approximately
$11,404,000 and $4,507,000 respectively, in 2015.  At Dec. 31,
2015, the Company had a working capital deficiency, a stockholders'
deficit and an accumulated deficit of approximately $10,694,000,
$11,842,000 and $144,161,000 respectively.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.

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

                       http://is.gd/rRrRRk

                         About PositiveID

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.


PREFERRED PROPERTIES: Wants Plan Exclusivity Extended to Aug. 24
----------------------------------------------------------------
Preferred Properties of Columbus, LLC, asks the U.S. Bankruptcy
Court for the Southern District of Indiana for an extension of the
time within which only the Debtor may file a plan of reorganization
and disclosure statement, and to solicit acceptances of the plan.

Absent an extension, Preferred Properties' exclusivity period
pursuant to 11 U.S.C. Sec. 1121 expires April 26, 2016.  

Preferred Properties asserts that the interests of all parties are
best served by allowing it an extension of time within which to
file the plan and disclosure statement, so as to be able to submit
a feasible plan of reorganization.  

Preferred Properties believes that it needs an additional 120 days
authorized by 11 U.S.C. Sec. 1121, to and including August 24,
2016, to make the necessary changes to its business operation to
submit a disclosure statement and plan.

Preferred Properties of Columbus, LLC, based in Columbus, Indiana,
filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 15-09038) on
October 29, 2015.  Hon. Robyn L. Moberly oversees the case.  The
Debtor listed total assets of $1.37 million and total liabilities
of $1.72 million.  The petition was signed by Katherine J.
Ellegood, member/owner.

The Debtor is represented by:

     TUCKER HESTER BAKER & KREBS
     David R. Krebs, Esq.
     John J. Allman, Esq.
     One Indiana Square, Suite 1600
     Indianapolis, IN  46204
     Tel: (317) 833-3030
     Fax: (317) 833-3031
     E-mail: dkrebs@thbklaw.com
             jallman@thbklaw.com

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/insb15-09038.pdf


PREMIER EXHIBITIONS: Enters Into Replacement Notes with Lenders
---------------------------------------------------------------
Premier Exhibitions, Inc., on Dec. 9, 2015, entered into a Secured
Promissory Note and Guarantee with Mr. Yanzi Gao as agent for the
lenders, with an aggregate principal sum not to exceed
US$5,000,000.  The Note provides that the Company will make draws
of: (i) $1,000,000 on or before Dec. 10, 2015; (ii) $1,000,000
within five business days after delivering written notice to the
Lenders requesting the second draw, on or before Dec. 18, 2015; and
(iii) $1,000,000 within five business days after delivering written
notice to the Lenders requesting the third draw, on or before Dec.
31, 2015, provided in each case there is no event of default under
the Note.  The Note provided the Company could request an
additional advance in the amount of $2,000,000 at any time during
the term of the Note, provided the Lenders would have the option to
grant or deny the request in their sole and absolute discretion.
The proceeds of the Note will be used in the normal course of the
Company's business operations.

On Jan. 4, 2016, the Company agreed to delay the second draw until
January 15, 2016, and the third draw until Jan. 28, 2016.  Interest
on these amounts would not accrue until the amounts were received
by the Company.  The Note otherwise remained unchanged and in full
effect.

While the first $1,000,000 draw was timely made in accordance with
the terms of the Note, a second draw of $500,000 was received on
Jan. 29, 2016.  At the time of and as a condition to receiving the
last $1.5 million in funding, the Company entered into replacement
notes with the members of the lending group individually, as a
replacement for the original note.  The remaining $1.5 million was
received in two drafts received April 1, 2016, and April 4, 2016.
These Replacement Notes do not provide the Company the ability to
request the remaining $2 million in funding, and the Company does
not anticipate receiving this funding from the lending group in the
future.  With the exception of these changes, the material terms of
the replacement Notes are the same as in the original Note.

The lenders in the Replacement Notes are individuals who are also
the owners of entities who were parties to the March 31, 2015,
financing transaction with the Company totaling $13.5 million. This
debt has since been converted to common stock in the Company, and
the lenders in the Replacement Notes are part of a group that filed
a Form 13D on April 1, 2016, reporting its ownership of
approximately 47.5% of the common stock of the Company.

                      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.


PREMIER EXHIBITIONS: Errors Found in Dinoking Financial Statements
------------------------------------------------------------------
The Audit Committee of Premier Exhibitions, Inc., with the Board of
Directors and management of the Company, concluded that certain
previously issued financial statements of Dinoking Tech Inc.
included in the Company's Proxy Statement dated Sept. 16, 2015,
should no longer be relied upon because of an error in those
financial statements as addressed in ASC Topic 840 (Leases) and
Subtopic 605-25 (Accounting for Multiple Element Arrangements).

The restatement is a result of the interpretation and application
of lease accounting standards in Dinoking Tech, Inc. financials
pre-merger, and the general result of the preliminary estimated
restatement is to decrease income during fiscal years 2013 and
2014, and increase income for the first nine months of 2015 and for
future periods.  All numbers reported are in Canadian dollars.
These amounts are preliminary, unaudited, and will not be finalized
until the related audit is complete.

For fiscal year 2013, the restatement will reduce reported revenues
of Dinoking Tech, Inc. for that period from Cdn$6.4 million to
Cdn$5.4 million; will reduce cost of sales from Cdn$2.5 million to
Cdn$1.6 million; and will reduce operating income from Cdn$1.0
million to Cdn$0.7 million.  For fiscal year 2014, the restatement
will reduce reported revenues of Dinoking Tech, Inc. for that
period from Cdn$11.1 million to Cdn$6.0 million; will reduce cost
of sales from Cdn$1.6 million to Cdn$1.0 million; and will reduce
operating income from Cdn$6.5 million to Cdn$2.1 million.

The Company will report the corrected financial statements in its
Form 8-K/A to be filed in connection with the merger.

                      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.


PREMIER EXHIBITIONS: Issues Shareholder Update Letter
-----------------------------------------------------
Premier Exhibitions, Inc., announced the issuance of a letter by
the Executive Chairman, President and CEO, Daoping Bao, to update
shareholders on Company progress.

Dear Fellow Shareholders:

Thank you for your commitment to Premier Exhibitions, Inc.  In
January, we provided a corporate update that outlined the immediate
priorities for the Company.  Management, the employees, and our
partners have worked tirelessly toward these strategic objectives.

Strategic Objective #1: Stabilize expenses with improved oversight
and controls

Update:

Since the merger, Premier has made organizational changes to reduce
general and administrative expenses across the Company.  In
addition to rewriting travel and expense policies, lowering the
threshold for expenses that require approval, establishing a more
disciplined approach to contract negotiation, and approving any
binding agreements company-wide, the Company has also:

  - Made significant management changes.  These changes include
    the departure of John Norman as president of Premier's
    subsidiaries Premier Exhibition Management, LLC and Arts &
    Exhibitions International, LLC, as of March 21, 2016.

  - Reduced legacy Premier compensation by approximately US$1.5
    million per year since the date of the merger.  Along with the
    departure of Mr. Norman, the Company completed a reduction in
    headcount to further consolidate operations and streamline
    production.  We also experienced voluntary staff departures in

    positions we do not intend to fill, which contributed to the
    reduction in compensation related costs.

  - Reduced Corporate Leasehold Expenses.  The Company reached an
    agreement to terminate its office lease at Tower Place in
    Atlanta, which has allowed us to consolidate corporate office
    and warehouse needs.  This office space restructuring will
    result in approximately US$240,000 in annual cost savings.

  - Improved Inventory Controls.  Since the merger, our internal
    teams have worked to consolidate warehouse space and implement

    a comprehensive inventory database for equipment, lighting,
    tools, and exhibitry elements.  This work has been partially
    completed and the teams have identified surplus assets which
    could potentially be monetized.

Strategic Objective #2: Explore opportunities in Asia

Update:

The Company continues its negotiations on a strategic relationship
with Macau Legend Development Ltd. and its large-scale
redevelopment of Macau's Fisherman Wharf.  The Company provided
design services for the project, which includes fossil exhibits as
well as media content and interactive elements to provide an
engaging visitor experience.  While the conceptual design work for
the project has substantially been completed, there is no assurance
the current negotiations will result in a definitive agreement.

The Titanic artifacts are of particular interest in Asia, and we
are exploring opportunities to exhibit our unique collections.
Venue discussions are in various stages and the Company will
provide further detail once agreements have been executed.

Strategic Objective #3: Improve ticket sales and gross margin at
the Company's permanent venues.

Update:

The Company has critically reviewed its permanent venue structure
and identified opportunities to reduce its cost structure and
redistribute assets to focus on profitability.  While increases in
ticket sales will require longer term marketing efforts, the
Company has taken steps to significantly reduce costs at all of its
existing venues.

As of April 17, 2016, our Buena Park facility will be closing
because the landlord is reclaiming the building for redevelopment.
At this time, the Company has no plan to re-open a permanent venue
in this market.

The Company is also working with its landlord to explore its
options under the "Premier Exhibitions on 5th Avenue: lease in New
York City.  While the Company had high expectations for the New
York City Venue, our ticket sales at that location have not covered
the high costs of rent in that market and have resulted in losses
to date. We will make further announcements when these plans are
finalized.

We have also elected to end our use of the remaining two sets
licensed from Dr. Hongjin Sui and his affiliates, under which
Premier licensed the use of anatomical specimens for use in our
BODIES series of exhibitions.  Premier will continue to present its
"BODIES" exhibitions at its permanent venues in Las Vegas and
Atlanta, and will likewise continue to present traveling Bodies
exhibitions when presented with good opportunities, in all cases
utilizing other sets of human anatomy specimens owned by the
Company.  The termination of this license agreement will reduce our
operating costs by over US$1 million annually.

Bridge Financing

In our January update to shareholders, we outlined the negotiated
terms and timeline for up to US$5 million in Bridge Financing from
a lending group.  The Note provided that the Company would make
draws of: (i) US$1 million on or before December 10, 2015; (ii)
US$1 million, on or before December 18, 2015; (iii) US$1 million on
or before December 31, 2015, and (iv) at the election of the
lending group, up to an additional $2 million.  The Company
received a US$1 million draw in December, a US$500,000 draw in
January, and a US$1.5 million draw in April.  The delays in
receiving the funding required careful management of the Company's
cash balances.  We relied heavily on the patience and commitment of
our vendors and partners through this time.

At the time of, and as a condition to, receiving the last US$1.5
million in funding, the Company entered into replacement notes with
each individual member of the lending group as replacements for the
original note.  These replacement notes do not provide the Company
the ability to request the remaining US$2 million in funding, and
the Company does not anticipate receiving this additional funding
from these lenders in the future.

Financial disclosures

The Company has not yet filed our required Form 8-K/A that will
provide proforma combined financials for the period ending
September 30, 2015, and this process has similarly delayed our
filing of our Form 10-K for the period ending December 31, 2015. We
now expect to file the Form 8-K/A during the last week in April,
and expect to file the Form 10-K approximately 45 days following
that filing.

Restatement of Financials

We have identified discrepancies in the accounting treatment of
capital leases for Dinoking Tech, Inc., and have been working to
restate financial information for pre-merger periods.  We have
prepared preliminary financial information (unaudited)
demonstrating the impact to the historical financial information of
DinoKing Tech.  However, these amounts are preliminary, unaudited,
and will not be finalized until the related audit is complete.

The restatement results from the interpretation of complex
accounting standards regarding lease accounting, in particular with
respect to accounting for the modification of lease contracts,
which dictate the reporting of revenue in periods where the company
has ongoing service obligations.  The general result of the
restatement is to defer revenue previously recognized in fiscal
years 2013 and 2014, resulting in a decrease in reported income
during fiscal years 2013 and 2014, and an increase in reported
income for the first nine months of 2015 and for future periods.

For fiscal year 2013, the restatement will reduce reported revenues
of Dinoking Tech for that period from Cdn$6.4 million to Cdn$5.4
million; will reduce cost of sales from Cdn$2.5 million to Cdn$1.6
million; and will reduce operating income from Cdn$1.0 million to
Cdn$0.7 million.  For fiscal year 2014, the restatement will reduce
reported revenues of Dinoking Tech for that period from Cdn$11.1
million to Cdn$6.0 million; will reduce cost of sales from Cdn$1.6
million to Cdn$1.0 million; and will reduce operating income from
Cdn$6.5 million to Cdn$2.1 million.

Consolidated year to date revenues for Dinoking through September
30, 2015, were approximately Cdn$5.35 million with associated cost
of goods sold of Cdn$0.49 million, generating gross margin of
approximately Cdn$4.8 million or gross margin percent of 91%.
Operating income before taxes for the first nine months of 2015 is
expected to be Cdn$1.68 million.

Estimated Earnings

Because the review for the period ending September 30, 2015, has
not yet concluded, we cannot with certainty provide our results for
that period.  However, based on work to date, we expect the
revenues of Premier Exhibitions, Inc. for the period ending
September 30, 2015, to be approximately US$20.2 million with
associated cost of goods sold of US$16.2 million, generating gross
margin of approximately US$4 million or gross margin percent of
19.8%. Net loss before taxes for the first nine months of 2015 is
expected to be US$11.6 million.  Because this period is pre-merger,
these figures do not include the results of Dinoking Tech, Inc. for
that period.

Working Capital

As of April 12th, Premier has approximately US$5.5 million of
current accounts payable and accrued liabilities outstanding and
approximately US$1.9 million in available cash.

Titanic

Finally, I would like to reiterate the Company's commitment to
explore strategic opportunities with the TITANIC artifacts to
enhance value for all shareholders.  We are actively seeking
options and creative solutions which will allow us to unlock
additional value including developing additional revenue streams
with our intellectual property, expanding our Titanic exhibitions
into China, and exploring all other long-term options for the
artifacts that enhance shareholder value.  We are also pursuing a
sale of the entire artifact collection, in accordance with the
covenants and conditions imposed by the court in the Titanic case.

Closing

When I stepped into the role of Executive Chairman, I understood
that leading this Company was going to be a challenge.  Before we
can get to the optimistic future of Premier, we have to deal with
the immediate legacy issues and financial hurdles.  Our current
cash balance is extremely low; we are taking all reasonable steps
to stabilize the Company.  It is a daily challenge, one in which we
are completely vested.

I assure you, I have never backed down from a challenge. I have
heard your concerns, and I ask that you look at what we have
accomplished in a short time and give me time to honor your
investment.  It is my sincere goal to stabilize the Company's
finances and return it to profitability.

   Sincerely
   
   Daoping Bao
   Executive Chairman
   President & CEO

                   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.


PREMIER EXHIBITIONS: Signs Separation Pact with Units President
---------------------------------------------------------------
As disclosed in a Form 8-K report filed with the Securities and
Exchange Commission, Premier Exhibitions, Inc. and John Norman have
agreed that effective as of March 21, 2016, Mr. Norman resigned
from his positions as President of Premier Exhibition Management
LLC and as President of Arts and Exhibitions International, LLC,
both subsidiaries of the Company.  The Company expects that Mr.
Norman may provide consulting services to the Company in the
future.

On April 5, 2016, the Company and Mr. Norman entered into a
Separation Agreement containing customary releases.  The Separation
Agreement does not provide for severance payments.

                   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 $35.9 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.


PRESIDENTIAL REALTY: Reports $495,000 Net Loss for 2015
-------------------------------------------------------
Presidential Realty Corporation filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss of $495,377 on $932,044 of total revenues for the year ended
Dec. 31, 2015, compared to a net loss of $941,050 on $871,499 of
total revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Presidential Realty had $1.39 million in total
assets, $2.41 million in total liabilities and a total
stockholders' deficit of $1.01 million.

Baker Tilly Virchow Krause, LLP, in Melville, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency.  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/P0EAgE

                    About Presidential Realty

Headquartered in White Plains, New York, Presidential Realty
Corporation, a real estate investment trust, is engaged
principally in the ownership of income-producing real estate and
in the holding of notes and mortgages secured by real estate or
interests in real estate.  On Jan. 20, 2011, Presidential
stockholders approved a plan of liquidation, which provides for
the sale of all of the Company's assets over time and the
distribution of the net proceeds of sale to the stockholders after
satisfaction of the Company's liabilities.


PRIMORSK INTERNATIONAL: April 29 Set as General Claims Bar Date
---------------------------------------------------------------
The Hon. Martin Glenn of the U.S. Bankruptcy Court for the Southern
District of New York established these deadlines for filing claims
against Primorsk International Shipping Limited, et al.:

   General Bar Date:                  4:00 p.m., on April 29, 2016
   Governmental Bar Date:             4:00 p.m., on July 13, 2016

Proofs of claim must be submitted to:

         Primorsk Claims Processing
         c/o Kurtzman Carson Consultants LLC
         2335 Alaska Avenue
         El Segundo, CA 90245

                   About Primorsk International

Headquartered in Nicosia, Cyprus, Primorsk International Shipping
Limited (Prisco) aka PISL operates a fleet of ice-class oil tankers
in the Arctic.  It was founded in 2004 and is owned by Apington
Investments, a British Virgin Islands holding company, which is
controlled by Russian native Alexander Kirilichev.

Primorsk sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 16-10073) in New York, in the U.S., on Jan. 15, 2016.
Affiliates Boussol Shipping Limited, Malthus Navigati on Limited,
Jixandra Shipping Limited, Levaser Navigation Limited, Hermine
Shipping Limited, Laperouse Shipping Limited (Bankr. S.D.N.Y. Case
No. 16-10079), Prylotina Shipping Limited, Baikal Shipping Ltd, and
Vostok Navigation Ltd. also filed separate Chapter 11 bankruptcy
petitions.  The bankruptcy petitions were signed by Holly Felder
Etlin, chief restructuring officer.  Judge Martin Glenn presides
over the cases.

The Debtor disclosed total assets of $6,018,821 and total
liabilities of $351,352,076 as of the Chapter 11 filing.

Andrew G. Dietderich, Esq., at Sullivan & Cromwell LLP serves as
the Debtors' bankruptcy counsel.  AlixPartners, LLP, is the
Debtors' financial and restructuring advisor.


QUANTUM FUEL: Mainstay Fuel Resigns from Creditors' Committee
-------------------------------------------------------------
The Office of the U.S. Trustee on April 12 announced that Mainstay
Fuel Technologies, Inc., has resigned from the official committee
of unsecured creditors of Quantum Fuel Systems Technologies
Worldwide, Inc.

The remaining committee members are:

     (1) Toray Carbon Fibers America, Inc.
         Greg Clemons, CFO
         P.O. Box 248
         Decatur, AL 35602

     (2) West Coast Gasket Co, Inc.
         Louis Russell, President
         300 Ranger Avenue
         Brea, CA 92821

     (3) Dowding Industries, Inc.
         C. Christine Dowding Metts, CEO
         449 Marlin Street
         Eaton Rapids, MI 48827

     (4) Duggan Manufacturing
         Tony Pinho, President
         50150 Ryan Road
         Shelby Township, MI, 48317

     (5) Haskell & White LLP
         Rick Smetanka, Partner
         300 Spectrum Center Dr.
         Suite 300
         Irvine, CA 92618

     (6) Mitsubishi Rayon Carbon Fiber & Composites, Inc.
         Donald J. Carter
         5900 88th Street
         Sacramento, CA 95828

                         About Quantum Fuel

Lake Forest, California-based Quantum Fuel Systems Technologies
Worldwide, Inc., is an innovator, developer and producer of
compressed natural gas (CNG) fuel storage tanks and packaged fuel
storage systems for heavy-, medium-, and light-duty trucks and
passenger vehicles.  The Company also produces integrated vehicle
system technologies, including engine and vehicle control systems
and drive-trains.  It supplies its tanks and systems to truck and
automotive original equipment manufacturers and aftermarket and OEM
truck integrators worldwide.

Quantum Fuel sought Chapter 11 protection (Bankr. C.D. Cal. Case
No. 16-11202) on March 22, 2016.  The petition was signed by Brian
W. Olson, the CEO.  Judge Mark S Wallace is assigned to the case.

The Debtor listed total assets of $23.1 million and total debt of
$21.7 million.

Foley & Lardner LLP serves as counsel to the Debtor.  Kerr, Russell
and Weber, PLC, is the special corporate counsel.  Garden City
Group Inc. is the claims and noticing agent.


QUICKSILVER RESOURCES: Closes Sale to BlueStone; Price Slashed
--------------------------------------------------------------
Quicksilver Resources Inc. and its U.S. subsidiaries entered into
an Asset Purchase Agreement with BlueStone Natural Resources II,
LLC on January 22, 2016, pursuant to which the Buyer agreed to
purchase substantially all of the Sellers' U.S. oil and gas assets.


The parties entered into an amendment to the Purchase Agreement on
March 30, 2016.

On April 6, 2016, the parties entered into a second amendment to
the Purchase Agreement pursuant to which, among other things, the
Sellers and the Buyer agreed to certain adjustments to the cash
purchase price that will result in an aggregate reduction of the
cash purchase price of approximately $2.5 million. Thereafter, the
parties closed the deal: The Sellers completed the disposition of
substantially all of their U.S. oil and gas assets to the Buyer for
a cash purchase price of approximately $236 million, subject to
customary post-closing adjustments.

The disposed U.S. oil and gas assets are located primarily in the
Barnett Shale in the Fort Worth basin of North Texas as well as
assets in the Delaware basin in West Texas, which are concentrated
in Pecos County, Texas and to a lesser extent Crockett and Upton
Counties, Texas.

As reported by the Troubled Company Reporter, BlueStone offered
$240 million to acquire Quicksilver's oil and gas assets located in
the Barnett Shale in the Fort Worth basin of North Texas, and $5
million for those assets located in the Delaware basin in West
Texas.  The Court has approved the deal.

A copy of the Second Amendment to the Purchase Agreement is
available at http://is.gd/gqAw6C

Quicksilver Resources Inc. filed with the U.S. Securities and
Exchange Commission its unaudited pro forma condensed consolidated
balance sheet and statements of operations, which are derived from
the Companyt's historical consolidated financial statements.  The
pro forma condensed consolidated balance sheet as of September 30,
2015 gives effect to (i) the deconsolidation of Quicksilver
Resources Canada Inc. and its wholly owned subsidiaries and its
affiliates, including Fortune Creek Gathering and Processing
Partnership, due to commencement of restructuring proceedings of
certain of the Canadian Entities under the Companies Creditors
Arrangement Act (Canada) and (ii) the sale of substantially all of
its U.S. operating assets to BlueStone Natural Resources II, LLC
pursuant to the Asset Purchase Agreement as if these events had
occurred on September 30, 2015.

The pro forma condensed consolidated statement of operations for
the year ended December 31, 2014 and the nine months ended
September 30, 2015 reflects the deconsolidation of the Canadian
Entities and the BlueStone Transaction as if these events had
occurred on January 1, 2014. The pro forma statements of operations
exclude any recognition of gain or loss related to the
deconsolidation of the Canadian Entities and the BlueStone
Transaction as a non-recurring transaction. The unaudited pro forma
condensed consolidated balance sheet and statements of operations
have been derived from and should be read in conjunction with the
related notes and Quicksilver's historical financial statements,
including the related notes, included in its 2014 Annual Report on
Form 10-K for the year ended December 31, 2014 and Quarterly Report
on Form 10-Q/A for the quarter ended September 30, 2015.

A copy of the pro forma financial information is available at
http://is.gd/YqdoJ6

                    About Quicksilver Resources

Quicksilver Resources Inc. (OTCQB: KWKA) is an exploration and
production company engaged in the development and production of
long-lived natural gas and oil properties onshore North America.
Based in Fort Worth, Texas, the company claims to be a leader in
the development and production from unconventional reservoirs
including shale gas, and coal bed methane.  Following more than 30
years of operating as a private company, Quicksilver became public
in 1999.

The Company has U.S. offices in Fort Worth, Texas; Glen Rose,
Texas; Steamboat Springs, Colorado; Craig, Colorado and Cut Bank,
Montana.  The Company's Canadian subsidiary, Quicksilver Resources
Canada Inc. is headquartered in Calgary, Alberta.

On March 17, 2015, Quicksilver Resources Inc. and certain of its
affiliates filed voluntary petitions for relief under Chapter 11
of
the Bankruptcy Code in Delaware.  Quicksilver's Canadian
subsidiaries were not included in the chapter 11 filing.

The Company's legal advisors are Akin Gump Strauss Hauer & Feld
LLP
in the U.S. and Bennett Jones in Canada.  Richards Layton &
Finger,
P.A., is legal co-counsel in the Chapter 11 cases.  Houlihan Lokey
Capital, Inc., is serving as financial advisor.  Garden City Group
Inc. is the claims and noticing agent.

The Company's balance sheet at Dec. 31, 2014, showed $1.21 billion
in total assets, $2.35 billion in total liabilities and a
stockholders' deficit of $1.14 billion.

The U.S. Trustee for Region 3 appointed five creditors of
Quicksilver Resources Inc. to serve on the official committee of
unsecured creditors.


REBUS CORP: Case Summary & 4 Unsecured Creditors
------------------------------------------------
Debtor: Rebus, Corp.
           fka Baranda/Lopez Inc.
        PO Box 9780
        San Juan, PR 00908

Case No.: 16-02891

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       District of Puerto Rico (Old San Juan)

Judge: Hon. Brian K. Tester

Debtor's Counsel: Homel Mercado Justiniano, Esq.
                  Calle Ramirez Silva #8
                  Ensanche Martinez
                  Mayaguez, PR 00680
                  Tel: (787) 831-2577
                  Fax: (787) 805-7350
                  E-mail: hmjlaw2@gmail.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Pedro Martinez, president.

A list of the Debtor's four largest unsecured creditors is
available for free at http://bankrupt.com/misc/prb16-02891.pdf


RENAULT WINERY: US Trustee Seeks Conversion of Case to Chapter 7
----------------------------------------------------------------
Andrew R. Vara, the Acting United States Trustee for Region 3, asks
the Bankruptcy Court to enter an order converting the Chapter 11
case of Renault Winery, Inc., to a Chapter 7 liquidation.

The U.S. Trustee requests that the Debtors' cases be converted to
chapter 7 pursuant to Section 1112(b) of the Bankruptcy Code due to
the admission that the cases are administratively insolvent.  In
addition, the Debtors have been in Chapter 11 for over 16 months
without filing a plan and disclosure statement or offering an exit
strategy.

There appears to be several payments made to creditors within the
90 days pre-petition that may be avoidable pursuant to the
Bankruptcy Code.  As a result, the remaining cases should also be
converted to chapter 7 to allow an independent fiduciary to review
potential avoidance actions.

The US Trustee is represented by:

         Jeffrey M. Sponder, Esq.
         One Newark Center, Suite 2100
         Newark, NJ 07102
         Tel: (973) 645-3014
         E-mail: jeffrey.m.sponder@usdoj.gov

                       About Renault Winery

Renault Winery, Inc., and its affiliates own and operate a hotel,
two restaurants, a golf course, and a winery.  The hotel is located
in Egg Harbor City, N.J., and the other businesses are located on
adjacent property in Galloway Township, N.J.  Renault Winery has
served South Jersey as a winery and restaurant facility for the
past 150 years.  Joseph Milza and his wife, Geraldine, took over
the operations of Renault Winery in 1974.

The companies that operate the businesses are Renault Winery Inc.
(winery, restaurant and gift shop), Renault Golf LLC (golf course),
and Tuscany House LLC (hotel, restaurant, and banquet facility).
Renault Realty Co., Renault Winery Property LLC, and Renault Winery
Inc., own the real estate on which the businesses operate, as well
as other real estate in the immediate area.

Renault Winery, Inc., and four affiliates sought Chapter 11
protection (Bankr. D.N.J. Lead Case No. 14-33075) in Camden, New
Jersey, on Nov. 13, 2014.  The cases are assigned to Judge Andrew
B. Altenburg Jr.

The Debtors tapped Subranni Zauber LLC as counsel.

Renault Winery disclosed total assets of $11.3 million and total
debt of $8.59 million.


SABLE OPERATING: Aggietech Approved as Operator
-----------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
authorized Sable Operating Company doing business as Nytex
Petroleum, Inc., to employ Aggietech Operating, LLC, as operator.

The employment of the operator is in relation to the motion for
adequate protection or relief from the automatic stay filed by
secured lenders and RKJ Holdings, LLC.

The Court also ordered that secured lenders deposit of $50,000 to
AggieTech for anticipated fees and expenses will be treated as an
advance under the agreed final order approving postpetition
financing entered Jan. 25, 2016.

As reported by the Troubled Company Reporter on March 4, 2016, the
Debtor, its lender group, and party-in-interest RKJ Holdings LLC,
have made a joint application to retain Borderline Operating as
operator of the Debtor's oil and gas production.  The Debtor is a
small exploration and production company operating on 20,000 acres
of mineral leases it acquired in Palo Pinto County, Texas.  It
financed the acquisition of these leases through loans from the
Lender Group and RJK.

The Debtor is represented by:

         Joyce W. Lindauer, Esq.
         Joyce W. Lindauer Attorney, PLLC
         12720 Hillcrest Road, Suite 625
         Dallas, TX 75230

The secured creditor is represented by:

         Mark E. Andrews, Esq.
         1717 Main Street, Suite 4200
         Dallas, TX 75201
         Tel: (214) 462-6400
         Fax: (214) 462-6401
         E-mail: mandrews@dykema.com

                   About Sable Operating Company

Sable Operating Company, doing business as Nytex Petroleum, Inc.,
owns an approximate 20,000 acres of oil and gas leases in Palo
Pinto County, Texas that it purchased in October of 2014.

Sable Operating Company sought Chapter 11 protection (Bankr. N.D.
Tex. Case No. 15-33460) in Dallas on Aug. 28, 2015.  The case is
assigned to Judge Stacey G. Jernigan.  Sable estimated $10 million
to $50 million in assets and debt.

Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, in
Dallas, serves as counsel to the Debtor.

The Lender Group consists of Venture Strong II, LLC, R&D
Royalties,
Penn Investment Funds, LLC, RMT Energy, LLC, ELSR, LP, Judah Oil,
LLC, Scott Family Trust, John R. Bertsch, Ellis Holdings, LLC,
Midland Pipe & Equipment, Prejos Partners, and William Daly Powers
Family 2012 GST Exempt Trust.  They are represented by Mark
Andrews, Esq., and Aaron Kaufman, Esq., at Dykema Cox Smith; and
Brandon Jones, Esq., at Shannon, Gracey, Ratliff & Miller, LLP.


SABRE HOLDINGS: Moody's Hikes Corporate Family Rating to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded Sabre Holdings Corporation's
Corporate Family Rating (CFR) to Ba2, from Ba3, its Probability of
Default Rating to Ba2-PD, from Ba3-PD, and the ratings for the
senior secured credit facilities and notes at Sabre's wholly-owned
subsidiary, Sabre GLBL Inc., to Ba2, from Ba3. Moody's also
affirmed Sabre's SGL-2 speculative grade liquidity rating. The
ratings have a stable outlook.

RATINGS RATIONALE

Moody's analyst Raj Joshi said, "The upgrade reflects our
expectations that Sabre's strong earnings growth and balanced
financial policies will result in a stronger credit profile."
Moody's expects Sabre's total debt to EBITDA (Moody's adjusted,
including amortization of upfront incentive consideration) to
decline from 4.2x at year-end 2015 to near 3x over the next 12 to
18 months from solid growth in adjusted EBITDA. In addition,
Sabre's free cash flow should increase from 4% of its adjusted
total debt in 2015, to approximately 6% to 7% over the next 12 to
18 months. Moody's also believes that Sabre's litigation risks have
moderated and its improving financial profile affords the company
adequate flexibility to invest in growth, including moderate-size
acquisitions, and accommodate litigation-related costs or potential
adverse outcomes from pending legal proceedings.

The Ba2 CFR reflects Sabre's improving credit metrics and
increasing earnings diversification driven by the strong growth in
its Airline and Hospitality solutions segment. Sabre is one of the
largest Global Distribution Systems providers and is the leader in
the North American market. The rating is supported by Sabre's high
proportion of recurring revenues. However, the company has high
exposure to the cyclical airline industry, moderate customer
concentration and it operates in a highly competitive market. The
Ba2 CFR reflects Moody's expectations that management will pursue
balanced financial policies and maintain leverage near its target
of 3x on its reported net leverage basis.

The SGL-2 liquidity rating reflects Sabre's good liquidity
comprising cash balances, partial availability under revolving
credit facilities and free cash flow.

Moody's could upgrade Sabre's ratings if the company maintains good
earnings growth, revenues become more diversified, total debt to
EBITDA approaches the mid 2x level (Moody's adjusted) and free cash
flow increases to the high single digit percentages of total debt.

Moody's could downgrade Sabre's ratings if the loss of a
significant customer, unfavorable changes in pricing or the
distribution of travel supply, or debt-financed acquisitions cause
total debt to EBITDA to remain over 3.5x (Moody's adjusted) and
free cash flow declines to below 5% for an extended period of time.
The ratings could additionally come under pressure if adverse
outcomes in legal proceedings have a meaningful financial impact on
Sabre or increase its business risks.

Moody's has taken the following ratings actions:

Issuer: Sabre Holdings Corporation

-- Corporate Family Rating, Upgraded to Ba2 from Ba3

-- Probability of Default Rating, Upgraded to Ba2-PD from Ba3-PD

-- Speculative Grade Liquidity Rating, Affirmed, SGL-2

Issuer: Sabre GLBL Inc.

-- $35 million Senior Secured Revolving Credit Facility due 2018,

    Upgraded to Ba2 (LGD4) from Ba3 (LGD3)

-- $370 million Senior Secured Revolving Credit Facility due
    2019, Upgraded to Ba2 (LGD4) from Ba3 (LGD3)

-- $1.72 billion (outstanding) Senior Secured Term Loan B due
    2019, Upgraded to Ba2 (LGD4) from Ba3 (LGD3)

-- $342 million (outstanding) Senior Secured Incremental Term
    Loan Facility due 2019, Upgraded to Ba2 (LGD4) from Ba3 (LGD3)

-- $49 million (outstanding) Senior Secured Term Loan C due 2018,

    Upgraded to Ba2 (LGD4) from Ba3 (LGD3)

-- $530 million 5.375% Senior secured notes due 2023, Upgraded to

    Ba2 (LGD4) from Ba3 (LGD3)

-- $500 million 5.25% Senior secured notes due 2023, Upgraded to
    Ba2 (LGD4) from Ba3 (LGD3)

-- Outlook Actions:

Issuer: Sabre Holdings Corporation

-- Outlook, Stable outlook

Issuer: Sabre GLBL Inc.

-- Assigned, Stable outlook

Sabre is a leading technology solutions provider to the global
travel and tourism industry. Funds affiliated to TPG Partners,
Silver Lake Partners and other co-investors own a minority equity
interest in Sabre.


SADDLE CREEK: Tex. App. Upholds Allegiance Lease on FABDA Property
------------------------------------------------------------------
In the case captioned ALLEGIANCE EXPLORATION, LLC, ENEXCO, INC.,
CENTENNIAL GROUP, LLC, AND KINGSWOOD HOLDINGS, LLC, Appellants, v.
CHARLES CHANDLER DAVIS, FABDA, INC., THOMAS M. MCMURRAY, AS TRUSTEE
OF THE TMM FAMILY TRUST, AND NASA ENERGY CORP. A/K/A NASA
EXPLORATION, INCORPORATED, Appellees, No. 02-13-00349-CV (Tex.
App.), the Court of Appeals of Texas, Second District, Fort Worth,
reversed the trial court's judgment granting summary judgment for
the appellees.  The appellate court also held that the trial court
erred by not rendering certain declarations in favor of the
appellants.

The case arose out of attempts by Charles Chandler Davis' and
Thomas M. McMurray's attempts to have declared void a lease that
Allegiance signed with the Friday Afternoon Beer Drinkers
Association (FABDA) over a tract of real property in Denton
County.

Between 2005 and 2008, Davis, on behalf of FABDA, executed three
successive mineral leases on the property.  The appellants argued
that the third lease, the Allegiance lease, is in effect and that
the prior two leases terminated by their own terms.  The appellees
argued that the third lease is ineffective.

The Allegiance lease had a primary term of three years "and for as
long thereafter as oil or gas or other substances covered hereby
are produced in paying quantities from the leased premises or from
lands pooled therewith or this lease is otherwise maintained in
effect pursuant to the provisions hereof."  The addendum attached
to the lease also stated that Allegiance's rights to conduct
operations under the lease would not begin until a prior lease, the
Prichard lease, had terminated, and that the Allegiance lease would
expire if the Prichard lease were still in effect at the end of the
Allegiance lease's primary term.  The lease also provided for a
180-day litigation extension if Allegiance or its successor were to
challenge the validity of the Pritchard lease in court.

The appellants argued that the trial court erred by granting
summary judgment for NASA, Davis, FABDA, and McMurray and by
failing to render certain declarations in favor of the Allegiance
parties.

The Court of Appeals of Texas sustained in part the issues raised
by the Allegiance parties and reversed the trial court's judgment.
The appellate court also rendered a declaratory judgment that: (1)
the Piper No. 1 well was capable of production in paying quantities
and was shut in, and the appropriate shut-in royalties were paid
prior to November 20, 2011; (2) the primary term of the Allegiance
lease is extended under the terms of the lease until 180 days after
a final and non-appealable judgment is rendered in this case; and
(3) Davis and McMurray's attempted extensions of the second lease,
the Pritchard lease, were of no effect.

A full-text copy of the Court of Appeals' March 24, 2016 memorandum
opinion is available at http://is.gd/YqwJgBfrom Leagle.com.


SAFEWAY INC: Egan-Jones Withdraws Sr. Unsecured Debt Ratings
------------------------------------------------------------
Egan-Jones Ratings Company withdrew the senior unsecured ratings on
debt issued by Safeway Inc. from BB on March 31, 2016.

Safeway, Inc. is an American supermarket chain that was founded in
1915. It was acquired by private equity investors led by Cerberus
Capital Management in January 2015.



SCC PARTNERS: Corporate Development Resigns from Committee
----------------------------------------------------------
The Office of the U.S. Trustee on April 13 announced that Corporate
Development Capital, LLC has resigned from the official committee
of unsecured creditors of SCC Partners Group, LLC.

The remaining 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

                       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.


SEARS HOLDINGS: ESL Partners Reports 57.5% Stake
------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, ESL Partners, L.P. reported that as of April 8, 2016,
it beneficially owns 64,174,909 common shares of Sears Holdings
Corporation representing 57.5 percent of the shares outstanding.
Also included in the filing are:

                                  Number of         Pecentage of
                              Shares Beneficially   Outstanding
   Reporting Person                 Owned              Shares
   ----------------           -------------------   ------------
SPE I Partners, LP                 150,124               0.1%      
   
SPE Master I, LP                   193,341               0.2%      
   
RBS Partners, L.P.               64,518,374             57.8%      
   
ESL Investments, Inc.            64,518,374             57.8%      

Edward S. Lampert                64,518,374             54.7%

A copy of the regulatory filing is available for free at:

                     http://is.gd/XNBwuB
  
                          About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.12 billion on $25.14
billion of revenues for the year ended Jan. 30, 2016, compared to a
net loss of $1.81 billion on $31.19 billion of revenues for the
year ended Jan. 31, 2015.

As of Jan. 30, 2016, Sears Holdings had $11.33 billion in total
assets, $13.29 billion in total liabilities and a total deficit of
$1.95 billion.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEARS HOLDINGS: Obtains $500 Million Secured Loan Facility
----------------------------------------------------------
Sears Holdings Corporation announced that certain of its
subsidiaries have entered into a 15 month $500 million committed
secured loan facility maturing in July 2017.  The $250 million was
funded under the Loan Facility and up to an additional $250 million
may be drawn by the Borrowers in the future.  The Loan Facility,
together with the previously announced $750 million Term Loan, will
provide the Company with additional financial flexibility as it
executes on its transformation to a more asset-light integrated
retailer leveraging its membership based Shop Your Way program.

"We have an asset rich portfolio which provides us with numerous
options to finance our transformation strategy," said Robert A.
Schriesheim, executive vice president and chief financial officer
for Sears Holdings.  "The expected closing today of the previously
announced $750 million Term Loan, together with this $500 million
facility, provides $1.25 billion of committed financing.  When
considered together with our previously announced intention to
monetize at least $300 million of assets, this set of actions would
result in an aggregate of $1.5 billion of enhanced liquidity.  As
we have consistently demonstrated, we will continue to take actions
to adjust our capital structure and manage our business to enable
us to execute on our transformation while meeting all of our
financial obligations."

The Loan Facility is secured by mortgages on 13 real properties
owned by the Company's subsidiaries and will be secured by an
additional 8 real properties beginning on the date any additional
amounts are drawn.  The Loan Facility bears interest at a rate of
8% per annum and is guaranteed by the Company.

Under the terms of the Loan Facility, the Company is required to
retain a broker and use commercially reasonable efforts to
syndicate the Loan Facility.  Eastdil Secured has been engaged by
the Company to manage the syndication.  Any lender who provides a
portion of the Loan Facility as part of the syndication will be
entitled to share (based on loan amount and time outstanding) in
the origination and funding fees. Entities affiliated with ESL
Investments, Inc., on the one hand, and Cascade Investment, L.L.C.,
on the other, each provided $125 million of the initial $250
million drawn under the Loan Facility and have committed to provide
any portion of the Loan Facility that is not syndicated to other
lenders.  Edward S. Lampert, the Company's chief executive officer
and chairman, controls ESL Investments, Inc.

The terms of the Loan Facility were approved by the Related Party
Transactions Subcommittee of the Board of Directors of the Company,
with advice from Centerview Partners and Weil Gotshal & Manges, the
Subcommittee's outside financial and legal advisors.

Additional information is available at no charge at:

                       http://is.gd/RU0Wor

                           About Sears

Sears Holdings Corporation (NASDAQ: SHLD) --
http://www.searsholdings.com/-- is an integrated retailer focused
on seamlessly connecting the digital and physical shopping
experiences to serve members.  Sears Holdings is home to Shop Your
Waytm, a social shopping platform offering members rewards for
shopping at Sears and Kmart as well as with other retail partners
across categories important to them.

The Company operates through its subsidiaries, including Sears,
Roebuck and Co. and Kmart Corporation, with more than 2,000 full-
line and specialty retail stores in the United States and Canada.

Kmart Corporation and 37 of its U.S. subsidiaries filed voluntary
Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 02-02474) on
Jan. 22, 2002.  Kmart emerged from chapter 11 protection on May 6,
2003, pursuant to the terms of an Amended Joint Plan of
Reorganization.  Skadden, Arps, Slate, Meagher & Flom, LLP,
represented Kmart in its restructuring efforts.  Its balance sheet
showed $16,287,000,000 in assets and $10,348,000,000 in debts when
it sought chapter 11 protection.

Kmart bought Sears, Roebuck & Co., for $11 billion to create the
third-largest U.S. retailer, behind Wal-Mart and Target, and
generate $55 billion in annual revenues.  Kmart completed its
merger with Sears on March 24, 2005.

Sears Holdings reported a net loss of $1.12 billion on $25.14
billion of revenues for the year ended Jan. 30, 2016, compared to a
net loss of $1.81 billion on $31.19 billion of revenues for the
year ended Jan. 31, 2015.

As of Jan. 30, 2016, Sears Holdings had $11.33 billion in total
assets, $13.29 billion in total liabilities and a total deficit of
$1.95 billion.

                            *     *     *

Moody's Investors Service in January 2014 downgraded Sears
Holdings Corporate Family Rating to 'Caa1' from 'B3'.  The rating
outlook is stable.

The downgrade reflects the accelerating negative performance of
Sears' domestic business with comparable sales falling 7.4% for
the quarter to date ending January 6th, 2014 compared to the prior
year.  The company now expects domestic Adjusted EBITDA to decline
to a range of ($80 million) to $20 million for the fourth fiscal
quarter, compared with $365 million in the year prior period.  For
the full year, Sears expects domestic Adjusted EBITDA loss between
$(308) million and $(408) million, as compared to $557 million
last year.  Moody's expects full year cash burn (after capital
spending, interest and pension funding) to be around $1.2 billion
in 2013 and we expect Sears' cash burn to remain well above $1
billion in 2014.  "Operating performance for fiscal 2013 is
meaningfully weaker than our previous expectations, and we expect
negative trends in performance to persist into 2014" said Moody's
Vice President Scott Tuhy.  He added "While Sears noted improved
engagement metrics for its "Shop Your Way" Rewards program,
Moody's remains uncertain when these improved engagement metrics
will lead to stabilization of operating performance."

As reported by the TCR on March 26, 2014, Standard & Poor's
Ratings Services affirmed its ratings on the Hoffman Estate, Ill.-
based Sears Holdings Corp., including the 'CCC+' corporate credit
rating.

Fitch Ratings had downgraded its long-term Issuer Default Ratings
(IDR) on Sears Holdings Corporation (Holdings) and its various
subsidiary entities (collectively, Sears) to 'CC' from 'CCC',
according to a TCR report dated Sept. 12, 2014.


SEPCO CORP: Names M. Jacoby as Deputy Restructuring Officer
-----------------------------------------------------------
Sepco Corporation filed an amended application asks the U.S.
Bankruptcy Court for the Northern District of Ohio for permission
to employ PMCM, LLC.

PMCM, LLC, an affiliate of Phoenix Management Services, LLC, will
(i) continue providing the Debtor with Richard J. Szekelyi as
postpetition chief restructuring officer; and (ii) provide it with
Michael Jacoby as postpetition deputy restructuring officer and
other personnel, as necessary.

In August 2014, more than one year prepetition, the Debtor
appointed Mr. Szekelyi as its CRO and engaged PMCM to assist the
Debtor in its financial affairs.

The engagement personnel will, among other things:

   a. assist with the preparation of various schedules required as
part of the Debtor's chapter 11 case;

   b. assist the Debtor's counsel with any information requirements
and analysis to support the bankruptcy filing, properly distinguish
postpetition activity from prepetition activity; and

   c. prepare the books of accounts in a manner to properly
distinguish postpetition activity from prepetition activity.

Mr. Szekelyi will provide the majority of the services to be
rendered to the Debtor.  His current hourly rate is $455.  The
Engagement Personnel will bill at one-half of their standard
billing rates for any non-working travel time outside of Cleveland,
Ohio.

At the time PMCM was first engaged in 2014, PMCM requested a
retainer from the Debtor in the amount of $50,000 (the deposit),
which the Debtor delivered during 2014.  PMCM has held the deposit
ever since.  The deposit has not been and will not be replenished.
PMCM shall continue to hold the deposit during the case.

As of the Petition Date, the Debtor did not owe PMCM any amount for
services performed or expenses incurred prior to the Petition
Date.

To the best of the Debtor's knowledge, PMCM does not hold or
represent any interest adverse to the Debtor's estate.

The Debtor is represented by:

         Harry W. Greenfield, Esq.
         Jeffrey C. Toole, Esq.
         Heather E. Heberlein, Esq.
         BUCKLEY KING LPA
         1400 Fifth Third Center
         600 Superior Avenue
         Cleveland, OH 44114
         Tel: (216) 363-1400
         Fax: (216) 579-1020
         E-mails: greenfield@buckleyking.com
                  toole@buckleyking.com
                  heberlein@buckleyking.com

                    About Sepco Corporation

Aurora, Ohio-based Sepco Corporation filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ohio. Case No. 16-50058) on Jan. 14, 2016.
The petition was signed by Richard J. Szekelyi as chief
restructuring officer.  Buckley King, LPA represents the Debtor as
counsel.  The case has been assigned to Judge Alan M. Koschik.

The Debtor disclosed total assets of  $60,749,509 and total
liabilities of $619,229.

Daniel M. McDermott, the United States Trustee for Region 9, has
appointed seven creditors to serve on the committee of asbestos
claimants.


SM ENERGY: Egan-Jones Cuts Sr. Unsecured Rating to B-
-----------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured rating on
debt issued by SM Energy Co to B- from BBB- on March 31, 2016.  EJR
also lowered commercial paper rating on the Company to B from A1.

SM Energy Company, formerly St. Mary Land & Exploration Company, is
a petroleum and natural gas exploration company headquartered in
Denver, Colorado.



SOUTHCROSS HOLDINGS: Pre-Packaged Plan Confirmed; Exits Chapter 11
------------------------------------------------------------------
Southcross Holdings LP on April 13 disclosed that it has
consummated its pre-packaged plan of reorganization (the "POR") and
emerged from bankruptcy protection.  Holdings commenced voluntary
cases under chapter 11 of the U.S. Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of Texas on March
27, 2016.  The bankruptcy court confirmed the POR on April 11,
2016.

"The speed of our successful financial restructuring is a true
credit to our entire team and reflects the continued support of our
owners and lenders," said John Bonn, President and Chief Executive
Officer.  "This allows us to move forward with a much stronger
financial foundation and an enhanced ability to grow and expand our
business in the current market environment."

Among other things, the POR eliminated nearly $700 million of
funded debt and preferred equity obligations of Holdings, and
provided for a new equity investment from certain of its existing
equity holders.

                   About 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: Warns of Possible Bankruptcy if Settlement Fails
------------------------------------------------------------
In March 2016, Spire Corporation, as a result of the continued
deterioration of the Company's business and financial condition and
lack of sufficient liquidity, determined to cease operations and
has since moved out of its manufacturing facility.  The Company
continues to gauge potential business, sale or licensing
opportunities, but currently believes the prospects and timing of
these opportunities to be highly uncertain and/or unreliable.  As
such, in consultation with its financial advisor, the Company is
pursuing a pro rata settlement arrangement with the Company's
unsecured creditors in order to attempt to settle its debts and
avoid a potential bankruptcy filing.

The Company's unsecured creditors hold approximately $2.24 million
in unsecured claims.  Under the terms of the proposed settlement
arrangement, the Company will offer to pay unsecured creditors
approximately 23.5% of their claims against the Company in exchange
for settlement of any and all claims against the Company, subject
to the condition that creditors holding 80% of the Unsecured Claims
Pool accept the settlement arrangement or consent to an alternative
treatment of equitable value.  The exact amount to be received by
an unsecured creditor will not decrease, assuming the Threshold is
met, but may increase depending on the actual percentage of
unsecured creditors who accept the offer and the final
determination of claims that are not yet finalized but fully
reserved for, such as partially secured claims whereby the
collateral is being sold or valued.  Funds in the amount of
$529,000 are expected to be available for payment to unsecured
creditors.  No distributions from the funds available will be
disbursed to insiders or related parties.

The Company currently possesses only a small amount of unencumbered
assets, and has an unrestricted cash balance of less than $105,000,
all of which is reserved for employee wage obligations, insurance
and rent.  The net proceeds the Company received from the January
2016 sale of its simulator business were allocated toward
outstanding employee wage and health insurance claims, other
insurance payments, moving, downsizing and selling costs, and
creditor settlement efforts.

The funds to pay unsecured creditors under the settlement
arrangement will be provided pursuant to the terms of a contingent
agreement between the Company and its former CEO and Chairman,
Roger G. Little.  The Company has a cause of action against Mr.
Little for an approximate $2.8 million deferred compensation
payment made in May 2014, during a time the Company believes it may
have been insolvent.  The payment was made without notice to and
authorization from the Company's Board of Directors.  In December
2015, when faced with severe cash constraints, the Company made a
demand to Mr. Little related to this cause of action.  After
negotiation but without litigation, the Company and Mr. Little
reached a contingent agreement as follows: (1) Mr. Little will make
payments to the Company consisting of (i) a $125,000 advance, which
was funded on Dec. 21, 2015, and (ii) $650,000 for the sole purpose
of paying creditors, funded if/when the Threshold is met or
exceeded; (2) Mr. Little released liens on certain Company assets
in connection with the Company's sale of its simulator business;
and (3) the Company and Mr. Little will grant mutual releases. Of
the $650,000 to be provided by Mr. Little, $121,000 will be
allocated to legal and contract completion claims, and the
remainder will be available for the pro rata settlement arrangement
with unsecured creditors as described above.  The payment of
$650,000 and the mutual releases under the contingent agreement
with Mr. Little are conditioned upon creditors holding 80% of the
Unsecured Claims Pool agreeing to the settlement offer as described
above.

If the Company is not successful in reaching settlement with its
creditors through the settlement offer, and cannot obtain other
financing, the Company may be required to file for bankruptcy.

                        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.


SPORTS AUTHORITY: Wilmington Appeals Consigned Goods Sale Orders
----------------------------------------------------------------
Wilmington Savings Fund Society, FSB, appeals to the U.S. District
Court for the District of Delaware, pursuant to 28 U.S.C. Sec.
158(a) and Rules 8002 and 8003 of the Federal Rules of Bankruptcy
Procedure, from:

   (1) The interim order authorizing the Debtors to continue to
sell consigned goods in the ordinary course of business free and
clear of all liens, claims, encumbrances, and interests; and grant
administrative expense priority and purchase money security
interests to consignment vendors for consigned goods delivered
postpetition, dated March 11, 2016 (the "Interim Order"), as
modified by the Order, dated March 11, 2016 (the "Reconsideration
Order"); and

   (2) The supplemental interim order authorizing Sports Authority
Holdings, Inc., et al., to continue to sell certain prepetition
consigned goods, entered on April 5, 2016.

Wilmington Savings filed the appeal in its capacity as successor
Administrative Agent and Collateral Agent (the "Term Loan Agent")
under the Amended and Restated Credit Agreement, dated as of Nov.
16, 2010, by and among The Sports Authority, Inc., as the Borrower,
Slap Shot Holdings, Corp., as Holdings, Wilmington Savings Fund
Society, FSB, as successor Administrative Agent and Collateral
Agent to Bank of America, N.A, and the lenders from time to time
party thereto (the "Term Loan Lenders").

On March 3, 2016, an initial hearing was held on the Debtors'
motion to (a) for authorization to (i) continue to sell consigned
goods in the ordinary course of business, (ii) grant administrative
expense priority to consignment vendors for consigned goods
delivered postpetition, (b) and grant replacement liens to vendors
with perfected security interests in consigned goods and/or remit
the consignment sale price arising from the sale of consigned goods
to putative consignment vendors.  Various consignment vendors,
including Agron, Inc., Gordini USA, Inc., SGS Sports, Inc.,
Castlewood Apparel Corp., Implus Footcare, LLC, and ASICS America
Corporation filed objections to the Motion.

On March 11, 2016, Judge Mary F. Walrath granted the Motion on an
interim basis.  The Court ordered that the Debtors will deposit all
the consignment sale proceeds from the postpetition sale of
prepetition consigned goods into a separate escrow account at Wells
Fargo Bank, N.A.  The contents of the escrow account will remain
segregated until the earliest of the following to occur: (a)
written agreement by the Debtors; the DIP Agent; the DIP FILO
Agent; Bank of America, N.A., as agent under the ABL Credit
Agreement (the "ABL Agent"); the FILO Agent; and Wilmington Savings
Fund Society, FSB, as successor Term Agent; and any consignment
vendor that asserts an interest in the Escrow Proceeds, or (b)
further order of the Court that directs the Debtors where and when
to disburse the Escrow Proceeds.  To the extent that the Debtors
believe after reasonable due diligence that there is a legitimate
case or controversy as to whether a consignment vendor has a valid,
perfected, unavoidable and senior lien or ownership right or
interest in the prepetition consigned goods, then the Debtors will,
in their discretion, on or before March 23, 2016, file an adversary
proceeding in the Court seeking, among other things, a declaration
that such consignment vendor does not have a valid, perfected,
unavoidable and senior lien or ownership right or interest in the
prepetition consigned goods.

On March 11, 2016, upon consideration of the Debtors' oral motion
for reconsideration of the Interim Order, the Court ordered that a
further hearing will be held on March 16 to address the issue of
what procedure will be followed in the event a consigner provides
notice to the Debtors to cease selling its goods.  

Pursuant to the Supplemental Order entered April 5, 2016, Judge
Walrath ruled that:

   * The Motion is denied on the basis that the Debtors are not
entitled to relief under Sec. 363(f)(4) of the Bankruptcy Code;

   * Pending a final hearing, the Debtors are authorized to sell
the prepetition consigned goods pursuant to the applicable
consignment agreements.  The Debtors are directed to remit proceeds
of the prepetition consigned goods to the consignment vendors
pursuant to the terms of the applicable consignment agreements in
the ordinary course of business.  A consignment agreement that was
not terminated prior to the Petition Date will constitute written
consent of the applicable consignment vendor to the sale by the
Debtors of any prepetition consigned goods.

Counsel to Wilmington Savings Fund Society, FSB, as Term Loan
Agent:

         MORRIS NICHOLS ARSHT & TUNNELL LLP
         Robert J. Dehney, Esq.
         Gregory W. Werkheiser, Esq.
         Daniel B. Butz, Esq.
         1201 N. Market St., 16th Floor
         P.O. Box 1347
         Wilmington, DE 19899-1347
         Telephone: (302) 658-9200
         Facsimile: (302) 658-3989
         E-mail: rdehney@mnat.com
                 gwerkheiser@mnat.com
                 dbutz@mnat.com

               - and -

         BROWN RUDNICK LLP
         Robert J. Stark, Esq.
         William R. Baldiga, Esq.
         May Orenstein, Esq.
         Bennett S. Silverberg, Esq.
         Seven Times Square
         New York, NY 10036
         Tel: (212) 209-4800
         Fax: (212) 209-4801
         E-mail: rstark@brownrudnick.com
                 wbaldiga@brownrudnick.com
                 morenstein@brownrudnick.com
                 bsilverberg@brownrudnick.com

                About Sports Authority Holdings

Sports Authority Holdings, et al., are sporting goods retailers
with roots dating back to 1928.  The Debtors currently operate 464
stores and five distribution centers across 40 U.S. states and
Puerto Rico.  The Debtors offer a broad selection of goods from a
wide array of household and specialty brands, including Adidas,
Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and
Fitness, Nike, The North Face, and Under Armour, in addition to
their own private label brands.  The Debtors employ 13,000 people.

Sports Authority and six of its affiliates filed Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to
16-10533) on March 2, 2016.  The petitions were signed by Michael
E. Foss as chairman & chief executive officer.

The Debtors have engaged Gibson, Dunn & Crutcher LLP as general
counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel,
Rothschild Inc. as investment banker, FTI Consulting, Inc., as
financial advisor and Kurtzman Carson Consultants LLC as notice,
claims, solicitation, balloting and tabulation agent.  Lawyers at
Pachulski Stang Ziehl & Jones LLP represent the Official Committee
of Unsecured Creditors.


STARVING STUDENTS: 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 Starving Students, Inc.

Starving Students, Inc., sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the District of
Nevada (Las Vegas) (Case No. 16-10936) on February 29, 2016.  

The petition was signed by Roberto Valencia, CFO. The case is
assigned to Judge Mike K. Nakagawa.

The Debtor is represented by Seth D. Ballstaedt, Esq., at The
Ballstaedt Law Firm.


TX FOUR HOLDINGS: Case Summary & 5 Unsecured Creditors
------------------------------------------------------
Debtor: TX Four Holdings LLC
        P.O. Box 928
        Aurora, OH 44202

Case No.: 16-50853

Chapter 11 Petition Date: April 13, 2016

Court: United States Bankruptcy Court
       Northern District of Ohio (Akron)

Judge: Hon. Alan M. Koschik

Debtor's Counsel: Michelle DiBartolo-Haglock, Esq.
                  THOMAS, TRATTNER & MALONE, LLC
                  1653 Merriman Road, Suite 203
                  Akron, OH 44313
                  Tel: 330-253-1500
                  E-mail: mdibartolo@ttmlaw.com

                    - and -

                  Robert S. Thomas, II, Esq.
                  THOMAS, TRATTNER & MALONE, LLC
                  1653 Merriman Road #203
                  Akron, OH 44313
                  Tel: 330-253-5738
                  Fax: 330-253-5743
                  E-mail: rstlaw@yahoo.com
                          rthomas@ttmlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Louis Telerico, managing member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/ohnb16-50853.pdf


U.S. STEEL: Egan-Jones Lowers Sr. Unsecured Ratings to B-
---------------------------------------------------------
Egan-Jones Ratings Company downgraded the senior unsecured ratings
on debt issued by United States Steel Corp. to B- on March 31,
2016.  EJR also lowered foreign currency commercial paper rating on
the Company to B from A3.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation produces and sells flat-rolled and tubular steel
products in North America and Europe.



VALEANT PHARMACEUTICALS: Moody's Cuts Corp. Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service lowered the Speculative Grade Liquidity
Rating of Valeant Pharmaceuticals International, Inc. ("Valeant")
to SGL-4 from SGL-3. All other ratings remain unchanged and under
review for downgrade. These include the B2 Corporate Family Rating,
the Caa1-PD Probability of Default Rating, the Ba2 (LGD 1) senior
secured rating, and the B3 (LGD 3) senior unsecured rating. This
action follows the announcement that Valeant has received a Notice
of Default from holders of its 5.5% Notes due 2023.

Rating lowered:

Valeant Pharmaceuticals International, Inc.:

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

Ratings unchanged and remaining under review for downgrade:

Valeant Pharmaceuticals International, Inc.:

Corporate Family Rating at B2

Probability of Default Rating at Caa1-PD

Senior secured bank credit facilities at Ba2 (LGD 1)

Senior unsecured notes at B3 (LGD 3)

Valeant Pharmaceuticals International:

Senior unsecured notes at B3 (LGD 3)

VRX Escrow Corp. (obligations assumed by Valeant Pharmaceuticals
International, Inc.):

Senior unsecured notes at B3 (LGD 3)

Although the Notice of Default does not result in any immediate
debt acceleration, the lowering of the Speculative Grade Liquidity
Rating to SGL-4 from SGL-3 reflects insufficient liquidity sources
to satisfy debt obligations should the Notice of Default lead to a
debt acceleration. A debt acceleration under Valeant's 5.5% notes
due 2023 could lead to a debt acceleration on its senior secured
bank credit facilities and other series of its senior unsecured
notes.

Apart from a debt acceleration scenario, other elements of
Valeant's liquidity profile remain adequate, reflecting ample cash
on hand and limited debt maturities and amortization. These
elements are offset by lack of revolver availability and somewhat
tight cushion under financial maintenance covenants, including the
interest coverage covenant which was recently relaxed.

Moody's other ratings on Valeant's debt instruments remain
unchanged, but remain under review for downgrade because of the
risk of debt acceleration if certain events unfold. These include
failure of the company to file its Form 10-K, combined with a
declaration of debt acceleration either by secured bank lenders or
by unsecured bond holders. Bank lenders could declare debt
acceleration on or after May 27, 2016 if the financial reporting
covenant is still not cured or otherwise waived. Now that the
Notice has been served, the trustee or bondholders representing 25%
of the 2023 senior notes can declare debt acceleration after 60
days -- June 12, 2016 -- if the financial reporting covenant is
still not cured or otherwise waived.

A debt acceleration under Valeant's 5.5% notes due 2023 would
result in an event of default under Valeant's other senior
unsecured notes, which could lead to a debt acceleration of any
such series of notes if the trustee or holders of at least 25% of
that series of notes delivers an acceleration notice. The
acceleration of one or more series of notes results in an event of
default under the Company's credit facility. After an event of
default under the credit facility occurs, a majority of the lenders
in principal amount can elect to accelerate the loans.

Valeant has stated its intention of filing the 10-K on or before
April 29, 2016, which, if the company is successful, would prevent
any lenders from having the right to accelerate the repayment of
their debt obligations arising from the late 10-K filing.

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 Caa1-PD Probability of Default Rating (under review for
downgrade) reflects the company's heightened probability of default
given difficulty filing its financial statements and the service of
a Notice of Default from some bondholders. The B2 Corporate Family
Rating (also 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. It also reflects the relatively good recovery
prospects for creditors should a default occur. 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 Ba2 (LGD 1) 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.

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.


VENOCO INC: Hires BMC Group as Administrative Agent
---------------------------------------------------
Venoco, Inc., et al., seek authority from the U.S. Bankruptcy Court
for the District of Delaware to employ BMC Group, Inc., as their
administrative agent, nunc pro tunc to March 18, 2016.

Venoco Inc. requires BMC Group to:

   a. assist with, among other things, solicitation, balloting
      and tabulation and calculation of votes for purposes of
      plan voting;

   b. prepare any appropriate reports, exhibits and schedules
      of information;

   c. prepare an official ballot certification and, if necessary,
      testify in support of the ballot tabulation results;

   d. assist with the preparation of the Debtors’ schedules of
      assets and liabilities and statements of financial affairs
      and gather data in conjunction therewith;

   e. generate, provide and assist with claims objections,
      exhibits, claims reconciliation and related matters;

   f. facilitate any distributions pursuant to a confirmed plan
      of reorganization;

   g. provide confidential on-line work spaces or virtual data
      rooms and  publishing documents to such workspaces or data
      rooms; and

   h. provide such other claims processing, noticing,
      solicitation, balloting and Administrative Services
      described in the Engagement Agreement, but not included in
      the BMC 156 Retention Application, as may be requested from
      time to time by the Debtors.

BMC Group will be paid at these hourly rates:

   Noticing Management
   -------------------
     Data Entry/Call Center/Admin Support          $25/$35/$45
     Noticing Manager                              $65-$85

   Project Management
   ------------------
     Analyst                                       $55-$75
     Consultant                                    $65-$85
     Data Manager                                  $65-$115
     Senior Consultant/Project Manager             $85-$150
     Director of Case Management                   $125-$175
     Director of Solicitation                      $150-$185
     Executive/Principal                           $225

BMC Group will also be reimbursed for reasonable out-of-pocket
expenses.

BMC received a retainer in the amount of $25,000.00 from the
Debtors.

Tinamarie Feil, president of BMC Group, Inc. assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

BMC Group can be reached at:

     Tinamarie Feil
     BMC Group, Inc.
     600 First Avenue, Suite 623
     Seattle, WA 98104
     Tel: (206) 516-3300
     E-mail: tfeil@bmcgroup.com

           About Venoco

Headquartered in Denver, Colorado, Venoco, Inc., Denver Parent
Corporation, TexCal Energy (LP) LLC, Whittier Pipeline Corporation,
TexCal Energy (GP) LLC, Ellwood Pipeline, Inc., and TexCal Energy
South Texas, L.P. are independent energy companies primarily
focused on the acquisition, exploration, production and development
of oil and gas properties in California.  As of the Petition Date,
the Debtors held interests in approximately 72,053 net acres in
California, of which 48,836 are developed.

Venoco, Inc., et al., filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 16-10655) on March 18, 2016. Scott
M. Pinsonnault signed the petition as chief financial officer and
chief restructuring officer.

The Debtors estimated assets in the range of $100 million to $500
million and debts in the range of $500 million to $1 billion.

The Debtors have hired Morris, Nichols, Arsht & Tunnell, LLP and
Bracewell LLP as counsel; PJT Partners LP as financial advisor;
Deloitte LLP as restructuring advisor; Ernst & Young LLP as
independent auditor and tax advisor; and BMC Group, Inc. as notice,
claims and balloting agent.

Hon. Kevin Gross has been assigned the cases.


VENOCO INC: Hires Deloitte as Administration Services Provider
--------------------------------------------------------------
Venoco, Inc., et al., seek authority from the U.S. Bankruptcy Court
for the District of Delaware to employ Deloitte Transactions and
Business Analytics LLP as their bankruptcy administration services
provider, nunc pro tunc to March 18, 2016.

Venoco Inc. requires Deloitte to:

   * Development of Filing Strategy

     -- provide education, advice and recommendations as to the
        potential advantages and disadvantages of the timing of
        the commencement of a bankruptcy case and suggestions of
        bankruptcy related vendors. Provide advice regarding
        potentially problematic practical issues, such as –
        recommending a filing date that coincides with normal
        month-end close when possible to minimize extra work.

   * Creditor Matrix Development

     -- provide a list of possible sources for information and an
        electronic data collection form which is mapped to the
        forms prescribed by the bankruptcy code, rules, U.S.
        Trustee Guidelines or particular court local rules;

     -- read information and advise in coordination with cousel
        as to the completeness and compliance with the prescribed
        informational requirements of the bankruptcy code, rules,
        U.S. Trustee Guidelines or particular court local rules.
        To the extent necessary, recommend updating information
        to address information completeness or formatting issues;

     -- assist Debtors to merge electronic data collection forms
        into a draft form prescribed by the bankruptcy code,
        rules, U.S. Trustee Guidelines or particular court local
        rules for review by Debtors management team and
        attorneys;

     -- assist Debtors regarding potential modifications to the
        draft Creditor Matrix fin connection with the production
        of a revised draft copy of the Creditor Matrix for review
        and certification by Debtors management;

     -- when revisions and certification by management are
        complete, transmit a pdf and electronic copies of the
        Creditor Matrix to you for certification and transmission
        by you to the court-appointed noticing agent in support
        of the appropriate filing with the bankruptcy court.

   * Development of Cash Control Procedures

     -- review the various ways that cash is disbursed by Debtors
        and make recommendations aimed at reducing the use of
        cash, eliminating payment of pre-petition expenses
        without prior court approval, and minimizing the
        disruption of normal company functions, while remaining
        compliant with the court approved cash management
        procedures;

   * Ledger and Accounts Payable System Cutoffs

     -- advice regarding Debtors current system capacities to
        support the necessary bankruptcy reporting.

   * Development of Supporting Information for First Day Motions

     -- advise Debtors as to the nature of typical supporting
        information required and provide you with electronic data
        collection forms, which are mapped to the formats
        typically required in a bankruptcy case.

   * Statement of Financial Affairs Development

     -- provide advice and recommendations as to the nature of
        typical information submissions and provide you with
        electronic data collection forms which are mapped to the
        forms prescribed by the bankruptcy code, rules, or
        particular court as part of the statement of financial
        affairs standard questionnaire and supporting exhibits;

     -- provide assistance to map and format electronically all
        disbursements identified by Debtors in the 90 days prior
        to commencement of the bankruptcy case above a pre-
        established dollar threshold, by vendor code;

     -- provide assistance to transfer case styling information
        identified by Debtors that is currently included in
        manual files to electronic file format for inclusion in
        the electronic data collection forms which are mapped to
        the forms prescribed by the bankruptcy code, rules, or
        particular court as part of the statement of financial
        affairs standard questionnaire and supporting exhibits;

     -- review all information submitted for issued with respect
        to informational completeness and compliance with the
        prescribed informational requirements of the bankruptcy
        code, rules, U.S. Trustee Guidelines or particular court
        local rules. Provide advice and recommendations to
        Debtors' management team on updating information to
        address informational completeness or formatting issues;

     -- provide advice and technical assistance in relation to
        merging and mapping your electronic data collection forms
        into a draft form prescribed by the bankruptcy code,
        rules, U.S. Trustee Guidelines or particular court local
        rules for review by Debtors management team and
        attorneys;

     -- advise Debtors regarding potential modifications to the
        draft statement of financial affairs in connection with
        the production of a revised draft copy of the statement
        of financial affairs for review and certification by your
        management and attorneys;

     -- transmit pdf copies of the statement of financial affairs
        for certification and transmission by Debtors for filing
        with the court.

   * Schedules of Assets and Liabilities Development

     -- advise Debtors as to the nature of typical information
        submissions and provide with electronic data collection
        forms which are mapped to the forms prescribed by the
        bankruptcy code, rules, U.S. Trustee Guidelines or
        particular court local rules as part of the schedules of
        assets and liabilities standard questionnaire and
        supporting exhibits;

     -- provide assistance to format electronically and map all
        liabilities identified by the Debtors as of the
        commencement date of the bankruptcy case, by vendor code
        or other identifier;

     -- provide assistance to transfer executor contract
        information being identified from manual files to
        electronic file format for inclusion in the electronic
        data collection forms which are mapped to the forms
        prescribed by the bankruptcy code, rules, U.S. Trustee
        Guidelines or particular court local rules as part of the
        schedules of assets and liabilities standard
        questionnaire and supporting exhibits;

     -- review all information submitted for issues with respect
        to informational completeness and compliance with the
        prescribed informational requirements of the bankruptcy
        code, rules, U.S. Trustee Guidelines or particular court
        local rules. Provide advice and recommendations to
        Debtors management team on updating information to
        address informational completeness or formatting issues;

     -- provide advice and technical assistance in relation to
        merging and mapping Debtors' electronic data collection
        forms into a draft form prescribed by the bankruptcy
        code, rules, U.S. Trustee Guidelines or particular court
        local rules for review by Debtors management team and
        attorneys;

     -- advise Debtors regarding potential modifications to the
        draft schedules of assets and liabilities in connection
        with the production of a revised draft copy of the
        statement of financial affairs for review and
        certification by your management and attorneys;

     -- transmit pdf copies of the schedules of assets and
        liabilities for certification and transmission by Debtors
        for filing with the court.

   * Monthly Operating Report Development

     -- advise Debtors on the nature of typical information
        submissions and example reports from other cases with
        respect to the monthly operating reports as required by
        the bankruptcy code, rules, or particular court.

   * Claims Administration Processing

     -- provide assistance to create, populate, and administer a
        claims database populated with scheduled liabilities.

     -- assist Debtors to merge the official claims agent's filed
        claim information into the management claims database;

     -- provide assistance to format the scheduled and the
        official filed claim information in the format that is
        aimed at easing comparison and evaluation of the two sets
        of claim values;

     -- provide assistance to compare scheduled claim information
        to the official claim information. Prepare preliminary
        note of observation on the comparison for further review
        and completion by Debtors;

     -- provide assistance to update the management claims
        database to incorporate Debtors evaluations of individual
        claim values;

     -- assist Debtors to transfer the updated claim information
        from the management claims database to formats prescribed
        by the bankruptcy code, rules, or particular court as a
        basis for the preparation of draft amendments of the
        schedules of assets and liabilities and draft claim
        objection exhibits for review by Debtors' management and
        attorneys;

     -- forward copies of the amended schedules of assets and
        liability and claim objection exhibits for certification
        and transmission to Debtors' attorney in connection with
        the bankruptcy court filings.

Deloitte will be paid at these hourly rates:

     Personnel Classification             Applicable Hourly Rates
     ------------------------             -----------------------

   Partner / Principal                         $650-$745
   Director                                    $550-$625
   Senior Manager Specialist                   $550
   Senior Manager / Senior Vice President      $475-$495
   Manager / Vice President                    $445
   Associate / Senior Associate                $375-$395

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

The Debtors paid Deloitte $544,837, including amounts in the form
of a retainer, in the ninety (90) days prior to the Petition Date.
As of the Petition Date, approximately $100,000 of the retainer
remained outstanding. Deloitte postpetition use of the retainer
amount is contingent on the Court’s approval of this Application,
and an applicable fee application.

Louis E. Robichaux IV, principal of the firm Deloitte Transactions
and Business Analytics LLP assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Deloitte has determined that certain relationships should be
disclosed as follows:

   a. Deloitte and its affiliates provide services in
      matters unrelated to their chapter 11 cases to
      certain of the Debtors’ largest unsecured
      creditors and other Potential Parties-in-Interest
      or their affiliates.

   b. From September 2012 through April 2014, Scott
      Pinsonnault, the Debtors’ chief financial
      officer, was a director with Deloitte Financial
      Advisory Services LLP, an affiliate of Deloitte,
      and subsequently with Deloitte. As a retired
      employee of Deloitte FAS and DTBA, Mr.
      Pinsonnault continues to have certain contractual
      obligations to Deloitte FAS and DTBA, including,
      among others, confidentiality obligations.

   c. Law firms identified on Schedule 1, including Andrews Kurth
      LLP; Bracewell & Giuliani LLP; Davis Graham & Stubbs LLP;
      Degolyer & Macnaughton; DKS&H LLP; Kilpatrick Townsend &
      Stockton LLP; Morgan Lewis & Bockius LLP; Morris Nichols
      Arsht & Tunnell LLP; Sheppard Mullin Richter & Hampton LLP;
      Stoel Rives LLP; White & Case LLP; and Witt O'Briens LLC,
      have provided, currently provide and may in the future
      provide legal services to Deloitte Tax or its affiliates in
      matters unrelated to their chapter  11 cases, and/or
      Deloitte Tax or its affiliates have provided, currently
      provide and may in the future provide services to such
      firms or their clients.

   d. In the ordinary course of its business, Deloitte
      and its affiliates have business relationships in
      unrelated matters with its principal competitors,
      which together with their affiliates may be
      Potential Parties-in-Interest in their chapter 11
      cases. For example, from time to time, Deloitte
      and one or more of such entities may work on
      assignments for the same client or may otherwise
      engage each other for various purposes.

   e. Certain financial institutions or their
      respective affiliates (including AIG - Illinois
      National Insurance Company; Bank of Nova Scotia;
      Citibank N.A.; Lloyd’s of London Syndicate #33;
      and US Bank Trust N.A.) listed on Schedule 1 (i)
      are lenders to an affiliate of DTBA (DTBA is a
      guarantor of such indebtedness) and/or (ii) have
      financed a portion of the capital and/or capital
      loan requirements of various partners and
      principals, respectively, of Deloitte and its
      affiliates.

   f. Certain Potential Parties-in-Interest may be
      adverse to and/or involved in litigation matters
      with Deloitte or its affiliates in connection
      with matters unrelated to their chapter 11 cases.

   g. Deloitte and certain of its affiliates, including
      Deloitte Tax LLP  ("Deloitte Tax") and Deloitte &
      Touche LLP ("Deloitte & Touche"), have provided,
      continue to provide and may in the future provide
      services to Apollo Global Management, LLC and
      certain of its subsidiaries (collectively,
      "Apollo") in matters unrelated to these cases.
      Certain funds managed by Apollo are current
      equity and/or debt holders of the Debtors, and
      Deloitte and certain of its affiliates may
      provide ordinary course accounting or tax
      services for Apollo that may have a relationship
      to certain of their managed funds’ investments
      respecting the Debtors. Also, among other
      services, Deloitte & Touche acts as the
      independent auditor for a number of entities
      either currently or formerly owned by funds
      managed by Apollo or its principals, including,
      for example, Caesars Entertainment Corporation
      and Affinion Group, Inc.

   h. Deloitte Consulting LLP ("Deloitte Consulting"), an
      affiliate of Deloitte, and certain of its affiliates, have
      provided and will continue to provide services to the
      Executive Office of the United States Trustee in matters
      unrelated to these cases.

Deloitte can be reached at:

     Louis E. Robichaux IV
     DELOITTE TRANSACTIONS AND BUSINESS ANALYTICS LLP  
     2200 Ross Avenue, Suite 1600,
     Dallas, TX 75201.
     Tel: (214) 840 7000
     Fax: (214) 840 7050
     E-mail: lrobichaux@deloitte.com

                       About Venoco

Headquartered in Denver, Colorado, Venoco, Inc., Denver Parent
Corporation, TexCal Energy (LP) LLC, Whittier Pipeline Corporation,
TexCal Energy (GP) LLC, Ellwood Pipeline, Inc., and TexCal Energy
South Texas, L.P. are independent energy companies primarily
focused on the acquisition, exploration, production and development
of oil and gas properties in California.  As of the Petition Date,
the Debtors held interests in approximately 72,053 net acres in
California, of which 48,836 are developed.

Venoco, Inc., et al., filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 16-10655) on March 18, 2016. Scott
M. Pinsonnault signed the petition as chief financial officer and
chief restructuring officer.

The Debtors estimated assets in the range of $100 million to $500
million and debts in the range of $500 million to $1 billion.

The Debtors have hired Morris, Nichols, Arsht & Tunnell, LLP and
Bracewell LLP as counsel; PJT Partners LP as financial advisor;
Deloitte LLP as restructuring advisor; Ernst & Young LLP as
independent auditor and tax advisor; and BMC Group, Inc. as notice,
claims and balloting agent.

Hon. Kevin Gross has been assigned the cases.


VENOCO INC: Hires Ernst & Young as Auditor, Tax Advisor
-------------------------------------------------------
Venoco, Inc., et al., seek authority from the U.S. Bankruptcy Court
for the District of Delaware to employ Ernst & Young LLP as their
auditor and tax advisor, nunc pro tunc to March 18, 2016.

Venoco Inc. requires Ernst & Young to:

   Master Services Engagement Letter:

     As set forth in detail in the Master Services Engagement
     Letter attached to the Green Affidavit as Exhibit A-1, EY
     will perform certain services as set forth in specific
     Statements of Work executed pursuant to the Master Services
     Engagement Letter.

   Audit Letter:

     As set forth in detail in the Audit Letter attached to the
     Green Affidavit as Exhibit A-2, EY has been engaged by the
     Audit Committee of Denver Parent Corporation and
     subsidiaries and Venoco, Inc. and subsidiaries (collectively
     referred to herein as the "Company") to audit the Company’s

     financial statements  (the  "audit") subsequent to Company
     filing a petition under Chapter 11 ("Chapter 11"). As part
     of the audit, EY will audit and report on the consolidated
     financial statements of the Company for the year ended
     December 31, 2015 (the "audit of the financial statements").
     In addition, EY will review the Company’s unaudited interim

     financial information before the Company  files  its  Form
     10-Qs. EY’s performance of Audit Services (as defined in the

     Audit Letter) is contingent upon the Bankruptcy Court’s
     approval of EY’s retention in accordance with the terms and

     conditions that are set forth in the Audit Letter.

   Bankruptcy Tax SOW:

     As set forth in detail in the Bankruptcy Tax SOW attached to
     the Green Affidavit as Exhibit A-3, EY will provide the
     following tax advisory Services to the Debtors, contingent
     upon the Bankruptcy Court's approval of EY’s retention in
     accordance with the terms and conditions that are set forth
     in the Master Services Engagement Letter (inclusive of the
     Bankruptcy Tax SOW):

     -- advise the Debtors’ personnel in developing an
        understanding of the tax issues and options related to
        Debtors’ Chapter 11 filing, taking into account
Debtors’
        specific facts and circumstances, for US federal and
        state tax purposes.

     -- advise on the federal, state and local income tax
        consequences of proposed plans of reorganization,
        including, if necessary, assisting in the preparation of
        IRS ruling requests regarding the tax consequences of
        alternative reorganization structures and tax opinions.

     -- understand and advise on the tax implication of
        reorganization and/or restructuring alternatives the
        Debtors are evaluating with existing bondholders and
        other creditors that may result in a change in the
        equity, capitalization and/or ownership of the shares of
        the Debtors and their assets.

     -- gather information, prepare calculations  ("Section  382
        Calculations") and apply the appropriate federal, state
        and local tax law to historic information regarding
        changes in the ownership of the Debtor’s stock to
        calculate whether any of the shifts in stock ownership
        may have caused  an ownership change that will restrict
        the use of tax attributes (such as net operating loss,
        capital loss, credit carry forwards, and built in losses)
        and the amount of any such limitation.

     -- prepare calculations and apply the appropriate federal,
        and state and local tax law to determine the amount of
        tax attribute reduction related to debt cancellation
        income and modeling of tax consequences of such
        reduction.

     -- update the draft tax basis balance sheets and draft
        computations of stock basis as of certain relevant dates
        for purposes of analyzing the tax consequences of
        alternative reorganization structures.

     -- analyze federal, state and local tax treatment of the
        costs and fees incurred by the Debtors in connection with
        the bankruptcy proceedings, including tax return
        disclosure and presentation.

     -- analyze federal, state and local tax treatment of
        interest and financing costs related to debt subject to
        automatic stay, and new debt incurred as the Debtors
        emerge from bankruptcy, including tax return disclosure
        and presentation.

     -- advise the Debtors with tax advisory services regarding
        tax aspects of the bankruptcy process.

     -- analyze federal, state and local tax consequences of
        restructuring and rationalization of inter-company
        accounts, and upon written request, we will analyze
        impacts of transfer pricing and related cash management.

     -- analyze federal, state and local tax consequences of
        restructuring in the U.S. during bankruptcy, including
        tax return disclosure and presentation.

     -- analyze federal, state and local tax consequences of
        potential bad debt and worthless stock deductions,
        including tax return disclosure and presentation.

     -- upon written request, EY will analyze federal, state and
        local tax consequences of employee benefit plans.

     -- Upon written request, assist with various tax issues
        arising in the ordinary course of business while in
        bankruptcy, including but not limited to IRS and/or state
        and local tax examinations, sales and use tax issues,
        state and local income/franchise tax issues, and
        employment tax issues.

     -- upon written request, advise and/or assist, as
        permissible, on the validity and amount of bankruptcy tax
        claims or assessments, including but not limited to the
        following types of taxes; income taxes, franchise taxes,
        sales taxes, use taxes, employment taxes and property
        taxes.

     -- upon written request, assist and advise on securing tax
        refunds, including but not limited to the following types
        of taxes; income taxes, franchise taxes, sales taxes, use
        taxes, employment taxes and property taxes.

     -- upon written request, provide documentation, as
        appropriate or necessary, of tax matters, of tax
        analysis, opinions, recommendations, conclusions and
        correspondence for any proposed restructuring
        alternative, bankruptcy tax issue, or other tax matter
        described above. The Debtors will be responsible for all
        accounting and management decisions.

Ernst & Young will be paid at these hourly rates:

  Audit Letter:
  -------------
     National Executive
     Director/Principal/Partner             $873
     Senior Managers                        $735
     Managers                               $648
     Seniors                                $503
     Staff                                  $317

   Bankruptcy Tax SOW:
   -------------------
     National Executive
     Director/Principal/Partner             $860
     Senior Managers                        $753
     Managers                               $660
     Seniors                                $457
     Staff                                  $302

As of March 29, 2016, Ernst & Young was owed $134,773 by the
Debtors in respect of services provided by Ernst & Young both prior
to and following the Petition Date ($19,244 for prepetition
services, $115,529 for postpetition services).  Upon approval of
Ernst & Young's retention in these cases, Ernst & Young will waive
its right to receive any unpaid fees incurred on the Debtors'
behalf prior to the Petition Date.

During the ninety days immediately preceding the Petition Date, the
Debtors paid to Ernst & Young amounts totaling $445,000 ($260,000
of which constituted retainer payments).

Ernst & Young is currently holding a retainer totaling $157,346,
which retainer is to be applied by Ernst & Young in payment of
compensation and reimbursement of expenses incurred in the future,
subject to prior Court approval.

Ernst & Young will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Kyle R. Green, partner of Ernst & Young LLP assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Ernst & Young can be reached at:

     Kyle R. Green
     Ernst & Young LLP
     370 17th Street, Suite 3300
     Denver, CO 80202
     Tel: (720) 931-4000
     Fax: (720) 931-4444

          About Venoco

Headquartered in Denver, Colorado, Venoco, Inc., Denver Parent
Corporation, TexCal Energy (LP) LLC, Whittier Pipeline Corporation,
TexCal Energy (GP) LLC, Ellwood Pipeline, Inc., and TexCal Energy
South Texas, L.P. are independent energy companies primarily
focused on the acquisition, exploration, production and development
of oil and gas properties in California.  As of the Petition Date,
the Debtors held interests in approximately 72,053 net acres in
California, of which 48,836 are developed.

Venoco, Inc., et al., filed Chapter 11 bankruptcy petitions (Bankr.
D. Del. Proposed Lead Case No. 16-10655) on March 18, 2016. Scott
M. Pinsonnault signed the petition as chief financial officer and
chief restructuring officer.

The Debtors estimated assets in the range of $100 million to $500
million and debts in the range of $500 million to $1 billion.

The Debtors have hired Morris, Nichols, Arsht & Tunnell, LLP and
Bracewell LLP as counsel; PJT Partners LP as financial advisor;
Deloitte LLP as restructuring advisor; Ernst & Young LLP as
independent auditor and tax advisor; and BMC Group, Inc. as notice,
claims and balloting agent.

Hon. Kevin Gross has been assigned the cases.


VERSO CORP: Creditors' Panel Hires Womble Carlyle as Co-Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Verso Corporation,
et al., seeks authorization from the U.S. Bankruptcy Court for the
District of Delaware to retain Womble Carlyle Sandridge & Rice,
LLP, as its co-counsel, nunc pro tunc to January 26, 2016.

The Committee requires Womble Carlyle to:

   -- advise as necessary with respect to the Committee's powers
      and duties as an official committee appointed under
      Bankruptcy Code section 1102;

   -- assist the Committee in investigating the acts, conduct,
      assets, liabilities, liens, and financial condition of the
      Debtors, the operation of the Debtors' businesses,
      potential claims, and any other matters relevant to the
      case, to the sale of assets, or to the formulation of a
      plan of reorganization or liquidation;

   -- assist and advise the Committee with respect to the
      communications with unsecured creditors regarding the
      Chapter 11 Cases;

   -- participate in the formulation of a plan;

   -- provide legal advice as necessary with respect to any
      disclosure statement and plan filed in the chapter 11 case
      and with respect to the process for approving or
      disapproving disclosure statements and confirming or
      denying confirmation of a plan;

   -- prepare on behalf of the Committee, as necessary,
      applications, motions, objections, complaints, answers,
      orders, agreements, and other legal papers;

   -- appear in Court to present necessary motions, applications,
      objections, and pleadings, and otherwise protecting the
      interests of those represented by the Committee;

   -- assist the Committee in requesting the appointment of a
      trustee or examiner, should such action be necessary; and

   -- perform such other legal services as may be required and as
      are the best interests of the Committee and creditors.

Womble Carlyle will be paid at these hourly rates:

     Partners                            $300-$755
     Of Counsel                          $225-$730
     Senior Counsel                      $125-$475
     Counsel                             $100-$515
     Associates                          $220-$470
     Paralegals                          $50-$385

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

Ericka F. Johnson, attorney of Womble Carlyle Sandridge & Rice, LLP
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtors and their
estates.

Womble Carlyle can be reached at:

     Ericka F. Johnson, Esq.
     WOMBLE CARLYLE SANDRIDGE & RICE, LLP
     222 Delaware Avenue, Suite 1501
     Wilmington, DE 19801
     Tel: (302) 252-4320
     Fax: (302) 252-4330
     E-mail: erjohnson@wcsr.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.


VERTELLUS SPECIALTIES: Moody's Moves PDR to 'Ca-PD/LD'
------------------------------------------------------
Moody's Investors Service appended Vertellus Specialties Inc.'s
Probability of Default Rating to Ca-PD/LD from Caa3-PD, following
the expiration of its grace period for a missed interest payment.
Adding the /LD (limited default) indicator results from Vertellus'
missed interest payment for the first quarter of 2016 and from the
understanding that the company is working to obtain a forbearance
agreement from lenders. Moody's expects that an agreement would
provide forbearance against certain events of default for a period
of 45 days or more in order for Vertellus to determine various
restructuring alternatives that would result in a viable path
forward. The LD indicator will remain in place until there is a
resolution to the missed interest payment. The downgrade of
Vertellus' Corporate Family Rating to Ca results from its decision
to miss the first quarter interest payment on the term loan, the
compromised earnings in the VAN business, the prospect for
significantly increased environmental liabilities, that covenant
non-compliance will persist through 2016, expectations for going
concern language in its 2015 audited financial statements, and that
the capital structure is unsustainable. The rating on Vertellus'
$455 million senior secured first lien term loan due 2019 was
downgraded to C from Ca, given Moody's view that significant term
loan impairment is likely. Vertellus also has an unrated $100
million ABL revolver due 2019 which is believed to be in a
preferential security position to the term loan. The rating outlook
was revised to stable from negative.

The following rating actions were taken:

Vertellus Specialties Inc.

Corporate Family Rating -- to Ca from Caa3

Probability of Default Rating -- to Ca-LD/PD from Caa3-PD

$455 million Senior Secured First Lien Term Loan due 2019 -- to C
(LGD5) from Ca (LGD4)

Ratings outlook -- Stable from Negative

RATING RATIONALE

Vertellus' Ca ratings reflect the company's decision to miss its
first quarter interest payment on the term loan, the diminished
earnings in the agricultural and nutrition segment (VAN) resulting
from substantially lower pyridine prices and volumes primarily
driven by increased competition, overcapacity, and weak
agricultural end markets. (VAN historically constituted over 40% of
revenues.) Also weighing on the rating are the companies small
size, its high leverage at 9.1x Debt/EBITDA, low EBITDA/Interest
Expense of 1.0x, and negative Retained Cash Flow/Debt that declined
significantly in the second half of 2015 as a result of price and
volume weakness. The rating also reflects the high cost of capital
that prevents debt reduction, as well as the meaningful legal and
environmental obligations, which are not fully quantified. Although
the private equity owners cured the FYE 2015 covenant breach,
covenant stress will persist as the company does not expect to meet
covenant requirements throughout 2016 and is limited to two cures
over a four quarter period. Furthermore, the company is
contemplating a corporate structure reorganization and sale of
assets that would result in a repayment of the existing
indebtedness.

Despite the VAN businesses' leading position in agricultural
pyridines and vitamin B3, an increase in pyridine competitive
pressure in China, where the company has a production cost
advantage, combined with end market weakness in agricultural and
nutrition have lowered prices and demand. The protective five year
antidumping tariff on pyridine imports into China that started in
November 2013, initially supported pyridine pricing and benefitted
Vertellus. However, in 2015 pyridine prices declined due to the
aforementioned increased competitive dynamics in China's pyridine
markets as well as weaker agricultural end-markets, especially
related to corn and soy. Overcapacity in China also pressure the
rating as it will take some time before demand improves to support
prices. Historically volatile raw materials costs also constrain
the rating.

Benefiting the company are its position as a diversified business
of niche specialty chemistries that support good EBITDA margins
that generally range between 11% and 14%. Vertellus' financial
performance benefits from the VSM business that operates with a
wider range of chemistries and serves a diverse end market base.
Additionally, Vertellus' products generally represent a small
percentage of customer end product costs, but add valuable
attributes. The company also enjoys relatively low maintenance
capex to support its operations.

Vertellus' weak liquidity reflects the missed interest payment in
the first quarter of 2016 and non-compliance with the financial
covenant in the term loan throughout 2016, which would require
cures by the private equity sponsor. Given the limitation on the
number of cures during any 12 month period, the sponsor will need
to obtain an amendment to the facility from existing term loan
holders in the event that it cannot repay the debt using proceeds
from a sale or reorganization. Vertellus' liquidity is supported by
its cash balance of $5.7 million (as of December 31, 2015), some
availability on its ABL revolver, and expectations that it will
generate flat to slightly positive free cash flow in 2016.

Vertellus' $100 million ABL revolving credit facility is due in
2019. The ABL revolver is regularly used to fund working capital
and capex. The company indicates that it has $14 million of
availability under the ABL facility on a borrowing base of $96
million as of February 23, 2016. The ABL facility is secured on a
first priority basis by accounts receivable and inventory and on a
second priority basis by property, plant, and equipment. Moody's
expects that Vertellus will not exceed the ABL revolver's $7
million minimum borrowing liquidity during 2016. If the minimum
borrowing liquidity is not maintained for three consecutive days,
and if the company does not maintain an average fixed charge
coverage ratio of more than 1.10 to 1.0 (over the prior 4
quarters), an event of default would occur. The Fixed Charge
Coverage Ratio is a ratio of adjusted EBITDA less unfunded capital
expenditures to the total of interest payments plus cash taxes and
management fees per GAAP. Vertellus' $455 million first lien term
loan is due in 2019. The term loan contains a maximum total
leverage covenant and has a 1% principal payment requirement. The
company required a covenant cure for the fourth quarter 2015 and
has indicated that it does not expect to be able to meet the
covenant for the remainder of 2016 without assistance from the
sponsor. Hence the sponsor is looking into a number of alternatives
to recapitalize the balance sheet or amend the facility.

Vertellus has pared back capital spending to approximately $10
million through 2015, a level below regular maintenance,
productivity, and growth costs. Moody's expects Vertellus to
slightly increase capex in 2016 to cover basic capex requirements
as well as implement growth investments for VSM that they are
contractually obligated to perform. Capex in 2016 should range
between $12 and $16 million. The company has no near term
maturities with both the ABL and term loan maturing in 2019.
However, given the challenging dynamics in the VAN business
Vertellus is contemplating a corporate structure reorganization
that is likely to include a sale of some or all of the business,
which would result in a capital structure change.

Vertellus' stable outlook reflects its missed interest payment,
elevated leverage, the stress in the VAN business segment, and
heightened event risk that could result in a capital structure
change. The outlook also reflects the company's high cost of
capital that limits its ability to reduce leverage, as well as the
lack of financial flexibility under the covenants in the term
loan.

There is currently limited upside to the rating due to the
company's elevated leverage metrics, lack of financial flexibility,
potential for a capital structure change, and unresolved
environmental obligations. An upgrade could be considered if the
company were to realize a sustained improvement in price and
volumes, continued strength in margins, and generate positive
retained cash flow such that Debt/EBITDA approaches 7.0x.
Conversely, a downgrade would result from an inability to achieve a
forbearance agreement with lenders, failure to amend the term loan,
inability to restructure into a sustainable capital structure, or
take other actions that repay the existing debt. Moreover, further
deterioration in volumes, decline in profit margins, or total
liquidity falling below $15 million could also result in a rating
downgrade.

Vertellus Specialties Inc., a private company controlled by private
equity firm Wind Point Partners, is a leading global manufacturer
of pyridine and picoline derivative chemicals and producer of
renewable chemistries for plastics and coatings, high performance
additives for medical and plastics applications, and complex
intermediates for pharmaceutical and agriculture customers.
Vertellus offers a broad array of products to a diverse range of
customers in seven target markets: agricultural, nutrition,
personal care, industrial specialties, polymers and plastics,
pharmaceutical and medical, and coatings, adhesives, sealants and
elastomers. The company operates through two business segments VAN,
which specializes in agricultural and nutrition products, and VSM,
that makes specialty chemistries for personal care, pharmaceutical,
and polymer markets. In late 2014, Vertellus acquired Pentagon, a
producer of fine and specialty chemicals producer used in the life
sciences industry. Headquartered in Indianapolis, Indiana, the
company has operating facilities in the US, the United Kingdom,
Belgium, India and China. Revenues for the last twelve months ended
December 31, 2015 were $596 million.



VISCOUNT SYSTEMS: James Cacioppo Reports 56.6% Stake
----------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, James Cacioppo disclosed that as of April 11, 2016, he
beneficially owns 427,714,334 shares of common stock of
Viscount Systems, Inc. representing 56.6 percent of the shares
outstanding.  Also included in the filing are One East Partners
Master, L.P, 212,769,296 shares; OEP Opportunities, L.P.,
214,445,038 shares; and One East Capital Advisors, L.P.,
427,214,334 shares.  A copy of the regulatory filing is available
for free at http://is.gd/iFVGKc

                      About Viscount Systems

Burnaby, Canada-based Viscount Systems, Inc., is a manufacturer,
developer and service provider of access control security
products.

Viscount Systems reported a net loss and comprehensive loss of
C$991,000 on C$4.76 million of sales for the year ended Dec. 31,
2014, compared to a net loss and comprehensive loss of C$3.08
million on C$4.13 million of sales in 2013.

As of June 30, 2015, the Company had C$1.84 million in total
assets, C$1.74 million in total liabilities, C$16,696 in
convertible redeemable preferred stock and C$88,796 in total
stockholders' equity.

Dale Matheson Carr-Hilton Labonte LLP, in Vancouver, Canada, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has incurred losses in developing its business, and further
losses are anticipated in the future.  The Company requires
additional funds to meet its obligations and the costs of its
operations and there is no assurance that additional financing can
be raised when needed.  These factors raise substantial doubt about
the Company's ability to continue as a going concern.


WGC INC: Case Summary & 5 Unsecured Creditors
---------------------------------------------
Debtor: WGC, Inc.
        PO Box 69
        Reno, PA 16343

Case No.: 16-10347

Chapter 11 Petition Date: April 13, 2016

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

Judge: Hon. Thomas P. Agresti

Debtor's Counsel: Brian C. Thompson, Esq.
                  THOMPSON LAW GROUP, P.C.
                  125 Warrendale-Bayne Road, Suite 200
                  Pittsburgh, PA 15086
                  Tel: 724-799-8404
                  Fax: 724-799-8409
                  E-mail: bthompson@ThompsonAttorney.com

Estimated Assets: $0 to $50,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Steven Shingledecker, general manager.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/pawb16-10347.pdf


WHITESBURG REALTY: Case Summary & Unsecured Creditor
----------------------------------------------------
Debtor: Whitesburg Realty, LLC
        651 Perimeter Drive, Suite 605
        Lexington, KY 40517

Case No.: 16-50721

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: April 13, 2016

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

Debtor's Counsel: Jamie L. Harris, Esq.
                  DELCOTTO LAW GROUP PLLC
                  200 North Upper Street
                  Lexington, KY 40507
                  Tel: (859) 231-5800
                  E-mail: jharris@dlgfirm.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Jeffrey C. Ruttenberg, member.

The Debtor listed Wyatt, Tarrant & Combs, LLP as its largest
unsecured creditor holding a claim of $10,000.

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

              http://bankrupt.com/misc/kyeb16-50721.pdf


WPX ENERGY: Egan-Jones Cuts FC Sr. Unsecured Rating to CCC+
-----------------------------------------------------------
Egan-Jones Ratings Company downgraded the foreign currency senior
unsecured rating on debt issued by WPX Energy Inc. to CCC+ from B-
on March 29, 2016.  EJR also lowered the foreign currency senior
unsecured rating on the Company to C from B.

WPX Energy, Inc.is a petroleum and natural gas exploration company
headquartered in the Williams Center in Tulsa, Oklahoma.



[^] BOOK REVIEW: The First Junk Bond
------------------------------------
Author:     Harlan D. Platt
Publisher:  Beard Books
Softcover:  236 pages
List Price: $34.95
Review by Gail Owens Hoelscher

Order your personal copy today and one for a colleague at
http://www.beardbooks.com/beardbooks/the_first_junk_bond.html

Only one in ten failed businesses is equal to the task of
reorganizing itself and satisfying its prior debts in some
fashion. This engrossing book follows the extraordinary journey
of Texas International, Inc (known by its New York Stock
Exchange stock symbol, TEI), through its corporate growth and
decline, debt exchange offers, and corporate renaissance as
Phoenix Resource Companies, Inc. As Harlan Platt puts it, TEI
"flourished for a brief luminous moment but then crashed to
earth and was consumed." TEI's story features attention-grabbing
characters, petroleum exploration innovations, financial
innovations, and lots of risk taking.

The First Junk Bond was originally published in 1994 and
received solidly favorable reviews. The then-managing director
of High Yield Securities Research and Economics for Merrill
Lynch said that the book "is a richly detailed case study. Platt
integrates corporate history, industry fundamentals, financial
analysis and bankruptcy law on a scale that has rarely, if ever,
been attempted." A retired U.S. Bankruptcy Court judge noted,
"(i)t should appeal as supplementary reading to students in both
business schools and law schools. Even those who practice.in the
areas of business law, accounting and investments can obtain a
greater understanding and perspective of their professional
expertise."

"TEI's saga is noteworthy because of the company's resilience
and ingenuity in coping with the changing environment of the
1980s, its execution of innovative corporate strategies that
were widely imitated and its extraordinary trading history,"
says the author. TEI issued the first junk bond. In 1986 it
achieved the largest percentage gain on the NYSE, and in 1987
suffered the largest percentage loss. It issued one of the first
bonds secured by a physical commodity and then later issued one
of the first PIK (payment in kind) bonds. It was one of the
first vulture investors, to be targeted by vulture investors
later on. Its president was involved in an insider trading
scandal. It innovated strip financing. It engaged in several
workouts to sell off operations and raise cash to reduce debt.
It completed three exchange offers that converted debt in to
equity.

In 1977, TEI, primarily an oil production outfit, had had a
reprieve from bankruptcy through Michael Milken's first ever
junk bond. The fresh capital had allowed TEI to acquire a
controlling interest of Phoenix Resources Company, a part of
King Resources Company. TEI purchased creditors' claims against
King that were subsequently converted into stock under the terms
of King's reorganization plan. Only two years later, cash
deficiencies forced Phoenix to sell off its nonenergy
businesses. Vulture investors tried to buy up outstanding TEI
stock. TEI sold off its own nonenergy businesses, and focused on
oil and gas exploration. An enormous oil discovery in Egypt made
the future look grand. The value of TEI stock soared. Somehow,
however, less than two years later, TEI was in bankruptcy. What
a ride!

All told, the book has 63 tables and 32 figures on all aspects
of TEI's rise, fall, and renaissance. Businesspeople will find
especially absorbing the details of how the company's bankruptcy
filing affected various stakeholders, the bankruptcy negotiation
process, and the alternative post-bankruptcy financial
structures that were considered. Those interested in the oil and
gas industry will find the book a primer on the subject, with an
appendix devoted to exploration and drilling, and another on oil
and gas accounting.

Harlan Platt is professor of Finance at Northeastern University.
He is president of 911RISK, Inc., which specializes in
developing analytical models to predict corporate distress.


                            *********

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.

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