/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160510.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, May 10, 2016, Vol. 20, No. 131 Headlines 11 EAST 36TH: Expungement of Guthrie's Proofs of Claims Affirmed 201 NORTH GEORGE: Court Partially Dismisses Suit vs. Neil Sullivan ABENGOA BIOENERGY: Drops Bid to Hire Alvarez & Marsal ABENGOA BIONENERGY: Committee Hires FTI as Fin'l Advisor ABENGOA BIONENERGY: Committee Hires Hogan Lovells as Counsel ABENGOA BIONENERGY: Committee Hires Thompson as Local Counsel ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 12 ADI LIQUIDATION: Deadline to Remove Suits Extended to Aug. 1 AFFORDABLE MED: Granted Leave to Revise Advisor Engagement Letter ALLIED SYSTEMS: Order Granting Summary Judgment to BD/S Affirmed ALLY FINANCIAL: Stephen Feinberg Reports Less Than 5% Stake ALPHA NATURAL: Can Terminate Labor, Retiree Obligations AMERICAN EAGLE: Cash Collateral Budget Period Extended to July 30 AMERICAN HOSPICE: Court Allows Up to $500K in DIP Financing ANTERRA ENERGY: Obtains Creditor Protection Under CCAA BEAR CREEK: Voluntary Chapter 11 Case Summary BIG DRIVE CATTLE: Transfers to C. Knisley Voidable, Court Rules BIOBASED LLC: Summary Judgment Favoring Hunt, et al., Affirmed BIOLIFE SOLUTIONS: Appoints Roderick de Greef CFO BOWERS INVESTMENT: Case Summary & 14 Unsecured Creditors CAESARS ENTERTAINMENT: Appoints Chief Restructuring Officer CAESARS ENTERTAINMENT: Reports Financial Results for 1st Qtr. 2016 CARLBROOK SCHOOL: Bankruptcy Judge Approves Sale of Property CCNG ENERGY: Trinity Environmental Acquires Assets & Operations CENTRAL STATES PENSION: U.S. Treasury Denies Pension Rescue Plan CHAPARRAL ENERGY: Case Summary & 30 Largest Unsecured Creditors CHAPARRAL ENERGY: Files Voluntary Chapter 11 Bankruptcy Petition CHC GROUP: Bankruptcy Court Approves First Day Motions CHC GROUP: Meeting to Form Creditors' Panel Set for May 13 CHC GROUP: Receives Preliminary Access to Cash CINQUE TERRE: Seeking U.S. Recognition of BVI Liquidation COMBIMATRIX CORP: Reports First Quarter 2016 Financial Results CROWN MEDIA: Hallmark Cards Owns 100% of Class A Shares CROWN MEDIA: Shares Delisted from NASDAQ DEERFIELD REAL ESTATE: Case Summary & 5 Unsecured Creditors DORAL FINANCIAL: Hires Garden City as Administrative Agent DPF LEASING: Case Summary & 9 Unsecured Creditors DUNMORE HOMES: Court Partially Junks Suit vs. NACIC ECLIPSE AVIATION: Summary Judgment in WARN Act Suit Affirmed ECLIPSE AVIATION: Trustee Wins $725K Judgment vs. Prudential ELITE PHARMACEUTICALS: Appoints Davis Caskey as Director EMERALD OIL: Hires Donlin Recano as Administrative Advisor EMERALD OIL: Hires Kirkland & Eliis as Attorneys EMERALD OIL: Hires Opportune as Crisis Managers and CRO EMERALD OIL: Taps Pachulski Stang as Co- and Conflicts Counsel EMPIRE RESORTS: Incurs $5.21 Million Net Loss in First Quarter ETIENNE ESTATES: Court Fixes JJAM's Claim at $2.7-Mil. EXELIXIS INC: Incurs $61.3 Million Net Loss in First Quarter FAIRMOUNT SANTROL: S&P Lowers Corporate Credit Rating to 'SD' GARLOCK SEALING: Files Supplement on RBH's Employment as Counsel GAS-MART: Court Approves UMB Bank Stipulation GREAT PLAINS REGIONAL: Fitch Puts BB Bonds Rating on Neg. Watch GTT COMMUNICATIONS: S&P Affirms 'B+' Rating on Sec. Loan Due 2022 HARRINGTON & KING SOUTH: Case Summary & 20 Top Unsecured Creditors HARRINGTON & KING: Case Summary & 20 Largest Unsecured Creditors HIGH RIDGE MANAGEMENT: Hires Qbix as Accountants HUNTS POINT TROPICAL: Bid to Dismiss C and J Suit Dismissed INNER CITY PROPERTIES: Court Disallows Linda Hines' $1.2MM Claim INSTITUTO MEDICO: Hires FPV as External Auditor INTERPARK INVESTORS: Court Approves CBRE as Catalpa Estate Broker JUMIO INC: Reaches Asset Purchase Agreement with Centana KEMET CORP: Hikes BofA Credit Facility to $65 Million KENTUCKIANA HEALTHCARE: PRN Suit Remanded to State Court KNH AVIATION: Bid to Dismiss Suit vs. Michael Hill, et al., Denied LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors LEGEND INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors MAGNUM HUNTER: Reorganization Plan Takes Effect, Exits Chapter 11 MARINA BIOTECH: Cancels Talks on Sale of Therapeutic Assets MARINA BIOTECH: To Acquire Late-Stage Program from Turing MCCLATCHY CO: Incurs $12.7 Million Net Loss in First Quarter MCK MILLENNIUM: Golding & Kraft Don't Need Retainers, Lender Says MCK MILLENNIUM: Hires Golding Law Offices as Counsel MCK MILLENNIUM: Hires Kraft as Real Estate Counsel MICHAEL AZIZ: Abbas Corp. Wins Bid for Summary Judgment MIDWAY GOLD: GRP Minerals Designated as Stalking Horse Bidder NATIONAL CINEMEDIA: Incurs $4.3 Million Net Loss in First Quarter NATIONAL CINEMEDIA: Reports Results for Fiscal First Quarter 2016 NATIONAL CINEMEDIA: Stockholders Elect 3 Directors NET ELEMENT: Amends Loan Agreement with RBL Capital NOVA CHEMICALS: S&P Affirms 'BB+' CCR, Outlook Stable OFFSHORE DRILLING: Fitch Lowers IDRs to B-, Outlook Negative PENN PRODUCTS: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR PHILADELPHIA ENTERTAINMENT: Suit vs. Pa. Revenue Dept. Dismissed PICO HOLDINGS: Activist Bloggers Criticize Hart Compensation PIONEER ENERGY: Wells Fargo Resigns as Indenture Trustee PIONEER HEALTH: Committee Hires Arnall Golden Gregory as Counsel PIONEER HEALTH: Creditors' Panel Hires Brunini as Co-Counsel PUERTO RICO: Lew, Lawmakers Intensity Bill Push After Default PURADYN FILTER: Ships $300K Worth of Filter Systems to Middle East QUANTUM FUEL: Panel Taps Armory Consulting as Financial Advisor RAILYARD COMPANY: Ch.11 Trustee Hires Hunt & Davis as Counsel RAILYARD COMPANY: Ch.11 Trustee Hires Johnson as Accountant REDONDO CONSTRUCTION: Court Sets Aside August 23 Status Conference RGL RESERVOIR: S&P Lowers Corporate Credit Rating to 'SD' S-3 PUMP SERVICE: Hires Robert King as Business Valuation Expert S-3 PUMP SERVICE: Hires Superior Asset as Appraiser SABINE OIL: Seeks Judge's Blessing for New Pipeline Contract SDI SOLUTIONS: Creditors' Panel Hires Arent Fox as Co-counsel SDI SOLUTIONS: Creditors' Panel Taps Womble Carlyle as Co-counsel SDI SOLUTIONS: Panel Hires EisnerAmper as Financial Advisor SEMLER SCIENTIFIC: Reports $1 Million Net Loss for First Quarter SH 130 CONCESSION: Asks Judge to Extend Deadline to Remove Suits SHOOT THE MOON: Court Orders Trustee to Pay $83K to Prime A SKYBRIDGE SPECTRUM: 341 Meeting of Creditors Set for May 17 SOUTHCROSS ENERGY: EIG BBTS Holdings Holds 66.3% Common Units SOUTHCROSS ENERGY: Southcross Holdings, et al., File 13D/A SOUTHCROSS ENERGY: TW Southcross Files Schedule 13D/A with SEC SPORTS AUTHORITY: Wilmington Savings Fund Society Wants Protection SRT SOLUTIONS: Must Pay 1100 Nasa Road's Admin. Claim for Rents STC INC: Court Overrules GTT's Objection to Plan Confirmation STEWARD HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to Positive TA CHUAN: Case Summary & 5 Unsecured Creditors THERAPEUTICSMD INC: Files Copy of Investor Presentation with SEC THQ INC: Court Junks Preference Suit vs. Starcom TOWN SPORTS: S&P Affirms 'CCC+' CCR, Outlook Negative TOWNSIDE CONSTRUCTION: Case Summary & 12 Unsecured Creditors TRAVELPORT WORLDWIDE: Posts $17 Million Net Income for 1st Quarter TRIBUNE MEDIA: WTC's Appeal Goes to Third Circuit TRIUMPH GROUP: S&P Lowers Rating to 'BB-', Outlook Stable TRUSTEES OF CONNEAUT LAKE: Court Refuses to Stay Insurance Ruling U.S. STEEL: Fitch Assigns BB Rating on New $8.37% Secured Notes VANGUARD HEALTHCARE: Hires BMC Group as Noticing Agent VANGUARD HEALTHCARE: Seeks Joint Administration of Cases VANGUARD HEALTHCARE: Voluntary Chapter 11 Case Summary VANGUARD HEALTHCARE: Wants to Use Cash Collateral of Capital One VERSO CORP: Ch. 11 Plan Goes to June 23 Confirmation Hearing VISUALANT INC: Files Amended Resale Prospectus with SEC WILTON HOLDINGS: S&P Lowers CCR to 'CCC', Outlook Negative WORLD IMPORTS: Unwaived Maritime Liens Enforceable, 3rd Cir. Says [*] Moody's: US Corporate Defaults Rise Since 2009 in Q1 2016 [^] Large Companies with Insolvent Balance Sheet ********* 11 EAST 36TH: Expungement of Guthrie's Proofs of Claims Affirmed ---------------------------------------------------------------- Victoria Guthrie appeals a decision issued on January 29, 2015 by the United States Bankruptcy Court for the Southern District of New York, expunging two proofs of claim filed by Guthrie against 11 East 36th Street, LLC and Morgan Lofts, LLC. In August 2013, Guthrie filed proofs of claim in the Bankrtupcy Court against Appellees, based on the Morgan Fund's promissory note. The Bankruptcy Court issued a decision on January 29, 2015 expunging the proofs of claim on the basis that: (1) the pledge agreement did not give Guthrie a lien on the real property owned by Morgan Lofts; and (2) Guthrie's lien on 11 East 36th Street's interest in Morgan Lofts was unperfected due to Guthrie's defective UCC-1 filing and therefore subject to avoidance under 11 U.S.C. 544(a). The Bankruptcy Court also rejected Guthrie's veil piercing claim. Judge Analisa Torres of the United States District Court for the Southern District of New York affirmed the Bankruptcy Court's decision. A full-text copy of the Memorandum and Order dated March 21, 2016 is available at http://is.gd/dZsEGvfrom Leagle.com. The case is In re: 11 EAST 36TH LLC, et al., Debtors. VICTORIA GUTHRIE, Appellant, v. 11 EAST 36TH, LLC, et al., Appellees, Case No. 13-11506 (REG), No. 15 Civ. 1541 (AT)(S.D.N.Y.). 11 EAST 36th, LLC, In Re, is represented by Julie Anna Cvek, Esq. -- jcvek@ddw-law.com -- Delbello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. 11 EAST 36th, LLC, Debtor, is represented by Julie Anna Cvek, Delbello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. Victoria Guthrie, Appellant, is represented by Anthony F. Giuliano, Esq. -- afg@pryormandelup.com -- Pryor & Mandelup & Dennis Marc Reisman, Esq. -- dennisreisman@aol.com -- Law Office of Dennis Marc Reisman. 11 EAST 36th, LLC, Appellee, is represented by Jonathan S. Pasternak, Esq. -- Esq. -- jpasternak@ddw-law.com -- -- DelBello Donnellan Weingarten Wise & Wiederkehr, L.L.P. & Julie Anna Cvek, Delbello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. Morgan Lofts, LLC, Appellee, is represented by Jonathan S. Pasternak, DelBello Donnellan Weingarten Wise & Wiederkehr, L.L.P. & Julie Anna Cvek, Delbello, Donnellan, Weingarten, Wise & Wiederkehr, LLP. About East 36th LLC 11 East 36th LLC and Morgan Lofts LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 13-11506 and 13-11507) on May 8, 2013. Judge James M. Peck was assigned to oversee both cases. Anthony J. Gallo, Esq., at AJ Gallo Associates, P.C., served as counsel to the Debtors. In its petition, 11 East 36th LLC estimated $0 to $50,000 in assets and $10 million to $50 million in liabilities. The petitions were signed by Ben Bobker, managing member. 201 NORTH GEORGE: Court Partially Dismisses Suit vs. Neil Sullivan ------------------------------------------------------------------ Judge Patrick M. Flatley of the United States Bankruptcy Court for the Northern District of West Virginia granted in part and denied in part the motion to dismiss filed by Neil and Judy Sullivan in the adversary proceeding captioned MOORING CAPITAL FUND, LLC, Plaintiff, v. NEIL J. SULLIVAN, II, JUDY S. SULLIVAN, and JENNIFER S. MAGHAN, in her capacity as the Clerk Of the County Commission of Jefferson County, West Virginia, Defendants, Adversary No. 14-ap-16 (Bankr. N.D.W. Va.). On November 20, 2015, the court granted leave to Mooring Capital Fund, LLC, to file its first amended complaint. Neil and Judy Sullivan then sought the dismissal of Counts III-VI of the first amended complaint based upon Mooring Capital's alleged failure to state a cause of action upon which relief can be granted. Mooring Capital contended that the court must deny the Sullivans' motion to dismiss because it pleaded plausible causes of action in Counts III-VI of the first amended complaint. Judge Flatley granted, in part, and denied, in part, the Sullivans' motion to dismiss. Count III survived the Sullivans' motion to dismiss, but the judge dismissed Counts IV, V, and VI. The bankruptcy case is In re: 201 NORTH GEORGE ST., LLC, Chapter 11, Debtor, Case No. 14-bk-294 (Bankr. N.D.W. Va.). A full-text copy of Judge Flatley's April 20, 2016 opinion is available at http://is.gd/gZQ1eFfrom Leagle.com. Mooring Capital Fund, LLC, a Delaware limited liability company, is represented by: R. Terrance Rodgers, Esq. KAY CASTO & CHANEY PLLC 1085 Van Voorhis Road, Suite 100 Morgantown, WV 26505 Tel: (304)400-6071 Fax: (304)225-0974 Neil J. Sullivan, II is represented by: Kenneth J. Barton, Jr., Esq. Kelsey L. Swaim, Esq. STEPTOE & JOHNSON Edwin Miller Professional Center 1250 Edwin Miller Blvd., Suite 300 Martinsburg, WV 25404 Tel: (304)263-6991 Fax: (304)262-3541 Email: kenneth.barton@steptoe-johnson.com kelsey.swaim@steptoe-johnson.com -- and -- F. Douglas Ross, Esq. ODIN, FELDMAN & PITTLEMAN, PC 1775 Wiehle Avenue, Suite 400 Reston, VA 20190 Tel: (703)218-2100 Email: douglas.ross@ofplaw.com Jennifer S. Maghan, in her capacity as the Clerk of the County Commission of Jefferson County, West Virginia, is represented by: Jason P. Pockl, Esq. David L. Wyant, Esq. BAILEY & WYANT PLLC 1219 Chapline St. Wheeling, WV 26003 Tel: (304)233-3100 Email: jpockl@baileywyant.com dwyant@baileywyant.com ABENGOA BIOENERGY: Drops Bid to Hire Alvarez & Marsal ----------------------------------------------------- Abengoa Bioenergy US Holding LLC has withdrawn its motion to hire Alvarez & Marsal North America LLC and designate William Runge III as chief restructuring officer, according to a filing with the U.S. Bankruptcy Court for the Eastern District of Missouri. About Abengoa Bioenergy Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A. ("Abengoa"), a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. 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. 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. 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 five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent. ABENGOA BIONENERGY: Committee Hires FTI as Fin'l Advisor -------------------------------------------------------- The Official Committee of Unsecured Creditors of Abengoa Bioenergy US Holdings, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to retain FTI Consulting, Inc. as Financial Advisor for the Committee, nunc pro tunc to March 21, 2016. The Committee requires FTI to: a. assist in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; b. assist in the preparation of analyses required to assess any proposed Debtor-In-Possession ("DIP") financing or use of cash collateral; c. assist with the assessment and monitoring of the Debtors' short term cash flow, liquidity, and operating results; d. assist with the review of the Debtors' proposed key employee retention and other employee benefit programs; e. assist with the review of the Debtors' analysis of core business assets and the potential disposition or liquidation of non-core assets; f. assist with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; g. assist with the review of the Debtors' identification of potential cost savings, including overhead and operating expenses reductions and efficiency improvements; h. assist in the review and monitoring of the asset sale process, including, but not limited to as assessment of the adequacy of the marketing process, completeness of any buyer lists, review and quantifications of any bids; i. assist with review of any tax issues associated with, but not limited to claim/stock trading, preservation of net operating losses, refunds due to the Debtors, plans of reorganisation, and asset sales; j. assist in the review of the claims reconciliation and estimation process; k. assist in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which court approval is sought; l. attend at meetings and assistance in discussion with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official Committees organized in these chapter 11 proceedings, the U.S. Trustee, other parties in interest and professionals hired by the same, as requested; m. assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings; n. assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; o. assist in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert/testimony on case issues as required by the Committee; and p. render other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. FTI will be paid at these hourly rates: Senior Managing Director $825-995 Directors/Senior Director/Managing Director $615-815 Consultants/Senior Consultants $325-595 Administrative/Paraprofessionals/Associates $130-260 Ascendant Partners $450 FTI will also be reimbursed for reasonable out-of-pocket expenses incurred. Samuel Star, Senior Managing Director with FTI Consulting, 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. FTI can be reached at: Samuel Star Three Times Square, 9th Floor New York, NY, 10036 T: +1 212 247 1010 F: +1 212 841 9350 E-mail: samuel.star@fticonsulting.com About Abengoa Bioenergy Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A. ("Abengoa"), a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. 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. 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.    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 five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent.  ABENGOA BIONENERGY: Committee Hires Hogan Lovells as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Abengoa Bioenergy US Holdings, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to retain Hogan Lovells US LLP as counsel for the Committee, nunc pro tunc to March 18, 2016. The Committee requires Hogan Lovells to: (a) administer these cases and the exercise of oversight with respect to the Debtor's affairs, including all issues in connection with the Debtors, the Committee and/or these Chapter 11 Cases; (b) prepare on behalf of the Committee of necessary applications, motions, memoranda, orders, reports, and other legal papers; (c) appear in Court, participate in litigation as a party-in-interest, and at statutory meetings of creditors to represent the interest of the Committee; (d) negotiate and evaluate the proposed debtor-in-possession financing and any other potential financing alternatives; (e) negotiate and evaluate of the proposed restructuring support agreement and any other potential alternatives; (f) negotiate, formulate, drafting and confirmation of a plan or plans of reorganization or liquidation and matters related thereto; (g) investigate, directed by the Committee, of among other things, unencumbered asset, liabilities, and financial condition of the Debtors, prior transactions, and operational issues concerning the Debtors that may be relevant to these Chapter 11 Cases; (h) negotiate and formulate any proposed sale of any of the Debtors' assets, including pursuant to section 363 of the Bankruptcy Code; (i) communicate with the Committee's constituents in furtherance of its responsibilities, including, but not limited to, communications required under section 1102 of the Bankruptcy Code; and (j) perform all of the Committee's duties and powers under the Bankruptcy Code and the Bankruptcy Rules and the performance of such other services as are in the interest of those represented by the Committee. Hogan Lovells will be paid at these hourly rates: Partners $735-$1140 Associates and Counsel $445-$860 Legal Assistants $250-$340 The principal attorneys and paralegal assigned to represent the Debtor and their current standard hourly rate, current as of January 1, 2016, are: Christopher R. Donoho, III $990 per hour Ronald J. Silverman $1,090 per hour M. Shane Johnson $610 per hour Raphaella S. Ricciardi $495 per hour Ronald Cappiello (paralegal) $ 349 per hour Hogan Lovells will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher R. Donoho, III, partner of Hogan Lovells US 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. The following is provided in response to the request for additional information set forth in D1 of the Appendix B Guidelines: -- Hogan did not represent the Committee before its formation on March 11, 2016. Hogan Lovells' billing rates have not changed since the petition date. Hogan Lovells has in the past represented, currently represents and may represent in the future certain Committee members and/or their affiliates in their capacities as official committee members in other chapter 11 cases and/or as set forth in this Application. -- Hogan Lovells is developing a budget and staffing plan that will be presented for approval by the Committee. By separate application, the Committee is seeking to retain Thompson Coburn LLP to serve as co-counsel in this case. Hogan Lovells has discussed the division of responsibilities with co-counsel and will make every effort to avoid duplication of efforts in connection with these Chapter 11 Cases. Hogan Lovells can be reached at: Christopher R. Donoho, III Ronald J. Silverman HOGAN LOVELLS US LLP 875 Third Avenue New York, NY 10022 Telephone: (212)918 3000 Facsimile: (212)918 3100 About Abengoa Bioenergy   Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A. ("Abengoa"), a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects.   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.    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. 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 five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161.    The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent.  ABENGOA BIONENERGY: Committee Hires Thompson as Local Counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Abengoa Bioenergy US Holdings, LLC, et al., seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to retain Thompson Coburn LLP as local counsel for the Committee, nunc pro tunc to March 18, 2016. The Committee requires Thompson Coburn, in conjunction with Hogan Lovells, to: a. administer the Chapter 11 Cases and the exercise of oversight with respect to the Debtors' affairs; b. prepare on behalf of the Committee of necessary applications, motions, memoranda, orders, reports, and other papers; c. appear in Court, participate in litigation as a party-in-interest, and at statutory meetings of creditors to represent the interests of the Committee; d. negotiate and evaluate the proposed debtor-in-possession financing and any other potential financing alternatives; e. negotiate and evaluate the proposed restructuring support agreement and any other potential alternatives; f. negotiate, formulate, drafting and confirmation of a plan or plans of reorganization or liquidation and matters related thereto; g. investigate, directed by the Committee, of among other things, unencumbered assets, liabilities and financial condition of the Debtors, prior transactions, and operational issues concerning the Debtors that may her relevant to these Chapter 11 Cases; h. communicate with the Committee's constituents in furtherance of its responsibilities, including, but not limited to, communications required under section 1102 of the bankruptcy Code; and i. perform all of the Committee's duties and powers under the Bankruptcy Code and the Bankruptcy Rules and the performance of such other services as are in the interest of those represented by the Committee. Thompson Coburn will be paid at these hourly rates: Partners $365-$750 Associates $235-$485 Para-professionals $130-$295 The principal attorneys designed to represent the Committee and their current standard hourly rates, are: Mark V. Bossi $570 David A. Warfield $580 Brian w. Hockett $430 Thompson Coburn will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark V. Bossi, Esq., partner of Thompson Coburn 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. Consistent with the United State Trustees' Appendix B -- Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases, which became effective on November 1, 2013, Mr. Bossi attested that: -- TC did not agree to any variation from, or alternatives to, your standard or customary billing arrangements for this engagement. -- None of the TC professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case; -- TC did not represent the Committee before the Petition Date; -- The Committee has approved TC's proposed hourly billing rates. A Budget will be developed in connection with the other professionals. Thompson Coburn can be reached at: Mark V. Bossi, Esq. One U.S. Bank Plaza St. Louis, MO 63101 Telephone: 314.552.6015 E-mail: mbossi@thompsoncoburn.com About Abengoa Bioenergy Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A. ("Abengoa"), a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. 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.    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.    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 five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161.    The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent.  ADELPHIA COMMUNICATIONS: Extends Exchange Offers Until May 12 ------------------------------------------------------------- ACC Claims Holdings, LLC on May 6 announced the extension of offers to Eligible Holders to exchange (i) class A limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Senior Notes Claims (Class ACC 3) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "Senior Claims"), against Adelphia Communications Corporation, and (ii) class B limited liability company interests of ACC Claims Holdings, LLC for up to all of the outstanding ACC Trade Claims (Class ACC 4) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 4 Claims"), and ACC Other Unsecured Claims (Class ACC 5) allowed under the Plan of Reorganization, including any post-petition pre-effective date interest and post-effective date interest to and including the extended expiration date of the offers (the "ACC 5 Claims" and, together with the ACC 4 Claims, the "Other Claims"; the Senior Claims and the Other Claims, together, the "Claims"), against Adelphia Communications Corporation until 5:00 p.m., New York City time, on Thursday, May 12, 2016. The exchange offers were previously scheduled to expire at 5:00 p.m., New York City time, on Thursday, May 5, 2016. As of 5:00 p.m., New York City time, on Thursday, May 5, 2016, Eligible Holders of $3,973,169,416.00 original principal amount of ACC Senior Notes (as defined in the Plan of Reorganization) outstanding, Eligible Holders of $250,426,319.09 of ACC 4 Claims outstanding and Eligible Holders of $44,646,944.11 of ACC 5 Claims outstanding had validly tendered their Claims pursuant to the exchange offers. ACC Claims Holdings, LLC recognizes that the Claims will continue to accrue post-effective date interest between the original expiration date and the extended expiration date. Therefore, the consideration offered to Eligible Holders will be increased by a corresponding amount. Except as set forth herein, the terms and conditions of the exchange offers remain unchanged. ACC Claims Holdings, LLC reserves the right to further extend the exchange offers prior to the termination of the extended expiration date. ACC Claims Holdings, LLC does not contemplate any such additional extensions of the exchange offers at this time. The exchange offers are being made pursuant to (i) the offers to exchange, dated March 3, 2016, and supplemented and amended on March 9, 2016, March 21, 2016, April 1, 2016, April 8, 2016, April 15, 2016, April 21, 2016, April 29, 2016 and on the date hereof and (ii) the related letter of transmittal, dated as of March 3, 2016 and supplemented and amended on March 21, 2016. The exchange offers will only be made, and the offers to exchange and the related letter of transmittal will only be distributed to, holders who complete, execute and return an eligibility form confirming that they are qualified purchasers ("Qualified Purchasers") as defined in Section 2(a)(51)(A) of the Investment Company Act of 1940, as amended (except to the extent waived by the managing member of ACC Claims Holdings, LLC), excluding Benefit Plan Investors (except as provided for and subject to the terms of the exchange offers, as amended), each of which is (x) a qualified institutional buyer within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), (y) an institutional investor that qualifies as an "accredited investor" pursuant to Rule 501(a)(1), (2), (3) or (7) under the Securities Act or (z) not a U.S. person in an offshore transaction, in each case as defined in Regulation S under the Securities Act (such persons, "Eligible Holders"). "Benefit Plan Investor" means a benefit plan investor, as defined in Section 3(42) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and includes (a) an employee benefit plan (as defined in Section 3(3) of Title I of ERISA) that is subject to the fiduciary responsibility provisions of Title I of ERISA, (b) a plan that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or (c) any entity whose underlying assets include, or are deemed for purposes of ERISA or the Code to include, "plan assets" by reason of any such employee benefit plan's or plan's investment in the entity. Holders who desire to obtain and complete an eligibility form should either visit the website for this purpose at www.dfking.com/adelphia or call D.F. King & Co., Inc., the information agent and exchange agent for the exchange offers, at (800) 761-6523 (toll-free) or (212) 269-5550 (collect for banks and brokers only). The managing member of ACC Claims Holdings, LLC may, in its sole discretion, waive the restriction on tenders by Benefit Plan Investors. However, the managing member is not required to accept a tender in whole or in part from an investor that is a Benefit Plan Investor, and reserves the right to reject in its complete discretion any tender by a Benefit Plan Investor. About Adelphia Communications Based in Coudersport, Pennsylvania, Adelphia Communications Corporation was once the fifth-biggest cable company. Adelphia served customers in 30 states and Puerto Rico, and offered analog and digital video services, Internet access and other advanced services over its broadband networks. Adelphia collapsed in 2002 after disclosing that founder John Rigas and his family owed $2.3 billion in off-balance-sheet debt on bank loans taken jointly with the company. Mr. Rigas was sentenced to 12 years in prison, while son Timothy 15 years. Adelphia Communications and its more than 200 affiliates filed for Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 02-41729) on June 25, 2002. Willkie Farr & Gallagher represented the Debtors in their restructuring effort. PricewaterhouseCoopers served as the Debtors' financial advisor. Kasowitz, Benson, Torres & Friedman LLP and Klee, Tuchin, Bogdanoff & Stern LLP represented the Official Committee of Unsecured Creditors. Adelphia Cablevision Associates of Radnor, L.P., and 20 of its affiliates, collectively known as Rigas-Managed Entities, were entities that were previously held or controlled by members of the Rigas family. In March 2006, the rights and titles to these entities were transferred to certain subsidiaries of Adelphia Cablevision LLC. The RME Debtors filed for Chapter 11 protection (Bankr. S.D.N.Y. Case Nos. 06-10622 through 06-10642) on March 31, 2006. Their cases were jointly administered under Adelphia Communications and its debtor-affiliates' Chapter 11 cases. The Bankruptcy Court confirmed the Debtors' Joint Chapter 11 Plan of Reorganization on Jan. 5, 2007. The Plan became effective on Feb. 13, 2007. The Adelphia Recovery Trust, a Delaware Statutory Trust, was formed pursuant to the Plan. The Trust holds certain litigation claims transferred pursuant to the Plan against various third parties and exists to prosecute the causes of action transferred to it for the benefit of holders of Trust interests. Lawyers at Kasowitz, Benson, Torres & Friedman, LLP (NYC), represent the Adelphia Recovery Trust. ADI LIQUIDATION: Deadline to Remove Suits Extended to Aug. 1 ------------------------------------------------------------ The U.S. Bankruptcy Court in Delaware has given ADI Liquidation Inc. formerly Associated Wholesalers Inc., until Aug. 1, 2016, to file notices of removal of lawsuits involving the company and its affiliates. About Associated Wholesalers Founded in 1962 and headquartered in Robesonia, Pennsylvania, Associated Wholesalers Inc. serviced 800 supermarkets, specialty stores, convenience stores and superettes with grocery, meat, produce, dairy, frozen foods and general merchandise/health and beauty care products. AWI, with distribution facilities in Robesonia, Pennsylvania, and York, Pennsylvania, served the mid-Atlantic United States. AWI is owned by its 500 retail members, who in turn operate supermarkets. AWI had 1,459 employees. White Rose Inc. is a food wholesaler and distributor serving the greater New York metropolitan area. The company traces its origins to 1886, when brothers Joseph and Sigel Seeman founded Seeman Brothers & Doremus to provide grocery deliveries throughout New York City. White Rose carries out its operations through three leased warehouse and distribution centers, two of which area located in Carteret, New Jersey, and one in Woodbridge, New Jersey. White Rose has 777 employees. Associated Wholesalers and its affiliates sought Chapter 11 bankruptcy protection on Sept. 9, 2014, to sell their assets under 11 U.S.C. Sec. 363 to C&S Wholesale Grocers, absent higher and better offers. The Debtors were granted joint administration of their Chapter 11 cases for procedural purposes, under the lead case of AWI Delaware, Inc., Bankr. D. Del. Case No. 14-12092. As of the Petition Date, the Debtors owed the Bank Group (consisting of lenders, Bank of America, N.A., Bank of American Securities LLC as sole lead arranger and joint book runner, Wells Fargo Capital Finance, LLC as joint book runner and syndication agent, and RBS Capita, as documentation agent) an aggregate principal amount of not less than $131,857,966 (inclusive of outstanding letters of credit), plus accrued interest. The Debtors estimate trade debt of $72 million. AWI Delaware disclosed $11,440 in assets and $125,112,386 in liabilities as of the Chapter 11 filing. Saul Ewing LLP and Rhoads & Sinon LLP serve as legal advisors to the Debtors, Lazard Middle Market serves as financial advisor, and Carl Marks Advisors as restructuring advisor to AWI. Carl Marks' Douglas A. Booth has been tapped as chief restructuring officer. Epiq Systems serves as the claims agent. The Official Committee of Unsecured Creditors is represented by David B. Stratton, Esq., and Evelyn J. Meltzer, Esq., at Pepper Hamilton, LLP, in Wilmington, Delaware; and Mark T. Power, Esq., and Christopher J. Hunker, Esq., at Hahn & Hessen LLP, in New York. The Committee also has retained Capstone Advisory Group, LLC, together with its wholly-owned subsidiary Capstone Valuation Services, LLC, as its financial advisors. The Troubled Company Reporter, on Nov. 5, 2014, reported that the Bankruptcy Court authorized Associated Wholesalers to sell substantially all of its assets, including their White Rose grocery distribution business, to C&S Wholesale Grocers, Inc. The C&S purchase price consists of the lesser of the amount of the bank debt, which totals about $18.1 million and $152 million, plus other liabilities, which amount is valued at $194 million. C&S, according to Bill Rochelle and Sherri Toub, bankruptcy columnists for Bloomberg News, ended up paying $86.5 million more cash to be anointed as the winner at the auction. Associated Wholesalers, which changed its name to AWI Delaware, Inc., prior to the approval of the sale. AWI Delaware notified the Bankruptcy Court on Nov. 12, 2014, that closing occurred in connection with the sale of their assets to C&S. AWI Delaware then changed its name to ADI Liquidation, Inc., following the closing of the sale. As reported in the Feb. 29 edition of the TCR, ADI Liquidation, Inc., f/k/a AWI Delaware, Inc., filed with the U.S. Bankruptcy Court for the District of Delaware a Chapter 11 plan of liquidation and an accompanying disclosure statement. Under the Plan, holders of general unsecured claims will receive cash on the initial, subsequent and final distribution dates in the amount of the Allowed General Unsecured Claim multiplied by the Initial, Subsequent or Final Distribution Percentage, as applicable, and, if applicable, a Catch-Up Distribution. General Unsecured Claims against AWI are estimated to total $30,506,586. AFFORDABLE MED: Granted Leave to Revise Advisor Engagement Letter ----------------------------------------------------------------- Debtor Affordable Med Scrubs LLC filed an application to employ Patricia A. Missal and The Numbers Group as its financial advisor, nunc pro tunc to January 11, 2016, to which FirstMerit Bank, Debtor's primary secured creditor, has objected. Judge Mary Ann Whipple of the United States Bankruptcy Court for the Northern District of Ohio, Western Division granted the Objection and and granted in part the Interim Payment Procedure. The Debtor is granted leave to file a revised form of engagement letter in support of and as a supplement to its Application for An Order Authorizing (A) The Retention of the Numbers Group, LLC And Patricia Missal as Financial Advisor to the Debtor Nunc Pro Tunc to January 11, 2016; and (B) Interim Payment Procedure, which submission shall be made on or before April 8, 2016, absent which the court will enter an order denying the Application; and Any objections to any revised engagement letter for Numbers Group filed by Debtor must be filed on or before 3 business days from the filing of the document by Debtor, absent which the court will grant the Application on the terms set forth in the revised engagement letter without further notice or opportunity for hearing. A full-text copy of the Memorandum of Decision and Order dated March 29, 2016 is available at http://is.gd/qUOn33from Leagle.com. The case is In Re Affordable Med Scrubs LLC, Chapter 11, Debtor and Debtor-in-Possession, Case No. 15-33448 (Bankr. N.D. Ohio). Affordable Med Scrubs LLC, Debtor, is represented by Sherri Lynn Dahl, Esq. -- sdahl@dahllawllc.com -- Dahl Law LLC. U.S. Trustee, is represented by Derrick Rippy, Office of the US Trustee. ALLIED SYSTEMS: Order Granting Summary Judgment to BD/S Affirmed ---------------------------------------------------------------- In the appealed case captioned YUCAIPA AMERICAN ALLIANCE FUND II, LP, et al., Appellants, v. BDCM OPPORTUNITY FUND II, LP, et al., Appellees, Civ. No. 13-cv-1580 (SLR), No. 13-cv-1583 (SLR) (D. Del.), Judge Sue L. Robinson of the United States District Court for the District of Delaware affirmed the bankruptcy court's August 7, 2013 order. Appellants Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance (Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P., and Yucaipa American Alliance (Parallel) Fund II, L.P. (together, "Yucaipa") filed bankruptcy appeals on August 21, 2013. The appeal arises from an order entered by the bankruptcy court on August 7, 2013, granting a motion for summary judgment filed by BDCM Opportunity Fund II, LP, Black Diamond CLO 2005-1 Ltd, and Spectrum Investment Partners, L.P. (together, "BD/S") in two adversary proceedings, which determined that BD/S were "Requisite Lenders' as that term is defined in a certain first lien credit agreement ("FLCA"). In reaching its conclusion, the bankruptcy court determined that: (i) Yucaipa was collaterally estopped from arguing that a purported fourth amendment to the FLCA ("Fourth Amendment") was valid, based upon a prior ruling by a New York state court that the Fourth Amendment was "invalid and of no force or effect"; (ii) a previous amendment to the FLCA ("Third Amendment") was validly enacted and governed the Requisite Lender determination; and (iii) Yucaipa's improperly acquired First Lien Debt had no voting rights and must be excluded from the Requisite Lender calculation. The bankruptcy case is In re: ALLIED SYSTEM HOLDINGS INC, et al., Chapter 11 Debtors, Bank. No. 12-11564 (CSS). (Jointly Administered), Nos. 12-50947 (CSS), 13-50530 (CSS) (Bankr. D. Del.). A full-text copy of Judge Robinson's April 1, 2016 memorandum opinion is available at http://is.gd/E0JGxKfrom Leagle.com. Yucaipa American Alliance Fund II LP, Yucaipa American Alliance (Parallel) Fund II LP, Yucaipa American Alliance Fund I LP, Yucaipa American Alliance (Parallel) Fund I LP, are represented by: Donald J. Bowman, Jr., Esq. Edmon L. Morton, Esq. Laurel Dana Roglen, Esq. YOUNG, CONAWAY, STARGATT & TAYLOR LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302)571-6600 Fax: (302)571-1253 Email: dbowman@ycst.com emorton@ycst.com lroglen@ycst.com BDCM Opportunity Fund II LP and Spectrum Investment Partners LP is represented by: Adam G. Landis, Esq. Kerri King Mumford, Esq. LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Tel: (302)467-4400 Fax: (302)467-4450 Email: landis@lrclaw.com mumford@lrclaw.com Black Diamond CLO 2005-1 LTD is represented by: Adam G. Landis, Esq. Kerri King Mumford, Esq. LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Tel: (302)467-4400 Fax: (302)467-4450 Email: landis@lrclaw.com mumford@lrclaw.com -- and -- David M. Hillman, Esq. Frank W. Olander, Esq. Mark D. Richardson, Esq. Michael Kwon, Esq. Robert J. Ward, Esq. Email: frank.olander@srz.com mark.richardson@srz.com michael.kwon@srz.com robert.ward@srz.com About Allied Systems Holdings BDCM Opportunity Fund II, LP, Spectrum Investment Partners LP, and Black Diamond CLO 2005-1 Adviser L.L.C., filed involuntary petitions for Allied Systems Holdings Inc. and Allied Systems Ltd. (Bankr. D. Del. Case Nos. 12-11564 and 12-11565) on May 17, 2012. The signatories of the involuntary petitions assert claims of at least $52.8 million for loan defaults by the two companies. Allied Systems, through its subsidiaries, provides logistics, distribution, and transportation services for the automotive industry in North America. Allied Holdings Inc. first filed for chapter 11 protection (Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537) on July 31, 2005. Jeffrey W. Kelley, Esq., at Troutman Sanders, LLP, represented the Debtors in the 2005 case. Allied won confirmation of a reorganization plan and emerged from bankruptcy in May 2007 with $265 million in first-lien debt and $50 million in second-lien debt. The petitioning creditors said Allied defaulted on payments of $57.4 million on the first lien debt and $9.6 million on the second. They hold $47.9 million, or about 20% of the first-lien debt, and about $5 million, or 17%, of the second-lien obligation. They are represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., and Robert J. Ward, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings Inc. formally put itself and 18 subsidiaries into bankruptcy reorganization June 10, 2012, following the filing of the involuntary Chapter 11 petition. The Company is being advised by Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., and Jeffrey W. Kelley, Esq., at Troutman Sanders, Gowling Lafleur Henderson. The bankruptcy court process does not include captive insurance company Haul Insurance Limited or any of the Company's Mexican or Bermudan subsidiaries. The Company also announced that it intends to seek foreign recognition of its Chapter 11 cases in Canada. An official committee of unsecured creditors has been appointed in the case. The Committee consists of Pension Benefit Guaranty Corporation, Central States Pension Fund, Teamsters National Automobile Transporters Industry Negotiating Committee, and General Motors LLC. The Committee is represented by Sidley Austin LLP. In January 2014, the U.S. Trustee for Region 3 appointed a three-member Official Committee of Retirees. Yucaipa Cos. has 55% of the senior debt and took the position it had the right to control actions the indenture trustee would take on behalf of debt holders. The state court ruled in March 2013 that the loan documents didn't allow Yucaipa to vote. In March 2013, the bankruptcy court gave the official creditors' committee authority to sue Yucaipa. The suit includes claims that the debt held by Yucaipa should be treated as equity or subordinated so everyone else is paid before the Los Angeles-based owner. The judge allowed Black Diamond to participate in the lawsuit against Yucaipa and Allied directors. Yucaipa American Alliance Fund I, L.P., Yucaipa American Alliance (Parallel) Fund I, L.P., Yucaipa American Alliance Fund II, L.P., Yucaipa American Alliance (Parallel) Fund II, L.P., represented by Michael R. Nestor, Esq., and Edmund L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP; and Robert A. Klyman, Esq., at Gibson, Dunn & Crutcher LLP. First Lien Agent, Black Diamond Commercial Finance, L.L.C., represented by Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP; and Adam C. Harris, Esq., Robert J. Ward, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP. Allied Systems Holdings, Inc., has changed its name to ASHINC Corporation. * * * ASHINC Corporation, f/k/a Allied Systems Holdings, Inc., and its debtor affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a joint Chapter 11 plan of reorganization, co-proposed by the Committee and the first lien agents. The Plan provides that certain of the Debtors' assets, the Litigation Trust Assets, will vest in the Allied Litigation Trust, and the remainder of the Debtors' assets, including the proceeds from the sale of substantially all of the Debtors' assets, will either revest in the Reorganized Debtors or be distributed to the Debtors' creditors. ALLY FINANCIAL: Stephen Feinberg Reports Less Than 5% Stake ----------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Stephen Feinberg disclosed that as of May 2, 2016, he beneficially owns 24,116,297 shares of common stock of Ally Financial Inc. Based upon the information set forth in the Annual Report on Form 10-K of Ally filed with the SEC on Feb. 24, 2016, there were 483,067,645 shares of common stock, par value $0.01 per share, of the Company issued and outstanding as of Feb. 23, 2016. As a result, Mr. Feinberg may be deemed to beneficially own less than 5.0% of the shares of the Common Stock issued and outstanding. A copy of the regulatory filing is available for free at: http://is.gd/XmsLvj About Ally Financial Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/-- is one of the world's largest automotive financial services companies. The Company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers online retail banking products. Ally operates as a bank holding company. GMAC obtained a $17 billion bailout from the U.S. government in exchange for a 56.3 percent stake. Private equity firm Cerberus Capital Management LP keeps 14.9 percent, while General Motors Co. owns 6.7 percent. Ally reported net income of $1.28 billion on $4.86 billion of total net revenue for the year ended Dec. 31, 2015, compared to net income of $1.15 billion on $4.65 billion of total net revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, the Company had $158.58 billion in total assets, $145.14 billion in total liabilities and $13.43 billion in total equity. * * * As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings Services said it raised its issuer credit rating on Ally Financial Inc. to 'BB' from 'B+'. "The upgrade reflects the company's release from potential legal and financial liabilities stemming from its ownership of ResCap," said Standard & Poor's credit analyst Tom Connell. In the April 3, 2014, edition of the TCR, Fitch Ratings has upgraded Ally Financial Inc.'s long-term Issuer Default Rating (IDR) and senior unsecured debt rating to 'BB+' from 'BB'. The rating upgrade reflects increased clarity around Ally's ownership structure given Ally's recent announcement that it has launched an initial public offering those shares of its common stock held by the U.S. Treasury (the Treasury). As reported by the TCR on July 16, 2014, Moody's Investors Service affirmed the 'Ba3' corporate family and 'B1' senior unsecured ratings of Ally Financial, Inc. and revised the outlook for the ratings to positive from stable. Moody's affirmed Ally's ratings and revised its rating outlook to positive based on the company's progress toward sustained improvements in profitability and repayment of government assistance received during the financial crisis. ALPHA NATURAL: Can Terminate Labor, Retiree Obligations ------------------------------------------------------- Jacqueline Palank, writing for Dow Jones' Daily Bankruptcy Review, reported that a bankruptcy judge said on May 9 that he would set Alpha Natural Resources Inc. free from its labor pacts with a mineworkers' union as well as from obligations to union retirees. According to the report, citing the worsening conditions in the coal markets since Alpha sought chapter 11 protection last August, Judge Kevin R. Huennekens of the U.S. Bankruptcy Court in Richmond, Va., authorized the company to terminate existing collective-bargaining agreements with the United Mine Workers of America. The labor pacts cover roughly 600 active union workers, about 11% of Alpha's workforce, as well as about 2,600 retired union workers, the report related. The Troubled Company Reporter, on April 13, 2016, reported that the Debtors sought authority to reject their obligations under their collective bargaining agreements with the United Mine Workers of America for the benefit of certain of the Debtors' hourly workforce. The Debtors also sought authority to modify certain retiree healthcare obligations, including (a) the termination of certain retiree medical programs and the replacement of those programs with a subsidy consistent with the benefits provided to the Debtors' non-union retirees, and (b) the termination of the Debtors' liabilities under the Coal Industry Retiree Health Benefit Act of 1992. According to the Debtors, the scale of the Active and Retired Union Employees to whom the Debtors owe the Labor and Legacy Obligations is daunting. The Debtors relate that they spent $52.9 million on healthcare benefits for these Union Employees in 2015, an average of approximately 34% more on each Union Employee than each Non-Union Employee. As of the Petition Date, the Debtors has approximately $872 million in accrued retiree healthcare obligations to their Union Employees. The Debtors tell the Court that their business plan contemplates that they must achieve an additional $200 million in annual cost savings across their businesses to maintain their operations and to accomplish a successful restructuring, of which, approximately $60 million must be realized through savings in labor costs related to Union Employees. About Alpha Natural Resources Headquartered in Bristol, Virginia, Alpha Natural -- http://www.alphanr.com-- is a coal supplier, ranked second largest among publicly traded U.S. coal producers as measured by 2014 consolidated revenues of $4.3 billion. As of August 2015, Alpha had 8,000 full time employees across many different states, with UMWA representing 1,000 of the employees. Alpha Natural Resources, Inc. (Bankr. E.D. Va. Case No. 15-33896) and its affiliates filed separate Chapter 11 bankruptcy petitions on Aug. 3, 2015, listing $9.9 billion in total assets as of June 30, 2015, and $7.3 billion in total liabilities as of June 30, 2015. The petitions were signed by Richard H. Verheij, executive vice president, general counsel and corporate secretary. Judge Kevin R. Huennekens presides over the cases. David G. Heiman, Esq., Carl E. Black, Esq., and Thomas A. Wilson, Esq., at Jones Day serve as the Debtors' general counsel. Tyler P. Brown, Esq., J.R. Smith, Esq., Henry P. (Toby) Long, III, Esq., and Justin F. Paget, Esq., serve as the Debtors' local counsel. Rothschild Group is the Debtors' financial advisor. Alvarez & Marshal Holdings, LLC, is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, is the Debtors' claims and noticing agent. The U.S. Trustee for Region 4 appointed seven creditors of Alpha Natural Resources Inc. to serve on the official committee of unsecured creditors. Dennis F. Dunne, Esq., Evan R. Fleck, Esq., and Eric K. Stodola, Esq., at Milbank, Tweed, Hadley & McCloy LLP; and William A. Gray, Esq., W. Ashley Burgess, Esq., and Roy M. Terry, Jr., Esq. at Sands Anderson PC, represent the Committee. * * * Alpha Natural Resources, Inc. on March 8 disclosed that it has filed a proposed Chapter 11 Plan of Reorganization and a related Disclosure Statement with the United States Bankruptcy Court for the Eastern District of Virginia. Together with the motion seeking approval of a marketing process for Alpha's core operating assets, these filings provide for the sale of Alpha's assets, detail a path toward the resolution of all creditor claims, and anticipate the emergence of a streamlined and sustainable reorganized company able to satisfy its environmental obligations on an ongoing basis. By selling certain assets as a going concern and restructuring the company's remaining assets into a reorganized Alpha, the company is able to provide maximum recovery to its creditors, while preserving jobs and putting itself in the best position to meet its reclamation obligations. This path will allow for a conclusion of Alpha's bankruptcy proceedings by June 30, 2016. AMERICAN EAGLE: Cash Collateral Budget Period Extended to July 30 ----------------------------------------------------------------- American Eagle Energy Corp. announced that the budget period has been extended to July 30, 2016, in accordance with a bankruptcy court's previous order that allowed the company to use cash collateral. The order was issued on March 1 by the U.S. Bankruptcy Court for the District of Colorado. A copy of the approved budget is available without charge at http://is.gd/uv3H7S About American Eagle Energy Littleton, Colorado-based American Eagle Energy Corporation is engaged in the acquisition, exploration and development of oil and gas properties. The Company is primarily focused on extracting proved oil reserves from those properties. American Eagle Energy Corporation and its wholly-owned subsidiary, AMZG, Inc., filed on May 8, 2015, voluntary petitions (Bankr. D. Colo., Case No. 15-15073). The case is assigned to Judge Howard R. Tallman. The Debtors are represented by Elizabeth A. Green, Esq., at Baker & Hostetler LLP, in Orlando, Florida. On May 13, 2015, Judge Tallman granted the Debtors' request for joint administration. American Eagle Energy disclosed total assets of $21,980,687 and total liabilities of $193,604,113 as of the Chapter 11 filing. The U.S. Trustee for Region 6 appointed seven creditors to serve On the Official Committee of Unsecured Creditor. The Committee tapped Pachulski Stang Ziehl & Jones LLP as counsel, and Conway Mackenzie as financial advisor. AMERICAN HOSPICE: Court Allows Up to $500K in DIP Financing ----------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware, entered his Final Order, authorizing Debtors American Hospice Management Holdings, LLC, et al., to obtain postpetition financing, as well as to use cash collateral. Judge Silverstein authorized the Debtors to obtain up to $500,000 in aggregate postpetition secured super-priority debtor-in-possession financing from Hospice Partners of America, LLC. The DIP Credit Agreement contains, among others, the following relevant terms: (a) Maturity Date: The earlier of: (i) May 30, 2016, (ii) the effective date of any plan of reorganization of the Debtors, (iii) conversion of the Chapter 11 cases or any one of them to a case under Chapter 7 of the Bankruptcy Code, (iv) dismissal of any of the Chapter 11 cases, (v) appointment of a Chapter 11 or Chapter 7 trustee, or (vi) closing of any sale of substantially all the assets of any individual Debtor. (b) Interest: Interest on the DIP Loans shall be payable monthly as of the end of each month. DIP Loans shall bear interest at a fixed rate per annum of 10%. Upon the occurrence and during the continuance of an Event of Default and the giving of any required notice by the Lender, in accordance with the provisions of the DIP Credit Agreement, all DIP Loan Obligations shall bear interest at the Default Rate of Interest. (c) Fees and Expenses: Each of the Companies shall reimburse or pay the Lender for all Out-of-Pocket Expenses, provided however, that neither Lender nor its advisors shall be required to file fee applications or otherwise seek Bankruptcy Court approval for the payment of such Out of Pocket Expenses. "Good cause has been shown for the entry of this Final Order and authorization for the Debtors to continue to use Cash Collateral and to obtain extensions of credit under the DIP Loan pursuant to the terms of the DIP Loan Documents. The Debtors' need for use of Cash Collateral and financing of the type afforded by the DIP Agreement is ongoing, immediate, and critical. Entry of this Final Order will minimize disruption of the Debtors' businesses and operations, will preserve the assets of the Debtors' estates and their value and is in the best interests of the Debtors, their creditors and their estates. The terms of the proposed financing are fair and reasonable, reflect the Debtor's exercise of prudent business judgment and are supported by reasonably equivalent value and fair consideration,” Judge Silverstein states in his Final Order. A full-text copy of the Final Order, dated April 18, 2016, is available at http://is.gd/T3E9Sn. About American Hospice Management Holdings, LLC Headquartered in Jacksonville, Florida, American Hospice Management Holdings, LLC is a hospice care provider for patients with conditions including, among other things, cancer, cardiopulmonary diseases, Alzheimer's and strokes. American Hospice currently provides hospice care in the following six markets: (i) Phoenix, Arizona; (ii) Houston, Texas; (iii) Oklahoma City, Oklahoma; (iv) Atlanta, Georgia; (v) Richmond and Central Virginia; and (vi) New Jersey. The Company employs 365 people. American Hospice and 10 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10670) on March 20, 2016. Scott Mahosky signed the petition as chief executive officer. The Debtors estimated assets in the range of $10 million to $50 million and liabilities of up to $50 million. The Debtors have hired Denton US LLP as counsel, Pachulski Stang Ziehl & Jones LLP as co-counsel, Harris Williams & Co. as investment banker, and Kurtzman Carson Consultants, LLC as notice and claims agent. Each of the Debtors is owned 100% by American Hospice Management Holdings, LLC which is a Delaware limited liability company. The majority owner of American Hospice Management Holdings, LLC is American Hospice Holdings Corporation, a Delaware corporation. American Hospice Holdings Corporation is wholly owned by 2000 Riverside Capital Appreciation Fund, L.P. ANTERRA ENERGY: Obtains Creditor Protection Under CCAA ------------------------------------------------------ Anterra Energy Inc. on May 6 disclosed that it has obtained creditor protection uner the Companies' Creditors Arrangement Act (Canada) (the "CCAA") pursuant to an order granted on May 6, 2016 by the Court of Queen's Bench of Alberta, Judicial Centre of Calgary (the "Court"). CCAA protection stays creditors and others from enforcing rights against Anterra and affords the Company the opportunity to restructure its financial affairs. Further, Anterra announces that on May 6, 2016, the Alberta Securities Commission issued a cease trade order (the "Alberta Cease Trade Order") against the Company for failure to file its audited annual financial statements, annual management's discussion and analysis, and related certifications, for the year ended December 31, 2015 (the "Annual Disclosure"). Anterra expects the securities regulators in each of the jurisditions in which it is a reporting issuer to issue similar orders in due course (together with the Alberta Cease Trade Order, the "Cease Trade Orders"). As a result of the Cease Trade Orders, the Company's securities have been halted from trading on the TSX Venture Exchange (the "Exchange") until such time as the Cease Trade Orders has been revoked or varied, and the Company meets Exchange requirements in relation to the reinstatement of trading. The Company intends to finalize the Annual Disclosure and once filed, Anterra will apply to the applicable securities commissions to have the Cease Trade Orders revoked. Prior to the issuance of the Alberta Cease Trade Order, the Company arranged for a $2.5 million interim convertible loan which the lender has agreed may be used to fund the CCAA process and for related expenses. The decision to seek CCAA protection follows an extensive review of Anterra's strategic alternatives by the Board of Directors and efforts by management to seek additional capital to restart production. Anterra's efforts to pursue strategic alternatives has been severely hindered by the unprecedented downturn in the oil and gas industry in Alberta which has impacted on the Company's ability to raise capital or to complete a sale of assets and has resulted in the company ceasing production from its properties. It was determined by the Board of Directors that, as a result of Anterra's current financial resources and the inability of the Company to complete a fulsome sale or capital raising process in sufficient time to address its financial condition, obtaining CCAA protection was in the best interests of the Company and all of its stakeholders. While under CCAA protection, Anterra intends to continue with day-to-day operations and with its efforts to pursue strategic alternatives, including securing additional capital. Anterra further expects CCAA protection will allow entities currently engaged in evaluating potential investments additional time for due diligence. Anterra has sought protection under the CCAA as its current cash in hand would not allow it to meet its current obligations and its obligations expected to come due in the short term. The Court has granted CCAA protection for an initial period of 30 days expiring June 5, 2016, to be extended thereafter as the Court deems appropriate. If by June 5, 2016 Anterra has not filed a Plan of Arrangement (the "Plan"), or obtained an extension of the CCAA protection, creditors and others will no longer be stayed from enforcing their rights. The Company will issue a further news release on or before June 5, 2016 which will provide an update. The Board of Directors will maintain its usual role and management will remain responsible for the Company's day-to-day operations, under the supervision of PricewaterhouseCoopers Inc. as Court-appointed monitor and who will be responsible for reviewing Anterra's ongoing operations, assisting with the development and filing of the Plan, liaising with creditors and other stakeholders and reporting to the Court. The Board of Directors and management of Anterra will also be primarily responsible for formulating the Plan for restructuring Anterra's affairs. Anterra will continue with its efforts to find an investor for the company or a buyer for its assets while under CCAA protection. Although CCAA protection enables Anterra to continue with its day-to-day operations until its CCAA status changes, the implications for Anterra's shareholders are less clear. Anterra's intention continues to explore a number of alternatives, including a sale of the Company and the repayment of all creditors. However, the Plan must be approved by the requisite number and value of the affected creditors, as required by law, as well as by the Court. At the end of the restructuring process, the value of what is left for shareholders will depend upon the terms of the Plan approved by the affected stakeholders. If the Plan is not so approved it is possible that Anterra would be placed into receivership or bankruptcy. Every effort will be made to ensure that all stakeholders of Anterra are kept informed of developments as they occur. Anterra Energy Inc. -- http://www.anterraenergy.com-- is a Canada-based oil focused junior exploration and production company. The Company is engaged in the acquisition, development, optimization and production of crude oil and natural gas in western Canada. The Company has two segments: oil and gas segment, and midstream processing segment. The Company's oil and gas segment explores for, develops and produces oil and gas. The Company's midstream processing segment provides third party processing and disposal services to the oil and gas industry. The Company operates five principal oil properties in Alberta: Breton - Belly River Oil, Buck Lake - Cardium Oil, Nipisi - Gilwood Oil, Strathmore - Basal Quartz Oil and Two Creek - Jurassic Oil. BEAR CREEK: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Bear Creek Partners II, L.L.C. 16-02553 5000 Northwinds Drive, Suite 120 East Lansing, MI 48823 Bear Creek Retail Partners II LLC 16-02554 5000 Northwinds Drive, Suite 120 East Lansing, MI 48823 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Western District of Michigan (Grand Rapids) Judge: Hon. John T. Gregg Debtors' Counsel: Jay L. Welford, Esq. JAFFE, RAITT, HEUER & WEISS, PC 27777 Franklin Rd, Ste 2500 Southfield, MI 48034 Tel: 248-351-3000 Email: jwelford@jaffelaw.com - and - Robert R. Wardrop, Esq. WARDROP & WARDROP PC 300 Ottawa Ave. NW Ste. 150 Grand Rapids, MI 49503 Tel: 616-459-1225 Email: robb@wardroplaw.com Estimated Estimated Assets Liabilities ----------- ----------- Bear Creek Partners II $10MM-$50MM $10MM-$50MM Bear Creek Retail Partners $10MM-$50MM $10MM-$50MM The petition was signed by Scott A. Chappelle, president. The Debtors did not include a list of their largest unsecured creditors when it filed the petition. BIG DRIVE CATTLE: Transfers to C. Knisley Voidable, Court Rules --------------------------------------------------------------- Chief District Judge Laurie Smith Camp of the United States District Court for the District of Nebraska affirmed the order and judgment issued by the United States Bankruptcy Court for the District of Nebraska granting the request of James A. Overcash, the Chapter 11 Trustee, that certain payments to Appellant, Mr. Carol Knisley from Debtor Big Drive Cattle, L.L.C., be regarded as voidable transfers. The Appellant admitted that the Debtor was insolvent at the time of Transfers. The record before the Court supports the Bankruptcy Court's factual determination that a bailment relationship did not exist between Appellant and Debtor. Accordingly, the Transfers were voidable, Judge Camp held. A full-text copy of the Memorandum Opinion dated March 30, 2016 is available at http://is.gd/Y0utgxfrom Leagle.com. The case is JAMES A. OVERCASH, Chapter 11 Trustee; Appellee, v. CAROL KNISLEY, Appellant, Case No. 4:15CV3039 (Bankr. D. Neb.). The bankruptcy case is IN RE BIG DRIVE CATTLE, L.L.C., CHAPTER 11, Debtor, Bankruptcy No. BK A13-4040 (Bankr. D. Neb.). James A. Overcash, Plaintiff, is represented by James A. Overcash, Esq. -- jovercash@woodsaitken.com -- WOODS, AITKEN LAW FIRM & Kari A. F. Scheer, Esq. -- kscheer@woodsaitken.com -- WOODS, AITKEN LAW FIRM. Carol Knisley, Defendant, is represented by Daniel F. Church, Esq. -- dchurch@mwklaw.com -- MORROW, WILLNAUER LAW FIRM. U.S. Bankruptcy Court, Interested Party, is represented by U.S. Bankruptcy Clerk, U.S. BANKRUPTCY COURT. U.S. Trustee, Trustee, is represented by Patricia M. Fahey, U.S. TRUSTEE. Big Drive Cattle LLC filed Chapter 11 bankruptcy (Bankr. D. Neb. Case No. 11-42415) on Sept. 9, 2011. The Cedar Rapids, Nebraska- based company is represented in the bankruptcy case by Patrick Raymond Turner, Esq. -- patrick.turner@huschblackwell.com -- at Husch Blackwell Sanders LLP. It estimated $1 million to $10 million in both assets and debts. The petition was signed by Cecil Don Haun, managing member. BIOBASED LLC: Summary Judgment Favoring Hunt, et al., Affirmed -------------------------------------------------------------- The Supreme Court of Arkansas affirmed the order of the trial court in the case captioned TOM MUCCIO, MIKE MUCCIO, AND NEXT CHAPTER RESOURCES, LLC, APPELLANTS, v. JOHNELLE HUNT; PHIL PHILLIPS; DAVID SCHUMACHER; TREY TRUMBO; JOHNELLE HUNT, LLC; PHIL AND JUDY PHILLIPS FAMILY LIMITED PARTNERSHIP, LLLP; AND BIG HORN LODGE FINANCING, LLC, APPELLEES, No. CV-15-636 (Ark.). Tom Muccio, Mike Muccio, and Next Chapter Resources, LLC, appealed from an order of the Pulaski County Circuit Court granting summary judgment in favor of appellees Johnelle Hunt, Phil Phillips, David Schumacher, Trey Trumbo, Johnelle Hunt, LLC, Phil and Judy Phillips Family Limited Partnership, LLLP, and Big Horn Lodge Financing, LLC. The Supreme Court of Arkansas found that the appellees failed to present proof sufficient to raise a question of fact with regard to the claims before the trial court on summary judgment. In 2012, appellants sued appellees in the Pulaski County Circuit Court, alleging causes of action for civil conspiracy, intentional interference with a contractual relationship or business expectancy, fraud and fraudulent inducement, and violation of the Arkansas Deceptive Trade Practices Act (ADTPA). The operative facts, as relayed in the complaint, are as follows. The parties were all members of a company called BioBased, LLC. Appellants controlled 41.81 percent of the company, with Tom Muccio individually controlling 4.85 percent of the company, Mike Muccio individually controlling 10.08 percent of the company, and Next Chapter Resources controlling 26.88 percent of the company. Appellees controlled 56.19 percent of the company. Appellants failed to provide any proof that Tom Muccio, who represented Next Chapter Resources at the August 14, 2009 meeting, relied on any false representation in voting in favor of placing BioBased in Chapter 11 bankruptcy. A full-text copy of the Supreme Court of Arkansas' April 21, 2016 opinion is available at http://is.gd/BPM3orfrom Leagle.com. BIOLIFE SOLUTIONS: Appoints Roderick de Greef CFO ------------------------------------------------- BioLife Solutions, Inc., appointed Roderick de Greef, 55, as the Company's chief financial officer and secretary on May 3, 2016. Mr. de Greef has served as the Company's interim chief financial officer and secretary since March 4, 2016. Previously, Mr. de Greef served as a director of the Company from June 2000 through November 2013 and provided the Company with strategic and financial consulting services from July 2007 through August 2011. Mr. de Greef has over 25 years of extensive experience in corporate finance and the business world in general, as well as having served as a chief financial officer and director of a number of public and private companies. Mr. de Greef has served Elephant Talk Communications Corp., a mobile communications company, as a director, chair of the Audit Committee and member of the Nominating and Corporate Governance Committee and Compensation Committee since September 2015, and was previously a director of Elephant Talk from January 2008 to October 2011. Since June 2013, Mr. de Greef has served as a director and as acting chief financial officer of RealAnalogics, Inc., a privately held real estate data company. From March 2015 to February 2016, Mr. de Greef was a partner of MedTech Advisors, Inc., a strategic and financial consulting firm. Since November 2013 Mr. de Greef has served as the president and sole director of Cambridge Cardiac Technologies, Inc. a privately held successor to Cambridge Heart, Inc. From November 2003 to May 2013, Mr. de Greef served as a director, member of the Audit Committee and chairman of the Compensation Committee of Endologix, Inc., a developer of minimally invasive, AAA stents. From November 2008 to October 2013, Mr. de Greef was the chairman of the board of Cambridge Heart, Inc., a manufacturer of non-invasive diagnostic cardiology products. Mr. de Greef received a Bachelor of Arts in Economics and International Relations from San Francisco State University and a Masters of Business Administration from the University of Oregon. The Company and Mr. de Greef have entered into an employment agreement effective May 3, 2016. The Employment Agreement is not for a definite time period, but rather, will continue until terminated in accordance with its terms. The Employment Agreement provides for Mr. de Greef receiving a salary of $300,000 per year. The Employment Agreement contains a covenant of Mr. de Greef not to compete with the Company or solicit the Company's employees, customers or suppliers for a period of one year after the date of termination. Mr. de Greef has also received, effective May 3, 2016, 234,000 nonqualified stock options under the Company's amended and restated 2013 performance incentive plan, with an exercise price equal to the closing price on May 3, 2016. The options will be for a period of ten years and vest 25% on the first anniversary of the date of grant and thereafter, in 36 equal monthly installments. The Company will also provide Mr. de Greef with temporary accommodation for up to 90 days and reimbursement of certain relocation expenses. About BioLife Solutions Bothell, Washington-based BioLife Solutions, Inc., develops and markets patented hypothermic storage and cryo-preservation solutions for cells, tissues, and organs, and provides contracted research and development and consulting services related to optimization of biopreservation processes and protocols. BioLife reported a net loss of $4.99 million on $6.44 million of product sales for the year ended Dec. 31, 2015, compared to a net loss of $3.30 million on $6.19 million of product sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Biolife had $12.36 million in total assets, $2.51 million in total liabilities and $9.85 million in total shareholders' equity. BOWERS INVESTMENT: Case Summary & 14 Unsecured Creditors -------------------------------------------------------- Debtor: Bowers Investment Company, LLC 2333 Van Horn Rd. Fairbanks, AK 99701 Case No.: 16-00136 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court District of Alaska (Fairbanks) Judge: Hon. Gary Spraker Debtor's Counsel: Frank H. Cahill, Esq. LAW OFFICES OF H. FRANK CAHILL 880 N Street, Suite #203 Anchorage, AK 99501 Tel: (907) 222-4905 E-mail: cahill@gci.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gerald L. Bowers, managing member. A list of the Debtor's 14 largest unsecured creditors is available for free at: http://bankrupt.com/misc/akb16-00136.pdf CAESARS ENTERTAINMENT: Appoints Chief Restructuring Officer ----------------------------------------------------------- Caesars Entertainment Corporation on May 6 disclosed that its Board has appointed the Honorable Robert E. Gerber as Chief Restructuring Officer. The appointment came at the recommendation of Caesars Entertainment's independent director committee, the Strategic Alternatives Committee. Judge Gerber will report to this Committee and help it carry out its responsibilities, including advising on a potential restructuring of Caesars Entertainment if the Company cannot resolve its differences with Caesars Entertainment Operating Company, Inc. ("CEOC") and its creditors with regard to CEOC's restructuring and related litigation against Caesars Entertainment, or if other factors make a potential restructuring of Caesars Entertainment advisable. "Caesars Entertainment has offered substantial value to CEOC in an effort to end the protracted and expensive bankruptcy proceedings of CEOC," said Fred Kleisner, Chairman of the Strategic Alternatives Committee. "Despite a proposal that would provide CEOC and its creditors with value that Caesars Entertainment believes would be more than sufficient to address the findings of the Examiner, as well as settle the ongoing guarantee litigation pending against the Company, there remains disagreement between the parties, over how to quantify and allocate this value." Caesars Entertainment believes that Judge Gerber will be instrumental in assisting the Strategic Alternatives Committee in its efforts. Judge Gerber has extensive experience with large and complex bankruptcy proceedings. He was a United States Bankruptcy Judge for the Southern District of New York for more than 15 years, presiding over a wide variety of complex Chapter 11, Chapter 15, Section 304 and SIPA cases -- including 10 with over $1 billion in debt. Judge Gerber was named as one of the nation's outstanding bankruptcy judges six times. Prior to that, he practiced with Fried, Frank, Harris, Shriver & Jacobson in New York, specializing in securities and commercial litigation and, thereafter, bankruptcy litigation and counseling. Caesars Entertainment's Strategic Alternatives Committee is presently comprised of three independent directors, is advised by its own legal and financial advisors and is charged with exploring, evaluating and reviewing potential strategic alternatives and contingency planning for Caesars Entertainment as it relates to the ongoing bankruptcy proceedings of CEOC and the related litigation pending against Caesars Entertainment. The Committee also oversees the Company's involvement in CEOC's bankruptcy proceedings. Since the commencement of CEOC's bankruptcy, Caesars Entertainment and its affiliates have spent in excess of $345 million on legal and professional fees associated with the restructuring. In its first-quarter earnings report on May 5, in which management announced record operating results, Caesars Entertainment noted that while the cash forecast at the Company currently contemplates liquidity to be sufficient through the end of the year, Caesars Entertainment's cash balance will be consumed by expenses associated with the CEOC restructuring unless it identifies additional sources of liquidity to meet ongoing obligations as well as to meet its commitments to support the CEOC restructuring. As noted in the earnings report, if Caesars Entertainment is unable to obtain additional sources of cash when needed, in the event of a material adverse ruling on one or all of its ongoing litigation matters, or if CEOC does not emerge from bankruptcy on a timely basis on terms and under circumstances satisfactory to Caesars Entertainment, it is likely that Caesars Entertainment would seek reorganization under Chapter 11 of the Bankruptcy Code. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. CAESARS ENTERTAINMENT: Reports Financial Results for 1st Qtr. 2016 ------------------------------------------------------------------ Caesars Entertainment Corporation on May 5 reported first quarter 2016 results, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis. Highlights Net revenues for Continuing CEC increased 6.7% year-over-year to $1.2 billion primarily attributable to growth in Caesars Interactive Entertainment's ("CIE") social and mobile games business and strength in hospitality offerings. Adjusted EBITDA for Continuing CEC grew 15.9% year-over-year to $349 million. Net revenues for CIE increased 28.8% year-over-year to $228 million and adjusted EBITDA grew 41.3% to $89 million due to organic growth in social and mobile games resulting from greater monetization of monthly unique paying users. Cash ADR in Las Vegas rose 9.4% driven by increased resort fees, improved hotel yield and greater pricing power as a result of the recapitalization of room product. "Enterprise-wide, including CEOC, we delivered all-time record adjusted EBITDA margins in the first quarter of 2016. Adjusted EBITDA margins improved over 200 basis points due to higher hospitality revenue growth, particularly in lodging, where we are investing in an upgraded room product, and increased average revenue per user in Caesars Interactive Entertainment. Additionally, we continue to demonstrate improved execution discipline and to deliver quantifiable savings on our efficiency initiatives," said Mark Frissora, President and CEO of Caesars Entertainment. "Our focus on driving margin and cash flow improvements while maintaining high levels of customer satisfaction and employee engagement has enhanced our financial performance. As we continue to execute on our cornerstone initiatives, we believe this provides a solid foundation to create long-term value for our stakeholders," concluded Mr. Frissora. Summary Financial Data The results of CEOC and its subsidiaries are no longer consolidated with Caesars subsequent to CEOC and certain of its United States subsidiaries (the "Debtors") voluntarily filing for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") on January 15, 2015. First Quarter 2016 Financial Results The Company views each casino property and CIE as operating segments and currently aggregate all such casino properties and CIE into three reportable segments based on management's view of these properties which aligns with their own ownership and underlying credit structures: CERP, Caesars Growth Partners Casino Properties and Developments ("CGP Casinos"), and CIE. CGP Casinos is comprised of all subsidiaries of CGP excluding CIE. CIE is comprised of the subsidiaries that operate CGP's social and mobile games operations, regulated online real money gaming, and the World Series of Poker ("WSOP"). CEOC was a reportable segment until its deconsolidation effective January 15, 2015. Segment results in this release are presented consistent with the way Caesars management assesses these results and allocates resources, which is a consolidated view that adjusts for the impact of certain transactions between reportable segments within Caesars. Accordingly, the results of certain reportable segments presented in this filing differ from the financial statement information presented in their stand-alone filings. "Other" includes parent, consolidating, and other adjustments to reconcile to consolidated Caesars results. All comparisons are to the same period of the previous year. CERP CERP owns and operates six casinos in the United States and The LINQ promenade, along with leasing Octavius Tower at Caesars Palace Las Vegas to CEOC and gaming space at The LINQ promenade to CGP. Net revenues for the first quarter of 2016 were $528 million, flat compared with the prior year as lower gaming revenues were offset by hotel revenue growth as well as other revenue increases driven by the Harrah's Atlantic City Waterfront Conference Center (the "Atlantic City Conference Center"), located adjacent to Harrah's Atlantic City. Construction disruption affected revenues at Harrah's Las Vegas as the Company had a number of rooms out of service from the renovations taking place at the property. Casino revenues were $272 million, down 3.9% from the prior year due to lower slot volumes at our non-Las Vegas properties and Harrah's Las Vegas. Room revenues rose 5.4% in the quarter to $136 million mainly due to resort fees and improved hotel yield, which drove a 10.6% increase in cash ADR. Food and beverage revenues were $134 million, up 1.5%. Income from operations was $78 million. Adjusted EBITDA decreased 2.5% to $158 million mainly due to lower gaming revenues and higher labor expenses, which more than offset the benefits from marketing efficiencies and improved hotel customer mix. A meaningful portion of the increase in labor expenses was related to the ramp up of the Atlantic City Conference Center. Hold was estimated to have a positive adjusted EBITDA impact of approximately $0 million to $5 million in the quarter relative to our expectation and there was minimal impact to adjusted EBITDA when comparing to the prior year period. CGP Casinos CGP Casinos owns and operates six casinos in the United States, primarily in Las Vegas. Net revenues for the first quarter of 2016 were $416 million, a 6.7% increase primarily attributable to strong hotel revenues from The LINQ Hotel & Casino due to the renovations completed in the second quarter of 2015 as well as increases in entertainment revenue at Planet Hollywood. Casino revenues were $258 million, relatively flat from the prior year mainly due to lower gaming volumes at Harrah's New Orleans as a result of the smoking ban that went into effect in local bars, restaurants and casinos citywide on April 22, 2015. Room revenues increased 25.7% in the quarter to $93 million as a result of an increase in total rooms available at The LINQ Hotel & Casino and resort fees. Food and beverage revenues were $72 million, up 5.9%. Income from operations was $63 million. Adjusted EBITDA increased 23.5% to $105 million mainly due to net revenue increases and efficiency initiatives. Hold was estimated to have a minimal impact to adjusted EBITDA in the quarter relative to The Company's expectation and an unfavorable impact of approximately $0 million to $5 million to adjusted EBITDA when comparing to the prior year period. CIE CIE owns and operates (1) an online games business providing social and mobile games, (2) regulated online real money gaming and (3) the WSOP tournaments and brand. Net revenues for the first quarter of 2016 were $228 million, a 28.8% increase. Income from operations was $54 million and adjusted EBITDA increased 41.3% to $89 million. The increase in revenue and adjusted EBITDA was driven primarily by the continued focus on conversion and monetization of users to increase revenue per user. CEOC CEOC owns and operates 19 casinos in the United States and nine internationally, most of which are located in England, and managed 15 casinos, which included the six CGP casinos and nine casinos for unrelated third parties. Effective October 2014, substantially all of our properties are managed by CES (and the remaining properties will be transitioned upon regulatory approval). CES is a joint venture among CERP, CEOC, and a subsidiary of CGP that provides certain corporate and administrative services to their casino properties. Balance Sheet and Other Items Cash and Available Revolver Capacity CEC is primarily a holding company with no independent operations, employees, or material debt issuances of its own. CEC's primary assets as of March 31, 2016, consist of $218 million in cash and cash equivalents and its ownership interests in CEOC, CERP and CGP. Each of the subsidiary entities comprising Caesars Entertainment's consolidated financial statements have separate debt agreements with restrictions on usage of the respective entity's capital resources. CGP is a variable interest entity that is consolidated by Caesars Entertainment, but is controlled by its sole voting member, Caesars Acquisition Company ("CAC"). CAC is a managing member of CGP and therefore controls all decisions regarding liquidity and capital resources of CGP. CEC has limited cash available to meet its financial commitments, primarily resulting from significant expenditures made to defend against litigation related to the CEOC restructuring and to support a plan of reorganization for CEOC. While the cash forecast at CEC currently contemplates liquidity to be sufficient through the end of the year, the CEC cash balance will be consumed by expenses associated with the CEOC restructuring unless the Company identifies additional sources of liquidity to meet CEC's ongoing obligations as well as to meet its commitments to support the CEOC restructuring. If CEC is unable to obtain additional sources of cash when needed, in the event of a material adverse ruling on one or all of our ongoing litigation matters, or if CEOC does not emerge from bankruptcy on a timely basis on terms and under circumstances satisfactory to CEC, it is likely that CEC would seek reorganization under Chapter 11 of the Bankruptcy Code. A detailed copy of the Company's financial results for the first quarter 2016 is available for free at http://is.gd/0l0cmD About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. CARLBROOK SCHOOL: Bankruptcy Judge Approves Sale of Property ------------------------------------------------------------ The future of the former Carlbrook School property is looking brighter after a U.S. Bankruptcy Court judge in Roanoke approved the sale of Carlbrook's real estate and personal property on Monday, May 2. Carlbrook was headed for an absolute auction of the 191-acre campus, as well as all of its personal property, with Woltz & Associates hired to conduct the sale of the property. Woltz brokered the transaction of the sale. "This was a big win for Halifax County and the Southern Virginia region," said Jim Woltz, president of the auction company. "The new owners will do great things with the property, give a renewed future for the facility, and create employment opportunities for the area." The new owner is New Boston, LLC, a subsidiary of Acadia Healthcare, Inc., Franklin Tennessee. Acadia Chief Development Officer Steve Davidson said, "We are excited to be a part of the community. We have not decided what type of program that will be housed at the location and would discuss plans and options with the appropriate, city, county, and state officials prior to making any public announcements. Furthermore, we do not have specific timing on those discussions or when plans will be finalized." Woltz and Associates worked closely with Matt Leonard, director of economic development of the Halifax Industrial Development Authority (IDA). "We appreciate Acadia's interest in investing in the Carlbrook project, as well as Woltz's work in connecting them to the Carlbrook property. We look forward to continuing to develop the project with them to everyone's benefit," said Mr. Leonard. Woltz and Associates, based in Roanoke, is a real estate brokerage and auction company. The Carlbrook School, LLC was a small coeducational boarding school in southern Virginia for underachieving students aged fifteen to eighteen. CCNG ENERGY: Trinity Environmental Acquires Assets & Operations --------------------------------------------------------------- Trinity Acquisition, LLC on May 6 disclosed that it has acquired substantially all assets and operations of CCNG Energy Partners, LP, a diversified oilfield waste disposal company with assets located throughout Texas and New Mexico. The assets, which were acquired out of CCNG Energy Partners' Chapter 11 bankruptcy, include 27 saltwater disposal facilities and two non-hazardous E&P waste facilities located primarily in the Permian Basin and Eagle Ford Shale. The company will continue to operate as Trinity Environmental Services, the brand under which these assets have historically operated. Trinity, which is financially backed and wholly owned by funds managed or advised by an affiliate of Guggenheim Partners, holds substantial liquidity and no third-party debt at closing. "We are excited to grow and enhance this unique platform, and to continue providing high quality service to our customers," stated Diego Rubio, President of Trinity Environmental Services. "We believe that our diverse footprint throughout the country's most prolific basins and our strong balance sheet will allow for long-term stability and growth." Chris Boyle, Managing Director at Guggenheim Partners, stated, "Guggenheim is very pleased to partner with the Trinity team. We feel that this unique platform, experienced management team, and debt-light capital structure will position Trinity as the premier provider of oilfield waste disposal services." About Trinity Environmental Services Trinity Environmental Services is diversified oilfield waste disposal company based in Austin, TX. Trinity offers oilfield waste water and E&P waste disposal solutions throughout Texas and New Mexico. About CCNG Energy CCNG Energy Partners, L.P., et al., are engaged in the business of (a) disposing of non-hazardous oil and gas exploration and production waste, such as mud cuttings and other solid oilfield waste along with waste water produced during the hydraulic fracturing and production processes, (b) truck and oilfield equipment cleaning services, and (c) selling recovered oil and brine. CCNG Energy Partners, L.P. (the "Parent"), CCNG Energy Partners GP, L.L.C. ("CCNG GP"), Trinity Environmental SWD, L.L.C., Trinity Environmental Catarina SWD, L.L.C., Trinity Environmental Titan Trucking, L.L.C., Moss Bluff Property, L.L.C. and Trinity Environmental Services, L.L.C. (collectively, the "Operating Subsidiaries") filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Proposed Lead Case No. 15-70136) on Oct. 12, 2015. The petition was signed by Daniel B. Porter as CEO of General Partner. All of the Debtors' operations are performed by the Operating Subsidiaries. The Debtors estimated both assets and liabilities in the range of $100 million to $500 million. The Debtors were initially represented by Taube Summers Harrison Taylor Meinzer Brown LLP. After the firm's merger with Waller Lansden Dortch & Davis, LLP, the Debtors have hired Waller Lansden as counsel. Judge Ronald B. King is assigned to the case. The Debtors are engaged in the disposal of produced saltwater and waste from the exploration and production of oil and gas. In 2015, the Office of the U.S. Trustee appointed six creditors to the official committee of unsecured creditors. The creditors are Sun Coast Resources Inc., KBK Industries, Sabine Storage & Operations Inc., Cambrian Management Ltd., WLP Oilfield Services, and Dolphin Services & Chemicals LLC. CENTRAL STATES PENSION: U.S. Treasury Denies Pension Rescue Plan ---------------------------------------------------------------- On May 6, 2016, the U.S. Department of the Treasury notified Central States Pension Fund that its proposed pension rescue plan has been denied. A copy of the communication from Treasury is available on its Web site http://www.cspensionrescue.com/ "Although the decision by our Trustees to file this application under provisions of the Multiemployer Pension Reform Act of 2014 (MPRA) was gut wrenching, we are disappointed with Treasury's decision, as we believe the rescue plan provided the only realistic solution to avoiding insolvency," Central States Pension Fund said. "The Central States Pension Fund Trustees will carefully consider the most appropriate next steps, based on this denial and the final guidance issued by Treasury on April 26. "Central States Pension Fund remains in critical and declining status and is projected to run out of money within ten years, or even less. Because the Pension Benefit Guaranty Corporation (PBGC), the government's pension insurance program, is also projected to run out of money, [Fri]day's decision means that, absent legislative action or an approved rescue plan, Central States participants could see their pension benefits reduced to virtually nothing. "Many Members of Congress, both in the Senate and House, have been vocal in calling for Treasury to reject our proposed pension rescue plan. Central States strongly urges these Members to act now to pass legislation that protects the pension benefits of the over 400,000 participants of Central States Pension Fund—something Congress and the White House did not do when we previously proposed a remedy in 2009 and 2010. "The International Brotherhood of Teamsters, AARP and the Pension Rights Center, all of whom urged rejection of our proposed pension rescue plan, now must move beyond talk and take action to secure the funding needed to protect the pensions of all current and future Central States Pension Fund participants and beneficiaries. "We understand the uncertainty and anxiety that our participants and beneficiaries may be experiencing as this process continues. As always, our goal is to ensure that the Fund is able to continue to pay future benefits." CHAPARRAL ENERGY: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Chaparral Energy, Inc. 16-11144 701 Cedar Lake Blvd. Oklahoma City, OK 73114 CEI Acquisition, L.L.C. 16-11146 Chaparral Exploration, L.L.C. 16-11147 CEI Pipeline, L.L.C. 16-11148 Chaparral Real Estate, L.L.C. 16-11149 Chaparral Biofuels, L.L.C. 16-11150 Chaparral Resources, L.L.C. 16-11151 Chaparral CO2, L.L.C. 16-11152 Green Country Supply, Inc. 16-11153 Chaparral Energy, L.L.C. 16-11154 Roadrunner Drilling, L.L.C. 16-11155 Type of Business: Operates as an independent oil and natural gas exploration and production company in the United States. Chapter 11 Petition Date: May 9, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Counsel: Mark D. Collins, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Tel: 302 651-7700 Fax: 302-651-7701 Email: collins@RLF.com - and - LATHAM & WATKINS LLP Debtors' EVERCORE GROUP LLC Investment Banker: Debtors' OPPORTUNE LLP Business Advisor: Estimated Assets: $50 million to $100 million Estimated Debts: $1 billion to $10 billion The petition was signed by Mark A. Fischer, chief executive officer. Conasolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Wilmington Savings 7.625% Senior $525,910,000 Fund Society, FSB Notes Due 2022 501 Carr Road Wilmington, DE 19809 Patrick J. Healy, VP and Director Tel: 302-888-7420 Fax: 302-421-9137 Wilmington Savings 8.25% Senior $384,045,000 Fund Society, FSB Notes Due 2021 501 Carr Road Wilmington, DE 19809 Patrick J. Healy, VP and Director Tel: 302-888-7420 Fax: 302-421-9137 Wilmington Savings 9.875% Senior $298,000,000 Fund Society, FSB Notes Due 2020 501 Carr Road Wilmington, DE 19809 Patrick J. Healy, VP and Director Tel: 302-888-7420 Fax: 302-421-9137 Oklahoma Energy Working Interest/ $1,264,400 Acquisitions LP Royalty 15021 Katy Freeway Ste 400 Houston, TX 77094 Tel: 281-530-0991 Fax: 281-530-5278 Blue Cross Blue Shield Health Insurance $675,000 of Oklahoma 1215 South Boulder Tulsa, OK 74102-3283 Tel: 405-841-9514 Fax: 405-841-9575 Fidelity Investments 401K Plan $400,000 One Destiny Way Westlake, TX 76262 Tel: 800-448-0539 Fax: 817-474-5031 JBD Oklahoma LLC Working Interest/ $301,000 PO Box 1497 Royalty Pawhuska, OK 74056 Gary Strahan Tel: 918-287-3926 Warrior Exploration & Prod LLC Working Interest $232,800 Royalty Trek Resources Inc. Working Interest/ $222,600 Royalty Chesapeake Exploration LLC Working Interest/ $209,600 Royalty Cynthia C Davis Working Interest/ $202,400 Royalty Herber Family LLC Working Interest/ $181,200 Royalty Red Mountain Energy LLC Working Interest/ $146,900 Email: iholman@redmountain Royalty energy.net Eagle Road Oil LLC Working Interest/ $134,200 Royalty Tiptop Oil & Gas US LLC Working Interest/ $118,100 Royalty XTO Energy Inc. Working Interest/ $104,000 Royalty Natural Gas Anadarko Company Inc. Working Interest/ $103,100 Royalty M&M Supply Company Trade Debt $107,612 Sun Resources, Inc. Trade Debt $84,867 Tech Management LLC Trade Debt $70,824 Solomon Corporation Trade Debt $69,165 Public Service Co of Oklahoma Trade Debt $67,181 Quick Pump Service LLC Trade Debt $53,950 Email: quickpump@pldi.net Simons Petroleum LLC Trade Debt $49,103 Meador Industries LP Trade Debt $43,332 Bulldog Chemicals LLC Trade Debt $42,917 GE Oil & Gas ESP Inc. Trade Debt $41,594 Bostick Services Corp. Trade Debt $41,550 Bachman Services Inc. Trade Debt $40,800 Arrow Pump & Supply of Trade Debt $40,621 Seminole LLC CHAPARRAL ENERGY: Files Voluntary Chapter 11 Bankruptcy Petition ---------------------------------------------------------------- Chaparral Energy LLC, on May 9 disclosed that it has voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court of Delaware. The Chapter 11 filing will facilitate the restructuring of the company's balance sheet, as it continues to work through negotiations of a debt to equity exchange with its bondholders and lenders with the objective of reducing its bondholder debt by approximately $1.2 billion. "The dramatic decrease in oil and natural gas prices over the last two years has presented numerous challenges for the industry as a whole. Chaparral continues to believe in the outstanding potential of our employees and our Mid-Continent assets and EOR programs. The continued depressed price environment, however, coupled with our existing debt levels have severely limited the company's overall operational ability," said Chief Executive Office Mark Fischer. "By significantly reducing our debt and restructuring our balance sheet, Chaparral will be better positioned to not only weather this down environment, but also increase our long-term financial security and better position us for long-term success." Chaparral has filed a series of motions with the court that, when granted, will enable the company to maintain its operations as usual, without interruption throughout the restructuring process. Included in these first day motions are requests to continue to pay employee wages, honor existing employee benefit programs and pay royalties to mineral owners under the terms of the applicable agreements. The company has also filed motions seeking authority to pay expenses associated with production operations and drilling and completion activities, as well as costs associated with gathering, processing, transportation, marketing and those related to joint interest billing for non-operated properties. Latham & Watkins LLP is serving as legal counsel and Evercore has been engaged as financial advisor to Chaparral. Opportune LLP is the company's restructuring advisor. About Chaparral Founded in 1988, Chaparral Energy, Inc. is a Delaware corporation headquartered in Oklahoma City and a pure play Mid-Continent independent oil and natural gas exploration and production company. The Company has capitalized on its sustained success in the Mid-Continent area in recent years by expanding its holdings to become a leading player in the liquids rich STACK play, which is home to multiple oil-rich reservoirs including the Oswego, Meramec, Osage, Woodford and Hunton formations. In addition, the Company has significant holdings in the Mississippi Lime play and a leadership position in CO2 EOR where the Company is now the third largest CO2 EOR operator in the United States based on the number of active projects. This EOR position is underscored by the Company's activity in the North Burbank Unit in Osage County, Oklahoma, which is the single largest oil recovery unit in the state. Chaparral Energy reported a net loss of $1.33 billion on $324.31 million of total revenues for the year ended Dec. 31, 2015, compared to net income of $209 million on $682 million of total revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Chaparral Energy had $1.20 billion in total assets, $1.82 billion in total liabilities and a total stockholders' deficit of $620 million. The Company's auditors Grant Thornton LLP, in Oklahoma City, Oklahoma, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company incurred a net loss of approximately $1,334 million during the year ended Dec. 31, 2015, and as of that date, the Company's current liabilities exceeded its current assets by approximately $1,522 million and its total liabilities exceeded its total assets by approximately $620 million. Also, subsequent to Dec. 31, 2015, the Company is in default on its debt obligations. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. CHC GROUP: Bankruptcy Court Approves First Day Motions ------------------------------------------------------ CHC Group on May 9, 2016 disclosed that it has received approval from the United States Bankruptcy Court for the Northern District of Texas for its First Day motions related to its voluntary Chapter 11 reorganization. Collectively, the First Day orders issued by the Court will help CHC continue to operate its business in the normal course while the Company works to restructure its balance sheet and fleet. The Court approved motions giving CHC authority to, among other things, provide employee salaries, healthcare coverage and other benefits; access its cash and cash collateral and continue its current cash management system; and maintain and honor customer deposits in the normal course throughout the court-supervised restructuring process. CHC expects day-to-day operations to continue without interruption throughout the process. The Company expects to maintain sufficient liquidity throughout the restructuring process to maintain its continuing business operations. Karl Fessenden, President and Chief Executive Officer: "The Court's approval of our first day motions is another positive step forward in our efforts to restructure our balance sheet and fleet, and should provide our customers, suppliers, and employees with confidence in CHC's ability to continue normal business operations worldwide throughout this court-supervised reorganization process. We remain committed to delivering safe and reliable service to our customers. We also appreciate the ongoing partnership of our customers and suppliers, and thank our employees for their continued dedication. Our objective is to establish a competitive capital and operating structure, enabling CHC to remain a world class helicopter service provider -- one that continues to set the standard for safety, customer service and value across the industry." As previously announced, on May 5, 2016, the Company and certain of its wholly-owned subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas to facilitate the restructuring of its balance sheet and fleet, and position the Company for long-term success. The reorganization is expected to strengthen CHC's financial position by reducing long-term debt and enhancing financial flexibility while allowing the Company to manage and operate its fleet of aircraft. Seabury Advisors, PJT Partners and CDG Group are serving as financial advisors to the Company and Weil, Gotshal & Manges LLP and Debevoise & Plimpton LLP are serving as its legal advisors. Headquartered in Canada, CHC Group Ltd. -- http://www.chc.ca-- is a commercial operator of helicopters. The Company provides helicopter transportation services to the oil and gas industry. The Company operates in two segments: Helicopter Services and Heli-One. The Helicopter Services segment consists of flying operations in the Eastern North Sea, the Western North Sea, the Americas, the Asia Pacific region and the Africa-Euro Asia region serving its offshore oil and gas customers, and providing search and rescue (SAR) and emergency medical services (EMS) to government agencies. The Heli-One segment includes helicopter maintenance, repair and overhaul facilities in Norway, Poland, Canada and the United States, providing helicopter maintenance, repair and overhaul services for its fleet and for an external customer base in Europe, Asia and North America. CHC GROUP: Meeting to Form Creditors' Panel Set for May 13 ---------------------------------------------------------- William T. Neary, United States Trustee for Region 6, will hold an organizational meeting on May 13, 2016, at 11:00 a.m. in the bankruptcy case of CHC Group Ltd. The meeting will be held at: Office of the U. S. Trustee Earl Cabell Federal Building 1100 Commerce Street, Room 524 Dallas, Texas 75242 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. CHC GROUP: Receives Preliminary Access to Cash ---------------------------------------------- Stephanie Gleason, writing for Dow Jones' Daily Bankruptcy Review, reported that CHC Group Ltd. received permission to spend the cash securing its lenders' debt over some creditor protests during the helicopter company's first bankruptcy-court appearance. According to the report, a bankruptcy judge approved the request to access cash-on-hand on a temporary basis, setting a final hearing for June 6, at the end of the five-hour hearing on this and several other administrative matters. Lenders at the hearing argued that because CHC has cash that isn't part of the collateral package securing their debt, the company should use that money first, but Judge Barbara Houser of the U.S. Bankruptcy Court in Dallas ruled that lenders are adequately protected and that with only narrow and temporary permission to spend, the company can't get "too far out of line," the report related. CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas on May 5, 2016 (Bankr. N.D. Tex., Case No. 16-31854), saying they can no longer bear the weight of their current capital structure and fleet expenses. The Debtors decided to seek Chapter 11 protection to take advantage of the "breathing spell" afforded by the automatic stay as they continue to negotiate and work with their creditors and lessors to develop a proposal to restructure their fleet and balance sheet. The case is assigned to Judge Stacey G. Jernigan. The Debtors' counsel is Stephen A. Youngman, Esq., Weil, Gotshal & Manges, LLP, in Dallas, Texas, and Gary Holtzer, Esq., and Kelly DiBlasi, Esq., at Weil, Gotshal & Manges LLP, in New York. The Debtors' special aircraft counsel is Debevoise & Plimpton LLP. PJT Partners LP serves as investment banker, while Seabury Corporate Advisors LLC serves as financial advisor. CDG Group, LLC, serves as restructuring advisor. CINQUE TERRE: Seeking U.S. Recognition of BVI Liquidation --------------------------------------------------------- Stuart Mackellar, solely in his capacity as the duly appointed liquidator of Cinque Terre Financial Group Limited, filed a Chapter 15 bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of New York, seeking recognition in the United States of a Liquidation proceeding pending in British Virgin Islands. The Company undergoing liquidation before the Eastern Caribbean Supreme Court High Court of Justice, Virgin Islands Commercial Division, in the British Virgin Islands, claim number BVIHC (COM) 139 of 2015, pursuant to Section 162 of the British Virgin Islands Insolvency Act of 2003. The Liquidator was appointed by the BVI Court to administer Cinque Terre's assets, liabilities, and any ongoing business. The Liquidator petitions for recognition of the BVI Liquidation primarily to obtain the Bankruptcy Court's assistance to investigate the activities of the directors and management of Cinque Terre taken in various jurisdictions including but not limited to Switzerland, the United States and Central America. This, the Liquidator said, will be accomplished by obtaining critical discovery from persons and entities located within the United States, staying litigation against Cinque Terre pending in this District, and, potentially, prosecuting claims belonging to Cinque Terre against defendants in the United States. Eugene F. Getty, Esq., at Kellner Herlihy Getty & Friedman, LLP, attorney for the Liquidator, said Cinque Terre has in excess of $80 million in known creditor claims, four financial institutions with security interests and charges entered in the BVI corporate registry, and is subject to orders of attachment in respect of its assets in the Centauro Litigation. According to Mr. Getty, tens of millions of dollars of receivables and product that creditors were led to believe existed have either vanished or never existed, and Cinque Terre's Chief Financial Officer, Richard Rothenberg, a Ft. Lauderdale, Florida resident, has stated in writing that he has no knowledge of the Cinque Terre's assets and that documents, books and records concerning Cinque Terre were intentionally sent from the United States to Venezuela. BVI Liquidation On Nov. 17, 2015, Pegasus Oil Trading Limited, made an application to the BVI Court for an order under the 2003 Act placing Cinque Terre in liquidation and for the appointment of a liquidator. In its application, Pegasus alleged that, in May 2013, it had entered into a memorandum of understanding with Cinque Terre and another party for the purpose of selling bunker fuel in the area of the Panama Canal. Cinque Terre apparently was responsible for selling bunker fuel to Pegasus and for delivering the fuel to vessels as directed by Pegasus. Thereafter, in April 2014, the parties entered into a joint venture agreement regarding their transaction. According to Pegasus, Cinque Terre defaulted on its obligation to pay invoices associated with the storage of the fuel that was to be delivered pursuant to the joint venture, and then defaulted on its obligations to fund a portion of the losses of the joint venture. Pegasus filed its liquidation application because Cinque Terre was not paying its debts as they came due. The hearing on Pegasus' application was adjourned until April 11, 2016. During the interim period another creditor of Cinque Terre, RB International Finance (USA) LLC, filed an application to intervene in and be substituted as applicant. According to RB International, on July 21, 2014, it entered into a line letter agreement with Cinque Terre, a continuing agreement for letters of credit, a promissory note in the original face amount of US$20 million and a general security agreement by which RB International provided Cinque Terre with a credit facility of up to $20 million usable for short term advances or the issuance of standby and commercial letters of credit. The RB International Loan was secured by a perfected security interest on all of Cinque Terre's personal and fixed assets. RB International, BNPP Suisse S.A., and Credit Suisse S.A. each registered charges and security interests in respect of Cinque Terre in the BVI Corporate Registry in 2014. RB International acts on BNPP and Credit Suisse's behalf pursuant to an inter-creditor agreement between and amongst RB International, BNPP and Credit Suisse. According to RB International, by Oct. 21, 2015, it had advanced in excess of $16.1 million in principal to Cinque Terre under the RB International Loan. On Nov. 18, 2015, Cinque Terre also assigned to RB International all of its interest in the contract to purchase the Bunkers, including all interest in the Bunkers, with the understanding that, upon the sale of the Bunkers, the proceeds would be applied to reduce the amount Cinque Terre owed under the RB International Loan. According to RB International, in January 2016, Cinque Terre defaulted on its obligations to make payments under the RB International Loan, and RB International issued notices of default. When RB International requested that Cinque Terre turn over the Bunkers to it, Cinque Terre informed RB International that it was unable to do so because of a purported global prejudgment attachment order issued in connection with a litigation pending in the United States District Court for the Southern District of New York styled Centauro Liquid Opportunities Master Fund, L.P. v. Alessandro Bazzoni, et al., case no. 15-cv-9003 (LTS) (the "Centauro Litigation"). Centauro Litigation Cinque Terre currently is a defendant in the Centauro Litigation. The complaint in the Centauro Litigation asserts that, in 2009, Cinque Terre and Centauro entered into a joint venture by which Centauro financed oil transactions to be sourced and executed by Cinque Terre, the profits of which were to be shared 50-50 by each party to the joint venture. The complaint further alleges that Centauro funded a total of 26 transactions between October 2010 and January 2012, but that by January 2014, Cinque Terre had defaulted on its obligation to provide Centauro with returns on completed ransactions. On or about May 21, 2015, Cinque Terre executed a promissory note in favor of Centauro in the amount of $21,092,213 plus interest for amounts due to Centauro, and agreed to make monthly payments of $500,000. Cinque Terre, however, immediately defaulted when it failed to make the first payment when it came due. The complaint alleges claims for breach of contract, fraud, fraudulent inducement, conversion and unjust enrichment against Cinque Terre and certain other companies that the plaintiff, Centauro, alleges are alter egos of Mr. Bazzoni. A single New York counsel has represented Cinque Terre, a Cinque Terre affiliate and Mr. Bazzoni in the Centauro Litigation since its inception. On March 29, 2016, RB International filed a motion to intervene in the Centauro Litigation. In its April 4, 2016, response to RB International's motion, Centauro confirmed that its attachment did not apply to the Bunkers. According to RB International, when it confirmed to Cinque Terre that it had resolved the purported global attachment issue in regard to the Bunkers and sought their immediate turnover, Cinque Terre failed to provide it with any information concerning the current location and status of the Bunkers. About Cinque Terre Cinque Terre is a limited liability company formed on or about March 12, 2008, under the laws of the BVI. At all material times, Cinque Terre maintained its registered office at Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. Before the commencement of the BVI Liquidation, Cinque Terre purports to have been engaged in the business of international oil transactions. This business may have included purchasing and selling oil and bunker (marine) fuel for resale to end users or to brokers, investing in hedging transactions and other derivatives related to fuel/oil sales and providing trading and logistics support in connection with international oil/bunker fuel sales. In some cases, Cinque Terre appears to have entered into joint ventures with trading partners or investors to finance its activities, while in other cases Cinque Terre appears to have obtained financing for its investments. COMBIMATRIX CORP: Reports First Quarter 2016 Financial Results -------------------------------------------------------------- CombiMatrix Corporation reported a net loss attributable to common stockholders of $3.13 million on $2.97 million of total revenues for the three months ended March 31, 2016, compared to a net loss attributable to common stockholders of $2.65 million on $2.32 million of total revenues for the same period in 2015. As of March 31, 2016, the Company had $11.20 million in total assets, $2.52 million in total liabilities and $8.68 million in total stockholders' equity. "We are reporting another exceptional quarter of financial progress, with 28% revenue growth, expanded gross margin, increased cash collections and well managed operating expenses," said Mark McDonough, CombiMatrix President and CEO. "Our growth was driven by a 39% increase in reproductive health revenue on an 18% increase in test volume, reflecting higher average revenue per test. We are particularly pleased with our performance in miscarriage analysis testing, with revenues up 43% on 13% test volume growth. We also benefited from better productivity from our newer sales representatives, which contributed to an 18% increase in our customer base. "We anticipate that various industry dynamics will favorably impact our business," he added. "In March, the two leading associations in women's healthcare, the American College of Obstetricians and Gynecologists (ACOG) and the Society for Maternal-Fetal Medicine (SMFM), issued revised practice bulletins recommending that all women regardless of age or other risk factors are offered prenatal genetic testing. These bulletins reiterated the need to perform confirmatory testing when screening tests reveal positive results for fetal abnormalities. Additionally, a number of health plans, including Cigna and several in the Blue Cross Blue Shield network, have recently revised their medical policies to cover chromosomal microarray testing for recurrent pregnancy loss. We believe that more health plans will follow suit based on the growing clinical support for this valuable patient information. "We are firmly focused on growth and a path toward profitability, supported by tight execution of our business strategy," said Mr. McDonough. "This year we plan to expand our IVF testing portfolio and expect to increase physician adoption through more clinical validation, improved marketing developed from the insights from our newly appointed Scientific Advisory Board, and greater productivity from our sales organization. We also are seeking opportunities to build upon our leadership position in the growing reproductive health diagnostics market and enhance shareholder value through partnerships and other business development alternatives. With the completion of an $8 million financing in late March, we are well positioned to execute on our plans." A full-text copy of the press release is available for free at: http://is.gd/tiQbAW About Combimatrix Combimatrix specializes in pre-implantation genetic screening, miscarriage analysis, prenatal and pediatric healthcare, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. Its clinical lab and corporate offices are located in Irvine, California. Combimatrix reported a net loss of $6.60 million in 2015 compared to a net loss of $8.70 million in 2014. Haskell & White LLP, in Irvine, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has limited working capital and a history of incurring net losses and net operating cash flow deficits. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CROWN MEDIA: Hallmark Cards Owns 100% of Class A Shares ------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Hallmark Cards, Incorporated, et al., disclosed that as of May 2, 2016, they beneficially own 1,000 shares of Class A common stock of Crown Media Holdings, Inc., representing 100 percent of the shares outstanding. On May 2, 2016, CM Merger Co. ("Merger Sub") filed a certificate of ownership and merger with the Secretary of State of the State of Delaware, consummating the planned short-form merger at which time: -- Merger Sub was merged with and into Crown Media, with the Crown Media as the Surviving Corporation; -- Crown Media became a wholly-owned direct subsidiary of HCC and, thereby, a wholly-owned indirect subsidiary of Hallmark Cards; and -- each issued and outstanding share of Crown Class A common stock, par value $0.01 per share (except for shares of Common Stock (i) held by stockholders of Crown who properly exercise their statutory appraisal rights under Section 262 of the General Corporation Law of the State of Delaware and (ii) held by any of the Reporting Persons or Merger Sub immediately prior to the Merger), was immediately cancelled and converted into the right to receive $5.05 in cash, without interest. All shares of Common Stock held by the Issuer and by HCC were extinguished, and each of the 1,000 shares of capital stock of Merger Sub issued and outstanding was converted into one validly issued, full paid, and non-assessable share of Class A common stock of Crown. The total merger consideration is estimated at $175,691,621 ($5.05 per share for the 34,790,520 shares). Because holders of the Common Stock may exercise their statutory appraisal rights following closing, and there can be no assurance as to the ultimate outcome of such proceeding, the actual merger consideration may be more or less than the estimated amount. No portion of the merger consideration was borrowed by any of the Reporting Persons for the purpose of acquiring Common Stock in connection with the Short Form Merger, nor do any of the Reporting Persons anticipate borrowing any funds in connection therewith. A full-text copy of the regulatory filing is available at: http://is.gd/G3ebxx About Crown Media Crown Media Holdings, Inc., is the corporate parent for the portfolio of cable networks and related businesses under Crown Media Family Networks. The company currently operates and distributes Hallmark Channel in both high definition (HD) and standard definition (SD) to 86 million subscribers in the U.S. Hallmark Channel is the nation's leading destination for quality family programming with an ambitious slate of TV movies and specials; original scripted series, including Cedar Cove, When Calls the Heart, and Signed, Sealed, Delivered; as well as some of television's most beloved sitcoms and series. Hallmark Channel's sibling network, Hallmark Movie Channel, is available in 54 million homes in HD and SD. One of America's fastest-growing cable networks, Hallmark Movie Channel provides family-friendly original movies with a mix of original films, classic theatrical releases, and presentations from the acclaimed Hallmark Hall of Fame library. In addition, Crown Media Family Networks includes the online offerings of http://www.HallmarkChannel.com/and http://www.HallmarkMovieChannel.com/ Crown Media reported net income of $86.1 million on $479 million of net total revenue for the year ended Dec. 31, 2015, compared to net income of $94.5 million on $416 million of net total revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Crown Media had $1.08 billion in total assets, $509 million in total liabilities and $580 million in total stockholders' equity. Bankruptcy Warning "If our operating performance declines, we may in the future need to seek waivers from the required lenders under our 2015 Credit Agreement to avoid being in default. We cannot assure that such waivers will be granted or that we will otherwise be able to avoid a default. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, or interest on such indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, including our 2015 Credit Agreement, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all of the funds borrowed thereunder to be due and payable, together with any accrued and unpaid interest, the lenders under our 2015 Credit Agreement could elect to terminate their commitments, cease making further loans, foreclose on our assets pledged to such lenders to secure our obligations under the 2015 Credit Agreement, in each case, which could force us into voluntary or involuntary bankruptcy or cause us to discontinue operations or seek a purchaser of our business or assets. In addition, a default under our 2015 Credit Agreement would trigger a cross default under our other agreements and could trigger a cross default under any agreements governing our future indebtedness," the Company stated in its annual report for the year ended Dec. 31, 2015. * * * As reported by the TCR on July 3, 2015, Standard & Poor's Ratings Services said that it raised its corporate credit rating on Crown Media Holdings Inc. to 'BB-' from 'B+'. "The upgrade reflects Crown Media's improved financial risk profile," said Standard & Poor's credit analyst Naveen Sarma. As reported by the TCR on July 2, 2014, Moody's Investors Service upgraded the Corporate Family Rating (CFR) of Crown Media Holdings, Inc. to B1 from B2, its Probability of Default Rating to B1-PD from B2-PD, and instrument ratings. The outlook is stable. The upgrade incorporates evidence of traction with the original programming strategy and better than expected performance, which, combined with debt reduction, improved the credit profile. CROWN MEDIA: Shares Delisted from NASDAQ ---------------------------------------- At the request of Crown Media Holdings, Inc., NASDAQ filed a Form 25 with the Securities and Exchange Commission Commission notifying the Commission of the delisting of Crown's Shares and the deregistration of such Shares under Section 12(b) of the Securities Exchange Act of 1934, as amended. The deregistration under Section 12(b) will be effective 90 days after the Form 25 was filed or such shorter period as the Commission may determine. Ten days after the Form 25 was filed, Crown also intends to file a Form 15 with the Commission. Crown's obligations to file periodic reports under Section 13(a) of the Exchange Act will be suspended immediately as of the filing of the Form 15, and all of Crown's public company reporting obligations will terminate 90 days after the Form 15 is filed, upon deregistration under Sections 12(g) and 15(d) of the Exchange Act. About Crown Media Crown Media Holdings, Inc., is the corporate parent for the portfolio of cable networks and related businesses under Crown Media Family Networks. The company currently operates and distributes Hallmark Channel in both high definition (HD) and standard definition (SD) to 86 million subscribers in the U.S. Hallmark Channel is the nation's leading destination for quality family programming with an ambitious slate of TV movies and specials; original scripted series, including Cedar Cove, When Calls the Heart, and Signed, Sealed, Delivered; as well as some of television's most beloved sitcoms and series. Hallmark Channel's sibling network, Hallmark Movie Channel, is available in 54 million homes in HD and SD. One of America's fastest-growing cable networks, Hallmark Movie Channel provides family-friendly original movies with a mix of original films, classic theatrical releases, and presentations from the acclaimed Hallmark Hall of Fame library. In addition, Crown Media Family Networks includes the online offerings of http://www.HallmarkChannel.com/and http://www.HallmarkMovieChannel.com/ Crown Media reported net income of $86.1 million on $479 million of net total revenue for the year ended Dec. 31, 2015, compared to net income of $94.5 million on $416 million of net total revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Crown Media had $1.08 billion in total assets, $509 million in total liabilities and $580 million in total stockholders' equity. Bankruptcy Warning "If our operating performance declines, we may in the future need to seek waivers from the required lenders under our 2015 Credit Agreement to avoid being in default. We cannot assure that such waivers will be granted or that we will otherwise be able to avoid a default. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, or interest on such indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, including our 2015 Credit Agreement, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all of the funds borrowed thereunder to be due and payable, together with any accrued and unpaid interest, the lenders under our 2015 Credit Agreement could elect to terminate their commitments, cease making further loans, foreclose on our assets pledged to such lenders to secure our obligations under the 2015 Credit Agreement, in each case, which could force us into voluntary or involuntary bankruptcy or cause us to discontinue operations or seek a purchaser of our business or assets. In addition, a default under our 2015 Credit Agreement would trigger a cross default under our other agreements and could trigger a cross default under any agreements governing our future indebtedness," the Company stated in its annual report for the year ended Dec. 31, 2015. * * * As reported by the TCR on July 3, 2015, Standard & Poor's Ratings Services said that it raised its corporate credit rating on Crown Media Holdings Inc. to 'BB-' from 'B+'. "The upgrade reflects Crown Media's improved financial risk profile," said Standard & Poor's credit analyst Naveen Sarma. As reported by the TCR on July 2, 2014, Moody's Investors Service upgraded the Corporate Family Rating (CFR) of Crown Media Holdings, Inc. to B1 from B2, its Probability of Default Rating to B1-PD from B2-PD, and instrument ratings. The outlook is stable. The upgrade incorporates evidence of traction with the original programming strategy and better than expected performance, which, combined with debt reduction, improved the credit profile. DEERFIELD REAL ESTATE: Case Summary & 5 Unsecured Creditors ----------------------------------------------------------- Debtor: Deerfield Real Estate Development, LLC 1105 Lake Shore Dr Lake Park, FL 33403-2872 Case No.: 16-16611 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Erik P. Kimball Debtor's Counsel: David K Markarian, Esq. MARKARIAN FRANK & HAYES 2925 PGA Blvd # 204 Palm Beach gardens, FL 33410 Tel: 561-626-4700 E-mail: dave@businessmindedlawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kent R. LaFleur, manager. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb16-16611.pdf DORAL FINANCIAL: Hires Garden City as Administrative Agent ---------------------------------------------------------- Doral Financial Corporation and Doral Properties, Inc. seek authorization from the U.S. Bankruptcy Court for the Southern District of New York to employ Garden City Group, LLC as administrative agent. The Debtors require Garden City to: (a) assist with claims reconciliation, including generating claim objection exhibits and cure notices; (b) manage the publication of legal notices; (c) manage the solicitation and tabulation of votes on chapter 11 plans, including filing declarations with the Court setting forth the methodology and results of the solicitation and tabulation and testifying, if necessary, in support of the declarations; (d) launch, administer, and manage any rights offering, including but not limited to processing the relevant forms, collecting and managing payments, and making or assisting in the distribution of cash, securities, and/or other entitlements in connection with any rights offering; (e) manage any distributions made pursuant to confirmed Plans; and (f) provide such other related administrative services not otherwise specified above as the Debtors or their professionals may require in connection with these Chapter 11 Cases. Garden City will be paid at these hourly rates: Administrative, Mailroom and Claims Control $45-$55 Project Administrators $70-$85 Project Supervisors $95-$110 Graphic Support & Technology Staff $100-$200 Project Managers and Senior Project Managers $125-$175 Directors and Asst. Vice Presidents $200-$295 Vice Presidents and above $295 Garden City will also be reimbursed for reasonable out-of-pocket expenses incurred. Angela Ferrante, senior vice president of Garden City, 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. Garden City can be reached at: Angela Ferrante GARDEN CITY GROUP, LLC 1985 Marcus Avenue, Suite 200 Lake Success, NY 11042 Tel: (631) 470-1852 E-mail: angela.ferrante@gardencitygroup.com 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, 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 $23,149,434 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. DPF LEASING: Case Summary & 9 Unsecured Creditors ------------------------------------------------- Debtor: DPF Leasing, LLC 3325 Wilbur Lima, OH 45805 Case No.: 16-31511 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Northern District of Ohio (Toledo) Judge: Hon. John P. Gustafson Debtor's Counsel: Matthew B. Bryant, Esq. MOCKENSTURM, LTD. 6600 Sylvania Ave, Suite 260 Sylvania, OH 43560 Tel: 419-824-4439 Fax: (419) 932-6719 E-mail: mbryant@bryantlegalllc.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Douglas P Fay, sole member and owner. A list of the Debtor's 9 largest unsecured creditors is available for free at http://bankrupt.com/misc/ohnb16-31511.pdf DUNMORE HOMES: Court Partially Junks Suit vs. NACIC --------------------------------------------------- Judge Troy L. Nunley of the United States District Court for the Eastern District of California denied Defendant North American Capacity Insurance Company's motion for judgment on the pleadings as to the second and third causes of action in the First Amended Complaint The case is DUNMORE HOMES, LLC; DUNMORE LAGUNA RESERVE, LLC; PREMIER INDEMNITY COMPANY, INC. Plaintiffs, v. NORTH AMERICAN CAPACITY INSURANCE COMPANY, Defendant, No. 2:14-cv-02132-TLN-AC (E.D. Calif.). The FAC is brought by Plaintiffs Dunmore Homes, LLC, Dunmore Laguna Reserve, LLC, and Premier Indemnity Company, Inc. The FAC brought six causes of action: (1) declaratory relief regarding Defendant's obligation to defend and indemnify DH and DLR; (2) breach of contract by Defendant in failing to defend and/or indemnify DH and DLR; (3) breach of the duty of good faith and fair dealing, relative to Defendant's dealings with DH and DLR; (4) violations of Cal. Bus. & Prof. Code Section 17200; (5) equitable contribution, relative to Premier; and 6) equitable indemnity, relative to Premier. The Defendant moved for judgment on the pleadings as to claims two and three. A full-text copy of the Order dated April 19, 2016 is available at http://is.gd/SzPcM9from Leagle.com. Dunmore Homes, LLC, Plaintiff, is represented by Jay A. Christofferson, Esq. -- jchristofferson@wjhattorneys.com -- Wanger Jones Helsley PC. Dunmore Laguna Reserve, LLC, Plaintiff, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. Premier Indemnity Company, Inc., Plaintiff, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. North American Capacity Insurance Company, Defendant, is represented by Matthew Morache, Esq. -- Grimm, Vranjes & Greer, Llp. North American Capacity Insurance Company, Counter Claimant, is represented by Matthew Morache, Grimm, Vranjes & Greer, Llp. Dunmore Homes, LLC, Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. Dunmore Laguna Reserve, LLC, Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. Premier Indemnity Company, Inc., Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. North American Capacity Insurance Company, Counter Claimant, is represented by Matthew Morache, Grimm, Vranjes & Greer, Llp. Dunmore Homes, LLC, Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. Dunmore Laguna Reserve, LLC, Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. Premier Indemnity Company, Inc., Counter Defendant, is represented by Jay A. Christofferson, Wanger Jones Helsley PC. About Dunmore Homes Dunmore Homes Inc. is a privately owned residential homebuilder based in Granite Bay, California. Michael A. Kane of Granite Bay is Company's owner. Based in Granite Bay, California, Dunmore Homes Inc. is a privately-owned homebuilder. The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 07-13533) on Nov. 8, 2007. Maria A. Bove, Esq., and Debra I. Grassgreen, Esq., at Pachulski Stang Ziehl & Jones LLP, represent the Debtor in its restructuring efforts. The Official Committee of Unsecured Creditors selected Morrison & Foerster LLP as its counsel. The Debtor disclosed $20,743,147 in total assets and $250,252,312 in total debts in its schedules of assets and liabilities filed with the Court. In January 2008, the U.S. Bankruptcy Court for the Southern District of New York ordered the transfer of Debtor's Chapter 11 case to the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division. The Debtor's Plan of Liquidation was confirmed in September 2008. ECLIPSE AVIATION: Summary Judgment in WARN Act Suit Affirmed ------------------------------------------------------------ Judge Leonard P. Stark of the United States District Court for the District of Delaware affirmed the Memorandum Opinion and Order entered by The Honorable Mary F. Walrath in the adversary proceeding styled ANNETTE VARELA and JOHN J. DIMURA, Appellants, v. JEOFFREY L. BURTCH, Chapter 7 Trustee, Appellee, Adv. No. 09-50265-MFW (Bankr. D.Del.), Civ. No. 14-1492-LPS (D. Del.), on cross-motions for summary judgment with respect to claims arising under the federal Worker Adjustment and Retraining Notification Act (the WARN Act). The Bankruptcy Court's Order granted the Trustee's motion for summary judgment, and denied that of Appellants, based on the Bankruptcy Court's conclusion that the "unforeseeable business circumstances" exception to the WARN Act applies. A full-text copy of the Memorandum Order dated March 31, 2016 is available at http://is.gd/5hU57Pfrom Leagle.com. The bankruptcy case is IN RE: AE LIQUIDATION, INC., et al., Chapter 7, Debtors,Case No. 08-13031-MFW Jointly Administered (Bankr. D. Del.). Annette Varela, Appellant, is represented by Christopher D. Loizides, Esq. -- loizides@loizides.com -- Loizides & Associates, Jack A. Raisner, pro hac vice & Rene S. Roupinian, pro hac vice. John J Dimura, Appellant, is represented by Christopher D. Loizides, Loizides & Associates, Jack A. Raisner, pro hac vice & Rene S. Roupinian, pro hac vice. Jeoffrey L. Burtch, Appellee, is represented by Mark E. Felger, Esq. -- mfelger@cozen.com -- Cozen & O'Connor. About Eclipse Aviation Albuquerque, New Mexico-based Eclipse Aviation Corporation -- http://www.eclipseaviation.com/-- manufactured six-passenger planes powered by two Pratt & Whitney turbofan engines. The Company and Eclipse IRB Sunport, LLC sought chapter 11 protection (Bankr. D. Del. Case No. 08-13031) on Nov. 25, 2008, represented by lawyers at Allen & Overy LLP, and estimating assets of less than $500 $500 million and debts of more than $1 billion. The Debtor sought to sell all of its assets pursuant to proposed bid procedures. The Court approved the bid procedures, with substantial modification, on Dec. 23, 2008. On Jan. 15, 2009, Over and Out, Inc., and other customers, commenced an adversary proceeding (Bankr. D. Del. Adv. Pro. No. 09-50029) asserting that the Debtor breached its Aircraft Deposit Agreements, converted their deposits, and breached its fiduciary duty. On Jan. 23, 2009, the Court entered an order authorizing the sale of substantially all of the Debtor's assets to EclipseJet Aviation International, Inc., finding it had presented the highest and best offer. In conjunction with that sale, the Court directed that $3.2 million of the sale proceeds be set held in escrow pending resolution of the adversary proceeding. Despite approval, the sale to EclipseJet was never consummated. As a result, on Mar. 5, 2009, the case was converted to a chapter 7 liquidation proceeding and Jeoffrey L. Burtch was appointed trustee. The Trustee renewed efforts to sell the Debtor's assets. On Aug. 28, 2009, the Court authorized the Trustee to sell the Debtor's assets to Eclipse Aerospace, Inc., for $20 million in cash and a $20 million note. Once again, as a result of the Customers' objection to the sale, the Court directed that $3.2 million of the sale proceeds be set aside pending resolution of the adversary proceeding. The sale to Eclipse Aerospace, Inc., closed on Sept. 4, 2009. Following the sale, the Debtors change their names to AE Liquidation, Inc., for Eclipse Aviation Corporation) and EIRB Liquidation, Inc., for Eclipse IRB Sunport, LLC). ECLIPSE AVIATION: Trustee Wins $725K Judgment vs. Prudential ------------------------------------------------------------ Before the Court is a matter remanded from the District Court on the appeal of our decision dated July 17, 2013, granting judgment in favor of Jeoffrey L. Burtch, the chapter 7 trustee of AE Liquidation, Inc., EIRB Liquidation, Inc., and Eclipse Aviation Corporation, on his Complaint to avoid and recover preferential transfers against Prudential Real Estate and Relocation Services, Inc., and Prudential Relocation, Inc.. The District Court directed the Court on remand to reconsider: (i) the amount of Prudential's new value defense; and (ii) whether the Trustee is entitled to prejudgment interest. Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware reduced Prudential's new value defense to $56,571.37; entered judgment in favor of the Trustee for $725,131.24, and awarded the Trustee $5,186.97 in prejudgment interest. A full-text copy of the Opinion dated March 29, 2016 is available at http://is.gd/gzkOcVfrom Leagle.com. The adversary case is JEOFFREY L. BURTCH, CHAPTER 7 TRUSTEE, Plaintiff, v. PRUDENTIAL REAL ESTATE AND RELOCATION SERVICES, INC., AND PRUDENTIAL RELOCATION, INC., Defendants, Adv. No. 10-55543 (MFW)(Bankr. D. Del.). The bankruptcy case In re: AE LIQUIDATION, INC., et al., Chapter 7, Debtors, Case No. 08-13031 (MFW), Jointly Administered (Bankr. D. Del.). Jeoffrey L. Burtch, Chapter 7 Trustee, Plaintiff, is represented by M. Claire McCudden, Esq. -- Law Office of Susan E. Kaufman, LLC, Robert W. Pedigo, Esq. -- rpedigo@coochtaylor.com -- Cooch and Taylor, Paula C. Witherow, Esq. -- pwitherow@coochtaylor.com -- Cooch and Taylor. Prudential Real Estate and Relocation Services, Inc., Defendant, is represented by Charles J. Brown, Esq. -- cbrown@gsbblaw.com -- Gellert Scali Busenkell & Brown LLC, Michael G. Busenkell, Esq. -- mbusenkell@gsbblaw.com -- Gellert Scali Busenkell & Brown LLC, Joseph L. Clasen, Esq. -- jclasen@rc.com -- Robinson & Cole LLP. About Eclipse Aviation Albuquerque, New Mexico-based Eclipse Aviation Corporation -- http://www.eclipseaviation.com/-- manufactured six-passenger planes powered by two Pratt & Whitney turbofan engines. The Company and Eclipse IRB Sunport, LLC sought chapter 11 protection (Bankr. D. Del. Case No. 08-13031) on Nov. 25, 2008, represented by lawyers at Allen & Overy LLP, and estimating assets of less than $500 $500 million and debts of more than $1 billion. The Debtor sought to sell all of its assets pursuant to proposed bid procedures. The Court approved the bid procedures, with substantial modification, on Dec. 23, 2008. On Jan. 15, 2009, Over and Out, Inc., and other customers, commenced an adversary proceeding (Bankr. D. Del. Adv. Pro. No. 09-50029) asserting that the Debtor breached its Aircraft Deposit Agreements, converted their deposits, and breached its fiduciary duty. On Jan. 23, 2009, the Court entered an order authorizing the sale of substantially all of the Debtor's assets to EclipseJet Aviation International, Inc., finding it had presented the highest and best offer. In conjunction with that sale, the Court directed that $3.2 million of the sale proceeds be set held in escrow pending resolution of the adversary proceeding. Despite approval, the sale to EclipseJet was never consummated. As a result, on Mar. 5, 2009, the case was converted to a chapter 7 liquidation proceeding and Jeoffrey L. Burtch was appointed trustee. The Trustee renewed efforts to sell the Debtor's assets. On Aug. 28, 2009, the Court authorized the Trustee to sell the Debtor's assets to Eclipse Aerospace, Inc., for $20 million in cash and a $20 million note. Once again, as a result of the Customers' objection to the sale, the Court directed that $3.2 million of the sale proceeds be set aside pending resolution of the adversary proceeding. The sale to Eclipse Aerospace, Inc., closed on Sept. 4, 2009. Following the sale, the Debtors change their names to AE Liquidation, Inc., for Eclipse Aviation Corporation) and EIRB Liquidation, Inc., for Eclipse IRB Sunport, LLC). ELITE PHARMACEUTICALS: Appoints Davis Caskey as Director -------------------------------------------------------- Elite Pharmaceuticals, Inc. announced that its Board of Directors has appointed Davis S. Caskey to its board effective April 28, 2016. Davis Caskey is the newest member of Elite's Board and brings more than 40 years of pharmaceutical industry experience to this position. From 1990 until 2013, Mr. Caskey was employed by ECR Pharmaceuticals Co., Inc., a venture that was founded in 1990 and acquired by Hi-Tech Pharmacal in March 2009, where he served as the operating officer. Upon leaving ECR, Mr. Caskey formed Caskey LLC, an umbrella company to provide consulting services to the pharmaceutical industry and for the management of other business interests. While at ECR, Mr. Caskey was credited with the establishment of ECR's sales and marketing structure, its product distribution format, and management of the firm's internal organization. His responsibilities included the oversight of drug development and regulatory filings. A primary focus was to conceive and develop, with the assistance of key strategic partners, extended release formulations of products which enhance patient compliance and safety. Prior to ECR, Mr. Caskey was employed by A.H. Robins for 18 years. His experience brings critical insight into the marketing and distribution of pharmaceutical products in a rapid and ever changing competitive marketplace. Mr. Caskey attended the University of Texas (Austin) and Lamar University, and holds bachelor's and master's degrees. "We are delighted to welcome Davis Caskey to our Board of Directors where his pharmaceutical industry expertise will have an invaluable impact on the success of Elite," stated Nasrat Hakim, Elite's Chairman of the Board. "We look forward to his guidance and expertise as we expand our pharmaceutical operations." 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. EMERALD OIL: Hires Donlin Recano as Administrative Advisor ---------------------------------------------------------- Emerald Oil, Inc., et al., seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Donlin, Recano & Company, Inc. as administrative advisor, nunc pro tunc to the March 22, 2016 petition date. The Debtors require Donlin Recano to: (a) assist with, among other things, solicitation, balloting, tabulation, and calculation of votes, as well as preparing any appropriate reports, as required in furtherance of confirmation of plans of reorganization; (b) generate an official ballot certification and testifying, if necessary, in support of the ballot tabulation results; (c) provide assistance with preparation of the Debtors' Schedules of Assets and Liabilities and Statements of Financial Affairs; (d) manage any distributions pursuant to a confirmed plan of reorganization; and (e) provide such other claims processing, noticing, solicitation, balloting, and administrative services described in the Services Agreement, but not included in the Section 156(c) Application, as may be requested from time to time by the Debtors. Donlin Recano will be paid at these hourly rates: Senior Bankruptcy Consultant $165 Case Manager $140 Technology/Programming Consultant $110 Consultant/Analyst $90 Clerical $45 Donlin Recano will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the Petition Date, in connection with the Section 156(c) Application, the Debtors provided Donlin Recano a retainer in the amount of $40,000. Roland Tomforde, chief operating officer of Donlin Recano, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Bankruptcy Court will hold a hearing on the application on May 17, 2016, at 3:00 p.m. Objections were due April 29, 2016. Donlin Recano can be reached at: Roland Tomforde DONLIN, RECANO & COMPANY, INC. 6201 15th Avenue Brooklyn, NY 11219 Tel: (212) 481-1411 About Emerald Oil Emerald is a Denver-based independent exploration and production company that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March 22, 2016. Ryan Smith signed the petitions as chief financial officer. The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Intrepid Financial Partners, LLC as investment banker, Opportune LLP as restructuring advisor and Donlin Recano & Company, Inc., as claims and noticing agent. Judge Kevin Gross has been assigned the cases. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Emerald Oil, Inc., to serve on the official committee of unsecured creditors. EMERALD OIL: Hires Kirkland & Eliis as Attorneys ------------------------------------------------ Emerald Oil, Inc., et al., seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as attorneys, nunc pro tunc to the March 22, 2016 petition date. The Debtors require Kirkland & Ellis to: (a) advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; (b) advise and consult on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; (e) prepare pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; (f) represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. Kirkland & Ellis will be paid at these hourly rates: Partners $875-$1,445 Of Counsel $480-$1,445 Associates $510-$945 Paraprofessionals $180-$400 Kirkland & Ellis will also be reimbursed for reasonable out-of-pocket expenses incurred. On January 28, 2016 the Debtors paid $100,000 to Kirkland, which, as stated in the Engagement Letter, constituted an "advance payment retainer" as defined in Rule 1.15(c) of the Illinois Rules of Professional Conduct and Dowling v. Chicago Options Assoc., Inc., 875 N.E.2d 1012, 1018 (Ill. 2007). Subsequently, the Debtors paid to Kirkland additional advance payment retainers totaling $888,541.26 in the aggregate. Ryan Blaine Bennett, a partner of Kirkland & Ellis, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Bankruptcy Court will hold a hearing on the application on May 17, 2016, at 3:00 p.m. Objections were due April 29, 2016. Kirkland & Ellis can be reached at: Ryan Blaine Bennett, Esq. Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 Tel: (312) 862-2074 Fax: (312) 862-2200 E-mail: ryan.bennett@kirkland.com About Emerald Oil Emerald is a Denver-based independent exploration and production company that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March 22, 2016. Ryan Smith signed the petitions as chief financial officer. The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Intrepid Financial Partners, LLC as investment banker, Opportune LLP as restructuring advisor and Donlin Recano & Company, Inc., as claims and noticing agent. Judge Kevin Gross has been assigned the cases. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Emerald Oil, Inc., to serve on the official committee of unsecured creditors. EMERALD OIL: Hires Opportune as Crisis Managers and CRO ------------------------------------------------------- Emerald Oil, Inc., et al., seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Opportune LLP as crisis managers and Wade Stubblefield as chief restructuring officer and additional personnel, nunc pro tunc to the March 22, 2016 petition date. The Debtors require Mr. Stubblefield's and Opportune's anticipated services in these chapter 11 cases include: (a) Opportune will provide the following financial advisory services in consultation with the Debtors' senior management and/or Board of Directors, which include, but are not limited to: -- Mr. Stubblefield shall serve in the role of Chief Restructuring Officer for the Debtors. The CRO will serve as the principal contact with the Debtors' creditors with respect to the Debtors' day-to-day financial and operational matters, reporting to the Debtors' Board; and -- Opportune will provide additional employees of Opportune and/or its affiliates and wholly-owned subsidiaries as required, to assist the CRO in the execution of the duties set forth more fully in the Engagement Letter. (b) Services. In addition to the services described above, the Engagement Personnel will provide the following services as directed by the Board: -- prepare information to assist management, the Board and the Debtors' advisors in evaluating restructuring options and directing the Debtors through a bankruptcy; -- develop forecasts and information for obtaining bankruptcy court approval of use of cash collateral or DIP financing and related compliance and reporting; -- assistance in preparing, filing, and obtaining approval of first day motions, schedules of assets and liabilities, statements of financial affairs, monthly operating reports, and other information required in connection the bankruptcy, filing of other motions and assisting legal counsel and the Debtors in responding to motions or pleadings during the pendency of the bankruptcy and providing expert testimony acceptable to Opportune; -- perform financial and operational reviews of the Debtors, including, but not limited to, a review and assessment of financial and operational information that has been, and that will be, provided by the Debtors to their creditors, including, without limitation, their short- and long-term projected cash flows and operating performance; -- assist in the identification and implementation of cost reduction and operations improvement opportunities; and -- perform such other services as requested by the Board, and agreed to by Opportune that is not duplicative of work others are performing for the Debtors. (c) The CRO would be authorized and empowered in his sole discretion to bring to the Bankruptcy Court any matters deemed necessary and appropriate to be heard by the Court. Opportune will be paid at these hourly rates: Chief Restructuring Officer $795 Additional Personnel: Partner $695 Managing Director $595 Director $505 Manager $400 Senior Consultant $350 Consultant $280 In addition, Opportune shall also be paid deferred compensation which shall be earned upon confirmation of a Restructuring Transaction and paid upon the effective date of a Restructuring Transaction, as follows: (a) An amount of $750,000 if the date for consummation of a Restructuring Transaction is on or before June 30, 2016; or (b) An amount of $500,000 if the date for consummation of a Restructuring Transaction is between July 1, 2016 and July 31, 2016; or (c) An amount of $400,000 if the date for consummation of a Restructuring Transaction is between August 1, 2016 and August 31, 2016. Opportune will also be reimbursed for reasonable out-of-pocket expenses incurred. Opportune received a retainer of $100,000 from the Debtors in connection with their prepetition engagement letter, dated September 25, 2015. As of the Petition Date, Opportune had approximately $83,000 of the Retainer remaining. Opportune now seeks to increase the Retainer to a total of $250,000, as contemplated in the Engagement Letter. Accordingly, the Debtors request authority to increase and replenish the Retainer in the amount of $167,000. Wade Stubblefield, managing director of Opportune, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Bankruptcy Court will hold a hearing on the application on May 17, 2016, at 3:00 p.m. Objections were due April 29, 2016. Opportune can be reached at: Wade Stubblefield Opportune LLP 340 Madison Avenue, 19th Floor New York City, NY 10173 Tel: (212) 220-9466 Fax: (212) 220-9504 E-mail: wstubblefield@opportune.com About Emerald Oil Emerald is a Denver-based independent exploration and production company that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March 22, 2016. Ryan Smith signed the petitions as chief financial officer. The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Intrepid Financial Partners, LLC as investment banker, Opportune LLP as restructuring advisor and Donlin Recano & Company, Inc., as claims and noticing agent. Judge Kevin Gross has been assigned the cases. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Emerald Oil, Inc., to serve on the official committee of unsecured creditors. EMERALD OIL: Taps Pachulski Stang as Co- and Conflicts Counsel -------------------------------------------------------------- Emerald Oil, Inc., et al., seek authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Ziehl & Jones LLP as co-counsel and conflicts counsel, nunc pro tunc to the March 22, 2016 petition date. The Debtors require Pachulski Stang to: (a) provide legal advice regarding local rules, practices, and procedures; (b) review and comment on drafts of documents to ensure compliance with local rules, practices, and procedures; (c) file documents as requested by Kirkland & Ellis and coordinating with the Debtors' claims agent for service of documents; (d) prepare agenda letters, certificates of no objection, certifications of counsel, and notices of fee applications and hearings; (e) prepare hearing binders of documents and pleadings, printing of documents and pleadings for hearings; (f) appear in Court and at any meeting of creditors on behalf of the Debtors in its capacity as co-counsel with Kirkland & Ellis; (g) monitor the docket for filings and coordinating with Kirkland & Ellis on pending matters that need responses; (h) prepare and maintain critical dates memorandum to monitor pending applications, motions, hearing dates and other matters and the deadlines associated with same; distribute critical dates memorandum with Kirkland & Ellis for review and any necessary coordination for pending matters; (i) handle inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of these Cases, and, to the extent required, coordinating with Kirkland & Ellis on any necessary responses; (j) provide additional administrative support to Kirkland & Ellis, as requested; and (k) serve as conflicts counsel for the Debtors with respect to any matters for which Kirkland &Ellis may have a conflict. Pachulski Stang will be paid at these hourly rates: Laura Davis Jones $1,050 Colin R. Robinson $695 Joseph Mulvihill $425 Patricia E. Cuniff $305 Pachulski Stang will also be reimbursed for reasonable out-of-pocket expenses incurred. Pachulski Stang has received payments from the Debtors during the year prior to the Petition Date in the amount of $58,585, including the Debtors' aggregate filing fees for these cases, in connection with its prepetition representation of the Debtors. Laura Davis Jones, a partner of Pachulski Stang, 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. Pachulski Stang can be reached at: Laura Davis Jones, Esq. PACHULSKI STANG ZIEHL & JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 E-mail: ljones@pszjlaw.com About Emerald Oil Emerald is a Denver-based independent exploration and production company that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March 22, 2016. Ryan Smith signed the petitions as chief financial officer. The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Intrepid Financial Partners, LLC as investment banker, Opportune LLP as restructuring advisor and Donlin Recano & Company, Inc., as claims and noticing agent. Judge Kevin Gross has been assigned the cases. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Emerald Oil, Inc., to serve on the official committee of unsecured creditors. EMPIRE RESORTS: Incurs $5.21 Million Net Loss in First Quarter -------------------------------------------------------------- Empire Resorts, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss applicable to common shareholders of $5.21 million on $16.20 million of net revenues for the three months ended March 31, 2016, compared to a net loss applicable to common shareholders of $4.09 million on $14.52 million of net revenues for the same period in 2015. As of March 31, 2016, Empire Resorts had $334.73 million in total assets, $37.69 million in total liabilities and $297.04 million in total stockholders' equity. The Company has had continuing net losses and negative cash flow from operating activities, including a loss from operations of $4.8 million for the three months ended March 31, 2016. The net loss for the three months ended March 31, 2016, was primarily related to the pre-opening development expenses in the amount of $3.1 million and consisted of $2.6 million in land lease expense, $201,000 in legal, consultants and other professional services, $106,000 in insurance expense, $97,000 in property tax expenses and $85,000 in other expenses. $41.2 million of the costs incurred for the Development Projects were eligible to be capitalized for the three months ended March 31, 2016. A full-text copy of the Form 10-Q is available for free at: http://is.gd/zFdlAq About Empire Resorts Based in Monticello, New York, Empire Resorts, Inc. (NASDAQ: NYNY) -- http://www.empireresorts.com/-- owns and operates Monticello Casino & Raceway, a video gaming machine and harness racing track and casino located in Monticello, New York, 90 miles northwest of New York City. Empire Resorts reported a net loss applicable to common shareholders of $36.8 million on $68.2 million of net revenues for the year ended Dec. 31, 2015, compared to a net loss applicable to common shareholders of $24.1 million on $65.2 million of net revenues for the year ended Dec. 31, 2014. ETIENNE ESTATES: Court Fixes JJAM's Claim at $2.7-Mil. ------------------------------------------------------ Before the Court are three related matters: the Application of Debtor Etienne Estates at Washington, LLC to Confirm its Third Amended Chapter 11 Plan of Reorganization; an Objection to Plan Confirmation and Exclusivity Extension made by secured creditor JJAM Capital LLC ("JJAM")and the Debtor's Objection to JJAM's claim. Judge Nancy Hershey Lord of the United States Bankruptcy Court for the Eastern District of New York fixed JJAM's claim in the amount of $2,726,396.97; held that, of the total claim, $779,764.83 may be tendered to cure and reinstate the terms of the Consolidated Note; and granted the Debtor leave to amend its plan accordingly. A full-text copy of the Decision dated March 30, 2016 is available at http://is.gd/6aKmizfrom Leagle.com. The case is In Re Etienne Estates at Washington LLC, Chapter 11, Debtor, Case No. 1-14-40786-nhl (Bankr. E.D.N.Y.). Etienne Estates at Washington LLC, Debtor, is represented by J. Ted Donovan, Esq. -- Goldberg Weprin Finkel Goldstein LLP, Kevin J. Nash, Esq. -- Goldberg Weprin Finkel Goldstein LLP. EXELIXIS INC: Incurs $61.3 Million Net Loss in First Quarter ------------------------------------------------------------ Exelixis, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $61.3 million on $15.4 million of total revenues for the three months ended March 31, 2016, compared to a net loss of $35.2 million on $9.38 million of total revenues for the same period in 2015. As of March 31, 2016, the Company had $492.53 million in total assets, $648.48 million in total liabilities and a total stockholders' deficit of $155.95 million. Cash and cash equivalents, short- and long-term investments and long-term restricted cash and investments totaled $407.6 million at March 31, 2016, which increased from $253.3 million at Dec. 31, 2015 as a result of the $200.0 million upfront payment we received from Ipsen in connection with the Company's Feb. 29, 2016, licensing agreement. "The first quarter of 2016, and the time period following it, was marked by important advances not only for our company, but for the patients we serve," said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. "Most notably, just a little over a week ago we announced that the FDA approved CABOMETYX for advanced RCC, a major milestone for the company. We are especially pleased that the label includes the robust overall survival data from the METEOR trial. CABOMETYX is now the first and only therapy to have demonstrated improvements in the three key efficacy parameters in a phase 3 trial of advanced renal cell carcinoma, one of the most common forms of cancer for men and women in the United States. We are moving quickly to introduce this new and important medicine to the medical community, with our experienced U.S. commercial team already in the field and meeting with healthcare providers. With our partner Ipsen, we are also well positioned to advance the process of seeking approval and potentially commercializing CABOMETYX in markets beyond the U.S., Canada and Japan." A full-text copy of the Form 10-Q is available for free at: http://is.gd/4hRSZ7 About Exelixis Inc. Headquartered in South San Francisco, California, Exelixis, Inc., develops innovative therapies for cancer and other serious diseases. Through its drug discovery and development activities, Exelixis is building a portfolio of novel compounds that it believes has the potential to be high-quality, differentiated pharmaceutical products. Exelixis reported a net loss of $170 million on $37.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $269 million on $25.1 million of total revenues for the year ended Dec. 31, 2014. FAIRMOUNT SANTROL: S&P Lowers Corporate Credit Rating to 'SD' ------------------------------------------------------------- S&P Global Ratings said it lowered its corporate credit rating on Chesterland, Ohio-based Fairmount Santrol Inc. to 'SD' from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured debt (the extended term loan tranche) to 'D' from 'CCC+'. The recovery rating on the debt remains '4', reflecting S&P's expectation of average (30%-50%; higher end of the range) recovery in the event of default. The rating action follows an amendment to Fairmount's credit agreement extending the maturity date of approximately 89% ($139 million) of the principal amount of outstanding tranche B-1 term loans to July 2018 from March 2017. In conjunction with the extension, Fairmount redeemed 50%, or $70 million, of the extended term loan maturities. "We consider this amendment to be tantamount to a default because we view it as a distressed restructuring without compensation to investors," said S&P Global Ratings credit analyst Ryan Gilmore. "The extension, in our view, implies the investors will receive less value than the promise of the original term loan." In addition, S&P's assessment reflects its belief that absent the extension, Fairmount would be vulnerable to a conventional default over the near term, which S&P believes to be symptomatic of a distressed transaction. As a result S&P is lowering the corporate credit rating and issue-level rating accordingly. S&P is reassessing its ratings on Fairmount and plan to release updated ratings within a week. S&P's analysis will incorporate the company's new capital structure as well as developments subsequent to rating actions on April 25, 2016. GARLOCK SEALING: Files Supplement on RBH's Employment as Counsel ---------------------------------------------------------------- Garlock Sealing Technologies LLC, Garrison Litigation Management Group, Ltd., and The Anchor Packing Company filed a supplemental application to the U.S. Bankruptcy Court for the Western District of North Carolina to expand the scope of employment of Robinson, Bradshaw & Hinton, P.A. as special corporate and litigation counsel. In the First Application already approved by this Court, the Debtors sought approval to employ RBH as Special Corporate and Litigation Counsel. The scope of employment approved included the special litigation matters described in the First Application as well as corporate and transactional matters involving non-affiliated parties—specifically, "advis[ing] the Debtors in matters of taxation" and "represent[ing] and advis[ing] the Debtors with respect to corporate financing to the Debtors, including the establishment of credit facilities, amendments, and modifications thereto." The Debtors, in the continued operation of their businesses, have additional corporate transactions and commercial litigation matters for which they require legal services and which RBH is suited to provide. To supplement the scope of RBH's employment, Debtors now make this Supplemental Application. The Supplemental Application proposes to supplement the First Application so that RBH can provide services to Debtors in additional corporate transactions and commercial litigation between Debtors and parties unaffiliated with Debtors. In addition to the scope of the services authorized by the Retention Order, the Debtors seek to employ RBH to represent and advise Debtors in discrete corporate transactions with parties unaffiliated with Debtors and discrete commercial litigation with parties unaffiliated with Debtors. The Debtors anticipate that the Non-Affiliate Corporate Transactions will include, inter alia and without limitation, the following types of transactions: (a) merger and acquisition transactions; (b) non-disclosure agreements; (c) joint venture transactions; (d) intellectual property protection and licensing; (e) commercial contracts involving the purchase or sale of goods, materials, technology, software, or other items; and (f) matters involving real property. The Debtors anticipate that the Non-Affiliate Commercial Litigation Matters will include, inter alia and without limitation, the following types of matters: (a) disputes regarding commercial contracts with customers, suppliers, and other parties; (b) intellectual property disputes; and (c) disputes involving real property. Subject to the Court's approval and in accordance with sections 327(e), 330, and 331 of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules, and the Orders of this Court, Debtors request that RBH, for its services with regard to the Supplemental Matters, be compensated on the same terms as approved by the Court in its Retention Order. The Debtors 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. RBH can be reached at: Garland S. Cassada, Esq. ROBINSON, BRADSHAW & HINTON, P.A. 101 North Tryon Street, Suite 1900 Charlotte, NC 28246 Tel: (704) 377-8317 Fax: (704) 373-3917 E-mail: gcassada@robinsonbradshaw.com About Garlock Sealing Headquartered in Palmyra, New York, Garlock Sealing Technologies LLC is a unit of EnPro Industries, Inc. (NYSE: NPO). For more than a century, Garlock has been helping customers efficiently seal the toughest process fluids in the most demanding applications. On June 5, 2010, Garlock filed a voluntary Chapter 11 petition (Bankr. W.D.N.C. Case No. 10-31607) in Charlotte, North Carolina, to establish a trust to resolve all current and future asbestos claims against Garlock under Section 524(g) of the U.S. Bankruptcy Code. The Debtor estimated $500 million to $1 billion in assets and up to $500 million in debts as of the Petition Date. Affiliates The Anchor Packing Company and Garrison Litigation Management Group, Ltd., also filed for bankruptcy. Albert F. Durham, Esq., at Rayburn Cooper & Durham, P.A., represents the Debtor in their Chapter 11 effort. Garland S. Cassada, Esq., at Robinson Bradshaw & Hinson, serves as counsel for asbestos matters. The Official Committee of Asbestos Personal Injury Claimants in the Chapter 11 cases is represented by Travis W. Moon, Esq., at Hamilton Moon Stephens Steele & Martin, PLLC, in Charlotte, NC, Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, in New York, and Trevor W. Swett III, Esq., Leslie M. Kelleher, Esq., and Jeanna Rickards Koski, Esq., in Washington, D.C. 20005. Joseph W. Grier, III, the Court-appointed legal representative for future asbestos claimants, has retained A. Cotten Wright, Esq., at Grier Furr & Crisp, PA, and Richard H. Wyron, Esq., and Jonathan P. Guy, Esq., at Orrick, Herrington & Sutcliffe LLP, as his co-counsel. Judge George Hodges of the U.S. Bankruptcy Court for the Western District of North Carolina on Jan. 10, 2014, entered an order estimating the liability for present and future mesothelioma claims against Garlock Sealing at $125 million, consistent with the positions GST put forth at trial. In January 2015, the Debtors filed their Second Amended Plan of Reorganization, which is backed by the Future Asbestos Claimants' Representative (FCR). The confirmation hearing is slated to begin June 20, 2016. Under the schedule for confirmation proceedings ordered by the Court, objections to confirmation of the Plan that do not depend on the results of voting were due Oct. 6, 2015, and confirmation objections that depend on such results are due on Dec. 18, 2015. GAS-MART: Court Approves UMB Bank Stipulation --------------------------------------------- Gas-Mart USA, Inc., and its affiliated Debtors, and the Official Committee of Unsecured Creditors obtained from Judge Arthur B. Federman of the U.S. Bankruptcy Court for the Western District of Missouri, Kansas City Division, approval of their Stipulation with UMB Bank, N.A., with respect to the Court's Final DIP Order. The Debtors and the Official Committee contended that they have held negotiations regarding the resolution of certain issues in connection with the multiple sales of the Debtors' assets ("Sales”) and the series of closings ("Closings”) contemplated by the GPM/PPRE bids, as well as the subsequent wind-down of the Bankruptcy Estates through a possible plan of liquidation. The Stipulation contains, among others, the following relevant terms: (a) If DIP Lender actually receives net cash sale proceeds from the Sales in the aggregate amount of at least $3,800,000 ("DIP Lender Net Sale Proceeds”), which is indefeasibly paid to DIP Lender within a reasonable period of time after the Closings, and such payments are not subject to any further challenge, reimbursement, surcharge, carve-out, claw-back, or similar action by the Debtors, the Official Committee, a trustee, plan administrator, the Debtors’ bankruptcy estates, each of the forgoing entities’ respective professionals or any other party ("Challenge Party”), then DIP Lender agrees that it will waive the DIP Liens and Super Priority Claim Status except as provided for in the Stipulation. (b) If DIP Lender does not receive the DIP Lender Net Sale Proceeds at the conclusion of the Closings, but receives net cash sale proceeds from the Sales in the aggregate amount of at least $3,500,000, which is indefeasibly paid to DIP Lender within a reasonable period time after the Closings, and such payments are not subject to any further challenge, reimbursement, surcharge, carve-out, claw-back, or similar action by a Challenge Party, then DIP Lender agrees that its DIP Liens and Superpriority Claims Status as to 50% of the Net Litigation Recoveries from any Avoidance Actions and other causes of actions owned by the Bankruptcy Estates ("Causes of Action”) shall be subject and subordinate to a carve-out for the Bankruptcy Estates to be used in accordance with the provisions of the Stipulation ("Bankruptcy Estates Carveout”) until DIP Lender is indefeasibly paid a total $4,300,000, at which point DIP Lender will waive its DIP Liens and Superpriority Claim Status. (c) If DIP Lender does not indefeasibly receive net cash sale proceeds from the Sales within a reasonable period time after the Closings in the aggregate amount of at least $3,500,000, then DIP Lender agrees to the Bankruptcy Estates Carveout until the DIP Lender Indebtedness is indefeasibly paid in full. (d) DIP Lender further agrees to allow the Bankruptcy Estates to hold back $100,000 on a one time basis from any sale proceeds payable to DIP Lender ("Holdback Funds”) for the sole purpose of funding the Official Committee’s investigation, initiation and pursuit of the Causes of Action or such other purpose as mutually agreed to by the DIP Lender and the Official Committee; provided, however, that (i) DIP Lender shall maintain a senior and first priority lien on the Causes of Action until such Holdback Funds are indefeasibly paid back in full to DIP Lender and (ii) any recoveries from the Causes of Action are first paid to DIP Lender in order to reimburse it for the Holdback Funds. In light of the concessions being provided in the Stipulation by both the DIP Lender and the Committee, the Debtors consented to the Committee’s investigation and prosecution of: (i) any Causes of Action against Wells Fargo Bank, N.A. and its affiliated entities; and (ii) any Causes of Action arising under sections 547, 548, 549 and 550 of the Bankruptcy Code. The Debtors and the Committee reserved their respective rights as to the investigation and prosecution of any other Causes of Action. The Official Committee of Unsecured Creditors is represented by: Shelly A. DeRousse, Esq. Devon J. Eggert, Esq. Elizabeth L. Janczak, Esq. FREEBORN & PETERS LLP 311 South Wacker Drive, Suite 3000 Chicago, IL 60606-6677 Telephone: (312)360-6000 Facsimile: (312)360-6520 Email: sderousse@freeborn.com deggert@freeborn.com ejanczak@freeborn.com The Iowa Department of Revenue is represented by: John Waters IOWA DEPARTMENT OF REVENUE P.O. Box 10457 Des Moines, Iowa 50306 Telephone: (515)281-6427 Email: john.waters@iowa.gov Illinois Department of Revenue is represented by: James D. Newbold, Esq. ASSISTANT ATTORNEY GENERAL 100 W. Randolph Street Chicago, IL 60601 Telephone: (312)814-4557 Email: james.newbold@illinois.gov UMB Bank, N.A. is represented by: Eric L. Johnson, Esq. Scott Goldstein, Esq. SPENCER FANE LLP 1000 Walnut St. Kansas City, MO 64106 Telephone: (816)478-8100 Facsimile: (816)471-6467 Email: ejohnson@spencerfane.com sgoldstein@spencerfane.com Gas-Mart USA Inc. and its affiliated Debtors are represented by: Paul M. Hoffman, Esq. Nicholas J. Zluticky, Esq. STINSON LEONARD STREET LLP 1201 Walnut, Suite 2900 Kansas City, MO 64106 Telephone: (816)842-8600 Facsimile: (816)691-3495 Email: Paul.hoffmann@stinsonleonard.com Nicholas.zluticky@stinsonleonard.com About Gas-Mart USA, Inc. Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores ("C-Stores"). With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. On Oct. 6, 2015, an order for relief under 11 U.S.C. Chapter 11 was entered for the debtor Fuel Services Mart, Inc. ("FSM"). FSM filed as motion for an order directing that certain Orders in In re Gas-Mart USA., et al. be made applicable to FSM. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC as Conflicts counsel; and Frank Wendt as special conflicts counsel. The Debtors' Chapter 11 plan and disclosure statement are due Oct. 30, 2015. Gas-Mart estimated $10 million to $50 million in assets and debt. In July, Daniel Casamatta, acting U.S. trustee, appointed seven creditors to serve on Gas-Mart's official committee of unsecured creditors. The committee is represented by Freeborn & Peters LLP, in Chicago, Illinois. GREAT PLAINS REGIONAL: Fitch Puts BB Bonds Rating on Neg. Watch --------------------------------------------------------------- Fitch Ratings has placed the following Oklahoma Development Finance Authority bonds issued on behalf of Great Plains Regional Medical Center (GPRMC) which are currently rated 'BB', on Rating Watch Negative: -- $33.7 million hospital revenue bonds, series 2007. SECURITY The bonds are secured by a pledge of the revenues of the obligated group and a debt service reserve fund. KEY RATING DRIVERS POTENTIAL RATE COVENANT VIOLATION: Through Dec. 31, 2015, GPRMC posted a $3.9 million net loss on total revenues of $20.6 million (negative 18.7% net margin). As a result, GPRMC debt service coverage by EBITDA was negative 0.6x coverage ratio through the six month interim period. The Rating Watch Negative reflects the potential for GPRMC to violate its debt service coverage requirement of 1.1x including triggering an Event of Default. EXCEPTIONALLY WEAK OPERATING PERFORMANCE: Through the six-month interim period ending Dec. 31, 2015, GPRMC $3.9 million loss from operations reflects a sharp drop in inpatient and outpatient volumes compared to the prior year period. Additionally, average length of stay increased from 3.6 days in year-to-date (YTD) to 3.9 days in the current period. SUFFICIENT BALANCE SHEET STRENGTH: GPMRC's balance sheet strength is currently sufficient at its 'BB' rating level. As of Dec. 31, 2015, GPRMC had 162.3 days cash on hand (DCOH), 6.8x cushion ratio, and 59.1% cash to debt which are all favorable to Fitch's below investment grade (BIG) medians. OIL DEPENDENT PRIMARY SERVICE AREA: GPRMC's primary service area (PSA) is highly dependent on the cyclical oil and gas industry. Recent pressures on the oil and gas industry have reduced drilling activity in the area and have resulted in a decline in the area population and increases in unemployment levels. RATING SENSITIVITIES RATE COVENANT VIOLATION: Failure to reverse its weak operating performance in the second half of 2016 would most likely result in Great Plains Regional Medical center (GPRMC) having coverage below 1.0x which would be an event of default under the master trust indenture (MTI) and would result in downward rating pressure. LOOMING STATE MEDICAID CUTS: In light of recent budgetary pressures, the Oklahoma Health Care Authority announced a 25% cut in Medicaid provider payments which are expected to go into effect on June 1, 2016. These cuts could have negative ramifications on GPRMC's reimbursement rates and could further burden operating performance which could put negative pressure on the rating. MANAGEMENT ACTIONS COULD LEAD TO STABILIZATION: Despite the weak interim operating results, management has taken multiple actions in the second half of the fiscal year to help mitigate weak performance. Such actions include: instituting a new hospitalist group, reopening inpatient swing beds, and redirecting patients from Sayre Memorial Hospital which ceased operations on Feb. 1, 2016. These three actions, combined with any other mitigating management actions, could help reverse poor interim operating performance and lead to stabilization of the rating. CREDIT PROFILE GPMRC is a 62-licensed bed community hospital located in Elk City, Oklahoma, approximately 120 miles west of Oklahoma City. Total revenues were $45.8 million in fiscal year (FY) 2015. POTENTIAL RATE COVENANT VIOLATION AND HIGH LEVERAGE GPRMC remains highly levered, with a maximum annual debt service (MADS) of $2.9 million equating to a very high 7.1% of annualized fiscal 2016 revenues as compared to Fitch's BIG median of 4.4%. Coverage levels have been thin in recent years with MADS coverage by EBITDA of just 1.5x in FY 2015 and 1.4x in FY 2014. Due to weak operating performance, this coverage was further reduced in the interim period to negative 0.6x. A failure to finish the fiscal year with coverage of at least 1.0x would be an event of default under the MTI and would result in downward rating pressure. DECREASED VOLUMES WEAKENED OPERATION PERFORMANCE Inpatient admissions of 860 through Dec. 31, 2015 represent a 10.7% decrease from prior year period. Similarly, emergency room visits and outpatient surgeries were down 2% and 6.1% period over period. Furthermore, ALOS increased to 3.9 days at Dec. 31, 2015 from 3.6 days at Dec. 31, 2014. These declining volume levels have led to poor operating results at the end of the interim period. GPRMC's small revenue base makes it more vulnerable to medical staff and volume volatility, as evidence by current and historical performance. Management's ability to maintain a stable physician and nursing staff as well as maintain robust volume levels will remain key to the rating. Despite depressed volume levels and weak interim results, GPRMC's management team has made some changes in the second half of fiscal 2016 which should help improve operations. Management has replaced the entire hospitalist team, reopened inpatient swing beds, and has redirected some volumes from the recently closed Sayre Memorial Hospital. These actions should help improve operating performance, lower ALOS, and increase volume levels. NEGATIVE PSA/STATE PRESSURES GPRMC's PSA remains exposed to the cyclical oil and gas industry which has negatively impacted area demographics. Recent declines in prices of these commodities have resulted in reduced drilling activity which has led to a decreased population and increased unemployment rates. These weakened demographics could impact future acute volumes of GPRMC. Additionally, due to budgetary pressures, the Oklahoma Health Care Authority announced a 25% cut in Medicaid provider payments which are expected to go into effect on June 1, 2016. Should these cuts come to fruition, it could negatively impact GPRMC's reimbursement rates and further weaken its operating performance. SUFFICIENT BALANCE SHEET GPMRC's balance sheet remains adequate for its current rating level and helps provide some financial cushion against its weak operating performance. Through the six-month interim period, GPRMC had 162.3 DCOH, 6.8x cushion ratio, and 59.1% cash to debt which are all favorable when compared to Fitch's BIG medians of 85.9 DCOH, 5.7x, and 52.2%, respectively. GPMRC's cash position remains a key credit consideration. However, an inability to stem operating losses could deteriorate its liquidity which could put negative pressure on the rating. CONSERVATIVE DEBT PROFILE GPRMC has minimal financing risk, with a 100% fixed rate debt profile. No additional debt is planned and capital needs are expected to remain modest. GPRMC has only fixed rate debt and no derivative exposure. DISCLOSURE GPMRC covenants to disclosure annual and quarterly disclosure which it posts regularly to the Municipal Securities Rulemaking Board's EMMA System. Disclosure has been timely and thorough, with good access to management. GTT COMMUNICATIONS: S&P Affirms 'B+' Rating on Sec. Loan Due 2022 ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issue-level rating on U.S. IP network operator GTT Communications Inc.'s senior secured term loan due 2022 after the company upsized the debt to $430 million from $400 million. The '3' recovery rating is unchanged, indicating S&P's expectation for meaningful recovery (50%-70%; lower half of the range) of principal in the event of a payment default. S&P expects GTT to use the proceeds to paydown revolver borrowings, thus increasing liquidity, which it may require for future investments. S&P doesn't expect the proposed transaction to significantly alter GTT's credit metrics. As a result, S&P's 'B+' corporate credit rating and stable rating outlook on the company remain unchanged. The corporate credit rating reflects S&P's expectation that debt to EBITDA will improve to below 5x by mid-2016, from slightly above 5x on a pro forma basis, due to cost synergies and healthy organic growth driven by solid demand for connectivity. RECOVERY ANALYSIS Key Analytical Factors -- S&P's simulated default scenario contemplates a default in 2020 due to increased competition from broadband and transport providers causing industry prices to fall significantly and, in turn, a sharp decline in profit margins to the point that the company's cash flow is unable to meet interest expense, required debt amortization, and maintenance capital spending levels. -- S&P valued the company on a going-concern basis using a 4x multiple of S&P's projected EBITDA at emergence of $63 million. The 4x multiple is at the low end of the 4x-5x range S&P attributes to data transport companies because GTT holds most of its fiber under leases, which S&P views less favorably than owned fiber. Simulated default and valuation assumptions -- Simulated year of default: 2020 -- EBITDA at emergence: $63 million -- EBITDA multiple: 4x Simplified waterfall -- Net enterprise value (after 3% administrative costs): $245 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured creditors: $242 million -- Secured first lien debt: $472 million -- Recovery expectations: 50%-70% (lower half of the range) Note: All debt amounts include six months of prepetition interest. The collateral value equals asset pledge from obligors after priority claims plus equity pledge from nonobligors after nonobligor debt. RATINGS LIST GTT Communications Inc. Corporate Credit Rating B+/Stable/-- Rating Affirmed; Recovery Rating Unchanged GTT Communications Inc. Senior secured $430 mil.* term loan due 2022 B+ Recovery Rating 3L Ratings Unchanged GTT Communications Inc. $50 mil. revolver due 2022 B+ Recovery Rating 3L *Upsized amount. HARRINGTON & KING SOUTH: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Harrington & King South, Inc. 3939 Michigan Avenue Road NE Cleveland, TN 37323 Case No.: 16-15651 Chapter 11 Petition Date: May 7, 2016 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Hon. Jacqueline P. Cox Debtor's Counsel: William J Factor, Esq. FACTORLAW 1363 Shermer Road, Suite 224 Northbrook, IL 60062 Tel: 847-239-7248 Fax: 847-574-8233 E-mail: wfactor@wfactorlaw.com - and - Zhijun Liu, Esq. FACTORLAW 105 W. Madison St. Chicago, IL 60602 Tel: (312) 470-1284 E-mail: jliu@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Greg McCallister, chief restructuring officer & chief operating officer. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/ilnb16-15651.pdf HARRINGTON & KING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: The Harrington & King Perforating Co., Inc. 5655 W Fillmore Street Chicago, IL 60644-5597 Case No.: 16-15650 Chapter 11 Petition Date: May 7, 2016 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Hon. Deborah L. Thorne Debtor's Counsel: William J Factor, Esq. FACTORLAW 1363 Shermer Road, Suite 224 Northbrook, IL 60062 Tel: 847-239-7248 Fax: 847-574-8233 E-mail: wfactor@wfactorlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Greg McCallister, chief restructuring officer and chief operating officer. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/ilnb16-15650.pdf HIGH RIDGE MANAGEMENT: Hires Qbix as Accountants ------------------------------------------------ High Ridge Management Corp. and its debtor-affiliates sought and obtained permission from the U.S. Bankruptcy Court for the Southern District of Florida to employ Rocky Davidson, CPA and the firm Qbix Accounting Solutions, LLC as accountants to the Debtors, nunc pro tunc to January 1, 2016. The Debtors seek to employ Qbix to render these professional services: (a) obtain and reconcile bank statements; (b) post entries to Quickbooks; (c) support for monthly reporting requirements; and (d) provide support to KM for the preparation of the Debtors' tax returns. The current hourly rates for the professionals at Qbix range from $75 to $225. Qbix will also be reimbursed for reasonable out-of-pocket expenses incurred. Rocky Davidson, founding partner of Qbix, 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. Qbix can be reached at: Rocky Davidson QBIX ACCOUNTING SOLUTIONS, LLC fka Davidon Collins 500A Northside Crossing Macon, GA 31210 Tel: (478) 787-0532 About Hight Ridge Management Corp. High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills Rehabilitation Center LLC, sought for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 15-16388) on April 8, 2015. High Ridge is the landlord of Pavilion and Hollywood Hills. High Ridge is the 100 percent owner of the membership interests in Hollywood Hills and Pavilion. Prior to Jan. 14, 2014, when a receiver was appointed, High Ridge managed the operations for Pavilion and Hollywood Hills. The Hon. John K. Olson presides over the jointly administered cases. The Debtors tapped Grace E. Robson, Esq., at Markowitz Ringel Trusty & Hartog, P.A., in Fort Lauderdale, Florida, as their counsel, and Bayshore Partners, LLC as their investment banker. Clarence Lamont Davidson, Jr., Davidson Collins and Joyce CPA, LLC serve as the Debtors' accountants. Meanwhile, Nancy M. Ridenour and PDR Certified Public Accountants serve as auditing accountants for the Debtors. The U.S. trustee overseeing the Debtors' cases appointed Keith E. Gibson as patient care ombudsman on May 29, 2015. On Nov. 20, 2015, the Debtors disclosed total assets of $20.12 million and total liabilities of $60.53 million. HUNTS POINT TROPICAL: Bid to Dismiss C and J Suit Dismissed ----------------------------------------------------------- Judge Ruben Franco of the Supreme Court, Bronx County, denied defendant Hunts Point Terminal Produce Cooperative Association, Inc.'s motion to dismiss in its entirety the action styled The case is C AND J BROTHERS, INC., Plaintiff, v. HUNTS POINT TERMINAL PRODUCE COOPERATIVE ASSOCIATION, INC., Defendant, Docket No. 302074/12, 2016 NY Slip Op 30669(U)(N.Y. Sup.). In this action for, inter alia, breach of fiduciary duty, defendant moves for dismissal alleging that an order previously issued by the United States Bankruptcy Court conclusively resolved the issues raised here, thereby barring the action under the doctrines of collateral estoppel and res judicata; (2) claiming that the issues raised fall within the exclusive jurisdiction of the Bankruptcy Court, such that this Court lacks subject matter jurisdiction; and, (3) asserting that the business judgment rule causes the Complaint to fail to state a cause of action. In opposition, plaintiff C and J Brothers, Inc. avers that the Bankruptcy Court expressly declined to address the issues raised here, advising the parties to seek redress in State court, and that this court has the requisite subject matter jurisdiction to hear this action, and neither collateral estoppel nor res judicata serve to bar it. Plaintiff also contends that inasmuch as it pleads bad faith, self-dealing, and collusion by defendant, it raises legally cognizable exceptions to the business judgment rule, thus, the Complaint states a cause of action. A full-text copy of the Decision and Order dated March 23, 2016 is available at http://is.gd/hdzNlPfrom Leagle.com. INNER CITY PROPERTIES: Court Disallows Linda Hines' $1.2MM Claim ---------------------------------------------------------------- Bryan Perkins, Administrator of the Estate of Troy S. Clements, is seeking disallowance of a $1,228,488.62 claim filed by Linda Hines. Linda Hines opposes the Objection. The basis for the Claim is "money loaned for purchase of rental properties & expenses." According to Linda, the checks evidence loans she extended to ICP. To substantiate her claim at the evidentiary hearing, Linda introduced three lending agreements in the aggregate, principal amount of $1,028,488.62. The agreements, however, raise some of the same questions raised by the checks appended to the Claim. Linda is the lender under each agreement. However, the borrower under each agreement is James, not ICP. One of the agreements is dated prior to ICP's formation. None of the agreements reference ICP. Linda also introduced an additional cashier's check that was not appended to her Claim. It is a $40,000.00 cashier's check made payable to ICP. The check identifies Linda as the remitter. Judge Jeffery P. Hopkins of the United States Bankruptcy Court for the Southern District of Ohio, Western Division sustained the Objection in part. Linda possesses a right to payment from ICP in the amount of $240,000.00. This represents the $200,000.00 that Linda transferred from her personal accounts to Spring Valley Bank and the $40,000.00 that Linda transferred from her personal account to ICP. ICP was the first, after Linda, to control these funds. At the very least, Linda established that ICP was unjustly enriched by these transfers. The balance of her proof of claim, in the amount of $1,088,488.62, will be disallowed because Linda did not sustain her elevated burden of proof as an insider of ICP. Her claim for relief to recover these funds, if any, lies against James under state law, not ICP. A full-text copy of the Memorandum of Decision dated March 25, 2016 is available at http://is.gd/3Fgv6Hfrom Leagle.com. The case is In Re INNER CITY PROPERTIES, LLC, Chapter 11, Debtor, Case No. 13-11552 (Bankr. S.D. Ohio). Inner City Properties, LLC, Debtor In Possession, is represented by Michael B Baker, Michael L Baker, Anthony G Covatta, Esq. -- acovatta@fbtlaw.com -- Frost Brown Todd, LLC. Harold Jarnicki, Trustee, is represented by Joseph M Hutson, Esq. -- jhutson@ctks.com -- Cohen Todd Kite & Stanford LLC, Donald W Mallory, Esq. -- dmallory@ctks.com -- Cohen Todd Kite & Stanford, Richard D Nelson, Esq. -- ricknelson@ctks.com -- Cohen Todd Kite & Stanford. Asst US Trustee (Cin), U.S. Trustee, is represented by Monica V Kindt. Inner City Properties, LLC, in Florence, Indiana, filed for Chapter 11 bankruptcy (Bankr. S.D. Ohio Case No. 13-11552) in Cincinnati on April 4, 2013. Judge Jeffery P. Hopkins oversees the case. Michael B. Baker, Esq., at The Baker Firm, PLLC, and Michael L. Baker, Esq., at Ziegler & Schneider, P.S.C., serve as the Debtor's counsel, according to the petition and court docket. Inner City Properties scheduled $8,894,302 in assets and $5,618,076 in liabilities. A list of the company's 17 largest unsecured creditors filed with the petition is available for free at http://bankrupt.com/misc/ohsb13-11552.pdf The petition was signed by Tracy Hines, manager. INSTITUTO MEDICO: Hires FPV as External Auditor ----------------------------------------------- Instituto Medico Del Norte, Inc. d/b/a Centro Medico Wilma N. Vazquez, seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ FPV & Galindez, PSC as external auditor to the Debtor. Instituto Medico requires FPV to: Audit Services - audit the Debtor's financial statements as of and for the year ended December 31, 2015 and issue our report thereon as soon as reasonably possible after completion of work. Tax Service - prepare the Debtor's estate tax returns for the year ended December 31, 2015. Management Consulting Services on Third-Party Reimbursement - assist the Debtor's finance director in the determination of statistical data required for the preparation of the Medicare Reimbursable Cost Report. - ascertain that proper consideration is made of prior year audit adjustments made by the auditors of the fiscal intermediary and will prepare such other cost elimination and/or additions as required. - prepare the cost reports and will ascertain that a proper maximization of costs is made where warranted. - ascertain completeness of the cost reports before filing. FPV will be paid as follows: Audit $33,600 Taxes $6,200 Consulting $11,400 FPV will also be reimbursed for reasonable out-of-pocket expenses incurred. Julio A. Galindez, CPA and principal of FPV & Galidez PSC, 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. FPV can be reached at: Julio A. Galindez, CPA FPV & GALIDEZ PSC Urb. Perez Morris, 19 Ponce St. San Juan, PR 00917 Tel: (787) 725-4545 Fax: (787) 724-5802 About Instituto Medico Instituto Medico del Norte, Inc. -- aka Centro Medico Wilma N. Vazquez, aka Hospital Wilma N. Vazquez Skill Nursing Facility of Centro Medico Wilma N. Vazquez -- sought protection under Chapter 11 of the Bankruptcy Code on Oct. 30, 2013 (Bankr. D.P.R. Case No. 13-08961). The case is assigned to Judge Mildred Caban Flores. The Debtor scheduled $20,843,692 in total assets and $20,107,642 in total liabilities. The Debtor, however, said its real property has a book value of $16,000,000 and personal property is worth $6,105,979. The Debtor is represented by Fausto David Godreau Zayas, Esq., and Rafael A. Gonzalez Valiente, Esq., at Latimer Biaggi Rachid & Godreau, in San Juan, Puerto Rico. Luis B. Gonzalez & Co. CPA's P.S.C. serves as accountant. The U.S. Trustee for the District of Puerto Rico has appointed Dr. Carlos Mellado (b/t Lcda Dinorah Collazo Ortiz) as patient care ombudsman. * * * MCS Advantage, Inc, MCS Life Insurance Company, Medical Card System, Inc., have filed a motion to convert the bankruptcy case to a liquidation under Chapter 7. INTERPARK INVESTORS: Court Approves CBRE as Catalpa Estate Broker ----------------------------------------------------------------- Interpark Investors, LLC sought and obtained permission from the U.S. Bankruptcy Court for the Northern District of Illinois to employ CBRE, Inc. as real estate broker for Catalpa Property. Pursuant to 11 U.S.C. sections 327 and 328 and Fed. R. Bankr. P. 2014, the Debtor requests that this Court approve its retention of CBRE as its real estate broker for the Catalpa Property according to the terms set forth in that certain Exclusive Sales Listing Agreement dated April 8, 2016. As set forth in detail in the Agreement, CBRE will provide the following services: (a) develop a marketing plan for the Catalpa Property and prepare offering materials; (b) advertise the Catalpa Property for sale via direct mail, print advertising and the Internet, as deemed appropriate by CBRE; (c) solicit and identify prospective purchasers of the Catalpa Property and assist the Debtor in evaluating and qualifying such prospective purchasers; (d) inform the Debtor of all inquiries related to the Catalpa Property; (e) assist the Debtor prepare and execute a closing checklist in connection with the Sale of the Catalpa Property; and (f) accept and inform the Debtor of all offers to buy the Catalpa Property and assist the Debtor in communicating counteroffers. CBRE will receive a commission from the closing proceeds generated from the sale of the Catalpa Property as follows: -- 2.25% of the gross sale price up to $8 million, and -- 5% of the amount of the gross sale price that is over $8 million. CBRE will be deemed to have earned the Commission if: -- the Debtor enters into a contract for the sale of the Catalpa Property during the term of the Agreement; and -- the contract for the sale of the Catalpa Property subsequently closes. CBRE will not receive the Commission until after further Court approval. James F. Carris, a Senior Managing Director at CBRE, assured the Court that CBRE is a "disinterested person" within the scope of Section 101(14) of the Bankruptcy Code. About Interpark Investors Interpark Investors, LLC, is an Illinois limited liability company that owns and operates two real estate parcels commonly known as (i) 8601-8623 West Bryn Mawr Avenue, Chicago, IL (the "Bryn Mawr Property") and (ii) 8600-8622 West Catalpa Avenue, Chicago, IL (the "Catalpa Property"). Though the Company acquired the Properties as a single Class B multitenant office development consisting of 12 single-story buildings and known as Interpark Corporate Center, the Company has since divided the two Properties into two separate projects. The Company continues to operate the Catalpa Property, which is the southern parcel, as an office park with several commercial tenants. However, prior to the Petition Date, the Company terminated the office rental operations at the Bryn Mawr Property, which is the northern parcel, and slated it for demolition and redevelopment as a seven-story, 394-unit residential apartment complex with 9,500 square feet of retail space. Shortly before the Petition Date, the Company engaged CBRE, Inc. to sell the Bryn Mawr Property. The Company intends to use the proceeds generated from the sale of the Bryn Mawr Property to pay down secured debt. The Company intends to retain the Catalpa Property. Based on the most recent appraisal conducted on the Properties, plus recent broker opinions of value, the Debtor asserts that the collective value of the Properties exceeds $23 million. CBRE has estimated that the value of the Bryn Mawr Property alone exceeds $17 million. Interpark Investors, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill., Case No. 16-04404) on Feb. 12, 2016. The case is assigned to Judge Carol A. Doyle. The Debtor's counsel is Peter J Roberts, Esq., at Shaw Fishman Glantz & Towbin LLC, in Chicago, Illinois. The petition was signed by John J Fitzmaurice, manager of Interpark Manager, LLC, the Debtor's manager. JUMIO INC: Reaches Asset Purchase Agreement with Centana -------------------------------------------------------- Jumio Inc., the fast growing online and mobile credentials authentication company, on May 6 disclosed that it has reached an agreement on the terms of an asset purchase agreement with an acquisition vehicle of Centana Growth Partners, a growth equity investment firm focused on financial services, financial technology, and related enterprise technology. Under the agreement, Centana would acquire substantially all of Jumio's assets. The agreement was reached following a competitive auction conducted under procedures approved by the United States Bankruptcy Court for the District of Delaware. The sale also received the consent of the debtor-in-possession lender and "stalking horse bidder" Jumio Acquisition, LLC, and the Official Committee of Equity Security Holders. Jumio and Centana received Court approval for the sale at a hearing that took place on May 6, 2016. "The auction process was, as we hoped, competitive and successful," said Stephen Stuut, Jumio's CEO. "We are pleased to have achieved an outcome that we believe is not only a terrific opportunity for Jumio going forward, but supports the interests of all our various stakeholders. Centana is a great home for Jumio. With its outstanding financial services expertise and relationships, and the capital to fuel growth, Centana will provide Jumio with the foundation it needs to achieve scale. The transaction will be completed quickly and will enable Jumio to move past our legacy issues to become a stronger, more competitive company. Importantly, it will be seamless for both our customers and the dedicated team of employees who serve them." Eric Byunn, Partner, Centana Growth Partners, commented, "Authentication is of critical importance to a broad range of online and mobile applications across industries such as financial services, e-commerce, travel, and the entire sharing economy. Jumio provides a market-leading solution, increasing conversion and reducing fraud rates for its customers, as evidenced by Jumio's strong growth rate, proven business model, and impressive customer base." Ben Cukier, Partner, Centana Growth Partners, added, "We look forward to working with Jumio's employees and experienced management team. We believe Centana's experience and network in the financial services ecosystem will help the company accelerate its growth." Under the terms of the agreement, the package of consideration includes funding the forecast capital requirements of the company through to cash break even (forecast to be as much as $15 million), the assumption by the buyer of all going-forward liabilities of the business, the hiring of all of the seller's employees on current terms, the ability of the seller to pay all accrued liabilities of the business during the bankruptcy case, additional cash consideration, and certainty regarding a closing of the sale on Monday, May 9, 2016, while also leaving in the estate potentially valuable claims against third parties. Having already received Court approval, the transaction is not subject to any closing conditions and is expected to be completed on Monday, May 9, 2016. The company's subsidiaries located outside the U.S. were not included in the Court proceedings but are included in the sale. Landis Rath & Cobb LLP is serving as legal advisor, Sagent Advisors LLC is serving as financial advisor and Ernst & Young Capital Advisors LLC is serving as restructuring advisor to Jumio. Winston & Strawn LLP is serving as legal advisor to Centana Growth Partners. About Jumio Headquartered in Palo Alto, California, Jumio is an online and mobile identity management and credentials authentication company. Its customers include, among others, Airbnb, United Airlines, WorldRemit, EasyJet, and Duolingo. Jumio has operations in the United States, Europe and India. Jumio employs 43 individuals. Jumio Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 16-10682) on March 21, 2016. The petition was signed by Stephen Stuut as chief financial officer. The Debtor estimated assets in the range of $1 million to $10 million and debts of up to $50 million. Judge Brendan Linehan Shannon has been assigned the case. The Debtor has engaged Landis Rath & Cobb LLP as bankruptcy counsel, Wilmer Cutler Pickering Hale and Dorr LLP as special corporate counsel, Ernst & Young LLP as financial advisor, Sagent Advisors, LLC as investment banker, Cooley LLP as special SEC counsel and Rust Consulting/Omni Bankruptcy as claims and noticing agent. KEMET CORP: Hikes BofA Credit Facility to $65 Million ----------------------------------------------------- Kemet Electronics Corporation, Kemet Foil Manufacturing, LLC, Kemet Blue Powder Corporation, The Forest Electric Company and Kemet Electronics Marketing (S) Pte Ltd. (collectively, "Borrowers"), the financial institutions party thereto as lenders and Bank of America, N.A., a national banking association, as agent for the Lenders, entered into Amendment No. 8 to the Loan and Security Agreement dated Sept. 30, 2010, as amended which provided a $50.0 million revolving credit facility to the Borrowers. Under the terms of the Amendment the Facility is increased to $65 million, as disclosed in a regulatory filing with the Securities and Exchange Commission. A copy of the Amendment Number Eight to Loan and Security Agreement is available for free at http://goo.gl/vvaAeb About KEMET KEMET, based in Greenville, South Carolina, is a manufacturer and supplier of passive electronic components, specializing in tantalum, multilayer ceramic, film, solid aluminum, electrolytic, and paper capacitors. KEMET's common stock is listed on the NYSE under the symbol "KEM." As of Dec. 31, 2015, the Company had $707 million in total assets, $583 million in total liabilities and $124.41 million in total stockholders' equity. * * * As reported by the TCR on March 26, 2013, Moody's Investors Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1' from 'B2' and the Probability of Default Rating to 'Caa1-PD' from 'B2- PD' based on Moody's expectation that KEMET's liquidity will be pressured by maturing liabilities and negative free cash flow due to the interest burden and continued operating losses at the Film and Electrolytic segment. As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings Services lowered its corporate credit rating on KEMET to 'B-' from 'B+'. "The downgrade is based on continued top-line and margin pressures and lagging results from the restructuring of the Film & Electrolytic [F&E] business, which combined with cyclical weak end-market demand, has resulted in sustained, elevated leverage well in excess of 5x, persistent negative FOCF, and diminishing liquidity," said Standard & Poor's credit analyst Alfred Bonfantini. The TCR reported in August 2014 that S&P revised its outlook on KEMET to 'stable' from 'negative'. S&P affirmed the ratings, including the 'B-' corporate credit rating. KENTUCKIANA HEALTHCARE: PRN Suit Remanded to State Court -------------------------------------------------------- Judge Jane Magnus-Stinson of the United States District Court for the Southern District of Indiana, Indianapolis Division granted the Motion to Remand or, Alternatively, for Abstention filed by PRN Pharmaceutical Services, LP ("PRN") and Omnicare, Inc. ("Omnicare")(collectively, the "PRN Parties"), denied the PRN Parties' Motion to Strike Certain Exhibits and Incorporation of Other Briefs into Kentuckiana Healthcare, LLC's ("Kentuckiana") opposition brief, denied Kentuckiana's Motion to Strike and to File a Motion for Leave to File a Sur-reply Brief, and denied all other pending motions as moot. Judge Magnus-Stinson concluded that Kentuckiana has not met its burden as the removing party to establish federal jurisdiction, and remanded the case to Marion Superior Court. The case is PRN PHARMACEUTICAL SERVICES, LP, Plaintiff, v. KENTUCKIANA HEALTHCARE, LLC, et al., Defendants. KENTUCKIANA HEALTHCARE, LLC, et al., Counter-Plaintiffs, v. PRN PHARMACEUTICAL SERVICES, LP, Counter-Defendant. KENTUCKIANA HEALTHCARE, LLC, Third-Party Plaintiff, v. OMNICARE, INC., Third-Party Defendant, No. 1:15-cv-2030-JMS-DKL (S.D. Ind.). A full-text copy of the April 15, 2016 order is available at http://is.gd/9aHijEfrom Leagle.com. PRN PHARMACEUTICAL SERVICES, LP is represented by: Aaron D. Grant, Esq. Adam Arceneaux, Esq. Kaitlyn Jordan Marschke, Esq. ICE MILLER LLP One American Square, Suite 2900 Indianapolis, IN 46282-0200 Tel: (317)236-2100 Fax: (317)236-2219 Email: aaron.grant@icemiller.com adam.arceneaux@icemiller.com katie.marschke@icemiller.com -- and -- Tyson Crist, Esq. ICE MILLER LLP Arena District 250 West Street, Suite 700 Columbus, OH 43215 Tel: (614)462-2700 Fax: (614)462-5135 Email: tyson.crist@icemiller.com BROWNSBURG HEALTH CARE CENTER, LLC is represented by: Bradley Scott Salyer, Esq. MORGAN & POTTINGER, P.S.C. 2501 Crossings Boulevard, Suite 209 Bowling Green, KY 42104 Tel: (270)842-9005 Email: bss@morganandpottinger.com -- and -- Norris Cunningham, Esq. HUDDLESTON BOLEN LLP 707 Virginia St. E., Suite 1300 Charleston, WV 25337 Tel: (304)344-9869 PARAMOUNT HEALTHCARE MANAGEMENT, LLC and PARAMOUNT OF INDIANAPOLIS, LLC are represented by: Michael Wayne McClain, II, Esq. BALLINGER MCCLAIN, PLLC 9720 Park Plaza Avenue, Suite 102 Louisville, KY 40241 Tel: (888)719-0033 Fax: (502)426-3216 OMNICARE, INC. is represented by: Aaron D. Grant, Esq. Adam Arceneaux, Esq. George A. Gasper, Esq. ICE MILLER LLP One American Square, Suite 2900 Indianapolis, IN 46282-0200 Tel: (317)236-2100 Fax: (317)236-2219 Email: aaron.grant@icemiller.com adam.arceneaux@icemiller.com george.gasper@icemiller.com -- and -- Tyson Crist, Esq. ICE MILLER LLP Arena District 250 West Street, Suite 700 Columbus, OH 43215 Tel: (614)462-2700 Fax: (614)462-5135 Email: tyson.crist@icemiller.com KENTUCKIANA HEALTHCARE, LLC is represented by: Peter M. Gannott, Esq. GANNOTT LAW GROUP 12910 Shelbyville Road, Suite 115 Louisville, KY 40243 Tel: (502)749-8800 KNH AVIATION: Bid to Dismiss Suit vs. Michael Hill, et al., Denied ------------------------------------------------------------------ Judge David R. Duncan of the United States Bankruptcy Court for the District of South Carolina denied the defendants' motion to dismiss the case captioned Michelle Vieira, chapter 7 trustee for KNH Aviation Services, Inc. d/b/a AvCraft Technical Services, Plaintiff, v. Michael Hill, Donald Kamenz, Derek Nice, Carol Drew, and Jesper Lundberg, Defendants, Adv. Pro. No. 15-80170-DD (Bankr. D.S.C.). The defendants Michael Hill, Donald Kamenz, Derek Nice, Carol Drew, and Jesper Lundberg filed on February 1, 2016 a Partial Motion to Dismiss Plaintiff's Amended Complaint. The plaintiff Michelle Vieira filed an objection to the Motion to Dismiss on March 11, 2016. A hearing was held on March 22, 2016. At the hearing, Judge Duncan gave the parties ten (10) additional days to prepare and file supplemental memoranda. Both parties filed a supplemental memorandum on April 1, 2016. A full-text copy of Judge Duncan's April 12, 2016 order is available at http://is.gd/c68sM8from Leagle.com. The bankruptcy case is In re, KNH Aviation Services, Inc. d/b/a AvCraft Technical Services, Chapter 7 Debtor, CA No. 15-01641-DD (Bankr. D.S.C.). LEGAL CREDIT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Legal Credit Solutions, Inc. 2000 Carr 8177 Suite 26, PBB 106 Guaynabo, PR 00966 Case No.: 16-03685 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Brian K. Tester Debtor's Counsel: Paul James Hammer, Esq. ESTRELLA, LLC PO BOX 9023596 San Juan, PR 00902 Tel: 787-977-5050 Fax: 787-977-5090 E-mail: phammer@estrellallc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mrs. Yahairie Tapia, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-03685.pdf LEGEND INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Legend International Holdings Inc. PO Box 6315 St Kilda Road Central Melbourne, VIC 3004 Case No.: 16-11131 Nature of Business: Phosphate company Chapter 11 Petition Date: May 8, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtor's Counsel: Steven K. Kortanek, Esq. DRINKER BIDDLE & REATH LLP 222 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Tel: 302-467-4238 Fax: 302-467-4201 E-mail: Steven.Kortanek@dbr.com Total Assets: $7.24 million as of April 30, 2016 Total Debts: $13.2 million as of April 30, 2016 The petition was signed by Joseph Gutnick, chairman of the Board/President & CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/deb16-11131.pdf MAGNUM HUNTER: Reorganization Plan Takes Effect, Exits Chapter 11 ----------------------------------------------------------------- Magnum Hunter Resources Corporation and certain of its wholly-owned subsidiaries on May 9 disclosed that its chapter 11 plan of reorganization, which was confirmed by the United States Bankruptcy Court for the District of Delaware on April 18, 2016, has gone effective. As planned, Magnum Hunter successfully emerged from chapter 11 less than five months after voluntarily filing for bankruptcy protection to consummate its pre-negotiated plan of reorganization. The Company completed a very effective balance-sheet restructuring that de-leveraged substantially all of Magnum Hunter's $1 billion of pre-bankruptcy funded indebtedness and converted 100% of its post-filing debtor-in-possession ("DIP") financing into equity pursuant to a consensual debt-to-equity exchange. Previously burdened by cumbersome long-term obligations and declining commodity prices, today Magnum Hunter emerges from bankruptcy with a significantly stronger balance sheet and the ability to focus on creating value and achieving its long-term growth objectives. Most importantly, the Company achieved a successful and expeditious restructuring with minimal disruption to its employees, vendors, and operations. Additionally, after successfully reaching a resolution of all claims and controversies with Eureka Midstream Holdings, LLC and certain of its affiliates, the Company and Eureka will move forward with a stronger relationship post-emergence. Currently the new Board of Directors is actively engaged in a search for a permanent Chief Executive Officer. In the interim, Joseph C. Daches, current Chief Financial Officer, and Rick S. Farrell, current SVP Business Development/Land, will serve as co-Chief Executive Officers. "Magnum Hunter has worked successfully to fulfill the pre-negotiated restructuring support agreement milestones with the objective of achieving the best possible solution for all of our stakeholders. Without the cooperation of our dedicated employees and the strength of our relationships with royalty owners, vendors, suppliers and capital providers, this would not have been possible. Under the direction of our new Board of Directors, we look forward to growing our Company strategically and profitably," said Daches and Farrell. Magnum Hunter was represented by Kirkland & Ellis as restructuring counsel, PJT Partners as Investment Banker and Alvarez & Marsal North America as financial advisors. About Magnum Hunter Magnum Hunter Resources Corporation is an oil and gas company headquartered in Irving, Texas that primarily is engaged in the acquisition, development, and production of oil and natural gas reserves in the United States. MHRC and its affiliates own interests in approximately 431,643 net acres in total and have proved reserves with an industry value of approximately $234.5 million as of December 31, 2015. In the aggregate, MHRC generated approximately $391.5 million in revenue from their operations in 2014 and generated approximately $169.3 million in revenues from their operations for the ten months ended October 31, 2015. Magnum Hunter Resources Corporation and 19 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case No. 15-12533) on Dec. 15, 2015. The petitions were signed by Gary C. Evans as chairman and chief executive officer. Judge Kevin Gross oversees the cases. The Debtors have engaged Kirkland & Ellis, LLP as their general counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, PJT Partners, LP as investment banker, Alvarez & Marsal North America, LLC, as restructuring advisor, and Prime Clerk, LLC as notice, claims and balloting agent. The U.S. Trustee has named three members to the Official Committee of Unsecured Creditors. The Committee retains Ropes & Gray LLP as counsel, Cole Schotz P.C. as Delaware co-counsel, and Berkeley Research Group, LLC as its financial advisor. * * * Bankruptcy Judge Gross on April 18, 2016, issued findings of fact, conclusions of law, and order confirming Magnum Hunter Resources Corporation, et al.'s Third Amended Joint Chapter 11 Plan of Reorganization. The key element of the Plan is the agreement of creditors to convert their pre- and postpetition funded debt claims, including the DIP facility claims of up to $200 million, second lien claims of $336.6 million, and note claims of $600 million, into new common equity. Specifically, the DIP Facility Lenders shall receive their pro rata share of 28.8 percent of the new common equity, the second lien lenders will receive their Pro Rata share of 36.87 percent of the New Common Equity, and the Noteholders shall receive their Pro Rata share of 31.33 percent of the New Common Equity (all of which is subject to dilution by the Management Incentive Plan). Moreover, the holders of the equipment and real estate notes with principal totaling $13.2 million will have their claims reinstated. The holders of general unsecured claims will receive their pro rata share of the unsecured creditor cash pool. It is currently intended that the unsecured creditor cash pool will be $20,000,000, which amount may be subject to the costs of any professional fees or other expenses incurred as part of the claims reconciliation process. MARINA BIOTECH: Cancels Talks on Sale of Therapeutic Assets ----------------------------------------------------------- Marina Biotech, Inc., announced that it has terminated negotiations with Microlin Bio, Inc. for the sale of the Company's nucleic acid therapeutic assets as previously reported on March 15, 2016. "After waiting six weeks for either a draft asset purchase agreement or a financing term sheet, we were finally presented a financing document yesterday to purchase our 'aged-debt'," stated J. Michael French, president and chief executive officer at Marina Biotech. "The Marina Board of Directors and I found the lack of progress totally unacceptable and terminated any further discussions with Microlin. We believe we can better serve our shareholders by pursuing other alternatives at this time." About Marina Biotech Marina Biotech, Inc., headquartered in Bothell, Washington, is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies utilizing gene silencing approaches such as RNA interference ("RNAi") and blocking messenger RNA ("mRNA") translation. The Company's goal is to improve human health through the development, either through its own efforts or those of its collaboration partners and licensees, of these nucleic acid-based therapeutics as well as the delivery technologies that together provide superior treatment options for patients. The Company has multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver novel nucleic acid-based therapeutics via systemic, local and oral administration to target a wide range of human diseases, based on the unique characteristics of the cells and organs involved in each disease. On June 1, 2012, the Company announced that, due to its financial condition, it had implemented a furlough of approximately 90% of its employees and ceased substantially all day-to-day operations. Since that time substantially all of the furloughed employees have been terminated. As of Sept. 30, 2012, the Company had approximately 11 remaining employees, including all of its executive officers, all of whom are either furloughed or working on reduced salary. As a result, since June 1, 2012, its internal research and development efforts have been minimal, pending receipt of adequate funding. Marina Biotech reported a net loss of $6.47 million on $500,000 of license and other revenue for the year ended Dec. 31, 2014, compared to a net loss of $1.57 million on $2.11 million of license and other revenue in 2013. As of Sept. 30, 2015, the Company had $8.12 million in total assets, $8.52 million in total liabilities and a $400,000 total stockholders' deficit. Wolf & Company, P.C., in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing the Company has suffered recurring losses from operations, has a significant accumulated deficit and has been unable to raise sufficient capital to fund its operations through the end of 2015. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors noted. MARINA BIOTECH: To Acquire Late-Stage Program from Turing --------------------------------------------------------- Marina Biotech, Inc., and Turing Pharmaceuticals AG announced that they have executed a term sheet under which Marina intends to acquire Turing's intranasal ketamine program. Pending the negotiation of the definitive agreement, Marina is expected to acquire Turing's intranasal ketamine program for approximately 53 million Marina common shares. The assets to be acquired will include all patents and intellectual property rights, clinical development plans, regulatory documents and existing product inventories. As per the term sheet, Marina will pay to Turing up to $95 million in success- and sales-based milestones plus a mid-single digit royalty on net sales. Further terms of the proposed transaction were not disclosed. "We are extremely pleased to have this opportunity to bring in a late-stage clinical program with the potential for approval in multiple indications including certain rare disorders," stated J. Michael French, president and CEO at Marina Biotech. "The program has been advanced worldwide with plans for U.S. and international clinical trial sites. The work thus far has predominately been directed at suicidality in post-traumatic stress disorder; a patient population with few, if any, therapeutic options. We believe the early clinical successes of this program combined with broadening acceptance of ketamine as a treatment for neurological and psychiatric diseases, presents a unique opportunity to rapidly move this compound into the U.S. market as early as 2019. In addition, there is some earlier work by academic centers suggesting that intranasal ketamine might be efficacious in patients suffering from certain rare diseases. We look forward to working with the Turing team to conclude this transaction and transfer the assets as quickly as possible in order to maintain the momentum of this program." "We too are pleased to enter into this relationship with Marina and to have found a company capable of giving this program the priority it deserves," stated Eliseo Salinas, M.D., president of Research and Development at Turing Pharmaceuticals, "I have been impressed with the progress our research and development team has made over the past six months in advancing intranasal ketamine for the treatment of suicidality. I look forward to working with the Marina team to rapidly transition this program so that we can maintain our momentum and bring this compound to market as quickly as possible." Marina's purchase of Turing's Phase 3 intranasal ketamine program is expected to close by July 1, 2016, pending the completion of customary due diligence considerations, the negotiation, execution and delivery of a definitive asset purchase agreement, and the satisfaction or waiver of the closing conditions set forth in the asset purchase agreement, including the completion by Marina of a financing transaction yielding proceeds sufficient to initiate and support the Phase 3 efforts. Mr. French added, "Regarding the sale of our nucleic acid therapeutics assets, which we previously announced in our press release dated March 15, 2016, we have terminated the on-going efforts to sell these assets to Microlin Bio, Inc. However, we continue to explore opportunities to advance our existing clinical and preclinical programs through either our own efforts or those of a collaboration partner and leverage our nucleic acid drug discovery engine through collaborative partnerships or sale. The Marina Board of Directors and I believe that the opportunity to bring the ketamine compound to market within the next four years combined with the ability to leverage our nucleic acid assets, creates the best opportunity to build value for our shareholders." Objective Capital Partners, LLC served as an advisor to Marina Biotech in the transaction. About Marina Biotech Marina Biotech, Inc., headquartered in Bothell, Washington, is a biotechnology company focused on the discovery, development and commercialization of nucleic acid-based therapies utilizing gene silencing approaches such as RNA interference ("RNAi") and blocking messenger RNA ("mRNA") translation. The Company's goal is to improve human health through the development, either through its own efforts or those of its collaboration partners and licensees, of these nucleic acid-based therapeutics as well as the delivery technologies that together provide superior treatment options for patients. The Company has multiple proprietary technologies integrated into a broad nucleic acid-based drug discovery platform, with the capability to deliver novel nucleic acid-based therapeutics via systemic, local and oral administration to target a wide range of human diseases, based on the unique characteristics of the cells and organs involved in each disease. On June 1, 2012, the Company announced that, due to its financial condition, it had implemented a furlough of approximately 90% of its employees and ceased substantially all day-to-day operations. Since that time substantially all of the furloughed employees have been terminated. As of Sept. 30, 2012, the Company had approximately 11 remaining employees, including all of its executive officers, all of whom are either furloughed or working on reduced salary. As a result, since June 1, 2012, its internal research and development efforts have been minimal, pending receipt of adequate funding. Marina Biotech reported a net loss of $6.47 million on $500,000 of license and other revenue for the year ended Dec. 31, 2014, compared to a net loss of $1.57 million on $2.11 million of license and other revenue in 2013. As of Sept. 30, 2015, the Company had $8.12 million in total assets, $8.52 million in total liabilities and a $400,000 total stockholders' deficit. Wolf & Company, P.C., in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, citing the Company has suffered recurring losses from operations, has a significant accumulated deficit and has been unable to raise sufficient capital to fund its operations through the end of 2015. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors noted. MCCLATCHY CO: Incurs $12.7 Million Net Loss in First Quarter ------------------------------------------------------------ The McClatchy Company filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $12.7 million on $238 million of revenues for the three months ended March 27, 2016, compared to a net loss of $11.3 million on $257 million of revenues for the three months ended March 29, 2015. As of March 27, 2016, the Company had $1.88 billion in total assets, $1.70 billion in total liabilities and $179 million in total stockholders' equity. The Company's cash and cash equivalents were $17.6 million as of March 27, 2016, compared to $73.5 million as of March 29, 2015, and $9.3 million as of Dec. 27, 2015. "We expect that most of our cash and cash equivalents, and our cash generated from operations, for the foreseeable future will be used to repay debt, pay income taxes, fund our capital expenditures, invest in new revenue initiatives, digital investments and enterprise-wide operating systems, make required contributions to the Pension Plan, repurchase stock, and other corporate uses as determined by management and our Board of Directors. As of March 27, 2016, we had approximately $906.5 million in total aggregate principal amounts of debt outstanding, consisting of $34.7 million of our 5.750% notes due in 2017, $506.4 million of our 9.00% Notes due 2022 and $365.4 million of our notes maturing in 2027 and 2029. We expect that we will refinance a significant portion of this debt prior to the scheduled maturity of such debt. However, we may not be able to do so on terms favorable to us or at all. We may also be required to use cash on hand or cash from operations to meet these obligations. We believe that our cash from operations is sufficient to satisfy our liquidity needs over the next 12 months, while maintaining adequate cash and cash equivalents." A full-text copy of the Form 10-Q is available for free at: http://goo.gl/a0VwHw About The McClatchy Company Sacramento, Cal.-based The McClatchy Company (NYSE: MNI) -- http://www.mcclatchy.com/-- is a media company that provides both print and digital news and advertising services. Its operations include 30 daily newspapers, community newspapers, websites, mobile news and advertising, niche publications, direct marketing and direct mail services. Its owned newspapers include, among others, the (Fort Worth) Star-Telegram, The Sacramento Bee, The Kansas City Star, the Miami Herald, The Charlotte Observer, and The (Raleigh) News & Observer. The Company holds interest in digital assets which include CareerBuilder, LLC, Classified Ventures, LLC, HomeFinder, LLC, and Wanderful Media. McClatchy reported a net loss of $300 million on $1.05 billion of net revenues for the year ended Dec. 27, 2015, compared to net income of $374 million on $1.14 billion of net revenues for the year ended Dec. 28, 2014. * * * McClatchy carries a 'Caa1' corporate family rating from Moody's Investors Service. In May 2011, Moody's changed the rating outlook from stable to positive following the company's announcement that it closed on the sale of land in Miami for $236 million. The outlook change reflects Moody's expectation that McClatchy will utilize the net proceeds to reduce debt, including its underfunded pension position, which will reduce leverage by approximately half a turn and lower required contributions to the pension plan over the next few years. As reported by the TCR on April 2, 2014, Standard & Poor's Ratings Services affirmed all ratings on U.S. newspaper company The McClatchy Co., including the 'B-' corporate credit rating, and revised the rating outlook to stable from positive. The outlook revision to stable reflects S&P's expectation that the timeframe for a potential upgrade lies beyond the next 12 months, and could also depend on the company realizing value from its digital minority interests. MCK MILLENNIUM: Golding & Kraft Don't Need Retainers, Lender Says ----------------------------------------------------------------- Lender, MLMT 2005-MKB2 Millennium Centre Retail LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois its objection to Debtor, MCK Millennium Centre Retail LLC's application to employ The Golding Law Offices, P.C. as counsel, and Michael A. Kraft of the Kraft Law Office as real estate counsel, to the Debtor. The Lender does not object to the motions to the extent that they seek the retention of general counsel and special real estate counsel for the Debtor. The Lender does, however, object to the motions to the extent that they seek authorization to pay retainers to such counsel. The Lender alleged that any proposed use of cash collateral, including but not limited to the funding of such proposed retainers, is not permitted because Lender has not consented to such use and is not adequately protected. There is no need to fund the retainers, the Lender contends. It reminds the Court that on April 5, 2016, the Debtor filed its Motion for an Order Authorizing Use of Cash Collateral and Granting of Adequate Protection. The Debtor asserts in the Cash Collateral Motion that there is substantial equity in the Debtor's property. While the Lender reserves all of its rights with respect to that factual assertion, the Debtor is estopped from taking a contrary position for purposes of the motions. Clearly there is no legitimate need for retainers if there is substantial equity. The Lender is represented by: Donald A. Cole, Esq. Leslie A. Bayles, Esq. BRYAN CAVE LLP 161 North Clark Street, Suite 4300 Chicago, IL 60601 Tel: (312) 602-5000 Fax: (312) 602-5050 E-mail: donald.cole@bryancave.com leslie.bayles@bryancave.com - and - Lawrence P. Gottesman, Esq. ALLEGAERT BERGER & VOGEL LLP 111 Broadway, 20th Floor New York, NY 10006 Tel: (212) 571-0550 Fax: (212) 571-0555 E-mail: lgottesman@abv.com About MCK Millennium MCK Millennium Centre Realty, LLC filed for Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-06369) on February 25, 2016. The petition was signed by by William A Marovitz, member. Hon. Jack B. Schmetterer presides over the case. The Debtor estimated assets of $10 million to $50 million and estimated debts of $0 to $50,000. MCK MILLENNIUM: Hires Golding Law Offices as Counsel ---------------------------------------------------- MCK Millennium Centre Retail LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Illinois to employ The Golding Law Offices, P.C. as counsel to the Debtor. MCK Millennium requires Golding to: (a) give the Debtor legal advice with respect to its rights, powers and duties as Debtor-in Possession; (b) assist the Debtor in the negotiation and formulation, and ultimate confirmation of a plan of reorganization that deals with all creditors, including the preparation and dissemination of the disclosure statement; (c) examine and investigate claims asserted against the Debtor; (d) take such actions as may be necessary with reference to the claims asserted against the Debtor; (e) investigate, advise and inform Debtor about and take action as may be necessary to collect and, in accordance with applicable law, recover or sell for the benefit of the estate, the property of the Debtor; (f) prepare, on behalf of the Debtor, all necessary and appropriate applications, motions, pleadings, orders, reports and other legal papers as may be necessary or required in connection with this case; (g) assist the Debtor in obtaining refinancing of its secured debt or selling its primary asset; and (h) perform all other legal services for the Debtor that may be necessary or appropriate in this case. Golding will be paid at these hourly rates: Richard N. Golding $400 Jonathan D. Golding $300 Paralegals $175 Prior to filing the Chapter 11 case, the Debtor agreed to pay to Golding a retainer of $20,000.00, payable $10,000 at the time of the emergency filing and the sum of $10,000 in 30 days, subject to approval by the Bankruptcy Court and any cash collateral orders to be entered hereafter. The Debtor has reimbursed Golding for the filing fee in the sum of $1717. Golding will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Golding can be reached at: Richard N. Golding, Esq. Jonathan D. Golding, Esq. THE GOLDING LAW OFFICES, PC 500 N. Dearborn Street, 2nd Floor Chicago, IL 60654 Tel: (312) 832-7892 Fax: (312) 755-5720 Email: rgolding@goldinglaw.net jgolding@goldinglaw.net About MCK Millennium MCK Millennium Centre Realty, LLC filed for Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-06369) on February 25, 2016. The petition was signed by by William A Marovitz, member. Hon. Jack B. Schmetterer presides over the case. The Debtor estimated assets of $10 million to $50 million and estimated debts of $0 to $50,000. MCK MILLENNIUM: Hires Kraft as Real Estate Counsel -------------------------------------------------- MCK Millennium Centre Retail LLC seeks authority from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Michael A. Kraft of the Kraft Law Office as real estate counsel to the Debtor. MCK Millennium requires Kraft to: (a) give the Debtor legal advice with respect to its rights, powers and duties as landlord of its property and in relationship to its tenants; (b) assist the Debtor in negotiation and formulation and ultimate sales or refinance transaction; (c) investigate, advise and inform the Debtor about and take action as may be necessary to transfer by sale or refinance the Debtor's real estate; and, in accordance with applicable law, recover or sell for the benefit of the estate, the property of the Debtor; (d) assist the Debtor in obtaining refinancing of its secured debt or selling its primary asset; and (e) perform all other legal services for the Debtor that may be necessary or appropriate in this case with regard to such contemplated activities and such other related business activities. Kraft will be paid at these hourly rates: Michael A, Kraft $300 Paralegals $175 Prior to filing the Chapter 11 case, the Debtor agreed to pay to Kraft a retainer of $20,000, payable $10,000 at the time of the approval of the motion and the sum of $10,000 in 30 days, subject to approval by the Bankruptcy Court and any cash collateral orders to be entered hereafter. Kraft will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge 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. Kraft can be reached at: Michael A. Kraft, Esq. KRAFT LAW OFFICE Westwood, MA Tel: (781) 990-0996 About MCK Millennium MCK Millennium Centre Realty, LLC filed for Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-06369) on February 25, 2016. The petition was signed by William A Marovitz, member. Hon. Jack B. Schmetterer presides over the case. The Debtor estimated assets of $10 million to $50 million and estimated debts of $0 to $50,000. MICHAEL AZIZ: Abbas Corp. Wins Bid for Summary Judgment ------------------------------------------------------- In the case captioned ABBAS CORPORATION (PVT) Limited, Plaintiff, and HOME INTERIORS CORP., Intervenor/Plaintiff, v. MICHAEL AZIZ ORIENTAL RUGS, INC., Defendant, Civil Action No. 14-mc-91053-TSH (D. Mass.), Judge Timothy S. Hillman of the United States District Court for the District of Massachusetts issued an order allowing the motion for summary judgment filed by Abbas Corporation (PVT) Limited and denying Home Interiors Corp.'s cross-motion for summary judgment. The action involves a dispute between Home Interiors and Abbas regarding who should have priority to the assets of the defendant, Michael Aziz Oriental Rugs, Inc. ("Aziz, Inc."). Abbas originally filed suit in the district court for the District of Massachusetts seeking to register a judgment in the amount of $438,517.92 that it had obtained against Aziz, Inc. in the United States District Court for the Southern District of New York. Home Interiors, which the court permitted to intervene, claimed priority over Abbas as a result of a security interest in Aziz Inc.'s assets which it purchased from Valley National Bank in June of 2012. Among the assets against which Abbas and Home Interiors sought to execute is a debt owed to Aziz, Inc. by Arthur T. Gregorian, Inc. ("Gregorian") a rug retailer located in Newtown Lower Falls, Massachusetts. Judge Hillman's order addressed Abbas Corporation (PVT) Limited's Motion for Summary Judgment and Intervenor-Defendant Home Interior's Memorandum of Law In Opposition To Plaintiff's Motion For Summary Judgment. A full-text copy of Judge Hillman's April 19, 2016 memorandum decision and order is available at http://is.gd/i8hMKafrom Leagle.com. Home Interiors Corp. is represented by: Craig Bonnist, Esq. MCCARTER & ENGLISH, LLP One Canterbury Green 201 Broad St. Stamford, CT 06901 Tel: (203)399-5900 Fax: (203)399-5800 Email: cbonnist@mccarter.com -- and -- John M. Allen, Esq. Kristy L. Avino, Esq. MCCARTER & ENGLISH, LLP 265 Franklin St. Boston, MA 02110 Tel: (617)449-6500 Fax: (617)607-9200 Email: jallen@mccarter.com kavino@mccarter.com Abbas Corporation (PVT) Limited is represented by: Glenn P. Berger, Esq. JAFFE & ASHER LLP 600 Third Avenue New York, NY 10016 Tel: (212)687-3000 Fax: (212)687-9639 Email: gberger@jaffeandasher.com -- and -- Noemi A. Kawamoto, Esq. YURKO SALVESEN & REMZ, P.C. One Washington Mall, 11th Floor Boston, MA 02108-2603 Tel: (617)723-6900 Fax: (617)723-6905 Email: nkawamoto@bizlit.com MIDWAY GOLD: GRP Minerals Designated as Stalking Horse Bidder ------------------------------------------------------------- Midway Gold US Inc. announced that it has designated GRP Minerals, LLC, as stalking horse purchaser of its remaining assets. GRP Minerals made a $5.25 million cash offer for Midway Gold's gold mining and exploration projects, including two gold-producing properties: the Pan and the Gold Rock projects. The company also offered to assume reclamation liability estimated to be approximately $16.1 million, according to court filings. GRP Minerals will receive 3% of $5.25 million in case Midway Gold selects a rival offer for the assets. It will also receive expense reimbursement of up to $150,000. About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. NATIONAL CINEMEDIA: Incurs $4.3 Million Net Loss in First Quarter ----------------------------------------------------------------- National Cinemedia, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $4.3 million on $76.2 million of revenue for the three months ended March 31, 2016, compared to a net loss attributable to the Company of $9 million on $76.9 million of revenue for the three months ended April 2, 2015. As of March 31, 2016, National Cinemedia had $1.03 billion in total assets, $1.21 billion in total liabilities and a total deficit of $173.3 million. A full-text copy of the Form 10-Q is available for free at: http://is.gd/mmU6dC About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. For the year ended Dec. 31, 2015, the Company reported net income attributable to the Company of $15.4 million on $447 million of revenue compared to net income of $13.4 million on $394 million of revenue for the year ended Jan. 1, 2015. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATIONAL CINEMEDIA: Reports Results for Fiscal First Quarter 2016 ----------------------------------------------------------------- National CineMedia, Inc. reported a net loss attributable to the Company of $4.3 million on $76.2 million of revenue for the quarter ended March 31, 2016, compared to a net loss attributable to the Company of $9 million on $76.9 million of revenue for the quarter ended April 2, 2015. The Company announced that its Board of Directors has authorized the Company's regular quarterly cash dividend of $0.22 per share of common stock. The dividend will be paid on June 2, 2016, to stockholders of record on May 19, 2016. The Company intends to pay a regular quarterly dividend for the foreseeable future at the discretion of the Board of Directors consistent with the Company's intention to distribute over time a substantial portion of its free cash flow in the form of dividends to its stockholders. The declaration, payment, timing and amount of any future dividends payable will be at the sole discretion of the Board of Directors who will take into account general economic and advertising market business conditions, the Company's financial condition, available cash, current and anticipated cash needs, and any other factors that the Board of Directors considers relevant. Commenting on the Company's first quarter of 2016 operating results, Andy England, NCM's CEO said, "I am pleased that we were able to deliver a solid first quarter performance, exceeding the top end of our revenue guidance and achieving the top end of Adjusted OIBDA guidance versus a record first quarter in 2015." Mr. England concluded, "While shifts in upfront commitments to the second half of the year have subdued performance versus the first half of 2015, we remain confident in our business for the full year." For the second quarter of 2016, the Company expects total revenue to be down 3% to 9% and Adjusted OIBDA is expected to be down 7% to 17% from a record second quarter in 2015 that grew revenue and Adjusted OIBDA 22% and 30%, respectively versus the second quarter of 2014. The Company expects total revenue in the range of $111.0 million to $118.0 million during the second quarter of 2016, compared to total revenue for the second quarter of 2015 of $121.5 million and Adjusted OIBDA in the range of $56.0 million to $63.0 million during the second quarter of 2016 compared to Adjusted OIBDA for the second quarter of 2015 of $67.4 million. For the full year 2016, the Company reaffirms its outlook of total revenue to be up 4% to 6% and Adjusted OIBDA to be up 4% to 8% from the full year 2015. The Company expects total revenue in the range of $463.0 million to $473.0 million for the full year 2016, compared to total revenue for the full year 2015 of $446.5 million and Adjusted OIBDA in the range of $238.0 million to $248.0 million for the full year 2016 compared to Adjusted OIBDA for the full year 2015 of $229.9 million. A full-text copy of the press release is available for free at: http://is.gd/TH7887 About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. For the year ended Dec. 31, 2015, the Company reported net income attributable to the Company of $15.4 million on $447 million of revenue compared to net income of $13.4 million on $394 million of revenue for the year ended Jan. 1, 2015. As of Dec. 31, 2015, National Cinemedia had $1.08 billion in total assets, $1.25 billion in total liabilities and a $171.7 million total deficit. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NATIONAL CINEMEDIA: Stockholders Elect 3 Directors -------------------------------------------------- At the annual meeting of stockholders of National CineMedia, Inc. held on April 29, 2016, the stockholders: (a) elected Peter B. Brandow, Lee Roy Mitchell and Craig R. Ramsey as class III directors; (b) approved, on an advisory basis, the compensation of the Company's executive officers; (c) approved the Company's 2016 Equity Incentive Plan; and (d) ratified the appointment of Deloitte & Touche LLP as the Company's independent auditors for the 2016 fiscal year ending Dec. 29, 2016. The following directors' terms continued after the Annual Meeting of Stockholders: Class I - Andrew J. England, Lawrence A. Goodman and Scott N. Schneider Class II - David R. Haas, Stephen L. Lanning, Thomas F. Lesinski and Paula Williams Madison The maximum number of shares of the Company's common stock available for issuance under the Equity Incentive Plan is 4,400,000 shares and shares under the Company's prior 2007 Equity Incentive Plan are no longer available for issuance. About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. For the year ended Dec. 31, 2015, the Company reported net income attributable to the Company of $15.4 million on $447 million of revenue compared to net income of $13.4 million on $394 million of revenue for the year ended Jan. 1, 2015. As of Dec. 31, 2015, National Cinemedia had $1.08 billion in total assets, $1.25 billion in total liabilities and a $171.7 million total deficit. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NET ELEMENT: Amends Loan Agreement with RBL Capital --------------------------------------------------- TOT Group, Inc., TOT Payments, LLC, TOT BPS, LLC, TOT FBS, LLC, Process Pink, LLC, TOT HPS, LLC and TOT New Edge, LLC, each a wholly owned subsidiary of Net Element, Inc., on May 2, 2016, entered into Amendment No. 1 to the Loan and Security Agreement with RBL Capital Group, LLC. Pursuant to the Amendment, the parties amended the Loan and Security Agreement, dated as of June 30, 2014, pursuant to which RBL previously provided an up to $10 million credit facility to Co-Borrowers during the period of 18 months from the closing of this credit facility. Because such 18 months period has expired, the Amendment (i) renewed the term of the credit facility for an additional 22 months from the date of the Amendment and (ii) increased the maximum funding amount of such credit facility to $15 million. The Amendment also amended the definition of "Prepayment Premium" to either (i) 3% of the aggregate principal balance of the outstanding note under such facility if the pre-payment of such note takes place on or before the first anniversary date, (ii) 2% of the aggregate principal balance of outstanding note under such facility if the pre-payment of such note takes place after the first anniversary date and on or before the second anniversary date or (iii) 0% of the principal balance of outstanding note under such facility if the pre-payment of such note takes place after the second anniversary date. Prepayment Premium for Notes 1, 2 and 3 remained 0%. The Amendment also provided that Co-Borrowers may request RBL for additional loans subject to certain conditions set forth in the Agreement, as amended. The Amendment provided that Co-Borrowers may prepay the principal of any term loan, in whole or in part, by (i) paying the Prepayment Premium on that portion of the term loan Note being prepaid, and (ii) paying all other amounts then due and outstanding under the term loan Note being prepaid; and, (iii) upon prepayment of the final amounts due under the term loan note, paying any backend financing fees applicable to that note. The Amendment provides that Co-Borrowers would be obligated to pay RBL an upfront financing fee equal to 2% of the face amount of each term loan note and a backend financing fee equal to 4% of the face amount of each term loan note. RBL agreed to finance the upfront fee as part of the applicable term loan. Co-Borrowers are obligated to pay the backend financing fees when the payment of the final term loan installment of each term loan is effected. In addition, Co-Borrowers agreed to pay a one-time supplemental backend financing fee of $20,000 at the time of the final installment is paid on Note 3. A full-text copy of the Form 8-K report is available at: http://is.gd/2CUV5B About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $13.3 million on $40.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.21 million on $21.4 million of total revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, the Company had $22.9 million in total assets, $13.9 million in total liabilities and $9.04 million in total stockholders' equity. Daszkal Bolton LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has sustained recurring losses from operations and has working capital and accumulated deficits that raise substantial doubt about its ability to continue as a going concern. NOVA CHEMICALS: S&P Affirms 'BB+' CCR, Outlook Stable ----------------------------------------------------- S&P Global Ratings said it affirmed its 'BB+' long-term corporate credit rating on Calgary, Alta-based plastics and chemicals producer NOVA Chemicals Corp. The outlook is stable. At the same time, S&P Global Ratings affirmed its 'BB+' issue-level rating on the company's senior unsecured notes. The '3' recovery rating is unchanged indicating S&P's expectation of meaningful (50%-70%; at the upper end of the range) recovery under our simulated default scenario. "The affirmation reflects our view that NOVA will continue to generate credit measures that remain commensurate with an intermediate financial risk profile despite the weak operating environment and elevated capital spending to complete projects in progress," said S&P Global Ratings credit analyst Michelle Dathorne. The ratings on NOVA reflect S&P's view that the company would continue to maintain an intermediate financial risk profile despite the current weak operating environment and elevated capital spending to complete projects in progress. S&P's satisfactory business risk profile on NOVA primarily reflects the company's relatively good market position, improved feedstock diversity, and structurally advantaged cost position as a North American producer of ethylene and polyethylene, supported by abundant shale gas-based ethane feedstock. The stable outlook on NOVA reflects S&P's expectation that the company will maintain its fully adjusted three-year, weighted-average FFO-to-debt above 30%, despite its forecast reduced cash flows and margin compression. The outlook also incorporates S&P's expectation that NOVA will limit its discretionary and non-discretionary spending within cash flow generation beyond 2016. S&P would lower the rating to 'BB' if NOVA's overall financial risk profile deteriorated relative to S&P's current expectations as a result of weaker operating performance. In addition, if the company generated increasing negative free operating cash flow that weakened its three-year, weighted-average FFO-to-debt below 30% on a sustained basis, S&P would lower the rating, because this would signal a material shift in its financial policy relative to our current expectations. The key constraint to an upgrade is the potential for increased leverage as a result of higher shareholder distributions. S&P could consider an upgrade if NOVA's management and owner clearly articulated a financial policy that supported the maintenance of credit measures that S&P believed would generate adjusted FFO-to-debt of more than 45% under trough conditions. OFFSHORE DRILLING: Fitch Lowers IDRs to B-, Outlook Negative ------------------------------------------------------------ Fitch Ratings has downgraded Offshore Drilling Holding S.A.'s (ODH) Long-Term foreign and local currency Issuer Default Ratings to 'B-' from 'B+'; the Rating Outlook is Negative. In addition, Fitch has downgraded its rating for the company's USD950 million of senior secured notes to 'B-/RR4' from 'BB-/RR3'. The rating action reflects heightened re-contracting risk for ODH in light of Pemex's, the company sole off-taker, marked reductions to its capital investment program overall and more specifically to Pemex's reduction in deepwater activities. As part of Pemex's MXN100 billion expenditure reduction, the company expects to reduce its 2016 investments in deep water exploration by approximately MXN10 billion and look instead for partners with which to carry on this activity in the future. This reduction in investments decreases the likelihood Pemex will continue requiring ODH's drilling rigs in the short term and increases the company's re-contracting risk once the renewed contracts start expiring towards the end of 2017. The Negative Outlook considers the potential for a deeper and longer than forecasted offshore drilling down-cycle. The lower Recovery Rating reflects the distressed valuation of similar assets that have been sold recently to Ocean Rig UDW. KEY RATING DRIVERS ROLL-OVER AND DAY-RATES RISK Throughout the oil and gas industry, companies are facing pressure to renegotiate day rates. While this potentially could impact ODH, a larger concern is the renewal of its contracts with Pemex that expire toward the end of 2017, given Pemex's decision to significantly cut its investments in deepwater exploration. Prior to the change in Pemex's management team, ODH extended its Centenario and Bicentenario drilling rig contracts with Pemex until December 2017 at a day rate of USD365,000/day. OIL PRICE PRESSURES Offshore drillers continue to face depressed market conditions due to lower demand and a significant oversupply of rigs. The severe decline in oil prices has compounded the effects of the offshore rig oversupply cycle resulting in continued global market day-rate deterioration. Fitch believes that demand for drill rigs will rebound in the medium-term and absorb the newer high-quality assets. Fitch also believes that an uptick in demand for rigs will lag oil & gas price levels (estimated at $65 - $70/barrel for deepwater) by at least six-12 months. PARTIAL STRUCTURAL SUBORDINATION ODH's senior secured notes are guaranteed by the unencumbered restricted subsidiaries that own the Centenario and Bicentenario drilling rigs. The notes are currently structurally subordinated to a project-finance bank loan of approximately USD320 million, related to the financing of La Muralla IV. This bank debt has certain cash-sweep provisions restricting cash flow distributions to ODH. The bank loan amortizes through 2018 and once it is repaid, La Muralla IV will become a co-guarantor for the notes. MODERATELY HIGH LEVERAGE Fitch expects consolidated leverage to range between 4.0x and 4.5x over the short- to medium-term and while ODH's contracts with Pemex remain in place. During 2015, ODH's consolidated leverage was 4.5x. As of Dec. 31, 2015, total debt was USD1.3 billion, down slightly from USD1.4 billion at year-end 2014, and EBITDA for the year was approximately USD287 million, down from USD359 million in 2014. KEY ASSUMPTIONS Fitch's key assumptions within its rating cases for ODH include: -- Brent and West Texas Intermediate (WTI) oil prices average USD35/barrel in 2016 and trend toward a longer-term price of USD65/barrel; -- After expiration of the contracts for its drilling rigs, ODH may face difficulties re-contracting its assets; -- Regular maintenance capex of approximately $90 million during the next five years; -- No dividend payments forecasted. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to a negative rating action include: -- Through-the-cycle consolidated debt/EBITDA of 5x or above on a sustained basis; -- Contracts are not rolled over within six months of expiration or contracted day rates experience further pressure and are significantly lower than current market day rates. No positive rating actions are currently contemplated over the near term given the weak offshore oilfield services outlook. LIQUIDITY ODH's liquidity position is supported by the company's stable and predictable cash flow generation coupled with a lengthened debt maturity profile. ODH's liquidity position is further supported by its cash on hand, which as of Dec. 31, 2015, was approximately USD90 million. The company also maintains a one-year interest reserve account for the 2020 notes and La Muralla IV in an amount equal to USD106.2 million. This compares with the company's short-term debt of USD105 million. FULL LIST OF RATING ACTIONS Fitch has downgraded ODH's ratings as: -- LT Foreign and local currency IDRs to 'B-' from 'B+'; Negative Outlook; -- Senior secured notes to 'B-'/'RR4' from 'BB-'/'RR3'. PENN PRODUCTS: S&P Revises Outlook to Neg. & Affirms 'BB-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Penn Products Terminals LLC (PPT) to negative from stable. The issuer credit rating on PPT remains 'BB-' and the issue rating the secured notes remains 'BB'. "The outlook revision stems from weaker margins and throughputs in PPT's storage and transportation businesses, which have resulted in leverage exceeding 5x for the 12 months ended Dec. 31, 2015, said S&P Global Ratings credit analyst Michael Ferguson. "While we anticipate some improvement in the company's metrics as the issuer pays down some debt, leverage could remain high throughout 2016," he added. Unlike some of its peers in the storage sector, PPT's strategy hinges more on its commanding position in the Pennsylvania market than on long and durable contracts. Its contracts often do not exceed a year, whereas some peers have average contract lives exceeding five years. The recontracting risk is significant and has been borne out during the past few months as crude and refined product prices have declined. This leaves PPT exposed in backwardated commodity pricing environments; additionally, the issuer is exposed to weather conditions, and this risk materialized in the warmer than average winter of 2015-16. The negative outlook reflects S&P's expectations that leverage will stay elevated during the next 18 months as a consequence of weaker storage and transportation rates in Pennsylvania. S&P anticipates debt to EBITDA of about 4.6x during the next year and EBITDA interest coverage ratios of near 4x during the same period. S&P could lower the rating if depressed storage rates or a backwardated oil price curve lead to sustained weaker margins, resulting in average debt to EBITDA exceeding 4.7x. This could stem from increased competition for market share in Pennsylvania, or a worsened regional economy, as well as unfavorable commodity conditions. In addition, incremental debt issuances could amplify this effect, as could higher–than-expected capital spending on new projects. A revision to a stable outlook is currently unlikely, but could stem from persistently higher storage rates, leading to debt to EBITDA of 4x during S&P's forecast period. PHILADELPHIA ENTERTAINMENT: Suit vs. Pa. Revenue Dept. Dismissed ---------------------------------------------------------------- Judge Magdeline D. Coleman of the United States Bankruptcy Court for the Eastern District of Pennsylvania granted the defendants' motion to dismiss the complaint in the adversary proceeding captioned The adversary proceeding is PHILADELPHIA ENTERTAINMENT AND DEVELOPMENT PARTNERS, L.P., Plaintiff, v. COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF REVENUE, ET AL., Defendants, Adversary No. 14-00255-MDC (Bankr. E.D. Pa.). On May 29, 2014, Philadelphia Entertainment and Development Partners, L.P. (the "Debtor") filed a seven-count complaint against the Commonwealth of Pennsylvania, Department of Revenue and the Commonwealth of Pennsylvania (together, the "Commonwealth Parties") seeking, among other things, to recover for the benefit of the Debtor's creditors (1) a fee in the amount of $50,000,000 (the "License Fee") paid to the Pennsylvania Gaming Control Board (the "Gaming Board") for a Category 2 slot machine license ("License"), and (2) the value of the License which was revoked pre-petition by the Gaming Board. In response, the Commonwealth Parties filed on August 28, 2014, a Motion to Dismiss, or In the Alternative Abstain (the "Motion") contending that dismissal of the entirety of the Complaint is warranted based on various grounds, including that (i) the bankruptcy court lacks jurisdiction to adjudicate the Trustee's claims as a result of sovereign immunity; (ii) the Trustee's claims are barred by theRooker-Feldman Doctrine; and (iii) the Trustee failed to state a basis for the relief sought. As alternative relief, the Commonwealth Parties requested that the bankruptcy court abstain from adjudicating the Trustee's claims. The Commonwealth Parties contended that abstention is warranted by either the principles of permissive abstention codified by 28 U.S.C. Section 1334(c)(1) or the BurfordAbstention Doctrine. The Trustee opposed dismissal of the Complaint contending that (1) the Commonwealth Parties are not immune from suit; (2) theRooker-Feldman Doctrine is inapplicable; (3) issue and claim preclusion do not bar the Trustee from seeking relief; (4) permissive abstention is inappropriate as the recovery of the License Fee is of central importance to the administration of the Debtor's estate; (5) the Burford Abstention Doctrine is inapplicable because the recovery of the License Fee does not implicate Pennsylvania's regulation of gaming; and (6) each count of the seven counts set forth by the Complaint state a plausible claim for relief. Judge Coleman granted the motion to dismiss and dismissed with prejudice Counts I, II, III and IV of the adversary complaint. The judge also dismissed wihtout prejudice Counts V, VI, and VII. The bankruptcy case is IN RE: PHILADELPHIA ENTERTAINMENT AND DEVELOPMENT PARTNERS, L.P., Chapter 11, Debtor, Bankruptcy No. 14-12482-MDC (Bankr. E.D. Pa.). A full-text copy of the Judge Coleman's April 8, 2016 opinion and order are respectively available at http://is.gd/OaegrXand http://is.gd/0qSeCofrom Leagle.com. Philadelphia Entertainment and Development Partners, LP d/b/a Foxwoods Casino Philadelphia is represented by: Jared D. Bayer, Esq. Stephen A. Cozen, Esq. Frederic Warren Jacoby, Esq. Jennifer M. McHugh, Esq. COZEN O'CONNOR One Liberty Place 1650 Market Street, Suite 2800 Philadelphia, PA 19103 Tel: (215)665-2000 Fax: (215)665-2013 Email: jbayer@cozen.com scozen@cozen.com fjacoby@cozen.com jmchugh@cozen.com Commonwealth of Pennsylvania Department of Revenue is represented by: Vincent J. Marriott, III, Esq. Jon Theodore Pearson, Esq. BALLARD SPAHR ANDREWS & INGERSOLL 1735 Market Street, 51st Floor Philadelphia, PA 19103-7599 Tel: (215)665-8500 Fax: (215)864-8999 Email: marriott@ballardspahr.com pearson@ballradspahr.com About Philadelphia Entertainment Philadelphia Entertainment and Development Partners, L.P., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 14-12482) on March 31, 2014. Brian R. Ford signed the petition as authorized signatory. The Debtor estimated assets of at least $10 million and liabilities of at least $50 million. DLA Piper LLP (US) serves as the Debtor's counsel. Judge Magdeline D. Coleman oversees the case. Philadelphia Entertainment and Development Partners, L.P., notified the Bankruptcy Court that the Effective Date of its First Modified Chapter 11 Plan of Liquidation occurred on Aug. 18, 2014. The bankruptcy judge, on July 28, confirmed the Plan dated as of March 10, 2014; as modified on May 27. PICO HOLDINGS: Activist Bloggers Criticize Hart Compensation ------------------------------------------------------------ By Geoffrey J. Bailey -- gjbaileypb@hotmail.com -- PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $664 million in assets and $434 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO. Other activists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause. Activist bloggers issue a fourth scathing criticism of the Compensation Plan recently awarded to PICO CEO John Hart; this time they review the previous three posts and draw conclusions. In Part I, the bloggers excoriated the Hart Employment Agreement, which was promulgated by Compensation Committee members Carlos Campbell, Michael Machado and Eric Speron. Under the auspices of "Revision of Business Plan," the PICO Holdings Board "had effectively stripped the hapless Mr. Hart of veritable CEO authority; he has been managerially neutered. Mr. Hart is effectively a human carrier pigeon that runs information between asset sale professionals and the PICO Board. We noted that such a role for a CEO who is a complete failure -- when measured by any and all relevant metrics -- is appropriate. However, a $1 million base salary, which equals $3,831 per workday, is an abuse of shareholders." Getting more colorful that previously, the bloggers state that "the Employment Agreement makes Mr. Hart equivalent to genital warts -- impossible to get rid of comfortably. This Employment Agreement will cost us over $1 per share (a significant amount for a $10 stock)." In Part II, the bloggers critiqued "the Bonus Plan -- which inures to the benefit of Mr. Hart and the equally corrupt and incompetent Max Webb (PICO CFO) and John Perri (PICO Chief Accounting Officer). We label these three gentlemen 'The Three Profiteers.'" The bloggers are upset that under the Bonus Plan, "the Three Profiteers will reach into PICO shareholder pockets for 20% of the net asset sale gain returned to shareholders. Such an award disregards that most PICO assets have been written down -- an admission of capital allocation failure which results in shareholder suffering. This scheme also ignores the Three Profiteers’ failure par excellence: Northstar Hallock, which Central Square estimates cost PICO shareholders $85 million, or almost $4 per share." The bloggers broke down the Bonus Plan treatment of PICO Net Operating Loss Carryforwards in Part III, and disparaged how the Bonus Plan applies PICO Net Operating Loss Carryforwards to asset sales, and hence the Bonus Pool calculation. "This provision is the most egregious abuse of shareholders in an entirely abusive compensation scheme. Messrs. Campbell, Machado and Speron transfer 20% of PICO assets, which are the product of managerial incompetence and result in shareholder suffering, to The Three Profiteers. Messrs. Campbell, Machado and Speron use vague language in the SEC filing, imply that this asset transfer is an "Administrative Expense," and fail to provide a clear explanation of the true economics. We believe this amounts to deception of shareholders." The bloggers now take to mocking the PICO CEO, writing "Mr. Hart has taken to saying the PICO Board has been "refreshed." We laugh at this dishonest euphemism and frankly, it is a term a juicer would use. "Refresh" would lead investors to believe that the PICO Directors were a batch of old beets and carrots, now changed out for fresher stock (in the case of the Entrenched Directors (Hart, Campbell, Machado, Slepicka) -- fruits and vegetables are apt metaphors). The PICO Board has not been "refreshed," despite what the unscrupulous Mr. Hart would say. It has been turned over, due to extreme shareholder dissatisfaction and agitation." The bloggers conclude by noting that, despite enormous change at PICO, its shares still sell for less that $10 in the market. PIONEER ENERGY: Wells Fargo Resigns as Indenture Trustee -------------------------------------------------------- Pioneer Energy Services Corp., Wells Fargo Bank, National Association and Wilmington Trust, National Association entered into an Agreement of Resignation, Appointment and Acceptance, with respect to the Company's 6.125% Senior Notes due 2022. Pursuant to the terms of the Agreement of Resignation, effective May 4, 2016, Wells Fargo resigned as Trustee under the Indenture, dated as of March 18, 2014, by and among the Company, Wells Fargo, as Trustee and the subsidiary guarantors named therein, related to the Company's 6.125% Senior Notes due 2022, and Wilmington Trust will accept its appointment as successor Trustee under the Indenture and assume the rights, powers, trusts and duties of Wells Fargo as trustee thereunder. Effective May 16, 2016, Wells Fargo will resign as registrar, paying agent and custodian under the Indenture, and Wilmington Trust will accept its appointment as successor registrar, paying agent and custodian under the Indenture and assume the rights, powers and duties of Wells Fargo as registrar, paying agent and custodian under the Indenture The address of the corporate trust office for Wilmington Trust is 15950 North Dallas Parkway, Suite 550, Dallas, Texas 75248. A copy of the Agreement of Resignation is available for free at: http://is.gd/aPSc6q About Pioneer Energy Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of independent and large oil and gas exploration and production companies in the United States and internationally in Colombia. The Company also provides two of its services (coiled tubing and wireline services) offshore in the Gulf of Mexico. Pioneer Energy reported a net loss of $155.14 million in 2015 following a net loss of $38.01 million in 2014. As of March 31, 2016, Pioneer Energy had $786.52 million in total assets, $471.41 million in total liabilities and $315.11 million in total shareholders' equity. * * * As reported by the TCR on March 7, 2016, Moody's Investors Service, on March 3, 2016, downgraded Pioneer Energy Services Corp.'s Corporate Family Rating (CFR) to Caa3 from B2, Probability of Default Rating (PDR) to Caa3-PD from B2-PD, and senior unsecured notes to Ca from B3. "The rating downgrades were driven by the material deterioration in Pioneer Energy's credit metrics through 2015 and our expectation of continued deterioration through 2016. The demand outlook for drilling and oilfield services is extremely weak, as witnessed by the steep and continued drop in the US rig count" said Sreedhar Kona, Moody's Vice President. "The negative outlook reflects the deteriorating fundamentals of the services sector and the likelihood of covenant breaches" Pioneer Energy carries a "B+" corporate credit rating from Standard & Poor's Ratings. PIONEER HEALTH: Committee Hires Arnall Golden Gregory as Counsel ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Pioneer Health Services, Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Mississippi to retain Arnall Golden Gregory LLP as counsel for the Committee, nunc pro tunc to March 18, 2016. The Committee requires AGG to: a. advise the Committee with respect to its rights, powers, and duties in these bankruptcy cases; b. assist and advise the Committee in its consultations with the Debtors relative to the administration of these bankruptcy cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and in negotiating with such creditors; d. assist the Committee's investigation the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operations of the Debtors' respective businesses; e. advise and represent the Committee in connection with administrative matters arising in these bankruptcy cases, including the obtaining of credit by the Debtors, the reorganization of the Debtors, including potential sale of the Debtors' assets, and the rejection or assumption of executory contracts and unexpired leases; f. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the terms of a Chapter 11 plan or plans for the Debtors; g. assist and advise the Committee with respect to its communications with the general creditor body regarding significant matters in these bankruptcy cases; h. review and analyze all applications, orders, statements of operations, and schedules filed with the Court, and advise the Committee as to their propriety; i. assist the Committee in evaluating and pursuing, if necessary, claims and causes of action against the Debtors' secured lenders; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; k. represent the Committee at all hearings and other proceedings; and l. perform other legal services as may be required and are deemed to be in the interest of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. AGG will be paid at these hourly rates: Darryl S. Laddin $590 Sean C. Kulka $525 R. Michael Barry $500 Michael F. Holbein $450 Michael J. Bargar $365 Maureen M. Weaver $245 AGG will also be reimbursed for reasonable out-of-pocket expenses incurred. Darryl S. Laddin, partner of Arnall Golden Gregory LLP, assured the Court that AGG will not represent any other entity having an adverse interest in connection with these bankruptcy cases, consistent with section 1103(b) of the Bankruptcy Code. AGG can be reached at: Darryl S. Laddin, Esq. ARNALL GOLDEN GREGORY LLP 171 17th Street, N.W., Suite 2100 Atlanta, GA 30363-1031 Tel: (404)873-8500 Fax: (404)873-8501 E-mail: darryl.laddin@agg.com About Pioneer Health   Pioneer Health Services, Inc. and its debtor-affiliates, including Medicomp Inc., filing separate Chapter 11 bankruptcy petitions (Bankr. S.D. Miss. Case No. 16-01119 to 16-01126) on March 30, 2016. The Debtors provide healthcare services to rural communities, and own and manage rural critical access hospitals. Judge Hon. Neil P. Olack presides over the Debtors' cases. The Law Offices of Craig M. Geno PLLC serves as the Debtors' counsel.   Pioneer Health Services estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Joseph S. McNulty III, president.  PIONEER HEALTH: Creditors' Panel Hires Brunini as Co-Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Pioneer Health Services, Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the Southern District of Mississippi to retain Brunini, Grantham, Grower & Hewes, PLLC, as co-counsel for the Committee. The Committee requires Brunini to: a. advise the Committee with respect to its rights, powers, and duties in these bankruptcy cases; b. assist and advice the Committee in its consultations with the Debtors relative to the administration of these bankruptcy cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and in negotiating with such creditors; d. assist the Committee's investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operations of the Debtors' respective businesses; e. advise and represent the Committee in connection with administrative matters arising in these bankruptcy cases, including the obtaining of credit by the Debtors, the reorganization of the Debtors, including the potential sale of the Debtors' assets and the rejection or assumption of executory contracts and unexpired leases; f. assist the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the terms of a Chapter 11 plan or plans for the Debtors; g. assist and advise the Committee with respect to its communications with the general creditor body regarding significant matters in these bankruptcy cases. h. review and analyze all applications, orders, statements of operations, and schedules filed with the Court, and advise the Committee as to their propriety; i. assist the Committee in evaluating, and pursuing, if necessary, claims and causes of action against the Debtors' secured lenders; j. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interest and objectives; k. represent the Committee at all hearings and other proceedings; and l. perform other legal services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Brunini will be paid at these hourly rates: James A. McCullough Partner $325 William D. Drinkwater Associate $225 Debra Garmon Paralegal $125 Brunini will also be reimbursed for reasonable out-of-pocket expenses incurred. James A. McCullough, partner in the Law Firm of Brunini, Grantham, Grower & Hewes, PLLC, assured the Court that the Firm will not represent any other entity having an adverse interest in connection with these bankruptcy cases, consistent with section 1103(b) of the Bankruptcy Code. Brunini can be reached at: James A. McCullough, Esq. BRUNINI, GRANTHAM, GROWER & HEWES, PLLC P.O. Drawer 119 Jackson, MS 39205 Telephone: (601)948-3101 Facsimile: (601)960-6902 E-mail: jmccullough@brunini.com About Pioneer Health   Pioneer Health Services, Inc. and its debtor-affiliates, including Medicomp Inc., filing separate Chapter 11 bankruptcy petitions (Bankr. S.D. Miss. Case No. 16-01119 to 16-01126) on March 30, 2016. The Debtors provide healthcare services to rural communities, and own and manage rural critical access hospitals.   Judge Hon. Neil P. Olack presides over the Debtors' cases. The Law Offices of Craig M. Geno PLLC serves as the Debtors' counsel.   Pioneer Health Services estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Joseph S. McNulty III, president.  PUERTO RICO: Lew, Lawmakers Intensity Bill Push After Default ------------------------------------------------------------- Laura Litvan and Saleha Mohsin, writing for Bloomberg News, reported that lawmakers have missed one deadline to prevent Puerto Rico from defaulting on its debt, and they're trying to figure out how to build support for legislation that could prevent a second missed payment. According to the report, Republicans are seeking to produce a revised bill, while U.S. Treasury Secretary Jacob J. Lew and the top Democrat on the House Natural Resources Committee are separately visiting the commonwealth Monday to keep up the pressure for Congress to act. "There's an urgency because the situation is one that will just get worse and worse if it doesn’t get resolved," Lew told reporters in San Juan on May 9. The report said all sides are under pressure after a week-long congressional recess, punctuated by Puerto Rico's default on most of a $422 million debt payment. Puerto Rico is in an economic recession that's poised to worsen as residents continue to leave, threatening to deepen the fiscal crisis that's pushing the island to default on a growing share of its $70 billion of debt, the report related. House Natural Resources Chairman Rob Bishop of Utah plans to revise Republican-drafted legislation that would create a federal oversight board to help manage the island and supervise a debt restructuring, the report further related. It will be similar to an earlier version, H.R. 4900, that ran into snags, according to a committee aide who asked for anonymity to discuss the matter, who said that the measure could be advanced by the panel, the the report added. PURADYN FILTER: Ships $300K Worth of Filter Systems to Middle East ------------------------------------------------------------------ Puradyn Filter Technologies Incorporated announced that it has recently shipped orders to the Middle East totaling approximately $300,000 of puraDYN bypass oil filtration systems to a global oil and gas industry contractor based in the European Union. This is an additional order placed by this customer as part of ongoing worldwide implementation of the puraDYN System. The decision to incorporate Puradyn followed a rigorous qualification process that included extensive testing over the past two years on drill rig engines used in land-based drilling platforms in Kazakhstan, Italy, South America, and Saudi Arabia. Puradyn's patented engine oil filtration systems extended oil drain intervals from 500 hours to over 2,000 hours during testing, enabling the high-value engines to operate on continuously clean oil. Puradyn systems remove solid contaminants from engine oil, down to less than one micron while also replacing base additives to maintain oil performance. The contractor selected Puradyn's latest filtration offering, the Millennium Technology System (MTS) with its patented Polydry technology for liquid contaminant and water removal from engine oil. Puradyn Chairman and CEO, Joseph V. Vittoria, said, "Once again, in rigorous testing, puraDYN systems demonstrated superior performance and reliability in harsh environments ranging from arctic cold to extreme heat, in high altitudes as well as desert conditions. We are pleased to further expand our base of global customers and proud to be associated with such a forward-thinking company committed to seeking out technology to improve operating efficiency, reduce operating costs, and provide a positive impact in our environment. While the initial interest came out of stated sustainability practices and commitment to minimize waste streams, the contractor's executives were impressed with the cost savings and protective benefits of our new MTS and Polydry solutions for their high-value engine assets. "Cost reduction in new oil purchases alone is significant, but the logistics cost savings in getting the oil to and from the rigs also exercises a considerable impact. Furthermore, by removing contaminant and maintaining continuously clean oil, end users are able to eliminate the mid-cycle, top-end overhaul." Vittoria concluded, "Though our business relationship with this contractor has just begun, we look forward to establishing a long and productive relationship, expanding our global penetration." About Puradyn Filter Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated (OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil Filtration System. Puradyn reported a net loss of $1.44 million on $1.97 million of net sales for the year ended Dec. 31, 2015, compared to a net loss of $1.15 million on $3.11 million of net sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Puradyn had $1.42 million in total assets, $13.94 million in total liabilities and a total stockholders' deficit of $12.51 million. Liggett & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has experienced net losses since inception and negative cash flows from operations and has relied on loans from related parties to fund its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. QUANTUM FUEL: Panel Taps Armory Consulting as Financial Advisor --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Quantum Fuel Systems Technologies Worldwide, Inc. seeks authorization from the Hon. Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California to retain Armory Consulting Company as financial advisor to the Committee, nunc pro tunc to April 21, 2016. The Committee requires Armory Consulting to: (a) monitor Debtor's financial and operating performance including current operations, monthly operating reports, and other financial and operating analyses or periodic reports provided by the Debtor; (b) perform due diligence with respect to the assets and liabilities, business, financial conditions and opportunities for the Debtor to enhance its value; (c) assess cash and liquidity requirements of the Debtor; (d) evaluate the possible rejection of any executory contracts and unexpired leases; (e) analyze the potential values of the Debtors' assets and businesses, the secured and unsecured claims, and the potential recoveries to the unsecured creditors; (f) assist in the negotiations, evaluation, and formulation of an asset sale, any proposed Plan of Reorganization, or restructuring-related alternatives; (g) assist the Committee in determining the best strategy for maximizing values for creditors; (h) to the extent necessary, provide testimony before the Bankruptcy Court on matters within the firm's expertise; and (i) provide such other services to the Committee as may be necessary in the case. Armory Consulting will be paid at these hourly rates: James Wong $346.50 Senior Consultant $247.50 Armory Consulting will also be reimbursed for reasonable out-of-pocket expenses incurred. James Wong, principal of Armory Consulting, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Armory Consulting can be reached at: James Wong ARMORY CONSULTING CO. 3943 Irvine Blvd., Suite 253 Irvine, CA 92602 Tel: (714) 222-5552 About Quantum Fuel Systems Lake Forest, California-based Quantum Fuel Systems Technologies Worldwide, Inc., is an innovator, developer and producer of compressed natural gas (CNG) fuel storage tanks and packaged fuel storage systems for heavy-, medium-, and light-duty trucks and passenger vehicles. The Company also produces integrated vehicle system technologies, including engine and vehicle control systems and drivetrains. It supplies its tanks and systems to truck and automotive original equipment manufacturers and aftermarket and OEM truck integrators worldwide. Quantum Fuel filed a Chapter 11 bankruptcy petition (Bankr. C.D. Calif. Case No. 16-11202) on March 22, 2016. The petition was signed by Brian W. Olson as chief executive officer. The Debtor listed total assets of $23.10 million and total debts of $21.7 million. Foley & Lardner LLP represents the Debtor as counsel. Judge Mark S Wallace is assigned to the case. RAILYARD COMPANY: Ch.11 Trustee Hires Hunt & Davis as Counsel ------------------------------------------------------------- Chris W. Pierce, the proposed Chapter 11 Trustee of Railyard Company, LLC, seeks authorization from the U.S. Bankruptcy Court for the District of New Mexico to employ Hunt & Davis, P.C. as counsel to the Trustee. The professional services Hunt & Davis will render consist of representation as the Trustee's general counsel in all aspects of this bankruptcy case, including without limitation claims objections, adversary proceedings, liquidation of assets, and all hearing before the Court; preparation of any necessary letters, objections, answers, motions, applications, orders, reports, and other legal papers, and any other legal services related to the above-referenced matter which the Trustee deems appropriate and which Hunt & Davis agrees to perform. Hunt & Davis will be paid at these hourly rates: Chris W. Pierce $250 Julie J. Vargas $250 Catherine F. Davis $275 Paralegals $60 Hunt & Davis will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Pierce 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. Hunt & Davis can be reached at: Chris W. Pierce, Esq. HUNT & DAVIS, P.C. 2632 Mesilla St. NE Albuquerque, NM 87110 Tel: (505) 881-3191 E-mail: chris@huntdavislaw.com About Railyard Company Railyard Company, LLC, owns and developed two-story Market Station that houses the REI sporting goods store and other tenants. It filed a Chapter 11 petition (Bankr. D. N.M. Case No. 15-12386) on Sept. 4, 2015. The petition was signed by Richard Jaramillo as managing member. The Debtor is represented by William F. Davis, Esq., at William F. Davis & Associates, P.C., as counsel. The Debtor's Chapter 11 petition says the Company has about $11.2 million in debts and $13.8 million in assets. RAILYARD COMPANY: Ch.11 Trustee Hires Johnson as Accountant ----------------------------------------------------------- Chris W. Pierce, the proposed Chapter 11 Trustee of Railyard Company, LLC, seeks authorization from the U.S. Bankruptcy Court for the District of New Mexico to employ Steven W. Johnson, CPA, LLC as accountant for the Trustee. The Trustee requires the accountant to provide professional services to Trustee and assist the Trustee in preparing and filing tax returns. The accountant will provide services at his hourly rate of $200 per hour for CPA time, and bookkeeper services will be provided at the rate of $85 per hour, plus New Mexico Gross Receipts Tax. The accountant will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven W. Johnson assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The accountant can be reached at: Steven W. Johnson Steven W. Johnson, CPA, LLC 119 E. Marcy St., Suite 203 Santa Fe, NM 87501 Tel: (505) 988-2527 Fax: (505) 988-2542 E-mail: steve@stevejohnsoncpa.com About Railyard Company Railyard Company, LLC, owns and developed two-story Market Station that houses the REI sporting goods store and other tenants. It filed a Chapter 11 petition (Bankr. D. N.M. Case No. 15-12386) on Sept. 4, 2015. The petition was signed by Richard Jaramillo as managing member. The Debtor is represented by William F. Davis, Esq., at William F. Davis & Associates, P.C., as counsel. The Debtor's Chapter 11 petition says the Company has about $11.2 million in debts and $13.8 million in assets. REDONDO CONSTRUCTION: Court Sets Aside August 23 Status Conference ------------------------------------------------------------------ Judge Enrique S. Lamoutte of the United States Bankruptcy Court for the District of Puerto Rico granted the Puerto Rico Highway and Transportation Authority's (PRHTA) Opposition to the Redondo Construction Corporation's (RCC) Urgent Motion for Calculation of Interest Due [RCC] and for Setting Aside Status Conference. The judge also granted RCC's Motion Conceding [PRHTA's] Computation of Post-Judgment Interest Due [RCC]. The bankruptcy court had scheduled a Status Conference for August 23, 2016 to resolve issues concerning the computation of prejudgment and postjudgment interests in favor of RCC. RCC's urgent motion highlighted the following: that PRHTA deposited the funds corresponding to the totality of the original judgment by the bankruptcy court (issued on August 31, 2009); that those funds were deposited in the district court in the case that served as the very first appeal in 2010, Civil No. 10-1371 (FAB); that RCC sought to execute such original judgment, but the district court stayed it in light of PRHTA's judicial deposit; and, that in light of the latest remand by the First Circuit Court of Appeals in Case No. 15-1397, "what is pending before this Court is a mathematical exercise of the interest due RCC." To that end, RCC argued, the August 23, 2016 Status Conference set by the bankruptcy court was not necessary, and requested the disbursement of a total of $9,982,695.52 "plus interest earned on those funds, to be calculated by the Clerk." The total, posited RCC, consisted of $9,839,413.79 in prejudgment interests, and $143,281.73 in postjudgment interests. In its Opposition, PRHTA stipulated the amount RCC posited as the prejudgment interests due ($9,839,413.79). However, as to postjudgment interests, PRHTA computed that the amount due was $84,153.64. On April 15, 2016, RCC filed the Motion Conceding [PRHTA's] Computation of Post-Judgment Interest Due [RCC]. As the title indicates, RCC "conced[ed] the computation of post-judgments interests" in PRHTA's Opposition. The bankruptcy case is IN RE: REDONDO CONSTRUCTION CORPORATION, Chapter 11, Debtor, Case No. 02-02887 (ESL) (Bankr. D.P.R.). The adversary proceeding is Adv. Proc. No. 03-00192 (ESL)., 03-00194 (ESL), 03-00195 (ESL), REDONDO CONSTRUCTION CORPORATION, Plaintiff, v. PUERTO RICO HIGHWAY AND TRANSPORTATION AUTHORITY Defendant (Bankr. D.P.R.). A full-text copy of Judge Lamoutte's April 21, 2016 opinion and order is available at http://is.gd/mkQON9from Leagle.com. REDONDO CONSTRUCTION CORPORATION is represented by: Charles Alfred Cuprill, Esq. CHARLES A CURPILL, PSC LAW OFFICE 366 Calle Fortaleza Floor 2 San Juan, PR 00901 -- and -- Freddie Perez Gonzalez, Esq. Patricia I. Varela, Esq. MARTINEZ & TORRES LAW OFFICES PSC Urb. Antonsanti 1510 Calle Bori San Juan, PR 00927 Tel: (787)767-8244 Fax: (787)767-1183 AUTORIDAD DE CARRETERAS DE PUERTO RICO is represented by: Hector Benitez Arraiza, Esq. QUINONES & ARBONA, P.S.C. Doral Bank Plaza, Suite 701-A Calle Resolucion #33 San Juan, PR 00922 Tel: (787)620-6776 Fax: (787)620-6777 -- and -- Kermell Z Hernandez Rivera, Esq. Vanessa Saxton Arroyo, Esq. Maria Eugenia Villares-Seneriz, Esq. TOLEDO & TOLEDO LAW OFFICES, PSC Executive Building 623 Ponce De Leon Avenue Suite 1101-A San Juan, PR 00917-4811 Tel: (787)751-0520 Fax: (787)763-5961 PUERTO RICO HIGHWAYS AND TRANSPORTATION is represented by: Luis A. Rivera Cabrera, Esq. Raul Serrano Diaz, Esq. LUIS A RIVERA CABRERA LAW OFFICES PO Box 9023829 San Juan, PR 00902-3826 Tel: (787)725-0614 Fax: (787)725-0654 RGL RESERVOIR: S&P Lowers Corporate Credit Rating to 'SD' --------------------------------------------------------- S&P Global Ratings said it lowered its long-term corporate credit rating on Calgary, Alta.-based RGL Reservoir Management Inc. (RGL) to 'SD' (selective default) from 'CCC+'. At the same time, S&P Global Ratings lowered its issue-level ratings on the company's first-lien senior secured debt to 'D' from 'CCC' and second-lien senior secured debt to 'D' from 'CCC-'. The '5' recovery rating on the first-lien secured debt is unchanged. "The downgrade follows RGL's amendments to its senior secured debt facilities that materially changed the amount outstanding and the terms of the facility," said S&P Global Ratings credit analyst Michelle Dathorne. As part of the amendments, the first-lien revolver (US$75 million) repayment term was extended (from 2019 to 2021), amortization payments were added, and interest rates increased, with the exception of US$5.6 million of the revolver that remained outstanding at the original terms; the total revolver size was reduced to US$45 million. As well, the C$140 million second-lien debt (and accrued interest) was exchanged for C$55 million first-lien debt in addition to common shares and warrants of the company. S&P views the transaction as a distressed exchange because debtholders received less than what was promised on the original debt terms. S&P expects to review the corporate credit, recovery, and issue-level ratings in the near term. S&P's analysis will incorporate the company's new capital structure and liquidity position, while still taking into account its challenging operating environment. S-3 PUMP SERVICE: Hires Robert King as Business Valuation Expert ---------------------------------------------------------------- S-3 Pump Service, Inc. seeks authorization from the Hon. Jeffrey P. Norman of the U.S. Bankruptcy Court for the Western District of Louisiana to employ Robert E. King, III as business valuation expert, nunc pro tunc to the March 4, 2016 petition date. The Debtor desires to retain the services of Mr. King to perform business valuation consulting services for the Debtor in connection with the formulation of the Debtor's plan of reorganization. Mr. King has agreed to perform his consulting services for the Debtor, as well as any services relating to court appearances, for the compensation of $250 per hour, for staff assistance at the rate of $100 per hour and actual expenses. The consultant will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. King assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Bankruptcy Court will hold a hearing on the application on May 17, 2016, at 10:00 a.m. About S-3 Pump Service S-3 Pump Service, Inc., provider of high pressure pumping service, filed a Chapter 11 bankruptcy petition (Bankr. W.D. La. Case No. 16-10383) on March 4, 2016. The petition was signed by Malcolm H. Sneed, III, the president. The Debtor estimated assets and debt in the range of $10 million to $50 million. Blanchard, Walker, O'Quin & Roberts serves as the Debtor's counsel. Judge Jeffrey P. Norman is assigned to the case. S-3 PUMP SERVICE: Hires Superior Asset as Appraiser --------------------------------------------------- S-3 Pump Service, Inc. seeks authorization from the Hon. Jeffrey P. Norman of the U.S. Bankruptcy Court for the Western District of Louisiana to employ Daniel J. Kruse and Superior Asset Appraisals to perform the appraisal of the Debtor's fleet of vehicles and pump equipment. The Appraiser has agreed to perform an appraisal of the Debtor's vehicles, exclusive of pickup trucks and other passenger vehicles, and equipment for a total cost of $4,500. Mr. Kruse assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The Bankruptcy Court will hold a hearing on the application on May 17, 2016, at 10:00 a.m. Superior Asset can be reached at: Mr. Daniel J. Kruse SUPERIOR ASSET APPRAISALS 11202 Disco San Antonio, TX 78216 Tel: (210) 499-0777 Fax: (210) 499-4217 E-mail: dan@kruseasset.com About S-3 Pump Service S-3 Pump Service, Inc., provider of high pressure pumping service, filed a Chapter 11 bankruptcy petition (Bankr. W.D. La. Case No. 16-10383) on March 4, 2016. The petition was signed by Malcolm H. Sneed, III, the president. The Debtor estimated assets and debt in the range of $10 million to $50 million. Blanchard, Walker, O'Quin & Roberts serves as the Debtor's counsel. Judge Jeffrey P. Norman is assigned to the case. SABINE OIL: Seeks Judge's Blessing for New Pipeline Contract ------------------------------------------------------------ Tom Corrigan, writing for Dow Jones' Daily Bankruptcy Review, reported that days after winning final court endorsement of its bid to tear up its costly pipeline contracts, Texas's Sabine Oil & Gas Corp. is ready to ink a new deal with another natural gas transporter. According to the report, in papers filed with the U.S. Bankruptcy Court in Manhattan, Sabine asked Judge Shelley Chapman for permission to enter into a new pipeline deal with DCP South Central Texas LLC, which would replace prior agreements with an affiliate of Cheniere Energy Inc. About Sabine Oil & Gas Sabine Oil & Gas Corp. is an independent energy company engaged in the acquisition, production, exploration, and development of onshore oil and natural gas properties in the U.S. The Company's current operations are principally located in the Cotton Valley Sand and Haynesville Shale in East Texas, the Eagle Ford Shale in South Texas, the Granite Wash in the Texas Panhandle, and the North Louisiana Haynesville. The Company operates, or has joint working interests in, approximately 2,100 oil and gas production sites (approximately 1,800 operating and approximately 315 non-operating) and has approximately 165 full-time employees. Sabine Oil and its affiliated entities sought Chapter 11 protection(Bankr. S.D.N.Y. Lead Case No. 15-11835) in Manhattan on July 15, 2015. The Debtors have engaged Kirkland & Ellis LLP and Kirkland & Ellis International LLP, as counsel; Lazard Freres & Co. LLC, as investment banker and Prime Clerk LLC as notice, claims and balloting agent. The Debtors also tapped Zolfo Cooper Management, LLC, to provide Jonathan A. Mitchell as CRO and other additional personnel. The U.S. Trustee for Region 2 appointed five creditors to serve on the official committee of unsecured creditors. The Committee is represented by Mark R. Somerstein, Esq., Keith H. Wofford, Esq., and D. Ross Martin, Esq., at Ropes & Gray LLP as their counsel. The Committee is also hiring Blackstone Advisory Partners L.P. as investment banker; and Berkeley Research Group, LLC as financial advisor. SDI SOLUTIONS: Creditors' Panel Hires Arent Fox as Co-counsel ------------------------------------------------------------- The Official Committee of Unsecured Creditors of SDI Solutions LLC and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Arent Fox LLP as co-counsel to Committee, nunc pro tunc to March 24, 2016. The Committee requires Arent Fox to: (a) advise the Committee of its rights, duties, and powers in these Chapter 11 Cases; (b) assist, advise, and represent the Committee in its consultation with the Debtors relative to the administration of these Chapter 11 Cases; (c) assist, advise, and represent the Committee in I investigating and analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales or dispositions; (d) attend meetings and negotiate with the representatives of the Debtors and secured creditors and other parties in interest; (e) assist and advise the Committee in its examination, investigation, and analysis of the conduct of the Debtors' affairs; (f) assist the Committee in the review, analysis, and negotiation of any plan of reorganization or liquidation that may be filed and to assist the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any plan of reorganization or liquidation; (g) assist the Committee in the review, analysis, and negotiation of any financing or funding agreements; (h) take all necessary actions to protect and preserve the interests of unsecured creditors, including, without limitation, the prosecution of actions on behalf of the Committee, negotiations concerning all litigation in which the Debtors are involved, and review and analysis of all claims filed against the Debtors' estates; (i) generally prepare on behalf of the Committee all necessary motions, applications, answers, orders, reports, and papers in support of positions taken by the Committee; (j) appear, as appropriate, before this Court, the Appellate Courts, and other courts in which matters may be heard and to protect the interests of the Committee before said Courts and the United States Trustee; (k) perform such other legal services as may be required or deemed to be in the interests of the Committee; and (l) perform all other necessary legal services in these Chapter 11 Cases. Arent Fox will be paid at these hourly rates: Partners $590-$965 Of Counsel $470-$940 Associates $330-$615 Paraprofessionals $180-$335 Arent Fox will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey N. Rothleder, partner of Arent Fox, 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. Arent Fox can be reached at: Jeffrey N. Rothleder, Esq. ARENT FOX LLP 1717 K Street, NW Washington, DC 20006 Tel: (202) 828-3472 E-mail: jeffrey.rothleder@arentfox.com About SDI Solutions SDI Solutions LLC and SDI Opco Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Delaware) (Bankr. D. Del., Case Nos. 16-10627 and 16-10628) on March 13, 2016. The petition was signed by David Sullivan, chief executive officer. The cases are jointly administered under Case No. 16-10627. The Debtors are represented by Stuart M. Brown, Esq., Kaitlin MacKenzie Edelman, Esq., and Thomas R. Califano, Esq., at DLA Piper LLP (US). The Debtors tapped Gulf Atlantic Capital Corp. as their financial advisor and Donlin, Recano & Company Inc. as their claims and noticing agent. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. SDI SOLUTIONS: Creditors' Panel Taps Womble Carlyle as Co-counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of SDI Solutions LLC and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Womble Carlyle Sandridge & Rice, LLP as co-counsel for the Committee, nunc pro tunc to March 24, 2016. The Committee requires Womble Carlyle to: (a) advise as necessary with respect to the Committee's powers and duties as an official committee appointed under Bankruptcy Code section 1102; (b) 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 (a “Plan”); (c) assist and advise the Committee with respect to its communications with unsecured creditors regarding the Chapter 11 Cases; (d) participate in the formulation of a Plan; (e) provide legal advice as necessary with respect to any disclosure statement and Plan filed in this case and with respect to the process for approving or disapproving disclosure statements and confirming or denying confirmation of a Plan; (f) prepare on behalf of the Committee, as necessary, applications, motions, objections, complaints, answers, orders, agreements, and other legal papers; (g) appear in Court to present necessary motions, applications, objections, and pleadings, and otherwise protecting the interests of those represented by the Committee; (h) assist the Committee in requesting the appointment of a trustee or examiner, should such action be necessary; and (i) perform such other legal services as may be required and as are in 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. Matthew P. Ward, attorney at Womble Carlyle, 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: Matthew P. Ward, Esq. Ericka F. Johnson, Esq. WOMBLE CARLYLE SANDRIDGE & RICE, LLP 222 Delaware Avenue, Suite 1501 Wilmington, DE 19801 Tel: (302) 252-4320 E-mail: maward@wcsr.com erjohnson@wcsr.com About SDI Solutions SDI Solutions LLC and SDI Opco Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Delaware) (Bankr. D. Del., Case Nos. 16-10627 and 16-10628) on March 13, 2016. The petition was signed by David Sullivan, chief executive officer. The cases are jointly administered under Case No. 16-10627. The Debtors are represented by Stuart M. Brown, Esq., Kaitlin MacKenzie Edelman, Esq., and Thomas R. Califano, Esq., at DLA Piper LLP (US). The Debtors tapped Gulf Atlantic Capital Corp. as their financial advisor and Donlin, Recano & Company Inc. as their claims and noticing agent. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. SDI SOLUTIONS: Panel Hires EisnerAmper as Financial Advisor ----------------------------------------------------------- The Official Committee of Unsecured Creditors of SDI Solutions LLC and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain EisnerAmper LLP as financial advisor to the Committee, nunc pro tunc to March 24, 2016. EisnerAmper will render professional services to the Committee, including, without limitation: (a) analyzing the financial operations of the Debtors pre- and post-petition as necessary; (b) assisting the Committee in its analysis and review of monthly statements of operations to be submitted by the Debtors; (c) analyzing the Debtors' budgets, cash flow projections, cash disbursements, restructuring programs, selling and general administrative expense structure and other reports or analyses prepared by the Debtors or its professionals in order to advise the Committee on the status of the Debtors' operations; (d) performing forensic investigating services as requested by the Committee and counsel regarding pre-petition activities of the Debtors in order to identify potential causes of action as necessary; (e) verifying the physical inventory of supplies, equipment and other material assets and liabilities, as necessary; (f) analyzing transactions with insiders, related and/or affiliated companies; (g) performing claims analysis for the Committee, as necessary; (h) preparing and submitting reports to the Committee as necessary; (i) assisting the Committee in its review of the financial aspects of a plan of reorganization or liquidation, if any, to be submitted by the Debtors; (j) attending meetings of Creditors and conferences with representatives of the creditor groups and their counsel; (k) preparing hypothetical orderly liquidation analyses, as necessary; (l) monitoring, participating in and consulting with the Committee in regard to the marketing, and sale of any of the Debtors' assets as necessary; (m) analyzing the financial ramifications of any proposed transactions for which the Debtors seeks Bankruptcy Court approval including, but not limited to, post-petition financing, sale of all or a portion of the Debtors' assets, management compensation and/or retention and severance plans; (n) providing assistance, including expert testimony, and analysis in support of potential litigation that may be investigated and/or prosecuted by the Committee as necessary; and (o) any other services in which the Committee requests its Financial Advisor to perform. EisnerAmper will be paid at these hourly rates: Wayne P. Weitz (Managing Director) $600 Georgiana Nertea (Senior Manager) $395 Adeola Akinrinade (Senior Manager) $395 Various Associates as needed $160-$390 Paraprofessional as needed $125-$175 Directors/Partners $425-$625 Managers/Senior Managers $280-$420 Associate/Seniors $160-$390 Paraprofessionals $130-$175 EisnerAmper has agreed to a maximum blended hourly rate of $400. EisnerAmper has agreed to bill not more than $50,000 in fees for any monthly billing period, and to prorate the Monthly Cap for billing periods of more or less than one month. EisnerAmper will also be reimbursed for reasonable out-of-pocket expenses incurred. Wayne P. Weitz, managing director of EisnerAmper, 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. EisnerAmper can be reached at: Wayne P. Weitz EISNERAMPER LLP 750 Third Avenue New York, NY 10017 Tel: (212) 891-6057 About SDI Solutions SDI Solutions LLC and SDI Opco Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (Delaware) (Bankr. D. Del., Case Nos. 16-10627 and 16-10628) on March 13, 2016. The petition was signed by David Sullivan, chief executive officer. The cases are jointly administered under Case No. 16-10627. The Debtors are represented by Stuart M. Brown, Esq., Kaitlin MacKenzie Edelman, Esq., and Thomas R. Califano, Esq., at DLA Piper LLP (US). The Debtors tapped Gulf Atlantic Capital Corp. as their financial advisor and Donlin, Recano & Company Inc. as their claims and noticing agent. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. SEMLER SCIENTIFIC: Reports $1 Million Net Loss for First Quarter ---------------------------------------------------------------- Semler Scientific, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1 million on $1.50 million of revenue for the three months ended March 31, 2016, compared to a net loss of $1.37 million on $1.20 million of revenue for the same period in 2015. As of March 31, 2016, Semler had $3.42 million in total assets, $5.08 million in total liabilities and a total stockholders' deficit of $1.66 million. Semler had cash of $1,441,000 at March 31, 2016, compared to $405,000 at Dec. 31, 2015, and total current liabilities of $3,123,000 at March 31, 2016, compared to $4,108,000 at Dec. 31, 2015. As of March 31, 2016, the Company had negative working capital of approximately $951,000. "We have incurred recurring losses since inception and expect to continue to incur losses as a result of costs and expenses related to our marketing and other promotional activities, research and continued development of our products and services. Our principal sources of cash have included the issuance of equity, including our February 2014 initial public offering of common stock, and to a lesser extent, recent private placement offerings of common stock, borrowings under loan agreements, the issuance of promissory notes, and revenue from leasing our product and selling our testing services. We expect that our operating expenses will continue to grow in order to grow our revenues and, as a result, we will need to generate significant additional net revenues to achieve profitability. For these reasons, our independent registered public accountants' report for the year ended December 31, 2015 includes an explanatory paragraph that expresses substantial doubt about our ability to continue as a "going concern." This doubt continues to exist." A full-text copy of the Form 10-Q is available for free at: http://is.gd/DIOCZR About Semler Scientific Semler Scientific, Inc. provides diagnostic and testing services to healthcare insurers and physician groups. The Portland, Oregon-based Company develops, manufactures and markets innovative proprietary products and services that assist healthcare providers in evaluating and treating chronic diseases. Semler Scientific reported a net loss attributable to common stockholders of $8.50 million on $7 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $4.51 million on $3.63 million of total revenue for the year ended Dec. 31, 2014. BDO USA, LLP, in New York, New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has negative working capital, a deficit in stockholders' equity, recurring losses from operations and expects continuing future losses that raise substantial doubt about its ability to continue as a going concern. SH 130 CONCESSION: Asks Judge to Extend Deadline to Remove Suits ---------------------------------------------------------------- SH 130 Concession Company LLC has filed a motion seeking additional time to remove lawsuits involving the company and its affiliates. In its motion, the company asked the U.S. Bankruptcy Court for the Western District of Texas to move the deadline for filing notices of removal of the lawsuits to August 29, 2016. About SH 130 Concession Headquartered in Buda, Texas, SH 130 Concession Company, LLC (the "Concessionaire") was formed to finance, develop, design, construct, operate, and maintain segments five and six of Texas State Highway 130 (the "Tollway") in partnership with the Texas Department of Transportation. The Concessionaire, Zachry Toll Road - 56 LP and Cintra TX 56 LLC filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Case Nos. 16-10262, 16-10263 and 16-10264, respectively) on March 2, 2016. The petitions were signed by Alfonso Orol as chief executive officer. The Debtors estimated both assets and debts in the range of $1 billion to $10 billion. Toll Road - 56 and TX 56 are holding companies that collectively hold the equity interests in the Concessionaire. They have no operations and have no creditors. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Jackson Walker L.L.P. as local counsel, and Prime Clerk LLC as notice, claims, solicitation, balloting and tabulation agent. Judge Tony M. Davis has been assigned the case. SHOOT THE MOON: Court Orders Trustee to Pay $83K to Prime A ----------------------------------------------------------- Lessor/creditor Prime A Investments, LLC, filed a "Motion to Compel Assumption or Rejection of Leases, for Allowance of Administrative Claim, and to Compel Payment of Administrative Rent." Prime's Motion to Compel seeks, in addition to compelling the Trustee to assume or reject leases, an Order compelling immediate payment of administrative rent by the Trustee to Prime in the amount of at least $59,329 under two leases of nonresidential real property entered into between Prime as landlord and Shoot the Moon, LLC, as tenant in the Gateway Marketplace in Meridian, Idaho. The Chapter 11 Trustee Jeremiah J. Foster filed an objection and requested more time to assume or reject the leases based on the disarray of Debtor's financial records. The Trustee contended that the amount of back rent is unknown and that requiring the Trustee to immediately pay back rent will cause harm to the estate and to other creditors and interested parties. Judge Ralph B. Kirscher of the United States Bankruptcy Court for the District of Montana overruled the Trustee's objections, granted Prime's Motion to Compel and ordered the Trustee to pay Prime immediately the sum of $83,600 in postpetition payments due under the OTB shopping center lease of nonresidential real property from Prime in the Gateway Marketplace in Meridian, Idaho, where the Debtor formerly operated the On the Border Mexican Grill & Cantina. A full-text copy of the Memorandum of Decision dated April 12, 2016 is available at http://is.gd/SqU4Ibfrom Leagle.com. The case is In re SHOOT THE MOON, LLC, Debtor, Case No. 15-60979-11 (Bankr. D. Mont.). JEREMIAH J FOSTER, Trustee, is represented by TRENT N. BAKER, Esq. -- tbaker@dmllaw.com -- DATSOPOULOS, MACDONALD & LIND, DAVID B. COTNER, Esq. -- DAVID B. COTNER, -- DEL MILTON POST, DATSOPOULOS MACDONALD & LIND PC. OFFICE OF THE U.S. TRUSTEE, U.S. Trustee, is represented by NEAL G. JENSEN, UNITED STATES TRUSTEE'S OFFICE, AARON GRAHAM YORK, OFFICE OF THE US TRUSTEE. UNSECURED CREDITORS, Creditor Committee, is represented by MICHAEL T. CONWAY, Esq. -- mconway@goodwin.com -- Shipman & Goodwin LLP, JONATHAN LAWRENCE GOLD, Esq. -- LECLAIRRYAN, PC, JANICE B. GRUBIN, Esq. -- janice.grubin@leclairryan.com -- LECLAIRRYAN, PC, WARD E. TALEFF, Esq. SKYBRIDGE SPECTRUM: 341 Meeting of Creditors Set for May 17 ----------------------------------------------------------- The meeting of creditors of Skybridge Spectrum Foundation is set to be held on May 17, 2016 at 2:00 p.m., according to a filing with the U.S. Bankruptcy Court in Delaware. The meeting will take place at J. Caleb Boggs Federal Building, Room 2112, 844 King Street, Wilmington, Delaware. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. About Skybridge Spectrum Skybridge Spectrum Foundation filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case No. 16-10626) on March 11, 2016. Warren C. Havens signed the petition as president, sole director and sole member. The Debtor estimated assets in the range of $100 million to $500 million and debts of up to $500,000. Sullivan Hazeltine Allinson LLC represents the Debtor as counsel. SOUTHCROSS ENERGY: EIG BBTS Holdings Holds 66.3% Common Units ------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, EIG BBTS Holdings, LLC, et al., disclosed that as of May 2, 2016, they beneficially own 43,098,135 common units representing limited partner interests of Southcross Energy Partners, L.P. representing 66.3 percent of the Units outstanding. A copy of the regulatory filing is available for free at http://is.gd/UjpebF About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information. Southcross Energy reported a net loss attributable to partners of $51.4 million on $698 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to partners of $36.7 million on $849 million of total revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Southcross Energy had $1.31 billion in total assets, $698 million in total liabilities and $621 million in total partners' capital. * * * As reported by the TCR on April 5, 2016, Standard & Poor's Ratings Services said it lowered its corporate credit and senior secured rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy Partners, LP's Corporate Family Rating to Caa1 from B2. "Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and our expectation of continued high leverage and challenging industry conditions into 2017," according to the report. SOUTHCROSS ENERGY: Southcross Holdings, et al., File 13D/A ---------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Southcross Holdings Borrower LP, et al., disclosed that as of April April 13, 2016, they beneficially own 43,098,135 common units representing Limited Partner Interests of Southcross Energy Partners, L.P., representing 66.3 percent of the Units outstanding. A copy of the regulatory filing is available for free at http://is.gd/Ff2yd5 About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information. Southcross Energy reported a net loss attributable to partners of $51.4 million on $698 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to partners of $36.7 million on $849 million of total revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Southcross Energy had $1.31 billion in total assets, $698 million in total liabilities and $621 million in total partners' capital. * * * As reported by the TCR on April 5, 2016, Standard & Poor's Ratings Services said it lowered its corporate credit and senior secured rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy Partners, LP's Corporate Family Rating to Caa1 from B2. "Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and our expectation of continued high leverage and challenging industry conditions into 2017," according to the report. SOUTHCROSS ENERGY: TW Southcross Files Schedule 13D/A with SEC -------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, TW Southcross Aggregator LP, et al., disclosed that they beneficially own 43,098,135 common units representing limited partner interests of Southcross Energy Partners, L.P., representing 66.3 percent of the Units outstanding. A copy of the regulatory filing is available for free at http://is.gd/ZlCimu About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information. Southcross Energy reported a net loss attributable to partners of $51.4 million on $698 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to partners of $36.7 million on $849 million of total revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Southcross Energy had $1.31 billion in total assets, $698 million in total liabilities and $621 million in total partners' capital. * * * As reported by the TCR on April 5, 2016, Standard & Poor's Ratings Services said it lowered its corporate credit and senior secured rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy Partners, LP's Corporate Family Rating to Caa1 from B2. "Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and our expectation of continued high leverage and challenging industry conditions into 2017," according to the report. SPORTS AUTHORITY: Wilmington Savings Fund Society Wants Protection ------------------------------------------------------------------ Wilmington Savings Fund Society, FSB, asks the U.S. Bankruptcy Court for the District of Delaware for adequate protection. Wilmington Savings Fund Society is the successor administrative and collateral agent under the Amended and Restated Credit Agreement between Debtor The Sports Authority, Inc. and Slap Shot Holdings Corp and the lenders from time to time party thereto. Wilmington Savings Fund Society relates that it has a perfected security interest in the Prepetition Consigned Goods and the Proceeds thereof. It contends that the Debtors are presently selling its collateral and paying the proceeds thereof to junior creditors without providing adequate protection to it, in violation of the Bankruptcy Code and in violation of the Fifth Amendment Rights of the Term Loan Lenders and Wilmington Savings Fund Society. To the extent that the Debtors propose to continue paying the proceeds of the Prepetition Consigned Goods to the Vendors, Wilmington Savings Fund Society demands adequate protection to fully compensate it and the Term Loan Lenders for the diminution of their collateral that would be caused by such diversion of their collateral proceeds to junior creditors. Wilmington Savings Fund Society, FSB is represented by: Robert J. Dehney, Esq. Gregory W. Werkheiser, Esq. Tamara K. Minott, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302)658-9200 Facsimile: (302)658-3989 Email: rdehney@mnat.com gwerkheiser@mnat.com tminott@mnat.com - and - Robert J. Stark, Esq. William R. Baldiga, Esq. May Orenstein, Esq. Bennett S. Silverberg, Esq. BROWN RUDNICK LLP Seven Times Square New York, NY 10036 Telephone: (212)209-4800 Facsimile: (212)209-4801 Email: rstark@brownrudnick.com wbaldiga@brownrudnick.com morenstein@brownrudnick.com bsilverberg@brownrudnick.com About Sports Authority Holdings, Inc. 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. SRT SOLUTIONS: Must Pay 1100 Nasa Road's Admin. Claim for Rents --------------------------------------------------------------- Judge Letitia Z. Paul of the United States Bankruptcy Court for the Southern District of Texas, Houston Division, granted 1100 Nasa Road, LP's Motion to Reject Unexpired Lease between Debtor and 1100 Nasa Road, LP, and Motion for Payment of Administrative Claim for Post-Petition Rent. In the instant case, the estate's obligation to pay rent under the Lease of the Premises arose on the first day of each month. Debtor did not properly notify Movant of the bankruptcy and did not seek to reject the lease until February 8, 2016. Thus, the estate is liable for an administrative expense consisting of the rent and late fees for the months of November and December 2015, the month of January 2016, and the pro rated amount for eight days of rent in February 2016. A full-text copy of the Memorandum Opinion is available at http://is.gd/MBmKGXfrom Leagle.com. The case is IN RE SRT SOLUTIONS, LLC, Debtor, Case No. 15-35572-H3-11. SRT Solutions, LLC, Debtor, is represented by William P Haddock, Esq. -- whaddock@pendergraftsimon.com -- Pendergraft & Simon, Robert Lewis Pendergraft, Esq. -- rlp@pendergraftsimon.com -- Pendergraft & Simon, LLP, Leonard H. Simon, Esq. -- lsimon@pendergraftsimon.com -- Pendergraft & Simon, LLP. US Trustee, U.S. Trustee, is represented by Ellen Maresh Hickman, Office of the U S Trustee, Official Committee of Unsecured Ceditors of SRT Solutions, LLC, Creditor Committee, is represented by Steven A. Leyh, Esq. -- sleyh@lpmfirm.com -- Leyh, Payne & Mallia, PLLC. STC INC: Court Overrules GTT's Objection to Plan Confirmation ------------------------------------------------------------- STC, Inc., filed its First Amended Plan of Reorganization on October 26, 2015, and the debtor's largest unsecured creditor, Global Traffic Technologies, LLC, objected. GTT objects that the Plan violates the absolute priority rule because it allows the debtor's current equity holder, Brad Cross, to retain equity in the reorganized debtor without satisfying GTT's claim in full. GTT's objection is premised on the argument that it is not receiving the present value of its claim under the Plan. Judge Lara K. Grandy of the United States Bankruptcy Court for the Southern District of Illinois found that the Plan meets the requirements for confirmation and accordingly, overruled GTT's objections to confirmation. A full-text copy of the Opinion dated April 7, 2016 is available at http://is.gd/j49NEKfrom Leagle.com. The case is IN RE: STC, INC., Chapter 11, Debtor(s), Case No. 14-41014(Bankr. S.D. Ill.). STC Inc., Debtor, is represented by John J Hall, Esq. -- jhall@lewisrice.com -- Lewis Rice LLC. United States Trustee, U.S. Trustee, is represented by Mark D Skaggs, US Trustees Office. STEWARD HEALTH: S&P Affirms 'B-' CCR & Revises Outlook to Positive ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' corporate credit rating on Boston-based Steward Health Care System LLC and revised the outlook to positive from stable. At the same time, S&P affirmed its 'B-' rating on the company's senior secured term loan. The recovery rating on this debt is '3', indicating expectations for meaningful (50%-70%, at the lower end of the range) recovery to lenders in the event of payment default. "Our rating action on Steward follows the company's restructuring of its pension obligations, which we believe materially improves the company's balance sheet and cash flow prospects," said S&P Global Ratings credit analyst Shannan Murphy. Pro forma for the pension obligation restructuring, the company's underfunded pension balance (which S&P treats as debt) is reduced by over $200 million, and required annual cash contributions to the company's pension plans decline by about $30 million. As a result, S&P expects leverage to decline to around 3.0x in 2016 and the company to generate about $15 million to $20 million in discretionary cash flow, a meaningful departure from S&P's previous expectation that leverage would be in the mid-4x area and the company would generate only modest positive free cash flow this year. Still, the company has not yet generated cash flow over the past four years. The company's recent actions do not affect S&P's view of business risk. Steward is a low-cost, fully integrated provider of community-based health care services narrowly focused on the Massachusetts marketplace, a market that S&P views as highly competitive because of the presence of several large academic medical centers that account for a sizable portion of patient discharges. Steward, like other hospital systems, is subject to significant reimbursement risks, and its large reliance on Medicare leaves it susceptible to cuts in reimbursement rates. In addition, Steward's profitability, though slowly improving, is below average when compared with other health care facility operators, including other hospital systems. While EBITDA margins have improved over the past several quarters due to cost cutting (principally labor), S&P believes that the company's higher reliance on government reimbursement limits its ability to raise margins closer to peer levels in the 15%-20% range. For these reasons, S&P assess business risk as vulnerable. S&P's positive rating outlook reflects its expectation that Steward will generate about $15 million to $20 million in discretionary cash flow in 2016, as well as S&P's belief that the company could reduce leverage and improve liquidity this year through repaying amounts previously borrowed under its ABL. Still, S&P sees risks to the base case as Steward does not have a track record of generating positive cash flow, and S&P would like to see at least some cash generation before considering a higher rating. S&P could revise the rating back to stable if Steward is unable to generate positive free cash flow in 2016. In S&P's view, this could happen if the company experiences about 100 basis points of margins erosion versus 2015 levels, which S&P now views as unlikely given the trend of sequentially improving margins over the last few quarters. S&P could also revise its rating outlook back to stable if the company's financial policies are more aggressive than S&P currently anticipates, resulting in debt leverage that S&P expects to be sustained above 5x over time. S&P could raise the rating if it becomes more confident in its base-case cash flow projections for 2016, including S&P's view that the company is likely to use at least a portion of cash flow to reduce borrowings under the ABL. Under this scenario, S&P would likely determine that credit quality is more similar to 'B' (as opposed to 'B-') rated peers. In S&P's view, it could become more confident in S&P's projections if the company is able to generate cash flow in the second quarter of this year. TA CHUAN: Case Summary & 5 Unsecured Creditors ---------------------------------------------- Debtor: Ta Chuan, LLC 5 Rabbits Run Palm Beach Gardens, FL 33418 Case No.: 16-03280 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Middle District of Tennessee (Columbia) Judge: Hon. Marian F Harrison Debtor's Counsel: Steven L. Lefkovitz, Esq. LAW OFFICES LEFKOVITZ & LEFKOVITZ 618 Church St Ste 410 Nashville, TN 37219 Tel: 615 256-8300 Fax: 615 255-4516 E-mail: slefkovitz@lefkovitz.com Total Assets: $2.40 million Total Liabilities: $1.31 million The petition was signed by Florine Steele, member. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/tnmb16-03280.pdf THERAPEUTICSMD INC: Files Copy of Investor Presentation with SEC ---------------------------------------------------------------- TherapeuticsMD, Inc., furnished to the Securities and Exchange Commission a copy of an investor presentation which was used, in whole or in part, and subject to modification, on May 4, 2016 and at subsequent meetings with investors or analysts. The Presentation Materials is available for free at: http://is.gd/FhNcg0 About TherapeuticsMD Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a women's healthcare product company focused on creating and commercializing products targeted exclusively for women. The Company currently manufactures and distributes branded and generic prescription prenatal vitamins as well as over-the-counter vitamins and cosmetics. The Company is currently focused on conducting the clinical trials necessary for regulatory approval and commercialization of advanced hormone therapy pharmaceutical products designed to alleviate the symptoms of and reduce the health risks resulting from menopause-related hormone deficiencies. For the year ended Dec. 31, 2015, the Company reported a net loss of $85.07 million on $20.1 million of net revenues compared to a net loss of $54.2 million on $15.0 million of net revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, the Company had $73.7 million in total assets, $10.7 million in total liabilities, all current, and $63.1 million in total stockholders' equity. THQ INC: Court Junks Preference Suit vs. Starcom ------------------------------------------------ In the adversary proceeding captioned THQ INC., Plaintiff, v. STARCOM WORLDWIDE, INC., et al., Defendants, Adv. No. 14-51079 (MFW) (Bankr. D. Del.), THQ Inc. filed two Motions to Dismiss the preference and fraudulent transfer complaint for failure to state a claim upon which relief can be granted. Judge Mary F. Walrath of the United States Bankruptcy Court, District of Delaware granted the Motions to Dismiss the preference claim, because the Complaint failed to adequately allege the nature of the antecedent debt, the identities of the transferors and the transferees, and the dates of the alleged transfers. Judge Walrath also dismissed the fraudulent transfer claim, because the the plaintiff merely recites the statutory language without pleading sufficient facts in support of its claim. Because there are no remaining avoidance claims, Judge Walrath also dismissed the section 550 claim, the request for attorneys' fees and prejudgment interest, and the request to disallow claims under section 502. The plaintiff was granted leave to amend its Complaint. The bankruptcy case is In re: THQ INC., et al., Chapter 11, Debtors, Case No. 12-13398 (MFW) (Substantively Consolidated) (Bankr. D. Del.). A full-text copy of Judge Walrath's April 18, 2016 memorandum opinion is available at http://is.gd/PX55HTfrom Leagle.com. THQ Inc. is represented by: Julia Bettina Klein, Esq. Scott J. Leonhardt, Esq. THE ROSNER LAW GROUP LLC 824 N. Market Street, Suite 810 Wilmington, DE 19801 Tel: (302)777-1111 Email: klein@teamrosner.com leonhardt@teamrosner.com A&E Television Networks, LLC is represented by: Michael David Debaecke, Esq. BLANK ROME LLP 1201 Market Street, Suite 800 Wilmington, DE 19801 Tel: (302)425-6400 Fax: (302)425-6464 Email: debaecke@blankrome.com -- and -- Jeffrey A. Marks, Esq. VORYS, SATER, SEYMOUR AND PEASE LLP 301 East Fourth Street, Suite 3500 Great American Tower Cincinnati, OH 45202 Tel: (513)723-4000 Email: jamarks@vorys.com Bleacher Report, Inc. is represented by: Tiffany Strelow Cobb, Esq. VORYS, SATER, SEYMOUR AND PEASE LLP 52 East Gay Street Columbus, OH 43215 Tel: (614)464-6400 Fax: (614)464-6350 Email: tscobb@vorys.com Fox Entertainment Group, Inc. is represented by: Kevin G. Collins, Esq. BARNES & THORNBURG LLP 1000 N. West Street, Suite 1500 Wilmington, DE 19801-1050 Tel: (302)300-3434 Fax: (302)300-3456 Email: kevin.collins@btlaw.com IFC TV LLC is represented by: Damien Nicholas Tancredi, Esq. FLASTER/GREENBERG P.C. 1201 N. Orange St., Suite 301 Wilmington, DE 19801 Tel: (302)351-1910 Fax: (302)351-1919 Email: damien.tancredi@flastergreenberg.com Kappa Publishing Group, Inc. is represented by: Robert J. Downs, Esq. Microsoft Online, Inc. is represented by: Carl N. Kunz, III, Esq. MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19899-2306 Tel: (302)888-6800 Fax: (302)571-1750 Email: ckunz@morrisjames.com WildTangent, Inc. is represented by: Donna L. Culver, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL 1201 North Market Street, 16th Floor Wilmington, DE 19899-1347 Tel: (302)658-9200 Fax: (302)658-3989 Email: dculver@mnat.com Specific Media, Inc. is represented by: Michael G. Busenkell, Esq. GELLERT SCALI BUSENKELL & BROWN, LLC 1201 N. Orange Street, Suite 300 Wilmington, DE 19801 Tel: (302)425-5800 Fax: (302)425-5814 Email: mbusenkell@gsbblaw.com About THQ Inc. THQ Inc. (NASDAQ: THQI) -- http://www.thq.com/-- was a worldwide developer and publisher of interactive entertainment software. The Company developed its products for all popular game systems, personal computers, wireless devices and the Internet. Headquartered in Los Angeles, California, THQ sold product through its network of offices located throughout North America and Europe. THQ Inc. and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 12-13398) on Dec. 19, 2012. Michael R. Nestor, M. Blake Cleary and Jaime Luton Chapman at Young Conaway Stargatt & Taylor, LLP; and Oscar Garza at Gibson, Dunn & Crutcher LLP represent the Debtors. FTI Consulting and Centerview Partners LLC are the financial advisors. Kurtzman Carson Consultants is the claims and notice agent. Before the bankruptcy, Clearlake signed a contract to buy Agoura THQ for a price said to be worth $60 million. After a 22-hour auction with 10 bidders, the top offers brought a combined $72 million from several buyers who will split up the company. Judge Walrath approved the sales in January. Some of the assets didn't sell, including properties the company said could be worth about $29 million. Roberta A. DeAngelis, U.S. Trustee for Region 3, appointed five persons to serve in the Official Committee of Unsecured Creditors. The Committee tapped Houlihan Lokey Capital as its financial advisor and investment banker, Landis Rath & Cobb as co-counsel and Andrews Kurth as counsel. THQ Inc. and its debtor affiliates notified the U.S. Bankruptcy Court for the District of Delaware that on Aug. 2, 2013, their Second Amended Chapter 11 Plan of Liquidation became effective. TOWN SPORTS: S&P Affirms 'CCC+' CCR, Outlook Negative ----------------------------------------------------- S&P Global Ratings said that it affirmed its corporate credit rating on New York City-based Town Sports International Holdings Inc. at 'CCC+'. The rating outlook is negative. S&P also raised the issue-level rating on subsidiary Town Sports International LLC's senior secured term loan due 2020 to 'CCC+' from 'D'. S&P's recovery rating on the company's secured credit facilities is '4', reflecting its expectation that lenders would receive average (30% to 50%; upper half of the range) recovery in the event of a payment default. The 'CCC+' corporate credit rating affirmation reflects a highly leveraged capital structure that S&P believes is unsustainable over the long term, the ongoing risk of a conventional default, and the risk of another type of distressed debt restructuring in the future. S&P's forecast for reported debt to EBITDA is about 9x through 2019, net of the $100.9 million in aggregate face value of term loans that were repurchased since the inception of repurchase activity through April of 2016 at a steep discount to par, and assumes no additional term loan repurchases under the current amendment to the credit facility. The leverage forecast also assumes Town Sports continues to experiment with pricing strategies in its fitness clubs, there is no meaningful improvement in the 47% member attrition rate experienced in 2015, and that the company continues to try to reduce operating costs, leading to mid-single digit revenue declines and a mid-single digit EBITDA margin through 2017. The rating also reflects a high level of possible EBITDA and cash flow variability compared to S&P's base-case forecast given a revenue model that could remain in transition through 2017. S&P believes high cash balances of $62 million at March 2016 (pro forma for $26 million used to repurchase term loans after the quarter's end) and only a moderate level of anticipated negative free cash flow in S&P's base-case forecast through 2017 will likely cover fixed charges at least over the next year, lowering the risk of a payment default over the near term. Still, the rating reflects operations that are currently vulnerable, which led Town Sports to recently repurchase its term loan at a steep discount to par under an amendment to its credit facility that allowed the company to buy back its debt, which S&P views as the equivalent to a distressed restructuring and tantamount to default. S&P do not expect there to be material future term loan debt repurchases allowed under this amendment and any future material debt repurchases or distressed debt exchange offers would be viewed as a separate restructuring action, potentially resulting in another downgrade. "We are upgrading the issue-level rating on the term loan to 'CCC+', as we are confident that the likelihood of further material repurchases is remote, which we define as the completion of term loan repurchases under the amendment to the credit facility through a material depletion of cash balances available to complete repurchases, or the elimination of the amendment allowing them. It is our understanding that Town Sports was able to repurchase its term loan under the amendment only using cash at parent company Town Sports International Holdings Inc., which was nearly depleted as of May 3, 2016, and that the company cannot distribute more cash or value out of its operating companies up to the parent holding company under currently anticipated leverage levels. Since the company materially exhausted this source of cash we raised the issue level rating to 'CCC+' from 'D', according to our recovery and notching criteria. If the company pursues another debt restructuring of any form that we view as distressed, we could again lower the corporate credit rating to 'SD' or 'D', as appropriate, because we would view future potential actions under this scenario as a separate restructuring," S&P said. The negative outlook reflects S&P's view that Town Sports' capital structure is unsustainable over the longer term because of its distressed operations. S&P believes Town Sports could experience EBITDA and cash flow variability that is weaker than S&P's base-case forecast given a revenue model that could remain in transition through 2017. TOWNSIDE CONSTRUCTION: Case Summary & 12 Unsecured Creditors ------------------------------------------------------------ Debtor: Townside Construction, Inc. 608 S. Market Street Salem, VA 24153 Case No.: 16-70629 Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Western District of Virginia (Roanoke) Judge: Hon. Paul M. Black Debtor's Counsel: Andrew S Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. P O BOX 404 Roanoke, VA 24003 Tel: 540 343-9800 E-mail: agoldstein@mglspc.com Estimated Assets: $1 million to $10 million Estimated Debts: $1 million to $10 million The petition was signed by Jerry Grubb, secretary/treasurer. A list of the Debtor's 12 largest unsecured creditors is available for free at http://bankrupt.com/misc/vawb16-70629.pdf TRAVELPORT WORLDWIDE: Posts $17 Million Net Income for 1st Quarter ------------------------------------------------------------------ Travelport Worldwide Limited filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Company of $16.6 million on $609 million of net revenue for the three months ended March 31, 2016, compared to a net loss attributable to the Company of $8.14 million on $572 million of net revenue for the same period in 2015. As of March 31, 2016, Travelport had $2.96 billion in total assets, $3.26 billion in total liabilities and a total deficit of $297 million. Gordon Wilson, president and CEO of Travelport, commented: "Travelport has delivered a positive start to the year which builds on the momentum we established in 2015. We continued to drive our leadership positions in airline merchandising, hospitality, B2B payments and mobile commerce, leading to particularly strong International revenue growth, notably in Europe, Latin America and Canada and Asia Pacific. Air revenue benefited from our geographical mix as well the further adoption and penetration of our merchandising solutions - now implemented with around 160 airlines. We continue to grow Beyond Air, up by 23% in the quarter, with good growth again in hospitality, particularly in the United States, Latin America and Canada. Moreover MTT, our mobile commerce subsidiary, announced a number of new customer wins, and our payments business, eNett, grew its revenue by 76% as it cleared its backlog of customer implementations from last year and also gained more share of business with existing clients. These results show our progress in delivering continued top and bottom line growth and we re-affirm our full year guidance." A full-text copy of the Form 10-Q is available for free at: http://is.gd/TKhNnA About Travelport Worldwide Travelport Worldwide Limited is a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. * * * As reported by the TCR on March 8, 2016, Standard & Poor's Ratings Services raised to 'B+' from 'B' its long-term corporate credit rating on U.K.-based travel services provider Travelport Worldwide Ltd. The outlook is stable. TRIBUNE MEDIA: WTC's Appeal Goes to Third Circuit ------------------------------------------------- Appellant Wilmington Trust Company filed a motion seeking certification of this appeal directly to the United States Court of Appeals for the Third Circuit. WTC contends that certification is required because each of the criteria of 28 U.S.C. Section 158(d)(2)(A) is met. First, WTC argues that there is no controlling decision of the Supreme Court or the Third Circuit Court of Appeals on whether unsecured creditors are entitled to recover post-petition attorneys' fees as part of their unsecured claim. WTC also argues that the court's ruling is of significant public importance and if adopted by other courts in this jurisdiction will "severely restrict unsecured creditors' recourse to receive reimbursement of legal fees, which effectively will limit such creditors' participation in the legal process." WTC further argues that there is a split in decisions within the Third Circuit. Finally, WTC contends that certification will "materially advance the closing of these Chapter 11 cases." Conversely, Debtor Tribune Media Company argues that certification should be denied because the issue on appeal does not meet any of the statutory criteria set forth in 28 U.S.C. Section 158(d)(2)(A). Judge Gregory M. Sleet of the United States District Court for the District of Delaware granted WTC's Certification Motion. Certification is mandatory where a single condition is satisfied. The court certified this appeal because there is no decision from the Third Circuit or the Supreme Court that controls the legal question raised in the motion for certification. A full-text copy of the Memorandum Opinion dated April 12, 2016 is available at http://is.gd/pjoiV1from Leagle.com. The case is WILMINGTON TRUST COMPANY, Appellant, v. TRIBUNE MEDIA COMPANY, et al., Debtors, C.A. No. 15-1116-GMS (D. Del.). The bankruptcy case is IN RE: TRIBUNE MEDIA COMPANY, et al., Chapter 11, Debtors, Bankruptcy Case No. 08-13141-KJC (D. Del.). Wilmington Trust Company, Appellant, represented by William D. Sullivan, Sullivan, Hazeltine Allinson LLC & Elihu Ezekiel Allinson, III, Sullivan, Hazeltine Allinson LLC. Tribune Media Company, Appellee, represented by Norman L. Pernick, Cole, Schotz, Meisel, Forman & Leonard, P.A., James F. Bendernagel, Sidley Austin LLP, pro hac vice, James O. Johnston, Jones Day, pro hac vice, Janet Kathleen Stickles, Cole, Schotz, Meisel, Forman & Leonard, P.A. & Patrick J. Reilley, Cole, Schotz, Meisel, Forman & Leonard, P.A.. Tribune Media, headquartered in Chicago, IL, benefits from television assets including 42 broadcast stations in 33 markets (each of the top five and seven of the top ten markets) reaching 44% of U.S. households and the WGN America network with 73 million subscribers. Tribune Media holds minority equity interests in several media enterprises including TV Food Network which contribute cash distributions. The company emerged from Chapter 11 bankruptcy protection at the end of 2012 and certain creditors prior to Chapter 11 filing are now shareholders with funds of Oaktree Capital Management (roughly 15%) , Angelo, Gordon & Co. LP (7%); and JPMorgan Chase (7%) being three of the four largest shareholders and with designess on the board of directors. Reported revenue totaled $2.0 billion for LTM. TRIUMPH GROUP: S&P Lowers Rating to 'BB-', Outlook Stable --------------------------------------------------------- S&P Global Ratings said that it has downgraded Triumph Group Inc. to 'BB-' from 'BB'. The outlook is stable. "The downgrade reflects the impact of the $1.3 billion in pre-tax charges that the company announced in the fourth quarter of fiscal year 2016 (ended March 31, 2016,) on its earnings and cash flow, as well as the greater-than-expected declines in its revenue and earnings in fiscal year 2017 from production cuts on certain widebody and business jet aircraft," said S&P Global credit analyst Chris Denicolo. The proposed restructuring program -- which the company expects will generate $300 million in annual savings by fiscal year 2019 -- should improve Triumph's margins over the next two to three years, though its EBITDA margins will likely not return to their pre-2015 levels until fiscal year 2019 (and could become more volatile during that period). S&P also believes that the company will refrain from undertaking material share repurchases or debt-financed acquisitions until its restructuring efforts are largely complete and its leverage has declined. In fiscal year 2017, S&P expects Triumph to post a debt-to-EBITDA metric of greater than 4.5x and a funds from operations (FFO)-to-debt ratio of 11%-13%, which should steadily improve thereafter. The company's fiscal-year 2016 credit ratios are not meaningful due to the $1.3 billion of pre-tax charges. The stable outlook on Triumph reflects S&P's belief that the company's proposed restructuring efforts should lower its cost structure and improve its margins over the next few years. S&P expects Triumph's revenue to decline in fiscal year 2017 due to decreased production levels on certain widebody and business jet programs, though S&P believes that the company's revenue will return to growth in fiscal year 2018. S&P expects the company's credit ratios to be weak in fiscal year 2017 with a debt-to-EBITDA metric of greater than 4.5x, though S&P anticipates that this measure will improve thereafter. S&P could lower its ratings on Triumph if its debt-to-EBITDA metric increases above 5x or its FFO-to-debt ratio declines below 12% over the next 12 months and it appears unlikely that they will improve. This could occur if the company is unsuccessful at improving its profitability, if the production declines in certain programs are greater than S&P currently expects, or if (less likely) the company undertakes material share repurchases or debt-financed acquisitions. Although not likely in the next 12 months, S&P could raise its ratings on Triumph if its restructuring efforts or higher-than-expected demand cause its earnings to improve faster than S&P envision in its current forecast such that its debt-to-EBITDA metric declines below 4x. TRUSTEES OF CONNEAUT LAKE: Court Refuses to Stay Insurance Ruling ----------------------------------------------------------------- This is a declaratory judgment action involving a dispute regarding the relative rights of the Debtor, Trustees of Conneaut Lake Park, Inc., Plaintiff Park Restoration, LLC and certain tax creditors of the Debtor specifically Summit Township, Crawford County, the Tax Claim Bureau of Crawford County and Conneaut School District with respect to fire insurance proceeds together with any interest that has accrued on such sums, the "Insurance Proceeds" in the original amount of $611,000. On December 22, 2015, this Court determined that summary judgment was appropriate and that (a) the Debtor is not an insured under the applicable insurance policy, and is not entitled to be paid any of the Insurance Proceeds, (b) the Taxing Authorities should be paid $478,260.75 of the Insurance Proceeds, and (c) any principal sums remaining of the Insurance Proceeds after payment to the Taxing Authorities should be paid to the named insured—Park Restoration. After entry of summary judgment, the Taxing Authorities filed a motion seeking payment of $478,260.75 of the Insurance Proceeds. Unhappy that it was not awarded all of the Insurance Proceeds, Plaintiff Park Restoration filed an appeal to the United States District Court for the Western District of Pennsylvania. Park Restoration also filed a Motion for Stay Pending Appeal. Judge Jeffery A. Deller of the United States Bankruptcy Court for the Western District of Pennsylvania denied Plaintiff Park Restoration's Motion for Stay Pending Appeal as it has not met its burden of proof. Conversely, the Court granted Debtor stay pending appeal as it has met its burden of proof for the entry of a stay as to any partial distribution to Park Restoration pending the outcome of the Debtor's cross appeal. A full-text copy of the Memorandum Opinion dated April 12, 2016 is available at http://is.gd/ocR3Vqfrom Leagle.com. The adversary case is PARK RESTORATION, LLC, Plaintiff, v. SUMMIT TOWNSHIP, a Municipal Corporation; THE TRUSTEES OF CONNEAUT LAKE PARK, a Charitable Trust; CRAWFORD COUNTY, a Political Subdivision; the TAX CLAIM BUREAU OF CRAWFORD COUNTY; and the CONNEAUT SCHOOL DISTRICT, Defendants, Adversary No. 15-1010-JAD (Bankr. W.D. Pa.). The bankruptcy case is IN RE: TRUSTEES OF CONNEAUT LAKE PARK, INC., Chapter 11 Debtor-in-Possession, Bankruptcy No. 14-11277-JAD (Bankr. W.D. Pa.). About Conneaut Lake Park Conneaut Lake Park is a summer amusement resort, located in Conneaut Lake, Pennsylvania. Trustees of Conneaut Lake Park, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 14-11277) in Erie, Pennsylvania, on Dec. 4, 2014. The case is assigned to Judge Thomas P. Agresti. The Debtor tapped George T. Snyder, Esq., at Stonecipher Law Firm, in Pittsburgh, as counsel. The Debtor estimated assets and debt of $1 million to $10 million. Trustees of Conneaut Lake Park filed for bankruptcy protection less than 20 hours before the Crawford County amusement park was scheduled to go to sheriff's sale for almost $930,000 in back taxes and related fees. U.S. STEEL: Fitch Assigns BB Rating on New $8.37% Secured Notes --------------------------------------------------------------- Fitch Ratings has assigned United States Steel Corporation's (U.S. Steel; NYSE: X) proposed 8.375% senior secured notes due July 1, 2021 a rating of 'BB/RR2.' Collateral is to include, but not be limited to, all of the U.S. Steel's equipment, investment property, certain fixtures and owned real property as well as all general intangibles, intellectual property and intellectual property licenses. Fitch has also downgraded U.S. Steel's senior unsecured notes to 'B-/RR6' from 'B+/RR4' given the additional senior secured debt ahead of the senior unsecured notes in the capital structure. Pro forma for the repayment of unsecured notes, $2.2 billion in notes are affected by this action. Fitch rates U.S. Steel's Long-Term Issuer Default Rating (IDR) 'B+'/Negative Outlook. KEY RATING DRIVERS Recovery Analysis In its recovery analysis, Fitch assumes a going concern EBITDA of $550 million compared to the latest-12-month (LTM) March 31, 2016, operating loss before interest, taxes and depreciation and amortization of $151 million to reflect a recovery in flat-rolled pricing and volumes as well as modest improvement in tubular. For 2016, Fitch expects operating EBITDA of around $350 million. Fitch assumes an enterprise value multiple of 5x which generates a distressed going concern enterprise value of $2.8 billion. Fitch assumes administrative claims at $275 million or 10% of enterprise value. Fitch assumes the revolver is drawn to its $1.35 billion capacity. While this analysis indicates outstanding recovery for the secured notes, Fitch constrained the recovery rating to 'RR2' (71% - 90%) to reflect the less liquid nature of the collateral. In its 8K filed May 2, 2016, U.S. Steel stated that the book value of the fixtures, real estate, machinery and equipment included in the collateral was approximately $2.2 billion, as of March 31, 2016. The proceeds of the secured notes are to be used to repay debt focusing on near-term maturities. In its recovery analysis, Fitch assumes that $900 million of the $933 million notes due 2017 and 2018 are repaid. The recovery on the senior unsecured notes is very sensitive to assumptions; the recovery rating has been constrained to an 'RR6'. Depressed Earnings/Cash Flow Improvement in earnings and cash flow will require better oil prices and reduced steel import competition. While imports have been declining, steel prices have been increasing. Fitch views current oil prices as unsustainably low; visibility into the timing of full price and volume recovery is limited. Lower rig counts have hit the company's oil country tubular goods (OCTG) volumes. The tubular segment shipments for 2015 were 593 thousand tons compared with 1.7 million tons in 2014 and 89 thousand tons in the first quarter of 2016 compared with 220 thousand tons in the first quarter of 2015. U.S. Steel reports that OCTG March inventories were estimated at 10 - 11 months of supply and that the import share of first quarter demand was projected to exceed 44%. Fitch notes that steel product imports in the U.S. through March 2016, are down 36% from the same period of 2015. Import competition and weak raw material prices have filtered through to lower steel prices. Flat-rolled prices averaged $611/ton in the first quarter 2016 compared with $695/ton on average for the full year in 2015. Despite strong demand from autos, appliances and construction, capacity utilization was 71% on average in 2015 and the year through April of 2016. Fitch Ratings believes that margins are vulnerable when capacity utilization is below 80% and that capacity utilization could remain below 80% through 2016. Hard freeze of the pension fund, capacity closures, more efficient raw materials sourcing, and better working capital management have benefitted earnings and cash flows but not enough to offset the impact of weaker demand and global overcapacity. Pension As of Dec. 31, 2015, the defined benefit pension plans were underfunded by $735 million on a GAAP basis. The plan was closed to new entrants in 2003 and, effective Dec. 31, 2016, non-union participants will cease to accrue additional benefits under the plan. Pension and other post-employment benefit costs were $251 million for 2015 and cash payments were $189 million. Costs for 2016 are expected to be $93 million and cash payments are expected to be $145 million. U.S. Steel estimates that there will be no mandatory contribution requirement for its main U.S. defined-benefit pension plan in 2016. Company Profile The ratings reflect U.S. Steel's leading market positions in flat-rolled and tubular steel in the U.S., together with its high degree of control over its raw materials offset by the high fixed costs of integrated steel producers. U.S. Steel is the second largest North American flat-rolled steel producer with capacity of 17 million tons; 2015 shipments were 11 million tons. U.S. Steel is the largest integrated North American tubular producer, with capacity of 2.8 million tons; 2015 shipments were 593 thousand tons. U.S. Steel also operates a five million ton per year integrated steel operation in Kosice, Slovakia. U.S. Steel's production of iron ore pellets including from its share of joint ventures was 18.1 million tons in 2015, accounting for a significant share of its needs. In 2015, North American raw steel produced was 11.3 million tons and, assuming 1.3 tons of iron ore pellets are needed to produce 1 ton of raw steel, 14.7 million tons of iron ore pellets were consumed. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for U.S. Steel include: -- Modest improvement for domestic flat-rolled and tubular products volumes in 2016 and 2017; -- Capital expenditures at guidance in 2016 and at maintenance levels in 2016 and 2017; -- Pricing is to improve modestly in 2016 and 2017. For 2016, Fitch Base Case price assumptions are $650/ton for the Flat- rolled product segment, $1,200/ton for the Tubular segment, and $500/ton for the U.S. Steel Europe Segment; and -- Cost improvement is anticipated with Carnegie Way initiatives. RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- Deterioration in liquidity coupled with cash burn greater than $300 million in aggregate in 2016 and 2017; -- Weaker than expected operating results, whether from lack of recovery in tubular demand or from unfavorable resolution of trade cases, resulting in adjusted debt/EBITDAR sustainably above 4.5x. -- A debt financed recapitalization or debt financed acquisition. Fitch views this event as unlikely Positive: Future developments that may lead to a positive rating action include: -- Debt levels materially reduced and free cash flow generation that is expected to be positive on average. -- Faster than expected turnaround in market dynamics allowing positive free cash flow generation. -- Total adjusted debt/EBITDAR sustainably below 4.0x. LIQUIDITY AND DEBT STRUCTURE Liquidity is strong over the next 24 months. U.S. Steel generated an operating loss before interest, taxes, and depreciation and amortization of $151 million with negative free cash flow of $169 million after $230 in gross interest, capital expenditures of $476 million and dividends of $29 million in the latest 12 months ended March 31, 2016. As of March 31, 2016, cash on hand was $705 million; total debt was $3.1 billion; and the $1.5 billion facility maturing in July 2020 was undrawn. The facility has a 1x fixed-charge coverage ratio requirement only at such times that availability under the facility is less than the greater of 10% of total commitments or $150 million. U.S. Steel would not have met the fixed-charge coverage ratio requirement of 1x and thus availability under the facility was $1.35 billion. The facility could mature early (91 days prior to a senior note maturity) if liquidity is less than $500 million plus the outstanding amount of the notes maturing of which $300 million is availability under the facility. If the 2017 and 2018 issues are repaid with the proceeds of the proposed secured notes and cash on hand, the next maturing note issue is $600 million due in April 2020. Fitch believes U.S. Steel will generate neutral to slightly negative free cash flow in 2016. Fitch expects the company will earn about $350 million in EBITDA for 2016 resulting in very high financial leverage. With partial recovery in shipments and modest pricing improvement, Fitch expects EBITDA to approach mid-cycle levels of about $800 million dropping leverage to below 4x by the end of 2018. Near-term scheduled maturities of debt are $45 million in 2016, $494 million in 2017, $500 million in 2018, $59 million in 2019 and $604 million in 2020. FULL LIST OF RATINGS ACTIONS Fitch rates this: -- $980 Million senior secured notes 'BB/RR2'. Fitch downgrades these ratings: -- Senior unsecured notes to 'B-/RR6' from 'B+/RR4'. Fitch currently rates United States Steel Corporation as: -- Long-Term IDR 'B+'; -- Senior secured credit facility 'BB+/RR1'; -- Senior Secured notes 'BB/RR2'; and -- Senior unsecured notes 'B-/RR6'. VANGUARD HEALTHCARE: Hires BMC Group as Noticing Agent ------------------------------------------------------ Vanguard Healthcare, LLC, and its debtor affiliates seek permission from the Bankruptcy Court to retain BMC Group, Inc. as their noticing agent effective as of the Petition Date, to relieve the Court and the Clerk's Office of the burdens associated with the large number of creditors (approximately 700) and other parties-in-interest involved in their Chapter 11 cases. The Debtors request authority to compensate and reimburse BMC Group in accordance with the payment terms, procedures and conditions set forth in the Agreement for services rendered and expenses incurred in connection with these cases. Prior to the Petition Date, BMC Group was paid a retainer of $5,000. The Debtors request that the fees and expenses of BMC Group incurred in the performance of the services be treated as an administrative expense of their estates and be paid by them in the ordinary course of business. BMC Group represents it is not a creditor of the Debtors as of the Petition Date and is a "disinterested person," as defined in Section 101(14) of the Bankruptcy Code. About Vanguard Healthcare Vanguard is a long-term care provider headquartered in Brentwood, Tennessee, providing rehabilitation and skilled nursing services at 14 facilities in four states (Florida, Mississippi, Tennessee and West Virginia). Vanguard Healthcare, LLC and 17 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. M.D Tenn. Proposed Lead Case No. 16-03296) on May 6, 2016. The petitions were signed by William D. Orand as chief executive officer. The Debtors estimated asets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtors have hired Bradley Arant Boult Cummings LLP as counsel and BMC Group as noticing agent. Judge Randal S. Mashburn has been assigned the cases. VANGUARD HEALTHCARE: Seeks Joint Administration of Cases -------------------------------------------------------- Vanguard Healthcare, LLC, and its debtor affiliates seek an order from the Bankruptcy Court establishing certain notice, case management and administrative procedures including: (a) administratively consolidating the Chapter 11 cases, (b) limiting the notice procedures in the Chapter 11 cases; and (c) designating the parties upon whom notice must be served. The Debtors said that by regulating the service, notice and filing requirements at the outset of these cases, the Court will establish a standard procedure for noticing of creditors and parties-in-interest and minimize confusion regarding such important procedural matters. Further, the Debtors said these proposed procedures will ease the Court's administration of these cases and dramatically reduce the economic burdens on the Debtors' estates. Specifically, the Debtors propose that every notice, motion or application, and all briefs, memoranda, affidavits, declarations or other documents will be subject to the notice procedures, unless otherwise ordered by the Court. "There are hundreds of creditors and potential creditors and many other parties-in- interest involved in the Debtors' cases, each of which may be entitled to certain notices, including notices under Bankruptcy Rules 2002(a)(2) and (3). In addition, the Debtors expect many parties will file notices of appearance and requests for notices and copies of pleadings as these cases proceed. The potential costs associated with copying and mailing or otherwise serving all Filings on all creditors and parties in interest, as well as all 2002 List Parties would impose an undue and expensive administrative and economic burden on the Debtors' estates," according to William L. Norton III, Esq., at Bradley Arant Boult Cummings LLP, counsel for the Debtors. "Similarly, allowing electronic service of documents according to the Notice Procedures will further reduce the administrative and financial burden on the Debtors' estate, as well as on other serving parties, and will, in many cases, allow for more expedient service of documents," he added. Proposed Notice Procedures The Debtors propose that all filings in these cases shall be served upon the following list of parties or entities: a. The Debtors and their counsel; b. The Office of the United States Trustee; c. Centers for Medicare & Medicaid Services; d. State of Tennessee Department of Health Division of Health Licensure and Regulation Office of Health Care Facilities; e. Florida Agency for Health Care Administration Division of Health Quality Assurance; f. Mississippi State Department of Health; g. West Virginia Department of Health and Human Resources; h. The parties listed in the Consolidated Unsecured Creditor List, as defined in the Motion of the Debtors for an Order Authorizing the Debtors to File a Consolidated List of Largest Unsecured Creditors, until such time as an unsecured creditor's committee is formed pursuant to Section 1102 of the Bankruptcy Code; i. Counsel to any official committee(s) established in these cases pursuant to Section 1102 of the Bankruptcy Code; j. All secured creditors and counsel; k. All Tennessee local counsel having entered a notice of appearance in these cases, but in each such case only one copy of the Filing regardless of how many creditors or parties-in-interest the Tennessee Local Counsel represents; and l. All parties requesting notice by filing a request for notice in the case. BMC Group, Inc. will serve as the official notice agent in these Chapter 11 cases. The Debtors believe that adopting the Notice Procedures will substantially reduce administrative burdens and result in substantial cost savings to their estates because of the reduction of time and money the Debtors will have to expend on the filings. About Vanguard Healthcare Vanguard is a long-term care provider headquartered in Brentwood, Tennessee, providing rehabilitation and skilled nursing services at 14 facilities in four states (Florida, Mississippi, Tennessee and West Virginia). Vanguard Healthcare, LLC and 17 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. M.D Tenn. Proposed Lead Case No. 16-03296) on May 6, 2016. The petitions were signed by William D. Orand as chief executive officer. The Debtors estimated asets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtors have hired Bradley Arant Boult Cummings LLP as counsel and BMC Group as noticing agent. Judge Randal S. Mashburn has been assigned the cases. VANGUARD HEALTHCARE: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Vanguard Healthcare, LLC 16-03296 Six Cadillac Drive, Suite 310 Brentwood, TN 37027 Vanguard Healthcare Services, LLC 16-03297 Vanguard Financial Services, LLC 16-03298 Aurora Australis, LLC 16-03300 Boulevard Terrace, LLC 16-03302 Elderscript Services, LLC 16-03306 Eldercare of Jackson County, LLC 16-03308 Glen Oaks, LLC 16-03310 Palace RBS, LLC 16-03312 Shady Lawn, LLC 16-03313 Vanguard of Ashland, LLC 16-03314 Vanguard of Church Hill, LLC 16-03315 Vanguard of Crestview, LLC 16-03316 Vanguard of Manchester, LLC 16-03317 Vanguard of Memphis, LLC 16-03318 Vanguard of Ripley, LLC 16-03319 Vicksburg Convalescent, LLC 16-03321 Whitehall OpCo, LLC 16-03322 Type of Business: Vanguard is a long-term care provider headquartered in Brentwood, Tennessee, providing rehabilitation and skilled nursing services at 14 facilities in four states (Florida, Mississippi, Tennessee and West Virginia). Chapter 11 Petition Date: May 6, 2016 Court: United States Bankruptcy Court Middle District of Tennessee (Nashville) Judge: Hon. Randal S Mashburn Debtors' Counsel: William L. Norton, III, Esq. BRADLEY ARANT BOULT CUMMINGS LLP PO Box 340025 Nashville, TN 37203 Tel: 615 252-2397 Fax: 615-252-6397 Email: bnorton@babc.com Debtors' BMC GROUP Noticing Agent: Estimated Assets: $100 million to $500 million Estimated Debts: $50 million to $100 million The petition was signed by William D. Orand, chief executive officer. The Debtors did not include a list of their largest unsecured creditors when they filed the petitions. VANGUARD HEALTHCARE: Wants to Use Cash Collateral of Capital One ---------------------------------------------------------------- Vanguard Healthcare LLC and its debtor affiliates seek authority from the Bankruptcy Court to use cash collateral to fund their working capital requirements and other financial needs during the pendency of the Chapter 11 cases and pay costs and expenses of the administration of the Chapter 11 cases. The Debtors are all borrowers under a Credit Agreement dated July 29, 2011, in the original principal amount of $56,455,000 (the "Capital One Term Loan"). The Debtors also have a revolving credit facility in the current principal amount of approximately $6 million, originally with General Electric Capital Corporation, but which was also acquired by Healthcare Financial Solutions in December, 2015. The Capital One Revolver is evidenced by a Credit Agreement dated July 31, 2012, as amended. Capital One acquired General Electric's Healthcare Financial Services lending business in December, 2015, and combined that business with Capital One's existing healthcare banking business to form Capital One Healthcare. The Capital One Indebtedness is secured by a Guaranty and Security Agreement dated as of July 29, 2011, through which the Debtors pledged all assets. These interests were perfected by UCC filings on July 29, 2011. According to the Debtors, other than the Credit Agreements with Capital One, no other creditor has a lien on their general assets. As adequate protection for any Cash Collateral expended by the Debtors, they propose to grant Capital One a perfected replacement lien in all of their postpetition assets, which liens will have the same priority to Capital One that existed as of the filing of the Petition. As further adequate protection, upon the entry of a final order approving the Debtors' use of cash collateral, Capital One will be entitled to (i) the payment of proceeds from the sale of any assets sold outside the ordinary course of business by the Debtors in amounts either established by agreement between the Debtors and Capital One or by order of the Court, and (ii) monthly payments in the amount of accrued interest on the Capital One Indebtedness that has accrued at the non-default contract rate since the Petition Date. The Debtors assert that Capital One's interests are adequately protected by virtue of the fact that the value of their assets exceed the debt owed to Capital One by approximately $50 million. About Vanguard Healthcare Vanguard is a long-term care provider headquartered in Brentwood, Tennessee, providing rehabilitation and skilled nursing services at 14 facilities in four states (Florida, Mississippi, Tennessee and West Virginia). Vanguard Healthcare, LLC and 17 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. M.D Tenn. Proposed Lead Case No. 16-03296) on May 6, 2016. The petitions were signed by William D. Orand as chief executive officer. The Debtors estimated asets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtors have hired Bradley Arant Boult Cummings LLP as counsel and BMC Group as noticing agent. Judge Randal S. Mashburn has been assigned the cases. VERSO CORP: Ch. 11 Plan Goes to June 23 Confirmation Hearing ------------------------------------------------------------ Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware on May 9, 2016, approved the disclosure statement explaining Verso Corporation, et al.'s Third Amended Joint Plan of Reorganization and scheduled the confirmation hearing for June 23, 2016, at 10:00 a.m. (EDT). Prior to the May 9 Disclosure Statement hearing, the Debtors filed a Third Amended Plan and accompanying disclosure statement, to incorporate the settlement of the tax dispute with the town of Jay, Maine. Pursuant to the settlement, in exchange for the Debtors' withdrawal of pending challenges to Jay's assessments with respect to the Androscoggin Assets, the Debtors will receive a tax credit of $4 million to be applied, in installments of $666,667 each, to the Debtors' next six semi-annual tax payments to Jay, in addition to all prior abatements granted. As additional consideration, Jay has agreed to extend additional credits if and as necessary to reduce the Debtors' gross tax liabilities to Jay for property tax years 2016 through 2020 to amounts ranging from $4.75 million (for tax year 2020) to $6.75 million (for tax year 2016), in all cases before giving effect to the $666,667 credits and other reimbursements and credits available under Maine law. The deadline to file objections to the confirmation of the Plan will be June 13. The deadline to file a memorandum of law or an affidavit in support of confirmation of the Plan and, if necessary, a reply to any valid objection filed on or before the Plan Objection Deadline is June 6. All Ballots must be received on or before June 13. Under the Debtors' Plan holders of Allowed General Unsecured Claims Against Asset Debtors will receive their pro rata share of $3 million in Cash under the Plan. In addition, the Debtors will (a) make payments totaling no less than 90% of the payments permitted under the Final Order Authorizing the Debtors to Pay Prepetition Claims of Critical Vendors, and (b) pay in full or reach settlements with all Holders of Allowed Claims arising under section 503(b)(9) of the Bankruptcy Code. The Debtors and Reorganized Debtors will irrevocably and unconditionally release, waive, and discharge any Claims or Causes of Action that they have, had, or may have that are based on sections 544, 547, 548, 549 and/or 550 of the Bankruptcy Code and analogous non-bankruptcy law for all purposes. Additionally, the Holders of NewPage Term Loan Claims, Verso 2012 First Lien Notes Claims, Verso 2015 First Lien Notes Claims, and Verso Cash Flow Claims will not receive any portion of the General Unsecured Claims Cash Distribution. Under the Plan, 100% of the equity of Reorganized Verso will be issued to the Debtors' existing creditors, subject to dilution by equity issued to the Reorganized Debtors' employees under the Management Incentive Plan and the Plan Warrants. Specifically, holders of Allowed Verso First Lien Claims will receive 50% of Reorganized Verso's equity (plus warrants to purchase additional equity), holders of NewPage Roll-Up DIP Claims and NewPage Term Loan Claims will receive 47% of Reorganized Verso's equity, holders of Verso Senior Debt Claims will receive 2.85% of Reorganized Verso's equity, and holders of Verso Subordinated Debt Claims will receive the remaining 0.15% of Reorganized Verso's equity. Blacklined versions of the Third Amended Chapter 11 Plan and Disclosure Statement dated May 6, 2016, are available at http://bankrupt.com/misc/VERSOplan0506.pdf 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. VISUALANT INC: Files Amended Resale Prospectus with SEC ------------------------------------------------------- Visualant, Incorporated, filed with the Securities and Exchange Commission an amended Form S-1 registration statement relating to the resale by Discover Growth Fund of up to 356,666 shares of the Company's common stock that it may issue to the selling stockholder upon conversion of Series B Redeemable Convertible Preferred Stock at a conversion price of $7.50 per share, subject to certain adjustments. The Company's common stock is quoted on the OTCQB Marketplace, operated by OTC Markets Group, under the symbol "VSUL". On March 29, 2016, the last reported sale price for the Company's common stock on the OTCQB Marketplace was $6.68 per share. On June 17, 2015, the Company effected a 1-for-150 reverse stock split of the Company's common stock. All warrant, option, share and per share information in this prospectus gives retroactive effect to the 1-for-150 split with all numbers rounded up to the nearest whole share. A full-text copy of the Form S-1/A is available for free at: http://is.gd/osXlQw About Visualant Inc. Seattle, Wash.-based Visualant, Inc., was incorporated under the laws of the State of Nevada on Oct. 8, 1998. The Company develops low-cost, high speed, light-based security and quality control solutions for use in homeland security, anti- counterfeiting, forgery/fraud prevention, brand protection and process control applications. Visualant reported a net loss of $2.63 million on $6.29 million of revenue for the year ended Sept. 30, 2015, compared to a net loss of $1.01 million on $7.98 million of revenue for the year ended Sept. 30, 2014. As of Dec. 31, 2015, the Company had $2.43 million in total assets, $9.69 million in total liabilities, all current, and a total stockholders' deficit of $7.25 million. PMB Helin Donovan, LLP, in Seattle, Washington, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, citing that Company has sustained a net loss from operations and has an accumulated deficit since inception. These factors raise substantial doubt about the Company's ability to continue as a going concern. WILTON HOLDINGS: S&P Lowers CCR to 'CCC', Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Woodbridge, Ill.–based Wilton Holdings Inc. to 'CCC' from 'B-'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's $400 million term loan due 2018 to 'CCC+' from 'B'. The recovery rating remains '2', indicating S&P's expectation for substantial (70% to 90%, at the upper end of the range) recovery in the event of a payment default. S&P estimates as of March 31, 2016, Wilton had roughly $292 million in reported debt outstanding. Including roughly $984 million in preferred stock and $47 million in capitalized operating leases, S&P estimates the company had roughly $1.3 billion of adjusted debt. "The downgrade reflects our belief that the company may not be able to meet its increasing debt amortization during the next 12 months and could default on its financial covenants, absent a refinancing, debt restructuring, or equity infusion by its financial sponsor owners," said S&P Global Ratings analyst Bea Chiem. "Specifically, we do not believe the company will be able to comply with its senior secured net leverage covenant and possible springing fixed-charge coverage ratio on its asset-backed loan, and will unlikely meet its debt amortization step-up in 2017." The food and paper crafting company's operating results were well below S&P's expectations in 2015 full year and first quarter 2016, following the loss of certain products, underperformance of product lines at key retailers, greater retail pressure on pricing and allowances, increasing private label competition, and a lack of new product innovations to drive category growth. Results were also weakened by foreign currency impact from the weak Canadian dollar. Net sales declined 5% in 2015 and adjusted EBITDA dropped 8%. Notably, the company's key selling season, the fourth quarter, was weak, with sales dropping 9% compared with 2014. The weakness accelerated into the first quarter ended March 31, 2016, with net sales declining 14% and adjusted EBITDA falling over 40%. For the 12 months ended March 31, 2016, debt to EBITDA increased to 19x (excluding preferred stock 4.9x) compared with 14x for the prior-year period. While the company has announced management changes and initiatives to address its underperformance, S&P believes it will take longer than the next 12 months to see material improvements. S&P Global Ratings estimates the company will have slightly negative cash flow this year after factoring in its sizable $40 million term loan debt amortization in 2016. Additionally, the company has a large step-up in amortization to $95 million in 2017, which S&P believes the company would not be able to fund because it is greater than its operating cash flow generation. Additionally, the company's $125 million ABL expires in August 2017, and it may be difficult for the company to refinance or terms may be highly unfavorable given its poor operating performance. During the second half of 2015, the company exchanged roughly $514 million of holding company payment-in-kind notes into preferred equity and amended its term loan covenant for more cushion. While the exchange and amendment provided temporary relief, the company's recent weaker-than-expected operating performance along with its sizable upcoming maturities, contribute to S&P's belief that leverage will remain high, cash flow will be insufficient to cover upcoming debt obligations, and a potential covenant or payment default in the next 12 months is imminent. S&P's financial risk assessment of the company reflects the company's substantial debt obligations, the company's financial sponsor ownership, and preferred equity units in the capital structure. S&P views the company's preferred stock as 100% debt because S&P believes that its holders, the company's financial sponsors, will likely seek a return on the instrument and there is no stapling between the company's preferred and common stock in which the preferred and common stock can be sold separately. Wilton's business risk profile reflects S&P's view that the company participates in the competitive and highly fragmented crafts industry, which has low barriers to entry and a narrow product and customer focus. S&P believes the company's products are also vulnerable to changes in consumer tastes and cutbacks in discretionary spending. Wilton is the largest food and paper crafting company in the highly fragmented crafts industry, with Wilton Enterprises (the food crafts division) accounting for about 70% of sales and EK Success Brands and Simplicity Creative accounting for the balance. The company holds solid shares of the niche and fragmented cake decorating and bakeware categories, as well as in numerous arts and crafts categories, including needle crafts and beads. Although the company has market-leading shares and faces little competition from larger competitors, it is S&P's opinion that barriers to market entry are low, characterized by low capital expenditure requirements, which could lead to ongoing pressure from private-label entrants. In addition, Wilton is exposed to customer concentration as its top 10 customers accounted for over 70% of 2015 net sales. Given that, S&P believes the loss of any key customer would be detrimental to Wilton's operations. WORLD IMPORTS: Unwaived Maritime Liens Enforceable, 3rd Cir. Says ----------------------------------------------------------------- In a bankruptcy proceeding, OEC Group, New York ("OEC") asserted maritime liens on goods then in its possession, and appealed a ruling of the United States District Court for the Eastern District of Pennsylvania that certain contractual modifications to those liens were unenforceable. Concluding that the modifications were enforceable as to goods then in OEC's possession, the United States Court of Appeals, Third Circuit reversed and remanded for the District Court to craft an appropriate remedy. The Third Circuit held that: "Given the strong presumption that OEC did not waive its maritime liens on the Prepetition Goods, the clear documentation that the parties intended such liens to survive delivery, the familiar principle that a maritime lien may attach to property substituted for the original object of the lien, and the parties' general freedom to modify or extend existing liens by contract, we conclude that the parties' agreement to apply those unwaived liens toward the Current Goods is enforceable." The case is In re: WORLD IMPORTS LTD., et al., Debtors. WORLD IMPORTS, LTD.; WORLD IMPORTS CHICAGO, LLC; WORLD IMPORTS SOUTH, LLC; 11000 LLC, v. OEC GROUP NEW YORK, Appellant, No. 15-1498 (3rd Cir.). A full-text copy of the Third Circuit's April 20, 2016 opinion is available at http://is.gd/YIwrzVfrom Leagle.com. Appellant is represented by: Dean E. Weisgold, Esq. DEAN E. WEISGOLD PC 1835 Market Street, Suite 1215 Philadelphia, PA 19103 Tel: (215)599-0327 Fax: (215)599-0322 Email: weisgoldlaw@aol.com -- and -- Brendan Collins, Esq. GKG LAW, PC 1055 Thomas Jefferson Street NW Suite 500 Washington, DC 20007-4492 Tel: (202)342-5200 Fax: (202)342-5219 Email: bcollins@gkglaw.com Appellee is represented by: David L. Braverman, Esq. John E. Kaskey, Esq. Brian J. Discount, Esq. BRAVERMAN KASKEY, P.C. One Liberty Place 1650 Market Street, 56th Floor Philadelphia, PA 19103-7334 Tel: (215)575-3800 Fax: (215)575-3801 About World Imports World Imports, Ltd., filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 13-15929) on July 3, 2013, in Philadelphia. Debtor- affiliates World Imports South, LLC (Bankr. E.D. Pa. Case No. 13-15933), 11000 LLC (Bankr. E.D. Pa. Case No. 13-15934, and World Imports Chicago, LLC (Bankr. E.D. Pa. Case No. 13-15935) filed separate petitions for Chapter 11 relief. The cases are jointly administered under Case No. 13-15929. John E. Kaskey, Esq., at Braverman Kaskey, P.C., in Philadelphia, serves as counsel to the Debtors. World Imports, Ltd., estimated assets and debts of $10 million to $50 million. World Imports South, LLC, estimated assets of $1 million to $10 million. Roberta A. DeAngelis, United States Trustee for Region 3, appointed a 3-member Committee of Unsecured Creditors. Fox Rothschild LLP as counsel. [*] Moody's: US Corporate Defaults Rise Since 2009 in Q1 2016 ------------------------------------------------------------- Commodity sectors led to a rise in US non-financial corporate defaults to the most since the third quarter of 2009, Moody's Investors Service says in its latest quarterly default monitor. Cash flow pressures saw 11 oil and gas and five metals and mining companies default in the first quarter of 2016, contributing 16 of the quarter's 23 defaults. In the final quarter of 2015, there were 16 defaults including nine energy companies. "Weakness in the commodities sector continued to push the US speculative-grade default rate higher in the first three months of this year, with oil and gas, and metals and mining companies accounting for the bulk of defaults," said Moody's Senior Vice President, John Puchalla. "Our default risk indicators continue to weaken, warning that the current upward default rate pressure would increase if the US economy falters." The US speculative-grade default rate rose to 4.1% in the first quarter of 2016 from 3.2% the prior quarter, and is projected to climb to 6.0% by the end of this year as oil and gas companies come under continued pressure from the rout in energy prices, according to Moody's new report "US Corporate Default Monitor - First Quarter 2016: Defaults and Restructuring Risk Indicators Jump in First Quarter." This would bring the default rate to its highest level since July 2010. The 18.5% one-year US speculative-grade default rate for oil & gas and metals & mining companies in March was significantly higher than the 1.9% rate for all other sectors. Outside the commodities sector, seven companies defaulted in the first quarter of 2016, in line with the fourth quarter and the non-commodity quarterly average over the past two years. "Liquidity and default pressures are much less pronounced outside of energy," Puchalla said. "Slow economic growth, modest maturities over the next year and a lack of widespread covenant issues have helped limit the spread of default risk to other sectors." Moody's Liquidity Stress Index (LSI) jumped to 10.2% in April from 6.8% at the end of 2015, but excluding commodities companies it remained below average, at 5.3%. Speculative-grade debt spreads have also narrowed and new debt issuance is increasing. But with spec-grade yields and investor risk aversion higher than they were a year ago, borrowing to fund investment and resolve liquidity issues is more difficult, with the resulting drag on economic activity heightening default risk. Moody's subscribers can access this report at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1025620 [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE OU1 GR 108.3 (42.6) (41.9) ABSOLUTE SOFTWRE ABT CN 108.3 (42.6) (41.9) ABSOLUTE SOFTWRE ABT2EUR EU 108.3 (42.6) (41.9) ABSOLUTE SOFTWRE ALSWF US 108.3 (42.6) (41.9) ADV MICRO DEVICE AMD US 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMDCHF EU 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD SW 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD* MM 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD QT 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD TH 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD TE 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD GR 2,981.0 (503.0) 898.0 ADVANCED EMISSIO ADES US 60.8 (25.0) (24.2) ADVENT SOFTWARE ADVS US 424.8 (50.1) (110.8) AERIE PHARMACEUT AERI US 139.2 (0.2) 104.6 AERIE PHARMACEUT AERIEUR EU 139.2 (0.2) 104.6 AERIE PHARMACEUT 0P0 GR 139.2 (0.2) 104.6 AEROJET ROCKETDY AJRD US 2,034.9 (145.5) 108.5 AEROJET ROCKETDY GCY TH 2,034.9 (145.5) 108.5 AEROJET ROCKETDY GCY GR 2,034.9 (145.5) 108.5 AIR CANADA ACDVF US 13,503.0 (732.0) (256.0) AIR CANADA ADH2 QT 13,503.0 (732.0) (256.0) AIR CANADA ACEUR EU 13,503.0 (732.0) (256.0) AIR CANADA ADH2 GR 13,503.0 (732.0) (256.0) AIR CANADA ADH2 TH 13,503.0 (732.0) (256.0) AIR CANADA AC CN 13,503.0 (732.0) (256.0) AK STEEL HLDG AKS* MM 3,987.3 (611.6) 750.7 AK STEEL HLDG AKS US 3,987.3 (611.6) 750.7 AK STEEL HLDG AK2 TH 3,987.3 (611.6) 750.7 AK STEEL HLDG AK2 GR 3,987.3 (611.6) 750.7 AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) AMYLIN PHARMACEU AMLN US 1,998.7 (42.4) 263.0 ANGIE'S LIST INC 8AL GR 182.4 (3.5) (27.8) ANGIE'S LIST INC ANGI US 182.4 (3.5) (27.8) ARCH COAL INC ACIIQ* MM 5,106.7 (1,244.3) (4,361.0) ARIAD PHARM ARIACHF EU 546.7 (103.1) 142.9 ARIAD PHARM APS TH 546.7 (103.1) 142.9 ARIAD PHARM APS QT 546.7 (103.1) 142.9 ARIAD PHARM ARIAEUR EU 546.7 (103.1) 142.9 ARIAD PHARM APS GR 546.7 (103.1) 142.9 ARIAD PHARM ARIA US 546.7 (103.1) 142.9 ARIAD PHARM ARIA SW 546.7 (103.1) 142.9 ASPEN TECHNOLOGY AST GR 439.4 (35.5) (21.3) ASPEN TECHNOLOGY AZPN US 439.4 (35.5) (21.3) AUTOZONE INC AZOEUR EU 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 TH 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 QT 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 GR 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZO US 8,366.4 (1,741.3) (784.8) AVID TECHNOLOGY AVID US 311.8 (303.6) (75.2) AVID TECHNOLOGY AVD GR 311.8 (303.6) (75.2) AVINTIV SPECIALT POLGA US 1,991.4 (3.9) 322.1 AVON - BDR AVON34 BZ 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP* MM 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP CI 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP GR 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP US 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP TH 3,629.1 (435.7) 604.6 BARRACUDA NETWOR CUDA US 419.8 (32.1) (41.9) BARRACUDA NETWOR CUDAEUR EU 419.8 (32.1) (41.9) BARRACUDA NETWOR 7BM GR 419.8 (32.1) (41.9) BENEFITFOCUS INC BTF GR 136.0 (26.7) 9.6 BENEFITFOCUS INC BNFT US 136.0 (26.7) 9.6 BERRY PLASTICS G BP0 GR 7,710.0 (67.0) 646.0 BERRY PLASTICS G BERY US 7,710.0 (67.0) 646.0 BLUE BIRD CORP BLBD US 251.0 (121.5) 1.5 BLUE BIRD CORP 1291067D US 251.0 (121.5) 1.5 BOMBARDIER INC-B BBDBN MM 23,667.0 (3,442.0) 1,342.0 BOMBARDIER-B OLD BBDYB BB 23,667.0 (3,442.0) 1,342.0 BOMBARDIER-B W/I BBD/W CN 23,667.0 (3,442.0) 1,342.0 BRINKER INTL BKJ GR 1,489.2 (243.7) (225.6) BRINKER INTL EAT US 1,489.2 (243.7) (225.6) BRP INC/CA-SUB V B15A GR 2,445.2 (14.1) 363.3 BRP INC/CA-SUB V BRPIF US 2,445.2 (14.1) 363.3 BRP INC/CA-SUB V DOO CN 2,445.2 (14.1) 363.3 BUFFALO COAL COR BUC SJ 49.8 (19.3) (2.2) BURLINGTON STORE BURL US 2,580.1 (99.0) 46.4 BURLINGTON STORE BUI GR 2,580.1 (99.0) 46.4 CABLEVISION SY-A CVC US 6,732.4 (4,832.9) (257.2) CABLEVISION SY-A CVY TH 6,732.4 (4,832.9) (257.2) CABLEVISION SY-A CVY GR 6,732.4 (4,832.9) (257.2) CABLEVISION SY-A CVCEUR EU 6,732.4 (4,832.9) (257.2) CABLEVISION-W/I CVC-W US 6,732.4 (4,832.9) (257.2) CABLEVISION-W/I 8441293Q US 6,732.4 (4,832.9) (257.2) CAMBIUM LEARNING ABCD US 141.4 (74.2) (54.9) CASELLA WASTE CWST US 620.4 (28.5) 0.3 CASELLA WASTE WA3 GR 620.4 (28.5) 0.3 CEB INC CEB US 1,295.2 (23.3) (198.0) CEB INC FC9 GR 1,295.2 (23.3) (198.0) CEDAR FAIR LP FUN US 2,003.8 (41.8) (100.7) CEDAR FAIR LP 7CF GR 2,003.8 (41.8) (100.7) CENTENNIAL COMM CYCL US 1,480.9 (925.9) (52.1) CHARTER COM-A CHTR US 40,524.0 (219.0) (313.0) CHARTER COM-A CKZA TH 40,524.0 (219.0) (313.0) CHARTER COM-A CKZA GR 40,524.0 (219.0) (313.0) CHOICE HOTELS CZH GR 717.0 (395.9) 102.9 CHOICE HOTELS CHH US 717.0 (395.9) 102.9 CINCINNATI BELL CIB GR 1,444.6 (291.6) (64.2) CINCINNATI BELL CBB US 1,444.6 (291.6) (64.2) CLEAR CHANNEL-A C7C GR 6,357.2 (569.7) 656.6 CLEAR CHANNEL-A CCO US 6,357.2 (569.7) 656.6 CLIFFS NATURAL R CVA QT 1,886.3 (1,696.7) 352.2 CLIFFS NATURAL R CVA TH 1,886.3 (1,696.7) 352.2 CLIFFS NATURAL R CLF2EUR EU 1,886.3 (1,696.7) 352.2 CLIFFS NATURAL R CVA GR 1,886.3 (1,696.7) 352.2 CLIFFS NATURAL R CLF* MM 1,886.3 (1,696.7) 352.2 CLIFFS NATURAL R CLF US 1,886.3 (1,696.7) 352.2 COGENT COMMUNICA OGM1 GR 662.8 (12.3) 182.4 COGENT COMMUNICA CCOI US 662.8 (12.3) 182.4 COHERUS BIOSCIEN CHRS US 212.4 (6.9) 91.4 COHERUS BIOSCIEN 8C5 GR 212.4 (6.9) 91.4 COHERUS BIOSCIEN 8C5 TH 212.4 (6.9) 91.4 COHERUS BIOSCIEN CHRSEUR EU 212.4 (6.9) 91.4 COLGATE-BDR COLG34 BZ 12,448.0 (73.0) 27.0 COLGATE-CEDEAR CL AR 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CL* MM 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CL US 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CLCHF EU 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CL SW 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CPA GR 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CLEUR EU 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CPA TH 12,448.0 (73.0) 27.0 COLGATE-PALMOLIV CPA QT 12,448.0 (73.0) 27.0 COMMUNICATION CSAL US 2,542.6 (1,166.9) - COMMUNICATION 8XC GR 2,542.6 (1,166.9) - CPI CARD GROUP I CPB GR 280.4 (86.6) 59.0 CPI CARD GROUP I PMTS US 280.4 (86.6) 59.0 CPI CARD GROUP I PNT CN 280.4 (86.6) 59.0 CYAN INC YCN GR 112.1 (18.4) 56.9 CYAN INC CYNI US 112.1 (18.4) 56.9 DELEK LOGISTICS DKL US 379.2 (11.0) 22.1 DELEK LOGISTICS D6L GR 379.2 (11.0) 22.1 DENNY'S CORP DE8 GR 288.8 (57.4) (48.9) DENNY'S CORP DENN US 288.8 (57.4) (48.9) DIRECTV DTV US 25,321.0 (3,463.0) 1,360.0 DIRECTV DTV CI 25,321.0 (3,463.0) 1,360.0 DIRECTV DTVEUR EU 25,321.0 (3,463.0) 1,360.0 DOMINO'S PIZZA DPZ US 820.8 (1,730.3) 292.8 DOMINO'S PIZZA EZV TH 820.8 (1,730.3) 292.8 DOMINO'S PIZZA EZV GR 820.8 (1,730.3) 292.8 DPL INC DPL US 3,340.8 (62.2) (453.8) DUN & BRADSTREET DNB US 2,273.6 (1,105.3) 0.4 DUN & BRADSTREET DNB1EUR EU 2,273.6 (1,105.3) 0.4 DUN & BRADSTREET DB5 GR 2,273.6 (1,105.3) 0.4 DUN & BRADSTREET DB5 TH 2,273.6 (1,105.3) 0.4 DUNKIN' BRANDS G 2DB GR 3,093.9 (234.6) 117.3 DUNKIN' BRANDS G 2DB TH 3,093.9 (234.6) 117.3 DUNKIN' BRANDS G DNKN US 3,093.9 (234.6) 117.3 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 EAST DUBUQUE NIT RNF US 241.4 (166.3) 12.0 EASTMAN KODAK CO KODN GR 2,066.0 (48.0) 861.0 EASTMAN KODAK CO KODK US 2,066.0 (48.0) 861.0 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 EMPIRE RESORTS I NYNY US 65.4 (1.5) (6.7) EMPIRE RESORTS I LHC1 GR 65.4 (1.5) (6.7) ENERGIZER HOLDIN ENR US 1,584.4 (10.2) 643.2 ENERGIZER HOLDIN ENR-WEUR EU 1,584.4 (10.2) 643.2 ENERGIZER HOLDIN EGG GR 1,584.4 (10.2) 643.2 EPL OIL & GAS IN EPA1 GR 563.6 (933.3) (308.4) EPL OIL & GAS IN EPL US 563.6 (933.3) (308.4) ERIN ENERGY CORP ERN SJ 376.2 (105.8) (314.8) EXELIXIS INC EXEL US 492.5 (156.0) 238.4 EXELIXIS INC EX9 TH 492.5 (156.0) 238.4 EXELIXIS INC EXELEUR EU 492.5 (156.0) 238.4 EXELIXIS INC EX9 GR 492.5 (156.0) 238.4 FAIRMOUNT SANTRO FMSA US 1,369.0 (60.4) 274.0 FAIRPOINT COMMUN FRP US 1,322.5 (1.5) (4.1) FAIRPOINT COMMUN FONN GR 1,322.5 (1.5) (4.1) FIFTH STREET ASS FSAM US 151.2 (1.7) - FREESCALE SEMICO 1FS GR 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO FSLEUR EU 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO 1FS TH 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO FSL US 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO 1FS QT 3,159.0 (3,079.0) 1,264.0 GAMCO INVESTO-A GBL US 104.0 (276.3) - GAMING AND LEISU GLPI US 2,436.2 (258.8) (98.7) GAMING AND LEISU 2GL GR 2,436.2 (258.8) (98.7) GARDA WRLD -CL A GW CN 1,982.6 (436.3) 69.1 GARTNER INC IT US 2,211.5 (112.7) (111.9) GARTNER INC GGRA GR 2,211.5 (112.7) (111.9) GENTIVA HEALTH GTIV US 1,225.2 (285.2) 130.0 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GLG PARTNERS INC GLG US 400.0 (285.6) 156.9 GLG PARTNERS-UTS GLG/U US 400.0 (285.6) 156.9 GOLD RESERVE INC GDRZF US 15.0 (32.3) (42.5) GOLD RESERVE INC GRZ CN 15.0 (32.3) (42.5) GOLD RESERVE INC GOD GR 15.0 (32.3) (42.5) GRAHAM PACKAGING GRM US 2,947.5 (520.8) 298.5 GYMBOREE CORP/TH GYMB US 1,156.7 (337.9) 29.4 H&R BLOCK INC HRB TH 2,874.0 (536.7) 631.6 H&R BLOCK INC HRBEUR EU 2,874.0 (536.7) 631.6 H&R BLOCK INC HRB GR 2,874.0 (536.7) 631.6 H&R BLOCK INC HRB US 2,874.0 (536.7) 631.6 HCA HOLDINGS INC 2BH GR 32,776.0 (5,999.0) 3,803.0 HCA HOLDINGS INC 2BH TH 32,776.0 (5,999.0) 3,803.0 HCA HOLDINGS INC HCA US 32,776.0 (5,999.0) 3,803.0 HCA HOLDINGS INC HCAEUR EU 32,776.0 (5,999.0) 3,803.0 HECKMANN CORP-U HEK/U US 531.3 (38.3) (461.5) HEWLETT-PACKA-WI HPQ-W US 25,517.0 (4,909.0) (1,606.0) HOVNANIAN-A-WI HOV-W US 2,552.7 (143.1) 1,501.0 HP INC HWP QT 25,517.0 (4,909.0) (1,606.0) HP INC 7HP GR 25,517.0 (4,909.0) (1,606.0) HP INC HPQCHF EU 25,517.0 (4,909.0) (1,606.0) HP INC HPQ SW 25,517.0 (4,909.0) (1,606.0) HP INC 7HP TH 25,517.0 (4,909.0) (1,606.0) HP INC HPQ US 25,517.0 (4,909.0) (1,606.0) HP INC HPQ* MM 25,517.0 (4,909.0) (1,606.0) HP INC HPQ CI 25,517.0 (4,909.0) (1,606.0) HP INC HPQ TE 25,517.0 (4,909.0) (1,606.0) HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IDEXX LABS IDXX US 1,478.6 (73.8) (69.7) IDEXX LABS IX1 TH 1,478.6 (73.8) (69.7) IDEXX LABS IX1 GR 1,478.6 (73.8) (69.7) IMMUNOGEN INC IMGN US 222.3 (41.1) 153.5 IMMUNOGEN INC IMU QT 222.3 (41.1) 153.5 IMMUNOGEN INC IMU TH 222.3 (41.1) 153.5 IMMUNOGEN INC IMU GR 222.3 (41.1) 153.5 IMMUNOMEDICS INC IM3 TH 67.6 (45.0) 50.6 IMMUNOMEDICS INC IM3 GR 67.6 (45.0) 50.6 IMMUNOMEDICS INC IMMU US 67.6 (45.0) 50.6 INFOR US INC LWSN US 6,778.1 (460.0) (305.9) INNOVIVA INC INVA US 387.8 (362.0) 187.0 INNOVIVA INC HVE GR 387.8 (362.0) 187.0 INTERNATIONAL WI ITWG US 325.1 (11.5) 95.4 INVENTIV HEALTH VTIV US 2,152.7 (771.1) 124.3 IONIX TECHNOLOGY IINX US 0.0 (0.0) (0.0) IPCS INC IPCS US 559.2 (33.0) 72.1 ISRAMCO INC IRM GR 147.0 (2.9) 13.0 ISRAMCO INC ISRLEUR EU 147.0 (2.9) 13.0 ISRAMCO INC ISRL US 147.0 (2.9) 13.0 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 J CREW GROUP INC JCG US 1,516.3 (769.0) 91.7 JACK IN THE BOX JACK US 1,273.0 (60.1) (103.2) JACK IN THE BOX JBX GR 1,273.0 (60.1) (103.2) JACK IN THE BOX JACK1EUR EU 1,273.0 (60.1) (103.2) JUST ENERGY GROU 1JE GR 1,274.3 (673.6) (97.6) JUST ENERGY GROU JE US 1,274.3 (673.6) (97.6) JUST ENERGY GROU JE CN 1,274.3 (673.6) (97.6) KEMPHARM INC 1GD GR 55.7 (10.1) 45.7 KOPPERS HOLDINGS KO9 GR 1,125.4 (12.4) 163.8 KOPPERS HOLDINGS KOP US 1,125.4 (12.4) 163.8 L BRANDS INC LTD TH 8,493.0 (258.0) 2,281.0 L BRANDS INC LB US 8,493.0 (258.0) 2,281.0 L BRANDS INC LTD GR 8,493.0 (258.0) 2,281.0 L BRANDS INC LBEUR EU 8,493.0 (258.0) 2,281.0 L BRANDS INC LB* MM 8,493.0 (258.0) 2,281.0 LEAP WIRELESS LEAP US 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEAP WIRELESS LWI TH 4,662.9 (125.1) 346.9 LENNOX INTL INC LXI GR 1,861.0 (73.3) 318.4 LENNOX INTL INC LII US 1,861.0 (73.3) 318.4 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 MADISON-A/NEW-WI MSGN-W US 799.5 (1,167.1) 134.9 MAJESCOR RESOURC MJXEUR EU 0.0 (0.1) (0.1) MANNKIND CORP MNKD IT 126.4 (350.3) (191.7) MARRIOTT INTL-A MAQ GR 6,121.0 (3,667.0) (1,823.0) MARRIOTT INTL-A MAQ TH 6,121.0 (3,667.0) (1,823.0) MARRIOTT INTL-A MAR US 6,121.0 (3,667.0) (1,823.0) MDC COMM-W/I MDZ/W CN 1,571.6 (454.2) (274.0) MDC PARTNERS-A MDCAEUR EU 1,571.6 (454.2) (274.0) MDC PARTNERS-A MDZ/A CN 1,571.6 (454.2) (274.0) MDC PARTNERS-A MDCA US 1,571.6 (454.2) (274.0) MDC PARTNERS-EXC MDZ/N CN 1,571.6 (454.2) (274.0) MEAD JOHNSON 0MJA TH 4,016.8 (592.4) 1,392.1 MEAD JOHNSON MJNEUR EU 4,016.8 (592.4) 1,392.1 MEAD JOHNSON 0MJA GR 4,016.8 (592.4) 1,392.1 MEAD JOHNSON MJN US 4,016.8 (592.4) 1,392.1 MEDLEY MANAGE-A MDLY US 121.5 (17.7) 53.8 MERITOR INC MTOR US 2,093.0 (601.0) 146.0 MERITOR INC AID1 GR 2,093.0 (601.0) 146.0 MERRIMACK PHARMA MP6 GR 192.9 (217.1) 63.3 MERRIMACK PHARMA MACK US 192.9 (217.1) 63.3 MICHAELS COS INC MIM GR 2,023.3 (1,724.1) 594.9 MICHAELS COS INC MIK US 2,023.3 (1,724.1) 594.9 MIDSTATES PETROL MPO1EUR EU 679.2 (1,326.1) (1,838.8) MONEYGRAM INTERN MGI US 4,280.0 (224.3) (16.8) MOODY'S CORP MCO US 5,114.9 (351.5) 1,933.4 MOODY'S CORP DUT TH 5,114.9 (351.5) 1,933.4 MOODY'S CORP MCOEUR EU 5,114.9 (351.5) 1,933.4 MOODY'S CORP DUT GR 5,114.9 (351.5) 1,933.4 MOTOROLA SOLUTIO MSI US 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MOT TE 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MTLA GR 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MTLA TH 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MTLA QT 9,049.0 (137.0) 1,969.0 MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - MSG NETWORKS- A MSGN US 799.5 (1,167.1) 134.9 MSG NETWORKS- A 1M4 TH 799.5 (1,167.1) 134.9 MSG NETWORKS- A 1M4 GR 799.5 (1,167.1) 134.9 NATHANS FAMOUS NFA GR 81.0 (65.2) 57.4 NATHANS FAMOUS NATH US 81.0 (65.2) 57.4 NATIONAL CINEMED XWM GR 1,084.3 (171.7) 84.6 NATIONAL CINEMED NCMI US 1,084.3 (171.7) 84.6 NAVIDEA BIOPHARM NAVB IT 15.0 (53.8) 6.4 NAVISTAR INTL IHR TH 5,980.0 (5,190.0) 139.0 NAVISTAR INTL NAV US 5,980.0 (5,190.0) 139.0 NAVISTAR INTL IHR GR 5,980.0 (5,190.0) 139.0 NEFF CORP-CL A NEFF US 672.3 (169.4) 0.4 NEKTAR THERAPEUT ITH GR 491.9 (0.3) 278.9 NEKTAR THERAPEUT NKTR US 491.9 (0.3) 278.9 NEW ENG RLTY-LP NEN US 202.2 (30.8) - NORTHERN OIL AND NOG US 733.9 (197.6) 50.7 NORTHERN OIL AND 4LT GR 733.9 (197.6) 50.7 NTELOS HOLDINGS NTLS US 643.0 (39.0) 106.7 OCH-ZIFF CAPIT-A 35OA GR 1,255.3 (183.7) - OCH-ZIFF CAPIT-A OZM US 1,255.3 (183.7) - OMEROS CORP OMER US 49.0 (26.2) 20.9 OMEROS CORP 3O8 TH 49.0 (26.2) 20.9 OMEROS CORP 3O8 GR 49.0 (26.2) 20.9 OMEROS CORP OMEREUR EU 49.0 (26.2) 20.9 OMTHERA PHARMACE OMTH US 18.3 (8.5) (12.0) ONCOMED PHARMACE OMED US 204.9 (19.8) 149.9 ONCOMED PHARMACE O0M GR 204.9 (19.8) 149.9 PALM INC PALM US 1,007.2 (6.2) 141.7 PBF LOGISTICS LP 11P GR 433.6 (180.7) 34.2 PBF LOGISTICS LP PBFX US 433.6 (180.7) 34.2 PENN NATL GAMING PN1 GR 5,138.8 (678.0) (185.3) PENN NATL GAMING PENN US 5,138.8 (678.0) (185.3) PHILIP MORRIS IN PMI EB 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PMI1 IX 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PM FP 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PM US 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN 4I1 TH 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PM1CHF EU 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PM1EUR EU 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PMI SW 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN 4I1 QT 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN PM1 TE 34,621.0 (10,894.0) 1,837.0 PHILIP MORRIS IN 4I1 GR 34,621.0 (10,894.0) 1,837.0 PLANET FITNESS-A PLNT US 699.2 (1.1) 6.7 PLANET FITNESS-A 3PL GR 699.2 (1.1) 6.7 PLANET FITNESS-A 3PL TH 699.2 (1.1) 6.7 PLAYBOY ENTERP-A PLA/A US 165.8 (54.4) (16.9) PLAYBOY ENTERP-B PLA US 165.8 (54.4) (16.9) PLY GEM HOLDINGS PG6 GR 1,285.9 (76.8) 256.1 PLY GEM HOLDINGS PGEM US 1,285.9 (76.8) 256.1 POLYMER GROUP-B POLGB US 1,991.4 (3.9) 322.1 PROTECTION ONE PONE US 562.9 (61.8) (7.6) QUALITY DISTRIBU QDZ GR 413.0 (22.9) 102.9 QUALITY DISTRIBU QLTY US 413.0 (22.9) 102.9 QUINTILES TRANSN QTS GR 3,982.9 (205.9) 859.0 QUINTILES TRANSN Q US 3,982.9 (205.9) 859.0 REGAL ENTERTAI-A RGC US 2,632.3 (877.6) (113.1) REGAL ENTERTAI-A RETA GR 2,632.3 (877.6) (113.1) REGAL ENTERTAI-A RGC* MM 2,632.3 (877.6) (113.1) RENAISSANCE LEA RLRN US 57.0 (28.2) (31.4) RENTECH NITROGEN 2RN GR 241.4 (166.3) 12.0 RENTPATH LLC PRM US 208.0 (91.7) 3.6 REVLON INC-A REV US 2,014.3 (587.5) 351.9 REVLON INC-A RVL1 GR 2,014.3 (587.5) 351.9 ROUNDY'S INC RNDY US 1,095.7 (92.7) 59.7 ROUNDY'S INC 4R1 GR 1,095.7 (92.7) 59.7 RURAL/METRO CORP RURL US 303.7 (92.1) 72.4 RYERSON HOLDING RYI US 1,556.2 (140.8) 643.0 RYERSON HOLDING 7RY TH 1,556.2 (140.8) 643.0 RYERSON HOLDING 7RY GR 1,556.2 (140.8) 643.0 SANCHEZ ENERGY C SN* MM 1,542.3 (456.2) 499.1 SANCHEZ ENERGY C SN US 1,542.3 (456.2) 499.1 SANCHEZ ENERGY C 13S TH 1,542.3 (456.2) 499.1 SANCHEZ ENERGY C 13S GR 1,542.3 (456.2) 499.1 SBA COMM CORP-A SBJ GR 7,371.6 (1,630.6) 49.5 SBA COMM CORP-A SBJ TH 7,371.6 (1,630.6) 49.5 SBA COMM CORP-A SBACEUR EU 7,371.6 (1,630.6) 49.5 SBA COMM CORP-A SBAC US 7,371.6 (1,630.6) 49.5 SCIENTIFIC GAM-A SGMS US 7,690.7 (1,583.9) 516.3 SCIENTIFIC GAM-A TJW GR 7,690.7 (1,583.9) 516.3 SEARS HOLDINGS SEE TH 11,337.0 (1,956.0) 607.0 SEARS HOLDINGS SHLD US 11,337.0 (1,956.0) 607.0 SEARS HOLDINGS SEE QT 11,337.0 (1,956.0) 607.0 SEARS HOLDINGS SEE GR 11,337.0 (1,956.0) 607.0 SECTOR 5 INC SECT US 0.0 (0.0) (0.0) SENSEONICS HLDGS SENS US 5.5 (9.7) (2.4) SILVER SPRING NE SSNI US 457.7 (33.9) 5.7 SILVER SPRING NE 9SI TH 457.7 (33.9) 5.7 SILVER SPRING NE 9SI GR 457.7 (33.9) 5.7 SIRIUS XM CANADA XSR CN 292.9 (134.0) (172.0) SIRIUS XM CANADA SIICF US 292.9 (134.0) (172.0) SIRIUS XM HOLDIN RDO TH 7,928.2 (563.9) (1,942.3) SIRIUS XM HOLDIN RDO GR 7,928.2 (563.9) (1,942.3) SIRIUS XM HOLDIN SIRI US 7,928.2 (563.9) (1,942.3) SONIC CORP SONC US 606.7 (33.2) 15.5 SONIC CORP SO4 GR 606.7 (33.2) 15.5 SONIC CORP SONCEUR EU 606.7 (33.2) 15.5 SPORTSMAN'S WARE SPWH US 303.0 (2.1) 104.8 SPORTSMAN'S WARE 06S GR 303.0 (2.1) 104.8 SUPERVALU INC SJ1 GR 4,370.0 (433.0) 63.0 SUPERVALU INC SJ1 TH 4,370.0 (433.0) 63.0 SUPERVALU INC SVU US 4,370.0 (433.0) 63.0 SWIFT ENERGY CO SWTF US 525.0 (852.7) (271.2) SYNDAX PHARMACEU 1T3 GR 12.8 (5.7) 2.1 SYNDAX PHARMACEU SNDX US 12.8 (5.7) 2.1 TAILORED BRANDS TLRD US 2,244.3 (100.1) 723.6 TAILORED BRANDS WRMA GR 2,244.3 (100.1) 723.6 TRANSDIGM GROUP TDG US 8,330.0 (964.3) 1,204.3 TRANSDIGM GROUP TDGCHF EU 8,330.0 (964.3) 1,204.3 TRANSDIGM GROUP TDG SW 8,330.0 (964.3) 1,204.3 TRANSDIGM GROUP TDGEUR EU 8,330.0 (964.3) 1,204.3 TRANSDIGM GROUP T7D GR 8,330.0 (964.3) 1,204.3 TRINITY PLACE HO TPHS US 56.3 (3.3) - UNISYS CORP USY1 GR 2,265.1 (1,354.3) 261.5 UNISYS CORP UISEUR EU 2,265.1 (1,354.3) 261.5 UNISYS CORP USY1 TH 2,265.1 (1,354.3) 261.5 UNISYS CORP UIS US 2,265.1 (1,354.3) 261.5 UNISYS CORP UIS1 SW 2,265.1 (1,354.3) 261.5 UNISYS CORP UISCHF EU 2,265.1 (1,354.3) 261.5 VECTOR GROUP LTD VGR US 1,228.8 (153.9) 335.3 VECTOR GROUP LTD VGR GR 1,228.8 (153.9) 335.3 VENOCO INC VQ US 403.8 (354.3) 195.7 VERISIGN INC VRS TH 2,323.7 (1,108.0) 464.3 VERISIGN INC VRS GR 2,323.7 (1,108.0) 464.3 VERISIGN INC VRSN US 2,323.7 (1,108.0) 464.3 VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VIEWRAY INC VRAY US 52.2 (7.0) 15.5 VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WW6 TH 1,422.1 (1,285.7) (144.2) WEIGHT WATCHERS WW6 GR 1,422.1 (1,285.7) (144.2) WEIGHT WATCHERS WTWEUR EU 1,422.1 (1,285.7) (144.2) WEIGHT WATCHERS WTW US 1,422.1 (1,285.7) (144.2) WEST CORP WT2 GR 3,522.7 (536.2) 231.2 WEST CORP WSTC US 3,522.7 (536.2) 231.2 WESTERN REFINING WR2 GR 487.3 (73.7) 36.7 WESTERN REFINING WNRL US 487.3 (73.7) 36.7 WINGSTOP INC EWG GR 121.1 (9.7) 7.1 WINGSTOP INC WING US 121.1 (9.7) 7.1 WINMARK CORP WINA US 43.8 (27.3) 12.0 WINMARK CORP GBZ GR 43.8 (27.3) 12.0 WORKHORSE GROUP WKHS US 14.6 (3.8) (7.5) YRC WORLDWIDE IN YRCW US 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YEL1 TH 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YEL1 QT 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YRCWEUR EU 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YEL1 GR 1,863.8 (392.7) 178.1 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***