TCR_Public/160514.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, May 14, 2016, Vol. 20, No. 135

                            Headlines

CAESARS ENTERTAINMENT: Posts $14.3 Million Net Income in March
MOLYCORP INC: Posts $29.34 Million Net Loss in March
PACIFIC SUNWEAR: Files Initial Monthly Operating Report
PARAGON OFFSHORE: Lists $16.68 Million Net Loss in March
REPUBLIC AIRWAYS: Reports $123.9 Million Net Loss at March 31


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CAESARS ENTERTAINMENT: Posts $14.3 Million Net Income in March
--------------------------------------------------------------
Caesars Entertainment Operating Company, Inc. (CEOC), a majority
owned subsidiary of Caesars Entertainment Corporation, et. al.,
filed with the U.S. Securities and Exchange Commission its monthly
operating report for March 2016.

The Debtor's statement of operations for the month showed a net
income of $14.3 million on net revenue of $336.7 million.

As of March 31, 2016, the Debtor posted $11.49 billion in total
assets, $22.10 billion in total liabilities, and a $10.61 billion
total shareholders' deficit.

A copy of the monthly operating report is available for free at the
SEC at:

                       https://is.gd/QYPeSr

                    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.


MOLYCORP INC: Posts $29.34 Million Net Loss in March
----------------------------------------------------
Molycorp, Inc., et al., filed with the U.S. Securities and Exchange
Commission their monthly operating report for March 2016.

The Debtors' statement of operations showed a net loss of $29.34
million in March 2016 on $13.65 million in total revenues.

As of March 31, 2016, the Debtors listed consolidated total assets
of $2.04 billion, consolidated total liabilities of $2.09 billion,
and -$55.89 million in consolidated total shareholders' equity.

The Debtors had a beginning book balance of $95.32 million at the
start of the month.  They listed total cash receipts of $7.60
million and total disbursements of $23.79 million.  Taking into
account net intercompany funds totaling $6.07 million, the Debtors
had an ending book balance of $73.06 million.

A copy of the monthly operating report is available at the SEC at:

                    https://is.gd/ZPEVFN  

                    About Molycorp, Inc.

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

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

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

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

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

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

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

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

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

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

                      *     *     *

Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization ("the
Plan") was confirmed on March 30, 2016 by the U.S. Bankruptcy Court
for the District of Delaware.

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

Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware on April 8, 2016, issued a findings of fact,
conclusions of law, and order confirming the Fourth Amended Joint
Plan of Reorganization of Molycorp, Inc., and its debtor
affiliates.


PACIFIC SUNWEAR: Files Initial Monthly Operating Report
-------------------------------------------------------
Pacific Sunwear of California, Inc., et al., filed with the U.S.
Securities and Exchange Commission their initial monthly operating
report.

The Debtors' Initial MOR includes a cash flow projection for the
13-week period covering the week ended April 16, 2016 through the
week ended July 9, 2016.

The Debtor projects cash receipts to total $185.11 million for the
13-week period ended July 9, 2016.  Disbursements for the same
period is projected at $205.65 million.

The Initial MOR also include a schedule of retainers paid to
professionals.  Among the Debtors' bankruptcy professionals are
Klee, Tuchin, Bogdanoff & Stern, LLP, Young Conaway Stargatt &
Taylor, LLP, Guggenheim Partners, LLC, Sard Verbinnen & Co, and
Kirkland & Ellis LLP.

A copy of the initial monthly operating report is available at the
SEC at:

                     https://is.gd/ge2k1P

                     About Pacific Sunwear

Founded in 1982 in Newport Beach, California as a surf shop,
Pacific Sunwear of California, Inc. operates in the teen and young
adult retail sector, selling men's and womens apparel, accessories,
and footwear. The Company went public in 1993 (NASDAQ: PSUN), and
peaked with 965 stores in 2006. At present, the Company has
approximately 593 retail locations nationwide under the names
"Pacific Sunwear" and "PacSun," which stores are principally in
mall locations. The Company has 2,000 full-time workers. Through
its ecommerce business, the Company operates an e-commerce site at
http://www.pacsun.com/     

On April 7, 2016, Pacific Sunwear of California, Inc., and two
affiliated debtors each filed a voluntary petition for relief under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court
for the District of Delaware.  The cases are jointly administered
under Case No. 16-10882 and are pending before the Honorable Laurie
Selber Silverstein.

The Debtors sought Chapter 11 protection with a Chapter 11 plan
that would convert debt into equity.

The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and
Klee,Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting,
Inc., as financial advisor; Guggenheim Securities, LLC, as
investment banker; and Prime Clerk LLC as claims and noticing
agent.


PARAGON OFFSHORE: Lists $16.68 Million Net Loss in March
--------------------------------------------------------
Paragon Offshore plc, et. al., filed with the U.S. Securities and
Exchange Commission their monthly operating report for March 2016.

Paragon Offshore plc posted a net loss of $16.68 million on zero
revenue for the month, an increase from $9.81 million net loss
reported in February.

As of March 31, 2016, Paragon Offshore plc posted total assets of
$3.83 billion, total liabilities of $2.30 billion, and $1.53
billion in total shareholders' equity.

The Debtors started the month with $473.16 million cash.  They
listed $103.04 million in total receipts and $44.24 million in
total disbursements.  At month end, the Debtors had $523.51 million
cash.

A copy of the monthly operating report is available at the SEC at:

                    https://is.gd/02IcBu

                   About Paragon Offshore

Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a
global provider of offshore drilling rigs.  Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas. Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the over-
the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.

Paragon Offshore Plc, et al., filed separate Chapter 11
bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-
10410) on Feb. 14, 2016, after reaching a deal with lenders on a
reorganization plan that would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the
cases.

The Debtors reported total assets of $2.47 billion and total
debts of $2.96 billion as of Sept. 30, 2015.

The Debtors have engaged Weil, Gotshal & Manges LLP as general
counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard
Freres & Co. LLC as financial advisor, Alixpartners, LLP as
restructuring advisor, and Kurtzman Carson Consultants as claims
and noticing agent.


REPUBLIC AIRWAYS: Reports $123.9 Million Net Loss at March 31
-------------------------------------------------------------
Republic Airways Holdings Inc., et al., filed with the U.S.
Securities and Exchange Commission their monthly operating report
for the period from Feb. 26, 2016 to Mar. 31, 2016.

The Debtors incurred a net loss of $123.9 million on $115.6 million
of total operating revenues for the period.

As of March 31, 2016, the Debtors had $3.63 billion in total
assets, $2.35 billion in total current liabilities, $616.4 million
in liabilities subject to compromise, and $453.2 million in total
stockholders' equity.

The Debtors had $130.0 million cash at the start of the period.
They listed $48.8 million cash from operating activities, $2.6
million cash used in investing activities, and $5.6 million cash
used in financing activities.  Thus, the Debtors had $175.8 million
cash at March 31.

A copy of the monthly operating report is available at the SEC at:

                     https://is.gd/bk65DI

                    About Republic Airways
  
Republic Airways Holdings Inc., based in Indianapolis, is an
airline holding company (NASDAQ: RJET) that owns Republic Airline
and Shuttle America Corporation.  Republic Airline and Shuttle
America -- http://www.rjet.com/-- offer approximately 1,000   
flights daily to 105 cities in 38 states, Canada, the Caribbean,
and the Bahamas through Republic's fixed-fee codeshare agreements
under our major airline partner brands of American Eagle, Delta
Connection and United Express.  The airlines currently employ
About 6,000 aviation professionals.  

On Feb. 25, 2016 Republic Airways Holdings Inc. and 6 affiliated
debtors each filed a voluntary petition for relief under Chapter
11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Southern District of New York.   The
Debtors have requested that their cases be jointly administered
under Case No. 16-10429.  The petitions were signed by Joseph P.
Allman as senior vice president and chief financial officer.

Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are
serving as Republic's legal advisors in the restructuring.
Seabury Group LLC is serving as financial advisor.  Deloitte &
Touche LLP is the independent auditor.  Prime Clerk is the claims
and noticing agent.

The U.S. Trustee for Region 2 appointed seven creditors of Republic
Airways Holdings Inc. to serve on the official committee of
unsecured creditors.  The Committee retained Morrison & Foerster
LLP as counsel and Imperial Capital, LLC as investment banker and
co-financial advisor.


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then-ending.

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Troubled Company Reporter is a daily newsletter co-published
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