TCR_Public/160528.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 28, 2016, Vol. 20, No. 149


AXION INTERNATIONAL: Files Monthly Operating Report for April
NEPHROGENEX INC: Files Initial Monthly Operating Report


AXION INTERNATIONAL: Files Monthly Operating Report for April
Axion International Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its monthly operating report for April
2016, a copy of which is available at  

The Debtor showed no activity during the reporting period.

               About Axion International

Axion International, Inc., et al., manufacture, market and sell
structural products and building materials, with an emphasis on
railroad ties and construction mats. As of Dec. 2, 2015, Axion had
70 employees.

Axion International Holdings, Inc., is a publicly-traded company
(AXIH), organized under Colorado law, with executive offices
located in Zanesville, Ohio.  As of the Petition Date, Holdings had
54,121,611 shares of common stock, par value $0.016 per share,
traded on the OTCC Bulletin Board.

Axion International, Inc., Axion International Holdings, Inc. and
Axion Recycled Plastics Incorporated filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-12415) on Dec. 2, 2015.

The petitions were signed by Donald W. Fallon, the CFO and
treasurer.  Judge Christopher S. Sontchi has been assigned to the

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

The Debtors tapped Bayard, P.A., as counsel.  Greenberg Traurig LLP
serves as special counsel.  Epiq Bankruptcy Solutions, LLC serves
as the Debtors' claims and noticing agent.

The Official Committee of Unsecured Creditors is represented by
Eric J. Monzo, Esq., at Morris James LLP and Sandra E. Mayerson,
Esq., at the Law Offices of Sandra Mayerson.

Community Bank is represented by Christopher P. Simon, Esq., and
Kevin S. Mann, Esq., at Cross & Simon, LLC.

NEPHROGENEX INC: Files Initial Monthly Operating Report
NephroGenex, Inc., filed with the U.S. Securities and Exchange
Commission an initial monthly operating report on May 16, 2016.

The Debtor's Initial MOR includes a cash flow projection for the
13-week period covering the week ended May 1, 2016 through
the week ended July 24, 2016.

The Debtor projects disbursements to total $805,685 for the
13-week period ended July 24, 2016.

The Initial MOR also include a schedule of retainers paid to
professionals.  Among the Debtors' bankruptcy professionals are
Cole Scotz P.C., Kurtzman Carson Consultants LLC, and Eisner Amper

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


Raleigh, N.C.-based NephroGenex, Inc., is a drug development
company that focuses on developing novel therapies for kidney
disease.  It develops Pyridorin (pyridoxamine dihydrochoride), a
therapeutic agent, which is in Phase III clinical study for the
treatment of diabetic nephropathy.

It filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case
No. 16-11074) on April 30, 2016, listing $4.9 million in total
assets as of April 30, 2016, and $6.2 million in total debts as of
April 30, 2016.  The petition was signed by John P. Hamill, chief
executive officer and chief financial officer.

David R. Hurst, Esq., at Cole Scotz P.C. serves as the Debtor's
bankruptcy counsel.

Cassel Salpeter & Co. LLC is the Debtor's investment banker and
financial advisor.

Kurtzman Carson Consultants LLC is the Debtor's claims and noticing


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  Go 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


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

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