/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160607.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, June 7, 2016, Vol. 20, No. 159 Headlines 261 EAST 78 LOFTS: Voluntary Chapter 11 Case Summary ABC DISPOSAL: Committee Taps Jager Smith as Legal Counsel ABENGOA BIOENERGY: Court Denies Bid to Certify Appeal to 10th Circ. ABERDEEN MEDICAL: Case Summary & 16 Largest Unsecured Creditors ACELITY LP: Moody's Retains B3 CFR on Plans to Amend $2.2BB Debt ADAMIS PHARMACEUTICALS: Stockholders Elect 5 Directors AEROGROW INTERNATIONAL: Files 2015 Conflict Minerals Report AFFINITY GAMING: Moody's Raises CFR to B1 & Rates 7-Yr. Loan B1 ALIKE INC: Case Summary & 9 Unsecured Creditors ALLARCO ENTERTAINMENT: Under CCAA Protection, PwC Named Monitor ALLIANCE ONE: Moody's Affirms Caa2 CFR & Revises Outlook to Pos. ALORICA INC: Moody's Assigns B1 CFR, Outlook Stable AMERICAN COMMERCE: Needs More Time to File Annual Report AMPLIPHI BIOSCIENCES: Prices Offering of Common Stock & Warrants APOSTOLIC CHURCH USA: Case Summary & 5 Unsecured Creditors AQUATIC POOLS: Court Rejects Creditor's $40K Unpaid Wages Claim ARCH COAL: U.S. Environmental Groups Question Bankruptcy Exit Plan ATNA RESOURCES: Montana DEQ Seeking Money for Gold Mine Cleanup AUSTIN HOUSE: July 27 Plan Confirmation Hearing AVENUE C TENANTS: Hires Robinson Brog as Counsel BARRETT BUSINESS: NASDAQ Extends Delisting Suspension Stay BILL JOHNSON: Dismissal of Claims vs. Actuaries, Attys Affirmed BILLYS ROADHOUSE: Taps Robert Lampl as Attorney BLACK ELK: GIS Objects to Liquidation Plan Over Value of Properties BLACK ELK: Inks Deal to Resolve Dispute with Hess Corp. BM CREW: Court Grants Bank's Request for Copy of Plan BNOIS SPINKA: Unsecured Creditors to Get 100% Under Plan BOISE GUN: Wants to Continue Using Two Creditors' Cash Collateral BON-TON STORES: Agrees to Sell Real Estate Portfolio to UTF BRAND ENERGY: Bank Debt Trades at 3% Off BRANTLEY-POWELL: July 12 Plan, Disclosures Hearing BRUNO HOLDINGS: Hires Elizabeth Haas as Attorney BUILDERS FIRSTSOURCE: Stockholders Elect Three Directors CAESARS ENTERTAINMENT: Bank Debt Trades at 5% Off CAESARS ENTERTAINMENT: May Issue 7.5M Shares Under Incentive Plan CAESARS ENTERTAINMENT: Restructuring Talks Reach Stalemate CAESARS ENTERTAINMENT: Showboat Reopening Without Casino CEC ENTERTAINMENT: Bank Debt Trades at 3% Off CELERITAS CHEMICALS: Case Summary & 20 Top Unsecured Creditors CHICORA LIFE CENTER: Hires McCarthy Law Firm as Bankruptcy Counsel CHIEFTAIN STEEL: Committee Taps Bingham as Local Counsel CHIEFTAIN STEEL: Committee Taps Fox Rothschild as Legal Counsel CLAIRE'S STORES: Appoints Michael D'Appolonia as Director CREATURE LLC: Proposes Replacement Liens for Bank of America CS MINING: Involuntary Chapter 11 Case Summary CYTORI THERAPEUTICS: Files 2015 Conflict Minerals Report CYTORI THERAPEUTICS: Rights Offering Expires June 9 ELBIT IMAGING: Announces First Quarter Results for 2016 ELBIT IMAGING: Board Approves New Notes Buyback Programs ELBIT IMAGING: Investor Presentation Now Available on Website EXTREME PLASTICS: Exclusive Plan Filing Period Extended to Aug. 31 FELD LIMITED: Wants Exclusive Plan Filing Deadline Moved to Oct. 3 FIRST DATA: Winslow Capital Files Schedule 13G with SEC FLORIDA MODIFICATION: Seeks to Hire Sebree as Accountant FLORIDA MODIFICATION: Taps Merritt Law Office as Legal Counsel FORTESCUE METALS: Bank Debt Trades at 7% Off FUTUREWORLD CORP: Turner Stone Expresses Going Concern Doubt GARRETSON'S MACHINE: Unsecureds to Get 100% Under Plan GATES GROUP: Bank Debt Trades at 4% Off GEIGER DEVELOPMENT: Case Summary & 9 Top Unsecured Creditors GLACIAL MATERIALS: Wants Access to Secured Creditors' Collateral GOLDEN MARINA: Wants Exclusive Plan Filing Extended to July 3 GREENVIEW BUILDERS: Seeks to Hire Goldstein as Legal Counsel HARRINGTON MACHINE: U.S. Trustee Unable to Appoint Committee HCSB FINANCIAL: Appoints John Pietrzak as Director HCSB FINANCIAL: Minimum Size of Directors Set to Five HCSB FINANCIAL: Signs Noncompete Agreement with CEO HERCULES OFFSHORE: Case Summary & 35 Largest Unsecured Creditors HERCULES OFFSHORE: Files Voluntary Chapter 11 Bankruptcy Petition HERCULES OFFSHORE: Seeks Joint Administration of Cases HEXION INC: Sells 50% Interest in HA-International HILLWINDS FAMILY: Has Continued Access to Avidia Bank's Collateral IMPLANT SCIENCES: Files 2015 Conflict Minerals Report With SEC IRON BRIDGE TOOLS: Taps Michael Moecker as Financial Advisor IVAN GONZALEZ CANCEL: July 22 Disclosure Statement Hearing J. CREW: Bank Debt Trades at 26% Off JAMUS CORP: Seeks Conditional OK of Disclosure Statement JATE IV TRUST: July 12 Disclosure Statement Hearing JFL VENTURE FUND: Case Summary & 4 Unsecured Creditors JVJ PHARMACY: Wants Exclusive Plan Filing Deadline Moved to Jan. 6 KINDRED HEALTHCARE: Moody's Retains B1 CFR on Loan Add-On KINGWOOD FOOD: U.S. Trustee Unable to Appoint Committee KRISTAL OWENS-GAYLE: Plan Sets Aside $15K for Unsecureds KTP BUILDERS: Plan Proposes 26.67% Recovery to Unsecured Creditors L. SCOTT APPAREL: Trustee's Renewed Bid for Default Judgment Denied LAKE TAHOE PARTNERS: Trustee Taps Bachecki as Accountant LEN-TRAN INC: Has Until Sept. 12 to File Plan, Disclosures LIFE PARTNERS: Trustee, Committee Object to Transparency Plan LIFE PARTNERS: Vida Capital Proposes to Buy New Stock Under Plan LIFE TIME: Moody's Retains B2 CFR on Loan Add-On LIMON-IOWA LLC: Voluntary Chapter 11 Case Summary LIQUID HOLDINGS: Court Grants Bids to Extend Interim Stay Order MALIBU LIGHTING: Wants Exclusive Plan Filing Extended to Oct. 4 MALLINCKRODT GROUP: Bank Debt Trades at 2% Off MBB MANAGEMENT: Hires John P. Lewis as Chapter 11 Counsel MILESTONE SCIENTIFIC: Stockholders Elect Five Directors MIRAMAR CORPORATION: Taps David A. Riggi as Attorney MONAKER GROUP: Monaco Insurance Trust Exercises Warrants NAKED BRAND: Amends Fiscal 2015 Annual Report NANOSPHERE INC: Files 2015 Conflict Minerals Report NANOSPHERE INC: MMCAP Int'l Reports 13% Stake as of May 23 NATIONAL CERAMICS: Unsecureds to Recover Up to 5% Under Plan NAVISTAR INTERNATIONAL: Extends NPA Expiration to May 2017 NOVABAY PHARMACEUTICALS: May Issue 1.1M Add'l Shares Under Plan OLD TAMPA BAY: Hires Blanchard Law as Attorney ON QUE: Wants Okay to Use Credit Card Lenders' Cash Collateral PARADIGM EVERGREEN: Hires NorrisMcLaughlin & Marcus as Attorney PHOTOMEDEX INC: Terminates Radiancy Merger Agreement PROSPECT MEDICAL: Moody's Affirms B1 CFR & Rates $650MM Loan Ba3 QUANTUM FUEL: Court Approves $9-Mil. DIP Loan Increase R&G PROPERTIES: Trustee Awarded $516K Against Republic Bank REDPRAIRIE CORP: Bank Debt Trades at 5% Off RESPONSE BIOMEDICAL: Files 2015 Conflict Minerals Report RICEBRAN TECHNOLOGIES: Presented at See Thru Investor Conference RIVERSIDE PLAZA: UCF 1 Trust 1 Consents to Cash Collateral Use ROYAL CAR WASH: July 13 Confirmation Hearing SASSYFRAS INVESTMENTS: July 27 Hearing on Disclosures, Plan SEQUOIA VOTING: Taps Dan Brennan as Valuation Expert SFX ENTERTAINMENT: Vivendi Unit Wins Auction for Ticketing Business SHOOT THE MOON: Wants Exclusivity Period Extended to July 31 SIMPLY GOURMET: Amends Application to Hire LeClairRyan as Counsel SKAGIT GARDENS: Lines Up Buyer After Owner Charged with Fraud SKII LLC: Wants Exclusive Plan Filing Deadline Moved to Sept. 26 SMITH HEALTH CARE: Plan Proposes 100% Recovery to Unsecureds SNUG HARBOR: Hires Stauffer Edwards as Accountant SOUTH BUFFALO: Seeks Permission to Finance $138K Insurance Premium SOUTHCROSS HOLDINGS: Moody's Assigns Caa2 CFR, Outlook Stable SPORTS AUTHORITY: Court Denies ASICS' Bid for Stay Pending Appeal STARSHINE ACADEMY: U.S. Trustee Unable to Appoint Committee STEWART ENVIRONMENTAL: Wants Access to Cash Collateral STONE ENERGY: To Effect a 1-for-10 Reverse Stock Split SUTHERLAND HOLDINGS: Taps Blanchard Law as Attorney TALEN ENERGY: Moody's Puts Ba3 CFR Under Review for Downgrade TAMPA HYDE PARK: Case Summary & 20 Largest Unsecured Creditors TELKONET INC: Files 2015 Conflict Minerals Report with SEC TIBCO SOFTWARE: Bank Debt Trades at 9% Off TONZOF INC: Plan Confirmation Hearing Set for Aug. 10 TRANSITION THERAPEUTICS: Gets NASDAQ Listing Non-Compliance Notice TRI-G GROUP: Hires Iron Horse to Auction Quarry Hills Country Club TRIANGLE PETROLEUM: Forbearance Agreement Expires July 8 TRIANGLE PETROLEUM: Kenneth Hersh Reports 28.1% Equity Stake TRONOX INC: Bank Debt Trades at 3% Off UCI HOLDINGS: Bankruptcy Court Approves First-Day Motions UCI INT'L: Gets Interim Okay to Use ABL Lenders' Cash Collateral URBANCORP TORONTO: Placed Under CCAA Protection US FOODS: Moody's Raises CFR to B2, Still on Review for Upgrade US LBM: Moody's Retains B3 CFR Over $65MM Loan Add-On USAGM HOLDCO: Moody's Affirms B3 CFR, Outlook Stable VEGAS MANAGEMENT: Case Summary & 6 Unsecured Creditors VERSO CORP: David Paterson to Become Board Chair After Ch.11 Exit VERTELLUS SPECIALTIES: Taps Kurtzman Carson as Claims Agent WARNER MUSIC: Elects to Redeem Outstanding 13.75% Senior Notes WARREN RESOURCES: Moody's Lowers PDR to D-PD on Ch. 11 Filing WILLIAM MATTHEW BLACK: Court Denies Gallinghouse's Bid to Appeal WKI HOLDING: Moody's Assigns B2 CFR, Outlook Stable WS STORES: Court Grants Antunez's Request for Copy of Plan WTB 5 ENTERPRISES: U.S. Trustee Unable to Appoint Committee [*] Cowen Bags M&A's Boutique Restructuring Bank of the Year Award [^] Large Companies with Insolvent Balance Sheet ********* 261 EAST 78 LOFTS: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: 261 East 78 Lofts LLC 80 Park Avenue New York, NY 10016-2553 Case No.: 16-11644 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: June 3, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Sean H. Lane Debtor's Counsel: Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway, 22nd Floor New York, NY 10036 Tel: (212)-221-5700 Fax: 212-422-6836 E-mail: TDonovan@GWFGlaw.com Total Assets: $20.05 million Total Liabilities: $13.96 million The petition was signed by Lee Moncho, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. ABC DISPOSAL: Committee Taps Jager Smith as Legal Counsel --------------------------------------------------------- The official committee of unsecured creditors of ABC Disposal Service, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Jager Smith P.C. as its legal counsel. The committee tapped the firm to: (a) advise and represent the committee with respect to proposals and pleadings submitted by the Debtors and others to the court; (b) advise the committee about any proposed plan of reorganization, proposed substantive consolidations or any proposed sales, leases, or uses of estate property; (c) attend hearings, draft pleadings and generally advocate positions that further the interests of creditors represented by the committee; (d) conduct an examination of the Debtors' affairs and a review of their operations; and (e) advise the committee as to the progress of the Debtors' bankruptcy cases. The attorneys presently designated to represent the committee include Michael Fencer, a partner whose regular hourly rate is $500, and Jonathan Horne, a senior associate whose regular hourly rate is $400. Jager Smith will receive reimbursement for work-related expenses. Mr. Fencer disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Jager Smith can be reached through: Michael J. Fencer, Esq. Jager Smith P.C. One Financial Center Boston, MA 02111 Tel: 617 951 0500 Fax: 617 951 2414 About ABC Disposal ABC Disposal Service, Inc. provides full service waste hauling, disposal and recycling services, and sells, rents and services compaction and baling equipment to a variety of industrial, institutional, commercial and construction related customers. New Bedford Waste owns and operates municipal solid waste and construction and demolition debris transfer stations in New Bedford, Sandwich, and Rochester, Massachusetts which transfer and process residential, commercial, industrial, and institutional and construction wastes under approved state and local government permits and licenses. Solid Waste Services, Inc. is a Massachusetts corporation organized in 1999 to hold an ownership interest in New Bedford Waste. Shawmut Associates and A&L Enterprises are Massachusetts limited liability companies which own and lease real estate to ABC and New Bedford Waste in connection with their operations. ZERO Waste Solutions, LLC is a Massachusetts limited liability company formed in 2013 for the purposes of developing and operating an advanced mixed waste recycling facility located on Shawmut Associates' Rochester property to process and market recyclable material and then turn unrecyclable material into compact, clean burning, high yield fuel briquettes which have a variety of industrial uses. The principals of the Debtors are Laurinda F. Camara and her children Susan M. Sebastiao, Kenneth J. Camara, Steven A. Camara, and Michael A. Camara. Each of the Principals owns 20% of the stock in ABC. Each of Susan M. Sebastiao, Kenneth J. Camara, Steven A. Camara and Michael A. Camara own a 12.5% interest in New Bedford Waste and a 25% interest in Shawmut Associates, A&L Enterprises, and Solid Waste Services. Solid Waste Services owns the remaining 50% of the membership interests in New Bedford Waste. New Bedford Waste owns 80% of the membership interests in ZERO Waste. ABC Disposal Service, Inc., New Bedford Waste Services, LLC, Solid Waste Services, Inc., Shawmut Associates, LLC, A&L Enterprises, LLC, and ZERO Waste Solutions, LLC each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case Nos. 16-11787 to 16-11792, respectively) on May 11, 2016. The petitions were signed by Michael A. Camara as vice president/CEO. Judge Joan N. Feeney presides over the cases. Murphy & King Professional Corporation serves as the Debtors' counsel. Argus Management Corp. serves as their financial advisor. ABENGOA BIOENERGY: Court Denies Bid to Certify Appeal to 10th Circ. ------------------------------------------------------------------- Judge Robert E. Nugent of the United States Bankruptcy Court for the District of Kanasas denied Abengoa Bioenergy Biomass of Kansas, LLC's motion to certify a direct appeal of the Transfer Order to the Tenth Circuit Court of Appeals. Abengoa Bioenergy Biofuels of Kansas, LLC, seeks to certify its appeal from an order denying its motion to transfer venue for direct appeal to the Tenth Circuit Court of Appeals (Transfer Order). When a bankruptcy court's decision is appealed, 28 U.S.C. Section 158(d)(2) authorizes one or more parties to the case to seek an order certifying that appeal directly to the Court of Appeals. The statute provides that if the bankruptcy court certifies that one or more of the following factors apply, and if the Court of Appeals accepts the direct appeal, that court, and not the Bankruptcy Appellate Panel or the District Court, shall have jurisdiction of the appeal. A full-text copy of the Order dated May 26, 2016 is available at https://is.gd/VoFhrV from Leagle.com. The bankruptcy case is IN RE: ABENGOA BIOENERGY BIOMASS OF KANSAS, LLC., Chapter 11, Debtor, Case No. 16-10446 (Bankr. D. Ks.). Abengoa Bioenergy Biomass of Kansas LLC, Debtor, is represented by Robert Craig Martin, Esq., Christine L. Schlomann, Esq. -- cschlomann@armstrongteasdale.com -- Armstrong Teasdale LLP. Brahma Group, Inc., Petitioning Creditor, is represented by W. Rick Griffin, Esq. -- wrgriffin@martinpringle.com -- Martin Pringle Oliver Wallace & Bauer, Samantha M. Woods, Esq. -- swoods@martinpringle.com -- Martin Pringle. CRB Builders LLC, Petitioning Creditor, is represented by Robert M. Pitkin, Esq. -- rPitkin@hab-law.com -- Horn Aylward & Bandy LLC, Danne W. Webb. U.S. Trustee, U.S. Trustee, is represented by Richard A. Wieland, Office of U. S. Trustee. ABERDEEN MEDICAL: Case Summary & 16 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Aberdeen Medical Services, Inc. 528A Fellowship Road Mount Laurel, NJ 08054 Case No.: 16-20784 Chapter 11 Petition Date: June 2, 2016 Court: United States Bankruptcy Court District of New Jersey (Camden) Judge: Hon. Jerrold N. Poslusny Jr. Debtor's Counsel: Ellen M. McDowell, Esq. MCDOWELL POSTERNOCK APELL & DETRICK, PC 46 W. Main Street Maple Shade, NJ 08052 Tel: (856) 482-5544 Fax: (856) 482-5511 E-mail: emcdowell@mpadlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Charles I. Tighe, authorized representative. A list of the Debtor's 16 largest unsecured creditors is available for free at http://bankrupt.com/misc/njb16-20784.pdf ACELITY LP: Moody's Retains B3 CFR on Plans to Amend $2.2BB Debt ---------------------------------------------------------------- Acelity L.P. (B3 stable), a maker of wound care and regenerative medicine products, announced plans to amend and extend $2.2 billion of senior secured term loan debt. Moody's commented that the proposed transaction is modestly credit positive for Acelity by alleviating some near-term refinancing risk. However, refinancing risk is still a key credit constraint because the term loans, despite the maturity being extended to 2020, will still be subject to springing maturities if the second lien and unsecured notes are not refinanced. If not refinanced, the term loans will mature at a date prior to the existing 10.5% second lien notes, which are due Nov. 1, 2018, and the 12.5% unsecured notes, due Nov. 1, 2019. Further, the majority of Acelity's existing $200 million revolver expires in November 2017 and will need to be refinanced over the next 12 months. There are no changes to any of Acelity's ratings, including the B3 Corporate Family Rating, B3-PD Probability of Default Rating and Ba3 senior secured rating. The outlook is stable. ADAMIS PHARMACEUTICALS: Stockholders Elect 5 Directors ------------------------------------------------------ The annual meeting of stockholders of Adamis Pharmaceuticals Corporation was held on May 25, 2016, at which the stockholders: (1) elected Dennis J. Carlo, Ph.D., William C. Denby, III, David J. Marguglio, Robert B. Rothermel and Richard C. Williams as directors; (2) approved amendments to the Company's 2009 Equity Incentive Plan to increase by 4,500,000 shares the number of shares authorized for issuance thereunder and to make certain other amendments to the Plan as described in the Proxy Statement; (3) approved an award of 350,000 restricted stock units under the Plan to the Company's non-employee directors; (4) approved, on a nonbinding advisory basis, the compensation of the Company's named executive officers; and (5) ratified the selection of Mayer Hoffman McCann PC as independent registered public accounting firm for the year ending Dec. 31, 2016. About Adamis San Diego, Calif.-based Adamis Pharmaceuticals Corporation (OTC QB: ADMP) is a biopharmaceutical company engaged in the development and commercialization of specialty pharmaceutical and biotechnology products in the therapeutic areas of respiratory disease, allergy, oncology and immunology. Adamis reported a net loss of $13.6 million on $0 of revenue for the year ended Dec. 31, 2015, compared to a net loss of $9.31 million on $0 of revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Adamis had $12.7 million in total assets, $3.96 million in total liabilities and $8.69 million in total stockholders' equity. Mayer Hoffman McCann P.C., in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring losses from operations, and is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. AEROGROW INTERNATIONAL: Files 2015 Conflict Minerals Report ----------------------------------------------------------- AeroGrow International, Inc., has determined that tantalum, tin, tungsten and gold, collectively "Conflict Minerals," are necessary to the functionality or production of its products. In 2015, AeroGrow International, Inc. contracted for the manufacture of products containing Conflict Minerals but did not directly manufacture products containing Conflict Minerals. "We undertook due diligence measures, including surveying our direct suppliers via an industry-standard survey template for conflict minerals, to try to determine the sources of these minerals, which we purchase through a complex supply chain. "Currently, we do not have sufficient information from our suppliers or other sources to determine the country of origin of the conflict minerals used in our products or identify the facilities used to process those conflict minerals. Therefore, we cannot exclude the possibility that some of these conflict minerals may have originated in the Democratic Republic of the Congo or an adjoining country and are not from recycled or scrap sources. However, we believe we have exercised the due diligence efforts necessary to understand our supply chain." AeroGrow International has filed a copy of its Conflict Minerals Report which is available for free at https://is.gd/nYG9ru About AeroGrow Boulder, Colo.-based AeroGrow International, Inc., is a developer, marketer, direct-seller, and wholesaler of advanced indoor garden systems designed for consumer use and priced to appeal to the gardening, cooking, and healthy eating, and home and office decor markets. AeroGrow reported a net loss attributable to common shareholders of $1.5 million on $17.9 million of net revenue for the year ended March 31, 2015, compared with a net loss attributable to common shareholders of $4.1 million on $9.3 million of of net revenue for the year ended March 31, 2014. As of Dec. 31, 2015, the Company had $15.04 million in total assets, $12.5 million in total liabilities, all current, and $2.58 million in total stockholders' equity AFFINITY GAMING: Moody's Raises CFR to B1 & Rates 7-Yr. Loan B1 --------------------------------------------------------------- Moody's Investors Service upgraded Affinity Gaming Corporation's Corporate Family rating to B1 and affirmed the Probability of Default rating at B2-PD. Moody's assigned a B1 rating to Affinity's proposed 7 year senior secured term loan and 5 year revolving credit facilities. The proceeds will be used to refinance all of Affinity's existing debt obligations. Moody's affirmed the company's existing ratings all of which will be withdrawn upon closing of the proposed refinancing. The new ratings are subject to review of final terms and conditions. The rating upgrades reflect the expected improvement in leverage and coverage metrics as a result of the refinancing and rising profitability, said Moody's analyst, Peggy Holloway. Affinity will use approximately $93 million of excess cash to reduce absolute debt levels resulting in a pro-forma reduction of adjusted debt/EBITDA to about 4.9 times (as of LTM 3/31/2016) from 6.2 times at year-end 2015. Additionally, the refinance will extend maturities and result in a significant reduction in interest expense as a result of lower debt levels and lower cost debt. Affinity will call its $200 million 9% bonds which will be replaced with a lower cost bank term loan. Moody's estimates EBITDA coverage of cash interest will rise from 2.4 times to about 4.4 times. Ratings Upgraded: Corporate Family Rating to B1 from B2 Ratings Assigned: Senior secured guaranteed Term Loan B at B1 (LGD3) Senior secured guaranteed Revolver at B1 (LGD3) Ratings Affirmed: Probability of Default Rating at B2-PD Speculative Grade Liquidity (SGL), at SGL-2 Outlook remains Stable Ratings Affirmed and to be withdrawn: Senior secured guaranteed Revolver at Ba2 (LGD1) Senior secured guaranteed Term Loan B at Ba3 (LGD2) Senior Unsecured Notes at Caa1 (LGD5) RATING RATIONALE Affinity's B1 Corporate Family Rating reflects the company's reasonable leverage for the rating category, solid interest coverage and Moody's expectation Affinity will generate free cash flow Moody's estimates adjusted debt/EBITDA will decline to between 4.0 -- 4.5 times depending upon how much free cash flow is applied to prepay debt over and above the mandatory 1% annual amortization and excess cash flow sweep. The ratings consider the company's geographic diversification with eleven casino properties across four states with the largest property EBITDA concentration in Nevada (48%) and rising EBITDA margins. Moody's expects continued margin improvement on modest revenue growth as management executes its plan to continue improving customer profitability and more actively manage its customer database. The ratings also consider the below average profitability of the Nevada properties and Moody's view that additional planned capital investment will support management's efforts to improve property margins in Nevada. Additionally, the company is owned by private equity sponsors, and so financial policy which to date has been creditor friendly, could become more aggressive over time if owners seek equity returns with Affinity's excess cash flow. The new credit facility will allow for restricted payments subject to a maximum first lien debt to EBITDA test. The rating outlook is stable reflecting improving economic conditions and modest growth in gaming revenues across the company's key markets and Moody's view that credit metrics will improve modestly from pro-forma levels. A rating upgrade is not likely given the company's small scale in terms of revenues as well as a concern that financial policy could become more aggressive should financial sponsor seek equity returns. However, an upgrade could be considered if margins in the Nevada segment reach 20% and debt/EBITDA declines below 4.0 times. Ratings could be downgraded if operating trends in the company's key markets show signs of sustained deterioration, if debt/EBITDA increases above 5.25 times, or if liquidity weakens materially. Affinity Gaming Corporation owns and operates casinos in Nevada, Missouri, Iowa and Colorado. Net revenue for the latest 12-month period ended March 31, 2016, was $392 million. Affinity is owned by Z Capital Partners LLC (about 40%), Silver Point Capital IP (about 26%) and the balance by other institutional investors. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. ALIKE INC: Case Summary & 9 Unsecured Creditors ----------------------------------------------- Debtor: Alike, Inc. 2860 E Ledbetter Dr. Dallas, TX 75216 Case No.: 16-32174 Chapter 11 Petition Date: June 2, 2016 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Hon. Harlin DeWayne Hale Debtor's Counsel: Eric A. Liepins, Esq. ERIC A. LIEPINS, P.C. 12770 Coit Rd., Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 E-mail: eric@ealpc.com Total Assets: $2.51 million Total Liabilities: $1.75 million The petition was signed by Gregory Achilike, president. A list of the Debtor's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-32174.pdf ALLARCO ENTERTAINMENT: Under CCAA Protection, PwC Named Monitor --------------------------------------------------------------- Allarco Entertainment 2008 Inc. et al. sought and obtained from the Court of Queen's Bench of Alberta, Edmonton Division, an initial order pursuant to the Companies' Creditors Arrangement Act, under Court file No. 1603-09338. Under the initial order, PricewaterhouseCoopers Inc. was appointed as monitor for the Companies. A copy of the initial order is available on the monitor's website at http://www.pwc.com/ca/allarco. The monitor can be reached at: PricewaterhouseCoopers Inc. Suite 1501, 10088 - 102 Avenue Edmonton, AB T5J 3N5 Attention, Joanne Rousseau Tel: +1 780 441 6781 Allarco Entertainment 2008 Inc. -- http://www.allarco.ca-- is the general partner of Allarco Entertainment LP. The company is an Edmonton-based media company that owns and operates Super Channel, a national Canadian English pay television network, consisting of four HD channels, four SD channels, and Super Channel On Demand. ALLIANCE ONE: Moody's Affirms Caa2 CFR & Revises Outlook to Pos. ---------------------------------------------------------------- Moody's Investors Service affirmed Alliance One International, Inc.'s Caa2 Corporate Family Rating and revised the rating outlook to positive from negative. The positive outlook reflects Moody's expectation that the company will refinance its revolving credit facility, leverage will decline slowly from its very high level, and that liquidity will modestly improve. Moody's believes the company has a better chance of successfully refinancing its revolving credit facility now that it has resolved accounting discrepancies related to is Kenyan subsidiary, restated past financial statements, and filed past due financial statements. Ratings affirmed: -- Corporate Family Rating at Caa2 -- Probability of Default Rating at Caa2-PD -- Speculative Grade Liquidity Rating at SGL-4 -- $210 million senior secured revolving credit facility expiring April 2017 at B1 (LGD 1) -- $708 million of 9.875% senior secured second lien notes due 2021 at Caa3 (LGD 5) The ratings outlook is positive. RATINGS RATIONALE Alliance One's Caa2 Corporate Family Rating reflects Moody's expectation that credit metrics and liquidity will remain weak over the next 12 to 18 months. Moody's expects debt to EBITDA to remain very high, fluctuating seasonally between 8.0 and 10.0 times (including Moody's standard adjustments). Moody's is concerned that maintenance of such high financial leverage will make Alliance One's capital structure unsustainable long term. However the Rating Agency recognizes the probability of slow leverage reduction in the years ahead, which would reduce financial risk. The rating also reflects the mature, low margin nature of the leaf tobacco processing business. The rating is supported by Alliance One's strong market position, its established relationships with key tobacco manufacturing customers, and its global procurement and processing network. Ratings could be downgraded if the company's liquidity profile deteriorates, or if for any reason Moody's concerns about the sustainability of the company's capital structure increases. Ratings could be upgraded if Alliance One successfully refinances its revolving credit facility, reduces its very high financial leverage, improves its liquidity profile, and hence improves the sustainability of its capital structure. Headquartered in Morrisville, North Carolina, Alliance One International, Inc. is one of the world's leading tobacco processors and merchants. Its principal products include flue-cured, burley, and oriental tobaccos, which are major ingredients in cigarettes. Revenue for the twelve months ended Dec. 31, 2015, was approximately $1.9 billion. The principal methodology used in these ratings was Global Protein and Agriculture Industry published in May 2013. ALORICA INC: Moody's Assigns B1 CFR, Outlook Stable --------------------------------------------------- Moody's Investors Service assigned a first time corporate family rating of B1 and B1-PD probability of default rating to Alorica, Inc. Moody's also assigned B1 ratings to the company's senior secured first lien i) revolver, ii) term loan A ("TLA") and iii) term loan B ("TLB"). The ratings outlook is stable. Alorica, Inc. has entered into a definitive agreement to acquire Expert Global Solutions, Inc. ("EGS"), which subject to regulatory approval is expected to close in the third quarter of 2016. Moody's currently rates EGS B3 (negative outlook), but will withdraw this rating upon closing the transaction. The combined entity will create the third largest (by revenues) US based business-process-outsourcing ("BPO") firm. The proceeds from approximately i) a $445 million TLA (comprised of a $175 million tack-on to Alorica's existing $270 million TLA), ii) a new $450 million TLB and iii) cash from the balance sheet will be used to i) refinance all of EGS's existing debt (except for some capital leases), ii) pay off about $29 million of Alorica's revolver, iii) provide equity distributions to Alorica's and EGS's management and owners and iv) pay transaction costs. At closing, Alorica's shareholders will own about 63% of the pro forma equity and One Equity Partners and their affiliate shareholders will own the remaining 37%. RATINGS RATIONALE Alorica is positioned in the B1 corporate family rating ("CFR") category given the integration risk associated with combining two large entities (each with over a billion dollars in revenues), this on the heels of another large acquisition Alorica recently closed in March 2015 when they acquired West AS (with revenues of about $600 million per annum, doubling Alorica's revenues to about $1.2 billion). Also, there is overall modest revenue growth expected (low single digit percentage), they operate in a highly competitive industry with somewhat low barriers to entry and low operating margins (low single digit percentage), and have some customer concentration risk (with their top 10 customers representing about 48% of revenues). The B1 rating is supported by modest leverage (about 3.6x at LTM March 31, 2016, including Moody's standard adjustments but no synergies or about 3.0x including run rate synergies and costs to achieve those synergies), good free cash flow ("FCF") generation, a leading industry position (top three US BPO provider), favorable macro industry dynamics with a large addressable market in the near to medium term, serve diversified verticals (with communications being the largest, at about 28% of revenues, and healthcare & insurance the second largest, at about 18% of revenues), and have long standing customer relations, which provides some stickiness to revenues. Liquidity is adequate based on a modest cash balance of about $15 million and about $34 million drawn on the $225 million first lien revolver at closing. For 2016, Moody's expects FCF to be good and significant availability under the revolver. Moody's anticipates adequate cushion under the financial covenants of the first lien credit facilities. The first lien TLA is anticipated to amortize per annum between 11% and 17% (subject to timing) for the existing TLA and 5% to 10% (subject to timing) for the incremental TLA, with a bullet due at maturity March 3, 2020. The second lien TLB is anticipated to amortize approximately 1% per annum, with a bullet due at maturity about 6 years from closing. The revolver also matures on March 3, 2020. The stable outlook reflects Moody's expectation of low single digit percentage revenue growth YoY, EBITDA margins (on a Moody's adjusted basis) in the mid teen percentages and FCF to debt in the high single digits in 2016. The ratings could be upgraded, although unlikely in the near future given such a large integration, if: The integration proceeds smoothly, including realizing expected synergies; the company demonstrates high single digit organic revenue growth; leverage is sustained below 3x; interest coverage is sustained above 4x; demonstrates strong liquidity; and commitment to conservative financial policies. The ratings could be downgraded if: Liquidity materially weakens; or performance deteriorates materially, as a result of competitive pressures or integration challenges, such that i) leverage reaches and is sustained at 4.5x or ii) interest coverage is below 2x. These ratings were assigned: Issuer: Alorica, Inc. Corporate Family Rating, Assigned B1 Probability of Default Rating, Assigned B1-PD Senior Secured First Lien Revolving Credit Facility, Assigned B1 (LGD3) Senior Secured First Lien Term Loan A, Assigned B1 (LGD3) Senior Secured First Lien Term Loan B, Assigned B1 (LGD3) Outlook – Stable The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. Alorica, Inc., headquartered in Irvine, CA, has entered into a definitive agreement to acquire Expert Global Solutions, Inc. ("EGS"). The combined entity will create the third largest (by revenues) US based business-process-outsourcing ("BPO") firm, with pro forma LTM revenues of about $2.3 billion. Focus will primarily be on the US market, with a complementary Philippines delivery platform and a limited Latin America presence. At closing, Alorica's shareholders will own about 63% of the pro forma equity and One Equity Partners and their affiliate shareholders will own the remaining 37%. AMERICAN COMMERCE: Needs More Time to File Annual Report -------------------------------------------------------- American Commerce Solutions, Inc., notified the U.S. Securities and Exchange Commission there will be a delay in filing the Company's annual report on Form 10-K for the year ended Feb. 29, 2016, because the Company needs additional time to complete the report. About American Commerce American Commerce Solutions, Inc., headquartered in Bartow, Florida, is primarily a holding company with one wholly owned subsidiary; International Machine and Welding, Inc., is engaged in the machining and fabrication of parts used in heavy industry, and parts sales and service for heavy construction equipment. American Commerce reported a net loss of $130,000 for the year ended Feb. 28, 2015, compared to a net loss of $169,000 for the year ended Feb. 28, 2014. As of Nov. 30, 2015, the Company had $4.77 million in total assets, $3.20 million in total liabilities and $1.56 million in total stockholders' equity. Messineo & Co., CPAs LLC, in Clearwater, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2015, citing that the Company has recurring losses resulting in an accumulated deficit and is in default of several notes payable. These conditions raise substantial doubt about its ability to continue as a going concern. AMPLIPHI BIOSCIENCES: Prices Offering of Common Stock & Warrants ---------------------------------------------------------------- AmpliPhi Biosciences Corporation announced the pricing of a registered direct offering of 2,127,660 shares of common stock and warrants to purchase up to an aggregate of 1,063,830 shares of common stock. Each share of common stock is being sold together with a warrant to purchase one-half of a share of common stock of AmpliPhi at a combined purchase price of $2.35. The warrants will be immediately exercisable at a price of $2.25 per full share of common stock for a period of five years from closing, which is expected to occur on June 3, 2016. Roth Capital Partners and Griffin Securities, Inc. acted as co-placement agents for the offering. AmpliPhi expects to receive net proceeds of approximately $4.5 million after deducting placement agent fees and estimated offering expenses payable by AmpliPhi. The offering is expected to close on or about June 3, 2016, subject to customary closing conditions. AmpliPhi intends to use the net proceeds from the offering for general corporate purposes. Additional information is available for free at: https://is.gd/XNMIUD About AmpliPhi AmpliPhi Biosciences Corp. is a biopharmaceutical company that develops bacteriophage-based therapeutics. It also develops an internally generated pipeline of naturally occurring viruses called bacteriophage (Phage) for the treatment of bacterial infection, such as drug-resistant strains of bacteria that are commonly found in the hospital setting. The company's Phage discovery also focuses on acute & chronic lung, sinus and gastrointestinal infections. AmpliPhi Biosciences was founded in March 1989 and is headquartered in Glen Allen, Virginia. Ampliphi Biosciences reported a net loss attributable to common stockholders of $10.79 million on $475,000 of revenue for the year ended Dec. 31, 2015, compared to net income attributable to common stockholders of $21.8 million on $409,000 of revenue for the year ended Dec. 31, 2014. As of March 31, 2016, AmpliPhi had $28.26 million in total assets, $5.74 million in total liabilities, $13.61 million in series B redeemable convertible preferred stock and total stockholders' equity of $8.89 million. Ernst & Young LLP, in Richmond, Virginia, issued a "going concern" qualification on the Company's consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. APOSTOLIC CHURCH USA: Case Summary & 5 Unsecured Creditors ---------------------------------------------------------- Debtor: The Apostolic Church USA, Inc. 1623 West Parmer Lane Austin, TX 78727 Case No.: 16-10660 Chapter 11 Petition Date: June 3, 2016 Court: United States Bankruptcy Court Western District of Texas (Austin) Judge: Hon. Christopher H. Mott Debtor's Counsel: Stephen W. Sather, Esq. BARRON & NEWBURGER, P.C. 1212 Guadalupe, Suite 104 Austin, TX 78701 Tel: (512) 476-9103 Ext. 220 Fax: (512) 476-9253 E-mail: ssather@bn-lawyers.com Total Assets: $4,000 Total Liabilities: $2.64 million The petition was signed by Femi Onabajo, president. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/txwb16-10660.pdf AQUATIC POOLS: Court Rejects Creditor's $40K Unpaid Wages Claim --------------------------------------------------------------- Judge David T. Thuma of the United States Bankruptcy Court for the District of New Mexico granted Aquatic Pools, Inc.'s motion for partial summary judgment on its objection to the claim of creditor Carol Ann Sanchez. Creditor's claim is not entitled to priority status under Section 507(a)(4) because the debt arose more than 180 days pre-petition, Judge Thuma held. Creditor performed accounting and related services for the Debtor between about June and October 2014. Because of a dispute over reimbursement of Creditor's expenses, her services terminated no later than November 1, 2014. Creditor performed no services for the Debtor after that date. Creditor asserts any wages or contract proceeds were to be paid no later than January 2015. A dispute exists about the timing of the payment due date. Creditor's assertion appeared in her affidavit, but not in any statement of undisputed facts. Further, as Debtor points out in its reply, "no later than January 2015" could mean the wages or contract proceeds were payable as early as November 2014, outside the 180 day period. Debtor filed a voluntary Chapter 11 petition on May 28, 2015, 208 days after Creditor's termination. On December 1, 2015, Creditor filed a proof of claim in the amount of $40,000. The stated basis of the claim was "unpaid wages." Creditor claimed that the entire $40,000 was entitled to priority under Section 507(a)(4). A full-text copy of the Memorandum Opinion dated May 27, 2016 is available at https://is.gd/Khnuyj from Leagle.com. The bankruptcy case is In re: AQUATIC POOLS, INC., Debtor, No. 15-11406 t11. Aquatic Pools, Inc. a New Mexico corporation, Debtor, is represented by William F. Davis, Esq., Nephi D. Hardman, Esq. -- William F. Davis & Assoc., P.C.. United States Trustee, U.S. Trustee, is represented by Leonard K. Martinez-Metzgar. ARCH COAL: U.S. Environmental Groups Question Bankruptcy Exit Plan ------------------------------------------------------------------ The American Bankruptcy Institute citing Tracy Rucinski of Reuters reported that a coalition of U.S. environmental groups said Arch Coal's plan to emerge from bankruptcy fails to describe how the coal producer would finance its mine clean-up obligations, according to a court filing. According to Reuters, coal companies are required to provide bonds on future clean-up costs but during decades of strength in the coal sector many were allowed to self-bond, a federal program that accepted companies' own balance sheets as collateral. That has become a concern since Chapter 11 bankruptcy filings by some of the biggest coal companies in the United States, the report noted. The self-bond program is now under federal review, the report said. "Given the strong possibility of (self-bonding) privileges being curtailed, it is highly likely that (Arch Coal) will be required to incur substantial expense" in finding a substitute for self-bonds, an environmental collective said in a limited objection filed with the U.S Bankruptcy Court in St. Louis on June 2, the report related. In states where regulators do not allow self-bonding, mining companies have to pay for a form of insurance known as a surety or collateral bond, the report said. In their filing, the groups also requested clearer language regarding environmental liabilities on mining operations in Arch's disclosure statement, which describes the bankruptcy plan, the report added. The plan should not "relieve the responsibility" of a future owner or operator from complying with federal laws on cleaning waters or restoring mined land, the coalition formed by Sierra Club, Ohio Valley Environmental Coalition and West Virginia Highlands Conservancy said, the report further related. About Arch Coal Founded in 1969, Arch Coal, Inc. is a producer and marketer of coal in the United States, with operations and coal reserves in each of the major coal-producing regions of the Country. As of January 2016, it was the second-largest holder of coal reserves in the United States, owning or controlling over five billion tons of proven and probable reserves. As of the Petition Date, Arch employed approximately 4,600 full and part-time employees. Arch Coal, Inc. and 71 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to 16-40191) on Jan. 11, 2016. The petition was signed by Robert G. Jones as senior vice president-law, general counsel and secretary. The Debtors disclosed total assets of $5.84 billion and total debt of $6.45 billion. Judge Charles E. Rendlen III has been assigned the case. The Debtors have engaged Davis Polk & Wardwell LLP as counsel, Bryan Cave LLP as local counsel, FTI Consulting, Inc. as restructuring advisor, PJT Partners as investment banker, and Prime Clerk LLC as notice, claims and solicitation agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee has retained Kramer Levin Naftalis & Frankel LLP as counsel; Spencer Fane LLP as local counsel; Berkeley Research Group, LLC as financial advisor; Jefferies LLC as investment banker; and Blackacre LLC as coal consultant. ATNA RESOURCES: Montana DEQ Seeking Money for Gold Mine Cleanup --------------------------------------------------------------- Daily Bankruptcy Review, citing The Associated Press, reported that the Montana Department of Environmental Quality is asking a bankruptcy court to set aside more than $6 million from the owner of a Fergus County gold mine to ensure treatment of polluted water after the state said it does not have enough cash for the cleanup effort. According to the report, Colorado-based Atna Resources Inc. and six affiliates -- Atna Resources Ltd., Canyon Resources Corp., CR Briggs Corp., CR Kendall Corp., CR Montana Corp. and Horizon Wyoming Uranium Inc. -- filed for bankruptcy protection in Colorado in 2015. The CR Kendall Mine is an open pit gold mine that closed in 1997, the report related. Mines are required to provide a bond for cleanup, but Montana officials say they need more money from the bankruptcy court to cover cleanup costs, the report said. The department filed the latest claim with the court against CR Kendall Corp. in May as part of Atna's bankruptcy protection proceedings, the report further related. The department is requiring a long-term water management and treatment for 10 to 40 years for the removal of thallium and arsenic, beginning this year, the report added. About Atna Resources Headquartered in Lakewood, Colorado, Atna Resources Ltd. -- http://www.atna.com/-- is engaged in all phases of the mining business, including exploration, preparation of pre-feasibility and feasibility studies, permitting, construction and development, operation and final closure of mining properties. The Company owns or controls various properties with gold resources. The Company's production property includes Briggs Mine California and Pinson Mine Property, Nevada. The Company's development properties include Mag Pit at Pinson; Columbia Project, Montana and Briggs Satellite Projects, California. Its exploration properties include Sand Creek Uranium Joint Arrangement, Wyoming; Blue Bird Prospect, Montana and Canadian Properties, Yukon and British Columbia. Its Closure Property is Kendall, Montana. The Briggs mine is located on approximately 156 unpatented claims, including approximately 15 mill site claims, covering over 2,890 acres. The Company's Pinson Mine Property is located in Humboldt County, Nevada, over 30 miles east of Winnemucca. Atna Resources, Inc. and its direct and indirect subsidiaries filed Chapter 11 bankruptcy petitions (Bankr. D. Colo. Proposed Lead Case No. 15-22848) on Nov. 18, 2015. The petitions were signed by Rodney D. Gloss as vice president & chief financial officer. Atna also sought ancillary relief in Canada pursuant to the Companies' Creditors Arrangement Act in the Supreme Court of British Columbia in Vancouver, Canada. In its Chapter 11 petition, Atna estimated assets in the range of $10 million to $50 million and liabilities of $50 million to $100 million. Squire Patton Boggs (US) LLP serves as counsel to the Debtors. On Dec. 14, 2015, the Office of the United States Trustee for the District of Colorado appointed a statutory committee of unsecured creditors in the Chapter 11 Cases. The Committee tapped Onsager Guyerson Fletcher Johnson as attorneys. AUSTIN HOUSE: July 27 Plan Confirmation Hearing ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida conditionally approved the disclosure statement filed by Jonathan A. Semach for The Austin House Property, LLC, and scheduled a hearing on confirmation of the Plan -- including timely filed objections to confirmation, objections to the Disclosure Statement, motions for cramdown, applications for compensation, and motions for allowance of administrative claims -- on July 27, 2016 at 9:30 a.m. Parties must submit their written ballots accepting or rejecting the Plan no later than eight days before the Confirmation Hearing. Objections to confirmation must be filed no later than seven days before the date of the Confirmation Hearing. The Austin House Property, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-01443) on February 24, 2016. The Debtor is represented by Buddy D. Ford, Esq., at Buddy D. Ford, PA. The Troubled Company Reporter, on April 20, 2016, reported that the Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of The Austin House Property, LLC. AVENUE C TENANTS: Hires Robinson Brog as Counsel ------------------------------------------------ Avenue C Tenants HDFC seeks authorization from the Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York to employ Robinson Brog Leinwand Greene Genovese & Gluck P.C. as counsel, effective April 29, 2016. The Debtor requires Robinson Brog to: (a) provide advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiate with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; (c) appear before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) prepare on the Debtor's behalf necessary applications, motions, answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; (e) appear before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before this Court; (f) perform all other legal services for the Debtor that may be necessary herein; and (g) assist the Debtor in connection with all aspects of this chapter 11 case. Robinson Brog will be paid at these hourly rates: Shareholders $450-$665 Associates $365-$465 Paralegals $175-$300 Robinson Brog will also be reimbursed for reasonable out-of-pocket expenses incurred. Robinson Brog performed services on the Debtor's behalf in connection with the preparation of the bankruptcy filing and billed the Debtor prepetition for such services in the amount of $1,663.93 and drew down against the $10,000 received. Accordingly, Robinson Brog now holds a retainer in the amount of $8,336.07 as of the Petition Date. A. Mitchell Greene, shareholder of Robinson Brogg, 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. Robinson Brogg can be reached at: A. Mitchell Greene, Esq. ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK P.C. 875 Third Avenue New York, NY 10022 Avenue C Tenants HDFC, based in New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-11209) on April 29, 2016. The Hon. Stuart M. Bernstein presides over the case. Arnold Mitchell Greene, Esq., at ROBINSON BROG LEINWAND GREENE GENOVESE & GLUCK, P.C., serves as counsel to the Debtor. In its petition, the Debtor listed total assets of $2.04 million and total liabilities of $1.28 million. The petition was signed by Herman Hewitt, senior vice president. BARRETT BUSINESS: NASDAQ Extends Delisting Suspension Stay ---------------------------------------------------------- Barrett Business Services, Inc. (BBSI or the Company), a provider of business management solutions, has been granted an extension of its stay of suspension from the NASDAQ Stock Market. NASDAQ has extended the stay of delisting until the NASDAQ Hearings Panel issues its final decision after the Company's hearing with the panel on June 16, 2016. The panel is expected to issue a final decision on BBSI's listing status soon thereafter. "We continue to make progress in getting our first quarter 2016 10-Q ready for filing," said Mike Elich, BBSI's president and CEO. "We look forward to discussing the results of our first quarter in the coming weeks." About BBSI BBSI -- http://www.barrettbusiness.com/-- is a provider of business management solutions, combining human resource outsourcing and professional management consulting to create a unique operational platform that differentiates it from competitors. BBSI's integrated platform is built upon expertise in payroll processing, employee benefits, workers' compensation coverage, risk management and workplace safety programs, and human resource administration. BBSI's partnerships help businesses of all sizes improve the efficiency of their operations. BBSI works with more than 4,000 clients across all lines of business in 22 states. BILL JOHNSON: Dismissal of Claims vs. Actuaries, Attys Affirmed --------------------------------------------------------------- In the case captioned JOHNNY JOHNSON and ANNA JOHNSON, husband and wife; THE ESTATE OF RUDY JOHNSON and DIANA JOHNSON, Plaintiffs/Appellants, v. STEVE MATTHEWS and COLLEEN MATTHEWS, husband and wife; MATTHEWS, GOLD, KENNEDY & SNOW, INC., an Arizona corporation; LESLIE A. PLATTNER and RHONDA PLATTNER, husband and wife; and PLATTNER, SCHNEIDMAN & SCHNEIDER P.C., an Arizona professional corporation, Defendants/Appellees, No. 1 CA-CV 15-0369 (Ariz. App.), the Court of Appeals of Arizona, Division One, affirmed the superior court's entry of summary judgment and award the Matthews and Plattner parties their costs of appeal contingent upon their compliance with Arizona Rule of Civil Appellate Procedure 21. Plaintiffs/Appellants Johnny Johnson, Anna Johnson, Diana Johnson and the Estate of Rudy Johnson challenge the superior court's entry of summary judgment dismissing their claims against actuaries and attorneys alleging damage caused to a pension plan maintained for employees of Bill Johnson's Restaurant, Inc.. A full-text copy of the Memorandum Decision dated May 31, 2016 is available at https://is.gd/gVxSB1 from Leagle.com. Maynard Cronin Erickson Curran & Reiter, PLC, Phoenix, By Daniel D. Maynard, Esq., Counsel for Plaintiffs/Appellants. Burch & Cracchiolo, PA, Phoenix, By Edwin D. Fleming, Esq. -- efleming@bcattorneys.com, Melissa Iyer Julian, Esq. -- mjulian@bcattorneys.com, Counsel for Defendants/Appellees Matthews. Goldman & Zwillinger PLLC, Scottsdale, By Scott H. Zwillinger, Esq. -- SZwillinger@GZLawOffice.com, Scott Griffiths, Esq. -- SGriffiths@GZLawOffice.com, Counsel for Defendants/Appellees Plattner. Phoenix, Arizona-based Bill Johnson's Restaurants, Inc., doing business as Bill Johnson's Big Apple Restaurants, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 11-22441) on Aug. 4, 2011. Shelton L. Freeman, Esq., at Deconcini Mcdonald Yetwin & Lacy PC, in Scottsdale, Arizona, serves as counsel to the Debtor. The Debtor estimated assets and debts of $1 million to $10 million. BILLYS ROADHOUSE: Taps Robert Lampl as Attorney ----------------------------------------------- Billys Roadhouse, Inc. seeks authorization from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Robert O. Lampl and his law firm as the Debtor's attorneys. The Debtor is in need of services of legal counsel to assist in, among other things, the administration of its Estate and to represent the Debtor on matters involving legal issues that are present or are likely to arise in the case, to prepare any legal documentation on behalf of the Debtor, to review reports for legal sufficiency, to furnish information on legal matters regarding legal actions and consequences and for all necessary legal services connected with Chapter 11 proceedings including the prosecution and/or defense of any adversary proceedings. Robert O Lampl and his firm will be paid at these hourly rates: Robert O Lampl $450 John P. Lacher $400 David L. Fuchs $375 Ryan J. Cooney $275 Paralegal $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert O Lampl 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 firm can be reached at: Robert O. Lampl, Esq. John P. Lacher, Esq. David L. Fuchs, Esq. Ryan J. Cooney, Esq. 960 Penn Avenue, Ste 1200 Pittsburgh, PA 15222 Tel: (412) 392-0330 Fax: (412) 392-0335 E-mail: rlampl@lampllaw.com Billys Roadhouse, Inc. filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-21969) on May 25, 2016. BLACK ELK: GIS Objects to Liquidation Plan Over Value of Properties ------------------------------------------------------------------- Grand Isle Shipyard, Inc., objects to confirmation of Black Elk Energy Offshore Operations, LLC's Second Amended Plan of Liquidation, complaining that the Plan violates Section 506(a)(1) of the Bankruptcy Code because the Debtor does not know the value of of every real property asset in which the Debtor had an interest that secures the Pre-Petition Obligations and there has been no proof of secured status nor does there appear to be any available information from which the secured status of the Holders of Senior Notes can be ascertained. In addition, GIS also complains that the Plan does not identify with any specificity the assets to be transferred into the Liquidation Trust, especially Oil and Gas Leases held by the Debtor -- which may be subject to liens held by GIS and other similarly situated creditors. Consequently, GIS avers that unless the Debtor can establish at least an approximate value of the assets that will comprise the Liquidation Trust, GIS and other similarly situated creditors cannot properly analyze or quantify, among other things, the extent to which the treatment of the Senior Notes is better than the claims of Other Secured Claims and General Unsecured Creditors, proposing to give the Holders of Senior Notes. Attorneys for Grand Isle Shipyard, Inc.: Michael P. Brundage PHELPS DUNBAR LLP 100 South Ashley Drive, Suite 1900 Tampa, Florida 33602-5311 Telephone: 813-472-7550 Facsimile: 813-472-7570 Email: michael.brundage@phelps.com About Black Elk Black Elk Energy Offshore Operations, LLC, is a Houston, Texas based privately held limited liability company engaged in the acquisition, exploitation, development and production of oil and natural gas properties primarily in the shallow waters of the Gulf of Mexico near the coast of Louisiana and Texas. Black Elk had total assets of $339.7 million and total debt of $432.3 million as of Sept. 30, 2014. Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern District of Texas placed Black Elk under Chapter 11 bankruptcy protection on Sept. 1, 2015, converting an involuntary Chapter 7 bankruptcy petition by its creditors. Thereafter, the Company filed with the Court a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-34287) on Sept. 10, 2015. Judge Paul later recused herself from the case and the matter was given to Judge Marvin Isgur, according to information posted on the case docket on Sept. 14. The Debtor is represented by Elizabeth E. Green of Baker & Hostetler. Blackhill Partners' Jeff Jones is the Debtor's Chief Restructuring Officer. BLACK ELK: Inks Deal to Resolve Dispute with Hess Corp. ------------------------------------------------------- Black Elk Energy Offshore Operations, LLC, asks the U.S. Bankruptcy Court to approve a sale agreement and related compromise negotiated by Debtor Shell Offshore Inc. and Hess Corporation that would relieve the Debtor's estate of plugging and abandonment liabilities and additional significant potential administrative claims in an estimated amount of over $26 million, as well as approximately $10 million in additional pre-petition claims. The Agreement provides for the conveyance of the Debtor's interest in certain Outer Continental Shelf leases and related platforms and facilities to the current co-working interest owners, Shell and Hess, in return for Shell and Hess's assumption of Black Elk's share of the plugging and abandonment liabilities associated with the properties and release of pre and postpetition claims based on the Debtor's defaults under the operative agreements. The Debtor states that it will consider any higher and better competing offer that exceed the terms of the sale proposed by the Motion, including extinguishing the potential administrative claims of Shell and Hess by assuming the decommissioning liability. The Parties have reserved the right to make additional mutually agreeable amendments to the APA prior to execution and closing with such modifications to be filed with the Court. Shell has not yet executed the APA, but counsel for Shell has represented that management has approved their entry into the APA in substance and that the agreement is in the process of final review. The Debtor says it has provided a copy of the APA to the Official Committee of Unsecured Creditors, the Ad Hoc Committee of Senior Noteholders, and the United States Government and has not been made aware of any objections thereto. Black Elk Energy Offshore Operations, LLC is represented by: Elizabeth A. Green, Esq. Jimmy D. Parrish, Esq. BAKER & HOSTETLER, LLP SunTrust Center, Suite 2300 200 South Orange Avenue Orlando, FL 32801-3432 Telephone: (407) 649-4000 Facsimile: (407) 841-0168 Email: egreen@bakerlaw.com jparrish@bakerlaw.com -- and -- Pamela Gale Johnson, Esq. BAKER & HOSTETLER, LLP 811 Main Street, Suite 1100 Houston, Texas 77002-6111 Telephone: (713) 646-1324 Facsimile: (713) 751-1717 E-mail: pjohnson@bakerlaw.com -- and -- Jorian L. Rose, Esq. BAKER & HOSTETLER, LLP 45 Rockefeller Plaza New York, New York Telephone: (212) 589-4200 Facsimile: (212) 589-4201 Email: jrose@bakerlaw.com -- and -- Joseph M. Esmont, Esq. BAKER & HOSTETLER, LLP 127 Public Square Ste. 2000 Cleveland, Ohio Telephone: (216) 861-7835 Facsimile: (216) 696-0740 Email: jesmont@bakerlaw.com About Black Elk Black Elk Energy Offshore Operations, LLC, is a Houston, Texas based privately held limited liability company engaged in the acquisition, exploitation, development and production of oil and natural gas properties primarily in the shallow waters of the Gulf of Mexico near the coast of Louisiana and Texas. Black Elk had total assets of $339.7 million and total debt of $432.3 million as of Sept. 30, 2014. Judge Letitia Z. Paul of the U.S. Bankruptcy Court in the Southern District of Texas placed Black Elk under Chapter 11 bankruptcy protection on Sept. 1, 2015, converting an involuntary Chapter 7 bankruptcy petition by its creditors. Thereafter, the Company filed with the Court a voluntary Chapter 11 petition (Bankr. S.D. Tex. Case No. 15-34287) on Sept. 10, 2015. Judge Paul later recused herself from the case and the matter was given to Judge Marvin Isgur, according to information posted on the case docket on Sept. 14. The Debtor is represented by Elizabeth E. Green of Baker & Hostetler. Blackhill Partners' Jeff Jones is the Debtor's Chief Restructuring Officer. BM CREW: Court Grants Bank's Request for Copy of Plan ----------------------------------------------------- Judge Brian K. Tester of the U.S. Bankruptcy Court for the District of Puerto Rico granted Banco Popular de Puerto Rico's motion requesting to be served with a copy of BM Crew, Inc.'s disclosure statement and plan. BM Crew, Inc. (Bankr. D.P.R. Case No. 16-00526) filed a Chapter 11 Petition on January 28, 2016. The Debtor is represented by Jacqueline Hernandez Santiago, Esq., at Hernandez Law Offices. BNOIS SPINKA: Unsecured Creditors to Get 100% Under Plan -------------------------------------------------------- Bnois Spinka filed with the U.S. Bankruptcy Court for the Eastern District of New York a fourth amended disclosure statement explaining its plan of reorganization under which holders of Allowed Unsecured Claims will be paid 100%. Allowed unsecured Claims of the unsecured Creditors total $6,182,983. Class 8 Claimants Class 8 shall receive a 10% pro rata distribution of their Allowed Claims totaling approximately $618,000, payable monthly in the first year and thereafter annually over 10 years with the first monthly payment commencing on the Effective Date, and thereafter in nine consecutive annual payments, each in the amount of $61,829. In addition, Unsecured Creditors will receive, without interest, a total of 90% of the remaining amount principal amount of their claims, payable on a pro rata basis, from (a) the sum of $20,757 per month commencing on the first day of the month after the Effective Date and payable monthly on the first of the month for five years; (b) net proceeds recovered by the Committee commencing on the 13th month after the Effective Date, payable on the conclusion of the payments to Class 3, until the 120th month after the Effective Date; (c) monthly installments of $25,000, each installment due on the first day of the month commencing on the 13th month after the Effective Date, until the 120th after the Effective Date; (d) monthly installments of $5,416.67, each on the first day of the month, payable up until the full payments to Class 8 and; (e) on the 120th after the Effective Date, a balloon payment equal to the principal balance due and owing with respect to the Class 8 claims totaling approximately $4,800,000, will be paid, assuming no recovery from litigation. A full-text copy of the Fourth Amended Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/SPINKAds0531.pdf The bankruptcy case is IN RE: BNOIS SPINKA, Case No. 15-43251 (NHL)(Bankr. E.D.N.Y.). The Debtor is represented by: Leo Fox, Esq. 630 Third Avenue, 18th Floor New York, New York 10017 Tel: (212) 867-9595 Email: leofox1947@aol.com BOISE GUN: Wants to Continue Using Two Creditors' Cash Collateral ----------------------------------------------------------------- Boise Gun Company, Inc., asks the U.S. Bankruptcy Court for permission to continue using cash collateral pledged prior to its chapter 11 filing to repay approximately $1.9 million owed to Zions First National Bank and about $889,000 to Sports Inc. The Debtor projects that it will continue to collect income of between $400,000 to $500,000 per month from the sale of services, products and equipment, which is the cash collateral the Debtor seeks authorization to use. During the next six months, the Debtor anticipates using between $375,000 and $431,000 of cash collateral each month. The Debtor proposes to continue making $25,000 monthly adequate protection payments to Zions Bank and $6,500 monthly adequate protection payments to Sports Inc. The Debtor tells the Court that the estimated fair market wholesale value of its accounts receivable -- the pledged collateral -- exceeds $3.8 million. Zions First National Bank is represented by: G. Troy Parkinson, Esq. Prince, Yeates & Geldzahler 15 West South Temple, Suite 1700 Salt Lake City, UT 84101 E-mail: gtp@princeyeates.com and Sports, Inc., is represented by: Sheila R. Wchwager, Esq. Beth Coonts, Esq. Brent Wilson, Esq. Hawley Troxell Ennis & Hawley LLP 877 Main Street, Suite 1000 P.O. Box 1617 Boise, ID 83701 E-mail: sschwager@hawleytroxell.com bcoonts@hawleytroxell.com bwilson@hawleytroxell.com Boise Gun Company, Inc., based in Garden City, Idaho, filed a chapter 11 petition (Bankr. D. Idaho Case No. 15-01389) on Oct. 23, 2015. The company is represented by Matthew T. Christensen, Esq., at Angstman Johnson, PLLC, and disclosed $3.85 million in assets and $4.14 million in liabilities at the time of the filing. BON-TON STORES: Agrees to Sell Real Estate Portfolio to UTF ----------------------------------------------------------- The Bon-Ton Stores, Inc., acting through subsidiary entities, entered into an Agreement of Purchase and Sale for a sale-leaseback transaction with United Trust Fund Limited Partnership, pursuant to which Bon-Ton agreed to sell to UTF a real estate portfolio comprised of three retail department store locations in two states. The facilities comprising the Portfolio contain approximately 435,200 square feet in the aggregate and are located in: (a) Roseville, Minnesota; (b) Duluth, Minnesota; and (c) Aurora, Illinois. At the closing of the transactions contemplated by the PSA, Bon-Ton will convey the Portfolio to UTF for an aggregate sales price of at least $44.935 million. The Closing is subject to a due diligence review of the Portfolio by UTF, including matters relating to title, environmental condition, zoning, property condition and appraisals. Contemporaneously with the Closing, a subsidiary of Bon-Ton will enter into a lease agreement substantially in the form attached as Exhibit C to the PSA with a subsidiary of UTF pursuant to which the Portfolio will be leased back to Bon-Ton or its subsidiary entities. The Lease will have an initial term of 20 years and will contain three renewal terms, each for a period of 10 years. The basic rent payable in connection with the Lease will be approximately $3.9 million per annum, or 8.75% of the aggregate sales price, subject to adjustment for increases in the Consumer Price Index. The obligations of the tenant under the Lease are guaranteed by Bon-Ton. About Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company's Web site at http://investors.bonton.com. Bon-Ton Stores reported a net loss of $57.05 million on $2.71 billion of net sales for the fiscal year ended Jan. 30, 2016, compared to a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015. * * * As reported in the TCR on Dec. 4, 2015, Moody's Investors Service downgraded Bon-Ton Stores's Corporate Family Rating to Caa1 from B3. The company's Speculative Grade Liquidity rating was affirmed at SGL-2. The rating outlook is stable. The downgrade considers the continuing and persistent negative pressure on Bon-Ton's revenue and EBITDA margins which has been accelerating during the course of fiscal 2015. Standard & Poor's Ratings Services in December 2015 lowered its corporate credit rating Bon-Ton Stores to 'CCC+' from 'B-'. The outlook is negative. S&P said the downgrade reflects both Bon-Ton's weakening performance and our forecast for an unsustainable capital structure and "less than adequate" liquidity. BRAND ENERGY: Bank Debt Trades at 3% Off ---------------------------------------- Participations in a syndicated loan under which Brand Energy & Infrastructure Services is a borrower traded in the secondary market at 96.70 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.39 percentage points from the previous week. Brand Energy pays 375 basis points above LIBOR to borrow under the $1.225 billion facility. The bank loan matures on Nov. 12, 2020 and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. BRANTLEY-POWELL: July 12 Plan, Disclosures Hearing -------------------------------------------------- Judge Susan D. Barrett of the U.S. Bankruptcy Court for the Southern District of Georgia conditionally approved the amended disclosure statement of Brantley-Powell Funeral Home, Inc., including the value of bankruptcy estate property for plan confirmation purposes as well as determining creditors' secured status under Section 506 of the Bankruptcy Code. July 7, 2016, is fixed as the last day for filing written acceptances or rejection of the plan and the last day for filing and serving written objections to the disclosure statement and confirmation of the plan. A Hearing shall be held: July 12, 2016, at 02:30 p.m., U.S. Courtroom, U.S. Courthouse, Dublin, GA , to consider final approval of the disclosure statement (if a written objection has been timely filed, including any objections to property value) and for the hearing on confirmation of the plan. In the event the Debtor and its counsel fail to appear, or if the plan is not confirmed at said hearing, a hearing will thereupon be held to determine whether the case should be dismissed or converted to Chapter 7. Brantley-Powell Funeral Home, Inc. (Bankr. S.D. Ga. Case No. 15-30128) filed a Chapter 11 Petition on May 12, 2015. The Debtor is Jon A. Levis, Esq., at Merrill & Stone, LLC. BRUNO HOLDINGS: Hires Elizabeth Haas as Attorney ------------------------------------------------ Bruno Holdings, LLC seeks authorization from the U.S. Bankruptcy Court for the Southern District of New York to employ Elizabeth A. Haas, Esq., PLLC, as attorney. The Debtor requires the firm to: (a) prepare and finalize Schedules, the Statement of Financial Affairs, and other documents required under the Bankruptcy Code and by the Office of the U.S. Trustee; (b) examine claims filed herein, priority tax claims of the various taxing agencies and executory leases, and to institute the necessary proceedings and objections to said claims in order to establish the validity and the amounts due and also general unsecured creditors' claims, and to conduct negotiations and prepare all requisite documents in connection with adjustments effected and any agreements with respect to the terms, provisions and any agreements with respect to the terms, provisions and conditions of the payment of said claims. (c) give the Debtor all legal advice with respect to its power and duties as Debtor-in-possession, in the continued operation of their business and management of their property. (d) take the necessary legal steps to enjoin and stay, until final decree herein, pending actions and proceedings or actions or proceedings hereinafter instituted or to permit the Debtor to prosecute actions in other courts. (e) prepare, on behalf of the Debtor as Debtor-in-possession, necessary petitions, answers, orders, reports, and other legal papers; (f) perform all other legal services for the Debtor, as Debtor- in-Possession, which may be necessary or desirable herein, from all of which it is readily apparent that it is necessary for the Debtor as Debtor-in-Possession to employ an attorney for the rendition of such professional services; (g) represent the Debtor in connection with negotiations with the mortgage holder, for the borrowing of funds and the issuance of orders thereon, as well as the certificates of indebtedness in connections with the renegotiation of existing contracts and in connection with all contracts and agreements by and between the Debtor and all third parties, in connection with the continuation of business and the use of cash collateral, the borrowing of funds and in the entering into of new contracts and commitments on the part of the Petitioner; (h) examine into the status and merits of all executory contracts and to institute all proceedings to disaffirm and reject all burdensome and disadvantageous contracts, to institute proceedings, and to determine and fix the liability of the Debtor upon all executory contracts that may be rejected; (i) institute proceedings and determine the status, validity and amount due on all disputed claims, particularly with respect to contracts and executory contracts, the validity of which may be subject to questions, or with respect to such contracts as may be burdensome and rejected by the Debtor; and (j) file proceedings pursuant to 11 U.S.C. section 105. The firm will be paid at these hourly rates: Professional $400 Paralegal $150 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Prior to the filing of the Debtor's petition, a third party paid the retainer fee to Elizabeth Haas in the amount of $15,000 plus the filing fee. Elizabeth A. Haas 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 June 17, 2016, at 12:00 noon. The firm can be reached at: Elizabeth A. Haas, Esq. ELIZABETH A. HAAS, ESQ. PLLC 254 South Main Street, Suite 302 New York, NY 10956-3363 Tel: (845) 708-0340 Bruno Holdings, LLC, based in Suffern, N.Y., filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-22738) on May 27, 2016. The Hon. Robert D. Drain presides over the case. Elizabeth A. Haas, Esq., at ELIZABETH A. HAAS, ESQ., PLLC, serves as Chapter 11 counsel. In its petition, the Debtor listed total assets of $1.10 million and total liabilities of $763,782. he petition was signed by Anthony Bruno, managing member. BUILDERS FIRSTSOURCE: Stockholders Elect Three Directors -------------------------------------------------------- Builders FirstSource, Inc.'s annual meeting of stockholders was held on May 25, 2016. The owners of 104,866,008 shares of the Company's common stock, representing 95.23% of the voting power of all of the shares of common stock issued and outstanding on April 1, 2016, the record date for the meeting, were represented at the annual meeting. Each share of common stock was entitled to one vote at the annual meeting. The Company's stockholders elected each of the following individuals as a director of the Company for a term of three years: Mr. Daniel Agroskin (95,458,260 votes in favor and 164,949 votes withheld), Mr. Kevin J. Kruse (94,940,556 votes in favor and 682,653 votes withheld), and Mr. Floyd F. Sherman (95,465,502 votes in favor and 157,707 votes withheld). There were 9,242,799 broker non-votes with regard to the election of directors. The Company's stockholders approved an amendment of the Corporation's 2014 Incentive Plan to increase the number of shares available by 3,500,000 and reapproved the material terms of performance goals for qualified performance-based awards with 85,408,578 votes in favor, 10,166,778 votes against, and 47,853 abstentions. There were 9,242,799 broker non-votes with regard to the amendment of the Corporation's 2014 Incentive Plan. The Company's stockholders ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the year ending Dec. 31, 2016, with 104,026,917 votes in favor, 292,182 votes against, and 546,909 abstentions. About Builders FirstSource Headquartered in Dallas, Texas, Builders FirstSource -- http://www.bldr.com/-- is a supplier and manufacturer of structural and related building products for residential new construction. The Company operates 56 distribution centers and 56 manufacturing facilities in nine states, principally in the southern and eastern United States. Manufacturing facilities include plants that manufacture roof and floor trusses, wall panels, stairs, aluminum and vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes windows, interior and exterior doors, dimensional lumber and lumber sheet goods, millwork and other building products. Builders Firstsource reported a net loss of $22.8 million on $3.56 billion of sales for the year ended Dec. 31, 2015, compared to net income of $18.2 million on $1.60 billion of sales for the year ended Dec. 31, 2014. * * * As reported by the TCR on July 15, 2015, Standard & Poor's Ratings Services said it raised its corporate credit rating on Builders FirstSource Inc. to 'B+' from 'B'. "The stable outlook reflects our view that Builders FirstSource will continue to increase sales and EBITDA as U.S. residential construction continues to recover from an historic downturn and the company realizes significant synergies from the merger. As a result, we expect some improvement in the company's leverage measures over the next 12 to 24 months while it maintains adequate liquidity," said Standard & Poor's credit analyst Pablo Garces. In the May 13, 2014, edition of the TCR, Moody's Investors Service upgraded Builders FirstSource's Corporate Family Rating to 'B3' from 'Caa1'. The upgrade reflects Moody's expectation that BLDR's operating performance will continue to benefit from improved housing construction, repair and remodeling. CAESARS ENTERTAINMENT: Bank Debt Trades at 5% Off ------------------------------------------------- Participations in a syndicated loan under which Caesars Entertainment Inc. is a borrower traded in the secondary market at 95.33 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.40 percentage points from the previous week. Caesars Entertainment pays 600 basis points above LIBOR to borrow under the $2.5 billion facility. The bank loan matures on Sept. 24, 2020 and carries Moody's B3 rating and Standard & Poor's CCC+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. CAESARS ENTERTAINMENT: May Issue 7.5M Shares Under Incentive Plan ----------------------------------------------------------------- Caesars Entertainment Corporation filed with the Securities and Exchange Commission a Form S-8 registration statement to register 7,500,000 additional shares of its common stock, par value $0.01 per share, reserved for issuance under the Caesars Entertainment Corporation 2012 Performance Incentive Plan, as amended. The Registration Statement was being filed pursuant to General Instruction E of Form S-8 under the Securities Act. A copy of the prospectus is available for free at https://is.gd/1hiDbj 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: Restructuring Talks Reach Stalemate ---------------------------------------------------------- Jacqueline Palank, writing for Daily Bankruptcy Review, reported that a retired federal judge charged with brokering a deal to restructure Caesars Entertainment Corp.'s bankrupt operating unit says talks with the casino company and one group of warring creditors have broken down and aren't likely to reach a settlement. According to the report, in court papers filed June 6, Joseph J. Farnan Jr. says Caesars declined to participate in mediation beyond an April 7 meeting and that he doesn't see the company coming to terms with junior bondholders. The bondholders are opposing the restructuring strategy of the Caesars unit, called Caesars Entertainment Operating Co., the report related. "I believe that there is currently no likelihood of material progress in the discussions between the [Caesars] parties and the noteholder committee," the report cited Mr. Farnan as saying. Mr. Farnan, once a judge for the U.S. District Court in Delaware, was asked this year to help the Caesars unit bring its creditors on board with a plan to restructure some $18 billion in debt, the report further related. The goal of the talks was to settle legal claims related to accusations that Caesars and its private-equity owners looted the unit of valuable assets for their benefit, hurting it and its creditors, which Caesars denies, the report said. The committee representing the Caesars unit’s junior bondholders has said such legal claims, which some junior bondholders are pursuing in separate court action, could be worth as much as $12.6 billion, the report added. 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: Showboat Reopening Without Casino -------------------------------------------------------- Daily Bankruptcy Review, citing the Associated Press, reported that the shuttered Showboat casino hotel will reopen in July -- this time as a non-gambling hotel, a developer said on June 3. According to the report, Philadelphia developer Bart Blatstein said 852 of the complex's 1,300 rooms will be open to the public in July. The hotel will still be called the Showboat, the report related. Blatstein has been buying non-gambling attractions in Atlantic City, which is desperately trying to reinvent itself as a diversified resort that is far less dependent on gambling, the report further related. In 2015, he bought the former Pier Shops complex on the beachfront and rebranded it as The Playground, a mix of restaurants, bars, nightspots and shopping, the report said. Caesars Entertainment closed the still-profitable Showboat casino-hotel on Aug. 31, 2014, the second of four Atlantic City casinos to close that year, the report added. The company acted in the name of reducing competition in what it considered an oversaturated market, putting 2,000 workers out of jobs, the report noted. Caesars also placed a deed restriction on the Showboat, prohibiting a future buyer from reopening it as a casino, but a competing deed restriction among casinos in the area prohibited the Showboat from being used as anything other than a first-class casino hotel, the report pointed out. 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. CEC ENTERTAINMENT: Bank Debt Trades at 3% Off --------------------------------------------- Participations in a syndicated loan under which CEC Entertainment Inc is a borrower traded in the secondary market at 97.35 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.20 percentage points from the previous week. CEC Entertainment Inc pays 350 basis points above LIBOR to borrow under the $0.725 billion facility. The bank loan matures on Feb. 18, 2021 and carries Moody's B2 rating and Standard & Poor's B rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. CELERITAS CHEMICALS: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Celeritas Chemicals, LLC 600 Rustic Ridge Court Southlake, TX 76092 Case No.: 16-42136 Chapter 11 Petition Date: June 2, 2016 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Mark X. Mullin Debtor's Counsel: Hudson M. Jobe, Esq. QUILLING, SELANDER, LOWNDS, WINSLETT & MOSER, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 871-2100 Fax: (214) 871-2111 E-mail: hjobe@qslwm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Percy Pinto, managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-42136.pdf CHICORA LIFE CENTER: Hires McCarthy Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Chicora Life Center, LC, seeks permission from the U.S. Bankruptcy Court for the District of South Carolina to employ McCarthy Law Firm, LLC, effective as of May 16, 2016, as counsel for the Debtor during this Chapter 11 case. The Firm will provide these services: a. advising the Debtor of its rights, powers and duties; b. attending meetings with Debtor and hearings before the Court; c. assisting other professionals retained by Debtor in the investigation of the acts, conduct, assets, liabilities and financial condition of Debtor, and any other matters relevant to the case or to the formulation of a plan of reorganization or liquidation; d. investigating the validity, extent, and priority of secured claims against the Debtor's estate, and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; e. advising the Debtor with regard to the preparation and filing of all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in these matters; f. advising the Debtor with regard to the preparation and filing of responses to applications, motions, pleadings, notices and other papers that may be filed and served in these Chapter 11 cases by other parties; and g. performing other necessary legal services for and on behalf of Debtor that may be necessary or appropriate in the administration of the Chapter 11 case. The Firm will be paid these hourly rates: G. William McCarthy, Jr., Esq. $425 Daniel J. Reynolds, Jr., Esq. $325 W. Harrison Penn, Esq. $300 Attorney $250-$425 Paralegals & Assistants $100-$125 Pre-petition, the Firm received retainers aggregating $75,000 from the Debtor for services related to debt counseling and strategic advice as well as the contemplation of, research related to, preparation for, and filing of the bankruptcy cases and related negotiations and meetings. Pre-petition, the Firm charged its outstanding pre-petition time and expenses (including the filing fee) against the retainer for an aggregate amount of $22,753.78 in pre-petition charges to the Debtor. There is $52,246.22 in remaining retainer balance being held by Firm for Debtor. The Firm will seek approval from the Bankruptcy Court for payment of its post-petition services. G. William McCarthy, Jr., Esq., a member/partner at the Firm, assures the Court that Firm does not hold or represent an interest adverse to the Debtor or its estates and that Firm is a disinterested person as that term is defined in 11 U.S.C. Section 101(14). About Chicora Life Center Chicora Life Center, LC, sought protection under Chapter 11 of the Bankruptcy Code in the District of South Carolina (Charleston) (Case No. 16-02447) on May 16, 2016. The petition was signed by Jeremy K. Blackburn, property manager. The Debtor is represented by G. William McCarthy, Jr., Esq., at McCarthy Law Firm, LLC. The Debtor disclosed total assets of $48.3 million and total debts of $22.09 million. CHIEFTAIN STEEL: Committee Taps Bingham as Local Counsel -------------------------------------------------------- The official committee of unsecured creditors of Chieftain Steel, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Bingham Greenebaum Doll LLP as its local counsel. The committee tapped the firm to: (a) advise the committee about its rights, powers and duties under section 1103 of the Bankruptcy Code; (b) prepare legal papers; (c) negotiate with the Debtor, its secured creditors and other parties in connection with the Debtor's post- petition financing and exit-strategy; (d) review the nature and validity of any liens asserted against the Debtor's property; (e) advise the committee about its ability to initiate actions to collect and recover property for the estate; (f) advise the committee about any of the Debtor's potential property dispositions; (g) advise the committee about the formulation, negotiation and promulgation of a plan of reorganization; and (h) provide non-bankruptcy services for the committee if requested. The attorneys and paraprofessionals who will be primarily responsible for representing the committee bill their time at these hourly rates: James R. Irving Partner $325 April A. Wimberg Associate $215 Susan Mays Paralegal $190 Bingham will receive reimbursement for work-related expenses. Mr. Irving disclosed in a court filing that the firm does not represent any interest adverse to the Debtor's estate. Bingham Greenebaum can be reached through: James R. Irving Bingham Greenebaum Doll LLP 3500 National City Tower 101 South Fifth Street Louisville, KY 40207 Tel: (502) 587-3606 Fax: (502) 540-2215 About Chieftain Steel Chieftain Steel, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 16-10407) on May 2, 2016. The Debtor is represented by Constance G. Grayson, Esq., at Gullette & Grayson, PSC. CHIEFTAIN STEEL: Committee Taps Fox Rothschild as Legal Counsel --------------------------------------------------------------- The official committee of unsecured creditors of Chieftain Steel, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to hire Fox Rothschild LLP as its legal counsel. The committee tapped the firm to: (a) give advice about its rights, powers and duties under section 1103 of the Bankruptcy Code; (b) prepare legal papers on behalf of the committee; (c) negotiate with the Debtor, its secured creditors and other parties in connection with the Debtor's post- petition financing and exit-strategy; (d) review the nature and validity of any liens asserted against the Debtor's property; (e) advise the committee about its ability to initiate actions to collect and recover property for the benefit of the estate; (f) advise the committee about any of the Debtor's potential property dispositions; (g) advise the committee about the formulation, negotiation and promulgation of a plan of reorganization; and (h) provide non-bankruptcy services for the committee if requested. The attorneys and paraprofessionals who will be primarily responsible for representing the committee bill their time at these hourly rates: Michael G. Menkowitz Partner $560 Paul J. Labov Partner $464 Jason C. Manfry Associate $272 Joseph DiStanislao Paralegal $268 Fox Rothschild will receive reimbursement for work-related expenses. Mr. Menkowitz disclosed in a court filing that the firm does not represent any interest adverse to the Debtor's estate. Fox Rothschild can be reached through: Michael G. Menkowitz Fox Rothschild LLP 2000 Market Street, Philadelphia, Pennsylvania 19103 Tel: (215) 299-2756 Fax: (215) 299-2150 Email: mmenkowtz@foxrothschild.com About Chieftain Steel Chieftain Steel, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 16-10407) on May 2, 2016. The Debtor is represented by Constance G. Grayson, Esq., at Gullette & Grayson, PSC. CLAIRE'S STORES: Appoints Michael D'Appolonia as Director --------------------------------------------------------- The Board of Directors of Claire's Stores, Inc. increased the size of the Board from six directors to seven directors and appointed Michael R. D'Appolonia as director to fill the vacancy created on the Board by such increase effective June 1, 2016. From 2013 until his retirement in 2016, Mr. D'Appolonia served as a principal at DeNovo Perspectives, LLC, a professional services firm providing advisory and executive management services to clients in a broad range of industries. Mr. D'Appolonia previously served as the president and chief executive officer of Kinetic Systems, Inc., a global provider of process and mechanical solutions to the electronics, solar and biopharmaceutical industries from 2006 until September 2010. From 2002 through 2006, Mr. D'Appolonia was president of Nightingale & Associates, LLC, a global management consulting firm. He has provided financial advisory and executive officer services to a number of companies, including Murray's Discount Auto Stores, Inc., McCulloch Corporation, Halston Borghese, Inc., and Simmons Upholstered Furniture, Inc. Mr. D'Appolonia's recent public company board of director experience includes Exide Technologies (2004-2015), Westmoreland Coal Company (2008 - 2013) and The Washington Group (2001-2007). In addition to his experience with public companies, Mr. D'Appolonia previously served as a member of the board of directors of private companies including Kinetic Systems, Inc., Moll Industries, Inc., SHC, Inc., and Mobile Technologies Inc. In accordance with the director compensation policy previously adopted by the Board, each of Mr. D'Appolonia and Sally Pofcher (who became a member of the Company's Board of Directors in February 2016) were granted an option for 20,000 shares of the common stock of Claire's, Inc., the corporate parent of the Company, that were fully vested and immediately exercisable upon grant at an exercise price of $1.25 per share. The options were granted under Parent's Amended and Restated Stock Incentive Plan. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- operates as a specialty retailer of fashion accessories and jewelry for preteens and teenagers, as well as for young adults in North America and internationally. It offers jewelry products that comprise costume jewelry, earrings, and ear piercing services; and accessories, including fashion accessories, hair ornaments, handbags, and novelty items. Based in Pembroke Pines, Florida, Claire's Stores operates under two brands: Claire's(R), which operates worldwide and Icing(R), which operates only in North America. As of Jan. 31, 2009, Claire's Stores, Inc., operated 2,969 stores in North America and Europe. Claire's Stores also operates through its subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. The Company also franchises 198 stores in the Middle East, Turkey, Russia, South Africa, Poland and Guatemala. * * * The TCR reported on April 11, 2016, that Moody's Investors Service downgraded Claire's Stores, Inc. Corporate Family Rating (CFR) and Probability of Default Rating to Caa3 and Caa3-PD, respectively. "[The] downgrades reflect our view that there is an acute likelihood of a debt restructuring ahead of the June 2017 maturity of Claire's subordinated notes due to continuing erosion of liquidity and weak operating performance," stated Moody's Vice President Charlie O'Shea. As reported by the TCR on May 20, 2016, S&P Global Ratings raised its corporate credit rating on Florida-based Claire's Stores Inc. to 'CCC-' from 'SD'. The outlook is negative. CREATURE LLC: Proposes Replacement Liens for Bank of America ------------------------------------------------------------ Creature LLC entered into a $700,000 Term Loan Agreement, dated December 7, 2011, with Bank of America, N.A. As of the Petition Date, the outstanding balance of the Term Loan was $59,413. The Debtor believes that the Term Loan is secured by a first-position lien on and security interests in the Debtor's equipment, inventory and accounts receivable. The Debtor wants access to that cash collateral to pay operating expenses and wants to grant BofA replacement post-petition liens. The Debtor describes itself as a creative agency comprised of a global group of thinkers, makers, and creators of things whose collective energy focuses on design, advertising and innovation to solve business challenges for its customers. Through the company’s expertise in brand strategy, advertising and design, it is the Creature the problem requires. The company’s capabilities also include web site design, application development, experience design, social content, events, print advertising, broadcast video, digital banners, radio, brand identity, packaging design, and media planning and buying. Founded in 2002, Creature maintained steady growth, peaking in 2012. At that time, the company made an investment in opening a London office to service Microsoft business, among other clients. This expansion proved to be a very costly endeavor, and the company was forced to send funds to the London office several times to finance operations. As a result, the company took on too much debt during this time and has spent the past four years trying to recover. The Debtor currently has 10 employees, down from 33 a year earlier. In addition, the Debtor recently moved its business operations into smaller and less expensive premises, dropping its monthly lease expense from $30,000 to $5,800. The Company has cut costs where it was able to without sacrificing its commitment to the finest quality products and services. Unfortunately, annual revenues (exclusive of pass-through agency reimbursements) have dropped from $6.5 million in 2013 and 2014 to $3.2 million in 2015. The recent loss of the company’s biggest client late last year forced the Chapter 11 filing. Creature LLC, based in Seattle, Wash., sought chapter 11 protection (Bankr. W.D. Wash. Case No. 16-12940) on May 31, 2016, and is represented by James L. Day, Esq., at Bush Kornfeld LLP. The Debtor estimated $597,825 in assets and $2.63 million in liabilities at the time of the filing. CS MINING: Involuntary Chapter 11 Case Summary ---------------------------------------------- Alleged Debtor: CS Mining, LLC P.O. Box 608 Milford, UT 84751 Case Number: 16-24818 Type of Business: A mining and processing company Involuntary Chapter 11 Petition Date: June 2, 2016 Court: United States Bankruptcy Court District of Utah (Salt Lake City) Judge: Hon. William T. Thurman Petitioners' Counsel: Martin J. Brill, Esq. LEVENE, NEALE, BENDER, YOO & BRILL L.L.P 10250 Constellation Blvd., Suite 1700 Los Angeles, CA 90067 Tel: 310-229-1234 Fax: 310-229-1244 E-mail: mjb@lnbyb.com - and - George B. Hofmann, Esq. COHNE KINGHORN PC 111 East Broadway, 11th Floor Salt Lake City, UT 84111 Tel: (801) 363-4300 Fax: (801) 363-4378 E-mail: ghofmann@cohnekinghorn.com Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ R.J. Bayer Professional Services $66,110 Geologist, LC 8842 Shady Meadow Drive Sandy, UT 84093 Minerals Advisory Group, LLC Services $83,312 6914 N. Camino Martin Rd., Suite 120 Tucson, AZ 85741 Rollins Construction & Services $481,210 Trucking, LLC P.O. Box 249 1842 S Hwy 21 Milford, UT 84751 Rollins Machine, Inc. Services $48,030 P.O. Box 249 1842 S Hwy 21 Milford, UT 84751 Oxbow Sulphur, Inc. Goods $1,572,235 1601 Forum Place, 12th Fl West Palm Beach, FL 33401 CYTORI THERAPEUTICS: Files 2015 Conflict Minerals Report -------------------------------------------------------- Cytori Therapeutics, Inc., filed with the Securities and Exchange Commision a Conflict Minerals Report for the period from Jan. 1, 2015, to Dec. 31, 2015. This Report was presented to comply with Rule 13p-1 under the Securities Exchange Act of 1934, as amended. This Rule imposes certain reporting obligations on public companies that manufacture or contract to manufacture products containing conflict minerals that are necessary to the functionality or production of their products. Form SD defines "conflict minerals" as cassiterite, columbite-tantalite, gold, wolframite and their derivatives, which are currently limited to tin, tantalum and tungsten. The Company identified tin, tantalum, tungsten and gold ("3TGs") that are necessary to the functionality or production of certain products that it manufactured or contracted to manufacture during the Reporting Period. "Cytori has reason to believe that some of the 3TGs present in its supply chain may have originated in the Democratic Republic of the Congo ("DRC") or an adjoining country (collectively, the "Covered Countries"). Therefore, we performed a reasonable country of origin inquiry ("RCOI") to determine whether any of the 3TGs in our products originated from the Covered Countries and were not from recycled or scrap sources. Based on the RCOI, we determined that we may have some suppliers that sourced 3TG from the Covered Countries and we proceeded to conduct due diligence on our supplier base." A copy of the Conflict Minerals Report is available for free at: https://is.gd/GkndRj About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. Cytori reported a net loss allocable to common stockholders of $19.4 million on $4.83 million of product revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common stockholders of $38.5 million on $4.95 million of product revenues for the year ended Dec. 31, 2015. As of March 31, 2016, Cytori had $32.9 million in total assets, $25.2 million in total liabilities and $7.74 million in total stockholders' equity. KPMG LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. CYTORI THERAPEUTICS: Rights Offering Expires June 9 --------------------------------------------------- Cytori Therapeutics, Inc., announced it has commenced the subscription period for its previously announced rights offering of up to 6,896,551 units consisting of shares of common stock and warrants to purchase shares of common stock to existing stockholders. The rights offering will remain open until 5:00 p.m. Eastern Time on Thursday, June 9, 2016, unless extended. Rights holders will need to exercise their subscription rights prior to that date and time. If exercising subscription rights through a broker, dealer, bank or other nominee, rights holders should promptly contact their nominee and submit subscription documents and payment for the units subscribed for in accordance with the instructions and within the time period provided by such nominee. The broker, dealer, bank or other nominee may establish a deadline before June 9 by which instructions to exercise subscription rights, along with the required subscription payment, must be received. All record holders of rights certificates that wish to participate in the rights offering must deliver a properly completed and signed rights certificate, together with payment of the subscription price for both basic subscription rights and any oversubscription privilege election, to the Subscription Agent, to be received before 5:00 p.m. Eastern Time on June 9, 2016. The Subscription Agent is: By mail: Broadridge Corporate Issuer Solutions, Inc. Attn: BCIS Re-Organization Dept. P.O. Box 1317 Brentwood, New York 11717-0693 (855) 793-5068 (toll free) By hand or overnight courier: Broadridge Corporate Issuer Solutions, Inc. Attn: BCIS IWS 51 Mercedes Way Edgewood, New York 11717 (855) 793-5068 Under the rights offering, Cytori has distributed one non-transferable subscription right for each share of common stock held on the previously announced record date of May 20, 2016. Each right entitles the holder to purchase one unit at the subscription price of $2.90 per unit, composed of one share of common stock and 0.5 of a warrant, with each whole warrant exercisable to purchase one share of common stock at an exercise price of $3.48 per share for 30 months from the date of issuance. Cytori has applied to list the warrants on NASDAQ, although there is no assurance that a sufficient number of subscription rights will be exercised so that the warrants will meet the minimum listing criteria to be accepted for listing on NASDAQ under the symbol "CTYXW." The warrants may be redeemed by Cytori prior to their expiration if Cytori's common stock closes above $8.70 per share for 10 consecutive trading days. The subscription rights are non-transferrable and may only be exercised during the anticipated subscription period through 5:00 p.m. ET on Thursday, June 9, 2016, unless extended. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. Holders who fully exercise their basic subscription rights will be entitled, if available, to subscribe for an additional amount of units that are not purchased by other stockholders, on a pro rata basis and subject to ownership limitations. Cytori has engaged Maxim Group LLC as dealer-manager for the rights offering. Each stockholder of record as of May 20, 2016, will receive by mail an information packet that explains the rights offering. Stockholders with specific questions are urged to contact Broadridge Corporate Issuer Solutions, Cytori's information agent for the rights offering, by calling (855) 793-5068 (toll-free); or Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention Syndicate Department, email: syndicate@maximgrp.com or telephone (212) 895-3745. The Company's registration statement on Form S-1 was declared effective by the U.S. Securities and Exchange Commission (SEC) on May 26, 2016. The prospectus as well as prospectus supplement no. 1 thereto dated May 31, 2016, and all of the Company's SEC filings may be found in the Investor Relations section of Cytori's website at www.ir.cytori.com. About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. Cytori reported a net loss allocable to common stockholders of $19.4 million on $4.83 million of product revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common stockholders of $38.5 million on $4.95 million of product revenues for the year ended Dec. 31, 2015. As of March 31, 2016, Cytori had $32.9 million in total assets, $25.2 million in total liabilities and $7.74 million in total stockholders' equity. KPMG LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. ELBIT IMAGING: Announces First Quarter Results for 2016 ------------------------------------------------------- Elbit Imaging Ltd. reported a loss of NIS 65.16 million on NIS 78.17 million of total revenues for the three months ended March 31, 2016, compared to a loss of NIS 129.88 million on NIS 42.88 million of total revenues for the same period in 2015. As of March 31, 2016, Elbit Imaging had NIS 2.70 billion in total assets, NI$2.46 billion in ttoal liabilities and NIS 242.18 million in shareholders' equity. Consolidated revenues and gains for Q1 2016 amounted to NIS 98 million (US$ 26 million) compared to NIS 67 million in the corresponding period in 2015. * Revenues from sale of commercial centers amounted to 47 million in Q1 2016 compared to nil in Q1 2015. Such revenues in Q1 2016 was mainly attributable to the sale of Liberec Plaza commercial centers in Czech Republic by the Company's 44.9% subsidiary, Plaza Centers N.V. ("PC"), and the sale of plots in Romania and Poland by PC. * Rental income from commercial centers decreased in Q1 2016 to NIS 19 million (US$ 5 million) compared to NIS 24 million in Q1 2015. The decrease was mainly attributable to (i) decrease in income from Koregaon commercial center which was sold in May 2015 (ii) decreases in revenues from the entertainment parks within the commercial centers (iii) decrease in the same commercial centers rental income. * Cost of commercial centers increased in Q1 2016 to NIS 60 million (US$ 16 million) compared to NIS 18 million in Q1 2015. The increase attributable to cost of the commercial centers and the Plots sold during Q1 2016 in the total amount of NIS 47 million compared to nil in Q1 2015 partially offset by decrease in operational expenses of the commercial centers from NIS 18 million in Q1 2015 to NIS 13 million in Q1 2016. * Revenues from hotels operation and management in Q1 2016 amounted to NIS 31 million (US$ 8 million) compared to NIS 43 million in Q1 2015. The decrease was mainly attributable to the sale of our hotels in Antwerp, Belgium in June 2015 offset by an increase in the revenue of the Radisson Blu Hotel in Bucharest Romania. * Costs and expenses of hotels operation and management decreased in Q1 2016 to NIS 28 million (US$ 7 million) compared to NIS 39 million in Q1 2015. The decrease resulted from the decrease in the revenue as mentioned above. * General and administrative expenses amounted to NIS 3 million (US$ 1 million) in Q1 2016 compared to NIS 4 million in Q1 2015. The decrease in mainly attributable to efficiency measures taken by the Company reducing the general and administrative costs in the Company's headquarters. * Share in losses of associates, net amounted to NIS 11 million (US$ 3 million) in Q1 2016 compared to NIS 14 million in Q1 2015. Such losses were mainly attributable to the Company's share in the losses of its Medical portfolio companies, InSightec Ltd and Gamida Cell Ltd. A full-text copy of the press release is available for free at: https://is.gd/OESYVe About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. ELBIT IMAGING: Board Approves New Notes Buyback Programs -------------------------------------------------------- Elbit Imaging Ltd. announced that its board of directors approved a new program to repurchase up to NIS 40 million (approximately $10.4 million) of Elbit's Notes, which are traded on the Tel Aviv Stock Exchange. The Company's board of directors has determined that until further notice, the Company will purchase only Series H Notes. The repurchases will be made from time to time in the open market on the Tel Aviv Stock Exchange, in privately negotiated transactions or in a combination of the two, commencing the date of this announcement and for a period of 12 months. The repurchase program does not require the Company to acquire any or a specific amount of notes, and it may be modified, suspended, extended or discontinued without prior notice. Repurchase Notes under this program depends on factors such as market conditions and legal compliance. Notes repurchased by the Company will be canceled and removed from trading. In accordance with the existing loan agreement with Bank Hapoalim (as amended), the Company will be required to prepay principal amount of approximately NIS 4 million if the Notes buyback will be fully executed. About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. ELBIT IMAGING: Investor Presentation Now Available on Website ------------------------------------------------------------- Elbit Imaging Ltd. announced that it has placed an Investor Relations Presentation on the Company's Web site at http://www.elbitimaging.com/under: "Investor Relations - Group Presentations - Company Presentation". About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. EXTREME PLASTICS: Exclusive Plan Filing Period Extended to Aug. 31 ------------------------------------------------------------------ The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware has extended, at the behest of Extreme Plastics Plus, Inc., and EPP Intermediate Holdings, Inc., the the exclusive right to file a Chapter 11 plan by 94 days, through and including Aug. 31, 2016, and solicit acceptances of the plan through and including Oct. 30, 2016. As reported by the Troubled Company Reporter on May 20, 2016, the Debtors sought the extensions, telling the Court that there is insufficient time remaining before the end of the exclusive periods for the Debtors to complete the sale process and negotiate a restructuring proposal. The lender-supported marketing and sale process as well as the consensual tenure of discussions between the agent and the Official Committee of Unsecured Creditors on typically "hot-button" issues like lien challenges and avoidance actions shows that the Debtors are making progress towards a consensual restructuring. About Extreme Plastics Plus Founded in 2007, privately-held Extreme Plastics Plus, Inc., operates an environmental containment business specializing in providing environmental lining, above ground storage tanks, composite rig mats, secondary steel wall containment systems, and closed loop solids control services, primarily for the oil and gas industry. Extreme Plastics has six facilities in Fairmont, West Virginia, Tunkhannock, Pennsylvania, St. Clairsville, Ohio, Moore, Texas, Odessa, Texas, and Oklahoma City, Oklahoma. The stock of Extreme Plastics is held entirely by EPP Intermediate Holdings, Inc. The stock of EPP Intermediate is held entirely by EPP Holding Company, LLC, a non-debtor. Extreme Plastics, and affiliate EPP Intermediate Holdings, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 16-10221) on Jan. 31, 2016, as the ongoing decline in the price of oil and natural gas negatively impacted demand of the Debtors' services. Extreme Plastics estimated $10 million to $50 million in assets and $50 million to $100 million in debt. EPP Intermediate estimated $1 million to $10 million in assets and $50 million to $100 million in debt. As of the Petition Date, Extreme Plastics owes $49.5 million under a secured facility provided by lenders led by Citizens Bank of Pennsylvania, as agent. The facility is secured by a lien in substantially all of the Debtors' assets, as well as a pledge of 100% of the equity in Extreme Plastics and EPP Intermediate. The Debtors tapped Sullivan Hazeltine Allinson LLC as attorneys and Epiq Bankruptcy Solutions, LLC, as claims and noticing agent. The U.S. Trustee has appointed five members to the Official Committee of Unsecured Creditors. The Committee selected Reed Smith LLP as counsel. FELD LIMITED: Wants Exclusive Plan Filing Deadline Moved to Oct. 3 ------------------------------------------------------------------ Feld Limited Partnership asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin to extend Feld Limited Partnership the exclusive period for the Debtor to file a Chapter 11 plan to Oct. 3, 2016. The Debtor's exclusive period for filing a Chapter 11 plan will expire on June 3, 2016. The Debtor spent several weeks cleaning up and refurbishing the Madison Street building in order to get it ready to show to prospective tenants and purchasers. Since it has come on the market, there have been two showings to serious potential purchasers who are actively seeking properties in the Green Bay market. One would involve a conversion of the property to a different use by a national credit tenant. The other would involve a firm looking for professional office space and an investment opportunity. The listing price is $3.7 million and was determined, between the Debtor and the broker, based on comparable sales of similar properties in the Green Bay market. Since the filing of the petition, the Debtor has obtained an offer to purchase on the Velp Avenue property. On June 7, 2016, the financing contingency will expire and the buyer will either proceed to closing or seek an extension. The contract price is $900,000. The Debtor has, since the offer to purchase was signed, executed a lease with Denmark State Bank for 2,650 feet, including a drive-through for the bank, which tenant will serve as an "anchor" for this retail center. The Debtor was also informed that the potential purchaser is also lining up tenants for the property and believes that the sale will ultimately consummate. David Donoian, the Colliers International agent, is actively marketing the property, continues to contact potential lessees/buyers on an ongoing basis. The Debtor, in conjunction with the broker, believes that an extension of 120 days to continue to market the property is reasonable, given the nature of the property and the market. Given the inventory of other similar properties on the market, what is believed to be a favorable listing price, and the Debtor's experience in the market, some significant interest and, most likely, an offer, should be able to be secured during that time frame. The Debtor has also re-tenanted a vacancy in its Riverside Drive office building. The Debtor also renegotiated and re-signed four leases with existing tenants in April 2016 and four renewals in May 2016. Expenses have been reduced as the Debtor is not performing services related to the Madison Street building, which it had prior to the vacation by Humana. The Debtor has significant cash on hand and its performance is improving, as can be demonstrated by the financial projections. The Debtor believes that it is in the best position to market the property, has secured a very qualified real estate broker who is working hard to market the property, and that it has managed the balance of the properties and their tenants appropriately during the term of this Chapter 11 proceeding. The Debtors are represented by: Steinhilber, Swanson, Mares, Marone & McDermott Paul G. Swanson, Esq. 107 Church Avenue, P.O. Box 617 Oshkosh, WI 54903-0617 Tel: (920) 426-0456 Fax: (920) 426-5530 E-mail: pswanson@oshkoshlawyers.com About Feld Limited Partnership Feld Limited Partnership, engaged in the business of leasing and managing real properties in the Madison and Green Bay areas, filed a Chapter 11 bankruptcy petition (Bank. E.D. Wisc. Case No. 16-20826) on Feb. 3, 2016. Dennis J. Feld signed the petition as general partner. The Debtor disclosed total assets of $15.17 million and total debts of $7.50 million. Steinhilber, Swanson, Mares, Marone & McDermott serves as the Debtor's counsel. FIRST DATA: Winslow Capital Files Schedule 13G with SEC ------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Winslow Capital Management, LLC disclosed that as of May 31, 2015, it does not beneficially own shares of common stock of First Data Corporation. A copy of the regulatory filing is available for free at https://is.gd/c91QEN About First Data Based in Atlanta, Georgia, First Data Corporation provides commerce and payment solutions for financial institutions, merchants, and other organizations worldwide. First Data reported a net loss attributable to the Company of $1.48 billion on $11.5 billion of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $458 million on $11.2 billion of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, First Data had $33.72 billion in total assets, $30.04 billion in total liabilities, $73 million in redeemable noncontrolling interest and $3.61 billion in total equity. * * * The Company carries a 'B2' corporate family rating, with a stable outlook, from Moody's Investors Service, a 'B+' corporate credit rating, with stable outlook, from Standard & Poor's, and a 'B' long-term issuer default rating from Fitch Ratings. FLORIDA MODIFICATION: Seeks to Hire Sebree as Accountant -------------------------------------------------------- Florida Modification Specialists, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Sebree Inc. as its accountant. The Debtor tapped the firm to provide accounting services, which include preparing, reviewing and commenting on budgets and business plans of the Debtor; and accounting forensics in connection with the Debtor's operations and sale of its assets. Sebree will be paid $120 per hour for its services and will receive reimbursement for work-related expenses. About Florida Modification Florida Modification Specialists, LLC sought protection under Chapter 11 of the Bankruptcy Code in the Middle District of Florida (Tampa) (Case No. 16-04455) on May 23, 2016. The petition was signed by Donald Bruce, manager. The Debtor estimated assets of $1 million to $10 million and debts of $500,000 to $1 million. FLORIDA MODIFICATION: Taps Merritt Law Office as Legal Counsel -------------------------------------------------------------- Florida Modification Specialists, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Merritt Law Office, P.A. as its legal counsel. The Debtor tapped the firm to: (a) provide legal advice about its powers and duties as debtor-in-possession; (b) prepare legal papers; (c) appear before the bankruptcy court and the U.S. trustee; (d) take all necessary legal steps to confirm a plan of reorganization; (e) represent the Debtor in all adversary suits, contested matters and matters involving administration of the Debtor's case; (f) represent the Debtor in any negotiations with potential financing sources and prepare documents necessary to obtain financing; (g) take any necessary action to recover voidable transfers and avoid any liens against the Debtor's property obtained within 90 days of the filing of case; and (h) enjoin or stay suits against the Debtor. Prior to the Debtor's bankruptcy filing, Merritt Law Office received a retainer in the amount of $20,000. The Debtor has agreed to pay the firm its fees and costs on a monthly basis, which will be deducted from the retainer. Keith Merritt, Esq., a member of Merritt Law Office, disclosed in a court filing that no member of the firm represents or holds any interest adverse to the Debtor. The Debtor can be reached through: Keith P. Merritt, Esq. Merritt Law Offices, P.A. P.O. Box 92412 Lakeland, Florida 33804 Phone: (863) 683-3333 Fax: (863) 937-9333 Email: bk@merrittlawoffice.net About Florida Modification Florida Modification Specialists, LLC sought protection under Chapter 11 of the Bankruptcy Code in the Middle District of Florida (Tampa) (Case No. 16-04455) on May 23, 2016. The petition was signed by Donald Bruce, manager. The Debtor estimated assets of $1 million to $10 million and debts of $500,000 to $1 million. FORTESCUE METALS: Bank Debt Trades at 7% Off -------------------------------------------- Participations in a syndicated loan under which Fortescue Metals Group Ltd is a borrower traded in the secondary market at 93.48 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents a decrease of 0.39 percentage points from the previous week. Fortescue Metals pays 275 basis points above LIBOR to borrow under the $4.95 billion facility. The bank loan matures on June 13, 2019 and carries Moody's Ba2 rating and Standard & Poor's /BB+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. FUTUREWORLD CORP: Turner Stone Expresses Going Concern Doubt ------------------------------------------------------------ Futureworld Corp. filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.54 million on $41,319 of total operating revenue for the year ended March 31, 2015, compared to a net loss of $156,319 on $0 of total operating revenue for the year ended March 31, 2014. As of March 31, 2015, Futureworld had $333,836 in total assets, $1.15 million in total liabilities and a total stockholders' deficit of $824,930. Turner, Stone & Company, L.L.P., in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2015, citing that the Company requires a substantial amount of additional financing in order to operate and grow its business either directly or through its subsidiaries, which raises substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 10-K/A is available for free at: https://is.gd/CCULS8 About Futureworld Corp. Saint Petersburg, Florida-based FutureWorld Corp. (FWDG) is a provider of technologies and solutions to the global cannabis industry. FutureWorld, together with its subsidiaries, is focused on the identification, acquisition, development, and commercialization of cannabis related products and services, like industrial hemp. GARRETSON'S MACHINE: Unsecureds to Get 100% Under Plan ------------------------------------------------------ Garretson's Machine and Fabrication, Inc., filed with the U.S. Bankruptcy Court for the Southern District of West Virginia an amended disclosure statement describing a plan of reorganization that proposes to pay a dividend of 100% to general unsecured creditors based upon 20 quarterly payments, without interest, of $1,802 per quarter. Claims in this class total the sum of $36,042, including the unsecured claim of the Internal Revenue Service in the amount of $10,698. A full-text copy of the Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/GARRETSONSds0531.pdf Garretson's Machine and Fabrication, Inc. (Bankr. S.D.W.Va., Case No.: 15-20233) filed a Chapter 11 Petition on April 28, 2015. The case is assigned to Judge Ronald G. Pearson. The Debtor's counsel is Joseph W. Caldwell, Esq., at Caldwell & Riffee, in Charleston, West Virginia. The estimated assets range from $1 million to $10 million and estimated liabilities range from $500,000 to $1 million. The petition was signed by Keith G. Garretson, Jr., president. GATES GROUP: Bank Debt Trades at 4% Off --------------------------------------- Participations in a syndicated loan under which Gates Group is a borrower traded in the secondary market at 96.15 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.45 percentage points from the previous week. Gates Group pays 325 basis points above LIBOR to borrow under the $2.49 billion facility. The bank loan matures on Sept. 18, 2021 and carries Moody's B2 rating and Standard & Poor's B+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. GEIGER DEVELOPMENT: Case Summary & 9 Top Unsecured Creditors ------------------------------------------------------------ Debtor: Geiger Development, Inc. 1207 Stoystown Road Friedens, PA 15541 Case No.: 16-70427 Chapter 11 Petition Date: June 2, 2016 Court: United States Bankruptcy Court Western District of Pennsylvania (Johnstown) Judge: Hon. Jeffery A. Deller Debtor's Counsel: Robert O Lampl, Esq. 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: 412-392-0330 Fax: 412-392-0335 E-mail: rol@lampllaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Larry Mostoller, Jr., secretary/treasurer. A list of the Debtor's nine largest unsecured creditors is available for free at http://bankrupt.com/misc/pawb16-70427.pdf GLACIAL MATERIALS: Wants Access to Secured Creditors' Collateral ---------------------------------------------------------------- Glacial Materials, LLC, ask the U.S. Bankruptcy Court for permission to access cash collateral pledged to repay about $1.9 million to First Niagara Bank and a subordinated obligation of $152,800 to DT Equipment, LLC. The Debtor tells the Court that the liquidation value of its assets exceeds what it owes its secured creditors. The Debtor tells the Court that its need to access the secured creditors' cash collateral is urgent because the debtor needs to pay insurance premiums and utility bills. Glacial Materials, LLC, based in Buffalo, N.Y., sought chapter 11 protection (Bankr. W.D.N.Y. Case No. 16-10907) on May 5, 2016, is represented by Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C., in Buffalo, N.Y., and estimated its assets and debts at less than $10 million at the time of the filing. GOLDEN MARINA: Wants Exclusive Plan Filing Extended to July 3 ------------------------------------------------------------- Golden Marina Causeway LLC asks the Hon. Donald R. Cassling of the U.S. Bankruptcy Court for the Northern District of Illinois to extend by one month the exclusivity periods and the deadline to file a plan and disclosure statement to July 3, 2016, and Sept. 2, 2016, respectively. A hearing on the request is set for June 8, 2016, at 10:30 a.m. The Debtor is pursuing a motion for post-petition financing and to sell property, which is subject to objections. Whether the propose financing and sale will go forward will have a large effect on the Debtor's Chapter 11 plan. While the objections have not yet been resolved, the Debtor wishes to continue pursuing the financing and sale motion. On May 17, the Debtor filed a motion for post-petition financing, and to sell its major asset. A hearing on that request and the objections is scheduled for June 8, 2016. In the meantime, this Court set a deadline of June 5, 2016, for the Debtor to file its plan and disclosure statement. This is the same date that the Debtor's 120-day exclusivity period would expire under Sections 1121(b) and (c). The Debtor is represented by: William J. Factor, Esq. Jeffrey K. Paulsen, Esq. FACTORLAW 105 W. Madison Street, Suite 1500 Chicago, IL 60602 Tel: (847) 239-7248 Fax: (847) 574-8233 E-mail: wfactor@wfactorlaw.com jpaulsen@wfactorlaw.com About Golden Marina Causeway Golden Marina Causeway LLC, owns two parcels of real estate, located at 302 and 311 East Greenfield Avenue in Milwaukee, Wisconsin. The parcel at 311 E. Greenfield consists of 47 acres and the smaller parcel at 302 E. Greenfield is approximately 1 acre. Lawrence D. Fromelius filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 15-22373) on June 29, 2015. On July 2, 2015, L. Fromelius Investment Properties LLC ("Investment Properties") filed a petition for relief under Chapter 11 of the Bankruptcy Code under Case No. 15-22943, and on Feb. 5, 2016, Golden Marina Causeway LLC filed for relief under Chapter 11, under Case No. 16-03587. Mr. Fromelius is the sole member of Investment Properties. He is also the sale member of East Greenfield Investors LLC, which in turn is the sole member of Golden Marina Causeway LLC. GREENVIEW BUILDERS: Seeks to Hire Goldstein as Legal Counsel ------------------------------------------------------------ Greenview Builders and Cabinetry Designers, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Goldstein & McClintock LLLP as its legal counsel. Greenview Builders tapped the firm to: (a) give advice about its powers and duties as a debtor-in- possession; (b) attend meetings and negotiate with representatives of creditors and other parties; (c) take all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on its behalf and defending any action commenced against the Debtor; (d) prepare legal papers; (e) take any necessary action on behalf of the Debtor to obtain approval of a disclosure statement and confirmation of the Debtor's plan of reorganization; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the bankruptcy court, any appellate courts, and the U.S. trustee; and (h) provide other legal services in connection with the Chapter 11 case, including the analysis of the Debtor's leases and executory contracts. Goldstein's billing rates for attorneys for 2016 range from $195 per hour for associates to $725 per hour for senior partners. Time devoted by legal assistants and law clerks for 2016 is expected to be charged at billing rates ranging from $105 to $225 per hour. Harold Israel and Sean Williams, the firm's attorneys who are expected to provide the services, will be paid $525 per hour and $285, respectively. Goldstein will receive reimbursement for work-related expenses. In a court filing, Mr. Israel, Esq., a partner at Goldstein, disclosed that the firm does not hold or represent any interest materially adverse to the interest of the Debtor's estate. Goldstein can be reached through: Harold D. Israel, Esq. Sean P. Williams, Esq. Goldstein & McClintock LLLP 208 South LaSalle Street, Suite 1750 Chicago, Illinois 60604 Telephone: (312) 337-7700 Facsimile: (312) 277-2310 Email: haroldi@goldmclaw.com About Greenview Builders Greenview Builders and Cabinetry Designers, Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Northern District of Illinois (Chicago) (Case No. 16-16636) on May 17, 2016. The petition was signed by Yuri M. Birg, president. The case is assigned to Judge Deborah L. Thorne. The Debtor estimated assets of $0 to $50,000 and debts of $1 million to $10 million. HARRINGTON MACHINE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Harrington Machine and Tool Company Inc. About Harrington Machine Harrington Machine and Tool Company Inc. sought Chapter 11 protection (Bankr. W.D. Pa. Case No. 16-10340) on April 12, 2016. The case judge is Hon. Thomas P. Agresti. The Debtor tapped Daniel P. Foster, Esq., at Foster Law Offices, as counsel. The Debtor estimated $1 million to $10 million in assets and debt. The Debtor has been granted the interim use of cash collateral and the authority to pay prepetition wages to its employees by orders of Court dated April 15, 2016. HCSB FINANCIAL: Appoints John Pietrzak as Director -------------------------------------------------- The Board of Directors of HCSB Financial Corporation appointed John T. Pietrzak as a member of the Company's Board of Directors, effective May 26, 2016, as disclosed in a regulatory filing with the Securities and Exchange Commission. Mr. Pietrzak was also appointed to the Board of Directors of the Company's subsidiary bank, Horry County State Bank. Mr. Pietrzak will serve as the director representative for Castle Creek Capital Partners VI, LP under the side letter agreement entered into between the Company and Castle Creek dated April 11, 2016, which provides that Castle Creek is entitled to have one representative appointed to the Company's Board of Directors for so long as it, together with its respective affiliates, owns, in the aggregate, 5% or more of all of the outstanding shares of common stock or 50% or more of its purchased shares. Mr. Pietrzak is a managing principal of Castle Creek Capital and has worked as a member of that company's senior management team since 2005. Mr. Pietrzak holds a Bachelor of Science in Accounting from Indiana University and an M.B.A. from The Wharton School at the University of Pennsylvania and is a CFA charter holder. No committee appointments for Mr. Pietrzak have been made at this time. There has been no transaction, or proposed transaction, to which we were or are to be a party in which Mr. Pietrzak had or has a direct or indirect material interest required to be disclosed under Item 404(a) of SEC Regulation S-K. The Company currently does not pay director fees or fees for attending committee meetings. About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.75 million on $13.7 million of total interest income for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $1.40 million on $16.09 million of total interest income for the year ended Dec. 31, 2014. As of March 31, 2016, HCSB Financial had $363 million in total assets, $378 million in total liabilities and a total shareholders' deficit of $14.6 million. Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses that have eroded regulatory capital ratios and the Company's wholly owned subsidiary, Horry County State Bank, is under a regulatory Consent Order with the Federal Deposit Insurance Corporation (FDIC) that requires, among other provisions, capital ratios to be maintained at certain levels. As of December 31, 2015, the Company's subsidiary is considered significantly undercapitalized based on its regulatory capital levels. These considerations raise substantial doubt about the Company's ability to continue as a going concern. The Company also has deferred interest payments on its junior subordinated debentures for 20 consecutive quarters as of December 31, 2015. Under the terms of the debentures, the Company may defer payments for up to 20 consecutive quarters without creating a default. Payment for the 20th quarterly interest deferral period was due in March 2016. The Company failed to pay the deferred and compounded interest at the end of the deferral period, and the trustees of the corresponding trusts, have the right, after any applicable grace period, to exercise various remedies, including demanding immediate payment in full of the entire outstanding principal amount of the debentures. The balance of the debentures and accrued interest as of December 31, 2015 were $6,186,000 and $901,000, respectively. These events also raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2015. HCSB FINANCIAL: Minimum Size of Directors Set to Five ----------------------------------------------------- HCSB Financial Corporation's Board of Directors amended and restated the Company's Bylaws to decrease the minimum size of the Board of Directors, to permit shares of the Company's capital stock to be held in uncertificated form, to opt out of the South Carolina Control Share Acquisitions Statute, and to update certain other provisions of the Amended and Restated Bylaws for recent developments with the Company, including to delete references to the Company's Series T Preferred Stock, which was repurchased and cancelled by the Company on April 11, 2016. The number of directors of the Corporation will be that number as may be fixed from time to time by resolution of the Board of Directors, but in no event shall the number be less than five or greater than 25. A copy of the Amended Bylaws is available for free at: https://is.gd/1PqUuI About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.75 million on $13.7 million of total interest income for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $1.40 million on $16.09 million of total interest income for the year ended Dec. 31, 2014. As of March 31, 2016, HCSB Financial had $363 million in total assets, $378 million in total liabilities and a total shareholders' deficit of $14.6 million. Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses that have eroded regulatory capital ratios and the Company's wholly owned subsidiary, Horry County State Bank, is under a regulatory Consent Order with the Federal Deposit Insurance Corporation (FDIC) that requires, among other provisions, capital ratios to be maintained at certain levels. As of December 31, 2015, the Company's subsidiary is considered significantly undercapitalized based on its regulatory capital levels. These considerations raise substantial doubt about the Company's ability to continue as a going concern. The Company also has deferred interest payments on its junior subordinated debentures for 20 consecutive quarters as of December 31, 2015. Under the terms of the debentures, the Company may defer payments for up to 20 consecutive quarters without creating a default. Payment for the 20th quarterly interest deferral period was due in March 2016. The Company failed to pay the deferred and compounded interest at the end of the deferral period, and the trustees of the corresponding trusts, have the right, after any applicable grace period, to exercise various remedies, including demanding immediate payment in full of the entire outstanding principal amount of the debentures. The balance of the debentures and accrued interest as of December 31, 2015 were $6,186,000 and $901,000, respectively. These events also raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2015. HCSB FINANCIAL: Signs Noncompete Agreement with CEO --------------------------------------------------- HCSB Financial Corporation and its subsidiary bank, Horry County State Bank entered into a noncompete agreement with Jan H. Hollar, the Company's and the Bank's chief executive officer. Under the terms of the noncompete agreement, Ms. Hollar is entitled, upon termination of her employment, to receive an amount equal to her then current monthly base salary on the last business day of each month for a period of twelve months following her termination of employment with the Company and the Bank in exchange for her agreement to abide by certain restrictive covenants regarding competition with the Company and the Bank for twelve months following her termination of employment. About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.75 million on $13.7 million of total interest income for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $1.40 million on $16.09 million of total interest income for the year ended Dec. 31, 2014. As of March 31, 2016, HCSB Financial had $363 million in total assets, $378 million in total liabilities and a total shareholders' deficit of $14.6 million. Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses that have eroded regulatory capital ratios and the Company's wholly owned subsidiary, Horry County State Bank, is under a regulatory Consent Order with the Federal Deposit Insurance Corporation (FDIC) that requires, among other provisions, capital ratios to be maintained at certain levels. As of December 31, 2015, the Company's subsidiary is considered significantly undercapitalized based on its regulatory capital levels. These considerations raise substantial doubt about the Company's ability to continue as a going concern. The Company also has deferred interest payments on its junior subordinated debentures for 20 consecutive quarters as of December 31, 2015. Under the terms of the debentures, the Company may defer payments for up to 20 consecutive quarters without creating a default. Payment for the 20th quarterly interest deferral period was due in March 2016. The Company failed to pay the deferred and compounded interest at the end of the deferral period, and the trustees of the corresponding trusts, have the right, after any applicable grace period, to exercise various remedies, including demanding immediate payment in full of the entire outstanding principal amount of the debentures. The balance of the debentures and accrued interest as of December 31, 2015 were $6,186,000 and $901,000, respectively. These events also raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2015. HERCULES OFFSHORE: Case Summary & 35 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Hercules Offshore, Inc. 16-11385 9 Greenway Plaza, Suite 2200 Houston, TX 77046 Cliffs Drilling Company 16-11386 Cliffs Drilling Trinidad L.L.C. 16-11387 FDT LLC 16-11388 FDT Holdings LLC 16-11389 Hercules Drilling Company, LLC 16-11390 Hercules Offshore Services LLC 16-11391 Hercules Offshore Liftboat Company LLC 16-11392 HERO Holdings, Inc. 16-11393 SD Drilling LLC 16-11394 THE Offshore Drilling Company 16-11395 THE Onshore Drilling Company 16-11396 TODCO Americas Inc. 16-11397 TODCO International Inc. 16-11398 Type of Business: Providers of shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. Chapter 11 Petition Date: June 5, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' General Bankruptcy Counsel: Michael S. Stamer, Esq. Philip C. Dublin, Esq. David H. Botter, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, New York 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 E-mail: mstamer@akingump.com pdublin@akingump.com dbotter@akingump.com - and - Kevin M. Eide, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036 Tel: (202) 887-4000 Fax: (202) 887-4288 E-mail: keide@akingump.com Debtors' Co-Counsel: Robert J. Dehney, Esq. Eric D. Schwartz, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Flr. PO Box 1347 Wilmington, DE 19899-1347 Tel: (302) 658-9200 Fax: (302) 658-3989 E-mail: rdehney@mnat.com eschwartz@mnat.com mharvey@mnat.com tminott@mnat.com Debtors' Financial Advisor: PJT PARTNERS, INC. Debtors' Restructuring Advisor: FTI CONSULTING, INC. Debtors' Claims, Notice & Balloting Agent: PRIME CLERK LLC Total Assets: $1.06 billion Total Debt: $521.37 million The petitions were signed by Troy L. Carson, vice president. List of Debtor's 35 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Louisiana Department of Revenue Taxes Unknown 617 North Third Street Baton Rouge, LA 70802 Kimberly L. Robinson Tel: 855-307-3893 Fax: 225-923-4051 E-mail: business.inquiries@la.gov Parish of Terrebonne Taxes Unknown P.O. Box 670 Houma, LA 70361 Mark Daigle Sales & Use Tax Department Tel: 985-876-3734 E-mail: madaigle@tpcg.org Plaquemines Parish Sheriff Department Taxes Unknown 8022 Highway 23 Belle Chase, LA 70037 LaFourche Parish Assessor's Office Taxes Unknown 403 St. Louis St. Thibodaux, LA 70301 E-mail: wendy@lpao.net Seatrax, Inc. Trade Payable $426,203 218 Gunther Lane Bella Chase, LA 70037 Doug Morrow Tel: 504-394-4600 Fax: 504-394-0031 E-mail: dmorrow@seatrax.com Parish of Jefferson Taxes Unknown 740 2nd Street Gretna, LA 70053 Newell Norman Tel: 504-736-6950 E-mail: sheriff@jpso.com Crystal Offshore Construction Trade Payable $296,673 & Fabrication Pte Ltd. No. 29 Pioneer Sector 1 Singapore Sujith Sakharan Tel: 65 686 15885 Fax: 65 686 11083 Parish of Lafayette Taxes Unknown lpsoinfo@lafayettesheriff.com Parish of St. Mary Taxes Unknown 1455 Railroad Ave Morgan City, LA 70380 Compass Group Singapore PTE Ltd Trade Payable $211,409 Crosby Tugs Inc. Trade Payable $206,884 E-mail: kurt@crosbytugs.com SSE Marine Logistics PTE Ltd. Trade Payable $166,920 E-mail: accts@ssemarinelog.net Cameron France SAS Trade Payable $155,644 Highland Rope Access Trade Payable $139,853 E-mail: neil.robertson@highlandos.com Safety Management Systems Trade Payable $115,767 E-mail: SMS@Acadian.com RigNet, Inc. Trade Payable $94,367 E-mail: bob.ward@rig.net Bradford Marine Services Pte Ltd. Trade Payable $85,702 E-mail: admin@bradmarine.com Enquest Petro Solutions Private Trade Payable $80,417 Limited E-mail: sanjeev.mittal@enquest.co.in GJ Land & Marine Food Trade Payable $77,041 Distributions, Inc. E-mail: elind@gjfood.com Clyde Union South East Asia Pte Ltd. Trade Payable $76,500 E-mail: bryan.tan@spx.com Progressive Recruitment Trade Payable $70,818 a trading division of Sihree Pte Ltd. E-mail:sgadmin@progressiverecruitment.com Jurong Shipyard Ptee Ltd. Trade Payable $66,103 E-mail: sharon.lee@sembmarine.com Cameron Singapore PTE ltd. Trade Payable $62,887 E-mail: shawn.yeo@c-a-m.com Kongsberg Maritime Trade Payable $53,577 E-mail: anders.kveseth@kongsberg.com Kingston Systems, LLC Trade Payable $51,844 E-mail: cgoetz@kingston-systems.com NOV Rig Solutions Pte Ltd. Trade Payable $51,381 E-mail: singaporerigsolutionsparts insidesles@nov.com Cosin International PTE, Ltd. Trade Payable $50,470 E-mail: jeceve@aol.com Oilfield Instrumentation USA Trade Payable $44,370 E-mail: hwhitney@oiusa.com Aqualis Offshore, Inc. Trade Payable $43,510 E-mail: briant.happ@aqualisoffhore.com Tractors Singapore Ltd. Trade Payable $43,196 E-mail: lim.tau.cheng@tractors.simedarby. com.sg C&G Boats, Inc. Trade Payable $41,870 E-mail: ckruse@cgboats.com Fidelity Investments Trade Payable $39,576 E-mail: joseph.palumbo@fmr.com Martin Holdings, LLC Trade Payable $38,127 E-mail: connie.plaisance@chouest.com C Port/Stone LLC Trade Payable $35,638 E-mail: oroussel@stoneoil.com Smart Fabricators of Texas, LLC Trade Payable $34,465 E-mail: wayne@smartfabtex.com HERCULES OFFSHORE: Files Voluntary Chapter 11 Bankruptcy Petition ----------------------------------------------------------------- Hercules Offshore, Inc., on June 6, 2016, disclosed that, after receiving votes on the Company's pre-packaged Chapter 11 Plan (the "Plan") from lenders holding approximately 99.7% of the Company's first lien debt (the "lenders"), with all such lenders voting to accept the Plan, the Company and certain of its U.S. subsidiaries have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. Under the terms of the Plan, all of the Company's assets will be marketed for sale, and those left unsold at the completion of the Chapter 11 process will be placed into a wind-down vehicle to ensure their continued, safe operation until sales are finalized. The Company's international subsidiaries are not included as part of the Chapter 11 cases but will be part of the sale process. The Plan provides that unsecured creditors will be paid in full in the ordinary course of business or at the completion of the Chapter 11 process. Shareholders will receive cash recoveries and interests in the wind-down vehicle if they vote as a class to accept the Plan or just interests in the wind-down vehicle if the class votes against the Plan. Importantly, shareholders will have to wait until the lenders are paid in full before receiving any recovery on their interests if the class votes to reject the Plan as opposed to receiving their pro rata share of $12.5 million on the effective date of the Plan and incremental cash distributions thereafter based on the success of the sale process if the class votes to accept the Plan. The lenders also will receive cash payments largely dependent on the success of the sale process but have agreed to compromise their own recoveries to pay unsecured claims in full and provide a recovery to the Company's shareholders before being paid in full if the shareholder class votes to accept the Plan. Hercules plans to operate its rigs and vessels as usual throughout the sale process and to meet its commitments to employees, customers and suppliers worldwide. To this end, the Company has filed the typical First Day Motions as part of its U.S. Chapter 11 case to continue its existing employee wage and benefit programs and to maintain its insurance. The Company also has filed a motion to continue paying suppliers' claims for goods and services delivered prior to the June 6 filings under normal payment terms and fully expects to pay suppliers as usual for deliveries made from June 6forward. Hercules continues to solicit votes from its shareholders. The Company strongly encourages shareholders to vote in favor of the Chapter 11 Plan because the Company believes shareholders will receive greater value if they accept as opposed to reject the Plan. Hercules's Chapter 11 case is being heard in the United States Bankruptcy Court for the District of Delaware. Additional information is available at http://www.herculesoffshore.com Questions also may be directed to the Company's dedicated hotline at 855-628-7532 (International: +1 917-651-0320) or via email at herculesinfo@PrimeClerk.com. The Company has engaged Akin Gump Strauss Hauer & Feld LLP as its legal counsel, PJT Partners as its financial advisor and FTI Consulting as its restructuring advisor. About Hercules Offshore Headquartered in Houston, Hercules Offshore, Inc. -- http://www.herculesoffshore.com/-- operates a fleet of 27 jackup rigs, including one rig under construction, and 21 liftboats. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. On Aug. 13, 2015 Hercules Offshore and 14 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 15-11685) in the U.S. Bankruptcy Court for the District of Delaware. The cases are pending before the Honorable Kevin J. Carey. The Debtors tapped Baker Botts LLP as counsel; Morris, Nichols, Arsht & Tunnell, as local counsel; Andrews Kurth LLP, as general corporate counsel; Lazard Freres & Co. LLC, as investment banker, Alvarez & Marsal, as restructuring advisor; and Prime Clerk, LLC, as claims and noticing agent. The Steering Group of Holders of Senior Notes is represented by Akin Gump Strauss Hauer & Feld LLP's Arik Preis, Esq., and Michael S. Stamer, Esq. HERO disclosed $546 million in assets and $1.306 billion in debt as of Aug. 11, 2015. * * * The Debtors on the Petition Date filed a pre-packaged Chapter 11 plan that would convert $1.2 billion of outstanding senior notes to 96.9% of new common equity. The Debtors notified the U.S. Bankruptcy Court for the District of Delaware that Effective Date of their Joint Prepackaged Plan of Reorganization occurred on Nov. 6, 2015. On Sept. 24, 2015, the Court approved the Debtors' solicitation and Disclosure Statement; and confirmed the Prepackaged Plan. HERCULES OFFSHORE: Seeks Joint Administration of Cases ------------------------------------------------------ Hercules Offshore, Inc., and its debtor affiliates asked the Bankruptcy Court to enter an order directing the joint administration of their Chapter 11 cases for procedural purposes only and directing the Clerk of the Court to maintain one file and one docket for all 14 cases under the Lead Case No. 16-11385. According to the Debtors, joint administration of these cases will eliminate the need for duplicative notices, applications, and orders, thereby saving considerable time and expense for the Debtors, their estates, and the Court. Additionally, supervision of the administrative aspects of the Chapter 11 cases by the Office of the United States Trustee will be simplified. "Because this is not a motion for substantive consolidation of the Debtors' estates, the rights of the creditors of the Debtors will not be affected adversely by the joint administration of these cases because each creditor may file its claim against a particular estate. In fact, the rights of all creditors will be enhanced by the reduction in costs resulting from joint administration," said Matthew B. Harvey, Esq., at Morris, Nichols, Arsht & Tunnell LLP, one of the Debtors' attorneys. About Hercules Offshore Hercules Offshore, Inc. and its debtor and non-debtor subsidiaries are providers of shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. Hercules Offshore and 13 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Proposed Lead Case No. 16-11385) on June 5, 2016. The petition was signed by Troy L. Carson as vice president. The Debtors listed total assets of $1.06 billion and total debts of $521.37 million as of March 31, 2016. The Debtors have hired Akin Gump Srauss Hauer & Feld LLP as general bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as co-counsel, PJT Partners, Inc. as financial advisor, FTI Consulting, Inc. as restructuring advisor, and Prime Clerk LLC as claims, notice and balloting agent. HEXION INC: Sells 50% Interest in HA-International -------------------------------------------------- Hexion Inc. and Huttenes-Albertus Chemische Werke GmbH announced that Hexion has sold its 50% interest in HA-International, LLC, a joint venture serving the North American foundry industry, to its joint venture partner HA-USA, Inc., an entity controlled by HA. HAI is the market leading manufacturer and supplier of foundry resin systems, resin coated sand for shell molding and refractory coatings for North America. HAI will continue a strategic sourcing arrangement with Hexion's Louisville, Kentucky site. Terms of the transaction were not disclosed. "This transaction represents an important step for HA and further strengthens our foundry leadership position in the U.S.," said Dr. Carsten Kuhlgatz, president and CEO, Huttenes-Albertus Chemische Werke GmbH. "The acquisition of Hexion's interest in the joint venture demonstrates our long-term commitment as a solutions provider that is well positioned to deliver sustainable customer value within the foundry industry, while broadening our product portfolio and providing innovative technologies to our customers globally." "We have operated HAI in close partnership with HA for many years and have jointly developed that business into an industry leader in the U.S.," said Craig O. Morrison, chairman, president and CEO, Hexion. "Although we have sold our ownership stake in HAI to our joint venture partner, our relationship with HAI will continue in all material respects as we focus on serving HAI customers without interruption. We look forward to serving HAI as a large and valued customer." Hexion and HAI have entered into long term toll agreements for the supply of resins and special coated sands whereas HAI will provide special coated sands and Hexion will provide resins. About Huttenes-Albertus Chemische Werke GmbH Based in Düsseldorf, Germany, Huttenes-Albertus Werke GmbH reaches back for more than 100 years and is a leading international manufacturer of chemical products for the foundry industry. Almost 2,000 dedicated employees in more than 30 countries develop and produce foundry chemical solutions for customers around the world. Additional information about Huttenes-Albertus Chemische Werke GmbH and its products is available at www.huettenes-albertus.com. About Hexion Inc. Hexion Inc., formerly known as Momentive Specialty Chemicals, Inc., headquartered in Columbus, Ohio, is a producer of thermoset resins (epoxy, formaldehyde and acrylic). The company is also a supplier of specialty resins for inks and specialty coatings sold to a diverse customer base as well as a producer of commodities such as formaldehyde, bisphenol A, epichlorohydrin, versatic acid and related derivatives. Hexion reported a net loss attributable to the Company of $40 million on $4.14 billion of net sales for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $223 million on $5.13 billion of net sales for the year ended Dec. 31, 2014. As of March 31, 2016, Hexion had $2.37 billion in total assets, $4.86 billion in total liabilities, and a total deficit of $2.49 billion. * * * The TCR reported on Oct. 3, 2014, that Standard & Poor's Ratings Services lowered its corporate credit rating on Momentive Specialty by one notch to 'CCC+' from 'B-'. "The downgrade follows MSC's significant use of cash in the first half of 2014 and our expectation that lackluster cash flow from operations and elevated capital spending will cause free operating cash flow to be significantly negative in 2014 and 2015," said Standard & Poor's credit analyst Cynthia Werneth. As reported by the TCR on Dec. 15, 2014, Moody's Investors Service lowered the Corporate Family Rating of Momentive to 'Caa1' from 'B3'. "Due to elevated leverage, heavy capital spending on new capacity in 2014 and 2015, and the lack of meaningful improvement in financial performance, Moody's have lowered Momentive Specialty's rating," stated John Rogers, senior vice president at Moody's. HILLWINDS FAMILY: Has Continued Access to Avidia Bank's Collateral ------------------------------------------------------------------ Hillwinds Family Limited Partnership sought and obtained permission from the U.S. Bankruptcy Court to continue using Avidia Bank's cash collateral through and including July 31, 2016. As adequate protection for the Debtor's continued use of Avidia's cash collateral, Avidia is granted a replacement lien pursuant to and in accordance with 11 U.S.C. Secs. 363(c) and 361(2), in and to all property of the kind presently securing the Debtor’s obligations to Avidia, but only to the extent that the security interests of and assignments of rents to Avidia are not avoidable and to the extent of the validity, perfection, priority, sufficiency and enforceability of Avidia's pre-petition security interests and assignments of rents, not more than any postpetition diminution of the value of Avidia's interest in such property. Avidia is permitted to apply any payments on its promissory notes received from the Debtor to its obligations as agreed in the Motion; however, such payments shall be subject to disgorgement or may be ordered to be applied to principal to the extent that Avidia's liens are avoided by the Debtor or any other fiduciary of the Debtor's estate or to the extent that the value of Avidia’s collateral is later determined to be less than the total amount of its debt. Any payments received by Avidia contemplated by the Motion and this second Order will be deemed to satisfy 11 U.S.C. Sec. 362(d)(3)(B)(ii) unless Avidia provides the Debtor with written notice at least 30 days in advance of a payment due date that Avidia contends that the next payment will not be in an amount sufficient to satisfy 11 U.S.C. Sec. 362(d)(3)(B)(ii). Additionally: (a) the Debtor shall pay to Avidia the amount of $3,800.00 per month for June 2016 and July 2016, on or before the 5th of each month; (b) the Debtor shall provide to Avidia a fully signed copy of its lease with Iron Horse Structures Corporation, on or before June 9, 2016; and (c) the Debtor shall provide any other leases signed in June or July 2016, within seven days of the signing of any such lease by both parties. The Honorable Christopher J. Panos will hold a further hearing on the continued use of cash collateral on Wed., July 20, 2016, at 10:30 a.m., in Worcester, Mass. Hillwinds Family Limited Partnership's business is the rental of a large tract of commercial real estate located at 489 Neck Road, Lancaster, Mass. The Debtor is a "single asset real estate" entity as defined in 11 U.S.C. Sec. 101(51B). Hillwinds Family Limited Partnership filed for a chapter 11 petition (Bankr. D. Mass. Case No. 15-42424) on Dec. 14, 2015, estimating its assets and liabilities at under $1 million. A copy of the petition is available at http://bankrupt.com/misc/mab15-42424.pdfat no charge. The Debtor is represented by Kevin C. McGee, Esq., at Matuzek & McGee in Worcester, Mass. IMPLANT SCIENCES: Files 2015 Conflict Minerals Report With SEC -------------------------------------------------------------- Implant Sciences Corporation has evaluated its products and has determined that tantalum, tin, tungsten and gold, collectively "Conflict Minerals", as defined by the United States Securities and Exchange Commission, are necessary to the functionality or production of our products. During the calendar year 2015, the Company contracted for the manufacture of products and component parts used in the manufacture of our products which contain conflict minerals. Accordingly, the Company filed with the Securities and Exchange Commission a disclosure along with a Conflict Minerals Report to disclose the measures it has taken to determine the origin of the conflict minerals used in its products. "We undertook a reasonable country of origin inquiry in 2015 regarding conflict minerals used in our products. That reasonable country of origin inquiry was designed to determine whether those conflict minerals contained in our products originated in the Democratic Republic of the Congo or an adjoining country, collectively "DRC" or arose from scrap or recycled sources that may have originated in the DRC. "We exercised due diligence regarding the source and chain of custody of our conflict minerals utilizing a nationally recognized due diligence framework. Currently, we do not have sufficient information from our suppliers or other sources to determine the country origin of the conflict minerals in our products or identify the facilities used to process those conflict minerals. Therefore, we are unable, after exercising due diligence, to determine whether our products that contain conflict minerals may have originated from the DRC. As such, our products produced in calendar year 2015 are DRC Conflict Undeterminable." A copy of the Conflict Minerals Report for the reporting period Jan. 1, 2015, to Dec. 31, 2015, is available for free at: https://is.gd/aC6D2V About Implant Sciences Implant Sciences Corporation (OBB: IMSC.OB) -- http://www.implantsciences.com/-- develops, manufactures and sells sensors and systems for the security, safety and defense (SS&D) industries. As of March 31, 2016, the Company had $15.6 million in total assets, $100 million in total liabilities, and a total stockholders' deficit of $84.6 million. "Despite our current sales, expense and cash flow projections and Marcum LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company has had recurring net losses and continues to experience negative cash flows from operations. As of Sept. 15, 2015, the Company's principal obligation to its primary lenders was approximately $65,046,000 and accrued interest of approximately $15,393,000. The Company is required to repay all borrowings and accrued interest to these lenders on March 31, 2016. These conditions raise substantial doubt about its ability to continue as a going concern. IRON BRIDGE TOOLS: Taps Michael Moecker as Financial Advisor ------------------------------------------------------------ Iron Bridge Tools, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Michael Moecker & Associates, Inc. as its financial advisor. The Debtor tapped the firm to: (a) assist in the post-petition financial management of the Debtor, including reviewing its current status and providing recommendations as to the restructuring strategy of the business; (b) assist the Debtor in its negotiations with creditors and meet reporting requirements; (c) assist in evaluating restructuring options; (d) provide advisory services in developing a plan of reorganization; (e) assist the Debtor in preparing analysis and reports and projections required to be filed with the plan of reorganization and disclosure statement; (f) evaluate and analyze assets, appraisals and other value references; and (g) provide expert testimony if necessary. The hourly rates of Michael Moecker's professional are: Principal/Fiduciary Management $325 Case Administrator $225 Associate $125 Claims Specialist $75 Clerical $50 Richard Haslam, a director at Michael Moecker, disclosed in a court filing that the firm does not have an interest adverse to the Debtor or its estate. Michael Moecker can be reached through: Richard Haslam Michael Moecker & Associates, Inc. 1883 Marina Mile Blvd., Suite 106 Ft. Lauderdale, FL 33315 Telephone: (954) 252-1560 info@moecker.com The Debtor can be reached through its counsel: Craig A. Pugatch, Esq. George L. Zinkler, III Rice Pugatch Robinson Storfer & Cohen, PLLC 101 NE 3rd Ave., Suite 1800 Fort Lauderdale, FL 33301 Telephone: (954) 462-8000 Facsimile: (954) 462-4300 E-mail: cpugatch@rprslaw.com gzinkler@rprslaw.com About Iron Bridge Tools Iron Bridge Tools, Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of Florida (Fort Lauderdale) (Case No. 16-17505) on May 25, 2016. The petition was signed by Glenn Robinson, president. The Debtor is represented by Craig A. Pugatch, Esq., at Rice Pugatch Robinson Storfer & Cohen, PLLC. The case is assigned to Judge Raymond B. Ray. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million. IVAN GONZALEZ CANCEL: July 22 Disclosure Statement Hearing ---------------------------------------------------------- A hearing is scheduled for July 22, 2016, at 9:30 a.m., at the U.S. Bankruptcy Court for the District of Puerto Rico, to consider and rule upon the adequacy of the disclosure statement explaining Ivan Gonzalez Cancel's plan. The bankruptcy case is IN RE: IVAN F. GONZALEZ CANCEL, Case No. 15-05511 EAG (Bankr. D.P.R.). J. CREW: Bank Debt Trades at 26% Off ------------------------------------ Participations in a syndicated loan under which J. Crew is a borrower traded in the secondary market at 74.31 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.75 percentage points from the previous week. J. Crew pays 300 basis points above LIBOR to borrow under the $1.56 billion facility. The bank loan matures on Feb. 27, 2021 and carries Moody's B2 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. JAMUS CORP: Seeks Conditional OK of Disclosure Statement -------------------------------------------------------- JAMUS Corp. filed an application asking the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, for conditional approval of its small business disclosure statement. The Class 3 Allowed Claims of General Unsecured Claims are estimated at $103,295. The Debtor will pay the Allowed Class 3 Claims in full over 60 months following the Effective Date. A full-text copy of the Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/JAMUSds0531.pdf The application was filed by the Debtor's counsel: Joyce Lindauer, Esq. Sarah Cox, Esq. Jamie Kirk, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Telephone: (972) 503-4011 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com JAMUS Corp. (Bankr. N.D. Tex. Case No. 16-40505) filed a Chapter 11 Petition on February 1, 2016. JATE IV TRUST: July 12 Disclosure Statement Hearing --------------------------------------------------- Judge David R. Duncan of the U.S. Bankruptcy Court for the District of South Carolina will convene the hearing to consider the approval of Jate IV Trust's disclosure statement on July 12, 2016, at 10:30 a.m. July 5, 2016 is fixed as the last day for filing and serving written objections to the disclosure statement. JATE IV TRUST (Bankr. D.S.C. Case No. 15-03834) filed a pro se Chapter 11 Petition on July 21, 2015. JFL VENTURE FUND: Case Summary & 4 Unsecured Creditors ------------------------------------------------------ Debtor: JFL Venture Fund IV, LLC 16216 1st Street East Redington Beach, FL 33708 Case No.: 16-04857 Chapter 11 Petition Date: June 3, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Joel S Treuhaft, Esq. PALM HARBOR LAW GROUP, P.A. 2997 ALT 19 Ste B Palm Harbor, FL 34683-1907 Tel: 727-797-7799 Fax: 727-213-6933 E-mail: jstreuhaft@yahoo.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by James Lowy, manager. A list of the Debtor's four largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-04857.pdf JVJ PHARMACY: Wants Exclusive Plan Filing Deadline Moved to Jan. 6 ------------------------------------------------------------------ JVJ Pharmacy, Inc., dba University Chemists, asks the Hon. Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York to extend by 180 days the Debtor's exclusive periods to file a plan to Jan. 6, 2017, and solicit acceptances of that plan to Feb. 6, 2017. A hearing on the request is set for June 28, 2016, at 10:00 a.m. The Debtor's exclusive period to file a plan terminates on July 1, 2016. The Debtor said that it is in the process of drafting a plan; reviewing the filed proofs of claim; and attempting to reach consensual resolutions to certain outstanding issues. Once the Debtor concludes the review and the negotiations, it will be able to proffer a confirmable plan. Thus, the Debtor believes that it will confirm a plan within a reasonable period of time. The Debtor assures the Court that it is current on all of its post-petition obligations; has in place a consensual order authorizing the Debtor's use of cash collateral; and has moved for an extension of time to assume its executory contracts, and is preparing a plan. The Debtor is in the final stages of its due diligence relating to the retention of a broker for the necessary sale of the Debtor, as a going concern. The retention and ultimate sale is the integral component of the Debtor's ultimate plan, and concomitant payment to creditors of the Debtor's estate. As previously disclosed, pre-petition, the Debtor's accountant changed firms and Debtor was unable to procure a new accountant, which resulted in the Debtor failing to timely file its 2014 and 2015 tax returns. It further resulted in there being concerns that the Debtor's books and records were not being kept in compliance with generally accepted accounting procedures. The Debtor retained CBIZ to maintain it records and prepare the Flash Reports and Monthly Operating Reports. The Debtor hired a consultant to undertake a one time inventory of its drug inventory, in order to set a base line of an amount certain of its collateral. CBIZ has started to undertake a forensic analysis of the Debtor's aged accounts receivable, to verify and modify the actual amount of the Debtor's account receivable asset. With respect to the State Court Litigation, Debtor had hoped that it could reach a mutual resolution with its former employees, so that they would return to the Debtor to maximize the revenue and profit from "compounding" sales. Post-petition, however, it became clear those employees would not be returning to the Debtor's employment. The Debtor made the business decision that it would forego its ongoing "compound" sales and focus primarily on specialty medications. As a result, the Debtor's initial budget, as submitted as part of the cash collateral motion and approved by the Court and PNC Bank, National Association, was no longer viable, in that the Debtor realized its marketing costs would increase, in an attempt to persuade doctors to use the Debtor's services, as well as an increase in the costs of goods sold, as a result of the Debtor increasing its inventory. PNC has expressed concerns over the contemplated revised budget that the Debtor circulated. The Debtor and CBIZ have all worked diligently with PNC, its counsel, and its accountants, to address those concerns and is hopeful that such concerns will ultimately be mutually resolved. The Debtor's counsel can be reached at: Avrum J. Rosen, Esq. Avrum J. Rosen 38 New Street Huntington, New York 11743 Tel: (631) 423-8527 E-mail: ajrlaw@aol.com Headquartered in New York, New York, JVJ Pharmacy Inc. dba University Chemists filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-10508) on March 3, 2016, listing $6.88 million in total assets and $5.61 million in total liabilities. The petition was signed by James F. Zambri, president. Judge Stuart M. Bernstein presides over the case. Avrum J. Rosen, Esq., at The Law Offices of Avrum J. Rose, PLLC, serves as the Debtor's bankruptcy counsel. KINDRED HEALTHCARE: Moody's Retains B1 CFR on Loan Add-On --------------------------------------------------------- Moody's Investors Service commented that Kindred Healthcare Inc.'s B1 Corporate Family Rating and B1-PD Probability of Default Rating are not impacted by the proposed amendment to the company's credit facility. The B2 (LGD 5) ratings on Kindred's senior unsecured notes are also not immediately impacted. However, the increase in the amount of secured debt in the capital structure associated with a proposed $200 million term loan add-on will likely result in a downgrade of the ratings on the company's senior unsecured notes to B3 (LGD 5) if the transaction is closed as contemplated. Kindred's senior secured debt, inclusive of the term loan add-on, remains at Ba2 (LGD 2). Moody's understands that the proceeds of the incremental term loan will be used to repay amounts outstanding on the company's revolver. Therefore, there is no expected change in Kindred's leverage, which stands at about 5.5 times at March 31, 2016. The revolver was drawn on in the first quarter of 2016 to fund working capital needs and a $126 million litigation settlement. The rating outlook remains negative and reflects Moody's expectation that Kindred will face a number of headwinds in growing EBITDA that will constrain the company's ability to reduce its high financial leverage. The implementation of new patient criteria rules in Kindred's long term acute care hospitals will likely initially have a negative impact on volumes and constrain revenue and EBITDA growth in the company's largest segment. The company also faces evolving reimbursement models in other segments of its business, including home health and hospice services. RATINGS RATIONALE Kindred's B1 Corporate Family Rating reflects Moody's expectation that financial leverage will improve modestly and approach 5.0 times over the next 18 months. The rating also incorporates Moody's consideration of risks associated with a high reliance on the Medicare program as a source of revenue and the ongoing changes to reimbursement of post-acute care services. Moody's also anticipates that the company will pursue acquisitions to fill out service line offerings in certain targeted markets. However, the rating also reflects Kindred's scale as one of the largest post-acute care service providers by revenue and sites of service. Kindred also has diversity by service line with a significant presence across many sub-segments of the post-acute care continuum. Moody's could downgrade the ratings if the company is unable to reduce adjusted debt to EBITDA to close to 5.0 times or if negative developments in Medicare reimbursement in any of the company's subsectors are meaningfully detrimental to operating results. The ratings could also be downgraded if liquidity deteriorates or compliance with financial covenants becomes less certain. The ratings could be upgraded if the company can navigate reimbursement headwinds and continue to grow both revenue and EBITDA and maintain or expand EBITDA margins. The ratings could also be upgraded if adjusted leverage is expected to be reduced and sustained below 4.0 times. Kindred Healthcare, Inc. is a leading provider of long term acute care hospital, inpatient rehabilitation, contract rehabilitation, home health, and hospice services. Kindred's revenue for the twelve months ended March 31, 2016, was approximately $7.2 billion. KINGWOOD FOOD: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Kingwood Food Enterprises, Inc. About Kingwood Food Kingwood Food Enterprises Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of Texas (Houston) (Case No. 16-32304) on May 2, 2016. The petition was signed by Sajjad Pasha, president. The case is assigned to Judge Karen K. Brown. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. KRISTAL OWENS-GAYLE: Plan Sets Aside $15K for Unsecureds -------------------------------------------------------- Kristal Owens-Gayle filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a disclosure statement accompanying its plan, which proposes to pay allowed general unsecured creditors $15,000 over five years. The Debtor has recovered 6564 Frankstown Road, in Pittsburgh, Pennsylvania, when she had the sheriff sale set aside; and she has decided to sell 5137 Astor Place SE, in Washington, D.C. The net proceeds will help fund the plan of reorganization. Her income will help fund the plan. A full-text copy of the Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/GAYLEds0531.pdf The bankruptcy case is In Re: Kristal C. Owens-Gayle, Bankruptcy No. 15-22220-GLT (Bankr. W.D. Pa.). The Chapter 11 Petition was filed on June 18, 2015. The Debtor is represented by: Donald R. Calaiaro, Esq. CALAIARO VALENCIK 428 Forbes Avenue, Suite 900 Pittsburgh, PA 15219-2230 Email: dcalaiaro@c-vlaw.com KTP BUILDERS: Plan Proposes 26.67% Recovery to Unsecured Creditors ------------------------------------------------------------------ KTP Buildings, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, a disclosure statement and plan under which general unsecured creditors will receive a distribution of 26.67% of their allowed claims, to be distributed from the settlement amounts. Additional payments to general unsecured payments may be made from additional settlement amounts up to $442,326. A full-text copy of the Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/KTPds0531.pdf KTP Builders, Inc. (Bankr. S.D. Tex., Case No. 15-34109) filed a Chapter 11 Petition on August 3, 2015. The Debtor is represented by C. Michael Black, Esq., at The Law Office of C. Michael Black. L. SCOTT APPAREL: Trustee's Renewed Bid for Default Judgment Denied ------------------------------------------------------------------- Judge Robert Kwan of the United States Bankruptcy Court for the Central District of California, Los Angeles Division, denied without prejudice Howard Grobstein's Renewed Motion for Default Judgment Under LBR 7055-1 since he has not yet cured the defect in service of process under Bankruptcy Rule 7004(h) in the adversary case captioned HOWARD GROBSTEIN AS LIQUIDATING TRUSTEE OF L. SCOTT APPAREL INC., Plaintiff, v. JPMORGAN CHASE BANK, a New York corporation, Defendant, Adversary No. 2:15-ap-01438-RK (Bankr. C.D. Calif.). The Plaintiff's original motion for default judgment without prejudice was denied for the following reasons: (1) the motion is unsigned; (2) defendant has not been served as required under FBRP 7004(h) by certified mail as an insured depositary institution, and plaintiff should serve defendant at both addresses for it on the business entity listing on the California Secretary of State website, which includes the Ohio address on the FDIC website for defendant; (3) the evidence in support of the motion lacks foundation to show that prepetition payments within the preference period were made to defendant (i.e., no copies of cancelled checks showing payment to defendant, just a conclusory statement that payments were made). A full-text copy of the Order dated May 27, 2016 is available at https://is.gd/E2sfWv from Leagle.com. The bankruptcy case is In re: L. SCOTT APPAREL, INC., Chapter 11, Debtor, Case No. 2:13-bk-26021-RK (Bankr. C.D. Calif.). Howard Grobstein as Liquidating Trustee of L. Scott Apparel Inc., Plaintiff, represented by: Brian L Davidoff, Esq. Courtney E Pozmantier, Esq. Lori L Werderitch, Esq. GREENBERG GLUSKER 1900 Avenue of the Stars, 21st Floor Los Angeles, CA 90067 Tel: (310)553-3610 Email: bdavidoff@greenbergglusker.com cpozmantier@greenbergglusker.com lwerderitch@greenbergglusker.com LAKE TAHOE PARTNERS: Trustee Taps Bachecki as Accountant -------------------------------------------------------- The Chapter 11 trustee of Lake Tahoe Partners, LLC received court approval from the U.S. Bankruptcy Court for the Northern District of California to hire Bachecki, Crom & Co., LLP as her accountant. Linda Green, the Chapter 11 trustee, tapped the firm to provide these services: (a) prepare and file tax returns and monthly operating reports; (b) perform tax analysis; (c) assist with plan development; (d) analyze tax claims filed in the bankruptcy case, if necessary; (e) analyze the tax impact of potential transactions, if necessary; (f) analyze and testify as to avoidance issues, if necessary; (g) prepare a solvency analysis, if necessary; and (h) prepare wage claim withholding computations and payroll tax returns, if necessary. The normal billing rates for the firm's professionals are: Partners $380 - $525 Senior Accountant $270 - $360 Junior Accountant $165 - $260 Jay Crom, a partner at Bachecki, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jay D. Crom Bachecki, Crom & Co., LLP 400 Oyster Point Boulevard, Suite 106 South San Francisco, CA 94080 Telephone: (415) 398-3534 About Lake Tahoe Lake Tahoe Partners LLC, a single asset real estate, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Calif. Case No. 16-10150) on March 1, 2016. The petition was signed by Tim Wilkens as CEO. The Debtors estimated assets in the range of $10 million to $50 million and liabilities of at least $10 million. The Law Offices of Michael Brook serves as the Debtor's counsel. Judge Thomas E. Carlson represents the Debtor as counsel. LEN-TRAN INC: Has Until Sept. 12 to File Plan, Disclosures ---------------------------------------------------------- Judge Michael G. Williamson of the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, gave Len-Tran, Inc., dba Turner Tree & Landscape, until September 12, 2016, to file a plan and disclosure statement. The case came on for status conference pursuant on June 1, 2016. At the Status Conference, the Court reviewed the nature and size of the Debtor's business, the overall status of the case and considered the respective positions of the parties represented at the Status Conference. Based on that review, the Court has determined that it is appropriate in this case to implement procedures governing the filing of a plan of reorganization and disclosure statement to ensure that this case is handled expeditiously and economically. If the Debtor fails to file a Plan and Disclosure Statement by the Filing Deadline, the Court will issue an Order to Show Cause why the case should not be dismissed or converted to a Chapter 7 case pursuant to section 1112(b)(1) of the Bankruptcy Code. Len-Tran, Inc., dba Turner Tree & Landscape, based in Bradenton, Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-04145) on May 13, 2016. Elena P Ketchum, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Darrell Turner, president. LIFE PARTNERS: Trustee, Committee Object to Transparency Plan ------------------------------------------------------------- The Official Committee of Unsecured Creditors, Life Partners Holdings, Inc., et al.; H. Thomas Moran II, as chapter 11 trustee for Life Partners Holdings, Inc., and as the sole director of Life Partners, Inc., and LPI Financial Services, Inc.; Langston Law Firm; and the Lead Plaintiffs in a securities class action, object to Transparency's plan for the Debtors. The Creditors' Committee tells the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, that the Transparency Plan is, in fact, proposed by Transparency's affiliate, BroadRiver Asset Management, L.P., which is a New York headquartered fund manager formed in 2009, that purchased a $54,000 bankruptcy claim in these Bankruptcy Cases to obtain standing. Accordingly, BroadRiver/Transparency do not own any fractional interests in Policies, the Committee asserts. Under the Transparency Plan, while purporting to leave fractional interests untouched, BroadRiver proposes to bill continuing holders on the Effective Date over $21 million for Chapter 11 administrative bankruptcy costs and other expenses, the Committee asserts. Critically, while the TA Plan appears to provide investors with the option to choose to remain continuing holders of their own fractional positions, BroadRiver also plans to require a sale of the entire portfolio (including all interests of continuing holders) by year 10, the Committee further asserts. Although its projections are difficult to decipher, BroadRiver appears to suggest a purely speculative sale price in the range of 20% of the face amount at that point in time, the Committee adds. Clearly, fractional interest holders who have complained about the erosion of ownership rights since the beginning of the case have strongly opposed both paying bankruptcy costs and any forced sale, the Committee points out. The Transparency Plan however, proposes exactly that. The Committee therefore believes that investors who intend to keep individual fractional interests would not support the Transparency Plan if they were told the truth in simple terms. The Chapter 11 Trustee complains that the TA Plan purports to "compromise" the Ownership Issue through a deemed dismissal with prejudice of the Ownership Litigation in advance of any judgment and despite the absence of any settlement agreement with the other parties in that litigation. A "compromise" must be a consensual agreement between parties to the litigation. There is nothing in the Bankruptcy Code (or otherwise) that permits a plan of reorganization to implement a purported "compromise" of an adversary proceeding, and deem the adversary proceeding dismissed with prejudice, the Chapter 11 Trustee asserts. For that reason alone, the TA Plan is facially unconfirmable, the Chapter 11 Trustee tells the Court. The Lead Plaintiffs complain that the Transparency Disclosure Statement is inaccurate and fails to provide adequate information to creditors within the meaning of Section 1125 of the Bankruptcy Code. The Transparency Disclosure Statement is little more than a biased sales brochure that creates the false and misleading impression that the Transparency Plan is superior to the Trustee Plan, the Lead Plaintiffs assert. The Transparency Disclosure Statement's failures are pervasive and cannot be cured simply by changing a few words or sentences, the Lead Plaintiffs tell the Court. The Court should deny approval of the Transparency Disclosure Statement, the Lead Plaintiffs assert. The Creditors' Committee is represented by: Joseph J. Wielebinski, Esq. Dennis L. Roossien, Jr., Esq. Jay H. Ong, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 3800 Dallas, TX 75201-6659 Telephone: (214) 855-7500 Facsimile: (214) 855-7584 E-mail: jwielebinski@munsch.com droossien@munsch.com jong@munsch.com The Chapter 11 Trustee is represented by: David M. Bennett, Esq. Richard Roper, Esq. Katharine Battaia Clark, Esq. THOMPSON & KNIGHT LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Tel: 214.969.1700 Fax: 214.969.1751 Email: david.bennett@tklaw.com richard.roper@tklaw.com katie.clark@tklaw.com Counsel for Philip M. Garner, Steve South, as Trustee for, and on behalf of the South Living Trust, Christine Duncan, Michael Arnold, Janet Arnold, and John S. Ferris, M.D., on behalf of themselves and all those similarly situated, are represented by: Keith L. Langston, Esq. LANGSTON LAW FIRM 101 W. Tyler Street Longview, Texas 75601 Tel: (903) 212-3922 Fax: (903) 212-3892 Email: klangston@langston-lawfirm.com -- and -- John C. Leininger, Esq. SHAPIRO BIEGING BARBER OTTESON LLP 5400 LBJ Freeway, Suite 930 Dallas, Texas 75240 Tel: (214) 377-0146 Email: jcl@bsblawyers.com -- and -- Jeffrey D. Sternklar, Esq. JEFFREY D. STERNKLAR LLC 225 Franklin Street, 26th Floor Boston, MA 02110 Tel: (617) 396-4515 Fax: (617) 507-6530 Email: jeffrey@sternklarlaw.com About Life Partners Holdings Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. LIFE PARTNERS: Vida Capital Proposes to Buy New Stock Under Plan ---------------------------------------------------------------- Vida Capital, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, a second amended joint Chapter 11 plan of reorganization and accompanying disclosure statement for Life Partners Holdings, Inc., Life Partners, Inc., and LPI Financial Services, Inc. The Plan provides that Vida will purchase 100% of the New Stock of LPI and LPIFS in exchange for the payment of $4 million to the Debtors' estates. Vida will make an exit loan available to pay DIP Claims, Allowed Administrative and Fee Claims and, if necessary, Priority Claims. The Exit Loan will bear simple interest at 13% per annum. Each holder of allowed general unsecured claims against LPHI, LPI and LPIFS will receive a beneficial interest in the Litigation Trust equal to the Pro Rata amount of its Allowed Claim. A full-text copy of Vida Capital's Second Amended Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/LPHIVIDAds0531.pdf Vida Capital is represented by: Lydia R. Webb, Esq. Jason S. Brookner, Esq. GRAY REED & MCGRAW, P.C. 1601 Elm Street, Suite 4600 Dallas, Texas 75201 Telephone: (214) 954-4135 Facsimile: (214) 953-1332 Email: lwebb@grayreed.com jbrookner@grayreed.com About Life Partners Holdings Headquartered in Waco, Texas, Life Partners Holdings, Inc. -- http://www.lphi.com/-- is the parent company engaged in the secondary market for life insurance, commonly called "life settlements." Since its incorporation in 1991, Life Partners, Inc., has completed over 162,000 transactions for its worldwide client base of over 30,000 high net worth individuals and institutions in connection with the purchase of over 6,500 policies totaling over $3.2 billion in face value. LPHI is a publicly traded company incorporated in Texas and its common stock has been delisted from the NASDAQ (formerly trading under the symbol LPHI). Life Partners Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 15-40289) on Jan. 20, 2015. The case is assigned to Judge Russell F. Nelms. J. Robert Forshey, Esq., at Forshey & Prostok, LLP, serves as counsel to the Debtor. LPHI disclosed $2,406,137 in assets and $52,722,308 in liabilities as of the Chapter 11 filing. The official committee of unsecured creditors formed in the case tapped Munsch Hardt Kopf & Harr, P.C., as counsel. Tracy A. Bolt of BDO USA, LLP was named as examiner for the Debtor's case. At the behest of the U.S. Securities and Exchange Commission, the U.S. Trustee, and the Creditors Committee, the Court ordered the appointment of a Chapter 11 trustee. On March 13, 2015, H. Thomas Moran II was appointed as Chapter 11 trustee in LPHI's case. The trustee is represented by Thompson & Knight LLP. The Chapter 11 trustee signed Chapter 11 bankruptcy petitions for LPHI's subsidiaries on May 19, 2015: Life Partners Inc. (Case No. 15-41995) and LPI Financial Services, Inc. (Case No. 15-41996). Life Partners is estimated to have $100 million to $500 million in assets and more than $1 billion in debt. LPI Financial estimated less than $50,000. LIFE TIME: Moody's Retains B2 CFR on Loan Add-On ------------------------------------------------ Moody's Investors Service said Life Time Fitness, Inc.'s B2 Corporate Family Rating, B2-PD Probability of Default Rating, debt instrument ratings and stable rating outlook remain unchanged following the company's announcement that it plans to upsize its first-lien term loan due 2022 by $100 million. Proceeds are expected to be used to fully repay borrowings under its revolving credit facility and to support future capex needs. The repayment of the revolver is a slight credit positive as it improves liquidity and increases borrowing capacity to support future growth. Moody's views the transaction as leverage neutral, as the net increase in debt is small relative to total lease-adjusted debt of over $3.0 billion. Life Time operates 119 large format fitness clubs as of March 31, 2016, mostly in US suburban locations, with over 715,000 subscribing members, as well as close to 138,000 users of its non-facility based programs. Moody's expects about $1.5 billion of revenue and 3 new club openings in 2016. In June 2015, affiliates of Leonard Green & Partners, TPG Capital and other investors including founder and CEO Bahram Akradi purchased the company in an approximate $3.8 billion leveraged buyout. LIMON-IOWA LLC: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Limon-Iowa, LLC 7655 E. Gelding Drive Suite A3 Scottsdale, AZ 85260 Case No.: 16-06377 Chapter 11 Petition Date: June 3, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Daniel P. Collins Debtor's Counsel: Sean P. O'Brien, Esq. GUST ROSENFELD P.L.C. One East Washington, Suite 1600 Phoenix, AZ 85004-2553 Tel: 602-257-7460 Fax: 602-254-4878 E-mail: spobrien@gustlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dennis R. Haydon, manager. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. LIQUID HOLDINGS: Court Grants Bids to Extend Interim Stay Order --------------------------------------------------------------- In the case captioned JAY DEUTSCH, AS MANAGING GENERAL PARTNER OF THE DEUTSCH FAMILY INVESTMENT PARTNERSHIP AND TODD DEUTSCH Plaintiffs, v. LIQUID HOLDINGS GROUP, INC. F/K/A LIQUID HOLDINGS GROUP, LLC, BRIAN FERDINAND, RICHARD SCHAEFFER, FERDINAND HOLDINGS, LLC, SCHAEFFER HOLDINGS, LLC, BRIAN STORMS, AND JOHN DOES I-X, Defendants, Docket No. 452951/2015, Mot. Seq. 004-005, 2016 NY Slip Op 30966(U) (N.Y. Sup.), Judge Anil C. Singh of the Supreme Court, New York County granted defendant Storms' motion to extend the court's interim stay order until August 30, 2016; granted defendant Brian Ferdinand's motion to extend the court's interim stay order until August 30, 2016; granted defendant Ferdinand Holdings, LLC's motion to extend the court's interim stay order until August 30, 2016; and ordered that the parties are to appear in court for a status conference on September 1, 2016 at 10:00 AM. In this action for stock fraud, defendant/debtor Liquid Holdings Group filed for a chapter 11 bankruptcy. This Court then automatically stayed any action against defendant-debtor Liquid Holdings. Subsequently on February 8, 2016, defendant-debtor Liquid Holdings filed a motion in the Delaware Bankruptcy Court to convert its Chapter 11 filing to a Chapter 7 filing. The Bankruptcy Court converted the case from a Chapter 11 reorganization to a Chapter 7 liquidation on February 25, 2016. Plaintiff Deutsch's allegations arise out of statements allegedly made at a meeting on February 12, 2013 between defendant Storms, Ferdinand Defendants, and plaintiff Deutsch, in which plaintiff Deutsch was to evaluate an investment opportunity in defendant-debtor Liquid Holdings. Plaintiff further alleges that he entered into a subscription agreement with defendant-debtor Liquid Holdings to acquire certain securities in defendant-debtor and that during this meeting defendant-debtor made misrepresentations in its registration filings, press releases and other public filings, and that defendant Storm and Ferdinand Defendants were motivated by a desire to benefit from defendant-debtor's initial public offering. It is alleged that these misrepresentations made by defendant Storms, defendant Brian Ferdinand and other co-defendants caused the damages that Plaintiff suffered. In the instant motions before this Court, defendant Storms and defendants Brian Ferdinand and Ferdinand Holdings, LLC have moved to extend the stay as to them. Plaintiff Deutsch opposes both motions. A full-text copy of the Decision and Order dated May 25, 2016 is available at https://is.gd/kYBYyA from Leagle.com. About Liquid Holdings Group Liquid Holdings Group, Inc. (otc pink:LIQD) -- http://www.liquidholdings.com-- a SaaS provider of investment management solutions for the buy side, on Jan. 28 disclosed that it and its subsidiary Liquid Prime Holdings, LLC, each filed a voluntary petition in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the United States Bankruptcy Code. The cases are Liquid Holdings Group, Inc., Case No. 16-10202 (Bankr. D. Del.) and Liquid Prime Holdings, LLC, Case No. 16-10203 (Bankr. D. Del.). The Company's counsel in Chapter 11 is Blank Rome LLP. The Company has engaged Carl Marks Advisory Group, LLC as its bankruptcy financial advisor and SenaHill Advisors, LLC as its investment banker. MALIBU LIGHTING: Wants Exclusive Plan Filing Extended to Oct. 4 --------------------------------------------------------------- Malibu Lighting Corporation, et al., ask the U.S. Bankruptcy Court for the District of Delaware to extend the exclusive period to file a plan of reorganization through and including Oct. 4, 2016, and the period for the Debtor to obtain acceptances of the plan through and including Dec. 5, 2016. A hearing on the request is set for June 28, 2016, at 2:00 p.m. Objections to the request must be filed by June 17, 2016, at 4:00 p.m. The Debtors need additional time to propose a plan. The Debtors are not seeking an extension of time to pressure creditors. The Debtors have been diligent in administering these cases by, among other things, concluding the sale of substantially all assets of National-Consumer Outdoors Corporation, engaging professionals and implementing procedures to sell the Debtors' remaining assets, initiating the claims reconciliation process, and marketing and initiating the sale of their interests in real property. The Debtors merely require additional time in order to maximize the value of their estates. The Debtors, in consultation with the Official Committee of Unsecured Creditors, are in the process of reconciling the proofs of claim received with the schedules and filing appropriate omnibus claim objections. The effort is ongoing and is facilitating settlement negotiations between the Debtors and Committee, as the magnitude of the general unsecured claims pool is becoming clearer. The Debtors are in the process of selling their remaining real estate interests. Specifically, the Debtors are in the process of closing sales on the three real estate properties. Once these sales close, all parties will have a better understanding of the proceeds available for distribution and the deficiency claims, which will be owed to the secured creditor. This will facilitate negotiations among the Debtors, the Committee, and the Debtors' equity holder, regarding an appropriate exit strategy. The Debtors are represented by: PACHULSKI STANG ZIEHL &JONES LLP Jeffrey N. Pomerantz, Esq. Maxim B. Litvak, Esq. James E. O'Neill, Esq. 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Tel: (302) 652-4100 Fax: (302) 652-4400 E-mail: jpomerantz@pszjlaw.com mlitvak@pszjlaw.com joneill@pszjlaw.com About Malibu Lighting Malibu Lighting Corporation, Outdoor Direct Corporation, National Consumer Outdoors Corporation, Beam Corporation, Smoke 'N Pit Corporation, Treasure Sensor Corporation and Stubbs Collections Inc. filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 15-12080) on Oct. 8, 2015. The petition was signed by David M. Baker as chief restructuring officer. Judge Kevin Gross is assigned to the case. MLC was a manufacturer and supplier of outdoor and landscape lighting products, such as solar and low voltage lights and home security lights, including the parts and accessories associated with these products. ODC was a manufacturer and supplier of a variety of consumer goods, including (a) outdoor cooking products, such as outdoor gas grills, charcoal grills, smokers and fryers, (b) hand held lighting products, like flashlights and spotlights, (c) landscape lighting products, and (d) parts and accessories associated with the foregoing products. MLC and ODC are currently winding down operations as a result of the termination of a business relationship with principal customer, Home Depot. NCOC is a manufacturer and supplier of both branded and private label pet bedding and pet accessory products. NCOC manufactures beds, accessories, and deodorizers for dogs as well as beds, scratching posts, and toys for cats. In addition, NCOC markets and sells boat covers manufactured primarily from Chinese suppliers. Malibu estimated assets and liabilities of $10 million to $50 million in its bankruptcy petition. The Debtors have engaged Pachulski Stang Ziehl & Jones LLP as counsel, Piper Jaffray Co. as investment banker, and Kurtzman Carson Consultants as claims and noticing agent. On Oct. 20, 2015, an official committee of unsecured creditors was appointed by the Office of the United States Trustee. No request has been made for the appointment of a trustee or an examiner in these cases. MALLINCKRODT GROUP: Bank Debt Trades at 2% Off ---------------------------------------------- Participations in a syndicated loan under which Mallinckrodt Group Inc is a borrower traded in the secondary market at 97.90 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.46 percentage points from the previous week. Mallinckrodt Group pays 275 basis points above LIBOR to borrow under the $1.3 billion facility. The bank loan matures on Feb. 25, 2021 and carries Moody's Ba1 rating and Standard & Poor's BB+ rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. MBB MANAGEMENT: Hires John P. Lewis as Chapter 11 Counsel --------------------------------------------------------- MBB Management, LLC, seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas to employ John P. Lewis, Jr., as Chapter 11 counsel, nunc pro tunc as of the April 2, 2016, the Petition Date. Objections to the request must be filed by June 20, 2016. Mr. Lewis will: (a) assist in the preparation of schedules, statement of financial affairs, any amendments thereto, and any other documents and disclosures required to be filed by the Debtor under the bankruptcy laws and rules; (b) attend and participate with the Debtor in its "debtor interview" with the Office of the U.S. Trustee; (c) attend and participate with the Debtor in its Section 341 meeting; (d) direct the Debtor concerning administrative and reorganization issues; (e) perform all other necessary legal services in connection with this Chapter 11 case and in any adversary proceedings arising in this case. Mr. Lewis has received a retainer of $5,000 paid by THOC, PA, on April 1, 2016, to secure the fees, costs, and expenses that may be allowed by the Court in accordance with the Bankruptcy Code and other applicable statutes for professional services rendered or to be rendered in this case and any related adversary proceedings. Mr. Lewis used $1,717 of the retainer to pay the Chapter 11 filing fee for this case and $350 of the retainer to pay the filing fees for removing the state court case to this Court, leaving a retainer balance of $2,933. Mr. Lewis assures the Court that he doesn't hold nor represent any interest adverse to the Debtor or its bankruptcy estate in the matters for which he has been engaged. Mr. Lewis can be reached at: John P. Lewis, Jr., Esq. 1412 Main Street, Suite 210 Dallas, Texas 75202 Tel: (214) 742-5925 Fax: (214) 742-5928 E-mail: jplewisjr@mindspring.com Headquartered in Dallas, Texas, MBB Management, LLC, filed for Chapter 11 bankruptcy protection (Bankr. N.D. Texas Case No. 16-31345) on April 2, 2016, estimating its assets at between $500,000 and $1 million and its liabilities at between $1 million and $10 million. The petition was signed by Dennis H. Birenbaum, manager. Judge Stacey G. Jernigan presides over the case. John P. Lewis, Jr., at the Law Office of John P. Lewis, Jr., serves as the Debtor's bankruptcy counsel. MILESTONE SCIENTIFIC: Stockholders Elect Five Directors ------------------------------------------------------- Milestone Scientific Inc. held its 2016 annual meeting of stockholders on May 25, 2016, at which the stockholders: (a) elected Leslie Bernhard, Leonard Osser, Leonard Schiller, Gian Domenico Trombetta and Edward Zelnick, M.D. as directors to serve until the next annual meeting of the Company's stockholders or until their respective successors have been duly elected and qualified; (b) approved amendments to the 2011 Stock Option Plan to: (i) change the name of the plan to the "Milestone Scientific Inc. 2011 Equity Compensation Plan"; (ii) provide for awards of shares of the Company's common stock; and (iii) increase the maximum number of shares which may be issued thereunder from 2,000,000 to 4,000,000; (c) adopted a non-binding advisory resolution approving the compensation of the Company's Named Executive Officers; and (d) approved, on an advisory basis, the appointment of Baker Tilly Virchow Krause LLP as the Company's independent auditors for the 2016 fiscal year. About Milestone Scientific Livingston, N.J.-based Milestone Scientific Inc. is engaged in pioneering proprietary, innovative, computer-controlled injection technologies and solutions for the medical and dental markets. Milestone Scientific reported a net loss attributable to the Company of $5.46 million on $9.49 million of net product sales for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $1.70 million on $10.33 million of net product sales for the year ended Dec. 31, 2014. As of March 31, 2016, Milestone Scientific had $11.60 million in total assets, $3.24 million in total liabilities, all current, and total equity of $8.36 million. MIRAMAR CORPORATION: Taps David A. Riggi as Attorney ---------------------------------------------------- Miramar Corporation asks for authorization from the U.S. Bankruptcy Court for the District of Nevada to employ the Law Office of David A. Riggi as attorney. David A. Riggi, Esq., will: 1. institute, prosecute, or defend any contested matters arising out of this bankruptcy proceeding in which the Debtor may be a party; 2. assist in the recovery and obtaining necessary Court approval for recovery and liquidation of estate assets, and to assist in protecting and preserving the same where necessary; 3. assist in determining the priorities and status of claims and in filing objections thereto where necessary; 4. assist in preparation of a disclosure statement and Chapter 11 plan; and 5. advise the Debtor and perform all other legal services for the Debtor which may be or become necessary in this bankruptcy proceeding. Mr. Rigg's Law Firm will be paid at these hourly rates: Partners $400 Associates $195 Paralegals/Law Clerks $100 Mr. Riggi has received, post-petition, a retainer in the amount of $8,500. The source of those funds was from the De. Ascar Egtedar personally, the signatory on the bankruptcy filing. These funds are for services that have been rendered, and that are being rendered, in connection with the bankruptcy case, and during the bankruptcy proceedings. They are being held in the Law Firm's trust account. Mr. Riggi assures the Court that neither he nor anyone associated with his Law Firm has any present connection with the Debtor, his creditors or other parties-in-interest, and that to the best of his knowledge, he and anyone associated with his Law Firm and any parties he may employ in the case, are disinterested within the meaning of 11 U.S.C. Section 101(14). Mr. Riggi can be reached at: David A. Riggi, Esq. 5550 Painted Mirage Road Suite 120 Las Vegas, NV 89149 Tel: (702) 463-7777 Fax: (888) 306-7157 E-mail: RiggiLaw@gmail.com Miramar Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 16-1136) on March 4, 2016. David M. Crosby, Esq., at Crosby & Fox, LLC, serves as the Debtor's bankruptcy counsel. MONAKER GROUP: Monaco Insurance Trust Exercises Warrants -------------------------------------------------------- The Donald P. Monaco Insurance Trust exercised warrants to purchase 60,000 shares of the common stock of Monaker Group, Inc. that were granted on Nov. 25, 2015 (expiring Nov. 24, 2016), with an exercise price of $1.50 per share and an aggregate exercise price of $90,000, and in consideration for such $90,000 aggregate exercise price, was issued 60,000 shares of Common Stock. Donald P. Monaco, a member of the Company's Board of Directors, is the trustee of the Trust and beneficially owns the securities held by the Trust. The 60,000 shares of Common Stock issued in the above-described exercise were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and were issued in reliance on the exemption from registration afforded by Section 4(a)(2) and Rule 506 of Regulation D under the Securities Act and corresponding provisions of state securities laws, which exempt transactions by an issuer not involving any public offering. The holder is an "accredited investor" as such term is defined in Regulation D promulgated under the Securities Act. The recipient acquired the securities for investment only and not with a view towards, or for resale in connection with, the public sale or distribution thereof. The securities were offered without any general solicitation by the Company or its representatives. No underwriters or agents were involved in the foregoing transaction and the Company paid no underwriting discounts or commissions. The securities issued are subject to transfer restrictions, and the certificates evidencing the securities contain an appropriate legend stating that such securities have not been registered under the Securities Act and may not be offered or sold absent registration or pursuant to an exemption therefrom. The securities were not registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. About Monaker Group Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is a digital media marketing company focusing on lifestyle enrichment for consumers in the travel, home and employment sectors. Core to its marketing services are key elements including proprietary video-centered technology and established partnerships that enhance its reach. Video is quickly becoming consumer's preferred method of searching and educating themselves prior to purchases. Monaker's video creation technology and film libraries combine to create lifestyle video offerings that can be shared both to its customers and through trusted distribution systems of its major partners. The end result is better engagement with consumers who gain in-depth information on related products and services helping to both inform and fulfill purchases. Unlike traditional marketing companies that simply charge for advertising creation, Monaker holds licenses and/or expertise in the travel, real estate and employment sectors allowing it to capture fees at the point of purchase while the majority of transactions are handled by Monaker's partners. This should allow the company to capture greater revenues while eliminating much of the typical overhead associated with fulfillment. Monaker core holdings include Maupintour, NameYourFee.com, RealBiz Media Group - helping it to deliver marketing solutions to consumers at home, work and play. Next 1 Interactive reported a net loss of $50,500 on $1.1 million of total revenue for the year ended Feb. 28, 2015, compared with a net loss of $18.3 million on $1.5 million of total revenues for the year ended Feb. 28, 2014. As of Nov. 30, 2015, the Company had $6.94 million in total assets, $9.88 million in total liabilities and a total stockholders' deficit of $2.94 million. D'Arelli Pruzansky, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Feb. 28, 2015, citing that the Company has incurred an operating loss of $5.44 million and net cash used in operations of $2.62 million for the year ended Feb. 28, 2015, and the Company had an accumulated deficit of $86.1 million and a working capital deficit of $12.8 million at Feb. 28, 2015. These conditions raise substantial doubt about the Company's ability to continue as a going concern. NAKED BRAND: Amends Fiscal 2015 Annual Report --------------------------------------------- Naked Brand Group Inc. filed with the Securities and Exchange Commission and amended annual report on Form 10-K/A for the sole purpose of including the information required by Items 10 through 14 of Part III of Form 10-K. This information was previously omitted from the Original Filing in reliance on General Instruction G(3) to Form 10-K, which permits the information in the above referenced items to be incorporated in the Form 10-K by reference from our definitive proxy statement if such statement is filed no later than 120 days after our fiscal year-end. The Company said it may not file a definitive proxy statement containing such information within 120 days after the end of the fiscal year covered by the Original Filing. A full-text copy of the Amended Annual Report is available for free at https://is.gd/eTR3BQ About Naked Brand Naked Brand Group Inc. designs, manufactures, and sells men's innerwear and lounge apparel products in the United States and Canada. It offers various innerwear products, including trunks, briefs, boxer briefs, undershirts, T-shirts, and lounge pants under the Naked brand, as well as under the NKD sub-brand for men. The company sells its products to consumers and retailers through wholesale relationships and direct-to-consumer channel, which consists of an online e-commerce store, thenakedshop.com. Naked Brand Group Inc. is based in New York, New York. Naked Brand reported a net loss of US$19.06 million on US$1.38 million of net sales for the year ended Jan. 31, 2016, compared to a net loss of US$21.07 million on US$557,000 of net sales for the year ended Jan. 31, 2015. As of Jan. 31, 2016, Naked Brand had US$6.88 million in total assets, US$2.30 million in total liabilities and US$4.58 million in total stockholders' equity. BDO USA, LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Jan. 31, 2016, noting that the Company incurred a net loss of $19,063,399 for the year ended January 31, 2016 and the Company expects to incur further losses in the development of its business. This condition raises substantial doubt about the Company's ability to continue as a going concern. NANOSPHERE INC: Files 2015 Conflict Minerals Report --------------------------------------------------- Nanosphere, Inc., has conducted an evaluation of its products and concluded that certain products that the Company manufactures or contracts to manufacture contain gold, tin and tantalum. Nanosphere, Inc. has defined a comprehensive Conflict Minerals policy covering existing raw material and a governance model for sustainable compliance. In compliance with such policy, the Company has completed a comprehensive analysis of raw materials used in manufacturing and determined that conflict minerals gold, tin and tantalum are present in some of the Company's products. As a result of the survey that the Company conducted of its suppliers, the Company is unable at this time to determine the origin of the gold, tin and tantalum used in its products. Accordingly, the Company filed with the Securities and Exchange Commission a Conflict Minerals Report for the year ended Dec. 31, 2015, a copy of which is available at https://is.gd/Y3iOe6 About Nanosphere Nanosphere, Inc., develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene System, that enables simple, low cost and highly sensitive genomic and protein testing on a single platform. The Verigene System includes a bench-top molecular diagnostics workstation that is a universal platform for genomic and protein testing and provides for multiple tests to be performed on a single platform, including both genomic and protein assays, from a single sample. Its proprietary nanoparticle technology provides the ability to run multiple tests simultaneously on the same sample. Nanosphere was founded by Chad A. Mirkin and Robert Letsinger on Dec. 30, 1999, and is headquartered in Northbrook, IL. Nanosphere reported a loss attributable to common shareholders of $42.84 million on $21.07 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $39.07 million on $14.29 million of total revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Nanosphere had $39.78 million in total assets, $27.49 million in total liabilities and $12.29 million in total stockholders' equity. Deloitte & Touche LLP, in Chicago, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from continued use of cash to fund operations raise substantial doubt about its ability to continue as a going concern. NANOSPHERE INC: MMCAP Int'l Reports 13% Stake as of May 23 ---------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, MMCAP International Inc. SPC and MM Asset Management Inc. disclosed that as of May 23, 2016, they beneficially own 5,229,804 common shares of common stock of Nanosphere, Inc. representing 13.04 percent of the shares outstanding. A copy of the regulatory filing is available for free at: https://is.gd/0p732A About Nanosphere Nanosphere, Inc., develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene System, that enables simple, low cost and highly sensitive genomic and protein testing on a single platform. The Verigene System includes a bench-top molecular diagnostics workstation that is a universal platform for genomic and protein testing and provides for multiple tests to be performed on a single platform, including both genomic and protein assays, from a single sample. Its proprietary nanoparticle technology provides the ability to run multiple tests simultaneously on the same sample. Nanosphere was founded by Chad A. Mirkin and Robert Letsinger on Dec. 30, 1999, and is headquartered in Northbrook, IL. Nanosphere reported a loss attributable to common shareholders of $42.84 million on $21.07 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $39.07 million on $14.29 million of total revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Nanosphere had $39.78 million in total assets, $27.49 million in total liabilities and $12.29 million in total stockholders' equity. Deloitte & Touche LLP, in Chicago, Illinois, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from continued use of cash to fund operations raise substantial doubt about its ability to continue as a going concern. NATIONAL CERAMICS: Unsecureds to Recover Up to 5% Under Plan ------------------------------------------------------------ National Ceramics of Florida Corp. filed with the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, a disclosure statement and plan of reorganization, under which general unsecured creditors are estimated to receive approximately 1% to 5% of their allowed claims. Keystone, a secured creditor, be paid in full to the extent of its collateral, and the remainder of its claim will be paid pro rata with the unsecured claims in Class 2. General unsecured creditors will receive pro rate share of $20,000 Cash Infusion after payment of Class 1 secured claim of Key Stone. The Debtor estimates the payments to general unsecured creditors will be approximately 1% to 5% of allowed claims. Holders of equity interests will retain interests in exchange for $20,000 Cash Infusion and general releases. A full-text copy of the Disclosure Statement dated June 2, 2016, is available at http://bankrupt.com/misc/flbs-16-14739-21.pdf National Ceramics of Florida, Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-14739) on April 1, 2016. The Debtor is represented by David R. Softness, Esq., at David R. Softness, PA. The Troubled Company Reporter, on May 19, 2016, reported that the Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of National Ceramics of Florida, Corp. NAVISTAR INTERNATIONAL: Extends NPA Expiration to May 2017 ---------------------------------------------------------- Navistar Financial Securities Corporation, as the seller, Navistar Financial Corporation, as the servicer, and Credit Suisse AG, New York Branch, as a managing agent, Credit Suisse AG, Cayman Islands Branch, as a committed purchaser, Alpine Securitization Corp., as a conduit purchaser, Bank of America, National Association, as administrative agent, as a managing agent and as a committed purchaser, New York Life Insurance Company, as a managing agent and a committed purchaser, and New York Life Insurance and Annuity Corporation, as a managing agent and a committed purchaser, entered into Amendment No. 7 to Note Purchase Agreement to extend the Scheduled Purchase Expiration Date to May 27, 2017. On May 27, 2016, NFC entered into the Third Amended and Restated Credit Agreement by and among NFC and Navistar Financial, S.A. de C.V., Sociedad Financiera De Objeto Multiple, Entidad Regulada, a Mexican corporation, as borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A., as syndication agent. The Third Amended and Restated Credit Agreement has two primary components: a term loan of $229.5 million, which includes an extended term loan tranche of $92.0 million, and a revolving bank loan of $400.0 million, which includes an extended revolving bank loan tranche of $274.7 million. Utilization of the facility under the Third Amended and Restated Credit Agreement was $557 million at April 30, 2016. The revolving bank loan has a Mexican sub-revolver providing for up to $100.0 million (which includes an extended Mexican sub-revolver tranche providing for up to $80.5 million) which may be used by a Mexican finance subsidiary of Navistar International Corporation, a Delaware corporation. The obligations under the Third Amended and Restated Credit Agreement are secured by substantially all assets of NFC. The maturity date of the non-extended loans is the original maturity date of Dec. 2, 2016, and the maturity date of the extended loans is June 1, 2018. In addition, the Third Amended and Restated Credit Agreement provides for the following, among other amendments: (i) following the original maturity date of the non-extended loans, the increase of the interest rate margins on the extended loans by an amount ranging from 0.50% to 1.75%, depending upon the ratings of NIC and NFC, (ii) the modification of the provisions allowing NFC to increase the size of the facility, subject to obtaining commitments from existing or new lenders to provide additional or increased revolving commitments and/or additional term loans, to permit a maximum facility size of $700 million after giving effect to any such increase, and without taking into account the non-extended loans and commitments, (iii) the modification of certain of the provisions regarding investments and restricted payments, (iv) the reduction of the maximum permitted leverage ratio to 3.75:1, and (v) the insertion of a collateral coverage ratio covenant. In connection with the Third Amended and Restated Credit Agreement, NFC paid certain fees, the total of which NFC does not believe are material to its financial position or results of operations. The Third Amended and Restated Credit Agreement amends and restates and supersedes and replaces in its entirety that certain Second Amended and Restated Credit Agreement, dated as Dec. 2, 2011, by and among NFC and Navistar Financial, S.A. de C.V., Sociedad Financiera De Objeto Multiple, Entidad Regulada, a Mexican corporation (formerly known as Navistar Financial, S.A. de C.V., Sociedad Financiera De Objeto Multiple, Entidad No Regulada), as borrowers, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Citibank, N.A., as documentation agent. On May 27, 2016, NIC entered into the Fourth Amended and Restated Parent Guarantee in favor of the Administrative Agent for the lenders party to the Third Amended and Restated Credit Agreement. Pursuant to the Parent Guarantee, NIC guarantees the obligations of its Mexican finance subsidiary under the Third Amended and Restated Credit Agreement. The Parent Guarantee supersedes and replaces in its entirety that certain Third Amended and Restated Parent Guarantee, dated as of Dec. 2, 2011, by NIC in favor of the administrative agent for the lenders party to the 2011 Credit Agreement. On May 27, 2016, NIC entered into the Fourth Amended and Restated Parents' Side Agreement, by and between NIC and Navistar, Inc., a Delaware corporation, for the benefit of the lenders from time to time party to the Third Amended and Restated Credit Agreement. The Parents' Side Agreement requires that NIC and Navistar, Inc. collectively continue to own 100% of the voting stock of NFC and that Navistar, Inc. not permit NFC to have a fixed charge coverage ratio of less than 1.25:1. The Parents' Side Agreement supersedes and replaces in its entirety that certain Third Amended and Restated Parents' Side Agreement, dated as of Dec. 2, 2011, by NIC and Navistar, Inc. for the benefit of the lenders party to the 2011 Credit Agreement. On May 27, 2016, NFC entered into the Second Amended and Restated Security, Pledge and Trust Agreement by and between NFC and Deutsche Bank Trust Company Americas, a corporation duly organized and existing under the laws of the State of New York, acting individually and as trustee for the holders of the secured obligations under the Third Amended and Restated Credit Agreement. The Security Agreement supersedes and replaces in its entirety that certain Amended and Restated Security, Pledge and Trust Agreement, dated as of July 1, 2005, by and between NFC and the Trustee, as amended. About Navistar International Navistar International Corporation (NYSE: NAV) -- http://www.navistar.com/-- is a holding company whose subsidiaries and affiliates subsidiaries produce International(R) brand commercial and military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse(R) brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The Company also provides truck and diesel engine parts and service. Another affiliate offers financing services. As of Jan. 31, 2016, Navistar had $5.98 billion in total assets, $11.17 billion in total liabilities and a total stockholders' deficit of $5.19 billion. * * * In the July 22, 2015, edition of the TCR, Moody's Investors Service affirmed Navistar International Corporation's Corporate Family Rating at B3 and assigned a Ba3 rating to Navistar, Inc.'s new $1.04 billion senior secured term loan due 2020. Navistar carries a 'B-' issue-level rating from Standard & Poor's Ratings Services and 'CCC' Issuer Default Ratings from Fitch Ratings. NOVABAY PHARMACEUTICALS: May Issue 1.1M Add'l Shares Under Plan --------------------------------------------------------------- NovaBay Pharmaceuticals, Inc. filed with the Securities and Exchange COmmission a registration statement on Form S-8 to register an additional 1,124,836 shares of common stock, par value $0.01 per share, available for issuance under the Company's 2007 Omnibus Incentive Plan, as amended. The increase in the number of shares available for issuance under the 2007 Plan by 1,124,836 shares was approved by the Company's stockholders on May 26, 2016. A copy of the prospectus is available for free at: https://is.gd/QQg8tM About NovaBay Pharmaceuticals NovaBay Pharmaceuticals is a biopharmaceutical company focusing on the commercialization of prescription Avenova lid and lash hygiene for the domestic eye care market. Avenova is formulated with Neutrox which is cleared by the U.S. Food and Drug Administration (FDA) as a 510(k) medical device. Neutrox is NovaBay's proprietary pure hypochlorous acid. Laboratory tests show that hypochlorous acid has potent antimicrobial activity in solution yet is non-toxic to mammalian cells and it also neutralizes bacterial toxins. Avenova is marketed to optometrists and ophthalmologists throughout the U.S. by NovaBay's direct medical salesforce. It is accessible from more than 90% of retail pharmacies in the U.S. through agreements with McKesson Corporation, Cardinal Health and AmeriSource Bergen. NovaBay reported a net loss of $18.97 million in 2015, a net loss of $15.19 million in 2014 and a net loss of $16.04 million in 2013. As of March 31, 2016, Novabay had $4.93 million in total assets, $12.2 million in total liabilities, and a total stockholders' deficit of $7.29 million. OUM & Co. LLP in San Francisco, California, audited the consolidated balance sheets of NovaBay Pharmaceuticals, Inc. as of December 31, 2015 and 2014 and the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows for each of the three years in the period ended December 31, 2015. The firm noted that the Company has suffered recurring losses and negative cash flows from operations and has a stockholders' deficit, all of which raise substantial doubt about its ability to continue as a going concern. OLD TAMPA BAY: Hires Blanchard Law as Attorney ---------------------------------------------- Old Tampa Bay Seafood Company, LLC, seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A., as attorney. Blanchard Law will: a. give the Debtor legal advice with respect to its powers and duties as debtor and debtor-in-possession in the continued operation of its business and management of its property, if appropriate; b. prepare, on behalf of the Debtor, necessary applications, answers, orders, reports, complaints, and other legal papers and appear at hearings thereon; and c. perform all other legal services for the Debtor as debtor-in-possession which may be necessary, and it is necessary for the Debtor as debtor-in-possession to employ the attorney for the professional services. The Debtor wants to employ Blanchard Law under a general retainer agreement with a $10,000 fee retainer (inclusive of a $1,717 filing fee/cost retainer). Blanchard Law will charge these hourly rates: Jake Blanchard, Esq. $250 Lydia Gazda, Esq. $225 Paralegal $70 Jake Blanchard, Esq., an attorney at Blanchard Law, assures the Court that no attorney in the firm has any other connection with the Debtor, creditors, U.S. Trustee, or any employee of that office, or any other parties-in-interest. Headquartered in Saint Petersburg, Florida, Old Tampa Bay Seafood Company, LLC, dba I.C. Sharks filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-04576) on May 26, 2016, estimating its assets at between $1 million and $10 million and liabilities at between $500,000 and $1 million. The petition was signed by Brian Storman, managing member. Jake C Blanchard, Esq., at Blanchard Law, P.A., presides over the case. ON QUE: Wants Okay to Use Credit Card Lenders' Cash Collateral -------------------------------------------------------------- On Que Food Service LLC borrowed $27,000 from Rapid Capital Funding and $30,500 from Swift Capital, and pledged its credit card receivables as collateral to secure repayment of the loan. The Debtor says it needs continued access to the lenders' cash collateral to pay employees, buy food and operate its restaurant. On average, the Debtor relates, its sales receipts are about $800 to $1,000 per day, and because those receipts exceed the $273 amount the lenders draw from the debtor's bank account each day, they are adequately protected. Accordingly, On Que asks the Bankruptcy Court for permission to continue using the lenders' cash collateral. On Que Food Service LLC, a Jakes Wayback Burgers franchisee, filed a chapter 11 petition (Bankr. E.D.N.Y. Case No. 16-41930) on May 3, 2016, estimating its assets and debts at less than $1 million. Nigel E. Blackman, Esq., at Blackman & Melville, PC, in Lawrenceville, Ga., represents the Debtor. PARADIGM EVERGREEN: Hires NorrisMcLaughlin & Marcus as Attorney --------------------------------------------------------------- Paradigm Evergreen LLC asks for permission from the U.S. Bankruptcy Court for the District of New Jersey to employ NorrisMcLaughlin & Marcus, P.A., as attorney. The Firm will provide representation of the Debtor in its pending Chapter 11 case, including, but not limited to, all necessary court appearances, research, preparation and drafting of pleadings and other legal documents, hearing preparation and related work, negotiations and advise with respect to the Debtor's Chapter 11 case. The Firm will be paid at these hourly rates: Members $285-$650 Associates $175-$440 Paralegals $105-$210 Morris S. Bauer, Esq., a member of the Firm, assures the Court that to the best of his knowledge, he, his firm, its members, shareholders, partners, associates, and officers and employees do not hold an adverse interest to the estate, do not represent an adverse interest to the estate, and are disinterested under 11 U.S.C. Section 101(14). The Firm can be reached at: NORRIS, McLAUGHLIN & MARCUS, P.A. Morris S. Bauer, Esq. Matteo Percontino, Esq. 721 Route 202-206, Suite 200 P.O. Box 5933 Bridgewater, New Jersey 08807 Tel: (908) 722-0700 E-mail: mbauer@nmmlaw.com mpercontino@nmmlaw.com Headquartered in New York, New York, Paradigm Evergreen LLC filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 16-19943) on May 23, 2016, estimating its assets at between $1 million and $10 million and liabilities at between $500,000 and $1 million. The petition was signed by David Kushner, managing member. Morris S. Bauer, Esq., at Norris McLaughlin & Marcus, P.A., serves as the Debtor's bankruptcy counsel. PHOTOMEDEX INC: Terminates Radiancy Merger Agreement ---------------------------------------------------- PhotoMedex, Inc., Radiancy, Inc., an indirectly wholly-owned subsidiary of PHMD, and Photomedex Technology, Inc., a wholly-owned subsidiary of PHMD, terminated: (a) the Agreement and Plan of Merger and Reorganization, dated as of Feb. 19, 2016, among PHMD, Radiancy, DS Healthcare Group, Inc. and PHMD Consumer Acquisition Corp., a wholly- owned subsidiary of DSKX ("Merger Sub A"); and (b) the Agreement and Plan of Merger and Reorganization, dated as of Feb. 19, 2016, among PHMD, P-Tech, DSKX, and PHMD Professional Acquisition Corp., a wholly-owned subsidiary of DSKX ("Merger Sub B"). Pursuant to the Merger Agreements, Radiancy was to merge with Merger Sub A, with Radiancy as the surviving corporation in such merger, P-Tech was to merge with Merger Sub B, with P-Tech as the surviving corporation in such merger, and DSKX was to become the holding company for Radiancy and P-Tech. Given the material breaches identified in PHMD's notice to DSKX, and filed as Exhibit 99.1 to PHMD's Current Report on Form 8-K filed on April 12, 2016, and other disclosures and communications by DSKX, in connection with PHMD's termination of the Merger Agreements and pursuant to their terms, PHMD is seeking to recover a termination fee of $3.0 million, an expense reimbursement of up to $750,000 and its liabilities and damages suffered as a result of DSKX's failures and breaches in connection with each of the Merger Agreements. On May 27, 2016, PHMD, Radiancy and P-Tech filed a complaint in the U.S. District Court for the Southern District of New York alleging breaches of the Merger Agreements by DSKX and seeking the damages described in the foregoing sentence. About PhotoMedex PhotoMedex, Inc., is a global health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at our LasikPlus(R) vision centers. PhotoMedex and its subsidiaries has entered into a second amended and restated forbearance agreement with the lenders that are parties to the credit agreement dated May 12, 2014, and with JP Morgan Chase, as administrative agent for the Lenders pursuant to which the Lender have agreed to forbear from exercising their rights and remedies with respect to certain events of default from Aug. 25, 2014, until April 1, 2016, or earlier if an event of default occurs, according to a document filed with the Securities and Exchange Commission in March 2015. Photomedex reported a net loss of $34.6 million on $75.9 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $121 million on $133 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, PhotoMedex had $31.89 million in total assets, $23.7 million in total liabilities, and $8.17 million in total stockholders' equity. PROSPECT MEDICAL: Moody's Affirms B1 CFR & Rates $650MM Loan Ba3 ---------------------------------------------------------------- Moody's Investors Service affirmed Prospect Medical Holdings, Inc.'s B1 Corporate Family Rating and B1-PD Probability of Default Rating. Moody's also assigned a Ba3 (LGD 3) rating to the company's proposed $650 million senior secured term loan B. The proceeds of the new term loan B, along with drawings under a $100 million asset based revolving credit facility (not rated by Moody's) will be used to refinance Prospect Medical's existing debt and fund three previously announced acquisitions in Connecticut and Pennsylvania. The rating outlook was revised to negative from stable. "Prospect Medical's pro forma adjusted debt to EBITDA will increase to a relatively high 5.3 times as the company completes a number of acquisitions that will nearly double its annual revenue," said Dean Diaz, a Senior Vice President at Moody's. "However, earnings growth at existing and newly acquired facilities will contribute to a reduction in leverage over the next 12 to 18 months," continued Diaz. The affirmation of Prospect Medical's B1 Corporate Family Rating reflects Moody's expectation that the company will benefit from additional scale and diversification provided by the addition of seven facilities and two states. Moody's also believes that the company will refrain from any additional large, transformational acquisitions until recently acquired facilities are fully integrated and leverage is reduced. The negative rating outlook reflects Moody's consideration of the risks associated with these transformational acquisitions. Risks include the challenges the company may have trying to scale existing infrastructure in the integration process, the need to improve operating results at the acquired facilities, and the establishment of operations and physician relationships in new markets. Further, the high leverage resulting from the financing of the transactions decreases the company's ability to absorb setbacks or disruptions in operating results at the current rating level. Ratings assigned: Senior secured term loan B due 2022 at Ba3 (LGD 3) Ratings affirmed: Corporate Family Rating at B1 Probability of Default Rating at B1-PD Senior secured notes due 2019, at B1 (LGD 3) (rating to be withdrawn upon the planned redemption of the notes) The rating outlook was revised to negative from stable. RATINGS RATIONALE Prospect Medical's B1 Corporate Family Rating reflects the company's moderate, though improving scale, its high financial leverage, high concentration of revenue and EBITDA in only a few markets, and significant reliance on California and Texas Medicaid programs. Moody's anticipates that Prospect Medical will remain acquisitive in order to continue to gain scale and improve geographic diversification. However, Moody's expects that earnings and cash flow growth from both existing and recently acquired hospitals will allow the company to reduce leverage over the next 12 to 18 months. The ratings could be downgraded if operational or integration challenges cause a significant deterioration in financial metrics or the company undertakes a material debt funded acquisition or shareholder distribution. More specifically, ratings could be downgraded if Moody's expects debt to EBITDA to be sustained above 4.5 times or if liquidity weakens. Prospect Medical's ratings could be upgraded if the company can successfully integrate its planned acquisitions and improve operations at newly acquired facilities without disruption. Moody's would also have to see the company increase scale and enhance revenue and earnings diversification while reducing financial leverage. More specifically, the ratings could be upgraded if Prospect Medical reduces and maintains debt to EBITDA at around 3.5 times. Headquartered in Los Angeles, California, Prospect Medical Holdings, Inc. provides health care services through a network of acute care and behavioral hospitals. Through its Medical Group business unit, the company provides administrative management of health care services to independent physician organizations that cover members through a network of primary care doctors and specialists. Prospect Medical recognized revenues of approximately $1.4 billion in the twelve months ended March 31, 2016. The company is owned by certain funds of private equity firm Leonard Green & Partners L.P. and members of the company's management team. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. QUANTUM FUEL: Court Approves $9-Mil. DIP Loan Increase ------------------------------------------------------ Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, authorizes Quantum Fuel Systems Technologies Worldwide, Inc., to enter into the Third Amendment with Douglas Acquisitions LLC, as DIP Lender, amending the DIP Credit Agreement. The Final Order was amended to authorize the Debtor to borrow from the DIP Lender, on the terms and subject to the conditions and limitations in availability set forth in the DIP Credit Documents and this Order, loans in an original principal amount not to exceed $9,000,000.00 outstanding at any time, and to incur all Obligations (as defined in the DIP Credit Agreement) without further order of the Court. The Debtor is authorized to enter into one or more amendments to the DIP Credit Agreement and the DIP Credit Documents with the DIP Lender reflecting increases in the Obligations up to $9,000,000. The Debtor, the Official Committee of Unsecured Creditors, the U.S. Trustee, the DIP Lender, and Western Alliance Bank, successor to Bridge Bank, National Association to the Court submitted to the Court a Stipulation which provides that "the Final DIP Order authorized the Debtor to borrow up to $6 million...the Debtor requires additional funds to continue its operations and complete the proposed sale of its assets...the DIP Lender has agreed to increase the amount it is willing to lend the Debtor to $7,636,000.00 in principal amount at any one time outstanding, subject to entry of an order...amending the Final DIP Order and subject to the Debtor's execution of a Third Amendment to the DIP Credit Agreement." Attorneys for Quantum Fuel Systems Technologies Worldwide, Inc. dba Quantum Technologies: John A. Simon, Esq. FOLEY & LARDNER, LLP One Detroit Center 500 Woodward Avenue, Suite 2700 Detroit, MI 48226-3489 Telephone: (313) 234-7117 Facsimile: (313) 234-2800 Email: jsimon@foley.com -- and -- Victor A. Vilaplana, Esq. Marshall J. Hogan, Esq. FOLEY & LARDNER, LLP 3579 Valley Centre Drive, Suite 300 San Diego, CA 92130 Telephone: (858) 847-6759 Facsimile: (858) 792-6773 Email: vavilaplana@foley.com mhogan@foley.com Attorneys for Douglas Acquisitions LLC: Ragan Powers, Esq. DAVIS WRIGHT TREMAINE LLP 1201 Third Avenue, Suite 2200 Seattle, WA 98101 Telephone: (206) 757-8123 Facsimile: (206)757-7123 Email: raganpowers@dwt.com Attorneys for Official Committee of Unsecured Creditors: Alexandra S. Kelly, Esq. LINER, LLP 1100 Glendon Avenue, 14th FloQ/, Los Angeles, CA 90024 Telephone: (310) 500-3500 Facsimile: (310) 500-3501 Email: akelly@linerlaw.com Attorneys for Western Alliance Bank: Jeffrey D. Cawdrey, Esq. GORDON & REES LLP 101 W. Broadway, Suite 2000 San Diego, CA 92101 Telephone: (619) 696-6700 Facsimile: (619) 696-7124 Email: jcawdrey@gordonrees.com About Quantum Fuel Lake Forest, California-based Quantum Fuel Systems Technologies Worldwide, Inc., is an innovator, developer and producer of compressed natural gas (CNG) fuel storage tanks and packaged fuel storage systems for heavy-, medium-, and light-duty trucks and passenger vehicles. The Company also produces integrated vehicle system technologies, including engine and vehicle control systems and 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. R&G PROPERTIES: Trustee Awarded $516K Against Republic Bank ----------------------------------------------------------- In the case captioned Republic Bank of Chicago, Plaintiff, v. Michael Desmond, as Trustee, et al., Defendant, Case No. 13 C 6835 (N.D. Ill.), Judge John Robert Blakey of the United States District Court for the Northern District of Illinois, Eastern Division, found in favor of the Trustee and against Republic Bank on the Trustee's breach of contract claim (Count I) and holdover claim (Count III), and awards judgment in favor of the Trustee and against Republic Bank as follows: on Count I, in the amount of $370,375.02; and on Count III, in the amount of $146,000, for a total award of $516,375.02. Republic Bank of Chicago filed an adversary complaint in the Bankruptcy Court seeking to determine its rights with respect to certain commercial property previously held by the Debtor, R&G Properties. The Trustee administering the bankruptcy estate of R&G Properties, Michael K. Desmond, moved to have the reference withdrawn and, when that motion was granted, he filed a three-count counterclaim in this Court. After summary judgment proceedings resolved several issues, the Court conducted a bench trial to address the remaining issues. In accordance with Federal Rule of Civil Procedure 52(a), this Memorandum Opinion and Order reflects the Court's Findings of Fact and Conclusions of Law on the relevant issues of the case. A full-text copy of the Memorandum Opinion and Order dated May 31, 2016 is available at https://is.gd/QmeoDp from Leagle.com. Republic Bank of Chicago, Plaintiff, is represented by Edward P. Freud, Ruff, Weidenaar & Reidy, Ltd., Phillip Shawn Wood, Seyfarth Shaw LLP, James B. Sowka, Seyfarth Shaw LLP, Michael Benjamin Bregman, Ruff, Freud, Breems & Nelson Ltd. & Michael Ryan Pinkston, Seyfarth Shaw LLP. DELTA TRADING COMPANY, INC., Defendant, is represented by Richard H. Fimoff, Esq. -- Robbins, Salomon & Patt, Ltd., Richard Lee Stavins, Esq. -- Robbins, Salomon & Patt, Ltd. & Robert J. Trizna, Esq. -- Robbins, Salomon & Patt, Ltd.. Michael K Desmond, Counter Claimant, is represented by James R. Figliulo, Esq.-- jfigliulo@fslegal.com -- Figliulo & Silverman, Marc S. Porter, Esq. -- mporter@fslegal.com -- Figliulo & Silverman, Michael K. Desmond, Esq. -- mdesmond@fslegal.com -- Figliulo & Silverman & William G Cross, Esq. -- wcross@fslegal.com -- Figliulo & Silverman, P.C.. Republic Bank of Chicago, Counter Defendant, is represented by Edward P. Freud, Esq. -- epfreud@rfbnlaw.com -- Ruff, Weidenaar & Reidy, Ltd., Phillip Shawn Wood, Esq. -- swood@seyfarth.com -- Seyfarth Shaw LLP & Michael Benjamin Bregman, Esq. -- mbregman@rfbnlaw.com -- Ruff, Freud, Breems & Nelson Ltd.. Michael K Desmond, Defendant, is represented by James R. Figliulo, Figliulo & Silverman. Michael K Desmond, Defendant, is represented by Marc S. Porter, Figliulo & Silverman. Michael K Desmond, Defendant, is represented by Michael K. Desmond, Figliulo & Silverman. Michael K Desmond, Defendant, is represented by William G Cross, Figliulo & Silverman, P.C.. REDPRAIRIE CORP: Bank Debt Trades at 5% Off ------------------------------------------- Participations in a syndicated loan under which RedPrairie Corp is a borrower traded in the secondary market at 95.20 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.65 percentage points from the previous week. RedPrairie Corp pays 500 basis points above LIBOR to borrow under the $1.44 billion facility. The bank loan matures Dec. 21, 2018 and carries Moody's B3 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. RESPONSE BIOMEDICAL: Files 2015 Conflict Minerals Report -------------------------------------------------------- Response Biomedical Corp. is engaged in the research, development, commercialization and distribution of diagnostic technologies for the medical central-lab testing, point of care (POC) testing and on-site environmental testing markets. POC, on-site diagnostic tests (or assays) are simple, non-laboratory based tests performed using portable hand-held devices, compact desktop analyzers, single-use test cartridges and/or dipsticks. RAMP represents a paradigm in diagnostics that provides sensitive and reliable information in minutes. Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires Response Biomedical to perform certain procedures and disclose information about the use and origin of "conflict minerals" if these minerals are deemed to be necessary to the functionality or production of a product manufactured or contracted to be manufactured by Response Biomedical. The minerals covered by these rules include tin, tantalum, tungsten and gold. Conflict minerals are necessary to the functionality or production of certain of Response Biomedical's products. The RAMP Reader and RAMP 200 Readers are made in part using conflict minerals that are sourced from a global supply base that includes distributors, value-added resellers, original equipment manufacturers, original design manufacturers and contract manufacturers. In accordance with the Act, Response Biomedical has performed a "reasonable country of origin inquiry" on minerals that were in Response Biomedical's supply chain after Jan. 1, 2015, to determine whether these minerals were sourced from the Democratic Republic of Congo or adjoining countries or come from recycled or scrap sources. Response Biomedical has concluded in, good faith, that during 2015: a) it has manufactured and contracted to manufacture products to which conflict minerals are necessary to the functionality or production of such products; and b) based on a "reasonable country of origin inquiry," Response Biomedical was not able to conclude whether or not its products qualify as DRC conflict free (as defined in Form SD). Response Biomedical performed its due diligence procedures from January 1, 2015 through December 31, 2015 to determine the origin of conflict minerals used in the production of its product offerings across all product lines. Response Biomedical's due diligence procedures included building conflict minerals awareness across the company's supply base and by surveying all direct material suppliers that were known to or may have provided products to Response Biomedical containing metal and/or conflict minerals. Based on the incomplete representations made by its suppliers, Response Biomedical is unable to conclude whether or not the origin of the conflict minerals used in its products during calendar year 2015 were from the Covered Countries. Response Biomedical has filed with the SEC a Form SD and the associated Conflict Minerals Report, a copy of which is available for free at https://is.gd/gR1SbF About Response Biomedical Based in Vancouver, Canada, Response Biomedical Corporation develops, manufactures and sells diagnostic tests for use with its proprietary RAMP(R) System, a portable fluorescence immunoassay- based diagnostic testing platform. The RAMP(R) technology utilizes a unique method to account for sources of error inherent in conventional lateral flow immunoassay technologies, thereby providing the ability to quickly and accurately detect and quantify an analyte present in a liquid sample. Consequently, an end-user on-site or in a point-of-care setting can rapidly obtain important diagnostic information. Response Biomedical currently has thirteen tests available for clinical and environmental testing applications and the Company has plans to commercialize additional tests. Response Biomedical reported a net loss of C$150,000 on C$15.41 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss of C$2.09 million on C$11.01 million of total revenue for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Response had C$11.80 million in total assets, C$12.51 million in total liabilities and a total shareholders' deficit of C$711,000. PricewaterhouseCoopers LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the company has incurred recurring losses from operations and has an accumulated deficit at Dec. 31, 2015, that raises substantial doubt about its ability to continue as a going concern. RICEBRAN TECHNOLOGIES: Presented at See Thru Investor Conference ---------------------------------------------------------------- Ricebran Technologies furnished a current report on Form 8-K with the Securities and Exchange Commission in connection with the disclosure of information, in the form of the textual information from a Powerpoint presentation used by the Company at the See Thru Equity Investor Conference. A copy of the Presentation is available for free at https://is.gd/GPKu6a About RiceBran Scottsdale, Ariz.-based RiceBran Technologies, a California corporation, is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran reported a net loss of $10.6 million on $39.9 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $26.6 million on $40.10 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, RiceBran had $34.9 million in total assets, $26.9 million in total liabilities and $7.66 million in total equity attributable to the Company's shareholders. The Company's auditors Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses from operations resulting in an accumulated deficit of $251 million at December 31, 2015. This factor among other things, raises substantial doubt about its ability to continue as a going concern. RIVERSIDE PLAZA: UCF 1 Trust 1 Consents to Cash Collateral Use -------------------------------------------------------------- THe Honorable Jack B. Schmetterer placed his stamp of approval on an agreed interim order granting Riverside Plaza Developers LLC access to cash collateral pledged to secure repayment of obligations to UCF I Trust 1 through July 1, 2015. As previously reported, UCF balked at the Debtor using cash collateral to pay a management fee to John Breugelmans. Judge Schmetterer approved the Debtor's payment of the management fee last month. The Debtor projects its business will continue to generate positive cash flows. UCF has complained that the Debtor has continually been advancing Breugelmans' interest to the detriment of the Debtor's creditors and interest holders when supposedly, this bankruptcy case is all about the Debtor, and it is incumbent upon the Debtor to ensure that UCF's collateral is adequately protected. Since the Debtor has not and cannot offer any protection to UCF, the Debtor can use cash collateral only with UCF's consent, and as explained in UCF's earlier briefs, its cash collateral cannot be used to pay estate professionals, more so to Breugelmans, particularly because the Debtor has not filed an application to retain Breugelmans, has not made the necessary disclosures, and has not explained how Breugelmans is disinterested, and without an order approving his employment, Breugelmans cannot simply be paid: he will need to file fee applications like any other professional. In an effort to reach an amicable resolution of this dispute, the Debtor will agree to a brief continuance of the evidentiary hearing so UCF can conduct as much discovery as its desires, provided, however, that UCF immediately authorizes the use of cash collateral to pay Breugelmans for the services that he has provided to the Debtor since the Petition Date. Consequently, the Parties have reached an interim agreement as to the Disputed Issue, such that the Bankruptcy Court for the Northern District of Illinois, Eastern Division grants the Debtor authority to use the Cash collateral to pay Breugelmans management fee equal to 4% of gross rents actually collected in March, April and May 2016, as reasonably confirmed to UCF prior to any payment with reasonable documentation such as rent rolls and bank statements. The hearing on the Cash Collateral Motion is continued to May 12, 2016, while the Disputed Issue has been scheduled to be heard on June 2, 2016, the pre-trial status hearing on the Disputed Issue will be at 11:00 a.m., followed by an evidentiary hearing on the Disputed Issue at 2:00 p.m., along with the hearing on UCF's motion for relief from the automatic stay. A full-text copy of the Agreed Interim Cash Collateral Order dated May 6, 2016 is available at http://bankrupt.com/misc/RIVERSIDEPLAZA0506InterimCashCollOrder.pdf Riverside Plaza Developers LLC is represented by: Neal L. Wolf, Esq. John A. Benson, Jr., Esq. TETZLAFF LAW OFFICES, LLC 227 W. Monroe Street, Suite 3650 Chicago, IL 60606 Telephone: (312)574-1000 Facsimile: (312)574-1001 E-mail: nwolf@tetzlafflegal.com jbenson@tetzlafflegal.com UCF I Trust 1 is represented by: William J. Factor, Esq. Sara E. Lorber, Esq. Jeffrey K. Paulsen, Esq. FACTORLAW 105 W. Madison Street, Suite 1500 Chicago, IL 60602 Telephone: (847) 239-7248 Facsimile: (847) 574-8233 E-mail: wfactor@wfactorlaw.com slorber@wfactorlaw.com jpaulsen@wfactorlaw.com About Riverside Plaza Riverside Plaza Developers, LLC, based in North Barrington, Illinois, filed for Chapter 11 bankruptcy (Bankr. N.D. Ill. Case No. 16-08747) on March 14, 2016. Riverside Plaza Developers indicated in its petition that it is a Single Asset Real Estate debtor. Judge Jack B. Schmetterer presides over the case. The Debtor is represented by Neal L Wolf, Esq., at TETZLAFF LAW OFFICES, LLC. The petition was signed by Mary Christine Misik, manager. ROYAL CAR WASH: July 13 Confirmation Hearing -------------------------------------------- Judge Jeff Bohm of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, conditionally approved the disclosure statement explaining Royal Car Wash, Inc., and Edmundo Tijerina's plan. July 6 is fixed as the last day for filing written acceptances or rejections of the Debtors' Original Plans and the last day for filing obbjections to confirmation of the Plan or the final approval of the Disclosure Statement. July 13 is fixed for the hearing on confirmation of the Plans. The hearing on cofirmation of the First Amended Plan filed by Royal Car Wash and the First Amended Plan filed by Ed Tijerina will be heard together. Royal Car Wash, Inc. (Bankr. S.D. Tex., Case No.: 15-34454) filed a Chapter 11 Petition on August 25, 2015. The case is assigned to Judge Jeff Bohm. The Debtor's counsel is Peter Johnson, Esq., at Law Offices of Peter Johnson, in Houston, Texas. The Debor had estimated assets ranging from $1 million to $10 million and estimated liabilities ranging $1 million to $10 million. The petition was signed by Edmundo Tijerina, Jr., president. SASSYFRAS INVESTMENTS: July 27 Hearing on Disclosures, Plan ----------------------------------------------------------- Judge Paul Sala of the U.S. Bankruptcy Court for the District of Arizona conditionally approved the disclosure statement explaining Sassyfras Investments, LLC's plan of reorganization and fixed July 27, 2016, at 10:00 a.m., as the hearing with respect to both the Disclosure Statement as well as confirmation of the Plan. This hearing is not scheduled as an evidentiary hearing. Sassyfras Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-01178) on February 10, 2016. The Debtor is represented by William R. Richardson, Esq., at Richardson & Richardson PC. The Troubled Company Reporter, on March 31, 2016, reported that the Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Sassyfras Investments, LLC. SEQUOIA VOTING: Taps Dan Brennan as Valuation Expert ---------------------------------------------------- Sequoia Voting Systems, Inc., and Tom H. Connolly, the Chapter 7 trustee of SVS Holdings, Inc., ask for permission from the U.S. Bankruptcy Court for the District of Colorado to employ Dan Brennan as valuation expert for the Debtor and for the Trustee, nunc pro tunc to May 1, 2016. Mr. Brennan will: (a) perform valuation analysis; (b) conduct other analyses as might be requested in connection with the work; and (c) potentially act as an expert witness in litigation. Mr. Brennan's current established hourly rate is $300. Mr. Brennan will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Brennan 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. Mr. Brennan can be reached at: Dan Brennan BRENNAN CONSULTING 110 Bank St. Southeast, Ste. 203 Minneapolis, MN 55414 SVS Holdings, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 10-24238) on June 8, 2010. On October 16, 2012, the Court entered its Order converting the case to a Chapter 7 proceeding and appointed Tom H. Connolly as Chapter 7 Trustee. With the approval of the Bankruptcy Court on February 11, 2014, the Trustee caused Sequoia Voting Systems, Inc., based in Louisville, Colorado, to file its voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 14-11360) on Feb. 11, 2014. It listed total assets of $547,583 and total liabilities of $3.38 million. The petition was signed by Tom H. Connolly, president. Attorneys for Chapter 7 Trustee Tom H. Connolly and for Sequoia Voting Systems, Inc.: Daniel J. Garfield, Esq. MCALLISTER LAW OFFICE, P.C. 36 Steele St., Suite 200 Denver, CO 80206 Tel: 720-722-0048 Fax: 720-542-8391 E-mail: dgarfield@mcallisterlawoffice.com SFX ENTERTAINMENT: Vivendi Unit Wins Auction for Ticketing Business ------------------------------------------------------------------- Stephanie Gleason, writing for Daily Bankruptcy Review, reported that bankrupt electronic music festival company SFX Entertainment Inc. has named a $4 million offer the highest and best bid for its event-ticketing business called Flavorus. According to the report, citing court documents, Vivendi Ticketing U.S. LLC, a U.S. unit of the British ticketing company Vivendi S.A., was named the successful bidder following an auction June 2 and June 3. Vivendi sells tickets as See Group and Digitick to performing-arts shows, music festivals, sports events and theme parks, the report related. Among the more notable of its ticket sales is for the Ryder Cup, a golf tournament, the report further related. Flavorus, as operated by SFX, sold tickets to SFX events, including Electric Zoo, but also to a range of nightclubs, gay pride festivals and food events, the report added. SFX acquired Flavorus in 2014 for $17.1 million but said in court documents that it doesn’t want to hold on to the business after it restructures, the report said. The company had planned to auction Flavorus on May 2 but delayed the sale, the report noted. About SFX Entertainment SFX Entertainment, Inc., and 43 of its affiliates, a global producer of live events and digital entertainment content focused exclusively on the electronic music culture and other world-class festivals, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10238 to 16-10281) on Feb. 1, 2016. The petitions were signed by Michael Katzenstein as chief restructuring officer. The Debtors disclosed total assets of $662 million and total debt of $490 million. Judge Mary F. Walrath is assigned to the case. Greenberg Traurig, LLP serves as the Debtors' counsel. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors retained Pachulski Stang Ziehl & Jones LLP as counsel; and Conway Mackenzie, Inc., as financial advisor. SHOOT THE MOON: Wants Exclusivity Period Extended to July 31 ------------------------------------------------------------ Jeremiah Foster, the Chapter 11 Trustee in the bankruptcy case of Shoot The Moon, LLC, asks the U.S. Bankruptcy Court for the District of Montana to extend exclusivity period by an additional 40 days, up to and including July 31, 2016. The Chapter 11 Trustee continues to work diligently on a proposed sale of property of the estate which will be presented to the Court in conjunction with a plan. However, additional time is needed in order for Chapter 11 Trustee to work with the parties in interest to build support for a plan and to work on the proposed sale. In this case, the Debtor operated approximately 11 Chili's restaurants, 3 On the Border restaurants, and 2 Moonshine Grill restaurants in the states of Idaho, Montana, and Washington. These restaurant operations were conducted through approximately 19 different entities, which were all merged into the Debtor on the eve of bankruptcy. The books, tax and accounting issues of the Debtor and the merged entities were in complete disarray when Trustee was appointed. The Chapter 11 Trustee is represented by: David B. Cotner, Esq. Trent N. Baker, Esq. Del M. Post, Esq. DATSOPOULOS, MacDONALD & LIND, P.C. 201 W. Main Street Suite 201 Missoula, Montana 59802 Tel: (406) 728-0810 Fax: (406) 543-0134 E-mail: dcotner@dmllaw.com tbaker@dmllaw.com dpost@dmllaw.com Shoot The Moon, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Mont. Case No. 15-60979) on Oct. 21, 2015. Gary S. Deschenes, Esq., at Deschenes & Associates serve as the Debtor's bankruptcy counsel. SIMPLY GOURMET: Amends Application to Hire LeClairRyan as Counsel ----------------------------------------------------------------- Simply Gourmet, Inc., filed with the U.S. Bankruptcy Court for the Western District of New York an amended application for entry of an order authorizing the employment of LeClairRyan, A Professional Corporation, as counsel to the Debtor, effective nunc pro tunc to the Petition Date. The Firm will provide these services: (a) advising the Debtor regarding its rights, powers, and duties as debtor and debtor-in-possession in the continued operation of its business and property; (b) attending meetings and negotiating with representatives of creditors and other parties in interest and advising and consulting on the conduct of this Chapter 11 case, including all of the legal and administrative requirements of operating in Chapter 11; (c) taking all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor's estate, negotiations concerning all litigation in which Debtor may be involved, and objections to claims filed against the Debtor's estate; (d) preparing and filing on behalf of Debtor all motions, applications, complaints, answers, orders, reports, or other papers necessary or otherwise beneficial to the administration of the Debtor's estate; (e) advising Debtor concerning, and assisting in the negotiation and documentation of, cash collateral orders and related transactions; (f) negotiating and preparing on the Debtor's behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and documents and taking any necessary actions on behalf of Debtor to obtain confirmation of the plan(s); (g) providing assistance, advice, and representation concerning any potential sale of Debtor as a going concern or the sale of a significant portion of the Debtor's assets; (h) providing assistance, advice, and representation concerning any investigation of the assets, liabilities and financial condition of Debtor that may be required under local, state, or federal law; (i) appearing before the Court, any appellate courts, and the U.S. Trustee, and protecting the interests of the Debtor's estate before such courts and the U.S. Trustee; (j) providing counsel and representation with respect to assumption or rejection of executory contracts and leases and other bankruptcy-related matters arising in the Chapter 11 case; (k) advising the Debtor regarding all legal matters arising during the Chapter 11 case, including, but not limited to, securities, corporate, finance, labor, intellectual property, tax, and commercial matters; (l) analyzing the validity of liens against Debtor; and (m) performing all other necessary legals services and providing all other necessary legal advice to Debtor in connection with this Chapter 11 case. The Firm will be paid at these hourly rates: Maureen T. Bass, Esq., Shareholder $340 Michael J. Crosnicker, Esq., Associate $250 Jill Harris, Paralegal $140 Other attorneys and paralegals will, from time to time, assist in the representation of Debtor in connection with the Chapter 11 case at the Firm's standard hourly rates in effect for the personnel. Presently, the hourly rates which the Firm charges are within these ranges: Shareholders & Officers $365-$695 Associates $195-$365 Paraprofessionals $95-$195 Maureen T. Bass, Esq., shareholder with the Firm, assures the Court that the Firm does not represent any interest adverse to Debtor and is a disinterested person as that term is defined in Section 101(14) of the Bankruptcy Code. Simply Gourmet, Inc., filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 16-10798) on April 20, 2016. SKAGIT GARDENS: Lines Up Buyer After Owner Charged with Fraud ------------------------------------------------------------- Katy Stech, writing for Daily Bankruptcy Review, reported that Skagit Gardens Inc., a bankrupt Washington state nursery, has found a potential buyer three months after federal securities regulators accused the company’s owner of fraud. According to the report, citing court papers, Skagit Gardens' lawyers identified a buyer affiliated with an Ohio gardening company as the first bidder to step forward, with an offer of roughly $6.2 million. They told a bankruptcy judge that they’ll continue to look for buyers with better offers, the report related. Skagit Gardens officials intensified their search for a buyer in March after the U.S. Securities and Exchange Commission sued the nursery's owner, Aequitas Management LLC, the report further related. The lawsuit accused the Lake Oswego, Ore., investment firm of hiding its rapidly deteriorating financial condition from more than 1,500 investors who committed more than $350 million to the venture, the report said. The SEC lawsuit, filed in U.S. District Court in Portland, Ore., said Aequitas Management Chief Executive Robert Jesenik covered a cash shortfall at the investment firm by raising money from new investors and convincing prior investors to reinvest, the report added. Skagit Gardens Inc. (Bankr. W.D. Wash., Case No. 16-12879) and three affiliates filed Chapter 11 petitions on May 27, 2016. The company is a wholesale nursery that grows two categories of plants, finished plants and plugs/liners, each grown for different types of customers. The case is assigned to Judge Christopher M. Alston. The Debtors' Counsel is Armand J Kornfeld, Esq., Christine M Tobin-Presser, Esq., and Aimee S Willig, Esq., at Bush Kornfeld LLP, in Seattle, Washington. The Debtor had $12.5 million in total assets and $19.3 million in total liabilities. The petitions were signed by Mark Buchholz, president. SKII LLC: Wants Exclusive Plan Filing Deadline Moved to Sept. 26 ---------------------------------------------------------------- Skii, LLC, and Swisher Courts LLC ask the U.S. Bankruptcy Court for the Eastern District of Texas to extend the Debtors' exclusive periods to file a Chapter 11 plan or plans and to solicit acceptances of the plan(s) for 90 days through and including Sept. 26, 2016, and Nov. 25, 2016, respectively. At this time, the Debtors are in the middle of trying to resolve its issues with a secured creditor. The parties are working to schedule a mediation, which, if successful, will resolve the issues with the secured creditor. If exclusivity terminates and competing Chapter 11 plans are filed, resources and energy will necessarily be diverted from negotiating a consensual Chapter 11 plan to prosecuting and defending competing Chapter 11 plans. This is the Debtors' first request for extension of the Exclusive Periods. The Debtors have made significant progress in the Chapter 11 cases. The Debtors have been in active negotiations with their secured creditor and are working toward scheduling a mediation. The Debtors have met postpetition obligations as they come due. The Debtors are represented by: SINGER & LEVICK, P.C. Larry A. Levick, Esq. Michelle E. Shriro, Esq. 16200 Addison Road, Suite 140 Addison, Texas 75001 Tel. (972) 380-55533 Fax (972) 380-5748 E-mail: mshriro@singerlevick.com levick@singerlevick.com Headquartered in Lake Dallas, Texas, Skii, LLC, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Texas Case No. 16-40359) on Feb. 29, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Jodi Bieke, managing member. Larry A. Levick, Esq., at Singer & Levick, P.C., serves as the Debtor's bankruptcy counsel. SMITH HEALTH CARE: Plan Proposes 100% Recovery to Unsecureds ------------------------------------------------------------ Smith Health Care, Ltd., aka Smith Nursing Home; fdba Smith Nursing & Convalescent Home of Mountain Top, Inc., filed with the U.S. District Court for the Middle District of Pennsylvania a disclosure statement and plan of reorganization, which propose to pay general unsecured creditors the sum of $25,000 per quarter, pro-rata until 100% of their claims are paid in full. General unsecured creditors will be paid beginning after priority tax claims are paid in full. Unsecured creditors with allowed claims of less than $15,000 can opt to be classified as Convenience Claims, a class separate from General Unsecured Creditors. Allowed claims in the Convenience Class will be paid 75% of their allowed claims in full settlement within 30 days after the effective date. A full-text copy of the Disclosure Statement dated May 31, 2016, is available at http://bankrupt.com/misc/SHCds0531.pdf Smith Health Care, Ltd, aka Smith Nursing Home, fdba Smith Nursing & Convalescent Home of Mountain Top, Inc. (Bankr. M.D. Pa., Case No. 14-05092) filed a Chapter 11 Petition on October 31, 2014. The case is assigned to Judge Robert N Opel II. The Debtor's counsel is John H. Doran, Esq., and Lisa M. Doran, Esq., at Doran & Doran, P.C., in Wilkes-Barre, Pennsylvania. The Debtor has estimated assets ranging from $1 million to $10 million and estimated liabilities ranging from $1 million to $10 million. The petition was signed by Donna L. Strittmatter, president. SNUG HARBOR: Hires Stauffer Edwards as Accountant ------------------------------------------------- Snug Harbor Marina, LLC, asks for authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ George A. Stauffer, Jr., of Stauffer Edwards & Co. as accountant. Stauffer Edwards will provide these services: a. investigation of financial affairs of the Debtor and related parties; b. preparation of all necessary State and Federal tax and information returns; and c. performance of other customary services for the proper administration of this case. Stauffer Edwards will be paid these hourly rates: Partner $200 Senior Associate $150 Junior Associate $75 Mr. Stauffer assures the Court that Stauffer Edwards doesn't hold an adverse interest to the estate, doesn't represent an adverse interest to the estate and to the Debtor with respect to the matter for which the Firm will be retained under 11 U.S.C. Section 327(e), and that the Firm is disinterested under 11 U.S.C. Section 101(14). Stauffer Edwards can be reached at: George A. Stauffer, Jr. Stauffer Edwards & Co., P.A. 3201 Pacific Avenue, Suite 2 Wildwood, NJ 08260 Tel: (609) 522-0246 E-mail: gas@staufferedwards.com Headquartered in Cape May, New Jersey, Snug Harbor Marina, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 16-16895) on April 11, 2016, listing $6.46 million in total assets and $3.78 million in total liabilities. The petition was signed by Ralph P. Farrell, member. Judge Andrew B. Altenburg Jr. presides over the case. Scott M. Zauber, Esq., at Subranni Zauber LLC serves as the Debtor's bankruptcy counsel. SOUTH BUFFALO: Seeks Permission to Finance $138K Insurance Premium ------------------------------------------------------------------ South Buffalo Electric, Inc. ask the U.S. Bankruptcy Court, pursuant to 11 U.S.C. Sec. 364(c) and Fed.R. Bankr. P. 4001(c), for authority (a) to enter into a Premium Finance Agreement with IPFS Corporation, and (b) to grant IPFS a first priority lien and security interest in all unearned or return premiums and dividends which may become payable under the policies, and a lien and security interest in loss payments which reduce the unearned premiums subject only to any mortgagee or loss payee interests, and further requests that any deficiency claim of IPFS remaining in the event that IPFS must proceed against its collateral be afforded administrative expense priority under 11 U.S.C. Sec. 364(c)(1). The Debtor says the insurance policies are crucial to the operation of its business. The Agreement will require the Debtor to make a down payment to IPFS in the amount of $47,779.60, and to make monthly payments in the amount of $12,965.60 each over a term of 7 months. The annual percentage rate is 6.81% and the total amount financed under the Agreement is $138,538.80. Additional premiums due, but billed direct by the insurance provider(s), including property insurance and Workers' Compensation, require a down payment in the amount of $24,320, and to make monthly payments in the amount of $10,011 each over a term of 9 months. South Buffalo Electric, Inc., sought chapter 11 protection (Bankr. W.D.N.Y. Case No. 16-10838) on Apr. 27, 2016, and is represented by Robert B. Gleichenhaus, Esq., and Michael A. Weishaar, Esq., at GLEICHENHAUS, MARCHESE & WEISHAAR, P.C., in Buffalo, N.Y. The Debtor estimated its assets at less than $10 million at the time of the filing. SOUTHCROSS HOLDINGS: Moody's Assigns Caa2 CFR, Outlook Stable ------------------------------------------------------------- Moody's Investors Service assigned Southcross Holdings Borrower LP a Caa2 Corporate Family Rating, a Caa2-PD Probability of Default Rating and a Caa2 rating to its two tranches of senior secured term loans. The rating outlook is stable. These ratings were assigned following Holdings' emergence from bankruptcy on April 13, 2016. Concurrent with these actions, Moody's changed Southcross Energy Partners, LP's rating outlook to stable from negative. Southcross' Caa1 CFR, Caa1-PD PDR and Caa1 senior secured term loan rating were affirmed. Southcross' Speculative Grade Liquidity Rating was changed to SGL-3 from SGL-4. "Holdings has a more tenable capital structure following the extinguishment of roughly $700 million of debt and preferred equity through the bankruptcy process, said Sajjad Alam, Moody's AVP-Analyst. "Although cash flow generation will remain weak in 2016, Holdings does have a significant cash balance that could be used to manage capital expenditures, interest payments and likely equity cure payments to Southcross through 2017. Southcross' stable rating outlook reflects the improved financial health of its general partner (GP), and the enhanced liquidity afforded by the suspension of cash distributions." Ratings Assigned: Southcross Holdings Borrower LP Corporate Family Rating, Assigned Caa2 Probability of Default Rating, Assigned Caa2-PD Senior Secured Term Loan Facilities, Assigned Caa2 (LGD-3) Ratings Affirmed: Southcross Energy Partners, LP Corporate Family Rating, Affirmed Caa1 Probability of Default Rating, Affirmed Caa1-PD Senior Secured Bank Credit Facility, Affirmed Caa1 (LGD-3) Ratings Changed: Southcross Energy Partners, LP Speculative Grade Liquidity Rating, Changed to SGL-3 from SGL-4 Outlook Actions: Southcross Energy Partners, LP Change to Stable from Negative Southcross Holdings Borrower LP Assign Stable Outlook RATINGS RATIONALE Southcross' Caa1 CFR reflects its very high financial leverage, elevated covenant violation risks through mid-2017 that will necessitate ongoing equity cures from its general partner, concentrated and limited scale operations in the Eagle Ford Shale and our expectation of continued price and volume challenges through 2017. Drilling activities have slowed sharply in the Eagle Ford driven by weak commodity prices, and as a result, the partnership will struggle to grow its planned throughput volumes and cash flows. As a MLP, the partnership may also experience difficulties in accessing equity capital markets given its recent decision to suspend distributions. Southcross' ratings are supported by its meaningful minimum volume commitment contracts, fixed-fee and fixed-spread contractual arrangements that mitigate commodity price risk, and integrated midstream business model that helps earn fees multiple times as it moves natural gas and NGLs from the wellhead to end user markets. Holdings' Caa2 CFR reflects its high financial leverage through 2016 despite the recent debt restructuring, structurally subordinated position to Southcross, in which Holdings owns a 67% limited partnership (LP) stake as well as the 2% GP interest, and no anticipated cash flow from Southcross in the form of distribution payments through 2017. The Caa2 rating also recognizes the execution risk associated with Holdings' growth plans for its wholly-owned assets and the slow projected ramp up in earnings through 2017. Holdings is rated one notch beneath Southcross because of owning a discrete set of assets that will generate almost all of Holdings' cash flows through 2017 and its substantial cash balance. However, if more asset dropdowns and equity contributions to Southcross materialize, Holdings will become increasingly reliant on the subordinated cash flow stream from Southcross that could create a two-notch rating separation between Holdings and Southcross. Southcross should have adequate liquidity through mid-2017 which is captured in the SGL-3 rating. Internally generated cash flows should be sufficient to cover interest, capex and working capital requirements following the suspension of distributions. Southcross will conserve roughly $45 million in unpaid cash distributions in 2016 that could be used to fund capex or repay debt. The partnership had $13 million of cash and no availability under its $200 million revolving credit facility as of March 31, 2016. Despite management's intent to reduce revolver debt, Southcross will likely be in violation of its total leverage covenant through mid-2017 if earnings do not increase from current levels. As a result, the partnership will need equity cures from its GP to remain in compliance with the financial covenant. Southcross has commitment from its GP to meet the necessary equity cures. The total leverage covenant requires debt/EBITDA to be at or below 5.5x at June 30, 2016, stepping down to 5.25x at September 30, 2016, and to 5x at Dec. 31, 2016. Alternate sources of liquidity for the partnership through potential asset sales are limited. Holdings should have adequate liquidity to cover its interest payments, scheduled term loan amortizations, capex and any potential equity cures for Southcross through 2017. At the end of April 2016, Holdings had over $100 million of available cash liquidity. Southcross' CFR could be downgraded if leverage does not decline below 7x by early 2017. If the partnership can eliminate its covenant violation risks and sustain leverage below 5x an upgrade could be considered. Holdings' stable outlook reflects its adequate liquidity and our expectation of improving cash flows. Holding's ratings could be downgraded if it depletes a significant portion of its liquidity prior to establishing a sustainable earnings platform. A downgrade could also stem from a downgrade to Southcross' ratings. In order for Holdings' ratings to be considered for an upgrade, Southcross' ratings would likely need to be upgraded above B3 and distributions would have to be initiated to provide additional cash flows to Holdings for its own debt service requirements. The Caa1 rating on Southcross' senior secured term loan facility reflects its first-lien interest in substantially all of the assets of Southcross. The $450 million term loan and the $200 million revolving credit facility at Southcross rank pari passu. Having a single class of debt in the capital structure results in the term loan being rated at the Caa1 CFR level under Moody's Loss Given Default Methodology. Similarly, Holdings' term loans are rated Caa2, the same level as Holdings' Caa2 CFR, because of the preponderance of a single class of debt in the capital structure. The principal methodology used in these ratings was Global Midstream Energy published in December 2010. Southcross Energy Partners, LP is a midstream MLP headquartered in Dallas, Texas. Southcross Holdings Borrower LP wholly owns the general partner of Southcross and is also headquartered in Dallas, Texas. SPORTS AUTHORITY: Court Denies ASICS' Bid for Stay Pending Appeal ----------------------------------------------------------------- Judge Sue L. Robinson of the United States District Court for the District of Delaware denied ASICS America Corporation's emergency motion for stay pending appeal of an order in the adversary case captioned ASICS AMERICA CORPORATION Appellant, v. SPORTS AUTHORITY HOLDINGS, INC., et al., Appellees, Civ. No. 16-386-SLR (Bankr. D. Del.). Judge Robinson ruled that the "harm to Sports Authority is irreparable. Memorial Day weekend is a major shopping holiday and a stay would be greatly disruptive to Sports Authority's operations at a critical time. Significantly, a stay would materially alter the agreement signed by the Liquidating Agent who anticipated ASICS-brand goods would be included as part of a Memorial Day sale. Creating such a drastic change at such a late time would create an unanticipated burden for Sports Authority employees and possibly affect the sale of other products. The balance of harms weighs in favor of Sports Authority. The public interest is largely neutral." A full-text copy of the Memorandum dated May 27, 2016 is available at https://is.gd/R6mlmO from Leagle.com. The bankruptcy case is IN RE SPORTS AUTHORITY HOLDINGS, INC, Bank. No. 12-13262 (BLS)(Bankr. D. Del.). ASICS America Corporation, Appellant, is represented by Christopher D. Loizides, Esq. -- loizides@loizides.com -- Loizides & Associates. Sports Authority Holdings, Inc. et al., Appellee, is represented by Kenneth John Enos, Esq. -- kenos@ycst.com -- Young, Conaway, Stargatt & Taylor LLP, Michael Sean Neiburg, Esq. -- mneiburg@ycst.com -- Young, Conaway, Stargatt & Taylor LLP & Michael R. Nestor, Esq. -- mnestor@ycst.com -- Young, Conaway, Stargatt & Taylor LLP. Wilmington Savings Fund Society, FSB, as Term Loan Agent, Appellee, is represented by Daniel Bryan Butz, Esq. -- dbutz@mnat.com -- Morris, Nichols, Arsht & Tunnell LLP. About Sports Authority 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. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. STARSHINE ACADEMY: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Starshine Academy. Starshine Academy, dba Starshine Academy Schools, filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 16-01803) on Feb. 26, 2016. Patricia A. McCarty, the president, signed the petition. The Debtor estimated both assets and liabilities in the range of $10 million to $50 million. Carmichael & Powell, P.C. represents the Debtor as counsel. Judge Scott H. Gan is assigned to the case. STEWART ENVIRONMENTAL: Wants Access to Cash Collateral ------------------------------------------------------ The Honorable Harlin DeWayne Hale entered a final order last week granting Stewart Environmental Air Systems, Inc.'s request for permission to use cash collateral pledged to repay amounts borrowed from First Bank through confirmation of a chapter 11 plan. According to the Debtor's accounts, the amount of prepetition accounts on the date of the bankruptcy filing was $476,662.84. As of the accounts aging of May 17, 2016, the total amount of accounts was $378,544.73. To adequately protect First Bank's security interest in accounts, First Bank is granted a security interest in all of Debtor's accounts, including post-petition accounts. Stewart Environmental Air Systems, Inc., based in Wichita Falls, Tex., sought chapter 11 protection (Bankr. N.D. Tex. Case No. 15-70391) on Dec. 2, 2015, and is represented by Joyce W. Lindauer, Esq., in Dallas. The Debtor estimated its assets at less than $50,000 and its debts at more than $1 million at the time of the filing. STONE ENERGY: To Effect a 1-for-10 Reverse Stock Split ------------------------------------------------------ Stone Energy Corporation announced that the Board of Directors of the Company has approved a 1-for-10 reverse split of its issued and outstanding shares of common stock. The 1-for-10 reverse stock split will be effective upon the filing and effectiveness of a certificate of amendment to Stone's certificate of incorporation after the market closes on June 10, 2016, and Stone's common stock will begin trading on a split-adjusted basis when the market opens on June 13, 2016. At Stone's 2016 Annual Meeting of Stockholders held on May 19, 2016, Stone's stockholders granted authority to the Board of Directors, in its discretion, to determine whether to proceed with the reverse stock split and, if the Board of Directors so determines, to select and file a certificate of amendment to Stone's certificate of incorporation to effect the reverse stock split at a ratio to be determined by the Board of Directors. When the reverse stock split becomes effective, every 10 shares of Stone's issued and outstanding common stock (and such shares held in treasury) will automatically be converted into one share of common stock. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would otherwise become entitled to a fractional share. Instead, each stockholder will be entitled to receive a cash payment equal to the fraction of which such holder would otherwise be entitled multiplied by the closing price per share on June 10, 2016. The reverse stock split will not impact any stockholder's percentage ownership of Stone or voting power, except for minimal effects resulting from the treatment of fractional shares. Following the reverse stock split, the number of outstanding shares of Stone's common stock will be reduced by a factor of ten. The certificate of amendment to Stone's certificate of incorporation in connection with the reverse stock split will also proportionately decrease the number of authorized shares of common stock. The overall and per person share limitations in the Company's 2009 Amended and Restated Stock Incentive Plan, as amended from time to time, and outstanding awards thereunder will also be proportionately adjusted to reflect the reverse stock split. Stone's shares of common stock will continue to trade on the New York Stock Exchange under the symbol "SGY" but will trade under a new CUSIP. The reverse stock split is intended to increase the market price per share of Stone's common stock in order to comply with the NYSE continued listing standards relating to minimum price per share. The reverse stock split will not cure Stone's non-compliance with the NYSE average global market capitalization. Computershare Trust Company, N.A., Stone's transfer agent, will act as the exchange agent for the reverse stock split. Please contact Computershare Trust Company, N.A. for further information at (800) 962-4284. About Stone Energy Stone Energy is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. The Company has been operating in the Gulf of Mexico Basin since its incorporation in 1993 and have established a technical and operational expertise in this area. The Company has leveraged its experience in the GOM conventional shelf and expanded its reserve base into the more prolific basins of the GOM deep water, Gulf Coast deep gas and the Marcellus and Utica shales in Appalachia. As of Dec. 31, 2015, the Company's estimated proved oil and natural gas reserves were approximately 57 MMBoe or 342 Bcfe. During 2015, approximately 95 MMBoe or 570 Bcfe of the Company's estimated proved reserves were revised downward as a result of lower oil, natural gas and natural gas liquids prices. Stone Energy reported a net loss of $1.1 billion in 2015 following a net loss of $189.54 million in 2014. As of March 31, 2016, Stone Energy had $1.64 billion in total assets, $1.87 billion in total liabilities and a total stockholders' deficit of $225 million. * * * In March 2016, Standard & Poor's lowered its corporate credit rating on U.S.-based oil and gas exploration and production company Stone Energy to 'CCC-' from 'CCC+'. As reported by the TCR on May 23, 2016, Moody's Investors Service downgraded Stone Energy Corporation's Corporate Family Rating (CFR) to Ca from Caa2, Probability of Default Rating (PDR) to Ca-PD from Caa2-PD, and senior unsecured rating to Ca from Caa3. The SGL-4 Speculative Grade Liquidity (SGL) rating was affirmed. The rating outlook remains negative. SUTHERLAND HOLDINGS: Taps Blanchard Law as Attorney --------------------------------------------------- Sutherland Holdings II, LLC, asks for authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Blanchard Law, P.A., as attorney. Blanchard Law will: a. give the Debtor legal advice with respect to its powers and duties as the debtor and as debtor-in-possession in the continued operation of its business and management of its property, if appropriate; b. prepare, on behalf of the Debtor, necessary applications, answers, orders, reports, complaints, and other legal papers and appear at hearings thereon; and c. perform all other legal services for the Debtor as debtor-in-possession which may be necessary, and it is necessary for the Debtor as debtor-in-possession which may be necessary, and it is necessary for the Debtor as debtor-in-possession to employ the attorney for the professional services. The Debtor wants to employ Blanchard Law under a general retainer agreement with a $5,000 fee retainer (inclusive of a $1,717 filing fee/cost retainer). Blanchard Law will charge the Debtor these hourly rates: Jake Blanchard, Esq. $250 Lydia Gazda, Esq. $225 Paralegal $70 Jake Blanchard, Esq., an attorney at Blanchard Law, assures the Court that no attorney in the firm has any other connection with the Debtor, creditors, U.S. Trustee, or any employee of that office, or any other parties-in-interest. Headquartered in Saint Petersburg, Florida, Sutherland Holdings II, LLC, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-04577) on May 26, 2016, estimating its assets at between $1 million and $10 million and liabilities at between $100,000 and $500,000. The petition was signed by Brian Storman, managing member. Jake C Blanchard, Esq., at Blanchard Law, P.A., serves as the Debtor's bankruptcy counsel. TALEN ENERGY: Moody's Puts Ba3 CFR Under Review for Downgrade ------------------------------------------------------------- Moody's Investors Service placed the ratings of Talen Energy Supply, LLC, including its Ba3 corporate family rating, its Ba3-PD probability of default (PD), its Baa3 senior secured rating and the majority of its B1 senior unsecured debt obligations under review for downgrade. The B1 rating on approximately $830 million of Talen's unsecured debt was placed under review for upgrade. Talen's speculative grade liquidity rating (SGL) remains SGL-2. The rating action follows the announced merger agreement between Talen Energy Corporation and an affiliate of Riverstone Holdings LLC whereby Riverstone would acquire the approximately 65% of Talen that it does not already own. In addition, upon closing of the transaction, the subsidiaries that currently guarantee Talen's secured revolving credit facility would also provide additional guarantees to cover $600 million of its unsecured notes, and about $230 million of existing tax-exempt revenue bonds. The guarantees would render these supported debt obligations structurally senior to Talen's remaining non-guaranteed senior unsecured debt. RATINGS RATIONALE "The review for downgrade reflects the increase in leverage and reduced financial flexibility that we expect as a result of the proposed take private transaction and the resulting shift away from current balance sheet strengthening efforts", said Laura Schumacher, Vice President -- Senior Credit Officer. As contemplated, over $1 billion of Talen's balance sheet cash, along with $250 million of proceeds from a newly issued secured term loan, will be used to purchase Talen's non-Riverstone holdings for $14 per share; leaving a drastically reduced cash reserve of about $100 million. This reduced financial flexibility comes as the merchant power market remains in the midst of a prolonged cyclical downturn, and while Talen is contemplating additional value driven investment to enhance the performance of its existing generating fleet. In addition, the proposed increase in the amount of funded secured and guaranteed debt in Talen's capital structure could limit the company's financing options in the event of future uncertainties or continued adverse market conditions. Upon closing, which is expected near year-end 2016, we anticipate consolidated funded debt will be about 15% higher than previously envisioned based on Talen's publicly stated debt reduction efforts, which included the repayment of $350 million of debt that came due in May 2016 with proceeds from asset sales. As a result, and based on market conditions, we anticipate Talen's key cash flow credit metrics will remain at levels more in line with the "B" scoring ranges in our rating methodology for unregulated power companies. Given the current commodity price environment, we anticipate New Talen's ratio of cash from operations excluding changes in working capital (CFO pre-WC) to total debt will generally remain near 10%, and its interest coverage ratio will remain near 3.0x. In addition, we anticipate cash flow from operations after payments for maintenance capital expenditures and nuclear fuel will be under 5% and below that of other independent merchant generating peers such as NRG Energy, Inc. (Ba3 stable) and Calpine Corporation (Ba3 stable). As proposed, upon closing of the merger, Talen's existing first lien revolving credit facility would be downsized from $1.85 billion to $1.4 billion, and the subsidiaries that guarantee the facility (which excludes MACH Gen, LLC) would also guarantee Talen's $600 million 6.5% notes due 2025, as well as about $230 million of outstanding Pennsylvania Economic Development Financing Authority revenue bonds. Moody's views the guaranteed debt as having a higher priority of payment, and better recovery prospects, vis-a-vis the remaining unsecured obligations in the event of a potential bankruptcy, and would rank them accordingly in the liability waterfall used in Moody's loss given default framework. As a result, pro-forma for the transaction, we would expect the ratings of guaranteed debt to be higher than the ratings of the remaining non-guaranteed unsecured debt. Liquidity Talen's current liquidity position is very strong. Following the April 1, 2016, sale of its large hydro-electric plants, its balance sheet includes over $1 billion of cash, and absent the pending transaction, would be consistent with an SGL-1 rating. Pro-forma for the transaction, we anticipate Talen's liquidity profile will remain adequate albeit materially less robust than its current position. As proposed, the merger transaction contemplates the use of the vast majority of these cash reserves for the repurchase of shares. Although Talen's external credit facility (terminating June 2020), will be downsized to $1.4 billion from $1.85 billion, it remains sufficient to cover potential cash flow shortfalls and upcoming maturities. Talen's current capital program does not require extensive use of its credit facilities; however, the company is still evaluating additional projects, such as a coal plant co-firing, and gas plant optimizations that could require additional capital. As of March 31, 2016, Talen's revolving credit facility was undrawn save for about $160 million of letters of credit usage. In May 2016, approximately $350 million was drawn under the revolver to repay maturing debt. Upon closing of the proposed merger, $250 million of secured term loan proceeds will be combined with balance sheet cash and used for the share repurchase. In addition, it is expected that the $350 million that was drawn on the revolver to repay maturing debt will be refinanced using additional long term secured debt financing. Talen's $1.3 billion secured trading facility remains in place and can used to satisfy collateral posting needs, approximately $87 million was utilized as of March 31, 2016. Rating Outlook The ratings are currently under review. To the extent the transaction is consummated as proposed, it is likely Talen's CFR would move downward by one notch. However, as a result of the guarantees that would be provided to certain of Talen's unsecured debt obligations, the ratings impact on the individual issues would likely be different from that of the overall corporate family. Based on our current knowledge of the transaction, and current market conditions, we would anticipate that the ratings on guaranteed debt securities could improve by one notch whereas the ratings on the non-guaranteed unsecured notes and bonds could move down by two notches. What Could Change the Rating - Up In view of the pending transaction, and Talen's shift away from balance sheet strengthening efforts, it is not likely the corporate family rating would move upward over the next 12-18 months. However, to the extent individual debt instruments receive subsidiary guarantees, the ratings of those instruments could move upward. What Could Change the Rating - Down If the transaction is consummated as proposed, it is likely the corporate family rating would move downward by one notch with the ratings of the non-guaranteed unsecured debt moving down by more than one notch. In addition, to the extent there is additional downward pressure on commodity prices, an increase in leverage, or longer term, if financial markets remain exceedingly challenging for the sector, there could be downward pressure on the ratings. On Review for Downgrade: Issuer: Talen Energy Supply, LLC Probability of Default Rating, Placed on Review for Downgrade, currently Ba3-PD Corporate Family Rating, Placed on Review for Downgrade, currently Ba3 Senior Secured Bank Credit Facility due 2020, Placed on Review for Downgrade, currently Baa3 Senior Unsecured Regular Bond/Debenture due 2036, Placed on Review for Downgrade, currently B1 Senior Unsecured Regular Bond/Debenture due 2021, Placed on Review for Downgrade, currently B1 Senior Unsecured Regular Bond/Debenture due 2019, Placed on Review for Downgrade, currently B1 Senior Unsecured Regular Bond/Debenture due 2018, Placed on Review for Downgrade, currently B1 On Review for Upgrade: Issuer: Pennsylvania Economic Dev. Fin. Auth. Senior Unsecured Revenue Bonds due 2038 (Series 2009A and Series 2009B), Placed on Review for Upgrade, currently B1 Senior Unsecured Revenue Bonds due 2037 (Series 2009C), Placed on Review for Upgrade, currently B1 Issuer: Talen Energy Supply, LLC Senior Unsecured Regular Bond/Debenture due 2025, Placed on Review for Upgrade, currently B1 Outlook Actions: Issuer: Talen Energy Supply, LLC Outlook, Changed To Rating Under Review From Stable Affirmations: Issuer: Talen Energy Supply, LLC Speculative Grade Liquidity Rating, Affirmed SGL-2 The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in October 2014. Talen is an independent power producer with about 16.5 GW of generating capacity. Talen Energy Corp., headquartered in Allentown, PA, is a publicly-listed holding company that owns 100% of Talen and conducts all its business activities through Talen. TAMPA HYDE PARK: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Tampa Hyde Park Cafe LLC 303 S. Melville Ave Tampa, FL 33606 Case No.: 16-04868 Chapter 11 Petition Date: June 6, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: W Bart Meacham, Esq. 308 East Plymouth Street Tampa, FL 33603-5957 Tel: 813-223-6334 Fax: 813-425-6969 E-mail: wbartmeacham@yahoo.com Estimated Assets: $100,000 to $500,000 Estimated Debts: $1 million to $10 million The petition was signed by Thomas Ortiz, managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-04868.pdf TELKONET INC: Files 2015 Conflict Minerals Report with SEC ---------------------------------------------------------- Telkonet, Inc., formed in 1999 and incorporated under the laws of the state of Utah, is made up of two synergistic business divisions, EcoSmart Energy Management Technology and EthoStream High Speed Internet Access (HSIA) Network. The Company's EcoSmart Suite of products provide comprehensive savings, management and reporting of a building's room-by-room energy consumption. The Company sells its EcoSmart Suite to the hospitality, educational, military and health care market sectors. The Company has one supplier that it contracts to manufacture the EcoSmart Suite of products. The Company's EcoSmart Suite of products consists of wired and wireless technology components and devices, including occupancy sensors and intelligent programmable thermostats and door/window contacts. "Using our supply chain due diligence processes we asked our supplier to provide us a list of materials used in the manufacturing of our products. Based on our supplier's response to our inquiry, the Company determined that certain products and components we contract to manufacture contain tin, tungsten, tantalum and/or gold ("3TG") and those minerals are necessary for the production or functionality of the products. The Company relied upon this supplier to provide information on the origin of the 3TG contained in components and materials supplied to us, including sources of 3TG that are supplied to them from sub-tier suppliers. The supplier provided us with their Electronic Industry Citizenship Coalition ("EICC") report. The EICC report is a template that is widely used in the declaration of the conflict minerals." Reasonable Country of Origin Inquiry (RCOI) and RCOI conclusion: "Based on our analysis of our supplier EICC report, we found that "our necessary conflict minerals" can be found in the products that we contract to manufacture and are subject to the reporting obligations of Rule 13p-1. Based on our RCOI, we have no reason to believe that our necessary conflict minerals may have originated in the Democratic Republic of the Congo or an adjoining country and as a result we are not required to file a Conflict Minerals Report." The Company has also disclosed this information on its publicly available Internet website, which is available at http://investors.telkonet.com/investors/investor-relations/SEC-Filings. About Telkonet Milwaukee, Wisconsin-based Telkonet, Inc., is a clean technology company that develops and manufactures proprietary energy efficiency and smart grid networking technology. Telkonet reported a net loss attributable to common stockholders of $207,357 on $15.08 million of total net revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $95,403 on $14.79 million of total net revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Telkonet had $11.42 million in total assets, $5.40 million in total liabilities and $6.01 million in total stockholders' equity. TIBCO SOFTWARE: Bank Debt Trades at 9% Off ------------------------------------------ Participations in a syndicated loan under which TIBCO Software is a borrower traded in the secondary market at 90.61 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.90 percentage points from the previous week. TIBCO Software pays 550 basis points above LIBOR to borrow under the $1.65 billion facility. The bank loan matures on Nov. 18, 2020 and carries Moody's B1 rating and Standard & Poor's B- rating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. TONZOF INC: Plan Confirmation Hearing Set for Aug. 10 ----------------------------------------------------- Judge Michael E. Romero of the U.S. Bankruptcy Court for the District of Colorado approved the disclosure statement explaining Tonzof, Inc.'s First Amended Plan of Reorganization will convene a hearing for consideration of confirmation of and any objections on August 10, 2016, at 1:30 p.m. On or before June 22, 2016, the Plan Proponent will transmit by mail to all creditors and parties in interest whose votes are to be solicited, the Plan and Disclosure Statement, a copy of this Order and a Ballot for Voting on the Plan. The Plan Proponent will transmit the same documents, excluding the ballot, to the United States Trustee. At least 14 days prior to the Confirmation Hearing, the Plan Proponent will file a certificate of service. Ballots accepting or rejecting the Plan must be submitted by the holders of all claims or interests on or before 5:00 p.m. on July 20, 2016, to the Plan Proponent's counsel. On or before July 20, 2016, any objection to confirmation of the Plan will be filed with the Court and a copy served on the Plan Proponent's counsel. If the hearing involves a contested factual issue, the parties shall file and exchange witness and exhibit lists seven days prior to the hearing. No later than three days prior to the confirmation hearing the Plan Proponent will file a Summary Report of the Ballots received reflecting all votes by class, number of claims and amount of claim. If the Plan Proponent proposes to further amend or modify the Plan in response to any objection, at least 3 business days prior to the confirmation hearing the Plan Proponent will file with the Court and serve on all objecting parties a response which specifically identifies any amendments(s) made in response to an objection. To that response, the Plan Proponent will attach a red-line copy of the Plan reflecting those amendments. Tonzof Inc., dba Tool King, LLC (Bankr. D. Colo., Case No. 15-23703) filed a Chapter 11 Petition on December 16, 2015. The bankruptcy case is assigned to Judge Michael E. Romero. The Debtor's counsel Kenneth J. Buechler, Esq., at Buechler Law Office, L.L.C., in Denver, Colorado. The Debtor has total assets of $3.01 million and total liabilities $3.85 million. The petition was signed by Gerald B. Eaton, CEO. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/cob15-23703.pdf TRANSITION THERAPEUTICS: Gets NASDAQ Listing Non-Compliance Notice ------------------------------------------------------------------ Transition Therapeutics Inc. ("Transition" or the "Company") on June 3 disclosed that it received written notification from the NASDAQ Stock Market ("NASDAQ") on May 31, 2016 advising the Company that because the bid price of the Company's common shares for the previous 30 consecutive trading days had closed below the minimum $1.00 per share (the "Minimum Price Requirement") required for continued listing on the NASDAQ Global Market, the Company is not in compliance with NASDAQ Listing Rule 5450(a)(1). The notification letter has no effect on the listing of the Company's common shares at this time. Pursuant to NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided an initial grace period of 180 calendar days, or until November 28, 2016, to regain compliance with the Minimum Price Requirement, which requires a closing bid price of the Company's common shares at or above $1.00 per share for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by November 28, 2016, NASDAQ will provide written notification that the Company's common shares are subject to delisting. If the Company is not deemed in compliance prior to November 28, 2016, but demonstrates that it meets all applicable standards for initial listing on the NASDAQ Capital Market (except the bid price requirement) on such date, it will be afforded an additional 180 calendar day compliance period. The Company intends to monitor the bid price of its common shares between now and November 28, 2016, and will consider available options to regain compliance with the Minimum Price Requirement. About Transition Transition -- http://www.transitiontherapeutics.com-- is a biopharmaceutical development company, advancing novel therapeutics for CNS and metabolic disease indications. The Company's wholly-owned subsidiary, Transition Therapeutics Ireland Limited is developing CNS drug candidate ELND005 for the treatment of Alzheimer's disease and Down syndrome. Transition's lead metabolic drug candidate is TT401 (LY2944876) for the treatment of type 2 diabetes and accompanying obesity. The Company's shares are listed on the NASDAQ under the symbol "TTHI" and the Toronto Stock Exchange under the symbol "TTH". TRI-G GROUP: Hires Iron Horse to Auction Quarry Hills Country Club ------------------------------------------------------------------ Tri-G Group, LLC, dba Quarry Hill Golf and Country Club seeks permission from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Iron Horse Auction Co., Inc., as auctioneer. The Debtor owns two separate tracts of real property, the first being an 18-hole golf course and country club known as Quarry Hills Country Club located at 1300 George Bason Road, Swepsonville, NC. The Sale Asset is subject to a first deed of trust in favor of Capital Bank and an amended and restated declaration of restrictions that is subordinate to the Capital Bank Deed of Trust. The Debtor wants to sell the Asset pursuant to a proposed auction marketing agreement, a copy of which is available for free at: https://is.gd/ysB5No The Debtor wants to employ the Auctioneer to act as its exclusive agent to sell the Golf Club through the auction sale upon the terms and conditions described in the Agreement. The Auctioneer will advertise through Facebook ads, signs and postcards. The Auctioneer has agreed that if the initial purchaser, as set forth in the Section 363 sale motion, is the highest bidder, the Auctioneer will limit its compensation to $25,000 which will be paid from closing proceeds as a part of the $50,000 carve out as more fully stated and set forth in the Section 363 sale motion. To the extent there is overbidding in excess of said amount, the Auctioneer will charge a buyer's premium for said overage in the amount of the 10% of said overage. The Debtor will be responsible for actual expenses of marketing, not to exceed $3,800, payable from the sale proceeds. Thomas McInnis, an auctioneer and principal in the Auctioneer, assures the Court that the Auctioneer doesn't have any interest materially adverse to the interest of any of the creditors of the Debtor by reason of any direct or indirect relationship to, connection with, or interest in the Debtor. The Auctioneer can be reached at: IRON HORSE AUCTION COMPANY Thomas M. McInnis Senior Vice President and COO P.O. Box 1267 Rockingham, NC 28380 Tel: (800) 997-2248 Cell: (910) 997-1555 Fax: (910) 895-1530 E-mail: tom@ironhorseauction.com About Tri-G Group Tri-G Group, LLC, sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of North Carolina (Greensboro) (Case No. 16-10441) on May 4, 2016. The petition was signed by Guy G. Gulick, manager. The Debtor is represented by Charles M. Ivey, III, Esq., and Charles (Chuck) Marshall Ivey, IV, Esq., at Ivey, McClellan, Gatton & Siegmund, LLP. The case is assigned to Judge Benjamin A. Kahn. The Debtor disclosed total assets of $863,152 and total debts of $1.44 million. TRIANGLE PETROLEUM: Forbearance Agreement Expires July 8 -------------------------------------------------------- Triangle USA Petroleum Corporation, a wholly-owned subsidiary of Triangle Petroleum Corporation, is a party to the Second Amended and Restated Credit Agreement, dated Nov. 25, 2014, as amended by Amendment No. 1 on April 30, 2015, among TUSA, as Borrower, Wells Fargo Bank, National Association, as administrative agent and issuing lender, and the other lenders party thereto. Also as previously disclosed, as of April 28, 2016, TUSA had $347.5 million of outstanding borrowings and $2.5 million of outstanding letters of credit under the Credit Agreement, or $125.0 million in excess of the redetermined borrowing base of $225.0 million (referred to as a borrowing base deficiency). Pursuant to the Credit Agreement, TUSA elected to repay the borrowing base deficiency in three equal monthly installments, the first payment of which was due by May 31, 2016. On May 27, 2016, TUSA, its subsidiaries, the Agent and certain Lenders entered into a Forbearance and Amendment No. 2 to Second Amended and Restated Credit Agreement. A condition to the effectiveness of the Forbearance Agreement was the payment by TUSA of the first borrowing base deficiency installment payment, which was made on May 31, 2016. Pursuant to the Forbearance Agreement, the Agent and the Lenders have agreed to forbear from exercising their rights and remedies under the Credit Agreement or applicable law with respect to the Designated Events of Default under the Credit Agreement, which primarily include TUSA's potential failure to comply with (i) a minimum ratio of consolidated current assets to consolidated current liabilities for the fiscal quarter ended April 30, 2016 of 1.00 to 1.00 and (ii) a maximum senior secured leverage ratio for the fiscal quarter ended April 30, 2016 of 2.75 to 1.00. The forbearance period will terminate on the earlier of (i) July 8, 2016, and (ii) the occurrence of any Forbearance Termination Event (as defined in the Forbearance Agreement, which includes, among others, the occurrence of any event of default other than the Designated Events of Default). The Forbearance Agreement provides for certain amendments to the Credit Agreement, including, among others, (i) the addition of a requirement to maintain specified minimum liquidity levels and (ii) additional restrictions on prepayments or redemptions of other debt. About Triangle Petroleum Triangle Petroleum Corporation is a Denver-based oil and natural gas exploration and production company. Triangle Petroleum conducts its E&P, oilfield and midstream activities in the Williston Basin of North Dakota and Montana. Triangle Petroleum reported a net loss of $822 million on $358 million of total revenues for the year ended Jan. 31, 2016, compared to net income of $93.4 million on $573 million of total revenues for the year ended Jan. 31, 2015. As of Jan. 31, 2016, Triangle Petroleum had $753 million in total assets, $1.01 billion in total liabilities and a total stockholders' deficit of $265 million. KPMG LLP, in Denver, Colorado, issued a "going concern" qualification on the Company's consolidated financial statements for the year ended Jan. 31, 2016, citing that the Company does not have sufficient liquidity to meet this obligation, if called by the lenders. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TRIANGLE PETROLEUM: Kenneth Hersh Reports 28.1% Equity Stake ------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, Kenneth A. Hersh, et al., disclosed that as of May 27, 2016, they beneficially own 26,510,189 shares of common stock of Triangle Petroleum Corporation representing 28.1 percent of the shares outstanding. A copy of the regulatory filing is available for free at https://is.gd/XGw0Tm About Triangle Petroleum Triangle Petroleum Corporation is a Denver-based oil and natural gas exploration and production company. Triangle Petroleum conducts its E&P, oilfield and midstream activities in the Williston Basin of North Dakota and Montana. Triangle Petroleum reported a net loss of $822 million on $358 million of total revenues for the year ended Jan. 31, 2016, compared to net income of $93.4 million on $573 million of total revenues for the year ended Jan. 31, 2015. As of Jan. 31, 2016, Triangle Petroleum had $753 million in total assets, $1.01 billion in total liabilities and a total stockholders' deficit of $265 million. KPMG LLP, in Denver, Colorado, issued a "going concern" qualification on the Company's consolidated financial statements for the year ended Jan. 31, 2016, citing that the Company does not have sufficient liquidity to meet this obligation, if called by the lenders. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TRONOX INC: Bank Debt Trades at 3% Off -------------------------------------- Participations in a syndicated loan under which Tronox Inc is a borrower traded in the secondary market at 96.68 cents-on-the-dollar during the week ended Friday, May 27, 2016, according to data compiled by LSTA/Thomson Reuters MTM Pricing. This represents an increase of 0.73percentage points from the previous week. Tronox Inc pays 300 basis points above LIBOR to borrow under the $1.5 billion facility. The bank loan matures on March 15, 2020 and carries Moody's B1 rating and Standard & Poor's BBrating. The loan is one of the biggest gainers and losers among 247 widely quoted syndicated loans with five or more bids in secondary trading for the week ended May 27. UCI HOLDINGS: Bankruptcy Court Approves First-Day Motions --------------------------------------------------------- UCI Holdings Limited and its subsidiary UCI International, LLC ("UCI" or the "Company") on June 3 disclosed that the United States Bankruptcy Court for the District of Delaware has approved all of the first-day motions submitted by the Company on June 2, 2016. The rulings enable UCI and its subsidiaries, which include Airtex Products, L.P., ASC Industries, Inc., and Champion Laboratories, Inc., to continue operations in the normal course including paying vendors for all post-petition goods and services, continuing all customer programs, and maintaining payroll and employee health benefits, and other programs that are essential to continuing businesses without disruption. "The motions approved [Fri]day give UCI the ability to utilize our ample liquidity to fund operations going forward as we continue to negotiate a consensual restructuring with our key constituents," said Keith Zar, UCI's general counsel. "We are committed to providing high quality water pump, fuel pump, and filtration products to our customers, be a great place to work for our employees, and be a strong partner to our vendors just as we've always done." Headquartered in Evansville, Indiana -- http://www.ucinc.com-- UCI is one of the larger and more diversified companies primarily servicing the vehicle aftermarket. The company supplies a broad range of filtration products, fuel delivery systems, cooling systems, and vehicle electronics products. UCI INT'L: Gets Interim Okay to Use ABL Lenders' Cash Collateral ---------------------------------------------------------------- UCI International, LLC, and its debtor-affiliates sought and obtained authority to continue using cash and other collateral pledged to their prepetition asset-backed lenders under the terms of an ABL Credit Agreement dated Sept. 30, 2015, in the ordinary course of business, and grant the lenders replacement postpetition liens. As of the Petition Date, UCI owed the lenders about $69.4 million on account of prepetition loans and $8.5 on account of undrawn letters of credit. The Debtors' 13-week budget through the week ending Aug. 19, 2016, shows anticipated cash disbursements exceeding cash receipts by about $34 million. Judge Walrath will convene a final hearing on the Debtors' request at 11:30 a.m. on June 21, 2016, in Wilmington, Del. Credit Suisse AG, Cayman Islands Branch, serves as the Administrative Agent for the ABL Lenders and is represented by: Paul H. Zumbro, Esq. Omid H. Nasab, Esq. CRAVATH, SWAINE & MOORE LLP Worldwide Plaze 825 Eighth Ave. New York, NY 10019 E-mail: pzumbro@cravath.com onasab@cravath.com UCI International, LLC, headquartered in Lake Forest, Ill., designs, manufactures, and distributes vehicle replacement parts, including a broad range of filtration, fuel delivery systems, and cooling systems products in the automotive, trucking, marine, mining, construction, agricultural, and industrial vehicles markets. UCI and its affiliates sought chapter 11 protection (Bankr. D. Del. Case No. 16-11355) on June 1, 2016. The Debtors are represented by lawyers at Sidley Austin LLP. Alvarez & Marsal provides the company with financial advice and Moelis & Company LLC is the Debtors' investment banker. Garden City Group serves as the Debtors' Claims Agent. Wilmington Trust is the Indenture Trustee for a $400-million issue of 8.625% Senior Notes Due 2019. URBANCORP TORONTO: Placed Under CCAA Protection ----------------------------------------------- The Ontario Superior Court of Justice issued an initial order pursuant to the Companies' Creditors Arrangement Act in respect of Urbancorp Toronto Management Inc. et al. declaring them to be companies to which the CCAA applies. The companies' affiliates corporation and limited partnerships include: Urbancorp Power Holdings Inc., Vestaco Homes Inc., Vestaco Investment Inc., 228 Queen's Quay West Limited, Urbancorp Cumberland 1 LP, Ubrancorp Cumberland 1 GP Inc., Urbancorp Partner (King South) Inc., Urbancorp (North Side) Inc., Urbancorp Residential Inc., and Urbancorp Realtyco Inc. KSV Kofman Inc. has been appointed monitor in the CCAA proceedings. Information regarding the CCAA proceedings is available at http://www.ksvadvisory.com/insolvency-cases-2/urbancorp/and may also be obtained from Noah Goldstein of KSV at ngoldstein@ksvadvisory.com or (416) 932-6207 KSV Kofman Inc. 150 King Street West, Suite 2308 Toronto, Ontario M5H 1J9 Urbancorp Inc. -- http://www.urbancorp.com-- is real estate developer in Canada. US FOODS: Moody's Raises CFR to B2, Still on Review for Upgrade --------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family rating of US Foods, Inc. to B2, and left the rating on review for further upgrade. "T[he] rating actions recognize that US Foods will be utilizing virtually all of the proceeds from its IPO to permanently reduce debt by about $1 billion, resulting in a reduction in leverage of over 1 turn to below 6 times," stated Moody's Vice President Charlie O'Shea. "The review for upgrade will focus on other steps the company may take over the next several weeks to further shore up its balance sheet and improve its liquidity, with an upgrade likely if these efforts are meaningful." Upgraded and placed on review: Issuer: US Foods, Inc. Probability of Default Rating, Upgraded to B2-PD from B3-PD; Placed Under Review for further Upgrade Corporate Family Rating, Upgraded to B2 from B3; Placed Under Review for further Upgrade Senior Unsecured Regular Bond/Debenture, Upgraded to Caa1(LGD6) from Caa2(LGD5); Placed Under Review for further Upgrade On Review for Upgrade: Issuer: US Foods, Inc. Senior Secured Bank Credit Facility, currently B2(LGD4 from LGD3), Placed Under Review for Upgrade Outlook Actions: Issuer: US Foods, Inc. Outlook, Changed To Rating Under Review From Stable Affirmations: Issuer: US Foods, Inc. Speculative Grade Liquidity Rating, Affirmed SGL-2 Senior Unsecured Regular Bond/Debenture, Affirmed Caa2(LGD5) RATINGS RATIONALE The B2 rating reflects the company's improved capital structure and credit metrics due to the proposed permanent reduction in debt resulting from the IPO. The rating also reflects Moody's assumption that following the one-shot reduction in debt resulting from the approximately $1 billion permanent debt reduction that will occur via the IPO proceeds, metrics will continue to show only modest incremental improvement over the next 12 months, though we expect improvements in liquidity. Positive ratings consideration is given to the company's sound execution ability and its formidable market position, with a solid and defensible number two share behind market leader Sysco, balanced by the increasingly competitive environment led by specialized niche operators such as Performance Food Group and Restaurant Depot. In addition, ratings are predicated on the company continuing to smoothly-transitioning back into an independent company following 18+ months of operating as if it were being acquired and then integrated by Sysco. Quantitatively, an upgrade could occur if debt/EBITDA is sustained below 5.0 times, EBITA/interest remains above 2.0 times, and financial policy remains tempered. In the event the company's overall liquidity profile deteriorates, the ratings could be downgraded. Also, if credit metrics deteriorate for any reason such that debt/EBITDA begins trending towards 7 times, or if EBITA/interest approached 1.25 times, ratings could be downgraded. The principal methodology used in these ratings was Distribution & Supply Chain Services Industry published in December 2015. US LBM: Moody's Retains B3 CFR Over $65MM Loan Add-On ----------------------------------------------------- Moody's Investors Service said that LBM Borrower, LLC's ("US LBM") $65 million add-on to its $155 million second lien term loan due 2023 does not impact the company's ratings, including its B3 corporate family rating, B3 rating for $697 million first lien term loan due 2022, Caa2 rating for $155 million second lien term loan due 2023, or stable rating outlook. US LBM, headquartered in Green Bay, Wisconsin is a lumber and building materials distributor, with over 225 operating locations across 27 states, primarily serving homebuilders, remodelers, and specialty contractors. Since August 2015, US LBM has been owned by Kelso & Company. Pro forma for recent acquisitions, US LBM generated approximately $2.5 billion in revenues as of March 31, 2016. USAGM HOLDCO: Moody's Affirms B3 CFR, Outlook Stable ---------------------------------------------------- Moody's Investors Service affirmed USAGM HoldCo LLC's ("Universal") B3 Corporate Family Rating and B3-PD Probability of Default Rating, as well as the B2 ratings on the company's 1st lien term loans and revolving credit facility, and the Caa2 rating on the 2nd lien term loans following the announced $1.4 billion add-on to the 1st lien credit facility that will be used to fund the merger of Universal Services of America (the trade name of the operating subsidiaries of Universal) and AlliedBarton Security Services (the trade name of the operating subsidiaries of Allied Security Holdings LLC, or "AlliedBarton"). Moody's also assigned a B2 rating to the company's proposed $250 million delayed draw term loan. The rating outlook is stable. The transaction consists of a $1.26 billion add-on to the company's senior secured 1st lien term loan due 2022, $500 million of new 2nd lien notes (unrated), and a $170 million add-on to the senior secured revolver due 2020 which is expected to be undrawn at close. A $250 million delayed draw term loan is also included in the transaction and is expected to be used for pending tuck-in acquisitions. Proceeds of the transaction will be used to repay all of the debt at AlliedBarton as well as the outstanding balance on Universal's revolving credit facility, fund a return of capital to AlliedBarton's majority shareholder Wendel Group, make a contingent payment to prior AlliedBarton shareholders, pay transaction fees and expenses, and put cash on the balance sheet to prefund integration costs and for general corporate purposes. Excluding drawings on the $250 million delayed draw term loan, the transaction will increase funded debt by approximately $625 million. Pro-forma for the transaction Moody's estimates lease adjusted leverage for the LTM period ended Dec. 31, 2015, to be in the 7 to 8 times range (after giving credit for run-rate EBITDA from recent acquisitions, adjustments for one-time items, and synergies). Leverage is high, but interest coverage (EBITA/Interest Expense) is more appropriately positioned for the rating category in the mid-to-high 1 times range. The B3 rating incorporates Moody's expectation that the merged entity will benefit from increased operating scale and cost reduction synergies over time which should bring leverage closer to the mid-6 times over the next 12-24 months, absent any additional leveraging transactions. According to Moody's Analyst Dan Altieri, "The combined entity should generate positive free cash flow, but the pace of deleveraging will be highly dependent on the timing and execution of merger synergies, and the extent to which the company pursues an acquisitive growth strategy." Moody's took these actions: Issuer: USAGM Holdco LLC Corporate Family Rating, Affirmed at B3 Probability of Default Rating, Affirmed at B3-PD $300 million Revolving Credit Facility due 2020, Affirmed at B2, LGD3 (inclusive of $170 million add-on) $2,040 million 1st Lien Term Loan due 2022, Affirmed at B2, LGD3 (inclusive of $1,260 million add-on) $55 million 1st Lien Delayed-Draw Term Loan due 2022, Affirmed at B2, LGD3 $250 million 1st Lien Delayed-Draw Term Loan due 2022, Assigned, B2 LGD3 $230 million 2nd Lien Term Loan due 2023, Affirmed at Caa2, LGD5 $15 million 2nd Lien Delayed-Draw Term Loan due 2023, Affirmed at Caa2, LGD5 Outlook, Stable These ratings are unaffected and will be withdrawn upon close of the proposed transaction: Issuer: Allied Security Holdings LLC Corporate Family Rating, at B3 (to be withdrawn upon close of the proposed transaction) Probability of Default Rating, at B3-PD (to be withdrawn upon close of the proposed transaction) $81 million Revolving Credit Facility due 2019, at B1, LGD3 (to be withdrawn upon close of the proposed transaction) $704 million 1st Lien Term Loan due 2021, at B1, LGD3 (to be withdrawn upon close of the proposed transaction) $295 million 2nd Lien Term Loan, at Caa2, LGD5 (to be withdrawn upon close of the proposed transaction) Outlook, Stable RATINGS RATIONALE Universal's B3 CFR reflects the company's highly leveraged capital structure resulting from the debt-financed merger of AlliedBarton and Universal, as well as a history of aggressive financial policies at both entities that included debt financed dividend recapitalizations and acquisitions. The rating is also constrained by integration risks related to the proposed merger and future acquisitions, as well as the intensely competitive and fragmented US security services industry in which the company operates, resulting in relatively low operating margins. Moody's expects the company will remain acquisitive, as organic growth will be modest. The rating is supported by Universal's meaningful position post the proposed merger in the US security services industry and Moody's expectation that the company's increased operating scale and cost reduction synergies will support EBITDA growth. The rating also benefits from the recession resistant nature of the security services business and the company's good liquidity profile. Universal's liquidity is supported by Moody's expectation that positive free cash flow, access to the company's $300 million revolving credit facility (expected to be undrawn after close) and cash on the balance sheet will be sufficient to cover the company's cash needs over the next 12-18 months. Moody's estimates free cash flow should be approximately $100 million over the period, before accounting for potential acquisition activity. Additional uses of cash include approximately $21 million of mandatory annual debt amortization and an excess cash flow sweep commencing with the fiscal year ended Dec. 31, 2016. The revolver is subject to a maximum first lien net leverage ratio when utilization exceeds 30% of the revolver capacity which Moody's does not expect will be tested over the next year. However, if it were tested there would be sufficient cushion. The proposed debt structure is comprised of a $2.1 billion 1st lien term loan due 2022 (inclusive of the $1.26 billion add-on and $835 million of existing debt), a $300 million 1st lien revolving credit facility due 2020 (inclusive of the $170 million add-on and existing facility of $130 million), and up to $250 million delayed draw 1st lien term loan due 2022. Additionally, the company has an existing $245 million 2nd lien credit facility and $500 million of new 2nd lien notes, both due 2023. The B2 ratings on the 1st lien credit facilities are one notch higher than the B3 CFR, reflecting a priority position in the capital structure ahead of the 2nd lien debt. The facility is secured by a first priority security interest in the capital of the borrower and the assets of the borrower and subsidiary guarantors which includes the holding companies and substantially all domestic subsidiaries. The Caa2 rating on the 2nd lien term loans are two notches below the B3 CFR, reflecting a contractually subordinated position to the much larger 1st lien credit facilities. The 2nd lien term loan is guaranteed by each entity that guarantees the 1st lien credit facility and is secured by a second priority security interest in all the assets that collateralize the 1st lien facilities. The new 2nd lien notes are expected to be pari passu with the existing 2nd lien term loan. The stable outlook reflects Moody's expectation that steady operating performance supported by the company's increased scale, synergy realization, and organic revenue growth will drive credit metric improvement over the next 12-24 months. Moody's expects leverage will drop to the mid-6 times range with interest coverage (EBITA/Interest) approaching 2 times. The ratings could be upgraded if Universal is able to successfully execute on its integration strategy resulting in revenue growth and improved reported margins (before run-rate and synergy add backs) such that debt to EBITDA is sustained below 6.0 times and retained cash flow to debt exceeds 10%. It would also require the company to maintain its good liquidity profile and an expectation that financial policies will support credit metrics sustained at those levels. Universal's ratings could be lowered if the company is unable to execute on the AlliedBarton merger as expected, resulting in fewer operating synergies, weaker margins, lower earnings or the loss of contracts with key customers. A downgrade could be warranted if EBITA to interest falls below one time or debt-to-EBITDA remains above 7 times. In addition, a deterioration of liquidity characterized by persistently weak cash flows that would require increasing reliance on revolver drawings to cover operation needs, could pressure the rating lower, as well as aggressive financial policies such as shareholder returns or debt-financed acquisitions. The principal methodology used in these ratings was Business and Consumer Service Industry published in December 2014. USAGM Holdco LLC is an indirect holding company of Universal Services of America, a North American security services company providing uniformed security guard service and patrol services for both commercial and residential clients. The company has entered into a merger agreement with AlliedBarton Security Services (the trade name of the operating subsidiaries of Allied Security Holdings LLC) to create the largest North American security services company with pro-forma revenue of approximately $4.5 billion. The combined entity will operate under the AlliedUni versal brand and will be majority owned by private equity firms Warburg Pincus LLC and French investment company Wendel Group. VEGAS MANAGEMENT: Case Summary & 6 Unsecured Creditors ------------------------------------------------------ Debtor: Vegas Management, LLC dba Vegas Showgirls dba Spirits 365 dba Rocket Bar 16216 1st Street East Redington Beach, FL 33708 Case No.: 16-04856 Chapter 11 Petition Date: June 3, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Joel S Treuhaft, Esq. PALM HARBOR LAW GROUP, P.A. 2997 Alt 19 Ste B Palm Harbor, FL 34683-1907 Tel: 727-797-7799 Fax: 727-213-6933 E-mail: jstreuhaft@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James F. Lowy, manager. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-04856.pdf VERSO CORP: David Paterson to Become Board Chair After Ch.11 Exit ----------------------------------------------------------------- Verso Corporation on June 6, 2016, disclosed that David J. Paterson, the President and Chief Executive Officer and a director of the company, will become the Chairman of the Board of Verso immediately upon its emergence from its pending Chapter 11 bankruptcy proceeding. In addition, Mr. Paterson has informed Verso's board of directors that he intends to step down as the company's President and Chief Executive Officer when Verso finds his successor, but until then, he intends to continue to serve in this role. Though there is no set timetable for Mr. Paterson's departure, both Verso and he intend for the transition to occur in short order, with the objective that the new President and Chief Executive Officer be in place to guide Verso as soon as practicable after it emerges from bankruptcy. Verso has engaged a search firm and is actively seeking a successor to Mr. Paterson. "Dave Paterson has been a stalwart as Verso's President and Chief Executive Officer over the past four years," said Scott Kleinman, Verso's Chairman of the Board. "During this period of unprecedented upheaval in the printing and writing papers industry, Dave has provided insightful vision and steady, reliable leadership for Verso. His contributions in managing a business with constrained liquidity have been particularly valuable and appreciated as Verso has dealt head on with the financial challenges of our industry and company. Due in no small measure to Dave's substantial efforts, Verso now is poised to emerge from a fully consensual Chapter 11 reorganization as a stronger competitor with a financially sustainable capital structure. We take great comfort in the knowledge that while Dave soon will be giving up his day-to-day responsibilities as the President and Chief Executive Officer of Verso, he will remain with the company as my successor as the Chairman of the Board upon Verso's emergence from bankruptcy." About Verso Corporation Verso Corporation claims to be the leading North American producer of coated papers, which are used primarily in magazines, catalogs, high-end advertising brochures and annual reports, among other media and marketing publications. It employs approximately 5,200 personnel. Verso Corporation and 26 of its affiliates, including NewPage Corporation, filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10163 to 16-10189, respectively) on Jan. 26, 2016. The petitions were signed by David Paterson, the president and CEO. The Debtors disclosed total assets of $2.9 billion and total debts of $3.87 million. The Debtors have engaged O'Melveny & Myers LLP as general counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP as corporate counsel, Richards, Layton & Finger, P.A. as Delaware counsel, PJT Partners L.P. as investment banker, Alvarez & Marsal North America, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. The U.S. Trustee for Region 3 has appointed seven creditors of Verso Corp. and its affiliates to serve on the official committee of unsecured creditors. VERTELLUS SPECIALTIES: Taps Kurtzman Carson as Claims Agent ----------------------------------------------------------- Vertellus Specialties Inc., et al., seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants LLC as claims and noticing agent. KCC will: (a) prepare and serve required notices and documents in these cases in accordance with the Bankruptcy Code and the Bankruptcy Rules in the form and manner directed by the Debtors and the Court including: (i) notice of the commencement of the Cases and the initial meeting of creditors under Section 341(a) of the Bankruptcy Code; (ii) notice of any claims bar date; (iii) notices of transfers of claims; (iv) notices of objections to claims and objections to transfers of claims; (v) notices of any hearings on a disclosure statement and confirmation of any Chapter 11 plan, including under Bankruptcy Rule 3017(d); (vi) notice of the effective date of any Chapter 11 plan; and (vii) all other notices, orders, pleadings, publications, and other documents as the Debtors or Court may deem necessary or appropriate for an orderly administration of these cases; (b) maintain an official copy of the Debtors' schedules of assets and liabilities and statement of financial affairs, listing the Debtors' known creditors and the amounts owed; (c) maintain (i) a list of all potential creditors, equity holders, and other parties in interest; and (ii) a "core" mailing list consisting of all parties described in Bankruptcy Rules 2002(i), (j), and (k), and those parties that have filed a notice of appearance pursuant to Bankruptcy Rule 9010; update said lists and make said lists available upon request by a party in interest or the Clerk; (d) furnish a notice to all potential creditors of the last date for the filing of proofs of claim and a form for the filing of a proof of claim, after notice and form are approved by the Court, and notify said potential creditors of the existence, amount, and classification of their respective claims as set forth in the Schedules, which may be effected by inclusion of information (or the lack thereof, in cases where the Schedules indicate no debt due to the subject party) on a customized proof of claim form provided to potential creditors; (e) maintain a post office box or address for the purpose of receiving claims and returned mail, and process all mail received; (f) for all notices, motions, orders, or other pleadings or documents served, prepare and file or cause to be filed with the Clerk an affidavit or certificate of service within seven business days of service which includes: (i) either a copy of the notice served or the docket number(s) and title(s) of the pleading(s) served; (ii) a list of persons to whom it was mailed (in alphabetical order) with their addresses; (iii) the manner of service; and (iv) the date served; (g) process all proofs of claim received, including those received by the Clerk, and check said processing for accuracy, and maintain the original proofs of claim in a secure area; (h) maintain the official claims register for each Debtor on behalf of the Clerk; upon the Clerk's request, provide the Clerk with certified, duplicate unofficial Claims Registers; and specify in the Claims Registers the following information for each claim docketed: (i) the claim number assigned; (ii) the date received; (iii) the name and address of the claimant and agent, if applicable, who filed the claim; (iv) the amount asserted; (v) the asserted classification(s) of the claim (e.g., secured, unsecured, priority, etc.); (vi) the applicable Debtor; and (vii) any disposition of the claim; (i) implement necessary security measures to ensure the completeness and integrity of the Claims Registers and the safekeeping of the original claims; (j) record all transfers of claims and provide any notices of the transfers as required by Bankruptcy Rule 3001(e); (k) arrange for the delivery, by messenger or overnight delivery, of all of the court-filed proofs of claim to the offices of KCC, not less than weekly; (l) upon completion of the docketing process for all claims received to date for each case, turn over to the Clerk copies of the claims register for the Clerk's review (upon the Clerk's request); (m) monitor the Court's docket for all notices of appearance, address changes, and claims-related pleadings and orders filed and make necessary notations on and changes to the claims register; (n) assist in the dissemination of information to the public and respond to requests for administrative information regarding the Cases as directed by the Debtors or the Court, including through the use of a website and call center; (o) if these cases are converted to Chapter 7, contact the Clerk within three days of the notice to KCC of entry of the order converting the cases; (p) thirty days prior to the closure of these cases, to the extent practicable, request that the Debtors submit to the Court a proposed Order dismissing KCC and terminating the services of the agent upon completion of its duties and responsibilities and upon the closing of these cases; (q) within 7 days of notice to KCC of entry of an order closing these cases, provide to the Court the final version of the Claims Register as of the date immediately before the close of these cases; and (r) at the close of these cases, box and transport all original documents, in proper format, as provided by the Clerk's Office, to (i) the Federal Archives Record Administration, located at 14700 Townsend Road, Philadelphia, or (ii) any other location requested by the Clerk. Before the filing of these cases, the Debtors paid KCC a retainer of $20,000 in connection with prepetition services. KCC seeks to first apply the retainer to all prepetition invoices, and thereafter, to have the retainer replenished to the original retainer amount, and thereafter, to hold the retainer under the Services Agreement during these Cases as security for the payment of fees and expenses under the Services Agreement. Following termination of the Services Agreement, KCC will return to the Debtors any amount of the retainer that remains. Evan Gershbein, Senior Vice President of Corporate Restructuring Services of KCC, assures the Court that KCC is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code, in that KCC and its personnel: (i) are not creditors, equity security holders or insiders of the Debtors; (ii) are not and were not, within two years before the date of the filing of these Cases, a director, officer, or employee of the Debtor; and (iii) do not have an interest materially adverse to the interests of the Debtors’ estates or any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors. Mr. Gershbein represent, among other things, that: (a) KCC neither holds nor represents any interest materially adverse to the Debtors' estates in connection with any matters for which KCC will be employed; (b) he is not related or connected to and, to the best of his knowledge, no other professional of KCC is related to or connected to any U.S. Bankruptcy Judge for the District of Delaware or the U.S. Trustee or to any employee in the offices thereof; (c) KCC will not consider itself employed by the U.S. government and will not seek any compensation from the U.S. government in its capacity as the Claims and Noticing Agent in these cases; (d) by accepting employment in these Cases, KCC waives any right to receive compensation from the U.S. government in its capacity as the Claims and Noticing Agent in these cases; (e) in KCC's capacity as the Claims and Noticing Agent in these cases, KCC is not an agent of the U.S. and is not acting on behalf of the U.S.; (f) KCC will not employ any past or present employees of the Debtors in connection with its work as the Claims and Noticing Agent in these cases; (g) in its capacity as Claims and Noticing Agent in these Cases, KCC will not intentionally misrepresent any fact to any person; (h) KCC will be under the supervision and control of the Clerk with respect to the receipt and recordation of claims and claim transfers; and (i) none of the services provided by KCC as Claims and Noticing Agent will be at the expense of the Clerk. KCC can be reached at: Kurtzman Carson Consultants LLC Attn: Drake D. Foster 2335 Alaska Avenue El Segundo, CA 90245 Tel: (310) 823-9000 Fax: (310) 823-9133 E-Mail: dfoster@kccllc.com About Vertellus Vertellus -- http://www.VSRestructuring.com/-- is a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Headquartered in Indianapolis, Indiana, Vertellus Specialties Inc. (Bankr. D. Del. Case No. 16-11290) and affiliates Vertellus Specialties Holdings Corp. (Bankr. D. Del. Case No. 16-11289), Vertellus Agriculture and Nutrition Specialties LL (Bankr. D. Del. Case No. 16-11291), Tibbs Avenue Company (Bankr. D. Del. Case No. 16-11292), Vertellus Specialties PA LLC (Bankr. D. Del. Case No. 16-11293), Vertellus Health & Specialty Products LLC (Bankr. D. Del. Case No. 16-11294), Vertellus Specialties MI LLC (Bankr. D. Del. Case No. 16-11295), Vertellus Performance Materials Inc. (Bankr. D. Del. Case No. 16-11296), Rutherford Chemicals LLC (Bankr. D. Del. Case No. 16-11297), Solar Aluminum Technology Services (Bankr. D. Del. Case No. 16-11298), and MRM Toluic Company, Inc. (Bankr. D. Del. Case No. 16-11299) filed separate Chapter 11 bankruptcy petitions on May 31, 2016. Judge Christopher S. Sontchi presides over the case. Stuart M. Brown, Esq., Kaitlin M. Edelman, Esq., Richard A. Chesley, Esq., Daniel M. Simon, Esq., and David E. Avraham, Esq., at DLA Piper LLP (US) serve as the Debtors' bankruptcy counsel. Jefferies LLC is the Debtors' investment banker. Andrew Hinkelman at FTI Consulting, Inc., is the Debtors' chief restructuring officer. Kurtzman Carson Consultants is the Debtors' claims and noticing agent. The Debtors estimated their assets at between $100 million and $500 million and debts at between $500 million and $1 billion. The petitions were signed by Anne Frye, vice president, secretary and general counsel. WARNER MUSIC: Elects to Redeem Outstanding 13.75% Senior Notes -------------------------------------------------------------- WMG Holdings Corp. elected to call for the redemption of all of its outstanding 13.75% Senior Notes due 2019 and a notice of redemption has been sent by Wells Fargo Bank, National Association, the trustee for the Notes, to all registered holders of the Notes. The redemption price for the Notes is equal to 106.875% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the redemption date, which will be on July 1, 2016. About Warner Music Group Based in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is the direct parent of WMG Holdings Corp., which is the direct parent of WMG Acquisition Corp. WMG Acquisition Corp. is one of the world's major music-based content companies and the successor to substantially all of the interests of the recorded music and music publishing businesses of Time Warner Inc. The Company classifies its business interests into two fundamental operations: Recorded Music and Music Publishing. The Company's Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company's Music Publishing operations include Warner/Chappell, its global Music Publishing company, headquartered in New York with operations in over 50 countries through various subsidiaries, affiliates and non-affiliated licensees. In May 2011, Warner Music Group Corp. and Access Industries, the U.S.-based industrial group, announced the execution of a definitive merger agreement under which Access Industries will acquire WMG in an all-cash transaction valued at $3.3 billion. The purchase includes WMG's entire recorded music and music publishing businesses. On July 20, 2011, the Company notified the New York Stock Exchange, Inc., of its intent to remove the Company's common stock from listing on the NYSE and requested that the NYSE file with the SEC an application on Form 25 to report the delisting of the Company's common stock from the NYSE. On July 21, 2011, in accordance with the Company's request, the NYSE filed the Form 25 with the SEC in order to provide notification of that delisting and to effect the deregistration of the Company's common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended. On August 2, 2011, the Company filed a Form 15 with the SEC in order to provide notification of a suspension of its duty to file reports under Section 15(d) of the Exchange Act. The Company continues to file reports with the SEC pursuant to the Exchange Act in accordance with certain covenants contained in the instruments governing the Company's outstanding indebtedness. Warner Music reported a net loss attributable to the Company of $91 million on $2.96 billion of revenues for the fiscal year ended Sept. 30, 2015, compared to a net loss attributable to the Company of $308 million on $3.02 billion of revenues for the fiscal year ended Sept. 30, 2014. As of March 31, 2016, Warner Music had $5.48 billion in total assets, $5.25 billion in total liabilities and $234 million in total equity. * * * As reported by the TCR on Oct. 23, 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on New York City-based Warner Music Group Corp. (WMG) to 'B' from 'B+'. "The downgrades reflect our expectations that WMG's adjusted leverage will remain elevated for the next two years -- above our 5x threshold for the 'B+' corporate credit rating," said Standard & Poor's credit analyst Naveen Sarma. WARREN RESOURCES: Moody's Lowers PDR to D-PD on Ch. 11 Filing ------------------------------------------------------------- Moody's Investors Service downgraded Warren Resources Inc.'s Probability of Default Rating to D-PD from C-PD, following the company's announcement that it has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas on June 2, 2016. Concurrently Moody's affirmed Warren's Corporate Family Rating (CFR) of C and unsecured notes rating of C. The Speculative Grade Liquidity (SGL) Rating was affirmed at SGL-4. A complete list of rating actions is: Downgrades: Issuer: Warren Resources, Inc. Probability of Default Rating, Downgraded to D-PD from C-PD Affirmations: Corporate Family Rating, Affirmed at C Speculative Grade Liquidity Rating, Affirmed at SGL-4 Senior Unsecured Notes, Affirmed at C (LGD6) Outlook Actions: Issuer: Warren Resources, Inc. Outlook remains negative RATINGS RATIONALE The downgrade of Warren's PDR to D-PD is a result of the bankruptcy filing. Warren's other ratings have been affirmed, which reflects Moody's view on the potential overall family recovery. Shortly following this rating action, Moody's will withdraw all ratings for the company consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited. The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Warren Resources, Inc., headquartered in Denver, Co is an independent exploration and production company with operations primarily focused on oil production in California and natural gas production in Pennsylvania and Wyoming. WILLIAM MATTHEW BLACK: Court Denies Gallinghouse's Bid to Appeal ---------------------------------------------------------------- Walter Gallinghouse, Joanne Gallinghouse, G & A Publishing, Inc., and Gallinghouse & Associates, Inc., move for leave to appeal the April 21, 2016 order of the United States Bankruptcy Court for the Eastern District of Louisiana denying their motion for summary judgment in the case captioned WALTER GALLINGHOUSE, et al. Section: "G" (5) v. WILLIAM MATTHEW BLACK, Civil Action Case No. 16-4261 (Bankr. E.D. La.). Judge Nannette Jolivette Brown of the United States District Court for the Eastern District of Louisiana denied the motion. In the instant motion, Movants seek leave to appeal the Bankruptcy Court's Order and raise the following issues: (1) whether the denial of summary judgment is proper considering the Bankruptcy Court's failure to recognize that Black's debts arise from a trial judgment where the state court concluded that Black committed conversion and intentional infliction of emotional distress, and therefore the debts are non-dischargeable pursuant to Section 523(a)(6) of the Bankruptcy Code; and (2) whether the denial of summary judgment is proper considering that the Bankruptcy Court failed to recognize that the state court's determination that Black had participated in civil conspiracy is dispositive of whether the Restitution Judgment against Deborah Black represents a community debt for which Black remains personally liable. Movants assert that the failure of the Bankruptcy Court to recognize controlling legal authority on issue preclusion and community property law "dooms the Gallinghouse entities to retry a case, in its entirety, that has already been tried. A full-text copy of the Order dated May 27, 2016 is available at https://is.gd/ZGWA1e from Leagle.com. Walter Gallinghouse, Appellant, is represented by John Covington Henry, Esq. --jhenry@loeb-law.com -- Loeb Law Firm & John Alan Berry. Joanne Gallinghouse, Appellant, is represented by John Covington Henry, Loeb Law Firm & John Alan Berry. G&A Publishing, Inc., Appellant, is represented by John Covington Henry, Loeb Law Firm & John Alan Berry. Gallinghouse & Associates, Inc, Appellant, is represented by John Covington Henry, Loeb Law Firm & John Alan Berry. William Matthew Black, Appellee, is represented by Phillip Wallace, Esq. -- Pkwallace@aol.com -- Phillip K. Wallace, Attorney at Law. WKI HOLDING: Moody's Assigns B2 CFR, Outlook Stable --------------------------------------------------- Moody's Investors Service assigned a B2 Corporate Family Rating and a B2-PD Probability of Default Rating to WKI Holding Company, Inc. (doing business as "World Kitchen", initially "Let's Go Acquisition Corp.") following the announcement of its acquisition by GP Investments Acquisition Corp. ("GPIAC"). Let's Go Acquisition Corp. is an acquisition vehicle that will be the initial borrower under the debt financing, which will be merged with and into WKI Holding Company, Inc. upon closing of the transaction. WKI Holding Company, Inc. will be the surviving entity and will assume the obligations under the new capital structure. Moody's also assigned a B2 instrument rating to the company's proposed $275 million senior secured first lien term loan due 2023. The rating outlook is stable. Proceeds from the term loan along with contributed equity, will be used to finance the purchase of a majority share in WKI Holding Company, Inc. from W Capital Partners II, L.P. and Oaktree Capital Management. The transaction will increase leverage by about 0.4 times to 4.4 times (as of Q1 2016, including Moody's adjustments). Moody's expects World Kitchen to reduce leverage through earnings growth to the about 4 times through year-end 2017, and to maintain good near term liquidity. However, the company's interest in using cash flow and new equity and debt issuance towards potential acquisitions limits the potential for debt paydown. Moody's took these rating actions on Let's Go Acquisition Corp. (to be renamed WKI Holding Company, Inc.): Corporate Family Rating, Assigned at B2 Probability of Default Rating, Assigned at B2-PD Speculative Grade Liquidity Rating, Assigned at SGL-2 Proposed $275 Million Senior Secured First Lien Term Loan due 2023, Assigned at B2 (LGD4) Stable Outlook These ratings will be withdrawn upon consummation of the transaction: WKI Holding Company, Inc. (OLD): Corporate Family Rating of B2 Probability of Default Rating of B2-PD World Kitchen LLC: $90 Million Senior Secured First Lien Revolving Credit Facility due 2018 of B1 (LGD3) $252 Million Senior Secured First Lien Term Loan due 2019 of B1 (LGD3) All ratings are subject to the execution of the transaction as currently proposed and Moody's review of final documentation. The instrument ratings are subject to change if the proposed capital structure is modified. RATINGS RATIONALE World Kitchen's B2 CFR reflects the company's small scale, high fixed costs relative to other consumer durables companies, and operations in the highly competitive and mature housewares category. Credit metrics are in line with those of some similarly-rated peers, with pro-forma debt/EBITDA of 4.4 times and EBIT/interest expense of 1.4 times (Moody's-adjusted, as of April 3, 2016, pro-forma for the acquisition by GP Investments Acquisition Corp., "GPIAC"). Moody's expects that as a publicly traded entity with a majority independent board, the company will have increased transparency and accountability and a more conservative financial policy. However, the rating also reflects our expectations of elevated event risk from World Kitchen's increased focus on acquisitions. Favorably, the rating reflects the company's portfolio of well-recognized housewares brands, global footprint, solid execution over the past several years, and good liquidity profile. The B2 rating on the proposed term loan reflects its predominance in the capital structure. The facility will benefit from first-priority interest in all of the assets of the borrower and its material domestic subsidiaries, except for accounts receivable, inventory and cash and cash equivalents, on which it will have second priority interest. The collateral will also include 65% stock pledge from Parent's (GP Investments Acquisition Corp. initially, to be renamed World Kitchen Group, Inc.) material foreign subsidiaries. The credit facility also benefits from upstream and downstream guarantees from Parent and all of its material domestic subsidiaries. The credit agreement is expected to allow for a $70 million incremental term loan plus an unlimited amount up as long as pro-forma leverage is below 3.5 times (from 3.9 times pro-forma LTM Q1 2016). It will include a basket available for investments and restricted payments of $17.5 million plus the portion of excess cash flow of Holdings and its restricted subsidiaries that is not required to be applied to prepay the Term Facility, plus a growth amount. The use of the basket will be subject to a pro-forma net leverage ratio of 3.0 times (3.25 times after the second anniversary of the closing date). The rating outlook is stable and reflects our expectation of flat to slightly lower earnings in 2016 and a good liquidity profile including positive free cash flow generation. The ratings could be downgraded if operating performance meaningfully deteriorates for any reason, including supply chain or manufacturing disruptions, or if liquidity weakens. Credit metrics driving a potential downgrade include debt/EBITDA sustained above 5.5 times or EBIT/interest expense below 1.3 times. The ratings could be upgraded if the company grows its revenue and earnings base while maintaining a good liquidity profile. Quantitatively, the ratings could be upgraded if debt/EBITDA is sustained below 4.5 times, EBIT/interest expense above 2 times and free cash flow/debt above 5%. Other factors that could contribute to an upgrade include increased scale and the ability to manufacture key brands such as Corelle in multiple locations. Headquartered in Rosemont, IL, Let's Go Acquisition Corp. (to be renamed WKI Holding Company, Inc.), along with its operating subsidiaries manufactures, designs and markets dinnerware, bakeware, kitchen tools, rangetop cookware, storage and cutlery products. Brands include Corelle, Pyrex, Corningware, OLFA, Snapware, Visions, Chicago Cutlery, Baker's Secret and others. The company markets its products primarily in the U.S., Asia-Pacific and Canada across a range of distribution channels including mass merchants, department stores, specialty retailers, company-operated stores and the Internet. Revenues for the LTM period ended April 3, 2016, were approximately $661 million. Following the acquisition by GP Investments Acquisition Corp., World Kitchen will trade on the NASDAQ under symbol WDKN. The principal methodology used in these ratings was Consumer Durables Industry published in September 2014. WS STORES: Court Grants Antunez's Request for Copy of Plan ---------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico granted Antunez & Son Produce, Inc.'s motion requesting to be served with a copy of WS Stores, Corp's disclosure statement and plan. WS Stores, Corp (Bankr. D.P.R., Case No.: 16-03471) filed a Chapter 11 Petition on April 29, 2016. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Debtor's counsel is Teresa M Lube Capo, Esq., at Lube & Soto Law Offices PSC, in San Juan, Puerto Rico. The Debtor's estimated assets range from $100,000 to $500,000 and estimated liabilities from $1 million to $10 million. The petition was signed by Jose W. Flores Santos, president. WTB 5 ENTERPRISES: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Wtb 5 Enterprises, LLC. Wtb 5 Enterprises, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-04074) on April 15, 2016. The petition was filed pro se. [*] Cowen Bags M&A's Boutique Restructuring Bank of the Year Award ------------------------------------------------------------------ Cowen Group, Inc. ("Cowen" or the "Company") on June 1 disclosed that Cowen and Company recently received two awards at the Global M&A Network's 8th Annual Turnaround Atlas Awards: -- Boutique Restructuring Bank of the Year -- Special Situation M&A Deal of the Year These awards honor the achievements of outstanding firms and professionals within the restructuring, bankruptcy, special situations and turnaround communities worldwide. Lorie Beers, Managing Director and Head of Cowen's Special Situations Advisory Group, said, "We are proud to be recognized by the Global M&A Network for our restructuring and recapitalization advisory services and to be included among a distinguished list of industry leaders. The Boutique Restructuring Bank of the Year award reflects Cowen's commitment to guiding clients through challenging situations with thoughtful, tailored solutions and our team's four decades of balance sheet advisory experience. The Special Situation M&A Deal of the Year award recognizes our work as financial advisor to New York Wire in its acquisition by Phifer Inc., which was accomplished through a 363 sale." About Cowen Group, Inc. Cowen Group, Inc. is a diversified financial services firm and, together with its consolidated subsidiaries, provides alternative asset management, investment banking, research, sales and trading and prime brokerage services through its two business segments: Ramius and its affiliates make up the Company's alternative investment segment, while Cowen and Company and its affiliates make up the Company's broker-dealer segment. Ramius provides alternative asset management solutions to a global client base and manages a significant portion of Cowen's proprietary capital. Cowen and Company and its affiliates offer industry focused investment banking for growth-oriented companies, domain knowledge-driven research, a sales and trading platform for institutional investors and a comprehensive suite of prime brokerage services. Founded in 1918, the firm is headquartered in New York and has offices worldwide. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------- -------- ------- ABSOLUTE SOFTWRE OU1 GR 105.0 (41.3) (39.7) ABSOLUTE SOFTWRE ABT CN 105.0 (41.3) (39.7) ABSOLUTE SOFTWRE ABT2EUR EU 105.0 (41.3) (39.7) ABSOLUTE SOFTWRE ALSWF US 105.0 (41.3) (39.7) ADV MICRO DEVICE AMD GR 2,981.0 (503.0) 898.0 ADV MICRO DEVICE AMD* MM 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 SW 2,981.0 (503.0) 898.0 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 QT 2,981.0 (503.0) 898.0 ADVANCED EMISSIO OXQ1 GR 41.6 (20.1) (22.3) ADVANCED EMISSIO ADES US 41.6 (20.1) (22.3) 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 1,988.0 (124.0) 132.7 AEROJET ROCKETDY GCY GR 1,988.0 (124.0) 132.7 AEROJET ROCKETDY GCY TH 1,988.0 (124.0) 132.7 AIR CANADA AC CN 13,503.0 (732.0) (256.0) AIR CANADA ADH2 GR 13,503.0 (732.0) (256.0) AIR CANADA ACEUR EU 13,503.0 (732.0) (256.0) AIR CANADA ADH2 TH 13,503.0 (732.0) (256.0) AIR CANADA ACDVF US 13,503.0 (732.0) (256.0) AK STEEL HLDG AK2 TH 3,987.3 (611.6) 750.7 AK STEEL HLDG AK2 GR 3,987.3 (611.6) 750.7 AK STEEL HLDG AKS* MM 3,987.3 (611.6) 750.7 AK STEEL HLDG AKS US 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 4,855.4 (1,449.1) 913.7 ARGOS THERAPEUTI ARGS US 42.8 (20.2) 0.9 ARIAD PHARM ARIAEUR EU 502.5 (154.0) 84.2 ARIAD PHARM ARIACHF EU 502.5 (154.0) 84.2 ARIAD PHARM ARIA SW 502.5 (154.0) 84.2 ARIAD PHARM APS TH 502.5 (154.0) 84.2 ARIAD PHARM APS QT 502.5 (154.0) 84.2 ARIAD PHARM ARIA US 502.5 (154.0) 84.2 ARIAD PHARM APS GR 502.5 (154.0) 84.2 ARRAY BIOPHARMA ARRY US 196.2 (14.8) 128.0 ARRAY BIOPHARMA AR2 GR 196.2 (14.8) 128.0 ARRAY BIOPHARMA AR2 TH 196.2 (14.8) 128.0 ASPEN TECHNOLOGY AZPN US 439.4 (35.5) (21.3) ASPEN TECHNOLOGY AST GR 439.4 (35.5) (21.3) AUTOZONE INC AZO US 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 QT 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 TH 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZ5 GR 8,366.4 (1,741.3) (784.8) AUTOZONE INC AZOEUR EU 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 GR 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP TH 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP CI 3,629.1 (435.7) 604.6 AVON PRODUCTS AVP US 3,629.1 (435.7) 604.6 BARRACUDA NETWOR CUDAEUR EU 419.8 (32.1) (41.9) BARRACUDA NETWOR 7BM GR 419.8 (32.1) (41.9) BARRACUDA NETWOR 7BM QT 419.8 (32.1) (41.9) BARRACUDA NETWOR CUDA US 419.8 (32.1) (41.9) BENEFITFOCUS INC BNFT US 136.0 (26.7) 9.6 BENEFITFOCUS INC BTF GR 136.0 (26.7) 9.6 BLUE BIRD CORP 1291067D US 279.4 (119.2) (10.2) BLUE BIRD CORP BLBD US 279.4 (119.2) (10.2) 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 EAT US 1,489.2 (243.7) (225.6) BRINKER INTL BKJ GR 1,489.2 (243.7) (225.6) 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 BRP INC/CA-SUB V B15A GR 2,445.2 (14.1) 363.3 BUFFALO COAL COR BUC SJ 48.1 (17.9) 0.3 BURLINGTON STORE BURL US 2,605.9 (105.2) 106.6 BURLINGTON STORE BUI GR 2,605.9 (105.2) 106.6 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 SY-A CVY TH 6,732.4 (4,832.9) (257.2) CABLEVISION SY-A CVC US 6,732.4 (4,832.9) (257.2) CABLEVISION-W/I 8441293Q US 6,732.4 (4,832.9) (257.2) CABLEVISION-W/I CVC-W US 6,732.4 (4,832.9) (257.2) CALIFORNIA RESOU CRC US 6,662.0 (952.0) (207.0) CALIFORNIA RESOU CRCEUR EU 6,662.0 (952.0) (207.0) CALIFORNIA RESOU 1CLB GR 6,662.0 (952.0) (207.0) CALIFORNIA RESOU 1CL TH 6,662.0 (952.0) (207.0) CAMBIUM LEARNING ABCD US 131.8 (74.0) (58.3) CARBONITE INC CARB US 132.7 (4.8) (46.0) CARBONITE INC 4CB GR 132.7 (4.8) (46.0) CASELLA WASTE WA3 GR 620.4 (28.5) 0.3 CASELLA WASTE CWST US 620.4 (28.5) 0.3 CEB INC CEB US 1,299.6 (23.3) (202.0) CEB INC FC9 GR 1,299.6 (23.3) (202.0) 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 COMMUN-A CHTR US 40,524.0 (219.0) (313.0) CHOICE HOTELS CHH US 787.3 (385.9) 117.8 CHOICE HOTELS CZH GR 787.3 (385.9) 117.8 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 CCO US 5,739.4 (940.4) 692.7 CLEAR CHANNEL-A C7C GR 5,739.4 (940.4) 692.7 CLIFFS NATURAL R CLF US 1,886.3 (1,696.7) 352.2 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 COGENT COMMUNICA CCOI US 665.1 (18.4) 168.5 COGENT COMMUNICA OGM1 GR 665.1 (18.4) 168.5 COHERUS BIOSCIEN CHRS US 226.2 (66.9) 118.7 COHERUS BIOSCIEN 8C5 GR 226.2 (66.9) 118.7 COHERUS BIOSCIEN CHRSEUR EU 226.2 (66.9) 118.7 COHERUS BIOSCIEN 8C5 TH 226.2 (66.9) 118.7 COLGATE-BDR COLG34 BZ 12,448.0 (73.0) 27.0 COLGATE-CEDEAR CL AR 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 GR 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 CPA QT 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 COMMUNICATION CSAL US 2,517.9 (1,288.9) - COMMUNICATION 8XC GR 2,517.9 (1,288.9) - CPI CARD GROUP I PMTS US 280.4 (86.6) 59.0 CPI CARD GROUP I PNT CN 280.4 (86.6) 59.0 CPI CARD GROUP I CPB GR 280.4 (86.6) 59.0 CYAN INC CYNI US 112.1 (18.4) 56.9 CYAN INC YCN GR 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 DENN US 288.8 (57.4) (48.9) DENNY'S CORP DE8 GR 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 EZV GR 820.8 (1,730.3) 292.8 DOMINO'S PIZZA EZV TH 820.8 (1,730.3) 292.8 DOMINO'S PIZZA DPZ US 820.8 (1,730.3) 292.8 DPL INC DPL US 3,202.9 (16.9) (466.2) DUN & BRADSTREET DB5 TH 2,176.0 (1,106.3) (94.4) DUN & BRADSTREET DNB1EUR EU 2,176.0 (1,106.3) (94.4) DUN & BRADSTREET DB5 GR 2,176.0 (1,106.3) (94.4) DUN & BRADSTREET DNB US 2,176.0 (1,106.3) (94.4) DUNKIN' BRANDS G DNKN US 3,093.9 (234.6) 117.3 DUNKIN' BRANDS G 2DB GR 3,093.9 (234.6) 117.3 DUNKIN' BRANDS G DNKNEUR EU 3,093.9 (234.6) 117.3 DUNKIN' BRANDS G 2DB TH 3,093.9 (234.6) 117.3 DURATA THERAPEUT DTA GR 82.1 (16.1) 11.7 DURATA THERAPEUT DRTXEUR EU 82.1 (16.1) 11.7 DURATA THERAPEUT DRTX US 82.1 (16.1) 11.7 EAST DUBUQUE NIT RNF US 241.4 (166.3) 12.0 EASTMAN KODAK CO KODK US 2,066.0 (48.0) 861.0 EASTMAN KODAK CO KODN GR 2,066.0 (48.0) 861.0 EDGEN GROUP INC EDG US 883.8 (0.8) 409.2 ENERGIZER HOLDIN EGG GR 1,584.4 (10.2) 643.2 ENERGIZER HOLDIN ENR-WEUR EU 1,584.4 (10.2) 643.2 ENERGIZER HOLDIN ENR US 1,584.4 (10.2) 643.2 EPL OIL & GAS IN EPL US 563.6 (933.3) (308.4) EPL OIL & GAS IN EPA1 GR 563.6 (933.3) (308.4) ERIN ENERGY CORP ERN SJ 359.6 (137.4) (338.3) EXELIXIS INC EXELEUR EU 492.5 (156.0) 238.4 EXELIXIS INC EX9 GR 492.5 (156.0) 238.4 EXELIXIS INC EX9 TH 492.5 (156.0) 238.4 EXELIXIS INC EX9 QT 492.5 (156.0) 238.4 EXELIXIS INC EXEL US 492.5 (156.0) 238.4 FAIRMOUNT SANTRO FMSA US 1,316.0 (73.6) 171.8 FAIRMOUNT SANTRO FMSAEUR EU 1,316.0 (73.6) 171.8 FAIRMOUNT SANTRO FM1 GR 1,316.0 (73.6) 171.8 FAIRPOINT COMMUN FRP US 1,291.0 (17.0) (1.2) FAIRPOINT COMMUN FONN GR 1,291.0 (17.0) (1.2) FIFTH STREET ASS FSAM US 161.0 (11.6) - 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 FSLEUR EU 3,159.0 (3,079.0) 1,264.0 FREESCALE SEMICO 1FS GR 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 115.9 (248.2) - 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 GGRA GR 2,211.5 (112.7) (111.9) GARTNER INC IT* MM 2,211.5 (112.7) (111.9) GARTNER INC IT US 2,211.5 (112.7) (111.9) GCP APPLIED TECH GCP US 985.6 (182.1) 219.8 GCP APPLIED TECH 43G GR 985.6 (182.1) 219.8 GENTIVA HEALTH GHT GR 1,225.2 (285.2) 130.0 GENTIVA HEALTH GTIV US 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 24.0 (20.5) 10.0 GOLD RESERVE INC GOD GR 24.0 (20.5) 10.0 GOLD RESERVE INC GRZ CN 24.0 (20.5) 10.0 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 US 2,874.0 (536.7) 631.6 H&R BLOCK INC HRB TH 2,874.0 (536.7) 631.6 H&R BLOCK INC HRB GR 2,874.0 (536.7) 631.6 H&R BLOCK INC HRBEUR EU 2,874.0 (536.7) 631.6 HCA HOLDINGS INC 2BH GR 32,776.0 (5,999.0) 3,803.0 HCA HOLDINGS INC HCAEUR EU 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 2BH TH 32,776.0 (5,999.0) 3,803.0 HECKMANN CORP-U HEK/U US 460.1 (65.1) (465.4) HEWLETT-PACKA-WI HPQ-W US 25,523.0 (4,786.0) (1,477.0) HOVNANIAN-A-WI HOV-W US 2,518.6 (152.3) 1,519.6 HP COMPANY-BDR HPQB34 BZ 25,523.0 (4,786.0) (1,477.0) HP INC HPQ SW 25,523.0 (4,786.0) (1,477.0) HP INC HPQCHF EU 25,523.0 (4,786.0) (1,477.0) HP INC HPQ US 25,523.0 (4,786.0) (1,477.0) HP INC 7HP TH 25,523.0 (4,786.0) (1,477.0) HP INC HWP QT 25,523.0 (4,786.0) (1,477.0) HP INC 7HP GR 25,523.0 (4,786.0) (1,477.0) HP INC HPQ* MM 25,523.0 (4,786.0) (1,477.0) HP INC HPQ CI 25,523.0 (4,786.0) (1,477.0) HP INC HPQ TE 25,523.0 (4,786.0) (1,477.0) HUGHES TELEMATIC HUTCU US 110.2 (101.6) (113.8) IDEXX LABS IX1 GR 1,478.6 (73.8) (69.7) IDEXX LABS IDXX US 1,478.6 (73.8) (69.7) IDEXX LABS IX1 TH 1,478.6 (73.8) (69.7) IMMUNOGEN INC IMU QT 222.3 (41.1) 153.5 IMMUNOGEN INC IMU GR 222.3 (41.1) 153.5 IMMUNOGEN INC IMGN US 222.3 (41.1) 153.5 IMMUNOGEN INC IMU TH 222.3 (41.1) 153.5 IMMUNOMEDICS INC IMMU US 67.6 (45.0) 50.6 IMMUNOMEDICS INC IM3 TH 67.6 (45.0) 50.6 IMMUNOMEDICS INC IM3 GR 67.6 (45.0) 50.6 INFOR ACQUISIT-A IAC/A CN 233.0 (1.6) 2.0 INFOR ACQUISITIO IAC-U CN 233.0 (1.6) 2.0 INFOR US INC LWSN US 6,048.5 (796.8) (226.4) INNOVIVA INC HVE GR 387.8 (362.0) 186.1 INNOVIVA INC INVA US 387.8 (362.0) 186.1 INTERNATIONAL WI ITWG US 325.1 (11.5) 95.4 INVENTIV HEALTH VTIV US 2,127.8 (783.0) 121.1 IPCS INC IPCS US 559.2 (33.0) 72.1 ISRAMCO INC ISRL US 144.9 (2.8) 12.5 ISRAMCO INC ISRLEUR EU 144.9 (2.8) 12.5 ISRAMCO INC IRM GR 144.9 (2.8) 12.5 ISTA PHARMACEUTI ISTA US 124.7 (64.8) 2.2 J CREW GROUP INC JCG US 1,477.3 (776.7) 91.4 JACK IN THE BOX JACK US 1,301.5 (190.6) (83.8) JACK IN THE BOX JBX GR 1,301.5 (190.6) (83.8) JACK IN THE BOX JACK1EUR EU 1,301.5 (190.6) (83.8) JUST ENERGY GROU JE CN 1,247.4 (651.1) (118.7) JUST ENERGY GROU JE US 1,247.4 (651.1) (118.7) JUST ENERGY GROU 1JE GR 1,247.4 (651.1) (118.7) KOPPERS HOLDINGS KO9 GR 1,129.7 (4.3) 173.5 KOPPERS HOLDINGS KOP US 1,129.7 (4.3) 173.5 L BRANDS INC LBEUR EU 7,425.8 (1,085.9) 1,385.8 L BRANDS INC LB* MM 7,425.8 (1,085.9) 1,385.8 L BRANDS INC LTD TH 7,425.8 (1,085.9) 1,385.8 L BRANDS INC LTD GR 7,425.8 (1,085.9) 1,385.8 L BRANDS INC LTD QT 7,425.8 (1,085.9) 1,385.8 L BRANDS INC LB US 7,425.8 (1,085.9) 1,385.8 LANDCADIA HOLDIN LCAHU US 0.3 (0.0) (0.3) LAREDO PETROLEUM LPI US 1,637.2 (45.7) 124.8 LAREDO PETROLEUM 8LP GR 1,637.2 (45.7) 124.8 LAREDO PETROLEUM LPI1EUR EU 1,637.2 (45.7) 124.8 LEAP WIRELESS LWI GR 4,662.9 (125.1) 346.9 LEAP WIRELESS LEAP US 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 LO US 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV TH 4,154.0 (2,134.0) 1,135.0 LORILLARD INC LLV GR 4,154.0 (2,134.0) 1,135.0 M&A HOLDING CORP MHDG US 0.0 (0.0) (0.0) MADISON-A/NEW-WI MSGN-W US 799.5 (1,167.1) 134.9 MAJESCOR RESOURC MJXEUR EU 0.0 (0.1) (0.1) MANITOWOC FOOD MFS US 1,822.9 (125.7) 2.5 MANITOWOC FOOD 6M6 GR 1,822.9 (125.7) 2.5 MANITOWOC FOOD MFS1EUR EU 1,822.9 (125.7) 2.5 MANNKIND CORP MNKD IT 93.3 (373.5) (205.1) MARRIOTT INTL-A MAR US 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 MAQ GR 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 MDCA US 1,571.6 (454.2) (274.0) MDC PARTNERS-A MDZ/A CN 1,571.6 (454.2) (274.0) MDC PARTNERS-A MDCAEUR EU 1,571.6 (454.2) (274.0) MDC PARTNERS-EXC MDZ/N CN 1,571.6 (454.2) (274.0) MEAD JOHNSON MJNEUR EU 4,016.8 (592.4) 1,392.1 MEAD JOHNSON MJN US 4,016.8 (592.4) 1,392.1 MEAD JOHNSON 0MJA GR 4,016.8 (592.4) 1,392.1 MEAD JOHNSON 0MJA TH 4,016.8 (592.4) 1,392.1 MEDLEY MANAGE-A MDLY US 112.0 (24.5) 44.7 MERITOR INC AID1 GR 2,093.0 (601.0) 146.0 MERITOR INC MTOR US 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 782.8 (1,504.5) (1,920.4) 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 MCOEUR EU 5,114.9 (351.5) 1,933.4 MOODY'S CORP DUT GR 5,114.9 (351.5) 1,933.4 MOODY'S CORP DUT TH 5,114.9 (351.5) 1,933.4 MOODY'S CORP DUT QT 5,114.9 (351.5) 1,933.4 MOTOROLA SOLUTIO MTLA TH 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MTLA GR 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MSI US 9,049.0 (137.0) 1,969.0 MOTOROLA SOLUTIO MOT TE 9,049.0 (137.0) 1,969.0 MPG OFFICE TRUST 1052394D US 1,280.0 (437.3) - MSG NETWORKS- A 1M4 GR 799.5 (1,167.1) 134.9 MSG NETWORKS- A 1M4 TH 799.5 (1,167.1) 134.9 MSG NETWORKS- A MSGN US 799.5 (1,167.1) 134.9 NATHANS FAMOUS NATH US 81.0 (65.2) 57.4 NATHANS FAMOUS NFA GR 81.0 (65.2) 57.4 NATIONAL CINEMED NCMI US 1,037.6 (173.3) 92.5 NATIONAL CINEMED XWM GR 1,037.6 (173.3) 92.5 NAVIDEA BIOPHARM NAVB IT 12.3 (57.2) (47.1) NAVISTAR INTL IHR GR 5,980.0 (5,190.0) 139.0 NAVISTAR INTL IHR TH 5,980.0 (5,190.0) 139.0 NAVISTAR INTL NAV US 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 193.8 (31.2) - NORTHERN OIL AND NOG US 573.2 (322.5) (7.7) NORTHERN OIL AND 4LT GR 573.2 (322.5) (7.7) NTELOS HOLDINGS NTLS US 611.1 (39.9) 104.9 OCH-ZIFF CAPIT-A 35OA GR 1,255.3 (183.7) - OCH-ZIFF CAPIT-A OZM US 1,255.3 (183.7) - OMEROS CORP OMEREUR EU 36.0 (40.7) 6.8 OMEROS CORP 3O8 TH 36.0 (40.7) 6.8 OMEROS CORP 3O8 GR 36.0 (40.7) 6.8 OMEROS CORP OMER US 36.0 (40.7) 6.8 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 PAVMED INC PAVMU US 0.8 (0.1) (0.5) PBF LOGISTICS LP PBFX US 433.6 (180.7) 40.6 PBF LOGISTICS LP 11P GR 433.6 (180.7) 40.6 PENN NATL GAMING PN1 GR 5,128.7 (649.1) (189.9) PENN NATL GAMING PENN US 5,128.7 (649.1) (189.9) PHILIP MORRIS IN PMI EB (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 PMI SW (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 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 4I1 TH (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 PHILIP MORRIS IN PM FP (34,621.0) 10,894.0 1,837.0 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 1,210.9 (101.0) 239.9 PLY GEM HOLDINGS PGEM US 1,210.9 (101.0) 239.9 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 Q US 3,982.9 (205.9) 859.0 QUINTILES TRANSN QTS GR 3,982.9 (205.9) 859.0 REGAL ENTERTAI-A RGC US 2,632.3 (877.6) (113.1) REGAL ENTERTAI-A RGC* MM 2,632.3 (877.6) (113.1) REGAL ENTERTAI-A RETA GR 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 RVL1 GR 1,887.7 (573.3) 308.5 REVLON INC-A REV US 1,887.7 (573.3) 308.5 RLJ ACQUISITI-UT RLJAU US 135.8 (13.5) 20.6 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 7RY GR 1,582.8 (118.7) 625.0 RYERSON HOLDING 7RY TH 1,582.8 (118.7) 625.0 RYERSON HOLDING RYI US 1,582.8 (118.7) 625.0 SALLY BEAUTY HOL SBH US 2,069.4 (341.4) 643.4 SALLY BEAUTY HOL S7V GR 2,069.4 (341.4) 643.4 SANCHEZ ENERGY C 13S TH 1,421.2 (523.1) 401.7 SANCHEZ ENERGY C SN* MM 1,421.2 (523.1) 401.7 SANCHEZ ENERGY C 13S GR 1,421.2 (523.1) 401.7 SANCHEZ ENERGY C SN US 1,421.2 (523.1) 401.7 SBA COMM CORP-A SBACEUR EU 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 SBJ GR 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 QT 11,175.0 (2,360.0) 1,526.0 SEARS HOLDINGS SEE TH 11,175.0 (2,360.0) 1,526.0 SEARS HOLDINGS SEE GR 11,175.0 (2,360.0) 1,526.0 SEARS HOLDINGS SHLD US 11,175.0 (2,360.0) 1,526.0 SILVER SPRING NE 9SI GR 465.6 (45.9) (20.0) SILVER SPRING NE SSNI US 465.6 (45.9) (20.0) SILVER SPRING NE 9SI TH 465.6 (45.9) (20.0) SIRIUS XM CANADA SIICF US 292.9 (134.0) (172.0) SIRIUS XM CANADA XSR CN 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 SO4 GR 606.7 (33.2) 15.5 SONIC CORP SONC US 606.7 (33.2) 15.5 SONIC CORP SONCEUR EU 606.7 (33.2) 15.5 SPORTSMAN'S WARE SPWH US 338.8 (2.4) 84.5 SPORTSMAN'S WARE 06S GR 338.8 (2.4) 84.5 SUPERVALU INC SVU* MM 4,370.0 (433.0) 63.0 SUPERVALU INC SVU US 4,370.0 (433.0) 63.0 SUPERVALU INC SJ1 GR 4,370.0 (433.0) 63.0 SUPERVALU INC SJ1 TH 4,370.0 (433.0) 63.0 SWIFT ENERGY CO SWTF US 433.3 (960.1) (376.7) SYNERGY PHARMACE SGYPEUR EU 88.4 (6.5) 68.3 SYNERGY PHARMACE S90 GR 88.4 (6.5) 68.3 SYNERGY PHARMACE SGYP US 88.4 (6.5) 68.3 TAILORED BRANDS TLRD US 2,244.3 (100.1) 723.6 TAILORED BRANDS WRMA GR 2,244.3 (100.1) 723.6 TAILORED BRANDS TLRD* MM 2,244.3 (100.1) 723.6 TIANHE UNION HOL TUAAE US 0.0 (0.0) (0.0) TRANSDIGM GROUP T7D GR 8,359.5 (961.8) 1,082.0 TRANSDIGM GROUP TDG SW 8,359.5 (961.8) 1,082.0 TRANSDIGM GROUP T7D QT 8,359.5 (961.8) 1,082.0 TRANSDIGM GROUP TDGCHF EU 8,359.5 (961.8) 1,082.0 TRANSDIGM GROUP TDGEUR EU 8,359.5 (961.8) 1,082.0 TRANSDIGM GROUP TDG US 8,359.5 (961.8) 1,082.0 TURNING POINT BR TPB US 257.0 (84.6) 49.9 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 USY1 TH 2,265.1 (1,354.3) 261.5 UNISYS CORP UISEUR EU 2,265.1 (1,354.3) 261.5 UNISYS CORP UISCHF EU 2,265.1 (1,354.3) 261.5 UNISYS CORP USY1 GR 2,265.1 (1,354.3) 261.5 VECTOR GROUP LTD VGR US 1,228.8 (153.9) 335.3 VECTOR GROUP LTD VGR QT 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 VRSN US 2,323.7 (1,108.0) 464.3 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 VRS QT 2,323.7 (1,108.0) 464.3 VERIZON TELEMATI HUTC US 110.2 (101.6) (113.8) VIEWRAY INC VRAY US 39.1 (19.8) (0.6) VIRGIN MOBILE-A VM US 307.4 (244.2) (138.3) WEIGHT WATCHERS WW6 TH 1,290.5 (1,296.9) (173.7) WEIGHT WATCHERS WTWEUR EU 1,290.5 (1,296.9) (173.7) WEIGHT WATCHERS WW6 GR 1,290.5 (1,296.9) (173.7) WEIGHT WATCHERS WTW US 1,290.5 (1,296.9) (173.7) WEST CORP WT2 GR 3,522.7 (536.2) 231.2 WEST CORP WSTC US 3,522.7 (536.2) 231.2 WESTERN REFINING WNRL US 487.3 (73.7) 13.9 WESTERN REFINING WR2 GR 487.3 (73.7) 13.9 WESTMORELAND COA WLB US 1,770.7 (550.1) (32.2) WINGSTOP INC WING US 116.6 (4.8) 2.0 WINGSTOP INC EWG GR 116.6 (4.8) 2.0 WINMARK CORP WINA US 43.8 (27.3) 12.0 WINMARK CORP GBZ GR 43.8 (27.3) 12.0 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 YRCWEUR EU 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YEL1 GR 1,863.8 (392.7) 178.1 YRC WORLDWIDE IN YEL1 QT 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 ***