TCR_Public/160627.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, June 27, 2016, Vol. 20, No. 179

                            Headlines

151 MILBANK: Sale Protocol Added to Amended Plan Outline
A CHICAGO CONVENTION: Case Summary & 4 Unsecured Creditors
ADVANCED INTEGRATION: S&P Assigns 'B+' CCR, Outlook Stable
AEP INDUSTRIES: Egan-Jones Hikes FC Sr. Unsecured Rating to B+
AEROPOSTALE INC: Creditors' Committee Taps Pachulski as Counsel

AEROPOSTALE INC: Creditors' Panel Hires Province as Fin'l Advisor
AEROPOSTALE INC: Seeks Court OK of Key Employee Incentive Plan
AEROPOSTALE, INC: $160-Mil. DIP Facility Has Final Approval
AEROPOSTALE, INC: Proposes July 22 Claims Bar Date
AKO INTERIOR: Unsecured Creditors to Recover 30% Under Plan

ALEXANDRE DANILENKO: Unsecureds to Recoup 10% Under Plan
ALISAL WATER: Fitch Affirms 'BB-' IDR, Outlook Stable
ALLY FINANCIAL: Dodd-Frank Act Stress Test 2016
ALROSE ALLEGRIA: Auction for Luxury Hotel Set for July 19
ALSON ALSTON: Secured Creditors Object to Disclosure Statement

AMPLIPHI BIOSCIENCES: May Issue 2.5 Million Shares Under Plans
AMPLIPHI BIOSCIENCES: Shareholders Elect Four Directors
AMSURG CORP: S&P Puts 'B+' CCR on CreditWatch Positive
ANGEL INVESTMENT: Hires DeMarco-Mitchell as Bankruptcy Counsel
AOXING PHARMACEUTICAL: Shareholders Elect Five Directors

ARCH COAL: Committee Seeks Mediator Appointment
ARITEL INC: Plans Propose 5% Recovery to Unsecured Creditors
ARLINGTON ASSET: Egan-Jones Cuts FC Sr. Unsecured Rating to B-
ATHLACTION HOLDINGS: S&P Affirms 'B' CCR, Off CreditWatch
AUTODESK INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB+

AVON PRODUCTS: Moody's Cuts Corporate Family Rating to Ba3
AVT INC: Committee Seeks Case Conversion to Chapter 7 Proceeding
AXIALL CORP: Egan-Jones Hikes Sr. Unsecured Ratings to BB
BELK INC: Bank Debt Trades at 19% Off
BFN OPERATIONS: Hires Imperial Capital as Investment Banker

BFN OPERATIONS: Taps UpShot Services as Claims Agent
BIG JACK: S&P Raises Rating on $260MM Sr. Sec. Facility to 'B+'
BION ENVIRONMENTAL: Agriculture Stewardship Act of 2016 Introduced
BLACKBERRY LTD: Egan-Jones Assigns 'B+' FC Sr. Unsecured Rating
BLANKENSHIP FARMS: Taps Brasher Accounting as Accountant

BLUESTEM BRANDS: S&P Puts 'B+' CCR on CreditWatch Negative
BOMBARDIER INC: Moody's Changes B2 CFR Outlook to Stable
CADILLAC NURSING: Taps Mike DiLaura & Associates as Legal Counsel
CAESARS ENTERTAINMENT: Bank RSA Becomes Effective
CAESARS ENTERTAINMENT: Enters Into RSA with Unsecured Claimholders

CANDICE RADIX: Has $1.6MM Offer, July 13 Sale Hearing for Property
CAPITOL LAKES: Taps FTI Consulting as Interest Rate Expert
CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' CCR, Outlook Stable
CERTIFIED ENERGY: Taps Krigel & Krigel as Legal Counsel
CHRISTINE AVELINO-CATABRAN: Court to Recalculate Child Support

CONTINENTAL EXPLORATION: Trustee to Hire PLS to Market Assets
COTT CORP: Egan-Jones Assigns 'B' Senior Unsecured Rating
COWEN GROUP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
CP-CHA ROSELAND: Taps Marcus & Millichap as Broker
CRYOPORT INC: Successfully Completes $1.30M Rights Offering

CUMULUS MEDIA: Appoints John Abbot as Chief Financial Officer
CUMULUS MEDIA: Egan-Jones Cuts Sr. Unsecured Ratings to CCC
DAVID F. YARNALL: July 21 Plan Confirmation Hearing
DAWSON INTERNATIONAL: Taps McGuireWoods as Bankruptcy Counsel
DAYA MEDICALS: Unsecureds to Recover 21.8% Under Plan

DE LEON ENTERPRISES: UST Wants Dismissal or Ch. 11 Trustee
DEAN FOODS: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
DEAN FOODS: Fitch Affirms BB- Issuer Default Rating, Outlook Stable
DEPAUL INDUSTRIES: Taps Henderson Bennington as Accountant
DOTSON PLUMBING: Pension Fund, Unsecureds to Recoup 10% Under Plan

DRUG STORES II: Hires Politan Law as Bankruptcy Counsel
E Z MAILING SERVICES: Seeks to Auction Off All Equipment
ENERGY FUTURE: Plan Confirmation Hearing Set for Aug. 17
ENERPLUS CORP: Egan-Jones Assigns 'B-' Sr. Unsecured Ratings
EOS EVENTS: Hires Lugo Mender as Legal Representative

EPICENTER PARTNERS: Committee Taps Michael W. Carmel as Counsel
FAIRYTALE DAY CARE: Unsecureds to Recoup 10% Under Plan
FEDERAL-MOGUL CORP: Bank Debt Trades at 4% Off
FINJAN HOLDINGS: Stockholders Elect Three Directors
FORTESCUE METALS: Bank Debt Trades at 8% Off

FOUNDATION HEALTHCARE: Shareholders Elect Seven Directors
GARDENS REGIONAL: Hires Dentons US as Bankruptcy Counsel
GATES GROUP: Bank Debt Trades at 5% Off
GAWKER MEDIA: Hearing Today on Bid Protocol; Ziff Davis Bids $90MM
GAWKER MEDIA: Hulk Hogan Challenges Bankruptcy Sale

GERARDO LAZARO: Aug. 2 Plan Confirmation Hearing
GERMAN PELLETS: Files Schedule of Assets
GIVE AND GO: Moody's Assigns B2 Corporate Family Rating
GIVE AND GO: S&P Assigns 'B' CCR, Outlook Stable
GREENHUNTER RESOURCES: Taps Auction Ohio to Sell Assets

HARKAND GULF: Seeks Joint Administration of U.S. Cases
HCSB FINANCIAL: Bank Signs Employment Agreement with CCO
HCSB FINANCIAL: Former CEO James Clarkson Resigns
HEYL & PATTERSON: Hires Gleason & Associates as Financial Advisors
HIRAM RIVERA VEGA: July 27 Plan, Disclosures Approval Hearing

HOVNANIAN ENTERPRISES: Chief Operating Officer Pellerito Resigns
IN AND OUT: Hires Cohen and Wolf as Bankruptcy Counsel
IONIS PHARMACEUTICALS: Egan-Jones Cuts Sr. Unsec. Ratings to B+
JEFFREY HERRMANN JAFFE: Unsecureds to Get 100% Under Plan
JOURNEY HOSPICE: Case Summary & 11 Unsecured Creditors

JOY GLOBAL: Egan-Jones Lowers FC Sr. Unsec. Rating to BB-
KALOBIOS PHARMACEUTICALS: Material Features of Confirmed Plan
KEY ENERGY: Egan-Jones Cuts FC Sr. Unsec. Rating to C From B-
L & W RESEARCH: Taps A & S Accounting Services
LBH NATIONAL: Case Summary & 20 Largest Unsecured Creditors

LIME ENERGY: Seven Directors Elected at Annual Meeting
LINC USA GP: Files Schedules of Assets and Liabilities
LINC USA: Seeks Modification of Sale Motion Deadline
LIONS GATE: Egan-Jones Cuts LC Sr. Unsec. Rating to BB-
LOUISIANA PELLETS: Deadline to Decided on Leases Moved to Sept. 15

LOUISIANA PELLETS: To File Amended Financing Budget Under Seal
LOVE-A-CHILD MISSIONS: Taps Darya S. Druch as Bankruptcy Counsel
LUIS R. SANTOS MONTALVO: Unsecureds to Get Nothing Under Plan
MAD COW SALOON: Taps Michael J. Rose as Legal Counsel
MARINA BIOTECH: Issues $300,000 Unsecured Notes

MASTEC INC: Egan-Jones Lowers Sr. Unsecured Debt Rating to BB-
MERANDA INC: Taps Pedrosa Luna as Legal Counsel
MINERALS TECHNOLOGIES: S&P Raises CCR to 'BB', Outlook Stable
MONAKER GROUP: Incurs $4.55 Million Net Loss in Fiscal 2016
MORGANS HOTEL: Signs $794 Million Acquisition Deal with SBE

MOUNTAIN PROVINCE: Shareholders Elect Six Directors
NEIMAN MARCUS: Bank Debt Trades at 11% Off
NORANDA ALUMINUM: Has $302.5-Mil. Deal for Downstream Biz.
NORANDA ALUMINUM: Objects to Lenders' Adequate Protection Motion
OASIS PETROLEUM: Egan-Jones Cuts FC Sr. Unsec. Rating to CCC+

PALMAZ SCIENTIFIC: Plan Confirmation Hearing Set for June 27
PELICAN REAL ESTATE: Taps Bill Maloney as Financial Advisor
PENN WEST: Egan-Jones Assigns 'CCC' Sr. Unsecured Rating
PHI INC: Egan-Jones Lowers FC Sr. Unsecured Rating to B-
PICO HOLDINGS: Bloggers Claim "CoverUp" By Brownstein on PICOGate

PICO HOLDINGS: Bloggers Vote "Against" Director Howard Brownstein
PLANET INTERMEDIATE: S&P Raises CCR to 'BB-', Outlook Stable
POMEROY PARTNERS: Case Summary & 5 Unsecured Creditors
PORTER BANCORP: Adopts Incentive Program for Directors
PORTER BANCORP: Files Resale Prospectus of 3.4 Million Shares

PRECISION OPTICS: CFO Jack Dreimiller Retired Mid-June
PREMIUM TRANSPORTATION: Unsecureds to Get 2.5% to 7% Under Plan
R&S ST. ROSE LENDERS: Unsecureds to Get 37% Under Plan
RAVAGO HOLDINGS: S&P Assigns 'BB-' CCR, Outlook Stable
REAM PROPERTIES: Taps Craig A. Diehl as Legal Counsel

REDPRAIRIE CORP: 2018 Bank Debt Trades at 6% Off
REDPRAIRIE CORP: Bank Debt Trades at 6% Off
REDWOOD TRUST: Egan-Jones Cuts FC Sr. Unsecured Rating to BB+
ROBERT R. RICCIO: Unsecureds to Recoup 10% Under Plan
ROCKWELL MEDICAL: Expands Board Size to Five Directors

SEVENTY SEVEN: Plan Confirmation Hearing Set for July 13
SIERRA HAMILTON: S&P Lowers CCR to 'CCC' on Weak Liquidity
SPANISH BROADCASTING: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
SPI ENERGY: Holds 67.7% Equity Stake in EnSync
ST. JUDE NURSING CENTER: Taps Mike DiLaura as Legal Counsel

STRATEGIC ENVIRONMENTAL: Case Summary & 8 Unsecured Creditors
T&C GYMNASTICS: Plan Proposes 100% Recovery to Unsecureds
TALIN ZOHRABIAN: Sept. 6 Plan Confirmation Hearing
TELEPHONE & DATA: Egan-Jones Hikes FC Sr. Unsec. Rating to BB
TELKONET INC: Urges Shareholders to Vote the Green Proxy Card

TEREX CORP: Moody's Affirms B1 Corporate Family Rating
THREE FROGS: Modifies Plan Outline to Add More Info on Funding
TITAN INT'L: Egan-Jones Cuts FC Sr. Unsecured Debt Rating to B-
TOLL BROTHERS: Egan-Jones Cuts FC Senior Unsecured Rating to BB+
TRANSDIGM INC: S&P Assigns 'B' Rating on $450MM Draw Term Loan

TREVOR LLOYD-JONES: July 25 Disclosure Statement Hearing
TRONOX INC: Bank Debt Trades at 4% Off
TXU CORP: 2014 Bank Debt Trades at 67% Off
TXU CORP: 2017 Bank Debt Trades at 66% Off
UCI INTERNATIONAL: Taps Garden City as Administrative Advisor

UCI INTERNATIONAL: Taps Moelis & Company as Investment Banker
UCI INTERNATIONAL: Taps Sidley Austin as Legal Counsel
UCI INTERNATIONAL: Taps Young Conaway as Co-Counsel
VALEANT PHARMACEUTICALS: 2019 Bank Debt Trades at 2% Off
VALEANT PHARMACEUTICALS: 2022 Bank Debt Trades at 2% Off

VERMILLION INC: Stockholders Elect Seven Directors
WEBMD HEALTH: Egan-Jones Hikes Sr. Unsecured Ratings to BB
WESCO INT'L: Moody's Rates New $350MM Notes B1 & Affirms Ba3 CFR
WHITING PETROLEUM: To Swap $1.06B Notes for New Convertible Notes
WIDEOPENWEST FINANCE: S&P Assigns 'B' Rating on $180MM Revolver

WMG HOLDINGS: Moody's Hikes Corporate Family Rating to B1
WORLD GOSPEL: Taps Scura Wigfield as Legal Counsel
WRWM PARTNERSHIP: Taps Keller Williams as Broker

                            *********

151 MILBANK: Sale Protocol Added to Amended Plan Outline
--------------------------------------------------------
151 Milbank, LLC, filed a second amended disclosure statement
explaining its plan of reorganization to, among other things, add
procedures for selling its condominium units, add certain defined
terms, and increase the estimated approximate amount of
administrative claims from $360,000 to $400,000.

The Debtor's business consists of the ownership, development, and
sale of four residential condominium units located at 151 Milbank
Avenue, in Greenwich, Connecticut.  

Pursuant to the sale procedures, no units may be sold for less than
$2.5 million net to the DIP Lender or the Escrow Account, or both,
unless ordered by the Court.  The net proceeds of each sale, less
any amount due to the DIP Lender, will be deposited into the Escrow
Account established by the Plan.

A redlined version of the Second Amended Disclosure Statement is
available at http://bankrupt.com/misc/casb15-04921-181.pdf

151 Milbank, LLC (Bankr. D. Conn., Case No. 15-51485) filed a
Chapter 11 Petition on October 21, 2015. The case is assigned to
Judge Alan H.W. Shiff.  The Debtor is represented by Thomas J.
Farrell, Esq., at Hinckley Allen and Snyder LLP, in Hartford,
Connecticut.  The Debtor's total assets is $4.6 million and total
debts is $4.4 million.  A list of the Debtor's 20 largest unsecured
creditors is available for free at
http://bankrupt.com/misc/ctb15-51485.pdf


A CHICAGO CONVENTION: Case Summary & 4 Unsecured Creditors
----------------------------------------------------------
Debtor: A Chicago Convention Center, LLC
        8201 West Higgins Road
        Chicago, IL 60631

Case No.: 16-20463

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: June 23, 2016

Court: United States Bankruptcy Court
       Northern District of Illinois (Chicago)

Judge: Hon. Deborah L. Thorne

Debtor's Counsel: Ariel Weissberg, Esq.
                  WEISSBERG & ASSOCIATES, LTD
                  401 S. LaSalle Street, Suite 403
                  Chicago, IL 60605
                  Tel: (312) 663-0004
                  Fax: 312 663-1514
                  E-mail: ariel@weissberglaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Ravinder Sethi, member.

A list of the Debtor's four largest unsecured creditors is
available for free at:

      http://bankrupt.com/misc/ilnb16-20463.pdf


ADVANCED INTEGRATION: S&P Assigns 'B+' CCR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it has assigned its 'B+' corporate
credit rating to Plano, Texas-based Advanced Integration Technology
L.P. (AIT).  The outlook is stable.

At the same time, S&P assigned its 'B+' issue-level rating and '3'
recovery rating to the company's proposed first-lien credit
facility.  The '3' recovery rating indicates S&P's expectation for
meaningful recovery (50%-70%; lower half of the range) in a payment
default scenario.

"Our ratings on AIT reflect the company's small size and narrow
scope of operations compared with other aerospace and defense (A&D)
companies that we rate," said S&P Global credit analyst Tennille
Lopez.  "It also incorporates the company's limited program and
customer diversity, although this is common for A&D suppliers."
These factors are offset by its major positions in niche markets
and consistent profitability.  S&P's ratings also incorporates the
anticipated increase in the company's leverage following the
proposed dividend, which will cause its debt-to-EBITDA metric to
increase to 4.0x-4.5x from 0.3x currently.  S&P expects AIT's
credit metrics to improve modestly over its forecast period as its
revenue and earnings expand and it reduces its debt, leading its
debt-to-EBITDA metric to decline by about 0.5x-1.0x by the end of
2017.

The stable outlook on AIT reflects S&P's expectation that the
company's revenue and earnings will improve over the next 12-24
months as it benefits from heightened demand related to new
aircraft models, increased build rates, and new derivatives of
existing aircraft.  Although S&P expects the company's credit
ratios to increase following the debt-financed distribution, S&P
expects that they will improve modestly over the next year as the
company uses its excess cash for debt reduction, with its
debt-to-EBITDA metric declining by 0.5x-1.0x by the end of 2017.

It is unlikely that S&P would raise its ratings on AIT over the
next year given its small size, limited diversity, and S&P's lack
of a track record with the company.  However, S&P could raise its
ratings if it believes that the company will maintain a FFO-to-debt
ratio of more than 15% and a FOCF-to-debt ratio of more 10% on a
sustained basis.

Although unlikely, S&P could lower its ratings on AIT over the next
year if its debt-to-EBITDA metric rises above 5.0x, which would
indicate a more aggressive financial risk profile than S&P had
anticipated.  This increase would likely be due to an acquisition
or dividend.


AEP INDUSTRIES: Egan-Jones Hikes FC Sr. Unsecured Rating to B+
--------------------------------------------------------------
Egan-Jones Ratings Company raised the foreign currency senior
unsecured rating on debt issued by AEP Industries Inc to B+ from B-
on June 22, 2016.

AEP Industries Inc. manufactures and markets flexible plastic
packaging films in North America. The company was founded in 1970
and is headquartered in Montvale, New Jersey.



AEROPOSTALE INC: Creditors' Committee Taps Pachulski as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors of Aeropostale, Inc.,
et al., seek permission from the U.S. Bankruptcy Court for the
Southern District of New York to retain Pachulski Stang Ziehl &
Jones LLP as counsel to the Committee in connection with the
Debtors' jointly administered Chapter 11 cases, nunc pro tune to
May 11, 2016.

A hearing on the matter is set for July 13, 2016, at 11:00 a.m.
(Eastern Time).  Objections must be filed by July 6, 2016, at 4:00
p.m. (Eastern Time).

PSZJ will provide these services:

     a. assisting, advising, and representing the Committee in its

        consultations with the Debtors regarding the
        administration of these cases;

     b. assisting, advising, and representing the Committee in
        analyzing the Debtors' assets and liabilities,
        investigating the extent and validity of liens and
        participating in and reviewing any proposed asset sales,
        any asset dispositions, financing arrangements and cash
        collateral stipulations or proceedings;

     c. assisting, advising, and representing the Committee in
        connection with the transfers of any programs Operated by
        the Debtors to different agencies;

     d. assisting, advising, and representing the Committee in any

        manner relevant to reviewing and determining the Debtors'
        rights and obligations under leases and other executory
        contracts;

     e. assisting, advising, and representing the Committee in
        investigating the acts, conduct, assets, liabilities, and
        financial condition of the Debtors, the Debtors'
        operations and the desirability of the continuance of any
        portion of those Operations, and any other matters
        relevant to these cases or to the formulation of a plan;

     f. assisting, advising, and representing the Committee in its

        participation in the negotiation, formulation, and
        drafting of a plan of liquidation or reorganization;

     g. advising the Committee on the issues concerning the
        appointment of a trustee or examiner under Section 1104 of

        the Bankruptcy Code;

     h. assisting, advising, and representing the Committee in
        understanding its powers and its duties under the
        Bankruptcy Code and the Bankruptcy Rules and in performing

        other services as are in the interests of those
        represented by the Committee;

     i. assisting, advising, and representing the Committee in the

        evaluation of claims and on any litigation matters,
        including avoidance actions and claims against directors
        and officers and any other party; and

     j. providing such other services to the Committee as may be
        necessary in these cases.

PSZJ will be paid at these hourly rates:

        Partners                   $595-$1,195
        Of Counsel                 $550-$975
        Associates                 $425-$550
        Paraprofessionals          $250-$325

Robert J. Feinstein, Esq., a partner at PSZJ, assures the Court
that neither he, the Firm, nor any partner, of counsel or
associate, has any connection with the Debtors, their creditors, or
any other parties in interest herein, or their respective attorneys
and accountants, the U.S. Trustee, or any person employed in the
Office of the U.S. Trustee.

In response to questions set forth in the Appendix B Guidelines for
Reviewing Applications for Compensation and Reimbursement of
Expenses Filed Under U.S. Code by Attorneys in Larger Chapter 11
Cases, Mr. Feinstein tells the Court that his firm didn't agree to
any variations from, or alternatives to its standard or customary
billing arrangements for this engagement.  None of the
professionals included in this engagement vary their rate based on
the geographic location of the bankruptcy case.  None of the
billing rates and material financial terms have changed
postpetition.  The Debtor hasn't approved any budget and staffing
plan.  PSZ&J is yet developing a budget and staffing plan for May
12, 2016, through July 30, 2016, that will be presented for
approval by the Committee and anticipates filing a
Committee-approved budget at the time it files its fee
applications.

PSZ&J can be reached at:

        Robert J. Feinstein, Esq.
        Jeffrey N. Pomerantz, Esq.
        Bradford J. Sandler, Esq.
        PACHULSKI STANG ZIEHL & JONES LLP
        780 Third Avenue, 34th Floor
        New York, NY 10017
        Tel: (212) 561-7700
        Fax: (212) 561-7777
        E-mail: rfeinstein@pszjlaw.com
                jpomerantz@pszjlaw.com
                bsandler@pszjlaw.com
               
                    About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from Aeropostale
stores and website.  The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment.  Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its own
merchandise.  As of May 1, 2016, the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe, and
Latin America.  Since November 2012, Aeropostale, Inc., has
operated GoJane.com, an online women's fashion footwear and apparel
retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE INC: Creditors' Panel Hires Province as Fin'l Advisor
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Aeropostale, Inc.,
et al., seek permission from the U.S. Bankruptcy Court for the
Southern District of New York to retain Province, Inc., as
financial advisor to the Committee in connection with the Debtors'
jointly administered Chapter 11 cases, mmc pro tune to May 11,
2016.

A hearing on the request is set for July 13, 2016, at 11:00 a.m.
(Eastern Time).  Objections must be filed by July 6, 2016, at 4:00
p.m. (Eastern Time).

The Firm will provide these services to the Committee:

     a. becoming familiar with and analyzing the Debtors'
        business, restructuring plan, assets and liabilities, and
        overall financial condition;

     b. assisting the Committee in determining how to react to the

        Debtors' restructuring plan or in formulating and
        implementing its own plan;

     c. monitoring the financing and sale process, interfacing
        with the Debtors' professionals, and advising the
        Committee regarding the process;

     d. preparing, or reviewing as applicable, avoidance action
        and claim analyses;

     e. assisting the Committee in reviewing the Debtors'
        financial reports, including, but not limited to, SOFAs,
        Schedules, cash budgets, and Monthly Operating Reports;

     f. advising the Committee on the current state of these
        Chapter 11 cases;

     g. advising the Committee in negotiations with the Debtors
        and third parties as necessary;

     h. if necessary, participating as a witness in hearings
        before the bankruptcy court with respect to matters upon
        which Province has provided advice; and

     i. other activities as are approved by the Committee, the
        Committee's counsel, and as agreed to by Province.

The Firm will be paid at these hourly rates:

        Principal                         $660-$700
        Director/Managing Director        $470-$620
        Associate/Sr. Associate           $330-$460
        Analyst/Sr. Analyst               $250-$320
        Paraprofessional                    $100

The hourly rates are subject to periodic adjustments to reflect
economic and other conditions.  The Firm intends to provide 10
business days' notice to the Debtors, the Committee, and the U.S.
Trustee before implementing any increases in the Firm's rates for
professionals working on these Chapter 11 cases.  In addition, the
Firm will bill for all of its out-of-pocket expenses reasonably
incurred by the Firm in connection with this engagement.  The Firm
started performing services for the Committee on May 11, 2016.  

Victor Delaglio, Esq., Managing Director with the Firm, assures the
Court that neither he, the Firm, nor any employee thereof, has any
connection with the Debtors, their creditors, or any other parties
in interest herein, or their respective attorneys and accountants,
the U.S. Trustee, or any person employed in the office of the U.S.
Trustee, or any Bankruptcy Judge currently serving on the Court.

                    About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from Aeropostale
stores and website.  The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment.  Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its own
merchandise.  As of May 1, 2016, the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe, and
Latin America.  Since November 2012, Aeropostale, Inc., has
operated GoJane.com, an online women's fashion footwear and apparel
retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE INC: Seeks Court OK of Key Employee Incentive Plan
--------------------------------------------------------------
BankruptcyData.com reported that Aeropostale filed with the U.S.
Bankruptcy Court a motion for entry of an order approving the
Debtors' (i) key employee incentive plan (KEIP) and (ii) key
employee retention plan (KERP). The motion explains, "The Debtors
worked extensively with FTI to assist in the development of the
KEIP and KERP, which apply to 10 executive employees (the 'KEIP
Participants') and 41 non-insider employees (the 'KERP
Participants'). Collectively, these employees have an in-depth
knowledge of the Debtors' prepetition businesses, assets,
liabilities, counterparties, and operations and are absolutely
essential for the Debtors to maximize the value of their estates
during these chapter 11 cases. Given the challenges posed by the
highly-competitive industry in which the Debtors operate, the
Debtors and FTI developed the KEIP and KERP with the goals of (i)
incentivizing the KEIP Participants to create value for the benefit
of all stakeholders, (ii) motivating and retaining the KERP
Participants throughout the Debtors' restructuring process, and
(iii) rewarding the KEIP and KERP Participants at market level
compensation." The motion continues, "The aggregate maximum amount
of the KEIP is $3,406,900, with individual proposed maximum payouts
ranging from 75% to 112.4% of base compensation. The total maximum
amount of the KERP is $1,445,000, including $150,000 for a
discretionary pool set up for additional participants."

According to the report, the Court scheduled a July 13, 2016
hearing on the motion, with objections due by July 1, 2016.

                    About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from Aeropostale
stores and website.  The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment.  Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its own
merchandise.  As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements, the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe, and
Latin America.  Since November 2012, Aeropostale, Inc. has operated
GoJane.com, an online women's fashion footwear and apparel
retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE, INC: $160-Mil. DIP Facility Has Final Approval
-----------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York, issued his final order authorizing
Aeropostale, Inc. and its affiliate Debtors to obtain postpetition
secured indebtedness from agent Crystal Financial LLC and the
lenders parties thereto.

Judge Lane authorized the Debtors to access up to $160,000,000 of
the DIP Facility on a final basis, consisting of up to $85,000,000
at any time outstanding of Revolving Credit Loans, and up to
$75,000,000 of Term Loans.

Judge Lane acknowledged that an ongoing need exists for the Debtors
to continue to obtain funds under the DIP Facility in order to
continue remaining operations and to administer and preserve the
value of the Debtors' estates.  He further acknowledged that the
Debtors' ability to meet payroll and finance their remaining
operations, and to preserve, maintain and maximize the value of
their assets for the benefit of their creditors requires the
immediate and continued availability of working capital provided
pursuant to the DIP Facility.

The Debtors were authorized to use the proceeds of the DIP Facility
to pay for or fund, among others, the following:

     (1) certain costs, fees and expenses related to the Chapter 11
Cases;

     (2) repayment of the Prepetition ABL Obligations;

     (3) the cash collateralization of certain letters of credit as
approved by the DIP Agent and the Required Lenders from time to
time in their sole discretion;

     (4) the cash collateralization of certain outstanding letters
of credit issued pursuant to the Prepetition ABL Credit Agreement
on the terms set forth in the DIP Credit Agreement; and

     (5) an escrow account for payments on account of any
contingent indemnity obligations under the Prepetition ABL Credit
Documents, in an amount not to exceed $350,000.

Judge Lane issued a final order authorizing the Debtors to enter
into the DIP Financing despite the objections lodged by Aero
Investors LLC, et al.

A full-text copy of the Final Order, dated June 13, 2016, is
available at https://is.gd/juiAGX

Aeropostale, Inc., and its affiliated debtors are represented by:

          Ray C. Schrock, Esq.
          Richard W. Slack, Esq.
          Jacqueline Marcus, Esq.
          Garrett A. Fail, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, NY 10153
          Telephone: (212)310-8000
          Facsimile: (212)310-8007
          E-mail: ray.schrock@weil.com
                  richard.slack@weil.com
                  jacqueline.marcus@weil.com
                  garrett.fail@weil.com

The Official Committee of Unsecured Creditors is represented by:

          Robert J. Feinstein, Esq.
          Jeffrey N. Pomerantz, Esq.
          Bradford J. Sandler, Esq.
          PACHULSKI STANG ZIEHL & JONES LLP
          780 Third Avenue, 34th Floor
          New York, NY 10017
          Telephone: (212)561-7700
          Facsimile: (212)561-7777
          E-mail: rfeinstein@pszjlaw.com
                  jpomerantz@pszjlaw.com
                  bsandler@pszjlaw.com

The Term Loan Lenders are represented by:

          Atif Khawaja, Esq.
          Robert A. Britton, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          601 Lexington Avenue
          New York, NY 10022
          Telephone: (212)446-4800
          Facsimile: (212)446-4900
          E-mail: atif.khawaja@kirkland.com
                  robert.britton@kirkland.com

                  - and -

          Robert J. Dehney, Esq.
          Andrew Remming, Esq.
          MORRIS, NICHOLS, ARSHT &
          TUNNELL LLP
          1201 North Market Street, 16th Floor
          P.O. Box 1347
          Wilmington, DE 19811
          Telephone: (302)658-9200
          Facsimile: (302)658-3989
          E-mail: rdehney@mnat.com
                 aremming@mnat.com

                  - and -

          James A. Stempel, Esq.
          Robert B. Ellis, Esq.
          Stephen C. Hackney, Esq.
          KIRKLAND & ELLIS LLP
          KIRKLAND & ELLIS INTERNATIONAL LLP
          300 North LaSalle Street
          Chicago, IL 60654
          Telephone: (312)862-2000
          Facsimile: (312)862-2200
          E-mail: jstempel@kirkland.com
                 rellis@kirkland.com
                 stephen.hackney@kirkland.com

                      About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and website and 4 to 12 year-olds through its P.S. from
Aeropostale
stores and website.  The Company provides customers with a focused
selection of high quality fashion and fashion basic merchandise at
compelling values in an exciting and customer friendly store
environment.  Aeropostale maintains control over its proprietary
brands by designing, sourcing, marketing and selling all of its
own
merchandise.  As of May 1, 2016 the Company operated 739
Aeropostale(R) stores in 50 states and Puerto Rico, 41 Aeropostale
stores in Canada and 25 P.S. from Aeropostale(R) stores in 12
states.  In addition, pursuant to various licensing agreements,
the
Company's licensees currently operate 322 Aeropostale(R) and P.S.
from Aeropostale(R) locations in the Middle East, Asia, Europe,
and
Latin America.  Since November 2012, Aeropostale, Inc. has
operated
GoJane.com, an online women's fashion footwear and apparel
retailer.

Aeropostale, Inc. and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354.38 million and total debts
of $390.02 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE, INC: Proposes July 22 Claims Bar Date
--------------------------------------------------
Aeropostale, Inc., and its affiliated debtors ask the U.S.
Bankruptcy Court for the Southern District of New York, to
establish the deadline and the procedures to file proofs of claim.

The Debtors seek the establishment of these deadlines:

     (a) Bar Date: July 22, 2016 at 5:00 p.m., as the deadline for
each person or entity, to file a proof of claim, in respect of a
prepetition claim, including, secured claims, priority claims, and
claims arising under section 503(b)(9) of the Bankruptcy Code
against any of the Debtors;

     (b) Governmental Bar Date: Oct. 31, 2016 at 5:00 p.m., as the
deadline for Governmental Units to file a Proof of Claim in respect
of a prepetition claim against any of the Debtors;

The Debtors propose, among others, these procedures for filing
Proofs of Claim:

     (1) Proofs of Claim either must be filed (a) electronically
through the website of the Debtors' Court-approved claims and
noticing agent, Prime Clerk LLC, using the interface available on
such website located at https://cases.primeclerk.com/aeropostale
under the link entitled "Submit a Claim"; (b) by mailing the
original Proof of Claim form either by U.S. Postal Service mail or
overnight delivery on or before the applicable Bar Date to
Aeropostale, Inc., Claims Processing Center, c/o Prime Clerk LLC,
830 3rd Avenue, 3rd Floor, New York, New York 10022; or (c) by
delivering the original Proof of Claim by hand to the United States
Bankruptcy Court, Southern District of New York, One Bowling Green,
New York, New York 10004.

     (2) Proofs of Claim will be deemed filed only when received by
Prime Clerk or by the Clerk of the Bankruptcy Court on or before
the applicable Bar Date.

     (3) Proofs of Claim must (a) be signed by the claimant, or, if
the claimant is not an individual, by an authorized agent of the
claimant under penalty of perjury; (b) set forth with specificity
the legal and factual bases for the alleged claim; (c) include
supporting documentation (if voluminous, attach a summary) or
explain as to why documentation is not available; (d) be in the
English language; and (e) be denominated in United States currency
(using the exchange rate, if applicable, as of the Commencement
Date).

"The Debtors submit that the proposed Bar Date and Procedures
provide sufficient time for all parties in interest, including
foreign creditors, to assert their claims.  Further, because the
proposed Procedures will provide notice to all known parties in
interest by mail and notice to any unknown parties in interest by
publication, the Debtors submit that the proposed Procedures are
reasonably calculated to provide notice to all parties that may
wish to assert a claim in these chapter 11 cases," the Debtors
aver.

Aéropostale, Inc. and its affiliated Debtors are represented by:

          Ray C. Schrock, Esq.
          Jacqueline Marcus, Esq.
          Garrett A. Fail, Esq.
          WEIL, GOTSHAL & MANGES LLP
          767 Fifth Avenue
          New York, NY 10153
          Telephone: (212)310-8000
          Facsimile: (212)310-8007
          E-mail: ray.schrock@weil.com
                  jacqueline.marcus@weil.com
                  garrett.fail@weil.com

                     About Aeropostale, Inc.

Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women and
men through its Aeropostale(R) and Aeropostale Factory(TM) stores
and Web site and 4 to 12 year-olds through its P.S. from
Aeropostale stores and Web site.  The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment.  Aeropostale maintains control over its
proprietary brands by designing, sourcing, marketing and selling
all of its own merchandise.  As of May 1, 2016 the Company operated
739 Aeropostale(R) stores in 50 states and Puerto Rico, 41
Aeropostale stores in Canada and 25 P.S. from Aeropostale(R) stores
in 12 states.  In addition, pursuant to various licensing
agreements, the Company's licensees currently operate 322
Aeropostale(R) and P.S. from Aeropostale(R) locations in the Middle
East, Asia, Europe, and Latin America.  Since November 2012,
Aeropostale, Inc. has operated GoJane.com, an online women's
fashion footwear and apparel retailer.

Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016.  The petitions were signed
by Marc G. Schuback as senior vice president, general counsel and
secretary.

The Debtors listed total assets of $354 million and total debt of
$390 million as of Jan. 30, 2016.

The Debtors have hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc. as restructuring advisor; Stifel, Nicolaus &
Company, Inc. and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors;  Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.

Judge Sean H. Lane is assigned to the cases.


AKO INTERIOR: Unsecured Creditors to Recover 30% Under Plan
-----------------------------------------------------------
At the directive of Bankruptcy Judge Carla E. Craig, AKO Interior
LLC filed on June 10, 2016, a Fourth Amended Disclosure Statement
and Fourth Amended Chapter 11 Plan, proposing to pay 30% of the
allowed claims of general unsecured creditors, which claims total
approximately $113,780.

The entity's reorganization plan is to maximize revenue by
restructuring the business to focus primarily on commercial
interior design working mainly with large hotels.  Aleksandr
Epelbaum, Rostislav Korol, and Alexander Marmut -- the insiders of
the Debtor -- will be contributing personal funds toward the
Unsecured General Claims to confirm the Debtor's Plan, which
constitutes new value, in order to retain their equity interest in
AKO Interior, LLC.

A full-text copy of the Fourth Amended Disclosure Statement is
available at http://bankrupt.com/misc/nyeb15-42216-84.pdf

Judge Craig had entered an order June 3 requiring the Debtor to
file new plan documents by June 10 and set a hearing to approve the
New Disclosure Statement for July 13, 2016, at 3:30 p.m.

Judge Craig warned that if a New Plan and New Disclosure Statement
are not filed by June 10, the New Disclosure Statement cannot be
approved at the July 13, 2016, hearing; or the New Plan cannot be
confirmed within 45 days of the July 13, 2016, hearing, this case
may be dismissed.

AKO Interior LLC filed a Chapter 11 Petition on May 13, 2015
(Bankr. E.D.N.Y. Case No. 15-42216), and is represented by Alla
Kachan, Esq.


ALEXANDRE DANILENKO: Unsecureds to Recoup 10% Under Plan
--------------------------------------------------------
Alexandre Danilenko filed with the U.S. Bankruptcy Court for the
Eastern District of New York a Chapter 11 plan of reorganization
and disclosure statement to be financed from income generated from
the Debtor's employment as a financial consultant with a major
institution.

General unsecured creditors, whose claims total approximately
$172,454, will be paid 10% dividend of their allowed claims in 36
equal monthly installments effective 30 days after the effective
date of the Plan.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/nyeb15-45622-27.pdf

Alexandre Danilenko (Bankr. E.D.N.Y. Case No. 15-45622) filed a
Chapter 11 Petition on December 16, 2015.

The Debtor is represented by:

          Allan Kachan, Esq.
          3099 Coney Island Ave., 3rd Floor
          Brooklyn, NY 11235
          Tel: (718) 513-3145
          Email: alla@kachanlaw.com


ALISAL WATER: Fitch Affirms 'BB-' IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed these ratings for Alisal Water
Corporation (Alco):

   -- Approximately $6.4 mllion of outstanding 2007A senior
      secured taxable bonds at 'BB+';

   -- Issuer Default Rating at 'BB-'.

The Rating Outlook is Stable.

                            SECURITY

The bonds are secured by a security interest in pledged collateral,
which consists of all tangible and intangible assets owned by
Alco.

                        KEY RATING DRIVERS

FINANCIALS NARROW BUT ADEQUATE: Alco's ratings reflect the
utility's adequate but relatively weak financial metrics, including
low all-in debt service coverage (DSC) and very low liquidity
levels.  All-in DSC and days cash on hand finished at 1.6x and 14,
respectively, in fiscal 2015.

FAVORABLE REGULATORY ENVIRONMENT: The California regulatory
environment is relatively predictable and the utility has achieved
rate relief as needed, although customer charges are somewhat high.


LIMITED SERVICE AREA AND MANAGEMENT: The customer base is limited
and the service area is characterized as having a weak economic
profile.  Reflective of the size of operations, the number of
employees is relatively small, although the executive team is well
qualified.

CAPITAL STRUCTURE TO CONTINUE: Capital needs are manageable, which
should help to improve Alco's elevated debt-to-equity mix over
time.

LONG-TERM SUPPLY ADEQUACY: The utility provides an essential
service and water supplies are sufficient to meet long-term
demands.  Drought conditions affecting the state have had limited
impact on Alco's own supplies despite conservation plans.

                        RATING SENSITIVITIES

CAPITAL STRUCTURE: Improvement in Alisal Water Corporation's
capital structure would alleviate leverage concerns.

RATE-BASE FLEXIBILITY: Unfavorable changes in California's
regulatory environment that make it more difficult to achieve
sufficient rate-base adjustments or other impediments to increasing
rates as necessary could pressure the rating.

                        CREDIT PROFILE

ADEQUATE BUT WEAK FINANCIAL PERFORMANCE; NEAR-TERM CHALLENGES

Operating revenues were down nearly 2% for calendar 2015 as a
result of a lower sales environment spurred by the mandatory
state-wide conservation requirements put into effect last year
(these requirements were lifted in February 2016 but Alco expects
to manage to these lower consumption levels).  However, other
non-operating revenues (such as surcharges and late fees) combined
with a $100,000 decrease in operating expenses led to an overall
improvement in net income which, in turn, resulted in all-in DSC of
1.6x (up from 1.3x in 2014) and EBITDA coverage of 1.9x (same level
as realized in 2014).

Cash flows from operations were also improved in 2015, finishing up
$382,000 from the prior year.  As a result, Alco's return on equity
(ROE) - per Fitch's calculation which includes interest costs -
improved to 4.6% from around 2.4% in 2014.  At just 14 days cash on
hand, liquidity ended 2015 at basically the same below-average
level attained in 2014.

Alco provided an updated forecast through 2020, which includes
assumptions of a continued 20% reduction in sales, although much of
Alco's lost sales revenues are expected to be recovered through
various surcharges.  On the expense side, Alco is forecasting
inflationary adjustments to operating expenses and no additional
borrowings.  Based on these assumptions, financial margins will
remain tight but adequate at the current rating level, with EBITDA
coverage of interest expected to be above 1.9x and all-in DSC
anticipated to approach or exceed 1.5x.

                      IMPROVING DEBT PROFILE

Alco's debt relative to equity continues to improve marginally as a
result of amortization of existing debt and lack of new borrowings.
Debt-to-EBITDA improved to 6% from 6.6% the year prior while
debt-to-equity improved to 71% from 73%.  Debt-per-customer is a
bit more favorable at $1,155.

The system's elevated debt profile continues to be a credit factor.
However, incremental improvement in the system's debt profile is
expected over the near term given no additional borrowings are
planned through the forecast period and amortization of existing
debt will continue to occur.  Overall, Alco's capital needs are
expected to be limited through the fiscal 2020 forecast and consist
basically of ongoing renewal and repair of assets as they become
necessary, with such costs paid from surplus net revenues.  Alco's
free-cash-to-depreciation ratio is favorable, which should allow
for such funding of capital.

FAVORABLE, STABLE REGULATORY ENVIRONMENT; ELEVATED RATES

Alco is regulated by the California Public Utilities Commission
(CPUC) but regulations are fairly well-defined and Alco
historically has received timely rate relief.  Fitch expects the
CPUC will continue to allow future adjustments to cover necessary
operating and capital expenditures and to generate an ROE
commensurate with other similarly sized private water utilities in
the state (currently in the 10% range).  Having said this, user
rates are elevated and will remain somewhat high based on Alco's
2011 rate case.  Currently, residential charges equal 1.1% of
median household income based on 1,000 cubic feet of water usage
per month.

            LIMITED SERVICE TERRITORY AND MANAGEMENT

Alco is a private retail water company in Monterey County, CA,
serving a portion of the city of Salinas and a population of around
29,000.  Part of Alco's certificated service area includes
undeveloped land within the city's extra-territorial jurisdiction.
Water supplies are derived exclusively from groundwater sources.
Supplies are estimated to be sufficient to meet customer demands
for the foreseeable future and are essentially unaffected by the
severe drought conditions that have plagued the state in recent
years.

Given the scope of operations, the number of company personnel is
limited, including the executive team.  Largely offsetting this
concern are the sound experience and qualifications associated with
Alco's executive management team.


ALLY FINANCIAL: Dodd-Frank Act Stress Test 2016
-----------------------------------------------
Ally Financial Inc. furnished the U.S. Securities and Exchange
Commission a summary of estimates from the Ally Financial Inc.
Dodd-Frank Act Stress Test and Comprehensive Capital Analysis and
Review 2016, which is available for free at https://is.gd/8lLGN2

As required under the rules published by the Federal Reserve to
address the Dodd-Frank Act Stress Test requirements, Ally Financial
Inc. and Ally Bank provided a summary of 2016 stress test results
under the Supervisory Severely Adverse scenario as prescribed by
the Regulators in the Comprehensive Capital Analysis and Review
exercise.  The stress test results were submitted to the Federal
Reserve on April 5, 2016 and cover a 9-quarter forecast horizon
beginning in the first quarter of 2016 and continuing through the
first quarter of 2018.  The Severe scenario and the related
forecasts of macroeconomic variables were developed by the
Regulators to be comparable to the most severe post-war U.S.
recessions.

                       About Ally Financial

Ally Financial Inc., formerly GMAC Inc. -- http://www.ally.com/--
is one of the world's largest automotive financial services
companies.  The Company offers a full suite of automotive
financing products and services in key markets around the world.
Ally's other business units include mortgage operations and
commercial finance, and the company's subsidiary, Ally Bank,
offers online retail banking products.  Ally operates as a bank
holding company.

GMAC obtained a $17 billion bailout from the U.S. government in
exchange for a 56.3 percent stake.  Private equity firm Cerberus
Capital Management LP keeps 14.9 percent, while General Motors Co.
owns 6.7 percent.

Ally reported net income of $1.28 billion on $4.86 billion of total
net revenue for the year ended Dec. 31, 2015, compared to net
income of $1.15 billion on $4.65 billion of total net revenue for
the year ended Dec. 31, 2014.  As of Dec. 31, 2015, the Company had
$158.58 billion in total assets, $145.14 billion in total
liabilities and $13.43 billion in total equity.

                           *     *     *

As reported by the TCR on Dec. 16, 2013, Standard & Poor's Ratings
Services said it raised its issuer credit rating on Ally Financial
Inc. to 'BB' from 'B+'.  "The upgrade reflects the company's
release from potential legal and financial liabilities stemming
from its ownership of ResCap," said Standard & Poor's credit
analyst Tom Connell.

In the April 3, 2014, edition of the TCR, Fitch Ratings has
upgraded Ally Financial Inc.'s long-term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'BB+' from 'BB'.
The rating upgrade reflects increased clarity around Ally's
ownership structure given Ally's recent announcement that it has
launched an initial public offering those shares of its common
stock held by the U.S. Treasury (the Treasury).

As reported by the TCR on July 16, 2014, Moody's Investors Service
affirmed the 'Ba3' corporate family and 'B1' senior unsecured
ratings of Ally Financial, Inc. and revised the outlook for the
ratings to positive from stable.  Moody's affirmed Ally's ratings
and revised its rating outlook to positive based on the company's
progress toward sustained improvements in profitability and
repayment of government assistance received during the financial
crisis.


ALROSE ALLEGRIA: Auction for Luxury Hotel Set for July 19
---------------------------------------------------------
Kenneth P. Silverman, Esq., the Chapter 11 trustee of Alrose
Allegria LLC, said a bankruptcy auction will take place on July 19,
2016, at 1:00 p.m., at The Allegria Hotel, 80 West Broadway, Long
Beach, New York, for the sale of the Debtor's 143-Key Oceanfront
Luxury Hotel.  

Qualified bidder must file their offers no later than 5:00 p.m. on
July 18, 2016.

Property will be sold free and clear of all monetary liens.  In
order to register to bid, all prospective bidders must present a
bank check in the amount of $2,000,000 made payable to "Silverman
Acampora LLP Attorney Escrow IOLA Account".

Within 48 hours following the auction, successful bidder must post
a deposit in the total amount of 13% of the high bid.  Closing must
occur within 30 days following court approval, unless successful
bidder posts an additional 10% deposit which will provide
successful bidder with a 20 day extension.

A 3% buyer's premium will be added to the successful  bidder's high
bid to determine the contract price to be paid by the successful
bidder.  A 1% commission will be paid to any properly licensed
buyer broker who registers a successful buyer in accordance with
the buyer broker guidelines.

The Chapter 11 trustee retained as auctioneer:

     Richard B. Maltz
     David A. Constantino
     MALTZ AUCTIONS
     39 Windsor Place
     Central Islip, NY 11722
     Tel: (516) 349-7022
     Fax: (516) 349-0105
     Email: info@MaltzAuctions.com

                   About Alrose Allegria

Alrose Allegria LLC sought Chapter 11 protection (Bankr. S.D.N.Y.,
Case No. 15-11760) in Manhattan on July 2, 2015, estimating $10
million to $50 million in assets and $1 million to $10 million in
debt. Allen Rosenberg, managing member of Alrose Allegria and
president of the Alrose Group, signed the bankruptcy petition. The
Debtor tapped Richard J. Bernard, Esq., at Foley & Lardner LLP, in
New York, as counsel.

In July 2011, another unit of the Alrose Group, Alrose King David
LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y.,
Case No. 11-75361) in Brooklyn. Alrose King David LLC was a
special
entity established by the Alrose Group to own the 143-room,
beachfront hotel property called the Allegria Hotel & Spa in Long
Beach, Long Island. Alrose King David won approval of its
reorganization plan in March 2012.


ALSON ALSTON: Secured Creditors Object to Disclosure Statement
--------------------------------------------------------------
Secured creditors Peleus, LLC, and Bayview Loan Servicing, LLC,
object to the adequacy of the Fifth Amended Disclosure Statement
and Chapter 11 Plan of Alson Alston, complaining that the proposed
plan treatment for the secured creditors are unduly vague, and does
not allow the secured creditors to determine when or if their
entire claims are to be paid.

Peleus, assignee of Citibank, N.A. as Trustee for CMLTI Asset
Trust, its assignees and/or successors in interest, Secured
Creditor in the above-entitled Bankruptcy proceeding, holds the
first lien on the subject property generally described as 2836-38
West Girard Avenue, Philadelphia, PA 19130, specifically complains
that the Debtor is intending to pay only $40,740 for a claim he
admits is secured for $151,250.  The Peleus is unclear as to
payment of the remaining secured portion of its claim.  Peleus also
complains that the Debtor is placing payments to Secured Creditor
"in trust" with no provision or statement as to when the payments
would be released.  There appears to be no triggering event to
release those fund, Peleus tells the Court.

Bayview, which holds claims totaling approximately $1.7 million,
objects to the Disclosure Statement and the Plan as they improperly
modifies its claims without a determination as to value of the real
property securing these claims.

Peleus is represented by:

          Jason Brett Schwartz, Esq.
          MESTER & SCHWARTZ, P.C.
          1333 Race Street
          Philadelphia, PA 19107
          Tel: (267) 909-9036
          Fax: (215) 665-1393
          Email: jschwartz@mesterschwartz.com

Bayview is represented by:

          Alicia M. Sandoval, Esq.
          MATTLEMAN WEINROTH & MILLER
          401 Route 70 East, Ste 100
          Cherry Hill, NJ 08034
          Tel: (856) 429-5507

Alson Alston -- d/b/a Alston Business Consulting, d/b/a Songhai
City, LLC, d/b/a Songhai Enterprises, LLC, d/b/a Songhai City
Entertainment, LLC, d/b/a Songhai City Real Estate, LLC, d/b/a
Encore General Merchandise LLC, d/b/a Encore General Store, d/b/a
Dragon Management Services, a/k/a Al Alston -- filed a Chapter 11
Petition in 2014 (Bankr. M.D. Pa. Case No. 14-03454).


AMPLIPHI BIOSCIENCES: May Issue 2.5 Million Shares Under Plans
--------------------------------------------------------------
AmpliPhi Biosciences Corporation filed with the U.S. Securities and
Exchange Commission a Form S-8 registration statement to register a
total of 2,493,000 shares issuable under the Company's
2016 Equity Incentive Plan and 2016 Employee Stock Purchase Plan.
A full-text copy of the regulatory filing is available at:

                      https://is.gd/q4N50C

                          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 $28.3 million in total assets,
$5.74 million in total liabilities, $13.6 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.


AMPLIPHI BIOSCIENCES: Shareholders Elect Four Directors
-------------------------------------------------------
AmpliPhi Biosciences Corporation held its annual meeting on
June 20, 2016, at which the shareholders:

   (a) elected Louis Drapeau and Michael S. Perry, Ph.D. as Class
       I Directors to serve until the Company's 2019 Annual
       Meeting of Shareholders Vijay B. Samant as a Class II
       Director to serve until the Company's 2017 Annual Meeting
       of Shareholders, and Paul C. Grint, M.D. as a Class III
       Director to serve until the Company's 2018 Annual Meeting
       of Shareholders, in each case until their respective
       successors are duly elected and qualified;

   (b) approved the 2016 Plan;

   (c) approved the ESPP;

   (d) approved the Company's reincorporation in the State of
       Delaware, to be effected through a merger with and into a
       newly formed and wholly owned Delaware subsidiary;

   (e) approved the issuance by the Company of up to an aggregate
       of 1,037,053 shares of common stock as and to the extent
       required to be issued pursuant to the terms and conditions
       of that certain Common Stock Issuance Agreement, dated
       April 8, 2016, by and among the Company and certain former
       holders of the Company's Series B Convertible Preferred
       Stock;

   (f) approved the issuance by the Company of up to an aggregate
       of 4,706,000 shares of common stock and/or warrants to
       purchase common stock in a financing that does not
       constitute a public offering under NYSE MKT rules, for
       gross sale proceeds of up to $12,000,000 and at a discount
       to the then-current market value of the Company's Common
       Stock not to exceed 15%; and

   (g) ratified the selection by the Audit Committee of the Board
       of Ernst & Young LLP as the Company's independent
       registered public accounting firm for the fiscal year
       ending Dec. 31, 2016.

                          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 $28.3 million in total assets,
$5.74 million in total liabilities, $13.6 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.


AMSURG CORP: S&P Puts 'B+' CCR on CreditWatch Positive
------------------------------------------------------
S&P Global Ratings placed its 'B+' corporate credit and debt
ratings on AmSurg Corp. on CreditWatch with positive implications
following the company's announcement that it plans to merge with
Envision Healthcare Holdings Inc. (BB-/Stable/--).

"The CreditWatch placement reflects AmSurg's proposed merger with
higher rated Envision and our expectation that we could raise our
ratings on AmSurg by one notch if the merger closes as currently
outlined," said S&P Global Ratings credit analyst Matthew O'Neill.
Earlier, S&P indicated that its ratings on Envision, including the
'BB-' corporate credit rating, are not affected by the merger
announcement.

It is S&P's expectation that AmSurg will be a core subsidiary of
the merged entity, Envision Healthcare Corp.  For this reason, S&P
expects to equalize its rating on AmSurg with that of Envision upon
transaction close.

S&P expects to resolve its CreditWatch listing when the transaction
closes.


ANGEL INVESTMENT: Hires DeMarco-Mitchell as Bankruptcy Counsel
--------------------------------------------------------------
Angel Investment Group, LLC, and Rose Marie Allegro seek permission
from the U.S. Bankruptcy Court for the Northern District of Texas
to hire DeMarco-Mitchell, PLLC, as general counsel.

A hearing on the request is set for Aug. 4, 2016, at 9:30 a.m.

The Firm will:

     a. take all necessary action to protect and preserve the
        Estate, including the prosecution of actions on its
        behalf, the defense of any actions commenced against it,
        negotiations concerning all litigation in which it is
        involved, and objecting to claims;

     b. prepare on behalf of the Debtors all necessary motions,
        applications, answers, orders, reports, and papers in
        connection with the administration of the estate;

     c. formulate, negotiate, and propose a plan of
        reorganization; and

     d. perform all other necessary legal services in connection
        with these proceedings.

The Firm commenced representation of Ms. Allegro on May 13, 2016.
To date, a retainer of $13,400 has been paid to DM on behalf of Ms.
Allegro.  Ms. Allegro is the source of the compensation paid to the
Firm to date.  The Firm has incurred fees of $4,745, costs and
expenses of $0, and filing fees of $1,717 prior to the Petition
Date.  The remaining balance held in trust by DM is $6938.

The Firm commenced representation of Angel Investment on May 13,
2016.  To date, a retainer of $5,000 has been paid to DM on behalf
of Angel Investment.  Angel Investment is the source of the
compensation paid to the Firm to date.  The Firm has incurred fees
of $1,312.50, costs and expenses of $0, and filing fees of $1,717
prior to the Petition Date.  The remaining balance held in trust by
DM is $1,970.50.

Robert DeMarco, Esq., a member at the Firm, assures the Court that
the Firm is a disinterested person as that term is defined in
Section 101(14) of the Bankruptcy Code:

The Firm can be reached at:

        DeMarco-Mitchell, PLLC
        Robert T. DeMarco, Esq.
        E-mail: robert@demarcomitchell.com
        Michael S. Mitchell, Esq.
                mike@demarcomitchell.com
        1255 w. 15th Street, 805
        Plano, TX 75075
        Tel: (972) 578-1400
        Fax: (972) 346-6791

Angel Investment Group, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. N.D. Tex. Case No. 16-32029) on May 20, 2016.
Robert Thomas DeMarco, Esq., at DeMarco-Mitchell, PLLC, serves as
the Debtor's bankruptcy counsel.

Rose Marie Allegro filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Tex. Case No. 16-32028) on the same day.  She is also
represented by Mr. DeMarco.


AOXING PHARMACEUTICAL: Shareholders Elect Five Directors
--------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., held its annual shareholder
meeting on June 23, 2016, at which the shareholders:

   (a) elected Zhenjiang Yue, Jun Min, Guozhu Xu, Yang Li and
       Yuelin Zhang as directors to hold office until the next
       annual meeting of shareholders and until their successors
       are duly elected;

   (b) ratified the appointment of BDO China Shu Lun Pan Certified
       Accountants, LLP as independent registered public
       accounting firm of the Company for the fiscal year ending
       June 30, 2016;

   (c) approved the 2016 Stock Incentive Plan;

   (d) ratified the grant of 590,000 stock options to certain
       employees identified in the proxy statement;

   (e) ratified the grant of 150,000 common shares to certain
       employees identified in the proxy statement; and

   (f) approved, on an advisory basis, the compensation paid to
       the Company's senior executive officers.

In addition, the shareholders selected "every three years" as the
frequency of advisory votes on executive compensation.

After the conclusion of the annual meeting of shareholders, the
Company's Board of Directors held its annual meeting.  At that
meeting, after considering the shareholder advisory vote on the
frequency of shareholder votes on executive compensation, the Board
of Directors decided that, until the next required vote on the
frequency of shareholder votes on compensation, the Company will
include a shareholder vote on the compensation of executives in its
proxy materials once every three years.

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China.  Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain management
products.  In 2008 Hebei Aoxing supplemented its product lines by
acquiring Shijiazhuang Lerentang Pharmaceutical Company, Ltd., a
specialty pharmaceutical company focusing on herbal pain related
therapeutics.  The Company owns 95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of March 31, 2016, Aoxing had $58.92 million in total assets,
$38.37 million in total liabilities and $20.55 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, stating that the Company accumulated a large
deficit and a working capital deficit that raise substantial doubt
about its ability to continue as a going concern.


ARCH COAL: Committee Seeks Mediator Appointment
-----------------------------------------------
BankruptcyData.com reported that Arch Coal's official committee of
unsecured creditors filed with the U.S. Bankruptcy Court a motion
for an order directing the appointment of a mediator.  The motion
explains, "As a result of the breakdown in negotiations -- and the
Lender Group's unwillingness to further extend the Committee's
challenge period under the Final DIP Order -- the Committee was
forced to file motions seeking authority to pursue estate claims
against the first lien lenders and certain of the Debtors'
directors and officers, and the Debtors filed a new Plan and
Disclosure Statement shortly thereafter. The Committee strongly
opposes the new Plan. The new Plan and Disclosure Statement contain
a never-before-seen settlement of the estates' claims for
inadequate or no consideration, and provide materially different
(and insufficient) treatment for unsecured creditors.  Absent a
resolution of the issues surrounding plan confirmation and the
prosecution of estate claims, these cases could easily devolve into
lengthy and expensive litigation.  Importantly, however, all of the
parties appear to agree that consensus should be reached, and that
such consensus is in the best interests of all creditors and the
estates.  In fact, the Committee remains hopeful that even before
this Motion is heard by the Court, the parties may resolve their
issues.  However, assuming the parties are unable to resolve their
differences, the Committee submits that the appointment of a
mediator is the best means of achieving a settlement. The oversight
of a mediator and the structure of a formal mediation will force
each of the parties and their principals to the table to address
Plan issues, including most importantly the treatment of unsecured
creditors under the Plan."

The Court scheduled a July 7, 2016 hearing to consider the motion,
according to the report.

                           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.


ARITEL INC: Plans Propose 5% Recovery to Unsecured Creditors
------------------------------------------------------------
Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a second amended disclosure statement
explaining their plans, which are substantially liquidating plans.

Holders of allowed unsecured claims filed against Artitel/Cheneliz
will be paid 5% of the allowed amount of each claim upon the sale
of equipment from the hotel, and recovery of receivables without
interest, pro-rata in a quarterly basis commencing 90 days after
the payment in full of the secured claim of the Puerto Rico
Treasury.

Holders of allowed unsecured claims against FC Development will be
paid 5% of the allowed amount of each claim within 90 days after
the effective date of the Plan.

A full-text copy of the Second Amended Disclosure Statement is
available at http://bankrupt.com/misc/ohnb15-33017-38.pdf

Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., sought protection under Chapter 11 of the
Bankruptcy Code on May 6, 2014.  The cases are jointly administered
under Case No. 14-03727 (Bankr. D.P.R.).  Aritel/Cheneliz's assets
as of May 6, 2014, totaled $3,781,403, while FC Development's
assets of as May 6, 2014, totaled $1,095,258.

The petition was signed by Franco Caban Valentin, president.  A
list of Aritel's 20 largest unsecured creditors is available for
free at http://bankrupt.com/misc/prb14-03727.pdf

Attorney for the substantively consolidated debtors Aritel, Inc.,
and Cheneliz Convention Center:

         Rolando Emmanuelli Jimenez, Esq.
         Bufete Emmanuelli, C.S.P.
         Urb. Constancia
         2803 Calle San Francisco
         Ponce, PR 00717
         Tel: (787) 843-8406
         Fax: (866) 880-7144
         Email: Rolando@bufete-emmanuelli.com

Attorney for the administratively consolidated debtor, FC
Development:

          Winston Vidal Gambaro, Esq.
          PO Box 193673
          San Juan, PR 00919-3673
          Tel: (787) 751-2864
          Fax: (787) 763-6114
          Email: wvidal@prtc.com


ARLINGTON ASSET: Egan-Jones Cuts FC Sr. Unsecured Rating to B-
--------------------------------------------------------------
Egan-Jones Ratings Company downgraded the foreign currency senior
unsecured rating on debt issued by Arlington Asset Investment Corp
to B- from B on June 15, 2016.

Based in Arlington, Virginia, Arlington Asset Investment Corp., an
investment firm, acquires mortgage-related and other assets.


ATHLACTION HOLDINGS: S&P Affirms 'B' CCR, Off CreditWatch
---------------------------------------------------------
S&P Global Ratings said it affirmed its 'B' corporate credit rating
on Dallas-based Athlaction Holdings LLC and removed the rating from
CreditWatch, where S&P had placed it with developing implications
on June 1, 2016.  The outlook is negative.

At the same time, S&P lowered its 'B+' issue-level ratings on the
company's first-lien term loan maturing 2020 and revolving credit
facility to 'B' and removed them from CreditWatch with developing
implications.  S&P revised the recovery rating to '3' from '2'. The
'3' recovery rating indicates S&P's expectation for meaningful (50%
to 70%; upper half of the range) recovery in the event of a payment
default.

S&P also affirmed its 'CCC+' issue-level rating on the second-lien
term loan maturing 2021 and removed it from CreditWatch with
developing implications.  The '6' recovery rating remains unchanged
and indicates S&P's expectation for negligible (0% to 10%) recovery
in the event of payment default.

"The negative outlook reflects Athlaction's use of proceeds
following the sale of its subsidiary Lanyon and its faith
business," said S&P Global Ratings credit analyst Dee Banson.

Athlaction received $227 million in proceeds from the two
divestments, of which it will use approximately $188 million to
repay debt--about $96 million on the first-lien term loan and
$93 million on the second-lien term loan.  Lanyon, a co-borrower on
the existing credit facility, accounted for 30% of total revenues
and a nominal portion of total EBITDA.  As a result of this
divestiture, Active Network will become the sole borrower of the
credit facilities going forward.  The reduction in scale and
business diversity, combined with the delay in the restructuring
progress at Athlaction and weak free cash flow generation, remain
key credit risks.  Nonetheless, S&P believes the significant level
of cash on hand, about $85 million at transaction close, and S&P
expectation of the company's commitment to focus on its core
product offerings provide partial offsets.

The negative outlook reflects the company's reduced product
diversification and scale resulting from its divestitures, slower
than anticipated restructuring progress, and weak cash flow
generation despite lower debt load.


AUTODESK INC: Egan-Jones Cuts Sr. Unsecured Ratings to BB+
----------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured ratings on
debt issued by Autodesk Inc. to BB+ from BBB on June 17, 2016.

Autodesk, Inc. is an American multinational software corporation
that makes software for the architecture, engineering,
construction, manufacturing, media, and entertainment industries.



AVON PRODUCTS: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------
Moody's Investors Service downgraded Avon Products, Inc.'s
Corporate Family Rating (CFR) to Ba3 from Ba2, Probability of
Default Rating (PDR) to Ba3-PD from Ba2-PD, and the senior
unsecured instrument rating to B1 from Ba3, concluding the review
that was initiated in December 17, 2015. The rating outlook is
negative.

"The downgrade reflects Avon's smaller scale after the separation
of its North American business, its higher exposure to potentially
volatile emerging markets, and risks associated with successfully
executing its new transformation plan" said Linda Montag, Moody's
Senior Vice President. "It also reflects concerns that challenging
economic conditions in several of the company's key regions will
temper its ability to stabilize and then grow revenues and earnings
in the near term," added Montag.

The separation of the unprofitable U.S. business in a deal with
Cerberus capital Management L.P. and the company's plans to reduce
debt by $250 million with the proceeds of the transaction are both
credit positive. However financial leverage will remain high until
Avon can execute its transformation plan and reinvigorate growth.
Moody's expects that debt/EBITDA will likely remain above 5 times
in 2016 as Avon incurs restructuring costs in the short run, but
will improve as the company implements plans to take out some $350
million in costs over three years. While restructuring will allow
the cost base to become better aligned with its mostly foreign
sourced revenue, as a U.S.-reporting company Avon will be exposed
to foreign currency fluctuations. This is likely to be a headwind
for the foreseeable future.

The following ratings were downgraded:

Avon Products, Inc.:

Corporate Family Rating to Ba3 from Ba2

Probability of Default Rating to Ba3-PD from Ba2-PD

Senior unsecured rating to B1 (LGD5) from Ba3 (LGD5)

Senior unsecured shelf to (P)B1 from (P)Ba3.

Ratings affirmed:

Speculative Grade Liquidity Rating at SGL-2

The outlook is negative.

RATINGS RATIONALE

Avon's Ba3 CFR reflects very high financial leverage, and its high
concentration in broadly growing but potentially volatile
developing markets. It also reflects structural challenges
associated with the direct sales distribution model and declines in
the active representative base in some markets. Avon also faces
execution risks associated with its transformation plans and
currency volatility. Moody's expects that free cash flow will be
modest in 2016 as the company absorbs costs associated with its
restructuring plan.

The rating is supported by the strength of its brands and good
geographic diversification. Moody's views positively Avon's public
commitment to improve its balance sheet through cost take-outs,
debt repayment, and suspension of its dividends.

The SGL-2 Speculative Grade Liquidity rating reflects good
liquidity, supported by the company's $400 million revolver, which
Moody's expects will remain undrawn. It also reflects Moody's
comfort with Avon's $700 million of cash available to fund
restructuring initiatives and reduce debt.

The negative outlook reflects the risks associated with executing
the transformation plan and reinvigorating growth in the face of
economic challenges in certain key markets.

The ratings could be lowered if Moody's comes to expect that Avon's
credit metrics will weaken as a result of deteriorating operating
performance, if there are major delays in the realization of cost
savings, or if liquidity erodes. Quantitatively, if debt to EBITDA
is not reduced to below 5 times in the next 12 to 18 months, Avon's
ratings could be downgraded.

An upgrade would be dependent on Avon sustaining improvement in its
financial performance and successfully executing its turnaround
initiatives. If the company is able to show good business momentum
and profit growth across major markets, maintain debt to EBITDA of
3.5 times or below, and improve EBIT margins to 10% or above, the
ratings could be upgraded.

Avon is a global beauty product company and one of the largest
direct sellers through nearly 6 million active representatives.
Avon's products are available in over 70 countries and include
color cosmetics, skin care, fragrance and personal care, fashion,
and home/other. Brands include Avon Color, ANEW, Skin-So-Soft,
Advance Techniques, and Smooth Minerals. Cerberus Capital
Management L.P., through controlled affiliates, owns approximately
16.6% of the company through a preferred stock investment. The
company reported revenues of approximately $5.9 million in the last
twelve months ended March 31, 2016.



AVT INC: Committee Seeks Case Conversion to Chapter 7 Proceeding
----------------------------------------------------------------
BankruptcyData.com reported that AVT's official committee of
unsecured creditors filed with the U.S. Bankruptcy Court a motion
to convert the Chapter 11 reorganization case to a liquidation
under Chapter 7. The motion explains, "Through the Motion, the
Committee seeks an order converting the Debtor's Chapter 11 case to
one under Chapter 7 for 'cause' pursuant to section 1112(b) of the
Bankruptcy Code because, for among other reasons: (1) the Debtor
has failed to file a plan and disclosure statement before the
expiration of both the Exclusivity Deadline and the Court Filing
Deadline for it to do so; (2) the Debtor's MORs evidence the
Debtor's continual post-petition losses, such that it has no
prospect of reorganization; (3) the Debtor's authorization to use
cash collateral has lapsed and it is no longer operating; (4) the
Debtor's and the Committee's efforts to market and sell the Assets
have largely been abandoned; and (5) EWB has been granted relief
from stay to foreclose on its collateral. There is no longer any
reason for the Debtor to remain in a Chapter 11 bankruptcy case,
which would only result in increased administrative expenses, and
further delay and prejudice to the creditors of the Debtor's
estate."

                           About AVT

AVT -- http://www.autoretail.com/-- is a manufacturer of automated
retailing systems and custom vending machines.  AVT is a publicly
traded company and has been in business for more than 40 years. AVT
is headquartered in Corona, California.  It owns no real property.
Debtor's main sources of income are the design and
manufacture of custom vending kiosks, income from the sale of goods
through vending routes, and sale of technologies including
broadband for computerized kiosk.

AVT, Inc., sought Chapter 11 bankruptcy protection (Bankr. C.D.
Cal. Case No. 15-14464) on May 1, 2015, in Riverside, California.
Judge Mark S. Wallace presides over the case.  

The Debtor estimated $1 million to $10 million in assets and debt.

An Official Committee of Unsecured Creditors was appointed by the
United States Trustee on June 8, 2016.

The Debtor won approval to employ (i) Goe & Forsythe, LLP as
general bankruptcy counsel [Docket No. 604]; (ii) Pritchett Siler
Hardy P.C. as Debtor's independent auditors; (iii) One Blue
Mountain as outside accountants; and (iv) Clear Capital Advisors as
the estate's exclusive investment banker.  

The Committee won approval to retain and Levene, Neale, Bender, Yoo
& Brill LLP and Armory Consulting as financial advisor.

Counsel to the Debtor are Marc C. Forsythe, Esq. and Charity J.
Miller, Esq. of Goe & Forsythe LLP.  

Counsel for the Committee are Gary E. Klausner, Esq. and Eve H.
Karasik, Esq. of Levene, Neale, Bender, Yoo & Brill LLP.


AXIALL CORP: Egan-Jones Hikes Sr. Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company raised the senior unsecured ratings on
debt issued by Axiall Corp. to BB from BB- on June 13, 2016.

The Axiall Corporation has historically been a major manufacturer
and marketer of chlorovinyls and aromatics.



BELK INC: Bank Debt Trades at 19% Off
-------------------------------------
Participations in a syndicated loan under which BELK, Inc. is a
borrower traded in the secondary market at 81.30
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.08 percentage points from the
previous week.  BELK, Inc pays 450 basis points above LIBOR to
borrow under the $1.5 billion facility. The bank loan matures on
Nov. 19, 2022 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 June 17.


BFN OPERATIONS: Hires Imperial Capital as Investment Banker
-----------------------------------------------------------
BFN Operations LLC, et al., filed an application with the
Bankruptcy Court seeking authority to employ Imperial Capital, LLC,
to provide investment banking services, on an exclusive basis,
focusing on the sale of all or substantially all of their assets.

In the days prior to the Petition Date, Imperial has been working
with the Debtors in assisting with the preparation of marketing
materials and due diligence information in support of a potential
sales transaction, and in contacting and soliciting initial
indications of interest from potential purchaser.  Imperial
received a monthly $50,000 non-refundable pre-petition retainer.
Subsequent monthly retainer payments will be 50% credited to any
Transaction Fee (defined in the Engagement Letter).

As advisor to the Debtors, Imperial is expected to:

   (i) analyze the Debtors' businesses, operations,
       properties, financial condition, competition, forecast,
       prospects and management;

  (ii) assist the Debtors in the preparation of solicitation
       materials with respect to the Transaction and the Debtors;

(iii) identify and contact selected qualified buyers after
       approval in writing by the Debtors for the Transaction and
       furnish them, on behalf of the Debtors, with copies of
       Offering Materials only after such Buyers have
       executed a Debtor-approved confidentiality agreement;

  (iv) assist the Debtors in arranging for potential Buyers to
       conduct due diligence investigations;

   (v) advise the Debtors on a proposed purchase price and form of
       consideration for the Transaction;

  (vi) assist the Debtors in developing, evaluating, structuring
       and negotiating the terms and conditions of a potential
       Transaction;

(vii) assist the Debtors in developing, evaluating, structuring
       and negotiating the terms and conditions of a potential
       Financing;

(viii) assist the Debtors in the preparation of solicitation
       materials with respect to the Financing, any securities to
       be issued in connection with the Financing and the Debtors;

  (ix) analyze the Debtors' businesses, operations, properties,
       financial condition, competition, forecast, prospects and
       management;

   (x) identify and contact selected qualified purchasers after
       approval in writing by the Debtors to participate in the
       Financing and furnish them, on behalf of the Debtors, with
       copies of Financing Offering Materials only after such  
       Purchasers have executed a Debtor-approved confidentiality
       agreement; and

  (xi) provide other financial advisory services with respect to
       the Debtors' financial issues as may from time to time be
       agreed upon between the Debtors and Imperial.

The duties of Imperial will not include any legal, tax or
accounting advice or services, which will be procured by
the Debtors at their own expense.

           Professional Compensation and Indemnification

Imperial will receive the following compensation:

(i) Retainer Fee. To engage Imperial to perform the services, upon
signing this Agreement, the Debtors will pay Imperial a monthly
non-refundable retainer fee in the amount of $50,000.  Commencing
on the fourth month of the engagement 50% of monthly retainer will
be credited against the payment of any Transaction Fee or
Financing Fee.

(ii) Transaction Fee.  In the event a Transaction is consummated
during the Term of this Agreement with a Buyer (or any definitive,
written agreement is entered into with a Buyer during such period
which subsequently results in a consummated Transaction), the
Debtors agree to pay Imperial a fee based upon the total value of
all consideration received directly or indirectly by the Debtors
and/or their shareholders or other owners (including amounts paid
into escrow) from the Buyer as a result of such Transaction.  A
Transaction will be deemed to have been consummated upon the
earliest of any of the following events to occur: the
transfer of more than 50% of the outstanding equity or
substantially all of the assets of the Debtors to one or more
unaffiliated third parties, including, without limitation, by means
of a merger, consolidation, or any other business combination, or
any transaction structured to substantially
achieve the same result.  Transaction Consideration shall include
the following, without duplication: cash or cash equivalents; stock
or other securities (including amounts paid or payable in respect
of convertible securities, options or similar rights, whether or
not vested); promissory notes or other debt instruments;
indebtedness for borrowed money (including capitalized lease and
preferred stock obligations) assumed,
retired, defeased or repaid or remains outstanding after the
transaction; earnouts; royalties; real property, personal property
or intellectual property sold or leased; employment or consulting
agreements in excess of fair market rates; non-competition
agreements; and management agreements.

In the event that the consideration in a Transaction is paid in
whole or in part in the form of securities or other assets, the
value of such securities or other assets, for the purposes of
calculating the Transaction Fee, shall be the fair market value
thereof, as the parties hereto shall mutually agree, on the day
prior to the consummation of the Transaction; provided, however,
that, if such consideration includes securities with an existing
public trading market, the value thereof shall be determined by the
average closing price for such securities over the last ten (10)
trading days immediately prior to such consummation.  Such
Transaction Fee will be calculated based on the greater of:

   a. $500,000 (the "Minimum Fee"); or

   b. 2.0% of Transaction Consideration.

The Transaction Fee will be paid by the Debtors, and
received in full by Imperial, concurrently with the closing of the
Transaction (as part of the closing instructions) by bank wire
transfer of immediately available funds to an account specified by
Imperial.  The Debtors may defer payment of any portion of the
Transaction Fee which is in excess of the Minimum Fee and is
attributable to Transaction Consideration consisting of a future
earnout, royalty, or the like or amounts paid into escrow, in which
case such portion of the Transaction Fee shall be paid to Imperial
within 3 days after the Debtors receive the related
Transaction Consideration.  If all or any portion of the
Transaction Consideration is of a determined amount but is to be
paid over time (excluding interest bearing notes), then the portion
of the Transaction Fee attributable thereto shall be payable upon
consummation of the Transaction, calculated based on the net
present value of such Transaction Consideration using an annual
discount rate of 8%.

(iii) Financing Fee.  In the event a Financing is consummated
during the Term of this Agreement with a Purchaser (or any
definitive, written agreement is entered into with a Purchaser
during such period which subsequently results in a consummated
Financing), the Debtors agree to pay Imperial a fee payable out of
the proceeds of the Financing by wire directly from the Financing
source equal to the greater of:

  a. $500,000 (the "Minimum Fee"); or

  b. 1.5% of the face amount of any first lien debt securities
     sold or arranged as part of the Financing; or

  c. 2.25% of the face amount of any junior debt securities sold
     or arranged as part of the Financing.

All reasonable and documented fees, disbursements and out-of-pocket
expenses incurred by Imperial during the Term of this Agreement in
connection with the services rendered hereunder (including, without
limitation, reasonable attorneys' fees, travel and lodging
expenses, word processing charges, messenger services, duplicating
services, facsimile expenses and other customary expenditures) will
be reimbursed to Imperial, or paid on behalf of Imperial.

Notwithstanding the foregoing, (i) the Debtors' aggregate liability
for the Expenses shall not exceed $25,000 without the Debtors'
prior consent which will not be unreasonably withheld or delayed,
and (ii) the Debtors will not be required to reimburse any fees or
expenses of legal counsel incurred by Imperial with respect to the
negotiation of this Agreement.  The Debtors will make full payment
of any invoice received pursuant hereto within 15 days of the
invoice date.  All payments hereunder not made by
the due date will be considered delinquent and will be subject to
the lesser of a 1% per month charge (12% per year) or the maximum
rate permitted by law.  Further, the Debtors will be responsible
for all of their own expenses associated with the Transaction and
Financing including, without limitation, their own accounting and
attorneys' fees, travel and lodging expenses, word processing
charges, messenger services, duplicating services, facsimile
expenses, printing costs and other expenditures.

The Debtors agree to indemnify Imperial in accordance with the
indemnification provisions set forth in the Engagement Letter.

Marc Bilbao, managing director for Imperial, represents that the
firm does not (1) hold or represent any interest adverse to the
Debtors or their Chapter 11 cases that would impair the Firm's
ability to objectively perform professional services for the
Debtors, in accordance with Section 327 of the Bankruptcy Code; or
(2) have any connection with creditors and other
parties-in-interest relating to the Debtors or their Chapter 11
cases.

                    About BFN Operations

BFN Operations LLC and four of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Lead Case No. 16-32435) on June 17, 2016, estimating
assets and liabilities in the range of $100 million to $500
million.

Operating under the name Zelenka Farms, the Debtors are wholesale
growers and distributors of container-grown shrubs, trees,
perennials, roses, and groundcovers.  Zelenka was founded in 1993
under the name The Berry Family of Nurseries.  Zelenka employs
approximately 1,600 people to operate its six facilities totaling
3,577 acres across the key growing regions in the United States.
Zelenka owns farms in Oregon and the Vaughn Lane farm in Tennessee,
and leases farms in Oklahoma, Michigan, North Carolina, and the
Short Mountain farm in Tennessee.  With approximately $130 million
in annual sales, Zelenka claims to represent approximately six
percent of the $2.2 billion wholesale nursery products industry and
is one of only five competitors exceeding $100 million in sales.

The Debtors have engaged Gardere Wynne Sewell LLP as counsel, CDG
Group, LLC as chief restructuring officer provider, Imperial
Capital, LLC as investment banker and Upshot Services LLC as
noticing, claims and balloting agent.

Judge Barbara J. Houser is assigned to the cases.


BFN OPERATIONS: Taps UpShot Services as Claims Agent
----------------------------------------------------
BFN Operations, LLC, et al., seek authority from the Bankruptcy
Court to appoint UpShot Services LLC as the official noticing,
claims, and balloting agent due to the large and complex nature of
their cases.

The Debtors disclosed that they have more than 10,000 creditors and
parties-in-interest, including approximately 1,600 current
employees and approximately 4,000 current and former vendors.

According to the Debtors, the employment of Upshot will (a) relieve
the Clerk's Office of a significant administrative burden, (b)
reduce legal fees that would be otherwise incurred by their
proposed counsel, (c) reduce costs of notice to parties, and (d)
provide an efficient medium to communicate case information.

UpShot's services for its work in the Debtors' cases will be
charged at these hourly rates:

                 Clerical                $30 per hour
                 Case Assistant          $60 per hour
                 IT Manager              $90 per hour
                 Case Consultant         $130 per hour
                 Case Manager            $180 per hour

UpShot's case management and website-related services will include
services such as website hosting, license fees and database
services, noticing, postage and copying, among other services.

In addition to the professional fees, UpShot will seek
reimbursement for reasonable and necessary expenses including
transportation costs, lodging, food, telephone, copying and
messenger services.

Prior to the Petition Date, the Debtors provided UpShot a retainer
of $20,000.  UpShot will hold the retainer under the Engagement
Agreement during the Chapter 11 cases as a security for the payment
of fees and expenses.  Following termination of the Engagement
Letter, UpShot will return to the Debtors any amount of the
retainer that remains.

UpShot represents it is a "disinterested person" under Sections
101(14) and 1107(b) of the Bankruptcy Code.

                       About BFN Operations

BFN Operations LLC and four of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Tex. Lead Case No. 16-32435) on June 17, 2016, estimating
assets and liabilities in the range of $100 million to $500
million.

Operating under the name Zelenka Farms, the Debtors are wholesale
growers and distributors of container-grown shrubs, trees,
perennials, roses, and groundcovers.  Zelenka was founded in 1993
under the name The Berry Family of Nurseries.  Zelenka employs
approximately 1,600 people to operate its six facilities totaling
3,577 acres across the key growing regions in the United States.
Zelenka owns farms in Oregon and the Vaughn Lane farm in Tennessee,
and leases farms in Oklahoma, Michigan, North Carolina, and the
Short Mountain farm in Tennessee.  With approximately $130 million
in annual sales, Zelenka claims to represent approximately six
percent of the $2.2 billion wholesale nursery products industry and
is one of only five competitors exceeding $100 million in sales.

The Debtors have engaged Gardere Wynne Sewell LLP as counsel, CDG
Group, LLC as chief restructuring officer provider, Imperial
Capital, LLC as investment banker and Upshot Services LLC as
noticing, claims and balloting agent.

Judge Barbara J. Houser is assigned to the cases.


BIG JACK: S&P Raises Rating on $260MM Sr. Sec. Facility to 'B+'
---------------------------------------------------------------
S&P Global Ratings raised its issue-level ratings on Big Jack
Holdings LP's $260 million senior secured credit facility to 'B+'
from 'B' and revised the recovery rating to '2' from '3'.  The '2'
recovery rating indicates S&P's expectation for substantial
recovery, at the low end of the 70% to 90% range, in the event of
payment default.  The senior secured credit facility consists of a
$30 million revolving credit facility due 2020 and a $230 million
term loan B facility due 2022.  

The revised recovery rating is a result of the company repaying
roughly $21 million of the term loan from sale leaseback proceeds,
following its leveraged buyout in July 2015 by private equity
sponsor, Onex Partners Manager LP.

The 'B' corporate credit rating and stable outlook on the Homewood,
Alabama-based quick service restaurant operator reflect the
company's small-sized scale with about 140 locations, limited
product offering, geographic concentration in Alabama, exposure to
volatile commodity costs and a highly leveraged balance sheet
following the buyout.  In addition, operating strategies have
remained largely consistent as the company continues to develop its
management team.  S&P expects the company to continue to grow its
store base at a mid-single-digit percent rate over the next two
years, but with no franchised operations, which in S&P's view
results in limited and less diverse revenue stream versus other
peers in its industry.

RATINGS LIST

Big Jack Holdings LP
Corporate credit rating                B/Stable/--

Upgraded; Recovery Rating Revised
                                        To             From
Big Jack Holdings LP
$260M senior secured credit facility   B+             B
   Recovery rating                      2L             3H



BION ENVIRONMENTAL: Agriculture Stewardship Act of 2016 Introduced
------------------------------------------------------------------
Bion Environmental Technologies, Inc., announced that H.B. 5489,
the Agriculture Environmental Stewardship Act of 2016, was
introduced in the U.S. House Ways and Means Committee on Space,
Science and Technology.  The Act, if adopted, will allow biogas
properties and qualified manure resource recovery properties to be
eligible for the federal energy credit (30% Investment Tax Credit
-- ITC) and to permit new clean renewable energy bonds to finance
qualified biogas properties.

Among the Findings in the Bill:

   -- Incentives and encouragement for the conservation and
      appropriate handling of nutrients contained in organic
      matter are necessary.

   -- Biogas systems will save Federal, State, and local taxpayers

      money by converting waste into useful products, such as
      fuel, fertilizer, thermal heat, feedstock for hydrogen fuel
      cells, and renewable chemicals.

   -- Manure resource recovery systems will save Federal, State,
      and local taxpayers money by recovering the nutrients
      contained in organic matter from their source, rather than
      recovering the nutrients after they have entered landfills
      or waterways.

Full text is available at
www.congress.gov/bill/114th-congress/house-bill/5489.  

The bipartisan bill was introduced by Representatives Tom Reed
(R-NY) and Ron Kind (D-WI) and co-sponsored by Reps.  Bob Gibbs
(R-OH), John Moolenaar (R-MI), Dan Newhouse (R-WA), Reid Ribble
(R-WI), Elise Stefanik (R-NY), Mike Simpson (R-ID), David Valadao
(R-CA), Joe Courtney (D-CT), Suzan DelBene (D-WA), Mark Pocan
(D-WI), Tim Walz (D-MN) and Peter Welch (D-VT).

In the National Milk Producers Federation (NMPF) endorsement of the
legislation, Jim Mulhern, NMPF's president and CEO, stated, "This
measure recognizes the value that biogas systems can have as dairy
producers continue improving the sustainability of their farms,
large and small, across the country.  Importantly, the creation of
this new investment tax credit also addresses the value of nutrient
recovery technologies, which can transform manure into fertilizer
for crops and bedding for cows.  This bill will help dairy farmers
to utilize these new, often expensive technologies on their
dairies."

Craig Scott, Bion's director of communications, stated, "The
primary reason that wide-scale implementation of manure-control
technologies, such as Bion's, has not occurred already, is that
sufficient funding sources to offset technology adoption cost have
not been available.  The federal investment tax credit has been
used historically as a tool to reduce risk and stimulate investment
in certain evolving sectors, such as the renewable energy sectors,
and can be used to help bridge that gap."

Mr. Scott added, "Recognition of the role that direct treatment of
livestock waste can have in improving both air and water quality,
as well as public health, is clearly growing.  Many in the
livestock production industry have recognized that they represent
large-scale solutions to some of the most challenging environmental
issues of our times.  The NMPF support of this Bill demonstrates
their willingness to be engaged as part of the solution instead of
recognized as part of the problem."

                   About Bion Environmental

Bion Environmental Technologies Inc.'s patented and proprietary
technology provides a comprehensive environmental solution to a
significant source of pollution in US agriculture, large scale
livestock facilities known as Confined Animal Feeding Operations.
Bion's technology produces substantial reductions of nutrient
releases (primarily nitrogen and phosphorus) to both water and air
(including ammonia, which is subsequently re-deposited to the
ground) from livestock waste streams based upon the Company's
operations and research to date (and third party peer review).

Bion Environmental reported a net loss of $5.6 million on $3,658 of
revenue for the year ended June 30, 2015, compared to a net loss of
$5.8 million on $5,931 of revenue for the year ended
June 30, 2014.

As of March 31, 2016, Bion had $1.87 million in total assets, $14
million in total liabilities and a total deficit of $12.12
million.

GHP Horwath, P.C., in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2015, citing that the Company has not generated
significant revenue and has suffered recurring losses from
operations.  These factors raise substantial doubt about its
ability to continue as a going concern.


BLACKBERRY LTD: Egan-Jones Assigns 'B+' FC Sr. Unsecured Rating
---------------------------------------------------------------
Egan-Jones Ratings Company assigned B+ foreign currency senior
unsecured rating on debt issued by BlackBerry Ltd on June 16,
2016.

BlackBerry Limited, formerly known as Research In Motion Limited,
is a Canadian telecommunication and wireless equipment company best
known to the general public as the developer of the BlackBerry
brand of smartphones and tablets.



BLANKENSHIP FARMS: Taps Brasher Accounting as Accountant
--------------------------------------------------------
Blankenship Farms LP seeks approval from the U.S. Bankruptcy Court
for the Western District of Tennessee to hire Brasher Accounting.

The Debtor tapped the firm to provide accounting services in
connection with its Chapter 11 case.  The tasks and corresponding
prices and rates for the work to be performed are:

     Federal Form 1065         $150 per return
     Federal Form 1120S        $150 per return
     Federal Form 1040         $100 per return
     Monthly Payroll System     $19 per month
     W-2/1099 Forms              $6 per return
     Payroll Tax returns        $45 per return
     Bookkeeping Services       $60 per hour

Lori Brasher, a certified public accountant at Brasher Accounting,
disclosed in a court filing that the firm does not hold or
represent any interest adverse to the Debtor or its estate.

The firm can be reached through:

     Lori Brasher
     Brasher Accounting
     125 N. Pleasant St.
     PO Box 276
     Decaturville, TN 38329

                        About Blankenship Farms

Headquartered in Parsons, Tennessee, Blankenship Farms, LP, is an
active Tennessee limited partnership whose primary business is
farming operations for row crop and cattle.  It filed for Chapter
11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10840) on
April 27, 2016, estimating its assets and liabilities at between $1
million and $10 million.  The petition was signed by James Trent
Blankenship, president of TWB Management Inc., general partner of
Debtor.  Judge Jimmy L. Croom presides over the case.  Robert
Campbell Hillyer, Esq., at Butler Snow LLP serves as the Debtor's
bankruptcy counsel.


BLUESTEM BRANDS: S&P Puts 'B+' CCR on CreditWatch Negative
----------------------------------------------------------
S&P Global Ratings placed its ratings on Eden Prairie,
Minn.–based Bluestem Brands Inc., including its 'B+' corporate
credit rating on CreditWatch with negative implications.

"The CreditWatch placement reflects Bluestem's tight covenant
cushion and higher leverage on weaker-than-anticipated performance
during its seasonally weak first-quarter-ended April 29, 2016,"
said credit analyst Samantha Stone.  "During the quarter, the
covenant cushion under the 4.75x total leverage ratio declined
significantly to 12%, mainly because of a sharp decrease in
operating performance.  The next covenant step-down to 4.5x is
fourth quarter of 2016.  If current operating trends persist, we
believe the covenant cushion could tighten further."

S&P expects to resolve the CreditWatch placement within the next
few months, after assessing the likelihood for ongoing weak
operating trends, and gain a better understanding around the
company's strategies to mitigate industry headwinds.  S&P would
also review management's underwriting standards and its prospects
for improving liquidity, especially for the cushion of covenant
compliance.


BOMBARDIER INC: Moody's Changes B2 CFR Outlook to Stable
--------------------------------------------------------
Moody's Investors Service affirmed Bombardier Inc.'s Corporate
Family rating (CFR) at B2, its probability of default rating at
B2-PD and the company's speculative grade liquidity rating at
SGL-2, indicating good liquidity. Bombardier's rating outlook was
revised to stable from negative. At the same time Moody's
downgraded Bombardier's senior unsecured ratings to B3 from B2 .

"The rating outlook was stabilized as Bombardier has enough
liquidity to manage through 2018 and C Series orders have provided
an important underpinning to that program" said Jamie Koutsoukis,
Moody's analyst. She added that "Bombardier's notes have been
downgraded because the Caisse de dépôt's $1.5 billion investment
in Bombardier Transportation ranks ahead of Bombardier Inc's
creditors on their claim to Transportation's assets, where a major
part of Bombardier's consolidated cash flow is generated."

Issuer: Bombardier Inc.

Downgrades:

-- Senior Unsecured Regular Bond/Debentures, Downgraded to B3
    (LGD 4) from B2 (LGD 4)

Affirmations:

-- Probability of Default Rating, Affirmed B2-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-2

-- Corporate Family Rating, Affirmed B2

Outlook Actions:

-- Issuer: Bombardier Inc.

-- Outlook, Revised to Stable from Negative

RATINGS RATIONALE

Caisse de depot et placement du Québec (CDP) purchased $1.5
billion in Bombardier Transportation (BT) convertible shares,
representing a potential 30% common equity stake in BT if
converted. However, until then, these shares rank ahead of the BT
ordinary shares owned by Bombardier and therefore rank ahead the
senior unsecured debt at Bombardier in terms of access to the BT
assets.

Moody's said, "Bombardier's B2 CFR is driven by its significant
financial leverage and ongoing cash consumption, but supported by
good liquidity through 2018. Moody's expects consolidated adjusted
debt to EBITDA to exceed 10x this year and 8x by the end of 2017,
although on a proportionately consolidated basis leverage would be
higher as Bombardier only owns 70% of BT's EBITDA and there is no
debt currently at BT. This leverage is high but Moody's recognizes
the trade-off of leverage for liquidity. Bombardier will not likely
need to access the capital or bank markets until the end of 2018
and during that time we expect they will consume about $1.8 billion
in free cash flow, but on an improving basis as the C Series
program ramps up towards its own breakeven in 2020 and the Global
7000 program approaches entry into service in the 2018-9 time
period. Bombardier also has EBIT margin challenges in both BT and
in its Bombardier Aerospace (BA) segments, reflecting increased
competition in both, coupled with demand softness and C Series ramp
up costs. Moody's expects Bombardier's EBIT to decline through
2016, however in 2017 EBIT should improve, with increases in
revenues and margins across its three main segments (BT, business
jets and commercial aircraft) driven by increased C Series
deliveries, organization changes resulting in improved
efficiencies, and right-sizing of production rates."

Bombardier has made important progress over the last 6 months,
landing a crucial C Series order from Delta and a letter of intent
(LOI) with Air Canada, securing $2.5 billion in liquidity from the
Province of Quebec and CDP, and cutting back product programs and
costs. Moody's doesn't presume any addition liquidity will come
from a Federal Government investment, but if it does, it would
extend the liquidity cushion beyond 2018, which would be credit
positive so long as it is not structured in a way that's
detrimental to Bombardier's creditors.

Execution risk for the C Series program continues to lessen as the
aircraft is approaching entry into service ("EIS") on July 15 2016.
However, it is likely Bombardier has provided big price discounts
for early orders in order to compete with other OEMs trying to
maintain market share, which could pressure expected cash flows
longer term from the program.

With the commercial aircraft segment consuming cash, the
transportation and business jet segments produce essentially all
the company's EBIT. However market conditions for large cabin
business jets have softened in recent quarters while Bombardier's
competitive position has weakened as the Global 7000 plane has seen
program delays and will not enter into service until at least late
2018. The transportation segment remains relatively stable, but
with visible execution issues and room for recovery in margins.

The company's significant scale and diversity, established global
market positions, natural barriers to entry and sizeable backlog
levels in its primary business segments favorably influence the
rating.

The company's significant scale and diversity, established global
market positions, good liquidity, natural barriers to entry and
sizeable backlog levels in its primary business segments favorably
influence the rating.

Bombardier also has good liquidity (SGL-2), with $5.5 billion of
available liquidity sources versus Moody's estimate of about $800
million of adjusted negative free cash flow over the 12 months to
March 31, 2017 and minimal debt maturities. At March/16, Bombardier
had cash of $3.4 billion and $1.1 billion (USD equivalent) of
unused revolvers ($400 million at BA due June 2019 and EUR 608
million at BT due Oct 2018). Additionally the company will receive
$500 million on June 30, and an additional $500 million on
September 1 from the Government of Quebec for a 49.5% equity
investment in the C Series aircraft program. Bombardier's bank
financial covenants are not public, but they include minimum
liquidity and maximum leverage requirements. Moody's expects the
company will maintain headroom against the covenants. The company
does not have any material debt maturities until 2018, when $1.4
billion is due which can be funded through its current liquidity
sources.

The stable ratings outlook reflects Bombardier's good liquidity
position, which supports its continuing cash consumption. It also
reflects a reduction in the program risk of the C Series following
recent orders/LOIs and the forthcoming entry into service.

Bombardier's CFR rating could be upgraded if we expect 1) the
company will produce sustainable free cash flow, 2) adjusted
financial leverage will reduce below 6.5x, and 3) the company is
able to conduct business without further government support.

Bombardier's CFR rating could be downgraded if 1) adjusted negative
free cash flow is likely to exceed our expectation of about $1.1
billion in 2016, about $400 million in 2017 and $300 million in
2018, 2) if Moody's expects the company's adjusted debt/EBITDA
leverage to remain above 8x, or 3) if Moody's develop concerns over
the adequacy of the company's liquidity.

Headquartered in Montreal, Bombardier is a globally diversified
manufacturer of business and commercial jets as well as rail
transportation equipment. Annual revenues total roughly $18
billion.


CADILLAC NURSING: Taps Mike DiLaura & Associates as Legal Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Cadillac Nursing
Home, Inc. seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Michigan to hire Mike DiLaura & Associates,
P.C.

The committee tapped the firm to provide legal services in
connection with the Debtor's Chapter 11 case.

Mike DiLaura & Associates will be paid $275 per hour for its
services.  Aside from professional fees, the firm will also receive
reimbursement for work-related expenses.

Michael DiLaura, Esq., disclosed in a court filing that the firm
does not have any connection with the Debtor or its creditors.

The firm can be reached through:

     Michael P. DiLaura
     Mike DiLaura & Associates, P.C.
     105 Cass Avenue
     Mount Clemens, MI 48043
     586-468-5600

                  About Cadillac Nursing Home

Cadillac Nursing Home, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Mich. Case No. 16-41554) on Feb. 8, 2016.  The
petition was signed by Bradley Mali, as president.

The cases are pending before the Honorable Thomas J. Tucker.  The
Debtor listed estimated assets and liabilities $1 million to $10
million.

The Debtor is represented by Michael E. Baum, Esq., and Kim K.
Hillary, Esq., of Schafer & Weiner PLLC in Bloomfield Hills, Mich.

The Debtor, doing business as St. Francis Nursing Center, is a
privately owned and licensed long term skilled nursing facility
located at 1533 Cadillac Boulevard., Detroit, Mich.  It consists of
81 licensed beds, located within the Debtor-owned facility.  It
employs nearly 84 full and part-time employees.



CAESARS ENTERTAINMENT: Bank RSA Becomes Effective
-------------------------------------------------
Pursuant to its terms, the First Amended Restructuring Support and
Forbearance Agreement, dated as of June 20, 2016, among Caesars
Entertainment Corporation, Caesars Entertainment Operating Company,
Inc., a majority owned subsidiary of CEC, on behalf of itself and
the subsidiary loan parties party thereto, and certain beneficial
holders of the claims under the first lien bank debt incurred by
CEOC pursuant to that certain Third Amended and Restated Credit
Agreement, dated as of July 25, 2014, by and among CEC, CEOC, the
lenders party thereto and Credit Suisse AG, Cayman Islands Branch,
as administrative agent, became effective because it was signed by
the requisite consenting Bank Creditors.

In addition, on June 21, 2016, the Restructuring Support and
Forbearance Agreement, dated as of June 6, 2016, among CEC, CEOC
and certain holders of claims in respect of CEOC's 10.75% senior
unsecured notes due 2016 and 10.75% / 11.5% senior toggle notes due
2018, was amended to limit the representations, warranties,
covenants and other agreements made by any Consenting SGN Creditor
(as defined in the SGN RSA) to the business units of the Consenting
SGN Creditors party thereto.  On June 21, 2016, the SGN RSA, as
amended, became effective upon the waiver by the Caesars Parties of
the requirement that holders of at least 66.7% of the aggregate
outstanding amount of the SGN Claims sign the SGN RSA because
Consenting SGN Creditors holding in excess of 65% of the aggregate
outstanding amount of the SGN Claims have signed the SGN RSA.

                    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: Enters Into RSA with Unsecured Claimholders
------------------------------------------------------------------
Caesars Entertainment Corporation, Caesars Entertainment Operating
Company, Inc., a majority owned subsidiary of CEC, and the
statutory unsecured claimholders' committee appointed to act as a
statutory representative of unsecured claimholders in the Debtors'
Chapter 11 cases entered into a Restructuring Support and
Settlement Agreement with respect to restructuring CEOC's
indebtedness and other obligations as set forth in the CEOC Plan
annexed to the UCC RSA.

Each party to the UCC RSA has agreed to support the actions
contemplated by the UCC RSA or otherwise desirable or required to
be taken to effectuate the Restructuring, including entering into
all documents and agreements necessary to consummate the
Restructuring.  The UCC has agreed to, among other things and
subject to certain conditions set forth in the UCC RSA, (a) request
a stay of its appeals of the Bankruptcy Court's decisions related
to the Chapter 11 cases, (b) hold in abeyance its motion seeking
derivative standing to commence and prosecute certain claims on
behalf of the Debtors' estates and (c) provide CEOC a letter that
can be distributed with the CEOC Disclosure Statement which will
urge the creditors in the UCC's constituency to accept the CEOC
Plan.

Each of the Caesars Parties has agreed to, among other things and
subject to certain conditions set forth in the UCC RSA, (a) support
and complete the Restructuring and all transactions contemplated by
the CEOC Plan and the UCC RSA and (b) cause the UCC to be included
in the mutual release and exculpation provisions to be provided in
the CEOC Plan and, if applicable, a chapter 11 plan of
reorganization for CEC through which the Restructuring may be
effected.

The UCC may terminate the UCC RSA if, among other things, (a)
required in the exercise of the UCC's fiduciary duties as set forth
in the UCC RSA, (b) an order by the Bankruptcy Court confirming the
CEOC Plan is not entered by April 30, 2017 or (c) the date on which
all conditions precedent to the effectiveness of the Plans have
been satisfied or waived has not occurred by
Oct. 31, 2017.

CEOC may terminate the UCC RSA if, among other things, (a) required
in the exercise of CEOC's fiduciary duties as set forth in the UCC
RSA or (b) the Effective Date has not occurred by the Outside Date.
The UCC RSA may be terminated by CEC if, among other things, (x)
required in the exercise of CEC's fiduciary duties as set forth in
the UCC RSA, (y) the Effective Date has not occurred by the Outside
Date or (z) an order temporarily enjoining all or some of the
Caesars Cases is not in full force and effect.

Each party to the UCC RSA has agreed to preserve all of the UCC's
litigation rights (both actions and motions the UCC has already
commenced and actions and motions the UCC may commence under the
Bankruptcy Code) including, among other things, consenting to and
supporting stays, adjournments or extensions of any actions or
dates relating to the litigation rights; provided that, if
obtained, any such stay, adjournment, or extension will expire upon
the earlier of (x) the Effective Date of the CEOC Plan or (y) the
termination of the UCC RSA.

Each party to the UCC RSA has also agreed that the terms of the UCC
RSA will not require the UCC in its capacity as the statutory
unsecured claimholders' committee to take any action, or to refrain
from taking any action, to the extent inconsistent with its
statutory, fiduciary or other obligations under applicable law.

A full-text copy of the Restructuring Support and Settlement
Agreement is available at https://is.gd/GBlfvJ

                    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.


CANDICE RADIX: Has $1.6MM Offer, July 13 Sale Hearing for Property
------------------------------------------------------------------
Candice Radix, also known as Candice Clare, has notified parties of
bidding procedures promulgated in connection with the public sale
of the real property located at 793 Utica Avenue, Brooklyn, New
York.  The sale will be held at the U.S. Bankruptcy Court, Eastern
District of New York on July 13, 2016 at 11:00 a.m.  At least two
weeks prior to the sale, the debtor and her broker will advertise
the Sale in The Wall Street Journal and New York Newsday.  The sale
of the Property is being conducted pursuant to Sec. 363(b), (d),
(f) & (m) of Title 11 of the United States Code, free and clear of
liens claims and encumbrances.

The Debtor has received an offer to purchase the Property for
$1,600,000 from GSE Realty LLC.

Any competing offer must provide for a Purchase Price of at least
$1,600,000.  The hearing to approve the sale to the successful
bidder will take place before the Honorable Carla E Craig on July
13.

Candice Radix, also known as Candice Clare, filed a Chapter 11
petition (Bankr. E.D.N.Y. Case No. 15-45460) on Dec. 2, 2015.
Candice Radix is represented by Law Offices of Morris Fateha, P.C.


CAPITOL LAKES: Taps FTI Consulting as Interest Rate Expert
----------------------------------------------------------
Capitol Lakes, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Wisconsin to hire FTI Consulting, Inc.

The Debtor tapped the firm to provide interest rate analysis in
connection with its Chapter 11 plan.  Specifically, the firm will
provide these services:

     (a) evaluating current debt markets for continuing care
         retirement community loan parameters, including the       
  
         current market rate of interest;

     (b) evaluating other related lending parameters such as
         collateral requirements, amortization, term and
         structure;

     (c) developing an opinion as to current "market" rate of
         interest for secured, hospitality real estate loans;

     (d) considering Supreme Court Till Ruling (In re: Till v. SCS

         Credit Corp.) and any Seventh Circuit guidance in
         arriving at its expert opinion;

     (e) preparing and delivering a comprehensive written analysis

         and expert report;

     (f) providing testimony concerning the bases of the firm's
         opinions and analyses; and

     (g) other financial and restructuring-related services that
         are requested by the Debtor and are within the firm's
         capabilities.

The firm's professionals and their hourly rates are:

     Senior Managing Director             $825 - $995
     Director – Managing Director         $615 - $815
     Consultant – Sr. Consultant          $325 - $595
     Administrative – Project Assistant   $130 - $260

Aside from professional fees, the firm will also receive
reimbursement for work-related expenses and is entitled to
indemnification.

Timothy Dragelin, senior managing director of FTI, disclosed in a
court filing that the firm does not have any interest adverse to
the Debtor's estate or its creditors.

FTI can be reached through:

     Timothy Dragelin
     FTI Consulting, Inc.
     214 North Tryon Street, Suite 1900
     Charlotte, NC 28202
     Phone:  +1 704-972-4100
     Fax: +1 704-972-4121

                       About Capitol Lakes

Capitol Lakes, Inc., fka Meriter Retirement Services, Inc., owns
and operates a continuing care retirement community comprised of
(i) an urban high rise containing 105 independent living units,
(ii) an apartment building containing 52 additional independent
living units, (iii) an assisted living residential facility
containing 43 assisted living units, of which 39 are single
occupancy and 4 are available for double occupancy, (iv) a skilled
nursing facility with 85 active skilled nursing beds licensed by
the Wisconsin Department of Health and Family Services and
certified to participate in the Medicare and Medicaid programs, all
located on a site of approximately 3.8 acres of land owned by
Capitol Lakes located in the heart of downtown Madison, Wisconsin.

Capitol Lakes filed a chapter 11 bankruptcy petition (Bankr. W.D.
Wisc. Case No. 16-10158) on Jan. 20, 2016.  As of Dec. 31, 2015, on
a book value basis, Capitol Lakes reported $57.6 million in assets
and $104.2 million in liabilities.

The Debtor has tapped DLA Piper LLP as its legal counsel, and Cain
Brothers & Company LLC as its financial advisor.  The Office of the
U.S. Trustee appointed seven-member creditors' committee, which is
represented by lawyers at Murphy Desmond S.C.


CENTRAL AMERICA BOTTLING: S&P Affirms 'BB' CCR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term global scale
corporate credit and debt ratings on The Central America Bottling
Corporation (CBC).  The outlook on the corporate credit rating
remains stable.

The ratings affirmation follows CBC’s solid performance and S&P's
expectation that the company will continue to achieve moderate
growth in most of the countries in which it operates, while
maintaining stable operating margins.  Additionally, S&P believes
the company's strategic alliance with Ambev in Peru will continue
to strengthen CBC's performance in that country.  It undertook the
partnership in an effort to broaden its operations and increase its
geographic diversification.

The stable outlook reflects S&P's expectation that, despite the
economic challenges in the countries where it operates, CBC will
continue to post low-to-mid-single digit revenue growth and stable
EBITDA margins and cash flow generation in the next two years. This
should allow the company to finance its working capital needs,
capex, and dividend payments without requiring significant external
funding.  Accordingly, S&P expects debt to EBITDA to be close to
2.0x and EBITDA to interest coverage to be about 4.5x.

Although unlikely in the next 12 months, S&P could lower the
ratings if CBC follows an aggressive expansion strategy, including
higher-than-anticipated capex and/or significant, debt-financed
acquisitions that result in erosion of the company's credit
metrics, leading to a debt to EBITDA ratio above 3.0x and an EBITDA
interest coverage ratio below 3.0x.

S&P could raise the ratings over the next 12 months if CBC achieves
stable revenue growth, coupled with greater-than-expected
improvement in its profitability metrics.  Such an improvement
would be a result of higher margins in its non-csd product
offerings, leading to positive discretionary cash flow (DCF), with
a DCF to debt ratio above 10%. An upgrade would also be subject to
the company's resilience to a sovereign default scenario in
Guatemala, where nearly half of CBC's consolidated operations are
located.


CERTIFIED ENERGY: Taps Krigel & Krigel as Legal Counsel
-------------------------------------------------------
Certified Energy Labs, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Missouri to hire Krigel & Krigel,
P.C. as its legal counsel.

The Debtor tapped the firm to provide these services in connection
with its Chapter 11 case:

     (a) give advice with respect to 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
         estate, including the prosecution of actions on its
         behalf;

     (d) prepare legal papers;

     (e) negotiate and prosecute on the Debtor's behalf all
         contracts for the sale of assets and plan of
         reorganization, and take any action that is necessary for

         the Debtor to obtain confirmation of its plan; and

     (f) appear before the court and the U.S. trustee.

The firm's professionals and their hourly rates are:

     Sanford P. Krigel    $350
     Erlene W. Krigel     $275
     Paul Hentzen         $275
     Karen Rosenberg      $225
     Steve Braun          $225
     Kelsey Nazar         $225
     Dana Wilders         $225
     Lara Pabst           $225
     Christopher Smith    $225
     Legal Assistants      $75

Aside from professional fees, the firm will also receive
reimbursement for work-related expenses.

Erlene Krigel disclosed in a court filing that the firm does not
hold or represent any interest adverse to the Debtor's estate or
its creditors.

Krigel & Krigel can be reached through:

     Erlene W. Krigel
     Krigel & Krigel, P.C.
     4520 Main Street, Suite 700
     Kansas City, Missouri 64111
     Telephone: (816) 756-5800
     Facsimile: (816) 756-1999

                        About Certified Energy

Certified Energy Labs, LLC sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. W.D. Mo. Case No. 16-41635) on June 21,
2016.  

The petition was signed by Keith Koehler, managing member.  The
case is assigned to Judge Arthur B. Federman.

At the time of the filing, the Debtor disclosed $448,281 in assets
and $2.24 million in debts.


CHRISTINE AVELINO-CATABRAN: Court to Recalculate Child Support
--------------------------------------------------------------
In the case captioned CHRISTINE AVELINO-CATABRAN,
Plaintiff-Appellant, v. JOSEPH A. CATABRAN, Defendant-Respondent,
Docket No. A-4973-13T4 (N.J. Super. Ct. App. Div.), the Superior
Court of New Jersey, Appellate Division, affirmed the Family Part's
May 12, 2014 order as to college expenses, but vacated and remanded
the case for recalculation of child support.

In the post-judgment dissolution matter, Christine Ewart, formerly
known as Christine Avelino-Catabran, appealed from the Family
Part's May 12, 2014 order recalculating child support and holding
her responsible for half of the parties' eldest daughter's college
expenses.  She also appealed from the court's May 30, 2014 order
that deemed the new child support amount retroactive to October 25,
2012.

The Superior Court found that the trial court correctly enforced
the provisions of the parties' property settlement agreement that
obligated the plaintiff to be equally responsible for the
children's expenses.  However, the Superior Court also concluded
that the trial court abused its discretion by calculating the
support award in a manner inconsistent with established law.

A full-text copy of the Superior Court's June 16, 2016 opinion is
available at https://is.gd/Q0M01c from Leagle.com.

Appellant is represented by:

          Lynn Fontaine Newsome, Esq.
          Alyssa M. Clemente, Esq.
          NEWSOME O'DONNELL, L.L.C.
          200 Campus Drive, Suite 205
          Florham Park, NJ 07932
          Tel: (973)692-6317
          Fax: (973)692-6377
          Email: lnewsome@newsomeodonnell.com
                 aclemente@newsomeodonnell.com

Respondent is represented by:

          Ann Crawshaw Coquin, Esq.
          25 Lindsley Dr Ste 200
          Morristown, NJ 07960
          Tel: (973)267-6266


CONTINENTAL EXPLORATION: Trustee to Hire PLS to Market Assets
-------------------------------------------------------------
The Chapter 11 trustee of Continental Exploration, LLC seeks
approval from the U.S. Bankruptcy Court for the Eastern District of
Texas to hire PLS, Inc.

Jason Searcy, the bankruptcy trustee, tapped the firm to be the
Debtor's agent in connection with the sale of certain operated and
non-operated working interests in the United States.

PLS will receive 3% of the aggregate purchase price received by the
Debtor if the assets are sold to an entity that the firm directly
solicited to be a purchaser of the assets.

In the event of a successful credit bid by the Debtor's secured
creditor, PLS will receive 3% of the aggregate purchase price.
Under this scenario, the firm will be compensated by the Debtor.
PLS will receive a minimum fee of $25,000 should the transaction
close at or below $825,000 in aggregate purchase price.

In the event that the sale is cancelled or the assets are taken off
the market, the firm will receive a termination fee of $6,000.

PLS agrees to provide 10 hours of court attendance on behalf of the
Debtor.  Should meetings with lawyers and court hearings exceed 10
hours, the firm will bill the Debtor $200 per additional hour.
Moreover, PLS will not receive expense reimbursement from the
Debtor.

Ronyld Wise, managing director of PLS, disclosed in a court filing
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

PLS can be reached through:

     Ronyld W. Wise
     PLS, Inc.
     One Riverway, Suite 2500
     Houston, Texas 77056

The trustee can be reached through his counsel:

     Jason R. Searcy
     Joshua P. Searcy
     Callan C. Searcy
     Searcy & Searcy, P.C.
     P. O. Box 3929
     Longview, TX 75606
     Phone: 903/757-3399
     Fax: 903/757-9559
     jsearcy@jrsearcylaw.com
     joshsearcy@jrsearcylaw.com
     ccsearcy@jrsearcylaw.com

                  About Continental Exploration

Continental Exploration, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 15-41607) on
September 2, 2015.


COTT CORP: Egan-Jones Assigns 'B' Senior Unsecured Rating
---------------------------------------------------------
Egan-Jones Ratings Company assigned a B senior unsecured rating on
debt issued by Cott Corporation on June 21, 2016.

The Cott Corporation is a supplier of private label carbonated soft
drinks distributing to Canada, the United States, Mexico, the
United Kingdom, and Europe.



COWEN GROUP: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-----------------------------------------------------------
Egan-Jones Ratings Company downgraded the senior unsecured ratings
on debt issued by Cowen Group Inc to BB+ from BBB- on June 20,
2016.

Cowen Group, Inc. is a publicly owned asset management holding
company. The Company was founded in 1994 and is headquartered in
New York.


CP-CHA ROSELAND: Taps Marcus & Millichap as Broker
--------------------------------------------------
CP-CHA Roseland Limited Partnership seeks approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to hire
Marcus & Millichap REIS of North Carolina, Inc. as its broker.

CP-CHA Roseland tapped the firm in connection with the sale of its
real property located along Pressley Road in Charlotte, North
Carolina.  The property consists of 44 two-storey multi-family
residential buildings.

Marcus & Millichap will be paid a commission of 1.5% to be deducted
from the gross sale proceeds upon a successful sale of the
property.

Raj Ravi, a broker employed by Marcus & Millichap, disclosed in a
court filing that the firm does not have any interest adverse to
CP-CHA Roseland.

The firm can be reached through:

     Raj Ravi
     Marcus & Millichap
     REIS of North Carolina, Inc.
     201 S. Tryon Street, Suite 1220
     Charlotte, NC 28202
     Tel: (704) 831-4650
     Fax: (704) 831-4610

CP-CHA Roseland can be reached through:

     A. Cotten Wright
     Grier Furr & Crisp, PA
     101 North Tryon St., Ste. 1240
     Charlotte, NC 28246
     Tel: (704) 332-0207
     Fax: (704) 332-0215
     Email: cwright@grierlaw.com

                        About CP-CHA Roseland

CP-CHA Roseland Limited Partnership sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. N.C. Case No. 04-31630) on
May 4, 2004.  

At the time of the filing, CP-CHA Roseland estimated its assets at
$0 to $50,000 and debts at $1 million to $10 million.  

On September 5, 2006, the court confirmed the joint plan of
reorganization filed by CP-CHA Roseland and Receivership Management
Inc., receiver for Sentinel Trust Co.

The reorganization plan provided that CP-CHA Roseland would
continue to operate its property -- a multifamily residential
rental project for low income tenants known as Roseland I and II
located in Charlotte, North Carolina -- as low income housing.  

The plan also provided that CP-CHA Roseland's bankruptcy case would
remain open until it is able to pay over "surplus cash flow" to the
trustee for holders of certain low income housing bonds that funded
the acquisition and rehabilitation of the property.

Since the confirmation of the plan, CP-CHA Roseland has operated
the property under the name of the Pressley Ridge Apartments.  As
of June 21, 2016, no distributions of surplus cash flow have been
made to the bond trustee.


CRYOPORT INC: Successfully Completes $1.30M Rights Offering
-----------------------------------------------------------
Cryoport, Inc., announced that it has received gross proceeds of
$1,304,748 in subscriptions for 841,773 shares of common stock from
its previously announced rights offering, which expired on Monday,
June 20, 2016, at 5:00 p.m. ET.

"We appreciate the confidence our shareholders and warrant holders
have shown in Cryoport's growth strategy through their
participation in this rights offering.  This capital will be used
to invest in growth initiatives for our innovative temperature
controlled logistics solutions used to support ground breaking
advancements in biopharma, especially in cancer immunotherapies and
regenerative medicines, as well as reproductive medicine and animal
health," Jerrell Shelton, CEO of Cryoport.

Under the terms of the offering, rights holders had the ability to
oversubscribe, which entitled each rights holder that exercises
their basic subscription privilege in full the right to purchase
additional shares of common stock that remain unsubscribed at the
expiration of the rights offering.  These additional rights shares
would have been allocated to holders that submitted
oversubscription requests on a pro-rata basis.  In each case, the
allocated amount would not have exceeded the maximum number of
additional new shares requested.

The shares of the Company's common stock subscribed for in the
rights offering will be issued to the participating shareholders
and warrant holders as promptly as practicable.

                        About Cryoport

Lake Forest, Calif.-based CryoPort, Inc. (OTC BB: CYRX) provides
comprehensive solutions for frozen cold chain logistics, primarily
in the life science industries.  Its solutions afford new and
reliable alternatives to currently existing products and services
utilized for bio-pharmaceuticals and biologics, including in-vitro
fertilization, cell lines, vaccines, tissue and other commodities
requiring a reliable frozen solution.

Cryoport reported a net loss attributable to common stockholders of
$12.2 million for the year ended March 31, 2015, compared to a net
loss attributable to common stockholders of $19.6 million for the
year ended March 31, 2014.

As of Dec. 31, 2015, the Company had $7.45 million in total assets,
$2.46 million in total liabilities and $4.99 million in total
stockholders' equity.

KMJ Corbin & Company LLP, in Costa Mesa, California, issued a
"going concern" qualification on the consolidated financial
statements for the year ended March 31, 2015, citing that the
Company has incurred recurring operating losses and has had
negative cash flows from operations since inception.  Although the
Company has cash and cash equivalents of $1.4 million at March 31,
2015, management has estimated that cash on hand, which include
proceeds from Class B convertible preferred stock received
subsequent to the fourth quarter of fiscal 2015, will only be
sufficient to allow the Company to continue its operations into the
third quarter of fiscal 2016.  These matters raise substantial
doubt about the Company's ability to continue as a going concern,
the auditors said.


CUMULUS MEDIA: Appoints John Abbot as Chief Financial Officer
-------------------------------------------------------------
Cumulus Media Inc. announced the appointment of John F. Abbot as
executive vice president, treasurer and chief financial officer
effective July 1, 2016.  Abbot most recently served as executive
vice president and chief financial officer of Telx Holdings Inc., a
leading provider of connectivity, co-location and cloud services in
the data center industry.

Abbot, age 53, brings more than 20 years of financial and
operations management experience to Cumulus Media as well as an
impressive track record of strategic success in various capital
market transactions, mergers, acquisitions and integration
campaigns.  He will be responsible for finance, treasury,
accounting, tax, engineering, purchasing, real estate, information
technology and systems.

Abbot succeeds Joseph P. Hannan, who resigned his position after
six years in order to pursue other interests.  Hannan will assist
the company for several months to ensure a smooth transition.

"We are fortunate to attract a leader of John's caliber with such
extensive financial and operational experience to Cumulus as we
work to accelerate the progress we have made in the company's
multi-year turnaround," said Mary Berner, president and chief
executive officer of Cumulus Media.  "His expertise and versatility
will be invaluable as we continue to focus on managing the business
to improve revenue performance while maintaining cost discipline
and exploring available options to improve the balance sheet.  We
thank J.P. for his significant contributions to the expansion of
Cumulus and are grateful for his dedication to the business."

"I am excited to join Mary and the senior leadership team at this
important juncture in the company's evolution," stated Abbot.  "I
join Cumulus with an appreciation for the headway that has already
been made around the company's four key strategies as well as a
keen understanding of the challenges and opportunities that lie
ahead.  I look forward to using my skills and experience to help
maximize value as we work to deliver on the turnaround."

Prior to his service at Telx, which was sold to Digital Realty
Trust in October 2015 for approximately $1.9 billion, Abbot was
executive vice president and chief financial officer of Insight
Communications Company, Inc., a cable television business with over
$1 billion of revenue.  He worked as CFO at Insight for eight
years, culminating with its acquisition by Time Warner Cable in
2012 for $3 billion.  During the prior nine years, he worked in the
Global Media and Communications Group of the Investment Banking
Division at Morgan Stanley, where he was a Managing Director. Abbot
began his career as an associate at Goldman, Sachs & Co., and also
served as a Surface Warfare Officer in the U.S. Navy.  He received
a bachelor's degree in Systems Engineering from the U.S. Naval
Academy, an ME in Industrial Engineering from The Pennsylvania
State University, and an MBA from Harvard Business School.

The Employment Agreement will provide that Mr. Abbot is entitled to
an annual base salary of $750,000, subject to annual increase. The
Employment Agreement will also provide that Mr. Abbot will be
eligible for an annual cash bonus based upon achievement of
performance criteria or goals set forth in an annual executive
incentive plan proposed by the chief executive officer to the
compensation committee of the Company's board of directors for its
approval.  Criteria and goals in the EIP may relate, without
limitation, to Mr. Abbot, his various job duties, and/or the
performance of the Company as a whole, as such criteria and goals
are determined each year by the Chief Executive Officer.  The
annual cash bonus will be calculated as a percentage of Mr. Abbot's
base salary, with a target award opportunity of 75%, or a higher
amount as determined by the chief executive officer.

The Employment Agreement will also provide that Mr. Abbot will be
entitled to receive an initial award of options to purchase
1,500,000 shares of the Company's Class A common stock.  750,000 of
such shares may be purchased at a price equal to the closing price
of the Company's Class A common stock on the date of grant, which
will be July 1, 2016.  Of the remaining 750,000 shares, (i) 250,000
may be purchased at a price of $1.00 per share, (ii) 250,000 may be
purchased at a price of $2.00 per share, and (iii) 250,000 may be
purchased at a price of $3.00 per share.

                      About Cumulus Media

Cumulus Media Inc. (CMLS) combines high-quality local programming
with iconic, nationally syndicated media, sports and entertainment
brands in order to deliver premium choices for listeners, provide
substantial reach for advertisers and create opportunities for
shareholders.  As the largest pure-play radio broadcaster in the
United States, Cumulus provides exclusive content that is fully
distributed through approximately 460 owned-and-operated stations
in 90 U.S. media markets (including eight of the top 10), more
than 10,000 broadcast radio affiliates and numerous digital
channels.  Cumulus is well-positioned in the widening digital
audio space through a significant stake in the Rdio digital music
service, featuring 30 million songs on-demand in addition to
custom playlists and exclusive curated channels.  Cumulus is also
the leading provider of country music and lifestyle content
through its NASH brand, which will serve country fans through
radio programming, NASH magazine, concerts, licensed products and
television/video.  For more information, visit
http://www.cumulus.com/

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debts that topped
$97 million as of June 30, 2011.

Cumulus Media reported a net loss attributable to common
shareholders of $546.49 million on $1.16 billion of net revenue for
the year ended Dec. 31, 2015, compared to net income attributable
to common shareholders of $11.76 million on $1.26 billion of net
revenue for the year ended Dec. 31, 2014.

As of March 31, 2016, Cumulus had $2.98 billion in total assets,
$2.98 billion in total liabilities, and $2.48 million in total
stockholders' equity.

                           *     *     *

The TCR reported on March 25, 2016, that Standard & Poor's Ratings
Services lowered its corporate credit ratings on Atlanta, Ga.-based
Cumulus Media Inc. and its subsidiary Cumulus Media Holdings Inc.
to 'CCC' from 'B-'.

As reported by the TCR on Sept. 17, 2015, Moody's Investors Service
downgraded Cumulus Media Inc.'s Corporate Family Rating to B3 from
B2.  Cumulus' B3 Corporate Family Rating reflects Moody's
expectation that debt-to-EBITDA will remain elevated and in the mid
to high 8x through FYE2015 (including Moody's standard adjustments)
due to continued revenue declines in core ad sales and network
revenue as well as the absence of political ad spending in 2015, an
odd numbered year.


CUMULUS MEDIA: Egan-Jones Cuts Sr. Unsecured Ratings to CCC
-----------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured ratings on
debt issued by Cumulus Media Inc. to CCC on June 13, 2016.

Cumulus Media, Inc. is an American broadcasting company and is the
second largest owner and operator of AM and FM radio stations in
the United States.



DAVID F. YARNALL: July 21 Plan Confirmation Hearing
---------------------------------------------------
Judge Marc Barreca of the U.S. Bankruptcy Court for the Western
District of Washington at Seattle approved the disclosure statement
explaining David F. Yarnall and Gail Yarnall's corrected amended
Chapter 11 Plan of reorganization and fixed July 21, 2016, as the
hearing on confirmation of the plan.

July 14 is fixed as the last day for filing written acceptances or
rejections of the plan and the last day for filing and serving
written objections to confirmation of the plan.

As reported by the Troubled Company Reporter, the Plan proposes
this treatment for general unsecured claims against the Debtors:

     -- Internal Revenue Service General Unsecured [non penalty]
        Amount: $74,858.37

        10.0% dividend payable in 48 equal monthly installments,
        commencing 30 days after plan confirmation.  Approximate
        monthly payment of $155.96.  Debtor reserves the right to
        accelerate such payments.   

     -- General Unsecured Class [Other than IRS Penalty claim]
        Amount: $168,303.24

        10.0% dividend payable in 48 equal monthly installments,
        commencing 30 days after plan confirmation.  Approximate
        monthly payment of $350.63.  Debtor reserves the right
        to accelerate such payments. payable in 48 equal monthly
        installments, commencing 30 days after plan confirmation

     -- IRS Penalty claim
        Amount: $31,381.00

        No dividend

The Plan Proponent's financial projections show that the Debtor
will have an aggregate annual average gross income prior to payment
of taxes, of $120,000, if but only if the Debtor retains his
current employment. The final Plan payment is expected to be paid
on May 5, 2020.

A copy of the Disclosure Statement is available at:

          http://bankrupt.com/misc/wawb15-15762-0070.pdf

David Yarnall and Gail Yarnall filed a Chapter 11 petition (Bankr.
W.D. Wash. Case No. 15-15762) on September 26, 2015, and are
represented by:

     David W. Freese, Esq.
     Attorney at Law
     P. O. Box 1253
     Lynnwood, WA 98046
     Tel: (425) 776-9171


DAWSON INTERNATIONAL: Taps McGuireWoods as Bankruptcy Counsel
-------------------------------------------------------------
Dawson International Investments (Kinross) Inc., et al., seek
permission from the U.S. Bankruptcy Court to employ McGuireWoods
LLP as their attorneys effective nunc pro tunc to the Petition
Date.

A hearing on the request is set for July 12, 2016, at noon
(prevailing Eastern Time).  Objections must be filed by July 12,
2016, at 10:00 a.m. (prevailing Eastern Time).

The Firm will provide these services:

     a. advising the Debtors with respect to their powers and
        duties as debtors in possession;
  
     b. advising and consulting on the conduct of these Chapter 11

        cases, including all of the legal and administrative
        requirements of Chapter 11;

     c. attending meetings and negotiating with representatives of

        creditors and other parties in interest;

     d. taking all necessary actions to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors in negotiations
        concerning litigation in which the Debtors are involved,
        including objections to claims filed against the Debtors'
        estates, and representing the Debtors in adversary
        proceedings and contested matters;

     e. preparing petitions, pleadings, and schedules in
        connection with these chapter 11 cases, including motions,

        applications, answers, orders, reports, and papers
        necessary or otherwise beneficial to the administration of

        the Debtors' estates;

     f. advising the Debtors in connection with any potential sale

        of assets;

     g. appearing before the Court and any appellate courts to
        represent the interests of the Debtors' estates;

     h. advising the Debtors regarding pension, environmental and
        tax matters;

     i. taking any necessary action on behalf of the Debtors to
        negotiate, prepare, and obtain approval of a disclosure
        statement and confirmation of a Chapter 11 plan and all
        documents related thereto; and

     j. performing all other necessary legal services for the
        Debtors in connection with the prosecution of these
        Chapter 11 cases, including: (i) analyzing the Debtors'
        leases and contracts and the assumption and assignment or
        rejection thereof; (ii) analyzing the validity of claims
        and liens against the Debtors; and (iii) advising the
        Debtors on corporate and litigation matters.

The Firm will be paid at these hourly rates:

        Partners                         $650-$832.50
        Associates                       $335-$525
        Paraprofessionals                $235-$270
        Patrick L. Hayden, Esq.           $832.50
        Mark A. Platt, Esq.               $725
        Nathan S. Greenberg, Esq.         $425

During the 12-month period prior to the commencement of these
cases, the Firm received an aggregate of $418,414.25 (including
advance retainers, and net of certain voluntary invoice reductions)
for professional services performed and reimbursement of expenses
incurred in connection with the Firm's representation of the
Debtors.  Within the 90 days prior to the Petition Date, the Firm
received approximately $365,000 from the Debtors (including advance
retainers, and net of certain voluntary invoice reductions).  As of
the Petition Date, the Firm holds $100,000 as an advance retainer.
The Firm will not apply any portion of the Retainer to fees and
expenses incurred from and after the Petition Date unless and until
authorized to do so by a further order of the Court, for
application upon entry of any final fee application granted in
these cases.

Patrick L. Hayden, Esq., a partner of the Firm, assures the Court
that the Firm does not hold or represent any interest adverse to
the Debtors' estates in the matters upon which the Firm is to be
employed, and that the Firm is disinterested as the term is defined
in Section 101(14) of the Bankruptcy Code, as modified by Section
1107(b) of the Bankruptcy Code.

The Firm can be reached at:

        Patrick L. Hayden, Esq.
        Nathan S. Greenberg, Esq.
        McGUIREWOODS LLP
        1345 Avenue of the Americas
        Seventh Floor
        New York, New York 10105
        Tel: (212) 548-2148
        Fax: (212) 715-6293
        E-mail: phayden@mcguirewoods.com
                ngreenberg@mcguirewoods.com

Dawson International is a leading cashmere business. It comprises
two trading divisions, based in the UK and the USA.  The UK
division comprises the Barrie Knitwear business, based in Hawick
Scotland.  It manufactures highest quality cashmere garments at its
factory in the Scottish borders and sells to some of the world's
most prestigious couture houses, department stores and private
label retail outlets.

Dawson International Investments (Kinross) Inc. (Bankr. S.D.N.Y.
Case No. 16-11551) and its affiliates Ilion Properties, Inc.
(Bankr. S.D.N.Y. Case No. 16-11550), Dawson International
Properties, Inc. (Bankr. S.D.N.Y. Case No. 16-11552), DCC USA Inc.
(Bankr. S.D.N.Y. Case No. 16-11553), and Dawson Luxury Garments LLC
(Bankr. S.D.N.Y. Case No. 16-11254) filed separate Chapter 11
bankruptcy petitions on May 27, 2016.  The petitions were signed by
David G. Cooper, president and sole director.

Judge James L. Garrity, Jr., presides over the case.

Patrick L. Hayden, Esq., and Nathan S. Greenberg, Esq., at
McGuirewoods LLP serve as the Debtors' bankruptcy counsel.

The Debtors estimated their assets and liabilities at between $1
million and $10 million each.


DAYA MEDICALS: Unsecureds to Recover 21.8% Under Plan
-----------------------------------------------------
Daya Medicals, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of Florida, West Palm Beach Division, an amended
plan of reorganization and explanatory disclosure statement.

General unsecured creditors are classified in Class 2, and will
receive a distribution of 21.8% of their allowed claims, to be
distributed as follows:

     -- quarterly payments for five years with the first quarterly
payment being made on December 31, 2016, and with 3.86% of their
allowed claim being paid in Year 1 including an initial payment of
3.15% of their allowed claim paid on the effective date of the
Plan,

     -- 1.89% of their allowed claim will be paid in Year 2,

     -- 3.78% of their allowed claim will be paid in Year 3,

     -- 5.67% of their allowed claim will be paid in Year 4, and

     -- 6.62% of their allowed claim will be paid in Year 5.  

Quarterly payments will be made on December 31, March 31, June 30,
and September 30 with the final payment being made on September 30,
2021.

Payments and distributions under the Plan will be funded by royalty
payments received from the Debtor's licensee, Daya Medicals, Inc.
(Canada) (f/k/a 2407216 Ontario Inc). These royalty payments will
be paid at a rate of 1% of gross sales from sales of the MedPod
device. The Licensee has minimum purchase commitments for the
MedPod which will produce sufficient revenues to fund the Plan.

The Licensee has a contract for manufacturing with Jabil Circuit,
Inc., and has a group purchasing contract with a large hospital
purchasing group, Premier Healthcare Alliance, LP, that provides
for significant minimum purchases that are sufficient to fund the
Plan. The manufacturing contract between the Licensee and Jabil and
the group purchasing contract between the Licensee and Premier will
be provided to any Creditor upon request and upon execution of a
Non-Disclosure Agreement that is sufficient to satisfy the
confidentiality concerns of Jabil and Premier.

The Licensee may also provide royalty advances to the Debtor in
order to meet the Debtor’s obligations under the Plan.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/flsb15-24931-122.pdf

Daya Medicals, Inc. (Bankr. S.D. Fla. Case No.: 15-24931) filed a
Chapter 11 Petition on August 18, 2015, and is represented by
Michael D. Moccia, Esq., at Law Office of Michael D. Moccia, PA, in
Boca Raton, Florida.

Since 1996, the Debtor has been in the business of research and
development of intellectual property related to biomedical
technologies and licensing, such as intellectual property to
licenses in exchange for royalty payments.

At the Petition Date, it had $1 million to $10 million in estimated
assets and $1 million to $10 million in estimated liabilities.  The
case is assigned to Judge Erik P. Kimball.  The petition was signed
by Justin K. Daya, chief executive officer.


DE LEON ENTERPRISES: UST Wants Dismissal or Ch. 11 Trustee
----------------------------------------------------------
Tracy Hope Davis, United States Trustee for Region 17, on June 22,
2016, filed a motion asking the U.S. Bankruptcy Court for the
Northern District of California to enter an order dismissing the
case for cause under 11 U.S.C. Sec. 1112(b) or, in the alternative,
to appoint a chapter 11 trustee under 11 U.S.C. Sec. 1112(b).  

The U.S. Trustee's attorneys aver that cause exists to dismiss or
appoint a chapter 11 trustee under Section 1112(b) because:

   * The Debtor has failed to maintain appropriate worker's
compensation insurance that poses a risk to the estate or to the
public, which constitutes cause under 11 U.S.C. Sec.
1112(b)(4)(C);

   * The Debtor has failed to pay United States Trustee quarterly
fees, which constitutes cause under 11 U.S.C. Sec. 1112(b)(4)(K);
and

   * The Debtor's operating reports evidence questionable or
unsubstantiated withdrawals, which if not justified, may constitute
gross mismanagement and cause under 11 U.S.C. Sec.  1112(b)(4).

Julie M. Glosson, Trial Attorney, asserts that cause exists to
dismiss or appoint a chapter 11 trustee because Debtor has not,
after more than eight months in bankruptcy, provided proof of
worker's compensation insurance, and has not paid the fees due to
the United States Trustee for the first quarter of 2016 in the
amount of $1,628.  In addition, Ms. Glosson notes that the bank
statements attached to Debtor's operating reports reflect more than
$1,000 in cash withdrawals at local casinos, other large cash
withdrawals, which if not legitimate business expenses may
constitute gross mismanagement of the funds of the estate.

For these reasons, the U.S. Trustee wants the case to be dismissed
or have a chapter 11 trustee appointed.  The U.S. Trustee says that
although conversion of the case to chapter 7 is an available
remedy, it is one that should be carefully considered as the
cessation of Debtor's business would negatively impact the welfare
of the residents of the care homes Debtor owns and operates.

Attorneys for the U.S. Trustee:

         DONNA S. TAMANAHA
         Acting Assistant United States Trustee
         JULIE M. GLOSSON
         Trial Attorney
         United States Department of Justice
         Office of the U.S. Trustee
         235 Pine Street, Suite 700
         San Francisco, CA 94104
         Telephone: (415) 705-3333
         Facsimile: (415) 705-3379
         E-mail: julie.m.glosson@usdoj.gov

                     About De Leon Enterprises

De Leon Enterprises LLC operates four residential care facilities
for adults with developmental disabilities:

  1. Regents Home at 32463 Regents Blvd., Union City;
  2. Glenmoor Home at 5232 Eggers Drive, Fremont;
  3. Ithaca Home at 32295 Ithaca St., Hayward; and
  4. Broadway Home at 6185 Broadway Ave., Newark.

De Leon Enterprises LLC a Chapter 11 bankruptcy petition (Bankr.
N.D. Cal. Case No. 15-43472) on Nov. 11, 2015.

This is the Debtor's second filing.  The first case was filed on
Aug. 13, 2014, in the Oakland Division, bearing Case No. 14-43360.
The first case was dismissed on Oct. 1, 2014.

This current case was commenced following a levy by the Internal
Revenue Service arising from non-payment of taxes and penalties.

In the current case, the Debtor is represented by Marc Voisenat,
Esq., at Law Offices of Marc Voisenat.

On Dec. 21, 2015, the United States Trustee appointed John Dratz,
Jr. as the Patient Care Ombudsman.


DEAN FOODS: Egan-Jones Hikes Sr. Unsecured Ratings to BB-
---------------------------------------------------------
Egan-Jones Ratings Company raised the senior unsecured ratings on
debt issued by Dean Foods Co to BB- on June 10, 2016.

Dean Foods is an American food and beverage company that
specializes in dairy products.



DEAN FOODS: Fitch Affirms BB- Issuer Default Rating, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings for
Dean Foods Company and its subsidiary, Dean Holding Company, at
'BB-'.  The Rating Outlook is Stable.

KEY RATING DRIVERS

Leading Share but Modest Declines

Dean is the largest processor and direct-to-store distributor of
fluid milk in the U.S. with about 35% dollar share.  However, the
fluid milk industry is highly sensitive to volatile raw milk prices
due to its low margins and is facing secular volume declines due to
maturity and competition from alternative beverages.  Volume
declines of t 2% - 3% for Dean are tracking modestly higher than
the industry as the company balances volume, margin, and price
realization.

Branded Focus, Operating Efficiency

Branded products represented 48% of Dean's $8.1 billion of sales in
2015, up from 47% in 2014.  Dean strategy is to build its higher
margin branded business, to leverage its national distribution
network by acquiring strong brands, and to continue to improve its
operating efficiency via cost savings.  DairyPure and TruMoo are
examples of internally created national brands while the
acquisition of Friendly's Ice Cream, a leading regional ice cream
brand in the Northeast, for $155 million in June 2016 underscores
the company's push into branded products while diversifying its
product mix.

Normalized EBITDA, Good FCF

Fitch Ratings anticipates Dean can generate EBITDA in the range of
$350 million - $400 million annually, assuming a normalized
commodity cost environment, low single-digit volume declines, tight
cost control and $0.07 - $0.09 operating margin per gallon. EBITDA
margin is expected to be in the 5% range in most years. Fitch
expects EBITDA to approximate $400 million - $450 million in 2016
and 2017 as gross margin benefits from benign dairy costs and
gradual mix shift towards branded products continues.

Favourable Milk Cost Environment

Conventional milk prices, as measured by Class I Mover, declined
30% to $16.34 per hundredweight (CWT) in 2015, after reaching
record levels in 2014, and fell another 14% to $14.49/cwt in the
first quarter of 2016.  Current USDA forecasts are for milk prices
to decline roughly 10% - 15% in 2016 and to rise about 5% in 2017.
Dean's gross profit rose 18% to approximately $2 billion in 2015
due to lower cost of sales, pricing actions, and an increased mix
of branded products.  Fitch expects Dean's gross profit to be
relatively stable or slightly higher in 2016 and 2017.

Conservative Balance Sheet

Dean's conservative balance sheet enables it to better withstand
potentially volatile raw milk costs while providing flexibility to
make accretive bolt-on acquisitions.  The firm had $847 million of
total debt at March 31, 2016.  For the LTM ended March 31, 2016,
total debt/EBITDA and total adjusted debt/EBITDAR (adjusted
leverage) were 1.8x and 3.0x, respectively.

Fitch projects total debt/EBITDA will be sustained in the 2x - 3x
range and adjusted leverage in the low-3.0x to low-4.0x range in
most years.  Fitch also believes total debt/EBITDA and adjusted
leverage could rise to 4x and 5x, respectively in periods of high
commodity prices.

Fitch anticipates that Dean can generate FCF of about $100 million
in most years assuming capex in the $150 million - $160 million
range and a modestly growing dividend.  Discretionary cash is
expected to be deployed towards acquisitions and share
repurchases.

Recovery Rating Notching

Dean's secured credit facility is secured by a first priority
perfected security interest in substantially of its assets.  The
'BB+/RR1' rating on the senior secured credit facility reflects
Fitch's expectation that recovery prospects would be outstanding
(91%-100%) in the event of default.

The 'BB-/RR4' rating on the unsecured notes reflect Fitch's view
that recovery on this debt would be average (31% - 50%) in the
event of default.  Dean's $700 million 6.5% guaranteed senior
unsecured notes due 2023 issued by the parent company and $142
million 6.9% senior unsecured notes at the operating subsidiary
level are pari passu, as such, Fitch rates these issuances the
same.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Dean include:

   -- Total annualized revenue approximates $7.5 billion –
      $8 billion over the intermediate term as volume declines in
      the 3% range persist and the contribution from price/mix
      varies with conventional milk prices.

   -- Conventional milk prices, as measured by the class I mover,
      decline approximately 10% to below $15/cwt in 2016 and
      increase slightly in 2017 as supply/demand conditions get
      closer to equilibrium.

   -- Operating profit per gallon approximates 10 cents - 11 cents

      in 2016 and 2017, above Fitch's view of a 7 cent - 9 cent
      normalized range.

   -- EBITDA approximates $400 million - $450 million in 2016 and
      2017, versus Fitch's expectation of $350 million –
      $400 million on a normalized basis, as gross margin benefits

      from benign dairy costs and gradual mix shift towards
      branded products continues.

   -- FCF after dividends approximates $100 million in 2016 and
      2017.

   -- Total debt/EBITDA is sustained in the 2x - 3x range and
      total adjusted debt/EBITDAR in the low-3.0x to low-4.0x
      range in most years.

                       RATING SENSITIVITIES

Future developments that may, individually or collectively, lead to
a positive rating action include:

   -- Better than expected volume trends that are in line or
      better than the industry;

   -- Further improvements in operating efficiency, as measured by

      cost reductions;

   -- Total debt/EBITDA sustained near 2.0x; equating to total
      adjusted debt/EBITDAR in the low 3x range;

   -- FCF approximating at least $100 million or more annually.

Future developments that may, individually or collectively, lead to
a negative rating action include:

   -- Sustained acceleration of Dean's volume declines beyond 3%
      annually, driven by higher than expected declines in U.S.
      milk consumption, market share declines, and/or loss of a
      major customer.

   -- Total debt-to-operating EBITDA sustained above the 3.5x
      range, which equates to total adjusted debt-to-operating
      EBITDAR near 5x, due to a large debt-financed acquisition
      and an inability to delever within a reasonable time period
      due to a prolonged downturn in the business.

                           LIQUIDITY

At March 31, 2016, Dean had $882 million of liquidity consisting of
$84.6 million of cash and availability under a $450 million secured
cash flow revolver maturing 2020 and a $550 million account
receivables securitization facility expiring 2018.  The company's
liquidity is also supported by its FCF generation, which Fitch
anticipates will remain positive in most years.  Fitch projects
annual FCF of about $100 million in 2016 and 2017, assuming $160
million of capex and $30 million to $35 million of dividends
annually.

FULL LIST OF RATING ACTIONS

Fitch affirms these:

Dean Foods Company (Parent)
   -- Long-term Issuer Default Rating (IDR) at 'BB-';
   -- Secured bank credit facility at 'BB+/RR1';
   -- Senior unsecured notes at 'BB-/RR4'.

Dean Holding Company (Operating Subsidiary)
   -- Long-term IDR at 'BB-';
   -- Senior unsecured notes at 'BB-/RR4'.


DEPAUL INDUSTRIES: Taps Henderson Bennington as Accountant
----------------------------------------------------------
DePaul Industries and DePaul Services, Inc. seek approval from the
U.S. Bankruptcy Court for the District of Oregon to hire Henderson
Bennington Moshofsky, P.C. as their accountant.

The Debtors tapped the firm to provide these services in connection
with their Chapter 11 cases:

     (a) accounting for and preparation of Rule 2015 reports as    
     
         required;

     (b) accounting for and preparation of corporate tax returns
         for the Debtors as required; and

     (g) generally assisting the Debtors in accounting and tax
         matters.

The firm's professionals and their hourly rates are:

     Judith V. Bennington     $240
     Stephen P. Moshofsky     $240
     Lai Wa Ng                $210
     Inna L. Schtokh          $180
     Kenneth M. Bakondi       $180
     Kim E. Nordling          $110
     Trudy E. Bradetich        $75
     Tara Montgomery           $65

Ms. Bennington disclosed in a court filing that the firm does not
have interest materially adverse to the Debtors' estate or their
creditors.

                        About DePaul Industries

DePaul Industries is a non-profit corporation based in Portland,
Ore., founded in 1971 with a mission of providing employment
opportunities for people with disabilities.  DePaul Services, Inc.,
was formed in 2004 as a separate Oregon non-profit corporation to
segregate DPI's work for governmental entities from its
non-governmental work.  DePaul lost a major $1 million spice
packaging customer in 2015.

DPI and DSI filed chapter 11 petitions (Bankr. D. Ore. Case No.
16-32293 and 16-32294) on June 10, 2016, and are represented by
Jeffrey C. Misley, Esq., and Thomas W. Stilley, Esq., at Sussman
Shank LLP in Portland.  At the time of the filing, the Debtors
estimated their assets and liabilities at less than $10 million.


DOTSON PLUMBING: Pension Fund, Unsecureds to Recoup 10% Under Plan
------------------------------------------------------------------
Dotson Plumbing & Heating, Inc., filed with the U.S. Bankruptcy
Court for the Northern District of Ohio a Chapter 11 plan and
explanatory disclosure statement, proposing to pay 10% on the
allowed amount of general unsecured creditors' claims.

Based upon the value of the real property -- three contiguous
parcel of property, having an address of 100 W. Main Street
Cridersville, Ohio -- which is $91,960, and the value of the
superior interests encumbering the Real Property, which is
$135,924, the Plan proposes that claim of the the Plumbers and
Pipefitters National Pension Fund will be deemed to be an unsecured
claim.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/ohnb15-33017-38.pdf

Dotson Plumbing & Heating, Inc., filed a Chapter 11 Petition on
September 16, 2015 (Bankr. N.D. Ohio Case No. 15-33017), and is
represented by Steven L. Diller, Esq., at Diller and Rice, LLC.

The business was originally founded in 1962 by Darrell and Doris
Dotson, and began operations as a small, hometown plumbing and
heating shop in Cridersville, Ohio. From its inception, and
continuing to the present day, the Debtor operates from a
commercial building located at 100 W Main Street in Cridersville.


DRUG STORES II: Hires Politan Law as Bankruptcy Counsel
-------------------------------------------------------
Drug Stores II, Limited Liability Company asks for authorization
from the Hon. Kathryn C. Ferguson of the U.S. Bankruptcy Court for
the District of New Jersey to employ Politan Law, LLC, as general
counsel, effective as of June 16, 2016.

The Firm will:

     a. advise the Debtor with respect to its rights, powers and
        duties in this case;

     b. assist and advise the Debtor in its consultations with
        creditors relative to the administration of the case,
        including analyzing the claims of creditors and in
        negotiating with creditors;

     c. assist the debtor in negotiating, formulating and
        proposing a plan;

     d. all necessary court appearances, research, preparation and

        drafting of pleadings and other legal documents;

     e. hearing preparation and related work, negotiations and
        advice with respect to all aspects of the Debtor's Chapter

        11 proceeding and prosecution of adversary proceedings
        against third parties as and to the extent necessary;

     f. confer with any other professional advisors retained by    
    
        the Debtor in providing advice to the Debtor; and

     g. perform all other necessary legal services in this case as

        may be requested by the Debtor or otherwise required in
        this Chapter 11 proceeding.

Mark J. Politan, Esq., a member at the Firm who will handle the
Debtor's case will be paid $400 per hour for his services.

Mr. Politan assures the Court that the Firm does not hold nor
represent an adverse interest to the Debtor or the estate and is
disinterested under 11 U.S.C. Section 101(14).

The Firm can be reached at:

        Mark J. Politan
        POLITAN LAW, LLC
        88 East Main Street, No. 502
        Mendham, New Jersey 07945
        Tel: (973) 768-6072

                       About Drug Stores II

East Windsor, New Jersey-based Drug Stores II, Limited Liability
Company -- dba Innovo Specialty Compounding Solutions, Innovo
Specialty Pharmacy, and Health Shoppe Pharmacy -- filed for Chapter
11 bankruptcy protection (Bankr. D.N.J. Case No. 16-12198) on Feb.
6, 2016, estimating its assets and liabilities at between $1
million and $10 million each.  The petition was signed by Piushbhai
Patel, president.

Judge Kathryn C. Ferguson presides over the case.

Justin B. Singer, Esq., at Herrick Feinstein LLP serves as the
bankruptcy counsel.


E Z MAILING SERVICES: Seeks to Auction Off All Equipment
--------------------------------------------------------
E Z Mailing Services Inc., Inc., on June 22, 2016, filed a motion
seeking approval of bid procedures in connection with the sale of
all equipment.

As a result of the rejection of the Service Agreement with Forever
21, Inc., during the month of June, the Debtors have "right-sized"
their business by laying off some 200 plus employees.  In
connection with that right-sizing, the Debtors have also determined
that many of their vehicles and equipment are no longer necessary
to support needs of their current customer base. Accordingly, the
Debtors wish to hold a public auction sale of approximately 140
vehicles and other miscellaneous equipment (the "Equipment").

The Equipment includes straight trucks, tractors, trailers, day
cabs, vans, forklifts, and conveyor belts that are or will be
centrally located in the following locations: Los Angeles, CA;
Santa Fe Springs, CA; Dallas, TX; and Newark, NJ.  The following
lienholders may have an interest in the Equipment subject to the
Sale and Auction: (i) TCF Equipment Finance, Inc.; (ii) Tab Bank;
(iii) Crossroads Equipment Lease & Finance, LLC; (iv) Mercedes-Benz
Financial Services USA LLC; (v) Wells Fargo Equipment Finance; (vi)
BMO Harris Bank N.A.; (vii) Nissan Motor Acceptance Corporation;
(viii) Element Financial Corp.; (ix) Scottrade Bank Corporate
Office; (x) Bank of the West; (xi) Hitachi Capital America Corp.;
and (xii) PNC Equipment Finance, LLC (collectively, the "Credit Bid
Parties").

On June 6, 2016, the Debtors filed an Application to employ
AuctionAdvisors as Auctioneer pursuant to Section 327(a) of the
Bankruptcy Code to conduct the public auction of the Equipment.
The Court entered an order granting the AuctionAdvisors Retention
Application on June 14, 2016.

Consistent with the objective of obtaining the highest and best
offers for each item of Equipment, the Debtors propose that the
sale process be conducted as follows:

   a. Equipment to be Sold. The assets proposed to be marketed and
sold to bidders (the "Bidders") are the Equipment.

   b. As Is, Where Is. Vehicles and their contents will be sold "AS
IS, WHERE IS," with no warranties, either express or implied,
including, but not limited to, any warranty of use or
merchantability.

   c. Free of Any and All Claims and Interests. The Equipment will
be sold free and clear of all claims, liens, interests and other
encumbrances, with all such liens, claims, interests and other
encumbrances attaching to the proceeds of Sale with the same
validity and priority as existed prior to the sale.

   d. Right of Substitution.  The Debtors, working together with
AuctionAdvisors, will have the right to substitute/replace vehicles
or equipment on the Equipment list set out in the Auction
Procedures with other vehicles or equipment not currently on the
list, subject to notice.  Further, AuctionAdvisors, in its sole and
absolute discretion, may remove any item from the Auction that it
believes Debtors will be unable to sell at a price that exceeds any
respective credit bid on that item, as described in greater detail
infra. In such case, AuctionAdvisors/the Debtors will return the
item to the respective Credit Bid Party (defined below) for the
amount of the credit bid.

   e. Registration Requirements. To qualify to participate, a
Bidder must enter a valid credit card and/or submit a $5,000
deposit or otherwise be reasonably approved by AuctionAdvisors to
participate in the Auction.  With the exception of the Credit Bid
Parties, described infra, AuctionAdvisors reserves the right to
deny "Registered Bidder" status to any party at any time at its
sole discretion without advance notification.

   f. Deposits. All initial pre-Auction deposits will be held by
AuctionAdvisors in an escrow account.  For a successful Bidder, the
deposit will be applied to the purchase price by transferring the
initial deposit to the escrow account of Porzio, Bromberg & Newman,
P.C., in accordance with Section 14(m) below.  The deposit will be
forfeited as liquidated damages and the successful Bidder held
liable for compensatory damages if the successful Bidder fails to
consummate the sale by paying the respective auction invoice in
full no later than the 2nd business day following conclusion of the
Auction.  For unsuccessful Bidders, deposits shall be returned
within the second business day following conclusion of the Auction
via wire transfer or escrow check.

   g. Due Diligence.  All Bidders must do their own due diligence,
including inspecting the Equipment being auctioned and determining
the quantities, descriptions and condition of all such Equipment
presented at the Auction.

   h. Credit Bid Parties.  Any credit bid party, which may include,
(i) TCF Equipment Finance, Inc.; (ii) Tab Bank; (iii) Crossroads
Equipment Lease & Finance, LLC; (iv) Mercedes-Benz Financial
Services USA LLC; (v) Wells Fargo Equipment Finance; (vi) BMO
Harris Bank N.A.; (vii) Nissan Motor Acceptance Corporation; (viii)
Element Financial Corp.; (ix) Scottrade Bank Corporate Office; (x)
Bank of the West; (xi) Hitachi Capital America Corp.; and (xii) PNC
Equipment Finance, LLC (collectively, the "Credit Bid Parties"),
wishing to set a reserve amount or initial credit bid for any piece
of Equipment in which it has a lien position must submit such
reserve amount or initial credit bid to AuctionAdvisors, with
notice to Debtors' counsel, no later than 10 business days prior to
the date set for the conclusion of the Auction.

   i. Qualified Bid Requirements.  All bids must be submitted by
Bidders through AuctionAdvisors' website, unless otherwise agreed
to, and each bid shall:

        i. Constitute an agreement by the Bidder that he/she has
read and fully understands the terms of the Auction Procedures and
such other terms and conditions of Auction posted on the
AuctionAdvisors' website, and agrees to be bound thereby;

       ii. Be made by a person or entity who made the $5,000
advance deposit to AuctionAdvisors, or is otherwise deemed a
Registered Bidder by AuctionAdvisors;

      iii. Be in an amount that is no less than the identified
"minimum bid" for the particular item, if a minimum bid has been
identified. As a general rule (unless otherwise noted), the
"minimum bid" will  be any credit bid amount received from a
respective Credit Bid Party as permitted by section 363(k) of the
Code, or the reserve amount agreed to by the Credit Bid Party and
the Debtors; and

       iv. Be submitted by someone at least 18 years of age, with
respect to vehicle bids.

   j. Auction Methodology, Duration, and Deadline. The Auction will
be conducted through AuctionAdvisors' online platform,
www.auctionadvisors.com. Bids may be made beginning on July ___,
2016 at __:__ __ __.m. (the date of entry of the Auction Procedures
Order or soon thereafter) through July 14, 2016 at 4:00 p.m.
(Eastern Time).  

AuctionAdvisors has the right to reject any Bid or otherwise
determine the bidding increments, which may be set at different
amounts for each piece of Equipment.  The July 14, 2016 4:00 p.m.
deadline may be reasonably extended by AuctionAdvisors, upon
approval by the Debtors, but no such extension will take place
unless express written or electronic notice of same is received
from AuctionAdvisors and/or the Debtors as provided for herein.

   k. Selection of Successful Bid. After the conclusion of the
Auction, the Debtors and AuctionAdvisors will select the highest or
otherwise best Qualified Bid, after taking into account such
factors as price, the risks and timing associated with consummating
with such Qualified Bid, the Bidder's ability to transport/remove
the Equipment, and the ability of the Bidder to register a vehicle
with the Motor Vehicle Department of the respective State.  In the
event of any dispute between Bidders,
AuctionAdvisors may determine the successful Bidder or re-offer and
resell the Equipment in dispute.  Should there be any dispute after
the sale, AuctionAdvisors' records will be conclusive.

   l. No Qualified Bids/No Auction Required.  If there are no
Qualified Bids for a piece of Equipment or grouping of Equipment
other than any Credit Bid Party's credit bid, then each piece of
Equipment for which there is no additional Qualified Bid will  be
made available for pick up to the respective Credit Bid Party in
return for the credit bid amount.

   m. Consummation of the Purchase/Payment. With the exception of
Credit Bid Parties, the successful Bidder must tender the total
purchase price set forth on the final invoice for the item no later
than the 2nd business day after the conclusion of the Auction to
the escrow account of Porzio, Bromberg & Newman, P.C. Time is of
the essence.  Such payments must be made by wire transfer, bank
check, or for items under $500, only by credit card.  Wire transfer
is preferred.  The failure to make a timely
payment will  be deemed a material default under the terms of the
Auction.  Under such circumstance, Debtors may keep any deposit
held by escrow agent and AuctionAdvisors reserves the right to
resell a successful Bidders' lots at the expense and risk of such
Bidder.  A 10% buyer's premium will be added to each final
invoice.

   n. Removal of Equipment and Transfers. No Equipment will be
released to a successful Bidder until the entire invoice is paid
for in full.  For vehicles, in addition to being paid in full, a
successful Bidder must present valid proof of insurance to drive
the purchased vehicle prior to or concurrent with pick up of the
Equipment.  Successful Bidders must remove Equipment from the
applicable premises at their own risk, expense and liability.
AuctionAdvisors is not responsible for items that are not removed
within 10 days of the Auction, or as otherwise set at the
discretion of Auction Advisors.  In the event any item is not
removed in a timely manner, AuctionAdvisors has the option of
dumping, storing or reselling any item purchased and in addition to
forfeiting any deposit amount paid the costs associated with any
such activities will be at the expense and risk of the successful
Bidder.  Successful Bidders will be assigned a pickup/removal time
for their items at the conclusion of the Auction.  All items MUST
be picked up during the time frames provided.  For vehicles,
original titles will be mailed to each successful Bidder via
guaranteed mail.  Such original titles will be delivered within
approximately 10 days, however, in the event Debtors are acting
reasonably and in good faith, failure to meet such time frame will
not be a risk assumed by Debtors or AuctionAdvisors.

Counsel to Debtors:

         Warren J. Martin Jr., Esq.
         Michael J. Naporano, Esq.
         Kelly D. Curtin, Esq.
         Rachel A. Parisi, Esq.
         PORZIO, BROMBERG & NEWMAN, P.C.
         100 Southgate Parkway
         P.O. Box 1997
         Morristown, NJ 07962
         Tel: (973) 538-4006
         Fax: (973) 538-5146
         E-mail: wjmartin@pbnlaw.com
                 mjnaporano@pbnlaw.com
                 kdcurtin@pbnlaw.com
                 raparisi@pbnlaw.com

                   About E Z Mailing Services

E Z Mailing Services Inc. and United Business Freight Forwarders
are transportation logistics companies whose customers include
Macy's, Walmart, JC Penny and Forever 21.

After primary lender PNC Bank declared a default and demanded
immediate payment of $4.2 million, which resulted to a customer
freezing payment, E Z Mailing and UBFF filed Chapter 11 bankruptcy
petitions (Bankr. D.N.J. Case Nos. 16-10615 and 16-10616,
respectively) on Jan. 13, 2016.  Ajay Aggarwal, the president,
signed the petitions.  The Debtors each estimated assets and
liabilities in the range of $10 million to $50 million.  Judge
Stacey L. Meisel presides over the cases.

Porzio, Bromberg & Newman, PC, serves as counsel to the Debtors.

Bederson LLP's Edward Bond is serving as CRO and crisis manager of
the Debtors.


ENERGY FUTURE: Plan Confirmation Hearing Set for Aug. 17
--------------------------------------------------------
Judge Christopher Sontchi of the U.S. Bankruptcy Court for the
District of Delaware has approved the disclosure statement
explaining Energy Future Holdings Corp., et al.'s second amended
joint plan of reorganization of the TCEH Debtors and the EFH Shared
Services Debtors, and scheduled the hearing to confirm the Plan to
begin at 10:00 A.M. (prevailing Eastern Time) on August 17, 2016.

Ballots and objections to confirmation of the Plan must be received
on or before August 3.

Prior to the Disclosure Statement hearing, the Debtors amended the
disclosure statement twice.  The Debtors, in the Second Amended
Disclosure Statement, revealed that they are seeking a ruling from
the Internal Revenue Service that any income realized in connection
with the cancellation of certain claims against the TCEH Debtors
should be excluded from the EFH Group's taxable income under the
so-called "bankruptcy exclusion" in section 108 of the IRC.

The Second Amended Disclosure Statement added that Classes D1
(Other Secured Claims Against the EFH Shared Services Debtors), D2
(Other Priority Claims Against the EFH Shared Services Debtors),
are D3 (General Unsecured Claims Against the EFH Shared Services
Debtors) will be rendered Unimpaired. Claims in Classes D4 and D6
will either be Reinstated or canceled and released without any
distribution. Claims in Class D5 (which consists entirely of
intercompany claims) will be canceled and released without
distribution.

The Plan contemplates, among others, new senior secured debt or
equity interests to be issued by Reorganized TCEH.

Holders of Class C5 - General Unsecured Claims Against the TCEH
Debtors other than EFCH will recover approximately 7.4% of their
total allowed claims.  Holders of Class C6 - General Unsecured
Claims Against EFCH will recover 0% of their total allowed claims.

A blacklined version of the Third Amended Disclosure Statement
dated June 16 is available at
http://bankrupt.com/misc/deb14-10979-8748.pdf

A blacklined version of the Second Amended Disclosure Statement
dated June 10 is available at
http://bankrupt.com/misc/deb14-10979-8690.pdf

                     About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS). The Debtors are seeking to have their cases jointly
administered for procedural purposes.

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion. The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and
Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement
are represented by Akin Gump Strauss Hauer & Feld  LLP, as legal
advisor, and Centerview Partners, as financial advisor. The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
the
second-lien noteholders owed about $1.6 billion, is  represented
by
Ashby & Geddes, P.A.'s William P. Bowden, Esq.,  and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.

An Official Committee of Unsecured Creditors has been appointed in
the case. The Committee represents the interests of the unsecured
creditors of only of Energy Future Competitive Holdings Company
LLC; EFCH's direct subsidiary, Texas Competitive Electric Holdings
Company LLC; and EFH Corporate Services Company, and of no other
debtors. The Committee has selected Morrison & Foerster LLP and
Polsinelli PC for representation in this high-profile energy
restructuring. The lawyers working on the case are James M. Peck,
Esq., Brett H. Miller, Esq., and Lorenzo Marinuzzi, Esq., at
Morrison & Foerster LLP; and Christopher A. Ward, Esq., Justin K.
Edelson, Esq., Shanti M. Katona, Esq., and Edward Fox, Esq., at
Polsinelli PC.

                                          *     *     *

In December 2015, the Bankruptcy Court confirmed the Debtors'
Sixth
Amended Joint Plan of Reorganization.  In May 2016, certain first
lien creditors of TCEH delivered a Plan Support Termination Notice
to the Debtors and the other parties to the Plan Support
Agreement,
notifying the parties of the occurrence of a Plan Support
Termination Event.  The delivery of the Plan Support Termination
Notice caused the Confirmed Plan to become null and void.

Following the occurrence of the Plan Support Termination Event as
well as the termination of a roughly $20 billion deal to sell the
Debtors' stake in Oncor Electric Delivery Co., the Debtors filed
the Plan of Reorganization and the Disclosure Statement with the
Bankruptcy Court on May 1, 2016.  On May 11, they filed an amended
joint plan of reorganization and a related disclosure statement.


ENERPLUS CORP: Egan-Jones Assigns 'B-' Sr. Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company assigned B- senior unsecured ratings on
debt issued by Enerplus Corp on June 15, 2016.  EJR also assigned B
rating on commercial paper of the Company.

Enerplus Corporation was established in 1986 and is one of Canada's
largest independent oil and gas producers offering investors a high
yield combined with moderate, profitable growth potential from
resource plays across Western Canada and the United States.


EOS EVENTS: Hires Lugo Mender as Legal Representative
-----------------------------------------------------
Eos Events, Inc., seeks permission from the U.S. Bankruptcy Court
for the District of Puerto Rico to employ Lugo Mender Group, LLC,
as legal representative.

Debtor will rely on the Firm for general legal counseling services
in connection with this bankruptcy petition.

The Firm will be paid at these hourly rates:

     Wigberto Lugo Mender, Esq.           $300
     Associate Staff Attorney             $175
     Legal and Financial Assistants       $100

Prior to the filing of this petition, the Firm has been paid a
retainer in the amount of $4,283.

Alexis Betancourt Vincenty, Esq., an attorney at the Firm, assures
the Court that each member of the Firm is, a disinterested person
as that term is defined in 11 U.S.C. Section 101(14) and the
employment of the law firm is in the best interest of the estate.

The Firm can be reached at:

     Lugo Mender Group, LLC
     100 Carr. 165 Suite 501
     Guaynabo, PR 00968-8052
     Tel: (787)707-0404
     Fax: (787)7007-0412
     E-mail: wlugo@lugomender.com

EOS Events Inc. filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-04868) on June 17, 2016.  Alexis A Betancourt
Vincenty, Esq., at Lugo Mender Group LLC serves as the Debtor's
bankruptcy counsel.


EPICENTER PARTNERS: Committee Taps Michael W. Carmel as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
bankruptcy case of Epicenter Partners, L.L.C., and Gray Meyer
Fannin, L.L.C., asks for permission from the U.S. Bankruptcy Court
for the District of Arizona to retain Michael W. Carmel, Ltd., as
counsel to represent the Committee in the Debtors' case, effective
as of June 20, 2016.

The Firm will be paid $550 per hour for its services.

To the best of the Committee's knowledge, the Firm has no
connection with the Committee, the Debtor, its creditors, its
attorneys, the U.S. Trustee, or any other party with an actual or
potential interest in this Chapter 11 case, and is a "disinterested
person" as defined in Bankruptcy Code Section 101(14).  

The Firm can be reached at:

     Michael W. Carmel, Esq.
     MICHAEL W. CARMEL, LTD.
     80 East Columbus Avenue
     Phoenix, AZ 85012-2334
     Tel: (602) 264-4965
     Fax: (602) 277-0144
     E-mail: Michael@mcarmellaw.com

Epicenter Partners, L.L.C. (Bankr. D. Ariz. Case No. 16-05493) and
Gray Meyer Fannin, L.L.C. (Bankr. D. Ariz. Case No. 16-05494) each
filed for Chapter 11 bankruptcy protection on May 16, 2016.  On May
17, 2016, the Bankruptcy Court entered an order granting joint
administration of the Debtors' cases, with Gray Meyer as lead case.


FAIRYTALE DAY CARE: Unsecureds to Recoup 10% Under Plan
-------------------------------------------------------
Fairytale Day Care, Inc., filed with the U.S. Bankruptcy Court for
the Eastern District of New York a Chapter 11 plan and an
accompanying disclosure statement proposing to pay 10% dividend of
the allowed general unsecured claims totaling approximately
$12,449, in 24 equal monthly installments.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/nyeb15-42535-90.pdf

Fairytale Day Care, Inc., filed a Chapter 11 Petition on May 29,
2015 (Bankr. E.D.N.Y. Case No. 15-42535), and is represented by:

          Alla Kachan, Esq.
          Law Offices of Alla Kachan, P.C.
          3099 Coney Island Avenue, 3rd Flr
          Brooklyn, NY 11235
          Tel: 718-513-3145
          Fax: 347-342-3156
          E-mail: alla@kachanlaw.com


FEDERAL-MOGUL CORP: Bank Debt Trades at 4% Off
----------------------------------------------
Participations in a syndicated loan under which Federal-Mogul Corp
is a borrower traded in the secondary market at 95.93
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.60 percentage points from the
previous week.  Federal-Mogul pays 300 basis points above LIBOR to
borrow under the $0.7 billion facility. The bank loan matures on
April 4, 2018 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 June 17.


FINJAN HOLDINGS: Stockholders Elect Three Directors
---------------------------------------------------
Finjan Holdings, Inc., held its 2016 annual meeting of stockholders
on June 22, at which the stockholders elected Daniel Chinn, Eric
Benhamou and Michael Southworth as Class 1 directors to serve
three-year terms ending at the 2019 annual meeting of stockholders
and until their respective successors are elected and qualified or
until their earlier death, removal or resignation.  The Company's
stockholders also ratified the appointment of Marcum LLP as the
Company's independent registered public accounting firm for the
fiscal year ending Dec. 31, 2016.

                        About Finjan

Finjan, formerly known as Converted Organics, is a leading online
security and technology company which owns a portfolio of patents,
related to software that proactively detects malicious code and
thereby protects end-users from identity and data theft, spyware,
malware, phishing, trojans and other online threats.  Founded in
1997, Finjan is one of the first companies to develop and patent
technology and software that is capable of detecting previously
unknown and emerging threats on a real-time, behavior-based basis,
in contrast to signature-based methods of intercepting only known
threats to computers, which were previously standard in the online
security industry.

Finjan Holdings reported a net loss of $12.6 million in 2015, a
net loss of $10.5 million in 2014 and a net loss of $6.07 million
in 2013.

As of March 31, 2016, Finjan Holdings had $8.10 million in total
assets, $2.78 million in total liabilities and $5.32 million in
total stockholders' equity.


FORTESCUE METALS: Bank Debt Trades at 8% Off
--------------------------------------------
Participations in a syndicated loan under which Fortescue Metals
Group Ltd is a borrower traded in the secondary market at 91.93
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.93 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 June 17.


FOUNDATION HEALTHCARE: Shareholders Elect Seven Directors
---------------------------------------------------------
At Foundation Healthcare, Inc.'s 2016 annual meeting of
shareholders held on June 20, 2016, the shareholders:

   (a) elected Thomas Michaud, Stanton Nelson, Joseph Harroz, Jr.,
       Steven L. List, Robert A. Moreno, M.D., Lorin E. Patterson
       and Richard L. Zahn as directors;

   (b) approved on an advisory basis the compensation of the
       Company's named executive officers; and

   (c) ratified the appointment of Hein & Associates LLP as the
       independent registered public accounting firm of the
       Company for the year 2016.

                About Foundation Healthcare

Oklahoma-based Foundation Healthcare is a healthcare services
company primarily focused on owning controlling interests in
surgical hospitals and the inclusion of ancillary service lines.
The Company currently owns controlling and noncontrolling
interests in surgical hospitals located in Texas.  The Company
also owns noncontrolling interests in ambulatory surgery centers
("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey,
Maryland and Ohio.

Additionally, the Company provides sleep testing management
services to various rural hospitals in Iowa, Minnesota, Missouri,
Nebraska and South Dakota under management contracts with the
hospitals.  The Company provides management services to a majority
of its Affiliates under the terms of various management
agreements.  Prior to Dec. 2, 2013, the Company's name was
Graymark Healthcare, Inc.

Foundation Healthcare reported net income attributable to the
Company's common stock of $5.19 million on $126.13 million of
revenues for the year ended Dec. 31, 2015, compared to a net loss
attributable  to the Company's common stock of $2.09 million on
$101.85 million of revenues for the year ended Dec. 31, 2014.

As of March 31, 2016, Foundation Healthcare had $124.06 million in
total assets, $126.66 million in total liabilities, $6.96 million
in preferred noncontrolling interest, and a total deficit of $9.55
million.


GARDENS REGIONAL: Hires Dentons US as Bankruptcy Counsel
--------------------------------------------------------
Gardens Regional Hospital and Medical Center, Inc., asks for
authorization from the U.S. Bankruptcy Court for the Central
District of California to employ Dentons US LLP as its bankruptcy
counsel, as of June 6, 2016.

Dentons US will provide these services:

     a. advising the Debtor with regard to the requirements of the

        Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and
        the Office of the U.S. Trustee as they pertain to the
        Debtor;

     b. advising the Debtor with regard to certain rights and
        remedies of the bankruptcy estate and rights, claims and
        interests of creditors;

     c. representing the Debtor in any proceeding or hearing in
        the Bankruptcy Court involving the estate unless the
        Debtor is represented in the proceeding or hearing

        by other special counsel;

     d. conducting examinations of witnesses, claimants or adverse
       
        parties and representing the Debtor in any adversary
        proceeding (except to the extent that any adversary
        proceeding is in an area outside of Dentons US's
        expertise);

     e. preparing and assisting the Debtor in the preparation of
        reports, applications, pleadings and orders including, but

        not limited, applications to employ professionals, interim

        statements and operating reports, initial filing
        requirements, schedules and statement of financial
        affairs, lease pleadings, cash collateral pleadings,
        financing pleadings, and pleadings with respect to the     
   
        Debtor's use, sale or lease of property outside the
        ordinary course of business;

     f. representing the Debtor with regard to obtaining the use
        of cash collateral, including, but not limited to,
        negotiating and seeking Bankruptcy Court approval of any
        cash collateral pleading or stipulation and preparing any
        pleadings relating to obtaining use of cash collateral;

     g. assisting the Debtor in the negotiation, formulation,
        preparation and confirmation of a plan of reorganization
        and the preparation and approval of a disclosure statement

        in connection with the plan of reorganization, and a sale
        of the hospital; and

     h. performing any other services which may be appropriate in
        Dentons US's representation of the Debtor during this
        bankruptcy case.

Dentons US will be paid at these hourly rates:

     a. Sam Maizel, Esq., Partner                $650
     b. John Moe, Esq., Partner                  $565
     c. Kathryn Howard, Paraprofessional         $240

The Debtor assures the Court that Dentons US does not hold or
represent any interest materially adverse to the Debtor or the
Debtor's estate, and Dentons US is a disinterested person as that
term is defined in Section 101(14) of the Bankruptcy Code.

Dentons US can be reached at:

        Samuel R. Maizel, Esq.
        John A. Moe, II, Esq.
        DENTONS US LLP
        601 South Figueroa Street, Suite 2500
        Los Angeles, California 90017-5704
        Tel: (213) 623-9300
        Fax: (213) 623-9924
        E-mail: samuel.maizel@dentons.com
                john.moe@dentons.com

Gardens Regional Hospital and Medical Center, Inc., fka Tri-City
Regional Medical Center, leases a 137- bed, acute care hospital
doing business at 21530 South Pioneer Boulevard, Hawaiian Gardens,
Los Angeles, California.  The Debtor provides a full range of
inpatient and outpatient services, including, but not limited to,
medical acute care, general surgical services, bariatric surgery
services (for weight loss), spine surgery services, orthopedic and
sports medicine and joint replacement services, wound care and pain
management services, physical therapy, respiratory therapy,
outpatient ambulatory services, diagnostic services, radiology and
inpatient/outpatient imaging services, laboratory and pathology
services, geriatric services, and community wellness and education
programs.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. C.D.
Calif. Case No. 16-17463) on June 6, 2016, estimating its assets at
between $1 million and $10 million, and liabilities at between $10
million and $50 million.  The petition was signed by Brian Walton,
chairman of the Board.  Judge Ernest M. Robles presides over the
case.  Samuel R Maizel, Esq., and John A Moe, Esq., at Dentons US
LLP serves as the Debtor's bankruptcy counsel.


GATES GROUP: Bank Debt Trades at 5% Off
---------------------------------------
Participations in a syndicated loan under which Gates Group is a
borrower traded in the secondary market at 95.29
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.50 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
June 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 June 17.


GAWKER MEDIA: Hearing Today on Bid Protocol; Ziff Davis Bids $90MM
------------------------------------------------------------------
At a hearing on June 27, 2016 at 10:00 a.m. (Eastern Time), Gawker
Media LLC, et al., will ask the U.S. Bankruptcy Court for the
Southern District of New York to approve a sale process that
contemplates the sale of the assets to ZDGM LLC for $90 million,
absent higher and better offers.

The Debtors originally proposed a July 5 hearing date on the
Bidding Procedures.

ZDGM LLC, the stalking horse bidder, is an affiliate of Ziff Davis,
LLC, a global digital-media company operating in the technology,
gaming, entertainment and lifestyle verticals.  Its brands -- IGN,
PCMag, AskMen, Speedtest, Offers, ExtremeTech, Geek, Toolbox,
TechBargains, Ziff Davis B2B and emedia -- produce and distribute
premium content across multiple platforms and devices. Ziff Davis
delivers advertising, performance marketing and licensing solutions
to thousands of clients worldwide. Ziff Davis is a subsidiary of j2
Global, Inc. (NASDAQ: JCOM), and is headquartered in New York with
offices in San Francisco, Los Angeles, Chicago, Seattle,
Scottsdale, Austin, Montreal, Basingstoke, London and Sydney.

Through the Stalking Horse APA, substantially all of the Debtors'
employees will have the ability to keep their jobs on substantially
the same terms and conditions under which they are currently
employed.  The consideration offered by the Stalking Horse Bidder
is $90 million in cash plus the assumption of certain liabilities,
subject to certain adjustments and subject to higher or otherwise
better offers.

                          July 29 Auction

Among other things, the provisions of the Stalking Horse APA allow
the Buyer to terminate the Stalking Horse APA if (i) the Bankruptcy
Court shall not have entered the Bidding Procedures and APA
Assumption Order within 21 days of the Petition Date; (ii) the
Debtors will not have commenced the Auction (if such Auction is
necessary) on or before 60 days after the Petition Date, unless an
auction is not required to be held pursuant to the terms of the
Bidding Procedures and APA Assumption Order; (iii) the Sale Order
shall not have been entered by the Bankruptcy Court within 60 days
after the Petition Date and does not become a Final Order within 75
days after the Petition Date; (iii) the Bankruptcy Court enters an
order dismissing the Chapter 11 cases, converting the Chapter 11
Cases to case under Chapter 7, appointing a trustee or an examiner
with enlarged powers, or lifting the automatic stay pursuant to
Section 362 of the Bankruptcy Code.

To accommodate those milestones, the Debtors have requested that
the Bankruptcy Court establish the following key dates and
deadlines for the sale process:

   * June 27, 2016 at 4:00 p.m.: Objection deadline with respect to
entry of Bidding Procedures and APA Assumption Order

   * July 5, 2016 at 10:00 a.m.: Proposed date of the hearing on
the Motion

   * July 11, 2016: Date on which the Debtors shall file and serve
the Cure Notice July 25, 2016 at 4:00 p.m.  Objection deadline with
respect to (i) entry of the Sale Order; and (ii) the proposed
assumption and assignment of any of the executory contracts or
unexpired leases listed on the schedule attached to the Cure Notice
or to the cure amount proposed with respect thereto

   * July 25, 2016 at 5:00 p.m. Preliminary Bid Deadline: the
deadline by which a person interested in participating in the
bidding process must deliver the Preliminary Bid Documents.

   * July 27, 2016 at 5:00 p.m. Qualified Bid Deadline: the
deadline by which all Qualified Bids must be actually received by
the Debtors' investment banker and legal advisors, as set forth in
the Bidding Procedures

   * July 28, 2016: Date on which the Debtors shall designate
Qualified Bidders and notify all Qualified Bidders and Notice
Parties of such designation and the Baseline Bid.

   * July 29, 2016 at 10:00 a.m. Auction: the date and time the
Auction, if one is needed, will be held at the offices of Ropes &
Gray LLP, 1211 Avenue of the Americas, New York, NY 10036

   * Aug. 3, 2016 at 10:00 a.m. Proposed date of the Sale Hearing.

The Debtors believe that the auction process and the time periods
set forth in the Bidding Procedures are reasonable and will provide
parties with sufficient time and information necessary to formulate
a bid to purchase the Acquired Assets

                        $2.5MM Break-Up Fee

Under the terms of the Stalking Horse APA, the Sellers will pay to
the Buyer the Breakup Fee in the amount of $2.475 million (i.e.,
2.75% of the Purchase Price) and Expense Reimbursement not to
exceed $1.25 million if, among other things, the Stalking Horse APA
is terminated because the Bankruptcy Court has approved, or the
Sellers have consummated, a Competing Transaction.

                     $13.5MM Liquidated Damages

Under the terms of the Stalking Horse APA, the Sellers will pay to
Buyer liquidated damages of $13.5 million if the Stalking Horse APA
is terminated by Buyer because (i) any Seller seeks or otherwise
takes material steps in furtherance of, or does not use
commercially reasonable efforts to oppose any other Person in
seeking, an order of the Bankruptcy Court dismissing the Chapter 11
Cases or converting the Chapter 11 Cases to a petition for relief
under Chapter 7 of the Bankruptcy Code, (ii) any Seller seeks or
otherwise takes material steps in furtherance of, or does not use
commercially reasonable efforts to oppose any other Person in
seeking, the entry of an order by the Bankruptcy Court appointing a
trustee in the Chapter 11 Bankruptcy Cases or an examiner with
enlarged powers relating to the operation of the Sellers' Business,
or (iii) Sellers fail to use their reasonable best efforts to (x)
obtain the issuance and entry of the Bidding Procedures and APA
Assumption Order and the Sale Order, or (y) prosecute and obtain an
expedited resolution of any appeal of the Sale Order or any other
order of the Bankruptcy Court relating to the Stalking Horse APA or
the Sale Transactions.

                         Limited Objection

Parties other than the Creditors Committee had until June 20 to
submit objections to the Bid Procedures.  The Creditors Committee
has until June 27 to submit objections.

A party, Terry G. Bollea, submitted a limited objection.  Bollea
opposes the sale of avoidance actions.  

"These are very new bankruptcy cases.  The first-filed petition
will have been filed only 17 days prior to the hearing on the
Debtors' motion.  This is an insufficient amount of time for
relevant parties in interest to determine the existence of any
avoidance actions currently available to the Debtors.  It is simply
too soon to know whether the Debtors are receiving fair value for
selling their avoidance actions," Bollea said.

Terry G. Bollea is represented by:

        Daniel H. Tabak
        COHEN & GRESSER LLLP
        800 Third Avenue, 21st Floor
        New York, NY
        Tel: (212) 957-7600
        E-mail: dtabak@cohengresser.com

            - and -

        Eric B. Fisher
        BINDER & SCHWARTZ LLP
        366 Madison Avenue, Sixth Floor
        New York, NY
        Tel: (212) 933-4551
        E-mail: efisher@binderschwartz.com

                        About Gawker Media

Founded in 2002 by Nick Denton, Gawker Media is privately held
online media company operating seven distinct media brands with
corresponding websites under the names Gawker, Deadspin,
Lifehacker, Gizmodo, Kotaku, Jalopnik, and Jezebel.  The Company's
various Websites cover, among other things, news and commentary on
current events, politics, pop culture, sports, cars, fashion,
productivity, technology and video games.

Gawker sought bankruptcy protection after being ordered to pay
$140.1 million in connection with an invasion of privacy lawsuit
arising from publication of a report and commentary and
accompanying sex video involving Terry Gene Bollea.

New York-based Gawker Media, LLC -- fdba Gawker Sales, LLC, Gawker
Entertainment, LLC, Gawker Technology, LLC and Blogwire, Inc. --
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
16-11700) on June 10, 2016.  The Hon. Stuart M. Bernstein presides
over the Debtors' cases.

Affiliates Gawker Media Group, Inc. and Budapest, Hungary-based
Kinja, Kft. filed separate Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 16-11719 and 16-11718) on June 12, 2016.

The cases are jointly administered.

Gregg M. Galardi, Esq., David B. Hennes, Esq. and Michael S.
Winograd, Esq., at Ropes & Gray LLP serve as counsel to the
Debtors.  William Holden at Opportune LLP serves as Gawkers' chief
restructuring officer.  Houlihan Lokey Capital, Inc. serves as the
Debtors' investment banker.  Prime Clerk LLC serves as claims,
balloting and administrative agent.  

Houlihan Lokey was retained by the Debtors on May 16, 2016, to
explore the possibility of a sale of all or substantially all of
the Debtors' assets, with the goal of maximizing return to the
Debtors' estates in the event of a possible chapter 11 filing.

The Debtors estimated $50 million to $100 million in assets and
$100 million to $500 million in liabilities.


GAWKER MEDIA: Hulk Hogan Challenges Bankruptcy Sale
---------------------------------------------------
Peg Brickley, writing for Daily Bankruptcy Review, reported that
lawyers for Hulk Hogan say creditors of Gawker Media Group, not new
owners of the online publishing operation, should have the right to
sue suppliers in Gawker's bankruptcy case.

According to the report, the former professional wrestler, whose
real name is Terry Bollea, filed a challenge to Gawker's plan to
sell itself to Ziff Davis or a higher bidder at a bankruptcy
auction on the grounds the sale unfairly trades away potentially
valuable rights.

Mr. Bollea won a $140 million judgment against Gawker and its CEO
Nick Denton due to the release of a sex tape, pushing the company
to file for chapter 11 bankruptcy, the report related.

Ziff Davis has offered to buy the Gawker publications, which
publish "news, scandal and entertainment" under such banners as
Gizmodo, Jalopnik and Jezebel, the report further related.

Mr. Bollea's lawyers filed papers protesting Gawker's "stalking
horse" deal with Ziff, which will serve as the starting bid for the
bankruptcy competition, the report added.  The objection focused on
the inclusion of "avoidance actions" as part of the package of
assets being sold, the report said.

                   About Gawker Media

New York-based Gawker Media, LLC -- fdba Gawker Sales, LLC, Gawker
Entertainment, LLC, Gawker Technology, LLC and Blogwire, Inc. --
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No.
16-11700) on June 10, 2016.  The Hon. Stuart M. Bernstein presides
over the Debtors' cases.

Affiliates Gawker Media Group, Inc. and Budapest, Hungary-based
Kinja, Kft. filed separate Chapter 11 petitions (Bankr. S.D.N.Y.
Case Nos. 16-11719 and 16-11718) on June 12, 2016.

The cases are jointly administered.

Gregg M. Galardi, Esq., David B. Hennes, Esq. and Michael S.
Winograd, Esq., at Ropes & Gray LLP serve as counsel to the
Debtors.  William Holden at Opportune LLP serves as Gawkers' chief
restructuring officer.  Houlihan Lokey Capital, Inc. serves as the
Debtors' investment banker.  Prime Clerk LLC serves as claims,
balloting and administrative agent.  

The Debtors estimated $50 million to $100 million in assets and
$100 million to $500 million in liabilities.

The petitions were signed by CRO Holden.


GERARDO LAZARO: Aug. 2 Plan Confirmation Hearing
------------------------------------------------
Judge Barry Russell of the U.S. Bankruptcy Court for the Central
District of California - Los Angeles Division approved the
disclosure statement explaining Gerardo Lazaro and Eleazar
Herrera-Cuayuca's amended plan of reorganization and scheduled
August 2, 2016, at 10:00 a.m., as the plan confirmation hearing.

On or before July 6, accepting or rejecting ballots or objections
to the Plan must be filed with the Court.  On or before June 14,
the Debtors are to file a brief in support of Confirmation of the
Plan.  Responses to any objection to the Plan must be filed on or
before July 20.  On or before July 20, the Debtors are to file a
summary of ballots.

Gerardo Lazaro and Eleazar Herrera-Cuayuca filed a Chapter 11
Petition on November 16, 2015 (Bankr. C.D. Cal. Case No. 15-27544).
The Debtors are represented by:

          Anthony O. Egbase, Esq.
          Onyinye Anyama Esq.
          Kevin Tang Esq.
          Victoria T. Orafa Esq.
          A.O.E LAW & ASSOCIATES
          The World Trade Center
          350 South Figueroa Street, Suite 189
          Los Angeles, CA 90071
          Tel: (213)620-7070
          Fax: (213)-620-1200


GERMAN PELLETS: Files Schedule of Assets
----------------------------------------
German Pellets Louisiana, LLC, filed with the U.S. Bankruptcy Court
for the Western District of Louisiana Schedule A/B: Assets–Real
and Personal Property (Official Form 206A/B), disclosing:

     Name of Schedule        Assets        
      ----------------       --------------
  A. Real Property           $14,634,865.44
  B. Personal Property       $33,721,344.71
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims
  E. Creditors Holding
     Unsecured Priority
     Claims
  F. Creditors Holding
     Unsecured Non-Priority
     Claims
                            --------------
        Total               $48,356,210.15

The personal property assets, include Deposits and prepayments of
$2,620,829.12; Accounts receivable of $3,163,880.00; and Inventory
of $1,792,742.54.  A copy of the schedules is available for free
at:

           http://bankrupt.com/misc/lawb16-80162-0334.pdf

                    About Louisiana Pellets

Louisiana Pellets, Inc and German Pellets Louisiana, LLC are
members of the "German Pellets" family of companies, which is a
family of related companies centered in Wismar, Germany, operating
in the wood pellets industry.

LPI owns a wood pellet production facility located on 334 acres of
land in Urania, Louisiana.  The Facility is still under
construction and is not yet fully complete or operational. GPLA is
the general contractor for construction of the Facility. A contract
is in place with E.ON UK PLC (a United Kingdom utility company) to
purchase the wood pellet production from the Facility.

LPI and PLA sought Chapter 11 protection (Bankr. W.D. La., Lead
Case No. 16-80162) on Feb. 18, 2016, due to cost overruns and
delays in the course of construction of their still-to-be-completed
wood pellet production facility.  The petitions were signed by
Anna-Kathrin Leibold, president and chief executive officer. The
Hon. John W. Kolwe presides over the case.

Louisiana Pellets, Inc., estimated assets and debts at $100 million
to $500 million. German Pellets estimated assets and debts at $50
million to $100 million.

The Debtors tapped Locke Lord LLP, as counsel.


GIVE AND GO: Moody's Assigns B2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service assigned ratings to Give and Go Prepared
Foods Corp. (Give & Go), consisting of a B2 corporate family rating
(CFR), B2-PD probability of default rating, and B1 ratings to its
proposed first lien credit facilities (US$55 million revolver and
US$375 million term loan). The ratings outlook is stable. This is
the first time Moody's has assigned ratings to Give & Go.

Net proceeds from the new US$375 million first lien term loan and a
new US$105 million second lien term loan million (unrated),
together with US$209 million of equity contributed by Give & Go's
financial sponsor, Thomas H. Lee and the company's management, will
be used to fund the $558 million acquisition of the company from
OMERS Private Equity, and fund the acquisition of NAFTA CAT, the
maker of gingerbread kits for US$110 million of cash and seller's
note of US$8 million. The new US$55 million revolver is expected to
be undrawn at close.

Ratings Assigned:

Corporate Family Rating, B2
Probability of Default Rating, B2-PD
US$55 million revolving credit facility due 2021,
   B1 (LGD3)
US$375 million first lien term loan due 2023,
   B1 (LGD3)

Outlook:

Assigned as Stable

RATINGS RATIONALE

Give & Go's B2 CFR primarily reflects pro forma leverage (adjusted
Debt/EBITDA) of 5.9x, ownership by private equity which could lead
to shareholder-friendly financial policies, exposure to changing
consumer demand for healthy foods, and small scale relative to
baked goods rated peers. These factors are mitigated by the
company's good and defensible position in the narrowly-defined
in-store bakery (ISB) market, solid profitability, and potential
for growth in an underserved channel like foodservice. The rating
incorporates Moody's expectation that modest earnings improvement
will enable leverage to decline towards 5x through the next 12 to
18 months.

Give & Go has good liquidity, supported by Moody's expectation for
annual free cash flow of at least US$30 million and full
availability under its new US$55 million revolving credit facility
due 2021. These sources, totaling about US$85 million, are more
than sufficient to fund annual term loan amortizations of about
US$4 million. Give & Go will have no cash when the transaction is
completed and will rely on the revolver for immediate cash needs.
Give & Go's new revolver will be subject to a springing maximum
first lien net leverage covenant when drawings exceed 35%. Moody's
expects cushion to exceed 25% should the covenant be applicable.
Give & Go's ability to generate liquidity from asset sales is
limited as its credit facilities are secured by substantially all
the assets of the company and its material subsidiaries.

The stable outlook reflects Moody's expectation that Give & Go will
record stable margins and that modest earnings improvement will
enable leverage to decline towards 5x through the next 12 to 18
months.

A ratings upgrade would require the company to maintain adjusted
EBIT margin above 20%, while sustaining Debt/EBITDA below 4.5x and
EBIT/Interest above 2x. A ratings downgrade could occur if adjusted
Debt/EBITDA is sustained above 6x and EBIT/Interest below 1x or if
the company engages in debt-funded distributions to its financial
sponsor. Weak liquidity, possibly from negative free cash flow
generation could also lead to a downgrade.

Give & Go, headquartered in Toronto, Ontario, is a manufacturer and
distributor of mostly mini baked goods (brownies, cinnamon rolls,
croissants, danishes, scones, tarts, macaroons etc.), to retailers
and foodservice operators in North America. Pro forma for NAFTA
CAT, revenue is around US$320 million, with 70% generated from the
US and 30% from Canada.


GIVE AND GO: S&P Assigns 'B' CCR, Outlook Stable
------------------------------------------------
S&P Global Ratings said it assigned its 'B' long-term corporate
credit rating to Toronto-based Give and Go Prepared Foods Corp. The
outlook is stable.

At the same time, S&P Global Ratings assigned its 'B' issue-level
rating and '3' recovery rating to temporary borrower GG Foods
Acquisition Corp.'s (GG Foods) proposed senior secured facility
consisting of a US$55 million revolver and US$375 million
first-lien term loan.  The '3' recovery reflects S&P's expectation
of meaningful (50%-70%, upper end of the range) recovery in the
event of default.

"The ratings on Give & Go reflect the company's niche position in
the fragmented and competitive non-chocolate confectionary
industry, high debt leverage, and ownership by a financial
sponsor," said S&P Global Ratings credit analyst Nayeem Islam.

S&P's weak business risk profile on Give & Go reflects the
company's narrow business focus in the highly competitive in-store
bakery market, which is exposed to raw material price volatility,
high substitution risks, and limited barriers to entry.  The
company also faces intense competition from small local bakeries,
retailer in-house bakeries, and other branded products.  This is
partially mitigated by Give & Go's portfolio of recognizable brand
names, including Two-Bite Brownies and Kimberley's Bakeshoppe,
although S&P views the industry to be relatively mature and
saturated with low-single-digit organic growth prospects.  The
company also leverages its relationships with retailers to offer
innovative, on-trend, higher-margin products.  Along with its
branded offerings, the company also provides private-label products
to retailers, who prefer using Give & Go versus in-house bakeries
due to lower labor costs for relatively similar levels of margins.
The company operates four manufacturing facilities in Canada, and
all products are shipped frozen to the retailer's distribution
centers across North America to be thawed in-store. S&P's highly
leveraged financial risk assessment reflects the company's credit
metrics and its ownership by a financial sponsor. S&P estimates
fully adjusted debt leverage will remain above 5x after giving
effect to the proposed financing and US$117 million acquisition of
NAFTA Foods & Packaging Inc. /Create a Treat Ltd. a North American
gingerbread-house kit manufacturer.

The stable outlook on Give & Go reflects S&P Global Ratings' view
that the company will maintain adjusted EBITDA interest coverage of
about 2x through modest organic revenue growth and stable margins.
S&P expects the company will maintain its positions in core
categories and gain modest market share through increased
penetration of existing customers and new product innovations.

S&P could lower the rating if the company's EBITDA interest
coverage approaches 1.5x, which S&P believes would be precipitated
by weak operating earnings stemming from lower demand and intense
competition, along with negative free cash flow generation.

S&P is unlikely to raise the ratings in the next year or two, given
Give & Go's financial sponsor ownership and S&P's expectation of
leverage above 5x.  However, S&P could consider an upgrade if the
company can sustain leverage in low 4x area, along with reduced
ownership and influence from the financial sponsor.


GREENHUNTER RESOURCES: Taps Auction Ohio to Sell Assets
-------------------------------------------------------
GreenHunter Resources, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Northern District of Texas to
hire Auction Ohio.

The Debtors tapped the firm to sell some of their properties,
including several vehicles in Marietta, Ohio, which were excluded
from the sale of their assets to FQ Disposal, LLC in April.

The firm has agreed to conduct an auction for the assets and will
charge a 10% buyer's premium on the gross proceeds. In addition,
Auction Ohio will receive reimbursement for work-related expenses.

Chris Davis, an auctioneer, disclosed in a court filing that his
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Chris Davis
     Auction Ohio
     6555 Busch Blvd. Suite 250
     Columbus, Ohio 43229

                   About Greenhunter Resources

GreenHunter Resources, Inc. and 12 of its affiliates, providers of
water management services, each filed a Chapter 11 petition (Bankr.
N.D. Tex. Lead Case No. 16-40956) on March 1, 2016. Kirk J.
Trosclair signed the petition as executive vice president and chief
operating officer. The Debtors listed total assets of $36.29
million and total debts of $29.05 million. The Debtors have about
$6 million in unsecured debt.

Singer & Levick, P.C., serves as the Debtors' counsel.  Judge
Russell F. Nelms has been assigned the case.


HARKAND GULF: Seeks Joint Administration of U.S. Cases
------------------------------------------------------
Ian Wormleighton, Philip Stephen Bowers, and Michael Magnay, in
their capacity as the appointed joint administrators and authorized
foreign representatives of Harkand Gulf Contracting Limited,
Harkand Global Holdings Limited and Integrated Subsea Services
Limited, seek entry of an order approving joint administration of
the Debtors' Chapter 15 cases under the Lead Case No. 16-33091.

The Petitioners believe that joint administration will result in
savings to the Debtors for the ultimate benefit of their creditors
and parties-in-interests and will save the Court and the clerk's
office time by avoiding multiple filings in multiple cases.  The
requested relief is solely procedural and is not intended to affect
substantive rights, the Petitioners said.

                         About Harkand Gulf

Headquartered in London, England and Aberdeen, Scotland, the
Harkand Group boasted worldwide operations -- with locations in the
United States, West Africa, and Europe -- and a fleet of dive
support vessels and remotely operated vehicles.  Harkand provided
services that are essential to offshore exploration and production
companies, including survey, inspection, repair, and maintenance of
offshore E&P equipment.

On April 27, 2016, and April 29, 2016, the Debtors officially
commenced insolvency proceedings in Scotland and England, as
applicable, and on May 4, 2016, the Petitioners were appointed as
joint administrators in the proceedings.  In order to facilitate
the liquidation of the Debtors' estates in the UK Proceedings for
the ultimate distribution to the Debtors' creditors and to protect
certain of the Debtors' property and other interests in the United
States, the Petitioners commenced these Chapter 15 cases on June
20, 2016.


HCSB FINANCIAL: Bank Signs Employment Agreement with CCO
--------------------------------------------------------
Horry County State Bank entered into an employment agreement with
W. Jack McElveen, Jr., the Bank's executive vice president and
chief credit officer on June 16, 2016.  The employment agreement is
initially for a term of three years and will thereafter be
automatically extended for additional terms of one year unless
either party delivers a notice of termination at least 90 days
prior to the end of the term.

Under the terms of his employment agreement, Mr. McElveen will be
entitled to an annual base salary of $200,000 per year, and the
board of directors of the Bank (or an appropriate committee
thereof) will review Mr. McElveen's base salary at least annually
for adjustment based on his performance.  Mr. McElveen will be
eligible to receive an annual cash bonus of up to 20% of his annual
base salary if he achieves certain performance levels established
from time to time by the board of directors, and he will be
eligible to participate in the Company's long-term equity incentive
program and for the grant of stock options, restricted stock, and
other awards thereunder or under any similar plan adopted by the
Company.  Additionally, Mr. McElveen will participate in the Bank's
retirement, welfare, and other benefit programs and be entitled to
reimbursement for travel and business expenses.

                      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: Former CEO James Clarkson Resigns
-------------------------------------------------
James R. Clarkson, the Company's and the Bank's former president
and chief executive officer, notified HCSB Financial Corporation
and Horry County State Bank that he is resigning from the Company
and the Bank, effective as of June 30, 2016, and is terminating the
previously disclosed amended consulting agreement dated May 13,
2016, between himself and the Bank, which was to become effective
on July 1, 2016.

Pursuant to the Consulting Agreement, Mr. Clarkson remained an
employee of the Company and the Bank and continued to serve as an
advisor to the chief executive officer of the Company and the
Bank.

Mr. Clarkson had been assisting Jan H. Hollar, the Company's and
the Bank's chief executive officer, with transition matters since
April 11, 2016.

                      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.


HEYL & PATTERSON: Hires Gleason & Associates as Financial Advisors
------------------------------------------------------------------
Heyl & Patterson, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Gleason & Associates as financial advisors to the Debtor.

The Debtor requires Gleason & Associates to:

     a. analyze and validate the Debtor's current, historical and
projected financial condition, results of operations and cash
flows;

     b. assist and advise the Debtor in developing a plan of
reorganization and long term business and financial plans;

     c. analyze and assist the Debtor as necessary with the
preparation of its Monthly Operating Reports and any other filings
which may be necessary to the Bankruptcy case;

     d. prepare 13-week cash flow budgets and weekly or bi-weekly
variance reports that compare actual cash receipts and
disbursements to budgeted activity;

     e. participate in hearings before the Bankruptcy Court and
related to the Debtor's financial matters as necessary;

     f. assist with any other matters related to the financial
condition of the Debtor as necessary.

Gleason & Associates will be paid at these hourly rates:

           Managing Director (Testifying)             $335
           Managing Director                          $295
           Director                                   $240
           Senior Manager                             $225
           Manager                                    $195
           Senior Consultant                          $165
           Staff Consultant II                        $145
           Staff Consultant I                         $115
            Paraprofessional                           $85

Gleason & Associates will also be reimbursed for reasonable
out-of-pocket expenses incurred.

William G. Krieger, managing director of Gleason & Associates,
P.C., assured the Court that the firm is a "disinterested person"
as the term is defined in Section 101(14) of the Bankruptcy Code
and does not represent any interest adverse to the Debtors and
their estates.

Gleason & Associates may be reached at:

      William G. Krieger
      Gleason & Associates, P.C.
      One Gateway Centre, Suite 525
      420 Ft. Duquesne Boulevard
      Pittsburg, PA 15222
      Tel: 412.391.5404
      Fax: 412.391.1192
      E-mail: wkrieger@gleason-cpa.com

                 About Heyl & Patterson

Heyl & Patterson, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-21620) on April 29,
2016.  The petition was signed by John R. Edelman, CEO.  The case
is assigned to Judge Carlota M. Bohm.  The Debtor estimated both
assets and liabilities in the range of $1 million to $10 million.


HIRAM RIVERA VEGA: July 27 Plan, Disclosures Approval Hearing
-------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order conditionally approving the
disclosure statement explaining Hiram Rivera Vega's Chapter 11 Plan
and scheduled a hearing on the consideration of the final approval
of the Disclosure Statement and the confirmation of the Plan and
objections for July 27, 2016 at 09:00 A.M.

Holders of Class 5 - Unsecured Claims will receive a distribution
of 1.0% of their allowed claims to be paid in 84 monthly payments.
Holders of Class 4 - Unsecured Priority Claims will receive a
distribution of 100% of their allowed claims, plus a 3.50% interest
over a period not exceeding five years from the date of relief.

Payments and distributions under the Plan will be funded by the
Debtor's income from the business, sale of assets and/or from other
funds to which the Debtor may be entitled.

Acceptances or rejections of the Plan and any objection to the
final approval of the Disclosure Statement and confirmation of the
Plan must be filed 14 days prior to the hearing date.  The Debtor
is to file with the Court a statement setting forth compliance with
each requirement in Section 1129 of the Bankruptcy Code, the list
of acceptances and rejections and the computation of the same,
within seven working days before the hearing on confirmation.

If these documents are not filed on time, the Court may not hold
the confirmation hearing and the Debtor must appear on the
scheduled date to show cause why sanctions should not be imposed,
costs and attorney's fees awarded to appearing parties, and why the
case should not be dismissed or converted to Chapter 7, for cause.

At the confirmation hearing the Court will conclude the estimated
date for "substantial consummation" of the Plan. The Debtor must
submit to the Court the information necessary to enter a final
decree.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/prb15-04171-159.pdf

Hiram Rivera Vega filed a Chapter 11 Petition on August 19, 2015
(Bankr. D.P.R. Case No. 15-06351).  The Debtor is represented by
Ruben Gonzalez Marrero, Esq., at Ruben Gonzalez Marrero &
Associates, in Bayamon, Puerto Rico.

The Debtor is an employee and partial stakeholder of New
Professional Painters & Maintenance, Inc.


HOVNANIAN ENTERPRISES: Chief Operating Officer Pellerito Resigns
----------------------------------------------------------------
Hovnanian Enterprises, Inc., announced that Thomas J. Pellerito,
chief operating officer, will retire from the Company effective
Dec. 31, 2016.  Mr. Pellerito will step down from his position on
Oct. 31, 2016, and continue to assist the Company in an orderly
transition through the end of the 2016 calendar year.

Mr. Lucian Theon Smith, III, age 56, has been appointed chief
operating officer, effective Nov. 1, 2016.  Mr. Smith joined the
Company in April 2007 as a region president and was promoted to
Group President in January 2010.  Most recently Mr. Smith has
served as executive vice president of Homebuilding Operations, a
position he has held since August 2015.

In connection with Mr. Smith's appointment to chief operating
officer his salary will be increased by 18% effective Dec. 17,
2016, and he will be eligible to receive a bonus for the 2017
fiscal year that is at least 10% greater than the bonus he would
have received had he remained in his previous position, according
to a regulatory filing with the Securities and Exchange
Commission.

                  About Hovnanian Enterprises

Red Bank, New Jersey-based Hovnanian Enterprises, Inc. (NYSE: HOV)
-- http://www.khov.com/-- founded in 1959 by Kevork S. Hovnanian,
is one of the nation's largest homebuilders with operations in
Arizona, California, Delaware, Florida, Georgia, Illinois,
Kentucky, Maryland, Minnesota, New Jersey, New York, North
Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and
West Virginia.  The Company's homes are marketed and sold under
the trade names K. Hovnanian Homes, Matzel & Mumford, Brighton
Homes, Parkwood Builders, Town & Country Homes, Oster Homes and
CraftBuilt Homes.  As the developer of K. Hovnanian's Four Seasons
communities, the Company is also one of the nation's largest
builders of active adult homes.

Hovnanian Enterprises reported a net loss of $16.1 million on
$2.14 billion of total revenues for the year ended Oct. 31, 2015,
compared to net income of $307 million on $2.06 billion of total
revenues for the year ended Oct. 31, 2014.

As of Jan. 31, 2016, Hovnanian had $2.55 billion in total assets,
$2.69 billion in total liabilities and a $143 million total
stockholders' deficit.

                           *     *     *

As reported by the TCR on April 22, 2016, Moody's Investors Service
downgraded the Corporate Family Rating of Hovnanian Enterprises,
Inc. to Caa2 and Probability of Default Rating to Caa2-PD.  The
downgrade of the Corporate Family Rating reflects Moody's
expectation that Hovnanian will need to dispose of assets and seek
alternative financing methods in order to meet its upcoming debt
maturity wall.

Hovnanian carries a 'CCC+' corporate credit rating from S&P Global
Ratings.


IN AND OUT: Hires Cohen and Wolf as Bankruptcy Counsel
------------------------------------------------------
In and Out Market, Inc., seeks permission from the U.S. Bankruptcy
Court for the District of Connecticut to employ Cohen and Wolf, P.
C. and Vincent M. Marino, Esq., as counsel under a general
retainer.

The Debtor previously employed Peter L. Ressler in this proceeding,
but Mr. Ressler is no longer practicing law.

The Firm will:

     a. give the Debtor legal advice concerning the powers and
        duties of debtor-in-possession;

     b. assist the Debtor in preparation of schedules, reports,
        pleadings, motions, and other legal papers required or
        desirable on behalf of the Debtor as debtor-in-possession;

     c. represent the Debtor in connection with adversary
        proceedings, contested matters and other proceedings that
        may be instituted in the Court;

     d. consummate or modify the confirmed plan of reorganization
        in the case; and

     e. perform all other legal services for the Debtor as debtor-
        in-possession that may be necessary.

The Firm will be paid at these hourly rates:

     a. Vincent M. Marino, Esq.         $400
     b. Associates                      $225
     c. Paralegals                      $150

Vincent M. Marino, Esq., a principal at the Firm, assures the Court
that neither he nor the Firm represent any interest adverse to the
Debtor or their estate and is disinterested as that term is defined
by Section 101 (14) of the Bankruptcy Code.

The Debtor has provided the Firm with a retainer in this case in
the amount of $7,500.  The Retainer will remain property of the
Debtor's bankruptcy estate until such time as the Bankruptcy Court
approves its use to pay legal fees and expenses incurred in
representing the Debtors in contemplation of and in connection with
the Chapter 11 case.

The Firm can be reached at:

        Vincent M. Marino, Esq.
        Cohen and Wolf, PC.
        657 Orange Center Road
        Orange, CT 06477
        Tel: (203) 298-4066
        E-mail: vmarino@cohenandwolf.com

In and Out Market, Inc., filed for Chapter 11 bankruptcy protection
(Bankr. D. Conn. Case No. 16-30599) on April 18, 2016, listing
under $1 million in both assets and liabilities.


IONIS PHARMACEUTICALS: Egan-Jones Cuts Sr. Unsec. Ratings to B+
---------------------------------------------------------------
Egan-Jones Ratings Company downgraded the senior unsecured ratings
on debt issued by Ionis Pharmaceuticals Inc to B+ on June 9, 2016.

Ionis Pharmaceuticals, known as Isis Pharmeceuticals until December
2015, is a publicly traded pharmaceutical company based in
Carlsbad, California, United States.


JEFFREY HERRMANN JAFFE: Unsecureds to Get 100% Under Plan
---------------------------------------------------------
Jeffrey Herrmann Jaffe filed with the U.S. Bankruptcy Court for the
Western District of Texas, San Antonio Division, a homestead sale
plan and accompanying disclosure statement.

General unsecured creditors are classified in Class 8, and will
receive a distribution of 100% of their allowed claims to be
distributed following the sale of the Debtor's home at 300 Alameda
Circle, in Olmos Park, Texas.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/txwb16-50355-22.pdf

Jeffrey Herrmann Jaffe filed a Chapter 11 Petition on February 12,
2016 (Bankr. W.D. Tex. Case No. 16-50355), and is represented by
Steven G. Cennamo, Esq., at Malaise Law Firm, in San Antonio,
Texas.


JOURNEY HOSPICE: Case Summary & 11 Unsecured Creditors
------------------------------------------------------
Debtor: Journey Hospice Care of Houma, Louisiana, LLC
        4128 Crosshaven Drive
        Birmingham, AL 35243

Case No.: 16-02556

Nature of Business: Health Care

Chapter 11 Petition Date: June 23, 2016

Court: United States Bankruptcy Court
       Northern District of Alabama (Birmingham)

Judge: Hon. Tamara O Mitchell

Debtor's Counsel: Taylor C. Crockett, Esq.
                  C. TAYLOR CROCKETT, P.C.
                  2067 Columbiana Road
                  Birmingham, AL 35216
                  Tel: 205-978-3550
                  Fax: 205-978-3556
                  E-mail: taylor@taylorcrockett.com

Total Assets: $486,081

Total Liabilities: $6.63 million

The petition was signed by April H. Rice, managing member.

A list of the Debtor's 11 largest unsecured creditors is available
for free at http://bankrupt.com/misc/alnb16-02566.pdf


JOY GLOBAL: Egan-Jones Lowers FC Sr. Unsec. Rating to BB-
---------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Joy Global Inc. to BB- from BBB-
on June 22, 2016.

Joy Global Inc. is an American company that manufactures and
services heavy machinery used in underground and surface mining.
The company also deals in aftermarket parts.



KALOBIOS PHARMACEUTICALS: Material Features of Confirmed Plan
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered an
order confirming KaloBios Pharmaceuticals, Inc.'s Second Amended
Plan of Reorganization on June 16, 2016.

The Plan will become effective on the first business day upon which
all conditions to the effectiveness of the Plan are satisfied or
waived in accordance with its terms.

                   Material Features of the Plan

Treatment of Claims

The Plan provides for the treatment of Claims against and Interests
in the Company as follows:

   * Subject to such Holder's compliance with any applicable
     Administrative Claims Bar Date, each Holder of an Allowed
     Administrative Claim (other than a Fee Claim) will receive
     Cash in an amount equal to the Allowed amount of such
     Administrative Claim.

   * Subject to such Holder's compliance with the deadline set
     forth in Section 3.1(b)(1) of the Plan for filing Final Fee
     Applications and the Bankruptcy Court's allowance of such Fee
     Claims, each Holder of an Allowed Fee Claim will receive Cash

     in an amount equal to the Allowed amount of such Fee Claim,   

     less amounts previously paid by the Company on account of
     such Allowed Fee Claim.

   * Each Holder of an Allowed Priority Tax Claim due and payable
     on or before the Effective Date will receive payment in full
     in Cash equal to the Allowed amount of such Priority Tax
     Claim, payable over time as set forth in Section 3.1(c) of
     the Plan.

   * Each Holder of an Allowed Other Priority Claim will receive
     Cash in an amount equal to the Allowed amount of such Other
     Priority Claim.

   * On the Effective Date, the claims of the lenders providing
     the Company's debtor-in-possession financing pursuant to the
     Debtor in Possession Credit and Security Agreement, dated as
     of April 1, 2016, as previously disclosed in a Form 8-K filed
     with the Securities and Exchange Commission on April 7, 2016,
     will be satisfied by the issuance of common stock of the
     reorganized Company in accordance with the terms of the DIP
     Credit Agreement, the Plan and the Confirmation Order.

   * Each Allowed Secured Claim will be reinstated pursuant to
     Section 1124 of the Bankruptcy Code or otherwise rendered
     unimpaired.

   * Each Holder of an Allowed General Unsecured Claim will be
     entitled to receive value equal to 100% of the Allowed amount

     of the Claim in the form of: (i) Cash equal to 50% of the
     Allowed amount plus (ii) an unsecured promissory note from
     the Company in an original principal amount equal to 50% of
     the Allowed amount of such Claim.  Each Company Note will be
     due and payable on the third anniversary of the Effective
     Date and shall bear interest at a rate of 10% per year, paid
     in kind.

   * Each Holder of an Allowed Convenience Class Claim will be
     entitled to receive Cash in an amount equal to the Allowed
     amount of such Claim.  A Holder of an Allowed General
     Unsecured Claim in a greater amount may elect to reduce its
     Claim to $5,000 and have it treated as a Convenience Class
     Claim.

   * Each plaintiff in the PIPE Litigation, subject to the
     satisfaction or waiver of the effectiveness conditions set
     forth in the Settlement Stipulation, dated May 2, 2016, which
     was previously disclosed in a Form 8-K filed with the SEC on
     May 11, 2016, will be entitled to receive his, hers or its
     allocable portion of the PIPE Transaction Shares, New Common
     Stock, cash and other consideration as provided in the PIPE
     Settlement.

   * Each IAC Claim will be disallowed, except to extent that such

     IAC Claim is Allowed as an Other Subordinated Claim, in which

     case it will be treated as an Other Subordinated Claim as
     applicable.

   * Subject to (i) approval by the U.S. District Court for the
     Northern District of California before which the consolidated
     securities litigation styled In re KaloBios Pharmaceuticals,
     Inc. Sec. Litig., C.A. No. 5:15-cv-05841-EJD, is pending, of
     the Stipulation and Agreement of Partial Settlement, dated
     June [__], 2016 (the "Partial Class Action Settlement"), (ii)
     the ability of members of the Settlement Class (as defined in

     the Partial Class Action Settlement) to exclude themselves
     from the Settlement Class in accordance with the terms of the

     Partial Class Action Settlement and any orders of the Class
     Action Court, and (iii) the satisfaction or waiver in
     accordance with its terms of any conditions to the
     effectiveness of the Partial Class Action Settlement, each
     Settlement Class Member (as defined in the Partial Class
     Action Settlement) shall be entitled to share in the
     Securities Litigation Settlement Consideration. The
     Securities Litigation Settlement Consideration includes: (i)
     the Insurance Cash Consideration of $1,250,000.00; (ii) the
     Company Cash Consideration of $250,000.00; and (iii) the
     Company Stock Consideration consisting of 300,000 shares of
     New Common Stock of the Company.  The Partial Class Action
     Settlement provides for releases and related injunctions to
     be granted for the benefit of, among others, the Company,
     Ronald Martell, Herb Cross and all past, present and future
     directors, officers and employees of the Company, excluding
     Martin Shkreli.  The Bankruptcy Court has already approved
     the terms of the Partial Class Action Settlement by its order

     entered on June 15, 2016.  Pursuant to the Plan, any Class
     Action Claims not fully resolved pursuant to the Partial
     Class Action Settlement are subordinated to the level of
     common stock of the Company and otherwise remain subject to
     objection by the Company.

   * Each Other Subordinated Claim is deemed a Disputed Claim
     under the Plan and remains subject to any objections the
     Company may file.  To the extent any Other Subordinated Claim

     ultimately becomes an Allowed Other Subordinated Claim it
     will be subordinated to the level of the Company's common
     stock.

   * The common stock of the Company as issued and outstanding
     immediately prior to the Effective Date will continue to be
     retained by its Holders, subject to dilution by the issuance
     of New Common Stock as set forth in the Plan and the SPA and
     future dilution as may be permitted by applicable law.

   * Class 9 Common Stock consists of existing common stock of the

     Company held by, for or on behalf of Martin Shkreli.  The
     treatment of the Class 9 Common Stock is the subject of that
     certain Settlement Stipulation by and between the Company and

     Martin Shkreli, which the Bankruptcy Court approved on an
     interim basis pursuant to its order entered on June 15, 2016.

     Subject to the Bankruptcy Court's final approval of the
     Shkreli Settlement (scheduled for a hearing on June 27,
     2016), Mr. Shkreli's execution of a Governance Agreement
     containing terms consistent with the Term Sheet annexed as
     Exhibit 1 to the Shkreli Settlement and the satisfaction or
     waiver of other conditions to the effectiveness of the
     Shkreli Settlement, the Class 9 Common Stock Interests in the

     Company will be Allowed, subject to the terms of the
     Governance Agreement.  The contemplated Governance Agreement
     restricts for a period of 24 months from the Effective Date
     Mr. Shkreli's future involvement in the management of the
     Company.  Other terms of the Shkreli Settlement provide the
     Company with the option under certain circumstances to
     acquire Mr. Shkreli's remaining common stock holdings in the
     Company and provide for a mutual release of Claims and Causes

     of Action between the Company and Mr. Shkreli.

Corporate Organization

Pursuant to the Plan, the Company will continue to exist as a going
concern enterprise after the Effective Date.  As provided in the
Plan, the Company's articles of incorporation and bylaws are deemed
amended to comply with the provisions of the Plan and the
Bankruptcy Code, including the addition of a provision prohibiting
the issuance of nonvoting equity securities.  In addition, the Plan
provides that, after the Effective Date, the Company's Board of
Directors will consist of the following five members: (i) one
director designated by the Nomis Bay Entity, (ii) Ronald Barliant,
current member of the Board of Directors of the Company, as a
designee of the Black Horse Entities, (iii) Dr. Cameron Durrant,
current Chief Executive Officer and Chairman of the Board of the
Company, and (iv) two independent directors designated jointly by
the Black Horse Entities and the Nomis Bay Entity.

Savant Transaction

The Plan provides that the Company is authorized to enter into a
transaction with Savant Neglected Diseases, LLC, as contemplated by
the binding letter of intent, dated Feb. 29, 2016, between the
Company and Savant, as previously disclosed in a Form 8-K filed
with the SEC on March 4, 2016.

Exit Financing

On the Effective Date, the exit financing facility provided by the
Securities Purchase Agreement, between the Company, and Black Horse
Capital LP, Black Horse Capital Master Fund Ltd., Cheval Holdings,
Ltd., and Nomis Bay LTD, dated April 1, 2016 will become effective,
subject to the satisfaction of certain closing conditions,
including the contemporaneous closing of the Savant Transaction.
Among other things, additional shares of New Common Stock will be
issued pursuant to the SPA.  The SPA was previously disclosed in a
Form 8-K filed with the SEC on April 7, 2016.

Compensation and Benefit Programs; Employment Agreements

Except as expressly provided in the Plan, all employment and
severance policies, compensation and benefit plans, policies, and
programs of the Company to its employees and retirees, as well as
all employment agreements between the Company and its current
executive officers, will be assumed by the Company on the Effective
Date pursuant to sections 365 and 1123 of the Bankruptcy Code.  In
addition, the Plan provides for the issuance of New Common Stock to
the current members of the Company's Board of Directors and the
Company's Chief Executive Officer, as was previously disclosed in a
Form 8-K filed with the SEC on May 31, 2016.  By an order entered
on June 14, 2016, the Bankruptcy Court granted the Debtor's Motion
for Entry of an Order Approving One-Time Equity Award for its Board
Members and Chief Executive Officer.
  
Releases, Exculpation, Injunction and Discharge Provisions

As set forth in Section 10.3 and other provisions of the Plan and
the Confirmation Order, the Plan provides certain releases,
including the following: (i) releases by the Company, subject to
certain exclusions, of Claims and Causes of Action against (a) the
Company's officers, directors, employees, advisors and certain
related persons who acted in such capacity on or after the Petition
Date and (b) the Black Horse Entities and Nomis Bay Entity, as well
as their respective current and former directors and officers,
partners, advisors and certain other related parties; (ii) releases
by Holders of Claims and Interests, subject to certain exclusions,
of Claims and Causes of Action against the Company and Released
Parties; (iii) mutual releases between the Company and the PIPE
Plaintiffs, for the benefit of each and certain related parties, as
contemplated by the PIPE Settlement; and (iv) releases as
contemplated by the Partial Class Action Settlement.  All Claims
and Causes of Action of the Company or its bankruptcy estate not
expressly released by the Company under the Plan, the Confirmation
Order or pursuant to another Bankruptcy Court order are expressly
reserved to the Company under the Plan.

As set forth in Section 10.6 and other provisions of the Plan and
the Confirmation Order, the Plan also contains certain exculpation
provisions, which include exculpation from liability, subject to
certain exceptions for acts and omissions that are the result of
willful misconduct or gross negligence, in favor of the Company and
the Company's directors, officers, employees, advisors and certain
other related persons and entities who served in such capacity on
or after the Petition Date relating to the bankruptcy proceedings,
the negotiation and formulation of the Plan and the related
disclosure statement, and the confirmation, consummation and
administration of the Plan.

As set forth in Section 10.4 and other provisions of the Plan and
the Confirmation Order, except as expressly provided in the Plan
and Confirmation Order, the Plan provides for a discharge of all
Claims against the Company to the fullest extent provided under
section 1141(d)(1)(A) of the Bankruptcy Code.

In furtherance of implementing the Plan’s terms, as set forth in
Section 10.7 and other provisions of the Plan and the Confirmation
Order, the Plan and Confirmation Order provide for certain
injunctions to become binding on all Holders of Claims and
Interests, as well as certain other persons and entities, upon the
occurrence of the Effective Date.  The automatic stay of section
362 of the Bankruptcy Code and certain other injunctions are to
remain in effect through the Effective Date.

Share Information

Approximately 4,450,994 shares of the Company's common stock, par
value $0.001 per share, are currently issued and outstanding.  The
Company will be reserving an estimated 10,448,278 shares of New
Common Stock for future issuance in respect of claims and interests
filed under the Plan. The aggregate total of currently issued and
outstanding shares and reserved shares will be approximately
14,899,272.

                   About KaloBios Pharmaceuticals

Based in South San Francisco, Calif., KaloBios Pharmaceuticals,
Inc., is a company biopharmaceutical company focused on the
development of monoclonal antibody therapeutics.

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

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

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


KEY ENERGY: Egan-Jones Cuts FC Sr. Unsec. Rating to C From B-
-------------------------------------------------------------
Egan-Jones Ratings Company downgraded the foreign currency senior
unsecured rating on debt issued by Key Energy Services Inc. to C
from B- on June 9, 2016.  EJR also lowered the commercial paper
rating on the Company to D from B.

Key Energy Services is an American oilfield services company.



L & W RESEARCH: Taps A & S Accounting Services
----------------------------------------------
L & W Research, Inc., and Paul H. Leek ask for permission of the
U.S. Bankruptcy Court for the District of Connecticut to employ A &
S Accounting Services as its accountant.

The Firm will:

     a. prepare all appropriate federal and state income tax
        returns, informational returns, and any other returns,
        schedules, or documents which are necessary or appropriate
        for the Debtors to file with the various taxing
        authorities;

     b. review the Debtors' records to the extent necessary to
        prepare the various returns, schedules, and other
        supporting documents;

     c. advise the Debtors on issues of federal and state tax
        compliance, assist in negotiations with federal and state
        tax authorities and prepare any documents in support of
        negotiations; and

     d. assist the Debtors in preparation of any additional
        required reports and financial analysis.

The Firm will be paid $125 per hour for its services.

Arthur Weinstein, sole proprietor of the Firm, assures the Court
that neither he nor any member of the Firm represent any interest
adverse to the Debtors or the estate in the proceedings in the
matters upon which he and the Firm will be engaged to handle for
the Debtors and have no connection with the Debtors, creditors, or
any other party in interest, their respective attorneys and
accountants, the U.S. Trustee, or any person employed by the Office
of the U.S. Trustee.

The Firm can be reached at:

        A & S Accounting Services
        106 Ansonia Road,
        Woodbridge, CT 06525
        Tel: (203) 397-1040

                      About L & W Research

L & W Research Inc. and Paul H. Leek sought protection under
Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Connecticut (Hartford) (Case Nos. 15-31500 and
15-21570) on Sept. 2, 2015.  On Oct. 2, 2015, the court
entered orders directing the Debtors' cases be jointly
administered.

The Debtor can be reached through their counsel:

        David C. Pite, Esq.
        Pite Law Office LLC
        1948 Chapel Street
        New Haven, CT 06515
        Tel: (203) 782-0503
        Fax: (203) 389-8344
        E-mail: pite@snet.net

             - and –

        Carl T. Gulliver, Esq.
        Coan, Lewendon, Gulliver & Miltenberger, LLC
        495 Orange Street
        New Haven, CT 06511
        Tel: (203)624-4756
        Fax: (203)865-3673
        E-mail: cgulliver@coanlewendon.com


LBH NATIONAL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: LBH National Corporation
           dba Shorewood Realtors Powered by ERA
           dba Shorewood Real Estate
           dba Shorewood Realtors ERA Powered
           dba Shorewood Commercial
           dba Shorewood Realtors
        201 Columbine Street, Suite 300
        Denver, CO 80206

Case No.: 16-16247

Chapter 11 Petition Date: June 23, 2016

Court: United States Bankruptcy Court
       District of Colorado (Denver)

Judge: Hon. Michael E. Romero

Debtor's Counsel: Lee M. Kutner, Esq.
                  KUTNER BRINEN, P.C.
                  1660 Lincoln St., Ste. 1850
                  Denver, CO 80264
                  Tel: 303-832-2400
                  Email: lmk@kutnerlaw.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Roger Herman, president and CEO.

A list of the Debtor's 20 largest unsecured creditors is available
for free at http://bankrupt.com/misc/cob16-16247.pdf


LIME ENERGY: Seven Directors Elected at Annual Meeting
------------------------------------------------------
The annual meeting of stockholders of Lime Energy Co. was held on
June 16, 2016.  At the Annual Meeting, the holders of the Company's
Common Stock and Series C Preferred Stock:

    (i) elected Gregory T. Barnum, Christopher W. Capps,
        Richard P. Kiphart, Tommy Mike Pappas, Adam Procell,
        Andreas Hildebrand and Peter S. Macdonald as directors to
        serve a term expiring at the annual meeting of
        stockholders in 2017;

   (ii) approved, on an advisory basis, the Company's executive
        compensation;

  (iii) ratified the appointment of CohnReznick, LLP as the
        Company's independent registered public accounting firm
        for the fiscal year 2016; and

   (iv) approved the 2016 Employee Stock Purchase Plan.

                         About Lime Energy

Headquartered in Huntersville, North Carolina, Lime Energy Co. --
http://www.lime-energy.com/-- is engaged in planning and
delivering clean energy solutions that assist its clients in their
energy efficiency and renewable energy goals.  The Company's
solutions include energy efficient lighting upgrades, energy
efficient mechanical and electrical retrofit and upgrade services,
water conservation, building weatherization, on-site generation
and renewable energy project development and implementation.  The
Company provides energy solutions across a range of facilities,
from high-rise office buildings, distribution facilities,
manufacturing plants, retail sites, multi-tenant residential
buildings, mixed use complexes, hospitals, colleges and
universities, government sites to small, single tenant facilities.

Lime Energy reported a net loss available to common stockholders of
$4.44 million on $113 million of revenue for the year ended Dec.
31, 2015, compared to a net loss available to common stockholders
of $5.60 million on $58.8 million of revenue
for the year ended Dec. 31, 2014.

As of March 31, 2016, Lime Energy had $47.5 million in total
assets, $38.8 million in total liabilities, $11.05 million in
contingently redeemable series C preferred stock and a total
stockholders' deficiency of $2.27 million.


LINC USA GP: Files Schedules of Assets and Liabilities
------------------------------------------------------
Linc USA GP, et. al, filed with the U.S. Bankruptcy Court for the
Southern District of Texas its schedules of assets liabilities,
disclosing:

     Name of Schedule        Assets             Liabilities
      ----------------       --------------     --------------
  A. Real Property
  B. Personal Property       $276,400,966
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                             $408,000,000.00
  E. Creditors Holding
     Unsecured Priority
     Claims
  F. Creditors Holding
     Unsecured Non-Priority
     Claims
                             --------------      --------------
        Total                $276,400,966.00     $408,000,000.00

A copy of the schedules is available for free at:

           http://bankrupt.com/misc/txsb16-32689-0091.pdf

                      About Linc USA

Each of Linc USA GP, Linc Energy Finance (USA), Inc., Linc Energy
Operations, Inc., Linc Energy Resources, Inc., Linc Gulf Coast
Petroleum, Inc., Linc Energy Petroleum (Wyoming), Inc., Paen Insula
Holdings, LLC, Diasu Holdings, LLC, Diasu Oil & Gas Company, Inc.,
Linc Alaska Resources, LLC and Linc Energy Petroleum (Louisiana),
LLC filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32689) on May
29, 2016.

Linc USA GP and its subsidiaries operate an independent oil and gas
exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming. The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope. The
Debtors are ultimately owned by Linc Energy Ltd., an Australian
corporation established in the year 2000, shares of which were
listed on the Singapore Stock Exchange.  Linc Energy Ltd. entered
into voluntary administration in Australia on April 15, 2016.

The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million. As of the Petition Date,
the Debtors estimate that they owed approximately $5.8 million to
their vendors.

Bracewell LLP serves as the Debtors' counsel. Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.

Judge David R Jones presides over the cases.


LINC USA: Seeks Modification of Sale Motion Deadline
----------------------------------------------------
Linc USA GP and its affiliated debtors ask the U.S. Bankruptcy
Court for the Southern District of Texas to authorize the amendment
of their Debtor In Possession Credit Agreement with Cantor
Fitzgerald Securities and the Lenders from time to time party
thereto.

"Section 6.14(a) of the DIP Credit Agreement provides that the Sale
Motion shall be filed with this Court no later than fourteen days
following the Petition Date. The Debtors and the DIP Agent have
agreed to extend the deadline for filing the Sale Motion to June
20, 2016, or such later date as may be agreed to by the DIP Agent
and the Required Lenders... Section 13.01 of the DIP Credit
Agreement allows the Required Lenders and the Borrower to grant
written waivers or consents under and enter into written agreements
amending or changing any provision of the DIP Credit Agreement,
subject to the limitations of Section 13.01. However, the Interim
DIP Order limits this right by providing that 'no further approval
of the Bankruptcy Court shall be required for amendments, waivers,
consents or other modifications that implement technical and
non-substantive alterations'... Accordingly, the Debtors' hereby
request permission to enter into the Amendment, modifying Section
6.14(a) of the Credit Agreement, and changing the deadline for
filing the Sale Motion to June 20, 2016, or such later date as may
be agreed to by the DIP Agent and the Required Lenders," the
Debtors contend.

Linc USA GP and its affiliated Debtors are represented by:

          Jason G. Cohen, Esq.
          William A. (Trey) Wood III, Esq.
          Chelsea R. Dal Corso, Esq.
          BRACEWELL LLP
          711 Louisiana, Suite 2300
          Houston, TX 223-2300
          Telephone: (713)223-2300
          Facsimile: (713)221-1212
          E-mail: Jason.Cohen@bracewelllaw.com
                 Trey.Wood@bracewelllaw.com
                 Chelsea.DalCorso@bracewelllaw.com

                        About Linc USA GP

Each of Linc USA GP, Linc Energy Finance (USA), Inc., Linc Energy
Operations, Inc., Linc Energy Resources, Inc., Linc Gulf Coast
Petroleum, Inc., Linc Energy Petroleum (Wyoming), Inc., Paen
Insula
Holdings, LLC, Diasu Holdings, LLC, Diasu Oil & Gas Company, Inc.,
Linc Alaska Resources, LLC and Linc Energy Petroleum (Louisiana),
LLC filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32689) on May
29, 2016.

Linc USA GP and its subsidiaries operate an independent oil and
gas
exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming.  The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope.  The
Debtors are ultimately owned by Linc Energy Ltd., an Australian
corporation established in the year 2000, shares of which were
listed on the Singapore Stock Exchange.  Linc Energy Ltd. entered
into voluntary administration in Australia on April 15, 2016.

The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million.  As of the Petition Date,
the Debtors estimate that they owed
approximately $5.8 million to their vendors.

Bracewell LLP serves as the Debtors' counsel.  Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.

Judge David R Jones presides over the cases.


LIONS GATE: Egan-Jones Cuts LC Sr. Unsec. Rating to BB-
-------------------------------------------------------
Egan-Jones Ratings Company lowered the local currency senior
unsecured rating on debt issued by Lions Gate Entertainment Corp.
to BB- from BB on June 10, 2016.  EJR also lowered the foreign
currency senior unsecured rating on the Company's debt to BB- from
BBB-.

Lions Gate Entertainment Corporation is a Canadian–American
entertainment company.




LOUISIANA PELLETS: Deadline to Decided on Leases Moved to Sept. 15
-------------------------------------------------------------------
The Hon. Robert Summerhays of the U.S. Bankruptcy Court for the
Western District of Louisiana extended the time period during which
Louisiana Pellets, Inc., and German Pellets Louisiana, LLC, may
assume or reject unexpired non-residential leases of real property
through and including September 15, 2016.

The order is without prejudice to the right of the Debtors to
assume or reject the Unexpired Leases prior to the Extension Date,
or to request additional extensions of time within which to assume
or reject the Unexpired Leases pursuant to Section 365(d)(4) of the
Bankruptcy Code.

                     About Louisiana Pellets

Louisiana Pellets, Inc and German Pellets Louisiana, LLC are
members of the "German Pellets" family of companies, which is a
family of related companies centered in Wismar, Germany, operating
in the wood pellets industry.

LPI owns a wood pellet production facility located on 334 acres of
land in Urania, Louisiana.  The Facility is still under
construction and is not yet fully complete or operational.  GPLA is
the general contractor for construction of the Facility.  A
contract is in place with E.ON UK PLC (a United Kingdom utility
company) to purchase the wood pellet production from the Facility.

LPI and PLA sought Chapter 11 protection (Bankr. W.D. La., Lead
Case No. 16-80162) on Feb. 18, 2016, due to cost overruns and
delays in the course of construction of their still-to-be-completed
wood pellet production facility.  The petitions were signed by
Anna-Kathrin Leibold, president and chief executive officer.  The
Hon. John W. Kolwe presides over the case.

Louisiana Pellets, Inc., estimated assets and debts at $100 million
to $500 million.  German Pellets estimated assets and debts at $50
million to $100 million.

The Debtors tapped Locke Lord LLP, as counsel.

                         *     *     *

According to the docket, the Debtor's Chapter 11 plan and
Disclosure Statement are due June 17, 2016.  A status conference
hearing is scheduled for July 6, 2016, at 9:30 a.m.


LOUISIANA PELLETS: To File Amended Financing Budget Under Seal
--------------------------------------------------------------
Louisiana Pellets, Inc., and German Pellets Louisiana, LLC, filed
with the U.S. Bankruptcy Court for the Western District of
Louisiana their corrected notice of filing of amended budget in
conjunction with Debtor in Possession Financing Order.

The Amended Budget will be filed under seal, as agreed upon between
the Debtors and the Bond Trustee.  The Amended Budget will be
subject to all of the terms and conditions contained in the Final
DIP Financing Order and will be subject to the review of the
Committee under Paragraph 2 of the Final DIP Financing Order, and
the parties will advise the Court whether the Committee has any
objection to the Amended Budget.

After the Committee's review, the Debtors will file an ex parte
motion for an order authorizing the Debtors to file amended DIP
budget under seal, and pursuant to the Motion to Seal, the Debtors
are requesting that the Amended Budget be filed under seal.

The Debtors previously withdrew, without prejudice for later
refiling, their ex parte motion for authority to file amended DIP
budget under seal.

                     About Louisiana Pellets

Louisiana Pellets, Inc and German Pellets Louisiana, LLC are
members of the "German Pellets" family of companies, which is a
family of related companies centered in Wismar, Germany, operating
in the wood pellets industry.

LPI owns a wood pellet production facility located on 334 acres of
land in Urania, Louisiana.  The Facility is still under
construction and is not yet fully complete or operational.  GPLA is
the general contractor for construction of the Facility.  A
contract is in place with E.ON UK PLC (a United Kingdom utility
company) to purchase the wood pellet production from the Facility.

LPI and PLA sought Chapter 11 protection (Bankr. W.D. La., Lead
Case No. 16-80162) on Feb. 18, 2016, due to cost overruns and
delays in the course of construction of their still-to-be-completed
wood pellet production facility.  The petitions were signed by
Anna-Kathrin Leibold, president and chief executive officer.  The
Hon. John W. Kolwe presides over the case.

Louisiana Pellets, Inc., estimated assets and debts at $100 million
to $500 million.  German Pellets estimated assets and debts at $50
million to $100 million.

The Debtors tapped Locke Lord LLP, as counsel.

                         *     *     *

According to the docket, the Debtor's Chapter 11 plan and
Disclosure Statement are due June 17, 2016.  A status conference
hearing is scheduled for July 6, 2016, at 9:30 a.m.


LOVE-A-CHILD MISSIONS: Taps Darya S. Druch as Bankruptcy Counsel
----------------------------------------------------------------
Love-A-Child Missions asks for authorization from the Hon. William
J. Lafferty III of the U.S. Bankruptcy Court for the Northern
District of California to employ retain Darya S. Druch, Esq., who
has an office in Oakland, California.

The Debtor requires the assistance of the Counsel in:

     a. preparation of schedules, statement of financial affairs
        and related pleadings;

     b. attendance at the meeting of creditors, and any debtor
        interview with the Office of the U.S. Trustee;

     c. preparation of operating reports and records as required
        by the Federal Rules of Bankruptcy Procedure and the Local

        Rules;

     d. preparation of a Chapter 11 Plan and Disclosure statement
        and documents to be submitted in connection with the plan
        confirmation process;

     e. issues involving creditors, including possible motions for

        relief from stay and lien stripping;

     f. examination of proofs of claim filed and to be filed and
        the possible prosecution of objections to proofs of claim
        as may be appropriate;

     g. identification and prosecution of claims and causes of
        action assertable by applicant on behalf of the estate;
        and

     h. assisting and advising the Debtor in performing the acts
        required of the Debtor as set forth in the Bankruptcy
        Code, Federal Rules of Bankruptcy Procedure, and Local
        Bankruptcy Rules.

The Counsel will be paid $375 per hour for his services.  Prior to
the filing of this case, the Debtor received funds totaling $4,717.
This deposit includes $2,500 for pre-petition services and the
filing fee.  The balance of the fees paid in the amount of $2,217
are being held on deposit with the attorney against which
future fees are to be drawn on a monthly basis, subject to periodic
approval by the Court.

The Counsel assures the Court that he is a disinterested person
within the meaning of Sections 101 and 327 of the Bankruptcy Code.

The Counsel can be reached at:

        Darya S. Druch, Esq.
        Attorney at Law
        One Kaiser Plaza, Suite 1010
        Oakland, CA 94612
        Tel: (510)465-1788
        Fax: (510)874-7219
        E-mail: Darya@daryalaw.com

Love-A-Child Missions filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Calif. Case No. 16-41651) on June 15, 2016.


LUIS R. SANTOS MONTALVO: Unsecureds to Get Nothing Under Plan
-------------------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico will convene a hearing on August 10, 2016, at 9:30
A.M., to consider approval of the disclosure statement explaining
Luis R. Santos Montalvo's plan, the objections to the disclosure
statement, and other matters as may properly come before the
court.

General unsecured creditors are classified in Class 3, and will
receive a 0% distribution of their allowed claims since the Debtor
will pay all priorities with his expected postpetition income.  The
Debtor owes $13,016,745 to the Internal Revenue Service and Susan
Baez, the Debtor's general unsecured creditors.

The Debtor's principal source of income is from his professional
services as attorney and notary public.  After the sale of his
inheritance participation, the remaining income will be from the
operation of the Debtor's law office, which is $2,500 approximately
per month.  The Debtor is in the process of eliminating all
non-essential expenses in order to provide $900 monthly to fund the
plan.

Objections to the form and content of the disclosure statement
should be in writing and filed with the court and served upon
parties-in-interest at their address of record not less than 14
days prior to the hearing.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/prb15-04171-159.pdf

Luis R. Santos Montalvo filed a Chapter 11 Petition on June 1, 2015
(Bankr. D.P.R. Case No. 15-04171).

The Debtor is represented by:

          Modesto Bigas Mendez, Esq.
          PO Box 7462
          Ponce, PR 00732-7462
          Tel: (787) 844-1444
          Fax: (787) 842-4090
          Email: modestobigas@yahoo.com


MAD COW SALOON: Taps Michael J. Rose as Legal Counsel
-----------------------------------------------------
Mad Cow Saloon, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Oklahoma to hire Michael J. Rose PC.

The Debtor tapped the firm to provide legal services in connection
with its Chapter 11 case.  The firm will be paid $250 per hour for
its services.

Michael Rose, Esq., disclosed in a court filing that his firm does
not have connection with the Debtor's creditors or their attorneys.


The firm can be reached through:

     Michael Rose, Esq.
     Michael J. Rose PC
     4101 Perimeter Center Drive, Suite 120
     Oklahoma City, OK 73112
     Tel: 405 / 605-3757
     Fax: 405 / 605-3758e
     E-mail: mrose@coxinet.net

                        About Mad Cow Saloon

Mad Cow Saloon Inc., a nightclub operated at a hotel near the Will
Rogers Airport, sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Okla. Case No. 16-12212) on June 6,
2016.  It listed under $1 million in both assets and liabilities.


MARINA BIOTECH: Issues $300,000 Unsecured Notes
-----------------------------------------------
Marina Biotech, Inc., entered into a Note Purchase Agreement with
certain purchasers, pursuant to which the Company issued to the
Purchasers unsecured promissory notes in the aggregate principal
amount of $300,000.  Interest will accrue on the unpaid principal
balance of the Notes at the rate of 12% per annum beginning on
Sept. 20, 2016.  The Notes will become due and payable on June 20,
2017, provided, that, upon the closing of a financing transaction
that occurs while the Notes are outstanding, each Purchaser shall
have the right to either: (x) accelerate the maturity date of the
Note held by such Purchaser or (ii) convert the entire outstanding
principal balance under the Note held by such Purchaser and accrued
interest thereon into the securities of the Company that are issued
and sold at the closing of such financing transaction.

Further, if the Company at any time while the Notes are outstanding
receives any cash payments in the aggregate amount of not less than
$250,000, as a result of the licensing, partnering or disposition
of any of the technology held by the Company, or any related
product or asset, the Company shall pay to the holders of the
Notes, on a pro rata basis, an amount equal to 25% of each payment
actually received by the Company, which payments shall be applied
against the outstanding principal balance of the Notes and the
accrued and unpaid interest thereon, until such time as the Notes
are repaid in full.

In the Purchase Agreement, the Company agreed: (x) to extend the
termination date of all of the warrants to purchase shares of the
Company's common stock that were delivered to the purchasers
pursuant to that certain Note and Warrant Purchase Agreement, dated
as of Feb. 10, 2012, by and among the Company, MDRNA Research,
Inc., Cequent Pharmaceuticals, Inc. and the purchasers identified
on the signature pages thereto, as it has been amended to date, to
February 10, 2020 and (y) to extend the anti-dilution protection
afforded by Section 3(b) of the Prior Warrants so that such
protection would apply to any financing transaction effected by the
Company on or prior to June 19, 2017 (with any such adjustment only
applying to 80% of the Prior Warrants). The Company further agreed
in the Purchase Agreement to file with the Securities and Exchange
Commission within 30 days of the date of the Purchase Agreement a
registration statement (or a post-effective amendment to an
existing registration statement) to register (or to maintain the
registration of) the resale of the shares of the Company's common
stock issuable upon exercise of the Prior Warrants by the current
holders of the Prior Warrants.

                      About Marina Biotech

Marina Biotech, Inc., headquartered in Bothell, Washington, is a
biotechnology company focused on the discovery, development and
commercialization of nucleic acid-based therapies utilizing gene
silencing approaches such as RNA interference ("RNAi") and
blocking messenger RNA ("mRNA") translation.  The Company's goal
is to improve human health through the development, either through
its own efforts or those of its collaboration partners and
licensees, of these nucleic acid-based therapeutics as well as the
delivery technologies that together provide superior treatment
options for patients.  The Company has multiple proprietary
technologies integrated into a broad nucleic acid-based drug
discovery platform, with the capability to deliver novel nucleic
acid-based therapeutics via systemic, local and oral
administration to target a wide range of human diseases, based on
the unique characteristics of the cells and organs involved in
each disease.

On June 1, 2012, the Company announced that, due to its financial
condition, it had implemented a furlough of approximately 90% of
its employees and ceased substantially all day-to-day operations.
Since that time substantially all of the furloughed employees have
been terminated.  As of Sept. 30, 2012, the Company had
approximately 11 remaining employees, including all of its
executive officers, all of whom are either furloughed or working
on reduced salary.  As a result, since June 1, 2012, its internal
research and development efforts have been minimal, pending
receipt of adequate funding.

Marina Biotech reported net income applicable to common
stockholders of $2.64 million on $680,000 of license and other
revenue for the year ended Dec. 31, 2015, compared to a net loss
applicable to common stockholders of $12.47 million on $500,000 of
license and other revenue for the year ended Dec. 31, 2014.

As of March 31, 2016, Marina had $7.17 million in total assets,
$5.69 million in total liabilities and $1.48 million in total
stockholders' equity.

Wolf & Company, P.C., in Boston, Massachusetts, 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, has a significant accumulated
deficit and does not have sufficient capital to fund its
operations.  This raises substantial doubt about the Company's
ability to continue as a going concern.


MASTEC INC: Egan-Jones Lowers Sr. Unsecured Debt Rating to BB-
--------------------------------------------------------------
Egan-Jones Ratings Company downgraded the foreign currency senior
unsecured rating on debt issued by MasTec Inc. to BB- from BB+ on
June 9, 2016.

Mastec, Inc. is an American multinational infrastructure
engineering and construction company based in Coral Gables,
Florida.



MERANDA INC: Taps Pedrosa Luna as Legal Counsel
-----------------------------------------------
Meranda, Inc. seeks approval from the U.S. Bankruptcy Court for the
District of Puerto Rico to hire The Law Offices of Hector Eduardo
Pedrosa Luna as its legal counsel.

The Debtor tapped the firm to:

     (a) prepare legal papers and conduct examinations incidental
         to the administration of its Chapter 11 case;

     (b) develop the relationship of the status of the Debtor to
         the claims of creditors in its case;

     (c) give advice about its rights, duties and obligations as a

         Debtor;

     (d) take other necessary actions incident to the proper
         preservation and administration of the case; and

     (e) assist the Debtor in the formulation of a bankruptcy plan

         and disclosure statement.

The Debtor proposes to pay the firm $150 per hour for its services.


Hector Eduardo Pedrosa Luna, Esq., disclosed in a court filing that
the members of the firm are "disinterested persons" as defined in
section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Hector Eduardo Pedrosa-Luna, Esq.
     The Law Offices of Hector Eduardo Pedrosa Luna
     P.O. Box 9023963
     San Juan, PR 00902-3963
     Tel 787-920-7983
     Fax 787-754-1109
     hectorpedrosa@gmail.com

                       About Meranda Inc.

Meranda, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.P.R. Case No. 16-04239) on May 27, 2016, listing
under $1 million in both assets and liabilities.


MINERALS TECHNOLOGIES: S&P Raises CCR to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on New
York-based Minerals Technologies Inc. to 'BB' from 'BB-'.  The
outlook is stable.

S&P also raised its issue-level rating on the company's senior
secured debt to 'BB+' from 'BB'.  The recovery rating on this debt
remains '2', indicating S&P's expectation of substantial (70%-90%;
lower half of the range) recovery in the event of payment default.

S&P also revised its assessment of the company's financial risk
profile to significant from aggressive.  The business risk profile
remains fair.  These result in an anchor score of 'bb'.  There is
no impact from any modifier.  

"Minerals Technologies' operating performance in 2015, combined
with its debt repayments, has resulted in lower-than-anticipated
debt leverage," said S&P Global Ratings credit analyst Allison
Schroeder.  "As of April 2, 2016, debt to EBITDA was approximately
3.9x and we now view the company's financial risk profile as
significant," she added.  The stable outlook reflects S&P's view
that the company has almost completed the successful integration of
AMCOL and has realized expected synergies.  S&P expects that the
company will continue to operate in line with S&P's expectations
and that credit measures will remain appropriate for the
significant financial risk profile during the next year, including
FFO to debt of greater than 20% and debt to EBITDA of less than 4x
over the next year.

S&P could lower the ratings if Minerals Technologies does not
reduce debt, as they have publicly stated that they would aim to,
or if operating performance weakens, instead of improving per S&P's
expectations.  Under these scenarios, S&P believes that FFO to debt
would fall below 20% or that debt to EBITDA would exceed 4x over
the next year.

S&P could raise ratings if the company's debt repayments exceed our
expectation or if S&P expects cash flow leverage metrics to
strengthen meaningfully over the next year, notwithstanding S&P's
expectation of potential small, bolt-on acquisitions.  S&P could
raise the ratings by one notch if operating performance
improvements or debt repayments at Minerals Technologies strengthen
credit metrics such that S&P expects FFO to debt to exceed 30% on a
sustained basis and debt to EBITDA to remain below 3x over the next
year.


MONAKER GROUP: Incurs $4.55 Million Net Loss in Fiscal 2016
-----------------------------------------------------------
Monaker Group, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$4.55 million on $544,658 of total revenues for the year ended Feb.
29, 2016, compared to a net loss of $2.98 million on $1.09 million
of total revenues for the year ended Feb. 28, 2015.

As of Feb. 29, 2016, Monaker had $2.89 million in total assets,
$3.03 million in total liabilities and a total stockholders'
deficit of $137,610.

LBB & Associates Ltd., LLP, in Houston, TX, in its report on the
consolidated financial statements for the year ended Feb. 29, 2016,
raised substantial doubt about the Company's ability to continue as
a going concern.

At FYE Feb. 29, 2016, the Company had $137,944 cash on-hand, a
decrease of $88,468 from $226,412 at the FYE Feb. 28, 2015.  The
decrease in cash was due primarily to the funds used for
operations, investment activities and development costs of the
NextTrip website.  These expenses and costs exceeded the cash
raised through financing activities.

A full-text copy of the Form 10-K is available for free at:

                     https://is.gd/vX1AxM

                      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.


MORGANS HOTEL: Signs $794 Million Acquisition Deal with SBE
-----------------------------------------------------------
Morgans Hotel Group Co. has entered into a definitive agreement
under which Morgans will be acquired by leading global lifestyle
hospitality company SBE.  Under terms of the agreement, SBE will
acquire all of the outstanding shares of Morgans common stock for
$2.25 per share in cash, which, together with the exchange of
Morgans Series A preferred securities, the assumption of debt and
transfer of capitalized leases, represents a total enterprise value
of approximately $794 million.  The per share price represents a 69
percent premium over Morgans' unaffected closing price on May 5,
2016, and a 54 percent premium to Morgans' volume weighted average
price for the 30 days up to and including May 5, 2016.

As part of the transaction, affiliates of The Yucaipa Companies
will exchange $75 million in Series A preferred securities, accrued
preferred dividends, and warrants for $75 million in preferred
shares and an interest in the common equity in the acquirer and,
following the closing, the leasehold interests in three restaurants
in Las Vegas currently held by Morgans.

At closing, SBE will acquire Morgans' portfolio of thirteen owned,
operated or licensed hotel properties in London, Los Angeles, New
York, Miami, San Francisco, Las Vegas and Istanbul, including its
Hudson New York and Delano South Beach properties.  SBE is
currently working with the lenders to assume the mortgages of the
Hudson and Delano properties, approximately $422 million, and
expects this to occur at closing.

Howard M. Lorber, Morgans Chairman, said, "Morgans' Board of
Directors carefully considered all of the alternatives available to
us and we are pleased to have arrived at a transaction that we
believe is in the best interests of our shareholders, while
providing a great home for our attractive assets under a renowned
hospitality company in SBE."

The transaction, which was approved by the Board of Directors, is
expected to close in the third or fourth quarter, and is subject to
regulatory approvals, the assumption or refinancing of Morgans’
mortgage loan agreements, and customary closing conditions,
including approval of the transaction by Morgans shareholders.
Morgans shareholders representing approximately 29 percent of the
Company’s outstanding shares of common stock have signed voting
agreements in support of this transaction, including OTK
Associates, Pine River Capital Management and Vector Group Ltd.
Affiliates of The Yucaipa Companies have also signed a voting
agreement in respect of their Series A preferred securities and
warrants.

SBE has obtained commitments to finance the transaction through a
combination of proceeds from the sale of new preferred equity in
the newly-formed company to a third-party investor, liquidity from
the refinancing of its existing term loans and a new revolver.

In light of the announcement, the Company's first quarter earnings
call, previously scheduled for today at 5:00 PM Eastern Time (U.S.)
has been cancelled.

Morgan Stanley & Co. LLC served as financial advisor and Fried,
Frank, Harris, Shriver & Jacobson LLP served as legal advisors to
Morgans Hotel Group.

                  About Morgans Hotel Group

Based in New York, Morgans Hotel Group Co. (Nasdaq: MHGC) --
http://www.morganshotelgroup.com/-- is widely credited as the
creator of the first "boutique" hotel and a continuing leader of
the hotel industry's boutique sector.  Morgans Hotel Group
operates and owns, or has an ownership interest in, Morgans,
Royalton and Hudson in New York, Delano and Shore Club in South
Beach, Mondrian in Los Angeles and South Beach, Clift in San
Francisco, Ames in Boston, and Sanderson and St Martins Lane in
London.  Morgans Hotel Group and an equity partner also own the
Hard Rock Hotel & Casino in Las Vegas and related assets.  Morgans
Hotel Group also manages hotels in Isla Verde, Puerto Rico and
Playa del Carmen, Mexico.  Morgans Hotel Group has other property
transactions in various stages of completion, including projects
in SoHo, New York and Palm Springs, California.

Morgans Hotel reported net income attributable to common
stockholders of $5.45 million on $220 million of total revenues for
the year ended Dec. 31, 2015, compared to a net loss attributable
to common stockholders of $66.6 million on $234 million of total
revenues for the year ended Dec. 31, 2014.

As of March 31, 2016, Morgans Hotel had $518 million in total
assets, $737 million in total liabilities and a total deficit of
$219 million.


MOUNTAIN PROVINCE: Shareholders Elect Six Directors
---------------------------------------------------
Jonathan Comerford, Patrick Evans, Bruce Dresner, Peeyush Varshney,
Carl Verley and David Whittle were elected as directors of Mountain
Province Diamonds Inc. at the 2016 Annual General & Special Meeting
of Shareholders held June 21, 2016.

At the Annual Meeting, KPMG LLP was re-appointed as auditor of the
Company at remuneration to be fixed by the directors.  The
Company's Long Term Equity Incentive Plan was approved by a
majority of shareholders.

Mountain Province Diamonds is a 49% participant with De Beers
Canada in the Gahcho Kue diamond mine located in Canada's Northwest
Territories.  Gahcho Kue is the world's largest new diamond mine
and projected to be amongst the highest margin diamond mines due to
the high grade and open-pit nature of the operation.

The Gahcho Kue Project consists of a cluster of four diamondiferous
kimberlites, three of which have a probable mineral reserve of 35.4
million tonnes grading 1.57 carats per tonne for total diamond
content of 55.5 million carats.

A 2014 NI 43-101 feasibility study report filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kué
project has an IRR of 32.6%.

The Gahcho Kue diamond mine is expected to produce an average of
4.5 million carats a year over a 12 year mine life.

                 About Mountain Province Diamonds

Headquartered in Toronto, Canada, Mountain Province Diamonds Inc.
(TSX: MPV, NYSE AMEX: MDM) -- http://www.mountainprovince.com/--
is a Canadian resource company in the process of permitting and
developing a diamond deposit known as the "Gahcho Kue Project"
located in the Northwest Territories of Canada.  The Company's
primary asset is its 49 percent interest in the Gahcho Kue
Project.

Mountain Province reported a net loss of C$43.16 million for the
year ended Dec. 31, 2015, compared to a net loss of C$4.39 million
for the year ended Dec. 31, 2014.

As of March 31, 2016, Mountain Province had C$694 million in total
assets, C$366 million in total liabilities and C$328 million in
total shareholders' equity.


NEIMAN MARCUS: Bank Debt Trades at 11% Off
------------------------------------------
Participations in a syndicated loan under which Neiman Marcus Group
Inc is a borrower traded in the secondary market at 88.64
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 1.86 percentage points from the
previous week.  Neiman Marcus pays 300 basis points above LIBOR to
borrow under the $2.9 billion facility. The bank loan matures on
Oct. 16, 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 June 17.


NORANDA ALUMINUM: Has $302.5-Mil. Deal for Downstream Biz.
----------------------------------------------------------
Noranda Aluminum, Inc. and its affiliated debtors ask the U.S.
Bankruptcy Court for the Eastern District of Missouri, Southeastern
Division, to approve their Stalking Horse Agreement with Gränges
AB ("Parent") and Beagle Acquisition Corp. ("Buyer") for the sale
of the Debtors' assets associated with the flat rolled products
business owned and operated by Norandal USA, Inc. ("Downstream
Business").

The Debtors seek to sell their Downstream Business at the rolling
mills located in (i) Huntingdon, Tennessee, (ii) Newport, Arkansas,
and (iii) Salisbury, North Carolina, together with any assets,
facilities, real property, personal property, plants, equipment,
inventory, and associated accounts receivable.

The Stalking Horse Agreement contains, among others, the following
relevant terms:

     (a) Purchase Price: Gross consideration of $302.5 million. Net
cash consideration of $288 million ("Cash Consideration"), subject
to adjustment to the extent working capital is less than or greater
than $60 million.

     (b) Acquired Assets: All assets of Seller primarily related to
the Downstream Business and substantially all of the Information
Technology Assets of the Debtor Affiliates used in the Business, in
each case, other than the Excluded Assets. Includes inventory,
equipment, contracts, real property, permits, intellectual
property, information technology assets, receivables, pre-paid
expenses, data/documents/business records, insurance proceeds,
rights under confidentiality/non-compete/non-disclosure agreements
and goodwill of the Business.

     (c) Closing Date: No later than Aug. 31, 2016.

     (d) Bid Protections: (i) a break-up fee of 1.5% of the cash
purchase price, which is $4.32 million based on the Cash
Consideration, and (ii) expense reimbursement not greater than $1.5
million.

The Debtors have determined that the Stalking Horse Agreement and
the associated Bid Protections provide the best opportunity to
maximize value and to promote a robust auction process.

Noranda Aluminum, Inc. and its affiliated debtors are represented
by:

          Christopher J. Lawhorn, Esq.
          Angela L. Drumm, Esq.
          Colin M. Luoma, Esq.
          CARMODY MACDONALD P.C.
          120 S. Central Avenue, Suite 1800
          St. Louis, MO 63105
          Telephone: (314)854-8600
          Facsimile: (314)854-8660
          E-mail: cjl@carmodymacdonald.com
                  ald@carmodymacdonald.com
                  cml@carmodymacdonald.com

                   - and -

          Alan W. Kornberg, Esq.
          Elizabeth McColm, Esq.
          Sarah Harnett, Esq.
          Christopher Hopkins, Esq.
          PAUL, WEISS, RIFKIND, WHARTON &
          GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212)373-3000
          Facsimile: (212)757-3990
          E-mail: akornberg@paulweiss.com
                  emccolm@paulweiss.com
                  sharnett@paulweiss.com
                  chopkins@paulweiss.com

                      About Noranda Aluminum

Noranda Aluminum, Inc., and 10 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Lead Case No.
16-10083) on Feb. 8, 2016.  The petitions were signed by Dale W.
Boyles, the chief financial officer.  Judge Barry S. Schermer is
assigned to the cases.

The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP as counsel, Carmody MacDonald P.C. as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC as restructuring advisors and Prime Clerk LLC as claims,
solicitation and balloting agent.

The Debtors estimated both assets and liabilities in the range of
$1 billion to $10 billion.  As of the Petition Date, the Debtors
had approximately $529.6 million in outstanding principal amount
of
secured indebtedness, consisting of a revolving credit facility
and
a term loan facility.

The Debtors had approximately 1,857 employees as of the Petition
Date.


NORANDA ALUMINUM: Objects to Lenders' Adequate Protection Motion
----------------------------------------------------------------
Noranda Aluminum, Inc., and its affiliated debtors submitted to the
U.S. Bankruptcy Court for the Eastern District of Missouri,
Southeastern Division, their objection to the Motion filed by the
Ad Hoc Consortium of Minority Pre-Petition Term Lenders
("Consortium") for adequate protection.

"The Adequate Protection Motion is nothing more than a request by
the Consortium – a group of Pre-Petition Term Lenders holding
just over 30% of the outstanding loans under the Pre-Petition Term
Loan Agreement – to have its legal fees and expenses paid for by
the Debtors' estates, without any legal or contractual basis.  The
Consortium, who did not object to the approval of the Debtors'
postpetition financing on either an interim or final basis, is not
entitled to such relief under the Final DIP Order and has cited no
factual development or change in circumstances that necessitates
rewriting the terms of the Final DIP Order.  Indeed, the only
discernable development is the Consortium's retention of its own
legal counsel. It is telling that the first and only pleading the
Consortium has filed in these chapter 11 cases is one seeking
payment of its own legal fees.  Moreover, the Consortium has not
asserted any recognizable entitlement to the reimbursement of its
legal fees, whether as adequate protection or as undersecured
prepetition creditors, or asserted or justified the need for any
counsel beyond the Pre-Petition Term Agent's counsel," the Debtors
argue.

The Official Committee of Unsecured Creditors joined in on the
Debtors' objection.  

The Consortium avers that the Debtors have not carried their burden
of proving that the Minority Lenders are adequately protected.  It
further avers that the inherent potential conflict presented by
Cortland's serving as both Pre-Petition Term Agent and Term DIP
Agent affords the Minority Lenders the contractual right to demand
separate counsel to protect their rights.  The Consortium contends
that the Final DIP Order neither provides this right as adequate
protection, nor does it contain other provisions to allay the
Minority Lenders' reasonable concerns.

The Consortium argues that the objections are expensive, wasteful
attempts by those already at the table to keep key parties in
interest from having a seat and that such objections must be
rejected.

Noranda Aluminum, Inc., and its affiliated debtors are represented
by:

          Christopher J. Lawhorn, Esq.
          Angela L. Drumm, Esq.
          Colin M. Luoma, Esq.
          CARMODY MACDONALD P.C.
          120 S. Central Avenue, Suite 1800
          St. Louis, MO 63105
          Telephone: (314)854-8600
          Facsimile: (314)854-8660
          E-mail: cjl@carmodymacdonald.com
                  ald@carmodymacdonald.com
                  cml@carmodymacdonald.com

                 - and -

          Alan W. Kornberg, Esq.
          Elizabeth McColm, Esq.
          Sarah Harnett, Esq.
          Christopher Hopkins, Esq.
          PAUL, WEISS, RIFKIND, WHARTON &
          GARRISON LLP
          1285 Avenue of the Americas
          New York, NY 10019
          Telephone: (212)373-3000
          Facsimile: (212)757-3990
          E-mail: akornberg@paulweiss.com
                 emccolm@paulweiss.com
                 sharnett@paulweiss.com
                 chopkins@paulweiss.com

The Official Committee of Unsecured Creditors is represented by:

          Kenneth A. Rosen, Esq.
          Jeffrey D. Prol, Esq.
          LOWENSTEIN SANDLER LLP
          65 Livingston Avenue
          Roseland, NJ 07068
          Telephone: (973)597-2500
          Facsimile: (973)597-2400
          E-mail: krosen@lowenstein.com
                  jprol@lowenstein.com

                 - and -

          Bruce S. Nathan, Esq.
          David M. Banker, Esq.
          LOWENSTEIN SANDLER LLP
          1251 Avenue of the Americas
          New York, NY 10020
          Telephone: (212)262-6700
          Facsimile: (212)262-7402
          E-mail: bnathan@lowenstein.com
                  dbanker@lowenstein.com

                 - and -

          Lisa A. Epps, Esq.
          SPENCER FANE LLP
          1000 Walnut Street
          Suite 1400
          Kansas City, MO 64106
          Telephone: (816)474-8100
          Facsimile: (816)474-3216
          E-mail: lepps@spencerfane.com

                 - and -

          Sherry K. Dreisewerd, Esq.
          Eric C. Peterson, Esq.
          Ryan C. Hardy, Esq.,
          SPENCER FANE LLP
          1 N. Brentwood Boulevard
          Suite 1000
          St. Louis, MO 63105
          Telephone: (314)863-7733
          Facsimile: (314)862-4656
          E-mail: sdreisewerd@spencerfane.com
                  epeterson@spencerfane.com
                  rhardy@spencerfane.com

The Ad Hoc Consortium of Minority Pre-Petition Term Lenders is
represented by:

          Spencer P. Desai, Esq.
          DESAI EGGMANN MASON LLC
          7733 Forsyth Boulevard, Suite 800
          Clayton, MO 63105
          Telephone: (314)881-0800
          Facsimile: (314)881-0820
          E-mail: sdesai@demlawllc.com

                 - and -

          Jeffrey L. Jonas, Esq.
          James W. Stoll, Esq.
          Brian T. Rice, Esq.
          BROWN RUDNICK LLP
          One Financial Center
          Boston, MA 02111
          Telephone: (617)856-8200
          Facsimile: (617)856-8201
          E-mail: jjonas@brownrudnick.com
                  jstoll@brownrudnick.com
                  brice@brownrudnick.com

                      About Noranda Aluminum

Noranda Aluminum, Inc., and 10 of its affiliates filed separate
Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Lead Case No.
16-10083) on Feb. 8, 2016.  The petitions were signed by Dale W.
Boyles, the chief financial officer.  Judge Barry S. Schermer is
assigned to the cases.

The Debtors have engaged Paul, Weiss, Rifkind, Wharton & Garrison
LLP as counsel, Carmody MacDonald P.C. as local counsel, PJT
Partners, LP as investment banker, Alvarez & Marsal North America,
LLC as restructuring advisors and Prime Clerk LLC as claims,
solicitation and balloting agent.

The Debtors estimated both assets and liabilities in the range of
$1 billion to $10 billion.  As of the Petition Date, the Debtors
had approximately $529.6 million in outstanding principal amount
of
secured indebtedness, consisting of a revolving credit facility
and
a term loan facility.

The Debtors had approximately 1,857 employees as of the Petition
Date.


OASIS PETROLEUM: Egan-Jones Cuts FC Sr. Unsec. Rating to CCC+
-------------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Oasis Petroleum Inc to CCC+ on
B+ on June 14, 2016.  EJR lowered the commercial paper rating on
the Company to C from A3.

Oasis Petroleum Inc. is a petroleum and natural gas exploration and
production company headquartered in Houston, Texas, with an office
in Williston, North Dakota.



PALMAZ SCIENTIFIC: Plan Confirmation Hearing Set for June 27
------------------------------------------------------------
Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas, San Antonio Division, approved the first
amended disclosure statement explaining Palmaz Scientific Inc., et
al.'s joint plan of reorganization and scheduled the hearing on the
confirmation of the Plan for June 27, 2016, at 1:30 p.m.

Under the First Amended Plan, holders of Class 4 - General
Unsecured Claims shall receive one of the following treatments: (i)
in the event Vactronix Scientific, Inc., is not the Purchaser,
Allowed General Unsecured Claims will be paid in full in Cash, with
post-petition interest from the Petition Date through the date of
payment, from proceeds from the Asset Sale; or (ii) (x) in the
event Vactronix is the Purchaser, Vactronix will assume all rights
and obligations with respect to the Assumed Unsecured Claims and
the Assumed Unsecured Claims will be deemed satisfied in full by
the Debtors, and (y) all Allowed General Unsecured Claims, which
are not Assumed Unsecured Claims, will be paid in full in Cash,
with post-petition interest from the Petition Date through the date
of payment, from proceeds from the Asset Sale. Interest shall be
paid to Allowed General Unsecured Claims at the greater of: (i) the
interest rate provided for in the contract between each such
Creditor and the Debtor, or (ii) the federal judgment rate.

A full-text copy of the First Amended Disclosure Statement is
available at http://bankrupt.com/misc/txwb16-50552-281.pdf

The Troubled Company Reporter, on June 17, 2016, reported that the
Debtors are expected to move forward with the sale of substantially
all assets to Vactronix Scientific for $22,600,000 as no qualified
competing bids were submitted by the June 8, 2016 deadline.

June 24 is the deadline by which equity interest holders (the only
voting class) must deliver ballots evidencing acceptances or
rejections of the Plan to Upshot Services.  June 24 is also the
deadline for filing and serving written objections to the
confirmation of the Plan.  The Debtors' counsel must file the
ballot summary on or before June 27.

                 About Palmaz Scientific

Headquartered in San Antonio, Texas, Palmaz Scientific is a
research and development company dedicated to the advancement of
the technology and science of medical implants.

Palmaz Scientific Inc., Advanced Bio Prosthetic Surfaces, Ltd.,
ABPS Management, LLC and ABPS Venture One, Ltd., filed Chapter 11
bankruptcy petitions (Bankr. W.D. Tex. Proposed Nos. 16-50552,
16-50555, 16-50556 and 16-50554, respectively) on March 4, 2016.
The petitions were signed by Eugene Sprague as director.

The cases are assigned to Judge Craig A. Gargotta.

Palmaz estimated assets and liabilities in the range of $10
million
to $50 million.

The Debtors have engaged Norton Rose Fulbright US LLP as counsel,
Groff & Rothe as accountants and Upshot Services LLC as noticing
agent.


PELICAN REAL ESTATE: Taps Bill Maloney as Financial Advisor
-----------------------------------------------------------
Pelican Real Estate, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Middle District of Florida to hire
Bill Maloney Consulting as their financial advisor.

The Debtors tapped the firm to:

     (a) review the status of each Debtor and provide
         recommendations as to the restructuring strategy of the
         business;

     (b) perform a liquidity analysis;

     (c) evaluate strategic and financial aspects of the business;

     (d) assist the Debtors in assessing creditor positions and
         negotiating with creditors;

     (e) assist in evaluating restructuring options;

     (f) provide advisory services with respect to developing a
         plan of reorganization; and

     (g) evaluate long term management needs.

The firm will be paid $350 per hour for its services and will
receive reimbursement for work-related expenses.

Bill Maloney, president of the firm, disclosed in a court filing
that he is not aware of any conflict or potential conflict relating
to the employment of the firm as the Debtors' financial advisor.

The firm can be reached through:

     Bill Maloney
     Bill Maloney Consulting
     200 2nd Ave. S. #463
     St. Petersburg, FL 33701
     Phone: (727) 215-4136
     Fax: (813) 200-3321
     bill.maloney@bmaloney.com

The Debtor can be reached through its counsel:

     Elizabeth A. Green, Esq.
     Wendy C. Townsend, Esq.
     Andrew V. Layden, Esq.
     Baker & Hostetler LLP
     200 S. Orange Ave.
     SunTrust Center, Suite 2300
     P.O. Box 112 (32802-0112)
     Orlando, Florida 32801-3432
     Telephone: (407) 649-4000
     Facsimile: (407) 841-0168
     egreen@bakerlaw.com
     wtownsend@bakerlaw.com
     alayden@bakerlaw.com

                    About Pelican Real Estate

Pelican Real Estate, LLC and its eight affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case
No. 16-03817) on June 8, 2016.  

The petition was signed by Jared Crapson, president of SMFG, Inc.,

manager of Pelican Management Company, LLC.

At the time of the filing, Pelican Real Estate listed under $50,000
in both assets and debts.


PENN WEST: Egan-Jones Assigns 'CCC' Sr. Unsecured Rating
--------------------------------------------------------
Egan-Jones Ratings Company assigned CCC senior unsecured rating on
debt issued by Penn West Petroleum Ltd on June 15, 2016.  EJR also
assigned C rating on commercial paper by the Company.

Penn West Exploration Ltd., still referred to as Penn West
Petroleum in the media, was a prominent mid-sized Canadian oil and
natural gas production company based in Calgary, Alberta.



PHI INC: Egan-Jones Lowers FC Sr. Unsecured Rating to B-
--------------------------------------------------------
Egan-Jones Ratings Company downgraded the foreign currency senior
unsecured rating on debt issued by PHI Inc to B- from BB- on June
13, 2016.  EJR lowered the commercial paper rating on the Company
to B from A3.

Petroleum Helicopters International, Inc., is an American
commercial helicopter operator, founded in 1949, by Robert L.
Suggs.



PICO HOLDINGS: Bloggers Claim "CoverUp" By Brownstein on PICOGate
-----------------------------------------------------------------
PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a
diversified holding company reporting recurring losses since 2008.
PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water
Company, Inc., a securities portfolio and various interests in
small businesses. PICO has $664 million in assets and $434 million
in shareholder equity. Central Square Management LLC and River Road
Asset Management LLC collectively own more than 14% of PICO. Other
activists at http://ReformPICONow.com/have taken to the Internet
to advance the shareholder cause.

Here is a PICO Riddle:

Q: What do the years 2010, 2011, 2012, 2013, 2014 and 2015 have in
common?

A: During those years, John Hart signed PICO 10-Ks, pursuant to
Section 302 of the Sarbanes-Oxley Act, which, among other things,
indicates that, "based on the officer's knowledge, the report does
not contain any untrue statement of a material fact or omit to
state a material fact . . ."

The bloggers recount the events of the last week: "On Friday, June
17, Justin Akin and River Road improved the lot of PICO Holdings'
shareholders with one brilliant stroke. In an appropriately
demanding 13D (its second in just 5 weeks), Mr. Akin calls for
definitive answers from PICO related to PICOGate. And since PICO
has been silent in relation to PICOGate up to this point, River
Road will vote its chunky 8.2% stake against the reelection of
Kenneth 'The Slug' Slepicka. Given that the Annual Meeting is on
July 11, PICO has 3 weeks to respond.

ISS and Glass Lewis have strict policies about what information can
be used in formulating a recommendation. The more formal the
information, the more weight it carries. When a mongrel blog
publishes a bastard conspiracy theory on failure to disclose a
conflict of interest, the proxy firms treat it as suspicious. When
"best in show" River Road files a 13D, the information becomes as
legitimate as if sprung from the collective loins of William and
Kate."

The bloggers draw a poker analogy. They write, "Mr. Akin's 13D
"calls" PICO to turn over its Slepicka cards, leaving Mr. Slepicka
with just two choices:

     a) remain silent and lose reelection due to reasons cited
above; or

     b) provide the likely incriminating answers to PICOGate and
self-humiliate.

If you hear a strange, loud sound Mr. Akin, that is stadium-size
applause from all PICO shareholders."

The activist bloggers perceive a coverup of PICOGate. They note
that PICO is hardly following best practices in its response. "RPN
has voted "Against" the election of Howard Brownstein. We suggest
all shareholders do the same.

Underneath River Road's 13D is dissatisfaction with Mr.
Brownstein's handling of PICOGate. Mr. Brownstein is the Audit
Committee Chair, and management of PICOGate rests on his shoulders.
By all accounts, and we mean ALL, Mr. Brownstein has been derelict
in his response to PICOGate.

RPN senses a coverup. "A coverup," you ask? Yes, a coverup. PICO
has an extensive history of executive and director corruption and
incompetence. Mr. Brownstein was appointed both Director and Audit
Committee Chair by corrupt and incompetent directors. Mr.
Brownstein has not communicated with PICO shareholders -- the
owners of the company -- regarding PICOGate. Since we have heard
nothing regarding a 6-year failure to disclose a conflict of
interest, we assume the worst and claim a cronyistic coverup."

The bloggers are exasperated with Mr. Brownstein's lack of
response, which they deem "a dereliction of duty." They continue,
"It has been 13 days since RPN broke PICOGate. Mr. Brownstein has
not issued a press release. Mr. Brownstein has not communicated
with shareholders. We sent Mr. Brownstein an email a week ago and
he has not answered -- a professional discourtesy which has been
duly noted. As a result of this silence, we assume a PICOGate
coverup. We are the owners of the company and we are in the dark.

RPN has been flooded with emails regarding Mr. Brownstein's
inappropriate handling of PICOGate. Let us put it in language that
a Harvard attorney can understand: Most PICO shareholders, if
questioned in a legal forum, would testify that Mr. Brownstein has
breached his fiduciary duty to PICO shareholders.

An investigation of the truth must be objective, thorough and
expeditious. Once the honesty and integrity of executives and
directors is legitimately questioned, it is the Audit Chair's
responsibility to arrive at the truth, communicate that truth and
take appropriate action -- as soon as possible. Anything short is a
dereliction of duty and a betrayal of shareholders."

In typically irreverent fashion, the bloggers end with two
important questions for Mr. Brownstein.

"We have two questions for you, Howie:

     a) Why must shareholders coerce you to seek the truth
regarding PICOGate?

     b) As Audit Chair, shouldn't you be aggressively seeking truth
on behalf of the corporation you steward and the shareholders you
represent?"


PICO HOLDINGS: Bloggers Vote "Against" Director Howard Brownstein
-----------------------------------------------------------------
PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a
diversified holding company reporting recurring losses since 2008.
PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water
Company, Inc., a securities portfolio and various interests in
small businesses. PICO has $664 million in assets and $434 million
in shareholder equity. Central Square Management LLC and River Road
Asset Management LLC collectively own more than 14% of PICO. Other
activists at http://ReformPICONow.com/have taken to the Internet
to advance the shareholder cause.

River Road, owner of 8.2% of PICO shares, in a 13D filing with the
Securities and Exchange Commission, stated that it will vote its
stake "Against" Director Kenneth Slepicka's reelection at the
Annual Meeting, to take place on July 11.

The bloggers begin by explaining that River Road's 13D served to
legitimize the PICOGate information. "ISS and Glass Lewis have
strict policies about what information can be used in formulating a
recommendation. The more formal the information, the more weight it
carries. When a mongrel blog publishes a bastard conspiracy theory
on failure to disclose a conflict of interest, the proxy firms
treat it as suspicious. When "best in show" River Road files a 13D,
the information becomes as legitimate as if sprung from the
collective loins of William and Kate."

The bloggers note that since PICO has not defended Mr. Slepicka
against PICOGate, nor offered any explanation, PICO appears willing
to let Slepicka be thrown off the Board unceremoniously. The
bloggers expect both ISS and Glass Lewis to recommend "Against"
Slepicka, and that will seal his fate.

RPN Votes "Against" Brownstein

The bloggers have voted "Against" the election of Howard Brownstein
and suggest all shareholders do the same. The bloggers are
dissatisfied with Mr. Brownstein's handling of PICOGate. "Mr.
Brownstein is the Audit Committee Chair, and management of PICOGate
rests on his shoulders. By all accounts, and we mean ALL, Mr.
Brownstein has been derelict in his response to PICOGate." The
bloggers claim there is a coverup at PICO and note that Mr.
Brownstein was appointed by "corrupt and incompetent Directors. Mr.
Brownstein has not communicated with PICO shareholders -- the
owners of the company -- regarding PICOGate. Since we have heard
nothing regarding a 6-year failure to disclose a conflict of
interest, we assume the worst and claim a cronyistic coverup."

The bloggers testily continue, "It has been 13 days since RPN broke
PICOGate. Mr. Brownstein has not issued a press release. Mr.
Brownstein has not communicated with shareholders. We sent Mr.
Brownstein an email a week ago and he has not answered -- a
professional discourtesy which has been duly noted. As a result of
this silence, we assume a PICOGate coverup. We are the owners of
the company and we are in the dark.

RPN has been flooded with emails regarding Mr. Brownstein's
inappropriate handling of PICOGate. Let us put it in language that
a Harvard attorney can understand: Most PICO shareholders, if
questioned in a legal forum, would testify that Mr. Brownstein has
breached his fiduciary duty to PICO shareholders."

In typically irreverent fashion, the bloggers ask, "We have two
questions for you, Howie:

      a) Why must shareholders coerce you to seek the truth
regarding PICOGate?

      b) As Audit Chair, shouldn't you be aggressively seeking
truth on behalf of the corporation you steward and the shareholders
you represent?"

Fair questions, indeed. But the bloggers answer their own
questions: "Mr. Brownstein is simply not up to the task of Audit
Chair of PICO. Or put another way, he is in over his head.

Whenever there is a controversial situation with multiple
constituencies, uncertainty and large amounts of money, there are
three rules: communication, communication, communication.

This is basic. And when we say basic, we mean kindergarten,
everyone-knows-that basic. That Mr. Brownstein has ignored such a
simple and obvious aspect of management is unfortunate and telling.
We see a wannabe public-company director who lacks the character
for this job."


PLANET INTERMEDIATE: S&P Raises CCR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings said it raised its corporate credit rating on
Planet Intermediate LLC to 'BB-' from 'B+'.  The rating outlook is
stable.

At the same time, S&P raised its issue-level ratings on direct
subsidiary Planet Fitness Holdings LLC's senior secured credit
facility (consisting of a $40 million revolver due 2019 and a $510
million term loan B due 2021) to 'BB-' from 'B+'.  The recovery
rating on the facility remains '3', reflecting S&P's expectation
for meaningful (50%-70%; lower half of the range) recovery for
lenders in the event of a payment default.

"The upgrade follows the completion of the secondary offering and
reflects our increased confidence that financial sponsor and
controlling owner TSG Consumer Partners LLC will likely continue to
reduce its ownership stake in the company and will not likely
engage in leveraging transactions to fund dividends to owners,"
said S&P Global Ratings credit analyst Justin Gerstley.

Aggregate minority ownership in Planet Fitness is large enough at
about 45% that there would be substantial leakage if TSG were to
choose to use leverage at Planet Fitness to pay a dividend to
owners.  As a result, S&P believes the company can sustain total
lease-adjusted debt to EBITDA below 5x.  In addition, S&P's
base-case forecast on the company is for total lease-adjusted debt
to EBITDA to be in the low-4x area and for funds from operations
(FFO) to total debt to be in the high-teens percentage area in
2016, which provides a good cushion from the 5x and 12% downgrade
thresholds, respectively.  As a result, S&P has reassessed its
financial policy score and revised it to FS-5 from FS-6 to align it
with an improved financial risk assessment of aggressive from
highly leveraged.

The stable outlook reflects S&P's expectation for good operating
performance and its belief that the company's sponsor and
controlling owner, TSG Consumer Partners, will not likely engage in
leveraging transactions to fund shareholder returns that would
increase total lease adjusted debt to EBITDA over 5x.

S&P could lower the rating if the company's financial sponsors
adopt a more aggressive financial policy than S&P currently
expects, or if there is a meaningful decline in EBITDA that drives
adjusted debt to EBITDA above 5x or FFO to debt below 12%.

S&P could consider a one-notch upgrade if it was confident that
Planet Intermediate's financial sponsor would continue to
meaningfully reduce its ownership stake and if S&P was confident
that the company could sustain adjusted debt to EBITDA below 4x.


POMEROY PARTNERS: Case Summary & 5 Unsecured Creditors
------------------------------------------------------
Debtor: Pomeroy Partners
        15700 Winchester Blvd.
        Los Gatos, CA 95030

Case No.: 16-51859

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: June 23, 2016

Court: United States Bankruptcy Court
       Northern District of California (San Jose)

Judge: Hon. Dennis Montali

Debtor's Counsel: Jon G. Brooks, Esq.
                  LAW OFFICES OF JON G. BROOKS
                  1900 The Alameda #520
                  San Jose, CA 95126
                  Tel: (408) 286-2766
                  E-mail: jon@brooksattorney.com

Total Assets: $5.04 million

Total Liabilities: $8.80 million

The petition was signed by David C. Shaw, managing member.

A list of the Debtor's five largest unsecured creditors is
available for free at http://bankrupt.com/misc/canb16-51859.pdf


PORTER BANCORP: Adopts Incentive Program for Directors
------------------------------------------------------
The board of directors of Porter Bancorp, Inc., adopted the
Non-Employee Director Stock Incentive Program pursuant to the
authority granted under Section 3 of the Porter Bancorp 2016 Stock
Option and Incentive Compensation Plan, which was approved by the
Company's shareholders at the 2016 annual meeting of the Company's
shareholders on May 25, 2016.

The Director Program provides for automatic annual awards of
restricted stock to be made to the Company's non-employee directors
under the 2016 Plan on substantially the same terms and conditions
as such awards are made under the present Porter Bancorp, Inc.
Non-Employee Director Stock Incentive Plan.  Each Director
automatically receives an award of restricted stock each year equal
to $25,000 divided by the closing trading price of the Company's
shares on the Nasdaq Capital Market on the award date.  The "award
date" is the first business day of the first calendar month after
the date of the Company's annual meeting of shareholders, usually
June 1 of each year.

The Program provides for the following transition from the 2006
Director Plan to the 2016 Plan.

  * No restricted stock will be awarded under Director Program on
    any award date on which the non-employee directors receive the

    full amount of the awards to which they are entitled under the

    2006 Director Plan.

  * On the first award date on which insufficient shares remain
    available under the 2006 Director Plan to award the full
    amount to which the non-employee directors are entitled under
    the 2006 Director Plan, each non-employee director will
    automatically receive a restricted stock award under the
    Director Program equal to $25,000 divided by the closing
    trading price on the award date, less the number of shares
    received as a restricted stock award under the 2006 Director
    Plan on the award date.

  * On each award date thereafter, each non-employee director will

    automatically receive a restricted stock award equal to
    $25,000 divided by the closing trading price on the award
    date.

Subject to acceleration of vesting, a non-employee director may not
sell, transfer, pledge or otherwise dispose of a restricted stock
during a restricted period ending on December 31 of the calendar
year in which the award date occurs.  The restriction period ends
immediately upon the non-employee director's death or disability,
or in the event of a "change of control," as defined by the 2016
Plan.  During the restricted period, a non-employee director will
have voting and dividends rights with respect to the restricted
stock.  If a non-employee director's service ends during the
restriction period for any reason other than death, disability or a
change of control, the shares subject to the restricted stock award
will be forfeited.

The Porter Bancorp 2016 Stock Option and Incentive Compensation
Plan is an omnibus plan to design and structure grants of stock
awards, stock units, stock options, stock appreciation rights and
other stock-based awards for selected individuals employed by, or
serving as directors of, the Company or PBI Bank.  The terms and
conditions of the 2016 Plan are summarized on pages 32 to 37 of the
Company's definitive proxy statement on Schedule 14A filed April
25, 2016.

                       About Porter Bancorp

Porter Bancorp, Inc., is a bank holding company headquartered in
Louisville, Kentucky.  Through its wholly-owned subsidiary PBI
Bank, the Company operates 18 full-service banking offices in
12 counties in Kentucky.

Porter Bancorp reported a net loss of $3.21 million on $36.6
million of interest income for the year ended Dec. 31, 2015,
compared to a net loss of $11.2 million on $39.5 million of
interest income for the year ended Dec. 31, 2014.

As of March 31, 2016, Porter Bancorp had $938 million in total
assets, $904 million in total liabilities and $34.6 million in
total stockholders' equity.

The Company's auditor Crowe Horwath, LLP, in Louisville, Kentucky,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015, citing that
"the Company has incurred substantial losses in 2015, 2014 and
2013, largely as a result of asset impairments resulting from the
re-evaluation of fair value and ongoing operating expenses related
to the high volume of other real estate owned and non-performing
loans.  In addition, the Company's bank subsidiary is not in
compliance with a regulatory enforcement order issued by its
primary federal regulator requiring, among other things, increased
minimum regulatory capital ratios as well as being involved in
various legal proceedings in which the Company disputes material
factual allegations against the Company.  Additional losses,
adverse outcomes from legal proceedings or the continued inability
to comply with the regulatory enforcement order may result in
additional adverse regulatory action.  These events raise
substantial doubt about the Company's ability to continue as a
going concern."


PORTER BANCORP: Files Resale Prospectus of 3.4 Million Shares
-------------------------------------------------------------
Porter Bancorp, Inc., filed with the Securities and Exchange
Commission a Form S-1 registration statement relating to the resale
from time to time by Mendon Capital Master Fund Ltd.,
Mendon Capital QP LP, Renee Portnoy Revocable Trust and
T V Lark Trust of 2,300,000 of the Company's common shares held by
them plus 1,100,000 common shares that the Company may issue from
time to time upon the conversion of the Company's Non-Voting Common
Shares currently held by the selling shareholders.

On April 15, 2016, the Company issued 2,900,000 common shares and
1,100,000 non-voting common shares in a private placement
transaction exempt from the registration requirements of the
Securities Act of 1933.

The Company will not receive any proceeds from the sale of
securities by the selling shareholders.

The Company's common shares are listed on the NASDAQ Capital Market
under the symbol "PBIB."  On June 22, 2016, the closing sale price
of its common shares on the NASDAQ Capital Market was $1.59 per
share.

A full-text copy of the preliminary prospectus is available at:

                      https://is.gd/AKlrXw

                       About Porter Bancorp

Porter Bancorp, Inc., is a bank holding company headquartered in
Louisville, Kentucky.  Through its wholly-owned subsidiary PBI
Bank, the Company operates 18 full-service banking offices in
12 counties in Kentucky.

Porter Bancorp reported a net loss of $3.21 million on $36.6
million of interest income for the year ended Dec. 31, 2015,
compared to a net loss of $11.2 million on $39.51 million of
interest income for the year ended Dec. 31, 2014.

As of March 31, 2016, Porter Bancorp had $938 million in total
assets, $904 million in total liabilities and $34.6 million in
total stockholders' equity.

The Company's auditor Crowe Horwath, LLP, in Louisville, Kentucky,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015, citing that
"the Company has incurred substantial losses in 2015, 2014 and
2013, largely as a result of asset impairments resulting from the
re-evaluation of fair value and ongoing operating expenses related
to the high volume of other real estate owned and non-performing
loans.  In addition, the Company's bank subsidiary is not in
compliance with a regulatory enforcement order issued by its
primary federal regulator requiring, among other things, increased
minimum regulatory capital ratios as well as being involved in
various legal proceedings in which the Company disputes material
factual allegations against the Company.  Additional losses,
adverse outcomes from legal proceedings or the continued inability
to comply with the regulatory enforcement order may result in
additional adverse regulatory action.  These events raise
substantial doubt about the Company's ability to continue as a
going concern."


PRECISION OPTICS: CFO Jack Dreimiller Retired Mid-June
------------------------------------------------------
Mr. Jack P. Dreimiller retired as Precision Optics Corporation,
Inc.'s chief financial officer on June 15, 2016.  Mr. Dreimiller
agreed to assist the Company in its transition to a new chief
financial officer.

In connection with Mr. Dreimiller's assistance with the transition
to a new CFO and in recognition of his many years of service to our
Company, the Board of Directors on June 15, 2016, awarded Mr.
Dreimiller options to purchase up to 20,000 shares of the Company's
common stock.  The 20,000 options were issued to Mr. Dreimiller on
June 20, 2016, at an exercise price of $0.50 per share, which
options will vest upon the timely filing of the Company's Annual
Report on Form 10-K for fiscal year 2016 and will expire on June
20, 2021.

"We are deeply grateful to Mr. Dreimiller for his many years of
service and dedication to our Company and wish him the best in the
future," the Company said.

On June 15, 2016, the Company's Board of Directors appointed Mr.
Donald Major as the Company's chief financial officer.  At the same
time, Mr. Major resigned from his position as a member of the
Company's Board of Directors.  Mr. Major has experience in public
accounting and in financial officer positions in publicly held and
start-up medical device companies and has been with our Company for
almost 11 years.  Effective Feb. 9, 2012, the Company's Board of
Directors appointed Mr. Major as the Company's executive vice
president for corporate development, in addition to his role as a
member of the Company's Board of Directors.  Mr. Major has served
as a member of our Board of Directors since 2005. Mr. Major has
been employed as an independent consultant since October 2007,
providing companies with interim management, turnaround,
restructuring and reorganization services as well as sourcing
services for a private equity firm, and in 2013 co-founded
Window2Decor, LLC, an Ecommerce retailer of window coverings.  From
October 2006 to May 2007, he served as vice president of corporate
development of Advanced Duplication Services LLC.  From February
2002 to late 2008, Mr. Major served as vice president and treasurer
of Anderson Entertainment, LLC (formerly Digital Excellence LLC),
which was owned by a private equity firm and sold to Advanced
Duplication Services LLC.  He earned his B.A. in Accounting in 1984
from Michigan State University.  He is a Certified Public
Accountant (inactive).

Pursuant to a consulting agreement we entered into with Mr. Major,
Mr. Major will serve as the Company's CFO from June 15, 2016, to
June 30, 2017, with such term to renew automatically on a month to
month basis thereafter unless terminated by either party with 30
days' notice.  Mr. Major will receive compensation at a rate of
$6,500 per month and is expected to work up to an estimated 40%
full-time equivalent per month in his capacity as our Chief
Financial Officer.  If Mr. Major works more than his agreed upon
hours in any given month, Mr. Major will receive additional
compensation, up to a maximum amount of $16,000 in any given
month.

In connection with his appointment, the Board of Directors on
June 15, 2016, awarded Mr. Major options to purchase 80,000 shares
of our common stock.  The 80,000 options were issued to Mr. Major
on June 20, 2016 at an exercise price of $0.50 per share, which
options will vest as follows: 35,000 on December 20, 2016, 10,000
on June 20, 2017, and 35,000 on June 20, 2018. The options will
expire on June 20, 2026.

                     About Precision Optics

Headquartered in Gardner, Massachusetts, Precision Optics
Corporation, Inc., has been a developer and manufacturer of
advanced optical instruments since 1982.  The Company designs and
produces high-quality micro-optics, medical instruments and other
advanced optical systems.  The Company's medical instrumentation
line includes laparoscopes, arthroscopes and endocouplers and a
world-class product line of 3-D endoscopes for use in minimally
invasive surgical procedures.

Precision Optics reported a net loss of $1.17 million on $3.91
million of revenues for the year ended June 30, 2015, compared to a
net loss of $1.16 million on $3.65 million of revenues for the year
ended June 30, 2014.

As of March 31, 2016, Precision Optics had $2.04 million in total
assets, $1.31 million in total liabilities, all current, $33,968 in
capital lease obligation, net of current portion and $689,385 in
total stockholders' equity.

Stowe & Degon LLC, in Westborough, Massachusetts, issued a "going
concern" qualification on the consolidated financial statements for
the year ended June 30, 2015, citing that the Company has suffered
recurring net losses and negative cash flows from operations, which
raises substantial doubt about its ability to continue as a going
concern.


PREMIUM TRANSPORTATION: Unsecureds to Get 2.5% to 7% Under Plan
---------------------------------------------------------------
Premium Transportation Services, Inc., filed a first amended plan
of reorganization and accompanying disclosure statement to, among
other things, modify the estimated recovery of creditors and
estimated amount of claims.

Under the First Amended Plan, holders of Class 6 - General
Unsecured Claims will recover an estimated 2.5% to 7% of their
total allowed claims, which amount to $7,000,000 to $20,000,000.
Holders of Class 5 - Trade Claims will recover an estimated 62% to
80% of their total allowed claims, which amount to $900,000 to
$1,200,000.

The deadline to accept or reject the Plan is July 13, 2016.

A redlined version of the First Amended Disclosure Statement is
available at http://bankrupt.com/misc/deb16-10629-288.pdf

                About Premium Transportation

Premium Transportation Services, Inc. sought protection under
Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Delaware (Delaware) (Case No. 16-10629) on March
13, 2016.  The Debtor is a logistics provider with expertise in
distributing imports.

The Debtor is represented by Robert J. Dehney, Esq., and Erin R.
Fay, Esq., at Morris, Nichols, Arsht & Tunnell, LLP.  The petition
was signed by Sam Joumblat, CFO.

The Debtor estimated assets of $1 million to $10 million and debts
of $10 million to $50 million.

Andrew Vara, acting U.S. trustee for Region 3, originally appointed
five members to the official committee of unsecured creditors of
Premium Transportation Services Inc.  On April 5, the U.S. Trustee
said one member -- TEC of California Inc. -- has resigned.  The
remaining committee members are The Claro Group, LLC, Flexi Van
Leasing Inc., QED Software LLC d/b/a Trinium Technologies, and Juan
Umana.


R&S ST. ROSE LENDERS: Unsecureds to Get 37% Under Plan
------------------------------------------------------
R & S St. Rose Lenders, LLC, filed with the U.S. Bankruptcy Court
for the District of Nevada a seventh amended disclosure statement
describing its Chapter 11 plan of liquidation.

The General Unsecured Claims, except Branch Baking and Trust
Company, will be paid $443,000.  Each claimant will receive payment
equal to approximately 37% of their Claim.

BB&T, which holds a $77,079,414 general unsecured claim, will be
paid pro rata, from the distribution to the holders of Class 1 -
Lender Class Claims, only to the extent allowed by entry of a Final
Order.

A redlined version of the Seventh Amended Disclosure Statement is
available at http://bankrupt.com/misc/nvb11-14973-846.pdf

                   About R & S St. Rose Lenders

Las Vegas, Nevada-based R & S St. Rose Lenders, LLC, filed for
Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 11-14973)
on April 4, 2011.   Rose Lenders disclosed $12,041,574 in assets
and $24,502,319 in liabilities in its schedules, as amended.  Its
primary asset consists of its claim in the scheduled amount of $12
million against R&S St. Rose, LLC.

Affiliate R & S St. Rose, LLC, filed a separate Chapter 11 petition
(Bankr. D. Nev. Case No. 11-14974) on April 4, 2011. According to
its schedules, it disclosed $16,821,500 in total assets and
$48,293,866 in total debts.  Its primary asset consists of a fee
simple interest in approximately 38 acres of raw land located in
Henderson, Nevada.

R & S ST Rose Lenders' bankruptcy case is presently assigned to
Judge Mike K. Nakagawa.

R&S St. Rose Lenders has tapped Nedda Ghandi, Esq., of Ghandi Law
Offices as bankruptcy counsel.  The Debtor previously had Larson &
Larson as counsel but the application was opposed by the U.S.
Trustee, prompting the withdrawal.

Commonwealth Land Title Insurance Company is represented by Scott
E. Gizer, Esq., at Early Sullivan Wright Gizer & McRae LLP, in Las
Vegas, Nevada, and Mary C.G. Kaufman, Esq., at Early Sullivan
Wright Gizer & McRae LLP, in Los Angeles, California.

Branch Banking and Trust Company is represented by J. Stephen Peek,
Esq., and Joseph G. Went, Esq., at Holland & Hart LLP, in Las
Vegas, Nevada.


RAVAGO HOLDINGS: S&P Assigns 'BB-' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings assigned its 'BB-' corporate credit rating to
Ravago Holdings America Inc.  The outlook is stable.  At the same
time, S&P assigned its 'BB' issue-level rating to the company's
proposed $325 million first-lien term loan and a '2' recovery
rating, indicating S&P's expectation of substantial (in the upper
half of the 70% to 90% range) recovery in the event of a payment
default.

The company will use the proposed first-lien term loan to refinance
the company's existing term loan, and to pay down revolver
borrowings.

"The ratings on Ravago reflect the company's aggressive financial
risk profile, with funds from operations to debt of between 15% and
20%, along with EBITDA margins in the mid-single-digit percentage
area and relatively narrow focus in plastic resins distribution,"
said S&P Global Ratings credit analyst Michael McConnell.  "Partly
offsetting these factors are the company's leading market positions
in polymer distribution and consistent positive free cash flow
generation," he added.

S&P characterizes the company's business risk profile as fair and
its financial risk profile as aggressive.

The outlook is stable.  Leading market positions in polymer
distribution, relatively stable profitability, consistent free cash
flow generation, and solid industry fundamentals support S&P's
forecast for gradual earnings improvement.  S&P expects that
management will continue to maintain prudent financial policies and
debt leverage as it pursues its strategy of growth through
acquisitions as a way to supplement organic growth opportunities.
S&P expects the ratio of FFO to total adjusted debt to be within
the 12% to 20% range (pro forma for acquisitions) to maintain the
current ratings.

"We could lower the ratings within the next year if operating
performance deteriorates significantly as a result of an unexpected
downturn in cyclical end markets or trends that diminish profit
potential for polymer distribution companies. Based on the scenario
we forecast, we could lower the rating if EBITDA margins weaken by
1% or more and volumes decline 5% or more from expected 2016
levels. At this point, we expect that the company's FFO to total
adjusted debt dropping below 12% (pro forma for acquisitions) could
result in a downgrade.  We could also lower the ratings if
unexpected cash outlays or business challenges reduce the company's
liquidity position, and result in us revising the company's
liquidity assessment to less than adequate," S&P said.

S&P could raise the ratings modestly if the company establishes a
track record of earnings improvement and demonstrates a commitment
to improving credit metrics.  S&P could raise ratings if EBITDA
margins increased 150 basis points from current levels, which would
result in FFO to adjusted debt increasing above 20%.  For a higher
rating, S&P would need to expect that this ratio would remain
consistently above 20% through a business cycle and after factoring
in potential acquisition opportunities.


REAM PROPERTIES: Taps Craig A. Diehl as Legal Counsel
-----------------------------------------------------
Ream Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to hire the Law Offices of
Craig A. Diehl as its legal counsel.

The Debtor tapped the firm to provide these services in connection
with its Chapter 11 case:

     (a) give advice with respect to its rights, powers and duties

         as a debtor-in-possession;

     (b) prepare pleadings and applications, and conduct
         examinations incidental to administration;

     (c) advise the Debtor in connection with all applications and

         motions for reclamation, adequate protection,
         sequestration, relief from stays, appointment of trustee
         or examiner, and all other similar matters;

     (d) develop the relationship of the status of the Debtor to
         the claims of creditors; and

     (e) assist the Debtor in the formulation and presentation of  

         a Chapter 11 plan.

Craig Diehl, Esq., will be paid $250 per hour for his services
while his legal assistant will be paid $100.  Aside from
professional fees, they will also receive reimbursement for
work-related expenses.

In a court filing, Mr. Diehl disclosed that his firm does not have
any interest adverse to the Debtor or its estate.

The firm can be reached through:

     Craig A. Diehl, Esq., C.P.A.
     Law Offices of Craig A. Diehl
     3464 Trindle Road
     Camp Hill, PA 17011
     Tel: (717)763-7613

                        About Ream Properties

Ream Properties, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 15-02980) on July 15,
2015, listing under $1 million in assets and liabilities.


REDPRAIRIE CORP: 2018 Bank Debt Trades at 6% Off
------------------------------------------------
Participations in a syndicated loan under which RedPrairie Corp is
a borrower traded in the secondary market at 94.33
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.75 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
on 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 June 17.


REDPRAIRIE CORP: Bank Debt Trades at 6% Off
-------------------------------------------
Participations in a syndicated loan under which RedPrairie Corp is
a borrower traded in the secondary market at 94.33
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.75 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
on 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 June 17.


REDWOOD TRUST: Egan-Jones Cuts FC Sr. Unsecured Rating to BB+
-------------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Redwood Trust Inc. to BB+ from
BBB- on June 10, 2016.

Redwood Trust, Inc., together with its subsidiaries, is a specialty
finance company focused on investing in mortgage -- and other real
estate -- related assets and engaging in residential mortgage
banking activities.



ROBERT R. RICCIO: Unsecureds to Recoup 10% Under Plan
-----------------------------------------------------
Robert R. Riccio and Catherine M. Riccio filed with the U.S.
Bankruptcy Court for the District of Connecticut a second amended
disclosure statement explaining their plan of reorganization.

Holders of Class 2 - Allowed General Unsecured Claims will be paid
a dividend of 10% in equal quarterly payments over a period of 60
months.  The total of all Class 2 Claims is $549,511.82.  Payments
will commence on the 1st of the month following the Effective Date
of the Plan, unless an objection to the claim has been filed.  Any
claimants that will receive less than $2,000 through the Plan will
be paid within sixty days of the Effective Date of the Plan.

Payments to Cass 2 creditors will be paid out of earnings received
within the 30 days prior to the first payment from normal monthly
cash flow.

In 1984 Mr. Riccio started his painting company, primarily focused
on residential interior and exterior painting.  He operated at a
"dba" from 1984 until 1986 when Robert R. Riccio, Inc., was
incorporated.  Beginning in approximately 1989, Riccio Inc. started
to expand into commercial, industrial and church restoration
painting.  In approximately 2004 Riccio, Inc. began to expand its
scope of work to contracting / general contracting. Beginning in
approximately 2008 some of the larger accounts began to be late and
eventually not pay when work was completed.  After many years of
struggling, bills eventually became unmanageable.  The last of the
Riccio, Inc. receivables were collected in December 2013 at which
time Riccio, Inc. ceased business operations.  Due to the slowdown
in business in 2013, the Debtors were forced to seek Bankruptcy
relief in 2014.  Since January 2014, all new work has been
performed under a new venture, Burlington Commercial Interiors,
LLC.

A full-text copy of the Second Amended Disclosure Statement is
available at http://bankrupt.com/misc/ctb14-21188-120.pdf

Robert R. Riccio and Catherine M. Riccio filed a Chapter 11
Petition in 2014 (Bankr. D. Conn. Case No. 14-21188).

The Debtors are represented by:

          Joel M. Grafstein, Esq.
          Gregory F. Arcaro, Esq.
          GRAFSTEIN & ARCARO, LLC
          10 Melrose Drive
          Farmington, CT 06032
          Tel: (860) 674-8003
          Fax: (860) 676-9168
          Email: jgrafstein@grafsteinlaw.com
                 garcaro@grafsteinlaw.com


ROCKWELL MEDICAL: Expands Board Size to Five Directors
------------------------------------------------------
The Board of Directors of Rockwell Medical, Inc., voted to expand
the size of the Board from four to five directors and appointed Dr.
Robin L. Smith, MD, MBA as a director of the Company, subject to
Dr. Smith's acceptance.  Dr. Smith's term began when she accepted
her appointment as a director on June 22, 2016.

From July 2007 to December 2014, Dr. Smith, age 51, served as chief
executive officer of Caladrius Biosciences, Inc. (formerly NeoStem,
Inc.).  She also served as Chairman of the Board of Caladrius
Biosciences, Inc. during that tenure and until December 2015.
During her transition for the first 6 months of 2015, she served as
Executive Chairman of the Board of Caladrius Biosciences, Inc.  Dr.
Smith currently serves on the board of directors of Signal
Genetics, Inc., MYnd Analytics, Inc. and BioXcel Corporation.  Dr.
Smith is also the president and chairman of the board of The Stem
for Life Foundation.  She was also appointed to the board of
directors, Science and Faith STOQ Foundation in Rome and the
Capital Formation Committee of the Alliance for Regenerative
Medicine.

Dr. Smith's previous work experience includes serving as President
and chief executive officer of IP2M, a multi-platform media company
specializing in healthcare, where under her leadership, the company
was selected as being one of the 10 fastest growing technology
companies in Houston. She also previously held the position of
executive vice president and chief medical officer for HealthHelp,
Inc., a national radiology management company.  Dr. Smith has
extensive expertise in business development and medicine, including
extensive and diversified experience serving in executive and board
level capacities for various medical enterprises and health
care-based entities.  Dr. Smith earned her M.D. from Yale
University and her M.B.A. from the Wharton School of Business.

There are no understandings or arrangements between Dr. Smith and
any other person pursuant to which Dr. Smith was selected as a
director of the Company.  Dr. Smith does not have any family
relationship with any director or executive officer of the Company.
Dr. Smith was appointed to serve on the Compensation Committee of
the Board.  It has not yet been determined whether she will serve
on any other committees of the Board.

In connection with her service as a director, Dr. Smith will be
compensated under the Company's standard non-employee director
compensation arrangement.  The current arrangement is described in
the Company's 2016 annual meeting proxy statement.

                         About Rockwell

Rockwell Medical, Inc. (Nasdaq: RMTI), headquartered in Wixom,
Michigan, is a fully-integrated biopharmaceutical company
targeting end-stage renal disease ("ESRD") and chronic kidney
disease ("CKD") with innovative products and services for the
treatment of iron deficiency, secondary hyperparathyroidism and
hemodialysis (also referred to as "HD" or "dialysis").

Rockwell's lead investigational drug is in late stage clinical
development for iron therapy treatment in CKD-HD patients.  It is
called Soluble Ferric Pyrophosphate ("SFP").  SFP delivers iron to
the bone marrow in a non-invasive, physiologic manner to
hemodialysis patients via dialysate during their regular dialysis
treatment.

Rockwell Medical reported a net loss of $14.4 million on $55.35
million of sales for the year ended Dec. 31, 2015, compared to a
net loss of $21.3 million on $54.2 million of sales for the year
ended Dec. 31, 2014.  The Company also reported a net loss of $48.8
million for the year ended Dec. 31, 2013.

As of March 31, 2016, Rockwell had $89.09 million in total assets,
$8 million in total liabilities, all current, $20.9 million in
deferred license revenue, and $60.2 million in total shareholders'
equity.


SEVENTY SEVEN: Plan Confirmation Hearing Set for July 13
--------------------------------------------------------
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court for
the District of Delaware will hold a hearing on July 13, 2016, at
10:00 a.m. (prevailing Eastern Time) in Court #2, 824 North Market
Street, Wilmington, Delaware, to approve the adequacy of the
disclosure statement explaining the joint prepackaged Chapter 11
plan of reorganization filed by Seventy Seven Finance Inc. and its
debtor-affiliates.  Judge Silverstein will also consider confirming
the Debtors' Chapter 11 plan on that date.

Objections, if any, are due July 6, 2016, at 4:00 p.m. (prevailing
Eastern Time).

                   About Seventy Seven Energy Inc.

Headquartered in Oklahoma City, Seventy Seven Energy Inc. (SSE) --
http://www.77nrg.com-- provides a wide range of wellsite services


and equipment to U.S. land-based exploration and production
customers.  SSE's services include drilling, hydraulic fracturing
and oilfield rentals and its operations are geographically
diversified across many of the most active oil and natural gas
plays in the onshore U.S., including the Anadarko and Permian
basins and the Eagle Ford, Haynesville, Marcellus, Niobrara and
Utica shales.

Each of Seventy Seven Finance Inc., Seventy Seven Energy Inc.,
Seventy Seven Operating LLC, Great Plains Oilfield Rental, L.L.C.,
Seventy Seven Land Company LLC, Nomac Drilling, L.L.C., Performance
Technologies, L.L.C., PTL Prop Solutions, L.L.C., SSE Leasing LLC,
Keystone Rock & Excavation, L.L.C. and Western Wisconsin Sand
Company, LLC filed a voluntary petition under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case Nos. 16-11409 to 16-11419,
respectively) on June 7, 2016.

The Debtors listed total assets of $1.77 billion and total
liabilities of $1.72 billion.

The Debtors have engaged Baker Botts LLP as general bankruptcy
counsel; Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Lazard
Freres & Co. LLC as investment banker; Alvarez & Marsal as
restructuring advisor; and Prime Clerk LLC as notice, claims and
balloting agent.

Judge Laurie Selber Silverstein is assigned to the cases.


SIERRA HAMILTON: S&P Lowers CCR to 'CCC' on Weak Liquidity
----------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Sierra
Hamilton LLC to 'CCC' from 'CCC+'.  The rating outlook is negative.


At the same time, S&P lowered the issue-level rating on the
company's senior notes to 'CCC-' from 'CCC+'.  The recovery rating
is revised to '5' from '4', reflecting S&P's expectation of modest
(higher half of the 10% to 30% range) recovery in the event of a
payment default.  The revision is a result of lower-than-expected
EBITDA at the emergence of bankruptcy.

"The downgrade reflects our expectation that continued weak
drilling activity by the E&P industry will lead to negative FFO, a
spike in debt leverage, and deteriorating liquidity for Sierra
Hamilton," said S&P Global Ratings credit analyst David Lagasse.
"Demand for Sierra Hamilton's contract workers is highly dependent
on the drilling and completion activity of the E&P industry, which
we expect to remain soft until hydrocarbon prices improve on a
sustained basis."

The negative outlook reflects the potential for liquidity to weaken
further due to continued weak market conditions and negative cash
generation.  Additionally, the outlook reflects the increased risk
of a distressed debt exchange or other debt restructuring given the
company's very high debt leverage and related costs.

S&P could lower the rating if it expected the company to commence a
debt restructuring that S&P viewed as distressed, and/or if the
company is unable to meet its interest payment, which would likely
occur if market conditions and resulting liquidity decline beyond
expectations.

S&P could raise the ratings if it considers liquidity to be
adequate and/or a debt exchange or other restructuring unlikely.
This would likely occur in conjunction with a sustained improvement
in crude oil and natural gas prices that drives higher capital
spending in the E&P industry.


SPANISH BROADCASTING: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company lowered the senior unsecured ratings on
debt issued by Spanish Broadcasting System Inc. to CCC+ from B- on
June 14, 2016.

Spanish Broadcasting System, Inc. operates as a Spanish-language
media and entertainment company in the United States.



SPI ENERGY: Holds 67.7% Equity Stake in EnSync
----------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, SPI Energy Co., Ltd. and SPI Solar, Inc. reported that
as of June 21, 2016, they beneficially own 100,000,000 shares of
common stock of EnSync, Inc., representing 67.7 percent of the
shares outstanding.

On June 21, 2016, SPI Solar entered into a loan agreement with Head
& Shoulders Credit Limited.  In connection therewith, SPI Solar has
pledged the Subscribed Common Shares to Head & Shoulders as
security for the due payment of the secured obligations by SPI
Solar and the due performance of SPI Solar's obligations under the
Loan Agreement in accordance with a deed of share charge between
SPI Solar and Head & Shoulders.  The Loan Agreement contains
default and similar provisions that are standard for such
agreements.  Head & Shoulders may not exercise voting or
dispositive power over the pledged Subscribed Common Shares prior
to an event of default under the Loan Agreement.

A full-text copy of the regulatory filing is available at:

                   https://is.gd/7X6Khv

                 About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710 million in
total assets, $493 million in total liabilities and $216.55 million
in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that SPI Energy Co., Ltd. and its
subsidiaries have suffered significant losses from operations and
have a negative working capital as of Dec. 31, 2015.  In addition,
the Group has substantial amounts of debts that will become due for
repayment in 2016.  These factors raise substantial doubt about the
Group's ability to continue as a going concern.


ST. JUDE NURSING CENTER: Taps Mike DiLaura as Legal Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of St. Jude Nursing
Center, Inc. seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Michigan to hire Mike DiLaura & Associates,
P.C. as its legal counsel.

The committee proposes to hire the firm in connection with the
Debtor's Chapter 11 case.

Mike DiLaura & Associates will be paid $275 per hour for its
services and will receive reimbursement for work-related expenses.

In a court filing, Michael DiLaura, Esq., disclosed that the firm
does not have any connection with the Debtor or its creditors.

The firm can be reached through:

     Michael P. DiLaura, Esq.
     Mike DiLaura & Associates, P.C.
     105 Cass Avenue
     Mount Clemens, MI 48043
     Tel: 586-468-5600

                   About St. Jude Nursing Center

St. Jude Nursing Center, Inc. filed a Chapter 11 petition (Bankr.
E.D. Mich. Case No. 16-42116) on April 20, 2016.  The Hon. John J.
Thomas presides over the cases.   Livonia, Mich.-based St. Jude
Nursing Center, Inc. is a privately owned and licensed long-term
skilled nursing facility.


STRATEGIC ENVIRONMENTAL: Case Summary & 8 Unsecured Creditors
-------------------------------------------------------------
Debtor: Strategic Environmental Partners, LLC
        7 Michael Court
        Millstone Township, NJ 08510

Case No.: 16-22151

Chapter 11 Petition Date: June 23, 2016

Court: United States Bankruptcy Court
       District of New Jersey (Trenton)

Judge: Hon. Christine M. Gravelle

Debtor's Counsel: Batya G. Wernick, Esq.
                  LAW OFFICES OF BATYA G. WERNICK
                  317 Belleville Avenue
                  Bloomfield, NJ 07003
                  Tel: (973) 748-7474
                  E-mail: bgwlaw@verizon.net

Estimated Assets: $10 million to $50 million

Estimated Debts: $1 million to $10 million

The petition was signed by Marilyn Benardi, owner.

List of Debtor's Eight Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Birdsall Services  Group                                 $124,115
2100 Highway 35
Sea Girt Square, #28
Sea Girt, NJ 08750

Interport Container                                        $1,200
Solutions, Inc.
635 Delancey Street
Newark, NJ 07105

Matrix New World                                       $1,552,988
Engineering, Inc.
120 Eagle Rock
Avenue, Suite 207
East Hanover, NJ 07936

Matrix New World                                       $1,552,988
Engineering, Inc.
120 Eagle Rock
Avenue, Suite 207
East Hanover, NJ 07936

NJDEP                                                     $51,000
NJ Dept. of Treasury
P.O. Box 417
Trenton, NJ 08646

Sussex Warren Holding                                     Unknown
590 Belleville Tpk
Kearny, NJ 07032

Thomas H. Bruinooge, Esq.,                                $40,000
201 Route 17, Suite06 1
Rutherford, NJ 07070

Towship of Roxbury                                     $1,588,412
1715 Route 46
Ledgewood, NJ 07852


T&C GYMNASTICS: Plan Proposes 100% Recovery to Unsecureds
---------------------------------------------------------
T&C Gymnastics, LLC, filed with the U.S. Bankruptcy for the
Northern District of Illinois, Eastern Division, a plan of
reorganization and accompanying disclosure statement proposing a
100% distribution to 100% of the allowed claims of general
unsecured creditors.

The Debtor owes Aerial Gym Stars Enterprises, Inc., the amount of
$29,481.85 pursuant to the terms of a promissory note executed on
or around March 13, 2015.  The Debtor proposes to make payments in
the amount of $491.35 per month for a period of 60 months with no
interest beginning on the effective date for a total distribution
of 100% of the allowed claim.

The Debtor also owes attorney's fees totaling $10,204.29, and
proposes to make payments in the amount of $170.07 per month for a
period of 60 months beginning on the effective date for a total
distribution of 100% of the allowed claims.

Creditors with contingent, unliquidated and disputed claims will
receive a distribution of 10% of their alleged claims.

The Debtor proposes to hold an auction of the membership interest
in the reorganized entity.  Payments and distributions under the
Plan will be funded by the continuing operations of the Debtor.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/ilnb16-14993-36.pdf

T&C Gymnastics, LLC, sought chapter 11 protection (Bankr. N.D. Ill.
Case No. 16-14993) on May 2, 2016, and is represented by Joshua D.
Greene, Esq., at Springer Brown LLC.  At the time of the filing,
the Debtor estimated its assets and debts at less than $1 million.
The Debtor provides gymnastics instruction and lessons to children
of all ages.


TALIN ZOHRABIAN: Sept. 6 Plan Confirmation Hearing
--------------------------------------------------
Judge Ernest M. Robles of the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, approved the adequacy
of the disclosure statement describing Talin Zohrabian's Chapter 11
plan of reorganization and fixed September 6, 2016, at 10:00 a.m.,
as the date for the hearing on confirmation of the Plan.

Ballots must be received by Debtor's counsel no later than July 25.
The Debtor is required to file and serve her motion to confirm the
Plan no later than August 8. The motion must contain admissible
evidence supporting all applicable elements of Section 1129 of the
Bankruptcy Code and a ballot summary.  Objections to confirmation
of the Plan stating why the Plan should not be confirmed, with
admissible evidence supporting the objection, must be filed and
served no later than August 22. The Debtor must file and serve her
reply to any objections to confirmation of the Plan no later than
August 31.

Talin Zohrabian filed a Chapter 11 Petition on October 16, 2015
(Bankr. C.D. Cal. Case No. 15-25989).
      
The Debtor is represented by:

          M. Jonathan Hayes, Esq.
          Matthew D. Resnik, Esq.
          Roksana D. Moradi, Esq.
          SIMON RESNIK HAYES LLP
          15233 Ventura Boulevard, Suite 250
          Sherman Oaks, CA 91403
          Tel: (818) 783-6251
          Fax: (818) 827-4919
          Email: jhayes@SRHLawFirm.com
                 matthew@SRHLawFirm.com
                 roksana@SRHLawFirm.com


TELEPHONE & DATA: Egan-Jones Hikes FC Sr. Unsec. Rating to BB
-------------------------------------------------------------
Egan-Jones Ratings Company raised the foreign currency senior
unsecured rating on debt issued by Telephone & Data Systems Inc. to
BB from BB- on June 9, 2016.

Telephone and Data Systems, Inc. is a diversified
telecommunications company.



TELKONET INC: Urges Shareholders to Vote the Green Proxy Card
-------------------------------------------------------------
Telkonet, Inc., announced that Institutional Shareholder Services,
Inc., a leading independent proxy advisory firm has issued a
report, dated June 14, 2016, recommending that the Company's
shareholders DO NOT VOTE for any of the three dissident director
nominees proposed by Peter T. Kross on the dissident proxy card.
Furthermore, Glass Lewis & Co., LLC, a leading independent provider
of global governance services, has issued a report, dated June 10,
2016, recommending that the Company's shareholders vote "FOR" all
five Management Director Nominees and all proposals contained in
the Company's proxy and that the Company's shareholders DO NOT VOTE
for any of the three dissident director nominees proposed by Peter
T. Kross on the dissident proxy card. The annual meeting of
shareholders will be held on June 27, 2016.

In recommending that the shareholders do not vote for any of Mr.
Kross' three dissident director nominees, ISS stated in its report
that "the dissidents have failed to adequately articulate a case
for change nor disclosed any alternative business plan for the
company, even though they are seeking to replace a majority of the
board."  In addition, ISS stated in its report that "the three
dissident nominees appear to have very similar professional
backgrounds that include little, if any, industry experience that
seems relevant to Telkonet's business."

Glass Lewis provides in its report that "the Dissident [Mr. Kross]
does not point to any specific actions by the board that would
suggest to us that the Management Nominees have failed to properly
oversee the Company.  Moreover, the Dissident has not disclosed any
sort of detailed plan to improve the Company's performance, other
than to suggest that the Dissident Nominees will look at any and
all available options.  We believe that such a plan is far too
vague, especially considering the fact that the Dissident is
seeking board-level control through this proxy contest."

Telkonet recommends that its shareholders vote "FOR" its management
slate of directors using the GREEN PROXY CARD.

                       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.


TEREX CORP: Moody's Affirms B1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service affirmed Terex Corporation's B1 Corporate
Family Rating (CFR), B1-PD Probability of Default Rating (PDR), and
Ba1 bank debt ratings reflecting in part the termination of the
Business Combination Agreement (BCA) with Konecranes plc that would
have resulted in a different business profile and capital
structure. Concurrently, Moody's upgraded the senior unsecured
notes to B2 from B3 and assigned a Speculative Grade Liquidity
(SGL) rating of SGL-2. The ratings outlook is stable.

The following ratings were upgraded:

Terex Corporation:

$300 million 6.5% senior unsecured notes due 2020, from B3 (LGD5)
to B2 (LGD4);

$850 million 6% senior unsecured notes due 2021, from B3 (LGD5) to
B2 (LGD4).

The following ratings were affirmed:

Terex Corporation:

Corporate Family Rating, B1;

Probability of Default Rating, B1-PD;

Senior Secured Credit Facilities, Ba1 (LGD2);

The following ratings were assigned:

Terex Corporation:

Speculative Grade Liquidity Rating, SGL-2

The ratings outlook is stable.

The following ratings were affirmed:

Terex International Financial Services Co.

Senior Secured Term Loan, Ba1(LGD2)

The ratings outlook is stable.

RATINGS RATIONALE

The affirmation of Terex's B1 CFR considers the company's
significant size, established market position, diverse product mix,
and international scope and weighed heavily its strong liquidity
position given the expectation that its cash position will improve
upon receipt of the sales proceeds of the Material Handling & Port
Solutions (MHPS) business. Moreover, Moody's anticipates that total
cash post the sale to reach over $1 billion and for it to be
conservatively used and managed in a manner that supports creditor
interests. Moody's does not currently anticipate proceeds to be
used for significant acquisitions or meaningful share repurchases.
It is Moody's expectation that the company's corporate actions will
support the current B1 CFR as the current business fundamentals are
weak for the B1 rating. Leverage, 4.7 times through the last twelve
months ending March 31, 2016, measured as debt / EBITDA (inclusive
of Moody's standard accounting adjustments) is elevated for the
rating category. Moody's anticipates that the company will maintain
a good liquidity position so as to better manage through the
current weak demand environment for its products.

The company's SGL-2 liquidity rating considers the additional
proceeds to be received from the sale of MHPS in early 2017 in
addition to the company's $600 million revolving credit facility
which maintained $518 million of availability at March 31, 2016.
Terex's good cash balances, manageable debt maturities, and ability
to sell assets to raise alternate liquidity also support the
company's good liquidity profile.

The ratings could come under pressure or the ratings could be
downgraded if the company's free cash flow turned negative, or if
credit metrics weaken further such that Debt to EBITDA is
anticipated to rise and be sustained at or above 4.5 times post the
receipt of proceeds from the MHPS sale. Contracting sales, or
greater reliance on its access equipment business to drive
profitability, a shrinking backlog, and/or weakening margins could
also create downwards rating pressure. EBITDA to interest sustained
under 2.5 times, could result in a change in outlook or even a
ratings downgrade if deemed to be weakening further. A weakening of
its currently good liquidity would likely result in a ratings
downgrade given that its business fundamentals are weak at most of
its operating units. Failure to close the sale of the MHPS business
is considered unlikely. However, if the sale did not occur, the
ratings would likely be downgraded.

The ratings or outlook are unlikely to be upgraded given the
company's low margins, high reliance on its access equipment
business to support consolidated profitability and the belief that
the access business will grow more slowly over the next couple of
years than in the last few years. Nevertheless, metrics that would
support positive ratings traction include leverage sustained below
3.5 times and EBITDA to interest sustained above 3.5 times while
improving diversification and profitability of its businesses.
Stable margins in its AWP business (its best performing unit) would
be an important factor in positive ratings traction. It is also
important that the company make progress turning around its
underperforming businesses. As Terex will own 25 % of Konecranes
after the sale of the MHPS business, strength in Konecranes
performance could be beneficial to Terex earnings and cash flows.

Terex Corporation (Terex), headquartered in Westport, CT, is a
lifting and material handling solutions company reporting in five
business segments: Aerial Work Platforms, Construction, Cranes,
Material Handling & Port Solutions and Materials Processing. Terex
manufactures a broad range of equipment for use in various
industries, including the construction, infrastructure,
manufacturing, shipping, transportation, refining, energy, utility,
quarrying and mining industries. Terex offers financial products
and services to assist in the acquisition of Terex equipment
through Terex Financial Services. Terex's reported revenues for the
last twelve month period through March 31, 2016 was $6.5 billion.


THREE FROGS: Modifies Plan Outline to Add More Info on Funding
--------------------------------------------------------------
Three Frogs, Inc., amended the disclosure statement explaining its
plan of reorganization to, among other things, provide additional
information regarding the funding of the payment to creditors.

Three Frogs will pay creditors in full with funds from various
sources.  These include:

   A. Three Frogs will continue to buy and refurbish or develop
real estate.  This is expected to generate more than $3,900,000 for
payment to creditors over the next seven years.

   B. From the WJA avoidance litigation, $60,000 of the funds held
in the sequestered WJA escrow will be paid to creditors under the
Plan if the Debtor does not prevail.  If the Debtor prevails, all
the proceeds, approximately $620,000, will be paid out under the
Plan in the quarter after the receipt of the funds.

   C. All the funds allocated to the Debtor from the malpractice
case against the Debtor’s former insurance broker, Michael
Kennedy Insurance Agency, will be distributed under the Plan.  The
defendant brokerage has a $2,000,000 primary burning limits
policy.

   D. Three Frogs hopes to acquire a line of credit or similar
financing that will allow it to pay off claims of its creditors and
create a stable source of funding for its future projects.

Allowed unsecured claims will receive pro rata payment on the
claims until they are paid in full.

A redlined version of the Disclosure Statement dated June 10, 2016,
is available at http://bankrupt.com/misc/casb15-04921-181.pdf

Headquartered in La Mesa, California, Three Frogs, Inc., filed for
Chapter 11 bankruptcy protection (Bankr. S.D. Cal. Case No.
15-04921) on July 27, 2015, estimating its assets and liabilities
at between $1 million and $10 million each.  The petition was
signed by David S. Wolfe, president.  Judge Laura S. Taylor
presides over the case.  Michael T. O'Halloran, Esq., at the Law
Office of Michael T. O'Halloran serves as the Debtor's bankruptcy
counsel.


TITAN INT'L: Egan-Jones Cuts FC Sr. Unsecured Debt Rating to B-
---------------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Titan International Inc. to B-
from B+ on June 9, 2016.

Titan International, Inc. is a manufacturer of wheels, tires and
undercarriage systems and components for off-highway vehicles used
in the agricultural, earthmoving/construction and consumer
segments.



TOLL BROTHERS: Egan-Jones Cuts FC Senior Unsecured Rating to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company lowered the foreign currency senior
unsecured rating on debt issued by Toll Brothers to BB+ from BBB on
June 20, 2016.

Toll Brothers is an American real estate company based in Horsham,
Pennsylvania. They are a builder of luxury homes in major
metropolitan areas in the contiguous United States.



TRANSDIGM INC: S&P Assigns 'B' Rating on $450MM Draw Term Loan
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to TransDigm Inc.'s $450 million delayed draw term
loan F due 2023.  The '3' recovery rating indicates S&P's
expectation for meaningful (50%-70%; upper half of the range)
recovery in a default scenario.

The company entered into the delayed draw term loan on June 9,
2016, the same day it entered into its $1.290 billion term loan F
due 2023, which is composed of $500 million of new borrowings and
$790 million of converted term loan C debt.  The company also
issued $950 million of subordinated notes due 2026.

TranDigm used the proceeds from this new debt to fund its recently
closed $1 billion purchase of Data Device Corp., a leading supplier
of databus, power controls, and other related products primarily
for military avionics, commercial aerospace, and space
applications.  S&P do not believe that the increased debt and
acquisition have significantly altered TransDigm's credit profile,
which is why S&P affirmed all of its ratings on the company on May
26, 2016, after the transactions were first announced.

S&P's ratings on TransDigm reflect the company's above-average
profit margins, leading positions in the niche markets for
engineered aircraft components, good product diversity, weak credit
metrics, and high leverage (as the company uses its excess cash to
fund acquisitions and periodic large special dividends).

RATINGS LIST

TransDigm Inc.
Corporate Credit Rating                 B/Stable/--

New Ratings

TransDigm Inc.
Senior Secured
  $450M Delayed Draw Trm Ln F Due 2023   B
   Recovery Rating                       3H


TREVOR LLOYD-JONES: July 25 Disclosure Statement Hearing
--------------------------------------------------------
Judge James M. Carr of the U.S. Bankruptcy Court for the Southern
District of Indiana will convene a hearing on July 25, 2016, at
10:30 a.m., to consider the approval of the disclosure statement
explaining the Chapter 11 plan filed by Trevor Lloyd-Jones.

Under the Plan, expenses of administration including attorney fees,
accountant fees, U.S. Trustee fees, and all other administrative
expense claims will be paid first.  The second class includes other
administrative expenses for real estate taxes, however, the Debtor
believes there are none owing.  The third class includes the unpaid
Federal income tax liabilities of the Debtor in the approximate
amount of $2,507.  The Debtor proposes to pay the allowed priority
claim of the Internal Revenue Service along with interest at the
rate of 3% per annum from the Plan Payments immediately after
satisfaction of the expenses of administration.

The source of funds to be used to fund the Plan arises from the
Debtor's income.  The Debtor and his wife both have income and
share living expenses.  The Debtor earned approximately $6,000 per
month from his medical practice at the time of filing, however, now
earns approximately $5,000 per month.  Additionally, he receives
Social Security of approximately $2,000 and a pension of
approximately $125.  The Debtor's wife receives Social Security and
a pension with gross monthly income of approximately $1,200.  The
Debtor will pay $1,700 per month for a period of 60 months as plan
payments for a total amount of $102,000.

Any objections to the Disclosure Statement must be filed at least
five days prior to the hearing date.  Objections will be reviewed
at the scheduled hearing.

A full-text copy of the Disclosure Statement is available at
http://bankrupt.com/misc/insb14-04497-182.pdf

Trevor Lloyd-Jones filed a Chapter 11 Petition in 2014 (Bankr. S.D.
Ind. Case No. 14-04497).  The Debtor is a general practice medical
doctor with an office in Cumberland, Indiana.

The Debtor is represented by:

          Michael J. Hebenstreit, Esq.
          WHITHAM HEBENSTEIT & ZUBEK, LLP
          151 N. Delaware Street, Suite 2000
          Indianapolis, IN 46204
          Tel: (317) 638-5555
          Fax: (317) 638-5533
          Email: mjh@whzlaw.com


TRONOX INC: Bank Debt Trades at 4% Off
--------------------------------------
Participations in a syndicated loan under which Tronox Inc is a
borrower traded in the secondary market at 96.15
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.74 percentage 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
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 June 17.


TXU CORP: 2014 Bank Debt Trades at 67% Off
------------------------------------------
Participations in a syndicated loan under which TXU Corp is a
borrower traded in the secondary market at 32.93
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 1.95 percentage points from the
previous week.  TXU Corp pays 350 basis points above LIBOR to
borrow under the $3.45 billion facility. The bank loan matured on
Oct. 10, 2014 and carries Moody's WR rating and Standard & Poor's
NR 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 June 17.


TXU CORP: 2017 Bank Debt Trades at 66% Off
------------------------------------------
Participations in a syndicated loan under which TXU Corp is a
borrower traded in the secondary market at 33.60
cents-on-the-dollar during the week ended Friday, June 17, 2016,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.92percentage points from the
previous week.  TXU Corp pays 450 basis points above LIBOR to
borrow under the $15.367 billion facility. The bank loan matures on
Oct. 10, 2017 and carries Moody's WR rating and Standard & Poor's
NRrating.  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 June 17.


UCI INTERNATIONAL: Taps Garden City as Administrative Advisor
-------------------------------------------------------------
UCI International, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Garden
City Group, LLC as their administrative advisor.

The Debtors tapped the firm to provide these services in connection
with their Chapter 11 cases:

     (a) managing the solicitation and tabulation of votes in
         connection with any Chapter 11 plan filed by the Debtors
         and providing ballot reports to the Debtors and their
         professionals;

     (b) generating an official ballot certification and
         testifying, if necessary, in support of the ballot
         tabulation results;

     (c) if applicable, launching, administering, and managing any

         rights offering and performing any administrative tasks
         in connection with the rights offering and any related
         backstop;

     (d) managing the publication of legal notices;

     (e) managing any distributions made pursuant to a plan; and

     (f) assisting in claims reconciliation, including generating
         claim objection exhibits and contract cure notices.

Garden City Group's standard hourly rates are:

     Administrative, Mailroom                  $45 - $55
       and Claims Control
     Project Administrators                    $70 - $85
     Project Supervisors                      $95 - $110
     Graphic Support & Technology Staff      $100 - $200
     Project Managers/Sr. Project Managers   $125 - $175
     Directors/Asst. Vice-Presidents         $200 - $295
     Vice-Presidents and above                      $295

Craig Johnson, Assistant Vice-President, Operations of Garden City
Group, 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:

     Craig E. Johnson
     Garden City Group, LLC
     New York - Headquarters
     1985 Marcus Ave
     Lake Success, NY 11042
     (800) 327-3664

                        About UCI International

UCI International, LLC, headquartered in Lake Forest, Illinois,
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.  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.


UCI INTERNATIONAL: Taps Moelis & Company as Investment Banker
-------------------------------------------------------------
UCI International, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Moelis &
Company LLC as their investment banker.

The Debtor tapped the firm to:

     (a) assist in reviewing and analyzing the Debtors' results of
         operations, financial condition and business plan;

     (b) assist the Debtors in reviewing and analyzing a potential

         restructuring, sale or capital transaction (or any
         combination thereof);

     (c) assist the Debtors in negotiating a restructuring, sale
or
         capital transaction (or any combination thereof);

     (d) assist the Debtors in valuing their business;

     (e) advise the Debtors on the terms of securities it offers in

         any potential capital transaction;

     (f) advise the Debtors on their preparation of information
         memorandum for a potential sale or capital transaction;

     (g) assist the Debtors in contacting potential acquirers or
         purchasers, and provide them with the information memo
         and additional information about the Debtors' assets,
         properties or businesses, subject to customary business
         confidentiality agreements;

     (h) meet with the Debtors' management and to discuss any
         restructuring, sale or capital transaction; and

     (i) if requested by the Debtors, participate in hearings
         before the bankruptcy court and provide testimony
         regarding the services provided.

Moelis will be compensated according to this fee structure:

     (a) The Debtors will pay the firm a monthly fee of $150,000,
         whether or not a restructuring or sale transaction        

         occurs.  After the first six months, 50% of the monthly   
      
         fee will be creditable against the restructuring fee or
         the capital transaction fee, as applicable.

     (b) At the closing of the restructuring, a one-time fee
         of $3,000,000.

     (c) In the event that the Debtors pursue a sale transaction
         or a capital transaction, a fee that will be mutually
         agreed upon by the Debtors and Moelis, and payable upon
         closing of such transaction.

Aside from professional fees, the firm will also receive
reimbursement for work-related expenses and will be entitled to
indemnification.

Adam Keil, managing director of Moelis, disclosed in a court filing
that the firm is a "disinterested person" as defined in section
101(14) of the Bankruptcy Code.

Moelis & Company LLC can be reached through:

     Adam Keil
     Moelis & Company LLC
     399 Park Avenue, 5th Floor
     New York, New York 10022
     Tel: +1 212-883- 3800
     Fax: +1 212-880-4260
     E-mail: adam.keil@moelis.com

                        About UCI International

UCI International, LLC, headquartered in Lake Forest, Illinois,
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.  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.


UCI INTERNATIONAL: Taps Sidley Austin as Legal Counsel
------------------------------------------------------
UCI International, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Sidley
Austin LLP as their legal counsel.

The Debtors tapped the firm to provide these services in connection
with their Chapter 11 case:

     (a) provide legal advice with respect to their powers and
         duties as debtors-in-possession;

     (b) take all necessary action to protect and preserve the
         Debtors' estates, including the prosecution of actions on

         their behalf, the defense of any actions commenced
         against the Debtors, the negotiation of disputes and the
         preparation of objections to claims;

     (c) prepare legal papers;

     (d) take all necessary actions in connection with any Chapter

         11 plan;

     (e) provide legal advice and perform legal services with
         respect to matters relating to corporate governance, the
         interpretation, application or amendment of the Debtors'
         organizational documents, material contracts and matters
         involving the fiduciary duties of the Debtors and their
         officers, directors and managers; and

     (f) take all necessary actions in connection with the sale of

         the Debtors' assets.

The billing rates range from $450 to $1,400 per hour for Sidley
attorneys and from $210 to $390 for paraprofessionals.  These
attorneys are expected to have primary responsibility for providing
services to the Debtors:

     Larry J. Nyhan        $1,325
     Jessica C.K. Boelter    $925
     Kerriann S. Mills       $850
     Geoffrey M. King        $780
     Matthew E. Linder       $695

Aside from professional fees, the firm will also receive
reimbursement for work-related expenses.

In a court filing, Ms. Boelter disclosed that the firm does not
hold or represent any interest adverse to the Debtors' estates.

In response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Guidelines, Sidley disclosed that
it has not agreed to any variations from, or alternatives to, its
standard or customary billing arrangements for its employment with
the Debtors.

The firm also disclosed that the hourly rates of its professionals
representing the Debtors are consistent with the rates that the
firm charges other chapter 11 clients.

The firm, in conjunction with the Debtors, is developing a
prospective budget and staffing plan for their bankruptcy cases for
the period from June 2 to September 30, 2016, according to Sidley.

Sidley can be reached through:

     Larry J. Nyhan, Esq.
     Jessica C.K. Boelter, Esq.
     Kerriann S. Mills, Esq.
     Geoffrey M. King, Esq.
     Sidley Austin LLP
     One South Dearborn Street
     Chicago, IL 60603
     Telephone: (312) 853-7000
     Facsimile: (312) 853-7036

                        About UCI International

UCI International, LLC, headquartered in Lake Forest, Illinois,
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.  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.


UCI INTERNATIONAL: Taps Young Conaway as Co-Counsel
---------------------------------------------------
UCI International, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to hire Young
Conaway Stargatt & Taylor, LLP.

Young Conaway will serve as co-counsel with Sidley Austin LLP,
another law firm to be hired by the Debtors in connection with
their Chapter 11 cases.  The services to be provided by the firm
include:

     (a) providing legal advice with respect to their powers and
         duties as debtors-in-possession;

     (b) preparing and pursuing confirmation of a Chapter 11 plan
         and approval of a disclosure statement;

     (c) preparing legal papers and appearing in the bankruptcy
         court; and

     (d) performing other necessary legal services for the
         Debtors.

The principal attorneys and paralegal designated to represent the
Debtors, and their current standard hourly rates are:

     Robert S. Brady              $850
     Edmon L. Morton              $695
     Ashley E. Jacobs             $395
     Elizabeth S. Justison        $370
     Michael Girello (paralegal)  $265

Aside from professional fees, the firm will also receive
reimbursement for work-related expenses.

Edmon Morton disclosed in a court filing that the firm does not
hold or represent any interest adverse to the Debtors.

In response to the request for additional information set forth in
the U.S. Trustee's Appendix B Guidelines, Young Conaway disclosed
that it has not agreed to a variation of its standard or customary
billing arrangements for its employment with the Debtors.

The firm also disclosed that the Debtors have approved or will be
approving a prospective budget and staffing plan for its engagement
for the post-petition period.  In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary to reflect
changed or unanticipated developments, Young Conaway further said.

The firm can be reached through:

     Edmon L. Morton, Esq.
     Ashley E. Jacobs, Esq.
     Elizabeth S. Justison, Esq.
     Young Conaway Stargatt & Taylor, LLP
     Rodney Square
     1000 North King Street
     Wilmington, DE 19801
     Telephone: (302) 571-6600
     Facsimile: (302) 571-1253

                        About UCI International

UCI International, LLC, headquartered in Lake Forest, Illinois,
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.  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.


VALEANT PHARMACEUTICALS: 2019 Bank Debt Trades at 2% Off
--------------------------------------------------------
Participations in a syndicated loan under which Valeant
Pharmaceuticals is a borrower traded in the secondary market at
97.65 cents-on-the-dollar during the week ended Friday, June 17,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents a decrease of 0.40 percentage points from
the previous week.  Valeant Pharmaceuticals pays 400 basis points
above LIBOR to borrow under the $0.99 billion facility. The bank
loan matures on Dec. 11, 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 June 17.


VALEANT PHARMACEUTICALS: 2022 Bank Debt Trades at 2% Off
--------------------------------------------------------
Participations in a syndicated loan under which Valeant
Pharmaceuticalsis a borrower traded in the secondary market at
97.51 cents-on-the-dollar during the week ended Friday, June 17,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents a decrease of 0.65 percentage points from
the previous week.  Valeant Pharmaceuticals pays 425 basis points
above LIBOR to borrow under the $2.35 billion facility. The bank
loan matures on April 9, 2022 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 June 17.


VERMILLION INC: Stockholders Elect Seven Directors
--------------------------------------------------
Vermillion, Inc., held its 2016 annual meeting of stockholders on
on June 16, at which the stockholders:

    (1) elected James S. Burns, Veronica G.H. Jordan, Ph.D.,
        James T. LaFrance, Valerie B. Palmieri, David R.
        Schreiber, Carl Severinghaus and Eric Varma, M.D. as
        directors, each to serve for a one-year term and until
        his/her successor is duly elected and qualified;

    (2) approved, on an advisory basis, the compensation of the
        Company's named executive officers; and

    (3) ratified the selection of BDO USA, LLP as the Company's
        independent registered public accounting firm for the
        fiscal year ending Dec. 31, 2016.

As of the record date for the Annual Meeting, there were 52,116,600
shares of Company common stock, par value $0.001 per share, issued
and outstanding and entitled to vote.  There were 43,554,064 shares
present in person or by proxy at the Annual Meeting, constituting a
quorum.

                        About Vermillion

Vermillion, Inc., is dedicated to the discovery, development and
commercialization of novel high-value diagnostic tests that help
physicians diagnose, treat and improve outcomes for patients.
Vermillion, along with its prestigious scientific collaborators,
has diagnostic programs in oncology, hematology, cardiology and
women's health.

The Company filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 09-11091) on March 30, 2009.  Vermillion's legal
advisor in connection with its successful reorganization efforts
wass Paul, Hastings, Janofsky & Walker LLP.  Vermillion emerged
from bankruptcy in January 2010.  The Plan called for the Company
to pay all claims in full and equity holders to retain control of
the Company.

Vermillion reported a net loss of $19.1 million on $2.17 million of
total revenue for the year ended Dec. 31, 2015, compared to a net
loss of $19.2 million on $2.52 million of total revenue for the
year ended Dec. 31, 2014.

As of March 31, 2016, Vermillion had $15.9 million in total assets,
$2.99 million in total liabilities and $12.9 million in total
stockholders' equity.


WEBMD HEALTH: Egan-Jones Hikes Sr. Unsecured Ratings to BB
----------------------------------------------------------
Egan-Jones Ratings Company raised the senior unsecured ratings on
debt issued by WebMD Health Corp. to BB from BB- on June 10, 2016.

WebMD is an American corporation known primarily as an online
publisher of news and information pertaining to human health and
well-being.



WESCO INT'L: Moody's Rates New $350MM Notes B1 & Affirms Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service, in early June 2016, affirmed WESCO
International, Inc.'s Ba3 CFR and stable outlook. Moody's also
assigned a B1 (LGD5) rating to the company's proposed $350 million
senior unsecured notes due 2024. Proceeds from the senior unsecured
notes will be used to repay existing short term debt and ultimately
repay the company's existing 6% convertible bonds senior secured
notes due 2029 (not rated) as well as for fees and related
transaction expenses. The rating outlook remains stable.

The following is a summary of Moody's ratings and rating actions
taken for WESCO:

-- Corporate family rating ("CFR"), affirmed Ba3;

-- Probability of Default Rating, affirmed Ba3-PD;

-- $500 million senior unsecured notes due 2021, affirmed B1
    (LGD5 from LGD4);

-- $700 million senior secured term loan due 2019 (current
    outstanding balance of $175 million), affirmed Ba3 (LGD3);

-- $350 million senior unsecured notes due 2024, assigned B1
    (LGD5);

-- Speculative grade liquidity rating, affirmed of SGL-1

Outlook Actions:

-- Outlook, Affirmed Stable

RATINGS RATIONALE

Moody's said, "The Ba3 Corporate Family Rating ("CFR") reflects
WESCO's adequate free cash flows generating capacity and our
expectation that at least some of these cash flows will be used to
reduce indebtedness from debt-financed acquisitions during the next
12 to 18 months. We also take into consideration WESCO's
significant scale and leading market position in the highly
fragmented electrical distribution industry. The Ba3 CFR also
accounts for the company's thin operating margins and propensity
for debt-financed acquisitions as factors that limit upward
mobility for the rating.

"The proposed $350 million senior unsecured notes will be used to
repay existing debt and call the 6% convertible bonds due 2029 (not
rated) on or soon after their first call date of September 15,
2016. The proposed $350 million senior unsecured notes are expected
to allow WESCO to reduce interest expenses on the refinanced
convertible debt without any significant additional covenants. Once
the convertible bonds are called, WESCO's debt maturity schedule
will shorten from a weighted average of 5.5 years to 4.5 years. In
all, we view this transaction as credit neutral and has no effect
on the existing CFR.

"The stable outlook for WESCO is based upon the company's
relatively downturn-resilient revenue stream and our expectation
that the company will be able to generate sufficient cash from
operations to fund basic cash requirements and expenditures while
maintaining its credit metrics within the Ba3 category."

WHAT COULD CHANGE RATINGS UP/DOWN

Positive rating actions could ensue if WESCO's operating
performance exceeds Moody's expectations, resulting in a better
liquidity profile and adjusted debt credit metrics as follows:

-- Adjusted debt-to-EBITDA sustained below 3.0x.

-- Interest coverage (measured as EBITA-to-Interest Expense),
    sustained above 5.5x.

-- Consistent levels of positive free cash flow are maintained.

-- Conservative financial policy are maintained when making
    leveraged acquisitions and participating in shareholder
    friendly activities.

Alternatively, negative rating actions may occur if WESCO's
operating performance falls below Moody's expectations, or if the
company experiences a weakening in financial performance resulting
in the following adjusted metrics:

-- Adjusted debt-to-EBITDA increasing above 4.5x.

-- Interest coverage (measured as EBITA-to-Interest Expense),
    sustained below 3.0x.

-- Operating and profit margins contract materially.

-- Free cash flow deteriorates significantly and on a sustained
    basis.

Corporate Profile:

Headquartered in Pittsburgh, Pennsylvania, WESCO International,
Inc. is a leading distributor of electrical, industrial,
construction products, communications maintenance, repair and
operating supplies ("MRO") in North America. The company primarily
operates in the United States, Canada, and Mexico with
approximately 485 branches and nine distribution centers. In 2015,
WESCO generated $7,519 million of revenue and $508 million of
Moody's adjusted EBITDA. All calculations include Moody's standard
adjustments.


WHITING PETROLEUM: To Swap $1.06B Notes for New Convertible Notes
-----------------------------------------------------------------
Whiting Petroleum Corporation announced that it entered into
privately negotiated exchange agreements under which it will
exchange $377 million aggregate principal amount of nonconvertible
notes for the same aggregate principal amount of new mandatory
convertible notes and $687.9 million aggregate principal amount of
convertible notes for the same aggregate principal amount of new
mandatory convertible notes.

A list of the notes being exchanged is available for free at:

                       https://is.gd/8QJY1t

Four percent of the aggregate principal amount of the New
Convertible Notes will be converted into shares of Whiting common
stock for each day of the 25 trading day period commencing on June
23, 2016, if the daily volume weighted average price, or Daily VWAP
(as defined in the indentures governing the New Convertible Notes),
of Whiting common stock on such day is above $8.75.  If converted,
the conversion price per share of Whiting common stock for such
conversions will equal the higher of (i) the Daily VWAP for Whiting
common stock for such trading day multiplied by one plus zero for
the New 2018 Notes, one plus 0.5% for the New 2019 Notes, one plus
8.0% for the New 2020 Notes, one plus 2.5% for the New 2021 Notes
and one plus 3.5% for the New 2023 Notes and (ii) $8.75 for the New
2018 Notes (equivalent to 114.29 shares of Whiting common stock per
$1,000 principal amount of the New 2018 Notes), $8.79 for the New
2019 Notes (equivalent to 113.72 shares of Whiting common stock per
$1,000 principal amount of the New 2019 Notes), $9.45 for the New
2020 Notes (equivalent to 105.82 shares of Whiting common stock per
$1,000 principal amount of the New 2020 Notes), $8.97 for the New
2021 Notes (equivalent to 111.50 shares of Whiting common stock per
$1,000 principal amount of the New 2021 Notes) and $9.06 for the
New 2023 Notes (equivalent to 110.42 shares of Whiting common stock
per $1,000 principal amount of the New 2023 Notes).

Conversion settlements for the New Convertible Notes applicable to
the Observation Period will be effected (i) for $128.5 million of
New 2020 Notes, as a single settlement on the third business day
after the Observation Period, and (ii) for all other New
Convertible Notes, on a daily basis on the third business day
following conversion (except that conversions prior to the closing
of exchange offers will not be settled until at least the business
day after the closing of the exchange offers).

If the New Convertible Notes were all converted assuming a Daily
VWAP for Whiting common stock on each day of the Observation Period
of $12.10, which was the last sale price of Whiting common stock as
reported on the New York Stock Exchange on June 22, 2016, the New
Convertible Notes would convert into an aggregate of 83.0 million
shares of Whiting common stock, subject to certain adjustments.
However, Whiting cannot provide any assurance as to what the Daily
VWAP for Whiting common stock during the Observation Period will
be.  If the New Convertible Notes are all converted at the Minimum
Conversion Prices, the New Convertible Notes would convert into an
aggregate of 114.8 million shares of Whiting common stock, subject
to certain adjustments.

If any New Convertible Notes are not converted after the
Observation Period, the conversion price for such New Convertible
Notes will be the Minimum Conversion Price for the applicable
series of New Convertible Notes.  After the Observation Period,
Whiting has the right to mandatorily convert the New Convertible
Notes if the Daily VWAP of Whiting's common stock exceeds $8.75 for
at least 20 trading days during a 30 consecutive trading day period
after the Observation Period and holders have the right to convert
the New Convertible Notes at any time.

The New Convertible Notes and the shares of Whiting's common stock
issuable upon conversion of the New Convertible Notes, if any, have
not been registered under the Securities Act of 1933, as amended,
and, unless so registered, may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws.

                      About Whiting Petroleum

Whiting Petroleum Corporation is an independent oil and gas company
engaged in development, production, acquisition and exploration
activities primarily in the Rocky Mountains and Permian Basin
regions of the United States.

Whiting Petroleum reported a net loss available to common
shareholders of $2.21 billion on $2.05 billion of total revenues
and other income for the year ended Dec. 31, 2015, compared to net
income available to common shareholders of $64.80 million on $3.08
billion of total revenues and other income for the year ended
Dec. 31, 2014.


WIDEOPENWEST FINANCE: S&P Assigns 'B' Rating on $180MM Revolver
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '3'
recovery rating to Englewood, Colo.-based cable overbuilder
WideOpenWest Finance LLC's $180 million revolver due 2020.  The
revolver maturity was extended for $180 million of the original
$200 million facility in a separated tranche.  S&P's 'B'
issue-level rating and '3' recovery rating on the $20 million
revolver due 2017 remain unchanged following the bifurcation of the

$200 million revolver into two tranches.  The '3' recovery rating
indicates S&P's expectation for meaningful recovery (50%-70%; upper
half of the range) of principal in the event of a payment default.


S&P's 'B' corporate credit rating and stable outlook are unchanged
because the transaction will not affect key credit metrics.  It
will, however, improve the company's near-term liquidity because it
will enable the company to partially address a near-term debt
maturity.  WOW's total gross debt to EBITDA was about 6.7x as of
March 31, 2016, and S&P expects leverage to decline to the low-6x
area by year-end 2016 due to modest EBITDA growth.  Still,
financial policy considerations surrounding the company's history
of shareholder-friendly actions limit prospects for an upgrade.

RATINGS LIST

WideOpenWest Finance LLC
Corporate Credit Rating            B/Stable/--

New Rating

WideOpenWest Finance LLC
$180 mil. revolver due 2020
Senior Secured                     B
  Recovery Rating                   3H


WMG HOLDINGS: Moody's Hikes Corporate Family Rating to B1
---------------------------------------------------------
Moody's Investors Service upgraded WMG Holdings Corp.'s Corporate
Family Rating (CFR) to B1 from B2, Probability of Default Rating
(PDR) to B1-PD from B2-PD and HoldCo notes to B3 from Caa1, as well
as WMG Acquisition Corp.'s term loan and secured notes to Ba3 from
B1. WMG Acquisition is a wholly-owned subsidiary of WMG Holdings,
which in turn is a wholly-owned subsidiary of Warner Music Group
Corp. ("WMG" or the "company"). The rating outlook is stable.

Ratings Upgraded:

Issuer: WMG Holdings Corp.

  Corporate Family Rating to B1 from B2

  Probability of Default Rating to B1-PD from
  B2-PD

  $100 Million 13.75% Senior Unsecured HoldCo Notes
  due 2019 to B3 (LGD-6) from Caa1 (LGD-6)

Outlook Actions:

Issuer: WMG Holdings Corp.

  -- Outlook, Remains Stable

Issuer: WMG Acquisition Corp.

   $1.276 Billion ($1.2 Billion original issue) Senior
   Secured Term Loan due 2020 to Ba3 (LGD-3) from B1 (LGD-3)

   $450 Million ($500 Million original issue) 6% Senior
   Secured Notes due 2021 to Ba3 (LGD-3) from B1 (LGD-3)

   $275 Million ($275 Million original issue) 5.625% Senior
   Secured Notes due 2022 to Ba3 (LGD-3) from B1 (LGD-3)

   EUR158 Million (€175 Million original issue) 6.25% Senior
   Secured Notes due 2021 to Ba3 (LGD-3) from B1 (LGD-3)

   $635 Million ($660 Million original issue) 6.75% Senior
   Unsecured Notes due 2022 to B3 (LGD-5) from Caa1 (LGD-5)

Outlook Actions:

Issuer: WMG Acquisition Corp.

-- Outlook, Remains Stable

RATINGS RATIONALE

The upgrade of the CFR reflects Moody's expectation that WMG will
operate with financial leverage as measured by total debt to EBITDA
in the 5x-5.75x range (including Moody's standard adjustments) over
the rating horizon following the recent announcement that the
company plans to call for redemption the remaining $100 million
outstanding 13.75% Senior HoldCo Notes due 2019 on July 1, 2016
with cash balances. Moody's will withdraw the HoldCo Notes' B3
rating upon extinguishment. Total debt to EBITDA (Moody's adjusted)
has declined to 5.9x as of March 31, 2016 (5.8x pro forma for the
HoldCo Notes repayment) from a peak of just over 7x in March 2014,
while free cash flow to adjusted debt increased to 6.3% from 1.8%.
In addition, adjusted LTM EBITDA margins expanded 260 basis points
to 18% from 15.4% over this two-year period. The improvement in
debt protection measures stems from both EBITDA expansion and
recent debt retirements. In February 2016, WMG redeemed $50 million
face value of the 13.75% HoldCo Notes and in March 2016 it
purchased $25 million face value of the 6.75% Notes in the open
market.

Moody’s said, "We believe WMG will experience further
deleveraging from current levels driven by opportunities to grow
EBITDA as a result of lower costs associated with online music
subscription and advertising-supported streaming revenue which is
now its largest and fastest growing revenue source, underpenetrated
markets worldwide for paid music streaming consumption and rising
demand for WMG's music content. The recorded music industry
continues to transition from physical to digital music platforms,
download to streaming services and PC to mobile devices. Following
several years of decline, the industry managed to grow 3.2% in 2015
as digital formats expanded internationally, surpassing physical
for the first time and comprising 45% of industry revenue.

"The B1 CFR is supported by WMG's position as the world's third
largest recorded music industry player with an extensive music
library and publishing assets, which drive recurring revenue
streams. Only a small percentage of WMG's annual revenue depends on
recording artists and songwriters without an established track
record, while the bulk of its revenue is generated by proven
artists or from its catalog (defined as albums older than 18
months) and thus isolated from the revenue volatility associated
with new releases from new artists. The rating also reflects
challenges and opportunities related to new strategies that the
major industry players are pursuing to adapt to the shift in demand
for music content delivery to various digital platforms and capture
faster growth revenue associated with the transition from downloads
to streaming. The B1 rating incorporates the seasonal and cyclical
nature of recorded music revenue (nearly 85% of WMG's revenue) and
low visibility into the ultimate results of upcoming release
schedules. We expect the company to maintain good liquidity over
the next 12-15 months."

Rating Outlook

The stable rating outlook reflects Moody's expectation for
continued improvement in recorded music industry fundamentals
combined with WMG's position as the world's third largest music
content provider with global diversification and an enhanced
recorded music repertoire. Moody's said, "We expect WMG to operate
with leverage as measured by total debt to EBITDA in the 5x-5.75x
range (Moody's adjusted) and anticipate EBITDA growth to be driven
by improved margins as a result of robust streaming revenue growth,
value of its music content, realized synergies, solid returns on
artist investments, marketing and branding, as well as enhancement
of the company's analytics talent."

What Could Change the Rating -- UP

Ratings could be upgraded if there is evidence of sustained growth
in the recorded music industry and WMG exhibits EBITDA margin
expansion as well as realization of lower earnings volatility and
higher returns on investments. Assurances that management will
maintain disciplined operating strategies for long-term growth,
exhibit prudent financial policies and target credit metrics
consistent with a higher rating resulting in total debt to EBITDA
leverage sustained comfortably below 4.5x (Moody's adjusted) and
free cash flow to adjusted debt in the mid-to-high single digit
range could also lead to an upgrade. Finally, for an upgrade to be
considered, Moody's would need clarity from the equity sponsor with
respect to the financial policy track record for each of its
portfolio company holdings as well as the long-term investment
philosophy and exit strategy for WMG.

What Could Change the Rating -- Down

Ratings could be downgraded if debt-financed acquisitions,
competitive pressures or increased artist and repertoire (A&R)
investments negatively impact revenue or EBITDA resulting in total
debt to EBITDA leverage sustained above 6x (Moody's adjusted), or
if heightened capital spending or financial sponsor related actions
result in negative free cash flow.

With headquarters in New York, NY, WMG Holdings Corp. is a
wholly-owned subsidiary of Warner Music Group Corp., a leading
music content provider operating domestically and overseas. Revenue
totaled approximately $3.1 billion for the twelve months ended
March 31, 2016. Recorded music accounts for roughly 84% of revenue
while music publishing accounts for about 16% (before corporate
allocation). Access Industries, Inc. acquired WMG in a transaction
valued at approximately $3 billion in July 2011.


WORLD GOSPEL: Taps Scura Wigfield as Legal Counsel
--------------------------------------------------
World Gospel Mission Church seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Scura, Wigfield, Heyer
& Stevens, LLP as its legal counsel.

World Gospel Mission tapped the firm to provide these services in
connection with its Chapter 11 case:

     (a) advising World Gospel Mission about its powers and duties

         as a debtor-in-possession;

     (b) representing the Debtor in bankruptcy matters and
         adversary proceedings; and

     (c) perform all necessary legal services for the Debtor.

The firm's professionals and their hourly rates are:

     Partners       $425
     Associates     $325
     Paralegals     $150

David Stevens, Esq., at Scura Wigfield, disclosed in a court filing
that the firm is "disinterested" as defined in section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     David L. Stevens, Esq.
     Scura, Wigfield, Heyer & Stevens, LLP
     1599 Hamburg Turnpike
     Wayne, New Jersey 07470
     Tel: 973-696-8391

                   About World Gospel Mission

World Gospel Mission Church sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D. N.J. Case No. 16-19598) on May 17,
2016.  The petition was signed by Joung H. Park, trustee.  

The case is assigned to Judge Rosemary Gambardella.

At the time of the filing, the Debtor estimated its assets at $1
million to $10 million and debts at $500,000 to $1 million.


WRWM PARTNERSHIP: Taps Keller Williams as Broker
------------------------------------------------
WRWM Partnership, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to hire Keller Williams
Real Estate as its real estate broker.

The Debtor tapped the firm in connection with the sale of its
property located at 935 West Cypress Street, Kennett Square,
Pennsylvania.

Keller Williams will receive a commission which is 5.5% of the sale
price, plus $250, if the property is sold prior to June 9, 2017.  

Dominic Cardone, a real estate broker employed by Keller Williams,

disclosed in a court filing that the firm does not have any
connection with the Debtor or its creditors.

                        About WRWM Partnership

WRWM Partnership, LLC, filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Pa. Case No. 16-11997) on March 24, 2016, listing
under $1 million in both assets and liabilities.  Thomas Daniel
Bielli, Esq., at Bielli & Klauder, LLC, serves as the Debtor's
bankruptcy counsel.


                            *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

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