/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160704.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, July 4, 2016, Vol. 20, No. 186 Headlines A.L. EASTMOND: $7M Sale Okayed After No Rival Bids Submitted ABBY LEE MILLER: Pleads Guilty in Bankruptcy Fraud Case ABENGOA BIOENERGY: Selling Property Interest to Rich for $200K ACTRONIX INC: Exclusive Plan Filing Period Extended to Aug. 31 ALABAMA STATE UNIVERSITY: Moody's Affirms Ba2 Lease Bonds Rating ALLEN BROTHERS: Court Official Announces Plan to Form Committee ALLIANCE ONE: Moody's Says Delayed 10K Filing is Credit Negative ALTOMARE 22: Case Summary & 5 Unsecured Creditors AMANS HOSPITALITY: Wants Plan Confirmation Hearing Set for July 12 AMERICAN MEDIA: Posts $18 Million Net Income for Fiscal 2016 APOLLO MEDICAL: Amends Tracy Purchase Agreement for Clarity APPLIED MINERALS: Closes $1.64 Million Capital Raise ARR MEDICAL: Wants Exclusive Plan Filing Deadline Moved by 90 Days ATLANTIC & PACIFIC: Wants Plan Filing Deadline Moved to Jan. 19 BAMC DEVELOPMENT: Case Summary & 6 Unsecured Creditors BEAR METALLURGICAL: U.S. Trustee Forms 3-Member Committee BFN OPERATIONS: U.S. Trustee Forms 5-Member Committee BH GRP: Seeks Approval to Continue Property Sales BIND THERAPEUTICS: Files Motion for Approval of Stalking Horse APA BON-TON STORES: Reaffirms Fiscal 2016 Guidance BOWERS INVESTMENT: U.S. Trustee Unable to Appoint Committee C COMPANY GENERAL: Sale of Business Equipment by Church Approved C&J ENERGY: Reaches Agreement in Principle with Secured Lenders CARRICK TRACKING: Trustee's Sale of Loader for $12.8K Approved CFG INVESTMENT: Chapter 15 Case Summary CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino CHRISTOPHER NUSSBAUMER: Sells Five Points Property to Hu for $882K COMSTOCK MINING: Announces Selected Business Update CONNTECH PRODUCTS: Selling Machinery and Equipment for $1.36M CONTINENTAL EXPLORATION: Trustee Selling Oklahoma Properties COSHOCTON HOSPITAL: Case Summary & 20 Largest Unsecured Creditors COSHOCTON HOSPITAL: Files for Bankruptcy, Seeks Sale to Prime CTI BIOPHARMA: Est. Financial Standing at $53.7M as of May 31 DAWSON INTERNATIONAL: U.S. Trustee Unable to Appoint Committee DELAWARE VALLEY UNIV: Moody's Cuts 2012 LL1 Bonds Rating to Ba1 EASTERN ILLINOIS UNIV: Moody's Cuts AFS Revenue Bonds Rating to B1 EDWARD RENSI: Judge Approves Sale of Hobson Valley Property ENERGY FUTURE: Can Enter Into $4.2-Bil. Exit Financing Commitment ENERGY FUTURE: NexEra Said to Bid on Oncor; Berkshire Interested FAIRWAY GROUP: Moody's Assigns Caa1 Corporate Family Rating FEDERATION EMPLOYMENT: Judge Approves Membership Interests Sale FEDERATION EMPLOYMENT: Selling Bronx Property to Altmark for $7.7M FIDELITY NATIONAL: Fitch Affirms BB+ Rating on Sr. Unsecured Debt FINJAN HOLDINGS: Grants Patent License Agreement to European Firm FIRST ONE HUNDRED: Wants Plan Filing Period Extended to Aug. 1 FITNESS INT'L: Moody's Puts B2 CFR Under Review for Upgrade FRESH & EASY: Selling Liquor License to Smart & Final for $17,500 GAS COMPRESSOR: Taps Buechler & Garber as Bankruptcy Counsel GAWKER MEDIA: $14-Mil. Interim Cash Collateral Use Approved GAWKER MEDIA: Seeks Preliminary Injunction Issuance GEO V HAMILTON: Wants Plan Filing Deadline Moved to Dec. 16 GOVERNORS STATE UNIVERSITY: Moody's Cuts UFS Bonds Rating to Ba1 HCR HEALTHCARE: Moody's Affirms B3 CFR & Alters Outlook to Negative HERCULES OFFSHORE: Asks Court to Enforce Automatic Stay HERCULES OFFSHORE: Can Access Cash Collateral Until September 1 HF RESOURCES: U.S. Trustee Unable to Appoint Committee HI-TEMP SPECIALTY: Hires Diconza Traurig as Counsel HI-TEMP SPECIALTY: Taps Cohnreznick Capital as Investment Banker HIGH RIDGE MANAGEMENT: Plan Solicitation Deadline Moved to Aug. 30 HOWARD UNIVERSITY: Moody's Assigns Ba1 Rating on 2016 Bank Bonds INTERNATIONAL BRIDGE: Wants Plan Filing Deadline Moved to Sept. 28 J.T.P. CORP: U.S. Trustee Unable to Appoint Committee JOHN Q. HAMMONS HOTELS: Can Continue Normal Operations JOHNS-MANVILLE CORP: Court Enjoins L. Berry's Asbestos-related Suit K & C LV INVESTMENTS: Case Summary & 18 Top Unsecured Creditors KALOBIOS PHARMA: Exits Ch.11 Bankruptcy; Buys Savant Rights KIM ANH PHAN: El Morro Property Sale for $830K Approved KOMODIDAD DISTRIBUTORS: Cash Collateral Budget Extended to July 8 KOMODIDAD DISTRIBUTORS: Interim Cash Collateral Use Allowed LINC USA: Seeks to Amend DIP Budget to Add $850K Insurance Payment LINNCO LLC: Extends Exchange Offer Period for Energy Units LIONS GATE: Moody's Puts Ba3 CFR on Review for Downgrade LUAR CLEANERS: Court Dismisses Chapter 11 Case LURA DEE KIRKLAND: Selling Mercedes-Benz CLS400 for $69K to Sewell MAAS GLOBAL: Hires Swan and Gardiner as Accountant MARIA'S MONT BLANC: Judge Approves Auction of Equipment MFF CORP: Hires Polis & Associates as Counsel MICHAEL A. GRAL: U.S. Trustee Forms 3-Member Committee MIDLAND PROPERTIES: Sanctioned for Bad Faith Bankruptcy Filing MONSERRATE HERNANDEZ: Bid Procedures for Property Sale Approved MORRIS SCHNEIDER: $7K Sale of 2012 Ford Fusion Approved NANA DEVELOPMENT: Moody's Cuts Corporate Family Rating to Caa2 NORTHEASTERN ILLINOIS UNIV: Moody's Cuts Rating on COPs to Ba2 NORTHWEST PEDIATRIC: Plan Filing Period Extended to Oct. 4 NUMISMATIC SUBS: U.S. Trustee Unable to Appoint Committee OMEGA HEALTHCARE: Fitch Assigns 'BB+' Rating on Subordinated Debt PALOMAR HEALTH: Fitch Affirms 'BB+' Rating on Revenue Bonds PARAGON OFFSHORE: Exclusive Plan Filing Period Extended to Aug. 12 PEAK WEB: $250K Interim Unsecured Credit From PSA 9 Allowed PEAK WEB: Interim Cash Collateral Use Until July 27 Approved PEAK WEB: Wants $500K Line of Credit From PSA 9 PERFORMANCE SPORTS: Moody's Affirms B3 Corporate Family Rating PERSEON CORP: Court OKs MedLink-Led Auction on July 25 PHOENIX HELIPARTS: Proposes Revised Deal with Nichols PICTURE CAR WAREHOUSE: Oct. 17, 2016 Set as Claims Bar Date PRICEVILLE PARTNERS: Court Extends Exclusivity Periods by 90 Days PRIMERA ENERGY: Bankruptcy Plan Confirmed RAUL VELEZ: Court Dismisses Chapter 11 Case RCN TELECOM: S&P Raises Rating on Sr. Sec. Facility to 'B+' SAMUEL WYLY: Beverly Property is Exempt Homestead, Court Rules SCIO DIAMOND: Delays Filing of Fiscal 2016 Annual Report SCPD GRAMERCY: Voluntary Chapter 11 Case Summary SEVENTY SEVEN: Obtains Final Court OK to Tap $100MM DIP Loan SOUTHWESTERN ENERGY: Fitch Affirms 'B+' IDR, Outlook Positive SOUTHWESTERN WISCONSIN: U.S. Trustee Unable to Appoint Committee SS&C TECHNOLOGIES: S&P Affirms 'BB' CCR, Outlook Stable STARZ LLC: Moody's Puts Ba2 CFR on Review for Downgrade STONE ENERGY: Terminates Drilling Contract with ENSCO SWORDS GROUP: U.S. Trustee Unable to Appoint Committee TALBOT ENTERPRISES: Wants Plan Filing Period Extended to Sept. 5 TRIANGLE PETROLEUM: Kenneth Hersh Files Schedule 13D with SEC UNIQUE RECYCLING: U.S. Trustee Forms 2-Member Committee VICTORIA TEODORESCU: Judge Approved East Hampton Property Sale WAGNER ENTERPRISES: Hires Murphy Law Offices as Attorney WESTERN GAS: Moody's Assigns Ba1 Rating on Proposed 2026 Notes WESTERN WOOD: Case Summary & 20 Largest Unsecured Creditors WILLIAM COLE: Proposes Aug. 15, 2016 Claims Bar Date YRC WORLDWIDE: Amends Loan Agreement with Citizens Business YRC WORLDWIDE: Extends Terms of $450 Million ABL Facility [*] Blair Heads Deloitte Advisory Corporate Restructuring Group [*] Global Healthcare REIT Sells Nursing Facility in Georgia [^] BOND PRICING: For the Week from June 27 to July 1 ********* A.L. EASTMOND: $7M Sale Okayed After No Rival Bids Submitted ------------------------------------------------------------ Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York authorized A. L. Eastmond & Sons, Inc., Easco Boiler Corp. and Eastmond & Sons Boiler Repair & Welding Service, Inc. to sell their property located at 1200 Oak Point Avenue, also known as 448 Tiffany Street, Hunts Point, Bronx, New York and 437 Casanova Street, Hunts Point, Bronx, New York ("Property") to AFP Seventy Eight Corp., the stalking horse bidder for $7,000,000. No other qualified bids were timely received and thus no auction was held. Accordingly, the Court approved the sale to the stalking horse bidder. The sale of the Property is free and clear of all liens, claims and encumbrances, but otherwise "as is" and "where is". Simultaneous with the closing, the Debtors will remit the proceeds of the sale transaction: a) in full satisfaction of the following secured claims against the Property that are senior to the Secured Lender's Claim (exact amounts to be determined as of Closing): i) the secured tax claim of Tower Capital Management, LLC, as servicer for NYCTL 2015-A Trust and the Bank of New York Mellon as Collateral Agent and Custodian, ii) the secured tax claim of the New York City Department of Taxation and Finance (Lots 121 an d 130), iii) the secured tax claims relating to those certain tax liens sold at a May 2016 tax lien sale relating to lot 121 for the second half of 2014/2015 and the 2015/2016 tax year, and iv) the secured claim of the New York City Water Board; b) to the Broker in the amount of its earned commission on the Sale Transaction as previously approved by this Court; c) to the Debtors' professionals, on a pro rata basis, in payment of allowed outstanding administrative claims for professional fees, solely to the extent approved by this Court and up to the aggregate amount of $225,000; d) in satisfaction of recording charges and other amounts required to be paid by the Debtors under the Sale Agreement; and e) in the remaining amount to the Secured Lender in full release of the Secured Lender's Liens, Claims and Interests against the Property. The Court said that the approval of the Sale Agreement and consummation of the Sale Transaction are in the best interests of the Debtors, their creditors and estates, and other parties-in-interest. About A.L. Eastmond & Sons A.L. Eastmond & Sons, Inc., Easco Boiler Corp. and Eastmond & Sons Boiler Repair & Welding Service, Inc., filed Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Lead Case No. 15-13214) on Dec. 1, 2015. The petitions were signed by Arlington Leon Eastmond, Jr., as president. Judge Sean H. Lane handles the cases. The Debtors listed total assets of $34.59 million and total liabilities of $40.79 million. The Debtors have provided products and services in over 15,000 locations throughout the tristate area and beyond, including Yankee Stadium, the Trump Towers, Kings County Supreme Court, New York Botanical Garden/Bronx Zoo, Queens County Civil Court, North Shore University, Detroit School District, the Garfield Park Field House in Chicago, Illinois, and the National Geographic Building in Washington, D.C. The Debtors have engaged Klestadt Winters Jureller Southard & Stevens, LLP, as counsel in the Chapter 11 cases. ABBY LEE MILLER: Pleads Guilty in Bankruptcy Fraud Case ------------------------------------------------------- Rebecca Macatee, writing for E Online, reported that Dance Moms star Abby Lee Miller pleaded guilty to the charge of concealing bankruptcy assets. Miller also pleaded guilty for one count of not reporting an international monetary transaction, the report related. According to the report, Miller could have faced up to a $5 million fine and five years imprisonment on the initial bankruptcy fraud charges from her 2015 indictment, but per Deadline, her attorneys have been working with the court to strike a plea deal. Miller's lawyers are now asking for a maximum of six months imprisonment; she will be sentenced Oct. 11, the report related. "Sentencing in this case will occur after the United States Court of Appeals for the Third Circuit resolves United States v. Free, a similar case addressing the issue of sentencing in a 'zero loss' bankruptcy," said Miller's attorneys in a statement obtained by Deadline, the report further related. "Throughout this case, Miss Miller has taken both the allegations and the proceedings very seriously. This has been a challenging time for Miss Miller. She appreciates the words of encouragement and support from around the world." The Troubled Company Reporter, on March 11, 2016, citing Joel R. Spivack, Esq., at the Law Office of Joel R. Spivack, reported that Miller, from the Lifetime network's reality show "Dance Moms," allegedly made false declarations when filing for Chapter 11 bankruptcy in 2010 and could be headed to prison if she is convicted of bankruptcy fraud. Federal authorities allege that Ms. Miller specifically hid more than $750,000 that she earned from the "Dance Moms" TV show. ABENGOA BIOENERGY: Selling Property Interest to Rich for $200K -------------------------------------------------------------- Abengoa Bioenergy US Holdings, LLC, and its affiliates ask the U.S. Bankruptcy Court for the Eastern District of Missouri, Eastern Division, to authorize its sale and transfer of its interest in the real property commonly known as 998 Road P, Hugoton, Kansas. The Property was developed in connection with the nearby Hugoton Plant owned by Debtors' affiliate Abengoa Bioenergy Biomass of Kansas, LLC ("ABBK"), which Plant and related property is the subject of a sale process in ABBK's Chapter 11 case pending before the U.S. Bankruptcy Court for the District of Kansas. Since the Petition Date, the Debtors have engaged local real estate agents to market the property, and have engaged in discussions and negotiations with multiple potential purchasers, ultimately executing the contract described with Purchaser to sell the Property. After engaging in good-faith, arm's-length negotiations with the Purchaser, the Selling Debtor submits that the Purchase Agreement represents the highest or otherwise best offer for the Property and that the Sale will result in the maximum benefit to the Debtors' estates and creditors. The Selling Debtor believes that the sale would generate value for its estate by relieving the Debtor of an asset that neither it nor its affiliates plan to use in the future, and that it is unlikely that other purchasers for the Property could be found in the near term on similarly favorable terms, given the current market environment. The principal terms of the Purchase Agreement are follows: a) Seller: Abengoa Bioenergy Engineering & Construction LLC b) Purchaser: Robert A. Rich c) Sale/Purchase Price: $200,000 d) Earnest Money Deposit: $5,000 e) Real Estate Commission: Purchaser will pay a real estate commission of 6% of the contract price to Faulkner Real Estate and all fees associated with the closing. f) Closing and Possession: Closing will be completed on or before Aug. 1, 2016, and Selling Debtor will deliver possession of the Property to Purchaser upon closing. g) Conditions to Closing: The obligations of Selling Debtor and Purchaser to consummate the Sale will be subject, inter alia, to Purchaser obtaining a mortgage loan in the principal amount of $45,000. If the final appraised value of the Property as determined by Purchaser's appraiser is not equal to or greater than the purchase price under the Purchase Agreement, Purchaser may send a written notice informing Selling Debtor of Purchaser's request to renegotiate the purchase price under the Purchase Agreement. Within five business days after Selling Debtor's receipt of Purchaser's written request, Purchaser and Selling Debtor may keep the Purchase Agreement in effect by agreeing to a purchase price that is agreeable to Purchaser and Selling Debtor and signing an addendum to the Purchase Agreement containing the agreed upon purchase price. A copy of the proposed Purchase Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/Abengoa_426_Sale_M.pdf Local Counsel to the Debtors: Richard W. Engel, Jr. Susan K. Ehlers Erin M. Edelman ARMSTRONG TEASDALE LLP 7700 Forsyth Blvd., Suite 1800 St. Louis, Missouri 63105 Telephone: (314) 621-5070 Facsimile: (314) 621-5065 E-mail: rengel@armstrongteasdale.com dgoing@armstrongteasdale.com sehlers@armstrongteasdale.com Counsel to the Debtors: Richard A. Chesley DLA PIPER LLP (US) 203 North LaSalle Street, Suite 1900 Chicago, Illinois 60601 Telephone: (312) 368-4000 Facsimile: (312) 236-7516 E-mail: richard.chesley@dlapiper.com - and – R. Craig Martin 1201 North Market Street, Suite 2100 Wilmington, Delaware 19801 Telephone: (302) 468-5700 Facsimile: (302) 394-2341 E-mail: craig.martin@dlapiper.com About Abengoa Bioenergy Abengoa Bioenergy is a collection of indirect subsidiaries of Abengoa S.A., a Spanish company founded in 1941. The global headquarters of Abengoa Bioenergy is in Chesterfield, Missouri. With a total investment of $3.3 billion, the United States has become Abengoa S.A.'s largest market in terms of sales volume, particularly from developing solar, bioethanol, and water projects. Spanish energy giant Abengoa S.A. is an engineering and clean technology company with operations in more than 50 countries worldwide that provides innovative solutions for a diverse range of customers in the energy and environmental sectors. Abengoa is one of the world's top builders of power lines transporting energy across Latin America and a top engineering and construction business, making massive renewable-energy power plants worldwide. On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to seek protection under Article 5bis of Spanish insolvency law, a pre-insolvency statute that permits a company to enter into negotiations with certain creditors for restricting of its financial affairs. The Spanish company is facing a March 28, 2016, deadline to agree on a viability plan or restructuring plan with its banks and bondholders, without which it could be forced to declare bankruptcy. Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE") and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for Abengoa Bioenergy Company, LLC ("ABC"). ABC's involuntary Chapter 7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary case is Bankr. D. Neb. Case No. 16-80141. An order for relief has not been entered, and no interim Chapter 7 trustee has been appointed in the Involuntary Cases. The petitioning creditors are represented by McGrath, North, Mullin & Kratz, P.C. On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five affiliated debtors each filed a Chapter 11 voluntary petition in St. Louis, Missouri, disclosing total assets of $1.3 billion and debt of $1.2 billion. The cases are pending before the Honorable Kathy A. Surratt-States and are jointly administered under Bankr. E.D. Mo. Case No. 16-41161. The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as financial advisor, Lazard as investment banker and Prime Clerk LLC as claims and noticing agent. ACTRONIX INC: Exclusive Plan Filing Period Extended to Aug. 31 -------------------------------------------------------------- The Hon. Ben Barry of the U.S. Bankruptcy Court for the Western District of Arkansas has extended until Aug. 31, 2016, Actronix, Inc.'s exclusive right to file a plan of reorganization. As reported by the Troubled Company Reporter on June 3, 2016, the Court temporarily extended the Debtor's right to file a plan and obtain confirmation until resolution of the June 22, 2016 hearing on Debtor's extension request. At the June 22 hearing, Ronald A. Clifford, Esq., at Blakeley LLP, the attorney for the Official Committee of Unsecured Creditors announced that he was withdrawing his client's objection and would instead agree that the exclusivity period be extended to Aug. 31. The Committee's counsel can be reached at: Jill Jacoway, Esq. JACOWAY LAW FIRM, LTD. P.O. Drawer 3456 Fayetteville, AR 72702 Tel: (479) 521-2621 -- and -- Ronald A. Clifford, Esq. BLAKELEY, LLP 18500 Von Karman Avenue, Suite 530 Irvine, CA 92612 Tel: (949) 260-0616 Fax: (949) 260-0613 E-mail: rclifford@blakeleyllp.com Headquartered in Flippin, Arkansas, Actronix, Inc., filed for Chapter 11 bankruptcy protection (Bankr. W.D. Ark. Case No. 15-72593) on Oct. 13, 2015, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by Randy Steinberg, secretary. Judge Ben T. Barry presides over the case. Jill R. Jacoway, Esq., Jacoway Law Firm, Ltd., and Carter Ledyard & Milburn LLP serve as the Debtor's bankruptcy counsel. ALABAMA STATE UNIVERSITY: Moody's Affirms Ba2 Lease Bonds Rating ---------------------------------------------------------------- Moody's Investors Service has affirmed the Ba1 ratings for Alabama State University's (ASU) general tuition and fee revenue bonds and Ba2 rating on the Series 2005 lease revenue bonds. The action affects $218 million of rated debt outstanding. The outlook is negative. The affirmation of the Ba1 rating reflects the removal of ASU's accreditation warning status and the material expense cuts in fiscal years (FYs) 2015-16 leading to measured improvement in operating performance. Affirmation at the Ba1 level incorporates ASU's role as a public historically black college and university, with stable and timely State of Alabama (Aa1 stable) appropriations aiding improved cash flow. Ongoing challenges include ASU's inability to generate sufficient cash flow to cover debt service, narrow financial reserves, and high leverage. The Ba2 rating on the Series 2005 lease revenue bonds, rated one level below the university's highest rating, incorporates the essentiality of the energy savings project and the risk associated with the lease-backed security for the bonds issued by the Public Educational Building Authority of Montgomery on behalf of Alabama State University. Rating Outlook The negative outlook reflects the possibility of additional credit deterioration should liquidity erode further or should the university be unable to sustain improved operating performance. Higher reliance on an operating line of credit to manage through delayed state funding could create additional demands on liquidity. Factors that Could Lead to an Upgrade Consecutive years of improved operating performance and debt service coverage Substantial and sustained liquidity improvement Stability in enrollment and improved growth of net tuition revenue Demonstrated management and governance stability Factors that Could Lead to a Downgrade Inability to reduce annual operating deficits and cover debt service from operations Additional erosion of liquidity Deterioration of state financial support Significant increase in debt Legal Security The general tuition and fee revenue bonds are secured by the university's tuition and housing revenue. FY 2015 pledged revenues of $62.5 million covered maximum annual debt service (MADS) of $15.7 million by 4.0 times. The outstanding general tuition and fee revenue bonds include the: Series 1982 Bonds (not rated), and the Series 2004, 2006, 2008, 2009, 2010, and 2012A&B Bonds (rated). ASU may issue additional bonds on a parity basis under this pledge as long as the future issue is for facilities improvements and passes the additional bonds test. For the ABT, pledged revenue to maximum annual debt service (MADS) must be no less than 1.2 times and MADS may not exceed 12% of Total Current Funds Revenues. Repayment of the Series 2005 lease revenue bonds is a general unsecured obligation of the university under a lease agreement with The Public Educational Building Authority of the City of Montgomery. The Ba2 rating of the Series 2005 Lease Revenue bonds, one level below the Ba1 rating for the general tuition and fee revenue bonds, reflects the lease structure for the transaction. The rating is anchored at Ba2 due to the project's essential nature (energy project) to the university and the remote risk of abatement. Use of Proceeds. Not applicable. Obligor Profile Alabama State University is a four year public higher education institution offering undergraduate, graduate and doctoral degrees. ASU is one of 100 US historically black college and universities (HBCU), which was established in 1867 and located in the state capital of Montgomery. In FY 2015, the university recorded operating revenues of $117 million, with 5,096 full-time equivalent students. ALLEN BROTHERS: Court Official Announces Plan to Form Committee --------------------------------------------------------------- William Miller, U. S. bankruptcy administrator, filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a notice of formation of an official committee of unsecured creditors in the Chapter 11 case of Allen Brothers Timber Company, Inc. Unsecured creditors willing to serve on the committee are required to file a response within 10 days from June 29. An organizational meeting will be scheduled after the committee is appointed, according to the filing. Mr. Miller can be reached through: Susan O. Gattis Bankruptcy Analyst 101 S. Edgeworth Street Greensboro, NC 27401 Fax: 336-358-4185 Email: susan_gattis@ncmba.uscourts.gov About Allen Brothers Allen Brothers Timber Company, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 16-10656) on June 28, 2016. The petition was signed by Richard Clayton Allen, president. The case is assigned to Judge Lena M. James. At the time of the filing, the Debtor estimated its assets at $100,000 to $500,000 and debts at $1 million to $10 million. ALLIANCE ONE: Moody's Says Delayed 10K Filing is Credit Negative ---------------------------------------------------------------- Moody's Investors Service commented that Alliance One International, Inc.'s (Caa2 positive) June 29, 2016 announcement that it will not be able to file form 10-K for fiscal year ended March 31, 2016 within the time period prescribed by the SEC is credit negative but has no effect on the company's ratings. Headquartered in Morrisville, North Carolina, Alliance One is one of the world's leading tobacco processors and merchants. Its principal products include flue-cured, burley and oriental tobaccos, which are major ingredients in cigarettes. Revenue for the twelve months ended December 31, 2015 was approximately $1.9 billion. ALTOMARE 22: Case Summary & 5 Unsecured Creditors ------------------------------------------------- Debtor: Altomare 22 Union, LLC 2155 Route 22 West Union, NJ 07083 Case No.: 16-22628 Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court District of New Jersey (Newark) Judge: Hon. Vincent F. Papalia Debtor's Counsel: Daniel Stolz, Esq. WASSERMAN, JURISTA & STOLZ 110 Allen Road, Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 E-mail: dstolz@wjslaw.com Total Assets: $256,877 Total Liabilities: $6.24 million The petition was signed by Anthony Altomare, managing member. A list of the Debtor's 20 largest unsecured creditors -- listing 5 entries -- is available for free at http://bankrupt.com/misc/njb16-22628.pdf AMANS HOSPITALITY: Wants Plan Confirmation Hearing Set for July 12 ------------------------------------------------------------------ Amans Hospitality, Inc., asks the U.S. Bankruptcy Court for the Northern District of Ohio to extend the time to confirm a plan of reorganization in a small business case, requesting that the confirmation hearing be continued to July 12, 2016, at 3:00 p.m. On May 27, 2016, the Debtor filed its Second Small Business Plan of Liquidation and its Second Small Business Disclosure Statement dated May 27, 2016. The Debtor expects to close the sale of its property by July 8, 2016. The Debtor contends that upon closing of the sale it will be able to confirm its plan. The Debtor made the request to allow the time needed to close the pending sale that has already been approved by the Court. The only delay has been on the buyer side to get its final approvals worked out with its lender. The Debtor's counsel can be reached at: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 E-mail: joyce@joycelindauer.com Headquartered in Plano, Texas, Amans Hospitality, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Tex. Case No. 15-42056) on Nov. 16, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Sewa S. Bhinder, president. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, serves as the Debtor's bankruptcy counsel. AMERICAN MEDIA: Posts $18 Million Net Income for Fiscal 2016 ------------------------------------------------------------ American Media, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $18.0 million on $223 million of total operating revenues for the fiscal year ended March 31, 2016, compared to a net loss of $25.9 million on $245 million of total operating revenues for the fiscal year ended March 31, 2015. As of March 31, 2016, American Media had $422 million in total assets, $501 million in total liabilities, $3 million in redeemable non-controlling interests and a $82.5 million total stockholders' deficit. "The Company is highly leveraged. As of March 31, 2016, the Company had approximately $393.9 million of outstanding indebtedness, consisting of $378.7 million of senior secured notes and $15.2 million under the revolving credit facility. The Company has been adversely impacted by weak economic conditions and has experienced declines in circulation revenue and to a lesser extent advertising revenues. If these conditions persist, the Company's financial condition and results of operations may continue to be adversely affected. Historically, the Company has been able to offset declines in circulation revenues, in part, through cover price increases, cost reductions and increases in digital advertising revenue. During fiscal 2017, the Company anticipates continued declines in circulation revenues. There can be no assurance that the Company will be successful in continuing to reduce costs and increase digital advertising revenue to offset the expected circulation revenue declines." "Over the next year, the cash interest payments due under the Company's debt agreements are approximately $40.2 million and there are no scheduled principal payments due. As of March 31, 2016, the Company has $1.4 million of cash and $15.4 million available for borrowing pursuant to the revolving credit facility. The Company's revolving credit facility matures in June 2017." "The Company plans to refinance all or a portion of its indebtedness on or before maturity. The Company cannot assure that it will be able to refinance any of its indebtedness on commercially reasonable terms or at all." A full-text copy of the Form 10-K is available for free at: https://is.gd/xdNk7P About American Media Based in New York, American Media, Inc., publishes celebrity journalism and health and fitness magazines in the U.S. These include Star, Shape, Men's Fitness, Fit Pregnancy, Natural Health, and The National Enquirer. In addition to print properties, AMI manages 14 different Web sites. The company also owns Distribution Services, Inc., an in-store magazine merchandising company. American Media, Inc., and 15 units, including American Media Operations, Inc., filed for Chapter 11 protection in Manhattan (Bankr. S.D.N.Y. Case No. 10-16140) on Nov. 17, 2010, with a prepackaged plan. The Debtors emerged from Chapter 11 reorganization in December 2010, handing ownership to former bondholders. The new owners include hedge funds Avenue Capital Group and Angelo Gordon & Co. * * * As reported in the Jan. 9, 2015 edition of the TCR, American Media carries a 'Caa1' corporate family rating from Moody's. American Media's Caa1 CFR reflects the company's elevated total debt to EBITDA leverage that Moody's expect will rise to the 8-9x range (Moody's adjusted) over the rating horizon from about 7x as of Sept. 30, 2014 as a result of lower EBITDA performance that stems from a reduction in circulation sales associated with the bankruptcy filing of AMI's second largest publications wholesaler, Source Interlink Distribution ("Source"). The rating also captures AMI's weak liquidity profile and deteriorating EBITDA cushion under the revolver's first-lien leverage covenant resulting from the lower circulation revenue aggravated by the Source bankruptcy, which required temporary covenant relief through an amendment to the credit facility. As reported by the TCR on March 29, 2016, Standard & Poor's Ratings Services said that it lowered its corporate credit rating on Boca Raton, Fla.-based American Media Inc. to 'SD' (selective default) from 'CCC+'. The downgrades follow American Media's announcement that it has completed an exchange of $58.9 million of its existing 11.5% first-lien senior secured notes due 2017 for $78 million 7% senior secured second-lien notes due 2020. Concurrent with the exchange, the company issued and distributed about $83.5 million of additional second-lien notes to equity holders. APOLLO MEDICAL: Amends Tracy Purchase Agreement for Clarity ----------------------------------------------------------- ApolloMed Care Clinic, a Professional Corporation, a California professional corporation, an affiliate of Apollo Medical Holdings, Inc., and Warren Hosseinion, M.D., as nominee shareholder of ACC for the benefit of Apollo Medical Management, Inc., entered into a Stock Purchase Agreement with Robert Tracy, D.O., Inc., on March 1, 2016, pursuant to which ACC sold to Tracy, and Tracy purchased from ACC, certain assets of ACC. The purchase price was $60,000, consisting of $10,000 paid by Tracy at closing and a non-interest bearing promissory note dated March 1, 2016, in the principal amount of $50,000, payable in equal installments over 10 months on the first day of each month. In the event of a default as specified in the Note, ACC may, among its remedies, declare the unpaid balance of the Note immediately due and owing. The original terms of the Note provided that it was supposed to be secured by the assets of the medical practice. The Agreement also contained other provisions typical of a transaction of this nature, including without limitation, representation and warranties, post-closing covenants, the handling of patient records, mutual indemnification by the parties, governing law, arbitration of disputes and venue for arbitration. Shortly after consummating the transaction, management of the Company concluded that certain changes needed to be made to the documentation of the transaction to more accurately reflect the terms of the original transaction and correct certain clerical errors that were made in the original documentation of the transaction, including the caption of the Agreement, certain terms contained therein, the caption of the Note and certain terms contained therein. Accordingly, ACC, Tracy and Warren Hosseinion, M.D., as nominee shareholder of ACC for the benefit of AMM, entered into a First Amendment to Stock Purchase Agreement and to Non-Interest Bearing Secured Promissory Note dated as of March 1, 2016, clarifying, among other things, that, notwithstanding certain language contained in the Agreement, the parties always intended that the transaction was meant to be the sale and purchase of the scheduled Acquired Assets and the assumption of a certain scheduled liability, and not the sale and purchase of the stock of ACC. The Amendment further confirmed that the Acquired Assets were sold to Tracy "as is and where is" and that ACC made no representations or warranties with respect thereto. The Amendment further clarified that no intellectual property was included among the Acquired Assets and Tracy has no rights thereto, including, without limitation, the right to use the word "Apollo" or any variation or derivation of such word or such name, in connection with its business or the use of the Acquired Assets. Additionally, the Company assumed financial responsibility for the remaining few months of a certain vendor agreement that was among the Acquired Assets, since it was unclear if the consent of the third party vendor to assign the agreement could be obtained. In exchange for this assumption of liability by the Company, the Amendment increased the principal amount of the Note from $50,000 to $51,000, the $1,000 difference representing the approximate value of the remaining payments under the service agreement. The Note was further amended to provide that the Note will be repaid in nine monthly installments of $5,000 each and the final installment will be in the amount of $6,000. The Amendment also clarified that the Note is unsecured, rather than secured by the assets of the practice. As of June 28, 2016, Tracy is current in its payments under the Note, as amended. The Amendment made other clerical and technical changes to the Agreement. All other terms of the Agreement, not expressly amended pursuant to the Amendment, remain in full force and effect. The Company recognized a loss on disposal in the amount of $476,745 related to this transaction, which consisted of the write off of the remaining goodwill and intangible assets of ACC in the amounts of $461,500 and $27,427, respectively, offset by gain on sale in the amount of $12,182. About Apollo Medical Glendale, Calif.-based Apollo Medical Holdings, Inc., provides hospitalist services in the Greater Los Angeles, California area. Hospitalist medicine is organized around the admission and care of patients in an inpatient facility such as a hospital or skilled nursing facility and is focused on providing, managing and coordinating the care of hospitalized patients. Apollo Medical reported a net loss attributable to the Company of $1.8 million on $32.9 million of net revenues for the year ended March 31, 2015, compared to a net loss attributable to the Company of $5 million on $10.5 million of net revenues for the year ended Jan. 31, 2014. For the nine months ended Dec. 31, 2015, the Company reported a net loss attributable to the Company of $4.69 million on $32.23 million of net revenues compared to a net loss attributable to the Company of $1.99 million on $23.40 million of net revenues for the nine months ended Dec. 31, 2014. As of Dec. 31, 2015, the Company had $14.6 million in total assets, $9.78 million in total liabilities, $7.07 million in mezzanine equity and a total stockholders' deficit of $2.29 million. APPLIED MINERALS: Closes $1.64 Million Capital Raise ---------------------------------------------------- Applied Minerals, Inc., has announced the closing of a $1.64 million capital raise to fund the continued commercialization of its DRAGONITE and AMIRON products. The Company sold a total of 10,933,333 common shares at a price of $0.15 per share. Attached to each share sold is three-tenths of a 5-year warrant to purchase the Company's common stock. The warrants can only be exercised for cash. As a result of this offering, the Company issued 10,933,333 shares of common stock, as well as warrants to purchase 3,280,000 shares of common stock for an exercise price of $0.25 per share. No broker was used and no commission was paid as part of the financing. The financing was led by Fimatec LTD., one of Japan's leading specialty minerals producers and distributors, serving the paints, coatings, adhesives, plastics, composites, rubber, concrete admixtures and related markets. Applied Minerals and Fimatec have recently entered into an agreement in which Fimatec agreed to represent Applied Minerals as its exclusive sales distributor of DRAGONITE halloysite clay products for the Japanese market. Also participating in the financing were three directors of the Company and a number of current and new shareholders. Management believes that this round of funding provides the Company ample runway to bridge a number of high value near-term commercial opportunities in its pipeline, particularly within the catalyst and oil and gas markets. According to Andre Zeitoun, president and CEO of Applied Minerals, "This financing is a testament to the conviction that our Board of Directors, as well as our long-term shareholders, have in the Company's expanding business prospects. In addition, we are excited to have received our first ever investment from a strategic business partner, Fimatec. Since entering into our agreement, several promising commercial projects have been introduced and are currently in progress in Japan. We look forward to the future of our partnership and welcome them as a key stakeholder in our organization." About Applied Minerals New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a leading global producer of halloysite clay used in the development of advanced polymer, catalytic, environmental remediation, and controlled release applications. The Company operates the Dragon Mine located in Juab County, Utah, the only commercial source of halloysite clay in the western hemisphere. Halloysite is an aluminosilicate clay that forms naturally occurring nanotubes. Applied Minerals reported a net loss of $9.80 million on $507,474 of revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.31 million on $234,221 of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Applied Minerals had $7 million in total assets, $23.09 million in total liabilities and a total stockholders' deficit of $16.08 million. EisnerAmper LLP, in New York, New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses from operations and used cash in operating activities. In addition, the Company's working capital at December 31, 2015 may not be sufficient to fund its operations for the next twelve months after giving consideration to management's plans and certain transactions. Further, the Company may not be able to raise additional financing if needed. Collectively, the auditors said, these conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. ARR MEDICAL: Wants Exclusive Plan Filing Deadline Moved by 90 Days ------------------------------------------------------------------ Arr Medical Group, PSC, asks the U.S. Bankruptcy Court for the District of Puerto Rico to extend by 90 days the exclusivity period for the Debtor to file a disclosure statement and plan of reorganization and the period for the Debtor to obtain the votes for the plan by 60 days after the order approving the Disclosure Statement is entered. There are pending negotiations with the creditors that need to be resolved prior to the filing of the Disclosure Statement and Plan. The Debtor assures the Court that it is meeting its obligations as Debtor in possession. Monthly Operating Reports have been filed and quarterly fees have been paid. The Debtor tells the Court that any extension of time will not harm the creditors but will increase the possibilities of a successful reorganization. The Debtor's counsel can be reached at: Mary Ann Gandia-Fabian, Esq. P.O. Box 270251 San Juan, Puerto Rico 00928 Tel: (787) 390-7111 Fax: (787) 729-2203 E-mail: gandialaw@gmail.com Arr Medical Group, PSC, filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00400) on Jan. 22, 2016. Mary Ann Gandia Fabian, Esq., at Gandia-Fabian Law Office serves as the Debtor's bankruptcy counsel. ATLANTIC & PACIFIC: Wants Plan Filing Deadline Moved to Jan. 19 --------------------------------------------------------------- The Great Atlantic & Pacific Tea Company, Inc., et al., ask the U.S. Bankruptcy Court for the Southern District of New York to extend the exclusive filing period through and including Jan. 19, 2017, and the exclusive solicitation period through and including March 20, 2017. A hearing on the Debtor's request is scheduled for July 14, 2016, at 10:00 a.m. (Eastern Time). Objections to the request must be filed by July 7, 2016, at 4:00 p.m. (Eastern Time). The Debtors seek a further extension of the Exclusive Periods to ensure that the Debtors have sufficient time to work with their constituents to maximize the value of their remaining assets and finalize a resolution of these Chapter 11 cases without interference, distraction, or additional cost and delay. Terminating the Exclusive Periods at this juncture would defeat the very purpose of section 1121 of the Bankruptcy Code -- to afford the Debtor a meaningful opportunity to propose a confirmable Chapter 11 plan that maximizes value and is fair and equitable to all of the Debtors' economic stakeholders. In less than one year into these Chapter 11 cases, the Debtors have (i) successfully executed a sales strategy with the full support of their primary stakeholders that preserved more than 18,000 jobs for employees and generated approximately $910 million in proceeds, (ii) achieved a global settlement resolving significant disputes among their primary stakeholders that will pave the way for an efficient resolution of these Chapter 11 cases, (iii) paid down a substantial portion of their secured debt, including all of their debtor-in-possession financing and their prepetition revolver and term loans, and (iv) resolved the majority of the issues with their unions consensually. These achievements alone warrant a further extension of the Exclusive Periods. The Debtors have been and remain focused on the resolution of these Chapter 11 cases. Since the last extension of exclusivity in March 2016, the Debtors focused their efforts on conducting good-faith, arms-length negotiations with their pension funds and unions to obtain their support for the Global Settlement, which was originally only agreed to by the Debtors, the Official Committee of Unsecured Creditors, the majority holders of the Senior Secured PIK Toggle Notes due 2017 and the majority holders of the Senior Secured Convertible Notes due 2018. Those efforts proved successful as virtually every single one of the Debtors' pension plans and unions became a party to the Global Settlement that not only resolved significant disputes and potential claims against the secured lenders but also resolved and fixed the amount and priority of the asserted administrative expense claims of the pension plans that were vigorously disputed by the Debtors. On June 6, 2016, the Court approved the Global Settlement. While the Global Settlement establishes certain unencumbered assets that will be available for distribution to the Debtors' estates, it does not fix the mechanism for distributions. The Debtors are working with their stakeholders to agree upon a mechanism for distributions and related issues and require additional time to resolve those issues and bring these chapter 11 cases to conclusion. In addition, over the next several months, the Debtors plan to market and auction their 16 operating liquor stores -- the primary remaining assets of their estates. All of the requirements to warrant a further extension of the Exclusive Periods are satisfied. The Debtors have negotiated with their creditors in good faith. Those negotiations culminated in the Global Settlement among the Debtors and major stakeholders. Throughout these Chapter 11 cases, the Debtors have been transparent and worked cooperatively with their various constituencies to avoid disputes and contested matters whenever possible. Absent the relief requested herein, the Debtors could face the prospect of a plan process involving multiple competing plans. The process would increase the administrative expenses borne by the Debtors' estates and distract the Debtors from their ongoing negotiations with creditors. The majority holders of the PIK Notes, the majority holders of the Convertible Notes and the Creditors' Committee support a further extension of exclusivity as requested. The large and complex Chapter 11 cases of these 21 Debtors warrant extending the Exclusive Periods. As of the Commencement Date, the Debtors operated 296 supermarkets and liquor stores under various banners and maintained a labor force of approximately 28,500 employees, over 90 percent of whom were covered by one of 35 separate collective bargaining agreements. The Debtors' stores were supplied by thousands of vendors, and the Debtors were parties to many hundreds of real property leases and executory contracts, including equipment leases, supply agreements, and service and logistics agreements. The Debtor's counsel can be reached at: Ray C. Schrock, P.C. Garrett A. Fail, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 E-mail: ray.schrock@weil.com garrett.fail@weil.com About Atlantic & Pacific Based in Montvale, New Jersey, The Great Atlantic & Pacific Tea Company, Inc., and its affiliates are one of the nation's oldest leading supermarket and food retailers, operating approximately 300 supermarkets, beer, wine, and liquor stores, combination food and drug stores, and limited assortment food stores across six Northeastern states. The primary retail operations consist of supermarkets operated under a variety of well known trade names, or "banners," including A&P, Waldbaum's, SuperFresh, Pathmark, Food Basics, The Food Emporium, Best Cellars, and A&P Liquors. The Company employs approximately 28,500 employees, over 90% of whom are members of one of twelve local unions whose members are employed by the Debtors under the authority of 35 separate collective bargaining agreements. Then with 429 stores, A&P and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Case No. 10-24549) on Dec. 12, 2010, and in 2012 emerged from Chapter 11 bankruptcy as a privately held company with 320 supermarkets. On July 19, 2015, with 300 stores, A&P and 20 affiliated debtors each filed a Chapter 11 petition (Bankr. S.D.N.Y.) after reaching deals for the going concern sales of 120 stores. The Debtors are seeking joint administration under Case No. 15-23007. As of Feb. 28, 2015, the Debtors reported total assets of $1.6 billion and liabilities of $2.3 billion. The Debtors tapped Weil, Gotshal & Manges LLP as counsel, Evercore Group L.L.C., as investment banker, FTI Consulting, Inc., as financial advisor, Hilco Real Estate, LLC, as real estate advisor, and Prime Clerk LLC, as claims and noticing agent. Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York issued an order directing joint administration of the Chapter 11 cases of The Great Atlantic & Pacific Tea Company, Inc., and its debtor affiliates under Lead Case No. 15-23007. BAMC DEVELOPMENT: Case Summary & 6 Unsecured Creditors ------------------------------------------------------ Debtor: BAMC Development Holding LLC 303 S. Melville Ave Tampa, FL 33606 Case No.: 16-05643 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Judge: Hon. Catherine Peek McEwen Debtor's Counsel: W Bart Meacham, Esq. 308 East Plymouth Street Tampa, FL 33603-5957 Tel: 813-223-6334 Fax: 813-425-6969 E-mail: wbartmeacham@yahoo.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Ortiz, managing member. A list of the Debtor's six largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-05463.pdf BEAR METALLURGICAL: U.S. Trustee Forms 3-Member Committee --------------------------------------------------------- The Office of the U.S. Trustee on June 30 appointed three creditors of Bear Metallurgical Co. and Gulf Chemical & Metallurgical Corp. to serve on the official committee of unsecured creditors. The committee members are: (1) United Metallurgical Inc. Attn: Steven Beach 15561 Humphrey Road Middleburgh Hts., OH 44130 Tel: (216) 272-3937; Fax: (216) 676-8649 Email: svbeach@aol.com (2) GDF Suez Energy Resources NA, Inc. Attn: Randy Johnson 1990 Post Oak Blvd. Suite 1900 Houston, TX 77056 Tel: (713) 636-1607; Fax: (713) 636-1601 Email: randy.johnson@na.engie.com (3) Formosa Plastics Corp. Attn: Marcia Ashby 9 Peach Tree Hill Road Livingston, NJ 07039 Tel: (973) 422-7755; Fax: (973) 716-7450 Email: mashby@fpcusa.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Bear Metallurgical Bear Metallurgical Co. and Gulf Chemical & Metallurgical Corp. filed chapter 11 petitions (Bankr. W. D. Pa. Lead Case No. 16-22192) on June 14, 2016. The petitions were signed by Eric Caridroit, chief executive officer. The cases are assigned to Judge Jeffery A. Deller. At the time of the filing, Bear Metallurgical estimated assets and debts to be between $1 million and $10 million. Gulf Chemical estimated assets and debts to be between $100 million and $500 million. BFN OPERATIONS: U.S. Trustee Forms 5-Member Committee ----------------------------------------------------- The Office of the U.S. Trustee on June 29 appointed five creditors of BFN Operations LLC to serve on the official committee of unsecured creditors. The committee members are: (1) Art Phelps Corporate Credit Manager BWI Companies, Inc. P.O. Box 990 Nash, Texas 75569-0990 Phone: 903-838-8561 Fax: 903-831-4799 Email: artphelps@bwicompanies.com (2) James Lee Vice President, Legal Affairs Choptank Transport, Inc. P.O. Box 99 Preston, MD 21655 Phone: 440-673-1240 Fax: 440-673-2724 Email: James.Lee@choptanktransport.com (3) Richard T. Hyslip President Griffin Greenhouse Supplies Inc. P.O. Box 36 1619 Main Street Tewksbury, MA 01876 Phone: 800-888-0054 Fax: 978-851-0012 (4) Kenneth Hebert Vice President/Chief Financial Officer Nursery Supplies, Inc. 1415 Orchard Drive Chambersburg, PA 17201 Phone: 717-263-7780 Fax: 717-263-2412 Email: khebert@nurserysupplies.com (5) Bill Schoppman Credit Manager Harrell’s, LLC P.O. Box 807 Lakeland, FL 33802-0807 Phone: 800-780-2774 Fax: 863-583-0695 Email: bschoppman@harrells.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. 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. BH GRP: Seeks Approval to Continue Property Sales ------------------------------------------------- BH GRP, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Louisiana to authorize to continue to close on sales of properties currently under contract and to continue to sell properties in the ordinary course of business. As of the Petition Date, the Debtor was a party to one pending contract to close on the sale of 3809 Constance Street ("Prepetition Sales Contract"). Proceeds of the sale of the Property under the prepetition sales contract will afford the Debtor needed liquidity during the Chapter 11 case. Because the Debtor anticipates that the chapter 11 case has or may have created some apprehension for current and prospective customers, the Debtor's ability to honor its prepetition sales contract is critical to its profitability and prospects for successful reorganization. Moreover, to continue to close on the sale of Properties, the Debtor must be able to transfer title to buyers free and clear of all liens and interests in such property, all without the necessity of seeking and obtaining a court order for each individual sale. As is customary in the real estate industry, in the ordinary course of these Property sales, independent contractor sales agents representing either the buyers or the Debtor in the transaction earn commissions when a property sale is consummated. The Debtor seeks the authority to pay these Commissions at the Debtor's discretion, in the ordinary course of the Debtor's property sales with respect to prepetition sales contracts and applicable future sales contracts. As part of their real estate rehabilitation business and operations, the Debtor relies on, and routinely contracts with, a number of third parties, including contractors, subcontractors, and suppliers, who may be able to assert liens against the Debtor's property to secure payment for certain prepetition goods and services or other claims ("Mechanics' Lien Claims"). To protect the rights of mechanics' lien claimants, the Debtor proposes to establish procedures for the resolution and payment of mechanics' lien claims secured by valid and enforceable mechanics' Liens. The proposed lien procedures will facilitate the Debtor's ability to continue to conduct its business (which is necessary to preserve value in the Chapter 11 case) while protecting the interests of all affected parties. A copy of the proposed lien procedures attached to the Motion is available for free at: http://bankrupt.com/misc/BH_GRP_38_Sale_M.pdf BH GRP, LLC, is represented by: Derek Terrell Russ, Esq. Bankruptcy Center of Louisiana 938 Lafayette Street, Suite 405 New Orleans, LA 70113 Telephone: (504) 522-1717 Facsimile: (504) 522-1715 E-mail: derekruss@russlawfirm.net About BH GRP BH GRP, LLC, is a real estate rehabilitation company. BHG, whose origins date back to March 18, 2014, has no employees; however, it utilizes subcontractors to rehabilitate houses to be placed back into the stream of commerce for sale. BH GRP filed for Chapter 11 bankruptcy protection (Bankr. E.D. La. Case No. 16-10575) on March 17, 2016. The petition was signed by Janice Bouldin, managing member. As of the Petition Date, BHG, reported approximately $1,400,835 in total assets and approximately $1,516,507 in total liabilities. As of the Petition Date, there is approximately $1,327,217 in outstanding property-level debt. For 2015, BHG reported no revenue. BIND THERAPEUTICS: Files Motion for Approval of Stalking Horse APA ------------------------------------------------------------------ BIND Therapeutics, Inc., a biotechnology company developing targeted and programmable therapeutics called ACCURINS (R), on July 1 disclosed it has filed a motion for court approval of a stalking horse asset purchase agreement bid from Pfizer Inc. for the purchase of the majority of BIND's assets. The agreement is the initial stalking horse bid under Section 363 of the U.S. Bankruptcy Code, to be followed by an orderly auction process as established by the U.S. Bankruptcy Court. Under terms of the agreement, Pfizer has agreed to acquire substantially all of BIND's assets for approximately $20 million in cash subject to certain price adjustments. Pfizer has also agreed to assume certain contractual liabilities of BIND. BIND has requested the U.S. Bankruptcy Court to authorize the Company to proceed with an auction on July 25, 2016 for the majority of its assets, provided the Company receives qualified overbids no later than July 22, 2016 at 4:00 p.m. EDT. The Company intends to select the highest and best offer at the conclusion of the auction. If Pfizer is selected as the successful bidder at the auction, or if no qualified competing bids are submitted, and subject to court and other regulatory approvals, the Company expects to complete the transaction in the third quarter of 2016. BIND Therapeutics initiated voluntary Chapter 11 bankruptcy protection on May 1, 2016 and is conducting a sale of assets pursuant to Section 363 of the Bankruptcy Code. The agreement between BIND and Pfizer is intended to constitute a "stalking horse bid" in accordance with the bidding procedures approved by the bankruptcy court; however, certain break-up fees and expense reimbursements intended to serve as bid protection for Pfizer are subject to court approval. About BIND Therapeutics BIND Therapeutics is a biotechnology company developing novel targeted therapeutics, primarily for the treatment of cancer. BIND Therapeutics, Inc., aka BIND Biosciences, Inc., and BIND Biosciences Security Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-11084 and 16-11085) on May 1, 2016. Peter M. Gilhuly, Esq., Kimberly A. Posin, Esq., and Adam E. Malatesta, Esq., at Latham & Watkins LLP, and John Henry Knight, Esq., and Amanda R. Steele, Esq., at Richards, Layton & Finger, P.A., serve as Chapter 11 counsel. The Debtors' financial advisor is Cowen and Company, LLC. Prime Clerk LLC serves as claims and noticing agent. In its petition, the Debtors estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Andrew Hircsh, president and chief executive officer. BON-TON STORES: Reaffirms Fiscal 2016 Guidance ---------------------------------------------- The Bon-Ton Stores, Inc., provided an update on quarter-to-date business performance. Through June 25, 2016, comparable sales performance for the second quarter of fiscal 2016 was in line with the Company's forecast. Based on this quarter-to-date performance, the Company reaffirms its guidance for fiscal 2016. It continues to expect Adjusted EBITDA in a range of $130 million to $140 million. Loss per diluted share is expected in a range of $0.95 to $1.45. (As used in this release, Adjusted EBITDA is not a measure recognized under GAAP - see the accompanying financial table which reconciles this non-GAAP measure to net loss.) Assumptions reflected in the Company's full-year guidance include the following: * A comparable sales performance ranging from flat to a decrease of 1%; * A gross margin rate ranging from a 30- to 50-basis-point increase over the fiscal 2015 rate of 34.7%; * An SG&A expense rate ranging from a 40- to 60-basis-point decrease from the fiscal 2015 rate of 33.3%; * Capital expenditures not to exceed $40 million, net of external contributions; and * An estimated 20 million weighted average shares outstanding. As of June 25, 2016, the Company had approximately $246.4 million of borrowing capacity under its revolving credit facility, and expects to decrease debt by approximately $40 million to $50 million for fiscal 2016. Kathryn Bufano, president and chief executive officer, commented, "In light of recent developments, including the announcement regarding our sale-leaseback agreement, and the ongoing uncertainties in the marketplace, we believe it is prudent to provide an update on our quarter-to-date business trends. Overall, our sales trends are in line with our plan, and we continue to believe that we are on track to meet our expectations for fiscal 2016. In addition, we continue to focus on maintaining adequate and sustainable liquidity levels for the business. As part of our ongoing refinancing efforts, we are working to diligently explore all appropriate options to pay down our senior notes due in 2017, and remain confident that we will be in a position to pay down this debt prior to maturity in July of 2017. We look forward to providing you with further details and additional information when we report our second quarter results in August." About Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company's Web site at http://investors.bonton.com. Bon-Ton Stores reported a net loss of $57.05 million on $2.71 billion of net sales for the fiscal year ended Jan. 30, 2016, compared to a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015. As of April 30, 2016, Bon-Ton had $1.51 billion in total assets, $1.51 billion in total liabilities, and a $1.25 million total shareholders' deficit. * * * As reported in the TCR on Dec. 4, 2015, Moody's Investors Service downgraded Bon-Ton Stores's Corporate Family Rating to Caa1 from B3. The company's Speculative Grade Liquidity rating was affirmed at SGL-2. The rating outlook is stable. The downgrade considers the continuing and persistent negative pressure on Bon-Ton's revenue and EBITDA margins which has been accelerating during the course of fiscal 2015. As reported by the TCR on June 29, 2016, S&P Global Ratings lowered its corporate credit rating on the York, Pa.-based The Bon-Ton Stores Inc. to 'CCC' from 'CCC+'. The outlook is negative. "The downgrade reflects our revision of the company's liquidity to weak, increasing refinancing risk for an upcoming debt maturity in mid-2017, and that a default is likely within 12 months absent an meaningful turnaround in operating results," said credit analyst Mathew Christy. "Our view considers the June 20, 2016, announcement that a previously agreed upon sales-leaseback of three company-owned stores was terminated, which we believe suggests sustained industry weakness and operating performance for Bon-Ton." BOWERS INVESTMENT: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bowers Investment Company, LLC. Bowers Investment Company, LLC, based in Fairbanks, Alaska, filed a Chapter 11 petition (Bankr. D. Alaska Case No. 16-00136) on May 6, 2016. Hon. Gary Spraker presides over the case. Frank H. Cahill, Esq., at Law Offices of H. Frank Cahill, serves as counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. C COMPANY GENERAL: Sale of Business Equipment by Church Approved ---------------------------------------------------------------- Judge Shon Hastings of the U.S. Bankruptcy Court for the District of North Dakota authorized C Company General Contractors, LLC, to sell its business equipment by private sale to be conducted by Seth Church. The sales that will be free and clear of all liens and encumbrances include the following: a. UCC's filed with the ND Secretary of State in favor of People's United Finance Corp. of Charlotte, NC against C Company General Contractors, LLC on Dec. 3, 2012, File No. 12-000788311-9, on Jan. 17, 2014 File No. 14-000882829-8, on Feb. 26, 2014, File No. 14-000891481-7. b. UCC's filed with the ND Secretary of State in favor of Commercial Credit Group against C Company General Contractors, LLC on July 17, 2013, File No. 13-000843958-0, Nov. 5, 2013, File No. 13-000867502-0, on Jan. 10, 2014, File No. 14-000880626-9, Jan. 10, 2014, File No. 14-000880628-1, on Dec. 26, 2014, File No. 14-000953435-3. c. Internal Revenue Service federal tax lien filed on Nov. 16, 2015, File No.15-001021411-3, on Nov. 18, 2015, File No. 15-001021864-0. Valid and perfected liens shall attach to sale proceeds. Mr. Church will maintain a log of each item sold, to whom the item was sold (including address and phone number), price received. He shall also obtain and maintain receipts for all sales. Upon completion of the sales, but not less than every two weeks, and upon conversion or dismissal of the case, the Debtor will file a report of sale. The Debtor is also authorized to distribute the sale proceeds as follows: a. To People's United Equipment Finance any sum up to the balance due it under the settlement agreement. Excess proceeds, if any, will be deposited into a segregated account subject to the liens avoided. b. The Debtor will report any disbursement of funds at or before disbursement, to the secured creditors and United States Trustee and maintain a log of all disbursements, and upon completion of sales, will include in the report of sale all disbursements of those funds and funds remaining on hand. A copy of the list of tools and equipment to be sold attached to the Sale Motion is available for free at: http://bankrupt.com/misc/C_Company_160_Sale_M.pdf About C Co. General Contractors C Company General Contractors, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Case No. 15-30554), in Fargo, North Dakota, on Dec. 23, 2015. The Debtor is represented by Kip M. Kaler, Esq., at KalerDoeling, PLLP. The case is assigned to Judge Shon Hastings. The Debtor estimated assets of $0 to $50,000 and debt of $1 million to $10 million. The Debtor presently does not operate and is incapable of operating. It says at this point it is unlikely that liquidation of the Debtor under any scenario will result in a distribution to unsecured creditors. C&J ENERGY: Reaches Agreement in Principle with Secured Lenders --------------------------------------------------------------- C&J Energy Services Ltd. on June 30, 2016, announced an agreement in principle with its secured lenders on the key aspects of a proposed restructuring transaction, subject to the negotiation of specific terms and definitive documentation. The agreement in principle contemplates a complete deleveraging transaction pursuant to which approximately $1.4 billion of the Company's outstanding debt will be converted to new common equity. Additionally, the agreement in principle also contemplates an infusion of new equity capital through a backstopped equity rights offering. The lenders have also agreed in principle to provide debtor-in-possession financing to bridge the Company through the proposed restructuring transaction. The Company will continue to negotiate with its lenders to finalize the definitive documentation, including entry into a Restructuring Support Agreement. The Company and its lending group have also entered into an extension of the forbearance with respect to the previously announced covenant breach, as well as with respect to the payment of interest and certain fees under the Company's credit facilities. As previously reported in connection with the release of its first quarter 2016 results, the Company obtained a temporary limited waiver agreement from its lending group with respect to its breach of the quarterly minimum cumulative consolidated Bank EBITDA covenant. Pursuant to the forbearance extension, the lenders have agreed to forbear from exercising default remedies or accelerating any indebtedness through July 17, 2016 as a result of the existing breach during the extended forbearance period. This extension of the forbearance provides the Company with additional flexibility to continue discussions with its creditors and other stakeholders. President, Chief Executive Officer and Chief Operating Officer Don Gawick commented, "We are pleased to have reached an agreement in principle with our secured lenders to restructure the Company's balance sheet, which will provide solid financial footing for the Company's future operational success as the commodity pricing environment begins to recover. We appreciate the continued support of our lenders as negotiations continue around the final outstanding terms. We fully believe the extension of the forbearance agreement will give us and our Board adequate time to finalize a deal that will completely de-lever our balance sheet. A strong balance sheet along with ample liquidity for future growth and investment will provide C&J with a defining strategic advantage over our peers, which we will leverage to aggressively pursue market-share gains in each of our core service lines." About C&J Energy Services C&J Energy Services -- http://www.cjenergy.com-- is a provider of well construction, well completions, well support and other complementary oilfield services to oil and gas exploration and production companies. As one of the largest completion and production services companies in North America, C&J offers a full, vertically integrated suite of services involved in the entire life cycle of the well, including directional drilling, cementing, hydraulic fracturing, cased-hole wireline, coiled tubing, rig services, fluids management services and other special well site services. C&J operates in most of the major oil and natural gas producing regions of the continental United States and Western Canada. * * * The Troubled Company Reporter, on April 19, 2016, reported that Standard & Poor's Ratings Services lowered its corporate credit rating on Houston-based oilfield services provider C&J Energy Services Ltd. to 'CCC-' from 'B-'. The outlook is negative. At the same time, S&P lowered its ratings on the company's revolver and term loans to 'CCC-' (the same as the corporate credit rating) from 'B'. The recovery rating on the company's revolver and term loans is '3', indicating S&P's expectation of meaningful (50% to 70%, high end of the range) recovery in the event of a payment default. "The downgrade on reflects our view of the company's unsustainable credit metrics and our belief that the company could restructure its debt or miss an interest payment over the next six months," said Standard & Poor's credit analyst Stephen Scovotti. CARRICK TRACKING: Trustee's Sale of Loader for $12.8K Approved -------------------------------------------------------------- Judge Daniel S. Opperman of the U.S. Bankruptcy Court for the Eastern District of Michigan, Northern Division, authorized Carrick Trucking, Inc.'s Liquidating Trustee, Kelly M. Hagan, to sell the estate's 1999 Komatsu WA250 Front End Loader, S/N A70375, for $12,800. No objections were filed to the Trustee's motion. Brian and Mark Carrick will have no claim to the sale proceeds. About Carrick Trucking Carrick Trucking, Inc. sought Chapter 11 protection (Bankr. E. D. Mi. Case No. 13-20904) on April 1, 2013 in Bay City. The case is assigned to Judge Daniel S. Opperman. The Debtor is represented by Rozanne M. Giunta, Esq. The Debtor estimated $0 to $50,000 in assets and $1,000,001 to $10,000,000 in debt. Kelly M. Hagan was appointed the duly qualified and acting Liquidating Trustee. Upon the entry of the Order of Confirmation, all assets of the Debtor and all claims arising under Chapter 5 of the Bankruptcy Code were assigned to the Trustee for the benefit of the Carrick Trucking Liquidating Trust. CFG INVESTMENT: Chapter 15 Case Summary --------------------------------------- Chapter 15 Petitioner: Francisco Javier Paniagua Jara Chapter 15 Debtors: CFG Investment S.A.C., 16-11891 Calle Francisco Grana 155 La Victoria Lima, Peru Corporacion Pesquera Inca S.A.C. 16-11892 Sustainable Fishing Resources S.A.C. 16-11894 Chapter 15 Petition Date: June 30, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. James L. Garrity Jr. Chapter 15 Petitioner's Counsel: Edward J. LoBello, Esq. Howard B. Kleinberg, Esq. Jil Mazer-Marino, Esq. MEYER, SUOZZI, ENGLISH & KLEIN, P.C. 990 Stewart Avenue, Suite 300 PO Box 9194 Garden City, NY 11530 Tel: 516-741-6565 Fax: 516-741-6706 E-mail: elobello@msek.com hkleinbergmsek.com jmazermarino@msek.com Estimated Assets: Not Indicated Estimated Debts: Not Indicated CHINA FISHERY: Case Summary & 53 Largest Unsecured Creditors ------------------------------------------------------------ Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- China Fishery Group Limited (Cayman) 16-11895 Rooms 3201-3210, Hong Kong Plaza 188 Connaught Road West Hong Kong Pacific Andes International Holdings Limited (Bermuda) 16-11890 N.S. Hong Investment (BVI) Limited 16-11899 South Pacific Shipping Agency Limited (BVI) 16-11924 China Fisheries International Limited (Samoa) 16-11896 CFGL (Singapore) Private Limited 16-11915 Chanery Investment Inc. (BVI) 16-11921 Champion Maritime Limited (BVI) 16-11922 Growing Management Limited (BVI) 16-11919 Target Shipping Limited (HK) 16-11920 Fortress Agents Limited (BVI) 16-11916 Ocean Expert International Limited (BVI) 16-11917 Protein Trading Limited (Samoa) 16-11923 CFG Peru Investments Pte. Limited (Singapore) 16-11914 Smart Group Limited (Cayman) 16-11910 Super Investment Limited (Cayman) 16-11903 Nature of Business: Commercial Fishing Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. James L. Garrity Jr. Debtors' Counsel: Howard B. Kleinberg, Esq. Edward J. LoBello, Esq. Jil Mazer-Marino, Esq. MEYER, SUOZZI, ENGLISH & KLEIN, P.C. 990 Stewart Avenue, Suite 300 Garden City, NY 11530 Tel: (516) 741-6565 Ext. 5718 Fax: (516) 741-6706 E-mail: hkleinberg@MSEK.com elobello@msek.com jmazermarino@msek.com Debtors' Financial Consultant: RSR CONSULTING, LLC AND GOLDIN ASSOCIATES, LLC Estimated Assets: $500 million to $1 billion Estimated Liabilities: $10 million to $50 million The petition was signed by Ng Puay Yee, chief executive officer. List of Debtors' 53 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Rabobank Intl, HK $96,503,494 32/F, 3 Pacific Place 1 Queens Road East Hong Kong DBS Bank (HK) Ltd $96,503,494 16th Fl, The Center 99 Queens Road Central Hong Kong HSBC $96,503,494 L16, HSBC Main Bldng 1 Queen's Road Central, Hong Kong Standard Chartered Bnk (HK) Ltd $96,503,494 15/F, Stndrd Charter Bnk Bldng 4-4A Des Voeux Road Central Hong Kong China CITIC Bnk Intl Ltd $32,167,831 80th Fl, Intl Commerce Cntr 1 Austin West Kowloon Hong Kong TMF Trustee Ltd $296,000,000 Corporate Trust 5th Fl, 6 St. Andrew St London, EC4A 3AE United Kingdom Rabobank NFS Finance $102,000,000 32/F, 3 Pacific Place 1 Queens Road East Hong Kong Maybank $95,000,000 18/F CITIC Tower 1 Tim Mei Avenue Central Hong Kong Rabobank $94,375,235 Pickenpack Facility Agmnt 32/F, Three Pacific Place 1 Queens Road East Hong Kong Tapei Fubon Com Bk Co Ltd $72,000,000 12F 169, Sec 4, Ren Ai Rd Taipei, 106886 Taiwan CITIC $70,900,000 61-65 Des Voeux Road Central Hong Kong DBS $58,000,000 16th Floor, The Center 99 Queens Road Central Hong Kong Maybank $40,000,000 18/F CITIC Tower 1 Tim Mei Avenue Central Hong Kong Bank of America, N.A. $30,000,000 52/F. Cheung Kong Center 2 Queen's Road Central Central Hong Kong Bank of America $30,000,000 52/F, Cheung Kong Center 2 Queens Rd Central Central Hong Kong Rabobank $22,000,000 32/F, 3 Pacific Place 1 Queens Road East Hong Kong Brndbrg Mrt Invst Hldng $15,558,581 L8, Medine Mews La Chaussee Port Louis, Mauritius Andes Int'l Qingdao Ship $13,651,769 N67 Yin Chuan Xi Rd, BID Qingdao Amintn Ind Pk 4F1 Qingdao City 266000 Shandong Province, China Rabobank $12,000,000 32/F, 3 Pacific Place 1 Queens Road East Hong Kong Fubon $11,000,000 Fubon Bank 38 Des Voeux Road Central Hong Kong Standard Charter Bank $8,000,000 Standard Charter Bank Building 5/F 4-4A Des Voeux Rd Central Hong Kong DLA PIPER HONG KONG $1,789,232 17th Flr, Edinburgh Twr The Landmark 15 Queen's Road Central Hong Kong Grant Thornton Recovery $907,427 Level 12, 28 Hennessy Rd Wanchai Hong Kong Brndbrg Nam Invt Co $783,559 Erf 2347 10th St E Industrial Area PO Box 658 Walvisbay Republic of Namibia Deloitte Touche Tohmatsu $682,261 35/F One Pacific Place 88 Queensway Hong Kong Baraka Seari Ltd $657,200 Rm 1401-2 Easey Comercial Bldng 253-261 Hennessy Rd Wanchai, Hong Kong Meridian Invst Group Pte $442,001 138 Cecil Street #12-01 A Cecil Court Singapore 069538 Singapore Taishin $400,000 No. 118, Sec 4, Ren-ai Rd Da-an District Taipei City 106 Taiwan Deloitte & Touche Fin Adv $384,615 32/F Once Pacific Place 88 Queensway Hong Kong RSM Corp Advisory HK Ltd $384,615 29th Lee Garden Two 28 Yun Ping Road Causeway Bay Hong Kong Guangtai Trading Ltd $345,552 Trust Company Complex Ajeltake Rd, Majuro Rep of the Marshall Is MH96960 Sang II Trading Co Ltd. $342,854 Rm 504, 125 Wonyang-Ro Seo-Gu, Busan 602-030 South Korea Atl Pacific Fishing Ltd $341,149 Erf 2347 10th Street East Industrial Area PO Box 658 Walvisbay Republic of Namibia PricewaterhouseCoopersLtd $256,410 22/F Prince's Building Central Hong Kong Deloitte Touche Tohmatsu $251,282 35/F One Pacific Place 88 Queensway Hong Kong Qingdao Jncai Plgic Fish $231,150 No. 1 Chang An Rd 4th F1, Shibei District Qingdao City 266000 Shandong Prov China Rngchng Lngyn Ship Agcy $209,624 Xixiakou County ChengShan Town RongCheng City Shandong, China Baker & McKenzie $200,275 14/F, Hutchison House 10 Harcourt Road Central Hong Kong Andes Intl Qingdao Shp 4F $173,231 N67 Yin Chuan Xi Rd Bk D Qingdao Amination Ind Pk ShinanDstQingdaoCty 266000 Shandong Province, China Andes Intl Qingdao Shp 4F $173,231 N67 Yin Chuan Xi Rd Bk D Qingdao Amination Ind Pk ShinanDstQingdaoCty 266000 Shandong Province, China Sifang Dist Haiynbo Ship $158,265 Accessories Supply Center No.7 Wen Zhou Rd Qingdao Shandong, China QINGDAO SHNGBNGKN TRD $148,924 Trde Cntr Chengyang Vil Chengyang Street Chengyang District Qingdao Shandong China Andes Int'l Shpng Agcy $118,175 N67 Yin Chuan Xi Rd, BID Qingdao Amntn Ind Pk 4F1 Qingdao City 266000 Shandong Province, China Qingdao Drfng Gng Co Ltd $116,914 No.31 Yongping Rd Qingdao, China Rngchng Hetai Shngm Co $115,366 Rongcheng Bay Street Office Xuangzhen Village Shandong, China Mourant Ozannes Sery Ltd $110,947 13/F Entertainment Bldng 30 Queen's Road Central Hong Kong City N Dst, Shanghai Elec $101,884 Huatong Elec Dstr Dept No.232 Weihai Road, Qingdao Shandong, China Alatir Ltd. $104,286,159 No 80 Raffles Pl, #26-02 UOB Plaza One Singapore 048625 Epiq Systems Limited $95,668 1102-1104 Central Plaza 18 Harbour Road Wanchai Hong Kong Shell Marine Prod Sing $83,454 Metropolis Tower 1 9N Buona Vsta Dr, 07-01 Singapore 138588 Shangong Haoyuntong $81,545 Nets Technology Co., Ltd No.318 Muyun Rd Shidao, Rongcheng Shandong, China Sang Il Trading Co Ltd $77,827 Rm 504, 125, Wonyang-Ro Seo-Gu, Busan 602-030 South Korea Perun Ltd. Unliquidated No 80 Raffles P1, #26-01 UOB Plaza One Singapore 048624 CHINA FISHERY: Files for Ch. 11 Bankruptcy Due to El Nino --------------------------------------------------------- China Fishery Group Limited, the Singapore-listed unit of Hong Kong's Pacific Andes International Holdings Ltd., filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on June 30, 2016. China Fishery, which sought bankruptcy protection with 15 affiliates, seeks to implement a restructuring of their businesses and utilize the automatic stay to prevent creditors from forcing a fire sale, which would preclude structurally subordinated creditors and shareholders from realizing value. The Debtors intend to operate their businesses in the ordinary course during these Chapter 11 cases. According to documents filed with the Court, "[T]he value of the CF Group is in jeopardy as a result of the aggressive and improper acts by certain lenders and natural events (El Nino) that together have triggered a liquidity crisis. A small group of lenders have grown impatient with (or are outright hostile to) a sale process that the Debtors commenced pre-petition and are threatening to enforce their rights against their respective Debtor obligors." Ng Puay Yee, managing director of Pacific Andes, said that while the Pacific Andes Group's initial goal was to maintain their businesses while finding sufficient cash to pay off their obligations, by September of 2015 it had become evident that they might need to take drastic steps to preserve as much of the Pacific Anded Group as possible. Accordingly, it was contemplated that some or all of the CF Group would be sold. At that time, an estimated market value of $1.6 to $1.7 billion had been placed on the CF Group by Deloitte & Touche Financial Advisory Services, Hong Kong. Had a sale been consummated in this range, the Initial Proposed Divestment would have allowed all creditors of Pacific Andes to be paid in full. Appointment of JPLs On Nov. 25, 2015, all negotiations were derailed by the ex parte commencement by The Hongkong and Shanghai Banking Corporation Limited of an action in the Hong Kong Court seeking the winding up of China Fishery Group Limited and China Fisheries International Limited and the appointment of joint provisional liquidators. Three joint provisional liquidators were appointed on an ex parte basis over CFGL and CFIL, two of the Debtors. On Jan. 5, 2016, their appointment was quashed by the very court that appointed them due to a failure by the petitioning party to have presented any credible evidence supporting the appointment of the JPLs. Moreover, the Court found that the evidence that HSBC had submitted was stale and did not merit the appointment in any way. "The appointment of the JPLs severely impacted negotiations with potential buyers and investors. The uncertainty caused by the appointment of the JPLs, and the suspension of operations, unsettled buyers and investors. Moreover, a forced deadline of July 15, 2016, by which a sale must be completed has led many potential buyers to take a "wait and see" attitude in hopes that there might be a fire sale," Mr. Yee maintained. Restructuring Process for CFG Peru In light of the immense and long standing financial difficulties and ongoing threats that were faced by or made against CFG Peru and the CF Group, especially with respect to its Peruvian business, the CF Group concluded that it was necessary to protect the Peruvian business of the CF Group. On June 30, 2016, ordinary insolvency proceedings were commenced in respect of each of CFG Investment, Copeinca and Sustainable Fishing Resources by way of an involuntary petition since the Peruvian Filing Entities were unable to satisfy the technical requirements of being able to submit audited financial statements for the fiscal year period ending April 30, 2016. Shortly after the commencement of the Peruvian Restructuring Proceedings, given the integral nature of the Peruvian Filing Entities to the Peruvian Andes Group and the CF Group, each of the Peruvian Filing Entities filed a petition under Chapter 15 of the Bankruptcy Code seeking recognition of the Peruvian Restructuring Proceedings by the Bankruptcy Court. About China Fishery China Fishery Group Limited (Cayman), et al., along with certain non-debtor affiliated entities, are part of a business group known as the Pacific Andes Group, which is the 12th largest seafood company in the world and one of the world's foremost vertically integrated seafood companies. The Pacific Andes Group provides seafood products to leading global wholesalers, processors and food service companies and has operations across the seafood value chain. As part of its business, the Pacific Andes Group engages in harvesting, sourcing, ocean logistics and transportation, food safety testing, processing, marketing and distribution of frozen fish products, as well as fishmeal and fish oil. The Pacific Andes Group's businesses span the globe with major operations in the People's Republic of China, the United States and Peru, including processing businesses in China, Germany, France, the United States and Peru. The Debtors are comprised primarily of investment holding companies and non-operating companies that previously were in the business of trading frozen seafood products or providing freight services. The Debtors also include: Protein Trading, a fishmeal trading company; SPSA, which provides shipping agency services; CFGLPL, a property investment company; and CFIL. CFG Investment S.A.C. Corporacion Pesquera Inca S.A.C. and Sustainable Fishing Resources, S.A.C. are affiliates of the Debtors, part of the CF Group, the subject of insolvency proceedings in Peru and the subject of Chapter 15 filings before the Bankruptcy Court. Pacific Andes Resources Development Limited is also contemplated to be the subject of insolvency proceedings in Singapore and a Chapter 15 proceedings before the Bankruptcy Court. As of March 28, 2015, the Pacific Andes Group, on a consolidated and unaudited basis, held approximately $4,669 million in assets and $2,515 million in liabilities. As of the Petition Date, the Debtors have approximately $4.27 million of cash on hand, including $1,687,007 on account of Meyer, Zuozzi, English, & Klein, P.C. in New York (in the form of a retainer for the rateable account of all Debtors), $1,720,000 on account with Goldin Associates, LLC in New York and $650,000 on account with RSR Consulting, LLC. The CF Group employs more than 2,800 people, of which 2,400 employees are based in Peru. The Debtors are represented by Howard B. Kleinberg; Edward J. LoBello and Thomas R. Slome of Meyer, Suozzi, English & Klein as counsel. RSR Consulting LLC and Goldin Associates, LLC are the Debtors' financial consultant. The Debtors have requested joint administration of their Chapter 11 cases under Case No. 16-11895. CHRISTOPHER NUSSBAUMER: Sells Five Points Property to Hu for $882K ------------------------------------------------------------------ Christopher J. Nussbaumer asks the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to approve the sale of his real property located at 881 S. Five Points Road, West Chester, PA, to Tracy Hu for $882,000 without contingencies. The Debtor and his non-debtor spouse entered into a Loan Agreement with TD Bank, N.A. ("Bank") on or about June 29, 2007, to which the Bank extended to them a commercial loan in the original principal amount of $1,200,000. Although all monthly payments were made under the terms of the loan, when the balloon payment came due, the Debtor was unable to refinance or otherwise pay the outstanding balance. On Oct. 28, 2015, the Court entered an order approving the Debtor's sale of the Five Points Road Property, free and clear of all liens, to Blanca Investment Properties, LP, for $1,275,000, the payment of all ordinary closing costs, the payment of $7,000.00/month to the Bank beginning Nov. 1, 2015 and the payment of all net proceeds to the Bank. The sale was terminated by Blanca Investments on March 28, 2016, because neither the Buyer nor the Bank would compromise regarding their respective terms, and the Debtor was unable to salvage the agreement. The Debtor believes that although the purchase price is significantly lower than the Blanca Properties agreement, the Hu offer significantly reduces the time to closing due to its lack of contingencies. Further, it is believed and therefore averred that the upset price set by the Bank prior to the Sheriff's Sale stayed by the filing of this matter would have been $735,000. The current offer will net the Bank approximately $100,000 more than the Bank's own upset price. Nevertheless, the Bank has now rejected Hu's offer as well as the other three sale agreements proposed by the Debtor since May 2014. Even assuming the Bank's alleged amount due of $1,664,965 to be accurate, the Debtor proposes to provide approximately $800,000 by way of the Hu Agreement of Sale, on or before Aug. 1, 2016. The remaining deficiency of roughly $800,000 can be satisfied by way of financing real estate located at 914-924 South Concord Road, Westtown Township, Chester County, Pennsylvania, owned by JWD Associates within 120 days thereafter. Christopher J. Nussbaumer is represented by: John A. Gagliardi, Esq. 101 East Evans Street Walnut Building Suite A West Chester, PA 19380 Telephone: (484) 887-0779 x 101 Facsimile: (484) 887-8763 E-mail: jgagliardi@wgflaw.com Christopher J. Nussbaumer sought Chapter 11 protection (Bankr. E.D. Pa. Case No. 15-15926) on Aug. 19, 2015. COMSTOCK MINING: Announces Selected Business Update --------------------------------------------------- Comstock Mining Inc. announced selected business updates for the fiscal quarter ended June 30, 2016. Second Quarter 2016 Selected Operational and Financial Highlights * Extended continuing revenue from leaching into the fourth quarter of 2016. * Cost reduction activities for all non-mining costs, based on actions already taken to date, exceed the targeted annual savings of $5.5 million, when comparing the full year 2016, to 2015. * Annualized savings of these same non-mining costs will exceed $8 million per annum. * Restructured and reduced equipment financing obligations by approximately $2.5 million. * Restructuring activities and repayments reduced overall debt and other obligations by over $4 million, including the payoff of the $5 million Revolving Credit Facility. * Progressed activities for selling non-mining lands, consistent with the Company's target of eliminating all debt obligations over the next twelve months and funding growth. * Cash and cash equivalents at June 30, 2016, were approximately $750,000. Production The Company completed substantially all of the surface mining of the Lucerne West-side and the extraction and remediation of the historic dump materials relating to the re-alignment of State Route 342 during the second half of 2015. The Company continues processing the mineralized material stacked on our leach pad, including the addition of over 13,000 tons of mineralized material during May 2016. This additional material, when combined with recent metallurgical yield estimates of approximately 87.5%, increases its estimated recoverable gold ounces remaining on the pad such that the Company now expects that the leaching process and resulting gold and silver pours will continue well into the 2016 fourth quarter, as compared to previous estimates of the leaching process ending in August 2016. Operating Costs and Cost Reductions During the first six months of 2016, the Company focused on reducing non-mining costs, originally targeting $3 million in cost reductions for this year as compared to 2015. The Company has aggressively implemented organizational changes consistent with the Company's transition from mining the Lucerne surface mine to growing its resource portfolio and related exploration and development activities toward production ready mining projects. Accordingly, general and administrative costs and other non-mining costs, including mine claims and land costs, other real estate operating costs and environmental costs have already declined significantly, resulting in higher and faster savings that are now expected to exceed our annual target of a $5.5 million in cost reduction during 2016, as compared to 2015. On an annualized basis, the reduction for these costs is anticipated to exceed $8 million. The Company incurred approximately $0.3 million in severance costs during the first six months of 2016, associated with organizational cost reductions in all areas. Debt and Equipment Financing Reductions On April 1, 2016, the Company fully repaid the outstanding revolving credit facility and other debt obligations with payments of $1.5 million. On June 27, 2016, the Company completed a positive restructuring of certain equipment obligations and consummated an agreement with Caterpillar Financial Services Corporation relating to certain finance and lease agreements. The Company entered into the CAT Agreement to permit the Company to complete the orderly sale of certain leased equipment against a modified payment schedule under the related lease arrangements. Under the terms of the CAT Agreement the Company will pay down its lease obligations with the net proceeds from the leased equipment sold during the second half of 2016, with any remaining balance to be paid off primarily from a monthly payment schedule of $25,000 per month until the leases have been paid in full. The outstanding lease obligations in the agreement are approximately $3.67 million and the Company has already sold equipment during June 2016, for net proceeds of approximately $725,000, reducing the obligation to below $3 million. The Company anticipates further reducing these obligations by approximately $1.3 million during July 2016. On Feb. 1, 2016, the Company entered into an amended agreement with Varilease Finance Inc. in which 2,250,000 shares of common stock were issued in satisfaction of certain lease payment obligations. On June 30, 2016, in accordance with an amended agreement with Varilease Finance Inc., an additional 4,367,896 shares of common stock were issued to satisfy the lease payment obligations for the remaining six months of 2016, targeting an additional liability reduction of approximately $1.7 million. "We have dramatically exceeded our annualized savings objectives, reduced fixed operating and administrative costs across the entire system, paid off, restructured and/or reduced our debt and equipment obligations, while simplifying our capital structure and eliminating other material land and royalty obligations. We are repositioning our balance sheet and selling the non-mining asset to fund the next generation of gold and silver resource development and growth, all with an extremely low overhead and operating cost structure," stated Corrado De Gasperis, president and CEO of Comstock Mining Inc. Corporate and Outlook The Company previously announced plans on selling non-mining related lands, resulting in expected net proceeds of over $6 million, higher than previously expected. These proceeds will be used to pay down or eliminate remaining debt obligations and further strengthen the financial position of the Company. When combined with the debt reductions already completed, the Company expects that these non-mining sales will more than completely pay off debt and other obligations and fund growth. The Company has also entered into an equity facility agreement with International Asset Advisory, LLC, a long established financing partner, to provide up to $5 million in equity financing, from time to time, on terms deemed favorable to the Company, only if needed. This facility is only intended to enable more efficient access to equity capital markets while the Company is finalizing its positive debt reduction and asset sale activities. Mr. De Gasperis concluded, "We have amassed, rezoned and permitted one of the largest land positions in the economically booming Northern Nevada Reno-Tahoe industrial quadrant in the historic, world-class Comstock Mining District. We are making steady progress on opportunistically monetizing certain non-mining assets that strengthen our balance sheet and support funding our growth objectives. We have prioritized and rapidly transformed our cost structure while positively restructuring our liabilities to ensure a stronger and stable financial position and support growth," stated Corrado De Gasperis, president and CEO of Comstock Mining Inc. About Comstock Mining Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based, gold and silver mining company with extensive, contiguous property in the historic Comstock district. The Company began acquiring properties in the Comstock District in 2003. Since then, the Company has consolidated a substantial portion of the Comstock district, secured permits, built an infrastructure and brought the exploration project into test mining production. The Company continues acquiring additional properties in the Comstock district, expanding its footprint and creating opportunities for exploration and mining. The goal of the Company's strategic plan is to deliver stockholder value by validating qualified resources (measured and indicated) and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations by 2011, with annual production rates of 20,000 gold equivalent ounces. Comstock Mining reported a net loss available to common shareholders of $15.9 million on $18.5 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $13.3 million on $25.6 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Comstock Mining had $42.63 million in total assets, $22.8 million in total liabilities and $19.9 million in total stockholders' equity. CONNTECH PRODUCTS: Selling Machinery and Equipment for $1.36M ------------------------------------------------------------- Conntech Products Corp. asks the U.S. Bankruptcy Court for the District of Connecticut to approve the sale of its machinery and equipment, other than in the ordinary course of business free and clear of liens, encumbrances and interests pursuant to 11 U.S.C. Sec. 363(b). The Debtor requests that a Court hearing be held at the U.S. Bankruptcy Court, 157 Church Street, 18th Floor, New Haven, Connecticut. Any potential bidder must submit a written offer to Counsel for the Debtor by 5 p.m., three days prior to the Court hearing. The Debtor has undertaken its own efforts to locate a buyer for its business as a going on concern, but it has not been able to locate a single buyer for the entire business. The Debtor, however, received offers from five separate entities to purchase the assets. Their offers are based upon the going on concern value of the assets in the aggregate amount of $1,362,700. Each separate offer is for specific pieces of machinery and equipment. The offer is subject to these conditions precedent: a) Normal and customary documentation; b) All terms and conditions set forth in Offer; and c) Approval by the Bankruptcy Court of the sale free and clear of liens. The Debtor submits that the Assets has been extensively marketed and believes that a sale of the Assets this time would maximize its value for the benefit of all parties-in-interest. Conntech Products Corp. is represented by: Neil Crane, Esq. LAW OFFICES OF NEIL CRANE, LLC 2679 Whitney Avenue Hamden, CT 06518 Telephone: (203) 230-2233 About Conntech Products ConnTech Products Corporation filed a voluntary Chapter 11 petition (Bankr. D. Conn. Case No. 15-30397) on March 19, 2015. The case judge is the Hon. Julie A. Manning. Neil Crane, Esq., at the Law Offices of Neil Crane, LLC, serves as counsel to the Debtor. The Debtor estimated assets of $1 million to $10 million and debt of $500,000 to $1 million. * * * On March 21, 2016, the Debtor filed a Disclosure Statement. In the Disclosure Statement the Debtor has offered three alternatives. Either the Debtor will obtain financing and continue operating; or the Debtor will sell its business as a going concern; or the Debtor will partially sell its business. In the Disclosure Statement the Debtor proposed paying a dividend of 30% to unsecured creditors over the course of five years. The Debtor hired a business broker, Capital Recovery Group, LLC to sell the Debtor's business as a going concern. CONTINENTAL EXPLORATION: Trustee Selling Oklahoma Properties ------------------------------------------------------------ Jason R. Searcy, Chapter 11 Trustee for Continental Exploration, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for approval to sell lots located in various counties of Oklahoma to Geomar Resources, Inc., for $105,750. The Trustee requests that no hearing will be conducted on the Motion/objection application unless a written objection is filed with the bankruptcy clerk. Attorneys for the Chapter 11 Trustee: Jason R. Searcy Joshua P. Searcy Callan Clark Searcy SEARCY & SEARCY, P.C. P.O. Box 3929 Longview, TX 75606 Telephone: (903) 757-3399 Facsimile: (903) 757-9559 E-mail: jsearcy@jrsearcylaw.com joshsearcy@jrsearcylaw.com ccsearcy@jrsearcylaw.com About Continental Exploration Continental Exploration, LLC sought Chapter 11 protection (Bankr. E.D. Tex. Case No. 15-41607) on Sept. 2, 2015. The Debtor estimated assets and liabilities in the range of $0 to $50,000. Eric A. Liepins, Esq., at Eric A. Liepins P.C., serves as the Debtor's counsel. COSHOCTON HOSPITAL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Coshocton County Memorial Hospital Association aka CCMH aka Coshocton Hospital aka Coschocton County Memorial Hospital 1460 Orange Street Coshocton, OH 43812 Case No.: 16-51552 Nature of Business: Health Care Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court Northern District of Ohio (Akron) Judge: Hon. Alan M. Koschik Debtor's Counsel: Maria Carr, Esq. Michael J. Kaczka, Esq. Sean D. Malloy, Esq. MCDONALD HOPKINS LLC 600 Superior Avenue East Suite 2100 Cleveland, OH 44114 Tel: 216-348-5400 Fax: 216-348-5474 E-mail: mcarr@mcdonaldhopkins.com mkaczka@mcdonaldhopkins.com smalloy@mcdonaldhopkins.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Lorri Wildi, chief executive officer. List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Genesis Healthcare Services $8,170,471 2800 Maple Avenue Provided Zanesville, OH 43701 Wendy S. Cedoz 740-455-4975 wcedoz@genesishcs.org Aramark Corporation Services $844,814 10510 Twin Lakes Parkway Provided Charlotte, NC 28269 Michael J. Cleary 215-238-3434 cleary-mike@aramark.com Premier Anesthesia Services $668,942 2655 Northwinds Parkway Provided Alpharetta, GA 30009 Norb Hummel 770-643-5579 hummel@premieranesthesia.com The Claro Group, LLC Services $495,732 321 N. Clark Street Provided Suite 1200 Chicago, IL 60654 Lee Kuhn 312-508-4443 ikuhn@theclarogroup.com Sodexo, Inc. & Affiliates Services $332,535 4880 Payshere Circle Provided Chicago, IL 60674 Charlie Baumer 269-329-4215 charlie.baumer@sodexo.com Healthcare Financial Systems Services $242,363 4000 Hollywood Blvd. Provided Suite 600N Hollywood, FL 33021 Melanie Damian 305-371-3960 mdamian@dvllp.com Bricker & Eclker LLP Services $227,986 100 South Third Street Provided Columbus, OH 53215 Michael K. Gire 614-227-2318 mgire@bricker.com Seneca Medical Inc. Trade Debt $222,809 85 Shaffer Park Drive Tiffin, OH 44883 David Myers 419-447-0222 Cardinal Health Trade Debt $202,224 71 Mil Acres Drive Wheeling, WV 26003 Ann Stuver 614-757-9081 ann.stuver@cardinalhealth.com Sentry Data Systems Inc. Services $191,147 800 Faiway Dr. #400 Provided Deerfield Beach, FL 33441 Megan W. Caroll 800-411-4566 mcarroll@sentryds.com Emcare, Inc. Services $164,507 michael.ryker@emcare.com Provided Shiftwise, Inc. Services $160,169 kmitechell@shiftwise.net Provided Dell Marketing LP Services $140,912 carrick_carpenter@dell.com Provided Medtronic USA Trade Debt $127,061 gary.I.ellis@medronic.com GE Healthcare Services $104,250 Provided Coshocton County Treasurer Real Estate $98,338 janettedonaker@coshoctoncounty.net Taxes Dixon Hughes Goodman LLP Services $93,159 Jim.yanci@dhgllp.com Provided Executive Health Resources Inc. Services $92,382 ar@ehrdocs.com Provided Medical Information Technology, Inc. Services $88,943 bmanzolillo@meditech.com Provided Boston Scientific Corp Trade Debt $69,721 brian.carpenter@bsci.com COSHOCTON HOSPITAL: Files for Bankruptcy, Seeks Sale to Prime ------------------------------------------------------------- Coshocton County Memorial Hospital Association filed a voluntary petition under Chapter 11 of the Bankruptcy Code on June 30, 2016, citing significant challenges faced by its non-profit hospital in Coshocton, Ohio, over the past several years which have affected both its top line revenue and its profitability. "Although financial results in 2016 have been positive, the Hospital has not generated enough cash to remain current with its vendors, providers self-insured healthcare claims, and secured debt.," the Debtor said in the filing. As a result, the Debtor decided to consummate a going concern sale of the Hospital to Prime Healthcare Foundation, Inc. and Prime Healthcare Foundation-Coshocton, LLC or to any interested and qualified party making a higher and better offer. According to Lorri Wildi, chief executive officer of the Debtor, independent rural hospitals throughout the United States have been under tremendous pressure in recent years, leading to a national closure rate of approximately one rural hospital per month. These challenges include, among other things, healthcare reform, reduced Medicare reimbursement rates, increased competition, aggressive reimbursement policies by private insurers, and increased in patient bad debt. In an effort to reduce cost, the Debtor implemented a comprehensive turnaround plan in 2014 and decided to close its Obstetrics Unit as a result of an aging population, declining volumes and an overall loss of market share. Recruitment has also been a critical component to the turnaround plan, and in 2015 the Company implemented an aggressive physician recruitment strategy, assuming recruitment independent of Genesis Healthcare System, which had previously managed this activity through a management agreement that has since been terminated. Unfortunately, these efforts have not been sufficient to fully resolve the hospital's financial difficulties. Recognizing both the Hospital's financial situation and the challenge of remaining an independent community hospital in today's environment, the Hospital's Board of Trustees authorized the engagement of SOLIC Capital Advisors, LLC and SOLIC Capital, LLC to start a process of seeking financing sufficient for the Hospital to both restructure its balance sheet and conduct a market search for a strategic transaction to combine with a larger healthcare system while maintaining a quality full service hospital in Coshocton. Sale to Prime In Spring 2016, the Debtor received an offer to purchase substantially all of its assets from Prime, as stalking horse bidder. The Debtor and the Stalking Horse Bidder entered into an Asset Sale Agreement pursuant to which Prime will acquire substantially all assets of the Debtor (other than cash and certain causes of action) for $10 million plus certain cure costs and certain employee obligations, subject to the Court's approval. The Stalking Horse Bid also allows the Debtor to continue its commitment to the local Coshocton community as a non-profit hospital that can serve the residents' healthcare needs. Pursuant to the terms of the Offer, Prime will provide up to $10 million in debtor-in-possession financing facility based on a cash flow budget. The balance on the DIP Loan will be credited against the purchase price. Prime will operate the hospital as a full service, acute care facility in Coshocton with an emergency department and all other material clinical services as agreed to by the Debtor and Prime, invest $25 million in capital improvements over the next five years, and invest $1.0 million in support of physician recruitment activities over the next two years. The Offer includes the hiring of substantially all current employees and providers at their current prevailing wage rates. The Debtor has filed a motion seeking approval of bidding procedures, a break-up fee in an amount equal to $350,000 and expense reimbursement in an amount not to exceed $150,000 for the Stalking Horse Bidder's reasonable and documented out-of-pocket expenses incurred in connection with the asset sale agreement, consulting services, and the arrangement of financing. An auction of all qualified bidders will be conducted by the Debtor on Sept. 22, 2016, at 10:00 a.m., at the Cleveland law offices of McDonald Hopkins LLC, 600 Superior Ave., E., Suite 2100, Cleveland, Ohio 44114, subject to the Court's approval. A hearing will be conducted to consider approval of the highest or best offer received at the Auction on a date convenient to the Court, which the Debtor proposes to be Sept. 27, 2016. First Day Motions To enable the Debtor to operate in Chapter 11 with a minimum of disruption, the Debtor has filed a number of first day pleadings, seeking permission to, among other things, use cash collateral, pay employee obligations, use existing cash management system, pay taxes and fees, prohibit utility providers from discontinuing services, and pay patient and insurance refunds. A full-text copy of the declaration in support of the First Day Motions is available for free at: http://bankrupt.com/misc/4_COSHOCTON_Declaration.pdf About Coshocton Hospital Coshocton County Memorial Hospital Association operates a general acute care not-for-profit hospital in Coshocton, Ohio. The hospital has been designated as a Sole Community Hospital and is licensed for 56 beds. In addition to the main hospital facility, the Debtor has a number of primary care and specialty physician clinics. The Debtor has annual net revenue of more than $50 million and employs more than 400 individuals. The hospital is located in eastern central Ohio between Columbus and Pittsburgh and is the only hospital within 25 miles. It has been serving the healthcare needs of the community for more than 100 years. In its petition, the Company estimates assets and liabilities in the range of $10 million to $50 million. The Debtor does not currently have a secured revolving credit line to support its business operations. Rather, it has secured obligations that arose from bond issuances in 1997 and 1999, and it has certain secured obligations that arose in connection with the acquisition of specific real property or equipment. The Debtor has approximately $8 million in trade debt. In addition, the Debtor has certain obligations to providers on its self-insured healthcare plan for employees. McDonald Hopkins LLC serves as the Debtor's counsel. The case (Bankr. N.D. Ohio Case No. 16-51552) is pending before Judge Alan M. Koschik. CTI BIOPHARMA: Est. Financial Standing at $53.7M as of May 31 ------------------------------------------------------------- CTI BioPharma Corp. or CTI Parent Company's total estimated and unaudited net financial standing as of May 31, 2016, was $53.7 million. The total estimated and unaudited net financial standing of CTI Consolidated Group as of May 31, 2016, was $55.1 million. CTI Parent Company trade payables outstanding for greater than 30 days were approximately $11.4 million as of May 31, 2016. CTI Consolidated Group trade payables outstanding for greater than 30 days were approximately $12.6 million as of May 31, 2016. During May 2016, there were solicitations for payment only within the ordinary course of business and there were no injunctions or suspensions of supply relationships that affected the course of normal business. As of May 31, 2016, there were no amounts overdue of a financial or tax nature, or amounts overdue to social security institutions or overdue to employees. During the month of May 2016, the Company's common stock, no par value, outstanding decreased by 117,831 shares. As a result, the number of issued and outstanding shares of Common Stock as of May 31, 2016 was 282,812,236. A full-text copy of the press release is available at: https://is.gd/E59qcf About CTI BioPharma CTI BioPharma Corp. (NASDAQ and MTA: CTIC) -- http://www.ctibiopharma.com/-- formerly known as Cell Therapeutics, Inc., is a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies covering a spectrum of blood-related cancers that offer a unique benefit to patients and healthcare providers. The Company has a commercial presence in Europe and a late-stage development pipeline, including pacritinib, CTI's lead product candidate that is currently being studied in a Phase 3 program for the treatment of patients with myelofibrosis. CTI BioPharma is headquartered in Seattle, Washington, with offices in London and Milan under the name CTI Life Sciences Limited. CTI Biopharma reported a net loss attributable to common shareholders of $122.62 million on $16.11 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $95.99 million on $60.07 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, CTI Biopharma had $123 million in total assets, $68.7 million in total liabilities and $54.7 million in total shareholders' equity. The Company's independent registered public accounting firm included an explanatory paragraph in its reports on its consolidated financial statements for each of the years ended Dec. 31, 2007, through Dec. 31, 2011, and for the year ended Dec. 31, 2014, regarding their substantial doubt as to the Company's ability to continue as a going concern. The Company said that although its independent registered public accounting firm removed this going concern explanatory paragraph in its report on our Dec. 31, 2015, consolidated financial statements, the Company expects to continue to need to raise additional financing to fund its operations and satisfy obligations as they become due. According to the Company, the inclusion of a going concern explanatory paragraph in future years may negatively impact the trading price of its common stock and make it more difficult, time consuming or expensive to obtain necessary financing, and the Company cannot guarantee that it will not receive such an explanatory paragraph in the future. DAWSON INTERNATIONAL: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Dawson International Investments (Kinross) Inc. and its affiliates. About Dawson International 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. Based in Natick, Massachusetts, Ilion Properties, Inc., Dawson International Investments (Kinross) Inc., Dawson International Properties, Inc., DCC USA Inc., and Dawson Luxury Garments LLC filed separate Chapter 11 bankruptcy petitions (Bankr. S.D.N.Y. Case Nos. 16-11550 to 16-11554) on May 27, 2016. The Hon. James L. Garrity Jr. presides over the cases. Patrick L. Hayden, Esq., and Nathan S. Greenberg, Esq., at McGUIREWOODS LLP, serve as counsel to the Debtors. The Debtors estimate these assets and liabilities in their petition: Estimated Estimated Assets Liabilities ----------- ----------- Ilion Properties, Inc. $1MM-$10MM $1MM-$10MM Dawson International Investments $1MM-$10MM $1MM-$10MM Dawson International Properties, Inc. $1MM-$10MM $1MM-$10MM DCC USA Inc. $1MM-$10MM $1MM-$10MM The petitions were signed by David G. Cooper, president and sole director. DELAWARE VALLEY UNIV: Moody's Cuts 2012 LL1 Bonds Rating to Ba1 --------------------------------------------------------------- Moody's Investors Service has downgraded the rating on Delaware Valley University's (DVU) Series 2012 LL1 bonds to Ba1 from Baa3. This rating action affects approximately $32 million of rated debt. The downgrade primarily reflects material deterioration in operating performance in FY 2015 with expectations for similarly weak performance in FY 2016. The deficits stem primarily from stagnant net tuition revenue - the university's primary source of revenue - coupled with the university's decision not to commensurately adjust expenses. The downgrade also incorporates a material reduction in liquidity driven by low investment returns and weaker cash flow performance. The Ba1 rating incorporates the university's niche in sustainable agricultural and animal sciences, its relatively small operating scale of $52 million, and limited flexible reserves. Rating Outlook The negative outlook reflects the likelihood that the university will be challenged to maintain break-even operating performance and stable liquidity in the near term. Factors that Could Lead to an Upgrade Sustained move to net tuition and auxiliary revenue growth Significant and sustained improvement in currently very weak operating performance Material improvement in unrestricted liquidity Factors that Could Lead to a Downgrade Further deterioration of operating performance Significant contraction of liquidity Inability to meet enrollment targets Legal Security The Series 2012 LL1 bonds are a general obligation of the university, secured by a pledge and lien on all unrestricted receipts and revenues. Additional security is provided by a debt service reserve fund. Use of Proceeds Not applicable Obligor Profile Delaware Valley University is a small, private not-for-profit, four-year residential university located in Doylestown, 27 miles north of Philadelphia. The university's market niche in agricultural and animal sciences attracts approximately 2,000 full-time equivalent students and generates $52 million of operating revenue. EASTERN ILLINOIS UNIV: Moody's Cuts AFS Revenue Bonds Rating to B1 ------------------------------------------------------------------ Moody's Investors Service downgrades Eastern Illinois University's (EIU's) Auxiliary Facilities System (AFS) Revenue Bonds to B1 from Ba1 and the Certificates of Participation (COPs) to Caa1 from Ba3. The outlook is negative. This concludes the review for downgrade initiated on June 10, 2016. The downgrades reflect EIU's highly stressed financial position, nearly exhausting all of its liquidity at the close of FY 2016, the likely continuation of steep enrollment declines and no assurance on the timing or level of future state funding. The B1 rating on the AFS Revenue Bonds is based on sufficient retained reserves within the AFS roughly equal to AFS debt outstanding and strength of the pledge, with bondholders benefiting from a priority claim on net tuition revenue should net AFS revenues be insufficient to cover debt service. Offsetting credit factors include weakening profitability of the System for FY 2016 and the possible use of the System's legally restricted funds for non-System related expenses as early as July should the state fail to appropriate sufficient funds to cover university expenses. The Caa1 rating on the COPs reflects the unsecured nature of the obligation and heightened risk of a debt service payment default or cancellation of the purchase contract due to extremely thin liquidity, lack of a viable state funding solution, weak revenue generating prospects from other sources, and very weak cash flow. Rating Outlook The negative outlook reflects the university's severely depleted liquidity, leaving it with very limited flexibility to manage the expectation for ongoing acute financial stress caused in part by the state's appropriation reductions and delays Factors that Could Lead to an Upgrade Significant and sustained improvement in liquidity Consistent receipt of state operating appropriations and stronger cash flow Stabilized enrollment and growth in student charges revenue Factors that Could Lead to a Downgrade Further deterioration of liquidity or inaction by the state to provide appropriations by August 1 Greater enrollment declines than budgeted for fall 2016 Failure to materially adjust expenses relative to lower revenue prospects Inability to absorb likely future declines in state funding or further credit deterioration of the state Legal Security The revenue bonds are secured by the net revenues of the Auxiliary Facilities System (AFS), as well as mandatory student fees and tuition revenues, subject to the prior payment of operating and maintenance expenses of the Auxiliary Facilities System, but only to the extent necessary. There is a rate covenant to provide 2.0 times coverage of maximum annual debt service as well an additional bonds test. There is no debt service reserve fund. The Certificates of Participation (COPs) are payable from both state-appropriated funds and from budgeted legally available funds of the university from sources other than state appropriations, including tuition and fees. The COPs are payable from the university's broad budget, and the obligation to pay can be terminated in the event that the university does not receive sufficient state appropriations and does not have other legally available funds. While the COPs typically benefit from the breadth of revenue available to pay debt service, the lack of state appropriation and severe budgetary and liquidity pressures materially weakens the COP security for EIU relative to the AFS bonds in the current environment. Use of Proceeds. Not applicable Obligor Profile Eastern Illinois University is a regional public university, founded in 1895, located in Charleston, approximately 50 miles south of Champaign. EIU offers baccalaureate and master's degrees in education, business, arts, sciences, and humanities. EDWARD RENSI: Judge Approves Sale of Hobson Valley Property ----------------------------------------------------------- Judge Janet S. Baer of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Edward Henry Rensi to sell his real property commonly known as 6805-9 Hobson Valley Drive, Units 105 and 114, Woodridge, Illinois ("Hobson Valley Property") to A-Team Heating and Air Conditioning/Adam Mufich for $220,500. The sale of the Hobson Valley Property will occur on substantially the same terms and conditions set in the Contract dated Feb. 18, 2015 and signed by the Debtor and A-Team on May 24, 2016. The Contract of Sale contains, among others, these relevant terms: a) The Debtor will sell the bankruptcy estate's interest in the Hobson Valley Property subject to the Contract to A-Team on "as is, where is" basis, free and clear of any liens, claims, interests, assessments and encumbrances. b) A-Team will pay the Debtor the sum of $5,000 for the purchase of the Hobson Valley Property upon the closing of the transactions, subject to adjustments and pro-rations as set in the Contract as follows: i. A-Team has paid an initial deposit of $5,000 which will be contributed toward Purchaser's obligation to pay the Hobson Valley Property under the Contract. ii. The balance of the Purchase Price, subject to pro-rations and adjustments as set in the Contract, will be paid in cash at closing and distributed as set in the Order. c) Upon receipt of the Purchase Price and upon satisfaction of the terms and conditions of the Contract, the Debtor will convey all of its interests in the Hobson Valley Property and other property subject to the Contract to A-Team by Deed and will evidence the conveyance of any personal property to A-Team by Bill of Sale, as may be required by the Contract. Edward Henry Rensi sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 15-33948) on Oct. 5, 2015. Edward Henry Rensi is represented by: Paul M. Bach, Esq. BACH LAW OFFICES P.O. Box 1285 Northbrook, IL 60062 Telephone: (847) 564-0808 E-mail: Paul@BachOffices.com ENERGY FUTURE: Can Enter Into $4.2-Bil. Exit Financing Commitment ----------------------------------------------------------------- Honorable Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware authorizes Texas Competitive Electric Holdings Company LLC, and Energy Future Competitive Holdings Company LLC, to enter into the commitment letter under which Deutsche Bank AG New York Branch and Deutsche Bank Securities Inc., Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse AG and Credit Suisse Securities (USA) LLC, Royal Bank of Canada and RBC Capital Markets, UBS AG, Stamford Branch and UBS Securities LLC, and Natixis, New York Branch, committed to provide financing to the TCEH Debtors. As previously reported by The Troubled Company Reporter, the TCEH Debtors' current DIP loans under the Existing DIP Credit Agreement will mature on November 7, 2016, and the Debtors anticipate that they may require debtor-in-possession financing beyond that date, in addition to requiring exit financing upon emergence. To fulfill that need, the TCEH Debtors obtained commitments from several large financial institutions for fully underwritten financing and now seek authorization to enter into the Financing Papers with the Commitment Parties and the financing contemplated therein. Pursuant to the Commitment Letter, the TCEH Debtors may elect to enter into either (a) exit financing in connection with the Debtors' emergence from Chapter 11 or (b) replacement debtor-in-possession financing that will convert into exit financing upon their emergence from chapter 11. The options provide, among others: (a) Senior Facilities. The TCEH Debtors may elect to receive: (a) a senior secured first lien revolving credit facility in an aggregate principal amount of $750,000,000, (b) a senior secured first lien term loan facility in an aggregate principal amount of $2,850,000,000, and (c) a senior secured first lien term loan facility in an aggregate principal amount of $650,000,000. (b) DIP Roll Facilities. The TCEH Debtors may elect to receive: a senior secured superpriority debtor-in-possession and exit credit agreement consisting of (a) a superpriority senior secured first lien revolving credit facility in an aggregate principal amount of $750,000,000, (b) a superpriority senior secured first lien term loan facility in an aggregate principal amount of $2,850,000,000, and (c) a superpriority senior secured first lien term loan facility in an aggregate principal amount of $650,000,000. The DIP Roll Facilities will convert to the Senior Facilities on the Conversion Date. Among other things, the following summarizes the significant terms of the Financing, the DIP Order, and the Approval Order: (a) Total Loan Commitment: $4,250,000,000 aggregate principal amount under the Senior Facilities or under the DIP Roll Facilities. -- Senior Term Loan B Facility: $2,850,000,000 aggregate principal amount. -- Senior Term Loan C Facility: $650,000,000 aggregate principal amount, which will be available to support the issuance of cash collateralized letters of credit. -- Senior Revolving Credit Facility: $750,000,000 aggregate principal amount: (a) Not less than $500,000,000 of which will be available for issuance of standby and trade letters of credit, and (b) Not less than $250,000,000 of which will be available for swingline loans made by the Senior Administrative Agent. -- DIP Roll Term Loan B Facility: Same as Senior Term Loan B Facility. -- DIP Roll Term Loan C Facility: Same as Senior Term Loan C Facility. -- DIP Roll Revolving Credit Facility: Same as Senior Revolving Credit Facility. (b) Interest Rate and Margins: -- Senior Term Loan B Facility: At the option of Borrower, Adjusted LIBOR+5.00% or ABR+4.00%; provided that, interest rate spreads will be subject to one 25 basis point reduction. -- Senior Term Loan C Facility: Same as Term Loan B Facility. -- Senior Revolving Credit Facility: At the option of Borrower, Adjusted LIBOR+4.00% or ABR+3.00%. -- DIP Roll Term Loan B Facility: Same as Senior Term Loan B Facility. -- DIP Roll Term Loan C Facility: Same as Senior Term Loan C Facility. -- DIP Roll Revolving Credit Facility: Same as Senior Revolving Credit Facility. (c) Maturity and Amortization: -- Senior Term Loan B Facility: Matures on the day that is 7 years after the Closing Date and will amortize in equal quarterly installments in an aggregate annual amount equal to 1% of its original principal amount (subject to reduction in connection with debt prepayments and debt buy backs), commencing the first full fiscal quarter after the Closing Date, with the balance payable on the final maturity date. -- Senior Term Loan C Facility: Matures on the day that is 7 years after the Closing Date and will not amortize. -- Senior Revolving Credit Facility: Terminates on the day that is 5 years after the Closing Date. -- DIP Roll Term Loan B Facility: Matures on October 31, 2017, and will not amortize; provided that after the Conversion Date, the DIP Roll Term Loan B Facility will mature on the day that is 7 years after the Closing Date and will amortize in the same manner as the Senior Term Loan B Facility. -- DIP Roll Term Loan C Facility: Matures on October 31, 2017, and will not amortize; provided that after the Conversion Date, the DIP Roll Term Loan C Facility will mature on the day that is 7 years after the Closing Date and will not amortize. -- DIP Roll Revolving Credit Facility: Matures on October 31, 2017; provided that after the Conversion Date, the DIP Roll Revolving Credit Facility will terminate on the day that is 5 years after the Closing Date. The Debtors are also authorized to enter into the Financing Papers and to pay the Commitment Parties the fees and expenses associated with Facilities in accordance with the Financing Papers, including to Davis Polk & Wardwell LLP in connection with Drafting the Financing Papers and White & Case LLP as counsel to DB. Likewise, the Debtors are authorized to indemnify and hold harmless each of the Indemnified Persons on the terms and conditions set forth in the Commitment Letter to the extent such obligation becomes due and payable under the terms of the Financing Papers. A full-text copy of the DIP Financing Order dated June 24, 2016 is available at https://is.gd/OMmNHC 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. In June 2016, Judge Sontchi 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 start at 10:00 a.m. (prevailing Eastern Time) on August 17, 2016. ENERGY FUTURE: NexEra Said to Bid on Oncor; Berkshire Interested ---------------------------------------------------------------- Harry Weber, writing for Bloomberg News, reported that NextEra Energy Inc. has offered to buy Energy Future Holdings Corp.'s Oncor Electric Delivery Co. and is closest to reaching a deal among at least seven companies that have expressed interest in the Texas power utility, people familiar with the talks said. According to the report, citing people familiar with the talks, NextEra has submitted its bid to Energy Future Holdings, which is working to emerge from bankruptcy after two years. Berkshire Hathaway Inc. and Edison International are among the others that have expressed interest in buying Oncor, the report related. The company may be valued at $17 billion to $18 billion, the report said, further citing one of the people as saying. Energy Future is holding negotiations after a plan to sell the power utility to a group led by Hunt Consolidated Inc. unraveled, the report further related. Oncor's takeover is seen as key to Energy Future's emergence from bankruptcy after restructuring almost $50 billion in debt, the report said. "They are one of the premier electric utilities out there, and they show a desire for growing through acquisition," Paul Patterson, a New York-based analyst at Glenrock Associates LLC, told Bloomberg in a telephone interview. "The risk-adjusted rate of return is quite attractive compared with the cost of financing the transaction in many cases." NextEra has proposed to buy Oncor with a combination of cash and debt, the people familiar with the negotiations said, the report said. The amount offered is more than what Hunt's group offered, one of the people said, without providing further details, the report added. 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. In June 2016, Judge Sontchi 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. FAIRWAY GROUP: Moody's Assigns Caa1 Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service assigned a Caa1 Corporate Family Rating and a Caa1-PD probability of default rating to Fairway Group Holdings Corp. ("HoldCo"). Moody's also assigned a B2 rating to Fairway Group Acquisition Company's ("Fairway") proposed $55 million First Out senior secured Term Loan maturing 2019 and a Caa2 rating to its proposed Last Out $45 million senior secured term loan maturing 2019. Additionally, Moody's assigned a Caa3 rating to Holdco's proposed unsecured $39 million term loan facility. The outlook is stable. . "Although Fairway is emerging from bankruptcy with a lower debt burden and improved liquidity, it will continue to face a very difficult operating environment including intense competitive pricing pressure and deflation in some food categories", Moody's Vice President Mickey Chadha stated. "With a very small scale and topline growth expected to remain elusive in the next 12 months, improving credit metrics will be very challenging", Chadha further stated. RATINGS RATIONALE Moody's said, "The ratings reflect Fairway's small scale, geographic concentration, weak credit metrics, and our expectation that cash flow and topline growth will continue to be strained. In May 2016 the company filed a Joint Prepackaged Chapter 11 Plan of Reorganization under the U.S. Bankruptcy Code and it is now exiting bankruptcy with a lower amount of funded debt and improved liquidity. However, despite the lower debt burden Moody's estimates lease adjusted debt to EBITDA to be about 8.0 times and EBIT to interest to be less than 1.0 times at fiscal year end March 31, 2017. Credit metrics are expected to improve only modestly in the next 18 months as the company focuses on cost cuts and stabilizing the top line to improve EBITDA. Moreover, the company is expected to partially pay PIK interest on its last out secured term loan and its unsecured debt. Moody's continues to expect that profitability will remain strained as same store sales are expected to continue to decline in the next 12-18 months due to continuing competitive pressures. Fairway's operations are highly concentrated geographically and the combination of small scale and close proximity of its stores increase vulnerability to competitive openings. Moody's believes store growth will be curtailed and capital expenditures will be lower until the company's operating performance improves,. Ratings also reflect Fairway's good name recognition, attractive market niche, strong brand equity, and good near term liquidity since it is exiting bankruptcy with robust cash balances. However we expect these cash balances to decline in the longer term." The following ratings are assigned: Fairway Group Holdings Corp. Corporate Family Rating at Caa1 Probability of default rating at Caa1-PD Proposed new $39 million senior unsecured term loan maturing 2021 at Caa3 (LGD5) Fairway Group Acquisition Company Proposed new $55 million senior secured First Out term loan maturing 2019 at B2 (LGD2) Proposed new $45 million senior secured Last Out term Loan maturing 2019 at Caa2 (LGD4) The ratings outlook is stable and reflects Moody's expectation that management's strategic initiatives to cut costs and increase traffic into its stores will lead to modest improvement in profitability and credit metrics in the longer term. However, amid a very competitive pricing environment the company's small scale does not afford it much room to absorb any declines in same store sales and profitability for an extended period of time. Ratings could be upgraded if the company's liquidity remains good, and same store sales growth is positive. Quantitatively ratings could be upgraded if the company demonstrates the ability to achieve and maintain lease adjusted debt/EBITDA below 6.5 times and maintain EBIT/interest above 1.25 times. Ratings could be downgraded if liquidity deteriorates or same store sales continue to decline. Ratings could also be downgraded if lease adjusted debt/EBITDA does not demonstrate a sustained improvement from current level or (EBITDA - capital expenditures)/interest is sustained below 1.0 times. Fairway is a grocery store operator with 15 grocery stores and 4 wine stores in New York, New Jersey and Connecticut. Revenues totaled $764 million for the LTM period ending December 27, 2015. FEDERATION EMPLOYMENT: Judge Approves Membership Interests Sale --------------------------------------------------------------- Judge Robert E. Grossman of the U.S. Bankruptcy Court for the Eastern District of New York authorized Federation Employment and Guidance Service, Inc., doing business as FEGS, to sell its 100% in FEGS Home Attendant Services, Inc., for at least $1,380,000 to Home Attendant Service of Hyde Park, Inc. The Debtor received no qualified bids prior to the bid deadline, and so no auction was held. The buyer's offer, upon the terms and conditions set forth in the Purchase Agreement dated April 18, 2016, constitutes the highest or otherwise best offer for the Membership Interest. The Court conducted a sale hearing on June 9, 2016. Judge Grossman held that the Debtor has demonstrated that entering into the Purchase Agreement and the consummation of the Sale Transaction is in the best interests of the Debtor, its estate, creditors, and other parties in interest. The membership interest will be transferred to the Buyer free and clear of all liens, claims or encumbrances against the Membership Interest. About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Debtor disclosed $86,697,814 in assets and $45,572,524 in liabilities as of the Chapter 11 filing. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; Crowe Horwath, LLP as accountants; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The U.S. Trustee for Region 2 appointed three members to the Official Committee of Unsecured Creditors. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel. FEDERATION EMPLOYMENT: Selling Bronx Property to Altmark for $7.7M ------------------------------------------------------------------ Federation Employment and Guidance Service, Inc., doing business as FEGS, asks the U.S. Bankruptcy Court for the Eastern District of New York to approve the sale its real property located at 3600 Jerome Avenue, Bronx, New York to Altmark Group, LLC, for $7,000,000, subject to higher or better offers. The Debtor proposes that the Auction be held one month following the date of entry and service of the Bid Procedures Order with the Sale Hearing to be held shortly after the Auction. The Debtor's Property contains approximately 80,000 square feet of space, which housed certain of the Debtor's behavioral health programs. After the Debtor transferred the programs to other providers, it determined that it would be in the estate's best interest to sell the Property. On July 20, 2015, the Court entered an order approving the Debtor's retention of Cushman & Wakefield Realty of the Bronx, LLC ("C&W") as the Debtor's exclusive real estate broker in connection with the Property, nunc pro tunc to June 3, 2015. C&W actively marketed the Property. Its marketing efforts resulted in 718 unique viewer visits to C&W's webpage for the Property, significant discussions with almost 60 parties regarding the Property, seven Property tours, and 13 written offers; the Purchaser's being the highest or best. Following discussions with C&W and its professionals, the Debtor determined that the Purchaser's offer of $7,000,000, all cash, for the purchase of the Property "as is" should be accepted as the "stalking horse offer" and the parties negotiated the terms of the Sale Agreement. The Purchaser has provided the Debtor with a 10%, $700,000 cash deposit and with evidence of its ability to pay the cash balance of the purchase price at closing. The Debtor will entertain other offers for the assets. The deadline to submit initial bids will be set by the Court. An auction will be conducted if a qualified bid is submitted by the deadline. The Sale Agreement provides that if the Court approves the sale of the Property to another successful purchaser, and if the Debtor successfully consummates a sale of the Property with that Successful Purchaser, the Purchaser will be entitled to: (i) the return of the Purchaser's $700,000 deposit; and (ii) a Break-Up Fee of $140,000, solely out of the proceeds of an Alternate Transaction. The Break-Up Fee is approximately 2% of the Purchase Price, well within the customary range of such fees in such sales. A copy of the Sale Agreement and Bid Procedures attached to the Motion is available for free at: http://bankrupt.com/misc/FEGS_699_Sale_M.pdf Counsel for the Debtor: Burton S. Weston Adam Berkowitz Phillip Khezri GARFUNKEL WILD, P.C. 111 Great Neck Road Great Neck, NY 11021 Telephone: (516) 393-2200 Facsimile: (516) 466-5964 About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; Crowe Horwath, LLP as accountants; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The Debtor disclosed $86,697,814 in assets and $45,572,524 in liabilities as of the Chapter 11 filing. The U.S. Trustee for Region 2 appointed three members to the Official Committee of Unsecured Creditors. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel. FIDELITY NATIONAL: Fitch Affirms BB+ Rating on Sr. Unsecured Debt ----------------------------------------------------------------- Fitch Ratings has affirmed Fidelity National Financial, Inc.'s (FNF) title insurance operating company Insurer Financial Strength (IFS) ratings at 'A-'. Fitch has also affirmed FNF's Long-Term Issuer Default Rating (IDR) at 'BBB-' and senior unsecured debt at 'BB+.' The Rating Outlook is Stable. KEY RATING DRIVERS Fitch's affirmation of FNF's IFS ratings are based on market-leading scale, margins, and operating company capitalization. However, offsetting these positives, is a history of periodic consolidated balance sheet financial leverage increases to fund acquisitions of ancillary businesses. Although past ventures have been successful, historical results do not mitigate future risks. FNF's more aggressive holding company capital management, coupled with higher tangible financial leverage, are the primary reasons for the expansion of holding company debt notching in relation to the IFS rating. FNF's financial leverage as of March 31, 2016, was 29%; however, tangible financial leverage was 76%. Debt/EBITDA was 2.0x as of year-end 2015. As of March 30, 2016, GAAP fixed charge coverage was 5.0x. Fitch's ratings analysis considers both the two tracking stocks: FNF Core (FNF: NYSE) and FNF Financial Ventures (FNFV: NYSE). Fitch recognizes the tracking stock gives FNF's management the ability to streamline the organizational chart and lessen the volatility of title insurance operations; however, it does not alleviate holding company obligations, as neither is a separate legal entity. Any future material organizational structure changes at FNF would merit further assessment from a ratings context. FNF has a leading position in title insurance accounting for approximately 33% of the U.S. title insurance market by premiums. This scale coupled with an aggressive cost management focus has allowed FNF to be one of the most profitable title insurance companies reporting a GAAP title insurance pretax operating margin of 11.4% for full year 2015 and 7.0% for first quarter 2016. Fidelity's title insurance operating subsidiaries have strong capitalization with statutory operating leverage of 3.0x as of year-end 2015 and a risk adjusted capital (RAC) score for full year 2015 of 193%, the highest in Fitch's universe. RATING SENSITIVITIES This is the list of key rating drivers that could lead to an upgrade for the holding company ratings: -- Sustained improvement in debt/EBITDA of 2.3x or lower and/or significant improvement in tangible financial leverage; -- No material deterioration in GAAP fixed charge coverage. These factors, as well as the following, could lead to an upgrade of both IFS and debt ratings: -- Maintenance of operating company capital strength as demonstrated by a RAC score above 175% and net leverage below 4.0x; -- An improvement in stated financial leverage to 25%; -- Maintenance of GAAP title operating margins at current levels that remain in the top tier versus industry peers. This is a list of key rating drivers that could lead to a downgrade: -- A RAC score below 130%. -- Any acquisition that increases financial leverage above 35%. -- A significant write-down in goodwill or signs that indicate a potential write-down of goodwill is possible. -- Deterioration in earnings, primarily measured by consolidated pretax GAAP margins, at a pace greater than peer averages. -- Sustained material adverse reserve development. FULL LIST OF RATING ACTIONS Fitch has affirmed these ratings with a Stable Outlook: Fidelity National Title Ins. Co. Alamo Title Insurance Co. of TX Chicago Title Ins. Co. Commonwealth Land Title Insurance Co. -- IFS ratings at 'A-'. Fitch has affirmed these ratings with a Stable Outlook: Fidelity National Financial, Inc. -- IDR at 'BBB-'; -- $300 million 6.6% senior note maturing May 15, 2017 at 'BB+'; -- $300 million 4.25% convertible senior note maturing Aug. 15, 2018 at 'BB+'; -- $400 million 5.5% senior note maturing September 1, 2022 at 'BB+' -- Four-year $800 million unsecured revolving bank line of credit due July 2018 at 'BB+'. FINJAN HOLDINGS: Grants Patent License Agreement to European Firm ----------------------------------------------------------------- Finjan Holdings, Inc., announced that on June 30, 2016, Finjan, Inc., its wholly-owned subsidiary, entered into a Patent License Agreement, with a European-based firm who is a leading provider of cloud-based and on-premise security solutions. The terms of the Agreement are confidential. "Finjan's growing list of global licensees, all of whom are key players in the world of cybersecurity, demonstrates the high degree of relevance and sustainability of our patented technologies," said Julie Mar-Spinola, Finjan's chief IP officer and VP, Legal. "We are pleased to have our patent portfolio recognized around the world." Under the License Agreement, (i) Licensee obtains a nonexclusive, term license in the United States under Finjan's U.S. patents to make, have made, use, sell (directly or indirectly), offer to sell, import, distribute and otherwise dispose of Licensee's covered products and (ii) Licensee paid, and Finjan received, $565,000 in cash. 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. FIRST ONE HUNDRED: Wants Plan Filing Period Extended to Aug. 1 -------------------------------------------------------------- First One Hundred LLC asks the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusivity period for the Debtor to file a Plan by 30 days, up to and including Aug. 1, 2016, and the exclusivity period within which the Debtor may solicit acceptances to the plan until Sept. 30, 2016. The deadline for the Debtor to file its Plan is June 30, 2016. Although the Debtor feels that much progress has been made, the Debtor requires additional time to finalize the plan and complete the interview process with real estate professionals. The exclusive period within which the Debtor may file a plan of reorganization expires on July 19, 2016, and the exclusive solicitation period expires on Sept. 19, 2016. The Debtor is in the process of preparing a Chapter 11 Plan, whereby the Real Properties will be sold, and allowed claimants and equity security holder(s) will be paid pursuant to 11 U.S.C. Section 1129. The Debtor is also in the process of interviewing real estate professionals who can assist the Debtor in effectuating the sale of the Real Properties, for the highest and best sales price, for the benefit of the Debtor's creditors and equity security holders. In the meantime, the Debtor has taken steps to maintain the Real Properties and comply with the Court's various orders relating to the Real Properties. The Debtor's counsel has also started discussing with various creditors' counsel the Debtor's intentions with respect to the Real Properties and payments to creditors and equity security holder(s). The Debtor seeks the extension to ensure the Debtor's continued management of its real estate business affairs and continued negotiation with its creditors, as well as to preserve the Debtor's possibility of reorganization and going concern value for the benefit of creditors. Although this is a relatively small Chapter 11 case, it does involve a number of novel factual and legal issues. Additional time is necessary to prepare and negotiate a plan and prepare adequate information, due to the fact that several issues must be decided, including the form and manner of the sale of the Real Properties. The Debtor is generally paying its bills as they become due. The Debtor has demonstrated reasonable prospects for filing a viable plan. The Debtor has continued its progress in negotiations with its creditors. This case has been pending for only little more than three months. Unresolved contingencies exist, as certain lien priorities must be adjudicated, and a sale process for the Real Properties must be proposed and approved. The Debtor's counsel can be reached at: Zack B. Shelomith, Esq. LEIDERMAN SHELOMITH ALEXANDER + SOMODEVILLA, PLLC 2699 Stirling Road, Suite C401 Fort Lauderdale, FL 33312 Tel: (954) 920-5355 Fax: (954) 920-5371 E-mail: zbs@lsaslaw.com First One Hundred LLC (Bankr. S.D. Fla., Case No. 16-13973) sought protection under Chapter 11 of the Bankruptcy Code on March 21, 2016. The Debtor is represented by Zach B Shelomith, Esq., at Leiderman Shelomith, PA. FITNESS INT'L: Moody's Puts B2 CFR Under Review for Upgrade ----------------------------------------------------------- Moody's Investors Service placed Fitness International, LLC's ("LA Fitness") B2 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), and B1 senior secured bank credit facility rating under review for upgrade in response to recent positive trends in operating performance and financial leverage. In its review, Moody's will primarily evaluate the company's recent and projected financial performance to assess the likelihood that the improvement in performance is sustainable. Moody's will also re-examine financial policy risk under private equity ownership to assess the company's ability to maintain credit metrics in line with higher ratings over a longer period of time. The following ratings were placed under review for upgrade: Corporate Family Rating, currently B2 Probability of Default Rating, currently B3-PD $350 million senior secured revolver due 2018, currently B1 (LGD2) $250 million senior secured term loan A due 2018, currently B1 (LGD2) $1 billion senior secured term loan B due 2020, currently B1 (LGD2) RATING RATIONALE LA Fitness' B2 Corporate Family Rating (CFR) reflects the company's relatively high debt leverage, with debt/EBITDA at 4.6x as of March 31, 2016 (all ratios incorporate Moody's standard adjustments). The rating also takes into consideration expectations for increasing operating costs, as well as continued softness in comparable club sales growth due to the negative impact of competition from "small box" gyms on personal training revenues and company's competitive strategy of clustering clubs in its existing markets. Moody's expects that free cash flow (after tax-related distributions) will be modest over the next two years as the company continues to open new clubs, and it does not anticipate material permanent debt reduction beyond required term loan amortization over the near term. The ratings also reflect Moodys' concerns regarding future financial policy given the partial ownership by private equity sponsors. Over the last three years, the company completed two leveraging transactions to pay a sizeable dividend to the owners, and subsequently, to repurchase a large number of equity units from the sponsors. Despite management's majority ownership of the company, event risk related to potential debt-financed dividends or share repurchases remains. The B2 CFR is supported by LA Fitness' large revenue base, good geographic diversification and positive trends in membership count. The company has also been able to offset the impact of weak comparable club sales trends through investments in growing the number of clubs organically and through acquisitions. In addition, LA Fitness also generates strong EBITA margins relative to some of its peers, driven largely by operating efficiencies generated by its clustering strategy, and healthy free cash flow before growth capex. Long-term fundamentals for the overall fitness industry also remain favorable due to increased awareness of and interest in physical fitness and healthy living, as well as a large and growing addressable market. LA Fitness is the largest non-franchised fitness club operator in the United States. As of March 31, 2016, the company operated 676 fitness clubs, including 649 in 29 states across the US and 27 clubs in Canada. Collectively, these clubs served approximately 4.9 million members and the company generated revenues of about $1.9 billion for the 12 months ended March 31, 2016. FRESH & EASY: Selling Liquor License to Smart & Final for $17,500 ----------------------------------------------------------------- Fresh & Easy, LLC, on June 22, 2016, filed a notice with the U.S. Bankruptcy Court for the District of Delaware of its plans to sell its Liquor License (No. 539623) to Smart & Final Stores, LLC for $17,500. The Court entered an order on Dec. 3, 2015 authorizing the Debtor to sell or transfer certain miscellaneous assets in accordance with the terms of the Miscellaneous Asset Sale Order. The Debtor proposes to sell the Liquor License on an "as is, where is" basis, free and clear of all liens, claims, interests, and encumbrances. Counsel to the Debtor: J. Kate Stickles Norman L. Pernick Patrick J. Reilley David W. Giattino COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 About Fresh & Easy Fresh & Easy, LLC, a chain of grocery stores in the Southwest United States, filed a Chapter 11 bankruptcy petition (Bankr. D. Del., Case No. 15-12220) on Oct. 30, 2015. The petition was signed by Peter McPhee, the chief financial officer. The Debtor estimated assets of $10 million to $50 million and liabilities of at least $100 million. Judge Christopher S. Sontchi is assigned to the case. The Debtor has engaged Cole Schotz P.C. as counsel, Epiq Bankruptcy Solutions, LLC, as claims and noticing agent, DJM Realty Services, LLC, and CBRE Group, Inc., as real estate consultants and FTI Consulting, Inc., as restructuring advisors. * * * The Debtor has undertaken the process of liquidating the estate's assets located at its retail locations and distribution center with the assistance of Hilco Merchant Resources, LLC, and Industrial Assets Corp., respectively, has engaged DJM Realty Services, LLC, and CBRE, Inc., to market its leasehold interests, and has recently engaged Hilco Streambank to assist with the disposition of its intellectual property. As part of the claims process, a bar date of Feb. 19, 2016, was established by the Court for creditor claims. GAS COMPRESSOR: Taps Buechler & Garber as Bankruptcy Counsel ------------------------------------------------------------ Gas Compressor Consultants asks for authorization from the U.S. Bankruptcy Court for the District of Colorado to employ Buechler & Garber, LLC, as bankruptcy counsel, nunc pro tunc to May 27, 2016, and for further and additional relief as to the Court may appear proper. The Firm will: a. provide the Debtor with legal advice with respect to its powers and duties; b. aid the Debtor in the development of a plan of reorganization under Chapter 11; c. file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; d. take necessary actions to enjoin and stay until a final decree herein the continuation of pending proceedings and to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. Section 362; and e. perform all other legal services for the Debtor that may be necessary. The Debtor will employ Counsel under a general retainer because of the extensive legal services required. Aaron A. Garber, Esq., a partner with the Firm, assures the Court that the Firm does not represent any party in interest adverse to the interest of the Debtor, and that the Firm is disinterested as defined by 11 U.S.C. Section 101(14) and does not have or represent an interest materially adverse to the interest of the estate or of any class of creditors. On Jan. 8, 2016, the Debtor retained Kutner Brinen Garber PC as counsel. Effective May 27, 2016, Mr. Garber relocated to Buechler & Garber. The Firm can be reached at: Karon A. Garber, Esq. Buechler & Garber, LLC 999 18th Street Suite 12308 Denver, CO 80202 Tel: (720) 331-0045 Fax: (720) 381-0382 E-mail: aaron@bandglawoffice.com Gas Compressor Consultants offers comprehensive project management, engineering, and operations consulting services for the natural gas industry. GCC has extensive experience in the design and operation of natural gas gathering systems, compression, processing, and sour/acid applications. GCC provides expertise in engineering design, equipment specifications, installation, startup and operation. GCC filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 16-10092) on Jan. 6, 2016. GAWKER MEDIA: $14-Mil. Interim Cash Collateral Use Approved ----------------------------------------------------------- Gawker Media, LLC, and its affiliated debtors sought and obtained interim authorization from Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York to access DIP financing and use cash collateral. The Debtors sought to obtain postpetition financing of up to $22,000,000, consisting of a $17,000,000 term loan and a $5,000,000 revolving credit facility from Cerberus Business Finance LLC and one or more of its affiliates party thereto. Judge Bernstein authorized the Debtors to borrow, on an interim basis, up to $14,000,000 of term loans. "Based on the evidence presented at the Interim Hearing, and the representations made by the Debtors in the Motion and on the record of the Interim Hearing, an immediate need exists for the Debtors to obtain funds under the DIP Facility and to use Cash Collateral in order to continue operations and to administer and preserve the value of the Debtors' estates. The ability of the Debtors to meet payroll and finance their operations, and to preserve, maintain and maximize the value of their assets for the benefit of their creditors, requires the immediate availability of working capital provided pursuant to the DIP Facility and use of Cash Collateral. Without immediate access to the DIP Facility and the use of Cash Collateral, the Debtors have insufficient funds available to sustain operations of any magnitude for any length of time. The inability to obtain funding under the DIP Facility and use of Cash Collateral would immediately and irreparably harm the Debtors, their estates and their creditors, and irreparably damage the Debtors' prospects for a successful reorganization or sale of their assets as a going concern or otherwise," Judge Bernstein acknowledged. The DIP Facility contains, among others, these material terms: (1) DIP Facility Parties: (a) Borrower: Gawker Media LLC (b) Guarantors: Gawker Media Group, Inc. ("GMGI") and and Kinja Kft. (c) DIP Agent: Cerberus Business Finance LLC ("CBF") (d) Lenders: CBF, or one or more affiliates thereof designated on the Closing Date as a DIP Lender, and such other DIP Lender party to the DIP Facility from time to time. (2) DIP Facility Amount: (a) Amount in the Interim Period: $14 million (b) Amount in Final Period: Up to $22 million, which includes the $14 million in the interim period, comprised of a $17 million term loan facility and $5 million revolving credit facility. (3) Interest Rate: The loans under the facilities will bear interest at the rate per annum equal to LIBOR plus eight percent or the Reference Rate plus seven percent. Interest will be payable monthly in arrears on all loans. All interest and fees would be computed on the basis of a year of 360 days for the actual days elapsed. (4) Post-Default Interest Rates: If any Event of Default under the DIP Financing Agreement occurs and is continuing, interest would accrue at a rate per annum equal to two percent above the rate previously applicable to such obligation, payable on demand. (5) Original Issue Discount: The DIP Loans are being issued with a four percent original issue discount. (6) Fees: (a) Commitment Fee: 2 percent of the DIP Facility non- refundable and earned in full and payable upon acceptance of a commitment. (b) Unused Line Fee: Three-quarters of one percent on the unused portion of the Revolving Credit Facility, payable monthly in arrears. (7) Maturity/Termination Date: The DIP Facility loans are to be repaid in full on the date that is the earliest of (i) 30 days from the date of the Interim Order, if the Final Order has not been entered by the Bankruptcy Court on or prior to such date, (ii) the date that is 12 months following the date of entry of the Interim Order, (iii) the substantial consummation of a plan of reorganization of Company in the Chapter 11 Case, which has been confirmed by an order entered by the Bankruptcy Court in the Chapter 11 Cases, and (iv) the sale of all or substantially all of the assets of the Debtors. (8) Purpose of the DIP Facility and Limitations on Use of DIP Facility and Cash Collateral: (i) To repay the outstanding indebtedness under the First Lien Facility, including cash collateralize letters of credit; (ii) to fund general corporate needs, including working capital needs; and (iii) to pay fees and expenses related to this transaction, including administrative expenses relating to bankruptcy. The final hearing on the Debtors' Motion is scheduled on July 7, 2016 at 2:00 p.m. A full-text copy of the Interim Order, dated June 16, 2016, is available at https://is.gd/TGo6VM Gawker Media, LLC, and its affiliated debtors are represented by: Gregg M. Galardi, Esq. Jonathan P. Gill, Esq. Kristina K. Alexander, Esq. Jonathan M. Agudelo, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036-8704 Telephone: (212)596-9000 Facsimile: (212)596-9090 E-mail: Gregg.Galardi@ropesgray.com Jonathan.Gill@ropesgray.com Kristina.Alexander@ropesgray.com Jonathan.Agudelo@ropesgray.com 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. GAWKER MEDIA: Seeks Preliminary Injunction Issuance --------------------------------------------------- Gawker Media, LLC, in an adversary proceeding, asks the U.S. Bankruptcy Court for the Southern District of New York to issue a preliminary injunction and/or extend the automatic stay with respect to certain suits filed against it. Specifically, the Debtor sought the issuance of a preliminary injunction enjoining, pending the termination of the automatic stay applicable to the Debtor, the following existing lawsuits against the Debtor ("Actions"): (1) Bollea v. Gawker Media, LLC, et al., No. 12012447-CI-011; (2) Huon v. Denton, et al., No. 11-cv-03054 and on appeal No. 15-3049; (3) Ashley Terrill v. Gawker Media, LLC, et al., No. 16-CV-00411; (4) Teresa Thomas v. Gawker Media LLC, et al., No. 16-CV- 09519; (5) Ayyadurai v. Gawker Media, LLC, et al., No. 16-CV- 10853; and (6) Charles C. Johnson, et al. v. Gawker Media, LLC, et al., No. 15CECG03734. The Debtor also sought the issuance of a preliminary injunction against any Adversary Action Defendant from taking further action in the Actions and from taking further action in any other existing litigation or filing further claims against Nick Denton, the Debtor's founder and current President and Chief Executive Officer of Gawker Media Group, Inc., as well as the President of Gawker Media, LLC, or any of the Individual Defendants, John Cook, et. al., where the conduct alleged was in the course of, and within the scope of, Mr. Denton's or the Individual Defendant's employment with the Debtor, absent approval of the Court. Gawker Media, LLC, is represented by: Gregg M. Galardi, Esq. David B. Hennes, Esq. Michael S. Winograd, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036-8704 Telephone: (212)596-9000 Facsimile: (212)596-9090 E-mail: gregg.galardi@ropesgray.com david.hennes@ropesgray.com michael.winograd@ropesgray.com 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. GEO V HAMILTON: Wants Plan Filing Deadline Moved to Dec. 16 ----------------------------------------------------------- Geo. V. Hamilton, Inc., asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend the Debtor's exclusive right to file a Chapter 11 plan through and including Dec. 16, 2016, and to solicit votes thereon through and including Feb. 28, 2017. Based on a review of the relevant factors, the Debtor submits that there is sufficient cause to approve the extension of the Exclusivity Periods requested by the Debtor: a. The Size and Complexity of the Case. On Oct. 13, 2015, the Court entered an order designating this Chapter 11 Case as a complex Chapter 11 bankruptcy case. This Chapter 11 Case involves over 2,000 active and significantly more inactive Asbestos Claims outstanding against the Debtor, plus potential future Demands; b. Existence of Good Faith Progress. The Debtor has made good faith progress in this Chapter 11 Case. Among other things, it stabilized its business operations through various operational first day motions and orders. These orders allowed the Debtor to pay its employees and critical vendors, obtain post-petition debtor-in- possession financing, maintain insurance programs, and continue using its cash management system. The Debtor filed its schedules of assets and liabilities, statement of financial affairs, is current in filing its monthly operating reports, and a bar date was set for filing claims. The Future Claimants' Representative was appointed by order dated Dec. 23, 2015. The Debtor answered and produced significant documents and other information responsive to the Requests, and the Debtor continues to engage with the Committee and the Future Claimants' Representative on a good faith basis. Gleason and BDO were retained to perform valuations of the Debtor's business. As evidenced by the achievements, the Debtor is making steady progress in this Chapter 11 Case and is preparing the necessary foundation to advance a consensual plan of reorganization. c. Continued Payment of Operating Expenses. The Debtor is paying its post-petition operating expenses in the ordinary course of its business. The Debtor also is current on its payments to the Office of the U.S. Trustee on account of quarterly fees. d. Additional Time is Necessary. Although the Debtor has made steady progress toward its restructuring objectives since the Petition Date, additional time is necessary: (1) for the Committee and the Future Claimants' Representative to evaluate the information recently produced by the Debtor and any information that an insurance archaeologist may reveal; (2) for Gleason and BDO to complete their valuations; and (3) for the Debtor, the Committee, and the Future Claimants' Representative to negotiate what the Debtor believes should be a consensual plan of reorganization. e. An Extension Will Not Pressure or Prejudice Creditors. The Debtor is not seeking an extension of the Exclusivity Periods to pressure or prejudice any of its stakeholders. Rather, the Debtor seeks additional time so that the parties have adequate time to evaluate relevant information and to negotiate a plan of reorganization. The Debtor's counsel can be reached at: Paul M. Singer, Esq. Luke A. Sizemore, Esq. REED SMITH LLP 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: (412) 288-3131 Fax: (412) 288-3063 E-mail: psinger@reedsmith.com lsizemore@reedsmith.com About Geo. V. Hamilton Formed in 1947, Geo. V. Hamilton, Inc., is based in McKees Rocks, Pennsylvania, its home of nearly seventy years. Hamilton is a distributor of insulation products and an insulation contractor serving a wide variety of industrial, energy and commercial facilities in the Pittsburgh area and elsewhere. Hamilton filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa Case No. 15-23704) on Oct. 8, 2015, for the purpose of resolving all existing and future personal injury and wrongful death claims arising from alleged exposure to asbestos-containing product distributed or installed by Hamilton more than 40 years ago. Judge Gregory L. Taddonio is assigned to the case. The petition was signed by Joseph Linehan, the Company's general counsel. The Debtor has engaged Reed Smith LLP as counsel and Logan & Company, Inc., as claims and noticing agent. On Oct. 23, 2015, the United States Trustee appointed the Official Committee of Asbestos Personal Injury Claimants to represent the shared interests of holders of current asbestos-related claims for personal injury or wrongful death against the Debtor. The Committee is represented by Douglas A. Campbell, Esq., at CAMPBELL & LEVINE, LLC, and Ann C. McMillan, Esq., Jeffrey A. Liesemer, Esq., and Kevin M. Davis, Esq., at CAPLIN & DRYSDALE, CHARTERED. On Dec. 8, 2015, the U.S. Trustee filed its statement that an unsecured creditors committee has not been appointed to represent the interests of unsecured creditors of the Debtor. On Dec. 23, 2015, the Court entered its order appointing Gary Philip Nelson as the Legal Representative of Holders of Future Asbestos Demands. The FCR is represented by Beverly A. Block, Esq., at SHERRARD GERMAN & KELLY, PC. GOVERNORS STATE UNIVERSITY: Moody's Cuts UFS Bonds Rating to Ba1 ---------------------------------------------------------------- Moody's Investors Service downgrades Governors State University, IL's (GSU) University Facilities System Bonds (UFS) to Ba1 and Certificates of Participation (COPs) to Ba2. The outlook is negative. This concludes the review for downgrade initiated on June 10, 2016. The downgrade of the ratings reflect GSU's very heavy dependence on the State of Illinois (GO Baa2 negative), GSU's weakened liquidity position, deficit operations, and ongoing financial risks of transitioning to a comprehensive university while state funding levels remain challenged. The university received only part of its budgeted FY 2016 state appropriation due to the state's failure to enact a budget for the year and reliance on stop gap funding. The Ba1 rating on the UFS bonds reflects the secured interest in revenues, favorable enrollment growth, not experienced by many of its regional peers in the state, and still sufficient liquidity to address near-term challenges posed by the state's ongoing budget impasse. Weak operating cash flow, a demographically challenged core market, and transition-risk are offsetting credit factors. The Ba2 rating on the COPs reflects the increasing credit risk due to the university's unsecured obligation to pay and the its ability to terminate the installment contract absent legally available funds. Favorably, the open-system University Financing System broaden the reserves and revenue available for payment on the COPs, when available. Rating Outlook The negative outlook largely reflects the ongoing challenges associated with the state and its protracted budget impasse. As the university currently has thin cash flow due in part to transition costs, the negative outlook also reflects the university's challenges of adjusting expenses to lower state appropriations while continuing to invest in expanded programming. Factors that Could Lead to an Upgrade Significant and sustained growth in liquidity Reduced reliance on state support combined with stronger cash flow Factors that Could Lead to a Downgrade Material decline in state appropriations, including on-behalf payments, or timing delays of disbursements that harms operating performance or the ability to meet obligations when due Ongoing deterioration of liquidity position Further weakening of the state's credit quality Legal Security The UFS bonds are secured by the net revenues of the University Facilities System, as well as mandatory student fees and tuition revenues, subject to the prior payment of operating and maintenance expenses of the University Facilities System, but only to the extent necessary. There is a rate covenant to provide 2.0 times coverage of maximum annual debt service from pledged revenue, as well an additional bonds test. There is no debt service reserve fund, and accumulated surpluses from the UFS system may be used to support any lawful purpose. In fiscal 2015, MADS coverage from total funds available for debt service was over 16 times with the expectation of similarly robust coverage for FY 2016. The Certificates of Participation (COPs) are unsecured but payable from both state-appropriated funds and from budgeted legally available funds of the university from sources other than state appropriations, including tuition and fees. While the COPs typically benefit from the breadth of revenue available to pay debt service, the lack of state appropriations and tightening operating budget weakens this structure. The obligation to pay can be terminated in the event that the university does not receive sufficient state appropriations and does not have other legally available funds. Use of Proceeds Not applicable Obligor Profile GSU is a 4-year regional public university located approximately 30 miles south of Chicago. As a key provider of education for first-generation college students, the university implements academic programs geared towards the specific needs of this population. HCR HEALTHCARE: Moody's Affirms B3 CFR & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Investors Service revised the rating outlook on HCR Healthcare LLC to negative from stable. Moody's also affirmed the existing ratings of HCR, including the B3 Corporate Family Rating, B3-PD Probability of Default Rating and B1 senior secured credit facilities ratings. The change in the rating outlook reflects Moody's concern that HCR will be unable to meaningfully reduce leverage and improve coverage metrics amidst declining industry volumes and escalating master lease payments. In addition, despite HCR's lower master lease payments -- renegotiated in 2015 with HCP, Inc. -- Moody's believes the magnitude of the remaining yearly lease obligations are financially onerous on HCR and according to HCR they’re in conversation with HCP, Inc. to further reduce the annual payments on the master lease. Furthermore, Moody's believes HCR's maximum senior leverage covenant will be tight throughout 2016, possibly requiring the company to seek an amendment or waiver. The following is a summary of Moody's ratings: HCR Healthcare LLC: Ratings affirmed: Corporate family rating at B3 Probability of default rating at B3-PD $400 million senior secured term loan due 2018 at B1 (LGD 2) RATINGS RATIONALE HCR's B3 Corporate Family Rating reflects the company's significant financial leverage when considering its sizable lease obligation. It also reflects ongoing reimbursement pressures, the need to renegotiate lower annual lease payments and a continued patient mix shift to lower reimbursed Medicaid patients that negatively affect earnings. Furthermore, Moody's believes it will be difficult for HCR to reduce leverage given that the preponderance of adjusted debt relates to the company's sale and leaseback of skilled nursing and assisted living facilities. In addition, Moody's expects that challenges in growing revenue and earnings along with significant cash outlays related to leased facilities will limit the company's ability to meaningfully repay debt. The rating benefits from HCR's scale, geographic diversity and strong market position in the skilled nursing sector, which should help the company adapt to future reimbursement changes. The negative rating outlook reflects Moody's expectation that the company's key credit metrics will remain weak as patient volumes at skilled nursing facilities will remain pressured, which will limit utilization. Additionally, availability under the company's liquidity sources will remain limited over the next four quarters. Moody's could downgrade the rating if there are further negative developments around future reimbursement levels or if HCR is unable to renegotiate lower rent payments under its master lease agreement to an amount that provides improved credit metrics and cash flow. In addition, if the company engages in debt-financed acquisitions or its liquidity profile weakens, the rating could be downgraded. Moody's could upgrade the ratings if the company can substantially grow earnings and cash flow so that key credit metrics materially improve. In addition, Moody's will need to see both the reimbursement rate environment and patient volumes stabilize. If Moody's comes to expect leverage -- using the GAAP presentation of the financing obligation -- improving to around 6.5 times, the rating could be upgraded. Headquartered in Toledo, Ohio, HCR Healthcare LLC, provides a range of health care services, including skilled nursing care, assisted living, post-acute medical and rehabilitation care, hospice care, home health care and rehabilitation therapy. HCR is owned by private equity sponsor The Carlyle Group, HCP, Inc. and management. For the LTM period ended March 31, 2016, HCR generated $4.1 billion in revenues. HERCULES OFFSHORE: Asks Court to Enforce Automatic Stay ------------------------------------------------------- Hercules Offshore, Inc., and its debtor affiliates ask the U.S. Bankruptcy Court to enforce the automatic stay, ipso facto, and non-discriimination provisions of the Bankruptcy Code. According to the Debtors, they need the following key protections afforded to debtors under the Bankruptcy Code: (a) the automatic stay provisions of Section 362, (b) the prohibition of Section 365 against terminating executory contracts or unexpired leases due to ipso facto provisions, and (c) the prohibition against discriminatory treatment by governmental units contained in section 525 to ensure that the Debtors' operations are not disrupted and ability to successfully monetize their assets is not impacted by enforcement actions or the exercise of self-help remedies initiated by non-U.S. creditors, customers, governmental units, or other parties in interest. Counsel for Hercules Offshore, Inc. and its debtor affiliates: Robert J. Dehney, Esq. Eric D. Schwartz, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Flr. PO Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@mnat.com eschwartz@mnat.com mharvey@mnat.com -- and -- Michael S. Stamer, Esq. Philip C. Dublin, Esq. David H. Botter, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, New York 10036 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 Email: mstamer@akingump.com pdublin@akingump.com dbotter@akingump.com -- and -- Kevin M. Eide, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036 Telephone: (202) 887-4000 Facsimile: (202) 887-4288 Email: keide@akingump.com About Hercules Offshore Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries are providers of shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. Hercules Offshore and 13 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Proposed Lead Case No. 16-11385) on June 5, 2016. The petition was signed by Troy L. Carson as vice president. The Debtors listed total assets of $1.06 billion and total debts of $521.37 million as of March 31, 2016. The Debtors have hired Akin Gump Srauss Hauer & Feld LLP as general bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as co-counsel. HERCULES OFFSHORE: Can Access Cash Collateral Until September 1 --------------------------------------------------------------- Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware authorizes Hercules Offshore, Inc., and its debtor affiliates to use the Prepetition Collateral, including the Cash Collateral, until September 1, 2016, and grants the Prepetition Secured Parties adequate protection. The Court has also scheduled a final hearing on July 14, 2016, to consider the Debtors' request and any objections or responses to entry of a Final Order are required to be filed no later than July 7. The Debtors asserts that their ability to conduct an orderly wind-down of their operations and maximize value for distribution among their stakeholders is largely dependent upon their ability to access and monetize the Prepetition Collateral. The Debtors also rely on the Cash Collateral to fund working capital, capital expenditures, research and development efforts, and for other general corporate purposes to satisfy payroll, pay suppliers, meet overhead, pay utility expenses, as well as make any other payments, which are essential for the continued management of the Debtors' businesses as the Debtors attempt to implement a controlled wind-down of their operation. As of the Petition Date, the Debtors have Cash Collateral in the approximate amount of $208 million. A full-text copy of the Interim Cash Collateral Order dated June 7, 2016 is available at https://is.gd/LaNigV A full-text copy of the Cash Collateral Motion dated June 6, 2016, with Budget is available at https://is.gd/CyMRFU Proposed Counsel for Hercules Offshore, Inc. and its debtor affiliates: Robert J. Dehney, Esq. Eric D. Schwartz, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Flr. PO Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@mnat.com eschwartz@mnat.com mharvey@mnat.com -- and -- Michael S. Stamer, Esq. Philip C. Dublin, Esq. David H. Botter, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, New York 10036 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 Email: mstamer@akingump.com pdublin@akingump.com dbotter@akingump.com -- and -- Kevin M. Eide, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP 1333 New Hampshire Avenue, N.W. Washington, D.C. 20036 Telephone: (202) 887-4000 Facsimile: (202) 887-4288 Email: keide@akingump.com About Hercules Offshore Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries are providers of shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. Hercules Offshore and 13 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Proposed Lead Case No. 16-11385) on June 5, 2016. The petition was signed by Troy L. Carson as vice president. The Debtors listed total assets of $1.06 billion and total debts of $521.37 million as of March 31, 2016. The Debtors have hired Akin Gump Srauss Hauer & Feld LLP as general bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as co-counsel. HF RESOURCES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of HF Resources, LLC. HF Resources, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 16-02658) on May 28, 2016. The Debtor is represented by Robert H. Cooper, Esq., at The Cooper Law Firm. HI-TEMP SPECIALTY: Hires Diconza Traurig as Counsel --------------------------------------------------- Hi-Temp Specialty Metals, Inc., seeks permission from the Bankruptcy Court to employ DiConza Traurig Kadish LLP as its bankruptcy counsel, nunc pro tunc to the Petition Date. Subject to the Court's approval, DTK will render professional services to the Debtor for general matters in connection with its Chapter 11 case, which may include, but are not limited to the following: (a) negotiate with representatives of creditors and other parties-in-interest; (b) take necessary action to protect and preserve the Debtor's estate; (c) advise the Debtor of its rights, powers, and duties as debtor-in-possession under Chapter 11 of the Bankruptcy Code; (d) prepare on behalf of the Debtor, motions, applications, schedules, answers, orders, reports and papers necessary to the administration of the estate; (e) advise the Debtor in reviewing, estimating, and resolving claims asserted against the estate; (f) appear before the Court and any appellate courts and protect the interests of the Debtor and its estate; and (g) perform other necessary legal services and provide other necessary legal advice to the Debtor in connection with the Chapter 11 case. To the best of the Debtor's knowledge, DTK is a "disinterested person," as that phrase is defined in Section 101(14) of the Bankruptcy Code and as modified by Section 1107(b) of the Bankruptcy Code. The Debtor engaged DTK as counsel in May 2016 and advanced $37,500 in three separate payments for professional services to be rendered and expenses to be charged by the firm in connection with the Debtor's Chapter 11 case. In addition, on the Petition Date, the Debtor advanced $1,717 to the DTK Firm as reimbursement of the Chapter 11 filing fee. The fees and expenses incurred by DTK through the Petition Date have not yet been determined. The hourly rate charged by Gerard DiConza, the primary attorney providing the services on this engagement, is $605 per hour. The current hourly rates of the attorneys at DTK range between $375 and $645 per hour and paralegal rates range between $150 and $195 per hour. The Debtor has agreed to reimburse DTK in accordance with its customary reimbursement policies. About Hi-Temp Founded in 1982, Hi-Temp Specialty Metals, Inc. is a recycler and provider of specialty recycled metals for the super alloy industry. Hi-Temp is a wholly-owned subsidiary of Hi-Temp Acquisition Corp., Inc. Joseph Smokovich owns 87% of HTAC common stock and the remaining 13% is owned by Larry Stryker, a former employee. Hi-Temp employs between 20-25 people. On June 22, 2016, Hi-Temp filed a voluntary petition in the U.S. Bankruptcy Court for the Eastern District of New York. The case is assigned to Judge Louis A. Scarcella. The petition, signed by President and Chief Executive Officer Joseph Smokovich, estimates assets in the range of $10 million to $50 million and liabilities of up to $50 million. HI-TEMP SPECIALTY: Taps Cohnreznick Capital as Investment Banker ---------------------------------------------------------------- Hi-Temp Specialty Metals, Inc., filed an application with the Bankruptcy Court seeking permission to employ CohnReznick Capital Market Securities, LLC as its investment banker. Pursuant to the Engagement Agreement, CRCMS will assist and advise the Debtor with many aspects of its Chapter 11 case, including but not limited to, the following: (a) evaluating the business, operations and financial position of the Debtor; (b) analyzing the business, operations and financial position of the Debtor and preparing it for a financing, and recommending financial and strategic alternatives with respect to the financing; (c) assisting the preparation of materials, including business, financial information, and descriptive memoranda, to be provided to potential lenders and investors, preparing the Debtor for the marketing process, and contacting prospective lenders and investors; (d) assisting the Debtor in establishing criteria for potential lenders and investors, identifying, screening and ranking prospective investors, and evaluating proposals received from potential lenders and investors; (e) counseling the Debtor on negotiations with the potential providers of capital and their advisors; (f) directing and coordinating the due diligence process; (g) providing timely reporting to the Debtor and its current lenders on the status and progress of the above; (h) assisting the Debtor and its other advisors through a transaction that results in the closing of a new financing, investment or sale of the Debtor's assets through Section 363 sale or 1129 of the Bankruptcy Code; and (i) advising the Debtor on other matters that may arrive from time to time during its engagement. The Debtor has agreed to the following compensation arrangement: Retainer Fee: CRCMS received a retainer of $50,000 in advance of the filing. No other retainer or fees are due until a Transaction is approved by the court. Financing Fee: Subject to Bankruptcy Court review and approval, in the event the Debtor completes a Financing, then CRCMS will earn a fee equal to the higher of $200,000 or: i) 6.0 percent (600 basis points) on any new equity investment, including preferred and common private equity; ii) 3.5 percent (350 basis points) on any mezzanine debt capital issued, if any; and iii) 1.5 percent (150 basis points) on any new commitment of senior secured bank debt. Transaction Fee: In the event that the Debtor enters into one or more preliminary or definitive agreements or transactions pursuant to which directly or indirectly, control of or a majority interest in the Debtor (including, without limitation, a majority of the outstanding capital stock of the Debtor) or its subsidiaries or affiliates, or any of their respective businesses, or a majority of their respective assets are to be transferred for consideration, whether through a sale under Section 363 or 1129 of the Bankruptcy Code, and such preliminary or definitive agreement or transaction is entered into prior to consummation of the Financing and during, or within 12 months following termination of, the term of CRCMS' engagement hereunder, then the Debtor will pay to CRCMS, upon the consummation of the Transaction, as consideration for its services, an advisory fee equal to the greater of $200,000 or 3.0 percent (300 basis points) of the full transaction value of the Transaction, including without limitation all consideration paid or payable by an acquiring party to a selling party in connection with such Transaction. Notwithstanding the foregoing, any transaction in which securities of the Debtor are issued shall constitute a Financing and not a Transaction. Expenses: In addition to the fees, subject to Bankruptcy Court review and approval the Debtor will pay CRCMS's reasonable out-of-pocket expenses in carrying out its duties under this engagement, including reimbursement for the use of data base services. Aggregate expenses will not exceed $10,000 without the expressed written consent of the Debtor. The Debtor requests that CRCMS be excused from maintaining detailed time records in connection with the services to be rendered pursuant to the Engagement Agreement. According to the Debtor, time records are unnecessary and unduly burdensome for investment banking services, especially given that the Financing or Transaction fees are payable entirely on a contingency basis, and requests a waiver of such requirements in connection with the services to be provided by CRCMS. CRCMS will file a final fee application including a summary of all fees earned and expenses to be reimbursed in this Chapter 11 case. To the best of the Debtor's knowledge, CRCMS is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as required by Section 327(a) of the Bankruptcy Code. About Hi-Temp Founded in 1982, Hi-Temp Specialty Metals, Inc. is a recycler and provider of specialty recycled metals for the super alloy industry. Hi-Temp is a wholly-owned subsidiary of Hi-Temp Acquisition Corp., Inc. Joseph Smokovich owns 87% of HTAC common stock and the remaining 13% is owned by Larry Stryker, a former employee. Hi-Temp employs between 20-25 people. On June 22, 2016, Hi-Temp filed a voluntary petition in the U.S. Bankruptcy Court for the Eastern District of New York. The case is assigned to Judge Louis A. Scarcella. The petition, signed by President and Chief Executive Officer Joseph Smokovich, estimates assets in the range of $10 million to $50 million and liabilities of up to $50 million. The Company has engaged Diconza Traurig Kadish LLP as counsel. HIGH RIDGE MANAGEMENT: Plan Solicitation Deadline Moved to Aug. 30 ------------------------------------------------------------------ The Hon. John K. Olson of the U.S. Bankruptcy Court for the Southern District of Florida has extended, at the behest of High Ridge Management Corp., Hollywood Hills Rehabilitation Center, LLC, and Hollywood Pavilion, LLC, the exclusive period within which only the Debtors may file a plan of reorganization and to solicit acceptances of that plan through June 30, 2016, and Aug. 30, 2016, respectively. As reported by the Troubled Company Reporter on June 2, 2016, the Debtors said that they would benefit from additional time to resolve as many claims and claim objections as possible. In addition, while the Debtors have been able to negotiate certain terms of a plan with the Official Committee of Unsecured Creditors, there are several provisions which the Debtors, Committee and holders of equity interests continue to work through. The Debtors have continued to make progress on claims, whether by objection or resolution. The Debtors previously settled with their largest creditor, Hollywood Property Investments, LLC, which settlement was approved by the Court. Further, the Debtors have negotiated a settlement with Jeffrey H. Byrd, as relator, of the qui tam claims filed against the High Ridge and Pavilion estates (the largest claims against those respective estates), and have filed a motion seeking to approve the settlement. About High Ridge High Ridge Management Corp., Hollywood Pavilion and Hollywood Hills Rehabilitation Center LLC, sought Chapter 11 protection (Banrk. S.D. Fla. Lead Case No. 15-16388) in Fort Lauderdale, Florida, on April 8, 2015. Judge John K Olson presides over the jointly administered cases. High Ridge estimated $10 million to $50 million in assets and debt. High Ridge owns real property located at 1200 North 35th Avenue and 1201 North 37th Avenue, Hollywood, Florida, and is the landlord of Pavilion and Hollywood Hills. Before executing a management agreement with Larkin Community Hospital, Pavilion was operating a 50-bed Florida-licensed mental health hospital on the real property. Before the appointment of a receiver, Hollywood Hills operated a 152-bed Florida-licensed nursing home on the real property. High Ridge is the 100 percent owner of the membership interests in Hollywood Hills and Pavilion. Prior to Jan. 14, 2014, when a receiver was appointed, High Ridge managed the operations for Pavilion and Hollywood Hills. Timothy R Bow, Esq., and Grace E. Robson, Esq., at Markowitz Ringel Trusty + Hartog, P.A., in Fort Lauderdale, Florida, serve as the Debtors' counsel. HOWARD UNIVERSITY: Moody's Assigns Ba1 Rating on 2016 Bank Bonds ---------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 bank bond rating to Howard University's Taxable Bonds, Series 2016. The $160 million bonds are supported by a letter of credit from Barclays. At the same time, the Ba2 rating on the Series 2011 A and Series 2011 B bonds issued through the District of Columbia has been affirmed. The bank bond rating is one notch higher because of the materially stronger legal security. The secured Ba1 and unsecured Ba2 ratings reflect Howard's federal funding, District of Columbia location and real estate value, and market reputation as a large Historically Black College and University. These strengths are offset by thin operating performance and revenue pressures from a patient care enterprise with high Medicaid exposure and price sensitive student market. The university also has thin working capital and significant deferred maintenance. Additionally, the university has significant fixed costs including debt service, pension and healthcare benefits. Rating Outlook The negative outlook reflects the sustained market challenges impacting Howard's student and patient care markets. Ongoing revenue deterioration will negatively impact cash flow and the resulting debt service coverage, making it difficult to meaningfully rebuild operating liquidity. Factors that Could Lead to an Upgrade Significant and sustained improvement in operating performance Material improvement in hospital's competitive profile or successful spin off of hospital Demonstrated strengthening of student demand Ongoing gains in unrestricted liquidity Factors that Could Lead to a Downgrade Inability to generate sufficient cash flow from operations to cover debt service Material decline in tuition and auxiliary revenue Rising losses from health care operations and/or a cut in the federal appropriation Marked decline in total cash and investments including unrestricted cash and investments Significant increase in debt Legal Security Howard's obligation to repay Barclays Bank PLC under the Reimbursement Agreement supporting the Taxable Bonds, Series 2016 is secured by pledged revenues including student tuition and fees and a mortgage pledge on certain real estate to be executed by September 30, 2016. The same pledge secures a proposed new $75 million line of credit with JPMorgan Chase Bank. The university has covenanted to provide an executed mortgage equal to at least $237.4 million (or lesser amount subject to bank approval) by September 30, 2016. Failure to provide the mortgage by that date would constitute an event of default, granting the bank rights and remedies including demanding immediate repayment. The Series 2011A and 2011B Revenue Bonds are unsecured general obligations, additionally secured by a debt service reserve fund and other funds created under the indenture. The debt service reserve fund for the Series 2011A bonds only, holds approximately $12.6 million and was established at 50% of maximum annual debt service. There is a rate covenant of 1.1 times and an additional bonds test that requires a certificate of the university's chief financial officer concluding that projected debt service coverage will be at least 1.1 times upon issuance and, on a pro forma basis for the following fiscal year. If the debt service coverage falls below 1.1 times, the university will not be in default as long as it hires a consultant and does not drop below 1 times coverage as defined in the Loan Agreement. Use of Proceeds Proceeds from the $160 million taxable borrowing will primarily be used to repay the $95 million multi-bank credit agreement and to meaningfully reduce accounts payable. Obligor Profile Howard University is a private not-for-profit historically black college and university in Washington, D.C. with approximately 9,400 full-time equivalent students and $800 million in operating revenue. It is known for its undergraduate health sciences, business, marketing, and communication programs as well as its graduate programs in business, law, and medicine. The university owns the Howard University Hospital where medical students do their internships, residencies, and/or fellowships and where members of its faculty practice provide clinical services. The university has several subsidiaries engaged in international initiatives such as technical assistance programs in Malawi. INTERNATIONAL BRIDGE: Wants Plan Filing Deadline Moved to Sept. 28 ------------------------------------------------------------------ International Bridge Corporation asks the U.S. Bankruptcy Court for the District of Kansas, to extend its exclusive period to file its disclosure statement and plan of reorganization to Sept. 28, 2016, and the time during which it may solicit acceptance of its Plan of Reorganization to Nov. 27, 2016. The Debtor was previously granted three extensions of the Exclusivity Period, the most recent until June 30, 2016, to file its Disclosure Statement and Plan of Reorganization, and two extensions of the time during which the Debtor may solicit acceptance of its Plan of Reorganization, the most recent until Aug. 29, 2016. Prior to the Filing Date, the Debtor was involved in the submission of claims submitted to the United States Department of Navy pursuant to Contract Disputes Act under Contract Number N62742-08-C-1301 FY08 MCON P-502, stemming from disputes regarding work performed on the Kilo Wharf Extension for the Department of the Navy at the Commander Naval Regional Marianas, Main Base, Guam. In conjunction with the CDA Claims, the Debtor is represented by Wyatt A. Hoch of Foulston Siefkin, LLP. The CDA Claims are pending before a Navy Contracting Officer for decision, and a decision is central to the instant bankruptcy case. However, a decision will not be made in time for Debtor to file its Chapter 11 Bankruptcy Plan by the June 30, 2016 deadline. Counsel for the Debtor previously confirmed that the decision on the CDA Claims had been pushed back to June of 2016. However, as of June 29, 2016, a decision has not been received. The Debtor's counsel can be reached at: Wesley F. Smith, Esq. STEVENS & BRAND, LLP 900 Massachusetts, Suite 500 P.O. Box 189 Lawrence, Kansas 66044 Tel: (785) 843-0811 Fax: (785) 843-0341 E-mail: WSmith@StevensBrand.com About International Bridge Corporation International Bridge Corporation, a contractor for government projects in the South Pacific and Guam, sought Chapter 11 protection (Bankr. D. Kan. Case No. 15-20951) in Kansas City on May 7, 2015. Robert Toelkes, the sole shareholder and manager, signed the petition. The Debtor disclosed total assets of $17.4 million and total debt of $27.4 million. The case is assigned to Judge Robert D. Berger. The Debtor tapped Stevens & Brand, LLP, as its counsel. Foulston Siefkin, LLP, serves as the Debtor's special litigation counsel. Robert G. Nath, PLLC, represents the Debtor as special tax counsel. J.T.P. CORP: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of J.T.P. Corp. In a June 29 filing with the U.S. Bankruptcy Court for the District of Colorado, the Office of the U.S. Trustee disclosed that "there were too few unsecured creditors" who are willing to serve on a creditors' committee. J.T.P. Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 16-15232) on May 25, 2016. The Debtor is represented by Robert J. Shilliday, III, Esq., at Shilliday Law, P.C. JOHN Q. HAMMONS HOTELS: Can Continue Normal Operations ------------------------------------------------------ Stephanie Gleason, writing for Daily Bankruptcy Review, reported that the Missouri hotel company founded by John Q. Hammons, received court permission Tuesday to continue operating its business as usual. Judge Robert D. Berger of the U.S. Bankruptcy Court in Kansas City, Kan., signed off on the company's request to continue using its cash for bills, paying its more than 4,000 employees and honoring customer reward programs. The permission to spend cash was granted on an interim basis, with parties scheduled to return to court July 15 for a final hearing. Although companies traditionally file for chapter 11 bankruptcy to restructure or liquidate because of insurmountable debts, the laws offer benefits that appeal even to some financially stable companies. Among those benefits is the automatic stay provision, which halts pending litigation against a bankrupt debtor. The John Q. Hammons bankruptcy filing comes ahead of a July 26 trial in the Chancery Court of Delaware to determine whether the company must sell its assets. That litigation is temporarily halted because of the bankruptcy filing. The case in Delaware involves a 2005 buyout of some of the Hammons hotel business by Jonathan Eilian, the former managing director of private-equity giant Starwood Capital Group. Mr. Eilian purchased 43 Hammons hotel properties. Mr. Hammons, who died in 2013, received an equity interest in the acquiring company, preferred stock valued at $328 million and $300 million in lines of credit in exchange. The deal's complicated structure was devised to provide Mr. Hammons with cash without triggering capital-gains taxes associated with a sale, according to court papers. As part of the deal, Mr. Eilian received a right of first refusal to buy the 35 Hammons-owned hotels that weren't included in the 2005 buyout. Those 35 hotels are now in bankruptcy. After Mr. Hammons's death and the liquidation of a partnership between Messrs. Hammon and Eilian, a Delaware court ruled that the right of first refusal was valid and the trust was required to sell the hotels to Mr. Eilian. In a pretrial hearing last fall, Vice Chancellor J. Travis Laster of Delaware'sCourt of Chancery said the Hammons trust and companies were "serial and ongoing breachers" that "have made zero efforts" to sell the hotels. At the bankruptcy hearing a lawyer Mr. Eilian's group noted that the company isn't insolvent and said during a news conference Monday that it is as financially healthy as it has ever been. He added that the Hammons hotels' decision to file for bankruptcy was only to try to avoid the trial and that the group is assessing its rights in the situation. About John Q. Hammons Hotels & Resorts Springfield, Mo.-based John Q. Hammons Hotels & Resorts (JQH) -- http://www.jqhhotels.com/-- is a private, independent owner and manager of hotels in the United States, representing brands such as: Marriott, Hilton, Embassy Suites by Hilton, Sheraton, IHG, Chateau on the Lake Resort / Spa & Convention Center, and Plaza Hotels Collection. It has portfolio of 35 hotels representing approximately 8,500 guest rooms/suites in 16 states. John Q. Hammons Hotels & Resorts on June 27, 2016, disclosed that the family of companies, the Revocable Trust of John Q. Hammons, and their related affiliates, have filed voluntary petitions (Bankr. D. Ks. Case No. 16-21139 to Case No. 16-21208) to restructure under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court of the District of Kansas at Kansas City. The Debtors are represented by Mark A. Shaiken, Esq., Mark S. Carder, Esq., and Nicholas Zluticky, Esq., at Stinson Leonard Street LLP, in Kansas City, Missouri. The Debtors conflict counsel is Victor F Weber, Esq., at Merrick Baker and Strauss PC, in Kansas City, Missouri. At the time of filing, the Debtors had $100 million to $500 million in estimated assets and $100 million to $500 million in estimated liabilities. The petitions were signed by Greggory D Groves, vice president. JOHNS-MANVILLE CORP: Court Enjoins L. Berry's Asbestos-related Suit ------------------------------------------------------------------- Judge Cecelia G. Morris of the United States Bankruptcy Court for the Southern District of New York granted the emergency motion filed by Graphic Packaging International for enforcement of the confirmation orders of the Johns-Manville Corporation and the Manville Forest Products Corporation. By its motion, Graphic sought to enjoin the lawsuit of plaintiff, Lynda Berry, brought in Louisiana state court against Graphic for alleged asbestos liability. Graphic argued that as it is a successor of MFP, a bankruptcy debtor and a wholly-owned subsidiary of Manville, Berry must first pursue her asbestos claims against the Manville Personal Injury Trust (the "Trust"). In response, Berry argued that her lawsuit should not be enjoined as her claims were not discharged or enjoined by the MFP confirmation order, MFP is not a beneficiary of the Manville confirmation order or channeling injunction, and Graphic has waived its right to enforce the bankruptcy Confirmation Orders and injunction. Berry also argued that she did not receive due process. Judge Morris granted Graphic's motion for an order enjoining Berry's state law claims against Graphic as a successor to MFP. Berry's claims against Graphic in her state court action, currently pending in the Fourth Judicial District for the Parish of Ouachita in the State of Louisiana, seeking to recover for any injuries resulting from her exposure to asbestos were enjoined pursuant to MFP's discharge injunction and the Manville channeling injunction. To the extent Berry asserted claims in her state court action against Manville or MFP seeking to recover for any injuries resulting from her exposure to asbestos, they too are enjoined pursuant to the discharge injunction. Berry's only recourse is to submit a claim to the Manville Trust. The cases are In re: JOHNS-MANVILLE CORP. ET AL., Debtors, Case Nos. 82 B 11656 (CGM) through 82 B 11676 (CGM) inclusive (Bankr. S.D.N.Y.) and In re: MANVILLE FOREST PRODUCTS CORPORATION, Debtor, Case No. 82 B 11659 (CGM) (Bankr. S.D.N.Y.). A full-text copy of Judge Morris' June 30, 2016 order is available at http://bankrupt.com/misc/nysb82-11656-4243.pdf. The United States Trustee is represented by: Alicia Leonhard, Esq. UNITED STATES TRUSTEE 271 Cadman Plaza East, Suite 4529 Brooklyn, NY 11201 Graphic Packaging International, Inc. is represented by: James I. McClammy, Esq. Rebecca L. Martin, Esq DAVIS POLK & WARDWELL, LLP 450 Lexington Avenue New York, NY 10017 Tel: (212)450-4000 Fax: (212)701-5800 Email: james.mcclammy@davispolk.com rebecca.martin@davispolk.com -- and -- J. Eric Lockridge, Esq. KEAN MILLER, LLP 400 Convention Street #700 P.O. Box 3513 Baton Rouge, LA 70802 Tel: (225)387-0999 Fax: (225)388-9133 Email: eric.lockridge@keanmiller.com Lynda Berry is represented by: Natalie D. Ramsey, Esq. Mark A. Fink, Esq. MONTGOMERY MCCRACKEN WALKER & RHOADS LLP 1105 North Market Street Wilmington, DE 19801 Tel: (302)504-7800 Fax: (302)504-7820 Email: nramsey@mmwr.com mfink@mmwr.com -- and -- Charles W. Branham, III, Esq. DEAN OMAR & BRANHAM, LLP 3900 Elm Street Dallas, TX 75226 Tel: (855)722-5910 About Johns-Manville Johns-Manville Corp. was, by most sources, the largest manufacturer of asbestos-containing products and the largest supplier of raw asbestos in the United States from the 1920s until the 1970s. Manville sold raw asbestos to manufacturers of asbestos-based products in 58 countries and distributed its own asbestos-based products "across the entire spectrum of industries and employment categories subject to asbestos exposure." As a result of studies linking asbestos with respiratory disease, Manville became the target of a growing number of products liability lawsuits in the 1960s and 1970s. Buckling under the weight of its asbestos liability, Manville filed for Chapter 11 protection on August 26, 1982, before Judge Lifland. To avoid the uncertainty of insurance litigation and to fund its plan of reorganization, Manville sought to settle its insurance claims. Manville obtained in excess of $850,000,000 from settlements with its insurers. The U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Debtors' Second Amended and Restated Plan of Reorganization on Dec. 22, 1986. K & C LV INVESTMENTS: Case Summary & 18 Top Unsecured Creditors --------------------------------------------------------------- Debtor: K & C LV Investments, Inc. fka K & C LV Investments, LLC 2020 Red Rock St. Las Vegas, NV 89146 Case No.: 16-13605 Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court District of Nevada (Las Vegas) Judge: Mike K. Nakagawa Debtor's Counsel: Seth D Ballstaedt, Esq. THE BALLSTAEDT LAW FIRM 9555 S. Eastern Ave, Ste #210 Las Vegas, NV 89123 Tel: (702) 715-0000 Fax: (702) 666-8215 E-mail: seth@ballstaedtlaw.com Total Assets: $827,210 Total Liabilities: $2.69 million The petition was signed by Wagih Kamar, president. A list of the Debtor's 18 largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb16-13605.pdf KALOBIOS PHARMA: Exits Ch.11 Bankruptcy; Buys Savant Rights ----------------------------------------------------------- KaloBios Pharmaceuticals, Inc., a developmental stage biopharmaceutical company focused on advancing medicines for patients with neglected and rare diseases, on July 1 disclosed that it has emerged from Chapter 11 bankruptcy and has also acquired the rights from Savant Neglected Diseases LLC to develop benznidazole for the treatment of Chagas disease. "The Company has risen from the ashes with a great deal of hard work and new thinking on how a biopharmaceutical company can operate and a clear vision to move forward as a successful, positive leader in our industry," said Cameron Durrant, MD, KaloBios chairman and CEO. "As one of the few companies solely focused on neglected and rare diseases, KaloBios will continue to move swiftly and apply itself to the real task of bringing patients crucial treatments they need, but to which they may not have access. We also see a unique opportunity to bring new ideas to address concerns, such as drug pricing, for all stakeholders in healthcare -- with our Responsible Pricing Model as just the beginning." Under the terms of the agreement with Savant, the Company has made an upfront payment of $3 million and issued to Savant a warrant to purchase 200,000 shares of KaloBios common stock. The agreement includes milestones and royalties in connection with the development and potential approval and commercialization of benznidazole. If approved, the Company may receive a Priority Review Voucher. KaloBios' reorganization plan was overwhelmingly accepted by its creditors and other stakeholders and thereafter was confirmed by the Delaware bankruptcy court on June 16, 2016. The exit equity financing of $11 million comes on top of a $3 million debtor-in-possession loan funded in May 2016, with both financings provided by investors Black Horse Capital LP, Black Horse Capital Master Fund Ltd., Cheval Holdings Ltd. and Nomis Bay Ltd. This additional liquidity provides a firm base to support the Company's operations going forward. In connection with the bankruptcy exit, the debtor-in-possession loan converted into shares of KaloBios common stock. Black Horse Capital managing member Dr. Dale Chappell will join the KaloBios Board of Directors effective immediately. In addition, current Board member David Moradi has stepped down after helping to successfully guide the company through the bankruptcy process. Dr. Durrant and Ronald Barliant will remain on the Board of Directors. Ezra Friedberg and Timothy Morris will also join the Board of Directors as designees of the investors. "On behalf of the Board of Directors, I want to thank David for his dedication, perseverance and commitment to KaloBios and its vision to emerge as a truly different kind of biopharmaceutical company. We are well on our way thanks to a clear strategy and an intense period of a lot of hard work by a small, focused and competent team," said Dr. Durrant. "I am pleased that KaloBios is emerging from Chapter 11 with a clear path forward as a stronger, more focused company," said Mr. Moradi. "This positive outcome for all stakeholders is the result of the tireless efforts of the Company's Board of Directors, management, employees and advisors over the past several months." KaloBios will file a report on Form 8-K to the Securities and Exchange Commission within the required timeframe. 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. KIM ANH PHAN: El Morro Property Sale for $830K Approved ------------------------------------------------------- Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, authorized Kim Anh Pah to sell property located at 10645 El Morro Circle, Fountain Valley, CA, to Le Quyen Uong for $830,000. The sale of the El Morro Property is free and clear of all liens, claims, and encumbrances, with such liens, claims, and encumbrances to attach to the proceeds of sale where appropriate with the same validity and priority as they currently have in the El Morro property. Escrow is directed to pay any and all necessary costs of closing including real estate commissions directly to the selling and purchasing brokers. Escrow will also turn over the net proceeds from the sale of the El Morro property to the attorney-client trust account of Andrew S. Bisom. The proceeds will remain in Mr. Bisom's trust account until further order of the Court. Kim Anh Phan sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 15-13640) on March 10, 2015. Attorney for the Debtor: Andrew Bisom THE BISOM LAW GROUP 300 Spectrum Center Drive, Suite 1170 Irvine, CA. 92618 Telephone: (714) 643-8900 Facsimile: (714) 643-8901 E-mail: abisom@bisomlaw.com KOMODIDAD DISTRIBUTORS: Cash Collateral Budget Extended to July 8 ----------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico approves the extension of interim cash collateral budget sought by Komodidad Distributors, Inc. and its affiliated debtors, and FirstBank Puerto Rico, and extended the cash collateral period from June 25, 2016 through and including July 8, 2016. Likewise, Judge Lamoutte allows the Parties to substitute the version of the Exhibit B attached to their Joint Urgent Motion for Extension of Interim Budget for the Parties submitted a version that is inaccurate on its footnotes. Attorneys for Komodidad Distributors, Inc. and its affiliated debtors: Javier Vilariño, Esq. VILARIÑO & ASSOCIATES LLC 301 Recinto Sur Street, Suite 305 Gallardo Building San Juan, PR 00902 Telephone: 787-565-9894 Email: jvilarino@vilarinolaw.com Attorneys for FirstBank Puerto Rico: Zachary H. Smith, Esq. MOORE & VAN ALLEN, PLLC 100 North Tryon Street, Suite 4700 Charlotte, NC 28202 Telephone: (704) 331-1046 Email: zacharysmith@mvalaw.com -- and -- Antonio A. Arias, Esq. Lina M. Soler/Rosario, Esq. MCCONNELL VALDES, LLC P.O. Box 364225 San Juan, Puerto Rico 00936-4225 Telephone: (787) 250-5604 Email: aaa@mcvpr.com lms@mcvpr.com About Komodidad Distributors Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The petition was signed by Jorge Galliano, president. The Hon. Enrique S. Lamoutte Inclan presides over the case. The Debtor estimated assets of $50 million to $100 million and estimated debts of $10 million to $50 million. Komodidad Distributors' Chapter 11 case is jointly administered with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A. Investors, S.E., and G.A. Property Development, Corp., under (Bankr. D. P.R. Case No. 16-04164). KOMODIDAD DISTRIBUTORS: Interim Cash Collateral Use Allowed ----------------------------------------------------------- Komodidad Distributors, Inc., et al., and FirstBank Puerto Rico sought and obtained from Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico, an interim order authorizing the Debtors' use of cash collateral. During the hearing on July 6, 2016, the Debtors and FirstBank announced an agreement for the interim use of cash collateral. The Debtors and FirstBank submitted to the Court their consensual interim budget approved up to June 24, 2016. Judge Lamoutte authorized the Debtors to use cash collateral until the earlier of (i) June 24, 2016 at 11:59 p.m., which period may be extended upon agreement between FirstBank and the Debtors, with the approval of the Court; and (ii) the date upon which a Termination Event occurs. "Entry of this Interim Order is in the best interests of the Debtors, their creditors and their estates because it will enable the Debtors to pay such obligations during the Interim Cash Collateral Period as are necessary to avoid immediate and irreparable harm to the Debtors' estates and businesses," Judge Lamoutte acknowledged. A further hearing to consider any extension of the Interim Cash Collateral Period, and the terms and conditions of the Debtors' use of Cash Collateral during any such extended period, will be held on July 5, 2016 at 9:30 a.m. A full-text copy of the Interim Order, dated June 17, 2016, is available at https://is.gd/P876hz FirstBank Puerto Rico is represented by: Zachary H. Smith, Esq. MOORE & VAN ALLEN, PLLC 100 North Tryon Street Suite 4700, Charlotte North Carolina, 28202 Telephone: (704)331-1046 E-mail: zacharysmith@mvalaw.com - and - Antonio A. Arias, Esq. Lina M. Soler/Rosario MCCONNELL VALDES, LLC P.O. Box 364225 San Juan, PR 00936-4225 Telephone: (787)250-5604 E-mail: aaa@mcvpr.com lms@mcvpr.com Komodidad Distributors, Inc. and its affiliated debtors are represented by: Javier Vilariño, Esq. VILARIÑO & ASSOCIATES LLC 301 Recinto Sur Street, Suite 305 Gallardo Building San Juan, PR 00902 Telephone: (787)565-9894 E-mail: jvilarino@vilarinolaw.com About Komodidad Distributors Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016. The petition was signed by Jorge Galliano, president. The Hon. Enrique S. Lamoutte Inclan presides over the case. The Debtor estimated assets of $50 million to $100 million and estimated debts of $10 million to $50 million. Komodidad Distributors' Chapter 11 case is jointly administered with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A. Investors, S.E., and G.A. Property Development, Corp., under (Bankr. D.P.R. Case No. 16-04164). LINC USA: Seeks to Amend DIP Budget to Add $850K Insurance Payment ------------------------------------------------------------------ Linc USA GP, et al., seek authority from the U.S. Bankruptcy Court to allow them to amend the DIP Budget attached to the Second Interim DIP Order. Specifically, the Debtors seek authority to amend the line item titled Liability Insurance to provide for a single, onetime payment of $850,000 in the week of June 26, 2016, as the Debtors need to renew their insurance policies before July 1, 2016. Proposed Counsel for Linc USA GP, et al.: Jason G. Cohen, Esq. William A. (Trey) Wood III, Esq. R. Dal Corso, Esq. BRACEWELL LLP 711 Louisiana, Suite 2300 Houston, Texas 77002 Telephone: (713) 223-2300 Facsimile: (713) 221-1212 Email: 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. LINNCO LLC: Extends Exchange Offer Period for Energy Units ---------------------------------------------------------- LinnCo, LLC on July 1, 2016, disclosed that it has extended the subsequent offering period in connection with its offer to exchange each outstanding unit of LINN Energy, LLC ("LINN") for one LinnCo share (the "Exchange Offer") upon the terms and conditions of the Prospectus/Offer to Exchange dated April 26, 2016 (as amended, the "Prospectus"), and the accompanying Amended and Restated Letter of Transmittal (the "Letter of Transmittal"). The subsequent offering period for the Exchange Offer will now expire at 12:00 midnight (New York City time) on Monday, August 1, 2016. American Stock Transfer & Trust Company, the exchange agent for the Exchange Offer, has advised LinnCo that a total of approximately 16,411,302 LINN units have been tendered during the subsequent offering period, and LinnCo has promptly issued new LinnCo shares for all such tendered LINN units in accordance with the terms of the Exchange Offer. LinnCo now owns approximately 70% of LINN's outstanding units. LINN unitholders who validly tender their LINN units during the subsequent offering period will receive the same exchange ratio provided in the initial offering period of the Exchange Offer. Procedures for tendering LINN units during the subsequent offering period are the same as during the initial offering period, except that pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, LINN units validly tendered during the subsequent offering period will be accepted on a daily, "as tendered" basis and, accordingly, may not be withdrawn. As previously announced, on May 11, 2016, LINN, LinnCo, certain of LINN's direct and indirect subsidiaries, and Berry Petroleum Company, LLC (collectively, the "Debtors"), filed voluntary petitions (the "Bankruptcy Petitions") for reorganization under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Court"). On May 13, 2016, the Court approved and entered an order authorizing the Company to continue the Exchange Offer throughout the Debtors' Chapter 11 proceedings. Any party not represented by counsel who would like to receive electronic notifications of filings with the Court may complete the appropriate Court-approved form, which can be obtained at the following address: http://www.txs.uscourts.gov/sites/txs/files/CRECFform.pdf Copies of this form are also available on the website of LINN's claims, noticing, and solicitation agent, Prime Clerk LLC, at https://cases.primeclerk.com/linn The purpose of the Exchange Offer is to permit holders of LINN units to maintain their economic interest in LINN through LinnCo, an entity that is taxed as a corporation rather than a partnership, which may allow LINN unitholders to avoid future allocations of taxable income and loss, including cancellation of debt income ("CODI"), that could result from future debt restructurings or other strategic transactions by LINN. In general, CODI will be allocated to persons who are deemed to hold the LINN units when the events giving rise to such CODI occur. The filing of the Bankruptcy Petitions under Chapter 11 of the Bankruptcy Code does not itself cause LINN to recognize CODI; however, it is likely that the final resolution of a bankruptcy plan would cause LINN to recognize an amount of CODI, which may be substantial. About LinnCo LLC Houston-based LinnCo, LLC is a Delaware limited liability company whose initial sole purpose was to own units representing limited liability company interests in its affiliate, Linn Energy LLC (LINN Energy). LINN Energy is an independent oil and natural gas company that trades on the NASDAQ Global Select Market (NASDAQ) under the symbol "LINE." KPMG LLP, in Houston, Texas, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company had income taxes payable of approximately $30 million and cash of approximately $11 million. The Company's only significant asset is its interest in LINN Energy units and the Company's cash flow, which was historically used to pay dividends to the Company's shareholders, is completely dependent upon the ability of LINN Energy to make distributions to its unitholders. In October 2015, LINN Energy suspended the payment of its distribution. Accordingly, the uncertainty associated with the Company's ability to meet its obligations as they become due raises substantial doubt about its ability to continue as a going concern, the auditors noted. As of March 31, 2016, Linnco had $18.3 million in total assets, $23.95 million in total liabilities, all current, and a shareholders' deficit of $5.67 million. LIONS GATE: Moody's Puts Ba3 CFR on Review for Downgrade -------------------------------------------------------- Moody's Investors Service placed Lions Gate Entertainment Corp.'s ("Lionsgate") Ba3 Corporate Family rating (CFR), Ba3 senior secured debt rating and Ba3-PD Probability of Default rating on review for downgrade. The review is prompted by Lionsgate's announcement today that it has entered into a definitive agreement to acquire Starz LLC ("Starz") for cash and stock. Lionsgate's rating outlook was changed from negative to ratings under review for downgrade. Under the terms of the agreement, holders of each share of Starz Series A common stock will receive $18 in cash as well as 0.6784 of a share of Lionsgate non-voting stock. Holders of each share of Starz Series B will receive $7.26 in cash and 0.6321 shares of Lionsgate voting stock and 0.6321 shares of Lionsgate non-voting stock. Subsequently, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares. The Company intends to raise $1.6 billion in debt to fund the cash portion of the deal, with the remaining portion of the acquisition cost being funded with stock. Further, the company also expects to refinance its debt and Starz debt at the closing of the transaction. Following is a summary of the actions: On Review for Downgrade: Issuer: Lions Gate Entertainment Corp. -- Corporate Family Rating, currently Ba3 -- Probability of Default Rating, currently Ba3-PD -- Senior Secured Bank Credit Facility, currently Ba3 (LGD4) -- Senior Secured Second Lien Term Loan, currently Ba3 (LGD4) Outlook Actions: -- Outlook, Changed To Rating Under Review From Negative RATINGS RATIONALE The rating action is based on our expectation for an increase in Lionsgate's gross debt levels following the transaction. Moody's estimates that pro-forma debt-to-EBITDA (incorporating Moody's adjustments) for the combined entity will be in the mid 5x range as of December 31, 2016. Notwithstanding strategic benefits and potential operational synergies and significant cash savings associated with the deal, we believe incremental debt of $1.6 billion will adversely impact Lionsgate's credit profile, which is already under pressure due to high debt levels in its capital structure. However, the company expects to reduce leverage by 1.0 to 1.5 turns within 12 months to 18 months following completion of the transaction. Furthermore management has indicated that it expects to suspend its dividend after completing the transaction as they focus on deleveraging quickly. Moody's notes that pro-forma adjusted leverage of roughly 5.5x is more reflective of a B1 CFR. In addition to pro-forma credit metrics for the combined entity, the review process will focus on the company's ability to de-lever following the integration of Starz, any potential cost and revenue synergies from the deal, incremental cash savings, asset sales and use of proceeds. A credible plan to deleverage within the company's designated 12 to 18 months could result in leverage at or under 4.0x, and more commensurate with a Ba3 CFR. Moody's will also focus on potential impact of the combination on operating performance, including new content opportunities, added leverage in negotiations with content distributors and diversification of business lines. If the transaction and refinancing of all debt occur as proposed, Moody's will withdraw each of the company's current instrument level ratings. Lionsgate, domiciled in British Columbia, Canada (headquartered in Santa Monica, CA), is a motion picture and television studio with a diversified presence in the production and distribution of motion pictures, television programming, home entertainment, video-on-demand and digitally delivered content. Annual revenues approximate $2.3 billion. Starz, headquartered in Englewood, Colorado, supplies television and movie programming to U.S. multichannel video distributors including cable, direct broadcast satellite, and telecommunication service providers. Annual revenues approximate $1.7 billion. LUAR CLEANERS: Court Dismisses Chapter 11 Case ---------------------------------------------- Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico found that the Chapter 11 case captioned IN RE: LUAR CLEANERS INC, Debtor(s), CASE NO. 14-04974 (Bankr. D.P.R.) is not appropriate for conversion and that it is in the best interests of creditors and the estate to dismiss the case. The Motion to Dismiss or Convert was filed by the creditor, WM Capital Partners 53, LLC. "In the court's review of the schedules, the amended disclosure statement and plan, as well as the claims filed, it does not appear that a chapter 7 trustee would have anything to distribute to the unsecured creditors. The secured creditors are able to liquidate their collateral outside of bankruptcy. No party has indicated that there are potential avoidance actions through which a trustee might realize significant recovery for the estate. The appointment of a chapter 7 trustee would cause the estate to incur additional administrative expenses. Given these facts, the court finds that the captioned case is not appropriate for conversion and it is in the best interests of creditors and the estate to dismiss this case," Judge Tester said. A full-text copy of Judge Tester's June 29, 2016 opinion and order is available at http://bankrupt.com/misc/prb14-04974-167.pdf Headquartered in Toa Baja, Puerto Rico, Luar Cleaners, Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 14-04974) on June 18, 2014, listing $1.03 million in total assets and $2.15 million in total liabilities. The petition was signed by Raul Palacios Velez, president. Jacqueline Hernandez Santiago, Esq., at Jacqueline Hernandez Santiago serves as the Debtor's bankruptcy counsel. LURA DEE KIRKLAND: Selling Mercedes-Benz CLS400 for $69K to Sewell ------------------------------------------------------------------ Lura Dee Kirkland asks the U.S. Bankruptcy Court for the Western District of Texas, Midland Division, to authorize the sale of her 2015 Mercedes-Benz CLS400 (VIN xxx4341) ("Vehicle") to Sewell Ford ("Sewell") located at 2425 E. 8th Street, Odessa, Texas. The sale of the Vehicle is part of an overall transaction whereby the Debtor's personal friend, Jason Cotton ("Cotton"), is seeking to purchase another vehicle for himself from Sewell. As a result of the above, the creditor whose indebtedness is secured by the Vehicle, Mercedes-Benz Financial Services USA, LLC ("Mercedes-Benz Financial"), will be paid in full in the amount of its indebtedness, or $69,496 (the amount of the payoff of the Vehicle note as of July 1, 2016), without incurring any further obligation or indebtedness by the Debtor or the bankruptcy estate. The Debtor believes that this transaction will result in the payment in full of a significant secured creditor of the Estate through the sale of its collateral. Lura Dee Kirkland is represented by: Todd J. Johnston MCWHORTER, COBB AND JOHNSON, L.L.P. 1722 Broadway (79401) P.O. Box 2547 Lubbock, Texas 79408 Telephone: (806) 762-0214 Facsimile: (806) 762-8014 E-mail: tjohnston@mcjllp.com Lura Dee Kirkland sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 16-70027) on Feb. 25, 2016. MAAS GLOBAL: Hires Swan and Gardiner as Accountant -------------------------------------------------- Maas Global Solutions Corporation seeks authorization from the U.S. Bankruptcy Court for the District of Nevada to employ Swan and Gardiner as accountant for the Debtor and Debtor-in-Possession. The Debtor requires Swan & Gardiner to: a. assist the Debtor in preparing and filing the required Monthly Operations Reports, including the Quarterly Operating Reports once the case has been confirmed; b. advise the Debtor in connection with financial matters, including the sale of assets; and c. assist the Debtor in preparing and filing the required quarterly payroll reports. The Debtor agreed to compensate Swan and Gardiner on an hourly basis at the customary and standard rates that Swan and Gardiner charges for similar representation, plus, reimbursement of actual and necessary expenses incurred. Sandra Stahl, partner of the accounting firm, Swan and Gardiner, LLC, 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. Swan and Gardiner may be reached at: Sandra Stahl, CPA Swan and Gardiner, LLC 9005 W. Sahara Avenue Las Vegas, NV 89117 Telephone: (702)869-9700 Fax: (702)313-9900 About Maas Global Solutions Corporation Maas Global Solutions Corporation filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 15-15566) on September 29, 2015. MARIA'S MONT BLANC: Judge Approves Auction of Equipment ------------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York authorized Maria's Mont Blanc Restaurant Corp. to hold an auction sale of its equipment and its personal property ("Property") during the week of June 27, 2016 on either Tuesday, June 28, 2016, or Friday, July 1, 2016 ("Auction Sale"). Judge Wile further ordered the following: a) The Debtor to provide to the 315 West 48th Street Realty Corp. ("Landlord") no less than 48 hours prior written notice to jgoldsmith@kaulaw.com and d.coucke@hotmail.com so the Landlord can plan accordingly. b) The Landlord will allow the Debtor and any of agents, including the auctioneer, Michael Amodeo& Co, Inc., reasonable access to the real property known as and located at 315 West 48th Street, New York, New York ("Premises"), all during normal business hours, on June 21, 2016, and/or June 24, 2016, and/or June 28, 2016, June 29, 2016, and/or July 1, 2016, provided in each instant Debtor provides to Landlord no less than 24 hours prior written notice to jgoldsmith@kaulaw.com and d.coucke@hotmail.com , for the purpose of being able to prepare for and conduct the Auction Sale. c) Any of the Property or other items remaining in the Premises after 5:00 pm on July 8, 2016, will be deemed to be abandoned and may be retained or disposed of by the Landlord as the Landlord deems fit without any liability to the Landlord. About Maria's Mont Blanc Restaurant Maria's Mont Blanc Restaurant Corp. sought Chapter 11 protection(Bankr. S.D.N.Y. Case No. 16-10742) on March 28, 2016. The Debtor estimated assets and liabilities of less than $50,000. Maria Lohmeyer, the company president, signed the petition. The Honorable Judge Michael E. Wiles is assigned to the case. MFF CORP: Hires Polis & Associates as Counsel --------------------------------------------- MFF Corporation, a Nevada Corporation, seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Polis & Associates, a Professional Law Corporation as general counsel. The Debtor requires Polis & Associates to: a. advise the Debtor with respect to its rights, powers, duties and obligation as a Debtor-in-Possession in the administration of this bankruptcy the case, the management of its affairs, and the management of its properties as they relate to the Chapter 11 case; b. prepare pleadings and applications, and conduct examinations incidental to administration; c. advise and represent the Debtor in connection will all applications motions or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; d. analyze claims of creditors in the Debtor's bankruptcy estate; e. advise and assist the Debtor in the formulation and presentation of a plan or reorganization pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; f. perform any and all other legal services incident and necessary for the prosecution of the Debtor's bankruptcy estate; g. perform any and all other legal services incident and necessary herein to preserve assets for the benefit of the estate and its creditors. Polis & Associates will be paid at these hourly rate: Thomas J. Polis $435 The Debtor agreed to pay Polis & Associates a retainer fee of $15,000 plus the filing fee of $1,717 for the bankruptcy filing. Polis & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas J. Polis, principal with the firm of Polis & Associates, a Professional Law Corporation, 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. Polis & Associates may be reached at: Thomas J. Polis, Esq. Polis & Associates, a Professional Law Corporation 19800 MacArthur Boulevard, Suite 1000 Irvine, CA 92612-2433 Telephone: (949)862-0040 Facsimile: (949)862-0041 E-mail: tom@polis-law.com About MFF Corporation MFF Corporation, a Nevada Corporation, filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 16-12212) on May 25, 2016, represented by Thomas J Polis, Esq. at Polis & Associates, APLC as bankruptcy counsel. MICHAEL A. GRAL: U.S. Trustee Forms 3-Member Committee ------------------------------------------------------ The Office of the U.S. Trustee on July 1 appointed three creditors of Michael Gral to serve on the official committee of unsecured creditors. The committee members are: (1) Bielinski Bros. Builders, Inc. Timothy Voeller 1830 Meadow Lane, Suite A Pewaukee, WI 53072 262.574.4053 tvoeller@bielinski.com (2) SB1 Cedarburg LLC Jim Crawford The BROE Group o/b/o SB1 Cedarburg 252 Clayton St, #4 Denver, CO 80206 303.393.0033 jcrawford@BROE.com (3) Estate of Peter Margolis Nancy Margolis c/o Attorney Robert Ader Ader & Hitt PA 100 SE 2nd Street, Suite 3550 Miami, FL 33131 305.371.6060 aderlaw@aol.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Michael A. Gral Michael A. Gral sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D Wis. Case No. 16-21329) on February 20, 2016. MIDLAND PROPERTIES: Sanctioned for Bad Faith Bankruptcy Filing -------------------------------------------------------------- In the case captioned IN THE MATTER OF: MIDLAND PROPERTIES II, LLC, CASE NO. BK16-80487 (Bankr. D. Neb.), Judge Thomas L. Saladino of the United States Bankruptcy Court for the District of Nebraska granted the motion for sanctions and motion for disgorgement of fees filed by the creditor First State Bank. First State Bank pursued sanctions and disgorgement against the debtor and its counsel after obtaining dismissal of the bankruptcy case and a related predecessor Chapter 11 case in the face of overwhelming evidence that the case was filed in bad faith for the sole purpose of hindering secured creditor First State Bank from enforcing its security interest. Judge Saladino found that the transfer of the properties from Midland Properties and Jerry J. Morgan, the sole and managing member of Midland Properties, to Midland Properties II, L.L.C. (MPII) was not done in good faith and, in fact, was in bad faith. The commencement of the MPII bankruptcy case was also in bad faith and without a reasonable basis in fact or law. Judge Saladino ordered Mr. Morgan and MPII to reimburse First State Bank for all attorney fees it has incurred in connection with the bankruptcy filing of MPII. The judge also ordered David G. Hick, counsel for the debtor, to disgorge all attorney fees he received in connection with the bankruptcy case, including any unearned fees still held in trust. A full-text copy of Judge Saladino's June 29, 2016 order is available at http://bankrupt.com/misc/neb16-80487-59.pdf Midland Properties II, LLC, filed a Chapter 11 petition (Bankr. D. Neb. Case No. 16-80487) on April 4, 2016, and is represented by David Grant Hicks, Esq., at Pollak, Hicks, & Alhejaj, P.C., in Omaha, Nebraska. At the time of filing, the Debtor had $1 million to $10 million in estimated assets and $1 million to $10 million in estimated liabilities. The petition was signed by Jerry J. Morgan, Sr., agent/managing member. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/neb16-80487.pdf MONSERRATE HERNANDEZ: Bid Procedures for Property Sale Approved --------------------------------------------------------------- Judge Timothy Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, approved bid procedures for the sale of Monserrate Hernandez's properties ("Properties"). A hearing for the Bid Procedures Motion was held on June 21, 2016. The auction will be conducted at the offices of Jeffrey Strange and Associates at 7171 Ridge road in Wilmette, Illinois, on July 29, 2016, at 10:00 a.m. The final hearing to consider entry of the proposed sale order is set for Aug. 3, 2016 at 10:30 a.m. Subject to the final determination of the Court, the Debtor, in consultation with IBT Special Asset Fund I LLC, an Illinois limited liability company ("IBT"), TCF Bank (as to 1809 W. Augusta, Chicago, Illinois, and Pan American Bank ("PanAm"), is authorized to execute the following: a) determine in his description which of the qualified bid(s) submitted for the auction is the highest or otherwise best offer for each of the Property; and b) properly reject any and all bids that, in the Debtor's description, are: i) inadequate or insufficient; ii) not in conformity with the requirements of the Bankruptcy Code, or the terms and conditions of the Sale; and/or iii) contrary to the best interest of the Debtor, his estate and creditors. If there is closing of the Sale to a successful bidder (other than a credit bid by IBT or PanAm in regard to the property on which they hold first mortgages under a successful bid approved by a Sale Order, then the first mortgage holder will be paid in cash from the proceeds received at such closing. With respect to the Property commonly known as 1809 W. Agusta, Chicago, Illinois ("Augusta Property"), the Debtor acknowledges that both IBT and TCF Bank hold secured mortgages against such property, and that the priority of such mortgages is subject to controversy between IBT, TCF Bank, and the Debtor. Any proceeds of the sale of the Augusta Property will be held in escrow and will be distributed upon the resolution by the Court (or any other court) as to the priority of the mortgages and claims against the Augusta Property; or a settlement between and among IBT, TCF Bank and the Debtor. A copy of the list of Properties to be sold is available at: http://bankrupt.com/misc/M_Hernandez_14_Sale_Exhibit.pdf A copy of the Bid Procedures attached to the order is available for free at: http://bankrupt.com/misc/M_Hernandez_37_Sale_Ord.pdf About Monserrate Hernandez Monserrate Hernandez is an individual who owns a series of real properties located in the City of Chicago. Hernandez possesses ownership interests in over 40 parcels of real property. These real properties include developed and undeveloped parcels. The developed parcels consist of residential properties in Chicago. Due to financial difficulties resulting from the "Great Recession," Mr. Hernandez has been unable to stay current on his loan obligations to his secured lenders, including IBT Special Asset Fund I LLC, an Illinois limited liability company ("IBT"), TCF Bank1, and Urban Partnership Bank. Debtor also has outstanding (and non-defaulted) loan obligations owed to Pan American Bank ("PanAm"). Monserrate Hernandez sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 16-15759) on May 9, 2016. Jeffrey Strange at Jeffrey Strange & Associates serves as the Debtor's counsel. MORRIS SCHNEIDER: $7K Sale of 2012 Ford Fusion Approved ------------------------------------------------------- Judge Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division authorized Morris | Schneider | Wittstadt Va. PLLC ("MSW") to sell its 2012 Ford Fusion four-door sedan, VIN 3FAHP0HAICR401403 ("Vehicle"), to Gerard Wittstadt for $7,000. The purchase price is to be paid through a credit to the Debtors for an equivalent amount of the presently due and payable but as yet unpaid salary due Gerard Wittstadt from the Debtor for postpetition periods. Morris | Schneider | Wittstadt, LLC, is represented by: Augustus C. Epps, Jr., Esq. Jennifer M. McLemore, Esq. CHRISTIAN & BARTON, LLP 909 East Main Street, Suite 1200 Richmond, Virginia 23219-3095 Telephone: (804) 697-4100 Facsimile: (804) 697-6112 E-mail: aepps@cblaw.com jmclemore@cblaw.com - and - Jeffrey R. Waxman, Esq. Eric J. Monzo, Esq. MORRIS JAMES LLP 500 Delaware Avenue, Suite 1500 Wilmington, Delaware 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 E-mail: jwaxman@morrisjames.com emonzo@morrisjames.com About Morris | Schneider | Wittstadt Morris | Schneider | Wittstadt Va., PLLC, and affiliates filed for Chapter 11 Protection (Bankr. E.D. Va. Case Nos. 15-33370 to 15-33375 and 15-12323) on July 5, 2015. The petition was signed by Mark H. Wittstadt, Esquire, managing partner. Jennifer McLain McLemore, Esq., at Christian & Barton, LLP, represents the Debtors in their restructuring effort. The Debtor estimated assets at $1 million to $10 million and debts at $10 million to $50 million. Three of the Debtors estimated assets and debt at $0 to $50,000. NANA DEVELOPMENT: Moody's Cuts Corporate Family Rating to Caa2 -------------------------------------------------------------- Moody's Investors Service, downgraded NANA Development Corporation's Corporate Family Rating (CFR) to Caa2 from Caa1 and its Probability of Default Rating (PDR) to Caa2-PD from Caa1-PD. In connection with this action, Moody's also lowered the ratings on NANA's senior secured term loan and senior secured notes to Caa3 (LGD5) from Caa2 (LGD4). The rating outlook is negative. The downgrade of NANA's CFR reflects the significant deterioration in operating performance and weak cash flow generation attributable to the some of company's core businesses in recent quarters. The sharp year-over-year revenue declines in recent quarters within NANA's Oil and Gas segment that contributed significantly to weaker profitability was a key factor driving the downgrade. In addition, the company's Federal segment remains under pressure as intensifying price competition drives lower margins and as the government further reduces the number of higher-margin, multi-year sole-source contract awards. Diminished revenues for the Commercial segment resulting from a challenging business environment in Alaska and low fuel prices were also taken into consideration for the downgrade. All of these factors have resulted in rapidly increasing debt leverage and minimal interest coverage for the 12 months ended March 31, 2016, as well as a weakened liquidity profile. The negative outlook reflects Moody's expectation that operating performance will continue to weaken over the next 12 months, with negative to breakeven free cash flow generation until the company stabilizes its top-line and reverses the significant contraction in margins. The outlook also reflects Moody's concerns regarding the company's weak liquidity profile, including the reduced contribution percentage of Red Dog mine proceeds beginning in 2017 and the company's potential reliance on this volatile source of cash to meet its basic cash needs. The downgrades of the ratings on the senior secured term loan and senior secured notes to Caa3 were a function of the one-notch downgrade of NANA's CFR. The following ratings were affected by this action: Corporate Family Rating downgraded to Caa2 from Caa1; Probability of Default Rating downgraded to Caa2-PD from Caa1-PD; Senior secured term loan due 2018 downgraded to Caa3 (LGD5) from Caa2 (LGD4); Senior secured notes due 2019 downgraded to Caa3 (LGD5) from Caa2 (LGD4) Rating outlook changed to negative from stable RATING RATIONALE NANA's Caa2 CFR reflects Moody's expectation for continued negative pressures in the federal contracting services and oil and gas services sectors, which could impair the company's ability to deleverage and meet debt service requirements with internally-generated funds. Significant deterioration in earnings during a challenging year during which the company faced weakness in both energy and base metals industries resulted in adjusted debt/EBITDA to 6.5 times for the 12 months ended March 31, 2016, compared with 5.7 times one year ago (all ratios incorporate Moody's standard adjustments). Declining revenues and operating losses for the first half of fiscal 2016 resulted in very thin interest coverage of 0.1 times for the trailing 12 month period, and Moody's believes margin contraction in the company's Federal and Oil & Gas segments will continue to offset a portion of any year-over-year top line gains over the intermediate term. Given significant headwinds in each of NANA's end markets, Moody's projects that debt leverage could exceed 8.0 times over the next 12 to 18 months, with sustained weak interest coverage. Despite the recent two-year extension and funding increases to the defense budget, Moody's expects continued stress and intensified competition within NANA's federal services segment given the US government's shift toward lower-margin, Lowest Price Technically Acceptable ("LPTA") procurement. Moody's does not project a material recovery in energy markets during fiscal 2016, and the Caa2 rating reflects the rating agency's concerns regarding the potential for project delays and further pricing pressures. Offsetting some of the deterioration in operating performance is NANA's eligibility for certain sole-source contracts with the US government under the Federal Small Business Administration (SBA) 8(a) program. These contracts are exempt from LPTA outsourcing guidelines, and therefore, carry higher margins. The rating is also supported by continued royalty contributions received from Alaska's Red Dog Mine -- one of the largest zinc mines in the world -- which is located on land owned by NDC's parent company, NANA Regional Corporation ("NRC") and operated by Teck Resources Ltd. ("Teck") (B3, negative). While the amount of cash generated from the mine is susceptible to volatility in zinc prices and production, as seen in the first half of fiscal 2016, Moody's expects that royalty contributions will continue to be an important source of liquidity for NANA. However, the company may increasingly rely on those potentially volatile cash streams to service debt and fund growth. Beginning in fiscal 2017, the royalty contributions to NANA from its parent, NANA Regional Corporation ("NRC") will be reduced by 50%, but this will be partially offset by the simultaneous elimination of the annual dividend payment to NRC to cover a portion of general and administrative ("G&A") expenses. Moody's also projects limited to no performance-based dividends to NRC (to fund distributions to native shareholders) over the intermediate term given expectations for continued weak operating performance, which will help to preserve cash. The ratings on the senior secured term loan and senior secured notes reflect the overall probability of default for NANA, which Moody's rates Caa2-PD. The Caa3 ratings on the term loan and notes are loan are one notch below the CFR, reflecting their position in the capital structure relative to the $125 million ABL facility (not rated), which has a first-priority claim on the company's most liquid assets, as well as close to $30 million of mortgage debt. Given the continued deterioration in operating performance, an upgrade of NANA's ratings is unlikely over the near term. However, positive rating actions could be taken if the energy and base metals sectors begin to signal a sustained robust recovery. An upgrade could also be considered if debt/EBITDA begins to approach 6.0 times and EBIT interest coverage improves to closer to 1.0 time, while maintaining an adequate liquidity profile. Improved cash flow generation from NANA's core businesses or a material improvement in liquidity could lend support to a stabilization of the rating outlook. The ratings could be downgraded if NANA's liquidity profile deteriorates further or if declining revenue and margin pressure in the Federal and Oil & Gas segments result in continued operating losses. Negative actions could be taken if NANA's ability to satisfy required debt service requirements diminishes or if EBIT interest coverage remains below 0.5 times for a prolonged period. Repurchases of outstanding debt at distressed prices could also prompt further downgrades. Prolonged softness in oil prices or increased volatility in zinc prices could also pressure the ratings. NANA Development Corporation maintains an investment portfolio of various business segments including federal contract services, hospitality, management services, and oilfield and mining services. NANA's revenues for the 12 months ended March 31, 2016 totaled approximately $1.35 billion. NANA serves as the business arm of NRC, and its main objective is to invest in businesses that will create long-term income and job opportunities for NANA shareholders. NRC was formed as one of 13 Native Corporations that followed the Alaskan Native Claims Settlement Act. NRC has land surface and subsurface rights of 2.3 million acres in Northwest Alaska, including the Red Dog Mine, and is owned by the 13,500+ members of the Inupiat community. NORTHEASTERN ILLINOIS UNIV: Moody's Cuts Rating on COPs to Ba2 -------------------------------------------------------------- Moody's Investors Service has downgraded Northeastern Illinois University's Certificates of Participation (COPs) to Ba2 from Baa3 (about $33 million outstanding). The outlook is negative. This concludes the review for downgrade initiated June 10, 2016. The downgrade of the COPs to Ba2 reflects their increasing credit risk due to the university's unsecured obligation to pay and the its ability to terminate the installment contract absent legally available funds. The university's liquidity has declined materially in FY 2016 due to weakened cash flow. The university received only part of its budgeted FY 2016 state appropriation due to the State of Illinois' (Baa2 negative) failure to enact a budget for the year and reliance on stop gap funding. Further stress is expected from uncertainty as to the amount and timing of state funding for FY 2017. This uncertainty exacerbates possible enrollment and operating pressures from uncertain demand for its new student housing facility. The Ba2 rating favorably factors its market standing as a federally designated Hispanic-Serving Institution (HSI), moderate financial leverage, and open-system University Financing System bonds (UFS) (not rated), broadening the reserves and revenue available for payment on the COPs when available. Offsetting challenges are NEIU's narrowing cash flow that will continue for the next few years due to significantly pressured enrollment, state funding pressures, and more limited expense reductions than peers. Additional challenges are high leverage and relatively modest balance sheet reserves. Rating Outlook The negative outlook reflects NEIU's liquidity and operating challenges due to state budget issues and pressured net tuition revenues. Absent consistent and timely state support, NEIU will be forced to make more material budget reductions, negatively impacting its longer term strategic position. Factors that Could Lead to an Upgrade Substantial and sustained liquidity growth, particularly with stabilization of state funding Greater revenue diversification combined with stronger operating cash flow, demonstrating the ability to withstand reduced reliance on state support Material improvement in enrollment and net tuition revenues, leading to stronger operating performance Factors that Could Lead to a Downgrade Sustained lower state appropriations, including on-behalf payments, or timing delays of direct funding disbursements materially harming operating performance Inability to stabilize enrollment or adjust expenses to balance operations Ongoing reductions in liquidity, further narrowing flexibility Legal Security The Certificates of Participation (Ba2) are payable from both state-appropriated funds and from budgeted legally available funds of the university from sources other than state appropriations, including tuition and fees. While the COPs typically benefit from the breadth of revenue available to pay debt service, the lack of state appropriations and tightened operating budget weakens this structure. The COPs are payable from NEIU's broad budget and the obligation to pay can be terminated in the event that it does not receive sufficient state appropriations and does not have other legally available funds. The UFS bonds (unrated) are secured by the net revenues of the University Facilities System, with mandatory student fees and tuition revenues subject to the prior payment of operating and maintenance expenses of the system and only to the extent necessary. There is a rate covenant of 2.0 times coverage of maximum annual debt service and an additional bonds test. There is no debt service reserve fund, and any accumulated surpluses from the UFS system may be used to support any lawful purpose. Use of Proceeds. Not applicable. Obligor Profile NEIU is a regional comprehensive public university with multiple campuses in the Chicago metropolitan area. It is designated by the US Department of Education as a Hispanic-Serving Institution. Fall 2015 headcount enrollment was nearly 10,300 students. NORTHWEST PEDIATRIC: Plan Filing Period Extended to Oct. 4 ---------------------------------------------------------- The Hon. Jacqueline P. Cox of the U.S. Bankruptcy Court for the Northern District of Illinois has extended the exclusive period for Northwest Pediatric Services S.C. to file its plan of reorganization and disclosure statement to Oct. 4, 2016, and the exclusive date for the Debtor to solicit acceptances to the plan through and including Dec. 13, 2016. The status hearing on the Debtor's plan and disclosure statement set for July 20, 2016, is stricken and rescheduled for Oct. 13, 2016, at 10:00 a.m. As reported by the Troubled Company Reporter on June 28, 2016, the Debtor asked the Court to extend the exclusive period for the Debtor to file its plan of reorganization and disclosure statement through and including Oct. 5, 2016, and the exclusive date to solicit acceptances of the plan through and including Dec. 13, 2016. The Debtor was in the process of compiling financial information in connection with its plan of reorganization, when the Debtor's financial consultant, Larry Kammes, who was employed and paid by a third party entity, became critically ill and subsequently passed away on June 17, 2016. Headquartered in Elgin, Illinois, Northwest Pediatric Services S.C. dba Kid Care Medical S.C. filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 16-09373) on March 18, 2016, estimating its assets at between $100,000 and $500,000 and its liabilities at between $1 million and $10 million. The petition was signed by Orawan Sukavachana, M.D., president. Judge Jacqueline P. Cox presides over the case. Scott R Clar, Esq., at Crane, Heyman, Simon, Welch & Clar serves as the Debtor's bankruptcy counsel. On Feb. 29, 2012, the Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 12-07777). On May 22, 2013, the Debtor confirmed its Third Plan of Reorganization. IRS and IDR were secured and priority unsecured creditors in the previous Chapter 11 case. Under the terms of the Plan, IRS and IDR were to be given 20 payments over a five-year period. Each payment to the IRS was to be approximately $138,000. NUMISMATIC SUBS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Numismatic Subs, LLC. Numismatic Subs, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-04855) on June 3, 2016. The Debtor is represented by Daniel J. Herman, Esq., at Pecarek & Herman, Chartered. OMEGA HEALTHCARE: Fitch Assigns 'BB+' Rating on Subordinated Debt ----------------------------------------------------------------- Fitch Ratings has assigned a 'BBB-' rating to the senior unsecured notes due 2023 issued by Omega Healthcare Investors, Inc. (NYSE: OHI 'Omega'). KEY RATING DRIVERS The 'BBB-' ratings are based on Omega's strong credit metrics (low leverage, high fixed-charge coverage [FCC] and ample liquidity) providing a sufficient buffer against the potential effects of tenant-related operating headwinds. OHI focuses on skilled nursing (SNFs) and assisted living facilities (ALFs) wherein tenants' capacity to honor lease obligations are closely influenced by changes to government reimbursement and regulatory/licensing risk. Operating headwinds faced by skilled nursing operators in general have been a focal point year-to-date after announcements related to performance at some of the industry's largest operators. Fitch does not believe these headwinds will materially affect OHI's credit initially, although they could cause the price at which OHI can issue debt and equity to become more expensive. LOW LEVERAGE WITH SUFFICIENT CUSHION OHI has consistently maintained leverage between 3.9x - 5.2x since 2011, with leverage at 5.2x and 5.4x for the quarter and year ended March 31, 2016. Fitch views quarterly leverage as more meaningful than trailing 12 months for OHI given the lack of seasonality in reported earnings and timing effects of acquisitions. Fitch expects leverage will remain between 4x - 5x over the next 12-to-24 months. Fitch's projections indicate OHI has a cushion of 0.5x - 1x to the negative leverage sensitivity of 5.5x. Fitch views it as unlikely that tenant issues could in and of themselves cause OHI to breach the 5.5x sensitivity. Under a simple analysis where the rent is reduced for tenants with coverage below 1x (7.6% of 4Q15) back to 1.4x (as measured by EBITDAR) leverage only increases to 0.2x. Should OHI change its financial policies and operate with leverage closer to 5.5x, Fitch would then consider the adequacy of the cushion. Fitch defines leverage as debt net of readily available cash divided by recurring operating EBITDA. FCC is strong for the rating at 4.5x for the trailing twelve months ended March 31, 2016, compared to 3.7x and 3.6x for 2014 and 2013, respectively. Fitch expects OHI's FCC will continue to improve, driven by contractual rental escalators and reduced fixed charges as the interest savings from the refinancing is realized. Fitch defines FCC as recurring operating EBITDA less straight-line rents divided by total interest incurred. STRONG LIQUIDITY & APPROPRIATE CONTINGENT LIQUIDITY OHI's near-term liquidity is exceptionally strong with no debt maturities until 2017, especially when considering these maturities can be extended at OHI's option to 2019. OHI's sources of liquidity are comprised of capacity under the $1.25 billion revolving credit facility due 2018, proceeds from the 2023 notes offering and retained cash flow from operations. Other measures of OHI's liquidity and contingent liquidity are also appropriate for the 'BBB-' rating. OHI's unencumbered assets cover net unsecured debt by 1.5x - 2.1x assuming stressed capitalization rates of 9% - 12%. COMMONALITY OF TENANT REVENUE SOURCES MITIGATES OPERATOR DIVERSIFICATION BENEFITS Fitch views skilled nursing real estate (and by extension pure-play REITs) as having more risk than other real estate subsectors due to the potential for legislative or regulatory changes (including the annual changes to reimbursement amounts by the Center for Medicare and Medicaid Services). These unilateral actions can impact the profitability of most tenants, partially mitigating the benefits of tenant and geographic diversification. The start of 2016 has been eventful with some of the largest operators announcing weaker results. SNF margins are being pressured by increasing coverage under Medicare Advantage, Department of Justice investigations potentially influencing billing practices and pilot programs for bundled payments and coordinated care. Fitch views these as long-term headwinds that stronger operators should be able to manage given they are fairly well-telegraphed. Another limiting factor on the rating (but inherent to the strategy) is OHI's exposure to private, unrated operators, which limits the extent to which Fitch can assess their creditworthiness. Fitch views most for-profit post-acute operators to be 'B' category credits, where capacity to meet debt obligations is vulnerable to deterioration in the business and economic environment. Rent coverage, as measured by EBITDARM (EBITDAR before management fees) and EBITDAR were 1.8x and 1.4x, respectively, at Dec. 31, 2015, which is comparable to peers, consistent with prior periods and implies some cushion to sustain annual rental increases and/or unforeseen changes to reimbursement rates. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for OHI include: -- Operator headwinds persist and pressure coverage levels but do not result in wholesale bankruptcies or rent renegotiations; -- Contractual rental escalators of 2% - 2.5% per year through 2018; -- Acquisitions of $500 million per year through 2018 at 8.5% cap rates; -- $300 million of equity being issued in both 2017 and 2018 to fund acquisitions. Should OHI's equity trade at levels where it is unable or unwilling to transact, Fitch assumes OHI would reduce acquisition volumes. RATING SENSITIVITIES Fitch does not expect management will operate the company consistent with the metrics that could otherwise result in positive momentum in OHI's ratings and/or Outlook, such as: -- Increased scale and diversification; -- Fitch's expectation of net debt-to-recurring operating EBITDA sustaining below 4x (leverage was 5.2x at March 31, 2016); -- Fitch's expectation of fixed-charge coverage sustaining above 3.5x (coverage was 4.6x for TTM). These factors may result in negative momentum in OHI's ratings and/or Outlook: -- Further pressure on operators through reimbursement cuts; -- Fitch's expectation of leverage sustaining above 5.5x; -- Fitch's expectation of fixed-charge coverage sustaining below 2.5x. LIQUIDITY FULL LIST OF RATING ACTIONS Fitch rates OHI as follows: Omega Healthcare Investors, Inc.: -- Long-Term IDR 'BBB-'; -- Unsecured revolving credit facility 'BBB-'; -- Senior unsecured notes 'BBB-'; -- Senior unsecured term loans 'BBB-'; -- Subordinated debt 'BB+'. PALOMAR HEALTH: Fitch Affirms 'BB+' Rating on Revenue Bonds ----------------------------------------------------------- Fitch Ratings has affirmed the 'BB+' rating on Palomar Health, CA's (PH) outstanding debt. The Rating Outlook is Stable. SECURITY The bonds are secured by a gross revenue pledge of the obligated group (OG). The OG consists of PH's acute care facilities as well as other healthcare related entities but excludes Arch Health Partners (AHP), a medical foundation. KEY RATING DRIVERS CONTINUED IMPROVED PERFORMANCE: PH's financial performance continues to improve and financial metrics through the nine months ended March 31, 2016 have been the strongest in recent history, with an 11.5% operating EBITDA margin, 2.1x debt service coverage and 104.3 days cash on hand. The decision to close its downtown campus should continue to have a favorable impact on financial performance with the full benefit realized in fiscal 2017, as PH is still in the process of consolidating services. GOOD MARKET POSITION: Fitch believes PH's main credit strength is its location in North San Diego County, which makes it an attractive partner in any plans to develop a larger regional network and delivery model that is able to manage population health. In addition, PH has significantly invested in its medical foundation, AHP, which provides a primary care base that will be integral in care coordination. HIGH DEBT BURDEN: Due to its significant investment in its master facility plan, PH's debt burden is high (revenue bonds only). As a hospital district, PH has the ability to issue tax supported bonds (GO debt) and Fitch's calculations exclude the GO debt and associated interest and property tax revenue from its analysis. Maximum annual debt service (MADS) on the revenue bonds accounted for a high 5.8% of total revenue and cash to debt is weak at 32.7% as of March 31, 2016. COSTLY MASTER FACILITY PLAN: PH's master facility plan totaled over $1 billion and included a new 288-bed Palomar Medical Center (PMC) in Escondido, California that opened in 2012 as well as other capital investments. STRATEGIC RELATIONSHIPS: PH has an agreement with Kaiser Permanente (rated 'A+') to provide bed capacity and has a partnership with Rady Children's (rated 'AA-') to provide pediatric and neonatal services at PMC. PH is in discussions with Kindred Rehabilitation and has been a Mayo Clinic Network affiliate since 2013. RATING SENSITIVITIES UPWARD RATING MOVEMENT: Upward rating movement would be dependent on Palomar Health improving its financial metrics more in line for a 'BBB-' rated credit. Fitch believes this could be achievable over the next two to three years if strong operating cash flow is sustained and debt service coverage and liquidity ratios improve especially as the full benefits from the consolidation of facilities/service lines are complete. CREDIT PROFILE PH is a California hospital district that currently operates three hospitals in northern San Diego County: Palomar Health Downtown campus,288-bed Palomar Medical Center in Escondido and 107-bed Pomerado Hospital in Poway. PH also has Villa Pomerado - a 129-bed skilled nursing facility that is located adjacent to Pomerado Hospital. In 2015, PH announced that it would close its downtown campus and began transitioning services to its other two facilities. These services include labor and delivery, behavioral and acute rehab. The standby emergency department closed in March 2016. Arch Health Partners is a medical foundation with about 59 physician FTEs and was reconsolidated in PH's financial results in fiscal 2015 after being de-consolidated in fiscal 2014. Arch is not a member of the OG. Fitch's analysis is based on the consolidated entity. Total operating revenue in fiscal 2015 (June 30 year end) was $704 million. Continued Improvement in Operating Performance PH was in a turnaround situation from fiscal 2013 due to large losses related to challenges with the transition to the new facility, which opened in August 2012. However, performance has stabilized and is on an upward trajectory with very strong operating EBITDA margins through the nine months ended March 31, 2016 of 11.5% compared to 7.3% in fiscal 2015, 6.7% in fiscal 2014 and 4.8% in fiscal 2013. Ongoing operational improvement initiatives are in the areas of patient throughput, supply savings, revenue cycle, and process improvement. Campus Consolidation Plan In June 2015, PH announced that it would be closing its downtown campus and consolidating all services within either PMC or Pomerado Hospital. All services are expected to be consolidated by the end of 2016. Fitch views this decision favorably as it better utilizes the resources within the system and should result in $15 million-$20 million of annual savings beginning in fiscal 2017. The downtown campus is also expected to be monetized. Due to the transition, PH has seen a large reduction in outpatient surgeries, especially related to Kaiser volume as consolidation plans finalize. Through the nine months ended March 31, 2016, outpatient surgeries were down 11.9% from the prior year. Fitch expects this to be temporary, as further discussions are underway regarding the potential build-out of shelled space at PMC. PMC has two shelled floors and the build-out of this space is in PH's capital plan. However, management stated that they would only proceed with this capital investment if it was funded by another funding source (not from PH). Investment in Arch Health Partners AHP is a medical foundation located in Poway, CA with 15 clinics in the service area. PH is the sole corporate member of AHP and aligned with the medical foundation in 2010. PH has provided significant support to AHP over the last two years and ongoing support is expected. However, Arch is a critical component of its integrated delivery system and PH is in the process of developing a clinically integrated network that will also align other physicians in the area. Weak Liquidity As of March 31, 2016, unrestricted cash and investments totaled $189.5 million, which equated to 104.3 days cash on hand (DCOH) and 32.7% cash to debt, which has steadily improved from a low in fiscal 2013. PH's DCOH covenant calculation excludes interest expense from total expenses and the bond covenant calculation for fiscal 2015 was 112.6 days, above the 80 DCOH covenant for the series 2006 insured bonds (65 DCOH covenant for uninsured bonds). Capital spending is elevated in fiscal 2017-2019 due to one-time capital relocation costs and the build-out of shelled space. However, management has reiterated that the build-out will only occur if it is funded by another funding source. Total capital expenditures are $41.5 million in fiscal 2017, $41 million in fiscal 2018, and $43 million in fiscal 2019. Excluding the one-time capital relocation costs and the build-out of shelled space, ongoing routine and strategic capital spending is about $20 million-$30 million a year. High Debt Burden As of June 30, 2015, total debt outstanding was $1.15 billion and included $560.8 million of revenue bonds and $589.2 million of GO bonds. Fitch rates the GO bonds 'A+'. The revenue bonds are 68% fixed rate and 32% variable rate (auction mode; series 2006). MADS on revenue bonds is $41.4 million and debt service coverage was improved at 2.1x through the nine months ended March 31, 2016 compared to 1.3x in fiscal 2015 and 1.2x in fiscal 2014. Per bond covenant calculation, debt service coverage was 1.98x in fiscal 2015. PH has three fixed payor interest rate swaps with Citi related to the series 2006 bonds and the swaps are insured by Assured Guaranty. There are currently no collateral posting requirements, but requirements would be implemented if Assured Guaranty's rating falls below the 'A' category and would be at a zero threshold based on PH's current rating. In addition, there is an additional termination event if Assured Guaranty's rating falls below 'BBB'. Property Tax Revenue As a California hospital district, PH receives unrestricted property tax revenues from a fixed share of the 1% property tax levied by the County of San Diego on all taxable real property in PH's boundaries. PH received $14.3 million and $13.5 million in unrestricted property tax revenues in fiscal 2015 and 2014, respectively. This tax revenue is included in other operating revenue. PH also receives ad valorem tax revenues generated by the separate voter-approved tax levy that is pledged solely for the payment of principal and interest on PH's series 2005, 2007, 2009, and 2010 GO bonds. Fitch's financial analysis excludes the GO bonds and related property tax revenue and interest expense. Disclosure PH covenants to provide annual audited financial reports and unaudited quarterly financial statements to bondholders. Quarterly information, including a balance sheet, income statement, and statement of changes in net assets will be provided within 45 days after the end of each of the first three fiscal quarters. Fitch affirms the following outstanding debt at 'BB+': -- $159,844,000 COPs series 2010; -- $229,217,000 COPs series 2009; -- $171,781,000 COPs series 2006A-C. PARAGON OFFSHORE: Exclusive Plan Filing Period Extended to Aug. 12 ------------------------------------------------------------------ The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware has extended, at the behest of Paragon Offshore PLC, et al., their (i) exclusive filing period for a period of 60 days through and including Aug. 12, 2016, and (ii) exclusive solicitation period for 60 days through and including Oct. 11, 2016. As reported by the Troubled Company Reporter on June 17, 2016, the Debtors filed on April 19, 2016, fully executed versions of the Plan and the Disclosure Statement. On April 22, 2016, the Debtors commenced solicitation of votes to accept or reject the Plan. The Debtors' plan confirmation hearing is scheduled to commence on June 21, 2016. The Debtors assured the Court that they are not seeking an extension of the Exclusive Periods as a negotiation tactic, to artificially delay the conclusion of these Chapter 11 cases, or to hold creditors hostage to the Plan. The requested relief is intended to provide the Debtors with flexibility necessary to accommodate for any unforeseen or unpredictable plan confirmation related delays/adjournments. About Paragon Offshore Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a global provider of offshore drilling rigs. Paragon's operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semisubmersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales and its ordinary shares have been trading on the over-the-counter markets under the trading symbol "PGNPF" since December 18, 2015. Paragon Offshore Plc, et al., filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016, after reaching a deal with lenders on a reorganization plan that would eliminate $1.1 billion in debt. The petitions were signed by Randall D. Stilley as authorized representative. Judge Christopher S. Sontchi is assigned to the cases. PEAK WEB: $250K Interim Unsecured Credit From PSA 9 Allowed ----------------------------------------------------------- Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the District of Oregon, authorized Peak Web LLC to obtain unsecured credit from PSA 9, LLC, in the interim. Judge McKittrick authorized the Debtor to incur indebtedness of up to $250,000. He granted PSA 9 administrative expense priority with respect to all loans and advances made pursuant to the Line of Credit Agreement. The Operating Line of Credit Agreement contains, among others, the following relevant terms: (a) On the Effective Date, Borrower shall execute and deliver to Lender the $250,000, 4.5% Optional Advance Note Number 1. Lender may make advances to Borrower in a principal amount totaling up to $500,000 (including the First Optional Advance Note). (b) All loans and advances made by Lender to Borrower shall be memorialized pursuant to promissory notes. (c) The entire balance of all indebtedness, including all principal and interest, owed on the Optional Advance Note shall be due and payable in full on the earliest of (a) the Effective Date of any plan of reorganization confirmed in the Bankruptcy Case; (b) the date of the entry of an order by the Bankruptcy Court converting either of the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code; (c) the date of entry of an order of the Bankruptcy Court appointing a trustee under Chapter 11 of the Bankruptcy Code; or (d) Dec. 31, 2016. "The Debtor requires financing in order for it to immediately manage its cash flow, fund payroll, and maintain sufficient operating capital to pay ongoing operating expenses as and when they become due. Without such financing, Debtor will be unable to pay wages, salaries, employee benefits, and operating expenses, and the value of Debtor's business will be diminished. Debtor's ability to maintain and preserve its assets and effect an orderly and efficient reorganization will be seriously jeopardized, to the substantial detriment of creditors, employees, and other parties in interest if the requested post-petition financing is not approved," Judge McKittrick acknowledged. The final hearing on the Debtor's Motion is scheduled on July 27, 2016 at 10:30 a.m. A full-text copy of the Interim Order dated June 16, 2016, is available at https://is.gd/LaxvwH Peak Web LLC is represented by: Timothy J. Conway, Esq. Ava L. Schoen, Esq. TONKON TORP LLP 888 S.W. Fifth Avenue, Suite 1600 Portland, OR 97204-2099 Telephone: (503)221-1440 Facsimile: (503)274-8779 E-mail: tim.conway@tonkon.com ava.schoen@tonkon.com About Peak Web, LLC Headquartered in Oregon, Peak Web, LLC dba Peak Hosting, is a managed-service company that provides the servers, storage, network, datacenter, and staff for some of the largest online businesses. Peak's operations and engineering teams currently support 26 customers in industries spanning online and mobile gaming, finance, real estate, consulting, and big data companies. Peak has 50% of its data center pre-built and ready for new customers. This equates to about 100 racks of space, which can accommodate approximately 2,000 additional servers for the expansion of new and existing customers. Peak Web sought creditor protection in the U.S. Bankruptcy Court for the District of Oregon (Bankr. D. Ore. Case No. 16-32311) on June 13, 2016. The petition was signed by Jeffrey E. Papen as CEO. The Debtor estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtor has engaged Tonkon Torp LLP as counsel, Cascade Capital Group, LLC as consultant and Susman Godfrey LLP and Ropers Majeski Kohn Bentley PC as its litigation counsel. The case is assigned to Judge Peter C McKittrick. PEAK WEB: Interim Cash Collateral Use Until July 27 Approved ------------------------------------------------------------ Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the District of Oregon authorized Peak Web LLC to use cash collateral in the interim. The Debtor was authorized to use the Cash Collateral in which of Bank of the West ("BOTW") or any other party claims a security interest. The Debtor's authority to use Cash Collateral was limited to the expense amounts set forth in the Budget, which provided for operating expenses as follows: (a) June 2016: $943,803 (b) July 2016: $926,929 (c) August 2016: $977,910 (d) September 2016: $967,361 Judge McKittrick held that the Debtor's authority to use Cash Collateral will automatically expire upon the earlier of (a) the Effective Date of a confirmed Plan of Reorganization; or (b) a Court order terminating the use of cash collateral based on a motion brought by BOTW for the failure by Debtor to comply with any provision of the Court's Interim Order. The Court granted BOTW adequate protection for any Cash Collateral used by the Debtor in the form of a perfected lien ("Replacement Lien") to secure an amount of BOTW's prepetition secured claims equal to the extent of any diminution in value of BOTW's prepetition collateral by reason of the use of Cash Collateral as authorized by the Interim Order. The Replacement Lien will attach to all property and assets of the Debtor and its estate, of any kind or nature whatsoever, whether currently owned or later acquired by Debtor, and all products, proceeds, rents, issues, or profits thereof that were either subject to the Prepetition Liens or acquired as a result of Debtor's use and/or expenditure of Cash Collateral. The Court ordered the Debtor to make monthly adequate protection payments to BOTW in the amount of $9,861 per month as additional adequate protection. The final hearing on the Cash Collateral Motion is scheduled on July 27, 2016 at 10:30 a.m. A full-text copy of the Interim Order, dated June 15, 2016, is available at https://is.gd/P876hz Peak Web LLC is represented by: Timothy J. Conway, Esq. Ava L. Schoen, Esq. TONKON TORP LLP 888 S.W. Fifth Avenue, Suite 1600 Portland, OR 97204-2099 Telephone: (503)221-1440 Facsimile: (503)274-8779 E-mail: tim.conway@tonkon.com ava.schoen@tonkon.com About Peak Web Headquartered in Oregon, Peak Web, LLC dba Peak Hosting, is a managed-service company that provides the servers, storage, network, datacenter, and staff for some of the largest online businesses. Peak's operations and engineering teams currently support 26 customers in industries spanning online and mobile gaming, finance, real estate, consulting, and big data companies. Peak has 50% of its data center pre-built and ready for new customers. This equates to about 100 racks of space, which can accommodate approximately 2,000 additional servers for the expansion of new and existing customers. Peak Web sought creditor protection in the U.S. Bankruptcy Court for the District of Oregon (Bankr. D. Ore. Case No. 16-32311) on June 13, 2016. The petition was signed by Jeffrey E. Papen as CEO. The Debtor estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtor has engaged Tonkon Torp LLP as counsel, Cascade Capital Group, LLC as consultant and Susman Godfrey LLP and Ropers Majeski Kohn Bentley PC as its litigation counsel. The case is assigned to Judge Peter C McKittrick. PEAK WEB: Wants $500K Line of Credit From PSA 9 ----------------------------------------------- Peak Web LLC asks the U.S. Bankruptcy Court for the District of Oregon for authorization to enter into a Line of Credit Agreement for postpetition financing consisting of loans and advances up to $500,000 on an unsecured administrative expense basis, from PSA 9, LLC. The Debtor contends that it has an immediate need to obtain funding for its initial postpetition expenses, including payroll and other operational expenses, pending the receipt of accounts receivable. The Debtor requires the funding on an initial basis to assist in managing cash flow and to provide sufficient working capital. The Debtor further contends that its need for additional working capital also extends to its longer term need to manage cash flow and maintain stabilized operations throughout the case up through confirmation of a plan of reorganization. "Pursuant to the Line of Credit Agreement, PSA 9, LLC, has agreed to make optional advances in amounts totaling up to $500,000... All loans made by PSA 9 under the Line of Credit Agreement shall be treated as advances thereunder, will be memorialized by execution of an Operating Optional Advance Note, will accrue interest at 4.5% per annum, and will be payable on the earlier of the (a) Effective Date of any plan of reorganization confirmed in the Bankruptcy Cases, (b) date of the entry of an order converting this Bankruptcy Case to a case under Chapter 7, (c) date of the entry of an order appointing a trustee under Chapter 11, or (d) December 31, 2016," the Debtor avers. Peak Web LLC is represented by: Timothy J. Conway, Esq. Ava L. Schoen, Esq. TONKON TORP LLP 888 S.W. Fifth Avenue, Suite 1600 Portland, OR 97204-2099 Telephone: (503)221-1440 Facsimile: (503)274-8779 E-mail: tim.conway@tonkon.com ava.schoen@tonkon.com About Peak Web, LLC Headquartered in Oregon, Peak Web, LLC dba Peak Hosting, is a managed-service company that provides the servers, storage, network, datacenter, and staff for some of the largest online businesses. Peak's operations and engineering teams currently support 26 customers in industries spanning online and mobile gaming, finance, real estate, consulting, and big data companies. Peak has 50% of its data center pre-built and ready for new customers. This equates to about 100 racks of space, which can accommodate approximately 2,000 additional servers for the expansion of new and existing customers. Peak Web sought creditor protection in the U.S. Bankruptcy Court for the District of Oregon (Bankr. D. Ore. Case No. 16-32311) on June 13, 2016. The petition was signed by Jeffrey E. Papen as CEO. The Debtor estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtor has engaged Tonkon Torp LLP as counsel, Cascade Capital Group, LLC as consultant and Susman Godfrey LLP and Ropers Majeski Kohn Bentley PC as its litigation counsel. The case is assigned to Judge Peter C McKittrick. PERFORMANCE SPORTS: Moody's Affirms B3 Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service revised Performance Sports Group Ltd's (PSG) rating outlook to negative from stable due to its poor operating performance highlighted by its recent earnings announcement and weak credit metrics. The speculative grade liquidity rating was downgraded to SGL 3 from SGL 2. All other ratings, including the B3 Corporate Family Rating, were affirmed. "PSG's revised earning guidance resulted in a departure from our previous expectations," said Kevin Cassidy, Senior Credit Officer at Moody's Investors Service. Moody's had expected leverage to be temporarily high due to foreign exchange head winds. "The negative outlook reflects our concerns that debt/EBITDA will remain above 8 times for a prolonged period," noted Cassidy. The speculative grade liquidity rating was downgraded due to Moody's expectation of very modest free cash flow generation over the next 12 to 18 months. Rating downgraded: Speculative Grade Liquidity Rating to SGL 3 from SGL 2; Ratings affirmed: Corporate Family Rating at B3; Probability of Default Rating at B3-PD; $330 million Term Loan B rating at Caa1 (LGD 4); PSG's B3 Corporate Family Rating reflects its poor operating performance and weak credit metrics with debt/EBITDA over 10 times. The rating also reflects PSG's modest size with pro forma revenue around $600 million and narrow product focus in sports equipment and apparel. The rating benefits from PSG's strong brand awareness among action sport enthusiasts and solid geographical diversification. PSG has grown significantly over the last few years through acquisition, but Moody's expect PSG to limit further acquisitions until credit metrics improve. The negative outlook reflects Moody's view that PSG's credit metrics will remain weak for the next 12-18 months during a time when the company will likely look to address the expiration of its ABL revolving credit facility (expires in April 2019). There is limited upward near-term rating pressure given the company's poor operating performance and weak credit metrics. Stability in demand for baseball/softball bats is needed for an upgrade to be considered. Key credit metrics necessary for an upgrade are sustaining debt/EBITDA around 6 times. Failure to steadily reduce leverage could lead to a downgrade. A deterioration in liquidity could also lead to a downgrade. Key credit metrics that could prompt a downgrade would be failure to steadily reduce debt/EBITDA to below 8 times in the next couple quarters. Headquartered in Exeter, New Hampshire, Performance Sports Group Ltd., designs, manufactures and distributes high performance sports equipment for ice hockey, roller hockey, lacrosse, baseball, softball and related apparel and accessories. Pro forma revenue approximated $600 million for the twelve months ended February 2016. In January 2016, PSG acquired the Easton Hockey business from Easton Hockey Holdings, Inc. for $11 million. PERSEON CORP: Court OKs MedLink-Led Auction on July 25 ------------------------------------------------------ Judge R. Kimball Mosier of the U.S. Bankruptcy Court for the District of Utah, Central Division, approved (i) Person Corp.'s assumption of an of an Asset Purchase Agreement ("APA") with MedLink Technologies, LLC ("Stalking Horse Bidder") for the sale of the Debtor's assets for $4,350,000, plus the assumption of the assumed liabilities, and (ii) bidding procedures in connection with the sale of the assets in connection with the sale of the assets to MedLink or to a successful bidder. Parties interested to participate in the bidding process must submit initial bids, including an $850,000 bid deposit, by 4:00 p.m. prevailing Mountain Time on July 11, 2016. The Debtor will provide access to due diligence to qualified bidders. A qualified bidder that desires to make a bid must deliver written copies of its bid by no later than 4:00 p.m. prevailing Mountain Time on July 21, 2016. If competing bids are received, an auction will be conducted at the office of Dorsey & Whitney LLP, 136 South Main Street, Suite 1000, Salt Lake City, UT at 10:00 a.m. (MT) on July 25, 2016, or at such other place and time or later date as determined by the Debtor. The final hearing to consider entry of the sale order authorizing and approving the sale of the assets is set for July 26, 2016 at 11:00 a.m. (MT). A copy of the Bidding Procedures and the Auction Notice and Notice of Sale Hearing attached to the Order is available for free at: http://bankrupt.com/misc/Perseon_56_Sale_Ord.pdf Counsel to MedLink Technologies: TROUTMAN SANDERS, LLP 5 Park Plaza, Suite 1400 Irvine, CA 92614 Attn: Penelope Parmes E-mail: penelope.parmes@troutmansanders.com Perseon Corp. is represented by: Steven T. Waterman Michael F. Thomson Jeffrey M. Armington DORSEY & WHITNEY LLP 136 South Main Street, Suite 1000 Salt Lake City, UT 84101 -1685 Telephone: (801) 933-7360 Facsimile: (801) 933-7373 E-mail: waterman.steven@dorsey.com thomson.michael@dorsey.com armington.jeff@dorsey.com About Perseon Corp. Perseon Corp., formerly known as BSD Medical Corp., sought Chapter 11 protection (Bankr. D. Utah Case No. 16-24435) on May 23, 2016, in Salt Lake City. The case is assigned to Judge Kimball R. Mosier. The Debtors are represented by Steven T. Waterman, Esq., at Dorsey & Whitney LLP. The Debtors $1 million to $10 million in assets and $1 million to $10 million in debt. The petition was signed by Clinton E. Carnell Jr., CEO/President. Chief Judge R. Kimball Mosier is assigned to the case. PHOENIX HELIPARTS: Proposes Revised Deal with Nichols ----------------------------------------------------- Louie Mukai, the Chapter 11 Trustee for Phoenix Heliparts, Inc., filed on June 29, 2016, a Motion to Approve Revised Settlement with Donald Nichols. Pursuant to the Fed.R.Bankr.P. 9019, the Debtor asks the Court to approve a full and complete settlement with Nichols wherein Nichols would pay $200,000. The Settlement Agreement supersedes the original settlement with Nichols that was entered into between the Trustee and Nichols earlier this year. That settlement was in the amount of $131,769, and did not resolve all claims between Nichols and the estate. For example, it left Nichols pending claim to an unsecured claim of $500,000 unresolved. The original settlement was objected to by creditor TKC Aerospace. TKCA is now in support of the revised Settlement Agreement. Furthermore, pursuant to the revised Settlement Agreement Nichols shall be allowed an unsecured claim of $250,000 in Class 2 of the confirmed Plan and a subordinated claim of $250,000 under Class 3 of the Plan. Pursuant to L.R.Bankr.P. 9013-1(k), any objection to the Motion must be in writing, filed with the Court, and served on the Trustee's counsel within 21 days of the date of this Notice. If no objections are timely filed and served as provided, the Court may grant the Motion without further notice or hearing. If a timely objection is filed, Trustee's counsel will request a hearing on the Motion. About Phoenix Heliparts Phoenix Heliparts Inc. sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Arizona (Phoenix) (Case No. 15-12003) on September 18, 2015. The petition was signed by Tina Cannon, president. The case is assigned to Judge Daniel P. Collins. The Debtor estimated assets of $1 million to $10 million and debts of $10 million to $50 million. PICTURE CAR WAREHOUSE: Oct. 17, 2016 Set as Claims Bar Date ----------------------------------------------------------- According to a notice, the U.S. Bankruptcy Court for the Central District of California set an Oct. 17, 2016 deadline for creditors in Picture Care Warehouse, Inc.'s Chapter 11 case to file proofs of claim against the Debtor's estate. Proofs of claim must be filed with the Court Clerk at 21041 Burbank Boulevard, Woodland Hills, CA. Exceptions to the Bar Date include: a. Executory contracts/unexpired leases. Claims arising from rejection of any executory contract or unexpired lease, the last day to file a proof of claim is the later of (a) the Bar Date or (b) 30 days after entry of an order approving the rejection. b. Governmental units. For claims of governmental units, the last date to file a proof of claims is the later of (a) the Bar Date or (b) before 180 days after the date of the order for relief. c. Avoidance. For claims arising from the avoidance of a transfer under Chapter 5 of the Bnakruptcy Code, the last day to file a proof of claims is the later of (a) the Bar Date or (b) 30 days after the entry of judgment avoiding the transfer. Picture Car Warehouse, Inc., sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 15-13495) on Oct. 20, 2015. Hon. Maureen Tighe is the case judge. The Law Office Carolyn A. Dye serves as counsel to the Debtor. The Debtor estimated assets and debt of $1 million to $10 million. The petition was signed by Ted D. Moser, president. PRICEVILLE PARTNERS: Court Extends Exclusivity Periods by 90 Days ----------------------------------------------------------------- The Hon. Clifton R. Jessup, Jr., of the U.S. Bankruptcy Court for the Northern District of Alabama has extended Priceville Partners, LLC's exclusivity periods under 11 U.S.C. Sections 1121(c)(2) and (c)(3) by 90 days respectively, pursuant to the Court's authority under Section 1121(d)(1). The deadline to file the Debtor's Disclosure Statement and Plan will be set by further court order, if any. As reported by the Troubled Company Reporter on June 24, 2016, the Debtor asked the Court to extend the exclusivity period for filing a Disclosure Statement and Plan to Sept. 14, 2016. The Disclosure Statement and Plan is due 20 days from the commencement of the case, which falls on July 2, 2016. About Priceville Partners Decatur, Alabama-based Priceville Partners, LLC, also known as Performance Auto Sales, is engaged in the sale of automobiles. Priceville Partners sought Chapter 11 protection (Bankr. N.D. Ala. Case No. 16-80675) on March 4, 2016. The case is assigned to Judge Clifton R. Jessup Jr. Lee R. Benton and Samuel C. Stephens, Esq., at Benton & Centeno, LLP, are the Debtor's bankruptcy attorneys. Andrew P. Campbell, Esq., and Todd Campbell, Esq., at the Law Firm Of Campbell Guin, LLC, have been tapped as special counsel. The Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in debt. PRIMERA ENERGY: Bankruptcy Plan Confirmed ----------------------------------------- Patrick Danner, writing for My San Antonio, reported that Primera Energy LLC's bankruptcy reorganization plan was confirmed by a judge -- even though there's nothing left of the business to save. According to the report, the San Antonio company had been headed by Brian K. Alfaro, who has been accused of defrauding investors in the sale of interests in various oil and gas drilling ventures. The investors have more than $18 million in claims, making them Primera’s largest group of creditors, the report related. They will receive nothing under the plan, which bankruptcy trustee Jason Searcy said is a liquidation, the report added. Searcy is reviewing possible legal claims against Alfaro, the report said. Any recoveries from litigation would go to the bankruptcy estate, the report added. However, investors wouldn't be paid anything until creditors with superior claims are paid in full, the report said. About Primera Energy Primera Energy, LLC, headquartered in San Antonio, Texas, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 15-51396) on June 3, 2015, to stop the investors from trying to "squeeze" money out of the Company, according to the Company's owner, Brian K. Alfaro. The Company estimated its assets and liabilities at between $1 million and $10 million. Judge Craig A. Gargotta presides over the case. Dean William Greer, Esq., who has an office in San Antonio, Texas, serves as the Debtor's bankruptcy counsel. The Chapter 11 petition was signed by Mr. Alfaro. RAUL VELEZ: Court Dismisses Chapter 11 Case ------------------------------------------- Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico found that the Chapter 11 case captioned IN RE: Raul Palacios Velez, Debtor(s), CASE NO. 14-04976 (Bankr. D.P.R.) is not appropriate for conversion and that it is in the best interests of creditors and the estate to dismiss the case. The Motion to Dismiss or Convert was filed by the creditor, WM Capital Partners 53, LLC. "In the court's review of the schedules, the amended disclosure statement and plan, as well as the claims filed, it does not appear that a chapter 7 trustee would have anything to distribute to the unsecured creditors. The secured creditors are able to liquidate their collateral outside of bankruptcy. No party has indicated that there are potential avoidance actions through which a trustee might realize significant recovery for the estate. The appointment of a chapter 7 trustee would cause the estate to incur additional administrative expenses. Given these facts, the court finds that the captioned case is not appropriate for conversion and it is in the best interests of creditors and the estate to dismiss this case," Judge Tester said. A full-text copy of Judge Tester's June 29, 2016 opinion and order is available at http://bankrupt.com/misc/prb14-04976-214.pdf Raul Palacios Velez filed a Chapter 11 petition (Bankr. D.P.R. Case No. 12-05485) on July 12, 2012. RCN TELECOM: S&P Raises Rating on Sr. Sec. Facility to 'B+' ----------------------------------------------------------- S&P Global Ratings raised its issue-level rating on RCN Telecom Services LLC's senior secured credit facility to 'B+' from 'B' and revised the recovery rating to '2' from '3' due to voluntary paydown of senior secured bank debt over the past 12 months. The '2' recovery rating indicates S&P's expectation for substantial recovery (70% to 90%; lower half of the range) of principal for lenders in the event of a payment default. S&P's other ratings on RCN, including the 'B' corporate credit rating are unaffected. RECOVERY ANALYSIS Key analytical factors: -- S&P's simulated default scenario contemplates a default in 2019, precipitated by intense competitive pressures from significantly larger and better-capitalized video operators, such as Comcast, Time Warner Cable, and Verizon. -- S&P valued RCN as a going concern, using a 5x emergence EBITDA multiple. The 5x valuation multiple is on the higher end of the 4x-5x range S&P typically ascribes to distressed overbuilders, given RCN's incumbent position in the Lehigh Valley, which represents about 30% of the company's revenues. Simulated default assumptions: -- Simulated year of default: 2019 -- EBITDA at emergence: $116 million -- EBITDA multiple: 5x Simplified waterfall: -- Net enterprise value (after 5% administrative costs): $549 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to secured creditors: $549 million --------------------------------------------------------- -- Secured first-lien debt: $764 million -- Recovery expectations: 70%-90% (lower half of the range) -- Senior unsecured debt and pari passu claims: $318 million -- Recovery expectations: 0%-10% Note: All debt amounts include six months of prepetition interest. RATINGS LIST RCN Telecom Services LLC Corporate Credit Rating B/Stable/-- Upgraded; Recovery Rating Revised RCN Telecom Services LLC Yankee Cable Acquisition LLC To From Senior Secured B+ B Recovery Rating 2L 3H SAMUEL WYLY: Beverly Property is Exempt Homestead, Court Rules -------------------------------------------------------------- Judge Barbara J. Houser of the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, ruled on the cross motions for partial summary judgment filed by the U.S. Securities and Exchange Commission and Sam Wyly, and the motion for partial summary judgment filed by the SEC against debtor Caroline D. Wyly. Judge Houser concluded that: (i) the Beverly Property is Sam's exempt homestead, but his exempt interest in the Beverly Property is subject to the monetary cap imposed by 11 U.S.C. section 522(q)(1); (ii) the Offshore Annuity Payments due to Sam under the Annuity Agreements are not exempt under Texas Insurance Code section 1108.051, and (iii) payments due under the Roaring Fork Annuity are not exempt under Texas Insurance Code section 1108.051 because Caroline transferred the Roaring Fork Annuity and/or her right to receive those payments to Stargate Investments (Texas) some 15 years prior to her bankruptcy filing. The case is IN RE: SAMUEL EVANS WYLY, et al., DEBTORS, CASE NO. 14-35043-BJH-11 (Jointly Administered) Related to ECF Nos. 1249, 1252 & 1260 (Bankr. N.D. Tex.). A full-text copy of Judge Houser's June 29, 2016 order is available at http://bankrupt.com/misc/txnb14-35043-1361.pdf About Sam Wyly Sam Wyly is a lifelong entrepreneur and author. His first book, 1,000 Dollars & An Idea, is a biography that tells his story of creating and building companies, including University Computing, Michaels Arts & Crafts, Sterling Software, and Bonanza Steakhouse. His second book, Texas Got It Right!, co-authored with his son, Andrew, was gifted to roughly 450,000 students and teachers, thought leaders, and readers, and continues to be a best-seller in its Amazon category. Samuel Wyly filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 14-35043) on Oct. 19, 2014, weeks after a judge ordered him to pay several hundred million dollars in a civil fraud case. In September 2014, a federal judge ordered Mr. Wyly and the estate of his deceased brother to pay more than $300 million in sanctions after they were found guilty of committing civil fraud to hide stock sales and nab millions of dollars in profits. About Caroline Wyly Caroline Wyly is the widow of business tycoon Charles Wyly. She and her brother-in-law Sam Wyly sought Chapter 11 bankruptcy protection as leverage to settle a looming tax bill and a $329 million claim from the Securities and Exchange Commission. Her bankruptcy is In re Caroline D. Wyly, 14-35074, in U.S. Bankruptcy Court, Northern District Texas (Dallas). SCIO DIAMOND: Delays Filing of Fiscal 2016 Annual Report -------------------------------------------------------- Scio Diamond Technology Corporation filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its annual report on Form 10-K for the year ended March 31, 2016. "The Form 10-K for the fiscal year ended March 31, 2014 will not be submitted by the deadline without unreasonable effort or expense. The Registrant had unanticipated delays in the completion of the 10-K as a result of turnover in the Registrant's board members. The Registrant anticipates it will file the 10-K on or before the fifteenth calendar day following the prescribed due date." About Scio Diamond Scio Diamond Technology Corporation was incorporated under the laws of the State of Nevada as Krossbow Holding Corp. on Sept. 17, 2009. The Company's focus is on man-made diamond technology development and commercialization. Scio Diamond reported a net loss of $1.26 million on $125,677 of revenue for the three months ended Dec. 31, 2015, compared to a net loss of $1.31 million on $109,358 of revenue for the same period in 2014. For the nine months ended Dec. 31, 2015, the Company reported a net loss of $2.94 million on $534,144 of revenue compared to a net loss of $3.07 million on $667,672 of revenue for the nine months ended Dec. 31, 2014. As of Dec. 31, 2015, the Company had $10.71 million in total assets, $3.62 million in total liabilities and $7.08 million in total shareholders' equity. SCPD GRAMERCY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- SCPD Gramercy 1 Holding LLC 16-11885 327 East 22nd Street New York, NY 10010 SCPD Gramercy 1 LLC 16-11886 327 East 22nd Street New York, NY 10010 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Sean H. Lane Debtors' Counsel: Douglas J. Pick, Esq. PICK & ZABICKI LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Tel: (212) 695-6000 Fax: (212) 695-6007 E-mail: dpick@picklaw.net Estimated Estimated Assets Liabilities --------- ----------- SCPD Gramercy 1 Holding $0-$50K $0-$50K SCPD Gramercy 1 $0-$50K $0-$50K The petition was signed by Arnold Cariaso, authorized signor on behalf of the manager SC Property Development, LLC. The Debtors did not include a list of their largest unsecured creditors when they filed the petitions. SEVENTY SEVEN: Obtains Final Court OK to Tap $100MM DIP Loan ------------------------------------------------------------ Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware gave Seventy Seven Finance Inc. and its debtor affiliates final authority to borrow and obtain loans, letter of credit, bank products, and to incur indebtedness and other obligations up to aggregate principal amount of $100 million from Wells Fargo Bank, National Association. Judge Silverstein has also authorized the Debtors to use cash collateral for working capital of the Borrowers and the other Loan Parties and other general corporate purposes in accordance with the Budget. The Debtors submit in their Motion certain material terms set forth in the DIP Facility and the Interim Order, specifically, inter alia, as follows: A. Borrowers: Nomac Drilling, L.L.C., Performance Technologies, L.L.C. and Great Plains Oilfield Rental, L.L.C. B. Guarantors: Seventy Seven Energy Inc., Seventy Seven Operating LLC, Mid-States Oilfield Supply LLC, Seventy Seven Land Company LLC, PTL Prop Solutions, L.L.C., and SSE Leasing LLC C. Sole Lead Arranger and Bookrunner/Administrative and Collateral Agent/Swing Line Lender/Letter of Credit Issuer: Wells Fargo Bank, National Association D. Lenders: Wells Fargo and such other institutions as to which the DIP Agent and the Debtors agree that may become parties to the DIP Facility as lenders E. Credit Facility: The DIP Facility will consist of a post-petition senior secured revolving loan and letter of credit facility provided to Borrowers of up to $100,000,000 (“Maximum Credit”). The revolving loans under the DIP Facility will be subject to the Borrowing Base. Borrowers will appoint Debtor Seventy Seven Operating LLC (“OpCo”) to act as the agent for Loan Parties for all purposes of dealing with DIP Agent, Issuing Bank, Swing Revolving Loans and LCs. F. Letter of Credit Facility: A portion of the DIP Facility will be available for commercial letters of credit and standby letters of credit arranged by DIP Agent and issued by the Issuing Bank (“LCs”) for the account of the Loan Parties in an aggregate amount not to exceed $25 million of the Maximum Credit at any time outstanding. The aggregate amount of outstanding LCs for the account of a Loan Party will be reserved against the Borrowing Base. Each DIP Lender under the DIP Facility will purchase an irrevocable and unconditional participation in each LC. LCs outstanding under the Pre-Petition Revolving Facility on the Closing Date and issued by a DIP Lender shall be rolled into the DIP Facility on the Closing Date. G. Swing Line Facility: A portion of the DIP Facility will be available as swing line loans on same day notice with a sublimit in the amount of $10 million. Swing Line Loans will be made available by the Swing Line Lender and each Lender will purchase an irrevocable and unconditional participation in each Swing Line Loan. H. Borrowing Base: The Revolving Loans and LCs shall be provided to Borrowers subject to the lesser of the Maximum Credit or the Borrowing Base and otherwise subject to the terms and conditions of the DIP Loan Documents. I. Interest and Fees: (1) Interest Rate Option. Borrowers may elect that Revolving Loans bear (other than Swing Line Loans) interest at a rate per annum equal to (a) the Base Rate plus the Revolving Loan Applicable Margin or (b) LIBOR plus the Revolving Loan Applicable Margin. Swing Line Loans will bear interest at a rate per annum equal to the Base Rate plus the Revolving Loan Applicable Margin. (2) Unused Line Fee. Borrowers will pay to DIP Agent, for the account of DIP Lenders, an unused line fee calculated at 0.75% per annum until the last day of the first full month after closing and adjusted thereafter every month to an amount equal to 0.75% per annum multiplied by the difference between the Maximum Credit and the average outstanding Revolving Loans and LCs during the immediately preceding month, payable monthly in arrears. Swing Line Loans will not be considered in the calculation of the Unused Line Fee. (3) LC Fees. Borrowers will pay to DIP Agent, for the account of DIP Lenders, on the daily undrawn balance of LCs, a letter of credit fee which will accrue at a per annum rate equal to the Letter of Credit Usage Applicable Margin times the daily undrawn amount of all outstanding LCs, payable monthly in arrears. In addition, Borrowers shall pay issuance, arranging and other fees of the Issuing Bank substantially as provided in the Pre-Petition Revolving Credit Agreement. (4) Appraisal Fees. Borrowers will be required to pay (a) a fee of $1,000 per day, per examiner, and (b) the actual fees or charges paid or incurred by DIP Agent (but in no event less than a charge of $1,000 per day, per person) plus reasonable and documented out-of-pocket expenses, subject to the limitations set forth in the DIP Credit Agreement. (5) DIP Facility Fee. Borrowers will pay to DIP Agent a DIP Facility Fee in an amount of $350,000, for its own account and for the account of other DIP Lenders in accordance with the agreements among them (as applicable), which facility fee is fully earned on the date hereof and will be due and payable in full in cash upon the Closing Date. (6) Expense Reimbursement and Indemnity. As provided at section 10.3 of the DIP Credit Agreement. J. Milestones / Maturity Date: The DIP Facility will be for a term ending on the earliest of: (a) Nine months from the date of the Petition Date. (b) Thirty days after the entry of the Interim Order if the Final Order has not been entered prior to the expiration of such thirty- day period (or such longer period if consented to by DIP Agent in writing). (c) The occurrence of the Exit Facility Conversion Date or the effective date of a plan of reorganization filed in the Chapter 11 Cases pursuant to an order entered by the Bankruptcy Court, each of which shall be in form and substance acceptable to DIP Agent. On the Exit Facility Conversion Date, all loans and other obligations outstanding under the DIP Facility shall be converted to loans under the Exit Revolving Credit Facility, subject to terms and conditions Agent and DIP Lenders. (d) The acceleration of the loans or termination of the commitments under the DIP Facility. A full-text copy of the Interim DIP Order dated June 8, 2016, with Budget is available at https://is.gd/vwr2PI A full-text copy of the Final DIP Order dated June 28, 2016, with Budget is available at https://is.gd/mfDvwh Proposed Counsel for Seventy Seven Finance Inc. and its debtor affiliates: Robert J. Dehney, Esq. Andrew R. Remming, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Flr. PO Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@mnat.com aremming@mnat.com -- and -- Emanuel C. Grillo, Esq. Christopher Newcomb, Esq. BAKER BOTTS LLP 30 Rockefeller Plaza New York, New York 10112 Telephone: (212) 892-4000 Email: emanuel.grillo@bakerbotts.com chris.newcomb@bakerbotts.com About Seventy Seven Energy Inc. Headquartered in Oklahoma City, Seventy Seven Energy Inc. (SSE) -- http://www.77nrg.com/-- provides 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. SOUTHWESTERN ENERGY: Fitch Affirms 'B+' IDR, Outlook Positive ------------------------------------------------------------- Fitch Ratings has affirmed Southwestern Energy Company's (Southwestern; NYSE: SWN) Long-Term Issuer Default Rating at 'B+' and unsecured debt ratings at 'B+/RR4'. Fitch has also assigned a 'BB+/RR1' rating to the company's new secured term loan and a 'B+/RR4' rating to its secured credit facility. The Rating Outlook has been revised to Positive from Negative. The 'BB+' rating on the $1.191 billion secured term loan reflects its security by substantially all assets of Southwestern Energy Company and all proved oil and gas properties of its subsidiaries located in the Fayetteville Shale. The 'B+' rating on the $743 million secured credit facility considers that there is currently no or very limited availability under the secured debt cap making the credit facility effectively pari passu with other unsecured debt. The secured debt cap, as defined in the indentures, is up to 15% of consolidated net tangible assets (Fitch estimates approximately $1.2 billion for the most recent fiscal quarter). Fitch recognizes that availability under the secured debt cap may change over time and result in all or a portion of secured credit facility borrowings becoming secured and having priority over the other unsecured debt. The Positive Outlook reflects the company's improved liquidity position and reduced repayment/refinance risk following the recently completed bank and announced equity offering/debt tender transactions, as well as the pending West Virginia acreage sale. This helps moderate Fitch's previous concern that there was heightened capital structure event risk. While execution risk remains, Fitch believes that the recent transactions will help to alleviate financial and, potentially, operational constraints leading to an improved credit profile. Fitch also recognizes that current natural gas prices provide an opportunity to layer in hedges to further mitigate cash flow risk and support at least a modest level of development funding. Fitch would likely upgrade Southwestern following execution of the equity and debt tender transactions, as well as communication of a clear plan to manage liquidity and re-establish operational momentum. The current rating continues to reflect the $950 million in 2018 maturities, weak realized prices particularly in the Appalachia region, operational momentum loss, and elevated leverage profile. In order to maintain a neutral free cash flow (FCF) profile, management decided to suspend all drilling activity reducing capex to approximately $350 million in 2016, including capitalized interest and expenses, from approximately $1.8 billion in 2015. While reducing the call on near-term liquidity, this decision is expected to result in a steep 15% average and 27% exit production rate drop for 2016. Fitch continues to recognize that company-owned service equipment allows for cost and operating flexibility but believes that the anticipated operational momentum loss will require a considerable amount of capital and time to reverse production trends. Approximately $5.8 billion in debt is affected by today's rating action. KEY RATING DRIVERS Southwestern's ratings are supported by its size, favourable Marcellus and Utica acreage positions, solid midstream asset base, and strong operating history. Offsetting factors include the company's heightened credit risk in a weak realized price environment following its leveraged December 2014 acquisition of Southwestern Appalachia acreage, nearly exclusive natural-gas focus that results in lower netbacks per barrel of oil equivalent (boe) relative to liquid peers, and limited geographic diversity. The company reported net proved (1p) reserves of 6.2 trillion cubic feet equivalent (Tcfe; approximately 95% natural gas) for the year ended 2015, which is down over 40% mainly due to price revisions to undeveloped reserves. Production has grown over 27% year-over-year to nearly 2.7 billion cubic feet equivalent per day (Bcf/d) for the year ended 2015. This increase is attributable to the integration of nearly 0.4 Bcf/d of the acquired Southwestern Appalachia production and about an equal amount of organic growth within the Northeastern and Southwestern Appalachia properties offset by production declines in the Fayetteville and other properties. First quarter 2016 production declined approximately 4% quarter-over-quarter to 2.6 Bcf/d illustrating the initial production effects of very limited capital spending. FORECAST NEUTRAL FCF AND WIDER LEVERAGE METRICS Fitch's base case forecasts Southwestern will generally be FCF neutral for 2016. Debt/EBITDA is estimated to increase to approximately 11.2x in 2016 from approximately 3.2x mainly due to the weaker realized oil & gas market pricing environment and lower production. Debt/1p reserves and debt per flowing barrel metrics are forecast to be approximately $4.70/boe ($0.78/mcf) and $11,470 respectively. The Fitch base case forecasts debt/EBITDA improves to approximately 3.7x in 2018 mainly due to lower gross debt levels and an improvement in the production profile and Fitch's oil & gas price assumptions. Fitch expects the majority of the secured term loan and net equity proceeds, after the repayment of approximately $285 million in credit facility borrowings, allocation of $450 million in pending asset sale proceeds to the unsecured term loan, and up to $750 million in debt tender activity, to be held as cash & equivalents. Fitch estimates the company's actions will result in considerably lower net debt levels to approximately $3 billion by yearend 2016 from approximately $4.7 billion at yearend 2015. As of May 2016, the company had hedges for 112 Bcf, or approximately 15% of estimated production, at an average floor price of $2.44/mcf. Management expects to continue to opportunistically add hedges while allowing for pricing upside. The company's long-term target is to have at least 30% of production hedge in any given year. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Southwestern include: -- WTI oil price that trends up from $35/barrel in 2016 to $65/barrel long-term; -- Henry Hub gas that trends up from $2.25/mcf in 2016 to $3.25/mcf long-term; -- Average differential over $0.75/mcf in 2016 followed by incremental improvements; -- Production below 2.3Bcf/d, or a 15% year-over-year decline, in 2016 followed by a rig-linked mid-single digit decline in 2017 with a moderately positive growth profile thereafter as oil & gas prices improve; -- Liquids mix, principally natural gas liquids, remains relatively flat near-term with a pause in Southwestern Appalachia acreage development; -- Discretionary capital spending, excluding capitalized interest and expenses, is forecast to be $125 million in 2016, consistent with guidance, followed by a relatively balanced capital spending profile; -- Asset divestitures assumed to be $450 million, consistent with the pending West Virginia acreage sale, in 2016 with proceeds used to pay down the unsecured term loan; -- Receipt of approximately $1.2 billion in equity capital; -- Execution of $750 million debt tender. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to a positive rating action include: -- Demonstrated commitment to lower gross debt levels; and -- Mid-cycle debt/EBITDA less than 3.5x - 4.0x on a sustained basis; -- Mid-cycle debt/1p reserves below $5.00/boe and/or debt/flowing barrel under $20,000; -- Improving unit cost profile. Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- Failure to meaningfully address the capital structure in a weak realized pricing environment; -- Mid-cycle debt/EBITDA above 5.0x on a sustained basis; -- Mid-cycle debt/1p reserves nearing $5.50 - $6.00/boe and/or debt/flowing barrel above $22,500; -- Material loss of operational momentum and/or further weakening of the unit cost profile. LIQUIDITY, COVENANTS, AND MATURITY PROFILE Fitch estimates pro forma cash & equivalents of approximately $1.3 billion as of March 31, 2016. An additional source of liquidity is the company's new $743 million secured credit facility (approximately $595 million available, considering approximately $148 million in outstanding letters of credit, as of March 31, 2016) maturing in December 2020, subject to a springing maturity provision. The credit facility is subject to a springing maturity of October 2019 if the company has not amended, redeemed, or refinanced at least $765 million of the $850 million notes due January 2020 by October 2019. Under the terms of the agreements, any amendments to the 2020 notes or refinance debt must extend to at least March 2021. Southwestern will also have access to $66 million under the existing unsecured credit facility through December 2018. The main financial covenant is a minimum interest coverage covenant of greater than 0.75x through Dec. 31, 2016, followed by annual increases. The company also has a minimum liquidity covenant of $300 million, subject to an increase of up to $500 million if out of compliance with certain EBITDAX or leverage metrics. The secured term loan and credit facility have a minimum collateral coverage ratio covenant of 1.5x based on an adjusted PV9 that includes only 35% of total proved non-producing and proved undeveloped oil and gas properties. Other covenants consist of customary additional lien and debt limitations, transaction restrictions, and change in control provisions. The additional debt covenant allows for up to $1.1 billion of secured debt by issued by certain subsidiaries. Maturities on outstanding debt are manageable before 2018. The 7.15% notes have annual payments of $1.2 million through 2017 with the remaining principal balance of $24.6 million due in 2018. An additional $40 million (7.35% and 7.125% notes), $950 million (7.5% and 3.3% notes), and $850 million (4.05% notes) mature in 2017, 2018, and 2020, respectively. Fitch believes the recently announced equity and debt tender transactions help alleviate refinance/repayment risks. Southwestern also has recently amended and restated its $750 million unsecured term loan due December 2020, subject to subject to repayment and springing maturity provisions. The repayment provision requires that at least $375 million of the unsecured term loan is repaid by June 2017. The company's recent equity offering and pending sale of 55,000 net acres in West Virginia for $450 million to Antero Resources Corporation mitigate the repayment provision risk. The terms of the agreement require proceeds from future asset sales, as well as certain debt and equity issuances, be used to reduce unsecured term loan borrowings. The unsecured term loan springing maturity is consistent with the secured term loan and secured credit facility provision. MANAGEABLE OTHER LIABILITIES The company's pension obligations were underfunded by approximately $30 million as of Dec. 31, 2015, which Fitch considers to be manageable when scaled to mid-cycle funds from operations. Southwestern's asset retirement obligation (ARO) was about $201 million as of Dec. 31, 2015, which is generally consistent with the previous year's reported obligations. Other obligations totalled approximately $9.2 billion on a multi-year, undiscounted basis as of Dec. 31, 2015. The obligations include: $8.9 billion in pipeline demand transportation charges, $278 million in operating leases for equipment, office space, etc., and $49 million in compression services. Nearly $3.4 billion of the reported pipeline obligations still require regulatory approvals and additional construction efforts. FULL LIST OF RATING ACTIONS Southwestern Energy Company -- Long-term IDR affirmed at 'B+'; -- Secured term loan assigned 'BB+'/RR1; -- Secured credit facility assigned 'B+'/RR4; -- Senior unsecured notes affirmed at 'B+'/'RR4'; -- Unsecured credit facility affirmed at 'B+'/'RR4'; -- Unsecured term loan affirmed at 'B+'/'RR4'; -- Short-term IDR affirmed at 'B' -- Commercial paper program affirmed at 'B'. The Rating Outlook is revised to Positive from Negative. SOUTHWESTERN WISCONSIN: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Southwestern Wisconsin Dairy Goat Products Cooperative. Southwestern Wisconsin Dairy Goat Products Cooperative sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 16-11994) on June 3, 2016. The Debtor is represented by Eliza M. Reyes, Esq., at Krekeler Strother, S.C. SS&C TECHNOLOGIES: S&P Affirms 'BB' CCR, Outlook Stable ------------------------------------------------------- S&P Global Ratings said it revised its outlook on Windsor, Conn.-based SS&C Technologies Inc. to stable from negative and affirmed the 'BB' corporate credit rating. At the same time, S&P affirmed its 'BB' issue-level rating, with a recovery rating of '3', on the company's secured credit facility, which consists of a $150 million revolving credit facility (undrawn as of March 31, 2016) and $2.48 billion term loan ($2.19 billion outstanding as of March 31, 2016). The '3' recovery rating indicates S&P's expectation for a meaningful (50% to 70%; higher half of the range) recovery in the event of a payment default. S&P also affirmed its 'B+' issue-level rating, with a recovery rating of '6', on the company's $600 million senior unsecured notes. The '6' recovery rating indicates S&P's expectation for a negligible (0% to 10%) recovery in the event of a payment default. "The outlook revision reflects SS&C's achievement of a majority of the planned synergies from the Advent acquisition and the repayment of debt from free cash flow generation," said S&P Global Ratings credit analyst Peter Bourdon. S&P had revised the outlook to negative in June 2015 following the company's announcement of its debt-financed acquisition of Advent for $2.7 billion and re-leveraging of the capital structure to about 5.7x. The company's leverage, now down to about 5x as of March 31, 2016, has benefitted from its growing EBITDA base from the additional equity-financed acquisitions of Primatics Financial in November 2015 for $116 million and Citigroup's Alternative Investor Services for $321 million in March 2016. While S&P expects the company to continue operating as a consolidator, S&P expects it to use the majority of free cash flow over the next year to repay debt and decrease leverage. The stable outlook reflects S&P's expectation that the company will continue to achieve organic revenue growth and EBITDA margin expansion from acquisition synergies and that leverage will continue declining from its current leverage level around 5x mostly due to debt reduction. STARZ LLC: Moody's Puts Ba2 CFR on Review for Downgrade ------------------------------------------------------- Moody's Investors Service placed Starz, LLC's Ba2 Corporate Family Rating (CFR), Ba2 senior secured notes, and Ba2-PD Probability of Default rating on review for downgrade. The review is prompted by Lions Gate Entertainment Corp.'s (Lionsgate - Ba3, review for downgrade) announcement that it has entered into a definitive agreement to acquire Starz LLC for cash and stock. Under the terms of the agreement, holders of each share of Starz Series A common stock will receive $18 in cash as well as 0.6784 of a share of Lionsgate non-voting stock. Holders of each share of Starz Series B will receive $7.26 in cash and 0.6321 shares of Lionsgate voting stock and 0.6321 shares of Lionsgate non-voting stock. Subsequently, each share of Lionsgate common stock will be reclassified into 0.5 voting and 0.5 newly created non-voting shares. The Company intends to raise $1.6 billion in debt to fund the cash portion of the deal, with the remaining portion of the acquisition cost being funded with stock. Further, Lionsgate expects to refinance its debt and Starz's debt at the closing of the transaction. A summary of today's actions follow: On Review for Downgrade: Issuer: Starz, LLC -- Corporate Family Rating, currently Ba2 -- Probability of Default Rating, currenty Ba2-PD -- Senior Secured Notes, currently Ba2 (LGD4) Outlook Actions: -- Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE Moody's said, "The rating action is based on our expectation for an increase in Starz LLC's gross debt levels following the transaction. Moody's estimates that pro-forma debt-to-EBITDA (incorporating Moody's adjustments) for the combined entity will be in the mid 5x range as of December 31, 2016. Notwithstanding strategic benefits and potential operational synergies and significant cash savings associated with the deal, we believe incremental debt of $1.6 billion will adversely impact Starz's credit profile. However, the company expects to reduce leverage by 1.0 to 1.5 turns within 12 months to 18 months following completion of the transaction. Furthermore, Lionsgate management has indicated that it expects to suspend its dividend after completing the transaction as they focus on deleveraging quickly." Moody's notes that pro-forma adjusted leverage of roughly 5.5x is more reflective of a B1 CFR. In addition to pro-forma credit metrics for the combined entity, the review process will focus on Lionsgate's ability to de-lever following the integration of Starz, any potential cost and revenue synergies from the deal, incremental cash savings, asset sales and use of proceeds. A credible plan to deleverage within the company's designated 12 to 18 months could result in leverage at or under 4.0x, and more commensurate with a Ba3 CFR. Moody's will also focus on the potential impact of the combination on operating performance including new content opportunities, added leverage in negotiations with content distributors and diversification of business lines. If the transaction and refinancing of all debt occur as proposed, Moody's will withdraw the company's current instrument level ratings. Lionsgate, domiciled in British Columbia, Canada (headquartered in Santa Monica, CA), is a motion picture and television studio with a diversified presence in the production and distribution of motion pictures, television programming, home entertainment, video-on-demand and digitally delivered content. Annual revenues approximate $2.3 billion. Starz, headquartered in Englewood, Colorado, supplies television and movie programming to U.S. multichannel video distributors including cable, direct broadcast satellite, and telecommunication service providers. Annual revenues approximate $1.7 billion. STONE ENERGY: Terminates Drilling Contract with ENSCO ----------------------------------------------------- Stone Energy Corporation announced the termination of an existing long term deep water rig commitment and the execution of a new interim Appalachian midstream contract. Stone and Ensco have agreed to terminate Stone's current contract with Ensco for total consideration of $20 million, approximately $5 million of which was a deposit previously provided to Ensco pursuant to the drilling services contract. Further, Stone agreed to provide Ensco the opportunity to perform certain drilling services commenced before Dec. 31, 2019, and Stone paid Ensco a $5 million deposit to be used as a credit against future drilling activities initiated before March 31, 2017, subject to extension in certain circumstances. The ENSCO 8503 deep water rig contract was at a day rate of $341,000 and was scheduled to expire in August 2017. Separately, Stone entered into an interim gas gathering and processing agreement with Williams at the Mary field in Appalachia. The mutually beneficial interim agreement provides near-term relief for Stone by permitting Stone to resume production at the Mary field, thereby providing greater volume to Williams. Volumes from the Mary field are now at approximately 45 MMcfe per day and are expected to climb to over 60 MMcfe per day in July and then over 100 MMcfe per day in August. These volumes are in addition to the approximately 20 MMcfe per day producing from the Heather and Buddy fields. The effects of this agreement on annual guidance, including production volumes and associated costs, are still being assessed. Updates to annual guidance will be provided in Stone's second quarter 2016 press release. Chairman, President and CEO David Welch stated, "We are very pleased to reach agreement with both Ensco and Williams on these two important contracts. The termination of the Ensco contract eliminates a long term obligation, which provides Stone with additional financial flexibility. The interim contract with Williams allows us to resume profitable production and positive cash flow at our Mary field in West Virginia. We appreciate Ensco’s and Williams' willingness to work with Stone during this difficult period of sustained low commodity prices." About Stone Energy Stone Energy Corporation (NYSE: SGY) is an oil and natural gas company engaged in the acquisition, exploration, development and operation of oil and gas properties. The Lafayette, Louisiana-based Company operates in the Gulf of Mexico Basin. * * * The Troubled Company Reporter, on June 17, 2016, reported that S&P Global Ratings said it raised its corporate credit rating on oil and gas exploration and production company Stone Energy Corp. to 'CCC-' from 'D'. The outlook is negative. S&P also raised the issue-level rating on the company's senior unsecured debt to 'CCC-' from 'D'. The recovery rating is '3', indicating S&P's expectation of meaningful (high end of the 50% to 70% range) recovery if a payment default occurs. The 'CCC-' corporate credit rating reflects the risk that Stone could elect to file for Chapter 11 and/or restructure its debt within the next six months. S&P expects the borrowing base for the company's reserve-based lending facility to decrease in the fall, further pressuring liquidity on top of lower cash flows from operations. S&P also notes that the company has an upcoming $300 million maturity in March 2017, and S&P believes the company would have trouble accessing capital markets to refinance it given current market conditions. SWORDS GROUP: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Swords Group, LLC. Swords Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 16-03837) on May 26, 2016. The petition was signed by Jerry Swords, president. The case is assigned to Judge Marian F. Harrison. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. TALBOT ENTERPRISES: Wants Plan Filing Period Extended to Sept. 5 ---------------------------------------------------------------- Talbot Enterprises of Pine Bluff, Inc., asks the U.S. Bankruptcy Court or the Eastern District of Arkansas to extend the exclusive plan filing period extended for 60 days to and including Sept. 5, 2016. Pursuant to the Court's order, the Debtor is required to file a Chapter 11 Plan and Disclosure Statement by July 6, 2016. The Debtor's counsel can be reached at: J. Brad Moore, Esq. FREDERICK S.WETZEL, III, P.A. 200 North State Street, Suite 200 Little Rock, AR 72201 Tel: (501) 663-0535 Fax: (501) 372-1550 E-mail: fswetzel@fswetzellaw.com Headquartered in White Hall, Arizona, Talbot Enterprises of Pine Bluff, Inc., dba White Hall Store It All, filed for Chapter 11 bankruptcy protection (Bankr. E.D. Ark. Case No. 15-11195) on March 13, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Beau Talbot, president. Judge Richard D. Taylor presides over the case. J. Brad Moore, Esq., at Frederick S. Wetzel, III, P.A., serves as the Debtor's bankruptcy counsel. TRIANGLE PETROLEUM: Kenneth Hersh Files Schedule 13D with SEC ------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Kenneth A. Hersh, et al., disclosed that as of June 8, 2016, they beneficially own 22,250,565 shares of common stock of Triangle Petroleum Corporation representing 23.6 percent of the shares outstanding. Mr. Hersh is an authorized member of GFW X, the general partner of G.F.W. Energy, which is the general partner of each of (i) NGP X, which owns a controlling interest in NGP Triangle, and (ii) NGP Parallel. Accordingly, Mr. Hersh may be deemed to share voting and dispositive power over the reported securities of NGP Triangle, NGP X and NGP Parallel and, therefore, may also be deemed to be a beneficial owner of the reported securities of NGP Triangle, NGP X and NGP Parallel. Mr. Hersh disclaims beneficial ownership of the reported securities of NGP Triangle, NGP X and NGP Parallel in excess of his pecuniary interest therein. A copy of the regulatory filing is available for free at: https://is.gd/AcfIjn About Triangle Petroleum Triangle Petroleum Corporation is a Denver-based oil and natural gas exploration and production company. Triangle Petroleum conducts its E&P, oilfield and midstream activities in the Williston Basin of North Dakota and Montana. Triangle Petroleum reported a net loss of $822 million on $358 million of total revenues for the year ended Jan. 31, 2016, compared to net income of $93.4 million on $573 million of total revenues for the year ended Jan. 31, 2015. KPMG LLP, in Denver, Colorado, issued a "going concern" qualification on the Company's consolidated financial statements for the year ended Jan. 31, 2016, citing that the Company does not have sufficient liquidity to meet this obligation, if called by the lenders. These conditions raise substantial doubt about the Company's ability to continue as a going concern. UNIQUE RECYCLING: U.S. Trustee Forms 2-Member Committee ------------------------------------------------------- The U.S. trustee for Region 17 on June 30 appointed two creditors of Unique Recycling Corporation of California to serve on the official committee of unsecured creditors. The committee members are: (1) Aludia Argouarch United Cerebral Palsy of the North Bay, Inc. 3835 Cypress Drive, Suite 103 Petaluma, CA 94954 (2) Aaron Langdon ILDS Sign Co. 5813 E. Harvard Ave. Fresno, CA 93727 Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Unique Recycling Unique Recycling Corporation of California sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 16-10476) on May 31, 2016. The petition was signed by Tommy DeHennis, vice president. The case is assigned to Judge Alan Jaroslovsky. At the time of the filing, the Debtor disclosed $580,064 in assets and $1.42 million in liabilities. VICTORIA TEODORESCU: Judge Approved East Hampton Property Sale -------------------------------------------------------------- Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York authorized Victoria Teodorescu to sell real property she co-owns with ex-spouse Radu Teodorescu known as and located at 7 Buckskill Road, East Hampton, New York ("Real Property") to Gary Kravetz, the Stalking Horse Bidder. Judge Drain also approved the break-up fee in an amount not to exceed $70,000 to the stalking horse bidder, subject to higher and/or better offers as may be tendered prior to the offer deadline. The Terms of Sale between the Debtor and the Stalking Horse Bidder to purchase the Real Property for the purchase price, and a 10% deposit tendered to Debtor's counsel to hold in escrow, provides a substantial benefit to the Debtor's estate because it provides for the prompt sale the Real Property. The stalking horse bidder's offer is the highest and best offer for the Property after due notice and a fair sale process. Judge Drain held that the Debtor's entry into and the performance of the Terms of Sale is a reasonable exercise of her business judgment for the best interest of her estate. The sale of the real property will be free and clear of the liens, including any successor liabilities, with all such liens to attach to the proceeds of the sale. All persons and entities holding any such liens will be forever barred, estopped and permanently enjoined from asserting such claims against the Stalking Horse Bidder, his successors or assigns, and/or the Real Property, unless the Stalking Horse Bidder has expressly assumed the liabilities for such Liens under the Terms of Sale. The Debtor is authorized to pay, at the closing of the foregoing sale from the sale proceeds, after the payment or provision for all reasonable closing costs and related fees, the agreed allowed claims secured by all valid and enforceable liens on the Real Property. Any disputed amounts will be retained and reserved in an attorney's escrow account, subject to further determination by the Court or agreement by the parties after any necessary notice. Victoria Teodorescu sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 14-23450) in 2014. WAGNER ENTERPRISES: Hires Murphy Law Offices as Attorney -------------------------------------------------------- Wagner Enterprises, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Montana to employ Edward Murphy of the Murphy Law Offices as Attorney. The Debtor requires Edward Murphy to: a. prepare of a plan and disclosure statement; b. negotiate with creditors; c. represent the estate in court proceedings; d. attend the section 341 meeting; and e. consult with the Debtors with respect to the requirements of a chapter 11 case. The compensation agreed upon by the Debtor and Edward Murphy is $200 per hour. Edward Murphy received a general retainer in the amount of $6,717, of which $1,717 was used to pay the filing fee and $1,860 was earned prior to filing the petition leaving a balance of $3,140 which shall not be used to pay compensation or fro reimbursement of expenses. Edward Murphy, of Murphy Law Offices, PLLC, 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. Murphy Law Offices may be reached at: Edward Murphy, Esq. Murphy Law Offices, PLLC P.O. Box 2639 Missoula, MT 59806 Tel: 406-728-2671 Fax: 866-705-2260 E-mail: rusty@murphylawoffices.net About Wagner Enterprises, LLC Wagner Enterprises filed a Chapter 11 bankruptcy petition (Bankr. D. Mont. Case No. 16-60622) on June 17, 2016. Edward Murphy, Esq., at Murphy Law Offices as bankruptcy counsel. WESTERN GAS: Moody's Assigns Ba1 Rating on Proposed 2026 Notes -------------------------------------------------------------- Moody's Investors Service assigned a Ba1 rating to Western Gas Partners, LP's ("Western Gas") proposed offering of senior notes due 2026. Proceeds from the new notes offering will be used to repay outstanding revolver borrowings under the company's revolving credit facility. All existing ratings of Western Gas, including the Ba1 Corporate Family Rating (CFR), and the negative outlook are unchanged. "Western Gas is proactively refinancing revolver borrowings on a long-term basis, which sustains its liquidity profile," commented Pete Speer, Moody's Senior Vice President. Assignment: Issuer: Western Gas Partners, LP -- Senior Unsecured Notes due 2026, Assigned at Ba1 (LGD4) RATINGS RATIONALE The new senior notes have been rated Ba1, consistent with the ratings of Western Gas's existing senior notes. The new notes are unsecured and have no subsidiary guarantees, consistent with Western Gas's other senior notes and its committed revolving credit facility. The senior notes are rated the same as the CFR since all of the partnership's debts are pari passu. Western Gas' Ba1 CFR is supported by its high proportion of fee-based revenues that provides revenue stability, good commodity and basin diversification, and relatively low financial leverage. The partnership's direct commodity price exposure is limited by hedging arrangements with Anadarko Petroleum Corporation ("Anadarko"), but it does have exposure to fluctuations in production volumes, particularly in its gathering business. While its stand-alone credit attributes could support a Baa3 rating, Western Gas's high customer concentration risk with Anadarko combined with Anadarko's controlling ownership effectively limits its rating to that of Anadarko's (Ba1 negative). Moody's said, "The notes offering will be used to refinance outstanding borrowings under the company's $1.2 billion bank revolving credit facility, which were $630 million at March 31, 2016. We expect Western Gas to maintain adequate liquidity into 2017 because of the substantial borrowing availability on its revolver following this notes offering." The outlook is negative, consistent with the negative outlook for Anadarko's ratings. A downgrade of Anadarko below Ba1 would likely result in a downgrade of Western Gas. The partnership's ratings could also be downgraded if leverage were to significantly increase because of debt-funded acquisitions or significant earnings declines from lower customer production volumes. Debt/EBITDA sustained above 5x could result in a ratings downgrade. In order for Western Gas's ratings to be upgraded to Baa3, Anadarko's ratings must be upgraded to Baa3 or higher and the partnership will have to sustain its asset and earnings scale while maintaining its fee-based focus and low financial leverage on a consistent basis. Western Gas is a publicly traded master limited partnership (MLP) that provides midstream energy services primarily to Anadarko Petroleum Corporation as well as other third party oil and gas producers and customers. Anadarko controls Western Gas through its ownership of the general partner (GP) of Western Gas Equity Partners, LP (WGP, unrated), which owns the GP of Western Gas and a meaningful amount of Western Gas's limited partner (LP) interests. WESTERN WOOD: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Western Wood Products, Inc., a Wyoming profit corporation PO Box 1414 Raton, NM 87740 Case No.: 16-11636 Chapter 11 Petition Date: June 30, 2016 Court: United States Bankruptcy Court District of New Mexico (Albuquerque) Judge: Hon. David T. Thuma Debtor's Counsel: William F. Davis, Esq. WILLIAM F. DAVIS & ASSOC., P.C. 6709 Academy NE, Suite A Albuquerque, NM 87109 Tel: 505-243-6129 Fax: 505-247-3185 E-mail: daviswf@nmbankruptcy.com - and - Nephi D Hardman, Esq. WILLIAM F. DAVIS & ASSOC., P.C. 6709 Academy NE, Suite A Albuquerque, NM 87109 Tel: 505-243-6129 Fax: 505-247-3185 E-mail: nhardman@nmbankruptcy.com Total Assets: $5.86 million Total Liabilities: $8 million The petition was signed by Raymond D. Levengood, president. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nmb16-11636.pdf WILLIAM COLE: Proposes Aug. 15, 2016 Claims Bar Date ---------------------------------------------------- William and Milagros Cole on June 29, 2016, filed a motion asking the U.S. Bankruptcy Court for the District of Massachusetts to issue an order establishing Aug. 15, 2016, as the date by which all creditors required by Rule 3003 to file proofs of claim, including those creditors holding disputed, contingent or unliquidated claims or interest, must file their proofs of claim or be forever barred from asserting said claims or interests. William Cole and Milagros Cole sought Chapter 11 protection (Bankr. D. Mass. Case No. 16-11695) on May 3, 2016. The Debtor's attorney: Michael Van Dam, Esq. VAN DAM LAW LLP 233 Needham Street, Suite 540 Newton, MA 02464 Tel: (617) 969-2900 Fax: (617) 964-4631 E-mail: mvandam@vandamlawllp.com YRC WORLDWIDE: Amends Loan Agreement with Citizens Business ----------------------------------------------------------- YRC Worldwide Inc. and certain of its subsidiaries entered into Amendment No. 2 to the Loan and Security Agreement, which amends the Loan and Security Agreement, dated as of Feb. 13, 2014, by and among the Company, certain of the Company's subsidiaries party thereto, the lenders party thereto and Citizens Business Capital, a division of Citizens Asset Finance, Inc., a subsidiary of Citizens, N.A., as agent. The Amendment, among other things: (a) replaces the floating interest rate spread with a flat spread, reducing current interest costs by 50 basis points from LIBOR plus 2.25% to LIBOR plus 1.75%, (b) extends the maturity date from February 2019 to June 2021 subject to certain conditions, (c) amends the definitions of "Cash Dominion Trigger Event" and "Cash Dominion Trigger Period" to require that the Company maintain availability in an amount equal to at least 10% of the Collateral Line Cap, rather than at least 12.5% of the Collateral Line Cap, improving the Company's flexibility to utilize cash that would have previously been restricted, (d) amends the definition of "Eligible Borrowing Base Cash" to provide the Company with increased flexibility to manage and maximize the amount of cash included in the Borrowing Base, and (e) amends the definition of "Accelerated Reporting Triggering Event" to state that such an event occurs when Availability is less than or equal to 10% of the Collateral Line Cap, rather than when it is less than or equal to 15% of the Collateral Line Cap. A full-text copy of the Amendment to Loan and Security Agreement is available for free at https://is.gd/4rsbVb About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. YRC Worldwide reported net income attributable to common shareholders of $700,000 on $4.83 billion of operating revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $85.8 million on $5.06 billion of operating revenue for the year ended Dec. 31, 2014. As of March 31, 2016, YRC Worldwide had $1.86 billion in total assets, $2.25 billion in total liabilities and a shareholders' deficit of $392.7 million. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide from 'Caa3' to 'B3', following the successful closing of its refinancing transactions. In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Overland, Kan.-based less-than-truckload (LTL) trucking company YRC Worldwide to 'B-' from 'CCC+'. "The upgrade reflects YRC's earnings growth and improved liquidity position, along with our belief that gradual improvement in the company's operating performance will result in credit measures that are commensurate with the rating," said Standard & Poor's credit analyst Michael Durand. YRC WORLDWIDE: Extends Terms of $450 Million ABL Facility --------------------------------------------------------- YRC Worldwide Inc. announced that it has amended several key terms of its Asset Based Loan Facility. The most substantial changes were: * A 50 basis points (bps) reduction in interest spread from Libor + 225 bps to Libor + 175 bps; * Subject to certain conditions, the maturity has been extended from February 2019 to June 2021; and * A reduction in availability requirements under the Facility; this reduction increases the Company's flexibility to utilize cash previously required to be restricted under the Facility. Jamie Pierson, YRCW's chief financial officer, stated, "Since we refinanced the company in first quarter 2014, our operating results have substantially improved. As a result, our leverage has decreased from 5.3 times for the last 12 months (LTM) ending December 2013 to 3.2 times for the LTM ending March 2016. I am pleased that our ABL lenders have recognized YRCW’s improved financial performance, and this amendment is a tangible example of that recognition. Our ability to reduce the leverage ratio is a credit to our entire organization's drive to identify and implement great return on investment (ROI) projects that contribute to bottom-line improvement. This amendment should allow YRCW to better utilize its financial resources to continue investing in the company." Citizens Bank, NA acted as Joint Lead Arranger, Joint Book runner and Administrative Agent while Bank of America and PNC Capital acted as Co-Syndication Agents as well as Joint Lead Arrangers and Joint Book runners. ING and CIT acted as Co-Documentation Agents. About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. YRC Worldwide reported net income attributable to common shareholders of $700,000 on $4.83 billion of operating revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $85.8 million on $5.06 billion of operating revenue for the year ended Dec. 31, 2014. As of March 31, 2016, YRC Worldwide had $1.86 billion in total assets, $2.25 billion in total liabilities and a shareholders' deficit of $392.7 million. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide from 'Caa3' to 'B3', following the successful closing of its refinancing transactions. In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Overland, Kan.-based less-than-truckload (LTL) trucking company YRC Worldwide to 'B-' from 'CCC+'. "The upgrade reflects YRC's earnings growth and improved liquidity position, along with our belief that gradual improvement in the company's operating performance will result in credit measures that are commensurate with the rating," said Standard & Poor's credit analyst Michael Durand. [*] Blair Heads Deloitte Advisory Corporate Restructuring Group --------------------------------------------------------------- Kirk Blair, a Deloitte Advisory partner with Deloitte Financial Advisory Services LLP, has been named Deloitte Advisory Corporate Restructuring Group leader. He succeeds William Snyder, who will leave Deloitte in July to pursue other ventures. "Our organization is committed to investing in and growing our restructuring business, offering services to lenders as well as companies facing financial distress," said Mr. Blair. "William has been a great leader in our practice for more than four years, and we wish him well in his future endeavors." Michael Epstein, a Deloitte Advisory principal with Deloitte Transactions and Business Analytics LLP, has been named Deloitte's global managing director for restructuring services. He succeeds Andrew Grimstone, Deloitte UK partner, who will remain as head of Deloitte's special situations advisory teams globally. Mike Rohrig, Deloitte Advisory partner and financial transactions practice leader with Deloitte & Touche LLP added, "Kirk's and Michael's extensive experience and exceptional track record in helping clients with their bankruptcy and restructuring matters make them outstanding choices to lead our practice to continued growth. I'm excited to see them continue building upon the successful foundation that William has helped shape." Based in New York, Mr. Blair has more than 25 years of experience working on financial restructuring, bankruptcy reorganization, and bankruptcy accounting and compliance matters, 15 of which were spent at Deloitte. He has served on some of the largest bankruptcies and restructurings that have occurred in the past decade. He is a member of American Institute of Certified Public Accountants, the Turnaround Management Association, and the Association of Insolvency and Restructuring Advisors. Mr. Blair earned his bachelor's degree from Syracuse University. Based in Boston, Mr. Epstein has 27 years of experience helping clients with financial restructuring, turnaround management, asset management, bankruptcy reorganization and performance improvement matters. Earlier in his career, Mr. Epstein was US CEO of a European based software company and in 2007, he co-founded CRG Partners Group LLC, which Deloitte US acquired in 2012. He is a member of the American Bankruptcy Institute. He earned his bachelor's degree from Tufts University and his MBA from the University of Pennsylvania's Wharton School. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a U.K. private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. About Deloitte Advisory Deloitte Advisory helps organizations turn critical and complex business issues into opportunities for growth, resilience and long-term advantage. As used in this document, "Deloitte Advisory" means Deloitte & Touche LLP, which provides audit and enterprise risk services; Deloitte Financial Advisory Services LLP, which provides forensic, dispute and other consulting services; and its affiliate, Deloitte Transactions and Business Analytics LLP, which provides a wide range of advisory and analytics services. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. These entities are separate subsidiaries of Deloitte LLP, the member firm of DTTL in the United States of America. [*] Global Healthcare REIT Sells Nursing Facility in Georgia ------------------------------------------------------------ Global Healthcare REIT, Inc., a company that owns healthcare properties and leases them to senior care facility operators, has closed upon and consummated a definitive purchase and sale agreement to sell a 71-bed skilled nursing facility in Union Point, Georgia to Greene County LTC, LLC, a Georgia limited liability, company for $3.8 million. The facility consists of a 71-bed skilled nursing facility known as Greene Pointe Healthcare Center located at 1321 Washington Highway, Union Point, Georgia 30669. The Buyer is the former lease operator of the facility. Goodwill Nursing Home Concurrently with the sale of the Greene Point property, the Company also executed a new ten year operating lease covering the Goodwill Nursing Home located in Macon, Georgia. The lease operator is an affiliate of the Greene Point buyer. The Goodwill facility was closed by Georgia regulators in January 2016 when the former lease operator filed a Chapter 11 bankruptcy petition. The new lease is effective but the term does not commence until and unless the State of Georgia issues the requisite approvals needed to recertify and reopen the facility. In addition, either the former lease operator currently in bankruptcy must reject the existing lease or the Company must seek a relief from stay and request an Order of the Bankruptcy Court terminating the lease. While awaiting such approvals, the new lease operator has committed to investing a minimum of $1.0 million in refurbishing the property. About Global Healthcare REIT Global Healthcare REIT -- http://www.gbcsreit.com-- acquires real estate properties primarily engaged in the healthcare industry, including skilled nursing homes, assisted living and independent living facilities. The company does not operate its own healthcare facilities, but leases its properties under long term operating leases. After the sale of Greene Point it owns controlling interests in 10 facilities primarily across the Southeastern U.S. [^] BOND PRICING: For the Week from June 27 to July 1 ----------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- A. M. Castle & Co CAS 12.750 74.974 12/15/2016 A. M. Castle & Co CAS 7.000 59.625 12/15/2017 ACE Cash Express Inc AACE 11.000 48.375 2/1/2019 ACE Cash Express Inc AACE 11.000 48.375 2/1/2019 Affinion Group Inc AFFINI 7.875 47.050 12/15/2018 Affinion Investments LLC AFFINI 13.500 52.500 8/15/2018 Alpha Appalachia Holdings Inc ANR 3.250 1.000 8/1/2015 Alpha Natural Resources Inc ANR 6.000 0.250 6/1/2019 Alpha Natural Resources Inc ANR 6.250 0.550 6/1/2021 Alpha Natural Resources Inc ANR 7.500 1.000 8/1/2020 Alpha Natural Resources Inc ANR 4.875 0.760 12/15/2020 Alpha Natural Resources Inc ANR 7.500 4.670 8/1/2020 Alpha Natural Resources Inc ANR 7.500 1.750 8/1/2020 American Eagle Energy Corp AMZG 11.000 14.000 9/1/2019 American Eagle Energy Corp AMZG 11.000 12.500 9/1/2019 American Gilsonite Co AMEGIL 11.500 60.500 9/1/2017 American Gilsonite Co AMEGIL 11.500 60.125 9/1/2017 Amyris Inc AMRS 6.500 27.500 5/15/2019 Arch Coal Inc ACI 7.000 1.875 6/15/2019 Arch Coal Inc ACI 7.250 1.250 6/15/2021 Arch Coal Inc ACI 8.000 2.750 1/15/2019 Arch Coal Inc ACI 7.250 1.035 10/1/2020 Arch Coal Inc ACI 9.875 1.500 6/15/2019 Arch Coal Inc ACI 8.000 2.279 1/15/2019 Armstrong Energy Inc ARMS 11.750 40.000 12/15/2019 Armstrong Energy Inc ARMS 11.750 41.500 12/15/2019 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 7.750 11.765 1/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 12.686 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 13.000 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 13.000 8/15/2021 Aurora Diagnostics Holdings LLC / Aurora Diagnostics Financing Inc ARDX 10.750 79.997 1/15/2018 Avaya Inc AVYA 10.500 23.500 3/1/2021 Avaya Inc AVYA 10.500 23.100 3/1/2021 BPZ Resources Inc BPZR 6.500 1.500 3/1/2015 BPZ Resources Inc BPZR 6.500 2.243 3/1/2049 Basic Energy Services Inc BAS 7.750 38.843 2/15/2019 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 7.875 23.625 4/15/2022 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.625 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.375 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.375 10/15/2020 Caesars Entertainment Operating Co Inc CZR 10.000 40.250 12/15/2018 Caesars Entertainment Operating Co Inc CZR 12.750 44.063 4/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 40.250 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.750 35.000 10/1/2017 Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 39.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 39.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 40.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Claire's Stores Inc CLE 8.875 25.200 3/15/2019 Claire's Stores Inc CLE 10.500 63.700 6/1/2017 Claire's Stores Inc CLE 7.750 13.750 6/1/2020 Claire's Stores Inc CLE 7.750 15.500 6/1/2020 Clean Energy Fuels Corp CLNE 7.500 90.212 8/30/2016 Community Choice Financial Inc CCFI 10.750 39.500 5/1/2019 Comstock Resources Inc CRK 7.750 43.780 4/1/2019 Creditcorp CRECOR 12.000 40.250 7/15/2018 Creditcorp CRECOR 12.000 39.750 7/15/2018 Cumulus Media Holdings Inc CMLS 7.750 49.520 5/1/2019 EPL Oil & Gas Inc EXXI 8.250 9.500 2/15/2018 EXCO Resources Inc XCO 8.500 30.000 4/15/2022 EXCO Resources Inc XCO 7.500 36.400 9/15/2018 Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp EROC 8.375 16.750 6/1/2019 Endeavour International Corp END 12.000 1.000 6/1/2018 Endeavour International Corp END 12.000 1.017 3/1/2018 Endeavour International Corp END 12.000 1.017 3/1/2018 Energy & Exploration Partners Inc ENEXPR 8.000 1.970 7/1/2019 Energy & Exploration Partners Inc ENEXPR 8.000 1.970 7/1/2019 Energy Conversion Devices Inc ENER 3.000 7.875 6/15/2013 Energy Future Holdings Corp TXU 11.250 49.875 11/1/2017 Energy Future Holdings Corp TXU 10.875 49.875 11/1/2017 Energy Future Holdings Corp TXU 10.875 49.875 11/1/2017 Energy Future Holdings Corp TXU 9.750 20.000 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 1.000 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 2.500 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.750 10.550 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.875 2.500 8/15/2017 Energy XXI Gulf Coast Inc EXXI 11.000 40.500 3/15/2020 Energy XXI Gulf Coast Inc EXXI 9.250 11.500 12/15/2017 Energy XXI Gulf Coast Inc EXXI 7.500 10.375 12/15/2021 Energy XXI Gulf Coast Inc EXXI 7.750 8.438 6/15/2019 Energy XXI Gulf Coast Inc EXXI 6.875 11.500 3/15/2024 FBOP Corp FBOPCP 10.000 1.843 1/15/2009 FXCM Inc FXCM 2.250 34.750 6/15/2018 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Federal Farm Credit Banks FFCB 2.480 99.287 12/19/2024 Federal Farm Credit Banks FFCB 1.870 99.802 8/20/2021 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Forbes Energy Services Ltd FES 9.000 42.000 6/15/2019 Gibson Brands Inc GIBSON 8.875 55.500 8/1/2018 Gibson Brands Inc GIBSON 8.875 62.396 8/1/2018 Gibson Brands Inc GIBSON 8.875 55.500 8/1/2018 Goodman Networks Inc GOODNT 12.125 37.033 7/1/2018 Goodrich Petroleum Corp GDPM 8.875 0.500 3/15/2019 Goodrich Petroleum Corp GDPM 8.875 0.497 3/15/2019 Goodrich Petroleum Corp GDPM 8.875 0.497 3/15/2019 Halcon Resources Corp HKUS 9.750 22.500 7/15/2020 Halcon Resources Corp HKUS 8.875 22.000 5/15/2021 Halcon Resources Corp HKUS 9.250 22.750 2/15/2022 Horsehead Holding Corp ZINC 3.800 1.750 7/1/2017 Horsehead Holding Corp ZINC 9.000 20.250 6/1/2017 ION Geophysical Corp IO 8.125 54.000 5/15/2018 Illinois Power Generating Co DYN 7.000 36.250 4/15/2018 Iracore International Holdings Inc IRACOR 9.500 59.125 6/1/2018 Iracore International Holdings Inc IRACOR 9.500 59.125 6/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.500 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.500 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.500 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 24.500 7/1/2018 JPMorgan Chase & Co JPM 1.134 97.759 7/27/2016 Las Vegas Monorail Co LASVMC 5.500 3.993 7/15/2019 Lehman Brothers Holdings Inc LEH 5.000 3.536 2/7/2009 Lehman Brothers Holdings Inc LEH 4.000 3.536 4/30/2009 Lehman Brothers Holdings Inc LEH 2.000 3.536 3/3/2009 Lehman Brothers Holdings Inc LEH 1.500 3.536 3/29/2013 Lehman Brothers Holdings Inc LEH 2.070 3.536 6/15/2009 Lehman Brothers Holdings Inc LEH 1.383 3.536 6/15/2009 Lehman Brothers Holdings Inc LEH 1.600 3.536 11/5/2011 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 Liberty Interactive LLC LINTA 1.000 86.460 9/30/2043 Linc USA GP / Linc Energy Finance USA Inc LNCAU 9.625 22.250 10/31/2017 Linn Energy LLC / Linn Energy Finance Corp LINE 8.625 17.250 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 12.000 34.750 12/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 17.625 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 7.750 16.250 2/1/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 16.750 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 16.500 9/15/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 16.500 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 16.500 11/1/2019 Logan's Roadhouse Inc LGNS 10.750 9.915 10/15/2017 Lonestar Resources America Inc LNRAU 8.750 38.000 4/15/2019 Lonestar Resources America Inc LNRAU 8.750 38.000 4/15/2019 MF Global Holdings Ltd MF 3.375 20.250 8/1/2018 MF Global Holdings Ltd MF 9.000 20.250 6/20/2038 MModal Inc MODL 10.750 10.125 8/15/2020 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 8.000 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 8.000 5/15/2018 Magnetation LLC / Mag Finance Corp MAGNTN 11.000 8.000 5/15/2018 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 1.125 6/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 0.750 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 12.000 9.000 6/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 96.250 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 1.277 10/1/2020 Modular Space Corp MODSPA 10.250 49.000 1/31/2019 Modular Space Corp MODSPA 10.250 48.875 1/31/2019 Molycorp Inc MCP 3.250 0.500 6/15/2016 Murray Energy Corp MURREN 11.250 28.125 4/15/2021 Murray Energy Corp MURREN 9.500 28.000 12/5/2020 Murray Energy Corp MURREN 11.250 28.000 4/15/2021 Murray Energy Corp MURREN 9.500 28.000 12/5/2020 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.031 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 3.031 5/15/2019 New Gulf Resources LLC/ NGR Finance Corp NGREFN 12.250 2.892 5/15/2019 Nine West Holdings Inc JNY 8.250 17.500 3/15/2019 Nine West Holdings Inc JNY 6.125 17.778 11/15/2034 Nine West Holdings Inc JNY 6.875 19.830 3/15/2019 Nine West Holdings Inc JNY 8.250 17.500 3/15/2019 Noranda Aluminum Acquisition Corp NOR 11.000 0.500 6/1/2019 Nuverra Environmental Solutions Inc NESC 9.875 36.096 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.540 12.750 1/29/2020 Optima Specialty Steel Inc OPTSTL 12.500 80.000 12/15/2016 Optima Specialty Steel Inc OPTSTL 12.500 70.500 12/15/2016 Peabody Energy Corp BTU 6.000 12.650 11/15/2018 Peabody Energy Corp BTU 6.500 13.000 9/15/2020 Peabody Energy Corp BTU 10.000 13.375 3/15/2022 Peabody Energy Corp BTU 6.250 12.650 11/15/2021 Peabody Energy Corp BTU 4.750 0.250 12/15/2041 Peabody Energy Corp BTU 7.875 12.551 11/1/2026 Peabody Energy Corp BTU 10.000 16.250 3/15/2022 Peabody Energy Corp BTU 6.000 12.875 11/15/2018 Peabody Energy Corp BTU 6.250 13.250 11/15/2021 Peabody Energy Corp BTU 6.000 12.875 11/15/2018 Peabody Energy Corp BTU 6.250 13.250 11/15/2021 Penn Virginia Corp PVAH 7.250 33.830 4/15/2019 Penn Virginia Corp PVAH 8.500 38.000 5/1/2020 Permian Holdings Inc PRMIAN 10.500 29.500 1/15/2018 Permian Holdings Inc PRMIAN 10.500 29.125 1/15/2018 Pernix Therapeutics Holdings Inc PTX 4.250 22.625 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 20.288 4/1/2021 PetroQuest Energy Inc PQ 10.000 50.971 9/1/2017 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 39.611 10/1/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 39.611 10/1/2018 Quicksilver Resources Inc KWKA 9.125 2.800 8/15/2019 Quicksilver Resources Inc KWKA 11.000 2.920 7/1/2021 Rex Energy Corp REXX 8.875 26.800 12/1/2020 Rex Energy Corp REXX 6.250 20.000 8/1/2022 Rolta LLC RLTAIN 10.750 18.875 5/16/2018 SAExploration Holdings Inc SAEX 10.000 47.000 7/15/2019 Sabine Oil & Gas Corp SOGC 7.250 2.000 6/15/2019 Sabine Oil & Gas Corp SOGC 7.500 2.000 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 1.186 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 1.186 9/15/2020 Samson Investment Co SAIVST 9.750 2.000 2/15/2020 SandRidge Energy Inc SD 7.500 6.375 3/15/2021 SandRidge Energy Inc SD 8.750 6.375 1/15/2020 SandRidge Energy Inc SD 7.500 4.000 2/15/2023 SandRidge Energy Inc SD 8.125 6.250 10/15/2022 SandRidge Energy Inc SD 8.125 6.125 10/16/2022 SandRidge Energy Inc SD 7.500 5.392 2/16/2023 SandRidge Energy Inc SD 7.500 6.250 3/15/2021 SandRidge Energy Inc SD 7.500 6.250 3/15/2021 Sequa Corp SQA 7.000 27.000 12/15/2017 Sequa Corp SQA 7.000 25.625 12/15/2017 Sequenom Inc SQNM 5.000 59.500 1/1/2018 Sequenom Inc SQNM 5.000 59.250 10/1/2017 Seventy Seven Energy Inc SSEI 6.500 6.875 7/15/2022 Sidewinder Drilling Inc SIDDRI 9.750 6.125 11/15/2019 Sidewinder Drilling Inc SIDDRI 9.750 6.000 11/15/2019 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 57.750 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 57.875 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.250 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 57.875 5/15/2018 Speedy Group Holdings Corp SPEEDY 12.000 38.750 11/15/2017 Speedy Group Holdings Corp SPEEDY 12.000 38.750 11/15/2017 SquareTwo Financial Corp SQRTW 11.625 11.375 4/1/2017 Stone Energy Corp SGY 1.750 28.000 3/1/2017 SunEdison Inc SUNE 5.000 33.000 7/2/2018 SunEdison Inc SUNE 2.000 6.600 10/1/2018 SunEdison Inc SUNE 2.750 5.125 1/1/2021 SunEdison Inc SUNE 0.250 5.000 1/15/2020 SunEdison Inc SUNE 2.375 5.000 4/15/2022 SunEdison Inc SUNE 2.625 6.000 6/1/2023 SunEdison Inc SUNE 3.375 5.000 6/1/2025 Syniverse Holdings Inc SVR 9.125 49.500 1/15/2019 TMST Inc THMR 8.000 14.000 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 32.375 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 32.375 2/15/2018 TerraVia Holdings Inc TVIA 6.000 58.000 2/1/2018 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.000 24.907 6/15/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.400 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.250 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.210 4/1/2021 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.350 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.250 11/1/2015 Triangle USA Petroleum Corp TPLM 6.750 22.489 7/15/2022 Triangle USA Petroleum Corp TPLM 6.750 22.375 7/15/2022 UCI International LLC UCII 8.625 22.750 2/15/2019 Vanguard Natural Resources LLC / VNR Finance Corp VNR 7.875 39.075 4/1/2020 Venoco Inc VQ 8.875 3.100 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.500 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 W&T Offshore Inc WTI 8.500 26.100 6/15/2019 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Energy Inc WLTG 9.500 14.625 10/15/2019 Walter Investment Management Corp WAC 4.500 35.000 11/1/2019 Warren Resources Inc WRES 9.000 6.250 8/1/2022 Warren Resources Inc WRES 9.000 6.250 8/1/2022 Warren Resources Inc WRES 9.000 6.250 8/1/2022 iHeartCommunications Inc IHRT 10.000 52.400 1/15/2018 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***