/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160708.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, July 8, 2016, Vol. 20, No. 190 Headlines 77-79 RIVINGTON: Bankruptcy Auction Slated for Tuesday 8110 AERO DRIVE: Sec. 341 Meeting of Creditors Set for July 26 97 GRAND AVENUE: Hires Besen as Real Estate Advisor A-1 EXPRESS: Hires A+ Accounting as Accountant A-1 EXPRESS: Hires Buddy D. Ford as Attorney ABE Q. MILLS: Taps Craig M. Geno as Legal Counsel ALAN/DUNCAN: Case Summary & 12 Unsecured Creditors ALEXZA PHARMACEUTICALS: Nasdaq Files Form 25 with SEC ALL TYPE CONTRACTING: Hires Desai Eggmann Mason as Counsel ALLIANCE MANAGEMENT: U.S. Trustee Unable to Appoint Committee ANACOR PHARMACEUTICALS: Suspends Filing of Reports with SEC ARCH COAL: Files Third Amended Plan of Reorganization BFN OPERATIONS: Schedules Filing Deadline Moved to July 11 BFN OPERATIONS: Sec. 341 Meeting of Creditors Set for July 26 BOULAYE MARINE: Taps Gerdes Law Firm as Legal Counsel BOURBON SALOON: Sharp to Replace Boudreaux as CRO CAL NEVA LODGE: Hires Jeffer Mangles as Counsel CEETOP INC: Cancels RMB 3 Million Loan CHAMPION INDUSTRIES: Shareholders OK 1-for-200 Stock Split CHOCTAW RESORT: Moody's Hikes Corporate Family Rating to B2 CLASSIC COMMUNITIES: Mid Penn Bank Wants Payment Prior to Escrow CLEAN UP AMERICA: Taps Gronemeier as Counsel in Walsh Shea Rift COMPCARE MEDICAL: Taps Turoci Firm as Legal Counsel CONGREGATION OF UNITY: Taps Kight Law as Bankruptcy Counsel CONNTECH PRODUCTS: Hires CRG as Auctioneer CONTROL SYSTEMS: U.S. Trustee Unable to Appoint Committee CROSBY US: Moody's Cuts Corporate Family Rating to Caa1 CSC HOLDINGS: Fitch Assigns BB+ Rating on Sr. Sec. Credit Facility CULTURE PROJECT: Taps Shafferman & Feldman as Bankruptcy Counsel CUMULUS MEDIA: Greywolf, et al., Hold 5.5% of Class A Shares DEPAUL INDUSTRIES: U.S. Trustee Forms 5-Member Committee DIXIE ELECTRIC: Moody's Cuts CFR to Ca & Alters Outlook to Negative E & E ENTERPRISES: Taps Beth W. Moore as Accountant E & E ENTERPRISES: Taps Linda Awkard as Counsel in Contract Rift EAGLE INC: Committee Taps Caplin & Drysdale as Legal Counsel ELBIT IMAGING: Assignees Execute $2 Million Investment Right ELBIT IMAGING: Terminates Lease Agreement with ILA EPICENTER PARTNERS: Files Schedules of Assets and Liabilities EPICOR SOFTWARE: S&P Puts 'B' CCR on CreditWatch Developing EROSOL LLC: Taps Arnall Golden as Bankruptcy Counsel FIREBALL ENTERPRISES: Hires Craig Marcum as President FREESEAS INC: Common Stock Delisted from NASDAQ FTS INT'L: S&P Lowers CCR to 'SD' on Completed Debt Repurchase GARDENS REGIONAL: U.S. Trustee Forms 2-Member Committee GLACIERVIEW HAVEN: Ch.11 Trustee Hires Andrew Wilson as Accountant GLACIERVIEW HAVEN: Ch.11 Trustee Hires Bush Kornfeld as Counsel GLOBAL EMERGENCY: Case Summary & 20 Largest Unsecured Creditors GLOBAL HOUGHTON: S&P Affirms 'B' CCR & Revises Outlook to Neg. GREATER ADELAIDE CHURCH: U.S. Trustee Unable to Appoint Committee GREEN ENERGY: Taps Lentz Clark as Legal Counsel GROWER'S ORGANIC: Hires Blue Stone for Financial Advisory Services HERCULES OFFSHORE: Hires Morris Nichols as Co-counsel HHH CHOICES: Ombudsman to File Third Interim Report on July 13 HORNBECK OFFSHORE: S&P Lowers CCR to 'CCC+', Outlook Negative HOTELWORKS DEVELOPMENT: Taps Ray Battaglia as Legal Counsel HOVBROS ROESVILLE: Voluntary Chapter 11 Case Summary HS 45 JOHN: Denies Any Liability to AT&T INTELLIPHARMACEUTICS INT'L: FDA Grants Waiver of NDA Filing Fee ION WORLDWIDE: U.S. Trustee Forms 3-Member Committee KOMODIDAD DISTRIBUTORS: Bank Alleges Debtors Not a "Single Entity" LINC USA GP: Committee Taps McKool Smith as Legal Counsel MAXUS ENERGY: Hires Morrison & Foerster as Attorney MAXUS ENERGY: Hires Zolfo Cooper as Financial Advisors METCOM NETWORK: Seeks to Hire EisnerAmper as Accountant MISSISSIPPI REGIONAL CANCER: Plan Filing Extended by 45 Days MORRIS SCHNEIDER: JPMorgan Objects to Disclosure Statement NAT'L BANK OF ANGUILLA: Anguilla Case Recognized in U.S. NCSG CRANE: Moody's Cuts Corporate Family Rating to Caa2 NET ELEMENT: Opts to Swap $100,000 for 62,596 Shares NIGHTINGALE HOME: Wants Plan Filing Deadline Moved to Sept. 6 NORTH ATLANTIC TRADING: S&P Raises Corp. Credit Rating to 'B' OHIO TEMPLE BAPTIST CHURCH: Case Summary & 7 Top Unsec. Creditors PACIFIC 9 TRANSPORTATION: UST Appoints 2 More Committee Members PACIFIC EXPLORATION: CCAA Case Recognized as Main Proceeding PACIFIC SUNWEAR: Court Allows Beeney to Represent Class PACIFIC SUNWEAR: Files Amended Schedules of Assets and Liabilities PALADIN ENERGY: Taps Weaver and Tidwell as Tax Accountant PALMAZ SCIENTIFIC: Vactronix Wants 118 Claims Disallowed PEABODY ENERGY: Seeks Bridge Order for Plan Exclusivity Thru Aug. 3 PENN VIRGINIA: Plan Confirmation Hearing Set for August 11 PIONEER HEALTH: ERx, Management Plus Appointed to Committee PURADYN FILTER: Forrest Hayes Quits as Director RAIDER OILFIELD: Hires James & Haugland as Attorneys RAILROAD SALVAGE: Hires Mense Churchwell as Accountants RBK TRUCKING: U.S. Trustee Unable to Appoint Committee REFUGE FAMILY CARE: Patient Care Ombudsman Unnecessary REPUBLIC AIRWAYS: Can Implement Key Employee Retention Plan RICEBRAN TECHNOLOGIES: Agrees to Changes to Board Composition ROTARY DRILLING: Voluntary Chapter 11 Case Summary SEVENTY SEVEN: Hires Baker Botts as Counsel SEVENTY SEVEN: Wants to Assume $100M Exit Facility Letter SEVENTY SEVEN: Wants to File Commitment Fee Letter Under Seal SKAGIT GARDENS: Sterling Bank, Creditors Object to Sale Motion SKYLINE CORP: Scott Parkhurst Joins as National Sales Manager SNYDER & SCHNEIDER: Case Summary & 12 Unsecured Creditors SOFINTEK INC: Hires Mark E. Williams as Bankruptcy Counsel SONORAN DESERT: Case Summary & 3 Unsecured Creditors SOUTHERN SEASON: Hires Hutson and Northern Blue as Counsel SPENDSMART NETWORKS: Amends Plazacorp Investments Promissory Note SPORTS AUTHORITY: Hires BRG's Coulombe as CRO SPURLOW'S OUTDOOR: Hires Buddy D. Ford as Attorney ST. MICHAEL'S MEDICAL: Wants Plan Filing Deadline Moved to Dec. 2 STAGE PRESENCE: Unsecureds to Be Paid from TV, Litigation Proceeds STEELCORE CAPITAL: Seeks to Hire DelBello as Legal Counsel STRONGHOLD ASSET: Voluntary Chapter 11 Case Summary SUPERIOR PLUS: DBRS Confirms BB(high) Issuer Rating SYNCARDIA SYSTEMS: Proposes Sindex-Led Auction on Aug. 19 TALBOT ENTERPRISES: Exclusive Plan Filing Date Extended to Sept. 5 TC WESTSHORE: Taps Larson & Zirzow as Legal Counsel THOMPSON CREEK: S&P Puts 'CCC+' CCR on CreditWatch Positive TOOLING SCIENCE: Taps Larkin Hoffman as Legal Counsel TOTAL HOCKEY: Case Summary & 20 Largest Unsecured Creditors TOTAL HOCKEY: Files for Bankruptcy With Deal to Sell to TSG TUSCANY ENERGY: Wants Plan Filing Period Moved to Sept. 7 VERTELLUS SPECIALTIES: $110-Mil. DIP Loan Has Final Approval W. F. JAMES: Seeks to Hire Katz Flatau as Legal Counsel WARREN RESOURCES: Claims Bar Date Set for August 15 WECHSLER & CO: Seeks Court OK of Intellicorp Debt Sale WELLS TRANSPORT: Hires Lefkovitz & Lefkovitz as Attorney WHITING PETROLEUM: Completes $1.1 Billion Notes Exchange [^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings ********* 77-79 RIVINGTON: Bankruptcy Auction Slated for Tuesday ------------------------------------------------------ A bankruptcy auction will take place on July 12, 2016, at 4:00 p.m., at 1501 Broadway, 22nd Floor, New York, New York, for the sale of 16 Residential Units -- 1 Commercial Unit -- Development Site (850 Buildable Sq. ft.) owned by 77-79 Rivington Street Realty LLC. Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a bank check in the amount of $900,000 made payable to "Goldberg Weprin Finkel Goldstein, as Attorneys". Within 48 hours following the auction, successful bidder must post a deposit in the total amount of 13% of the high bid. Closing must occur within 30 days following court approval, unless successful bidder posts an additional 10% deposit which will provide Successful Bidder with a 30 day extension. The minimum opening bid for the property is $9,200,000. In addition, a 3% Buyer's Premium will be added to the Successful Bidder's high bid to determine the contract price to be paid by the Successful Bidder. A 0.5% commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Headquartered in Valley Stream, New York, 77-79 Rivington Street Realty LLC filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 14-10339) on Feb. 18, 2014, listing $7 million in total assets and $8.7 million in total liabilities. Judge Shelley C. Chapman presides over the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP serves as the Debtor's bankruptcy counsel. 8110 AERO DRIVE: Sec. 341 Meeting of Creditors Set for July 26 -------------------------------------------------------------- The meeting of creditors of 8110 Aero Drive Holdings, LLC is set to be held on July 26, 2016, at 10:00 a.m., according to a filing with the U.S. Bankruptcy Court for the Southern District of California (San Diego). The meeting will be held at: 402 W. Broadway, Emerald Plaza Building Suite 660 (B) Hearing Room B San Diego, CA 92101 The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. About 8110 Aero Drive 8110 Aero Drive Holdings, LLC, based in San Diego, California, filed a Chapter 11 petition (Bankr. S.D. Cal. Case No. 16-03135) on May 25, 2016. The Hon. Margaret M. Mann presides over the case. William M. Rathbone, Esq., at Gordon & Rees LLP, as bankruptcy counsel. In its petition, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Luz Burni, authorized representative. 97 GRAND AVENUE: Hires Besen as Real Estate Advisor --------------------------------------------------- 97 Grand Avenue, LLC sought and obtained authorization from the U.S. Bankruptcy Court for the Southern District of New York to employ Besen & Associates, Inc., as real estate advisor. The Debtor owns two residential rental unit buildings located in the Clinton Hill section of Brooklyn: -- 97 Grand Avenue, Brooklyn, New York, which is a 27-unit building; and -- 96 Steuben Street, Brooklyn, New York, which is a 35-unit building. The Properties were developed by the Debtor and completed in 2013. 97 Grand Avenue, LLC and Besen & Associates, Inc., have entered into a Retention Agreement that grants Besen for a period of time to act as special real estate advisor for the Debtor having, among other things, the sole and exclusive and irrevocable right and authority to negotiate, sell, net lease or otherwise dispose of all or any portion of the real property and/or air rights of any one or more of the properties. Should the Debtor enter into an agreement to refinance, borrow against, restructure its existing debt encumbering the Property, and/or recapitalize the Property, in whole or in part, and/or enter into a joint venture agreement relating to the Property, then Debtor will pay Besen, at closing, a fee in an amount equal to 0.5% of the aggregate amount of gross refinancing or restructured indebtedness, recapitalization, and/or joint venture investment received or obtained, or to be received or obtained by Debtor as the case may be, regardless of when the closing of same takes place. The Debtor agrees to pay to Besen a commission equal to 3% of the gross purchase price of the Propery to be paid at closing upon the occurrence of any of the following: a. the Debtor enters into an agreement with a Prospective Purchase during the Term to sell, transfer or convey ownership or control of the Property in whole or in part, whether individually or as part of a package, including a sale of the Property at a bankruptcy auction, such as a sale under Section 363 of the Bankruptcy Code or pursuant to a confirmed plan of reorganization; or b. If a sale, exchange or other conveyance of ownership or control of the Property is made or takes place within the "Additional Period" after expiration of the Term to a Prospective Purchaser with whom the Debtor had not reached an agreement during the Term, but with whom Besen has negotiated concerning the Property, or to whose attention the Property has been brought by Besen, or who was introduced to the Debtor by Besen during the Term. For these purposes, a "Prospective Purchaser" shall include any partnerships, joint ventures, limited liability companies, corporations, trusts or other similar entities which the prospective buyer represents, is involved with, or in which it holds an ownership, management or beneficial interest. c. In the event that: (i) the Prospective Purchaser is initially introduced to Besen by the Debtor to negotiate a transaction on its behalf, and (ii) Besen had no prior contact with the Prospective Purchaser before being introduced to it by Debtor, than the commission to which Besen will be entitled, will be 0.5% of the gross purchase price. Notwithstanding anything to the contrary contained in the Retention Agreement, the fee or commission to which Besen will be entitled under the Retention Agreement will not exceed $600,000. Besen will also be reimbursed for reasonable out-of-pocket expenses incurred. Greg Corbin, Executive Managing Director of Besen & Associates, Inc., 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. Besen may be reached at: Greg Corbin Besen & Associates, Inc. 381 Park Avenue South, 1507 New York, NY 10016 Phone: (646)424-5077 E-mail: gcorbin@besenassociates.com An involuntary chapter 7 petition (Bankr. S.D.N.Y. Case No. 15-13367) was commenced against 97 Grand Avenue LLC by petitioning creditor Chun Peter Dong on December 28, 2015. At the Debtor's behest, the Hon. Sean H. Lane entered an order dated April 13, 2016, converting the Involuntary Case to a voluntary chapter 11 proceeding. A-1 EXPRESS: Hires A+ Accounting as Accountant ---------------------------------------------- A-1 Express, Inc., asks for permission from the U.S. Bankruptcy Court for the Middle District of Florida to employ Akshay Dave, CPA, of the accounting firm of A+ Accounting & Tax as the Debtor's accountant. The Accountant will: a. prepare and file tax returns and conduct tax research; b. perform normal accounting and other accounting services as required by the Debtor; and c. assist the Debtor in preparing Court ordered reports, including the U.S. Trustee Reports and any documents necessary for the Debtor's disclosure statement. The Accountant will be paid an hourly rate of $175 for services rendered by the accountant for preparation of U.S. Trustee reports and other bankruptcy Court documents and hourly rate of $75 for accounting services; a range of$100-$50 per hour for services rendered by accounting staff; and reimbursement of out-of-pocket costs like computer charges, copies and postage for the accounting services. The Debtor tells the Court that the Accountant neither represent nor holds any interest adverse to the Debtor, as debtor-in-possession, to its estate, or to the Debtor's creditors in the matters upon which it is to be engaged, and that the employment of the Accountant is in the best interest of the Estate. The Accountant can be reached at: A+ Accounting & Tax 4002 McLane Drive Tampa, Florida 33610, Tel: (813) 381-3809 E-mail: tax4002@gmail.com A-1 Express, Inc., filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-04170) on June 23, 2016. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as the Debtor's bankruptcy counsel. A-1 EXPRESS: Hires Buddy D. Ford as Attorney -------------------------------------------- A-1 Express, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford P.A. as Attorney. The Debtor requires Buddy D. Ford P.A. to: a. analyze the financial situation, rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtors and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its properties; if appropriate; f. advise the Debtor with respect to its responsibilites in complying the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of your Applicant, necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear a hearings thereon; h. protect the interest of the Debtor an all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for the Debtors as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attonrney for such professional services. Buddy D. Ford P.A. will be paid at these hourly rates: Buddy D. Ford $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Senior Paralegal $150 Junior Paralegal $100 Prior to the commencement of this case, the Debtor paid Buddy D. Ford P.A. $500, on current basis, for services rendered and costs incurred prior to commencement of this case with respect to prepare the Petition for reorganization under Chapter 11 of the Code and filing of all related initial pleadings to be filled in this case, and pre-petition expenses in this case. Prior to the commencement of this case the Debtor paid an advance fee of $6,717 as follows: a. $500 pre-fling fee retainer b. $4,500 post filing fee/cost retainer c. $1,717 filing fee Buddy D. Ford P.A. will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford P.A., assured the Court that the firm does not represent any interest adverse to the Debtor and its estates. Buddy D. Ford P.A. can be reached at: Buddy D. Ford, Esq Jonathan A. Semach, Esq. J. Ryan Yant, Esq. Buddy D. Ford P.A. 115 North MacDill Avenue Tampa, FL 33609-1521 Telephone: (813)877-4669 Facsimile: (813)877-5543 E-mail: buddy@tampaesq.com jonathan@tampaesq.com ryan@tampaesq.com all@tampaesq.com A-1 Express, Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04170) on June 23, 2016, listing under $1 million in both assets and liabilities. ABE Q. MILLS: Taps Craig M. Geno as Legal Counsel ------------------------------------------------- Abe Q. Mills Trucking Co. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire the Law Offices of Craig M. Geno, PLLC as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations; (b) evaluate and attack claims of various creditors who may assert security interests in the assets; (c) appear in, prosecute or defend suits and proceedings; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications and other legal documents; and (e) advise and consult with the Debtor in connection with any reorganization plan. Craig Geno, the attorney primarily responsible for representing the Debtor, will be paid $375 per hour for his services. Meanwhile, the firm's associates and paralegals will be paid $250 per hour and $175 per hour, respectively. Mr. Geno disclosed in a court filing that his firm does not represent any interest adverse to the Debtor or its estate. The firm can be reached through: Craig M. Geno Jarret P. Nichols Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway P.O. Box 3380 Ridgeland, MS 39158-3380 Phone: 601-427-0048 Fax: 601-427-0050 About Abe Q. Mills Abe Q. Mills Trucking Co. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Miss. Case No. 16-02068) on June 27, 2016. ALAN/DUNCAN: Case Summary & 12 Unsecured Creditors -------------------------------------------------- Debtor: Alan/Duncan Properties 200 Lake Front Drive, Suite 103 Mineral, VA 23117 Case No.: 16-61360 Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Western District of Virginia (Lynchburg) Judge: Hon. Rebecca B. Connelly Debtor's Counsel: Edward Gonzalez, Esq. LAW OFFICE OF EDWARD GONZALEZ, PC 2405 I Street, N.W., Suite 1-A Washington, DC 20037 Tel: 202-822-4970 E-mail: eg@money-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Jeff Snyder, manager. A list of the Debtor's 12 largest unsecured creditors is available for free at http://bankrupt.com/misc/vawb16-61360.pdf ALEXZA PHARMACEUTICALS: Nasdaq Files Form 25 with SEC ----------------------------------------------------- The NASDAQ Stock Market LLC filed with the Securities and Exchange Commission a Form 25 notifying the removal from listing or registration under Section 12(b) of the Securities Exchange Act of 1934 of Alexza Pharmaceuticals Inc.'s common stock on the Exchange. Nasdaq has determined to remove from listing the common stock of Alexza effective at the opening of the trading session on July 15, 2016. Based on review of information provided by the Company, Nasdaq Staff determined that the Company no longer qualified for listing on the Exchange pursuant to Listing Rule 5550(b)(2). The Company was notified of the Staffs determination on Dec. 17, 2015. The Company appealed the determination to a Hearing Panel. Upon review of the information provided by the Company, the Panel issued a decision dated March 7, 2016, granting the Company continued listing pursuant to an exception that included several milestones that the Company was required to meet, towards the goal of regaining compliance with Listing Rule 5550(b)(2). However, the Company was unable to meet the exception milestones as required on the timeline set forth. Prior to the expiration of the exception period the company signed an agreement to be acquired. On June 15, 2016, the Panel issued a final delisting determination and notified the Company that trading in the Companys securities would be suspended on June 17, 2016. Shortly thereafter, the company closed a going private transaction, pursuant to which its equity securities deregistered from the SEC and, thereby, all rights pertaining to its class of securities listed on Nasdaq were extinguished. The Company did not request a review of the Panels decision by the Nasdaq Listing and Hearing Review Council. Cancels Registration of Securities On June 21, 2016, pursuant to the Agreement and Plan of Merger, dated as of May 9, 2016, among the Company, Grupo Ferrer Internacional, S.A., a Spanish sociedad anonima ("Parent"), and Ferrer Pharma, Inc., a Delaware corporation ("Purchaser"), Purchaser merged with and into the Company, with the Company continuing as the surviving corporation and a wholly-owned indirect subsidiary of Parent. As a result of the consummation of the transactions contemplated by the Merger Agreement, the Company has terminated all offerings of its securities pursuant to the Registration Statements with the SEC. About Alexza Pharmaceuticals Alexza Pharmaceuticals is focused on the research, development, and commercialization of novel, proprietary products for the acute treatment of central nervous system conditions. Alexza's products and development pipeline are based on the Staccato(R) system, a hand-held inhaler designed to deliver a pure drug aerosol to the deep lung, providing rapid systemic delivery and therapeutic onset, in a simple, non-invasive manner. Active pipeline product candidates include AZ-002 (Staccato alprazolam) for the management of epilepsy in patients with acute repetitive seizures and AZ-007 (Staccato zaleplon) for the treatment of patients with middle of the night insomnia. Alexza reported a net loss of $21.3 million on $5.02 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $36.73 million on $5.56 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Alexza had $10.6 million in total assets, $84.9 million in total liabilities and a total stockholders' deficit of $74.3 million. OUM & CO. LLP, in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ALL TYPE CONTRACTING: Hires Desai Eggmann Mason as Counsel ---------------------------------------------------------- All Type Contracting, LLC, seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ Desai Eggmann Mason LLC as Counsel. The Debtor requires the Firm to: a. advise the Debtor with respect to its rights, power and duties in this case; b. assist and advise the Debtor in its consultations with any appointed committee relative to the administration of this case; c. assist the Debtor in analyzing the claims of creditors and negotiating with such creditors; d. assist the Debtor with investigation of the assets, liabilities and financial condition of the Debtor and reorganizing Debtor's business in order to maximize the value of the Debtor's assets for the benefit of all creditors; e. advise the Debtor in connection with the sale of assets or business; f. assist the Debtor in its analysis of and negotiation with any appointed committee or any third party concerning matters related to, among other things, the terms of a plan of reorganization; g. assist and advise the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; h. commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Debtor; i. review, analyze or prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; j. represent the Debtor at all hearings and other proceedings; k. confer with other professional advisors retained by the Debtor in providing advice to Debtor l. perform all other necessary legal services in this case as may be requested by the Debtor in these Chapter 11 proceedings; and m. assist and advise the Debtor regarding pending arbitration and litigation matters in which Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on the Debtors' behalf. The Firm will charge the Debtor the hourly rates consistent with the rates it charges clients in bankruptcy and non-bankruptcy matters. These rates range from $75-$375 per hour. The Firm has been paid the sum of $2,040 for services performed prior to the Petition Date. The Firm is currently holding the sum of $2,943 as a retainer. Thomas H. Riske, associate of Desai Eggman Mason 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 Debtor and its estates. Desai Eggman Mason LLC can be reached at: Thomas H. Riske, Esq. Robert E. Eggmann, Esq. Desai Eggman Mason LLC 7733 Forsyth Boulevard, Suite 800 St. Louis, MO 63105 Phone: (314)881-0800 E-mail: reeggmann@demlawllc.com triske@demlawllc.com About All Type Contracting, LLC All Type Contracting, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mo. Case No. 16-10509) on June 16, 2016. Thomas Riske, Esq., at Desai Eggman Mason LLC as bankruptcy counsel. ALLIANCE MANAGEMENT: 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 Alliance Management Services, LLC. Alliance Management Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Ky. Case No. 16-31239) on April 15, 2016. The petition was signed by Ray Ragland, member. The case is assigned to Judge Joan A. Lloyd. At the time of the filing, the Debtor disclosed $0 to $50,000 in assets and $1 million to $10 million in liabilities. ANACOR PHARMACEUTICALS: Suspends Filing of Reports with SEC ----------------------------------------------------------- Anacor Pharmaceuticals, Inc., has suspended its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the Securities and Exchange Commission on July 5, 2016. About Anacor Pharmaceuticals Palo Alto, Calif.-based Anacor Pharmaceuticals (NASDAQ: ANAC) is a biopharmaceutical company focused on discovering, developing and commercializing novel small-molecule therapeutics derived from its boron chemistry platform. Anacor has discovered eight compounds that are currently in development. Its two lead product candidates are topically administered dermatologic compounds - tavaborole, an antifungal for the treatment of onychomycosis, and AN2728, an anti-inflammatory PDE-4 inhibitor for the treatment of atopic dermatitis and psoriasis. Anacor reported a net loss of $61.2 million on $82.4 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $87.1 million on $20.7 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Anacor had $164 million in total assets, $119 million in total liabilities, $49,000 in redeemable common stock and $44.6 million in total stockholders' equity. ARCH COAL: Files Third Amended Plan of Reorganization ----------------------------------------------------- BankruptcyData.com reported that Arch Coal filed with the U.S. Bankruptcy Court a Third Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Plan includes a global settlement and compromise of certain disputed issues, as well as claims and causes of action that could potentially be asserted by or on behalf of the Debtors against the Directing Lenders and certain employees of the Debtors and certain challenges to the First Lien Lenders' liens (the 'Global Settlement'). Under the Global Settlement, the Debtors will release the Exchange Transactions Claims and the Employee Claims, and the Lien Avoidance Claims will be settled on the terms and conditions set forth in the Amended and Restated RSA. Additionally, the First Lien Lenders will waive the Prepetition Adequate Protection Claims and will agree to waive recoveries on account of the First Lien Lender Deficiency Claim, subject to and in accordance with the terms of the Plan. The consideration for the settlement of the Exchange Transactions Claims and the, Employee Claims and Lien Avoidance Claims is provided by the distributions to unsecured creditors and holders of First Lien Credit Facility Claims pursuant to the Plan, which the Debtors, the Consenting Lenders and the Creditors' Committee agree represent a fair compromise regarding the extent and value of the First Lien Lenders' liens, including the potential argument that the Knight Hawk Interest is encumbered under the First Lien Credit Facility potential claims in respect of any diminution in the value of the First Lien Lenders' collateral and any potential recoveries on behalf of the Debtors' estates on account of the Exchange Transaction Claims and the Employee Claims." About Arch Coal Founded in 1969, Arch Coal, Inc., is a producer and marketer of coal in the United States, with operations and coal reserves in each of the major coal-producing regions of the Country. As of January 2016, it was the second-largest holder of coal reserves in the United States, owning or controlling over five billion tons of proven and probable reserves. As of the Petition Date, Arch employed approximately 4,600 full and part-time employees. Arch Coal, Inc., and 71 of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. E.D. Mo. Case Nos. 16-40120 to 16-40191) on Jan. 11, 2016. The petition was signed by Robert G. Jones as senior vice president-law, general counsel and secretary. The Debtors disclosed total assets of $5.84 billion and total debt of $6.45 billion. Judge Charles E. Rendlen III has been assigned the case. The Debtors have engaged Davis Polk & Wardwell LLP as counsel, Bryan Cave LLP as local counsel, FTI Consulting, Inc. as restructuring advisor, PJT Partners as investment banker, and Prime Clerk LLC as notice, claims and solicitation agent. An Official Committee of Unsecured Creditors has been appointed in the case. The Committee has retained Kramer Levin Naftalis & Frankel LLP as counsel; Spencer Fane LLP as local counsel; Berkeley Research Group, LLC as financial advisor; Jefferies LLC as investment banker; and Blackacre LLC as coal consultant. BFN OPERATIONS: Schedules Filing Deadline Moved to July 11 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas granted BFN Operations LLC, et al., an additional 10 days -- for a total of 24 days -- from the June 17, 2016 petition date, to file their schedules of assets and liabilities, and statements of financial affairs. The deadline for the Debtors to file their Schedules and Statements is now July 11, 2016. 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. The Office of the U.S. Trustee appointed five creditors to serve on the official committee of unsecured creditors. BFN OPERATIONS: Sec. 341 Meeting of Creditors Set for July 26 ------------------------------------------------------------- The meeting of creditors of BFN Operations LLC, et al., is set to be held on July 26, 2016, at 1:00 p.m. at Dallas 341 Rm 524, according to a filing with the U.S. Bankruptcy Court for the Northern District of Texas. The court overseeing the bankruptcy case of a company schedules the meeting of creditors usually about 30 days after the bankruptcy petition is filed. The meeting is called the "341 meeting" after the section of the Bankruptcy Code that requires it. A representative of the company is required to appear at the meeting and answer questions under oath. The meeting is presided over by the U.S. trustee, the Justice Department's bankruptcy watchdog. 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. The Office of the U.S. Trustee appointed five creditors to serve on the official committee of unsecured creditors. BOULAYE MARINE: Taps Gerdes Law Firm as Legal Counsel ----------------------------------------------------- Boulaye Marine Towing, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Gerdes Law Firm, LLC as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) give legal advice with respect to its power as a debtor- in-possession in the continued operation of its business and management of its property; (b) assist the Debtor in the disposition of assets, which it no longer needs in the operation of its business; (c) prepare legal papers, and provide other legal services. Markus Gerdes, Esq., the attorney designated to represent the Debtor, will be paid $210 for his services. In a court filing, Mr. Gerdes disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Markus E. Gerdes, Esq. Gerdes Law Firm, LLC. 106 North Cypress Street P.O. Box 2862 Hammond, LA 70404 Tel: (985) 345-9404 E-mail: Markus@gerdeslaw.net About Boulaye Marine Boulaye Marine Towing, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 16-11392) on June 15, 2016. BOURBON SALOON: Sharp to Replace Boudreaux as CRO ------------------------------------------------- Bourbon Saloon, Incorporated, asks the U.S. Bankruptcy Court for the Eastern District of Louisiana to grant an order recognizing: -- the dismissal of Larry Boudreaux as the Chief Restructuring Officer of the Reorganized Debtor; and -- the appointment of R. Patrick Sharp, III, as the successor CRO. The March 26, 2012 court order confirming the Debtor's Chapter 11 Plan allows the Board of Directors of the Reorganized Debtor to remove any person as the CRO, upon the express written consent of First Bank and Trust Company. The Reorganized Debtor and First Bank both desire to remove Mr. Boudreaux and replace him with Mr. Sharp. The Board of Directors has approved Mr. Boudreaux's dismissal and the appointment of Mr. Sharp as the successor CRO. The court order requires First Bank to select a successor CRO. First Bank selected and consents to Mr. Boudreaux's removal and Mr. Sharp's appointment. Mr. Sharp as CRO will: a. be the principal contact at the Reorganized Debtor with respect to all matters, including, without limitation, all the company's financial and operational matters, and will have sole authority on behalf of the company to negotiate and enter into agreements and settlements with the company's creditors, account debtors, landlords, lenders and other constituents, except that any modification of the lease and or negotiations with potential buyers or investors will be conducted in concert with the company, through its board of directors; b. in his sole discretion on behalf of the Reorganized Debtor but after consulting with the board of directors, have authority over all cost reduction, employee re-alignment and operational improvement opportunities, and will have, in his sole discretion, the authority to initiate and implement employee and officer terminations and increases or reductions in force for employees designated at the assistant manager level and above. Jober't Salem will exercise authority over lower level employees below the assistant manager level; c. have sole responsibility on behalf of the Reorganized Debtor for overseeing cash management of the company and supervising cash disbursements for the company; d. be directly accessible to the Reorganized Debtor's vendors, creditors, landlords, lenders, government regulatory agencies and other constituents, and will be authorized to respond directly to the reasonable information requests of the parties; and e. have unencumbered access to all current and former employees to discuss revenue enhancing suggestions and cost reduction suggestions, internal control, safety and any other matters deemed appropriate by the CRO. In his sole discretion, the CRO may, on behalf of the Reorganized Debtor, engage the services of Brokers, CPAs and other professionals as he deems necessary in the company's best interest or to facilitate the refinancing or sale of all or a portion of the company's assets or business operations. The CRO may perform other services as requested or directed by the Reorganized Debtor and agreed to by the CRO. The other requested services may be considered by the CRO as a separate engagement, subject to a separate engagement letter mutually agreed to by the CRO and the company. The CRO and the Reorganized Debtor, through its board of directors, will work diligently to obtain funding for a refinancing of all of the Reorganized Debtor's debt. The CRO may engage separate counsel to represent his interest as he deems necessary. The CRO will be paid at these hourly rates: R. Patrick Sharp, III $250 Staff CPAs $185 Non-CPA Staff $95 Administrative Staff $75 The Reorganized Debtor will promptly remit to Sharp & Company a retainer in the amount of $10,000 which will be credited against any amounts due at the termination of this engagement. Any remaining un-applied portion of the retainer will be promptly returned to the Company upon the satisfaction of all obligations. The CRO will determine which employees of the Reorganized Debtor will continue to work for the company during the term of this agreement and any employees retained will not interfere with services of the CRO pursuant to this engagement, provided however, that Samer AlAldwan will remain as corporate secretary, and he and the CRO will co-sign all checks over $2,500. Mr. Sharp assures the Court that neither the Firm nor the CRO are currently aware of any other relationship that would create a conflict of interest with the Debtor or those parties-in-interest. The CRO can be reached at: R. Patrick Sharp, III Sharp & Company, CPAs 401 Whitney Avenue Suite 100 Gretna, LA 70056 Based in New Orleans, Louisiana, Bourbon Saloon Incorporated, doing business as Mango Mango and Old Absinthe House, filed for Chapter 11 bankruptcy protection (Bankr. E.D. La. Case No. 11- 11518) on May 12, 2011. Judge Jerry A. Brown presides over the case. William E. Steffes, Esq., Steffes Vingiello & McKenzie LLC, represents the Debtor. The Debtor estimates assets and debts between $1 million and $10 million. CAL NEVA LODGE: Hires Jeffer Mangles as Counsel ----------------------------------------------- Cal Neva Lodge, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of California to employ Jeffer Mangles Butler & Mitchell LLP as Debtor's counsel. The Debtor requires Jeffer Mangles to: a. advise the Debtor regarding its rights and responsibilities as a Chapter 11 debtor and debtor in possession, specifically including the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Bankruptcy Rules, the Region 17 United State Trustee Guidelines ("UST Guidelines"), and how the application of such provisions relate to the administration of the Debtor's estate; b. advise and assist the Debtor in connection with the preparation of certain documents to be filed with the Bankruptcy Court and the Office of the United States Trustee ("UST"), including, without limitation, Schedules of Assets and Liabilities, Statement of Financial Affairs, Statement of Equity Security Holders, Monthly Operating Reports, and other such documents; c. represent the Debtor with respect to bankruptcy issues in the context of this pending chapter 11 case, and any adversary proceeding, the outcome of which would affect the administration of the chapter 11 case; and d. advise, assist and represent the Debtor in the negotiation, formulation and confirmation of a plan of reorganization or other proceedings necessary and appropriate to the Debtor's chapter 11 estate and the satisfaction of the rights, claims and demands of creditors and other parties in interest herein. Jeffer Mangles will be paid at these hourly rates: David M. Poitras (Partner) $765 Bennett G. Young (Partner) $695 Thomas M. Geher (Partner) $695 David A. Sudeck (Partner) $650 Erin E. Daly (Associate) $350 Christina Chen (Associate) $335 Jeffer Mangles was paid an initial retainer of $25,000 on April 12, 2016. the $25,000 retainer was substantially but not fully exhausted as of May 17, 2016. On May 17, 2016, the firm was paid an additional retainer in the amount of $75,000; $41,556.80 of the retainer was applied to prepetition services rendered and expenses incurred, leaving a retainer balance of $58,443.50 as of the Petition Date. David M. Poitras, Esq., partner of Jeffer Mangles Butler & Mitchell LLP, 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. Jeffer Mangles may be reached at: David M. Poitras, Esq. Jeffer Mangles Butler & Mitchell LLP 1900 Avenue of the Stars, Seventh Floor Los Angeles, CA 90067 Telephone: (310)203-8080 Facsimile: (310)712-8571 About Cal Neva Lodge, LLC Cal Neva Lodge, LLC filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cal. Case No. 16-10514) on June 10, 2016. Hon. Thomas E. Carlson presides over the case. Jeffer Mangles Butler & Mitchell LLC represents the Debtor as counsel. In its petition, the Debtor estimated $50 million to $100,000 million in assets and $10 million to $50 million in liabilities. The petition was signed by William T. Criswell, president. CEETOP INC: Cancels RMB 3 Million Loan -------------------------------------- Ceetop Inc. loaned three million RMB to an individual which was secured by three million shares of common stock of the Company. On June 28, 2016 the Company determined that the Loan was uncollectible, and the holders of the Collateral agreed to cancel the Shares. In lieu of the cancellation of the Shares the Loan has been cancelled, as disclosed in a regulatory filing with the Securities and Exchange Commission. About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. Ceetop reported a net loss of $599,847 on $0 of sales for the year ended Dec. 31, 2015, compared to a net loss of $1.41 million on $361,887 of sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Ceetop Inc. had $3.22 million in total assets, $1.16 million in total liabilities, all current, and $2.05 million in total stockholders' equity. The Company's auditors MJF& Associates, APC, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company incurred recurring losses from operations, has a net loss of $599,847 and $1,415,949 for the years ended December 31, 2015 and 2014, respectively, and has accumulated deficit of $10,621,441 at December 31, 2015. CHAMPION INDUSTRIES: Shareholders OK 1-for-200 Stock Split ---------------------------------------------------------- At a special meeting of shareholders of Champion Industries, Inc., held June 30, 2016, the shareholders approved proposed amendments to Article 7 of the Company's Articles of Incorporation (which relates to the Company's capital stock) and to effectuate a 1 for 200 reverse stock split of all the common shares of the Company. The proposed amendments to Article 7 of the Company's Articles of Incorporation (which relates to the Company's capital stock) to authorize and create a new class of capital stock, specifically 2,500 shares of Preferred Series A stock having a par value of $1,000 per share, and approve issuance of those shares in exchange for the conversion, into such shares, of certain existing debt owed by the Company to a shareholder, was approved. About Champion Industries Champion Industries, Inc., is engaged in the commercial printing and office products and furniture supply business in regional markets east of the Mississippi River. The Company also publishes The Herald-Dispatch daily newspaper in Huntington, West Virginia with a total daily and Sunday circulation of approximately 23,000 and 28,000. Champion Industries reported a net loss of $1.19 million on $61.28 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $1.13 million on $63.5 million of total revenues for the year ended Oct. 31, 2014. As of April 30, 2016, the Company had $23.6 million in total assets, $21.95 million in total liabilities and $1.66 million in total shareholders' equity. CHOCTAW RESORT: Moody's Hikes Corporate Family Rating to B2 ----------------------------------------------------------- Moody's Investors Service upgraded Choctaw Resort Development Enterprise's Corporate Family Rating to B2 and Probability of Default Rating to B2-PD. Moody's also upgraded the rating on the Enterprise's senior unsecured notes to B3. The rating outlook is stable. The upgrade reflects stable operating performance, high operating margins, and reduction in absolute debt levels from cash flow that has resulted in a decline in debt/EBITDA to 1.9x. Ratings upgraded: Corporate Family Rating to B2 from B3 Probability of Default Rating to B2-PD from B3-PD Senior unsecured notes due 2019 to B3 (LGD4) from Caa1 (LGD4) RATINGS RATIONALE Moody's said, "The B2 Corporate Family Rating reflects Choctaw's small size in terms of revenue, geographic concentration in a single jurisdiction, and the relatively low population density in its primary market, and competition from existing casinos in Mississippi and competing Native American facilities in Alabama. The rating also captures the high level of tribal distributions as a percentage of EBITDA and the expectation they will continue to be maximized (per the credit agreement and bond indenture). In addition, the rating reflects the high degree of uncertainty surrounding the enforceability of lenders' claims at default and other unique risks common to Native American gaming issuers. The rating is supported by Choctaw Resort's solid credit metrics and a good liquidity profile. The Enterprise has relatively strong leverage and coverage metrics. For the LTM period ended March 31, 2015, debt/EBITDA and EBIT/interest expense were 1.9 times and about 6.2 times, respectively. The Enterprise has good liquidity reflected by cash balances of about $64 million at March 31, 2016, our expectation that the Enterprise's internal cash flow will be sufficient to cover its interest expense, mandatory debt amortization, capex and tribal distributions over the next 12 -- 18 months.” The stable rating outlook reflects Moody's expectations that Choctaw will be able to maintain its EBITDA margins between 35% and 40% and retained cash flow/debt around 15%. Upward rating action is limited given the company's small scale in terms of revenue and geographic concentration. A higher rating is possible over the longer-term and would require that the company demonstrate the ability and willingness to maintain retained cash flow/debt above 20% in the context of a stable outlook for gaming demand in the company's primary market. The ratings could be downgraded if retained cash flow/debt declines and is likely to remain below 10%, if gaming revenue trends in Mississippi were to materially decline or if gaming revenue at the Silver Star and Golden Moon casinos - the 2 largest contributors to EBITDA - were to experience sustained declines. The Choctaw Resort Development Enterprise ("The Enterprise" or "Choctaw Resort") is a component unit of the Mississippi Band of Choctaw Indians ("the Tribe"), which was created in October 1999 to run the Tribe's gaming operations. The Enterprise owns and operates in central Mississippi the Silver Star Hotel and Casino ("the Silver Star") and the Golden Moon Hotel and Casino ("the Golden Moon"), which commenced operations in 1994 and 2002, respectively. The Enterprise also opened a smaller casino - Bok Homa Casino - in December 2010 on tribal land in Mississippi, approximately 100 miles south of the other facilities. All three facilities offer slot machines, while only Silver Star and Golden Moon offer table games. Both Silver Star and Golden Moon have hotels. The Enterprise generated net revenues of approximately $265 million for the LTM period ended 3/31/2016. CLASSIC COMMUNITIES: Mid Penn Bank Wants Payment Prior to Escrow ---------------------------------------------------------------- Mid Penn Bank submitted to the U.S. Bankruptcy Court for the Middle District of Pennsylvania, a supplemental response to the objection filed by the Official Committee of Unsecured Creditors to debtor Classic Communities Corporation's sale motion. The Creditors Committee objected to the Debtor's request that the proceeds attributable to the first mortgage lien, in the amount of $169,000, be held in escrow by the Debtor's counsel pending further investigation. Mid Penn Bank asks the Court to deny the Committee's request to escrow the proceeds of the sale to the extent that it would interfere with Mid Penn Bank's first priority lien. Mid Penn Bank tells the Court that in its initial response to the Official Committee's objection, it had provided both the December 1, 2010 Note for $1,500,000 and February 12, 2015 recorded Mortgage for the real estate at issue, and argued that there is no purpose served by delaying payment to the first priority secured lienholder. Mid Penn Bank asserts that as the Note and Mortgage indicate, it has full right and interest in the proceeds of sale of real estate up to payment in full of its first priority lien, which has a current balance of $610,229.91. Mid Penn Bank contends that if the Court were to grant the Official Committee's request that the funds from the sale be escrowed before payment to Mid Penn Bank as the first priority lienholder, interest will continue to accrue on the loan, further diminishing the return on the additional collateral and ultimately reducing any possible future returns to unsecured creditors on those sales transactions. Mid Penn Bank is represented by: Steven J. Schiffman, Esq. Tracy L. Updike, Esq. SERRATELLI, SCHIFFMAN & BROWN, P.C. 2080 Linglestown Road, Suite 201 Harrisburg, PA 17110 Telephone: (717)540-9170 E-mail: sschiffman@ssbc-law.com tupdike@ssbc-law.com About Classic Communities Corporation Classic Communities Corporation filed a Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 16-02022) on May 10, 2016. The petition was signed by Douglas Halbert, president. The Debtor estimated assets and liabilities in the range of $10 million and debts of up to $50 million. Judge Mary D. France is the case judge. CLEAN UP AMERICA: Taps Gronemeier as Counsel in Walsh Shea Rift --------------------------------------------------------------- Clean Up America, Inc, seeks permission from the U.S. Bankruptcy Court for the Central District of California to employ Gronemeier & Associates as special counsel. The Debtor requires the services of the Firm to represent the Debtor in the action entitled Clean Up America, Inc. vs. Walsh Shea Corridor Contractors, et al., filed in Los Angeles Superior Court, Case No, BC616121. In this action, the Debtor sues Walsh/Shea and related entities for 1) fraud; 2) breach of implied covenant of good faith and fair dealing; and 3) libel, regarding Walsh/Shea's alleged wrongful termination of Debtor from a contract wherein Debtor was providing services to Walsh/Shea for the Crenshaw/LAW Transit corridor project. The Debtor and the Firm request special employment to litigate the matter on behalf of Debtor. The Firm will be paid at these hourly rates: Dale L. Gronemeier, Esq., $460 Elbie J. Hickambottom, Jr., Esq. $360 Paraprofessionals, Law Clerks, & Investigators $125 Dale L. Gronemeier, Esq., an associate of the Firm, assures the Court that it is a disinterested person within the meaning of Section 101(14) and Section 327 of the Bankruptcy Code. The Firm can be reached at: Dale L. Gronemeier, Esq. Gronemeier & Associates 1490 Colorado Boulevard Eagle Rock, CA 90041 Tel: (323) 254-6700 Fax: (323) 254-6722 E-mail: dlg@dgronemeier.com Headquartered in Los Angeles, California, Clean Up America, Inc., filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 14-33267) on Dec. 18, 2014, listing $1.53 million in total assets and $3.07 million in total liabilities. The petition was signed by Deontay Potter, president. Judge Vincent P. Zurzolo presides over the case. Peter T Steinberg, Esq., at Steinberg Nutter And Brent serves as the Debtor's bankruptcy counsel. COMPCARE MEDICAL: Taps Turoci Firm as Legal Counsel --------------------------------------------------- CompCare Medical Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Turoci Firm as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) represent the Debtor at its initial debtor interview; (b) advise and assist the Debtor with respect to compliance with the requirements of the U.S. trustee; (c) advise the Debtor regarding matters of bankruptcy law, including its rights and remedies with respect to its assets and the claims of creditors; (d) represent the Debtor or other professionals in any proceedings or hearings in the bankruptcy court or in other courts; (e) conduct examinations and prepare legal papers; (f) advise the Debtor concerning the requirements of the bankruptcy court; (g) represent the Debtor at its meeting of creditors; (h) represent the Debtor in the preparation of a disclosure statement and in the negotiation, formulation and implementation of a Chapter 11 plan of reorganization; (i) make court appearances on behalf of Debtor; (j) represent the Debtor in all contested matters; (k) analyze any secured, priority or general unsecured claims that have been filed; (l) negotiate with secured and unsecured creditors regarding the amount and payment of their claims; and (m) object to claims when appropriate. The firm's professionals and their hourly rates are: Attorneys Hourly Rates --------- ------------ Todd Turoci $500 Julie Philippi $400 Michael Ortiz $250 Law Clerks/Paralegal Hourly Rate -------------------- ----------- Daisy Diaz $175 Adela Salgado $175 Dana Cormey $175 Todd Turoci, Esq., disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd L. Turoci Julie Philippi The Turoci Firm 3845 Tenth Street Riverside, CA 92501 Phone: (888) 332-8362 Fax: (866) 762-0618 mail@theturocifirm.com About CompCare Medical CompCare Medical Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 16-15707) on June 27, 2016. CONGREGATION OF UNITY: Taps Kight Law as Bankruptcy Counsel ----------------------------------------------------------- The Congregation of Unity, Inc., asks for authorization from the U.S. Bankruptcy Court for the Western District of North Carolina to employ D. Rodney Kight, Jr., Esq., at Kight Law Office as bankruptcy counsel. The Firm's services will include preparing, filing, defending, and arguing motions to use cash collateral, to extend the automatic stay, for relief from stay. The Firm anticipates communicating with claimants and the Bankruptcy Administrator's office, negotiating possible resolutions to disputes, preparing and filing a Disclosure Statement and Plan, reviewing and advising the Debtor regarding monthly reports and quarterly reports and fees, and other activities that are generally required in cases filed under Chapter 11 of the Bankruptcy Code. The Firm will be paid at these hourly rates: D. Rodney Kight, Jr., Esq. $395 Paralegal $125 Mr. Kight assures the Court that he has no connection with the Debtor, its creditors, or any other party-in-interest or their respective attorneys which would cause him to be unable to represent fully the interests of the Debtor and that he is a disinterested person to represent the Debtor and the estate. The Firm can be reached at: D. Rodney Kight, Jr., Esq. KlGHT LAW OFFICE, PC 56 College Street, Suite 302 Asheville, NC 28801 Tel: (828) 255-9881 Fax: (828) 255-9886 E-mail: rod@kightlaw.com Headquartered in Edneyville, North Carolina, The Congregation of Unity, Inc., is a nonprofit church entity that will require legal representation in this action. As a corporate entity, it can only appear through its agents and cannot represent itself pro se. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. N.C. Case No. 16-10260) on June 29, 2016, listing $1.72 million in total assets and $579,317 in total liabilities. The petition was signed by Carol Brawley, director. Judge George R. Hodges presides over the case. D. Rodney Kight, Jr., Esq., at Kight Law Office serves as the Debtor's bankruptcy counsel. CONNTECH PRODUCTS: Hires CRG as Auctioneer ------------------------------------------ Conntech Products Corporation seeks authorization from the U.S. Bankruptcy Court for the District of Connecticut to employ Capital Recovery Group, LLC as auctioneer. On March 16, 2016, the Debtor entered into a Stipulation on Preliminary Order Authorizing use of Cash Collateral and Providing Adequate Protection to Lender, which was approved by the Court on March 16, 2016. The order requires the Debtor to file an application to employ a commercial broker and file the application for employment by march 29, 2016. On March 29, 2016, the Debtor filed a Application to Employ a Business Broker, for the employment of Capital Recovery Group, LLC ("CRG") and upon which the Court entered an Order Authorizing Employment of a Business Broker, on April 22, 2016. The Debtor requires CRG to assist in complying with the Bidding Procedures. The fees and costs to CRG, will be paid in accordance the Bidding Procedure, which provide CRG shall be reimbursed for its actual expenses incurred for the advertising of the auction, to maximum amount of $12,500, plus compensation at the guaranteed amount of $20,000 from the sale proceeds, or in the alternative a buyer's premium of 10% for any bid higher than the offers of Potential Purchasers for each of said lot, which Lot offers total $1,362,700. The buyer's premium shall be paid by any Potential Bidder on the entire amount of any bid made by any Potential Bidder, other than the Potential Purchaser. In the event the successful purchaser is the Potential Purchaser, the compensation to CRG shall be that outlined with the Buyer's Premium based upon any increased amount by which the final purchase price exceeds the existing amount offered by the Potential Purchaser. CRG 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 Debtor and its estates. CRG can be reached at: Capital Recovery Group, LLC 1654 King Street Enfield, CT 06802 Tel: 860-623-9060 Fax: 860-623-9160 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. CONTROL SYSTEMS: 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 Control Systems Design and Automation, Inc. Control Systems Design and Automation, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Ky. Case No. 16-10373) on April 20, 2016. The petition was signed by Robert Scheidegger, authorized representative. The case is assigned to Judge Joan A. Lloyd. At the time of the filing, the Debtor disclosed $518,289 in assets and $2.24 million in liabilities. CROSBY US: Moody's Cuts Corporate Family Rating to Caa1 ------------------------------------------------------- Moody's Investors Service downgraded Crosby US Acquisition Corp.'s Corporate Family Rating (CFR) to Caa1 from B3 and Probability of Default Rating (PDR) to Caa1-PD from B3-PD. Moody's also assigned a Caa1 rating to the $60 million first lien revolving credit facility due 2020. Concurrently, the ratings on the $5 million first lien revolver due 2018 and $560 million first lien term loan due 2020 were downgraded to Caa1 from B2, and the $90 million senior secured second lien term loan was downgraded to Caa3 from Caa2. The ratings outlook is stable. Moody's took the following rating actions on Crosby US Acquisition Corp.: Ratings Downgraded: Corporate Family Rating, to Caa1 from B3; Probability of Default Rating, to Caa1-PD from B3-PD; $5 million senior secured first-lien revolver due 2018, to Caa1 (LGD3) from B2 (LGD3); $560 million senior secured first-lien term loan due 2020, to Caa1 (LGD3) from B2 (LGD3); $90 million senior secured second-lien bank credit facility, to Caa3 (LGD6) from Caa2 (LGD6). Ratings Assigned: $60 million senior secured first-lien revolver due 2020, Caa1 (LGD3) The ratings outlook is stable. RATINGS RATIONALE The downgrade of the CFR to Caa1 reflects the decreased demand for Crosby's products across most of its end markets, particularly the oil and gas end markets, which have meaningfully pressured operating results over the last year. Moreover, Moody's does not anticipate a rapid recovery in global industrial manufacturing activity in the short term, which would help alleviate pressure in Crosby's oil and gas end markets. These factors have weakened Crosby's leverage, measured as debt / EBITDA (inclusive of Moody's standard accounting adjustments for pensions and operating leases), to the mid 9 times during the LTM March 31, 2016 period. Moody's believes that leverage should improve over the next year given the company's cost rationalization efforts and manufacturing efficiency initiatives undertaken over the past year. These benefits are likely to become fully realized in 2017 and should reduce leverage towards 8 times. The Caa1 CFR balances Crosby's high leverage and exposure to capital-intensive and cyclical end markets against the company's global presence, strong market position in highly engineered industrial lifting and rigging equipment and meaningful customer diversification. Moody's anticipates further revenue contraction in 2016 and likely into 2017 due to ongoing end market weakness. Operating margins are expected to improve as the company begins to yield greater cost savings from facility upgrades which are expected to be completed in 2017. The company's global footprint, strong market position, and good product diversity for highly-engineered lifting & rigging equipment and custom material handling solutions are supportive of the company's rating. Moody's said, "Crosby's adequate liquidity profile is primarily supported by an undrawn revolving credit facility with total commitments of $65 million and good cash balances, which we expect to be maintained at least in the $45 to $50 million range. Crosby recently extended the maturity of $60 million of commitments under its revolving credit facility to 2020 with the remaining $5 million still due in 2018. Moody's anticipates a continuation of temporarily elevated capital expenditures over the next few quarters as the company completes a major facility upgrade. Crosby has secured additional financing to fund this project. Moody's believes cash balances plus revolver availability should be sufficient to finance the company's cash outlays over the next 12 to 15 months. Moody's does not anticipate borrowings will trigger the springing first lien net leverage ratio, which applies if utilization exceeds 25% of the extended revolving facility. The company is expected to maintain good headroom under the first lien net leverage ratio so long as the market does not materially deteriorate over the next twelve months. There are no financial maintenance covenants in the term loan." The two notch downgrade of the senior secured first-lien bank credit facilities to Caa1 reflects the high amount of first lien debt relative to the company's assets, which in Moody's view, would likely not perform well in a recovery scenario. The stable rating outlook balances Moody's view that Crosby's end markets will remain weak, pressuring operating results, against good liquidity that should provide the company with sufficient resources to manage through the downturn in the intermediate term. The rating could become pressured if the company's free cash flow generation were anticipated to remain negative for an extended period of time or if Crosby's liquidity position were to meaningfully deteriorate. Moreover, EBITDA less capital expenditures to interest below 1.0 times on a sustained basis could also result in a ratings downgrade. The company's high leverage coupled with the protracted downturn in its end markets make a ratings upgrade within the next 12 months unlikely. However, if the end markets improved meaningfully and the company demonstrated the capacity to maintain leverage below 7 times and EBITDA -- Capex / Interest above 1.5 times, the rating could experience upward momentum. Crosby US Acquisition Corp, a subsidiary of Crosby Worldwide Ltd, is a manufacturer of highly-engineered lifting and rigging equipment, as well as customized material handling solutions. The company is headquartered in Tulsa, Oklahoma and had annual revenues of over $300 million through the LTM March 2016 period. CSC HOLDINGS: Fitch Assigns BB+ Rating on Sr. Sec. Credit Facility ------------------------------------------------------------------ Fitch Ratings has assigned these issue ratings to debt assumed by CSC Holdings, LLC [CSCH: Issuer Default Rating (IDR) 'B+']: -- Senior secured credit facility 'BB+/RR1'; -- $1 billion of senior guaranteed notes due 2025 'BB/RR2'; -- $1.8 billion of senior notes due 2023 'B+/RR4'; -- $2 billion of senior notes due 2025 'B+/RR4'. The credit facility and notes were assumed by CSCH from Neptune Finco Corp. following the close of Altice N.V.'s (Altice) acquisition of Cablevision Systems Corp. (CVC). The Rating Outlook is Negative. Fitch downgraded CVC and CSCH's IDR on June 17, 2016, due to the leveraging nature of Altice's acquisition of CVC (the transaction) for an enterprise value of $17.7 billion, including $8.4 billion of existing debt. Pro forma leverage for the transaction increased to 8.6x from 5.3x at March 31, 2016, excluding anticipated cost synergies and to 6.9x considering the realization of $450 million in cost synergies. Fitch expects EBITDA growth through cost synergy realization will likely be the main driver of leverage reduction. Although Altice stated it is targeting leverage between 5x and 5.5x for both CVC and Suddenlink (see below) on a combined basis, Fitch expects CVC will delever only to the mid-6x range over the next 24 months. Fitch believes CVC will meet its stated leverage target only if it achieves the majority of Altice's anticipated synergies, which total $1.05 billion (consisting of $900 million in cost synergies and $150 million in capex synergies). In addition, Fitch expects that Cablevision's free cash flow generation as a percentage of debt will range in the low single digits during the rating horizon. CVC is an unrestricted subsidiary of Altice and will maintain a separate capital structure. Transaction financing consists of $6 billion of incremental debt assumed by CSCH and $3.3 billion of equity. Approximately 70% of the equity financing was contributed by Altice and the remaining 30% by BC Partners and Canada Pension Plan Investment Board. In October 2015, Altice's escrow subsidiary (Neptune Finco Corp.) also issued an additional $2.6 billion of debt that was subsequently assumed by CSCH, and was used to refinance $2 billion of outstanding term loans at CSCH and $480 million of term loans at Newsday, LLC, a CSCH subsidiary. The escrow subsidiary merged into CSCH at the close of the transaction. The Negative Outlook reflects uncertainty around the viability and timing of the potential synergies to drive EBITDA growth over the next 18 to 24 months, which will likely be the main source of deleveraging for CVC. The transaction represents Altice's second acquisition of a U.S. cable operator in the last six months. In December 2015, Altice officially entered the U.S. market after spending $9.1 billion to acquire a 70% ownership stake in Suddenlink Communications (Suddenlink), the seventh largest U.S. cable operator with approximately 1.5 million subscribers. KEY RATING DRIVERS -- The acquisition of CVC and Suddenlink by Altice will create the fourth largest MVPD operator in the U.S.; -- Although Altice has demonstrated its ability to achieve synergy targets at previous acquisitions, Fitch believes there is significant execution risk given that: 1) Altice is a new entrant to the U.S. market, 2) Altice has presented sizable synergies that may be difficult to realize entirely, and 3) it will not have contiguous operations that would benefit from scale efficiencies; -- Excluding synergies, pro forma leverage for the transaction increases to 8.6x from 5.3x at March 31, 2016. Significant Execution Risk: Altice's ability to manage the restructuring process and limit disruption to the company's overall operations is key to the success of the transaction. Altice's management anticipated $900 million of cost synergies after its initial announcement of the transaction, but later clarified that it expects to achieve $450 million of cost savings in the medium term. Fitch expects CVC to achieve $450 million of its anticipated cost synergies over a three-year period. However, Fitch believes there is significant execution risk in achieving the remaining $450 million of the aggregate $900 million. As such, Fitch has not incorporated any additional cost synergies into its forecast beyond the initial $450 million. In order to achieve its synergies, Altice will focus on eliminating excess corporate costs and on continuing investments in CVC's network to improve the quality of service offerings provided and significantly reduce network and operational costs of the business. CVC's dense network should allow the company to more quickly extract efficiencies. Altice also believes it can eliminate excess IT, billing system and software costs through the combination of Cablevision and Suddenlink's operations. Intense Competitive Environment: Video and voice subscriber declines are largely attributed to intense competition and evolving media consumption patterns. Verizon Communications Inc. (Verizon) has been a source of significant competition for CVC, as Verizon's fiber network passes a significant portion of CVC's footprint. Additionally, CVC faces competition from Frontier Communications Corp. (Frontier) in its Connecticut footprint and from emerging OTT providers such as Netflix and Amazon.com, Inc.'s 'Prime'. Promotional package offerings from Verizon and Frontier will continue to pressure CVC's ability to maintain its current subscriber base and ARPU growth. However, network investments by Altice may position Cablevision to compete more effectively against its competitors. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for CVC include: -- CVC achieves $450 million of its anticipated cost synergies related to the acquisition over a three-year period. Specifically, the company realizes 67% of the $450 million annualized cost synergies within 18 months of the close of the transaction; -- CVC revenue growth in the low single digits, reflecting the maturity and high penetration rate of the company's services; -- FCF margin in the low single digits during 2016 and 2017 as FCF is hampered by $225 million of restructuring costs and higher interest expense. Margins are expected to increase to the mid-single digits starting in 2018 as synergies are fully realized. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to a stabilization of the rating include: -- Sustained reduction of leverage to below 6.5x; -- Clear indications that pricing and cost reduction initiatives are producing desired revenue growth acceleration and ARPU growth such that EBITDA margins approach the low- to-mid-30s; -- Cablevision demonstrating that its operating profile will not materially decline in the face of competition from other cable operators and against OTT providers in the evolving media landscape. Negative ratings actions would likely coincide with: -- If the company does not present a credible deleveraging plan and leverage remains above 6.5x after an 18 - 24-month timeframe; -- The company is unable to sustain FCF margins in the mid- single digits; -- EBITDA margins remain weak compared to peer group or as a result of CVC's inability to realize synergies. LIQUIDITY Fitch considers CVC's liquidity position and overall financial flexibility to be adequate given the current rating. Liquidity is supported by cash on hand totalling $934 million as of March 31, 2016 and $1.4 billion of available borrowing capacity from CSCH's $1.5 billion revolver expiring April 2018. Following the close of the transaction, the old revolver was replaced with a $2 billion revolver expiring October 2020. The $2 billion of secured term loans outstanding at CSCH as of March 31, 2016 were repaid at the close of the transaction and CSCH assumed $3.8 billion of secured term loans due 2020 that were previously issued at Altice's escrow subsidiary. The new term loans and revolver eliminate the financial covenants under the old credit facility. Going forward, the only financial covenant will be under the new revolver that limits net senior secured leverage to no more than 5x. The financial covenant will be tested only if there are outstanding borrowings under the new revolver. Pro forma for the closing of the transaction and excluding $1.2 billion of monetized indebtedness outstanding at March 31, 2016, Fitch estimates principal amounts of $38 million and $938 million mature in 2016 and 2017, respectively. Approximately $1.6 billion matures in 2018. Outside of $38 million in term-loan amortization payments annually, Fitch expects CVC and CSCH to refinance any upcoming maturities. FULL LIST OF RATING ACTIONS Fitch assigns these ratings: CSC Holdings, LLC -- Senior secured credit facility 'BB+/RR1'; -- $1 billion of senior guaranteed notes due 2025 'BB/RR2'; -- $1.8 billion of senior notes due 2023 'B+/RR4'; -- $2 billion of senior notes due 2025 'B+/RR4'. CULTURE PROJECT: Taps Shafferman & Feldman as Bankruptcy Counsel ---------------------------------------------------------------- The Culture Project Inc. seeks permission from the U.S. Bankruptcy Court for the Southern District of New York to employ Shafferman & Feldman LLP as its general and corporate counsel to represent the Debtor and assist it in carrying out its duties as a debtor in possession under Chapter 11 of the Bankruptcy Code. S&F will provide these services: (a) providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; (c) appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) preparing on the Debtor's behalf Debtor necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; (e) appearing before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before the Court; and (f) performing all other legal services for the Debtor that may be necessary herein. S&F will be paid $325 per hour for its services. S&F has received a retainer from the Debtor, in the amount of $11,717. Joel M. Shafferman, Esq., a member at S&F, assures the Court that neither he nor S&F represent any interest adverse to the Debtor or the estate in the matters upon which S&F is engaged and that S&F and he are disinterested persons pursuant to Section 101(14) of the Bankruptcy Code. Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Tel: (212) 509-1802 Fax: (212) 509-1831 E-mail: joel@shafeldlaw.com The Culture Project Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-11874) on June 29, 2016. CUMULUS MEDIA: Greywolf, et al., Hold 5.5% of Class A Shares ------------------------------------------------------------ In a Schedule 13D filed with the Securities and Exchange Commission, Greywolf Event Driven Master Fund, Greywolf Capital Management LP, Greywolf GP LLC and Jonathan Savitz disclosed that as of June 24, 2016, they hold an aggregate of 12,845,373 shares of Class A common stock of Cumulus Media Inc. representing 5.49 percent of the shares outstanding. A copy of the regulatory filing is available for free at https://is.gd/rdmw16 About Cumulus Media Cumulus Media Inc. (CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands in order to deliver premium choices for listeners, provide substantial reach for advertisers and create opportunities for shareholders. As the largest pure-play radio broadcaster in the United States, Cumulus provides exclusive content that is fully distributed through approximately 460 owned-and-operated stations in 90 U.S. media markets (including eight of the top 10), more than 10,000 broadcast radio affiliates and numerous digital channels. Cumulus is well-positioned in the widening digital audio space through a significant stake in the Rdio digital music service, featuring 30 million songs on-demand in addition to custom playlists and exclusive curated channels. Cumulus is also the leading provider of country music and lifestyle content through its NASH brand, which will serve country fans through radio programming, NASH magazine, concerts, licensed products and television/video. For more information, visit http://www.cumulus.com/ Cumulus Media put AR Broadcasting Holdings Inc. and three other units to Chapter 11 protection (Bankr. D. Del. Lead Case No. 11-13674) in 2011 after struggling to pay off debts that topped $97 million as of June 30, 2011. Cumulus Media reported a net loss attributable to common shareholders of $546.49 million on $1.16 billion of net revenue for the year ended Dec. 31, 2015, compared to net income attributable to common shareholders of $11.76 million on $1.26 billion of net revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Cumulus had $2.98 billion in total assets, $2.98 billion in total liabilities, and $2.48 million in total stockholders' equity. * * * The TCR reported on March 25, 2016, that Standard & Poor's Ratings Services lowered its corporate credit ratings on Atlanta, Ga.-based Cumulus Media Inc. and its subsidiary Cumulus Media Holdings Inc. to 'CCC' from 'B-'. As reported by the TCR on Sept. 17, 2015, Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate Family Rating to B3 from B2. Cumulus' B3 Corporate Family Rating reflects Moody's expectation that debt-to-EBITDA will remain elevated and in the mid to high 8x through FYE2015 (including Moody's standard adjustments) due to continued revenue declines in core ad sales and network revenue as well as the absence of political ad spending in 2015, an odd numbered year. DEPAUL INDUSTRIES: U.S. Trustee Forms 5-Member Committee -------------------------------------------------------- The Office of the U.S. Trustee on July 6 filed an amended notice of appointment of DePaul Industries' official committee of unsecured creditors. The Justice Department's bankruptcy watchdog announced that it appointed these creditors to serve on the committee: (1) Benchmade Knife Co. c/o Tracy Krochmalny 300 Beavercreek Rd. Oregon City, OR 97045 Phone: (503) 655-6004 Fax: (503) 655-7922 Email: tkrochmalny@benchmade.com (2) Fiskars Brands, Inc. c/o Jeffrey Liebling 2537 Daniels Street Madison, WI 53718 Phone: (608) 294-4655 Fax: (608) 294-4790 Email: jeff.liebling@fiskars.com (3) Sensory Effects Cereal Systems, Inc. c/o Travis Larsen 4343 NW 38th Street Lincoln, NE 68524 Phone: (801) 820-1117 Email: tlarsen@balchem.com (4) Indoor Billboard/Northwest, Inc. c/o Jim Shulevitz PO Box 17555 Portland, OR 97217 Phone: (503) 289-9020 Fax: (503) 289-9034 Email: jim@indoor.com (5) Image Pressworks c/o Scott Norton 4544 NE 190th Lane Portland, OR 97230 Phone: (503) 381-2846 Fax: (503) 231-2578 Email: scott.n@imagepressworks.com The agency also announced that it was not able to appoint a committee of unsecured creditors in the Chapter 11 case of DePaul Services Inc., an affiliate of DePaul Industries, because there are no creditors on the list of 20 largest unsecured creditors filed in that case. The U.S. Trustee's notice of appointment did not indicate that the two Chapter 11 cases continue to be jointly administered. About DePaul Industries DePaul Industries is a non-profit corporation based in Portland, Ore., founded in 1971 with a mission of providing employment opportunities for people with disabilities. DePaul Services, Inc., was formed in 2004 as a separate Oregon non-profit corporation to segregate DPI's work for governmental entities from its non-governmental work. DePaul lost a major $1 million spice packaging customer in 2015. DPI and DSI filed chapter 11 petitions (Bankr. D. Ore. Case Nos. 16-32293 and 16-32294) on June 10, 2016, and are represented by Jeffrey C. Misley, Esq., and Thomas W. Stilley, Esq., at Sussman Shank LLP in Portland. At the time of the filing, the Debtors estimated their assets and liabilities at less than $10 million. Gail Brehm Geiger, acting U.S. trustee for Region 18, on June 22 appointed five creditors in the jointly administered Chapter 11 cases of DePaul Industries and DePaul Services, Inc., to serve on the official committee of unsecured creditors. DIXIE ELECTRIC: Moody's Cuts CFR to Ca & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Investors Service downgraded Dixie Electric, LLC's Corporate Family Rating (CFR) to Ca from Caa1 and changed the rating outlook to negative from stable. Concurrently, Moody's downgraded the Probability of Default Rating (PDR) to Ca-PD from Caa1-PD and the bank credit facilities to Ca from Caa1. "We do not expect a material improvement in activity levels through 2017 to offset the high interest burden and Dixie's ongoing liquidity needs," said Moody's Assistant Vice President Morris Borenstein. Ratings Downgraded: Corporate Family Rating, Downgraded to Ca from Caa1 Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD $40 Million Senior Secured First Lien Revolving Credit Facility due 2018, Downgraded to Ca (LGD4) from Caa1 (LGD4) $280 Million ($273 Million Outstanding) Senior Secured First Lien Term Loan due 2020, Downgraded to Ca (LGD4) from Caa1 (LGD4) Outlook Action: Outlook, Changed to Negative from Stable RATINGS RATIONALE Dixie's Ca Corporate Family Rating reflects Moody's expectations that activity levels and earnings will not recover in 2016 to sustainably support its debt service and liquidity needs. Even if energy prices recover, Moody's expects very weak earnings through 2017, driven by weak revenues, depressed pricing, and market oversupply. These declines will result in a further deterioration in credit metrics and heightened risk of a need to restructure its debt. The rating also reflects Dixie's small scale, lack of geographic and end-market diversification, and its reliance on the highly cyclical upstream oil & gas sector. Asset coverage is very weak with fixed assets of less than 40% of debt. Dixie has some ability to shift some of its employee base of electricians to other industrial work or into midstream and downstream capacities, albeit at much lower margins. The negative rating outlook reflects Moody's expectation revenue and profitability will continue to be weak at least until middle of 2017. The ratings could be downgraded if liquidity further deteriorates or if there is a debt restructuring. A ratings upgrade is unlikely unless there is a material improvement in the ability to service debt with EBITDA to interest expected to be sustained above 1 times. Headquartered in Odessa, Texas, Dixie Electric, LLC ("Dixie") is a provider of well site electrification and automation infrastructure to the upstream oil industry. The company offers design, installation, modification, retrofit, upgrade, maintenance, repair and decommissioning services. Dixie operates primarily in the Permian and Bakken Basins. Revenue for the twelve months ended March 31, 2016 was approximately $153 million. Dixie is majority owned by private equity firm First Reserve. E & E ENTERPRISES: Taps Beth W. Moore as Accountant --------------------------------------------------- E & E Enterprises Global, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Beth W. Moore, CPA, PLLC as its accountant. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) continue maintaining the Debtor's books and records; (b) assist in preparing the Debtor's tax returns; and (c) perform other functions to assist the Debtor in its reorganization including the preparation of monthly operating reports and financial projections in support of a Chapter 11 plan. The firm's professionals and their hourly rates are: Beth Moore, CPA $385 Professional Staff $85 - $225 Bookkeeping $60 - $90 In a court filing, Ms. Moore, managing partner, disclosed that her firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The Debtor can be reached through its counsel: Roy M. Terry, Jr. John C. Smith Sands Anderson PC P.O. Box 1998 Richmond, VA 23218-1998 Telephone: 804-648-1636 About E & E Enterprises E & E Enterprises Global, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Va. Case No. 16-50334) on March 15, 2016. The petition was signed by Ernest Green, Jr., president and CEO. The case is assigned to Judge Frank J. Santoro. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. E & E ENTERPRISES: Taps Linda Awkard as Counsel in Contract Rift ---------------------------------------------------------------- E & E Enterprises Global, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire a special counsel. E & E Enterprises proposes to hire Linda Awkard to assist the Debtor in pursuing its claims against Defense Information Systems Agency. The claims stemmed from the termination of the Debtor's contract with the agency. Ms. Awkard will be paid $500 per hour for her services. In a court filing, Ms. Awkard disclosed that she does not have any relationship with or represent any of the Debtor's creditors. Ms. Awkard maintains an office at: Linda Awkard 4201 Cathedral Avenue, NW, Suite 1416 Washington, D.C. 20016 (202) 237-1535 (Voice) (202) 237-1204 (Fax) E-mail: lawkard@earthlink.net About E & E Enterprises E & E Enterprises Global, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Va. Case No. 16-50334) on March 15, 2016. The petition was signed by Ernest Green, Jr., president and CEO. The case is assigned to Judge Frank J. Santoro. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. EAGLE INC: Committee Taps Caplin & Drysdale as Legal Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Eagle, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Caplin & Drysdale, Chartered as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advising and assisting the committee in its consultations with the Debtor and representative of future claimants, if one is appointed, relative to the administration of the Debtor's estate; (b) representing the committee at hearings; (c) advising and assisting the committee in its examination and analysis of the Debtor's conduct and financial affairs; (d) reviewing and analyzing all legal documents filed in the Debtor's case; (e) assisting the committee in preparing legal papers; (f) coordinating the receipt and dissemination of information prepared by and received from the Debtor's independent certified accountants or other professionals; and (g) assisting the committee in soliciting and filing with the court acceptances or rejections of any proposed plan of reorganization. The hourly rates of Caplin & Drysdale professionals expected to serve the committee are: Ann C. McMillan Member $730 Kevin C. Maclay Member $620 Todd E. Phillips Member $525 Kevin M. Davis Associate $375 Sally J. Sullivan Associate $295 Cecilia Guerrero Paralegal $285 Eugenia Benetos Paralegal $255 Brigette A. Wolverton Paralegal $240 In a court filing, Ann McMillan disclosed that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Ann C. McMillan Caplin & Drysdale, Chartered 600 Lexington Avenue, 21st Floor New York, NY 10022 Tel: (212) 379-6000 Fax: (212) 379-6001 About Eagle Inc. Founded in 1920, Eagle, Inc., sold gaskets and insulation-related products, many of which contained asbestos. Eagle discontinued the distribution and sale of asbestos-containing products in the late 1970s and ceased all operations in 2006 other than the management of asbestos litigation and insurance rights. Eagle Inc. filed for Chapter 11 bankruptcy protection (Bankr. E.D. La. Case No. 15-12437) on Sept. 22, 2015, with a goal of confirming a plan of reorganization which implements a channeling injunction and trust to resolve its liability for asbestos-related claims. Judge Jerry A. Brown is assigned to the case. The petition was signed by Raymond P. Tellini, the president. The Debtor's schedules disclosed $1,517,044 in assets and $1,220,112 in liabilities. Full-text copies of the Schedules are available at http://bankrupt.com/misc/EAGLEsal1006.pdf The Debtor has engaged Young Conaway Stargatt & Taylor, LLP, as counsel; Barrasso Usdin Kupperman Freeman & Sarver, LLC as local counsel; and Epiq Bankruptcy Solutions as claims, noticing and balloting agent. The U.S. Trustee for Region 5 has appointed three members to the Official Committee of Unsecured Creditors. ELBIT IMAGING: Assignees Execute $2 Million Investment Right ------------------------------------------------------------ Elbit Imaging Ltd. announced that a right to invest $2 million that was given to INSIGHTEC's CEO and Chairman, Dr. Maurice R. Ferre, has been assigned by him and the assignees notified INSIGHTEC about the execution of the entire investment right. The Company holds approximately 89.9% of the share capital of Elbit Medical Technologies Ltd. (TASE: EMTC-M) (86.2% on a fully diluted basis) which, in turn, upon the aforementioned investment right execution, holds approximately 31.4% of the share capital in INSIGHTEC (25.6% on a fully diluted basis). About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. ELBIT IMAGING: Terminates Lease Agreement with ILA -------------------------------------------------- Elbit Imaging Ltd. announced the termination of an agreement, signed on July 2007, with the Israel Land Administration, pursuant to which, EI leased a plot of approximately 44,600 square meters near Tiberius, Israel for a term of 49 years (through 2056). Following the termination of the Agreement, ILA released two bank guarantees in the aggregated amount of approximately NIS 13 million, which have been provided to ILA in order to secure EI undertakings under the Agreement. The Company estimates it will be entitled to receive additional proceeds from ILA following the termination of the Agreement. However, at this stage, the Company cannot estimate the amount and the timing of such additional proceeds from ILA. About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. EPICENTER PARTNERS: Files Schedules of Assets and Liabilities ------------------------------------------------------------- Epicenter Partners LLC filed with the U.S. Bankruptcy Court for the District of Arizona its amended schedules of assets liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- --------------- -------------- A. Real Property $141,774,455.00 B. Personal Property $ 1,438,210.00 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $65,656,081.78 E. Creditors Holding Unsecured Priority Claims $ 86,735.62 F. Creditors Holding Unsecured Non-Priority Claims $ 1,170,461.85 --------------- -------------- Total $143,212,665.00 $66,913,279.25 A copy of the schedules is available for free at: http://goo.gl/5J2knp About Epicenter Partners Epicenter Partners LLC and Gray Meyer Fannin LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 16-05493) on May 16, 2016. The Debtors tapped Thomas J. Salerno, Esq. -- thomas.salerno@stinsonleonard.com -- at Stinson Leonard Street, LLP, as their Chapter 11 counsel. EPICOR SOFTWARE: S&P Puts 'B' CCR on CreditWatch Developing ----------------------------------------------------------- S&P Global Ratings said it placed its 'B' corporate credit rating on Austin, Texas-based Epicor Software Corp. on CreditWatch with developing implications. In addition, S&P placed on CreditWatch with developing implications its 'B' issue-level rating on the company's $100 million revolving facility expiring 2020 and $1.4 billion first-lien senior secured term loan due 2022, and S&P's 'CCC+' issue-level rating on the company's $610 million second-lien senior secured term loan due 2023. "The CreditWatch placement follows the announcement that KKR has agreed to acquire Epicor Software from Apax Partners," said S&P Global Ratings credit analyst Tuan Duong. S&P do not have final information on the capital structure and are unable to determine the impact on credit metrics at this time. The terms of the transaction have not been disclosed. The company expects to close the transaction by Aug. 31, 2016, subject to customary conditions to closing, including regulatory approvals. S&P could raise, lower, or affirm the rating depending on the final capital structure and credit metrics. S&P will resolve the rating once that has been determined as the transaction close date approaches. EROSOL LLC: Taps Arnall Golden as Bankruptcy Counsel ---------------------------------------------------- S. Gregory Hays, as Chapter 11 Trustee for the bankruptcy estate of Erosol, LLC, asks for authorization from the U.S. Bankruptcy Court for the Northern District of Georgia to employ the firm Arnall Golden Gregory LLP to act as his attorneys in this case. The Firm will: (a) advise, assist, and represent Applicant with respect to the Debtor's rights, powers, duties, and obligations in the administration of this case, and the collection, preservation, and administration of assets of Debtor's estate; (b) advise, assist, and represent the Debtor with regard to any claims and causes of action which the estate may have against various parties including, without limitation, claims for preferences, fraudulent conveyances, improper disposal of assets, and other claims or rights to recovery granted to the estate; to institute appropriate adversary proceedings or other litigation and to represent the Debtor therein with regard to claims and causes of action; and to advise and represent the Debtor with regard to the review and analysis of any legal issues incident to any of the foregoing; (c) advise, assist, and represent the Debtor with regard to investigation of the desirability and feasibility of the rejection or assumption and potential assignment of any executory contracts or unexpired leases, and to advise, assist, and represent the Debtor with regard to liens and encumbrances asserted against property of the estate and potential avoidance for the benefit of the estate, within Chapter 11 Trustee's rights and powers under the Bankruptcy Code, and the initiation and prosecution of appropriate proceedings in connection therewith; (d) advise, assist, and represent the Debtor in connection with all applications, motions, or complaints concerning reclamation, sequestration, relief from stay, disposition or other use of assets of the estate and all other similar matters; (e) advise, assist, and represent the Debtor in connection with the sale or other disposition of any assets of the estate, including, without limitation, the investigation and analysis of the alternative methods of effecting same; employment of auctioneers, appraisers, or other persons to assist with regard thereto; negotiations with prospective purchasers and the evaluation of any offers received; the drafting of appropriate contracts, instruments of conveyance, and other documents with regard thereto; the preparation, filing, and service as required of appropriate motions, notices, and other pleadings as may be necessary to comply with the U.S. Bankruptcy Code with regard to all of the foregoing; and representation of the Debtor in connection with the consummation and closing of any transactions; (f) prepare pleadings, applications, motions, reports, and other papers incidental to administration, and to conduct examinations as may be necessary pursuant to Bankruptcy Rule 2004 or as otherwise permitted under applicable law; (g) provide support and assistance to the Debtor with regard to the proper receipt, disbursement, and accounting for funds and property of the estate; and (h) perform any and all other legal services incident or necessary to the proper administration of this case and the representation of Applicant in the performance of the Debtor's duties and exercise of the Debtor's rights and powers under the Bankruptcy Code. The Firm will be paid at these hourly rates: Neil C. Gordon, Esq. $550 Frank N. White, Esq. $495 Michael F. Holbein, Esq. $450 Michael J. Bargar, Esq. $365 Angela G. Ford, Esq. $175 Nancy J. Overholtzer, Esq. $175 Pamela E. Bicknell, Esq. $175 Carol A. Stewart, Esq. $160 Michael J. Bargar, Esq., an associate with the Firm, assures the Court that the Firm has no professional, business, or other connection with the aforementioned Debtor, its attorney, creditors, or any party in interest in this case, and that the Firm represents no interest which would be adverse to the estates of Debtor in connection with the matters upon which the Firm is to be engaged. The Firm can be reached at: Michael J. Bargar, Esq. Arnall Golden Gregory LLP 171 17th Street, NW, Suite 2100 Atlanta, GA 30363 Tel: (404) 873-8500 E-mail: michael.bargar@agg.com Erosol, LLC, sought Chapter 11 protection (Bankr. N.D. Ga. Case No. 16-57405) on April 28, 2016. The Debtor estimated less than $50,000 in assets and debt. The Debtor tapped Leonard R. Medley III, Esq., at Medley & Associates, LLC, as counsel. FIREBALL ENTERPRISES: Hires Craig Marcum as President ----------------------------------------------------- Fireball Enterprises, Inc., seeks authorization from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Craig Marcum as President. The Debtor requires Craig Marcum to: a. enter into haul contracts - Operation of the business; b. responsible for purchase of all supplies and maintenance of vehicles; c. supervise the dispatch of all employees; d. cooperate with bankruptcy counsel on all mattes necessary to the administration of the Chapter 11 bankruptcy case; e. cooperate with the Debtor's counsel in preparation of a Disclosure Statement and Reorganisation Plan; and f. assist in preparation of a cash flow analysis and budget. Mr. Marcum will be compensated in the amount of $1,000 per month, as funds are available. This is the same compensation paid pre-petition. Fireball Enterprises, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. W.Va. Case No. 2:16-bk-20334) on June 21, 2016, listing under $1 million in both assets and liabilities. Joseph W. Caldwell, Esq., at Caldwell & Riffee, serves as bankruptcy counsel. FREESEAS INC: Common Stock Delisted from NASDAQ ----------------------------------------------- The NASDAQ Stock Market LLC filed a Form 25 with the Securities and Exchange Commission notifying the removal from listing or registration under Section 12(b) of the Securities Exchange Act of 1934 of FreeSeas Inc.'s common stock on the Exchange. About FreeSeas Inc. Headquartered in Athens, Greece, FreeSeas Inc., formerly known as Adventure Holdings S.A., was incorporated in the Marshall Islands on April 23, 2004, for the purpose of being the ultimate holding company of ship-owning companies. The management of FreeSeas' vessels is performed by Free Bulkers S.A., a Marshall Islands company that is controlled by Ion G. Varouxakis, the Company's Chairman, President and CEO, and one of the Company's principal shareholders. The Company's fleet consists of six Handysize vessels and one Handymax vessel that carry a variety of drybulk commodities, including iron ore, grain and coal, which are referred to as "major bulks," as well as bauxite, phosphate, fertilizers, steel products, cement, sugar and rice, or "minor bulks." As of Oct. 12, 2012, the aggregate dwt of the Company's operational fleet is approximately 197,200 dwt and the average age of its fleet is 15 years. Freeseas reported a net loss of US$52.94 million on US$2.30 million of operating revenues for the year ended Dec. 31, 2015, compared to a net loss of US$12.68 million on US$3.77 million of operating revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, FreeSeas had US$18.71 million in total assets, US$35.47 million in total liabilities and a total shareholders' deficit of US$16.76 million. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring operating losses and has a working capital deficiency. In addition, the Company has failed to meet scheduled payment obligations under its loan facilities and has not complied with certain covenants included in its loan agreements and is in default in other agreements with various counter parties. Furthermore, the vast majority of the Company's assets are considered to be highly illiquid and if the Company were forced to liquidate, the amount realized by the Company could be substantially lower that the carrying value of these assets. These conditions among others raise substantial doubt about the Company's ability to continue as a going concern. FTS INT'L: S&P Lowers CCR to 'SD' on Completed Debt Repurchase -------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Fort Worth, Texas-based oilfield services provider FTS International Inc. (FTSI) to 'SD' (selective default) from 'CC'. At the same time, S&P lowered the issue-level ratings on FTSI's term loan due 2021 and senior secured notes due 2022 to 'D' from 'CC'. The recovery ratings on these debt instruments remain '5', indicating modest (10% to 30%; higher end of range) recovery to creditors if a payment default occurs. "The downgrade follows FTSI's announcement that it has completed a repurchase of a portion of its senior secured notes due 2022 and its term loan due 2021 at below par," said S&P Global Ratings credit analyst Christine Besset. "We view the transaction as distressed because investors received less than what was promised on the original securities and because we believe that FTSI's current capital structure is unsustainable given the severely depressed industry conditions. We expect to review the corporate credit and issue-level ratings when we assess the likelihood of further debt repurchases as low. Our analysis will incorporate the company's current liquidity position, and high, though marginally improved, leverage measures," S&P said. GARDENS REGIONAL: U.S. Trustee Forms 2-Member Committee ------------------------------------------------------- The Office of the U.S. Trustee on July 5 appointed two creditors of Gardens Regional Hospital and Medical Center, Inc., to serve on the official committee of unsecured creditors. The committee members are: (1) Rob Speeney Cardinal Health 200, LLC 7000 Cardinal Place Dublin, OH 43017 Telephone: (614) 533-3125 Email: rob.speeney@cardinalhealth.com (2) Robert Zadek Lenders Funding, LLC 1001 Bridgeway, #721 Sausalito, CA 94965 Telephone: (415) 227-3585 Email: rzadek@buchalter.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 Gardens Regional Gardens Regional Hospital and Medical Center, Inc., fka Tri-City Regional Medical Center, leases a 137- bed, acute care hospital doing business at 21530 South Pioneer Boulevard, Hawaiian Gardens, Los Angeles, California. The Debtor provides a full range of inpatient and outpatient services, including, but not limited to, medical acute care, general surgical services, bariatric surgery services (for weight loss), spine surgery services, orthopedic and sports medicine and joint replacement services, wound care and pain management services, physical therapy, respiratory therapy, outpatient ambulatory services, diagnostic services, radiology and inpatient/outpatient imaging services, laboratory and pathology services, geriatric services, and community wellness and education programs. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 16-17463) on June 6, 2016, estimating its assets at between $1 million and $10 million, and liabilities at between $10 million and $50 million. The petition was signed by Brian Walton, chairman of the Board. Judge Ernest M. Robles presides over the case. Samuel R Maizel, Esq., and John A Moe, Esq., at Dentons US LLP serves as the Debtor's bankruptcy counsel. GLACIERVIEW HAVEN: Ch.11 Trustee Hires Andrew Wilson as Accountant ------------------------------------------------------------------ Andrew Wilson, the Chapter 11 Trustee for Glacierview Haven, LLC, asks the U.S. Bankruptcy Court for the Western District of Washington for permission to employ himself as accountant for the bankruptcy estate. Wilson has a business degree in Accounting and Finance, and has managed the business finances for multiple companies, and has familiarity with Bankruptcy Code provisions and with the Bankruptcy Code rules. As accountant, the Chapter 11 Trustee will: a. set up, supervise and maintain books of account with respect to the Debtors' business b. analyze existing records of the Debtors and related entities c. assist in the day-to-day financial management of the Debtors; d. collect and account for funds received by the Debtors and disburse such funds, where appropriate, and accounting for such disbursements; e. assist in the potential development and prosecution of various calling and choses in action, preference claims, and in all litigation in which the financial records of the Debtors and/or related entities are likely to be used as evidence; f. investigate potential causes of action g. provide analysis with regard to certain aspects of proposed sales of assets including tax consequences, and accounting assistance for any closings; and h. otherwise assist in all aspects of the Trustee's performance of his duties. Mr. Wilson proposes to be paid on a general retainer basis, with payment will be made on an interim basis at the regular hourly rates charged for services by the members of the firm. Mr. Wilson assured the Court that he does not represent any interest adverse to the Debtor and their estates. About Glacierview Haven et al. Glacierview Haven, LLC filed a Chapter 11 bankruptcy petition (Bankr. W.D. Wash. Case No. 15-17327) on December 17, 2015. Marc S. Stern, Esq., served as bankruptcy counsel to the Debtor. Forest Court, LLC filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 15-17329) on December 17, 2015, represented by Mr. Stern. Skagit River Resort, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-11632) on March 28, 2016. The petition was signed by Don Clark, manager. The Debtor was also represented by Mr. Stern. Skagit River disclosed total assets of $2.22 million and total debts of $894,828. The Court later consolidated the three cases for procedural purposes; and then appointed Andrew Wilson as the Chapter 11 Trustee. GLACIERVIEW HAVEN: Ch.11 Trustee Hires Bush Kornfeld as Counsel --------------------------------------------------------------- Andrew Wilson, the Chapter 11 Trustee for Glacierview Haven, LLC, asks the U.S. Bankruptcy Court for the Western District of Washington for permission to employ Bush Kornfled LLP as his counsel. The Chapter 11 Trustee requires Bush Kornfeld to: a. examine the officers of Glacierview Haven, LLC, Forest Court LLC and/or Skagit River Resort, LLC, debtors-in-possession with respect to the administratively consolidated bankruptcy cases, and other parties as to the acts, conduct, and property of the Debtors; b. prepare of records and reports as required by the Bankruptcy Rules and the Local Bankruptcy Rules; c. prepare of application and proposed orders to be submitted to the Court; d. identify and prosecute of claims and causes of action assertable by the Trustee; e. examine of Proofs of Claim previously filed and to be filed, and the possible prosecution of objections to certain of those claims; f. advise the Trustee and prepare documents in connection with the contemplated potential ongoing operation of the Debtors' business; g. advise the Trustee and prepare documents in connection with the potential liquidation of the assets, including analysis and collection of outstanding receivables; h. advise the Trustee with respect to any proposed plan of reorganization or liquidation, and representing the Trustee in the process of the Court considering confirmation of such plan; and i. assist and advise the Trustee in performing his other official function as set forth in section 1104 of the Bankruptcy Code or any other functions or matters which may require his attention Bush Kornfeld will be compensated in accordance with the terms and conditions under a general retainer based on time and billable charges. Christine M. Tobin-Presser, partner of Bush Kornfeld assured the Court that he does not represent any interest adverse to the Debtor and their estates. Bush Kornfeld can be reached at: Christine M. Tobin-Presser Bush Kornfeld LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Telephone: (206)292-2110 Facsimile: (206)292-2104 About Glacierview Haven et al. Glacierview Haven, LLC filed a Chapter 11 bankruptcy petition (Bankr. W.D. Wash. Case No. 15-17327) on December 17, 2015. Marc S. Stern, Esq., served as bankruptcy counsel to the Debtor. Forest Court, LLC filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 15-17329) on December 17, 2015, represented by Mr. Stern. Skagit River Resort, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-11632) on March 28, 2016. The petition was signed by Don Clark, manager. The Debtor was also represented by Mr. Stern. Skagit River disclosed total assets of $2.22 million and total debts of $894,828. The Court later consolidated the three cases for procedural purposes; and then appointed Andrew Wilson as the Chapter 11 Trustee. GLOBAL EMERGENCY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Global Emergency Resources, LLC 1030 Stevens Creek Road Augusta, GA 30907 Case No.: 16-10908 Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Southern District of Georgia (Augusta) Judge: Hon. Susan D. Barrett Debtor's Counsel: Todd Boudreaux, Esq. BOUDREAUX LAW FIRM 493 Furys Ferry Road Augusta, GA 30907 Tel: 706-869-1334 Fax: 706-869-3143 E-mail: toddb@csra.law Total Assets: $880,144 Total Liabilities: $4.74 million The petition was signed by Stan J. Kuzia Jr., CEO and Chairman of the Board. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/gasb16-10908.pdf GLOBAL HOUGHTON: S&P Affirms 'B' CCR & Revises Outlook to Neg. -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' corporate credit rating and revised its rating outlook on Global Houghton Ltd. to negative from stable. "At the same time, we affirmed our 'B+' issue-level rating (one notch above the corporate credit rating) and '2' recovery rating on the company's first-lien secured credit facilities, consisting of a $50 million revolving credit facility, $455 million first-lien term loan, and EUR100 million first-lien term loan. The '2' recovery rating indicates our expectation of substantial (lower half of the 70% to 90% range) recovery in the event of a default. We also affirmed our 'B-' issue-level (one notch below the corporate credit rating) and '5' recovery rating on the company's $200 million second-lien term loan. The '5' recovery rating indicates our expectation of modest (lower half of the 10% to 30% range) recovery in the event of a default," S&P noted. "We based our outlook revision on our assessment of the company's weaker than previously expected operating performance in 2015, and our expectation that operating results will continue to remain challenged through 2016," said S&P Global Ratings credit analyst Brian Garcia. "Our negative outlook reflects our view that there is a risk that operating performance could further weaken in the next 12 months, resulting in credit measures weaker than what we would expect at the current rating. As a result, we now believe there is at least a one-third chance of a negative rating action in the next 12 months. We believe that management will continue to maintain a prudent approach to funding growth and shareholder rewards. We also expect management to be proactive in obtaining covenant relief if covenant compliance became a risk. Although we expect 2016 debt to EBITDA could reach above 7x, we expect weighted average debt to EBITDA to be at or below 7x. We also believe that management will be proactive in extending the December 2017 maturity of its revolving credit facility," S&P said. "We could lower the rating within the next couple of quarters if a decline in volumes without offsetting cost reductions or improvements to raw material margins results in credit measures deteriorating to levels weaker than what we would expect at the current rating. We could lower the ratings if weighted average debt to EBITDA weakened to above 7x on a sustainable basis. A deterioration of liquidity or aggressive financial policy decisions could lead to similar credit measures, which could lead us to a downgrade. We could also lower ratings if we expect covenant compliance to be a risk, without management being proactive in obtaining covenant relief. Additionally, we could downgrade the company if we don't expect management to extend the maturity of its revolving credit facility in a timely manner," S&P said. S&P could revise its outlook to stable from negative within the next couple of quarters if an improvement in EBITDA resulted in strengthened credit measures. To revise the outlook to stable, S&P would expect weighted average debt to EBITDA to remain below 7x on a sustainable basis. To consider an outlook revision, S&P would also expect management to continue to maintain a prudent approach to funding growth and shareholder rewards. S&P would also expect the company to maintain adequate liquidity, which would include S&P's expectation that management is proactive in obtaining covenant relief if covenant compliance became a risk, as well as extending the maturity of its revolving credit facility in a timely manner. GREATER ADELAIDE CHURCH: 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 Greater Adelaide Church, a Tennessee Unincorporated Association. Greater Adelaide Church, a Tennessee Unincorporated Association sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 16-24693) on May 19, 2016. The Debtor is represented by Toni Campbell Parker, Esq., at Law Office of Toni Campbell Parker. GREEN ENERGY: Taps Lentz Clark as Legal Counsel ----------------------------------------------- Green Energy Products, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Lentz Clark Deines PA. Lentz Clark will serve as the Debtor's legal counsel in connection with its Chapter 11 case. The Debtor proposes to pay $350 per hour for the firm's partners, $200 for associates, and $90 for paralegals. Jeffrey A. Deines, Esq., at Lentz Clark, disclosed in a court filing that the firm does not represent any interest adverse to the Debtor or its estate. The firm can be reached through: Jeffrey A. Deines Lentz Clark Deines PA 9260 Glenwood Overland Park, KS 66212 Telephone: (913) 648-0600 Telecopier: (913) 648-0664 E-mail: jdeines@lcdlaw.com About Green Energy Green Energy Products, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 16-21278) on July 5, 2016. The petition was signed by Richard Belt, shareholder. The case is assigned to Judge Dale L. Somers. At the time of the filing, the Debtor estimated its assets and debts at $10 million to $50 million. GROWER'S ORGANIC: Hires Blue Stone for Financial Advisory Services ------------------------------------------------------------------ Grower's Organic, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Colorado to Blue Stone Advisor, LLC to provide professional financial advisory services. Pre-petition the Debtor suffered from a number of organizational deficiencies, including poor accounting,and employee taking advantage of compensation and incentive program. The Debtor requires Blue Store to provide professional financial advisory and turnaround management services because of their substantial experience in the field. Blue Stone will bill for its services as an hourly rate, with time billed by the tenth of an hour. Mr. Deprez's current charges $350 per hour but has agreed to reduced his typical rate to $200 per hour to assist the Debtor with its restructuring. Robert Deprez, member of Blue Stone Advisor 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. Blue Stone may be reached at: Robert Deprez Blue Stone Advisor LLC 888 Logan Street - 2F Denver, CO 80203 Phone: 630-561-4262 About Grower's Organic, LLC Grower's Organic, LLC filed a Chapter 11 bankruptcy petition (Bankr. D.Co. Case No. 15-19683) on August 28, 2015. The Debtor owns and operate a wholesale organic food distributor in Denver, Colorado. The Hon. Elizabeth E. Brown presides over the case. Kutner Brinen Garber, P.C. represents the Debtor as counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Brian Freeman, managing member. HERCULES OFFSHORE: Hires Morris Nichols as Co-counsel ----------------------------------------------------- Hercules Offshore, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Morris, Nichols, Arsht & Tunnel LLP as co-counsel for the Debtors, nunc pro tunc to June 6, 2016. The Debtors require Morris Nichols to: a. perform all necessary services as the Debtors' Delaware bankruptcy co-counsel, including, without limitation, providing the Debtors with advice, representing the Debtors, and preparing necessary documents of behalf of the Debtors in the areas of restructuring and bankruptcy; b. coordinate with Akin Gump in representing the Debtors in connection with these cases; c. take all necessary actions to protect and preserve the Debtors' estates during these chapter 11 cases, including the prosecution of actions by the Debtors, the defense of any actions commenced against the Debtors, negotiations concerning litigation in which the Debtors as involved, and objecting to claims filed against the estates; d. prepare or coordinate preparation on behalf of the Debtors, as debtors in possession, any necessary motions, applications, answers,orders, reports, and papers in connection with the administration of these chapter 11 cases; e. counsel the Debtors with regard to their rights and obligations as debtors in possession; f. serve as conflicts counsel; and g. perform all other necessary legal services. Morris Nichols will be paid at these hourly rates: Partners $575-$975 Associate and Special Counsel $330-$625 Paraprofessionals $275-$315 Case Clerks $175 On April 14, 2016, Morris Nichols invoiced the Debtors for the amount of $26,755.14 for post- emergence services through March 31, 2016, and that invoice was paid in full by wire transfer on April 26, 2016. On May 9, 2016, Morris Nichols invoiced the Debtors for the amount of $829.50 for post-emergence services through April 30, 2016, and that amount was paid in full by wire transfer on May 11, 2016. As of May 31, 2016, Morris Nichols had accrued, unpaid fees and expenses totaling $367.50. Morris Nichols has agreed to waive this amount. On June 1, 2016, Morris Nichols received a payment of $100,000 as an advance fee for services to be rendered and expenses to be incurred in connection with Morris Nichols’s representation of the Debtors. On June 3, 2016, Morris Nichols applied $16,824.10 against the advance, leaving an advance payment retainer balance of $83,175.90. In addition, on June 3, 2016, Morris Nichols received an additional payment of $67,579.10 as an advance fee for services to be rendered and expenses to be incurred in connection with Morris Nichols’s representation of the Debtors through the expected petition date of June 5, 2016, including chapter 11 filing fees. Accordingly, Morris Nichols currently holds a balance of $150,755.00 as an advance payment for services to be rendered and expenses to be incurred in connection with its representation of the Debtors (the “Current Advance"). Morris Nichols will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert J. Denhey, partner at Morris, Nichols, Arsht & Tunnel LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Morris Nichols represented the Debtors in their prior chapter 11 cases before this Court. Morris Nichols charged its regular hourly rates in effect at the time in in the prior cases. Morris Nichols’s rates were adjusted on an annual basis on January 1, 2016, and were applicable to Morris Nichols’s post- emergence work in connection with the prior chapter 11 cases. The hourly rates for Morris Nichols’s engagement in these cases are the same as the rates in effect in the prior engagement as of January 1, 2016. -- Morris Nichols will work with the Debtors to approve a prospective budget and staffing plan for Morris Nichols’s engagement for the postpetition period as appropriate. The budget may be amended as necessary to reflect changed or unanticipated circumstances. By separate application, the Debtors request that the court will approve the retention and employment of Akin Group as lead lead bankruptcy counsel for the Debtors. Morris Nichols may be reached at: Robert J. Denhey, Esq. Morris, Nichols, Arsht & Tunnel LLP 1201 North Market Street, 16th Floor Wilmington, DE 19801 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. 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. Andrew Vara, acting U.S. trustee for Region 3, appointed Archer Capital Management LP and two others to serve on the committee of equity security holders in the Chapter 11 case of Hercules Offshore, Inc. HHH CHOICES: Ombudsman to File Third Interim Report on July 13 -------------------------------------------------------------- David N. Crapo, the patient care ombudsman appointed for HHH Choices Health Plan, LLC, will be filing a third Ombudsman Report on July 13, 2016, in the U.S. Bankruptcy Court for the Southern District of New York. To obtain a copy of the Third Report or additional information, please contact: Gibbons P.C. David N. Crapo, Esq. One Gateway Center Newark NJ 07102-5310 Tel: (973) 596-4523 Fax: (973) 639-6244 E-mail: dcrapo@gibbonslaw.com About HHH Choices Health Plan Three alleged creditors owed about $1.9 million submitted an involuntary Chapter 11 petition for HHH Choices Health Plan, LLC on May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan. The petitioners are The Royal Care, Inc., (allegedly owed $772,762), Amazing Home Care Services ($1,178,752), and InterGen Health LLC ($42,298), all claiming that they are owed by the Debtor for certain services rendered. They all tapped Marc A. Pergament, Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New York, as counsel. With the consent from the board of directors, the Debtor filed a notice of consent to order for relief on June 1, 2015, and an order for relief was entered on June 22, 2015. Judge Michael E. Wiles oversees the case. On Jan. 14, 2016, this Court entered an order administratively consolidating the chapter 11 case of the Debtor with the chapter 11 cases of its affiliates, HHH Choices Health Plan, LLC and Hebrew Hospital Home of Westchester, Inc. (Case Nos. 15-11158, 15-13264, and 16-10028). HHH Choices Health Plan, LLC tapped Harter Secrest & Emery LLP as legal counsel. On Dec. 28, 2015, the U.S. Trustee for Region 2, appointed five members to the Committee. The current members of the Committee are: (a) 1199 SEIU Benefit and Pension Funds; (b) Andrea Taber, Esq. on behalf of Lucille and Selig Popik; (c) Richard A. Bobbe; (d) Mary Blumenthal-Lane on behalf of Julie Blumenthal; and (e) Peter Clark on behalf of Ann Clark. Thomas R. Califano, Esq. at DLA Piper LLP (US), represents the Committee. The panel tapped CohnReznick LLP, as its financial advisor. HORNBECK OFFSHORE: S&P Lowers CCR to 'CCC+', Outlook Negative ------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Covington, La.-based offshore vessel provider Hornbeck Offshore Services Inc. to 'CCC+' from 'B+'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's unsecured debt to 'B-' from 'BB-'. The recovery rating on this debt is '2', indicating S&P's expectation of meaningful (70% to 90%, lower half of the range) recovery to creditors in the event of a payment default. The ratings on Hornbeck reflect S&P's assessment of the company's business risk as weak (revised from fair), its financial risk as highly leveraged (revised from aggressive), and liquidity as adequate. Hornbeck operates in the marine services business, focusing on support for offshore drilling rigs. S&P considers marine services to be highly competitive, with relatively few barriers to entry. Hornbeck currently operates a fleet of 62 new generation offshore supply vessels (OSVs) and seven multipurpose support vessels (MPSVs). As of June 30, 2016, the company projected to have 46 OSVs stacked in response to weak market conditions. In addition to taking supply off the market, stacking vessels reduces operating expenses, reduces wear and tear on the vessels, and allows Hornbeck to defer cash outlays on drydocked vessels. The negative outlook reflects S&P's view that Hornbeck Offshore's liquidity could deteriorate more quickly than S&P currently anticipates, as operating cash flows are neutral to negative and it works through its cash balance over the next one to two years. S&P could lower the rating if liquidity deteriorated such that S&P no longer expected the company to be able to meet its financial or other obligations. S&P could revise the outlook to stable if it expected Hornbeck to generate positive FFO, which would most likely occur if the company were able to increase dayrates and utilization of its fleet, most likely in conjunction with an industry recovery, while maintaining adequate liquidity. HOTELWORKS DEVELOPMENT: Taps Ray Battaglia as Legal Counsel ----------------------------------------------------------- HotelWorks Development, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Offices of Ray Battaglia, PLLC as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) give advice with respect to its powers and duties as a debtor-in-possession; (b) attend meetings and negotiate with representatives of creditors and other parties; (c) take all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf; (d) prepare legal papers; (e) advise the Debtor in connection with any sales of assets; (f) negotiate and prepare a plan of reorganization; and (g) appear before the bankruptcy court, any appellate courts and the U.S. Trustee. Raymond Battaglia, Esq., will be paid $400 per hour for his services. In a court filing, Mr. Battaglia disclosed that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Raymond W. Battaglia, Esq. Law Offices of Ray Battaglia, PLLC 66 Granburg Circle, San Antonio, TX 78218, Telephone: 210-601-9405 Email: rbattaglialaw@outlook.com About HotelWorks Development HotelWorks Development, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Texas Case No. 16-51527) on July 4, 2016. The petition was signed by Bob Zachariah, president and CEO. The case is assigned to Judge Craig A. Gargotta. At the time of the filing, the Debtor disclosed $1.42 million in assets and $11.73 million in liabilities. HOVBROS ROESVILLE: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: HovBros Roesville, LLC 900 Birchfield Drive Mount Laurel, NJ 08054 Case No.: 16-23024 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court District of New Jersey (Camden) Judge: Hon. Jerrold N. Poslusny Jr. Debtor's Counsel: Albert A. Ciardi, III, Esq. CIARDI CIARDI & ASTIN, P.C. One Commerce Square 2005 Market Street, Suite 3500 Philadelphia, PA 19103 Tel: 215-557-3550 Fax: 215-557-3551 E-mail: aciardi@ciardilaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Peter Hovnanian, managing member. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. HS 45 JOHN: Denies Any Liability to AT&T ---------------------------------------- HS 45 John LLC submitted to the U.S. Bankruptcy Court for the Southern District of New York, its statement with respect to the Cell Tower Lease. The Debtor tells the Court that it closed on the sale of the real property located at 45 John Street with 45 John NY ("Buyer") on January 15, 2016. AT&T Corp. had previously filed a motion asking the Court to declare that the sale of the Property from non-debtor 45 John Lofts LLC to 45 John NY LLC was subject to AT&T's leasehold interests in the Property. AT&T also expressed its opposition to the Debtor's Motion which sought to terminate or reject the Cell Tower Lease. The Debtor relates that years before its involvement with the Property, a prior fee owner 45 John Street LLC, which also predated Chaim Miller and Sam Sprei, entered into a N.Y. Structure Lease Agreement, with Lin Cellular Communications Corporation (NY), LLC, which subsequently became Cingular Wireless PCS LLC, also known as AT&T Wireless. The Debtor further relates that AT&T sent additional communication in April 2014, indicating that the continuation of the site was under consideration and AT&T sought a reduction in annual rent to approximately $23,751 per year. "During the Chapter 11 case the Debtor operated in the belief that the cell tower site had been abandoned since there was no meaningful communication from the telephone carrier for an extended period and no payments were received by the Debtor in connection with the Cell Tower Lease at any point virtue... At the request of the Buyer, an escrow of $25,000 was established at closing to cover issues arising in connection with the Cell Tower Lease. Beyond the escrow, the Debtor has no liability to the Buyer. Additionally, as requested, the Debtor moved to terminate the cell tower lease in view of the prolonged non-payment of rents, or, alternatively, to reject the cell tower lease with the accrued arrears to be offset against possible rejection damages. That motion remains pending before the Court, and is now being pursued by counsel for the Buyer... The Debtor was never a party to any contract with AT&T, which never filed a claim in the Chapter 11 case. Thus, the Debtor has no liability to AT&T," the Debtor avers. AT&T's Reply in Support of Motion "Although the Purchaser suggests that the Debtor's fantastical statements as to the alleged abandonment of the Lease and Cell Tower may be meaningful in this context, it is clear from the Escrow Receipt... that the parties knew AT&T held an adverse claim against the Property at the time of the closing of the Sale. Specifically, the Escrow Receipt stated that the Escrow, established at closing at the request of the Purchaser, was to be held 'pending resolution of the motion to terminate or reject the AT&T Cell Tower Lease' and would 'be used to fund any resolution of the ATT claim.' The Lease is even attached to the Motion to Reject. The spurious claim of abandonment thus is a red herring. It does not have any bearing on whether these parties had actual or constructive knowledge of the Lease with regard to the property. The Purchaser clearly had actual let alone constructive knowledge of the Lease at the time of the Sale. Accordingly, the Purchaser's actual knowledge of the Cell Tower, the Lease, and AT&T's adverse claim on the Property prohibits any transfer of the Property to the Purchaser free and clear of AT&T's Lease," AT&T argues. HS 45 John LLC is represented by: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 1501 Broadway, 22nd Floor New York, NY 10036 Telephone: (212)221-5700 AT&T Corp. is represented by: David A. Rosenzweig, Esq. Melanie M. Kotler, Esq. NORTON ROSE FULBRIGHT US LLP 666 Fifth Avenue, 31st Floor New York, NY 10103-3198 Telephone: (212)318-3000 E-mail: david.rosenzweig@nortonrosefullbright.com melanie.kotler@nortonrosefullbright.com About HS 45 John The 45 John Street, New York, NY (Block 78, Lots 1701-1787), is a vacant, partially renovated mixed use condominium with three commercial units and 84 residential units on twelve floors. The John Street Property is owned by 45 John Lofts LLC which was organized in February 2014 by Chaim Miller, as the 68% member and initial manager, and Chun Peter Dong as the other 32% member. Thereafter, Miller assigned portions of his 68% membership interest in 45 John Lofts LLC to a group of Asian investors headed by Wing Fung Chau and Tu Kang Yang. The group also included Sum Tsang Cheng, Wan Bin Lu, Song Lin, Mei Hua Chen, Xiu Qin Lin, Xin Yu Huang, Bao Di Liu, Shu Ping Chan, Season Garden Realty, Inc., Li Lan Liao a/k/a Li Lan Wu and Aiyun Chen (all of whom are collectively referred to as the "41% Investors"). John Lofts' acquisition of the John Street Property was financed through various mortgage loans obtained from two Madison Capital affiliates, SDF81 45 John Street 1 LLC and SDF81 45 John Street 2 LLC (collectively the "SDF Lenders") in the aggregate principal amount of $48 million. On Sept. 19, 2014, Miller and John Lofts entered into Contract to sell the John Street Property to the Debtor for a total sum of approximately $65.9 million. The Debtor's Contract included a deposit of $14.33 million which was paid directly to John Lofts, less certain reserves and prepayments. As events unfolded, most of the deposit ($10.75 million) was simultaneously used by Miller to consummate a separate set of transactions to buy out his partner Bo Jin Zhu (the "Zhu Buyout"), concerning four other properties located at (i) 97 Grand Avenue, Brooklyn; (ii) 203-205 North 8th Street, Brooklyn; (iii) 32-34 Fifth Ave, Brooklyn; and (iv) 29 Ryerson Street, Brooklyn (collectively, the "Brooklyn Properties"). In connection with the Debtor's Contract, 45 John Lofts, together with Miller and his associate, Sam Sprei, made a series of warranties and representations relating to the status of the mortgages encumbering the John Street Property, promising that the Mortgages were, and would remain current, and were not in default. These representations and warranties proved to be completely false and untrue. In addition, Miller and Sprei became subject to a number of State Court lawsuits with, among others, Dong and the 41% Investors challenging Miller's authority to sell the John Street Property to the Debtor without their consent. In light of all of the competing claims and interests, HS 45 John LLC, a single asset real estate, filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 15-10368) on Feb. 20, 2015. The case is assigned to Judge Sean H. Lane. The Debtor estimated $50 million to $100 million in assets and liabilities. The Debtor tapped Goldberg Weprin Finkel Goldstein LLP and Loeb & Loeb LLP as attorneys. INTELLIPHARMACEUTICS INT'L: FDA Grants Waiver of NDA Filing Fee --------------------------------------------------------------- Intellipharmaceutics International Inc. provided an update on its RexistaTM XR (oxycodone hydrochloride extended release tablets) new drug application candidate. NDA Filing Fee Waiver In February 2016, Intellipharmaceutics requested a waiver of the application user fee under the small business waiver provision, section 736(d)(1)(D) of the Federal Food, Drug, and Cosmetics Act, related to the Company's RexistaTM XR (oxycodone hydrochloride extended release tablets) NDA product candidate. The United States Food and Drug Administration has completed its review of our request and has granted a waiver of the $1,187,100 application fee for RexistaTM XR. Pharmacokinetics Results Show No Food Effect Following an FDA request that we assess the food effect of the final to be marketed (upon FDA approval) product of RexistaTM XR, Intellipharmaceutics recently conducted and analyzed the results of a food effect study for RexistaTM XR. The study design was a randomized, one-treatment two periods, two sequences, crossover, open label, laboratory-blind bioavailability study for RexistaTM XR following a single 80 mg oral dose to healthy adults under fasting and fed conditions. The food effect study showed that RexistaTM XR can be administered with or without a meal (i.e., no food effect). RexistaTM XR met the bioequivalence criteria (90 percent confidence interval of 80 to 125 percent) for all matrices, i.e., on the measure of maximum plasma concentration or Cmax, the ratio of RexistaTM XR taken under fasted condition to RexistaTM XR taken under fed condition was 112.79 percent (90 percent confidence interval of 102.75 to 123.8 percent) and on the measure of area under the curve from time zero to time t (AUCt) the ratio of RexistaTM XR taken under fasted condition to RexistaTM XR taken under fed condition was 99.99 percent (90 percent confidence interval of 95.24 to 104.99 percent) and on the measure of area under the curve from time zero to time infinity (AUCinf) the ratio of RexistaTM XR taken under fasted condition to RexistaTM XR taken under fed condition was 100.70 percent (90 percent confidence interval of 94.64 to 107.15 percent). Dr. Isa Odidi, Chairman and CEO, stated, "The FDA waiver of the NDA application fee is a welcome decision in our development of Rexista XR. In addition, we believe the food effect studies demonstrate that RexistaTM XR taken under fasted and fed conditions is bioequivalent for all pharmacokinetic matrices studied and has no food effect, and that RexistaTM XR is well differentiated from currently marketed oral oxycodone extended release products, one of which is labelled to be taken with food due to food effects and the other whose Cmax matrix has been reported not to be bioequivalent under fasting and fed conditions. The Company plans to file the NDA for RexistaTM XR in August of 2016." There can be no assurance that the Company will not be required to conduct further studies for RexistaTM XR, that the Company will continue to satisfy the criteria for the waiver of the application fee, that the Company will file an NDA for RexistaTM XR in August 2016, that the FDA will ultimately approve the NDA for the sale of RexistaTM XR in the U.S. market, or that it will ever be successfully commercialized. About Intellipharmaceutics Toronto, Canada-based Intellipharmaceutics International Inc. is incorporated under the laws of Canada. Intellipharmaceutics is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. Its patented Hypermatrix(TM) technology is a multidimensional controlled- release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of product candidates in various stages of development, including filings with the FDA in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes and pain. Intellipharmaceutics reported a net loss of US$7.43 million on US$4.09 million of revenues for the year ended Nov. 30, 2015, compared to a net loss of US$3.85 million on US$8.76 million of revenues for the year ended Nov. 30, 2014. As of Feb. 29, 2016, Intellipharmaceutics had US$3.81 million in total assets, US$4.86 million in total liabilities and shareholders deficiency of US$1.05 million. Deloitte LLP issued a "going concern" opinion on the consolidated financial statements for the year ended Nov. 30, 2015, citing that the Company's recurring losses from operations and shareholders' deficiency raise substantial doubt about its ability to continue as a going concern. ION WORLDWIDE: U.S. Trustee Forms 3-Member Committee ---------------------------------------------------- Andrew Vara, acting U.S. trustee for Region 3, on July 6 appointed three creditors of iON Worldwide, Inc., to serve on the official committee of unsecured creditors. The committee members are: (1) IMG - Trans World International, LLC Attn: Anthony D'Imperio 432 West 45th Street, 4th Floor New York, NY 10036 Phone: 212-774-4502 Fax: 212-541-5044 (2) Active Marketing, Inc. Attn: Bob Grisuff 4640 Gulfstar Drive Destin, FL 32541 Phone: 850-424-3044 Fax: 850-424-7634 (3) Delta Millennium, Inc. Attn: Michael Pahuta 14A World's Fair Drive Sommerset, NJ 08873 Phone: 732-537-6001 Fax: 732-537-6005 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 iON Worldwide Inc. iON Worldwide Inc. filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 16-11543) on June 24, 2016. Hon. Laurie Selber Silverstein presides over the case.Â A.M. Sacullo Legal, LLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million toÂ $10 million in both assets and liabilities. The petition was signed by Giovanni Tomaselli, chief executive officer. KOMODIDAD DISTRIBUTORS: Bank Alleges Debtors Not a "Single Entity" ------------------------------------------------------------------ FirstBank Puerto Rico submitted to the U.S. Bankruptcy Court for the District of Puerto Rico, its further objection to Komodidad Distributors, Inc., et al.'s motion for substantive consolidation. FirstBank's further objection was submitted in support of its preliminary objection to the Debtor's motion for substantive consolidation. "The five separate Debtors have not filed a motion to jointly administer their respective chapter 11 cases... although such a motion is routine for cases involving multiple affiliated debtors. Instead, the Debtors seek substantive consolidation. The Motion is without merit and should be denied... there is no evidence that any creditors of the Debtors, let alone all or substantially all of such creditors, relied on the Debtors being a single entity. FirstBank, notwithstanding the existence of cross guaranties and cross collateralization, allocated the credit facilities differently across the various Debtors. The Debtors' own pleading alleges that most creditors, but not all creditors, 'have dealt with Debtors as an affiliated group'... in looking at the Debtors' businesses, which range from owning real estate held for rent and running a retail clothing business, it is nearly impossible that all creditors have treated the Debtors as a single entity... The Debtors have shown no reliance by any creditor on the Debtors' being a 'single entity', let alone enough to conclude that all or substantially all creditors relied on the Debtors as a 'single entity,'" FirstBank argues. FirstBank Puerto Rico is represented by: Zachary H. Smith, Esq. MOORE & VAN ALLEN, PLLC 100 North Tryon Street Suite 4700, Charlotte NC, 28202 Telephone: (704)331-1046 E-mail: zacharysmith@mvalaw.com - and - Antonio A. Arias, Esq. Lina M. Soler-Rosario, Esq. MCCONNELL VALDES, LLC P.O. BOX 364225 San Juan, PR 00936-4225 Telephone: (787)250-5604 E-mail: 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 debt 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 GP: Committee Taps McKool Smith as Legal Counsel --------------------------------------------------------- The official committee of unsecured creditors of Linc USA GP seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire McKool Smith, P.C. McKool Smith will serve as the committee's legal counsel in connection with the Chapter 11 cases of Linc USA and its affiliates. The services to be provided by the firm include: (a) advising the committee with respect to its rights, powers and duties; (b) assisting the committee in its consultations with the Debtors; (c) assisting the committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors; (d) assisting the committee in its analysis of and negotiation with the Debtors, or any third party concerning matters related to the terms of a Chapter 11 plan; (e) assisting the committee in requesting the appointment of a trustee or examiner, should such action become necessary; (f) preparing legal papers; (g) reviewing, analyzing and responding to all applications, motions, orders, statements of operations and schedules filed with the court. The primary attorneys who will represent the committee and their hourly rates are: Hugh M. Ray, III Partner $750 Christopher D. Johnson Senior Counsel $720 Benjamin W. Hugon Associate $450 Veronica Manning Associate $380 Hugh M. Ray, III disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Hugh M. Ray, III Benjamin W. Hugon Veronica F. Manning McKool Smith, P.C. 600 Travis, Suite 7000 Houston, TX 77002 Tel: 713-485-7300 Fax: 713-485-7344 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. MAXUS ENERGY: Hires Morrison & Foerster as Attorney --------------------------------------------------- Maxus Energy Corporation and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Morrison & Foerster LLP as attorney: The Debtors require Morrison & Foerster to: a. advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business and property; b. attend meetings and negotiate with creditors and parties in interest; c. advise the Debtors in connection with any sale of assets in the chapter 11 cases; d. take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, and representing Debtors' interests in negotiations concerning all significant litigation in which the Debtors are involved, including, but not limited to, objections to claims filed against the Debtors or their estates; e. prepare all motions, applications, answers, orders, reports, and papers necessary to the administration of the chapter 11 cases; f. act on behalf of the Debtors to obtain approval of solicitation procedures, a disclosure statement, and confirmation of a chapter 11 plan; g. appear before this Court, any appellate courts, and the United States Trustee for the District of Delaware (the "United States Trustee"); h. perform all necessary legal services for the Debtors in connection with the prosecution of the Chapter 11 Cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters; and i. take necessary and appropriate steps to bring the chapter 11 cases to a conclusion. Morrison & Foerster will be paid at these hourly rates: Partners $825-$1,290 Of Counsel and Senior of Counsel $630-$1,225 Attorneys and Associates $355-$825 Paraprofessionals $220-$440 Morrison & Foerster will also be reimbursed for reasonable out-of-pocket expenses incurred. James M. Peck, Senior of Counsel in the law firm of Morrison & Foerster LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Morrison & Foerster represented the Debtors during the 12-month period prior to the Petition Date. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in the Application. Morrison & Foerster's billing rates and material financial terms have not changed postpetition. -- The Debtors and Morrison & Foerster expect to develop a prospective budget and staffing plan to comply with the United States Trustee's requests for information and additional disclosures, and any other orders of the Court, recognizing that in the course of these chapter 11 cases there may be unforeseeable fees and expenses that will need to be addressed by the Debtors and Morrison & Foerster. Morrison & Foerster may be reached at: James M. Peck, Esq. Morrison & Foerster LLP 250 West 55th Street New York, NY 10019 Tel: +1 212 468 8006 E-mail: jpeck@mofo.com About Maxus Energy Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors intend to use the breathing spell afforded by the Bankruptcy Code to decide whether their existing environmental remediation operations and oil and gas operations can be restructured as a sustainable, stand-alone enterprise. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. MAXUS ENERGY: Hires Zolfo Cooper as Financial Advisors ------------------------------------------------------ Maxus Energy Corporation and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Zolfo Cooper, LLC as Bankruptcy Consultants and Special Financial Advisor to the Debtors. The Debtors require Zolfo Cooper to: a. advise and assist management in organizing the Debtors' resources and activities so as to effectively and efficiently plan, coordinate and manage the chapter 11 process and communicate with customers, lenders, suppliers, employees. shareholders and other parties in interest; b. assist management if designing and implementing programs to manage or divest assets, improve operations, reduce costs and restructure as necessary with the objective of rehabilitating the business; c. advise the Debtors concerning interfacing with Official Committee, other constituencies and their professionals, including the preparation of financial and operating information required by such parties and/or the Bankruptcy Court; d. advise and assist the management in the development of a Plan of Reorganization and underlying Business Plan, including the related assumptions and rationale, along with other information to be included in the Disclosure Statement; e. advise and assist the Debtors in forecasting, planning, controlling and other aspects of managing cash, and, if necessary, obtaining DIP and/or Exot financing; f. advise the Debtors with respect to resolving disputes and otherwise managing the claim process; g. advise and assist the Debtors in negotiating a Plan of Reorganization with the various creditor and other constituencies; h. as requested, render expert testimony concerning the feasibility of a Plan of Reorganization and other matters that may arise in the case; and i. provide such other services as may be required by the Debtors. Zolfo Cooper will be paid at these hourly rates: Hourly rates, in effect as of January 1, 2016 Managing Directors $790-$985 Professional Staff $280-$790 Support Personnel $60-$270 Hourly rates, in effect as of July 1, 2016 Managing Directors $810-$1,010 Professional Staff $280-$810 Support Personnel $60-$275 Zolfo Cooper has received a retainer of $250,000 and weekly advance payments from the Debtors. The firm received advance payments prior to the Petition Date totaling $496,539.19 Zolfo Cooper will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott W. Winn, senior managing director of the firm Zolfo Cooper 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. Zolfo Cooper may be reached at: Scott W. Winn Zolfo Cooper LLC Grace Building 1114 Avenue of the Americas, 41st Floor New York, NY 10036 Phone: +1 212 561 4030 E-mail: swinn@zolfocooper.com About Maxus Energy Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors intend to use the breathing spell afforded by the Bankruptcy Code to decide whether their existing environmental remediation operations and oil and gas operations can be restructured as a sustainable, stand-alone enterprise. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent. METCOM NETWORK: Seeks to Hire EisnerAmper as Accountant ------------------------------------------------------- Metcom Network Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire EisnerAmper, LLP as its accountant. EisnerAmper will provide these services in connection with the Debtor's Chapter 11 case: (a) monitor the activities of the Debtor; (b) assist in the preparation or review of the monthly operating reports, budgets and projections; (c) review the claims for reasonableness against the Debtor's records and filing schedules; (d) interact with the unsecured creditors' committee and its retained professionals should one be appointed; (e) attend court hearings and meetings with the Debtor, its counsel and creditors; and (f) assist in preparing a plan of reorganization. The firm's professionals and their standard hourly rates are: Partner $510 - $530 Director $450 - $475 Senior Manager $370 - $395 Manager $280 - $295 Senior $260 - $290 Staff Assistants/ Paraprofessionals $205 - $260 Ira Spiegel, a certified public accountant, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Ira Spiegel EisnerAmper, LLP 750 Third Avenue New York, NY 10017 Tel: (212) 949-8700 The Debtor can be reached through its counsel: Neil H. Ackerman, Esq. Kamini Fox, Esq. Ackerman Fox, LLP 90 Merrick Ave., Suite 400 East Meadow, NY 11554 Telephone: (516) 493-9920 Facsimile: (516) 228-3396 E-mail: nackerman@ackermanfox.com kfox@ackermanfox.com About Metcom Network Metcom Network Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-11870) on June 28, 2016. The petition was signed by Mark DuMoulin, Sr., president. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. MISSISSIPPI REGIONAL CANCER: Plan Filing Extended by 45 Days ------------------------------------------------------------ The Hon. Edward Ellington of the U.S. Bankruptcy Court for the Southern Distric of Mississippi has extended, at the behest of North Central Mississippi Regional Cancer Center, Inc., by 45 days from July 5, 2016, within which to prepare and file a Disclosure Statement and Plan of Reorganization. As reported by the Troubled Company Reporter on June 8, 2016, the Debtor ought the extension, saying that it has been in negotiations with various creditors and making determinations to allow it to finalize many matters with regard to a Disclosure Statement and the proposed Plan of Reorganization to be filed. Rather than filing an incomplete Disclosure Statement and Plan at this time, the Debtor seeks an additional 45 days to allow time for the Debtor to make a decision as to Disclosure Statement information, Plan feasibility and debt restructuring. Headquartered in Jackson, Mississippi, North Central Mississippi Regional Cancer Center, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S.D. Miss. Case No. 16-00342) on Feb. 5, 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 Jennifer Welch, director, vice president. Judge Edward Ellington presides over the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, serves as the Debtor's bankruptcy counsel. MORRIS SCHNEIDER: JPMorgan Objects to Disclosure Statement ---------------------------------------------------------- JPMorgan Chase Bank, N.A., which holds an unliquidated claim against Morris | Schneider | Wittstadt Va., PLLC, et al., objects to the approval of the disclosure statement explaining the Debtors' amended plan of liquidation. JPMorgan asserts that the Plan and Disclosure Statement should be clarified to reflect that Chase's secured rights are preserved by the Plan. In particular, the Court should condition approval of the Disclosure Statement on the inclusion of language in the Plan and Disclosure Statement in substantially the following form: "Notwithstanding anything to the contrary in this Plan or the Confirmation Order, the setoff and/or recoupment rights of JPMorgan Chase Bank, N.A., [and other lender parties, such as CitiMortgage, Inc. and Bank of America, N.A.], and their affiliates, (collectively, "Reserving Parties"), shall be fully preserved from and after the Effective Date. Reserving Parties shall retain all rights to assert any defenses to collection of any of invoices or Accounts Receivable that are the subject of the Amegy/Assignee Settlement Order, and/or to withhold payment of such invoices or Accounts Receivable to the fullest extent permitted by the governing contracts or applicable law, including without limitation, claims of recoupment, setoff, untimely or improperly issued invoice, unauthorized work or costs, undocumented costs, fraudulent invoice or that the invoice was already satisfied. The availability of such defenses and non-payment shall be without regard to whether such collection is pursued, or ownership is held, by the Debtors, Amegy Bank, the assignee for Butler & Hosch, P.A., the Liquidating Trustee, or their agents acting on their respective behalves, or their successors or assigns, or any other third parties; and shall also be without regard to how the invoices were initially segregated in the Amegy/Assignee Settlement Order. Nothing related thereto shall prejudice the rights of Reserving Parties to exercise setoff or recoupment rights on the grounds of lack of mutuality under Section 553 of the Bankruptcy Code and otherwise applicable law." JPMorgan points out that the Court previously included similar language in the order approving the settlement between the Debtors, Amegy Bank and Michael Moecker, as Assignee of Butler & Hosch, P.A., and similar language should be included in the Plan and Disclosure Statement. JPMorgan is represented by: Jonathan L. Hauser, Esq. TROUTMAN SANDERS LLP 222 Central Park Avenue, Suite 2000 Virginia Beach, VA 23462 Tel: (757) 687-7768 Fax: (757) 687-1505 Email: jonathan.hauser@troutmansanders.com -- and -- Andrew D. Zaron, Esq. LEOON COSGROVE, LLC 255 Alhambra Circle, Suite 424 Coral Gables, FL 33133 Telephone: (305) 740-1975 Email: azaron@leoncosgrove.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. The Georgia-based law firm sued its former managing partner in 2014 for allegedly embezzling $30 million from the firm's accounts and the accounts of the firm's subsidiary, LandCastle Title. NAT'L BANK OF ANGUILLA: Anguilla Case Recognized in U.S. -------------------------------------------------------- U.S. Bankruptcy Judge Martin Glenn has granted The National Bank of Anguilla's request for recognition of its Anguillan proceeding as the foreign main proceeding. About National Bank of Anguilla The National Bank of Anguilla was formed in 1984 and began operating in 1985, when it acquired the Anguilla branch of the Bank of America National Trust & Savings Association, according to its website. The private-banking unit provides financial services to offshore clients around the world and is wholly owned by its parent, Bloomberg News notes. The parent ceased banking operations on April 22, 2016. It began liquidating in an Anguillan court the following month. On May 26, it petitioned for bankruptcy court protection from U.S. creditors. Banking operations were transferred to the National Commercial Bank of Anguilla, which is wholly owned by the government. The private bank's case is In re National Bank of Anguilla (Private Banking & Trust Ltd.), 16-11806, U.S. Bankruptcy Court, Southern District of New York. (Manhattan) The parent's case is 16-11529. NCSG CRANE: Moody's Cuts Corporate Family Rating to Caa2 -------------------------------------------------------- Moody's Investors Service downgraded NCSG Crane & Heavy Haul Corporation's Corporate Family Rating (CFR) to Caa2 from Caa1, Probability of Default Rating to Caa2-PD from Caa1-PD and its US$305 million senior secured second lien notes to Caa3 from Caa2. The Speculative Grade Liquidity rating was lowered to SGL-4 from SGL-3. The rating outlook remains stable. "The downgrade reflects the untenable capital structure that will likely need to be restructured", said Paresh Chari Moody's AVP-Analyst. Downgrades: -- Issuer: NCSG Crane & Heavy Haul Corporation -- Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD -- Corporate Family Rating, Downgraded to Caa2 from Caa1 -- Senior Secured Regular Bond/Debenture, Downgraded to Caa3(LGD5) from Caa2(LGD5) Ratings Lowered: -- Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL- 3 Outlook Actions: -- Issuer: NCSG Crane & Heavy Haul Corporation -- Outlook, Remains Stable RATINGS RATIONALE The Caa2 Corporate Family Rating (CFR) reflects the untenable capital structure of NCSG's restricted group, with debt to EBITDA around 15x and EBITDA/interest less than 1x expected in 2016 and 2017, caused by the sharp reduction in oil & gas project-related work. The rating also reflects a weak liquidity profile and a competitive market that will lead to pricing and margin pressure for remaining work. The rating also recognizes NCSG restricted group's predictable maintenance work that is tied to long-lived oil sands mining and in-situ bitumen projects, and midstream projects in Western Canada. Moody's said, "NCSG restricted group's SGL-4 Speculative Grade Liquidity rating reflects weak liquidity through June 30, 2017. At March 31, 2016 the restricted group had about C$30 million of availability under its C$203 million ABL revolving credit facility maturing in 2019. We expect negative free cash flow of around C$15 million from June 30, 2016 to June 30, 2017. NCSG restricted group's revolver commitment level is C$225 million but the company is below the springing covenant (fixed charge coverage ratio of at least 1x) effectively reducing the amount it can borrow by 10%. NCSG's unrestricted subsidiary in the U.S., B&G Crane, is not expected to require funds from NCSG nor provide funds to its parent. Alternate sources of liquidity are limited as its assets are pledged as collateral to the secured credit facilities and second lien notes, however we note that NCSG can monetize roughly C$40 million of currency hedges. "In accordance with Moody's Loss Given Default (LGD) Methodology, the second lien US$305 million senior secured notes are rated Caa3, one notch below the Caa2 CFR due to its subordination to the priority ranking C$225 million ABL revolver. We have not included the unrated B&G debt in the LGD analysis because the debt is non-recourse to NCSG and the assets under B&G are outside the collateral group for the senior secured notes and revolver. The B&G debt only has claim to the B&G assets." Moody's said, "The stable outlook reflects our expectation that EBITDA to Interest will gradually improve towards 1x at year end 2017." The rating could be upgraded if restricted group EBITDA to interest improves to 1.5x and the liquidity profile is adequate. The rating could be downgraded if restricted group EBITDA to interest is likely to remain well below 1x or if the liquidity profile weakened. NCSG Crane & Heavy Haul Corporation (NCSG), is a privately-owned crane & heavy haul service provider based in Edmonton, Alberta. B&G Crane is a wholly-owned crane subsidiary, largely operating in the U.S. gulf coast on refineries and chemical plants, and it is not part of the NCSG restricted group. NET ELEMENT: Opts to Swap $100,000 for 62,596 Shares ---------------------------------------------------- Net Element, Inc., opted to exchange a tranche in the aggregate amount of $100,000 for 62,596 shares of the Company common stock based on the "exchange price" of $1.5976 per share for this tranche pursuant to the Master Exchange Agreement, with Crede CG III, Ltd. About Net Element Miami, Fla.-based Net Element International, Inc., formerly Net Element, Inc., currently operates several online media Web sites in the film, auto racing and emerging music talent markets. Net Element reported a net loss of $13.3 million on $40.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $10.21 million on $21.4 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Net Element had $21.61 million in total assets, $14.05 million in total liabilities and $7.55 million in total stockholders' equity. Daszkal Bolton LLP, in Fort Lauderdale, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has sustained recurring losses from operations and has working capital and accumulated deficits that raise substantial doubt about its ability to continue as a going concern. NIGHTINGALE HOME: Wants Plan Filing Deadline Moved to Sept. 6 ------------------------------------------------------------- Nightingale Home Healthcare, Inc., asks the U.S. Bankruptcy Court for the Southern District of Indiana to extend the exclusive right to file a Chapter 11 plan of reorganization for 61 days, up to and including Sept. 6, 2016, and an additional 120 to solicit acceptances of the plan, up to and including Nov. 4, 2016, respectively, without prejudice to the Debtor's right to seek additional and further extensions of these periods as may be appropriate under the circumstances then prevailing. Absent an extension, the Debtor's extended exclusive filing period and exclusive solicitation period will expire on July 7, 2016, and Sept. 6, 2016, respectively. Since the commencement of th Bankruptcy Case, the Debtor has been engaged in litigation regarding its Medicare Provider Agreement, an interim manager has been appointed to manage the day-to-day business operations of the Debtor, a Patient Care Ombudsman has been appointed to monitor the quality of care being provided to the Debtor's patients, and appointment of an Examiner has been ordered to investigate certain allegations made against the Debtor. On June 2, 2016, the Debtor filed a motion for an order authorizing the private sale of substantially all assets of the Debtor free and clear of liens, claims interests and encumbrances and granting related relief. The Debtor's counsel can be reahed at: Wendy D. Brewer, Esq. JENSENBREWER, LLC 333 N. Alabama Street, Suite 350 Indianapolis, IN 46204 Tel: (317) 215-6220 E-mail: wbrewer@jeffersonbrewer.com Nightingale Home Healthcare, Inc., filed a Chapter 11 petition (Bankr. S.D. Ind. Case No. 15-10099) on Dec. 10, 2015, listing under $1 million in both assets and liabilities. A copy of the petition is available at http://bankrupt.com/misc/insb15-10099.pdf. The Debtor is represented by Wendy D. Brewer, Esq., at Jefferson & Brewer, LLC. NORTH ATLANTIC TRADING: S&P Raises Corp. Credit Rating to 'B' ------------------------------------------------------------- S&P Global Ratings said that it raised its corporate credit rating on Louisville, Ky.-based North Atlantic Trading Co. Inc. to 'B' from 'B-'. The outlook is stable. At the same time, S&P raised its issue-level ratings on the company's first-lien debt to 'BB-' from 'B', and on the second-lien debt to 'CCC+' from 'CCC'. S&P revised the recovery rating on the first-lien debt to '1' from '2', indicating its expectation of very high recovery (90%-100%) in the event of a default. The recovery rating on the second-lien debt remains '6', indicating S&P's expectation of negligible recovery (0-10%) in the event of a default. "The ratings upgrades reflect meaningful credit ratio improvement at the company after repaying about $20 million in second-lien debt and paying off or converting to common equity its parent company's shareholder notes (totaling around $70 million, including accrued interest), in connection with the IPO," said S&P Global Ratings credit analyst Brennan Clark. Pro forma for the debt repayment and conversion, S&P estimates leverage and funds from operations (FFO) in the mid-4x area and low-double digits, respectively. While S&P still views the company as financial sponsor-controlled, S&P believes it will maintain a slightly less aggressive policy going forward, and will continue to prepay debt with excess cash flow, notwithstanding any potential opportunistic acquisitions. S&P expects the company will pursue bolt-on acquisition opportunities more aggressively than in the past, but S&P do not believe it will re-leverage above the high-4x area. S&P's ratings on NATC reflect its narrow business focus and weak position in intensely competitive subsegments of the "other tobacco products" industry. The company maintains leading positions in the cigarette papers and chewing tobacco segments, but these products are in secular decline. The company also lacks the scale, financial flexibility, and brand equity of larger peers such as Altria Group Inc. and Reynolds American Inc. S&P believes these dominant players also have substantial leverage over retailers' tobacco lineups, resulting in NATC having to fight for shelf space. While not as significant as for cigarette manufacturers, S&P also believes the company is exposed to regulatory and litigation risk, since it is narrowly focused in the tobacco sector. In fact, S&P believes NATC may become more acquisitive in the future as even smaller competitors struggle to comply with new tobacco regulations, and, as a result, put themselves up for sale. S&P also considers NATC's asset-light business model and supplier concentration risk. While the asset-light model (the company outsources nearly 90% of production) can be viewed as a positive because it results in more flexible operations and modest capital requirements, S&P also believes companies using this model have relatively less control over costs, quality, and delivery performance. S&P notes that the company mitigates these risks to an extent with supply agreements that allow for on-site testing and monitoring and for cost-containment provisions based on inflation. Nevertheless, NATC is generally reliant on one partner to supply each of its brands, so the company is exposed to the risk of supply disruption if a supplier encounters issues such as work stoppages, severe weather conditions, or other operating difficulties. The stable outlook reflects S&P's expectation that NATC will continue to generate steady free cash flow as price increases offset secular declines across most product categories, and continue to prepay debt with excess cash flow, notwithstanding opportunistic acquisitions. S&P forecasts debt to EBITDA in the mid-4x area and EBITDA interest coverage in the low-2x area in 2016, improving to the low-4x area and high-2x area in 2017. OHIO TEMPLE BAPTIST CHURCH: Case Summary & 7 Top Unsec. Creditors ----------------------------------------------------------------- Debtor: The Temple Baptist Church, Cincinnati, Ohio 11965 Kenn Road Cincinnati, OH 45240 Case No.: 16-12515 Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Southern District of Ohio (Cincinnati) Judge: Hon. Beth A. Buchanan Debtor's Counsel: David A. Kruer, Esq. DAVID KRUER & COMPANY, LLC 118 West Fifth Street, Ste E Covington, KY 41011 Tel: (859) 291-7213 Fax: (859) 291-6513 E-mail: dkandco@fuse.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Darrell Horsley, pastor. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/ohsb16-12515.pdf PACIFIC 9 TRANSPORTATION: UST Appoints 2 More Committee Members --------------------------------------------------------------- The Office of the U.S. Trustee on July 5 appointed two more creditors of Pacific 9 Transportation, Inc., to serve on the official committee of unsecured creditors. The unsecured creditors are: (1) Victor Castro 1134 Peachtree Drive Madera, CA 93637 Telephone: (562) 449-7396 Email: victoryelva3@gmail.com (2) Santiago Aguilar 12103 S. San Pedro Street Los Angeles, CA 90061 Telephone: (323) 216-9467 The bankruptcy watchdog had earlier appointed Daniel Linares, Amador Rojas, Fariborz Rostamian, Gilberto Camacho, Hugo Pelayo, Jaime Guerrero and Fernando Flores, court filings show. About Pacific 9 Transportation Pacific 9 Transportation, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 16-15447) on April 26, 2016. The petition was signed by Le Phan, CFO. The case is assigned to Judge Julia W. Brand. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. PACIFIC EXPLORATION: CCAA Case Recognized as Main Proceeding ------------------------------------------------------------ U.S. Bankruptcy Judge James L. Garrity, Jr., has ordered that the Canadian Proceedings are granted recognition as foreign main proceedings of Pacific Exploration & Production Corp. pursuant to 11 U.S.C. Sections 1517(a) and 1517(b)(l). The Initial CCAA Order is given full force and effect, on a final basis, with respect to the Debtors and the Debtors' property that is located within the United States, including (a) authorizing the Debtors to obtain credit under the DIP Financing Documents and granting the DIP Lenders the DIP Lenders' Charge, and (b) staying the commencement or continuation of any actions against the Debtors or its assets. About Pacific Exploration & Production Pacific Exploration & Production Corp. is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 70 exploration and production blocks in various countries including Colombia, Peru, Guatemala, Brazil, Guyana and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. In April 19, 2016 and April 20, 2016, the Company announced its entry into an agreement with: (i) The Catalyst Capital Group Inc., (ii) certain members of an ad hoc committee of holders of the Company's senior unsecured notes, and (iii) certain of the Company's lenders under its credit facilities, to effect a comprehensive financial restructuring (the "Restructuring Transaction") that will significantly reduce debt, improve liquidity, and best position the Company to navigate the current oil price environment. The restructuring will be implemented by way of a plan of arrangement pursuant to a court-supervised process in Canada, together with appropriate proceedings in Colombia under Law 1116 and in the United States. On April 27, 2016, Pacific Exploration, et al., applied for and received an order for protection pursuant to the Companies Creditors Arrangement Act ("CCAA"), R.S.C.1985, c.C-36 from the Ontario Superior Court of Justice Commercial List and PricewaterhouseCoopers Inc. was appointed as monitor of the Applicants (the "Monitor"). The Applicants filed recognition proceedings pursuant to Chapter 15 of title 11 of the United States Bankruptcy Code (the "U.S. Proceedings") and pursuant to Law 1116 of 2006 of the Republic of Colombia (the "Colombian Proceedings"). Pacific, et al., each filed a Chapter 15 bankruptcy petition (Bank. S.D.N.Y. Case Nos. 16-11189 to 16-11211) in New York, in the U.S. on April 29, 2016. The Company is being advised by Lazard Freres & Co. LLC, Norton Rose Fulbright Canada LLP (Canada), Proskauer Rose LLP (U.S.), Zolfo Cooper (U.S.), Garrigues (Colombia) and Kingsdale Shareholder Services (Canada). The Independent Committee is being advised by Osler, Hoskin & Harcourt LLP and UBS Securities Canada Inc. The Noteholders forming part of the funding creditors are being advised by Evercore Group L.L.C. (U.S.), Goodmans LLP (Canada), Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) and Cardenas y Cardenas Abogados (Colombia). FTI Consulting (U.S.), Davis Polk & Wardwell LLP (U.S.), Torys LLP (Canada) and Gomez-Pinzon Zuleta Abogados (Colombia) are counsel to the agent on the revolving credit facility of the Company, and Seward & Kissel is counsel to the agent on the HSBC Bank, USA, N.A. term loan of the Company. Catalyst is being advised by Brown Rudnick LLP (U.S.), McMillan LLP (Canada) and GMP Securities L.P. PricewaterhouseCoopers Inc., the foreign representative oF Pacific Exploration, can be contacted at: PRICEWATERHOUSECOOPERS INC. PwC Tower 18 York Street, Suite 2600 Toronto, ON M5J 0B2 Attention: Tammy Muradova Canada/US: +1 844 855 8568 Colombia: 01 800 518 2167 Local US: +1 503 520 4469 PACIFIC SUNWEAR: Court Allows Beeney to Represent Class ------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware granted a motion of the Class and PAGA Claimants for leave to file class proof of claim, which was filed by Charles Pfeiffer and Tamaree Beeney, who sought permission to file proofs of claim in a representative capacity. Judge Silverstein held that Mr. Pfeiffer and Ms. Beeney may file proofs of claim for violations of California labor law, as such claims do not require the Court's permission prior to filing. Judge Silverstein certified the following class, and authorized Ms. Beeney to file a proof of claim for the class as a class representative: All hourly, non-exempt employees of PacSun working in retail locations in the State of California from March 18, 2007, through the 181st day prior to the filing of the bankruptcy petition for: (a) failing to authorize and permit employees to take duty-free rest breaks every four hours or major fraction thereof and to compensate employees therefor; and (b) requiring employees to undergo security checks and perform closing duties off-the-clock without compensation. About Pacific Sunwear of California Founded in 1982 in Newport Beach, California, as a surf shop, Pacific Sunwear of California, Inc., operates in the teen and young adult retail sector, selling men's and womens apparel, accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its ecommerce business, the Company operates an e-commerce site at http://www.pacsun.com/ On April 7, 2016, Pacific Sunwear of California, Inc., and two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The cases are jointly administered under Case No. 16-10882 and are pending before the Honorable Laurie Selber Silverstein. The Debtors sought Chapter 11 protection with a Chapter 11 plan that would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc., as financial advisor; Guggenheim Securities, LLC, as investment banker; and Prime Clerk LLC as claims and noticing agent. PACIFIC SUNWEAR: Files Amended Schedules of Assets and Liabilities ------------------------------------------------------------------ Pacific Sunwear of California, Inc., et al., filed with the U.S. Bankruptcy Court for the District of Delaware its amended schedules of assets liabilities, disclosing: Name of Schedule Assets Liabilities ---------------- --------------- --------------- A. Real Property $ 510,034.19 B. Personal Property $131,298,405.81 C. Property Claimed as Exempt D. Creditors Holding Secured Claims $129,519,126.46 E. Creditors Holding Unsecured Priority Claims $ 404,644.94 F. Creditors Holding Unsecured Non-Priority Claims $ 38,965,330.77 --------------- --------------- Total $131,808,440.00 $168,884,457.23 A copy of the schedules is available for free at: https://is.gd/I7RU1f About Pacific Sunwear of California Founded in 1982 in Newport Beach, California, as a surf shop, Pacific Sunwear of California, Inc., operates in the teen and young adult retail sector, selling men's and womens apparel, accessories, and footwear. The Company went public in 1993 (NASDAQ: PSUN), and peaked with 965 stores in 2006. At present, the Company has approximately 593 retail locations nationwide under the names "Pacific Sunwear" and "PacSun," which stores are principally in mall locations. The Company has 2,000 full-time workers. Through its ecommerce business, the Company operates an e-commerce site at http://www.pacsun.com/ On April 7, 2016, Pacific Sunwear of California, Inc., and two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The cases are jointly administered under Case No. 16-10882 and are pending before the Honorable Laurie Selber Silverstein. The Debtors sought Chapter 11 protection with a Chapter 11 plan that would convert debt into equity. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Klee, Tuchin, Bogdanoff & Stern LLP as attorneys; FTI Consulting, Inc., as financial advisor; Guggenheim Securities, LLC, as investment banker; and Prime Clerk LLC as claims and noticing agent. PALADIN ENERGY: Taps Weaver and Tidwell as Tax Accountant --------------------------------------------------------- Paladin Energy Corp. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Weaver and Tidwell, LLP as tax accountant. Weaver and Tidwell will assist the Debtor in preparing its 2015 tax returns. The firm will receive a flat fee of $10,500 for its services. Jeff Sanders, a certified public accountant, disclosed in a court filing that the firm does not hold or represent any interest adverse to the Debtor, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeff Sanders Weaver and Tidwell, LLP 12221 Merit Drive, Suite 1400 Dallas, TX 75251 Telephone: (972) 490-1970 Facsimile: (972) 702-8321 About Paladin Energy Paladin Energy Corp. sought chapter 11 protection (Bankr. N.D. Tex. Case No. 16-31590) on Apr. 21, 2016. The Debtor is represented by Davor Rukavina, Esq., at Munsch, Hardt, Kopf & Harr, P.C., in Dallas, Tex. The Debtor estimated assets ranging from $10 million to $50 million and estimated debts ranging from $10 million to $50 million. PALMAZ SCIENTIFIC: Vactronix Wants 118 Claims Disallowed -------------------------------------------------------- Vactronix Scientific, Inc., asks the U.S. Bankruptcy Court to disallow approximately 118 proofs of claim filed against Palmaz Scientific Inc., and its debtor affiliates. Vactronix was identified as the initial bidder for the Debtors' assets at a purchase price of $22,600,000 on an "as is, where is basis." The Debtors are expected to move forward with the sale of substantially all assets to Vactronix Scientific as no qualified competing bids were submitted by the June 8, 2016 deadline. Vactronix tells the Court that it is in the process of reviewing the proofs of claim, including its supporting documentation and reconciling the proofs of claim with the Debtors' books and records to determine the validity of the proofs of claim. Based on this initial review, Vactronix and the Debtors determined that the disputed claims are proofs of interest, and should therefore be disallowed as unsecured proofs of claims and reclassified as proofs of interest for equity investment. Vactronix objects these proofs of claim by virtue of it being the stalking horse bidder for the Debtors' assets. Under its asset purchase agreement with the Debtors, Vactronix has agreed to pay and/or assume and satisfy timely-filed allowed unsecured claims of pre-petition creditors, specifically, Vactronix has not agreed to pay, assume and/or satisfy any claim arising from rescission of a purchase or sale of a security of the Debtors or of an affiliate of the Debtors or for damages arising from the purchase or sale of such a security, which would include these claims of equity security holders. Attorneys for Vactronix Scientific, Inc.: Randy W. Williams, Esq. THOMPSON & KNIGHT LLP 333 Clay St., Suite 3300 Houston, TX 7002-4499 Telephone: 713.654.8111 Facsimile: 713.654.1871 Email: Randy.Williams@tklaw.com About Palmaz Scientific Headquartered in San Antonio, Texas, Palmaz Scientific is a research and development company dedicated to the advancement of the technology and science of medical implants. Palmaz Scientific Inc., Advanced Bio Prosthetic Surfaces, Ltd., ABPS Management, LLC and ABPS Venture One, Ltd., filed Chapter 11 bankruptcy petitions (Bankr. W.D. Tex. Proposed Nos. 16-50552, 16-50555, 16-50556 and 16-50554, respectively) on March 4, 2016. The petitions were signed by Eugene Sprague as director. The cases are assigned to Judge Craig A. Gargotta. Palmaz estimated assets and liabilities in the range of $10 million to $50 million. The Debtors have engaged Norton Rose Fulbright US LLP as counsel, Groff & Rothe as accountants and Upshot Services LLC as noticing agent. PEABODY ENERGY: Seeks Bridge Order for Plan Exclusivity Thru Aug. 3 ------------------------------------------------------------------- BankruptcyData.com reported that Peabody Energy filed with the U.S. Bankruptcy Court a motion for the entry of a bridge order temporarily extending the periods, collectively, the subject periods during which (a) the Debtors may choose to assume or reject unexpired leases of nonresidential real property under which a Debtor is the lessee, the nonresidential lease assumption period and (b) the Debtors have the exclusive right to file a plan and solicit acceptances thereto, the exclusivity period until the Court rules on the Debtors' motions to extend the subject periods, collectively, the extension motions, which will be filed no later than August 3, 2016. The motion explains, "No later than August 3, 2016 (which date is within the Nonresidential Lease Assumption Period and the Exclusivity Period), the Debtors intend to file the Extension Motions, with notice to all required parties under the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the Order Establishing Certain Notice, Case Management and Administrative Procedures, requesting an extension of the Subject Periods. The Case Management Order clearly provides that an order extending the Subject Periods may be granted so long as the motions requesting such relief are filed prior to the expiration of the Subject Periods. Out of an abundance of caution, however, the Debtors are hereby requesting that the Court enter a bridge order extending the Subject Periods until the Court has ruled on the anticipated Extension Motions." The Court scheduled a July 20, 2016 hearing to consider the motion, with objections and responses due by July 13, 2016, according to the report. About Peabody Energy Corporation Headquartered in St. Louis, Missouri, Peabody Energy Corporation claims to be the world's largest private-sector coal company. As of Dec. 31, 2014, the Company owned interests in 26 active coal mining operations located in the United States (U.S.) and Australia. The Company has a majority interest in 25 of those mining operations and a 50% equity interest in the Middlemount Mine in Australia. In addition to its mining operations, the Company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, Singapore, the United Kingdom and the U.S. Peabody posted a net loss of $1.988 billion for 2015, wider from the net loss of $777 million in 2014 and the $513 million net loss in 2013. At Dec. 31, 2015, the Company had total assets of $11.02 billion against $10.1 billion in total liabilities, and stockholders' equity of $919 million. On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The 154 cases are pending joint administration before the Honorable Judge Barry S. Schermer under Case No. 16-42529 in the U.S. Bankruptcy Court for the Eastern District of Missouri. As of the Petition Date, PEC has approximately $4.3 billion in outstanding secured debt obligations and $4.5 billion in outstanding unsecured debt obligations. The Debtors tapped Jones Day as general counsel; Armstrong, Teasdale LLP as local counsel; Lazard Freres & Co. LLC and investment banker Lazard PTY Limited as investment banker; FTI Consulting, Inc., as financial advisors; and Kurtzman Carson Consultants, LLC, as claims, ballot and noticing agent. PENN VIRGINIA: Plan Confirmation Hearing Set for August 11 ---------------------------------------------------------- The Hon. Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia will commence a hearing on Aug. 11, 2016, at 11:00 a.m. (prevailing Eastern time) located at 701 East Broad Street, Courtroom 5100, Richmond, Virginia, to confirm the Chapter 11 plan of reorganization of Penn Virginia Corporation and its debtor-affiliates. Objections to the confirmation of the Debtors' plan, if any, are due Aug. 1, 2016, at 5:00 p.m. (prevailing Eastern time). The deadline for voting on the Debtors' plan is on Aug. 2, 2016, at 5:00 p.m. (prevailing Eastern time). The Court approved the adequacy of the Debtors' disclosure statement explaining their plan on June 28, 2016. About Penn Virginia Corporation Based in Radnor, Pennsylvania, Penn Virginia Corporation is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in South Texas. Each of Penn Virginia Corporation, Penn Virginia Holding Corp., Penn Virginia MC Corporation, Penn Virginia MC Energy L.L.C., Penn Virginia MC Operating Company L.L.C., Penn Virginia Oil & Gas Corporation, Penn Virginia Oil & Gas GP LLC, Penn Virginia Oil & Gas LP LLC and Penn Virginia Oil & Gas, L.P. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case Nos. 16-32395 to 16-32403, respectively) on May 12, 2016. The petitions were signed by Seth R. Bullock as chief restructuring officer. The Debtors have engaged Kirkland & Ellis LLP as counsel, Kutak Rock LLP as local counsel, Jefferies LLC as investment banker, Alvarez & Marsal North America, LLC as restructuring advisor, KPMG LLP as tax advisor and Epiq Bankruptcy Solutions, LLC as notice, claims and balloting agent. PJT Partners is acting as financial advisor and Milbank, Tweed, Hadley & McCloy LLP is acting as legal advisor to the ad hoc committee of noteholders. Opportune LLP is acting as financial advisor and Bracewell LLP is acting as legal advisor to Wells Fargo (as agent) and the RBL lenders. Judge Keith L. Phillips has been assigned the cases. The U.S. trustee for Region 4 has appointed an official committee of unsecured creditors. PIONEER HEALTH: ERx, Management Plus Appointed to Committee ----------------------------------------------------------- Henry Hobbs, Jr., acting U.S. trustee for Region 5, on July 5 appointed two more creditors of Pioneer Health Services, Inc., to serve on the official committee of unsecured creditors. The two unsecured creditors are: (1) Management Plus, Inc. Phyllis Spence P.O. Box 908 Madison, MS 39130 Tel: (601) 898-4774 (2) ERx, LLC Robert Devrnja, M.D. 3109 Tooles Bend Road Knoxville, TN 37922 Tel: (865) 777-1300 The bankruptcy watchdog had earlier appointed McKesson Technologies Inc., Scott Medical Imaging LLC, and Cardinal Health 200, LLC and Cardinal Health 414, LLC, court filings show. About Pioneer Health Pioneer Health Services, Inc., and its debtor-affiliates, including Medicomp Inc., filing separate Chapter 11 bankruptcy petitions (Bankr. S.D. Miss. Case No. 16-01119 to 16-01126) on March 30, 2016. The Debtors provide healthcare services to rural communities, and own and manage rural critical access hospitals. Judge Hon. Neil P. Olack presides over the Debtors' cases. The Law Offices of Craig M. Geno PLLC serves as the Debtors' counsel. Pioneer Health Services estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Joseph S. McNulty III, president. PURADYN FILTER: Forrest Hayes Quits as Director ----------------------------------------------- Forrest D. Hayes provided Puradyn Filter Technologies Incorporated with notice of his resignation from the Board of Directors, effective June 30, 2016, due to other commitments. Mr. Hayes has served on the Board since 2005, according to a regulatory filing with the Securities and Exchange Commission. About Puradyn Filter Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated (OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil Filtration System. Puradyn reported a net loss of $1.44 million on $1.97 million of net sales for the year ended Dec. 31, 2015, compared to a net loss of $1.15 million on $3.11 million of net sales for the year ended Dec. 31, 2014. As of March 31, 2016, Puradyn had $1.62 million in total assets, $14.50 million in total liabilities and a total stockholders' deficit of $12.87 million. Liggett & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has experienced net losses since inception and negative cash flows from operations and has relied on loans from related parties to fund its operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. RAIDER OILFIELD: Hires James & Haugland as Attorneys ---------------------------------------------------- Raider Oilfield Services, LLC seeks authorization from the U.S. Bankruptcy Court for the Western District of Texas to employ James & Haugland, P.C. as Attorneys. The Debtor requires James & Haugland to: a. analyze the Applicant's financial situation, and render advice to the applicant in determining whether to file a petition in Bankruptcy; b. prepare and file of the Voluntary Petition, Schedules, Statement of Financial Affairs, Plan of Reorganization and Disclosure Statement,as required; c. represent the Applicant at the meeting of creditors and confirmation hearing, and any adjourned hearing thereof; d. represent the Applicant in adversary proceedings and other contested bankruptcy matters; e. give the Applicant legal advice with respect to powers and duties as a Debtor-in-Possession and the continued operation of the business; f. prepare on behalf of the Applicant, as Debtor-in-Possession, the necessary applications, answers, orders, reports and other papers, including but not limited to claims objections and pursuit of Chapter 5 causes of action; g. help the Applicant with any necessary documents for the obtaining of post-petition credits, offsets, etc.; h. perform all of the legal services for the Applicant, as a Debtor-in-Possession, which mat be necessary herein; i. prepare Disclosure Statement and Plan of Reorganization; j. obtain approval of Disclosure Statement and confirmation of Plan of Reorganization; k. file and prosecute any post-confirmation Objections to Claim, contested matters and adversary proceedings; and l. perform all necessary post-confirmation tasks to substantially consulate the Plan of Reorganization. James & Haugland will be paid at these hourly rates: Wiley F. James, III $350 Corey W. Haugland $350 Jamie T. Wall $250 Paralegals $100 The Applicant has paid the sum of $21,717 to James & Haugland as a retainer for bankruptcy counselling and preparation of the Chapter 11 papers. Wiley F. James, shareholder in the law firm James & Haugland, P.C., assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. James & Haugland may be reach at: Wiley F. James, III James & Haugland, P.C. 609 Montana Avenue El Paso, TX 79902 Telephone: (915)532-3911 Facsimile: (915)541-6440 E-mail: wjames@jghpc.com Raider Oilfield Services, LLC filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 7:16-bk-70101) on June 17, 2016. Judge Ronald B. King oversees the case. RAILROAD SALVAGE: Hires Mense Churchwell as Accountants ------------------------------------------------------- Railroad Salvage & Restoration, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the Western District of Missouri to employ Mense, Churchwell & Mense, P.C. as accountants for the Debtors. The Debtors have remained in possession of their assets and is operating their business since the bankruptcy filing date. The Debtors require Mense to: a. prepare and filing go Monthly Operating Reports; and b. prepare of financial documents as they become necessary. The Debtors agree to pay Mense at $140 per hour. Eugene Mense, part owner of Mense, Churchwell & Mense, P.C., assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. Mense may be reached at: Eugene Mense Mense, Churchwell & Mense, P.C. 427 S Wall Avenue Joplin, MO 64802 Tel: 417-623-2505 Fax: 417-623-2507 About Railroad Salvage Railroad Salvage & Restoration, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Mo. Case No. 16-30292) on June 14, 2016. The petition was signed by William Ryan Jackson, vice-president. The case is assigned to Judge Cynthia A. Norton. At the time of the filing, the Debtor estimated both its assets and liabilities at $1 million to $10 million. RBK TRUCKING: 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 R.B.K. Trucking, Inc. R.B.K. Trucking, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-01898) on May 20, 2016. The Debtor is represented by Jason A. Burgess, Esq., at The Law Offices of Jason A. Burgess, LLC. REFUGE FAMILY CARE: Patient Care Ombudsman Unnecessary ------------------------------------------------------ U.S. Bankruptcy Judge Paul Baisier has ordered that the appointment of a Patient Care Ombudsman is not necessary for Refuge Family Care PCH Inc. Should the situation change for Debtor in the future, a new motion to determine if a Patient Care Ombudsman is necessary can be refiled and heard by the court for further consideration. Hampton, Ga.-based Refuge Family Care PCH Inc. is a mental health lodging business where employees of the Debtor provide adult day and night supervision of patients housed in the four houses. Refuge Family Care sought chapter 11 protection (Bankr. N.D. Ga. Case No. 16-59679) on June 3, 2016. The Debtor is represented by Evan M. Altman, Esq. The petition was signed by Miles Raynor, president of the Company. The Debtor estimated assets between $0 and $50,000, and liabilities between $500,001 and $1,000,000. REPUBLIC AIRWAYS: Can Implement Key Employee Retention Plan ----------------------------------------------------------- U.S. Bankruptcy Judge Sean H. Lane has authorized Republic Airways Holdings Inc. to implement a key employee retention plan. All objections not withdrawn are overruled. About Republic Airways Based in Indianapolis, Indiana, Republic Airways Holdings Inc., (OTCMKTS:RJETQ) owns Republic Airline and Shuttle America Corporation. Republic Airline and Shuttle America -- http://www.rjet.com/-- offer approximately 1,000 flights daily to 105 cities in 38 states, Canada, the Caribbean and the Bahamas through Republic's fixed-fee codeshare agreements under our major airline partner brands of American Eagle, Delta Connection and United Express. The airlines currently employ about 6,000 aviation professionals. Republic Airways Holdings Inc. and six affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-10429) on Feb. 25, 2016. The petitions were signed by Joseph P. Allman as senior vice president and chief financial officer. Judge Sean H. Lane has been assigned the cases. As of Jan. 31, 2016, on a consolidated basis, Republic had assets and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited), respectively. Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are serving as Republic's legal advisors in the restructuring. Seabury Group LLC is serving as financial advisor. Deloitte & Touche LLP is the independent auditor. Prime Clerk is the claims and noticing agent. The U.S. Trustee for Region 2 appointed seven creditors of Republic Airways Holdings Inc. to serve on the official committee of unsecured creditors. The Committee retained Morrison & Foerster LLP as attorneys and Imperial Capital, LLC, as investment banker and co-financial advisor. RICEBRAN TECHNOLOGIES: Agrees to Changes to Board Composition ------------------------------------------------------------- RiceBran Technologies announced that it has entered into an agreement with LF-RB Management, LLC, Stephen D. Baksa, Richard Bellofatto, Edward M. Giles, Michael Goose, Gary L. Herman, Larry Hopfenspirger and Richard Jacinto II (collectively, the "LF-RB Group"). The LF-RB Group beneficially owns approximately 9.0% of the Company's outstanding stock. As reported on June 28, 2016, the independent inspector of elections at the Company's 2016 Annual Meeting of Shareholders determined that the incumbent Board received more than 5.2 million votes and LF-RB Group's proposed slate of directors received 3.2 million votes. In the interest of its shareholders, the Company negotiated a comprehensive agreement with the LF-RB Group and made changes it sees as beneficial to its shareholders and the Company's ultimate goal of building shareholder value. Pursuant to terms of the agreement, the Company's Board of Directors was reconstituted to comprise John Short, Baruch Halpern, Henk Hoogenkamp, and David Goldman, who are continuing directors, and Brent Rosenthal, Beth Bronner, and Ari Gendason, who were designated by the LF-RB Group. The new Board members have significant experience in the food industry, finance and capital markets. Under the agreement, the Board will appoint Mr. Rosenthal as Chairman of the Board of Directors, Mr. Goldman as Chairman of the Audit committee and Ms. Bronner as Chairman of the Compensation Committee. In addition, Messrs. Rosenthal, Gendason, Hoogenkamp and Goldman will become members of the Nominating and Governance Committee, and Messrs. Rosenthal and Hoogenkamp will serve as Co-Chairmen of such committee. At the same time, the Company has restructured its Senior Management team and added new talent in order to focus on high margin sales opportunities in the food ingredient space. Dr. Robert Smith has been named chief operating officer, Mark McKnight has taken the role of president of Contract Manufacturing Sales and Michael Goose will join the Company's senior management team as President of Ingredient Sales and Marketing. Mr. Goose is a new products innovator with significant consumer packaged goods experience, and a proven track record in developing business at The Hain Celestial Group. RiceBran Technologies believes these changes will enhance its ability to focus on the substantial opportunities that exist in the rapidly growing natural, organic and functional food markets, both domestically and internationally. John Short, chief executive officer of the Company, commented: "On behalf of RiceBran Technologies, I welcome Brent, Beth and Ari as new independent directors of the Board. We expect to benefit from their business experience and industry contacts as we continue to execute the Company's strategy to drive enhanced value for shareholders by converting feed to food and attacking the rapidly growing market for natural, organic and functional foods. We are also very excited that Michael Goose will be joining our senior management team to drive sales and marketing of our high margin human and functional food ingredients. I want to thank our departing directors Robert Schweitzer, Peter Woog and Marco Galante for their years of distinguished service and contributions." Gary L. Herman, managing member of the LF-RB Group, added: "The LF-RB Group is confident that its three director designees and President of Ingredient Sales and Marketing will work collaboratively with the continuing directors in order to drive the Company toward an exciting new phase of growth and prosperity." Brent Rosenthal, newly appointed Chairman of the Board, added: "The reconstituted board effectively positions RiceBran to execute the Company's business strategy and maximize long term shareholder value. We look forward to helping RiceBran Technologies capitalize on the prevailing trends of the consumer migration to healthy and natural products." Vinson & Elkins L.L.P. and Weintraub Tobin Chediak Coleman Grodin Law Corporation are serving as legal counsel to the Company. Pepper Hamilton LLP is serving as legal counsel to the LF-RB Group. About Brent Rosenthal Mr. Rosenthal is a Partner with affiliates of W.R. Huff Asset Management Co., LLC, where he has been employed since 2002. He has served as a Member of the board of directors of comScore since February 2016 and has been a Special Advisor to the board of directors of Park City Group, a food safety and supply chain software company, since November 2015. Mr. Rosenthal also serves on the boards of directors of two privately-held branded Hispanic food companies. Previously Mr. Rosenthal served as a member of the board directors of Rentrak from 2008 to 2016 and as the Non-Executive Chairman from 2011 to 2016. About Beth Bronner Ms. Bronner is Managing Director at Mistral Equity Partners, a private equity firm specializing in the consumer and food sector. Ms. Bronner is a recognized senior business leader with a track record of delivering strong revenue and market share growth for marquee brands. Ms. Bronner served on the Board of Directors of The Hain Celestial Group (NASDAQ:HAIN) from 1993-2010. Ms. Bonner also served on the Board of Directors of Jamba, Inc. from 2009-2012. At Revlon, she was President of Revlon Professional, North America. At Sunbeam, she was President of the Health Division. At AT&T, she was Vice-President, Consumer Market/Business Markets. At Citibank, she was Senior Vice President & Chief Marketing Officer of the Consumer/Retail business. Ms. Bronner has also served as Global Chief Marketing Officer of Beam Spirits and Wine. About Ari Gendason Mr. Gendason is senior vice president, Corporate Investments of Continental Grain Company, a global food and agriculture company. He has been with Continental Grain Company since 2004. Mr. Gendason was formerly an Associate at VantagePoint Venture Partners; an Associate at Greenbridge Capital; an Associate at RSL Communications; and an Investment Banking Analyst at CIBC Oppenheimer. About Michael Goose Mr. Goose has over 13 years of consumer package goods experience as a new product innovator and leader. Mr. Goose has held numerous positions at The Hain Celestial Group (NASDAQ:HAIN) from 2002 until 2014, with the latest being Director of Marketing for Strategic Brands, where he was responsible for over 1000 different SKUs. About RiceBran Scottsdale, Ariz.-based RiceBran Technologies, a California corporation, is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran. RiceBran reported a net loss of $10.6 million on $39.9 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $26.6 million on $40.10 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, RiceBran had $34.9 million in total assets, $26.9 million in total liabilities and $7.66 million in total equity attributable to the Company's shareholders. The Company's auditors Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses from operations resulting in an accumulated deficit of $251 million at December 31, 2015. This factor among other things, raises substantial doubt about its ability to continue as a going concern. ROTARY DRILLING: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Rotary Drilling Tools USA, LLC 16-33433 9022 Vincik Ehlert Road Beasley, TX 77417 Tubular Repair, LLC 16-33434 Rotary Drilling Holdings IV, LLC 16-33435 Pipe Coatings International, LLC 16-33437 Type of Business: Manufactures and markets oilfield drilling tubular tools Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Jeff Bohm Debtors' Counsel: Brooke B Chadeayne, Esq. LOCKE LORD BISSELL & LIDDELL, LLP 2800 JP Morgan Chase Tower 600 Travis Street Houston, TX 77002 Tel: (713) 226-1340 Fax: (713) 226-2697 E-mail: bchadeayne@lockelord.com - and - Elizabeth M Guffy, Esq. LOCKE LORD BISSELL & LIDDELL, LLP 600 Travis, Suite 2800 Houston, TX 77002 Tel: 713-226-1328 E-mail: eguffy@lockelord.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Bryan M. Gaston, chief restructuring officer. The Debtors did not include a list of their largest unsecured creditors when they filed the petitions. SEVENTY SEVEN: Hires Baker Botts as Counsel ------------------------------------------- Seventy Seven Finance, Inc., and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Baker Botts LLP as Counsel for the Debtors and Debtors-in-Possession, nunc pro tunc to June 7, 2016. The Debtors require Baker Botts to: a. advise the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their business and properties; b. advise and consult on the conduct of the Chapter 11 Case, including all of the legal and administrative requirements of operating in chapter 11; c. attend meetings and negotiate with representatives of creditors and other parties in interest; d. take all necessary actions to protect and preserve the Debtors' estate, including prosecuting actions on the Debtors' behalf, defending any actions commenced against the Debtors, and represent the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtor's estates; e. prepare pleadings in connection with the Chapter 11 Cases, including motions, applications, answers, orders, reports and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f. represent the Debtors in connection with negotiation, documentation and obtaining authority to enter into financing arrangements as may be required, including but not limited to, the exit financing contemplated by the Plan; g. advise the Debtors in connection with any potential sale of assets; h. appear before the Court and any appellate courts to represent the interest of the Debtor's estates; i. represent the Debtors and their current and former officers and directors in connection with any securities-based lawsuits and/or SEC inquiries; j. advise the Debtors regarding tax matters; k. take any necessary action on behalf of the Debtors to obtain approval of the disclosure statement and confirmation of a chapter 11 plan, in particular the Plan and Disclosure Statement on file with the Court and all documents related thereto; and l. perform all necessary legal services for the Debtors in connection with the prosecution of the Chapter 11 Cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors; and (iii) advising the Debtors on corporate and litigation matters. Baker Botts will be paid at these hourly rates: Partners $800-$1,300 Special Counsel $600-$1,000 Associates $425-$725 Paraprofessionals $165-$325 Emanuel Grillo $1,050 Shalla Prichard $800 Jason Rocha $750 Jon Finelli $650 Christopher Newcomb $650 Whitney Blazek $450 Baker Botts will also be reimbursed for reasonable out-of-pocket expenses incurred. Emanuel Grillo, partner in the law firm of Baker Botts LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The following is provided in response to the request for additional information set forth in D1 of the U.S. Trustee's Appendix B Guidelines: -- Baker Botts has billed the Debtors at the firm's lower "preferred" rates rather than its "standard" rates, subject to a further discount arranged for this particular client, consistent with the firm's prior custom and practice with the Debtors. -- Baker Botts has been engaged by the Debtors since 2014. The billing rates and material terms of the prepetition engagement for the 12 months prepetition are the same as the rates and terms described in the firm's Declaration. -- The Debtors have approved a prospective budget for Baker Botts' engagement for the postpetition period, which budget is set forth in an exhibit related to the Debtors' Motion for Entry of Interim and Final Orders (I) Authorizing Debtors and Debtors in Possession to Obtain Postpetition Financing, (II) Authorizing Use of Cash Collateral, (III) Granting Liens and Super-Priority Claims, (IV) Granting Adequate Protection to Prepetition Secured Lenders, (V) Modifying the Automatic Stay; (VI) Scheduling a Final Hearing, and (VII) Granting Related Relief. The budget may be amended as necessary to reflect changed or unanticipated circumstances. Baker Botts may be reached at: Emanuel Grillo, Esq. Baker Botts LLP 30 Rockefeller Plaza New York, NY 10112 Telephone: (212)408-2519 E-mail: emanuel.grillo@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. SEVENTY SEVEN: Wants to Assume $100M Exit Facility Letter --------------------------------------------------------- Seventy Seven Finance Inc. and its affiliated debtors ask the U.S. Bankruptcy Court for the District of Delaware to authorize the assumption of: (1) A $100,000,000 Senior Secured Asset-Based DIP and $100,000,000 Exit Revolving Loan Facility Commitment Letter ("Commitment Letter") and a Joinder Agreement to $100,000,000 Senior Secured Asset-Based DIP and $100,000,000 Exit Revolving Loan Facility Commitment Letter ("Joinder Agreement") between Seventy Seven Energy, Inc. ("SSE") and Wells Fargo Bank, National Association and Bank of America; and (2) A Commitment Fee Letter between SSE and Wells Fargo. The Debtors relate that in the Commitment Letter, the Commitment Parties have agreed to make available $100 million under the Exit Facility. Following emergence, the Debtors plan to utilize the availability under the Exit Facility to provide themselves with liquidity to: (i) repay outstanding allowed administrative expenses and allowed claims in accordance with the Plan, including obligations under the DIP Financing; (ii) fund costs, expenses and fees in connection with the Exit Facility; and (iii) fund working capital for post-emergence operations and for other general corporate purposes. The Debtors tell the Court that the Exit Facility will be available for a term ending June 25, 2019, and will be secured by first-priority liens and security interests on all collateral securing the DIP Facility and by third-priority liens and security interests on all collateral that secures the Debtors' Term Loan. The Debtors further tell the Court that they agreed to the terms of the Exit Facility after consulting with their advisors on the possibility of an out-of-court financing and after reaching a determination that the amount and pricing of the Exit Facility represented a reasonable exercise of the Debtors' business judgment. The Fee Letter sets forth the Debtors' commitment to the Commitment Parties, as an inducement to execute and deliver the Commitment Letter, to pay certain fees in connection with the Exit Facility, including, among others, a Facility Fee in the amount of $850,000. Seventy Seven Finance Inc. and its affiliated debtors are represented by: 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 E-mail: rdehney@mnat.com aremming@mnat.com - and - Emanuel C. Grillo, Esq. Christopher Newcomb, Esq. BAKER BOTTS LLP 30 Rockefeller Plaza New York, NY 10112 Telephone: (212)892-4000 E-mail: emanuel.grillo@bakerbotts.com chris.newcomb@bakerbotts.com About Seventy Seven Energy 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. SEVENTY SEVEN: Wants to File Commitment Fee Letter Under Seal ------------------------------------------------------------- Seventy Seven Finance Inc. and its affiliated debtors ask the U.S. Bankruptcy Court for the District of Delaware for authorization to file under seal a commitment fee letter between Seventy Seven Energy Inc. and Wells Fargo Bank, National Association ("Fee Letter"). The Debtors also seek authority to redact references to confidential information in the Fee Letter in the their Commitment Letter Motion. The Debtors tell the Court that the Fee Letter sets forth an agreement between the Debtors and Wells Fargo with respect to certain fees to be paid to Wells Fargo and other Commitment Parties related to the Exit Facility, including with respect to its roles as arranger and administrative and collateral agent under the Exit Facility. "The Fee Letter contains certain highly sensitive commercial information regarding certain fees to be paid by the Debtors to Wells Fargo and the other Commitment Parties in connection with its agreement to provide the commitments in the Commitment Letter and to act in certain capacities under the Exit Facility. If available to competitors, this and other information in the Fee Letter could be used to the commercial detriment of the Debtors, Wells Fargo and the other Commitment Parties... Accordingly, the Debtors file this Motion to Seal respectfully requesting this Court's permission to file the Fee Letter under seal and redact portions of the Commitment Letter Motion that reference confidential information in the Fee Letter. The unredacted Fee Letter will nonetheless be made available to the Office of the United States Trustee for the District of Delaware.. and counsel and financial advisors to the Consenting Term Loan Lenders, the Consenting Incremental Term Loan Lenders, the Consenting OpCo Noteholders, the Consenting HoldCo Noteholders and the official committee of unsecured creditors, if any, (a) on a confidential and 'professional eyes' only' basis and (b) subject to the terms and conditions set forth in the applicable Commitment Documents," the Debtors aver. U.S. Trustee's Objection Andrew R. Vara, the Acting United States Trustee for Region 3, contends that the Debtors' assertions do not demonstrate that the information set forth in the Commitment Fee Letter is commercially sensitive information. He further contends that the Debtors have failed to show that the lenders' alleged interest in secrecy outweighs the presumption in favor of access to the terms set forth in the Commitment Fee Letter. "The Debtors have sought to seal the Commitment Fee Letter as commercial information that the parties have agreed to keep confidential. However, debtor-in-possession financing fees are routinely disclosed as part of DIP financing motions. Other payments by debtors are also routinely disclosed as part of the bankruptcy process, including the statement of financial affairs and the monthly operating reports. As bankruptcy is a transparent process, creditors and other parties in interest have the right to review such information... even if the Debtors could successfully demonstrate that there may be one or more terms of the Commitment Fee Letter that may be protected under section 107(b) or Rule 9018, the relief granted should be narrowly tailored... Only those portions of the documents that comport with the requirements of either section 107 (b) or FRBP 9018 should be redacted and sealed. The balance should become part of the public record," Mr. Vara argues. Seventy Seven Finance Inc. and its affiliated debtors are represented by: Robert J. Dehney, Esq. Andrew R. Remming, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market St., 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302)658-9200 Facsimile: (302)658-3989 E-mail: rdehney@mnat.com aremming@mnat.com - and - Emanuel C. Grillo, Esq. Christopher Newcomb, Esq. BAKER BOTTS LLP 30 Rockefeller Plaza New York, NY 10112 Telephone: (212)892-4000 E-mail: emanuel.grillo@bakerbotts.com chris.newcomb@bakerbotts.com Andrew R. Vara, Acting United States Trustee for Region 3, is represented by: Jane M. Leamy, Esq. OFFICE OF THE UNITED STATES TRUSTEE J. Caleb Boggs Federal Building 844 King Street, Suite 2207, Lockbox 35 Wilmington, DE 19801 Telephone: (302)573-6491 Facsimile: (302)573-6497 About Seventy Seven Energy 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. SKAGIT GARDENS: Sterling Bank, Creditors Object to Sale Motion -------------------------------------------------------------- Sterling National Bank and the Official Unsecured Creditors' Committee, submitted to the U.S. Bankruptcy Court for the Western District of Washington objections to Skagit Gardens, Inc., et al.'s sale motion. Sterling National Bank objects to the approval of any sale of Sterling's collateral that does not result in Sterling's debt being paid in full from the proceeds of that sale. Sterling relates that an auction of certain of the Debtors' assets was scheduled for June 29, 2016. It further relates that it appears that the amount of any cash bid allocated to Sterling's collateral will be less than the amount of the debt secured by Sterling's first-priority security interest in the collateral. "The Debtors admit that their petitions and proposed Sale under Chapter 11 are motivated by a desire to use the relief and procedures available inside Chapter 11, specifically a sale free and clear through a process measured in weeks, to create value in excess of what could be achieved outside of Chapter 11 in a negotiated sale or foreclosure. The Sale would distribute substantially all proceeds from the Sale to Sterling Bank and BOTW... implying that their prepetition liens capture the entire value of the Debtors' going-concern operations preserved and sold through Chapter 11... the speed and terms of the proposed Sale (and the Bidding Procedures) appear deliberately engineered to minimize the concomitant procedures, protections, and transparency normally afforded unsecured creditors in Chapter 11. The Debtors assume that no value from the Sale is available to general unsecured creditors, while simultaneously insisting on a sale process that would foreclose any meaningful opportunity for unsecured creditors to investigate or challenge the Debtors' assumption or resulting scheme of distributions proposed by the Sale Motion. Meanwhile, the Debtors will be left empty husks, leaving no possibility of any reorganization and no possibility of providing unsecured creditors with even the most remote potential source of remaining option or future value. Indeed, a sale on the terms proposed under the Purchase Agreement and Sale Motion leave the Debtors no hope or reasonable possibility of proposing a confirmable Chapter 11 plan... the proposed Sale amounts to a glorified foreclosure auction conducted for the sole benefit of the Secured Lenders... the Sale lacks the sound business justification required for approval under Chapter 11," the Official Creditors' Committee contends. The Debtors' Motion is scheduled for hearing on July 6, 2016, at 9:30 a.m. Sterling National Bank is represented by: Bradley R. Duncan, Esq. Joshua A. Rataezyk, Esq. HILLIS CLARK MARTIN & PETERSON P.S. 1221 Second Avenue, Suite 500 Seattle, WA 98101 Telephone: (206)623-1745 Facsimile: (206)623-7789 E-mail: brad.duncan@hcmp.com josh.rataezyk@hcmp.com The Official Unsecured Creditors' Committee is represented by: Jack Cullen, Esq. FOSTER PEPPER PLLC 1111 Third Avenue, Suite 3000 Seattle, WA 98101 Telephone: (206)447-4689 Facsimile: (206)749-2001 E-mail: jc@foster.com About Skagit Gardens Skagit Gardens Inc. and three affiliates filed Chapter 11 petitions (Bankr. W.D. Wash. Lead Case No. 16-12879) on May 27, 2016. The company is a wholesale nursery that grows two categories of plants, finished plants and plugs/liners, each grown for different types of customers. The petitions were signed by Mark Buchholz as president. The Debtors listed total assets of $12.5 million and total liabilities of $19.3 million. The Debtors are represented by Bush Kornfeld LLP, in Seattle, Washington, as counsel. The cases are assigned to Judge Christopher M. Alston. SKYLINE CORP: Scott Parkhurst Joins as National Sales Manager ------------------------------------------------------------- Skyline Corporation disclosed that Scott Parkhurst has joined the Company as its national sales manager. Mr. Parkhurst will be responsible for marketing initiatives, as well as sales strategy and growth for the Corporation's 10 operating divisions. Mr. Parkhurst had previously worked for Skyline as a division sales manager, and was employed by one of the nation's leading manufacturers of recreation vehicles. "I look forward to returning to the team at Skyline and building upon the progress that is taking place. Skyline's strong traditional values will support our commitment to expand our business nationwide and I am excited to be a part of all that is happening at Skyline," said Scott Parkhurst. "Scott has a great history in our industry and has been a successful leader in developing sales strategies and delivering top line results. We are excited to have Scott join our team," said Rich Florea, Skyline's president and chief executive officer. In addition to the hiring of Mr. Parkhurst, the Corporation also announced changes to its Loan and Security Agreement dated March 20, 2015, with First Business Capital Corp. As a matter of precaution, the Corporation sought and received amendments to certain covenants under the Loan Agreement. On June 28, 2016, Sections 7.25 and 8.3 of the Loan Agreement were amended as follows: * An increase in the capital expenditure limit for the fiscal year ended May 31, 2016, from $800,000 in the aggregate to $1,250,000 in the aggregate; * An increase in the capital expenditure limit for the fiscal year ending May 31, 2017, from $800,000 in the aggregate to $1,500,000 in the aggregate. In the absence of any subsequent amendment, the capital expenditure limit for subsequent fiscal years shall remain at $800,000 in the aggregate per fiscal year; and * A covenant specifying that a monthly net loss in fiscal 2017 not exceed $250,000 was increased to $500,000 for June 2016, $1,000,000 for July 2016, and $1,000,000 for December 2016. Such increases will be effective only for the months identified. In the absence of any subsequent amendment, the maximum monthly net loss for all other months of fiscal year 2017 and thereafter remain at $250,000. The Loan Agreement and all other loan documentation related thereto will remain in full force and effect in accordance with their terms. About Skyline Corp Skyline Corporation was originally incorporated in Indiana in 1959, as successor to a business founded in 1951. Skyline Corporation and its consolidated subsidiaries designs, produces and markets manufactured housing, modular housing and park models to independent dealers and manufactured housing communities located throughout the United States and Canada. Manufactured housing is built to standards established by the U.S. Department of Housing and Urban Development, modular homes are built according to state, provincial or local building codes, and park models are built according to specifications established by the American National Standards Institute. For the year ended May 31, 2015, the Company reported a net loss of $10.41 million compared to a net loss of $11.9 million for the year ended May 31, 2014. As of Feb. 29, 2016, Skyline Corp had $50.5 million in total assets, $26.7 million in total liabilities and $23.8 million in total shareholders' equity. Crowe Horwath LLP, in Fort Wayne, Indiana, issued a "going concern" qualification on the consolidated financial statements for the year ended May 31, 2015, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities. The Company has a line of credit in place, however prospective debt covenant violations may limit the Company's ability to access these funds which would impact its liquidity. These matters raise substantial doubt about the Company's ability to continue as a going concern. SNYDER & SCHNEIDER: Case Summary & 12 Unsecured Creditors --------------------------------------------------------- Debtor: Snyder & Schneider Property Development, LLC 200 Lake Front Drive, Suite 103 Mineral, VA 23117 Case No.: 16-61362 Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Western District of Virginia (Lynchburg) Judge: Hon. Rebecca B. Connelly Debtor's Counsel: Edward Gonzalez, Esq. LAW OFFICE OF EDWARD GONZALEZ, PC 2405 I Street, N.W., Suite 1-A Washington, DC 20037 Tel: 202-822-4970 E-mail: eg@money-law.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Jeff Snyder, manager. A list of the Debtor's 12 largest unsecured creditors is available for free at http://bankrupt.com/misc/vawb16-61362.pdf SOFINTEK INC: Hires Mark E. Williams as Bankruptcy Counsel ---------------------------------------------------------- Sofintek Inc., seeks authorization from the U.S. Bankruptcy Court for the District of Guam to employ The Law Office of Mark. E. Williams as Counsel The Debtor requires the Firm to: a. give legal advice with respect to the rights, powers, obligations, and duties as the Debtor; b. identify and review of potential assets including causes of action and non-litigation recoveries; c. advice concerning sales, leases and abandonment of assets and related transaction work; represent in anticipated ancillary matters applicable to include adversary proceedings as related to the filing of the petition herein; d. prepare and assist in the preparation of reports, accounts, applications and orders; f. advice in operating the business of the estate concerning the requirement of the bankruptcy code and rules relating to such operations, including employee, vendor tenant issues and other similar problems and general creditor inquiries; g. review issues pertaining to severance, retention, 401K coverage, and continuation of pension plans; h. advice concerning the use of cash collateral, secured claims, and loan documentation analysis; i. advice compliance with the plan confirmation order, related orders and rules, disbursement and case closing activities, and various post-petition and post confirmation matters. The Firm will be paid at these hourly rate: Mark Williams $200 The Firm was given a retainer of $10,000. The Firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Williams of The Law Office of Mark. E. Williams, assured the Court that the firm does not represent any interest adverse to the Debtors and their estates. The Firm may be reached at: Mark Williams, Esq. The Law Office of Mark. E. Williams, P.C. Suite 102, Bank Pacific Building 166 West Marine Corps Drive Dededo, Guam 96929 Telephone: 637-9620 Facsimile: 637-9660 Sofintek Inc., d.b.a. Skydrenaline Zone, filed a Chapter 11 bankruptcy petition (Bankr. D. Guam Case No. 1:16-bk-00072) on June 24, 2016. SONORAN DESERT: Case Summary & 3 Unsecured Creditors ---------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Sonoran Desert Land Investors LLC 16-07659 5515 E. Deer Valley Dr. Phoenix, AZ 85054 Gray Phoenix Desert Ridge II LLC 16-07661 5515 E. Deer Valley Dr. Phoenix, AZ 85054 East of Epicenter LLC 16-07660 5515 E. Deer Valley Dr. Phoenix, AZ 85054 Type of Business: Single Asset Real Estate Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Daniel P. Collins (16-07659 and 16-07661) Hon.Eddward P. Ballinger Jr. (16-07660) Debtors' Counsel: Anthony P. Cali, Esq. STINSON LEONARD STREET, LLP 1850 N Central Ave, Ste 2100 Phoenix, AZ 85004 Tel: 602.212.8509 Fax: 602.586.5209 E-mail: anthony.cali@stinsonleonard.com - and - Thomas J. Salerno, Esq. STINSON LEONARD STREET, LLP 1850 N Central Ave., Ste. 2100 Phoenix, AZ 85004 Tel: 602-212-8508 Fax: 602-240-6925 E-mail: thomas.salerno@stinsonleonard.com Estimated Estimated Assets Liabilities ---------- ----------- Sonoran Desert $50M-$100M $10M-$50M Gray Phoenix $10M-$50M $10M-$50M East of Epicenter $10M-$50M $10M-$50M The petition was signed by Bruce Gray, member. List of Sonoran Desert's Three Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Cohen Kennedy $173,194 Dowd & Quigley 2425 E. Camelback Rd. Ste. 1100 Phoenix, AZ 85016 Kutak Rock LLP $50,461 PO Box 30057 Omaha, NE 68103-1157 CT Corporation Trade Debt $4,200 8020 Excelsior Dr. Ste. 200 Madison, WI 53717-1998 List of East of Epicenter's Eight Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Bingham $553,760 Development LLC 3939 NW St. Helens Road Portland, OR 97210 R.L. Harrison IP/EX LLC $206,736 2805 Northwest 31st Avenue Portland, OR 97210 GenFive Ventures IV LLC $117,504 3939 NW St. Helens Rd. Portland, OR 97210 Beus Gilbert PLLC $95,118 701 N 44th St. Phoenix, AZ 85008 Desert Ridge Community $52,080 Association 9000 E. Pima Center Pkwy Ste. 300 Scottsdale, AZ 85258 David Evans & Associates $39,990 4600 E. Washington St., Ste. 250 Phoenix, AZ 85034 Hilgart Wilson, LLC $7,530 2141 E. Highland Ave., Ste. 250 Phoenix, AZ 85016 Kutak Rock LLP $4,623 PO Box 30057 Omaha, NE 68103-1157 List of Gray Phoenix's Largest Unsecured Creditor: Entity Nature of Claim Claim Amount ------ --------------- ------------ CT Corporation Trade Debt $4,200 8020 Excelsior Dr. Ste. 200 Madison, WI 53717-1998 SOUTHERN SEASON: Hires Hutson and Northern Blue as Counsel ---------------------------------------------------------- Southern Season, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Hutson Law Office, P.A. and Northen Blue, LLP as Counsel. The Debtor requires Hutson Law Office, P.A. and Northen Blue, LLP to: a. give the Debtor legal advice with respect to its duties and powers; b. assist the Debtor in the operation of its business, including an evaluation of the desirability of the continuance of such business, the ability and means by which some or all of the assets could be refinanced or liquidated to generate cash for the payment of such claims as may be allowed in this proceeding, and any other matter relevant to the case or to the formulation of a plan; c. assist the Debtor in the preparation and filing of all necessary schedules, statements of financial affairs, reports, a disclosure statement, and a plan; d. assist and advice the Debtor in the examination and analysis of the conduct of the Debtor's affairs and the causes of insolvency. e. assist and advise the Debtor with regard to communications to the general creditor body regarding any matters of general interest and any proposed plan of reorganization. f. prepare, review or analyze all applications, orders, statements of operations, and schedules filed with the Court by the Debtor or other third parties, give advice to the Debtor as to their propriety, and after approval by the Debtor, consent to Orders; g. perform other legal services as may be required and in the interest of the Debtor, including but not limited to the commencement and pursuit of such adversary proceedings as may be authorized. The total compensation to Bankruptcy Counsel by the Debtor for the services rendered or to be rendered in connection with the case will be such amounts as may be approved by the Court, and based upon the customary hourly rates charged by members of the firms at the time such services are rendered. No compensation has been received by Bankruptcy Counsel from the Debtor or any other person on said account, except as follows: a. Hutson Law Office, P.A. received an initial retainer from the Debtor in the amount of $25,000, of which $7,920 has been extended in payment of prepetition services and expenses or costs advanced. The unexpended balance is held by Hutson Law Office, P.A. as a security retainer for such post-petition fees and expenses as may be allowed by the Court. b. Northen Blue, LLP received an initial retainer from the Debtor in the amount of $25,000, of which $9.780 has been expended in payment of prepetition services and expenses or costs advanced. The unexpended balance is held by Northen Blue, LLP as a security retainer for such post-petition fess and expenses as may be allowed by the Court. c. The retainer deposits are and will be fully refundable to the extent not used in payment of legals services provided to or for the benefit of the Debtor. John Paul H. Cournoyer of Northen Blue, LLP, along with Hutson Law Office, P.A., represent no other entity in connection with the case, represent or hold no interest adverse to the interest of the estate with respect to the matters on which they are to be employed, and are disinterested as that term is defined in 11 U.S.C. 101(14). Bankruptcy Counsel can be reached at: Richard M. Hutson, II, Esq. Hutson Law Office,P.A. 302 E. Pettigrew St., Suite B-206 PO Drawer 2252-A Durham, NC 27702 - and - John Paul H. Cournoyer, Esq. Northen Blue, LLP 1414 Raleigh Road Suite 435 Chapel Hill, NC 27517 Tel: 919-968-4441 E-mail: jpc@nbfirm.com About Southern Season Southern Season, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 16-80558) on June 24, 2016. The petition was signed by Clay Hammer, CEO. The Debtor is represented by John Paul H. Cournoyer, Esq., at Northen Blue, LLP, and Richard M. Hutson, II, Esq., at Hutson Law Offices, P.A. The case is assigned to Judge Benjamin A. Kahn. At the time of the filing, the Debtor disclosed $9.82 million in assets and $18.33 million in liabilities. SPENDSMART NETWORKS: Amends Plazacorp Investments Promissory Note ----------------------------------------------------------------- Spendsmart Networks, Inc., amended the Convertible Promissory Note of holder Plazacorp Investments Limited as follows: -- the maturity date was extended to fifteen months; -- the conversion price was lowered to $0.15 per share; and -- the provision limiting the conversion price adjustment to that of the Series C Preferred Stock was removed. The Company also amended the warrant issued in conjunction with the Convertible Promissory Note reducing the exercise price to $0.15 and issued a new warrant to purchase 100,001 shares of the Company's common stock with a $0.15 exercise price and a three-year expiration, according to a regulatory filing with the Securities and Exchange Commission. About SpendSmart Networks SpendSmart Networks provides proprietary loyalty systems and a suite of digital engagement and marketing services that help local merchants build relationships with consumers and drive revenue. These services are implemented and supported by a vast network of certified digital marketing specialists, aka "Certified Masterminds," who drive revenue and consumer relationships for merchants via loyalty programs, mobile marketing and website development. Consumers' dollars go further when they spend it with merchants in the SpendSmart network of merchants, as they receive exclusive deals, earn rewards and ultimately build a connection with their favorite merchants. Spendsmart Networks reported a net loss of $11.9 million on $5.58 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $12.2 million on $4.03 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, the Company had $3.31 million in total assets, $7 million in total liabilities and a total stockholders' deficit of $3.68 million. EisnerAmper LLP, in Iselin, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has recurring losses and has yet to establish a profitable operation and at December 31, 2015 has negative working capital and stockholders' deficit. These factors among others raise substantial doubt about its ability to continue as a going concern. SPORTS AUTHORITY: Hires BRG's Coulombe as CRO --------------------------------------------- Sports Authority Holdings, Inc. and its debtor-affiliates seek permission from the U.S. Bankruptcy Court for the District of Delaware to employ Mr. Stephen Coulombe of Berkeley Research Group, LLC as their Chief Restructuring Officer, nunc pro tunc to May 24, 2016. The Debtor requires Mr. Coulombe with the assistance of BRG to: a. consult with management of the Debtors, develop and implement a chosen course of action to maximize proceeds form asset sales and maximize recoveries to stakeholders; b. consult with the other advisors and the management team, effectuate the wind down plan; c. develop and manage cash flow projections relating to monetization of remaining assets managing wind down costs; d. assist the Debtors and their professionals in the process to sell certain assets of the Debtors in order to realize its highest possible value from such sales process; e. assist the Debtors and their professionals in the evaluation of bids and expressions on interest in certain assets of the Debtors and effectuation of such sale where appropriate and practical under the circumstances; f. provide information deemed by the CRO to be reasonable and relevant to stakeholders and consult with key constituents as necessary including, but not limited to, the Term Loan Lenders and the Committee; g. offer testimony, to the extent reasonably requested by the Debtors, before the Court with respect to the services provided by the CRO and the additional Personnel, and participate in depositions, including by providing deposition testimony, related thereto; and h. other services as mutually agreed upon by the CRO, BRG and the Debtors. Berkeley Research will be paid at these hourly rates: Managing Director $725-$950 Director $600-$825 Professional Staff $250-$625 Support Staff $125-$250 The fees for Mr. Coulombe's services as CRO will be in the amount of $75,000 per month. This amount will be pro-rated as appropriate for the start and end dates for Mr. Coulombe's services. Berkeley Research will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen Coulombe, Managing Director of Berkeley Research Group, 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. BRG may be reached at: Stephen Coulombe Berkeley Research Group, LLC 2049 Century Park East, Suite 2525 Century City, Ca 90067 Mobile: 617.909.1189 Direct: 310.449.4857 Office: 510.285.3300 E-mail: scoulombe@thinkbrg.com About Sports Authority Sports Authority Holdings, et al., are sporting goods retailers with roots dating back to 1928. The Debtors currently operate 464 stores and five distribution centers across 40 U.S. states and Puerto Rico. The Debtors offer a broad selection of goods from a wide array of household and specialty brands, including Adidas, Asics, Brooks, Columbia, FitBit, Hanesbrands, Icon Health and Fitness, Nike, The North Face, and Under Armour, in addition to their own private label brands. The Debtors employ 13,000 people. Sports Authority and six of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10527 to 16-10533) on March 2, 2016. The petitions were signed by Michael E. Foss as chairman & chief executive officer. The Debtors have engaged Gibson, Dunn & Crutcher LLP as general counsel, Young Conaway Stargatt & Taylor, LLP as co-counsel, Rothschild Inc. as investment banker, FTI Consulting, Inc., as financial advisor and Kurtzman Carson Consultants LLC as notice, claims, solicitation, balloting and tabulation agent. Andrew Vara, Acting U.S. trustee for Region 3, appointed seven creditors of Sports Authority Holdings Inc. to serve on the official committee of unsecured creditors. Lawyers at Pachulski Stang Ziehl & Jones LLP represent the Official Committee of Unsecured Creditors. SPURLOW'S OUTDOOR: Hires Buddy D. Ford as Attorney -------------------------------------------------- Spurlow's Outdoor Outfitters, LLC., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ Buddy D. Ford P.A. as Attorney. The Debtor requires Buddy D. Ford P.A. to: a. analyze the financial situation, rendering advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; b. advise the Debtor with regard to the powers and duties of the debtors and as Debtor-in-Possession in the continued operation of the business and management of the property of the estate; c. prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; d. represent the Debtor at the Section 341 Creditors' meeting; e. give the Debtor legal advice with respect to its powers and duties as Debtor and as Debtor-in-Possession in the continued operation of its business and management of its properties; if appropriate; f. advise the Debtor with respect to its responsibilites in complying the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; g. prepare, on behalf of the Debtor the necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear a hearings thereon; h. protect the interest of the Debtor an all matters pending before the court; i. represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and j. perform all other legal services for the Debtors as Debtor-in-Possession which may be necessary herein, and it is necessary for Debtor as Debtor-in-Possession to employ this attonrney for such professional services. Buddy D. Ford P.A. will be paid at these hourly rates: Buddy D. Ford $425 Senior Associate Attorneys $375 Junior Associate Attorneys $300 Senior Paralegal $150 Junior Paralegal $100 Prior to the commencement of this case, the Debtor paid Buddy D. Ford P.A. $500, on current basis, for services rendered and costs incurred prior to commencement of this case with respect to prepare the Petition for reorganization under Chapter 11 of the Code and filing of all related initial pleadings to be filled in this case, and pre-petition expenses in this case. Prior to the commencement of this case the Debtor paid an advance fee of $6,717 as follows: a. $500 pre-fling fee retainer b. $9,500 post filing fee/cost retainer c. $1,717 filing fee Buddy D. Ford P.A. will also be reimbursed for reasonable out-of-pocket expenses incurred. Buddy D. Ford P.A., assured the Court that the firm does not represent any interest adverse to the Debtor and its estates. Buddy D. Ford P.A. can be reached at: Buddy D. Ford, Esq Jonathan A. Semach, Esq. J. Ryan Yant, Esq. Buddy D. Ford P.A. 115 North MacDill Avenue Tampa, FL 33609-1521 Telephone: (813)877-4669 Facsimile: (813)877-5543 E-mail: buddy@tampaesq.com jonathan@tampaesq.com ryan@tampaesq.com all@tampaesq.com Spurlow's Outdoor Outfitters, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-05463) on June 24, 2016, listing under $1 million in both assets and liabilities. ST. MICHAEL'S MEDICAL: Wants Plan Filing Deadline Moved to Dec. 2 ----------------------------------------------------------------- Saint Michael's Medical Center, Inc., and its affiliated debtors ask the U.S. Bankruptcy Court for the District of New Jersey to extend the exclusive right to: (i) file a plan for an additional 120 days, through and including Dec. 2, 2016, and (ii) solicit acceptances of any plan for an additional 120 days, through and including Jan. 31, 2017, without prejudice to seek further extensions. A hearing on the Debtors' request for is set for July 26, 2016, at 2:30 p.m. (prevailing Eastern Time). During the first nine months of their Chapter 11 cases, the Debtors focused primarily on selling substantially all of their assets to maximize value for stakeholders. In that regard, on Nov. 13, 2015, the Court entered an Order Pursuant to 11 U.S.C. Sections 105(a), 363 and 365 (1) Authorizing the Debtors to sell substantially all their assets free and clear of liens, claims, encumbrances, and interests. The sale order permitted the Debtors to sell substantially all of their assets to Prime Healthcare Services - St. Michael's, LLC, pursuant to that certain First Amended and Restated Asset Purchase Agreement, dated Nov. 6, 2015, by and among the Debtors and Prime. The transaction closed on May 1, 2016. In addition to consummating the transaction, the Debtors have taken a number of critical steps to move these Chapter 11 cases forward including, among other things: (i) entering into a global resolution of these Chapter 11 cases with the Official Committee of Unsecured Creditors and the Debtors' ultimate parent, Trinity Health Corporation; (ii) entering into a settlement with the Committee, The Bank of New York Mellon, on behalf of itself as master trustee for, and on behalf of the holders of State Contract Promissory Note, dated July 31, 2008, and the New Jersey Health Care Facilities Financing Authority resolving all disputes between and among the aforementioned parties as reflected in the adversary proceeding pending against The Bank of New York Mellon, Adv. Pro. No. 15-02113 (VFP); and (iii) addressing a multitude of creditor, vendor and patient inquiries. Although significant progress has been made toward drafting a plan of liquidation, there is more that remains to be done. Toward that end, the Committee and its advisors have been given access to the Debtors’ financial advisors and officers, and to substantial information, in order to help the Committee evaluate the Debtors' go-forward plan. The Debtors seek to develop and propose a plan of liquidation that will receive support from their various constituencies. Additional work and progress is necessary in connection with the development of a plan. The size and complexity of a debtor's case alone may constitute cause for the extension of a debtor’s exclusive solicitation period. The Debtors say that their Chapter 11 cases are undeniably large and elaborate, featuring multiple debtors several adversary proceedings, regulatory issues and a complex capital structure. The Debtors currently have sufficient liquidity to pay their post-petition debts as they come due, which supports the granting of an extension of the Debtors' Exclusive Periods, because it suggests that an extension will not jeopardize the rights of post-petition creditors and counterparties. The Debtors believe they have sufficient liquidity to continue to meet their administrative liabilities in these Chapter 11 cases. The Debtors have begun to discuss the framework for a plan of liquidation in these Chapter 11 cases. The settlement with The Bank of New York Mellon is a major step closer towards a consensual plan of liquidation. Once the Debtors have a better understanding of the claims filed in these Chapter 11 cases, the Debtors will be in a better position to determine whether a plan is achievable. The Debtors' counsel can be reached at: Michael D. Sirota, Esq. Ryan T. Jareck, Esq. COLE SCHOTZ P.C. Court Plaza North 25 Main Street P.O. Box 800 Hackensack, New Jersey 07602-0800 Tel: (201) 489-3000 Fax: (201) 489-1536 E-mail: msirota@coleschotz.com rjareck@coleschotz.com About Saint Michael's Medical Center Saint Michael's Medical Center, Inc., was incorporated in 2008 to acquire St. Michael's Medical Center and 2 other now defunct hospitals (Saint James Hospital and Columbus Hospital) was acquired from Cathedral Healthcare System Inc., a New Jersey nonprofit. SMMC is a second tier subsidiary of Trinity Health Corporation. The immediate sole corporate member of SMMC is Maxis Health System, a Pennsylvania not-for-profit corporation. Established by the Franciscan Sisters of the Poor in 1867, St. Michael's Medical Center is a 357- bed licensed regional tertiary-care, teaching, and research center in the heart of Newark, New Jersey's business and educational district and is accredited by The Joint Commission. On Aug. 10, 2015, SMMC Inc. and three affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. The cases are pending before the Honorable Vincent F. Papalia, and the Debtors have requested that their cases be jointly administered under Case No. 15-24999. The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; EisnerAmper LLP as financial advisor; and Prime Clerk LLC as claims and noticing agent. SMMC estimated $100 million to $500 million in assets and debt. United States Trustee Region 3, notified the United States Bankruptcy Court for the District of New Jersey of the appointment of Susan N. Goodman, RN JD, as patient care ombudsman in the Chapter 11 case of Saint Michael's Medical Center, Inc., and its debtor affiliates. U.S. trustee for Region 3, appointed seven creditors of Saint Michael's Medical Center Inc. and its affiliates to serve on the official committee of unsecured creditors. Andrew H. Sherman, Esq., Boris I. Mankovetskiy, Esq., and Lucas F. Hammonds, Esq., at Sills Cummis & Gross PC, represent the Committee. STAGE PRESENCE: Unsecureds to Be Paid from TV, Litigation Proceeds ------------------------------------------------------------------ Stage Presence Incorporated revised its plan of reorganization and accompanying disclosure statement to, among other things, provide additional information regarding the treatment of general unsecured creditors and pending adversary proceedings, which are potential sources of funding for the plan. Under the Second Amended Plan, each holder of Allowed Class 2 General Unsecured Claims shall -- in full satisfaction of their claims -- receive: (1) their pro rata share of the proceeds of the Litigation Fund, if any is generated; (2) their pro rata share of the Television Program Revenue; and (3) their pro rata share of 50% of the Debtor's net income generated by its post confirmation operations, payable in equal quarterly installments for a period of the earlier of three years following the Effective Date or such time when their Allowed claims are paid, in full, from the Litigation Fund and/or the Television Program Revenue. One of the potential means of implementation of the Plan is the recovery by the Debtors in the adversary proceeding captioned, Stage Presence Incorporated v. Geneve International Trust, Ronald L. Batholomew, Trustee, and Stephen Menner (Adversary Proceeding Number 12-01561, which the Debtor commenced on July 16, 2012. The Arbitrator has determined that GIT was liable to the Debtor for breach of contract, the amount of $487,061. A judgment of the same amount was entered by the Bankruptcy Court in July 2015. Another potential means for the implementation of the Plan is the recovery by the Debtor in its adversary proceeding entitled, Stage Presence Incorporated and Allen Newman v. Geneve International Corp., Ronald L. Bartholomew, Stephen Menner, Sara O'Meara, and Yvonne Fedderson (Adv. Proc. No. 15-01415-MEW), which the Debtor commenced on December 10, 2015. This adversary proceeding remains pending. A redlined version of the Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/nysb12-10525-265.pdf About Stage Presence Stage Presence Incorporated filed a Chapter 11 petition (Bankr. S.D.N.Y., Case No. 12-10525) on February 9, 2012. The petition was signed by Allen Newman, president. The Debtor has tapped Shafferman & Feldman, LLP as its legal counsel. The Debtor estimated assets of $2,309,486 and debts of $1,373,349. On March 27, 2012, the Office of the United States Trustee appointed a Committee of Unsecured Creditors in this case. The members of the Committee are KZ Video Consultants, Inc. and Alan Adelman. On March 4, 2016, the Office of the United States Trustee filed an Amended Appointment of a Committee of Unsecured Creditors in this case, the members of which are KEnigma, Inc. and Alan Adelman. Neither the original Committee nor the Amended Committee has retained counsel. STEELCORE CAPITAL: Seeks to Hire DelBello as Legal Counsel ---------------------------------------------------------- SteelCore Capital Master Fund, L.P. and SteelCore Capital, LP seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire DelBello Donnellan Weingarten Wise & Wiederkehr, LLP. The firm will serve as the Debtors' legal counsel in connection with their Chapter 11 cases. The services to be provided by the firm include: (a) advising the Debtors about their powers, duties and responsibilities; (b) negotiating with creditors to formulate a plan of reorganization; (c) preparing legal papers and appearing before the bankruptcy court; (d) attending meetings and negotiating with representatives of creditors and other parties; (e) advising the Debtors in connection with any potential refinancing of secured debt, if necessary, and any potential sale of their assets; (f) representing the Debtors in connection with obtaining post-petition financing; and (g) taking any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization. The firm's professionals and their hourly rates are: Partners $395 - $595 Of Counsel $375 Associates $250 Paraprofessionals $175 Jonathan Pasternak, Esq., at DelBello, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jonathan S. Pasternak, Esq. Julie Cvek Curley, Esq. DelBello Donnellan Weingarten Wise & Wiederkehr, LLP One North Lexington Avenue, 11th Floor White Plains, NY 10601 Tel: (914) 681-0200 E-mail: jpasternak@ddw-law.com jcurley@ddw-law.com About SteelCore Capital SteelCore Capital Master Fund, L.P. and SteelCore Capital, LP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y Case Nos. 16-11936 and 16-11937) on July 5, 2016. The petition was signed by Joseph Stechler, managing member of SteelCore Capital GP LLC, general partner. The case is assigned to Judge Mary Kay Vyskocil. At the time of the filing, the Debtors estimated their assets and liabilities at $1 million to $10 million. STRONGHOLD ASSET: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Stronghold Asset Management Corp. 23777 Mulholland Drive, Unit 185 Calabasas, CA 91302 Case No.: 16-11961 Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Central District of California (San Fernando Valley) Judge: Hon. Maureen Tighe Debtor's Counsel: Louis J Esbin, Esq. LAW OFFICES OF LOUIS J. ESBIN 25129 The Old Road, Ste 114 Stevenson Ranch, CA 91381-2273 Tel: 661-254-5050 Fax: 661-254-5252 E-mail: Esbinlaw@sbcglobal.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edward Akselrod, chief executive officer. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. SUPERIOR PLUS: DBRS Confirms BB(high) Issuer Rating --------------------------------------------------- DBRS Limited confirmed the Issuer Rating and Senior Secured Notes (the Notes) rating of Superior Plus LP (SP-LP or the Company) at BB (high) as well as its Senior Unsecured Debenture rating at BB (low). DBRS has also lowered the recovery rating for the Senior Secured Notes to RR3 from RR2, although the action does not result in any change in the rating on the Notes. All trends are Stable. The ratings are removed from Under Review with Negative Implications, placed on October 6, 2015. The publicly listed SP Corporation Limited (SP-Corp) has no operating business other than its ownership of SP-LP and relies solely on the Company's business cash flows to support all consolidated debt. As such, DBRS continues to evaluate SP-Corp’s consolidated financial metrics and liquidity in its assessment of SP-LP’s financial risk. The rating actions follow SP-Corp's announcement to terminate the arrangement agreement to acquire all equity interests in Canexus Corporation (Canexus). With the termination of the proposed acquisition, SP-Corp’s financial metrics are not expected to further weaken as a result of the proposed assumption of Canexus debt to levels that DBRS considered to be weak for the ratings. DBRS also expects SP-Corp to maintain its financial metrics in line with its stated unadjusted debt-to-EBITDA target range of 3.0 times (x) to 3.5x (3.4x for last 12 months (LTM) ended March 31, 2016). The Stable trends on the ratings reflect DBRS's view that SP-LP’s business risk profile has remained stable, notwithstanding specific demand-side challenges. The Company's continued focus on efficiency improvement as well as its leading market positions in propane distribution under its Energy Services (ES) division and in Specialty Chemicals (SC) production remain supportive of its business risk profile. Partly offsetting these strengths are (1) slow demand growth potential in its businesses and (2) exposure to external factors beyond the Company’s control (winter temperatures and product prices in ES, input costs and pulp mill production in SC and housing markets in Construction Products Distribution (CPD). The Company's financial performances in 2015 and Q1 2016 were mixed. Benefits from lower propane prices in ES were offset by lower volume caused by mild winter temperatures and sluggish oil and gas (O&G)-related industrial activities. SC's results were adversely affected by weaker sodium chlorate volume caused by certain pulp mill closures and by depressed prices of hydrochloric acids resulting from a weak O&G sector and export demand. Instead, CPD had a good year, supported by recovering housing markets in the United States and continued cost-reduction efforts. Despite the challenges, SP-Corp continued to reduce debt, causing debt metrics to remain steady despite lower EBITDA and cash flows. Adjusted cash flow-to-debt for the LTM ended March 31, 2016, was 19% and adjusted debt-to-EBITDA was 3.9x, both virtually unchanged from their respective levels in 2014 and consistent with the current ratings. DBRS has noted SP-Corp's announcement on July 5, 2016, of a definitive agreement to sell its CPD business to Foundation Building Materials, LLC for USD 325 million (CPD sale), which is expected to close before the end of 2016, subject to regulatory approval. SP-Corp expects to use proceeds from the CPD sale to reduce debt as well as to support expansion in ES and SC, with the Company’s expectation that its unadjusted debt-to-EBITDA would range between 2.0x and 2.5x. Although the range could reflect a financial risk profile that is stronger than the current ratings, DBRS has not factored this event into the rating and will assess the impact of the CPD sale when there is more certainty regarding the timing of the sale, eventual use of proceeds as well as implications for post-sale EBITDA and cash flows. SYNCARDIA SYSTEMS: Proposes Sindex-Led Auction on Aug. 19 --------------------------------------------------------- SynCardia Systems, Inc., asks the U.S. Bankruptcy Court for the District of Delaware to approve bidding procedures relating to the sale of its business to Sindex SSI Lending, LLC, or to the successful bidder at the auction. With the assistance of Canaccord Genuity Inc. and Olshan Frome Wolosky, LLP and Ankura Consulting Group, LLC (formerly known as MGBD, LLC), the Debtor extensively marketed its business prepetition, but was unable to secure an offer from outside of its capital structure. The Debtor has, however, received a stalking horse offer to purchase its business, for a combination of $150,000 in cash and a partial credit bid of $19,000,000, plus amounts owing under the debtor in possession financing facility and the assumption of certain liabilities from Sindex SSI Lending, LLC. The Stalking Horse Purchaser is not an insider of the Debtor. Under the Bidding Procedures, if approved by the Court, the Debtor intends to solicit higher and better offers than the Staking Horse Bid. In addition to considering competing offers for the Assets related to the Debtor's business, the Bidding Procedures will also permit the Debtor to consider offers for Assets not being acquired by the Stalking Horse Purchaser. Because time is of the essence, the Debtor proposes scheduling a hearing approving the Bidding Procedures on or prior to July 27, 2016, a submission deadline for qualified bids on or prior to August 15, 2016 at 5:00 p.m. (Prevailing Eastern Time), an auction for the sale of the Assets on or prior to Aug. 19, 2016, and a hearing to approve the sale of the Assets on or before Aug. 22, 2016. The Debtor may terminate the Stalking Horse APA to consummate an Alternate Transaction entered into in accordance with the Bidding Procedures Order, upon paying the Stalking Horse Purchaser a break-up fee of 3% of the Purchase Price (the "Break-Up Fee"). In addition, if the Stalking Horse APA is terminated under certain other circumstances, the Stalking Horse Purchaser may be entitled to the reimbursement of its actual and reasonable expenses, including attorney's fees, in an amount not to exceed $1,750,000. About SynCardia Systems SynCardia Systems, Inc., a privately-held company with global headquarters and manufacturing in Tucson, Arizona, is focused on developing, manufacturing and commercializing the SynCardia temporary Total Artificial Heart, or TAH-t, an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure. SynCardia Systems sought Chapter 11 protection (Bankr. D. Del. Case No. 16-11599) on July 1, 2016. The Debtor tapped Olshan Frome Wolosky, LLP, as bankruptcy counsel; Young, Conaway, Stargatt & Taylor, LLP as Delaware counsel; Stephen Marotta of Ankura Consulting Group as restructuring advisor; Canaccord Genuity, Inc., as investment banker; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The Debtor estimated assets and debt of $10 million to $50 million. TALBOT ENTERPRISES: Exclusive Plan Filing Date Extended to Sept. 5 ------------------------------------------------------------------ The Hon. Richard D. Taylor of the U.S. Bankruptcy Court for the Eastern District of Arkansas has extended, at the behest of Talbot Enterprises of Pine Bluff, Inc., the exclusive plan filing period extended for 60 days to and including Sept. 5, 2016. As reported by the Troubled Company Reporter on July 4, 2016, the Debtor was required to file a Chapter 11 Plan and Disclosure Statement by July 6, 2016. 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. TC WESTSHORE: Taps Larson & Zirzow as Legal Counsel --------------------------------------------------- TC Westshore, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Larson & Zirzow, LLC as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) prepare legal papers in connection with the administration of the Debtor's estate; (b) take all necessary actions in connection with a plan of reorganization; (c) take all necessary actions to protect and preserve the estate of Debtor, including the prosecution of actions on its behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes, and the preparation of objections to claims. The Debtor proposes to pay $450 per hour to Larson & Zirzow shareholders, and $175 per hour to paraprofessionals. Larson & Zirzow is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Larson & Zirzow, LLC Zachariah Larson Matthew C. Zirzow Shara L. Larson 850 E. Bonneville Ave. Las Vegas, NV 89101 Phone: (702) 382-1170 Fax: (702) 382-1169 E-mail: zlarson@lzlawnv.com mzirzow@lzlawnv.com slarson@lzlawnv.com About TC Westshore TC Westshore, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 16-13277) on June 15, 2016. The petition was signed by Bobby Sabas, managing member. The case is assigned to Judge Laurel E. Davis. At the time of the filing, the Debtor estimated its assets at $10 million to $50 million and liabilities at $0 to $50,000. THOMPSON CREEK: S&P Puts 'CCC+' CCR on CreditWatch Positive ----------------------------------------------------------- S&P Global Ratings said placed its ratings on Thompson Creek Metals Co. Inc., including its 'CCC+' long-term corporate credit rating on the company, on CreditWatch with positive implications. "The CreditWatch placement follows the announcement that Centerra Inc. will acquire Thompson Creek through a share exchange transaction, and repay Thompson Creek's senior secured and unsecured notes," said S&P Global Ratings credit analyst Jarrett Bilous. The CreditWatch placement follows the announcement that Centerra Inc. (not rated) will acquire Thompson Creek through a share exchange transaction, and repay Thompson Creek's senior secured and unsecured notes. The companies expect to close the transaction in the fall of 2016 after customary regulatory and court approvals, and after receiving approval by Thompson Creek's shareholders. On closing, S&P expects Centerra to redeem all of Thompson Creek's secured and unsecured notes (about US$833 million of principal value) at their call price plus accrued and unpaid interest with cash on hand (combined cash balance of US$640 million at the end of first-quarter 2016), proceeds from a subscription receipt offering (C$170 million bought deal), and a new US$325 million secured revolver-term loan. In connection with the proposed transaction, S&P expects Royal Gold Inc.'s 52.25% gold streaming interest at Mt Milligan will be amended to a 35.00% gold stream and 18.75% copper stream. S&P considers this transaction to be positive to Thompson Creek's credit profile as S&P would no longer consider the company's capital structure unsustainable due to a lack of material debt maturities starting next year. In addition, S&P believes the credit measures of the combined entities would be stronger than stand-alone Thompson Creek primarily due to the planned reduction in leverage. S&P expects to resolve the CreditWatch when the companies close the transaction, which is expected in the fall of September 2016. At that time, S&P would expect to raise and subsequently withdraw our long-term corporate and issue-level ratings on Thompson Creek, based on S&P's view of the companies' combined business and financial risk profiles and S&P's expectation that Thompson Creek's notes outstanding will be redeemed. TOOLING SCIENCE: Taps Larkin Hoffman as Legal Counsel ----------------------------------------------------- Tooling Science, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to hire Larkin Hoffman Daly & Lindgren Ltd. The Debtor tapped the firm to serve as its legal counsel in connection with its Chapter 11 case. Thomas Flynn, Esq., at Larkin Hoffman, will be paid $400 per hour for his services. In a court filing, Mr. Flynn disclosed that he and his firm do not hold or represent any interest adverse to the Debtor. The firm can be reached through: Thomas J. Flynn, Esq. Larkin Hoffman Daly & Lindgren Ltd. 8300 Norman Center Dr, Ste 1000 Bloomington, MN 55437 Tel: 952-896-3362 Email: tflynn@larkinhoffman.com About Tooling Science Tooling Science, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Minn. Case No. 16-41999) on June 30, 2016. The petition was signed by Brian Burley, president. The case is assigned to Judge Hon. William J Fisher. At the time of the filing, the Debtor estimated its assets at $0 to $50,000 and liabilities at $1 million to $10 million. TOTAL HOCKEY: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Total Hockey, Inc. 16-44815 aka Total Hockey Training aka Total Lacrosse aka Total Goalie aka PB Team aka Red Tag aka Players Bench Corp. 3120 Riverport Tech Center Drive Maryland Heights, MO 63043 Player's Bench Corporation 16-44820 Hipcheck, LLC 16-44821 Type of Business: Retail Chapter 11 Petition Date: July 6, 2016 Court: United States Bankruptcy Court Eastern District of Missouri (St. Louis) Judge: Hon. Charles E. Rendlen III Debtors' Counsel: Matthew S Layfield, Esq. POLSINELLI PC 100 South Fourth Street, Suite 1000 St. Louis, MO 63102 Tel: 314-889-8000 Fax: 314-622-6798 E-mail: mlayfield@polsinelli.com Debtors' Conflicts Counsel: SPENCER FANE LLP Debtors' Financial Advisor: CLEAR THINKING GROUP LLC Debtors' Claims & Noticing Agent: RUST CONSULTING/OMNI Bankruptcy Estimated Estimated Assets Liabilities --------- ----------- Total Hockey, Inc. $10M-$50M $50M-$100M Player's Bench $0-$50K $0-$50K Hipcheck, LLC $0-$50K $0-$50K The petition was signed by Lee A. Diercks, chief restructuring officer. List of Total Hockey's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Bauer Hockey, Inc. Trade $13,829,485 3958 Collection Center Drive Chicago, IL 60693 Eric Roman Tel: (603) 430-2111 Eric.Roman@bauer.com Reebok - CCM Hockey Trade $7,264,425 P.O BOX 5219 New York, NY 10087-5219 Suzanne Gendron Tel: 514-461-8192 Suzanne.Gendron@reebokccm.com Warrior Trade $1,480,890 Hilldun Corporation 225 West 35th Street New York, NY 10001 Andy Rymsha Tel: 248-798-9810 andy.rymsha@warrior.com Easton (Owned by Bauer) Trade $1,283,260 PO Box 782148 Philadelphia, PA 19178-2148 Connie Ley Tel: 514-671-7891 cley@eastonhockey.com John Richard Boh Unsecured Notes $1,058,833 9407 South Dolton Wawy Highlands Ranch , CO 80126 Rick Boh Tel: 303-725-1596 rboh16@gmail.com Sherwood Hockey Trade $448,248 2747 Boul. Sherwood Sherbrooke, Canada J1K1E1 Canada Marie-Christine Cebrian Tel: 819-563-2202 mccebrian@sher-wood.ca STX Lacrosse Trade $362,199 1500 Bush Street Baltimore, MD 21230 Tammy Walters Tel: 410-454-0110 tammyw@stx.com United Parcel Freight Inc. Trade $349,536 UPS Supply Chain Solutions, Inc. 28013 Network Place Chicago, IL 60673-1280 Chris Miller Tel: 217-358-6441 cmiller1@ups.com Vaughn Custom Sports Trade $295,625 550 S. Glaspie Street Oxford, MI 48371 Debbie Kubacki Tel: (248) 969-8956 dkubacki@vaughnhockey.com True Temper Sports, Inc. Trade $291,024 8275 Tournament DR #200 Memphis, TN 38125 Sherry McClure Tel: 901-746-2029 Sherry.mcclure@truetemper.com Maverick Lacrosse Trade $288,831 PO Box 417210 Boston, MA 02241 Heather Zanatta Tel: 315-233-6234 [Heather.Zanatta@Cascadelacrosse.com] North American Tape, LLC Trade $286,993 22430 Fisher Road Watertown, NY 13601 Alison Winn Tel: 315-779-2822 alison.winn@northamericantapes.com Brine, INC (Owned by Bauer) Trade $283,841 16151 Collections Center DR Chicago, IL 60693 Andy Rymsha Tel: 248-798-9810 andy.rymsha@warrior.com Nike USA, Inc. Trade $269,905 PO BOX 846066 Dallas, TX 75284-6066 Jesse Odom Tel: 503-532-8132 Jesse.Udom@nike.com Peony Apparel Inc. Trade $211,923 9758 Klingerman St 15 EL Monte, CA 91731 Andrew Kha Tel: 626-255-9974 andrewkha123@yahoo.com Brians Custom Sports, LTD. Trade $193,184 karenm@briansmfg.com Shock Doctor Trade $180,918 tbrown@unitedspb.com Cardinal Transportation Solutions LLC Trade $166,412 rclarkston@cardinaltransportationsol utions.com Cratex Container Corportion Trade $151,025 billb@cratexcorp.com Revolution Marketing LLC Trade $150,810 jneal@revolutionworld.com TOTAL HOCKEY: Files for Bankruptcy With Deal to Sell to TSG ----------------------------------------------------------- Sporting goods retailer Total Hockey, Inc., which claims to have experienced significant growth over the last decade, filed a voluntary petition under Chapter 11 of the Bankruptcy Code with the goal of selling substantially all of its assets to TSG Enterprises, LLC, absent higher and better offers at an auction on July 29, 2016. TSG is the parent company for over 40 specialty sporting goods stores and E-commerce businesses operating under the brands Pure Hockey, Pure Goalie and Commonwealth Lacrosse. Total Hockey's subsidiaries Player's Bench Corporation and Hipcheck LLC also filed for bankruptcy. Hipcheck is owned by Michael A. Benoit & Katherine Benoit. Formed in 1999 as a spin off from a local general sporting goods company, the Debtors sell lacrosse and hockey equipment in 32 retail store locations and three distribution centers in 12 states including Chicago, Minneapolis, Detroit, and Philadelphia. According to Lee A. Diercks, chief restructuring officer of the Debtors, the collapse of Easton Hockey (one of the industry's largest vendor), the weakening of the Canadian dollar against the US dollar and the record warm weather negatively impacted the Debtors' liquidity in 2015. As a result, comparable store sales were off over 8% for the fourth quarter of 2015 and EBITDA for the year was a sizeable negative. To date, comparable store sales for 2016 are off approximately 5%. Margin on the Debtors' sales declined from 33% to 28%. The Debtors' Term Loan Forbearance Agreement and Revolving Credit Forbearance Agreement terminated on July 5, 2016, at which time certain forbearance and lender fees became immediately due and payable and default interest immediately began accruing. As of the Petition Date, approximately $11.34 million was outstanding under the 2015 Revolving Credit Facility and $5 million was outstanding under the 2015 Term Loan Agreement, as disclosed in Court documents. As part of their turnaround efforts, the Debtors cut their corporate staff by 20, turned away from television and print marketing toward digital, renegotiated shipping contracts with UPS and key vendors, and implemented a comprehensive store and distribution centers labor model, in an effort to reduce annual costs by approximately $2.5 million. On July 5, 2016, the Debtors and TSG Enterprises, LLC and its nominee TSG-TH Acquisition Co., LLC have entered into an asset purchase agreement pursuant to which TSG agreed to purchase, as a going concern, substantially all of the Debtors' assets for approximately $22.5 million. The sale will be subject to higher and better offers at an auction proposed to be held on July 29, 2016. The Stalking Horse Bidder has insisted upon a closing date of Aug. 5, 2016. "Time is of the essence because any undue delay in a sale will substantially damage the Debtors' business. The Debtors have not had sufficient funds to purchase needed inventory and fully stock their stores. Dropping inventory levels have in turn negatively impacted the Debtors' cash flows, which make a lengthy post-petition sale process untenable given the attendant chapter 11 administrative costs. Falling inventory levels also erode the value of the Assets which the Stalking Horse Bidder seeks to purchase, which in turn may cause the Stalking Horse Bidder to be unwilling to pay the proposed Purchase Price for the Assets," said Mr. Diercks. In the petition, the Debtors estimate assets in the range of $10 million to $50 million and liabilities of up to $100 million. The Debtors estimate that there is approximately $34 million of unsecured debt as of the Petition Date owed trade vendors and suppliers, landlords, tax authorities, customers, employees, etc. The Debtors listed Bauer Hockey, Inc. as their largest unsecured creditor holding a claim of $13.8 million. To enable the Debtors to minimize the adverse effects of the commencement of these cases, they have filed various first day motions seeking authority to, among other things, pay employee obligations, use existing cash management system, prohibit utility providers from discontinuing services, and use cash collateral. The Debtors have hired Polsinelli PC as bankruptcy counsel, Spencer Fane LLP as conflicts counsel, Clear Thinking Group LLC as financial advisor and Rust Consulting/Omni Bankruptcy as claims and noticing agent. The cases are pending joint administration before Judge Charles E. Rendlen III in the U.S. Bankruptcy Court for the Eastern District of Missouri, proposed Lead Case No. 16-44815. The Debtors maintain headquarters in Maryland Heights, Missouri, and operate e-commerce sites at http://www.totalhockey.com/, http://www.goalie.totalhockey.com/, and http://www.lacrosse.totalhockey.com/. In 2015, the Debtors generated 27% of their total sales, or approximately $17 million, through e-commerce. TUSCANY ENERGY: Wants Plan Filing Period Moved to Sept. 7 --------------------------------------------------------- Tuscany Energy, LLC, asks the U.S. Bankruptcy Court for the Southern District of Florida to extend the exclusive solicitation period by 60 days to through and including Sept. 7, 2016. The current exclusive filing period expires on May 10, 2016, and the Exclusive Solicitation Period expires on July 9, 2016. Armstrong Bank, the Debtor's largest secured creditor, has filed a motion to dismiss, or in the alternative, for abstention and motion for relief from automatic stay or in the alternative, for adequate protection. On April 1, 2016, the Court entered an Order granting the Debtor and Armstrong Bank's joint motion that inter alia set the deadline for the Debtor to file a plan of reorganization and disclosure statement as April 25, 2016, and canceled the hearing on the Armstrong motions. On April 25, 2016, the Debtor filed a Plan of Reorganization, and Disclosure Statement for Debtor's Plan of Reorganization. The Court referred various matters relating to the Debtor and Armstrong Bank, including confirmation objections and the Armstrong motions, to judicial settlement conference before Judge Cornish. On June 28, 2016, the Debtor and Armstrong Bank attended a judicial settlement conference before Judge Cornish. The parties have agreed to continue judicial settlement conference to Aug. 1, 2016. In order to minimize costs and preserve judicial resources, the Debtor seeks additional time to attempt to resolve issues with Armstrong Bank prior to pursuing approval of the Disclosure Statement, and soliciting votes in favor of the Plan. The Debtor believes that any settlement reached with Armstrong Bank will likely result in modifications or amendments to the Plan and Disclosure Statement. The Debtor is making post-petition payments and effectively managing its operations. By maintaining required post-petition payment obligations, the Debtor is attempting to maximize recoveries for the benefit of creditors. The Debtor has been providing payments consistent with the various cash collateral orders that have been agreed to by Armstrong Bank. The Debtor's counsel can be reached at: Bernice C. Lee, Esq. SHRAIBERG, FERRARA & LANDAU, P.A. 2385 NW Executive Center Drive, No. 300 Boca Raton, Florida 33431 Tel: (561) 443-0800 Fax: (561) 998-0047 E-mail: blee@sfl-pa.com Headquartered in Boca Raton, Florida, Tuscany Energy, LLC's primary assets consist of lease rights for an estimated 68 producing wells, 12 temporarily shut down wells, 90 nonproducing wells, and 10 injection or disposal wells located in Lincoln, Creek, Okfuskee, Payne and Pottawatomie counties in Oklahoma. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 16-10398) on Jan. 11, 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 Donald Sider, manager. Judge Erik P. Kimball presides over the case. Bradley S Shraiberg, Esq., at Shraiberg, Ferrara, & Landau P.A. serves as the Debtor's bankruptcy counsel. VERTELLUS SPECIALTIES: $110-Mil. DIP Loan Has Final Approval ------------------------------------------------------------ Judge Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued a final order allowing Vertellus Specialties Inc., et al., to obtain postpetition financing in the form of a term loan facility in the aggregate principal amount of $110 million, from the DIP Agent, Wilmington Trust, National Association, and the lenders party thereto. Judge Sontchi acknowledged that the Debtors have the need to obtain the DIP Loans on a final basis and continue to use the Prepetition Collateral in order to permit, among other things, the orderly continuation of the operation of their businesses, to maintain business relationships with employees, vendors, suppliers and customers, to make payroll, to make capital expenditures, to consummate the ABL Facility Payoff in accordance with the Payoff Letter, to satisfy the costs of administration of the Chapter 11 Cases, and to provide for other working capital and operational needs. Judge Sontchi further acknowledged that the Debtors' use of Cash Collateral alone would be insufficient to meet the Debtors' cash disbursement needs during the pendency of the Chapter 11 cases. Judge Sontchi held that unless all DIP Obligations have been indefeasibly paid in full in cash and the Commitments have been terminated, the following will constitute an event of default under the DIP Facility: (a) any modifications, amendments or extensions of the Final Order, and no such consent shall be implied by any action, inaction or acquiescence by any party; (b) an order converting or dismissing any of the Chapter 11 cases; (c) an order appointing a chapter 11 trustee in any of the Chapter 11 cases; (d) an order appointing an examiner with enlarged powers in any of the Chapter 11 cases; or (e) the sale of all or substantially all of the assets of the Loan Parties, which does not provide for the repayment in full in cash of all DIP Obligations upon the consummation thereof. A full-text copy of the Final Order, dated June 23, 2016, is available at https://is.gd/7kcjM4 About Vertellus Specialties Vertellus Specialties Inc. is a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Headquartered in Indianapolis, Indiana, Vertellus Specialties Inc. and several affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-11289 to 16-11299) on May 31, 2016. Judge Christopher S. Sontchi presides over the case. Stuart M. Brown, Esq., Kaitlin M. Edelman, Esq., Richard A. Chesley, Esq., Daniel M. Simon, Esq., and David E. Avraham, Esq., at DLA Piper LLP (US) serve as the Debtors' bankruptcy counsel. Jefferies LLC is the Debtors' investment banker. Andrew Hinkelman at FTI Consulting, Inc., is the Debtors' chief restructuring officer. Kurtzman Carson Consultants is the Debtors' claims and noticing agent. The Debtors estimated assets between $100 million and $500 million and debt between $500 million and $1 billion. The petitions were signed by Anne Frye, vice president, secretary and general counsel. W. F. JAMES: Seeks to Hire Katz Flatau as Legal Counsel ------------------------------------------------------- W. F. James and Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire Katz, Flatau & Boyer, LLP as its legal counsel. The Debtor tapped the firm to provide these services in connection with its Chapter 11 case: (a) give legal advice with respect to its powers and duties as a debtor-in-possession; (b) prepare legal papers; (c) take all necessary actions to preserve and administer the Debtor's estate; (d) assist the Debtor in preparing and filing its statement of financial affairs and schedules; (e) take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral; and (f) prosecute claims asserted by the Debtor. Wesley Boyer, Esq., at Katz Flatau, will be paid $325 per hour for his services. In a court filing, Mr. Boyer disclosed that the firm does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached through: Wesley J. Boyer, Esq. Katz, Flatau & Boyer, LLP 355 Cotton Avenue Macon, GA 31201 Tel: (478) 742-6481 E-mail: Wes@WesleyJBoyer.com wjboyer_2000@yahoo.com About W. F. James and Company W. F. James and Company, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 16-51146) on June 7, 2016. WARREN RESOURCES: Claims Bar Date Set for August 15 --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas set Aug. 15, 2016, as deadline for persons and entities to file proofs of claim against Warren Resources Inc. and its debtor-affiliates. Governmental units have until Dec. 1, 2016, to file their claims against the Debtors. Claims against a particular Debtor must be filed under the appropriate case for that particular Debtor: 1) electronically on Epiq's website at http//dm.epiq11.com/WRE or 2) via hard copy at: a) if by first class mail: Warren Resources Inc. Claims Processing Center Epiq Bankruptcy Solutions LLC P.O. Box 4419 Beaverton, OR 97076-4419 b) if by hand-delivery or overnight mail: Warren Resources Inc. Claims Processing Center Epiq Bankruptcy Solutions LLC 10300 SW Allen Blvd. Beaverton, OR 97005 About Warren Resources Warren Resources Inc., is an independent energy company engaged in the exploration, development and production of domestic onshore crude oil and natural gas reserves. It is primarily focused on the development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, its position in the Marcellus Shale gas in northeastern Pennsylvania and its coalbed methane, or CBM, natural gas properties located in Wyoming. Warren Resources, Inc., Warren E&P, Inc., Warren Resources of California, Inc., Warren Marcellus LLC, Warren Energy Services, LLC, and Warren Management Corp. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Proposed Lead Case No. 16-32760) on June 2, 2016. The Debtors listed total assets of $230 million and total debt of $545 million. The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLC as investment banker, Deloitte Transactions and Business Analytics LLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC as claims, balloting and noticing agent. Judge Marvin Isgur has been assigned the cases. WECHSLER & CO: Seeks Court OK of Intellicorp Debt Sale ------------------------------------------------------ Wechsler & Co., Inc., which received confirmation of its Chapter 11 plan in 2013, filed with the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of New York on July 1, 2016, a motion seeking approval of a private sale of its interest in certain debt instruments in Intellicorp, Inc., to Intellicorp, which would include the ancillary retention by the Debtor of its equity interests in Intellicorp, free and clear of all liens, claims, encumbrances and interests. Since confirmation of the Debtor's Chapter 11 Plan, the Debtor has made diligent efforts to realize a return on its investments, namely its holdings in three illiquid private companies -- Rave, LLC, Intellicorp, Inc. and Permlight, Inc. -- for the benefit of its only two remaining creditors: 1. the New York State Department of Taxation and Finance ("NYSDTF"), holding a secured claim (as of confirmation) in the amount of $12,031,183.63; and 2. the Internal Revenue Service ("IRS"), holding a priority claim (as of confirmation) in the amount of $20,086,833. As the Court is aware, the Debtor has already successfully liquidated its holdings in Rave for in excess of $1 million. The Debtor's interests in Permlight have proven worthless, as Permlight recently liquidated under a state court assignment for the benefit of creditors which resulted in no return on the Debtor's interests. As the Court is further aware, the Debtor attempted to previously sell its interests in Intellicorp to CYB Master Fund, LLC ("CYB"), an affiliate of the Debtor owned by the Debtor's principal. However, after litigation was commenced by a receiver for CYB challenging the sale, the deal with CYB was withdrawn before it closed. After the aborted sale, the Debtor went back to Intellicorp, the only other available purchaser of the Debtor's interests and negotiated the agreement. Over the course of the past 2 months, the Debtor has negotiated an agreement with Intellicorp whereby it would, inter alia, buy back the Debtor's debt holdings in Intellicorp (the "Intellicorp Debt") and the Debtor's equity interests in Intellicorp would re-vest in the Debtor free and clear all liens, claims, encumbrances or any obligation to sell or dispose of the Intellicorp Equity, in exchange for a lump sum cash payment in the amount of $500,000. By this Application, the Debtor seeks an Order from the Court authorizing the sale of the Intellicorp Debt and Debtor's retention of the Intellicorp Equity without any obligation to sell or dispose of it, in both cases free and clear of all lien, claims, encumbrances and interests pursuant to Section 363(b) and (f) of the Bankruptcy Code. Pursuant to the terms of the Plan, the Purchase Price, after the payment of the Debtor's reasonable legal fees capped at $10,000, shall be contributed to the Plan Distribution Fund and will be distributed to NYSDTF (84.6%) and the IRS (15.4%). About Wechsler & Co., Inc. Mount Kisco, New York-based Wechsler & Co., Inc., is a private investment firm that invests in both public and privately held companies. The Company filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 10-23719) on Aug. 18, 2010. Jonathan S. Pasternak, Esq., at Rattet, Pasternak & Gordon Oliver, LLP, assists the Debtor in its restructuring effort. The Debtor estimated assets and debts at $10 million to $50 million as of the Petition Date. * * * Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York confirmed on May 2, 2013, the first amended liquidating Chapter 11 plan of Wechsler & Co., Inc. The Plan provides for among other things, holders of the allowed secured and priority tax claims of New York State Department of Taxation and Finance ($12.0 million) will receive 84.6% of the "plan distribution fund". Holders of allowed unsecured claims, other than NYSDTF, IRS and Norman Wechsler, will receive, in cash, 100% together with interest at the applicable federal rate of interest for the week ending during the week of the Effective Date, which rate is based on a weekly average 1-year constant maturity Treasury yield. Norman Wechsler will retain his interests in the Debtor. WELLS TRANSPORT: Hires Lefkovitz & Lefkovitz as Attorney -------------------------------------------------------- Wells Transport, Inc., seeks authorization from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Lefkovitz & Lefkovitz as Attorney for Debtor-in-Possession. The Debtor requires Lefkovitz & Lefkovitz to: a. advise the Debtor as to his rights, duties and powers as Debtor-in-Possession; b. prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. represent the Debtor at all hearings, meetings of creditors, conferences trials and any other proceedings in this case; and d. perform other legal services as may be necessary in connection with this case. Lefkovitz & Lefkovitz will be paid at these hourly rates: Steven L. Lefkovitz $485 Associate Attorneys $350 Paralegals $125 The Debtor agrees to pay Lefkovitz & Lefkovitz a retainer in the amount of $6,500, which was paid by the All Amp Trust and signed by Jamal L. Boykin, Trustee. Steven L. Lefkovitz, Esq., of the law firm of Lefkovitz & Lefkovitz, 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. Wells Transport, Inc. may be reached at: Steven L. Lefkovitz Lefkovitz & Lefkovitz 618 Church Street, Suite 410 Nashville, TN 37219 Tel: (615) 256-8300 Fax: (615) 225-4516 E-mail: slefkovitz@lefkovitz.com About Wells Transport, Inc. Wells Transport, Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Tenn. Case No. 16-04248) on June 13, 2016. Hon. Marian F. Harrison presides over the case. The Law Offices of Lefkovitz & Lefkovitz represents the Debtor as counsel. In its petition, the Debtor estimated $350,123 in assets and $1.20 million in liabilities. The petition was signed by Frank Saleh, president. WHITING PETROLEUM: Completes $1.1 Billion Notes Exchange -------------------------------------------------------- On June 29, 2016 and July 1, 2016, Whiting Petroleum Corporation completed the exchange of a total of approximately $1.1 billion aggregate principal amount of its notes consisting of $687.9 million aggregate principal amount of its convertible notes for the same aggregate principal amount of new mandatory convertible notes and $404.8 million aggregate principal amount of its nonconvertible notes for the same aggregate principal amount of new mandatory convertible notes. The New 2018 Notes were issued pursuant to the Subordinated Indenture, dated as of March 23, 2016, among the Company, Whiting Oil and Gas Corporation, Whiting US Holding Company, Whiting Canadian Holding Company ULC, and Whiting Resources Corporation and The Bank of New York Mellon Trust Company, N.A., as Trustee, as amended and supplemented by the Second Supplemental Indenture, dated as of July 1, 2016, among the Company, the Guarantors and the Trustee relating to the New 2018 Notes. The New 2019 Notes, New 2021 Notes and New 2023 Notes were issued pursuant to the Senior Indenture, dated as of March 23, 2016, among the Company, the Guarantors and the Trustee, as amended and supplemented by the Fourth Supplemental Indenture, dated as of July 1, 2016, among the Company, the Guarantors and the Trustee relating to the New 2019 Notes, the Fifth Supplemental Indenture, dated as of July 1, 2016, among the Company, the Guarantors and the Trustee relating to the New 2021 Notes, and the Sixth Supplemental Indenture, dated as of July 1, 2016, among the Company, the Guarantors and the Trustee relating to the New 2023 Notes. The New 2020 Notes were issued pursuant to (i) the Indenture, dated as of July 1, 2016, among the Company, the Guarantors and the Trustee relating to the New 2020 Notes described as 1.25% Mandatory Convertible Senior Notes due 2020, Series 1 and (ii) the Indenture, dated as of June 29, 2016, among the Company, the Guarantors and the Trustee relating to the New 2020 Notes described as 1.25% Mandatory Convertible Senior Notes due 2020, Series 2. The New Convertible Notes are fully and unconditionally guaranteed by the Guarantors. A full-text copy of the Form 8-K filing is available for free at: https://is.gd/UpNEoM About Whiting Petroleum Whiting Petroleum Corporation is an independent oil and gas company engaged in development, production, acquisition and exploration activities primarily in the Rocky Mountains and Permian Basin regions of the United States. Whiting Petroleum reported a net loss available to common shareholders of $2.21 billion on $2.05 billion of total revenues and other income for the year ended Dec. 31, 2015, compared to net income available to common shareholders of $64.80 million on $3.08 billion of total revenues and other income for the year ended Dec. 31, 2014. [^] BOOK REVIEW: The Rise and Fall of the Conglomerate Kings ------------------------------------------------------------ Author: Robert Sobel Publisher: Beard Books Softcover: 240 pages List Price: $34.95 Review by David Henderson Order your personal copy today at http://is.gd/1GZnJk The marvelous thing about capitalism is that you, too, can be a Master of the Universe. If you are of a certain age, you will recall that is the name commandeered by Wall Street bond traders in their Glory Days. Being one is a lot like surfing: you have to catch the crest of the wave just right or you get slammed into the drink, and even the ride never lasts forever. There are no Endless Summers in the market. This book is the behind-the-scenes story of the financial wizards and bare-knuckled businessmen who created the conglomerates, the glamorous multi-form companies that marked the high noon of post- World War II American capitalism. Covering the period from the end of the war to 1983, the author explains why and how the conglomerate movement originated, how it mushroomed, and what caused its startling and rapid decline. Business historian Robert Sobel chronicles the rise and fall of the first Masters of the Universe in the U.S. and describes how the era gave rise to a cadre of imaginative, bold, and often ruthless entrepreneurs who took advantage of a buoyant stock market to create giant enterprises, often through the exchange of overvalued paper for real assets. He covers the likes of Royal Little (Textron), Text Thornton (Litton Industries), James Ling (Ling-Temco-Vought), Charles Bludhorn (Gulf & Western) and Harold Geneen (ITT). This is a good read to put the recent boom and bust in a better perspective. While these men had vastly different personalities and processes, they had a few things in common: ambition, the ability to seize opportunities that others were too risk-averse to take, willing bankers, and the expansive markets of the 1960s. There is something about an expansive market that attracts and creates Masters of the Universe. The Greek called it hubris. The author tells a good joke to illustrate the successes and failures of the period. It seems the young son of a Conglomerateur brings home a stray mongrel dog. His father asks, "How much do you think it's worth?" To which the boy replies, "At least $30,000." The father gently tries to explain the market for mongrel dogs, but the boy is undeterred and the next afternoon proudly announces that he has sold the dog for $50,000. The father is proudly flabbergasted, "You mean you found some fool with that much money who paid you for that dog?" "Not exactly," the son replies, "I traded it for two $25,000 cats." While it lasted, the conglomerate struggles were a great slugfest to watch: the heads of giant corporations battling each other for control of other corporations, and all of it free from the rubric of "synergy." Nobody could pretend there was any synergy between U.S. Steel and Marathon Oil. This was raw capitalist power at work, not a bunch of fluffy dot.commies pretending to defy market gravity. History repeats itself, endlessly, because so few people study history. The stagflation of the 1970s devalued the stock of conglomerates and made it useless a currency to keep the schemes afloat. The wave crashed and waiting on the horizon for the next big wave: the LBO Masters of the 1980s. Robert Sobel was born in 1931 and died in 1999. He was a prolific chronicler of American business life, writing or editing more than 50 books and hundreds of articles and corporate profiles. He was a professor of business history at Hofstra University for 43 years and he a Ph.D. from NYU. ********* 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 ***