TCR_Public/160711.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Monday, July 11, 2016, Vol. 20, No. 193

                            Headlines

21ST CENTURY: Expects to Seek Extension of Reports Filing Deadline
40-01 NORTHERN: Has Until Oct. 10 to Exclusively File Plan
ABEINSA HOLDING: Wants Removal Period Extended to Sept. 25
ADA GIRON: Selling Lawrence, MI Property to Giffens for $250,000
AEROPOSTALE INC: Court Sets July 25 as General Claims Bar Date

AEROPOSTALE INC: Files Schedules of Assets and Liabilities
AFFORDABLE MED: Court Denies FirstMerit's Disclosure Statement
AHML INSURANCE: Moody's Withdraws Ba2 IFS Rating
ALCOA INC: Fitch Removes 'BB+' IDR from Rating Watch Evolving
ALLIANT HOLDINGS: Moody's Affirms 'B3' Corp. Family Rating

APOSTOLIC FAITH MISSION: U.S. Trustee Unable to Appoint Committee
ASTROTURF LLC: Seeks Private Sale of Turf Business to APT
ASTROTURF LLC: U.S. Trustee Forms 3-Member Committee
BATE LAND & TIMBER: Court Refuses to Stay Plan Confirmation Order
BILL BARRETT: Franklin, et al., Hold 17.1% Stake as of June 30

BLUE ARBOR: Trustee's Belle Mead-Property Interest Sale Approved
BROADVIEW NETWORKS: Extends CIT Credit Facility to Oct. 2017
BSD OF MIAMI: Taps Scott Alan Orth as Legal Counsel
CAAZ VENTURES: U.S. Trustee Unable to Appoint Committee
CANON BUILDERS: Hires Orantes as Counsel

CARE CAPITAL: S&P Retains 'BB+' CCR, Outlook Remains Stable
CCC LAND COMPANY: Taps Skinner Law Firm as Bankr. Counsel
CCC OF FAIRPLAY: Taps Skinner Law Firm as Legal Counsel
CD&R TZ PURCHASER: S&P Assigns 'B' CCR & Rates $40MM Revolver 'B'
CD&R TZ: Moody's Assigns B3 CFR & Rates 1st Lien Loans B2

CEETOP INC: Discontinues Operations of Subsidiary
CLARK-CUTLER-MCDERMOTT: Files for Bankruptcy, Looks for Buyer
DIFFERENTIAL BRANDS: CohnReznick Replaces Moss Adams as Auditors
DIVERSIFIED RESOURCES: Incurs $2.21 Million Net Loss in 1st Quarter
DRUG STORES II: Sale of Various Assets for $22,200 Approved

E Z MAILING: Selling $3M Accounts to North Mill
ECLIPSE RESOURCES: Moody's Cuts Corporate Family Rating to Caa1
EIF CHANNELVIEW: Moody's Cuts Senior Secured Rating to B1
EL PRIMERO: Selling Substantially All Assets to GRG for $250K
ELBIT IMAGING: Liable for EUR2M Indemnification Claim, Court Rules

EPICENTER PARTNERS: 341 Meeting of Creditors Set for July 12
ESSAR STEEL MINNESOTA: Case Summary & 20 Top Unsecured Creditors
EUROTECH CABINETS: Hires Andersen as Accountant
EZ MAILING: Online Auction Set for July 28
FEDERAL IDENTIFICATION: Assets Sale to PTM Promotional Approved

FIREBALL ENTERPRISES: Hires Caldwell & Riffee as Counsel
FIRST EVANGELIST HOUSING: New Orleans Real Property Sale Approved
GOGGO DADA: U.S. Trustee Unable to Appoint Committee
GOLDMAN SACHS: Fitch Affirms 'BB+' Preferred Equity Rating
GOODMAN NETWORKS: S&P Cuts CCR to SD on Missed Interest Payment

GREAT BASIN: Converts $3.7 Million 2015 Notes Into Common Shares
HERCULES OFFSHORE: Plan Confirmation Hearing Moved to August 10
HESS COMMERCIAL: Exclusive Plan Filing Period Extended to July 13
HOSTESS BRANDS: Sale to Gores Will Not Change Moody’s B2 Rating
ICAGEN INC: Closes $1.15 Million Private Placement Financing

INTREPID POTASH: BlackRock Reports 4.5% Stake as of June 30
IRONGATE ENERGY: S&P Lowers CCR to 'CC' on Missed Payment
ITALIAN & FRENCH: Selling Business and Equipment to Dobson
KOMODIDAD DISTRIBUTORS: FirstBank Objects to Cash Use Extension
KOMODIDAD DISTRIBUTORS: FirstBank Seeks to Compel Doc Production

KOMODIDAD DISTRIBUTORS: Maintains Units Should Be Consolidated
KU6 MEDIA: Shareholders Approve Merger Agreement with Shanda
L BRANDS: Fitch Rates Proposed Senior Guaranteed Notes 'BB+/RR4'
LEN-TRAN INC: Taps Syprett Meshad as Counsel in Oil Spill Case
LINDA WINDHAM: Selling Oxford Condo Unit to Briscoe $270K

LURA DEE KIRKLAND: 2015 Mercedes-Benz CLS400 Sale to Ford Approved
M SPACE HOLDINGS: GB's Sales of Up to $10M Approved
MAXUS ENERGY: U.S. Trustee Forms 3-Member Committee
MCK MILLENNIUM: Reaches Deal on Cash Collateral Use Until Oct. 14
MIDSTATES PETROLEUM: Committee Taps Hameline as Special Counsel

MIDSTATES PETROLEUM: Taps Deloitte as Tax Services Provider
MORGAN STANLEY: Fitch Affirms 'BB+' Preferred Stock Rating
NET ELEMENT: Opts to Exchange $200,000 for Common Shares
NEW ENTERPRISE: Closes $450 Million Term Loan Facility
NGL ENERGY: Moody's Affirms Ba3 Corporate Family Rating

NORTEK INC: Moody's Places B2 CFR Under Review for Upgrade
OFFICE EXPRESS SUPPLY: Taps Jorge Sanchez as Legal Counsel
PA LLC: Public Auction of Special Assets Set for August 2
PARAGON OFFSHORE: Court Extends Lease Decision Period to Aug. 12
PDC ENERGY: S&P Affirms 'B+' CCR, Outlook Remains Stable

PEDFA: S&P Lowers Rating on 2013A Parking Rev. Bonds to BB+
PERRY PUBLIC SCHOOLS: Moody's Affirms Ba1 Rating on GOULT Debt
PETROLEUM PRODUCTS: Hires Stibbs as Special Litigation Counsel
PETROLEUM PRODUCTS: Stibbs Retention Bid Opposed
PETROLEUM PRODUCTS: UST Opposes Bid to Hire Tax Accountant

PIONEER ENERGY: BlackRock Holds 10.1% Stake as of June 30
PLASKOLITE LLC: Moody's Affirms B2 Corporate Family Rating
PLASKOLITE LLC: S&P Affirms 'B' CCR, Outlook Stable
POSITIVEID CORP: Closes $132,000 Purchase Agreement with LG
POSITIVEID CORP: Closes $516K Purchase Pact With Union Capital

POSITIVEID CORP: Effects Reverse Stock Split
QUANTUM CORP: BlackRock Holds 2.2% Equity Stake as of June 30
QUECHAN INDIAN: Fitch Affirms 'B-' IDR, Outlook Positive
QUEST SOLUTION: Enters Into Factoring Agreement with Action
RBS HOLDINGS: Public Auction on Equity Interest Set for July 11

REALOGY GROUP: Moody's Hikes Bank Debt Rating to Ba1
REALOGY GROUP: S&P Assigns 'BB+' Rating on Proposed $330MM Loan
RICEBRAN TECHNOLOGIES: LF-RB Management, et al., Hold 9% Stake
ROADRUNNER ENTERPRISES: Chesterfield Property Sale Approved
RYCKMAN CREEK: Has Until Aug. 30 to Assume or Reject Leases

SANTA CLARA CITY: Moody's Affirms Ba1 Rating on 2006 Electric Bonds
SEPCO CORP: Asbestos Panel Taps Gilbert LLP as Special Counsel
SEQUENOM INC: BlackRock Reports 3.5% Stake as of June 30
SPARKS TOURISM: Moody's Affirms B1 Rating on Revenue Bonds
STELLAR BIOTECHNOLOGIES: Closes $6.75M Registered Direct Offering

STEVE MURPHY: Sale of 23 LLC Interests for $10M Approved
STONE ENERGY: BlackRock Reports 2.7% Equity Stake as of June 30
SUNDEVIL POWER: Exclusive Plan Filing Deadline Moved to Aug. 9
SYNCARDIA SYSTEMS: Taps Rust Consulting as Claims Agent
TATOES LLC: Employment of CFO Solutions Not Subject to Sec. 327

TATOES LLC: Stipulation Reached Over CFO Employment, Fees
THERAPEUTICSMD INC: Submits New Drug Application for Yuvvexy
TRANS ENERGY: Incurs $19.6 Million Net Loss in 2015
TRANSOCEAN INC: Fitch Affirms 'B+' IDR, Outlook Remains Negative
TRINET HR: Moody's Assigns B1 Rating to New Bank Debt

TRINET HR: S&P Assigns 'BB' Rating on Proposed $135MM Loan
USA DISCOUNTERS: Plan Filing Period Extended to Sept. 20
VEROS ENERGY: Taps McDowell Knight as Insurance Counsel
VERTELLUS SPECIALTIES: Committee Objects to Jefferies Hiring
VERTELLUS SPECIALTIES: Schedules Filing Deadline Moved to July 15

WESTERN ENERGY: Moody's Affirms Caa2 Corporate Family Rating
WHISTLER ENERGY: Committee Opposes Bid to Hire TDF Partners
[^] BOND PRICING: For the Week from July 4 to 8, 2016

                            *********

21ST CENTURY: Expects to Seek Extension of Reports Filing Deadline
------------------------------------------------------------------
21st Century Oncology Holdings, Inc. is in the process of
finalizing its Form 10-K for the fiscal year ended Dec. 31, 2015,
and Form 10-Q for the period ended March 31, 2016.  The completion
of the process has been delayed as a result of the restatement of
prior year financial results.  

Also as previously disclosed, on May 12, 2016, the Company received
a default notice, relating to the Company's failure to timely
provide certain financial reports, from Morgan Stanley Senior
Funding, Inc., as administrative agent for the lenders under the
credit agreement of 21st Century Oncology, Inc., the Company's
subsidiary.  The Company also received default notices from
Wilmington Trust, National Association, as trustee of 21C's 11.00%
Senior Notes due 2023, acting at the direction of holders of Notes,
for failing to timely provide certain financial reports required by
the indenture governing the Notes.  Those notices were received on
May 17, 2016, with respect to the Form 10-K and June 1, 2016 with
respect to the Form 10-Q.

On June 10, 2016, the Company entered into an amendment and waiver
to the Credit Agreement to, among other things, waive through
July 31, 2016, any default or event of default under the Credit
Agreement for failing to timely provide the financial reports for
the year ended Dec. 31, 2015, and quarter ended March 31, 2016.
The amendment also waives any cross-default that may arise under
the Credit Agreement prior to or on July 31, 2016 as a result of a
default or event of default under the Indenture for failure to
timely deliver the SEC Reports.

As a result of the foregoing, if 21C does not furnish or file the
SEC Reports within 60 days after receipt of the Indenture Default
Notices (as applicable) as required by the Indenture or deliver the
SEC Reports to the Administrative Agent by July 31, 2016, as
required by the Credit Agreement, then such failure to timely
deliver will be deemed an event of default under the Indenture or
Credit Agreement, as applicable.

The Company currently does not anticipate being able to meet the
Report Deadlines.  As a result, the Company expects to engage in
discussions with the lenders under the Credit Agreement and the
holders of the Notes regarding extending the Report Deadlines to
Aug. 31, 2016 (for the SEC Reports as well as the report for the
quarter ended June 30, 2016) and waiving until Aug. 31, 2016, any
defaults or events of default that would otherwise occur due to the
failure to timely provide such reports.

                     Preliminary Results

In the interim, the Company is providing the following additional
preliminary results.

For the full year 2015, the Company expects to report total revenue
between $1,068 million and $1,090 million and Pro Forma Adjusted
EBITDA of between $155 million and $165 million.

For the fourth quarter of 2015, the Company expects to report total
revenue between $262 million and $267 million and Pro Forma
Adjusted EBITDA of between $37 million and $40 million.

For the first quarter of 2016, the Company expects to report total
revenue between $264 million and $281 million and Pro Forma
Adjusted EBITDA of between $38 million and $42 million.

The Company expects to report cash and cash equivalents of
approximately $56 million as of June 30, 2016.  During the second
quarter of 2016, the Company incurred cash expenses of
approximately $2.0 million related to the Credit Agreement
amendment and waiver and approximately $4.7 million in conjunction
with the financial restatement process.  During the second quarter
of 2016, the Company also invested in new medical equipment.  The
Company also incurs higher amounts of cash interest expense in the
second and fourth quarters of each fiscal year due to the interest
due on the Notes.

                       About 21st Century

21st Century Oncology, Inc., formerly known as Radiation Therapy
Services, Inc. ("RTS") owns and operates radiation treatment
facilities in the US and Latin America.

As of Sept. 30, 2015, the Company had $1.09 billion in total
assets, $1.33 billion in total liabilities, $370 million in
series A convertible redeemable preferred stock, $19.9 million in
noncontrolling interests and a total deficit of $623 million.

                            *     *     *

As reported by the TCR on Feb. 27, 2015, Moody's Investors Service
upgraded 21st Century Oncology, Inc.'s Corporate Family Rating and
Probability of Default Rating to B3 and B3-PD, respectively.
The upgrade of the Corporate Family Rating to B3 and SGL to SGL-2
reflects the receipt of a $325 million preferred equity investment
from the Canada Pension Plan Investment Board and subsequent debt
reduction.

As reported by the TCR on May 20, 2016, S&P Global Ratings lowered
its corporate credit rating on 21st Century to 'CCC' from 'B-' and
placed the rating on CreditWatch with negative implications.


40-01 NORTHERN: Has Until Oct. 10 to Exclusively File Plan
----------------------------------------------------------
The Hon. Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York has extended 40-01 Northern Boulevard
Corp.'s exclusive period to file a plan of reorganization for 90
days through and including Oct. 10, 2016.

As reported by the Troubled Company Reporter on June 15, 2016, the
Debtor sought to extend by 90 days its exclusive period to file a
plan of reorganization.  The exclusive time within which the Debtor
may file a plan was scheduled to expire on July 12, 2016.  Over the
past several months, Fernando Gonzalez has had numerous discussions
with potential investors regarding a sale of a portion of his
equity interest in the Debtor.  This is significant because the
proceeds of the sale would be used to fund a plan.  These
discussions are ongoing and the Debtor is cautiously optimistic
that an equity transaction can be accomplished.

40-01 Northern Blvd. Corp., dba Tequila Sunrise, dba Tequila
Sunrise II, is a successful Mexican restaurant located in Long
Island City, New York, with a property address of 40-01 Northern
Boulevard, Long Island City, New York 11101.  The restaurant has
been in its present location for 28 years and is part and parcel of
the revitalization of this section of Long Island City.  The Debtor
has annual gross sales of approximately $1.1 million and is usually
sold out on most weekends.  The principal sole shareholder is
Fernando Gonzalez.  The restaurant employees 10 people in addition
to Mr. Gonzalez.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
E.D.N.Y. Case No. 16-40159) on Jan. 14, 2016.  Scott A Steinberg,
Esq., at the Law Office of Scott A. Steinberg.


ABEINSA HOLDING: Wants Removal Period Extended to Sept. 25
----------------------------------------------------------
Abeinsa Holding Inc., et al., ask the U.S. Bankruptcy Court for the
District of Delaware to extend the time within which they may file
notices of removal of claims and actions, with respect to pending
civil actions, up to September 25, 2016, without prejudice to the
Debtor's right to seek further extensions.

An extension until September 25, 2016 is an extension of
approximately:

     -- 90 days for Abeinsa Holding Inc., Abengoa Solar LLC,
Abeinsa EPC LLC, Abencor USA, LLC, Inabensa USA, LLC, Nicsa
Industrial Supplies, LLC, Abener Construction Services, LLC, Abener
North America Construction, LP, Abeinsa Abener Teyma General
Partnership, Abener Teyma Mojave General Partnership, Abener Teyma
Inabensa Mount Signal Joint Venture, Teyma USA & Abener Engineering
and Construction Services General Partnership, and Teyma
Construction USA, LLC -- the Original Debtors;

     -- 80 days for Abener Teyma Hugoton General Partnership,
Abengoa Bioenergy Hybrid of Kansas, LLC, Abengoa Bioenergy New
Technologies, LLC, Abengoa Bioenergy Biomass of Kansas, LLC,
Abengoa Bioenergy Technology Holding, LLC, Abengoa US Holding, LLC;
Abengoa US, LLC, and Abengoa US Operations, LLC -- the April
Debtors; and

     -- 15 days for Abengoa Bioenergy Holdco, Inc. and Abengoa
Bioenergy Meramec Holding, Inc. -- the Maple Debtors.

The Debtors submit that a single deadline for all Debtors,
regardless of their individual petition date, will aid in the
efficient administration of the chapter 11 cases.

The time within which the Debtors must file notices or motions to
remove any pending civil action, absent an extension, was scheduled
to expire on June 27, 2016 for the Original Debtors, on July 5 and
6, 2016 for the April Debtors, and September 10, 2016 for the Maple
Debtors.

              About Abengoa S.A. & Abengoa Bioenergy

Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A. ("Abengoa"), a Spanish energy company founded in 1941.
Abengoa S.A. is an engineering and clean technology company with
operations in more than 50 countries worldwide that provides
innovative solutions for a diverse range of customers in the energy
and environmental sectors.  Abengoa is one of the world's top
builders of power lines transporting energy across Latin America
and a top engineering and construction business, making massive
renewable-energy power plants worldwide.  The global headquarters
of Abengoa Bioenergy is in Chesterfield, Missouri.  The United
States is Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water projects.


On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to
seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  At that time, the Spanish company was facing a
March 28, 2016, deadline to agree on a viability plan or
restructuring plan with its banks and bondholders, without which it
could be forced to declare bankruptcy.

Abengoa, S.A., and 24 of its subsidiaries filed Chapter 15
petitions (Bankr. D. Del. Case Nos. 16-10754 to 16-10778) on March
28, 2016, to seek U.S. recognition of its restructuring proceedings
in Spain.  Christopher Morris, the foreign representative, signed
the petitions. DLA Piper LLP (US) serves as counsel.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition (Bankr. D. Neb. Case No. 16-80141) for Abengoa
Bioenergy of Nebraska, LLC ("ABNE") and on Feb. 11, 2016, filed an
involuntary Chapter 7 petition (Bankr. D. Kan. Case No. 16-20178)
for Abengoa Bioenergy Company, LLC ("ABC").  They also filed an
involuntary Chapter 7 petition (Bankr. D. Kan. Case No.
1:16-bk-10876) against Abengoa Bioenergy Biomass of Kansas, LLC.
The petitioning creditors are represented by McGrath, North, Mullin
& Kratz, P.C.   The Chapter 7 cases were converted to cases under
chapter 11 of the Bankruptcy Code and the cases of Abengoa
Bioenergy of Nebraska, LLC and Abengoa Bioenergy Company, LLC were
transferred to the United States Bankruptcy Court for the Eastern
District of Missouri.

Judge Robert Nugent of the U.S. Bankruptcy Court in Wichita in
April 2016 declined to transfer the Chapter 11 case of Abengoa
Bioenergy Biomass of Kansas, noting he was concerned creditors
could be "lost in the sea of complex matters that may be pending in
the larger Abengoa case."

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion.  The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.

The Debtors have engaged DLA Piper LLP (US) as counsel, Armstrong
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as
financial advisor, Lazard as investment banker and Prime Clerk LLC
as claims and noticing agent.

                      About Abeinsa Holding

Abeinsa Holding Inc., Abengoa Solar LLC, Abeinsa EPC LLC, Abencor
USA, LLC, Nicsa Industrial Supplies LLC, Abener Construction
Services LLC, Abeinsa Abener Teyma General Partnership, Abener
Teyma Mojave General Partnership, Abener Teyma Inabensa Mount
Signal Joint Venture, Teyma USA & Abener Engineering and
Construction Services General Partnership, Teyma Construction USA,
LLC, Abener North America Construction L.P., and Inabensa USA, LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No.
16-10790) on March 29, 2016.  The petitions were signed by Javier
Ramirez as treasurer.  They listed $1 billion to $10 billion in
both assets and liabilities.

Abener Teyma Hugoton General Partnership and five other entities
filed separate Chapter 11 petitions on April 6, 2016; and Abengoa
US Holding, LLC, Abengoa US, LLC and Abengoa US Operations, LLC
filed Chapter 11 petitions on April 7, 2016.  The cases are
consolidated under Lead Case No. 16-10790.

DLA Piper LLP (US) represents the Debtors as counsel.  Prime Clerk
serves as the Debtors' claims and noticing agent.

Andrew Vara, acting U.S. trustee for Region 3, appointed five
creditors of Abeinsa Holding Inc. and its affiliates to serve on
the official committee of unsecured creditors.

The Abeinsa Committee is represented by:

          MORRIS, NICHOLS, ARSHT & TUNNELL LLP
          Robert J. Dehney, Esq.
          Andrew R. Remming, Esq.
          Marcy J. McLaughlin, Esq.
          1201 N. Market St., 16th Floor
          P.O. Box 1347
          Wilmington, DE 19899-1347
          Telephone: (302) 658-9200
          Facsimile: (302) 658-3989
          Email: rdehney@mnat.com
                 aremming@mnat.com
                 mmclaughlin@mnat.com

               - and -

          HOGAN LOVELLS US LLP
          Christopher R. Donoho, III, Esq.
          Ronald J. Silverman, Esq.
          M. Shane Johnson, Esq.
          875 Third Avenue
          New York, NY 10022
          Telephone: (212) 918-3000
          Email: chris.donoho@hoanlovells.com
                 ronald.silverman@hoganlovells.com
                 shane.johnson@hoganlovells.com


ADA GIRON: Selling Lawrence, MI Property to Giffens for $250,000
----------------------------------------------------------------
Ada A. Giron asks the U.S. Bankruptcy Court for the Northern
District of Illinois, Eastern Division, for approval to his real
property located at 50438 51st Avenue Lawrence, Michigan and other
personal property to Carey and Ada Giffen for $250,000, subject to
overbid at the hearing.

A hearing is scheduled July 19, 2016, at 9:30 a.m. before Judge
Donald R. Cassling.

As of the Petition Date, the Lawrence Property was unencumbered by
any liens and all real estate taxes for this property were paid and
current.  Second half of 2015 year taxes to date will be prorated
to the buyer at closing.

As a result of negotiations between the Debtor and Carey and Ada
Giffen, the Debtor entered into a Real Estate Contract which was
accepted on May 26, 2016, for the sale of the Lawrence Property.

Carey and Ada Giffen will pay the sum of $205,000 to the Debtor at
closing (on or before Aug. 15, 2016).  All proceeds after the
payment of costs of sale including will be tendered to Byline Bank
and Waterfall Olympic Master Fund (serviced through KeyBank) in pro
rata shares.

Ada A. Giron sought Chapter 11 protection (Bankr. N.D. Ill. Case
No. 15-07521) on March 3, 2015.

The Debtor's attorneys:

         Mr. Paul M. Bach, Esq.
         Ms. Penelope N. Bach, Esq.
         SULAIMAN LAW GROUP, LTD.
         Attorneys At Law
         PO Box 1285
         Northbrook, IL 60065
         Phone (847) 564 - 0808


AEROPOSTALE INC: Court Sets July 25 as General Claims Bar Date
--------------------------------------------------------------
The Hon. Sean H. Lane, of the U.S. Bankruptcy Court for the
Southern District of New York granted the request of Aeropostale,
Inc., and its debtor-affiliates to establish deadlines by which
proofs of claim based on prepetition debts or liabilities against
any of the Debtors must be filed.

The Court set:

   (a) July 25, 2016 at 5:00 p.m. as the General Bar Date; and

   (b) October 31, 2016 at 5:00 p.m. as the Governmental Bar Date.

Judge Lane also approved the Debtors' proposed Proof of Claim Form,
Bar Date Notice and Publication Notice, and notice and
publication procedures.

                       About Aeropostale, Inc.

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

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

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

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

Judge Sean H. Lane is assigned to the cases.


AEROPOSTALE INC: Files Schedules of Assets and Liabilities
----------------------------------------------------------
Aeropostale, Inc., filed with the U.S. Bankruptcy Court for the
Southern District of New York its schedules of assets and
liabilities, disclosing:

     Name of Schedule        Assets              Liabilities
     ----------------        -----------------   -----------------
  A. Real Property           $0
  B. Personal Property       $1,634,415,804.82
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              $0
  E. Creditors Holding
     Unsecured Priority
     Claims                                      $    5,265,290.55
  
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                      $2,086,396,837.04
                            -----------------    -----------------
        Total               $1,634,415,804.82    $2,091,662,127.59

A copy of the schedules is available for free at:

                        http://goo.gl/MDNxig

                       About Aeropostale, Inc.

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

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

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

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

Judge Sean H. Lane is assigned to the cases.


AFFORDABLE MED: Court Denies FirstMerit's Disclosure Statement
--------------------------------------------------------------
In the case captioned In Re: Affordable Med Scrubs, LLC, Debtor,
Case No. 15-33448 (Bankr. N.D. Ohio), Judge Mary Ann Whipple of the
United States Bankruptcy Court for the Northern District of Ohio,
Western Division, disapproved the Second Amended Disclosure
Statement filed by FirstMerit Bank, N.A.

Judge Whipple held, "The primary purpose of a Section 1125
disclosure statement is to provide adequate information to the
holders of claims or interests in soliciting their acceptance or
rejection of a proposed plan. "Adequate information" for purposes
of a plan's disclosure statement means "information of a kind, and
in sufficient detail, as far as is reasonably practicable in light
of the nature and history of the debtor and the condition of the
debtor's books and records, that would enable a hypothetical
reasonable investor typical of holders of claims or interests of
the relevant class to make an informed judgment about the plan."
Enron Corp. v. The New Power Co. (In re The New Power Co.), 438
F.3d 1113, 1118 (11th Cir. 2006); 11 U.S.C. Section 1125(a)(1). The
information included in FirstMerit’s Disclosure Statement does
not meet this standard."

A full-text copy of Judge Whipple's July 5, 2016 order is available
at http://bankrupt.com/misc/ohnb15-33448-267.pdf.

                    About Affordable Med Scrubs

Affordable Med Scrubs, LLC sought protection under Chapter 11 of
the Bankruptcy Code in the Northern District of Ohio (Toledo) (Case
No. 15-33448) on October 24, 2015.  The petition was signed by
Robert Zubrow, president.  

The Debtor is represented by James M. Perlman, Esq. The case is
assigned to Judge Mary Ann Whipple.  

The Debtor estimated both assets and liabilities in the range of $1
million to $10 million.


AHML INSURANCE: Moody's Withdraws Ba2 IFS Rating
------------------------------------------------
Moody's Investors Service has withdrawn AHML Insurance's Ba2
insurance financial strength rating, which at the time of the
withdrawal was under review for downgrade. The company is a
subsidiary of the Agency for Housing Mortgage Lending JSC ("AHML
JSC") which is wholly owned by the Russian Federal Government and
continues to be rated Ba1 with a negative outlook.




ALCOA INC: Fitch Removes 'BB+' IDR from Rating Watch Evolving
-------------------------------------------------------------
Fitch Ratings has removed the Rating Watch Evolving from Alcoa
Inc.'s (ParentCo; NYSE: AA) ratings and assigned it a Stable
Outlook.

Nearly $14 billion in commitments and securities is affected.

                        KEY RATING DRIVERS

The Form 10 filed June 29, 2016, for Alcoa Upstream Corporation
(Alcoa) provided a read-through to Arconic Inc.'s (Arconic -
proposed successor to Alcoa Inc.) capital structure including other
long-term liabilities.  Fitch expects Arconic's funds from
operations (FFO) adjusted leverage to trend below 3.3x and above
2.8x over the rating horizon.  The removal from the Rating Watch
and the Stable Outlook reflect Fitch's view that whether the
separation occurs as currently planned or the company remains as
is, the instrument ratings would be the same.

                         PROPOSED SEPARATION

On June 29, 2016, ParentCo filed a Form 10 outlining its plans to
spin off at least 80.1% of the outstanding shares of a newly formed
upstream company named Alcoa Upstream Corporation.  In conjunction
with the separation, ParentCo will change its name to Arconic Inc.
and will change its stock symbol from AA to ARNC and Alcoa Upstream
Corporation will change its name to Alcoa Corporation and look to
list its common stock under the symbol AA.

On Sept. 28, 2015, ParentCo announced that its Board of Directors
approved a plan to separate into two independent, publicly traded
companies.  The transaction is expected to be completed in the
second half of 2016.  The separation is subject to, among other
conditions, final approval by ParentCo's Board of Directors,
receipt of a favorable opinion of legal counsel with respect to the
tax-free nature of the transaction for U.S. federal income tax
purposes, completed financing, and the effectiveness of an SEC Form
10.  In addition, transfer of certain contracts and other assets
may require consent of third parties.

Alcoa will comprise the Alumina and Primary Metals segments, and
Arconic will include the Global Rolled Products (GRP), Engineered
Products and Solutions (EPS) and Transportation and Construction
Solution (TCS) segments.

ParentCo announced on April 22, 2016, that it plans for Alcoa to
become the owner of the rolling mill at the Warrick Operations in
Indiana and the 25.1% stake in the Ma'aden Rolling Company in Saudi
Arabia.  The Warrick mill is focused on beverage and food-can
packaging stock, industrial sheet and lithographic sheet.  The
Ma'aden mill produces beverage can stock and hot-rolled strip for
finishing into automotive sheet.  Following the separation, Arconic
mills will not compete in the North American can packaging market.

Pursuant to the company's 8K filed Sept. 29, 2015, and the Form 10
filed June 29, 2016, the debt of ParentCo would be retained by
Arconic.

The Form 10 states that Alcoa intends to provide for up to
$1.5 billion of liquidity facilities through a senior secured
revolving credit facility, issue approximately $1 billion of funded
debt through the issuance of term loans, secured notes and/or
unsecured notes, and pay a substantial portion of the proceeds of
the funded debt to Arconic.  Fitch assumes that the cash on hand at
the time of separation will be split fairly evenly between Arconic
and Alcoa.

Fitch notes that the Alcoa Alumino BNDES loans ($174 million as of
Dec. 31, 2015,) would fall with Alcoa, and the Form 10 lists total
Alcoa debt at March 31, 2016 as $236 million.  At March 31, 2016,
Alcoa's cash was $359 million compared with ParentCo cash of
$1.4 billion.

At Dec. 31, 2015, Alcoa had asset retirement obligations (ARO)
liabilities and remediation reserves of $635 million and $235
million, respectively, and restructuring reserves were $91 million
at March 31, 2016.  This leaves Arconic with scant ARO liabilities
and about $369 million of remediation reserves as of Dec. 31, 2015,
and about $100 million of restructuring reserves as of
March 31, 2016.

                           AWAC MATTERS

Alcoa succeeds ParentCo in Alcoa World Alumina and Chemicals
(AWAC).  AWAC is an unincorporated global joint venture between
ParentCo and Alumina Limited (AWC) comprising a number of
affiliated operating entities involved in bauxite mining and
alumina refining within the Alumina segment.  ParentCo owns 60% and
AWC owns 40% of these individual entities, which are fully
consolidated within ParentCo's financial statements.

On May 27, 2016, ParentCo filed for declaratory judgment seeking,
in particular, that judgment be entered declaring that, under the
AWAC agreements, AWC and subsidiaries have no consent or
first-refusal rights with respect to ParentCo's planned separation
and the separation does not involve an improper 'assignment', and
declaring that the separation would not improperly assign, transfer
or delegate ParentCo's role as manager of AWAC, would not leave
AWAC without effective management, and would not entitle AWC to
rights to manage or market any part of AWAC.  Alumina has filed a
counterclaim and a hearing is scheduled for Sept. 20, 2016.

The Form 10 relates that if AWC is successful in asserting its
claims, the separation may not be completed on expected terms or at
all.

In November 2001, in connection with WMC Limited's planned
demerger, ParentCo filed a summary of key terms of the AWAC
agreements.  AWC succeeded WMC Limited upon the demerger in
December 2002.

                              ARCONIC

Fitch believes Arconic has more consistent margins and lower
commodity price risk than Alcoa.  ParentCo has been investing in
GRP to expand its automotive, aerospace, and industrial sheet
capabilities as well as its new Micromill technology.  In EPS,
ParentCo has been investing to expand its capabilities in aerospace
engines and parts.

Fitch calculates Arconic's operating EBITDA for the LTM March 31,
2016 at $1.5 billion.  Earnings should improve with full-year
contributions from the acquisitions of RTI International Metals
Inc. (RTI) closed July 23, 2015, and TITAL closed March 3, 2015, as
well as resolution of problems with Firth Rixon's isothermal forge.
Fitch expects 2017 operating EBITDA for Arconic will be at least
$1.8 billion.

Fitch estimates total debt at Arconic, as of the separation pro
forma for the repayment of $750 million in notes due in February
2017, will be about $8.2 billion and adjusted debt will be
$9.1 billion including 8x operating lease rent of $112 million.

                      DISPOSAL OF RETAINED STAKE

Arconic plans to dispose of the Alcoa common stock that it retains
as part of the separation within 18 months of the spin-off but no
later than five years after the spin-off.  Fitch believes proceeds
of 19.9% stake could be in the range of $836 million to $1 billion
based on Fitch's assumed pro forma mid-cycle EBITDA of
$1.3 billion for Alcoa, a 4x-5x enterprise value multiple and
Alcoa's long-term debt of $1 billion.  Fitch calculates Alcoa's
operating EBITDA for the LTM March 31, 2016 at $1.2 billion.

Fitch calculates that Alcoa generated operating EBITDA of
$1.8 billion in 2015 down nearly $400 million from $2.2 billion in
2014 mostly related to the decline in LME aluminum prices to
$1,661/tonne on average in 2015 from $1,867/tonne in 2014. ParentCo
guides that 50% of third-party revenues are exposed to the LME
price and that a $100/tonne change in the LME price affects Alcoa's
EBITDA by about $210 million.  LME aluminum prices for the first
half of 2016 averaged about $1,543/tonne compared with Fitch's
mid-cycle price assumptions of $1,600/tonne for 2016 and
$1,700/tonne in 2017 and 2018.  Fitch believes FFO gross leverage
of 3x and below at Alcoa is achievable under the proposed
capitalization and would be consistent with a strong
non-investment-grade rating.

                       PENSION CONTRIBUTIONS

The Form 10 did have a pro forma $2.2 billion adjustment for the
allocation of pension and OPEB liabilities to bring Alcoa's these
to $2.6 billion.  Arconic will retain the remaining $3 billion. The
call following the filing provided further details as follows:
Alcoa's cash outlay for the global pension plans is expected to be
around $165 million in the first year and $230 million in 2018; the
ERISA funding levels for Arconic should be around 90% and for Alcoa
the funding level will be above 90%.  Alcoa will have more retirees
and the pension fund will have higher near-term cash needs.

On average over the past five years, pension contributions have
been very close to net periodic benefit costs.  As of Dec. 31,
2015, the minimum required contributions for ParentCo's pension
fund are estimated to be $300 million for 2016, $375 million for
2017, $475 million for 2018, $425 million for 2019, and $575
million for 2020.  Based on guidance provided during the June 29,
2016 call, Arconic is to contribute roughly $210 million in 2017
and $245 million in 2018.  Fitch assumes that costs and
contributions are roughly similar and costs are included in EBITDA
assumptions.

                        KEY ASSUMPTIONS

   -- The separation occurs at the end of 2016, cash is
      apportioned evenly;
   -- The EPS and TCS businesses are expected to benefit from the
      acquisitions of Firth Rixon, TITAL and RTI International as
      well as internal growth;
   -- Arconic sales grow at 3% per annum on average and EBITDA
      margins are 14%;
   -- Free cash flow (FCF) generation will remain a goal of
      Arconic but that growth capital expenditure opportunities
      and maintenance of dividends will keep levels modest;
   -- There will be no cash distributions to shareholders solely
      as a result of the transaction.

RATING SENSITIVITIES

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

   -- Resolution of the Alumina counterclaim gives rise to greater

      than anticipated net debt at Arconic as a result of the
      separation;
   -- FFO adjusted net leverage expected to be sustainably above
      3.3x;
   -- FCF negative in the amount of $200 million or more on
      average.

POSITIVE: Future developments that may lead to a positive rating
action include:

   -- FFO adjusted net leverage at the issuer expected to be
      sustainably under 2.5x-2.8x;
   -- FCF positive on average.

                             LIQUIDITY

Alcoa has announced $750 million in asset and investment sales this
year; proceeds of $241 million were received in the first quarter.
At March 31, 2016, ParentCo's $4 billion revolver maturing July 25,
2020 was fully available and cash on hand was $1.4 billion.  The
revolver has a covenant that limits consolidated indebtedness to
150% of consolidated net worth.

Fitch estimates near-term scheduled debt maturities as of March 31,
2016 at Arconic were: $23 million in 2016, $754 million in 2017, $1
billion in 2018, $1.1 billion in 2019, and $1 billion in 2020.
Fitch anticipates that internally generated cash flow, cash on hand
and proceeds of the 19.1% Alcoa stake will be sufficient to repay
the 2017 and 2018 maturities.

Fitch anticipates that Arconic's revolver will be downsized and
unsecured with standard maintenance covenants such as maximum
leverage based on net debt-to-EBITDA which may initially limit
availability.  Fitch estimates that consolidated net worth for
Arconic will fall to about $4.8 billion, which would result in
expected debt above 150% consolidated net worth, initially.

                         COMPANY PROFILE

Earnings and cash flow benefit from ParentCo's leading positions in
aluminum, key aerospace, automotive and construction markets,
strong control of costs and spending, and the flexibility afforded
by the scope of its operations.  Alcoa benefits from being
vertically integrated and geographically diversified.  Arconic
benefits from scale in research and development, past restructuring
efforts, and growing end-market demand.

FULL LIST OF RATING ACTIONS

These following ratings have been removed from Rating Watch
Evolving:

   -- Long-Term IDR at 'BB+';
   -- Senior notes at 'BB+'
   -- $4 billion revolving credit facility at 'BB+';
   -- Series A preferred stock at 'BB-';
   -- Series B preferred stock at 'B+';
   -- Short-Term IDR at 'B';
   -- Commercial paper at 'B'.

The Rating Outlook is Stable.


ALLIANT HOLDINGS: Moody's Affirms 'B3' Corp. Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Alliant Holdings
Intermediate, LLC, a subsidiary of Alliant Holdings, L.P. (together
with its subsidiaries, Alliant), following the company's announced
plans to increase its credit facilities by $280 million to help
fund an acquisition. The rating agency has also affirmed the B2
rating of the company's senior secured credit facilities and the
Caa2 rating on its senior unsecured notes. The outlook for the
ratings is stable.

RATINGS RATIONALE

Alliant's ratings reflect its leading position in several niche
markets, steady organic revenue growth and strong operating
margins. A key strength is the company's emphasis on specialty
programs, where the broker offers distinct value both to insurance
buyers and insurance carriers. These strengths are offset by the
company's aggressive financial leverage and moderate interest
coverage, along with its contingent/litigation risk related to
"lateral hires" (recruiting seasoned producers, mostly with
specialty books of business) and acquisitions. The company also
faces potential liabilities from errors and omissions, a risk
inherent in professional services.

Since its leveraged buyout in 2015, Alliant has experienced a
steady increase in revenue through a combination of organic growth,
lateral hires and acquisitions, while reporting EBITDA margins in
the high 20s. The proposed borrowing will be used to help fund the
acquisition of three agencies including a sizable Midwestern
insurance broker with specialized practice groups and a diversified
client base.

Moody's estimates that Alliant's debt-to-EBITDA ratio, including
standard adjustments for leases and contingent earnout liabilities,
will remain at or slightly above 8x following the proposed increase
in borrowings. The rating agency views such leverage as aggressive
for Alliant's rating category and expects it to drop below 8x over
the next few quarters through a combination of organic growth and
the realization of acquired EBITDA.

Pro forma for the incremental borrowings, Alliant's financing
arrangement includes a $200 million senior secured revolving credit
facility expiring in August 2020 (rated B2), $1,606 million of
senior secured term loans maturing in August 2022 (rated B2) and
$535 million of senior unsecured notes maturing in August 2023
(rated Caa2). The credit facilities are guaranteed by the issuer's
immediate parent and its material US subsidiaries, and secured by
substantially all assets of the issuer and guarantors.

Factors that could lead to an upgrade of Alliant's ratings include:
(i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex) coverage
of interest exceeding 2x, and (iii) free-cash-flow-to-debt ratio
exceeding 5%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio remaining above 8x, (ii) (EBITDA - capex)
coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt
ratio below 2%.

Moody's has affirmed the following ratings (and loss given default
(LGD) assessments):

  Corporate family rating at B3;

  Probability of default rating at B3-PD;

  $200 million senior secured revolving credit
  facility expiring in August 2020 at B2 (LGD3);

  $1,606 million (including $280 million increase)
  senior secured term loan maturing in August 2022
  at B2 (LGD3);

  $535 million senior unsecured notes due in
  August 2023 at Caa2 (LGD5) (Co-issuer: Alliant Holdings
  Co-Issuer, Inc.).

Alliant, based in Newport Beach, California, is a specialty
oriented insurance broker providing property & casualty and
employee benefits products and services to middle-market clients
across the US. For the 12 months through March 2016, Alliant
generated revenues of approximately $859 million.


APOSTOLIC FAITH MISSION: 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 Apostolic Faith Mission.

Apostolic Faith Mission sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-32943) on June 7,
2016, saying it has under $1 million in both assets and
liabilities.


ASTROTURF LLC: Seeks Private Sale of Turf Business to APT
---------------------------------------------------------
AstroTurf, LLC, filed a motion with the Bankruptcy Court seeking
authority to sell substantially all of its assets to APT
Acquisition Construction Corp., a newly formed entity that is an
affiliate of Sportfield Deutschland Holding GmbH.

AstroTurf is currently engaged in the marketing, sale, and
installation of high-quality indoor and outdoor synthetic grass
athletic surfaces, including field, track, indoor and outdoor
tennis surfaces.  The Debtor's majority equity holder is Textile
Management Associates, Inc.

The Debtor, in combination with TMA and the following separate,
non-debtor entities: Synthetic Turf Resources, LLC; Crystal
Products Co., Inc.; and UTGH Equipment, LLC, contribute to the
"Turf Business" pursuant to separately negotiated agreements that
define each of the parties' role in the business.  The Debtor's
contribution to the Turf Business is primarily to market, sell, and
install synthetic turf.  The entities contribute to the Turf
Business through research and development of new turf products and
the provision of other services and materials.

In October 2013, Sportfield contacted TMA and initiated discussions
regarding the possibility of combining the Turf Business with an
artificial turf business owned by Sportfield.  These discussions
culminated in an offer by Sportfield to acquire the assets of the
Turf Business (substantially all of the assets of the Debtor and
certain assets of the Other Sellers directly related to the Turf
Business).  In the summer of 2015, the parties reached a
preliminary agreement on total purchase price and other material
terms.

On Dec. 17, 2015, Sportfield, the Debtor, and the Other Sellers
entered into a non-binding letter of intent setting forth the
proposed terms of the Turf Acquisition.  The Letter of Intent
contemplated a purchase price of $100 million for the Turf
Business, but did not allocate the purchase price among the Debtor
or the Other Sellers.  After Sportfield completed a substantial
amount of due diligence and after further negotiation among the
parties, the parties agreed to reduce the cash purchase price for
the Turf Acquisition from $100 million to $92.5 million.

                       The Patent Litigation

Since 2010, the Debtor has been the defendant in a patent
infringement lawsuit brought by FieldTurf USA, Inc. and FieldTurf
Tarkett Inc. against it in the United States District Court for the
Eastern District of Michigan.  FieldTurf is the holder of patent
number 6,723,412, which expires on March 10, 2017.  On Oct. 9,
2015, the jury in the Patent Litigation rendered a verdict finding
that FieldTurf is entitled to recover damages from the Debtor in
the amount of $30,000,000.  Certain post-verdict motions are
currently pending and a judgment on the Verdict has not yet been
entered by the District Court.  The Debtor intends to appeal any
Judgment and believes that it has several meritorious bases for
obtaining a reversal, remand or modification of the Judgment.

The Patent Litigation and adverse publicity regarding the Verdict
have caused substantial disruption to the Business.  FieldTurf and
the Debtor compete almost daily for customers and new business, and
the Debtor believes that FieldTurf is using the Patent Litigation
to deter potential customers from entering into contracts with the
Debtor for the purchase and installation of synthetic turf
surfaces.  The Debtor believes that FieldTurf's primary objective
with respect to the Patent Litigation is to put the Debtor out of
business in order to eliminate future competition.

                    Asset Purchase Agreement

After evaluating its alternatives, and in light of the uncertainty
and instability caused by the Patent Litigation, the Debtor has
determined that a sale of substantially all of its assets would
result in the best recovery for its stakeholders.  A sale of the
Business as part of the Turf Acquisition will permit the Debtor to
monetize the Purchased Assets and to make substantial distributions
to creditors, whereas continued operation of the Debtor's business
under a cloud of litigation would likely result in a decrease in
value that would be detrimental to the
Debtor's stakeholders.

Accordingly, on June 27, 2016, the Debtor, the Purchaser and APT
Acquisition Corp. entered into an Asset Purchase Agreement which
contemplates the sale of the Turf Business Assets to the Purchaser
for a purchase price of $16,096,000 (the Debtor's allocation of the
total purchase price).

The Purchaser will have sole responsibility for paying any cure
costs due in connection with the assumption and assignment of the
Assumed Contracts in an amount up to $1,200,000.  If the Cure Costs
exceed the Estimated Cure Costs, then the Purchase Price will be
reduced by the amount that the Cure Costs exceed the Estimated Cure
Costs.

The Debtor is required to deliver at closing documents executed by
the Debtor and TMA terminating the License Agreement effective as
of the Closing.

Contemporaneously with the execution of the Agreement, affiliates
of Sportfield executed separate asset purchase agreements with each
of the Other Sellers.  The Other Purchase Agreements provide for
the sale of certain assets of the Other Sellers related to the Turf
Business.  The consummation of the transactions set forth in the
Other Purchase Agreements is a condition to the consummation of the
sale of the Purchased Assets.  The Other Sellers are represented by
Miller & Martin PLLC, who negotiated (along with certain officers
of the Other Sellers) the Other Purchase Agreements with Sportfield
on behalf of the Other Sellers.

The Debtor believes a public sale process that includes an auction
feature has no chance of yielding a better outcome than that
afforded by the Agreement.  According to the Debtor, such a process
would merely extend the length of this case and cause the Debtor's
estate to incur substantial administrative expenses without any
corresponding or offsetting benefit.

The Debtor also requests that the Court fix the amount of Cure
Costs due under the Assumed Contracts in connection with the
requirement in Section 365(b)(1) of the Bankruptcy Code that the
debtor in possession, at the time of assumption, cure defaults in
any executory contract or unexpired lease being assumed, or provide
adequate assurance that the default will be promptly cured.  The
Debtor will file the Cure Schedule within 10 days after the
Petition Date and will serve the Cure Schedule on all non-debtor
parties to the Assumed Contracts.  The Cure Schedule will be based
on the Debtor's careful review of its books and records and
calculation of all of the arrearages and overdue amounts owing on
the Assumed Contracts and will set forth the Debtor's determination
of the exact amounts that should be paid to the non-debtor parties
to the Assumed Contracts.

The Other Sellers are represented by Miller & Martin PLLC, who
negotiated (along with certain officers of the Other Sellers) the
Other Purchase Agreements with Sportfield on behalf of the Other
Sellers.  Sportfield and its affiliates were represented in the
negotiations by the law firm of Thompson Hine LLP.
                 
                          About AstroTurf

On June 28, 2016, AstroTurf filed a voluntary petition with
the Court under Chapter 11 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Northern District of Georgia (Bankr. N.D.
Ga. Case No. 16-41504).  The petition was signed by Sean M. Harding
as chief restructuring officer.  In its petition, the Debtor
estimated assets and liabilities in the range of $10 million to $50
million.  The case is assigned to Judge Paul W. Bonapfel.

The Debtor is represented by:

         Paul K. Ferdinands, Esq.
         Mark. M. Maloney, Esq.
         Jeffrey R. Dutson, Esq.
         Karyn D. Heavenrich, Esq.
         KING & SPALDING LLP
         1180 Peachtree Street
         Atlanta, Georgia 30309-3521
         Tel: (404) 572-4600
         Fax: (404) 572-5131
         E-mail: pferdinands@kslaw.com
                 mmaloney@kslaw.com
                 jdutson@kslaw.com
                 kheavenrich@kslaw.com


ASTROTURF LLC: U.S. Trustee Forms 3-Member Committee
----------------------------------------------------
The Office of the U.S. Trustee on July 7 appointed three creditors
of AstroTurf, LLC to serve on the official committee of unsecured
creditors.

The committee members are:

     (1) Tim Keene
         TPK Inc.
         4091 Circle Drive
         Allison Park, PA 15101
         tim@tpkinc.com
         Ph.: (412) 913-4875
         Fax: (412) 492-9285

     (2) Joseph H. Smith
         SCG Fields, LLC
         Sports Consulting Group
         10303 Brecksville Road
         Brecksville, OH 44141
         jsmith@scgfields.com
         Ph.: (440) 397-4930
         Fax: (440) 546-0400

     (3) Ryan C. Gentry
         Texas Sports Builders
         c/o Nowak & Stauch, LLP
         10000 N. Central Expressway
         Suite 1040
         Dallas, TX 75231
         rgentry@ns-law.net
         (214) 823-2006
         (214) 823-2007

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 AstroTurf LLC

AstroTurf, LLC sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. N. D. Ga. Case No. 16-41504) on June 28, 2016.  The
petition was signed by Sean M. Harding, chief restructuring
officer.  

The case is assigned to Judge Paul W. Bonapfel.  The Debtor is
represented by Paul K. Ferdinands, Esq., at King & Spalding LLP.

At the time of the filing, the Debtor estimated its assets and
liabilities at $10 million to $50 million.


BATE LAND & TIMBER: Court Refuses to Stay Plan Confirmation Order
-----------------------------------------------------------------
In the case captioned BATE LAND COMPANY, LP, Appellant, v. BATE
LAND & TIMBER, LLC, Appellee, Case No. 7:16-CV-23-BO (E.D.N.C.),
Judge Terrence W. Boyle of the United States District Court for the
Eastern District of North Carolina, Southern Division, denied the
motion filed by Bate Land Company to stay pending appeal the
February 3, 2016, order of the bankruptcy court for the Eastern
District of North Carolina Wilmington Division, approving the final
Chapter 11 plan.

A full-text copy of Judge Boyle's June 27, 2016 order is available
at https://is.gd/bp3tyH from Leagle.com.

Bate Land Company, LP is represented by:

          Joseph Z. Frost, Esq.
          Laurie B. Biggs, Esq.
          STUBBS & PERDUE, PA
          9208 Falls of Neuse Road, Suite 201
          Raleigh, NC 27615
          Tel: (888)630-0074
          Email: jfrost@stubbsperdue.com
                 lbiggs@stubbsperdue.com

            -- and --
          
          Trawick H. Stubbs, Jr., Esq.
          STUBBS & PERDUE, PA
          310 Craven St.
          New Bern, NC 28560
          Tel: (888)630-0074
          Email: tstubbs@stubssperdue.com

Bate Land & Timber, LLC is represented by:

          George Mason Oliver, Esq.
          OLIVER FRIESEN CHEEK PLLC
          405 Middle Street
          New Bern, NC 28560
          Tel: (252)633-1930
          Email: george@olivercheek.com

                    About Bate Land & Timber

Willotte, North Carolina-based Bate Land & Timber, LLC, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C.
Case No. 13-04665) on July 25, 2013.  Judge Stephani W.
Humrickhouse oversees the Chapter 11 case.

The Debtor, in amended schedules, disclosed $53,477,624 in assets
and $74,162,211 liabilities as of the Chapter 11 filing.  The
petition was signed by Brad Cheers, manager.

The Bankruptcy Administrator for the Eastern District of North
Carolina was unable to organize and recommend the appointment of a
committee of creditors holding unsecured claims against the Debtor.


BILL BARRETT: Franklin, et al., Hold 17.1% Stake as of June 30
--------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Franklin Resources, Inc., Charles B. Johnson, Rupert H.
Johnson, Jr. and Franklin Advisers, Inc. disclosed that as of June
30, 2016, they beneficially own 8,596,943 shares of common stock of
Bill Barrett Corporation representing 17.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at https://is.gd/0sVmii

                      About Bill Barrett

Bill Barrett Corporation is an independent energy company that
develops, acquires and explores for oil and natural gas resources.
All of the Company's assets and operations are located in the Rocky
Mountain region of the United States.

Bill Barrett reported a net loss of $488 million in 2015 following
net income of $15.08 million in 2014.

As of March 31, 2016, Bill Barrett had $1.44 billion in total
assets, $938.23 million in total liabilities and $506 million in
total stockholders' equity.

                         *   *    *

As reported by the TCR on June 10, 2016, Moody's Investors Service
affirmed Bill Barrett Corporation's (Bill Barrett) Caa2 Corporate
Family Rating (CFR) and revised the Probability of Default Rating
(PDR) to Caa2-PD/LD from Caa2-PD.

"Bill Barrett's debt for equity exchange achieved some reduction in
its overall debt burden, but the company's cash flow and leverage
metrics continue to remain challenged as its hedges roll off in
2017," commented Amol Joshi, Moody's Vice President.


BLUE ARBOR: Trustee's Belle Mead-Property Interest Sale Approved
----------------------------------------------------------------
Judge Christine M. Gravelle of the U.S. Bankruptcy Court for the
District of New Jersey authorized Catherine E.Youngman, Chapter 11
Trustee for Blue Arbor, LLC, to sell her right, title and interest
in and to the Debtor's real property consisting of commercial
property located at 1890 Route 206, Belle Meade, New Jersey
hereinafter to CDRK, LLC, for $4,200,000.

The sale of Millstone Valley Property is free and clear of liens,
claims, interests, and encumbrances.

The sale hearing was held before the Court on June 28, 2016.

Judge Gravelle held that Sale Agreement between the Trustee and the
Buyers reflects the exercise of the Trustee's sound business
judgment and a proper exercise of the Trustee's fiduciary duties.
Thus, approval of the Sale Agreement is in the best interest of the
trustee, creditors, parties in interest, and the bankruptcy
estate.

The Trustee is also authorized to pay the secured claim of
Industrial Bank of Korea from the proceeds of sale on the closing
date for both the Blue Arbor Property, consisting of $4,200,000.

In the event that the sale to Buyers does not close due to the
Buyers' failure to perform, then and in that event, the Trustee may
move before the Court, on shortened and limited notice, to seek
approval of a backup offer in a lower amount that the Sale
Agreement approved by the Court by the Sale Order.

                         About Blue Arbor

Blue Arbor, LLC sought Chapter 11 protection on June 25, 2014
(Bankr. D.N.J. Case No. 14-23033). Judge Christine M. Gravelle is
assigned to the case.  The Debtor estimated both its assets and
liabilities in the range of $0 to $50,000.  Michael S. Kopelman,
Esq. at Kopelman; Kopelman LLP serves as counsel.  The petition was
submitted by Danny Hsieh, Managing Member.


BROADVIEW NETWORKS: Extends CIT Credit Facility to Oct. 2017
------------------------------------------------------------
Broadview Networks Holdings, Inc., entered into Amendment No. 1 to
the Credit Agreement, dated as of Nov. 13, 2012, by and among the
Borrowers, the Lenders named therein and CIT Finance LLC, as
administrative agent.  As a result of the Credit Agreement
Amendment, the maturity date of the Company's revolving credit
facility was extended from May 15, 2017, to Oct. 1, 2017.

                     About Broadview Networks

Rye Brook, N.Y.-based Broadview Networks Holdings, Inc., is a
communications and IT solutions provider to small and medium sized
business ("SMB") and large business, or enterprise, customers
nationwide, with a historical focus on markets across 10 states
throughout the Northeast and Mid-Atlantic United States, including
the major metropolitan markets of New York, Boston, Philadelphia,
Baltimore and Washington, D.C.

Broadview Networks incurred a net loss of $9.79 million in 2015
following a net loss of $9.22 million in 2014.

                           *     *     *

In the July 23, 2012, edition of the Troubled Company Reporter,
Moody's Investors Service downgraded Broadview Networks Holdings,
Inc. Corporate Family Rating (CFR) to Caa3 from Caa2 and the
Probability of Default Rating (PDR) to Ca from Caa3 in response to
the company's announcement that it has entered into a
restructuring support agreement with holders of roughly 70% of its
preferred stock and roughly 66-2/3% of its Senior Secured Notes.
The company is expected to file a pre-packaged Chapter 11 Plan of
Reorganization or complete an out of court exchange offer.

As reported by the TCR on July 25, 2012, Standard & Poor's Ratings
Services lowered its corporate credit rating on Broadview to 'D'
from 'CC'.  "This action follows the company's announced extension
on its revolving credit facility.  We expect to lower the issue-
level rating on the notes to 'D' once the company files for
bankruptcy, or if it misses the Sept. 1, 2012 maturity payment on
the notes," S&P said.


BSD OF MIAMI: Taps Scott Alan Orth as Legal Counsel
---------------------------------------------------
BSD of Miami Gardens, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to hire the Law Offices
of Scott Alan Orth P.A. as its legal counsel.

The firm will provide these services in connection with BSD of
Miami Gardens' Chapter 11 case:

     (a) give advice to BSD of Miami Gardens with respect to its
         powers and duties as a debtor-in-possession;

     (b) advise the Debtor with respect to its responsibilities in

         complying with the U.S. Trustee's Operating Guidelines
         and Reporting Requirements, and with the rules of the
         court;

     (c) prepare legal papers necessary in the administration of
         the case;

     (d) protect the interest of the debtor in all matters pending

         before the court; and

     (e) represent the Debtor in negotiation with its creditors in

         the preparation of a Chapter 11 plan.

The firm will receive payment of $18,000 for its services, which is
non-refundable.    

Scott Alan Orth, Esq., disclosed in a court filing that he and his
firm do not represent any interest adverse to the Debtor or its
bankruptcy estate.

The firm can be reached through:

     Scott Alan Orth, Esq.
     Law Offices of Scott Alan Orth P.A.
     3860 Sheridan St., Suite A
     Hollywood, FL 33021
     Tel: 305.757.3300
     Fax: 305.757.0071
     Email: scott@orthlawoffice.com

                   About BSD of Miami Gardens

BSD of Miami Gardens, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. Fla. Case No. 16-18865) on June 22,
2016.  The petition was signed by Moris Schlager, managing member.


At the time of the filing, the Debtor estimated its assets at $0 to
$50,000 and liabilities at $1 million to $10 million.


CAAZ VENTURES: 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 Caaz Ventures, LLC.

Caaz Ventures, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 16-05033) on May 5, 2016.
The Debtor is represented by Daniel J. Rylander, Esq., at Daniel
J. Rylander, P.C.


CANON BUILDERS: Hires Orantes as Counsel
----------------------------------------
Canon Builders, Inc., seeks authority from the U.S. Bankruptcy
Court for the Central District of California to employ Orantes Law
Firm, P.C. as general insolvency counsel to the Debtor.

Canon Builders requires Orantes to:

   A. propose a plan of reorganization expeditiously, as well as
      provide the Debtor more general services, such as to advise
      the Debtor with respect to compliance with the requirements
      of the Office of the U.S. Trustee;

   B. advise the Debtor regarding matters of bankruptcy law,
      including its rights and remedies in regard to its assets
      and in regard to the claims of creditors;

   C. represent the Debtor in any proceedings or hearings in the
      Bankruptcy Court and in any other court where the Debtor's
      rights under the Bankruptcy Code may be litigated or
      affected subject to the Firm's specific agreement;

   D. conduct examinations of witnesses, claimants, or adverse
      parties and to prepare and assist in the preparation of
      reports, accounts, and pleadings related to the Chapter 11
      case;

   E. advise the Debtor concerning the requirements of the
      Bankruptcy Court and applicable rules as the same affect
      the Debtor in these proceedings;

   F. assist the Debtor in the negotiation, formulation,
      confirmation, and implementation of a Chapter 11 plan; and

   G. take such other action and perform such other services as
      the Debtor may require to Orantes with the Chapter 11 case.

Orantes will be paid at these hourly rates:

   Professional                            Hourly Rate

     Giovanni Orantes                 $500
     Associates                       $250-$500

   Paralegals

     Claudia M. Hurtado               $160
     Andrea Castro                    $160
     Norma Yacinthe                   $160
     Kristy Lozoya                    $160

Orantes will be paid a retainer in the amount of $20,000 starting
April 12, 2016.

Orantes will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Giovanni Orantes, member of Orantes Law Firm, P.C., assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtors and their estates.

Orantes can be reached at:

     Giovanni Orantes, Esq.
     ORANTES LAW FIRM, P.C.
     3435 Wilshire Blvd., Suite 2920
     Los Angeles, CA 90010
     Tel: (213) 289-4326
     Fax: (877) 789-5776
     E-mail: go@gobklaw.com

                       About Canon Builders

Canon Builders, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. C.D. Cal. Case No. 16-11685) on June 6, 2016. The Debtor is
represented by Giovanni Orantes, Esq.


CARE CAPITAL: S&P Retains 'BB+' CCR, Outlook Remains Stable
-----------------------------------------------------------
S&P Global Ratings assigned its 'BBB-' issue-level rating to Care
Capital Properties LP's $500 million senior unsecured notes due
2026.  S&P assigned a '2' recovery rating, which implies its
expectation for substantial recovery in the event of a default, at
the higher end of the 70% to 90% range.  The parent company, Care
Capital Properties Inc., fully and unconditionally guarantees the
notes.  S&P's 'BB+' corporate credit rating on Care Capital
Properties is unchanged and the outlook remains stable.

Care Capital will use the proceeds from this debt issuance to repay
all of the indebtedness remaining under its $600 million term loan
maturing August 2017 and the remainder of the proceeds to repay a
portion of the debt outstanding under its $800 million term loan
due in 2020.  The indenture governing the notes contains covenants
typical of U.S. equity REITs including a limitation on total debt
(less than 60% of total assets) and secured debt (less than 40% of
total assets) as well as a minimum debt service coverage
requirement (greater than 1.5x) and maintenance of total
unencumbered assets (greater than 1.5x of total unsecured debt).

RATINGS LIST

Care Capital Properties Inc.
Care Capital Properties LP
Corporate credit rating              BB+/Stable/--

New Ratings
Care Capital Properties LP
Senior unsecured notes               BBB-
   Recovery rating                    2H


CCC LAND COMPANY: Taps Skinner Law Firm as Bankr. Counsel
---------------------------------------------------------
CCC Land Company, LLC seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to hire Skinner Law Firm, LLC.

Skinner Law Firm will serve as CCC Land's legal counsel in
connection with its Chapter 11 case.  The services to be provided
by the firm include advising CCC Land about its powers and duties
as a debtor-in-possession, and preparing legal papers on behalf of
the Debtor.

Randy Skinner, Esq., the attorney primarily responsible for
representing the Debtor, will be paid $425 per hour for his
services.  Meanwhile, paralegals will be paid $150 per hour.

Skinner Law Firm is "disinterested" as defined in section 101(14)
of the Bankruptcy Code, and does not hold or represent any interest
adverse to the Debtor's estate, according to court filings.

The firm can be reached through:

     Randy A. Skinner
     Skinner Law Firm, LLC
     300 North Main Street, Suite 201
     Greenville, SC 29601
     Phone: (864) 232-2007
     Fax: (864) 232-8496
     Email: main@skinnerlawfirm.com

                        About CCC Land Company

CCC Land Company, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. S.C. Case No. 16-03241) on June 30,
2016.


CCC OF FAIRPLAY: Taps Skinner Law Firm as Legal Counsel
-------------------------------------------------------
CCC of Fairplay, LLC seeks approval from the U.S. Bankruptcy Court
for the District of South Carolina to hire Skinner Law Firm, LLC as
its legal counsel.

The firm will provide legal advice to CCC of Fairplay with respect
to its powers and duties as a debtor-in-possession, and will
prepare legal papers on behalf of the Debtor.

Randy Skinner, Esq., the attorney primarily responsible for
representing the Debtor, will be paid $425 per hour for his
services while paralegals will be paid $150 per hour.

Skinner Law Firm does not hold or represent any interest adverse to
the Debtor's estate and is "disinterested" as defined in section
101(14) of the Bankruptcy Code, according to court filings.

The firm can be reached through:

     Randy A. Skinner
     Skinner Law Firm, LLC
     300 North Main Street, Suite 201
     Greenville, SC 29601
     Phone: (864) 232-2007
     Fax: (864) 232-8496
     Email: main@skinnerlawfirm.com

                        About CCC of Fairplay

CCC of Fairplay, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. S.C. Case No. 16-03240) on June 30,
2016.



CD&R TZ PURCHASER: S&P Assigns 'B' CCR & Rates $40MM Revolver 'B'
-----------------------------------------------------------------
S&P Global Ratings said that it assigned CD&R TZ Purchaser Inc. its
'B' corporate credit rating.  The outlook is stable.  S&P also
assigned the company's planned five-year $40 million revolver and
seven-year $185 million first-lien term loan S&P's 'B' issue-level
ratings with '3' recovery ratings in the higher range.  The '3'
recovery ratings indicate that lenders could expect substantial
recovery at the high end of 50%-70% in the event of a payment
default.

The 'B' rating on Tranzact is based on the company's weak business
risk profile and highly leveraged financial risk profile.

Fort Lee, N.J.-based Tranzact is a leading provider of
direct-to-consumer (DTC) insurance distribution of senior-focused
(over 65 years old) health and life insurance products, including
Medicare Supplement (51% of gross operating profit [GOP]), Medicare
Advantage (3%), and life insurance (14%).  In addition, the company
offers marketing and distribution of auto and supplemental
insurance (10% of GOP) and operates a technology licensing business
(22% of GOP).

S&P assesses Tranzact's business risk profile as weak,
incorporating S&P's view of the company's small size/scale per its
revenue/EBITDA base, limited business scope as a DTC insurance
distributor, and substantial carrier concentrations, with ongoing
insourcing risks.  The financial risk profile assessment is based
on the company's substantial debt load following the leveraged
buy-out (LBO) and S&P's expectation for the company to remain
highly leveraged with weak cash flow protection measures. Moreover,
S&P anticipates company will maintain very aggressive financial
policies.  Following the LBO, pro forma leverage will be 6.1x (on
the basis of S&P's adjustments) and annualized EBITDA interest
coverage will be 2.4x for the 12 months ended March 31, 2016.

Tranzact is one of the smallest companies in our rated insurance
services universe.  For the 12 months ended April 30, 2016,
Tranzact generated total revenues of $199.3 million and pro forma
adjusted EBITDA of $44.2 million (on the company's basis).  The
company's closest peer we rate is AmeriLife Group LLC ($141.0
million of revenue and $41.8 million of adjusted EBITDA in 2015), a
senior-focused health/life insurance distributor with independent
and career agents.  Other peers from a size perspective are
property/casualty brokers such as Acrisure LLC and AssuredPartners
Capital Inc. and health insurance services companies such as Gem
Acquisition and Paradigm Acquisition Corp. The company's small size
speaks to the relative immaturity of the DTC health/life insurance
distribution space (compared to the property/casualty distribution
space).

Tranzact is a leading player in a highly fragmented space and it
generates average EBITDA margins for an insurance services company.
This margin is at the low end of our rated property/casualty
brokers (average EBITDA margin approximately 30%) but at the high
end of third-party administrators (TPA)/health care services
companies (average EBITDA margin of approximately 13%).  The
company holds an estimated 15%-20% market share in DTC Medicare
Supplement and 25%-30% in final expense life.

S&P believes Tranzact's key competitive advantages are its DTC
expertise, turn-key DTC capabilities, and proprietary technology
systems.  In addition, the company's DTC sales network includes
more than 725 insurance agents (full-time professionals).

The company develops deep relationships with its carrier partners
and acts as an extension of the carriers' trademark through a
multichannel media and marketing plan ("Branded" Model), which is
approved by the brand and executed by Tranzact.  The company
distributes products on behalf of leading brand insurance carriers.
In addition, Tranzact offers a consumer-focused "Choice" Model
that provides the ability to compare various branded products
across several Web portals in health, life, and auto insurance.

Tranzact's competitive advantages vary by its constituents.  For
insurance carriers, Tranzact provides an efficient way to sell
products rapidly and broadly (over a wide geographic region), scale
quickly during open enrollment periods, and target specific
consumer segments.  For sales agents, Tranzact offers comprehensive
training and compensation.  For consumers, Tranzact provides a
simplified but customizable insurance-purchasing process.  The
company's technology licensing services and platforms provide scale
and efficiency not offered by competitors and were developed over
the last 10 plus years based on the company's DirecTV
relationship.

Tranzact's key competitive weaknesses include competitive and
disintermediation risks, substantial carrier concentrations, and
moderate barriers to entry.  The company faces a high level of
competition from other distributors, including online brokers
(eHealth, GoHealth), traditional brokers (Amerilife), small DTC
distribution companies (Red ventures, clearlink), and insurance
companies (some of which have their own DTC capabilities).  S&P
observes that insurance carriers are investing more heavily into
DTC distribution (still a small distribution channel overall).
Therefore, insourcing by carrier clients remains a risk.

Tranzact has substantial carrier concentrations--among the highest
of insurance services companies.  The company's top-five clients
contribute more than 60% of GOP (in 2015).  The company's average
length of its top-five carrier relationships is relatively short at
3.3 years, but it has never lost a carrier.  The company's
technology licensing product with DirectTV is signed through 2020.

In S&P's view, barriers to entry are moderate and largely related
to technology and compliance requirements.  Tranzact benefits from
a proprietary technology system, but some competitors--particularly
those with more capital--could invest in similar technology
systems.  From a compliance perspective, Tranzact has experience in
conforming to the tight regulatory requirements related to senior
health/life insurance sales and a stringent level of information
controls related to data privacy.

Operating efficiency is adequate. Tranzact primarily generates
revenue through up-front marketing fees (34% of 2015 revenues) and
year-one and renewal commissions (51%).  Renewal commissions are
high margin, as they don't require any cost.  The cost structure is
largely variable, with compensation largely bonus-based for most
employees.  The company's free cash flow conversion is high
(typically over 90%) based on low capital expenditures, low working
capital requirements, and its favorable tax structure.

S&P expects the company's revenues to increase around 30% in 2016
from its acquisition in September 2015 of TruBridge, a Medicare
Advantage distributor, and high-single-digit organic growth in 2017
driven by new client wins, sales agent growth, new geographic
markets, better penetration with existing clients, and new product
development.

After the transaction, the company will have a substantial debt
load.  By year-end 2016, the company's pro forma adjusted
debt-to-EBITDA ratio will be in the upper 5.0x range (on S&P's
basis). This will be at the lower end of S&P's rated insurance
services companies and property/casualty brokers.  S&P's calculated
debt-to-EBIDTA ratio is higher than that reported by the company
because of S&P's adjustments for operating leases and one-time
items (for which S&P do not provide full credit).  Pro forma EBITDA
interest coverage will be in the upper 2.0x range for 2016. S&P
believes the company will remain substantially leveraged with weak
cash flow protection measures over the next 12 months.

S&P assess Tranzact's liquidity as adequate based on S&P's
expectation that sources will exceed uses of cash by at least 1.2x
during the next 12 months, and for this ratio to be sustained even
with a 15% decline in EBITDA.

Principal liquidity sources include approximately $5 million in
run-rate cash; full availability on its $40 million revolver
(undrawn at transaction close); and $33 million-$38 million in
funds from operations in 2016-2017.  Principal liquidity uses
include mandatory amortization of the $185 million term loan (1%
per annum), voluntary debt repayment, and capital expenditures of
approximately $7 million in 2016 and $5 million in 2017.

The company's first-lien credit facilities will be subject to a
total leverage financial covenant ratio (set with a 35% EBITDA
cushion).

The stable outlook reflects S&P's view that Tranzact's growth
strategy will benefit from favorable industry trends, primarily the
retirement of the Baby Boomers.  Moreover, the company has a
leadership position in DTC insurance distribution that will support
continued sales/earnings growth in 2016-2017.  Organic growth will
be driven by new client wins, better penetration with existing
clients, and yearly renewals.

S&P expects the company to delever gradually based on debt
repayment and EBITDA growth.  S&P forecasts the debt-to-EBITDA
ratio to improve to the mid 5.0x range over the next year and
slightly above 5.0x by year-end 2017.  In addition, EBITDA interest
coverage will be remain in the upper 2.0x area over the next 12
months.

S&P would consider a downgrade if the company raises more debt or
loses one of its main clients and its business deteriorate such
that leverage is significantly higher than S&P's base-case
expectations (above 7.0x on a sustained basis).  In addition, a
downgrade could be triggered if EBITDA interest coverage falls
below 2x on a sustained basis, or if the company's liquidity
becomes constrained such that liquidity sources fail to cover at
least 1.2x of required liquidity uses.

In S&P's view, an upgrade in the next 12 months is unlikely.
However, S&P may consider an upgrade if Tranzact can grow and
diversify its business model profitably and its financial policies
become sustainably less aggressive -- for example, if leverage
falls to less than 5.0x on a sustained basis.


CD&R TZ: Moody's Assigns B3 CFR & Rates 1st Lien Loans B2
---------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and B3-PD probability of default rating to CD&R TZ Purchaser, Inc.
(TRANZACT). The rating agency has also assigned a B2 rating to
TRANZACT's first-lien credit facilities to be issued in connection
with a pending $525 million leveraged buyout (LBO) of the company
sponsored by private equity firm Clayton Dubilier & Rice, LLC
(CD&R). The rating outlook for TRANZACT is stable.

RATINGS RATIONALE

TRANZACT's ratings reflect its unique direct-to-consumer (DtC)
business model with strong internet capabilities for selling
Medicare Supplement, life insurance and Medicare Advantage products
on behalf of major insurance carriers with whom it maintains
integrated relationships. The DtC market is becoming a critical
driver of large carriers' growth strategies. TRANZACT's potential
market for its core products (Americans aged 65 years or older)
will grow steadily through 2030 as members of the baby-boom
generation become eligible for Medicare.

These strengths/opportunities are tempered by TRANZACT's increased
financial leverage and reduced interest coverage following the LBO,
its modest size relative to other rated insurance brokers and
service companies, and its concentration of Medicare Supplement
sales with one carrier. TRANZACT also faces extensive regulation of
its sales practices, cybersecurity risk, and potential liabilities
arising from errors and omissions in its delivery of professional
services.

The funding arrangement for the TRANZACT LBO will include a $40
million five-year first-lien revolving credit facility (undrawn,
rated B2), a $185 million seven-year first-lien term loan (rated
B2), a $75 million eight-year second-lien term loan (unrated) and
equity contributed by CD&R and TRANZACT management. TRANZACT will
have a debt-to-EBITDA ratio just over 7x following the LBO, based
on Moody's estimates, which include standard accounting
adjustments. Such leverage is high for TRANZACT's rating category,
but the rating agency expects it to drop below 7x over the next few
quarters as the company generates EBITDA growth through existing
and new insurance carrier relationships.

Factors that could lead to an upgrade of TRANZACT's ratings
include: (i) debt-to-EBITDA ratio below 5.5x, (ii) (EBITDA - capex)
coverage of interest consistently exceeding 2x, and (iii)
free-cash-flow-to-debt ratio consistently exceeding 5%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio remaining above 7x, (ii) (EBITDA - capex)
coverage of interest below 1.2x, or (iii) free-cash-flow-to-debt
ratio below 2%.

Moody's has assigned the following ratings (and loss given default
(LGD) assessments):

Corporate family rating B3;

Probability of default rating B3-PD;

$40 million five-year first-lien revolving
credit facility B2 (LGD3);

$185 million seven-year first-lien term loan
B2 (LGD3).

Founded in 2003 and headquartered in Fort Lee, New Jersey, TRANZACT
is a leading provider of comprehensive DtC sales and marketing
solutions for life and health insurance carriers, offering
primarily Medicare-related products with recent expansions into
life policies and property and casualty products. The company
generated revenue of $206 million for the 12 months through March
2016.


CEETOP INC: Discontinues Operations of Subsidiary
-------------------------------------------------
Ceetop Inc. discontinued operations, and terminated the
registration of its subsidiary Hangzhou Ceetop Network Technology
LLC on June 30, 2016, 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.


CLARK-CUTLER-MCDERMOTT: Files for Bankruptcy, Looks for Buyer
-------------------------------------------------------------
Troubled automobile parts manufacturers Clark-Cutler-McDermott
Company and its subsidiary CCM Automotive Lafayette LLC each filed
a voluntary petition under Chapter 11 of the Bankruptcy Code on
July 7, 2016.  The bankruptcy filing comes less than a month after
negotiations with General Motors LLC for price concessions ended
without reaching an agreement.

In March of 2016, the Debtors, which supplies approximately 175
different parts for GM vehicles, requested price increases from GM
on certain money-losing parts.  The Debtors have complained that
under the current pricing agreements, they have been losing more
than $30,000 per day as the price paid by GM for each part usually
decreases annually.  More than 80% of the Debtors' revenues are
generated by the sale of automobile parts to GM.

The parties subsequently entered into an interim accommodation
agreement whereby they made various mutual commitments for an
initial 30 day period during which time they agreed to negotiate in
good faith toward new pricing for certain money-losing parts.
During this 30-day period, GM agreed to provide funding to support
CCM's operations.  The Interim Accommodation Agreement was twice
extended to give GM additional time to analyze and negotiate CCM's
requests for price increases.  The term of the Agreement expired on
June 17, 2016, without reaching a compromise on a revised price
structure.

With no hope of a breakthrough in negotiations, CCM decided to shut
down its Franklin and Lafayette factories and to layoff all of its
employees.  Operations were discontinued on June 17, 2016.
Immediately after the closure of the factories, GM filed a suit
against CCM and Lafayette in the United States District Court for
the Eastern District of Michigan in Detroit.  GM sought an
emergency temporary restraining order and the appointment of a
receiver.  Following an emergency hearing, the District Court
entered the TRO, forcing the Debtors to continue producing parts
under the GM Contracts.

The Debtors maintained that despite timely delivery of every part
ordered by GM since the TRO, GM has refused to pay CCM's invoices
for parts supplied since June 17th.  As of the Petition Date, GM
owes CCM approximately $2 million for parts manufactured and
delivered since the TRO was entered, the Debtors said.

After reviewing all available options, CCM's Board of Directors
decided to, once and for all, end the Debtors' deepening insolvency
by filing the Chapter 11 cases.

The Debtors have determined to reject the GM Contracts, which have
inflicted them more than $12 million in losses since 2013, subject
to the Court's approval.  Thereafter, the Debtors intend to cease
operations and pursue a turn-key sale of their assets, wherein they
will sell substantially all of their assets under a Court-approved
auction process.  The Debtors believe this process will maximize
the value of their assets by eliminating the burdensome GM
Contracts and by enabling the highest bidder to engage the Debtors'
highly skilled workforce and to immediately operate the Debtors'
assets for a profit.

As part of their first-day relief, the Debtors are seeking
permission to, among other things, use cash collateral and pay
employee obligations.

The Debtors tapped K&L Gates LLP as counsel; and Conway Mackenzie
Capital Advisors, LLC, as investment banker.

The cases are pending joint administration before Hon. Christopher
J. Panos in the U.S. Bankruptcy Court for the District of
Massachusetts (Lead Case No. 16-41188).

Founded in 1911, CCM is a Tier I and Tier II manufacturer of molded
and flat die-cut acoustic insulation and natural fiber-based
interior trim products for the automotive industry.  Lafayette
produces contoured acoustic insulation and interior trim products
for the automotive industry.

CCM incurred consolidated net loss of $3.73 million in 2015,
following a consolidated net loss of $3.67 million during the prior
year.  For the five months of ended May 31, 2016, CCM suffered
consolidated losses totaling $5.23 million, almost doubling its
losses for the entire prior year.

As of the Petition Date, the Debtors had approximately $1.93
million in cash on hand, $2.91 million of accounts receivable,
inventory with a book value of approximately $1.19 million, and
equipment with an orderly liquidation value of $5.16 million, as
disclosed in Court documents.  The Debtors have approximately $6.5
million of secured debt owed to Wells Fargo Bank, National
Association and GM; and (b) approximately $6.8 million in trade
debt.

James T. McDermott, the CEO, signed the petitions.


DIFFERENTIAL BRANDS: CohnReznick Replaces Moss Adams as Auditors
----------------------------------------------------------------
The Board of Directors of Differential Brands Group Inc. and the
Audit Committee of the Company's Board of Directors recently
completed a process to determine the audit firm that would serve as
the Company's independent registered public accounting firm for the
year ending Dec. 31, 2016.  As a result of that process, on July 6,
2016, the Audit Committee dismissed Moss Adams LLP as the Company's
independent registered public accounting firm effective
immediately.

Moss Adams' reports on the Company's financial statements for the
fiscal years ended Nov. 30, 2015, and 2014 did not contain an
adverse opinion, and were not qualified or modified as to
uncertainty, audit scope or accounting principles; provided,
however, that the report for the fiscal year ended Nov. 30, 2014,
included an explanatory paragraph related to the existence of
substantial doubt about the Company's ability to continue as a
going concern.  Additionally, during the fiscal years ended
Nov. 30, 2015, and Nov. 30, 2014, and in the interim period from
January 1, 2016 through July 6, 2016, (i) there were no
disagreements with Moss Adams on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure.

Contemporaneous with the determination to dismiss Moss Adams, the
Audit Committee approved the engagement of CohnReznick LLP as the
Company's independent registered public accounting firm for the
year ending Dec. 31, 2016, also to be effective immediately.
During the fiscal years ended Nov. 30, 2015, and Nov. 30, 2014,
which were audited by Moss Adams, and during the interim period
from Jan. 1, 2016, through July 6, 2016, neither the Company nor
anyone acting on its behalf consulted with Cohn regarding the
Company's financial statements.

                   About Differential Brands

Differential Brands Group Inc., formerly Joe's Jeans Inc., is a
platform that focuses on branded operating companies in the premium
space.  The Company's focus is on organically growing its brands
through a global, omni-channel distribution strategy while
continuing to seek opportunity to acquire accretive, complementary,
premium brands.  The Company's current brands are Hudson, a
designer and marketer of women's and men's premium branded denim
apparel, and Robert Graham, a sophisticated, eclectic style to the
fashion market as an American-based company with an intention of
inspiring a global movement.

Joe's Jeans Inc. has completed the merger combining Hudson Jeans
and Robert Graham.  Additionally, the company has been renamed
Differential Brands Group Inc. and will remain publicly listed on
NASDAQ under the ticker DFBG.

Differential Brands reported a net loss and comprehensive loss of
$32.3 million on $80.2 million of net sales for the year ended Nov.
30, 2015, compared to a net loss and comprehensive loss of $27.7
million on $84.2 million of net sales for the year ended Nov. 30,
2014.

As of March 31, 2016, Differential Brands had $168 million in total
assets, $115 million in total liabilities and $52.7 million in
total equity.


DIVERSIFIED RESOURCES: Incurs $2.21 Million Net Loss in 1st Quarter
-------------------------------------------------------------------
Diversified Resources Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
of $2.21 million on $3.91 million of total operating revenues for
the three months ended April 30, 2016, compared to a net loss of
$594,000 on $118,000 of total operating revenue for the year ended
April 30, 2015.

As of April 30, 2016, Diversified had $22.9 million in total
assets, $12.5 million in total liabilities and $10.4 million in
total stockholders' equity.

"[T]he Company has incurred significant operating losses since
inception, has an accumulated deficit of $9,741,564 and has
negative working capital of $586,725 at April 30, 2016.  As of
April 30, 2016, the Company has limited financial resources.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern.  The Company's ability to achieve and
maintain profitability and positive cash flow is dependent upon its
ability to locate profitable mineral properties, generate revenue
from planned business operations, and control costs. Management
plans to fund its future operations by joint venturing and
obtaining additional financing, and commercial production. However,
there is no assurance that the Company will be able to obtain
additional financing from investors or private lenders, or that
additional commercial production can be attained."

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/kHRO9Y

                 About Diversified Resources

Diversified Resources Inc. is active in oil and gas exploration and
production in the Rocky Mountain region of the U.S.  The Company
maintains its headquarters in Littleton, Colorado.

Diversified Resources reported a net loss of $4.81 million on
$602,980 of operating revenues for the year ended Oct. 31, 2015,
compared to net income of $726,120 on $161,623 of operating
revenues for the year ended Oct. 31, 2014.

Frazier & Deeter, LLC, in Atlanta, Georgia, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Oct. 31, 2015, citing that the Company has an
accumulated deficit and has incurred significant operating losses
and has a working capital deficit.  These factors raise substantial
doubt about the Company's ability to continue as a going concern.


DRUG STORES II: Sale of Various Assets for $22,200 Approved
-----------------------------------------------------------
Judge Kathryn C. Ferguson of the U.S. Bankruptcy Court for the
District of New Jersey authorized Drug Stores II, LLC -- dba Innovo
Specialty Compounding Solutions, Innovo Specialty Pharmacy, and
Health Shoppe Pharmacy -- to sell the Debtor's 2013 Ford Edge to
International Mortgage Corp., LLC for $15,000, Phone Systems to
Optima Communications Systems, Inc., for $5,200, and the Tech
Equipment to Aurobindo Pharma USA for $12,000.

After considering the relief requested in the Debtor's Sale Motion,
and due deliberation, the Court found that the sale of the Assets
is in the best interests of the Debtor, its estates and creditors,
and all parties in interest.

Judge Ferguson ordered that following the closing of the sale of
the Ford Edge to International Mortgage Corp., LLC, the Debtor will
deliver the amount of the payoff of the Valley National Bank
("VNB") lien, upon which VNB will release its lien on the Ford
Edge.  All the net proceeds of the sales of the Assets will be
delivered to Debtor.

                       About Drug Stores II

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

Judge Kathryn C. Ferguson presides over the case.

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


E Z MAILING: Selling $3M Accounts to North Mill
-----------------------------------------------
Attorneys for E Z Mailing Services, Inc., will move before Judge
Stacey L. Meisel of the U.S. Bankruptcy Court for the District of
New Jersey, Martin Luther King, Jr. Federal Building, 50 Walnut
Street, Newark, NJ, for entry of interim and final orders
authorizing the Debtor to sell accounts outside of the ordinary
course of business, and incur postpetition secured indebtedness.

The Debtors face an immediate need for funding to support their
general operating and working capital needs and to pay-off to PNC
Bank, National Association pursuant to the Second Bridge Order.  To
preserve the Debtors' business and assets for the benefit of its
creditors and estate, the Debtors respectfully request that the
Court enter orders:

   (i) authorizing the Debtors to enter into, execute and deliver
to North Mill Capital LLC (the "Purchaser") and perform the
obligations required under that certain Debtor-In-Possession
Accounts Receivable Agreement, pursuant to which the Debtors will
assign and sell to Purchaser, outside of the ordinary course of
business, free and clear of any interests therein, all of the
Debtors' right, title and interest in and to all accounts approved
and deemed acceptable by Purchaser in an amount not to exceed the
Maximum Client Account Limit, which is $3,000,000 (the "DIP
Facility");

  (ii) as security for the repayment of the Obligations arising
under the DIP Agreement, among other things, (A) approving and
authorizing the Debtors to grant to Purchaser a Lien on the
Collateral, subject to certain priorities, and a Superpriority Lien
on the Superpriority Collateral and (B) approving and authorizing
Purchaser to have an allowed Superpriority Administrative Expense
Claim in the Case; and

(iii) modifying the automatic stay imposed by 11 U.S.C. Sec.
362(a) to the extent necessary to allow the implementation of the
terms and provisions of the Interim Order and the DIP Agreement.

The material terms of the DIP Facility are as follows:

   * Debtors/Client/Account Sellers: E Z Mailing Services, Inc.
d/b/a E Z Worldwide Express and United Business Freight
Forwarders, Limited Liability Company.

   * Purchaser: North Mill Capital LLC.

   * Account Limits: $3,000,000 is the Maximum Client Account
Limit.  The Debtors will be authorized to sell its Accounts to
Purchaser in accordance with the terms of the DIP Agreement up to
80% of the Maximum Client Account Limit.

   * Maturity Date.  "Initial Termination Date" means the earlier
of (i) the date on which the Bankruptcy Court denies the motion
seeking entry of the Final Financing Order and (ii) ___________,
2017.  "Termination Date" means (i) the Initial Termination Date,
unless such date is extended, or (ii) the earliest to occur of the
following: (aa) the date on which the Bankruptcy Court denies the
motion seeking entry of the Final Financing Order, (bb) if earlier
terminated by Purchaser pursuant to Section 9.06 of the DIP
Agreement, the date of such termination, (cc) the date of
conversion of the Case to a Chapter 7 proceeding or the appointment
of a Chapter 11 trustee, (dd) the effective date of a confirmed
plan of reorganization in the Case not consented to in writing by
Purchaser, and (ee) the expiry date of/set forth in the Financing
Order.

    * Interest and fees.  If for any reason Debtors fails to
provide an Account with proper notification, Purchaser will
charge a missing notation fee of three percent (3.0%) of the
Eligible Amount.   For each Account approved and accepted by the
Purchaser, the Purchaser will receive from Debtors and Debtors will
be obligated to pay to the Purchaser a processing fee equal to
1/4% of the Eligible Amount for each Account purchased.  The
purchase price payable by the Purchaser to the Debtors for each
Account will  be equal to 100% of the Eligible Amount reduced by
the Daily Rate beginning as of the date that the Purchaser makes
Part Payment as to each Account and continuing for each day
thereafter that such Account remains unpaid.  In consideration of
the Purchaser's entering into this Agreement, the Debtors will pay
to Purchaser an exit fee of 1% of the Maximum Client Account Limit
which will  be due upon (i) repayment of all Obligations, (ii)
entry of a final non-appealable order by the Bankruptcy Court
confirming of a plan of reorganization in the Case or (iii)
termination of this Agreement.   The Debtors will pay Purchaser a
fee in amount equal to $900 per day, per examiner plus out of
pocket expenses for each examination of Debtors' Books or the other
Collateral or Superpriority Collateral performed by Purchaser or
its designee.  If Debtors fail to turn over payment on a purchased
Account to Purchaser, Purchaser will charge
a misdirected payment fee of 15% of the Eligible Amount, and
Debtors will be obligated to immediately pay such fee with or
without demand by the Purchaser.   The Debtors will reimburse
Purchaser for its reasonable expenses and fees.  The Debtors agree
to generate a minimum of fees, i.e. the Processing Fees plus
Purchaser's Discount to Purchaser in the amount of $3,000 per month
during the Term.

Counsel to the Debtors:

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

                    About E Z Mailing Services

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

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

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

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


ECLIPSE RESOURCES: Moody's Cuts Corporate Family Rating to Caa1
---------------------------------------------------------------
Moody's Investors Service upgraded Eclipse Resources Corporation's
Corporate Family Rating (CFR) to Caa1 from Caa2 and Probability of
Default Rating to Caa1-PD from Caa2-PD. The senior unsecured notes
rating was affirmed at Caa2. The Speculative Grade Liquidity rating
was raised to SGL-2 from SGL-3 and the rating outlook is stable.

"The upgrade to Caa1 reflects Eclipse's improved liquidity and good
visibility to fund a more robust drilling program through 2017 than
we had previously anticipated, largely the result of $123 million
in proceeds raised from its equity issuance. With considerable cash
balances and improving cash margins on its production, Eclipse is
poised to return to a production growth trajectory that should
allow for meaningful deleveraging," noted John Thieroff, Moody's
VP-Senior Analyst.

Upgrades:

Issuer: Eclipse Resources Corporation

Ratings Upgraded

-- Corporate Family Rating, Upgraded to Caa1 from Caa2

-- Probability of Default Rating, Upgraded to Caa1-PD from Caa2-
    PD

-- Speculative Grade Liquidity Rating, Upgraded to SGL-2 from
    SGL-3

Ratings Affirmed

-- Senior Unsecured Notes, affirmed at Caa2 (LGD4)

Outlook: Stable

RATINGS RATIONALE

The Caa1 CFR reflects Eclipse's high leverage and interest burden,
short reserve life, small scale, concentrated but growing
production in the Utica and Marcellus Shale plays, and significant
exposure to natural gas (~75% of expected 2016 production).
Eclipse's rating also suffers from its thin cash margins and
leveraged full-cycle ratio caused by its exposure to low natural
gas prices. Low prices also caused the company to opt to curtail
production during much of 2016, exacerbating already weak cash
flow. Support for the rating is provided by natural gas price
hedges on more than 90% of expected 2016 production at an average
expected realized gas price of $3.03 per mcf, attractive growth
opportunities, and Eclipse's significant balance sheet cash.

The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation that Eclipse will maintain good liquidity through
mid-2017. Pro forma the equity issuance, the company had $259
million in cash on its balance sheet at March 31, 2016 and $97
million of availability under its secured revolving credit
facility, which matures in January 2018. Eclipse's borrowing base
under its revolver is $125 million and is next scheduled to be
redetermined in October. The credit facility's EBITDAX/Interest
covenant requires 1.15x coverage for the third quarter of 2016;
1.0x for the fourth quarter 2016 and first quarter 2017; 1.2x for
second quarter 2017 and 2.5x for third quarter 2017 and thereafter.
Based on our projections, Eclipse should be able to comply with
this covenant. Other than the revolver, Eclipse's only debt
maturity is its senior unsecured notes in 2023.

In accordance with Moody's Loss Given Default (LGD) methodology,
Eclipse's senior unsecured notes are rated Caa2, one notch below
the Caa1 CFR because of the priority ranking of the company's
secured revolver.

The stable outlook reflects Eclipse's good liquidity and the
company's ability to fund its drilling program with cash on hand
through the latter part of 2017. The rating could be upgraded if
the company's retained cash flow (RCF) to debt is sustained above
10% and its leveraged full cycle ratio approaches 1.0x. The rating
could be downgraded if EBITDA to interest coverage falls below 1.5
times or RCF to debt falls below 5%.

Eclipse Resources Corporation is a publicly traded oil and gas
exploration and production company headquartered in State College,
PA that operates in the Utica and Marcellus Shales of the
Appalachian Basin.


EIF CHANNELVIEW: Moody's Cuts Senior Secured Rating to B1
---------------------------------------------------------
Moody's Investors Service has downgraded the senior secured rating
of EIF Channelview Cogeneration, LLC (Channelview, Borrower or
Project) to B1 from Ba3. The downgrade is driven by the Borrower's
weaker than expected financial performance resulting in lower
margins, cash flow and related financial metrics. The rating
outlook is revised to negative from stable.

The senior secured credit facilities are comprised of a $375
million senior secured term loan B due 2020 (approx. $300.7 million
outstanding at 3/31/16) and a $45 million senior secured revolving
credit facility due 2018. Channelview owns an 856 MW and 1.9 MM
lbs/hr of steam, natural-gas fired, combined-cycle cogeneration
facility near Houston, TX. The Project is indirectly owned by EIF
Channelview, LLC (Sponsor). The indirect majority owner of the
Sponsor is EIF United States Power Fund IV, a fund managed by Ares
EIF Management, LLC.

The Project has been in commercial operation since 2002, built to
provide an economic, reliable source of high and low-pressure steam
and power to the adjacent petrochemical facility, operated by
Equistar Chemicals, LP (Equistar), a subsidiary of LyondellBasell
Industries, N.V. (Lyondell: Baa1 stable), one of the world's
largest independent petrochemical companies. The Project also
serves the Houston zone of the ERCOT market with baseload power and
ancillary services.

RATINGS RATIONALE

The rating downgrade to B1 principally reflects the Project's
financial underperformance compared to our original expectations
and our belief that it will continue to underperform relative to
those original expectations for the next couple of years. The
weaker financial performance reflects the Project's exposure to
sustained lower merchant energy margins primarily owing to low
natural gas and power prices in the ERCOT region where the plant
operates. The region's power prices have also been impacted by
slower demand growth and higher wind generation. In addition,
Channelview has also had higher than expected major maintenance
expenses due to outages at its steam turbine, as well as higher
than expected operating and maintenance expenses. The lower
merchant energy margins and higher expenses have lowered cash flow
generation leading to lower credit metrics.

Moody's said, "Collectively, these factors caused Channelview's
EBITDA during 2015 to be well below both the issuer's and our base
case forecasts. According to Moody's calculation, which excludes
the costs associated with major maintenance, 2015 EBITDA was about
$35.0 million, which was 38.0% below our base case forecast of
$56.2 million and even more substantially below the management's
case of about $76 million. Management's current budget for 2016
shows some improvement in EBITDA, but we expect performance will
remain lower than we originally expected for the intermediate term.
For 2015, the debt service coverage ratio (DSCR), as calculated by
Moody's was 1.71x and the FFO/Debt ratio was 5.37%, both of which
are consistent with a 'B' rating category.

"Also, Channelview would have breached its financial covenant for
third quarter 2015 and for first quarter 2016 in the absence of
equity cures from the Sponsor for each period. Specifically, the
Channelview term loan has one financial covenant, a maximum
leverage covenant that currently prohibits Net Debt to EBITDA to
exceed 5.25 times. The Sponsor has contributed a total of $5.8
million in order to ensure covenant compliance. The leverage
covenant, which stepped down for the September 30, 2015 reporting
period to the current 5.25 times from 6.25 times, steps down again
to 4.50 times on September 30, 2016, and remains at that level for
the remaining term of the debt. Based upon our understanding, the
Sponsor believes that Channelview will remain in compliance going
forward, but if the anticipated improvement in margins does not
materialize and/or there are higher than expected major maintenance
expenses, additional Sponsor capital contributions may be necessary
to avoid a further covenant breach. According to the loan
documentation, the Sponsor can make up to five equity cures over
the life of the transaction, and no more than two equity cures in
any period of four consecutive quarters, to help ensure compliance
with the financial covenant. As such, the Sponsor is precluded from
making an additional equity cure payment for the June 30, 2016
report period, but can provide additional equity cure support for
the September 30, 2016 period when the financial covenant step
downs to 4.50 times. We also understand that there is no limitation
on the Sponsor providing a capital contribution to repay
indebtedness under term loan, if needed, but we believe that the
more capital efficient approach would be through an equity cure.
Based upon our discussions with the Sponsor, we believe there is an
expressed interest in supporting the Project, although we note
there is no formal obligation to do so, and as such, the B1 rating
incorporates our expectation that the Sponsor will continue to
provide support to this Project, if needed.

"The B1 rating also considers Channelview's revenue and cash flow
profile that benefits from contracted cash flows with investment
grade counterparties. Channelview is the sole provider of steam
under a long-term Steam Supply Agreement (SSA) to a key
petrochemical facility owned by Equistar, a subsidiary of Lyondell.
The SSA has an initial term through June 2025 with renewal options
through 2042. Channelview also provides 293 MWs of power to
Equistar under an Energy Supply Agreement (ESA) that expires in
August 2018 under which Channelview receives an energy payment and
a capacity payment. The ESA can be renewed for one three-year term
upon notice. We understand that the Equistar facility remains a key
holding of Lyondell as it represents the largest of Lyondell's
ethylene facilities and is integrated with Lyondell's sizeable Gulf
Coast refinery and downstream petrochemical operations. We also
understand that Equistar is exploring the possibility of expanding
the size of its plant with additional capacity for ethylene and
polyethylene polymers. Channelview is in discussions with Lyondell
about increasing the power sold under the ESA to meet Equistar's
expected higher power needs."

In addition to the Equistar arrangements, Channelview's cash flow
benefits from a number of medium and short-term power contracts and
hedges with Shell Energy North America (US), L.P. (A3 negative) and
EDF Trading North America, LLC, a subsidiary of EDF Trading Limited
(Baa2 negative), although these arrangements expire at various
times over the next several years.

On a positive note, Channelview has de-levered since financial
close in May 2013, reducing the term loan B balance by 20%, or $75
million, to about $300 million from the original $375 million.
While the de-levering has enabled the Project to reach the target
debt balance outlined in the term loan agreement through December
31, 2015, the lower level of future merchant cash flow has raised
the potential for higher refinancing risk at debt maturity in May
2020.

Moody's said, "From a liquidity perspective, through March 31,
2016, we calculate that Channelview had $4.4 million of
availability under its $45 million revolver, as there were $29.6
million of borrowings and $11 million of letters of credit issued
against the facility. Also at March 31, 2016, Channelview had about
$10 million of cash on hand. Channelview's $45 million secured
revolver, an important source of liquidity, matures in May 2018,
and will need to be refinanced."

Rating Outlook

The negative outlook reflects the project's exposure to weak
merchant power prices in ERCOT leading to sustained weak financial
performance. The negative outlook also recognizes the possibility
of a leverage covenant violation, in the absence of an equity cure
from the Sponsor, particularly when the financial covenant steps
down for the September 30, 2016 period.

What Could Move the Rating Up

In light of the negative outlook, limited prospects exist for the
rating to be upgraded in the short-run. The rating outlook could
stabilize if power prices recover in ERCOT and/or additional hedges
are entered into such that Channelview can be expected to
comfortably remain within its financial covenant threshold.

What Could Move the Rating Down

The rating is likely to be downgraded further if financial metrics
deteriorate further, if the plant faces other challenges, including
operating problems, and/or if the Sponsor fails to support this
Project with continued equity cures should they be needed to avoid
a financial covenant breach.



EL PRIMERO: Selling Substantially All Assets to GRG for $250K
-------------------------------------------------------------
El Primero, Inc., asks the U.S. Bankruptcy Court for the Eastern
District of Virginia to authorize the sale of substantially all of
its assets to GRG, Inc., or its assigns for $250,000 in cash, plus
adjustments at closing.

The Debtor's assets consist of its goodwill, equipment, tenant
improvements, and inventory, as well as a small amount of cash on
hand.

The Debtor also seeks to pay its landlord to terminate its lease
from the proceeds of the sale in order to allow the Purchaser to
enter into a new lease with the Landlord (or alternatively, if the
Purchaser is unable to negotiate a new lease with the Landlord by
the date of the hearing on the Motion, to assume and assign its
Lease).  The sales price will provide sufficient funds to pay all
creditors in full.

The Debtor operates a 150-seat Tex-Mex/Mexican-themed restaurant
and bar in Alexandria, VA. Due to build-out costs that exceeded
expectations and associated delays, the Debtor fell into arrears
under its lease ("Lease") with its landlord, Van Dorn (E & A), LLC
("Landlord").

The Debtor entered into a consent judgment ("Judgment") for
possession with the Landlord, wherein the Landlord was ordered,
inter alia, to stay execution on the judgment and to vacate the
judgment if the Debtor made certain cure payments to the Landlord.
The consent judgment allowed the Debtor to cure any default within
two days of any notice of default provided by the Landlord.

The Debtor was unable to make the $50,000 cure payment that was due
on March 25, 2016.  The Landlord sent a notice of default dated
March 28, 2016.  This case was filed on March 30, 2016, to preserve
the Debtor's rights with respect to the Landlord, to allow the
Debtor time to raise money to cure arrears to the Landlord and to
other creditors, and to pursue a successful reorganization and/or
sale of the Debtor's business.

Since the case has been filed, the Debtor has operated at a loss.
During the case, it has sought to raise money to refinance its
debts, and simultaneously marketed itself for sale.

The Debtor submits that the proposed sale of the acquired assets
and proposed Lease Payment reflects the exercise of its sound
business judgment.  After considering the alternatives, the Debtor,
with the assistance of its advisors, determined that the sale of
the Acquired Assets through a Sec. 363 sale process will enhance
the value of the Debtor's estate and is in the best interests of
the estate and creditors.

Under the circumstances confronting the Debtor, the terms and
conditions of the Asset Purchase Agreement, including the proposed
purchase price, are fair and reasonable and were negotiated between
the parties in good faith and at arm's length. The Debtor has very
limited funds, making it imperative that it move forward
expeditiously with consummation of a sale or risk conversion to
chapter 7 and closure of its business.

El Primero is represented by:

          Justin P. Fasano, Esq.
          MCNAMEE, HOSEA, JERNIGAN, KIM , GREENAN  & LYNCH, P.A.
          6411 Ivy Lane, Suite 200
          Greenbelt, MD 20770
          Telephone: (301) 441-2420
          E-mail: jfasano@mhlawyers.com

                         About El Primero

El Primero, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 16-11142) on March 30,
2016.  The Debtor is represented by Justin Fasano, Esq., at
McNamee, Hosea, Jernigan, Kim, Greenan.


ELBIT IMAGING: Liable for EUR2M Indemnification Claim, Court Rules
------------------------------------------------------------------
Elbit Imaging Ltd. announced that following an extensive and
lengthy legal procedure relating to a transaction agreement
undertaken between Plaza Centers N.V., an indirect subsidiary of
the Company, and Klepierre S.A. in 2004, the International Court of
Arbitration has ruled that Plaza is liable for an indemnification
claim totaling approximately EUR2 million, including costs arising
from the legal process.  A  provision for such amount will be made
in Plaza's books.

Since Klepierre is deemed a creditor under Plaza's ongoing
Restructuring Plan, payment of the principal amount due by Plaza
under the indemnification claim is deferred to July 2018.  In the
interim, Plaza will continue to pursue the legal channels available
to it in purpose to minimize the basis for such indemnification.
The Company is a guarantor of Plaza under the original transaction
agreement between Plaza and Klepierre executed in 2004.

                        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: 341 Meeting of Creditors Set for July 12
------------------------------------------------------------
The meeting of creditors of Epicenter Partners LLC is set to be
held at 230 N. 1st Avenue, Suite 102, on July 12, 2016, at 10:00
a.m., according to a filing with the U.S. Bankruptcy Court for the
District of Arizona.

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 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.


ESSAR STEEL MINNESOTA: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor affiliates filing separate Chapter 11 bankruptcy petitions:

         Debtor                                Case No.
         ------                                --------
         ESML Holdings Inc.                    16-11626
         277 Park Avenue, 35th Floor
         New York City, NY 10172

         Essar Steel Minnesota LLC             16-11627
         555 W. 27th Street
         Nashwauk, MN 55746

Type of Business: Currently constructing an integrated iron ore
                  pellet production facility (project) in the
                  western Mesabi Iron Range in Minnesota.

Chapter 11 Petition Date: July 8, 2016

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Brendan Linehan Shannon

Debtors'
Bankruptcy
Counsel:           Craig H. Averch, Esq.
                   WHITE & CASE LLP
                   633 West Fifth Street, Suite 1900
                   Los Angeles, CA 90071
                   Tel: (213) 620-7700
                   E-mail: caverch@whitecase.com

Debtors'
Local Counsel:     John L. Bird
                   FOX ROTHSCHILD LLP
                   919 North Market St., Suite 300
                   Wilmington, DE 19801
                   Tel: 302-622-4263
                   Fax: 302-656-8920
                   E-mail: jbird@foxrothschild.com

                        - and -

                   Jeffrey M. Schlerf, Esq.
                   FOX ROTHSCHILD LLP
                   Citizens Bank Center, Suite 300
                   919 North Market Street
                   P.O. Box 2323
                   Wilmington, DE 19899-2323
                   Tel: 302-654-7444
                   Fax: 302-656-8920
                   E-mail: jschlerf@foxrothschild.com

Debtors'
Investment
Banker:            GUGGENHEIM SECURITIES, INC.

                                         Estimated    Estimated
                                          Assets     Liabilities
                                         ---------   -----------
ESML Holdings Inc.                       $1B-$10B    $500M-$1B
Essar Steel Minnesota                    $1B-$10B    $1B-$10B

The petition was signed by Madhu Vuppuluri, president and chief
executive officer.

A. List of ESM Holdings' Three Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
U.S. Bank National Association       US Term Loan        Unknown
Agent for US Term Loan
Attn: Prital K. Patel
Two Liberty Place
50 South 16th Street, Suite 1950
Philadelphia, PA 19102
Tel: 215-761-9424
Fax: 866-350-2101
E-mail: prital.patel@usbank.com

U.S. Bank National Association
Agent for US Term Loan
Attn: James A. Hanley
300 Delaware Ave, 9th Floor
Wilmington, DE 19801
Tel: 302-576-3714
Fax: 302-576-3717
E-mail: james.hanley1@usbank.com

ICICI Singapore, Agent for the          Project          Unknown
Project Finance Debt                    Finance
Attn: Linda Phua                        Debt
9 Raffles Place
50-01 Republic Plaza
Singapore 048619
Attn: Linda Phua
Tel: +65-6723-9009
Fax: +65-6723-9268
E-mail: copsagency@icicibank.com

Central Bank of India                  Supplier          Unknown
Agent for the Supplier Credit Debt    Credit Debt
Attn: S. D. Mahurkar,
Deputy General Manager
Standard Building, 1st Floor
D.N. Road
Mumbai 400 023 India
Tel: +022-22047229
Fax: +022-22044720
E-mail: dgmcfb3007@centralbank.co.in;
        cfbcbi@gmail.com

B. List of Essar Steel's 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
U.S. Bank National Association       US Term Loan         Unknown
Agent for US Term Loan
Attn: Prital K. Patel
Two Liberty Place
50 South 16th Street, Suite 1950
Philadelphia, PA 19102
Tel: 215-761-9424
Fax: 866-350-2101
E-mail: prital.patel@usbank.com

U.S. Bank National Association
Agent for US Term Loan
Attn: James A. Hanley
300 Delaware Ave, 9th Floor
Wilmington, DE 19801
Tel: 302-576-3714
Fax: 302-576-3717
E-mail: james.hanley1@usbank.com

ICICI Singapore, Agent for the          Project           Unknown
Project Finance Debt                    Finance
Attn: Linda Phua                        Debt
9 Raffles Place
50-01 Republic Plaza
Singapore 048619
Attn: Linda Phua
Tel: +65-6723-9009
Fax: +65-6723-9268
E-mail: copsagency@icicibank.com

Central Bank of India                  Supplier           Unknown
Agent for the Supplier Credit Debt    Credit Debt  
Attn: S. D. Mahurkar,
Deputy General Manager
Standard Building, 1st Floor
D.N. Road
Mumbai 400 023 India
Tel: +022-22047229
Fax: +022-22044720
E-mail: dgmcfb3007@centralbank.co.in;
        cfbcbi@gmail.com

Minnesota Department of               State Grant     $64,250,000
Employment and Economic
Development
Attn: Kevin McKinnon, Deputy
Commissioner - Economic
Development
1st National Bank Building
332 Minnesota Street, E-200
St. Paul, MN 55101-1351
Tel: 651-259-7440
Fax: 651-296-4772
E-mail: kevin.mckinnon@state.mn.us

Atlantic Specialty Insurance Company   Litigation     $15,285,004
601 Carlson Parkway, Suite 700
Minnetonka, MN 55305

Internal Revenue Service               Withholding     $7,900,000
Attn: Bart Brellenthin                     Tax
1550 American Blvd East
Bloomington, MN 55425
Attn: Bart Brellenthin
Tel: 651-726-1596
Fax: 888-284-0163

Axis Capital Inc.                      Trade Claim     $2,908,093
Attn: Andrea Zana (Amur Capital)
P.O. Box 2555
Grand Island, NE 68801
E-mail: andrea.zana@amurcapital.com

Paul Hastings LLP                      Trade Claim     $2,185,601
Attn: Douglas H. Flaum
Lockbox 4803
P.O. Box 894803
Los Angeles, CA 90189-4803
Attn: Douglas H. Flaum
Tel: 212-318-6259
Fax: 212-230-7759
E-mail: douglasflaum@paulhastings.com

Flsmidth Inc                           Trade Claim     $2,084,635
Attn: Russell K. Sanford
2040 AVE C
Bethlehem, PA 18017-2188
Attn: Russell K. Sanford
Tel: 610-264-6171
Fax: 610-264-6170
E-mail: Russell.Sanford@flsmidth.com

Sylvain Maggard, d/b/a Orleans         Litigation      $1,150,000
Management Group, LLC
c/o Haran Claytor Corrigan &
Wellman
Attn: John R. Owen, Esq.
4951 Lake Brook Drive, Suite 100
Glen Allen, VA 23060
Tel: 804-762-8028
Fax: 804-747-6085
E-mail: jowen@hccw.com

Northern Natural Gas                   Trade Claim       $432,037
Attn: Michael T Barry
P.O. BOX 3330
Omaha, NE 68103-0330
Attn: Michael T Barry
Tel: 877-654-0646
E-mail: mike.barry@nngco.com

MN Dept of Nat Resources               Trade Claim       $422,095
Attn: Joe Henderson
500 Lafayette Road Box 45
St. Paul, MN 55155-4050
Attn: Joe Henderson
Tel: 651-259-5379
E-mail: Joseph.Henderson@state.mn.us

Ziegler Inc                            Trade Claim       $368,645
Attn: Mark Allen
10081 US Hwy 169
Buhl, MN 55713
Attn: Mark Allen
Tel: 218-258-3232
Fax: 218-258-3224
E-mail: Mark.Allen@zieglercat.com

Mintec                                 Trade Claim       $265,011
Attn: F. Erman Koc
3544 E Fort Lowell Rd
Tucson, AZ 85716
Attn: F. Erman Koc
Tel: 520-795-3891
Fax: 520-325-2568
E-mail: Erman.Koc@hexagonmining.com

Om Freight Forwarders PVT. Ltd.        Trade Claim       $228,293
Attn: Vishal Joshi
711/716 Corporate Centre
Mumbai 400080 India
Tel: +91-22-25657999 /
+91-22-25923588
Fax: +91-22-25923588
E-mail: vishal@omfreight.com

TSC Logistics                          Trade Claim       $224,170
E-mail: stan@tsclogistics.com

The GTI Group                          Trade Claim       $222,145
E-mail: james.corbeil@thegtigroup.com

Isco Industries Inc                    Trade Claim       $202,500
E-mail: Mark.Hugger@isco-pipe.com

Minnesota Power                        Trade Claim       $202,447
E-mail: rnanti@mnpower.com

Cessna Finance Corporation             Trade Claim       $155,677
E-mail: RHotaling@textronfinancial.com


EUROTECH CABINETS: Hires Andersen as Accountant
-----------------------------------------------
Eurotech Cabinets, Inc., seeks authority from the U.S. Bankruptcy
Court for the Central District of California to employ Andersen CPA
Firm as accountants to the Debtor.

Eurotech Cabinets requires Andersen to:

   i.    assist the debtor-in-possession in the administration of
         the estate;

   ii.   prepare Monthly Operating Reports and other financial
         reporting as required by the Bankruptcy Code, the U.S.
         Trustee's Office, or other applicable law;

   iii.  assist the debtor-in-possession and its other
         professionals employed in this chapter 11 case with the
         preparation of Schedules and Statement of Financial
         Affairs;

   iv.   analyze daily transactions of the debtor's business;

   v.    investigate transfers of funds and purchases of
         investments and inventory;

   vi.   assist the debtor-in-possession in the identification of
         assets, including accounts receivable;

   vii.  assist the debtor-in-possession in the pursuit of any
         litigation it may pursue, including providing any expert
         witness testimony that may be necessary;

   viii. analyze and make recommendations regarding a plan of
         reorganization;

   ix.   perform any necessary tax work and other analysis to
         properly administer the estate, including the
         preparation of federal and state income tax returns;

   x.    communicate with taxing authorities on behalf of the
         estate;

   xi.   analyze and reconcile loans, payoffs, and other
         borrowing transactions;

   xii.  review and maintenance of insurance coverage;

   xiii. claims analysis, reconciliation, and verification; and

   xiv.  assist with such other accounting services requested by
         the debtor-in-possession.

Andersen will be paid at these hourly rates:

     Bruce T. Andersen       $250

Andersen will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Bruce T. Andersen, principal of the Andersen CPA Firm, 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.

Andersen can be reached at:

     Bruce T. Andersen
     ANDERSEN CPA FIRM
     22759 Miranda Street
     Woodland Hills, CA 91367
     Tel: (818) 225-8022

                       About Eurotech Cabinets

Eurotech Cabinets, Inc., based in Oxnard, CA, filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 16-11257) on July 3, 2016. The
Hon. Peter Carroll presides over the case. John D Faucher, Esq., at
Faucher & Associates, as bankruptcy counsel.

In its petition, the Debtor listed $115,217 to $1.78 million in
both assets and liabilities. The petition was signed by Michael
Leach, president.



EZ MAILING: Online Auction Set for July 28
------------------------------------------
AuctionAdvisors will hold an internet-only auction on July 28,
2016, starting at 4:00 p.m. (EST) for the assets of EZ Mailing
Services Inc. and United Business Freight Forwarders Limited
Liability Company consisting of 100 sleepers, day cabs, trailers,
straight trucks, vans and more.  Offers are subject to change
without notice.  Subject to court approval.

                        About E Z Mailing

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

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

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

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


FEDERAL IDENTIFICATION: Assets Sale to PTM Promotional Approved
---------------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania authorized Federal Identification Card
Co., Inc., doing business as PTM Sport to sell its Assets to PTM
Promotional, LLC, or its assignee for $143,000.

The sale is free and clear of any and all liens, encumbrances,
interests and claims.

Judge Chan approved Asset Purchase Agreement dated May 31, 2016.

The Court held that the purchase offer and the Agreement is the
highest and best offer that the Debtor has received to date and
constitutes a purchase in good faith.  Such sale is in the best
interest of the estate and the Debtor's creditors.

Moreover, the Court ordered that within 10 days of closing, the
Debtor will  file with the Court the following:

      a) proof of establishment of any escrow accounts;
      b) the allocation of sale proceeds; and
      c) a statement showing the closing and net proceeds.

                 About Federal Identification Card

Federal Identification Card Co. Inc. was founded in 1972. The
company's line of business includes providing commercial art or
graphic design services for advertising agencies, publishers, and
other business and industrial users.

Federal Identification Card Co., Inc. d/b/a PTM Sport sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa.
Case No. 16-13496) on May 17, 2016.  

The petition was signed by Louis N. Leof, president.  The case is
assigned to Judge Ashely M. Chan.

The Debtor estimated both assets and liabilities in the range of $1
million to $10 million.


FIREBALL ENTERPRISES: Hires Caldwell & Riffee as Counsel
--------------------------------------------------------
Fireball Enterprises, Inc., seeks authorization from the U.S.
Bankruptcy Court for the Southern District of West Virginia to
employ Caldwell & Riffee as Counsel.

The Debtor requires Caldwell & Rifee to:

     a. prepare on the petition and schedules and statement of
financial affairs;

     b. negotiate of adequate protection;

     c. file all necessary applications, motions and other
pleadings regarding matters to be submitted to the Court;

     d. advise management of the Debtor regarding the rights, power
and duties of the Debtor.

     e. assist the Debtor in the preparation of a Disclosure
Statement and Plan of Reorganization.

The Debtor has agreed to compensate counsel by payment of the
retainer and Court approved fees under the Lodestar Formula.

Caldwell & Riffee will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Joseph W. Cadwell, member of the law firm Caldwell & Riffee,
assured the Court that the firm does not represent any interest
adverse to the Debtors and their estates.

Caldwell & Rifee may be reached at:

       Joseph W. Cadwell
       Caldwell & Riffee
       3818 MacCorkle Avenue
       Charleston, WV 25304
       Tel: 681-245-7765
       Fax: 304-925-2193

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.


FIRST EVANGELIST HOUSING: New Orleans Real Property Sale Approved
-----------------------------------------------------------------
Judge Elizabeth W. Magner of the U.S. Bankruptcy Court for the
Eastern District of Louisiana authorized First Evangelist Housing
and Community Development Corporation of New Orleans ("First
Evangelist") to sell the immovable real property located at 2724
Jackson Avenue, New Orleans, Louisiana ("Jackson Property") to
Linden and Wales, LLC, for $26,500.

A copy of the full legal description of Lawrence Property attached
to the Order is available for free at:

   http://bankrupt.com/misc/First_Evangelist_286_Sale_Ord.pdf

The sale is free and clear of all liens, mortgages, privileges,
encumbrances, claims, and interests.

Out of the proceeds of the sale of the Jackson Property, the
Debtor's realtor, Eunice Ben of ACA Realty, will be paid a
commission of 6% of the gross sales price.

Out of the proceeds of the sale of the Jackson Property, the sum of
$3,055 will be paid to the City of New Orleans in full satisfaction
and discharge of its claim and lien recorded in the Orleans Parish
mortgage records as follows:

     Instrument #: 2015-04439
     Date Filed: 02/03/2015
     Document Type: City Lien
     Amount: $3,055
     Mortgage Instrument Number: 1179742
     Conveyance Instrument Number: NONE
     Granted By/Rendered Against: First Evangelist Housing and
Community Development Corporation of New Orleans
     In favor of: City of New Orleans

Out of the proceeds of the sale of the Jackson Property, the sum of
$662.48 will be paid to the City of New Orleans in full
satisfaction and discharge of its claim and lien recorded in the
Orleans Parish mortgage records as follows:

     Instrument #:2011-42839
     Date filed: 11/17/2011
     Document Type: Resolution
     Amount: $0.00
     Mortgage Instrument Number: 1071925
     Conveyance Instrument Number: None
     Granted By/Rendered Against: First Evangelist Housing and
Community Development Corporation of New Orleans, Taylor Warren,
First Evangelist Housing and Community Development Corporation,
Tayloe Warren Rev. Dr.

The remainder of the proceeds of the sale of the Jackson Property
will be paid to Hope on account of its mortgage and lien held on,
inter alia, the Jackson Property, as recorded in the Orleans Parish
mortgage records as follows:

     Instrument #: 2007-17717
     Date Filed: 04/02/2007
     Document Type: Multiple Indebtedness Mortgage
     Amount: $150,000
     Mortgage Instrument Number: 893676
     Conveyance Instrument Number: None
     Granted By/Rendered Against: First Evangelist Housing and
Community Development Corporation of New Orleans
     In favor of: Enterprise Corporation of the Delta, any future
holder or holders.

                  About First Evangelist Housing

First Evangelist Housing and Community Development Corp. of New
Orleans sought Chapter 11 protection (Bankr. E. D. La. Case No.
15-12317) on Sept. 9, 2015 in New Orleans.  The case is assigned to
Judge Elizabeth W. Magner.

The Debtor is represented by Darryl T. Landwehr, Esq.

The Debtor estimated $0 to $50,000 in assets and $1 million to $10
million in debt.

The petition was signed by Marion Taylor, director.


GOGGO DADA: 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 Goggo Dada Contract & Trading LLC.

Goggo Dada Contract & Trading LLC sought protection under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 16-40266) on
June 1, 2016.  The Debtor is represented by Robert C. Bruner, Esq.


GOLDMAN SACHS: Fitch Affirms 'BB+' Preferred Equity Rating
----------------------------------------------------------
Fitch Ratings has affirmed The Goldman Sachs Group, Inc.'s
(Goldman) Long-Term and Short-Term Issuer Default Ratings (IDRs) at
'A/F1', and its Viability Rating (VR) at 'a'. The Rating Outlook is
Stable.

The rating affirmations have been taken in conjunction with Fitch's
periodic review of the Global Trading and Universal Banks (GTUBs).

KEY RATING DRIVERS

IDRs, VR AND SENIOR DEBT

Fitch's affirmation of Goldman's ratings and the maintenance of the
Stable Outlook reflect the company's strong franchise, good capital
ratios, improving liquidity position and strong risk management
culture.

Despite current market headwinds, Goldman's investment banking
franchise continues to be very strong and has consistently ranked
near the top of league tables. Fitch believes that this positioning
garners the company small price premiums in what is a very
competitive marketplace.

After posting strong investment banking results over the course of
much of 2015, the latter half of 2015 and the first part of 2016
have been more challenging. In the first quarter of 2016 (1Q16),
for example, Goldman's advisory net revenue declined as did its
equity underwriting net revenue amid a dearth of initial public
offerings (IPOs) due to challenging market conditions. However,
this was partially offset by strength in debt underwriting as
Goldman generated strong net revenue in investment grade (IG)
issuance partially offset by continued weakness in leveraged
finance.

However, given Goldman's reported strong advisory backlog, Fitch
would expect advisory as well as debt and equity underwriting net
revenue to improve to the extent that market conditions allow for
the closing of more transactions and their associated financings.
Additionally, Fitch expects that Goldman will seek to continue to
grow its market share in debt underwriting, which will help further
balance the revenue contribution from investment banking on the
firm's overall results.

Goldman's trading businesses have shown more volatility over the
past year than the investment banking businesses, driven largely by
marketwide weakness in the Fixed Income, Currency, and Commodities
(FICC) segment. While Fitch views favorably Goldman's efforts to
reduce costs in its FICC businesses as well as to utilize various
technology solutions to drive efficiencies and improve customer
interfaces, we expect performance from the various businesses
housed in this segment to remain challenging over a near- to
medium-term time horizon.

Fitch acknowledges that Goldman has continued to do a good job of
controlling overall compensation and benefits expenses amid
variable net revenues; however, these efforts only partially offset
the impact to profitability of lower net revenues. Goldman's
annualized return on equity (ROE) in 1Q16 was 6.4%, which is better
than some peer institutions but lower than Goldman's long-term
averages as well as Fitch's estimate of Goldman's hypothetical cost
of equity of 10% to 12%.

Recent performance pressure also highlights the degree to which
Goldman's capital markets revenues are influenced by market
conditions and client confidence to transact, implying a higher
inherent cyclicality to Goldman's core activities relative to some
other more broadly diversified peer institutions, which provides
some limitation on Goldman's upward rating potential.

Despite the challenging conditions, Goldman's capital ratios
remained good, with the company's fully phased-in Basel III Common
Equity Tier 1 (CET1) ratio under the standardized approach
(Goldman's binding constraint) at 12.2% at 1Q16, unchanged from
YE2015. Reported CET1 is higher than peer level medians, which
Fitch views as appropriate and supportive to the ratings.

Goldman's ratings also incorporate the company's more significant
reliance on wholesale funding than other GTUBs, whose funding
profiles are typically core in nature and skewed to a larger
proportion of low-cost and sticky retail deposit funding. Fitch
would note, however, that in April 2016 Goldman closed on the
purchase of General Electric's online deposit platform, which added
$16 billion of deposits to the balance sheet and should provide an
avenue for future deposit growth. That said, as of 1Q16, deposits
constituted only 13.2% of total liabilities, below the proportion
of many peer institutions.

Nevertheless, Goldman has maintained its liquidity position at
conservative levels, which Fitch views as appropriate. To this end,
Goldman's Global Core Liquid Assets (GCLA) increased to a solid
$196 billion, or 22.3% of total assets at 1Q16 from $199 billion or
23.1% of total assets at YE2015.

SUBSIDIARIES AND AFFILIATED COMPANIES

The Long-Term IDR of Goldman Sachs Bank USA (GSBUSA) benefits from
an institutional Support Rating of '1', which indicates Fitch's
view of the propensity of the parent company to provide capital
support to the operating subsidiaries is extremely high.

Additionally, the Long-Term IDRs for the material U.S. operating
entities, GSBUSA and the main broker dealer Goldman Sachs & Co.
(GSCO) are rated one-notch above Goldman's Long-Term IDR to reflect
Fitch's belief that the U.S. single point of entry (SPOE)
resolution regime, the likely implementation of total loss
absorbing capacity (TLAC) requirements for U.S. global systemically
important banks (G-SIBs), and the presence of substantial holding
company debt reduce the default risk of these domestic operating
subsidiaries' senior liabilities relative to holding company senior
debt.

Additionally, the 'F1' Short-Term IDR of GSBUSA is at the lower of
the two potential Short-Term IDRs which map to an 'A' Long-Term IDR
on Fitch's rating scale, in order to reflect the company's greater
reliance on wholesale funding than more retail-focused banks.
Goldman's main broker-dealer, GSCO's Short-Term IDR of 'F1'
reflects the view that there is less surplus liquidity at this
entity, given its greater reliance on the holding company for
liquidity.

The senior secured debt ratings of GSCO are equalized with the IDR
of each entity as Fitch does not have on-going visibility into the
collateral underlying the notes, and as such has equalized the debt
ratings with the IDRs of those entities.

MATERIAL INTERNATIONAL SUBSIDIARIES

Goldman Sachs International (GSI) and Goldman Sachs International
Bank (GSIB) are wholly owned subsidiaries of Goldman whose IDRs and
debt ratings are aligned with the bank holding company's ratings
because of their core strategic role in and integration into
Goldman.

Fitch's Positive Outlooks for these material international
operating subsidiaries reflect the likelihood of internal TLAC as
required by the Financial Stability Board (FSB) becoming available
to support these entities. The Positive Outlook reflects the
agency's belief that the internal TLAC of material international
operating companies will likely be large enough to meet and exceed
Pillar 1 capital requirements and will then be sufficient to
recapitalize them.

A one-notch upgrade of GSI and GSIB is likely once Fitch has
sufficient clarity on additional disclosure on the pre-positioning
of internal TLAC and its sufficiency in size to cover a default of
senior operating company liabilities. Sufficient clarity may,
however, take longer to come through than the typical Outlook
horizon of one to two years.

Specific factors that Fitch seeks additional clarity on before
resolving the Rating Outlook and potentially upgrading the
subsidiary ratings will include host country clarification on
internal TLAC, the quantum of internal TLAC, and whether it will be
pre-positioned. The quantum is relevant because per Fitch's
criteria, the agency will look to the sufficiency of the amount of
capital available to that subsidiary to recapitalize it.

Fitch said, “If the amount of TLAC is sufficient for
recapitalization in Fitch's opinion and is pre-positioned, we will
likely upgrade the subsidiary ratings. Conversely, if home and host
country regulators reach agreements where pre-positioning is not
required, the rating will not be upgraded and the Outlook will be
revised to Stable.”

If clarity on host country internal TLAC proposals is further
delayed beyond the next six months, Fitch will likely revise the
subsidiary Outlooks to Stable until there is further clarity on
these proposals.

The senior secured debt rating of GSI is equalized with the IDR of
each entity as Fitch does not have on-going visibility into the
collateral underlying the notes, and as such has equalized the debt
ratings with the IDRs of those entities.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) and Support Rating Floor (SRF) for Goldman
reflect Fitch's view that senior creditors cannot rely on receiving
extraordinary support from the sovereign in the event that Goldman
becomes non-viable. In Fitch's view, implementation of the Dodd
Frank Orderly Liquidation Authority legislation has now
sufficiently progressed to provide a framework for resolving banks
that is likely to require holding company senior creditors to
participate in losses, if necessary, instead of or ahead of the
company receiving sovereign support.

As previously noted, GSBUSA has a SR of '1', which reflects Fitch's
view of an extremely high probability of institutional support for
the entity. GSBUSA does not have a VR at this time, given Fitch's
view of its more limited role within the group structure.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by Goldman are
all notched down from the VR in accordance with Fitch's assessment
of each instrument's respective non-performance and relative loss
severity risk profile, which vary considerably. Subordinated debt
issued by the operating companies is rated at the same level as
subordinated debt issued by Goldman, reflecting the potential for
subordinated creditors in the operating companies to be exposed to
loss ahead of senior creditors in Goldman.

Goldman's subordinated debt is rated one-notch below Goldman's VR,
its preferred stock is rated five notches below the VR (which
encompasses two notches for non-performance and three notches for
loss severity), and its trust preferred stock is rated four notches
below the VR (encompassing two notches for non-performance and two
notches for loss severity).

DEPOSIT RATINGS

U.S. deposit ratings of GSBUSA are one-notch higher than senior
debt ratings of GSBUSA reflecting the deposits' superior recovery
prospects in case of default given depositor preference in the U.S.


GSIB's deposit ratings are at the same level as their senior debt
ratings because their preferential status is less clear and
disclosure concerning dually payable deposits makes it difficult to
determine if they are eligible for U.S. depositor preference.

RATING SENSITIVITIES

IDRs, VR AND SENIOR DEBT

In Fitch's view, Goldman's VR is solidly situated at its current
rating level, and has limited upward potential given Goldman's
business focus on the capital markets and reliance on wholesale
funding sources. However, to the extent that the company is able to
further improve both its returns on equity and the stability of its
earnings profile while at the same time further reducing its
reliance on wholesale funding and maintaining above-peer-level
capital ratios, there could be some longer-term upside to the
company's ratings, albeit likely still within the 'A' rating
category.

Downward pressure on the VR could result from a material loss,
significant increase in leverage, or deterioration in funding and
liquidity levels. Similarly, any unforeseen outsized or unusual
fines, settlements or charges levied could also have adverse rating
implications, particularly if permanent franchise damage is
incurred as a result. Additionally, any sizable risk management
failure could result in negative pressure on Goldman's ratings.

Additionally, and while not expected, to the extent that the
company's operating performance as measured by return on equity
remains challenged and if it is below peers for an extended period,
the company's historical averages, and Fitch's hypothetical
estimate of the company's cost of equity noted above, this could
ultimately lead to negative ratings pressure over a longer-term
time horizon.

Fitch notes that Goldman's long-term IDR and senior debt are
equalized with the VR at the holding company. Thus Goldman's IDR
and senior debt ratings would be sensitive to any changes in
Goldman's VR.

SUBSIDIARIES AND AFFILIATED COMPANIES

As noted, GSBUSA carries an institutional support rating of '1', as
Fitch believes support from the parent would be extremely highly
likely. Thus GSBUSA's rating would be sensitive to any change in
Fitch's view of institutional support as well as any change to the
VR of the parent company.

Additionally, GSBUSA and GSCO's long-term IDRs are rated one-notch
higher than the parent holding company's IDR because each
subsidiary benefits from the structural subordination of holding
company TLAC, which effectively supports senior operating
liabilities of each subsidiary. Any change in Fitch's view on the
structural subordination of TLAC with respect to GSBUSA and GSCO
could also result in a change to each entity's long-term IDR.

MATERIAL INTERNATIONAL SUBSIDIARIES

A one-notch upgrade of GSI and GSIB is likely once Fitch has
sufficient clarity as to additional disclosure on the
pre-positioning of internal TLAC and its sufficiency in size to
cover a default of senior operating company liabilities. However,
sufficient clarity may take longer to come through than the typical
Outlook horizon of one to two years

GSI and GSIB's ratings are sensitive to the same factors that might
drive a change in Goldman's VR.

SUPPORT RATING AND SUPPORT RATING FLOOR

SRs and SRFs would be sensitive to any change in Fitch's view of
support. However, since these ratings were downgraded to '5' and
'No Floor', respectively, in May 2015, there is unlikely to be any
change to them in the foreseeable future.
GSBUSA's institutional support rating of '1' is sensitive to any
change in Fitch's views of potential institutional support for this
entity from the parent company.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid ratings are primarily sensitive
to any change in Goldman's VR.

DEPOSIT RATINGS

GSBUSA's deposit ratings are sensitive to any change in the
entity's long-term IDR which is sensitive to any change in the VR
of the parent company given the institutional support rating of
'1'. Thus, deposit ratings are ultimately sensitive to any change
in Goldman's VR or to any change in Fitch's view of institutional
support for GSBUSA.

GSIB's deposit ratings are sensitive to any change in its Long-Term
IDR which is sensitive to any change in the VR of the parent
company given that Fitch has equalized the long-term IDR of GSIB
with that of the parent company given its core nature in Goldman's
operations.

Fitch has affirmed the following ratings:

Goldman Sachs Group, Inc.

-- Long-term IDR at 'A' with a Stable Outlook;
-- Long-term senior debt at 'A';
-- Viability Rating at 'a';
-- Short-term IDR at 'F1';
-- Commercial paper at 'F1';
-- Support at '5';
-- Support Floor at 'NF';
-- Market linked securities at 'Aemr';
-- Subordinated debt at 'A-';
-- Preferred equity at 'BB+';
-- GS Finance Corp senior unsecured medium-term note program,
    series E at 'A'.

Goldman Sachs Bank, USA
-- Long-term IDR at 'A+' with a Stable Outlook;
-- Long-term senior debt at 'A+';
-- Long-term deposits at 'AA-';
-- Short-term IDR at 'F1';
-- Short-term debt at 'F1';
-- Short-term deposits at 'F1+';
-- Support Rating at '1'.

Goldman, Sachs & Co.
-- Long-term IDR at 'A+' with a Stable Outlook;
-- Short-term IDR at 'F1';
-- Long-term senior debt at 'A+';
-- Short-term debt at 'F1';
-- Senior secured long-term notes at 'A+'.
-- Senior secured short-term notes at 'F1'.

Goldman Sachs International
-- Long-term IDR at 'A' with a Positive Outlook;
-- Short-term IDR at 'F1';
-- Senior secured long-term notes at 'A';
-- Senior secured short-term notes at 'F1';
-- Short-term debt at 'F1';
-- Long-term senior debt at 'A'

Goldman Sachs International Bank
-- Long-term IDR at 'A' with a Positive Outlook;
-- Short-term IDR at 'F1'
-- Long-term deposits at 'A';
-- Short-term deposits at 'F1'.

Goldman Sachs AG
-- Long-term IDR at 'A' with a Stable Outlook;
-- Short-term IDR at 'F1'.

Goldman Sachs Bank (Europe) plc
-- Long-term senior secured guaranteed debt at 'A';
-- Short-term senior secured guaranteed debt at 'F1';
-- Short-term debt at'F1'.

Goldman Sachs Paris Inc. et Cie.
-- Long-term IDR at 'A' with a Stable Outlook;
-- Short-term IDR at 'F1'.

Ultegra Finance Limited
-- Long-term senior debt at 'A';
-- Short-term debt at 'F1'.

Goldman Sachs Financial Products I Limited
-- Long-term senior unsecured at 'A'.

Goldman Sachs Capital I
-- Trust preferred at 'BBB-'.

Goldman Sachs Capital II, III
-- Preferred equity at 'BB+'.

Murray Street Investment Trust I
-- Senior guaranteed trust securities at 'A'.

Vesey Street Investment Trust I
-- Senior guaranteed trust securities at 'A'.


GOODMAN NETWORKS: S&P Cuts CCR to SD on Missed Interest Payment
---------------------------------------------------------------
S&P Global Ratings said it lowered its corporate credit rating on
Goodman Networks Inc. to 'SD' from 'CCC+'.

S&P also lowered its issue-level rating on the company's senior
secured notes to 'D' from 'CCC+'.  The '4' recovery rating
indicates S&P's expectation for average recovery (30%-50%) of
principal in the event of a payment default. S&P revised its
expectation for recovery to the lower half of the range from the
upper half.

"The rating action follows Goodman's election to not make its
interest payment on its senior secured notes and to enter into a
30-day grace period while it continues to negotiate a debt
restructuring with its lenders," said S&P Global Ratings credit
analyst Scott Tan.

Technically, a payment default has not yet occurred under the
indenture governing the notes, which provides a 30-day grace
period.  However, S&P believes there is a high likelihood that the
company will not make the interest payment in full within the
stated grace period given that the company is in negotiations with
lenders to restructure this debt.


GREAT BASIN: Converts $3.7 Million 2015 Notes Into Common Shares
----------------------------------------------------------------
On July 1, July 5 and July 6, 2016, certain holders of Great Basin
Scientific, Inc.'s senior secured convertible notes issued on Dec.
30, 2015, submitted notices to accelerate previously deferred
amortization payments under the 2015 Notes and convert the
accelerated payments on the 2015 Notes into shares of the Company's
common stock pursuant to Section 3(a)(9) of the United States
Securities Act of 1933, as amended.  In connection with the
Conversions, the Company issued 2,755,310 shares of common stock
upon the conversion of $3,700,755 principal amount of 2015 Notes at
a conversion price of $1.34.

On July 1, 2016, Great Basin closed its $75 million senior secured
convertible note financing pursuant to a Securities Purchase
Agreement dated June 29, 2016, between the Company and certain
buyers.

In connection with the Offering and the Conversions, the exercise
prices or conversion prices of certain of the Company's issued and
outstanding securities were automatically adjusted to take into
account the Offering and the Conversions.  The exercise prices or
conversion prices of the following securities were adjusted as
follows.

Class A and Class B Warrants

As of July 6, 2016, the Company had outstanding Class A Warrants to
purchase 755 shares and Class B Warrants to purchase 640 shares of
common stock of the Company.  The Class A and Class B Warrants
include a provision which provides that the exercise price of the
Class A and Class B Warrants will be adjusted in connection with
certain equity issuances by the Company.  The consummation of the
Offering and the Conversions triggers an adjustment to the exercise
price of the Class A and Class B Warrants.  Therefore, on July 6,
2016, the exercise price for the Class A and Class B Warrants was
adjusted from $1.90 per share of common stock (taking into account
the Company's recent 35 for 1 reverse stock split) to $1.34 per
share of common stock.

Common Stock Warrants

As of July 6, 2016, the Company had outstanding certain common
stock warrants to purchase 18 shares of common stock of the
Company.  As a result of the Offering, the exercise price of such
warrants was adjusted from $1.90 per share of common stock (taking
into account the Company's recent 35 for 1 reverse stock split) to
$1.34 per share of common stock.

Series B Warrants

As of July 6, 2016, the Company had outstanding Series B Warrants
to purchase 530 shares of common stock of the Company.  The Series
B Warrants include a provision which provides that the exercise
price of the Series B Warrants will be adjusted in connection with
certain equity issuances by the Company.  The consummation of the
Offering and the Conversion triggers an adjustment to the exercise
price of the Series B Warrants.  Therefore, on July 6, 2016, the
exercise price of the Series B Warrants was adjusted from
$16,718.72 per share of common stock (taking into account the
Company's recent 35 to 1 reverse stock split) to $4,069.98 per
share of common stock.

2015 Notes

The consummation of the Offering is an issuance that triggers an
adjustment to the conversion price of the 2015 Notes applicable to
optional conversions by the holders of the Notes (conversion
pursuant to amortization payments under the Notes are not adjusted
pursuant to subsequent equity offerings as they are based on a
discount to current market prices for the common stock).
Therefore, on July 1, 2016, the conversion price of the Notes was
adjusted from $1.90 per share of common stock (taking into account
the Company's recent 35 for 1 reverse stock split) to $1.58 per
share of common stock.

Series D Warrants and 2015 Subordination Warrants

As of July 1, 2016, the Company had outstanding Series D Warrants
to purchase 100,090 shares of common stock of the Company and 2015
Subordination Warrant to purchase 3,015 shares of common stock of
the Company.  The Series D Warrants and 2015 Subordination Warrants
include a provision which provides that the exercise price of the
Series D Warrants and 2015 Subordination Warrants will be adjusted
in connection with certain equity issuances by the Company.  The
consummation of the Offering is an issuance which triggers an
adjustment to the exercise price of the Series D Warrants and 2015
Subordination Warrants.  Therefore, on July 1, 2016, the exercise
price for the Series D Warrants and Subordination Warrants was
adjusted from $1.90 per share of common stock (taking into account
the Company's recent 35 for 1 reverse stock split) to $1.58 per
share of common stock.

Series G Warrants

As of July 1, 2016, the Company had outstanding Series G Warrants
to purchase 3,160,000 shares of common stock of the Company.  The
Series G Warrants include a provision which provides that the
exercise price of the Series G Warrants will be adjusted in
connection with certain equity issuances by the Company.  The
consummation of the Offering and the Conversions triggers an
adjustment to the exercise price of the Series G Warrants.
Therefore, on July 1, 2016, the exercise price for the Series G
Warrants was adjusted from $1.90 per share of common stock to $1.34
per share of common stock.

                     About Great Basin

Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections.  The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods.  The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals.  The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.

Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.

As of March 31, 2016, Great Basin had $27.6 million in total
assets, $70.99 million in total liabilities, and a total
stockholders' deficit of $43.4 million.

Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows.  These
issues raise substantial doubt about its ability to continue as a
going concern.


HERCULES OFFSHORE: Plan Confirmation Hearing Moved to August 10
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware rescheduled
the hearing for August 10, 2016, at 10:00 a.m. (ET) to consider
approval of the adequacy of the disclosure statement of Hercules
Offshore Inc. and its debtor-affililates, and confirm their joint
prepackaged Chapter 11 plan.  Objections to the confirmation of the
plan, if any, must be filed no later than 4:00 p.m. (ET) on July
27, 2016.

The Troubled Company Reported said the confirmation plan was
originally set for July 14, 2016.

                      About Hercules Offshore

Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries
are providers of shallow-water drilling and marine services to the
oil and natural gas exploration and production industry globally.

Hercules Offshore and 13 of its subsidiaries each filed a Chapter
11 bankruptcy petition (Bankr. D. Del. Proposed Lead Case No.
16-11385) on June 5, 2016. The petition was signed by Troy L.
Carson as vice president.

The Debtors listed total assets of $1.06 billion and total debts of
$521.37 million as of March 31, 2016.

The Debtors have hired Akin Gump Srauss Hauer & Feld LLP as general
bankruptcy counsel and Morris, Nichols, Arsht & Tunnell LLP as
co-counsel.


HESS COMMERCIAL: Exclusive Plan Filing Period Extended to July 13
-----------------------------------------------------------------
The Hon. Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania has extended, at the behest of
Hess Commercial Printing, Inc., the Debtor's exclusive period to
file a plan by 30 days, or until July 13, 2016, from June 13,
2016.

As reported by the Troubled Company Reporter on June 8, 2016, the
Debtor sought the extension of their exclusivity period to further
examine and analyze certain tax liabilities, as well as to better
gauge historical performance based upon an update of the Debtor's
books and records.

Hess Commercial Printing, Inc., sought protection under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Penn., Case No. 16-20470) on
Feb. 12, 2016.  The Debtor is represented by Michael P. Kruszewski,
Esq., at Quinn Law Firm.

The Debtor's counsel can be reached at:

      QUINN BUSECK LEEMHUIS TOOHEY & KROTO, INC.
      Michael P. Kruszewski, Esq.
      2222 West Grandview Boulevard
      Erie, PA 16506
      Tel: (814) 833-2222
      Fax: (814)833-6753
      E-mail: mkruszewski@quinnfirm.com


HOSTESS BRANDS: Sale to Gores Will Not Change Moody’s B2 Rating
-----------------------------------------------------------------
Moody's Investors Service said in a comment that the announced
proposed sale of Hostess Brands, LLC (B2, stable) to investment
firm Gores Holdings, Inc. for $2.3 billion is a credit positive for
Hostess creditors, based on the company's intent to pay down $173
million of debt as part of the transaction. However the
announcement does not affect the company's ratings or stable
outlook.

Headquartered in Kansas City, MO, Hostess develops, manufactures,
markets, and sells fresh baked sweet goods in the United States
including snack cakes, donuts, sweet rolls, pies and related
products. Well known products include Twinkies, Ding Dongs,
Zingers, HoHo's, and Donettes. Revenue was $684 million for fiscal
2015. Hostess is owned 50% by Apollo Global Management and 50% by
Metropoulos & Co.


ICAGEN INC: Closes $1.15 Million Private Placement Financing
------------------------------------------------------------
Icagen, Inc., sold in a private placement offering to 11 investors
pursuant to a securities purchase agreement entered into with each
investor, 104.5 units at a per unit price of $10,000, each unit
consisting of a note in the principal amount of $10,000 and a five
year warrant to acquire 1,500 shares of the Company's common stock,
par value, $0.001 per share, at an exercise price of $3.50 per
share.  On July 7, 2016, the Company sold an additional 10 Units in
the Offering to one investor.  The aggregate cash proceeds to the
Company from the sale of the 114.5 Units was $1,145,000.

The Notes bear interest at a rate of 8% per annum and mature on
June 30, 2017.  Pursuant to a Security and Pledge Agreement the
Notes are secured by a lien on all of the current assets of the
Company (excluding the equity of and assets of the Company's wholly
owned subsidiary, Icagen-T, Inc.).  Amounts overdue bear interest
at a rate of 1% per month.

The Warrants have an initial exercise price of $3.50 per share and
are exercisable for a period of five years from the date of
issuance.  Each Warrant is exercisable for one share of Common
Stock, which resulted in the issuance of Warrants exercisable to
purchase an aggregate of 171,750 shares of Common Stock.  The
Warrants are subject to adjustment in the event of stock splits and
other similar transactions.

The Company retained Taglich Brothers, Inc. as the exclusive
placement agent for the Offering. In connection therewith, the
Company agreed to pay the placement agent a six percent (6%)
commission from the gross proceeds of the Offering ($1,145,000) and
agreed to reimburse approximately $15,000 in respect of out of
pocket expenses incurred by the placement agent in connection with
the Offering.  The Company also issued the placement agent the same
warrant that the investors received exercisable for an aggregate
amount of 28,625 shares of Common Stock at an exercise price of
$3.50 per share (2,500 shares of Common Stock for each $100,000 in
principal amount of Notes sold).

                        About Icagen

Icagen, Inc., formerly known as XRpro Sciences, Inc., is a
biopharmaceutical company, focuses on the discovery, development,
and commercialization of orally-administered small molecule drugs
that modulate ion channel targets.  Its drug candidates include
ICA-105665, a small molecule compound that targets specific KCNQ
ion channels for the treatment of epilepsy and pain, which is in
Phase II clinical trial stage; and a compound that targets the
sodium channel Nav1.7 for the treatment of pain, which is in Phase
I clinical trial stage.

Icagen reported a net loss applicable to common stock of $8.72
million on $1.58 million of sales for the year ended Dec. 31, 2015,
compared to a net loss applicable to common stock of $569,288 on
$541,794 of sales for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Icagen had $12.9 million in total assets,
$11.2 million in total liabilities, $133,350 in convertible
redeemable preferred stock, and $1.57 million in total
stockholders' equity.

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, which has resulted in an accumulated deficit of
approximately $22.143 million at Dec. 31, 2015.  These conditions
among others raise substantial doubt about the Company's ability to
continue as a going concern.


INTREPID POTASH: BlackRock Reports 4.5% Stake as of June 30
-----------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of June 30, 2016, it
beneficially owns 3,405,294 shares of common stock of Intrepid
Potash Inc. representing 4.5 percent of the shares outstanding.  A
copy of the regulatory filing is available at https://is.gd/0EHuH2

                         About Intrepid

Intrepid Potash -- http://www.intrepidpotash.com/-- is the only
U.S. producer of muriate of potash and supplied approximately 9% of
the country's annual consumption in 2015.  Potash is applied as an
essential nutrient for healthy crop development, utilized in
several industrial applications and used as an ingredient in animal
feed.  Intrepid also produces a specialty fertilizer, Trio(R),
which delivers three key nutrients, potassium, magnesium, and
sulfate, in a single particle.

Intrepid serves diverse customers in markets where a logistical
advantage exists; and is a leader in the utilization of solar
evaporation production, one of the lowest cost, environmentally
friendly production methods for potash.  After the idling of its
West mine in July 2016, Intrepid's production will come from three
solar solution potash facilities and one conventional underground
Trio(R) mine.

As of March 31, 2016, Intrepid had $627.37 million in total assets,
$218.36 million in total liabilities and $409 million in total
stockholders' equity.


IRONGATE ENERGY: S&P Lowers CCR to 'CC' on Missed Payment
---------------------------------------------------------
S&P Global Ratings lowered its corporate credit and issue-level
ratings on IronGate Energy Services LLC to 'CC' from 'CCC-'.  The
recovery rating on the company's senior secured debt remains '4',
indicating S&P's expectation of average (30%-50%, lower end of the
range) recovery in the event of a payment default.

The downgrade reflects that IronGate has elected to defer its
July 1, 2016, interest payments on its $210 million 11% senior
secured notes due 2018.  The company has a 30-day grace period
after the interest payment date to make the payment before an event
of default occurs.  The company continues to negotiate with
bondholders and S&P views the possibility of a default or debt
exchange as a likely outcome.

"The negative outlook reflects our expectation that barring a
forbearance agreement with bondholders, we will lower the rating to
'D' if the interest payment is not made within the 30-day grace
period or to 'SD' if a debt restructuring or exchange takes place,"
said S&P Global Ratings credit analyst Aaron McLean.


ITALIAN & FRENCH: Selling Business and Equipment to Dobson
----------------------------------------------------------
Italian & French Pastry Shop Inc., asks the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to authorize the sale of
business and related food service assets collectively located and
operated from leased facilities located at 16 N. 6th St., Reading,
Berks County, Pennsylvania, to Rosita Dobson.

The Debtor is the owner of the business and related food service
assets collectively located and operated from leased facilities
located at 16 N. 6th St., Reading, Berks County, Pennsylvania,
(collectively "the Business Assets").

The property is the subject of an Agreement of Sale by and between
the Debtor and the Buyer dated June 23, 2016.

To the best of the Debtor's knowledge, the creditors who claim an
interest in the Business Assets are the Pennsylvania Department of
Revenue and the Internal Revenue Service.

It is in the best interest of the estate that the Business Assets
be sold as the Debtor is unable to utilize the Business Assets in a
way that it can pay the creditors that claim an interest in the
Business Assets. The sale will also enable the Debtor to facilitate
and expedite its reorganization.

In connection with the sale and in order to protect those creditors
and parties having an interest in the Debtor's estate, the Debtor
proposes that the net proceeds of the sale be utilized and
distributed to those creditors who maintain an interest in the
property in accordance with lien priority law
as applicable in the Commonwealth of Pennsylvania.

Attorney for the Debtor:

          John A. DiGiamberardino, Esq.
          CASE & DIGIAMBERARDINO, P.C.
          845 North Park Road, Suite 101
          Wyomissing, PA  19610
          Telephone: (610) 372-9900
          Facsimile: (610) 372-5469

                About Italian & French Pastry Shop

Italian & French Pastry Shop, Inc., sought Chapter 11 protection
(Bankr. E.D. Penn. Case No. 16-11085) on Feb. 19, 2016.  The Debtor
estimated less than $500,000 in assets and debt.  The petition was
signed by Michelangelo Bruno, president of the Company.


KOMODIDAD DISTRIBUTORS: FirstBank Objects to Cash Use Extension
---------------------------------------------------------------
FirstBank Puerto Rico asks the U.S. Bankruptcy Court to deny the
request of Komodidad Distributors Inc. and its affiliated debtors
for extension of the interim cash collateral period beyond July 8,
2016.  In the alternative, FirstBank asks the Court to condition
any further interim use of cash collateral upon the additional
adequate protection terms.

FirstBank objects to any extension of the Interim Cash Collateral
Period absent each of the additional Adequate Protection terms,
inter alia, as follows:

     A. Extension of Cash Collateral Order. All terms of the Cash
Collateral Order including, without limitation, the Adequate
Protection granted to FirstBank thereunder, and all reservations of
rights thereunder, shall remain in full force and effect.

     B. Correction of Reporting Violations and Deficiencies. (a)
immediate delivery of all required disclosure, (b) immediate
delivery of a report generated directly from the Debtors' Great
Plains Accounting System for each Debtor bank account, detailing
for each account all receipts and disbursements from the Petition
Date through and including July 5, 2016, (c) the Debtors shall
modify and deliver to FirstBank their First Cash Flow Report to
reflect a separate cash flow report for each Debtor, cash receipts
by individual Debtor, and beginning and ending cash balances by
individual Debtor, (d) the cash flow budget approved under the
Extension Order, and all Cash Flow Reports shall include, in
addition to existing requirements of the Cash Collateral Order, a
separate cash flow report for each Debtor, cash receipts by
individual Debtor, and beginning and ending cash balances by
individual Debtor, and (e) during the Interim Cash Collateral
Period, the Debtors shall provide to FirstBank a report generated
directly from the Debtors' Great Plains Accounting System, for each
of the Debtors' bank accounts, detailing all receipts and
disbursements for the prior week, and the Cash Flow Report.

     C. Santander Accounts. As a condition to entry of an Extension
Order, the Debtors shall close the Santander Accounts and provide
FirstBank with evidence of such closures.

     D. Closing of Certain Prepetition Accounts at FirstBank. The
Debtors shall provide written confirmation to FirstBank that no
outstanding checks or other transactions are pending with respect
to any of the Debtors’ prepetition accounts at FirstBank.

     E. Clarification Regarding Marginal/Escrow Accounts at
FirstBank. The Extension Order shall expressly provide that
FirstBank shall continue to maintain all funds presently in the
Marginal Account (i.e., Komodidad Acct. No. 2805001133) and the
Escrow Account (i.e., GA Investors Acct. No. 0105029870) during the
Interim Cash Collateral Period. To the extent the Debtors have not
previously done so, the Debtors shall take all necessary measures
to cause all electronic deposits (POS and ACH) to be made directly
(i.e., the Debtors' DIP accounts at FirstBank).

     F. Withdrawal of Substantive Consolidation Motion. As a
condition to extension of the Interim Cash Collateral Period, the
Debtors shall withdraw the Substantive Consolidation Motion,
without prejudice.

In response, the Debtors complain that FirstBank makes all kinds of
allegations and twists and manipulates the facts in a desperate
attempt to create leverage, and argues on an inexistent
administrative insolvency, and requests onerous terms for adequate
protection -- making arguments against the valuation of the
collateral as well as the adequate protection which they have
themselves consented to in the previous orders -- trying to focus
the attention of the Court in inexistent transfers between
affiliated Debtors which did not file for bankruptcy, but in which
the Debtors have had no issues in sharing the information with the
FirstBank because the terms are straightforward and there is
nothing to hide.

Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

       Javier Vilariño, Esq.
       VILARIÑO & ASSOCIATES LLC
       PO BOX 9022515
       San Juan, PR 00902-2515
       Telephone: 787-565-9894
       Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

       Zachary H. Smith, Esq.
       MOORE & VAN ALLEN, PLLC
       100 North Tryon Street
       Suite 4700, Charlotte
       North Carolina, 28202
       Telephone: (704) 331-1046
       Email: zacharysmith@mvalaw.com

       -- and --

       Antonio A. Arias, Esq.
       Lina M. Soler-Rosario, Esq.
       MCCONNELL VALDES, LLC
       P.O. Box 364225
       San Juan, Puerto Rico 00936-4225
       Telephone: (787) 250-5604
       Email: aaa@mcvpr.com
              lms@mcvpr.com

           About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon. Enrique
S. Lamoutte Inclan presides over the case.  The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KOMODIDAD DISTRIBUTORS: FirstBank Seeks to Compel Doc Production
----------------------------------------------------------------
FirstBank Puerto Rico, as administrative agent under that a credit
agreement by and among Komodidad Distributors Inc. and its
affiliated co-borrowers, asks the U.S. Bankruptcy Court to compel
the Debtors to produce certain documents to FirstBank.

FirstBank also asks the Court to impose monetary sanctions upon the
Debtors in an amount to be determined by the Court, including
costs, due to the Debtors' willful violations of the Cash
Collateral Order.

According to FirstBank, pursuant to the Cash Collateral Order, the
Debtors agreed -- and are ordered and directed by the Court -- to
disclose certain information to FirstBank by specified deadlines.
Although the Debtors have produced some information to FirstBank's
appraiser, the Debtors have not produced the following information,
which should be readily available and easily produced:

     A. Galeria del Sur Shopping Center, Ponce: Detailed income and
expenses report evidencing the income received and expenses during
past 3 years. The report should detail all sources of income (rent,
penalties, additional income, etc.) and recoverable versus
non-recoverable fixed and variable expenses.

     B. Gatsby Plaza, Caguas: Detailed income and expenses report
evidencing the income received and expenses during past 3 years.
The report should detail all sources of income (rent, penalties,
additional income, etc.) and recoverable versus non-recoverable
fixed and variable expenses.

     C. Gatsby Plaza, Puerto Nuevo, San Juan: Detailed income and
expenses report evidencing the income received and expenses during
past 3 years. The report should detail all sources of income (rent,
penalties, additional income, etc.) and recoverable versus
non-recoverable fixed and variable expenses.

FirstBank tells the Court that while it has accommodated the
Debtors' scheduling requests with respect to the grant of access to
the Debtors' real properties, FirstBank has not consented to any
extension of the June 22, 2016 deadline for production of the
documents and the Debtors’ failure to produce the foregoing
information violates the Cash Collateral Order to the prejudice of
FirstBank.

In response, the Debtors argue that FirstBank has the required
information, which has been consistently forwarded by the Debtors'
Financial Advisor and full compliance has been achieved, and thus,
the alleged default is inexistent for in fact, the terms of the
interim order are changing, upon consent of the parties, to
accommodate compliance and keep the flow of information running.
However, the Debtors point out, FirstBank filed the motion without
even informing the Debtors of any defaults in its attempt to
mislead the Court through allegations that information is not
flowing and it "is indicative of an obvious effort to restrict
disclosure of actual and real time financial performance..."

Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

       Javier Vilariño, Esq.
       VILARIÑO & ASSOCIATES LLC
       PO BOX 9022515
       San Juan, PR 00902-2515
       Telephone: 787-565-9894
       Email: jvilarino@vilarinolaw.com

Attorneys for FirstBank Puerto Rico:

       Zachary H. Smith, Esq.
       MOORE & VAN ALLEN, PLLC
       100 North Tryon Street
       Suite 4700, Charlotte
       North Carolina, 28202
       Telephone: (704) 331-1046
       Email: zacharysmith@mvalaw.com

       -- and --

       Antonio A. Arias, Esq.
       Lina M. Soler-Rosario, Esq.
       MCCONNELL VALDES, LLC
       P.O. Box 364225
       San Juan, Puerto Rico 00936-4225
       Telephone: (787) 250-5604
       Email: aaa@mcvpr.com
              lms@mcvpr.com

            About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon. Enrique
S. Lamoutte Inclan presides over the case.  The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KOMODIDAD DISTRIBUTORS: Maintains Units Should Be Consolidated
--------------------------------------------------------------
Komodidad Distributors Inc. and its affiliates, in reply to
FirstBank Puerto Rico's objection to their request for substantive
consolidation, maintain that the bank should be estopped from
asserting now that the Debtors' asset be separated based on the
uncontested fact that all of FirstBank's loan collateral documents
obligated the Debtors to join and create a single entity as a
conglomerate.

According to the Debtors, FirstBank has required that all the
credit facilities be managed into a single entity, merging all the
proposed consolidated Debtors: G.A. Investors, S.E., Komodidad
Distributors, Inc., G.A. Property Development Corp., Gamaxport Inc.
and G.A. Design & Sourcing Corp. into one single entity and
collectively considering the Borrowers "as if they were a single
borrower."

The Debtors also assert that all other unsecured creditors in this
case, are and were under the business impression that all their
dealings are with Gatsby, which is in fact the Trade Name of the
Debtors and no other party in interest has objected to Debtors'
motion to consolidate; primarily because consolidation of
businesses is logical and makes complete sense.

Furthermore, the Debtors point out that the submitted and approved
budgets entered in this proceeding deals with the Group as a single
entity albeit matching each item to the respective entity for
accountability, which follows therefore that FirstBank continues to
rely on the Group as a single unit and has extended credit over all
assets, inventory and machinery and equipment -- the assets of the
Gatsby Group are, in effect, commingled, consolidated, combined and
inseparable.

Attorneys for Komodidad Distributors Inc. and its affiliated
debtors:

       Javier Vilarino, Esq.
       VILARIÑO & ASSOCIATES LLC
       PO BOX 9022515
       San Juan, PR 00902-2515
       Telephone: 787-565-9894
       Email: jvilarino@vilarinolaw.com

              About Komodidad Distributors

Komodidad Distributors, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-04161) on May 25, 2016.  The
petition was signed by Jorge Galliano, president.  The Hon. Enrique
S. Lamoutte Inclan presides over the case.  The Debtor estimated
assets of $50 million to $100 million and estimated debts of $10
million to $50 million.

Komodidad Distributors' Chapter 11 case is jointly administered
with those of G.A. Design & Sourcing, Inc., GMAXPORT, Inc., G.A.
Investors, S.E., and G.A. Property Development, Corp., under
(Bankr. D.P.R. Case No. 16-04164).


KU6 MEDIA: Shareholders Approve Merger Agreement with Shanda
------------------------------------------------------------
Ku6 Media Co., Ltd., announced that, at an extraordinary general
meeting held July 8, 2016, the Company's shareholders voted in
favor of the proposal to authorize and approve the previously
announced Agreement and Plan of Merger dated as of April 5, 2016,
among the Company, Shanda Investment Holdings Limited and Ku6
Acquisition Company Limited, a wholly owned subsidiary of Parent,
pursuant to which Merger Sub will be merged with and into the
Company with the Company continuing as the surviving company and to
authorize and approve any and all transactions contemplated by the
Merger Agreement, including the Merger.

Approximately 70.88% of the Company's total outstanding ordinary
shares of the Company entitled to vote at the extraordinary general
meeting voted in person or by proxy at the extraordinary general
meeting.  Of those ordinary shares, approximately 99.67% were voted
in favor of the proposal to authorize and approve the Merger
Agreement and any and all transactions contemplated by the Merger
Agreement, including the Merger.

The parties currently expect to complete the Merger within July
2016, subject to the satisfaction or waiver of the conditions set
forth in the Merger Agreement.  Upon completion of the Merger, the
Company will become a privately held company and its American
depositary shares, each representing 100 ordinary shares, will no
longer be listed on NASDAQ.

                      About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $2.05 million on $10.90 million of
total net revenues for the year ended Dec. 31, 2015, compared to a
net loss of $10.72 million on $8.58 million of total net revenues
for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31, 2015,
citing that facts and circumstances including recurring losses,
negative working capital, net cash outflows, and uncertainties
associated with significant changes made, or planned to be made, in
respect of the Company's business model raise substantial doubt
about the Company's ability to continue as a going concern.


L BRANDS: Fitch Rates Proposed Senior Guaranteed Notes 'BB+/RR4'
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+/RR4' rating to L Brands, Inc.'s
(L Brands) $700 million issue of 20-year senior guaranteed notes.
The proceeds from the issue will be used to pay down the company's
$700 million in 6.9% senior guaranteed notes due July 2017.

KEY RATING DRIVERS

The ratings reflect L Brands' strong brand recognition and dominant
market positions in intimate apparel and personal care and beauty
products and strong operating results that is characteristic of an
investment grade profile. While credit metrics have been
reasonable, with leverage at or slightly below 3.5x since 2010, the
'BB+' rating takes into consideration the company's track record of
shareholder-friendly activities which could push leverage above
this range.

L Brands' strong business profile is anchored by its two flagship
brands, Victoria's Secret (approximately 63% of sales and EBITDA
including the Victoria's Secret direct business) and Bath & Body
Works (approximately 30% of sales and 39% of EBITDA); a strong
direct business (16% of total revenue); and a growing international
footprint. The company's strong comparable store sales (comps)
trends since the recession have been driven by relevant and
attractive product offerings and a loyal customer base. Comps
increased 5% in 2015, following a 2% increase in 2013 and 4% in
2014. In addition to positive operating leverage from strong comps
growth, the company has driven margin growth through efficient
inventory and expense management. EBITDA margins in the 20%+ range
compare favorably to the broader retail average in the low teens.

Fiscal years 2016 and 2017 are expected to be negatively impacted
by the company's recent actions at Victoria's Secret to streamline
operations as well as investments related to grow China as a
company-operated market (previously franchised). Notably, the
company is eliminating certain merchandise categories such as
swimwear and certain apparel categories representing a total of
$525 million in volume (4% of total sales) beginning mid-2016. As a
result, Fitch expects 2016 revenue growth to be flattish on
negative low-single digit comps and 4% square footage growth, while
2017 comps could be in the 1% - 2% range due to swimwear/apparel
volume loss. The combination of negative comps, margin deleverage
on inventory clearance activity, and investments in the China
rollout is projected to yield a 3% - 5% decline in EBITDA in 2016
to the $2.6 billion range from $2.7 billion in 2015. However,
EBITDA margin is expected to remain in excess of 20% in 2016 and
2017.

Fitch expects positive comps and square footage expansion, if
executed successfully, could drive overall top line growth in the
4% range beginning 2017. The growth of PINK in the U.S., which
could be a $3 billion business over the next few years from
approximately $2.5 billion currently, and the inclusion of the full
lingerie lines in expanded Victoria's Secret stores have led to
increased productivity per square foot over the past few years.
International expansion provides a strong top line and profit
opportunity by allowing the company to diversify outside of mall
based locations and reduce operational and execution risks through
its substantially franchised model (outside of the UK and Canadian
markets).

KEY ASSUMPTIONS

-- Fitch expects L Brands to produce comps (excluding its direct
    business) in the negative 1% - 3% range in 2016, improving to
    the 1% - 2% range in 2017;
-- Square footage expansion, if executed successfully, could
    drive overall top line growth to flattish in 2016 and in the
    3% to 5% range thereafter;
-- Free cash flow (FCF) after regular dividends of negative $100
    million to breakeven after regular dividends over the next two

    to three years given increased capex spend;
-- Capex is expected to increase to $950 million in 2016 from
    $727 million in 2015 reflecting new store constructions and
    square footage expansion and stay in that range thereafter;
-- Maintain a leverage profile in the mid-3x range with future
    debt funded special dividends or share buybacks potentially
    pushing leverage higher than the 3.3x in 2015.

RATING SENSITIVITIES

A positive rating action would require both the continuation of
positive operating trends and a public commitment to maintain
financial leverage in the low 3x range.

A negative rating action could be driven by a trend of negative
comps and/or margin compression from fashion misses, execution
missteps or loss of competitive traction. A larger than expected
debt-financed share repurchase or special dividend and/or leverage
rising to approximately 4x would be negative for the rating.

LIQUIDITY AND DEBT STRUCTURE

Liquidity is strong, supported by a cash balance of $1.27 billion
as of April 30, 2016 and the company's $1 billion revolving credit
facility. The company has a comfortable maturity profile, staggered
over many years. Fitch considers refinancing risk low given L
Brands' strong business profile, favorable operating trends, and
reasonable leverage.

Fitch expects FCF after regular dividends of negative $100 million
to breakeven after regular dividends over the next two to three
years given increased capex spend. Fitch assumes regular dividends
will be increased by 20% to 25% annually, in line with the last few
years. Capex is expected to increase to $950 million in 2016 from
the $700 million range annually in 2014 - 2015, reflecting new
store constructions and square footage expansion to primarily
support PINK and international growth (square footage to grow by
approximately 4% in 2016).

Lease-adjusted leverage stood at 3.3x as of Jan. 30, 2016. Fitch
expects the company to maintain a leverage profile in the mid-3x
range, and fund dividends and share repurchases with FCF and
potential debt issuances. The company's shareholder-friendly
posture is a key constraint to the rating.

FULL LIST OF RATING ACTIONS

Fitch currently rates L Brands as follows:

-- Long-term IDR 'BB+';
-- Secured bank credit facility 'BBB-/RR1';
-- Senior guaranteed unsecured notes 'BB+/RR4';
-- Senior unsecured notes 'BB/RR5'.

The Rating Outlook is Stable.


LEN-TRAN INC: Taps Syprett Meshad as Counsel in Oil Spill Case
--------------------------------------------------------------
Len-Tran, Inc. seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to hire Syprett, Meshad, Resnick,
Lieb, Dumbaugh, Jones, Krotec & Westheimer, P.A. as its special
counsel.

The Debtor tapped the firm to pursue its claims for damages related
to the Deepwater Horizon oil spill in the Gulf of Mexico.   

The Debtor will pay the firm based on a contingency fee equal to
25% of any final recovery.

F. Scott Westheimer, Esq., at Syprett, Meshad, disclosed in a court
filing that no attorney employed by the firm presently represents
any interest adverse to the Debtor or its bankruptcy estate.

The firm can be reached through:

     F. Scott Westheimer
     Syprett, Meshad, Resnick, Lieb, Dumbaugh,
     Jones, Krotec & Westheimer, P.A.
     1900 Ringling Boulevard
     Sarasota, FL 34236-5919
     Phone: 941-365-7171
     Fax: 941-365-7923

                       About Len-Tran Inc.

Len-Tran, Inc., dba Turner Tree & Landscape, based in Bradenton,
Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No.
16-04145) on May 13, 2016.  Elena P Ketchum, Esq., at Stichter,
Riedel, Blain & Postler, P.A., serves as counsel to the Debtor.  
In its petition, the Debtor estimated $1 million to $10 million
in both assets and liabilities.  The petition was signed by
Darrell Turner, president.


LINDA WINDHAM: Selling Oxford Condo Unit to Briscoe $270K
---------------------------------------------------------
Linda T. Windham asks the U.S. Bankruptcy Court for the Northern
District of Mississippi to authorize the sale of its condominium
being Unit 10, 124 L'Acadian, Oxford, Mississippi ("Property") to
William Briscoe for $270,000.

The closing sale will occur on or before Aug. 5, 2016.  Time being
of the essence because the closing date occurs before the fall
football season at a time when the real estate market in Oxford,
Mississippi obtains the highest and best offers.

The Debtor asserts that the only lien attached Property is in favor
of the FNB Oxford by virtue of a deed of trust on the Property
amounting to $713,256.

Contract for the Sale and Purchase of Real Estate together with its
addendum, contains, among others, these relevant terms:

     A. Payment of the ad valorem taxes and/or proration of taxes
due to the Tax Collector of Oxford and Lafayette County;

     B. Payment for deed preparation in the sum of $125;

     C. Payment of real estate commission of 6.0% of the sales
price to be split equally between Re/Max Legacy Realty and
Kessinger Real Estate, as such fees are both reasonable and
necessary;

     D. Payment to the Debtor, the sum of $1,950 to cover the
additional United States Trustee's fees for the quarter in which
the disbursements are made;

     E. Payment to FNB Oxford the net proceeds from the sale after
payment of costs related to the closing of the transaction; and

     F. Debtor prays for such other, further and general relief to
which it may be entitled. This the 29th day of June, 2016.

Linda T. Windham is represented by:

          J. Hale Freeland
          FREELANDMARTZ, PLLC
          302 Enterprise Drive, Suite A
          Oxford, Mississippi 38655
          Telephone: (662) 234-1711
          E-mail: hale@freelandmartz.com

Linda T. Windham sought Chapter 11 protection (Bankr. N.D.Ms. Case
No. 14-11544) on April 21, 2014.  Judge Jason D. Woodard is
assigned to the case.


LURA DEE KIRKLAND: 2015 Mercedes-Benz CLS400 Sale to Ford Approved
------------------------------------------------------------------
Judge Ronald B. King of the U.S. Bankruptcy Court for the Western
District of Texas, Midland Division, authorized Lura Dee Kirkland
to sell her 2015 Mercedes-Benz CLS400 (VIN xxx4341), to Sewell Ford
("Sewell") for $69,496.

The sale of the Vehicle is part of an overall transaction whereby
the Debtor's personal friend, Jason Cotton, is seeking to purchase
another vehicle for himself from Sewell.

The Court ordered that proceeds from the sale are to be paid to
Mercedes-Benz Financial Services USA, LLC.

Lura Dee Kirkland sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. 16-70027) on Feb. 25, 2016.


M SPACE HOLDINGS: GB's Sales of Up to $10M Approved
---------------------------------------------------
Judge Joel T. Marker of the U.S. Bankruptcy Court for the District
of Utah authorized M Space Holdings, LLC, with the assistance of
Gordon Brothers Commercial & Industrial, LLC, to sell real and
personal property outside of the ordinary course of business not to
exceed individual gross sales price of more than $500,000
("Assets") and not to exceed an aggregate purchase price cap for
such sales of $10,000,000 ("Maximum Sale Amount").

Any sales of Assets is free and clear of all liens, claims and
encumbrances.

Pursuant to Debtor and GB's request to sell Assets in excess of the
Maximum Sale Amount without further hearing, the Court said it may
consider increasing the Maximum Sale Amount upon submission of a
stipulation by the Debtor, Committee, the Secured Parties, and the
U.S. Trustee.

The Court ordered that GB will be entitled to retain its fee equal
to 1.5% of the Gross Proceeds and reimbursement of the Consultant
Expenses, Consultant Testimony Expenses, and the Company Expenses
incurred in connection with the individual sale.

All sales of the Assets will be Dispositions, and the Debtor's use,
or payment to Agent for the benefit of the Secured Parties, of the
Proceeds will be subject in all respects to the terms and
conditions of the Cash Collateral Order and the Approved Budget.
The Court also approved the individual sales of Assets with
individual gross sales prices of less than $500,000 and less in the
aggregate amount of the Maximum Sale Amount subject to the Sale
Notice Procedures.

Upon filing the Sale Notice with the Court, the Debtor is ordered
to provide the Committee with the Debtor's tracker report detailing
the Debtor's financial assessment of the asset to be sold.
Moreover, upon consummation of a Proposed Sale, the Debtor will
file with the Court a sales report describing the assets sold, the
buyer, and the sale price ("Sales Report").

A copy of the Sale Notice Procedures, Sale Notice, and Sales Report
attached to the Order is available for free at:

     http://bankrupt.com/misc/M_Space_143_Sale_Ord.pdf

                      About M Space Holdings

M Space Holdings, LLC, is a provider of turnkey complex modular
space solutions.  The Debtor sought protection under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the District
of Utah (Salt Lake City) (Case No. 16-24384) on May 19, 2016.  The
petition was signed by Jeffrey Deutschendorf, chief executive
officer and president.

The case is assigned to Judge Joel T. Marker. The Debtor's asset
Liquidator is Gordon Brothers Commercial & Industrial, LLC.

The Debtor estimated both assets and liabilities in the range of
$50 million to $100 million.


MAXUS ENERGY: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------
Andrew Vara, acting U.S. trustee for Region 3, on July 7 appointed
three creditors of Maxus Energy Corp. and its affiliates to serve
on the official committee of unsecured creditors.

The committee members are:

     (1) Brown and Caldwell
         Attn: Shawn T. O'Leary
         201 N Civic Drive, Suite 115
         Walnut Creek, CA 94596
         Phone: 925-210-2217
         Fax: 925-933-4850

     (2) Lower Passaic River Study Area
         Cooperating Parties Group.
         Attn: Willard Potter
         de maximis, inc.
         186 Center Street, Suite 290
         Clinton, NJ 08809
         Phone: 908-735-9315

     (3) Occidental Chemical
         Attn: Mike Anderson
         5 Greenway Plaza
         Houston, TX 77046-0521
         Phone: 713-350-4925
         Fax: 713-485-5808

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 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.


MCK MILLENNIUM: Reaches Deal on Cash Collateral Use Until Oct. 14
-----------------------------------------------------------------
MCK Millennium Centre Retail LLC and secured creditor MLMT
2005-MKB2 Millennium Centre Retail LLC, sought and obtained from
Judge Jack B. Schmetterer of the U.S. Bankruptcy Court for the
Northern District of Illinois entry of a stipulation and final
order authorizing the Debtor's use of Cash Collateral.

The Debtor and MKB2 Millennium have engaged in settlement
negotiations regarding the use of cash collateral and the granting
of adequate protection soon after the commencement of the
bankruptcy case.  They have reached an agreement as reflected in
their Stipulation.

Judge Schmetterrer authorized the Debtor to use the Cash Collateral
to pay the Debtor's actual, necessary, post-petition expenses in
accordance with the approved Budget.

The Debtor's right to use Cash Collateral will expire, among
others, upon the earliest of any of the following:

     (a) midnight on Oct. 14, 2016, unless extended by the written
agreement of Lender and Debtor;

     (b) appointment of a Chapter 11 trustee or an examiner with
expanded powers;

     (c) conversion of the case to a Chapter 7 case;

     (d) lifting of the automatic stay to allow Lender or any other
secured creditor to foreclose its liens on any material portion of
the Collateral; and

     (e) the entry of any order granting relief under section
506(c) of the Bankruptcy Code or otherwise surcharging any of the
Collateral.

Judge Schmetterrer ordered the resolution of the Debtor's
bankruptcy case on or before Oct. 14, 2016 ("Case Resolution
Deadline"), by one of these Case Resolution Events:

     (a) The closing of a cash sale of the Collateral to a third
party purchaser, with the payment in full in cash of the Allowed
Lender Claim at the closing of such sale;

     (b) The closing of a sale of the Collateral to Lender pursuant
to a credit bid by Lender; or

     (c) The closing of a refinancing of the Loan with net proceeds
sufficient to pay the Allowed Lender Claim in full in cash at the
closing of such refinancing.

A full-text copy of the Stipulation and Final Order, dated June 23,
2016, is available at https://is.gd/uErtfk

MCK Millennium Centre Retail LLC is represented by:

          Jonathan D. Golding, Esq.
          THE GOLDING LAW OFFICES, PC
          500 N. Dearborn Street, 2nd Floor
          Chicago, IL 60654
          Telephone: (312)832-7892
          Facsimile: (312)755-5720
          E-mail: jgolding@goldinglaw.net

MLMT 2005-MKB2 Millennium Centre Retail LLC is represented by:

          Leslie Allen Bayles, Esq.
          Donald Cole, Esq.
          BRYAN CAVE LLP
          161 North Clark Street, Suite 4300
          Chicago, IL 60601
          Telephone: (312)602-5000
          Facsimile: (312)698-7489
          E-mail: leslie.bayles@bryancave.com
                  donald.cole@bryancave.com

                   About MCK Millennium Centre

MCK Millennium Centre Realty, LLC, filed for Chapter 11 protection
(Bankr. N.D. Ill. Case No. 16-06369) on Feb. 25, 2016, and
disclosed $16.2 million in assets and $9.50 million in liabilities
as of the Petition Date.  The Debtor is represented by Jonathan D.
Golding, Esq., and Richard N. Golding, Esq., at The Golding Law
Offices, P.C.  The Debtor hired Kraft Law Office as its special
real estate counsel.  Lender MLMT 2005 MKB2 Millennium Centre
Retail LLC is represented by Leslie A. Bayles, Esq., and Donald A.
Cole, Esq., at Bryan Cave LLP.


MIDSTATES PETROLEUM: Committee Taps Hameline as Special Counsel
---------------------------------------------------------------
The official committee of unsecured creditors of Midstates
Petroleum Company Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to hire Hameline &
Eccleston, LLP.

The committee proposes to hire the firm as its special counsel
to help expedite its review of the Debtors' oil and gas
properties and determine if the Debtors' claim that 98.8% of their
assets is encumbered is accurate.

The services to be provided by Hameline & Eccleston include:

     (a) reviewing and evaluating the Debtors' leases, properties,

         title opinions and other records prepared by or on behalf

         of the Debtors;

     (b) reviewing master lease schedules and mortgage schedules
         provided by the Debtors;

     (d) reviewing records provided by the Debtors to confirm the
         existence of pre-bankruptcy liens and other encumbrances
         on their oil and gas properties;

     (e) performing searches in various jurisdictions in which the

         Debtors purportedly own or owned oil and gas properties;
         and


     (f) providing such other general land management, consulting
         or assistance as the committee or its counsel may deem
         necessary or otherwise consistent with the role of a land

         due diligence contractor.

The current billing rate for Hameline associates who will perform
most of the work is $225 per hour while the billing rate for
partners is $325 per hour.

Zach Eccleston, Esq., a partner at Hameline, disclosed in a court
filing that the firm has no connection with the Debtors and does
not hold or represent any interest adverse to the committee.

In response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Guidelines, Hameline disclosed
that it has not agreed to any variations from, or alternatives to,
its standard or customary billing arrangements for its employment
with the committee.

Hameline also disclosed that the budget and staffing plan has not
yet been approved by the committee since it is still being
formulated, and that the firm will provide a copy to the committee
and seek its approval in the near future.

The firm can be reached through:

     Zach Eccleston
     Hameline & Eccleston, LLP
     2814 Main Street, Suite 200
     Dallas, Texas 75226
     (214) 953-1616

                   About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma. The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates Petroleum Company, Inc. and Midstates Petroleum Company
LLC filed separate Chapter 11 petitions (Bankr. S.D. Tex. Case Nos.
16-32237 and 16-32238) on April 30, 2016.  The petitions were
signed by Nelson M. Haight, executive vice president and chief
financial officer Judge David R Jones presides over the case. As of
Dec. 31, 2015, the Company listed assets of $679 million and total
debts of $2 billion.

The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as lead bankruptcy counsel, Jackson Walker LLP as
their local and conflicts bankruptcy counsel, and Evercore Group
L.L.C. as investment banker.  Kurtzman Carson Consultants LLC
serves as claims and noticing agent.

The Office of the U.S. Trustee, on May 12, 2016, appointed three
creditors to serve on the official committee of unsecured
creditors.  The Committee taps Squire Patton Boggs (US) LLP as
counsel, Berkeley Research Group LLC as financial advisor, and
Conway Mackenzie, Inc. as special E&P advisor.


MIDSTATES PETROLEUM: Taps Deloitte as Tax Services Provider
-----------------------------------------------------------
Midstates Petroleum Company Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire
Deloitte Tax LLP.

The Debtor tapped the firm to provide these tax-related services
pursuant to the terms contained in the engagement letters dated
April 25, 2016:

     Tax Compliance Engagement Letter:

        (a) prepare the 2015 federal and state returns;

        (b) assist the Debtors in calculating extension payments
            and preparing extension requests for the 2015 federal,

            state and local returns; and

        (c) assist the Debtors in calculating 2016 quarterly
            estimated federal and state tax payments.

     Tax Consulting Engagement Letter:

        (a) advise the Debtors as they consult with their counsel

            and financial advisors on the cash tax effects of
            restructuring and bankruptcy and the post-
            restructuring tax profile;

        (b) advise the Debtors regarding the restructuring and
            bankruptcy emergence process from a tax perspective;

        (c) advise the Debtors on the cancellation of debt income
            for tax purposes under Internal Revenue Code;

        (d) advise the Debtors on post-bankruptcy tax attributes
           (tax basis in assets, tax basis in subsidiary stock and

            net operating loss carryovers) available under the
            applicable tax regulations and the reduction of such
            attributes based on the Debtors' operating
            projections;

        (e) advise the Debtors on potential effect of the
            alternative minimum tax in various post-emergence
            scenarios;

        (f) advise the Debtors on the effects of tax rules under
            IRC sections 382(l)(5) and (l)(6) pertaining to the
            post-bankruptcy net operating loss carryovers and
            limitations on their utilization and the Debtors'
            ability to qualify for IRC section 382(l)(5);

        (g) advise the Debtors on net built-in gain or net built-
            in loss position at the time of "ownership change;"

        (h) advise the Debtors as to the treatment of post-
            petition interest for income tax purposes;

        (i) advise the Debtors on state income tax treatment and
            planning for restructuring or bankruptcy provisions in

            various jurisdictions;

        (j) advise the Debtors in their evaluation and modeling of

            the effects of liquidating, disposing of assets,       
    
            merging, or converting entities as part of the
            restructuring;

        (k) advise the Debtors on state income tax treatment and
            planning for restructuring or bankruptcy provisions in

            various jurisdictions;

        (l) advise the Debtors on responding to tax notices and
            audits from various taxing authorities;

        (m) assist the Debtors in identifying potential tax
            refunds and advise them on procedures for tax refunds
            from tax authorities;

        (n) advise the Debtors on income tax return reporting of
            bankruptcy issues and related matters;

        (o) advise the Debtors in their review and analysis of the

            tax treatment of items adjusted for financial
            reporting purposes as a result of "fresh start"
            accounting as required for the emergence date of the
            U.S. financial statements in an effort to identify the

            appropriate tax treatment of adjustments to equity;

        (p) assist in documenting as appropriate, the tax
            analysis, development of the Debtors' opinions,
            recommendations, observations, and correspondence for
            any proposed restructuring alternative tax issue or
            other tax matter;

        (q) advise the Debtors regarding other state or federal
            income tax questions that may arise in the course of   
         
            this engagement, as requested by the Debtors, and as
            may be agreed to by Deloitte Tax; and

        (r) advise the Debtors in their efforts to calculate tax
            basis in the stock in each of their subsidiaries or
            other entity interests.

Deloitte Tax has agreed to charge the Debtors these hourly rates:

                                           National Tax &
     Personnel                             Tax Restructuring
     Classification      Non-specialists   Specialists
     --------------      ---------------   -----------------
     Partner/Principal/       $740              $810
      Managing Director     
     Senior Manager           $655              $690
     Manager                  $565              $595
     Senior                   $470              $470
     Staff                    $370              $370

Samuel Hix, a partner at Deloitte Tax, 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:

     Samuel Hix
     Deloitte Tax LLP
     1111 Bagby Street, Suite 4500
     Houston, Texas

                   About Midstates Petroleum Company

Midstates Petroleum Company, Inc. --
http://www.midstatespetroleum.com/-- is an independent exploration
and production company focused on the application of modern
drilling and completion techniques in oil and liquids-rich basins
in the onshore U.S. Midstates' drilling and completion efforts are
currently focused in the Mississippian Lime oil play in Oklahoma
and Anadarko Basin in Texas and Oklahoma. The Company's operations
also include the upper Gulf Coast tertiary trend in central
Louisiana.

Midstates Petroleum Company, Inc. and Midstates Petroleum Company
LLC filed separate Chapter 11 petitions (Bankr. S.D. Tex. Case Nos.
16-32237 and 16-32238) on April 30, 2016.  The petitions were
signed by Nelson M. Haight, executive vice president and chief
financial officer Judge David R Jones presides over the case. As of
Dec. 31, 2015, the Company listed assets of $679 million and total
debts of $2 billion.

The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as lead bankruptcy counsel, Jackson Walker LLP as
their local and conflicts bankruptcy counsel, and Evercore Group
L.L.C. as investment banker.  Kurtzman Carson Consultants LLC
serves as claims and noticing agent.

The Office of the U.S. Trustee, on May 12, 2016, appointed three
creditors to serve on the official committee of unsecured
creditors.  The Committee taps Squire Patton Boggs (US) LLP as
counsel, Berkeley Research Group LLC as financial advisor, and
Conway Mackenzie, Inc. as special E&P advisor.


MORGAN STANLEY: Fitch Affirms 'BB+' Preferred Stock Rating
----------------------------------------------------------
Fitch Ratings has affirmed Morgan Stanley's (MS) Long-Term and
Short-Term Issuer Default Ratings (IDRs) at 'A/F1', and its
Viability Rating (VR) at 'a'. The Rating Outlook is Stable.

The rating affirmations have been taken in conjunction with Fitch's
periodic review of the of the Global Trading and Universal Banks
(GTUBs).

KEY RATING DRIVERS

IDRs, Viability Rating AND SENIOR DEBT

Fitch's affirmation of MS's ratings and maintenance of a Stable
Outlook reflect its strong global franchise, higher capital ratios,
significantly improved funding and liquidity positions, and
continued execution of its wealth management strategy, offset by
exposure to market-sensitive businesses, reliance on wholesale
funding and recent earnings pressure.

Fitch views favorably MS's more balanced business model across
wealth management, investment management and capital markets
activities. In 2015, MS derived nearly 50% of its net revenue from
a combination of wealth management and investment management, and
the other half from a combination of investment banking, equity
sales and trading, and fixed income, currency, and commodities
(FICC).

Fitch believes this business diversification will continue to help
drive a more stable and sustainable source of net revenues and
earnings for the company and eventually help overall returns on
equity (ROE) to sustainably meet long-term targets. We consider the
solid execution of the growth of MS's wealth management franchise
to be supportive of the company's ratings. MS is increasing its use
of technology in order to drive efficiencies and enhance
customer-wallet share and increasing its focus on lending out of
this segment.

These efforts allowed the company to achieve a wealth management
pre-tax margin of 21% in first-quarter 2016 (1Q16), in line with
its stated targets. To the extent that the company is successful in
harnessing technology to drive its business and in building out its
lending portfolio, Fitch believes there is further upside to the
wealth management pre-tax margin over a medium-term time horizon.

Additionally, Fitch notes that as MS continues to migrate the
wealth management business away from more transactional sources of
revenue and towards more recurring fee-based revenue, this should
help the durability of the segment's overall revenue profile.

While the wealth management business has been growing, MS's capital
markets activities still comprise a significant portion of the
company's earnings. Recent performance within MS's Institutional
Securities Group (ISG) has been more challenging. MS's advisory and
equities franchises remain strong, although they have not been
immune from the challenging market conditions over the last several
months, including a dearth of initial public offerings (IPOs).

Even more challenging, however, has been the performance of the
company's FICC business which has weighed down the company's
overall performance.

Fitch views the de-risking of MS's FICC business over the last few
years as a positive from a creditor's perspective in that it
reduces both volatility of results and the potential for unexpected
losses. However, it also makes generating acceptable returns from
these businesses more challenging.

In the past year, MS has changed the leadership of the FICC
business and also significantly reduced costs and headcount in this
segment. Similar to some of its other businesses, MS is focused on
utilizing technology in this business to drive higher volumes of
low-risk transactions. To the extent that management is successful
in these efforts, it will drive more efficient balance sheet
utilization, as well as create a leaner operating model that could
potentially lead the business closer to its 10% return on equity
target.

Fitch said, “While this potential earnings improvement would be
viewed positively, we note that the execution of this strategy will
likely occur over a medium- to longer-term time horizon and that
performance is likely to remain challenging at least over the
balance of the year.”

With the sale of MS's physical oil business in 4Q15 as well as the
continued reduction of risk-weighted assets (RWA) in the FICC
business, MS's fully phased-in Basel III Common Equity Tier 1
(CET1) ratio improved to 14.6% as of 1Q16, well above peer-group
averages.

Fitch notes that this improvement in the company's capital ratios
helps limit potential downsides to ratings from unexpected events
or losses, although higher capital ratios are partially offset by
the company's more wholesale-funded business model relative to some
peer institutions.

That said, Fitch does acknowledge that MS has grown deposits,
substantially reduced its reliance on short-term unsecured funding,
and increased its weighted average maturity of wholesale
obligations.

SUBSIDIARIES AND AFFILIATED COMPANIES

The Long-Term IDR of Morgan Stanley Bank, N.A. (MSBNA) benefits
from an institutional Support Rating of '1', which indicates
Fitch's view of the propensity of the parent to provide capital
support to the operating subsidiaries is extremely high.

As such, MSBNA's Long-Term IDR would typically be equalized with
that of the parent company due to the institutional Support Rating
noted above; however, MSBNA's ratings also receive an additional
one-notch uplift above MS's Long-Term IDR to reflect Fitch's belief
that the U.S. single point of entry (SPOE) resolution regime, the
likely implementation of total loss absorbing capacity (TLAC)
requirements for U.S. global systemically important banks (G-SIBs),
and the presence of substantial holding company debt reduce the
default risk of these domestic operating subsidiaries' senior
liabilities relative to holding company senior debt.

Additionally, MSBNA's 'F1' Short-Term IDR is at the lower of two
potential Short-Term IDRs which map to an 'A' Long-Term IDR on
Fitch's rating scale, in order to reflect the company's greater
reliance on wholesale funding than more retail-focused banks. MS
and its non-bank operating companies Short-Term IDRs of 'F1'
reflect Fitch's view that there is less surplus liquidity at these
entities than at the bank, particularly given their greater
reliance on the holding company for liquidity.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor for MS reflect Fitch's
view that senior creditors cannot rely on receiving extraordinary
support from the sovereign in the event that MS becomes non-viable.
In Fitch's view, implementation of the Dodd Frank Orderly
Liquidation Authority legislation has now sufficiently progressed
to provide a framework for resolving banks that is likely to
require holding company senior creditors to participate in losses,
if necessary, instead of or ahead of the company receiving
sovereign support.

As previously noted, MSBNA has a Support Rating of '1', which
reflects Fitch's view of an extremely high probability of
institutional support for the entity. MSBNA does not have a VR at
this time, given Fitch's view of its more limited role within the
group structure.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid capital issued by MS are all
notched down from the VR in accordance with Fitch's assessment of
each instrument's respective non-performance and relative loss
severity risk profiles, which vary considerably. Subordinated debt
issued by the operating companies is rated at the same level as
subordinated debt issued by MS reflecting the potential for
subordinated creditors in the operating companies to be exposed to
loss ahead of senior creditors in MS. MS's subordinated debt is
rated one notch below MS's VR, its preferred stock is rated five
notches below (which encompasses two notches for non-performance
and three notches for loss severity), and its trust preferred stock
is rated four notches below (encompassing two notches for
non-performance and two notches for loss severity).

DEPOSIT RATINGS

U.S. deposit ratings of MSBNA are one-notch higher than senior debt
ratings of MSBNA reflecting the deposits' superior recovery
prospects in case of default given depositor preference in the U.S.


RATING SENSITIVITIES

IDRs, VR AND SENIOR DEBT

Fitch considers MS's VR to be solidly situated at current levels.
There could be modest longer-term upside to ratings, although this
would likely be limited to the 'A' rating category. Should MS be
able to further improve the level and stability of its earnings
such that returns on equity (ROEs) are sustainably in excess of
10%-12%, while further reducing its reliance on wholesale funding
and maintaining strong capital ratios, this could lead to some
modest upside to the ratings.

Potential downside risks to ratings include an inability to comply
with the ever-increasing and evolving regulatory requirements as
well as any large and/or unforeseen losses from either litigation
or a risk management failure, particularly if permanent franchise
damage is incurred as a result.

In addition, and while not expected, to the extent that the
company's operating performance as measured by ROE remains
challenged and consistently below peers, its historical averages,
and Fitch's estimate of the company's cost of equity noted above,
this could ultimately lead to negative ratings pressure over a
longer-term time horizon.

Fitch notes that MS's Long-Term IDR and senior debt are equalized
with the VR at the holding company. Thus MS's IDR and senior debt
ratings would be sensitive to any changes in MS's VR.

SUBSIDIARIES AND AFFILIATED COMPANIES

As noted, MSBNA carries an institutional support rating of '1', as
Fitch believes support from the parent would be extremely highly
likely. Thus MSBNA's rating would be sensitive to any change in
Fitch's view of institutional support as well as any change to the
VR of the parent company.

Additionally, MSBNA's IDR is rated one-notch higher than the parent
holding company's IDR because the bank subsidiary benefits from the
structural subordination of holding company TLAC, which effectively
supports senior operating liabilities of the bank subsidiary. Any
change in Fitch's view on the structural subordination of TLAC with
respect to MSBNA could also result in a change in MSBNA's IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

SRs and SRFs would be sensitive to any change in Fitch's view of
support. However, since these two were downgraded to '5' and 'No
Floor', respectively, in May 2015, there is unlikely to be any
change to Support Ratings in the foreseeable future.
MSBNA's Institutional SR of '1' is sensitive to any change in
Fitch's views of potential institutional support for this entity
from the parent company.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated debt and other hybrid ratings are primarily sensitive
to any change in MS's VR.

DEPOSIT RATINGS

MSBNA's deposit ratings are sensitive to any change in the entity's
IDR, which is sensitive to any change in the VR of the parent
company given the institutional SR of '1'. Thus, deposit ratings
are ultimately sensitive to any change in MS's VR or Fitch's view
of institutional support for that entity.

Fitch affirms the following:

Morgan Stanley
-- Long-Term IDR at 'A'; Outlook Stable;
-- Long-Term senior debt at 'A';
-- Short-Term IDR at 'F1';
-- Short-Term debt at 'F1';
-- Commercial paper at 'F1';
-- Market linked securities at 'Aemr';
-- VR at 'a';
-- Subordinated debt at 'A-';
-- Preferred stock at 'BB+';
-- Support at '5';
-- Support floor at 'NF'.

Morgan Stanley Bank N.A.
-- Long-Term IDR at 'A+'; Outlook Stable;
-- Long-Term Deposits at 'AA-';
-- Short-Term IDR at 'F1';
-- Short-Term Deposits at 'F1+';
-- Support at '1'.

Morgan Stanley Canada Ltd
-- Short-Term IDR at 'F1';
-- Short-Term debt at 'F1';
-- Commercial paper at 'F1'.

Morgan Stanley International Finance SA
-- Short-Term debt at 'F1'.

Morgan Stanley Secured Financing LLC
-- Long-Term senior debt at 'A';
-- Short-Term debt at 'F1'.

Morgan Stanley Capital Trust III, IV, V, VIII
-- Preferred stock at 'BBB-'.


NET ELEMENT: Opts to Exchange $200,000 for Common Shares
--------------------------------------------------------
Net Element, Inc., opted to exchange on July 8, 2016, a tranche in
the aggregate amount of $200,000 for 125,220 shares of the Company
common stock based on the "exchange price" of $1.5972 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.


NEW ENTERPRISE: Closes $450 Million Term Loan Facility
------------------------------------------------------
New Enterprise Stone & Lime Co., Inc., has entered into a new $450
million secured term loan facility with a group of private lenders.
The New Term Loan will be used to repay in full its existing 13%
Secured Notes and $70 million term loan.  In connection with the
incurrence of the New Term Loan and the repayment of related
existing debt, the Company has entered into an amendment and
restatement of the terms of its existing $105 million asset-based
revolving credit facility.

The New Term Loan has a stated maturity of 5 years, providing
stability to the Company's capital structure.  The New Term Loan is
priced at LIBOR plus 8.0% (with a 1.0% LIBOR floor).  This pricing
will result in a significant reduction in annual interest expense.

Additionally, the ABL Amendment decreases the interest rate margin
on the revolving loans under the ABL Facility by 1.25%.  The ABL
Amendment also removes certain restrictive financial covenants,
including a $20 million availability block, and reduces certain
operational and financial reporting requirements.  While the total
ABL Facility remains at $105 million, the ABL Amendment allows for
the issuance of an additional $15 million of letters of credit.

Furthermore, both the New Term Loan and the ABL Amendment provide
increased flexibility in refinancing the Company's remaining debt.

The Company's President and Chief Executive Officer, Paul Detwiler
III, commented on the New Term Loan and ABL Amendment, saying, "We
believe our ability to complete this financing in a difficult
capital markets environment demonstrates investors' recognition of
the steady improvement in our financial performance and
expectations for continued progress.  The refinancing is an
important step in enhancing our capital structure by extending
maturity and lowering cost."

                       About New Enterprise

New Enterprise Stone & Lime, Co., Inc., is a privately held,
vertically integrated construction materials supplier and
heavy/highway construction contractor in Pennsylvania and western
New York and a national traffic safety services and equipment
provider.

New Enterprise reported a net loss of $21.1 million for the year
ended Feb. 29, 2016, following a net loss of $62.5 million for the
year ended Feb. 28, 2015.  As of Feb. 29, 2016, New Enterprise had
$662 million in total assets, $847 million in total liabilities and
a $185 million total deficit.


NGL ENERGY: Moody's Affirms Ba3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service  affirmed NGL Energy Partners LP's
(NGLEP) Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of
Default Rating (PDR), B2 senior unsecured notes rating and the
SGL-3 Speculative Grade Liquidity Rating. The rating outlook
remains negative.

"While the recent asset sales, distribution reduction and preferred
equity issuance will ease NGLEP's reliance on external funding,
leverage remains stubbornly high," said Sajjad Alam, Moody's
AVP-Analyst. "Volume growth will be difficult to achieve in most of
NGLEP's core businesses and the partnership could struggle to meet
its planned fiscal 2017 EBITDA targets as US E&P companies continue
to hold back drilling and production activities in a low and
volatile oil and natural gas price environment."

Issuer: NGL Energy Partners, LP

Ratings Affirmed:

Corporate Family Rating, Affirmed Ba3

Probability of Default Rating, Affirmed Ba3-PD

Senior Unsecured Notes, Affirmed B2 (LGD5)

Speculative Grade Liquidity Rating, Affirmed SGL-3

Outlook Action:

Maintain Negative Outlook

RATING RATIONALE

The Ba3 CFR reflects NGLEP's high financial leverage, significant
ongoing capital spending, exposure to weather, volume, price and
basis risks, and highly acquisitive nature. The rating also
reflects the generally low barriers to entry for most of its
service-oriented businesses and the challenged energy industry
landscape that will likely restrain volume and margin growth
through 2017. The Ba3 CFR is supported by NGLEP's increasing scale,
diversified and somewhat vertically integrated operations across
several key US oil and gas basins that reduce cash flow volatility;
a high proportion of fee-based cash flows from its water solutions,
terminals/storage, and logistics businesses; and a seasoned
management team with significant equity ownership. The company
continues to improve its business risk profile by focusing on
increasing the proportion of fee based revenues under medium and
long term contracts.

NGLEP's should have adequate liquidity through 2016, which is
captured in the SGL-3 rating. Moody's estimates that the
partnership will generate limited negative free cash flow in fiscal
2017 (ending March 31) based on its reduced distributions and
growth capex. The partnership has a $1 billion revolving working
capital facility and a $1.45 billion revolving acquisition
facility, both of which were substantially drawn as of March 31,
2016 (leaving ~$590 million combined availability). Subsequent to
the quarter end, NGLEP raised $112 million by selling the units of
Transmontaigne Partners LP and raised another $240 million from a
preferred equity offering, which were used to reduce revolver
borrowings. The two revolvers mature in November 2018 and have two
financial covenants - a maximum leverage ratio of 4.75x and a
minimum interest coverage ratio of 2.75x. The working capital
facility debt is excluded from the leverage covenant calculations.
Moody's expects compliance with these covenants to continue through
2017. The partnership's alternate liquidity is limited given
substantially all of its assets are encumbered.

The negative outlook reflects NGLEP's high financial leverage and
weak industry fundamentals. The CFR could be downgraded if the
debt/EBITDA ratio does not continue to decline and approach 5x in
2017. An upgrade could be considered if NGLEP can reduce leverage
below 4x while maintaining a distribution coverage ratio of at
least 1.2x. A higher proportion of fee-based cash flows generated
under long term contracts would also be required for an upgrade.

The unsecured notes are rated B2, two notches below the Ba3 CFR
because of the large proportion of secured debt in NGLEP's capital
structure. NGLEP has roughly $2.45 billion of secured credit
facilities plus $250 million of secured notes that have an
all-asset pledge and a priority claim over unsecured lenders.

NGL Energy Partners, LP is a diversified midstream Master Limited
Partnership headquartered in Tulsa, Oklahoma.


NORTEK INC: Moody's Places B2 CFR Under Review for Upgrade
----------------------------------------------------------
Moody's Investors Service placed Nortek, Inc.'s ratings under
review for upgrade, including its B2 Corporate Family Rating, B2-PD
Probability of Default Rating, the Ba3 rating assigned to its
senior secured term loan due 2020, and the B3 rating assigned to
its senior unsecured notes due 2021. The review follows the
company's recent announcement that it is expected to be acquired by
Melrose Industries PLC (unrated) for $86.00 per share in cash - an
estimated total enterprise value of approximately $2.8 billion. The
SGL-2 Speculative Grade Liquidity Rating remains unchanged at this
time.

On Review for Upgrade:

Issuer: Nortek, Inc.

-- Probability of Default Rating, Placed on Review for Upgrade,
    currently B2-PD

-- Corporate Family Rating, Placed on Review for Upgrade,
    currently B2

-- Senior Secured Bank Credit Facilities, Placed on Review for
    Upgrade, currently Ba3 (LGD3)

-- Senior Unsecured Regular Bond/Debenture, Placed on Review for
    Upgrade, currently B3 (LGD5)

Outlook Actions:

-- Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

The review will consider Nortek's debt capital structure and
remaining protective features for each debt instrument at the close
of the transaction. Moody's analysis considers the possibility of a
multiple notch upgrade on Nortek's rated debt instruments, since
Melrose Industries is a better capitalized company. However, a more
likely scenario is that Melrose Industries will pay off all of
Nortek's rated debt, at which time all Nortek's existing ratings
will be withdrawn.

Nortek, Inc., headquartered in Providence, Rhode Island, is a
diversified manufacturer of branded, residential and commercial
building products. Nortek derives approximately 84% of its sales
from the US. Ares Management LLC, Anchorage Advisor Management LLC
and Gates Capital Management, Inc., through their respective
affiliates, own approximately 68.7% of Nortek's outstanding shares.
Revenues for the 12 months through April 2, 2016 totaled about $2.6
billion.


OFFICE EXPRESS SUPPLY: Taps Jorge Sanchez as Legal Counsel
----------------------------------------------------------
Office Express Supply seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire a legal counsel.

The Debtor proposes to hire Jorge Rafael Collazo Sanchez, Esq., to
provide these services in connection with its Chapter 11 case:

     (a) advise the Debtor with respect to its duties and powers;

     (b) advise the Debtor regarding whether a reorganization is
         feasible and, if not, help Debtor in the orderly
        liquidation of its assets;

     (c) assist the Debtor in negotiating with creditors for the
         the orderly liquidation of its assets or formulation of a

         plan of reorganization;

     (d) prepare legal papers and appear before the bankruptcy
         court or any court;

     (f) perform other necessary legal services, including
         notarial services;

Mr. Sanchez will be paid $225 per hour for his services, plus
reimbursement of work-related expenses.

In a court filing, Mr. Sanchez disclosed that he is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

Mr. Sanchez's contact information is:

     Jorge Rafael Collazo Sanchez
     P.O. Box 1494
     Coamo, PR 00769
     Phone: (787) 825-7161
     Fax: (787) 825-7122
     Email: coa@prtc.net

                     About Office Express Supply

Office Express Supply sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. P.R. Case No. 16-05304) on July 1, 2016.


PA LLC: Public Auction of Special Assets Set for August 2
---------------------------------------------------------
LV Administrative Services Inc., as agent for certain lenders will
sell these special assets of PA LLC to one or more pre-qualified
bidder:

     a) 8,948,931 Class A ordinary shares of stock of Parabel
(Cayman) ltd., an exempted company incorporated in the Cayman
Islands; and

     b) payment preference rights granted to Debtor by Dhabi Cayman
One Ltd., a company incorporated in the Cayman Islands consisting
of the right to receive the preferred amount.

A public auction will be held on Aug. 2, 2016, at 10:00 a.m.
(Eastern Standard Time) via telephone conference call.

The agent reserves the right to credit bid for the special assets.
The amount due under the relevant loan documents, together with
interest, is $138,411,515 as of May 31, 2016, excluding legal fees,
cost and expenses.

Interested parties are required to deliver to the agent's counsel,
not less than 72 hours before the commencement of the auction:

     1) a letter of representation from the U.S. Attorney;

     2) a standby letter of credit for not less than $1,000,000 or
a wire transfer of $1,000,000 in immediately available funds to
Cole Schotz P.C. attorney trust account; and

     3) an executed non-disclosure agreement between the
pre-qualified bidder and the agent, in a form required by the
Agent.


PARAGON OFFSHORE: Court Extends Lease Decision Period to Aug. 12
----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware on June 29, 2016 extended the time for
Paragon Offshore Plc, et al., to assume, assign or reject
non-residential property leases through and including August 12,
2016.

As previously reported in the Troubled Company Reporter, the
Debtors sought a 60-day extension of the time to assume or reject
unexpired leases of nonresidential real property from June 13,
2016.

According to the Debtors, the Unexpired Leases are necessary for
the maintenance of their operations, storage of their valuable
assets, and management of their business at key locations outside
the United States.  Additionally, the Debtors aver that they have
sufficient liquidity to remain current on their postpetition
obligations under the Unexpired Leases.

Moreover, the Debtors tell the Court that no party in interest will
be prejudiced by the requested extension of the
Assumption/Rejection Deadline considering that the Debtors are
making timely payments for the use of the premises associated with
the Unexpired Leases, and are continuing to perform their other
obligations under the Unexpired Leases in a timely fashion.

Likewise, under the Debtors' Plan, all executory contracts and
unexpired leases to which any of the Debtors are parties will be
assumed on the "Effective Date," so that, if confirmation will be
delayed, an extension of the Assumption/Rejection Deadline will
provide the Debtors with the flexibility necessary to accommodate
any delay without the need for an emergency extension of the time
to assume or reject unexpired leases of nonresidential real
property.

                      About Paragon Offshore

Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a    
global provider of offshore drilling rigs.  Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semisubmersibles). Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas.  Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the
over-the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.

Paragon Offshore Plc, et al., filed separate Chapter 11 bankruptcy
petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb.
14, 2016, after reaching a deal with lenders on a reorganization
plan that would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the
cases.



PDC ENERGY: S&P Affirms 'B+' CCR, Outlook Remains Stable
--------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit rating on oil
and gas exploration and production company PDC Energy Inc.  The
rating outlook remains stable.

At the same time, S&P affirmed its 'BB-'issue-level rating on the
company's senior unsecured notes, with a recovery rating of '2',
indicating S&P's expectation of substantial (70% to 90%, lower half
of the range) recovery to creditors in the event of a payment
default.

"We have revised our liquidity assessment on PDC Energy to strong
from adequate, reflecting our updated projections for the company's
cash flows, equity issuance, and the subsequent repurchase of its
convertible notes due in May 2016," said Standard & Poor's credit
analyst David Lagasse.

S&P's updated cash flows incorporate expected 2016 capital
expenditures and production guidance.  The ratings continue to
reflect S&P's assessment of the company's business risk as
vulnerable and its financial risk as significant.

The vulnerable business risk profile reflects S&P's assessment of
the company's limited scale of operations, lack of geographic
diversity, and high percentage of proved undeveloped reserves
(PUDs; about 74%).  The assessment also incorporates S&P's
expectation for continued liquids-focused reserve and production
growth.

The stable outlook on PDC Energy Inc. reflects S&P's expectation
that the company will maintain solid financial measures including
FFO/debt above 20% and at least adequate liquidity over the next
two years despite the decline in commodity prices.

S&P could lower the rating if it expected PDC's FFO/debt to fall
below 20% for a sustained period and if liquidity weakened
considerably, which would most likely occur if the company's
operational performance declines.

S&P could raise the rating if PDC broadened its geographic
diversity and increased its proved developed reserves to levels
more consistent with 'BB' rated peers, while maintaining FFO/debt
above 20%.


PEDFA: S&P Lowers Rating on 2013A Parking Rev. Bonds to BB+
-----------------------------------------------------------
S&P Global Ratings lowered its rating on the Pennsylvania Economic
Development Financing Authority's (PEDFA) series 2013A senior
parking revenue bonds to 'BB+' from 'BBB'.  The outlook is
negative.

"The downgrade reflects the parking system's inability to meet its
rate covenant based on actual results for the past two consecutive
years (2014 and 2015)," said S&P Global Ratings credit analyst
Joseph Pezzimenti.  "It also reflects the parking system likely
having difficulty meeting the rate covenant this year; and the
potential for limited revenue growth from parking rate increases,"
he added.

No draws have been made on the debt service reserves to date. There
is also some uncertainty regarding whether or not the city will
accept lower payments from the parking system, which was able to
pay the city $1.165 million of the city's $2.5 million annual
payment for fiscal 2015.  If the city cannot accept lower payments,
it will likely force the parking system to raise parking rates
higher than presently planned.  PEDFA has appointed a consulting
firm to prepare an updated 10-year capital plan for the parking
system along with an updated financial forecast, which S&P expects
to be completed in the near term.  S&P expects the report will
provide clarity regarding the reasonableness of future parking rate
increases and if the parking system can afford the city payments.

The rating on the 2013A bonds reflects S&P's view of a highly
leveraged parking system that is diverse but small, with a reliance
on frequent rate increases to address escalating debt service
requirements in a service area with below-average wealth levels.

Credit weaknesses, in S&P's opinion, include:

   -- An inability to meet the rate covenant, which S&P believes
      could occur for a third consecutive year;

   -- A highly leveraged system following PEDFA's acquisition of
      the parking system from the Harrisburg Parking Authority
      (HPA), requiring the parking system to rely on frequent
      parking rate increases to generate sufficient revenues to
      cover expenses, escalating debt service requirements,
      ongoing capital requirements, and other obligations;

   -- Revenues and demand that could be lower than forecast due to

      demand S&P believes is price sensitive as a result of the
      system being located in a service area with below-average
      wealth levels;

   -- Roughly 45% of parking system revenues coming from a
      contract with the commonwealth that will provide a revenue
      stream that is predictable but that has limited rate-setting

      flexibility; and

   -- Excess cash from the system flowing out to repay promissory
      notes in connection with the acquisition.

Offsetting credit strengths, in S&P's view, are:

   -- A market position we consider good, accounting for about 61%

      of the public parking inventory in the city's central
      business district (CBD) with a parking system that consists
      of 1,348 metered and 7,694 off-street spaces from nine
      garages and three surface lots;

   -- No additional debt needs due to capital needs being paid on
      a pay-as-you-go basis from operations and money available in

      a capital reserve fund;

   -- A service area that has exhibited generally stable
      population levels and employment trends due to a
      concentration of jobs in the government (with Harrisburg as
      the state capital), health care, and education sectors;

   -- A 30-year parking vehicles lease agreement between a strong
      counterparty in the commonwealth (via the DGS) and PEDFA,
      whereby Pennsylvania will pay the authority to use 5,071
      off-street parking spaces (66% of off-street system spaces),

      provides a predictable revenue stream that is not sensitive
      to demand; and

   -- A private parking operator, which has extensive experience
      operating other city parking systems in the state and
      country.

The negative outlook reflects the likelihood that S&P could lower
the rating if it believes PEDFA is unable to adjust rates and
operations to consistently meet the rate covenant.

S&P could revise the outlook to stable and affirm the rating in the
next two years if S&P believes the parking system will be able to
meet the rate covenant on a consistent basis.

If the parking system fails to meet the rate covenant based on
actual fiscal 2016 results or S&P believes the parking system has
little to no rate-setting flexibility to consistently meet the rate
covenant, S&P could lower the rating by one or more notches.


PERRY PUBLIC SCHOOLS: Moody's Affirms Ba1 Rating on GOULT Debt
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on Perry
Public Schools, MI's general obligation unlimited tax (GOULT) debt.
The outlook has been revised to stable from negative. The district
has $270,000 in rated GOULT debt outstanding. The Ba1 rating
reflects the district's improving, but deficit, General Fund
balance; continued enrollment declines; modestly-sized,
depreciating tax base; and significant fixed costs associated with
elevated debt and pension liabilities.

Rating Outlook

The stable outlook reflects recent improvements in the district's
financial position that, while expected to remain narrow, reduces
the likelihood of a negative rating change.

Factors that Could Lead to an Upgrade

Sustained trend of positive operations resulting
in elimination of the district's deficit position

Stabilization of enrollment trends

Moderation of fixed costs

Factors that Could Lead to a Downgrade

Continued structural imbalance leading to weakening
of the district's financial position

Increases to the district's debt and/or pension liabilities

Legal Security

Debt service on the district's outstanding GOULT debt is secured by
the district's GO tax pledge with voter authorization to levy
property taxes without limitation as to rate or amount.

Use of Proceeds. Not applicable.

Obligor Profile

Perry Public Schools is located 18 miles northeast of Lansing, and
encompasses approximately 73 square miles in Shiawassee and Ingham
Counties. The district provides K-12 education to approximately
1,300 students in a community of roughly 8,900 residents.



PETROLEUM PRODUCTS: Hires Stibbs as Special Litigation Counsel
--------------------------------------------------------------
Petroleum Product & Services, Inc. d/b/a Wellhead Distributors
International, seeks authority from the U.S. Bankruptcy Court for
the Southern District of Texas to employ Stibbs & Co., P.C. as
special litigation counsel to the Debtor.

Petroleum Product requires Stibbs to represent the Debtor estate's
interest in the Safety First, Wellhead Works and Hydraulics
International Lawsuits, by assisting, advising, investigating and
prosecuting certain claims through trial and appeal, and
collections of any judgments obtained.

Stibbs will be paid at these hourly rates:

     Stuart Lapp                        $395
     Adam Fracht                        $295
     Brandon Hedblom                    $295
     Paralegals/Legal Assistants        $90-$150

Stibbs has been paid during the 12 months prior to the Petition
Date for its representation of Petroleum Product in connection with
the collection cases and other matters. The last payment Stibbs
received from Petroleum Product was on March 2, 2016 in the amount
of $57,900.68. At the time the bankruptcy case was filed, Petroleum
Product owed Stibbs approximately $87,740.43 and that amount arises
from the following matters:

   a. WDI Safety First Litigation      $2,130.60
   b. WDI Wellhead Works Litigation    $2,066.19
   c. WDI Hydraulics International     $4,375.45
   d. WDI Kana Litigation              $77,235.90
   e. WDI General                      $1,932.29

Stibbs will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Stuart Lapp, member of Stibbs & Co., P.C., assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Stibbs can be reached at:

     Stuart Lapp
     STIBBS & CO., P.C.
     819 Crossbridge Drive
     Spring, TX 77373
     Tel: (281) 367-2222
     Fax: (281) 681-2330

                     About Petroleum Products

Petroleum Products & Services, Inc. (dba Wellhead Distributors
Int'l and dba WDi) distributes API-6A wellhead equipment and valves
used in the petroleum and natural gas industries.

The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Tex., Case No. 16-31201) on March 4, 2016. Alejandro Kiss signed
the petition as president. The Debtor estimated assets in the range
of $10 million to $50 million and liabilities of at least $10
million.

The Debtor has engaged Hoover Slovacek, LLP, as counsel and Hirsch
Westheimer, P.C., as special litigation counsel.

The Office of the U.S. Trustee appointed five creditors of
Petroleum Products & Services Inc. to serve on the official
committee of unsecured creditors.  The Committee retained Bennett
G. Fisher & Associates, P.C., d/b/a Fisher & Associates, as
counsel.


PETROLEUM PRODUCTS: Stibbs Retention Bid Opposed
------------------------------------------------
China Petroleum Technology & Development Corporation filed with the
U.S. Bankruptcy Court for the Southern District of Texas its
partial objection to the application by debtor Petroleum Product &
Services, Inc. d/b/a Wellhead Distributors International, to employ
Stibbs & Co., P.C. as special litigation counsel to the Debtor.

The Debtor proposes to retain Stibbs with lead counsel Stuart Lapp
as special litigation counsel, to represent the Debtor in
prosecuting and analyzing certain commercial litigation claims
against third parties. The Application identifies three specific
litigation matters in which the Debtor seeks court authority to
retain Stibbs to represent the Debtor's interest.

China Petroleum alleged that Stibbs currently has a claim against
the Debtor's bankruptcy estate. Putting aside a potential conflict
with Stibbs' current claim against the bankruptcy estate, in
reviewing the three cases listed in the Application, the Debtor is
not involved in all of the cases. Two of the cases list the Debtor
as the only plaintiff and one of the cases lists the Debtor's
Drilling Equipment Services, LLC ("DES") as the only plaintiff.

China Petroleum explained that DES is an entity wholly owned by Mr.
Alex Kiss. Even though the Debtor has loaned/invested/given more
than $6 million on a continuing basis to DES, which has only
recently stopped, per Debtor, the Debtor has taken the firm
position that it has zero interest in DES and there is no timing or
schedule for DES to "pay back" this $6 million plus loan.  The
Debtor's counsel has informed the bankruptcy court that the plan is
for DES to "work off" this loan and DES allegedly continues to do
that today.

It is unclear how the prices or rates charged by DES are
determined, but in the recent 2004 examination of DES, Mr. Alex
Kiss testified that DES retains a profit when "working off" the
loan, according to China Petroleum.

China Petroleum further related that DES recently filed Plaintiff's
Verified Motion to Retain Cause on Docket in the Hydraulics
Litigation. In that filing, Stibbs, as counsel for DES, informed
the 234 th Judicial District Court that DES's "affiliated company"
-- Debtor -- recently filed bankruptcy, which temporarily
redirected the focus on this collection matter, especially
considering the common ownership between the Debtor and DES. That
common ownership is Mr. Kiss only, as DES has refused to provide
any equity interest or stock of any kind to the Debtor in exchange
for Debtor funding DES's operations the last 4.5 years. In fact,
within this state court filing, DES assures the state court that
Debtor, and not DES, filed bankruptcy.

China Petroleum does not understand the basis for the Debtor's
request to employ Stibbs to represent DES's interest in the
Hydraulics Litigation and objects to the same.  The Debtor's
arguments in this Application about the best interests of the
bankruptcy estate seem improper in this context since the Debtor is
not involved in the Hydraulics Litigation.

China Petroleum is represented by:

     H. Miles Cohn, Esq.
     CRAIN CATON & JAMES, P.C.
     1401 McKinney Street, 17th Floor
     Five Houston Center
     Houston, TX 77010-4035
     Tel: (713) 752-8668
     Fax: (713) 658-1921
     E-mail: mcohn@craincaton.com

                     About Petroleum Products

Petroleum Products & Services, Inc. (dba Wellhead Distributors
Int'l and dba WDi) distributes API-6A wellhead equipment and valves
used in the petroleum and natural gas industries.

The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Tex., Case No. 16-31201) on March 4, 2016. Alejandro Kiss signed
the petition as president. The Debtor estimated assets in the range
of $10 million to $50 million and liabilities of at least $10
million.

The Debtor has engaged Hoover Slovacek, LLP, as counsel and Hirsch
Westheimer, P.C., as special litigation counsel.

The Office of the U.S. Trustee appointed five creditors of
Petroleum Products & Services Inc. to serve on the official
committee of unsecured creditors.  The Committee retained Bennett
G. Fisher & Associates, P.C., d/b/a Fisher & Associates, as
counsel.


PETROLEUM PRODUCTS: UST Opposes Bid to Hire Tax Accountant
----------------------------------------------------------
Judy A. Robbins, the U.S. Trustee for the Southern District of
Texas, filed with the U.S. Bankruptcy Court for the Southern
District of Texas its objection to the application by Petroleum
Product & Services, Inc. d/b/a Wellhead Distributors International,
to employ Doeren Mayhew as tax accountants to the Debtor.

The U.S. Trustee alleged that Doeren Mayhew is a creditor of the
Debtor by its own admission; and the firm does not state that it is
willing to waive its claim against the Debtor for the purpose of
being employed as a professional in the bankruptcy case.

The Debtor's application to employ Doeren Mayhew states no basis
for the Court overriding the disinterestedness requirement of the
Bankruptcy Code to find the employment to be in the "best interest
of the estate", the U.S. Trustee argued.  The requirement for
disinterestedness seeks to avoid the appearance of impropriety.
More specifically, the requirement that a disinterested person not
be a pre-petition creditor is intended to prevent a bankruptcy
professional from having a vested interest in the outcome of a
bankruptcy case or the documentation used to achieve this outcome.

The U.S. Trustee is represented by:

     Nancy L. Holley, Esq.
     515 Rusk, Suite 3516
     Houston, Texas 77002
     Tel: (713) 718-4650
     Fax: (713) 718-4680

                     About Petroleum Products

Petroleum Products & Services, Inc. (dba Wellhead Distributors
Int'l and dba WDi) distributes API-6A wellhead equipment and valves
used in the petroleum and natural gas industries.

The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D.
Tex., Case No. 16-31201) on March 4, 2016. Alejandro Kiss signed
the petition as president. The Debtor estimated assets in the range
of $10 million to $50 million and liabilities of at least $10
million.

The Debtor has engaged Hoover Slovacek, LLP, as counsel and Hirsch
Westheimer, P.C., as special litigation counsel.

The Office of the U.S. Trustee appointed five creditors of
Petroleum Products & Services Inc. to serve on the official
committee of unsecured creditors.  The Committee retained Bennett
G. Fisher & Associates, P.C., d/b/a Fisher & Associates, as
counsel.


PIONEER ENERGY: BlackRock Holds 10.1% Stake as of June 30
---------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of June 30, 2016, it
beneficially owns 6,503,346 shares of common stock of Pioneer
Energy Service Corp. representing 10.1 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at https://is.gd/GOo7fb

                     About Pioneer Energy

Pioneer Energy Services Corp. provides land-based drilling services
and production services to a diverse group of independent and large
oil and gas exploration and production companies in the United
States and internationally in Colombia.  The Company also provides
two of its services (coiled tubing and wireline services) offshore
in the Gulf of Mexico.

Pioneer Energy reported a net loss of $155 million in 2015
following a net loss of $38 million in 2014.

As of March 31, 2016, Pioneer Energy had $787 million in total
assets, $471 million in total liabilities and $315 million in total
shareholders' equity.

                            *    *    *

As reported by the TCR on March 7, 2016, Moody's Investors Service,
on March 3, 2016, downgraded Pioneer Energy Services Corp.'s
Corporate Family Rating (CFR) to Caa3 from B2, Probability of
Default Rating (PDR) to Caa3-PD from B2-PD, and senior unsecured
notes to Ca from B3.

"The rating downgrades were driven by the material deterioration in
Pioneer Energy's credit metrics through 2015 and our expectation of
continued deterioration through 2016.  The demand outlook for
drilling and oilfield services is extremely weak, as witnessed by
the steep and continued drop in the US rig count" said Sreedhar
Kona, Moody's Vice President. "The negative outlook reflects the
deteriorating fundamentals of the services sector and the
likelihood of covenant breaches"

Pioneer Energy carries a "B+" corporate credit rating from
Standard & Poor's Ratings.


PLASKOLITE LLC: Moody's Affirms B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has affirmed all ratings for Plaskolite
LLC, including the B2 Corporate Family Rating ("CFR"), following
the company's announcement of plans for a debt-funded dividend to
its shareholders, including private equity sponsor Charlesbank, by
issuing an incremental $70 million first lien senior secured term
loan B and an incremental $15 million second lien senior secured
term loan. The rating outlook is stable.

"We believe that the proposed debt-funded dividend so soon after
the initial rating assignment in October 2015 and amid slowing
global economic growth signals more aggressive financial policies.
However, raw material prices are likely to remain low enabling the
company to reduce leverage at a faster rate than initially
anticipated," said Ben Nelson, Moody's Vice President and lead
analyst for Plaskolite LLC.

Today's actions:

-- Issuer: Plaskolite, LLC

-- Corporate Family Rating, Affirmed B2;

-- Probability of Default Rating, Affirmed B2-PD;

-- Senior Secured First Lien Revolving Credit Facility, Affirmed
    B1 (LGD3);

-- Senior Secured First Lien Term Loan B, Affirmed B1 (LGD3);

-- Senior Secured Second Lien Term Loan, Affirmed Caa1 (LGD6);

-- Outlook, Remains Stable.

RATINGS RATIONALE

The B2 CFR is constrained primarily by high financial leverage,
small size and scale relative to rated peers, exposure to
acetone-based commodity methyl methacrylate ("MMA"), relatively
modest organic growth prospects, and longer-term risk associated
with private equity ownership. The company has solid positions in
many of its niche markets, particularly specialty extruded
acrylics, mirrored products, and polyethylene terephthalate
("PETG"), which supports expected EBITDA margins, towards the lower
end of the spectrum for rated specialty chemical companies. Moody's
expects that the company's modest product and end market diversity,
combined with operational flexibility demonstrated during the last
economic downturn and a meaningful proportion of contracts with
quarterly raw material adjustment mechanisms, will support more
stable financial performance compared to many rated peers in the
chemical industry. Meaningful changes in MMA pricing, which are not
expected in the near-term, and competitive effects from the
company's larger and better-capitalized competitors, such as Evonik
and Arkema, could have a meaningful impact on financial
performance.

Moody's estimates interest coverage in the mid 2 times
(EBITDA/Interest) and financial leverage in the low 6 times
(Debt/EBITDA) on a pro forma basis for the twelve months ended
March 31, 2016 -- roughly the same position as the initial rating
assignment in October 2015 and assuming that the company's recent
performance is sustainable. Moody's expects that the company will
continue to gain market share and benefit from general economic
growth to generate sufficient EBITDA and cash flow to enable the
company to reduce leverage by at least a full turn in the next
12-18 months. While MMA pricing likely will remain favorable as the
industry adds capacity in Asia, and feedstocks for acetone
(propylene and benzene) remain low, Moody's expects the tailwind to
moderate in the near-term and the company to post more modest
growth in EBITDA compared to growth in the past several quarters.
Moody's also expects that the company will also generate retained
cash flow of at least 10% (RCF/Debt) and at least $25 million of
free cash flow in 2017. The rating anticipates that most or all of
the company's free cash flow will be used for expansionary capital
investments and acquisitions. Further increases in debt to fund
shareholder returns prior to the end of 2017 could cause a negative
rating action as the durability of its improved performance has not
been tested. The rating does not incorporate any near-term
expectations for discretionary debt reduction, but it does
incorporate the expectation that profitability will remain at or
above current levels.

The stable outlook reflects Moody's expectation that the company
will continue to improve financial performance and adjusted
financial leverage will trend toward 5 times over the next 12-18
months. Moody's could upgrade the rating with expectations for
adjusted financial leverage sustained below 5 times, retained cash
flow to debt sustained above 8%, available liquidity sustained
above $60 million, and a commitment to less aggressive financial
policies. Moody's could downgrade the rating with expectations for
leverage sustained above 6 times, retained cash flow to debt
sustained below 5%, or a substantive deterioration in liquidity.
Adoption of more aggressive financial policies, including another
debt-funded dividend in the near-term, could also have negative
rating implications.

Plaskolite LLC manufactures acrylic and other plastic products sold
into construction, retail, and other industrial end markets.
Products include consumer displays, kitchen and bath, lighting,
museum glass, signs, and windows/doors. The company operates
manufacturing facilities in Ohio, Mississippi, Texas, California,
and Monterrey, Mexico and has a distribution center in the
Netherlands. Headquartered in Columbus, Ohio, Plaskolite generated
$350 million of revenue in 2015.


PLASKOLITE LLC: S&P Affirms 'B' CCR, Outlook Stable
---------------------------------------------------
S&P Global Ratings said it affirmed its 'B' corporate credit rating
on Columbus, Ohio-based Plaskolite LLC.  The outlook is stable.

At the same time, S&P lowered its issue-level rating on the
company's first-lien term loan due 2022, currently $312.5 million
($382.5 million after a $70 million add-on) and $40 million
revolving credit facility bank loan due 2020 to 'B' from 'B+' and
revised the recovery rating on the loan to '3' from '2'.  The '3'
recovery rating reflects our view that investors could expect
meaningful (50%-70%; at the higher end of the range) in the event
of a default.

The 'CCC+' issue-level rating on the company's $105 million
second-lien term loan (which is being increased to $120 million
with the $15 million add-on) is unchanged, with a recovery rating
of '6', indicating that investors could expect negligible (0%-10%)
recovery in the event of a default.

"The stable rating outlook on Plaskolite LLC reflects our view that
the company will maintain debt to EBITDA leverage measures of
between 5x and 6x over the next 12 months because we expect the
company's leading position in the niche market in which it operates
will allow it to maintain steady EBITDA margins and cash flow,"
said S&P Global Ratings credit analyst Thomas Nadramia.  "We
anticipate that the company's credit measures will fall at the
better end of the highly leveraged category and could improve into
the aggressive category (leverage of less than 5x and FFO to debt
greater than 12%) by the end 2017; however, given the company's
ownership by a financial sponsor and the proposed increase in debt
to finance a dividend, we assume future dividends or other
debt-financed transactions are likely to result in a highly
leveraged financial profile."

Given S&P's outlook for modest economic growth to continue in the
U.S. as well as a more-robust housing and repair and modeling
recovery (both of which fuel demand for Plaskolite's acrylic sheet
and plastic products), S&P views a downgrade as unlikely.  However,
S&P could lower the ratings in the next year if the company's
performance unexpectedly deteriorated due to decreased end market
demand and pricing, causing leverage measures to weaken to above 7x
and trending toward 8x.  S&P could also lower the rating if the
financial sponsor owners took on additional debt to finance
dividends or acquisitions that would push leverage above 7x.  In
addition, S&P could also lower the ratings if liquidity becomes
constrained without prospects for improvement.

Given the company's proposed debt-financed dividend, projected debt
leverage above 5x, and ownership by a financial sponsor, S&P do not
envision an upgrade within the next 12 months.  However, S&P could
raise the ratings if the company reduced debt levels, such that
debt to EBITDA was sustained below 5x and the FFO to total adjusted
debt ratio exceeded 15% and management and ownership were committed
to maintaining these levels.


POSITIVEID CORP: Closes $132,000 Purchase Agreement with LG
-----------------------------------------------------------
PositiveID Corporation closed a securities purchase agreement with
LG Capital Funding, LLC, dated July 7, 2016, providing for the
purchase of two Convertible Redeemable Notes in the aggregate
principal amount of $132,300, with the first note having an
original principal balance of $66,150 and the second note having an
original principal balance of $66,150.  LG Note I has been funded,
with the Company receiving net proceeds of $60,000 (net of 5%
original issue discount and legal fees).  With respect to LG Note
II, LG issued a secured note to the Company in the same amount as
initial payment for LG Note II.

The LG Notes bear an interest rate of 10%, which is payable in the
Company's common stock based on the Conversion Formula, and are due
and payable before or on July 7, 2017, provided that the holder of
the LG Notes may at any time send in a notice of conversion to the
Company for Interest Shares and the dollar amount converted into
Interest Shares shall be all or a portion of the accrued interest
calculated on the unpaid principal balance of the applicable note
on the date of such notice.  The LG Notes (subject to funding in
the case of LG Note II) may be converted by LG at any time into
shares of Company's common stock at a price equal to a 35% discount
to the lowest closing bid price of the Company’s common stock as
reported on the OTCQB for the 15 prior trading days including the
day upon which a notice of conversion is received by the Company or
its transfer agent (provided such notice of conversion is delivered
to the Company or its transfer agent after 4 p.m. Eastern Standard
Time if the holder wishes to include the same-day closing price).
LG Note II requires full payment of the LG Secured Note to the
Company by Union before conversions may be made.

The LG Notes are long-term debt obligations that are material to
the Company.  The LG Notes may be prepaid in accordance with the
terms set forth in the LG Notes. The LG Notes also contain certain
representations, warranties, covenants and events of default
including if the Company is delinquent in its periodic report
filings with the Securities and Exchange Commission, and increases
in the amount of the principal and interest rates under the LG
Notes in the event of such defaults. In the event of default, at
the option of LG and in LG's sole discretion, LG may consider the
LG Notes immediately due and payable.

                   About PositiveID Corp

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.

PositiveID reported a net loss attributable to common stockholders
of $11.5 million on $2.94 million of revenues for the year ended
Dec. 31, 2015, compared with a net loss attributable to common
stockholders of $8.22 million on $945,000 of revenues for the year
ended Dec. 31, 2014.

As of March 31, 2016, PositiveID had $3.61 million in total assets,
$17.9 million in total liabilities, and a total stockholders'
deficit of $14.3 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company reported a
net loss, and used cash for operating activities of approximately
$11,404,000 and $4,507,000 respectively, in 2015.  At Dec. 31,
2015, the Company had a working capital deficiency, a stockholders'
deficit and an accumulated deficit of approximately $10,694,000,
$11,842,000 and $144,161,000 respectively.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


POSITIVEID CORP: Closes $516K Purchase Pact With Union Capital
--------------------------------------------------------------
PositiveID Corporation closed on July 5, 2016, a securities
purchase agreement with Union Capital, LLC, dated June 30, 2016,
providing for the purchase of two Convertible Redeemable Notes in
the aggregate principal amount of $516,000, with the first note
having an original principal balance of $208,000 and the second
note having an original principal balance of $208,000.  Union Note
I has been funded, with the Company receiving net proceeds of
$190,000 (net of the 4% original issue discount and legal fees).
With respect to Union Note II, Union issued a secured note to the
Company in the same amount as initial payment for Union Note II.

Union is required to pay the principal amount of the Union Secured
Note in cash and in full prior to executing any conversions under
Union Note II.  The Union Notes bear an interest rate of 12%, which
is payable in the Company's common stock based on the Conversion
Formula, and are due and payable before or on June 30, 2017,
provided that the holder of the Union Notes may at any time send in
a notice of conversion to the Company for Interest Shares and the
dollar amount converted into Interest Shares shall be all or a
portion of the accrued interest calculated on the unpaid principal
balance of the applicable note on the date of such notice.  The
Union Notes (subject to funding in the case of Union Note II) may
be converted by Union at any time into shares of Company's common
stock at a price equal to the lower of (i) $1.10 per share (on a
split-adjusted basis) or (ii) a 37.5% discount to the lowest
closing bid price of the Company's common stock as reported on the
OTCQB for the 15 prior trading days including the day upon which a
notice of conversion is received by the Company or its transfer
agent (provided such notice of conversion is delivered to the
Company or its transfer agent after 4 p.m. Eastern Standard Time if
the holder wishes to include the same-day closing price).  Union
Note II requires full payment of the Union Secured Note to the
Company by Union before conversions may be made.

The Union Notes are long-term debt obligations that are material to
the Company.  The Union Notes may be prepaid in accordance with the
terms set forth in the Union Notes.  The Union Notes also contain
certain representations, warranties, covenants and events of
default including if the Company is delinquent in its periodic
report filings with the Securities and Exchange Commission, and
increases in the amount of the principal and interest rates under
the Union Notes in the event of such defaults.  In the event of
default, at the option of Union and in Union's sole discretion,
Union may consider the Union Notes immediately due and payable.

                    About PositiveID Corp

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.

PositiveID reported a net loss attributable to common stockholders
of $11.5 million on $2.94 million of revenues for the year ended
Dec. 31, 2015, compared with a net loss attributable to common
stockholders of $8.22 million on $945,000 of revenues for the year
ended Dec. 31, 2014.

As of March 31, 2016, PositiveID had $3.61 million in total assets,
$17.9 million in total liabilities, and a total stockholders'
deficit of $14.3 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company reported a
net loss, and used cash for operating activities of approximately
$11,404,000 and $4,507,000 respectively, in 2015.  At Dec. 31,
2015, the Company had a working capital deficiency, a stockholders'
deficit and an accumulated deficit of approximately $10,694,000,
$11,842,000 and $144,161,000 respectively.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


POSITIVEID CORP: Effects Reverse Stock Split
--------------------------------------------
PositiveID Corporation effected a reverse split of its common stock
at a ratio of 1:50, commencing on July 5, 2016.

The Company's ticker symbol will be PSIDD for 20 trading days to
designate that it is trading on a post-reverse split basis.
PositiveID's post-split common stock will trade under the new CUSIP
Number 73740J407.  As a result of the reverse stock split, each 50
pre-split shares of common stock outstanding will automatically
combine into one new share of common stock without any action on
the part of the respective holders, and the number of outstanding
common shares will be reduced from approximately 840 million shares
to approximately 17 million shares.  The reverse stock split will
also apply to common stock issuable upon the conversion of
outstanding notes payable and convertible preferred stock, and upon
the exercise of outstanding warrants and stock options.

The Company's transfer agent, VStock Transfer, LLC, will provide
instructions to stockholders regarding the process for exchanging
shares. No fractional shares will be issued as a result of the
reverse stock split, and stockholders who otherwise would be
entitled to a fractional share will receive, in lieu thereof, a
cash payment which will equal the product obtained by multiplying
(a) the fraction to which the stockholder would otherwise be
entitled; by (b) the per share closing sales price of the
Company’s common stock on the effective date of the reverse stock
split.

"As we work to build our business and plan for the Company's
future, we believe effecting a reverse stock split was a necessary
step for our long-term success," said William J. Caragol, Chairman
and CEO of PositiveID.  "We are focused on pursuing the relevant
strategic partners to build out our team and continue the
development and testing of Firefly Dx, and having fewer shares
outstanding may have an important impact on these efforts."

                      About PositiveID

Delray Beach, Fla.-based PositiveID Corporation has historically
developed, marketed and sold RFID systems used for the
identification of people in the healthcare market.  Beginning in
early 2011, the Company has focused its strategy on the growth of
its HealthID business, including the continued development of its
GlucoChip, its Easy Check breath glucose detection device, its
iglucose wireless communication system, and potential strategic
acquisition opportunities of businesses that are complementary to
its HealthID business.

PositiveID reported a net loss attributable to common stockholders
of $11.5 million on $2.94 million of revenues for the year ended
Dec. 31, 2015, compared with a net loss attributable to common
stockholders of $8.22 million on $945,000 of revenues for the year
ended Dec. 31, 2014.

As of March 31, 2016, PositiveID had $3.61 million in total assets,
$17.9 million in total liabilities, and a total stockholders'
deficit of $14.3 million.

Salberg & Company, P.A., in Boca Raton, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company reported a
net loss, and used cash for operating activities of approximately
$11,404,000 and $4,507,000 respectively, in 2015.  At Dec. 31,
2015, the Company had a working capital deficiency, a stockholders'
deficit and an accumulated deficit of approximately $10,694,000,
$11,842,000 and $144,161,000 respectively.  These matters raise
substantial doubt about the Company's ability to continue as a
going concern.


QUANTUM CORP: BlackRock Holds 2.2% Equity Stake as of June 30
-------------------------------------------------------------
BlackRock, Inc., reported in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of June 30, 2016, it
beneficially owns 5,955,017 shares of common stock of Quantum
Corporation representing 2.2 percent of the shares outstanding.  A
copy of the regulatory filing is available at https://is.gd/gC5SnG

                    About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

Quantum reported net income of $16.7 million on $553 million of
total revenue for the year ended March 31, 2015, compared to a net
loss of $21.5 million on $553 million of total revenue for the
year ended March 31, 2014.

As of Dec. 31, 2015, the Company had $278 million in total assets,
$355 million in total liabilities and a $76.9 million total
stockholders' deficit.


QUECHAN INDIAN: Fitch Affirms 'B-' IDR, Outlook Positive
--------------------------------------------------------
Fitch Ratings has affirmed Quechan Indian Tribe's (Quechan; the
tribe) Issuer Default Rating (IDR) at 'B-'.  In addition, Fitch has
affirmed Quechan's approximately $30 million in outstanding tribal
economic development bonds (TED bonds) due 2025 at 'B+/RR2'.  Fitch
has also affirmed Quechan's $30 million in governmental project
bonds (general obligation [GO] bonds) at
'B-/RR4'.  The Rating Outlook is revised to Positive from Stable.

The tribe also has a credit facility that ranks pari passu to the
TED bonds, which Fitch does not rate, that is comprised of a $102
million term loan and a $5 million revolver.

                        KEY RATING DRIVERS

The Positive Outlook reflects Fitch's expectations that Quechan's
leverage metrics will decline below Fitch's thresholds for a 'B'
IDR within the next 12-24 months.  Quechan has deleveraged over the
last two years, primarily due to the heavy amortization of the term
loan.  Quechan's casino enterprise's debt/EBITDA and EBITDA/debt
service ratios for the latest 12-month (LTM) period ending March
31, 2016 are 2.8x and 1.8x, respectively, or 3.7x and 1.6x when
including the tribe's GO bonds.

Fitch will look for leverage through the GO bonds to sustain below
3.5x before considering an upgrade.  Fitch projects leverage
declining below this threshold by the end of 2016, despite our
projection of low single-digit declines in revenue for Quechan's
fiscal year 2016 ending Dec. 31.  The operating environment in the
Yuma, AZ metropolitan statistical area (MSA) remains challenging,
though unemployment has been slowly declining.

Liquidity at the tribal level is adequate and cash & short-term
investment balances provide for approximately seven months of
estimated governmental services, including per capita payments.
Available liquidity on the casino side is minimal but adequate for
operating needs when taking into account the healthy free cash flow
(FCF) at the casino enterprise before distributions to the tribe,
which are restrained by the credit facility covenants.

Quechan's only near-term maturity is the modest revolver amount
outstanding in 2018; however, the tribe has $11 million - $14
million of term loan amortization per year until the term loan
matures in 2022.  Total principal payments ramp up towards
$16 million around 2018 after the amortization on the TED and GO
bonds starts (TED bonds begin in 2017).  Fitch forecasts relatively
stable EBITDA generation through the forecast period and for
Quechan's EBITDA/debt service ratio (including the GO bonds) to
also remain stable around 1.6x.

While Fitch forecasts Quechan's liquidity to remain stable, there
is little headroom for deterioration in casino operating
performance in terms of the casino transfers being able to cover
the tribe's governmental budget.  A new President and Vice
President were elected to the tribal council in mid-2015.  The new
leadership appears to hold the prior leadership's commitment to
maintaining its liquidity and prudent government spending.

                        TRANSACTION RATINGS

Fitch views the prospects for the TED bonds in terms of probability
of default and recovery in case of default as distinctly better
relative to the GO bonds.  This is because the TED bonds are backed
by casino revenues, whereas the GO bonds are not.  The revenue
pledge is strengthened by a trustee-controlled flow of funds that
ensures the bond debt service is paid prior to any tribal
distribution.  The flow of funds is sprung if coverage falls below
1.65x.  As of March 31, 2016, coverage of debt service was at 1.8x.
(There are no cross default provisions between casino revenue
backed debt and the GO bonds).

The tribal credit profile is still factored into the TED bond
ratings, since significant distress on the tribal side may
potentially force the TED bondholders or lenders to make
concessions to allow the tribe to maintain critical governmental
services.  The tribe does maintain a debt service reserve fund for
the benefit of the GO bonds.

                         KEY ASSUMPTIONS

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

   -- Fitch projects low single-digit revenue declines reflecting
      continued weakness in the Yuma, AZ operating environment.
   -- EBITDA margin remains steady as more efficient cost strategy

      is implemented.
   -- No new debt issued and term loan repayment through the
      scheduled amortization payments.
   -- Tribal distribution levels consistent with the past few
      years and relatively low amounts of casino capital
      expenditures.

                       RATING SENSITIVITIES

Positive: Future developments that in some combination could lead
to positive rating actions include:

   -- Casino level debt/EBITDA declining and remaining below 3x
      and 3.5x including the GO bonds;
   -- Tribe maintaining prudent fiscal management practices (i.e.
      adjusting governmental spending to match casino
      distributions and other revenue sources);
   -- Quechan maintaining or increasing tribal cash reserves.

Negative: Future developments that in some combination could lead
to negative rating action include:

   -- A depletion of tribal reserves as a result of the tribe
      deviating from prudent fiscal management, such that
      governmental expenses (including per cap payments) are not
      commensurate with the casinos' cash flow generation and debt

      service obligations;
   -- Casino level debt/EBITDA ratio exceeding 4.0x (4.5x with GO
      bonds) for an extended period of time.

FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Quechan Indian Tribe
   -- Long-term IDR affirmed at 'B-'; Outlook revised to Positive
      from Stable;
   -- Tribal economic development bonds affirmed at 'B+/RR2';
   -- Governmental Project Bonds affirmed at 'B-/RR4'.


QUEST SOLUTION: Enters Into Factoring Agreement with Action
-----------------------------------------------------------
Quest Solution, Inc., and two of the Company's wholly-owned
subsidiaries, Quest Marketing, Inc., and Bar Code Specialties,
Inc., entered into a factoring and security agreement with Action
Capital Corporation on July 1, 2016, to establish a sale of
accounts facility, whereby Sellers may obtain short-term financing
by selling and assigning to Action acceptable accounts receivable.
Pursuant to the FASA, the outstanding principal amount of advances
made by Action to Sellers at any time will not exceed $5,000,000.
Action will reserve and withhold an amount in a reserve account
equal to 10% of the face amount of each account purchased under the
FASA.

The per annum interest rate with respect to the daily average
balance of unpaid advances outstanding under the FASA (computed on
a monthly basis) will be equal to the "Prime Rate" of Wells Fargo
Bank N.A. plus 2%, plus a monthly fee equal to 0.75% of such
average outstanding balance.  The Sellers shall also pay all other
costs incurred by Action under the FASA, including all bank fees.

The FASA will continue in full force and effect unless terminated
by either party upon 30 days' prior written notice.  Performance of
Sellers' obligations under the FASA is secured by a security
interest in certain collateral of Sellers.  The FASA includes
customary representations and warranties and default provisions for
transactions of this type.

In connection with the FASA, certain officers of the Company
entered into a Guaranty of Validity; guaranteeing the information
provided by the Sellers to Action as well as certain matters
concerning the accounts that will be sold by Sellers to Action.

                 Faunus Group International Pay-Out

On July 1, 2016, Faunus Group International, Inc. accepted full
payment of all obligations of the Sellers and the Company's
wholly-owned subsidiary, Quest Solution Canada Inc., a Canadian
corporation under that certain Sale of Accounts and Security
Agreement, dated Oct. 9, 2015, as amended, by and between Sellers
and FGI and that certain Sale of Accounts and Security Agreement,
dated Dec. 31, 2014, as amended, by and between Quest Solution
Canada (as successor to Viascan Inc. and Q.Data Inc.) and FGI,
terminated the Existing Financing Agreements, terminated certain
subordination agreements and guarantees of affiliates of the
Borrowers, and released FGI's security interests in the Borrowers'
collateral.  The Borrowers paid to FGI $4,740,591 representing
payment for all net funds employed, accrued fees, accrued interest,
termination fee and expenses under the Existing Financing
Agreements.  The Pay-Out Amount was funded with borrowings under
the FASA.

                   ScanSource Agreements

On July 1, 2016, the Borrowers and Quest Exchange Ltd., a Canadian
corporation entered into a Pledge and Security Agreement in favor
of ScanSource, Inc., a South Carolina corporation.  Also, on July
1, 2016, the Debtors entered into a Security Agreement in favor of
ScanSource.  The ScanSource Agreements contemplate that ScanSource
has and may in the future (but is under no obligation to) extend
credit to one or more of the Debtors, including the extension of
credit in the form of sales of inventory and equipment on account.
As a condition to the extensions of such credit, the Debtors have
executed the ScanSource Agreements, pursuant to which each Debtor
has granted to ScanSource a security interest in all of such
Debtor’s right, title and interest in certain items of collateral
set forth in the ScanSource Agreements.

The Pledge and Security Agreement secures the payment and
performance of all indebtedness, obligations and liabilities of any
Debtor to ScanSource arising on or after the date of the Pledge and
Security Agreement, including amounts arising from the sale of
goods and services by ScanSource and all costs and expenses of
ScanSource in collecting any such obligations or enforcing its
rights or remedies under the Pledge and Security Agreement.  The
Security Agreement secures the payment and performance of all
indebtedness, obligations and liabilities of any Debtor to
ScanSource, existing as of and arising prior to the date of the
Security Agreement, including amounts arising from the sale of
goods and services prior to the date of the Security Agreement by
ScanSource and all costs and expenses of ScanSource in collecting
any such obligations or enforcing its rights or remedies under the
Security Agreement.  Debtors currently have approximately $16.4
million in outstanding obligations owed to ScanSource.

The ScanSource Agreements contain inspection and report covenants,
financial covenants and customary default provisions.

                    About Quest Solution

Quest Solution (formerly known as Amerigo Energy, Inc.) is a
national mobility systems integrator with a focus on design,
delivery, deployment and support of fully integrated mobile
solutions.  The Company takes a consultative approach by offering
end to end solutions that include hardware, software,
communications and full lifecycle management services.  The highly
tenured team of professionals simplifies the integration process
and delivers proven problem solving solutions backed by numerous
customer references.  Motorola, Intermec, Honeywell, Panasonic,
AirWatch, Wavelink, SOTI and Zebra are major suppliers which Quest
Solution uses in its systems.

Quest Solution reported a net loss of $1.71 million on $63.9
million of total revenues for the year ended Dec. 31, 2015,
compared to net income of $301,649 on $37.3 million of total
revenues for the year ended Dec. 31, 2014.

As of March 31, 2016, Quest Solution had $53.4 million in total
assets, $55.8 million in total liabilities and a total
stockholders' deficit of $2.34 million.

The Company's auditors RBSM LLP, in Leawood, Kansas, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has a working capital deficiency and significant
subordinated debt resulting from acquisitions.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern.


RBS HOLDINGS: Public Auction on Equity Interest Set for July 11
---------------------------------------------------------------
Bank of America, N.A., in its capacity as administrative agent for
the lenders, will offer for sale at public auction set on July 11,
2016, at 10:00 a.m. (EST) at the offices of K&L Gates LLP located
at 600 N. King St., Suite 901, Wilmington, Delaware, the 100% of
the issued and outstanding equity interests in RBS Holdings Company
LLC and its debtor-affiliates.  For further information, contact:

   Moore & Van Allen PLLC
   100 N. Tyron St., Suite 4700
   Charlotte, NC 28202
   Attn: David Eades
   Tel: 704-331-1044
   Email: davideades@mvalaw.com


REALOGY GROUP: Moody's Hikes Bank Debt Rating to Ba1
----------------------------------------------------
Moody's Investors Service upgraded Realogy Group LLC's senior
secured revolving credit facility and senior secured term loan A
due 2020 to Ba1 from Ba2 and the senior unsecured rating to B1 from
B2. Moody's assigned Ba1 ratings to Realogy's proposed senior
secured term loan A due 2021 and term loan B due 2022. The
Corporate Family rating ("CFR") was affirmed at Ba3, the
Probability of Default rating ("PDR") at Ba3-PD and the Speculative
Grade Liquidity rating at SGL-1. The ratings outlook remains
stable.

Realogy announced that it would raise a new $1.1 billion term loan
B due 2022 and has commitments for a $330 million term loan A due
2021. The net proceeds of the financing, loans drawn under the
revolving credit facility and cash will be used to repay the
existing $1.9 billion term loan B due 2021. The rating on the
existing term loan B due 2021 will be withdrawn when it is repaid.

Issuer: Realogy Group LLC

Upgrades:

-- Senior Secured Revolving Credit Facility and Term Loan A,
    Upgraded to Ba1 (LGD2) from Ba2 (LGD2)

-- Senior Unsecured Notes, Upgraded to B1 (LGD5) from B2 (LGD5)

Affirmations:

-- Corporate Family Rating, Affirmed Ba3

-- Probability of Default Rating, Affirmed Ba3-PD

-- Speculative Grade Liquidity Rating, Affirmed SGL-1

Assignments:

-- Senior Secured Term Loan A due 2021, Assigned Ba1 (LGD2)

-- Senior Secured Term Loan B due 2022, Assigned Ba1 (LGD2)

Outlook:

-- Outlook, Remains Stable

RATINGS RATIONALE

"The one notch upgrades in the senior secured and senior unsecured
ratings reflect the decline in the proportion of senior secured
debt to total debt following the proposed refinancing transaction,"
noted Edmond DeForest, Vice President and Senior Credit Officer at
Moody's.

The Ba3 Corporate Family Rating reflects Moody's expectations for
solid ongoing financial performance and rapid financial
deleveraging through debt repayment and EBITDA growth. Realogy
estimates that it was involved in 27% of US existing residential
home sales value in 2015. High market share and multiple brands
position it to benefit from the continuing, albeit slow and uneven,
recovery in the market. However, Realogy remains highly leveraged
at about 5 times debt to EBITDA as of March 31, 2016, although
leverage should decline below 4.5 times by the end of 2016. The
residential real estate brokerage market remains volatile, cyclical
and seasonal. Realogy's owned brokerages have a high degree of
fixed operating costs. A high proportion of its profits reflect
home sale market activity as opposed to less-transactional
franchise fees. Difficult credit conditions for first time home
buyers continue to limit the scope of the residential real estate
recovery to more affluent buyers and markets. Realogy has the
potential for higher EBITDA growth if credit conditions for first
time home buyers improve.

The stable ratings outlook reflects Moody's anticipation that debt
to EBITDA will decline to below 4.5 times through EBITDA growth and
debt repayment, while free cash flow to debt will be maintained
around 10%. The ratings could be upgraded if Moody's comes to
expect debt to EBITDA to be sustained below 4 times and EBITA to
interest around 3 times through some combination of rising existing
unit home sales and average prices or accelerated debt repayments.
The ratings could be downgraded if revenue growth stalls, or if
free cash flow declines and Moody's anticipates debt to EBITDA will
remain above 5 times or free cash flow to debt will remain below
8%. Aggressive financial policies including large debt financed
shareholder returns or acquisitions or diminished liquidity could
also lead to lower ratings.

Realogy is a leading global provider of real estate and relocation
services. The company operates in four segments: real estate
franchise services, company owned real estate brokerage services,
relocation services and title and settlement services. The
franchise brand portfolio includes Century 21, Coldwell Banker,
Coldwell Banker Commercial, ERA, Sotheby's International Realty and
Better Homes and Gardens Real Estate. Moody's expects 2016 revenues
of over $6 billion.


REALOGY GROUP: S&P Assigns 'BB+' Rating on Proposed $330MM Loan
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '1'
recovery rating to Madison, N.J.-based residential real estate
franchising and brokerage company Realogy Group LLC's proposed $330
million term loan A due 2021.  The '1' recovery rating reflects
S&P's expectation of very high (90%-100%) recovery in the event of
a payment default.  S&P also affirmed its 'BB+' issue-level rating
on the company's outstanding senior secured term loan A due 2020
and its senior secured term loan B.  The maturity on the term loan
B will be extended to 2022 from 2020.  The recovery rating on this
debt remains '1'.

In addition, S&P raised its issue-level ratings on Realogy's senior
unsecured notes due 2019, 2021, and 2023 to 'B+' from 'B' and
removed them from CreditWatch with positive implications, where S&P
had originally placed them on May 26, 2016.  S&P revised the
recovery rating on this debt to '5' from '6'.  The '5' recovery
rating reflects S&P's expectation for modest (10%-30%; lower half
of the range) recovery in the event of a payment default.

The company will use proceeds from the new term loan A and
Realogy's recent $500 million senior notes issuance to reduce the
outstanding senior secured term loan B balance to $1.1 billion from
about $1.9 billion, which improves recovery prospects for unsecured
lenders, leading to S&P's upward revision of the recovery rating
and one-notch upgrade of the senior unsecured debt.

S&P's 'BB-' corporate credit rating and stable outlook on Realogy
Group LLC are unchanged.

                        RECOVERY ANALYSIS

Key analytical factors:

   -- S&P's simulated default scenario contemplates a payment
      default in 2020, as a result of a substantial decline in
      cash flow from a depressed U.S. residential real estate
      market.

   -- S&P assumes reorganization following default, using a
      multiple of 7x emergence EBITDA to value the company.

Simulated default assumptions:
   -- Year of default: 2020
   -- EBITDA at emergence: $400 million
   -- EBITDA multiple: 7x
   -- The revolver is drawn 85%

Simplified waterfall:
   -- Net enterprise value (after 5% administrative costs):
      $2.7 billion
   -- Secured debt: $2.4 billion
      -- Recovery expectation: 90%-100%
   -- Senior unsecured debt and pari passu claims*: $1.5 billion
      -- Recovery expectation: 30%-50% (lower half of the range)

Note: All debt amounts include six months of prepetition interest.

RATINGS LIST

Realogy Group LLC
Corporate Credit Rating            BB-/Stable/--

New Rating

Realogy Group LLC
$330 mil. term loan A due 2021
Senior Secured                     BB+
  Recovery Rating                   1

Upgraded And Removed From CreditWatch; Recovery Rating Revised

Realogy Group LLC
                                    To         From
Senior Unsecured                   B+         B/Watch Pos
  Recovery Rating                   5L         6

Ratings Affirmed; Recovery Rating Unchanged

Realogy Group LLC
Senior Secured                     BB+
  Recovery Rating                   1


RICEBRAN TECHNOLOGIES: LF-RB Management, et al., Hold 9% Stake
--------------------------------------------------------------
LF-RB Management, LLC, et al., reported in an amended Schedule 13D
filed with the Securities and Exchange Commission that as of July
5, 2016, they beneficially own 952,569 shares of common stock of
RiceBran Technologies representing 9 percent of the shares
outstanding.  A copy of the regulatory filing is available for free
at https://is.gd/VWFjgA

                       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.


ROADRUNNER ENTERPRISES: Chesterfield Property Sale Approved
-----------------------------------------------------------
Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the
Eastern District of Virginia authorize Roadrunner Enterprises,
Inc., to sell its real property located at 21508 Jackson Street, S.
Chesterfield, Virginia, to Aleksandra Mirzaken for $61,600.

Judge Huennekens ordered the Debtor to pay the Parties' brokerage
fees.  The remaining sale proceeds will be paid to Bank of McKenney
("BOM") for the full and final satisfaction of BOM's lien on the
real property.

                   About Roadrunner Enterprises

Headquartered in Chesterfield County, Virginia, Roadrunner
Enterprises Inc. owns the Roadrunner Campground and more than 70
rental properties, lots, and other real estate interests.

Roadrunner Enterprises filed for Chapter 11 bankruptcy protection
(Bank. E.D. Va. Case No. 15-30604) on Feb. 6, 2015.  The petition
was signed by Carl Adenauer, president.  David K. Spiro, Esq., at
Hirschler Fleischer, P.C., serves as the Debtor's counsel.  Judge
Kevin R. Huennekens presides over the case.  The Debtor estimated
assets and liabilities of at least $10 million.


RYCKMAN CREEK: Has Until Aug. 30 to Assume or Reject Leases
-----------------------------------------------------------
Ryckman Creek Resources, LLC, and its affiliated debtors sought and
obtained from Judge Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware an extension of the time within which the
Debtors must assume or reject unexpired leases of nonresidential
real property through Aug. 30, 2016.

Judge Carey had previously extended the period within which the
Debtors may assume or reject leases through June 23, 2016, after
the Debtors sought an emergency extension so that the Court could
hear their Original Extension Motion and avoid the automatic
rejection of certain Leases that relate to the Debtors' corporate
headquarters and their natural gas storage facility at which they
conduct all of their operations.

In their Original Extension Motion, the Debtors contended that they
are currently engaged in discussions with certain of the lessors
under the Leases and anticipate that they will assume the Leases,
but believe that such assumption should occur at the time of and in
connection with confirmation of the Plan, when the Debtors have
greater certainty regarding emergence.  The Debtors further
contended that the Leases constitute important and valuable assets
of the Debtors' business and may be essential to their Plan and
that rejection of such Leases at this point in the cases would
cause substantial and potentially irreparable disruption to their
operations and reorganization efforts.

Ryckman Creek Resources and its affiliated debtors are represented
by:

          Sarah E. Pierce, Esq.
          Alison L. Mygas, Esq.
          SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
          One Rodney Square
          P.O. Box 636
          Wilmington, DE 19899-0636
          Telephone: (302)651-3000
          Facsimile: (302)651-3001
          E-mail: sarah.pierce@skadden.com
                  allie.mygas@skadden.com

                  - and -

          George N. Panagakis, Esq.
          Jessica S. Kumar, Esq.
          Justin M. Winerman, Esq.
          Tabitha J. Atkin, Esq.
          SKADDEN, ARPS, SLATE MEAGHER & FLOM LLP
          155 N. Wacker Dr.
          Chicago, IL 60606
          Telephone: (312)407-0700
          Facsimile: (312)407-0411
          E-mail: george.panagakis@skadden.com
                  jessica.kumar@skadden.com
                  justin.winerman@skadden.com
                  tabitha.atkin@skadden.com

                  About Ryckman Creek Resources

Formed on Sept. 8, 2009, Ryckman Creek Resources, LLC, is engaged
in the acquisition, development, marketing, and operation of a
Natural gas storage facility known as the Ryckman Creek Facility.
The Ryckman Creek Facility is a depleted crude oil and natural gas
reservoir located in Uinta County, Wyoming.  The Company began
development of the reservoir into a natural gas storage facility
in
2011.  The Ryckman Creek Facility began commercial operations in
late 2012 and received injections of customer gas and gas
purchased
by the Company.  The Debtors have approximately 35 employees.

Ryckman Creek Resources, LLC, Ryckman Creek Resources Holdings
LLC,
Peregrine Rocky Mountains LLC and Peregrine Midstream Partners LLC
filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos.
16-10292 to 16-10295) on Feb. 2, 2016.  The petitions were signed
by Robert Foss as chief executive officer.  Kevin J. Carey has
been
assigned the case.

The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, AP Services, LLC, as management provider, Evercore
Group LLC as investment banker, and Kurtzman Carson Consultants
LLC
as claims and noticing agent.

On April 11, 2016, Ryckman Creek Resources, LLC, disclosed total
assets of more than $205 million and total debts of more than
$391.2 million.

Judge Stuart M. Bernstein presides over the Chapter 15 case.


SANTA CLARA CITY: Moody's Affirms Ba1 Rating on 2006 Electric Bonds
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on the City
of Santa Clara, UT's Electric Revenue Bonds, Series 2006. At this
time, Moody's has also assigned a negative outlook on the
enterprise. The rating action affects $3.4 million in debt
outstanding.

The rating affirmation and negative outlook reflect the recent
decline in debt service coverage and liquidity. The rating and
outlook also incorporate the continued reliance on impact fees and
other nonrecurring revenues.

Rating Outlook

The negative outlook reflects Moody's expectations that the
enterprise will remain challenged over the near-to-medium term.
Future reviews will focus on the ability of the recent rate
increases to sufficiently improve debt service coverage and
liquidity levels.

Factors that Could Lead to an Upgrade

Sustained debt service coverage from recurring net
operating revenues above rate covenant of 1.25 times

Reduction of impact fee and other non-recurring revenue
dependency

Factors that Could Lead to a Downgrade

Continued deterioration of debt service coverage and
liquidity

Slowdown in service base growth

Legal Security

The bonds are secured by the net revenues of the power system.

Use of Proceeds. Not applicable.

Obligor Profile

The enterprise provides power services to its primarily residential
customer base within the city limits of Santa Clara, UT.


SEPCO CORP: Asbestos Panel Taps Gilbert LLP as Special Counsel
--------------------------------------------------------------
The official committee of asbestos claimants of Sepco Corp. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Ohio to hire Gilbert LLP as its special counsel.

The Debtor tapped the firm to provide these legal services:

     (a) analyzing the insurance coverage potentially available to

         the Debtor;

     (b) advising the committee on steps to be taken to preserve
         insurance coverage and max1mize insurance recoveries;

     (c) attending meetings and negotiating with representatives
         of the Debtor, its insurance carriers, and other parties
         related to the preservation of insurance coverage; and


     (d) assisting the committee in any insurance-related matters
         arising in connection with the formulation of a plan of
         reorganization and funding of a trust for the payment of
         asbestos claims established under a plan.

The firm's professionals expected to serve the committee and their
hourly rates are:

     Kami E. Quinn       Partner             $700
     Heather Frazier     Associate           $500
     Joao Santa-Rita     Associate           $400
     Stephanie Seymour   Paralegal           $275
     Adam Gang           Project Assistant   $175

Kami Quinn, Esq., disclosed in a court filing that neither the firm
nor any of its attorneys has any connection with the Debtor or its
creditors.

The firm can be reached through:

     Kami E. Quinn, Esq.    
     Gilbert LLP
     1100 New York Avenue, NW, Suite 700
     Washington, D.C. 20005
     Phone: 202.772.2200
     Fax: 202.772.3333
     Email: info@gotofirm.com

                      About Sepco Corporation

Aurora, Ohio-based Sepco Corporation filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ohio. Case No. 16-50058) on Jan. 14, 2016.
The petition was signed by Richard J. Szekelyi as chief
restructuring officer.  Buckley King, LPA represents the Debtor as
counsel.  The case has been assigned to Judge Alan M. Koschik.


SEQUENOM INC: BlackRock Reports 3.5% Stake as of June 30
--------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of June 30, 2016, it
beneficially owns 4,186,638 shares of common stock of Sequenom Inc.
representing 3.5 percent of the shares outstanding.  A copy of the
regulatory filing is available at https://is.gd/AsfAY2

                         About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a
life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom reported a net loss of $16.3 million on $128 million of
total revenues for the year ended Dec. 31, 2015, compared to net
income of $1.01 million on $152 million of total revenues for the
year ended Dec. 31, 2014.

As of March 31, 2016, Sequenom had $105 million in total assets,
$155 million in total liabilities and a total stockholders' deficit
of $49.9 million.


SPARKS TOURISM: Moody's Affirms B1 Rating on Revenue Bonds
----------------------------------------------------------
Moody's Investors Service has affirmed the B1 rating on Sparks
Tourism Improvement District No. 1, NV's Senior Sales Tax
Anticipation Revenue Bonds, Series A outstanding in the amount of
$72.8 million. The outlook remains stable.

The B1 rating reflects Moody's projections that the bonds may still
default on June 15, 2028, absent long-term stability of sales tax
receipts. However, pledged sales tax collections continue to
demonstrate annual growth. Full payment of annual debt service is
projected without draws on the debt service reserve fund through
FY2027 based on the most recent year's worth of semiannual
collections. Nevertheless, escalating debt service will lead to a
draw on the reserve fund in the final payment year of FY2028.
Importantly, pledged sales taxes are subject to potential statutory
impairment in 2028 with scheduled maturity of the bonds which would
inhibit potential recovery for bondholders after a default.

Rating Outlook

The stable outlook reflects Moody's expectation that the current
level of pledged receipts will fully cover annual debt service with
support from economic recovery and recent stability in the
project's tenant mix. No draws are expected on the debt service
reserve in the near-term. Longer-term, the combination of weak
coverage and escalating debt service necessitates stable pledged
revenues to avert a default.

Factors that Could Lead to an Upgrade

Sustained trend of higher pledged receipts leading
to improvement in peak debt service coverage

Additional commercial expansion within the project area

Factors that Could Lead to a Downgrade

Diminished pledged sales tax receipts, especially
within the next year

Adverse changes in the project area's tenant mix

Depletion of the debt service reserve fund sooner
than anticipated

Legal Security

The bonds are secured by a senior lien pledge of 75% of sales tax
revenues generated within the district through FY2028, net of an
administration fee of 1.75%.

The bonds were authorized under Nevada's Tourism Improvement
District Law of 2005 that enabled creation of the district by
Sparks in 2007. Under statute, the preponderance of sales tax
collections within the district must be attributable to tourism
activity, subject only to a prior one-time certification.

Use of Proceeds

The bonds financed a portion of developing a retail shopping and
entertainment project known as the Outlets at Sparks.

Obligor Profile

The project area attracts tourists traveling along Interstate 80,
but the development also serves the greater Washoe County (Aa2
stable) region. The county is the second largest economic region in
Nevada, after the Las Vegas metro area, and is located in the
northwestern section of the state bordering California and Oregon.
The county includes Reno (A1 stable), Sparks (not rated), and
portions of Lake Tahoe.


STELLAR BIOTECHNOLOGIES: Closes $6.75M Registered Direct Offering
-----------------------------------------------------------------
Stellar Biotechnologies, Inc., has closed its previously announced
$6.75 million sale of 1,687,500 common shares in a registered
direct offering and unregistered warrants to purchase up to
1,265,626 unregistered common shares in a private placement.  The
combined purchase price for one registered common share and one
unregistered warrant to purchase 0.75 of an unregistered common
share was $4.00.  The warrants have an exercise price of $4.50 per
full share, are non-exercisable for 6 months and terminate 5 years
from the time the warrants are first exercisable.

Maxim Group LLC acted as the sole placement agent for the
offering.

Stellar intends to use the net proceeds from the offering for
capital expenditures, research and development activities,
operating costs and for general corporate purposes, including
working capital.

"Stellar Biotechnologies is currently positioned to be a leading
supplier of KLH protein for the exciting field of active
immunotherapy.  This financing from institutional investors will
support important growth initiatives to meet demand anticipated
from current and new customers as they advance through clinical
development and prepare for commercial launch.  This also
strengthens our balance sheet and provides additional runway that
will help our efforts to achieve future milestones," said Frank
Oakes, president and CEO of Stellar Biotechnologies, Inc.  "Our KLH
products are already being used by our customers in multiple,
clinical-stage programs and it is important that we are prepared to
meet the demand from the pipeline of immunotherapies that will
require a sustainable supply of the KLH protein."

The common shares were offered by Stellar pursuant to a shelf
registration statement on Form S-3 (file no. 333-203595), which was
declared effective on May 8, 2015 by the Securities and Exchange
Commission (SEC).  A final prospectus supplement and the
accompanying prospectus relating to the offering of the common
shares were filed with the SEC on June 30, 2016 and are available
on the SEC's website at http://www.sec.gov.The warrants and the
common shares issuable upon exercise of the warrants were offered
in a separate private placement under Section 4(a)(2) of the
Securities Act of 1933 and Regulation D Rule 506(c) and have not
been registered under the Securities Act.  The Company has agreed
to file one or more registration statements with the SEC covering
the resale of the common shares issuable upon exercise of the
warrants.

                         About Stellar

Port Hueneme, Cal.-based Stellar Biotechnologies, Inc.'s
business is to commercially produce and market Keyhole Limpet
Hemocyanin ("KLH") as well as to develop new technology related to
culture and production of KLH and subunit KLH ("suKLH")
formulations.  The Company markets KLH and suKLH formulations to
customers in the United States and Europe.

KLH is used extensively as a carrier protein in the production of
antibodies for research, biotechnology and therapeutic
applications.

Stellar Biotechnologies reported a net loss of $8.43 million for
the year ended Aug. 31, 2014, a net loss of $14.5 million for the
year ended Aug. 31, 2013, and a net loss of $5.52 million for the
year ended Aug. 31, 2012.  Stellar Biotechnologies reported a net
loss of $2.84 million on $758,689 of revenues for the year ended
Sept. 30, 2015.

As of March 31, 2016, Stellar had $9.42 million in total assets,
$616,097 in liabilities and $8.81 million in shareholders' equity.


STEVE MURPHY: Sale of 23 LLC Interests for $10M Approved
--------------------------------------------------------
Judge Thomas M. Lynch of the U.S. Bankruptcy Court for the Northern
District of Illinois, Western Division, authorized Steve and
Celeste Murphy to sell their membership interests in 23 limited
liability companies ("LLCs") to Wayne Erickson, as assignee of
Wayne H. Erickson Revocable Trust ("Purchaser"), for $10,000,000.

A list of the 23 LLCs to be sold is available for free at:

     http://bankrupt.com/misc/S_Murphy_287_Sale_List.pdf

At the hearing on June 27, 2016, the Debtor advised the Court that
QuickLiquidity, LLC, and its affiliates ("QL") entered into a
settlement with QL in which the Debtor agreed to pay QL up to
$325,000 as a general unsecured claim in satisfaction of all claims
QL has against the Debtors and the Estate, as well as the LLCs and
the Non-Debtor Members of the LLCs.  Based on the settlement, QL
withdrew its objection to the sale.

Judge Lynch held the sale was conducted at arm's length and was
made in good faith.  The Purchaser provided the highest and best
offer for the Membership Interests.

A copy of the Limited Liability Company Membership Interest
Purchase Agreement and Settlement Agreement attached to the Order
is available for free at:

   http://bankrupt.com/misc/S_Murphy_324_Sale_Ord.pdf

All sales proceeds will be deposited in to the Debtor-in-Possession
account of the Debtor or an interest bearing escrow account,
provided that funds may only be released pursuant to a court order
and the Debtor's attorney is the only signatory on the account.

                  About Steve and Celeste Murphy

Steve Murphy and Celeste Murphy filed a Chapter 11 bankruptcy
petition (Bankr. N.D. Ill. Case No. 13-80740) on March 7, 2013.
The case judge is the Hon. Thomas M. Lynch.  Michael J. Davis at
BKN Murray LLP serves as the Debtors' counsel.


STONE ENERGY: BlackRock Reports 2.7% Equity Stake as of June 30
---------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, BlackRock, Inc. disclosed that as of June 30, 2016, it
beneficially owns 154,737 shares of common stock of Stone
Energy Corp. representing 2.7 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available at
https://is.gd/2P370Y

                      About Stone Energy

Stone Energy Corporation (NYSE: SGY) is an oil and natural gas
company engaged in the acquisition, exploration, development and
operation of oil and gas properties.  The Lafayette,
Louisiana-based Company operates in the Gulf of Mexico Basin.

                        *     *     *

The Troubled Company Reporter, on June 17, 2016, reported that S&P
Global Ratings said it raised its corporate credit rating on oil
and gas exploration and production company Stone Energy Corp. to
'CCC-' from 'D'.  The outlook is negative.

S&P also raised the issue-level rating on the company's senior
unsecured debt to 'CCC-' from 'D'.  The recovery rating is '3',
indicating S&P's expectation of meaningful (high end of the 50% to
70% range) recovery if a payment default occurs.

The 'CCC-' corporate credit rating reflects the risk that Stone
could elect to file for Chapter 11 and/or restructure its debt
within the next six months.  S&P expects the borrowing base for
the company's reserve-based lending facility to decrease in the
fall, further pressuring liquidity on top of lower cash flows from
operations.  S&P also notes that the company has an upcoming
$300 million maturity in March 2017, and S&P believes the company
would have trouble accessing capital markets to refinance it given
current market conditions.


SUNDEVIL POWER: Exclusive Plan Filing Deadline Moved to Aug. 9
--------------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware has extended, at the behest of Sundevil Power
Holdings, LLC, et al., the Debtors' plan filing period by 60 days
through and including Aug. 9, 2016, and the solicitation period
through and including Oct. 17, 2016.
  
As reported by the Troubled Company Reporter on June 14, 2016, the
Debtor's funded debt is very significant in size at $230.7 million
in prepetition secured debt, plus new money advanced postpetition
under the Debtors' $45 million DIP Facility.  Until the outcome of
the sale process became known, the potential form of any chapter 11
plan would likely have involved too much uncertainty or too many
variables.  In this sense, the Debtors' case size and complexity
favors the requested exclusivity extension.

                 About Sundevil Power Holdings, LLC

Sundevil Power Holdings, LLC, et al., each filed for Chapter 11
bankruptcy protection (Bankr. D. Del. Case No. 16-10369) on Feb.
11, 2016.  By court order entered on Feb. 12, 2016, these Chapter
11 cases are being jointly administered for procedural purposes
only.

The Debtors are represented by:

      DRINKER BIDDLE & REATH LLP
      Steven K. Kortanek, Esq.
      Howard A. Cohen, Esq.
      Joseph N. Argentina, Jr., Esq.
      222 Delaware Avenue, Suite 1410
      Wilmington, DE 19801
      Tel: (302) 467-4200
      Fax: (302) 467-4201
      E-mail: Steven.Kortanek@dbr.com
              Howard.Cohen@dbr.com
              Joseph.Argentina@dbr.com

                and
      
      VINSON & ELKINS LLP
      David S. Meyer, Esq.
      Jessica C. Peet, Esq.
      Lauren R. Kanzer, Esq.
      666 Fifth Avenue, 26th Floor
      New York, NY 10103-0040
      Tel: (212) 237-0000
      Fax: (212) 237-0100
      E-mail: dmeyer@velaw.com
              jpeet@velaw.com
              lkanzer@velaw.com

      VINSON & ELKINS LLP
      Paul E. Heath, Esq.
      Reese A. O'Connor, Esq.
      Trammell Crow Center
      2001 Ross Avenue, Suite 3700
      Dallas, TX 75201
      Tel: (214) 220-7700
      Fax: (214) 220-7716
      E-mail: pheath@velaw.com
              roconnor@velaw.com

Sundevil Power Holdings, LLC, owns natural gas-fired power plants.

The Company was incorporated in 2010 and is based in Wayzata, MN.

The Debtors are merchant power generators through Sundevil's
ownership of two of the four 550 megawatt natural gas-fired power
blocks of the Gila River Power Station, located in Gila Bend,
Arizona.  Sundevil and the other power block owners sell energy
into the Southwest electric power market, specifically the
sub-region of Arizona, New Mexico, and Southern Nevada known as
the
Desert Southwest.  Most of Sundevil's output is sold at the Palo
Verde hub and to California Independent System Operator.  Sundevil
also sells capacity to CAISO and is capable of reaching other
market hubs like Mead (Southern Nevada) and Four Corners.


SYNCARDIA SYSTEMS: Taps Rust Consulting as Claims Agent
-------------------------------------------------------
SynCardia Systems, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to hire Rust Consulting/Omni
Bankruptcy as its claims and noticing agent.

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

     (a) prepare and serve required notices and documents;

     (b) maintain an official copy of the Debtor's schedules of
         assets and liabilities and statement of financial
         affairs;  

     (c) maintain (i) a list of all potential creditors, equity
         holders and other parties; and (ii) a "core" service list

         consisting of all parties described in Bankruptcy Rule
         2002 and those parties that have filed a notice of
         appearance, and update and make said lists available upon

         request by a party-in-interest or the Clerk;

     (d) furnish a notice to all potential creditors of the last
         date for filing proofs of claim and a form for filing a
         proof of claim, and notify said potential creditors of
         the existence, amount, and classification of their    
         respective claims;

     (e) maintain a post office box or address for receiving
         claims and returned mail, and process all mail received;

     (f) for all notices, motions, orders or other pleadings or
         documents served, prepare, and file or cause to be filed
         with the Clerk an affidavit or certificate of service
         within seven business days of service;

     (g) process all proofs of claim received, check said
         processing for accuracy and maintain the original proofs
         of claim in a secure area;

     (h) maintain the official claims register for each Debtor
         on behalf of the Clerk;

     (i) implement necessary security measures to ensure the
         completeness and integrity of the claims register and
         the safekeeping of the original claims;

     (j) record all transfers of claims and provide any notices of

         such transfers;

     (k) relocate all of the court-filed proofs of claim to
         Rust/Omni's offices, not less than weekly;

     (1) upon completion of the docketing process for all claims,
         turn over to the Clerk copies of the claims register for

         review;

     (m) monitor the court's docket for all notices of appearance,

         address changes, and claims-related pleadings and orders
         filed and make necessary notations on or changes to the
         claims register;

     (n) assist in the dissemination of information to the public
         and respond to requests for administrative information
         regarding the Chapter 11 case as directed by the Debtor
         or the court;

     (o) if the Chapter 11 case is converted to a case under
         Chapter 7, contact the Clerk's office within three days
         of notice to Rust/Omni of entry of the order converting
         the case;

     (p) 30 days prior to the close of the case, request that the
         Debtor submit to the court a proposed order dismissing
         Rust/Omni and terminating its services upon completion of

         its duties and responsibilities and upon the closing of
         the case;

     (q) within seven days of notice to Rust/Omni of entry of an
         order closing the case, provide to the court the final
         version of the claims register as of the date immediately

         before the close of the case; and

     (r) at the close of the Chapter 11 case, (i) box and
         transport all original documents, in proper format, as
         provided by the Clerk's office, to (i) the Federal   
         Archives Record Administration located at Central Plains
         Region, 200 Space Center Drive, Lee's Summit, MO 64064,
         or (ii) any other location requested by the Clerk's
         office.

The services to be provided by Rust/Omni will be billed at rates
ranging from $20 to $125 per hour.  In addition, the firm has
agreed to a $90 blended rate cap, to be calculated on a quarterly
basis.

Paul Deutch, executive managing director of Rust/Omni, disclosed in
a declaration that his firm is a "disinterested person" as defined
by section 101(14) of the Bankruptcy Code.

                        About SynCardia Systems

SynCardia Systems, Inc., a medical technology company, sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Case No. 16-11599) on July 1, 2016.  The petition was signed by
Stephen Marotta, chief restructuring officer.
  
At the time of the filing, the Debtor estimated its assets and
liabilities at $10 million to $50 million.

The Debtor filed for bankruptcy protection months after a failed
launch of an initial public offering of its common stock which
resulted in a liquidity shortfall.

SynCardia, 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.


TATOES LLC: Employment of CFO Solutions Not Subject to Sec. 327
---------------------------------------------------------------
Wahluke Produce, Inc., Tatoes, LLC and Columbia Manufacturing, Inc.
d/b/a Columbia Onion filed with the U.S. Bankruptcy Court for the
Eastern District of Washington a withdrawal of their applications
to employ CFO Selections, LLC as consultant to the Debtors.

The applications to employ CFO were originally filed with the
bankruptcy court on April 20, 2016.

The Debtors are withdrawing the applications because the Debtors do
not believe that CFO is a professional for which the Debtor must
seek employment under 11 U.S.C. Sec. 327.  The withdrawal is being
made pursuant to the stipulation between the Debtor, Rabo
AgriFinance and the U.S. Trustee.

                      About Tatoes, LLC

Tatoes, LLC, Wahluke Produce, Inc., and Columbia Manufacturing,
Inc., are engaged in farming, packing, storing, and selling
potatoes, onions and wheat. Each of the Debtors filed Chapter 11
bankruptcy petitions (Bankr. E.D. Wash. Case Nos. 16-00900,
16-00899 and 16-00898, respectively) on March 21, 2016. Tatoes LLC
estimated assets and liabilities in the range of $10 million to $50
million. Wahluke Produce and Columbia Manufacturing estimated
assets in the range of $50 million to $100 million and liabilities
of up to $100 million. Bailey & Busey LLC serves as counsel to the
Debtors.


TATOES LLC: Stipulation Reached Over CFO Employment, Fees
---------------------------------------------------------
Wahluke Produce, Inc., Tatoes, LLC and Columbia Manufacturing, Inc.
d/b/a Columbia Onion, Rabo AgriFinance, CFO Selections, the
Unsecured Creditor's Committee in the Tatoes case, and the U.S.
Trustee filed with the U.S. Bankruptcy Court for the Eastern
District of Washington, a stipulation regarding the employment and
payment of CFO Selections, LLC, as follows:

  * The Debtors shall withdraw their application to employ CFO
    Selections pursuant to 11 U.S.C. Sec. 327.

  * The stipulation between the parties shall govern the approval
    and payment of post-petition fees incurred by CFO, including
    those incurred prior to the entry of this stipulation.

  * CFO and Tatoes have entered into a written agreement
    governing the terms and conditions of CFO's employment with
    Tatoes. CFO shall enter into a separate agreement with both
    Wahluke and Columbia which is identical in form and substance
    to the agreement with Tatoes. Copies of such agreements shall
    be provided to all parties to this stipulation prior to any
    payment of fees and costs to CFO.

  * CFO on a bi-weekly or monthly basis, at CFO's election, shall
    provide by electronic mail to representatives of the Debtors,
    RAF, the Committee and the U.S. Trustee (at such e-mail
    addresses as those parties may request), a statement
    detailing the fees and costs for which CFO seeks approval and
    payment ("Fee Statement"). Each Fee Statement, from June 1,
    2016 forward, shall clearly identify the particular party for
    whom work is being performed, and shall indicate the number
    of hours or portions of hours worked by Kevin Krieger & Bruce
    Frazier, the hourly rate charged by each individual and the
    total fees charged by each individual during the period
    covered by the Fee Statement. Each Fee Statement shall
    contain a general statement as to the work performed by CFO
    during the period covered by the Fee Statement with
    sufficient detail to allow RAF, the Committee and the U.S.
    Trustee to determine the work that has been performed by CFO.
    CFO shall not "block bill" its time, and shall segregate its
    time by discrete tasks.

  * It shall be presumed that the work performed during the
    period of time covered by any Fee Statement shall be equally
    allocated between Tatoes, Wahluke and Columbia. However, if
    during any period covered by a Fee Statement, CFO has
    undertaken any substantial work which benefits a particular
    Debtor, CFO shall attempt using reasonable allocation
    principals to allocate the work covered by such Fee Statement
    between the Debtors on the basis of the amount of work
    actually performed for each Debtor. Each Fee Statement shall
    specify any special allocation of the fees as between the
    Debtors.

  * With respect to the period between the filing of the Debtors'
    bankruptcy cases and June 1, 2016, CFO may submit a request
    for payment of such fees in the form that they have
    historically been presented to the Debtors. All parties to
    this stipulation shall have the right to object to such fees
    on the same basis as if the request were a Fee Statement and
    the fee request shall be treated as a Fee Statement for all
    purposes under this stipulation.

  * The Debtors, RAF, the Committee and the U.S. Trustee shall
    have 10 days ("Objection Period") after the presentation
    of a Fee  Statement in order to object, in whole
    or in part, to the fees and costs dealt with in the Fee
    Statement. In the event that no objections are received by
    CFO during the Objection Period, the Debtor shall be
    authorized to pay CFO the amount of any fees and costs
    covered by the applicable Fee Statement and CFO shall be
    entitled to receive and apply such funds against its approved
    fees and costs. In the event CFO receives an objection to its
    fees and costs during the Objection Period and the parties
    are unable to informally resolve such objection, the Debtors
    shall file a motion with the Court in order to resolve such
    objection. The parties to this stipulation agree that any
    hearing on such objection shall be proper if parties are
    provided no less than five days' notice of such hearing.
    In the event of an objection, CFO shall not pay itself or
    apply any funds it is holding to pay any fees and costs which
    are subject to such objection absent a stipulation between
    all of the parties hereto or an order from the Bankruptcy
    Court.

  * The Debtors may not pay and CFO shall not accept payment for
    any work performed by CFO for non-Debtor parties or
    affiliates of the Debtors. To the extent CFO performs work
    for non-Debtor parties or affiliates, CFO shall prepare
    separate billing statements for such work. These separate
    billing statements as well as evidence of the payment of such
    separate billing statements by the non-Debtor parties or
    affiliates shall be provided to RAF, the Committee and to the
    U.S. Trustee.

  * To the extent necessary, the U.S. Trustee and RAF
    withdraw their objections to the employment of CFO so long as
    the terms of this stipulation are complied with.

                      About Tatoes, LLC

Tatoes, LLC, Wahluke Produce, Inc., and Columbia Manufacturing,
Inc., are engaged in farming, packing, storing, and selling
potatoes, onions and wheat. Each of the Debtors filed Chapter 11
bankruptcy petitions (Bankr. E.D. Wash. Case Nos. 16-00900,
16-00899 and 16-00898, respectively) on March 21, 2016. Tatoes LLC
estimated assets and liabilities in the range of $10 million to $50
million. Wahluke Produce and Columbia Manufacturing estimated
assets in the range of $50 million to $100 million and liabilities
of up to $100 million. Bailey & Busey LLC serves as counsel to the
Debtors.


THERAPEUTICSMD INC: Submits New Drug Application for Yuvvexy
------------------------------------------------------------
TherapeuticsMD, Inc., has submitted its New Drug Application (NDA)
for Yuvvexy with the U.S. Food and Drug Administration (FDA).  The
NDA submission is supported by the complete Yuvvexy clinical
program, including positive results of the recently completed phase
3 Rejoice Trial.  The NDA submission includes all three doses of
Yuvvexy (4 mcg, 10 mcg and 25 mcg) that were evaluated in the
Rejoice Trial.

Yuvvexy, the conditionally-approved trade name for the company's
TX-004HR drug candidate, is an applicator-free, vaginal, estradiol
softgel capsule being proposed for the treatment of
moderate-to-severe vaginal pain during sexual intercourse
(dyspareunia), a symptom of vulvar and vaginal atrophy (VVA) due to
menopause.

                      About TherapeuticsMD

Boca Raton, Florida-based TherapeuticsMD, Inc. (OTC QB: TXMD) is a
women's healthcare product company focused on creating and
commercializing products targeted exclusively for women.  The
Company currently manufactures and distributes branded and generic
prescription prenatal vitamins as well as over-the-counter
vitamins and cosmetics.  The Company is currently focused on
conducting the clinical trials necessary for regulatory approval
and commercialization of advanced hormone therapy pharmaceutical
products designed to alleviate the symptoms of and reduce the
health risks resulting from menopause-related hormone
deficiencies.

For the year ended Dec. 31, 2015, the Company reported a net loss
of $85.07 million on $20.1 million of net revenues compared to a
net loss of $54.2 million on $15.0 million of net revenues for the
year ended Dec. 31, 2014.

As of Dec. 31, 2015, the Company had $73.7 million in total assets,
$10.7 million in total liabilities, all current, and $63.1 million
in total stockholders' equity.


TRANS ENERGY: Incurs $19.6 Million Net Loss in 2015
---------------------------------------------------
Trans Energy, Inc., filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss of
$19.6 million on $12.4 million of total operating revenues for the
year ended Dec. 31, 2015, compared to a net loss of $12.5 million
on $27.2 million of total operating revenues for the year ended
Dec. 31, 2014.

As of Dec. 31, 2015, Trans Energy had $96.9 million in total
assets, $134 million in total liabilities and a total stockholders'
deficit of $36.99 million.

Maloney + Novotny LLC, in Cleveland, Ohio, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has generated
significant losses from operations and has a working capital
deficit of $116,998,273 at Dec. 31, 2015, which together raises
substantial doubt about the Company's ability to continue as a
going concern.

A full-text copy of the Form 10-K is available at:

                     https://is.gd/HWttYq

                      About Trans Energy

St. Mary's, West Virginia-based Trans Energy, Inc. (OTC BB: TENG)
-- http://www.transenergyinc.com/-- is an independent energy
company engaged in the acquisition, exploration, development,
exploitation and production of oil and natural gas.  Its
operations are presently focused in the State of West Virginia.


TRANSOCEAN INC: Fitch Affirms 'B+' IDR, Outlook Remains Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Transocean Inc.'s (Transocean; NYSE:
RIG) Long-Term Issuer Default Rating at 'B+'.  In addition, Fitch
expects to rate the company's senior unsecured guaranteed notes
'BB'/'RR2' and has downgraded the senior unsecured notes to
'B'/'RR5' from 'B+'/'RR4'.  The rating outlook remains negative.

Approximately $8.3 billion of debt, excluding the outstanding
Eksportfinans loans, is affected by today's rating actions.

The issue level rating actions consider the structural seniority of
the proposed senior unsecured guaranteed notes given the guarantee
by Transocean Ltd. and Transocean Inc. subsidiaries that indirectly
own substantially all of the group assets, as well as execution of
the announced debt tender.  Issuance of the proposed senior
unsecured guaranteed notes will unfavorably impact recoveries at
the unsecured level, which is reflected in today's downgrade of the
existing senior unsecured notes.  Fitch recognizes that the company
may issue secured debt in the future that further subordinates
existing debt classes which could result in additional rating
actions.  The company, as defined in its indenture, could incur
secured debt of up to 10% of Consolidated Net Tangible Assets.  For
the most recent fiscal quarter, the maximum allowed secured debt
capital under this covenant would be approximately $2.3 billion.

The Negative Outlook considers the heightened offshore rig
re-contracting risk and potential for a deeper and longer than
previously forecast offshore drilling downcycle.  Fitch continues
to estimate the recovery inflection point to be the second half of
2018 but understands this may change given the evolving hydrocarbon
pricing environment, rig oversupply cycle, and offshore E&P
spending trends.  Fitch anticipates an uptick in rig tendering
activity will lag supportive oil & gas price levels (estimated at
$65 - $70/barrel for deepwater) by at least six to 12 months.
Customer preference towards larger, established drillers could lead
to somewhat higher utilization rates for Transocean relative to
peers.  Day rates, however, are anticipated to remain challenged
and range-bound reflecting the market imbalance and economics
required to put stacked rigs to work.

Transocean has undertaken numerous actions to manage its credit
profile to-date including the early retirement of debt, eliminating
the dividend, deferring uncontracted newbuild deliveries,
proactively rationalizing uneconomic rigs (announced 25 scrapped or
held for sale, about 50% of industry total), reducing operating
costs, increasing rig uptime, and mitigating Macondo-related credit
risks.  Fitch expects the company to exhibit a near neutral free
cash flow (FCF) profile in 2016, as well as continue to retire debt
and maintain adequate liquidity over the next couple of years.
This should help the company improve its near-term capital
structure, but the declining cash flow and evolving asset profiles
remain credit concerns.

                        KEY RATING DRIVERS

Transocean's ratings are supported by its market position as one of
the largest global offshore drillers with a strong backlog ($14.6
billion as of April 21, 2016,) and floater-focused rig fleet
largely contracted with financially stronger international oil
companies.  The company's high-grading and margin improvement
efforts and adequate near-term financial flexibility, including
that afforded by the deferral of approximately $1.2 billion in
uncontracted newbuild capex payments until 2020, also support the
rating.  These considerations are offset by the company's continued
need to generate and conserve liquidity given the weak offshore rig
market outlook, unfavorable capital market conditions, heightened
maturities profile, and contracted newbuild capex commitments.

Fitch views management's proactive financial management as
favorable.  While the proposed issuance will structurally
subordinate the existing unsecured notes, we note that the proceeds
will be used to help improve the company's maturity and liquidity
profiles during a challenged offshore drilling cycle. The proposed
issuance and debt tender, if executed, should also help alleviate
bank concerns heading into credit facility negotiations over the
next couple of years.

Fitch believes the company's current (Fitch calculated year-ended
2015 debt/EBITDA of 1.9x) and near-term leverage profile are
consistent with a higher rating.  However, Fitch forecasts leverage
metrics could exceed through-the-cycle levels over the rating
horizon as current contract coverage declines meaningfully in 2017
with re-contracting risk elevated in this very weak market
environment.

NEAR NEUTRAL FCF PROFILE; LEVERAGE METRICS RISING

Fitch's base case projects that Transocean, excluding cash flows to
non-controlling interests, will have a near neutral-to-moderately
negative FCF profile in 2016 and 2017.  Fitch's base case results
in consolidated debt/EBITDA, excluding cash-collateralized
Eksportfinans loans, of 4.2x and 6.0x in 2016 and 2017,
respectively.  The increase in leverage metrics since Fitch's
review in May 2016 is principally related to the addition of gross
debt, while considering the realization of some principal discount
from the tender offer.

KEY ASSUMPTIONS

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

   -- Brent oil price that trends up from $35/barrel in 2016 to a
      longer-term price of $65/barrel;
   -- Current contracted backlog is forecast to remain intact with

      no renegotiations contemplated;
   -- Market day rates assumed to be $275,000 for higher-
      specification ultra-deepwater rigs with other rig classes
      seeing similarly steep price discounts;
   -- Fleet composition considers announced rig retirements and
      attempts to adjust for uncompetitive rigs due to their
      technological obsolescence, undifferentiated market
      position, or cost-prohibitive through-the-cycle economics;
   -- Capital expenditures consistent with company guidance of
      approximately $1.5 billion in 2016 with spending levels
      thereafter largely based on the current newbuild delivery
      schedule;
   -- No Transocean Partners LLC (NYSE: RIGP) dropdowns or other
      related funding activity;
   -- Issuance of $1.5 billion in senior unsecured guaranteed
      notes and execution of the debt tender.

                       RATING SENSITIVITIES

Positive: No positive rating actions are currently contemplated
over the near term given the weak offshore oilfield services
outlook.  However, future developments that may, individually or
collectively, lead to a positive rating action include:

For an upgrade to 'BB-':

   -- Demonstrated commitment by management to lower gross debt
      levels;
   -- Mid-cycle debt/EBITDA of below 5.0x on a sustained basis;
   -- Further progress in implementing the company's asset
      strategy to focus on the high-specification and ultra-
      deepwater markets.

To resolve the Negative Outlook at 'B+':

   -- Demonstrated ability to secure tenders that constructively
      contribute to the backlog and cash flows signaling the
      company's ability to manage the industry's re-contracting
      risk and bridge its financial profile through-the-cycle;
   -- Illustrated progress towards management's 2017 liquidity
      target of $4 billion - $5 billion, while repaying scheduled
      maturities;
   -- Mid-cycle debt/EBITDA of 5.0x-5.5x on a sustained basis.

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

   -- Failure to manage FCF, repay near-term maturities, and
      retain adequate liquidity over the next few years;
   -- Material, sustained declines in rig utilization and day
      rates signaling a heightened level of re-contracting and
      recovery risk;
   -- Mid-cycle debt/EBITDA around 6.0x on a sustained basis.

               ADEQUATE NEAR-TERM LIQUIDITY POSITION

Transocean had approximately $2.6 billion of cash and equivalents
as of March 31, 2016.  The company also had approximately $338
million in restricted cash investments associated with the required
cash collateralization of the outstanding Eksportfinans loans and
other contingent obligations.  Supplemental liquidity is provided
by the company's $3 billion senior unsecured revolving credit
facility due June 2019, including a $1 billion sublimit for letters
of credit.  The company had $3 billion in available borrowing
capacity on this facility as of March 31, 2016 with the ability to
request a $500 million upsizing of the facility, subject to
current, as well as any additional prospective, banks' willingness
to participate.  The company has the option to issue secured debt
to further improve its liquidity.

                  HEIGHTENED MATURITIES PROFILE

Transocean has annual senior notes maturities equal to $974
million, $568 million, and $1 billion between 2016 and 2018.  These
represent the company's 5.05% senior notes due December 2016, 2.5%
senior notes due October 2017, 6% senior notes due March 2018, and
7.375% senior notes due April 2018.  This excludes Eksportfinans
principal amortization that is cash-collateralized.

Management has been repurchasing debt in the open market over the
past three quarters with cash on hand in an effort to incrementally
improve near-term liquidity (majority of debt repurchases are
related to the 2016-2018 maturities) by capturing a par discount
(approximately $603 million in debt repurchased at a cost of $557
million) and reducing interest payments (aggregate interest savings
of about $105 million through maturity).  Fitch continues to
forecast that the company can largely retire the scheduled
near-term maturities with cash-on-hand and FCF.

Transocean, as provided in its bank credit agreement, is subject to
a maximum debt-to-tangible capitalization ratio of 0.6x (0.35x as
of March 31, 2016), excluding intangible asset impairments and
certain other items.  Other customary covenants consist of lien
limitations and transaction restrictions.

                   MANAGEABLE OTHER LIABILITIES

Transocean maintains several defined benefit pension plans, both
funded and unfunded, in the U.S. and abroad.  As of Dec. 31, 2015,
the company's funded status was negative $388 million.  Fitch
considers the level of pension obligations to be manageable, on a
mid-cycle basis, and the U.S. benefits freeze helps to alleviate
any future pension-related credit risks.  Other contingent
obligations primarily comprise purchase commitments totalling
approximately $3 billion on a multi-year, undiscounted basis as of
Dec. 31, 2015.

FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Transocean Inc.

   -- Long-Term IDR affirmed at 'B+';
   -- Senior unsecured guaranteed notes expect to rate 'BB'/'RR2';

   -- Senior unsecured notes/debentures downgraded to 'B'/'RR5'
      from 'B+'/'RR4';
   -- Senior unsecured bank facility downgraded to 'B'/'RR5' from
      'B+'/'RR4'.

Global Santa Fe Inc.

   -- Long-Term IDR affirmed at 'B+';
   -- Senior unsecured notes downgraded to 'B'/RR5 from 'B+'/RR4.

The Rating Outlook remains Negative.


TRINET HR: Moody's Assigns B1 Rating to New Bank Debt
-----------------------------------------------------
Moody's Investors Service assigned a B1 rating to TriNet HR
Corporation's proposed incremental $135 million tranche of term
loan A, which will be used to refinance the company's outstanding
term loan B. The B1 Corporate Family Rating ("CFR"), B1-PD
Probability of Default Rating ("PDR"), and B1 ratings on the
existing secured credit facility are unaffected. The additional
term loan A debt will be governed by the same terms as the existing
bank debt due in 2019. Upon closing of the refinancing transaction,
the ratings on the retired term loan B will be withdrawn. The
ratings outlook is stable.

Moody's assigned the following rating:

  $135 million Senior Secured Term Loan A due 2019 -- B1 (LGD3)

RATINGS RATIONALE

The B1 CFR reflects TriNet's high leverage and limited scale
relative to Professional Employer Organization ("PEO") industry
leader Automatic Data Processing (through its TotalSource division)
as well as traditional payroll processors such as Ceridian and
Paychex (which also has a PEO operation). The industry is highly
competitive with relatively low barriers to entry. The rating also
considers the risks related to the considerable turnover in
TriNet's core small and medium-sized business customer base.
However, the uncertainties associated with the company's credit
profile are partially offset by the business visibility provided by
TriNet's recurring revenue model and consistent net customer growth
trends which have helped the company improve its market presence
and generate net service revenue growth of nearly 8% in 2015. This
top-line expansion, coupled with modest capital expenditures, has
also supported TriNet's healthy free cash flow ("FCF") production
which should approach 20% of total debt (Moody's adjusted) over the
next year while debt to EBITDA (Moody's adjusted) declines into the
low 3x range.

Moody's believes TriNet's liquidity will be very good over the next
year, as indicated by the SGL-1 speculative grade liquidity rating.
Liquidity will be supported by $196 million of cash on TriNet's
balance sheet (excluding restricted cash) as of March 31, 2016,
nearly $60 million of revolver availability, and Moody's
expectation of FCF in excess of $100 million over the next year.
TriNet's refinancing of the term loan B further bolsters the
company's liquidity by extending the maturity of approximately $135
million of debt by two years to July 2019. Borrowings under the
credit facility are subject to financial covenants including a
consolidated interest coverage ratio of at least 3.50 to 1.00 and a
maximum leverage ratio test which currently stands at 4.25x and is
scheduled to step down to 3.75x in early 2017. Moody's expects
TriNet to remain in compliance with these covenants over the next
12-18 months.

The stable ratings outlook reflects Moody's projection for net
services sales growth in excess of 10% over the next year, driven
by net new clients additions, pricing increases, and expanding
payrolls of existing clients. This enhanced scale should also
produce modest improvement in profit margins and free cash flow
("FCF") as well as slightly reduce debt to EBITDA (Moody's
adjusted) to the low 3x range during this period.

What Could Change the Rating -- Up

The ratings could be upgraded if Moody's believes that TriNet is
increasing market share and reducing annual client attrition.
Furthermore, Moody's would expect absolute debt reduction of at
least 10% per year in addition to EBITDA growth such that the ratio
of debt to EBITDA (Moody's adjusted) will be maintained below 3x.

What Could Change the Rating -- Down

The ratings could be downgraded if Moody's believes that TriNet is
losing market share or that client attrition is materially
increasing. Indications of operational difficulties, as evidenced
by operating margins declining below the low teens percent level,
could also pressure the rating. The rating could be lowered if
TriNet engages in further shareholder-friendly actions prior to
meaningful deleveraging, or if Moody's expects that debt to EBITDA
(Moody's adjusted) will be sustained above 5x.

TriNet is a PEO which provides outsourced human resource functions,
including payroll, benefits acquisition, and regulatory compliance
management to small and mid-sized businesses. Moody's expects
TriNet to generate net service revenues (net of insurance costs)
and FCF of more than $600 million and $100 million, respectively in
2016.


TRINET HR: S&P Assigns 'BB' Rating on Proposed $135MM Loan
----------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to TriNet
HR Corp.'s (a wholly owned subsidiary of TriNet Group Inc.)
proposed $135 million term loan A-2 due 2019.  The recovery rating
is '1', indicating S&P's expectations of very high (90%-100%)
recovery in the event of a payment default.  The company intends to
use the proceeds to refinance its existing $200 million ($135
million outstanding) term loan B due in 2017.  S&P will withdraw
the ratings on the term loan B upon repayment.

The offering will be leverage neutral, and TriNet will have roughly
$500 million in reported debt outstanding.  S&P estimates that, for
the 12 month ended March 31, 2016, the company's adjusted debt to
EBITDA was roughly 3.8x.  S&P expects the company will maintain
debt leverage below 4x during the next 12 to 24 months due to
continued growth in the professional services business and good
cash flow generation, given the increase in the outsourcing trend
of non-core business functions.

S&P's business risk assessment on TriNet reflect the company's
narrow product focus in the highly competitive and fragmented
professional employer organization (PEO) industry, its lack of
scale, and limited geographical diversity--with all revenues in the
U.S.  S&P believes TriNet has a solid market position within the
small- to medium-size business segment of the PEO industry, but
competes against companies that are larger and have more financial
wherewithal, such as Automatic Data Processing Inc.  The company
also competes against other smaller PEO players, such as Insperity
and Oasis.  Aside from PEOs, TriNet also competes against
companies' in-house human resources and local insurance brokers.
S&P believes TriNet is an effective competitor in this space and
has grown both organically and through acquisitions to over 12,000
clients spread across several verticals.  S&P also believes the
outsourcing trend of non-core business functions to PEO providers
will continue to grow, although the pace of growth will be slower
in the future because the environment will be challenging for small
business formation going forward.

RATINGS LIST

TriNet HR Corp.
Corporate credit rating                  B+/Stable/--

Rating Assigned
TriNet HR Corp.
Senior secured
  $135 mil. term loan A-2 due 2019        BB
    Recovery rating                       1


USA DISCOUNTERS: Plan Filing Period Extended to Sept. 20
--------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware, at the behest of USA Discounters, Ltd.,
et al., has extended the Debtors' plan filing period and
solicitation period through and including Sept. 20, 2016, and Nov.
18, 2016, respectively.

As reported by the Troubled Company Reporter on June 21, 2016,
Colorado regulators initiated litigation against USA Discounters in
Colorado state court in lieu of participating in the multi-state
attorney general investigation.  USA Discounters has reached a
settlement with the Colorado regulators, which settlement will be
memorialized in a proposed final consent judgment that fully
resolves the Colorado litigation.  The Debtors intend to file a
motion, to be heard at the July 20 omnibus hearing in these Cases,
seeking the Court's approval of the consent judgment under
Bankruptcy Rule 9019.  In the interim, pending the Court's
consideration of the terms of the settlement, the Colorado
litigation, which was formerly scheduled for trial to commence June
6, 2016, is being held in abeyance by the Colorado state court.

                    About USA Discounters

USA Discounters, Ltd., was founded in May 1991. In the City of
Norfolk, Virginia, under the name USA Furniture Discounters, Ltd.
It sold goods through two groups of stores -- one group of
specialty retail stores operating under the "USA Living" brand,
typically in standalone locations, and seven additional retail
stores operating under the "Fletcher's Jewelers" brand, typically
in major shopping malls.

USA Discounters, Ltd., and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11755) on
Aug. 24, 2015, to wind down the business.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys, and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.

USA Discounters Ltd. disclosed total assets of $97,490,455 plus an
undetermined amount and total liabilities of $63,011,206 plus an
undetermined amount.

The Official Committee of Unsecured Creditors is represented by
Kelly Drye & Warren LLP as lead counsel, Khler Harrison Harvey
Branzburg LLP as its Delaware co-counsel.  FTI Consulting, Inc.,
serves as its financial advisor.


VEROS ENERGY: Taps McDowell Knight as Insurance Counsel
-------------------------------------------------------
Veros Energy, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Alabama to hire McDowell Knight Roedder &
Sledge, LLC as its special counsel.

McDowell Knight will assist the Debtor in pursuing its claims
against G-Cube Insurance Company.  The firm will represent the
Debtor until a settlement or judgment is reached.

The Debtor proposes to compensate McDowell Knight on a contingency
fee basis.  The contingency fee to be paid will be a percentage of
the gross recovery, depending on the stage at which the settlement
or judgment is reached.

If the matter is resolved before formal initiation of proceedings
before the bankruptcy court to approve pursuing alternative dispute
resolution, an adversary proceeding or civil action, then McDowell
Knight's fee will be 20% of the gross recovery.  If the matter is
resolved, however, after formal initiation of proceedings, the
firm's fee will be 40% of the gross recovery.

McDowell Knight does not represent any interest adverse to the
Debtor or its bankruptcy estate, according to court filings.

The firm can be reached through:

     Richard M. Gaal
     McDowell Knight Roedder & Sledge, LLC
     11 North Water St., Ste. 13290 (36602)
     P.O. Box 350
     Mobile, Alabama 36601
     (251) 432-5300
     (251) 432-5303 (fax)
     rgaal@mcdowellknight.com

                        About Veros Energy

Veros Energy, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 15-70470) on April 6,
2015.


VERTELLUS SPECIALTIES: Committee Objects to Jefferies Hiring
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Vertellus
Specialties Inc. and its debtor-affiliates, filed a limited
objection with the U.S. Bankruptcy Court for the District of
Delaware to the Debtors' request to employ Jefferies LLC as
investment banker.

The Committee seeks:

   (a) certain clarifications to the Engagement Letter and
       application; and

   (b) certain modifications to the proposed Fee and Expense
       Structure that the Committee believes will allow a
       successful wind-down while also maximizing value to the
       Debtors' estates.

The Committee contends that the Application is unclear in many
instances, particularly with respect to those provisions of the
Application that supersede the Engagement Letter. Certain
provisions of the Engagement Letter must be revised to more
appropriately reflect the context and terms of the Stalking Horse
Agreement.

The Committee is represented by:

       Jeffrey R. Waxman, Esq.
       Eric J. Monzo, Esq.
       MORRIS JAMES LLP
       500 Delaware Avenue, Suite 1500
       P.O. Box 2306
       Wilmington, DE 19801-1494
       Tel: (302) 888-6800
       Fax: (302) 571-1750
       E-mail: jwaxman@morrisjames.com
               emonzo@morrisjames.com

          - and -

       Mark T. Power, Esq.
       Mark S. Indelicato, Esq.
       Janine M. Figueiredo, Esq.
       Joseph Orbach, Esq.
       HAHN & HESSEN LLP
       488 Madison Avenue
       New York, NY 10022
       Tel: (212) 478-7200
       Fax: (212) 478-7400
       E-mail: mpower@hahnhessen.com
               mindelicato@hahnhessen.com
               figueiredo@hahnhessen.com
               jorbach@hahnhessen.com

                      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 their assets at between $100 million and $500
million and debts at between $500 million and $1 billion.

The petitions were signed by Anne Frye, vice president, secretary
and general counsel.

The Official Committee of Unsecured Creditors of Vertellus
Specialties Inc., et al., has tapped Hahn & Hessen LLP as lead
counsel; Morris James LLP as co-counsel; and Zolfo Cooper, LLC as
its financial advisor.


VERTELLUS SPECIALTIES: Schedules Filing Deadline Moved to July 15
-----------------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware granted Vertellus Specialties, Inc., et
al., an additional 15 days -- for a total of 45 days -- from the
May 31, 2016 petition date, to file their schedules of assets and
liabilities, and statements of financial affairs.

As previously reported in the Troubled Company Reporter, the
Debtors stated that the scope and complexity of their businesses,
coupled with the limited time and resources available to the
Debtors to marshal the required information, necessitate an
extension of the deadline to file the Schedules.

The nature and scope of the Debtors' operations require them to
maintain voluminous records and intricate accounting systems. The
complexity and diversity of the Debtors' business, the limited
staff available to perform the required internal review of their
financial records and affairs, the numerous critical operational
matters that their staff and professionals are expected to have to
address in the early days of these chapter 11 cases, and the
pressure incident to the commencement of these chapter 11 cases
provide ample cause justifying, if not necessitating, an extension
of the deadline to file the Schedules.

                      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 their assets at between $100 million and $500
million and debts at between $500 million and $1 billion.

The petitions were signed by Anne Frye, vice president, secretary
and general counsel.

The Official Committee of Unsecured Creditors of Vertellus
Specialties Inc., et al., has tapped Hahn & Hessen LLP as lead
counsel; Morris James LLP as co-counsel; and Zolfo Cooper, LLC as
its financial advisor.


WESTERN ENERGY: Moody's Affirms Caa2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Western Energy Services'
Corporate Family Rating (CFR) at Caa2, its Probability of Default
Rating at Caa2-PD, and its senior unsecured rating at Caa3.
Western's speculative grade liquidity rating was raised to SGL-2
from SGL-3. The outlook remains stable.

Ratings Raised:

Issuer: Western Energy Services Corp.

-- Speculative Grade Liquidity Rating, Raised to SGL-2 from SGL-3

Outlook Actions:

Issuer: Western Energy Services Corp.

-- Outlook, Remains Stable

Affirmations:

Issuer: Western Energy Services Corp.

-- Probability of Default Rating, Affirmed Caa2-PD

-- Corporate Family Rating, Affirmed Caa2

-- Senior Unsecured Regular Bond/Debenture, Affirmed Caa3(LGD4
    from LGD5)

RATINGS RATIONALE

Western's Caa2 Corporate Family Rating (CFR) reflects expected high
leverage (20x in 2016 and 2017x) and weak interest coverage (0.5x
in 2016 and 2017), driven by its concentration and exposure to the
weak North American land drilling market. A significant portion of
the fleet is uncontracted and Western will be challenged in a very
limited and competitive spot market. The rating also considers
Western's high quality assets and good liquidity.

Western Energy's SGL-2 liquidity rating reflects good liquidity. As
of March 31, 2016, Western had C$50 million of cash and full
availability under its C$40 million revolving credit facility due
December 2018, while Moody's expects negative free cash flow of
about C$25 million for the 15 month period from March 31, 2016 to
June 30, 2017, and there are no debt maturities until 2019. Moody's
also expects Western to remain in compliance with its three
financial covenants through this period. Alternate liquidity is
limited given that substantially all of the company's assets are
pledged under the revolver and there is limited market interest in
land drilling rigs currently.

In accordance with Moody's Loss Given Default (LGD) Methodology,
the suggested rating for the C$265 million senior unsecured notes
is Caa2 because of the now-reduced amount of the priority ranking
revolver (reduced from $195 million to $50 million). However,
Moody's views the Caa3 rating on the senior unsecured notes as more
appropriate based on a lower recovery due to the distressed value
of land drilling assets.

The stable outlook reflects Moody's expectation that company will
maintain good liquidity.

The rating could be downgraded if Western's liquidity profile
weakened.

The rating could be upgraded if Western's EBITDA to interest
improves to 1.5x, with continuing good liquidity.

Western Energy Services Corp., based in Calgary, Alberta, provides
land drilling services, well servicing and oilfield rental
equipment to North American exploration and production companies.


WHISTLER ENERGY: Committee Opposes Bid to Hire TDF Partners
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Whistler Energy
II, L.L.C., filed with the U.S. Bankruptcy Court for the Eastern
District of Louisiana its objection to the request of Whistler
Energy II, L.L.C. to employ TDF Partners and designate Richard
DiMichelle as Chief Restructuring Officer to the Debtor.  The
Committee contends that:

     1. the proposed scope of TDF and DiMichelle's employment is
inconsistent with and may be in direct conflict with the proposed
continued employment of Messrs. Wichert, Carver, and Hunter
pursuant to the Debtor's separate Motion for Authority to Approve
Key Employee Incentive Program ("KEIP Motion"). The application
should be denied if the Debtor cannot clarify and resolve the
inconsistencies and conflicts implicit between the application and
the KEIP Motion.

     2. there is no justification offered for employment of TDF and
DiMichelle pursuant to Section 363 rather than Section 327.

     3. even if the so-called Jay Alix Protocol were sufficient
legal authority for the employment, the application does not
actually comply with the Jay Alix Protocol.

     4. the application should be denied unless there is compliance
with Section 327 and the employment is further conditioned upon
compliance with Sections 330 and 331.

[The Jay Alix Protocol is the name given to an agreement between
the United States Trustee for the District of Delaware and Jay Alix
& Associates in the Safety-Kleen Corp. bankruptcy case which
concerns the role of financial advisors acting as both financial
advisors and crisis managers in the same case.  The Protocol
recognizes that there is an inherent conflict between an advisor's
duty to a debtor and its own business interests where the a dvisory
firm serves as both a financial advisor
retained under Section 327 of the Bankruptcy Code and as a crisis
manager and where the advisory firm's staff serve as officers of
the debtor corporation.  The Jay Alix Protocol precludes an
advisory firm from acting in both capacities in a single bankruptcy
case because of this conflict.]

The Official Committee of Unsecured Creditors is represented by:

     Stewart F. Peck, Esq.
     Christopher T. Caplinger, Esq.
     Benjamin W. Kadden, Esq.
     Joseph P. Briggett, Esq.
     Erin R. Rosenberg, Esq.
     LUGENBUHL WHEATON PECK RANKIN & HUBBARD
     601 Poydras Street, Suite 2775
     New Orleans, LA 70130
     Tel: (504) 568-1990
     Fax: (504) 310-9195
     E-mail: speck@lawla.com
             ccaplinger@lawla.com
             bkadden@lawla.com
             jbriggett@lawla.com
             erosenberg@lawla.com

                     About Whistler Energy

Whistler Energy II, LLC, based in Houston, TX, filed a Chapter 11
petition (Bankr. E.D. La. Case No. 16-10661) on March 24, 2016. The
Hon. Jerry A. Brown presides over the case. Stewart F. Peck, Esq.,
as bankruptcy counsel.


[^] BOND PRICING: For the Week from July 4 to 8, 2016
-----------------------------------------------------
  Company                 Ticker Coupon Bid Price   Maturity
  -------                 ------ ------ ---------   --------
A. M. Castle & Co         CAS     12.750    75.400 12/15/2016
A. M. Castle & Co         CAS      7.000    46.250 12/15/2017
ACE Cash Express Inc      AACE    11.000    44.625   2/1/2019
ACE Cash Express Inc      AACE    11.000    44.625   2/1/2019
Affinion Group Inc        AFFINI   7.875    47.050 12/15/2018
Affinion Investments LLC  AFFINI  13.500    52.500  8/15/2018
Alpha Appalachia
  Holdings Inc            ANR      3.250     1.000   8/1/2015
Alpha Natural
  Resources Inc           ANR      6.000     0.391   6/1/2019
Alpha Natural
  Resources Inc           ANR      6.250     0.450   6/1/2021
Alpha Natural
  Resources Inc           ANR      7.500     1.000   8/1/2020
Alpha Natural
  Resources Inc           ANR      4.875     0.510 12/15/2020
Alpha Natural
  Resources Inc           ANR      7.500     4.670   8/1/2020
Alpha Natural
  Resources Inc           ANR      7.500     1.000   8/1/2020
American Eagle
  Energy Corp             AMZG    11.000    14.000   9/1/2019
American Eagle
  Energy Corp             AMZG    11.000    12.500   9/1/2019
American Gilsonite Co     AMEGIL  11.500    60.500   9/1/2017
American Gilsonite Co     AMEGIL  11.500    60.125   9/1/2017
Amyris Inc                AMRS     6.500    27.500  5/15/2019
Arch Coal Inc             ACI      7.000     1.688  6/15/2019
Arch Coal Inc             ACI      7.250     1.875  6/15/2021
Arch Coal Inc             ACI      9.875     1.875  6/15/2019
Arch Coal Inc             ACI      8.000     1.875  1/15/2019
Arch Coal Inc             ACI      7.250     1.875  10/1/2020
Arch Coal Inc             ACI      8.000     2.067  1/15/2019
Armstrong Energy Inc      ARMS    11.750    45.150 12/15/2019
Armstrong Energy Inc      ARMS    11.750    39.000 12/15/2019
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp            ARP      7.750     9.050  1/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp            ARP      9.250    11.833  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp            ARP      9.250    12.125  8/15/2021
Atlas Energy Holdings
  Operating Co LLC /
  Atlas Resource
  Finance Corp            ARP      9.250    12.125  8/15/2021
Aurora Diagnostics
  Holdings LLC /
  Aurora Diagnostics
  Financing Inc           ARDX    10.750    79.997  1/15/2018
Avaya Inc                 AVYA    10.500    24.000   3/1/2021
Avaya Inc                 AVYA    10.500    24.500   3/1/2021
BPZ Resources Inc         BPZR     6.500     1.500   3/1/2015
BPZ Resources Inc         BPZR     6.500     2.505   3/1/2049
Basic Energy
  Services Inc            BAS      7.750    38.307  2/15/2019
Berry Petroleum Co LLC    LINE     6.750    33.750  11/1/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance
  Corp                    BBEP     7.875    23.500  4/15/2022
BreitBurn Energy
  Partners LP /
  BreitBurn Finance
  Corp                    BBEP     8.625    23.250 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance
  Corp                    BBEP     8.625    22.875 10/15/2020
BreitBurn Energy
  Partners LP /
  BreitBurn Finance
  Corp                    BBEP     8.625    22.875 10/15/2020
CNG Holdings Inc          CNGHLD   9.375    51.500  5/15/2020
Caesars Entertainment
  Operating Co Inc        CZR     10.000    40.250 12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     12.750    42.500  4/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.000    40.750 12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR      5.750    35.000  10/1/2017
Caesars Entertainment
  Operating Co Inc        CZR      5.750    12.250  10/1/2017
Caesars Entertainment
  Operating Co Inc        CZR     10.000    39.750 12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.000    39.750 12/15/2018
Caesars Entertainment
  Operating Co Inc        CZR     10.000    40.125 12/15/2018
Cenveo Corp               CVO      7.000    96.000  5/15/2017
Chassix Holdings Inc      CHASSX  10.000     8.000 12/15/2018
Chassix Holdings Inc      CHASSX  10.000     8.000 12/15/2018
Claire's Stores Inc       CLE      8.875    30.000  3/15/2019
Claire's Stores Inc       CLE      7.750    13.750   6/1/2020
Claire's Stores Inc       CLE     10.500    53.743   6/1/2017
Claire's Stores Inc       CLE      7.750    17.750   6/1/2020
Clean Energy Fuels Corp   CLNE     7.500    90.049  8/30/2016
Community Choice
  Financial Inc           CCFI    10.750    41.042   5/1/2019
Comstock Resources Inc    CRK      7.750    43.800   4/1/2019
Comstock Resources Inc    CRK      9.500    43.500  6/15/2020
Creditcorp                CRECOR  12.000    40.250  7/15/2018
Creditcorp                CRECOR  12.000    39.750  7/15/2018
Cumulus Media
  Holdings Inc            CMLS     7.750    47.030   5/1/2019
EPL Oil & Gas Inc         EXXI     8.250     9.500  2/15/2018
EXCO Resources Inc        XCO      8.500    30.250  4/15/2022
EXCO Resources Inc        XCO      7.500    37.000  9/15/2018
Eagle Rock Energy
  Partners LP / Eagle
  Rock Energy
  Finance Corp            EROC     8.375    32.760   6/1/2019
Endeavour
  International Corp      END     12.000     1.000   6/1/2018
Energy & Exploration
  Partners Inc            ENEXPR   8.000     1.970   7/1/2019
Energy & Exploration
  Partners Inc            ENEXPR   8.000     1.970   7/1/2019
Energy Conversion
  Devices Inc             ENER     3.000     7.875  6/15/2013
Energy Future
  Holdings Corp           TXU     11.250    49.375  11/1/2017
Energy Future
  Holdings Corp           TXU     10.875    49.375  11/1/2017
Energy Future
  Holdings Corp           TXU      9.750    20.000 10/15/2019
Energy Future
  Holdings Corp           TXU     10.875    49.375  11/1/2017
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc        TXU     10.000     1.000  12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc        TXU     10.000     3.000  12/1/2020
Energy Future
  Intermediate
  Holding Co LLC /
  EFIH Finance Inc        TXU      9.750    10.550 10/15/2019
Energy Future
  Intermediate Holding
  Co LLC / EFIH
  Finance Inc             TXU      6.875     2.736  8/15/2017
Energy XXI Gulf
  Coast Inc               EXXI    11.000    40.500  3/15/2020
Energy XXI Gulf
  Coast Inc               EXXI     9.250    11.500 12/15/2017
Energy XXI Gulf
  Coast Inc               EXXI     7.500    10.375 12/15/2021
Energy XXI Gulf
  Coast Inc               EXXI     7.750     8.438  6/15/2019
Energy XXI Gulf
  Coast Inc               EXXI     6.875    11.500  3/15/2024
FBOP Corp                 FBOPCP  10.000     1.843  1/15/2009
FXCM Inc                  FXCM     2.250    34.750  6/15/2018
FairPoint
  Communications Inc/Old  FRP     13.125     1.879   4/2/2018
Federal Farm
  Credit Banks            FFCB     0.750    99.540  5/30/2017
Fleetwood
  Enterprises Inc         FLTW    14.000     3.557 12/15/2011
Forbes Energy
  Services Ltd            FES      9.000    43.780  6/15/2019
Gibson Brands Inc         GIBSON   8.875    55.750   8/1/2018
Gibson Brands Inc         GIBSON   8.875    52.250   8/1/2018
Gibson Brands Inc         GIBSON   8.875    55.500   8/1/2018
Goodman Networks Inc      GOODNT  12.125    42.000   7/1/2018
Halcon Resources Corp     HKUS     9.750    22.500  7/15/2020
Halcon Resources Corp     HKUS     8.875    19.000  5/15/2021
Halcon Resources Corp     HKUS     9.250    22.750  2/15/2022
Horsehead Holding Corp    ZINC     3.800     1.750   7/1/2017
Horsehead Holding Corp    ZINC     9.000    20.250   6/1/2017
ION Geophysical Corp      IO       8.125    59.000  5/15/2018
Illinois Power
  Generating Co           DYN      7.000    31.100  4/15/2018
Illinois Power
  Generating Co           DYN      6.300    36.500   4/1/2020
Iracore International
  Holdings Inc            IRACOR   9.500    59.125   6/1/2018
Iracore International
  Holdings Inc            IRACOR   9.500    59.125   6/1/2018
IronGate Energy
  Services LLC            IRONGT  11.000    24.000   7/1/2018
IronGate Energy
  Services LLC            IRONGT  11.000    24.000   7/1/2018
IronGate Energy
  Services LLC            IRONGT  11.000    24.000   7/1/2018
IronGate Energy
  Services LLC            IRONGT  11.000    24.000   7/1/2018
Las Vegas Monorail Co     LASVMC   5.500     3.868  7/15/2019
Lehman Brothers
  Holdings Inc            LEH      5.000     3.505   2/7/2009
Lehman Brothers
  Holdings Inc            LEH      1.600     3.505  11/5/2011
Lehman Brothers
  Holdings Inc            LEH      2.070     3.505  6/15/2009
Lehman Brothers
  Holdings Inc            LEH      1.383     3.505  6/15/2009
Lehman Brothers
  Holdings Inc            LEH      2.000     3.505   3/3/2009
Lehman Brothers
  Holdings Inc            LEH      1.500     3.505  3/29/2013
Lehman Brothers
  Holdings Inc            LEH      4.000     3.505  4/30/2009
Lehman Brothers Inc       LEH      7.500     1.226   8/1/2026
Liberty Interactive LLC   LINTA    1.000    86.280  9/30/2043
Linc USA GP / Linc
  Energy Finance USA Inc  LNCAU    9.625    22.250 10/31/2017
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     8.625    17.000  4/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp     LINE    12.000    36.250 12/15/2020
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     6.500    17.375  5/15/2019
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     6.250    17.500  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     7.750    17.500   2/1/2021
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     6.500    17.500  9/15/2021
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     6.250    84.000  11/1/2019
Linn Energy LLC / Linn
  Energy Finance Corp     LINE     6.250    16.875  11/1/2019
Logan's Roadhouse Inc     LGNS    10.750     5.850 10/15/2017
Lonestar Resources
  America Inc             LNRAU    8.750    38.000  4/15/2019
Lonestar Resources
  America Inc             LNRAU    8.750    38.000  4/15/2019
MF Global Holdings Ltd    MF       3.375    20.250   8/1/2018
MF Global Holdings Ltd    MF       9.000    20.250  6/20/2038
MModal Inc                MODL    10.750    10.125  8/15/2020
Magnetation LLC / Mag
  Finance Corp            MAGNTN  11.000     8.000  5/15/2018
Magnetation LLC / Mag
  Finance Corp            MAGNTN  11.000     8.000  5/15/2018
Magnetation LLC / Mag
  Finance Corp            MAGNTN  11.000     8.000  5/15/2018
Mashantucket Western
  Pequot Tribe            MASHTU   7.350    13.250   7/1/2026
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC        MPO     10.750     0.750  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC        MPO      9.250     1.125   6/1/2021
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC        MPO     12.000     9.000   6/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC        MPO     10.750    96.250  10/1/2020
Midstates Petroleum
  Co Inc / Midstates
  Petroleum Co LLC        MPO     10.750     1.901  10/1/2020
Modular Space Corp        MODSPA  10.250    49.000  1/31/2019
Modular Space Corp        MODSPA  10.250    48.750  1/31/2019
Murray Energy Corp        MURREN  11.250    27.125  4/15/2021
Murray Energy Corp        MURREN   9.500    27.000  12/5/2020
Murray Energy Corp        MURREN  11.250    27.000  4/15/2021
Murray Energy Corp        MURREN   9.500    27.000  12/5/2020
New Gulf Resources LLC/
  NGR Finance Corp        NGREFN  12.250     3.031  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp        NGREFN  12.250     3.031  5/15/2019
New Gulf Resources LLC/
  NGR Finance Corp        NGREFN  12.250     2.851  5/15/2019
Nine West Holdings Inc    JNY      8.250    17.500  3/15/2019
Nine West Holdings Inc    JNY      6.875    19.450  3/15/2019
Nine West Holdings Inc    JNY      8.250    17.500  3/15/2019
Noranda Aluminum
  Acquisition Corp        NOR     11.000     0.500   6/1/2019
Nuverra Environmental
  Solutions Inc           NESC     9.875    37.300  4/15/2018
OMX Timber Finance
  Investments II LLC      OMX      5.540    12.750  1/29/2020
Optima Specialty
  Steel Inc               OPTSTL  12.500    80.000 12/15/2016
Optima Specialty
  Steel Inc               OPTSTL  12.500    70.500 12/15/2016
Peabody Energy Corp       BTU      6.000    12.254 11/15/2018
Peabody Energy Corp       BTU      6.500    12.960  9/15/2020
Peabody Energy Corp       BTU      6.250    12.400 11/15/2021
Peabody Energy Corp       BTU     10.000    13.125  3/15/2022
Peabody Energy Corp       BTU      4.750     0.750 12/15/2041
Peabody Energy Corp       BTU      7.875    12.532  11/1/2026
Peabody Energy Corp       BTU     10.000    15.595  3/15/2022
Peabody Energy Corp       BTU      6.000    17.250 11/15/2018
Peabody Energy Corp       BTU      6.250    13.125 11/15/2021
Peabody Energy Corp       BTU      6.000    12.875 11/15/2018
Peabody Energy Corp       BTU      6.250    13.125 11/15/2021
Penn Virginia Corp        PVAH     7.250    33.982  4/15/2019
Penn Virginia Corp        PVAH     8.500    38.000   5/1/2020
Permian Holdings Inc      PRMIAN  10.500    29.500  1/15/2018
Permian Holdings Inc      PRMIAN  10.500    29.500  1/15/2018
Pernix Therapeutics
  Holdings Inc            PTX      4.250    22.625   4/1/2021
Pernix Therapeutics
  Holdings Inc            PTX      4.250    19.971   4/1/2021
PetroQuest Energy Inc     PQ      10.000    51.125   9/1/2017
Prospect Holding
  Co LLC / Prospect
  Holding Finance Co      PRSPCT  10.250    39.609  10/1/2018
Prospect Holding
  Co LLC / Prospect
  Holding Finance Co      PRSPCT  10.250    39.609  10/1/2018
Quicksilver
  Resources Inc           KWKA     9.125     2.800  8/15/2019
Quicksilver
  Resources Inc           KWKA    11.000     2.920   7/1/2021
Rex Energy Corp           REXX     8.875    27.000  12/1/2020
Rex Energy Corp           REXX     6.250    20.875   8/1/2022
Rolta LLC                 RLTAIN  10.750    18.750  5/16/2018
SAExploration
  Holdings Inc            SAEX    10.000    47.000  7/15/2019
SFX Entertainment Inc     SFXE     9.625     1.500   2/1/2019
SFX Entertainment Inc     SFXE     9.625     1.016   2/1/2019
SFX Entertainment Inc     SFXE     9.625     1.016   2/1/2019
SFX Entertainment Inc     SFXE     9.625     1.016   2/1/2019
Sabine Oil & Gas Corp     SOGC     7.250     2.000  6/15/2019
Sabine Oil & Gas Corp     SOGC     7.500     2.000  9/15/2020
Sabine Oil & Gas Corp     SOGC     7.500     0.774  9/15/2020
Sabine Oil & Gas Corp     SOGC     7.500     0.774  9/15/2020
Samson Investment Co      SAIVST   9.750     2.000  2/15/2020
SandRidge Energy Inc      SD       8.750    39.250   6/1/2020
SandRidge Energy Inc      SD       8.750     5.750  1/15/2020
SandRidge Energy Inc      SD       7.500     6.375  3/15/2021
SandRidge Energy Inc      SD       7.500     6.688  2/15/2023
SandRidge Energy Inc      SD       8.125     6.500 10/15/2022
SandRidge Energy Inc      SD       8.750    42.500   6/1/2020
SandRidge Energy Inc      SD       8.125     4.176 10/16/2022
SandRidge Energy Inc      SD       7.500     5.151  2/16/2023
SandRidge Energy Inc      SD       7.500     6.250  3/15/2021
SandRidge Energy Inc      SD       7.500     6.250  3/15/2021
Sequa Corp                SQA      7.000    27.000 12/15/2017
Sequa Corp                SQA      7.000    25.125 12/15/2017
Sequenom Inc              SQNM     5.000    59.500   1/1/2018
Sequenom Inc              SQNM     5.000    59.250  10/1/2017
Seventy Seven Energy Inc  SSEI     6.500     6.875  7/15/2022
Sidewinder Drilling Inc   SIDDRI   9.750     6.125 11/15/2019
Sidewinder Drilling Inc   SIDDRI   9.750     6.125 11/15/2019
Speedy Cash Intermediate
  Holdings Corp           SPEEDY  10.750    60.250  5/15/2018
Speedy Cash Intermediate
  Holdings Corp           SPEEDY  10.750    59.875  5/15/2018
Speedy Cash Intermediate
  Holdings Corp           SPEEDY  10.750    63.250  5/15/2018
Speedy Cash Intermediate
  Holdings Corp           SPEEDY  10.750    59.875  5/15/2018
Speedy Group
  Holdings Corp           SPEEDY  12.000    33.500 11/15/2017
Speedy Group
  Holdings Corp           SPEEDY  12.000    33.125 11/15/2017
SquareTwo Financial Corp  SQRTW   11.625    12.000   4/1/2017
Stone Energy Corp         SGY      1.750    48.000   3/1/2017
SunEdison Inc             SUNE     5.000    23.000   7/2/2018
SunEdison Inc             SUNE     2.000     6.600  10/1/2018
SunEdison Inc             SUNE     2.750     4.000   1/1/2021
SunEdison Inc             SUNE     0.250     4.500  1/15/2020
SunEdison Inc             SUNE     2.375     5.000  4/15/2022
SunEdison Inc             SUNE     2.625     6.000   6/1/2023
SunEdison Inc             SUNE     3.375     5.000   6/1/2025
Syniverse Holdings Inc    SVR      9.125    50.000  1/15/2019
TMST Inc                  THMR     8.000    14.000  5/15/2013
Talos Production LLC /
  Talos Production
  Finance Inc             TALPRO   9.750    33.250  2/15/2018
Talos Production LLC /
  Talos Production
  Finance Inc             TALPRO   9.750    33.250  2/15/2018
TerraVia Holdings Inc     TVIA     6.000    58.000   2/1/2018
Terrestar Networks Inc    TSTR     6.500    10.000  6/15/2014
TetraLogic
  Pharmaceuticals Corp    TLOG     8.000    25.106  6/15/2019
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     11.500    33.750  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     10.250     6.400  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     15.000     6.200   4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     11.500    34.500  10/1/2020
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     10.250     6.400  11/1/2015
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     15.000     6.210   4/1/2021
Texas Competitive
  Electric Holdings
  Co LLC / TCEH
  Finance Inc             TXU     10.250     6.375  11/1/2015
Triangle USA
  Petroleum Corp          TPLM     6.750    22.489  7/15/2022
Triangle USA
  Petroleum Corp          TPLM     6.750    22.250  7/15/2022
UCI International LLC     UCII     8.625    22.750  2/15/2019
Vanguard Natural
  Resources LLC /
  VNR Finance Corp        VNR      7.875    36.500   4/1/2020
Venoco Inc                VQ       8.875     3.100  2/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc   VRS     11.750    17.000  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc   VRS     11.750    17.125  1/15/2019
Verso Paper Holdings
  LLC / Verso Paper Inc   VRS     11.750    17.125  1/15/2019
Violin Memory Inc         VMEM     4.250    42.000  10/1/2019
W&T Offshore Inc          WTI      8.500    26.750  6/15/2019
Walter Energy Inc         WLTG     9.500    15.875 10/15/2019
Walter Energy Inc         WLTG     9.500    15.875 10/15/2019
Walter Energy Inc         WLTG     9.500    15.875 10/15/2019
Walter Energy Inc         WLTG     9.500    15.875 10/15/2019
Walter Investment
  Management Corp         WAC      4.500    35.000  11/1/2019
iHeartCommunications Inc  IHRT    10.000    54.500  1/15/2018


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

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