/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160808.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, August 8, 2016, Vol. 20, No. 221 Headlines 2070 INC: UST Balks at Plan, Says Case Should Be in Chapter 7 21ST CENTURY: Obtains Extension of Default Waivers Until Aug. 8 401 PROPERTIES: Exit Plan to Pay Unsecured Creditors 1% AEROPOSTALE INC: Plan Confirmation Hearing on Aug. 24 AFFORDABLE MED SCRUBS: Hearing Tuesday on 2nd Amended Disclosures AGUA CALIENTE: Fitch Affirms 'BB' Issuer Default Rating AKO INTERIOR: Unsecured Creditors to Get Up to 52.73% of Claims ALAN MISHKIN: Committee Proposes Full Payment of Unsecured Claims ALBERTSONS COS: Moody's Rates New $750MM Notes Offering B3 ALBERTSONS COS: S&P Assigns 'B+' Rating on $750MM Sr. Unsec. Notes AMBASSADOR ENERGY: Unsecureds to Recover 100% Under Plan ANTONIO GABRIEL: Disclosures OK'd; Plan Hearing Set for Sept. 7 ARGENTO LLC: Unsecureds to Be Paid in Full in 24 Months BARRY CARAVAN: U.S. Trustee Objects to Disclosure Statement BEAVER-VISITEC INT'L: Moody's Assigns B3 CFR, Outlook Stable BEAVER-VISITEC: S&P Assigns 'B' CCR, Outlook Stable BLUCORA INC: Egan-Jones Gives B- Sr. Unsecured Debt Ratings BLYTH INC: Egan-Jones Withdraws B+ Sr. Unsec. Debt Rating BOMBARDIER INC: Fitch Says Unsecured Recovery Prospects Average C&J ENERGY: C&J EPSC Named as Foreign Rep for Mobile Data CALAMP CORP: Egan-Jones Assigns BB- Sr. Unsecured Debt Ratings CAPITAL GOLD: Egan-Jones Withdraws BB LC Sr. Unsec. Rating CHARTER SCHOOL: U.S. Trustee Unable to Appoint Committee CHRISTINE GOOD: Disclosure Statement Hearing on Sept. 13 CLAIRE'S STORES: Appoints Grant Thornton as Accountant CLAUDETTE BREVITT-SCHOOP: Plan Confirmation Hearing on Sept. 28 CNO FINANCIAL: Fitch Puts 'BB+' Ratings on CreditWatch Negative COATES INTERNATIONAL: CEO Buys Additional 279.5 Million Shares COLLIER HILLS: Court to Take Up Exit Plan on Sept. 1 CONTINENTAL BUILDING: Moody's Assigns B1 Corporate Family Rating CONTINENTAL BUILDING: S&P Rates Proposed Secured Facilities 'BB+' COTT CORP: Planned Acquisition Deal Won't Change Moody's B2 Rating CROFCHICK INC: Pa. Revenue Dep't. Opposes Approval of Plan Outline CROSBY NATIONAL: Creditors to Receive $7.35MM Payment Under Plan CUMULUS MEDIA: Posts $1.06 Million Net Income for Second Quarter CUPEYVILLE SCHOOL: Unsecureds To Recoup 5% Under Plan CYTORI THERAPEUTICS: Incurs $6.40 Million Net Loss in 2nd Quarter D.J. SIMMONS: Plan to Pay Off Creditors in 7 Years DELTROPICO DESIGNS: Unsecured Creditors to Get 50% Under Exit Plan DETROIT PUBLIC SCHOOLS: S&P Lowers Rating on 2011 Bonds to BB DISH NETWORK: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg. DONNA LEE RAGER: Plan Offers 26.5% Recovery to Unsec. Creditors EDU-PRO MANAGEMENT: U.S. Trustee Unable to Appoint Committee ELEPHANT TALK: In Talks with Lender on Refinancing Transaction ELROY JOSEPH MILLER: Aug. 23 Hearing on Plan and Disclosures ENDEAVOR ENERGY: S&P Raises Rating on Sr. Unsecured Debt to 'B-' ETHAN LOCK: Files Plan to Exit Chapter Protection EXELIXIS INC: Incurs $37.0 Million Net Loss in Second Quarter EXELIXIS INC: May Issue 5.3 Million Shares Under Plans EXPORTHER BONDED: Disclosure Statement Hearing Set for Aug. 31 FANNIE MAE: Reports Net Income of $2.94 Billion in Second Quarter FIRST ONE HUNDRED: Files Full-Payment Plan FIRSTENERGY NUCLEAR: S&P Lowers Rating on $46.3MM Bonds to BB+ FOODSERVICEWAREHOUSE.COM: Disclosure Approval Hearing on Aug. 31 FOREST PARK SOUTHLAKE: Hearing on Plan & Outline Set for Aug. 18 FRANK MOULTRIE: Disclosure Statement Hearing on Aug. 29 FUTURE HEALTHCARE: Incurs $49,000 Net Loss in Second Quarter GAS-MART USA: Unsecureds to Get 0.62% Under Committee Plan GASTAR EXPLORATION: Global Undervalued Holds 6.2% Stake GENERAL COMMUNICATION: Egan-Jones Gives 'B' Sr. Unsecured Ratings GENESIS HEALTHCARE: S&P Affirms and Withdraws CCR on Debt Repayment GREAT BASIN: Extends Spring Forth Note Maturity to July 2017 GULF FINANCE: S&P Assigns 'B+' CCR, Outlook Stable GULFCOAST SPECIALTY: Files Plan to Exit Chapter 11 Protection HARBOR FREIGHT: S&P Affirms 'BB-' CCR, Outlook Stable HARPER & ASSOCIATES: To Set Aside $30K to Pay Unsecured Creditors HCSB FINANCIAL: Posts $9.91 Million Net Income for Second Quarter HEARING HELP: Plan Outline Okayed, Confirmation Hearing on Aug. 31 HELIOS GINER: Unsecured Creditors to Recover 45% Under Plan HIRAM COLLEGE: S&P Assigns BB Rating on 2015 Rev. Refunding Bonds IAN CHAIT: Plan to Pay Off Creditors in Five Years ICE THEATERS: Unsecured Creditors to Get 57% Under Plan IHEARTCOMMUNICATIONS INC: Incurs $279 Million Net Loss in Q2 IMPAX LABORATORIES: Moody's Rates New Secured Credit Facility Ba2 INNOVATION VENTURES: S&P Raises CCR to 'B+', Outlook Stable INTERLEUKIN GENETICS: Strengthens Leadership with Key Appointments INVENTIV HEALTH: Obtains Significant Investment From Advent Int'l INVENTIV HEALTH: To Hold Conference Call on August 12 IRENE STACY COMMUNITY: To Sell Real Estate to Fund Chapter 11 Plan ISTAR INC: Posts $38.1 Million Net Income for Second Quarter JAMES ROY COLEMAN: Hearing on Plan Outline Set For Aug. 31 JEANNIE LYNN KILE: Unsecureds to Recoup 100% Under Plan JEFFREY DERSHEM: Files Plan to Exit Chapter 11 Protection JHB ENTERPRISES: U.S. Trustee Unable to Appoint Committee JILL MARIE MEEUWSEN-HOLMES: Unsecureds To Recover 100% Under Plan JOHN R FRIEDENBERG: Hearing on Plan Outline Set for Sept. 20 JORGE E. RODRIGUEZ: Unsecured Creditors to Get 5% Under Plan JOSEPH D. ROMANIELLO: Unsec. Claims to Be Paid in Ordinary Course JOSEPH SATIRA: PNC Bank Opposes Approval of Plan Outline JR BALL: Unsecured Creditors to Be Paid $30,000 Under Plan JTM INVESTMENTS: Unsecured Creditors May Get $14K Under Exit Plan JUAN CARLOS DEL CID: Plan Confirmation Hearing Set for Oct. 5 JUN KWOCK TOM: Plan Confirmation Hearing on Sept. 15 KARL STAUFFER: Court to Take Up Plan Outline on Sept. 7 KEMET CORP: Incurs $12.2 Million Net Loss in June 30 Quarter KENNETH LEONARD DYMMEL: Court Approves Outline of Chapter 11 Plan KEY ENERGY: Cancels Temporary Salary Reduction Program KRISHNA ASSOCIATES: MidSouth Bank Objects to Disclosure Statement LATTICE SEMICONDUCTOR: Egan-Jones Assigns CCC+ Sr. Unsec. Ratings LAURENCE LUBIN: Files Plan to Exit Chapter 11 Protection LDR INDUSTRIES: Unsecured Creditors to Get 13% to 23% Under Plan LEGG MASON: S&P Assigns 'BB+' Rating on Proposed Jr. Sub. Notes LEVERETT LLC: Plan Outline Okayed, Confirmation Hearing on Sept. 1 MARK CAREY COMEAUX: Unsecured Creditors to Get 14% Under Exit Plan MBAC FERTILIZER: Files Application for Protection Under CCAA MEDIMPACT HOLDINGS: S&P Rates Proposed $400MM Term Loan A 'BB-' MEGA INC: Unsecured Creditors to Get 42.22% Under Exit Plan MELENDEZ ENTERPRISES: Hires Miranda & Maldonado as Counsel MERRIMACK PHARMACEUTICALS: Incurs $50.8 Million Net Loss in Q2 METER READINGS: S&P Assigns 'B' CCR & Rates $345MM Loan 'B' MGIC INVESTMENT: Moody's Assigns Ba3 Rating on $350MM Sr. Notes MGM RESORTS: Reports Second Quarter Financial Results MGM RESORTS: S&P Raises CCR to 'BB-', Off CreditWatch Positive MICROSEMI COMMUNICATIONS: Egan-Jones Withdraws B Sr. Unsec. Rating MID CITY TOWER: Hires Stewart Robbins as Attorney MIDSTATES PETROLEUM: Unsecureds To Get 1.2% of New Common Stock MIDWAY GOLD: Unsecureds to Get 15% to 30% Under Liquidating Plan MOSAIC MANAGEMENT: Case Summary & 9 Unsecured Creditors N.P.H.B. RESTAURANT: Involuntary Chapter 11 Case Summary NANA DEVELOPMENT: S&P Lowers CCR to 'B-'; Outlook Negative NATIONAL CERAMICS: Unsecured Creditors to Get 1% to 5% Under Plan NATIONWIDE PARTS: Hires Mary Jo Rivero as Counsel NAVISTAR INTERNATIONAL: To Present at Jefferies 2016 Conference NEBLETT INC: Plan Outline Has Conditional OK, Hearing on Aug. 31 NET ELEMENT: Swaps $100,000 for 52,791 Common Shares NEW YORK CRANE: Taps Robert Friedbauer as Accountant NORTEK INC: Egan-Jones Assigns B- Sr. Unsecured Ratings NORTHERN OIL: Announces 2016 Second Quarter Results NORTHERN OIL: Incurs $109 Million Net Loss in Second Quarter NORTHERN OIL: May Issue Add'l 1.6M Shares Under Incentive Plan NUANCE COMMUNICATIONS: Egan-Jones Gives 'B' Sr. Unsecured Ratings OASIS OUTSOURCING: S&P Affirms 'B' CCR on Acquisition & Refinancing OATH CORPORATION: Hires Hammes as Attorney OCI BEAUMONT: Moody's Cuts CFR to B2 & Alters Outlook to Negative PAWZA LLC: Hires Jayson & Frisby as Accountant PAWZA LLC: Hires William G. Harris as Counsel PAYSON OPERATING: Trustee Hires Searcy & Searcy as Attorney PICO HOLDINGS: UCP Reports Earnings, Kenneth Slepicka Resigns PLUG POWER: Reports 2016 Second Quarter Results PMA MEDICAL: Court to Take Up Exit Plan on August 31 PORTER BANCORP: Posts $1.01 Million Net Income for 2nd Quarter PRESBYTERIAN RETIREMENT: Fitch Rates 2016A&B Revenue Bonds 'BB+' PRIMESOURCE BUILDING: S&P Lowers Rating on $355MM Loan to 'B' PRO-FIT DEVELOPMENT: Case Summary & 20 Top Unsecured Creditors PROPETRO SERVICES: S&P Lowers CCR to CCC on Weak Drilling Activity PROS HOLDINGS: Egan-Jones Assigns CCC Sr. Unsecured Ratings PTC GROUP: S&P Lowers Corporate Credit Rating to 'D' PUPI'S MANAGEMENT: Hires Bond Law as Chapter 11 Counsel QUALITY DISTRIBUTION: Egan-Jones Withdraws B- Sr. Unsec. Rating QUANTUM CORP: Incurs $3.79 Million Net Loss in June 30 Quarter QUANTUM MATERIALS: Developing Nanomaterials for Oil Production R & G FOOD SERVICES: Files Joint Chapter 11 Plan of Reorganization RANCHO PALOMITA: Hearing on Plan Outline Approval on Sept. 20 RANGE RESOURCES: S&P Assigns 'BB+' Rating on Planned Sr. Notes RAYMOND THEODORE POWERS: Sept. 14 Hearing on Disclosure Statement RAYONIER ADVANCED: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR REALOGY HOLDINGS: Posts $92 Million Net Income for 2nd Quarter RED MOUNTAIN: Has Exclusive Right to File Plan Thru Sept. 6 ROBERT GORDON: Unsecureds To Be Paid $6,000 Under Plan ROYCE MCBRIDE: Unsecured Creditors to Get 5% Under Exit Plan SAMUIL PREYS: Key Offers $100K for 3,000 Shares of Gasprom Stock SANDRIDGE ENERGY: Court to Take Up Chapter 11 Plan on Aug. 9 SCIENTIFIC GAMES: Incurs $51.7 Million Net Loss in Second Quarter SEANERGY MARITIME: Reports Recent Financing Agreements Developments SEQUA CORP: Moody's Cuts Corporate Family Rating to 'Ca' SERVICEMASTER CO: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR SHEPHERD AVE REALTY: Taps Vogel Bach as Counsel SINOLA LLC: Proceeds from Avoidance Suits Earmarked for Unsecureds SKYLINE CORP: Posts $1.67 Million Net Income for Fiscal 2016 SMALLVILLE PRESCHOOL: Plan and Disclosure Statement Due Sept. 13 SMILE ARTIST: Hires Fuqua as Bankruptcy Counsel SOUTHCROSS ENERGY: Incurs $7.39 Million Net Loss in 2nd Quarter SOUTHWESTERN ENERGY: Egan-Jones Cuts Sr. Unsec. Rating to B+ SPX FLOW: S&P Assigns 'BB' Rating on New $600MM Sr. Unsec. Notes STEREOTAXIS INC: Common Stock Begins Trading on OTCQX STEVE MURPHY: Liquidating Plan to Pay Creditors in Full STW RESOURCES: Meeting to Form Creditors' Panel Set for Aug. 11 SUBASHINI DANIEL: Exit Plan to Pay Unsecured Creditors in Full SUSQUEHANNA AREA RAA: Fitch Affirms 'BB+' Rating on $148MM Bonds TAYLOR-WHARTON: Unsecured Creditors May Get 2% to 3% Under Plan THERAPEUTICSMD INC: Incurs $21.1 Million Net Loss in 2nd Quarter TIAT CORPORATION: Plan Sets Aside $168K for Unsecured Creditors TIVO INC: Egan-Jones Gives BB+ Sr. Unsecured Ratings TOTAL SLEEP MANAGEMENT: Disclosure Statement Hearing on Sept. 8 TRAVELPORT WORLDWIDE: Incurs $14.8M Net Loss in Second Quarter TRIANGLE USA: Plan Support Agreement With Noteholders Denied TRITON INT'L: S&P Assigns 'BB+' Corp. Credit Rating, Outlook Stable TRUSLOW LLC: Hires Sherif Abdalla as Real Estate Agent TTM TECHNOLOGIES: Egan-Jones Assigns B Sr. Unsecured Ratings VANTAGE DRILLING: Moody's Assigns Caa3 CFR & Rates 1st Lien Loan B2 VERDE PORTAL: Files Plan to Exit Chapter 11 Protection VEROS ENERGY: Unsecureds to Recoup 50% Under Plan VINOD GOPAL PATEL: Exit Plan Proposes to Pay Claims in Full VIVARO CORP: To Create Liquidating Trust for Unsecured Creditors VOWS & VEILS: Hires Jones & Walden as Counsel WARNER MUSIC: Incurs $9 Million Net Loss in Third Quarter WARREN RESOURCES: Plan Confirmation Hearing Slated for September 14 WAYNE EARL DAHL: Files Plan to Exit Chapter 11 Protection WENDY ROBERTS: Patient Care Ombudsman Files 19th Report WENDY ROBERTS: Patient Care Ombudsman Files 20th Report WEST CORP: Reports $33 Million Net Income in Second Quarter WEST VIRGINIA HIGH: Voluntary Chapter 11 Case Summary WHITESBURG REALTY: Files Plan to Exit Chapter 11 Protection WIDEOPENWEST FINANCE: S&P Rates Proposed $2.065BB Term Loan 'B' WILLIAM BEDDIE: Unsecured Creditors to Get 5% of Claims WILLIAMS PARTNERS: S&P Affirms 'BB' Corporate Credit Rating WOODLAWN LANDSCAPING: Unsecured Creditors to Get 45% Under Plan WORSLEY ENTERPRISES: Voluntary Chapter 11 Case Summary YH LIMITED: Seeks U.S. Recognition of UK Proceeding [*] Chadbourne & Parke's Deutsch Joins Clifford Chance [*] Fitch Says Brexit Vote Amplifies Existing Headwinds for Airline [^] BOND PRICING: For the Week from August 1 to 5, 2016 ********* 2070 INC: UST Balks at Plan, Says Case Should Be in Chapter 7 ------------------------------------------------------------- U.S. Trustee Judy A. Robbins asks the U.S. Bankruptcy Court for the Eastern District of Virginia to deny approval of 2070, Inc.'s Disclosure Statement. A hearing to consider approval of the Disclosure Statement was set for Aug. 2, 2016, at 11:00 a.m. According to the U.S. Trustee, this case should not be in Chapter 11. The Debtor, a restaurant, is no longer operating. It has no employees or income. Funding for the proposed plan comes from two sources, litigation and contributions from the Debtor's principal. Both sources would be unaffected if the case was converted to Chapter 7. The Disclosure Statement lacks a reasonable justification for remaining in Chapter 11. Furthermore, according to the U.S. Trustee account reconciliation, the Debtor owes $3,267.22 in U.S. Trustee fees. Failure to pay U.S. Trustee fees is cause to dismiss or convert case. The Disclosure Statement should not be approved. According to the May 2016 monthly operating report: (A) the Debtor is no longer operating; (B) the Debtor borrowed money in May; (C) the Debtor has past due tax returns or post-petition tax obligations; and (D) the Debtor had no income for May 2016. The unsecured creditors, Class 3, totaling $186,019, will receive 10% on their allowed claims over a period of sixty months from the date of confirmation. The Disclosure Statement states the "Schedule F listed unsecured non-priority debt in the amount of $425,838." This discrepancy needs to be explained. The plan is to be funded by in two ways, litigation and contributions from the Debtor's principal. 2070, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 15-12417) on July 13, 2015. John T. Donelan, Esq., at the Law Office of John T. Donelan serves as the Debtor's bankruptcy counsel. The Debtor's bankruptcy counsel can be reached at: John T. Donelan, Esq. LAW OFFICE OF JOHN T. DONELAN 125 South Royal Street Alexandria, VA 22314 Tel: (703) 684-7555 Fax: (703) 684-0981 E-mail: donelanlaw@gmail.com 21ST CENTURY: Obtains Extension of Default Waivers Until Aug. 8 --------------------------------------------------------------- 21st Century Oncology Holdings, Inc., entered into a Limited Waiver with respect to the Credit Agreement, dated as of April 30, 2015, among the Company, the Company's subsidiary, 21st Century Oncology, Inc., the lenders party thereto from time to time, Morgan Stanley Senior Funding, Inc., as administrative agent, and the other agents and arrangers. The Credit Agreement Waiver extends the waiver period for the limited waivers dated as of June 10, 2016, to the Credit Agreement, as previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 13, 2016. The Credit Agreement Waiver waives through Aug. 8, 2016, any default or event of default under the Credit Agreement for failure to timely provide audited annual financial statements and related reports and certificates for the year ended Dec. 31, 2015, and quarterly financial statements and related reports and certificates for the quarter ended March 31, 2016. Additionally, the Credit Agreement Waiver waives through Aug. 8, 2016, any cross-default that may arise under the Credit Agreement as a result of a default or event of default under 21C's Indenture, dated April 30, 2015, among 21C, the guarantors named therein and Wilmington Trust, National Association, as trustee, governing 21C's 11.00% Senior Notes due 2023, which occurs as a result of the Company???s failure to timely furnish to the Trustee and holders of the Notes or file with the SEC the financial information required in an annual report on Form 10-K for the year ended December 31, 2015 or in a quarterly report on Form 10-Q for the quarter ended March 31, 2016. Notes Waiver On Aug. 1, 2016, 21C and the Guarantors reached an agreement with holders of a majority of the aggregate principal amount of Notes outstanding with respect to a new waiver period for the limited waivers set forth in the Second Supplemental Indenture, dated July 25, 2016, among 21C, the Guarantors and the Trustee, as previously disclosed in the Company's Current Report on Form 8-K filed with the SEC on July 28, 2016. Pursuant to the Notes Waiver, the parties thereto have agreed to treat certain defaults or events of default under the Indenture for failure to timely furnish to the Trustee and holders of the Notes or file with the SEC the SEC Reports as waived through Aug. 8, 2016, for purposes of the Indenture. During the waiver period, 21C and the Guarantors have agreed to continue to engage with the Consenting Holders in discussions in good faith to reach agreement on the definitive terms of a proposed amendment and supplement to the Indenture to address long-term resolution of the foregoing defaults or events of default under the Indenture. Following such agreement, 21C and the Guarantors have agreed to work diligently and in good faith with the Consenting Holders to cause the Trustee to execute and deliver a supplemental indenture to the Indenture to implement the Proposed Amendment. 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. 401 PROPERTIES: Exit Plan to Pay Unsecured Creditors 1% ------------------------------------------------------- Unsecured creditors of 401 Properties Limited Partnership may receive full payment of their claims under its proposed plan to exit Chapter 11 protection, according to court filings. 401 Properties' restructuring plan proposes to pay in full Class 3 unsecured claims in the event the bankruptcy court approves a deal resolving 330 South Wells, LLC's $6.7 million secured claim. Unsecured creditors will be paid on or before the effective date of the plan with interest at the Illinois statutory interest rate of 9% per annum. In the event the settlement is not approved, each Class 3 unsecured creditor will recover 1% of its claim, according to 401 Properties' disclosure statement filed with the U.S. Bankruptcy Court for the Northern District of Illinois. A copy of the disclosure statement is available for free at https://is.gd/JpMyUr 401 Properties is represented by: Michael C. Moody, Esq. O'Rourke & Moody 55West Wacker Drive, 14th Floor Chicago, Illinois 60601 (312) 849-2020 (312) 849-2021 Email: firm@orourkeandmoody.com Email: mmoody@orourkeandmoody.com Email: morourke@orourkeandmoody.com About 401 Properties 401 Properties Limited Partnership sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ill. Case No. 14-44983) on December 18, 2014. The petition was signed by Michael B. Horrell, authorized agent of general partner. The case is assigned to Judge Jacqueline P. Cox. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $10 million to $50 million. The Debtor's sole asset is an operating office building located at 401 South LaSalle Street, Chicago, Illinois. The property is a 17 story multi-tenant commercial building located at the southeast corner of LaSalle and Van Buren streets. AEROPOSTALE INC: Plan Confirmation Hearing on Aug. 24 ----------------------------------------------------- Aeropostale, Inc., et al., on Aug. 24, 2016, will seek confirmation from Judge Sean H. Lane of a Chapter 11 plan that provides that proceeds from the sale transaction will be distributed to holders of claims and interests in accordance with their relative priority as set forth in the Bankruptcy Code. According to the Second Amended Disclosure Statement for the Amended Joint Plan of Reorganization, the projected recovery for holders of $110 million to $340 million in general unsecured claims is "unknown", as the distribution to unsecured creditors is dependent on the amount of proceeds received from the sale transactions entered into by the Debtors in accordance with the Plan. The Plan provides for the sale of substantially all of the Debtors' assets pursuant to the terms of one or more asset purchase agreements submitted at or prior to the bid deadline and subsequently determined by the Debtors pursuant to the Bid Procedures to be the highest or otherwise best offer for such assets, subject to Bankruptcy Court approval of the Debtors' entry into an alternative transaction with a potential plan sponsor in connection with the auction. The Debtors will be considering any and all types of bids including going concern and GOB or liquidation offers. The proceeds from the Sale Transaction will be used in the first instance to satisfy all DIP Claims, consistent with the Final DIP Order, and then, to the extent available, to fund the ongoing wind-down costs of the Chapter 11 cases and distributions under the Plan. The Debtors have certain unencumbered assets including the proceeds of any avoidance actions, intercompany receivables from Aeropostale Canada Corporation and Aeropostale Puerto Rico, Inc., and recoveries from certain other litigations of which the Debtors are potential beneficiaries. The Debtors estimate that the current value of their unencumbered assets is approximately $11 million, although it could be higher depending on the recoveries from any causes of action, including avoidance actions. The Debtors estimate that the ongoing wind-down costs of the Chapter 11 cases will range from $10 million to $25 million depending on the exact nature of the sale transaction. The Debtors will seek confirmation of the Plan and pursue a sale transaction in accordance with this timeline: * Deadline to file proposed Cure Costs: Aug. 1, 2016 * Deadline to file Plan Supplement: Aug. 9, 2016 * Deadline to file and serve notice regarding sale process status update: Aug. 11, 2016 * Deadline to file and serve any objection or response to the Plan: Aug. 12, 2016 at 12:00 p.m. (prevailing Eastern Time) * Deadline to object to proposed Cure Costs: Aug. 12, 2016 at 12:00 p.m. (prevailing Eastern Time) * Potential Bidders to submit adequate assurance Information: Aug. 15, 2016 * Deadline to submit bids in connection with the Sale Transaction: Aug. 18, 2016 at 5:00 p.m. (prevailing Eastern Time) * Deadline to notify Qualified Bidders: Aug. 19, 2016 at 5:00 p.m. (prevailing Eastern Time) * Scheduled date and time for the auction, if necessary, in connection with the Sale Transaction: Aug. 22, 2016 at 9:00 a.m. (prevailing Eastern Time) * Deadline to file and serve second notice regarding sale process status update: Aug. 22, 2016 at 6:00 p.m. (prevailing Eastern Time) * Voting Deadline: Aug. 22, 2016 at 11:59 p.m. (prevailing Eastern Time) * Deadline to object to proposed assumption and assignment of executory contracts or unexpired leases: Aug. 23, 2016 at 12:00 p.m. (prevailing Eastern Time) * Scheduled date and time for the commencement of the hearing to consider confirmation of the Plan including the approval of the Sale Transaction: Aug. 24, 2016 at 11:00 a.m. (prevailing Eastern Time) A copy of the Second Amended Disclosure Statement for Amended Joint Plan of Reorganization is available at: http://bankrupt.com/misc/Aeropostale_526_2nd_Am_DS.pdf 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. The U.S. trustee for Region 2 on May 11, 2016, appointed seven creditors of Aeropostale Inc. to serve on the official committee of unsecured creditors. The Committee hired Pachulski Stang Ziehl & Jones LLP as counsel. * * * The Bankruptcy Court entered an order establishing (i) July 25, 2016 at 5:00 p.m. (Eastern Time) as the deadline for each person or entity, not including governmental units to file proofs of claim in respect of any prepetition claims against any of the Debtors, and (ii) Oct. 31, 2016 at 5:00 p.m. (Eastern Time) as the deadline for governmental units to file proofs of claim in respect of any prepetition claims against any of the Debtors. AFFORDABLE MED SCRUBS: Hearing Tuesday on 2nd Amended Disclosures ----------------------------------------------------------------- Affordable Med Scrubs, LLC, on Aug. 9, 2016, will seek approval of the disclosure statement explaining its Chapter 11 plan that will be funded from the sale of the assets to a company formed by Jeffrey Schottenstein. According to its Second Amended Disclosure Statement dated July 29, 2016, the Plan provides that holders of general unsecured claims and deficiency claims totaling $6.8 million will share pro rata only $250,000 to be paid within one year of the Effective Date. Specifically, the Plan provides that: * The secured claim of FirstMerit Bank, N.A., in the amount of $1,400,000 will be paid in full. * The deficiency claim of FirstMerit of $3,208,370 will be paid with $25,000 plus pro rata portion of the $250,000. * The secured claim of Business Financial Services, Inc. in the amount of $972,642 will be paid a pro rata portion of the $250,000 * The secured claim of Chase Bank in the amount of $6,500 is unimpaired. * The secured Claim of Equity Management of $200,000 will receive a pro rata portion of the $250,000. * General unsecured Claims in the amount of $2,488,423.28 will receive a pro rata portion of $250,000 * Equity holders won't receive anything. The Debtor has executed an Asset Purchase Agreement with Jeffrey Schottenstein, which if approved by the Court through the Plan, will transfer free and clear of all liens, claims, encumbrances, and interests substantially all of the assets of the Debtor to a company formed by Mr. Schottenstein referred to herein as the New Company. The Debtor seeks authority in the Plan to consummate and perform obligations included within the Schottenstein APA. Pursuant to the Schottenstein APA, the Debtor intends to sell and transfer to the New Company substantially all of the Debtor's Assets. All of the Debtor's Assets are being sold "where is, as is". In consideration for the sale and transfer of the Debtor's Assets, the New Company promises: (a) Payment of $1.4 million by the New Company to the Debtor for substantially all the Debtor's Assets; (b) New Company's agreement to provide adequate assurance and/or guaranty for the New Company to obtain a revolving credit line of at least $1 million post-sale; (c) Post-sale operation of the New Company as a going concern; (d) Assumption of the obligations of the Debtor to pay 100% of the allowed, unpaid administrative expense Claims in the Debtor's Bankruptcy Case; (e) Assumption of the obligations of the Debtor to pay 100% of allowed, unpaid Priority Tax Claims in the Debtor's Bankruptcy Case; (f) Assumption of the obligation of the Debtor to pay the allowed claim of Chase Bank in the amount of $6,500 on the Effective Date of the Debtor's bankruptcy Plan; (g) Assumption of the obligation of the Debtor to pay $25,000 to FirstMerit Bank, N.A., on account of FirstMerit's deficiency claim one year after the Effective Date of the Debtor's bankruptcy Plan; (h) Assumption of the obligation to administer (but expressly not to assume or be obligated for, other than as agreed to in the Plan and the Schottenstein APA) Claims filed in the Debtor's bankruptcy, in the business judgment of the New Company, including objections and distributions to allowed, unpaid Claims, following the Effective Date of the Debtor's Plan; (i) Assumption of the obligation of reviewing and prosecuting, in the business judgment of the New Company, Causes of Action solely for the benefit of the New Company; (j) Assumption of the obligation to pay any and all fees and expenses related to the administration of the Debtor's Chapter 11 Case, for up to one year, following the Effective Date of the Debtor's bankruptcy Plan; and (k) Assumption of the responsibility and cost for up to one-year of preparing quarterly reports to the U.S. Trustee's Office related to the distribution of amounts set forth in the Debtor's bankruptcy Plan. The Debtor believes that the Schottenstein APA terms are reasonable and is submitting such terms to this Court for approval because in the Debtor's business judgment the Schottenstein APA terms are in the best interest of all creditors. The Debtor's Assets are primarily inventory, accounts receivable, and cash. The Debtor obtained an inventory appraisal from a third party, Heritage Global Valuations, dated May 11, 2016, which provided that a three-month liquidation would potentially provide net proceeds of $996,766. As of June 24, 2016, the book value of Debtor's accounts receivable was $690,579; assuming 50% recovery, the estimated gross recovery is $345,290, for a combined estimated liquidation value of $1,342,056 for inventory and accounts receivable. Pursuant to a Chapter 7 Liquidation Analysis, if the Debtor's Assets are liquidated, it is anticipated that FirstMerit would be the only creditor to receive a distribution and that, net of liquidation expenses, such distribution would likely not exceed $1,180,667. The Debtor has proposed bid procedures allowing other bidders to submit higher and better bids. A copy of the Second Amended Disclosure Statement filed July 29, 2016, is available at: http://bankrupt.com/misc/Affordable_Med_298_2nd_Am_DS.pdf About Affordable Med Scrubs Lima, Ohio-based Affordable Med Scrubs, LLC -- http://www.amsuniforms.com/-- supplies a broad mix of garments, bags, instruments, and accessories for the education and career college markets, including medical scrubs, lab coats, chef's apparel, nursing uniforms, veterinary work wear, and emergency medical garments. The Debtor also provides customized kitting services specifically designed to meet the unique requirements needed for training aspiring career professionals. The Debtor is privately owned. The Debtor also operates under the trade name AMS Uniforms. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 15-33448) on Oct. 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. AGUA CALIENTE: Fitch Affirms 'BB' Issuer Default Rating ------------------------------------------------------- Fitch Ratings has affirmed the Agua Caliente Band of Cahuilla Indians' (Agua) Issuer Default Rating (IDR) at 'BB'. Fitch has also affirmed Agua Caliente's gaming revenue bonds at 'BB+/RR2'. The Rating Outlook has been revised to Positive from Stable. KEY RATING DRIVERS The Positive Outlook reflects Agua's strong credit metrics for the 'BB' IDR level, but recognizes the uncertainty surrounding potential expansion. Agua has de-levered over the last five years primarily through amortization. Agua's leverage and debt service coverage are 1.3x and 3.2x, respectively, for the LTM period ending March 31, 2016. For fiscal year 2017 (ending Sept. 30), Fitch forecasts leverage to improve towards 1x and debt service coverage to rise above 4x. Potential expansion remains a credit risk as the tribe is interested in developing the site where the Spa Resort Hotel was torn down, although the size and timing of any project remains unknown. The tribe's compact also permits a third casino. A large-scale, debt-funded expansion could slow the upward rating momentum to the extent Agua's credit profile materially worsens. Fitch will be more comfortable considering an upgrade of Agua's IDR to 'BB+' when there is more clarity that any future development would not materially impact Agua's credit profile. Operating fundamentals continue to be healthy and the impact from the Spa Resort Hotel closure in 2014 has stabilized. Fitch expects Agua Caliente's operating performance to remain stable, supported by continued improvement in the employment and real estate markets in its primary Inland Empire market. The unemployment rate in the Riverside-San Bernardino metro area has recovered since the recession, declining to 5.3% as of May 2016 from the peak level of around 14% reached in 2010. The rating reflects Fitch's comfort with the tribe's commitment towards prudent tribal financial policies. Management has been able to maintain and grow reserves since 2011 thanks to prior reductions in per capita payments and the recent declines in annual debt service. Fitch is unable to verify the tribal reserves since the tribe does not share its governmental financials and Fitch views this lack of disclosure as a credit negative. KEY ASSUMPTIONS Fitch's expectations are based on the agency's internally produced, conservative rating case forecasts. They do not represent the forecasts of rated issuers individually or in aggregate. Key Fitch forecast assumptions include: -- Low single digit revenue growth and steady EBITDA margins for the forecast period due to continued recovery and strength in the local area economy. -- Tribal distribution and casino maintenance capital expenditure levels consistent with the past few years. -- Debt paydown follows the enterprise notes' amortization schedule. Fitch assumes additional debt for a new hotel at Spa Resort Casino. RATING SENSITIVITIES Positive: Future developments that may, individually or collectively, lead to positive rating action include: -- Increased clarity around future expansion projects such that Fitch gains more confidence that credit metrics will not materially deteriorate; -- Maximum annual debt service (MADS) coverage remaining adequate to allow the tribe to maintain or grow cash reserves; -- Debt/EBITDA levels remaining below 1.5x; -- Increased disclosure of the tribe's financials; -- Continued improvement in the operating environment. Negative: Future developments that may, individually or collectively, lead to negative rating action include: -- MADS coverage falling below the 2.5x or debt/EBITDA levels moving towards 3.0x; -- Undertaking of a large scale project or sharp operating declines leading to sizable deterioration in the credit metrics; -- Tribe straying away from prudent fiscal practices (i.e. depleting reserves). LIQUIDITY AND DEBT STRUCTURE Cash at the casinos just meets cage cash and day-to-day operating needs with the bulk of the tribe's cash kept at the governmental level. Fitch believes that the tribe's reserves remain sizable but is not able to verify. The tribe does not have access to external liquidity, such as a revolving credit facility. All of Agua Caliente's debt is pari passu with respect to bondholders' security interest in the cash flows of the tribe's casino gaming operations. The 2003 bonds have the benefit of a fully funded trustee held debt service reserve fund. There are also reserve accounts established for the 2006 and 2007 notes, but the tribe can access these funds between quarterly deficiency test dates. Notable covenants include a financial maintenance coverage covenant of 2.0x MADS and an additional debt test limiting debt issuance if pro forma MADS coverage is less than 2.25x or leverage exceeds 3.0x. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Agua Caliente Band of Cahuilla Indians -- Long-term IDR at 'BB'; Outlook revised to Positive from Stable; -- Senior secured notes due 2016 and 2021 at 'BB+/RR2'; -- Revenue bonds due 2018 at 'BB+/RR2'. AKO INTERIOR: Unsecured Creditors to Get Up to 52.73% of Claims --------------------------------------------------------------- General unsecured creditors of AKO Interior LLC will get 26.36% to 52.73% of their claims, according to the latest disclosure statement detailing the company's Chapter 11 plan of reorganization. Under the proposed plan, Class 1 general unsecured creditors will get between 26.36% and 52.73% of their claims depending on how much the company's three shareholders will contribute to pay the claims. These creditors assert a total of $113,780 in claims. Alexander Epelbaum, Rostislav Korol and Alexander Marmut will contribute personal funds to pay Class 1 claims to confirm the plan, which constitutes new value, in order to retain their equity interests in the company, according to the company's disclosure statement filed with the U.S. Bankruptcy Court for the Eastern District of New York. A copy of the disclosure statement is available for free at https://is.gd/6wAf5b About AKO Interior AKO Interior LLC filed a Chapter 11 Petition on May 13, 2015 (Bankr. E.D.N.Y. Case No. 15-42216), and is represented by Alla Kachan, Esq. ALAN MISHKIN: Committee Proposes Full Payment of Unsecured Claims ----------------------------------------------------------------- Unsecured creditors will receive full payment of their claims under a restructuring plan proposed by the official committee of unsecured creditors appointed in Alan Mishkin's Chapter 11 case. Under the plan, unsecured claims will be paid in full from the proceeds of the sale of Mr. Mishkin's membership interests in 10K, LLC and McWin, LLC. Unsecured creditors will receive cash payment within 30 days of the closing of the sale. All unsecured creditors are classified in Class 3 and will receive same treatment, according to the committee's disclosure statement filed with the U.S. Bankruptcy Court for the District of Arizona. A copy of the disclosure statement is available for free at https://is.gd/6siavq In a related development, the court is set to hold a hearing on August 23 to consider approval of the disclosure statement detailing the Chapter 11 reorganization plan proposed by Mr. Mishkin. The case is In re Alan R. Mishkin (Bankr. D. Ariz. Case No. 15-15440) filed Dec. 7, 2015. ALBERTSONS COS: Moody's Rates New $750MM Notes Offering B3 ---------------------------------------------------------- Moody's Investors Service assigned a B3 rating to Albertsons Companies LLC's proposed offering of $750 million senior unsecured guaranteed notes. The B3 rating on the company's existing senior unsecured guaranteed notes and Safeway legacy notes as well as the Ba2 rating on its existing senior secured term loans are unchanged. The rating outlook remains stable. Albertsons intends to use proceeds from the notes offering to partially prepay its senior secured term loan due 2023 and repay borrowings under its revolving credit facility. Ratings are contingent upon satisfactory review of final documentation. The following ratings were assigned: Proposed $750 million senior unsecured guaranteed notes maturing 2025 at B3 (LGD5) RATINGS RATIONALE The B1 Corporate Family Rating of Albertsons Companies, LLC reflects the company's very good liquidity, its sizable scale and its well established regional brands. Although the company has outperformed expectations, its credit metrics remain weak with debt to EBITDA adjusted for leases and pension liabilities at about 7.5 times at the end of fiscal 2015. However, we expect momentum in same store sales growth and cost efficiencies to continue to boost profitability resulting in improved credit metrics with debt to EBITDA expected to be approach 6.0 times in the next 12-18 months, Moody's said. Management has vast experience in the food retailing space and has demonstrated its ability to turnaround underperforming assets and the ratings reflect Moody's expectation that operating performance of all banners will continue to improve as price investments lead to increased traffic and volume. The initiatives undertaken by management have already proven successful in stabilizing and improving the operating performance of the company's stores. In 2015 identical store sales grew 4.8% for the consolidated company and identical store sales growth has been positive for the last 12 quarters. Operating efficiencies and strategic initiatives to minimize costs are also expected to reduce expenses and improve cash flow generation and enhance profitability with the company using excess free cash flow to pay down debt. Realized synergies for fiscal 2015 have exceeded expectations by about 30% and the company has realized $336 million of non-core asset sales and is on track to realize additional proceeds to be used to reduce debt in 2016. Integration and execution challenges related to the Safeway acquisition, coupled with a high debt burden and risk associated with ownership by a financial sponsor, remain major risks for the company. Although the new senior unsecured notes will be guaranteed by all wholly owned subsidiaries of Albertsons and therefore will be structurally senior to the Safeway legacy notes their B3 rating is the same as the Safeway legacy notes. This reflects the significant amount of senior capital ahead of these notes. The proposed notes will be junior to the $4 billion ABL (which had a borrowing base of about $3.65 billion at June 18, 2016), about $6 billion in senior secured term loans (after the proposed prepayment) and a significant amount of senior priority trade payables in Moody's Loss Given Default model. The Safeway legacy notes along with the $1,776 million unsecured New Albertsons Inc. notes (unrated) are unsecured and non-guaranteed and therefore the junior most debt in the capital structure. The company's stable rating outlook incorporates Moody's expectation that identical store sales will continue to be positive and EBIT margins will continue to improve and the company's credit metrics will improve through increased EBITDA generation and debt prepayments. Ratings could be upgraded if debt/EBITDA approaches 5.0 times, EBIT/interest is sustained above 1.75 times, financial policies remain benign and liquidity remains very good. Ratings could be downgraded if debt/EBITDA is sustained above 6.25 times or EBIT/interest is sustained below 1.5 times. Ratings could also be downgraded if financial policies become aggressive or if liquidity deteriorates or if the integration of the acquired Safeway stores does not result in expected synergies and improvement in overall profitability of the combined company. Albertsons Companies, LLC is owned by a consortium led by Cerberus Capital Management and is the parent of Safeway Inc., Albertson's LLC and New Albertsons Inc. The combined company operates 2,311 grocery stores in 35 States under 19 banners including Safeway, Albertsons, Vons Jewel Osco, Shaw's, United Supermarkets, Acme, Star, Carrs, Randalls, Pavilions, Market Street, Tom Thumb, Haggen and Amigos. Revenue of the combined company is about $59 billion. ALBERTSONS COS: S&P Assigns 'B+' Rating on $750MM Sr. Unsec. Notes ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating to Albertsons Cos. LLC's $750 million senior unsecured notes due 2025. The recovery rating is '4', reflecting S&P's expectation for average recovery in the event of default at the higher end of the 30% to 50% range. Co-issuers of the notes include Albertsons and its subsidiaries Safeway Inc., New Albertson's Inc., and Albertson's LLC. S&P expects net proceeds will be used to repay asset-based loan borrowings of about $240 million and also reduce the company's term loan B-6 due 2023. The transaction comes as Albertsons has simplified its capital structure through a series of refinancings since the end of last year. The company reported 2.9% positive ID sales growth (excluding fuel) in the first quarter of 2016, and continues to execute on its synergy plans slightly ahead of S&P's expectations, with leverage remaining in the high-5x range this year. S&P also thinks a possible Albertsons IPO could still occur later this year depending on market conditions. RATINGS LIST Albertsons Cos. LLC Safeway Inc. New Albertson's Inc. Albertson's LLC Corporate Credit Rating B+/Positive/-- New Rating Albertsons Cos. LLC Safeway Inc. New Albertson's Inc. Albertson's LLC $750 mil snr unsecured notes due 2025 B+ Recovery rating 4H AMBASSADOR ENERGY: Unsecureds to Recover 100% Under Plan -------------------------------------------------------- Ambassador Energy, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a disclosure statement in support of the Debtor's Chapter 11 plan of reorganization, which proposes that holders of Class 4 - general unsecured claims, which total $901,267, will recoup 100%. A hearing to consider the adequacy of the Disclosure Statement and to consider the confirmation of the Plan is set for Aug. 30, 2016, at 1:30 p.m. For Class 4 - General Unsecured Claims, installment payments will be made quarterly (on March 31, June 30, Sept. 30, and Dec. 31 of each calendar year), commencing after payment in full of the secured creditors in Classes 1 and 3. The payments will be in the amount o $30,000 per month and are expected to start in March 2018, and will continue until all allowed Class 4 claims are paid in full; the final payment may be in an amount less than $30,000. Each payment will be divided proportionally amongst the holders of the claims. Interest will be paid to the Class 4 creditors at the rate of 4% per annum on account of unpaid balances. Class 4 is impaired and is entitled to vote. The claims of OneSource Distributors, LLC, are unsecured under the Plan, and any related security interests and instruments (including recorded UCC-1 notices) deemed void, as such security interest are juinor to the lien rights of MyBusinessLoan.com, LLC, and Can Capital Asset Servicing which encumber al of the Debtor's assets in full; no equity value remains to secure this claim. The security interests are further avoidable as preferences. The Plan will be financed from funds held by the estate as of the entry of the confirmation order and the ongoing operating profits of the Debtor's business operations, the installation and inspection of solar power panels, and related training operations and educational services. The Disclosure Statement is available at: http://bankrupt.com/misc/cacb16-11880-59.pdf The Plan was filed by the Debtor's counsel: Robert B. Rosenstein, Esq. Rosenstein and Associates 28600 Mercedes Street, Suite 100 Temecula, CA 92590 Tel: (951) 296-3888 Fax: (951) 296-3889 E-mail: robert@thetemeculalawfirm.com Headquartered in Murrieta, California, Ambassador Energy, Inc., dba Ambassador Solar Energy filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 16-11880) on March 2, 2016, disclosing $0 assets and total liabilities of $1.51 million. The petition was signed by Kelly Smith, president. Judge Scott C Clarkson presides over the case. Robert B. Rosenstein, Esq., at Rosenstein & Associates serves as the Debtor's bankruptcy counsel. ANTONIO GABRIEL: Disclosures OK'd; Plan Hearing Set for Sept. 7 --------------------------------------------------------------- The Hon. Peter H. Carroll of the U.S. Bankruptcy Court for the Central District of California has approved the Disclosure Statement Describing Chapter 11 Plan of Reorganization filed by Antonio Gabriel De La Torre. The Court has set the plan confirmation hearing for Sept. 7, 2016, at 10:00 a.m. Ballots must be received by the Debtor's counsel no later than 4:00 p.m. on Aug. 26, 2016. Objections to confirmation of the Plan must be filed by Aug. 26, 2016. The Debtor must file and serve a confirmation memorandum stating why the Plan should be confirmed no later than Sept. 2, 2016. The memorandum must contain admissible evidence, a ballot summary, and Debtor's response to any objections. Antonio Gabriel De La Torre filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 15-11231). The Debtor is represented by: M. Jonathan Hayes, Esq. Matthew D. Resnik, Esq. Roksana D. Moradi, Esq. SIMON RESNIK HAYES LLP 15233 Ventura Boulevard, Suite 250 Sherman Oaks, CA 91403 Tel: (818) 783-6251 Fax: (818) 827-4919 E-mail: jhayes@SRHLawFirm.com matthew@SRHLawFirm.com roksana@SRHLawFirm.com ARGENTO LLC: Unsecureds to Be Paid in Full in 24 Months ------------------------------------------------------- Argento, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a disclosure statement in support of the Debtor's plan of reorganization, which proposes that holders of Class 7 ??? general unsecured claims receive payment in full of their claims within 24 months following the Effective Date. Payments of 1/8 of the Class 7 claims (or $9,663.75) will be made in eight quarterly payments commencing on the last day of the quarter in which the Effective Date falls. Class 7 is impaired. The Debtor estimates that Class 7 claims total $77,310. The Debtor are proposing to repay all Unsecured Creditor Claims within 24 months of the Effective Date and will continue to service remaining secured creditor claims and the Bellas Artes claim based on the terms set forth in this Disclosure Statement and the accompanying Plan. The Plan will be funded by the Debtor's post-petition net income and excess cash held by the Debtor on the Effective Date (which amount is estimated to be at least $230,000. The Disclosure Statement is available at: http://bankrupt.com/misc/azb16-01736-33.pdf The Plan was filed by the Debtor's counsel: Blake D. Gunn, Esq. LAW OFFICE OF BLAKE D. GUNN P.O. Box 22146 Mesa, AZ 85277-2146 Tel: (480) 270-5073 E-mail: blake.gunn@gunnbankruptcyfirm.com About Argento Argento, LLC, is an Arizona limited liability company formed in 2006 for the purpose of acquiring and operating a commercial building located at 15770 N. Greenway-Hayden Loop, Scottsdale, Arizona 85260. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 16-01736) on Feb. 25, 2016. The petition was signed by Maria Papagno, member. The Debtor is represented by Blake D. Gunn, Esq., at the Law Office of Blake D. Gunn. The case is assigned to Judge Madeleine C. Wanslee. The Debtor disclosed total assets of $3.5 million and total debts of $3.13 million. BARRY CARAVAN: U.S. Trustee Objects to Disclosure Statement ----------------------------------------------------------- The U.S. trustee overseeing the Chapter 11 case of Barry and Sally Caravan has opposed the outline of their proposed Chapter 11 plan, saying it does not contain "adequate information." In a filing with the U.S. Bankruptcy Court for the District of New Hampshire, the U.S. trustee for Region 1 criticized the Debtors' failure to disclose current financial information concerning the cash on hand. The bankruptcy watchdog also complained that the Debtors did not disclose in the document whether or not they are current with real estate taxes and all required federal income tax returns. "The Debtors' disclosure statement is thus materially flawed and does not provide creditors with adequate information to enable them to vote in favor of or against the plan," the U.S. trustee said. Under U.S. bankruptcy law, a debtor must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. About Barry and Sally Caravan Barry J. Caravan and Sally A. Caravan sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.H. Case No. 14-12055). BEAVER-VISITEC INT'L: Moody's Assigns B3 CFR, Outlook Stable ------------------------------------------------------------ Moody's Investors Service assigned a B3 Corporate Family Rating to Beaver-Visitec International Holdings, Inc. (BVI), a manufacturer of low tech medical products used largely in cataract surgery procedures. At the same time, Moody's assigned a B2 rating to BVI's senior first lien term loan and revolver and a Caa2 to its second lien term loan. The rating outlook is stable. Proceeds from this offering will be used to partially finance TPG Capital's acquisition of BVI from RoundTable Healthcare Partners. Ratings assigned: Beaver-Visitec International Holdings, Inc. Corporate Family Rating at B3 Probability of Default Rating at B3-PD First Lien Revolver at B2 (LGD 3) First Lien Term Loan at B2 (LGD 3) Second Lien Term Loan at Caa2 (LGD 5) RATINGS RATIONALE "While Beaver-Visitec is a small player in a niche product segment, its B3 rating also reflects its brand name and positive free cash, which will help it deleverage," said Diana Lee, a Moody's Senior Credit Officer. "We estimate that initial debt/EBITDA will be relatively high at about 5.8 times," continued Lee. Beaver-Visitec's B3 Corporate Family Rating reflects its small absolute size based on sales and earnings and high concentration in low tech offerings within a niche product area. The rating also reflects its high initial leverage, which Moody's expects will moderate. Key offsets to its small size and lack of diversity are its long-standing presence in the cataract surgery space and low dependence on its top customers. BVI's constant currency sales growth will likely remain in the mid-single digit range over the coming year, but challenges include the potential for more customers to purchase bundled products (at the exclusion of BVI products) or exert more pricing pressure. In addition, alternative technology, although still used in a small percent of cases, will grow. The stable rating outlook reflects Moody's view that BVI will remain small and highly concentrated in a niche product segment. The outlook also reflects Moody's expectation that the company will delever via debt reduction and improved profitability. Given its small scale and lack of diversification, the ratings are not likely to be upgraded over the next 12 to 18 months. Over time, BVI's ratings could be upgraded if it materially increases scale and diversification. If BVI can maintain a solid liquidity profile and can sustain debt/EBITDA below 4.0 times, it could support an upgrade. BVI's ratings could be downgraded if revenues or profitability weaken, if positive free cash flow is not maintained or if debt/EBITDA is not sustained below 5.5 times. BVI's liquidity over the coming year will be good, aided by positive free cash flow and no expected draws under its $30 million revolver. Although there will be a springing net leverage covenant under its revolver, both its first and second lien facilities will not be subject to financial covenants. Beaver-Visitec International Holdings, Inc., headquartered in Waltham, Massachusetts, is a manufacturer of low-tech medical products used by ophthalmologists largely in cataract surgery procedures. BEAVER-VISITEC: S&P Assigns 'B' CCR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'B' corporate credit rating to global ophthalmic products manufacturer Beaver-Visitec International Holdings Inc. The outlook is stable. At the same time, S&P assigned its 'B' issue-level rating to the company's proposed $30 million revolving credit facility and a $170 million term loan. S&P assigned this debt a recovery rating of '3', indicating its expectation for meaningful (50%-70%, at the lower end of the range) recovery in the event of a payment default. S&P also assigned its 'CCC+' issue-level rating to the company's proposed $80 million second-lien term loan. S&P assigned this debt a recovery rating of '6', indicating its expectation for negligible (0%-10%) recovery in the event of a payment default. Beaver-Visitec is a leading manufacturer of single-use (disposable) surgical tools used in eye surgeries. S&P's assessment of the company's business risk profile as weak reflects the company's small scale (about $135 million of revenues in 2015), a very narrow therapeutic concentration with about 85% of revenues generated by products used in cataract procedures, the presence of competitors with substantially greater size and financial strength, and the reliance on only a few manufacturing sites. These characteristics are only partially offset by good product, customer, and geographic diversity, and a degree of product differentiation and manufacturing expertise that supports brand loyalty and leads to some pricing flexibility. The company's product families include surgical knives (some of which include a differentiated and patented safety-feature to prevent needle-stick type injuries), cannulas (surgical instrument with a thin tube used for delivering or draining fluid during surgery), fluid control products (absorb eye fluids during eye surgery) and punctal plugs (a tear duct plug that prevents drainage of liquid from the eye, as a treatment for dry eye). The company also provides custom kits that conveniently package surgical tools to help surgeons streamline procedure efficiency. "The stable rating outlook reflects our expectation that revenue will grow helped by the aging population and increasing penetration of cataract surgery in developing markets," said S&P Global Ratings credit analyst Elan Nat. S&P also expects the ccompany will generate moderate discretionary cash flow, but believe its adjusted debt leverage will remain above 5x over the next two years given the financial policy under the financial sponsor ownership. S&P could lower the rating in 2017 if free cash flow is reduced to negligible levels. In S&P's view, this could happen if the company encounters problems in its planned transition to the new Juarez, Mexico, manufacturing facility, resulting in elevated production costs or an inability to service orders. Alternatively, intensified competition leading to at least a 5% decline in revenues, coupled with margin contraction of about 400 basis points could result in a downgrade. It is unlikely that S&P would raise the rating in the next few years, given the company's ownership by private equity investors and its narrow therapeutic focus and small scale. BLUCORA INC: Egan-Jones Gives B- Sr. Unsecured Debt Ratings ----------------------------------------------------------- Egan-Jones Ratings Company assigned B- senior unsecured ratings on debt issued by Blucora Inc on July 19, 2016. EJR also gave a B rating on commercial paper issued by the Company. Blucora (formerly Infospace, Inc.) is a provider of Internet-related services (most commonly being search engines). BLYTH INC: Egan-Jones Withdraws B+ Sr. Unsec. Debt Rating --------------------------------------------------------- Egan-Jones Ratings Company assigned a No Rating status to debt issued by Blyth Inc. on July 26, 2016. EJR previously gave the Company a B+ senior unsecured debt rating. Blyth, Inc. is a Greenwich, Connecticut-based marketing and manufacturing company that sells personal and decorative products. BOMBARDIER INC: Fitch Says Unsecured Recovery Prospects Average --------------------------------------------------------------- Unsecured recovery prospects as calculated by Fitch Ratings are average for Bombardier Inc. (BBD) as it continues to address negative free cash flow (FCF) and a weak balance sheet. Fitch said, "Our Spotlight Series report on BBD describes Fitch's recovery analysis and other rating topics, including Fitch's rationale for continuing to equalize BBD's unsecured debt ratings with the company's issuer default rating (IDR) of 'B'/Negative." Recent positive developments at BBD improve the company's prospects for building stronger operating results, including firm orders from Delta and Air Canada, which have boosted the case for the long-term success of the C Series. Outside equity investments in BBD's businesses earlier this year supported the company's liquidity. Fitch believes that BBD will be challenged to achieve its target of positive FCF by some time in 2018. Its aerospace programs are complex and there are inherent risks in executing operating improvements across the aerospace and transportation businesses. Fitch estimates FCF in 2016 will be approximately negative $1.3 billion, an improvement from negative $2.0 billion in 2015, when a transition to lower business jet production was initiated. Fitch estimates FCF could be significantly negative through at least 2018 and that a return to positive FCF would be more likely in 2019 or even 2020. The sales of equity stakes in the C Series and transportation businesses solidified BBD's liquidity, allowing it to fund its cash burn through at least 2017. However, the equity stakes also reduced BBD's share of future profit and cash flow, which could further pressure the company's credit metrics on a pro forma basis. The transactions have a near-term positive impact for debtholders, but the long-term impact is less certain due to the smaller claim on future earnings and FCF. 2018 is a year to watch as several bonds mature. Fitch's recovery analysis illustrates likely average recoveries for BBD's unsecured debt in a distressed scenario, leading to a 'B/RR4' rating. This is despite a concentration of debt at BBD's corporate level that creates some concerns about potential limitations on recoveries by debtholders. As the ultimate parent, BBD is entitled to all of the earnings and cash flow at Bombardier Transportation (BT), excluding the 30% equity investor's share. However, BT has few operating ties to BBD's aerospace business (BA), and BBD's debtholders would be structurally subordinated to BT's creditors. Furthermore, Fitch's recovery analysis assumes that, in a distressed scenario, BT is separated from BBD and is excluded from bankruptcy. Under this scenario, Fitch assumes a fair valuation is received for BBD's 70% interest in BT, with the value added to BA's stand-alone going concern value. Fitch's recovery analysis produces good recoveries, but C Series risks include earnings dilution and negative cash flow during the next few years. When considering these risks, Fitch's recovery analysis leads to a rating for BBD's senior unsecured debt equal to the IDR of 'B'. C&J ENERGY: C&J EPSC Named as Foreign Rep for Mobile Data --------------------------------------------------------- The Court of Queen's Bench of Alberta appointed C&J Energy Production Services-Canada Ltd. as foreign representative in Canada in relation to the proceedings commenced by Mobile Data Technologies in the United States of America under Chapter 11 of the U.S. Bankruptcy Code, filed in the U.S. Bankruptcy Court for the Southern District of Texas. Legal counsel to C&J Production: Kelsey Meyer, Esq. Bennet Jones LLP 4500, 855-2nd Street SW Calgary, AB T2P 4K7 Tel: 403-298-3323 Email: meyerk@bennettjones.com Court-appointed officer Neil Narfason Duncan MacRae Ernst & Young Inc. Calgary, AB T2P 1M4 Tel: 403-206-5067 403-206-5035 Email: neil.narfason@ca.ey.com duncan.macrae@ca.ey.com About Mobile Data Based in Acheson, Canada, Mobile Data Technologies Ltd. -- http://www.mobiledatatech.ca/-- offers data acquisition and control products for the oil and gas industry. It has locations in Acheson and Calgary, Canada; and Woodlands, Texas. About C&J Energy C&J Energy Services -- http://www.cjenergy.com/-- is a provider of well construction, well completions, well support and other complementary oilfield services to oil and gas exploration and production companies. As one of the largest completion and production services companies in North America, C&J offers a full, vertically integrated suite of services involved in the entire life cycle of the well, including directional drilling, cementing, hydraulic fracturing, cased-hole wireline, coiled tubing, rig services, fluids management services and other special well site services. C&J operates in most of the major oil and natural gas producing regions of the continental United States and Western Canada. C&J Energy Services Ltd. and 14 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-33590) on July 20, 2016. The Debtors' cases are pending before Judge David R Jones. The law firms Loeb & Loeb LLP, Kirkland & Ellis LLP serve as the Debtors' counsel. Fried, Frank, Harris, Shriver & Jacobson LLP acts as special corporate and tax counsel to the Debtors. Investment bank Evercore is the Debtors' financial advisor and AlixPartners is the Debtors' restructuring advisor. Ernst & Young Inc. is the proposed information officer for the Canadian proceedings. Donlin, Recano & Company, Inc. serves as the claims, noticing and balloting agent. CALAMP CORP: Egan-Jones Assigns BB- Sr. Unsecured Debt Ratings -------------------------------------------------------------- Egan-Jones Ratings Company assigned BB- senior unsecured ratings on debt issued by CalAmp Corp on July 19, 2016. Headquartered in Oxnard, California, CalAmp Corp. is a provider of wireless communications solutions for a range of applications to customers globally. CAPITAL GOLD: Egan-Jones Withdraws BB LC Sr. Unsec. Rating ---------------------------------------------------------- Egan-Jones Ratings Company assigned a No Rating status to debt issued by Capital Gold Corp. on July 26, 2016. EJR previously gave the Company a BB local currency senior unsecured debt rating. Capital Gold Corporation engages in the mining, exploration, and development of gold properties in Mexico. CHARTER SCHOOL: 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 Charter School Development Services, Inc. Charter School Development Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04312) on June 29, 2016. Nardella & Narella PLLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Vince V. Desai, president. CHRISTINE GOOD: Disclosure Statement Hearing on Sept. 13 -------------------------------------------------------- Judge John K. Olson set a hearing for Sept. 13, 2016, at 10:30 a.m. to consider approval of the disclosure statement explaining Christine Good's bankruptcy-exit plan. The deadline for filing objections to the Disclosure Statement is Sept. 6, 2016. As reported in the TCR, Christine Good's restructuring plan provides that general unsecured creditors, which hold $419,620 in claims, will share pro rata in a total distribution of $10,000 to be paid over five years. The Debtor proposes to make 20 quarterly payments to general unsecured creditors. About Christine Good Christine Good sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 15-25289) on Aug. 24, 2015. The Debtor is represented by Chad T. Van Horn, Esq., at Van Horn Law Group, P.A., in Fort Lauderdale, Florida. CLAIRE'S STORES: Appoints Grant Thornton as Accountant ------------------------------------------------------ The Audit Committee of the Board of Directors of Claire's Stores, Inc., approved the appointment of Grant Thornton LLP as the Company's new independent registered public accounting firm for the fiscal year ending Jan. 28, 2017, effective Aug. 2, 2016, and dismissed KPMG LLP as the Company's independent registered public accounting firm. The change was the result of a competitive bidding process involving several accounting firms. The audit reports of KPMG on the Company's consolidated financial statements for the fiscal years ended Jan. 30, 2016, and Jan. 31, 2015, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of the Company's consolidated financial statements for the fiscal years ended Jan. 30, 2016, and Jan. 31, 2015, and in the subsequent interim period through Aug. 2, 2016, there were no disagreements with KPMG on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the matter in their reports. Specifically, the Company did not design and maintain effective controls over the annual indefinite-lived intangible asset impairment analysis, including controls over the review of the accuracy of certain data used in the projections to value its indefinite-lived trade names. During the year ended Jan. 30, 2016, management remediated the material weakness previously disclosed in the Annual Report on Form 10-K for the fiscal year ended Jan. 31, 2015, through the implementation of an internal control procedure designed to ensure the operating effectiveness of the review of the annual indefinite-lived intangible assets impairment analysis. During the two most recent fiscal years and in the subsequent interim period through Aug. 2, 2016, the Company has not consulted with Grant Thornton with respect to either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company's financial statements, and no written report or oral advice was provided by Grant Thornton to the Company that Grant Thornton concluded was an important factor considered by the Company in reaching a decision as to the accounting, auditing, or financial reporting issue, or (ii) any matter that was the subject of either a disagreement as defined in Item 304(a)(1)(iv) of Regulation S-K or a reportable event as described in Item 304(a)(1)(v) of the SEC's Regulation S-K. About Claire's Stores Claire's Stores, Inc. -- http://www.clairestores.com/-- operates as a specialty retailer of fashion accessories and jewelry for preteens and teenagers, as well as for young adults in North America and internationally. It offers jewelry products that comprise costume jewelry, earrings, and ear piercing services; and accessories, including fashion accessories, hair ornaments, handbags, and novelty items. Based in Pembroke Pines, Florida, Claire's Stores operates under two brands: Claire's(R), which operates worldwide and Icing(R), which operates only in North America. As of Jan. 31, 2009, Claire's Stores, Inc., operated 2,969 stores in North America and Europe. Claire's Stores also operates through its subsidiary, Claire's Nippon, Co., Ltd., 213 stores in Japan as a 50:50 joint venture with AEON, Co., Ltd. The Company also franchises 198 stores in the Middle East, Turkey, Russia, South Africa, Poland and Guatemala. As of April 30, 2016, Claire's Stores had $2.27 billion in total assets, $2.87 billion in total liabilities and a stockholders' deficit of $606 million. * * * The TCR reported on April 11, 2016, that Moody's Investors Service downgraded Claire's Stores, Inc. Corporate Family Rating (CFR) and Probability of Default Rating to Caa3 and Caa3-PD, respectively. "[The] downgrades reflect our view that there is an acute likelihood of a debt restructuring ahead of the June 2017 maturity of Claire's subordinated notes due to continuing erosion of liquidity and weak operating performance," stated Moody's Vice President Charlie O'Shea. As reported by the TCR on May 20, 2016, S&P Global Ratings raised its corporate credit rating on Florida-based Claire's Stores Inc. to 'CCC-' from 'SD'. The outlook is negative. CLAUDETTE BREVITT-SCHOOP: Plan Confirmation Hearing on Sept. 28 --------------------------------------------------------------- Judge Raymond B. Ray conducted a hearing on July 22, 2016 to consider approval of the disclosure statement filed by Claudette Brevitt-Schoop. The Court found that the disclosure statement -- as amended, if amendments were announced by the plan proponent or required by the court at the hearing -- contains "adequate information" regarding the plan in accordance with 11 U.S.C. Sec. 1125(a). Therefore, pursuant to 11 U.S.C. Sec. 1125(b) and Bankruptcy Rule 30l7(b), the disclosure statement was approved. The Court set: * Aug. 19, 2016, as the deadline for objections to claims. * Sept. 7, 2016, as the deadline for filing fee applications. * Sept. 14, 2016, as the deadline for filing objections to confirmation. * Sept. 14, 2016, as the deadline for filing ballots accepting or rejecting the Plan. * Sept. 23, 2016, as the deadline for filing proponent's report and confirmation affidavit. * Sept. 23, 2016, as the deadline for individual debtor to file "certificate for confirmation regarding payment of domestic support obligations and filing of required tax returns". * Sept. 28, 2016 at 9:30 a.m. for the hearing to consider confirmation of the Debtor's Chapter 11 plan and fee applications filed by parties. Claudette Brevitt-Schoop filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 15-21177) on June 20, 2015. Judge Raymond B. Ray presides over the case. CNO FINANCIAL: Fitch Puts 'BB+' Ratings on CreditWatch Negative --------------------------------------------------------------- Fitch Ratings has placed the ratings of CNO Financial Group Inc. on Rating Watch Negative. The rating action follows recent reports of links between Beechwood Re Ltd., a reinsurer of CNO Financial Group, Inc.'s closed block long-term care business, and Platinum Partners, a hedge fund that is currently under investigation by federal authorities and is reportedly in the process of liquidating its funds KEY RATING DRIVERS The Rating Watch reflects Fitch's concerns with regard to any potential adverse effect on CNO's consolidated capital strength that may arise as a result of its reinsurance agreement with Beechwood in light of recent reports. Two of CNO's insurance operating subsidiaries, Washington National Insurance Company (WNIC) and Bankers Conseco Life Insurance Company (BCLIC), entered into 100% coinsurance agreements with Beechwood covering a total of approximately $495 million in long-term care reserves in December 2013. CNO reported ceded insurance liabilities of $527 million related to the Beechwood agreement at June 30, 2016. The agreements require related insurance reserves to be secured by assets in trust with an over collateralization of 7%. The trust assets are also subject to investment guidelines and periodic true-ups. In late June 2016, CNO initiated an audit of the valuation of Level 3 assets in the trust, the value of which has historically been provided by a recognized valuation service based, in part, on unobservable inputs which CNO could not independently verify. CNO expects to complete the audit during the third quarter 2016. If the assets are found to be inadequate relative to the 107% collateral requirement, Fitch believes that Beechwood would be required to true up the collateral, and if it were unable to do so, the ceded business could be recaptured by WNIC and BCLIC. Fitch is concerned that such a recapture could have a significant adverse effect on the capital adequacy of WNIC and BCLIC. Fitch will continue to monitor developments around this matter and will take rating action as warranted by emerging information. RATING SENSITIVITIES Key rating triggers that could lead to an affirmation of all ratings include: -- Resolution of any potential shortfall of assets held in trusts as security for insurance liabilities associated with CNO's reinsurance agreement with Beechwood; -- No material deterioration in other credit metrics. Key rating triggers that could lead to a downgrade include: -- A significantly adverse resolution to the reinsurance matter discussed above; -- Combined NAIC RBC ratio less than 325% and operating leverage above 20x; -- Deterioration in operating results; -- Decline in fixed charge coverage to below 5x; -- Significant increase in credit-related impairments; -- Financial leverage above 30%. FULL LIST OF RATING ACTIONS Fitch has placed these ratings on Rating Watch Negative: CNO Financial Group, Inc. -- IDR 'BBB-'; -- 4.50% senior unsecured notes due May 30, 2020 'BB+'; -- 5.25% senior unsecured notes due May 30, 2025 'BB+'. Bankers Life and Casualty Company Bankers Conseco Life Insurance Company Colonial Penn Life Insurance Company Washington National Insurance Company -- IFS 'BBB+'. COATES INTERNATIONAL: CEO Buys Additional 279.5 Million Shares -------------------------------------------------------------- Coates International, Ltd., disclosed that Mr. George J. Coates, president and CEO of the Company, has purchased a further 279,549,056 shares of common stock from the Company. Mr. Coates comments: "The price of our Company shares is at an all-time low range. So I am taking advantage of this opportunity. I am optimistic about the potential for our Company and our business plan. The demand for the Coates CSRV "green" engines and power generators is expected to increase from transactions we are currently moving towards closing." The Company said there can be no assurance that it will be successful in any of its endeavors. About Coates Based in Wall Township, N.J., Coates International, Ltd. (OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated on August 31, 1988, for the purpose of researching, patenting and manufacturing technology associated with a spherical rotary valve system for internal combustion engines. This technology was developed over a period of 15 years by Mr. George J. Coates, who is the President and Chairman of the Board of the Company. The Coates Spherical Rotary Valve System (CSRV) represents a revolutionary departure from the conventional poppet valve. It changes the means of delivering the air and fuel mixture to the firing chamber of an internal combustion engine and of expelling the exhaust produced when the mixture ignites. Coates International reported a net loss of $10.2 million on $94,200 of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $12.8 million on $19,200 of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Coates had $2.42 million in total assets, $7.56 million in total liabilities, and a total stockholders' deficiency of $5.14 million. Cowan, Gunteski & Co., P.A., in Tinton Falls, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company continues to have negative cash flows from operations, recurring losses from operations, and a stockholders' deficiency. These conditions raise substantial doubt about its ability to continue as a going concern. COLLIER HILLS: Court to Take Up Exit Plan on Sept. 1 ---------------------------------------------------- A U.S. bankruptcy judge will consider approval of the Chapter 11 plan of reorganization of Collier Hills Dental, PC, at a hearing on September 1. Judge Wendy Hagenau of the U.S. Bankruptcy Court for the Northern District of Georgia will hold the hearing at 1:30 p.m., at Courtroom 1403, U.S. Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia. The bankruptcy judge will also consider at the hearing the final approval of the company's disclosure statement, which she conditionally approved on July 25. The July 25 order set an August 26 deadline for creditors to cast their votes and file their objections to the plan. Under the restructuring plan, general unsecured creditors in Class 8 will be paid approximately 100% of their claim at 0% interest. These creditors assert a total of $180,696 in claims. Beginning on the seventh month after the effective date of the plan, each creditor will get a pro rata share of $1,833 per month for approximately 99 months or until paid in full, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/vLkUkM Collier Hills is represented by: Ian M. Falcone, Esq. The Falcone Law Firm, P.C. 363 Lawrence Street Marietta, GA 30060 Phone: (770) 426-9359 Email: imf@falconefirm.com About Collier Hills Collier Hills Dental, PC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ga. Case No. 16-50083) on January 4, 2016. The petition was signed by Walker J. Love, president. The case is assigned to Judge Wendy L. Hagenau. At the time of the filing, the Debtor disclosed $881,954 in assets and $1.65 million in liabilities. CONTINENTAL BUILDING: Moody's Assigns B1 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service assigned a B1 Corporate Family Rating and B1-PD to Probability of Default Rating to Continental Building Products Operating Company LLC, the new borrower under the proposed bank credit facility and subsidiary of Continental Building Products, Inc., issuer of the audited financial statements (collectively "Continental"). In related rating actions, Moody's assigned a B1 rating to the company's proposed bank credit facility, consisting of a $75 million revolving credit facility due 2021 and $275 million term loan maturing 2023. Terms and conditions for the new bank credit facility will be similar to those in Continental's existing bank debt, including a guarantee provided by Continental Building Products, Inc. Proceeds from the new term loan will be used to pay off the current term loan, at which time the ratings assigned Continental Building Products LLC and to the existing $50 million revolver and term loan will be withdrawn, and to pay related fees and expenses. The Speculative Grade Liquidity Rating of SGL-1 is assigned. The rating outlook is positive. The following ratings/assessments were affected by this action: Corporate Family Rating assigned B1; Probability of Default Rating assigned B1-PD; Senior secured revolving credit facility due 2021 assigned B1 (LGD4); and, Senior secured term loan due 2023 assigned B1 (LGD4). Speculative Grade Liquidity Rating of SGL-1 is assigned RATINGS RATIONALE Continental's B1 Corporate Family Rating reflects improving debt credit metrics. Over the next 12-18 months, Moody's projects Continentals' EBITA margins slightly over 20% (16.7% for LTM 1Q16) due to modestly higher volumes and resulting operating leverage. Higher earnings translates into better credit metrics. Moody's expects interest coverage (measured as EBITA-to-interest expense) trending towards 5.0x versus 4.3x for LTM 1Q16 and debt leverage below 2.5x over the next 12-18 months from 2.7x at 1Q16. Moody's said, "We also forecast Continental generating positive free cash flow throughout the year, resulting in free cash." "Although we forecast modest increases in revenues and resulting earnings, Continental's size based on revenues is small relative to other rated manufacturing and wallboard companies. Our projected revenue of approximately $460 million over the next 12 to 18 months is indicative of much lower rated entities. In addition, Continental has geographic concentration in the eastern United States and Canada with customer concentration. A material increase in market share would be challenging, and a geographic expansion initiative could prove costly. Continental relies on a single line of business manufacturing wallboard, a commodity-like product that is manufactured by much larger and better capitalized companies. Overall, Continental's business profile is the company's greatest credit risk, and limits upside ratings potential," said Moody's. The positive rating outlook recognizes improving results. However, Continental has not produced nor sustained debt credit metrics previously identified that could result in upward ratings pressures. A rating upgrade could take place if Continental continues to benefit from the strength in its key end markets, resulting in improved operating performance that exceeds Moody's forecasts and the following debt credit metrics: -- Debt-to-EBITDA sustained near 2.0x (2.7x at 1Q16) -- EBITA-to-interest expense above 5.5x (4.3x at LTM 1Q16) Negative rating actions could occur if Continental's operating performance falls below Moody's expectations, resulting in the following credit metrics (ratios incorporate Moody's standard adjustments) and characteristics: -- Debt-to-EBITDA remaining above 4.0x -- EBITA-to-interest sustained below 2.0x -- Deterioration in the company's liquidity profile -- Debt-financed acquisitions. Continental Building Products, Inc., headquartered in Reston, VA, manufactures gypsum wallboard and related products for use in residential and commercial construction, as well as for repair and remodeling applications. It operates in the Eastern United States and Eastern Canada. Revenues for the 12 months through June 30, 2016 totaled approximately $447 million. CONTINENTAL BUILDING: S&P Rates Proposed Secured Facilities 'BB+' ----------------------------------------------------------------- S&P Global Ratings said it assigned its 'BB+' issue-level rating to Herndon Va.-based wallboard producer, Continental Building Products Operating Co. LLC's (a subsidiary of Continental Building Products Inc.) proposed senior secured facilities. The recovery rating is '1', indicating S&P's expectation of very high (90% to 100%) recovery in the event of default. The company will use the new first-lien term loan B proceeds of $275 million to refinance the existing $272 million balance on its first-lien term loan B credit facility. The company will also obtain a new $75 million senior secured revolving credit facility that will replace the existing $50 million revolver. The borrower of the term loan is Continental Building Products Operating Co. LLC, and the borrowers of the revolver are Continental Building Products Operating Co. LLC and Continental Building Products Canada Inc. The 'BB-' corporate credit rating and positive outlook on Continental Building Products are unchanged. Ratings List Continental Building Products Inc. Corporate Credit Rating BB-/Positive/-- New Rating Continental Building Products Operating Co. LLC Senior Secured $275 mil. 1st-ln term loan due 2023 BB+ Recovery Rating 1 Continental Building Products Operating Co. LLC Continental Building Products Canada Inc. Senior Secured $75 mil. revolver due 2021 BB+ Recovery Rating 1 COTT CORP: Planned Acquisition Deal Won't Change Moody's B2 Rating ------------------------------------------------------------------ Moody's Investors Service said Cott Corporation's (B2 stable) plans to buy US coffee and tea company S&D Coffee, Inc. (S&D) for $355 million is credit positive for Cott but will not change the company's B2 rating or stable outlook. Moody's assesses Cott in the context of the Global Soft Beverage Industry Methodology (published in May 2013). Cott, based in Toronto, Ontario, and Tampa, Florida, is one of the world's largest private-label and contract manufacturing beverage companies and had sales of $2.9 billion in 2015. Its product portfolio includes carbonated soft drinks; clear, still and sparkling flavored waters; juice; juice-based products; bottled waters; energy related drinks; and ready-to-drink teas. Through recent acquisitions, it also delivers bottled water and related services directly to residential and commercial customers. CROFCHICK INC: Pa. Revenue Dep't. Opposes Approval of Plan Outline ------------------------------------------------------------------ The Pennsylvania Department of Revenue asked a U.S. bankruptcy court to deny the disclosure statement detailing the Chapter 11 plan of reorganization of Crofchick Inc. In a filing with the U.S. Bankruptcy Court for the Middle District of Pennsylvania, the agency complained that the document does not contain "adequate information." "The disclosure statement is devoid of information regarding the Debtor's delinquent Pennsylvania tax filing obligations and any statement on the Debtor and its members becoming current with these obligations," the agency said. The agency also said that the document does not explain how its claim against the company will be paid and why it will not be treated just like the Internal Revenue Service's pre-bankruptcy claim. Under U.S. bankruptcy law, a company going through bankruptcy must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. About Crofchick Inc. Crofchick, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 15-03723) on August 30, 2015. The Debtor is represented by Tullio DeLuca, Esq. CROSBY NATIONAL: Creditors to Receive $7.35MM Payment Under Plan ---------------------------------------------------------------- Creditors of The Crosby National Golf Club, LLC, will receive total payment of $7.35 million, according to the latest version of the company's proposed Chapter 11 plan of reorganization. The plan proposes to pay $7.35 million to creditors. Of this amount, $5.35 million will be paid by the company to creditors over seven years through borrowings and operations of its business. The rest will be funded by a $2 million capital infusion into the company by its member on the effective date of the plan. The restructuring plan does not contemplate a sale of Crosby's assets but provides for a continuation of its business, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/CrosbyNational_6DS07142016.pdf About Crosby National Golf Club The Crosby National Golf Club, LLC, commenced a Chapter 11 bankruptcy case (Bankr. N.D. Tex. Case No. 15-41545) in Ft. Worth, Texas, on April 16, 2015, without stating a reason. The Debtor estimated $10 million to $50 million in assets and debt. The case is assigned to Judge Russell F. Nelms. The Debtor owns and operates the Crosby National Golf Club which is located within the Crosby Estates at Rancho Santa Fe. The Golf Club has been continuously operated as a for-profit, private eighteen-hole golf course and has been known at all times as the Crosby National Golf Club. It is a California limited liability company and its managing member is Escalante - Crosby National L.P., a Colorado limited partnership. The Debtor is represented by Hudson M. Jobe, Esq., and Timothy A. York, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. in Dallas, Texas. The Crosby Estate at Rancho Santa Fe Master Association (The Crosby HOA) is the master association for the gated residential community and development located in San Diego County including the Debtor's golf club, commonly known as The Crosby National Golf Club. The Debtor and the Crosby HOA have been engaged in disputes and resulting litigation pending in the Superior Court, State of California, County of San Diego, relating to the Debtor's operations of the Club and various rights and obligations of the parties under the Development documents and related agreements. It is represented in the Debtor's case by Joe J. Wielenbinski, Esq., Jay H. Ong, Esq. and Thomas D. Berghman, Esq. at Munsch Hardt Kopf & Harr, P.C. in Dallas, Texas. Texas Capital holds a valid, perfected, secured Claim against the Debtor. A minimum aggregate amount of approximately $3.1 million is owed on the Texas Capital Claim. It is represented by Matthew T. Ferris, Esq. at Winstead PC in Dallas, Texas. CUMULUS MEDIA: Posts $1.06 Million Net Income for Second Quarter ---------------------------------------------------------------- Cumulus Media Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $1.06 million on $287 million of net revenue for the three months ended June 30, 2016, compared to net income of $12.3 million on $299 million of net revenue for the same period in 2015. For the six months ended June 30, 2016, the Company reported a net loss of $13.4 million on $556 million of net revenue compared to net income of $284,000 on $570 million of net revenue for the six months ended June 30, 2015. As of June 30, 2016, Cumulus Media had $2.967 billion in total assets, $2.962 billion in total liabilities and $4.33 million in total stockholders' equity. Mary Berner, president and chief executive officer of Cumulus Media Inc. said, "The second quarter results underscore the substantial challenges that we must overcome. However, our operating strategy is gaining measurable traction with significant ratings growth, improved employee engagement, reduced turnover and enhanced operational effectiveness. These are all critical first steps in the execution of our multi-year turnaround plan." A full-text copy of the Form 10-Q is available for free at: https://is.gd/XMV8hI On Aug. 4, 2016, Cumulus Media held an investor conference call and webcast to discuss financial results for the three months ended June 30, 2016. A copy of the presentation materials is available for free at https://is.gd/COBfia About Cumulus Media Cumulus Media Inc. (CMLS) combines high-quality local programming with iconic, nationally syndicated media, sports and entertainment brands in order to deliver premium choices for listeners, provide substantial reach for advertisers and create opportunities for shareholders. As the largest pure-play radio broadcaster in the United States, Cumulus provides exclusive content that is fully distributed through approximately 460 owned-and-operated stations in 90 U.S. media markets (including eight of the top 10), more than 10,000 broadcast radio affiliates and numerous digital channels. Cumulus is well-positioned in the widening digital audio space through a significant stake in the Rdio digital music service, featuring 30 million songs on-demand in addition to custom playlists and exclusive curated channels. Cumulus is also the leading provider of country music and lifestyle content through its NASH brand, which will serve country fans through radio programming, NASH magazine, concerts, licensed products and television/video. For more information, visit http://www.cumulus.com/ Cumulus Media put AR Broadcasting Holdings Inc. and three other units to Chapter 11 protection (Bankr. D. Del. Lead Case No. 11-13674) in 2011 after struggling to pay off debts that topped $97 million as of June 30, 2011. Cumulus Media reported a net loss attributable to common shareholders of $546.49 million on $1.16 billion of net revenue for the year ended Dec. 31, 2015, compared to net income attributable to common shareholders of $11.76 million on $1.26 billion of net revenue for the year ended Dec. 31, 2014. * * * The TCR reported on March 25, 2016, that Standard & Poor's Ratings Services lowered its corporate credit ratings on Atlanta, Ga.-based Cumulus Media Inc. and its subsidiary Cumulus Media Holdings Inc. to 'CCC' from 'B-'. As reported by the TCR on Sept. 17, 2015, Moody's Investors Service downgraded Cumulus Media Inc.'s Corporate Family Rating to B3 from B2. Cumulus' B3 Corporate Family Rating reflects Moody's expectation that debt-to-EBITDA will remain elevated and in the mid to high 8x through FYE2015 (including Moody's standard adjustments) due to continued revenue declines in core ad sales and network revenue as well as the absence of political ad spending in 2015, an odd numbered year. CUPEYVILLE SCHOOL: Unsecureds To Recoup 5% Under Plan ----------------------------------------------------- Cupeyville School, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a disclosure statement describing the Debtor's Chapter 11 plan. Class 4 - General Unsecured Claims, estimated at $2,335,730.26, are impaired. Holders of allowed General Unsecured Claims (excluding those from Debtor's Shareholders), of $75,000 or less, will be paid in full satisfaction of their claims 5% thereof, in cash, on the Effective Date. The Holders of Allowed General Unsecured Claims over $75,000, will be paid in full satisfaction of their claims 5% thereof through 60 equal consecutive monthly installments of $1,324.37, commencing on the Effective Date of Debtor's Plan and continuing on the 30th day of the subsequent 59 months. The Debtor will effect payments of pending administrative expense claims on or before the Effective Date from the estimated cash balance in its DIP accounts, as of the Effective Date. Banco Popular de Puerto Rico's secured claims, will be paid in full (100%), in cash, pursuant to the agreement. Toyota's secured claim, executory contracts cure claims, General Unsecured Claims, as well as priority tax Claims, will be paid through the payment plans from the cash resulting from Debtor's operations. The Disclosure Statement is available at: http://bankrupt.com/misc/prb15-09822-76.pdf The Plan was filed by the Debtor's counsel: Alexis Fuentes-Hernandez, Esq. Fuentes Law Offices P.O. Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5215 Fax: (787) 722-5206 E-mail: alex@fuentes-law.com About Cupeyville School Cupeyville School, Inc., is a private, non-sectarian, co-educational college preparatory institution, located at Cupey Bajo, R??o Piedras, Puerto Rico. It serves a predominantly Hispanic population offering a learning program for students in grades from Pre Pre-Kinder through 12th grade. It was organized in 1963, responding to the needs of a growing suburban community interested in a bilingual/co-educational learning program. It is accredited by the Middle States Association, the Department of Education of Puerto Rico, and recognized as a School of Excellence by the U.S. Department of Education, Blue Ribbon School of Excellence. It is the only accredited school in Puerto Rico in hands of a Puerto Rican family. It is ranked by the Caribbean Business as fifth of the 28 Largest Private Schools in Puerto Rico (2013-2014). The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D. P.R. Case No. 15-09822) on Dec. 12, 2015. The petition was signed by Ricardo Gonzalez, president. The case is assigned to Judge Mildred Caban Flores. At the time of the filing, the Debtor disclosed $7.01 million in assets and $7.25 million in liabilities. CYTORI THERAPEUTICS: Incurs $6.40 Million Net Loss in 2nd Quarter ----------------------------------------------------------------- Cytori Therapeutics, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss allocable to common stockholders of $6.40 million on $1.12 million of product revenues for the three months ended June 30, 2016, compared to net income allocable to common stockholders of $4.45 million on $1.61 million of product revenues for the same period last year. For the six months ended June 30, 2016, the Company reported a net loss allocable to common stockholders of $11.7 million on $2.45 million of product revenues compared to a net loss allocable to common stockholders of $18.2 million on $2.51 million of product revenues for the six months ended June 30, 2015. As of June 30, 2016, the Company had $42.7 million in total assets, $24.0 million in total liabilities, and $18.7 million in total stockholders' equity. "We have an accumulated deficit of $369 million as of June 30, 2016. Additionally, we have used net cash of $10.7 million and $9.8 million to fund our operating activities for the six months ended June 30, 2016 and 2015, respectively. "To date, these operating losses have been funded primarily from outside sources of invested capital including our recently completed Rights Offering ... our At the Market equity facility, Loan and Security Agreement and gross profits. We have had, and we will likely continue to have, an ongoing need to raise additional cash from outside sources to fund our future clinical development programs and other operations. "On June 15, 2016, the Company closed a Rights Offering originally filed under Form S-1 registration statement in April 2016. Pursuant to the Rights Offering, the Company sold an aggregate of 6,704,852 units consisting of a total of 6,704,852 shares of common stock and 3,352,306 warrants, with each warrant exercisable for one share of common stock at an exercise price of $3.06 per share, resulting in total gross proceeds to Cytori of $17.1 million. "The Company continues to seek additional capital through product revenues, strategic transactions, including extension opportunities under the awarded U.S. Department of Health and Human Service's Biomedical Advanced Research and Development Authority contract, and from other financing alternatives. "Should we be unable to raise additional cash from outside sources, this will have an adverse impact on our operations," the Company said in the report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/F0Y4SB About Cytori Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX) -- http://www.cytori.com/-- is an emerging leader in providing patients and physicians around the world with medical technologies, which harness the potential of adult regenerative cells from adipose tissue. The Company's StemSource(R) product line is sold globally for cell banking and research applications. Cytori reported a net loss allocable to common stockholders of $19.4 million on $4.83 million of product revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common stockholders of $38.5 million on $4.95 million of product revenues for the year ended Dec. 31, 2015. KPMG LLP, in San Diego, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company's recurring losses from operations and liquidity position raises substantial doubt about its ability to continue as a going concern. D.J. SIMMONS: Plan to Pay Off Creditors in 7 Years -------------------------------------------------- D.J. Simmons Company Limited Partnership and its affiliated debtors filed a reorganization plan that provides that general unsecured claims against DJS Co. LP, D.J. Simmons, Inc., and Kimbeto Resources, LLC, will each be paid 1% of the claim every other year starting in January 2018, with any remaining balance paid within 7 years. According to the Disclosure Statement, the Plan provides that: * The Debtors have over $9 million in obligations owing to their prepetition lender, Bank of Oklahoma. The debt is secured by liens against some of the Debtors' assets and property. Undersecured creditor Bank of Oklahoma's allowed secured claim will be paid in full and treated as set forth in Section I(A)(2)(a) of the Plan. * Holders of allowed oil and gas royalty and lease payment claims will be paid in full over the course of three months. * Holders of general unsecured claims of each Debtor will share in the proceeds of the avoidance actions in addition to payment of 1% of their respective Claim every other January starting in January 2018 with a final balloon payment in Jan. 31, 2024. * Equity holders will retain their interests if all allowed claims are satisfied in full or the claimant otherwise agrees that it has been satisfied in full. If all allowed claims are not paid in full by Jan. 31, 2024, the holders of interests will retain nothing and their ownership Interests will be extinguished. The Plan is being funded from cash generated from the Debtors' cash on hand in their Estates, revenue and other income from the Reorganized Debtors' operations or other assets, proceeds from the avoidance actions, and the cash proceeds generated from sales of Debtors' or the Reorganized Debtors' encumbered or unencumbered assets, which will be conducted in their discretion and as necessary. A copy of the Disclosure Statement accompanying the Plan of Reorganization dated July 29, 2016, is available at: http://bankrupt.com/misc/DJ_Simmons_128_DS.pdf About D.J. Simmons Company Farmington, New Mexico-based D.J. Simmons Inc. -- http://www.djsimmons.com/-- is an independent oil and gas exploration and production company. D.J. Simmons and its affiliates have oil and natural gas reserves from approximately 100 wells operated by DJS, Inc., and 500 wells operated by third parties in Colorado, New Mexico, Utah, and Texas. Kimbeto Resources, LLC, owns 13 wells in Rio Arriba County, New Mexico. DJS, Inc., also operates the wells owned by Kimbeto. D.J. Simmons Company Limited Partnership holds most of the oil and gas and other assets. Kimbeto holds oil, gas, and other related assets on land owned by the Jicarilla Apache Tribe. DJS, Inc, operates the assets and employs a small administrative staff. DJS Co. LP, Kimbeto and DJS, Inc., filed Chapter 11 petitions (Bankr. D. Colo. Case Nos. 16-11763, 16-11765 and 16-11767) on March 1, 2016. The cases are jointly administered under Lead Case No. 16-11763. The petitions were signed by John Byrom, president of DJS, Inc. DJS Co. LP disclosed $9.94 million in total assets and $12.85 million in total liabilities. Kimbeto disclosed $976,190 in total assets and $9.81 million in total liabilities. Ethan Birnberg, Esq., at Lindquist & Vennum LLP, serves as the Debtors' counsel. DELTROPICO DESIGNS: Unsecured Creditors to Get 50% Under Exit Plan ------------------------------------------------------------------ General unsecured creditors of Deltropico Designs, LLC, will recover half of their claims, according to the latest disclosure statement detailing the company's Chapter 11 plan of reorganization. Under the plan, general unsecured creditors will get 50% of their claims, to be paid in 12 equal quarterly installments over 3 years starting October 1 unless paid off earlier by the company. These creditors assert a total of $747,000 in claims, according to the disclosure statement filed with the U.S. Bankruptcy Court for the Southern District of Florida. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/DeltropicoDesigns_1stDS07192016.pdf About Deltropico Designs Deltropico Designs, LLC, based in Miami, Florida, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 15-25767) on Aug. 31, 2015. Hon. Robert A Mark presides over the case. The Debtor's counsel is: Nathan G Mancuso, Esq. MANCUSO LAW, P.A. 7777 Glades Rd # 100 Boca Raton, FL 33434 Tel: (561) 245-4705 Email: ngm@mancuso-law.com In its petition, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Luis Fernandez Trujillo, manager. DETROIT PUBLIC SCHOOLS: S&P Lowers Rating on 2011 Bonds to BB ------------------------------------------------------------- S&P Global Ratings lowered its rating on Detroit Public Schools (DPS), Mich.'s series 2011 bonds secured by state aid to 'BB' from 'BBB', and its rating on DPS' series 2012 bonds secured by state aid to 'BB-' from 'BBB-'. The first- and second-lien ratings are differentiated by one notch given their respective pledge levels. The ratings remain on CreditWatch with negative implications, where they were placed March 10, 2016. "The downgrade is based on the lack of a formal plan regarding bondholder repayment terms following the recent restructuring of the district, and the resultant elimination of a pledged revenue stream at the end of the state's fiscal year," said S&P Global Ratings credit analyst Jane Ridley. Although the intent is to take out the existing debt at full value, in S&P's view, as October approaches and ushers in the new fiscal year, it creates greater uncertainty as to whether bondholders will receive full and timely payment on their bonds. The CreditWatch placement reflects the possibility that S&P could lower the rating further if the redemption, refunding, or defeasance is not moving to conclusion in a timely manner. If the actions taken through this process provide bondholders with anything less than the full promise of the original bonds, it is likely to be considered a distressed exchange and therefore a default under our criteria. Under legislation recently passed by the Michigan legislature, on July 1, 2016, the district was divided in two, creating a new district to be called Detroit Public Schools Community District that will take over all operations (the New Co) and continue to receive state school aid, while DPS (the Old Co) survives solely to collect tax millage and service debt outstanding. The Old Co will no longer be eligible to receive state school aid. The pledge on these bonds is state school aid as well as the district's limited tax general obligation (GO) pledge, and the rating is based on the state aid pledge. The separation of the Old Co and New Co leaves the Old Co as the obligor for the bonds. State aid can only flow to school districts that have students, and the Old Co has no students. As a result, the only remaining fundable pledge backing the bonds when the state starts its next fiscal year on Oct. 1 will be the limited tax GO pledge. S&P Global Ratings does not rate bonds secured by DPS' GO pledge. Because state aid will no longer support the bonds effective Oct. 1, 2016, in S&P's view the situation must be resolved by then or bondholders will lose a critical revenue stream, which would result in a significant reduction in value. "The CreditWatch on the bonds reflects our view that the complexity of the situation, the looming requirement to redeem, defease, or refund the bonds, and the numerous parties involved--including the split district and Michigan--result in a more than 50% chance we will lower the rating over the next two months. If the situation is not resolved in a timely manner and the risk to bondholders increases, we will lower our rating to reflect our opinion of the deterioration in the credit quality of the bonds. If we view the redemption as providing less than the original promise, we would likely consider this a distressed exchange, which we rate 'D'. In a redemption, refunding, or defeasance without a loss of value, we would withdraw the rating. Given the timing and circumstances, there is no upward potential for the rating at this time," S&P said. DISH NETWORK: Fitch Affirms 'BB-' IDR & Revises Outlook to Neg. --------------------------------------------------------------- Fitch Ratings has affirmed the 'BB-' Issuer Default Rating assigned to DISH Network Corp. and its wholly owned subsidiary DISH DBS Corp. (DDBS). The Rating Outlook has been revised to Negative from Stable. Fitch also affirmed the 'BB-/RR4' issue ratings assigned to DDBS' senior unsecured notes and assigned an expected rating of 'B+(EXP)/RR5' to DISH's $2.5 billion convertible note offering. The expected rating will be converted to a final rating once the final details of the issuance are confirmed through a public filing of the indenture. The Negative Rating Outlook reflects pro forma leverage of 5.4x that is elevated above the negative rating trigger of 5.0x following DISH's $2.5 billion issuance of convertible notes. The initial purchaser of the convertible notes has the option to purchase an additional $500 million within 30 days, which would increase pro forma leverage to 5.6x as of June 30, 2016. Fitch has treated the convertible notes as 100% debt in our analysis. Proceeds from the offering are expected to be used for strategic transactions, including spectrum-related transactions that will support the company's unspecified wireless strategy. Fitch believes DISH has the ability to reduce leverage below 5.0x over the next 18 - 24 months, but revised the Rating Outlook to Negative due to the absence of capacity for incremental debt and limited room for further deterioration of DISH's operating profile. In the event DISH refinances its upcoming maturities and does not focus on debt reduction, a downgrade will be warranted. Fitch previously stated that it will treat DISH's spending at the TV broadcast spectrum incentive auction as event risk in the rating, and that the agency will evaluate DISH's capacity to fund any potential liability with cash in excess of liquidity needs, if necessary, at the time the payment comes due. However, the prefunding of cash to use for the spectrum auction eliminates any capacity DISH has for incremental debt within Fitch's expectations for the current rating. KEY RATING DRIVERS Ratings Reflect Weak Trends: Fitch believes the company's overall credit profile has limited capacity to accommodate DISH's inconsistent operating performance. DISH reported its largest quarterly net subscriber loss of 281,000 in the second quarter of 2016. While subscriber metrics remain weak, average revenue per user (ARPU) increased 2.5% during the first half of 2016 versus the prior period as a result of programming cost increases. However, ARPU growth has slowed versus 4.3% during the first half of 2015 as DISH's pay-tv programming package mix changes to accommodate an increase in Sling TV subscribers. Mature U.S. Service Offering: Additional rating concerns center on the following: DISH's ability to adapt to the evolving competitive landscape; DISH's lack of revenue diversity and narrow product offering relative to its cable multi-system operator (MSO) and telephone company video competition; and an operating profile and competitive position that continue to lag behind its peer group. DISH's current operating profile focuses on its maturing video service offering and lacks growth opportunities relative to its competition. Although Sling TV provides a source of growth versus the traditional pay-tv business, the Sling TV subscriber base is small and is unlikely to contribute meaningfully to DISH's operations in the near term. Wireless Strategy Poses Event Risk: The current ratings take into consideration the lack of transparency of DISH's wireless strategy, and the potential capital requirements and execution risk associated with that strategy. Fitch acknowledges the significant asset value and strategic optionality associated with DISH's investment in wireless spectrum. DISH's efforts to transform though various wireless initiatives remain in a development stage, partly due to the numerous set-backs the company has experienced as it endeavors to engage another wireless carrier seeking a partnership, acquisition or network-sharing agreement. The strategic importance of a wireless broadband service option has not diminished and, as such, Fitch expects DISH will likely continue its efforts to pursue a lower risk strategy by engaging with an existing national wireless service provider. Fitch notes that the terms of its wireless spectrum assets require the company to build out a portion of the spectrum coverage area, which can pressure the company's credit profile. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for DISH include: -- Nominal overall revenue growth generated by slower-than- historical ARPU growth that slightly offsets net subscriber losses; -- EBITDA margins in 2016 and 2017 are expected to be relatively unchanged from the 19.8% recorded in 2015, driven by SG&A cost containment efforts that somewhat offset higher programming costs; -- Assuming DISH repays upcoming debt maturities with FCF and cash on hand, leverage declines to under 5.0x over the next 18-24 months. As of second quarter 2016, Fitch believes DISH only has capacity in the current rating to spend approximately $4 billion on spectrum-related purchases over the next two to three years. RATING SENSITIVITIES Revision of the Outlook to Stable at the current rating level can occur as the company demonstrates that it can execute its wireless strategy in a credit-neutral manner and maintain leverage below 5.0x. Fitch believes a negative rating action will likely coincide with the company's decision to execute a wireless strategy, or other discretionary management decisions that weaken its ability to generate free cash flow (FCF), maintain adequate liquidity to meet ongoing operational needs, erode operating margins, and increase leverage higher than 5x without a clear strategy to deleverage the company's balance sheet. Additional scenarios that may have a potential rating impact, including any spectrum-related purchases beyond the current $4 billion of capacity, will be evaluated as they are disclosed. LIQUIDITY The company's current liquidity position is adequate for its ongoing operations. Overall, the company's liquidity position and financial flexibility is supported by expected FCF generation. The company also benefits from a reasonable maturity schedule, as 28% of the company's outstanding debt is scheduled to mature through 2020 but no more than approximately 8% in any one year. Upcoming material maturities total $900 million and $1.2 billion during 2017 and 2018, respectively. DISH had a total of approximately $3.5 billion of cash and marketable securities (current portion) as of June 30, 2016. The majority of DISH's consolidated cash and marketable securities balances were held at DISH. The company's stated minimum cash requirement of $1 billion and FCF generation mitigate the risk caused by the lack of a revolving credit facility. DISH's FCF (defined as cash flow from continuing operations less capital expenditures and dividends) declined approximately 13% as of the LTM period ended June 30, 2016 to $1.2 billion when compared to the same period during 2015. DISH's capital intensity remained relatively stable in the 7% to 8% range in 2015. Capital expenditures will continue to focus on subscriber retention and capitalized subscriber premises equipment, and include capitalized interest related to FCC authorizations. Limited Bondholder Protections: The DDBS indentures provide bondholders very limited protections against increasing leverage and moving cash to its parent, DISH, to fund investments. These investments include any potential wireless investment or initiative, leaving DDBS bondholders without recourse to the assets and cash flows generated by such investments (assuming the absence of legal/guaranty considerations). The indentures include a debt incurrence test of 8x leverage and in most cases restricted payments are permitted provided leverage is below 8x and no event of default exists. DONNA LEE RAGER: Plan Offers 26.5% Recovery to Unsec. Creditors --------------------------------------------------------------- Donna Lee Rager has proposed a reorganization plan that will pay general unsecured creditors a pro rata portion of $36,000, likely to result in a 26.51% recovery of allowed claims. Payments will be made quarterly over five years from the Effective Date of the Plan. According to the Amended Disclosure Statement dated July 29, 2016, despite the traumatic events in her life, the Debtor has been able to move forward with her life emotionally and financially. She has operated a successful dog grooming business since 2003, in which she works and pays herself a steady income. All payments under the Plan will be completed before 60 months passes from the Effective Date of the Plan. CitiMortgage, LLC's claim, which is secured by the Debtor's property at 533 W. Shannon Street Chandler, AZ, is unimpaired under the Plan. Unsecured Creditors will receive a pro-rata share of a fund totaling $36,000 created by Debtor's $600 per month of disposable monthly income for a period of 60 months. The Debtor will commit these funds to general unsecured claims beginning in the first full calendar month after the effective date. Pro-rata means the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in this class. The Debtor estimates that creditors will receive approximately 26.51% of their claims in this class. Payments to general unsecured creditors will be made quarterly after administrative claims and priority claims are paid in full. A copy of the Amended Disclosure Statement dated July 29, 2016, is available for free at: http://bankrupt.com/misc/D_Rager_75_Am_DS.pdf The Bankruptcy Court will hold a hearing on approval of the Disclosure Statement on Sept. 13, 2016 at 10:00 am at the United States Bankruptcy Court, 230 N. First Avenue, 7th Floor, Courtroom 702, Phoenix, AZ, before the Honorable Madeleine C. Wanslee. About Donna Lee Rager Donna Lee Rager filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 15-13897) on Oct. 29, 2015. On Dec. 3, 2015, the United States Trustee advised the Court that committee under 11 U.S.C. Sec. 1102 has not been appointed because an insufficient number of persons holding unsecured claims against the Debtor have expressed interest in serving on a committee. No trustee or examiner has been appointed. The Bankruptcy Court has approved the employment of Neeley Law Firm, PLC as counsel for the bankruptcy proceedings. The Bankruptcy Court has approved the employment of Steven A. Kaiblinger as accountant for the bankruptcy proceedings. An order setting a bar date for filing proofs of claim was April 4, 2016. Attorneys for the Debtor: Kenneth L. Neeley Chris J. Dutkiewicz NEELEY LAW FIRM, PLC 2250 E. Germann Road, Suite 11 Chandler, AZ 85286 Tel: (480) 802-4647 Fax: (480) 907-1648 E-mail: ECF@neeleylaw.com EDU-PRO MANAGEMENT: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Edu-Pro Management, LLC. Edu-Pro Management, LLC, owner of a charter school facility, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04313) on June 29, 2016. Nardella & Nardella, PLLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Vince Desai, managing member. ELEPHANT TALK: In Talks with Lender on Refinancing Transaction -------------------------------------------------------------- Elephant Talk Communications Corp. entered into a term sheet on April 26, 2016, for a proposed debt financing based on a $6,500,000 senior secured debenture, extendable to $10,000,000 in the lender's discretion, with a term of two years. In addition, the Company had agreed with one of its major stockholders that it would provide additional subordinated funding in the amount of $3,500,000, of which 10% ($350,000) was advanced to the Company on or around June 6, 2016, with a term of 6 to 12 months, and which was secured under an Inter Creditor Agreement with the proposed new lender by the sale proceeds of the Company's subsidiary ValidSoft should it be sold. The mutually agreed closing dates for the transactions, which were originally slated for June 30, 2016, have repeatedly been delayed by circumstances beyond the Company's control. Consequently, the Company has failed to make timely payment of the July employee payroll and is therefore in breach of its obligations under its employment contracts with risks to the continuity of ongoing business operations due to employee attrition and potential breaches of labor laws in some of the countries in which the Company operates. The Company has engaged in dialogue with its employees with regard to the Company's inability to satisfy its payroll obligations. The Company also continues to engage in discussions with its current senior secured lender, Atalaya, and other interested parties, with a view to refinancing the business, which is expected to be resolved in the course of Q3 and Q4 this year. However, there can be no assurance that such refinancing will occur. About Elephant Talk Lutz, Fla.-based Elephant Talk Communications, Inc. (OTC BB: ETAK) -- http://www.elephanttalk.com/-- is an international provider of business software and services to the telecommunications and financial services industry. Elephant Talk reported a net loss of $5 million on $31.01 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $21.9 million on $20.4 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Elephant Talk had $25.05 million in total assets, $19.7 million in total liabilities and $5.39 million in total stockholders' equity. Squar Milner, LLP (formerly Squar Milner, Peterson, Miranda & Williamson, LLP), 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 has suffered recurring losses from operations, has an accumulated deficit of $256 million and has negative working capital. This raises substantial doubt about the Company's ability to continue as a going concern, the auditors said. ELROY JOSEPH MILLER: Aug. 23 Hearing on Plan and Disclosures ------------------------------------------------------------ Elroy Joseph Miller and Krista D Miller on July 27, 2016, filed a proposed Chapter 11 Plan and Disclosure Statement. The following day, Judge Robert Summerhays ordered that: A. The disclosure statement filed by the Debtors is conditionally approved. B. Aug. 16, 2016 is fixed as the last day for filing written acceptances or rejections of the plan. C. Aug. 23, 2016 at 10:00 am, at 1st Floor Courtroom, 214 Jefferson Street, Lafayette LA is fixed for the hearing on final approval of the Disclosure Statement (if a written objection has been timely filed) and for the hearing on confirmation of the Plan. D. Aug. 16, 2016 is fixed as the last day for filing and serving written objections to the Disclosure Statement and confirmation of the Plan. Elroy Joseph Miller and Krista D Miller sought Chapter 11 protection (Bankr. W.D. La. Case No. 16-50309) on March 8, 2016. The Debtor is represented by William C. Vidrine, Esq. ENDEAVOR ENERGY: S&P Raises Rating on Sr. Unsecured Debt to 'B-' ---------------------------------------------------------------- S&P Global Ratings said that it raised its issue-level rating on Midland, Texas-based oil and gas exploration and production (E&P) company Endeavor Energy Resources L.P.'s senior unsecured debt to 'B-' from 'CCC+', and revised the recovery rating to '3' from '5'. The '3' recovery rating indicates S&P's expectation of meaningful (50% to 70%, lower end of the range) recovery in the event of default. The issue-level rating on the senior secured debt remains 'B+' with a recovery rating of '1', indicating S&P's expectation for very high (90% to 100% range) recovery in the event of a default. The corporate credit rating remains 'B-'. The outlook is stable. S&P revised the recovery rating following the May 2016, reduction of the company's borrowing base on its reserve-based revolving credit facility to $400 million from $675 million, and S&P's updated estimate of enterprise value given recently announced asset sales. S&P based its enterprise value on Endeavor's company-provided PV-10 report, based on year-end 2015 proved reserves (less 10% for recent asset sales), using S&P's recovery price assumptions of $50 per barrel for West Texas Intermediate crude oil and $3.00 per million British thermal units for Henry hub natural gas. RATINGS LIST Endeavor Energy Resources L.P. Corporate credit rating B-/Stable/-- Issue-Level Rating Raised; Recovery Rating Revised Endeavor Energy Resources L.P. EER Finance Inc. Endeavor Finance Inc. To From Senior unsecured debt B- CCC+ Recovery rating 3L 5L ETHAN LOCK: Files Plan to Exit Chapter Protection ------------------------------------------------- LMM Sports Management LLC owner Ethan Lock filed with the U.S. Bankruptcy Court for the District of Arizona a plan to exit Chapter 11 protection. The Debtor is proposing a restructuring plan, which seeks to pay creditors from his income. It is a 100% payment plan with no impaired creditors. The plan only applies to the individual Debtor whose Chapter 11 case is jointly administered with the bankruptcy cases of LMM Sports and Eric Metz, another owner of the company. The restructuring plan classifies the general unsecured claim of Your Source Pacific Fund I LLP in Class 5A. The claim was paid according to a prior settlement approved by the court. A copy of the Debtor's disclosure statement detailing the plan is available at http://bankrupt.com/misc/EthanLock_DS07212016.pdf The Debtor is represented by: John R. Clemency, Esq. Janel M. Glynn, Esq. Gallagher & Kennedy, P.A. 2575 East Camelback Road Phoenix, Arizona 85016-9225 Telephone: (602) 530-8000 Facsimile: (602) 530-8500 Email: john.clemency@gknet.com Email: janel.glynn@gknet.com About Ethan Lock Ethan Lock is a sports agent licensed with the National Football League and holds 40% membership interest in LMM Sports Management, LLC, which provides sports management services to professional athletes employed by the NFL. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 14-13954) on September 10, 2014. The case is jointly administered with the Chapter 11 cases of LMM and Eric Metz, who also holds 40% membership interest in the company. EXELIXIS INC: Incurs $37.0 Million Net Loss in Second Quarter ------------------------------------------------------------- Exelixis, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $37.0 million on $36.3 million of total revenues for the three months ended June 30, 2016, compared to a net loss of $43.4 million on $7.99 million of total revenues for the same period in 2015. For the six months ended June 30, 2016, the Company reported a net loss of $98.4 million on $51.7 million of total revenues compared to a net loss of $78.5 million on $17.4 million of total revenues for the six months ended June 30, 2015. As of June 30, 2016, Exelixis had $477 million in total assets, $663 million in total liabilities and a total stockholders' deficit of $186 million. "The Exelixis team has worked tirelessly to prepare for and execute on the U.S. launch of CABOMETYX in order to bring this important new therapeutic option for advanced kidney cancer to prescribing clinicians and the patients they serve," said Michael M. Morrissey, Ph.D., president and chief executive officer of Exelixis. "We are encouraged by the initial uptake in May and June and are steadfast in our efforts to support the launch by educating the treatment community on the data in the CABOMETYX label, which differentiate this medicine from others available for patients with previously-treated advanced renal cell carcinoma." Dr. Morrissey continued, "Our clinical development and regulatory efforts were highly productive during the second quarter. The positive top-line results for the CABOSUN trial sponsored by our collaborators at NCI-CTEP suggest that cabozantinib has potential as a treatment for previously-untreated patients with advanced RCC, and we are discussing potential next steps with regulators. The second half of 2016 will be eventful for Exelixis, as we will continue to advance the U.S. launch of CABOMETYX, while awaiting with our partner Ipsen the EC's decision in the European Union. We look forward to the presentation of the CABOSUN data later this year and ongoing enrollment of patients in CELESTIAL with potential results in 2017. And finally, we continue to monitor the progress of our partner, Genentech, with the cobimetinib development program, including COTEZO, the recently initiated second pivotal trial of this Exelixis-discovered compound in combination with atezolizumab in refractory CRC." Cash and cash equivalents, short- and long-term investments and long-term restricted cash and investments totaled $384 million at June 30, 2016, which increased from $253 million at Dec. 31, 2015, as a result of the $200 million upfront payment we received from Ipsen in connection with our Feb. 29, 2016, licensing agreement. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Ka2ugx About Exelixis Inc. Headquartered in South San Francisco, California, Exelixis, Inc., develops innovative therapies for cancer and other serious diseases. Through its drug discovery and development activities, Exelixis is building a portfolio of novel compounds that it believes has the potential to be high-quality, differentiated pharmaceutical products. Exelixis reported a net loss of $170 million on $37.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $269 million on $25.1 million of total revenues for the year ended Dec. 31, 2014. EXELIXIS INC: May Issue 5.3 Million Shares Under Plans ------------------------------------------------------ Exelixis, Inc., filed with the Securities and Exchange Commission a Form S-8 registration statement to register (a) 5,000,000 shares of Common Stock of the Company for issuance under the Exelixis, Inc. 2000 Employee Stock Purchase Plan, and (b) 247,121 shares of the Company's Common Stock for issuance under the Exelixis, Inc. 2014 Equity Incentive Plan. The proposed maximum aggregate offering price is $48.53 million. A full-text copy of the Form S-8 prospectus is available at https://is.gd/FEdidj About Exelixis Inc. Headquartered in South San Francisco, California, Exelixis, Inc., develops innovative therapies for cancer and other serious diseases. Through its drug discovery and development activities, Exelixis is building a portfolio of novel compounds that it believes has the potential to be high-quality, differentiated pharmaceutical products. Exelixis reported a net loss of $170 million on $37.2 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $269 million on $25.1 million of total revenues for the year ended Dec. 31, 2014. As of June 30, 2016, Exelixis had $477.13 million in total assets, $663.27 million in total liabilities and a total stockholders' deficit of $186.13 million. EXPORTHER BONDED: Disclosure Statement Hearing Set for Aug. 31 -------------------------------------------------------------- Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida entered an order setting Aug. 31, 2016 as hearing date to consider approval of Exporther Bonded Corp.'s amended disclosure statement. Any objections to the disclosure statement are due on Aug. 24. As previously reported by The Troubled Company Reporter, the Debtor filed a first amended disclosure statement describing its first amended plan of liquidation, which propose that general unsecured creditors classified in Class 2 will receive a distribution of 0 to 5 % of their allowed claims, to be distributed in a lump sum on the date or dates indicated. Payments and distributions under the Plan will be funded by the Debtor's liquidation of its assets, believed to be between $100,000 and $300,000 as of confirmation. The Plan will also be funded by the payment from the Riveros of their insider loans, which presently amount to $890,886. Jorge H. Rivero, Jorge H. Rivero, Jr., and Juan Carlos Rivero, own and manage the Debtor. A full-text copy of the First Amended Disclosure Statement dated Aug. 1, 2016, is available at http://bankrupt.com/misc/flsb15-28287-207.pdf Debtor's Counsel: David R. Softness, Esq. 201 S Biscayne Blvd #2740 Miami, FL 33131 About Exporther Bonded Exporther Bonded Corp., dba EBC Duty Free, a ship chandler generally providing specialized goods for export, usually on cruise ships, filed a Chapter 11 petition (Bankr. S.D. Fla., Case No. 15-28287) on October 15, 2015. The Debtor's counsel is David R. Softness, Esq., in Miami, Florida. At the time of filing, the Debtor had $0 to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. A list of the Debtor's 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb15-28287.pdf FANNIE MAE: Reports Net Income of $2.94 Billion in Second Quarter ----------------------------------------------------------------- Federal National Mortgage Association filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Company of $2.94 billion on $5.46 billion of net revenues for the three months ended June 30, 2016, compared to net income attributable to the Company of $4.64 million on $6.23 billion of net revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income attributable to the Company of $4.08 billion on $10.4 billion of net revenues compared to net income attributable to the Company of $6.52 billion in $11.6 billion of net revenues for the same period last year. As of June 30, 2016, Fannie Mae had $3.23 trillion in total assets, $3.23 trillion in total liabilities and $4.06 billion in totla equity. "We had another quarter of solid financial performance," said Timothy J. Mayopoulos, president and chief executive officer. "We are carrying through on actions to strengthen our company, support the housing market, and bring innovation to the market for the benefit of consumers, lenders, and taxpayers. We remain a steady, continuous source of mortgage financing to ensure broad access to quality rental housing and predictable long-term mortgages, including the 30-year fixed-rate mortgage." "Fannie Mae expects to remain profitable on an annual basis for the foreseeable future; however, certain factors, such as changes in interest rates or home prices, could result in significant volatility in our financial results from quarter to quarter or year to year. Fannie Mae's future financial results also will be affected by a number of other factors, including: the company's guaranty fee rates; the volume of single-family mortgage originations in the future; the size, composition, and quality of its retained mortgage portfolio and guaranty book of business; and economic and housing market conditions. Although Fannie Mae expects to remain profitable on an annual basis for the foreseeable future, due to the company's expectation of continued declining capital and the potential for significant volatility in its financial results, the company could experience a net worth deficit in a future quarter, particularly as the company's capital reserve amount approaches or reaches zero. The company's expectations for its future financial results do not take into account the impact on its business of potential future legislative or regulatory changes, which could have a material impact on the company's financial results, particularly the enactment of housing finance reform legislation." A full-text copy of the Form 10-Q is available for free at: https://is.gd/kM96A2 About Fannie Mae Federal National Mortgage Association, aka Fannie Mae, is a government-sponsored enterprise that was chartered by U.S. Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold. The U.S. Department of the Treasury owns Fannie Mae's senior preferred stock and a warrant to purchase 79.9 percent of its common stock, and Treasury has made a commitment under a senior preferred stock purchase agreement to provide Fannie with funds under specified conditions to maintain a positive net worth. Fannie Mae reported net income of $10.95 billion on $109 billion of total interest income for the year ended Dec. 31, 2015, compared with net income of $14.2 billion on $114 billion of total interest income for the year ended Dec. 31, 2014. About Freddie Mac Based in McLean, Virginia, the Federal Home Loan Mortgage Corporation, known as Freddie Mac (OTCBB: FMCC) -- http://www.FreddieMac.com/-- was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters. Freddie Mac is under conservatorship and is dependent upon the continued support of Treasury and the Federal Housing Finance Agency acting as conservator to continue operating its business. FIRST ONE HUNDRED: Files Full-Payment Plan ------------------------------------------ First One Hundred LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a plan of reorganization and accompanying disclosure statement proposing for the sale of the Debtors' real properties and paying secured and unsecured creditors a distribution of 100% of their allowed claims. The Debtor owns these real properties, located in Orlando, Florida: a. Apartment Building located at 2016 Orange Center Blvd, Orlando, FL 32805; b. Apartment Building located at 2026 Orange Center Blvd, Orlando, FL 32805; c. Apartment Building located at 2040 Orange Center Blvd, Orlando, FL 32805; d. Apartment Building located at 2100 Orange Center Blvd, Orlando, FL 32805; e. Apartment Building located at 2126 Orange Center Blvd, Orlando, FL 32805; f. Apartment Building located at 800 S Tampa Ave, Orlando, FL 32805. According to the Orange County, Florida property appraiser, the market value of all of the Debtor's Real Properties totals $864,042. However, the Debtor believes that the actual market value of the Real Properties is significantly higher. Class 8 consists of all allowed unsecured general claims and is unimpaired by this Plan. The class is comprised of the disputed general unsecured claim asserted by PDQ Coolidge Formad, LLC, The Savage Law Group, P.A., (scheduled claim - undisputed), and any other alleged general unsecured claims against the Real Properties, which claims are disputed. The Debtor will be filing an objection to the claim of PDQ Coolidge Formad, LLC, as no claim is owed to this claimant, and no documentation to support the claim was attached to the Proof of Claim. The Debtor reserves the right to object to any other general unsecured claims asserted against the Debtor. Any allowed secured claims by holders of Class 8 Claims, as adjudicated by the Bankruptcy Court or agreed to between the parties, will be paid in full at the closing of the sale of the Real Properties, which the Debtor expects to take place prior to March 31, 2017. A full-text copy of the Disclosure Statement dated Aug. 1, 2016, is available at http://bankrupt.com/misc/flsb16-13973-65.pdf The Debtor is represented by: Zach B. Shelomith, Esq. Ido J. Alexander, Esq. LEIDERMAN SHELOMITH ALEXANDER + SOMODEVILLA, PLLC 2699 Stirling Road, Suite C401 Fort Lauderdale, FL 33312 Tel. 954.920.5355 Fax. 954.920.5371 Email: zbs@lsaslaw.com ija@lsaslaw.com First One Hundred LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla., Case No. 16-13973) on March 21, 2016. The Debtor is represented by Zach B Shelomith, Esq., at Leiderman Shelomith, PA. FIRSTENERGY NUCLEAR: S&P Lowers Rating on $46.3MM Bonds to BB+ -------------------------------------------------------------- S&P Global Ratings said that it both lowered and raised various issue-level ratings on certain pollution control revenue refunding bonds, issued by multiple development authorities with FirstEnergy Nuclear Generation LLC (FENG) or FirstEnergy Generation LLC (FEG) as obligors. FirstEnergy Solutions Corp. provides an indirect guarantee on these bonds. "On Aug. 1, 2016, we lowered the corporate credit ratings on U.S. unregulated power company FirstEnergy Solutions Corp. and its affiliates to 'BB-' from 'BBB-'. The rating action followed our conclusion that the companies no longer have strategic importance to parent FirstEnergy Corp., meaning we expect no parent support going forward. We believe the companies' business risk in wholesale power markets is higher, reflecting our assessment of a weaker competitive position, which is evident from the decline in capacity factors and economic generation due to production costs higher than regional peers," S&P said. As a result of this rating action, ratings on all unsecured obligations were lowered to 'BB-'. However, issue-level ratings on secured obligations are notched two above FirstEnergy Solutions' 'BB-' corporate credit rating based on S&P's '1' recovery score on the senior secured debt at FENG and FEG, indicating S&P's expectation for very high recovery (90%-100%) under a payment default. Most of the bonds being remarketed are currently issued on an unsecured basis but are now being remarketed on a secured basis. Three series of bonds were backed by a letter of credit (LOC) from the Bank of Nova Scotia, which resulted in the 'A+' ratings assigned to the bonds. FirstEnergy Solutions Corp. has reoffered the bonds on a senior secured basis with affiliates FENG or FEG as obligors. The FEG bonds, which currently have a bank LOC will be subject to mandatory purchase on August 15, 2016, resulting in the lowering of the rating from 'A+' to 'BB+', since the bank LOC will be terminated. S&P has assigned these bonds a '1' recovery rating. Ratings on the other series of bonds are raised to 'BB+' from 'BB-' because they are now being refinanced on a secured basis. S&P has revised the recovery rating on this debt to '1' from '3,' because these now are secured obligations. RATINGS LIST Downgraded; Recovery Rating Assigned To From FirstEnergy Nuclear Generation LLC $46.3 Mil Beaver County Poll PCRR Bonds BB+/NR A+/A-1 Recovery Rating 1 NR $25 Mil Beaver County PCRR Bonds BB+/NR A+/A-1 Recovery Rating 1 NR $15 Mil Penn Economic Dev Revenue Bonds BB+/NR A+/A-1 Recovery Rating 1 NR Upgraded; Recovery Rating Revised To From FirstEnergy Nuclear Generation LLC $62.5 Mil Ohio Air Quality PCRR Bonds BB+ BB- Recovery Rating 1 3L $54.6 Mil Ohio Water Dev PCRR Bonds BB+ BB- Recovery Rating 1 3L $60 Mil Beaver County PCRR Bonds BB+ BB- Recovery Rating 1 3L FOODSERVICEWAREHOUSE.COM: Disclosure Approval Hearing on Aug. 31 ---------------------------------------------------------------- Honorable Elizabeth W. Magner of the U.S. Bankruptcy Court for the Eastern District of Louisiana scheduled a hearing to consider the approval of FoodServiceWarehouse.com, LLC???s Chapter 11 Disclosure Statement for August 31, 2016, at 9:00 a.m. The last day for filing and serving written objections to said Disclosure Statement is fixed on Aug. 24. The following have been served with a copy of the order fixing hearing on approval of disclosure statement: Barry W. Miller P. O . Box 86279 Baton Rouge, LA 70879-6279 Tel.: (225) 767-1499 Fax : (225) 761-0706 Email: bmiller@hellerdraper.com Greta M. Brouphy Heller, Draper, Patrick, Horn & Dabney 650 Poydras Street Suite 2500 New Orleans, LA 70130 Tel.: (504) 299-3300 Fax : (504) 299-3399 Email: gbrouphy@hellerdraper.com U.S. Trustee Office of the U.S. Trustee Eastern District of Louisiana Texaco Center 400 Poydras Street, Suite 2110 New Orleans, LA 70130 About FoodServiceWarehouse.com, LLC. FoodServiceWarehouse.com, LLC sought protection under Chapter 11 of the (Bankr. E.D. La. Case No. 16-11179) on May 20, 2016. The petition was signed by Thomas Kim, chief restructuring officer. The Debtor tapped Barry W. Miller, Esq., at Heller, Draper, Patrick, Horn & Dabney, L.L.C., as counsel; r2 Advisors, LLC as financial advisor; HyperAMS, LLC, as liquidation consultant; and Donlin, Recano & Company, Inc. as its claims, noticing and solicitation agent. The case is assigned to Judge Elizabeth Magner. The Debtor estimated its assets and liabilities in the range of $10 million to $50 million at the time of the filing. FOREST PARK SOUTHLAKE: Hearing on Plan & Outline Set for Aug. 18 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas has approved, on a conditional basis, the Disclosure Statement describing Forest Park Medical Center at Southlake, LLC's First Amended Plan of Liquidation. A combined hearing will be held on Aug. 18, 2016, at 9:30 a.m. (prevailing Central Time) to consider entry of an order, among other things, determining that the Disclosure Statement contains "adequate information", and to consider the confirmation of the Plan. As reported by the Troubled Company Reporter on Aug. 1, 2016, the Debtor filed its First Amended Disclosure Statement in support of the First Amended Plan of Liquidation, which proposes that holders of Class 4 Allowed General Unsecured claims will receive in full satisfaction, settlement, release, and discharge of and in exchange for the Claims, a beneficial interest in the Liquidation Trust. Objections to the adequacy of the Disclosure Statement and confirmation of the Plan must be filed by 4:00 p.m. Prevailing Central Time on Aug. 11, 2016. Ballots must be executed, completed, and cast by 4:00 p.m. (Central Time) on Aug. 11, 2016. The Debtor will not be required to distribute ballots to any party not entitled to vote on the Plan, unless that party files a motion for temporary allowance of a claim under Bankruptcy Rule 3018 by Aug. 4, 2016. If there are multiple objections filed with respect to the Plan and the Disclosure Statement, the Debtor will be permitted to file a single, consolidated reply to the objections, and any brief in support of the Plan and adequacy of the Disclosure Statement by Aug. 16, 2016. The Debtor is authorized to file its witness and exhibit list by noon on Aug. 16, 2016, and exchange such exhibits by posting copies on the Debtors' website at http://www.donlinrecano.com/fpmcsl The Debtor is authorized to submit its proposed Findings of Fact and Conclusions of Law no later than Aug. 16, 2016. The Debtor is authorized to file its written ballot summary no later than Aug. 17, 2016. About Forest Park Medical Center Forest Park Medical Center at Southlake, LLC, owns and operates a 54 private bed state-of-the-art medical facility, including 10 family suites and 6 intensive care beds, located at 421 East Texas 114 Frontage Road, Southlake, Texas, and commonly known as Forest Park Medical Center at Southlake. The Hospital is a licensed, full service, acute-care medical facility with an emergency room, full service imaging and lab, twelve operating rooms and two procedure rooms. The Hospital provides all manner of in-patient and out-patient services and treatments, including primarily elective scheduled out-patient surgery. The Hospital was opened in June 2013, and since that time has performed over 15,000 surgeries and provided non-surgical procedures, x-rays, lab work, ER, and related services to numerous other patients. Forest Park Medical Center at Southlake, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40273) on Jan. 19, 2016. Charles Nasem, the CEO, signed the petition. Judge Russell F. Nelms has been assigned the case. The Debtor estimated assets and liabilities in the range of $10 million to $50 million. Haynes and Boone, LLP, serves as counsel to the Debtor. FRANK MOULTRIE: Disclosure Statement Hearing on Aug. 29 ------------------------------------------------------- In light of the filing by Frank Moultrie of a disclosure statement on July 27, 2016, Judge Tamara O. Mitchell set: * a hearing to consider the approval of the Disclosure Statement at Courtroom #3, Robert S. Vance Federal Building, 1800 5th Avenue North, Birmingham, Alabama on Aug. 29, 2016, at 11:00 a.m. * Aug. 22, 2016 as the last day for filing and serving in accordance with Fed. R. Bankr. P. 3017(a) written objections to the Disclosure Statement. The Chapter 11 case is In re Frank Moultrie (Bankr. N.D. Ala. Case No. 16-00574). FUTURE HEALTHCARE: Incurs $49,000 Net Loss in Second Quarter ------------------------------------------------------------ Future Healthcare of America filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss available to common shareholders of $49,176 on $1.01 million of total revenue for the three months ended June 30, 2016, compared to a net loss available to common shareholders of $157,114 on $971,772 of total revenue for the same period last year. For the six months ended June 30, 2016, the Company reported a net loss available to common shareholders of $32,232 on $2.06 million of total revenue compared to a net loss available to common shareholders of $406,798 on $1.90 million of total revenue for the six months ended June 30, 2015. As of June 30, 2016, Future Healthcare had $998,410 in total assets, $1.49 million in total liabilities and a $496,352 total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: https://is.gd/edrE91 About Future Healthcare Pittsburgh, Pennsylvania-based Future Healthcare of America (FHA)'s wholly owned subsidiary Interim Healthcare of Wyoming, Inc. (Interim) is an independent franchisee of Interim HealthCare that provides a wide range of visiting nurse services to the elderly, wounded and sick. Interim is one of the 300 independent home health agencies that comprise the Interim HealthCare network, operating primarily in Wyoming and Montana. Future Healthcare reported a net loss of $249,319 on $4 million of revenue for the year ended Dec. 31, 2015, compared to a net loss of $1.56 million on $3.81 million of revenue for the year ended Dec. 31, 2014. Gregory & Associates, LLC, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred losses, an accumulated deficit and has a short-term note payable in excess of anticipated cash. GAS-MART USA: Unsecureds to Get 0.62% Under Committee Plan ---------------------------------------------------------- The official committee of unsecured creditors of Gas-Mart USA, Inc., filed with the U.S. Bankruptcy Court for the Western District of Missouri its latest disclosure statement detailing the company's Chapter 11 plan of liquidation. The liquidating plan proposes the formation of a so-called creditor trust for the benefit of general unsecured creditors and other claimants of the company. Gas-Mart's general unsecured creditors assert a total of $26.204 million in claims. The committee cannot yet determine the exact amount that will be paid to general unsecured creditors but it says that the estimated percentage recovery of their claims is 0.62% under the plan. A copy of the latest disclosure statement is available for free at http://bankrupt.com/misc/Gas-Mart_1DS07212016.pdf About Gas-Mart USA, Inc. Gas-Mart USA, Inc., is a Missouri corporation and was founded in 1995 and completed construction on its first store in early 1996. Aving-Rice, LLC, is an Illinois limited liability company. Fran Transport & Oil Company is a Kansas corporation. G&G Enterprises, LLC, is a Kansas limited liability company. Fuel Services Mart, Inc., is an Illinois corporation. With locations in Iowa, Illinois, Indiana, Nebraska and Wisconsin, Gas-Mart and Aving-Rice operated 22 and 20 stores, respectively. Gas-Mart also owned and operated a wholesale fuel business, distributing gasoline and diesel to other C-Stores as well as other third party commercial ventures. As of the Petition Date, G&G owned and leased ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain Phillips locations in the greater Kansas City Area. Gas-Mart USA, Inc., Aving-Rice, LLC, Fran Transport & Oil Company, and G&G Enterprises, LLC, sought Chapter 11 bankruptcy protection (Bankr. W.D. Mo. Lead Case No. 15-41915) in Kansas City, Missouri, on July 2, 2015. Gas-Mart and Aving-Rice own and operate gasoline station/conveniences stores. With locations in Iowa, Illinois, Indiana, Nebraska, and Wisconsin, Gas-Mart and Aving Rice operate 22 and 20 stores, respectively, as of the Petition Date. G&G owns and leases ATM's to the 42 Gas-Mart and Aving-Rice locations as well as certain ConocoPhillips locations in the greater Kansas City Area. Fran is a fuel hauling business located in and serving Kansas City. On Oct. 6, 2015, an order for relief under 11 U.S.C. Chapter 11 was entered for the debtor Fuel Services Mart, Inc. FSM filed as motion for an order directing that certain Orders in In re Gas-Mart USA., et al. be made applicable to FSM. Judge Arthur B. Federman presides over the Chapter 11 cases. The Debtors tapped Stinson Leonard Street LLP as attorneys; Polsinelli PC as special counsel; Brown & Ruprecht, PC, as Conflicts counsel; and Frank Wendt as special conflicts counsel. Gas-Mart estimated $10 million to $50 million in assets and debt. In July, Daniel Casamatta, acting U.S. trustee, appointed seven creditors to serve on Gas-Mart's official committee of unsecured creditors. The committee is represented by Freeborn & Peters LLP, in Chicago, Illinois. GASTAR EXPLORATION: Global Undervalued Holds 6.2% Stake ------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Global Undervalued Securities Master Fund, L.P., Kleinheinz Capital Partners, Inc., and John B. Kleinheinz disclosed that as of Aug. 1, 2016, they may be deemed to beneficially own in the aggregate 8,125,000 shares of Common Stock of Gastar Exploration Inc. Based on a total of 131,729,051 outstanding shares of Common Stock, as reported in the Company's Form 424B5, dated May 13, 2016, the Reporting Persons' shares represent approximately 6.168% of the outstanding shares of Common Stock. A full-text copy of the regulatory filing is available at: https://is.gd/6kdXye About Gastar Exploration Gastar Exploration Inc. is an independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids in the United States. Gastar's principal business activities include the identification, acquisition, and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. In Oklahoma, Gastar is developing the primarily oil-bearing reservoirs of the Hunton Limestone horizontal play and is testing other prospective formations on the same acreage, including the Meramec Shale and the Woodford Shale, which is referred to as the STACK Play and emerging prospective plays in the shallow Oswego formation and in the Osage formation, a deeper bench of the Mississippi Lime located below the Meramec Shale. In West Virginia, Gastar has developed liquids-rich natural gas in the Marcellus Shale and has drilled and completed two successful dry gas Utica Shale/Point Pleasant wells on its acreage. Gastar has entered into a definitive PSA to sell substantially all of its assets and proved reserves and a significant portion of its undeveloped acreage in the Appalachian Basin. For more information, visit Gastar's Web site at http://www.gastar.com/ Gastar Exploration reported a net loss attributable to common stockholders of $473.98 million for the year ended Dec. 31, 2015, compared to net income attributable to common stockholders of $36.52 million for the year ended Dec. 31, 2014. * * * As reported by the TCR on March 15, 2016, Standard & Poor's Ratings Services lowered its corporate credit rating on U.S.-based oil and gas exploration and production (E&P) company Gastar Exploration Inc. to 'CCC-' from 'CCC+'. The downgrade follows Gastar's announcement that it had just $29 million of cash on hand and a fully drawn revolver. The company's borrowing base current stands at $180 million, but will be reduced to $100 million at the earlier of the close of the Appalachian asset sale or April 10, 2016. Proceeds from the Appalachian asset sale are expected to be $80 million. As reported by the TCR on June 2, 2016, Moody's Investors Service downgraded the Corporate Family Rating of Gastar Exploration Inc to Caa3 from Caa1, the rating on its senior secured notes due 2018 to Caa3 from Caa2, and the speculative grade liquidity (SGL) to SGL-4 from SGL-3. The rating outlook was changed to negative from stable. The downgrade of Gastar's CFR to Caa3 reflects the company's weakened liquidity and reduced size following the sale of its Appalachian assets in April 2016. GENERAL COMMUNICATION: Egan-Jones Gives 'B' Sr. Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company assigned B senior unsecured ratings on debt issued by General Communication Inc on July 19, 2016. EJR also gave a B rating on commercial papers issued by the Company. General Communication Inc. is a telecommunications corporation operating in Alaska. Through its own facilities and agreements with other providers, GCI provides cable television service, Internet access, and Wireline and cellular telephone service. GENESIS HEALTHCARE: S&P Affirms and Withdraws CCR on Debt Repayment ------------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' corporate credit rating on Genesis Healthcare Inc. after the company repaid all of its rated debt on July 29, 2016, with a new unrated credit facility. The outlook is stable. S&P subsequently withdrew the 'B-' corporate credit rating on Genesis Healthcare at the issuer's request, following the repayment of the rated debt. In addition, S&P withdrew the 'B' issue-level and '2' recovery ratings on the company's senior secured debt. GREAT BASIN: Extends Spring Forth Note Maturity to July 2017 ------------------------------------------------------------ Great Basin Scientific, Inc., entered into an amendment to the Spring Forth Promissory Note with Spring Forth Investments, LLC on Aug. 4, 2016, to extend the maturity date of a $500,000 promissory note issued by the Company to Spring Forth in connection with a loan provided by Spring Forth to the Company from July 18, 2016 to July 18, 2017. The effective date of the Amendment is July 18, 2016. Unregistered Sales of Equity Securities On July 13 and July 27, 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 these conversions, the Company issued 79,051 shares of common stock upon the conversion of $106,171 principal amount of 2015 Notes at a conversion price of $1.34. On July 29, 2016 in accordance with the terms of the 2015 Notes the Company issued additional shares of the Company's common stock pursuant to Section 3(a)(9) of the United States Securities Act of 1933, as amended, to adjust the previously converted amortization and accelerated amounts for the actual conversion price calculated as of the amortization date of July 29, 2016. Pursuant to these adjustment terms the Company issued an additional 2,636,861 shares of common stock at a conversion price of $0.47 per share and adjusted the principal and amortization payment amount converted to $3,694,814. On August 2 through Aug. 4, 2016, certain holders of the 2015 Notes were issued 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 pre-installment amount converted for the amortization date of Aug. 31, 2016. In connection with the pre-installments, the Company issued 11,447,345 shares of common stock upon the conversion of $4,469,043 principal amount of 2015 Notes at a conversion price of $0.39. The Company previously filed an 8-K on July 14, 2016 and reported 12,409,233 shares outstanding. The Company has since issued 14,163,257 shares, therefore as of Aug. 4, 2016, there are 26,572,490 shares of common stock issued and outstanding. Modifications to Rights of Security Holders On July 29, 2016, the Company adjusted the conversion price of the 2015 Notes pursuant to the terms of the 2015 Notes The conversion price was adjusted from $1.34 to $0.47. On Aug. 2, 2016, the Company adjusted the conversion price of the 2015 Notes pursuant to the terms of the 2015 Notes. The conversion price was adjusted from $0.47 to $0.39. Class A and Class B Warrants As of Aug. 2, 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 Conversions triggers an adjustment to the exercise price of the Class A and Class B Warrants. Therefore, on July 29, 2016, the exercise price for the Class A and Class B Warrants was adjusted from $1.34 per share of common stock to $0.47 per share of common stock, and on Aug. 2, 2016, the exercise price for the Class A and Class B Warrants was adjusted from $0.47 per share of common stock to $0.39 per share of common stock. Common Stock Warrants As of Aug. 2, 2016, the Company had outstanding certain common stock warrants to purchase 18 shares of common stock of the Company. As a result of the Conversions, on July 29, 2016, the exercise price for certain Common Warrants was adjusted from $1.34 per share of common stock to $0.47 per share of common stock, and on Aug. 2, 2016, the exercise price for certain Common Warrants was adjusted from $0.47 per share of common stock to $0.39 per share of common stock. Series B Warrants As of Aug. 2, 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 Conversions triggers an adjustment to the exercise price of the Series B Warrants. Therefore, on July 29, 2016, the exercise price for the Series B Warrants was adjusted from $4,069.98 per share of common stock to $3,918.80 per share of common stock. On Aug. 2, 2016, the exercise price for the Series B Warrants was adjusted from $3,918,80 per share of common stock (taking into account the Company???s recent 35 for 1 reverse stock split) to $3,726.05 per share of common stock. Series G Warrants As of Aug. 2, 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 Conversions triggers an adjustment to the exercise price of the Series G Warrants. Therefore, on July 29, 2016, the exercise price for the Series G Warrants was adjusted from $1.34 per share of common stock to $0.47 per share of common stock and on Aug. 2, 2016, the exercise price for the Series G Warrants was adjusted from $0.47 per share of common stock to $0.39 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. GULF FINANCE: S&P Assigns 'B+' CCR, Outlook Stable -------------------------------------------------- S&P Global Ratings said that it assigned its 'B+' corporate credit rating to Gulf Finance LLC. The outlook is stable. S&P also assigned its 'BB-' issue-level rating to the company's proposed $1.2 billion senior secured term loan B. The recovery rating on the term loan B is '2', indicating S&P's expectation for substantial (70% to 90%; lower half of the range) recovery in a default scenario. The 'B+' rating reflects a fair business risk profile and a highly leveraged financial risk profile. The fair business risk profile is based on Gulf Finance's relatively strong market position, increased scale, and the long tenor of its counterparties, but offset by limited contract life on storage facilities and relatively limited diversity. In the storage and transportation businesses, S&P sees contract lives that are generally under one year, which contrasts with more thoroughly contracted issuers. S&P anticipates that the combination of the businesses will provide some level of cost synergies and make the new operation somewhat more efficient by 2017, noting that these are highly complementary assets. "The highly leveraged financial risk profile is based on debt to EBITDA that we expect to approach 5.5x initially and then remain at about 5x throughout the forecast period. The relatively high amount of leverage initially placed on the issuer could come down over time as a result of the nature of the debt, which includes a 75% cash flow sweep. We believe these ratios embed the risks of underperformance in weak commodity cycles. Additionally, ownership by ArcLight Capital, deemed a financial sponsor under our criteria, may limit the improvement in the financial risk profile over time even with better metrics, depending on what future plans for this entity might be," S&P said. The newly formed entity, which will subsume both Penn Products and Chelsea Petroleum Products, will have a significant footprint in the NorthEastern U.S. refined product storage business. Gulf will now participate materially in the storage, transportation, and branded and unbranded sales businesses, and will broaden the geographic spread somewhat, as both were somewhat concentrated before. Gulf will now own 17 terminals, and have about 14 million barrels of storage capacity at close, increasing throughput and volume considerably. "The new entity's relatively focused geographic scope exposes it to regional economics to a greater degree than a more diversified provider of similar services, and its absence of long-term storage contracts offers less visibility into its cash flows as we get further into our forecast period, introducing considerable recontracting risk if its competitive advantage erodes over time," said S&P Global Ratings credit analyst Michael Ferguson. Contract lengths vary, with branded contracts having a weighted average of about seven years and unbranded contracts less than one year, while storage and transportation agreements are generally shorter term in nature. However, Gulf's former subsidiaries have also demonstrated some pricing resiliency with its long-time customers in recent years. Although S&P has seen considerable fluctuation in oil prices during the past year, the issuer is mostly immune to these due to a hedging strategy that is designed to prevent exposure to a price fluctuations. This has resulted in profitability that has been robust in most years, but can be undercut by lower volumes, which was borne out in late 2015 and early 2016 at the Penn Products level. Recognizing that EBITDA volatility at certain of the assets has been high historically, the company has mitigated commodity price risk to a degree by hedging its long refined product exposure inherent in its inventory with short front-month futures contracts. Under the new management, Gulf plans to modify its hedging strategy to attempt to reduce further the price volatility, as well as lower its inventory holdings. The stable outlook on Gulf Finance reflects S&P's expectation that debt to EBITDA will exceed 5x during the next two years, based on relatively stable storage rates and volumes. S&P anticipates that there will be certain synergies associated with the merger of the combined enterprises. GULFCOAST SPECIALTY: Files Plan to Exit Chapter 11 Protection ------------------------------------------------------------- GulfCoast Specialty Products & Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Florida its proposed plan to exit Chapter 11 protection. Under the restructuring plan, Class 3 general unsecured creditors will receive their pro rata share of a monthly payment of $5,000 at 5.1% for a period of 10 years beginning January 25, 2017, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/GulfCoastSpecialty_1stDS07162016.pdf GulfCoast is represented by: Shiraz A. Hosein, Esq. Anchors Smith Grimsley, PLC 909 Mar Walt Drive, Suite 1014 Fort Walton Beach, FL 32547 Telephone: (850) 863-4064 Facsimile: (850) 664-5728 Email: sahosein@asglegal.com About GulfCoast Specialty GulfCoast Specialty Products & Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Fla. Case No. 15-31056) on October 19, 2015. The petition was signed by Wayne A. Bernheisel, president. At the time of the filing, the Debtor estimated its assets at $100,000 to $500,000 and debts at $1 million to $10 million. HARBOR FREIGHT: S&P Affirms 'BB-' CCR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed all of its ratings on Calabasas, Calif.-based tool and equipment retailer Harbor Freight Tools USA Inc. (HFT), including the 'BB-' corporate credit rating. The outlook is stable. At the same time, S&P assigned a 'BB-' issue-level rating to the proposed $2.2 billion senior secured term loan due 2023, which will repay the existing $1 billion term loan ($865 million outstanding as of April 30, 2016). The '3' recovery rating on the proposed facility indicates S&P's expectation for meaningful recovery, at the lower end of the 50% to 70% range in the event of a payment default. As part of the refinancing, the company increased the unrated asset-based lending (ABL) revolving credit facility due 2021 to $700 million from $550 million, which will be partially drawn to fund the proposed dividend. "The affirmation reflects our expectation that debt leverage will decline to under 4x over the next 12 months from EBITDA growth and debt repayment with cash flow generation. Pro forma for the proposed transaction, debt to EBITDA was 4.7x as of the third quarter ended April 30, 2016 (versus about 4.2x based on S&P's assumptions for fiscal year 2016 ended July 31). The company's growth strategy has accelerated over the past three years--the store base increased to more than 680 stores from 445 stores in fiscal 2013," said credit analyst Samantha Stone. "We expect the company will continue to manage expenses and promotions while expanding into existing and new markets. Although same-store sales growth has declined because of cannibalization, the rating assumes same-store sales growth will remain positive as management refines its pricing and promotional strategies." The stable rating outlook reflects S&P's expectation that HFT's debt leverage will be under 4x over the next 12 months, based on revenue and profit growth from new store development and cost management. S&P believes the company will continue to manage leverage below 4x in order to retain sufficient prospects for access to capital markets to continue its practice of periodic large dividend payouts. S&P would consider a negative rating action if debt leverage remains above 4x over the next 12 months after the proposed transaction closes. This scenario could be the result of weaker-than-anticipated operating performance, potentially caused by increased competition and poor execution or management missteps from store expansion that result in negative same-store sales, and a decline in gross margins and cash flow. Under this scenario, a decline in EBITDA margins by roughly 270 basis points would result in leverage of about 4.7x A rating upside is highly unlikely over the next 12 months based on S&P's assumptions for credit metrics and operating performance. Longer term, S&P could raise the rating on HFT if the company's financial policies moderate such that debt repayment would take a priority over dividends. At that point, S&P would consider the company's financial policy as neutral. Positive rating consideration would also include meaningful growth in scale and profitability in addition to maintain high operating margins as the company continues to expand. HARPER & ASSOCIATES: To Set Aside $30K to Pay Unsecured Creditors ----------------------------------------------------------------- Harper & Associates Insurance, Inc., will set aside $30,000 to pay general unsecured creditors, according to its proposed Chapter 11 plan of reorganization. The plan proposes to pay general unsecured creditors in Class 3 their pro rata share of $30,000, to be paid over 60 months with interest at 3%. Payment to Class 3 general unsecured creditors will depend on whether or not the unsecured claim of Ashland General Agency, Inc. will be allowed in a greater amount. Ashland asserts a $297,568 unsecured claim, which is being disputed by the company. The plan classifies the claim in Class 2 and proposes to pay an additional $20,000 to Ashland, which has already been paid $70,000. If Ashland's claim is allowed in a greater amount, the pro rata recovery of Class 3 general unsecured creditors will be reduced, according to Harper & Associates' disclosure statement detailing the proposed plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/Harper&Assoc_DS07212016.pdf Harper & Associates is represented by: Richard M. Gaal, Esq. McDowell Knight Roedder & Sledge LLC P.O. Box 350 Mobile, Alabama 36601 Telephone: (251) 432-5300 Email: rgaal@mcdowellknight.com About Harper & Associates Harper & Associates Insurance, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ala. Case No. 15-03160) on September 25, 2015. HCSB FINANCIAL: Posts $9.91 Million Net Income for Second Quarter ----------------------------------------------------------------- HCSB Financial Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income available to common shareholders of $9.91 million on $3.05 million of total interest income for the three months ended June 30, 2016, compared to a net loss available to common shareholders of $703,000 on $3.50 million of total interest income for the same period in 2015. For the six months ended June 30, 2016, the Company reported net income available to common shareholders of $6.63 million on $6.04 million of total interest income compared to a net loss available to common shareholders of $798,000 on $6.84 million of total interest income for the six months ended June 30, 2015. As of June 30, 2016, the Company had $382 million in total assets, $345 million in total liabilities, and $37.3 million in total shareholders' equity. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Nf0QYa About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.75 million on $13.7 million of total interest income for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $1.40 million on $16.09 million of total interest income for the year ended Dec. 31, 2014. Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses that have eroded regulatory capital ratios and the Company's wholly owned subsidiary, Horry County State Bank, is under a regulatory Consent Order with the Federal Deposit Insurance Corporation (FDIC) that requires, among other provisions, capital ratios to be maintained at certain levels. As of December 31, 2015, the Company's subsidiary is considered significantly undercapitalized based on its regulatory capital levels. These considerations raise substantial doubt about the Company's ability to continue as a going concern. The Company also has deferred interest payments on its junior subordinated debentures for 20 consecutive quarters as of December 31, 2015. Under the terms of the debentures, the Company may defer payments for up to 20 consecutive quarters without creating a default. Payment for the 20th quarterly interest deferral period was due in March 2016. The Company failed to pay the deferred and compounded interest at the end of the deferral period, and the trustees of the corresponding trusts, have the right, after any applicable grace period, to exercise various remedies, including demanding immediate payment in full of the entire outstanding principal amount of the debentures. The balance of the debentures and accrued interest as of December 31, 2015 were $6,186,000 and $901,000, respectively. These events also raise substantial doubt about the Company's ability to continue as a going concern as of Dec. 31, 2015. HEARING HELP: Plan Outline Okayed, Confirmation Hearing on Aug. 31 ------------------------------------------------------------------ A hearing to consider approval of Hearing Help Express Inc.'s Chapter 11 plan of reorganization is set to be held on August 31, according to court filings. Hearing Help had earlier obtained approval for its disclosure statement from the U.S. Bankruptcy Court for the Northern District of Illinois. The order issued on July 26 allowed the company to start soliciting votes from creditors. The July 26 order signed by Judge Thomas Lynch also gave the thumbs-up to the disclosure statement detailing a rival restructuring plan for Hearing Help proposed by Better Hearing LLC, a secured creditor. Under the rival plan, Better Hearing and another secured creditor CAN Capital will get 73% of their claims while general unsecured creditors will get 17.3% to 84.7%. The rival plan will be considered for approval at the August 31 hearing. Creditors have until August 22 to file objections to the proposed plans and until August 19 to cast their votes, according to court filings. About Hearing Help Hearing Help Express, Inc., dba Hearing Help Express, dba Hear Direct, dba Simply Batteries, dba Moolah by Mail, dba Eco-Gold Batteries, dba Eco-Gold Hearing Products, dba Lotus Express, is reputedly the largest United States mail order company marketing hearing aids, batteries and related accessories directly to senior citizens. HHE is an Illinois C-Corp. The family-controlled private corporation has 90 shareholders, with the Hovis family owning the majority (52.2%) of the shares. Hearing Help Express sought protection under Chapter 11 of the Bankruptcy Code on July 14, 2014 (Bankr. N.D. Ill. Case No. 14-82161). The bankruptcy case is assigned to Judge Thomas M. Lynch. The petition was signed by James E. Hovis, CEO and chairman of the Board. The Debtor estimated assets of $0 to $50,000 and liabilities of $1 million to $10 million. The Debtor is represented by James E Stevens, Esq., at Barrick, Switzer, Long, Balsley & Van Evera, in Rockford, Illinois. Secured lender Better Hearing, LLC is represented by attorneys at Howard & Howard, PLLC. As of the Petition Date, BHL asserted secured claims exceeding $2.4 million. HELIOS GINER: Unsecured Creditors to Recover 45% Under Plan ----------------------------------------------------------- Helios Giner and Nelly Jaramillo have filed a Chapter 11 plan that provides that holders of allowed general unsecured claims will receive a pro rata share of $10,000, which is approximately 45 cents on the dollar to be paid within 1 year of confirmation. Helio Giner and Nelly Jaramillo are individuals who are retired and receive social security. They also receive monthly income from investment properties located at 6241 Highland Gardens Dr. Las Vegas, Nevada and 7204 Alta Drive Las Vegas, Nevada 89031. Per the Debtor's valuation, the Highland Gardens property is valued at $209,000, and the Alta Drive property is worth $123,000. The secured portions of the claims of U.S. Bank, National Association, and Bank of New York will be paid with principal payments and interest payments at 5.25% per annum fixed -- 360-month amortization schedule. The unsecured portions of the claims of U.S. Bank and BNY will be reduced to $0 upon confirmation of the Plan. THe Debtors will retain their Investment Properties. Payments and distributions under the Plan will be funded by the Investment Properties rents and the Debtors' wage income as required. A copy of the Disclosure Statement dated July 29, 2016, is available for free at: http://bankrupt.com/misc/H_Giner_81_DS.pdf Helios Giner and Nelly Jaramillo filed a Chapter 11 petition (Bankr. D. Nev. Case No. 15-15703) on Oct. 5, 2015. The Debtors have remained in possession of estate property pursuant to 11 U.S.C. Sec. 1107. HIRAM COLLEGE: S&P Assigns BB Rating on 2015 Rev. Refunding Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' long-term rating to the Ohio Higher Educational Facility Commission's series 2015 higher educational facility revenue refunding bonds, issued for Hiram College. The outlook is stable. "The 'BB' rating reflects our view of the college's continued negative operating performance on a full-accrual basis, declining net tuition revenue, declining enrollment, and limited revenue diversity," said S&P Global Ratings credit analyst Debra Boyd. The stable outlook reflects S&P's expectation that during the one-year outlook period, the college will see improvements in its demand and specifically, its matriculation rates. IAN CHAIT: Plan to Pay Off Creditors in Five Years -------------------------------------------------- Real estate broker Ian Chait has filed a reorganization plan that promises to pay off unsecured creditors in full in five years. After closing his practice in November 2014, the Debtor began working at Equity Arizona Real Estate, and believes that through his continued success at Equity Arizona Real Estate he be able to fund his Chapter 11 Plan. The Debtor has an average monthly income of $8,300 and expenses of $5,755. Accordingly, the Debtor???s monthly net income available for Creditors is $2,545.00. The Debtor has created a Plan budget, which reflects that the Debtor is able to pay his expenses and make payments to his Creditors as required under the Plan. After payment of priority and secured claims, the Debtor will make annual payments to satisfy claims of his unsecured creditors. Ultimately, the Debtor believes that over the five-year term of the Plan, he will be able to maintain all secured and priority claim payments and return a total of $15,000 to general unsecured creditors. A copy of the Disclosure Statement dated July 29, 2016, is available at: http://bankrupt.com/misc/I_Chait_46_DS.pdf About Ian Chait The Debtor is a real estate broker licensed to practice in the State of Arizona. Ian Chait filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-02747) on March 18, 2016. The Debtor tapped Thomas I Allen, Esq., at Allen Barnes & Jones, PLC, as counsel. Debtor's attorneys: Thomas H. Allen Khaled Tarazi ALLEN BARNES & JONES, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 E-mail: tallen@allenbarneslaw.com ktarazi@allenbarneslaw.com ICE THEATERS: Unsecured Creditors to Get 57% Under Plan ------------------------------------------------------- Ice Theaters, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Illinois its latest disclosure statement detailing the company's Chapter 11 plan. The plan calls for liquidation of properties owned by the company and proposes to use the proceeds first to pay administrative claims in full. After the payment is completed, the remaining amount will be used to pay general unsecured creditors on a pro rata basis. Under the plan, the estimated percentage recovery of Class 2 general unsecured claims is 57%. The plan will be funded using, among other things, net receipts from the sale of Ice Theaters' real property, which closed on March 18, 2016. All creditors holding claims secured by the property were paid in full at closing, according to the disclosure statement. A copy of the latest disclosure statement is available for free at http://bankrupt.com/misc/IceTheaters_1DS07212016.pdf About Ice Theaters Ice Theaters, LLC, filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 15-26965) on Aug. 6, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Donzell Starks, manager. Judge Pamela S. Hollis presides over the case. The Debtor is represented by John F. Hiltz, Esq., and Blair R. Zanzig, Esq., at Hiltz & Zanzig LLC. Ice Theaters is headquartered in Chicago, Illinois. For a number of years, it owned and operated a movie theater located at 3330 West Roosevelt Road, Chicago, Illinois 60624. It ceased theater operations in December of 2013 and has since rented space in the former theater to a variety of church and civic groups on an ad hoc basis. As of the Petition Date, its principal asset consisted of real property and improvements located on the real property. IHEARTCOMMUNICATIONS INC: Incurs $279 Million Net Loss in Q2 ------------------------------------------------------------ IHeartcommunications, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $279 million on $1.61 billion of revenue compared to a net loss attributable to the Company of $54.5 million on $1.59 billion of revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss attributable to the Company of $367 million on $2.98 billion of revenue compared to a net loss attributable to the Company of $439 million on $2.94 billion of revenue for the same period last year. As of June 30, 2016, the Company had $13.3 billion in total assets, $24.3 billion in total liabilities and a total shareholders' deficit of $10.9 billion. "We continue to execute on the right strategies to efficiently leverage our growing capabilities as a multi-platform, 21st-century media and entertainment company," said Bob Pittman, chairman and chief executive officer. "Across our broadcast radio, digital, social, mobile and events platforms with their growing audiences, we are creating even more powerful marketing solutions for our partners. Because we believe that it is critical to do business in the same way that the advertising industry does today, we are extending our automated, data-infused ad-buying initiatives with digital radio's first programmatic private marketplace. This enables buyers to access iHeartRadio's premium inventory and target iHeartRadio's audience using a combination of first- and third-party data segments. At both Americas outdoor and International outdoor, our investments in innovative digital technologies and our ability to win new contracts are providing the creative solutions and flexibility our advertising partners want to reach consumers who are increasingly spending more time out of home." "We're pleased with the results we have achieved this quarter, with iHeartMedia extending its growth momentum, Americas outdoor improving its operating performance and International outdoor delivering an overall increase in revenues." said Rich Bressler, president, chief operating officer and chief financial officer. "We continue to invest in strengthening our businesses - particularly in enhancing our offerings for consumers and developing innovative marketing solutions for advertisers and agencies, while maintaining our focus on tight operating and financial discipline. These results provide us with the continued flexibility to manage our capital structure in a prudent manner, allowing us to keep evaluating opportunities to strengthen our balance sheet and our businesses." A full-text copy of the Form 10-Q is available for free at: https://is.gd/R3Hufd About iHeartCommunications iHeartCommunications, Inc., (formerly known as Clear Channel Communications, Inc.) is a global media and entertainment company. The Company specializes in radio, digital, outdoor, mobile, social, live events, on-demand entertainment and information services for local communities, and uses its unparalleled national reach to target both nationally and locally on behalf of its advertising partners. The Company is dedicated to using the latest technology solutions to transform the company's products and services for the benefit of its consumers, communities, partners and advertisers, and its outdoor business reaches over 40 countries across five continents, connecting people to brands using innovative new technology. IheartCommunications reported a net loss attributable to the Company of $755 million on $6.24 billion of revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $793.76 million on $6.31 billion of revenue for the year ended Dec. 31, 2014. Bankruptcy Warning "The ability to refinance the debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of the debt could be at higher interest rates and increase debt service obligations and may require us and our subsidiaries to comply with more onerous covenants, which could further restrict our business operations. The terms of existing or future debt instruments may restrict us from adopting some of these alternatives. These alternative measures may not be successful and may not permit us or our subsidiaries to meet scheduled debt service obligations. If we or our subsidiaries cannot make scheduled payments on indebtedness, we or our subsidiaries, as applicable, will be in default under one or more of the debt agreements and, as a result we could be forced into bankruptcy or liquidation," the Company said in its annual report for the year ended Dec. 31, 2015. * * * iHeartCommunications carries a 'CCC' Issuer Default Ratings (IDR) from Fitch Ratings and a 'Caa2 Corp." corporate family rating from Moody's Investors Service. IMPAX LABORATORIES: Moody's Rates New Secured Credit Facility Ba2 ----------------------------------------------------------------- Moody's Investors Service assigned a Ba2 rating to the new senior secured credit facility of Impax Laboratories, Inc. (Impax). All other ratings have been affirmed, including the B1 Corporate Family Rating. The outlook is stable. The proceeds of the new term loan in combination with existing cash on hand have been used to fund the acquisition of a portfolio of generic products from Teva Pharmaceutical Industries Ltd. and affiliates of Allergan plc. Moody's withdrew the rating on the existing revolving credit facility upon termination. Ratings assigned: $200 million senior secured revolving credit facility due 2021, Ba2 (LGD2) $400 million senior secured Term Loan A due 2021, Ba2 (LGD2) Ratings affirmed: Corporate Family Rating, B1 Probability of Default Rating, B1-PD Speculative Grade Liquidity Rating, SGL-1 Ratings withdrawn: $100 million senior secured revolving credit facility due 2020, Ba1 (LGD1) The outlook is stable. RATINGS RATIONALE The B1 Corporate Family Rating reflects Impax's modest size and scale in the rapidly consolidating generic drug industry, which faces pricing pressure and increasing legal and regulatory costs. The ratings are supported by Impax's modest adjusted debt to EBITDA, which Moody's estimates will be 3.2x pro forma for the acquisition of the Teva/Allergan products. The ratings are supported by relatively good product diversity as well as the potential for strong revenue and earnings growth from key products in its pipeline. The SGL-1 reflects Moody's expectation of very good liquidity over the next 12 months. This is supported by cash balances expected to remain above $150 million, an undrawn $200 million revolving credit facility and ample cushion under the financial covenant. The stable outlook balances Impax's moderate financial leverage with the potential for some business volatility given the nature of the generics industry. Moody's could upgrade the ratings if Impax successfully launches key products in its generic pipeline, and can successfully market and grow Rytary. Further, if Moody's expects the company to maintain adjusted debt to EBITDA below 3.0x while generating free cash flow to debt above 15%, the ratings could be upgraded. Moody's could downgrade the ratings if the company experiences significant disruption to any of its key products or competitive pressures or pursues large debt-funded acquisitions such that adjusted debt to EBITDA is expected to increase above 4.0x. Impax Laboratories, Inc., headquartered in Hayward, CA, is a specialty generic and branded pharmaceutical producer operating in the US. Impax generated $943 million of revenues for the twelve month period ended March 31, 2016. INNOVATION VENTURES: S&P Raises CCR to 'B+', Outlook Stable ----------------------------------------------------------- S&P Global Ratings said that it raised its corporate credit rating on Farmington Hills, Mich.-based Innovation Ventures LLC to 'B+' from 'B'. The rating outlook is stable. At the same time, S&P assigned its 'BB' issue-level rating and '1' recovery rating to Innovation Ventures' proposed $25 million revolving credit facility due 2020 and $500 million term loan due 2021. The recovery rating is '1', indicating the prospect for very high recovery (90% to 100%) of principal in the event of a payment default. S&P also assigned 'B-' issue-level rating and '6' recovery rating to Innovation Ventures' proposed $400 million senior unsecured notes due 2021. The recovery rating is '6', indicating the prospect of negligible recovery (0% to 10%) of principal in the event of a payment default. Innovation Ventures and Innovation Ventures Finance Corp. are coissuers of the senior unsecured debt. S&P will withdraw the existing ratings on the company's senior secured notes due 2019 after the transaction closes and the notes have been fully repaid. S&P estimates that the company's pro forma reported debt will be $900 million when the transaction closes. "The upgrade reflects our view that the sale of Innovation Ventures to Renew Group Private Ltd. only modestly increases Innovation Ventures' leverage to just over 3x (from below 2x) and it provides better clarity on how the company will allocate its cash flows between owner distributions and debt repayment in the future," said S&P Global Ratings credit analyst Stephanie Harter. "Our corporate credit rating on Innovation Ventures also reflects the company's narrow product line and reliance on a single brand, the ongoing risk of legal actions and negative publicity related to its products, and a lack of governance controls. Although the new ownership structure will now have a five-member board of directors, we continue to believe the company will be governed primarily for its owners' benefit rather than all stakeholders, given our view that the majority owners will continue to heavily influence board-level decisions," S&P said. The stable outlook reflects S&P's view that the company's sales volume will steadily grow while its EBITDA margins remain relatively flat. This should permit the company to generate good cash flows while it funds shareholder returns and repays debt of at least $50 million resulting in debt to EBITDA well below 3x over the next year. S&P could lower the rating if unfavorable regulatory, legal, or regulatory scrutiny or unfavorable media coverage of the 5-Hour Energy product lead to significant double-digit volume declines pressuring the company cash flows. Such a development could cause Innovation Ventures to lose significant market share, weaken its debt to EBITDA to more than 3.5x, and result in a downgrade. S&P believes a higher rating is unlikely without either a more favorable assessment of the company's management and governance or a commitment to sustained leverage below 2x, including debt repayment of more than $225 million at current EBITDA levels. S&P's management and governance assessments could improve if Innovation Ventures establishes a board with more equitable voting power of the independent directors. INTERLEUKIN GENETICS: Strengthens Leadership with Key Appointments ------------------------------------------------------------------ Interleukin Genetics, Inc., announced the appointment of two senior leaders to enhance its commercial team and capabilities. Stephan Toutain will join Interleukin as chief commercial officer, and Mary Hiter will become director of marketing, both newly created roles at the company. Mr. Toutain and Ms. Hiter will join Interleukin later this month. "These appointments are an important step in our strategy to drive the market adoption of our PerioPredict Genetic Risk Test and Patient Engagement Platform. Stephan is a seasoned business leader and an experienced sales and marketing executive who will take the lead in accelerating our commercial strategy," said Mark Carbeau, chief executive officer of Interleukin Genetics. "Mary brings significant product launch experience and a strong network to the marketing role. We are getting positive feedback on our turnkey solution from prospective customers, which validates our commercial strategy. With Stephan's and Mary's collective expertise in creating market access and launching new products in innovative categories, we believe they have the essential track record to spearhead our commercial activities." "Interleukin is a creative company built on a solid scientific foundation with an innovative product and service platform that has the potential to transform the management of several chronic diseases," said Stephan Toutain, newly appointed chief commercial officer. "Interleukin-1 biology is an area of great interest today, and there is increasing enthusiasm around PerioPredict. This is an exciting time to join the company and I look forward to driving our growth." Mr. Toutain brings more than 25 years of commercial development, market access, and sales and marketing leadership with particular expertise in ultra-orphan drug and orphan oncology markets worldwide. He joins Interleukin Genetics following three years as a successful consultant to the biopharmaceutical industry addressing marketing strategy and access challenges. Previously he headed Global Commercial Development for Sarepta Therapeutics (Cambridge, MA), and served as General Manager for Alexion in Europe. Prior to these roles, Mr. Toutain held various commercial, marketing and product management positions with Alexion Pharmaceuticals, Celgene Corporation, and Johnson & Johnson. He received a Master of Business Administration from University of North Carolina, and a Master of Engineering in Biotechnology from University of Nancy II in France. Ms. Hiter will contribute nearly 20 years experience as a healthcare marketing executive, and has successfully launched multiple diagnostic, medical device and specialty pharmaceutical products. She joins Interleukin Genetics from Abbott Point of Care, where she served for eight years as Director of Marketing. Prior to Abbott, Ms. Hiter held various marketing and product management roles with Cyberonics, Inc. (now Livanova), Watson Pharmaceuticals and Knoll Pharmaceuticals, Ltd. She received a Bachelor of Science in Biology from Chatham College, Pittsburgh. About Interleukin Waltham, Mass.-based Interleukin Genetics, Inc., is a personalized health company that develops unique genetic tests to provide information to better manage health and specific health risks. Interleukin reported a net loss of $7.89 million on $1.44 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss of $6.33 million on $1.81 million of total revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Interleukin had $4.61 million in total assets, $8.37 million in total liabilities, and a total stockholders' deficit of $3.75 million. Grant Thornton LLP, in Boston, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring losses from operations and has an accumulated deficit that raise substantial doubt about the Company's ability to continue as a going concern. INVENTIV HEALTH: Obtains Significant Investment From Advent Int'l ----------------------------------------------------------------- inVentiv Health, Inc., announced that Advent International, one of the largest and most experienced global private equity investors, has joined Thomas H. Lee Partners (THL) as an equal equity owner of inVentiv Health. Through this agreement, Advent International has agreed to make a material equity investment in inVentiv Health, valuing the company at $3.8 billion on a cash-free, debt-free basis subject to customary adjustments. The transaction, which is subject to regulatory approval and other customary closing conditions, is expected to be completed in the fourth quarter of 2016. inVentiv Health provides comprehensive and integrated clinical and commercial outsourcing services to the biopharmaceutical industry. The company's unique Clinical Research Organization (CRO) and Contract Commercial Organization (CCO) business model helps clients improve performance and expedite the delivery of innovative products. The inVentiv Health client portfolio includes all 20 of the largest global biopharmaceutical companies. The company has helped to develop or commercialize 80 percent of all new drugs approved by the FDA and 70 percent approved by the EMA over the last five years. Under THL's ownership, inVentiv Health more than doubled both revenue and adjusted EBITDA to $2.2 billion and $343 million, respectively. "We're pleased to have two preeminent private equity firms -- THL and Advent -- backing our unique biopharma outsourcing model," said Michael Bell, chairman and chief executive officer of inVentiv Health. "It's a $250 billion market with tremendous potential. With THL's strategic support we have realized significant growth over the last several years. We're looking forward to adding Advent's investment, operational and healthcare sector expertise. This will allow us to realize our full potential so we can better serve the biopharmaceutical industry in navigating an increasingly complex scientific and regulatory environment." "inVentiv Health has become a leader in its chosen markets and we are excited to partner with THL and with inVentiv Health's world-class management team at this point in the company's evolution. We look forward to helping accelerate inVentiv Health's growth across its client offerings," said John Maldonado, a managing director at Advent. "We have long viewed the large and growing pharmaceutical outsourcing industry as one of the most attractive segments in healthcare. inVentiv Health is transforming into a global, full-service professional services organization that is uniquely positioned to serve its clients' variety of needs and we believe that the company's expertise, combined with our operational resources and THL's continued involvement, will enable inVentiv Health???s continued success moving forward." This investment is consistent with Advent's strategy of investing in healthcare companies with strong growth potential to create value for its stakeholders. Advent has a long track record of investing in the healthcare sector, completing more than 35 investments in 14 countries in the last 26 years. "We are thrilled to continue our partnership with inVentiv Health," said Joshua Nelson, managing director of THL. "Since our investment, inVentiv Health has shown tremendous growth in both its clinical and commercial businesses, and today's announcement is a testament to the potential THL and Advent see in the years ahead. We are excited to welcome Advent to this continuing partnership as we work with the tremendously talented management team and employees at inVentiv Health to further grow the business and deliver for its customers." As a result of signing the transaction, inVentiv Group Holdings, Inc., the indirect parent company of inVentiv Health, does not plan to pursue an initial public offering of its common stock at this time. Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Morgan Stanley and Citi acted as financial advisors for inVentiv Health and THL. The transaction is supported by committed financing from BofA Merrill Lynch, Credit Suisse, Goldman Sachs, Morgan Stanley, and Barclays. BofA Merrill Lynch and Barclays also acted as financial advisors to Advent on the transaction. Weil, Gotshal & Manges LLP acted as legal advisor to both inVentiv Health and THL. Kirkland & Ellis LLP acted as legal advisor to Advent. About inVentiv Health inVentiv Health, Inc., is privately owned by inVentiv Group Holdings, Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv Health management team. inVentiv Health is a top-tier professional services organization that accelerates the clinical and commercial success of biopharmaceutical companies worldwide. The Company's combined Clinical Research Organization and Contract Commercial Organization helps clients improve their performance to deliver much-needed therapies to market. With 13,000 employees providing services to clients in 70 countries, inVentiv Health designs best practices, processes and systems to enable clients to successfully navigate an increasingly complex environment. - See more at: http://www.inventivhealth.com/our-company/investors#sthash.Oi040G6G.dpuf Inventiv Health reported a net loss attributable to the Company of $151 million on $1.99 billion of net revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $190 million on $1.80 billion of net revenues for the year ended Dec. 31, 2014. As of March 31, 2016, inVentiv had $2.12 billion in total assets, $2.91 billion in total liabilities, and a total stockholders' deficit of $783 million. * * * As reported by the TCR on May 22, 2015, Moody's Investors Service affirmed the Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating of inVentiv Health, Inc. as well as all of the instrument ratings. The Caa1 rating reflects inVentiv's very high leverage, history of negative free cash flow and significant interest burden which will make a default event likely if the company does not significantly improve its EBITDA performance well ahead of 2018, when all of the company's debt matures. The TCR reported on Dec. 12, 2012, that Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Burlington, Mass.-based contract research organization (CRO) inVentiv Health Inc. INVENTIV HEALTH: To Hold Conference Call on August 12 ----------------------------------------------------- inVentiv Health, Inc., will hold a conference call at 3:00 p.m. Eastern Time on Aug. 12, 2016, during which it will discuss the Company's financial results for the second quarter of 2016. The U.S. dial-in for the call is (844) 883-3859 ((270) 823-1521 for non-U.S. callers) and the passcode is 60645388. A replay of the conference call will be available until Aug. 19, 2016, by dialing (855) 859-2056 ((404) 537-3406 for non-U.S. callers) and the passcode is 60645388. About inVentiv Health inVentiv Health, Inc., is privately owned by inVentiv Group Holdings, Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv Health management team. inVentiv Health is a top-tier professional services organization that accelerates the clinical and commercial success of biopharmaceutical companies worldwide. The Company's combined Clinical Research Organization and Contract Commercial Organization helps clients improve their performance to deliver much-needed therapies to market. With 13,000 employees providing services to clients in 70 countries, inVentiv Health designs best practices, processes and systems to enable clients to successfully navigate an increasingly complex environment. - See more at: http://www.inventivhealth.com/our-company/investors#sthash.Oi040G6G.dpuf Inventiv Health reported a net loss attributable to the Company of $151 million on $1.99 billion of net revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $190 million on $1.80 billion of net revenues for the year ended Dec. 31, 2014. As of March 31, 2016, inVentiv had $2.12 billion in total assets, $2.91 billion in total liabilities, and a total stockholders' deficit of $783 million. * * * As reported by the TCR on May 22, 2015, Moody's Investors Service affirmed the Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating of inVentiv Health, Inc. as well as all of the instrument ratings. The Caa1 rating reflects inVentiv's very high leverage, history of negative free cash flow and significant interest burden which will make a default event likely if the company does not significantly improve its EBITDA performance well ahead of 2018, when all of the company's debt matures. The TCR reported on Dec. 12, 2012, that Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating on Burlington, Mass.-based contract research organization (CRO) inVentiv Health Inc. IRENE STACY COMMUNITY: To Sell Real Estate to Fund Chapter 11 Plan ------------------------------------------------------------------ Irene Stacy Community Mental Health Center filed a Chapter 11 plan of liquidation, which proposes to sell its real properties to fund payments to creditors. The health center owns two parcels of real estate: the Hillvue and the North Street properties, which are estimated to be worth $1.98 million. Irene Stacy will use the proceeds from the sale of the properties to pay its creditors. It will also rely on continued monthly cash flow as a supplemental source of funding for the plan. As of July 18, the health center has $240,040 cash on hand. Each creditor holding a Class 4 general unsecured claim will receive a pro rata share of proceeds of the sale of the North Street property after other claims are paid in full, according to the disclosure statement detailing the proposed plan. A copy of the disclosure statement is available for free at https://is.gd/jdkmAG About Irene Stacy Irene Stacy Community Mental Health Center sought protection under Chapter 11 of the Bankruptcy Code in the Western District of Pennsylvania (Pittsburgh) (Case No. 15-24605) on December 18, 2015. The petition was signed by Brent Olean, Board president. The Debtor is represented by Allison L. Carr, Esq., at Bernstein-Burkley, P.C. The case is assigned to Judge Thomas P. Agresti. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. ISTAR INC: Posts $38.1 Million Net Income for Second Quarter ------------------------------------------------------------ IStar Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income allocable to common shareholders of $38.1 million on $127 million of total revenues for the three months ended June 30, 2016, compared to a net loss allocable to common shareholders of $30.95 million on $109 million of total revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income allocable to common shareholders of $16.9 million on $242 million of total revenues compared to a net loss allocable to common shareholders of $53.5 million on $222 million of total revenues for the same period last year. As of June 30, 2016, iStar had $5.21 billion in total assets, $4.17 billion in total liabilities, $7.62 million in redeemable noncontrolling interests, and $1.03 billion in total equity. During the quarter, iStar funded a total of $118 million associated with new investments, prior financing commitments and ongoing development. In addition, the portfolio generated $461 million of repayments and sales over the same period. "The gains we recognized through this quarter's sales serve as a good example of our maximizing value as we monetize our operating properties," said Jay Sugarman, iStar's chairman and chief executive officer. "The proceeds generated will allow us to recycle capital into higher return opportunities." "We're pleased to see momentum continue to build within our land & development portfolio as evidenced by the completion of these four high-profile projects and the receipt of $25 million in sales proceeds," said Geoffrey Jervis, iStar's chief operating officer and Chief Financial Officer. "These proceeds will be redeployed into new investments in future periods." At the end of the quarter, iStar had $721 million of unrestricted cash and available capacity on its revolving credit facility. The Company expects to maintain larger liquidity balances in anticipation of retiring up to $400 million of convertible bonds due in November. A full-text copy of the Form 10-Q is available for free at: https://is.gd/OXrUTH About iStar Inc. New York-based iStar Inc., formerly known as iStar Financial Inc. (NYSE: SFI) provides custom-tailored investment capital to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity. The Company, which is taxed as a real estate investment trust, provides innovative and value added financing solutions to its customers. iStar Inc. reported a net loss allocable to common shareholders of $52.7 million on $515 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss allocable to common shareholders of $33.7 million on $462 million of total revenues for the year ended Dec. 31, 2014. * * * As reported by the TCR on June 26, 2014, Fitch Ratings had affirmed the Issuer Default Rating (IDR) of iStar Financial at 'B'. The 'B' IDR is driven by improvements in the company's leverage, continued demonstrated access to the capital markets and new sources of growth capital and material reductions in non- performing loans (NPLs). As reported by the TCR on Oct. 5, 2012, Standard & Poor's Ratings Services affirmed its 'B+' long-term issuer credit rating on iStar Financial. In October 2012, Moody's Investors Service upgraded the corporate family rating to 'B2' from 'B3'. The current rating reflects the REIT's success in extending near term debt maturities and improving fundamentals in commercial real estate. The ratings on the October 2012 senior secured credit facility takes into account the asset coverage, the size and quality of the collateral pool, and the term of facility. JAMES ROY COLEMAN: Hearing on Plan Outline Set For Aug. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California has set for Aug. 31, 2016, at 1:30 p.m. the hearing to consider the disclosure statement in support of James Roy Coleman and Andrea Alexandra Coleman's Chapter 11 plan of reorganization. The Debtors filed the Plan and Disclosure Statement on July 22, 2016. The Plan proposes that the Debtors provide for, among other things, the payment of the arrears on the first deed of trust on the Debtors' principal residence, the payment in full of all priority tax debt, the payment in full of all secured tax debt, and an 8% dividend to general unsecured creditors. The Debtors have few unencumbered assets, but have significant income. They can propose a feasible Plan. The Debtors ask the Court to set this plan confirmation schedule: Confirmation Hearing Notice & Solicitation Package Sept. 7, 2016 Voting Deadline Sept. 28, 2016 Plan Objection Deadline Sept. 28, 2016 Deadline to File Replies to Plan Objections Oct. 5, 2016 Confirmation Hearing Oct. 12, 2016 The Plan was filed by the Debtors' counsel: THE TUROCI FIRM Todd Turoci, Esq. Julie Philippi, Esq. 3845 Tenth Street Riverside, CA 92501 Tel: (888) 332-8362 Fax: (866) 762-0618 E-mail: mail@theturocifirm.com James Roy Coleman and Andrea Alexandra Coleman filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 15-20306) on Oct. 21, 2015. JEANNIE LYNN KILE: Unsecureds to Recoup 100% Under Plan ------------------------------------------------------- Jeannie Lynn Kile filed with the U.S. Bankruptcy Court for the Eastern District of Washington a disclosure statement to accompany the Debtor's plan of reorganization. Under the Plan, Class 3 General Unsecured Claims -- estimated at approximately $35,000 -- will be paid in full, with interest from cash available in the plan fund within 30 days of the effective date. The holders will receive, on account of their allowed Class 3 Claims, in full satisfaction, release, and discharge of the Claims, payment in full, plus interest at 6% per annum calculated from the date of the Petition until paid. Payment will be distributed from the Plan Fund and made within 30 days of the date of the effective date. The Debtor intends to pay each holder of an allowed claim in full, with interest. The Plan will be funded by money held on deposit, sale of real property, sale of equipment, vehicles, and grain. The Plan also provides for the contingency of additional financing to fund the Plan should the need arise. The Debtor's Farm Property is valued at $824,000. The Farm Property has sufficient equity to support financing and complete plan funding if necessary. The continued litigation as referenced in the Disclosure Statement under the Debtor's direction, will add significant value and benefit to the estate by way of resolution of claims, possible claim reduction or elimination, and even potential recovery for the benefit of the estate. The Debtor anticipates it will take approximately 24-36 months to consummate the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/waeb16-00643-56.pdf The Plan was filed by the Debtor's counsel: John D. Munding, Esq. Munding, P.S. 1610 W. Riverside Avenue Tel: (509) 624-6464 E-mail: John@mundinglaw.com Jeannie Lynn Kile is a long time resident of Spokane County, Washington. Ms. Kile has been and continues to be employed as an insurance representative by a national insurance compny. She is also actively involved in farming, primarily dryland wheat farming in the "Palouse" Whitman County, Washington. Ms. Kile owns approximately 317 acres of farm land in Whitman county. Ms. Kile is not the operator of the farm, but instead farms the ground through a traditional 1/3-2/3 share crop arrangement. Ms. Kile also owns a rental property at 5816 N. Lincoln Street, Spokane, Washington 99210. Ms. Kile filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wash. Case No. 16-00643) on March 3, 2016. JEFFREY DERSHEM: Files Plan to Exit Chapter 11 Protection --------------------------------------------------------- Jeffrey Dershem, a pharmacist residing in Pennsylvania, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a plan to exit Chapter 11 protection. Under the proposed plan, general unsecured creditors in Class 10 will be paid from Mr. Dershem's disposable income over 60 months. The payment will start 30 days after the restructuring plan takes effect, according to the disclosure statement detailing the plan. In a separate filing, Mr. Dershem asked the court to issue an order scheduling a hearing to consider approval of the disclosure statement and setting a timetable for filing objections. A copy of the disclosure statement is available for free at https://is.gd/JTDmFv About Jeffrey Dershem Jeffrey L. Dershem sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 15-15228) on July 23, 2015. The Debtor is represented by Kevin K. Kercher, Esq. JHB ENTERPRISES: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of JHB Enterprises LLC. JHB Enterprises LLC, d/b/a Backhaus, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-04288) on June 28, 2016. JILL MARIE MEEUWSEN-HOLMES: Unsecureds To Recover 100% Under Plan ----------------------------------------------------------------- Jill Marie Meeuwsen-Holmes filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan of Reorganization and Disclosure Statement dated July 15, 2016. Under the Plan, Class 2(b) - General Unsecured Claims, which total $36,363.56, will receive 100% of their allowed claim in 60 equal monthly installments of $606.22, due on the first (1st) day of the month, starting month following the Effective Date of the Plan. Creditors in this class may not take any collection action against the Debtor so long as the Debtor is not in material default under the Plan. This class is impaired and is entitled to vote on confirmation of the Plan. The Debtor will not receive a discharge of debts. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to Section 1141(b) of the U.S. Bankruptcy Code free and clear of all claims and interests except as provided in the Plan, subject to revesting upon conversion to Chapter 7. Obligations to creditors that the Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. The Debtor's obligations under the confirmed Plan constitute binding contractual promises that, if not satisfied through performance of the Plan, create a basis for an action for breach of contract under California law. To the extent a creditor retains a lien under the Plan, that creditor retains all rights provided by the lien under applicable non-Bankruptcy law. The Disclosure Statement is available at: http://bankrupt.com/misc/canb16-40868-30.pdf The Plan was filed by the Debtor's counsel: Scott J. Sagaria, Esq. Scott M. Johnson, Esq. SAGARIA LAW P.C. 2033 Gateway Place, Fifth Floor San Jose, CA 95110 Tel: (408) 279-2288 Fax: (408) 279-2299 E-mail: SagariaBK@sagarialaw.com Jill Marie Meeuwsen-Holmes filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 16-40868) on March 31, 2016. Scott J. Sagaria, Esq., at Law Offices of Scott J. Sagaria serves as the Debtor's counsel. JOHN R FRIEDENBERG: Hearing on Plan Outline Set for Sept. 20 ------------------------------------------------------------ The Hon. Scott H. Gan of the U.S. Bankruptcy Court for the District of Arizona has set for Sept. 20, 2016, at 1:30 p.m. the hearing to consider approval of John R. Friedenberg and Lynne D. Friedenberg's First Amended Disclosure Statement. John R. Friedenberg and Lynne D. Friedenberg filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 15-11773) on Sept. 15, 2015. JORGE E. RODRIGUEZ: Unsecured Creditors to Get 5% Under Plan ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Puerto Rico is set to hold a hearing on August 24, at 9:00 a.m., to consider approval of the disclosure statement detailing the Chapter 11 plan of reorganization proposed by Jorge Rodriguez. Under the plan, Class 2 general unsecured creditors will get 5% of their claims. These creditors, which assert a total of $2.6 million in claims, will receive a lump sum payment of $130,655. No additional monthly payments will be issued. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/JorgeRodriguez_1DS07212016.pdf The bankruptcy case is In the Matter of: Jorge E. Rodriguez, Debtor, Case No. 15-02794 MCF (Bankr. D.P.R.). JOSEPH D. ROMANIELLO: Unsec. Claims to Be Paid in Ordinary Course ----------------------------------------------------------------- Joseph D. Romaniello filed a proposed Plan of Reorganization that provides that: * The allowed fully secured claim of First County Bank in the amount of $988,000 and the secured claim of The Small Business Administration in the amount of $575,000 will be paid in accordance with the current monthly payments prior to default over a five-year period, which payments will commence on the Effective Date. * The general unsecured claims are business guarantees that are being paid in the ordinary course. The Debtor will continue to own his equity in the assets of the estate. * Joseph D. Romaniello will retain all equity. Joseph D. Romaniello's personal annual income is estimated to be $104,000 gross. A copy of the Disclosure Statement filed July 29, 2016, is available at: http://bankrupt.com/misc/J_Romaniello_163_DS.pdf About Joseph D. Romaniello Joseph D. Romaniello is involved in the auto industry as a towing and auto body repair shop, two distinct businesses, one East Coast Towing and the other Lafayette Auto Group. Joseph D. Romaniello filed a chapter 11 petition (Bankr. D. Conn. Case No. 14-51862) on Dec. 9, 2014. The Debtor's attorney: James G. Verillo ZELDES, NEEDLE & COOPER, P.C. P.O. Box 1740 1000 Lafayette Blvd. Bridgeport, CT Tel: (203) 332-5733 Fax: (203) 333-1489 E-mail: jverillo@znclaw.com JOSEPH SATIRA: PNC Bank Opposes Approval of Plan Outline -------------------------------------------------------- PNC Bank, National Association, asked a U.S. bankruptcy court to deny approval of the disclosure statement detailing the plan proposed by Joseph Satira to exit Chapter 11 protection. In a filing with the U.S. Bankruptcy Court for the Western District of Pennsylvania, the bank criticized the Debtor for not disclosing "adequate information" that would enable voting creditors to decide whether to accept or reject the proposed plan. PNC Bank said the Debtor did not explain how he will generate a gross monthly income of $6,794. "The Debtor provides no explanation whatsoever as to how income at this level will be consistently earned on an annual basis," the bank said. PNC Bank also argued that the proposed plan is not confirmable because of the Debtor's failure to pay the bank in full. As of Nov. 18, 2015, the Debtor owes the bank $155,649, according to court filings. About Joseph Satira Joseph Satira (Bankr. W.D. Penn. Case No. 15-24221) filed a Chapter 11 petition on November 18, 2015. The Debtor is the owner of two commercial properties in Munhall, Pennsylvania. The Debtor rents space in these properties to tenants and also uses part of the space for his own barber shop business at which he works. The Debtor is represented by Christopher M. Frye, Esq., at the Law Offices of Steidl and Steinberg. JR BALL: Unsecured Creditors to Be Paid $30,000 Under Plan ---------------------------------------------------------- J. R. Ball Contracting Group, Inc., filed a Chapter 11 plan that provides that: * General unsecured claims of less than $1,000 on the Petition Date will be paid in full in two equal payments to each claimant in this class with all the payments to be made in the 90 days after confirmation of the Plan. * With respect to other general unsecured claims, the Debtor will pay a minimum dividend of $30,000 to the creditors in this class. The claims of this class will bear no interest. Beginning with the month of confirmation of the Plan the Debtor will pay $500.00 per month for 60 months until the claims of the class are paid $30,000. Creditors in this class will also receive funds recovered through preference litigation after costs of litigation are deducted from any such recovery. Distributions to the class will be pro rata. Distributions to the class will occur only annually within 30 days of the anniversary of the entry of an order confirming this Plan. These claims may also share in the proceeds of the liquidation and winding up of the Debtor. Secured claims are unimpaired under the Plan and will be paid pursuant to the terms of the notes, mortgages and security agreements in force at the time of the filing of the case. The interests in the Debtor will not be altered by the confirmation of the Plan, but the interests will have no right to corporate income no matter if such income is earned or via the liquidation contemplated by the Plan. A copy of the Amended Disclosure Statement dated July 29, 2016, is available at: http://bankrupt.com/misc/JR_Ball_121_Am_DS.pdf About JR Ball J. R. Ball Contracting Group, Inc., is a general business corporation formed under the laws of the State of Arkansas. Since 1999, the company has been in the business of general contract construction. For much of its history, the company provided such services to Lindsey Construction Company. JR Ball filed a Chapter 11 petition (Bankr. W.D. Ark. Case No. 14-72561) on Aug. 28, 2014. Hon. Ben T Barry is the case judge. Stanley V Bond, Esq., at Bond Law Office, serves as counsel. The Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by James R. Ball, president. JTM INVESTMENTS: Unsecured Creditors May Get $14K Under Exit Plan ----------------------------------------------------------------- JTM Investments, LLC, filed a Chapter 11 plan of reorganization, which proposes to sell some of its properties to fund payments to creditors. Under the proposed plan, approximately $14,427 will be available for payment of unsecured claims if the properties are sold at the scheduled value and after secured creditors are paid from the proceeds. JTM Investments' schedule lists $291,569 in unsecured debt. The company will sell the properties at auction to the highest bidder if it does not find a buyer for the properties by September 30, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/bvzJnZ The Debtor is represented by: Mark S. Danek, Esq. The Danek Law Firm, LLC 1255 Drummers Lane, Suite 105 Wayne, PA 19087 Phone: 484-344-5429 Email: msd@daneklawfirm.com Email: msd@daneklawfirm.com About JTM Investments JTM Investments, LLC is a real estate holding company that acquired title to 12 properties that it markets as rentals to Philadelphia Housing Authority Section 8 tenants. The Debtor generates its revenue through the receipt of rental payments. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Penn. Case No. 15-16925) on September 25, 2015. The Debtor is represented by Mark S. Danek, Esq., at The Danek Law Firm, LLC. JUAN CARLOS DEL CID: Plan Confirmation Hearing Set for Oct. 5 ------------------------------------------------------------- The Hon. Stephen C. St. John of the U.S. Bankruptcy Court for Eastern District of Virginia has approved the Disclosure Statement that Juan Carlos Del Cid filed on May 19, 2016. A hearing to consider the confirmation of the Debtor's plan of reorganization is set for Oct. 5, 2016, at 11:00 a.m. Sept. 28, 2016, is fixed as the last day for filing written acceptances or rejections of the Plan, with the amendment(s). Juan Carlos Del Cid filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 15-71629) on May 12, 2015. Kelly Megan Barnhart, Esq., at Roussos, Glanzer & Barnhart, PLC, serves as the Debtor's bankruptcy counsel. JUN KWOCK TOM: Plan Confirmation Hearing on Sept. 15 ---------------------------------------------------- Following the filing of an [Amended] Combined Plan of Reorganization and Proposed Disclosure Statement filed by debtors Jun Kwock Tom and Wai Kuen Tom, on July 28, 2016, Judge Hannah L. Blumenstiel ordered that: 1. The Amended Disclosure Statement filed by the Debtors on July 28, 2016 is approved on a tentative basis; and 2. Aug. 29, 2016 is fixed as the last day for filing written acceptances or rejections of the Plan. Ballots containing the acceptances and rejections will be received not later than 5:00 p.m. by the attorney for the Debtors: Matthew D. Metzger, Esq. BELVEDERE LEGAL, PC 1777 Borel Place, Suite 314, San Mateo, CA 94402 Tel: 415-513-5980 Fax: 415-513-5985 E-mail: mmetzger@belvederelegal.com 3. Aug. 29, 2016 also is fixed as the last day for filing and serving pursuant to Fed. R. Bankr. P. 3020(b)(1) written objections to confirmation of the Plan and/or filing and serving pursuant to Fed. R. Bankr. P. 3017(a) written objections to final approval of the Disclosure Statement; and 4. Sep. 15, 2016 at 10:00 a.m. is fixed as the hearing on confirmation of the Plan and final approval of the Debtors??? Disclosure Statement. The Plan incorporates the terms and conditions of two external settlement agreements: (1) the settlement agreement with Robert Wagner, Trustee; and (2) the settlement agreement with Jessica Lan, June Jennings, David Iott, Debra Iott, and Mayank Kumar. Copies of the settlement agreements attached to the Order are available for free at: http://bankrupt.com/misc/J_Tom_256_DS_Ord.pdf Attorney for Robert H. Wagner: WILLIAM R. PASCOE, ESQ. 1050 Northgate Drive, Suite 356 San Rafael, CA 94903 Tel: (415) 492-1003 Fax: (415) 492-3312 E-mail: wpascoe@bigplanet.com Attorneys for Jessica Lan, June Jennings, David Iott, Debra Iott, and Mayank Kumar: Austin P. Nagel, Esq. LAW OFFICES OF AUSTIN P. NAGEL 111 Derwood Road, Suite 305 San Ramon, CA 94583 Tel: (925) 855-8080 Fax: (925) 855-8090 - and - Brent D. Meyer, Esq. MEYER LAW GROUP, LLP 268 Bush Street #3639 San Francisco, CA 94104 Tel: (415) 765-1588 Fax: (415) 762-5277 The Chapter 11 Plan Jun Kwock Tom and Wai Kuen Tom filed with the U.S. Bankruptcy Court for the Northern District of California a proposed consensual plan of reorganization and disclosure statement on June 14, 2016, proposing full-payment to general unsecured creditors in 120 equal monthly payments, payable at the federal judgment interest rate of 0.33%. A full-text copy of the Disclosure Statement dated June 30, 2016, is available at: http://bankrupt.com/misc/canb14-30862-244.pdf About Jun Kwock Tom Jun Kwock Tom and Wai Kuen Tom sought Chapter 11 bankruptcy protection (Bankr. N.D. Calif. Case No. 14-30862) to enjoin a pre-petition trustee sale by the senior lienholder on the real property commonly known as 1819 7th Avenue, Oakland, California, held by 1819 7th Avenue, LLC, on June 6, 2014. The Debtors are represented by Matthew D. Metzger, Esq., at Belvedere Legal, PC. KARL STAUFFER: Court to Take Up Plan Outline on Sept. 7 ------------------------------------------------------- A court hearing to consider approval of the disclosure statement detailing the Chapter 11 plan of Karl Stauffer is set to be held on September 7. The hearing will take place at the U.S. Bankruptcy Court, Courtroom No. 601, 6th Floor, 230 North First Avenue, Phoenix, Arizona. Objections must be filed no later than five business days prior to the hearing. The Debtor on July 20 filed a plan of reorganization with the U.S. Bankruptcy Court for the District of Arizona. Under the plan, general unsecured creditors in Class 3 will receive a total of $6,000 in 20 quarterly payments if they do not oppose the plan. If any general unsecured creditor files an objection and it is not resolved prior to the September 7 hearing, the total amount to be paid will be no less than the disposable monthly income that the Debtor anticipates receiving during the five-year period beginning on the effective date of the plan. A copy of the Debtor's disclosure statement detailing the plan is available for free at https://is.gd/IjY8FP About Karl B. Stauffer Karl B. Stauffer sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 13-05646). The case is assigned to Judge Paul Sala. KEMET CORP: Incurs $12.2 Million Net Loss in June 30 Quarter ------------------------------------------------------------ Kemet Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $12.2 million on $185 million of net sales for the quarter ended June 30, 2016, compared to a net loss of $37.05 million on $188 million of net sales for the quarter ended June 30, 2015. As of June 30, 2016, Kemet had $671 million in total assets, $583 million in total liabilities and $88.4 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2016, of $52.9 million decreased $12.1 million from $65.0 million as of March 31, 2016. Our net working capital (current assets less current liabilities) as of June 30, 2016 was $232 million compared to $228.8 million as of March 31, 2016. Cash and cash equivalents held by the Company's foreign subsidiaries totaled $29.7 million and $28.2 million at June 30, 2016, and March 31, 2016, respectively. The Company's operating income outside the U.S. is no longer deemed to be permanently reinvested in foreign jurisdictions. As a result, the Company set up a deferred tax liability as of March 31, 2015, on the undistributed foreign earnings which was offset by a reduction in the valuation allowance on its deferred tax assets. However, the Company currently do not intend nor foresee a need to repatriate cash and cash equivalents held by foreign subsidiaries. If these funds are needed for the Company's operations in the U.S., the Company may be required to accrue U.S. withholding taxes on the distributed foreign earnings. A full-text copy of the Form 10-Q is available for free at: https://is.gd/jp01aw About KEMET KEMET, based in Greenville, South Carolina, is a manufacturer and supplier of passive electronic components, specializing in tantalum, multilayer ceramic, film, solid aluminum, electrolytic, and paper capacitors. KEMET's common stock is listed on the NYSE under the symbol "KEM." KEMET reported a net loss of $53.6 million on $735 million of net sales for the fiscal year ended March 31, 2016, compared to a net loss of $14.1 million on $823 million of net sales for the fiscal year ended March 31, 2015. * * * As reported by the TCR on March 26, 2013, Moody's Investors Service downgraded KEMET Corp.'s Corporate Family Rating to 'Caa1' from 'B2' and the Probability of Default Rating to 'Caa1-PD' from 'B2- PD' based on Moody's expectation that KEMET's liquidity will be pressured by maturing liabilities and negative free cash flow due to the interest burden and continued operating losses at the Film and Electrolytic segment. As reported by the TCR on Aug. 9, 2013, Standard & Poor's Ratings Services lowered its corporate credit rating on KEMET to 'B-' from 'B+'. "The downgrade is based on continued top-line and margin pressures and lagging results from the restructuring of the Film & Electrolytic [F&E] business, which combined with cyclical weak end-market demand, has resulted in sustained, elevated leverage well in excess of 5x, persistent negative FOCF, and diminishing liquidity," said Standard & Poor's credit analyst Alfred Bonfantini. The TCR reported in August 2014 that S&P revised its outlook on KEMET to 'stable' from 'negative'. S&P affirmed the ratings, including the 'B-' corporate credit rating. KENNETH LEONARD DYMMEL: Court Approves Outline of Chapter 11 Plan ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California approved the disclosure statement detailing the Chapter 11 plan proposed by Kenneth and Ruth Dymmel. The Dymmels sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 15-12558) on February 20, 2015. The Debtors are represented by: Robert M. Aronson, Esq. Law Office of Robert M. Aronson 444 S. Flower St., Suite 1700 Los Angeles, CA 90071 Telephone: (213) 688-8945 Fax: (213) 688-8948 Email: robert@aronsonlawgroup.com KEY ENERGY: Cancels Temporary Salary Reduction Program ------------------------------------------------------ In January 2015, the compensation committee of the board of directors of Key Energy Services, Inc. approved a temporary compensation reduction program for certain employees. The Temporary Reduction Program was previously described within the Company's Definitive Proxy Statement filed with the Securities and Exchange Commission on March 23, 2015, and again within the Company's first Amendment to its Annual Report on Form 10-K/A filed with the SEC on April 20, 2016. In summary, the Temporary Reduction Program generally decreased base salaries for the Company's corporate office employees at a rate of five percent. With respect to the Company's current named executive officers, the Temporary Reduction Program reduced base salaries by 10% for Mr. Robert Drummond (the Company's president and chief executive officer, seven percent for Mr. J. Marshall Dodson (the Company's senior vice president, chief financial officer and treasurer) and seven percent for Mr. Jeffrey S. Skelly (the Company's senior vice president of operations). The Temporary Reduction Program impacted base salaries for employees (including the named executive officers) on Feb. 22, 2015, through Aug. 1, 2016. Effective Aug. 1, 2016, the Committee approved the termination of the Temporary Reduction Program and the reinstatement of the annual base salaries for the named executive officers to the levels that were applicable immediately prior to the implementation of the Temporary Reduction Program (with the exception of Mr. Drummond), effective immediately and on a going-forward basis. None of the Company's named executive officers had received a base salary increase for the 2016 calendar year other than Mr. Drummond, who received a base salary increase in connection with his promotion to the Company's president and chief executive officer position on March 5, 2016 (although his 2016 base salary increase was also subject to the same ten percent (10%) reduction that was imposed upon his 2015 base salary). The current amount of the annual base salary for each of the Company's current named executive officers following the termination of the Temporary Reduction Program is as follows: Mr. Drummond's base salary was reinstated to $750,000 from $675,000; Mr. Dodson's base salary was reinstated to $375,000 from $348,750; and Mr. Skelly's base salary was reinstated to $350,000 from $325,500. Effective Aug. 1, 2016, Mr. Skelly will no longer serve as the Company's senior vice president of Operations. Mr. Skelly will remain an employee of the Company. About Key Energy Key Energy Services, Inc. (NYSE: KEG), a Maryland corporation, claims to be the largest onshore, rig-based well servicing contractor based on the number of rigs owned. The Company was organized in April 1977 and commenced operations in July 1978 under the name National Environmental Group, Inc. In December 1992, the Company became Key Energy Group, Inc. and it changed its name to Key Energy Services, Inc. in December 1998. Key Energy reported a net loss of $917.70 million on $792.32 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $178.62 million on $1.42 billion of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, the Company had $1.22 billion in total assets, $1.16 billion in total liabilities and $58.87 million in total equity. * * * As reported by the TCR on June 20, 2016, S&P Global Ratings lowered its corporate credit rating on U.S.-based Key Energy Services Inc. to 'CC' from 'CCC-'. "The downgrade follow's Key's disclosure that it entered into confidential agreements with certain holders of its 6.75% senior notes due 2021 and certain lenders of the term loans regarding a financial restructuring," said S&P Global Ratings credit analyst David Lagasse. The TCR reported on May 20, 2016, that Moody's Investors Service downgraded Key Energy Services, Inc.'s Corporate Family Rating (CFR) to Ca from Caa2, Probability of Default Rating (PDR) to Ca-PD from Caa2-PD, and senior unsecured rating to Ca from Caa3. The SGL-4 Speculative Grade Liquidity (SGL) Rating was affirmed. KRISHNA ASSOCIATES: MidSouth Bank Objects to Disclosure Statement ----------------------------------------------------------------- MidSouth Bank, N.A., asked a U.S. bankruptcy court to deny approval of the disclosure statement detailing the Chapter 11 plan of Krishna Associates, LLC. In a filing with the U.S. Bankruptcy Court for the Eastern District of Texas, the bank criticized the company's failure to disclose "adequate information." MidSouth Bank cited the lack of information about the company's assets or the value of those assets, and its possible claims against third parties. It also criticized the liquidation analysis provided by the company. "The analysis attached to the disclosure includes no information by which creditors in the particular classes may evaluate the impact of a Chapter 7 case on their respective claims," MidSouth Bank said in the filing. Under U.S. bankruptcy law, a company going through bankruptcy must get approval of its disclosure statement to begin soliciting votes for its Chapter 11 plan. The document must contain sufficient information to enable voting creditors to make an informed decision about the plan. About Krishna Associates Headquartered in Texarkana, Texas, Krishna Associates, LLC, is owned and managed by Texarkana doctor Hiren Patel. It owns Country Inn and Suites and an adjacent vacant lot in Texarkana, Texas. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Texas Case No. 15-50148) on November 3, 2015. The petition was signed by Hiren Patel, president. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. LATTICE SEMICONDUCTOR: Egan-Jones Assigns CCC+ Sr. Unsec. Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company assigned CCC+ senior unsecured ratings on debt issued by Lattice Semiconductor Corp on July 19, 2016. EJR also gave C ratings on commercial paper issued by the Company. Lattice Semiconductor Corporation is a United States based manufacturer of high-performance programmable logic devices. LAURENCE LUBIN: Files Plan to Exit Chapter 11 Protection -------------------------------------------------------- Laurence and Susan Lubin filed with the U.S. Bankruptcy Court for the Southern District of New York their proposed plan to exit Chapter 11 protection. The restructuring plan proposes to pay creditors from the proceeds of the sale of the Debtors' real property in Mount Kisco, New York, and their income from Laurence Lubin Inc.'s business. Claims of general unsecured creditors are classified in Class 3 under the plan. These creditors assert $105,000 in total claims, according to the Debtors' disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/LaurenceLubin_DS07212016.pdf The Debtors are represented by: Richard G. Gertler, Esq. Kevin R. Toole, Esq. Gertler Law Group, LLC 90 Merrick Avenue East Meadow, New York 11554 Phone: (516) 228-3553 Fax: (516) 228-3396 Email: gertler@gertlerlawgroup.com Email: ktoole@gertlerlawgroup.com [ http://gertlerlawgroup.com/] About The Lubins Laurence V. Lubin and Susan D. Lubin sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-22376) on March 23, 2016. LDR INDUSTRIES: Unsecured Creditors to Get 13% to 23% Under Plan ---------------------------------------------------------------- General unsecured creditors of LDR Industries LLC will get 13% to 23% of their claims, according to the Chapter 11 plan it filed with the U.S. Bankruptcy Court for the Northern District of Illinois. Under the plan, Class 6 general unsecured creditors will get 13% to 23% of their claims depending on the amount of collateral returned to LDR Industries or the liquidating trust that will be created to implement the distributions to creditors. Class 6 general unsecured creditors assert a total of $3 million in claims. The plan incorporates the terms of a settlement the company reached with U.S. Customs and Border Protection regarding the treatment of the agency's claims. The agency holds an allowed Class 5 general unsecured claim in the amount of $53.2 million. The estimated recovery of the claim ranges from $300,000 to $600,000 depending on the amount of collateral returned to LDR Industries or the liquidating trust. The U.S. Customs also holds a Class 1 secured claim in the amount of $29,599. The agency may recover its claim in full under the plan, according to LDR Industries' disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/LDRIndustries_DS07212016.pdf About LDR Industries For over 75 years, Chicago-based LDR Industries and its predecessor companies have engaged in the distribution of plumbing products to the home improvement industry, including faucets, showers, sinks, toilet seats and variety of other specialty lines such as lead-free valves. LDR Industries, LLC, sought Chapter 11 protection (Bankr. N.D. Ill. Case No. 14-32138) in Chicago, Illinois on Sept. 2, 2014, with plans to sell the business following a dispute with the U.S. Customs. The bankruptcy case is assigned to Honorable Judge Pamela S. Hollis. The Debtor is represented by attorneys at Reed Smith LLP. The Debtor disclosed $27,538,561 in assets and $29,751,647 in liabilities as of the Chapter 11 filing. LEGG MASON: S&P Assigns 'BB+' Rating on Proposed Jr. Sub. Notes --------------------------------------------------------------- S&P Global Ratings said it assigned its 'BB+' issue rating on Legg Mason Inc.'s proposed junior subordinated notes due in 2056. S&P expects the issuance to be $250 million to $500 million. The issuer credit rating on Legg Mason remains 'BBB' with a stable outlook. S&P expects the company to use the proceeds from the proposed debt issuance to repay a portion or the full amount of the outstanding borrowings under its revolving credit facility and for general corporate purposes. In March 2016, Legg Mason issued $450 million of 4.75% senior notes due in 2026 and $250 million of 6.375% junior subordinated notes due in 2056. The company used the net proceeds of these offerings to finance the acquisitions of EnTrust in May 2016 and Clarion Partners in April 2016. As of June 30, the company had about $1.8 billion of outstanding long-term debt and $500 million of short-term borrowings. S&P expects Legg Mason to continue to operate with debt to EBIDA of 2x-3x. S&P views the company's subordinated notes as hybrid capital with intermediate equity content and rate them two notches below the issuer credit rating, reflecting subordination and optional deferability risks. RATINGS LIST Legg Mason Inc. Issuer Credit Rating BBB/Stable/-- New Rating Legg Mason Inc. Junior Subordinated Proposed notes due 2056 BB+ LEVERETT LLC: Plan Outline Okayed, Confirmation Hearing on Sept. 1 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia is set to hold a hearing on September 1, at 1:30 p.m., to consider approval of the Chapter 11 plan of reorganization of Leverett LLC and its president, Frank Bullard, III. The hearing will take place at Courtroom 1403, U.S. Courthouse, 75 Ted Turner Drive, SW, Atlanta, Georgia. The bankruptcy court had earlier issued an order approving the Debtors' disclosure statement, allowing them to start soliciting votes from creditors. The July 21 order set an August 26 deadline for creditors to cast their votes and file their objections to the restructuring plan. A copy of the court order is available for free at https://is.gd/Xfhidd A copy of the Disclosure Statement is available for free at https://is.gd/XCDvpC The Debtors are represented by: Jimmy L. Paul, Esq. Chamberlain, Hrdlicka, White, Williams & Aughtry 191 Peachtree Street, N.E., 34th Floor Atlanta, Georgia 30303 Phone: (404) 659-1410 Fax: (404) 659-1852 Email: jimmy.paul@chamberlainlaw.com About The Debtors Frank L. Bullard, III and Leverett, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case Nos. 11-52928 and 11-52898) on January 31, 2011. The cases are jointly administered and are assigned to Judge Wendy L. Hagenau. MARK CAREY COMEAUX: Unsecured Creditors to Get 14% Under Exit Plan ------------------------------------------------------------------ General unsecured creditors will get 14% of their claims under a Chapter 11 plan of reorganization proposed by Mark and Lisa Comeaux. The restructuring plan proposes to pay $400 per quarter to Class 6 general unsecured creditors. This will amount to payments of $8,000 over the course of the plan. General unsecured creditors assert a total of $54,214 in claims, according to the Debtors' disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/MarkComeaux_1DS07212016.pdf The Debtors are represented by: Rodd C. Richoux, Esq. Richoux Law Firm, L.L.C. 110 E. Kaliste Saloom Road, Suite 205 Lafayette, LA 70503 Phone (337) 269-8935 Fax: (337) 456-6299 About Mark and Lisa Comeaux Mark Carey Comeaux and Lisa Dugas Comeaux sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 15-20865) on October 6, 2015. MBAC FERTILIZER: Files Application for Protection Under CCAA ------------------------------------------------------------ MBAC Fertilizer Corp. on Aug. 4, 2016, disclosed that the Company and its wholly-owned subsidiary, MBAC Opportunities and Financing Inc. (together with MBAC, the Applicants), have filed an application for protection under the Companies' Creditors Arrangement Act (the CCAA) with the Superior Court of Justice in Ontario in connection with the implementation of a transaction on similar terms to those described in its previously announced support agreement with Zaff LLC to effect a recapitalization of the Company (the Recapitalization) that will significantly reduce debt and increase financial flexibility. The terms of the Recapitalization are described in an amended and restated support agreement (the A&R Support Agreement) between the Company and Zaff LLC (Zaff). As part of the CCAA Proceeding, the Applicants are seeking the appointment of Ernst & Young Inc. as monitor to monitor the business and affairs of the Applicants during the CCAA process. The operations of MBAC and its subsidiaries are intended to continue as usual and obligations to employees and suppliers during the restructuring process are expected to be met in the ordinary course. MBAC management will remain responsible for the day-to-day operations of the Company. Under the A&R Support Agreement, the Company has agreed to pursue the completion of the Recapitalization pursuant to a plan of compromise or arrangement under the CCAA (the CCAA Proceeding) and a parallel extrajudicial restructuring proceeding in Brazil under The Bankruptcy Law (11,101/2005) (the Brazilian Proceeding). The Recapitalization contemplates the following key elements: -- Zaff is the owner of substantially all outstanding secured and guaranteed funded debt of the Company and its Brazilian subsidiaries (other than guaranteed funded debts of It??fos Minera????o Ltda. to Banco Modal S.A.), as well as certain outstanding unsecured debts of the Company and of the Company's Brazilian subsidiaries that are not guaranteed by the Company (collectively, the Acquired Debt), which claims, together with the claims of other secured and unsecured creditors of MBAC and its subsidiaries, will be compromised through the CCAA Proceeding and the Brazilian Proceeding. -- As a result of the CCAA Proceeding, unsecured creditors of the Company will receive either a combination of (i) restructured debt of MBAC; and (ii) common shares of MBAC or, in the alternative, 5.5% of their claim in cash. Creditors may also elect to receive the lesser of the full value of their claim against MBAC or $10,000 in full satisfaction of such claims against MBAC. -- As a result of the Brazilian Proceeding, certain unsecured creditors of the Brazilian subsidiaries of the Company will receive either a combination of (i) restructured debt of the respective MBAC Brazilian subsidiary; and (ii) warrants convertible into common shares of MBAC or, in the alternative, cash. Upon completion of all transactions contemplated by the Support Agreement, Zaff will receive securities representing up to approximately 73.8% of the common equity of reorganized MBAC in exchange for the compromise of the Acquired Debt and the separate settlement of secured interim working capital financing that has been provided or will be provided by Zaff to the Company or its subsidiaries pursuant to the CCAA Proceeding and the Brazilian Proceeding. -- In connection with implementation of the CCAA plan, MBAC will indirectly acquire all of the shares of GB Minerals Ltd. (GBL) and Stonegate Agricom Ltd. (Stonegate) beneficially held by Zaff in return for common shares of MBAC at a ratio of 2.5 shares of MBAC for each share of GBL and 1 share of MBAC for each 1.5 shares of Stonegate so acquired. This is expected to result in the acquisition by Zaff of an additional 20.1% of the common shares of the Company. -- Subject to certain conditions, Zaff will fund MBAC's and its subsidiaries' funding requirements during the term of the A&R Support Agreement, up to a maximum of US$4 million, with any additional amounts to be agreed by Zaff and MBAC, which will include funding of the costs of the CCAA Proceeding and the Brazilian Proceeding. -- MBAC will use its best efforts to the extent possible under applicable laws to maintain a listing on a Canadian stock exchange and its status as a reporting issuer under Canadian securities laws. Other changes contemplated in connection with implementation of the CCAA plan include a reconstituted board of MBAC, the size and composition of which will be satisfactory to Zaff, and the continuation of the Company into the Cayman Islands. It is expected that holders of common shares of MBAC on the date the Recapitalization is completed will hold approximately 3.3% of the issued and outstanding common shares of MBAC. All existing options, warrants or other rights to purchase common shares of MBAC at the completion of the Recapitalization will be cancelled. The Recapitalization will be subject to governmental, court, regulatory, stakeholder and third party approvals, as applicable, as well as the satisfaction or waiver of all the conditions of the A&R Support Agreement, and the Company can give no assurances that the Recapitalization will be completed. The A&R Support Agreement may also be terminated by either MBAC or Zaff in certain circumstances. Subject to the satisfaction of all necessary conditions, it is anticipated that the closing of the Recapitalization will occur by the end of October 2016. The A&R Support Agreement will be filed by the Company on SEDAR and the description of the A&R Support Agreement contained in this press release is qualified by the full text of the A&R Support Agreement. Further details of the Recapitalization and the implementation process will be provided in due course as appropriate by MBAC. In connection with the Recapitalization, on May 4, 2016, Itaf??s Minera????o S.A., MBAC Fertilizantes S.A. and MBAC Desenvolvimento S.A. (collectively, the Brazilian Restructuring Entities), each a wholly-owned subsidiary of MBAC, filed an out-of-court consolidated restructuring procedure with the court of Arraias, State of Tocantins (the Brazilian Court) under applicable restructuring law in Brazil (the Brazil Proceeding). MBAC is an intervener in the Brazil Proceeding. On May 16, 2016, the Brazilian Court issued a decision which, among other things, granted a 180-day stay period and directed the publication of a public announcement to notify the Brazilian Restructuring Entities' unsecured creditors to object to the Brazil Proceeding within 30 days from the 20th day after the publication of the public announcement. The public notification to the Brazilian Restructuring Entities' unsecured creditors was made on June 1, 2016 and creditors were therefore entitled to file objections to the Brazil Proceedings until August 2, 2016. About MBAC MBAC -- http://www.mbacfert.com/-- is focused on becoming a significant integrated producer of phosphate fertilizers and related products in the Brazilian market. MBAC has an experienced team with significant experience in the business of fertilizer operations, management, marketing and finance within Brazil. MBAC owns and operates the Itafos Arraias SSP Operations, which consists of an integrated fertilizer producing facility comprised of a phosphate mine, a mill, a beneficiation plant, a sulphuric acid plant, an SSP plant and a granulation plant and related infrastructure located in central Brazil ("Itafos Operations"). The Itafos Operations are estimated to have production capacity of approximately 500,000 tonnes of SSP per annum. MBAC's exploration portfolio includes a number of additional exciting projects, which are also located in Brazil. The Santana Phosphate Project is a high-grade phosphate deposit located in close proximity to the largest fertilizer market of Mato Grosso State and animal feed market of Para State. MEDIMPACT HOLDINGS: S&P Rates Proposed $400MM Term Loan A 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating (one notch above the corporate credit rating) to U.S.-based pharmacy benefit manager MedImpact Holdings Inc.'s proposed $400 million first-lien term loan A due 2021, which is being issued by subsidiary MI OpCo Holdings Inc. While MedImpact Holdings does not guarantee this debt, S&P considers MI OpCo as a core subsidiary of MedImpact Holdings Inc., given that that its business lines are integral and closely linked to MedImpact Holdings Inc.'s overall strategy and identity. S&P assigned this debt its '2' recovery rating, indicating S&P's expectation for substantial (70%-90%, at the lower end of the range) recovery in a default. The new term loan is rated the same as the company's existing $350 million term loan B facility, which it refinances. S&P's corporate credit rating on MedImpact is 'B+' with a positive outlook. S&P assess MedImpact's business risk profile as weak, characterized by the company's limited market share (approximately 5%) in the highly competitive pharmacy benefit management (PBM) market. Although only a handful of sizable competitors remain in the PBM marketplace following recent consolidation, MedImpact is dwarfed in scale by Express and CVS/Caremark, which together hold more than 60% of the market. S&P's assessment of the financial risk profile as significant primarily reflects its expectation that the company will maintain leverage in the mid-2x area and improve FFO (funds from operations) to debt into the high-20% area by the end of 2016. RATINGS LIST MedImpact Holdings Inc. Corporate Credit Rating B+/Positive/-- New Rating MI OpCo Holdings Inc. Senior Secured $400 Mil. First-Lien Term Loan A Due 2021 BB- Recovery Rating 2L MEGA INC: Unsecured Creditors to Get 42.22% Under Exit Plan ----------------------------------------------------------- General unsecured creditors of Mega, Inc., will get 42.22% of their claims, according to the company's proposed plan to exit Chapter 11 protection. Under the restructuring plan, Class 4 general unsecured creditors will receive 42.22% of their claims, to be paid over 120 months in equal monthly payments of $372, according to the disclosure statement filed with the U.S. Bankruptcy Court for the Southern District of Florida. A copy of the disclosure statement detailing the plan is available for free at http://bankrupt.com/misc/MegaInc_2DS_07142016.pdf About Mega Inc. Mega, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr.S.D. Fla. Case No. 15-25559) on August 27, 2015. The Debtor is represented by Brett A. Elam, Esq. MELENDEZ ENTERPRISES: Hires Miranda & Maldonado as Counsel ---------------------------------------------------------- Melendez Enterprises, LLC, dba Premium Carriers, files a second application with the U.S. Bankruptcy Court for the Western District of Texas to employ Miranda & Maldonado, P.C., as bankruptcy counsel. The Debtor requires Miranda & Maldonado to: (a) give the Debtor legal advice with respect to its powers and duties as debtor-in-possession and the continued operation of its business and management of its properties; (b) review prepetition executory contracts and unexpired leases entered into by the Debtor and to determine which contracts or contracts should be rejected; (c) prepare on behalf of the Debtor necessary applications, answers, ballots, judgments, motions, notices, objections, orders, reports and any other legal instrument necessary; (d) assist the Debtor in the preparation of a Disclosure Statement and the negotiation of a Plan of Reorganization with the creditors in its case, and any amendments; and (e) perform all other legal services for the Debtor, as debtor-in-possession which may become necessary to effectuate a successful reorganization of the Bankruptcy Estate. Miranda & Maldonado will be paid at these hourly rates: Carlos A. Miranda III, Esq. $300 Gabe Perez, Esq. $200 Legal Assistant & Law Clerks $75-$125 Miranda & Maldonado will also be reimbursed for reasonable out-of-pocket expenses incurred. Miranda & Maldonado received the total prepetition retainer in the amount of $10,000. Of this amount, $1,717 was applied for Chapter 11 filing fee as well as certain funds that were applied to the prepetition legal services performed by the firm. As of the filing of this application, the remaining amounts in trust are $5,183. Carlos A. Miranda, attorney of Miranda & Maldonado, 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. Miranda & Maldonado can be reached at: Carlos A. Miranda, III, Esq. Gabe Perez, Esq. MIRANDA & MALDONADO, P.C. 5915 Silver Springs, Bldg. 7 El Paso, TX 79912 Tel: (915) 587-5000 Fax: (915) 587-5001 E-mail: cmiranda@eptxlawyers.com gperez@eptxlawyers.com Headquartered in El Paso, Texas, Melendez Enterprises, LLC, dba Premium Carriers, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 16-30612) on April 20, 2016, estimating its assets between $1 million and $10 million and its liabilities at between $500,000 and $1 million. The petition was signed by Ruben Melendez, Jr., manager. Judge Christopher H. Mott presides over the case. Carlos A. Miranda, III, Esq., at Miranda & Maldonado, P.C., serves as the Debtor's bankruptcy counsel. MERRIMACK PHARMACEUTICALS: Incurs $50.8 Million Net Loss in Q2 -------------------------------------------------------------- Merrimack Pharmaceuticals, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $50.8 million on $33.7 million of total revenues for the three months ended June 30, 2016, compared to a net loss attributable to the Company of $22.8 million on $36.6 million of total revenues for the same period last year. For the six months ended June 30, 2016, the Company reported a net loss attributable to the Company of $89.2 million on $54.96 million of total revenues compared to a net loss attributable to the Company of $57.5 million on $51.4 million of total revenues for the six months ended June 30, 2015. Interest expense was $21.1 million for the second quarter of 2016, compared to $8.60 million for the first quarter of 2016. This $12.5 million increase was primarily due to a $14.6 million one-time, non-cash loss related to the induced conversion of an aggregate principal amount of $64.2 million of Merrimack's convertible notes in April 2016. As of June 30, 2016, Merrimack had $150 million in total assets, $352 million in total liabilities, and a $201 million total stockholders' deficit. A full-text copy of the Form 10-Q is available for free at: https://is.gd/0TUS2U About Merrimack Cambridge, Mass.-based Merrimack Pharmaceuticals, Inc., a biopharmaceutical company discovering, developing and preparing to commercialize innovative medicines consisting of novel therapeutics paired with companion diagnostics. The Company's initial focus is in the field of oncology. The Company has five programs in clinical development. In it most advanced program, the Company is conducting a pivotal Phase 3 clinical trial. Merrimack reported a net loss of $148 million on $89.3 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss of $83.6 million on $103 million of total revenues for the year ended Dec. 31, 2014. METER READINGS: S&P Assigns 'B' CCR & Rates $345MM Loan 'B' ----------------------------------------------------------- S&P Global Ratings said that it had assigned its 'B' corporate credit rating to Hazelwood, Mo.-based Meter Readings Holding LLC. The company is the corporate parent and guarantor of AMI services company Aclara Technologies LLC. At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the company's proposed $345 million senior secured first-lien term loan. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; upper half of the range) recovery in the event of a payment default. The existing $70 million asset-based lending (ABL) facility is unrated. Aclara has a relatively narrow scope of operations and limited product diversity as a provider of AMI products and services to electric, water, and gas utilities. The company faces uncertainty regarding utilities' meter deployment cycles, somewhat high customer concentration, and the risk of technological change. These risks are partially offset by contract terms that provide some visibility on revenue, a solid order backlog, adequate geographic diversification, and growing profitability. Aclara is a portfolio company of financial sponsor Sun Capital Partners, and S&P expects the company to maintain an adjusted debt to EBITDA ratio that approaches or exceeds 5x. With pro forma revenue of $474 million as of May 31, 2016, Aclara is a provider of AMI sensors, communications devices, and software (45% of pro forma revenue), electric meters (50%), and installation services (5%). AMI refers to a system of devices, networks, and data management systems that allow for two-way communication between utilities and their customers. The company anticipates that the growth potential of its industry is high and predicts that the global installed base of 564 million smart meters in 2015 may grow by 14% annually to 1.1 billion units by 2020. Industry participants compete based on their ability to offer low-cost and highly reliable integrated solutions that are specifically suited to a utility's objectives, allowing the customer to easily interpret and manage the data collected. Competition for new meter deployment projects, which may last from three to five years, can be intense when new opportunities arise because the timing and magnitude of new projects is uncertain and vendors may lower their pricing in order to win new work. Technological change is another risk that Aclara faces as the company and its competitors are continually seeking to introduce new products and software with improved capabilities that will make older products obsolete. Aclara's 15% market share in the electric meters segment makes it the third largest company in the space. The company competes against firms like Itron Inc., Elster Group GmbH, and Landis+Gyr in this industry, which are larger, well-capitalized companies. The company enjoys the No. 1 and No. 2 positions in the gas and water AMI segments, respectively, but does not produce its own gas and water meter hardware. Aclara's customer concentration is moderately high, as SoCalGas and Exelon account for 23% and 17% of its consolidated sales, respectively. Nonetheless, the company's overall market presence is solid, with over 60 million user endpoints in 36 countries. In addition, Aclara has broad AMI capabilities, including a fixed network radio frequency system that can communicate with electric, water, and gas utility systems, a 2/3 market share in the less-prevalent powerline carrier technology used for electric meters in rural areas, and a solid order backlog of almost $800 million as of May 31, 2016. The company's recent vertical integration efforts could also continue to yield operating benefits. Aclara acquired General Electric Co.'s global electric meters business in 2015 to provide it with a platform to integrate its AMI software into an electric meter housing and purchased Smart Grid Solutions (SGS) in March 2016 to help grow its installation and aftermarket services. The GE acquisition has already borne fruit, as in February Aclara was awarded a $310 million contract with Consolidated Edison Inc. to deploy five million meters starting in 2017, although the utility will be using a competitor's network platform. During the next three years, S&P anticipates that Aclara's ability to achieve cost synergies, improve its operating efficiency, and secure new order wins will result in weighted average EBITDA margins of over 18% during our forecast period. This would compare quite favorably to the 10% margins the company was generating in 2014, prior to its recent acquisitions. Financial sponsor Sun Capital Partners acquired Aclara in 2014 from ESCO Technologies and combined it with GE's electric meters business the following year. It will award itself and its minority shareholders a $66 million dividend distribution as part of this transaction. While the company's adjusted debt-to-EBITDA ratio following the transaction will be less than 4.5x, S&P believes there is a risk that aggressive financial policies from financial sponsor ownership could result in this ratio exceeding 5x. S&P would need to see the company and its owners commit to and abide by a financial policy consistent with debt leverage of below 5x before S&P would revise its financial risk assessment. S&P expects Aclara to continue to make debt-funded bolt-on acquisitions from time to time to fuel its growth. The stable outlook on Aclara reflects S&P's expectation that the company should see steady organic and inorganic growth supported by contributions from its recent acquisitions over the next 12 months. The company's good order backlog, new business wins, additional product offerings, and merger and acquisition synergies should support its operating performance going forward, though its good performance may be partially offset by operational expenses to grow its market share and typical customer churn. The company has a demonstrated track record of enhancing its growth via bolt-on acquisitions and S&P expects that it will continue to pursue small bolt-on acquisitions as part of its growth strategy. Given Aclara's ownership by financial sponsor Sun Capital Partners, the company may potentially provide debt-funded returns to its equity holders. S&P could lower its ratings on Aclara if a significant decline in its earnings or a large debt-financed acquisition or similar shareholder return causes its total debt-to-EBITDA metric to exceed 6x without clear prospects for recovery. This could occur if the company faces operational challenges following unexpected volume declines from cancelled projects, the loss of key customer contracts, the substitution of its products, or an inability to effectively manage its highly variable cost structure. Based on S&P's downside scenario, this could occur if Aclara's operating margins weaken by more than 300 basis points (bps) or its volume declines by over 15%. Given S&P's current assessment of Sun Capital Partners' financial policies, it views an upgrade over the next 12 months as unlikely. However, S&P could raise its ratings on Aclara by one notch if the company commits to--and demonstrates a track record of--operating with a debt-to-EBITDA metric of 4x-5x, a FFO-to-debt ratio of near 20%, and a consistently positive free cash flow-to-debt ratio with no prospects for near-term material deterioration. Any additional upgrades would likely depend on whether the company can meaningfully strengthen its business risk profile through enhanced scale, market share wins, improved pricing, and operating efficiencies. MGIC INVESTMENT: Moody's Assigns Ba3 Rating on $350MM Sr. Notes --------------------------------------------------------------- Moody's Investors Service has assigned a Ba3 rating to MGIC Investment Corp.'s (NYSE: MTG) planned issuance of $350 million in senior unsecured notes due August 2023. Moody's has also assigned provisional ratings to MTG's shelf registration. The rating outlook is stable. Moody's expectation is that the company will use most of the net proceeds to purchase a portion of its $500 million of outstanding 2% convertible senior notes due 2020. Some of the proceeds may also be used to purchase some of its $256.9 million of outstanding 9% convertible junior subordinated debentures due 2063 that are not owned by MGIC, its principal subsidiary. In cases where the company would have to use shares of its common stock as an incentive for convertible noteholders to sell their notes, the company intends to use part of the net proceeds to purchase shares of its common stock to offset the shares used as partial consideration in the purchase of the 2020 convertible notes in open market purchases, in privately negotiated transactions or otherwise. Any remaining net proceeds will be added to the company's funds available for general corporate purposes. RATINGS RATIONALE "We believe that MTG's planned debt issuance and related purchase of some of its 2020 convertible notes will extend the company's debt maturity profile and better align debt maturities with future dividend capacity from its operating subsidiaries," said Kevin Lee, Moody's analyst for MTG. The Ba3 senior debt rating at the parent company reflects structural subordination to policyholder claims at the operating subsidiaries and Moody's standard practice of rating the parent's senior unsecured obligations at three notches below the insurance financial strength of its principal operating subsidiary if the operations are based in the US. The Baa3 insurance financial strength rating of MTG's principal operating subsidiary, Mortgage Guaranty Insurance Corp., reflects its diverse customer base, compliance with Fannie Mae's and Freddie Mac's capital standards (the "PMIERS"), profitable business written since the 2008 crisis, and improving holding company liquidity which alleviates some of the pressures to seek significant dividends from MGIC. However, MGIC's rating continues to be weighed down by its parent's significant debt burden (~30% adjusted debt-to-capital as of 06/30/16), an unresolved IRS tax dispute, and a crowded mortgage insurance market. WHAT COULD MOVE THE RATINGS UP OR DOWN The following factors could lead to an upgrade: (a) convertible notes convert to common shares; (b) better alignment of the parent's debt maturity profile to MGIC's expected dividend capacity and/or reduction of debt at the parent; (c) comfortable compliance with PMIERS; (d) more clarity about the range of potential outcomes in the group's tax dispute with the IRS. The following factors could lead to a downgrade: (a) non-compliance with PMIERS;(b) deterioration in the parent company's ability to meet its debt service requirements; (c) an adverse outcome on the IRS tax dispute that is significantly beyond the amount that has already been placed on deposit or held in reserves. LIST OF RATING ACTIONS This rating has been assigned: MGIC Investment Corporation -- $350 million senior unsecured notes due August 2023 at Ba3; provisional senior unsecured shelf at (P)Ba3; provisional subordinated shelf at (P)B1; provisional preferred stock shelf at (P)B2. MGIC Investment Corporation is the parent company of Mortgage Guaranty Insurance Corporation which insures mortgages throughout the United States. At June 30, 2016, the consolidated group had $5.7 billion of total assets, $2.5 billion of shareholders' equity, and $177.5 billion of primary insurance in force covering approximately one million mortgages. The principal methodology used in these ratings was Mortgage Insurers published in April 2016. MGM RESORTS: Reports Second Quarter Financial Results ----------------------------------------------------- MGM Resorts International reported net income attributable to the Company of $474 million on $2.26 billion of revenues for the three months ended June 30, 2016, compared to net income attributable to the Company of $87.5 million on $2.38 billion of revenues for the same period during the prior year. For the six months ended June 30, 2016, the Company reported net income attributable to the Company of $541 million on $4.47 billion of revenues compared to net income attributable to the Company of $267 million on $4.71 billion of revenues for the six months ended June 30, 2015. As of June 30, 2016, MGM Resorts had $26.5 billion in total assets, $17.02 million in total liabilities and total stockholders' equity of $9.52 million. "I am incredibly proud of the concerted effort of our talented executive teams and employees that produced our most profitable quarter in eight years at our domestic resorts," said Jim Murren, Chairman & CEO of MGM Resorts. "Our Profit Growth Plan drove our domestic resorts Adjusted Property EBITDA to grow an impressive 12% and Adjusted Property EBITDA margins to improve by over 350 basis points, despite a record-breaking May last year. With a solid foundation of operational excellence and the continued strength in the Las Vegas market, in which we are the clear leader, we believe that MGM Resorts is well-positioned to further improve our financial strength to deliver sustainable value to our shareholders." "Our strong operating results and the strategic initiatives we have successfully completed this year including the initial public offering of MGM Growth Properties, the acquisition and subsequent sale of the real property of Borgata, and the sale of Crystals and its related CityCenter distribution, have significantly strengthened our financial position," said Dan D'Arrigo, executive vice president and CFO of MGM Resorts International. "We remain focused on maximizing our free cash flow, which we believe will allow us to achieve our goal of becoming investment grade." The Company's cash balance at June 30, 2016, was $2.5 billion, which included $447 million at MGM China and $338 million at MGP. At June 30, 2016, the Company had $250 million outstanding under its $1.5 billion senior secured credit facility, $2.1 billion outstanding under the $2.74 billion MGP senior credit facility, $1.7 billion outstanding under the $3 billion MGM China credit facility, and $350 million outstanding under the $525 million MGM National Harbor credit facility. A full-text copy of the press release is available for free at: https://is.gd/04tT5v About MGM Resorts MGM Resorts International (NYSE: MGM) a global hospitality company, operating a portfolio of destination resort brands including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The Company also owns 51% of MGM China Holdings Limited, which owns the MGM Macau resort and casino and is in the process of developing a gaming resort in Cotai, and 50% of CityCenter in Las Vegas, which features ARIA resort and casino. For more information about MGM Resorts International, visit the Company's Web site at www.mgmresorts.com. MGM Resorts reported a net loss attributable to the Company of $447.72 million in 2015, a net loss attributable to the Company of $149.87 million in 2014 and a net loss attributable to the Company of $171.73 milion in 2013. * * * As reported by the TCR on Nov. 14, 2011, Standard & Poor's Ratings Services raised its corporate credit rating on MGM Resorts International to 'B-' from 'CCC+'. In March 2012, S&P revised the outlook to positive from stable. "The revision of our rating outlook to positive reflects strong performance in 2011 and our expectation that MGM will continue to benefit from the improving performance trends on the Las Vegas Strip," S&P said. In March 2012, Moody's Investors Service affirmed its B2 corporate family rating and probability of default rating. The affirmation of MGM's B2 Corporate Family Rating reflects Moody's view that positive lodging trends in Las Vegas will continue through 2012 which will help improve MGM's leverage and coverage metrics, albeit modestly. Additionally, the company's declaration of a $400 million dividend ($204 million to MGM) from its 51% owned Macau joint venture due to be paid shortly will also improve the company's liquidity profile. The ratings also consider MGM's recent bank amendment that resulted in about 50% of its $3.5 billion senior credit facility being extended one year from 2014 to 2015. As reported by the TCR on Sept. 29, 2014, Fitch Ratings has upgraded MGM Resorts International's (MGM) and MGM China Holdings Ltd's (MGM China) IDRs to 'B+' from 'B' and 'BB' from 'BB-', respectively. Fitch's upgrade of MGM's IDR to 'B+' and the Positive Outlook reflect the company's strong performance on the Las Vegas Strip and in Macau as well as Fitch's longer-term positive outlooks for these markets. MGM RESORTS: S&P Raises CCR to 'BB-', Off CreditWatch Positive --------------------------------------------------------------- S&P Global Ratings said it raised its corporate credit ratings on Las Vegas-based MGM Resorts International and MGM Growth Properties LLC (MGP) to 'BB-' from 'B+' and removed them from CreditWatch, where S&P had placed them with positive implications on June 1, 2016. The rating outlook is stable. At the same time, S&P raised all issue-level ratings one notch in line with the upgrade of the companies, and also removed them from CreditWatch. "The upgrade reflects our expectation that continued good operating performance at MGM's Las Vegas and regional properties, in part resulting from MGM's profit growth plan, combined with cash flow contributions from the opening of new resorts over the next few quarters, will support improvement in MGM's leverage to around 5x by the end of 2017 from around 5.5x at the end of 2016," said S&P Global Ratings credit analyst Melissa Long. S&P expects Borgata's good free cash flow generation will also support MGM's goal to reduce leverage through 2017. S&P's expectation that leverage will improve to around 5x by the end of 2017, funds from operations (FFO) to debt will increase to more than 12%, and EBITDA coverage of interest will improve to above 3x support S&P's revision of MGM's financial risk profile to aggressive from highly leveraged, and the one notch higher rating. The stable outlook reflects S&P's expectation that MGM will be able to improve leverage to around 5x by the end of 2017 from the mid-5x area in 2016, FFO to debt to above 12%, and EBITDA coverage of interest above 3x. S&P expects continued good performance at its Las Vegas resorts and regional casinos as a result of the implementation of its profit growth plan, as well as the cash flow contributions from its newly opened resorts (MGM National Harbor and MGM Cotai) in 2017, will support deleveraging over the next year. MICROSEMI COMMUNICATIONS: Egan-Jones Withdraws B Sr. Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company assigned a No Rating status to debt issued by Microsemi Communications Inc. on July 26, 2016. EJR previously gave the Company a B senior unsecured debt rating. Based in California, Microsemi Communications, Inc. designs, develops, and markets semiconductor products for carrier and enterprise networking applications worldwide. MID CITY TOWER: Hires Stewart Robbins as Attorney ------------------------------------------------- Mid City Tower, LLC, seeks authority from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Stewart Robbins & Brown, LLC as attorneys to the Debtor. Mid City Tower requires Stewart Robbins to give legal advice with respect to the Debtor's powers and duties as a debtor-in-possession in the continued operation of the Debtor's business and management of the Debtor's property and to perform all legal services for the debtor-in-possession which may be necessary therein. Stewart Robbins will be paid at these hourly rates: Ryan J. Richmond $315 Brandon A. Brown $350 P. Douglas Stewart, Jr. $360 William S. Robbins $350 Brooke Altazan $275 Staff (paralegals, secretaries, etc.) $90 Stewart Robbins received in trust a retainer in the amount of $16,717. This retainer was paid by Debtor from its funds in two checks. The first check was in the amount of $10,000 and delivered to Stewart Robbins on July 28, 2016. The second check was a cashier's check in the amount of $6,717 and delivered to Stewart Robbins on July 25, 2016. Stewart Robbins will also be reimbursed for reasonable out-of-pocket expenses incurred. Brandon A. Brown, member of Stewart Robbins & Brown, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Stewart Robbins can be reached at: Brandon A. Brown, Esq. 620 Florida Street, Suite 100 Baton Rouge, LA 70821-2348 Tel: (225) 231-9998 Fax: (225) 709-9467 E-mail: bbrown@stewartrobbins.com About Mid City Tower Mid City Tower, LLC, based in Baton Rouge, LA, filed a Chapter 11 petition (Bankr. M.D. La. Case No. 16-10877) on July 26, 2016. The Hon. Douglas D. Dodd presides over the case. Brandon A. Brown, Esq., and Ryan James Richmond, Esq., at Stewart Robbins & Brown, LLC, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $1 million to $10 million in liabilities. The petition was signed by Mathew S. Thomas, manager. MIDSTATES PETROLEUM: Unsecureds To Get 1.2% of New Common Stock --------------------------------------------------------------- The Hon. David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas has approved the Disclosure Statement describing Midstates Petroleum Company, Inc., et al.'s joint plan of reorganization. A hearing on the confirmation of the Plan is scheduled for Aug. 17, 2016, at 3:00 p.m.; provided that, upon the filing of a continuance notice, the Confirmation Hearing will be held on Aug. 29, 2016, at 9:00 a.m. The Debtors filed on July 13, 2016, the Disclosure Statement for the First Amended Joint Chapter 11 Plan of Reorganization, which proposes that holders of Class 7 Unsecured Notes/General Unsecured Claims receive their Pro Rata share of 1.2% of the New Common Stock of Reorganized Parent. Class 7 claims are estimated at $674,205,212. Projected recovery for the claims are: (a) 0.9% (if no challenge or settlement termination event is triggered); (b) 0.5% (if a challenge or settlement termination event is triggered). These dates are established with respect to the solicitation of votes to accept, and voting on, the Plan as well as filing objections to the Plan and confirming the Plan (all times prevailing Central Time): Voting Record Date -- July 7, 2016 Service of Confirmation Notice -- July 13, 2016 (expected) Solicitation Deadline -- July 18, 2016 Publication Deadline -- July 20, 2016; provided that the deadline will be extended to July 25, 2016, solely for publication in the Oil & Gas Journal Deadline to File Plan Supplement -- Aug. 3, 2016 Voting Deadline -- Aug. 10, 2016, at 4:00 p.m. Plan Objection Deadline -- Aug. 10, 2016, at 4:00 p.m.; provided that if the Official Committee of Unsecured Creditors advises the Debtors on or before Aug. 9, 2016, that it would like to continue the Confirmation Hearing, the Debtors will file an amended Confirmation Notice, substantially in the form attached as Schedule 12, and the Plan Objection Deadline will be extended, solely for the Committee and the individual members thereof, until Aug. 22, 2016, at 11:59 p.m. Deadline to File Confirmation Brief -- Aug. 15, 2016, at 11:59 p.m.; provided that, upon the filing of a Continuance Notice, the deadline to file the Confirmation Brief will be extended to Aug. 25, 2016, at 11:59 p.m. Plan Objection Response Deadline -- Aug. 15, 2016, at 11:59 p.m.; provided that, upon the filing of a Continuance Notice, the Plan Objection Response Deadline will be extended to Aug. 25, 2016, at 11:59 p.m. Deadline to File Voting Report -- Aug. 15, 2016, at 11:59 p.m. The Disclosure Statement is available at: http://bankrupt.com/misc/txsb16-32237-382.pdf The Plan was filed by the Debtors' counsel: Edward O. Sassower, P.C. Joshua A. Sussberg, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: edward.sassower@kirkland.com joshua.sussberg@kirkland.com -- and -- James H.M. Sprayregen, P.C. William A. Guerrieri, Esq. Jason Gott, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, IL 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: james.sprayregen@kirkland.com will.guerrieri@kirkland.com -- and -- Patricia B. Tomasco, Esq. Matthew D. Cavenaugh, Esq. Jennifer F. Wertz, Esq. JACKSON WALKER L.L.P. 401 McKinney Street, Suite 190 Houston, TX 77010 Tel: (713) 752-4200 Fax: (713) 752-4221 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. MIDWAY GOLD: Unsecureds to Get 15% to 30% Under Liquidating Plan ---------------------------------------------------------------- General unsecured creditors of Midway Gold US Inc. may get up to 30% of their claims, according to a Chapter 11 plan of liquidation the company filed with the U.S. Bankruptcy Court for the District of Colorado. Under the proposed liquidating plan, the estimated recovery of general unsecured claims against Midway Gold US is between 15% and 30%. These claims are estimated at $1.5 million. The estimated recovery of general unsecured claims against Midway Gold Corp., MDW Pan LLP, MDW Gold Rock LLP, and Midway Gold Realty LLC is between 1% and 2%. The plan also proposes the creation of a liquidating plan to, among other things, sell, transfer or otherwise dispose of the remaining assets of the companies, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/MidwayGold_DS07212016.pdf About Midway Gold Midway Gold Corp., incorporated on May 14, 1996 under the laws of the Province of British Columbia, Canada, is engaged in the acquisition, exploration and development of mineral properties located in the state of Nevada and Washington. Midway Gold operates primarily through its wholly-owned subsidiary located in the United States, Midway Gold US Inc. The executive offices are in Englewood, Colorado. Midway US currently has one gold producing property: the Pan gold mine located in White Pine County, Nevada. Midway also has gold properties which are exploratory stage projects where gold mineralization has been identified, such as the Tonopah project in Nye County, Nevada, the Gold Rock project in White Pine County, Nevada, and the Golden Eagle project in Ferry County, Washington. Out of these projects, a permitting process has been undertaken only for the Gold Rock project. Finally, Midway's Spring Valley property, another gold property located in Pershing County, Nevada, is subject to a joint venture with Barrick Gold Exploration Inc. On June 22, 2015, Midway Gold US Inc. and 12 related entities, including parent Midway Gold Corp. each filed a petition in the U.S. Bankruptcy Court for the District of Colorado seeking relief under Chapter 11 of the U.S. Bankruptcy Code. The Debtors' cases have been assigned to Judge Michael E. Romero. Judge Michael E. Romero directed the joint administration of the cases under Case No. 15-16835. The Debtors tapped Squire Patton Boggs (US) LLP as lead bankruptcy counsel; Sender Wasserman Wadsworth, P.C., as special bankruptcy and restructuring counsel; DLA Piper (Canada) LLP, as Canadian bankruptcy counsel; Ernst & Young Inc., as information officer of Canadian court; RBC Capital Markets, as investment banker; FTI Consulting as financial advisor; and Epiq Solutions, as claims and noticing agent. Midway Gold Corp. disclosed $184 million in assets and $62.4 million in liabilities as of March 31, 2015. Midway Gold US Inc., disclosed total assets of $2,461,673 and total liabilities of $122,448,181 as of the Chapter 11 filing. In July, the U.S. Trustee overseeing the Debtors' cases appointed seven creditors to serve on the official committee of unsecured creditors. The creditors are American Assay Laboratories, EPC Services Company, InFaith Community Foundation, Jacobs Engineering Group Inc., SRK Consulting (US) Inc., Sunbelt Rentals, and Boart Longyear. Gavin/Solmonese LLC serves as its financial advisor. MOSAIC MANAGEMENT: Case Summary & 9 Unsecured Creditors ------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Mosaic Management Group, Inc. 16-20833 1700 N.W. 2nd Avenue, Suite 100 Boca Raton, FL 33432 Mosaic Alternative Assets Ltd. 16-20834 fdba Mosaic Caribe Ltd. 1700 NW 2nd Ave. #100 Boca Raton, FL 33432 Paladin Settlements, Inc. 16-20835 1700 NW 2nd Ave, #100 Boca Raton, FL 33432 Chapter 11 Petition Date: August 4, 2016 Court: United States Bankruptcy Court Southern District of Florida (West Palm Beach) Judge: Hon. Erik P. Kimball Debtors' Counsel: Leslie Gern Cloyd, Esq. BERGER SINGERMAN LLP 350 E Las Olas Blvd #1000 Ft. Lauderdale, FL 33301 Tel: (954) 525-9900 Fax: (954) 523-2872 E-mail: lcloyd@bergersingerman.com Estimated Estimated Assets Liabilities ----------- ----------- Mosaic Management $0-50K $50K-$100K Mosaic Alternative $50M-$100M $1M-$10M The petitions were signed by Charles Thomas Ryals, president and chief executive officer. A. Mosaic Management's List of Nine Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ First Insurance Funding Corp. E&O Insurance $11,184 Email: hgehron@toddassociates.com Bank of America Credit Card $5,779 Email: mindy.nichols@baml.com Kel-Mar, Inc. Vendor $2,520 Email: bcrippen@mosaic-grp.com Milner, Inc. Vendor $1,377 Email: rsquiccirini@milner.com Webtron, Inc. Vendor $1,260 Email: walt@webtron.net Windstream Communications Vendor $809 Email: Windstream.e-billing@windstream.com ACE Cleaning Systems Vendor $625 Email: zach@acecleaningsystems.com Arrow Exterminators Vendor $348 Email: xterminators.com HC Consolidated Services, Inc. Vendor $230 Email: Harold.cuervo@me.com B. Mosaic Alternative's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Caja Paraguaya de Jubilaciones Settlement $4,300,000 y Pen. del Personal de la Agreement Itaipu Binacional Attn: J. Romero; Av. Gra. Santos Nro. 395 Esq. Cayo Romero Pereira Asuncion, Paraguay Email: 59521202080 ext 318 Email: vicente.ramirez@cajubi.org.py Infinite Legacy Loan/Promissory $610,000 Investments Limited Note c/o Peter Garcia Unit 2209, 22F Wu Chang House 213 Queen's Road East Wanchai, Hong Kong China Email: p.garcia@mylegacygroup.com Tel: 954-446-6696 Theler AG Mr. Max Investor $119,624 Email: esther.zimmermann@thelerag.ch Garcia, Carlos A. Ocasio Investor $73,759 Email: gascontrolproducts@yahoo.com Turturro, Rick J. Investor $61,338 Email: rjturro@gmail.com Biller, Ralph Gunther Investor $52,464 Email: aluhoch@gmx.de PIT Production in Time GmbH Investor $45,915 Email: info@noelle-finanz.de Offergeld, Oliver Investor $45,870 Email: andre.boldin@primusconcept.com STM Life Investor $41,768 Email: bernadette.o'callaghan@stmlife.com Jennor Timber Investor $41,076 Email: ramon@velenski.eu Baumgartner, Peter Gottfried Investor $40,996 Email: pegoba@gmx.ch Partes, Ingrid F. Investor $40,750 Email: cgrobe@azg-gmbh.de Guardian SIPP Re. Investor $40,186 Email: Zoe@guardianpc.co.uk Huang, Hui-Ping Investor $39,177 Email: fpat@ms66.hinet.net Sherill, Daryle Lynne Investor $37,842 Shields, Michael Innis Investor $36,179 Email: michael.shields@btconnect.com Preiswerk, Georges Investor $35,280 Niedeholzstrasse Email: georges.preiswerk@vtxmail.ch City Pensions Ltd. Investor $35,156 Email: catherine.bartram@citytrustees. co.uk PJCH Profit Sharing Retirement Plan Investor $33,743 Email: vb099@yahoo.com Guardian SIPP re: Investor $33,501 John Stewart Greaves Email: Zoe@guardianpc.co.uk C. Paladin Settlements' List of Two Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Primera Headquarters Loan Payment $2,241 Partners LLC Email: heather@primeracompanies.com Time Warner Cable Cable Internet $1,048 Email: ccissues@twcable.com Services N.P.H.B. RESTAURANT: Involuntary Chapter 11 Case Summary -------------------------------------------------------- Alleged Debtor: N.P.H.B. Restaurant Corp. 3850 Poplar Avenue Brooklyn, NY 11224 Case Number: 16-11668 Nature of Business: Single Asset Real Estate Involuntary Chapter 11 Petition Date: May 27, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Michael E. Wiles Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ Nurit Kaufman Loan $18,500 3846 Poplar Avenue Brooklyn, NY 11224 NANA DEVELOPMENT: S&P Lowers CCR to 'B-'; Outlook Negative ---------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Anchorage, Alaska-based NANA Development Corp. to 'B-' from 'B'. The outlook is negative. At the same time, S&P lowered its issue-level ratings on NANA Development's term loan and senior secured notes to 'B' from 'B+'. The '2' recovery rating on the term loan and notes indicates S&P's expectation for substantial recovery (70%-90%; lower half of the range) in the event of a payment default. "The downgrade reflects our view that NANA Development's fiscal 2016 operating performance and credit measures will be weaker than previously expected," said S&P Global Ratings credit analyst Robyn Shapiro. "This is primarily due to decreased profitability as a result of the company's exposure to low oil prices in its oil support work." S&P Global Ratings' ratings on NANA Development incorporates S&P's view of the company's vulnerable business risk, with its reliance on government spending, as well as S&P's belief of increased risk to the company's operating performance, as NANA Development has increasingly come to depend on the royalty stream related to the Red Dog Mine (a large zinc mining operation) from its parent, NANA Regional Corp. (NRC), which can be volatile. The negative outlook on NANA Development reflects a one-in-three chance S&P could lower the ratings if operating performance is weaker than S&P's base-case expectations. This could occur if the company's work related to the oil industry is less than S&P currently expects for fiscal 2017 or if the company is unable to successfully execute on sufficient cost cutting measures to match demand. S&P could revise the outlook to stable within the next 12 months if operating performance in the company's oil and gas sector stabilizes and S&P forecasts the company will maintain adequate liquidity, with discretionary cash flow approaching 5% or greater. NATIONAL CERAMICS: Unsecured Creditors to Get 1% to 5% Under Plan ----------------------------------------------------------------- National Ceramics of Florida, Corp. filed with the U.S. Bankruptcy Court for the Southern District of Florida its latest disclosure statement detailing the company's Chapter 11 plan of reorganization. The plan proposes to pay unsecured creditors of National Ceramics 1% to 5% of their claims on the effective date of the plan based upon a $20,000 cash infusion from equity owners of the company. Keystone, the company's only secured creditor, will be paid in full while equity interest holders will retain their interests in exchange for $20,000 cash infusion and general releases. A copy of the latest disclosure statement is available for free at http://bankrupt.com/misc/NationalCeramics_1stDS07202016.pdf About National Ceramics National Ceramics of Florida, Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-14739) on April 1, 2016. The Debtor is represented by David R. Softness, Esq., at David R. Softness, PA. The Troubled Company Reporter, on May 19, 2016, reported that the Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of National Ceramics of Florida, Corp. NATIONWIDE PARTS: Hires Mary Jo Rivero as Counsel ------------------------------------------------- Nationwide Parts & Hardware, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mary Jo Rivero, P.A. as counsel, nunc pro tunc to July 15, 2016 petition date. The Debtor requires the counsel to: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession and the continued management of its business operations; (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 motions, pleadings, orders, applications, adversary proceedings, and other legal documents 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 plan. In the one year prior to filing the Chapter 11 case, Mary Jo Rivero, P.A. received a retainer totaling $5,500 in connection with this case. Prior to the petition date Ms. Rivero applied $3,467 toward pre-petition fees and costs, leaving a balance of $1,533 as a security retainer for post-petition services. Ms. Rivero will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Rivero 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. Ms. Rivero can be reached at: MARY JO RIVERO, P.A. 1806 N. Flamingo Rd., Suite 355 Pembroke Pines, FL 33028 Tel: (954) 704-9332 About Nationwide Parts & Hardware, Inc. Nationwide Parts & Hardware, Inc. filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-19878) on July 15, 2016. The petition was signed by Christopher E. Ortiz, president. The Debtor is represented by Mary Jo Rivero, Esq., at Mary Jo Rivero, P.A. The case is assigned to Judge Paul G. Hyman, Jr. The Debtor estimated assets at $50,000 to $100,000 and debts at $1 million to $10 million. NAVISTAR INTERNATIONAL: To Present at Jefferies 2016 Conference --------------------------------------------------------------- Navistar International Corporation announced that Walter Borst, executive vice president and chief financial officer, will discuss business matters related to the Company during the Jefferies 2016 Industrial Conference in New York on Thursday, August 11th, which is scheduled to begin at 1:40 p.m. Eastern. The live webcast can be accessed through the investor relations page of the Company's website at http://www.navistar.com/navistar/investors/webcasts. Investors are advised to log on to the website at least 15 minutes prior to the start of the webcast to allow sufficient time for downloading any necessary software. The webcast will be available for replay at the same address approximately three hours following its conclusion, and will remain available for a limited time. About Navistar International Navistar International Corporation (NYSE: NAV) -- http://www.navistar.com/-- is a holding company whose subsidiaries and affiliates subsidiaries produce International(R) brand commercial and military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse(R) brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The Company also provides truck and diesel engine parts and service. Another affiliate offers financing services. * * * In the July 22, 2015, edition of the TCR, Moody's Investors Service affirmed Navistar International Corporation's Corporate Family Rating at B3 and assigned a Ba3 rating to Navistar, Inc.'s new $1.04 billion senior secured term loan due 2020. Navistar carries a 'B-' issue-level rating from Standard & Poor's Ratings Services and 'CCC' Issuer Default Ratings from Fitch Ratings. NEBLETT INC: Plan Outline Has Conditional OK, Hearing on Aug. 31 ---------------------------------------------------------------- The Hon. Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia has entered an order conditionally approving the Disclosure Statement filed by Neblett, Inc. The Disclosure Statement was filed on June 29, 2016. A hearing to consider the final approval of the Disclosure Statement and for the confirmation of the Plan is set for Aug. 31, 2016, at 1:00 p.m. Aug. 24, 2016, is fixed as the last day for filing written acceptances or rejections of the plan. Neblett, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 16-30376) on Feb. 1, 2016. Karen M. Crowley, Esq., at Crowley, Liberatore, Ryan & Brogan, P.C., serves as the Debtor's bankruptcy counsel. NET ELEMENT: Swaps $100,000 for 52,791 Common Shares ---------------------------------------------------- Net Element, Inc., opted to exchange a tranche in the aggregate amount of $100,000 for 52,791 shares of the Company common stock based on the "exchange price" of $1.8943 per share for this tranche pursuant to the Master Exchange Agreement with Crede CG III, Ltd. The Agreement and its terms were disclosed in the Company's Current Report on Form 8-K filed on May 3, 2016. Those shares of common stock of the Company were issued to Crede under an exemption from the registration requirements of the Securities Act of 1933, as amended, in reliance upon Section 3(a)(9) of the Securities Act. 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 $10.2 million on $21.4 million of total revenues for the year ended Dec. 31, 2014. As of March 31, 2016, Net Element had $21.6 million in total assets, $14.1 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 YORK CRANE: Taps Robert Friedbauer as Accountant ---------------------------------------------------- New York Crane & Equipment Corp., et al., seek permission from the Hon. Carla E. Craig of the U.S. Bankruptcy Court for the Eastern District of New York to employ Robert L. Friedbauer CPA PC as accountant. The Corporate Debtors seek to employ the firm to prepare tax returns for the Debtors, assist the Corporate Debtors in preparing operating reports, respond to voluminous production requests, assist the Corporate Debtors to formulate a Plan and provide any other accounting services needed by the Corporate Debtors in their Chapter 11 cases. The firm will be paid at these hourly rates: Tax Partner $300 Staff Accountant $75 The firm was not paid a retainer by the Corporate Debtors. The firm expect monthly fees with total approximately $2,000-$3,000 for normal accounting services, however, monthly fees will increase to $6,000-$8,000 when tax returns and financials are prepared during September-November; January-March. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert L. Friedbauer assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The firm can be reached at: Robert L. Friedbauer ROBERT L. FRIEDBAUER CPA PC 696 Pallisade Avenue Teaneck, NJ 07666 Tel: (201) 692-8188 About New York Crane New York Crane & Equipment Corp., J.F. Lomma, Inc. (De.), J.F. Lomma, Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Case Nos. 16-40043, 16-40044, 16-40045 and 16-40048, respectively. The petitions were signed by James F. Lomma as president. New York Crane & Equipment disclosed total assets of $9.8 million and total debts of $22.05 million. Goldberg Weprin Finkel Goldstein LLP serves as the Debtors' counsel. Judge Carla E. Craig presides over the cases. The corporate Debtors operate crane, trucking and rigging companies doing business in New York City and other parts of the country. James Lomma is the president and sole shareholder of the corporate Debtors. On January 8, 2016, an Order was entered providing for the joint administration of these related Chapter 11 cases. An Official Committee of Unsecured Creditors has been appointed, and has tapped Togut, Segal & Segal LLP as its counsel. NORTEK INC: Egan-Jones Assigns B- Sr. Unsecured Ratings ------------------------------------------------------- Egan-Jones Ratings Company assigned B- senior unsecured ratings on debt issued by Nortek Inc on July 19, 2016. EJR also gave B rating on commercial paper issued by the Company. Nortek, Inc. manufactures and sells products for remodeling and replacement, residential and commercial new construction, and personal and enterprise computer markets primarily in the United States, Canada, and Europe. NORTHERN OIL: Announces 2016 Second Quarter Results --------------------------------------------------- Northern Oil and Gas, Inc., reported a net loss of $109 million on $32.0 million of total revenues for the three months ended June 30, 2016, compared to a net loss of $250 million on $40.9 million of total revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $236 million on $63.9 million of total revenues compared to a net loss of $480 million on $117 million of total revenues for the same period last year. As of June 30, 2016, Northern Oil had $465 million in total assets, $895 million in total liabilities and a total stockholders' deficit of $430 million. "Northern continues to be very selective with capital expenditures by allocating spending to only the highest rate of return drilling opportunities," commented Northern's chief executive officer, Michael Reger. "Our financial position remains strong with liquidity of over $220 million, years of drilling inventory in the core of the Bakken and Three Forks play and a high quality backlog of wells awaiting completion." At June 30, 2016, Northern had $132 million in outstanding borrowings under its revolving credit facility resulting in quarter-end liquidity of $221.7 million, composed of $3.7 million in cash and $218.0 million of revolving credit facility availability. A full-text copy of the press release is available for free at: https://is.gd/PRglKW About Northern Oil Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. More information about Northern Oil and Gas, Inc. can be found at http://www.NorthernOil.com/ Northern Oil reported a net loss of $975 million in 2015 following net income of $164 million in 2014. NORTHERN OIL: Incurs $109 Million Net Loss in Second Quarter ------------------------------------------------------------ Northern Oil and Gas, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $109 million on $32.0 million of total revenues for the three months ended June 30, 2016, compared to a net loss of $250 million on $40.9 million of total revenues for the same period during the prior year. For the six months ended June 30, 2016, the Company reported a net loss of $236 million on $63.9 million of total revenues compared to a net loss of $480 million on $117 million of total revenues for the six months ended June 30, 2015. As of June 30, 2016, Northern Oil had $465 million in total assets, $895 million in total liabilities, and a $430 million total stockholders' deficit. Northern considers highly liquid investments with insignificant interest rate risk and original maturities to the Company of three months or less to be cash equivalents. Cash equivalents consist primarily of interest-bearing bank accounts and money market funds. The Company's cash positions represent assets held in checking and money market accounts. These assets are generally available on a daily or weekly basis and are highly liquid in nature. Due to the balances being greater than $250,000, the Company does not have FDIC coverage on the entire amount of bank deposits. The Company believes this risk is minimal. In addition, the Company is subject to Security Investor Protection Corporation protection on a vast majority of its financial assets. A full-text copy of the Form 10-Q is available for free at: https://is.gd/OY0INm About Northern Oil Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. More information about Northern Oil and Gas, Inc. can be found at http://www.NorthernOil.com/ Northern Oil reported a net loss of $975 million in 2015 following net income of $164 million in 2014. NORTHERN OIL: May Issue Add'l 1.6M Shares Under Incentive Plan -------------------------------------------------------------- Northern Oil and Gas, Inc., filed a Form S-8 registration statement with the Securities and Exchange Commission to register an additional 1,600,000 shares of common stock, $0.001 par value of the Company, which are reserved for issuance under the Company's 2013 Incentive Plan, as amended through May 26, 2016. A full-text copy of the prospectus is available for free at: https://is.gd/sBUT16 About Northern Oil Northern Oil and Gas, Inc. is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. More information about Northern Oil and Gas, Inc. can be found at http://www.NorthernOil.com/ Northern Oil reported a net loss of $975 million in 2015 following net income of $164 million in 2014. As of June 30, 2016, Northern Oil had $465.38 million in total assets, $895.18 million in total liabilities and a $429.79 million total stockholders' deficit. NUANCE COMMUNICATIONS: Egan-Jones Gives 'B' Sr. Unsecured Ratings ----------------------------------------------------------------- Egan-Jones Ratings Company assigned B senior unsecured ratings on debt issued by Nuance Communications Inc on July 19, 2016. EJR also gave B rating on commercial paper issued by the Company. Nuance Communications is an American multinational computer software technology corporation, headquartered in Burlington, Massachusetts, on the outskirts of Boston, that provides speech and imaging applications. OASIS OUTSOURCING: S&P Affirms 'B' CCR on Acquisition & Refinancing ------------------------------------------------------------------- S&P Global Ratings affirmed its 'B' corporate credit rating on West Palm Beach, Fla.-based Oasis Outsourcing Holdings Inc. The outlook is stable. S&P also affirmed its 'B' issue-level rating on the company's first-lien facilities, including the $50 million revolving facility due 2019 and upsized $315 million term loan (with about $306.4 million outstanding) due 2021. The recovery rating on the first-lien facilities remains '3', which indicates S&P's expectation for lenders to receive meaningful (50% to 70%, upper half of the range) recovery in the event of payment default. "The rating affirmation is based on our assessment of the acquisition and refinancing as largely leverage neutral when considering the cash flows acquired," said S&P Global Ratings credit analyst Peter Deluca. "Moreover, we view the acquisition as neutral to Oasis' business risk profile, though it is complimentary and grows its presence in the professional employer organization sector." The ratings on Oasis reflect its continued high financial leverage, narrow business focus, limited geographic diversity, good client retention experience, solid integration capability, good expense management, and small scale in the competitive and fragmented human resources (HR) outsourcing industry, which is susceptible to employment conditions. Stone Point Capital, which S&P classifies as a financial sponsor, owns Oasis, and that also weighs on our rating, insofar as S&P believes capital allocation decisions by financial sponsors could restrict a company from materially reducing financial leverage on a permanent and long-term basis. The stable outlook reflects S&P Global Ratings' expectation that Oasis' operating performance will remain healthy owing to the company's solid client retention, good expense management and workers compensation risk, integration capability, tailwinds from increasing HR complexity and outsourcing trends, and good free cash flow generation. Over the next year, S&P expects the company to maintain debt to EBITDA below 6x. OATH CORPORATION: Hires Hammes as Attorney ------------------------------------------ Oath Corporation, seeks authority from the U.S. Bankruptcy Court for the Middle District of Florida to employ Roman V. Hammes, P.L. as attorney to the Debtor. Oath Corporation requires Hammes to: a. advise and counsel the debtor-in possession concerning the operation of its business in compliance with Chapter 11 and orders of this court; b. defend any causes of action on behalf of the debtor-in- possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; e. provide all services of a legal nature in the field of bankruptcy law. Hammes will be paid a retainer in the amount of $30,000. Hammes will also be reimbursed for reasonable out-of-pocket expenses incurred. Roman V. Hammes, of Roman V. Hammes, P.L., 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. Hammes can be reached at: Roman V. Hammes, Esq. ROMAN V. HAMMES, P.L. 1920 N. Orange Avenue, Suite 100 Orlando, FL 32804 Tel: (407) 650-0003 E-mail: roman@romanvhammes.com About Oath Corporation Oath Corporation, based in Rockledge, Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-03988) on June 15, 2016. Christopher R. Lim, Esq., at A.I.M. Law Group, as bankruptcy counsel. In its petition, the Debtor estimated $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. OCI BEAUMONT: Moody's Cuts CFR to B2 & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Investors Service downgraded OCI Beaumont LLC's Corporate Family Rating (CFR) to B2 from B1, and revised its outlook to negative as a result of the extended weakness in methanol prices and expected further declines in ammonia pricing before year end, which have compressed margins and lowered Moody's expectations for OCI's credit metrics. Moody's also lowered the Speculative Grade Liquidity (SGL) Rating to SGL-4 from SGL-3 due to the increased possibility of covenant noncompliance within the next twelve months as a result of a deeper than anticipated cyclical downturn in these two markets. Moody's has taken the following rating actions: OCI Beaumont LLC Corporate Family Rating Downgraded to B2 from B1 Probability of Default Rating Affirmed B2-PD $440 million First Lien Term Loan B due 2019 Downgraded to B2 (LGD3) from B1 (LGD3) Speculative Grade Liquidity Rating, Lowered to SGL-4 from SGL-3 Outlook is negative RATINGS RATIONALE OCI's B2 CFR reflects the likelihood that credit metrics over the next four quarters will be much weaker than were envisioned when the initial rating was assigned. The combination of increased debt related to the capacity expansion, the severe downturn in selling prices and margins, and cash distributions to MLP unitholders in 2016, will likely cause Debt/EBITDA to rise to over 6.0x. Moody's expects that weakening financial metrics will also stress liquidity as compliance with the financial covenants in its term loan and revolver becomes a greater concern toward year-end. While methanol prices have recovered from the bottom seen in the first quarter, they still remain at relatively low levels with limited upside over the near term. Prices for ammonia continue to decline and are likely decline further into early 2017 as new capacity in the US comes on-stream. The rating is also constrained due to OCI's single site location on the Gulf Coast, small scale as measured by revenue and production assets, and its customer and supplier concentration. The companies variable distribution master limited partnership (MLP) structure, that typically results in nearly all free cash flow distributed to unit holders over time, also pressures the rating. OCI's rating is supported by its advantaged North American natural gas feedstock position, strategic production location on the Texas Gulf Coast, and stable relationships with large customers. OCI's rating could be lower were it not for the strong support from its majority owner, a subsidiary of OCI N.V., The rating also incorporates Moody's expectation that OCI N.V. will pro-actively address any covenant concerns, as well as provide further support to the company during the next 18-24 months, at a minimum, while the industry experiences what may be a prolonged downturn. The methanol and ammonia industries are currently experiencing cyclical downturns as the price of ammonia has fallen by roughly 40% year-on-year (yoy) and methanol has declined over 45% yoy. Moody's anticipates that the margin compression will reduce OCI's earnings and elevate leverage through 2017, at a minimum, such that OCI could experience covenant issues within the next twelve months, however the company and its general partner and parent, OCI N.V., has a history of supportive actions to cure such events. Furthermore, Moody's expects that OCI will meaningfully reduce or suspend its MLP distributions during the market downturn in ammonia and methanol in order to preserve cash and reduce debt, including revolver borrowings. The parent has previously demonstrated supportive actions including equity contributions, $120 million over 2014 and 2015 to complete its expansion projects, and the suspension of its distributions, in the first and second quarters of 2015 during the plant shutdown to complete construction tie-ins. (The company paid out $33 million in April 2016 for its fourth and first quarter distributions combined, however the first quarter distribution was minimal at only $5 million, reflecting management's reduced payment in response to worsening industry conditions.) Liquidity OCI's SGL-4 reflects its weak liquidity as a result of lower earnings expectations, given stressed industry conditions that could cause covenant noncompliance within the next twelve months. The liquidity score also reflects the expectation for weak free cash flow over the next year, which will limit its ability to reduce amounts outstanding under its $40 million bank revolver, as well as the reduced financial flexibility imposed by the MLP structure. OCI's cash balance of $26.5 million as of March 31, 2016, was largely used in April 2016 to pay its MLP distributions, capex, and working capital needs. OCI has a $40 million intercompany revolving credit facility provided by OCI N.V., its ultimate parent and majority owner of the MLP units. The company also has an intercompany term facility with $100 million of borrowing capacity. Both the intercompany revolver and term facility are due January 20, 2020, and are unutilized. Both intercompany credit facilities are subordinated to the term loan credit facility and revolver. OCI also has a $40 million revolving bank credit agreement due April 2017; however, total borrowings from the revolving credit agreement and intercompany revolving facility cannot exceed $40 million. As of March 31, 2016, the bank revolver had $15 million in availability. The revolving credit agreement of $40 million, with a $20 million LOC sublimit, has a one year term that may be extended for additional one-year periods. The company's $450 million term loan is due August 20, 2019. Both the term loan and revolving credit agreement have financial covenants. On March 17, 2016, OCI amended the covenants in order to provide additional cushion to the maximum senior secured net leverage ratio, which was set at 4.25x for the second quarter 2016, 4.75x for the third quarter 2016, and 5.0x for the fourth quarter 2016 and first quarter 2017, additionally the minimum interest coverage ratio was changed to 3.0x for the second quarter 2016 and to 2.5x for the third and fourth quarters of 2016 as well as the first quarter of 2017. Moody's expects that the company could experience noncompliance with its covenants over the next twelve months, however Moody's expects that the parent company will take corrective actions to resolve potential covenant compliance issues as it has in the past. There are change of control provisions on both the revolver and term loan. OCI has amortization payments of 1% annually, payable quarterly, for roughly $4.5 million in 2016. The negative outlook reflects the stressed conditions in the methanol and ammonia markets that have meaningfully lowered pricing and compressed margins. The outlook includes Moody's expectations that OCI's leverage will increase due to the margin compression and decline in earnings related to the lower pricing for both ammonia and methanol. During this stressed period Moody's expects that OCI and its parent will demonstrate more conservative fiscal behavior and demonstrate similar supportive actions as it has in the past, including: reducing MLP distributions, amending covenants to provide ample cushion, keeping capex and other spending low, maintaining operational reliability, and that the parent will provide equity support if needed. The rating could be upgraded if the company can maintain leverage below 5.0x, resolve potential covenant issues, and demonstrate meaningful liquidity improvements. Conversely, if industry conditions deteriorate such that free cash flow is negative for several quarters, additionally a lack of corrective or supportive actions by the company or parent could also lower the rating. Corporate Profile OCI Beaumont LLC (OCI), headquartered in Beaumont, TX, operates a single-site Gulf Coast petrochemical facility that has nameplate capacity of 913 thousand tonnes per year of methanol and 331 thousand tonnes per year. OCI had revenues of approximately $342 million for the twelve months ended March 31, 2016. OCI is 100% owned by OCI Partners LP, a variable distribution public master limited partnership (MLP), which is 80% owned by OCI N.V. OCI N.V., the general partner and majority owner of OCI Partners LP is a global nitrogen fertilizer producer based in the Netherlands. OCI N.V. was formerly known as Orascom Construction Industries S.A.E. (Egypt). OCI N.V. operates nitrogen fertilizer plants in Egypt, Algeria, The Netherlands and the US. It is also a distributor of fertilizers globally. OCI N.V. is listed on the NYSE Euronext in Amsterdam and has a market capitalization of roughly $2.6 billion as of May 23, 2016. PAWZA LLC: Hires Jayson & Frisby as Accountant ---------------------------------------------- The Pawza, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ Jayson & Frisby as accountant to the Debtor. The Pawza requires Jayson & Frisby to: a) prepare and file all necessary federal and state income, excise, franchise and employment tax reports and returns; b) assist, as needed, in preparation of financial reports required to be filed on a regular basis by the United States Trustee, including monthly operating reports; c) assist the Debtor in any accounting functions needed in the formulation and confirmation of a plan of reorganization in this case. Jayson & Frisby will be paid at these hourly rates: Michael P. Jayson $250 Jayson & Frisby will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael P. Jayson, of Jayson & Frisby 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. Jayson & Frisby can be reached at: Michael P. Jayson JAYSON & FRISBY 5901 Dolores Street Houston, TX 77057 Tel: (713) 789-0542 About The Pawza The Pawza, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 16-33345) on July 3, 2016. The Debtor is represented by William G. Harris, Esq. PAWZA LLC: Hires William G. Harris as Counsel --------------------------------------------- The Pawza, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ the Law Office of William G. Harris as counsel to the Debtor. The Pawza requires Harris to: (a) prepare and file the original, and the amendments, to the schedules, statement of financial affairs and other documents andreports required under the applicable statutes and rules; (b) negotiate and consummate non-routine sales of the assets of the estate, if same would become necessary, including sales free and clear of liens, claims and encumbrances, and to institute any necessary proceedings in regard thereto; (c) institute and prosecute objections to proofs of claim asserted against the estate; (d) formulate and obtain approval for a disclosure statement and plan of reorganization; and (e) render advice and counsel to the Debtor concerning matters rising in the course of the prosecution of this case. Harris will be paid at these hourly rates: William G. Harris $300 Harris will also be reimbursed for reasonable out-of-pocket expenses incurred. William G. Harris, of the Law Office of William G. Harris, 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. Harris can be reached at: William G. Harris, Esq. LAW OFFICE OF WILLIAM G. HARRIS 4771 Sweetwater Blvd., Ste 294 Sugar Land, TX 77479 Telephone (281) 565-8110 Facsimile (281) 265-2228 E-mail: wgh@wgharrislaw.com About The Pawza The Pawza, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 16-33345) on July 3, 2016. The Debtor is represented by William G. Harris, Esq. PAYSON OPERATING: Trustee Hires Searcy & Searcy as Attorney ----------------------------------------------------------- Jason R. Searcy, the Chapter 11 trustee of Payson Operating, LLC, Maricopa Resources, LLC and Payson Petroleum, Inc., asks for permission from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Searcy & Searcy, P.C. as attorney. The Trustee requires Searcy & Searcy to: (a) advise and consult with Applicant concerning questions arising in the conduct of the administration of the estate and concerning Applicant's rights and remedies with regard to the estate's assets and claims of secured, preferred and unsecured creditors and other parties in interest; and (b) appear for, prosecute, defend and represent Applicant's interest in suits or legal matters arising in or related to this case; and specifically to appear for and represent Applicant with respect to liquidation of non-exempt real and personal property, review of proofs of claim filed in the case and prepare subsequent objections that are necessary; and (c) assist in the preparation of such pleadings, motions, notices and orders as are required for the orderly administration of this estate. Searcy & Searcy will be paid at these hourly rates: Jason R. Searcy $450 Joshua P. Searcy $300 Callan C. Searcy $200 Paraprofessional $100 Searcy & Searcy will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason R. Searcy, shareholder and partner of Searcy & Searcy, 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. Searcy & Searcy can be reached at: Jason R. Searcy, Esq. Joshua P. Searcy, Esq. Callan C. Searcy, Esq. SEARCY & SEARCY, P.C. 446 Forest Square P.O. Box 3929 Longview, TX 75606 Tel: (903) 757-3399 Fax: (903) 757-9559 About Payson Operating Payson Operating LLC, Maricopa Resources LLC and Payson Petroleum LLC each filed a Chapter 7 petition (Bankr. E.D. Tex. Case Nos. 16-41043 to 16-41045) on June 10, 2016. Michelle Chow was named Chapter 7 trustee but was terminated following conversion of the cases to Chapter 11 on July 12, 2016. On July 18, 2016, the court approved the appointment of Jason R. Searcy as Chapter 11 trustee. PICO HOLDINGS: UCP Reports Earnings, Kenneth Slepicka Resigns ------------------------------------------------------------- PICO Holdings, Inc. (Nasdaq:PICO), based in La Jolla, Calif., is a diversified holding company reporting recurring losses since 2008. PICO owns 57% of UCP, Inc. (NYSE:UCP), 100% of Vidler Water Company, Inc., a securities portfolio and various interests in small businesses. PICO has $664 million in assets and $434 million in shareholder equity. Central Square Management LLC and River Road Asset Management LLC collectively own more than 14% of PICO. Other activists at http://ReformPICONow.com/have taken to the Internet to advance the shareholder cause. The bloggers tell readers that, "Kenneth "The Slug" Slepicka accepted the inevitable and resigned from the PICO Holdings' Board. It is not surprising that The Slug moved at a snail's pace. In 2015, The Slug was paid almost $140,000 by PICO shareholders, or about $400 per day. By not resigning when we broke PICOGate, The Slug was able to wrench an extra $20,000 from PICO shareholders." But the bloggers are not satisfied. "There was only one resignation announced [Aug. 1], and PICO shareholders expressed their preference for two. Howard Brownstein received more "Not For" votes than "For" votes. Mr. Brownstein's Directorship is of suspect origin. Mr. Brownstein's response to PICOGate has been inadequate and dismissive of shareholders. We characterize Mr. Brownstein as a Juicer lackey. And according to NACD Guidelines, in an uncontested election, having received more "Not For" votes than "For" votes, Mr. Brownstein must resign. We will expect Mr. Brownstein's removal from the Board as well. Anything less will be viewed unfavorably by shareholders." The bloggers say that PICO will replace its representatives on the UCP Board of Directors. "It appears we, and many other PICO/UCP shareholders, will get our wish. RPN has received word that these two corrupt and incompetent individuals will soon be replaced on the UCP Board by PICO Chairman Raymond Marino and Mr. Cates. We applaud this shareholder-oriented action. As we detailed in our last post, John Hart and Max Webb were complicit in altering the UCP Officer Stock Ownership Guidelines, thereby violating prudent compensation philosophy and harming both UCP and PICO shareholders simultaneously. Messrs. Hart and Webb deserve to be removed from the UCP Board. Typically, when a majority shareholder puts representatives on the Board of an investee, it is to IMPROVE governance and operations at the investee. The majority shareholder representatives monitor strategy, governance and operations. Messrs. Hart and Webb, on the other hand, CONTRIBUTE to UCP's dysfunction and abuse of shareholders." The bloggers explain the homebuilder industry. "A homebuilder writes enormous checks to buy huge tracts of land. Then the homebuilder writes more enormous checks to develop the land and build the houses. The builder sells houses to get the investment back in tiny pieces -- hopefully with some profit. The customer can't tell you the brand name 10 minutes after purchase. Then the customer is out of the market for the next 10 years. The only time the builder hears from the customer again is for a warranty claim or construction defect lawsuit. It is no wonder that UCP, and most of the homebuilding sector, struggle to earn an adequate return on equity." UCP continued its value-destructive ways in the second quarter. UCP reported $2.2 million in net income for the first 6 months of 2016 and $13.7 million in net income over the last 12 months. These figures are deceptive however, as UCP is not paying taxes. When adjusted for a 38% tax rate, UCP has earned $8.5 million over the last 12 months on $215 million in shareholder equity, for a trailing return on equity of 4%. UCP's competitive disadvantages are legion. Its operational shortcomings are obvious. An ominous debt refinancing looms in 2017. And now, RPN has revealed poor corporate governance. We repeat our assertion that UCP is worth far more in the hands of a competent and efficient homebuilder. UCP's valuable assets, namely its prize legacy real estate inventory, are being wasted to the detriment of shareholder value. Lots that would produce a 15% pretax margin at a better homebuilder are producing a pretax margin of 3% at UCP. The stock price tumbled on Aug. 1, dropping 4.4% to $8 per share, about 70% of book value. UCP is incapable of earning its cost of capital in this decade. UCP must be expeditiously sold." The bloggers feel that corporate governance still needs improvement at PICO and UCP. They issue a warning to Directors and Executives at both firms. "There has been much improvement at PICO, but much work remains. It has been almost 8 months since Juicer announced the 'Revision to Business Plan,' and not one single dollar of shareholder value has been created. Not one asset has been sold, not one share has been repurchased, not one dividend has been paid, not one Juicer has been fired for cause. PICO shares continue to sell for less than $10, the same as 8 months ago. Shareholders will take action against PICO and UCP Directors and Executives that betray shareholder interests. We suggest that all PICO and UCP Directors and Executives glance at a little 9-month timeline we scribbled: -- Former VP Investments W. Raymond Webb: Gone -- Former Director Julie Sullivan : Gone -- Former Director Robert Deuster: Gone -- Former Director Kristina Leslie: Gone -- Former Director Carlos Campbell: Gone -- Former Director Kenneth Slepicka: Gone We aren't geniuses around here. But we see a pattern: betray shareholders and be ousted. The Revision to Business Plan is clear: PICO has promised its shareholders it will sell assets and return capital to shareholders. We expect our current PICO and UCP Directors and Executives to expeditiously fulfill that promise." PLUG POWER: Reports 2016 Second Quarter Results ----------------------------------------------- Plug Power Inc. reported a net loss of $13.2 million on $20.5 million of total revenue for the three months ended June 30, 2016, compared to a net loss of $9.25 million on $24 million of total revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $24.9 million on $35.8 million of total revenue compared to a net loss of $20.3 million on $33.4 million of total revenue for the same period last year. New customers represent more than 60% of bookings in the second quarter, driven by four new GenKey customer wins. These wins continue to build the Company's strong foundation of major accounts, and include a leading North American retailer with global presence that has multi-site potential over the next 12 to 18 months. In addition, the second quarter bookings include first-time Plug Power fuel cell users that are deploying turnkey hydrogen and fuel cell systems, one with a major food-manufacturer and another with a food distribution business in the United States. In Europe, The Carrefour Group, the leading European retailer, adds to an impressive list of Plug Power accounts. Plug Power now has the number one and number two global retailers deploying GenDrive fuel cells. Securing a powerhouse like Carrefour is a significant milestone, and highlights the effectiveness of Plug Power's sales strategy in Europe. "New large-scale accounts, significant traction in Europe and continued margin improvements keep us on track for achieving our targeted 2016 goals," said Andy Marsh, CEO for Plug Power. "Continued strong commercial progress combined with a focus on research and development will ensure Plug Power's leadership in current and future markets." Net cash used in operating activities for the second quarter of 2016 and 2015 was $8.8 million and $10.6 million, respectively. As of June 30, 2016, Plug Power had total cash of $113.9 million, including cash and cash equivalents of $66.0 million and restricted cash of $47.9 million. The Company???s net working capital was $77.8 million at June 30, 2016. As previously disclosed, the Company closed a $40.0 million term loan facility during the second quarter and drew $25.0 million from the facility. Also during the second quarter of 2016, the Company converted the $25.0 million borrowed under the short term agreement established in the first quarter of 2016 to long-term project financing for first-half PPA deployments. This financing and the related strategic partnerships are additional key steps towards developing a more robust project financing platform for Plug Power and its customers. A full-text copy of the press release is available for free at: https://is.gd/al8irw About Plug Power Plug Power Inc. is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of fuel cell systems for the industrial off-road (forklift or material handling) market. Plug Power reported a net loss attributable to the Company of $55.7 million on $103 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company of $88.5 million on $64.2 million of total revenue for the year ended Dec. 31, 2014. Bankruptcy Warning "Our cash requirements relate primarily to working capital needed to operate and grow our business, including servicing operating lease agreements, funding operating expenses, growth in inventory to support both shipments of new units and servicing the installed base, funding the growth in our GenKey "turn-key" solution which also includes the installation of our customer's hydrogen infrastructure as well as delivery of the hydrogen fuel, and continued development and expansion of our products. Our ability to achieve profitability and meet future liquidity needs and capital requirements will depend upon numerous factors, including the timing and quantity of product orders and shipments; attaining positive gross margins; the timing and amount of our operating expenses; the timing and costs of working capital needs; the timing and costs of building a sales base; the ability of our customers to obtain financing to support commercial transactions; our ability to obtain financing arrangements to support the sale or leasing of our products and services to customers and the terms of such agreements which may require us to pledge or restrict substantial amounts of our cash to support these financing arrangements; the timing and costs of developing marketing and distribution channels; the timing and costs of product service requirements; the timing and costs of hiring and training product staff; the extent to which our products gain market acceptance; the timing and costs of product development and introductions; the extent of our ongoing and new research and development programs; and changes in our strategy or our planned activities. If we are unable to fund our operations with positive cash flows and cannot obtain external financing, we may not be able to sustain future operations. As a result, we may be required to delay, reduce and/or cease our operations and/or seek bankruptcy protection," the Company stated in its annual report for the year ended Dec. 31, 2015. PMA MEDICAL: Court to Take Up Exit Plan on August 31 ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania will consider approval of the Chapter 11 plan of reorganization of PMA Medical Specialists LLC at a hearing on August 31. The hearing will be held at 11:00 a.m., at Robert C. Nix Courthouse, Courtroom 5, 900 Market Street, Philadelphia, Pennsylvania. Creditors have until August 19 to cast their votes and August 24 to file their objections to the plan. The restructuring plan proposes to pay creditors holding Class 3 general unsecured claims in full on the effective date of the plan. These creditors assert a total of $734,648 in claims. General unsecured creditors will be paid from cash on hand and revenues generated from PMA Medical Specialists' continued operations, according to the latest disclosure statement detailing the plan. A copy of the disclosure statement is available for free at https://is.gd/gPtNmM About PMA Medical PMA Medical Specialists, LLC sought protection under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania (Philadelphia) (Case No. 16-12016) on March 24, 2016. The petition was signed by Raymond J. Kovalski, MD, president. The Debtor is represented by Edmond M. George, Esq., at Obermayer Rebmann Maxwell & Hippel, LLP. 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. PORTER BANCORP: Posts $1.01 Million Net Income for 2nd Quarter -------------------------------------------------------------- Porter Bancorp, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $1.01 million on $8.70 million of interest income for the three months ended June 30, 2016, compared to a net loss of $2.13 million on $9.16 million of interest income for the same period last year. For the six months ended June 30, 2016, the Company reported net income of $2.49 million on $17.89 million of interest income compared to a net loss of $1.53 million on $18.37 million of interest income for the six months ended June 30, 2015. As of June 30, 2016, Porter Bancorp had $916.55 million in total assets, $875 million in total liabilities and $41.4 million in total stockholders' equity. Stockholders' equity increased $9.40 million to $41.4 million at June 30, 2016, compared with $32.0 million at Dec. 31, 2015, due to the issuance of $5.0 in common stock, current year net income of $2.5 million and an increase in the fair value of the Company's available for sale securities portfolio of $1.7 million. A full-text copy of the Form 10-Q is available for free at: https://is.gd/svio9c About Porter Bancorp Porter Bancorp, Inc., is a bank holding company headquartered in Louisville, Kentucky. Through its wholly-owned subsidiary PBI Bank, the Company operates 18 full-service banking offices in 12 counties in Kentucky. Porter Bancorp reported a net loss of $3.21 million on $36.57 million of interest income for the year ended Dec. 31, 2015, compared to a net loss of $11.15 million on $39.51 million of interest income for the year ended Dec. 31, 2014. The Company's auditor Crowe Horwath, LLP, in Louisville, Kentucky, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that "the Company has incurred substantial losses in 2015, 2014 and 2013, largely as a result of asset impairments resulting from the re-evaluation of fair value and ongoing operating expenses related to the high volume of other real estate owned and non-performing loans. In addition, the Company's bank subsidiary is not in compliance with a regulatory enforcement order issued by its primary federal regulator requiring, among other things, increased minimum regulatory capital ratios as well as being involved in various legal proceedings in which the Company disputes material factual allegations against the Company. Additional losses, adverse outcomes from legal proceedings or the continued inability to comply with the regulatory enforcement order may result in additional adverse regulatory action. These events raise substantial doubt about the Company's ability to continue as a going concern." PRESBYTERIAN RETIREMENT: Fitch Rates 2016A&B Revenue Bonds 'BB+' ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to the approximately $120,330,000 Washington State Housing Finance commission nonprofit housing revenue and refunding revenue bonds, series 2016A and $12,215,000 Washington State Housing Finance Commission taxable nonprofit housing revenue bonds, series 2016B issued on behalf of Presbyterian Retirement Communities Northwest (PRCN). The series 2016A&B bonds will be fixed rate and bond proceeds will refund approximately $102 million of debt, provide $36 million of new money for capital expenditures (includes $7.6 million reimbursement for prior capital expenditures), fund a debt service reserve, and pay costs of issuance. The bonds are expected to price the week of Aug. 8th or 15th. The Rating Outlook is Stable. SECURITY The bonds are secured by a gross revenue pledge and mortgage pledge of the obligated group (OG). KEY RATING DRIVERS WELL-POSITIONED ORGANIZATION: PRCN has three senior living facilities in desirable locations in the Seattle metropolitan area with strong service area characteristics. The organization is under relatively new leadership since 2014 and various initiatives have been implemented to position PRCN for long-term growth and financial improvement. NEW OBLIGATED GROUP: The current PRCN OG will change with the exit of one facility (Exeter House; sold in May 2016) and the addition of two - Skyline and Fred Lind Manor. The new OG includes three facilities: Park Shore, Skyline and Fred Lind Manor. The financing allows for the addition of approximately $40 million of new money ($7.6 million reimbursement for prior capital expenditures), without materially affecting maximum annual debt service ( MADS). The new money will fund the upgrade of Park Shore's common spaces and amenities, add memory care units and enhance its independent living unit (ILU) mix. GOOD OCCUPANCY: Skyline was a start-up continuing care retirement community (CCRC) that opened in 2009 and after some initial challenges, reached stabilization in November 2015 after the fill of its new memory care units (converted from existing assisted living units [ALU]). ILU occupancy is very strong and has been above 95% the last three years and 97% through the eight months ended May 31, 2016. Park Shore's occupancy is adequate, but has room for significant improvement. With the financing, Park Shore will significantly upgrade its common space and amenities while combining existing units to make several larger units. Park Shore's ILU occupancy averaged 85% the last three years and was 87% through the eight months ended May 31, 2016. WEAK LIQUIDITY: Liquidity metrics are weak for the rating level but projected to build fairly quickly due to continued solid cash flow, limited capital needs funded from operations, and improved occupancy at Park Shore. Days cash on hand and cash-to-debt were 207 and 19.8%, respectively, at May 31, 2016, which is very weak even for the 'BB+' rating level. Proforma liquidity metrics after closing are expected to be 274 days cash on hand and 21.4% cash to debt including the reimbursement for prior capital expenditures. HIGH DEBT BURDEN: The debt burden is very high, reflective of the fairly young age of Skyline. MADS accounted for 21.7% of total revenue in fiscal 2015. However, MADS coverage is solid due to good turnover entrance fee receipts. MADS coverage was 2.2x in fiscal 2015 and 2.7x through the eight months ended May 31, 2016. RATING SENSITIVITIES IMPROVED FINANCIAL PROFILE: Fitch views the capital investments in Park Shore favorably and believes it will elevate the marketability of the facility, which is already in a desirable location right on Lake Washington. Fitch expects the new obligated group to continue its solid cash flow, improve liquidity metrics, and maintain solid debt service coverage. Upward rating movement would be dependent on growth in liquidity metrics to levels more in line for an investment grade rating. Credit Profile PRCN includes three senior living facilities - Park Shore, Skyline, and Fred Lind Manor, all located in the Seattle metropolitan area. Other affiliates include a foundation, a development and consulting company (PRCN Services), two for-profit entities - Transforming Age and Gerontological Services, which provide management and consulting, market research, and master planning for senior living organizations, and Exeter LLC, which is a holding company to facilitate the transfer of the remaining operations of Exeter House. Exeter House was sold in May 2016 and the majority of the residents are being transferred to Fred Lind Manor, which will be complete by September 2016. Proceeds from the sale of Exeter House will remain within Exeter LLC (outside the OG) and will be used to support future system growth plans. Park Shore is a Type B CCRC located in the Madison Park neighborhood in Seattle on Lake Washington. Park Shore was built in 1963 and currently has 113 ILUs, 30 ALUs, and a 28-bed SNF. Park Shore recently purchased three condominium units across the street (included in ILU count), which will be sold under residency contracts. Park Shore offers a non-refundable, 50% refundable, and 90% refundable plan. Skyline is a Type A CCRC located in downtown Seattle and includes 199 ILUs, 48 ALU, 28 memory care units, and 34-bed SNF. Skyline currently offers an 80% refundable Type A plan or 80% refundable Type B plan. Fred Lind Manor affiliated with PRCN in October 2014 and is an 82-unit senior rental community located in the Capitol Hill neighborhood of Seattle. Fred Lind Manor has some HUD debt outstanding, which will be refinanced with the series 2016 issuance. Several capital improvements at Fred Lind Manor have been made and will continue including the renovation of common spaces as well as remodeling all vacant units and commitment to remodel all units upon turnover. Occupancy at this facility is expected to improve as the remaining Exeter House residents are transferred to Fred Lind Manor. Plan of Finance The series 2016 financing will create a new OG structure, which should facilitate continued solid cash flow with debt service savings on the refinancing. The current PRCN OG has $7.2 million of 2013 bonds outstanding issued under a 2013 MTI. Skyline has separately obligated debt outstanding (series 2007A and 2015) that totals $107 million. With this financing, a new OG will be created under the existing 2013 MTI per addition/withdrawal from OG. The new OG will include Park Shore, Skyline, and Fred Lind Manor. The series 2016 bonds will refund the series 2007A bonds and the Fred Lind Manor HUD debt. The series 2015 Skyline bonds will have a substitution of security, and will be on parity with the other OG debt. The financing will provide approximately $36 million of funds for capital expenditures for projects at Park Shore ($33.5 million) and Fred Lind Manor ($2.5 million) and includes about $7.6 million for reimbursement of prior capital expenditures. Total debt after the financing is approximately $147 million and is 100% fixed rate. Aggregate debt service is level and pro forma MADS of approximately $9 million is essentially unchanged compared to the current debt structure. Park Shore Project Fitch views the Park Shore project favorably as it should further enhance the community's position as it modernizes its amenities and common areas. There will be two phases and the project will be funded primarily from bond proceeds. The project will add memory care units, combine several ILUs to create larger ILUs, create a new lobby and entrance, add a cafe, bistro, fitness center, indoor pool and spa and other common area enhancements, as well as a new facade on the building. The entire project should be complete by June 2018. Financial Profile Although the new OG's financial profile is fairly weak for the rating level, the rating is supported by the credit's strong qualitative factors and expectation that the trajectory for financial improvement should be fairly sharp. A financial feasibility study with five years of projected performance was provided and management stated that the projections are conservative. Resident service revenue totaled $32.4 million in fiscal 2015 compared to $31.6 million in fiscal 2014 and $31 million in fiscal 2013. Operating ratio is fairly weak, but NOM-adjusted is strong due to good turnover entrance fee receipts. Entrance fee receipts have fluctuated as there were some issues with transitioning residents to higher levels of care, with net entrance fee receipts of $16 million in fiscal 2015 compared to $7.6 million in fiscal 2014 and $11.8 million in fiscal 2013. Through the eight months ended May 31, 2016, net entrance fee receipts is strong at $12.9 million, which has benefited debt service coverage. The feasibility study projects ongoing turnover entrance fees to be around $15 million a year. Liquidity remains the largest concern with very low metrics, which provides limited financial flexibility. Cash to debt remains pressured due to the high debt burden and although days cash is projected to improve to 461 by fiscal 2018, cash to debt remains weak at 38.3%. Disclosure PRCN will provide annual audited information within 150 days of fiscal year-end and quarterly financial information within 60 days of quarter-end. PRIMESOURCE BUILDING: S&P Lowers Rating on $355MM Loan to 'B' ------------------------------------------------------------- S&P Global Ratings revised its recovery rating on Irving, Texas-based PriSo Acquisition Corp.'s (PrimeSource Building Products Inc.) $355 million first-lien term loan due 2022 to '3' from '2' and lowered the issue-level rating on the loan to 'B' from 'B+'. The rating changes come as a result of the company's proposed $75 million add-on to the term loan. S&P also affirmed its 'CCC+' issue-level rating on PrimeSource's existing senior unsecured notes, with a '6' recovery rating, which includes the company's proposed $75 million add-on to the existing $200 million senior notes due 2023. The company will use proceeds of the new debt, as well as $75 million drawn on its asset-based lending facility, to fund a special dividend to its financial sponsor owners. The '3' recovery rating on the term loan indicates S&P's expectation for meaningful (50%-70%, at the upper half of the range) recovery in the event of a payment default. The '6' recovery rating on the senior note indicates S&P's expectation for negligible (0%-10%) recovery in the event of a payment default. While the transaction raises leverage, S&P's ratings incorporate an expectation that leverage would remain in the 5x-6x range and that the financial policy would remain aggressive under financial sponsor ownership. Despite the increase in debt, S&P continues to expect the company to generate meaningful free cash flow. S&P's ratings also reflect the company's position as a leading two-step distributor, moderate customer and supplier concentration, and exposure to residential construction and repair and remodel markets. The corporate credit rating on PrimeSource is 'B' with a stable outlook. Ratings List PrimeSource Building Products Inc. Corporate Credit Rating B/Stable/-- Rating Lowered; Recovery Rating Revised To From PrimeSource Building Products Inc. $430 mil 1st-ln term loan due 2022* B B+ Recovery Rating 3H 2L Rating Affirmed; Recovery Rating Unchanged PrimeSource Building Products Inc. $275 mil sr unsecd notes due 2023* CCC+ Recovery Rating 6 *Includes $75 Million Add-On. PRO-FIT DEVELOPMENT: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Pro-Fit Development, Inc. PO Box 46214 Tampa, FL 33646 Case No.: 16-06717 Chapter 11 Petition Date: August 4, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Judge: Hon. Rodney K. May Debtor's Counsel: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 115 N. MacDill Avenue Tampa, FL 33609-1521 Tel: 813-877-4669 Fax: 813-877-5543 E-mail: Buddy@TampaEsq.com Total Assets: $1.53 million Total Liabilities: $1.41 million The petition was signed by Terrence L. Bradford, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-06717.pdf PROPETRO SERVICES: S&P Lowers CCR to CCC on Weak Drilling Activity ------------------------------------------------------------------ S&P Global Ratings lowered its corporate credit rating on Midland, Texas-based oilfield service provider ProPetro Services Inc. to 'CCC' from 'B-'. The outlook is negative. At the same time, S&P lowered its issue-level rating on the company's senior secured term loan and revolving credit facility to 'CCC+' from 'B'. The recovery ratings on the debt remain '2', indicating substantial (lower end of the 70%-90% range) recovery in a default scenario. "The downgrade reflects our expectation that U.S. oil and gas drilling activity will continue to be weak in 2016 and an expected recovery in 2017 will be limited," said S&P Global Ratings credit analyst Aaron McLean. "We anticipate, on average, a 40% or higher reduction in capital spending by U.S. onshore exploration and production operators in 2016 on the heels of a roughly 35% decline in 2015, reflecting expectations for the continuation of lower crude oil and natural gas prices," he added. The effects of severe pricing pressure in the oilfield service industry over the first half of 2016 led to a steep decline in margins that may show only modest improvements over the next 12 months. As a result, S&P has reduced its revenue and EBITDA margin assumptions on ProPetro and expect leverage measures and liquidity to deteriorate further from S&P's previous forecasts resulting in debt/EBITDA above 9x and funds from operations (FFO)/debt below 5% over the next two years. The negative outlook reflects the potential that Propetro's debt metrics and liquidity position could deteriorate further over the next year if commodity prices remain low leading to a slower-than-expected recovery in onshore drilling activity. S&P could lower the ratings if it envisioned a specific default scenario within six months, liquidity becomes weak, or a restructuring takes place that S&P view as distressed. S&P could raise the rating if the possibility of an exchange offer S&P views as distressed greatly diminishes over the next year and the company is able to maintain adequate liquidity. Such a scenario would likely be in conjunction with improving market conditions. PROS HOLDINGS: Egan-Jones Assigns CCC Sr. Unsecured Ratings ----------------------------------------------------------- Egan-Jones Ratings Company assigned CCC senior unsecured ratings on debt issued by PROS Holdings Inc on July 19, 2016. EJR also gave C rating on commercial paper issued by the Company. Headquartered in Houston, Texas, PROS Holdings Inc. provides price optimization, sales effectiveness, and revenue management SaaS software. PTC GROUP: S&P Lowers Corporate Credit Rating to 'D' ---------------------------------------------------- S&P Global Ratings said it lowered its corporate credit rating on Wexford, Pa.-based PTC Group Holdings Corp. to 'D' from 'CCC'. S&P also lowered its issue-level ratings on the company's $70 million and $50 million senior secured term loans to 'D' from 'CCC+'. The rating action follows the company's disclosure that it missed interest and amortization payments on its term loans. This occurred in the first half of the year, while PTC worked to restructure its debt obligations. Since the two term loans constituted the majority of PTC's capital structure, S&P views the missed interest payments and subsequent restructuring as a general default. As such, S&P is lowering its ratings on the company to 'D'. Although the interest payments were ultimately made, this occurred after the allowable grace period and as part of a restructuring that included waivers for missed and upcoming amortization payments. S&P is therefore also lowering its ratings on PTC's senior secured term loans to 'D'. Subsequent to these actions, S&P expects to assign a corporate credit rating and outlook in the next few days that would reflect the new capital structure following PTC's restructuring. PUPI'S MANAGEMENT: Hires Bond Law as Chapter 11 Counsel ------------------------------------------------------- Pupi's Management, LLC, seeks authority from the U.S. Bankruptcy Court for the Western District of Arkansas to employ Bond Law Office as counsel to the Debtor. Pupi's Management requires Bond to represent the Debtor's interest before the bankruptcy court. Bond will be paid at these hourly rates: Stanley Bond $200 Emily Henson $200 Paraprofessional $100 Bond will be paid in the amount of $5,000 representing the filing fee of $1,717 and attorney retainer fee of $3,283. Bond will also be reimbursed for reasonable out-of-pocket expenses incurred. Stanley V. Bond, member of the Bond Law Office, 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. Bond can be reached at: Stanley V. Bond, Esq. BOND LAW OFFICE P.O. Box 1893 Fayetteville, AR 72702-1893 Tel: (479) 444-0255 Fax: (497) 235-2827 E-mail: attybond@me.com About Pupi's Management Based in Bull Shoals, Arkansas, Pupi's Management, LLC -- dba BelArco Resort and dba Bel Arco Resorts -- filed a Chapter 11 petition (Bankr. W.D. Ark. Case No. 16-71739) on July 27, 2016. The Hon. Ben T Barry presides over the case. Stanley V Bond, Esq., at Bond Law Office, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. The petition was signed by Doreen Koehl, managing member. QUALITY DISTRIBUTION: Egan-Jones Withdraws B- Sr. Unsec. Rating --------------------------------------------------------------- Egan-Jones Ratings Company assigned a No Rating status to debt issued by Quality Distribution Inc. on July 26, 2016. EJR previously gave the Company a B- senior unsecured debt rating. Quality Distribution, Inc. is a Tampa, Florida-based trucking and chemical transportation business. QUANTUM CORP: Incurs $3.79 Million Net Loss in June 30 Quarter -------------------------------------------------------------- Quantum Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.79 million on $116.28 million of total revenue for the three months ended June 30, 2016, compared to a net loss of $10.8 million on $111 million of total revenue for the three months ended June 30, 2015. As of June 30, 2016, Quantum had $209 million in total assets, $338 million in total liabilities and a $129 million total stockholders' deficit. As of June 30, 2016, the Company had $34.5 million of cash and cash equivalents, which is comprised of money market funds and cash deposits. "We continue to focus on improving our operating performance, including efforts to increase revenue and to control costs in order to improve margins, return to consistent profitability and generate positive cash flows from operating activities. We believe that our existing cash and capital resources will be sufficient to meet all currently planned expenditures, debt service and contractual obligations and to sustain operations for at least the next 12 months. This belief is dependent upon our ability to achieve gross margin projections and to control operating expenses in order to provide positive cash flow from operating activities. Should we be unable to meet our gross margin or expense objectives, it would likely have a material negative effect on our cash balances and capital resources." A full-text copy of the Form 10-Q is available for free at: https://is.gd/7XisNH 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. QUANTUM MATERIALS: Developing Nanomaterials for Oil Production -------------------------------------------------------------- North American quantum dot manufacturer Quantum Materials Corporation has partnered with a Texas-based E&P technology business and is currently developing specialized nanomaterials for use in oil and gas well production optimization. The project, which is nearing the completion of the initial phase, is targeting new materials which are expected to provide for safer and more efficient recovery of hydrocarbon resources. "We are excited to be a part of this project which has the potential to bring a wealth of new information to the oil and gas industry," said Sri Peruvemba, CEO of Quantum Materials Corp. "However more importantly to Quantum, the challenges of creating nanoparticles that can withstand the harsh downhole environment are leading us to discoveries that we can apply to make our quantum dots for use in displays and lighting more robust." The Company realized a small revenue contribution from this project in fiscal year 2016 that ended June 30. About Quantum Materials Quantum Materials Corp. and its wholly owned subsidiary, Solterra Renewable Technologies, Inc. (collectively referred to as the company) are headquartered in San Marcos, Texas. The company specializes in the design, development, production and supply of quantum dots, including tetrapod quantum dots, a high performance variant of quantum dots, and highly uniform nanoparticles, using its patented automated continuous flow production process. As of March 31, 2016, Quantum had $1.06 million in total assets, $1.48 million in total liabilities, and a total stockholders' deficit of $419,000. Weaver and Tidwell, L.L.P., in an Oct. 13, 2015 report expressed substantial doubt about the company's ability to continue as a going concern. The firm audited the consolidated balance sheets of the company as of June 30, 2015 and 2014, and the related consolidated statements of operations, stockholders' equity (deficit), and cash flows for each of the years in the two-year period ended June 30, 2015. The independent auditor noted that the Company has suffered recurring losses from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. R & G FOOD SERVICES: Files Joint Chapter 11 Plan of Reorganization ------------------------------------------------------------------ R & G Food Services, Inc. filed with the U.S. Bankruptcy Court for the District of Arizona a joint Chapter 11 plan proposed by the company and its chief executive officer. Under the plan, creditors holding Class 7 general unsecured claims against R & G will be paid a substantial dividend over a period of four years. Each creditor will receive its pro rata share of periodic payments, weighted based on the cash flow timing of the business. R & G will also assign its interest in its preference and fraudulent conveyance actions to the unsecured creditors' committee to pursue. Class 7 general unsecured creditors assert a total of $1.434 million in claims. Each creditor holding a Class 8 general unsecured claim against R & G CEO Ronda Sneva will receive its pro rata share of periodic payments from the company, weighted based on the cash flow timing of the business. Class 8 creditors assert a total of $2.761 million in claims, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/R&GFood_1stDS07142016.pdf The Debtors are represented by: Gerald K. Smith, Esq. John C. Smith Law Offices, PLLC 6720 E. Camino Principal, Suite 203 Tucson, AZ 85715 About R & G Food Services R & G Food Services, Inc., dba Latitude Catering, and Ronda Sneva sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case Nos. 15-13187 and 15-13185) on October 14, 2015. R & G is an emergency food services company that provides prepared food, drinks, and other related relief to firefighters and aid workers at natural disaster sites throughout the country. It also provides its mobile catering services to fundraising events put on by non-profit organizations. Ms. Sneva is the president and chief executive officer of R & G and the primary guarantor of the majority of its debts. RANCHO PALOMITA: Hearing on Plan Outline Approval on Sept. 20 ------------------------------------------------------------- The Hon. Scott H. Gan of the U.S. Bankruptcy Court for the District of Arizona has set for Sept. 20, 2016, at 1:30 a.m. the hearing to consider approval of the First Disclosure Statement that Rancho Palomita Advisors, LLC, filed on July 13, 2016. As reported by the Troubled Company Reporter on Aug. 2, 2016, the Debtor filed with the Court its proposed First Disclosure Statement in connection with the Debtor's First Plan of Reorganization dated July 13, 2016, which proposes that holders of Class 6 - Unsecured Deficiency Claims and Unsecured Claims will be paid 100% of the allowed amount of their claims at 3.0% interest on the unpaid balance in 60 equal monthly installments with the first payment due 60 days from the Effective Date. Rancho Palomita Advisors, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Ariz. Case No. 16-04036) on April 14, 2016. The petition was signed by Richard A. Spross, managing member. The Debtor is represented by Eric Slocum Sparks, Esq., at Eric Slocum Sparks PC. The case is assigned to Judge Scott H. Gan. The Debtor disclosed zero assets and total debts of $1.62 million. RANGE RESOURCES: S&P Assigns 'BB+' Rating on Planned Sr. Notes -------------------------------------------------------------- S&P Global Ratings said that it assigned its 'BB+' issue-level '3' recovery ratings to U.S.-based oil and gas exploration and production company Range Resources Corp.'s planned senior unsecured note offering. The '3' recovery rating indicates S&P's expectation for meaningful (higher end of the 50%-70% range) recovery in the event of a default. The company is offering the new notes at par in exchange for Range's existing senior subordinated notes due 2021, 2022 and 2023, and in exchange for Memorial Resource Development Corp.'s (MRD's) senior unsecured notes due 2022 in conjunction with Range's acquisition of MRD. The new notes have the same coupon and maturity as the existing notes. The 'BB+' corporate credit rating and negative outlook on Range and the 'BB+' issue-level ratings on its existing senior subordinated notes and senior unsecured notes are unchanged. S&P expects to review its issue-level rating on the remaining subordinated notes following the close of Range's exchange and tender offers. S&P could lower its rating on the subordinated notes depending on the level of acceptance of the offers and S&P's assessment of subsequent asset coverage. "Our ratings on Range reflect our assessment of its business risk as satisfactory and financial risk as aggressive. Our business risk evaluation incorporates the large scale of its reserves and production, geographic concentration in the Marcellus shale, low operating costs, significant inventory and resource potential to support production growth, high exposure to natural gas prices, and the cyclical and capital-intensive nature of the E&P industry. Our assessment of Range's financial risk as aggressive reflects aggressive capital spending, moderately high financial leverage, and negative free cash flow generation. We would likely consider a stable rating outlook if Range's leverage measures improve more quickly than currently assumed, such that funds from operations to total debt rose to near 20% and debt to EBITDA declined closer to 4x on a sustained basis," S&P said. RATINGS Range Resources Corp. Corporate credit rating BB+/Negative/-- Range Resources Corp. Proposed Senior Unsecured $750 mil 5% notes due 2023 BB+ Recovery rating 3H $600 mil 5% notes due 2022 BB+ Recovery rating 3H $600 mil 5.875% notes due 2022 BB+ Recovery rating 3H $500 mil 5.75% notes due 2021 BB+ Recovery rating 3H RAYMOND THEODORE POWERS: Sept. 14 Hearing on Disclosure Statement ----------------------------------------------------------------- Following the filing of a Chapter 11 Plan and Disclosure Statement on July 28, 2016, by debtors Raymond Theodore Powers and Judith Ann Powers, Judge Eddward P. Ballinger Jr. ordered that: 1. The hearing to consider approval of the Disclosure Statement will be held at the United States Bankruptcy Court, 230 North First Avenue, Courtroom #703, Phoenix, Arizona 85003, on Sep. 14, 2016 at 10:00 a.m. 2. In accordance with Fed. R. Bankr. P. 3017(a), Sep. 9, 2016 is fixed as the last day for filing and serving written objections to the Disclosure. Raymond Theodore Powers and Judith Ann Powers filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-00094) on Jan. 6, 2016. The Debtor's counsel: Anthony W. Clark and Associates, PLLC ANTHONY W. CLARK PO Box 34506 Phoenix, AZ 85067 Tel: (602) 790-4959 E-mail: ecf@awcesq.com RAYONIER ADVANCED: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR ------------------------------------------------------------------ S&P Global Ratings said it revised the rating outlook on Jacksonville, Fla.-based Rayonier Advanced Materials Inc.to positive from stable. At the same time, S&P affirmed its 'BB-' corporate credit rating on the company and its 'BB-' issue-level rating on the company's senior unsecured debt. The recovery rating on the debt is '3', reflecting S&P's expectation of meaningful (50%-70%; higher end of the range) recovery in the event of a default. "Our positive outlook reflects the potential for an upgrade to 'BB' if Rayonier Advanced Materials is able to improve credit measures in line with a significant financial risk profile going into 2017," said S&P Global Ratings credit analyst Thomas Nadramia. "We note that the company will be completing its annual price negotiations with its major customers in the fourth quarter of 2016. Assuming the company can continue to offset any potential price decline with cost savings or new volumes, cash flow and leverage coverage ratios, including EBITDA to interest and operating cash flow to debt, could be maintained at levels consistent with a higher rating." S&P could raise its ratings if debt reductions and cost savings over the next year result in debt-to-EBITDA leverage of 4x or below in 2017, despite the current weak pricing and volume environment for specialty pulp fibers. For this to occur, S&P estimates EBITDA margins will need to be maintained at 24% or higher. S&P could revise its outlook on RYAM back to stable over the next 12 months if it does not achieve expected EBITDA levels due to lower-than-expected cost savings or operating outages or if its cellulose and commodity products undergo further demand and price pressure in the latter half of 2016, thereby indicating lower 2017 contracted volumes and prices. REALOGY HOLDINGS: Posts $92 Million Net Income for 2nd Quarter -------------------------------------------------------------- Realogy Holdings Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income attributable to the Company of $92 million on $1.66 billion of net revenues for the three months ended June 30, 2016, compared to net income attributable to the Company of $97 million on $1.65 billion of net revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income attributable to the Company of $50 million on $2.79 billion of net revenues compared to net income attributable to the Company of $65 million on $2.71 billion of net revenues for the six months ended June 30, 2015. As of June 30, 2016, Realogy Holdings had $7.63 billion in total assets, $5.20 billion in total liabilities and $2.42 billion in total equity. At June 30, 2016, the Company had $423 million of cash and cash equivalents, an increase of $8 million compared to the balance of $415 million at Dec. 31, 2015. "Our results for the second quarter were mixed, as continued growth at RFG and TRG was offset by challenges at NRT," said Richard A. Smith, Realogy's chairman, chief executive officer and president. "At NRT, a continued slowing of activity in the high end markets and increased competitive recruiting pressures further impacted our overall transaction volume. We are working diligently to improve agent retention at NRT as part of a broader strategy to increase the recruitment of top agents and agent teams." Mr. Smith continued: "We continue to believe that housing is on a growth trajectory, and still has years to go before it reaches peak levels. As we execute our strategy to put Realogy in the strongest position possible to capitalize on a long-term housing recovery, we remain committed to returning capital to shareholders. We are pleased to announce the initiation of a cash dividend beginning this quarter and with the progress we've made on our existing $275 million share repurchase program. We believe our stock remains an attractive value at current prices." A full-text copy of the Form 10-Q is available for free at: https://is.gd/TvKQaF About Realogy Holdings Corp. Realogy Holdings Corp. (NYSE: RLGY) is a global leader in residential real estate franchising with company-owned real estate brokerage operations doing business under its franchise systems as well as relocation and title services. Realogy's brands and business units include Better Homes and Gardens(R) Real Estate, CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), The Corcoran Group(R), ERA(R), Sotheby's International Realty(R), NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 13,500 offices with 251,000 independent sales associates doing business in 104 countries around the world. Realogy is headquartered in Madison, N.J. Realogy Holdings reported net income attributable to the Company of $143 million on $5.32 billion of net revenues for the year ended Dec. 31, 2014, compared to net income attributable to the Company of $438 million on $5.28 billion of net revenues during the prior year. * * * In the Aug. 1, 2013, edition of the TCR, Moody's Investors Service upgraded the corporate family rating of Realogy Group to to B2 from B3. The upgrade to B2 CFR is driven by expectations for ongoing strong financial performance, supported by Realogy's recently-concluded debt and equity financing activities and a continuing recovery in the US existing home sale market. As reported by the TCR on Feb. 18, 2013, Standard & Poor's Ratings Services raised its corporate credit rating on Realogy Corp. to 'B+' from 'B'. "The one notch upgrade in the corporate credit rating to 'B+' reflects an increase in our expectation for operating performance at Realogy in 2013, and S&P's expectation that total lease adjusted debt to EBITDA will improve to the low-6x area and funds from operations (FFO) to total adjusted debt will be improve to the high-single-digits percentage area in 2013, mostly due to EBITDA growth in the low- to mid-teens percentage area in 2013," S&P said. RED MOUNTAIN: Has Exclusive Right to File Plan Thru Sept. 6 ----------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved Red Mountain Resources' motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 6, 2016 and November 7, 2016. As previously reported, "The Bidding Procedures Order lays the groundwork for a sale process that is expected to culminate in a sale hearing on August 1, 2016, at which time the Debtors expect to propose the sale of certain Assets. If the sale of those Assets is approved and closes, the sale will result in the satisfaction of substantially all of the Debtors' secured indebtedness. The Debtors would then propose a plan of reorganization around their remaining Assets. Because a plan of reorganization centered on the Debtors' remaining Assets would be substantially different from a plan involving the Debtors current Assets, the Debtors request that they be provided an additional sixty (60) days of exclusivity in which to file a plan, so that the proposed sale can be considered by the Court and, if approved, allowed to close." About Red Mountain Based in Farmers Branch, Texas, Red Mountain Resources, Inc. has oil and natural gas properties in the Permian Basin of West Texas and Southeast New Mexico, the onshore Gulf Coast of Texas and Kansas. The Company filed for bankruptcy on March 8, 2016 (Bankr. N.D. Tex. Case No. 16-30989). Howard Marc Spector, Esq. of Spector & Johnson, PLLC, represents the Debtor. ROBERT GORDON: Unsecureds To Be Paid $6,000 Under Plan ------------------------------------------------------ Robert Gordon Roy and Louise Marie-Therese Vande Wiele filed with the U.S. Bankruptcy Court for the Middle District of Tennessee at Nashville a disclosure statement describing the Debtor's Chapter 11 plan. Class 4 - General Unsecured Claims, which total $275,307.39, will be paid $100 per month, starting Sept. 1, 2016, and ending on Aug. 1, 2020, with 0% interest rate. Total payout will be $6,000. Monthly payments will be made on a pro rata basis based on the value of each unsecured claim. Any plan payments returned to the Debtors by unsecured creditors will become property of the reorganized Debtors. The Debtor is aware that unsecured student loan debts are non-dischargeable. The Debtor will make arrangements with Navient Solutions, Inc., and AES Loan Servicing at the conclusion of the Chapter 11 plan in order to arrange payments of the balance of the debts. The Plan will be funded by income from husband's employment as a 1099 contract employee by Riverview Regional Medical Center in Carthage, Tennessee. The Disclosure Statement is available at: http://bankrupt.com/misc/tnmb15-06199-76.pdf The Plan was filed by the Debtors' counsel: Steven L. Lefkovitz, Esq. STEVEN L. LEFKOVITZ 618 Church Street, Suite 410 Nashville, TN 37219 Tel: (615) 256-8300 Fax: (615) 255-4516 E-mail: slefkovitz@lefkovitz.com About Robert Gordon Roy Robert Gordon Roy and Louise Marie-Therese Vande Wiele receive income from the husband's employment as a 1099 contract employee. The husband is a physician and is employed by Riverview Regional Medical Center in Carthage, Tennessee. On Sept. 2, 2015, the Debtors commenced a voluntary bankruptcy case by filing a Chapter 13 petition under the U.S. Bankruptcy Code. The Debtors converted their Chapter 13 case to a Chapter 11 case (Bankr. M.D. Tenn. Case No. 15-06199) on Dec. 3, 2015. ROYCE MCBRIDE: Unsecured Creditors to Get 5% Under Exit Plan ------------------------------------------------------------ Royce Mcbride, a dentist in Cleveland, Tennessee, filed a Chapter 11 plan of reorganization, which proposes to pay unsecured creditors 5% of their claims. Under the plan, creditors holding Class 5 unsecured claims will be paid 5% of their claims. These unsecured creditors will be paid pro rata after distributions to other creditors are completed, according to Mr. Mcbride's disclosure statement filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/RoyceDMcBride_DS07142016.pdf The Debtor is represented by: David J. Fulton, Esq. Scarborough & Fulton 701 Market Street, Ste. 1000 Chattanooga, TN 37402 Phone: (423) 648-1880 Fax: (423) 648-1881 Email: DJF@sfglegal.com About Royce Mcbride Royce D. Mcbride, a dentist in Cleveland, Tennessee, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Tenn. Case No. 15-14081). SAMUIL PREYS: Key Offers $100K for 3,000 Shares of Gasprom Stock ---------------------------------------------------------------- Samuil Preys asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, to authorize procedures in connection with the sale of interests in 3,000 shares of Gasprom stock to Key Capital Fund, LLC, for $100,000, subject to overbid. A hearing on the Motion is set for August 4, 2016 at 1:00 p.m. Debtor operates a gas station through Jenda, Inc., a wholly owned entity, as well as an automotive repair facility through Romaina Auto Body, Inc., another wholly owned entity. Debtor also owns 100% of Gasprom, Inc., which is a non-operating but important entity. Debtor's principal assets are his interests in the above referenced entities and his interest in two real properties located at 8329/8327 W. 4th St. Los Angeles and 17619 Arvida Dr. Granada Hills. Aside from real property mortgages, Debtor's largest debts are a State Board of Equalization ("SBE") tax claim of approximately $1 million and a claim held by Key for $702,000. The SBE and Key liabilities arise from former operation of the Gasprom entity. The principal dispute to resolve in Debtor's case is the dispute over ownership and control of the Gasprom stock. The Debtor has filed an adversary proceeding to obtain turnover of the Gasprom stock under 11 U.S.C. Section 542(a) [Avv. Pro. No. 16-ap-01030]. The SBE asserted that it already owned the Gasprom stock and has not violated the stay by exercising control over the Gasprom stock. The SBE has moved for relief from stay and several hearings have been held on these issues. The Court has tentatively found that the Gasprom stock remains an asset of Debtor's estate. The Debtor has requested that the Court defer the issues of relief from stay and turnover pending the sale process contemplated. During the course of litigation to recover the Gasprom stock, the Debtor received an offer of $100,000 for the Gasprom stock from Key. In lieu of accepting the Key offer, Debtor proposed to pay the SBE $100,000 as adequate protection and retain his interest in the stock. The SBE has opposed Debtor's adequate protection proposal demanding that the value of the Gasprom stock be market tested by auction. Debtor has agreed to do so. Debtor proposes the sale procedures as set forth in detail in the proposed sale procedures order. The following summarizes the sale process with additional terms requested by the SBE: a. Minimum bid of $110,000 by cashier???s check with $10,000 bid increments; b. Bidders must qualify 14 days before the sale date; c. Stock certificate to be transferred at closing which is one business day after effectiveness of sale order; d. Immediate payment to SBE after sale is closed (within one business day); e. SBE consents to the sale under Section 363(f)(2); f. No breakup fees; g. Sale proceeds not subject to surcharge for estate expenses; and h. Debtor will conduct UCC search and provide notice to all creditors of record and any other potential interested parties. A copy of the proposed sale procedures order attached to the Motion is available for free at http://bankrupt.com/misc/Samuil_Preys_70_Sales.pdf Samuil Preys is represented by: Lewis R. Landau 22287 Mulholland Hwy., # 318 Calabasas, CA 91302 Telephone and Facsimile: (888) 822-4340 About Samuil Pryers Samuil Prey operates a gas station through Jenda, Inc., a wholly owned entity, as well as an automotive repair facility through Romaina Auto Body, Inc., another wholly owned entity. He also owns 100% of Gasprom, Inc., which is a non-operating entity. Samuil Pryers sought Chapter 11 protection (Bankr. C.D. Cal. Case No. 16-10159) on Jan. 19, 2016. Judge Maureen A. Tighe is the case judge. Lewis R. Landau, Esq., serves as the Debtor's counsel. SANDRIDGE ENERGY: Court to Take Up Chapter 11 Plan on Aug. 9 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on August 9 to consider approval of SandRidge Energy, Inc.'s proposed plan to exit Chapter 11 protection. The bankruptcy court had earlier approved SandRidge's disclosure statement, allowing the oil and natural gas company to start soliciting votes from creditors. The plan proposes for a restructuring of the company and its affiliates through a debt-for-equity conversion. A key element of the plan is the agreement of the second lien creditors and unsecured creditors to convert their pre-bankruptcy claims into new common stock. Under the plan, each holder of second lien note claims will receive its pro rata share of 85% of the new common stock, as fully-diluted by the "conversion equity." Meanwhile, general unsecured creditors will receive their pro rata share of 15% of the new common stock as fully-diluted by the conversion equity, according to the disclosure statement filed on July 14. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/SandRidge_DS07142016.pdf About SandRidge Energy SandRidge Energy, Inc. (OTC PINK: SDOC) -- http://www.sandridgeenergy.com/-- is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma, with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale. SandRidge Energy, Inc. and 24 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32488) on May 16, 2016. The petitions were signed by Julian M. Bott as chief financial officer. The Debtors have hired Kirkland & Ellis LLP as general bankruptcy counsel, Zack A. Clement PLLC as local counsel, Houlihan Lokey Capital, Inc. as financial advisor, Alvarez & Marsal Holdings, LLC as restructuring advisor and Prime Clerk LLC as claims and noticing agent. The cases are assigned to Judge David R Jones. The Office of the U.S. Trustee has appointed five creditors of SandRidge Energy, Inc., to serve on the official committee of unsecured creditors. SCIENTIFIC GAMES: Incurs $51.7 Million Net Loss in Second Quarter ----------------------------------------------------------------- Scientific Games Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $51.7 million on $729 million of total revenue for the three months ended June 30, 2016, compared to a net loss of $102 million on $692 million of total revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $144 million on $1.41 billion of total revenue compared to a net loss of $189 million on $1.35 billion of total revenue for the same period last year. As of June 30, 2016, Scientific Games had $7.46 billion in total assets, $9.13 billion in total liabilities and a $1.66 billion total stockholders' deficit. As of June 30, 2016, the Company's principal sources of liquidity, other than cash flows provided by operating activities, were cash and cash equivalents and amounts available under its revolving credit facility. As of June 30, 2016, the Company's available cash and cash equivalents and borrowing capacity totaled $558.8 million, including cash and cash equivalents of $101.4 million and availability of $457.4 million under our revolving credit facility, compared to $583.0 million as of Dec. 31, 2015, which included cash and cash equivalents of $128.7 million and availability of $454.3 million under its revolving credit facility. The Company had $80.0 million in borrowings outstanding and $55.2 million of letters of credit outstanding under the Company's revolving credit facility as of June 30, 2016, which reduces the Company's capacity to borrow under our revolving credit facility. "Thanks to the hard work of the entire Scientific Games team, we delivered our third consecutive quarter of year-over-year increases in revenue, operating income and cash flow from operating activities. We're on a roll -- executing on our business strategies, delivering improved results, and paying down debt," said Gavin Isaacs. "Our performance demonstrates the ongoing success of our business and the value from our diverse revenue streams. Our Interactive division is on fire, gaming machine sales were strong, and the Lottery segment's instant games revenue turned in an exceptional performance. We remain focused on driving innovation and fiscal discipline to support future cash flow growth to create meaningful and sustained long-term shareholder value." Michael Quartieri, Scientific Games executive vice president and chief financial officer, said, "Across our global operations, we continue to manage costs and execute on our strategies to deliver consistent revenue growth. Our ongoing implementation of process improvements is generating operating efficiencies which, combined with fiscal discipline in our capital spending and a focus on improving our core working capital, is leading to higher cash flow and reducing our leverage. Since closing on the Bally acquisition in 2014, our total debt has been reduced by more than $250 million." A full-text copy of the Form 10-Q is available for free at: https://is.gd/rMRwt0 About Scientific Games Scientific Games Corporation is a developer of technology-based products and services and associated content for worldwide gaming and lottery markets. The Company's portfolio includes instant and draw-based lottery games; electronic gaming machines and game content; server-based lottery and gaming systems; sports betting technology; loyalty and rewards programs; and social, mobile and interactive content and services. Visit http://www.scientificgames.com/ Scientific Games reported a net loss of $1.39 billion on $2.75 billion of total revenue for the year ended Dec. 31, 2015, compared to a net loss of $234.3 million on $1.78 billion of total revenue for the year ended Dec. 31, 2014. * * * The TCR reported on May 21, 2014, that Moody's Investors Service downgraded Scientific Games Corporation's ("SGC") Corporate Family Rating to 'B1'. The downgrade reflects Moody's view that slower than expected growth in SGC's Gaming and Instant Products segments will cause Moody's adjusted leverage to exceed 6.0 times by the end of 2014. As reported by the TCR on Aug. 5, 2014, Standard & Poor's Ratings Services lowered its corporate credit rating to 'B+' from 'BB-' on Scientific Games Corp. "The downgrade and CreditWatch placement follow Scientific Games' announcement that it has agreed to acquire Bally Technologies for $5.1 billion, including the refinancing of about $1.8 billion in net debt at Bally," said Standard & Poor's credit analyst Ariel Silverberg. SEANERGY MARITIME: Reports Recent Financing Agreements Developments ------------------------------------------------------------------- On April 21, 2016, May 17, 2016, and June 16, 2016, Seanergy Maritime Holdings Corp. entered into the fifth, sixth and seventh amendments, respectively, to the unsecured convertible promissory note issued Sept. 7, 2015, to Jelco Delta Holding Corp. These amendments increased to $21.2 million the maximum principal amount available to be drawn under the Convertible Note, and also increased to $3.1 million the amount by which the Applicable Limit will be reduced on September 10, 2017, and on the anniversary of that date in each of the following two years. As of the date of this prospectus supplement, the Company has drawn down the entire principal amount available under the Convertible Note. HSH Nordbank AG Facility Supplemental Agreement Under the Company's senior secured loan facility with HSH Nordbank AG, dated Sept. 1, 2015, or the HSH Facility, the Company agreed to make a prepayment of up to $8 million upon the earlier of: (i) the occurrence of a follow-on offering of at least $30 million of new common shares that will be listed for trading on Nasdaq or (ii) Dec. 31, 2016, or the Prepayment Deadline. In the event that such a follow-on offering did not occur by the Prepayment Deadline, the Company agreed that the prepayment would be limited to $3 million. On May 16, 2016, the Company entered into a supplemental agreement to the HSH Facility that changed the Prepayment Deadline to June 30, 2018. The Company also agreed under the supplemental agreement that if an event of default occurs prior to June 30, 2018, the Company will make a $3 million prepayment. UniCredit Bank AG Facility Supplemental Agreements On June 3, 2016, the Company entered into a supplemental agreement related to its secured term loan facility with UniCredit Bank AG, dated Sept. 11, 2015, or the UniCredit Facility. This supplemental agreement has, among other things, (i) delayed until June 30, 2017, the application of the requirement that the security cover ratio shall not be less than 100%, (ii) delayed until July 1, 2017 the application of the minimum liquidity covenant applicable to the borrowers, and, (iii) until June 30, 2017, split the interest payable under the facility into a cash portion, equal to five-eighths of accrued interest, and a non-cash portion, equal to three-eighths of accrued interest. The non-cash portion of accrued interest will be capitalized until June 30, 2017, when we are required to repay it in full. On July 29, 2016, the Company entered into another supplemental agreement to the UniCredit Facility. Among other things, pursuant to this supplemental agreement the requirement for Seanergy Maritime Holdings Corp., as guarantor, to maintain liquidity in a specified amount is delayed until July 1, 2017. Alpha Bank A.E. Facilities Supplemental Agreements On July 28, 2016, the Company entered into a supplemental agreement related to its secured loan facility with Alpha Bank A.E., dated March 6, 2015, or the March 2015 Alpha Bank Facility. Among other things, this supplemental agreement: (i) reduced the next four repayment installments to $100,000 each, amounting to an aggregate reduction of $600,000, and increased the balloon payment by $600,000, (ii) delayed until July 1, 2017 the application of the liquidity covenants applicable to the borrower and the Seanergy Maritime Holdings Corp., as guarantor, and (iii) delayed until July 1, 2017 the application of the security shortfall covenant. On July 28, 2016, the Company entered into a supplemental agreement related to our secured loan facility with Alpha Bank A.E., dated Nov. 4, 2015. Among other things, this supplement delayed until July 1, 2017 the application of the liquidity covenants applicable to the borrower and Seanergy Maritime Holdings Corp., as guarantor. Capitalization Report as of March 31, 2016 "There have been no significant adjustments to our capitalization since March 31, 2016, as so adjusted. The historical data in the table is derived from, and should be read in conjunction with, our historical financial statements, which incorporated by reference in this prospectus supplement." A full-text copy of the Form 8-K report is available for free at: https://is.gd/YLZ8RY About Seanergy Athens, Greece-based Seanergy Maritime Holdings Corp. is an international company providing worldwide seaborne transportation of dry bulk commodities. The Company owns and operates a fleet of seven dry bulk vessels that consists of three Handysize, two Supramax and two Panamax vessels. Its fleet carries a variety of dry bulk commodities, including coal, iron ore, and grains, as well as bauxite, phosphate, fertilizer and steel products. For the year ended Dec. 31, 2015, the Company reported a net loss of US$8.95 million on US$11.22 million of net vessel revenue compared to net income of US$80.34 million on US$2.01 million of net vessel revenue for the year ended Dec. 31, 2014. As of March 31, 2016, the Company had US$206 million in total assets, US$185 million in total liabilities, and US$21.09 million in stockholders' equity. SEQUA CORP: Moody's Cuts Corporate Family Rating to 'Ca' -------------------------------------------------------- Moody's Investors Service has downgraded its ratings for Sequa Corporation, including the Corporate Family Rating (CFR) to Ca from Caa2 and the Probability of Default Rating (PDR) to Ca-PD from Caa2-PD. The company's senior secured bank debt was also downgraded to Caa3 from Caa1 while the senior unsecured bond rating were downgraded to C from Ca. The rating outlook is negative. Issuer: Sequa Corporation The following ratings were downgraded: Corporate Family Rating, downgraded to Ca from Caa2 Probability of Default Rating, downgraded to Ca-PD from Caa2-PD $175 million senior secured revolver due 2017, downgraded to Caa3 (LGD3) from Caa1 (LGD3) $1,228 million (outstanding) senior secured term loan due 2017, downgraded to Caa3 (LGD3) from Caa1 (LGD3) $350 million senior unsecured notes due 2017, downgraded to C (LGD5) from Ca (LGD5) Rating Outlook, Negative RATINGS RATIONALE The downgrade reflects the on-going weakness in Sequa's Chromalloy segment and expectations of a tight liquidity profile over the next few quarters. Sequa's highly leveraged balance sheet and looming debt maturities make the company's financial position increasingly tenuous and raise the likelihood of a requisite restructuring event in the next 12 months. Sequa's liquidity is expected to remain tight with low cash balances ($74 million as of March 2016), a weak cash flow profile, and constrained availability under its revolving and receivables financing facilities. As of March 2016, Moody's adjusted Debt-to-EBITDA was well excess of 10x, a level of financial leverage that Moody's views as unsustainable, particularly in light of the almost $1.7 billion of debt that matures in 2017. Sequa's Chromalloy segment (60% of sales) continues to face multiple earnings headwinds including declining volumes on legacy programs (KC-10 and United PW2000), operational issues at key facilities (Trac in the UK), and lower than anticipated profitability on OEM licensed repair and new engine build work. The combination of softer volumes on OEM-related work and reduced volumes on certain legacy programs has resulted in lower absorption of fixed over-head costs and a material weakening of profitability metrics. On-going restructuring and impairment charges further complicate an already noisy earnings profile while uncertainty around Sequa's largest contract (the KC-10), which is currently up for rebid, adds a further element of risk. The rating favorably considers Sequa's Precoat segment (40% of sales) which has a track record of stable operating performance as well as Sequa's well-established market position within its niche engine segment and also recognizes the considerable barriers to entry in the engine repair/parts segment resulting from stringent FAA and OEM approval requirements. The negative outlook reflects Sequa's weak liquidity profile and concerns around heightened near-term default risk and impairment given the looming debt maturities in 2017. The rating could be downgraded again if earnings continue to deteriorate or if its liquidity profile weakens further. The ratings could be downgraded if the company misses any interest payments beyond the contractual grace periods and/or the company breaches its covenants without being able to enter into an amendment thereby increasing the probability of a default. At this time a rating upgrade is unlikely; however, improved earnings and cash flows coupled with Moody's-adjusted Debt-to-EBITDA sustained below 8x could temper the negative bias and possibly warrant consideration for a ratings upgrade. Ratings could be revised upward if the company implements a capital restructuring plan that reduces debt materially. Sequa Corporation, headquartered in Palm Beach Gardens, FL, is a diversified industrial company operating in two business segments: Aerospace, through Chromalloy Gas Turbine, and metal coating, through Precoat Metals. Sequa was purchased via a $2.8 billion LBO by affiliates of Carlyle Partners V, L.P. (Carlyle) in December 2007. Revenues for the twelve months ended March 2016 were $1.3 billion. SERVICEMASTER CO: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR ----------------------------------------------------------------- S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB-' corporate credit rating on Memphis, Tenn.-based The ServiceMaster Co. LLC. "The outlook revision reflects our assessment of the uncertain nature of the company's future litigation proceedings and the company's ability to maintain its strong liquidity profile," said S&P Global Ratings analyst Suyun Qu. "The recent surprise settlement of the U.S. Virgin Islands case was significantly worse, from a company perspective, than our previous assumptions. We had assumed that the company's liability insurance would cover civil damages. Although we continue to expect outstanding litigation to be resolved without severe financial recourse to the company, another material surprise cash settlement would likely lead us to reassess the company's liquidity and downgrade the company." S&P Ratings Services could revise the rating outlook to stable if the outstanding fumigation case resolves with minimal cash disbursements and the company makes progress under its health and safety initiatives to prevent further litigation risk. S&P could also consider revising the outlook stable if the company maintains its strong liquidity position, as doing so would provide support for unexpected calls on liquidity. SHEPHERD AVE REALTY: Taps Vogel Bach as Counsel ----------------------------------------------- Shepherd Ave Realty, Inc. seeks authorization from the U.S. Bankruptcy Court for the Eastern District of New York to employ Vogel Bach & Horn, LLP as counsel. The Debtor requires Vogel Bach to: (a) provide the Debtor with advice and prepare all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) take all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) prepare on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counsel the Debtor with regard to its rights and obligations as debtor- in-possession; (e) appear in Court to protect the interests of the Debtor; and (f) perform all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The Debtor and Vogel Bach have agreed that Vogel Bach will be compensated at an hourly rate of $225 plus costs and expenses. Prior to the filing of this case, the Firm received a retainer of $2,500. Vogel Bach will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric H. Horn, member of Vogel Bach, 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. Vogel Bach can be reached at: Eric H. Horn, Esq. Heike M. Vogel, Esq. VOGEL BACH & HORN, LLP 1441 Broadway, 5 th Floor New York, NY 10018 Tel: (212) 242-8350 Fax: (646) 607-2075 Shepherd Ave Realty Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-42758) on June 23, 2016. The Debtor is represented by Eric H. Horn, Esq. of Vogel Bach & Horn, P.C. SINOLA LLC: Proceeds from Avoidance Suits Earmarked for Unsecureds ------------------------------------------------------------------ Sinola, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas its First Disclosure Statement and Plan of reorganization. Under the Plan, Class 3 - general unsecured claims are impaired and will be paid by the Debtor pro rata, without interest, out of the proceeds of avoided transfers as the funds are recovered. The Debtor must object to the claims of General Unsecured Creditors prior to 60 days after the Effective Date. The Debtor will market and sell the property at No. 14 Kingsridge in Amarillo, Texas, with the proceeds from the sale used to pay the secured note of Herring Bank and the balance to the estate. The Debtor will actively investigate and pursue Chapter 5 actions after confirmation through declaratory judgment actions and apply proceeds from any recovery to pay administrative, secured and priority claims in full and apply the balance of proceeds to pro rata payment of allowed unsecured claims. The Debtor attests that its Plan is feasible because the Debtor will have sufficient cash on hand and sufficient cash from recovery on preference claims after confirmation to fund the obligations under the Plan. Secured Creditors holding claims against the Debtor will get 100% of the secured value of their allowed secured claims. Administrative, Tax and Priority Claims will be paid in full. Unsecured Creditors will receive the balance of the funds in the Estate pro rata after the aforesaid Claims are paid in full. The First Disclosure Statement is available at: http://bankrupt.com/misc/txnb15-20319-77.pdf The Plan was filed by the Debtor's counsel: Bill Kinkead, Esq. KINKEAD LAW OFFICES 6937 Bell Street, Suite G Amarillo, Texas 79109 Tel: (806) 206-6342 Fax: (806) 353-4370 E-mail: bkinkead713@hotmail.com About Sinola Headquartered in Amarillo, Texas, Sinola, LLC, dba Sinola Custom Homes, LLC, was created on Oct. 4, 2011, as a Texas limited liability company to contract, design and build custom executive homes. Roger L. Hunter is the sole member and manager of the Debtor. Mr. Hunter has been designing luxury homes for over 30 years. At the time of the filing of its Chapter 11 petition, the Debtor was still actively engaged in the construction of a 6 plus million dollar custom executive home. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 15-20319) on Dec. 7, 2015, estimating its assets at between $100,000 and $500,000 and liabilities at between $1 million and $10 million. The petition was signed by Roger L. Hunter, managing member/president. Judge Robert L. Jones presides over the case. Bill Kinkead, Esq., at Kinkead Law Offices, serves as the Debtor's counsel. SKYLINE CORP: Posts $1.67 Million Net Income for Fiscal 2016 ------------------------------------------------------------ Skyline Corporation filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing net income of $1.67 million on $212 million of net sales for the year ended May 31, 2016, compared to a net loss of $10.41 million on $187 million of net sales for the year ended May 31, 2015. As of May 31, 2016, Skyline had $55.0 million in total assets, $29.8 million in total liabilities and $25.1 million in total shareholders' equity. In the fourth quarter of fiscal 2016, Skyline reported the following results: * Net sales from continuing operations of $56.7 million, an increase of 14% over net sales of $49.6 million from continuing operations in the year ago quarter. * Income from continuing operations of $1.53 million as compared to a loss of $149,000 from continuing operations in the fourth quarter of fiscal 2015. Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter. * Loss from discontinued operations of $208,000 as compared to a loss of $51,000 from discontinued operations in the fourth quarter of fiscal 2015. * Net income of $1.33 million or $0.16 per share as compared to a net loss of $200,000 or $0.02 per share in the fourth quarter of fiscal 2015. Included in prior year's loss is a $243,000 gain on the sale of idle property, plant and equipment that occurred in the fourth quarter. Commenting on this quarter's results, President and Chief Executive Officer Richard Florea said, "We are pleased that our progress in product development and our overall operational improvements have translated to increased revenue and profits for the fourth quarter and the fiscal year. The recent opening of our manufacturing facility in Elkhart, Indiana reflects the increased demand we are seeing for our quality-built, value-laden products." A full-text copy of the Form 10-K is available for free at: https://is.gd/BUXHdx About Skyline Corp Skyline Corporation was originally incorporated in Indiana in 1959, as successor to a business founded in 1951. Skyline Corporation and its consolidated subsidiaries designs, produces and markets manufactured housing, modular housing and park models to independent dealers and manufactured housing communities located throughout the United States and Canada. Manufactured housing is built to standards established by the U.S. Department of Housing and Urban Development, modular homes are built according to state, provincial or local building codes, and park models are built according to specifications established by the American National Standards Institute. For the year ended May 31, 2015, the Company reported a net loss of $10.41 million compared to a net loss of $11.9 million for the year ended May 31, 2014. As of Feb. 29, 2016, Skyline Corp had $50.5 million in total assets, $26.7 million in total liabilities and $23.8 million in total shareholders' equity. Crowe Horwath LLP, in Fort Wayne, Indiana, issued a "going concern" qualification on the consolidated financial statements for the year ended May 31, 2015, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities. The Company has a line of credit in place, however prospective debt covenant violations may limit the Company's ability to access these funds which would impact its liquidity. These matters raise substantial doubt about the Company's ability to continue as a going concern. SMALLVILLE PRESCHOOL: Plan and Disclosure Statement Due Sept. 13 ---------------------------------------------------------------- Following a status conference on July 27, 2016, Judge Caryl E. Delano set a Sep. 13, 2016 deadline for Smallville Preschool, Inc., to file a Chapter 11 Plan and Disclosure Statement. The hearing on the approval of the Disclosure Statement will be consolidated with the hearing on the confirmation of the Plan. If the Debtor fails to file a Plan and Disclosure Statement by the Filing Deadline, the Court will issue an Order to show cause why the case should not be dismissed or converted to a Chapter 7 case pursuant to Section 1112(b)(1) of the Bankruptcy Code. Smallville Preschool Smallville Preschool, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-04221) on May 16, 2016. The Debtor tapped Richard Johnston, Jr. of Johnston Law, PLLC as its legal counsel, and Lloyd Chase, of Lloyd Chase, CPA as accountant. SMILE ARTIST: Hires Fuqua as Bankruptcy Counsel ----------------------------------------------- Smile Artist Dentistry PLLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ Fuqua & Associates as counsel to the Debtor. Smile Artist requires Fuqua to: a. provide the Debtor legal advice with respect to its powers and duties as a debtor-in-possession in the continued operation of its business, and management of its property; b. prepare all pleadings on behalf of the Debtor, as debtor- in-possession, which be be necessary therein; c. negotiate and submit a potential plan of arrangement satisfactory to the Debtor, its estate, and the creditors at large; and d. perform all other legal services for the Debtor as a debtor-in-possession which may become necessary to the bankruptcy proceeding. Fuqua will be paid at these hourly rates: Richard L. Fuqua $500 Associates $225-250 Law Clerks and Legal Assistants $85-125 Fuqua will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard L. Fuqua, member of Fuqua & Associates, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Fuqua can be reached at: Richard L. Fuqua, Esq. Fuqua & Associates, P.C. 5005 Riverway, Suite 250 Houston, TX 77056 Tel: (713) 960-0277 Fax: (713) 960-1064 About Smile Artist Smile Artist Dentistry PLLC, based in Houston, TX, filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 16-33555) on July 18, 2016. The Hon. Marvin Isgur presides over the case. Richard L Fuqua, II, Esq., at Fuqua & Associates, PC, as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Rodrigo Cabrera, president. SOUTHCROSS ENERGY: Incurs $7.39 Million Net Loss in 2nd Quarter --------------------------------------------------------------- Southcross Energy Partners, L.P., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $7.39 million on $125 million of total revenues for the three months ended June 30, 2016, compared to a net loss of $15.5 million on $167 million of total revenues for the same period in 2015. For the six months ended June 30, 2016, the Company reported a net loss of $22.9 million on $244 million of total revenues compared to a net loss of $29.4 million on $353 million of total revenues for the six months ended June 30, 2015. As of June 30, 2016, Southcross had $1.23 billion in total assets, $617 million in total liabilities, and $615 million in total partners' capital. "We remain focused on best positioning Southcross for the current market environment including our ongoing efforts to reduce our debt and increase our liquidity," said John Bonn, President and chief executive officer of Southcross' general partner. "We continue to evaluate opportunities to add new gas packages to our system while executing on cost reduction initiatives." As of June 30, 2016, Southcross had total outstanding debt of $570 million including $131 million under its revolving credit facility as compared to total outstanding debt of $639 million as of March 31, 2016. Unused borrowing capacity under the revolving credit facility as of June 30, 2016 was $53 million. Based on the current terms of its credit facilities, Southcross' total leverage ratio (as generally defined as debt divided by credit agreement EBITDA) was 5.4 to 1 as of June 30, 2016. A full-text copy of the Form 10-Q is available for free at: https://is.gd/ZZe1F9 About Southcross Energy Partners, L.P. Southcross Energy Partners, L.P. is a master limited partnership that provides natural gas gathering, processing, treating, compression and transportation services and NGL fractionation and transportation services. It also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama and include four gas processing plants, two fractionation plants and approximately 3,100 miles of pipeline. The South Texas assets are located in or near the Eagle Ford shale region. Southcross is headquartered in Dallas, Texas. Visit www.southcrossenergy.com for more information. Southcross Energy reported a net loss attributable to partners of $51.4 million on $698 million of total revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to partners of $36.7 million on $849 million of total revenues for the year ended Dec. 31, 2014. * * * As reported by the TCR on April 5, 2016, Standard & Poor's Ratings Services said it lowered its corporate credit and senior secured rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'. The TCR reported on Jan. 13, 2016, that Moody's Investors Service downgraded Southcross Energy Partners, LP's Corporate Family Rating to Caa1 from B2. "Southcross' Caa1 CFR reflects its high financial leverage, limited scale, concentration in the Eagle Ford Shale and our expectation of continued high leverage and challenging industry conditions into 2017," according to the report. SOUTHWESTERN ENERGY: Egan-Jones Cuts Sr. Unsec. Rating to B+ ------------------------------------------------------------ Egan-Jones Ratings Company downgraded the senior unsecured rating on debt issued by Southwestern Energy Co to B+ from BB- on July 26, 2016. Southwestern Energy is an oil and natural gas company based in Houston, Texas. SPX FLOW: S&P Assigns 'BB' Rating on New $600MM Sr. Unsec. Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '4' recovery rating to Charlotte, N.C.-based SPX FLOW Inc.'s proposed $600 million senior unsecured note issuance, which is composed of one tranche of senior unsecured notes due 2024 and one tranche of senior unsecured notes due 2026. The '4' recovery rating indicates S&P's expectation for substantial (30%-50%; lower half of the range) recovery for lenders in the event of a payment default. The company intends to use the proceeds from this offering, together with borrowings under its domestic revolving credit facility, to repurchase and/or redeem and retire its $600 million of outstanding senior notes due 2017. With revenue of about $2.4 billion in 2015, SPX FLOW manufactures flow components, process equipment, and turn-key systems for the food and beverage, power and energy, and industrial end markets. The corporate credit rating on SPX FLOW is based on S&P's fair assessment of the company's business risk profile and its significant assessment of its financial risk profile. S&P expects that SPX FLOW's operating performance will remain weak in the near- to intermediate-term and -- as a result -- anticipate that the company's leverage metrics will continue to be stretched. RECOVERY ANALYSIS Key analytical factors -- The gross enterprise value of $1.075 billion is based on a run-rate EBITDA of $215 million and a valuation multiple of 5x. -- S&P's simulated default scenario contemplates a default in 2021 caused by a sustained macroeconomic downturn that hurts SPX FLOW's end markets, particularly the oil and gas and industrial end markets. This would cause the company's revenue and operating income to decline and affect its ability to service its debt. -- S&P's recovery analysis assumes that in a hypothetical bankruptcy scenario, after satisfying any unpaid priority administrative expenses and secured claims, the unsecured lenders' recoveries would be at the lower end of the 30%-50% range. -- S&P has not assumed any draws under the $500 million foreign credit instrument facility for performance letters of credit or guarantees. Simulated default assumptions -- Simulated year of default: 2021 -- EBITDA at emergence: $215 million -- EBITDA multiple: 5x Simplified waterfall -- Net enterprise value (after 5% admin. costs): $1.021 billion -- Valuation split (obligors/nonobligors): 35%/65% -- Priority claims: $60 million -- Value available to first-lien debt claims: $729.1 million -- Secured first-lien debt claims: $734.4 million -- Recovery expectations: Not applicable -- Total value available to unsecured claims: $232.3 million -- Senior unsecured debt/pari passu unsecured claims: $616.9 million/$101.4 million -- Recovery expectations: 30%-50% (lower half of the range) RATINGS LIST SPX FLOW Inc. Corporate Credit Rating BB/Negative/-- Ratings Assigned SPX FLOW Inc. Sr Unsecd Nts Due 2024 BB Recovery Rating 4L Sr Unsecd Nts Due 2026 BB Recovery Rating 4L STEREOTAXIS INC: Common Stock Begins Trading on OTCQX ----------------------------------------------------- Stereotaxis, Inc., announced that its shares of common stock will be eligible for trading on the OTCQX Best Market, effective with the open of business on Aug. 4, 2016. As the premium market for U.S. over-the-counter securities, OTCQX offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and be sponsored by a professional third-party advisor. The Company expects that its shares will continue to trade on the OTCQX under the Company's current symbol "STXS." On Aug. 2, 2016, Stereotaxis received a letter from The NASDAQ Stock Market LLC notifying the Company that, based upon the Company's continued non-compliance with the market value of listed securities requirement, which required that Stereotaxis evidence a minimum market capitalization of $35 million, the Company's securities would be delisted from NASDAQ effective with the open of business on Aug. 4, 2016. Stereotaxis will continue to file periodic and other required reports with the Securities and Exchange Commission under applicable federal securities laws. About Stereotaxis Based in St. Louis, Missouri, Stereotaxis, Inc., is a manufacturer and developer of a suite of navigation systems in interventional surgical procedures. The Company's Epoch Solution is used in the treatment of arrhythmias and coronary artery disease. Stereotaxis reported a net loss of $7.35 million on $37.67 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss of $5.20 million on $35.01 million of total revenue for the year ended Dec. 31, 2014. As of March 31, 2016, Stereotaxis had $15.2 million in total assets, $34.8 million in total liabilities and a total stockholders' deficit of $19.6 million. In its report on the Company's consolidated financial statements for the year ended Dec. 31, 2015, Ernst & Young LLP, in St. Louis, Missouri, issued a "going concern" qualification stating that the Company has incurred recurring losses from operations and has a net capital deficiency that raise substantial doubt about the Company's ability to continue as a going concern. STEVE MURPHY: Liquidating Plan to Pay Creditors in Full ------------------------------------------------------- Steve and Celeste Murphy filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Chapter 11 plan of liquidation, which proposes to pay their creditors in full. Under the proposed plan, Class 1 administrative claims, Class 2 secured claims, Class 3 unsecured priority claims, and Class 4 unsecured non-priority claims will be paid in full within 14 days of entry of a court order confirming the plan. The creditors will be paid from the proceeds generated from the sale of 23 of the minority interests owned by The Murphys, the funds deposited in an account and the liquidation of their remaining holdings. The Murphys own a portfolio of real estate holdings and currently hold cash in the amount of $10.8 million, of which $10 million was generated from the sale. The remaining $800,000 is being held in an account. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/SteveMurphy_2DS07202016.pdf 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. STW RESOURCES: Meeting to Form Creditors' Panel Set for Aug. 11 --------------------------------------------------------------- William K. Harrington, United States Trustee for Region 6, will hold an organizational meeting on Aug. 11, 2016, at 1:00 p.m. in the bankruptcy cases of STW Resources Holding Corp. The meeting will be held at: Office of the U. S. Trustee Earl Cabell Federal Building 1100 Commerce Street, Room 976 Dallas, Texas 75242 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. SUBASHINI DANIEL: Exit Plan to Pay Unsecured Creditors in Full -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York is set to hold a hearing on August 23, at 10:30 a.m., to consider the disclosure statement detailing the Chapter 11 plan of reorganization of Subashini Daniel. The hearing will take place at the Alexander Pirnie Federal Building, Room 236, 10 Broad Street, Utica, New York. Objections must be filed no later than seven days prior to the hearing. The Debtor on July 19 filed her restructuring plan, which proposes to pay in full Class 8 general unsecured creditors with claims of more than $1,500. Class 8 creditors will be paid pro rata in 60 equal monthly payments of $400 each commencing on the effective date of the plan, and then equal monthly payments of $2,000 each commencing on the 61st month following the effective date of the plan. The restructuring plan also proposes to pay in full Class 9 general unsecured creditors with claims of $1,500 or less, and those who hold more than $1,500 but willing to accept $1,500 as full payment. Class 9 creditors will receive payments on the effective date of the plan, according to the Debtor's disclosure statement. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/SubashiniDaniel_DS07192016.pdf The Debtor is represented by: Richard L. Weisz, Esq. Hodgson Russ LLP 677 Broadway Albany, NY 12207 Email: Rweisz@hodgsonruss.com About Subashini Daniel Subashini R. Daniel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 16-60376) on March 22, 2016. SUSQUEHANNA AREA RAA: Fitch Affirms 'BB+' Rating on $148MM Bonds ---------------------------------------------------------------- Fitch Ratings has affirmed the Susquehanna Area Regional Airport Authority's approximately $148 million senior airport revenue bonds at 'BB+' and the authority's approximately $4.2 million subordinate airport revenue bonds at 'BB+'. The Rating Outlook on all bonds is Stable. RATING RATIONALE The 'BB+' ratings reflects the authority's (SARAA) small enplanement base with elevated exposures to air service competition, a high debt load lending to above average airline costs, and narrow overall coverage levels from airport cashflows. A modest sized capital program without additional borrowing requirements coupled with a new airline agreement with backstop protections for full cost recovery are positive considerations. The two liens are rated equally given the debt service payment structure which, in Fitch's view, provides little differentiation to both operation and cashflow risks. KEY RATING DRIVERS REVENUE RISK- VOLUME: WEAKER SMALL ENPLANEMENT BASE WITH COMPETITION: Harrisburg International Airport (MDT) serves primarily as an origination/destination (O&D) airport of slightly below 600,000 enplanements serving the state's capital region. MDT's location draws passengers from a regional air trade service area, anchored by economic support from state government, corporations, and universities. However, the traffic base is still constrained by significant regional competition, particularly from Baltimore-Washington International Airport, Philadelphia International Airport, and Dulles International Airport. REVENUE RISK- PRICE: WEAKER HIGH COST STRUCTURE: The recently implemented airline use agreement, which runs through 2019, allows for the authority to raise airline rates and charges as necessary to meet all costs. However, given a high fixed cost profile, the current airline cost per enplanement (CPE) is notably elevated for its airport size, at over $15 per enplanement. While overall airport costs are expected to remain stable in the near term, airline charges could still be exposed to even higher average levels under a scenario of any future passenger contraction. INFRASTRUCTURE DEVELOPMENT AND RENEWAL: STRONGER MODERN FACILITY WITH LIMITED CAPITAL NEEDS: Updated facilities allow the Authority to maintain an internally funded five-year capital plan that totals approximately $62 million. Funding is expected to be sourced primarily from federal and state grants, and no near-term debt is likely. Some use of airport cash funds to support the capital program could limit the authority's ability to retain or expand its overall level of funds and reserves. DEBT STRUCTURE: STRONGER (SR), MIDRANGE (SUB) CONSERVATIVE DEBT STRUCTURE: All senior and subordinate lien bonds are fixed rate, and aggregate annual debt service is flat through 2033. The subordinate bonds reach final maturity in 2017 and debt service on senior lien bonds subsequently rises in 2018 from $7.6 million to $12.4 million to maintain a stable but not declining level of total debt service. THIN COVERAGE AND HIGH LEVERAGE: SARAA's overall coverage ratio, exclusive of the coverage account and treating PFCs as revenues, was narrow in fiscal 2015 at 1.08x. Traffic declines from the prior year, with its impacts to revenues and costs, have led to lower coverage from fiscal 2014 (1.16x). Still, SARAA's indenture approach coverage, at 1.24x for all debt, met the rate covenant requirements (1.25x senior debt service, 1.10x subordinate). The authority has a high debt burden and debt per enplanement ($264) driven by prior capital spending and is also currently highly leveraged at 10.9x total net debt to cashflow available for debt service. Unrestricted cash and operating reserves provide only 60 days cash on hand but SARAA has additional capital designated reserves as well as a bond coverage account for additional liquidity support. PEER ANALYSIS: Amongst its closest rating-level peers in the 'BBB' category, such as Burlington ('BBB-'), Fresno ('BBB') and Pensacola ('BBB-'), the airport demonstrates higher leverage airline costs, with narrower debt service coverage and liquidity. Fact Tool: U.S. Airports FACT Tool: U.S. Airports (Opens in an Excel worksheet) RATING SENSITIVITIES NEGATIVE: Measurable contraction or elevated volatility in passenger traffic as a result of airline service changes or competition from larger airports operating within the region. NEGATIVE: Deterioration of the airport's non-aviation revenue that pressures its CPE levels. POSITIVE: Sustained improvement in the airport's traffic base which generates higher operating revenue and stronger coverage levels may lead to a higher rating. CREDIT SUMMARY SARAA's enplanement base at Harrisburg has a long-term history of enplanement stability although traffic levels can exhibit elevated volatility in individual years. Fiscal 2015 traffic, at 590,262, fell 9.1% as a result of Frontier's departure from the market starting in April 2015. These losses carried into the early months of 2016 but overall traffic for the full year is expected to remain almost unchanged due to new services from other carriers. While MDT's service area has a sizeable population base of nearly two million to draw passenger, competition from larger airports in Philadelphia and Baltimore limit the likelihood of steady traffic growth. MDT relies on a mix of national and low cost carriers, with American Airlines as the leading carrier at 38% of enplaned passengers. SARAA executed a five-year airline agreement starting in 2015 which includes an extraordinary coverage protection (ECP) from signatory airlines if SARAA doesn't meet the required rate covenant levels, which Fitch views as a mitigation to revenue volatility tied to traffic performance. The agreement also allows for some revenue sharing based on surpluses and authority funding for capital. In fiscal 2015, operating revenues increased 2.2% with higher revenues derived from passenger and cargo carriers, offset by increases in operating expenses by 3.9% despite the lower traffic levels. In turn, total debt service coverage did narrow in fiscal 2015, to 1.08x (treating PFCs as revenues and excluding the coverage account balance) from 1.11x in fiscal 2014. On an indenture basis, the senior lien and total DSCR was 2.28x and 1.24x, respectively. Supporting the coverage levels are the use of about $2.4 million in PFC revenues. To the extent traffic levels were to experience a further downturn, Fitch believes it is likely the use of additional airline payments would need to be called on to maintain rate covenant compliance. Airline costs are high even for a small market airport, at $15.15 in 2015. The high fixed-costs from the airport's debt burden are a contributing factor. Fitch calculated leverage from cashflow is about 10.9x and is expected to remain elevated (around 10x) based on current cashflow levels remaining flat due to the slow amortizing debt service schedule. The aggregate debt service schedule is flat, but the subordinate lien debt service will mature after 2017 and senior debt service will rise so that gross annual debt service remains at a similar level of about $12 million. Fitch's Base Case assumes flat enplanement growth and inflationary cost escalation at 2.5% per year, while Fitch's Rating Case, assumes a near-term enplanement shock totaling 10% but a more moderate level of cost escalation (averaging 1.5% per year). Base case results indicate stable coverage levels near the 1.25x level through FY2020 with airline CPE holding in the $15-$16 range. The Rating Case does require a higher airline share of costs and CPE could increase further from $15 to $23. Leverage in both cases remains elevated at above 10x. SECURITY The senior bonds are secured by a first lien on airport net revenues while the subordinate bonds have a second lien pledge on airport net revenues. TAYLOR-WHARTON: Unsecured Creditors May Get 2% to 3% Under Plan --------------------------------------------------------------- General unsecured creditors of Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC may recover 2% to 3% of their claims, according to the July 19, 2016 disclosure statement detailing their Chapter 11 plan of liquidation. Under the liquidating plan, Class 5 general unsecured creditors, which hold a total of $56 million in claims, may receive 2% to 3% of their claims. The plan provides for the final liquidation of the companies' assets and proposes for the substantive consolidation of their estates on the effective date of the plan for the purpose of allowance of claims and distributions. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/Taylor-Wharton_1DS07192016.pdf About Taylor-Wharton Taylor-Wharton International LLC and Taylor-Wharton Cryogenics LLC filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case No. 15-12075) on Oct. 7, 2015. The petition was signed by Thomas Doherty as chief restructuring officer. Cryogenics is a leading designer, engineer and manufacturer of cryogenic equipment designed to transport and store liquefied atmospheric and hydrocarbon gases. Cryogenics has a single United States operation in Theodore, Alabama. Cryogenics is the direct or indirect parent of several foreign non-debtor subsidiaries which have manufacturing operations in China, Malaysia, Slovakia, and warehousing operations in Germany and Australia. The Debtors have engaged Reed Smith LLP as general bankruptcy counsel, Nixon Peabody LLP as special counsel, Argus Management Corporation as interim management services provider, Stifel, Nicolaus & Company, Incorporated and Miller Buckfire & Company LLC as investment banker and Logan & Company, Inc., as noticing and claims agent. Argus Management Corporation is authorized to provide interim management services, and designate Thomas Doherty as chief restructuring officer. Taylor-Wharton International LLC disclosed total assets of $14,463,438 and total liabilities of $47,978,923. O'Neal Steel Inc. is listed as the largest unsecured creditor holding a trade claim of $788,815. Judge Brendan Linehan Shannon is assigned to the case. The Office of the U.S. Trustee appointed the Committee pursuant to Section 1102(a)(1) of the Bankruptcy Code. The Committee is comprised of three members: (a) Pension Benefit Guaranty Corporation, (b) O'Neal Steel, Inc., and (c) Harsco Corporation. On the same day, the Committee selected Lowenstein Sandler LLP and The Rosner Law Group LLC to serve as its co-counsel and EisnerAmper LLP to serve as its financial advisor in the Chapter 11 Cases. THERAPEUTICSMD INC: Incurs $21.1 Million Net Loss in 2nd Quarter ---------------------------------------------------------------- TherapeuticsMD, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $21.1 million on $4.40 million of net revenues for the three months ended June 30, 2016, compared to a net loss of $27.2 million on $4.84 million of net revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $42.0 million on $9.33 million of net revenues compared to a net loss of $48.1 million on $9.32 million of net revenues for the same period last year. As of June 30, 2016, TherapeuticsMD had $176.58 million in total assets, $9.33 million in total liabilities and $167.24 million in total stockholders' equity. "We believe that our existing cash will allow us to fund our operating plan through at least the next 12 months. If our available cash is insufficient to satisfy our liquidity requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interests of our existing shareholders will be diluted, and the terms of these new securities may include liquidation or other preferences that adversely affect the rights of our existing shareholders. If we raise additional funds through collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or proposed products. Additionally, we may have to grant licenses on terms that may not be favorable to us," the Company stated in the report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/k8m53R 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. TIAT CORPORATION: Plan Sets Aside $168K for Unsecured Creditors --------------------------------------------------------------- TIAT Corporation filed with the U.S. Bankruptcy Court for the District of Kansas a Chapter 11 plan that will set aside $168,000 to pay unsecured creditors. The plan, which provides for the reorganization of the company, proposes to pay Class 6 unsecured creditors a total of $168,000 at the rate of $2,000 per month for seven years. The payment will commence 90 days from the effective date of the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/TIATCorp_DS07142016.pdf About TIAT Corporation TIAT Corporation dba The Inn at Tallgrass -- http://www.theinnattallgrass.com/-- is located in Wichita, Kan. The hotel owner filed a chapter 11 petition (Bank. D. Kan. Case No. 16-10764) on Apr. 29, 2016, and is represented by Mark J Lazzo, Esq., in Wichita. At the time of the filing, the Debtor disclosed $2.25 million in assets and debts totalling $6.46 million. TIVO INC: Egan-Jones Gives BB+ Sr. Unsecured Ratings ---------------------------------------------------- Egan-Jones Ratings Company assigned BB+ senior unsecured ratings on debt issued by TiVo Inc on July 19, 2016. TiVo Inc. provides a subscription-based service enabled by a personal video recorder. The Company's service allows viewers to locate and record multiple shows, control live television, choose viewing preferences, and access their customized lineup of shows. TOTAL SLEEP MANAGEMENT: Disclosure Statement Hearing on Sept. 8 --------------------------------------------------------------- After Total Sleep Management, Inc., filed a proposed Disclosure Statement, Judge Cynthia C. Jackson ruled that an evidentiary hearing will be held on September 8, 2016 at 2:45 p.m. in Courtroom 6D, 6th Floor, George C. Young Courthouse, 400 West Washington Street, Orlando, Florida, to consider and rule on the Disclosure Statement and any objections or modifications and to consider any other matter that may properly come before the Court. All creditors and parties in interest that assert a claim against the Debtor which arose after the filing of the case, including all attorneys, accountants, auctioneers, appraisers, and other professionals for compensation from the estate of the debtor pursuant to 11 U.S.C. Sec. 330, must file applications for the allowance of such claims with the Court no later than 14 days after the Court enters an order approving the Disclosure Statement (the "Administrative Claims Bar Date"). Total Sleep Management, Inc., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-00366) on Jan. 19, 2016. The Debtor is represented by Taylor J King, Esq., at Law Offices Of Mickler & Mickler. TRAVELPORT WORLDWIDE: Incurs $14.8M Net Loss in Second Quarter -------------------------------------------------------------- Travelport Worldwide Limited filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $14.8 million on $606 million of net revenue for the three months ended June 30, 2016, compared to net income attributable to the Company of $15.3 million on $554 million of net revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income attributable to the Company of $1.75 million on $1.21 billion of net revenue compared to net income attributable to the Company of $7.18 million on $1.12 billion of net revenue for the same period last year. As of June 30, 2016, Travelport had $2.90 billion in total assets, $3.22 billion in total liabilities, and a total deficit of $324 million. Gordon Wilson, President and CEO of Travelport, commented: "Travelport's performance this quarter was strong in both revenue and Adjusted EBITDA, which was up 9% year over year, before the impact of a full provision we have made relating to a long term contract with a travel agency. We continue to benefit from recent customer implementations and product innovations, driving revenue growth across our platform and in International regions where growth was 15%. We are excited about new business agreed with major travel agencies in key regions such as Expedia (Europe), Yatra.com (India), Travix (global) and Almundo.com (Latin America) which will support future growth. "Within our Beyond Air portfolio, our BtoB payments business, eNett, delivered yet another excellent quarter with net revenue up 85%, driven by recent customer implementations as well as strong transaction growth at existing customers, particularly global OTAs. Assuming the continuation of current trends we anticipate eNett's full year net revenue to be in the range of $145-$155 million - up 58%-68% year over year. "Based on our performance to date, our known customer wins and despite the setback of the provision we have made, we're pleased to reiterate our full year net revenue and Adjusted EBITDA guidance, in what is a more challenging economic and travel environment. In addition, following the successful repricing of our term loans, we are raising our expectations for full year Adjusted Net Income and Adjusted Free Cash Flow." A full-text copy of the Form 10-Q is available for free at: https://is.gd/cPECXE About Travelport Worldwide Travelport Worldwide Limited is a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. * * * As reported by the TCR on March 8, 2016, Standard & Poor's Ratings Services raised to 'B+' from 'B' its long-term corporate credit rating on U.K.-based travel services provider Travelport Worldwide Ltd. The outlook is stable. TRIANGLE USA: Plan Support Agreement With Noteholders Denied ------------------------------------------------------------ BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order denying Triangle USA Petroleum (TUSA)'s motion for entry of an order authorizing the Debtors' assumption of a plan support agreement (PSA) between the Debtors and participating noteholders and payment of certain transaction expenses in accordance with the terms of the PSA. The denial order provides no explanation. As previously reported, "Under the plan of reorganization contemplated by the PSA, the Debtors will substantially deleverage their balance sheets by, among other things, (a) paying their existing RBL Credit Facility in full and entering into a new reserve-based credit facility upon emergence and (b) exchanging the TUSA Notes for common stock of reorganized TUSA, subject to dilution from other general unsecured claims and a management incentive plan. The PSA also contemplates a new money rights offering offered ratably to the holders of the TUSA Notes and backstopped by certain Participating Noteholders. Because reorganized TUSA's liquidity needs will depend on various factors that cannot be forecasted at present, the amount of the New Money Rights Offering will be determined later; however, the Debtors and the Participating Noteholders preliminarily contemplate a rights offering of approximately $100 million." About Triangle USA Triangle USA Petroleum Corporation is an independent exploration and production company with a strategic focus on developing the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota and Montana. TUSA is a wholly owned subsidiary of Triangle Petroleum Corporation (NYSE MKT: TPLM). Neither TPLM nor its affiliated company, RockPile Energy Services, LLC, is included in TUSA's Chapter 11 filing. Triangle USA Petroleum Corporation and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11566) on June 29, 2016. The cases are pending before the Honorable Mary F. Walrath. The Debtors have engaged Skadden, Arps, Slate, Meagher & Flom LLP as counsel, AP Services, LLC, as financial advisor, PJT Partners Inc. as investment banker and Prime Clerk LLC as claims & noticing agent. In its petition, TUSA estimated assets in the range of $500 million to $1 billion and liabilities of up to $1 billion. TRITON INT'L: S&P Assigns 'BB+' Corp. Credit Rating, Outlook Stable ------------------------------------------------------------------- S&P Global Ratings said it assigned its 'BB+' corporate credit rating to Purchase, N.Y.-based marine cargo container lessor Triton International Ltd. (TIL). The outlook is stable. S&P also affirmed its 'BB+' corporate credit rating on its subsidiary Triton Container International Ltd. (TCIL) and subsequently withdrew the rating because S&P will now be assessing the consolidated credit quality of TIL. At the same time, S&P affirmed S&P's 'BBB' issue-level rating on TCIL's secured debt. In addition, S&P assigned its 'BBB-' issue-level rating to TIL subsidiary TAL International Group Inc.'s (TAL) $153 million 5.41% notes due 2024. The recovery rating on TCIL's debt is '1', reflecting S&P's expectation of very high (90%-100%) recovery in the event of a default. The recovery rating on TAL's debt is '2', reflecting S&P's expectation of substantial (70%-90%; lower end of the range) in the event of default. "The stable outlook on Triton International Ltd. reflects our expectation that, pro forma for the merger of Triton Container International Ltd. and TAL International Group Inc., the combined entity will maintain a similar credit profile to that of TCIL, despite weaker earnings due to pressure on its lease rates, lower gains on equipment sales, and expected share repurchases," said S&P Global Ratings credit analyst Betsy Snyder. While S&P does not expect to lower its ratings on TIL over the next year, S&P could do so if there is a substantial change in its financial profile due to weaker-than-expected earnings or incremental debt leverage, caused by greater-than-expected share repurchases. These events would have to cause TIL's FFO-to-debt ratio to decline to 10% or its debt-to-capital ratio to increase to over 80% for a sustained period for us to lower the rating. Although also unlikely, S&P could raise its rating on TIL over the next year if its revenues and earnings growth exceeded S&P's expectations, or if the company used free cash for debt reduction, leading its FFO-to-debt ratio to approach the mid-teens percent area and its debt-to-capital ratio to decline below 75%. TRUSLOW LLC: Hires Sherif Abdalla as Real Estate Agent ------------------------------------------------------ Truslow, LLC, seeks authority from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Sherif Abdalla and TTR Sotheby's International Realty as real estate agent to the Debtor. Truslow, LLC requires Sherif Abdalla to represent Debtor in connection with the sale of real estate in McLean VA. Sherif Abdalla will be paid 6% commission, that may be shared with a buyer's or procuring agent, and a $250 administrative fee. Sheriff Abdalla, real estate agent with TTR Sotheby's International Realty, 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. Sherif Abdalla can be reached at: Sheriff Abdalla TTR SOTHEBY'S INTERNATIONAL REALTY 6723 Whittier Ave., Suite 101 McLean, VA 22101 Tel: (703) 319-3344 About Truslow, LLC Truslow, LLC, based in Mc Lean, VA, filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 16-10469) on February 11, 2016. The Hon. Brian F. Kenney presides over the case. Daniel M. Press, Esq., at Chung & Press, P.C., as bankruptcy counsel. In its petition, the Debtor listed $1.61 million in assets and $800,000 in liabilities. The petition was signed by Brigman Owens, managing member. TTM TECHNOLOGIES: Egan-Jones Assigns B Sr. Unsecured Ratings ------------------------------------------------------------ Egan-Jones Ratings Company assigned B senior unsecured ratings on debt issued by TTM Technologies Inc on July 19, 2016. TTM Technologies, Inc. is a manufacturer of printed circuit board (PCB) products and is focused on technologically advanced PCBs and electro-mechanical solutions (E-M Solutions). VANTAGE DRILLING: Moody's Assigns Caa3 CFR & Rates 1st Lien Loan B2 ------------------------------------------------------------------- Moody's Investors Service assigned new ratings to Vantage Drilling International (Vantage), including a Caa3 Corporate Family Rating (CFR), a Caa2-PD Probability of Default Rating (PDR) and a B2 rating to the 1st lien term loan that is secured by all of the company's assets. Moody's also assigned a Speculative Grade Liquidity (SGL) rating of SGL-3. The outlook is negative. Vantage entered bankruptcy in December 2015 and emerged effective February 10, 2016. The reorganization plan resulted in Vantage's new capital structure including (i) $32 million revolving letter of credit facility (LC facility), (ii) $143 million Term Loan facility (both (i) and (ii) maturing in December 2019 and governed by Second Amended and Restated Credit Agreement), (iii) $76.1 million of 10% senior secured second lien notes (2nd lien notes) maturing in December 2020 and (iv) $750 million of 1%/12% step-up senior secured third lien convertible notes maturing in December 2030. The bankruptcy process reduces Vantage's debt by approximately $2 billion. "Vantage's Caa3 CFR reflects the company's unsustainably high leverage while taking into account its reduced debt level post-bankruptcy. Moody's expects Vantage to continue to generate negative EBITDA through 2017 and use the balance sheet cash to service its debt" commented Sreedhar Kona, Moody's Senior Analyst. "The negative outlook is driven by the challenging offshore market and the high re-contracting risk for Vantage's idle rigs." Ratings Assigned -- Issuer: Vantage Drilling International -- Corporate Family Rating, assigned Caa3 -- Probability of Default Rating, assigned Caa2-PD -- Senior Secured 1st Lien Term Loan Rating, assigned B2 (LGD2) -- Speculative Grade Liquidity rating, assigned SGL-3 -- Outlook, assigned Negative RATINGS RATIONALE The Caa3 CFR for Vantage reflects the company's still unsustainably high financial leverage despite the debt reduction achieved in its reorganization, its small scale with four jackups and three drillships, and high re-contracting risk with only two of the company's seven rigs currently under contract in the second half of 2016. The offshore rig market is under intense pressure because of oversupply of rigs and the steep downturn in commodity prices. Moody's expects the utilization rates and the day rates for these rigs to continue to remain depressed for a prolonged period, challenging Vantage's ability to re-contract its unutilized rigs. Moody's expects that Vantage will continue to generate negative EBITDA through 2017 and will be servicing its debt by using the cash on the balance sheet of approximately $250 million as of first quarter 2016. The negative outlook reflects the challenging offshore drilling market and anticipated negative free cash flow, and also the risks pursuant to the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission ("SEC") investigations in relation to Vantage's alleged violations of the U.S. Foreign Corrupt Practices Act ("FCPA"). If Vantage becomes subject to any judgment, decree, order government penalty or fine, it may constitute an event of default under the terms of the secured debt agreements and may result in the outstanding debt becoming immediately due and payable. Moody's said, ???The senior secured 1st lien term loan is rated B2, four notches higher than the Caa3 CFR in accordance with Moody's Loss Given Default (LGD) Methodology, reflecting the priority claim of the 1st lien term loan on all of the company's assets and the significant amount of second and third lien debt of $76 million and $750 million respectively outstanding below the 1st lien debt. Given the significant oversupply of rigs and weak industry outlook, Moody's believes that the overall recovery for the company's debt will be relatively low, and therefore a 35% recovery rate was used in our LGD analysis along with a Caa2-PD PDR. The PDR incorporates Vantage's large cash balance that should cover anticipated negative free cash flow through at least the end of 2017.??? Vantage's SGL-3 rating indicates adequate liquidity through the end of 2017. The rating is supported by the company's large cash balance of approximately $250 million as of March 31, 2016. Capital expenditures, mainly to cover maintenance expenses on the warm stacked fleet, are projected to be approximately $7 million through the end of 2017. Scheduled principal debt maturities and interest payments are expected to be approximately $37 million through 2017. As of March 31, 2016, the company had $29.4 million availability for the issuance of letters of credit under its revolving credit facility due in December 2019. The 1st lien credit facility requires Vantage to maintain a minimum of $75 million of cash available. Moody's projects the company will comply with the covenant through the end of 2017. Alternate liquidity is limited as the assets are secured by the credit facility and any rigs sold would likely be at distressed valuations. Vantage's ratings could be downgraded if the cash is consumed at a greater rate than anticipated eroding the covenant cushion, or if the DOJ and SEC investigations result in an adverse judgment. Ratings are unlikely to be upgraded in the near term. However, if Vantage is able re-contract its idle rigs at dayrates that result in sufficient EBITDA to improve the interest coverage ratio towards 1.5x while maintaining adequate liquidity, Moody's will consider a rating upgrade. Vantage Drilling International is an international offshore drilling company headquartered in the Cayman Islands. The company is focused on operating a fleet of modern, high specification drilling units. Through its fleet of drilling units, Vantage provides offshore drilling contract services to major, national and independent oil and natural gas companies, focused primarily in international markets. The company was previously known as Offshore Group Investment Limited (OGIL) and changed its corporate name to Vantage Drilling International effective February 11, 2016. VERDE PORTAL: Files Plan to Exit Chapter 11 Protection ------------------------------------------------------ The Verde Portal LLC filed with the U.S. Bankruptcy Court for the District of Arizona its proposed plan to exit Chapter 11 protection. Under the plan, the undersecured portion of the loan issued by Hamleg Enterprises LLC to the company is classified in Class 5, which is impaired. Hamleg has filed a claim in the amount of $210,000. The claim, however, could be bifurcated into a general unsecured claim since it exceeds the available equity in Verde Portal's single asset valued at $135,000. After deducting for the first mortgage held by Paul Hawk of $130,011, and Hamleg's secured claim of $4,998, the latter has a general unsecured claim ranging from $65,001 to $205 001, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/VerdePortal_DS07192016.pdf Verde Portal is represented by: Scott M. Forrester, Esq. Forrester Law Practice, PLC 320 E. Virginia Ave Phoenix, Arizona 85004 (602) 889-5778 Office (602) 257-5014 Fax (602) 400-5436 Mobile Email: Scott@forresterlawpractice.com About The Verde Portal The Verde Portal LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No.: 15-04762) on April 23, 2015. VEROS ENERGY: Unsecureds to Recoup 50% Under Plan ------------------------------------------------- Veros Energy, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Alabama a second amended Disclosure Statement describing the Debtor's proposed liquidating plan. The Plan groups General unsecured claims in two classes: Class 2: General Unsecured Creditors Not Including AAE and LE (Allam Alternative Energy, LLC, and Lies Energy, LLC) Class 3: General Unsecured Creditors Including AAE and LE. Under the Plan, the Debtor will pay each Class 2 claim 50% of the principal amount of the allowed amount of each Class 2 claim without interest, in full satisfaction of each Class 2 creditor's claim. Class 2 claims are impaired. Any funds remaining after payment of the 50% distribution of all Class 2 claims will be paid to satisfy allowed Class 3 claims, by paying a pro rata percentage of the remaining principal amount of each Class 3 claim without interest from the remaining funds available in full satisfaction of each Class 3 creditor's claim. Class 3 claims are impaired. The allowed claims of all priority unsecured creditors will be paid in full. The Debtor has no secured creditors, as previously reported, and all unsecured creditors shall receive payment of at least 50% of their allowed claims without interest, excluding the unsecured claim of AAE and LE, which will recover only after the distribution of the 50% payment to the non-AAE and non-LE unsecured creditors. AAE and LE will not recover as equity holders in this case unless and until all other claims are paid in full. The Plan provides that all allowed administrative expense claims for professional fees and expenses will be paid in full. The Second Amended Disclosure Statement is available at: http://bankrupt.com/misc/alnb15-70470-441.pdf The Plan was filed by the Debtor's counsel: Richard M. Gaal, Esq. MCDOWELL KNIGHT ROEDDER & SLEDGE, LLC 11 North Water Street, Suite 13290 (36602) P.O. Box 350 Mobile, Alabama 36601 Tel: (251) 432-5300 Fax: (251) 432-5303 E-mail: rgaal@mcdowellknight.com The Creditors Committee is represented by: Kristofor D Sodergren, Esq. Rosen Harwood, PA 2200 Jack Warner Parkway, Suite 200 Post Office Box 2727 Tuscaloosa, AL 35403-2727 E-mail: ksodergren@rosenharwood.com The Bankruptcy Administrator is represented by: Robert J. Landry Assistant U.S. Bankruptcy Administrator 1129 Noble Street Anniston, AL 36201 E-mail: robert_landry@alnba.uscourts.gov Veros Energy, LLC, is a limited liability company organized and existing under the laws of the State of Kansas, and its principal place of business was historically located in Moundville, Alabama. Fifty percent of the Debtor's membership units are owned by Allam Alternative Energy, LLC, and the other 50% of the Debtor's membership units are owned by Lies Energy, LLC. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 15-70470) on April 6, 2015. VINOD GOPAL PATEL: Exit Plan Proposes to Pay Claims in Full ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on August 24, at 1:30 p.m., to consider the disclosure statement detailing the Chapter 11 plan of reorganization proposed by Vinod Gopal Patel. All claims, to the extent that any objections to the claims are not sustained, will be paid in full, and thus the Debtor believes that classification of claims is unnecessary, according to court filings. The Debtor manages a hotel and believes that the current operations can support his salary and a disposable income that will fund the payments under the proposed plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/VinodGopalPatel_DS07142016.pdf Vinod Gopal Patel sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-13703) on March 16, 2016. The case is assigned to Judge Erik P. Kimball. VIVARO CORP: To Create Liquidating Trust for Unsecured Creditors ---------------------------------------------------------------- A U.S. bankruptcy judge will consider approval of the Chapter 11 plan of reorganization of Vivaro Corp. and its affiliates at a hearing on September 13. Judge Martin Glenn will hold the hearing at 10:00 a.m. (Eastern Standard Time) at the U.S. Bankruptcy Court, One Bowling Green, New York. The bankruptcy judge will also consider at the hearing the approval of Vivaro's disclosure statement detailing its proposed plan. Vivaro Corp. on July 20 filed with the U.S. Bankruptcy Court for the Southern District of New York a restructuring plan, which proposes to create a liquidating trust to make payments to Class 3 general unsecured creditors. A liquidating trustee will distribute to each general unsecured creditor the pro rata share of the remaining cash on hand from the trust assets following the liquidation or abandonment of all non-cash trust assets. Vivaro and its affiliates hold as much as $6.27 million in their bank account, which will be used to fund the payments on the effective date of the plan. In addition, the companies have various pending litigations seeking the avoidance and return of preferential transfers. A copy of the disclosure statement and related documents is available for free at: http://bankrupt.com/misc/VivaroCorp_DS07202016.pdf http://bankrupt.com/misc/VivaroCorp_LiqAnalysis.pdf About Vivaro Corp. Vivaro Corp., which specializes in the sale of international calling cards in the U.S., filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 12-13810) on Sept. 5, 2012, together with six other related companies, including Kare Distribution Inc. The Debtor is represented by Frederick E. Schmidt, Esq., at Hanh V. Huynh, Esq., at Herrick, Feinstein LLP. Garden City Group Inc. is the claims and notice agent. A five-member official committee of unsecured creditors has been appointed in the case. The Creditors Committee is represented by: George P. Angelich, Esq. George V. Utlik, Esq. ARENT FOX LLP 1675 Broadway New York, NY 10019 Tel: (212) 484-3900 The Debtors' CRO is represented by: Phil Gund, Esq. MAROTTA GUND BUDD & DZERA, LLC The Lincoln Building 60 E. 42 Street, 50th Floor New York, NY 10165 Tel: (212) 818-1555 By Order dated January 31, 2013, the Court approved the sale of substantially all of the Debtors' assets to Next Angel, LLC, n/k/a Angel Americas, LLC. The sale closed on February 8, 2013 and divested the Debtors' Estates of their prepetition businesses. VOWS & VEILS: Hires Jones & Walden as Counsel --------------------------------------------- Vows & Veils, Inc. d/b/a White Garden Design Group, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden, LLC as counsel to the Debtor. Vows & Veils requires Jones & Walden to: a. prepare pleadings and applications; b. conduct of examination; c. advise the Debtor of its rights, duties and obligations as a debtor-in-possession; d. consult with the Debtor and represent Debtor with respect to a Chapter 11 plan; e. perform those legal services incidental and necessary to the day-to-day operations of the Debtor's business, including, but not limited to, institution and prosecution of necessary legal proceedings, and general business legal advice and assistance; f. take any and all other action incident to the proper preservation and administration of the Debtor's estate and business. Jones & Walden will be paid at these hourly rates: Attorneys $200-$350 Legal Assistants $90 Jones & Walden will be paid a retainer in the amount of $23,517.50, inclusive of filing fee. Jones & Walden will also be reimbursed for reasonable out-of-pocket expenses incurred. Cameron M. McCord, partner in the law firm of Jones & Walden, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Jones & Walden can be reached at: Cameron M. McCord, Esq. JONES & WALDEN, LLC 21 Eighth Street, NE Atlanta, GA 30309 Tel: (564) 9300 E-mail: cmccord@joneswalden.com About Vows & Veils Vows & Veils, Inc., based in Atlanta, GA, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 16-62919) on July 27, 2016. Cameron M. McCord, Esq., at Jones & Walden, LLC, as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million liabilities. The petition was signed by Yukie Suzuki, manager. WARNER MUSIC: Incurs $9 Million Net Loss in Third Quarter --------------------------------------------------------- Warner Music Group Corp. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to the Company of $9 million on $811 million of revenue for the three months ended June 30, 2016, compared to a net loss attributable to the Company of $44 million on $710 million of revenue for the three months ended June 30, 2015. For the nine months ended June 30, 2016, the Company reported net income attributable to the Company of $29 million on $2.40 billion of revenue compared to a net loss attributable to the Company of $68 million on $2.21 billion of revenue for the same period last year. As of June 30, 2016, Warner Music had $5.49 billion in total assets, $5.26 billion in total liabilities and $232 million in total equity. At June 30, 2016, the Company had $2.908 billion of debt, $345 million of cash and equivalents (net debt of $2.563 billion, defined as total long-term debt, including the current portion, less cash and equivalents) and $218 million of Warner Music Group Corp. equity. This compares to $2.994 billion of debt, $246 million of cash and equivalents (net debt of $2.748 billion) and $221 million of Warner Music Group Corp. equity at Sept. 30, 2015. "Five years after Access Industries' acquisition of Warner Music Group, the company is growing revenue, OIBDA and market share," said Stephen Cooper, Warner Music Group's CEO. "Our results underscore this momentum, driven by exceptional music from our artists and songwriters, our expanded global reach and strong leadership from our team around the world. With our recorded music streaming revenue now approaching double the size of our download revenue, and still growing fast, we are on course for another excellent year." "Our cash flow has been strong," added Eric Levin, Warner Music Group's executive vice president and CFO. "As a result, we have continued to make strides optimizing our capital structure, paying down $175 million in debt so far this year and successfully refinancing a portion of our term loan." A full-text copy of the Form 10-Q is available for free at: https://is.gd/FT5NgV About Warner Music Group Based in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- was formed by a private equity consortium of investors on Nov. 21, 2003. The Company is the direct parent of WMG Holdings Corp., which is the direct parent of WMG Acquisition Corp. WMG Acquisition Corp. is one of the world's major music-based content companies and the successor to substantially all of the interests of the recorded music and music publishing businesses of Time Warner Inc. In May 2011, Warner Music Group Corp. and Access Industries, the U.S.-based industrial group, announced the execution of a definitive merger agreement under which Access Industries will acquire WMG in an all-cash transaction valued at $3.3 billion. The purchase includes WMG's entire recorded music and music publishing businesses. Warner Music reported a net loss attributable to the Company of $91 million on $2.96 billion of revenues for the fiscal year ended Sept. 30, 2015, compared to a net loss attributable to the Company of $308 million on $3.02 billion of revenues for the fiscal year ended Sept. 30, 2014. * * * As reported by the TCR on Oct. 23, 2015, Standard & Poor's Ratings Services lowered its corporate credit rating on Warner Music Group to 'B' from 'B+'. "The downgrades reflect our expectations that WMG's adjusted leverage will remain elevated for the next two years -- above our 5x threshold for the 'B+' corporate credit rating," said Standard & Poor's credit analyst Naveen Sarma. WARREN RESOURCES: Plan Confirmation Hearing Slated for September 14 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas will hold a hearing on Sept. 14, 2016, at 10:00 a.m. (Central Time) before the Hon. Marvin Isgur, in Courtroom 404, 4th Floor, 515 Rusk Avenue, Houston, Texas, to confirm the Chapter 11 plan of reorganization of Warren Resources Inc. and its debtor-affiliates. Objections to the confirmation of the Debtors' plan, if any, must be filed no later than 4:00 p.m. (Central Time) on Sept. 7, 2016. On July 25, 2016, the Court approved the adequacy of the Debtors' disclosure statement explaining their plan. As reported by the Troubled Company Reporter on Aug. 3, 2016, the Debtors filed a plan that's based on a settlement with first lien lenders owed $248 million that would provide for distributions to second lien lenders and general unsecured creditors. Unsecured creditors are estimated to have a 2.78% recovery under the Plan. Without the restructuring provided for in the Plan, the Debtors said they would not have sufficient liquidity to maintain their business as a going concern. The Plan would reduce their $486.3 million of indebtedness by converting the claims of the first lien lenders, second lien lenders and holders of senior notes into equity in the Reorganized Debtors and (in the case of the first lien lenders) the new first lien facility. A copy of the Disclosure Statement accompanying the Plan of Reorganization dated July 18, 2016, is available at: http://bankrupt.com/misc/Warren_Resources_217_DS.pdf About Warren Resources, Inc. Warren Resources Inc., is an independent energy company engaged in the exploration, development and production of domestic onshore crude oil and natural gas reserves. It is primarily focused on the development of its waterflood oil recovery properties in the Wilmington field within the Los Angeles Basin of California, its position in the Marcellus Shale gas in northeastern Pennsylvania and its coalbed methane, or CBM, natural gas properties located in Wyoming. Warren Resources, Inc., Warren E&P, Inc., Warren Resources of California, Inc., Warren Marcellus LLC, Warren Energy Services, LLC, and Warren Management Corp. each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32760) on June 2, 2016. The Debtors listed total assets of $230 million and total debt of $545 million. The Debtors have hired Andrews Kurth LLP as counsel, Jefferies LLC as investment banker, Deloitte Transactions and Business Analytics LLP as restructuring advisor and Epiq Bankruptcy Solutions, LLC as claims, balloting and noticing agent. Judge Marvin Isgur has been assigned the cases. An official committee of unsecured creditors has not yet been appointed in these cases by the Office of the United States Trustee. WAYNE EARL DAHL: Files Plan to Exit Chapter 11 Protection --------------------------------------------------------- Wayne Earl Dahl filed with the U.S. Bankruptcy Court for the Northern District of Florida his proposed plan to exit Chapter 11 protection. Under the restructuring plan, Class 21 general unsecured creditors with claims of less than $2,000, will be paid in full within 30 days after the effective date of the plan. Class 22 general unsecured creditors, which hold claims of more than $2,000 that are not personally guaranteed, will be paid according to the Debtor's proposed payment schedules. Payments under the plan will be funded from operations of the Debtor and income from Stand-up Multi-positional Advantage MRI, PA stockholder distributions, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/WayneEarlDahl_2DS07202016.pdf The Debtor is represented by: Charles M. Wynn, Esq. Charles M. Wynn Law Offices P.A. P.O. Box 146 Marianna, FL 32447-0146 Phone: 850-526-3520 About Wayne Earl Dahl Wayne Earl Dahl sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 15-50144) on April 22, 2015. The Debtor is represented by Charles M. Wynn, Esq., at Charles M. Wynn Law Offices P.A. WENDY ROBERTS: Patient Care Ombudsman Files 19th Report ------------------------------------------------------- Constance Doyle, as the Patient Care Ombudsman for Wendy Roberts, M.D., has filed a Nineteenth Interim Report for the period of April 2016 to May 31 2016. The PCO continues to find that all care provided to the patients provided by Dr. Roberts at Rancho Mirage, California, is well within the standard of care. The Facility is a Dermatology Specialty Center that began with the Debtor in 1994. The Ombudsman observed stability on April 2016 with a full schedule, stable staff and continued improvement in services. On May 2016, the PCO notes that a less physician-patient interaction occurred due to the presence of Vanquish ME Laser in the market, a laser product approved by the FDA for fat reduction. Dr. Roberts has been approached to become a spokesperson/user of this device. In both months, no issues are identified. The bankruptcy case is Wendy Roberts, Case No. 6:13-bk-14794-WJ (Bankr. C.D. Calif.). WENDY ROBERTS: Patient Care Ombudsman Files 20th Report ------------------------------------------------------- Constance Doyle, as the Patient Care Ombudsman for Wendy Roberts, M.D., has filed the Twentieth Interim Report for the period of June 1, 2016 to July 31, 2016. The PCO continues to find that all care provided to the patients provided by Dr. Roberts at Rancho Mirage, CA is well within the standard of care. The Facility is a Dermatology Specialty Center that began with the Debtor in 1994. The Ombudsman reported that on June 2016, Dr. Roberts received a Certificate of Appreciation from the California State Board of Equalization, "In Honor of" Excellence in Business. Moreover, PCO added that June schedule is full while that of July is looking good. PCO observed that the decrease of appointments on July is possibly caused by the extreme heat and a very heavy humidity. No issues were identified for both months of June and July. The bankruptcy case is Wendy Roberts, Case No. 6:13-bk-14794-WJ (Bankr. C.D. Calif.). WEST CORP: Reports $33 Million Net Income in Second Quarter ----------------------------------------------------------- West Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $33.0 million on $582 million of revenue for the three months ended June 30, 2016, compared to net income of $49.6 million on $572 million of revenue for the same period last year. For the six months ended June 30, 2016, the Company reported net income of $77.5 million on $1.15 billion of revenue compared to net income of $130 million on $1.13 billion of revenue for the six months ended June 30, 2015. As of June 30, 2016, West Corp had $3.54 billion in total assets, $4.06 billion in total liabilities and $522 million in total stockholders' deficit. "We have historically financed our operations and capital expenditures primarily through cash flows from operations supplemented by borrowings under our senior secured credit facilities, revolving credit facilities and asset securitization facilities. In March 2015, we filed a registration statement with the Securities and Exchange Commission using a shelf registration process. As permitted under the registration statement, we may, from time to time, sell shares of our common stock, as market conditions permit, to finance our operations and capital expenditures or provide additional liquidity. "The Company's Board of Directors has approved a share repurchase program under which the Company may repurchase up to an aggregate of $75.0 million of its outstanding common stock of which $53.0 million remains unused. Purchases under the program may be made from time to time through open market purchases, block transactions or privately negotiated transactions. The Company expects to fund the program using its cash on hand and cash generated from operations. The program may be suspended or discontinued at any time without prior notice. "Our current and anticipated uses of our cash, cash equivalents and marketable securities are to fund operating expenses, acquisitions, capital expenditures, interest payments, tax payments and quarterly dividends, repurchase common stock and repay principal on debt." A full-text copy of the Form 10-Q is available for free at: https://is.gd/7ed86G About West Corporation Omaha, Neb.-based West Corporation is a global provider of communication and network infrastructure solutions. West helps manage or support essential enterprise communications with services that include conferencing and collaboration, public safety services, IP communications, interactive services such as automated notifications, large-scale agent services and telecom services. West Corporation reported net income of $242 million on $2.28 billion of revenue for the year ended Dec. 31, 2015, compared to net income of $158 million on $2.21 billion of revenue for the year ended Dec. 31, 2014. * * * As reported by the TCR on June 21, 2013, Standard & Poor's Ratings Services raised its corporate credit rating on West Corp. to 'BB-' from 'B+'. The upgrade reflects Standard & Poor's view that lower debt leverage and a less aggressive financial policy will strengthen the company's financial profile. In the April 4, 2013, edition of the TCR, Moody's Investor Service upgraded West Corporation's Corporate Family Rating to 'B1' from 'B2'. "The CFR upgrade to B1 reflects West's shift to a more conservative capital structure and financial policies as a publicly owned company," stated Moody's analyst Suzanne Wingo. WEST VIRGINIA HIGH: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- West Virginia High Technology Consortium Foundation 16-00806 dba High Technology Foundation 1000 Technology Drive, Suite 1000 Fairmont, WV 26554 HT Foundation Holdings, Inc. 16-00807 Robert H. Mollohan Research Center 1000 Technology Drive, Suite 8000 Fairmont, WV 26554 Type of Business: Chapter 11 Petition Date: August 4, 2016 Court: United States Bankruptcy Court Northern District of West Virginia (Clarksburg) Judge: Hon. Patrick M. Flatley Debtors' Counsel: David B. Salzman, Esq. CAMPBELL & LEVINE, LLC 310 Grant Street, Suite 1700 Pittsburgh, PA 15219 Tel: (412) 261-0310 Fax: 412-261-5066 E-mail: dbs@camlev.com Estimated Estimated Assets Liabilities ----------- ----------- West Virginia High Technology $10M-$50M $10M-$50M HT Foundation Holdings $10M-$50M $10M-$50M The petitions were signed by James L. Estep, president and CEO. The Debtors did not include a list of their largest unsecured creditors when they filed the petitions. WHITESBURG REALTY: Files Plan to Exit Chapter 11 Protection ----------------------------------------------------------- Whitesburg Realty, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Kentucky its proposed plan to exit Chapter 11 protection. Under the restructuring plan, each creditor holding an unsecured claim in Class B will receive its distribution equal to its pro rata share of 100% of Whitesburg's net profits from its operations five years after confirmation of the plan. Whitesburg estimates allowed Class B unsecured claims at $10,000. Meanwhile, the company estimates that allowed secured claims will be paid in full by the second year of the restructuring plan, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/WhitesburgRealty_DS07122016.pdf About Whitesburg Realty, LLC. Whitesburg Realty, LLC filed a chapter 11 petition (Bankr. E.D. Ky. Case No. 16-50721) on April 13, 2016. The petition was signed by Jeffrey C. Ruttenberg, member. The Debtor is represented by Jamie L. Harris, Esq., at Delcotto Law Group PLLC. The Debtor estimated assets of $1 million to $10 million and debts of $1 million to $10 million. The Debtor listed Wyatt, Tarrant & Combs, LLP as its largest unsecured creditor holding a claim of $10,000. WIDEOPENWEST FINANCE: S&P Rates Proposed $2.065BB Term Loan 'B' --------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Englewood, Colo.-based cable overbuilder WideOpenWest Finance LLC's proposed $2.065 billion term loan B due 2023. The company will use proceeds from the new term loan to refinance its $2 billion term loan due 2019 ($1.825 billion outstanding as of June 30, 2016), redeem about $159 million of the 13.375% subordinated notes due 2019, fund the $55 million acquisition of NuLink, and pay related fees and expenses. The '3' recovery rating indicates S&P's expectation for meaningful recovery (50%-70%; upper half of the range) of principal in the event of a payment default. S&P's 'B' corporate credit rating and stable outlook are not affected by the transaction despite a very modest increase in leverage. S&P expects adjusted debt to EBITDA to be in the high-6x area in 2016 and 2017, which is within S&P's parameters for the current rating. More importantly, S&P believes the proposed transaction will improve the company's liquidity position by partially addressing near-term debt maturities. RATINGS LIST WideOpenWest Finance LLC Corporate Credit Rating B/Stable/-- New Rating WideOpenWest Finance LLC $2.065 billion term loan B due 2023 Senior Secured B Recovery Rating 3H WILLIAM BEDDIE: Unsecured Creditors to Get 5% of Claims ------------------------------------------------------- William Beddie filed with the U.S. Bankruptcy Court for the Eastern District of California a Chapter 11 plan of reorganization, which proposes to pay general unsecured creditors 5% of their claims. Under the plan, Class 4 general unsecured creditors will receive 5% of their claims in four quarterly installments. These creditors assert a total of $273,105 in claims. General unsecured creditors may not take any collection action against the Debtor so long as he is not in default under the restructuring plan. Class 4 is impaired and is entitled to vote on the plan. A copy of the reorganization plan is available for free at http://bankrupt.com/misc/WilliamBeddie_Plan07192016.pdf The Debtor is represented by: John Gregory Downing, Esq. Downing Law Offices 10069 West River Street, Suite 6C Truckee, CA 96161 Tel: (530) 582-9182 Email: john@downinglaw.com William T. Beddie sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 12-33885) on July 30, 2012. WILLIAMS PARTNERS: S&P Affirms 'BB' Corporate Credit Rating ----------------------------------------------------------- S&P Global Ratings Services said that it affirmed its 'BBB-' corporate credit and senior unsecured ratings on Williams Partners L.P. (WPZ) and its wholly-owned subsidiaries, Northwest Pipeline LLC and Transcontinental Gas Pipe Line Co. (Transco). The outlook is negative. S&P also affirmed the ratings on The Williams Cos. Inc. (WMB), including the 'BB' corporate credit rating, 'BB' senior unsecured rating, 'B+' junior subordinated debt rating, and 'B' preferred stock rating, and removed the ratings from CreditWatch, where S&P placed them with negative implications on May 26, 2016. The outlook is negative. The '4' recovery rating on the senior unsecured debt is unchanged and indicates S&P's expectation of average (30%-50%; lower end of the range) recovery if a default occurs. The '6' recovery rating on the junior subordinated notes is also unchanged and indicates S&P's expectation of negligible recovery (0%-10%) if a default occurs. "The rating action balances the benefits of WMB's decision to cut its dividend and reinvest the proceeds in WPZ to the partnership's credit profile, with a moderate amount of execution risk, in our opinion, related to WPZ's deleveraging strategy and funding of its 2017 capital plan," said S&P Global Ratings credit analyst Michael Grande. S&P believes the proceeds of up to $1.7 billion from WMB, plus most of the cash from the planned sale of the Canadian business in excess of $1 billion, has minimized some of the risk in WPZ's previous strategy to deleverage the balance sheet, from which S&P's February 2016 forecast was based. S&P now thinks WPZ may not need to rely to the same degree on a combination of asset sales, reductions to discretionary spending, and distribution cuts to reduce leverage below our target of 4.75x by 2017. Nevertheless, S&P's forecast assumes WPZ will have to fund a large discretionary cash flow deficit (operating cash flow minus capital spending and distributions) of almost $3.5 billion in 2017, which S&P views as a key risk, despite the general improvement in the capital markets during the last few months. S&P expects WPZ to fund this deficit with the dividend reinvestment from WMB and a combination of debt and equity, which should keep credit measures in line with S&P's forecast. The negative outlook on WPZ reflects S&P's view that the partnership still faces some execution risk in 2017 with repairing its balance sheet and funding a large capital spending program, which if implemented successfully should improve debt to EBITDA below 4.5x by 2018, when expansion projects at Transco are placed into service. The negative outlook on WMB reflects S&P's view that that the two-notch ratings differential will remain in place between WMB and WPZ, based on S&P's expectations that the distribution payments WMB receives from its ownership interest in WPZ will remain relatively stable, and stand-alone leverage will be in the 2x area during the next 12 months. WOODLAWN LANDSCAPING: Unsecured Creditors to Get 45% Under Plan --------------------------------------------------------------- Woodlawn Landscaping, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Chapter 11 plan of reorganization, which proposes to pay general unsecured creditors 45% of their claims. Under the proposed plan, creditors holding Class 2 general unsecured non-priority claims will be paid 45% of their claims without interest, on a pro rata basis. Woodlawn Landscaping will pay the claims in quarterly installments over a term of 72 months from the effective date of the plan, according to the disclosure statement detailing the plan. A copy of the disclosure statement is available for free at http://bankrupt.com/misc/WoodlawnLandscaping_1DS07202016.pdf The Debtor is represented by: Graham Thornton Jennings, Jr., Esq. Graham T. Jennings, Jr., P.C. P.O. Box 426, Powhatan, Virginia 23139 Phone: (804) 598-7912 Fax: (804) 591-0323 Email: powlaw@verizon.net About Woodlawn Landscaping Woodlawn Landscaping, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 15-34068) on August 3, 2015. WORSLEY ENTERPRISES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Worsley Enterprises, Inc. 3121 Dakota Ave, N.E. Washington, DC 20018 Case No.: 16-00384 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: August 4, 2016 Court: United States Bankruptcy Court District of Columbia (Washington, D.C.) Judge: Hon. Martin S. Teel, Jr. Debtor's Counsel: Wendell C. Robinson, Esq. ROBINSON LAW, PLLC 7600 Georgia Ave N.W. #203 Washington, DC 20012 Tel: 202-223-4470 E-mail: grindstonelaw@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zella M. Worsley, 100% shareholder. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. YH LIMITED: Seeks U.S. Recognition of UK Proceeding --------------------------------------------------- YH Limited commenced a case under Chapter 15 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 3, 2016, seeking recognition in the United States of a proceeding currently pending in the United Kingdom. Christian Henry Wells filed the petition as authorized by a July 25, 2016, order of the Chancery Division (Companies Court) of the High Court of Justice of England and Wales to act as the foreign representative with respect to a voluntary restructuring proceeding concerning the Debtor through a scheme of arrangement before the UK Court. "The purpose of recognition of the Scheme in the United States is to help ensure its nforceability and effectiveness in the United States," Mr. Wells said. "The Debtor, the other members of the Group and the Lenders party to the Lock-up Agreement wish to ensure that no creditors can bypass the effect of the Scheme by commencing litigation or taking other actions in the United States," he maintained. YH Limited is an indirect, wholly owned subsidiary of Hibu Group Limited ("Topco," together with its direct and indirect subsidiaries, "hibu" or the "Group") that has historically been a provider of yellow pages directory listings in the United States, the UK, and Spain. In addition to printed yellow pages, the Group has leveraged its strong local brands and relationships with small and medium-sized enterprises to sell an increasingly sophisticated set of digital marketing and advertising products and services, including mobile-optimized websites, search marketing, search engine optimization, digital display advertising, digital listings management, and social presence management. The Debtor applied to the UK Court on July 25, 2016, for an order directing it to convene a meeting in respect of the Scheme for a single class of creditors only. The Scheme Creditors are the only creditors whose claims will be compromised by the Scheme. The purpose of the proposed Scheme Meeting is to consider and, if appropriate, approve the Scheme. On July 25, 2016, the UK Court held a hearing and subsequently issued the Convening Court Order. The Convening Court Order also (i) confirms that the Scheme Meeting will be held at 11:30 am (London time) on Sept. 2, 2016, at the offices of Slaughter and May, One Bunhill Row, London EC1Y 8YY, (ii) confirms the documents and notices that will be sent to the Scheme Creditors, and (iii) declares that the Petitioner is authorized to act as foreign representative in respect of the UK Proceeding, including in any Chapter 15 proceeding. It is currently anticipated that the Sanction Hearing will be held on Sept. 6, 2016. If the Refinancing is implemented, all of YH Limited's existing indebtedness under the Facilities will be cancelled in exchange for Scheme Creditors receiving additional Topco shares as well as the New Notes, to be allocated pro rata to Scheme Creditors in accordance with their holding of the Facilities. In addition, the Group's obligation to make contributions to the Pension Plan, and the Group's ability to do so under the terms of the existing intercreditor agreement, will be modified. In 2014, the Group successfully restructured its debts under a 2009 senior facilities agreement. Pursuant to the 2014 Restructuring, which was implemented via a scheme of arrangement, lenders under the 2009 senior facilities agreement agreed to write off approximately GBP800 million of the approximately GBP2.3 billion debt then outstanding in exchange for, among other things: * Topco Shares: all of the shares in the newly incorporated Topco, which became the ultimate owner of the key subsidiaries of the Group, including YH Limited; * Cash Pay Facilities: the equivalent of GBP500 million of five- year, multi-currency, non-amortizing, senior secured cash pay debt of YH Limited, denominated in sterling, euro and dollars, bearing interest at a floating rate equal to LIBOR plus 5.00 per cent per annum and maturing in 2019, of which around GBP150 million currently remains outstanding following cash sweeps and other mandatory prepayments since 2014; and * PIK Facilities: the equivalent of GBP920 million of 10-year, multi-currency, non-amortizing, senior secured payment-in-kind debt of YH Limited, denominated in sterling, euro and dollars, bearing interest at a floating rate equal to LIBOR plus 1.00 per cent per annum and maturing in 2024, which with accrued interest, now total around the equivalent of GBP1 billion. The terms of the Topco Shares, Cash Pay Facilities and PIK Facilities provide for the stapling together of those instruments, so that holders must hold all three instruments in fixed proportions. As part of the 2014 Restructuring, the Group and its lenders at the time also came to an agreement with the then trustees (now replaced by a single corporate trustee) for the hibu (UK) Pension Plan regarding the sharing of cash from the Group available for debt service and annual contributions to be paid by the Group to the Pension Plan. The Group, with the support of a significant majority of its Lenders (and Topco's members), is now undertaking a new refinancing, which will achieve a more sustainable capital structure and address certain issues that remain following the 2014 Restructuring. According to the Petitioner, while the 2014 Restructuring provided the best solution available at the time to the Group's likely insolvency, it did not address certain legacy issues that the Scheme and the 2016 Refinancing now aim to address, including (1) an impending increase, or step-up, in contributions the Group is required to make to the Pension Plan, and (2) the amount of the outstanding debt, the stapling of the debt, and the maturity of the PIK Facilities in 2024. Should the Scheme not be approved, the Petitioner anticipates that the legacy issues from the 2014 Restructuring would persist and YH Limited would face a default under the Senior Facilities Agreement or its obligations in respect of the Pension Plan in April 2018. "Time is limited if the Refinancing is to be successful. Although a majority of the Lenders have agreed pursuant to the Lock-up Agreement to support the Refinancing and the Scheme, the Lock-up Agreement expires on October 8, 2016, at which point the Lenders party thereto could withdraw their support for the Refinancing and the Scheme. In addition, a failure to complete the Refinancing within the proposed timeframe is likely to attract negative attention, with a detrimental impact upon the Group and key stakeholders, including its shareholders and creditors, as well as suppliers, employees and customers," said Emil A. Kleinhaus, Esq., at Wachtell, Lipton, Rosen & Katz, one of the Petitioner's attorneys. I. The Pension Plan Contribution Step-Up Under the terms of the 2014 Restructuring, the Group is required to make monthly contributions of GBP500,000 into the Pension Plan through March 2018. In addition, the Pension Plan is entitled to receive a proportion of the Group's distributed cash. Beginning in April 2018, the Group is required to make a minimum annual contribution to the Pension Plan of GBP12.5 million (payable in equal monthly installments unless a prepayment of future installments is made). This minimum annual contribution will increase by 5% in each fiscal year thereafter. However, the Senior Facilities Agreement restricts members of the Group from making payments to the Pension Trustee that, in any year, would exceed 4% of the total cash distributed by the Group to Lenders and holders of Topco shares (which may be distributed through the mandatory excess cash sweep mechanics under the Senior Facilities Agreement, or any other mechanism, such as dividends to the members of Topco or voluntary repayments made in accordance with the Senior Facilities Agreement). Moreover, an intercreditor agreement governing the relative rights of the Lenders and the Pension Trustee, as secured creditors of the Group, provides that the proceeds of any enforcement of Security are to be distributed such that the Lenders receive 96% and the Pension Trustee receives the remaining 4%. Given the 4% cap on distributions, in order to meet the required minimum annual contribution to the Pension Plan, starting in April 2018, members of the Group would need to make cash distributions of over GBP300 million per year (increasing by 5% per year). For context, the amount distributed by the Group to Lenders in the fiscal year ended March 31, 2015 was GBP196 million; in the fiscal year ended March 31, 2016, that figure was GBP227 million. The Group currently forecasts that it will distribute around GBP180 million in the fiscal year ending March 31, 2017. The boards of YH Limited and Topco consider it very unlikely that the Group will generate sufficient distributable cash in April 2018 or in the foreseeable future to be able both to meet their obligations in respect of the Pension Plan and to comply with the restrictions in the Senior Facilities Agreement on payments to the Pension Plan. Accordingly, the boards of YH Limited and Topco believe that in April 2018 or shortly thereafter, the Group is likely to default on its existing financing arrangements or its obligations to the Pension Plan. The Scheme and the 2016 Refinancing address this impending conflict by providing for the replacement of the existing intercreditor agreement with a new security trust and intercreditor deed. As a general matter, these new documents no longer require the Group to ensure that the Lenders receive 96% of free cashflow, while at the same time reducing the scheduled contributions to the Pension Plan pursuant to a Framework Deed, entered into on July 8, 2016, with the Pension Trustee but conditioned upon the Refinancing. The Pension Plan and Framework Deed are governed by English law. The Pension Plan relates to only employees of the UK companies. II. The PIK Facilities: Amount, Stapling and Maturity The lenders who participated in the 2014 Restructuring required that the PIK Facilities put in place at that time have a face amount significantly greater than the assets of the Group at the time and a maturity date in 2024. Fundamentally, the amount of outstanding debt under the Facilities, which is currently around six times leverage of the Group, is not sustainable in the long term. The directors of YH Limited and Topco believe that, notwithstanding the Group's improved financial performance of late, it is unlikely that the Group will be able to repay the PIK Facilities at maturity and accordingly should take steps to normalize its capital structure now pursuant to the 2016 Refinancing. The 2014 Restructuring also imposed a "stapling" of instruments. Consequently, at present, a Lender may only transfer any of its rights and/or obligations or economic interest in the Cash Pay Facilities if it also transfers, sells and/or assigns a pro rata amount at the same time of its interest in (i) the PIK Facilities and (ii) the Topco Shares. This stapling has resulted in an illiquid market for the debt of YH Limited and the shares of Topco. The boards of YH Limited and Topco have thus resolved that in order to restore a viable and sustainable capital structure, it is appropriate to seek to reduce the amount of the Group's debt further. The boards of YH Limited and Topco have likewise concluded that it is appropriate to remove the staple on the cash-pay portion of the Group's debt. Finally, the boards of YH Limited and Topco wish to act now to address the impending step-up of the required contribution to the Pension Plan and the PIK maturity in 2024, as the directors consider it unlikely that either the trading performance of the Group will improve to the extent that it can fund the stepped-up contribution and repay the PIK Facilities at maturity or that shareholders of Topco would be prepared to inject sufficient further equity capital to otherwise meet these obligations. Addressing these issues in a coordinated, efficient and cost-effective manner will maximize value for all stakeholders. IIII. The Lock-Up Agreement, the 2016 Refinancing, and the Scheme In connection with the Scheme and the 2016 Refinancing, Slaughter and May has acted as global legal adviser to YH Limited and Topco, while Lazard & Co. Ltd has acted as financial adviser to YH Limited and Topco. Sullivan & Cromwell has acted as legal adviser to the Scheme Creditors and the holders of Topco shares. On June 1, 2016, the Group uploaded a letter and term sheet which announced the key terms of the Refinancing to an "Intralinks Debtspace" website to which all Scheme Creditors have or can request access, which is the online system by which the Group disseminates information to Lenders. To date, Lenders holding approximately 83% of all outstanding debt under the Senior Facilities Agreement have signed a Lock-up Agreement pursuant to which they have agreed to support the Refinancing and the Scheme. The obligations of the parties to the Lock-up Agreement will terminate on Oct. 8, 2016 (subject to extension to Nov. 8, 2016, by approval of a majority of the Lenders party thereto). In connection with the proposed Refinancing, the Pension Trustee carried out a valuation of the Pension Plan as of Dec. 31, 2015. On the basis of the results of that valuation and subsequent negotiations, the Pension Trustee entered into the Framework Deed memorializing its support for the Refinancing and agreeing to adjust the required contributions to the Pension Plan, subject to consummation of the Refinancing. The key features of the consensual Refinancing to be implemented by the Scheme are as follows: * Owl Finance plc, a newly formed company incorporated in England and Wales with registered number 10277047 and having its registered office at One Reading Central, Forbury Road, Reading, RG1 3YL, United Kingdom, will be interposed as the direct parent entity of YH Limited in the Group structure. * All of YH Limited's existing indebtedness under the Facilities will be cancelled in exchange for Scheme Creditors receiving additional Topco shares, as well as the two types of new debt securities to be issued by Newco, resulting in a net reduction and capitalization of approximately GBP550 million of the Group's pre-Refinancing debts. * The New Notes involved in this exchange include: -- issuance of the equivalent of GBP300 million (calculated by reference to the prevailing foreign exchange rate) in secured, cash-pay debt, structured as Eurobonds listed on the Cayman Islands Stock Exchange, in three tranches (sterling, euro and US dollar), bearing interest at a floating rate equal to LIBOR + 7.00%, and maturing in 2021; and -- issuance of the equivalent of GBP250 million (calculated by reference to the prevailing foreign exchange rate) in secured payment-in-kind debt, structured as Eurobonds listed on the Cayman Islands Stock Exchange, in three tranches (sterling, euro and US dollar), bearing interest at a floating rate equal to LIBOR + 10.00% (if capitalized) or 8.50% (if paid in cash), maturing in 2065, and convertible into Topco shares in certain circumstances. * The Group's debt and equity securities will be partially de-stapled, such that the Cash Pay Notes will not be stapled to either the PIK Notes or the Topco Shares, while the PIK Notes and the Topco Shares will be stapled together. * New guarantees and security will be granted for the New Notes by those members of the Group that are incorporated in the United Kingdom and the United States. These entities will also guarantee and pledge their assets to ratably secure certain obligations due in respect of the Pension Plan. * A separate scheme of arrangement will be implemented in respect of Topco that will result in, among other things, new shareholder arrangements and entry into a shareholders' agreement governing the relationship and actions of the post-Refinancing holders of shares in Topco. As part of the Refinancing, Topco will pursue a separate scheme of arrangement that will result in, among other things, new shareholder arrangements and entry into a shareholders' agreement governing the relationship and actions of the post-Refinancing holders of shares in Topco. It is not currently anticipated that Topco will seek Chapter 15 recognition of its scheme. [*] Chadbourne & Parke's Deutsch Joins Clifford Chance ------------------------------------------------------ International law firm Clifford Chance said Douglas Deutsch has joined its Americas Financial Restructuring Group as a partner in New York. He is the second partner to join the firm the past week after the former chief counsel to the chair of the US Securities and Exchange Commission, Bob Rice, joined the Litigation & Dispute Resolution practice on August 1. Deutsch, who joins Clifford Chance from Chadbourne & Parke, has more than 18 years experience in a wide range of bankruptcy proceedings and restructurings, including representing creditors' committees, secured and unsecured creditors and indenture trustees. He also serves as vice president of Education for the American Bankruptcy Institute. "Doug is an excellent fit for our practice, and someone whom Jennifer DeMarco and I hold in high regard," said Andrew Brozman, the head of the Americas Financial Restructuring Group. "He has the substantive skills and talent to service and grow relationships with his existing clients as well as those of the Firm. We couldn't be more pleased to welcome him to our team." Deutsch joins the group on the heels of the arrival of counsel Kristine Manoukian from Akin Gump. Evan Cohen, regional managing partner of the Americas, said, "Doug shares our strong commitment to client service and supports our continued growth within this important practice." "I am excited to join a firm with such a strong domestic and international bankruptcy practice, and to have the opportunity to work with a well known financial restructuring practice, especially with Andy and Jennifer, each of whom I know well," said Deutsch. "Clifford Chance shares my strong commitment to clients and provides me with an incredible global platform to grow my practice. It's a great fit for me." Deutsch is a regular contributor to industry publications and speaks frequently on bankruptcy law topics. He earned his JD from St. John's University School of Law in 1996, where he served as the editor-in-chief of the American Bankruptcy Institute Law Review. Deutsch earned an LL.M. from St. John's University School of Law in 2001, and a BS from Drew University in 1991. [*] Fitch Says Brexit Vote Amplifies Existing Headwinds for Airline ------------------------------------------------------------------- Negative effects of the UK's Brexit referendum are adding to an already pressured transatlantic air travel market and contributing to ongoing revenue pressures for US airlines, according to Fitch Ratings. Heavy-capacity growth from discounters and the recent series of multiple terrorist attacks are also contributing to weak revenue trends in the region. Although the economic fallout from the Brexit referendum is likely to add some revenue pressures for the major US carriers over the intermediate term and delay efforts to reverse persistent negative unit revenue trends, Fitch does not anticipate any near-term rating actions. The effects of the UK's Brexit referendum are becoming clearer in the sector's second-quarter earnings calls, as Delta Airlines announced last week that it would cut its winter capacity to the UK by 6% directly as a result of the Brexit vote, while United announced that it would bring fourth-quarter transatlantic capacity down by 1%-2%, in part due to the effects of the Brexit referendum. IATA estimates that the number of air passengers in the UK could be down by 3%-5% by 2020. The immediate consequences of the vote include the weaker British pound, which makes foreign travel from the UK more expensive. Longer term effects of a weaker UK economy are harder to predict given the uncertainty around the timing of the UK vote to exit the EU. Nevertheless, the Brexit referendum likely represents an incremental headwind for the foreseeable future. Additionally, there is a risk that the recent string of terror attacks and political unrest in the region could have a larger than normal impact on travel demand. Travel demand tends to bounce back fairly quickly after incidents of terrorism, but the string of successive high-profile attacks (Brussels, Ataturk and Nice) could have a broader impact on bookings. Of the big three US carriers, American (rated BB-/Stable by Fitch) has the most direct exposure to the UK, particularly through its partnership with British Airways, but the turbulence in the UK has the potential to affect all three. Delta (rated BBB-/Stable by Fitch) has made a particular focus in recent years in growing its presence at Heathrow through its partnership with Virgin Atlantic, while the transatlantic region represents United's (rated BB-/Positive by Fitch) biggest international market, producing more than 18% of its total passenger revenue in 2015. The airline sector had already been facing unit revenue pressures in international markets based on issues like economic weakness in Brazil, foreign exchange headwinds and increasing competitive capacity in the Pacific. Domestic trends have been softer recently as well, with most airlines reporting weaker close-in bookings and continuing to predict negative unit revenues at least through the rest of the year. Despite a pressured operating environment, the airlines are still seeing the benefits of fuel prices that remain much lower than they were just two years ago and from structural changes to the industry that have come from years of consolidation and efforts to reduce debt. The industry continues to generate sizable profits in the transatlantic region despite the various headwinds affecting unit revenues. For the most part, credit metrics for the airlines are strong for their current ratings and the industry continues to generate significant amounts of cash; thus, the airlines have some room to weather near-term pressures without triggering negative ratings actions. [^] BOND PRICING: For the Week from August 1 to 5, 2016 ------------------------------------------------------- Company Ticker Coupon Bid Price Maturity A. M. Castle & Co CAS 12.750 75.750 12/15/2016 A. M. Castle & Co CAS 7.000 58.375 12/15/2017 ACE Cash Express Inc AACE 11.000 45.000 2/1/2019 ACE Cash Express Inc AACE 11.000 44.000 2/1/2019 Affinion Investments LLC AFFINI 13.500 52.500 8/15/2018 Alpha Appalachia Holdings Inc ANR 3.250 0.550 8/1/2015 Alpha Natural Resources Inc ANR 6.000 0.300 6/1/2019 Alpha Natural Resources Inc ANR 6.250 0.250 6/1/2021 Alpha Natural Resources Inc ANR 7.500 0.938 8/1/2020 Alpha Natural Resources Inc ANR 4.875 0.500 12/15/2020 Alpha Natural Resources Inc ANR 7.500 0.938 8/1/2020 Alpha Natural Resources Inc ANR 7.500 6.000 8/1/2020 American Eagle Energy Corp AMZG 11.000 11.875 9/1/2019 American Eagle Energy Corp AMZG 11.000 11.500 9/1/2019 American Gilsonite Co AMEGIL 11.500 71.500 9/1/2017 American Gilsonite Co AMEGIL 11.500 71.125 9/1/2017 Amyris Inc AMRS 6.500 27.500 5/15/2019 Arch Coal Inc ACI 7.000 2.200 6/15/2019 Arch Coal Inc ACI 7.250 2.075 6/15/2021 Arch Coal Inc ACI 7.250 1.685 10/1/2020 Arch Coal Inc ACI 9.875 2.250 6/15/2019 Arch Coal Inc ACI 8.000 2.188 1/15/2019 Arch Coal Inc ACI 8.000 1.829 1/15/2019 Armstrong Energy Inc ARMS 11.750 41.000 12/15/2019 Armstrong Energy Inc ARMS 11.750 41.250 12/15/2019 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 7.750 14.950 1/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 13.000 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 13.375 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 13.375 8/15/2021 Avaya Inc AVYA 10.500 24.000 3/1/2021 Avaya Inc AVYA 10.500 33.000 3/1/2021 BOKF NA BOKF 1.316 98.876 5/15/2017 BPZ Resources Inc BPZR 6.500 1.500 3/1/2015 BPZ Resources Inc BPZR 6.500 3.016 3/1/2049 Bank of America Corp BAC 6.350 100.000 12/15/2037 Bank of America Corp BAC 5.500 99.509 8/15/2030 Basic Energy Services Inc BAS 7.750 35.000 2/15/2019 Black Elk Energy Offshore Operations LLC / Black Elk Finance Corp BLELK 13.750 0.150 12/1/2015 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 22.750 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.000 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 23.000 10/15/2020 Caesars Entertainment Operating Co Inc CZR 10.000 49.750 12/15/2018 Caesars Entertainment Operating Co Inc CZR 12.750 42.500 4/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 49.000 12/15/2018 Caesars Entertainment Operating Co Inc CZR 5.750 35.323 10/1/2017 Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 49.625 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 49.625 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 48.875 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Chassix Holdings Inc CHASSX 10.000 8.000 12/15/2018 Claire's Stores Inc CLE 8.875 23.300 3/15/2019 Claire's Stores Inc CLE 7.750 5.000 6/1/2020 Claire's Stores Inc CLE 10.500 58.600 6/1/2017 Claire's Stores Inc CLE 7.750 5.125 6/1/2020 Clean Energy Fuels Corp CLNE 7.500 94.504 8/30/2016 Community Choice Financial Inc CCFI 10.750 44.000 5/1/2019 Comstock Resources Inc CRK 7.750 49.875 4/1/2019 Creditcorp CRECOR 12.000 40.450 7/15/2018 Creditcorp CRECOR 12.000 40.000 7/15/2018 Cumulus Media Holdings Inc CMLS 7.750 41.650 5/1/2019 DynCorp International Inc DCP 10.375 88.786 7/1/2017 EPL Oil & Gas Inc EXXI 8.250 9.500 2/15/2018 EXCO Resources Inc XCO 7.500 47.070 9/15/2018 Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp EROC 8.375 39.917 6/1/2019 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 90.000 11/1/2017 Energy Future Holdings Corp TXU 10.875 90.000 11/1/2017 Energy Future Holdings Corp TXU 10.875 48.125 11/1/2017 Energy Future Holdings Corp TXU 9.750 36.000 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 2.604 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.000 3.250 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 3.719 8/15/2017 Energy XXI Gulf Coast Inc EXXI 11.000 38.500 3/15/2020 Energy XXI Gulf Coast Inc EXXI 9.250 10.750 12/15/2017 Energy XXI Gulf Coast Inc EXXI 7.500 10.500 12/15/2021 Energy XXI Gulf Coast Inc EXXI 6.875 10.750 3/15/2024 Energy XXI Gulf Coast Inc EXXI 7.750 10.250 6/15/2019 FBOP Corp FBOPCP 10.000 1.843 1/15/2009 FXCM Inc FXCM 2.250 40.500 6/15/2018 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Federal National Mortgage Association FNMA 3.200 100.044 8/16/2032 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Forbes Energy Services Ltd FES 9.000 30.000 6/15/2019 Goodman Networks Inc GOODNT 12.125 45.000 7/1/2018 Halcon Resources Corp HKUS 9.750 20.250 7/15/2020 Halcon Resources Corp HKUS 8.875 20.250 5/15/2021 Halcon Resources Corp HKUS 9.250 19.560 2/15/2022 Hanger Inc HGR 10.625 98.250 11/15/2018 Horsehead Holding Corp ZINC 3.800 1.750 7/1/2017 Horsehead Holding Corp ZINC 10.500 82.500 6/1/2017 Horsehead Holding Corp ZINC 9.000 20.250 6/1/2017 Horsehead Holding Corp ZINC 10.500 78.500 6/1/2017 Horsehead Holding Corp ZINC 10.500 78.500 6/1/2017 Illinois Power Generating Co DYN 7.000 40.500 4/15/2018 Illinois Power Generating Co DYN 6.300 40.320 4/1/2020 Iracore International Holdings Inc IRACOR 9.500 63.125 6/1/2018 Iracore International Holdings Inc IRACOR 9.500 63.125 6/1/2018 IronGate Energy Services LLC IRONGT 11.000 22.500 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 22.750 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 22.250 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 22.250 7/1/2018 JC Penney Corp Inc JCP 7.650 99.156 8/15/2016 John Hancock Life Insurance Co MFCCN 5.350 99.500 8/15/2016 Kellwood Co KWD 7.625 60.100 10/15/2017 Key Energy Services Inc KEGX 6.750 28.701 3/1/2021 Las Vegas Monorail Co LASVMC 5.500 5.000 7/15/2019 Lehman Brothers Holdings Inc LEH 2.070 3.506 6/15/2009 Lehman Brothers Holdings Inc LEH 5.000 3.506 2/7/2009 Lehman Brothers Holdings Inc LEH 1.383 3.506 6/15/2009 Lehman Brothers Holdings Inc LEH 1.600 3.506 11/5/2011 Lehman Brothers Holdings Inc LEH 2.000 3.506 3/3/2009 Lehman Brothers Holdings Inc LEH 1.500 3.506 3/29/2013 Lehman Brothers Holdings Inc LEH 4.000 3.506 4/30/2009 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 Liberty Interactive LLC LINTA 1.000 86.250 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 17.500 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 17.500 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 12.000 40.000 12/15/2020 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 17.763 2/1/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 16.875 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 7.000 10/15/2017 Lonestar Resources America Inc LNRAU 8.750 45.000 4/15/2019 Lonestar Resources America Inc LNRAU 8.750 46.000 4/15/2019 MF Global Holdings Ltd MF 3.375 21.000 8/1/2018 MModal Inc MODL 10.750 10.125 8/15/2020 MPT Operating Partnership LP / MPT Finance Corp MPW 6.875 103.388 5/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 0.900 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 1.250 6/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 12.000 8.000 6/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 1.943 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 1.943 10/1/2020 Modular Space Corp MODSPA 10.250 42.750 1/31/2019 Modular Space Corp MODSPA 10.250 42.250 1/31/2019 Molycorp Inc MCP 10.000 0.500 6/1/2020 Murray Energy Corp MURREN 11.250 25.750 4/15/2021 Murray Energy Corp MURREN 9.500 25.500 12/5/2020 Murray Energy Corp MURREN 11.250 25.500 4/15/2021 Murray Energy Corp MURREN 9.500 25.500 12/5/2020 Nine West Holdings Inc JNY 6.125 12.070 11/15/2034 Nine West Holdings Inc JNY 6.875 19.500 3/15/2019 Nine West Holdings Inc JNY 8.250 17.500 3/15/2019 Nine West Holdings Inc JNY 8.250 17.375 3/15/2019 Noranda Aluminum Acquisition Corp NOR 11.000 0.500 6/1/2019 Nuverra Environmental Solutions Inc NESC 9.875 25.000 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.540 12.750 1/29/2020 Optima Specialty Steel Inc OPTSTL 12.500 85.625 12/15/2016 Optima Specialty Steel Inc OPTSTL 12.500 85.625 12/15/2016 Orexigen Therapeutics Inc OREX 2.750 25.000 12/1/2020 Peabody Energy Corp BTU 6.000 16.750 11/15/2018 Peabody Energy Corp BTU 10.000 19.250 3/15/2022 Peabody Energy Corp BTU 6.500 15.580 9/15/2020 Peabody Energy Corp BTU 6.250 16.600 11/15/2021 Peabody Energy Corp BTU 7.875 17.150 11/1/2026 Peabody Energy Corp BTU 4.750 0.510 12/15/2041 Peabody Energy Corp BTU 10.000 20.400 3/15/2022 Peabody Energy Corp BTU 6.000 17.250 11/15/2018 Peabody Energy Corp BTU 6.000 13.125 11/15/2018 Peabody Energy Corp BTU 6.250 17.000 11/15/2021 Peabody Energy Corp BTU 6.250 17.000 11/15/2021 Penn Virginia Corp PVAH 7.250 30.348 4/15/2019 Penn Virginia Corp PVAH 8.500 41.000 5/1/2020 Performance Drilling Co LLC PERDRI 6.000 1.000 9/30/2022 Permian Holdings Inc PRMIAN 10.500 29.500 1/15/2018 Permian Holdings Inc PRMIAN 10.500 29.375 1/15/2018 Pernix Therapeutics Holdings Inc PTX 4.250 22.625 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 22.140 4/1/2021 PetroQuest Energy Inc PQ 10.000 53.738 9/1/2017 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 42.500 10/1/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.250 42.000 10/1/2018 Quicksilver Resources Inc KWKA 9.125 3.750 8/15/2019 Quicksilver Resources Inc KWKA 11.000 3.250 7/1/2021 Renco Metals Inc RENCO 11.500 5.000 7/1/2003 Rex Energy Corp REXX 8.875 30.600 12/1/2020 Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu REYNOL 7.875 102.140 8/15/2019 Rolta LLC RLTAIN 10.750 17.625 5/16/2018 SAExploration Holdings Inc SAEX 10.000 47.000 7/15/2019 SFX Entertainment Inc SFXE 9.625 0.265 2/1/2019 SFX Entertainment Inc SFXE 9.625 0.265 2/1/2019 SFX Entertainment Inc SFXE 9.625 0.265 2/1/2019 SFX Entertainment Inc SFXE 9.625 0.265 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 0.564 9/15/2020 Sabine Oil & Gas Corp SOGC 7.500 0.564 9/15/2020 Samson Investment Co SAIVST 9.750 4.162 2/15/2020 SandRidge Energy Inc SD 8.750 34.750 6/1/2020 SandRidge Energy Inc SD 8.750 5.000 1/15/2020 SandRidge Energy Inc SD 7.500 5.250 3/15/2021 SandRidge Energy Inc SD 7.500 5.125 2/15/2023 SandRidge Energy Inc SD 8.125 5.000 10/15/2022 SandRidge Energy Inc SD 8.750 39.900 6/1/2020 SandRidge Energy Inc SD 8.125 5.000 10/16/2022 SandRidge Energy Inc SD 7.500 5.000 2/16/2023 SandRidge Energy Inc SD 7.500 4.860 3/15/2021 SandRidge Energy Inc SD 7.500 4.860 3/15/2021 Sequa Corp SQA 7.000 15.000 12/15/2017 Sequa Corp SQA 7.000 15.125 12/15/2017 Sidewinder Drilling Inc SIDDRI 9.750 7.000 11/15/2019 Sidewinder Drilling Inc SIDDRI 9.750 6.875 11/15/2019 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 64.000 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.500 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.250 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 63.500 5/15/2018 Speedy Group Holdings Corp SPEEDY 12.000 39.500 11/15/2017 Speedy Group Holdings Corp SPEEDY 12.000 39.125 11/15/2017 SquareTwo Financial Corp SQRTW 11.625 10.875 4/1/2017 Stone Energy Corp SGY 1.750 52.000 3/1/2017 SunEdison Inc SUNE 5.000 40.250 7/2/2018 SunEdison Inc SUNE 2.000 4.313 10/1/2018 SunEdison Inc SUNE 0.250 4.125 1/15/2020 SunEdison Inc SUNE 2.750 4.250 1/1/2021 SunEdison Inc SUNE 2.375 5.000 4/15/2022 SunEdison Inc SUNE 3.375 4.125 6/1/2025 SunEdison Inc SUNE 2.625 6.000 6/1/2023 Syniverse Holdings Inc SVR 9.125 54.000 1/15/2019 TMST Inc THMR 8.000 14.000 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 45.950 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.750 43.875 2/15/2018 TerraVia Holdings Inc TVIA 6.000 55.097 2/1/2018 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.000 25.235 6/15/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.640 11/1/2015 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.600 4/1/2021 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 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 15.000 6.500 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 22.900 7/15/2022 Triangle USA Petroleum Corp TPLM 6.750 20.250 7/15/2022 UCI International LLC UCII 8.625 22.750 2/15/2019 Vanguard Natural Resources LLC / VNR Finance Corp VNR 7.875 39.250 4/1/2020 Venoco Inc VQ 8.875 3.100 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 8.750 0.180 2/1/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Violin Memory Inc VMEM 4.250 42.000 10/1/2019 W&T Offshore Inc WTI 8.500 25.775 6/15/2019 Walter Energy Inc WLTG 9.500 19.000 10/15/2019 Walter Energy Inc WLTG 9.500 19.000 10/15/2019 Walter Energy Inc WLTG 9.500 19.000 10/15/2019 Walter Energy Inc WLTG 9.500 19.000 10/15/2019 Walter Investment Management Corp WAC 4.500 34.328 11/1/2019 Warren Resources Inc WRES 9.000 1.466 8/1/2022 Warren Resources Inc WRES 9.000 1.466 8/1/2022 Warren Resources Inc WRES 9.000 1.466 8/1/2022 Washington Mutual Bank / Debt not acquired by JPMorgan WAMU 6.750 0.000 5/20/2036 iHeartCommunications Inc IHRT 10.000 66.100 1/15/2018 rue21 inc RUE 9.000 34.500 10/15/2021 rue21 inc RUE 9.000 34.125 10/15/2021 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***