/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/160822.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 22, 2016, Vol. 20, No. 235 Headlines 187 COTTAGE: Case Summary & 20 Largest Unsecured Creditors 7 BAY CORP: Needs Until Nov. 30 to Obtain Plan Acceptances A PLUS SEWER: Seeks to Hire Sencer as Appraiser ACTIVECARE INC: Posts $3.34 Million Net Income for Third Quarter ADVANCEPIERRE FOODS: Moody's Hikes Corporate Family Rating to B1 AFFORDABLE ROLL-OFF: Hires Bud Kirk as Attorney AIRFASTTICKETS INC: Taps BMC Group as Administrative Agent ALLWAYS EAST: Can Get Capital Solutions Financing on Interim Basis ANDY LOPES BUILDING: Case Summary & 20 Top Unsecured Creditors APPLIED MINERALS: Reports Second Quarter 2016 Financial Results ARIZONA ACADEMY: Case Summary & 20 Largest Unsecured Creditors ARMADA WATER: U.S. Trustee Forms 2-Member Creditors' Committee ARMSTRONG ENERGY: S&P Lowers CCR to 'CCC+', Outlook Negative BBROUS2 INVESTMENTS: Taps Weinstein & St. Germain as Legal Counsel BLUESTEM BRANDS: S&P Affirms 'B+' CCR, Off CreditWatch Negative BON-TON STORES: Reports Second Quarter Fiscal 2016 Results BON-TON STORES: S&P Raises CCR to 'CCC+', Outlook Remains Negative BONANZA CREEK: S&P Lowers CCR to 'D' on Missed Interest Payment CAESARS ENTERTAINMENT: Settles Litigation With Frederick Danner CEETOP INC: Incurs $92,200 Net Loss in Second Quarter CHESAPEAKE ENERGY: Fitch Affirms 'B-' IDR, Outlook Negative CITIZENS FINANCIAL: Fitch Affirms 'BB-' Pref. Stock Rating CLAIRE'S STORES: S&P Lowers CCR to 'CC', On CreditWatch Negative COATES INTERNATIONAL: Issues $41K Promissory Note to GW Holdings CODA OCTOPUS: Incurs $1.8 Million Net Loss in Fiscal 2010 COMPANION DX: Hires Fuquay as Chief Restructuring Officer CUSTOM ECOLOGY: S&P Affirms 'CCC+' CCR, Off CreditWatch CWS ENTERPRISES: Plan Administrator Taps Coldwell as Broker D&H MACHINE SERVICE: Can Get Up to $60K Credit From Brian Hillard DIFFUSION PHARMACEUTICALS: Effects 1-for-10 Reverse Stock Split DIGIPATH INC: CEO Reports 11.8% Equity Stake as of June 21 DOMINION STEEL: Case Summary & 20 Largest Unsecured Creditors EFT HOLDINGS: Incurs $1.16 Million Net Loss in Second Quarter ELBIT IMAGING: Approves New Buyback Programs Totaling NIS 50M ELBIT IMAGING: Reports NIS 31.4 Million Net Loss for Q2 EMERY RESOURCE: Taps Diaz & Larsen as Legal Counsel EMMAUS LIFE: Incurs $3.14 Million Net Loss in Second Quarter FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises FOUNDATION HEALTHCARE: Reports Second Quarter Financial Results FPMI SOLUTIONS: Can Get Western Alliance DIP Financing FTE NETWORKS: Amends Q2 Form 10-Q to Correct Numerial Errors FULLCIRCLE REGISTRY: Delays Filing of June 30 Form 10-Q GIBSON BRANDS: Moody's Cuts CFR to Caa2, Outlook Negative GREAT BASIN: Enters Into Waiver Agreements With Noteholders GREAT BASIN: Had 46.1M Outstanding Common Shares as of Aug. 19 GREENSHIFT CORP: Posts $3.21 Million Net Income for Second Quarter GUIDED THERAPEUTICS: Incurs $2.17-Mil. Net Loss in Second Quarter GUIDED THERAPEUTICS: Reports Q2 2016 Financial Results HAMPSHIRE GROUP: Delays Filing of June 30 Quarterly Report HAMPSHIRE GROUP: Inks Forbearance Agreement With Salus HCSB FINANCIAL: Awards 27M Restricted Shares to Executive Officers HEBREW HEALTH: Aug. 30 Meeting Set to Form Creditors' Panel HILLSIDE OFFICE: Seeks to Hire C&H as Environmental Consultant ICAGEN INC: May Issue 1.6 Million Shares Under Plans ICAGEN INC: May Issue 1.6 Million Shares Under Plans ITUS CORP: Incurs $1.10 Million Net Loss in Third Quarter LABORATORIO ACROPOLIS: Hires Soto as Accountant LAREDO WO: Taps Ronald W. Hagauer as Special Counsel LDI MANAGEMENT: Taps Curtis Castillo as Legal Counsel LEAP FORWARD: Cash Collateral Use Approved on Final Basis LEGACY HOLDINGS-CA: Case Summary & Unsecured Creditor LEVEL ACRES: $125K Unsecured Financing From Chilcote OK LIQUIDMETAL TECHNOLOGIES: Extends Follow-On Investment Deadline LONGHORN MIDCO II: S&P Raises Rating on Sr. Sec. Debt to 'B+' MCNEILL GROUP: Aug. 30 Meeting Set to Form Creditors' Panel MEDIANEWS GROUP: Opposes Sale of Monster Worldwide to Randstad MERCHANTS BANKCARD: Case Summary & 20 Largest Unsecured Creditors MGM RESORTS: Tracinda Corp Reports 16.1% Stake as of Aug. 16 MICHAEL DOMINIC SYLVESTER: Hearing on Disclosures Set For Sept. 13 MINDEN AIR: Case Summary & 8 Unsecured Creditors MUSCLEPHARM CORP: Needs More Capital to Continue as Going Concern NATIONAL CINEMEDIA: Unit Closes $250M Private Placement Financing NEPHROS INC: Expects Commercial Sale of Filters by October NET ELEMENT: Amends 2.3 Million Shares Resale Prospectus with SEC NORTHERN OIL: CEO Reports 5.57% Stake as of Aug. 17 NORTHWEST MANAGEMENT: Wants to Use Monty Titling Trust II Cash NOVELIS CORP: $1.5BB Unsec. Notes Issue No Impact Moody's B1 CFR OBERFIELD PRECAST: Can Use Cash Collateral, Pay Wages PARAGON OFFSHORE: Needs Until Oct. 31 to File Plan PHILLIPS-MEDISIZE: Moody's Puts B3 CFR Under Review for Upgrade PIONEER ENERGY: Copy of Presentation at EnerCom Conference PLANDAI BIOTECHNOLOGY: Incurs $1.09M Net Loss in March 31 Quarter PLY GEM HOLDINGS: Offering $200 Million Worth of Securities POSITIVEID CORP: Closes $435K Note Purchase Agreements PREMO AUTO BODY: Taps Timothy McGary as Legal Counsel QUALITY FLOAT: Can Use FC Market Place Cash on Interim Basis QUALITY FLOAT: Can Use First Midwest Cash on Interim Basis QUOTIENT LIMITED: Recurring Losses Casts Going Concern Doubt ROGER ALLEN MCCRACKEN: Brock Mansfield Joins Creditors' Committee SANCTUARY REVOCABLE: U.S. Trustee Unable to Appoint Committee SCPD GRAMERCY: Taps Pick & Zabicki as Legal Counsel SEANERGY MARITIME: Annual Meeting Set for September 28 SEQUENOM INC: Preliminary Injunction Hearing Set for Sept. 1 SHORE PKWY II: Can Solicit Acceptances Through Oct. 10 SIDNEY TRANSPORTATION: Taps Kentner Sellers as Accountant SONDIAL PROPERTIES: Hires Geeslin as Counsel SOUTHCROSS ENERGY: Holdings, et al., Own 66.8% of Common Units SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares SRS PROPERTY: Disclosures Okayed; Plan Hearing Set for Sept. 15 STEPHCHRIS OF MISSOURI: Can Use Midwest Regional Bank STERLING MID-HOLDINGS: S&P Lowers Issuer Credit Rating to 'SD' STRATA SKIN: Posts $498,000 Net Income for Second Quarter SUBMARINA INC: Hearing on Disclosures Scheduled for Sept. 28 SUBODH NAIK: Suhas Naik Seeks to Block Plan Outline Approval SUNPOWER BY RENEWABLE ENERGY: Taps Schwartz as Legal Counsel TDQ LLC: Hires Steinberg Nutter as General Bankruptcy Counsel TLO LLC: TransUnion Obtains Favorable Ruling in IDI IP Dispute TOTAL HOCKEY: Creditors' Panel Hires Cooley LLP as Lead Counsel TOTAL HOCKEY: Panel Hires Lewis Rice as Missouri Counsel UNIVERSAL SOFTWARE: Taps R.J. Augustine as Accountant V DIIORIO & SON: Names John Bracaglia as Counsel VANGUARD NATURAL: S&P Hikes CCR to CCC- on Unsecured Note Exchange VOICEPULSE INC: Taps Koehler & Company as Accountant VUZIX CORP: Provides Business Update VYCOR MEDICAL: Insufficient Cash Raises Going Concern Doubt WAVE SYSTEMS: Ch.11 Trustee Hires Global IP as Consultants WEST MIFFLIN AREA SD: Moody's Cuts GO Rating to Ba1 WESTERN INDUSTRIAL: Taps James G. Murphy as Auctioneer WISPER II: Unsecureds To Be Paid in Full Under Plan WPCS INTERNATIONAL: Iroquois Mater, et al, Hold 9.7% Stake WPCS INTERNATIONAL: Joshua Silverman Fills Board Vacancy YRC WORLDWIDE: Files August 2016 Investor Presentation [*] John McCabe Joins Weltman Weinberg's Bankruptcy Group in Ohio [^] BOND PRICING: For the Week from August 15 to 19, 2016 ********* 187 COTTAGE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: 187 Cottage Avenue Corp. dba Chester Hill Adult Home 187 Cottage Avenue Mount Vernon, NY 10550 Case No.: 16-23133 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: August 19, 2016 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Jeffrey A. Reich, Esq. REICH REICH & REICH, P.C. 235 Main Street, Suite 450 White Plains, NY 10601 Tel: (914) 949-2126 Fax: (914) 949-1604 E-mail: reichlaw@aol.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by David Grant, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nysb16-23133.pdf 7 BAY CORP: Needs Until Nov. 30 to Obtain Plan Acceptances ---------------------------------------------------------- 7 Bay Corp asks the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to extend the times within which it has the exclusive right to obtain acceptances of a Plan of Reorganization through and including Nov. 30, 2016. The Debtor relates that it has agreed to amend its Disclosure Statement and Plan after its senior secured lender, UB Properties, LLC, and the U.S. Trustee have expressed several objections to the Disclosure Statement and Plan of Reorganization filed on June 14, 2016. The Plan will be funded from the construction and sale of the Debtor's property as well as the new value contribution by the Debtor's principals, or entities controlled by the Debtor's principal. The Debtor owns the remaining development rights for nine units in a fully permitted waterfront condominium parcel of real property located on 7 Bay Street in Hull, Massachusetts. The Debtor will continue to sell the remaining units of the project, pay the secured lenders, and distribute the proceeds and pay claims. The Reorganized Debtor will establish a Plan Fund upon the sale of the last unit. Upon the sale of the last unit, and after payment in full of all allowed secured claims, administrative and priority claims, Reorganized Debtor will deposit the excess proceeds from the sale of the last unit into the Plan Fund in order to pay allowed holders of Class 6 - general unsecured claims. Class 6 Claimants will share pro-rata in the Plan Fund. The Debtor's counsel will be entitled to a payment of $500, plus costs for administration of the Plan Fund. Debtor will continue to make payments on the secured claims pursuant to this Plan. A full-text copy of the Disclosure Statement is available at http://bankrupt.com/misc/mab15-14885-234.pdf The Debtor is represented by: John M. McAuliffe, Esq. MCAULIFFE & ASSOCIATES 430 Lexington Street Newton, MA 02466 Tel: (617) 558-6889 E-mail: john@jm-law.net About 7 Bay Corp 7 Bay Corp, based in Hull, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 15-14885) on Dec. 17, 2015. Judge Frank J. Bailey presides over the case. John M. McAuliffe, Esq., at MCAULIFFE & ASSOCIATES, P.C., serves as the Debtor's counsel. In its petition, 7 Bay estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Steven Buckley, president. A PLUS SEWER: Seeks to Hire Sencer as Appraiser ----------------------------------------------- A Plus Sewer & Water Co. seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Sencer Appraisal Associates, Inc. A Plus tapped the firm to conduct a desktop appraisal of its property which, the company says, will help facilitate the confirmation of its restructuring plan. Sencer will receive a fee of $2,500. The firm's standard hourly rate of $200 will apply in case it is required to provide additional services. Garrett Schwartz, an appraiser employed with Sencer, disclosed in a court filing that the firm does not have any interest adverse to A Plus' estate. Sencer can be reached through: Garrett Schwartz Sencer Appraisal Associates, Inc. 92 Reid Avenue Port Washington, NY 11050 Phone (516) 944-9456 www.AllEquipmentAppraisal.com About A Plus Sewer A Plus Sewer & Water Co. filed for Chapter 11 bankruptcy protection (Bankr. D. Utah Case No. 15-29123) on Sept. 29, 2015. Matthew K. Broadbent, Esq., at Vannova Legal, PLLC, serves as the Debtor's bankruptcy counsel. ACTIVECARE INC: Posts $3.34 Million Net Income for Third Quarter ---------------------------------------------------------------- ActiveCare, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $3.34 million on $2.17 million of revenues for the three months ended June 30, 2016, compared to a net loss of $3.06 million on $2.03 million of revenues for the three months ended June 30, 2015. For the nine months ended June 30, 2016, the Company reported a net loss of $7.74 million on $5.86 million of revenues compared to a net loss of $6.81 million on $5.09 million of revenues for the nine months ended June 30, 2015. As of June 30, 2016, ActiveCare had $1.91 million in total assets, $21.01 million in total liabilities and a total stockholders' deficit of $19.10 million. "We have financed operations primarily through the sale of equity securities, long-term debt and short-term debt. Until revenues are sufficient to meet our needs, we will continue to attempt to secure financing through equity or debt securities. We continue to incur negative cash flows from operating activities and net losses. We had minimal cash, negative working capital, and negative total equity as of June 30, 2016 and September 30, 2015, and are in default with respect to certain debt. We determined that our goodwill of $825,894 was impaired during the fourth fiscal quarter of 2015, and it was expensed. These factors, among others, raise substantial doubt about our ability to continue as a going concern. "In order for us to eliminate substantial doubt about our ability to continue as a going concern, we must achieve profitability, generate positive cash flows from operating activities and obtain the necessary debt or equity funding to meet our projected capital investment requirements. Our management's plans with respect to this uncertainty consist of raising additional capital by issuing debt or equity securities and increasing the sales of our products and services. There can be no assurance that we will be able to raise sufficient additional capital or that revenues will increase rapidly enough to offset operating losses. If we are unable to increase revenues or obtain additional financing, we will be unable to continue the development of our products and services and may have to cease operations," the Company stated in the report. The Company's quarterly report on Form 10-Q is available from the SEC website at https://is.gd/IAU20F About ActiveCare South West Valley City, Utah-based ActiveCare, Inc., develops and markets products for monitoring the health of and providing assistance to mobile and homebound seniors and the chronically ill. ActiveCare is organized into three business. The Stains and Reagents segment is engaged in the business of manufacturing and marketing medical diagnostic stains, solutions and related equipment to hospitals and medical testing labs. The CareServices segment is engaged in the business of developing, distributing and marketing mobile health monitoring and concierge services to distributors and customers. The Chronic Illness Monitoring segment is primarily engaged in the monitoring of diabetic patients on a real time basis. ActiveCare reported a net loss of $12.8 million on $6.59 million of chronic illness monitoring revenues for the year ended Sept. 30, 2015, compared with a net loss of $16.4 million on $6.10 million of chronic illness monitoring revenues for the year ended Sept. 30, 2014. Tanner LLC, in Salt Lake City, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, citing that the Company has recurring losses, negative cash flows from operating activities, negative working capital, negative total equity, and certain debt that is in default. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. ADVANCEPIERRE FOODS: Moody's Hikes Corporate Family Rating to B1 ---------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating (CFR) of AdvancePierre Foods, Inc. (NYSE: APFH or "AdvancePierre") to B1 from B2, as well as its Probability of Default Rating to B1-PD from B2-PD. Concurrently, Moody's upgraded the company's $1.3 billion principal first lien term loan to B1 from B2. In addition, Moody's assigned the company a Speculative Grade Liquidity Rating of SGL-2. The rating outlook is stable. This action concludes the rating review initiated on July 15, 2016 when the company's ratings were placed under review for upgrade following the IPO of the company. The one notch upgrade of AdvancePierre's CFR reflects Moody's expectation that credit metrics will be sustained at levels that support a B1 rating and that the company will maintain a good liquidity profile over the next twelve months. Pro forma for debt repayment using proceeds from the IPO, the company's leverage as measured by Moody's adjusted debt-to-EBITDA was approximately 4.6 times for the twelve months ended July 2, 2016. At the same time, pro forma interest coverage as measured by Moody's adjusted EBIT-to-interest was approximately 3.2 times. APFH's leverage has continued to trend favorably over the last few years as a result of both debt repayment and improving profitability, primarily driven by net price realization, a reduction in expenses associated with certain cost saving initiatives, and a deliberate mix shift towards higher margin products. According to Moody's AVP - Analyst Brian Silver, "AdvancePierre's voluntary debt repayment using IPO proceeds strengthened its credit metrics, and we expect the company's profitability will continue to improve over the next 12 to 18 months and drive additional deleveraging, albeit at a more measured pace than the last few years." "We anticipate the company will continue to make bolt-on acquisitions in the fragmented food production industry in which it competes, while continuing to focus on organic margin enhancement in its core foodservice, retail and convenience segments," Moody's said. The following rating has been assigned at AdvancePierre Foods, Inc.: -- Speculative Grade Liquidity Rating of SGL-2 The following ratings have been upgraded at AdvancePierre Foods, Inc.: -- Corporate Family Rating to B1 from B2; -- Probability of Default Rating to B1-PD from B2-PD; -- $1.3 billion principal senior secured first lien term loan B due 2023 to B1 (LGD4) from B2 (LGD4). -- The rating outlook is stable RATINGS RATIONALE AdvancePierre Foods, Inc.'s (NYSE: APFH) B1 Corporate Family Rating (CFR) is reflective of the company's elevated leverage profile and moderate interest coverage. APFH's leverage as measured by Moody's adjusted debt-to-EBITDA (including capitalization of operating leases), pro forma for the July 2016 IPO of the company and associated debt repayment, was approximately 4.6 times during the twelve months ended July 2, 2016 (the LTM period). The company remains exposed to volatile raw material costs, seasonal working capital needs, and competition from other protein suppliers. The B1 CFR acknowledges APFH's benefits from its healthy size and scale, good diversity of product offerings and sales channels, moderate degree of customer concentration, and its ability to pass-through a significant portion of its raw material costs through a dynamic pricing model. Also, the company maintains a good liquidity profile highlighted by the expectation for positive free cash flow generation and access to its ABL. The stable outlook reflects Moody's expectation that the company will continue to generate positive free cash flow of which a portion will be used for bolt-on acquisitions and the remainder for debt repayment. The rating agency expects leverage (Moody's adjusted debt-to-EBITDA) to approach 4.0 times over the next 12 to 18 months. The ratings could be upgraded if APFH is successful in growing its top-line while continuing to deleverage and generate positive free cash flow. Also, Moody's would expect the company to improve its product mix and segment diversification while maintaining at least a good liquidity profile. Quantitatively, Moody's adjusted debt-to-EBITDA will need to be sustained below 4.5 times and RCF-to-net debt sustained above 15% prior to any ratings upgrade. Alternatively, the ratings could be downgraded if liquidity deteriorates and ABL borrowings increase beyond our expectations. In addition, if Moody's adjusted debt-to-EBITDA increases and is sustained above 5.5 times and/or if Moody's adjusted EBIT-to-interest falls below 2.0 times the ratings could face pressure. The principal methodology used in these ratings was Global Packaged Goods published in June 2013. AdvancePierre Foods, Inc. (NYSE: APFH or "AdvancePierre"), headquartered in Cincinnati, OH, is a producer and marketer of value-added protein and hand-held convenience items serving the foodservice, retail and convenience and vending store channels. Key products include packaged sandwiches, fully-cooked burgers, Philly steaks, stuffed chicken breasts and country fried chicken. Oaktree Capital Management LP (Oaktree) has owned the company since Pierre Foods, Inc. emerged from bankruptcy in 2008 and remains the majority shareholder via its OCM Principal Opportunities Fund IV following the IPO. Net sales for the twelve months ended July 2, 2016 were approximately $1.56 billion. AFFORDABLE ROLL-OFF: Hires Bud Kirk as Attorney ----------------------------------------------- Affordable Roll-Off, Inc., seeks authority from the U.S. Bankruptcy Court for the Western District of Texas to employ E.P. Bud Kirk as attorney to the Debtor. Affordable Roll-Off requires Kirk to: -- 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; -- assist the Debtor in formulation and negotiation of a Plan with its creditors in these proceedings; -- review the transactions of the Debtor prior to the filing of the Chapter 11 proceedings to determine what further litigation, if any, pursuant to the Bankruptcy Code, or otherwise, should be filed on behalf of the estate; -- examine all tax claims filed against the Debtor, to contest any excessive amounts claimed therein, and to structure a payment of the allowed taxes which conforms to the Bankruptcy Code and Rules; and -- perform all other legal services of the Debtor, as Debtor- in-Possession, which may be necessary herein. Kirk will be paid at these hourly rates: E.P. Bud Kirk, Attorney $300 Kathryn A. McMillan, Paralegal $90 Maura Casas, Paralegal $90 Vanessa Narro, Paralegal $90 A retainer of $3,283 was paid to Kirk prior to the filing of the case. Prior to filing, $2,000 was paid to Kirk by the Debtor, for pre-bankruptcy services actually rendered. Kirk will also be reimbursed for reasonable out-of-pocket expenses incurred. E.P. Bud Kirk, member of the law firm E.P. Bud Kirk, 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. Kirk can be reached at: E.P. Bud Kirk, Esq. E.P. BUD KIRK Terrace Gardens 600 Sunland Park Drive Bldg. Four, Suite 400 El Paso, TX 79912 Tel: (915) 584-3773 About Affordable Roll-Off Affordable Roll-Off, Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 16-31202) on Aug. 3, 2016. Judge H. Christopher Mott presides over the case. AIRFASTTICKETS INC: Taps BMC Group as Administrative Agent ---------------------------------------------------------- Airfasttickets, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire BMC Group, Inc. as its administrative agent. The firm will assist the Debtor in the solicitation and tabulation of votes on its proposed liquidating plan; prepare reports and ballot certification; and facilitate distributions to creditors. BMC Group will receive a retainer of $10,000 for its services. The firm has agreed to waive its monthly database maintenance fee, website set-up fee, monthly website hosting fee and physical document storage fees. Moreover, its top hourly billed rate will be reduced and capped at $175 while its average hourly billable rate across the life of the case will be capped at $110. Tinamarie Feil, president of Client Services at BMC Group, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. BMC Group can be reached through: Tinamarie Feil BMC Group, Inc. 600 1st Avenue, Suite 623 Seattle, WA 98104 Tel: 206.499.2169 Fax: 206.374.2727 Email: tfeil@bmcgroup.com The Debtor is represented by: George V. Utlik, Esq. Arent Fox LLP 1675 Broadway New York, NY 10019 Tel: (212) 484-3900 Fax: (212) 484-3990 Email: george.utlik@arentfox.com - and - Aram Ordubegian, Esq. Andy S. Kong, Esq. Arent Fox LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013 Tel: (213) 629-7400 Fax: (213) 629-7401 Email: aram.ordubegian@arentfox.com Email: andy.kong@arentfox.com About Airfasttickets Airfasttickets, Inc., was founded in 2011 by Nikoloas Koklonis, who served as the Debtor's sole director, sole officer, and controlling stockholder from its formation until December 2014. Airfasttickets is a Delaware corporation that had its headquarters in New York, New York, and operated a multi-national business, together with several of its wholly-owned foreign subsidiaries, Fast Group Deutschland AG (Germany), Airfasttickets, Ltd. (United Kingdom), Air Fast Tickets Spolka z.o.o. (Poland), Air Fast Tickets Ltd. (Hong Kong), and Fast Group S.A. (Greece). It operated a multi-national business, together with several of its wholly-owned foreign subsidiaries. None of the subsidiaries are a debtor in this case. Airfasttickets had an administrator appointed in the United Kingdom. Certain of Airfasttickets' creditors filed an involuntary petition (Bankr. S.D.N.Y. Case No. 15-11951) against the Debtor seeking an order for relief under Chapter 7 of the Bankruptcy Code on July 27, 2015. Pursuant to the summons issued in conjunction with the involuntary petition, the Debtor had until Aug. 21, 2015, to respond to the involuntary petition. On Aug. 20, 2015, the petitioning creditors filed a stipulation with the court extending the Debtor's time to respond to the involuntary petition, through and including Sept. 21, 2015. On Sept. 21, 2015, the Debtor filed an answer, consenting to the entry of an order for relief under the Bankruptcy Code. The Debtor also filed its motion to convert the Chapter 7 case to Chapter 11. The motion to convert was filed to accomplish the Debtor's intent to effectuate the sale at issue in the motion under Chapter 11. On Oct. 27, 2015, the court entered an order converting the Debtor's case to Chapter 11 of the Bankruptcy Code. ALLWAYS EAST: Can Get Capital Solutions Financing on Interim Basis ------------------------------------------------------------------ Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York authorized Allways East Transportation, Inc., to obtain debtor-in-possession financing in the form of accounts receivable factoring from Capital Solutions Bancorp on an interim basis. The Debtor was authorized to receive advances from the sale of accounts receivable to Capital Solutions only for purposes of attempting to renew the Yonkers contract and satisfy the El Jebel II, LLC lien, in the maximum aggregate amount of $500,000. Capital Solutions was granted a perfected security interest and first priority lien in the Debtor's accounts receivable, with the exception of its accounts receivable relating to the Debtor's Duchess County contract. The Debtor was authorized to use cash collateral and make payments to Capital Solutions pursuant to the DIP Loan Documents. In order to effectuate its reorganization, the Debtor sought to renew its services contract with the City of Yonkers for transportation services. As a condition of Yonkers renewing its services contract, the Debtor was required to post a performance bond, for which the interim financing approved by the Court is necessary. Judge Drain acknowledged that it is in the best interests of the Debtor’s estate and creditors that the Debtor be allowed to finance its operations under the terms and conditions set forth in the Court's Interim Order. He further acknowledged that obtaining a performance bond from Endurance Insurance, Inc. is necessary for the Debtor to obtain the renewal of the Yonkers Contract. A further hearing on the remaining issues presented in the Debtor's Motion is scheduled on Sept. 14, 2016 at 10:00 a.m. A full text copy of the Interim Order, dated Aug. 18, 2016, is available at https://is.gd/kxbuW5 About Allways East Transportation Headquartered in Yonkers, New York, Allways East Transportation Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 16-22589) on April 28, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Marlaina Koller, vice president. Judge Robert D. Drain presides over the case. Erica Feynman Aisner, Esq., and Julie Cvek Curley, Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP, serves as the Debtor's bankruptcy counsel. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. ANDY LOPES BUILDING: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Andy Lopes Building Corp. 3 South Stone Avenue Elmsford, NY 10523 Case No.: 16-23134 Chapter 11 Petition Date: August 19, 2016 Court: United States Bankruptcy Court Southern District of New York (White Plains) Judge: Hon. Robert D. Drain Debtor's Counsel: Michael G. McAuliffe, Esq. THE LAW OFFICE OF MICHAEL G. MCAULIFFE 68 South Service Road, Suite 100 Melville, NY 11747 Tel: (631) 465-0044 Fax: (631) 465-0045 E-mail: mgmlaw@optonline.net Total Assets: $1.03 million Total Liabilities: $1.78 million The petition was signed by Adriano Lopes, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/nysb16-23134.pdf APPLIED MINERALS: Reports Second Quarter 2016 Financial Results --------------------------------------------------------------- Applied Minerals, Inc., has provided financial results for the three and six months ended June 30, 2016. During the second quarter of 2016, the Company generated record revenue of $1.1 million, an increase of $1.0 million when compared to the second quarter of 2015. The increase was driven primarily by $1.0 million of sales of AMIRON iron oxide as part of a $5.0 million take-or-pay supply agreement entered into on Nov. 2, 2015. Also contributing to revenue during the quarter were sales of DRAGONITE for use in a specialty zeolite application and for use as an additive in plastics. On a GAAP basis, the Company incurred an operating loss of $1.1 million for the three months ended June 30, 2016, a significant improvement when compared to the operating loss of $2.8 million in the second quarter of 2015. This improvement was driven by the aforementioned increase in revenue, as well as a decrease of $0.7 million in total operating expense when compared to the second quarter of 2015. On a Non-GAAP basis, the Company incurred an adjusted operating loss of $0.5 million during the second quarter of 2016, an improvement of $1.8 million when compared to an adjusted operating loss of $2.3 million in the second quarter of 2015. This improvement was driven by the aforementioned increase in revenue, as well as a decrease of $0.8 million in adjusted total operating expenses when compared to the second quarter of 2015. Net loss for the quarter was $3.2 million, an increase of $0.5 million when compared to the second quarter in 2015. The increase in net loss was due primarily to a $0.3 million increase in PIK Note interest expense, which the Company historically has elected to pay in additional PIK Notes, and a $2.1 million reduction in the non-cash gain on the revaluation of the PIK Note derivative liability. The PIK Notes have a conversion feature, which created a derivative liability when the PIK Notes were issued. The derivative liability is revalued each quarter. For the three months ended June 30, 2015, the revaluation of the derivative liability resulted in a gain of $1.3 million due to a drop in the Company's stock price over the period. For the three months ended June 30, 2016 the revaluation of the derivative liability resulted in a loss of $0.7 million due to the increase in the Company’s stock price during the period. The increase in net loss resulting from the increase in interest expense and the revaluation of the PIK Note derivative liability were partially offset primarily by a $1.7 decrease in the Company’s operating loss. Net loss for the six months ended June 30, 2016, was $3.7 million, an improvement of $3.2 million when compared to the comparable period in 2015. The improvement in net loss was driven primarily by a $3.1 million decline in operating loss, the absence of $0.5 million of a one-time PIK Note-related penalty expense, $0.2 million of one-time income items, partially offset by an increase in PIK Note interest expense of $0.6 million, which the Company historically has elected to pay in additional PIK Notes. The overall decrease in operating expense realized during both the three and six months ended June 30, 2016 was due primarily to a decline in cash costs related both to the completion of certain underground exploration activities at the Company's Dragon Mine property during 2015 and a continued focus by management to reduce overhead expenses at the Company's New York operations. Management expects further cash cost savings at its New York operation to be realized over the coming months. Certain operating expenses related to the fulfillment of the Company's $5.0 million take-or-pay contract (e.g. additional labor and energy) partially offset the cost reductions during the quarter at the Company's Utah operation. Business Review The Company believes that it is as far advanced as it has ever been with respect to the commercialization of its DRAGONITE and AMIRON product lines. The Company's past product development and marketing efforts, in conjunction with its decision to engage top-tier distribution partners Horn, Brandt Technologies and Azelis (formerly KODA Distribution Group), has advanced of a number of near-term and intermediate-term commercial projects with large customers involving applications for use in the catalyst, molecular sieve, oilfield services, construction products, paints and coatings, and polymer composite industries. Certain applications, such as DRAGONITE-based catalysts and zeolites, have a history of commercial use. Based on customer guidance, a number of the above-mentioned projects present multi-million dollar revenue opportunities for the Company. The Company believes the recent $1.64 million capital raise, anchored by its Japanese distribution partner, Fimatec LTD, along with its current business, provides ample liquidity to convert certain of these large opportunities over the next 12-18 months. If converted, these commercial opportunities have the potential to create significant value for the Company's stakeholders. A full-text copy of the press release is available for free at: https://is.gd/BdM4Ya About Applied Minerals New York City-based Applied Minerals, Inc. (OTC BB: AMNL) is a leading global producer of halloysite clay used in the development of advanced polymer, catalytic, environmental remediation, and controlled release applications. The Company operates the Dragon Mine located in Juab County, Utah, the only commercial source of halloysite clay in the western hemisphere. Halloysite is an aluminosilicate clay that forms naturally occurring nanotubes. Applied Minerals reported a net loss of $10.3 million in 2014, a net loss of $13.06 million in 2013 and a net loss of $9.73 million in 2012. As of June 30, 2016, the Company had $7.75 million in total assets, $25.10 million in total liabilities and a total stockholders' deficit of $17.3 million. ARIZONA ACADEMY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Arizona Academy of Science and Technology, Inc. PO Box 13606 Phoenix, AZ 85002 Case No.: 16-09573 Chapter 11 Petition Date: August 18, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Scott H. Gan Debtor's Counsel: Aubrey Laine Thomas, Esq. DAVIS MILES MCGUIRE GARDNER, PLLC 9 W. Cherry Avenue, Suite B Flagstaff, AZ 86001 Tel: 928-779-1173 Fax: 877-715-7366 E-mail: athomas@davismiles.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Grant Creech, director. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/azb16-09573.pdf ARMADA WATER: U.S. Trustee Forms 2-Member Creditors' Committee -------------------------------------------------------------- Judy A. Robbins, the U.S. Trustee for the Southern District of Texas, on Aug. 18 appointed two creditors of Armada Water Assets, Inc., et al., to serve on the official committee of unsecured creditors. The committee members are: (1) Pac-Van, Inc. Attn: Mike Hill 75 Remittance Drive, Suite 3300 Chicago, IL 60675-3300 Tel: (317) 489-4793 Fax: (317) 644-3135 E-mail: mhill@pacvan.com Pac-Van is represented by: Sylvia Mayer, Esq. P.O. Box 6542 Houston, TX 77265 Tel: (713) 893-0339 Fax: (713) 661-3738 E-mail: smayer@smayerlaw.com (2) M & M Excavation Inc. Attn: Tamara McCurry 1979 Three Eagles Way Loma, CO 81524 Tel: (970) 216-8497 E-mail: ironmaidencustom@outlook.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Armada Water Assets Armada Water Assets, Inc., and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 16-60056) on May 23, 2016. The petition was signed by Tom Breen, chief restructuring officer. The cases are pending joint administration before Judge David R. Jones under proposed Lead Case No. 16-60056. The Debtors estimated both assets and liabilities in the range of $10 million to $50 million. ARMSTRONG ENERGY: S&P Lowers CCR to 'CCC+', Outlook Negative ------------------------------------------------------------ S&P Global Ratings said it lowered its corporate credit rating on U.S.-based Armstrong Energy Inc. to 'CCC+' from 'B-'. The outlook is negative. At the same time, S&P lowered its issue-level rating on Armstrong's senior secured notes to 'CCC+' from 'B-'. S&P also revised the recovery rating on the debt to '4' from '3', indicating its expectation for average (30% to 50%; lower end of the range) recovery in the event of a payment default. "The negative outlook reflects our view that the company is likely to pursue a distressed exchange or debt restructuring within the next 12 months," said S&P Global Ratings credit analyst Vania Dimova. "We anticipate that free operating cash flow will remain negative, which will continue to erode liquidity, and the company disclosed that it has retained strategic advisers to explore restructuring its debt obligations." S&P would lower the rating if the company pursued an exchange offer or debt restructuring or if liquidity deteriorated such that S&P anticipated a default within 12 months without an unforeseen positive development. S&P would revise the outlook to stable if it believed that the company was no longer likely to pursue a debt restructuring and liquidity remained adequate. This could happen if end market demand and prices materially improve from current levels. BBROUS2 INVESTMENTS: Taps Weinstein & St. Germain as Legal Counsel ------------------------------------------------------------------ Bbrous2 Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Weinstein & St. Germain LLC. The firm will serve as the Debtor's legal counsel in connection with its Chapter 11 case. Tom St. Germain, Esq., at Weinstein, disclosed in a court filing that the firm does not represent any interest adverse to the Debtor. The firm can be reached through: Tom St. Germain, Esq. Weinstein & St. Germain, LLC 1414 NE Evangeline Thwy. Lafayette, LA 70501 Fax: (337) 235-4020 Email: info@weinlaw.com About Bbrous2 Investments Bbrous2 Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. La. Case No. 16-51136) on August 16, 2016. BLUESTEM BRANDS: S&P Affirms 'B+' CCR, Off CreditWatch Negative --------------------------------------------------------------- S&P Global Ratings affirmed its ratings on Eden Prairie, Minn.–based Bluestem Brands Inc., including the 'B+' corporate credit rating, and removed them from CreditWatch with negative implications, where S&P placed them on June 23, 2016. The outlook is stable. S&P also affirmed its 'B+' issue-level rating on the company's first-lien term loan. The '3' recovery rating on the debt is unchanged, indicating S&P's expectations for meaningful recovery in the event of default, at the higher end of the 50% to 70% range. "The affirmation reflects our belief that Bluestem will have at least a 15% cushion of covenant compliance over the next 12 months, excluding any quarterly seasonal volatility," said credit analyst Samantha Stone. "We project debt leverage will be under 4x and the company will have sufficient liquidity for operating needs despite our expectation that operating performance will be weaker versus last year. Our base-case assumptions include our belief that the company will manage costs in light of near term top line pressures from increased competition. We think operating performance could modestly improve in 2017 as management benefits from strategic initiatives implemented this year. The rating action also incorporates our view that Bluestem's parent, which has roughly $180 million of balance sheet cash as of April 29, 2016, could support the subsidiary if it needed additional liquidity. Still, this is not included in our base-case scenario assumptions because we project positive cash flows for 2016." The stable outlook reflects S&P's expectation that the company will maintain adequate cushion of compliance under its financial covenants, generate positive cash flows, and keep leverage below 4x over the next 12 months. S&P could lower the rating if operating performance meaningfully declines such that free cash flow approaches negative territory or debt leverage increases more than 4x; perhaps from unsuccessful marketing efforts to acquire new customers and/or higher-than-expected charge offs at Bluestem Brands, which would reduce profit sharing in the credit portfolio. Any rating upside is highly unlikely over the next 12 months given S&P's view that operating performance will remain under pressure and the inherent volatility of profits in the company's business model. However, if S&P believes the company can demonstrate sustained growth and stable profitability from managing its credit exposure, S&P could revise its comparable ratings analysis to neutral from negative and this could lead to an upgrade. BON-TON STORES: Reports Second Quarter Fiscal 2016 Results ---------------------------------------------------------- The Bon-Ton Stores, Inc. reported operating results for its fiscal second quarter ended July 30, 2016, and reaffirmed its earnings guidance for the full year fiscal 2016. Kathryn Bufano, president and chief executive officer, commented, "We made progress on a number of our strategic initiatives during the second quarter, although the soft mall traffic trends continued to negatively impact our business. Importantly, we delivered sales gains in our key growth categories and brands, and drove accelerated double digit growth in our omnichannel business, with a triple digit increase on our mobile site. In addition, we maintained careful inventory controls, as we reduced inventory by 6% with fewer markdowns. We also continued to make progress on our cost savings plan." Ms. Bufano continued, "Looking ahead, we believe that the Fall assortment will be our best to date. We also expect that our omnichannel business will continue to deliver strong performance. While we are cognizant that the operating environment remains difficult, we believe that we are well positioned for the back half of the year with a strong merchandising assortment, a compelling marketing program focused on new customer acquisition, and continued discipline in inventory management and cost controls." Comparable store sales in the second quarter of fiscal 2016 decreased 2.0%. Total sales in the period decreased 2.4% to $542.4 million, compared with $555.4 million in the second quarter of fiscal 2015. Sales increases were achieved in Activewear, Big & Tall, Denim, Young Men's, Young Contemporary Plus, Women's Better Handbags, Hard Home and Furniture. The Company achieved accelerated growth in omnichannel, which reflects sales via its website, mobile site, and its Buy Online Pick Up In-Store and Let Us Find It initiatives, as it continued to successfully leverage its West Jefferson facility and expanded store-fulfillment network. Other income in the second quarter of fiscal 2016 was $16.3 million, an increase of $0.7 million over the comparable prior year period. The increase was largely the result of higher revenues associated with the Company's proprietary credit card operations. Proprietary credit card sales, as a percentage of total sales, increased 390 basis points to 57.1% in the second quarter of fiscal 2016. Gross profit decreased $6.5 million to $198.1 million in the second quarter of fiscal 2016, primarily as a result of decreased sales volume. The gross margin rate in the second quarter of fiscal 2016 was 36.5% of net sales as compared to 36.8% in the same quarter last year. Selling, general and administrative expense in the second quarter of fiscal 2016 decreased $3.3 million, or 1.5%, to $211.9 million, compared to the second quarter of fiscal 2015. This was largely due to a benefit from a mid-single digit decline in non-customer facing store expenses, partially offset by higher medical claims, as well as severance costs and consulting expenses associated with the Company's cost reduction initiatives. The SG&A expense rate in the second quarter of 2016 was 39.1% of net sales, an increase of 40 basis points over the prior year, primarily as a result of the decreased sales volume in the period. Excluding the severance and consulting costs in the second quarter of fiscal 2016, as well as the severance costs in the second quarter of fiscal 2015, SG&A expense in the second quarter of fiscal 2016 decreased $6.9 million from the comparable prior year period, and the SG&A expense rate leveraged 40 basis points, to 38.2%. As of July 30, 2016, the Company had approximately $225 million of borrowing capacity under its revolving credit facility and expects to decrease debt by approximately $40 million to $50 million by the end of the year. For fiscal 2016, loss per diluted share is expected to be in a range of $0.95 to $1.45. The Company continues to expect Adjusted EBITDA in a range of $130 million to $140 million. As announced earlier this week, the Company successfully closed a new $150 million ABL Term Loan that replaces the existing $100 million A-1 Tranche of the Company's credit facility and increases the total commitment under the facility to $880 million. The Company will use approximately $75 million of the net proceeds to reduce all amounts currently outstanding under the existing A-1 Tranche of its credit facility which matures in December 2018. The balance of the net proceeds will be used to enhance the Company's liquidity and retire the remaining approximately $57 million of its Senior Notes due in July 2017. Bon-Ton Stores reported a net loss of $38.73 million on $542.36 million of net sales for the 13 weeks ended July 30, 2016, compared to a net loss of $39.56 million on $555.43 million of net sales for the 13 weeks ended Aug. 1, 2015. For the 26 weeks ended July 30, 2016, the Company reported a net loss of $76.55 million on $1.13 billion of net sales compared to a net loss of $73.63 million on $1.16 billion of net sales for the 26 weeks ended Aug. 1, 2015. As of July 30, 2016, the Company had $1.48 billion in total assets, $1.52 billion in total liabilities and a total shareholders' deficit of $38.50 million. A full-text copy of the press release is available for free at: https://is.gd/t5KxxS About Bon-Ton Stores The Bon-Ton Stores, Inc., with corporate headquarters in York, Pennsylvania and Milwaukee, Wisconsin, operates 270 stores, which includes nine furniture galleries and four clearance centers, in 26 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's and Younkers nameplates. The stores offer a broad assortment of national and private brand fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. For further information, please visit the investor relations section of the Company's Web site at http://investors.bonton.com. Bon-Ton Stores reported a net loss of $57.05 million on $2.71 billion of net sales for the fiscal year ended Jan. 30, 2016, compared to a net loss of $6.97 million on $2.75 billion of net sales for the fiscal year ended Jan. 31, 2015. * * * As reported in the TCR on Dec. 4, 2015, Moody's Investors Service downgraded Bon-Ton Stores's Corporate Family Rating to Caa1 from B3. The company's Speculative Grade Liquidity rating was affirmed at SGL-2. The rating outlook is stable. The downgrade considers the continuing and persistent negative pressure on Bon-Ton's revenue and EBITDA margins which has been accelerating during the course of fiscal 2015. As reported by the TCR on June 29, 2016, S&P Global Ratings lowered its corporate credit rating on the York, Pa.-based The Bon-Ton Stores Inc. to 'CCC' from 'CCC+'. The outlook is negative. "The downgrade reflects our revision of the company's liquidity to weak, increasing refinancing risk for an upcoming debt maturity in mid-2017, and that a default is likely within 12 months absent an meaningful turnaround in operating results," said credit analyst Mathew Christy. "Our view considers the June 20, 2016, announcement that a previously agreed upon sales-leaseback of three company-owned stores was terminated, which we believe suggests sustained industry weakness and operating performance for Bon-Ton." BON-TON STORES: S&P Raises CCR to 'CCC+', Outlook Remains Negative ------------------------------------------------------------------ S&P Global Ratings raised its corporate credit rating on the York, Pa.-based The Bon-Ton Stores Inc. to 'CCC+' from 'CCC'. The outlook remains negative. At the same time, S&P raised the issue-level rating on the company's second-lien senior secured notes to 'CCC' from 'CCC-', commensurate with the corporate credit rating. The '5' recovery rating remains unchanged, indicative of S&P's expectation for modest recovery toward the lower end of the 10% to 30% range in the event of a payment default or bankruptcy. "The upgrade reflects our view of Bon-Ton's somewhat improved liquidity after refinancing its A-1 ABL term loan tranche with an extended maturity to March 2021 and enhanced liquidity from the additional $50 million in borrowing capacity to address upcoming debt maturity in 2017. We expect the negative secular competitive trends to persist in the remainder of 2016 and in 2017, and that the company will continue to generate meaningful negative free operating cash flow," said credit analyst Mathew Christy. "However, we believe the recent refinancing of the company's ABL term loan facility somewhat improved the company's liquidity for the next 12 months and provides the ability to pay down the $57 million of second-lien notes maturing in 2017." The negative outlook reflects S&P's expectation that weak operating performance will result in meaningful negative free operating cash flow in fiscal 2016, that could hurt the company's liquidity and increase refinancing risk for the 2018 debt maturities. S&P could lower the ratings if the company's liquidity conditions deteriorate and S&P envisions a specific default scenario occurring over the next 12 months. This could arise if the company's liquidity deteriorates such that it increases reliance on its revolver to about $550 million or more on a sustained basis, leading to a potential that the fixed charge covenant is triggered and lead S&P to believe the company could no longer service its interest obligations going forward. S&P would also consider a lower rating if the company has not made meaningful progress in refinancing or extending the maturity in 2017 to address the maturity of the ABL in 2018, leading the company to seek a restructuring of its capital structure. A higher rating is unlikely in the next 12 months given the declining operating performance trends, an unsustainable capital structure, and S&P's view that the company does not generate sufficient cash flows to support its operations, interest burden, and refinancing needs. A positive rating action would be predicated on a significant turnaround in operating performance, leading to a significant improvement in the company's cash flow generation and liquidity position. BONANZA CREEK: S&P Lowers CCR to 'D' on Missed Interest Payment --------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on U.S.-based oil and gas exploration and production company Bonanza Creek Energy Inc. to 'D' from 'CCC'. At the same time, S&P lowered its issue-level ratings on the company's senior unsecured notes to 'D' from 'CC'. The recovery rating on the senior unsecured notes remains '6', indicating S&P's expectation of negligible (0% to 10%) recovery in the event of a payment default. The downgrade follows Bonanza Creek's announcement that it elected not to make the Aug. 1, 2016, interest payment on the 5.75% senior unsecured notes due 2023. S&P do not expect the company to make this interest payment before the end of the 30-day grace period and we do not envision additional interest payments on the remaining debt. CAESARS ENTERTAINMENT: Settles Litigation With Frederick Danner --------------------------------------------------------------- Caesars Entertainment Corporation, Caesars Entertainment Operating Company, Inc., a majority owned subsidiary of CEC, and Frederick Barton Danner, a holder of CEOC's 6.50% Senior Notes due 2016 and the plaintiff in Frederick Barton Danner v. Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc., No. 14-cv-7973 (S.D.N.Y.), entered into a Settlement and Forbearance Agreement with respect to claims that Danner has or may have against the Caesars Parties. Danner has agreed to, among other things, (a) support the restructuring of CEOC's indebtedness and vote in favor of the Debtors' Second Amended Joint Plan of Reorganization and, if applicable, a Chapter 11 plan of reorganization for CEC, (b) support the mutual release and exculpation provisions provided in the Plans, (c) support CEOC's motion to enjoin certain litigation against CEC, (d) not later than three business days after the date upon which all conditions precedent to the effectiveness of the Plans have been satisfied, seek to dismiss with prejudice the Danner Lawsuit and (e) forbear from exercising any default-related rights and remedies under the indenture governing the 2016 Notes. CEOC has agreed to, among other things, amend the CEOC Plan so as to require Danner's consent to modify the CEOC Plan in a manner that is materially inconsistent with respect to the treatment of recovery of the 2016 Notes under the CEOC Plan and the Agreement and add Danner to the definition of a "Released Party" in the CEOC Plan. CEC has agreed to, among other things, pay, if Class H votes to accept the CEOC Plan, on the Effective Date a fee in cash equal to 6.38% of the face amount of 2016 Notes held by certain holders who complete the applicable form and subject to certain other conditions set forth in the Agreement. In addition, CEC and Danner have agreed to seek to mutually stay the prosecution of the Danner Lawsuit no later than Aug. 28, 2016. About Caesars Entertainment Caesars Entertainment Corp., formerly Harrah's Entertainment Inc., is one of the world's largest casino companies. Caesars casino resorts operate under the Caesars, Bally's, Flamingo, Grand Casinos, Hilton and Paris brand names. The Company has its corporate headquarters in Las Vegas. Harrah's announced its re-branding to Caesar's in mid-November 2010. In January 2015, Caesars Entertainment and subsidiary Caesars Entertainment Operating Company, Inc., announced that holders of more than 60% of claims in respect of CEOC's 11.25% senior secured notes due 2017, CEOC's 8.5% senior secured notes due 2020 and CEOC's 9% senior secured notes due 2020 have signed the Amended and Restated Restructuring Support and Forbearance Agreement, dated as of Dec. 31, 2014, among Caesars Entertainment, CEOC and the Consenting Creditors. As a result, The RSA became effective pursuant to its terms as of Jan. 9, 2015. Appaloosa Investment Limited, et al., owed $41 million on account of 10% second lien notes in the company, filed an involuntary Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case No. 15-10047) on Jan. 12, 2015. The bondholders are represented by Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP. CEOC and 172 other affiliates -- operators of 38 gaming and resort properties in 14 U.S. states and 5 countries -- filed Chapter 11 bankruptcy petitions (Bank. N.D. Ill. Lead Case No. 15-01145) on Jan. 15, 2015. CEOC disclosed total assets of $12.3 billion and total debt of $19.8 billion as of Sept. 30, 2014. Delaware Bankruptcy Judge Kevin Gross entered a ruling that the bankruptcy proceedings will proceed in the U.S. Bankruptcy Court for the Northern District of Illinois. Kirkland & Ellis serves as the Debtors' counsel. AlixPartners is the Debtors' restructuring advisors. Prime Clerk LLC acts as the Debtors' notice and claims agent. Judge Benjamin Goldgar presides over the cases. The U.S. Trustee has appointed seven noteholders to serve in the Official Committee of Second Priority Noteholders and nine members to serve in the Official Unsecured Creditors' Committee. The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner. * * * The U.S. Bankruptcy Court for the Northern District of Illinois approved the adequacy of the disclosure statement explaining the second amended joint Chapter 11 plan of reorganization of Caesars Entertainment Operating Company Inc. and its debtor-affiliates. The Court set Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time) as last day for any holder of a claim entitle to vote to accept or reject the Debtors' plan. A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailing Central Time) in Courtroom No. 642 in the Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, to confirm the Debtors' plan. Objections to confirmation, if any, are due Oct. 31, 2016, at 4:00 p.m. (prevailing Central Time). CEETOP INC: Incurs $92,200 Net Loss in Second Quarter ----------------------------------------------------- Ceetop Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $92,200 on $0 of sales for the three months ended June 30, 2016, compared to a net loss of $167,00 on $0 of sales for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $181,000 on $0 of sales compared to a net loss of $288,000 on $0 of sales for the same period last year. As of June 30, 2016, Ceetop had $1.73 million in total assets, $371,000 in total liabilities, all current and $1.36 million in total stockholders' equity. For the year ended Dec. 31, 2015, MJF& Associates, APC, in Los Angeles, California, the Company's independent auditors, in their report on the financial statements, have indicated that the Company has experienced recurring losses from operations and may not have enough cash and working capital to fund its operations beyond the very near term, which raises substantial doubt about the Company's ability to continue as a going concern. The Company said it is in need of capital for the implementation of its business plan, and it will need additional capital for continuing our operations. "We do not have sufficient revenues to pay our expenses of operations. Unless the Company is able to raise working capital, or generate sufficient revenues, it is likely that the Company either will have to cease operations or substantially change its methods of operations or change its business plan," the Company said. The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/qoUwpS About Ceetop Inc. Oregon-based Ceetop Inc., formerly known as China Ceetop.com, Inc., owned and operated the online retail platform before 2013. Due to excessive competition in online retail, the Company has transformed itself into an integrated supply chain services provider, and focuses on B to B supply chain management and related value-added services among enterprises. Ceetop reported a net loss of $600,000 on $0 of sales for the year ended Dec. 31, 2015, compared to a net loss of $1.41 million on $362,000 of sales for the year ended Dec. 31, 2014. CHESAPEAKE ENERGY: Fitch Affirms 'B-' IDR, Outlook Negative ----------------------------------------------------------- Fitch Ratings has affirmed Chesapeake Energy Corporation's (Chesapeake; NYSE: CHK) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch also expects to rate the company's pending $1.5 billion senior secured term loan due 2021 'BB-/RR1'. The Rating Outlook is Negative. The 'BB-/RR1' expected rating on the $1.5 billion senior secured term loan reflects its' pari-passu security with the existing senior secured credit facility. The expected rating also considers the term loan's junior position in the collateral proceeds waterfall to the senior secured credit facility. Proceeds from the pending issuance are intended to be used to finance the recently announced debt tender offers for up to $1 billion in senior unsecured and contingent convertible senior notes, with any remaining proceeds used for further debt repayments and other general corporate purposes. The tender offers give priority to notes maturing in 2017 and 2018, and place a cap on debt subject to the tender based on maturity/priority. Issuance of the senior secured term loan will unfavorably impact recoveries at the unsecured level, but the estimated enterprise value was sufficient to affirm the senior unsecured notes at 'B-/RR4'. Fitch recognizes that the company may issue additional secured debt in the future that further subordinates existing second lien and unsecured debt classes, which could result in additional rating actions. As defined in its amended credit agreement, the company can incur secured debt of up to $2.5 billion. Fitch believes that the transactions should help to further improve the company's near-term maturity profile following the repayment of convertibles put in November 2015, a previous debt tender offer in December 2015, a debt retirement in March 2016, and a series of debt-for-equity swaps during the second quarter of 2016 (2Q16). The actions executed since 3Q15 have reduced gross debt and improved the five-year maturity profile by approximately $3 billion. The Negative Outlook continues to reflect the heightened need for and execution risk related to asset sales to help bridge through the cycle. Fitch continues to expect the company will use its large, diversified asset base to manage its near- and medium-term operational and financial obligations, including its elevated maturity profile, currently providing a limited margin of safety at the 'B-' level. The 2016 asset sale target was recently raised to $2 billion from $1.2 billion-$1.7 billion with selected Haynesville acreage expected to be sold. Management indicated their intent to sell approximately 150,000 net acres (95 million cubic feet [mcf] per day of production) of its existing roughly 430,000 net acre position in the Haynesville. KEY RATING DRIVERS Chesapeake's ratings reflect its considerable size with the potential for more liquids-focused production, substantial asset base, and strong operational execution and flexibility with ongoing improvements leading to competitive production and cost profiles. Fitch views the company's focus on completion activities, instead of drilling, in 2016 positively. This more closely aligns current capital spending with production and, as a consequence, with cash flows. These considerations are offset by the company's levered capital structure; continued exposure to legacy drilling, purchase, and overriding royalty interest obligations; natural gas-weighted profile that results in lower netbacks per barrel of oil equivalent (boe) relative to liquid peers; and weaker realized natural gas prices after differentials are incorporated. Fitch recognizes, however, that Chesapeake has made significant progress in its financial and operational deleveraging efforts since 2013, including the recently announced Barnett Shale conveyance and Mid-Continent renegotiation that management expects to improve midstream gathering, processing, and transportation expenses, albeit at an upfront cash cost of approximately $400 million. The company reported year-end 2015 net proved reserves of over 1.5 billion boe, which is a year-over-year reduction of approximately 39% mainly due to price-related reserve revisions. Production continues to show activity- and asset sale-related declines at approximately 658 thousand boe per day (mboepd; 25% liquids) resulting in a quarter-over-quarter decline of 2%. Fitch estimates Chesapeake's balance sheet debt/EBITDA to be approximately 7.2x for the latest 12 months ended June 30, 2016, compared to 3.9x and 2.6x for the years ended Dec. 31, 2015, and 2014, respectively. Fitch calculated debt/flowing barrel metrics were over $19,200 as of June 30, 2016. Fitch's base case currently forecasts debt/EBITDA of approximately 8.5x in 2016. This assumes the completion of an additional $1 billion (total $2 billion for 2016) in asset sales limiting the need for credit facility borrowings. Upstream leverage metrics are projected to remain relatively steady through 2016. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Chesapeake include: -- Base case WTI oil price that trends up from $42/barrel in 2016 to a long-term price of $65/barrel; -- Base case Henry Hub gas that trends up from $2.35/mcf in 2016 to a long-term price of $3.25/mcf; -- Production of approximately 625 mboepd and 547 mboepd in 2016 and 2017, respectively; -- Liquids mix declines to 25% in 2016 followed by an improvement to 27% in 2017; -- Differentials are projected to exhibit improving trends over the near- and medium-term due to recent gathering, processing, and transportation cost relief and some Marcellus basis tightening; -- Capital spending is forecast to be $1.25 billion and $2 billion in 2016 and 2017, respectively; -- Asset sales of $2 billion assumed to be completed in 2016 followed by a robust level of asset sales over the next couple of years; -- Continued suspension of preferred and common dividends medium-term; -- No increase in long-term balance sheet debt assumed. RATING SENSITIVITIES Positive: No upgrades are currently contemplated given weakening credit metrics associated with low oil & gas prices. Future developments that may, individually or collectively, lead to a positive rating action include: For an upgrade to 'B': Maintenance of size, scale, and diversification of Chesapeake's operations with some combination of these metrics: -- Mid-cycle balance sheet debt/EBITDA under 6.0x-7.0x on a sustained basis; -- Balance sheet debt/flowing barrel under $40,000 - $45,000 on a sustained basis; -- Continued progress in materially reducing adjusted debt balances and simplifying the capital structure; -- Improvements in realized oil & gas differentials. To resolve the Negative Outlook at 'B-': -- Asset sale execution that alleviates the company's near-term reliance on its revolving credit facility to help fund FCF deficits; -- Improving oil & gas price environment and sufficient liquidity to help address escalating maturities profile; -- Mid-cycle balance sheet debt/EBITDA under 7.0x-8.0x on a sustained basis; -- Balance sheet debt/flowing barrel under $45,000 - $50,000 on a sustained basis. Negative: Future developments that may, individually or collectively, lead to a negative rating action include: -- Mid-cycle balance sheet debt/EBITDA above 8.0x on a sustained basis; -- Balance sheet debt/flowing barrel over $55,000 on a sustained basis; -- An unwillingness or inability to execute asset sales, if necessary, to help address forecasted FCF shortfalls and debt maturities; -- A persistently weak oil & gas pricing environment that impairs the longer-term value of Chesapeake's reserve base. LIQUIDITY Cash & equivalents, as of June 30, 2016, were approximately $4 million. Additional liquidity is provided by the company's amended $4 billion senior secured credit facility ($3.1 billion available as of June 30, 2016) due December 2019. The next borrowing base redetermination date was rescheduled and postponed until June 2017. Chesapeake, as of Aug. 4, 2016, has hedged about 75% of its projected oil and natural gas production for the remainder of 2016, or approximately 12.1 mmboe and 373 Bcf, at approximately $46.60/barrel and $2.77/mcf, respectively. The company has also been adding 2017 oil and natural gas hedges for approximately 7.7 mmboe and 290 Bcf at approximately $47.79/barrel and $3/mcf, respectively. EVOLVING MATURITIES PROFILE The company has an escalating maturities profile with approximately $1.4 billion, $850 million, $1 billion, and $1.1 billion due between 2017 and 2020. These amounts include the approximately $730 million and $315 million in contingent convertible senior notes with holders' demand repurchase dates in May 2017 and December 2018, respectively. If oil & gas prices remain depressed in the medium term, Fitch believes it is likely that the contingent convertible senior notes holders will exercise their demand rights for a cash repurchase given the five-year demand repurchase date schedule and considerable spread between the current stock price and conversion threshold. The recently announced debt tenders should help to further improve the company's near-term maturity profile. SUSPENDED AND MODIFIED MAINTENANCE COVENANTS Financial covenants, as defined in the amended credit facility agreement, have been suspended until September 2017 with the exception of the interest coverage ratio. The coverage ratio was reduced to 0.65x through March 2017, increasing to 0.7x through June 2017, and reverting to 1.2x in September 2017 and to 1.25x thereafter. During the covenant suspension period, Chesapeake has agreed to maintain a minimum liquidity amount of $500 million that increases to $750 million if collateral coverage falls below 1.1x as of Dec. 31, 2016. Other customary covenants across debt instruments restrict the ability to incur additional liens, make restricted payments, and merge, consolidate, or sell assets, as well as change in control provisions. The company also has amended, under the terms of the credit agreement, its ability to incur secured debt to up to $2.5 billion. FULL LIST OF RATING ACTIONS Chesapeake Energy Corporation -- Long-Term IDR affirmed at 'B-'; -- Senior secured bank facility affirmed at 'BB-/RR1'; -- Senior secured term loan expected to rate at 'BB-/RR1'; -- Senior secured second lien notes affirmed at 'B+/RR2'; -- Senior unsecured notes affirmed at 'B-/RR4'; -- Convertible preferred stock affirmed at 'CCC/RR6'. The Rating Outlook is Negative. CITIZENS FINANCIAL: Fitch Affirms 'BB-' Pref. Stock Rating ---------------------------------------------------------- Fitch Ratings has affirmed the Long-Term and Short-Term Issuer Default Ratings of Citizens Financial Group, Inc. (CFG) and its subsidiaries at 'BBB+' and 'F2', respectively. The Rating Outlook is Stable. CFG's Viability Rating (VR) has also been affirmed at 'bbb+'. KEY RATING DRIVERS VRs, IDRs and Senior Unsecured Debt The affirmation of CFG's IDR and VR is primarily supported by a solid capital profile. At June 30, 2016, CFG's estimated CET1 was 11.5%, around 70bps better than the large regional peer average. The company has a CET1 target of 11%, which is considered appropriate given weaker capital generation capabilities relative to peers. Over the long term, Fitch expects that the large regionals banks will manage their CET1 to between 8% and 9.5%. Fitch expects CFG's capital ratios will also decrease over time, but believes the company will remain appropriately capitalized for its risk profile. CFG's ratings also incorporate the company's clearly articulated and well-defined strategy, originally laid out in 2014. The bank continues to make progress towards meeting these initiatives. As an example, CFG now has a greater diversification between commercial and consumer loans, with a 48%/52% split, compared to 45%/55% a few years ago. CFG also reported that the bank is on track with its TOP II expense initiative plan which is expected to deliver $95 million to $100 million in pre-tax earnings benefit in 2016, and recently announced a new TOP III efficiency program focused on expense, revenue, and tax initiatives. Roughly a third of the TOP III savings will come from staff reductions in non-revenue-generating areas. CFG is targeting a 2017 pre-tax run-rate benefit of $90 million to $110 million from TOP III. Upward ratings momentum for CFG will emerge over time as the company successfully executes on its strategic initiatives and improves its operating performance. Positively, quarterly ROA in the second quarter 2016 (2Q16) improved 13bps from a year ago. Despite this improvement, CFG's earnings profile remains a key ratings constraint. CFG's reported ROA in 2Q16 was 69bps, well below the large regional peer median of approximately 100bps. CFG's profitability lags its large regional peers primarily due to lower loan yields, as well as lower relative fee income. CFG's ability to align its fee revenue generation with those of its large regional peers remains a key strategic focus. Fitch notes that CFG has taken steps to improve this metric, including growing its capital markets and wealth management platforms. In mid-May, CFG rolled out broker-dealer capabilities, which also aided growth in noninterest income from 1Q16. Fitch expects fee revenue as a percentage of total income to remain below the peer median at least over the near term. Following the recent movement on the long-end of the curve, it also appears likely that rates will remain lower longer, providing less hope for an earnings tailwind for asset-sensitive banks, like CFG. Incorporated in today's rating action, Fitch notes that CFG has also significantly grown certain loan categories over the past couple of years, including CRE and student lending, amidst a competitive lending environment. Some of the CRE loan growth is attributed to restrictions on CRE lending placed on the company in the past by its former parent, The Royal Bank of Scotland Group plc. The company is also trying to achieve a better balance in its loan mix, with less concentration in consumer loans. With 37% growth in CRE loans over the past two years as of June 30, 2016, the loan mix is more evenly balanced than in the past. However, this level of loan growth outpaced peers, and is in the context of relatively low economic growth. To date, credit quality in the CRE book remains manageable with less than 1% on non-accrual status, but warrants monitoring, given its growth. Student lending continues as an area of growth management intends to focus on. Fitch notes education lending balances are growing from smaller balances, and now comprise 5% of total loans. CFG offers both undergraduate primarily parent-guaranteed financing and graduate loan refinancing products. Credit risk remains benign. Fitch expects that loan losses will deteriorate from their unsustainably low levels for CFG, and the industry. Automobile lending growth on average has also been strong, up 33% over the past two years, though it has slowed somewhat over the past 12 months. CFG has recently identified automobile lending as an area where it will reduce capital allocation, which Fitch views as prudent given the very competitive environment in the asset class. Average auto loan balances increased 1.3% in 2Q16. Through June 30, 2016, annualized net charge-offs remained modest at just 41bps in 2Q16. In terms of CFG's overall asset quality, CFG's nonperforming assets are slightly higher than the large regional peer median, primarily attributed to large balances of residential mortgage and home equity problem assets. Despite higher problem asset balances, loan losses remain low, and in line with the peer median. With regard to energy-related exposure, CFG's is modest at just 1.8% of total loans. However, Fitch notes its reserves are among the lowest of the peer group, while 77% of its energy portfolio is rated below-investment grade. Partially offsetting this, CFG's forecasted loan losses under the Dodd-Frank severely adverse scenario were the fourth lowest of the peer group, and Fitch views limited credit risk in the securities portfolio, with over 90% of the portfolio in either Treasury or Agency securities. CFG's funding profile is roughly in line with peers, though does include a higher loan-to-deposit ratio. Fitch notes less reliance on short-term borrowings from a year ago, and demonstrated access to capital markets through several debt issuances since Fitch's last review. CFG maintains a strong presence in its core operating footprint, ranking in the top 3 for deposit market share in Rhode Island, New Hampshire, Massachusetts, and Pennsylvania. Given the make-up of the large regional bank balance sheets, all 15 of the banks have relatively high liquidity subcomponents ratings, with an implied midpoint floor of 'a-' for these institutions. In addition to strong deposit market shares in their operating footprints, CFG, along with its peers, has multiple sources of funding, including issuance in the capital markets, FHLB advances, and brokered deposits. Finally, as also reflected in the company's ratings, some legacy regulatory matters have yet to be resolved. Namely, the OCC determined that CBNA no longer meets the specific conditions to own a financial subsidiary, that the bank must be both well-capitalized and well-managed. CBNA was well-capitalized at March 31, 2016. CFG is in the process of remediating these findings, but there has not yet been a further update. SUPPORT RATING The IDRs and VRs do not incorporate any support. In Fitch's view, CFG is not systemically important and therefore, the probability of support is unlikely. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES CFG's subordinated debt is notched one level below its VR of 'bbb+' while CFG's preferred stock is notched five levels below its VR. Subordinated debt is rated one notch below the VR for loss severity, reflecting below average recoveries. Preferred stock is rated five notches below the VR, twice for loss severity, reflecting poor recoveries as the instruments can be converted to equity or written down well ahead of resolution. In addition, they are also notched down three times for non-performance risk, reflecting fully discretionary coupon omission. These ratings are in accordance with Fitch's criteria and assessment of the instruments' non-performance and loss severity risk profiles and have thus been affirmed due to the affirmation of the VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The uninsured deposit ratings of Citizens Bank, N.A. and Citizens Bank of Pennsylvania are rated one notch higher than CFG's IDR and senior unsecured debt because U.S. uninsured deposits benefit from depositor preference. U.S. depositor preference gives deposit liabilities superior recovery prospects in the event of default. HOLDING COMPANY The IDR and VR of CFG are equalized with its two operating companies, Citizens Bank, N.A. and Citizens Bank of Pennsylvania, reflecting its role as a bank holding company, which is mandated in the U.S. to act as a source of strength for its bank subsidiaries. RATING SENSITIVITIES VR, IDRs and Senior Unsecured Debt Fitch views CFG's VR as currently solidly situated, though we expect more ratings upside over the medium- to long-term than downside risk. Positive rating momentum would be predicated on CFG improving profitability commensurate with higher-rated large regional peers, while maintaining disciplined growth and consistent underwriting standards. CFG may also be upgraded with greater execution on its strategic priorities, along with greater seasoning in its recent loan growth without incurring outsized loan losses that exceed peer or industry averages. Conversely, deterioration in asset quality or aggressively managing down capital are factors that could lead to negative ratings pressure. Current ratings reflect Fitch's view that there will continue to be some declines in CFG's capital profile, but that it will be maintained at generally above peer levels to compensate for lower capital generation capabilities. It is not anticipated that CFG will pursue a large bank M&A transaction, but any individual transaction would be evaluated for its impact on the company's capital, and risk profile. SUPPORT Since CFG's Support and Support Rating Floors are now '5' and 'NF', respectively, there is limited likelihood that these ratings will change over the foreseeable future. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES The ratings for CFG and its operating companies' subordinated debt and preferred stock are sensitive to any change to CFG's VR. LONG- AND SHORT-TERM DEPOSIT RATINGS The long-and short-term deposit ratings for Citizens Bank, N.A. and Citizens Bank of Pennsylvania are sensitive to any change to CFG's Long- and Short-Term IDR. HOLDING COMPANY Fitch could notch the holding company's ratings from the operating companies if holding company liquidity were to deteriorate materially and raise concerns as to the parent's ability to meet its obligations. The rating actions are: Citizens Financial Group, Inc. -- Long-Term IDR affirmed at 'BBB+'; Outlook Stable; -- Short-Term IDR affirmed at 'F2'; -- Viability rating affirmed at 'bbb+'; -- Subordinated debt affirmed at 'BBB'; -- Preferred stock affirmed at 'BB-'; -- Senior debt affirmed at 'BBB+'; -- Support rating affirmed at '5'; -- Support rating floor affirmed at 'NF.' Citizens Bank, NA -- Long-Term IDR affirmed at 'BBB+'; Outlook Stable; -- Short-Term IDR affirmed at 'F2'; -- Viability rating affirmed at 'bbb+'; -- Support rating affirmed at '5'; -- Long-term deposits affirmed at 'A-'; -- Senior unsecured affirmed at 'BBB+'; -- Short-term deposits affirmed at 'F2'; -- Support rating floor affirmed at 'NF.' Citizens Bank of Pennsylvania -- Long-Term IDR affirmed at 'BBB+'; Outlook Stable; -- Short-Term IDR affirmed at 'F2'; -- Viability rating affirmed at 'bbb+'; -- Support rating affirmed at '5'; -- Long-term deposits affirmed at 'A-'; -- Short-term deposits affirmed at 'F2'; -- Support rating floor affirmed at 'NF.' CLAIRE'S STORES: S&P Lowers CCR to 'CC', On CreditWatch Negative ---------------------------------------------------------------- S&P Global Ratings lowered its corporate credit rating on Florida-based Claire's Stores Inc. to 'CC' from 'CCC-' and placed it on CreditWatch with negative implications. S&P affirmed the 'C' issue-level rating on the senior secured second-lien debt and senior unsecured debt facilities and placed them on CreditWatch negative. The recovery rating is '6', indicating S&P's expectations for negligible recovery in the event of a default. S&P's 'CCC-' issue-level rating on the company's senior secured first-lien debt facilities is unchanged. The recovery rating remains '3'. "On Aug. 12, 2016, Claire's announced an exchange offer for any and all of $450 million 8.875% senior secured second lien notes due 2019, $320 million 7.750% senior notes due 2020, and $26.5 million 10.500% senior subordinated notes due 2017 for new term loans that mature in 2021. The company also plans to refinance its existing $110 million U.S. revolving credit facility due 2017 and extend the maturity to 2019," said credit analyst Samantha Stone. "The consummation of the exchange offer is subject to among other factors, the completion of the U.S. revolver refinancing and consent from the European revolving credit facility lender or a refinancing of the facility. The early participation deadline is Aug. 25, 2016, with a final expiration date of Sept. 9, 2016, unless extended." S&P is placing its ratings on CreditWatch with negative implications because S&P expects to lower the issuer credit rating to 'SD' and the rating on the affected debt facilities to 'D' upon completion of the exchange offer. Following the consummation of the exchange and downgrade to default, S&P plans to re-assess the company's capital structure, liquidity assessment, earnings profile and update the recovery ratings profile. COATES INTERNATIONAL: Issues $41K Promissory Note to GW Holdings ---------------------------------------------------------------- Coates International, Ltd. on Aug. 15, 2016, received proceeds of $37,000, net of financing costs of $4,000, from a Securities Purchase Agreement and related convertible promissory note, dated Aug. 15, 2016, in the face amount of $41,000 issued to GW Holdings Group LLC, an independent third party accredited investor. The Promissory Note matures in August 2017 and provides for interest at the rate of 10% percent per annum. The Note may be converted into unregistered shares of the Company's common stock, par value $0.0001 per share, at the Conversion Price, as defined, in whole, or in part, at any time beginning 180 days after the date of the Note, at the option of the Holder. All outstanding principal and unpaid accrued interest is due at maturity, if not converted prior thereto. The Conversion Price will be equal to 62% multiplied by the Market Price, as defined. The Market Price will be equal to the lowest trading price of the Company's common stock on the OTC Pink during the 25 trading-day period ending one trading day prior to the date of conversion by the Holder. The Holder anticipates that upon any conversion, the shares of stock it receives from the Company will be freely tradable in compliance with Rule 144 of the U.S. Securities and Exchange Commission. This note may be prepaid during the first six months by paying a prepayment penalty 50%. The Company has reserved 550,000,000 shares of its unissued common stock for potential conversion of the convertible note. The convertible promissory note was privately offered and sold to the Holder in reliance on specific exemptions from the registration requirements of the United States federal and state securities laws which the Registrant believes are available to cover this transaction based on representations, warranties, agreements, acknowledgements and understandings provided to the Company by the Holder. About Coates Based in Wall Township, N.J., Coates International, Ltd. (OTC BB: COTE) -- http://www.coatesengine.com/-- was incorporated on Aug. 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. CODA OCTOPUS: Incurs $1.8 Million Net Loss in Fiscal 2010 --------------------------------------------------------- Coda Octopus Group, Inc., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.77 million on $11.5 million of net revenue for the year ended Oct. 31, 2010, compared to a net loss of $9.43 million on $13.2 million of net revenue for the year ended Oct. 31, 2009. As of Oct. 31, 2010, Coda Octopus had $9.72 million in total assets, $22.8 million in total liabilities and a total stockholders' deficit of $13.03 million. For the fiscal year ended Oct. 31, 2010, the Company had an accumulated deficit of $59.3 million, negative working capital of $16.9 million, a stockholders' deficit of $13.04 million and generated a deficit in cash flow from operations of $256,415 in the 2010 period. The Company has been dependent upon the ability to generate revenue from the sale of its products and services and the discretion of the note holder to release cash to cover operations under the Cash Control Framework Agreement. This facility provided a debtor book financing package to allow the Company to obtain up to $2.15 million in working capital against the security in and/or over the receivables. This agreement was terminated in March 2011. The Company's Annual Report on Form 10-K is available from the SEC Web site at https://is.gd/w2LIgv About Coda Octopus Headquartered in Lakeland, Florida, Coda Octopus Group, Inc., was formed under the laws of the State of Florida in 1992. The Company is a developer of underwater technologies and equipment for imaging, mapping, defense and survey applications. The Company's subsidiaries are based in Florida, Utah, United Kingdom, Australia and Norway. COMPANION DX: Hires Fuquay as Chief Restructuring Officer --------------------------------------------------------- Companion DX Reference Lap, LLC, seeks authority from the U.S. Bankruptcy Court for the Southern District of Texas to employ Wayne Fuquay as chief restructuring officer to the Debtor. Companion DX requires Fuquay to: a. act as the Debtor's CRO until further order of the Court; b. be the sole signatory on the Debtor's DIP Payroll Account, and the DIP Operating Account, and any other pre-petition or post-petition accounts of the Debtor until further order of the Court; c. take control of all passwords for any electronic banking of the Debtor, and to immediately changes such passwords so that the CRO is the only party who has access to the Debtor's electronic banking, such procedure to remain in effect pending further order of the Court; d. subject to the budget approved by the Court, and to pending further order of the Court, to exercise sole authority to manage the business affairs of the Debtor, including, without limitation: i. make all decisions regarding the hiring and firing of personnel; ii. to make all decisions regarding the purchase of inventory, equipment and supplies, and the terms of disbursements made by the Debtor for same; iii. make all decisions regarding the expenses incurred by the Debtor, and the terms of disbursement made by the Debtor for same; iv. make all decisions regarding the shipping, pricing and invoicing of finished project; v. make all decisions regarding the maintenance of quipment and the Debtor's manufacturing facility; e. make all reasonable efforts to consult with the Debtor's chief financial officer, H. Rey Stroube IV, and Debtor's bankruptcy counsel and any committee of creditors appointed by the Court. f. make all reasonable efforts to present to the UST all information required for the Initial Debtor's Conference; g. make all reasonable effort to assist the Debtor and its bankruptcy counsel in preparing and filing Schedules and Statement of Financial Affairs on a timely basis; and h. make all reasonable efforts to assist the Debtor and its bankruptcy counsel in preparing and filing monthly operating reports on a timely basis; and i. cause the Debtor to pay all UST Quarterly fees on a timely basis. Fuquay will be paid $18,000 per month and will receive a $25,000 bonus when the plan is funded. This bonus is to make up for the difference in his hourly billing rate of $250 per hour. Fuquay will also be reimbursed for reasonable out-of-pocket expenses incurred. Wayne Fuquay 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. Fuquay can be reached at: Wayne Fuquay Richmond, TX Tel: (281) 341-1727 About Companion DX Reference Lab, LLC Companion DX Reference Lab, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D.Tex. Case No. 16-33427) on July 5, 2016. The Hon. Marvin Isgur presides over the case. Pendergraft & Simon, LLP, represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Michael Stewart, chief executive officer. CUSTOM ECOLOGY: S&P Affirms 'CCC+' CCR, Off CreditWatch ------------------------------------------------------- S&P Global Ratings said that it has affirmed all of its ratings on Mabelton, Ga.-based Custom Ecology Inc., including S&P's 'CCC+' corporate credit rating, and removed the ratings from CreditWatch, where S&P placed them with negative implications on June 16, 2016. The outlook is negative. Subsequently, S&P withdrew all of its ratings on the company because S&P received a withdrawal request from the issuer and it had concerns related to the timely receipt of relevant information. CWS ENTERPRISES: Plan Administrator Taps Coldwell as Broker ----------------------------------------------------------- David Flemmer seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Coldwell Banker Commercial Valley Brokers. Mr. Flemmer, the official appointed as administrator under CWS Enterprises Inc.'s court-approved restructuring plan, tapped the firm in connection with the sale of a real property owned by the company. The property consists of 360 acres of agricultural land located along Pennington Road in Live Oak, California. The firm will get a commission of up to 6% of the sale price. Coldwell Banker has no disqualifying connections preventing the firm from representing the plan administrator, according to court filings. Mr. Flemmer is represented by: Daniel L. Egan, Esq. Steven J. Williamson, Esq. Wilke, Fleury, Hoffelt, Gould & Birney LLP 400 Capitol Mall, 22nd Floor Sacramento, CA 95814 Tel: (916) 441-2430 Fax: (916) 442-6664 Email: degan@wilkefleury.com swilliamson@wilkefleury.com About CWS Enterprises CWS Enterprises Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Calif. Case No. 09-26849) on April 2, 2009. On April 16, 2012, the court confirmed the Debtor's Chapter 11 plan of reorganization. David Flemmer was appointed as plan administrator. D&H MACHINE SERVICE: Can Get Up to $60K Credit From Brian Hillard ----------------------------------------------------------------- Judge Suzanne H. Bauknight of the U.S. Bankruptcy Court for the Eastern District of Tennessee authorized D&H Machine Service, Inc. to obtain secured credit from its principal, Brian Hillard. The Debtor was authorized to obtain a line-of-credit not to exceed the amount of $60,000 from Mr. Hillard. The line-of-credit will be secured by all the Debtor's assets, including machinery, inventory, work-in-process and accounts receivable, and cash, but subordinate to prepetition liens, if any, reserving any issue to contest the extent, validity, or priority of such lien. A full text copy of the Order, dated Aug. 18, 2016, is available at https://is.gd/TL56Zm About D&H Machine Service D&H Machine Service, Inc., filed a chapter 11 petition (Bankr. E.D. Tenn. Case No. 16-30308) on Feb. 9, 2016. The petition was signed by Brian Hillard, president. The Debtor is represented by Dean B. Farmer, Esq., at Hodges, Doughty & Carson, PLLC. The Debtor estimated assets at $500,001 to $1 million and liabilities at $100,001 to $500,000. DIFFUSION PHARMACEUTICALS: Effects 1-for-10 Reverse Stock Split --------------------------------------------------------------- Diffusion Pharmaceuticals Inc. filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-to-10 reverse stock split of the shares of the Company's common stock, par value $0.001 per share. The Amendment became effective at 5:09 p.m. on Aug. 17, 2016. As set forth in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2016, at the Company's 2016 Annual Meeting of Stockholders on July 21, 2016, the Company's stockholders approved the Amendment and the Reverse Stock Split at a ratio of not less than 1-to-2 and not greater than 1-to-20, with the exact ratio and effective time to be determined by the Company's Board of Directors, if at all. Thereafter, the Board determined to effect the Reverse Stock Split at a ratio of 1-to-10 and authorized the filing of the Amendment. As a result of the Reverse Stock Split, every ten shares of Common Stock outstanding immediately prior to the Reverse Stock Split were reclassified and combined into one share of Common Stock. Beginning with the opening of trading on Aug. 19, 2016, the Common Stock was available for trading on the OTC Markets Group on a Reverse Stock Split adjusted basis with a new CUSIP number, 253748 206. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would have been entitled to receive fractional shares of Common Stock had their holdings rounded up to the next whole share. Proportional adjustments will be made to the Company's outstanding warrants, stock options and other equity securities and to the Company's 2015 Equity Incentive Plan, as amended, to reflect the Reverse Stock Split, in each case, in accordance with the terms thereof. About Diffusion Pharmaceuticals Diffusion Pharmaceuticals, as surviving entity in its merger with RestorGenex, is a clinical stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments including radiation therapy and chemotherapy. Diffusion is developing its lead drug, trans sodium crocetinate (TSC), for use in the many cancer types in which tumor hypoxia (oxygen deprivation) is known to diminish the effectiveness of current treatments. TSC targets the cancer's hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more vulnerable to the therapeutic effects of treatments such as radiation therapy and chemotherapy, without the apparent addition of any serious side effects. TSC has potential application in other indications involving hypoxia, such as stroke and neurodegenerative diseases. Diffusion reported a net loss of $23.8 million on $0 of revenues for the year ended Dec. 31, 2015, compared to a net loss of $14.4 million on $0 of revenues for the year ended Dec. 31, 2014. Deloitte & Touche LLP, in Chicago, Illinois, 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 its present financial resources raise substantial doubt about its ability to continue as a going concern. DIGIPATH INC: CEO Reports 11.8% Equity Stake as of June 21 ---------------------------------------------------------- In a Schedule 13D filed with the Securities and Exchange Commission, Joseph J. Biancom, chief executive officer of DigiPath, Inc., disclosed that as of June 21, 2016, he beneficially owned 2,875,000 shares of common stock of DigiPath. The Shares consist of (i) 500,000 shares of Common Stock held by a corporation wholly-owned by the Reporting Person, and (ii) 2,375,000 shares of Common Stock currently issuable under the Option. Based on 22,071,041 shares of Common Stock issued and outstanding as of Aug. 12, 2016, the 2,875,000 shares of Common Stock beneficially owned by the Reporting Person constitute 11.8% of the outstanding shares of Common Stock. A full-text copy of the regulatory filing is available for free at: https://is.gd/bDRnyo About DigiPath DigiPath, Inc., was incorporated in Nevada on Oct. 5, 2010. DigiPath and its subsidiaries support the cannabis industry's best practices for reliable testing, cannabis education and training, and brings unbiased cannabis news coverage to the cannabis industry. The Company reported a net loss of $4.33 million for the year ended Sept. 30, 2015, compared to a net loss of $2.83 million for the year ended Sept. 30, 2014. As of June 30, 2016, DigiPath had $1.46 million in total assets, $105,900 in total liabilities and $1.35 million in total stockholders' equity. Anton & Chia, LLP, in Newport Beach, CA, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2015, noting that the Company has recurring losses and insufficient working capital, which raises substantial doubt about its ability to continue as a going concern. DOMINION STEEL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Dominion Steel Specialties, Inc. 5301 Polk St., Bldg. 18 Houston, TX 77023 Case No.: 16-34107 Chapter 11 Petition Date: August 18, 2016 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. David R Jones Debtor's Counsel: Kimberly Anne Bartley, Esq. WALDRON & SCHNEIDER, L.L.P. 15150 Middlebrook Drive Houston, TX 77058 Tel: 281-488-4438 Fax: 281-488-4597 E-mail: kbartley@ws-law.com Total Assets: $3.39 million Total Liabilities: $3.09 million The petition was signed by Robert R. Comeaux, Jr., president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txsb16-34107.pdf EFT HOLDINGS: Incurs $1.16 Million Net Loss in Second Quarter ------------------------------------------------------------- EFT Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.16 million on $92,700 of net total revenues for the three months ended June 30, 2016, compared to a net loss of $1.43 million on $100,400 of net total revenues for the three months ended June 30, 2015. As of June 30, 2016, EFT Holdings had $14.5 million in total assets, $14.9 million in total liabilities and a total deficiency of $429,000. "The Company's products are sensitive to business and personal discretionary spending levels and tend to decline or grow more slowly during economic downturns, including downturns in any of the Company's major markets. The current worldwide downturn is expected to adversely affect the Company's sales and liquidity for the foreseeable future. Although the Company has mitigated decreases in sales by lowering its levels of inventory to preserve cash on hand, the Company does not know when the downturn will subside and when consumer spending will increase from its current depressed levels. Even if consumer spending increases, the Company is not sure when consumer spending will increase for its products, which will affect its liquidity. "The global economy is currently undergoing a period of unprecedented volatility, and the future economic environment may continue to be less favorable than that of recent years. This has led, and could further lead, to reduced consumer spending, and which may affect adversely spending on nutritional and beauty products and other discretionary items, such as the Company's products. In addition, reduced consumer spending may force the Company and its competitors to lower prices. These conditions may adversely affect the Company's revenues and profits. In addition, the Company expects future operations to be affected by ToByTo' marketing and distribution of EFT phones, eZGT's marketing of the travel program and the Company's water bottling operations. "There is substantial doubt about the Company's ability to continue as a going concern as the continuation of the Company's business is dependent upon obtaining further long-term financing. The issuance of additional equity securities by the Company could result in a significant dilution of the equity interests of its current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments," the Company said in the filing. The Company's quarterly report on Form 10-Q is available from the SEC website at https://is.gd/iH9H7L About EFT Holding California-based EFT Holdings, Inc., is primarily an e-Business company designed around the "Business-to-Customer" concept, which means that the Company's products are sold directly to customers through its web site. The Company's "Business-to-Customer" model differs from the traditional "Business to Business" model where products are sold to distributors who then sell the products to ultimate customers. EFT Holdings reported a net loss of $5.30 million on $968,000 of net total revenues for the year ended March 31, 2015, compared to a net loss of $20.3 million on $1.80 million of net total revenues for the year ended March 31, 2014. ELBIT IMAGING: Approves New Buyback Programs Totaling NIS 50M ------------------------------------------------------------- Elbit Imaging Ltd. announced that its board of directors approved a new program to repurchase up to NIS 50 million (approximately $13.26 million) of Elbit's Notes, which are traded on the Tel Aviv Stock Exchange in addition to the Current Program. The Company's board of directors has determined that until further notice, the Company will purchase only Series H Notes under the New Program. The repurchases will be made from time to time in the open market on the Tel Aviv Stock Exchange, in privately negotiated transactions or in a combination of the two. The repurchases will commence after the full execution of the Current Program, and the New Program will remain in effect for a period of 12 months commencing on the date of this announcement. The New Program does not require the Company to acquire any or a specific amount of notes, and it may be modified, suspended, extended or discontinued without prior notice. Notes repurchase under The New Program depends on factors such as market conditions and legal compliance. Repurchased notes will be canceled and removed from trading. In accordance with the existing loan agreement with Bank Hapoalim (as amended), the Company will be required to prepay principal amount of approximately NIS 7 million if the Notes buyback under the New Program will be fully executed. A full-text copy of the press release is available for free at: https://is.gd/xELqit About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. ELBIT IMAGING: Reports NIS 31.4 Million Net Loss for Q2 ------------------------------------------------------- Elbit Imaging Ltd. reported a net loss of NIS 31.4 million on NIS 105 million of total revenues for the three months ended June 30, 2016, compared to a net loss of NIS 70.91 million on NIS 224.43 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 NIS 96.6 million on NIS 183 million of total revenues compared to a net loss of NIS 201 million on NIS 267 million of total revenues for the six months ended June 30, 2015. As of June 30, 2016, Elbit had NIS 2.64 billion in total assets, NIS 2.42 billion in total liabilities and NIS 220 million in shareholders' equity. A full-text copy of the regulatory filing is available at: https://is.gd/K5aHCP Meanwhile, Elbit announced that it has placed an Investor Relations Presentation on the Company's website at: http://www.elbitimaging.com/under: "Investor Relations - Group Presentations - Company Presentation". About Elbit Imaging Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF) holds investments in real estate and medical companies. The Company, through its subsidiaries, also develops shopping and entertainment centers in Central Europe and invests in and manages hotels. Elbit Imaging reported a loss of NIS 186.15 million on NIS 1.47 million of revenues for the year ended Dec. 31, 2015, compared to profit of NIS 1 billion on NIS 461,000 of revenues for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Elbit Imaging had NIS 778.25 million in total assets, NIS 758.96 million in total liabilities and NIS 19.28 million in shareholders' equity. Since February 2013, Elbit has intensively endeavored to come to an arrangement with its creditors. Elbit has said it has been hanging by a thread for more than five months. It has encountered cash flow difficulties and this burdens its day to day activities, and it certainly cannot make the necessary investments to improve its assets. In light of the arrangement proceedings, and according to the demands of most of the bondholders, as well as an agreement that was signed on March 19, 2013, between Elbit and the Trustees of six out of eight series of bonds, Elbit is prohibited, inter alia, from paying off its debts to the financial creditors -- and as a result a petition to liquidate Elbit was filed, and Bank Hapoalim has declared its debts immediately payable, threatening to realize pledges that were given to the Bank on material assets of the Company -- and Elbit undertook not to sell material assets of the Company and not to perform any transaction that is not during its ordinary course of business without giving an advance notice to the trustees. Accountant Rony Elroy has been appointed as expert for examining the debt arrangement in the Company. In July 2013, Elbit Imaging's controlling shareholders, Europe- Israel MMS Ltd. and Mr. Mordechay Zisser, notified the Company that the Tel Aviv District Court has appointed Adv. Giroa Erdinast as a receiver with regards to the ordinary shares of the Company held by Europe Israel securing Europe Israel's obligations under its loan agreement with Bank Hapoalim B.M. The judgment stated that the Receiver is not authorized to sell the Company's shares at this stage. Following a request of Europe-Israel, the Court also delayed any action to be taken with regards to the sale of those shares for a period of 60 days. Europe Israel and Mr. Zisser have also notified the Company that they utterly reject the Bank's claims and intend to appeal the Court's ruling. EMERY RESOURCE: Taps Diaz & Larsen as Legal Counsel --------------------------------------------------- Emery Resource Holdings LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Diaz & Larsen as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the Debtor with respect to its rights and duties; (b) take all necessary actions to protect the Debtor's estate, including the prosecution of actions on its behalf; (c) prepare legal papers; and (d) assist in presenting the Debtor's proposed Chapter 11 plan of reorganization. The firm has received a retainer from the Debtor in the amount of $27,000. Diaz & Larsen does not have any interest adverse to the Debtor and its creditors, according to court filings. The firm can be reached through: Andres Diaz, Esq. Timothy J. Larsen, Esq. Diaz & Larsen 307 West 200 South, Suite 2004 Salt Lake City, UT 84101 Tel: (801) 596-1661 Fax: (801) 359-6803 Email: courtmail@adexpresslaw.com About Emery Resource Emery Resource Holdings LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 16-26511) on July 27, 2016. The petition was signed by Craig C. Williams, managing member of Willsbros Resource Holdings LLC, manager. The case is assigned to Judge R. Kimball Mosier. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. EMMAUS LIFE: Incurs $3.14 Million Net Loss in Second Quarter ------------------------------------------------------------ Emmaus Life Sciences, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $3.14 million on $172,681 of net revenues for the three months ended June 30, 2016, compared to a net loss of $1.65 million on $144,336 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 $7.60 million on $252,080 of net revenues compared to a net loss of $4.89 million on $241,095 of net revenues for the six months ended June 30, 2015. As of June 30, 2016, Emmaus Life had $1.26 million in total assets, $32.93 million in total liabilities and a total stockholders' deficit of $31.7 million. "Based on our losses to date, anticipated future revenue and operating expenses, debt repayment obligations and cash and cash equivalents balance of $0.3 million as of June 30, 2016, we do not have sufficient operating capital for our business without raising additional capital. We incurred losses of $7.6 million for the six months ended June 30, 2016 and $4.9 million for the six months ended June 30, 2015. We had an accumulated deficit at June 30, 2016 of $92.4 million. We anticipate that we will continue to incur net losses for the foreseeable future as we incur expenses for submission of the NDA, the commercialization of our pharmaceutical grade L-glutamine treatment of SCD, research costs for the corneal cell sheets using CAOMECS technology and the expansion of corporate infrastructure, including costs associated with being a public reporting company and potentially additional expenses that may be associated with an initial public offering. We have previously relied on unregistered equity offerings, debt financings and loans, including loans from related parties. As part of this effort, we have received various loans from officers, stockholders and other investors as discussed below. As of June 30, 2016, we had outstanding notes payable in an aggregate principal amount of $22.5 million, consisting of $10.1 million of non-convertible promissory notes and $12.4 million of convertible notes. Of the $22.5 million aggregate principal amount of notes outstanding as of June 30, 2016, approximately $16.3 million is either due on demand or will become due and payable within the next twelve months. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategies, including the commercialization of our pharmaceutical grade L-glutamine treatment for SCD and the development in the United States of CAOMECS-based cell sheet technology. "We have had recurring operating losses, have a significant amount of notes payable and other obligations due within the next year and projected operating losses including the expected costs relating to the commercialization of our pharmaceutical grade L-glutamine treatment for SCD that exceed both the existing cash balances and cash expected to be generated from operations for at least the next year. In order to meet our expected obligations, management intends to raise additional funds through equity and debt financings and partnership agreements. In addition, we may seek to raise additional funds through collaborations with other companies or financing from other sources. As previously reported, we have filed a draft registration statement with the SEC with respect to an initial public offering. Additional funding may not be available in amounts or on terms which are acceptable to us, if at all. Due to the uncertainty of our ability to meet our current operating and capital expenses, there is substantial doubt about our ability to continue as a going concern. "In addition, we currently estimate that we will need an additional $1.1 million to submit a NDA to the FDA for our pharmaceutical grade L-glutamine treatment for SCD. Our cash burn rate for the first six months ending June 30, 2016 was approximately $0.7 million per month," the Company stated in the filing. The Company's quarterly report on Form 10-Q is available from the SEC website at https://is.gd/icoP5m About Emmaus Life Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. This biopharmaceutical company's headquarters is in Torrance, California. Emmaus Life reported a net loss of $12.69 million on $590,114 of net revenues for the year ended Dec. 31, 2015, compared to a net loss of $21.75 million on $500,679 of net revenues for the year ended Dec. 31, 2014. SingerLewak 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, its total liabilities exceed its total assets and it has an accumulated stockholders' deficit. This raises substantial doubt about the Company's ability to continue as a going concern. FARMACIAS PUERTO RICO: Ordered to Vacate Hato Rey Center Premises ----------------------------------------------------------------- In the case captioned IN RE: FARMACIAS PUERTO RICO, Debtor(s), CASE NO. 16-03910 (Bankr. D.P.R.), Judge Brian K. Tester of the United States Bankruptcy Court for the District of Puerto Rico granted SF III PR, LLC's urgent motion for immediate surrender of Farmacias Puerto Rico's premises. Judge Tester ordered Farmacias to vacate the premises in Hato Rey Center within 30 days. The judge, however, did not yet determine the matter of SF's breach of the parties' verbal lease agreement through the blocking of the west side entrance of the premises, and allowed the continuation of Farmacias' complaint in adversary proceeding 16-00142, but only as to the breach of contract claim, and any monetary damages resulting therefrom. A full-text copy of Judge Tester's August 16, 2016 opinion and order is available at http://bankrupt.com/misc/prb16-03910-87.pdf About Farmacias Puerto Rico Farmacias Puerto Rico filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 16-03910) on May 16, 2016. The Debtor is represented by Carlos Rodriguez Quesada, Esq., at the Law Office of Carlos Rodriguez Quesada. FOUNDATION HEALTHCARE: Reports Second Quarter Financial Results --------------------------------------------------------------- Foundation HealthCare, Inc., reported a net loss of $8.99 million on $28.6 million of net revenues for the three months ended June 30, 2016, compared to net income of $5.79 million on $31.9 million of revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $10.7 million on $67.3 million of revenues compared to net income of $6.07 million on $61.4 million of revenues for the six months ended June 30, 2015. As of June 30, 2016, Foundation Healthcare had $129 million in total assets, $136 million in total liabilities, $6.96 million in preferred non-controlling interest and a total deficit of $14.4 million. "Patient care is our number one priority at Foundation and once again our patient satisfaction scores demonstrate our clinical teams continue to perform at a very high level," stated Stanton Nelson, Foundation CEO. While as a team we were not pleased with the financial performance in the second quarter, we remain confident in our business model and management has taken positive actions to replace lost revenues and grow service volumes. We have significantly expanded our imaging services in El Paso adding four new imaging centers with no significant capital outlay through a joint venture arrangement. We have also added retail pharmacy services in El Paso to better serve our patients and grow pharmacy revenues." June service volumes at the Houston hospital were up 31% compared to the average for the first five months of 2016 and patient satisfaction scores at Houston have increased from 63% in 2015 to 97% since Foundation acquired the hospital. Historically, Foundation posts its strongest financial results in the third and fourth quarters. We believe that trend will continue in 2016," added Nelson. "As a result of our financial performance, we are currently in default on our debt covenants. Accordingly, all of the debt with our senior lender has been classified as current on the accompanying consolidated balance sheet. We are in negotiations with our banks to waive the default event and restructure the debt covenants. We remain confident the banks will waive the default and if successful, the debt will be reclassified between current and long term based on the original loan agreement," stated Hugh King, Foundation CFO. At June 30, 2016, cash and cash equivalents totaled $1.1 million, compared to $5.1 million at Dec. 31, 2015. A full-text copy of the press release is available for free at: https://is.gd/3CKVAC About Foundation Healthcare Oklahoma-based Foundation Healthcare is a healthcare services company primarily focused on owning controlling interests in surgical hospitals and the inclusion of ancillary service lines. The Company currently owns controlling and noncontrolling interests in surgical hospitals located in Texas. The Company also owns noncontrolling interests in ambulatory surgery centers ("ASCs") located in Texas, Oklahoma, Pennsylvania, New Jersey, Maryland and Ohio. Additionally, the Company provides sleep testing management services to various rural hospitals in Iowa, Minnesota, Missouri, Nebraska and South Dakota under management contracts with the hospitals. The Company provides management services to a majority of its Affiliates under the terms of various management agreements. Prior to Dec. 2, 2013, the Company's name was Graymark Healthcare, Inc. Foundation Healthcare reported net income attributable to the Company's common stock of $5.19 million on $126.13 million of revenues for the year ended Dec. 31, 2015, compared to a net loss attributable to the Company's common stock of $2.09 million on $101.85 million of revenues for the year ended Dec. 31, 2014. FPMI SOLUTIONS: Can Get Western Alliance DIP Financing ------------------------------------------------------ Judge Robert G. Mayer of the U.S. Bankruptcy Court for the Eastern District of Virginia authorized FPMI Solutions, Inc. to obtain postpetition financing from Western Alliance Bank, as successor in interest to Bridge Bank, National Association, on a final basis. The Debtor is indebted to Western Alliance in the amount of $507,517, exclusive of attorneys' fees and expenses and other costs due and payable under the Prepetition Loan Documents. The indebtedness is secured by a first-priority security interest and lien on all the Debtor's personal property and any and all cash and non-cash proceeds of such property. Judge Mayer acknowledged that the Debtor has an immediate and critical need to obtain postpetition financing to fund operating expenses incurred in the ordinary course of business and other costs and expenses of administering its bankruptcy proceedings. He further acknowledged that the Debtor's ability to finance its operations, maintain its business relationships, pay its employees, preserve its assets and otherwise maintain the value of its business as a going concern requires the availability of working capital from the DIP Credit Facility, the absence of which would immediately and irreparably harm the Debtor and its bankruptcy estate. Western Alliance was granted a continuing, valid, binding, enforceable, non-avoidable and automatically perfected security interest in and liens on all of the Debtor's personal property. The DIP Liens are junior only to Western Alliance's Prepetition Liens and the Carve-Out. The Carve-Out, which is in an aggregate amount not to exceed $100,000, consists of: (a) unpaid fees to the Clerk of Court and the U.S. Trustee; (b) unpaid fees and expenses of the professionals of the Debtor; and (c) any retainer or professional expense escrow account established by the Debtor. A full text copy of the Final Order, dated August 18, 2016, is available at https://is.gd/btcHOT Western Alliance Bank can be reached at: WESTERN ALLIANCE BANK 55 Almaden Boulevard, Suite 100 San Jose, CA 95113 Attn: Lori Edwards, Executive Vice President E-mail: lori.edwards@bridgebank.com Western Alliance Bank is represented by: Richard M. Kremen, Esq. C. Kevin Kobbe, Esq. DLA PIPER LLP (US) The Marbury Building 6225 Smith Avenue Baltimore, MD 21209 Telephone: (410) 580-3000 E-mail: richard.kremen@dlapiper.com kevin.kobbe@dlapiper.com About FPMI Solutions Headquartered in Alexandria, Virginia, FPMI Solutions, Inc., filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 16-12142) on June 20, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by R. Mark McLindon, chief executive officer. Judge Robert G. Mayer presides over the case. Paul Sweeney, Esq., at Ymkas, Vidmar, Sweeney & Mulrenin, LLC, serves as the Debtor's bankruptcy counsel. FTE NETWORKS: Amends Q2 Form 10-Q to Correct Numerial Errors ------------------------------------------------------------ FTE Networks, Inc., filed with the Securities and Exchange Commission an amended quarterly report on Form 10-Q/A for the period ended June 30, 2016, to amend certain numerical errors in the Original Form 10-Q. Those changes to the numbers as previously reported in the Original Form 10-Q did not impact either total assets, revenue, net loss or loss per share. FTE Networks reported a net loss attributable to common shareholders of $1.07 million on $3.16 million of revenues for the three months ended June 30, 2016, compared to a net loss attributable to common shareholders of $1.52 million on $4.07 million of revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss attributable to common shareholders of $2.19 million on $5.25 million of revenues compared to a net loss attributable to common shareholders of $2.27 million on $7.41 million of revenues for the same period in 2015. As of June 30, 2016, FTE Networks had $9.69 million in total assets, $19.95 million in total liabilities, $437,380 in total temporary equity, and a total stockholders' deficiency of $10.69 million. A full-text copy of the Form 10-Q/A is available for free at: https://is.gd/5M9m2R Meanwhile, the Company furnished with the SEC a copy of an investor presentation to be provided to future investors, which presentation is available for free at https://is.gd/NY9Jhy About FTE Networks, Inc. FTE Networks, formerly known as Beacon Enterprise Solutions Group, Inc., is a vertically integrated company with an international footprint. Since its inception, FTE Networks has steadily advanced its management, operational and technical capabilities to become a leading provider of services to the telecommunications and wireless sector with a focus on turnkey solutions. FTE Networks provides a comprehensive array of services centered on quality, efficiency and customer service. FTE Networks reported a net loss attributable to common shareholders of $3.63 million on $14.4 million of revenues for the year ended Sept. 30, 2015, compared to net income of $436,000 on $16.9 million of revenues for the year ended Sept. 30, 2014. FULLCIRCLE REGISTRY: Delays Filing of June 30 Form 10-Q ------------------------------------------------------- FullCircle Registry, Inc. was unable to file its quarterly report on Form 10-Q for the period ended June 30, 2016, within the prescribed time period due to its difficulty in completing and obtaining required financial and other information without unreasonable effort and expense. The Company expects to file the Form 10-Q within the time period permitted by this extension. About FullCircle Registry Shelbyville, Kentucky-based FullCircle Registry, Inc., targets the acquisition of small profitable businesses. FullCircle Registry, Inc., has become a holding company with three subsidiaries. They are FullCircle Entertainment, Inc., FullCircle Insurance Agency, Inc. and FullCircle Prescription Services, Inc. Target companies for future acquisition are those in search of exit plans for the owners and are intended to continue autonomous operations as current ownership is phased out over a period of 3-5 years. FullCircle reported a net loss of $696,000 on $1.14 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $653,000 on $1.49 million of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, FullCircle had $5.22 million in total assets, $6.43 million in total liabilities and a total stockholders' deficit of $1.21 million. Somerset CPAs, P.C., in Indianapolis, Indiana, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GIBSON BRANDS: Moody's Cuts CFR to Caa2, Outlook Negative --------------------------------------------------------- Moody's Investors Service downgraded Gibson Brands, Inc.'s Corporate Family Rating (CFR) to Caa2 from Caa1 due to increasing concerns about the company's liquidity position. The rating outlook is negative. The downgrade reflects Moody's concerns about the company's ability to meet all of its financial obligations in 2016 and 2017 that include over $80 million due to a consumer electronics supplier and $45 million in near-term outstanding indebtedness, if the ABL revolving credit facility is not refinanced. The expiration date of the ABL was recently accelerated to May 2017 from January 2018 because the company was in violation of a covenant. "However, we expect that the company will be able to refinance the ABL based on the strength of the underlying assets," said Kevin Cassidy, Senior Credit Officer at Moody's Investors Service. "We expect Gibson's operating performance to improve this year, but remain below our original expectations." noted Cassidy "We think the chances of some type of debt restructuring will increase as the company approaches the August 2018 maturity of its $375 million notes". Moody's said. Ratings downgraded: -- Corporate Family Rating to Caa2 from Caa1; -- Probability of Default Rating to Caa2-PD from Caa1-PD; -- $375 million senior secured 2nd lien notes due 2018, to Caa3 (LGD 4) from Caa2 (LGD 4) RATINGS RATIONALE Gibson's Caa2 Corporate Family Rating reflects the company's untenable capital structure based on expected operating performance, weak liquidity profile, soft credit metrics and the highly discretionary nature of its musical instrument and consumer electronics product lines. The ratings also reflect the company's high leverage at over 10 times debt/EBITDA at March 31, 2016 and concerns that there continues to be high turnover in the company's senior financial management level. Gibson's ratings are supported by the company's strong brand recognition in musical instruments and market share for guitar products, and diversified product line within guitars and related music areas. The ratings are also supported by its geographic diversification. Although the company has reported positive performance in the June 2016 quarter, the negative outlook reflects uncertainty about the projected improvement in Gibson's operating performance and the uncertainty about the company's ability to refinance its ABL revolving credit facility. The ratings could be lowered if the company does not successfully address its upcoming debt maturities that include: -- $32 million of financial obligations to a consumer electronics supplier by December 2016, of which $25 million currently remain outstanding; -- Refinancing of a $75 million ABL facility (of which $45 million is currently outstanding) maturing in May 2017; -- Over $50 million of additional financial obligations to a consumer electronics supplier by December 2017 While unlikely in the near term given the negative outlook, over the longer term an upgrade could be considered if Gibson successfully addresses its upcoming debt maturities and improves and sustains its operating performance. The principal methodology used in this rating was the Consumer Durables Industry published in September 2014. Headquartered in Nashville, Tennessee, Gibson Brands Inc. designs, manufactures, markets, and globally distributes premium musical instruments, consumer and professional audio and video products, information products, and related accessories. The company's product offerings are marketed under a portfolio of brands including Gibson, Philips, Epiphone, Kramer, Baldwin, Onkyo, KRK, and Stanton. Revenues were approximately $1.6 billion for the twelve months ended June 30, 2016. GREAT BASIN: Enters Into Waiver Agreements With Noteholders ----------------------------------------------------------- Great Basin Scientific, Inc., entered into two waivers with noteholders related to the filing of the S-1 on Aug. 15, 2016. As previously disclosed on the Current Report on Form 8-K filed with the SEC on Dec. 29, 2015, on Dec. 28, 2015, Great Basin entered into a Securities Purchase Agreement in relation to the issuance and sale by the Company to certain buyers as set forth in the Schedule of Buyers attached to the December SPA of $22.1 million aggregate principal amount of senior secured convertible notes and related Series D common stock purchase warrants exercisable to acquire 3,503,116 shares of common stock. On Aug. 17, 2016, the Company and certain 2015 Note Buyers holding enough of the 2015 Notes and Series D Warrants to constitute the required holders under Section 9(e) of the 2015 SPA and Section 19 of the 2015 Notes entered into waiver agreements to waive (i) the breach by the Company of Section 4(n)(ii) of the 2015 SPA solely with respect to (x) the Company's filing of the Registration Statement on Form S-1 (No. 333-213144 ) related to an offering of Units, (y) the Company's filing of amendments to the Registration Statement on Form S-1 (No. 333-213144) to complete the offering of Units and (z) the Company's consummation of the offering of Units pursuant to the Registration Statement on Form S-1 (No. 333-213144) no later than Sept. 30, 2016, and (ii) the event of default arising under Section 4(a)(x) of the 2015 Notes due to the Company's failure to comply with Section 4(n)(ii) of the 2015 SPA. As previously disclosed on the Current Report on Form 8-K filed with the SEC on June 29, 2016, on June 29, 2016, the Company into a Securities Purchase Agreement in relation to the issuance and sale by the Company to certain buyers as set forth in the Schedule of Buyers attached to the 2016 SPA of $75 million aggregate principal amount of senior secured convertible notes and related Series H common stock purchase warrants exercisable to acquire 56,250,000 shares of common stock. On Aug. 17, 2016, the Company and certain 2016 Note Buyers holding enough of the 2016 Notes and Series H Warrants to constitute the required holders under Section 9(e) of the 2016 SPA and Section 19 of the 2016 Notes entered into waiver agreements to waive (i) the breach by the Company of Section 4(n)(ii) of the SPA solely with respect to (x) the Company's filing of the Registration Statement on Form S-1 (No. 333-213144 ) related to an offering of Units, (y) the Company's filing of amendments to the Registration Statement on Form S-1 (No. 333-213144) to complete the offering of Units and (z) the Company's consummation of the offering of Units pursuant to the Registration Statement on Form S-1 (No. 333-213144) no later than Sept. 30, 2016 and (ii) the event of default arising under Section 4(a)(x) of the 2016 Notes due to the Company's failure to comply with Section 4(n)(ii) of the 2016 SPA. 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. GREAT BASIN: Had 46.1M Outstanding Common Shares as of Aug. 19 -------------------------------------------------------------- On Aug. 16 and Aug. 17, certain holders of the 2015 Notes were issued shares of Great Basin Scientific, Inc.'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 3,000,685 shares of common stock upon the conversion of $1,171,468 principal amount of 2015 Notes at a conversion price of $0.39. In addition, $236,527 was released from the restricted cash accounts for use by the Company. As of Aug. 19, 2016, a total principal amount of $15,797,152 of the 2015 Notes has been converted into shares of common stock and $6,302,848 principal remains to be converted. A total of $4.7 million has been released from the restricted cash accounts and $7.1 million remains in the restricted accounts. The Company previously filed an 8-K on Aug. 12, 2016, and reported 43,124,301 shares outstanding, therefore as of Aug. 19, 2016, there are 46,124,986 shares of common stock issued and outstanding. 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. GREENSHIFT CORP: Posts $3.21 Million Net Income for Second Quarter ------------------------------------------------------------------ Greenshift Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $3.21 million on $1.49 million of revenue for the three months ended June 30, 2016, compared to a net loss of $2.62 million on $1.14 million of revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported net income of $1.77 million on $2.38 million of revenue compared to a net loss of $4.08 million on $2.06 million of revenue for the six months ended June 30, 2015. As of June 30, 2016, Greenshift had $6.65 million in total assets, $13.1 million in total liabilities, and a total stockholders' deficit of $6.44 million. The Company's primary source of liquidity during 2016 was cash produced by its operations. During the six months ended June 30, 2016, the Company produced about $748,000 in cash from its operating activities, used about $1.2 million in its investing activities, as well as about $402,000 in its financing activities, primarily to repay debt to YA Global Investments, L.P., assignees. During the June 30, 2015, the Company used about $200,000 in net cash and its financing activities used about $229,000 (from repayment of debentures). The Company's cash balances at June 30, 2016, and Dec. 31, 2015, were about $993,000 and $1.9 million, respectively. The Company had a working capital deficit of about $9.2 million at June 30, 2016; however, its current liabilities included approximately that amount in obligations convertible into Company common stock, including application of discounts and the associated derivative liabilities. "Our financial position and liquidity moving forward will be based on our ability to generate cash flows from our operations, as well as the level of our outstanding indebtedness and our debt service obligations. Our business is highly impacted by commodity price volatility, primarily in the market for corn oil. While demand for extracted corn oil is strong in the biodiesel and multiple other markets, decreases in the price of corn oil will have a negative impact on the amount of cash we are able to produce from our operating activities. Moreover, to the extent that our existing and potential new licensees are all corn ethanol producers, our business is also subject to commodity price risk in the markets for ethanol, distillers grain, corn and natural gas. These risks are partially mitigated for us by the fact that use of our corn oil extraction technologies will enhance the liquidity and financial position of licensed ethanol producers and provide our licensees with vitally important cash flows during periods of reduced ethanol producer margins. However, our ability to generate cash flow may be adversely affected if, for example, a new licensee were forced by a reduced crush spread to suspend operations prior to installing a corn oil extraction system," the Company said in the filing. Going Concern The Company recorded income from operations of $477,000 for the six months ended June 30, 2016. As of June 30, 2016, the Company had $993,000 in cash, and current liabilities exceeded current assets by about $9.2 million, which included derivative liabilities of $6.8 million and $1.5 million in convertible debentures. Neither of these items is required to be serviced out of the Company's regular cash flows. The Company's parent, Bitzio, Inc., paid $2.5 million to the Company which was drawn from a loan of $2.9 million made to Bitzio by TCA Global Credit Master Fund, LP. The loan was made on December 31, 2015, pursuant to a Senior Secured Revolving Credit Facility Agreement, under which TCA may lend to Bitzio up to $5.0 million. The Company and each of its subsidiaries, as well as each of the other subsidiaries of Bitzio, have executed a Guaranty Agreement dated Dec. 31, 2015, in favor of TCA. In the Guaranty Agreement, the Company and each of its subsidiaries guaranteed payment of all amounts due to TCA under the Credit Agreement. By separate agreements, the Company and each subsidiary pledged all of its assets to secure the guaranty to TCA. These matters raise substantial doubt about the Company's ability to continue as a going concern. "Our ability to satisfy our obligations will depend on our success in obtaining financing, our success in preserving current revenue sources and developing new revenue sources, and our success in negotiating with the creditors. Management plans to resolve the Company's working capital deficit by increasing revenue, reducing debt and exploring new financing options. There can be no assurances that the Company will be able to eliminate its working capital deficit and that the Company's historical operating losses will not recur." The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/ZlsMKQ About Greenshift Corporation Headquartered in New York, GreenShift Corporation develops and commercializes clean technologies designed to integrate into and leverage established production and distribution infrastructure to address the financial and environmental needs of its clients by decreasing raw material needs, facilitating co-product reuse, and reducing waste and emissions. Greenshift reported net income of $15.8 million on $9.46 million of revenue for the year ended Dec. 31, 2015, compared to net income of $941,000 on $12.8 million of revenue for the year ended Dec. 31, 2014. Rosenberg Rich Baker Berman & Company, in Somerset, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred operating losses, and current liabilities exceeded current assets by approximately $11.4 million as of Dec. 31, 2015. In addition, the Company has guaranteed significant debt of its parent company. These conditions raise substantial doubt about its ability to continue as a going concern. GUIDED THERAPEUTICS: Incurs $2.17-Mil. Net Loss in Second Quarter ----------------------------------------------------------------- Guided Therapeutics, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss attributable to common stockholders of $2.17 million on $129,000 of sales for the three months ended June 30, 2016, compared with a net loss attributable to common stockholders of $3 million on $103,000 of sales for the same period during the prior year. For the six months ended June 30, 2016, the Company reported a net loss attributable to common stockholders of $2.51 million on $391,000 of sales compared to a net loss attributable to common stockholders of $4.27 million on $229,000 of sales for the same period last year. As of June 30, 2016, Guided Therapeutics had $2.31 million in total assets, $9.44 million in total liabilities, and a total stockholders' deficit of $7.13 million. "Since our inception, we have raised capital through the private sale of preferred stock and debt securities, public and private sales of common stock, funding from collaborative arrangements, and grants. At June 30, 2016, we had cash of approximately $22,000 and working capital deficit of approximately $5.6 million. "Our major cash flows in the quarter ended June 30, 2016, consisted of cash out-flows of approximately $1.5 million from operations, no cash inflow nor outflow from investing activities and a net change from financing activities of $1.5 million, which primarily represents the proceeds received from the issuance of convertible notes. "We will be required to raise additional funds through public or private financing, additional collaborative relationships or other arrangements, as soon as possible. We cannot be certain that our existing and available capital resources will be sufficient to satisfy our funding requirements through the third quarter of 2016. We are evaluating various options to further reduce our cash requirements to operate at a reduced rate, as well as options to raise additional funds, including loans. "Substantial capital will be required to develop our products, including completing product testing and clinical trials, obtaining all required U.S. and foreign regulatory approvals and clearances, and commencing and scaling up manufacturing and marketing our products. Any failure to obtain capital would have a material adverse effect on our business, financial condition and results of operations," the Company stated in the filing. At June 30, 2016, the Company had a working capital deficit of approximately $5.9 million and the stockholders' deficit was approximately $7.1 million, primarily due to recurring net losses from operations and dividends on preferred stock, offset by proceeds from the exercise of options and warrants and proceeds from the sales of stock. The Company's plans with respect to its liquidity management include the following: * The Company has curtailed operations and reduced discretionary spending and staffing levels. * The Company is only pursuing activities where it has financial support. However, there can be no assurance that such external financial support will be sufficient to maintain even limited operations. * The Company is seeking additional capital in the private and/or public equity markets to continue operations and build sales, marketing, and distribution. The Company is currently evaluating additional equity and debt financing opportunities and may execute them when appropriate. However, there can be no assurances that the Company can consummate such a transaction, or consummate a transaction at favorable pricing. * The Company is seeking additional sources of cash flow with strategic businesses. * The Company had warrants exercisable for approximately 369 million shares of its common stock outstanding at June 30, 2016, with exercise prices of $0.0042 to $105.00 per share. Exercises of these warrants would generate a total of approximately $6.3 million in cash, assuming full exercise, although the Company cannot be assured that holders will exercise any warrants "The Company's consolidated financial statements have been prepared and presented on a basis assuming it will continue as a going concern. The factors below raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary from the outcome of this uncertainty. If the Company is unable to continue operations, it may have to the extent practicable, liquidate and/or file for bankruptcy protection," as disclosed in the regulatory filing. The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/ozlMKn About Guided Therapeutics Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP) -- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett's Esophagus using the LightTouch technology platform. Guided Therapeutics reported a net loss attributable to common stockholders of $9.50 million on $42,000 of contract and grant revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $10.03 million on $65,000 of contract and grant revenue for the year ended Dec. 31, 2014. GUIDED THERAPEUTICS: Reports Q2 2016 Financial Results ------------------------------------------------------ Guided Therapeutics, Inc., announced financial results for the second quarter 2016. "We reached a milestone during the second quarter by shipping our 100th LuViva, which we sold to Nairobi County, Kenya, bringing to 102 the total number of devices sold," said Gene Cartwright, chief executive officer of Guided Therapeutics. "This pushed our sales for the first six months to $391,000, an increase of 71% over the same period in 2015." "In addition to shipping units to Kenya, we shipped devices to Bulgaria and the Dominican Republic. Subsequent to the quarter, LuViva was approved for sale in Costa Rica by the Ministry of Health. Additionally, we sold devices and related disposable Cervical Guides to Russia and Bangladesh. To date, we have shipped more than 60,000 disposables," Mr. Cartwright added. "During the quarter, we completed a licensing agreement for China and other territories in Southeast Asia. The terms of the agreement provided for $200,000 in near-term cash payments, the potential for up to $1.0 million to pay for advancing U.S. Food and Drug Administration approval for LuViva, and funding to secure Chinese regulatory approval of LuViva, and will provide us with a royalty on disposables sold in the territories," he continued. Sales Revenue, Cost of Sales and Gross Loss from Devices and Disposables: Sales revenue from the sale of LuViva devices and disposables for the six months ended June 30, 2016, was $391,000, a 71% increase compared to the same period in 2015. Related costs of sales and net realizable value expenses for the six months ended June 30, 2016 were approximately, $101,000, which resulted in a gross profit of approximately $290,000. The increase in the first six months of 2016 as compared to the first six months of 2015 was related to additional sales of disposables with the Company's primary distributor, which carry a higher profit margin than device sales. Research and Development Expenses: Research and development expenses decreased to approximately $438,000 or the six months ended June 30, 2016, compared to $677,000 for the same period in 2015. The decrease, of approximately $239,000, or 35.0%, is primarily due to a decrease in payroll expenses. Sales and Marketing Expenses: Sales and marketing expenses were approximately $203,000 during the six months ended June 30, 2016, compared to $355,000 for the same period in 2015. The decrease, of approximately $152,000, or 43.0%, was primarily due to the Company-wide expense reduction and cost\savings efforts. General and Administrative Expenses: General and administrative expenses decreased to approximately $1,677,000 during the six months ended June 30, 2016, compared to approximately $1,982,000 for the same period in 2015. The decrease of approximately $305,000, or 15.0%, was primarily related to lower compensation and option expenses incurred during the same period. Other Income: Other income for the six months ended June 30, 2016, was approximately $44,000, compared to other income of approximately $290,000 for the six months ended June 30, 2015. The decrease of approximately $246,000, or 85.0%, was primarily due to $230,000 of accounts payable that were written off and $50,000 of income recorded for a license agreement. Interest Expense: Interest expense increased to approximately $1,371,000 for the six months ended June 30, 2016, as compared to approximately $815,000 for the same period in 2015. The increase of approximately $556,000, or 68.0%, was primarily due to amortization of debt discount, debt issuance costs and penalty on event default of convertible loan that were higher than the same period in 2015. Fair Value of Warrants Expense: Fair value of warrants expense recovery was approximately $1,606,000 for the six months ended June 30, 2016, as compared to approximately $648,000 for the same period in 2015. Net loss was approximately $1,749,000 during the six months ended June 30, 2016, compared to a net loss of $2,951,000 for the same period in 2015. The decrease in the net loss of $1,202,000, or 41.0%, was for the reasons outlined above. As of June 30, 2016, the Company's cash position was $22,000, as compared to approximately $35,000 at Dec. 31, 2015. Net inventory on hand at the end of the second quarter 2016, was approximately $1.2 million. The Company continues to manage cash and liquidity with austerity. A full-text copy of the press release is available for free at: https://is.gd/4IaXyb About Guided Therapeutics Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP) -- http://www.guidedinc.com/-- is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care, thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. GT has also entered into a partnership with Konica Minolta Opto to develop a non-invasive test for Barrett's Esophagus using the LightTouch technology platform. Guided Therapeutics reported a net loss attributable to common stockholders of $9.50 million on $42,000 of contract and grant revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $10.03 million on $65,000 of contract and grant revenue for the year ended Dec. 31, 2014. HAMPSHIRE GROUP: Delays Filing of June 30 Quarterly Report ---------------------------------------------------------- Hampshire Group filed with the Securities and Exchange Commission a Form 12b-25 notifying the delay in the filing of its quarterly report on Form 10-Q for the period ended June 30, 2016. As previously reported, Hampshire Group was unable to timely file its annual report on Form 10-K for the year ended Dec. 31, 2014, and the quarterly reports on Form 10-Q for the first three quarters of 2015 within the prescribed time periods because Company management was addressing problems caused by labor issues, related slowdowns and bottlenecks at West Coast shipping ports and liquidity constraints caused by lower than expected fourth quarter 2014 results and the West Coast shipping ports problems. Further, in 2015, Company management addressed problems caused by liquidity constraints that prompted it to realign its resources with its operations, including the sale of Rio Garment S.A., amending its New York Office lease and terminating a licensing agreement with Sole Asset Holdings, Inc. The Company's Audit Committee also initiated an investigation in February 2015, which concluded in July 2015. As a result, significant management time and resources were diverted from the Company's normal process of reviewing and completing the Late Reports as well as the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2015, the Quarterly Report on Form 10-Q for the quarter ended April 2, 2016 and the Quarterly Report on Form 10-Q for the quarter ended July 2, 2016. Until all of the Late Reports were completed and filed, the Company was not able to begin preparation of its 2015 Form 10-K. The Company filed the last of the Late Reports (the Quarterly Report on Form 10-Q for the quarter ended Sept. 26, 2015) on March 24, 2016. As a result, the Company has not been able to complete the 2015 Form 10-K, the Q1 2016 Form 10-Q or the Q2 2016 Form 10-Q. Until the Company completes the 2015 Form 10-K and the Q1 2016 Form 10-Q, it will not be able to complete and file the Q2 2016 Form 10-Q. As a result, the Company cannot, without unreasonable effort or expense, file its Q2 2016 Form 10-Q on or prior to the prescribed due date of Aug. 16, 2016. The Company intends to file the Q2 2016 Form 10-Q as soon as reasonably practicable; however, at this time the Company anticipates that it will not be able be able to do so within the extension period of five calendar days provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. About Hampshire Group New York-based Hampshire Group, Limited (OTC Markets: HAMP) is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. As a holding company, the Company operates through its wholly-owned subsidiaries, Hampshire Brands, Inc. and Hampshire International, LLC. The Company completed the sale of Rio Garment S.A. effective April 10, 2015. The Company incurred a net loss of $28.8 million in 2014 following a net loss of $16.04 million in 2013. As of Sept. 26, 2015, Hampshire had $37.9 million in total assets, $44.8 million in total liabilities and a $6.93 million total stockholders' deficit. Elliott Davis Decosimo LLC, in Greenville, 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 and incurred negative cash flows from continuing operations and its total liabilities exceed its total assets at December 31, 2014. In addition, the Company is in default under its credit facility and has entered into a forbearance agreement and amendment to the credit facility, which among other items, changed the maturity date of the credit facility to February 29, 2016. The Company's lenders have indicated that they will not renew the credit facility beyond that maturity date, because they intend to exit this line of business. The Company is in the process of attempting to obtain financing with a new lender. These conditions, the auditors said, raise substantial doubt about the Company's ability to continue as a going concern. HAMPSHIRE GROUP: Inks Forbearance Agreement With Salus ------------------------------------------------------ Hampshire Group, Limited and certain of its subsidiaries entered into a Forbearance Agreement dated Aug. 11, 2016, with Salus CLO 2012-1, Ltd. and Salus Capital Partners, LLC, as lenders, pursuant to which, among other things: (i) the lenders agreed to forbear from exercising their rights under the Credit Agreement with the Borrowers through Nov. 7, 2016, as a result of the passage of the maturity and forbearance date of the Credit Agreement and with respect to certain specified defaults, provided that Borrowers are in compliance with the terms of the Forbearance Agreement and Credit Agreement; (ii) the Borrowers proposed a wind down budget for certain of their operations; (iii) the lenders agreed to continue to finance the Borrowers through Nov. 7, 2016, subject to compliance with the wind down budget, the Forbearance Agreement and the Credit Agreement; and (iv) the revolving credit commitment under the Credit Agreement was reduced to $17.0 million effective as of the date of the Forbearance Agreement and will be reduced to $10.0 million on Oct. 1, 2016. About Hampshire Group New York-based Hampshire Group, Limited (OTC Markets: HAMP) is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. As a holding company, the Company operates through its wholly-owned subsidiaries, Hampshire Brands, Inc. and Hampshire International, LLC. The Company completed the sale of Rio Garment S.A. effective April 10, 2015. The Company incurred a net loss of $28.8 million in 2014 following a net loss of $16.04 million in 2013. As of Sept. 26, 2015, Hampshire had $37.9 million in total assets, $44.8 million in total liabilities and a $6.93 million total stockholders' deficit. Elliott Davis Decosimo LLC, in Greenville, 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 and incurred negative cash flows from continuing operations and its total liabilities exceed its total assets at December 31, 2014. In addition, the Company is in default under its credit facility and has entered into a forbearance agreement and amendment to the credit facility, which among other items, changed the maturity date of the credit facility to February 29, 2016. The Company's lenders have indicated that they will not renew the credit facility beyond that maturity date, because they intend to exit this line of business. The Company is in the process of attempting to obtain financing with a new lender. These conditions, the auditors said, raise substantial doubt about the Company's ability to continue as a going concern. HCSB FINANCIAL: Awards 27M Restricted Shares to Executive Officers ------------------------------------------------------------------ The Compensation Committee of the Board of Directors of HCSB Financial Corporation awarded, effective as of Aug. 18, 2016, to Jan H. Hollar, J. Rick Patterson, William J. McElveen, Jr., and Jennifer W. Harris, 12,000,000; 7,500,000; 5,000,000; and 2,500,000 shares of restricted stock, respectively, under the HCSB Financial Corporation 2016 Equity Incentive Plan. Subject to earlier forfeiture or accelerated vesting under circumstances described in the applicable Restricted Stock Award Agreements, the Restricted Shares vest ratably over a five year period, subject to the Company's achievement of certain performance-based vesting conditions prior to the applicable vesting date. The performance-based conditions are (i) the removal of the Consent Order issued to the Company's wholly owned subsidiary, Horry County State Bank, by the FDIC and the South Carolina Board of Financial Institutions, and (ii) the reporting of two consecutive quarters of consolidated net income. A full-text copy of the HCSB 2016 Equity Incentive Plan is available for free at https://is.gd/pHj1V8 About HCSB Financial Loris, South Carolina-based HCSB Financial Corporation was incorporated on June 10, 1999, to become a holding company for Horry County State Bank. The Bank is a state chartered bank which commenced operations on Jan. 4, 1988. From its 13 branch locations, the Bank offers a full range of deposit services, including checking accounts, savings accounts, certificates of deposit, money market accounts, and IRAs, as well as a broad range of non-deposit investment services. During the third quarter of 2011, the Bank closed its Covenant Towers branch located at Myrtle Beach. All deposits were transferred to the Bank's Myrtle Beach branch and the Bank does not expect any disruption of service in that market for its customers. HCSB Financial reported a net loss available to common shareholders of $1.75 million on $13.7 million of total interest income for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $1.40 million on $16.09 million of total interest income for the year ended Dec. 31, 2014. As of June 30, 2016, the Company had $382 million in total assets, $345 million in total liabilities, and $37.3 million in total shareholders' equity. 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. HEBREW HEALTH: Aug. 30 Meeting Set to Form Creditors' Panel ----------------------------------------------------------- Kim L. McCabe, acting United States Trustee for Region 2, will hold an organizational meeting on Aug. 30, 2016, at 10:00 a.m. in the bankruptcy cases of Hebrew Health Care, Inc., Hebrew Life Choices, Inc., Hebrew Community Services, Inc., and Hebrew Home and Hospital, Inc. The meeting will be held at: Giaimo Federal Building 150 Court Street 1st Floor Conference Room New Haven, Connecticut 06510 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. HILLSIDE OFFICE: Seeks to Hire C&H as Environmental Consultant -------------------------------------------------------------- Hillside Office Park, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire C&H Environmental as its environmental consultant. The Debtor is planning to sell a real property and needs assistance from the firm to analyze environmental issues, which may impact the potential sale of its property. The firm requires an initial retainer of $2,500. Fees will be paid on an hourly basis. C&H does not represent any interest adverse to the Debtor's estate, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm may be reached at: C&H Environmental, Inc. 224 Stiger Street PO Box 188 Hackettstown, NJ 07840 Phone: (908) 852-4855 Fax: (908) 852-5275 - and - C&H Environmental, Inc. 104 West High Street Milford, PA 18337 Phone: (570) 296-0382 About Hillside Office Park Headquartered in Hillside, New Jersey, Hillside Office Park, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. N.J. Case No. 16-19617) on May 17, 2016, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Glen A. Fishman, member of Maplewood Acquisition, LLC, member. Judge Stacey L. Meisel presides over the case. Donald F. Campbell, Jr., Esq., at Giordano Halleran & Ciesla, P.C., serves as the Debtor's bankruptcy counsel. ICAGEN INC: May Issue 1.6 Million Shares Under Plans ---------------------------------------------------- Icagen, Inc., filed with the Securities and Exchange Commission a Form S-8 registration statement to register a total of 1,590,770 shares of common stock issuable under 2005 Stock Option Plan and 2015 Stock Incentive Plan. The proposed maximum aggregate offering price is $5.64 million. A full-text copy of the prospectus is available for free at https://is.gd/aBQTKM About Icagen Icagen, Inc., formerly known as XRpro Sciences, Inc., is a biopharmaceutical company, focuses on the discovery, development, and commercialization of orally-administered small molecule drugs that modulate ion channel targets. Its drug candidates include ICA-105665, a small molecule compound that targets specific KCNQ ion channels for the treatment of epilepsy and pain, which is in Phase II clinical trial stage; and a compound that targets the sodium channel Nav1.7 for the treatment of pain, which is in Phase I clinical trial stage. Icagen reported a net loss applicable to common stock of $8.72 million on $1.58 million of sales for the year ended Dec. 31, 2015, compared to a net loss applicable to common stock of $569,288 on $541,794 of sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Icagen had $12.9 million in total assets, $11.2 million in total liabilities, $133,350 in convertible redeemable preferred stock, and $1.57 million in total stockholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring operating losses, which has resulted in an accumulated deficit of approximately $22.143 million at Dec. 31, 2015. These conditions among others raise substantial doubt about the Company's ability to continue as a going concern. ICAGEN INC: May Issue 1.6 Million Shares Under Plans ---------------------------------------------------- Icagen, Inc., filed with the Securities and Exchange Commission a Form S-8 registration statement to register a total of 1,590,770 shares of common stock issuable under 2005 Stock Option Plan and 2015 Stock Incentive Plan. The proposed maximum aggregate offering price is $5.64 million. A full-text copy of the prospectus is available for free at https://is.gd/aBQTKM About Icagen Icagen, Inc., formerly known as XRpro Sciences, Inc., is a biopharmaceutical company, focuses on the discovery, development, and commercialization of orally-administered small molecule drugs that modulate ion channel targets. Its drug candidates include ICA-105665, a small molecule compound that targets specific KCNQ ion channels for the treatment of epilepsy and pain, which is in Phase II clinical trial stage; and a compound that targets the sodium channel Nav1.7 for the treatment of pain, which is in Phase I clinical trial stage. Icagen reported a net loss applicable to common stock of $8.72 million on $1.58 million of sales for the year ended Dec. 31, 2015, compared to a net loss applicable to common stock of $569,288 on $541,794 of sales for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Icagen had $12.9 million in total assets, $11.2 million in total liabilities, $133,350 in convertible redeemable preferred stock, and $1.57 million in total stockholders' equity. RBSM LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred recurring operating losses, which has resulted in an accumulated deficit of approximately $22.143 million at Dec. 31, 2015. These conditions among others raise substantial doubt about the Company's ability to continue as a going concern. ITUS CORP: Incurs $1.10 Million Net Loss in Third Quarter --------------------------------------------------------- ITUS Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.10 million on $100,000 of total revenue for the three months ended July 31, 2016, compared to a net loss of $1.60 million on $95,000 of total revenue for the three months ended July 31, 2015. For the nine months ended July 31, 2016, the Company reported a net loss of $3.96 million on $100,000 of total revenue compared to a net loss of $86,630 on $9.25 million of total revenue for the nine months ended July 31, 2015. As of July 31, 2016, ITUS had $6.32 million in total assets, $4.60 million in total liabilities and $1.71 million in total shareholders' equity. "Based on currently available information as of August 19, 2016, we believe that our existing cash, cash equivalents, short-term investments and expected cash flows will be sufficient to enable us to continue our business activities for at least 12 months. However, our projections of future cash needs and cash flows may differ from actual results. If current cash on hand, cash equivalents, short term investments and cash that may be generated from our business operations are insufficient to satisfy our liquidity requirements, we may seek to sell equity securities or obtain loans from various financial institutions where possible. The sale of additional equity securities or convertible debt could result in dilution to our stockholders. Additionally, the sale of equity securities or issuance of debt securities may be subject to certain security holder approvals or may result in downward adjustment of the exercise or conversion price of our outstanding securities. We can give no assurance that we will generate sufficient cash flows in the future to satisfy our liquidity requirements or sustain future operations, or that other sources of funding, such as sales of equity or debt, would be available or would be approved by our security holders, if needed, on favorable terms or at all. If we cannot obtain such funding if needed or if we cannot sufficiently reduce operating expenses, we would need to curtail or cease some or all of our operations," the Company stated in the report. The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/4OnShn About ITUS Corporation ITUS Corp. -- http://www.ITUScorp.com/-- develops and acquires patented technologies for the purposes of patent monetization and patent assertion. The company currently has 10 patent portfolios in the areas of Key Based Web Conferencing Encryption, Encrypted Cellular Communications, E-Paper(R) Electrophoretic Display, Nano Field Emission Display ("nFED"), Micro Electro Mechanical Systems Display ("MEMS"), Loyalty Conversion Systems, J-Channel Window Frame Construction, VPN Multicast Communications, Internet Telephonic Gateway, and Enhanced Auction Technologies. CopyTele changed its name to "ITUS Corporation" on Sept. 2, 2014, to reflect the Company's change in its business operations. ITUS Corporation reported a net loss of $1.37 million on $9.25 million of total revenue for the year ended Oct. 31, 2015, compared to a net loss of $9.60 million on $3.66 million of total revenue for the year ended Oct. 31, 2014. LABORATORIO ACROPOLIS: Hires Soto as Accountant ----------------------------------------------- Laboratorio Acropolis Inc., seeks authority from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Carlos J. Soto Soto as accountant and business consultant to the Debtor. Laboratorio Acropolis requires Soto to: a. provide assistance to the Debtor in preparing the Monthly Reports of Operation; b. prepare the necessary financial statements; c. assist the Debtor in preparing the cash flow projections and or any other projection needed for the Disclosure Statement; d. assist the Debtor in any/all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist the Debtor in the preparation and filing of federal state and municipal tax returns; and; f. assist the Debtor in any other assignment that might be properly delegated. Soto will be paid at these hourly rates: Carlos J. Soto Soto $50 Soto will also be reimbursed for reasonable out-of-pocket expenses incurred. Carlos J. Soto Soto, CPA, 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. Soto can be reached at: Carlos J. Soto Soto Rd 129 Km 30.5 Hatillo, PR 00659 Tel: (787) 307-5403 E-mail: cssaccounting129@gmail.com About Laboratorio Acropolis Laboratorio Acropolis, Inc., based in Hatillo, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-04609) on June 9, 2016. Gloria Justiniano Irizarry, Esq., as bankruptcy counsel. In its petition, the Debtor estimated assets of $0 to $50,000 and estimated liabilities of $1 million to $10 million. The petition was signed by Rebeca Maldonado Bidot, president. LAREDO WO: Taps Ronald W. Hagauer as Special Counsel ---------------------------------------------------- Laredo WO, Ltd. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Office of Ronald W. Hagauer as its special counsel. The firm will advise the Debtor in connection with the operation and sale of a 1056-acre tract of land in Georgetown, Texas, called the Water Oak. Ronald Hagauer, Esq., will be paid $265 per hour for his services. In a court filing, Mr. Hagauer disclosed that the firm does not have any interest adverse to the Debtor's estate or its creditors. The firm can be reached through: Ronald Hagauer, Esq. Law Office of Ronald W. Hagauer 1602 N. Loop 1604 W., Suite LL-102 San Antonio, TX 78248 About Laredo WO Headquartered in San Antonio, Texas, Laredo WO, Ltd., a Texas limited partnership, owns a fully entitled, 1056 acre real estate development with approximately 2400 residential lots located in Georgetown, Texas. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 16-51297) on June 6, 2016, listing $69.59 million in total assets and $36.50 million in total debts. The petition was signed by Bradford A. Galo, CEO of Galo, Inc. (managing GP of ABG Enterprises, Ltd.) Judge Ronald B. King presides over the case. Eric Terry, Esq., at Eric Terry Law, PLLC, serves as the Debtor's bankruptcy counsel. LDI MANAGEMENT: Taps Curtis Castillo as Legal Counsel ----------------------------------------------------- LDI Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Curtis Castillo PC as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise and consult with the Debtor concerning legal questions arising in administering, reorganizing or liquidating its estate; (b) assist the Debtor in investigating its assets and liabilities and any other matters relevant to the case; (c) investigate and potentially prosecute preference, fraudulent transfer, and other causes of action; (d) take all necessary legal action to preserve and protect the Debtor's estate; (e) prepare legal papers; and (f) aid the Debtor in the reorganization process. The firm's professionals and their hourly rates are: Shareholders $425 - $500 Senior attorneys $175 - $395 Associates $175 - $395 Junior Associates $175 - $395 Clerk/Paralegal $95 - $150 Mark Castillo, Esq., at Curtis, disclosed in a court filing that the firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark A. Castillo, Esq. Joshua L. Shepherd, Esq. Bryan C. Assink, Esq. Curtis Castillo PC 901 Main Street, Suite 6515 Dallas, TX 75202 Tel: 214-752-2222 Fax: 214-752-0709 Email: mcastillo@curtislaw.net Email: jshepherd@curtislaw.net Email: bassink@curtislaw.net About LDI Management LDI Management, Inc. filed a chapter 11 petition (Bankr. E.D. Tex. Case No. 16-60485-11) on Aug. 4, 2016. The Debtor is represented by Mark A. Castillo, Esq., Joshua L. Shepherd, Esq., and Bryan C. Assink, at Curtis Castillo PC. The Debtor provides medical services to certain residents of The Linderian Company, Ltd., which operates a skilled nursing facility in Longview, Texas by the name of Summer Meadows. LEAP FORWARD: Cash Collateral Use Approved on Final Basis --------------------------------------------------------- Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the District of Nevada authorized Leap Forward Gaming, Inc., to use cash collateral on a final basis, and approved the terms and conditions of the Cash Collateral Stipulation executed between the Debtor, Macquarie Trading US, LLC, and MIHI, LLC. Judge Beesley acknowledged that the approval of the Cash Collateral Stipulation is necessary to allow the Debtor to continue to operate its business and to facilitate the sale of the Debtor's business, and thereby maximize creditor recoveries. The Adequate Protection Liens granted pursuant to the Cash Collateral Stipulation were deemed perfected, valid and enforceable. A full-text copy of the Order, dated Aug. 17, 2016, is available at https://is.gd/y30tCr About Leap Forward Gaming Leap Forward Gaming, Inc., filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-50850) on July 8, 2016. The petition was signed by Darby Bryan, CFO/Controller. The Debtors are represented by Jeffrey L. Hartman, Esq., at Hartman & Hartman. The case is assigned to Judge Bruce T. Beesley. The Debtor disclosed assets of $2.46 million and debt of $26.02 million at the time of the filing. LEGACY HOLDINGS-CA: Case Summary & Unsecured Creditor ----------------------------------------------------- Debtor: Legacy Holdings-CA, LLC c/o Dal Lago Law 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Tel: 239-571-6877 Case No.: 16-07107 Chapter 11 Petition Date: August 18, 2016 Court: United States Bankruptcy Court Middle District of Florida (Ft. Myers) Debtor's Counsel: Michael R Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Tel: (239) 571-6877 E-mail: mike@dallagolaw.com Total Assets: $4.33 million Total Liabilities: $4.07 million The petition was signed by John C. Brandt, sole member and chief manager. The Debtor lists The Carlysle at Bay Colony as unsecured creditor holding a claim of $15,000. LEVEL ACRES: $125K Unsecured Financing From Chilcote OK ------------------------------------------------------- Judge Carl L. Bucki of the U.S. Bankruptcy Court for the Western District of New York authorized Level Acres, LLC, to obtain unsecured financing from Robert Chilcote in the amount of $125,000. Judge Bucki held that the unsecured financing will have unsecured priority status pursuant to 11 U.S.C. Section 346(b). A full text copy of the Final Order, dated Aug. 18, 2016, is available at https://is.gd/9Q9zw8 About Level Acres Level Acres, LLC, based in Wellsville, N.Y., filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.Y. Case No. 16-10964) on May 13, 2016. Hon. Carl L. Bucki presides over the case. Mike Krueger, Esq., at Dibble & Miller, P.C., serves as Chapter 11 counsel. The Debtor listed total assets of $939,000 and total liabilities of $2.60 million. The petition was signed by Kevin P. Clark, sole member. LIQUIDMETAL TECHNOLOGIES: Extends Follow-On Investment Deadline --------------------------------------------------------------- Liquidmetal Technologies, Inc., has entered into an amendment to its Securities Purchase Agreement, dated March 10, 2016, with Liquidmetal Technology Limited, a company owned and controlled by Professor Lugee Li. Under the amendment, Liquidmetal Technologies agreed to extend to Dec. 31, 2016, the deadline for the purchase by Liquidmetal Technology Limited of the remaining 300,000,000 shares under the Securities Purchase Agreement. The original deadline for the follow-on investment was Aug. 17, 2016, and the amendment will enable Professor Li to complete the international funds transfer process required for the remaining investment. Other than the extension of the closing date, the amendment did not materially modify the terms of the original Securities Purchase Agreement. The Securities Purchase Agreement was entered into in March 2016 in conjunction with a cross-licensing agreement with DongGuan EONTEC Co., Ltd. (EONTEC), a global manufacturing company headquartered in Hong Kong that specializes in the development of bulk metallic glasses and other new materials. In commenting on the partnership with Professor Li and EONTEC, Thomas Steipp, the CEO of Liquidmetal Technologies, stated, "Our partnership with Mr. Li and EON continues to strengthen. We are making excellent progress on expanding the solutions available to our customers worldwide, providing a wider range of part geometries, and attractive manufacturing options. We believe that the infusion of capital from Professor Li will allow Liquidmetal to grow at a much faster rate moving forward, allowing us to address a broader range of customers and to expand operations in North America and Europe. We understand that transferring funds from China to the US can present timing issues, and believe that this extension, which essentially leaves all aspects of our original agreement in place, is clearly in the best interest of our shareholders." Professor Li, in commenting on the partnership and additional investment, stated, "I have worked closely with the Liquidmetal management team to shape a vision and a tactical plan for the future that would not have been possible for either company on its own. I look forward to furthering our relationship and am excited about the possibilities for 2017 and beyond." About Liquidmetal Technologies Based in Rancho Santa Margarita, Cal., Liquidmetal Technologies, Inc., and its subsidiaries are in the business of developing, manufacturing, and marketing products made from amorphous alloys. Liquidmetal Technologies markets and sells Liquidmetal(R) alloy industrial coatings and also manufactures, markets and sells products and components from bulk Liquidmetal alloys that can be incorporated into the finished goods of its customers across a variety of industries. The Company also partners with third- party licensees and distributors to develop and commercialize Liquidmetal alloy products. Liquidmetal reported a net loss and comprehensive loss of $7.31 million on $125,000 of total revenue for the year ended Dec. 31, 2015, compared to a net loss and comprehensive loss of $6.55 million on $603,000 of total revenue for the year ended Dec. 31, 2014. As of June 30, 2016, Liquidmetal had $11.1 million in total assets, $5.74 million in total liabilities and $5.36 million in total shareholders' equity. SingerLewak LLP, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, stating that the Company has suffered recurring losses from operations, has negative cash flows from operations and has an accumulated deficit. This raises substantial doubt about the Company's ability to continue as a going concern. LONGHORN MIDCO II: S&P Raises Rating on Sr. Sec. Debt to 'B+' ------------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Longhorn Midco II LLC's (herein referred to as CLEAResult), senior secured debt (issued by CRCI Holdings Inc.), which consists of a five-year $40 million revolving credit facility and a seven-year $284 million first-lien term loan, to 'B+' from 'B'. S&P is also revising the recovery rating to '2' from '3', reflecting its expectation for substantial (70% to 90%, low end of the range) recovery in the event of a payment default. The '2' recovery rating results from the company's recent decision to downsize its credit facility by approximately $46 million to $284 million from $330 million (only the term loan B is being reduced) leading to higher recovery value should a default occur. CLEAResult's corporate credit rating remains unchanged, as S&P is assessing only the company's recovery prospects based on the material reduction to its term loan B. The company intends to make a smaller distribution to its financial sponsor based on the revised terms of the transaction. S&P's ratings reflect CLEAResult's relatively small scale as a niche player, narrow business focus providing energy efficiency solutions to utility companies, and some customer concentration. CLEAResult has relatively small scale, and it operates in a fragmented and highly competitive industry, which has many smaller players. Furthermore, the financial sponsor's majority ownership in the company currently constrains our view of the company's financial risk profile. Ownership is recapitalizing the company, resulting in S&P Global adjusted debt to EBITDA in the mid- to high-4x area, while paying a dividend. Pro forma for the refinancing transaction, S&P estimates CLEAResult's adjusted debt to EBITDA totals about 4.8x, which S&P expects to improve to mid-4x range over the next year, primarily reflecting EBITDA growth from recent acquisitions. RATINGS LIST Longhorn Midco II LLC Corporate Credit Rating B/Stable/-- Ratings Raised: Recovery Rating Revised To From CRCI Holdings, Inc. Senior Secured B+ B Recovery Rating 2L 3H MCNEILL GROUP: Aug. 30 Meeting Set to Form Creditors' Panel ----------------------------------------------------------- Andy Vara, acting United States Trustee for Region 3, will hold an organizational meeting on Aug. 30, 2016, at 2:00 p.m. in the bankruptcy cases of McNeill Group, Inc. and McNeill Properties V, LLC. The meeting will be held at: Office of the United States Trustee 833 Chestnut Street, Suite 501 Philadelphia, PA 19107 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. About McNeill Group, Inc. McNeill Group, Inc. and McNeill Properties V, LLC filed chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 16-14943 and 16-14944) on July 12, 2016. The petitions were signed by Edward J. McNeill, Jr., president. The Debtors are represented by Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C. The cases are assigned to Judge Jean FitzSimon (16-14943) and Judge Ashely M. Chan (16-14944). The Debtors each estimated assets and liabilities of $10 million to $50 million at the time of the filing. MEDIANEWS GROUP: Opposes Sale of Monster Worldwide to Randstad -------------------------------------------------------------- MediaNews Group, Inc., sent a letter to Monster Worldwide Inc.'s Board of Directors disclosing an 11.6% ownership stake in Monster's shares and voicing opposition to the Company's proposed sale to Randstad North America, Inc. MNG is one of the largest newspaper companies in the country, with over $1 billion in revenue and over 240 properties in 12 states. MNG also has intimate knowledge of the job board space through its ownership of Jobs in the US, which operates regionally focused job boards in New England. As Monster's largest shareholder based on publicly available information, MNG believes the $3.40 per share deal would represent the textbook definition of "selling at the bottom." In fact, less than one year ago the Company was repurchasing stock at an average price of $6.03, a 77.4% premium to the current offer. In the letter, MNG urged shareholders not to tender their shares and recommended that Monster explore all strategic options, including an auction, a review of business operations and/or a restructuring. Additionally, MNG offered five recommendations based on both extensive research and hands-on management experience: * Reduce expenses by $100-$150 million through implementation of operational best practices * Monetize non-core/underperforming assets that are not being valued at all in current stock price * Reduce capital expenditures to be more in-line with competitors and other digital companies * Simplify the product offering and increase sales productivity * Focus marketing efforts on B2B customer acquisition and candidate acquisition, with a focus on ROI, and execute a re- branding campaign to attract millennials MNG believes Monster can achieve a stock price of $6-$8 over the next 18 months, representing an upside of 76%-135% over Randstad’s price, and it looks forward to a productive dialogue with Monster's shareholders and the Board regarding these ideas and potential next steps. A full-text copy of the letter is available for free at: https://is.gd/xKPYy9 About MediaNews Group, Inc. MediaNews Group, Inc. (d/b/a Digital First Media) is a leader in local, multiplatform news and information, distinguished by its original content and high quality, diversified portfolio of local media assets. Digital First Media is the second largest newspaper company in the United States by circulation, serving an audience of over 40 million readers on a monthly basis. The Company's portfolio of products includes 67 daily newspapers and 180 non-daily publications. Digital First Media has a leading local news audience share in each of its primary markets and its content monetization platforms serve clients on both a national and local scale. MERCHANTS BANKCARD: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Merchants Bankcard Systems of America, Inc. 70 East Falmouth Highway, Suite 1 East Falmouth, MA 02536 Case No.: 16-13224 Chapter 11 Petition Date: August 18, 2016 Court: United States Bankruptcy Court District of Massachusetts (Boston) Judge: Hon. Joan N. Feeney Debtor's Counsel: David B. Madoff, Esq. MADOFF & KHOURY LLP 124 Washington Street - Suite 202 Foxborough, MA 02035 Tel: 508-543-0040 Fax: 508-543-0020 E-mail: madoff@mandkllp.com alston@mandkllp.com Total Assets: $2.58 million Total Liabilities: $4.20 million The petition was signed by Philip Chait, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/mab16-13224.pdf MGM RESORTS: Tracinda Corp Reports 16.1% Stake as of Aug. 16 ------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, Tracinda Corporation disclosed that as of Aug. 16, 2016, it beneficially owned 91,173,744 shares of common stock of MGM Resorts International representing 16.1 percent of the shares outstanding. Anthony L. Mandekic also reported beneficial ownership of 91,227,101 common shares. On Aug. 16, 2016, Tracinda entered into a Share Purchase Agreement under which Tracinda agreed to sell 4,000,000 shares of Common Stock to Expert Angels Limited at a price of $25.00 per share. This transaction is subject to customary closing conditions and is expected to be completed during the third quarter of 2016. "Tracinda continues to believe there is substantial value in the assets of MGM Resorts and that the Company is a good long term investment. The entry into the Aug. 16, 2016, Share Purchase Agreement is a product of Tracinda's ongoing evaluation of alternatives and opportunities for an orderly disposition of its position in the Common Stock, as directed in Kirk Kerkorian's will," as disclosed in the filing. A full-text copy of the regulatory filing is available at: https://is.gd/4Fa61P 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 of Dec. 31, 2015, MGM Resorts had $25.21 billion in total assets, $17.45 billion in total liabilities and $7.76 billion in total stockholders' equity. * * * 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. MICHAEL DOMINIC SYLVESTER: Hearing on Disclosures Set For Sept. 13 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Illinois has scheduled for Sept. 13, 2016, at 10:30 a.m. the hearing to consider the approval of the disclosure statement filed by Michael Dominic Sylvester and Dawn Marie Sylvester. Sept. 6, 2016, is the last day for creditors to vote upon the Plan. Sept. 6 is also the last day for filing with the Court any objection to the approval of the Disclosure Statement or objection to the confirmation of the Plan. The counsel for the Debtor will file a ballot report with regard to the Plan by Sept. 9, 2016. Michael Sylvester filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 13-06990) on Feb. 24, 2013. MINDEN AIR: Case Summary & 8 Unsecured Creditors ------------------------------------------------ Debtor: Minden Air Corp. 2311 P-51 Court Minden, NV 89423 Case No.: 16-51033 Chapter 11 Petition Date: August 18, 2016 Court: United States Bankruptcy Court District of Nevada (Reno) Judge: Hon. Bruce T. Beesley Debtor's Counsel: Alan R Smith, Esq. THE LAW OFFICES OF ALAN R. SMITH 505 Ridge St Reno, NV 89501 Tel: (775) 786-4579 E-mail: mail@asmithlaw.com Total Assets: $5.07 million Total Liabilities: $883,504 The petition was signed by Leonard K. Parker, president. A copy of the Debtor's list of eight largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb16-51033.pdf MUSCLEPHARM CORP: Needs More Capital to Continue as Going Concern ----------------------------------------------------------------- MusclePharm Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $4.20 million on $32.87 million of net revenue for the three months ended June 30, 2016, compared to a net loss of $7.02 million on $50.48 million of net revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, compared to a net loss of $10.80 million on $75.78 million of net revenue compared to a net loss of $14.50 million on $91.80 million of net revenue for the same period last year. As of June 30, 2016, MusclePharm had $50.63 million in total assets, $65.63 million in total liabilities, and a total stockholders' deficit of $15 million. As of June 30, 2016, the Company had approximately $13.1 million in cash and $20.5 million in working capital deficit. The Company has not established an ongoing source of revenue sufficient to cover its operating costs for at least the next 12 months in order to continue as a going concern. The ability of the Company to meet its total liabilities of $65.5 million as of June 30, 2016, and to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. The Company can give no assurances that any additional capital that it is able to obtain, if any, will be sufficient to meet its needs, or that any such financing will be obtainable on acceptable terms. If the Company is unable to obtain adequate capital, it could be forced to cease operations or substantially curtail its commercial activities. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://bit.ly/2bhEGRr About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTC BB: MSLP) -- http://www.muslepharm.com/-- is a healthy life- style company that develops and manufactures a full line of National Science Foundation approved nutritional supplements that are 100 percent free of banned substances. MusclePharm is sold in over 120 countries and available in over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe. MusclePharm products are also sold in over 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. MusclePharm Corporation reported a net loss of $13.8 million in 2014, a net loss of $17.7 million in 2013 and a net loss of $19 million in 2012. NATIONAL CINEMEDIA: Unit Closes $250M Private Placement Financing ----------------------------------------------------------------- National CineMedia, Inc.'s consolidated subsidiary, National CineMedia, LLC, completed a private placement of $250 million aggregate principal amount of 5.750% Senior Notes due 2026 to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended, on Aug. 19, 2016. The Notes were issued pursuant to an Indenture, dated as of Aug. 19, 2016, by and between LLC and Wells Fargo Bank, National Association, as trustee. The Notes were issued at 100% of the face amount thereof and are the senior unsecured obligations of LLC and will be effectively subordinated to all existing and future secured debt, including LLC's existing 6.00% Senior Secured Notes due 2022, its senior secured credit facility and any future asset backed loan facility. The Notes will rank equally in right of payment with all of LLC's existing and future senior indebtedness, including the 2022 Notes, LLC's existing senior secured credit facility, any future asset backed loan facility and LLC’s existing 7.875% Senior Notes due 2021, in each case, without giving effect to collateral arrangements. The Notes will be effectively subordinated to all liabilities of any subsidiaries that LLC may form or acquire in the future, unless those subsidiaries become guarantors of the Notes. LLC does not currently have any subsidiaries, and the Notes will not be guaranteed by any subsidiaries that LLC may form or acquire in the future except in very limited circumstances. The Notes will mature on Aug. 15, 2026. Interest on the Notes accrues at a rate of 5.750% per annum and is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on Feb. 15, 2017. LLC is obligated to make each interest payment to the holders of record of the Notes as of the immediately preceding February 1 and August 1. Prior to Aug. 15, 2021, LLC may redeem all or any portion of the Notes, at once or over time, at 100% of the principal amount plus the applicable make-whole premium, plus accrued and unpaid interest, if any, to the redemption date. LLC may redeem all or any portion of the Notes, at once or over time, on or after Aug. 15, 2021, at specified redemption prices, plus accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to Aug. 15, 2019, LLC may on any one or more occasions redeem up to 35% of the original aggregate principal amount of Notes from the net proceeds of certain equity offerings at a redemption price equal to 105.750% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date. Upon the occurrence of a Change of Control, LLC will be required to make an offer to each holder of Notes to repurchase all of such holder's Notes for a cash payment equal to 101.00% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest, if any, to the date of repurchase. The Indenture contains covenants that, among other things, restrict LLC's ability and the ability of its restricted subsidiaries, if any, to: (1) incur additional debt; (2) make distributions or make certain other restricted payments; (3) make investments; (4) incur liens; (5) sell assets or merge with or into other companies; and (6) enter into transactions with affiliates. All of these restrictive covenants are subject to a number of important exceptions and qualifications. In particular, LLC has the ability to distribute all of its quarterly available cash as a restricted payment or as an investment, if it meets a minimum net senior secured leverage ratio. The Indenture provides for customary events of default (subject in certain cases to customary grace and cure periods), which include nonpayment with respect to the Notes, the breach of covenants contained in the Indenture, payment defaults on other indebtedness at maturity or acceleration of or foreclosure under other indebtedness, the failure to pay certain judgments, failure of liens securing the Notes to be enforceable or of the priority required and certain events of bankruptcy, insolvency or reorganization. Generally, if an event of default occurs, the Trustee or holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare the principal and accrued but unpaid interest on all the Notes to be due and payable immediately. In the case of certain events of bankruptcy, insolvency or reorganization, all outstanding Notes will become due and payable immediately without further action or notice. Registration Rights Agreement In connection with the private placement of the Notes, LLC entered into a Registration Rights Agreement, dated as of Aug. 19, 2016, with J.P. Morgan Securities LLC, as representative of the Initial Purchasers named therein. Under the Registration Rights Agreement, LLC has agreed to use its commercially reasonable best efforts to file a registration statement with the Securities and Exchange Commission with respect to an offer to exchange the Notes for substantially identical notes that are registered under the Securities Act. LLC is required to use its commercially reasonable best efforts to cause the exchange offer registration statement to become effective, and to hold the exchange offer open for at least 20 business days. In addition, under certain circumstances, LLC will be required to file a registration statement for the resale of the Notes. If the exchange offer is not completed (or, if required, the shelf registration statement is not declared effective) on or before 270 days after the date of the Registration Rights Agreement, or if certain other events occur which constitute a Registration Default (as defined in the Registration Rights Agreement), LLC will be required to pay additional interest to the holders of the Notes. On Aug. 19, 2016, LLC called for redemption the entire $200.0 million aggregate principal amount of LLC's existing 7.875% Senior Notes due 2021. The redemption price for the 2021 Notes is 103.938% of the principal amount thereof plus accrued and unpaid interest thereon, to but not including the redemption date. The redemption date for the redemption transaction will be Sept. 19, 2016. Simultaneously with the delivery of the redemption notice for the 2021 Notes, LLC deposited funds with the trustee for the 2021 Notes in an amount that is sufficient for the trustee to pay the full redemption price (including accrued and unpaid interest) to the holders of the 2021 Notes on the redemption date. About National CineMedia National CineMedia, Inc., is the holding company of National CineMedia, LLC. NCM LLC operates the largest digital in-theatre network in North America, allowing NCM to distribute advertising, Fathom entertainment programming events and corporate events under long-term exhibitor services agreements with American Multi-Cinema Inc., a wholly owned subsidiary of AMC Entertainment Inc.; Regal Cinemas, Inc., a wholly owned subsidiary of Regal Entertainment Group; and Cinemark USA, Inc., a wholly owned subsidiary of Cinemark Holdings, Inc. NCM LLC also provides such services to certain third-party theater circuits under "network affiliate" agreements, which expire at various dates. For the year ended Dec. 31, 2015, the Company reported net income attributable to the Company of $15.4 million on $447 million of revenue compared to net income of $13.4 million on $394 million of revenue for the year ended Jan. 1, 2015. As of June 30, 2016, National Cinemedia had $1.04 billion in total assets, $1.21 billion in total liabilities, and a $166 million total deficit. * * * As reported by the TCR on March 24, 2011, Standard & Poor's Ratings Services raised its corporate credit ratings on Centennial, Colorado-based National CineMedia Inc. and operating subsidiary National CineMedia LLC (which S&P analyzes on a consolidated basis) to 'BB-' from 'B+'. "The 'BB-' corporate credit rating reflects S&P's expectation that NCM's EBITDA growth will enable the company to continue to de-lever over the intermediate term despite its aggressive dividend policy," said Standard & Poor's credit analyst Jeanne Shoesmith. NEPHROS INC: Expects Commercial Sale of Filters by October ---------------------------------------------------------- Nephros, Inc., had a teleconference with the staff of the U.S. Food and Drug Administration, including reviewers from both the Infection Control Devices Branch and Renal Devices Branch, regarding the Company's Special 510(k) submissions for the 10" PathoGuardTM and 10" EndoPurTM filters. As a result of this teleconference, the Company believes it understands the additional testing and information requested by the FDA to complete the submission package, and the Company expects to be able to complete the additional testing and submit the additional information before the end of October 2016. Subject to, and depending upon the timing of, FDA clearance, the Company expects to begin commercial sales of these products before the end of 2016. The timing of commercial sales of these products may delay the Company's achievement of positive cash flow into early in the first quarter of fiscal 2017. About Nephros River Edge, N.J.-based Nephros, Inc., is a commercial stage medical device company that develops and sells high performance liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. Nephros reported a net loss of $3.08 million on $1.94 million of total net revenues for the year ended Dec. 31, 2015, compared to a net loss of $7.37 million on $1.74 million of total net revenues for the year ended Dec. 31, 2014. As of June 30, 2016, Nephros had $3.99 million in total assets, $2.32 million in total liabilities, $1.67 million in total stockholders' equity. Withum Smith+Brown, PC, in Morristown, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has incurred negative cash flow from operations and recurring net losses since inception. These conditions, among others, raise substantial doubt about its ability to continue as a going concern. NET ELEMENT: Amends 2.3 Million Shares Resale Prospectus with SEC ----------------------------------------------------------------- Net Element, Inc., filed an amended Form S-1 prospectus with the Securities and Exchange Commission relating to the sale of up to 2,269,036 shares of common stock of the Company by ESOUSA Holdings, LLC. The Company amended the Registration Statement to delay its effective date. The prices at which the selling stockholder may sell the shares will be determined by the prevailing market price for the shares or in negotiated transactions. The Company will not receive proceeds from the sale of the shares by the selling stockholder. However, the Company may receive proceeds of up to $10 million from the sale of its common stock to the selling stockholder, pursuant to a common stock purchase agreement entered into with the selling stockholder on July 6, 2016, once the registration statement, of which this prospectus is a part, is declared effective. The selling stockholder is an "underwriter" within the meaning of the Securities Act of 1933, as amended. The Company will pay the expenses of registering these shares, but all selling and other expenses incurred by the selling stockholder will be paid by the selling stockholder. The Company's common stock is listed on the Nasdaq Capital Market under the ticker symbol "NETE." On Aug. 16, 2016, the last reported sale price per share of the Company's common stock was $1.92 per share. A full-text copy of the amended prospectus is available for free at https://is.gd/vqqrMw 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. NORTHERN OIL: CEO Reports 5.57% Stake as of Aug. 17 --------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Michael L. Reger disclosed that as of Aug. 17, 2016, he beneficially owned 3,600,787 shares of common stock of Northern Oil and Gas, Inc., representing 5.57 percent, based on 64,595,119 shares of Common Stock issued and outstanding as of Aug. 1, 2016 as reported in the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on Aug. 5, 2016. Mr. Reger is the former chairman and chief executive officer of Northern Oil. Of the shares of Common Stock reported as beneficially owned by Mr. Reger, 1,649,621 are subject to contractual restrictions on transfer and the possibility of forfeiture if Mr. Reger's employment with the Issuer ends before the shares vest under certain circumstances. These restrictions, as well as the other terms and conditions of the restricted stock awards by which these shares were granted to Mr. Reger, are set forth in the applicable award agreements governing these grants of restricted stock. A full-text copy of the regulatory filing is available for free at: https://is.gd/MOKV4K 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 million in total assets, $895 million in total liabilities and a $430 million total stockholders' deficit. NORTHWEST MANAGEMENT: Wants to Use Monty Titling Trust II Cash -------------------------------------------------------------- Northwest Management, LLC, asks the U.S. Bankruptcy Court for the District of Minnesota for authorization to use cash collateral. The Debtor relates that secured creditor Monty Titling Trust II, has an interest in the rents in eight of its real properties located in Hennepin County, Minnesota. The Debtor further relates that these properties secure its obligations to Monty Titling Trust II with a balance owing in the claimed amount of $1,689,914. The Debtor tells the Court that it also pledged a property at 13789 – 54th Avenue North, Plymouth, MN. The Debtor further tells the Court that the property, pursuant to Court authorization, has been sold and the net proceeds will be paid to Monty Titling Trust II. The Debtor adds that it has entered into purchase agreements for other properties subject to the lien and mortgage of Monty Titling Trust II and will be filing motions seeking authorization to sell those properties. The Debtor contends that it is indebted to Mark K. and Jean A. Donnelly in the amount of $324,410.73, which are secured by two of the Debtor's real properties located in Hennepin County, Minnesota. The Debtor tells the Court that it needs to use cash collateral to meet its ordinary expenses and that it will suffer immediate and irreparable harm if it is unable to use cash collateral. The Debtor's six-month Cashflow Projection provides for total expenses and cash outflows in the amount of $6,980 for the month of September 2016 and $4,365 for the months of October 2016 through February 2017. The Debtor proposes to provide Monty Titling Trust II with adequate protection in the form of a replacement lien, to the extent of the Debtor's use of cash collateral, in postpetition rent receipts, with such liens having the same priority, dignity, and effect as enjoyed by the Secured Creditor on its prepetition lien. The Debtor also proposes to make monthly adequate protection payments to Monty Titling Trust in the amount of $1,000. The Debtor's Motion is scheduled for hearing on Aug. 31, 2016 at 9:30 a.m. A full-text copy of the Debtor's Motion, dated Aug. 17, 2016, is available at https://is.gd/mDq3FC About Northwest Management Northwest Management, LLC filed a chapter 11 petition (Bankr. D. Minn. Case No. 15-44366) on Dec. 23, 2015. The petition was signed by Jerry Ritten, president. The Debtor is represented by Stephen B. Nosek, Esq., at Steven Nosek, P.A. The case is assigned to Judge Katherine A. Constantine. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. NOVELIS CORP: $1.5BB Unsec. Notes Issue No Impact Moody's B1 CFR ---------------------------------------------------------------- Moody's Investors Service said that Novelis Corporation's (a wholly-owned subsidiary of Novelis Inc. -- "Novelis") issuance of $1.15 billion of senior unsecured notes due 2024, increased from an originally planned amount of $525 million, has no impact on its B2 senior unsecured rating or outlook nor on the ratings (CFR B1) or outlook for Novelis. Proceeds will be used to tender for all of Novelis' existing $1.1 billion 2017 senior unsecured notes. The notes have a downstream guarantee from Novelis and are guaranteed by all of Novelis' existing and future restricted subsidiaries in the US and Canada and by certain of its foreign restricted subsidiaries. Consequently the notes rank pari-passu with senior unsecured debt at Novelis. Headquartered in Atlanta, Georgia, Novelis is the world's largest producer of aluminum rolled products. For the twelve months ended June 30, 2016, Novelis generated approximately $9.5 billion in revenue. OBERFIELD PRECAST: Can Use Cash Collateral, Pay Wages ----------------------------------------------------- Judge Paul Sala of the U.S. Bankruptcy Court for the District of Arizona authorized Oberfield Precast, LLC, to use cash collateral and pay prepetition wages. The Debtor's use of cash collateral was limited to the necessary expenses listed in its budget, which included Payroll, Payroll Withholdings, Blue Cross Blue Shield Health, Cohills Concrete Pigment, Portland Cement, and Wooden Shipping Pallets, among others. The expenses totaled $30,915. The Debtor was authorized to pay prepetition wages, benefits and withholdings in the amount of $15,000 for wages, $4,325 for withholdings, and $2,100 for health insurance. All the Debtor's secured creditors were granted replacement liens upon all of the Debtor's post-petition personal property, including accounts receivable, inventory, cash, and all their products and proceeds, to the same extent, and with the same priority, validity, and enforceability, as such secured creditors' liens had before the Petition Date. A final hearing on the Debtor's use of cash collateral is scheduled on Aug. 22, 2016 at 1:30 p.m. A full-text copy of the Order, dated Aug. 17, 2016, is available at https://is.gd/jvTpHW Frederick G. Bensgton Family Trust, Bengston Family Trust and Bengston Revocable Living Trust is represented by: Ryan J. Talamante, Esq. VAN COTT & TALAMANTE, PLLC 3030 North Third Street, Suite 790 Phoenix, AZ 85012 Arizona Bank and Trust is represented by: Scott B. Cohen, Esq. Bradley D. Pack, Esq. ENGELMAN BERGER, P.C. 3636 North Central Avenue, Suite 700 Phoenix, AZ 85012 About Oberfield Precast Oberfield Precast, LLC dba Oberfield Precast fka Soutwest Castings, LLC dba Architectural Precast Designs, LLC fka SAC Precast, LLC dba Oberfield Architectural Precast filed a chapter 11 petition (Bankr. D. Ariz. Case No. 16-08999) on August 5, 2016. The petition was signed by Robert Stephen Oberfield, manager. The Debtor is represented by Preston M. Gardner, Esq. and Pernell W. McGuire, Esq., at Davis Miles Mcguire Gardner PLLC. The case is assigned to Judge Paul Sala. The Debtor estimated assets at $500,000 to $1 million and liabilities at $1 million to $10 million at the time of the filing. PARAGON OFFSHORE: Needs Until Oct. 31 to File Plan -------------------------------------------------- Paragon Offshore plc and its affiliated debtors seek from the U.S. Bankruptcy Court for the District of Delaware further extension of their exclusive periods for a period of 80 days until October 31, 2016, and a concomitant extension of the Exclusive Solicitation Period through and including December 30, 2016. The Debtors tell the Court that since the Petition Date they have administered their Chapter 11 cases in an expeditious and cost-efficient manner for the benefit of all economic stakeholders, including stabilizing their business, reaffirming relationships with key vendors, and implementing cost reduction measures. The Debtors add that they have also solicited votes on, and sought confirmation of, the Proposed Plan to, among other things, (a) reduce their existing debt by over $1 billion, (b) eliminate the potential risk of costly multi-party litigation, and (c) provide for an ongoing interest for current equity holders. The Debtors further tell the Court that following the initial Confirmation Hearing dates, and during the extension granted under the First Exclusivity Order, they continued to make good faith progress towards reorganization by negotiating with the Plan Support Parties and filing the Disclosure Supplement, the Disclosure Supplement Motion, the PSA Amendment, and the Modified Plan, which has the overwhelming support of the Voting Classes and addresses concerns about the Debtors' ability to operate even if the downturn continues into 2018. In addition to plan confirmation related matters, the Debtors also continued discussions with the U.S. Trustee, which culminated in entry of an order extending the time to comply with Section 345 of the Bankruptcy Code and the Debtors' notice establishing "cause" for relief from the requirements under Section 345. The Debtors assert that the extension of their Exclusive Periods will enable them to avoid the disruption, expense and loss of value inevitably attendant to a competing plan scenario, and will promote a successful reorganization for the benefit of all economic stakeholders. Based upon this factor alone, the requested extensions are justified and appropriate, the Debtors further assert. Attorneys for Debtors and Debtors in Possession: Mark D. Collins, Esq. Amanda R. Steele, Esq. Joseph C. Barsalona II, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Email: collins@rlf.com steele@rlf.com barsalona@rlf.com -- and -- Gary T. Holtzer, Esq. Stephen A. Youngman, Esq. Alfredo R. Pérez, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About Paragon Offshore Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a global provider of offshore drilling rigs. Paragon's operated fleet includes 34 jackups, including two high specification heavy duty/harsh environment jackups, and six floaters (four drillships and two semisubmersibles). Paragon's primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon's principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales and its ordinary shares have been trading on the over-the-counter markets under the trading symbol "PGNPF" since December 18, 2015. Paragon Offshore Plc, et al., filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016, after reaching a deal with lenders on a reorganization plan that would eliminate $1.1 billion in debt. The petitions were signed by Randall D. Stilley as authorized representative. Judge Christopher S. Sontchi is assigned to the cases. The Debtors reported total assets of $2.47 billion and total debt of $2.96 billion as of Sept. 30, 2015. The Debtors have engaged Weil, Gotshal & Manges LLP as general counsel, Richards, Layton & Finger, P.A. as local counsel, Lazard Freres & Co. LLC as financial advisor, Alixpartners, LLP as restructuring advisor, and Kurtzman Carson Consultants as claims and noticing agent. PHILLIPS-MEDISIZE: Moody's Puts B3 CFR Under Review for Upgrade --------------------------------------------------------------- Moody's Investors Service placed the ratings of Phillips-Medisize Corporation ("Phillips") under review for upgrade, including the company's B3 Corporate Family Rating and B3-PD Probability of Default Rating. Instrument ratings placed under review for upgrade include the B2 senior secured first lien credit facilities' rating and Caa2 senior secured second lien term loan rating. This action follows the announcement that Molex, LLC, a wholly-owned subsidiary of Molex Electronic Technologies, LLC (Baa2 Stable) has entered into a binding agreement to acquire Phillips. Financial terms of the transaction were not disclosed. The review for upgrade is based upon Moody's view that, should the acquisition by Molex be consummated, that Phillips will become part of an enterprise with a stronger overall credit profile (and hence a potentially higher rating) than if Phillips remains a standalone company. Molex is one of the world's leading providers of electronic connectors and assemblies, with revenues of over $4 billion and a global presence in over 40 countries. Molex has financial leverage of roughly 3 times, and is owned by privately held Koch Industries, Inc. (unrated). Moody's review will focus on the treatment of Phillips' debt within Molex's capital structure, including the evaluation of any support mechanisms related to Phillips' debt. In the event the debt is repaid, Moody's will withdraw all of Phillips' ratings. If the debt remains outstanding and Molex neither guarantees the debt nor provides stand-alone financial information for Phillips, Moody's would likely withdraw Phillips' ratings due to insufficient financial information. Moody's understands that the transaction is expected to close later in 2016, subject to customary closing conditions. The following ratings were placed under review for upgrade: Phillips-Medisize Corporation: -- Corporate Family Rating, B3 -- Probability of Default Rating, B3-PD -- Senior secured first lien credit facilities, B2 (LGD 3) -- Senior secured second lien term loan, Caa2 (LGD 5) RATINGS RATIONALE Excluding the possible acquisition by Molex, Phillips-Medisize Corporation's ("Phillips") B3 Corporate Family Rating reflects the company's high financial leverage, limited coverage of interest expense and modest free cash flow to debt. The rating also reflects the company's small absolute size based on revenue, and considerable concentration of revenue from its top customers and by therapeutic category. Offsetting these factors, the rating is supported by the company's good geographic diversity and solid technical design and manufacturing capabilities. In addition, providing stability to Phillips' business profile are the company's long-standing customer relationships, high barriers to entry, and significant switching costs for existing customers. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Based in Hudson, Wisconsin, Phillips-Medisize Corporation, through its wholly-owned subsidiary, Phillips Plastics Corporation, provides engineering design and contract manufacturing services to the drug delivery, consumable diagnostic and specialty commercial markets. Roughly two-thirds of Phillips' production revenue is derived from medical device, diagnostic, specialty inhalation and drug delivery-related products, with the remaining third derived from commercial market products. Phillips is privately held by financial sponsor, Golden Gate Capital, and the company generates annual net sales of approximately $700 million, including recent acquisitions. PIONEER ENERGY: Copy of Presentation at EnerCom Conference ---------------------------------------------------------- From time to time, senior management of Pioneer Energy Services meets with groups of investors and business analysts. The Company filed with the Securities and Exchange Commission copies of slides that have been prepared in connection with management's participation in those meetings and participation in the EnerCom Oil and Gas Conference on Aug. 17, 2016. The slides provide an update on the Company's operations and certain recent developments, which among others, include the following: Drilling * July utilization was 36%; current utilization is 35% based on a total fleet of 31 rigs. * Two incremental rigs will mobilize from the Bakken to Appalachia in September, one of which will begin work on a one-year term contract. Assuming currently working rigs remain working, then utilization for the fourth quarter will increase to approximately 42%. Well Servicing * July utilization was 40% as compared to 40% in the prior quarter Coiled Tubing * July utilization was 16% as compared to 20% in the prior quarter The slides are available for free at https://is.gd/o4YtRs About Pioneer Energy Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of independent and large oil and gas exploration and production companies in the United States and internationally in Colombia. The Company also provides two of its services (coiled tubing and wireline services) offshore in the Gulf of Mexico. Pioneer Energy reported a net loss of $155 million in 2015 following a net loss of $38 million in 2014. As of March 31, 2016, Pioneer Energy had $787 million in total assets, $471 million in total liabilities and $315 million in total shareholders' equity. * * * As reported by the TCR on March 7, 2016, Moody's Investors Service, on March 3, 2016, downgraded Pioneer Energy Services Corp.'s Corporate Family Rating (CFR) to Caa3 from B2, Probability of Default Rating (PDR) to Caa3-PD from B2-PD, and senior unsecured notes to Ca from B3. "The rating downgrades were driven by the material deterioration in Pioneer Energy's credit metrics through 2015 and our expectation of continued deterioration through 2016. The demand outlook for drilling and oilfield services is extremely weak, as witnessed by the steep and continued drop in the US rig count" said Sreedhar Kona, Moody's Vice President. "The negative outlook reflects the deteriorating fundamentals of the services sector and the likelihood of covenant breaches" Pioneer Energy carries a "B+" corporate credit rating from Standard & Poor's Ratings. PLANDAI BIOTECHNOLOGY: Incurs $1.09M Net Loss in March 31 Quarter ----------------------------------------------------------------- Plandai Biotechnology, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $1.09 million on $100,295 of revenues for the three months ended June 30, 2016, compared to a net loss of $6.27 million on $21,700 of revenues for the same period in 2015. For the nine months ended March 31, 2016, the Company reported a net loss of $3.01 million on $198,000 of revenues compared to a net loss of $8.14 million on $64,024 of revenues for the nine months ended March 31, 2015. As of March 31, 2016, Plandai had $6.62 million in total assets, $17.1 million in total liabilities, and a stockholders' deficit of $10.4 million. Liquidity and Capital Resources For the nine months ended March 31, 2016, the Company used cash in operating activities totaling $828,813, which was primarily attributable to a loss from operations of $3,015,116 offset against several non-cash expense items such as depreciation of $394,000, stock issued for services of $273,350, deferred lease obligation of $251,000, and interest expense of $560,000 which was added to the loan balance. Additionally, the loss was offset by changes in assets and liabilities accounts. Cash used in investing activities was $11,379, which consisted of the purchase of fixed assets. Cash provided by financing activities was $865,000 generated by third party loans of $400,000, the issuance of $275,000 in convertible debt, the sale of common stock of $293,660, and the issuance of a note payable to a related party of $50,526, all of which was offset by the repayment of long-term debt of $154,009. As of March 31, 2016, the Company had current assets of $176,350 compared to current liabilities of $15.4 million. Current liabilities include accounts payable and accrued liabilities of $476,349, and accrued interest of $598,410. Included in current liabilities is $13.9 million in notes payable, of which $4.69 million is long-term debt that has been reclassified as current due to the Company being out of compliance with certain loan covenants. Plan of Operation "The Company's long-term existence is dependent upon our ability to execute our operating plan and to obtain additional debt or equity financing to fund payment of obligations and provide working capital for operations. In April 2012, the Company through majority-owned subsidiaries of Dunn Roman Holdings Africa (Pty) Limited, executed final loan documents on a 100 million Rand (approx. $6.5 million at current rate of exchange) financing with the Land and Agriculture Bank of South Africa and began rehabilitating the Senteeko Tea Estate so that it can begin producing up to 20 metric tons of tea leaf per day commencing with the September 2015 growing season. The Company has also completed construction of the factory and associated equipment necessary to begin the extraction process on live botanical matter, including green tea and citrus, with the factory becoming operational in December 2014. The facility commenced processing green tea material for its Phytofare Catechin Complex in January 2015 and sales commenced in May 2015. In addition, the Company borrowed $6,900,000 from an unrelated third party and sold shares of restricted common stock to raise operating capital. Management anticipates that, over the coming several months, the Company will continue to need additional investment in the form of either debt or proceeds from the sale of stock until such time as it can generate sufficient cash flow from the sale of its products." The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/uNvbQ6 About Plandai Based in Goodyear, Arizona, Plandai Biotechnology, Inc., through its recent acquisition of Global Energy Solutions, Ltd., and its subsidiaries, focuses on the farming of whole fruits, vegetables and live plant material and the production of proprietary functional foods and botanical extracts for the health and wellness industry. Its principle holdings consist of land, farms and infrastructure in South Africa. Plandai reported a net loss of $10.07 million on $92,898 of revenues for the year ended June 30, 2015, compared to a net loss of $16.04 million on $265,735 of revenues for the year ended June 30, 2014. Pritchett, Siler & Hardy P.C., in Farmington, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2015, citing that the Company Company suffered a loss from operations during the years ended June 30, 2015 and 2014, has yet to establish a reliable, consistent and proven source of revenue to meet its operating costs on an ongoing basis and currently does not have sufficient available funding to fully implement its business plan. These factors raise substantial doubt about its ability to continue as a going concern. PLY GEM HOLDINGS: Offering $200 Million Worth of Securities ----------------------------------------------------------- Ply Gem Holdings, Inc., filed a Form S-3 registration statement with the Securities and Exchange Commission relating to the Company's offer to sell debt securities, preferred stock, common stock, depositary shares, warrants, purchase contracts and units with an aggregate initial offering price of up to $200,000,000 (or the equivalent in foreign currencies). Certain of the Company's selling stockholders may offer for sale, from time to time in one or more offerings, up to an aggregate of 47,957,011 shares of the Company's common stock. The common stock of Ply Gem Holdings, Inc. is listed on the New York Stock Exchange under the trading symbol "PGEM." A full-text copy of the regulatory filing is available for free at https://is.gd/3uH4xq About Ply Gem Based in Cary, North Carolina, Ply Gem Holdings Inc. is a diversified manufacturer of residential and commercial building products, which are sold primarily in the United States and Canada, and include a wide variety of products for the residential and commercial construction, the do-it-yourself and the professional remodeling and renovation markets. Ply Gem reported net income of $32.3 million on $1.83 billion of net sales for the year ended Dec. 31, 2015, compared to a net loss of $31.3 million on $1.56 billion of net sales for the year ended Dec. 31, 2014. As of July 2, 2016, the Company had $1.29 billion in total assets, $1.35 billion in total liabilities and a total stockholders' deficit of $57.6 million. * * * In May 2010, Standard & Poor's Ratings Services raised its (unsolicited) corporate credit rating on Ply Gem to 'B-' from 'CCC+'. "The ratings upgrade reflects our expectation that the Company's credit measures are likely to improve modestly over the next several quarters to levels that we would consider more in line with the 'B-' corporate credit rating," said Standard & Poor's credit analyst Tobias Crabtree. POSITIVEID CORP: Closes $435K Note Purchase Agreements ------------------------------------------------------ PositiveID Corporation closed a Securities Purchase Agreement with GHS Investments, LLC, dated Aug. 11, 2016, providing for the purchase of a Secured Convertible Promissory Note in the aggregate principal amount of up to $330,000, with the first tranche funded being in the amount of $50,000. Subsequent tranches of $50,000 will be delivered to the Company bi-weekly and at the sole discretion of GHS. The GHS Note has a 10% original issuance discount to offset transaction, diligence and legal costs. The GHS Note bears an interest rate of 10%, which is payable in the Company's common stock based on the conversion formula, and the maturity date for each funded tranche will be 12 months from the date on which the funds are received by the Company. The GHS Note may be converted by GHS at any time into shares of Company's common stock at a 37.5% discount to the lowest volume-weighted average price for the Company's common stock during the 15 trading days immediately preceding a conversion date. The GHS Note is secured by all property of the Company, however, is behind the security interests previously in place with three other creditors as set forth in the GHS SPA. The GHS Note is a long-term debt obligation that is material to the Company. The GHS Note may be prepaid in accordance with the terms set forth in the GHS Note. The GHS Note also contains certain representations, warranties, covenants and events of default including if the Company is delinquent in its periodic report filings with the Securities and Exchange Commission, and increases in the amount of the principal and interest rates under the GHS Note in the event of such defaults. In the event of default, at the option of GHS and in GHS's sole discretion, GHS may consider the GHS Note immediately due and payable. PositiveID closed a Securities Purchase Agreement with Crossover Capital Fund I, LLC, dated Aug. 17, 2016, providing for the purchase of two Convertible Redeemable Notes in the aggregate principal amount of $105,264, with the first note having an original principal balance of $52,632 and the second note having an original principal balance of $52,632. Crossover Note I has been funded, with the Company receiving net proceeds of $50,000 (net of original issue discount). With respect to Crossover Note II, Crossover issued a secured note to the Company in the same amount as initial payment for Crossover Note II. The funding of Crossover Note II is due by Feb. 17, 2017, and is subject to certain conditions as described in the Company Secured Note, including that the Company meets the "current information requirements" of Rule 144 promulgated under the Securities Act of 1933, as amended. Crossover is required to pay the principal amount of the Company Secured Note in cash and in full prior to executing any conversions under Crossover Note II. The Crossover Notes bear an interest rate of 10%, which is payable in the Company's common stock based on the conversion formula, and are due and payable before or on Aug. 17, 2017, provided that the holder of the Crossover Notes may at any time send in a notice of conversion to the Company for interest shares and the dollar amount converted into interest shares shall be all or a portion of the accrued interest calculated on the unpaid principal balance of the applicable note on the date of such notice. The Crossover Notes (subject to funding in the case of Crossover Note II) may be converted by Crossover at any time into shares of Company's common stock at a price equal to the lower of (i) $0.10 per share or (ii) a 37.5% discount to the lowest closing bid price of the Company's common stock as reported on the OTCQB for the 15 prior trading days including the day upon which a notice of conversion is received by the Company or its transfer agent. The Crossover Notes are long-term debt obligations that are material to the Company. The Crossover Notes may be prepaid in accordance with the terms set forth in the Crossover Notes. The Crossover Notes also contain certain representations, warranties, covenants and events of default including if the Company is delinquent in its periodic report filings with the Securities and Exchange Commission, and increases in the amount of the principal and interest rates under the Crossover Notes in the event of such defaults. In the event of default, at the option of Crossover and in Crossover's sole discretion, Crossover may consider the Crossover Notes immediately due and payable. About PositiveID Delray Beach, Fla.-based PositiveID Corporation has historically developed, marketed and sold RFID systems used for the identification of people in the healthcare market. Beginning in early 2011, the Company has focused its strategy on the growth of its HealthID business, including the continued development of its GlucoChip, its Easy Check breath glucose detection device, its iglucose wireless communication system, and potential strategic acquisition opportunities of businesses that are complementary to its HealthID business. PositiveID reported a net loss attributable to common stockholders of $11.5 million on $2.94 million of revenues for the year ended Dec. 31, 2015, compared with a net loss attributable to common stockholders of $8.22 million on $945,000 of revenues for the year ended Dec. 31, 2014. As of March 31, 2016, PositiveID had $3.61 million in total assets, $17.9 million in total liabilities, and a total stockholders' deficit of $14.3 million. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company reported a net loss, and used cash for operating activities of approximately $11,404,000 and $4,507,000 respectively, in 2015. At Dec. 31, 2015, the Company had a working capital deficiency, a stockholders' deficit and an accumulated deficit of approximately $10,694,000, $11,842,000 and $144,161,000 respectively. These matters raise substantial doubt about the Company's ability to continue as a going concern. PREMO AUTO BODY: Taps Timothy McGary as Legal Counsel ----------------------------------------------------- Premo Auto Body, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to hire a legal counsel. The Debtor proposes to hire Timothy McGary to provide legal services in connection with its Chapter 11 case. He will be paid $250 per hour for his services and will receive reimbursement for work-related expenses. Mr. McGary has no connection with the Debtor or its creditors, according to court filings. Mr. McGary's contact information is: Timothy J. McGary, Esq. 8609 Westwood Center Drive, Suite 203 Vienna, VA 22182 Tel: (703) 352-4985 Fax: (703) 352-5938 Email: tjm@mcgary.com About Premo Auto Body Premo Auto Body Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Va. Case No. 16-61648) on August 16, 2016. QUALITY FLOAT: Can Use FC Market Place Cash on Interim Basis ------------------------------------------------------------ Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Quality Float Works, Inc., to use cash collateral belonging to FC Market Place, LLC, on an interim basis. The Debtor was ordered to deposit all monies collected in connection with the collateral in its Debtor in Possession account, or temporarily deposit funds from credit card payments into its existing account and then sweep the funds into its Debtor in Possession account. The accounts will be held at First Midwest Bank. The Debtor was directed to make monthly adequate protection payments to FC Market Place in the amount of $1,000 no later than Sept. 8, 2016 or upon entry of a final order approving the use of cash collateral. A status and final hearing on the Debtor's use of cash collateral is scheduled on Sept. 6, 2016 at 10:00 a.m. A full-text copy of the Order, dated Aug. 17, 2016, is available at https://is.gd/Rcnbgk About Quality Float Works Quality Float Works, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ill. Case No. 16-25753) on Aug. 11, 2016. The Debtor is represented by Robert R. Benjamin, Esq., Beverly A. Berneman, Esq., and Matthew P. Bachochin, Esq., at Golan & Christie LLP. The case is assigned to Judge Deborah L. Thorne. QUALITY FLOAT: Can Use First Midwest Cash on Interim Basis ---------------------------------------------------------- Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Quality Float Works, Inc., to use cash collateral belonging to First Midwest Bank on an interim basis. The Debtor was directed to make monthly adequate protection payments to First Midwest in the amount of $4,663 no later than Aug. 23, 2016 or upon entry of a final order approving the use of cash collateral. First Midwest was granted a replacement lien upon the Debtor's assets acquired after the Petition Date and their proceeds, to the extent that the collateral is utilized. A status and final hearing on the Debtor's use of cash collateral is scheduled on Sept. 6, 2016 at 10:00 a.m. A full-text copy of the Order, dated Aug. 17, 2016, is available at https://is.gd/T6W70w About Quality Float Works Quality Float Works, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ill. Case No. 16-25753) on Aug. 11, 2016. The Debtor is represented by Robert R. Benjamin, Esq., Beverly A. Berneman, Esq., and Matthew P. Bachochin, Esq., at Golan & Christie LLP. The case is assigned to Judge Deborah L. Thorne. QUOTIENT LIMITED: Recurring Losses Casts Going Concern Doubt ------------------------------------------------------------ Quotient Limited filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss loss of $16.23 million on $5.72 million of total revenue for the quarter ended June 30, 2016, compared to a net loss $10.15 million on $4.85 million of total revenue for the same period last year. As of June 30, 2016, the Company had $102.08 million in total assets, $74.23 million in total liabilities and $27.86 million in total shareholders' equity. The Company has incurred net losses and negative cash flows from operations in each year since it commenced operations in 2007 and had an accumulated deficit of $124.5 million as of June 30, 2016. At June 30, 2016 the Company had cash holdings of $22.4 million and had covenants in place with lenders to maintain cash holdings above $10 million. The Company has expenditure plans over the next twelve months that exceed its current cash holdings, raising substantial doubt about its ability to continue as a going concern. The Company expects to fund its operations in the near term, including the continued development of MosaiQTM to commercialization, from a combination of funding sources, including through the use of existing cash balances and the issuance of new equity or debt. The Company's Directors are confident in the availability of these funding sources and accordingly have prepared the financial statements on the going concern basis. However, there can be no assurance the Company will be able to obtain adequate financing when necessary and the terms of any financings may not be advantageous to the Company and may result in dilution to its shareholders. A full-text copy of the company's quarterly report is available for free at: http://bit.ly/2aX7RKi Quotient Limited is a commercial-stage diagnostics company committed to reducing healthcare costs and improving patient care through the provision of innovative tests within established markets. The Company's initial focus is on blood grouping and donor disease screening, which is commonly referred to as transfusion diagnostics. Blood grouping involves specific procedures performed at donor or patient testing laboratories to characterize blood, which includes antigen typing and antibody identification. Disease screening involves the screening of donor blood for unwanted pathogens using two different methods, a serological approach (testing for specific antigens or antibodies) and a molecular approach (testing for DNA or RNA). The company is headquartered in Midlothian, United Kingdom. ROGER ALLEN MCCRACKEN: Brock Mansfield Joins Creditors' Committee ----------------------------------------------------------------- Brock Mansfield has joined the official committee of unsecured creditors in the Chapter 11 case of Roger Allen McCracken. The committee members are: (1) Tom Reese Pacific Continental Bank 805 S.W. Broadway, Suite 780 Portland, OR 97205 Tel: (503) 350-5340 Fax: (503) 796-0101 E-mail: tom.reese@therightbank.com (2) Randy Burke 13563 S.E. 27th Place Bellevue, WA 98005 Tel: (425) 644-0351 Cell: (425) 985-0284 E-mail: rburke@burkeelectric.com (3) Brock Mansfield Keeler Investments Group 2448 76th Avenue SE, Suite 220 Mercer Island, WA 98040 Tel: (206) 778-7095 E-mail: brock@keelerinvestments.com Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at a debtor's expense. They may investigate the debtor's business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. About Roger Allen McCracken Roger Allen McCracken sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-13561) on July 6, 2016. The Debtor is represented by Jamie J. McFarlane, Esq., at The Tracy Law Group PLLC. SANCTUARY REVOCABLE: 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 Sanctuary Revocable Trust. Headquartered in Oldsmar, Florida, Sanctuary Revocable Trust filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-06149) on July 19, 2016. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as the Debtor's bankruptcy counsel. In its Petition, the Debtor estimated its assets and liabilities at between $500,001 and $1 million each. SCPD GRAMERCY: Taps Pick & Zabicki as Legal Counsel --------------------------------------------------- SCPD Gramercy 1 Holding LLC and SCPD Gramercy 1 LLC filed separate applications seeking court approval to hire a legal counsel in connection with their Chapter 11 cases. In their applications, the Debtors asked for approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Pick & Zabicki LLP to provide these legal services: (a) advise the Debtors with respect to their rights and duties; (b) advise and assist the Debtors in preparing financial documents; (c) prepare legal papers and represent the Debtors at all hearings; (d) prosecute and defend litigated matters that may arise during the Debtors' bankruptcy cases; (e) assist the Debtors in the formulation and negotiation of a plan of reorganization; and (f) assist the Debtors in analyzing the claims of creditors. The hourly rates of Pick & Zabicki partners range from $350 to $425. Meanwhile, the firm's associates and paraprofessionals charge $250 per hour and $125 per hour, respectively. Douglas Pick, Esq., at Pick & Zabicki, disclosed in a court filing that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Douglas J. Pick, Esq. Pick & Zabicki LLP 369 Lexington Avenue, 12th Floor New York, NY 10017 Tel: (212) 695-6000 Fax: (212) 695-6007 Email: dpick@picklaw.net About SCPD Gramercy SCPD Gramercy 1 LLC and SCPD Gramercy 1 Holding LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case Nos. 16-11886 and 16-11885) on June 30, 2016. The petitions were signed by Arnold Cariaso, authorized signor on behalf of the manager SC Property Development, LLC. The cases are assigned to Judge Sean H. Lane. At the time of the filing, the Debtors estimated their assets and debts at $0 to $50,000. SEANERGY MARITIME: Annual Meeting Set for September 28 ------------------------------------------------------ Seanergy Maritime Holdings Corp. notified its shareholders that an annual meeting will be held at the Company's executive offices at 16 Grigoriou Lambraki Street, 2nd Floor, 16674 Glyfada, Athens, Greece, on Sept. 28, 2016, at 6:00 p.m. local time. At the Meeting, holders of shares of the Company's common stock will consider and vote upon the following proposals: 1. To elect two Class A Directors to serve until the 2019 Annual Meeting of Shareholders; 2. To approve the appointment of Ernst & Young (Hellas) Certified Auditors - Accountants S.A. to serve as the Company's independent auditors for the fiscal year ending Dec. 31, 2016; and 3. To transact other such business as may properly come before the Meeting or any adjournment thereof. Adoption of Proposal One requires the vote of a plurality of the votes cast at the Meeting. Adoption of Proposal Two requires the vote of the holders of a majority of the stock represented and entitled to vote at the Meeting. A full-text copy of the Notice is available for free at: https://is.gd/h1xIUN 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. SEQUENOM INC: Preliminary Injunction Hearing Set for Sept. 1 ------------------------------------------------------------ A putative class action lawsuit was filed on Aug. 17, 2016, by a single plaintiff in the United States District Court for the Southern District of California (Case No. 3:16-cv-02084-JAH-KSC) against Sequenom and individual members of Sequenom's Board of Directors. The action, styled Shikha Gupta v. Sequenom, Inc., et al., alleges that (i) Sequenom and individual members of Sequenom's Board of Directors violated Sections 14(e) and 14(d)(4) of the Exchange Act and Rule 14D-9 thereunder by, knowingly or with deliberate recklessness, misrepresenting and/or omitting disclosure of material information in the Recommendation Statement regarding the consideration offered to shareholders via the tender offer, the intrinsic value of Sequenom and potential conflicts of interest on the part of Sequenom's individual directors and financial advisor and (ii) individual members of Sequenom's Board of Directors violated Section 20(a) of the Exchange Act as controlling persons who had the ability to prevent the issuance of the Recommendation Statement or to cause it to not be materially false or misleading. The plaintiff seeks (i) an order certifying the action as a class action and appointing plaintiff as the class representative, (ii) an injunction against the closing of the Offer and the consummation of the proposed merger of Sequenom with Purchaser, unless or until Sequenom discloses the requested information or, in the alternative, to rescind the sale of Sequenom and award plaintiff and the class rescissory damages, (iii) an accounting of all damages suffered as a result of the individual defendants' alleged wrongdoing in an unspecified amount, (iv) an award of the costs of this action, including reasonable attorneys' and experts' fees and (v) such other and further equitable relief as the court deems just and proper. On Aug. 18, 2016, the plaintiff in the Gupta action filed a motion to enjoin the proposed merger. On Aug. 19, 2016, the court in the Gupta action issued an order setting a briefing schedule for defendants' response to the Motion for Preliminary Injunction and scheduling a hearing on the motion for Sept. 1, 2016. About Sequenom Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a life sciences company committed to improving healthcare through revolutionary genetic analysis solutions. Sequenom develops innovative technology, products and diagnostic tests that target and serve discovery and clinical research, and molecular diagnostics markets. The company was founded in 1994 and is headquartered in San Diego, California. Sequenom reported a net loss of $16.3 million on $128 million of total revenues for the year ended Dec. 31, 2015, compared to net income of $1.01 million on $152 million of total revenues for the year ended Dec. 31, 2014. As of June 30, 2016, Sequenom had $97.3 million in total assets, $152 million in total liabilities and a $54.5 million total stockholders' deficit. SHORE PKWY II: Can Solicit Acceptances Through Oct. 10 ------------------------------------------------------ Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York has extended Shore PKWY II Realty Inc.'s exclusive plan filing period through and including August 11, 2016, and the exclusive solicitation period through and including October 10, 2016. The Troubled Company Reporter has earlier reported that the Debtor has asked the Court to extend the exclusive periods saying that while its case may not be a particularly large one, the issues facing it require a lot of time and attention to resolve. In that regard, the Debtor said it has been making a good faith effort to resolve those issues, most notably with the mortgagee. The Debtor added that is current on all of its filing, has established a bar date and is vigorously prosecuting its Chapter 11 case. The Debtor said it needs more time to continue resolving its issues with its lender. The Debtor tells the Court that it believes that it has worked diligently over the past three months to foster negotiations in order to work out the remaining issues with the mortgagee. About Shore PKWY II Shore PKWY II Realty Inc. filed for Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-40147) on Jan. 13, 2016. The Debtor is represented by Vogel Bach & Horn, P.C., which can be reached at: VOGEL BACH & HORN, LLP Eric H. Horn, Esq. Heike M. Vogel, Esq. 1441 Broadway, Suite 5031 New York, New York 10018 Tel. (212) 242-8350 Fax (646) 607-2075 No official committee has been appointed in the Chapter 11 Case by the U.S. Trustee for the Eastern District of New York. SIDNEY TRANSPORTATION: Taps Kentner Sellers as Accountant --------------------------------------------------------- Sidney Transportation Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Kentner Sellers LLP as its accountant. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) assist in the completion of the Debtor's monthly operating reports; (b) consult with and aid in the preparation of financial reports and exhibits to the disclosure statement and plan of reorganization; (c) assist the Debtor in reviewing claims of creditors; (d) assist the Debtor in the preparation of tax returns; and (e) aid the Debtor in all accounting matters related to its bankruptcy case. The firm's professionals and their hourly rates are: Marvin Homan $265 Gregg DeVilbiss $265 Nick Barley $150 Cari Frame $180 Ryan Christmann $108 Jeri Evendeen $120 Christina Stastny $90 Danielle Antos $90 Theresa Smith $154 Marvin Homan disclosed in a court filing that the members of his firm do not hold any interest adverse to the Debtor's estate or its creditors. The firm can be reached through: Marvin J. Homan Kentner Sellers LLP 801 Falls Creek Drive Vandalia, OH 45377 About Sidney Transportation Sidney Transportation Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Ohio Case No. 16-32270) on July 18, 2016. The petition was signed by Steven Woodruff, owner/managing member. The case is assigned to Judge John P. Gustafson. At the time of the filing, the Debtor estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. SONDIAL PROPERTIES: Hires Geeslin as Counsel -------------------------------------------- Sondial Properties, LLC, seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ George M. Geeslin as counsel to the Debtor. Sondial Properties requires Geeslin to: (a) advise Debtor with respect to its rights, powers, duties, and obligations as Debtor-in-Possession in the administration of this case, the operation of its business, and the management of its property; (b) prepare pleadings, applications, and conduct examinations incidental to administration; (c) advise and represent Applicant in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment oftrustee or examiner, and all other similar matters; (d) develop the relationship of the status of Debtor-in- Possession to the claims of the creditors in these proceedings; (e) advise and assist the Debtor-in-Possession in the formulation and presentation of a Plan of Reorganization pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matter relating thereto; and (f) perform any and all other legal services incident and necessary herein. Geeslin will be paid at an hourly rate of $350. Geeslin will be paid a retainer in the amount of $14,500. Geeslin has been paid $3,000.00 ($1,717.00 for Chapter 11 filing fee and $1,283.00 for pre-petition attorney fees). The source of these funds is from a separate business account maintained by Al Waters, principal of the Debtor. George M. Geeslin assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Geeslin can be reached at: George M. Geeslin, Esq. Two Midtown Plaza, Suite 1350 1349 West Peachtree Street Atlanta, GA 30309 Tel: (404) 841-3464 Fax: (866) 253-2313 E-mail: george@gmgeeslinlaw.com About Sondial Properties Sondial Properties, LLC filed a chapter 11 petition (Bankr. N.D. Ga. Case No. 16-63236) on Aug. 1, 2016. The petition was signed by Alphonso Waters, managing member. The Debtor is represented by George M. Geeslin, Esq., in Atlanta, Georgia. The Debtor estimated assets and liabilities at $10 million to $50 million at the time of the filing. SOUTHCROSS ENERGY: Holdings, et al., Own 66.8% of Common Units -------------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Southcross Holdings GP LLC, Southcross Holdings LP, Southcross Holdings Intermediary LLC, Southcross Holdings Guarantor GP LLC, Southcross Holdings Guarantor LP, Southcross Holdings Borrower GP LLC, and Southcross Holdings Borrower LP disclosed that as of Aug. 10, 2016, they beneficially owned 44,030,950 common units representing limited partner interests in Southcross Energy Partners, L.P. representing 66.8% of the Units outstanding. A full-text copy of the regulatory filing is available for free at https://is.gd/DaonZW About Southcross Energy Partners 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 of June 30, 2016, Southcross had $1.23 billion in total assets, $617 million in total liabilities, and $615 million in total partners' capital. * * * 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. SPANISH BROADCASTING: AAA Trust Files Schedule 13D With SEC ----------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, AAA Trust disclosed that as of Aug. 8, 2016, it beneficially owned 760,000 shares (represents 380,000 shares of Series C Preferred Stock, each of which is convertible into two shares of Class A Common Stock). The Shares represent 10.3% of the fully diluted shares of Class A Common Stock and Class B Common Stock upon conversion of the Series C Preferred Stock and 2.7% of the voting power of the fully diluted Class A Common Stock, Class B Common Stock and Series C Preferred Stock (which is entitled to two votes per share) voting together as a single class. Raul Alarcon also reported beneficial ownership of 3,119,913 shares (includes 2,286,503 shares of Class B Common Stock held in Mr. Alarcon's own name and 53,500 shares of Class B Common Stock held by the Alma Alarcon Trust of which Mr. Alarcon is the trustee. The shares of Class B Common Stock are convertible into the same number of shares of Class A Common Stock, but are entitled to ten votes per share). The Shares represent 43.8% of the fully diluted Class A Common Stock and Class B Common Stock upon conversion of the Series C Preferred Stock and 85.4% of the voting power of the fully diluted Class A Common Stock, Class B Common Stock and Series C Preferred Stock (which is entitled to two votes per share) voting together as a single class. Mr. Alarcon is the trustee of AAA Trust and may be deemed to control, and beneficially own securities owned or held by AAA Trust. Mr. Alarcon is the Chairman of the Board, Chief Executive Officer and President of the Company. The Company owns and operates 17 radio stations located in the top U.S. Hispanic markets, operates AIRE Radio Networks, and owns Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates through the U.S. and Puerto Rico. The Company also produces live concerts and events and owns multiple bilingual websites. A full-text copy of the regulatory filing is available at: https://is.gd/jWpavO About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. -- http://www.spanishbroadcasting.com/-- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. As reported by the TCR on May 25, 2016, S&P Global Ratings said that it lowered its corporate credit rating on U.S. Spanish-language broadcaster Spanish Broadcasting System Inc. (SBS) to 'CCC' from 'CCC+'. SPANISH BROADCASTING: CBS Radio, et al., No Longer Own CL-A Shares ------------------------------------------------------------------ In an amended Schedule 13D filed with the Securities and Exchange Commission, CBS Radio Media Corporation, CBS Radio Inc., CBS Broadcasting Inc., Westinghouse CBS Holding Company, Inc., CBS Corporation, National Amusements, Inc., and Sumner M. Redstone disclosed that as of Aug. 8, 2016, they ceased to beneficially own shares of Class A Common Stock, par value $.0001 per share, of Spanish Broadcasting System, Inc. The amendment was filed to report the disposition on Aug. 18, 2016, of all of the Series C Shares beneficially owned by the Reporting Persons pursuant to a stock purchase agreement dated Aug. 8, 2016, among CRMC, the Issuer, Mr. Raul Alarcon and AAA Trust, a Florida trust, of which Mr. Alarcon is the trustee. As a result of the sale on Aug. 18, 2016, of the Series C Shares pursuant to the Stock Purchase Agreement, the Reporting Persons have disposed of all of the Series C Shares beneficially owned by them and do not own any shares of the Issuer. A full-text copy of the regulatory filing is available at: https://is.gd/FP4MsT About Spanish Broadcasting Headquartered in Coconut Grove, Florida, Spanish Broadcasting System, Inc. -- http://www.spanishbroadcasting.com/-- owns and operates 21 radio stations targeting the Hispanic audience. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. Its revenue for the twelve months ended Sept. 30, 2010, was approximately $140 million. As of June 30, 2016, Spanish Broadcasting had $443 million in total assets, $556 million in total liabilities and a total stockholders' deficit of $113 million. * * * In November 2010, Moody's Investors Service upgraded the corporate family and probability of default ratings for Spanish Broadcasting System, Inc., to 'Caa1' from 'Caa3' based on improved free cash flow prospects due to better than anticipated cost cutting and the expiration of an unprofitable interest rate swap agreement. Moody's said Spanish Broadcasting's 'Caa1' corporate family rating incorporates its weak capital structure, operational pressure in the still cyclically weak economic climate, generally narrow growth prospects (though Spanish language is the strongest growth prospect) given the maturity and competitive pressures in the radio industry, and the June 2012 maturity of its term loan magnify this challenge. As reported by the TCR on May 25, 2016, S&P Global Ratings said that it lowered its corporate credit rating on U.S. Spanish-language broadcaster Spanish Broadcasting System Inc. (SBS) to 'CCC' from 'CCC+'. SRS PROPERTY: Disclosures Okayed; Plan Hearing Set for Sept. 15 --------------------------------------------------------------- The Hon. Robert N. Opel, II, of the U.S. Bankruptcy Court for the Middle District of Pennsylvania has approved SRS Property Investment, Inc.'s first amended disclosure statement dated May 5, 2016, referring its First Amended Plan dated May 5, 2016. A hearing to consider the confirmation of the Debtor's First Amended Plan is scheduled for Sept. 15, 2016, at 9:30 a.m. Aug. 31, 2016, is fixed as the last day for submitting written acceptances or rejections of the First Amended Plan to the Debtor's counsel. Aug. 31 is also the last day for filing and serving written objections to confirmation of the First Amended Plan. Sept. 8, 2016, is fixed as the last day for filing with the Court a tabulation of ballots accepting or rejecting the First Amended Plan. Headquartered in Stroudsburg, Pennsylvania, SRS Property Investment, Inc, filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 15-01167) on March 24, 2015. Judge Robert N. Opel II presides over the case. Erik Mark Helbing, Esq., at the Law Offices of Erik M. Helbing serves as the Debtor's bankruptcy counsel. The Debtor didn't indicate in its Petition the amount of its assets and liabilities. The petition was signed by Nicholas Revella, president. STEPHCHRIS OF MISSOURI: Can Use Midwest Regional Bank ----------------------------------------------------- Judge Kathy A. Surratt-States of the U.S. Bankruptcy Court for the Eastern District of Missouri authorized StephChris of Missouri, LLC, to use cash collateral on a final basis. The Debtor is indebted to Midwest Regional Bank, its primary secured lender, in the amount of $1,900,000 as of the Petition Date. Midwest asserted that it holds a first priority security interest and lien on substantially all of the Debtor's assets, including, but not limited to, Debtor's building and equipment, and a junior mortgage on certain real estate located in Caseyville, Illinois. The Debtor contended that in order to continue the operation of its business, the Debtor must use the proceeds of the Pre-Petition Collateral, some of which may constitute the cash collateral in which Midwest claims an interest. The Debtor further contended that without such funds, it will be unable to pay wages and other operating expenses, or to otherwise purchase equipment and supplies. The Debtor was authorized to use cash collateral in the ordinary course of its operations, consistent with the original budget attached to its Motion, and can continue to do so until after the expiration of the period covered by the budget. Midwest was granted a replacement lien in all of the Debtor's post-petition accounts receivable, inventory and untitled personal property, superior to all other security interests and liens in such property, subject to Carve-Out. The Carve-Out consists of: (a) fees payable to the United States Trustee; (b) any fees payable to the Clerk of Court; and (c) fees and costs allowed by the Court for attorneys, accountants, and other professionals retained in the Chapter 11 case by the Debtor. The Debtor was directed to make monthly adequate protection payments to Midwest in the amount of $6,000. A full-text copy of the Order, dated Aug. 17, 2016, is available at https://is.gd/glqkpE StephChris of Missouri, LLC, is represented by: A. Thomas DeWoskin, Esq. DANNA MCKITRICK, PC 7701 Forsyth Blvd., Suite 800 St. Louis, MO 63105 About StephChris of Missouri StephChris of Missouri, LLC, filed a chapter 11 petition (Bankr. E.D. Mo. Case No. 16-45026-659) on July 15, 2016. The Debtor is represented by A. Thomas DeWoskin, Esq., at Danna McKitrick, PC. STERLING MID-HOLDINGS: S&P Lowers Issuer Credit Rating to 'SD' -------------------------------------------------------------- S&P Global Ratings said it lowered its issuer credit rating on Sterling Mid-Holdings Ltd. to 'SD' (selective default) from 'CC' and lowered the ratings on the senior notes to 'D' (default) from 'C'. "The rating action follows Sterling's completion of its exchange offer for DFC Finance Corp.'s existing senior secured notes," said S&P Global Ratings credit analyst Gaurav Parikh. "The company exchanged 92.4%, or $739.3 million, of its outstanding 10.5% senior notes due in 2020 for 12% PIK toggle notes due in 2020." Of such principal amount, $225.2 million was tendered by its private-equity owner, Lone Star Funds. Under new terms, LoneStar is expected to buy back at least $50 million of aggregate principal, of which $30 million has been repurchased, either through open-market transactions or tender offer over the next few months. If LoneStar fails to buy back debt, the consenting bondholders are required to tender their holdings at 0.65/dollar, which is currently above the market price." Additionally, according to the contribution commitment letter, over the next two years, LoneStar must inject $75 million of equity into Sterling, of which at least $20 million must be made each year. If the sponsor fails to make these contributions, it is required to deliver an evergreen irrevocable letter of credit for the deficit. According to the turnover agreement, in an event of bankruptcy, LoneStar will bear the first loss on $50 million of the new notes. Sterling expects to make cash interest payments of about 1% on its new notes (11% PIK) and full interest payments at 10.50% on its existing senior notes. Following the exchange offer, the company will have about $60.7 million of senior notes outstanding. Recently, the company borrowed an extra $40 million by drawing an additional $10 million on its securitization facility for a total outstanding balance of $110 million. The remaining $30 million was injected by LoneStar through $21 million in equity and $9 million in notes payable on demand. S&P looks to raise the issuer credit rating and issue rating on the senior notes from 'SD' and 'D', respectively, in as early as one business day. Over the next two years, S&P expects the company to PIK its interest, which will improve its existing cash interest coverage ratio to above 0.5x. While improved, the ratio till points to the unsustainability of the situation for Sterling absent future equity injections from LoneStar. Over the longer term, the debt obligations on the new notes are expected to increase above $900 million, at which point the company will have to pay cash interest unless it further restructures its capital structure. STRATA SKIN: Posts $498,000 Net Income for Second Quarter --------------------------------------------------------- Strata Skin Sciences, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $498,000 on $7.73 million of revenues for the three months ended June 30, 2016, compared to a net loss of $7.84 million on $611,000 of revenues for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $939,000 on $15.4 million of revenues compared to a net loss of $15.1 million on $692,000 of revenues for the same period last year. As of June 30, 2016, Strata Skin had $44.4 million in total assets, $27.1 million in total liabilities and $17.3 million in total stockholders' equity. As of June 30, 2016, the Company had an accumulated deficit of $208,000 and has incurred losses and negative cash flows from operations since inception. To date, the Company has dedicated most of its financial resources to research and development, sales and marketing, and general and administrative expenses. The Company has been dependent on raising capital from the sale of securities in order to continue to operate and to meet its obligations in the ordinary course of business. Management believes that its cash and cash equivalents as of June 30, 2016 combined with the anticipated revenues from the sale of the Company's products will be sufficient to satisfy its working capital needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with its existing operations through the third quarter of 2017. The Company's quarterly report on Form 10-Q is available from the SEC Web site at https://is.gd/WuD5XA About STRATA Skin Sciences STRATA Skin Sciences (formerly MELA Sciences, Inc.) is a medical technology company focused on the therapeutic and diagnostic dermatology market. Its products include the XTRAC laser and VTRAC excimer lamp systems utilized in the treatment of psoriasis, vitiligo and various other skin conditions; and the MelaFind system used to assist in the identification and management of melanoma. Strata Skin reported a net loss attributable to common stockholders of $27.9 million on $18.5 million of revenues for the year ended Dec. 31, 2015, compared to a net loss of $16.03 million on $915,000 of revenues for the year ended Dec. 31, 2014. SUBMARINA INC: Hearing on Disclosures Scheduled for Sept. 28 ------------------------------------------------------------ Submarina, Inc., and jointly administered debtor Kerensa Investment Fund, LLC, filed with the U.S. Bankruptcy Court for the District of Nevada a first amended disclosure statement to Submarina's plan of reorganization on July 27, 2016, which proposes that payments and distributions under the Plan will be funded by operating income and by the collections paid by the collection of judgments or settlements at or before the end of 10 years. Hearing on the First Amended Disclosure Statement is set for Sept. 28, 2016, at 9:30 a.m. A copy of the First Amended Disclosure Statement is available at: http://bankrupt.com/misc/nvb12-22097-466.pdf As reported by the Troubled Company Reporter on Aug. 11, 2016, the Debtor filed a Chapter 11 plan of reorganization that proposes to pay general unsecured claims in full. According to the First Amended Disclosure Statement dated July 26, 2016, the Plan proposes that Class 6 non-insider general unsecured creditors will be paid in full, without interest, from the judgments collected from franchisees, or will receive equal monthly installments of all amounts collected from the judgments for a period of 120 months. Submarina is represented by: Matthew L. Johnson, Esq. Russell G. Gubler, Esq. Johnson & Gubler, P.C. Lakes Business Park 8831 W. Sahara Ave. Las Vegas, NV 89117 Tel: (702) 471-0065 Fax: (702) 471-0075 E-mail: mjohnson@mjohnsonlaw.com About Submarina Inc. Submarina, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 12-22097) on Oct. 25, 2012. The petition was signed by Bruce N. Rosenthal, president and CEO. The case is assigned to Judge Mike K. Nakagawa. At the time of the filing, the Debtor estimated its assets and debts at $1,000,001 to $10,000,000. SUBODH NAIK: Suhas Naik Seeks to Block Plan Outline Approval ------------------------------------------------------------ Suhas Naik filed with the U.S. Bankruptcy Court for the Northern District of Texas an objection to the approval of the disclosure statement describing Subodh Naik's plan of reorganization. The Creditor claims that the Disclosure Statement contains inadequate information. The Debtor owed the Creditor approximately $174,788.30 as of the Petition Date as a result of an unrelated business transaction. Based upon the terms of the judgment obtained by Creditor pre‐petition, this sum is increasing at the rate of $23.80 per day. As reported by the Troubled Company Reporter on Aug. 11, 2016, the Debtor filed the Disclosure statement describing the Debtor's plan of reorganization, which proposes to make monthly payments commencing on the Effective Date of $750 into an unsecured creditors pool. The Debtor asserts that he owns a 100% interest in a 1.226 acre parcel of undeveloped land located at 1625 East Interstate Highway 30 in Garland Texas, and fully described as Faulkner Point North 2 REP, Block 1, Lot 4B, an addition to the City of Garland, Dallas County, Texas. The Creditor asserts that the Debtor owns only a partial interest in the Property and, on April 8, 2016, filed an adversary proceeding seeking to establish that the Property is in fact owned 1/3 by the Debtor, 1/3 by Creditor, and 1/3 by Rasik Patel. The adversary proceeding -- assigned cause number 16‐03052‐HDH by the Clerk of the Court -- is currently scheduled to be heard in September 2016. The Creditor claims that the Disclosure Statement does not provide adequate information to enable creditors to make reasonably informed decisions on the Debtor's Plan. The Disclosure Statement is deficient in these ways: a) no details, analysis or information is provided to support or explain the estimated value of the Property. Creditor believes that the true value of said Property could be in excess of $600,000; b) the projections attached to the Disclosure Statement contain no information as to the assumptions upon which those projections are based. For example, the Debtor assumes that his income will remain stable for at least the next twelve months (from September 2016 through and including August 2018). There is no explanation for how these income numbers were derived or for why the Debtor believes that the income will remain stable. Nor is there any information beyond the twelve month period covered by the projections. This is highly problematic given the fact that the Plan proposes a repayment term of as long a fifteen years as to Creditor's claim; c) the projections attached to the Disclosure Statement are curious as, they are not consistent with the actual revenue, or lack thereof, reflected in the Debtor's monthly operating reports; d) as the Debtor's plan is potentially dependent upon his ability to sell the Property, it is problematic that the Disclosure Statement provides no information regarding efforts to market the Property for sale. Nor is any information provided regarding the probable time‐frame needed to realize the sale; e) as for projected expenses reflected in the projections attachment to the Disclosure Statement, there is no way to determine whether the expenses are reasonable because there is no information provided as to the assumptions used by the Debtor in compiling such list of projected expenses; f) the disclosure statement and its attachments appear to mischaracterize the return to creditors available in the event of a Chapter 7 liquidation. On page three of his Disclosure Statement the Debtor indicates that "it is anticipated that in a Chapter 7 liquidation, the Debtor's creditors, other than the secured creditors, would receive nothing." Exhibit C to the Disclosure Statement additionally reflects a "0%" dividend to unsecured creditors in the event of a Chapter 7 liquidation. This analysis is apparently predicated upon a resolution to the pending Adversary Proceeding which finds that the Debtor owns only a 1/3 interest in the Property. However, even in the event that the Adversary Proceeding results in such a finding, the Debtor's schedules still reflect an additional $155,000 of non‐exempt assets which would be available to satisfy allowed claims in the event of conversion to Chapter 7. The Debtor's existing non‐exempt cash would generate something far greater than a 0% dividend to unsecured creditors in the event of conversion. In the event of a resolution of the pending Adversary Proceeding which is more favorable to the Debtor, an even greater dividend for creditors would be expected. The misleading nature of the liquidation analysis contained in the disclosure statement makes it difficult for creditors of the estate to assess the plan's ability to comply with the provisions of 11 U.S.C. Sections 1129(a)(7) and 1129(b); and g) the Plan contemplates payments to Creditor over a period Of time which greatly exceeds the time period of the projections. Without further financial projections, Creditor does not have adequate information. The Creditor is represented by: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DeMarcoMitchell, PLLC 1255 W. 15th Street, 805 Plano, TX 75075 Tel: (972) 578‐1400 Fax (972) 346‐6791 E-mail robert@demarcomitchell.com mike@demarcomitchell.com Subodh Naik filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 16-30155) on Jan. 5, 2016. Eric A. Liepins, Esq., at Eric A. Liepins, P.C., serves as the Debtor's counsel. SUNPOWER BY RENEWABLE ENERGY: Taps Schwartz as Legal Counsel ------------------------------------------------------------ Sunpower By Renewable Energy Electric, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Schwartz Flansburg PLLC as its legal counsel. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) advise the Debtor with respect to its powers and duties; (b) attend meetings and negotiate with representatives of creditors and other parties; (c) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf; (d) prepare legal papers; (e) negotiate and prepare a plan of reorganization and take any necessary action to obtain confirmation of the plan; (f) advise the Debtor in connection with any sale of assets; and (g) appear before the bankruptcy court, any appellate courts, and the U.S. trustee. The firm's hourly rates range from $260 to $550 for attorneys, and $90 to $205 for legal assistants and support staff. Samuel Schwartz, Esq., at Schwartz Flansburg, disclosed in a court filing that the firm's attorneys are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. Schwartz Flansburg can be reached through: Samuel A. Schwartz, Esq. Bryan A. Lindsey, Esq. Schwartz Flansburg PLLC 6623 Las Vegas Blvd. South, Suite 300 Las Vegas, NV 89119 Tel: (702) 385-5544 Fax: (702) 385-2741 About Sunpower by Renewable Energy Sunpower by Renewable Energy Electric, Inc. filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-14459-led) on August 12, 2016. The Debtor is represented by Samuel A. Schwartz, Esq. and Bryan A. Lindsey, Esq., at Schwartz Flansburg PLLC. The Debtor is a solar energy company and provides solar energy services, including the assessment and installation of solar panels to residential and commercial customers in Nevada, Arizona and California. TDQ LLC: Hires Steinberg Nutter as General Bankruptcy Counsel ------------------------------------------------------------- TDQ, LLC seeks authorization from the U.S. Bankruptcy Court for the Central District of California to employ Steinberg, Nutter & Brent, Law Corporation as general bankruptcy counsel. The Debtor requires Steinberg Nutter to: (a) assist the Debtor in the administration of the estate and to facilitate matters concerning administrative duties, which is the responsibility of a debtor-in-possession. Steinberg Nutter's duties will include counseling the Debtor with regard to the U.S. Trustee requirements and the providing of information and documentation to the U.S. Trustee's Office as required under the Local Bankruptcy Rules and the U.S. Trustee Guidelines; and (b) facilitate the Debtor's performance of other administrative mattes which are its responsibilities under the Bankruptcy Code. These matters include the hiring of professionals to allow the Debtor to function in the Chapter 11 proceeding, and assisting in the preparation and filing of a disclosure statement and plan of reorganization and all manners of matters which involve the Debtor. Steinberg Nutter will be paid at these hourly rates: Partners $450 Associates $275 Paralegals $125 Clerks $95 Steinberg Nutter will also be reimbursed for reasonable out-of-pocket expenses incurred. Steinberg Nutter received a retainer of $10,717. Paul M. Brent, member of Steinberg Nutter, 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. Steinberg Nutter can be reached at: Paul M. Brent, Esq. STEINBERG, NUTTER & BRENT, LAW CORPORATION 23801 Calabasas Road, Suite 2031 Calabasas, CA 91302 Tel: (818) 876-8535 Fax: (818) 876-8536 E-mail: snb300@aol.com TDQ, LLC, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 16-19218) on July 12, 2016. The Debtor is represented by Paul M. Brent, Esq. TLO LLC: TransUnion Obtains Favorable Ruling in IDI IP Dispute -------------------------------------------------------------- IDI, Inc., a data and analytics company, on Aug. 19, 2016, disclosed that on Aug. 18, the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, issued an order in the Company's pending litigation with TransUnion Risk and Alternative Data Solutions, Inc., regarding a dispute over ownership of certain intellectual property previously created by IDI Chief Science Officer Ole Poulsen and currently being used to power TransUnion's competitive product. The litigation relates to certain intellectual property created by Mr. Poulsen as a founder of competitor TLO, LLC. TransUnion acquired substantially all of the assets of TLO, LLC in December 2013. The Court's order, among other things, deemed the intellectual property in dispute to be owned by TLO, LLC and, thus, acquired by TransUnion. Following the Court's order, CEO Derek Dubner stated, "While we are disappointed with the Court's ruling, our primary focus remains on serving our customers with our newly-developed, proprietary technology platform, CORE(TM), and this ruling will have no bearing on our ability to serve customers. We are seeing extraordinary demand for our newly-released investigative product, idiCORE(TM), and we are working aggressively to evolve the product to meet demand across multiple verticals. While this case began as a dispute over ownership and TransUnion's continued use of intellectual property developed by Mr. Poulsen at a previous company, it became readily apparent that this action was clearly a part of a broader effort by TransUnion to use litigation to preserve TransUnion's market position and to deter competition. We will explore all options, including filing an appeal." The case is TransUnion Risk and Alternative Data Solutions, Inc. v. The Best One, Inc. and Ole Poulsen, Case No. 13-20853, Adversary Proceeding No. 14-01793, United States Bankruptcy Court, Southern District of Florida, West Palm Beach Division. About TLFO LLC TLO LLC, a provider of risk-mitigation services, filed a petition for Chapter 11 reorganization (Bankr. S.D. Fla. Case No. 13-bk20853) on May 9, 2013, in West Palm Beach, Florida, near the company's headquarters in Boca Raton. The petition was signed by E. Desiree Asher as CEO. Judge Paul G. Hyman, Jr., presides over the case. Robert C. Furr, Esq., and Alvin S. Goldstein, Esq., at Furr & Cohen, serve as the Debtor's counsel. Bayshore Partners, LLC is the Debtor's investment banker. Thomas Santoro and GlassRatner Advisory & Capital Group, LLC are the Debtor's financial advisors. Paul J. Battista, Esq., and Mariaelena Gayo-Guitian, Esq., at Genovese, Joblove & Battista, P.A., represent the Official Committee of Unsecured Creditors as counsel. The Debtor disclosed assets of $46.6 million and liabilities of $109.9 million, including $93.4 million in secured claims. The principal lender is Technology Investors Inc., owed $89 million. TII is owned by the estate of Hank Asher, the company's primary owner who died this year. There is $4.6 million secured by computer equipment. * * * On Dec. 13, 2013, the Court authorized the Debtor to sell its assets to TransUnion Holding Co. Inc., which emerged as the winner at an auction with a bid of $154 million. The Court later authorized debtor TLO, LLC to amend its name to TLFO, LLC, which name change was required under the purchase agreement. In May 2014, TLFO LLC won court approval for a liquidating Chapter 11 plan with at least $18.7 million for distribution to shareholders, assuming the deceased founder's secured claim of $91.1 million isn't knocked out. TOTAL HOCKEY: Creditors' Panel Hires Cooley LLP as Lead Counsel --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Total Hockey, Inc. and its debtor-affiliates seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to retain Cooley LLP as lead counsel of the Committee, nunc pro tunc to July 15, 2016. The Committee requires Cooley LLP to: (a) attend the meetings of the Committee; (b) review financial and operational information furnished by the Debtors to the Committee; (c) analyze and negotiate the budget and the terms of the Debtors' use of cash collateral; (d) assist in the Debtors' efforts to sell their assets in a manner that maximizes value for creditors; (e) review and investigate the liens of purported secured parties; (f) review and investigate prepetition transactions in which the Debtors and/or their insiders were involved; (g) assist the Committee in negotiations with the Debtors and other parties in interest on any proposed Chapter 11 plan or exit strategy for these cases; (h) confer with the Debtors' management, counsel and financial advisor and any other retained professional; (i) confer with the principals, counsel and advisors of the Debtors' lenders and equity holders; (j) review the Debtors' schedules, statements of financial affairs and business plan; (k) advise the Committee as to the ramifications regarding all of the Debtors' activities and motions before this Court; (l) file appropriate pleadings on behalf of the Committee; (m) review and analyze the Debtors' financial advisors' work product and report to the Committee; (n) provide the Committee with legal advice in relation to the chapter 11 cases; (o) prepare various pleadings to be submitted to the Court for consideration; and (p) perform such other legal services for the Committee as may be necessary or proper in these proceedings. The current regular hourly rates of the Cooley professionals anticipated to be primarily staffed on this matter are: Jay R. Indyke, Partner $1,115 Jeffrey L. Cohen, Partner $850 Sarah A. Carnes, Associate $495 Evan M. Lazerowitz, Associate $425 Mollie Canby, Paralegal $225 Cooley LLP will also be reimbursed for reasonable out-of-pocket expenses incurred. Cooley has agreed to provide the Committee with a voluntary 10% discount on fees throughout its engagement in the case, which shall be reflected in any fee applications filed. Jay R. Indyke, partner of Cooley LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Cooley LLP can be reached at: Jay R. Indyke, Esq. COOLEY LLP The Grace Building 1114 Avenue of the Americas New York, NY 10036-7798 Tel: (212) 479-6080 Fax: (212) 479-6275 E-mail: jindyke@cooley.com About Total Hockey Headquartered in Maryland Heights, Missouri, Total Hockey, Inc., Player's Bench Corporation and Hipcheck, LLC sell lacrosse and hockey equipment in 32 retail store locations and three distribution centers in 12 states including Chicago, Minneapolis, Detroit, and Philadelphia. The Debtors were formed in in 1999 as a spin off from a local general sporting goods company. The Debtors operate e-commerce sites at http://www.totalhockey.com/,http://www.goalie.totalhockey.com/, and http://www.lacrosse.totalhockey.com/ In 2015, the Debtors generated 27% of their total sales, or approximately $17 million, through e-commerce. Each of the Debtors filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 16-44815) on July 6, 2016, estimating assets in the range of $10 million to $50 million and liabilities of up to $100 million. The petition was signed by Lee A. Diercks, the chief restructuring officer. The Debtors have hired Polsinelli PC as bankruptcy counsel, Spencer Fane LLP as conflicts counsel, Clear Thinking Group LLC as investment banker, and Rust Consulting/Omni Bankruptcy as claims and noticing agent. TOTAL HOCKEY: Panel Hires Lewis Rice as Missouri Counsel -------------------------------------------------------- The Official Committee of Unsecured Creditors of Total Hockey, Inc., Player's Bench Corporation, and Hipcheck, LLC, seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Missouri to retain Lewis Rice LLC as Missouri counsel to the Committee, nunc pro tunc to July 19, 2016. The Committee requires Lewis Rice to: (a) attend appropriate hearings and file appropriate pleadings on behalf of the Committee; (b) assist in providing legal advice and services to the Committee; (c) assist Cooley and the Committee in negotiations with Debtors and other parties in interest; and (d) perform such other legal services for the Committee as may be necessary or proper in these proceedings. Lewis Rice will be paid at these hourly rates: John J. Hall, Partner $475 Larry E. Parres, Partner $560 Sara F. Melly, Partner $300 Justin Ladendorf, Associate $225 Liza Rice, Case Assistant $145 Lewis Rice will also be reimbursed for reasonable out-of-pocket expenses incurred. John J. Hall, partner of Lewis, 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. Lewis Rice can be reached at: John J. Hall, Esq. LEWIS RICE LLC 600 Washington Avenue, Suite 2500 St. Louis, MO 63101 Tel: (314) 444-7635 Fax: (314) 612-7635 E-mail: jhall@lewisrice.com About Total Hockey Headquartered in Maryland Heights, Missouri, Total Hockey, Inc., Player's Bench Corporation and Hipcheck, LLC sell lacrosse and hockey equipment in 32 retail store locations and three distribution centers in 12 states including Chicago, Minneapolis, Detroit, and Philadelphia. The Debtors were formed in in 1999 as a spin off from a local general sporting goods company. The Debtors operate e-commerce sites at http://www.totalhockey.com/,http://www.goalie.totalhockey.com/, and http://www.lacrosse.totalhockey.com/ In 2015, the Debtors generated 27% of their total sales, or approximately $17 million, through e-commerce. Each of the Debtors filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 16-44815) on July 6, 2016, estimating assets in the range of $10 million to $50 million and liabilities of up to $100 million. The petition was signed by Lee A. Diercks, the chief restructuring officer. The Debtors have hired Polsinelli PC as bankruptcy counsel, Spencer Fane LLP as conflicts counsel, Clear Thinking Group LLC as investment banker, and Rust Consulting/Omni Bankruptcy as claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the case and has retained Cooley LLP as lead counsel. UNIVERSAL SOFTWARE: Taps R.J. Augustine as Accountant ----------------------------------------------------- Universal Software Corp. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire an accountant in connection with its Chapter 11 case. The Debtor proposes to hire R.J. Augustine & Associates, Ltd. to prepare and file its income tax returns and provide other accounting services. The Debtor will compensate the firm based on its normal hourly rate, which is $275 for senior accountants and $175 for junior staff members. Richard Augustine, Sr., a certified public accountant, disclosed in a court filing that the members of the firm are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard J. Augustine, Sr. R.J. Augustine & Associates, Ltd. 999 N. Plaza Drive, Suite 650 Schaumburg, IL 60173-5493 About Universal Software Universal Software Corporation filed for Chapter 11 protection (Bankr. D. Mass. Case No. 16-40872) on May 18, 2016. The petition was signed by Kishore Deshpande, president. The Hon. Christopher J. Panos presides over the case. The Debtor estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. V DIIORIO & SON: Names John Bracaglia as Counsel ------------------------------------------------ V.DiIorio & Son, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ John F. Bracaglia, Jr. as attorney. The Debtor requires Mr. Bracaglia to provide legal representation in the Chapter 11 bankruptcy. Mr. Bracaglia will be compensated at $350 per hour and will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Bracaglia, an associate of the firm Mauro, Savo, Camerino, Grant & Schalk, P.A., 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 attorney can be reached at: John F. Bracaglia, Jr., Esq. MAURO, SAVO, CAMERINO, GRANT & SCHALK 77 North Bridge Street Somerville, NJ 08876 Tel: (908) 526-0707 E-mail: brokaw@maurosavolaw.com V. DiIorio & Son, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 16-24879) on August 2, 2016. The Debtor is represented by John F. Bracaglia, Jr., Esq. VANGUARD NATURAL: S&P Hikes CCR to CCC- on Unsecured Note Exchange ------------------------------------------------------------------ S&P Global Ratings raised the corporate credit rating on Houston-based exploration and production company Vanguard Natural Resources LLC to 'CCC-' from 'SD'. The outlook is negative. S&P also raised the issue-level rating on the company's senior unsecured debt to 'CCC-' from 'D', and revised S&P's recovery rating to '4' from '5', indicating its expectation of an average recovery (30% to 50%, lower half of the range) in the event of default. "The rating action follows Vanguard's partial exchange of its 7.875% unsecured notes maturing in 2020 for new 7% senior secured second-lien notes maturing in 2023 at less than par," said S&P Global Ratings analyst David Lagasse. "We viewed this transaction as a distressed exchange." The ratings on Vanguard reflect S&P's assessment of the company's modest-size reserve base, broad geographical diversity, high debt leverage, weak liquidity, and current overdraft on its credit facility. The outlook is negative, reflecting the potential for a liquidity shortfall if the company's borrowing base is lowered again in the fall or if it breaches financial covenants and the facility becomes due. The outlook also reflects the potential for amendments to or restructuring of debt obligations that S&P would consider distressed. S&P could lower the ratings if it expects liquidity to be insufficient to fund interest expense or other obligations as they come due, which would most likely occur if market conditions remained weak and the company was unable to come to an agreement with its banks. In addition, S&P would lower the ratings if the company commences a debt restructuring it views as distressed. S&P could raise the ratings if the company improves liquidity and S&P assess the likelihood of additional exchanges as low. This could occur if the company were able to maintain its current borrowing base, obtain covenant relief, or execute additional asset sales to pay down its credit facility, most likely in conjunction with improved natural gas prices and cash flows. VOICEPULSE INC: Taps Koehler & Company as Accountant ---------------------------------------------------- VoicePulse Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Koehler & Company as its accountant. The firm will provide these services in connection with the Debtor's Chapter 11 case: (a) assist the Debtor in preparing such analyses as the Debtor may request to assist in connection with its negotiations, meetings, and telephone conferences with creditors or other parties; (b) assist the Debtor in responding to discovery requests; (c) assist the Debtor in preparation and review of monthly operating reports for filing with the U.S. trustee; (d) assist the Debtor in the preparation of cash flow and financial projections; (e) assist the Debtor in valuation, insolvency and liquidation analysis; (f) assist the Debtor in the preparation of tax returns and amended tax returns; and (g) assist the Debtor and other professional advisors in preparing for appearances before the court and the U.S. trustee. Dean Koehler, a certified public accountant employed with Koehler & Company, will be paid $175 per hour. Meanwhile, bookkeepers will be paid $75 per hour. In a court filing, Mr. Koehler disclosed that the firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. Koehler & Company can be reached through: Dean Koehler Koehler & Company 1260 South River Road Cranbury, NJ 08512-3327 Phone: 609-655-4100 Fax: 609-655-5273 Email: info@cpakoehler.com About VoicePulse Inc. The case is In re VoicePulse, Inc. (Bankr. D.N.J. Case No. 16-25075). Since April 2003, VoicePulse, Inc., has provided hosted phone services to wholesale and business customers, as well consumer customers. Ravi Sakaria is the president and sole shareholder. VoicePulse is located at 1095 Cranbury South River Road, Unit 16, Jamesburg, New Jersey. VUZIX CORP: Provides Business Update ------------------------------------ Vuzix Corporation reported second quarter 2016 financial results for the period ended June 30, 2016, and recent corporate highlights. The Company: * Introduced the VIP (Vuzix Industrial Partner) program to provide advance access to the next generation M300 to select VIP companies that were the most successful with the M100, and announced several of the first VIPs. * Commenced delivery of the first engineering samples of the next generation M300 Smart Glasses to VIP developers and customers. * Partnered with CyberTimez to improve the lives of people in the low vision and blind community through Vuzix Smart Glasses and CyberTimez applications. * Partnered with Sensory, a Silicon Valley-based company focused on improving the user experience and security of consumer electronics through state-of-the-art embedded voice and vision technologies, to deliver voice recognition on Vuzix M300 Smart Glasses to enhance efficiencies in the workplace. * Announced a partnership with the IDRA (International Drone Racing Association) and sponsorship, with Amimon, of a drone racing team in this rapidly growing competitive sport. * Signed collaboration agreement with a global consumer electronics and mobile firm to develop and ultimately supply Vuzix see-through optics technologies * Closed on the sale of 1,150,000 shares of common stock at an offering price of $5.75 per share, including the full exercise of the over-allotment option granted to the underwriter to purchase an additional 150,000 shares, through Oppenheimer & Co. Inc. for total net proceeds of approximately $5,996,000 after underwriting discounts and commissions and estimated offering expenses. The Company's new M300 Smart Glasses, after receiving positive feedback based on the first engineering production units shipped to VIP developers, is now moving to the final round of design verification preproduction units. By early October, the Company should commence volume manufacturing and commercial shipments to our customers. Additionally, it should complete the iWear's transition from final manufacturing being performed in Rochester NY to receiving the revised iWear Video Headphones with improved optics and other refinements directly from our contractor manufacturer in China this September, expected in time for the busy fall selling season. Vuzix' M3000 Smart Glasses based on its waveguides has been released into the final production engineering and tooling phase. And the Company's first waveguide based B3000 fashion glasses product series are well into the design phase with initial release of the electronics and industrial designs, and are on track to be released in 2017. "With the $5,996,000 we raised in our recent equity offering, we are well positioned to support the launch of our soon to be released M300 Smart Glasses, expand our waveguide volume production capabilities and refine the planned 2017 launches of our M3000 and B3000 binocular waveguide products," said Paul Travers, president and chief executive officer of Vuzix. "With our VIP partners integrating their state of the art software into the M300, we believe are on the path to take smart glasses to the next level of productive deployment in enterprise." Total revenues for the quarter ended June 30, 2016, rose by 31% over the same period in 2015, primarily driven by increased sales of engineering services, waveguide products and iWear Video Headphones. Total gross profit for the second quarter ending June 30, 2016, was a negative $126,054 or -22% versus a gross profit of $35,264 or 8% for the prior 2015 comparative period. The overall decrease was primarily the result of a $42,808 increase in direct manufacturing overheads, a temporary $107,349 increase in air freight costs solely due to the cost of transporting the new iWear product, which is bulkier and heavier than prior products, and to a smaller extent the lower gross margins on iWear. The Company is moving to sea transport later this summer to reduce iWear shipping costs . As stated on prior calls, because of our relatively fixed amounts for overheads, software amortization and minimum royalties costs, the Company must increase our sales for our overall gross margins to be positive. Total research and development costs expensed for the quarter ending June 30, 2016, increased by 128% or $936,552 over the 2015 period, primarily the result of spending on new product development for the M300 Smart Glasses. Further increased spending went to expanded waveguide research and development and personnel additions. Selling and marketing costs for the quarter ending June 30, 2016, increased by 89% or $306,285 over the same period in 2015 due to higher personnel, trade show, website and PR costs. General and administrative expenses for the quarter ending June 30, 2016, increased by 15% or $150,340 over the 2015 period, primarily due to higher professional fees, compensation costs, rent costs, and increased investor relations activities. A full-text copy of the press release is available at: https://is.gd/HO3vJQ About Vuzix Corporation Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. Vuzix Corporation reported a net loss attributable to common stockholders of $14.94 million on $2.74 million of total sales for the year ended Dec. 31, 2015, compared to a net loss attributable to common stockholders of $7.86 million on $3.03 million of total sales for the year ended Dec. 31, 2014. As of June 30, 2016, Vuzix had $12.9 million in total assets, $4.02 million in total liabilities and $8.85 million in total stockholders' equity. VYCOR MEDICAL: Insufficient Cash Raises Going Concern Doubt ----------------------------------------------------------- Vycor Medical, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $305,363 on $379,406 of revenue for the three months ended June 30, 2016, compared to a net loss of $420,267 on $286,018 of revenue for the three months ended June 30, 2015. For the six months ended June 30, 2016, the Company reported a net loss of $832,923 on $779,492 of revenue compared to a net loss of $1.14 million on $614,570 of revenue for the same period last year. As of June 30, 2016, Vycor had $1.68 million in total assets, $1.02 million in total liabilities and $657,827 in total stockholders' equity. The Company has incurred losses since its inception, including a net loss of $823,923 for the six months ended June 30, 2016, and the Company expects to continue to incur additional losses in the future, including additional development costs, costs related to marketing and manufacturing expenses. The Company has incurred negative cash flows from operations since inception. As of June 30, 2016 the Company had a stockholders' equity of $657,827 and cash and cash equivalents of $87,709. The Company believes it would not have enough cash to meet its various cash needs unless the Company is able to obtain additional cash from the issuance of debt or equity securities. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: http://bit.ly/2bqF4hJ About Vycor Medical Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO) -- http://www.VycorMedical.com/-- is a medical device company committed to making neurological brain, spinal and other surgical procedures safer and more effective. The Company's flagship, Patent Pending ViewSite(TM) Surgical Access Systems represent an exciting new minimally invasive access and retraction system that holds the potential for speedier, safer and more economical brain, spinal and other surgeries and a quicker patient discharge. Vycor's innovative medical instruments are designed to optimize neurosurgical site access, reduce patient risk, accelerate recovery, and add tangible value to the professional medical community. Vycor Medical reported a net loss available to common shareholders of $2.25 million on $1.13 million of revenue for the year ended Dec. 31, 2015, compared to a net loss available to common shareholders of $4.04 million on $1.25 million of revenue for the year ended Dec. 31, 2014. The Company's auditors Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015. WAVE SYSTEMS: Ch.11 Trustee Hires Global IP as Consultants ---------------------------------------------------------- David W. Carickhoff, the Chapter 11 Trustee of Wave Systems Corp., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to employ Global IP Law Group, LLC as intellectual property consultants to the Trustee, effective August 2, 2016. Subject to the terms and conditions set forth the in the Engagement Agreement, Global IP will help the Chapter 11 Trustee monetize the Estate’s interest in the Patents by sale, transfer, assignment, or any other means of realizing value of part or all of such property. The Chapter 11 Trustee believes that the Patents may have value to Estate and its stakeholders, and requires the expertise of Global IP to realize such value. In exchange, as set forth in the Engagement Agreement, Global IP will be entitled to a contingent fee equal to 25% of all Consideration the Estate receives as a result of monetizing one or more of the Patents. David Berten, founder and partner with Global IP, 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 Bankruptcy Court will hold a hearing on the application on August 25, 2016, at 10:00 a.m. Objections were due August 18, 2016. Global IP can be reached at: David Berten GLOBAL IP LAW GROUP, LLC 55 W. Monroe St., Suite 3400 Chicago, IL 60603 Tel: (312) 241-1502 E-mail: dberten@giplg.com About Wave Systems Lee, Massachusetts-based Wave Systems Corp. (NASDAQ: WAVX) --http://www.wave.com/--develops, produces and markets products for hardware-based digital security, including security applications and services that are complementary to and work with the specifications of the Trusted Computing Group, an industry standards organization comprised of computer and device manufacturers, software vendors and other computing products manufacturers. Wave Systems filed a Chapter 7 bankruptcy petition (Bankr. D. Del. Case No. 16-10284) on Feb. 1, 2016. On May 16, 2016, the case was converted to a Chapter 11 proceeding. The case is assigned to Judge Kevin J. Carey. David W. Carickhoff, was appointed as Chapter 11 trustee. Mr. Carickhoff tapped Archer & Greiner P.C. as counsel. The Trustee also tapped Miller & Company, LLC as accountants and financial advisors, and UpShot Services LLC as the claims agent and administrative agent. WEST MIFFLIN AREA SD: Moody's Cuts GO Rating to Ba1 --------------------------------------------------- Moody's Investors Service has downgraded West Mifflin Area School District's general obligation (GO) rating to Ba1 from Baa3. Moody's has downgraded the district's post-default enhanced rating to Baa2 from Baa1 affecting $82 million debt outstanding. The outlook for both the underlying and enhanced rating is negative. The downgrade to Ba1 is indicative of the district's weak financial position after multiple years of significant operating deficits, elevated debt burden, limited tax base with below average socioeconomic indicators, and a declining enrollment trend. The downgrade to Baa2 post default enhanced rating reflects Moody's assessment of each issuer participating in the programs pursuant to the methodology, "State Aid Intercept Programs and Financings: Pre and Post Default." Credit considerations include availability of funds, timing of state aid payments, state aid trend, strength of notification requirement, and timing between notification and intercept. Additional credit factors include a debt service coverage ratio and the underlying ratings of the individual school districts. For additional information regarding Moody's recent action regarding the Pennsylvania School District Intercepts, please refer to our report dated August 15, 2016. Rating Outlook The negative outlook assigned to the district's underlying rating incorporates the district's stressed financial position that is challenged to improve absent significant expense reductions or ongoing revenue increases excluding nonrecurring revenue. The negative outlook on the enhanced rating follows this rule: For underlying ratings at the post-default ceiling (A3) or higher, the outlook is the same as the commonwealth's. For underlying ratings one or two notches below the ceiling (Baa1 or Baa2), the outlook is the lower of the outlook on the underlying or on the commonwealth. For underlying ratings three notches below the ceiling (Baa3) or lower, the outlook is the same as the underlying. Factors that Could Lead to an Upgrade -- Restoration of structural balance -- Material increase in fund balance -- Significant growth in the tax base -- Material improvements in socioeconomic indicators Factors that Could Lead to a Downgrade -- Another year of structural imbalance -- Increasingly negative fund balance in subsequent years -- Reduction in the size of the tax base -- Deterioration of existing socioeconomic indicators Legal Security Approximately 55% of the district's outstanding debt is secured by the district's general obligation pledge as limited by Special Session Act 1, which restricts the school district's ability to increase property tax millage beyond an annual index without seeking specific exemptions or voter approval. The remainder of outstanding debt is secured by the district's unlimited property tax pledge as debt service is exempt from Special Session Act 1 limitations. Use of Proceeds Not applicable. Obligor Profile West Mifflin ASD is located in the suburbs of Pittsburgh in Allegheny County and serves 2,871 students through three elementary, one middle, and one high school. Methodology The principal methodology used in this underlying rating was US Local Government General Obligation Debt published in January 2014. The principal methodology used in this enhanced rating was State Aid Intercept Programs and Financings: Pre and Post Default published in July 2013. WESTERN INDUSTRIAL: Taps James G. Murphy as Auctioneer ------------------------------------------------------ The Chapter 11 trustee of Western Industrial, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire an auctioneer. The Debtor proposes to hire James G. Murphy, Co. in connection with the sale of its equipment. The firm will receive a 10% commission, plus payment of costs incurred. James G. Murphy does not represent or hold an interest adverse to the Debtor or its estate, according to court filings. About Western Industrial Western Industrial, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W. D. Wash. Case No. 16-13353) on June 24, 2016. The petition was signed by Mark L. Jackson, president. At the time of the filing, the Debtor estimated its assets and debts at $1 million to $10 million. WISPER II: Unsecureds To Be Paid in Full Under Plan --------------------------------------------------- Wisper II, LLC, filed with the U.S. Bankruptcy Court for the Western District of Tennessee a disclosure statement describing the Debtor's plan of reorganization. Under the Plan, holders of: a. Class 5 Pre-petition General Unsecured Non-Priority Claims of $5000 or less will be paid in full in three annual installments from the Reorganized Debtor's future cash flow commencing on thirty days following the Effective Date; b. Class 6 Pre-petition General Unsecured Non-Priority Claims -- which consists of those General Unsecured Non- Priority Claims not included in Classes 4, 5 and 7 including, but not limited to, pre-petition trade creditors; and unsecured creditors whose claims are listed in the Debtor's schedules but are not listed as disputed, contingent or unliquidated -- will be paid 100% in monthly installments from the future cash flow of the Reorganized Debtor commencing thirty days following the Effective Date until the claims are paid in full. This class is impaired; c. Class 7 Pre-petition General Unsecured Non-Priority Claim of GTP Structures, I, LLC -- which consists of the disputed general unsecured claim of GTP in the amount of $2,373,941.87 -- will be paid 100% in amount in monthly installments from the future cash flow of the Reorganized Debtor commencing 30 days after the Effective Date until the claim is paid in full. GTP will have an allowed general unsecured claim in the amount of $1,107,499.74 or such other amount as may be allowed by the Court. Class 7 is impaired. The Debtor will continue to operate its business. The Debtor will make payments to each class of creditors under the Plan out of its existing cash, future Cash Flow, and capital infusions, if any, made to Debtor by a third party as necessary to satisfy Plan payments. Thomas P. Farrell will continue to serve as general manager of the reorganized Debtor. On the Effective Date, all property of the Estate shall revest in the Debtor free and clear of all claims, liens, encumbrances, and interests of creditors or Interest holders, except as provided in the Plan, the Confirmation Order or other applicable order of the Court. The Disclosure Statement is available at: http://bankrupt.com/misc/tnwb16-10594-42.pdf The Plan was filed by the Debtor's counsel: Michael P. Coury, Esq. GLANKLER BROWN, PLLC 6000 Poplar Avenue, Suite 400 Memphis, TN 38119 Tel: (901) 576-1886 Fax: (901) 525-2389 E-mail: mcoury@glankler.com About Wisper II Wisper II, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10594) on March 29, 2016. The petition was signed by Thomas P. Farrell, general manager. The Debtor is a Tennessee limited liability company which is in the business of providing wireless internet access service to customers in a large area of West Tennessee. Its principal place of business is at 1378 N. Cavalier Drive, Alamo, Tennessee 38001. The Debtor's principal assets consist of its customer accounts, leasehold interests relating to tower leases and ownership of towers, and equipment related to providing wireless internet service. The Debtor is the successor to a Tennessee Limited Liability Company Wisper, LLC, formed on Sept. 21, 2009. It filed for Chapter 11 bankruptcy protection in 2013. On Jan. 27, 2014, the Court confirmed a Plan of Reorganization filed by certain creditors. Pursuant to the confirmed Plan, Wisper II was formed and certain unsecured creditors converted all or part of their unsecured claims into membership interests in Wisper II. Wisper II started its operations on Feb 5, 2014. The Debtor is represented by Michael P. Coury, Esq., at Glankler Brown PLLC. The case is assigned to Judge Jimmy L. Croom. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Wisper II, LLC. WPCS INTERNATIONAL: Iroquois Mater, et al, Hold 9.7% Stake ---------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, Iroquois Mater Fund Ltd., et al., disclosed that as of Aug. 15, 2016, they beneficially owned 277,839 shares of common stock of WPCS International Incorporated, representing 9.7 percent of the shares outstanding. An aggregate of 2,133,353 Shares underlying certain preferred stock and warrants have been excluded from the Reporting Persons' beneficial ownership due to a conversion cap that precludes the conversion of such preferred stock or exercise of such warrants held by the Reporting Persons to the extent that the Reporting Persons would, after that conversion or exercise, beneficially own in excess of 9.99% of the Shares outstanding. A full-text copy of the regulatory filing is available at: https://is.gd/zJZTFb About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS International reported a net loss attributable to common shareholders of $8.27 million on $14.6 million of revenue for the year ended April 30, 2016, compared to a net loss attributable to common shareholders of $11.32 million on $24.41 million of revenue for the year ended April 30, 2015. As of April 30, 2016, the Company had $5.80 million in total assets, $3.57 million in total liabilities and $2.22 million in total equity. WPCS INTERNATIONAL: Joshua Silverman Fills Board Vacancy -------------------------------------------------------- Effective as of Aug. 15, 2016, the Board of Directors of WPCS International Incorporated appointed Joshua Silverman to fill a newly created vacancy on the Board. Mr. Silverman was appointed pursuant to a Nomination, Standstill and Voting Agreement between the Company and the persons and entities listed in Schedule A to the Agreement (the "Iroquois Group"). Under the Agreement, the Company agreed to appoint Mr. Silverman as a member of the Board to fill a newly created vacancy and agreed to include him in its slate of nominees for election as directors of the Company at the 2016 annual meeting of stockholders. The Iroquois Group agreed to refrain from certain activities at the 2016 Annual Meeting and until such time as Mr. Silverman is no longer serving as a member of the Board and further agreed to vote for the Company slate of directors and according to the Company's recommendation for other items of business at the 2016 Annual Meeting, subject to certain exceptions. From 2003 until July 2016, Mr. Silverman served as the managing partner and co-chief investment officer of Iroquois Capital Management LLC and as managing member of Iroquois Capital Investment Group LLC. Based upon a Schedule 13D/A filed Aug. 2, 2016, Mr. Silverman and other members of the Iroquois Group were a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, consisting of Iroquois Capital, ICIG, Iroquois Master Fund, Ltd., American Capital Management, LLC, Richard Abbe, and Kimberly Page. On July 15, 2015, the Company entered into a Securities Purchase Agreement with each of IMF, ICIG, and American Capital, pursuant to which the Company issued to each of IMF, ICIG, and American Capital, Series H-1 preferred shares and certain warrants to purchase shares of the Company's common stock, with an exercise price of $1.66 per share of common stock. On June 30, 2015, the Company entered into Amendment, Waiver and Exchange Agreements with each of IMF and American Capital. Pursuant to the terms of the Exchange Agreements, IMF and American Capital each agreed to exchange all of the Company's then-existing indebtedness to each of IMF and American Capital, and in return, the Company agreed to issue Series H preferred shares to each of IMF and American Capital. On Nov. 20, 2014, the Company entered into Amendment, Waiver and Exchange Agreements with each of IMF and American Capital. Pursuant to the terms of the November Exchange Agreements, each of IMF and American Capital exchanged (i) senior secured convertible notes under that certain 2012 Securities Purchase Agreement, dated Dec. 4, 2012, for Series F-1 preferred shares, (ii) Series E preferred shares for promissory notes and Series G-1 preferred shares, and (iii) certain warrants to acquire shares of the Company's common stock for Series G-1 preferred shares. There are no family relationships between any of the Company's directors or officers and Mr. Silverman. For his services as a member of the Board, Mr. Silverman will receive $24,000 per year. He will also be entitled to receive discretionary cash bonuses and stock options under the Company's stock option plans as determined by the Board. About WPCS International Incorporated WPCS -- http://www.wpcs.com/-- operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. WPCS International reported a net loss attributable to common shareholders of $8.27 million on $14.6 million of revenue for the year ended April 30, 2016, compared to a net loss attributable to common shareholders of $11.32 million on $24.41 million of revenue for the year ended April 30, 2015. As of April 30, 2016, the Company had $5.80 million in total assets, $3.57 million in total liabilities and $2.22 million in total equity. YRC WORLDWIDE: Files August 2016 Investor Presentation ------------------------------------------------------ YRC Worldwide Inc. will meet with investors commencing Aug. 18, 2016. A copy of the materials to be presented at the meetings is available at the Securities and Exchange Commission's Web site at https://is.gd/eYYlza About YRC Worldwide Headquartered in Overland Park, Kan., YRC Worldwide Inc. (NASDAQ: YRCW) -- http://www.yrcw.com/-- is a holding company that offers its customers a wide range of transportation services. These services include global, national and regional transportation as well as logistics. YRC Worldwide reported net income attributable to common shareholders of $700,000 on $4.83 billion of operating revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $85.8 million on $5.06 billion of operating revenue for the year ended Dec. 31, 2014. As of June 30, 2016, YRC had $1.88 billion in total assets, $2.24 billion in total liabilities and $359.8 million total stockholders' deficit. * * * As reported by the TCR on Feb. 18, 2014, Moody's Investors Service had upgraded the Corporate Family Rating for YRC Worldwide from 'Caa3' to 'B3', following the successful closing of its refinancing transactions. In the Aug. 11, 2015, TCR report, Standard & Poor's Ratings Services said that it has raised its corporate credit rating on Overland, Kan.-based less-than-truckload (LTL) trucking company YRC Worldwide to 'B-' from 'CCC+'. "The upgrade reflects YRC's earnings growth and improved liquidity position, along with our belief that gradual improvement in the company's operating performance will result in credit measures that are commensurate with the rating," said Standard & Poor's credit analyst Michael Durand. [*] John McCabe Joins Weltman Weinberg's Bankruptcy Group in Ohio ----------------------------------------------------------------- Weltman, Weinberg & Reis Co., LPA (WWR), a full-service creditors' rights law firm, welcomes Attorney John "Erin" McCabe to its Cincinnati, Ohio office. As an attorney in the Bankruptcy Group, Mr. McCabe will focus his practice on consumer bankruptcy matters in Kentucky and Indiana. Mr. McCabe is licensed in the State of Kentucky where he served as Warning Order Attorney for Boone and Gallatin Counties (2014-16). He is a member of the Kentucky Bar Association, where he received the Continuing Legal Education Award in 2014 & 2015, and a member of the Northern Kentucky Bar Association and Phi Alpha Delta Law Fraternity International. Mr. McCabe earned his J.D. from the University of Tulsa, College of Law in 2006, an MBA in finance from the University of New Orleans in 1994, and a B.A. in English from Xavier University in 1987. WWR's Cincinnati office was established in 1989 and caters to clients in need of assistance with asset recovery, bankruptcy matters, real estate default needs, and the recovery of debt and receivables. Mr. McCabe can be reached at (513) 723-2206 and jmccabe@weltman.com About Weltman, Weinberg & Reis Co. Founded in 1930, Weltman, Weinberg & Reis Co., LPA -- http://www weltman.com/ -- is a full-service creditors' rights law firm with more than 80 attorneys and 750 total employees. It represents nearly every type of creditor, including some of the largest financial institutions in the U.S., in bankruptcy, consumer and commercial collections, litigation, and real estate default matters, with the strictest adherence to compliance and security standards with a premium on reputation management. [^] BOND PRICING: For the Week from August 15 to 19, 2016 --------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 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 46.000 2/1/2019 Affinion Investments LLC AFFINI 13.500 52.500 8/15/2018 Alpha Appalachia Holdings Inc ANR 3.250 0.200 8/1/2015 Alpha Natural Resources Inc ANR 6.000 0.250 6/1/2019 Alpha Natural Resources Inc ANR 6.250 0.500 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 6.000 8/1/2020 Alpha Natural Resources Inc ANR 7.500 0.938 8/1/2020 American Eagle Energy Corp AMZG 11.000 11.875 9/1/2019 American Eagle Energy Corp AMZG 11.000 11.375 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 2.125 6/15/2019 Arch Coal Inc ACI 7.250 2.250 6/15/2021 Arch Coal Inc ACI 7.250 1.500 10/1/2020 Arch Coal Inc ACI 9.875 2.000 6/15/2019 Arch Coal Inc ACI 8.000 2.188 1/15/2019 Arch Coal Inc ACI 8.000 1.874 1/15/2019 Armstrong Energy Inc ARMS 11.750 41.600 12/15/2019 Armstrong Energy Inc ARMS 11.750 41.125 12/15/2019 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 7.750 15.000 1/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 18.875 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 18.125 8/15/2021 Atlas Energy Holdings Operating Co LLC / Atlas Resource Finance Corp ARP 9.250 18.125 8/15/2021 Avaya Inc AVYA 10.500 31.250 3/1/2021 Avaya Inc AVYA 10.500 34.900 3/1/2021 BPZ Resources Inc BPZR 6.500 1.500 3/1/2015 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Basic Energy Services Inc BAS 7.750 37.000 2/15/2019 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 34.500 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 38.375 10/15/2020 BreitBurn Energy Partners LP / BreitBurn Finance Corp BBEP 8.625 38.375 10/15/2020 Caesars Entertainment Operating Co Inc CZR 10.000 51.000 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 39.000 10/1/2017 Caesars Entertainment Operating Co Inc CZR 5.750 12.250 10/1/2017 Caesars Entertainment Operating Co Inc CZR 10.000 50.875 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 50.875 12/15/2018 Caesars Entertainment Operating Co Inc CZR 10.000 48.875 12/15/2018 Cash America International Inc CSH 5.750 109.375 5/15/2018 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 20.250 3/15/2019 Claire's Stores Inc CLE 7.750 15.500 6/1/2020 Claire's Stores Inc CLE 10.500 52.880 6/1/2017 Claire's Stores Inc CLE 7.750 14.875 6/1/2020 Clean Energy Fuels Corp CLNE 7.500 98.315 8/30/2016 Community Choice Financial Inc CCFI 10.750 48.910 5/1/2019 Creditcorp CRECOR 12.000 40.450 7/15/2018 Creditcorp CRECOR 12.000 39.875 7/15/2018 Cumulus Media Holdings Inc CMLS 7.750 41.150 5/1/2019 EPL Oil & Gas Inc EXXI 8.250 9.500 2/15/2018 EXCO Resources Inc XCO 7.500 50.614 9/15/2018 Eagle Rock Energy Partners LP / Eagle Rock Energy Finance Corp EROC 8.375 45.835 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 96.500 11/1/2017 Energy Future Holdings Corp TXU 10.875 96.500 11/1/2017 Energy Future Holdings Corp TXU 10.875 48.875 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 2.543 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 3.728 8/15/2017 Energy XXI Gulf Coast Inc EXXI 11.000 40.125 3/15/2020 Energy XXI Gulf Coast Inc EXXI 9.250 11.000 12/15/2017 Energy XXI Gulf Coast Inc EXXI 7.750 9.625 6/15/2019 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 FBOP Corp FBOPCP 10.000 1.843 1/15/2009 FXCM Inc FXCM 2.250 39.000 6/15/2018 FairPoint Communications Inc/Old FRP 13.125 1.879 4/2/2018 Federal National Mortgage Association FNMA 3.000 99.800 8/23/2032 Fleetwood Enterprises Inc FLTW 14.000 3.557 12/15/2011 Forbes Energy Services Ltd FES 9.000 30.000 6/15/2019 GenOn Energy Inc GENONE 7.875 76.000 6/15/2017 Goodman Networks Inc GOODNT 12.125 50.250 7/1/2018 Goodrich Petroleum Corp GDPM 8.875 14.500 3/15/2018 Goodrich Petroleum Corp GDPM 8.875 14.500 3/15/2018 Halcon Resources Corp HKUS 9.750 20.250 7/15/2020 Halcon Resources Corp HKUS 8.875 21.031 5/15/2021 Halcon Resources Corp HKUS 9.250 24.000 2/15/2022 Hanger Inc HGR 10.625 98.250 11/15/2018 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 ION Geophysical Corp IO 8.125 62.097 5/15/2018 Illinois Power Generating Co DYN 7.000 38.511 4/15/2018 Illinois Power Generating Co DYN 6.300 39.382 4/1/2020 Iracore International Holdings Inc IRACOR 9.500 56.875 6/1/2018 Iracore International Holdings Inc IRACOR 9.500 56.875 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 23.375 7/1/2018 IronGate Energy Services LLC IRONGT 11.000 23.375 7/1/2018 Kellwood Co KWD 7.625 80.590 10/15/2017 Key Energy Services Inc KEGX 6.750 28.681 3/1/2021 Las Vegas Monorail Co LASVMC 5.500 5.000 7/15/2019 Lehman Brothers Holdings Inc LEH 2.070 3.844 6/15/2009 Lehman Brothers Holdings Inc LEH 4.000 3.844 4/30/2009 Lehman Brothers Holdings Inc LEH 2.000 3.844 3/3/2009 Lehman Brothers Holdings Inc LEH 1.500 3.844 3/29/2013 Lehman Brothers Holdings Inc LEH 5.000 3.844 2/7/2009 Lehman Brothers Holdings Inc LEH 1.600 3.844 11/5/2011 Lehman Brothers Inc LEH 7.500 1.226 8/1/2026 Liberty Interactive LLC LINTA 1.000 86.350 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 21.000 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 19.250 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 12.000 43.000 12/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.250 20.000 11/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 7.750 20.528 2/1/2021 Linn Energy LLC / Linn Energy Finance Corp LINE 6.500 20.400 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 21.000 11/1/2019 Logan's Roadhouse Inc LGNS 10.750 4.900 10/15/2017 Lonestar Resources America Inc LNRAU 8.750 50.000 4/15/2019 Lonestar Resources America Inc LNRAU 8.750 46.000 4/15/2019 Lumbermens Mutual Casualty Co KEMPER 8.300 0.001 12/1/2037 Lumbermens Mutual Casualty Co KEMPER 9.150 0.010 7/1/2026 Lumbermens Mutual Casualty Co KEMPER 8.450 0.428 12/1/2097 MBIA Insurance Corp MBI 11.940 35.000 1/15/2033 MBIA Insurance Corp MBI 11.940 36.250 1/15/2033 MF Global Holdings Ltd MF 3.375 21.000 8/1/2018 MF Global Holdings Ltd MF 9.000 21.125 6/20/2038 MModal Inc MODL 10.750 10.125 8/15/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 3.250 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 9.250 3.000 6/1/2021 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 12.000 8.375 6/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 3.227 10/1/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.750 3.227 10/1/2020 Modular Space Corp MODSPA 10.250 41.500 1/31/2019 Modular Space Corp MODSPA 10.250 41.500 1/31/2019 Molycorp Inc MCP 10.000 0.500 6/1/2020 Murray Energy Corp MURREN 11.250 36.000 4/15/2021 Murray Energy Corp MURREN 9.500 35.125 12/5/2020 Murray Energy Corp MURREN 11.250 35.125 4/15/2021 Murray Energy Corp MURREN 9.500 35.125 12/5/2020 Nine West Holdings Inc JNY 8.250 16.250 3/15/2019 Nine West Holdings Inc JNY 6.125 13.000 11/15/2034 Nine West Holdings Inc JNY 6.875 25.100 3/15/2019 Nine West Holdings Inc JNY 8.250 14.750 3/15/2019 Nuverra Environmental Solutions Inc NESC 9.875 18.125 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.540 11.375 1/29/2020 Optima Specialty Steel Inc OPTSTL 12.500 87.250 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 17.900 11/15/2018 Peabody Energy Corp BTU 6.500 18.899 9/15/2020 Peabody Energy Corp BTU 10.000 24.100 3/15/2022 Peabody Energy Corp BTU 6.250 17.570 11/15/2021 Peabody Energy Corp BTU 4.750 0.750 12/15/2041 Peabody Energy Corp BTU 7.875 16.445 11/1/2026 Peabody Energy Corp BTU 10.000 19.938 3/15/2022 Peabody Energy Corp BTU 6.000 17.250 11/15/2018 Peabody Energy Corp BTU 6.250 17.625 11/15/2021 Peabody Energy Corp BTU 6.000 13.125 11/15/2018 Peabody Energy Corp BTU 6.250 17.625 11/15/2021 Penn Virginia Corp PVAH 7.250 34.500 4/15/2019 Penn Virginia Corp PVAH 8.500 39.500 5/1/2020 Permian Holdings Inc PRMIAN 10.500 29.500 1/15/2018 Permian Holdings Inc PRMIAN 10.500 29.500 1/15/2018 Pernix Therapeutics Holdings Inc PTX 4.250 22.603 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.250 22.603 4/1/2021 PetroQuest Energy Inc PQ 10.000 47.500 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 11.000 2.810 7/1/2021 Quicksilver Resources Inc KWKA 9.125 2.625 8/15/2019 Rex Energy Corp REXX 8.875 35.239 12/1/2020 Rolta LLC RLTAIN 10.750 17.625 5/16/2018 Samson Investment Co SAIVST 9.750 4.500 2/15/2020 SandRidge Energy Inc SD 8.750 38.500 6/1/2020 SandRidge Energy Inc SD 8.750 6.750 1/15/2020 SandRidge Energy Inc SD 7.500 5.250 3/15/2021 SandRidge Energy Inc SD 8.125 5.000 10/15/2022 SandRidge Energy Inc SD 7.500 5.125 2/15/2023 SandRidge Energy Inc SD 8.750 39.900 6/1/2020 SandRidge Energy Inc SD 7.500 5.125 2/16/2023 SandRidge Energy Inc SD 8.125 5.125 10/16/2022 SandRidge Energy Inc SD 7.500 5.500 3/15/2021 SandRidge Energy Inc SD 7.500 5.500 3/15/2021 Sequa Corp SQA 7.000 15.000 12/15/2017 Sequa Corp SQA 7.000 15.375 12/15/2017 Sidewinder Drilling Inc SIDDRI 9.750 7.000 11/15/2019 Sidewinder Drilling Inc SIDDRI 9.750 7.000 11/15/2019 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 68.000 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 67.500 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 67.500 5/15/2018 Speedy Cash Intermediate Holdings Corp SPEEDY 10.750 67.500 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 12.350 4/1/2017 Stone Energy Corp SGY 1.750 45.885 3/1/2017 SunEdison Inc SUNE 0.250 6.250 1/15/2020 SunEdison Inc SUNE 2.375 6.250 4/15/2022 SunEdison Inc SUNE 2.750 6.375 1/1/2021 SunEdison Inc SUNE 2.625 6.875 6/1/2023 SunEdison Inc SUNE 2.000 4.313 10/1/2018 SunEdison Inc SUNE 3.375 6.875 6/1/2025 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 43.500 2/15/2018 TerraVia Holdings Inc TVIA 6.000 61.375 2/1/2018 Terrestar Networks Inc TSTR 6.500 10.000 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.000 25.493 6/15/2019 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 11.500 33.250 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.650 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 6.650 11/1/2015 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 11.500 34.500 10/1/2020 Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc TXU 10.250 6.625 11/1/2015 Triangle USA Petroleum Corp TPLM 6.750 22.900 7/15/2022 Triangle USA Petroleum Corp TPLM 6.750 21.625 7/15/2022 UCI International LLC UCII 8.625 21.000 2/15/2019 Venoco Inc VQ 8.875 3.100 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 8.750 0.207 2/1/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.750 17.000 1/15/2019 W&T Offshore Inc WTI 8.500 32.500 6/15/2019 Walter Energy Inc WLTG 9.500 20.125 10/15/2019 Walter Energy Inc WLTG 9.500 20.125 10/15/2019 Walter Energy Inc WLTG 9.500 20.125 10/15/2019 Walter Energy Inc WLTG 9.500 20.125 10/15/2019 Warren Resources Inc WRES 9.000 1.977 8/1/2022 Warren Resources Inc WRES 9.000 1.977 8/1/2022 Warren Resources Inc WRES 9.000 1.977 8/1/2022 iHeartCommunications Inc IHRT 10.000 66.700 1/15/2018 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2016. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***