/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/161221.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, December 21, 2016, Vol. 20, No. 355 Headlines 21ST CENTURY: TSA Deadline Extended Until Jan. 4 220 ADAMS RANCH ROAD: Court Denies Approval of Disclosure Statement A GREENER GLOBE: DEG to Be Paid on Hourly Basis, Trustee Says A.H. COOMBS: GVS' Secured Debt To Be Reinstated in Full AFFINITY HEALTHCARE: Can Get Funding From RMS, Use Cash Collateral AGS ENTERPRISES: Court Allows Frost Bank Cash Use on Final Basis AGS ENTERPRISES: Seeks to Hire Coats Rose as Legal Counsel ALBANY INVESTMENT: Files Motion For Plan Disclosures Approval ALESSI FAMILY: Wants Court to Allow Continued Cash Collateral Use ALEX KODNEGAH: Hearing on Disclosures Set For Jan. 26 ALL PEOPLE INT'L: U.S. Trustee Unable to Appoint Committee ALLEN BROTHERS: Needs Until March 25 to File Reorganization Plan ARGON CREDIT: Case Summary & 20 Largest Unsecured Creditors ARM VENTURES: Jan. 11 Disclosure Statement Hearing BAERG REAL PROPERTY: Purchaser Seeks Appointment of Ch.11 Trustee BAILEY TOOL: Seeks to Hire Harold Hopkins as Accountant BAILEY TOOL: Unsecureds Getting Share of RBC Litigation Proceeds BEST WAY AUTO: Case Summary & 17 Largest Unsecured Creditors BGM PASADENA: Secured Creditors Seek Ch. 11 Trustee Appointment BH SUTTON: Court Rejects 12 of 13 Counts vs Lenders BIONITROGEN HOLDINGS: Needs Until January 30 to File Plan BIRCH GROVE: Intends to File Plan of Reorganization by July 17 BLUE LEOPARD: W. Donald Gieseke Named Ch. 11 Trustee BREMAR DEVELOPMENT: Has Until March 17 to File Chapter 11 Plan BROUGHER INC: Has Until March 1 To File Plan & Disclosure Statement BURGI ENGINEERS: Objection to Reuland Electric's $685K Overruled CALVERY SERVICES: Disclosures Okayed, Plan Hearing on Jan. 12 CAMELOT CLUB: Court Denies Homeonwers' Bid to Remove Board Members CHAPARRAL ENERGY: Court Approves $50-Mil. Rights Offering CHC GROUP: Angelo Gordon Holds $113M Sr. Secured Notes at Dec. 15 CHINA FISHERY: Wants Plan Filing Deadline Extended Thru March 31 CITICARE INC: Cash Crisis, Closure Still an Issue, PCO Says COBB & ASSOCIATES: Hires H. Anthony Hervol as Attorney COMPCARE MEDICAL: Court Denies Approval of Plan Outline COSI INC: Court Allows Cash Collateral Use COSI INC: Hires BDO as Auditor and Accountants COWBOYS FAR WEST: BPL Plan To Be Funded Through Sale of Assets COWBOYS FAR WEST: Unsecureds To Get Paid Over 5 Yrs., with 3% CREATIVE PRESENTATIONS: Hires Medina Law as Counsel D.J. CHRISTIE: Unsecureds To Be Paid in 9 Installments DEASY ASSOCIATES: Unsecureds To Be Paid Up to 5 Yrs. After Lot Sale DIADEM ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors DOWLING COLLEGE: March 31 Auction of Oakdale Campus Approved DTEK FINANCE: Chapter 15 Case Summary EMMONS-SHEEPSHEAD: 2nd Cir. Affirms Dismissal of Metropolitan Suit EMR ELECTRIC: Plan Solicitation Period Moved to February 15 ENCLAVE AT HILLSBORO: Creditor Seeks Ch. 11 Trustee Appointment EVANS & SUTHERLAND: Promotes Paul Dailey to EVP and CFO EXPERT SOUTH TULSA: 10th Cir. Won't Avoid Memorial Commons Sale FERGUSON CONVALESCENT: Charles J. Taunt Named Ch. 11 Trustee FINAL FOUR FOOD: Hires Medina Law as Counsel FINANCIAL 15 SPLIT: DBRS Confirms Pfd-4 Preferred Shares Rating FIORELLA INC: Hires American Heritage as Auctioneer FIRST PHOENIX-WESTON: Unsecureds To Be Fully Paid in 4 Installments FLABEG SOLAR: Court Drops German Insurance Defendants from Suit FOREIGN ECONOMIC: Chapter 15 Case Summary FOUR CORNERS: Directed to File Plan Disclosures Before Mar. 1, 2017 FREEDOM MARINE: Creditor Seeks Ch. 11 Trustee Appointment FREEPORT-MCMORAN INC: Moody's Affirms B1 CFR, Alters Outlook to Pos GATOR EQUIPMENT: Seeks to Hire BlackBriar Advisors as CRO GIBLET INC: Names Robert Shilliday as Counsel GOD'S UNIVERSAL: Hires Exit Bennett as Real Estate Broker GOLDEN HARVEST CULINARY: Seeks to Hire Strategic Tax as Accountant GRAND PANAMA RESORT: Taps Georgia Evans as Accountant GRISHAM FARMS: Voluntary Chapter 11 Case Summary GULF CHEMICAL: Seeks June 30 Plan Exclusivity Extension HARRINGTON & KING: Seeks April 6 Plan Exclusivity Extension HAUBERT HOMES: Hires Wix Wenger as Special Counsel HEBREW HEALTH: Plan Filing Period Extended Through February 15 HERCULES OFFSHORE: Enterprise Buying Assets, Auction on Jan. 12 HOTEL PARK: Names Byung Sup Cha as Accountant HUNTWICKE CAPITAL: Delays Filing of Oct. 31 Form 10-Q IHEARTCOMMUNICATIONS INC: Fitch Affirms 'CC' Issuer Default Rating INDUSTRIAL RIDE: Voluntary Chapter 11 Case Summary INSTITUTE OF CARDIOVASCULAR: Has Until Jan. 29 to File Ch. 11 Plan INTREPID POTASH: Hires Investment Bank Pursuant to Noteholder Pact IREP MONTGOMERY-MRF: Seeks 90-Day Plan Exclusivity Extension JAMES WILSON: Hires Miller & Martin as Bankruptcy Counsel JWD ASSOCIATES: Disclosures Okayed, Plan Hearing on Jan. 18 KDS GROUP: PCO Not Needed, Texas Judge Says KEY ENERGY: Exits Chapter 11 Process; To Relist on NYSE KINGS INDUSTRIES: Needs 90 Days to Work Out Rajesh Prasad Claim KINGWOOD FOOD: Unsecured Creditors to be Paid 100% in 2 Years KLD ENERGY: Wants February 28 Exclusive Plan Filing Extension LENEXA HOTEL: Hires Fagan and Skepnek as Special Counsel LENSAR INC: Case Summary & 20 Largest Unsecured Creditors LENSAR INC: Files Chapter 11 Bankruptcy Petition LEVEL 1 INC: U.S. Trustee Unable to Appoint Committee LODGE PARTNERS: Hires Mesch Clark as Attorneys LOMAX HACKING: Disclosure Statement Hearing Set for Jan. 12 LONGVIEW INTERMEDIATE: Moody's Cuts Rating on $323MM Loans to B3 LOPEK COMPANIES: Case Summary & 20 Largest Unsecured Creditors LUCKY CATS: Disclosures Okayed; Plan Confirmation Hearing on Feb. 2 LUCY LOPEZ ROIG: Case Summary & 20 Largest Unsecured Creditors MATRIX LUXURY: Disclosure Statement Hearing Set for Jan. 25 MCIG INC: Recurring Losses Raise Going Concern Doubt MINDEN AIR: Needs Until February 13 to File Plan of Reorganization MONCADA NJ SOLAR: Case Summary & 9 Unsecured Creditors NAKED BRAND: Gets $153,000 Advance Payment from CEO NATIONAL SPORTS: Unsecureds To Recoup 3.7 Cents On The Dollar NEOVASC INC: Boston Scientific Reports 15% Stake as of Dec. 12 NEW STREAMWOOD: Files Motion to Determine Adequacy of Disclosure NEW YORK CRANE: Unsecureds To Recover 100% Within 90 Days NOBLE ENVIRONMENTAL: Completes Restructuring; Exits Chapter 11 NORTEL NETWORKS: Judge Farnan Named Mediator on Plan Objections NORTHSTAR OFFSHORE: U.S. Trustee Forms 5-Member Committee OAK CREEK: Sale Motion Moot After Dismissal Order OPTIMA SPECIALTY: Files Chapter 11 Bankruptcy Petition OPTIMA SPECIALTY: Files for Chapter 11 as Refinancing Talks Failed OPTIMA SPECIALTY: Updated Case Summary & Largest Unsec. Creditors OREGON EYE: Involuntary Chapter 11 Case Summary PACIFIC 9: Plan Exclusivity Period Extended Through February 21 PARAGON POOLS: Taps Andersen Law as General Reorganization Counsel PEACH STATE: DOJ Watchdog Seeks Ch.11 Trustee Appointment PEAK WEB: Has Until February 28 to Obtain Plan Votes PHOENIX MANUFACTURING: Hearing on Disclosures Set For Jan. 18 QUINTESS LLC: Panel Hires Gray & Company as Financial Advisor RELIABLE HUMAN: PCO Appointment Not Necessary, Judge Says RENNOVA HEALTH: Proposes to Offer 15,000 Series H Preferred Stock REPUBLIC AIRWAYS: Aircraft Sale to Aeromexico Connect Approved REPUBLIC AIRWAYS: Creditors' Panel Hires Korn Ferry as Consultant REVOLVE SOLAR: Unsecureds To Recoup 41%-66% Under Amended Plan RIDGE VILLAS: Case Summary & 4 Unsecured Creditors RMS TITANIC: Asks Court to Move Plan Filing Deadline to April 10 RWK ELECTRIC: Voluntary Chapter 11 Case Summary RYNARD PROPERTIES: Hires Toni Campbell Parker as Attorney SHORELINE ENERGY: Committee Taps Arent Fox as Legal Counsel SHORELINE ENERGY: Committee Taps Conway as Financial Advisor SNOHOMISH COUNTY HOSP: Moody's Raises 2009 Bonds Rating to Ba3 SOUTHERN PAIN: Trustee Taps Moore as Accountant, Financial Advisor ST. MICHAEL'S MEDICAL: Disclosures Okayed, Plan Hearing on Jan. 12 STONE ENERGY: Seeks Court OK of Claims Settlement With Sr. Execs. STRATEGIC ENVIRONMENTAL: Trustee Taps Rabinowitz as Legal Counsel SUPERIOR LINEN: Can Get RD VII Investments DIP Loan on Final Basis SUTTON LUMBER: Hires Marsh Risk as M & E Appraiser SYNICO STAFFING: Taps Steven Nosek and Yvonne Doose as Attorneys TAYLOR EQUIPMENT: Must File Plan Outline By May 10 TAYLOR EQUIPMENT: U.S. Trustee Unable to Appoint Committee TEMPEST GROUP: Seeks to Hire Calaiaro Valencik as Legal Counsel TEMPLE SQUARE: Taps Howard Hanna as Real Estate Broker TERRAFORM PRIVATE: Case Summary & 3 Unsecured Creditors TK DIVERSIFIED: U.S. Trustee Directed to Appoint Ch. 11 Examiner TLD VENTURES: Seeks January 18 Exclusive Plan Filing Extension TRENDSETTER HR: Hires Akerman as Attorney TRENDSETTER HR: Taps Bridgepoint as Fin'l Advisor, Ragan as CRO TRIAD DESIGN: Seeks to Hire DeMarco-Mitchell as Legal Counsel TRU TAJ: Moody's Assigns B3 Rating to Senior Secured Notes TUMBLEWEED CENTER: Voluntary Chapter 11 Case Summary UBB PROJECT: Unsecureds To Be Paid from Cafe Operating Profits VANGUARD HEALTHCARE: Unsecureds To Recoup 100% at 4.5% Over 7 Yrs VRG LIQUIDATING: Can File Plan of Reorganization Until March 14 VSI LIQUIDATING: Seeks to Expand Scope of KCC's Employment WERTHAN PACKAGING: Committee Taps Gullett Sanford as Legal Counsel WILSTO ENTERPRISES: U.S. Trustee Unable to Appoint Committee WISPER II: Court Extends Exclusive Plan Filing Period to January 25 YOGA SMOGA: Case Summary & 24 Largest Unsecured Creditors ********* 21ST CENTURY: TSA Deadline Extended Until Jan. 4 ------------------------------------------------ On Dec. 6, 2016, 21st Century Oncology Holdings, Inc., 21st Century Oncology, Inc., a subsidiary of the Company, and certain of the Company's other subsidiaries entered into an Indenture Forbearance Agreement and Credit Agreement Forbearance Agreement with certain of 21C's noteholders and lenders, respectively. The Forbearance Agreements required, among other things, that 21C enter into a transaction support agreement with its noteholders and lenders (as applicable) no later than Dec. 15, 2016. Effective as of Dec. 15, 2016, the Company entered into amendments to the Forbearance Agreements to, among other things, amend the TSA Deadline to Jan. 4, 2017. The Amendments also require the Company to furnish certain operating and financial data and analysis to the parties to the Forbearance Agreements by the deadlines specified therein. About 21st Century Fort Myers, Florida-based 21st Century Oncology Holdings, Inc. (NYSEMKT:ICC), formerly Radiation Therapy Services Holdings, Inc., is a physician-led provider of integrated cancer care (ICC) services. It operates an integrated network of cancer treatment centers and affiliated physicians in the world which, as of December 31, 2015, deployed approximately 947 community-based physicians in the fields of radiation oncology, medical oncology, breast, gynecological, general surgery and urology. As of December 31, 2015, the Company's physicians provided medical services at approximately 375 locations, including over 181 radiation therapy centers, of which 59 operated in partnership with health systems. Its cancer treatment centers in the United States are operated under the 21st Century Oncology brand. As of Sept. 30, 2016, 2st Century had $1.05 billion in total assets, $1.39 billion in total liabilities, $472.34 million in series A convertible redeemable preferred stock, $19.24 million in non-controlling interests - redeemable and a total deficit of $833.89 million. * * * As reported by the TCR on Nov. 4, 2016, S&P Global Ratings lowered its corporate credit rating on 21st Century Oncology Holdings Inc. to 'SD' from 'CCC' and removed the ratings from CreditWatch, where they were placed with negative implications on May 17, 2016. "The downgrade follows 21st Century's announcement that it failed to make the Nov. 1, 2016, interest payment on the 11.0% senior unsecured notes due 2023," said S&P Global Ratings credit analyst Matthew O'Neill. Given S&P's view of the company's debt level as unsustainable, and ongoing restructuring discussions, it do not expect a payment to be made within the grace period. 220 ADAMS RANCH ROAD: Court Denies Approval of Disclosure Statement ------------------------------------------------------------------- The Hon. Ernest M. Robles of the U.S. Bankruptcy Court for the Central District of California has denied approval of 220 Adams Ranch Road, LLC's disclosure statement referring to the Debtor's plan of reorganization. The Court will extend the deadline for the Debtor to file and confirm a Chapter 11 plan by no later than March 3, 2017. Failure of the Debtor to abide by these deadlines may constitute cause for the Court to convert or dismiss the case. As reported by the Troubled Company Reporter on Dec. 13, 2016, the Debtor filed with the Court a second amended disclosure statement describing the Debtor's plan of reorganization. Priority unsecured claims are impaired and entitled to vote under that Plan. These creditors would be paid monthly in full over five years with 0% interest. Payments would be made in equal monthly amortizing installments starting on the first day of each calendar month after the Effective Date. The U.S. Trustee and JP Morgan Chase Bank objected to the Disclosure Statement. Headquartered in Los Angeles, California, 220 Adams Ranch Road, LLC, filed for Chapter 11 bankruptcy protection (Bankr. C.D. Calif. Case No. 15-22727) on Aug. 13, 2015. The petition was signed by John D. Thomas, manager. Judge Ernest M. Robles presides over the case. David G. Epstein, Esq., at The David Epstein Law Firm serves as the Debtor's bankruptcy counsel. A GREENER GLOBE: DEG to Be Paid on Hourly Basis, Trustee Says ------------------------------------------------------------- The Chapter 11 trustee for A Greener Globe has filed with the U.S. Bankruptcy Court for the Eastern District of California an amended motion to hire Diepenbrock Elkin Gleason LLP as his special counsel. Russell Burbank, the court-appointed trustee, amended the original motion to change the compensation from a post-petition retainer basis to an hourly basis, and to have Diepenbrock's employment effective as of Sept. 19, 2016, rather than Sept. 23, 2016. Diepenbrock will provide the trustee with assistance for deals tied to the sale of the Debtor's real property in Roseville, California; address environmental issues; and provide other related services. About A Greener Globe A Greener Globe sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 16-21900) on March 28, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by W. Steven Shumway, Esq. On June 14, 2015, the court approved the Office of the U.S. Trustee's appointment of Russell K. Burbank as the Chapter 11 trustee. The Trustee taps Felderstein Fitzgerald Willoughby & Pascuzzi LLP, as legal counsel, Burr, Pilger Mayer, Inc. as his accountant. No official committee of unsecured creditors has been appointed in the case. A.H. COOMBS: GVS' Secured Debt To Be Reinstated in Full ------------------------------------------------------- A.H. Coombs, LLC, filed with the U.S. Bankruptcy Court for the District of Utah a disclosure statement for its plan of reorganization, which proposes to: (a) reinstate in full the secured debt of GVS Holdings, Inc., and all other secured claims under section 1124(2) of the Bankruptcy Code; (b) pay the Debtor's unsecured priority claims in full in cash on the Effective Date; and (c) leave unaffected existing equity interests. The Bankruptcy Court must determine that consummation of the Plan is not likely to be followed by liquidation or further financial reorganization of the Debtor. For purposes of determining whether the Plan meets this requirement, the Debtor has analyzed its ability to meet its obligations under the Plan and determined that the Debtor will be able to make all payments contemplated by the Plan. Specifically, the Exit Facility will fund all Plan payment shortfalls should proceeds of the Debtor’s operations be insufficient to make all Plan payments. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/utb16-25559-158.pdf CHC Development Co., Inc., was incorporated in 1976 to develop and operate a business as the Green Valley Spa Resort. A.H. Coombs, LLC, was created about the same time to own and hold the real property where CHC would operate the Spa Resort. CHC Development Co. and A.H. Coombs, LLC, filed Chapter 11 bankruptcy petitions (Bankr. D. Utah. Case No. 16-25558 and 16-25559) on June 25, 2016. The petitions were signed by Alan H. Coombs, president. CHC estimated assets at $0 to $50,000 and liabilities at $100,001 to $500,000 at the time of the filing. A.H. Coombs estimated assets and debt at $0 to $50,000 at the time of the filing. AFFINITY HEALTHCARE: Can Get Funding From RMS, Use Cash Collateral ------------------------------------------------------------------ Judge Julie A. Manning of the U.S. Bankruptcy Court for the District of Connecticut approved the postpetition funding facility granted to Affinity Healthcare Management, Inc., et al., by Revenue Management Solutions, LLC, or RMS, and authorized the use of cash collateral until Jan. 14, 2017. The Debtors are authorized to undertake and continue to perform all of their respective obligations under the Purchase Agreement entered into between the Providers Health Care Investors, Inc. d/b/a Alexandria Manor, Health Care Alliance, Inc. d/b/a Blair Manor, Health Care Assurance, LLC d/b/a Douglas Manor, and Health Care Reliance, LLC d/b/a Ellis Manor, and Revenue Management Solutions, LLC on May 25, 2012. The Purchase Asset Agreement was for the purchase of certain healthcare accounts receivables of the Providers, together with all books, records, billing and credit files, an irrevocable paid-up license to use related medical and patient records, chattel paper, documents, instruments and general intangibles related to the Post-Petition Purchased Accounts and certain other assets necessary for RMS or its agents to collect the Post-Petition Purchased Accounts. The Purchase Agreement provided that the aggregate amount of the Outstanding Initial Installments plus any other outstanding Obligations of the Providers will not exceed $2,500,000. As of the Petition Date, the aggregate amount of the Outstanding Initial Installments due and payable under the Prepetition Funding Facility was $1,450,000. The Providers granted RMS a continuing security interest and liens upon their respective right, title and interest in all of the properties, assets and rights of the Providers, wherever located. Lead Debtor Affinity Health Care Management, Inc., granted a security interest in and lien upon all of its assets to RMS to secure, among other things, its guarantee of the Providers' obligations under the Purchase Agreement. Benjamin Z. Fischman and Samuel Strasser also guaranteed the obligations of the Providers under the Purchase Agreement. Judge Manning acknowledged that the Providers do not have sufficient available sources to provide working capital to operate their businesses in the ordinary course without the requested postpetition funding from RMS. Judge Manning further acknowledged that the Providers' ability to provide patient services, and maintain their business relationships with vendors, suppliers and employees, and to otherwise fund their operations, are essential to the Providers' viability. The Proceeds of the Postpetition Funding Facility will be used solely for: (1) payment of the Prepetition Obligations; (2) working capital and other general corporate purposes; (3) permitted payment of costs of administration of the cases; (4) payment of fees and expenses due under the Postpetition Funding Facility; and (5) payment of such prepetition expenses, in addition to the Prepetition Obligations permitted to be paid in accordance with the consents required under the Funding Documents, and as approved by the Court. The approved Budget provided for the following total disbursements: Dec. 10, 2016: $421,164 Dec. 17, 2016: $522,971 Dec. 24, 2016: $583,718 Dec. 31, 2016: $642,324 Jan. 7, 2017: $438,824 Jan. 14, 2017: $522,971 Pursuant to the Order, RMS is granted: (1) adequate protection liens and super-priority claims; (2) current payments fees, costs and expenses and other amounts due under the Funding Documents; and (3) ongoing payment of the reasonable fees, costs and expenses, including, legal and other professionals' fees and expenses of RMS. The State of Connecticut Department of Labor, or the DOL, was granted adequate protection liens. The adequate protection granted to the RMS and the DOL will be subject to the Carve Out and the DIP Liens, sale or lease of Pre-petition Collateral, and the imposition of the automatic stay. A hearing to consider the entry of a further Interim Order is scheduled on Jan. 11, 2017 at 9:00 a.m. The deadline for the filing of objections to the entry of a further Interim Order is set for Jan. 6, 2017. A full-text copy of the Order, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/AffinityHealthcare2016_1630043_517.pdf A full-text copy of the approved Budget, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/AffinityHealthcare2016_1630043_517_2.pdf Revenue Management Solutions, LLC, is represented by: Stephen M. Kindseth, Esq. ZEISLER & ZEISLER, P.C. 10 Middle Street, 15th Floor Bridgeport, CT 06604 Direct: (203) 368-5487 E-mail: skindseth@zeislaw.com About Affinity Healthcare Management Affinity Health Care Management, Inc., Health Care Investors, Inc. d/b/a Alexandria Manor, Health Care Alliance, Inc. d/b/a Blair Manor, Health Care Assurance, L.L.C., d/b/a Douglas Manor and Health Care Reliance, L.L.C. d/b/a Ellis Manor, are a nursing home management company. They filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case Nos. 16-30043 to 16-30047) on Jan. 13, 2016. The Hon. Julie A. Manning presides over the cases. Affinity Health Care Management estimated $50,000 to $100,000 in assets and $500,000 to $1 million in liabilities. The Debtors noted in a court filing that their total secured and unsecured debt exceeding $16 million. Elizabeth J. Austin, Esq., Irve J. Goldman, Esq. and Jessica Grossarth, Esq., at Pullman & Comley, LLC, serve as counsel to the Debtors. AGS ENTERPRISES: Court Allows Frost Bank Cash Use on Final Basis ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas authorized AGS Enterprises, Inc. and KLN Steel Products Company, LLC, to use the alleged cash collateral of Frost Bank on a final basis. Frost Bank assets a prepetition lien on substantially all of the Debtors' manufacturing assets, including liens on accounts, general intangibles, instruments, monies, payments and other rights arising out of their respective GSA contracts. Frost Bank additionally asserts a security interest in substantially all of the assets of KLN Steel on theories which include consent and/or estoppel. Prior to the bankruptcy cases, KLN Steel managed its cash and receivables through an account at Frost Bank, and an account at Chase Bank, known as the KLN Steel Accounts. The KLN Accounts are utilized for receipt of payments of accounts receivable under its GSA Contracts. All funds received into the KLN Steel accounts were prepetition, and have been postpetition pursuant to the Court's Interim Cash Collateral Order, transferred manually on a weekly basis to accounts at Frost Bank belonging to affiliate KLN Manufacturing, LLC and then utilized for payment of KLN Steel's expenses, including payroll, rent, utilities and accounts payable. The Court acknowledged that an immediate and critical need exists for the Debtors to obtain funds in order to continue the operation of the business. The Court further acknowledged that without access to the cash deposits made by customers into the KLN Steel Accounts, KLN Steel will not be able to pay operating expenses and obtain services needed to complete existing orders and carry on its manufacturing business through KLN Manufacturing. The approved three month Budget, covering the months of December 2016 through February 2017, provided for total disbursements of $3,278,190. Frost Bank is granted valid, binding, enforceable, and perfected replacement liens coextensive as to the types of collateral and of the same priority with Frost Bank's valid and perfected prepetition liens in the property and assets of the Debtors, if any. Frost Bank was further granted a super-priority administrative expense claim, and all other benefits and protections allowable under Section 507(b) of the Bankruptcy Code. A full-text copy of the Final Order, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/AGSEnterprise2016_1634322sgj11_71.pdf About AGS Enterprises, Inc. AGS Enterprises, Inc., and KLN Steel Products Company, LLC, each filed a chapter 11 petition (Bankr. N.D. Tex. Case Nos. 16-34322 and 16-34323, respectively) on November 2, 2016. The petitions were signed by Kelly O'Donnell, president. The Debtors are represented by Frank Jennings Wright, Esq., at Coats Rose, P.C. The case is assigned to Judge Stacey G. Jernigan. The Debtors both estimated assets and liabilities at $1 million to $10 million at the time of the filing. AGS ENTERPRISES: Seeks to Hire Coats Rose as Legal Counsel ---------------------------------------------------------- AGS Enterprises, Inc. and KLN Steel Products Company, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire legal counsel. The Debtors propose to hire Coats Rose, P.C. to give legal advice regarding its duties under the Bankruptcy Code, prepare a bankruptcy plan, and provide other legal services related to their Chapter 11 cases. The hourly rates charged by the firm for these attorneys who were designated to represent the Debtors are: Frank Wright $650 C. Ashley Ellis $475 Erin McGee $325 Frank Wright, Esq., disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Frank Wright, Esq. C. Ashley Ellis, Esq. Erin McGee, Esq. 600 Signature Place 14755 Preston Road Dallas, TX 75254 Phone: (972) 788-1600 Fax: (972) 239-0138 Email: bankruptcy@coatsrose.com About AGS Enterprises AGS Enterprises, Inc. and KLN Steel Products Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N. D. Texas Lead Case No. 16-34322) on November 2, 2016. The petitions were signed by Kelly O'Donnell, president. The cases are assigned to Judge Stacey G.C. Jernigan. At the time of the filing, both Debtor estimated their assets and liabilities at $1 million to $10 million. ALBANY INVESTMENT: Files Motion For Plan Disclosures Approval ------------------------------------------------------------- Albany Investment Properties, LLC, filed a motion asking the U.S. Bankruptcy Court for the Central District of California to approve its amended disclosure statement describing its amended chapter 11 plan of reorganization filed on Dec. 7, 2016. The Debtor asks the court to schedule a hearing on Feb. 1, 2017 at 2:00 P.M to consider approval of the disclosure statement. Objections to the adequacy of the disclosure statement must be filed and served on the proponent no less than 14 days before the hearing. Headquartered in Los Angeles, CA, Albany Investment Properties, LLC filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 14-26237) on August 22, 2014 , listing $1 million to $10 million in estimated assets and $1 million to $10 million in estimated in liabilities. The petition was signed by Farzad Nedjat Haiem, manager. ALESSI FAMILY: Wants Court to Allow Continued Cash Collateral Use ----------------------------------------------------------------- The Alessi Family Limited Partnership filed a second emergency motion asking the U.S. Bankruptcy Court for the Southern District of Florida for authorization to continue using cash collateral. The Court had previously authorized the Debtor to use cash collateral through the end of December 2016. The Debtor needs to use cash collateral for the months of January 2017 and thereafter. The Debtor further contends that it has immediate need to use its cash collateral in its ordinary operations. The Debtor's proposed monthly Budget provides for total expenses in the amount of $5,041 for the Washington Property, and $6,175 for the Lincoln Property. In the ordinary course of its business, the Debtor collects monies in the form of rents from the tenants that occupy the residential units at the Properties. The Debtor seeks to utilize the cash received on an ongoing basis in its deposit account. The Debtor contends that Fusion Homes, LLC, may claim an interest in the cash collateral as it relates to both the Washington Property and the Lincoln Property, pursuant to mortgages on the Washington Property and the Lincoln Property. A full-text copy of the Debtors' Motion, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/AlessiFamily2016_1625093jko_41.pdf Fusion Homes, LLC, is represented by: Robert A. Stok, Esq. Managing Shareholder and Founder STOK FOLK + KON 18851 N.E. 29th Avenue, Suite 1005 Aventura, FL 33180-2848 About The Alessi Family LP The Alessi Family Limited Partnership owns and operates two residential buildings. One is located at 1941 Washington Street, Hollywood, Florida and consists of eight separate residential apartments. The other is located at 1956 Lincoln Street, Hollywood, Florida and consists of 10 separate residential apartments. The Alessi Family Limited Partnership filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-25093) on Nov. 9, 2016. The petition was signed by Daniel A. Alessi, general partner. The case is assigned to Judge John K. Olson. At the time of the filing, the Debtor had estimated $1 million to $10 million both assets and liabilities. The Debtor is represented by Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. ALEX KODNEGAH: Hearing on Disclosures Set For Jan. 26 ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California has scheduled for Jan. 26, 2017, at 2:00 p.m. the hearing to consider the approval of Alex Kodnegah, Inc.'s Chapter 11 combined plan of reorganization and disclosure statement. Holders of Class 2B (Other) General Unsecured Claims will receive 100% of their allowed claim immediately after payment of the secured claims. The claim of Creditor Sena Investment, Inc./Griffin Consulting, Inc., is disputed by the Debtor. In the event the Court has not resolved the dispute by the time the Debtor has filed a motion for the Court to approve a sale or refinance the Debtor's San Diego real property the court order on the motion will make appropriate provisions for the dispute to be resolved and to ensure that sufficient sale or refinance proceeds will be available to pay the creditor after resolution. This class is impaired. The Debtor proposes to pay secured creditor San Diego County Tax Collector its entire claim as may be allowed by the Court on or before Aug. 1, 2019, or upon sale or refinancing of the Debtor's San Diego real property, whichever occurs earlier. Any sale or refinancing will be upon application to and approval of the Court. Any refinance may result from the Debtor, with the court approval, entering into a joint venture regarding the subject San Diego real property. The Debtor proposes to pay secured creditor Milligan/Bridle/Stillwagon its entire claim as allowed by the Court at the same time as it pays creditor San Diego County Tax Collector. The Debtor proposes to pay the $3,508.98 claim of creditor California Franchise Tax Board and the $400 claim of the IRS immediately after its payment to Creditor Milligan/Bridle/Stillwagon. The Debtor proposes to pay the $1,500 unsecured claim of creditor Blackstone Engineering, the $1,294.90 unsecured small claim of the Franchise Tax Board and any Court-approved claim of disputed Creditor Sena Investment, Inc./Griffith Consulting, Inc., immediately after it payment to Creditors California Franchise Tax Board and IRS. All payments proposed are anticipated to be made prior to or in conjunction with any sale or refinancing of the Debtor's San Diego real property as may be approved by the Court. All claims paid will include applicable interest. During the Plan period the Debtor intends to do whatever it can to further increase the value of its San Diego real property, including taking steps to obtain the rights to file construction plans and commence construction. If not done prior to confirmation of its proposed Plan, during the Plan period Debtor also intends to object to the claim of creditor(s) Sena Investment, Inc./Griffith Consulting, Inc., and to recover all sums owed Debtor by creditor(s) and likewise intends to object to the claims of creditors Milligan/Bridle/Stillwagon and the San Diego County Tax Collector unless Debtor's disputes of the claims of the creditors can be resolved without any objection being filed. The Disclosure Statement is available at: http://bankrupt.com/misc/casb16-04846-58.pdf About Alex Kodnegah Alex Kodnegah, Inc., filed for Chapter 11 bankruptcy protection (Bankr. S. D. Calif. Case No. 16-04846) on Aug. 5, 2016. The petition was signed by Alex Kodnegah, president. The case is assigned to Judge Margaret M. Mann. At the time of the filing, the Debtor estimated its assets at $1 million to $10 million and debts at $100,000 to $500,000. Bruce R. Babcock, Esq., at the Law Office Of Bruce R. Babcock serves as the Debtor's bankruptcy counsel. ALL PEOPLE INT'L: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of All People International Church, Inc., as of Dec. 19, according to a court docket. All People International Church, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-03994) on October 31, 2016. The petition was signed by Mark Kellam, Sr., financial officer. The case is assigned to Judge Paul M. Glenn. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. ALLEN BROTHERS: Needs Until March 25 to File Reorganization Plan ---------------------------------------------------------------- Allen Brothers Timber Company, Inc. requests the U.S. Bankruptcy Court for the Middle District of North Carolina to extend for a period of 90 days the Debtor's exclusive periods within which to file its Plan of Reorganization and Disclosure Statement, and to have its Plan of Reorganization confirmed, to and including March 25, 2017 and June 23, 2017, respectively. The Debtor explains it needs additional time to determine its unsecured debt obligation, and improve post-petition reporting in order to accurately calculate and determine payments to creditors and to formulate a Plan of Reorganization. Absent requested extension, the exclusivity deadline for which the Debtor has to file a Plan of Reorganization and Disclosure Statement will be December 25, 2016. About Allen Brothers Timber Co. Allen Brothers Timber Company, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No. 16-10656) on June 28, 2016. The petition was signed by Richard Clayton Allen, president. The case is assigned to Judge Lena M. James. At the time of the filing, the Debtor estimated its assets at $100,000 to $500,000, and debts at $1 million to $10 million. The Debtor is represented by Ivey, McClellan, Gatton & Siegmund LLP. The Debtor proposes to hire Oz Queen CPA PA. ARGON CREDIT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Argon Credit LLC 16-39654 200 W. Jackson Blvd., Suite 900 Chicago, IL 60606 Argon X LLC 16-39655 200 W. Jackson Blvd., Suite 900 Chicago, IL 60606 Type of Business: Provider of personal unsecured loans online Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court Northern District of Illinois (Chicago) Judge: Hon. Timothy A. Barnes Debtor's Counsel: Matthew T. Gensburg, Esq. DALE & GENSBURG, P.C. 200 W Adams St # 2425 Chicago, IL 60606 Tel: (312) 263-2200 E-mail: MGensburg@dandgpc.com - and - Philip E. Groben, Esq. DALE & GENSBURG, P.C. 200 West Adams St., Suite 2425 Chicago, IL 60606 Tel: (312) 263-2200 Fax: (312) 263-2242 E-mail: pgroben@dandgpc.com Estimated Estimated Assets Liabilities ---------- ----------- Argon Credit LLC $1M-$10M $50M-$100M Argon X LLC $10M-$50M $50M-$100M The petitions were signed by Raviv Wolfe, chief executive officer. A. Argon Credit's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Addison Professional Financial Sear $14,000 B Money Holdings $116,980 Broadmark Capital, LLC $191,666 Budd Larner, P.C. $27,286 DevBridge Group, LLC $36,788 Enova International, Inc. $38,179 Fintech Financial, LLC $1,944,329 Attn: Mindi Vavra 101 Research Park Dr. Mission, SD 57555 Gallop Solutions, Inc. $16,728 InContact $74,761 Lending Tree $86,751 Meghan Hubbard $8,175 Merit Management Group LP $10,000 Peraza Capital and Investement, LLC $1,213,708 111 2nd Ave. NE, Suite 705 Saint Petersburg, FL 33701 Percolate Industries $12,000 Princeton Alternative Fund (PAF) Guarantee $36,977,362 100 Canal Pointe Blvd. Suite 208 Princeton, NJ 08540 Productive Edge, LLC $312,196 11 E. Illinois St., Suite 200 Chicago, IL 60611 RSM $30,000 Swoon $40,000 Velocify $10,850 Yodlee $15,000 B. Argon X's List of Two Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Fintech Financial, LLC SFF Obligations $1,944,329 Attn: Mandi Vavra 101 Research Park Drive Mission, SD 57555 Princeton Alternative Fund (PAF) Property Unknown ARM VENTURES: Jan. 11 Disclosure Statement Hearing -------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida has scheduled a hearing on Jan. 11, 2017 at 11:00 A.M. to consider approval of the disclosure statement filed by Arm Ventures, LLC. The last day for filing and serving objections to the disclosure statement is on Jan. 4, 2017. Deadline for service of order, disclosure statement and plan is on Dec. 12, 2016. The Debtor's December 7 version of its Plan proposes to pay unsecured creditors as much as 37% of their claims under its plan to exit Chapter 11 protection. Under the December 7 restructuring plan, Class 5 unsecured creditors, which assert $809,831 in claims, will receive a total of $300,000 over five years. Arm Ventures will make equal annual payments of $60,000 beginning on the date that is 30 days after the first anniversary of the effective date of the plan. Insiders holding unsecured claims have agreed to waive distributions on account of their claims. The company will not make any distribution or establish any reserve under the plan for any unsecured claim held by an insider. The restructuring plan will be implemented on the effective date, and the primary source of the funds to implement the plan initially will be contributions from Modern Pharmacy LLC, Pharmaquick LLC and certain Arm Ventures owners, according to the company's disclosure statement filed on Dec. 7 with the U.S. Bankruptcy Court for the Southern District of Florida. A copy of the disclosure statement dated December 7 is available for free at https://is.gd/4s4o79 About Arm Ventures Arm Ventures, LLC filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.: 16-23633) on October 4, 2016, and is represented by Mark S. Roher, Esq., in Fort Lauderdale, Florida. At the time of filing, the Debtor had $0 to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. The petition was signed by Michael Rosenbaum, authorized manager. The Debtor listed Ocean Bank as its largest unsecured creditor holding a claim of $250,000. BAERG REAL PROPERTY: Purchaser Seeks Appointment of Ch.11 Trustee ----------------------------------------------------------------- Garland Solution LLC, a creditor and party in interest, asks the U.S. Bankruptcy Court for the Northern District of Texas to enter an order directing the U.S. Trustee to appoint a Chapter 11 Trustee for Baerg Real Property Trust d/b/a Lake Bluffs Apartments, d/b/a Lakeview Village, d/b/a The Woods Apartments, d/b/a Oakway Manor Apartments. Harold J. Baerg, Jr., and Kathleen M. Baerg are the trustees of the Debtor and the managers of all of the Debtor's business per the terms of the Trust Agreement. The Debtor entered into an Earnest Money Contract to sell to Garland Solution all four of the Apartment Complexes. The goal was to close the sale near the maturity date of the mortgages on the Apartment Complexes, which was not until June 30, 2016. However, shortly before the closing was to occur in June 2016, a dispute arose between the Debtor and Garland Solution. A lawsuit and counterclaims were filed with each side claiming the other had breached the Sale Contract. Because of the litigation, Garland Solution was unable to close on the purchase of the Apartment Complexes. The mortgages subsequently matured on June 30, 2016, and the Apartment Complexes were posted for foreclosure on September 6, 2016. On the eve of a contempt hearing before United States District Judge Boyle, Hal Baerg caused the Chapter 11 case to be filed. Garland Solution asserts that the Bankruptcy Case is an extension of the Debtor's scheme to back out of the Sale Contract and obtain a windfall from the increased value in the Apartment Complexes. About Baerg Real Property Trust Baerg Real Property Trust dba Lake Bluffs Apartments dba Lakeview Village dba The Woods Apartments dba Oakway Manor Apartments filed a chapter 11 petition (Bankr. N.D. Tex. Case No 16-33793) on Sept. 29, 2016. The petition was signed by Hal Baerg, Jr., trustee. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. The case is assigned to Judge Barbara J. Houser. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. BAILEY TOOL: Seeks to Hire Harold Hopkins as Accountant ------------------------------------------------------- Bailey Tool & Manufacturing Company seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Harold Hopkins, CPA, Office of Certified Public Accountant. Hopkins will prepare tax returns of the company and its affiliates for the year ending December 31, 2015, and will be paid these hourly rates: Partner $175 Accountant $135 Tax Senior $135 Hopkins is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. Hopkins maintains an office at: Harold Hopkins, CPA Office of Certified Public Accountant 283 N Beckley Ave., Suite 283 DeSoto, TX 75115 Tel: (972) 223-1040 Fax: (972) 223-1444 Email: info@hhtaxcpa.com About Bailey Tool & Manufacturing Bailey Tool & Manufacturing Company and its affiliates filed for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 16-30503) on February 1, 2016. The petitions were signed by John Buttles, president. The cases are assigned to Judge Barbara J. Houser. The Debtors are represented by Melissa S. Hayward, Esq., at Franklin Hayward LLP in Dallas, Texas. The Debtors estimated both assets and liabilities in the range of $1 million to $10 million. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Feb. 23, 2016. BAILEY TOOL: Unsecureds Getting Share of RBC Litigation Proceeds ---------------------------------------------------------------- Bailey Tool & Manufacturing Co. and affiliated Debtors filed with the U.S. Bankruptcy Court for the Northern District of Texas a disclosure statement referring to the Debtors' plan of reorganization. General unsecured claims are impaired under the Plan. Unsecured Claims will receive a pro rata share of the RBC litigation proceeds carve-out to the extent that the Debtors receive a recovery in the RBC litigation. The funds to be used for the payment of claims or other distributions to be made under the Plan will be provided by the new equity infusion, any available funds or property which the Reorganized Debtors may otherwise possess on or after the Effective Date, proceeds from the RBC litigation, if any, and the proceeds of any sale, refinancing, or other disposition of any asset. The Debtors brought litigation against RBC in the Court in February 2016, and that litigation is ongoing. The Debtors believe the RBC litigation is one of their most valuable assets, and they intend to pursue it vigorously. The claims the Debtors have asserted against RBC are: (1) violation of the automatic stay/contempt of court; (2) turnover of property of the estate; (3) declaratory relief; (4) conversion; (5) Texas Theft Liability Act; (6) tortious interference with contract/business relations; (7) fraudulent transfer; (8) breach of contract; (9) breach of duty of good faith and fair dealing; (10) liability to creditors as partner; (11) breach of fiduciary duty; (12) exemplary damages; (13) preliminary and permanent injunction; and (14) temporary restraining order. Very early in the litigation, on March 3, 2016, the Court entered a temporary restraining order against RBC. Going forward, the most valuable claim the Debtors have asserted against RBC is their claim for liability to creditors as a partner. Under this theory of liability, the Debtors are requesting that the Court hold RBC liable as a general partner of the Debtors based on the level of control that RBC exercised over the Debtors' business. If the Court ultimately holds RBC liable under this theory, then RBC will be liable for the total amount of claims that existed against the Debtors on the Petition Date. The Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-30503-11-337.pdf The Plan was filed by the Debtors' counsel: Melissa S. Hayward, Esq. Julian Vasek, Esq. FRANKLIN HAYWARD LLP 10501 N. Central Expy, Suite 106 Dallas, Texas 75231 Tel: (972) 755-7100 Fax: (972) 755-7110 E-mail: MHayward@FranklinHayward.com JVasek@FranklinHayward.com About Bailey Tool & Manufacturing Co. On Feb. 1, 2016, Bailey Tool & Manufacturing Company and its affiliated debtors filed for Chapter 11 protection (Bankr. N.D. Tex. Case No. 16-30503) and is represented by Melissa S. Hayward, Esq., at Franklin Hayward LLP in Dallas, Texas. The cases are assigned to Judge Barbara J. Houser. The petition was signed by John Buttles, president. The Debtors estimated both assets and liabilities in the range of $1 million to $10 million. BEST WAY AUTO: Case Summary & 17 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Best Way Auto & Truck Rental, Inc 4935 W. Nassau Street Tampa, FL 33607 Case No.: 16-10740 Chapter 11 Petition Date: December 19, 2016 Court: United States Bankruptcy Court Middle District of Florida (Tampa) Debtor's Counsel: Ian Horn, Esq. IAN HORN, ESQUIRE, P.A. P.O. Box 691 Brandon, FL 33509-0691 Tel: 813-545-1067 Fax: 813-689-5794 E-mail: ianhornlaw@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by John Keena, president/owner. A copy of the Debtor's list of 17 largest unsecured creditors is available for free at http://bankrupt.com/misc/flmb16-10740.pdf BGM PASADENA: Secured Creditors Seek Ch. 11 Trustee Appointment --------------------------------------------------------------- Secured Creditors East West Bank, Pasadena Lots-70, LLC, Pasadena Apts-7, LLC, City Ventures, and Cantor Group, LLC, jointly filed a motion asking the U.S. Bankruptcy Court for the Central District of California to enter an Order directing the appointment of a Chapter 11 Trustee for BGM Pasadena, LLC. The Secured Creditors noted that the Chapter 11 Examiner should be appointed to administer the estate of the Debtor, who is a single asset real estate debtor, including the potential sale of its real property located at 210 and 244-248 S. Orange Grove Boulevard, in Pasadena, CA, and the payment of all Creditors in full. The Secured Creditors are represented by: Christopher L. Blank, Esq. CHRISTOPHER L. BLANK, ATTORNEY AT LAW 4675 MacArthur Court, Suite 550 Newport Beach, CA 92660 Tel.: (949) 250-4600 Fax: (949) 250-4604 -- and -- David S. Kupetz, Esq. SULMEYERKUPETZ 333 S. Hope St., 35th Floor Los Angeles, CA 90071-1406 Tel.: 213.626.2311 Fax: 213.629.4520 About BGM Pasadena BGM Pasadena, LLC, a single asset real estate, filed Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 15-27833) on Nov. 20, 2015. Greg Galletly, the manager, signed the petition. Judge Richard M. Neiter has been assigned the case. The Debtor estimated assets in the range of $10 million to $50 million and liabilities of at least $1 million. James A. Tiemstra, Esq., and Lisa Lenherr, Esq., at Tiemstra Law Group PC, in Oakland, California, serve as counsel to the Debtor. BH SUTTON: Court Rejects 12 of 13 Counts vs Lenders --------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York concluded that the debtors have failed to establish a basis for relief on 12 of the 13 counts in the adversary proceeding captioned BH SUTTON MEZZ LLC, a Delaware Limited Liability Company, SUTTON 58 OWNER LLC, a Delaware Limited Liability Company, and SUTTON 58 OWNER LLC, a New York Limited Liability Company, Plaintiffs, v. SUTTON 58 ASSOCIATES LLC, GAMMA LENDING S58 LP, GAMMA LENDING S58 II LP, GAMMA FUNDING LP, GAMMA FUNDING MANAGEMENT LP, GAMMA FUNDING, LLC and GAMMA REAL ESTATE LLC, Defendants, Adv. Pro. No. 16-01187 (SHL) (Bankr. S.D.N.Y.). The adversary proceeding was filed by the debtors, BH Sutton Mezz LLC, a Delaware Limited Liability Company ("Sutton Mezz DE"), Sutton 58 Owner LLC, a Delaware Limited Liability Company ("Sutton Owner DE"), and Sutton 58 Owner LLC, a New York Limited Liability Company ("Sutton Owner NY"). The adversary proceeding revolved around the debtors' proposed development of a 950-foot residential tower in Midtown Manhattan, a project that was led by three principals of the debtors, Joseph Beninati, Christopher Jones, and Daniel Lee. The defendants are the lenders, Sutton 58 Associates LLC, Gamma Lending S58 LP, Gamma Lending S58 II LP, Gamma Funding LP, Gamma Funding Management LP, Gamma Funding, LLC and Gamma Real Estate LLC. The defendants provided financing to the debtors for the project in the form of two different set of secured financing transactions referred to in the proceeding as Gamma 1 and Gamma 2. The debtors sought to subordinate and reduce the amount they owe the defendants on these loans by alleging improper conduct by the defendants, through their principals, N. Richard Kalikow and Jonathan Kalikow. The alleged improper conduct includes more than a dozen specific claims and includes allegations that the defendants breached the contracts between the parties, and also breached non-contractual duties owed by these defendants to the debtors. These duties are based upon an allegedly special relationship developed between the debtors and the defendants during the project. On July 13, 2016, the debtors filed the complaint in the adversary proceeding asserting 26 claims for relief, but the debtors subsequently abandoned half of these claims. The defendants broke the remaining 13 counts down into seven different groupings, which the Court agreed to as a useful and fair way to look at the case. The first of the seven categories is unconscionability, which includes counts 9 and 10. The second category is lender liability, which includes counts 21, 22 and 23 of the complaint. The third group of claims is for breach of contract, which includes counts 1, 2 and 3. A related fourth category is breach of implied covenant, which is count 5. The fifth is equitable subordination, which is count 17. The sixth category is fraudulent transfer, which is count 24. The seventh category alleges criminal usury in count 11 of the complaint. In total, the seven categories cover 12 of the debtors' 13 counts; the remaining surviving claim of the complaint is count 18 -- entitled "claim objection" -- which sought to reclassify and reduce the defendants' claim consistent with the debtors' other arguments. Based on all the evidence introduced at trial, Judge Lane concluded that the debtors have failed to establish a basis for relief on 12 of the 13 counts. The judge granted the defendants judgment on all the remaining counts of the complaint except Count 11, where the judge ruled in favor of the debtors. Count 11 is for criminal usury, where Judge Lane concluded that one of the loans at issue had a rate in excess of the New York statute. The bankruptcy case is In re: BH SUTTON MEZZ LLC, et al., Chapter 11, Debtors, Case No. 16-10455 (SHL) (Jointly Administered) (Bankr. S.D.N.Y.). A full-text copy of Judge Lane's December 1, 2016 post-trial memorandum of decision is available at https://is.gd/6Nb8sD from Leagle.com. BH Sutton Mezz LLC, a Delaware Limited Liability Company is represented by: Holly R. Holecek, Esq. Joseph S. Maniscalco, Esq. Nicholas C. Rigano, Esq. Adam P. Wofse, Esq. LAMONICA HERBST & MANISCALCO, LLP 3305 Jerusalem Avenue Wantagh, NY 11793 Tel: (516)826-6500 Fax: (516)826-0222 Email: jsm@lhmlawfirm.com ncr@lhmlawfirm.com awofse@lhmlawfirm.com United States Trustee, U.S. Trustee, is represented by: Susan D. Golden, Esq. OFFICE OF THE UNITED STATES TRUSTEE SDNY U.S. Federal Office Building 201 Varick Street, Suite 1006 New York, NY 10014 Tel: (212)510-0500 Fax: (212)668-2255 Official Committee of Unsecured Creditors, Creditor Committee, is represented by: Thomas Alan Draghi, Esq. Mickee M. Hennessy, Esq. Eric G. Waxman, III, Esq. John Edward Westerman, Esq. WESTERMAN BALL EDERER MILLER 1201 RXR Plaza Uniondale, NY 11556 Tel: (516)622-9200 Fax: (516)622-9212 Email: tdraghi@westermanllp.com mhennessy@westermanllp.com ewaxman@westermanllp.com jwesterman@westermanllp.com About BH Sutton and Sutton 58 Owner New York City-based BH Sutton Mezz LLC filed for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 16-10455) on Feb. 26, 2016. The petition was signed by Herman Carlinsky, president. The Hon. Sean H. Lane presides over the case. Joseph S. Maniscalco, Esq., at Lamonica Herbst & Maniscalco, LLP, represents BH Sutton in its restructuring effort. The Debtor estimated assets at $100 to $500 million and debts at $10 million to $50 million. Sutton 58 Owner LLC filed a separate Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-10834) on April 6, 2016. Sutton Owner estimated assets at $100 million to $500 million and debts at $100 million to $500 million. Sutton Owner's business consists of the ownership and operation of these real properties: (a) 428, 430 and 432 East 58th Street, New York, New York, 10022, including all air rights and inclusionary air rights related thereto; and (b) the cooperative apartments identified as 1R, 2D and 2N located at 504 Merrick Road, Lynbrook, New York 11583. Sutton Owner seeks to retain Joseph S. Maniscalco, Esq., and Jordan C. Pilevsky, Esq., at Lamonica Herbst & Maniscalco, LLP, as its counsel. Both cases are jointly administered. BIONITROGEN HOLDINGS: Needs Until January 30 to File Plan --------------------------------------------------------- BioNitrogen Holdings, Corp. and its affiliated Debtors ask the U.S. Bankruptcy Court for the Southern District of Florida to extend the periods during which the Debtors have the exclusive right to (a) file a Chapter 11 plan and disclosure statement through and including January 30, 2017, and (b) solicit acceptances thereof, through and including March 30, 2017. The Debtors have previously sought the extension of their exclusivity periods, saying that they require additional time to finalize a deal and specific terms of a plan, exploring various investment opportunities with sophisticated strategic and financial investors who have scientific and technical expertise with the Debtors' intellectual property, that is the primary asset in these cases. The Debtors also told the Court that the agreements, once finalized will allow them to easily obtain the necessary financing to acquire the manufacturing plant components that Graham Copley has been evaluating since the entry of the Third Order extending their exclusive periods. Consequently, the preliminary agreement, however, did not ultimately materialize into a final binding agreement among the parties, and consequently the Debtors have not yet been able to prepare a plan of reorganization. Nevertheless, the Debtors relate that they have continued to pursue all viable reorganization opportunities, including a financial sponsor or acquirer to provide the necessary funding associated with confirming a plan of reorganization and exiting these chapter 11 cases. The Debtors further tell the Court that they have continued to confer with Annon Consulting, Inc., which has agreed to continued imposition of the automatic stay and to extend the Drop Dead Date under the Stay Relief Order and a commensurate extension of Exclusivity for an additional 45 days provided that the Debtors agree to an increase in the allowed claim of Annon of $50,000, as Adequate Protection, to allow the Debtors to continue pursuing various reorganization strategies. About Bionitrogen Holdings, Corp. BioNitrogen Holdings Corp. (OTC PINK: BION) â€“ http://www.BioNitrogen.com/-- is a cleantech company that utilizes patented technology to build environmentally friendly plants that convert biomass into urea fertilizer. Miami, Florida-based BioNitrogen Holdings, Corp., formerly known as Hidenet Securities Architectures, Inc., doing business as BioNitrogen Corp. and its affiliates filed for Chapter 11 protection (Bankr. S.D. Fla. Case Nos. 15-29505 to 15-29515) on Nov. 3, 2015. The petition was signed by Carlos A. Contreras, chairman and chief executive officer. Bankruptcy Judges Robert A. Mark, Laurel M. Isicoff and Jay Cristol preside over the cases. Jacqueline Calderin, Esq., at Ehrenstein Charbonneau Calderin represents the Debtors in their restructuring effort. BioNitrogen Holdings disclosed that the value of its assets are "unknown" and its liabilities total $3.5 million. BioNitrogen Florida Holdings and BioNitrogen Plant FL Taylor estimated assets between $0 and $50,000, and debts at $1 million to $10 million. BIRCH GROVE: Intends to File Plan of Reorganization by July 17 -------------------------------------------------------------- Birch Grove Landscaping & Nursery, Inc. requests the U.S. Bankruptcy Court for the Western District of New York to extend the time within which the Debtor must file its Small Business Plan and Disclosure Statement through July 17, 2017. Since the commencement of this case, the Debtor notes that the Court has entered a number of cash collateral orders, which generally provided for the grant of rollover replacement liens to the Debtor's secured lender bank, the Bank of Akron, and to the disputed secured claim held by the Estate of Gordon E. Fisher, the former 100 percent shareholder of Birch Grove. The Debtor relates that it has filed a motion in its Adversary Proceeding, Case No. A.P. No. 16-01020-CLB, against the Gordon Fisher Estate, Audrey A. Fisher, individually, and Klaag, LLC, requesting that summary judgment be granted in its favor on the same fraudulent conveyance and New York Business Corporation lawsuit claims which the Defendants had moved to dismiss. The Court has scheduled an oral argument on the Debtor's motion for partial summary judgment on December 28, 2016. The Debtor asserts that the resolution of the Adversary Proceeding is expected to have a material impact on the recoveries which the Debtor's creditors will receive through its Chapter 11 case. The Debtor tells the Court that it has advised Bank of Akron that it does not plan to continue in operation for the 2017 season. The Debtor further tells the Court that its principals believe that they will be able to negotiate a series of sales of equipment to businesses and individuals which will yield materially more than if the Debtor's business assets were to be sold via auction. In addition, the Debtor and Bank of Akron have agreed to meet in January 2017 to discuss further these proposed equipment sales. A hearing will be held on the Debtor's motion on January 9, 2017 at 10:00 a.m. About Birch Grove Landscaping & Nursery Headquartered in East Aurora, New York, Birch Grove Landscaping & Nursery, Inc., filed for Chapter 11 bankruptcy protection (Bankr. W.D.N.Y. Case No. 15-11984) on Sept. 18, 2015, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Jason L. Burford, chief operating officer. Judge Carl L. Bucki presides over the case. Daniel F. Brown, Esq., at Anreozzi, Bluestein, Weber, Brown, LLP, serves as the Debtor's bankruptcy counsel. BLUE LEOPARD: W. Donald Gieseke Named Ch. 11 Trustee ---------------------------------------------------- Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada entered an Order approving the appointment of W. Donald Gieseke as Chapter 11 Trustee for Blue Leopard, L.L.C.. The Order was made in response of the United States Trustee's Application for Order Approving Appointment of Trustee. The U.S. Trustee said he has consulted Seth Ballstaedt, Esq., of The Ballstaedt Law Firm, counsel for Blue Leopard L.L.C., G. Layne Nordstrom, Esq., of Nordstrom Law Office, appearance counsel for Blue Leopard L.L.C., and Stacy H. Rubin, Esq., of Aldridge Pite, LLP, counsel for U.S. Bank, N.A. and Pennymac Holdings, LLC., regarding the appointment of W. Donald Gieseke as Chapter 11 Trustee. W. Donald Gieseke assured the Court that he 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. W. Donald Gieseke can be reached at: W. Donald Gieseke 18124 Wedge Pkwy., Suite 518 Reno, NV 89511 Tel.: (775) 742-9107 Fax: (775) 562-8181 Email: wdg@renotrustee.com About Blue Leopard Blue Leopard L.L.C. is a business which operates as a holding company for five pieces of real estate. It is owned 50% by J Colby Wheeler, and 50% by Chad Slade. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 16-10686) on Feb. 18, 2016. The petition was signed by J. Colby Wheeler, managing member. The case is assigned to Judge Mike K. Nakagawa. The Debtor is represented by Seth D. Ballstaedt, Esq., at The Ballstaedt Law Firm. The Debtor estimated assets of $500,000 to $1 million and debts of $1 million to $10 million. BREMAR DEVELOPMENT: Has Until March 17 to File Chapter 11 Plan -------------------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida extended for 90 days, through and including March 17, 2017, Bremar Development, LLC's exclusivity period to file and solicit acceptances of a chapter 11 plan. The Troubled Company Reporter had earlier said the Debtor needed additional time to secure refinancing of the existing loan to obtain sufficient loan proceeds to confirm a chapter 11 plan and emerge as a reorganized debtor. Initially, the Debtor intended to file its chapter 11 plan based upon a sale prior to the exclusivity period. The Debtor sought to sell its property, known as Palmetto Plaza, located at 2150 W 76th Street, Hialeah, FL 33016-1839 pursuant to bid proceeds and a sale process approved by the Court. However, the Debtor did not obtain an offer that complied with the bid procedures. About Bremar Development, LLC Bremar Development, LLC, filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 16-21328) on Aug. 17, 2016. The petition was signed by Jorge D. Marrero, sole managing member. The case is assigned to Judge Laurel M. Isicoff. The Debtor is represented by Kristopher E. Pearson, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Office of the U.S. Trustee on Oct. 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Bremar Development, LLC. BROUGHER INC: Has Until March 1 To File Plan & Disclosure Statement ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas has given Brougher, Inc., March 1, 2017, to file a plan of reorganization and disclosure statement. Brougher, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D. Texas Case No. 16-35575) on Nov. 2, 2016. The petition was signed by Wade Brougher, president. The case is assigned to Judge Jeff Bohm. The Debtor is represented by Julie M. Koenig, Esq., at Cooper & Scully, PC. At the time of the filing, the Debtor estimated assets of less than $1 million and liabilities of $10 million to $50 million. No official committee of unsecured creditors, trustee or examiner has been appointed in the case. BURGI ENGINEERS: Objection to Reuland Electric's $685K Overruled ---------------------------------------------------------------- Judge Ralph B. Kirscher of the United States Bankruptcy Court for the District of Montana overruled Burgi Engineers LLC's (BELLC) objection to Proof of Claim No. 25 filed by Reuland Electric Co. (REC). A dispute arose between BELLC and REC over ownership of data and intellectual property. After an adverse decision against BELLC in the California litigation, the parties commenced in settlement negotiations and eventually arrived at a "Settlement Agreement," which was signed by parties including BELLC and REC. On September 23, 2016, REC filed Proof of Claim No. 25 in BELLC's Chapter 11 case, asserting an unsecured, nonpriority claim in the amount of $685,377.29, and with the basis of the claim stated as "Settlement of a lawsuit." Attached to Proof of Claim No. 25 was a complete copy of BELLC's Ex. 1, the Settlement Agreement including attachments, and a certified copy of the Judgment -- Ex. A. Also attached was an itemized calculation of the $685,377.29 amount of REC's claim, showing deductions from the $850,000 balance owed to reflect the payments made under paragraph 4 of Ex. 1 to date, including the late payment made on May 12, 2016, and a deduction for the levy against BELLC's bank account by REC on July 1, 2016. The last item on the itemized calculation was an additional $12,187.80 added to the claim for "Prepetition Attorneys Fees and Costs." BELLC filed an amended Objection to Proof of Claim No. 25 on October 26, 2016 on the grounds that the claim is limited by a $400,000 discounted amount set forth in the Settlement Agreement between the parties, that REC waived any default by accepting a late payment under the Settlement Agreement, which does not include a "time is of the essence" clause, and that REC's claim constitutes and inequitable forfeiture and imposes a penalty prohibited under California law. Judge Kirscher found that REC's Proof of Claim No. 25 was filed in accordance with the Rules, and therefore it constitutes prima facie evidence of its validity and the $685,377.29 amount under Rule 3001(f). Judge Kirscher also found that BELLC failed to offer any evidence, either in the form of exhibits or witness testimony at trial, which shows facts tending to defeat REC's claim by probative force sufficient to rebut the prima facie evidence of the validity and amount of REC's Proof of Claim under Rule 3001(f). Thus, the judge overruled the objection to REC's Proof of Claim No. 25 based upon BELLC's failure to rebut, with evidence, the prima facie evidence of the validity and amount of the claim. The case is In re BURGI ENGINEERS LLC, Debtor. BURGI CORPORATION, Debtor,Case Nos. 16-60770-11, 16-60771-11, Jointly Administered (Bankr. D. Mont.). A full-text copy of Judge Kirscher's December 6, 2016 memorandum of decision is available at https://is.gd/VUr4xj from Leagle.com. BURGI ENGINEERS LLC is represented by: James A. Patten, Esq. Blake Alan Robertson, Esq. PATTEN,PETERMAN,BEKKEDAAHL & GREEN, PLLC 2817 2nd Ave N Suite 300 Billings, MT 59101 Tel: (406)252-8500 OFFICE OF THE U.S. TRUSTEE, U.S. Trustee, is represented by: Neal G. Jensen, Esq. Aaron Graham York, Esq. OFFICE OF THE UNITED STATES TRUSTEE 301 Central Avenue, Suite 204 Great Falls, MT 59401-3113 Tel: (406)761-8777 Fax: (406)761-8895 About Burgi Corporation Burgi Corporation, based in Columbia Falls, MT, filed a Chapter 11 petition (Bankr. D. Mont. Case No. 16-60771) on July 28, 2016. The Hon. Ralph B. Kirscher presides over the case. Maggie W Stein, Esq., at Goodrich & Reely, PLLC, serves as bankruptcy counsel. In its petition, the Debtor estimated $532,282 in assets and $1.08 million in liabilities. The petition was signed by Robert Burgi, president. No official committee of unsecured creditors has been appointed in the case. CALVERY SERVICES: Disclosures Okayed, Plan Hearing on Jan. 12 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida will consider approval of the Chapter 11 plan of Calvery Services Corp. at a hearing on Jan. 12, at 4:00 p.m. The hearing will be held at Sam M. Gibbons United States Courthouse, Courtroom 8B, 801 N. Florida Avenue, Tampa, Florida. The court will also consider at the hearing the final approval of Calvery's disclosure statement, which it conditionally approved on Dec. 8. In its Dec. 8 order, the court required creditors to cast their votes no later than eight days before the hearing. Objections to the plan must be filed no later than seven days before the hearing. About Calvery Services Calvery Services Corp. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-07075) on Aug. 17, 2016. The petition was signed by William Quinones, president. The Debtor is represented by James W. Elliott, Esq., at McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, P.A. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. CAMELOT CLUB: Court Denies Homeonwers' Bid to Remove Board Members ------------------------------------------------------------------ Judge C. Ray Mullins of the U.S. Bankruptcy Court for the Northern District of Georgia denied the Motion of the Homeowners of Camelot Club Condominium Association, Inc., to Remove Board Members, without prejudice. The Court held a hearing on the Motion on December 14, 2016, and the hearing was attended by the Homeowners, members of the Debtor, counsel for the Debtor, and counsel for the United States Trustee. The Troubled Company Reporter previously reported that the Home Owners asked the Court to direct the appointment of a Chapter 11 Trustee over the affairs of Camelot Condominium. The Home Owners relate that they filed a Motion to Remove the current board members of the Debtor due to the mismanagement of funds from the Condominium Association fees, the befitting actions of a Board Members, and the inability to properly govern, manage, and maintain the Condominium Community. Therefore, the Home Owners seek for the appointment of a Chapter 11 Trustee until an emergency Home Owners meeting can be implemented, to select new board members and create a plan of execution toward current issues that are threatening the community's well being and existence. About Camelot Club Camelot Club Condominium Association, Inc. filed a Chapter 11 petition (Bankr. N.D. Ga. Case No.: 16-68343) on October 13, 2016, and is represented by M. Denise Dotson, Esq. in Atlanta, Georgia. At the time of filing, the Debtor had $1 million to $10 million in estimated assets and $0 to $50,000 in estimated liabilities. The petition was signed by Kenneth Harris, CEO. CHAPARRAL ENERGY: Court Approves $50-Mil. Rights Offering --------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved Chaparral Energy's motion for an order authorizing the Debtors to (i) conduct a rights offering, (ii) enter into a backstop commitment agreement and (iii) pay fees and expenses associated therewith and approving subscription form. As previously reported, "The overall purpose of the Plan will be to provide for a restructuring of the Debtor's balance sheet liabilities in a manner designed to maximize recoveries and to enhance the financial viability of the Debtors as reorganized (the 'Reorganized Debtors'). In general, the Plan Term Sheet contemplates the following restructuring: All allowed Administrative Expense Claims, Priority Tax Claims, Other Priority Claims, Other Secured Claims, and Secured Tax Claims will be paid in full or otherwise unimpaired; Each holder of Prepetition Credit Agreement Claims shall receive (a) its pro rata share of $375 million in loans outstanding to be restructured into a four-year credit facility, consisting of (i) a $225 million first-out revolving loan and (ii) a $150 million second-out term loan (collectively, the 'Exit Facility Loans') and (b) to the extent the Prepetition Credit Agreement Claims of such holders exceed the Exit Facility Loans, cash sufficient to satisfy the remainder. Each holder of an Unsecured Notes Claim shall receive its pro rata share of (a) 100% of the ownership interests in Reorganized Chaparral Parent, subject to dilution by the Management Incentive Plan. The Debtors will conduct a $50 million Rights Offering for the Rights Offering Shares. Although the Debtors will offer Subscription Rights to all Eligible Holders, it is possible that the Debtors will be unable to obtain sufficient commitments from the Eligible Holders to purchase $50 million of Rights Offering Shares." About Chaparral Energy Founded in 1988, Chaparral Energy, Inc., is a Delaware corporation headquartered in Oklahoma City and a pure play Mid-Continent independent oil and natural gas exploration and production company. At March 31, 2016, the Company had total assets of $1,229,373,000, total current liabilities of $1,940,742,000 and total stockholders' deficit of $759,546,000. Chaparral Energy, Inc., and its 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-11144) on May 9, 2016. The petitions were signed by Mark A. Fischer, chief executive officer. The Debtors are represented by Richard Levy, Esq., Keith Simon, Esq., David McElhoe, Esq., and Marc Zelina, Esq., at Latham & Watkins LLP; and Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., as counsel. Kurtzman Carson Consultants LLC serves as administrative advisor. The Debtors continue to manage and operate their businesses as debtors in possession pursuant to Sections 1107 and 1108 of the Bankruptcy Code. No trustee or examiner has been requested in the Chapter 11 cases. The Office of the U.S. Trustee on May 18, 2016, disclosed that no official committee of unsecured creditors has been appointed in the cases. Milbank, Tweed, Hadley & McCloy LLP and Drinker Biddle & Reath LLP represent an ad hoc committee of holders of (i) 9.875% Senior Notes due 2020, (ii) 8.25% Senior Notes, and (iii) 7.625% Senior Notes due 2022 issued by the Debtors. CHC GROUP: Angelo Gordon Holds $113M Sr. Secured Notes at Dec. 15 ----------------------------------------------------------------- Angelo, Gordon & Co. LP and Cross Ocean Partners, senior secured noteholders of CHC Group Ltd., et al., filed with the U.S. Bankruptcy Court for the Northern District of Texas a second amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that, as of the Dec. 15, 2016, they hold: Disclosable Economic Date of Acquisition Interests by Quarter and Year ----------- ------------------- Angelo, Gordon & Co. $113,357,000 3rd & 4th quarter 245 Park Avenue of Senior of 2016 New York, New York 10167 Secured Notes Cross Ocean Adviser LLP $35,000,000 3rd quarter of 2016 11 Charles II Street of Senior London, England SW1Y 4QU Secured Notes As reported by the Troubled Company Reporter on Nov. 25, 2016, a Rule 2019 statement filed on Nov. 16, 2016, said Angelo Gordon holds $98,357,000 of senior secured notes. The AG/CO Senior Secured Noteholders either hold claims or manage funds and accounts that hold claims against the Debtors' estates arising on account of the 9.25% Senior Secured Notes due 2020 issued under the Indenture, dated as of Oct. 4, 2010, by and among CHC Helicopter S.A., as issuer, each of the guarantors, HSBC Corporate Trustee Company (UK) Limited, as collateral agent, and the Bank of New York Mellon, as indenture trustee. In October 2016, the AG/CO Senior Secured Noteholders retained Jones Day. As of Dec. 15, 2016, Jones Day represents the AG/CO Senior Secured Noteholders. Jones Day does not represent or purport to represent any other person or entities with respect to these Chapter 11 cases. In addition, as of November 16, the AG/CO Senior Secured Noteholders, both collectively and individually, do not represent or purport to represent any other entities in connection with these Chapter 11 cases. Jones Day says it does not hold any disclosable economic interest (as that term is defined in Bankruptcy Rule 2019(a)(1)) in relation to the Debtors. Angelo Gordon and Cross Ocean are represented by Jonathan M. Fisher, Esq., at Jones Day, in Dallas, Texas; Bruce Bennett, Esq., Sidney P. Levinson, Esq., and Michael C. Schneidereit, Esq., at Jones Day, in Los Angeles, California; and Scott Greenberg, Esq., at Jones Day, in New York. About CHC Group Ltd. Headquartered in Irving, Texas, CHC Group Ltd. is a global commercial helicopter services company primarily servicing the offshore oil and gas industry. It maintains bases on six continents with major operations in the North Sea, Brazil, Australia, and several locations across Africa, Eastern Europe, and South East Asia. CHC Group and 42 of its wholly-owned subsidiaries each filed for Chapter 11 bankruptcy protection (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016. As of Jan. 31, 2016, CHG Group had $2.16 billion in total assets and $2.19 billion in total liabilities. The Debtors hired Weil, Gotshal & Manges LLP as counsel, Debevoise & Plimpton LLP as special aircraft counsel, PJT Partners LP as investment banker, Seabury Corporate Advisors LLC as financial advisor, CDG Group, LLC, as restructuring advisor, and Kurtzman Carson Consultants LLC as claims and noticing agent. The Office of the U.S. Trustee on May 13, 2016, appointed five creditors of CHC Group Ltd. to serve on the official committee of unsecured creditors. The Creditors Committee's attorneys are Marcus A. Helt, Esq., and Mark C. Moore, at Gardere Wynne Sewell LLP, and Douglas H. Mannal, Esq., Gregory A. Horowitz, Esq., and Anupama Yerramalli, Esq., at Kramer Levin Naftalis & Frankel LLP. Angelo, Gordon & Co. and Cross Ocean Partners, which either hold claims or manage funds and accounts that hold claims against the Debtors' estates arising on account of the 9.25% Senior Secured Notes due 2020 issued under the Indenture, dated as of Oct. 4, 2010, by and among CHC Helicopter S.A., as issuer, each of the guarantors named therein, HSBC Corporate Trustee Company (UK) Limited, as collateral agent, and the Bank of New York Mellon, as indenture trustee, are represented by Jones Day. * * * CHC Group Ltd. and its debtor affiliates filed a joint Chapter 11 plan, which provides for a $300 million new money investment through the fully-backstopped Rights Offering, reduces the Debtors' prepetition debt by approximately $925 million (prior to conversion of all of the New Second Lien Convertible Notes and by $1.4 billion subsequent to such conversion), reduces the Debtors' annual cash interest burden by 85%, which frees up approximately $115 million in annual cash flow that can be used for reinvestment in the Debtors' business, and provides for a right-sizing of the Debtors' fleet. CHINA FISHERY: Wants Plan Filing Deadline Extended Thru March 31 ---------------------------------------------------------------- China Fishery Group Limited and certain of its affiliated debtors request the U.S. Bankruptcy Court for the Southern District of New York to extend the exclusive periods during which only the Debtors may file a chapter 11 plan and solicit acceptances, specifically, extending the exclusive periods through and including March 31, 2017 and May 31, 2017, respectively. William Brandt, the Chapter 11 Trustee for CFG Peru Singapore, has expressed his support for an extension while he still works to assess and stabilize the Peruvian businesses. The Trustee has specifically requested that the Debtors hold off on their own independent efforts to develop and communicate a chapter 11 plan term sheet and business plan. The Debtors relate that prior to the appointment of the Chapter 11 Trustee, the Debtors and their professionals had been prepared to propose a framework for a restructuring and to provide their creditors and interest holders with a term sheet, and then meet with various creditor constituencies within the week of November 14. The Debtors further relate that immediately after his appointment, the Chapter 11 Trustee conveyed his strong preference for the Debtors and Pacific Andes Resources Development Limited to suspend work on the term sheet and or related business plan in order to allow him time to assess the situation and take such other actions as he deemed necessary prior to commencement of restructuring negotiations. A hearing on the Debtor's motion will be held on January 4, 2017 at 11:00 a.m. Objections are required to be filed and served no later than December 28, 2016. About China Fishery Group China Fishery Group Limited (Cayman) and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was signed by Ng Puay Yee, chief executive officer. The case is assigned to Judge James L. Garrity Jr. At the time of the filing, the Debtor estimated its assets at $500 million to $1 billion and debts at $10 million to $50 million. Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve as legal counsel. The Debtor has tapped Goldin Associates, LLC, as financial advisor and RSR Consulting LLC as restructuring consultant. On November 10, 2016, William Brandt, Jr. was appointed as Chapter 11 trustee of CFG Peru Investments Pte. Limited (Singapore). Chapter 11 Trustee employs Skadden Arps Slate Meagher & Flom LLP as counsel and Hogan Lovells US LLP as special counsel to the Trustee. CITICARE INC: Cash Crisis, Closure Still an Issue, PCO Says ----------------------------------------------------------- Daniel T. McMurray, the Patient Care Ombudsman for Citicare, Inc., has filed a Twentieth Report for the period of September 29, 2016 through November 27, 2016. The PCO finds that there were no significant issues during the 60-day reporting period with regard to the quality of care provided by the Debtor at its Article 28 Diagnostic and Treatment Center. As in prior Reports, however, the PCO noted that the potential remains for the Debtor to experience a cash crisis, and closure remains an imminent issue. The PCO reported that the financial condition of the Debtor, including its increasingly weak cash position, clearly continued to be deteriorating. The PCO again discussed with the Management whether sufficient resources, including cash and supplies, would be available to provide the appropriate care to the populations being served. The Management reconfirmed that the cash remains very tight but that there have been no vendor or supply issues. The Ombudsman again reviewed the status of the administrative claims for unemployment taxes submitted by the State of New York and the State of New York claims for unpaid withholding taxes. Such claims, including the claim of the Internal Revenue Service is also addressed through the Plan. A full-text copy of the PCO Report is available for free at: http://bankrupt.com/misc/nysb13-11902-246.pdf About Citicare, Inc. Citicare, Inc., is a New York Corporation providing comprehensive primary and specialty care to medically underserved communities. It operates from its premises located at 154 West 127th Street in The borough of Manhattan, City of New York. The company's health care facility provided services to 5,500 unique patients and generated 25,000 visits in the year ending Dec. 31, 2014. Citicare filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 13-11902) on June 9, 2013. The petition was signed by Silva Umukoro, the president. The Debtor estimated assets of $500,000 to $1 million and debts of $1 million to $10 million. The Debtor is represented by Gabriel Del Virginia, Esq., at the Law Offices Of Gabriel Del Virginia, in New York. As the Debtor is in the healthcare business, on Sept. 12, 2013 a patient care ombudsman was appointed under Section 333(a)(1) of the Bankruptcy Code. COBB & ASSOCIATES: Hires H. Anthony Hervol as Attorney ------------------------------------------------------ Cobb & Associates Corp. seeks authorization from the U.S. Bankruptcy Court for the Western District of Texas to employ H. Anthony Hervol as attorney. The Debtor requires Mr. Hervol to: (a) represent the Debtor in this Chapter 11 case and to advise the Debtor as to its rights, powers and duties as debtor- in-possession; (b) prepare all necessary statements, schedules and other documents and to negotiate and prepare one or more plans of reorganization for the Debtor; (c) represent the Debtor at all hearings, meetings of creditors, conferences, trials and other proceedings in the case; (d) take necessary action to collect property of the estate and file suits to recover the same, or pursue other adversary proceedings as needed; (e) prepare on behalf of the Debtor all necessary applications, answers, orders, reports and other legal papers; (f) object to disputed claims; and (g) perform all other legal services for the Debtor as Debtor- in-possession. The Law Office of H. Anthony Hervol will be paid at these hourly rates: H. Anthony Hervol $285 Paralegals $95 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The payment for professional services rendered will be applied against a retainer of $10,000 for pre-petition and post-petition services, along with deposit of $1,717 for costs and filing fees. H. Anthony Hervol 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. The firm can be reached at: H. Anthony Hervol, Esq. LAW OFFICE OF H. ANTHONY HERVOL 4414 Centerview Drive, Suite 200 San Antonio, TX 78228 Tel: (210) 522-9500 Fax: (210) 522-0205 E-mail: hervol@sbcglobal.net Cobb & Associates Corp., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 16-52575) on November 7, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by the Law Office of H. Anthony Hervol, Esq. COMPCARE MEDICAL: Court Denies Approval of Plan Outline ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California denied, without prejudice, the disclosure statement, which explains the Chapter 11 plan of reorganization of CompCare Medical, Inc. CompCare Medical on Oct. 17 filed its plan, which proposes to pay priority tax debt and secured debt in full, and pay a 19% dividend to non-priority, non-insider general unsecured creditors. About CompCare Medical CompCare Medical Inc. filed a chapter 11 petition (Bankr. C.D. Cal. Case No. 16-15707) on June 27, 2016. The petition was signed by Alphonso Benton, president. The Debtor is represented by Todd L. Turoci, Esq., at The Turoci Firm. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million. COSI INC: Court Allows Cash Collateral Use ------------------------------------------ Judge Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts authorized Cosi, Inc. to use cash collateral. The following creditors have liens against the Debtor's personal property, including its cash and accounts receivable: (a) Milfam II LP; (b) AB Opportunity Fund LLC; and (c) AB Value Partners, L.P. JPMorgan Chase Bank, N.A., has a perfected, senior security interest in cash held in two separate collateral accounts of Cosi Sandwich Bar, Inc. and in the Debtors' primary operating account. JPMorgan Chase Bank's security interest secures all liabilities due from the Debtors to JPMorgan Chase Bank, in the approximate amount of $288,000, plus exposure to ACH transactions and amounts in relation to Debtors' corporate credit card program through JPMorgan Chase Bank. The Debtors' Senior Secured Lenders were granted replacement liens in and to all property of the kind presently securing the prepetition obligations of the Senior Secured Lenders, including any property purchased or acquired with the cash collateral and their proceeds, but excluding any causes of action under Chapter 5 of the Bankruptcy Code or the proceeds of any claims under or actions commenced pursuant to such powers. Judge Hoffman held that JPMorgan Chase Bank was entitled to maintain an administrative hold on $658,476 of cash held in the Debtor's operating account, less any amounts JPMorgan Chase Bank may release from administrative hold, and all amounts held in the CSB Collateral Accounts. JPMorgan Chase Bank was granted a senior, first priority lien in such amount in the DIP Collateral, to the extent that the $658,576 cash and the amounts held in the CSB Collateral Accounts are determined to be PACA Trust Assets and are paid to satisfy the PACA Claims. The hearing on the Debtor's use of cash collateral is scheduled on Feb. 15, 2017 at 10:00 a.m. A full-text copy of the Final Order, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/CosiInc2016_1613704_588.pdf A full-text copy of the Order, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/CosiInc2016_1613704_587.pdf About Cosi, Inc. Cosi, Inc. -- http://www.getcosi.com/-- is an international fast casual restaurant company. There are currently 45 company-owned and 31 franchise restaurants operating in fourteen states, the District of Columbia, Costa Rica and the United Arab Emirates. Cosi, Inc., and its affiliated debtors filed chapter 11 petitions (Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016. The Debtors tapped Joseph H. Baldiga, Esq. and Paul W. Carey, Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel, and The O'Connor Group as their financial consultant. Randy Kominsky of Alliance for Financial Growth, Inc., has been tapped as chief restructuring officer to the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors composed of: Robert J. Dourney, Honor S. Heath of Nstar Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston. The Creditors Committee is represented by Lee Harrington, Esq., at Nixon Peabody LLP. Deloitte Financial Advisory Services LLP serves as financial advisor for the Committee. COSI INC: Hires BDO as Auditor and Accountants ---------------------------------------------- Cosi, Inc., et al., seek authorization from the Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts to employ BDO USA, LLP as auditor and accountants. The Debtors seek to engage BDO to serve as auditor in order to complete an audit of the 401(k) Plan that was commenced by BDO prior to the Petition Date on the same terms and condition of the October 10, 2016 engagement letter. The Debtors have agreed to pay BDO a flat fee in the amount of $18,000 for services rendered in connection with the October 10, 2016 engagement letter. The Debtors also require BDO to: (a) perform an audit of the consolidated financial statements of COSI which comprise the consolidated balance sheet and the related consolidated statements of operations, stockholders' equity, and cash flows, and the related notes to the consolidated financial statements, and to respond to inquiries from governmental and regulatory agencies, as requested; and (b) provide consulting related notices and other general tax related questions, as needed by the Debtors, on the terms and conditions set forth in the October 11, 2016 engagement letter and the October 12, 2016 statement of work. Certain BDO employees will undertake representation of the Debtors with respect to the audit and assurance services described in the October 11, 2016 engagement letter at their standard hourly billing rates: Partner $635 Director $550 Senior Manager $445 Manager $325 Senior Associate $280 Associate $100 Additionally, certain BDO employees will undertake the representation of the Debtors with respect to consulting for general tax related questions and notice review pursuant to the October 21, 2016 Statement of Work at 70% of their standard hourly billing rates: Partner $438 Managing Director $385 Senior Manager $333 Manager $245 Senior Associate $193 Associate $130 BDO will also be reimbursed for reasonable out-of-pocket expenses incurred. John Blanchette, partner of BDO, 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. BDO can be reached at: John Blanchette BDO USA, LLP Two International Place Boston, MA 02110 Tel: (617) 422-7589 Fax: (617) 422-0909 E-mail: jblanchette@bdo.com About Cosi Inc. Cosi -- http://www.getcosi.com/-- is an international fast casual restaurant company. There are currently 45 company-owned and 31 franchise restaurants operating in fourteen states, the District of Columbia, Costa Rica and the United Arab Emirates. Cosi, Inc. and its affiliated debtors filed chapter 11 petitions (Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016. The Debtors tapped Joseph H. Baldiga, Esq. and Paul W. Carey, Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel; The O'Connor Group serves as their financial consultant; and Randy Kominsky of Alliance for Financial Growth, Inc., as chief restructuring officer to the Debtors. The U.S. Trustee appointed an Official Committee of Unsecured Creditors composed of: Robert J. Dourney, Honor S. Heath of Nstar Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston. The Creditors Committee is represented by Lee Harrington, Esq., at Nixon Peabody LLP. Deloitte Financial Advisory Services LLP serves as financial advisor for the Committee. COWBOYS FAR WEST: BPL Plan To Be Funded Through Sale of Assets -------------------------------------------------------------- Business Property Lending, Inc., filed with the U.S. Bankruptcy Court for the Western District of Texas an amended disclosure statement and amended plan of liquidation for the Debtor, the primary feature of which is the sale of the Debtor's property and the payment of sale proceeds to creditors. BPL says the Debtor admits that liquidation of the Debtor's assets -- which is what the BPL Plan will accomplish -- will result in full payment to creditors. The plan administrator will sell the property and in its discretion may conduct an auction for the sale of the property and may hire a qualified professional or an auctioneer for that purpose. The plan administrator shall have 120 days after the plan's Effective Date for the closing date to occur. Class 5 consists of the holders of allowed unsecured claims against the Debtor. Each allowed unsecured claim will receive a pro-rata distribution of the sale proceeds after all allowed senior claims have been paid in full in accordance with the priorities set forth in the Bankruptcy Code. Class 5 is Impaired and, as such, the holders of the Class 5 Claims are entitled to vote on the Plan. The general unsecured claims are, in the aggregate, approximately $22,668. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/txwb16-51419-84.pdf About Cowboys Far West Cowboys Far West, Ltd., is a limited partnership duly organized and existing under the laws of the State of Texas, having an office and principal place of business at 3030 NE Loop 410, San Antonio, Bexar County, Texas 78212. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Texas Case No. 16-51419) on June 24, 2016. The petition was signed by Michael J. Murphy, president of Cowboys Concert Hall-Arlington, Inc., general partner. The case is assigned to Judge Ronald B. King. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. James Samuel Wilkins, Esq., at Willis & Wilkins, LLP, serves as the Debtor's bankruptcy counsel. COWBOYS FAR WEST: Unsecureds To Get Paid Over 5 Yrs., with 3% ------------------------------------------------------------- Cowboys Far West, Ltd., filed with the U.S. Bankruptcy Court for the Western District of Texas a disclosure statement referring to the Debtor's plan of reorganization. Under the Plan, holders of Class 6 Unsecured Claims -- $20,953.89 -- will be paid pro rata over a period 60 months with 3% annual interest. As reported by the Troubled Company Reporter on Nov. 2, 2016, Business Property Lending, Inc., a wholly owned subsidiary of EverBank Financial Corporation and a secured creditor of the Debtor, filed with the Court a disclosure statement referring to the plan of liquidation for the Debtor dated Oct. 25, 2016. Under that plan, holders of allowed Class 5 General Unsecured Claims will receive a pro rata distribution of the sale proceeds after all allowed senior claims have been paid in full. The Class 5 is impaired and the holders are entitled to vote on the Plan. The general unsecured claims are, in the aggregate, approximately $3.7 million. The Disclosure Statement dated November 30, 2016, is available at: http://bankrupt.com/misc/txwb16-51419-75.pdf About Cowboys Far West Cowboys Far West, Ltd., is a limited partnership duly organized and existing under the laws of the State of Texas, having an office and principal place of business at 3030 NE Loop 410, San Antonio, Bexar County, Texas 78212. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Texas Case No. 16-51419) on June 24, 2016. The petition was signed by Michael J. Murphy, president of Cowboys Concert Hall-Arlington, Inc., general partner. The case is assigned to Judge Ronald B. King. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. James Samuel Wilkins, Esq., at Willis & Wilkins, LLP, serves as the Debtor's bankruptcy counsel. CREATIVE PRESENTATIONS: Hires Medina Law as Counsel --------------------------------------------------- Creative Presentations Foods LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Eric S. Medina and Medina Law Firm LLC as counsel, nunc pro tunc to November 7, 2016. The Debtor requires Medina Law to: (a) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved and the preparation of objections to claims against the Debtor's estate; (b) prepare on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; (c) ensure the Debtor's compliance with all operating requirements of the U.S. Trustee; (d) negotiate and prepare on behalf of the Debtor a plan of reorganization and all related documents; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case and those related cases as necessary. Medina Law will be paid at these hourly rates: Eric S. Medina $425 Daniel Graber $425 Adrienne Woods $375 Paralegals $125 Clerks $75 Medina Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric S. Medina 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. Medina Law can be reached at: Eric S. Medina, Esq. MEDINA LAW FIRM LLC 641 Lexington Avenue 13th Floor New York, NY 10022 Tel: (212) 404-1742 Fax: (888) 833-9534 Creative Presentations Foods LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 16-31361) on November 7, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Medina Law Firm LLC as counsel. D.J. CHRISTIE: Unsecureds To Be Paid in 9 Installments ------------------------------------------------------ D.J. Christie, Inc., filed with the U.S. Bankruptcy Court for the District of Kansas a small business disclosure statement to accompany its plan of reorganization, dated Dec 9, 2016. General unsecured creditors are classified in Class 4, and will receive a pro-rata distribution toward their allowed claims of the hypothetical Chapter 7 Liquidation Value of the Debtor's Bankruptcy estate in nine equal annual installments of principal and interest at prime plus 1.5% amortized over 25 years, and a balloon payment of principal and interest after 10 years. The first annual installment shall become due 30 days after the effective date of the Debtor's Plan, and payments will occur annually thereafter until all payments required to this class have been satisfied. Payments and distributions under the Plan will be funded from the Debtor's future earnings. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/ksb16-30015-293.pdf Overland Park, Kansas-based D.J. Christie Inc. filed for Chapter 11 bankruptcy (Bankr. D. Kan. Case No. 11-40764) on May 20, 2011. Judge Dale L. Somers presides over the case. Kathryn E. Sheedy, Esq., and Tom R. Barnes, II, Esq., at Stumbo Hanson, LLP, serve as the Debtor's counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and under $1 million in debts. The petition was signed by David J. Christie, its president. DEASY ASSOCIATES: Unsecureds To Be Paid Up to 5 Yrs. After Lot Sale ------------------------------------------------------------------- Deasy Associates LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a disclosure statement for the Debtor's second post-confirmation modified plan dated Dec. 9, 2016. The Debtor's Second Modified Plan is a pot Plan and relies upon the proceeds from these activities to fund it: (i) the sale of an 0.80 acre lot of land on Little Sandy Pond Road in Plymouth; (ii) the subdivision and sale of an adjacent 11.24 acre lot; and (iii) the proceeds from the recovery of a default judgment from an adversary proceeding against Coastlines Limited Partnership. The Debtor asserts that the distribution fund will be sufficient to satisfy all administrative, secured, and priority claims, and to make a one-time lump sum distribution to the holders of allowed unsecured claims. The Second Modified Plan is deemed to be a "pot" Plan because the amount of the dividend to unsecured creditors will be the amount available in the Distribution Fund after satisfaction of the Debtor' administrative and priority claims. At this time, the Debtor estimates that the amount of the dividend to general unsecured creditors will be equal to approximately 100% of the creditors' allowed claims. If the Distribution Fund is sufficient, a 100% dividend will be paid to all creditors with allowed claims, and remaining funds will be paid to the Debtor. In the event the Distribution Fund is not sufficient to fund a 100% dividend, allowed claims will be paid on a pro rata basis. In addition to the satisfaction of the holders of administrative and priority claims, and a distribution to unsecured creditors, the Second Modified Plan contemplates the satisfaction of the claim secured by a mortgage on the Debtor's real property. Each holder of Class 3 - General Unsecured Claims will be paid in full settlement and satisfaction of the claim, a lump sum payment equal to the creditor's pro rata share of the distribution fund no later than sixty days after the sale of Lot 25-2. The funds available to Class 3 creditors will be the amount remaining in the Distribution Fund after payment of all allowed administrative, secured, and priority claims (if any). Distribution Fund means the aggregate amount received by the Debtor from: (i) the sale of Lot 25-3; (ii) the division of Lot 25-2 and subsequent sale; and (iii) the proceeds recovered from the default judgment from the adversary proceeding against Coastlines Limited Partnership. There are $40,243.43 in allowed Class 3 claimants, including scheduled amounts for creditors that did not file proofs of claims. For purposes of estimating the distribution to Class 3 creditors, the Debtor has assumed: (i) that the amount of the Distribution Fund will be approximately $500,000; (ii) that all filed claims will be allowed in the amount filed; and (iii) that the amount of administrative claims and the amount of priority claims do not substantially exceed the amount of those claims. In those circumstances, the Debtor estimates that the amount of the dividend to the holders of allowed general unsecured claims will be approximately 100%. However, it must be noted that if the amount of allowed administrative, secured, and priority claims are larger than anticipated, then the dividend to unsecured creditors would be reduced. Class 3 is impaired. The Disclosure Statement is available at: http://bankrupt.com/misc/mab14-41882-150.pdf As reported by the Troubled Company Reporter on July 21, 2016, the Court for the District of Massachusetts on July 12 granted in part the motion of the Debtor to modify its Chapter 11 plan of reorganization. The Court had previously confirmed the plan, under which a 100% dividend will be paid to all creditors with allowed claims. In the same order, the Court also approved the Debtor's disclosure statement detailing the restructuring plan. About Deasy Associates Deasy Associates, LLC, owner of an 11.24-acre parcel of land in Plymouth, Massachusetts, filed a Chapter 11 petition (Bankr. D. Mass., Case No. 14-41882) on Aug. 25, 2014. The case is assigned to Judge Christopher J. Panos. The Debtor is represented by Michael J. Tremblay, Esq., and Matthew W. McCook, Esq. DIADEM ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Diadem Enterprises, Inc. dba DMIC - Dale Miller Independent Consultants P.O. Box 244 Memphis, TX 79245 Case No.: 16-20362 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court Northern District of Texas (Amarillo) Judge: Hon. Robert L. Jones Debtor's Counsel: Todd Jeffrey Johnston, Esq. MCWHORTER, COBB & JOHNSON, LLP 1722 Broadway Lubbock, TX 79401 Tel: (806)762-0214 Fax: (806)762-8014 E-mail: tjohnston@mcjllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Earnest Dale Miller, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-20362.pdf DOWLING COLLEGE: March 31 Auction of Oakdale Campus Approved ------------------------------------------------------------ Judge Robert E. Grossman of the U.S. Bankruptcy Court for the Eastern District of New York authorized Dowling College's bidding procedures in connection with the sale of real property consisting of an estimated 23 acre campus located at 150 Idle Hour Boulevard, Oakdale, New York ("Oakdale Campus") at an auction. A copy of the Bidding Procedures attached to the Order is available for free at: http://bankrupt.com/misc/Dowling_College_111_Order.pdf A hearing on the Motion was held on Dec. 15, 2016. The deadline for submitting bids for the Oakdale Campus is March 27, 2017, at 4:00 p.m. (EST). The Debtor, in consultation with the Creditors' Committee, is authorized to extend the deadlines set forth in the Order and/or adjourn, continue or suspend the Auction and/or the Sale Hearing for any reason. The Auction will commence at 11:00 a.m. (EST) on March 31, 2017 at Klestadt Winters Jureller Southard & Stevens, LLP, or such other time or other place as decided by the Debtor, and the Debtor will notify all Qualified Bidders of any such other time or place. In the event that the Debtor identifies a Stalking Horse Bidder, the Debtor is authorized to present to the Court on not less than 10 days' notice, a proposed form of agreement and related proposed Bidding Protections that the Debtor believes are necessary to induce the Stalking Horse Bidder to pursue the Sale. In the event of a dispute related to the qualification of a potential bidder or any other dispute relating to the Bid Procedures, a hearing may be sought on expedited notice before the Honorable Robert E. Grossman, U.S. Bankruptcy Judge, at which time the Court will consider any issues raised by the parties. In the event of a dispute between the Debtor and the Creditors' Committee as to whether a bid should be deemed a Qualified Bid, the Court may make the final determination. In the event of such hearing, the Debtor will provide notice to the Creditors Committee, all secured creditors, the proposed bidder(s) at issue, and the United States Trustee, by fax, email or overnight delivery as soon as practicable and will simultaneously docket a letter or notice containing all relevant information. The Sale Hearing will be held on April 10, 2017 at 10:00 a.m. (EST), at which time the Court will consider (i) approval of the Sale to the Successful Bidder; (ii) the entry of the proposed sale order; (iii) any issues or objections that are timely interposed by any parties; and (iv) such other or further relief as the Court may deem just or proper. The Sale Hearing may be adjourned by the Court upon request of the Debtor, after consultation with the Creditors' Committee, without further order of the Court, in which event a notice of adjournment will be filed with the Court and served on all Qualified Bidders, or by announcing such adjournment on the record of the Sale Hearing. By no later than Dec. 23, 2016, the Debtor will cause a copy of the Bidding Procedures, the Sale Notice and the Order to be served upon the Notice Parties and the Potentially Interested Parties via first class mail. By no later than Dec. 23, 2016, the Debtor will cause a copy of the Bidding Procedures, the Order and Sale Notice to be served upon the Scheduled and Filed Creditors via first class mail. Objections, if any, to the Sale Motion must be made no later than 4:00 p.m. (EST) on April 6, 2017. Notwithstanding Bankruptcy Rules 6004(g) and 6006(d), the Order will not be stayed for 14 days after the entry hereof and will be effective and enforceable immediately upon entry. About Dowling College Dowling College sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 16-75545) on Nov. 30, 2016, estimating assets of $100 million to $500 million and debt of less than $100 million. The Debtor is represented by Klestadt Winters Jureller Southard & Stevens, LLP. Robert Rosenfeld of RSR Consulting, LLC, serves as its chief restructuring officer while Garden City Group, LLC serves as its claims and noticing agent. Founded in 1955 as part of Adelphi College's outreach to Suffolk County, New York, the Debtor became the first four-year, degree-granting liberal arts institution in the county. It purchased the former W.K. Vanderbilt estate in Oakdale in 1962. In 1968, the Debtor severed its ties with Adelphi and was renamed after its chief benefactor, Robert Dowling, a noted city planner and aviator. It expanded its facilities in 1993 with the development of the Brookhaven campus. DTEK FINANCE: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtor: DTEK Finance plc 3rd Floor 11-12 Street St. Jame's Square London, SW1Y 4LB United Kingdom Chapter 15 Case No.: 16-13521 Type of Business: Coal mining Chapter 15 Petition Date: December 16, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Sean H. Lane Authorized Representative: Johan Bastin Debtor's Counsel: Adam J. Goldberg, Esq. LATHAM & WATKINS, LLP 885 Third Avenue New York, NY 10022 Tel: (212) 906-1200 Fax: (212) 751-4864 E-mail: adam.goldberg@lw.com - and - Adam E Malatesta, Esq. LATHAM & WATKINS LLP 355 South Grand Avenue Los Angeles, CA 90071 Tel: 213-891-7715 Fax: 213-891-8763 E-mail: adam.malatesta@lw.com - and - Marc A. Zelina, Esq. LATHAM & WATKINS LLP 885 Third Ave. New York, NY 10022 Tel: 212-906-1200 E-mail: marc.zelina@lw.com Estimated Assets: Not Indicated Estimated Debts: Not Indicated EMMONS-SHEEPSHEAD: 2nd Cir. Affirms Dismissal of Metropolitan Suit ------------------------------------------------------------------ Metropolitan Estates, Inc., Alex Dikman, and Albert Wilk initiated an adversary proceeding in bankruptcy court seeking to revoke the confirmation order in the Chapter 11 case of Emmons-Sheepshead Bay Development, LLC. The plaintiffs also sought to rescind th discharge of certain property, a condominium development known as "The Breakers at Sheepshead Bay Condominium," under 11 U.S.C. section 1144 on the grounds that (1) the order was procured by fraud, (2) the property was fraudulently conveyed and held in a constructive trust, (3) the plan of reorganization benefitted the debtor but not the unsecured creditors, and also facilitated the secret sale of the property to a sham purchaser, and (4) the plaintiffs were denied due process because the bankruptcy court issued the confirmation order despite their lack of access to certain material discovery. The bankruptcy court dismissed the amended complaint with prejudice for failure to state a claim in December 2014 and, after convening a hearing in April 2015, denied the plaintiffs' motion to vacate, alter, or reconsider the dismissal or its findings. The district court affirmed the bankruptcy court's orders and decisions in November 2015. On appeal, the United States Court of Appeals for the Second Circuit affirmed the judgment of the district court, after concluding that the bankruptcy court properly dismissed the amended complaint because the plaintiffs failed to sufficiently allege that the confirmation order was procured by fraud. "The amended complaint presents only conclusory allegations that defendants fraudulently and intentionally misled the bankruptcy court by underreporting the value of the Property, obscuring the ownership history of the Property, and manufacturing a false sense of urgency in the bankruptcy proceedings. There are no factual allegations to substantiate those claims or to support an inference, let alone a strong inference, of fraudulent intent. Plaintiffs' claims as to incomplete discovery, the parties' unsuccessful settlement negotiations, the priority of creditors, the post-order sale of the Property, and the lack of due process are inapposite because section 1144 expressly limits the basis for revocation to procurement by fraud. The amended complaint thus fails to state a claim under section 1144," explained the Second Circuit. The plaintiffs also sought to have the dismissal of their amended complaint vacated, altered, or reconsidered. The Second Circuit, however, found that the plaintiffs merely rehashed the arguments that they raised at the motion to dismiss stage without establishing a basis under Rules 52(b), 59(e), or 60(b) for amending or altering the findings or judgment of the bankruptcy court. Accordingly, the Second Circuit found that the bankruptcy court did not abuse its discretion in denying their motion to vacate, alter, or reconsider. A full-text copy of the Second Circuit's December 6, 2016 order is available at https://is.gd/oUtngf from Leagle.com. The appeals case is METROPOLITAN ESTATES, INC., ALBERT WILK, derivatively on behalf of Emmons Avenue, LLC, DBA Wilk Real Estate, Ltd., ALEX DIKMAN, Plaintiffs-Appellants, v. EMMONS-SHEEPSHEAD BAY DEVELOPMENT, LLC, Defendant-Appellee, No. 15-3844-bk (2nd Cir.). Plaintiffs-Appellants are represented by: Karamvir Dahiya, Esq. DAHIYA LAW OFFICES LLC 75 Maiden Lane Suite 506 New York, NY 10038 Tel: (212)766-8000 Defendant-Appellee is represented by: Lori Schwartz, Esq. ROBINSON BROG LEINWAND GREENE GENOVES & GLUCK, P.C. 875 Third Avenue New York, NY 10022 Tel: (212)603-6300 Email: ls@robinsonbrog.com About Emmons-Sheepshead Bay Development Emmons-Sheepshead Bay Development LLC, the owner of 49 unsold condominium units on Emmons Avenue in Brooklyn, filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 12-46321) on Aug. 30, 2012, in Brooklyn. The Debtor said the property is worth $14 million. It has $32.6 million in total liabilities, including $31 million owed to TD Bank N.A., which is secured by first, second and third priority liens on the property. Judge Elizabeth S. Stong presides over the case. Arnold Mitchell Greene, Esq., and Lori A. Schwartz, Esq., at Robinson Brog Leinwand Greene, et al., serve as the Debtor's counsel. The petition was signed by Jacob Pinson, managing member, Yachad Enterprises, LLC. Judge Stong confirmed Emmons-Sheephead's second amended plan of reorganization, as amended during the hearing held on June 27, 2013. In August 2013, the Bankruptcy Court denied the request of Albert Wilk d/b/a Wilk RE, Alex Dikman and Metropolitan Estates, Inc., in a derivative capacity, to reopen the confirmation proceeding, vacate order confirming plan and reconsider for relief Under Rule 9023 and 9024 of the Federal Rules of Bankruptcy Procedure, including the motion to stay order pending appeal. EMR ELECTRIC: Plan Solicitation Period Moved to February 15 ----------------------------------------------------------- At the behest of EMR Electric Motor Rewind, L.P., Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas extended the Debtors' exclusive period to solicit acceptances of a Chapter 11 plan to and including February 15, 2017. The Troubled Company Reporter had earlier reported that the Debtors sought extension of their solicitation period, anticipating that they could not obtain confirmation of their plan prior to December 31, 2016. Their exclusivity period is slated to expire that day, absent the Court's extension. The Debtors contended that they have been negotiating with New Century Financial, Inc. the terms relating to the treatment of New Century Financial's claim under the Debtors' plan, and those negotiations were not yet complete. About EMR Electric Motor Rewind Headquartered in Corpus Christi, Texas, EMR Electric Motor Rewind, L.P., is a manufacturing and equipment repair company. EMR Holdings, L.L.P., owns 99% of EMR Electric Motor Rewind, L.P. EMR Electric Motor Rewind, L.P. -- fdba Electric Motor Rewind, LP, EMR Electrical Group, Inc., fdba Electric Motor Rewind, Inc., fdba EMR Energy Services Management, Inc., fdba EMR Energy Services, L.P. -- filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 16-20184) on May 11, 2016. At the time of the filing, EMR Electric Motor estimated both assets and liabilities in the range of $1 million to $10 million. EMR Holdings estimated assets of $0 to $50,000 and debts of $1 million to $10 million. The Chapter 11 petitions were signed by Raymond Lopez, as authorized representative. Judge Marvin Isgur presides over the case. William B Kingman, Esq., at the Law Offices of William B. Kingman, PC, serves as the Debtors' bankruptcy counsel. No trustee or examiner or committee has been appointed in the Debtors' Chapter 11 Cases. ENCLAVE AT HILLSBORO: Creditor Seeks Ch. 11 Trustee Appointment --------------------------------------------------------------- 13th Floor Investments, LLC, an unsecured creditor of Enclave at Hillsboro, LLC, et al., filed an emergency motion asking the U.S. Bankruptcy Court for the Southern District of Florida to direct the appointment of a Chapter 11 Trustee and to have a one-day extension of time to deliver payoff. 13th Floor says the relief it seeks is urgent in nature because of the risk that the Debtors will lose substantially all of their assets in the face of committed cash offers that will satisfy the claim of BI Boca in full, as evidenced by the Debtors' receipt of US$35.5 million in cash. Prior to the September 8, 2015 petition date, each Debtor entered into a loan agreement with BI Boca Boynton Portfolio, LLC, and granted BI Boca a lien on, inter alia, all of their real property, improvements, fixtures, and other personal property. 13th Floor relates that Mr. Kennelly, a fiduciary to the creditors, advised the representatives of 13FI that he will not sign any papers, or proceed to a closing, unless and until 13FI agrees to carve-out and leave behind 16 acres of property for his benefit. Mr. Kennelly has indeed placed his personal interests ahead of the estates' interests. Given Mr. Kennelly's breach of fiduciary duty by refusing to sign any contract unless he receives 16 acres of property, there is an ample cause to appoint a Chapter 11 Trustee, 13th Floor asserts. He has jeopardized the Debtors' receipt of $49 million in cash proceeds and risked the Debtors' loss of title to their properties. The Motion also notes that Mr. Kennelly's breach of fiduciary duty constitutes cause to warrant a short, one day extension of the Payoff Date to permit the transactions to close and fund. The Unsecured Creditor is represented by: Jordi Guso, Esq. BERGER SINGERMAN, LLP 1450 Brickell Avenue, Suite 1900 Miami, FL 33139 Tel.: (305) 755-9500 Fax: (305) 714-4340 Email: jguso@bergersingerman.com About Enclave at Hillsboro Enclave at Hillsboro, LLC, Hillsboro Mile Properties, LLC, Antipodean Properties, LLC, Remi Hillsboro, LLC, Kerekes Land Trust Properties, LLC, Estates of Boynton Waters Properties, LLC, Enclave at Boynton Waters Properties, LLC and Lake Placid Waterfront Properties, LLC own real property, which on a consolidated basis are valued at $125,050,000 based on offers received and $66,781,178 based on the property tax assessed value. Enclave at Boynton Waters Properties, LLC, et al., filed Chapter 11 bankruptcy petitions (Bankr. S.D. Fla. Case Nos. 15-26141, 15-26143, 15-26148, 15-26152, 15-26155, 15-26156, 15-26162 and 15-26165) on Sept. 8, 2015. The petitions were signed by John B. Kennelly as manager. Erik P. Kimball is assigned to the first-filed case (15-26141). On Oct. 7, 2015, the Court ordered that the Debtor's cases will be jointly administered under Lead Case No. 15-26155. The Debtors own various parcels of real property that constitute the collateral of the same secured lender, BI Boca Boynton Portfolio, LLC. The Debtors are represented by Bernice C. Lee, Esq., at Shraiberg, Ferrara & Landau, P.A. EVANS & SUTHERLAND: Promotes Paul Dailey to EVP and CFO ------------------------------------------------------- Effective as of Dec. 15, 2016, Paul Dailey was promoted by the Board of Directors of Evans & Sutherland Computer Corporation to serve as the Company's executive vice president and chief financial officer. Mr. Dailey previously served as the Company's chief financial officer. In connection with that promotion, Mr. Dailey and the Company entered into an employment specifying the terms of his employment with the Company, which agreement superseded in its entirety Mr. Dailey's prior employment agreement with the Company. Pursuant to the Dailey Agreement, Mr. Dailey will receive an annual base salary of $280,000 and be eligible to receive certain performance-based compensation under the Company's Management Incentive Plan based upon the Company's and Mr. Dailey's achievement of various financial goals established and approved annually by the Compensation Committee of the Board. In addition, Mr. Dailey was granted stock options to purchase up to 60,000 shares of the Company's common stock. Pursuant to the terms of the Company's 2014 Equity Incentive Plan, the options vest in five equal annual installments beginning Jan. 1, 2017; provided that any unvested options immediately vest upon a Change of Control (as defined in the Equity Plan). Mr. Dailey is also entitled on the same basis as other similarly-situated employees of the Company, to participate in and to receive benefits under any applicable benefit plans, as well as under the Company's business expense reimbursement and other policies. The Dailey Agreement also provides that, subject to the execution of a general release in the form attached to the Dailey Agreement, if Mr. Dailey's employment with the Company is terminated (a) by Mr. Dailey for good reason, or (b) by the Company without cause or as a result of death or disability, Mr. Dailey will be entitled to receive severance payments equal to 135% of his base salary at the time of such termination, less applicable withholding, payable over a period of 12 months after the date of Mr. Dailey's separation from the Company, and during such 12 month severance period or until he obtains similar coverage from a subsequent employer (if earlier), the Company will pay the premiums to continue Mr. Dailey's group health insurance coverage under COBRA, to the extent Mr. Dailey is eligible for such coverage and has elected continuation coverage under the applicable rules. Mr. Dailey will also be entitled to receive the foregoing severance payment and benefit in the event his employment with the Company is terminated by the Company or its successor without cause within 12 months following a Change of Control; except that the severance payment and benefit will be made in a single lump sum upon execution and non-revocation of the form of release attached to the Dailey Agreement. In connection with his appointment, Mr. Dailey also entered into the Company's standard Indemnification Agreement for its directors and officers. About Evans & Sutherland Salt Lake City, Utah-based Evans & Sutherland Computer Corporation in conjunction with its wholly owned subsidiary, Spitz Inc., creates innovative digital planetarium systems and cutting-edge, fulldome show content. E&S has developed Digistar 5, the world's leading digital planetarium with fulldome video playback, real- time computer graphics, and a complete 3D digital astronomy package fully integrated into a single theater system. This technology allows audiences to be immersed in full-color, 3D computer-generated interactive worlds. As a full-service system provider, E&S also offers Spitz domes, hybrid planetarium systems integrated with Digistar and a full range of theater systems from audio and lighting to theater automation. E&S markets include planetariums, science centers, themed attraction venues, and premium large-format theaters. E&S products have been installed in over 1,300 theaters worldwide. Evans & Sutherland reported a net loss of $1.27 million on $35.3 million of sales for the year ended Dec. 31, 2015, compared to a net loss of $1.30 million on $26.5 million of sales for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Evans & Sutherland had $24.67 million in total assets, $25.37 million in total liabilities and a total stockholders' deficit of $693,000. EXPERT SOUTH TULSA: 10th Cir. Won't Avoid Memorial Commons Sale --------------------------------------------------------------- The United States Court of Appeals for the Tenth Circuit affirmed the decision of the Bankruptcy Appellate Panel, which affirmed the bankruptcy court's grant of summary judgment against the debtor Expert South Tulsa. The Debtor sought to set aside as a fraudulent transfer its own sale of real estate called Memorial Commons that was encumbered by a mortgage far exceeding the sale price. In early January 2010, Expert had agreed to a sale of the property for $3 million to Cornerstone Creek Partners, LLC, contingent on delivery of free and clear title. At the time of closing, Memorial Commons was encumbered by a $7,754,151.00 mortgage debt and other liens totaling $499,740.29. To effect the closing, the mortgagee released the mortgage and dismissed the foreclosure action with prejudice, and several lienholders dismissed their claims against the property and the debtor. No judgment was entered on the foreclosure action. In September 2011, Expert brought an adversary proceeding seeking to avoid the sale of Memorial Commons to Cornerstone on the ground that it did not receive reasonably equivalent value for the property. The bankruptcy court granted summary judgment against Expert, and the Tenth Circuit Bankruptcy Appellate Panel (BAP) affirmed. In support of its claim, Expert contended that Memorial Commons was worth $4.99 million at the time of Cornerstone's purchase, yet Cornerstone paid only $3 million. The bankruptcy court rejected the argument largely because Expert benefited from not only the $3 million but also from release of the more than $6 million it would still owe on the mortgage loan. Expert responded that its obligation on the note was not released. Since it is obvious that Debtor received at least reasonably equivalent value for the property if the obligation was released (the amount due on the note, $7.75 million, is more than reasonably equivalent to $4.99 million), we now examine whether there was a release. In the Tenth Circuit's view, the mortgage loan was discharged as a matter of law. "The mortgagee's foreclosure action in state court sought not only foreclosure on the mortgage but also a judgment against Debtor for the deficiency. The mortgagee ended the litigation by filing a dismissal with prejudice, stating that it "hereby dismisses all claims or counterclaims, against all other parties, with prejudice." This dismissal relieved Debtor of its obligations on the mortgage note. No further action by the court was necessary," the Tenth Circuit held. Expert further argued, however, that there was no release of its mortgage loan because the holder of the mortgage note who filed the foreclosure action, OKL 18, LLC, had transferred the note to GTMI, LLC, before it dismissed its claims. The Tenth Circuit pointed out that under Oklahoma law one who has transferred an interest in the subject matter of litigation may continue to pursue the litigation in its own name on behalf of the transferee. The Tenth Circuit also pointed out that GTMI expressly authorized the delivery and filing of the dismissal with prejudice. Finally, Expert argued that the extinguishment of its debt was not "in exchange for" the property it sold. The Tenth Circuit held that extinguishment of the debt was simultaneous with the rest of the deal and no reasonable factfinder could find that the extinguishment was an act of generosity divorced from the overall deal. The appellate court stated that, simply put, the sale was undoubtedly a but-for cause of the extinguishment of the debt. In short, the Tenth Circuit found that Expert received reasonably equivalent value from the sale of the property, and it cannot prevail under Oklahoma law or the fraudulent-transfer provision of the Bankruptcy Code. In particular, the appellate court rejected Expert's contention that it remained liable on the mortgage note after the sale and that the bankruptcy court therefore miscalculated the value it received. The appeals case is STEVEN R. REBEIN, Chapter 7 Trustee for Expert South Tulsa, LLC, Plaintiff-Appellant, and RE3 DEVELOPMENT, LLC, Intervenor Plaintiff-Appellant, v. CORNERSTONE CREEK PARTNERS, LLC, Defendant-Appellee, No. 15-3190 (10th Cir.), relating to In re: EXPERT SOUTH TULSA, LLC., Debtor. A full-text copy of the Tenth Circuit's December 6, 2016 ruling is available at https://is.gd/HICWuF from Leagle.com. Intervenor Plaintiff-Appellant is represented by: Carl R. Clark, Esq. LENTZ CLARK DEINES PA 9260 Glenwood Overland Park, KS 66212 Tel: (913)648-0600 Fax: (913)648-0664 Email: jdeines@lcdlaw.com Plaintiff-Appellant is represented by: Jonathan A. Margolies, Esq. MCDOWELL, RICE, SMITH & BUCHANAN, PC Skelly Building, Suite 350 605 West 47th Street Kansas City, MO 64112 Tel: (816)753-5400 Email: jmargolies@mcdowellrice.com Defendant-Appellee is represented by: John Henry Rule, Esq. Sidney K. Swinson, Esq. Brandon C. Bickle, Esq. GABLEGOTWALS 1100 ONEOK Plaza 100 W. Fifth Street Tulsa, OK 74103 Tel: (918)595-4800 Fax: (918)595-4990 Email: jrule@gablelaw.com sswinson@gablelaw.com bbickle@gablelaw.com -- and -- John W. McClelland, Esq. ARMSTRONG TEASDALE, LLP 2345 Grand Blvd, Suite 1500 Kansas City, MO 64108 Tel: (816)221-3420 Fax: (816)221-0786 Email: jmcclelland@armstrongteasdale.com FERGUSON CONVALESCENT: Charles J. Taunt Named Ch. 11 Trustee ------------------------------------------------------------ Judge Daniel S. Opperman of the U.S. Bankruptcy Court for the Eastern District of Michigan entered an Order Approving the Appointment of Charles J. Taunt as Chapter 11 Trustee for Ferguson Convalescent Home, Inc.. The Order was made in response to the United States Trustee's Application for Court Approval of the United States Trustee's Appointment of Chapter 11 Trustee for the Debtor. The Chapter 11 Trustee is directed to secure an Operating Bond in the amount of $250,000 and file same with the U. S. Bankruptcy Court within five days from the December 15, 2016 Certification of Appointment. The Certification provides that the obligation to pay any further fee ends when the Court enters an order closing the case, dismissing the case, or converting the case to one under another chapter of the Bankruptcy Code. A plan must provide for payment of all unpaid quarterly fees as of its effective date, or it cannot be confirmed by the Court. About Ferguson Convalescent Ferguson Convalescent Home, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mich. Case No. 16-30397) on Feb. 24, 2016. The cases are pending before the Honorable Daniel S. Opperman. The Debtor is represented by Martin W. Hable, Esq., in Lapeer, Mich. The Debtor is a privately owned and licensed long term skilled nursing facility located at 239 S. Main St., Lapeer, Mich. It consists of 87 licensed beds, located within a leased facility. The Debtor currently has 54 residents and employs nearly 100 full and part-time employees. FINAL FOUR FOOD: Hires Medina Law as Counsel -------------------------------------------- Final Four Food Corporation seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to employ Eric S. Medina of Medina Law Firm LLC as counsel, nunc pro tunc to October 19, 2016. The Debtor requires Medina Law to: (a) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the Debtor's behalf, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved and the preparation of objections to claims against the Debtor's estate; (b) prepare on behalf of the Debtor, as a debtor-in-possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtor's estate; (c) ensure the Debtor's compliance with all operating requirements of the U.S. Trustee; (d) negotiate and prepare on behalf of the Debtor a plan of reorganization and all related documents; and (e) perform all other necessary legal services in connection with the prosecution of this chapter 11 case and those related cases as necessary. Medina Law will be paid at these hourly rates: Eric S. Medina $425 Daniel Graber $425 Other Attorneys $385 Paralegals $135 Clerks $75 Medina Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric S. Medina 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. Medina Law can be reached at: Eric S. Medina, Esq. MEDINA LAW FIRM LLC 641 Lexington Avenue Thirteenth Floor New York, NY 10022 Tel: (212) 404-1742 Fax: (888) 833-9534 E-mail: emedina@medinafirm.com Final Four Food Corp., filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 16-29966) on October 19, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Medina Law Firm LLC as counsel. FINANCIAL 15 SPLIT: DBRS Confirms Pfd-4 Preferred Shares Rating --------------------------------------------------------------- DBRS Limited confirmed the rating of the Preferred Shares (the Preferred Shares) issued by Financial 15 Split Corp. (the Company) at Pfd-4 (high). The rating confirmation is being provided in relation to the execution of the overnight offering of additional Preferred Shares and Class A Shares of the Company (the November Follow-On Offering) that took place on December 2, 2016. Subsequent to the initial public offering in 2003, this is the fourth follow-on offering completed by the Company. The scheduled redemption date for both classes of shares is December 1, 2020. At maturity, the holders of the Preferred Shares will be entitled to the value of the Company, up to the face amount of the Preferred Shares, in priority to the holders of the Class A Shares. Holders of the Class A Shares will receive the remaining value of the Company. The Company holds a portfolio (the Portfolio) consisting primarily of common shares of 15 high-quality North American financial services companies: Bank of America Corporation, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, CI Financial Corp., Citigroup Inc., The Goldman Sachs Group Inc., Great-West Lifeco Inc., JP Morgan Chase & Co., Manulife Financial Corporation, National Bank of Canada, Royal Bank of Canada, Sun Life Financial Inc., Toronto-Dominion Bank and Wells Fargo & Company (collectively, the Portfolio Companies). In addition, up to 15% of the net asset value (NAV) of the Company may be invested in securities of issuers other than those mentioned above. These issuers include AGF Management Limited as of May 31, 2016. The common shares of a particular Portfolio Company each represent between 4% and 8% of the total NAV of the Company. No more than 10% of the NAV of the Company may be invested in any single issuer. The Portfolio is actively managed by Quadravest Capital Management Inc. A portion of the Company’s Portfolio is exposed to currency risk as it includes securities and options denominated in U.S. dollars (USD), while the NAV of the Company is expressed in Canadian dollars. The Company has not entered into currency hedging contracts for the USD portion of the Portfolio, although the Company may use derivatives for hedging purposes. As of May 31, 2016, approximately 32% of the Portfolio was invested in USD-denominated assets. The Preferred Shares pay a fixed cumulative monthly dividend of $0.04375 per Preferred Share, yielding 5.25% annually on their issue price of $10 per share. Holders of the Class A Shares receive regular monthly cash distributions in an amount to be determined by the board of directors. No regular monthly distributions will be paid to the Class A Shares if the NAV per unit is below the $15 threshold or if any dividends on the Preferred Shares are in arrears. Downside protection available to holders of the Preferred Shares was 40.5% as of November 15, 2016. The dividend coverage ratio was 0.6 times. Regular monthly Class A Share distributions will result in an average grind of approximately 6.8% over the next four years. The confirmation of the rating on the Preferred Shares at Pfd-4 (high) is based primarily on the current downside protection available and the minimum downside protection provided by an asset coverage test, which does not permit any distributions to holders of Class A Shares if the net asset value of the Company falls below $15.00. The main constraints on the rating are (1) the Company’s dependence on the value and dividend policies of the securities in the Portfolio, (2) the reliance on the Portfolio manager to generate additional income through methods such as option writing, and (3) the unhedged portion of the USD-denominated Portfolio that exposes the Portfolio to foreign currency risk. Notes: All figures are in Canadian dollars unless otherwise noted. The applicable methodology is Rating Canadian Split Share Companies and Trusts (June 2016), which can be found on our website under Methodologies. RATINGS Issuer Debt Rated Rating Action Rating ------ ---------- ------------- ------ Financial 15 Preferred Shares Confirmed Pfd-4 (high) Split Corp. FIORELLA INC: Hires American Heritage as Auctioneer --------------------------------------------------- Fiorella Inc. seeks authorization from the U.S. Bankruptcy Court for the Middle District of Florida to employ American Heritage Auctioneers, LLC as auctioneer, nunc pro tunc to the October 21, 2016 petition date. The Debtor requires American Heritage to auction its real property located at: -- 1417 S. Missouri Avenue, Clearwater, Florida; and -- 1409 S. Missouri Avenue, Clearwater, Florida The Debtors also seek approval to compensate American Heritage, with 10% of the gross sale price. American Heritage 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. American Heritage can be reached at: AMERICAN HERITAGE AUCTIONEER, LLC 28461 US Hwy 19 North Clearwater, FL 33761 Tel: (727) 726-7272 Fax: (727) 796-9249 About Fiorella Inc. Headquartered in Clearwater, Florida, Fiorella, Inc., dba George's Auto Repair and Service filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 16-09052) on Oct. 21, 2016, listing $440,400 in total assets and $1.73 million in total liabilities. The petition was signed by George Nicovic, president. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., serves as the Debtor's bankruptcy counsel. An official committee of unsecured creditors has not yet been appointed in the case. FIRST PHOENIX-WESTON: Unsecureds To Be Fully Paid in 4 Installments ------------------------------------------------------------------- First Phoenix-Weston LLC and affiliates filed with the U.S. Bankruptcy Court for the District of Wisconsin a joint disclosure statement and accompanying joint plan of reorganization, a full-text copy of which is available at: http://bankrupt.com/misc/wiwb1-16-12820-168.pdf Class 7 consists of general creditors that hold unsecured claims against either Debtor in an allowed amount that is greater than $2,500. Class 7 Claims will be paid the full amount of their claims by the Debtors in four installments, occurring 3, 9, 15, and 21 months after the Effective Date. First Phoenix Group LLC will waive any distribution to which it may be entitled under the Plan by either Debtor. Any Creditor in Class 7 may elect to have its claim reduced to $2,500 and paid as a Class 8 Claim. Class 8 consists of general creditors that hold unsecured claims against either Debtor, the allowed amount of which is $2,500 or less. Class 8 Claims shall be paid, with no interest, within 3 months of the Effective Date. Funding of the cash payments due on the Effective Date will be from the Debtors' operations during the Chapter 11 case. Funding of the Plan's future installments to creditors will come from the normal operations of the Debtors' business after confirmation of the Plan. About First Phoenix-Weston LLC First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., were formed in 2010 to organize, develop, and manage an assisted living and skilled nursing care facility near three major regional hospitals in Central Wisconsin including St. Clare's Hospital, which is just a block away. The Facility combines an assisted living facility together with a skilled nursing facility in a resort-like atmosphere for its patients. The business is commonly known as the "Stoney River" assisted living and rehab. The Facility is comprised of two integrated businesses: a 35-unit skilled nursing rehabilitation center (commonly referred to as the skilled nursing facility, or "SNF"), and a 60- unit assisted living facility (the "ALF"). First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., filed Chapter 11 bankruptcy petitions (Bankr. W.D. Wisc. Case Nos. 16-12820 and 16-12821) on Aug. 15, 2016. The petitions were signed by Philip Castleberg, as part-owner. The Debtors estimate assets and liabilities in the range of $10 million to $50 million. Michael Best & Friedrich LLP serves as counsel to the Debtors. FLABEG SOLAR: Court Drops German Insurance Defendants from Suit --------------------------------------------------------------- Judge Carlota M. Bohm of the United States Bankruptcy Court for the Western District of Pennsylvania granted the motion filed by ERGO Versicherung AG, Allianz Versicherungs-AG, and NHA Hamburger Assekuranz-Agentur GmbH to dismiss the complaint in the adversary proceeding captioned FLABEG SOLAR US CORPORATION, Plaintiff, v. ERGO VERSICHERUNG AG, NHA HAMBURGER ASSEKURANZ-AGENTUR, GMBH, ALLIANZ VERSICHERUNGS-AG, and MUNICH RE, Defendants, Adv. Proc. No. 15-2152-CMB (Bankr. W.D. Pa.). Flabeg Solar US Corporation commenced the adversary proceeding on July 31, 2015. Flabeg Solar's claims arise out of two insurance policies, both issued through insurance broker Willis GmbH & Co. KG of Munich, Germany. Flabeg Solar was not involved in applying for coverage under the policies; rather, the application for coverage was handled by Flabeg Holding GmbH in Germany. Notably, Flabeg Holding GmbH is also the named insured on the policies. The movants, ERGO, Allianz, and NHA, all German insurance entities, underwrote the insurance policies in Germany. None of the the movants is incorporated or maintains a principal place of business in the United States. Flabeg Solar did not receive from the movants any invoice or statement for premiums or other charges related to the policies. Any invoices or statements received by Flabeg Solar for portions of premiums due under the policies were sent by the insurance broker, Willis. Likewise, the only payments made by Flabeg Solar for portions of the premiums were sent to and made payable to Willis. In its complaint, Flabeg Solar asserted that the movants provided insurance to Flabeg Solar related to Flabeg Solar's shipments of glass solar reflectors to its customers. Flabeg Solar submitted a claim seeking payment in the amount of $434,020.32 regarding losses suffered with respect to shipments to India. Flabeg Solar contended that the movants breached their contract by failing to remit payment. In addition, in violation of 42 Pa.C.S. Section 8371, Flabeg Solar avered that over two years passed without any communication regarding the status of Flabeg Solar's claim, entitling Flabeg Solar to an award of interest, punitive damages, court costs, and attorney's fees. Thereafter, the movants filed a motion, accompanied by a memorandum in support, seeking dismissal for lack of personal jurisdiction, improper venue, insufficient service of process, and failure to state a claim upon which relief can be granted pursuant to Fed.R.Civ.P. 12(b)(2), (3), (5), and (6). Judge Bohm found that Flabeg Solar did not plead sufficient facts in support of the exercise of general jurisdiction nor did the Flabeg Solar submit affidavits or any competent evidence to support a finding that the the movants are essentially at home in the United States. Further, the judge found that the Stipulated Findings of Fact provide no support for the exercise of general jurisdiction over the movants. Flabeg Solar asserted in its brief that "... it is believed and therefore averred that ERGO, NHA and Allianz had direct activities and involvement with broker Willis which maintains business offices throughout the United States including offices within this district." However, even assuming that the movants had direct contact with a broker, which happens to maintain offices in the United States, Judge Bohm held that this alone is insufficient for the purpose of establishing general jurisdiction. Accordingly, the judge concluded that Flabeg Solar failed to meet its burden, and the Court is unable to exercise general jurisdiction over the movants. Judge Bohm also held that neither can the action proceed against the movants on the basis of specific jurisdiction. The judge found that Flabeg Solar failed to demonstrate that the movants purposefully directed activities at this forum and that the litigation arises out of or relates to those activities. Judge Bohm thus ruled that the movants must be dismissed from the proceeding as the Court cannot exercise jurisdiction over them. The judge stated, however, that the adversary proceeding must remain open as Munich Re remains as a defendant. A full-text copy of Judge Bohm's December 7, 2016 memorandum opinion is available at https://is.gd/6R8j3B from Leagle.com. FLABEG Solar US Corporation is represented by: Robert O. Lampl, Esq. 960 Penn Avenue, Suite 1200 Pittsburgh, PA 15222 Tel: (412)392-0330 Fax: (412)392-0335 Munich RE is represented by: Jason L. Ott, Esq. Steven W. Zoffer, Esq. DICKIE, MCCAMEY & CHILCOTE, P.C. Two PPG Place, Suite 400 Pittsburgh, PA 15222-5402 Tel: (800)243-5412 Fax: (888)811-7144 Email: jott@dmclaw.com szoffer@dmclaw.com About FLABEG Solar US Corporation FLABEG Solar US Corporation, based in Clinton, PA, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 13-23353) on August 9, 2013. The Hon. Carlota M. Bohm presides over the case. Robert O. Lampl, Esq. serves as bankruptcy counsel. In its petition, the Debtor estimated up to $50,000 in assets and $50,000,001 to $100,000,000 in liabilities. The petition was signed by William Otto, president. FOREIGN ECONOMIC: Chapter 15 Case Summary ----------------------------------------- Chapter 15 Petitioner: State Corporation "Deposit Insurance Agency", as the Trustee and Foreign Representative of the Foreign Economic Industrial Bank Limited, "Vneshprombank" Ltd. Vysotskogo Street, 4 Moscow 109240 Russian Federation Chapter 15 Debtor: Foreign Economic Industrial Bank Limited, "Vneshprombank" Ltd. Komsomolsky Avenue 42 Building 1 Moscow 119992 Russian Federation Chapter 15 Case No.: 16-13534 Chapter 15 Petition Date: December 19, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Mary Kay Vyskocil Chapter 15 Petitioner's Counsel: Evan J. Zucker, Esq. BLANK ROME LLP 405 Lexington Avenue New York, NY 10174 Tel: 212-885-5000 Fax: 212-885-5001 E-mail: ezucker@blankrome.com Estimated Assets: Not Indicated Estimated Debts: Not Indicated FOUR CORNERS: Directed to File Plan Disclosures Before Mar. 1, 2017 ------------------------------------------------------------------- Judge K. Rodney May of the U.S. Bankruptcy Court for the Middle District of Florida ordered Four Corners Direct, Inc to file its plan of reorganization and disclosure statement on or before Mar 1, 2017. The Disclosure Statement shall, at the minimum, contain adequate information pertaining to the Debtor in the following areas: (a) Pre- and post-petition financial performance; (b) Reasons for filing Chapter 11; (c) Steps taken by the Debtor since filing of the petition to facilitate its reorganization; (d) Projections reflecting how the Plan will be feasibly consummated; (e) A liquidation analysis; and (f) A discussion of the Federal tax consequences as described in section 1125(a)(1) of the Bankruptcy Code. Four Corners Direct, Inc., based in Sarasota, Fla., filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-09620) on November 8, 2016. Suzy Tate, Esq. serves as bankruptcy counsel. In its petition, the Debtor indicated $0 in total assets and $10 million in total liabilities. The petition was Martin Lothman, president. FREEDOM MARINE: Creditor Seeks Ch. 11 Trustee Appointment --------------------------------------------------------- Creditor LB-AMNIA 14 LLC asks the U.S. Bankruptcy Court for the Southern District of Florida to enter an order directing the appointment of a Chapter 11 Trustee for Freedom Marine Finance, LLC. LB-AMNIA is the Debtor's largest, and for all intents and purposes, only Creditor. According to the creditor, the Debtor has repeatedly demonstrated that it cannot honestly and fairly administer its own affairs and the Debtor's single asset of real property. A conflict of interest exists in the form of an insider relationship between the Debtor and the Freedom Marine Services (the entity operating the marina business on the Debtor's real property which is owned and controlled by the same person as the Debtor), the creditor asserts. The Debtor has an absolute right to receive all of the rents generated from the real property, but to date, has only received less than half of the rental proceeds it was entitled to, the creditor says. For these reasons, a neutral manager in the form of a Chapter 11 Trustee is necessary, the creditor asserts. Therefore, the creditor asks that a Ch. 11 Trustee be appointed to oversee the Debtor's real property and account for the undisclosed handling of the rental income that is due and owning to the Debtor. The Creditor is represented by: Matthew J. Militzok, Esq. MILITZOK & LEVY, P.A. 3230 Stirling Road, Suite 1 Hollywood, FL 33021 Tel.: (954) 727-8570 Fax: (954) 241-6857 Email: mjm@mllawfl.com About Freedom Marine Freedom Marine Finance, LLC, is presently owned by Todd Littlejohn. Mr. Littlejohn has been involved in the marine industry his entire life. He has managed the marina owned by the Debtor through the real estate crash and has brought the business back from near closure to the point that it is now profitable. Freedom Marine Finance sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 16-18448) on June 13, 2016, disclosing under $1 million assets and liabilities. The petition was signed by Todd Littlejohn, president. David W. Langley has been approved by the Court as the Debtor's bankruptcy counsel. No official committee of unsecured creditors has been appointed in the case. FREEPORT-MCMORAN INC: Moody's Affirms B1 CFR, Alters Outlook to Pos ------------------------------------------------------------------- Moody's Investors Service changed Freeport-McMoRan Inc's outlook to positive from negative. At the same time, Moody's affirmed the B1 Corporate Family Rating (CFR), the B1-PD Probability of Default rating, and the B1 senior unsecured note ratings of FCX and Freeport-McMoRan Oil & Gas LLC. The rated debt instruments at FCX and FM O&G are cross guaranteed by the respective holding companies. The Ba2 senior unsecured ratings of Freeport Minerals Corporation, which have a downstream guarantee from FCX, were also affirmed. FCX's Speculative Grade Liquidity rating was changed to SGL-1 from SGL-2. Moody's notes that FCX has commenced an exchange offer whereby the senior unsecured notes issued by FM O&G, and FCX Oil and Gas LLC and FMSTP as co-issuers, as guaranteed by FCX can be tendered for new senior FCX notes, guaranteed by FM O&G having the same coupon and maturity date as the current FM O&G notes. A cash consideration for early tendering, which expired on December 12, 2016 was also included. As of the early tender deadline approximately $2.1 billion of the $2.3 billion outstanding had been tendered. The change to a positive outlook acknowledges FCX's success in executing its strategic objectives surrounding asset sales in order to delever its balance sheet as well as continuing to reduce capital expenditures and costs. The outlook change also considers the company's $1.5 billion at-the-market equity offering completed in late November 2016, which will further strengthen liquidity and debt reduction capacity. To date, FCX has closed on the sale of a 13% interest in Morenci for $1 billion, the sale of its interest in TF Holdings Limited (holds interest in Tenke Fungurume mine - Tenke) for $2.65 billion, the $2 billion (pre-closing adjustments) sale of its deepwater Gulf of Mexico (GMO) properties to Anadarko Petroleum Corporation, and other sales aggregating approximately $380 million. The sale of the onshore California oil and gas properties to Sentinel Peak Resources California LLC for $742 million is expected to close by year-end 2016. Issuer: Freeport-McMoRan Inc. -- Probability of Default Rating, Affirmed B1-PD -- Corporate Family Rating, Affirmed B1 -- Backed Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4) Upgrades: Issuer: Freeport-McMoRan Inc. -- Speculative Grade Liquidity Rating, Upgraded to SGL-1 from SGL-2 Outlook Actions: Issuer: Freeport-McMoRan Inc. -- Outlook, Changed To Positive From Negative Affirmations: Issuer: Freeport Minerals Corporation -- Backed Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 (LGD2) Outlook Actions: Issuer: Freeport Minerals Corporation -- Outlook, Changed To Positive From Negative Issuer: Freeport-McMoRan Oil & Gas LLC -- Backed Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD4) Outlook Actions: Issuer: Freeport-McMoRan Oil & Gas LLC -- Outlook, Changed To Positive From Negative RATINGS RATIONALE FCX's B1 CFR incorporates the company's weak debt protection metrics and increased leverage position as a result of the precipitous drop in copper and oil and gas prices in 2015 with pricing pressure continuing in 2016. For the twelve months ended September 30, 2016, EBIT/interest was 0x while debt/EBITDA was 7.1x although the quarter ended September 30, 2016 evidenced an improving trend. Operating performance during the first three quarters was impacted by labor and productivity issues at the Grasberg mine with volumes consequently lower than anticipated. Volumes were also challenged by difficulties in accessing higher grade ores at the bottom of the open pit mine as this mine moves towards completion, but are expected to be recovered in 2017 and 2018. In 2018, the shift to the Grasberg Block Cave underground mining will commence. The rating also considers event risk in Indonesia given the pending ban on copper exports scheduled to take place in mid-January 2017. Copper concentrate exports were excluded from the ban on the export of mineral ores that went into effect in January, 2014 although exports were initially delayed for several months. Ultimately, exports resumed with export tax payments being assessed. Pro-forma for the asset sales and repayment of the bank term loan ($2.5 billion), which the company has indicated, leverage would be just under 6x at year-end 2016 while cash balances, including proceeds from the at the market equity issuance are expected to be approximately $4.4 billion (net of the assumed term loan prepayment) with a portion dedicated to debt repayment in 2017. Copper prices averaged roughly $2.14 for the first ten months of 2016 but have been increasing since early November, peaking at about $2.67 in early December and subsequently retreating a bit. While the expected copper surplus in 2016 has not materialized at levels anticipated, Moody's do not believe underlying fundamentals have changed to the degree that the recent price run-up would indicate and expect there to be a level of price correction. Moody's copper sensitivities for 2017 and 2018 are $2.25/lb and $2.35/lb respectively. Notwithstanding the low price environment that has persisted in 2016, Moody's expects FCX's mining operations to generate EBITDA ranging between $3.5 and $3.8 billion and to be free cash flow generative on significantly reduced capital expenditures ($1.6 billion for mining operations). The rating acknowledges FCX's leading position in the global copper market as a low cost producer, the scale of its cost competitive copper mines and its diversified geographic footprint. The sale of a majority of the oil and gas assets and reduced capital expenditures associated with this business segment is expected to allow FCX to evidence improving earnings and cash flow trends on its low cost copper operations. For the nine months through September 30, 2016, net cash costs were $1.28/lb versus $1.56 for the comparable period in 2015. The positive outlook captures Moody's expectation that FCX will evidence improving debt protection metrics and reduced leverage, as measured by the debt/EBITDA ratio over the next 12 to 18 months and be free cash flow generative given the quality of its copper assets and low cost position. While Moody's believe the recent run-up in copper prices is not sustainable at the current levels, improved prices relative to most of 2016 should be evidenced. FCX's SGL-1 speculative grade liquidity rating reflects the company's strengthened cash position, expected to be $4.4 billion at year-end 2016 (assuming full prepayment of the term loan), and full availability under its $3.5 billion revolving credit facility. As a result of closed and pending asset sales exceeding $3 billion at June 30, 2016, the springing lien was not triggered at that time although the company was required to temporarily pledge its shares in FMC until the $3 billion threshold was reached. With the closing of the sale of its interest in Tenke in November, 2016, the $3 billion threshold was reached and the springing lien will not be triggered. The SGL-1 anticipates that a portion of the cash position will be used to continue to reduce debt in accordance with the company's stated strategic objectives and therefore continue to improve its capital structure and reduce interest expense. Also captured in the SGL-1 is the expectation that the company, following the sale of most of its oil and gas business, will be free cash flow generative over the next twelve months. Under Moody's Loss Given Default Methodology, the rating on the FCX and FM O&G notes at the same level as the CFR reflects the absence of secured debt in the capital structure and the parity of instruments. The Ba2 rating of FMC reflects the fact that this debt is at the operating company and benefits from a downstream guarantee from FCX. Should FCX be able to sustain a debt/EBITDA ratio of no more than 3.75x, ratings could be upgraded. The ratings could be downgraded should leverage, as measured by the debt/EBITDA ratio remain above 5x. Additionally, should copper prices be sustained below $2/lb, the rating could be lowered. Meaningful contraction in the liquidity profile would also lead to a downgrade. The principal methodology used in these ratings was Global Mining Industry published in August 2014. FCX, a Phoenix, Arizona based mining company, ranks among the top copper producers globally, is the world's largest producer of molybdenum and a major gold producer. Upon completion of the sale of its GOM oil and gas properties, and its California oil and gas properties, FCX's business will be comprised predominately of its copper mining operations and their related by-products. The company's global footprint includes copper mining operations in Indonesia through its 90% owned subsidiary PT Freeport Indonesia, the United States, Chile, and Peru. GATOR EQUIPMENT: Seeks to Hire BlackBriar Advisors as CRO --------------------------------------------------------- Gator Equipment Rentals of Iberia, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire a chief restructuring officer in connection with the Chapter 11 cases of the company and its affiliates. The Debtor proposes to hire BlackBriar Advisors, LLC to provide these services: (a) continued management of operations; (b) accounting and cash management; (c) development of projections and reorganization plan; (d) advising the Debtor on post-petition financing and cash collateral issues; and (e) appearing at hearings and meeting of creditors. The hourly rates charged by the firm for analysts and partners range from $125 to $365. Robert Schliezer, a manager partner of BlackBriar, disclosed in a court filing that his firm does not hold or represent any interest adverse to the Debtors or any of their creditors. The firm can be reached through: Robert Schliezer BlackBriar Advisors, LLC 3131 McKinney Ave., Suite 600 Dallas, TX 75204 Phone: 214.599.8600 Email: info@blackbriaradvisors.com About Gator Equipment Rentals Gator Equipment Rentals of Iberia, LLC, Gator Equipment Rental of Fourchon, LLC, Gator Crane Services, LLC, and Gator Equipment Rentals, LLC, filed Chapter 11 petitions (Bankr. Case No. 16-51667, 16-51668, 16-51669, and 16-51671) on Dec. 5, 2016. The Debtors are represented by Paul Douglas Stewart, Jr., Esq., Brandon A. Brown, Esq., and Ryan J. Richmond, Esq., at Stewart Robbins & Brown LLC. GIBLET INC: Names Robert Shilliday as Counsel --------------------------------------------- The Giblet, Inc. dba Souper Salad seeks authorization from the U.S. Bankruptcy Court for the District of Colorado to employ Robert J. Shilliday III and Vorndran Shilliday, P.C. as counsel. The Debtor requires Mr. Shilliday to: (a) provide the Debtor with legal advice with respect to its powers and duties as Debtor-in-Possession; (b) assist the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions that may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until a final decree herein the commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. section 362; and (e) perform all other legal services for the Debtor that may be necessary. Vorndran Shilliday will be paid at these hourly rates: Robert J. Shilliday III $300 Paralegal $100 Mr. Shilliday will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Shilliday holds a retainer for payment of post-petition fees and costs in the amount of $4,553 paid by the Debtor. The Debtor paid Mr. Shilliday a pre-petition retainer in the amount of $10,000. Mr. Shilliday, member of Vorndran Shilliday, 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. Vorndran Shilliday can be reached at: Robert J. Shilliday III, Esq. VORNDRAN SHILLIDAY, P.C. 1888 Sherman Street, Suite 760 Denver, CO 80203 Tel: (720) 439-2500 Fax: (303) 439-2501 E-mail: rjs@shillidaylaw.com The Giblet, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 16-21427) on November 22, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Robert J. Shilliday, III, Esq. GOD'S UNIVERSAL: Hires Exit Bennett as Real Estate Broker --------------------------------------------------------- God's Universal Kingdom Christian Church, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Maryland to employ Thurman Battle, Broker dba Exit Bennett Realty and Terrence Coles, Agent, as real estate broker. The Debtor requires Thurman Battle to market the Debtor's parcel of real estate with improved building on it used by the Debtor as a church. The real estate broker proposes a listing period of 6 months and a sales commission of 6% in the event that the Debtor's property is sold at a private sale as a result of the broker's efforts during the period of the listing agreement or any extensions thereof. Terence Coles, agent of Thurman Battle, 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. Thurman Battle can be reached at: Terence Coles THURMAN BATTLE, BROKER dba EXIT BENNETT REALTY 7701 Greenbelt Rd # 100 Greenbelt, MD 20770 Tel: (301) 459-5040 Fax: (301) 459-5044 About God's Universal Kingdom God's Universal Kingdom sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-21952) on Sept. 6, 2016. The petition was signed by Jennifer Robinson, treasurer. The case is assigned to Judge Wendelin I. Lipp. At the time of the filing, the Debtor disclosed $2.66 million in assets and $924,570 in liabilities. GOLDEN HARVEST CULINARY: Seeks to Hire Strategic Tax as Accountant ------------------------------------------------------------------ Golden Harvest Culinary Homewood, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire an accountant. The Debtor proposes to hire Strategic Tax & Accounting, LLC to prepare financial and tax documents related to its Chapter 11 case. The firm will be paid $500 per month for its services. Strategic Tax does not hold or represent any interest adverse to the Debtor's bankruptcy estate, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Brett S. Sheedy Strategic Tax & Accounting, LLC 2120 16th Avenue South, Suite 202 Birmingham, AL 35205 About Golden Harvest Culinary Golden Harvest Culinary Homewood, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 16-04472) on October 28, 2016. The petition was signed by Toshimi J. Hira, owner. The Debtor is represented by Cedrick Coleman, Esq., and Edward May, Esq. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. GRAND PANAMA RESORT: Taps Georgia Evans as Accountant ----------------------------------------------------- Grand Panama Resort Properties, LLC seeks authorization from the U.S. Bankruptcy Court for the Northern District of Florida to employ Georgia Evans of Professional Management Systems, Inc. as accountant. The Debtor requires Ms. Evans to: (a) give the Debtors financial and accounting advice with respect to its powers and duties as Debtor-in-Possession and with respect to the continued management of its property; (b) prepare on behalf of the Debtor-in-Possession necessary applications, answers, reports, and other financial papers; (c) prepare operating reports and financial projections regarding the administration of the Debtor's estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; and (e) perform all other accounting and financial services for the Debtor which may be necessary herein. Fees for the firm's services will be charged at the rate of $65 per hour plus expenses incurred. Fees for initial organization, setup and compiling historical financial data prior to January, 2016 will be discounted $20 per hour. Ms. Evans 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. Ms. Evans can be reached at: Georgia Evans PROFESSIONAL MANAGEMENT SYSTEMS 512 Pennsylvania Avenue Lynn Haven, FL 32444 Tel: (850) 441-2000 Fax: (866) 401-5685 E-mail: georgia@payrollandaccounting.net Grand Panama Resort Properties, LLC, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 16-50218-KKS) on Aug. 11, 2016. The petition was signed by Chad Wade, registered agent. The Debtor is represented by Charles M. Wynn, Esq., at Charles M. Wynn Law Offices, P.A. The case is assigned to Judge Karen K. Specie. The Debtor has been engaged in rental vacation real estate at Grand Panama Beach Resort Condominium in Bay County, Florida. The Debtor disclosed $1.14 million in assets and $1.34 million in liabilities. GRISHAM FARMS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Grisham Farms Transportation, LLC 7364 Newkirk Road Mountain Grove, MO 65711 Case No.: 16-61263 Chapter 11 Petition Date: December 19, 2016 Court: United States Bankruptcy Court Western District of Missouri (Springfield) Judge: Hon. Arthur B. Federman Debtor's Counsel: Jonathan A. Margolies, Esq. MCDOWELL, RICE, SMITH & BUCHANAN, PC 605 W. 47th Street, Suite 350 Kansas City, MO 64112 Tel: 816-753-5400 Fax: 816-753-9996 E-mail: jmargolies@mcdowellrice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Lexie Grisham, member. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/mowb16-61263.pdf GULF CHEMICAL: Seeks June 30 Plan Exclusivity Extension ------------------------------------------------------- Gulf Chemical & Metallurgical Corporation and Bear Metallurgical Company ask the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend the periods during which Gulf Chemical has the exclusive right to file a chapter 11 plan and to solicit acceptances of such plan, through and including June 30, 2017 and August 29, 2017, respectively. Bear Metallurgical has filed its Plan of Liquidation for BMC Liquidation Company (f/k/a Bear Metallurgical Company) on October 27, 2016, after the Court-approved sale of Bear Metallurgical's assets closed on October 4. Subsequently, after notice and a hearing, the Court, on December 13, 2016, entered an Order approving the Bear Disclosure Statement on a final basis and confirming the Bear Liquidation Plan. The Debtors relate that to date, Gulf Chemical has not received an acceptable offer to purchase its assets as a going concern. Accordingly, Gulf's primary focus has shifted from marketing its assets for sale to formulating the so-called Idling Plan and working with all interested parties to implement such plan, which Gulf Chemical believes will maximize the value of its estate for the benefit of all stakeholders. The Debtors also relate that the Court has entered an interim order authorizing Gulf Chemical to continue to receive debtor-in-possession financing from Comilog Holding for the duration of the Idling Plan, which order will become final automatically unless there are any objections filed on or before December 28, 2016. In addition, the Debtors relate that Gulf Chemical has worked closely with the Committee and Comilog to achieve a global settlement with those parties, which was approved by the Court, and has worked diligently to resolve certain issues with the Texas Commission on Environmental Quality, which is reflected in the court-approved settlement agreement, pursuant to which TCEQ allowed Gulf Chemical to avoid expensive litigation and operate in the ordinary course while attempting to sell its assets. The requested extension of the Exclusivity Period and Solicitation Period are intended to facilitate Gulf Chemical's ability to successfully implement the Idling Plan, which will also allow Gulf Chemical, among other things, to work with Comilog, the Committee, TCEQ, and other parties in interest to determine how best to conclude this chapter 11 case, whether via a chapter 11 plan or otherwise. About Bear Metallurgical & Gulf Chemical Bear Metallurgical Co. and Gulf Chemical & Metallurgical Corp. filed chapter 11 petitions (Bankr. W. D. Pa. Lead Case No. 16-22192) on June 14, 2016. The petitions were signed by Eric Caridroit, chief executive officer. The cases are assigned to Judge Jeffery A. Deller. At the time of the filing, Bear Metallurgical estimated assets and debts to be between $1 million and $10 million. Gulf Chemical estimated assets and debts to be between $100 million and $500 million. HARRINGTON & KING: Seeks April 6 Plan Exclusivity Extension ----------------------------------------------------------- The Harrington & King Perforating Co., Inc. and Harrington & King South, Inc. request the U.S. Bankruptcy Court for the Northern District of Illinois to extend their: -- exclusive period to file a chapter 11 plan through and including April 6, 2017, -- exclusive period to solicit votes on the Plan through and including July 6, 2017, and -- deadline to file their Plans to April 6, 2017. The Debtors relate that since the filing of their jointly-administered case, they have taken large steps to stabilize and rationalize business operations and to improve their financial performance to the level necessary to support a successful reorganization, including, among other things: reconciling their books and records, terminating redundant employees, filling key managerial positions, implementing cost saving procedures, fixing and replacing equipment, listing real estate not necessary for the Debtors' continued operations on the market, securing a postpetition line of credit to fund inventory purchases for larger orders, and beginning the process of terminating H&K Chicago's pension plan. The Debtors contend that while these efforts already have positively impacted their financial performance, the Debtors believe that it makes sense to establish a longer and stronger track record of improved performance before filing plans of reorganization, especially because the deadlines for filing a plan is currently January 6, 2017, which follows the historically slowest month of the year for the Debtors due to the Thanksgivings, Christmas and other holidays falling in late November through January 1. Further, the Debtors contend that the distressed termination of the H&K Chicago pension plan is an unresolved contingency that is critical to the Debtors' reorganization. Such that, Inland Bank and Trust, the Debtors' primary secured creditor, and the Committee, as well as the U.S. Trustee, each indicated that they would prefer that the Debtors not file a plan prematurely on January 6, 2017, and that they would prefer that the Debtors take additional time to file a plan supported by solid projections and that hopefully has the consent of the Pension Benefit Guaranty Corp. A hearing on the Debtors' request will be held on December 28, 2016, at 9:30 a.m. About The Harrington & King Perforating Co. The Harrington & King Perforating Co., Inc., and Harrington & King South Inc. are in the business of manufacturing perforating metal sheets and rolled coils of varying gauges and types to produce hole patterns of various sizes, shapes, and spacing. Most of the work is done to customer specifications and consists of high value-added jobs, not typical of most metal punching. The products are used in automotive, acoustics, architecture, food and pharmaceutical straining and filtering, interior design, manufacturing, safety flooring, pollution control, transportation and mining cleaning and grading, electronics and other fields. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case Nos. 16-15650 and 16-15651) on May 7, 2016. The petitions were signed by Greg McCallister, chief restructuring officer and chief operating officer. The cases are jointly administered under Case No. 16-15650. The cases are assigned to Judge Deborah L. Thorne. The Debtors estimated assets and liabilities in the range of $1 million to $10 million. The Debtors are represented by William J. Factor, Esq., at FactorLaw. HAUBERT HOMES: Hires Wix Wenger as Special Counsel -------------------------------------------------- Haubert Homes, Inc. seeks authorization from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Wix, Wenger & Weidner, P.C. as special counsel, nunc pro tunc to November 1, 2016. The professional services to be rendered by Wix Wenger include, but are not limited to, representation of the Debtor concerning the Weatherfield Planned Community and its Association. Wix Wenger will be paid at these hourly rates: Attorneys $275-$340 Paralegals $100-$130 Law Clerks $100 Wix Wenger will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen J. Dzuranin, shareholder of Wix Wenger, 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. Wix Wenger can be reached at: Stephen J. Dzuranin, Esq. WIX, WENGER & WEIDNER, P.C. 508 North Second Street Harrisburg, PA 17101 Tel: (717) 234-4182 Fax: (717) 234-4224 About Haubert Homes Haubert Homes, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M. D. Pa. Case No. 15-03340) on August 3, 2015. The petition was signed by Don E. Haubert, Sr., president. The case is assigned to Judge Mary D. France. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. HEBREW HEALTH: Plan Filing Period Extended Through February 15 -------------------------------------------------------------- Judge Julie A. Manning of the U.S. Bankruptcy Court for the District of Connecticut extended the exclusive periods during which Hebrew Health Care, Inc. and its affiliated Debtors may file a chapter 11 plan and solicit acceptances to a plan, to and including February 15, 2017 and April 14, 2017, respectively. The Troubled Company Reporter had earlier reported that the Debtors asked the Court to extend their plan exclusivity period until December 13, 2016, and solicitation period through February 11, 2017. The Debtors related that during the initial months of their cases, they worked almost exclusively on the process of selling Hebrew Home and Hospital, Incorporated's Skilled Nursing Facility, where such sale is integral to the Debtors' ability to reorganize. The Court entered its Sales Procedures Order, which set a deadline of Noon on November 15, 2016 for the submission of bids, scheduled an auction for 10:00 a.m. on November 17, 2016, and a hearing on approval of the sale for November 30, 2016 at 10:00 a.m. The Debtors contended that if the sale is approved, they will need to close on or before December 15, 2016 or they risk running out of money, as they will not have sufficient funds to sustain operations and cover the continuing loses of the Skilled Nursing Facility. The Debtors further contended that once they are relieved of the burden of operating the Skilled Nursing Facility and the attendant losses, they will be in a position to finalize and file a plan or plans for the remaining businesses. The Debtors averred that they were in court on numerous different occasions to deal with contested matters, including motions for approval of funding and authority to use cash collateral. They further averred that their employees with the aid of financial consultants have also been intensively involved in preparing budgets for the court hearings on the funding motions in a format and a level of detail not previously necessary for the Debtors' budgeting. The Debtors added that Wells Fargo, N.A., as well as the Official Committee of Unsecured Creditors have requested financial documentation and reports that have put further substantial time demands on the Debtors and their financial consultants. The Debtors told the Court that in order to accomplish as much as they have, the Debtors have had to contend with and address the innumerable demands from their creditors, vendors, suppliers, employees, utilities, insurance carriers and others. The Debtors further told the Court that all of these activities have contributed to their ability to focus their energies on operations and to be in a position to fund a plan of reorganization as soon as the sale of the Skilled Nursing Facility consummates. About Hebrew Health Care, Inc. Hebrew Health Care, Inc., Hebrew Life Choices, Inc., Hebrew Community Services, Inc., and Hebrew Home and Hospital, Incorporated, filed Chapter 11 petitions (Bankr. D. Conn. Case Nos. 16-21311, 16-21312, 16-21313, and 16-21314, respectively) on Aug. 15, 2016. The petitions were signed by Bonnie Gauthier, CEO. Their cases are assigned to Judge Ann M. Nevins. The Debtors are represented by Elizabeth J. Austin, Esq., at Pullman and Comley, LLC. At the time of the filing, Hebrew Health Care, Inc., estimated assets at $1 million to $10 million and liabilities at $100,000 to $500,000; Hebrew Life Choices, Inc. estimated assets at $10 million to $50 million and liabilities at $10 million to $50 million; Hebrew Community Services, Inc. estimated assets at $500,000 to $1 million and liabilities at $100,000 to $500,000; and Hebrew Home and Hospital estimated assets at $1 million to $10 million and liabilities at $10 million to $50 million. The United States Trustee for Region 2 appointed The Connecticut Light and Power Company, McKesson Corporation, and Morrison Management Specialists, Inc. to serve on the Official Committee of Unsecured Creditors. HERCULES OFFSHORE: Enterprise Buying Assets, Auction on Jan. 12 --------------------------------------------------------------- HERO Liquidating Trust, liquidating trust for Hercules Offshore, Inc., and affiliates, files a notice with the U.S. Bankruptcy Court for the District of Delaware disclosing the Enterprise Offshore Drilling, LLC-led auction of GOM Fleet and related assets on Jan. 12, 2017. The Debtors have entered into an asset purchase agreement, dated Nov. 18, 2016 ("Stalking Horse Purchase Agreement"), with Enterprise Offshore Drilling ("Stalking Horse Bidder"), to sell the Debtors' GOM fleet and related assets free and clear of all liens, claims, encumbrances and other interests to the Stalking Horse Bidder, subject to the submission of higher or better offers in an auction process. In connection with the proposed Sale, on Nov. 30, 2016, the Debtors filed a Motion seeking court orders for the approval and authorization of, among other things, (a) the Sale, (b) bidding procedures in connection with the Sale, (c) the payment to the Stalking Horse Bidder, if necessary, of a Break-Up Fee and Expense Reimbursement, (d) the form and manner of notices relating to the Sale, and (e) procedures related to the assumption and assignment of executory contracts and unexpired leases in connection with the Sale. On Dec. 2, 2016, the Debtors consummated the Debtors' Modified Joint Prepackaged Chapter 11 Plan (Incorporating Mediation Settlement). Accordingly, on the Effective Date, pursuant to the terms of the Plan, the Assets automatically vested in the HERO Liquidating Trust. On Dec. 13, 2016, the Court entered Bidding Procedures Order approving the Bidding Procedures, which establish the key dates and times related to the Sale. The deadline by which all Qualified Bids must be actually received by the parties specified in the Bidding Procedures Order is Jan. 9, 2017 at 5:00 p.m. (PET). If the Liquidating Trust receives one or more Qualified Bids (in addition to the Stalking Horse Purchase Agreement) that satisfy the requirements and timeframe specified by the Bidding Procedures, the Liquidating Trust will conduct the Auction to determine the highest and best bid for the purchased assets on Jan. 12, 2017 at 10:00 a.m. (PET) at the offices of Akin Gump Strauss Hauer & Feld LLP, co-counsel to the Liquidating Trust, at 1111 Louisiana Street, 44th Floor, Houston, Texas, or at such other location as the Liquidating Trust may hereafter designate. If no other Qualified Bid is received by the Bid Deadline (other than the Stalking Horse Bid), then the Auction will not be held, and the Liquidating Trust will promptly seek the Court's approval of the sale of the Assets to the Stalking Horse Bidder in accordance with the terms of the Stalking Horse Purchase Agreement. Only the Liquidating Trust, the Stalking Horse Bidder, any other Qualified Bidders that have timely submitted a Qualified Bid, their respective representatives, any creditor that notifies the Liquidating Trust of its intent to attend the Auction by no later than Jan. 9, 2017 at 5:00 pm (ET), and the United States Trustee will be permitted to attend the Auction. The Liquidating Trust will seek approval of the Sale on Jan. 18, 2017 at 10:00 a.m. (PET). Objections to the Motion, if any, must be filed no later than Jan. 13, 2017 at 4:00 p.m. (PET). About Hercules Offshore Hercules Offshore, Inc., and its debtor and non-debtor subsidiaries are providers of shallow-water drilling and marine services to the oil and natural gas exploration and production industry globally. Hercules Offshore and 13 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. D. Del. Case Nos. 16-11385 to 16-11398) on June 5, 2016. The petitions were signed by Troy L. Carson as vice president. The Debtors listed total assets of $1.06 billion and total debt of $521.4 million as of March 31, 2016. The Debtors have hired Michael S. Stamer, Esq., Philip C. Dublin, Esq., David H. Botter, Esq., and Kevin M. Eide, Esq., at Akin Gump Srauss Hauer & Feld LLP as general bankruptcy counsel and Robert J. Dehney, Esq., Eric D. Schwartz, Esq., and Matthew B. Harvey, Esq., at Morris, Nichols, Arsht & Tunnell LLP as co-counsel. The U.S. Bankruptcy Court issued an order appointing Judge Christopher Sontchi as mediator to govern mediation procedures and assist in resolving certain objections related to confirmation of Hercules Offshore's Joint Prepackaged Chapter 11 Plan of Reorganization. On June 20, 2016, the U.S. Trustee for the District of Delaware appointed three members to the Equity Committee. The Equity Committee is represented by Hogan McDaniel and Kasowitz, Benson, Torres & Friedman LLP as co-counsel and Ducera Securities LLC as financial advisors. Kirkland & Ellis LLP and Kirkland & Ellis International LLP, White & Case LLP and Klehr Harrison Harvey Branzburg LLP represent an ad hoc group of certain first lien lenders party to that certain credit agreement, dated as of Nov. 6, 2015, by and among Hercules Offshore, Inc., as borrower, the Subsidiary Guarantors as guarantors, the lenders party thereto, and Jefferies Finance LLC, as administrative agent and collateral agent, as creditors and parties-in-interest in the Debtors' Chapter 11 cases. HOTEL PARK: Names Byung Sup Cha as Accountant --------------------------------------------- Hotel Park Regency LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Byung Sup Cha, CPA and Sang H. Kang & Associates as accountant. The Debtor requires the accounting firm to: (a) prepare the monthly operating report; (b) prepare all the required tax returns including but not limited to the business annual tax return; and (c) prepare financial statements as to the Debtor including but not limited to the income and expense statement, next 6- month income and expense projection and such other financial statements as may be necessary in connection with this case. The accounting firm will be compensated as follows: -- for the Monthly Operating Report, $200 for each month; -- for other financial statements, $200 per financial statement; and -- for business tax returns, $300 per return. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Byung Sup Cha 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. The firm can be reached at: Byung Sup Cha SANG H. KANG & ASSOCIATES 5709 Center Square Drive #5 Centreville, VA 20120 Tel: (877) 338-8116 Headquartered in Annandale, Va., Hotel Park Regency LLC filed for Chapter 11 bankruptcy protection (Bankr. E.D. Va. Case No. 16-13442) on October 11, 2016. The Hon. Brian F. Kenney presides over the case. Weon Geun Kim, Esq. serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and liabilities. The petition was signed by Moon Park, managing member. HUNTWICKE CAPITAL: Delays Filing of Oct. 31 Form 10-Q ----------------------------------------------------- Huntwicke Capital Group Inc. said it was unable, without unreasonable effort or expense, to file its quarterly report on Form 10-Q for the period ended Oct. 31, 2016, by the Dec. 15, 2016, filing date applicable to smaller reporting companies due to a delay experienced by the Company in completing its financial statements and other disclosures in the Quarterly Report. As a result, the Company is still in the process of compiling required information to complete the Quarterly Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the period ended Oct. 31, 2016, to be incorporated in the Quarterly Report. The Registrant anticipates that it will file the Quarterly Report no later than the fifth calendar day following the prescribed filing date. About Huntwicke Capital Huntwicke Capital Group Inc., formerly known as Magnolia Lane Income Fund, was incorporated in the state of Delaware on May 12, 2009. The Company was formed to commence business as a stock agent in the wool trade. On May 13, 2013, the Company entered into a stock purchase agreement with Ian Raleigh and Michael Raleigh and Magnolia Lane Financial, Inc., whereby the Purchaser purchased from the Sellers, 10,000,000 shares of common stock, par value $0.0001 per share, of the Company, representing approximately 69.57% of the issued and outstanding shares of the Company. As a result, the Purchaser became the majority shareholder of the Company. Magnolia Lane reported a net loss of $197,969 for the year ended April 30, 2016, compared to a net loss of $187,294 for the year ended April 31, 2015. As of July 31, 2016, Magnolia Lane had $3.58 million in total assets, $2.01 million in total liabilities and $1.56 million in total equity. Liggett & Webb, P.A., in Boynton Beach, Florida, issued a "going concern" qualification on the consolidated financial statements for the year ended April 30, 2016, citing that the Company has used cash in operations of $22,835 and an accumulated deficit of $707,094 at April 30, 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. IHEARTCOMMUNICATIONS INC: Fitch Affirms 'CC' Issuer Default Rating ------------------------------------------------------------------ Fitch Ratings has affirmed iHeartCommunications, Inc.'s Long-Term Issuer Default Rating (IDR) at 'CC' and all of iHeart's individual issue ratings. Fitch has also affirmed the IDRs for Clear Channel Worldwide Holdings, Inc. and Clear Channel International B.V. at 'B'. CCWW and CCIBV are indirect, wholly-owned subsidiaries of Clear Channel Outdoor Holdings, Inc., iHeart's 89.9% owned outdoor advertising subsidiary. The Rating Outlook on the outdoor subsidiaries is Stable. Fitch believes that iHeart's 'CC' IDR incorporates iHeart's recent decision to not repay the $57.1 million in 5.5% senior unsecured notes due to its subsidiary, Clear Channel Holdings, Inc. (CCH) on Dec. 15, 2016, although iHeart repaid $192.9 million due to public holders. The decision not to pay the $57.1 million does not constitute an event of default in Fitch's view as the only holder negatively impacted was CCH and the subsidiary is not going to pursue remedy. iHeart does not trigger cross-default provisions in the senior secured credit facilities or the bond indentures as it does not meet the $100 million threshold for principal non-repayment. iHeart's primary motivation for keeping $57.1 million of the 2016 notes outstanding is that it prevents a trigger of a springing lien present in its credit agreement and bond indentures if less than $500 million of the senior unsecured legacy notes remain outstanding. The springing lien if triggered would give incremental collateral in Principal Properties to the senior secured credit facilities, the secured Priority Guarantee Notes (PGNs) and the remaining $475 million of senior unsecured legacy noteholders. iHeart's Board of Directors also recently approved a new charter which authorizes the issuance of up to 200 million of new Class D common stock and up to 150 million of preferred stock. Fitch believes that the company's recent actions are setting the stage for a potential restructuring event. Ultimately, Fitch believes that iHeart's capital structure is unsustainable and while the company has adequate levers to manage liquidity over the near-term, a restructuring event is probable within the next year or two and could take the form of either a bankruptcy filing or an out-of-court restructuring, such as a debt-for-equity exchange, which Fitch would likely consider a default. Fitch also views negatively the increased risk of litigation from iHeart's different classes of noteholders as it will distract the company from focusing on its core operations. The senior credit facilities are currently secured by a first-priority security interest in and a mortgage pledge on the stock of iHeart and the stock and intercompany debt of wholly owned domestic subsidiaries of iHeart, that are not restricted by the legacy note indenture. The credit facilties' security interest in principal properties is limited to a permitted amount until the aggregate principal outstanding of legacy unsecured notes falls below $500 million. The Permitted Amount as defined by the credit agreement is based on a calculation of 15% of iHeart's consolidated shareholder's equity as of the most recent annual report filing. Notably, shareholder's equity was negative $10.6 billion as of Dec. 31, 2015. The credit facilities also are secured by a first-priority interest in the non-principal properties and have a perfected second-priority interest in the receivables collateral securing the ABL facility. The secured PGNs have access to largely the same security package as the credit facilities, with the exception of the security interest in Principal Properties which will not become available until the springing lien is triggered. Fitch has affirmed the ratings of subsidiaries CCWW and CCIBV based on the outdoor segment's stand-alone operating and credit profile. CCWW and CCIBV debtholders are protected in the event iHeart defaults as no guarantees or cross-default provisions exist between the subsidiaries and iHeart. However, in the event of a restructuring at iHeart, CCOH becomes an unsecured creditor with the $769.5 million it was due as of Sept. 30, 2016 due to CCOH under the intercompany revolving promissory note between iHeart and CCOH. KEY RATING DRIVERS Leveraged Capital Structure: The ratings reflect iHeart's highly levered capital structure. Fitch estimated total and secured leverage of 12.2x and 7.5x, respectively, as of Sept. 30, 2016. Total leverage exceeds levels at the leveraged buyout, as minimal FCF has prevented debt reduction and EBITDA has not returned to pre-downturn levels. Resolution of Legal Issues: In May 2016, iHeart prevailed in a lawsuit with noteholders related to its transfer of 100 million shares of Clear Channel Outdoor Holdings, Inc. to Broader Media, LLC, a wholly owned subsidiary of iHeart that now owns 27.6% of CCOH. Fitch believes iHeart may be considering issuing debt at Broader Media secured by the shares, with potential uses to include offering existing iHeart bondholders the option to exchange their holdings into new Broader Media debt. Near-Term Maturities Reduced: iHeart completed several transactions over the past 18 months that reduced near-term maturities and improved liquidity. Most recently, in July 2016 the Broader Media LLC subsidiary repurchased roughly $383 million of aggregate principal of the 10% senior unsecured notes due 2018 at a discount for $222 million in cash. The repurchase will reduce annual interest expense by $38 million. The company now has $245 million in 2017 (including the $230 million outstanding under the ABL facility), and $564 million maturing in 2018 (down from $930 million due to recent open market repurchases). The next maturity wall is in 2019, when $8.3 billion matures. Levers to Address Maturities: iHeart has several levers to address near-term maturities. Primary sources of liquidity include iHeart's cash on hand of $149 million as of Sept. 2016, excluding $394 million in cash held at CCOH, and $149 million available under the asset-based lending (ABL) facility. Additional sources of liquidity include a possible dividend distribution from CCOH non-core asset sales (CCOH closed on the sale of the Australian outdoor properties for $204 million in October) or the possibility of incremental secured debt issuance through new notes at a parent or the subsidiary level. Fitch expects iHeart will continue to execute on these liquidity levers to meet near-term maturities and fund FCF burn. Incremental Senior Borrowing Capacity: On Oct. 4, 2016, iHeart announced the success of the consent solicitation to the holders of the senior notes due 2021 to amend the borrowing capacity under the Credit Facility - increasing the principal amount $500 million to $17.271 billion. Fitch views this amendment positively as it improves short-term liquidity by increasing the senior borrowing capacity. Capital Market Flexibility: Recent credit markets have been accommodating to iHeart and other highly leveraged issuers until experiencing significant duress last year. Although capital markets regained their footing, their willingness to accommodate highly levered credits is suspect and their flexibility would ultimately depend on iHeart's ability to reduce secured leverage to a level where lenders would be willing to recommit capital, which is likely below the 6x level at which the banks originally lent. Outdoor Subsidiary Ratings: Clear Channel Worldwide Holdings, Inc.'s (CCWW) IDR considers its stand-alone credit and operating profile, as well as its legal and operational relationship with iHeart. CCWW is an indirect wholly-owned subsidiary of Clear Channel Outdoor Holdings, Inc. (CCOH), a 89.9% owned subsidiary of iHeart, which holds all of iHeart's outdoor assets. Although there is material protection for CCWW, iHeart is expected to continue to extract cash from the entity. KEY ASSUMPTIONS Fitch's key assumptions within the rating case include: -- Fitch assumes that radio revenues grow at 1% over the forecast period. -- Fitch estimates declines in Outdoor revenue in 2017 reflect impact of non-core asset divestitures and that consolidated Outdoor revenues return to low single-digit growth in 2018. -- Fitch estimates EBITDA margins remain roughly flat in the 29% range on a consolidated basis. -- Fitch estimates capex of $325 million in 2016 at the mid-point of management's 2016 guidance and capex approximating 5% of revenues thereafter. Capex continues to be weighted towards the Outdoor segment and in particular the build of digital displays. -- Fitch does not expect a material amount of improvement of iHeart's credit profile or absolute debt reduction over the next several years, given the expected negative FCF. -- Fitch does not include any material asset sales other than the ones already announced and closed. -- iHeart will need to conduct further liquidity enhancing transactions to meet 2018 maturities. RATING SENSITIVITIES Positive: Fitch does not currently anticipate a rating upgrade given iHeart's unsustainable capital structure, its resulting high cash interest burden and FCF burn, as well as the cyclical and secular pressures inherent in the radio industry. Negative: Given the company's unsustainable capital structure, Fitch believes there is limited room at the current rating level for deterioration in the company's operating performance or liquidity profile. An inability to repay or extend maturities would result in a downgrade. Lastly, indications that a DDE is probable in the near term would also drive a downgrade. LIQUIDITY Liquidity remains limited, although Fitch believes iHeart could use available liquidity levers to meet upcoming interest and principal repayments. iHeart had $149 million in balance sheet cash as of Sept. 30, 2016, excluding the $394 million in cash held at CCOH. Backup liquidity consists of the ABL facility that matures in December 2017. Availability under the ABL facility was approximately $148.5 million as of Sept. 30, 2016. Clear Channel Outdoor International also closed on the sale of its Australian Outdoor operations in October 2016 for aggregate proceeds of $204 million. Notably, the proceeds of this asset sale sit at subsidiary CCOH and parent iHeartCommunications' access to the proceeds would require a dividend distribution and approval from Clear Channel Outdoor's Board of Directors. However, Fitch believes there is adequate capacity under the company's restricted payments basket to make a distribution. Pro forma for the December 15th principal repayment, iHeart now has $245 million in debt maturing in 2017 (including the $230 million outstanding under the ABL facility), and $564 million maturing in 2018 (down from $930 million due to recent open market repurchases). The next maturity wall is in 2019, when $8.3 billion matures. However, Fitch remains concerned about the continued FCF burn and the sizeable, albeit reduced, amount of debt maturing in 2018, which Fitch believes will require incremental liquidity generating transactions. As of Sept. 30, 2016, iHeart had approximately $20.7 billion of debt outstanding, including $15.5 billion in debt held at iHeartCommunications and $4.95 billion in debt held at Clear Channel Worldwide Holdings, Inc. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: iHeartCommunications, Inc. -- Long-term IDR at 'CC'; -- Senior secured term loans at 'CC/RR4'; -- Senior secured priority guarantee notes at 'CC/RR4'; -- Senior unsecured guarantee notes due 2021 at 'C/RR6'; -- Senior unsecured legacy notes at 'C/RR6'. Clear Channel Worldwide Holdings, Inc. -- Long-term IDR at 'B'; -- Senior unsecured notes at 'BB-/RR2'; -- Senior subordinated notes at 'B-/RR5'. Clear Channel International B.V. -- Long-term IDR at 'B'; -- Senior unsecured notes at 'BB-/RR2'. INDUSTRIAL RIDE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Industrial Ride Shop, LLC 5325 S. Kyrene Road, Suite 104 Tempe, AZ 85283 Case No.: 16-14176 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Brenda K. Martin Debtor's Counsel: Hilary L Barnes, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 E-mail: hbarnes@allenbarneslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Douglas Butcher, managing member. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb16-14176.pdf INSTITUTE OF CARDIOVASCULAR: Has Until Jan. 29 to File Ch. 11 Plan ------------------------------------------------------------------ Judge Jerry A. Funk of the U.S. Bankruptcy Court for the Middle District of Florida extended the exclusive periods during which only Institute of Cardiovascular Excellence, PLLC, and its affiliated Debtors may file a chapter 11 plan and disclosure statement, and solicit acceptances to the plan, through and including February 14, 2017 and April 17, 2017, respectively. Judge Funk held that in the event that the sale of substantially all assets of the Debtors does not close by December 31, 2016, then, the Debtors' exclusivity period in which to file a plan and disclosure statement, and solicit acceptances to the plan will be extended through and including January 29, 2017 and April 3, 2017, respectively. The Troubled Company Reporter had earlier reported that the Debtors sought an extension because of the ongoing sale of substantially all of their assets which will have a material impact on any plan. In addition, the Debtors related that the proposed settlement agreement with the US Government and Florida State Government, which is yet to be approved, will have a material impact on the plan as well. About Institute of Cardiovascular Excellence, PLLC Institute of Cardiovascular Excellence, PLLC, based in Ocala, Florida, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-01491) on April 20, 2016. The petition was signed by Asad Qamar, manager. Judge Jerry A. Funk presides over the case. The Debtor estimated $0 to $50,000 in assets and $10 million to $50 million in liabilities at the time of the filing. The Debtor is represented by Aaron A Wernick, Esq., at Furr & Cohen, PA. The Debtor employs Jameson Vicars of Jameson Vicars & Co., CPAS as Accountant; Tracy Mabry Law, PA. as special counsel; and Ackerman, LLP as special transactional counsel. No official committee of unsecured creditors has been appointed in the case. INTREPID POTASH: Hires Investment Bank Pursuant to Noteholder Pact ------------------------------------------------------------------ Intrepid Potash, Inc., announced it has engaged Cantor Fitzgerald & Co. to assist in assessing potential strategic alternatives available to Intrepid. "Cantor Fitzgerald brings to the table significant mining and minerals experience and a global full-service investment banking suite that can assist us throughout the process of evaluating our alternatives and pursuing a thoughtful path forward," said Bob Jornayvaz, Intrepid's executive chairman, president and CEO. "We look forward to working with the experienced Cantor Fitzgerald team as we prudently evaluate the strategic alternatives available to us." Intrepid had previously agreed with its noteholders, pursuant to the terms of an Amended and Restated Note Purchase Agreement, dated Oct. 31, 2016, to engage a nationally recognized investment bank to assess, evaluate and assist in pursuing potential strategic alternatives available to Intrepid, as determined to be appropriate by Intrepid. These potential strategic alternatives could include, but are not limited to, continuing its current operating plan, equity offerings or balance sheet restructurings, merger and acquisition opportunities, partnership or joint venture opportunities, entering into new or complementary businesses or a sale of Intrepid or some or all of Intrepid's assets. The Company gives no assurance that this evaluation will result in any transaction. Intrepid has not set a timetable for the completion of the strategic review process and does not intend to discuss or disclose further developments related to its evaluation unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate. About Intrepid Intrepid Potash -- http://www.intrepidpotash.com/-- is the only U.S. producer of muriate of potash and supplied approximately 9% of the country's annual consumption in 2015. Potash is applied as an essential nutrient for healthy crop development, utilized in several industrial applications and used as an ingredient in animal feed. Intrepid also produces a specialty fertilizer, Trio(R), which delivers three key nutrients, potassium, magnesium, and sulfate, in a single particle. Intrepid serves diverse customers in markets where a logistical advantage exists; and is a leader in the utilization of solar evaporation production, one of the lowest cost, environmentally friendly production methods for potash. After the idling of its West mine in July 2016, Intrepid's production will come from three solar solution potash facilities and one conventional underground Trio(R) mine. As of Sept. 30, 2016, Intrepid Potash had $581.5 million in total assets, $202.6 million in total liabilities and $378.9 million in total stockholders' equity. The Company reported a net loss of $525 million in 2015 following net income of $9.76 million in 2014. KPMG LLP, in Denver, Colorado, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company anticipates that due to current market conditions, they may not meet their current debt covenant requirements in 2016, which could result in the acceleration of debt maturities and other remedies pursuant to the terms of the debt. These matters raise substantial doubt about their ability to continue as a going concern. IREP MONTGOMERY-MRF: Seeks 90-Day Plan Exclusivity Extension ------------------------------------------------------------ IREP Montgomery-MRF, LLC seeks a 90-day extension from the U.S. Bankruptcy Court of the Middle District of Alabama of the time periods in which the Debtor has the exclusive right to file and confirm a plan. The Debtor owns a mixed materials recovery facility which, prior to its closure, was processing the municipal solid waste for the City of Montgomery and the Municipal Solid Waste Disposal Authority. The Debtor relates that prior to the filing of its bankruptcy case, it has negotiated an asset purchase agreement with the City of Montgomery and the Waste Disposal Authority, as the Debtor intends to sell its assets under Section 363 utilizing the City of Montgomery and the Waste Disposal Authority as a "stalking horse bidder" under the APA. The Debtor further relates that prior to the commencement of its case, some 20 different companies had expressed an interest in operating or purchasing the Facility, such that the parties envisioned that the Sec. 363 sale motion would be filed fairly quickly after the commencement of the case and the Debtor would be able to assess fairly quickly whether a plan might be beneficial. The Debtor contends that the Tien Trust has taken an active role in the case since the filing of the Petition, specifically, hiring a consulting firm to examine the Facility and to try and generate further interest. The Debtor further contends that the Parties have met and have produced documents requested, and are producing further documents. Accordingly, the Debtor has forestalled in filing its 363 motion to afford the Tien Trust an opportunity to pursue other parties possibly interested in the Facility. About IREP Montgomery-MRF IREP Montgomery-MRF, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M. D. Ala. Case No. 16-32279) on August 20, 2016. The petition was signed by Kyle Mowitz, manager. The case is assigned to Judge Dwight H. Williams Jr. At the time of the filing, the Debtor estimated its assets at $10 million to $50 million and debts at $50 million to $100 million. The Debtor is represented by Clyde Ellis Brazeal, III, Esq., at Jones Walker LLP. JAMES WILSON: Hires Miller & Martin as Bankruptcy Counsel --------------------------------------------------------- James Wilson Company seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Miller & Martin PLLC as bankruptcy counsel, nunc pro tunc to the November 20, 2016 petition date. The Debtor requires Miller & Martin to: (a) assist the Debtor in negotiations with its creditors, obtaining the use of cash collateral, restructuring its debts, filing a plan of reorganization, and reorganizing its business affairs: (b) give the Debtor legal advice with respect to its powers and duties in the continued operation of the Debtor; (c) prepare legal forms, pleadings, motions and other documents for filing in the Bankruptcy Court and to assist and advise the Debtor regarding the preparation and filing of the schedules, statement of financial affairs, monthly reports and other schedules, lists and reports required to be filed by the Debtor; (d) advise and assist the Debtor in the formulation and filing of a disclosure statement and plan of reorganization in this case; (e) examine and, if necessary, contest claims filed or asserted by creditors and to represent the Debtor in contested matters involving the extent, validity, valuation or allowance of claims; (f) represent the Debtor in adversary proceedings brought by or against it; and (g) render such other legal services as might properly be required by the Debtor. Miller & Martin will be paid at these hourly rates: Laura F. Ketcham $295 M. Craig Smith $295 Sharon A. Diegel, Paralegal $205 Miller & Martin will also be reimbursed for reasonable out-of-pocket expenses incurred. Laura F. Ketcha, of Miller & Martin, 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. Miller & Martin can be reached at: Laura F. Ketcham, Esq. M. Craig Smith, Esq. MILLER & MARTIN PLLC 832 Georgia Avenue, Suite 1200 Chattanooga, TN 37402 Tel: (423) 756-6600 Fax: (423) 785-8480 E-mail: laura.ketcham@millermartin.com craig.smith@millermartin.com James Wilson Company, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 16-15034) on November 20, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by lawyers at Miller & Martin PLLC. JWD ASSOCIATES: Disclosures Okayed, Plan Hearing on Jan. 18 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania will consider approval of the Chapter 11 plan of reorganization of JWD Associates at a hearing on Jan. 18. The hearing will be held at 9:30 a.m., at Court Room No. 2, 900 Market Street, Philadelphia, Pennsylvania. The court had earlier approved the disclosure statement, allowing JWD Associates to start soliciting votes from creditors. The Dec. 7 order set a Jan. 13 deadline for creditors to cast their votes and file their objections to the plan. The restructuring plan proposes to pay creditors through the sale or refinancing of JWD Associates' property located at 914-924 S. Concord Road, West Chester, Pennsylvania. About JWD Associates Headquartered in West Chester, PA, JWD Associates filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 14-17493) on Sept. 17, 2014, listing $1.70 million in total assets and and no liabilities. The petition was signed by Joachim H. Nussbaumer, Winnifred J. Nussbaumer, and Dorothea R. Iverson, general partners. KDS GROUP: PCO Not Needed, Texas Judge Says ------------------------------------------- Judge Brenda T. Rhoades of the United States Bankruptcy Court for the Eastern District of Texas entered an Order to dispense with the appointment of a Patient Care Ombudsman for KDS Group, PLLC. Judge Rhoades adjudged that the Debtor is not a Health Care Business and that no Ombudsman need be appointed in the Chapter 11 bankruptcy case. The Order was made in response with the Motion of the Debtor to dispense with the Patient Care Ombudsman, or in the Alternative to Determine that the Debtor is not a Health Care Business. About KDS Group KDS Group, PLLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E. D. Texas Case No. 16-42101) on November 17, 2016. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $1 million. KEY ENERGY: Exits Chapter 11 Process; To Relist on NYSE ------------------------------------------------------- Key Energy Services, Inc., on Dec. 15, 2016, disclosed that as previously announced, on Oct. 24, 2016, the Company and certain of its domestic subsidiaries (collectively, the "Filing Subsidiaries" and, together with the Company, the "Debtors") filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), pursuant to the terms of a plan support agreement, dated August 24, 2016, by and among the Debtors and certain of their lenders and noteholders, that contemplated the reorganization of the Debtors pursuant to a prepackaged plan of reorganization (the "Plan"). The Debtors obtained joint administration of their chapter 11 cases under the caption In re: Key Energy Services, Inc, et al., Case No. 16-12306. The Filing Subsidiaries in these chapter 11 cases were Misr Key Energy Investments, LLC, Key Energy Services, LLC, and Misr Key Energy Services, LLC. On December 15, 2016 the Company emerged from bankruptcy, having satisfied all unwaived conditions to effectiveness set forth in the Plan. The reorganized Company received approval to list its new common stock on the New York Stock Exchange in conjunction with its emergence, and trading in its common stock was expected to commence on December 16, 2016, under the ticker symbol "KEG". Platinum Equity, a Los Angeles-based global investment firm with a unique focus on operations and extensive experience helping businesses in transition, previously held a majority of Key's senior notes and is now the Company's largest shareholder. Approximately $694 million of the Company's long-term debt has been eliminated in the reorganization along with more than $45.6 million of annual interest expense going forward. As previously disclosed, holders of Key common stock are entitled to receive 5.0% of the new common stock of the reorganized Company and the remaining 95.0% of the new common stock of the reorganized Company is being allocated to the Company's noteholders, each calculated prior to issuance of common stock in the Rights Offering and subject to dilution by new common shares reserved for issuance pursuant to the management incentive program (the "MIP"), and warrants issued to certain existing equity holders pursuant to the Plan (the "New Warrants"). In addition, certain qualified pre-petition holders of Key common stock received rights to participate in up to 5% of the Rights Offering, and certain pre-petition debt holders in the Company received rights to participate in up to 95% of the Rights Offering. On emergence, the Company expects to have approximately 20.1 million new common shares outstanding before dilution from the MIP and the New Warrants. Robert Drummond, Key's President and Chief Executive Officer, commented, "We could not be more pleased to be emerging from our bankruptcy process in such an expeditious fashion and to concurrently re-list Key's new common shares on the New York Stock Exchange. I am greatly appreciative of our supporting creditors and our dedicated employees who have showed tremendous commitment during this period. Platinum Equity has also been a strong partner in driving the restructuring process, and the firm's M&A and operations capabilities will be instrumental in executing our long-term strategic plan. We worked closely with our customers throughout the process and actually managed to improve our service quality while delivering the best safety performance in our history. I want to especially thank all of our customers for their loyalty and let them know that we are already adding skilled employees to meet their growing demand." Platinum Equity partner and newly-appointed Key board member Jacob Kotzubei said he is excited about Key's position today and its prospects for growth. "Key Energy is a market leader in North American production services and stands today as a stable, well-capitalized business with a great future," said Mr. Kotzubei. "The Company is an ideal platform to grow organically and through prospective add-on acquisitions. We look forward to working with Robert and the management team to capitalize on the opportunities ahead." Details of the restructuring and debt agreements can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 15, 2016. Key was represented in its restructuring by Sidley Austin LLP. Sullivan & Cromwell LLP represented Platinum Equity as well as certain other holders of Key's pre-petition senior notes, who were also represented by Cleary Gottlieb Steen & Hamilton LLP. About Key Energy Headquartered in Houston, Texas, Key Energy, Inc., claims to be the largest domestic onshore, rig-based well servicing contractor based on the number of rigs owned. The Company provides a full range of well services to major oil companies, foreign national oil companies and independent oil and natural gas production companies including Chevron Texaco Exploration and Production. Each of Misr Key Energy Investments, LLC, Key Energy Services, Inc., Key Energy Services, LLC, and Misr Key Energy Services, LLC, filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 16-12306) on Oct. 24, 2016. Key's other domestic and foreign subsidiaries are not part of the bankruptcy filing. As of the second quarter of 2016, the Company had approximately $1.13 billion in total assets and approximately $1 billion in aggregate funded debt. As of the date of the Petition Date, the Debtors hold approximately $29.8 million in encumbered, unrestricted cash. The Debtors currently have approximately $13.4 million of trade debt and other debt owed to general unsecured creditors, as disclosed in court papers. The Debtors have hired Sidley Austin LLP as general bankruptcy counsel; Young, Conaway, Stargatt & Taylor, LLP, as Delaware counsel; PJT Partners LP as investment bankers; Alvarez and Marsal North America, LLC, as financial advisors; and Epiq Bankruptcy Solutions, LLC, as notice, claims, solicitation and voting agent. * * * Key Energy filed for Chapter 11 pursuant to the terms of a plan support agreement among Key, Platinum Equity and certain other holders of its 6.75% Senior Notes due 2021, collectively holding more than 89% of its outstanding Senior Notes, and certain lenders holding more than 87% of the principal amount of loans outstanding under Key's Term Loan Credit Agreement dated June 1, 2015. The PSA contemplates the reorganization of the Debtors pursuant to a prepackaged plan of reorganization. Key previously commenced a solicitation for acceptance of the Plan, which was accepted by voting holders of 99.89% in principal amount and 93.88% in number of Key's Senior Notes and voting holders of 100% in principal amount and 100% in number of loans under the Term Loan, constituting the requisite number of voting holders of the Senior Notes and term loans. Platinum Equity, a Los Angeles-based global investment firm with a unique focus on operations and extensive experience helping businesses in transition, as holder of a majority of the Company's Senior Notes, will become Key's largest shareholder upon consummation of the Plan. The Plan contemplates that funded debt will be reduced from roughly $1 billion to approximately $250 million. Under the Joint Plan, Class 6 General Unsecured Claims are unimpaired and will recover 100%. The Debtors won confirmation of their bankruptcy-exit plan on Dec. 6, 2016. KINGS INDUSTRIES: Needs 90 Days to Work Out Rajesh Prasad Claim --------------------------------------------------------------- Kings Industries, LLC requests the U.S. Bankruptcy Court for the District Nebraska to extend by 90 days its exclusive periods to file a Chapter 11 plan and obtain acceptances of that plan. The Debtor relates that the creditors' deadline for filing proofs of claim has already passed, on November 8, 2016, and that only Rajesh Prasad, a secured creditor, filed a claim. The Debtor's attorney has contacted counsel for Rajesh Prasad to discuss and work out eliminating the need to submit a Plan and Disclosure Statement in this case, and thus require an additional 90 days to facilitate these work out discussions. Kings Industries, LLC is represented by: Howard T. Duncan, Esq. Howard T. Duncan, PC, LLO 1266 South 13th Street Omaha, NE 68108 Telephone: (402) 346-1132 About Kings Industries, LLC Kings Industries, LLC filed a Chapter 11 petition (Bankr. D. Neb. Case No. 16-81049), on July 11, 2016. The Petition was signed by Sunnay Emmanuel, President. The Debtor is represented by Howard T. Duncan, Esq., Howard T. Duncan, PC, LLO, Omaha, NE. At the time of filing, the Debtor had $500,000 to $1 million in estimated assets and estimated liabilities of less than $50,000. KINGWOOD FOOD: Unsecured Creditors to be Paid 100% in 2 Years ------------------------------------------------------------- Unsecured creditors of Kingwood Food Enterprises, Inc., will be paid in full of their claims in two years, according to the company's latest plan to exit Chapter 11 protection. The restructuring plan proposes to pay Class 6 general unsecured creditors in full, without interest, in 24 equal monthly payments. The estimated monthly payment is $417. Class 6 creditors, which assert a total of $10,691 in claims, will receive payments beginning on the first day of the first month subsequent to the effective date of the plan, or the date on which the claim is allowed by a final non-appealable order. Payments under the plan will be funded by sales revenues generated from the Debtor's business, according to the company's disclosure statement filed on Dec. 7 with the U.S. Bankruptcy Court for the Southern District of Texas. A copy of the revised disclosure statement is available for free at https://is.gd/DWkG2f About Kingwood Food Kingwood Food Enterprises Inc. sought protection under Chapter 11 of the Bankruptcy Code in the Southern District of Texas (Houston) (Case No. 16-32304) on May 2, 2016. The petition was signed by Sajjad Pasha, president. The case is assigned to Judge Karen K. Brown. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. KLD ENERGY: Wants February 28 Exclusive Plan Filing Extension ------------------------------------------------------------- KLD Energy Technologies, Inc. asks the U.S. Bankruptcy Court for the Western District of Texas to extend the time during only the debtor may file a Chapter 11 plan through February 28, 2017. The Debtor relates that it has timely filed a Proposed Original Chapter 11 Plan of Reorganization on May 13, 2016, within the 120-day exclusivity period provided by the Bankruptcy Code, and was granted by the Court an extension of its exclusivity period, which expired on December 20, 2016. However, to date, the Plan has not yet been accepted by each class of impaired claims under the Plan. The Debtor anticipates filing a plan of liquidation to allow for the appropriate distribution of proceeds as well as the establishment of a liquidation trust to prosecute any causes of action held by the Debtor. The Debtor asserts that it has made significant progress towards liquidation through the sales process, which cumulated in the entry of the Sale Order, which authorizes the Debtor to sell substantially all of its assets to MyWay Group Co., Ltd. pursuant to the terms of the Asset Purchase Agreement. The Debtor anticipates that the sale transaction to MyWay will close on or before January 24, 2017. However, if the sale to MyWay fails to close, the Debtor would need additional time to reformulate a plan and attempt to reorganize. About KLD Energy Technologies, Inc. KLD Energy Technologies, Inc., which engages in the engineering, development, and manufacturing of electric drive systems, sought Chapter 11 protection (Bankr. W.D. Tex. Case No. 16-10345) on March 25, 2016. The petition was signed by Mark Wabschall, chief financial officer. The case is assigned to Judge Christopher H. Mott. The Debtor tapped Lynn H. Butler, Esq., at Husch Blackwell LLP, as counsel. The Debtor estimated assets and debt of $10 million to $50 million. No trustees or examiners have been appointed, and no official committees of creditors or equity interest holders have yet been established. LENEXA HOTEL: Hires Fagan and Skepnek as Special Counsel -------------------------------------------------------- Lenexa Hotel, L.P. seeks authorization from the U.S. Bankruptcy Court for the District of Kansas to employ Brennan Fagan and Fagan Emert & Davis, LLC and the Skepnek Law Firm as special counsel. The Debtor is engaged in a lawsuit with Holiday Hospitality Franchising, Inc. ("Holiday") under the Crowne Plaza Brand, originally initiated by Complaint on December 10, 2012, and refiled via Complaint filed on August 4, 2015 in the U.S. District Court for the District of Kansas under case number 2:15-cv-09196-KHV-JPO (the "Holiday Suit"). The Complaint seeks "damages for breach of contract, breach of fiduciary duty as Debtor's reservation agent, and for a declaratory judgment and equitable relief for ongoing breaches of contractual and fiduciary duties created by a license agreement dated May 13, 2008 (the "CPLA") between the Debtor and Holiday-a nine-brand global hotel franchisor." The Debtor anticipates the need for specialized legal expertise dealing with the Holiday Suit and any related matters involving the franchise agreement with Holiday and certain other strategy issues involving the Hotel. Fagan has agreed to act as attorney for the Debtor on blended hourly/contingent fee basis. Mr. Fagan will bill at $125 per hour, with associates at $125 per hour and paralegals at $50 per hour. In addition to these hourly rates, Fagan and Skepnek may receive 20% of any recovery. Skepnek has agreed to act as attorney for the Debtor on an hourly fee basis. Skepnek will bill at $125 per hour, with associates at $125 per hour and paralegals at $50 per hour. In addition to these hourly rates, Skepnek and Fagan may receive 20% of any recovery. Fagan and Skepnek will also be reimbursed for reasonable out-of-pocket expenses incurred. Brennan Fagan of Fagan Emert and William J. Skepnek of Skepnek Law Firm, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Fagan and Skepnek can be reached at: Brennan P. Fagan, Esq. FAGAN EMERT & DAVIS, LLC 730 New Hampshire St. #210 Lawrence, KS 66044 Tel: (785) 331-0300 E-mail: bfagan@fed-firm.com -- and -- William J. Skepnek, Esq. SKEPNEK LAW FIRM One Westwood Road Lawrence, KS 66044 Tel: (785) 856-3100 Fax: (785) 856-3099 E-mail: bskepnek@skepneklaw.com About Lenexa Hotel, LP Lenexa Hotel, LP filed a Chapter 11 bankruptcy petition (Bankr. D.Kans. Case No. 16-22172) on November 1, 2016. Lentz Clark Deines PA 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 Stephen J. Craig, president. LENSAR INC: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Lensar, Inc. 2800 Discovery Drive Orlando, FL 32826 Case No.: 16-12808 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtor's Counsel: Matthew Summers, Esq. BALLARD SPAHR LLP 919 Market Street, 11th Floor Wilmington, DE 19801 Tel: 302-252-4428 Fax: 410-361-8930 E-mail: summersm@ballardspahr.com Debtor's Notice, Claims, Solicitation and Balloting Agent: EPIQ BANKRUPTCY SOLUTIONS, LLC Estimated Assets: $50 million to $100 million Estimated Debts: $50 million to $100 million The petition was signed by Nicholas T. Curtis, chief executive officer. Debtor's List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Lawrence Livermore Ntl. Secur. Litigation $500,000 Attn: Mark Lough Settlement Office of General Counsel P.O. Box 808 L-701 Livermore, CA 94550 Tel: 925-423-8165 Email: loughl@llnl.gov Steptoe & Johnson LLP Legal $434,067 Attn: Glen P. Belvis, Esq. Services 115 South LaSalle Street, Suite 3100 Chicago, IL 60603 Tel: 312-577-1370 Email: gbelvis@steptoe.com Coherent, Inc. Services $140,372 Attn: Loretta Austin Rendered 5100 Patrick Henry Drive Santa Clara, CA 95054 Tel: 408-764-4803 Email: Kimberly.Campbell@coherent.com NASP Services $84,800 Rendered Premier Displays & Exhibits Services $72,669 Rendered Silicon Valley Bank $54,500 Cassini USA Services $27,950 Email: lori@siegelsolutions.com Rendered Cataract Surgery: Telling It Services $16,000 Email: jmosher@cincinnatiEye.com Rendered Mark Packer MD Consulting Services $14,000 Email: mark@markpackerconsulting.com Rendered Armstrong Mold Corporation Services $13,651 Email: mabodley@armstrongmold.com Rendered Dallas County Tax Office Taxes $12,992 Email: propertytax@dallascounty.org Saint-Gobain Performance Plan Services $12,427 Email: judy.l.jabobs@saint-gobain.com Rendered Square 1 Partners, LLC Services $10,805 Email: info@get2square1.com Rendered NAMSA Services $9,820 Rendered Professional Application Services $9,558 Rendered Glasser, Adrian Services $9,000 Email: aglasser@Central.UH.EDU Rendered TOPCON Europe Medical BV Services $6,882 Rendered Classic Controls, Inc. Services $5,927 Rendered All American Crating, Inc. Services $5,610 Email: michael@crateit.com Rendered Cedars Inc. Services $5,000 Rendered LENSAR INC: Files Chapter 11 Bankruptcy Petition ------------------------------------------------ Lensar, Inc., filed a voluntary petition under Chapter 11 of the Bankruptcy Code. Headquartered in Orlando, Florida, Lensar is a high technology medical devices company that develops and markets lasers primarily for use in refractive cataract surgery. The Debtor has 54 full-time employees. To minimize any loss of value of its business during the Chapter 11 case, the Debtor said its immediate objective is to maintain a business-as-usual atmosphere during the early stages of the Chapter 11 case, with as little interruption or disruption to its operations as possible. The Debtor has sought approval of certain first day pleadings including, among other things, authority to: (a) use its existing cash management system, (b) pay prepetition workforce obligations, (c) prohibit utility companies from discontinuing services and (d) protect and preserve its tax attributes by establishing certain notice and hearing procedures that must be satisfied before shareholders may make transfers of, or claims of worthlessness with respect to, equity interests in the Debtor. Lensar filed a Chapter 11 petition (Bankr. D. Del. Case No. 16-12808) on Dec. 16, 2016. Nicholas T. Curtis, the CEO, signed the petition. The Chapter 11 case is assigned to Judge Mary F. Walrath. The Debtor estimated assets and liabilities in the range of $50 million to $100 million in its bankruptcy petition. Lensar has hired Ballard Spahr LLP as counsel and Epiq Bankruptcy Solutions, LLC as notice, claims, solicitation and balloting agent. The Debtor was formed in 2004 under the laws of the State of Delaware and remains incorporated in Delaware. The Debtor's technology uses a unique imaging process which converts multiple two dimensional scans into a 3-D model based on each patient's biometric measurements. LEVEL 1 INC: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Level 1, Inc. as of Dec. 19, according to a court docket. Level 1, Inc., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-07454) on Nov. 15, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by David R. McFarlin, Esq., at Fisher Rushmer, P.A. LODGE PARTNERS: Hires Mesch Clark as Attorneys ---------------------------------------------- Lodge Partners, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Arizona to employ Mesch Clark Rothschild as attorneys, effective November 23, 2016. The Debtor requires Mesch Clark to: (a) give the Debtor legal advice with respect to its power and duties in the continued operation and management of its property; (b) take necessary action to recover certain property and money owed to the Debtor, if necessary; (c) prepare on behalf of the Debtor, the necessary applications, answers, complaints, orders, reports, disclosure statement, plan of reorganization, motions and other legal documents; and (d) perform all other legal services that the Debtor deems necessary. Mesch Clark will be paid at these hourly rates: Michael McGrath $575 Isaac D. Rothschild $350 Jeffrey J. Coe $275 Paraprofessionals $195 Mesch Clark will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor paid Mesch Clark an initial pre-petition retainer of $100,000. At the time of filing this bankruptcy proceeding, the Debtor paid Mesch Clark $20,048.50 for its prepetition services and reimbursed $1,777 for the filing fee paid to initiate this bankruptcy case. Mesch Clark continues to hold a retainer in the amount of $78,174.50. Michael McGrath, partner at Mesch Clark, 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. Mesch Clark can be reached at: Michael McGrath, Esq. Isaac D. Rothschild, Esq. MESCH CLARK ROTHSCHILD 259 North Meyer Avenue Tucson, AZ 85701 Tel: (520) 624-8886 Fax: (520) 798-1037 E-mail: mmcgrath@mcrazlaw.com irothschild@mcrazlaw.com About Lodge Partners Lodge Partners, LLC, d/b/a Lodge on The Desert, filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 16-13418) on Nov. 23, 2016. The petition was signed by John E. Rutherford, II, manager. The case is assigned to Judge Brenda Moody Whinery. The Debtor is represented by Michael W. McGrath, Esq. and Isaac D. Rothschild, Esq. of Mesch Clark & Rothschild, PC. At the time of filing, the Debtor had estimated $10 million to $50 million in both assets and liabilities. The Debtor previously filed for Chapter 11 bankruptcy (Bankr. D. Ariz. Case No. 13-07952) on May 12, 2013. The Court entered an order confirming the Debtor's 2013 Reorganization Plan on June 11, 2014, over the objection of secured lender, Wells Fargo. The Court entered an order granting final decree and closing the case on Nov. 29, 2015. LOMAX HACKING: Disclosure Statement Hearing Set for Jan. 12 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on Jan. 12, at 10:30 a.m., to consider approval of the disclosure statement explaining the Chapter 11 plan of reorganization of Lomax Hacking Corp. and its affiliates. The hearing will take place at Conrad B. Duberstein U.S. Courthouse, 271 Cadman Plaza East, Brooklyn, New York. Objections are due by Jan. 5. Under the companies' latest restructuring plan, Class 5 general unsecured creditors will receive a pro rata share of $5,000 on the second anniversary of the effective date of the plan, and a pro rata share of the proceeds, if any, of Lomax's causes of action against its Class 2 secured creditor if such creditor votes to reject the plan. General unsecured creditor distribution will be increased to $20,000 if Class 5 creditors vote to accept the plan, according to the companies' fourth amended disclosure statement filed on Dec. 7. A copy of the document is available for free at: http://bankrupt.com/misc/Lomax_4DS12072016.pdf Copies of the earlier versions of the disclosure statement are available for free at: http://bankrupt.com/misc/Lomax_1DS12072016.pdf http://bankrupt.com/misc/Lomax_2DS12072016.pdf http://bankrupt.com/misc/Lomax_3DS12072016.pdf About Lomax Hacking Lomax Hacking Corp. and its affiliates filed for bankruptcy (Bankr. E.D.N.Y. Case No. 15-41787) on April 21, 2015. The Debtors listed $1 million to $10 million in assets and liabilities. The Debtor is represented by Jeremy S. Sussman, Esq., at The Law Office of Jeremy S. Sussman, in New York. LONGVIEW INTERMEDIATE: Moody's Cuts Rating on $323MM Loans to B3 ---------------------------------------------------------------- Moody's Investors Services downgraded the rating on Longview Intermediate Holdings C, LLC's approximately $298 million senior secured term loan due 2021 and its $25 million five year senior secured revolving credit facility due 2020 to B3 from B2 reflecting weakened financial performance, continued negative free cash flow impacting liquidity, and the need for financial covenant relief. The rating outlook is negative. RATINGS RATIONALE The downgrade to B3 from B2 reflects the continued expectation for low power prices owing in large part to low natural gas prices, continued challenges in improving the mining segment to levels originally anticipated, some uncertainty surrounding the project's cash flow generating ability owing to the plant's limited operating history, and its position as an entirely merchant generating facility. Because of 2016 financial underperformance, the project needed to obtain financial covenant relief from its lenders. Specifically, the lenders recently executed an amendment to the existing senior secured credit agreement which provides a five-quarter financial covenant holiday until March 31, 2018. As part of the amendment, Longview was able to secure additional liquidity of $30 million in the form of deeply subordinated unsecured indebtedness. Moody's views the project's ability to secure the covenant relief along with the incremental liquidity as positive actions that support senior creditors as it pushes out potential default risk for the intermediate term. That said, both are viewed as necessary short-term measures but do little to address the fundamental challenges facing Longview including low power prices and higher than expected costs associated with the mining sector. The rating continues to acknowledge the improved operating performance at the power plant since the completion of the rehabilitation program. The rating also recognizes that the plant's, age, design and fuel supply arrangements make it one of the lowest cost and environmentally friendly coal-plants in PJM, so that when it is available, it should almost always run. The rating assumes the completed rehabilitation program will continue to be successful and that Longview will eventually be able to operate at or close to its originally designed specifications. During the first three quarters of 2016, the all-in heat rate was 8,834 versus a budgeted 8,839, a credit positive, and the capacity factor was 86.1% versus 92.8%. While the capacity factor was lower than budget, Moody's view the ability of Longview to reach this level of dispatch as a positive given low natural gas prices and the major challenges previously experienced by the power plant. Year-to-date financial performance through Q3 2016 is well below budget primarily owing to lower power prices than previously anticipated as well as the coal mine disruptions. The mild winter (2015-2016) and low natural gas prices depressed energy prices during the quarter with a realized energy price for the quarter being nearly 22% lower than the project's budget. Budgeted capital expenditures for September 30th, 2016 year to date were $37 million, but actual spend was only $15.9 million, reflecting cash conservations measures implemented at Longview postponing these expenditures for later years. The largest expenditure relates to a $10 million water treatment facility for Mepco which is now required to be completed by late 2017 or early 2018. Management's most recent price forecasts show an average price of over $46/MWh for the 2016-2017 winter months which is somewhat more optimistic than the most recent SNL forward curve, however in line with recent daily prices. If these prices are realized as forecasted, the project could generate approximately $20 million in FFO during the 1Q 2017, a credit positive. As of September 30, 2016, the project had $36 million of available liquidity consisting of $15.0 million of remaining availability under the $25.0 million revolving line of credit, $15.4 million of cash on hand, $0.2 million restricted in a debt service reserve fund as well as an additional $3.8 million in other restricted cash. The project fully utilized its major maintenance reserve balance of $7 million during the year and the project's six month cash funded debt service reserve of approximately $12 million was replaced by a cash collaterized L/C. Regarding the terms of the amendment, Moody's understand that on December 5th, 2016 management executed an amendment to the project's existing senior secured credit agreement enabling it to avoid potential financial covenant breaches with respect to its 1.10x DSCR financial covenant for Q4 2016 and during FY 2017. The financial covenant will be in effect again by the end of Q1 2018. In addition, the amendment enables the project to borrow $30 million in unsecured subordinated debt maturing 180 days after the senior secured facilities, with interest to be paid in kind and capitalized until then. A new liquidity covenant was added requiring the project to have no less than $10 million in available liquidity in place at the end of each quarter. Failure to meet this covenant is an event of default of the credit facilities. Additional clauses that were amended include: (i) a less restrictive change of control definition, allowing for a change to occur by a qualified operator (as defined per the agreement) and subject to ratings' reaffirmations, except during the December 31, 2016 to December 31, 2017 period where existing drag-along treatment stays in place, (ii) a restriction on the ability to incur pari passu incremental facilities for restricted payments or up to $15 million of unsecured debt for restricted payments during FY 2017. The amendment includes a refinement to the restriction of capital leases to allow sale and leaseback transactions incurred by Mepco and subsidiaries to approximately $15 million. Rating Outlook The negative rating outlook reflects continued uncertainty with respect to commodity prices' environment and its effect on the project's cash flow generation in FY 2017-2018, in spite of the additional liquidity and financial covenant holiday. The negative outlook also factors in the challenges facing Mepco, the mining segment, which suffered a fatality in January 2016 among other disruptions leading to several lost production days and diminished but improving productivity going forward, but with expected continued third party coal purchases in 2017. The rating could face downward pressure if weak commodity prices persist during the next several quarters causing liquidity to decline beyond currently envisioned, leading to the potential for a liquidity covenant violation during the next two years, if the power plant consistently underperforms post rehabilitation or if mining segment operations do not improve as expected. In light of the negative rating outlook, limited prospects exist for the rating to be upgraded. The rating outlook could stabilize if future power prices increase substantially from levels observed in 2016 enabling Longview to comfortably meet the financial covenant on a sustained basis and causing more rapid debt pay down than currently anticipated. Longview is a special purpose entity that owns and operates a 700 MW supercritical pulverized coal-fired power plant located in Maidsville, West Virginia, just south of the Pennsylvania border and approximately 70 miles south of Pittsburgh. The plant's energy and capacity is sold entirely on a merchant basis into PJM's wholesale energy and capacity markets. Coal for the project is provided at cost from an adjacent mine owned and operated by Longview's affiliate Mepco Intermediate Holdings, LLC (Mepco). Water for the project is drawn from the Monongahela River, via a pipeline and treatment facility constructed by Dunkard Creek Water System LLC (Dunkard), another Longview affiliate. Mepco and Dunkard are both subsidiaries of Longview's parent, Longview Intermediate Holdings and are part of the collateral package pledged to the Longview lenders. The principal methodology used in these ratings was Power Generation Projects published in December 2012. LOPEK COMPANIES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Lopek Companies, LLC 729 3rd Ave. Dallas, TX 75226 Case No.: 16-34818 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Hon. Stacey G. Jernigan Debtor's Counsel: Robert Thomas DeMarco, Esq. DEMARCO MITCHELL, PLLC 1255 W. 15th St., Ste 805 Plano, TX 75075 Tel: (972) 578-1400 Fax: (972) 346-6791 E-mail: robert@demarcomitchell.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kevin Loper, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/txnb16-34818.pdf LUCKY CATS: Disclosures Okayed; Plan Confirmation Hearing on Feb. 2 ------------------------------------------------------------------- The Hon. Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California has approved Lucky Cats, Inc.'s disclosure statement referring to the Debtor's plan of reorganization. The plan confirmation hearing will be held on Feb. 2, 2017, at 10:00 a.m. A hearing was held on Nov. 17, 2016, to consider the adequacy of information contained in the Disclosure Statement. The Disclosure Statement is approved as containing adequate information. The Order said the Disclosure Statement will be modified at page 2, lines 6-7, to state that the effective date will be 20 days following the first payment by the purchaser of $80,000 to the Debtor's counsel's client trust account, but no later than Aug. 1, 2017, and that the Debtor may seek to extend the effective date. The Disclosure Statement will also be modified at page 25, line 18, to state that the balance for unsecured claims is $235,930, and at page 25, line 24, to state that the percentage to be paid on reconciled unsecured claims is 30%. The Debtor will file its brief in support of plan confirmation and reply to any objections not later than Jan. 19, 2017. The Debtor will file a ballot summary and the ballots not later than Jan. 19, 2017. Lucky Cats, Inc., doing business as Keller Williams Realty 200 and Keller Williams Realty Marina/Los Angeles, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-13325) on March 16, 2016, and is represented by Steven R Fox, Esq., in Encino, Calif. At the time of the filing, Lucky Cats estimated its assets and liabilities at less than $1 million. LUCY LOPEZ ROIG: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Lucy Lopez Roig E.A.P., Inc. Suit 701 400 Ave. Domenech San Juan, PR 00918 Case No.: 16-09790 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Puerto Rico (Old San Juan) Judge: Hon. Mildred Caban Flores Debtor's Counsel: Carmen D Conde Torres, Esq. C. CONDE & ASSOC. 254 San Jose Street, 5th Floor San Juan, PR 00901-1523 Tel: 787-729-2900 Fax: 787-729-2203 E-mail: notices@condelaw.com condecarmen@condelaw.com Total Assets: $82,830 Total Liabilities: $1.17 million The petition was signed by Marion A. Wennerholm, president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/prb16-09790.pdf MATRIX LUXURY: Disclosure Statement Hearing Set for Jan. 25 ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona is set to hold a hearing on Jan. 25, at 1:30 p.m., to consider approval of the disclosure statement explaining the Chapter 11 plan of reorganization of Matrix Luxury Homes, LLC. The hearing will take place at Courtroom No. 701, 7th Floor, 230 North First Avenue, Phoenix, Arizona. Objections must be filed five business days prior to the hearing date. The plan filed on Nov. 14 classifies unsecured claims in the amount of $70,646.77 in Class 10. Unsecured creditors will be paid from the proceeds of the sale of a residence in Maricopa County, Arizona. About Matrix Luxury Homes Matrix Luxury Homes, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-09455) on Aug. 16, 2016. The petition was signed by Troy Hudspeth, manager. The case is assigned to Judge Brenda K. Martin. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. The Debtor is represented by Allan D. NewDelman, Esq. at Allan D. NewDelman, P.C. and seeks to hire Re/Max Fine Properties, a real estate agent, to market and sell its real property located at 10801 East Happy Valley Road, Scottsdale, Arizona. The Office of the U.S. Trustee on October 31 announced that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Matrix Luxury Homes, LLC. MCIG INC: Recurring Losses Raise Going Concern Doubt ---------------------------------------------------- mCig, Inc., filed with the U.S. Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net income of $13,529 on $620,015 of sales for the three months ended October 31, 2016, compared to a net loss of $420,649 on $885,556 of sales for the same period in 2015. For the six months ended October 31, 2016, the Company recorded a net loss of $157,204 on $874,717 of sales, compared to a net loss of $1.08 million on $1.25 million of sales for the same period last year. The Company's balance sheet at October 31, 2016, showed total assets of $1.09 million, total liabilities of $281,510, and a stockholders' equity of $809,614. The Company has suffered losses from operations and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. Management is taking steps to raise additional funds to address its operating and financial cash requirements to continue operations in the next twelve months. Management has devoted a significant amount of time in the raising of capital from additional debt and equity financing. However, the Company's ability to continue as a going concern is not dependent upon raising additional funds through debt and equity financing and generating revenue. There are no assurances the Company will receive the necessary funding or generate revenue necessary to fund operations. The financial statements contain no adjustments for the outcome of this uncertainty. A full-text copy of the Company's Form 10-Q is available at: https://is.gd/pJbnd6 mCig, Inc., manufactures, markets, and distributes electronic cigarettes, vaporizers, and accessories under the mCig brand name in the United States. It offers electronic cigarettes and related products through its online store mcig.org, as well as through the company’s wholesale, distributor, and retail programs. MINDEN AIR: Needs Until February 13 to File Plan of Reorganization ------------------------------------------------------------------ Minden Air Corp. requests the U.S. Bankruptcy Court for the District of Nevada to extend the exclusive period to file its plan of reorganization, to and including February 13, 2017, and the corresponding exclusive period for obtaining confirmation of the plan, to and including April 14, 2017. The Debtor explains it is still working to stabilize its operations and improve profitability. The Debtor believes that, while it is proceeding diligently in its reorganization efforts, it will be able to prepare adequate information and to formulate an acceptable plan of reorganization within the extension of time. About Minden Air Corp. Minden Air Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 16-51033) on August 18, 2016. The petition was signed by Leonard K. Parker, president. The case is assigned to Judge Bruce T. Beesley. At the time of the filing, the Debtor disclosed $5.07 million in assets and $883,504 in liabilities. MONCADA NJ SOLAR: Case Summary & 9 Unsecured Creditors ------------------------------------------------------ Debtor: Moncada NJ Solar 201, LLC 771 Shrewsbury Ave Shrewsbury, NJ 07702 Case No.: 16-33967 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of New Jersey (Trenton) Judge: Hon. Christine M. Gravelle Debtor's Counsel: Joseph Casello, Esq. COLLINS, VELLA & CASELLO, LLC 2317 Route 34 South, Suite 1A Manasquan, NJ 08736 Tel: (732) 751-1766 Fax: (732) 751-1866 E-mail: jcasello@cvclaw.net Total Assets: $17,280,000 Total Liabilities: $474,897 The petition was signed by Elliot Shanley, managing member. Debtor's List of Nine Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Byrnes, O'Hern & Heugle, LLC Legal Services $50,000 Rendered Dewberry Engineering $35,000 Services Elliott Shanley Personal Loan $19,850 Innovative Engineering Engineering $18,500 Services Internal Revenue Sevice Tax Penalties $11,353 James O'Hern Personal Loan $130,194 PV One, LLC Consulting & $100,000 Office Support Sarmelel, LLC Consulting $80,000 Services Vaughn Kaizer Personal Loan $30,000 NAKED BRAND: Gets $153,000 Advance Payment from CEO --------------------------------------------------- Naked Brand Group Inc. received on Dec. 12, 2016, an advance of $116,000 from Carole Hochman, the Company's chief executive officer and chairwoman. On Dec. 14, 2016, Ms. Hochman advanced an additional $37,000. The Company intends to use the funds to purchase inventory. The terms of the advances are subject to the negotiation and execution of definitive documentation, which are expected to be on terms substantially similar to those contained in that certain non-convertible promissory note, dated Nov. 7, 2016, which was previously disclosed in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on Nov. 9, 2016. About Naked Brand Naked Brand Group Inc. designs, manufactures, and sells men's innerwear and lounge apparel products in the United States and Canada. It offers various innerwear products, including trunks, briefs, boxer briefs, undershirts, T-shirts, and lounge pants under the Naked brand, as well as under the NKD sub-brand for men. The company sells its products to consumers and retailers through wholesale relationships and direct-to-consumer channel, which consists of an online e-commerce store, thenakedshop.com. Naked Brand Group Inc. is based in New York, New York. Naked Brand reported a net loss of US$19.06 million on US$1.38 million of net sales for the year ended Jan. 31, 2016, compared to a net loss of US$21.07 million on US$557,000 of net sales for the year ended Jan. 31, 2015. As of July 31, 2016, Naked Brand had US$2.99 million in total assets, US$1.44 million in total liabilities and US$1.55 million in total stockholders' equity. BDO USA, LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Jan. 31, 2016, noting that the Company incurred a net loss of $19,063,399 for the year ended Jan. 31, 2016, and the Company expects to incur further losses in the development of its business. This condition raises substantial doubt about the Company's ability to continue as a going concern. NATIONAL SPORTS: Unsecureds To Recoup 3.7 Cents On The Dollar ------------------------------------------------------------- National Sports Academy at Lake Placid filed with the U.S. Bankruptcy Court for the Northern District of New York a disclosure statement describing its plan of liquidation, dated Dec. 1, 2016, which proposes to pay general unsecured creditors a distribution of approximately 3.7% of their allowed claims to be distributed from the cash held by the Debtor after the resolution of all claims objections. General unsecured claims are not secured by property of the estate and are not entitled to priority under Section 507(a) of the Bankruptcy Code. There are currently $741,957 in unsecured claims. The Debtor has $27,577 to distribute. Thus unsecured creditors are being paid about 3.7 cents on the dollar. Payments and distributions under the Plan will be funded by the following: The Debtor has liquidated all of its assets under various sales pursuant to section 363 of the Code. The Debtor retains all of the funds in cash, which upon approval of the Plan and the resolution of any claims objections (if any), it will distribute to all Classes of Creditors. The Debtor currently has $260,480 to fund a Plan. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nynb15-10082-1-190.pdf About National Sports Academy National Sports Academy at Lake Placid filed a Chapter 11 petition (Bankr. N.D. N.Y. Case No.: 15-10082) on January 17, 2015, and is represented by Christopher James Baum, Esq., in New York, New York. At the time of filing, the Debtor had $1.81 million in total assets and $1.86 million in total liabilities. The petition was signed by Lisa Wint, head of school. NEOVASC INC: Boston Scientific Reports 15% Stake as of Dec. 12 -------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Boston Scientific Corporation disclosed that as of Dec. 12, 2016, it beneficially owns 11,817,000 common shares of Neovasc Inc. representing 15 percent based upon 78,683,345 common shares outstanding as of Dec. 12, 2016. A full-text copy of the regulatory filing is available for free at https://is.gd/8hVRPn About Neovasc Inc. Neovasc Inc. (CVE:NVC) -- http://www.neovasc.com/-- is a Canadian specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products in development include the Tiara, for the transcatheter treatment of mitral valve disease and the Neovasc Reducer for the treatment of refractory angina. The Company also sells a line of advanced biological tissue products that are used as key components in third-party medical products including transcatheter heart valves. Neovasc reported a net loss of US$26.73 million for the year ended Dec. 31, 2015, compared to a net loss of US$17.17 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Neovasc had US$33.83 million in total assets, US$93.45 million in total liabilities and a total deficit of US$59.61 million. NEW STREAMWOOD: Files Motion to Determine Adequacy of Disclosure ---------------------------------------------------------------- New Streamwood Lanes, Inc., filed a motion asking the U.S. Bankruptcy Court for the Northern District of Illinois for a determination that its disclosure of the fifth amended plan of reorganization is sufficient and adequate. The Debtor also asks the Court to set Jan. 3, 2017, as the final date by which any creditor may change its acceptance or rejection of the prior plan pursuant to Section 1127(d) of the Bankruptcy Code. Under the Plan, the Debtor proposes to make a distribution to general unsecured creditors totaling approximately $15,917. The plan provides for payment of 1% on general unsecured claims, over five years, without interest. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/ilnb14-20808-299.pdf The changes from the Fourth Amended Plan to the Fifth Amended Plan, to the extent they affect the substantive rights of creditors, are as follows: (a) The Fourth Amended Plan provided for North Community Bank, a secured creditor in Class III that had made an election under Section 1111(b)(2), to be paid its allowed claim in full over a 30-year period with no interest. The Fifth Amended Plan fixes the claim of Waterfall Olympic Master Fund Grantor Trust, Series, II, successor to North Community Bank, at $2,520,000.00, and provides for the claim to be paid in full over a period of 243 months. (b) The Fourth Amended Plan provided for the priority claim of the Internal Revenue Service, in Class I, to be paid over five years at 3% interest. The Fifth Amended Plan provides for the priority claim of the Internal Revenue Service to be paid over six years at 4% interest. The Fourth and Fifth Amended Plans provide identical treatment of the general unsecured portion of the Internal Revenue Service claim, a dividend of 1% on the general unsecured portion. (c) The Fourth Amended Plan did not provide for specific treatment of the United States Small Business Administration (SBA). The Fifth Amended Plan provides a new Class IV, in which the SBA is the sole creditor, and provides for payment of a 1% dividend on the general unsecured claim of the SBA. The Fourth Amended Plan provided for a 1% dividend to all creditors in Class V, which hold general unsecured claims. The Fifth Amended Plan provides for the identical treatment of all creditors in Class V. The creditors whose claims are substantially affected by the changes embodied in the Fifth Amended Plan—Waterfall Olympic Master Fund Grantor Trust, Series, II, successor to North Community Bank; the Internal Revenue Service; and the Small Business Administration, have participated actively in the confirmation process and other hearings in this case, and have indicated that they will not object to the Fifth Amended Plan (the Internal Revenue Service has requested a minor revision to the Plan, which the Debtor intends to make). The changes from the Fourth Amended Plan to the Fifth Amended Plan do not affect the treatment of Stanley D. Schwartz, the sole creditor in Class V. On November 30, 2016, the Court set a hearing on the Fifth Amended Plan and Fifth Amended Disclosure Statement for January 10, 2017. On December 2, 2016, the Debtor served a notice of the January 10, 2016, hearing date, and copies of the Fifth Amended Plan and Fifth Amended Disclosure Statement on all creditors. The Debtor believes that the modifications embodied in the fifth amended plan are sufficiently minor as to the sole Class V creditor that the notice sent to all creditors on Dec. 2, 2016, containing the fifth amended plan and fifth amended disclosure statement, is sufficient disclosure under Sections 1125 and 1127(f)(2) of the Bankruptcy Code. About New Streamwood Lanes New Streamwood Lanes, Inc., filed a chapter 11 petition (Bankr. N.D. Ill. Case No. 14-20808) on June 2, 2014. The petition was signed by Terence Vaughn, president. The case is assigned to Judge Benjamin Godgar. The Debtor is represented by Ryan Kim, Esq., at Inseed Law PC. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. NEW YORK CRANE: Unsecureds To Recover 100% Within 90 Days --------------------------------------------------------- New York Crane & Equipment Corp. and affiliates filed with the U.S. Bankruptcy Court for the Eastern District of New York an amended disclosure statement describing their amended plan of reorganization. The plan sets forth five separate scenarios illustrating how and when payments will be made to creditors depending upon the final resolution and determination of the Debtor's appeals from the wrongful death judgments. The Judgments, in the gross amount of approximately $95.5 million were entered in favor of the respective estates of Donald Leo and Ramadan Kurtaj, in the so-called 91st Street Crane Litigation. Class 2 (General Unsecured Claims). The Debtors will pay to each of their trade vendors and supplies a sum equal to 100% of their Allowed Class 2 General Unsecured Claims from operating funds in the respective Debtors' regular DIP accounts, without interest within 90 days of the Effective Date. Class 4 (Secured Claims). The holders of Class 4 Secured Claims (primarily UBS and Fulton Bank) will retain their liens, mortgages and security interests against any encumbered assets of the respective Debtors post-confirmation and will be effectively "cured and reinstated" in accordance with Section 1124 of the Bankruptcy Code, with the exception that no default interest or other default-related charges will be paid. While the Fulton Bank loan debt is current, the balance owed to UBS will be immediately repaid, without default interest, upon the Effective Date from the funds on deposit in brokerage account Y1 XXX93. The lien and security interest of UBS Bank will survive the Effective Date. The plan will be funded by each of the respective Debtors up to the amount of their respective allocable portion of the Judgments, utilizing multiple sources of assets, as may be necessary, following conclusion of the appeals. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/nyeb1-16-40043-590.pdf About New York Crane New York Crane & Equipment Corp., J.F. Lomma, Inc. (De.), J.F. Lomma, Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy petitions (Bankr. E.D.N.Y. Case Nos. 16-40043, 16-40044, 16-40045 and 16-40048, respectively. The petitions were signed by James F. Lomma as president. New York Crane & Equipment disclosed total assets of $9.8 million and total debts of $22.05 million. Goldberg Weprin Finkel Goldstein LLP serves as the Debtors' counsel. Judge Carla E. Craig presides over the cases. The corporate Debtors operate crane, trucking and rigging companies doing business in New York City and other parts of the country. James Lomma is the president and sole shareholder of the corporate Debtors. On January 8, 2016, an order was entered providing for the joint administration of these related Chapter 11 cases. An official committee of unsecured creditors has been appointed, and has tapped Togut, Segal & Segal LLP as its counsel. NOBLE ENVIRONMENTAL: Completes Restructuring; Exits Chapter 11 -------------------------------------------------------------- Noble Environmental Power LLC on Dec. 15, 2016, disclosed it has successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy, a process initiated on September 15, 2016. Noble's Amended Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware by order dated Dec. 9, 2016. As part of the reorganization, Paragon Noble, LLC, agreed to reduce the Noble debt it held by 10%, reduce the interest rate on its debt and extend the maturity of its debt by an additional five years. As a result of the reorganization, Paragon Noble now owns 100% of the equity of Noble. All creditors other than Paragon Noble retained 100% of their claims. Kay McCall, Noble Environmental Power's President and Chief Executive Officer, commented, "We are pleased that Noble Environmental Power's reorganization was concluded on schedule, without an objection by any party. We appreciate the cooperation of our stakeholders in supporting Noble as we move forward with a stable capital structure." About Noble Environmental Noble Environmental Power LLC, a wind-energy company, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 16-12055) on Sept. 15, 2016. The Hon. Brendan Linehan Shannon presides over the case. In its petition, the Debtor estimated $100 million to $500 million in both assets and liabilities. The petition was signed by Kay McCall, president and chief executive officer. The Debtors hired Morgan, Lewis & Bockius LLP and Young Conaway Stargatt & Taylor, LLP as counsel. American Legal Claim Services, LLC, is the administrative advisor. The Office of the U.S. Trustee on Oct. 5, 2016, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case. NORTEL NETWORKS: Judge Farnan Named Mediator on Plan Objections --------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court issued an order approving Nortel Networks' mediation motion and the appointment of a mediator to assist the parties in resolving (A) potential objections to the Debtors' First Amended Joint Chapter 11 Plan of each of the (i) the Nortel Trade Claims Consortium (NTCC) and (ii) the Pension Benefit Guaranty Corporation (PBGC) and (B) the Debtors' objections to the PBGC claims and amended PBGC claims. The order states, "The Court having reviewed the Certification of Counsel Regarding Appointment of Mediator; and the Court having determined that referral to Mediation and the appointment of a Mediator is in the best interests of the Debtors, their estates, creditors and stakeholders; and sufficient cause appearing, it is hereby ORDERED as follows: Judge Joseph J. Farnan is appointed as mediator to conduct a confidential mediation concerning the potential objections of the NTCC and the PBGC to confirmation of the Plan and the Objection. For the purposes of Local Bankruptcy Rule 9019-2 and this Order, the mediation parties are (a) the Debtors; (b) the Official Committee of Unsecured Creditors; (c) the Ad Hoc Group of Bondholders; (d) the NTCC; and (e) the PBGC (the 'Mediation Parties')." About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation and its various affiliated entities provided next-generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel did Networks Limited was the principal direct operating subsidiary of Nortel Networks Corporation. On Jan. 14, 2009, Nortel Networks Inc.'s ultimate corporate parent Nortel Networks Corporation, NNI's direct corporate parent Nortel Networks Limited and certain of their Canadian affiliates Commenced a proceeding with the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act (Canada) seeking relief from their creditors. Ernst & Young was appointed to serve as monitor and foreign representative of the Canadian Nortel Group. That same day, the Monitor sought recognition of the CCAA Proceedings in U.S. Bankruptcy Court (Bankr. D. Del. Case No. 09-10164) under Chapter 15 of the U.S. Bankruptcy Code. That same day, NNI and certain of its affiliated U.S. entities filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 09-10138). In addition, the High Court of England and Wales placed 19 of NNI's European affiliates into administration under the control of individuals from Ernst & Young LLP. Other Nortel affiliates have commenced and in the future may commence additional creditor protection, insolvency and dissolution proceedings around the world. On May 28, 2009, at the request of administrators, the Commercial Court of Versailles, France, ordered the commencement of secondary proceedings in respect of Nortel Networks S.A. On June 8, 2009, Nortel Networks UK Limited filed petitions in U.S. Bankruptcy Court for recognition of the English Proceedings as foreign main proceedings under Chapter 15. U.S. Bankruptcy Judge Kevin Gross presides over the Chapter 11 and 15 cases. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. In the Chapter 11 case, James L. Bromley, Esq., and Howard S. Zelbo, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serve as the U.S. Debtors' general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The U.S. Trustee appointed an Official Committee of Unsecured Creditors in respect of the U.S. Debtors. An ad hoc group of bondholders also was organized. An Official Committee of Retired Employees and the Official Committee of Long-Term Disability Participants tapped Alvarez & Marsal Healthcare Industry Group as financial advisor. The Retiree Committee is represented by McCarter & English LLP as Delaware counsel, and Togut Segal & Segal serves as the Retiree Committee. The Committee retained Alvarez & Marsal Healthcare Industry Group as financial advisor, and Kurtzman Carson Consultants LLC as its communications agent. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of Sept. 30, 2008, Nortel Networks Corp. reported consolidated assets of $11.6 billion and consolidated liabilities of $11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of Sept. 30, 2008, NNI had assets of about $9 billion and liabilities of $3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' about $4.2 billion of unsecured public debt. Since the commencement of the various insolvency proceedings, Nortel has sold its business units and other assets to various purchasers. Nortel has collected roughly $9 billion for distribution to creditors. Of the total, $4.5 billion came from the sale of Nortel's patent portfolio to Rockstar Bidco, a consortium consisting of Apple Inc., EMC Corporation, Telefonaktiebolaget LM Ericsson, Microsoft Corp., Research In Motion Limited, and Sony Corporation. The consortium defeated a $900 million stalking horse bid by Google Inc. at an auction. The deal closed in July 2011. Nortel has filed a proposed plan of liquidation in the U.S. Bankruptcy Court. The Plan generally provides for full payment on secured claims with other distributions going in accordance with the priorities in bankruptcy law. The trial on how to divide proceeds among creditors in the U.S., Canada, and Europe commenced on Sept. 22, 2014. The question of how to divide $7.3 billion raised in the international bankruptcy of Nortel Networks Corp. was answered on May 12, 2015, by two judges, one in the U.S. and one in Canada. According to The Wall Street Journal, Justice Frank Newbould of the Ontario Superior Court of Justice in Toronto and Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del., agreed on the outcome: a modified pro rata split of the money. NORTHSTAR OFFSHORE: U.S. Trustee Forms 5-Member Committee --------------------------------------------------------- The Office of the U.S. Trustee on Dec. 19 appointed five creditors of Northstar Offshore Group, LLC, to serve on the official committee of unsecured creditors. The committee members are: (1) Alliance Energy Services, LLC P.O. Box 999 Larose, LA 70373 Attn: Steve Williams Email: swilliams@allianceoffshore.com Phone: 985-798-5700 (2) B & J Martin, Inc. P.O. Box 448, Cut Off, LA 70345 Attn: Mathew Martin Email: Matt@bjmartininc.com Phone: 985-632-2727 (3) Montco Oilfield Contractors P.O. Box 850, Galliano, LA 70354 Attn: Amy Heinz Email: amy.heinz@montco.com Phone: 985-325-7157 (4) R & R Energy Services LLC P.O. Box 4177 Houma, LA 70361 Attn: Charles Lemaire Email: charlesl@rrenergyservices.com Phone: 985-879-3645 (5) Offshore Contract Services, LLC 11 Greenway Plaza, Suite 2850 Houston, TX 77046 Attn: Doug Schaefer Email: dschaefer@offshoreservicesllc.com Phone: 713-621-2242 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 Northstar Offshore Group Northstar Offshore Group, LLC is an independent oil and gas exploration and production company that focuses on acquisition and recompletion, development drilling, and low-risk exploration in the waters of the Gulf of Mexico. Three creditors filed an involuntary Chapter 11 petition against Northstar Offshore Group on August 12, 2016. The petitioning creditors are Montco Oilfield Contractors, LLC, Alliance Offshore, LLC, and Alliance Energy Services, LLC. The creditors are represented by DLA Piper (US) LLP. On December 2, 2016, the Debtor agreed to convert the involuntary case to a voluntary case by filing a voluntary Chapter 11 petition (Bankr. S. D. Texas Case No. 16-34028). OAK CREEK: Sale Motion Moot After Dismissal Order ------------------------------------------------- Judge Hacqueline P. Cox of the U.S. Bankruptcy Court for the Northern District of Illinois dismissed Creek Plaza, L.L.C.'s Motion to Use, Sell of Lease Property. The Motion is moot due to the Dismissal Order entered by Court on Dec. 15, 2016. About Oak Creek Plaza Oak Creek Plaza, L.L.C., filed a chapter 11 petition (Bankr. N.D. Ill. Case No. 16-16324) on May 13, 2016. The petition was signed by Ronald L. Boorstein, managing partner. The case is assigned to Judge Jacqueline P. Cox. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor is represented by Paul M. Bach, Esq., at Bach Law Offices. OPTIMA SPECIALTY: Files Chapter 11 Bankruptcy Petition ------------------------------------------------------ Optima Specialty Steel, Inc., on Dec. 15, 2016, disclosed that it and its subsidiaries have commenced a reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware, Lead Case No. 16-12789. The Company plans to use the "breathing room" afforded by the Chapter 11 process in order to assess strategic options for a financial restructuring and address operational issues, resulting in a capital structure more suited to support its long-term growth and profitability. The Company's normal day-to-day operations will continue without interruption. Optima remains completely focused on serving its customers and maintaining strong relationships with its suppliers. The Company also disclosed that it currently has sufficient cash on hand to satisfy customary obligations associated with ongoing operations of its business, including payment of employee wages and benefits in the ordinary course, and payment of post-petition obligations to vendors under existing terms. The Company is currently considering several debtor-in-possession financing arrangements. Motti Korf, chairman and CEO of Optima, said, "Since 2011 Optima has grown the Company through strategic acquisitions. The Company has maintained a focus on value-added specialty processing and customer support activities characterized by short lead, response and delivery times. While Optima has diversified end markets, including transportation, industrial equipment, yellow goods, agriculture, construction, and energy; our markets have experienced a decline over the past several years. However, our end-markets are starting to exhibit stable and improving fundamentals. Optima shares the consensus view that steel markets will continue to experience growth in 2017 and the environment will be more favorable for the Company's revenue and cash flow. Our focus on improving operating performance and reducing costs have well positioned the Company for improved operating and financial performance. The combination of a cost-effective operating platform and a reorganized capital structure through Chapter 11 will represent a new beginning for Optima. I am confident that we will emerge a much stronger company structured for future growth and greater profitability." Optima filed a variety of customary first day motions with the Bankruptcy Court in Delaware, which will help enable it to continue to conduct business as usual while it completes its restructuring. Optima's legal counsel is Greenberg Traurig, LLP and its financial advisors are Miller Buckfire & Co. LLC and Ernst & Young LLP. More information about Optima's reorganization is available on the claims agent website at http://cases.gardencitygroup.com/oma/. About Optima Specialty Steel, Inc. Optima Specialty Steel, Inc., headquartered in Miami, FL, is one of North America's leading independent manufacturers of specialty steel products including cold drawn seamless tubes, cold finished steel bars and hot rolled steel bars. As a steel processing specialist, the organization leverages its technical expertise, skilled workforce and sophisticated equipment to produce highly engineered products including pressure-carbon, pressure-alloy, mechanical-carbon and mechanical-alloy tubing and specialty bars that meet its clients' exact order specifications. Optima Specialty Steel is operated by its four wholly-owned subsidiaries: South Lyon, MI-based Michigan Seamless Tube, LLC; Hammond, IN-based Niagara LaSalle Corporation; Cicero, IL – based Corey Steel Company and Ashland, KY-based Kentucky Electric Steel. OPTIMA SPECIALTY: Files for Chapter 11 as Refinancing Talks Failed ------------------------------------------------------------------ Optima Specialty Steel, Inc. and four of its subsidiaries sought bankruptcy protection on Dec. 15, 2016, citing challenging macroeconomic conditions that led to their financial performance falling below their expectations in 2015 and 2016. The Debtors filed the Chapter 11 cases listing assets and liabilities in the range of $100 million to $500 million. As of the Petition Date, the Debtors had outstanding debt obligations of more than $259 million, including accrued and unpaid interest, consisting primarily of their obligations under the senior secured notes and the senior unsecured notes, as disclosed in court documents. "With the refinancing negotiations breaking down in December 2016 and the maturity of the secured notes looming on Dec. 15, 2016, the Debtors were left with little choice but to seek Chapter 11 relief to facilitate a restructuring," said Mordechai Korf, chief executive officer and chairman of the Board of Directors of Optima Specialty. After carefully exploring other options and exhausting their out-of-court alternatives, and with looming debt maturities, the Debtors determined that only a Chapter 11 filing would provide them the "breathing room" necessary to continue rationalizing operations and address their balance sheet while continuing to operate their business in the ordinary course. The Debtors, which are engaged in the manufacturing of specialty steel products, blamed reduced demand from domestic energy producers, weakened iron ore and steel scrap pricing, and weaker demand from the mining and agricultural sectors that support the sale of heavy equipment, as the causes of their financial troubles. "While the Debtors' operations remain strong and financially stable, the Debtors have been negatively impacted by certain macroeconomic forces afflicting the steel and broader metals industry over the past few years," Mr. Korf said. "Specifically, the Debtors operate in a highly competitive industry and the Debtors' position within that market has been impacted by low oil prices, a strong U.S. Dollar, excess capacity and slowing growth in other parts of the world, and a decrease in demand for products from U.S. specialty steel producers," he added. The Debtors said their goal is to negotiate a plan of reorganization that will enable them to exit bankruptcy with a stronger balance sheet and improved operations while protecting jobs and preserving relationships with key constituencies, including customers, suppliers and vendors. Concurrently with and shortly after the filing of the Chapter 11 cases, the Debtors will be filing a number of first day motions. The Debtors are seeking Court's authority to, among other things, pay prepetition claims of critical vendors, prohibit utility companies from discontinuing service, pay prepetition employee obligations, use existing cash management system, and use cash collateral, The Debtors are seeking joint administration of their Chapter 11 cases under the main case, Case No. 16-12789. The cases have been assigned to the Hon. Judge Kevin J. Carey. The Debtors tapped Greenberg Traurig, LLP, as counsel; Ernst & Young LLP as financial advisor; and Garden City Group, LLC, as claims and noticing agent. OPTIMA SPECIALTY: Updated Case Summary & Largest Unsec. Creditors ----------------------------------------------------------------- The following case summary has been updated to indicate the correct designation of Ernst & Young LLP as financial advisor and to add Garden City Group, LLC, as the Debtors' claims and noticing agent. Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- Optima Specialty Steel, Inc. 16-12789 200 S. Biscayne Blvd., Suite 5500 Miami, FL 33131 Niagara LaSalle Corporation 16-12790 The Corey Steel Company 16-12791 KES Acquisition Company 16-12792 Michigan Seamless Tube LLC 16-12793 Type of Business: Manufacturers of specialty steel products Chapter 11 Petition Date: December 15, 2016 Court: United States Bankruptcy Court District of Delaware (Delaware) Debtors' Counsel: Dennis A. Meloro, Esq. GREENBERG TRAURIG, LLP The Nemours Building 1007 North Orange Street, Suite 1200 Wilmington, DE 19801 Tel: 302-661-7000 Fax: 302-661-7360 E-mail: melorod@gtlaw.com Debtors' Financial Advisor: ERNST & YOUNG LLP 5 Times Square New York, NY 10036-6530 Tel: (212) 773-3000 Fax: (212) 773-6350 Debtors' Claims & Noticing Agent: GARDEN CITY GROUP, LLC P.O. Box 10355 Dublin, OH 43017-5555 Tel: (866) 550-5957 Estimated Assets: $100 million to $500 million Estimated Debt: $100 million to $500 million The petition was signed by Mordechai Korf, chief executive officer. Debtor's List of 40 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 12.000% Senior Unsecured Notes Unsecured Notes $87,493,333 Due 2016 Wilmington Trust, National Association 50 South Sixth Street, Suite 1290 Minneapolis, MN 55402-1544 Jane Scweiger Tel: 612-217-5624 Email: jschweiger@wilmingtontrust.com Michael Scharf Pension $6,108,961 225 Dunbar Road Obligation Palm Beach, FL 33480 Michael Scharf Tel: 561-805-5353 Niagara Lasalle Corporation Pension $5,341,923 & Lasalle Steel Company Obligation Pension Plan SEI Private Trust Company Oaks, PA 19456-9907 Deborah L. He Tel: 610-676-1000 Fax: 484-676-1417 Arcelormittal Int America, LLC Trade Debt $4,599,158 25598 Network Place Chicago, IL 606731255 Chuck Jones Tel: 219-399-7946 Fax: 219-399-4134 Email: Charles.Jones@Arcelormittal.com Steel Dynamics, Inc. Trade Debt $4,483,404 Attn: Heather Funk Bar Product Division 36655 Treasury Center Chicago, IL 606946600 Jeff Cordill Tel: 317-892-7113 Fax: 317-892-7005 Email: Jeff.Cordill@steeldynamics.com Republic Engineered Products, LLC Trade Debt $1,564,057 21349 Network Place Chicago, IL 60673-1213 Ted Thielens Tel: 330-438-5616 Email: jthielens@republicsteel.com Hamilton Specialty Bar (2007) Inc. Trade Debt $1,249,630 319 Sherman Avenue N. P.O. Box 2943 Ontario, CAN L8N 3R5 Brent Akeson Tel: 905-312-8650 Email: bakeson@hsbsteel.com ASW Steel, Inc. Trade Debt $1,086,571 42 Centre Street Welland, ON L3B 5N9 John Mauro Tel: 905 735 5630 Fax: 905-328-7902 Email: john.mauro@asw-steel.com Timkensteel Corporation Trade Debt $610,802 Dept. CH 14428 Palatine, IL 60055-4428 Shawn Seanor Tel: 330-471-3832 Fax: 330-471-4041 Email: shawn.seanor@timkensteel.com Charter Steel Trade Debt $600,224 DIV Charter Manufacturing Co. Post Office Box 681140 Chicago, IL 606952140 Steve Simpson Tel: 262-268-2380 Email: simpsons@chartersteel.com Arcelormittal Steelton LLC Trade Debt $496,766 24050 Network Place Chicago, IL 60673-1240 Chuck Jones Tel: 219 399-7916 Fax: 219 399-4134 Email: charles.jones@arcelormittal.com Gerdau Macsteel Trade Debt $469,703 Dept. #79901 PO Box 67000 Detroit, MI 48267-0799 Lisa Owen Tel: 517-768-2461 Fax: 517-782-8736 Email: lisa.owen@gerdau.com Gerdau Long Steel Trade Debt $461,375 North America 4221 W. Boy Scout Blvd. Suite 600 Tampa, FL 36607 Richard Szink Tel: 813 207-2301 Email: Richard.szink@gerdau.com Gerdau Trade Debt $392,457 25654 Network Place Chicago, IL 606731256 Richard Szink Tel: 813 207-2301 Email: richard.szink@gerdau.com Acenta Steel Ltd. Trade Debt $379,117 Post Office Box 8000 Department 402 Buffalo, NY 14267 Tarlok Singh Tel: 44(0) 1384 471 257 Fax: 44(0) 1384 471 201 Email: tsingh@acentasteel.com Riggs Machine & Fabricating AP Trade Debt $185,500 Email: cbrown@riggsmachine.com Steel Dynamics-Roanoke Trade Debt $132,361 Email: jeffcordill@steeldynamics.com Sumitomo Canada Limited Trade Debt $131,808 Email: robert.lorenzo@summitomocorp.com Total Quality Logistics, Inc. Trade Debt $123,107 Email: emccann@tql.com NIPSCO Trade Debt $121,138 Email: dagarrett@nisource.com CSX Trade Debt $111,057 Chase Brass & Copper Trade Debt $104,703 Email: mhammerle@chasebrass.com Magnetic Analysis Corp. Trade Debt $97,307 Email: ckleiber@mac-ndt.com Motion Industries Trade Debt $91,588 Email: clint.menhart@motion-ind.com Magellan Corporation Trade Debt $86,617 Sterling Steel Company, LLC Trade Debt $86,541 Email: c.robbins@sscllc.com Constellation Energy Services, Inc. Trade Debt $83,079 Email: cmg@constellation.com Keystone-Calumet Inc. Trade Debt $74,046 Email: boydch@keysteonsteel.com TMS International, LLC Trade Debt $70,730 Email: masmith@tmsinternational.com Bloom Engineering Company, Inc. Trade Debt $50,036 Email: ssimko@bloombeng.com Alton Steel, Inc. Trade Debt $49,052 Email: jhrusovsky@altonsteel.com R & R Express Logistics Trade Debt $47,664 Email: john.krakowski@balrexp.com Hatzel and Buehler Inc. Trade Debt $42,600 Email: j.jvey@hatzelandbueher.com Primetals Technologies USA LLC Trade Debt $42,511 Email: ahmed.hozain@primetals.com Pension Benefit Guaranty Corporation Pension Undetermined Email: cann.dana@pbgc.gov Obligation Chatham Steel Corporation Litigation Undetermined Email: corpoffice@chathamsteel.com Gary/Chicago International Airport Litigation Undetermined Authority Email: dan@gciairport.com Michigan Department of Environmental Environmental Undetermined Quality (Trust Account) Remediation Ohio Attorney General vs. Litigation Undetermined Optima Speciality Steel, Inc., et al. Steel Workers Pension Trust Pension Undetermined Email: dchorba@spt-usw.org Obligation OREGON EYE: Involuntary Chapter 11 Case Summary ----------------------------------------------- Alleged Debtor: Oregon Eye Care, PC 500 NW 20th #100 Gresham, OR 97030 Case Number: 16-34713 Type of Business: Health Care Involuntary Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Oregon Judge: Hon. Peter C McKittrick Petitioner's Counsel: Pro Se Petitioner Nature of Claim Claim Amount ---------- --------------- ------------ Sharon E Neal Debt $30,000 17700 SE Forest Hill Drive Damascus, OR 97089 503-658-6355 PACIFIC 9: Plan Exclusivity Period Extended Through February 21 --------------------------------------------------------------- Judge Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California extended the exclusive period during which only Pacific 9 Transportation, Inc. may file a plan of reorganization from the current deadline of November 23, 2016 to February 21, 2017. The Troubled Company Reporter had earlier reported that the Debtor sought plan exclusivity extension, saying it is still in the process of changing its business model, offering employment to additional drivers and leasing trucks for its employee drivers to use. The Debtor told the Court that it had prepared a conversion plan detailing the steps it will be taking in order to continue to convert to a new employment model and increase its cash flow, which will allow the Debtor to expand its business and reorganize its affairs. The Debtor also told the Court that the conversion plan covers the period of November 20, 2016 to February 11, 2017, where the Debtor will continue its current employment practices with its drivers and gradually convert its current drivers who own their own trucks to employee drivers so that all of its current drivers will be employee drivers by January 1, 2017, and thereafter the Debtor can start to assess its profitability. About Pacific 9 Transportation Pacific 9 Transportation, Inc. is a trucking company located in Los Angeles, California that provides trucking services throughout California. The Company rents real property located at 21900 S. Alameda Street, Los Angeles, CA 90810 for the premises used to store its trucks, trailers, ocean containers, and legally related equipment. As of September 1, 2016, it began using the premises as its office and principal place of business. Pacific 9 Transportation, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 16-15447) on April 26, 2016. The petition was signed by Le Phan, CFO. The case is assigned to Judge Julia W. Brand. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. The Debtor hired Haberbush & Associates LLP as its general bankruptcy counsel; and The Law Firm of Atkinson, Andelson, Loya, Ruud & Romo as its special counsel. The Office of the U.S. Trustee on June 14 appointed seven creditors of Pacific 9 Transportation, Inc., to serve on the official committee of unsecured creditors, namely: Daniel Linares, Amador Rojas, Fariborz Rostamian, Gilberto Camacho, Hugo Pelayo, Jaime Guerrero, and Fernando Flores. On July 5, the U.S. Trustee appointed Victor Castro and Santiago Aguilar to serve on the official committee of unsecured creditors. The Official Committee of Unsecured Creditors hired Danning, Gill, Diamond & Kollitz, LLP as local counsel for the Committee; and Armory Consulting Company as financial advisor. PARAGON POOLS: Taps Andersen Law as General Reorganization Counsel ------------------------------------------------------------------ Paragon Pools Corporation asks for permission from the U.S. Bankruptcy Court for the District of Nevada to employ Andersen Law Firm, Ltd. as general reorganization counsel, nunc pro tunc to the November 28, 2016 petition date. The Debtor requires Anderson Law to: (a) advise the Debtor with respect to its powers and duties as a debtor and debtors-in-possession in the continued management and operation of its business and property; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the Chapter 11 case, including the legal and administrative requirements of operating in Chapter 11; (c) take all necessary action to protect and preserve the bankruptcy estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the bankruptcy estate, negotiations concerning all litigation in which the Debtor may be involved, and objections to claims filed against the bankruptcy estate; (d) prepare on behalf of the Debtor all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (e) negotiate and prepare on the Debtor's behalf plans of reorganization, disclosure statements, and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plans; (f) advise the Debtor in connection with any sale of assets; (g) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the bankruptcy estate before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its Chapter 11 case. Anderson Law will be paid at these hourly rates: Attorneys $295 Law Clerks/Paralegals $125 Andersen Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Andersen Law received payment $6,717 for prepetition legal services performed and expenses incurred in connection with Debtor's restructuring, inclusive of filing fees. Ryan A. Andersen 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. The Court will hold a hearing on the application on January 4, 2017, at 1:30 p.m. Andersen Law can be reached at: Ryan A. Andersen, Esq. ANDERSEN LAW FIRM, LTD. 101 Convention Center Drive Suite 600 Las Vegas, NV 89109 Tel: (702) 522-1992 Fax: (702) 825-2824 E-mail: randersen@andersenlawlv.com About Paragon Pools Based in Las Vegas, Nevada, Paragon Pools Corporation, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 16-16342) on November 28, 2016. The Hon. August B. Landis, presides over the case. In its petition, the Debtor declared $23,554 in total assets and $1.57 million in total liabilities. Ryan Andersen of Andersen Law serves as bankruptcy counsel. The petition was signed by Joseph M. Vassallo, president. A copy of the Debtor's list of 19 largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb16-16342.pdf PEACH STATE: DOJ Watchdog Seeks Ch.11 Trustee Appointment --------------------------------------------------------- Guy G. Gebhardt, Acting United States Trustee for Region 21, asks the U.S. Bankruptcy Court for the Northern District of Georgia to conduct an expedited hearing and enter an order directing the U.S. Trustee to appoint a Chapter 11 Trustee for Peach State Ambulance, Inc. According to the Motion, the United States Trustee learned that the Debtor, by and through an owner-officer, has sold property of the estate outside the ordinary course of business for cash. Although courts apply a presumption that a debtor should remain in possession, the Debtor is unable to reorganize and has sold estate property without authority. Thus, any such presumption, even if appropriate in other circumstances, is inappropriate. Therefore, the U.S. Trustee requests the Court to conduct a hearing on the motion at the Court's earliest convenience and enter an order directing the United States Trustee to appoint a Chapter 11 Trustee. Peach State Ambulance filed a chapter 11 petition (Bankr. N.D. Ga. Case No. 16-12121) on Oct. 24, 2016. The petition was signed by James L. Olson, president. The Debtor is represented by G. Frank Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, P.A. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. PEAK WEB: Has Until February 28 to Obtain Plan Votes ---------------------------------------------------- Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the District of Oregon extended the period within which Peak Web LLC obtain acceptance of its plan of reorganization until February 28, 2017. The Troubled Company Reporter had earlier reported that the Debtor filed its Plan of Reorganization on October 11, 2016, and the Court has set a hearing on Debtor's Disclosure Statement for December 8, 2016, which is only four days before Debtor's exclusive right to obtain acceptance of its Plan expires. Accordingly, the Debtor sought an extension of the time within which to obtain acceptance of its plan of reorganization, asserting that four days is insufficient time within which to obtain confirmation of the Plan in this case. The Debtor further related that the claims bar date in this case was October 13, 2016, which was after the date by which the Debtor was required to file its Plan, such that 17 claims were filed after October 11, 2016, including several administrative expense claims. In addition, the Debtor relates that numerous parties have also interposed objections to the Debtor's proposed Disclosure Statement. Consequently, the Debtor is still in the process of revising its Plan and Disclosure Statement to address case developments and the issues raised since the filing of the original Plan and Disclosure Statement. About Peak Web Headquartered in Oregon, Peak Web, LLC, doing business as Peak Hosting, is a managed-service company that provides the servers, storage, network, datacenter, and staff for some of the largest online businesses. Peak's operations and engineering teams currently support 26 customers in industries spanning online and mobile gaming, finance, real estate, consulting, and big data companies. Peak has 50% of its data center pre-built and ready for new customers. This equates to about 100 racks of space, which can accommodate approximately 2,000 additional servers for the expansion of new and existing customers. Peak Web sought Chapter 11 creditor protection (Bankr. D. Ore. Case No. 16-32311) on June 13, 2016. The petition was signed by Jeffrey E. Papen as CEO. The case is assigned to Judge Peter C. McKittrick. The Debtor estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtor has engaged Tonkon Torp LLP as general counsel; Ropers Majeski Kohn Bentley PC as its special counsel; and Susman Godfrey LLP as its litigation counsel. The Debtor retained Cascade Capital Group, LLC as consultant and Mark Calvert as chief restructuring officer. Gail Brehm Geiger, acting U.S. trustee for Region 18, on June 24, 2016, appointed four creditors of Peak Web LLC to serve on the official committee of unsecured creditors. Lightower Fiber Networks was appointed on June 28 to serve on the official committee. The Committee retained Ball Janik LLP as counsel. PHOENIX MANUFACTURING: Hearing on Disclosures Set For Jan. 18 ------------------------------------------------------------- The Hon. Eddward P. Ballinger Jr. of the U.S. Bankruptcy Court for the District of Arizona has scheduled for Jan. 18, 2017, at 10:00 a.m. the hearing to consider the approval of Phoenix Manufacturing Partners LLC, et al.'s disclosure statement referring to the Debtor's plan of reorganization. Objections to the Disclosure Statement must be filed by Jan. 6, 2017. About Phoenix Manufacturing Partners, LLC Phoenix Manufacturing Partners LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 16-04898) on May 3, 2016. Its affiliates Joined Alloys, LLC, and DLS Precision Fab, LLC, filed for Chapter 11 protection (Case Nos. 16-06107 and 16-06109) on May 27, 2016. The petitions were signed by Joe Yockey, president & managing member. The cases are jointly administered under Case No. 16-04898 and are assigned to Judge Edward P. Ballinger, Jr. Bradley J. Stevens, Esq., at Jennings, Strouss & Salmon, P.L.C., A Professional Limited Liability Company, serves as the Debtors' bankruptcy counsel. Phoenix Manufacturing estimated assets of $0 to $50,000 and debts of $10 million to $50 million. Joined Alloys and DLS Precision 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 case. QUINTESS LLC: Panel Hires Gray & Company as Financial Advisor ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Quintess, LLC seeks authorization from the U.S. Bankruptcy Court for the District of Colorado to retain Gray & Company LLC as financial advisor to the Committee, nunc pro tunc to November 9, 2016. The Committee requires Gray & Company to provide: (a) financial analysis, advice and consultation regarding the operation of the Debtor; (b) financial analysis, advice and consultation regarding the Debtor's proposed plan of reorganization; (c) forensic analysis of pre-petition financial affairs of the Debtor and its non-debtor affiliates; (d) assistance in the formulation of alternative strategies to the Debtor's plan of reorganization to maximize the value of the Debtor's estate; (e) participation in meetings and negotiations with various parties in this case; (f) testimony in court as may be required to support the interests of the unsecured creditors; and (g) assistance to the Committee generally in performing such other services as may be desirable or required for th discharge of the Committee's duties pursuant to Bankruptcy Code section 1103. Gray & Company will be paid at these hourly rates: Stephen S. Gray $695 Forensic Analyst $300 (Mark R. Riley) Gray & Company will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen S. Gray, founder of Gray & Company, 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. Gray & Company can be reached at: Stephen S. Gray GRAY & COMPANY LLC 114 Naples Road, Brookline, MA 02446 Tel: (617) 845-6404 E-mail: ssg@grayandcompanyllc.com About Quintess LLC Quintess, LLC, filed a chapter 11 petition (Bankr. D. Colo. Case No. 16-19955) on Oct. 7, 2016. The petition was signed by Pete Estler, CEO. The Debtor is represented by Duncan E. Barber, Esq., at Shapiro Bieging Barber Otteson LLP and Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Brill LLP. The case is assigned to Judge Joseph G. Rosania, Jr. The Debtor estimated assets at $0 to $50,000 and liabilities at $1 million to $10 million at the time of the filing. RELIABLE HUMAN: PCO Appointment Not Necessary, Judge Says --------------------------------------------------------- Judge Michael E. Ridgway of the U.S. Bankruptcy Court for the District of Minnesota entered an Order providing that the U.S. Trustee need not appoint a patient care ombudsman for Reliable Human Services, Inc.. The Order was made in response to the Debtor's Motion for the Determination that a Patient Care Ombudsman is Not Necessary. The Court further ordered the U.S. Trustee to file a Motion for a patient care ombudsman at a later date if he determines that the need for a patient care ombudsman has risen. About Reliable Human Services Reliable Human Services, Inc. filed a Chapter 11 petition (Bankr. D. Minn. Case No. 16-43368) on November 15, 2016. RENNOVA HEALTH: Proposes to Offer 15,000 Series H Preferred Stock ----------------------------------------------------------------- Rennova Health, Inc., filed with the Securities and Exchange Commission a free writing prospectus relating to the offering of 15,000 shares of Series H Preferred Stock, with a stated value of $1,000 per share, with each share convertible into 7,692 shares of our common stock, assuming a conversion price of $0.13 per share (the last reported sale price of the Company's common stock on Dec. 15, 2016). The Series H Preferred Stock ranks on parity to the Company's common stock. Each share of the Series H Preferred Stock is convertible into shares of the Company's common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder at a conversion price equal to the stated value of the Series H Preferred Stock of $1,000 per share divided by $0.13. Holders of Series H Preferred Stock are prohibited from converting Series H Preferred Stock into shares of the Company's common stock if, as a result of that conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of the Company's common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to the Company. Shares of Series H Preferred Stock generally have no voting rights, except as required by law and except that the affirmative vote of the holders of at least 75% of the then outstanding shares of Series H Preferred Stock is required to (a) alter or change adversely the powers, preferences or rights given to the Series H Preferred Stock, (b) amend the Company's certificate of incorporation or other charter documents in any manner that materially adversely affects any rights of the holders, (c) increase the number of authorized shares of Series H Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. Holders of Series H Preferred Stock are not entitled to receive any dividends, unless and until specifically declared by the Company's board of directors. The holders of the Series H Preferred Stock will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of common stock. The Company is not obligated to redeem or repurchase any shares of Series H Preferred Stock. Shares of Series H Preferred Stock are not otherwise entitled to any redemption rights or mandatory sinking fund or analogous fund provisions. This prospectus also relates to the offering of up to 115,380,000 shares of the Company's common stock issuable upon conversion of the Series H Preferred Stock, assuming a conversion price of $0.13 per share (the last reported sale price of the Company's common stock on Dec. 15, 2016). The underwriters have an option for a period of 45 days to purchase up to an additional 2,250 shares of Series H Preferred Stock, solely to cover over-allotments, if any. The Company will issue to Aegis Capital Corp., the representative of the underwriters, or its designees, upon closing of this offering, compensation warrants for the purchase of 5% of the aggregate number of shares of common stock issuable upon conversion of the Series H Preferred Stock sold in this offering. The representative's warrants will have a term of four years and may be exercised commencing twelve months after the date of effectiveness of the Registration Statement on Form S-1 of which this prospectus forms a part. The representative's warrants may be exercised on a cashless basis. The Company intends to use the net proceeds received from this offering to redeem 97.5% of the outstanding shares of our Series G Convertible Preferred Stock in the approximate amount of $8.3 million, for working capital and general corporate purposes, to pay down certain related party and third party indebtedness, continued development of new diagnostics processes and methodologies, continued development, roll out and implementation of EHR and Revenue Cycle Management services and paying for possible acquisitions or expansion of the Company's business. There is no established public trading market for the Series H Preferred Stock offered hereby. A full-text copy of the FWP is available for free at: https://is.gd/MQcmG5 About Rennova Rennova Health, Inc. is a vertically integrated provider of a suite of healthcare related products and services. Its principal lines of business are diagnostic laboratory services, and supportive software solutions and decision support and informatics operations services. The Company reported a net loss attributable to the Company's common shareholders of $36.4 million for the year ended Dec. 31, 2015, following net income attributable to the Company's common shareholders of $2.81 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Rennova Health had $10.19 million in total assets, $20.23 million in total liabilities and a total stockholders' deficit of $10.03 million. The Company said in its annual report for the year ended Dec. 31, 2015, that "Although our financial statements have been prepared on a going concern basis, we have recently accumulated significant losses and have negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern. "If we are unable to improve our liquidity position we may not be able to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment." REPUBLIC AIRWAYS: Aircraft Sale to Aeromexico Connect Approved -------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved Republic Airways Holdings' motion for an order (i) authorizing the Debtors to sell certain aircraft, prepay certain aircraft loans and consensually terminate related aircraft leases and (ii) approving allowed claims. As previously reported, "By this motion, Republic requests entry of an order (i) approving the sale of three EMB 170 SU aircraft to Aerolitoral, S.A. de CV d/b/a Aeromexico Connect ('Connect'); (ii) approving, and authorizing, but not directing, Republic to enter into a binding purchase agreement for each Aircraft; (iii) authorizing Republic to use the net sale proceeds from the sale of the Aircraft to pay down the indebtedness secured by the Aircraft; (iv) authorizing Republic and Connect to mutually and consensually terminate certain leases (the 'Leases') of the Aircraft between Connect and Republic Airline Inc. ('RAI'); and (v) allowing Connect prepetition general unsecured claims against RAI in the aggregate amount of $6,770,092 and against Shuttle America Corporation ('Shuttle') in an aggregate amount of $3,543,471." The Court also approved the Debtors' motion to file certain information in connection with this sale under seal. About Republic Airways Based in Indianapolis, Indiana, Republic Airways Holdings Inc. (OTCMKTS:RJETQ) owns Republic Airline and Shuttle America Corporation. Republic Airline and Shuttle America -- http://www.rjet.com/-- offer approximately 1,000 flights daily to 105 cities in 38 states, Canada, the Caribbean and the Bahamas through Republic's fixed-fee codeshare agreements under our major airline partner brands of American Eagle, Delta Connection and United Express. The airlines currently employ about 6,000 Aviation professionals. Republic Airways Holdings Inc. and six affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-10429) on Feb. 25, 2016. The petitions were signed by Joseph P. Allman as senior vice president and chief financial officer. Judge Sean H. Lane has been assigned the cases. As of Jan. 31, 2016, on a consolidated basis, Republic had assets and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited), respectively. Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are serving as Republic's legal advisors in the restructuring. Seabury Group LLC is serving as financial advisor. Deloitte & Touche LLP is the independent auditor. Prime Clerk is the claims and noticing agent. The U.S. Trustee for Region 2 appointed seven creditors of Republic Airways Holdings Inc. to serve on the official committee of unsecured creditors. The Committee retained Morrison & Foerster LLP as attorneys and Imperial Capital, LLC, as investment banker and co-financial advisor. REPUBLIC AIRWAYS: Creditors' Panel Hires Korn Ferry as Consultant ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of Republic Airways Holdings Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the Southern District of New York to retain Korn Ferry International, Inc. as board search consultant to the Committee, nunc pro tunc to November 22, 2016. The Committee requires Korn Ferry to: (a) define the committee structure of the Reorganized Board, including to identify associated committee chairs and staffing requirements; (b) define the key skills and competencies required on the Reorganized Board given the Reorganized Company's strategy and core issues going forward; (c) define the ideal candidate profile, both for all directors in common, and specifically for certain individual board director profiles sought; (d) resolve whether the Chair and CEO roles will be separated or combined; (e) identify, pursue, assess, and recommend various candidates for the Reorganized Board; and (f) determine the general compensation parameters for board directors. Korn Ferry will be paid as follows: (a) A $150,000 fee (the "Fixed Project Fee"), with such fee to also cover the cost of the first two placements not previously identified by the Committee; (b) An additional fee per Reorganized Board placement, with the fee varying by source, as follows (the "Fee Schedule"): $75,000 for candidates not previously identified by the Committee, $40,000 for candidates previously identified by the Committee, and $25,000 incumbent directors continuing on the Reorganized Board; (c) Notwithstanding the Fixed Project Fee and the Fee Schedule set forth above, the total fee for the project, assuming a total of six independent directors are appointed and regardless of where the directors are sourced, will not be less than $300,000 or exceed $400,000 (the "Placement Fee"); (d) In addition to the Placement Fee, Korn Ferry will be reimbursed for all administrative support and research services. These services will be billed at twelve percent (12%) of the Placement Fee for the project (the "Services Fee" and, together with the Placement Fee, the "Fees"); (e) Should the Committee elect to appoint more than six independent directors in the formation of the new board, then the Fee Schedule would be applied for any additional appointments; (f) The Fixed Project Fee will be billed upon entry of the Court's order approving the terms of the Engagement Letter. The remainder of the Fees will be billed on the later to occur of January 31, 2017 or upon completion of the mandate. (g) Any direct, out-of-pocket expenses (the "Expenses"), such as candidate and consultant travel, accommodation and video conferencing will be billed at cost on a monthly basis as incurred. Michael J. Bell, member of Korn Ferry International, Inc., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) are not creditors, equity security holders or insiders of the Debtor; (b) have not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) do not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Korn Ferry can be reached at: Michael J. Bell KORN FERRY INTERNATIONAL, INC. 1450 Brickell Avenue, Suite 2610 Miami, FL 33131 Tel: (786) 425-8920 E-mail: Michael.Bell@kornferry.com About Republic Airways Based in Indianapolis, Indiana, Republic Airways Holdings Inc., (OTCMKTS:RJETQ) owns Republic Airline and Shuttle America Corporation. Republic Airline and Shuttle America --http://www.rjet.com/-- offer approximately 1,000 flights daily to 105 cities in 38 states, Canada, the Caribbean and the Bahamas through Republic's fixed-fee codeshare agreements under our major airline partner brands of American Eagle, Delta Connection and United Express. The airlines currently employ about 6,000 Aviation professionals. Republic Airways Holdings Inc. and six affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 16-10429) on Feb. 25, 2016. The petitions were signed by Joseph P. Allman as senior vice president and chief financial officer. Judge Sean H. Lane has been assigned the cases. As of Jan. 31, 2016, on a consolidated basis, Republic had assets and liabilities of $3,561,000,000 and $2,971,000,000 (unaudited), respectively. Zirinsky Law Partners PLLC and Hughes Hubbard & Reed LLP are serving as Republic's legal advisors in the restructuring. Seabury Group LLC is serving as financial advisor. Deloitte & Touche LLP is the independent auditor. Prime Clerk is the claims and noticing agent. The U.S. Trustee for Region 2 appointed seven creditors of Republic Airways Holdings Inc. to serve on the official committee of unsecured creditors. The Committee retained Morrison & Foerster LLP as attorneys and Imperial Capital, LLC, as investment banker and co-financial advisor. REVOLVE SOLAR: Unsecureds To Recoup 41%-66% Under Amended Plan -------------------------------------------------------------- Revolve Solar (TX) Inc. and Revolve Solar (CA) Inc. filed with the U.S. Bankruptcy Court for the Western District of Texas a revised disclosure statement explaining their proposed plan to exit Chapter 11 protection. Under the latest restructuring plan, creditors holding priority claims will be paid in full while unsecured creditors will receive a pro-rata share of monthly payments. Creditors owed less than $20,000 will receive their payments over the first 24 months of the plan while creditors owed more than $20,000 will see their payments increased in months 25 to 60. Class 4 general unsecured creditors of Revolve Solar (TX) that hold claims of more than $20,000 will receive 41% of their claims while Class 5 general unsecured creditors who hold claims of $20,000 or less will receive 66% of their claims. Under the plan, Class 4 general unsecured creditors that hold claims of more than $20,000 against Revolve Solar (CA) will recover 8% of their claims. Meanwhile, Class 5 general unsecured creditors that hold claims of $20,000 or less will be paid 48% of their claims, according to the latest disclosure statement filed on Dec. 7. A copy of the first amended disclosure statement is available for free at https://is.gd/7EV8Dx About Revolve Solar Revolve Solar, Inc. aka Revolve Solar LLC, Revolve Solar (TX) Inc., and Revolve Solar (CA) Inc. each filed chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 16-10896, 16-10897, and 16-10899) on July 31, 2016. The petitions were signed by Tim Padden, president. The Debtors are represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. Revolve Solar, Inc. and Revolve Solar (TX) Inc.'s cases are assigned to Judge Tony M. Davis, while Revolve Solar (CA) Inc.'s case is assigned to Judge Christopher B. Mott. The Debtors each estimated assets and liabilities at $1 million to $10 million at the time of the filing. RIDGE VILLAS: Case Summary & 4 Unsecured Creditors -------------------------------------------------- Debtor: Ridge Villas Mgmt LLC 9460 W Peoria Ave, Suite B Peoria, AZ 85345-6300 Case No.: 16-14209 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Arizona (Prescott) Judge: Hon. Brenda K. Martin Debtor's Counsel: Andre E. Carman, Esq. CARMAN LAW FIRM 246 S. Cortez Street Prescott, AZ 86303 Tel: 928-445-8056 Fax: 928-445-8046 E-mail: acarman@carmanlf.com Total Assets: $685,550 Total Liabilities: $2.65 million The petition was signed by Lynn Myers, president, ID Investors, Ltd., manager. A copy of the Debtor's list of four unsecured creditors is available for free at http://bankrupt.com/misc/azb16-14209.pdf RMS TITANIC: Asks Court to Move Plan Filing Deadline to April 10 ---------------------------------------------------------------- RMS Titanic, Inc. and certain of its affiliates request the U.S. Bankruptcy Court for the Middle District of Florida to further extend the periods during which the Debtors have the exclusive right to file and obtain acceptance of a Chapter 11 plan, through and including April 10, 2017 and including June 10, 2017, respectively. The Debtors assert that these cases are both large and complex, and present a significant number of unique legal and factual challenges not present in even the largest and most complex Chapter 11 cases. Specifically, the unique nature of the Debtors' primary assets, the Titanic artifacts, are the subject of ongoing decades-old litigation, unique issues of maritime law, and potentially competing rights of two different sovereigns. The Debtors relate that RMS Titanic is currently engaged in litigation with the French government in this Court to determine the rights of RMS Titanic in the "French Artifacts," which is currently set to come before this Court shortly on a motion for entry of default against France. Meanwhile, the Debtors also relate that RMS Titanic has been engaged in litigation in the Eastern District of Virginia for nearly 25 years to determine its rights and obligations with respect to the remainder of the Titanic artifacts. The US Artifact litigation creates significant challenges to the Debtors' reorganization efforts since it is subject to severe restrictions on what can be done with the artifacts, how the artifacts are to be maintained, and provide for continuing jurisdiction of the U.S. District Court for the Eastern District of Virginia to oversee enforcement of the covenants and conditions imposed in the US Artifact Litigation. The Debtors also assert that they are considering all alternatives available to them to maximize value, whether that be through debt financing, equity investment, sale of the French Artifacts, sale of all of the artifacts (subject to any applicable covenants and conditions), sale of the operating companies, and other possible alternatives. The Debtors and their advisors are actively engaged in discussions with potential financing sources, auctioneers, and other parties that could present a path to exiting these chapter 11 cases. However, to date, the Debtors have received no proposals from any party in interest regarding any alternative transactions or proposed strategies for the overall resolution of these complex cases. In addition, the Debtors have filed a motion for entry of default in the French Adversary and scheduled a hearing on that motion for January, potentially paving the way for a potential monetization of the French Artifacts, and anticipate filing objections to claims totaling approximately $33 million, and continue to analyze other claims objections. The Debtors also tell the Court that they have reviewed their lease obligations and will be addressing the proposed assumption of certain lease obligations in the near future and before the deadline currently set for January 10, 2017, by which the Debtors must assume or reject nonresidential real property lease obligations. About RMS Titanic, Inc. Premier Exhibitions, Inc. (Nasdaq: PRXI), located in Atlanta, Georgia, is a foremost presenter of museum quality exhibitions throughout the world. Premier -- http://www.PremierExhibitions.com/-- is a recognized leader in developing and displaying unique exhibitions for education and entertainment including Titanic: The Artifact Exhibition, BODIES...The Exhibition, Tutankhamun: The Golden King and the Great Pharaohs, Pompeii The Exhibition, Extreme Dinosaurs and Real Pirates in partnership with National Geographic. The success of Premier Exhibitions lies in its ability to produce, manage, and market exhibitions. RMS Titanic and seven of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 16-02230) on June 14, 2016. Former Chief Financial Officer and Chief Operating Officer Michael J. Little signed the petitions. The Chapter 11 cases are assigned to Judge Paul M. Glenn. The Debtors estimated both assets and liabilities of $10 million to $50 million. Guy Gebhardt, acting U.S. trustee for Region 21, on Aug. 24, 2016, appointed three creditors to serve on the official committee of unsecured creditors of RMS Titanic, Inc., and its affiliates. The Committee hired Storch Amini & Munves PC and Thames Markey & Heekin, P.A. as counsel. RWK ELECTRIC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: RWK Electric Co., Inc. P.O. Box 10457 Phoenix, AZ 85064-0457 Case No.: 16-14195 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Eddward P. Ballinger Jr. Debtor's Counsel: Thomas H. Allen, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Ave., #1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 E-mail: tallen@allenbarneslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rodney W. Kawulok, president. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb16-14195.pdf RYNARD PROPERTIES: Hires Toni Campbell Parker as Attorney --------------------------------------------------------- Rynard Properties Hilldale, LP, seeks authority from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Toni Campbell Parker as attorney to the Debtor. Rynard Properties requires Toni Campbell Parker to represent the Debtor in the Chapter 11 Bankruptcy case. Toni Campbell Parker will be paid at the hourly rate of $325. Toni Campbell Parker will be paid a retainer in the amount of $25,783. Toni Campbell Parker will also be reimbursed for reasonable out-of-pocket expenses incurred. To the best of the Debtor's knowledge the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Toni Campbell Parker can be reached at: TONI CAMPBELL PARKER 615 Oakleaf Office Lane, Suite 201 Memphis, TN 38117 Tel: (901) 483-1020 Fax: (866) 489-7938 E-mail: Tparker001@bellsouth.net About Rynard Properties Rynard Properties Hilldale LP, based in Fishers, IN, filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-31248) on December 7, 2016. The Hon. Jennie D. Latta presides over the case. Toni Campbell Parker, Esq., at the law office of Toni Campbell Parker, as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by John Bartle, Chief Restr. Off. & Sec. for GP, Hilldale GP, LLC. SHORELINE ENERGY: Committee Taps Arent Fox as Legal Counsel ----------------------------------------------------------- The official committee of unsecured creditors of Shoreline Energy LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire legal counsel. The committee proposes to hire Arent Fox LLP to give legal advice regarding its duties under the Bankruptcy Code, assist in its consultations with the Debtor, investigate the conduct of the Debtor's affairs, assist in the negotiation of any bankruptcy plan, and provide other legal services. The hourly rates charged by the firm are: Partners $600 - $1,025 Of Counsel $505 - $970 Associates $340 - $620 Paraprofessionals $185 - $380 Robert Hirsh, Esq., disclosed in a court filing that his firm is "disinterested" as defined in section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Hirsh disclosed that the hourly rates charged by Arent Fox for its services to the committee remain consistent with the rates that it charges other comparable Chapter 11 clients. Mr. Hirsh also disclosed that the firm's budget and staffing plan has been approved through Feb. 28, 2017. Arent Fox can be reached through: Robert M. Hirsh, Esq. George P. Angelich, Esq. Arent Fox LLP 1675 Broadway New York, NY 10019 Phone: (212) 484-3900 About Shoreline Energy Headquartered in Houston, Texas, oil and gas exploration and production company Shoreline Energy LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-35571) on November 2, 2016. The petitions were signed by Randy E. Wheeler, vice-president and secretary. Judge David R. Jones presides over the case. Jones Day serves as counsel to the Debtors. Imperial Capital, LLC, is the Debtors' investment banker. Prime Clerk LLC is the Debtors' claims and noticing agent. The Debtors estimated assets and liabilities at between $100 million and $500 million each. The Office of the U.S. Trustee appointed three creditors to serve on the official committee of unsecured creditors. SHORELINE ENERGY: Committee Taps Conway as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Shoreline Energy LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire a financial advisor. The committee proposes to hire Conway MacKenzie, Inc. to provide these services in connection with the Chapter 11 cases of Shoreline Energy and its affiliates: (a) assist in the analysis, review and monitoring of the restructuring process; (b) review financial information prepared by the Debtors; (c) review the Debtors' analysis of business assets and the potential disposition or liquidation of those assets; (d) review any tax issues associated with the preservation of net operating losses, refunds due to the Debtors, plans of reorganization, and asset sales; (e) assist in the review or preparation of information and analysis necessary for the confirmation of a plan; (f) attend meetings and assist in discussions with the Debtors, potential investors, banks, secured lenders and other parties; (g) review financial-related disclosures required by the court; (h) review the Debtors' cost/benefit analysis with respect to the affirmation or rejection of executory contracts and leases; (i) assist in the evaluation, analysis and forensic investigation of avoidance actions; and (j) prepare committee responses or objections to the Debtors' motions. The hourly rates charged by the firm are: John Young, Jr. Senior Managing Director $1,085 Jeffrey Huddleston Managing Director $865 Paul Jansen Managing Director $865 Matthew Sedigh Director $585 Matthew Reilly Senior Associate $445 Justin Reed Senior Associate $480 Chris Gordon Senior Associate $435 Allison Smith Paraprofessional $215 Mallory Bolus Paraprofessional $215 John Young, Jr., senior managing director at Conway, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: John T. Young, Jr. Conway MacKenzie, Inc. 1301 McKinney Street, Suite 2025 Houston, TX 77010 Phone: 713-650-0500 Fax: 713-650-0502 Email: JYoung@ConwayMacKenzie.com About Shoreline Energy Headquartered in Houston, Texas, oil and gas exploration and production company Shoreline Energy LLC and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-35571) on November 2, 2016. The petitions were signed by Randy E. Wheeler, vice-president and secretary. Judge David R. Jones presides over the case. Jones Day serves as counsel to the Debtors. Imperial Capital, LLC, is the Debtors' investment banker. Prime Clerk LLC is the Debtors' claims and noticing agent. The Debtors estimated assets and liabilities at between $100 million and $500 million each. The Office of the U.S. Trustee appointed three creditors to serve on the official committee of unsecured creditors. SNOHOMISH COUNTY HOSP: Moody's Raises 2009 Bonds Rating to Ba3 -------------------------------------------------------------- Moody's Investors Service upgraded to Ba3 from B1 the Snohomish County Public Hospital District No.1 (EvergreenHealth Monroe), Washington's Limited Tax General Obligation Improvement and Refunding Bonds, 2009 outstanding in the estimated amount of $17.3 million. Moody's revised the outlook to stable from rating under review with direction uncertain. The upgrade to Ba3 primarily reflects the district's improved but still challenged operating position. The district's small scale of operations leaves it vulnerable to operating pressures like staff turnover or volatility from service reimbursements. The rating also incorporates the district's large and growing tax base and moderate socioeconomic measures. Also of importance, the district's regular property tax levy provides sizable coverage of GOLT debt service. The rating was placed on review with the direction uncertain due to a lack of sufficient financial and operating information on November 23, 2016. Since that time, Moody's received additional and sufficient information to review the district's rating. This rating action concludes Moody's review. Rating Outlook The stable outlook reflects expectations for near-term stability in the district's operating position following the recent affiliation with EvergreenHealth. The district remains pressured by very narrow liquidity, but property tax installments are favorably received ahead of scheduled semi-annual debt service, and tax collections in excess of debt service providing support to operations and capital reinvestment. Factors that Could Lead to an Upgrade Substantial and sustainable improvement in liquidity Continued trend of positive operating performance Significant local economic expansion and tax base growth Sustainable increase in market share Factors that Could Lead to a Downgrade Deterioration in operating performance, including weaker results than near-term projections Significant tax base declines that impact property tax receipts Declining competitive position Legal Security The bonds are secured by the full faith, credit and legally unrestricted resources of the district, subject to the constitutional and statutory limitations provided by law without a vote of the electors of the district. In the unexpected event of a shortfall in property tax revenue to pay for GOLT debt service, payments can be made with net patient revenues. The bonds are payable on parity with other unsecured claims against the district's resources, such as employee wages, trade payables, and capital and operating lease payments. Use of Proceeds. Not applicable Obligor Profile The district's primary facilities include the EvergreenHealth Monroe Hospital, an acute care facility licensed for 72 beds, and an addiction recovery center licensed for 8 detox and 32 residential treatment beds, both located in the City of Monroe. The hospital is located 15 miles southeast of Everett and 20 miles northeast of Kirkland (Aa2 GOLT). The service area has nearly 100,000 residents. SOUTHERN PAIN: Trustee Taps Moore as Accountant, Financial Advisor ------------------------------------------------------------------ John A. Thomson, Jr., the Chapter 11 Trustee for Southern Pain Institute, P.C., seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Moore Colson & Company, P.C. as accountant and financial advisor to the Trustee. The Trustee requires Moore to: (a) address any related financial and business issues, as requested by the Trustee; and (b) provide such other services as the Trustee may request and as may be necessary in the Case. Moore will be paid a success fee of $15,000. Moore will also be reimbursed for reasonable out-of-pocket expenses incurred. John Reidelbach, member of Moore Colson & Company, P.C., assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) are not creditors, equity security holders or insiders of the Debtor; (b) have not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) do not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Moore can be reached at: John Reidelbach MOORE COLSON & COMPANY, P.C. 1640 Powers Ferry Raod SE Marietta, GA 30067 Tel: (770) 989-0028 About Southern Pain Southern Pain Institute, P.C., based in Atlanta, GA, filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 15-11593) on July 24, 2015. The Hon. Homer W. Drake presides over the case. Eric E. Thorstenberg, Esq., to serve as bankruptcy counsel. In its petition, the Debtor estimated $886,897 in assets and $2.3 million in liabilities. The petition was signed by Anthony T. Clavo, Sr., CEO. ST. MICHAEL'S MEDICAL: Disclosures Okayed, Plan Hearing on Jan. 12 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey will consider approval of the joint Chapter 11 plan of St. Michael's Medical Center Inc. and its affiliates at a hearing on Jan. 12. The hearing will be held at 11:00 a.m. (Prevailing Eastern Time), at Courtroom 3B, 50 Walnut Street, Newark, New Jersey. The court had earlier approved the disclosure statement which explains the plan, allowing St. Michael's to start soliciting votes from creditors. The Dec. 8 order set a Jan. 5 deadline for creditors to cast their votes and file their objections to the plan. About Saint Michael's Medical Center Saint Michael's Medical Center, Inc. was incorporated in 2008 to acquire St. Michael's Medical Center and 2 other now defunct hospitals (Saint James Hospital and Columbus Hospital) was acquired from Cathedral Healthcare System Inc., a New Jersey nonprofit. SMMC is a second tier subsidiary of Trinity Health Corporation. The immediate sole corporate member of SMMC is Maxis Health System, a Pennsylvania not-for-profit corporation. Established by the Franciscan Sisters of the Poor in 1867, St. Michael's Medical Center is a 357- bed licensed regional tertiary-care, teaching, and research center in the heart of Newark, New Jersey's business and educational district and is accredited by The Joint Commission. On Aug. 10, 2015, SMMC Inc. and three affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey. The cases are pending before the Honorable Vincent F. Papalia, and the Debtors have requested that their cases be jointly administered under Case No. 15-24999. The Debtors tapped Cole Schotz P.C. as bankruptcy counsel; EisnerAmper LLP as financial advisor; and Prime Clerk LLC as claims and noticing agent. SMMC estimated $100 million to $500 million in assets and debt. United States Trustee Region 3, notified the United States Bankruptcy Court for the District of New Jersey of the appointment of Susan N. Goodman, RN JD, as patient care ombudsman in the Chapter 11 case of Saint Michael's Medical Center, Inc., and its debtor affiliates. The U.S. Trustee for Region 3, appointed seven creditors of Saint Michael's Medical Center Inc. and its affiliates to serve on the official committee of unsecured creditors. Andrew H. Sherman, Esq., Boris I. Mankovetskiy, Esq., and Lucas F. Hammonds, Esq., at Sills Cummis & Gross PC, represent the Committee. STONE ENERGY: Seeks Court OK of Claims Settlement With Sr. Execs. ----------------------------------------------------------------- BankruptcyData.com reported that Stone Energy filed with the U.S. Bankruptcy Court a motion for an order authorizing and approving (i) an executive claims settlement agreement with senior executives and (ii) the assumption of certain amended employment agreements and a non-qualified plan. The motion explains, "Pursuant to the terms of the Settlement Agreement, the Senior Executives will waive their claims related to the Performance Bonus Plan, and in exchange therefore, the Debtors will adopt the Stone Energy Corporation Key Executive Incentive Plan (the 'KEIP'). Pursuant to the terms of the Settlement Agreement, the aggregate amount of incentive bonus payments to the Senior Executives for the fourth quarter of 2016 would be reduced from a maximum potential of $3,012,638 (the 'Fourth Quarter Bonus Opportunity') to $0. Any future bonus payments to the Senior Executives under the KEIP would not be paid until the consummation of a plan of reorganization and would be limited to $2,008,425, which is equal to the target bonus under the Performance Bonus Plan for the fourth quarter of 2016. Pursuant to the terms of the Settlement Agreement, the Debtors will terminate the CIC/Severance Plan and the Beer Agreement and, as a replacement therefore, adopt the Executive Severance Plan. By terminating the CIC/Severance Plan and the Beer Agreement, entering into the Employment Agreement Amendments, and adopting the Executive Severance Plan, the aggregate amount of the claims that the Senior Executives could assert in the Chapter 11 Cases will be reduced from $21,043,620 to $4,553,000. Finally, pursuant to the terms of the Settlement Agreement, the Debtors will amend the Non-Qualified Plan to eliminate the Debtors' ability to make matching contributions thereunder and seek the assumption of the Non-Qualified Plan." About Stone Energy Stone Energy Corp. is an independent oil and natural gas exploration and production company headquartered in Lafayette, Louisiana with additional offices in New Orleans, Houston and Morgantown, West Virginia. Stone is engaged in the acquisition, exploration, development and production of properties in the Gulf of Mexico and Appalachian basins. For additional information, contact Kenneth H. Beer, chief financial officer, at 337-521-2210 phone, 337-521-9880 fax or via e-mail at CFO@StoneEnergy.com As of Dec. 31, 2015, the Debtors' estimated proved oil and gas reserves, as determined by Netherland Sewell & Associates, were approximately 57 million barrels of oil equivalent ("MMBoe"), or approximately 342 billion cubic feet of gas equivalent ("Bcfe") compared to Dec. 31, 2014, estimated proved oil and gas reserves of approximately 153 MMBoe, or approximately 915 Bcfe. Stone Energy had 247 employees as of the bankruptcy filing. Stone Energy Corp. and two affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Case Nos. 16-36390, 16-36391 and 16-36392) on Dec. 14, 2016, to pursue a prepackaged plan of reorganization. Judge Marvin Isgur is assigned to the cases. The Debtors hired Latham & Watkins LLP as general counsel, Porter Hedges LLP as local counsel; Alvarez & Marsal North America, LLC as financial advisor; Lazard Freres & Co. LLC, as investment banker; and Epiq Bankruptcy Solutions, LLC as claims, noticing, solicitation and balloting agent. STRATEGIC ENVIRONMENTAL: Trustee Taps Rabinowitz as Legal Counsel ----------------------------------------------------------------- Eric Perkins seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire legal counsel in connection with the Chapter 11 case of Strategic Environmental Partners LLC. Mr. Perkins serves as Chapter 11 trustee for company owners Richard and Marilyn Bernardi who filed a separate bankruptcy case. The trustee proposes to hire Rabinowitz, Lubetkin & Tully, LLC to give advice regarding his duties under the Bankruptcy Code, and provide other legal services related to the case. The hourly rates charged by the firm are: Partners $325 - $550 Associates $195 - $325 Paralegal $150 Jay Lubetkin, Esq., disclosed that his firm does not hold or represent any interest adverse to the Debtor's bankruptcy estate, and is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Jay L. Lubetkin, Esq. Rabinowitz, Lubetkin & Tully, LLC 293 Eisenhower Parkway, Suite 100 Livingston, NJ 07039 Phone: (973) 597-9100 Fax: (973) 597-9119 About Strategic Environmental Partners Strategic Environmental Partners, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-27757) on September 16, 2016. The petition was signed by Marilyn Bernardi, owner. The case is assigned to Judge Christine M. Gravelle. At the time of the filing, the Debtor disclosed $18.02 million in assets and $5.39 million in liabilities. SUPERIOR LINEN: Can Get RD VII Investments DIP Loan on Final Basis ------------------------------------------------------------------ Judge Mike K. Nakagawa of the U.S. Bankruptcy Court for the District of Nevada authorized Superior Linen, LLC to obtain superpriority postpetition financing from RD VII Investments, LLC on a final basis. The Debtor is indebted to RD VII Investments in the principal sum of not less than $8,804,766, exclusive of accrued interest and other fees and charges. RD VII Investments holds a first priority lien and security interest in all of the Debtor's real and personal property. Judge Nakagawa authorized and approved the amended Revolving Line of Credit Secured Promissory Note and the amended Secured Loan and Security Agreement on a final basis. The Revolving Line of Credit Secured Promissory Note contains, among others, the following relevant terms: (a) Principal Amount: $1,000,000 (b) Applicable Rate: 11% per annum (c) Payment of Principal and Interest: Unless extended in writing by the Lender, the outstanding principal balance of the Note and any and all accrued but unpaid interest will be due in full on the earlier of: (i) February 15, 2017; (ii) the date of termination of the Lender's obligation to make an advance resulting from an Event of Default; and (iii) the Effective Date of a confirmed Chapter 11 plan with respect to the Debtor. Pursuant to the Secured Loan and Security Agreement, RD VII Investments was granted: (a) a continuing security interest in all of the Debtor's right, title and interest in the Collateral and all other assets previously secured by RD VII Investments as of the date the Debtor commenced its Chapter 11 case, or September 30, 2016, together will all post-petition accruals thereon; and (b) a super priority priming lien claim in the Debtor's bankruptcy case in the amount of any outstanding principal, interest and fees in respect of the Loan having priority over all administrative expenses. A full-text copy of the Final Order, dated Dec. 16, 2016, is available at http://bankrupt.com/misc/SuperiorLinen2016_1615388mkn_150.pdf About Superior Linen, LLC Superior Linen, LLC, doing business as Superior Linen and Laundry Services, which operates as a commercial laundry and linen rental company, filed a chapter 11 petition (Bankr. D. Nev. Case No. 16-15388) on Sept. 30, 2016. The petition was signed by Robert E. Smith, CFO. The case is assigned to Judge Mike N. Nakagawa. The Debtor estimated assets and debts at $10 million to $50 million at the time of the filing. The Debtor tapped Matthew C. Zirzow, Esq., at Larson & Zirzow, LLC, as bankruptcy counsel, and Paras Barnett, Esq., at Barnett & Associates, as special counsel. The U.S. Trustee for Region 17 appointed three creditors of Superior Linen, LLC to serve on the Official Committee of Unsecured Creditors: Baltic Linen Company, Inc., United Cleaners Supply, Inc. and Regent Apparel. The Official Committee is represented by Candace C. Carlyon, Esq. and Matthew R. Carlyon, Esq., at Morris, Polich & Purdy, LLP. SUTTON LUMBER: Hires Marsh Risk as M & E Appraiser -------------------------------------------------- Sutton Lumber Co, Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Marsh Risk Consulting as machinery and equipment appraiser to the Debtor. Sutton Lumber requires Marsh Risk to provide an estimate analysis of the fair market value and orderly liquidation value of the Debtor's machinery and equipment located at its property at 574 Tennga Rd, Tennga, GA 30751. Marsh Risk will be paid at these hourly rates: Consultant $225 Vice President $390 Senior Vice President $420 Jeff Stemple, member of Marsh Risk Consulting, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Marsh Risk can be reached at: Jeff Stemple MARSH RISK CONSULTING 3560 Lenox Road, Suite 2400 Atlanta, GA 30326 Tel: (404) 760-5734 About Sutton Lumber Headquartered in Tennga, Georgia, Sutton Lumber Co., Inc., operates a sawmill, planning mill, chip mill and power plant located on its property. It filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 16-40233) on Feb. 1, 2016, estimating its assets at up to $50,000 and its liabilities at between $1 million and $10 million. The petition was signed by Harold Sutton, president. Judge Paul W. Bonapfel presides over the case. Leslie M. Pineyro, Esq., at Jones And Walden, LLC, serves as the Debtor's bankruptcy counsel. SYNICO STAFFING: Taps Steven Nosek and Yvonne Doose as Attorneys ---------------------------------------------------------------- Synico Staffing, LLC asks for permission from the U.S. Bankruptcy Court for the District of Minnesota to employ Steven B. Nosek and Yvonne R. Doose as attorneys. The Debtor requires Mr. Nosek and Ms. Doose to: -- render pre-petition planning, analysis of the Debtor's financial situation, planned use of cash collateral, post- petition financing; -- render advice and assistance to determine if the Debtor should file a petition for relief under Title 11 of the U.S. Code; -- prepare and file a petition for relief, statement of financial affairs, and other documents required by the Court; and -- represent the Debtor in adversary proceedings, motions, meetings of creditors and formulation of a Plan of Reorganization of the Debtor's business. The attorneys will be paid at these hourly rates: Steven B. Nosek $300 Yvonne R. Doose $150 The attorneys will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Nosek and Ms. Doose 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. The attorneys can be reached at: Steven B. Nosek, Esq. 2855 Anthony Lane South, Suite 201 St. Anthony, MN 55418 -- and -- Yvonne R. Doose, Esq. 900 Airport Road Princeton, MN 55371 About Synico Staffing, LLC Synico Staffing, LLC, filed a chapter 11 petition (Bankr. D. Minn. Case No. 16-43471) on Nov. 28, 2016. The Debtor is represented by Stephen B. Nosek, Esq. The Debtor operates a staffing business. TAYLOR EQUIPMENT: Must File Plan Outline By May 10 -------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania has Taylor Equipment Company, Inc., until May 10, 2017, to file a disclosure statement referring to the Debtor's plan of reorganization. Taylor Equipment Company, Inc., based in Friedens, PA, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-70781) on Nov. 11, 2016. Hon. Jeffery A. Deller presides over the case. Robert H. Slone, Esq., at Mahady & Mahady, as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David P. Taylor, president. TAYLOR EQUIPMENT: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------- The Office of the U.S. Trustee on Dec. 19 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Taylor Equipment Company, Inc. Taylor Equipment Company, Inc., based in Friedens, PA, filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-70781) on November 11, 2016. Hon. Jeffery A. Deller presides over the case. Robert H. Slone, Esq., at Mahady & Mahady, as bankruptcy counsel. In its petition, the Debtor estimated $0 to $50,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David P. Taylor, president. TEMPEST GROUP: Seeks to Hire Calaiaro Valencik as Legal Counsel --------------------------------------------------------------- Tempest Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Calaiaro Valencik to give legal advice regarding its duties under the Bankruptcy Code, assist in the preparation of a bankruptcy plan, and provide other legal services. The hourly rates charged by the firm are: Donald Calaiaro $350 David Valencik $300 Staff Attorney $250 Paralegal $100 Donald Calaiaro, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Donald R. Calaiaro, Esq. Calaiaro Valencik 428 Forbes Avenue, Suite 900 Pittsburgh, PA 15219-1621 Phone: (412) 232-0930 Email: dcalaiaro@c-vlaw.com About Tempest Group Tempest Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 16-24204) on November 10, 2016. The petition was signed by Joann Jenkins, manager. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. An official committee of unsecured creditors has not yet been appointed. TEMPLE SQUARE: Taps Howard Hanna as Real Estate Broker ------------------------------------------------------ Temple Square Properties LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire a real estate broker. The Debtor proposes to hire Howard Hanna Real Estate Services in connection with the sale of its property located along Cuyahoga Falls Avenue, Akron, Ohio. The firm will receive $4,830 or 7% of the sale price, plus $225 upon a successful sale of the property. Diane Topper, a principal of Howard Hanna, disclosed in a court filing that her firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Diane Topper Howard Hanna Real Estate Services 122 N. Main St. Hudson, Ohio 44236 Phone: (330) 656-3340 Fax: (330) 656-4048 About Temple Square Properties Temple Square Properties, LLC, the owner and manager of several commercial and residential properties, filed a chapter 11 petition (Bankr. N.D. Ohio Case No. 16-52568) on Oct. 26, 2016. The Hon. Alan M. Koschik presides over the case. The petition was signed by Frank A. Caetta, managing member. In its petition, the Debtor estimated $1.50 million in assets and $1.11 million in liabilities. The Debtor is represented by Anthony J. DeGirolamo, Esq. No official committee of unsecured creditors has been appointed in the case. TERRAFORM PRIVATE: Case Summary & 3 Unsecured Creditors ------------------------------------------------------- Debtor: TerraForm Private Holdings, LLC 13736 Riverport Drive Maryland Heights, MO 63043 U.S.A. Case No.: 16-13523 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Debtor's Counsel: Eric J. Ivester, Esq. SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 4 Times Square New York, NY 10036 Tel: (212) 735-3000 Fax: (212) 735-2000 E-mail: eric.ivester@skadden.com Debtor's Co-Counsel: TOGUT, SEGAL & SEGAL LLP Debtor's Investment Banker & Financial Advisor: ROTHSCHILD INC. Debtor's Restructuring Advisor: McKINSEY RECOVERY & TRANSFORMATION SERVICES U.S., LLC Debtor's Claims & Noticing Agent & Administrative Advisor: PRIME CLERK LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 billion to $10 billion The petition was signed by Martin Truong, authorized signatory. TerraForm Private Holdings' List of Three Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Deutsche Bank AG New York Branch DIP Financing Any amounts Administrative Agent under the guaranty outstanding Debtors' DIP Financing under the DIP 5022 Gate Parkway, Suite 100 Loan documents Jacksonville, FL 32256 Sara Pelton Tel: (904) 271-2886 Email: Sara.Pelton@db.com Wilmington Trust, National Guaranty Any amounts Association outstanding Attn: Peter Finkel under the 50 South Sixth St., Suite 1290 Prepetition Minneapolis, MN 55402 Second Lien Tel: (612)-217-5629 Documents Email: andrew.goldman@wilmerhale.com Wilmington Savings Fund Society, FSB Guaranty Any amounts Attn: Geoffrey J. Lewis outstanding 500 Delaware Ave Under the Wilmington, DE 19801 Prepetition Tel: (302) 573-3218 Second Lien glewis@wsfsbank.com Documents daniel.brown@pillsburylaw.com dina.yavich@pillsburylaw.com The Debtor seeks joint administration with SunEdison, Inc. and its affiliates' jointly administered cases filed in this Court on April 21, 2016, June 1, 2016, July 20, 2016, Aug. 9, 2016, and Aug. 10, 2016, under Case No. 16-10992 (SMB) pursuant to the Order Granting Debtors' Motion for Order (I) Directing Joint Administration of the Chapter 11 Cases Pursuant to Bankruptcy Rule 1015(b) and (II) Waiving Requirements of Bankruptcy Code Section 342(c)(1) and Bankruptcy Rule 2002(n). TK DIVERSIFIED: U.S. Trustee Directed to Appoint Ch. 11 Examiner ---------------------------------------------------------------- Judge Elizabeth B. Brown of the U.S. Bankruptcy Court for the District of Colorado entered an Order directing the U.S. Trustee to appoint a Chapter 11 Examiner for TK Holdings, Ltd, T K Mining Services, LLC, TK Industrial, LLC, TK Diversified Services, LLC, and Big Sky, LLC. The Debtors will require the Chapter 11 Examiner to: (a) investigate and file a report on the claims and causes of action potentially available to each of the Debtors' Estates under applicable State or Federal law, including the Bankruptcy Code, against each other and against third parties, including the Debtor's insiders, affiliates, current and former managers, and transferees arising from and related to the Debtor's pre-petition asset transfers, including without limitation, settlements with bonding companies; (b) evaluate, insofar as practicable, without necessarily conducting discovery from third parties, any available defenses to the above-referenced claims; (c) make an evaluation of the costs and benefits of prosecution of the above-referenced claims; and (d) conduct the investigation in a manner that he/she sees fit, but that allows for consultation with and participation by parties in interest. The Court further ordered the appointed Chapter 11 Examiner to file a preliminary report 90 days after the order of appointment is filed. About TK Diversified Services, LLC TK Diversified Services, LLC filed a Chapter 11 petition (Bankr. D. Colo. Case No. 16-21019) on November 17, 2016. Thomas F. Quinn, Esq. represents the case. TLD VENTURES: Seeks January 18 Exclusive Plan Filing Extension -------------------------------------------------------------- TLD Ventures, LLC requests the U.S. Bankruptcy Court for the Eastern District of Oklahoma to extend its exclusive period for filing a Chapter 11 Plan to January 18, 2017, as well as its exclusive period for soliciting acceptances of a plan until March 19, 2017. The Debtor asserts that its only asset is a motel. The Debtor further asserts that it has currently found a potential investor who will either purchase the motel or provide capital to cure Debtor's liabilities and provide operating capital. However, the Debtor and the potential investor are still in the process of negotiating terms, and the Debtor anticipates that once terms with the investor are finalized, debtor will file a plan that pays all creditors in full. About TLD Ventures TLD Ventures, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 16-80621) on June 22, 2016. The petition was signed by its managing member, Terry Putney. At the time of the filing, the Debtor has $500,000 to $1 million in estimated and $100,000 to $500,000 in estimated liabilities. Thomas M. Wright, Esq. of Wright, Stout & Wilburn, PLLC serves as the Debtor's legal counsel, and Ruth Smallwood of the firm P & R Tax Service and Bookkeeping as accountant. TRENDSETTER HR: Hires Akerman as Attorney ----------------------------------------- Trendsetter HR, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Akerman LLP as attorney to the Debtors. Trendsetter HR requires Akerman to: a. advise the Debtors with respect to their powers and duties as a debtor-in-possession in the continued operation of its business; b. advise the Debtors with respect to all general bankruptcy matters; c. prepare, on behalf of the Debtors, all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of its estate; d. represent the Debtors at all critical hearings on matters relating to its affairs and interests as debtor-in- possession before this Court, any appellate courts, and the United States Supreme Court, and protecting the interests of the Debtors; e. prosecute and defend litigated matters that may arise during the case, including such matters as may be necessary for the protection of the rights, the preservation of the estate's assets, or the Debtors' successful reorganization; f. negotiate appropriate transactions and preparing any necessary documentation related thereto; g. represent the Debtors on matters relating to the assumption or rejection of executory contracts and unexpired leases; h. advise the Debtors with respect to general corporate securities, real estate, litigation, environmental, labor, regulatory, tax, healthcare, and other legal matters which may arise during the pendency of this Chapter 11 Case; and i. perform all other legal services that are necessary for the efficient and economic administration of these cases. Akerman will be paid at these hourly rates: David W. Parham $650 Esther McKean $360 Scott Lawrence $275 Akerman will also be reimbursed for reasonable out-of-pocket expenses incurred. David W. Parham, member of Akerman 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 (a) are not creditors, equity security holders or insiders of the Debtor; (b) have not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) do not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Akerman can be reached at: David W. Parham, Esq. Scott D. Lawrence, Esq. AKERMAN LLP 2001 Ross Avenue, Suite 2550 Dallas, TX 75201 Tel: (214) 720-4300 Fax: (214) 981-9339 E-mail: david.parham@akerman.com scott.lawrence@akerman.com About Trendsetter HR Trendsetter HR LLC, based in Rockwall, TX, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-34457) on November 17, 2016. The Hon. Stacey G. Jernigan presides over the case. Scott D. Lawrence, Esq., at Akerman LLP, to serve as bankruptcy 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 Daniel W. Bobst, president. TRENDSETTER HR: Taps Bridgepoint as Fin'l Advisor, Ragan as CRO --------------------------------------------------------------- Trendsetter HR, LLC, et al., seek authority from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bridgepoint Consulting LLP as financial advisor, and Dawn Ragan as Chief Restructuring Officer to the Debtors. Trendsetter HR requires Bridgepoint and Mr. Ragan to: a. assist the Debtors and its counsel with general matters related to a restructuring and chapter 11 proceeding; b. assist the Debtors with preparation as necessary of any bankruptcy required reporting, including Monthly Operating Reports, Schedules and the Statement of Financial Affairs; c. review of financial information pertaining to the Debtors' assets, liabilities, cash flows, financial statements, and projections, with all such information to be timely provided by the Debtors; d. maintain a 13 week cash budget and operating projection; e. analyze assets that may be available to provide liquidity; f. analyze certain liabilities including payables, leases, vendor agreements and/or litigation claims; g. assist the Debtors and counsel with preparation for hearings, bank or creditor meetings, and creation of supporting exhibits; h. assist the Debtors with exploring alternative financing, or a sale of the business or assets, if appropriate; i. review financial information exchanged between Trend and its creditors, any regulatory agencies, consultants, prospective investors or other third parties, as may be necessary or appropriate; j. the CRO shall be responsible for managing the "working group" of professionals who are assisting the Debtors in the reorganization process to improve coordination of their effort and work product to be consistent with the Debtors' overall restructuring goals; k. the CRO shall report to the President & CEO, and to the Board of Directors; l. the CRO shall consult with and obtain input from the Debtors' senior management team; m. the CRO and BPC shall be authorized to have contact with, and provide information to, representatives of the Debtors' lenders or key creditors and their professionals, and other select stakeholders or third-party professionals as shall be further agreed, and shall keep you fully informed of all significant developments with respect thereto; and n. the CRO and BPC shall perform such other services as may be agreed upon between the parties. Bridgepoint will be paid at these hourly rates: CRO $400 Additional Personnel $60-$375 Bridgepoint will also be reimbursed for reasonable out-of-pocket expenses incurred. Dawn Ragan, member of Bridgepoint Consulting 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 (a) are not creditors, equity security holders or insiders of the Debtor; (b) have not been, within two years before the date of the filing of the Debtor's chapter 11 petition, directors, officers or employees of the Debtor; and (c) do not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtor, or for any other reason. Bridgepoint can be reached at: Dawn Ragan BRIDGEPOINT CONSULTING LLP 2 Riverway Drive, Suite 1750 Houston, TX 77056 Tel: (832) 783-4900 About Trendsetter HR Trendsetter HR LLC, based in Rockwall, TX, filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-34457) on November 17, 2016. The Hon. Stacey G. Jernigan presides over the case. Scott D. Lawrence, Esq., at Akerman LLP, to serve as bankruptcy 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 Daniel W. Bobst, president. TRIAD DESIGN: Seeks to Hire DeMarco-Mitchell as Legal Counsel ------------------------------------------------------------- Triad Design Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire DeMarco-Mitchell, PLLC to give legal advice regarding its duties under the Bankruptcy Code, assist in the preparation of a bankruptcy plan, and provide other legal services. The hourly rates charged by the firm are: Robert Thomas DeMarco $350 Michael Mitchell $285 Paralegal $125 Robert Thomas DeMarco, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Thomas DeMarco, Esq. DeMarco Mitchell, PLLC 1255 West 15th St., 805 Phone: (972) 578-1400 Email: robert@demarcomitchell.com About Triad Design Group Triad Design Group, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 16-34431) on November 14, 2016. The petition was signed by Francis C. White, Jr., president. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $100,000. TRU TAJ: Moody's Assigns B3 Rating to Senior Secured Notes ---------------------------------------------------------- Moody's Investors Service rated the senior secured notes for TRU Taj LLC B3, and also downgraded the approximately $21 million in Toys "R" Us, Inc. debentures to Caa2 from Caa1. All other ratings are unaffected. Downgrades: -- Issuer: Toys 'R' US, Inc. (Old) (Assumed by Toys 'R' Us-Delaware, Inc.) -- Senior Unsecured Regular Bond/Debenture due Sep 1, 2021, Downgraded to Caa2(LGD5) from Caa1(LGD5) Assignments: -- Issuer: TRU Taj LLC -- Senior Secured Regular Bond/Debenture, Assigned B3(LGD3) RATINGS RATIONALE The B3 rating for the new TRU Taj senior secured notes reflects their favorable position in the capital structure, benefitting from some collateral and guarantees from various foreign subsidiaries. The downgrade of the Toys "R" Us, Inc debentures reflects the impact on the capital structure of the TRU Taj notes, which increase the subordination effects on these debentures. The principal methodology used in these ratings was "Retail Industry" published in October 2015. TUMBLEWEED CENTER: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Tumbleweed Center for Youth Development 3707 N 7th Street, Suite 305 Phoenix, AZ 85014 Case No.: 16-14181 Chapter 11 Petition Date: December 16, 2016 Court: United States Bankruptcy Court District of Arizona (Phoenix) Judge: Hon. Paul Sala Debtor's Counsel: Jordan A Kroop, Esq. PERKINS COIE LLP - PHOENIX 2901 N Central Avenue, Suite 2000 Phoenix, AZ 85012 Tel: 602-351-8017 Fax: 602-648-7076 E-mail: jkroop@perkinscoie.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Paula Adkins, interim chief executive officer. The Debtor did not include a list of its largest unsecured creditors when it filed the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb16-14181.pdf UBB PROJECT: Unsecureds To Be Paid from Cafe Operating Profits -------------------------------------------------------------- UBB Project LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a disclosure statement in connection with its chapter 11 plan of reorganization, dated Dec 9, 2016, which would pay unsecured claims a reduced amount pro rata share after payment of all unclassified administrative, priority, post effective date legal fees in full. Class 1: The Allowed Unsecured Claims will be paid either at a reduced amount and over time from the operating profits of the Debtor's Cafe, after the payment of all unclassified, Administrative, Priority, post-Effective Date legal fees and Class 1 in full, within 10 business days of the Sale Closing Date. Class 1 Allowed Unsecured Claims are impaired under this Plan and are entitled to vote. In the event the Debtor is successful in negotiating a substantial reduction of the NYSTF claim, the Plan will be funded with the cash on hand on the Effective Date, and thereafter with quarterly payments from the Debtor's operating profits. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nyeb1-16-40590-102.pdf About UBB Project UBB Project LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-40590) on February 12, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Tanner Bryce Jones, Esq., at The law Office of T. Bryce Jones. No official committee of unsecured creditors has been appointed in the case. VANGUARD HEALTHCARE: Unsecureds To Recoup 100% at 4.5% Over 7 Yrs ----------------------------------------------------------------- Vanguard Healthcare, LLC, et al., filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a disclosure statement referring to the Debtors' plan of reorganization dated Nov. 30, 2016. Class 5 Unsecured Claims are impaired under the Plan. Unless earlier paid upon a sale of a facility as provided under the Plan, allowed claims within this class will be paid in the aggregate amount equal to 100% percent of the allowed claim in 14 semi-annual installments paid with interest at the fixed rate of 4.5% over a period of seven years with the first installment starting on the later of (i) the Effective Date of the Plan, or (ii) the first day of the first full month following the determination of the allowed claim, and then semi-annually for seven years. The payment of unsecured claims will be allocated to each applicable Debtor that incurred the liability, provided, except as otherwise provided herein, the aggregate liability in Class 5 will be assumed by each Debtor to the extent necessary to make the required payments to this class. Additionally upon the sale of Whitehall, the allowed claims against that Debtor will be paid from the proceeds remaining after the closing of the sale and the distribution of the release payment to HFS and the payment of administrative expenses and priority claims in the Whitehall case, provided to the extent that allowed claims remain unpaid after this distribution is made, the allowed claims will be paid as provided within Class 5. The aggregate of allowed claims held by any creditor for any of the Debtors in Class 4 in amount of $500 or less and the aggregated of allowed claims in amount greater than $500 for which the creditor elects to reduce the aggregated of its allowed claims to the amount of $500, will be paid their allowed claim in full, without interest, on or before the Effective Date of the Plan. The election by the creditor must be made on or before the date that ballots are due by providing notice of the election to the Debtors. Upon Confirmation, each Reorganized Debtor will retain all property of that Debtor, including causes of action as defined in the Plan and will continue to be managed by Vanguard Healthcare with financial and employee benefit services provided by Vanguard Financial Services and Vanguard Healthcare Employee Benefits Plan, LLC. William D. Orand will continue to be the Chief Executive Officer of Vanguard Healthcare, John T. Fick will continue to be the Chief Financial Officer and Vicki L. Sherrard will continue to be the Chief Operations Officer. After the Effective Date of the Plan, each Reorganized Debtor will have the power and authority to sell it assets and settle and compromise any Cause of Action or the allowance of any claim without further notice or Court approval. The Disclosure Statement is available at: http://bankrupt.com/misc/tnmb16-03296-672.PDF The Plan was filed by the Debtors' counsel: William L. Norton, III, Esq. James B. Bailey, Esq. BRADLEY 1600 Division Street, Suite 700 Nashville, Tennessee 37203 Tel: (615) 252-2397 E-mail: bnorton@bradley.com jbailey@bradley.com About Vanguard Healthcare Vanguard is a long-term care provider headquartered in Brentwood, Tennessee, providing rehabilitation and skilled nursing services at 14 facilities in four states (Florida, Mississippi, Tennessee and West Virginia). Vanguard Healthcare, LLC, and 17 of its subsidiaries each filed a Chapter 11 bankruptcy petition (Bankr. M.D Tenn. Lead Case No. 16-03296) on May 6, 2016. The petitions were signed by William D. Orand, the CEO. The cases are assigned to Judge Randal S. Mashburn. Vanguard estimated assets in the range of $100 million to $500 million and liabilities of up to $100 million. The Debtors have hired Bradley Arant Boult Cummings LLP as counsel and BMC Group as noticing agent. The U.S. Trustee for Region appointed seven creditors of Vanguard Healthcare, LLC, to serve on the official committee of unsecured creditors. The committee members are Kindred Nursing Centers East, L.L.C., Medline Industries, Inc., Healthcare Services Group, Inc., Kirk F. Hebert, Signature Healthcare, LLC, et al., Express Courier, and Rezult Group, Inc. VRG LIQUIDATING: Can File Plan of Reorganization Until March 14 --------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended VRG Liquidating, LLC and each of its affiliated Debtors' exclusive periods for filing a chapter 11 plan and soliciting acceptances of the plan to March 14, 2017 and May 15, 2017, respectively. The Troubled Company Reporter had earlier reported that the Debtors sought exclusivity extension as they are still working with the Official Committee of Unsecured Creditors, the buyer of their assets, and other parties in interest to bring the Cases to an orderly, consensual, and efficient conclusion. The Debtors contended that they and the Committee had filed a bankruptcy-exit plan in advance of the expiration of the existing Plan Period. The Debtors' current Plan confirmation timetable proposes, among other things, that: (i) the Debtors begin soliciting votes on the Plan in January 2017; (ii) the deadline to vote on the Plan be set for February 22, 2017; and (iii) the Plan confirmation hearing be set for March 1, 2017. About VRG Liquidating, LLC. Vestis Retail Group and eight of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 16-10971) on April 18, 2016. The Debtors estimated assets in the range of $0 to $50,000 and debts of $100 million to $500 million. The petitions were signed by Thomas A. Kennedy as secretary. Headquartered in Meriden, Connecticut, Vestis Retail Group, LLC, et al., operate 144 retail stores, which are located in 15 states. Bob's Stores operates 36 stores throughout New England, New York, and New Jersey. Eastern Mountain Sports operates 61 stores, located primarily in the Northeastern states. Sport Chalet operates 47 stores throughout California, Arizona, and Nevada. Bob's Stores and EMS primarily operate stores located in the Northeastern states, while Sport Chalet's stores, which are currently being liquidated, are located in the Western states. Prior to the Petition Date, each of the three Debtor retailers operated an e-commerce site at, respectively, www.bobstores.com, www.sportchalet.com, and www.ems.com. In 2015, the Debtors collectively generated 5% of their total sales, or approximately $32 million, through e-commerce, according to Court documents. Judge Laurie Selber Silverstein is assigned to the cases. The Debtors have hired Young, Conaway, Stargatt & Taylor, LLP as their counsel, FTI Consulting, Inc. and Lincoln Partners Advisors LLC as their financial advisor and Kurtzman Carson Consultants, LLC, as their claims and noticing agent. An official committee of unsecured creditors has been appointed in the cases. The Committee has tapped Cooley LLP as its lead counsel and Polsinelli as conflicts counsel. Zolfo Cooper, LLC serves as its bankruptcy consultant and financial advisor. VSI LIQUIDATING: Seeks to Expand Scope of KCC's Employment ---------------------------------------------------------- VSI Liquidating Inc., et al., seek authorization from the U.S. Bankruptcy Court for the District of Delaware to expand the scope of the retention and employment of Kurtzman Carson Consultants LLC ("KCC") to include certain administrative services, nunc pro tunc to the May 31, 2016 petition date. The Debtors seek to retain KCC to provide, among other things, the following bankruptcy administrative services (the "Administrative Services"), if and to the extent the Debtors request: (a) assisting with the preparation of the Debtors’ schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (b) assisting with, among other things, solicitation, balloting and tabulation and calculation of votes for purposes of plan voting; (c) preparing any appropriate reports, exhibits and schedules of information; (d) generating, providing and assisting with claims objections, exhibits, claims reconciliation and related matters; (e) facilitating any distributions pursuant to a confirmed plan of liquidation; and (f) providing such other claims processing, noticing, solicitation, balloting and administrative services described in the Services Agreement, but not previously approved by the Retention Order, as may be requested from time to time by the Debtors. KCC will be reimbursed for reasonable out-of-pocket expenses incurred. Evan Gershbein, Senior Vice President of Corporate Restructuring Services of KCC, 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. KCC can be reached at: Drake D. Foster KURTZMAN CARSON CONSULTANTS LLC 2335 Alaska Avenue El Segundo, CA 90245 Tel: (310) 823-9000 Fax: (310) 823-9133 E-Mail: dfoster@kccllc.com About Vertellus Specialties Vertellus Specialties Inc. was a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Headquartered in Indianapolis, Indiana, Vertellus Specialties Inc. and several affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-11289 to 16-11299) on May 31, 2016. Judge Christopher S. Sontchi presides over the case. Stuart M. Brown, Esq., Kaitlin M. Edelman, Esq., Richard A. Chesley, Esq., Daniel M. Simon, Esq., and David E. Avraham, Esq., at DLA Piper LLP (US) serve as the Debtors' bankruptcy counsel. Jefferies LLC is the Debtors' investment banker. Andrew Hinkelman at FTI Consulting, Inc. is the Debtors' chief restructuring officer. Kurtzman Carson Consultants is the Debtors' claims and noticing agent. The Debtors estimated their assets at between $100 million and $500 million and debts at between $500 million and $1 billion. The petitions were signed by Anne Frye, vice president, secretary and general counsel. The Official Committee of Unsecured Creditors of Vertellus Specialties Inc., et al., has tapped Hahn & Hessen LLP as lead counsel; Morris James LLP as co-counsel; and Zolfo Cooper, LLC as its financial advisor. * * * The Troubled Company Reporter reported that Vertellus Specialties Inc. completed the sale of substantially all of its U.S. and international assets to its prior term loan lenders, a group including Black Diamond Capital Management and Brightwood Capital Advisors, among others, on Oct. 31, 2016. WERTHAN PACKAGING: Committee Taps Gullett Sanford as Legal Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of Werthan Packaging Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire legal counsel. The committee proposes to hire Gullett, Sanford, Robinson & Martin, PLLC to assist in its consultations with the Debtor, examine the conduct of the Debtor's affairs, assist in the negotiation of any bankruptcy plan, and provide other legal services. The hourly rates charged by the firm are: Members $300 - $550 Associates $150 - $275 Paralegals $125 Gullett Sanford does not hold any interest adverse to the Debtor's bankruptcy estate, according to court filings. The firm can be reached through: Linda W. Knight, Esq. Thomas H. Forrester, Esq. G. Rhea Bucy, Esq. Gullett, Sanford, Robinson & Martin, PLLC Suite 1700, 150 Third Avenue, South Nashville, TN 37201 Phone: (615) 244-4994 Fax: (615) 256-6339 Email: tforrester@gsrm.com Email: rbucy@gsrm.com Email: lknight@gsrm.com Email: lcatabay@gsrm.com About Werthan Packaging Werthan Packaging, Inc., based in White House, TN, is a supplier of multiwall paper packaging for the pet food industry. This sixth generation company has been an important part of the fabric of Nashville business since the late 1860s. At its height the company employed over 1,200 people at its long-standing home in North Nashville. In 2010 the company began its move to a modern 184,000 sq. ft. facility in White House, Tennessee. During 2016, the company installed a new 10-color flexographic press, and was awarded the Safe Quality Food (SQF) certification. Werthan Packaging filed a Chapter 11 petition (Bankr. M.D. Tenn. Court Case No. 16-08624), on Dec. 4, 2016. The Debtor is represented by Paul G. Jennings, Esq., and Gene L. Humphreys, Esq., at Bass, Berry & Sims PLC of Nashville, Tennessee. On Dec. 8, 2016, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. WILSTO ENTERPRISES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------ The Office of the U.S. Trustee on Dec. 19 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Wilsto Enterprises, LP. Wilsto Enterprises, LP, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 16-24075) on Nov. 1, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Robert O Lampl, Esq. WISPER II: Court Extends Exclusive Plan Filing Period to January 25 ------------------------------------------------------------------- Judge Jimmy L. Croom of the U.S. Bankruptcy Court for the Western District of Tennessee extended the exclusive periods within which only Wisper II, LLC may (a) file a plan of reorganization to January 25, 2017, and (b) obtain acceptance of a plan to March 26, 2016. The Troubled Company Reporter had earlier reported that the Debtor filed its Plan of Reorganization and Disclosure Statement on July 27, 2016, however, the hearings on the final approval of the Disclosure Statement had been continued pending negotiations between the Debtor and GTP Structures I, LLC concerning the Plan. Such that, the Debtor sought a 90-day extension of its exclusivity periods as it still needed to conclude its negotiations with its creditors, confirm its plan, and resolve any claim objections which would have an impact on confirmation of its plan. The Debtor further tells the Court that it is more likely than not that the Debtor will be able to confirm a plan within the requested extension period. About Wisper II, LLC 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 case is assigned to Judge Jimmy L. Croom. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. 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. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Wisper II, LLC. YOGA SMOGA: Case Summary & 24 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Yoga Smoga, Inc. 428 Greenwich Street, Townhouse New York, NY 10013 Case No.: 16-13538 Chapter 11 Petition Date: December 19, 2016 Court: United States Bankruptcy Court Southern District of New York (Manhattan) Judge: Hon. Michael E. Wiles Debtor's Counsel: Jil Mazer-Marino, Esq. MEYER, SUOZZI, ENGLISH & KLEIN, P.C. 990 Stewart Avenue, Suite 300 P.O. Box 9194 Garden City, NY 11530 Tel: 516-741-6565 Fax: 516-741-6706 E-mail: jmazermarino@msek.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tapasya Bali, chief executive officer. A copy of the Debtor's list of 24 largest unsecured creditors is available for free at http://bankrupt.com/misc/nysb16-13538.pdf ********* 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. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* 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 ***