TCR_Public/161223.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, December 23, 2016, Vol. 20, No. 357

                            Headlines

3324 N. CLARK: Assumption of Sign Lease Approved
546-548 BROADWAY: Taps Middlebrooks Shapiro as Legal Counsel
6D GLOBAL: Anticipates Common Stock Trading on OTC Grey Market
7470 COMMERCIAL: Unsecureds To Be Paid From Property Sale Proceeds
ACCESS CIG: Moody's Affirms B3 CFR; Outlook Stable

ACELITY LP: Moody's Puts B3 CFR Under Review for Upgrade
ACHAOGEN INC: Obtains $94.5 Million from Common Stock Offering
ADVANCED SOLIDS: Pleteniks Buying Carlsbad Property for $250K
AEOLUS PHARMACEUTICALS: Incurs $6 Million Net Loss in Fiscal 2016
ALEXANDER SHCHARANSKY: Shahs Buying New York Condo Unit for $3.98M

AMERICAN NATIONAL: Unsecureds To Recoup 100% Over 72 Months
AMPLIPHI BIOSCIENCES: Study Shows AB-SA01 Passed Safety Test
ARCHDIOCESE OF ST. PAUL: To Contribute $10MM in Committee's Plan
ARCHITEL SYSTEMS: Chapter 15 Case Summary
ARGENTO LLC: Unsecureds To Get Full Payment in 20 Installments

ARITEL INC: To Surrender Property To Pay PRAPI
ASTORIA FINANCIAL: Moody's Confirms Ba2 Preferred Stock Rating
BASIC FOOD: Noah Bank Says Exit Plan 'Unconfirmable'
BERTELLI REALTY: Case Summary & 8 Unsecured Creditors
BROADCOM LTD: S&P Affirms 'BB+' Rating on Unsecured Notes

C&J ENERGY: Court Confirms 2nd Amended Plan of Reorganization
CAESARS ENTERTAINMENT: Notifies of Covenant Breach
CASS PROPERTIES: U.S. Trustee Unable to Appoint Committee
CASTILONE GROUP: Jan. 20 Disclosure Statement Hearing
CEL-SCI: Receives Audit Opinion With Going Concern Explanation

CENTRAL IOWA: UnityPoint Buying All Assets for $13 Million
CERVANTES INC: Disclosure Statement Approved
CHC GROUP: Unsecureds To Get 11.6% of New Membership Interests
CHEDDAR'S CASUAL: Moody's Affirms B3 Corporate Family Rating
CLAYTON WILLIAMS: Closes Sale of Giddings Area Assets for $400M

CLEAR CHANNEL: Moody's Affirms B3 CFR; Changes Outlook to Negative
CONCORDIA INTERNATIONAL: Pays EUR 72-Mil. Installment to Cinven
CONDADO RESTAURANT: Disclosure Statement Hearing Set for Feb. 1
CORNERSTONE TOWER: Files Supplemental Disclosure Statement
CORRECT CARE: Moody's Lowers Corporate Family Rating to Caa2

CUNNINGHAM LINDSEY: Moody's Confirms B3 CFR; Negative Outlook
CUZCO DEVELOPMENT: Plan Confirmation Hearing on Feb. 13
DAYA MEDICALS: Court Approves Amended Disclosure Statement
DEAN YOUNG: To Pay Secured Claims in 10-20 Years if Asset Not Sold
DESERT SPRINGS: PSFG Buying Cathedral City Property for $4.3M

DIAMONDBACK ENERGY: Moody's Rates $250MM Sr. Unsec. Notes 'B1'
DIRECT MEDIA: Sale Motion Withdrawn
DOMINION STEEL: Unsecureds To Get 100% Over 60 Months
DOWNSTREAM DEVELOPMENT: Moody's Affirms B3 Rating on Secured Notes
DTEK FINANCE: Seeks U.S. Recognition of U.K. Proceeding

ELBIT IMAGING: Insightec's Exablate System Approved in Japan
EMMAUS LIFE: Stockholders Elect Five Directors
EMPRESAS PLAYA: Feb. 23 Disclosure Statement Hearing
ENERGIS PETROLEUM: Creditors To Be Paid From Proceeds of Asset Sale
ENERGY FUTURE: Settles $800-Mil. Fight With Senior Lenders

EXCEL STAFFING: U.S. Trustee Unable to Appoint Committee
EXCO RESOURCES: Moody's Lowers Corporate Family Rating to Ca
F.C. DEVELOPMENT: To Surrender Property To Pay PRAPI
FAIRFAX FINANCIAL: Moody's Affirms Ba2 Preferred Stock Rating
FOURZERO INC: Unsecureds to Recoup 11% Over 60 Months

FUNCTION(X) INC: DraftDay Gaming Collaborating with Draftstars
FUNCTION(X) INC: Proposes to Offer Shares of Common Stock
GEORGINA LLC: Court Says Case Is "Single Asset Real Estate" Case
GERALEX INC: Disclosures Okayed, Plan Hearing on Jan. 19
GLACIERVIEW HAVEN: Trustee Wants to Enter Into Lease with Outzen

GLOBAL EAGLE: Moody's Lowers Senior Secured Rating to B1
GRADE-CO LLC: Unsecureds to Get Additional $5K in Latest Plan
GREEN ISLAND: Moody's Affirms Ba1 Rating on $15MM Revenue Bonds
HAIN CELESTIAL: Obtains Limited Waiver, Credit Facility Extension
HAMILTON SUNDSTRAND: Bank Debt Trades at 6% Off

HARRISONBURG REDEVELOPMENT: Moody's Puts B3 Bonds Rating on Review
HART OIL: Court Dismisses Trustee's Suit vs. John Ehrman
HART OIL: Kennedy Directed to Return $22K to Liquidation Trustee
HOUSTON BLUEBONNET: Suit vs. Lyle Estate to Texas State Court
HPIL HOLDING: Relocates Executive Office to Freeland, Michigan

INDUSTRIAL SKATE: Voluntary Chapter 11 Case Summary
INT'L MANUFACTURING: Partial Dismissal of Suit vs. ZB Recommended
INTERNATIONAL TEXTILE: WL Ross, et al., No Longer Own Common Shares
INTERPACE DIAGNOSTICS: Has $1.9M Registered Common Stock Offering
INTERPACE DIAGNOSTICS: Sabby Reports 9.9% Stake as of Dec. 19

IPAYMENT INC.: Moody's Lowers Corporate Family Rating to Caa2
J. CREW: Bank Debt Trades at 44.85% Off
K & C LV INVESTMENTS: WSC Objects To Disclosure Statement
K. HANNAH CORP: Jan. 18 Plan Confirmation Hearing
KING & WOOD: European Arm May Enter Administration Next Month

KIP AND ANDREA: To Settle Suit vs. Rabo Agri Finance
KRISHNA ASSOCIATES: Naples Buying Assets for $2.9 Million
LBSBC NIM: Moody's Downgrades Cl. N1 Debt Rating to 'C'
LINN ENERGY: Disclosures Okayed, Plan Hearing on Jan. 24
LKQ CORP: OEM Glass Biz Sale No Impact on Moody's Ba1 CFR

MCDONALD BUILDING: To Sell Scottsdale Property to Pay Creditors
MEDFORD TRUCKING: Distributions To Be Made From Litigation Proceeds
MELIOR RESOURCES: Australian Court Denies Kasbah Acquisition Deal
MIAMI-DADE COUNTY INDUSTRIAL: Moody's Cuts 2015 Debt Rating to Ba1
MID CITY TOWER: Selling Baton Rogue Property to Pay Creditors

MIRAMBICA INC: Sale of All Assets to Patels for $600K Approved
MONTREIGN OPERATING: Moody's Affirms B3 Corporate Family Rating
MOTORS LIQUIDATION: GIFT Trust, et al., Dismissed From Suit vs JPMC
MOTORS LIQUIDATION: Show Cause Order Entered in "Ignition" Suits
MURPHY ENERGY: Court Approves Sale of Natural-Gas Terminals

MUSCLEPHARM CORP: Stacey Jenkins Quits as Director
NCI BUILDING: Moody's Affirms B1 Corporate Family Rating
NEENAH FOUNDRY: Moody's Affirms Caa1 CFR, Revises Outlook to Neg.
NEIMAN MARCUS: Bank Debt Trades at 11.87% Off
NEOVASC INC: Regains Compliance with NASDAQ Listing Requirements

NEPHROGENEX INC: Unsecureds to Recover 26.8% to 37.1% Under Plan
NEUSTAR INC: Moody's Ratings Remain on Review Over Sale Deal
NEXT COMMUNICATIONS: Case Summary & 20 Largest Unsecured Creditors
NEXT STAGE: Hall Selling San Francisco Property to Young for $3M
NORTH PARK: Case Summary & 20 Largest Unsecured Creditors

NOVABAY PHARMACEUTICALS: Agrees to Pay Former CEO in Installments
NUVERRA ENVIRONMENTAL: Extends ABL Facility Maturity to March 2017
OHIO VALLEY ELECTRIC: Moody's Lowers Sr. Unsecured Ratings to Ba1
OMNITATUS GROUP: Seeks to Hire Cummings Law Firm as Legal Counsel
PARAMOUNT RESOURCES: Moody's Withdraws B3 Corporate Family Rating

PEABODY ENERGY: Files Plan of Reorganization, Disclosure Statement
PERFORMANCE SPORTS: US Trustee to Name Consumer Privacy Ombudsman
PICKETT BROTHERS: DLL To Be Paid $12,962 Over 6 Years at 5.25%
PRESIDENTIAL REALTY: Inks Contribution Pact with First Capital
PROGRESSIVE ACUTE: U.S. Trustee Adds 2 Members to Creditors' Panel

PURADYN FILTER: Kellogg Brown Begins Use of Filtration Systems
REPUBLIC AIRWAYS: 45% Cash or 41-48% Common Stock for Unsecureds
RESOLUTE ENERGY: Provides Production and Cost Guidance
ROLLOFFS HAWAII: Sale of All Assets to WOA for $5.5M Approved
ROSETTA GENOMICS: Reports Third Quarter 2016 Financial Results

RUBICON MINERALS: Completes Restructuring Transaction Under CCAA
RUE21 INC: Bank Debt Trades at 61.58% Off
RXI PHARMACEUTICALS: Hal Mintz Reports 6.67% Stake as of Dec. 16
RXI PHARMACEUTICALS: Prices $10M Underwritten Public Offering
SABINE PASS: Moody's Hikes Senior Secured Rating to Ba1

SAMSON RESOURCES: Unsecureds To Recoup Up to 5.3% Under Panel Plan
SEVEN GROUP: Unsecureds To Be Paid in Full Plus 4.5%
SMITH FARM: U.S. Trustee Unable to Appoint Committee
SOUTHCROSS ENERGY: Appoints New Board Member
SOUTHWEST MISSISSIPPI: S&P Cuts 2003 Bonds Rating to BB-

SQUARETWO FINANCIAL: Moody's Puts Caa3 Rating Under Review
SS&C TECHNOLOGIES: S&P Raises Rating on Sr. Secured Debt to 'BB+'
STONE ENERGY: Bankruptcy Court Approves First Day Motions
STONEWALL GAS: Moody's Withdraws B2 Corporate Family Rating
SYNIVERSE HOLDINGS: Moody's Lowers Corporate Family Rating to Caa1

TCR III: PCO Recommends APA Provisions for Virginia Assets
TRIBUNE MEDIA: Moody's Lowers Corporate Family Rating to B1
UNITED MOBILE: Unsecureds To Share Pro-rata Payments of $27K
UNIVERSITY OF THE SACRED: S&P Lowers Rating on 2012 Bonds to 'BB'
VESCO CONSULTING: U.S. Trustee Unable to Appoint Committee

WASH MULTIFAMILY: S&P Raises Rating on 2nd Lien Debt to B-
WILL COUNTY SD: Moody's Cuts GOULT Debt Rating to Ba1
YORK RISK: Bank Debt Trades at 6.70% Off
ZEKELMAN INDUSTRIES: Moody's Hikes Corporate Family Rating to B2
[*] S&P Reviews Ratings on US Aerospace and Defense Sector

[*] S&P Reviews Ratings on US E&P and Oilfield Services Sectors
[*] S&P Reviews Ratings on US Technology Semiconductor Sector
[*] S&P Reviews Ratings on US Transpo Sector on Criteria Update
[*] TMA Chicago/Midwest Announces Award Winners at Executive Forum
[*] Upshot Services LLC Changes Name to JND Corporate Restructuring

[^] BOOK REVIEW: Hospitals, Health and People
[^] BOOK REVIEW: Landmarks in Medicine - Laity Lectures

                            *********

3324 N. CLARK: Assumption of Sign Lease Approved
------------------------------------------------
Judge Donald R. Cassling of the U.S. Bankruptcy Court for the
Northern District of Illinois authorized 3324 N. Clark Street, LLC,
to assume and assign executory contracts and unexpired leases in
connection with its sale of interests in real and personal property
located at 3324 N. Clark Street, Chicago, Illinois by auction.

Big Outdoor OPCO, LLC ("Sign Tenant") and the Debtor have agreed to
the assumption of the Sign Lease dated Feb. 25, 2002, as amended by
the certain Revised Lease Extension dated Jan. 21, 2013.

The Debtor assumes the Sign Lease pursuant to Section 365 of the
Bankruptcy Code with neither the Sign Tenant nor the Debtor
claiming or asserting that either party have events of default
under the terms of the Sign Lease existing prior to the filing of
the Debtor's Petition on Sept. 28, 2016 or existing through the
date of the entry of the Order.

The Sign Tenant is the valid assignee of the Sign Lease from
Harvest Outdoor Media Corp. pursuant to an Assignment dated Aug. 3,
2016.

In the event that the Court approves the sale of the real property,
the Debtor will assign the Sign Lease to the purchaser of the
property approved by the Court at the closing of the sale of the
property, with the Sign Tenant waiving the Store Tenant's rights to
adequate assurance of future performance, as provided by Section
365(f) of the Bankruptcy Code.

                   About 3324 N. Clark Street

3324 N. Clark Street, LLC, sought Chapter 11 protection (Bankr.
N.D. Ill. Case No. 16-30934) on Sept. 28, 2016. The petition was
signed by Simone Singer Weissbluth, manager of WMW Investments,
LLC, the manager of the Debtor. The case is assigned to Judge
Donald R. Cassling. The Debtor estimated assets and liabilities at
$1 million to $10 million at the time of the filing.

The Debtor is represented by Ariel Weissberg, Esq. and Devvrat
Sinha, Esq. at Weissberg and Associates, Ltd.  The Debtor also
employs Saul R. Wexler, member of the Law Offices of Saul R.
Wexler, as its special counsel; and Rick Levin & Associates, Inc.
as its a real estate broker in connection with the sale of its
real
property located at 3324 N. Clark Street, Chicago, Illinois.

No trustee, examiner, or official committee of unsecured creditors
has been appointed.


546-548 BROADWAY: Taps Middlebrooks Shapiro as Legal Counsel
------------------------------------------------------------
546-548 Broadway Condo Association, Inc. seeks approval from the
U.S. Bankruptcy Court for the District of New Jersey to hire legal
counsel.

The Debtor proposes to hire Middlebrooks Shapiro, P.C. to give
advice regarding its duties under the Bankruptcy Code, and provide
other legal services related to its Chapter 11 case.

The hourly rates charged by the firm are:

     Melinda D. Middlebrooks     $400
     Joseph M. Shapiro           $350
     Jessica M. Minneci          $300
     Angela Nascondiglio         $250
     Law Clerks/Paralegals        $90

Middlebrooks 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:

     Jessica M. Minneci, Esq.
     Middlebrooks Shapiro, P.C.
     841 Mountain Avenue, First Floor
     Springfield, NJ 07081
     Phone: (973) 218-6877
     Email: jminneci@middlebrooksshapiro.com

                     About 546-548 Broadway

546-548 Broadway Condo Association sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. N.J. Case No. 16-33683) on
December 13, 2016.

At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of less than $100,000.


6D GLOBAL: Anticipates Common Stock Trading on OTC Grey Market
--------------------------------------------------------------
On Nov. 28, 2016, 6D Global Technologies, Inc., was notified by The
NASDAQ Stock Market, LLC, of NASDAQ's intention to delist the
shares of the Company's common stock listed on the NASDAQ exchange.
On or about Dec. 9, 2016, NASDAQ filed a notification of removal
from listing on Form 25 with the Securities and Exchange Commission
with the delisting of the Company's common stock effective 10 days
after the filing of the Form 25, or on or about Dec. 19, 2016.

Following the delisting, the Company anticipates that its common
stock will be quoted on the OTC Grey Market, a centralized
electronic quotation service for over-the-counter securities.
However, the Company can give no assurance that trading in its
stock will continue on the Grey Market or on any other securities
exchange or quotation medium.

                       About 6D Global

6D Global Technologies, Inc., is a digital business solutions
company serving the digital marketing and technology needs of
organizations using enterprise-class technologies across the world.
The Company's services include Web content management, Web
analytics, marketing automation, mobile applications, business
intelligence, marketing cloud and IT infrastructure staffing
solutions.  The Company operates through two segments: Content
Management Systems (CMS) and Information Technology (IT) Staffing.
CMS offers Web content management solutions, marketing cloud
solutions, mobile applications, analytics, front-end user
experience and design, and marketing automation.  The IT Staffing
segment provides contract and contract-to-hire IT professional
staffing services.  6D Global Technologies is based in New York.

The Company reported a net loss of $17.11 million on $12.79 million
of revenues for the year ended Dec. 31, 2015, compared with a net
income of $470,565 on $11.80 million of revenues in 2014.

The Company's balance sheet at Dec. 31, 2015, showed $20.87 million
in total assets, $21.09 million in total liabilities, $1.46 million
in redeemable convertible preferred stock, and stockholders'
deficit of $1.67 million.

In it report on the consolidated financial statements of 6D Global
for the year ended Dec. 31, 2015, SingerLewak LLP, in Los Angeles,
Calif., expressed substantial doubt about the Company's ability to
continue as a going concern, citing that the Company has suffered
recurring losses from operations and the Company is currently a
defendant in several class action lawsuits with various
shareholders.


7470 COMMERCIAL: Unsecureds To Be Paid From Property Sale Proceeds
------------------------------------------------------------------
7470 Commercial Way Partners, LLC, filed with the U.S. Bankruptcy
Court for the District of Nevada a second amended disclosure
statement for their liquidating plan of reorganization, a full-text
copy of which is available for free at
http://bankrupt.com/misc/nvb16-15253-108.pdf

Class 1, Secured Claim of the Clark County Taxing Authority, is
impaired under the Plan.  Class 1 will be paid in full, on the 90th
day after the Effective Date of the Plan, in the approximate amount
of $20,319, plus interest allowed by applicable law.

Class 5, State Court Litigation Claims, is impaired under the Plan.
This Class will be paid its Pro Rata share of any Property sale
proceeds remaining after the satisfaction of Allowed Administrative
Claims, Priority Claims and Claims in Classes 1 to 4.

Class 6, General Unsecured Claims, is impaired under the Plan. This
Class will be paid its Pro Rata share of any Property sale proceeds
remaining after the satisfaction of Allowed Administrative Claims,
Priority Claims and Claims in Classes 1 to 4. The Debtor estimates
that the amount of the general unsecured claims totals
approximately $20,000.

The Plan will be funded from the sale of the Debtor's assets.

                     About 7470 Commercial

7470 Commercial Way Partners, LLC, based in Las Vegas, NV, filed a
Chapter 11 petition (Bankr. D. Nev. Case No. 16-15253) on
September
26, 2016. The Hon. Bruce T. Beesley presides over the case. Samuel
A. Schwartz, Esq., at Schwartz Flansburg PLLC, as bankruptcy
counsel.

In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by David
Suder, managing member.

No official committee of unsecured creditors has been appointed in
the case.


ACCESS CIG: Moody's Affirms B3 CFR; Outlook Stable
--------------------------------------------------
Moody's Investors Service affirmed all existing ratings of Access
CIG, LLC, including the B3 Corporate Family Rating (CFR), the B3-PD
Probability of Default Rating, the B2 first lien senior secured
credit facility ratings, and the Caa2 second lien senior secured
rating. The ratings outlook remains stable.

The affirmation of the B3 CFR reflects Moody's expectation that
stable demand for document storage services among the targeted
small business customers, the company's solid EBITDA margin and a
highly recurring revenue model can support elevated leverage over
the next 12-18 months. Moody's also anticipates that Access' free
cash flow will improve to a breakeven or slightly positive level
over the next 12-18 months after being negative in recent years.
Moody's expects Access' acquisition activity to moderate from the
very high levels of 2015 and 2016, leading to less integration
spending and better cash generation.

Access' high financial leverage and the minimal level of projected
free cash flow nevertheless pressure the credit profile. The
company continues to add permanent debt to finance its roll-up
strategy, which has materially constrained its free cash flow
generation over the years due to higher interest costs and
significant acquisition and integration expenses. Access' weak free
cash flow generation and reliance on its revolving credit facility
to finance acquisitions limits the potential for debt repayment and
meaningful credit metrics improvement.

Moody's took the following rating actions:

Issuer Name: Access CIG, LLC:

  Corporate Family Rating, affirmed at B3

  Probability of Default Rating, affirmed at B3-PD

  $55 million senior secured first lien revolving credit facility
due 2019, affirmed at B2 (LGD3)

  $480.9 million ($475.0 million outstanding) senior secured first
lien term loan due 2021, affirmed at B2 (LGD3)

  $232 million senior secured second lien term loan due 2022,
affirmed at Caa2 (LGD5)

  Outlook, maintains Stable

RATINGS RATIONALE

Access' B3 CFR reflects its high financial leverage, estimated at
above 8.0x (excluding acquisition and integration expenses), small
revenue base and aggressive acquisition growth strategy that relies
on incremental debt issuance. Moody's believes that over time
organic growth in the company's high margin document storage
business will be increasingly constrained by the ongoing secular
shift away from paper towards electronic media and business growth
will be primarily driven by small acquisitions that Moody's views
as a cost-effective source of new customers. At the same time, the
company's credit profile benefits from its highly recurring records
storage revenues (approximately 60% of total revenue), high EBITDA
margins in the mid-to-high 30% range and expected modest growth in
outsourcing of document storage in the small and medium business
(SMB) market segment, which is the company's primary area of focus.
Access' revenues have high geographic and customer diversity within
the US, with historically strong client retention rates.

Access has adequate liquidity supported by nearly $7 million of
balance sheet cash, approximately $10 million of projected free
cash flow (assuming no new acquisitions), and approximately $20
million of availability on its $55 million revolver expiring in
2019. Moody's expects that the company will continue to rely on the
revolver for acquisition and integration expenses. The revolver is
subject to a springing maximum 6.5x first lien net leverage ratio
when utilization exceeds 30% of the facility. Moody's projects
borrowings will remain above this level and that the covenant will
apply over the next four quarter, but anticipates sufficient
headroom under the springing covenant over that span.

The B2 rating on the first lien credit facility reflects a one
notch downward override from the Loss Given Default (LGD) model
implied outcome of B1. The override reflects Moody's view that the
first lien debt instrument ratings should be limited to one notch
above the B3 CFR given Access' frequent debt issuance and
uncertainty surrounding potential changes to the company's capital
structure ensuing from its aggressive growth strategies and weak
cash flow generation. The instrument ratings incorporate add-ons of
$19 million to the first lien term loan and $40 million to the
second lien term loan earlier in 2016.

The stable rating outlook reflects Moody's view that the company's
credit metrics will slightly improve over the next 12 to 18 months.
The stable rating outlook also anticipates that Access will
successfully complete integration of recent acquisitions, realize
cost synergies as expected and maintain at least an adequate
liquidity profile.

The ratings could be downgraded if the company faces top-line and
earnings pressure such that financial leverage remains elevated,
the EBITDA margin declines, or liquidity deteriorates, including
increased revolver usage or an inability to restore and sustain
positive free cash flow generation.

Given Access' high financial leverage and modest scale a ratings
upgrade is not expected in the intermediate term. Profitable
revenue growth that leads to a material reduction in leverage, free
cash flow in excess of 5% of total debt, and a good liquidity
position is necessary for an upgrade.

Headquartered in Livermore, CA, Access Information Management
provides records and information management services primarily to
small and medium enterprises in the U.S. and Latin America. Access'
revenues for the last twelve months ended September 30, 2016 were
approximately $258 million (excluding the pro forma effect of
recent acquisitions).

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


ACELITY LP: Moody's Puts B3 CFR Under Review for Upgrade
--------------------------------------------------------
Moody's Investors Service placed the ratings of Acelity L.P., Inc.
under review for upgrade.

On December 20, 2016, Acelity announced an agreement to sell its
regenerative medicine business to Allergan, Inc. (Baa3 stable) for
$2.9 billion. Moody's expects Acelity to use the majority of the
transaction's after-tax proceeds to pay down debt. Under such a
scenario, the company's leverage profile would undergo substantial
improvement. Moody's estimates that pro forma adjusted debt to
EBITDA, currently about 7.2 times, could potentially decline by 1-2
full turns.

Ratings under review for upgrade:

Acelity L.P. Inc.

- Corporate Family Rating, B3

- Probability of Default Rating, B3-PD

- Senior secured revolving credit facility expiring 2019, Ba3 (LGD
2)

- Senior secured first lien term loans due 2020, Ba3 (LGD 2)

- Senior secured first lien notes due 2021, Ba3 (LGD 2)

- Senior secured second lien notes due 2021, Caa1 (LGD 5)

- Senior secured third lien notes due 2021, Caa2 (LGD 6)

- Senior unsecured notes due 2019, Caa2 (LGD 6)

Rating affirmed:

Acelity L.P. Inc.

Speculative Grade Liquidity Rating of SGL-2

RATINGS RATIONALE

Moody's expects its ratings review process to focus on Acelity's
plans for deleveraging into a more tenable capital structure with
proceeds from the divestiture of its regenerative medicine
business. During its review process, Moody's will also consider
changes in business concentration and overall scale and recent
operating performance.

Excluding the proposed divestiture, the B3 Corporate Family Rating
reflects Acelity's very high financial leverage, limited free cash
flow and modest interest coverage. Also excluding the proposed
divestiture, Moody's does not expect a meaningful reduction in
leverage in the near-term as the company is facing challenges in
its core negative pressure wound therapy franchise and is still
required to make significant cash outlays related to litigation
settlements. The ratings also reflect Acelity's considerable scale
and the strong market presence of its Vacuum Assisted Closure
products. The ratings are also supported by the company's healthy
margins and the expectation that growth in newer product offerings
will help offset headwinds in the V.A.C. business.

The Speculative Grade Liquidity Rating of SGL-2 reflects Moody's
expectation that Acelity's cash balances and availability on its
extended portion of its revolver expiring in August 2019 will allow
the firm to maintain good liquidity over the next 12 to 18 months.

The principal methodology used in these ratings was Global Medical
Product and Device Industry published in October 2012.

Headquartered in San Antonio, Texas, Acelity is a global medical
technology company with leadership positions in advanced wound care
and regenerative medicine. Acelity reported revenues of
approximately $1.9 billion for the twelve months ended September
30, 2016. Acelity is owned by a private equity consortium,
including Apax Partners and affiliates of the Canada Pension Plan
Investment Board and Public Sector Pension Investment Board.


ACHAOGEN INC: Obtains $94.5 Million from Common Stock Offering
--------------------------------------------------------------
Achaogen, Inc., entered into an underwriting agreement with Leerink
Partners LLC and Stifel, Nicolaus & Company, Incorporated, as
representatives of the several underwriters, pursuant to which the
Company agreed to issue and sell 6,500,000 shares of its common
stock, par value $0.001 per share to the Underwriters.

The Shares were sold at a public offering price of $13.50 per
Share, and were purchased by the Underwriters from the Company at a
price of $12.69 per Share.  Under the terms of the Underwriting
Agreement, the Company granted the Underwriters the option, for 30
days, to purchase up to 975,000 additional shares of Common Stock
at the public offering price.

On Dec. 14, 2016, the Underwriters exercised their option to
purchase the additional 975,000 shares of Common Stock in full.
The Offering was made under a prospectus supplement and related
prospectus filed with the Securities and Exchange Commission
pursuant to the Company's effective shelf registration statement on
Form S-3 (Registration No. 333-203282).

On Dec. 19, 2016, the Offering closed and the Company completed the
sale and issuance of an aggregate of 7,475,000 shares of Common
Stock.  The Company received net proceeds from the Offering of
approximately $94.5 million, after deducting the Underwriters'
discounts and commissions and estimated offering expenses payable
by the Company.  As of Sept. 30, 2016, the Company had cash, cash
equivalents and short term investments of approximately $61.1
million and, after giving effect to the issuance and sale of shares
of Common Stock in the Offering, had approximately $155.6 million
in cash, cash equivalents and short term investments.

Pursuant to the Underwriting Agreement, the Company agreed to
indemnify the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933, as amended, or to
contribute to payments that the Underwriters may be required to
make because of those liabilities.  The Company and the Company's
directors and executive officers (and certain of their affiliated
stockholders) also agreed not to sell or transfer any Common Stock
for 60 days after December 13, 2016 without first obtaining the
written consent of the Representatives on behalf of the
Underwriters, subject to certain exceptions.

                        About Achaogen

Achaogen, Inc., is a clinical-stage biopharmaceutical company
passionately committed to the discovery, development, and
commercialization of novel antibacterials to treat multi-drug
resistant gram-negative infections.  The Company is developing
plazomicin, its lead product candidate, for the treatment of
serious bacterial infections due to MDR Enterobacteriaceae,
including carbapenem-resistant Enterobacteriaceae.  In 2013, the
Centers for Disease Control and Prevention identified CRE as a
"nightmare bacteria" and an immediate public health threat that
requires "urgent and aggressive action."

Achaogen reported a net loss of $27.09 million in 2015, a net loss
of $20.17 million in 2014 and a net loss of $13.11 million in
2013.  As of Sept. 30, 2016, Achaogen had $80.66 million in total
assets, $49.64 million in total liabilities and $31.01 million in
total stockholders' equity.

The Company's independent accounting firm Ernst & Young LLP, in
Redwood City, California, issued a "going concern" qualification on
the consolidated financial statements for the year ended Dec. 31,
2015, citing that the Company's recurring losses from operations
and its need for additional capital raise substantial doubt about
its ability to continue as a going concern.


ADVANCED SOLIDS: Pleteniks Buying Carlsbad Property for $250K
-------------------------------------------------------------
Advanced Solids Control, LLC, asks the U.S. Bankruptcy Court for
the Western District of Texas to authorize the sale of real
property described as 3906 N. Pat Garrett Ct., Carlsbad, New
Mexico, to James A. and Lilia Pletenik for $250,000.

The sale is scheduled to close on Feb. 14, 2017.

The Debtor believes that the proposed sales price approximates the
real property's market value in the context of such a sale, and is
a reasonable value based upon the asset proposed to be sold and its
marketability.

The real property is subject to a mortgage lien to First National
Bank of Beeville in the amount of $891,701.  There are several
other real properties which secure the claim of First National Bank
of Beeville.  Any outstanding ad valorem taxes, including the 2016
ad valorem taxes, will be paid in full from the sale.  The Debtor
previously filed 2 Motions to sell real property pledged to First
National Bank of Beeville, which if the sales close will
substantially pay down the outstanding balance owing to First
National Bank of Beeville.

The Debtor is asking permission to pay all reasonable closing
costs, including real estate commissions (if any), directly at
closing.  The net proceeds from the sale will be paid to First
National Bank of Beeville against the outstanding balance of its
Note (partial payment).

The Debtor proposes to sell the property to the Purchasers free and
clear of all liens, claims and encumbrances pursuant to Section 363
of the U.S. Bankruptcy Code.  The lien of First National Bank of
Beeville and the local ad valorem taxing authorities will
automatically attach to the net sales proceeds based upon their
pre-petition priority, and paid through closing.

Should the sale to the Purchasers fail to close, the Debtor is
requesting permission to sell the real property to any other third
party for the minimum cash sales price in the amount of $250,000.

A copy of the Contract attached to the Motion is available for free
at:

        http://bankrupt.com/misc/Advanced_Solids_15_Sales.pdf

The Debtor asks the Court to authorize it to sell the real property
free and clear of all liens, claims and encumbrances for $250,000
to the Purchasers pursuant to the terms set forth, and for such
other and further relief to which the Debtor may show itself
entitled.

The Purchasers can be reached at:

           James A. and Lilia Pletenik
           E-mail: jpletenik@cox.net

            About Advanced Solids Control, LLC

Advanced Solids Control, LLC, filed a Chapter 11 bankruptcy
petition
(Bankr. W.D. Tex. Case No. 16-52748) on Dec. 2, 2016.  William
R. Davis, Jr., Esq., at Langley & Banack, Inc., serves as
bankruptcy
counsel.

The Debtor's assets and liabilities are both below $1 million.


AEOLUS PHARMACEUTICALS: Incurs $6 Million Net Loss in Fiscal 2016
-----------------------------------------------------------------
Aeolus Pharmaceuticals, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a net
loss attributable to common stockholders of $6.04 million on
$2.07 million of contract revenue for the fiscal year ended
Sept. 30, 2016, compared to a net loss attributable to common
stockholders of $2.62 million on $3.11 million of contract revenue
for the fiscal year ended Sept. 30, 2015.

As of Sept. 30, 2016, Aeolus Pharmaceuticals had $4.17 million in
total assets, $972,000 in total liabilities and $3.19 million in
total stockholders' equity.

As of Sept. 30, 2016, the Company had approximately $3,155,000 of
cash and cash equivalents, an increase of $3,061,000 from
Sept. 30, 2015.  The increase in cash was primarily due to the
Company's 2015 capital raise, which was offset by cash used in
operations.  In order to fund on-going operating cash requirements,
or to accelerate or expand our oncology and other programs, the
Company said it may need to raise significant additional funds.

"In light of the limited number of employees we currently have, our
limited resources, and the early stage of our commercial
development efforts, our future success may be limited.  In
addition, there are significant uncertainties as to our ability to
access potential sources of capital, and we may not be able to
enter into industry partner collaborations that would provide us
with liquidity sources on terms acceptable to us, or at all.  These
uncertainties may be due to a variety of factors, including
evolving or adverse conditions in the pharmaceutical industry or in
the economy in general or based on the prospects of our commercial
programs.  Even if we are successful in obtaining collaboration for
our commercial programs, we may have to relinquish rights to
technologies, product candidates or markets that we might otherwise
develop ourselves.  These same risks apply to any attempt to
out-license our compounds.  Finally, our product candidates are
being developed for large therapeutic markets. We believe these
markets are best approached by partnering with established
biotechnology or pharmaceutical companies that have broad sales and
marketing capabilities.  We are pursuing marketing collaborations
of this type as part of our search for development partners.
However, we may not be able to enter into any marketing
arrangements for any of our products on satisfactory terms or at
all," the Company stated in the report.

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

                     https://is.gd/ARwKun

                  About Aeolus Pharmaceuticals

Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a
Southern California-based biopharmaceutical company leveraging
significant government investment to develop a platform of novel
compounds in oncology and biodefense.  The platform consists of
over 200 compounds licensed from Duke University and National
Jewish Health.

The Company's lead compound, AEOL 10150, is being developed as a
medical countermeasure ("MCM") against the pulmonary sub-syndrome
of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome"
or "Lung-ARS") as well as the gastrointestinal sub-syndrome of
acute radiation syndrome ("GI-ARS").  Both syndromes are caused by
acute exposure to high levels of radiation due to a radiological
or nuclear event.  It is also being developed for use as a MCM for
exposure to chemical vesicants such as chlorine gas, sulfur
mustard gas and nerve agents.


ALEXANDER SHCHARANSKY: Shahs Buying New York Condo Unit for $3.98M
------------------------------------------------------------------
Alex Shcharansky asks the U.S. Bankruptcy Court for the Southern
District of Iowa to authorize the sale of a condominium unit
located at 300 East 55th Street, Apt. 22A, in New York, New York
("NY Condo"), to Pritesh and Samira Shah for $3,975,000.

The NY Condo is the principal asset of the estate and the Debtor
intends to use proceeds from the sale of the NY Condo to pay the
claims of creditors of the estate, as such claims are allowed by
the Court.

Prior to the commencement of the proceeding, the Debtor had listed
the NY Condo for sale with an initial selling price of $4,990,000,
but in order to facilitate a timely and expedient sale of the NY
Condo, the Debtor decreased the listing price for the NY Condo to
$4,250,000 during the pendency of the proceeding.

On Nov. 22, 2016 the Debtor received a written offer from the
Purchasers to purchase the NY Condo for the amount of $3,975,000.
On Dec. 5, 2016, the Debtor and the Purchasers entered into a
Contract of Sale and certain Riders thereto concerning the Debtor's
sale of the NY Condo to the Purchasers, which Contract for Sale is
expressly subject to Bankruptcy Court approval.

A copy of the Contract for Sale attached to the Motion is available
for free at:

       
http://bankrupt.com/misc/Alexander_Shcharansky_80_Sales.pdf

Pursuant to the Contract for Sale, Ms. Shah, who is a licensed real
estate broker, has agreed to waive her commission of 3% as part of
the sale transaction, reducing the total commission to be paid by
the Debtor at closing from 6% down to 3%, or a reduction of
$119,250 in total commission to be paid on account of the proposed
sale.

Taking into account the reduced commission amount, and factoring in
other estimated fees and charges that will be collected at closing
(New York state transfer taxes, New York City transfer taxes,
abstract, title and document fees, condominium association transfer
and other fees), the Debtor anticipates receiving gross proceeds in
the approximate amount of $3,770,000 at closing (such amount does
not take into account payment of any secured claims attaching to
the NY Condo).

The closing of the sale of the NY Condo under the Contract for Sale
is tentatively scheduled for Feb. 1, 2017, however payoffs set
forth have been calculated through Feb. 15, 2017, as either party
can extend closing for 30 days from the initially identified
closing date under New York law.

The sale of the NY Condo by the Debtor to the Purchasers is to be
free and clear of all liens.

The NY Condo is subject to 2 secured claims held by creditors that
have both filed a Proof of Claim in the proceeding.

Emigrant Mortgage Co. holds a mortgage on the NY Condo that secures
its claim in full.  On Nov. 10, 2016, Emigrant filed its Proof of
Claim (Claim No. 8) asserting a secured claim in the amount of
$1,248,658, to which the Debtor has not objected. Subsequent to the
filing of Emigrant's Proof of Claim the Debtor made certain
post-petition payments on his mortgage obligation with Emigrant
totaling $21,695, and after taking into account such payments
Emigrant has estimated that the payoff on its secured claim on the
date of closing will be approximately $1,259,348.

The other creditors holding a claim secured by the NY Condo are
judgment creditors Alex Komm, Ilya Markevich, Boris Pusin and Vadim
Shapiro, who hold a judgment lien on the NY Condo junior in
priority to the mortgage lien held by Emigrant.  Pursuant to a
Consent Order entered on Nov. 21, 2016, the Shapiro Groups' Amended
Proof of Claim (amending original Claim No. 3) was allowed in the
amount of $2,028,253.  The payoff of the Shapiro Group’s secured
claim as of the tentative closing date is estimated to be
$2,049,667.

The secured claims held by Emigrant and the Shapiro Group are
estimated to total $3,309,278 as of the tentative Closing Date
identified in the Contract for Sale, which amount is substantially
less than the $3,770,000 in proceeds that the Debtor anticipates
receiving at the closing of the sale of the NY Condo to the
Purchasers after payment of commissions and other closing costs.

Accordingly, pursuant to 11 U.S.C. Section 363(f)(3) the Debtor
asks that the Contract for Sale of the NY Condo be approved free
and clear of all liens, including the mortgage lien held by
Emigrant, and the judgment lien held by the Shapiro Group, with the
liens of such creditors attaching to the proceeds from the sale of
the NY Condo in the same priority position as enjoyed by such
creditors' lien interests in the NY Condo.

Previously the Debtor retained real estate brokerage firm Brown
Harris Stevens and realtor Rachel Glazer ("BHS") as a professional
person pursuant to 11 U.S.C. Section 327(a) to assist the Debtor in
marketing and selling the NY Condo.  On Oct. 12, 2016, the Debtor
filed its Motion to assume the pre-petition listing agreement which
Debtor had entered into with BHS regarding the sale of the NY Condo
as an executory contract, which also provided for the Debtor to pay
a commission fee of up to 6% to BHS for their services as real
estate brokerage agents in the event that they were able to procure
an acceptable offer to purchase the NY Condo from Debtor.  On Nov.
8, 2016, the Court entered its Order granting the Debtor's Motion
to assume the pre-petition listing agreement with BHS.

In addition to retaining BHS to assist in the marketing and sale of
the NY Condo, the Debtor also filed, on Dec. 1, 2016 an application
to retain attorney Derin Edip Walden to assist Debtor with the
closing of the sale of the NY Condo, including drafting of the
Contract for Sale, preparation of deeds and other conveyance
documents, review of title, preparation of closing statements and
other legal work related to the closing of the transaction in
compliance with New York law.  As set forth in Debtor's
Application, the fees to be paid on account of the services to be
rendered by attorney Walden were to be a flat fee of $3,000 for the
typical and contemplated closing services, and an additional flat
fee of $500 for attendance at the closing on behalf of the Debtor,
for a total flat fee of $3,500.  On Dec. 13, 2016 the Court entered
its Order approving the Debtor's Application to employ attorney
Walden.

The Debtor asks that he be authorized to pay a commission fee of
$119,250 to BHS and closing attorney's fees in the amount of $3,500
to attorney Walden, per the terms of the employment of each
non-reorganization professional concerned, at the closing of the
sale of the NY Condo pursuant to the Contract for Sale, as the same
may be approved by the Court.

While the Debtor has sought permission to sell the NY Condo free
and clear of the liens held by Emigrant and the Shapiro Group
creditors, the Debtor believes it is in the best interest of the
estate for the Debtor to be authorized to pay the secured claims of
the respective creditors at the closing of the transaction
contemplated by the Contract for Sale.  The Debtor asks that he be
authorized to pay the secured claim of Emigrant on the Closing Date
from proceeds of the sale of the NY Condo in the estimated amount
of $1,257,640, plus any additional interest accruing thereon or
other fees or charges incurred in the event that the Closing Date
is delayed beyond Feb. 15, 2017, and the secured claim of the
Shapiro Group in the amount of $2,001,122 ($2,049,667 less the
withheld amount of $48,545) plus any additional interest accruing
thereon in the event the Closing Date is delayed beyond Feb.
15,2017 from such proceeds on the Closing Date.

The Debtor has conferred with his tax professional, Pittman & Co.,
LLP and John D. Pittman regarding any potential capital gain that
the Debtor might experience as result of the sale of the NY Condo
under the Contract for Sale and the determination of any resulting
income tax obligation that the Debtor may owe either the Internal
Revenue Service or the Iowa Department of Revenue with respect to
the same.  The Debtor asks that the Court authorize the Debtor,
with the assistance of Pittman, to complete IRS form IT-2633 as
required under New York law at closing from the Debtor as a
non-resident seller of real estate, in accordance with Pittman's
calculations as to the adjusted cost basis and deductible expenses
pertaining to the NY Condo and the sale of the same under the
Contract for Sale.

The balance of the proceeds received by the Debtor from the sale of
the NY Condo, after payment of the professional fees awarded to BHS
and attorney Walden, and payment of the secured claim of Emigrant
in full and partial payment of the secured claim of the Shapiro
Group as directed, is estimated to be in the amount of $509,199.
The balance proceeds will be held by the Debtor in the Trust Fund
of Wandro & Associates, P.C., counsel to the Debtor as
debtor-in-possession pending further Order of the Court or
confirmation of a Chapter 11 plan propounded by the Debtor.

Counsel for the Debtor:

          Terry L. Gibson, Esq.
          WANDRO & ASSSOCIATES, P.C.
          2501 Grand Ave., Suite B
          Des Moines, IA 50312
          Telephone: (515) 281-1475
          E-mail: tgibson@2501grand.com

Alexander Shcharansky sought Chapter 11 protection (Bankr. S.D.
Iowa. Case No. 16-01761) on Sept. 2, 2016.  The Debtor tapped Terry
L Gibson, Esq., as counsel.


AMERICAN NATIONAL: Unsecureds To Recoup 100% Over 72 Months
-----------------------------------------------------------
American National Carbide Co. disclosed in a court filing that
Class 4 general unsecured creditors will receive a promissory note
for 100% of each allowed claim payable over 72 months.

The note is payable at the prime rate of interest (currently 3%
interest) on the date the company's plan of reorganization is
confirmed.  Under the plan, payments under the notes issued to
unsecured creditors will not commence until the 13th payment.  

The first 12 payments made under the terms of the notes issued will
be for accrued interest only, according to ANCC's supplemental
disclosure statement filed on Dec. 8 with the U.S. Bankruptcy Court
for the Southern District of Texas.

A copy of the supplemental disclosure statement is available for
free at http://bankrupt.com/misc/AmericanNatl_SuppDS.pdf

                About American National Carbide

American National Carbide Co. sought protection under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas (Houston) on Feb. 26, 2016.  The petition was
signed by Greg Stroud, president.

The Debtor is represented by Donald L Wyatt, Esq., at the Law
Offices of Donald L. Wyatt Jr. PC.  The case is assigned to Judge
David R. Jones.

The Debtor disclosed total assets of $8.83 million and total debts
of $7.22 million.


AMPLIPHI BIOSCIENCES: Study Shows AB-SA01 Passed Safety Test
------------------------------------------------------------
AmpliPhi Biosciences Corporation issued on Dec. 19, 2016, a press
release reporting final results from its Phase 1 trial of AB-SA01,
its proprietary investigational bacteriophage cocktail targeting
Staphylococcus aureus (S. aureus) infections, in patients with
chronic rhinosinusitis.  AB-SA01 met the trial's primary endpoints
of safety and tolerability and all nine patients enrolled in the
study experienced a reduction in the quantity of S. aureus
infecting their sinuses, with some patients showing complete
eradication of the bacterial infection.

The trial was initiated in January 2016 and was conducted at the
Queen Elizabeth Hospital in Adelaide, Australia in collaboration
with the University of Adelaide and Flinders University.  All nine
patients enrolled received AB-SA01 in one of three dose regimens:
Cohort 1 patients received low-dose twice daily for seven days;
Cohort 2 patients received low-dose twice daily for 14 days; and
Cohort 3 patients received high-dose twice daily for 14 days.

Key findings from the study showed:

  * Primary endpoints of safety and tolerability were met

  * All patients experienced a reduction in S. aureus bacterial
    load at the end of the study compared to baseline

  * Comparison of pre- and post-treatment endoscopic images showed
    symptomatic improvement, including reductions in mucosal
    edema, discharge and polyps

  * All enrolled patients completed the trial

                        About AmpliPhi

AmpliPhi Biosciences Corp. is a biotechnology company focused on
the discovery, development and commercialization of novel phage
therapeutics.  Its principal offices occupy approximately 1,000
square feet of leased office space pursuant to a month-to-month
sublease, located at 3579 Valley Centre Drive, Suite 100, San
Diego, California.  It also leases approximately 700 square feet of
lab space in Richmond, Virginia, approximately 5,000 square feet of
lab space in Brookvale, Australia, and approximately 6,000 square
feet of lab and office space in Ljubljana, Slovenia.

As of Sept. 30, 2016, the Company had $26.03 million in total
assets, $7.80 million in total liabilities and $18.22 million in
total stockholders' equity.

Ampliphi reported a net loss attributable to common stockholders of
$10.79 million for the year ended Dec. 31, 2015, compared to net
income attributable to common stockholders of $21.82 million.

"[T]he Company has incurred net losses since its inception, has
negative operating cash flows and has an accumulated deficit of
$371.9 million as of September 30, 2016, $56.4 million of which
has been accumulated since January of 2011, when the Company began
its focus on bacteriophage development.  As of September 30, 2016,
the Company had cash and cash equivalents of $4.0 million.
Management believes that the Company's existing resources will be
sufficient to fund the Company's planned operations through the end
of 2016.  These circumstances raise substantial doubt about the
Company's ability to continue as a going concern," as disclosed in
the Company's quarterly report for the period ended Sept. 30, 2016.


ARCHDIOCESE OF ST. PAUL: To Contribute $10MM in Committee's Plan
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of the Archdiocese of
Saint Paul and Minneapolis filed with the U.S. Bankruptcy Court for
the District of Minnesota a second amended disclosure statement
explaining its second amended chapter 11 plan of reorganization,
dated Dec. 19, 2016.

According to the Committee, the Court has approved its Disclosure
Statement.

The plan creates a Trust for the benefit of sex abuse claimants
referred here as Tort Claimants, which will be funded (i) by cash
and asset contributions from the Debtor in an amount equal to the
value of all of its assets as determined by the Bankruptcy Court;
and (ii) all rights to proceeds from the Insurance Policies
relating to the sexual abuse claims and all other claims and causes
of action based on the conduct of the Non-Settling Insurers in
respect of their obligations under the insurance policies in
relationship to the sexual abuse claims, which the plan provides
that the Debtor shall assign and transfer to the Trust.

Class 6 consists of the holders of Pending Tort Claims. Liability
for Class 6 Claims shall be assigned to, assumed and treated by the
Trust as further provided in Article IV of the Plan, the Trust
Agreement, and the Trust Distribution Plan. Class 6 Claims shall be
paid in accordance with the provisions of the Trust and Trust
Distribution Plan.

Class 7 consists of the holders of Future Tort Claims. Liability
for Class 7 claims shall be assumed by the Reorganized Debtor. To
preserve coverage under insurance policies issued by Non-Settling
Insurers, Class 7 claimants specifically reserve any and all claims
that Class 7 claimants may have against the Archdiocese or
Reorganized Debtor. Class 7 Claims will not be released against the
Archdiocese or Reorganized Debtor until such Class 7 Tort Claims
are settled with the Archdiocese or Reorganized Debtor and its
insurers, or until such Class 7 Tort Claims are fully adjudicated
and determined and subject to Final Order. The Non-Settling
Insurers remain fully liable for their obligations related in any
way to the Class 7 Claims.

Ordinary course post-Effective Date operations of the Archdiocese
shall continue to be paid by the Reorganized Debtor. On or before
the Effective Date, the Archdiocese or Reorganized Debtor will pay
all applicable deductibles and/or retentions under Insurance
Policies implicated by Tort Claims to the extent required to enable
and avoid compromising coverage under such Insurance Policies.

The Committee expects the Debtor to have in excess of $45 million
in cash assets as of the Effective Date. The Debtor and other
parties contend that certain items of cash noted in the Committee's
Disclosure Statement are not property of the estate. If these
parties prevail on this contention, then the total amount the
Debtor is required to contribute to the Trust will be reduced
accordingly.  The Debtor is required to contribute a minimum of $10
million into the Plan Implementation Account via wire transfer on
the Effective Date. The remaining liquidation value of all the
Debtor's assets will be contributed to the Trust after the
Effective Date.

A full-text copy of the Amended Disclosure Statement is available
at:

          http://bankrupt.com/misc/mnb15-30125-891.pdf

Attorneys for the UCC:

     Robert T. Kugler, Esq.
     Edwin H. Caldie, Esq.
     Phillip J. Ashfield, Esq.
     Brittany M. Michael, Esq.
     STINSON LEONARD STREET LLP
     150 South Fifth Street, Suite 2300
     Minneapolis, MN 55402
     robert.kugler@stinson.com
     ed.caldie@stinson.com
     phillip.ashfield@stinson.com
     brittany.michael@stinson.com
     Telephone: 612-335-1500
     Facsimile: 612-335-1657

 About the Archdiocese of Saint Paul and Minneapolis

The Archdiocese of Saint Paul and Minneapolis was originally
established by the Vatican in 1850 and serves a geographical area
consisting of 12 greater Twin Cities metro-area counties in
Minnesota, including Ramsey, Hennepin, Anoka, Carver, Chicago,
Dakota, Goodhue, Le Sueur, Rice, Scott, Washington, and Wright
counties. There are 187 parishes and approximately 825,000
Catholic individuals in the region. These individuals and parishes
are served by 3999 priests and 173 deacons.

The Archdiocese of St. Paul and Minneapolis filed for Chapter 11
protection (Bankr. D. Minn. Case No. 15-30125) in Minnesota on
Jan.
16, 2015, saying it has large and growing liabilities related to
child sexual abuse and that its pension obligations are
underfunded.

The Debtor disclosed $45,203,010 in assets and $15,890,460 in
liabilities as of the Chapter 11 filing.

The Debtor has tapped Briggs and Morgan, P.A., as Chapter 11
counsel; BGA Management LLC dba Alliance Management as financial
advisor; Lindquist & Vennum LLP as attorney.

The U.S. Trustee appointed five creditors to serve on the
Committee
of Parish Creditors. Ginny Dwyer was appointed as the acting
chairperson of the committee until such time as the members can
meet and officially elect their own person.

Eleven other dioceses have commenced Chapter 11 bankruptcy cases
in
the United States to settle claims from current and former
parishioners who say they were sexually molested by priests.


ARCHITEL SYSTEMS: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Petitioner: Ernst & Young Inc., As Monitor and Foreign
                       Representative of the Canadian Nortel Group

Chapter 15 Debtors:

    Architel Systems Corporation          16-12833
    5945 Airport Road, Suite 152
    Mississauga, Canada

    Nortel Communications Inc.            16-12834

    Northern Telecom Canada Limited       16-12835
  
Chapter 15 Petition Date: December 21, 2016

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

Judge: Hon. Kevin Gross

Chapter 15 Petitioner's Counsel: Mary Caloway, Esq.
                                 Kathleen A. Murphy, Esq.
                                 BUCHANAN INGERSOLL & ROONEY PC
                                 919 North Market Street,
                                 Suite 1500
                                 Wilmington, DE 19801-1228
                                 Tel: 302-552-4209
                                 Fax: 302-552-4295
                                 E-mail: mary.caloway@bipc.com
                                         kathleen.murphy@bipc.com

                                       - and -

                                 Ken Coleman, Esq.
                                 Jonathan Cho, Esq.
                                 ALLEN & OVERY LLP
                                 1221 Avenue of the Americas
                                 New York, New York 10020
                                 Tel: (212) 610-6300
                                 Fax: (212) 610-6399
                                 E-mail:
ken.coleman@allenovery.com
                                        
jonathan.cho@allenovery.com

Estimated Assets: Not Indicated

Estimated Debts: Not Indicated

The cases of Architel, et al., are related to the existing Chapter
15 cases that are jointly administered and pending before the
Honorable Kevin Gross (In re Nortel Networks Corporation, et. al.,
Case No. 09-10164 (KG)).  These cases have been filed in support of
insolvency proceedings pending before the Ontario Superior Court of
Justice, (Commercial List).  The Debtors seek joint administration
of these cases with all other cases administered under Case No.
09-10164 (KG).



ARGENTO LLC: Unsecureds To Get Full Payment in 20 Installments
--------------------------------------------------------------
Argento, LLC, filed with the U.S. Bankruptcy Court for the District
of Arizona a second amended disclosure statement in support of its
plan of reorganization, a full-text copy of which is available at:

       http://bankrupt.com/misc/azb2-16-01736-73.pdf

Class 6 consists of the Claim of Bellas Artes arising from the
judgment entered by the Maricopa County Superior Court in Case No.
CV2013-070402. The amount of the pre-petition judgment is
$1,456,880. Such claim may also include additional amounts for fees
incurred by Bellas Artes in connection with the appeal and
collection activities.

Class 7 consists of all remaining Unsecured Claims. The Debtor
estimates that total claims in this class are $77,310. The holders
of Allowed Class 7 Claims will receive full payment of their claims
within 20 quarters following the Effective Date. Payments of $3,865
shall be made in 20 quarterly payments commencing on the last day
of the quarter in which the Effective Date falls.

Papagnos Marble and Granite, Inc., holds a general unsecured claim
of approximately $500,000 arising from loans made during periods
when the Debtor had insufficient cash flow. Payments to Papagnos
Marble and Granite, Inc. shall be made after all other Class 7
claims are paid in full. Class 7 is impaired under the Plan.

The Debtor is proposing to repay all Unsecured Creditor Claims
within 24 months of the Effective Date and will continue to service
remaining Secured Creditor Claims and the Bellas Artes claim based
on the terms set forth in this Disclosure Statement and the
accompanying Plan. The Plan will be funded by the Debtor’s
post-petition net income and excess cash held by the Debtor on the
Effective Date (which amount is estimated to be at least
$300,000).

                       About Argento

Argento, LLC, is an Arizona limited liability company formed in
2006 for the purpose of acquiring and operating a commercial
building located at 15770 N. Greenway-Hayden Loop, Scottsdale,
Arizona 85260.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. D.
Ariz. Case No. 16-01736) on Feb. 25, 2016.  The petition was
signed
by Maria Papagno, member.

The Debtor is represented by Blake D. Gunn, Esq., at the Law
Office
of Blake D. Gunn.  The case is assigned to Judge Madeleine C.
Wanslee.

The Debtor disclosed total assets of $3.5 million and total debts
of $3.13 million.


ARITEL INC: To Surrender Property To Pay PRAPI
----------------------------------------------
Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a third amended consolidated disclosure
statement explaining their plans, which are substantially
liquidating plans, dated Dec. 16, 2016, a full-text copy of which
is available for free at
http://bankrupt.com/misc/prb14-03727-11-377.pdf

Class 4 unsecured claimants under Aritel/Cheneliz will be paid 5%
of the allowed amount of each claim upon the liquidation of other
assets including receivables and the sale of equipment from the
hotel, and recovery of receivables without interest, pro-rata in
quarterly basis commencing 90 days after the payment in full of
Class 3 claims. The aggregate payments under this class are
estimated at $33,264.

Class 4 unsecured claimants under FC Development will be paid 5% of
the allowed amount of each claim within 90 days after the effective
date of the Plan. The aggregate payment under this class are
estimated at $354.

The Aritel/Cheneliz Plan will be funded by (i) cash on hand at the
Effective Date; (ii) capital contributions by related parties
electing payment by stock; (iii) surrender of real property in full
payment to creditor PRAPI for which there is a Lift of Stay and the
creditor is processing foreclosure in local Court; (iv) surrender
of real property collateral for the benefit of the secured
creditor; (v) collection of rent and other receivable; and (vi)
sale of equipment and vehicles.

The F.C. Development Plan will be funded by (i) cash on hand at the
Effective Date; (ii) surrender of real property in full payment to
creditor PRAPI for which there is a Lift of Stay and the creditor
is processing foreclosure in local Court; and (iii) post-petition
Capital distribution of CAVA for services provided to CPG Servicing
and not paid on account of a corporate guaranty provided by CAVA to
F.C. Development.

Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., sought protection under Chapter 11 of the
Bankruptcy Code on May 6, 2014.  The cases are jointly
administered under Case No. 14-03727 (Bankr. D.P.R.).
Aritel/Cheneliz's assets as of May 6, 2014, totaled $3,781,403,
while FC Development's assets of as May 6, 2014, totaled
$1,095,258.

The petition was signed by Franco Caban Valentin, president.  A
list of Aritel's 20 largest unsecured creditors is available for
free at http://bankrupt.com/misc/prb14-03727.pdf


ASTORIA FINANCIAL: Moody's Confirms Ba2 Preferred Stock Rating
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings of Astoria
Financial Corporation and its lead bank subsidiary, Astoria Bank
(collectively Astoria). The ratings of Astoria Financial
Corporation that were confirmed include its senior unsecured and
issuer ratings of Baa3 and its non-cumulative preferred stock
rating of Ba2(hyb). The ratings and assessments of Astoria Bank
that were confirmed include its long- and short-term bank deposit
ratings of A3 and Prime-2, respectively, its issuer rating of Baa3,
its standalone baseline credit assessment (BCA) and adjusted BCA of
baa2, and its long-term Counterparty Risk (CR) Assessment of
Baa1(cr). Astoria Bank's Prime-2(cr) short-term CR Assessment was
affirmed. Following actions, Astoria's rating outlook is negative.

Moody's said actions follow Astoria's announcement on 20 December
2016 that it and New York Community Bancorp, Inc. (NYCB, issuer
Baa2) had mutually agreed to terminate their merger agreement as of
1 January 2017. The actions end the review for upgrade on Astoria's
ratings and assessments initiated on 29 October 2015 following the
announcement by NYCB that it had agreed to acquire Astoria.

RATINGS RATIONALE

Astoria's rating confirmation was prompted by the termination of
the merger agreement with NYCB. Consequently, the review for
upgrade is no longer warranted, said Moody's.

Moody's confirmed Astoria's baa2 standalone BCA because of the
bank's strong capitalization and sound asset risk, which offset its
inferior profitability and liquidity ratios relative to similarly
rated peers.

Regarding capitalization, Astoria's capital ratios have continued
to improve since the 2008-09 financial crisis and are superior to
those of similarly rated peers, reflecting the bank's conservative
payout ratio and balance sheet contraction. The company disclosed a
common equity tier 1 risk-based capital ratio of 17.58% at 30
September 2016, which is high on an absolute basis. Regarding asset
risk, Astoria's comparatively low credit costs during and since the
financial crisis reflect the bank's conservative underwriting and
risk management practices, which Moody's expects to remain in
place.

Astoria's inferior profitability relative to peers is a consequence
of protracted low interest rates and a shrinking balance sheet, the
latter driven by a decline in Astoria's residential mortgage
portfolio -- primarily jumbo (non-conforming) hybrid
adjustable-rate mortgages (ARMs) -- its primary business
historically. Moody's expect this portfolio to decline further as a
meaningful increase in interest rates is unlikely, continuing to
making the bank's jumbo hybrid ARMs less attractive than 30-year
fixed rate mortgages. Regarding liquidity, Astoria's core
deposits/average gross loans ratio remains one of the lowest among
peers, despite a gradually-improving deposit mix driven by CD
run-off and new business banking deposits.

Despite Astoria's sound balance sheet profile, Moody's has assigned
a negative rating outlook to Astoria to reflect the bank's ongoing
strategic challenges. These challenges include management's ability
to refocus the bank on being an independent company, execution risk
in the ongoing expansion of the bank's commercial banking segments
in a highly competitive market (especially New York City
multifamily lending), and improving profitability and/or increasing
leverage in order to boost its currently low return on equity.

FACTORS THAT COULD LEAD TO AN UPGRADE

Astoria's outlook could return to stable or positive rating
pressure could emerge if profitability and liquidity metrics
improve, if the residential mortgage portfolio stabilizes, and if
asset quality and capital metrics remain stable.

FACTORS THAT COULD LEAD TO A DOWNGRADE

To the extent that Astoria's strategic challenges persist, its
comparative credit standing may weaken, which would add to the
pressure on its ratings. Downward pressure could also emerge if the
bank's profitability or liquidity metrics weaken further.

The principal methodology used in these ratings was Banks published
in January 2016.

Astoria Financial Corporation, a bank holding company headquartered
in Lake Success, New York, reported $14.8 billion in total assets
as of 30 September 2016.

The following ratings/assessments were confirmed:

Issuer: Astoria Financial Corporation

-  Senior Unsecured Debt, at Baa3, negative

-  Issuer Rating, at Baa3, negative

-  Preferred Stock Non-cumulative, at Ba2 (hyb)

-  Outlook, Changed To Negative From Rating Under Review

Issuer: Astoria Bank

-  Long-term Deposits, at A3, negative

-  Short-term Deposits, at P-2

-  Issuer Rating, at Baa3, negative

-  Baseline Credit Assessment, at baa2

-  Adjusted Baseline Credit Assessment, at baa2

-  Long-term Counterparty Risk Assessment, at Baa1(cr)

-  Outlook, Changed To Negative From Rating Under Review

The following assessment was affirmed:

Issuer: Astoria Bank

-  Short-term Counterparty Risk Assessment, P-2(cr)


BASIC FOOD: Noah Bank Says Exit Plan 'Unconfirmable'
----------------------------------------------------
Noah Bank has criticized the plan proposed by Basic Food Group,
LLC, to exit Chapter 11 protection, saying it cannot be confirmed.

In a filing with the U.S. Bankruptcy Court for the Southern
District of New York, the bank said the restructuring plan cannot
be confirmed because it mischaracterizes certain classes of
creditors as "not impaired" when they are impaired.

Noah Bank also complained that it will not get anything on account
of its claims against the company under the proposed plan.

Basic Food Group's schedules list the bank's Class 1 secured claim
as $299,132, which the plan proposes to reduce to $143,132.
Meanwhile, the company's schedules list the bank's Class 3
unsecured claim as $900,868.  

Noah Bank is represented by:

     Robert J. Basil, Esq.
     The Basil Law Group, P.C.
     1270 Broadway, Suite 305
     New York NY 10001
     Phone: (917) 512-3066
     Email: robertjbasil@rjbasil.com

           About Basic Food

Basic Food Group, LLC, dba Zeytinz, is a deli/cafe headquartered in
New York, New York.

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
S.D.N.Y. Case No. 15-10892) on April 10, 2015, listing $3.29
million in total assets and $1.5 million in total liabilities.  The
petition was signed by Jaeho Lee, president.

Judge James L. Garrity Jr. presides over the case.

Rosemarie E. Matera, Esq., at Kurtzman Matera, PC, serves as the
Debtor's bankruptcy counsel.


BERTELLI REALTY: Case Summary & 8 Unsecured Creditors
-----------------------------------------------------
Debtor: Bertelli Realty Group, Inc.
        160 Chapin Road
        Hampden, MA 01036

Case No.: 16-31081

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: December 21, 2016

Court: United States Bankruptcy Court
       District of Massachusetts (Springfield)

Debtor's Counsel: Louis S. Robin, Esq.
                  LAW OFFICES OF LOUIS S. ROBIN
                  1200 Converse Street
                  Longmeadow, MA 01106
                  Tel: (413) 567-3131
                  E-mail: louis.robin.bankruptcyECF@gmail.com
                          louis.robin@prodigy.net

Total Assets: $1.80 million

Total Liabilities: $585,088

The petition was signed by Brent J. Bertelli, president.

A copy of the Debtor's list of eight unsecured creditors is
available for free at http://bankrupt.com/misc/mab16-31081.pdf


BROADCOM LTD: S&P Affirms 'BB+' Rating on Unsecured Notes
---------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for Broadcom Ltd. that were labeled as "under
criteria observation" (UCO) after publishing its revised recovery
ratings criteria on Dec. 7, 2016.  With S&P's criteria review
complete, it is removing the UCO designation from these ratings. As
a result, S&P is lowering its ratings on Broadcom's first-lien debt
to 'BBB-' from 'BBB' and affirmed S&P's 'BB+' issue ratings on the
unsecured notes.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

Downgraded; Recovery Rating Unchanged
                                      To        From
BC Luxembourg S.ar.l.
Avago Technologies Cayman Finance Ltd.
Senior Secured                       BBB-      BBB
  Recovery Rating                     1         1

Affirmed; Recovery Rating Unchanged
Broadcom Corp.
Senior Unsecured                     BB+
  Recovery Rating                     3H  



C&J ENERGY: Court Confirms 2nd Amended Plan of Reorganization
-------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court approved
C&J Energy Services' Second Amended Joint Plan of Reorganization
(with technical modifications).  As previously reported, "The
Debtors have reached a comprehensive settlement with the Committee.
The material terms of the settlement are as follows: the Debtors
will increase the aggregate Cash consideration paid to holders of
Unsecured Claims to $33 million, which amount will be split between
the Convenience Class Recovery Pool (in an amount not to exceed
$2.5 million) and the Unsecured Creditor Cash Pool (in an amount
not less than $30.5 million); the Debtors will divide the New
Warrants into the Unsecured Creditor New Warrants (exercisable into
up to 4% of the New Common Stock), which will be included in the
Unsecured Creditor Recovery Pool, and the Interest Holder New
Warrants (exercisable into up to 2% of the New Common Stock), which
will be distributed, as applicable, to holders of Interests in C&J
Energy; on the Effective Date, the Debtors and the Committee will
enter into the Unsecured Creditor Agreement, which will govern
certain aspects of the post-Effective Date reconciliation,
objection, settlement, and distribution of General Unsecured Claims
and which contemplates appointment of an Unsecured Claims
Representative (that will be granted certain consultation rights
and standing to object to certain Claims), all as described more
fully in Article VI.F of the Plan; the Committee will agree to (a)
support and take actions necessary to obtain Bankruptcy Court
approval of the Plan and Disclosure Statement, (b) not object to
the Debtors' senior executive incentive plan, as modified by the
Debtors and the Required Supporting Creditors, and (c) abate all
discovery requests and suspend all discovery efforts with respect
to the Debtors, the holders of Lender Claims, and their respective
representatives; and  the Debtors, the Committee, and the
Supporting Creditors will agree to toll the Challenge Period
indefinitely, subject to certain limitations...  The compromises
and settlements to be implemented pursuant to the Plan preserve
value by enabling the Debtors to avoid costly and time-consuming
litigation with the Committee that could delay the Debtors'
emergence from chapter 11."

                       About C&J Energy

C&J Energy Services -- http://www.cjenergy.com/-- is a provider of
well construction, well completions, well support and other
complementary oilfield services to oil and gas exploration and
production companies.  As one of the largest completion and
production services companies in North America, C&J offers a full,
vertically integrated suite of services involved in the entire life
cycle of the well, including directional drilling, cementing,
hydraulic fracturing, cased-hole wireline, coiled tubing, rig
services, fluids management services and other special well site
services.  C&J operates in most of the major oil and natural gas
producing regions of the continental United States and Western
Canada.

C&J Energy Services Ltd. and 14 of its subsidiaries each filed a
voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Tex. Lead Case No. 16-33590) on July 20, 2016.  The Debtors'
cases are pending before Judge David R. Jones.

The law firms Loeb & Loeb LLP, Kirkland & Ellis LLP serve as the
Debtors' counsel.  Fried, Frank, Harris, Shriver & Jacobson LLP
acts as special corporate and tax counsel to the Debtors.
Investment bank Evercore is the Debtors' financial advisor, and
AlixPartners is the Debtors' restructuring advisor.  Ernst & Young
Inc. is the proposed information officer for the Canadian
proceedings.  Donlin, Recano & Company, Inc., serves as the claims,
noticing and balloting agent.

U.S. Trustee Judy A. Robbins appointed five creditors to serve on
an Official Committee of Unsecured Creditors in the Chapter 11 case
of CJ Holding Co., et al.  The Committee hired Greenberg Traurig,
LLP, as counsel for the Committee, Conway MacKenzie, Inc., to serve
as its financial advisor, Carl Marks Advisory Group LLC as
investment banker.


CAESARS ENTERTAINMENT: Notifies of Covenant Breach
--------------------------------------------------
BankruptcyData.com reported that according to documents filed with
the SEC, Caesars Entertainment Corporation (CEC) announced that it
received notice from its creditors claiming to hold a majority of
the claims (the Majority Bank Creditors) under the first lien bank
debt incurred by Caesars Entertainment Operating Company (CEOC),
pursuant to third amended and restated credit agreement by and
among CEC, CEOC, lenders party thereto and Credit Suisse AG,
alleging breaches of certain covenants and obligations. The filing
explains, "In particular, the Notice alleges that the PropCo First
Lien Credit Agreement Documents (as defined in the Debtors' Third
Amended Joint Plan of Reorganization [the 'Plan']) are materially
inconsistent with the Bank RSA and unacceptable to the Majority
Bank Creditors and CEOC is in breach of certain covenants relating
thereto. The Notice states that pursuant to the Bank RSA, the
unacceptable terms of the PropCo First Lien Credit Agreement
Documents and existing covenant breaches, if not cured by 12:01
a.m. on December 24, 2016, shall give rise to 'Creditor Termination
Events' (as defined in the Bank RSA) that entitle the Majority Bank
Creditors to immediately terminate the Bank RSA." CEC notes that
the applicable parties are currently in discussions; however,
should the Bank RSA terminate, other creditors would also have the
right to terminate support of the Debtors' restructuring. CEC's
filing also states, "Further, as currently drafted, the Plan
requires Majority Bank Creditor support in order to become
effective."

                  About Caesars Entertainment

Caesars Entertainment Corp., formerly Harrah's Entertainment Inc.,
is one of the world's largest casino companies.  Caesars casino
resorts operate under the Caesars, Bally's, Flamingo, Grand
Casinos, Hilton and Paris brand names.  The Company has its
corporate headquarters in Las Vegas.  Harrah's announced its
re-branding to Caesar's in mid-November 2010.

In January 2015, Caesars Entertainment and subsidiary Caesars
Entertainment Operating Company, Inc., announced that holders of
more than 60% of claims in respect of CEOC's 11.25% senior secured
notes due 2017, CEOC's 8.5% senior secured notes due 2020 and
CEOC's 9% senior secured notes due 2020 have signed the Amended and
Restated Restructuring Support and Forbearance Agreement, dated as
of Dec. 31, 2014, among Caesars Entertainment, CEOC and the
Consenting Creditors.  As a result, The RSA became effective
pursuant to its terms as of Jan. 9, 2015.

Appaloosa Investment Limited, et al., owed $41 million on account
of 10% second lien notes in the company, filed an involuntary
Chapter 11 bankruptcy petition against CEOC (Bankr. D. Del. Case
No. 15-10047) on Jan. 12, 2015.  The bondholders are represented by
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor LLP.

CEOC and 172 other affiliates -- operators of 38 gaming and resort
properties in 14 U.S. states and 5 countries -- filed Chapter 11
bankruptcy petitions (Bank. N.D. Ill.  Lead Case No. 15-01145) on
Jan. 15, 2015.  CEOC disclosed total assets of $12.3 billion and
total debt of $19.8 billion as of Sept. 30, 2014.

Delaware Bankruptcy Judge Kevin Gross entered a ruling that the
bankruptcy proceedings will proceed in the U.S. Bankruptcy Court
for the Northern District of Illinois.

Kirkland & Ellis serves as the Debtors' counsel.  AlixPartners is
the Debtors' restructuring advisors.  Prime Clerk LLC acts as the
Debtors' notice and claims agent.  Judge Benjamin Goldgar presides
over the cases.

The U.S. Trustee has appointed seven noteholders to serve in the
Official Committee of Second Priority Noteholders and nine members
to serve in the Official Unsecured Creditors' Committee.

The U.S. Trustee appointed Richard S. Davis as Chapter 11
examiner.

                         *     *     *

The U.S. Bankruptcy Court for the Northern District of Illinois
approved the adequacy of the disclosure statement explaining the
second amended joint Chapter 11 plan of reorganization of Caesars
Entertainment Operating Company Inc. and it debtor-affiliates.

A hearing is set for Jan. 17, 2017, at 10:30 a.m. (prevailing
Central Time) in Courtroom No. 642 in the Everett McKinley Dirksen
United States Courthouse, 219 South Dearborn Street, Chicago,
Illinois, to confirm the Debtors' plan.


CASS PROPERTIES: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of CASS Properties, LLC, as of
Dec. 20, according to a court docket.

                   About CASS Properties, LLC

CASS Properties, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D.Ala. Case No. 16-04035) on Nov. 17, 2016.  Christopher
Kern, Esq., serves as bankruptcy counsel.

The Debtor's assets and liabilities are both below $1 million.


CASTILONE GROUP: Jan. 20 Disclosure Statement Hearing
-----------------------------------------------------
Judge Michael J. Kaplan of the U.S. Bankruptcy Court Western
District of New York will convene a hearing on Jan. 25, 2017 at
2:00 p.m. to consider approval of The Castilone Group, LLC's second
amended disclosure statement and accompanying plan of
reorganization, dated Dec. 14, 2016.

Jan. 20, 2017 is fixed as the last day for filing and serving
written objections to the disclosure statement.

Jan. 13, 2017 is fixed as the last day for filing proofs of claim
in the case.

                About Castilone Group

Headquartered in  Williamsville, NY, The Castilone Group, LLC
sought Chapter 11 protection (Bankr. W.D. N.Y. Case No. 16-10390)
on March 2, 2016 with estimated assets in the range of $500,000 to
$1 million and estimated liabilities of $1 million to $10 million.
The petition was signed by Leonard L. Castilone, managing member.


CEL-SCI: Receives Audit Opinion With Going Concern Explanation
--------------------------------------------------------------
CEL-SCI Corporation on Dec. 20, 2016, disclosed that it has
received net proceeds of $3,702,760 and expects to receive the
remaining $75,000 this week from its previously announced public
offering of common stock and warrants, after deducting estimated
placement agent discounts and commissions and estimated offering
expenses payable by the Company.

Pursuant to NYSE MKT Company Guide Section 610(b) disclosure
requirements, CEL-SCI disclosed that its audited financial
statements for the fiscal year ended Sept. 30, 2016 included in its
Form 10-K, filed with the Securities and Exchange Commission on
Dec. 14, 2016, contained an audit opinion from its independent
registered public accounting firm that included an explanatory
paragraph related to the Company's ability to continue as a going
concern.  This announcement does not represent any change or
amendment to the Company's financial statements or to its Annual
Report on Form 10-K for the year ended September 30, 2016.

                     About CEL-SCI Corporation

The Vienna, Virginia-based CEL-SCI Corporation (NYSE MKT: CVM) is
engaged in the research and development at developing the treatment
of cancer and other diseases by using the immune system.  The
Company is focused on activating the immune system to fight cancer
and infectious diseases.  It operates through the segment of
research and development of certain drugs and vaccines.  It is
focused on the development of Multikine (Leukocyte Interleukin,
Injection), an investigational immunotherapy under development for
treatment of certain head and neck cancers, and anal warts or
cervical dysplasia in human immunodeficiency virus and human
papillomavirus co-infected patients and Ligand Epitope Antigen
Presentation System (L.E.A.P.S.) technology, with over two
investigational therapies, LEAPS-H1N1-DC, a product candidate under
development for treatment of pandemic influenza in hospitalized
patients, and CEL-2000 and CEL-4000, vaccine product candidates
under development for
treatment of rheumatoid arthritis.


CENTRAL IOWA: UnityPoint Buying All Assets for $13 Million
----------------------------------------------------------
Central Iowa Healthcare ("CIH"), formerly doing business as
Marshalltown Medical Surgical Center, asks the U.S. Bankruptcy
Court for the Southern District of Iowa to authorize the bidding
procedures in connection with the sale of substantially all assets
to UnityPoint Health – Waterloo for $12,850,000, subject to
overbid.

CIH is a not-for-profit corporation formed under the laws of the
State of Iowa, and is tax exempt pursuant to section 501(c)(3) of
the Internal Revenue Code.  CIH is governed by a 14-member Board of
Trustees of which two members serve on an ex-officio basis.  

CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids.  CIH's 49-bed, acute
care facility is the only fullservice medical center in the area.
CIH provides inpatient, outpatient, emergency care, and medical
clinic services for the residents of Marshall, Tama, and Grundy
counties. These counties combined have a population of over 60,000
and are home to several large companies that are significant local
employers.  CIH is the sixth largest employer in Marshalltown.
According to U.S. Census 2015 data, Marshalltown’s population is
estimated at 27,620 and a median income of $50,396.

Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.

In Sept. 21, 2016, the CIH retained Alvarez & Marsal Healthcare
Industry Group, LLC to act as financial advisor and assist CIH in
certain financial, operational and reorganization efforts.

As of the Petition Date, CIH has received inquiries and an offer to
purchase substantially all of CIH's assets.  Good-faith and
arms-length negotiations have resulted in CIH executing an Asset
Purchase Agreement with the Purchaser, with Purchaser designated as
the stalking horse purchaser.

The salient terms of the APA are:

    a. Purchased Assets; Substantially all assets.

    b. Purchaser: UnityPoint Health – Waterloo

    c. Seller: CIH

    d. Purchase Price: $12,500,000

    e. Assumed Liabilities: Effective as of the close of business
on the Closing Date, the Buyer will assume the Seller's obligations
under each Assigned Contract.

    f. Closing: The closing will occur on a date not later than 5
days after the satisfaction or waiver of all conditions in Article
V of the APA.

    g. Break Up Fee: $250,000

The Purchaser and CIH have agreed that CIH will not be required to
assume and assign any executory contract or unexpired lease for
which CIH must pay a cure amount as a condition to assumption and
assignment. Nevertheless, a Prevailing Bidder other than Purchaser
may not be similarly encumbered.

Objections, if any, to the proposed assumption and assignment of
the Assumed and Assigned Contracts, including, but not limited to,
objections relating to the Cure Amount and/or adequate assurances
of future performance, must be filed by a particular time and date
to be established by the Court in the case.

The sole bid protections being provided to the Purchaser is a fee
and expense reimbursement of $250,000 to compensate and reimburse
the Purchaser for the time, trouble and expense it has invested in
the estate's marketing and sale process, in the event Purchaser is
not the winning bidder.  Due to the complexity of the sale and the
speed with which the case has proceeded, the Break Up Fee is
reasonable under the circumstances and falls well within market
terms for cost and expense reimbursement in similar cases. The
Debtor asks the Court to approve the Break Up Fee.

To facilitate the purchase and assist CIH with the uninterrupted
continuation of operations during the Bankruptcy Case, the
Purchaser is providing post-petition financing to CIH ("DIP
Financing Agreement").  CIH will continue its marketing efforts
during the Bankruptcy Case until the Auction concludes.

CIH intends to sell the Assets and believes that an orderly sale of
the Assets is the best way to maximize the value of the Assets for
the benefit of creditors and all parties in interest.  Accordingly,
Debtor asks that a hearing be held expeditiously for the Court to
enter Bid Procedures Order of the proposed Auction and Bid
Procedures.

The salient terms of the Bid Procedures are:

    a.  Good Faith Deposit: $1,000,000

    b. Minimum Bid: $12,850,000

    c. Auction: At the offices of counsel for the Debtor, Bradshaw,
Fowler, Proctor & Fairgrave, P.C., 801 Grand Avenue, Suite 3700,
Des Moines, Iowa.

    d. Minimum Overbid Increments: $250,000 in cash

    e. Purchaser May Credit Bid Outstanding Loan Obligations and
the Break Up Fee: The Purchaser will be permitted to bid at the
Auction, if any, and will be permitted to credit bid the full
amount of the Break Up Fee, and the amount of then-outstanding
Obligations pursuant to any Overbid in connection with each round
of bidding in the Auction.

    f. Terms: The sale of the Assets shall be on an "as is, where
is" basis without representations or warranties of any kind or
nature, and free and clear of all liens, claims, encumbrances and
interests.

    g. Expense Reimbursement: the Purchaser is entitled to the
Break Up Fee.

A copy of the APA and the Bid Procedures attached to the Motion is
available for free at:

            http://bankrupt.com/misc/Central_Iowa_25_Sales.pdf

CIH asks that the Court approve the Auction and Bid Procedures and
Sale Notice within 14 days of the Filing Date.

After approval by the Court of the Auction and Bid Procedures, and
the Sale Notice at the First Hearing, CIH will send such notice to
all potential purchasers of the Assets known to CIH, and if
Competing Bids are received, an Auction will be held.

CIH further asks that the Court, at a second hearing to be held
promptly after the Auction (and if no Auction is held, within 7
days after the Bid Deadline), enter a Sale Order approving the sale
of the Assets to Purchaser (or to such other party or parties that
make the highest or best bid(s) at the Auction), free and clear of
any and all liens, claims and encumbrances, and approving the
assumption and assignment of certain executory contracts and
unexpired leases to Purchaser (or to such other party or parties
that make the highest or best bid(s) at the Auction), in connection
with such sale.

In addition, CIH asks that the Court approve a post-petition
financing agreement with the winning bidder, if the winning bidder
is not Purchaser.  Pursuant to the Bid Procedures, alternative
bidders will be required to provide a replacement financing
arrangement to CIH as a condition to submitting a conforming bid,
because the Purchaser will be entitled to terminate the DIP
Financing Agreement and obtain payment in full on the balance owed
immediately upon the Court's entry of a sale order approving the
alternative bidder.

Time is of the essence in approving and closing the sale, and any
unnecessary delay in closing the sale could result in the collapse
of the sale.  Accordingly, the Court should waive the 14-day period
staying any order to sell or assign property of the estate imposed
by Bankruptcy Rules 6004(h) and 6006(d).

Proposed General Reorganization Counsel for the Debtor:

          Jeffrey D. Goetz, Esq.
          BRADSHAW FOWLER PROCTOR BRADSHAW FOWLER
          PROCTOR & FAIRGRAVE, P.C.
          801 Grand Avenue, Suite 3700
          Des Moines, IA 50309-8004
          Telephone: (515) 246-5817
          Facsimile: (515) 246-5808
          E-mail: goetz.jeffrey@bradshawlaw.com

                     - and -

          Aaron L. Hammer, Esq.
          Mark S. Melickian, Esq.
          Michael A. Brandess, Esq.
          SUGAR FELSENTHAL GRAIS & HAMMER LLP
          30 N. LaSalle St., Ste. 3000
          Chicago, IL 60602
          E-mail: ahammer@sfgh.com
                  mmelickian@sfgh.com
                  mbrandess@sfgh.com

                          About Central Iowa Healthcare

Central Iowa Healthcare, formerly doing business as Marshalltown
Medical Surgical Center, is a not-for-profit corporation formed
under the laws of the State of Iowa, and is tax exempt pursuant to
section 501(c)(3) of the Internal Revenue Code.  CIH is governed by
a 14-member Board of Trustees of which two members serve on an
ex-officio basis.  

CIH operates a community hospital in Marshalltown, Iowa, which is
located between Des Moines and Cedar Rapids.  CIH's 49-bed, acute
care facility is the only fullservice
medical center in the area. CIH provides inpatient, outpatient,
emergency care, and medical clinic services for the residents of
Marshall, Tama, and Grundy counties. These
counties combined have a population of over 60,000 and are home to
several large companies that are significant local employers.  CIH
is the sixth largest employer in Marshalltown.  According to U.S.
Census 2015 data, Marshalltown’s population is estimated at
27,620 and a median income of $50,396.

Declining revenues over the past several years have placed a
considerable financial strain on CIH and led to uncertainty about
the hospital's ability to continue as a going concern.

Central Iowa Healthcare sought Chapter 11 protection (Bankr. S.D.
Iowa Case No. Case No. 16-02438-1) on Dec. 20, 2016.


CERVANTES INC: Disclosure Statement Approved
--------------------------------------------
The Hon. Stacey L. Meisel of the U.S. Bankruptcy Court for the
District of New Jersey issued an order approving the disclosure
statement referring to a plan of organization filed by Cervantes
Inc.

The hearing on confirmation of Debtors' Plan is fixed for Feb. 14,
2017 at 2:30 P.M.

Feb. 7, 2017 is fixed as the last day for filing written
acceptances or rejections of the plan.

Feb. 7, 2017 is fixed as the last day for filing and serving
written objections to confirmation of the plan.

                      About Cervantes, Inc.

Cervantes, Inc., filed a Chapter 11 bankruptcy petition (Bankr.
D.N.J. Case No. 15-29040) on Oct. 8, 2015.  Hon. Stacey L.
Meisel presides over the case. Trenk, Dipasquale, Delia Fera &
Sodono, PC represents the Debtor as counsel.

In its petition, the Debtor estimated $0 to $50,000 in assets and
$1 million to $10 million in liabilities.  The petition was
signed
by Hector Alvarez, president.


CHC GROUP: Unsecureds To Get 11.6% of New Membership Interests
--------------------------------------------------------------
CHC Group Ltd. and affiliates filed with the U.S. Bankruptcy Court
for the Northern District of Texas a revised proposed disclosure
statement explaining their second amended joint chapter 11 plan of
reorganization.

In connection with the Plan, Reorganized CHC will issue up to $37.5
million of New Unsecured Notes,
with a seven-year maturity and an interest rate of 5.0% payable in
kind until the earlier of the maturity or conversion of all of the
New Second Lien Convertible Notes and thereafter payable in Cash.
The New Unsecured Notes, less the amount of the Convenience Claim
Distribution Amount, will be distributed to holders of General
Unsecured Claims.

Under the Second Amended Plan, all holders of Allowed General
Unsecured Claims will receive a share of (i) 11.6% of the New
Membership Interests, prior to dilution on account of the New
Second Lien Convertible Notes and the Management Incentive Plan
(which equates to 1.7% of the New Membership Interests, after
dilution on account of the New Second Lien Convertible Notes (as if
the New Second Lien Convertible Notes converted on the Effective
Date), but prior to dilution on account of the Management Incentive
Plan) and (ii) up to $37.5 million in New Unsecured Notes, less the
amount of the Convenience Claim Distribution Amount.

Under the First Amended Plan, Class 7 General Unsecured Claims are
impaired under the Plan.  Each holder of an allowed General
Unsecured Claim against the Debtors will receive, in full and final
satisfaction and discharge of the holder's rights with respect to
and under allowed general unsecured claim, and, in accordance with
the restructuring transactions: (i) on account of its allowed
primary general unsecured claim, its pro rata share of the primary
general unsecured claims distribution, plus (ii) on account of any
allowed secondary general unsecured claim against one or more
secondary recovery debtors, if applicable, its pro rata share of
the secondary general unsecured claims distribution allocated to
the applicable secondary recovery debtor against which it holds an
allowed secondary general unsecured claim.  For the avoidance of
doubt, if a holder of allowed general unsecured claims holds an
allowed secondary general unsecured claim against any debtor that
is not a secondary recovery debtor, the holder will not receive any
additional recoveries on account of the claims.  Holders of Class 7
Claims will recover 1.8% on account of allowed primary general
unsecured claims plus 0.1% to 1.2% on account of allowed secondary
general unsecured claims.

A full-text copy of the Second Amended Disclosure Statement is
available at:

          http://bankrupt.com/misc/txnb16-31854-11-1372.pdf

A full-text copy of the First Amended Disclosure Statement is
available at:

          http://bankrupt.com/misc/txnb16-31854-1286.pdf

                      About CHC Group Ltd.

Headquartered in Irving, Texas, CHC Group Ltd. (OTC PINK: HELIQ)
is
a global commercial helicopter services company primarily
servicing
the offshore oil and gas industry.  CHC 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 maintains a fleet of 230 medium and
heavy
helicopters, 67 of which are owned by it and the remainder are
leased from various third-party lessors.

CHC Group Ltd. and 42 of its wholly-owned subsidiaries each filed
a
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Tex. Case No. 16-31854) on May 5, 2016.  As of
Jan. 31, 2016, CHG 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.


CHEDDAR'S CASUAL: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service assigned ratings to Cheddar's Casual
Cafe, Inc.'s revised capital structure including a B1 to the
company's $265 million first lien bank facility and a Caa2 to its
$105 million second lien term loan. At the same time Moody's
affirmed the company's B3 Corporate Family Rating (CFR) and B3-PD
Probability of Default Rating. The B3 assigned to Cheddar's
previously announced senior secured bank facility was withdrawn as
the instruments were never issued. The rating outlook remains
stable.

Cheddar's now plans to raise a $265 million first lien bank
facility -- made up of a $35 million 5-year senior secured revolver
and $230 million 5-year senior secured term loan A -- and a $105
million senior secured second lien 6-year term loan. The proceeds
of the term loans will be used to acquire 44 Cheddar's restaurants
from its largest franchisee, refinance $116 million of existing
debt and pay fees and expenses. The changes to the new facility
include, among other things: 1) higher total interest due to the
introduction of second lien debt, and 2) the establishment of first
lien leverage, total net leverage and interest coverage financial
maintenance covenants -- the previous deal was covenant lite with
only a springing leverage covenant on the revolver.

"Cheddar's revised plan does not increase total leverage and
modestly decreases interest coverage," stated Peter Trombetta, an
AVP-Analyst at Moody's. "The transaction will bring 44 franchised
restaurants back under management's control which will help the
company maintain quality and consistency across those restaurants
-- an important aspect for restaurants in the casual dining
segment," added Trombetta.

The following rating actions were taken:

Assignments:

  -- Issuer: Cheddar's Casual Cafe, Inc.

$35 million senior secured first lien 5-year revolver, assigned at
B1 (LGD3)

$230 million senior secured first lien 5-year term loan A, assigned
at B1 (LGD3)

$105 million senior secured second lien 6-year term loan, assigned
at Caa2 (LGD5)

Affirmations:

  -- Issuer: Cheddar's Casual Cafe, Inc.

Corporate Family Rating, affirmed at B3

Probability of Default Rating, affirmed at B3-PD

Withdrawals:

  -- Issuer: Cheddar's Casual Cafe, Inc.

$35 million senior secured first lien 5-year revolver, withdrawn,
previously rated at B3 (LGD3)

$335 million senior secured first lien 7-year term loan B,
withdrawn, previously rated at B3 (LGD3)

Outlook Action:

  -- Issuer: Cheddar's Casual Cafe, Inc.

Outlook, maintained at Stable

RATINGS RATIONALE

The B3 Corporate Family Rating reflects Cheddar's small number of
stores (165 restaurants company owned and franchised) and
geographic concentration which exposes the company to greater risks
than a larger more geographically diverse restaurant company. The
rating also reflects the company's high leverage -- expected to be
about 5.6x at the end of 2017 -- given its small scale and modest
operating margins relative to rated peers. Improvement in the
company's metrics over the next 12 to 18 months is dependent upon
successful integration of the acquired restaurants, which carries
some risk. Positive rating considerations include the benefits of
the acquisition of the franchised restaurants, its differentiated
positioning as a casual dining chain with made from scratch food at
a reasonable price and stable private equity ownership -- the
company has been owned by two private equity firms since 2006.
Under this ownership structure, the company has made only one
dividend since 2006 -- about $50 million -- and Moody's expect this
level of prudent financial policy will continue.

The stable outlook reflects Moody's expectation that the company
will be able to successfully integrate the acquired restaurants and
continue to improve its margins enabling the company to achieve
debt/EBITDA and EBIT/interest expense of about 5.6x and 1.4x,
respectively by the end of 2017.

Cheddar's has good liquidity. Moody's expect the company will be
able to fund its debt service needs, maintenance and growth capex,
and mandatory amortization through internal cash sources over the
next 12 to 18 months. The company is not expected to utilize the
$35 million revolver. The company will be subject to first lien
leverage, total net leverage and interest coverage financial
maintenance covenants. Moody's expects the company will maintain
adequate cushion under the covenants. There are limited sources of
alternate liquidity as the company leases most of the land its
restaurants are located on.

The B1 rating on the first lien bank facility -- two notches above
the Corporate Family Rating -- reflects its priority above the $105
million second lien debt. The Caa2 rating on the second lien term
loan reflects its junior priority behind the $280 million first
lien debt ahead of it in the capital structure.

Ratings could be upgraded if debt/EBITDA were sustained below 5.5x
and EBIT/interest improved to above 2.0x. Any ratings upgrade would
also require the company maintain at least adequate liquidity.
Ratings could be downgraded if debt/EBITDA were to approach 6.5x or
if the company's liquidity deteriorated.

Cheddar's Casual Cafe, Inc., based in Irving, TX, owns, operates
and franchises Cheddar's restaurants. Pro forma for its announced
agreement to purchase 44 restaurants from its largest franchisee,
the company owns and operates 139 Cheddar's and franchises 25 more.
Cheddar's has been owned by two private equity firms since 2006.
The company generates pro forma annual revenue of approximately
$620 million.

The principal methodology used in these ratings was Restaurant
Industry published in September 2015.


CLAYTON WILLIAMS: Closes Sale of Giddings Area Assets for $400M
---------------------------------------------------------------
Clayton Williams Energy, Inc., has closed its previously announced
transaction to sell all of the Company's assets in the Giddings
Area in East Central Texas for $400 million, before closing
adjustments.  The Company expects to use the proceeds from the sale
to fund development in the Delaware Basin and to repay a portion of
its outstanding indebtedness.

                    About Clayton Williams

Midland, Texas-based Clayton Williams Energy, Inc. is an
independent oil and gas company engaged in the exploration for and
production of oil and natural gas primarily in Texas and New
Mexico.  On Dec. 31, 2015, the Company's estimated proved reserves
were 46,569 MBOE, of which 78% were proved developed.  The
Company's portfolio of oil and natural gas reserves is weighted in
favor of oil, with approximately 83% of its proved reserves at Dec.
31, 2015, consisting of oil and natural gas liquids and
approximately 17% consisting of natural gas.  During 2015, the
Company added proved reserves of 3,542 MBOE through extensions and
discoveries, had downward revisions of 26,158 MBOE and had sales of
minerals-in-place of 472 MBOE.  The Company also had average net
production of 15.8 MBOE per day in 2015, which implies a reserve
life of approximately 8.1 years.  

Clayton Williams reported a net loss of $98.2 million in 2015
following net income of $43.9 million in 2014.

As of Sept. 30, 2016, Clayton Williams had $1.43 billion in total
assets, $1.25 billion in total liabilities and $182.8 million in
stockholders' equity.

                          *     *     *

As reported by the TCR on Aug. 2, 2016, S&P Global Ratings affirmed
its 'CCC+' corporate credit rating on Clayton Williams Energy.  The
ratings reflect S&P's assessment that the company's debt leverage
is unsustainable, debt to EBITDA expected to average above 15x over
the next three years.  The ratings also reflect S&P's assessment of
liquidity as adequate.


CLEAR CHANNEL: Moody's Affirms B3 CFR; Changes Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service changed the outlook for Clear Channel
Worldwide Holdings, Inc. (CCW) to negative from stable. The
existing ratings, including the B3 corporate family rating (CFR),
B2 senior note, and Caa1 senior subordinate note were affirmed.

The change in outlook to negative from stable is due to the
increase in leverage to 8.7x as of Q3 2016 (pro-forma for the 2016
asset sales, but excluding Moody's standard lease adjustment) and
the continuing strength of the US$ which is expected to negatively
impact reported results in the near term. Leverage has increased
over one full turn since Moody's downgraded the ratings in December
2015 from 7.6x as of Q3 2015 (pro-forma for the CCI BV note). Also
reflected in the outlook is the potential for additional asset
sales that could lead to another dividend to shareholders or the
upstream of cash flow to iHeartCommunications, Inc. (iHeart)
through its corporate service agreement.

Summary of Rating Actions:

Issuer: Clear Channel Worldwide Holdings, Inc.

Corporate Family Rating affirmed at B3

Probability of Default Rating affirmed at B2-PD

Speculative Grade Liquidity Rating affirmed as SGL-3

$735.75 million Series A Gtd Senior notes due 2022 affirmed at B2
(LGD3)

$1,989.25 million Series B Gtd Senior notes due 2022 affirmed at
B2 (LGD3)

$275 million Series A Gtd Senior Subordinated notes due 2020
affirmed at Caa1 (LGD6)

$1,925 million Series B Gtd Senior Subordinated notes due 2020
affirmed at Caa1 (LGD6)

Outlook Stable changed to Negative from Stable

Issuer: Clear Channel International B.V.

$225 million Gtd Senior notes due 2020 affirmed at B2 (LGD3)

Outlook Stable changed to Negative from Stable

RATINGS RATIONALE

CCW's B3 CFR primarily reflects CCOH's very high leverage of 8.7x
as of Q3 2016 (pro-forma for 2016 asset sales, but excluding
Moody's standard lease adjustment) as well as the upstream or
dividend to equity holders of free cash flow to service iHeart's
significant debt levels. Given iHeart's reliance on CCOH's cash
flow to service a substantial portion of its debt, CCOH's credit
ratings are constrained by the weak credit conditions at the parent
company. The dependence by iHeart is partially offset by the
absence of guarantees between CCOH and iHeart, effectively
relieving CCOH of recourse against its assets by lenders to the
parent company and allows for an up-notching of CCW's CFR rating by
two notches to B3 from iHeart's Caa2. In time, additional asset
sales to support iHeart's capital structure could reduce CCOH's
EBITDA and increase leverage further. The company's debt is also
denominated in US dollars and is not hedged while a significant
part of its operations are denominated in foreign currencies. The
strength of the US$ compared to several international currencies
has negatively impacted its reported results which is expected to
continue in the near term. The rating is supported by the strength
of its high margin Americas division and from its diverse
international operations which cause CCOH to be one of the largest
outdoor advertising companies in the world. The rating also
receives support from the conversion of traditional billboards to
digital which Moody's expect will lead to higher revenue and EBITDA
margins over time. Compared to other traditional media outlets,
outdoor advertising is not likely to suffer from disintermediation
and benefits from restrictions on the supply of additional
billboards (particularly in the US) which helps support advertising
rates and high asset valuations.

CCOH's liquidity profile is expected to be adequate as indicated by
its Speculative Grade Liquidity Rating of SGL-3. The cash balance
was $394 million as of Q3 2016 and the company has a $75 million
revolving facility due 2018 ($54 million of letters of credit
issued, which reduces its availability). The sale of its Australian
joint venture stake in October 2016 led to additional cash proceeds
of $204 million. Interest coverage (excluding Moody's standard
adjustments and net of interest received from iHeart on its
revolving promissory note) is expected to be 2x pro-forma for 2016
asset sales.

Moody's anticipates that the company will generate free cash flow
after funding debt service and capital expenditures; however, CCOH
will likely continue to pay out dividends to equity holders or lend
excess cash flow to iHeart through the revolving promissory note.
The amount due CCOH from iHeart was $770 million as of Q3 2016
which is payable on demand and matures in December 2017 (although
the maturity date can be extended). Moody's expect the amount due
to generally remain below $1.15 billion (given current ownership
and shares outstanding) as balances at approximately that level
would likely lead to a demand for a paydown and a subsequent
dividend to all shareholders (iHeart would receive approximately
90% given their ownership position). The company benefits from the
absence of any material debt maturities until 2020.

The negative outlook reflects Moody's expectation that revenue and
EBITDA will be adversely impacted by foreign exchange rates in the
near term, although performance on a constant currency basis will
increase in the low single digits. The currency headwinds are
likely to prevent any material improvement in the company's very
high leverage level and additional asset sales to help service
iHeart's capital structure are possible which would increase
leverage further.

CCW's corporate family rating is not likely to experience upward
rating pressure due to negative outlook and the very high leverage
at the company and iHeart. The dividend or sweep of CCOH's residual
free cash flow to service the parent's debt and the potential for
additional asset sales will also limit credit improvement. However,
a reduction of iHeart's leverage to a more sustainable level would
reduce the likelihood of additional asset sales or debt at CCOH. If
that would occur and leverage declined to the 8x range, the outlook
could be changed to stable.

The rating would be downgraded if it increasingly appeared likely
that iHeart might default on its debt structure due to economic
weakness, poor operating performance, or secular pressure. A
deterioration of liquidity and interest coverage at CCOH that
increased the possibility of default at CCOH would also lead to a
downgrade as could additional asset sales or economic weakness that
increased leverage above current levels.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries published in May
2012.

Clear Channel Worldwide Holdings, Inc. (CCW) is an intermediate
holding company which houses the assets of the international
outdoor advertising operating segment of Clear Channel Outdoor
Holdings, Inc. ("CCOH"). Headquartered in San Antonio, Texas, CCOH
is a leading global outdoor advertising company that generates LTM
revenues of approximately $2.7 billion as of Q3 2016 and operates
in over 40 countries. iHeartCommunications, Inc. (iHeart) owns
about 90% of CCOH and controls 99% of the voting power.


CONCORDIA INTERNATIONAL: Pays EUR 72-Mil. Installment to Cinven
---------------------------------------------------------------
Concordia International Corp. announced it has paid the first
installment of its earn-out to Cinven relating to Concordia's
October 2015 acquisition of Amdipharm Mercury Limited. All
financial references below are in U.S. dollars unless otherwise
noted.

The EUR 72 million was paid with cash on hand generated by the
Company's cash flows.  Following such payment, the Company has a
cash balance of approximately $410 million.  The Company also has
up to an additional $200 million available under its undrawn
revolving credit facility, subject to compliance with certain debt
incurrence covenants if drawn upon.

The Company believes that it has access to sufficient liquidity to
meet all of its near term financial obligations, as it continues to
focus on developing a new long term strategic plan.

"A few weeks into my new role as CEO, and having met the majority
of our employees, key shareholders and debtholders, I am looking
forward to working with our senior management team and board of
directors to chart a path forward that will help us rebuild value
for all stakeholders," stated Mr. Oberman.  "This plan will focus
on management's key priorities for the Company, which include
operational excellence, portfolio expansion, financial management
and stakeholder outreach.  We are working to execute on each of
these priorities, and in furtherance of our focus on operational
excellence, we have recently implemented the termination of the
Company's phase 3 trial for Photodynamic Therapy with Photofrin and
the elimination of the Company's contract sales force in the first
phase of this plan.  We look forward to providing a progress update
during our regular year-end reporting, anticipated in March 2017."

         Termination of the Company's Phase 3 Trial for
              Photodynamic Therapy with Photofrin

The Company continues to market Photodynamic Therapy (PDT) with
Photofrin for its FDA-approved indications, which include
esophageal cancer, high-grade dysplasia in Barrett's esophagus and
non-small cell lung cancer.

However, after careful consideration, Concordia has decided to
terminate enrollment for its phase 3 trial, which is evaluating PDT
with Photofrin as a potential treatment for cholangiocarcinoma, a
rare form of cancer.  Patients currently enrolled in the phase 3
trial will continue through to completion.
  
The decision to end the trial does not diminish management's
confidence in PDT with Photofrin's potential as a commercial
product.  Rather, it is reflective of some of the challenges the
Company experienced enrolling the trial for a rare disease that
affects a relatively small patient population.  The Company intends
to redirect its resources to other potential PDT with Photofrin
opportunities.

                Elimination of Contract Sales Team

As part of the Company's ongoing evaluation of its business,
Concordia has decided to further reduce expenses by terminating its
current contract sales team that was promoting Donnatal. Donnatal
is a commercial therapy prescribed to treat irritable bowel
syndrome.

The Company believes it has allocated the appropriate amount of
time to assess the impact of its contract sales force on Donnatal
sales and concluded that the results were not in line with
expectations.

Management expects Donnatal to remain an important product for
Concordia and intends to evaluate new cost-effective opportunities
to market the product, including co-promotion arrangements.   

                      Nasdaq Biotech Index

In addition, the Company announced it will be removed from the
Nasdaq Biotech Index (NBI) effective prior to the market open on
Dec. 19, 2016.  On an annual basis, Nasdaq re-ranks the NBI based
on market capitalization parameters that Concordia currently does
not meet.

                         About Concordia

Concordia is a diverse, international specialty pharmaceutical
company focused on generic and legacy pharmaceutical products and
orphan drugs.  The Company has an international footprint with
sales in more than 100 countries, and has a diversified portfolio
of more than 200 established, off-patent molecules that make up
more than 1,300 SKUs.  Concordia also markets orphan drugs through
its Orphan Drugs Division, consisting of Photofrin for the
treatment of certain rare forms of cancer.

Concordia operates out of facilities in Oakville, Ontario and,
through its subsidiaries, operates out of facilities in Bridgetown,
Barbados; London, England and Mumbai, India.

As of Sept. 30, 2016, Concordia had US$4.22 billion in total
assets, US$3.92 billion in total liabilities and US$301.04 million
in total shareholders' equity.

                           *    *    *

As reported by the TCR on Nov. 17, 2016, Moody's Investors Service
downgraded the ratings of Concordia International Corp. including
the Corporate Family Rating to 'Caa1' from 'B3' and the Probability
of Default Rating to 'Caa1-PD' from 'B3-PD'.  "The downgrade
follows continued weakness in the business, an uncertain
competitive environment, and an unclear and challenging path
towards deleveraging," said Jessica Gladstone, Moody's senior vice
president.


CONDADO RESTAURANT: Disclosure Statement Hearing Set for Feb. 1
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico is set to
hold a hearing on Feb. 1, at 2:00 p.m., to consider approval of the
disclosure statement explaining the Chapter 11 plan of
reorganization of Condado Restaurant Group Inc. and Restaurant
Associates of Puerto Rico, Inc.

The hearing will take place at the Jose V. Toledo Federal Building
and U.S. Courthouse, Courtroom No. 1, Second Floor, 300 Recinto,
Sur, Old San Juan, Puerto Rico.  Objections must be filed not less
than 14 days prior to the hearing.

The restructuring plan proposes to pay general unsecured creditors
75% of their allowed claims.

                    About Condado Restaurant

Condado Restaurant Group, Inc. and Restaurant Associates of Puerto
Rico filed for Chapter 11 bankruptcy protection (Bankr. D. P.R.
Case Nos. 16-01329 and 16-01330) on February 24, 2016.  The
petitions were signed by Dayn Smith, president. The Debtors' cases
were consolidated on May 12, 2016 in lead Case No. 16-01329.

The Debtors are represented by Javier A. Vega Villalba, Esq., at
Weinstein Bacal & Miller, PSC. The Debtor hired Acosta & Ramirez as
financial consultant.

Condado Restaurant Group, Inc. estimated assets and liabilities at
between $1 million and $10 million. Restaurant Associates of Puerto
Rico, Inc. estimated assets at $100,000 to $500,000 and liabilities
at $1 million to $10 million.


CORNERSTONE TOWER: Files Supplemental Disclosure Statement
----------------------------------------------------------
Cornerstone Tower Service, Inc., filed with the U.S. Bankruptcy
Court for the District of Nebraska a supplemental disclosure
statement to its disclosure statement filed on Nov. 9, 2016.

Attached in the supplement are a detailed breakdown of the payments
made by Debtor in the 90 day preference period and a Liquidation
Analysis.

A full-text copy of the supplemental disclosure statement is
available at:

       http://bankrupt.com/misc/neb16-40787-167.pdf

Headquartered in Grand Island, Nebraska, Cornerstone Tower Service,
Inc., filed for Chapter 11 bankruptcy protection (Bankr. D. Neb.
Case No. 16-40787) on May 13, 2016, estimating its assets at
between $1 million and $10 million and liabilities at between $1
billion and $10 billion. The petition was signed by James Scheer,
president.

Judge Thomas L. Saladino presides over the case. 

John C. Hahn, Esq., at Jeffrey, Hahn, Hemmerling & Zimmerman
serves
as the Debtor's bankruptcy counsel.

On June 20, 2016, the U.S. Trustee for the District of Nebraska
appointed the Committee of Unsecured Creditors.  On Aug. 24,
2016,
the U.S. Trustee filed an Amended Committee appointment.  The
Committee currently consists of three members.  The Committee
hired
Koley Jessen, P.C., L.L.O., as its legal counsel.


CORRECT CARE: Moody's Lowers Corporate Family Rating to Caa2
------------------------------------------------------------
Moody's Investors Service downgraded Correct Care Solutions Group
Holdings, LLC's Corporate Family Rating by one notch, to Caa2 from
Caa1, its Probability of Default Rating to Caa2-PD from Caa1-PD,
and its senior secured first lien bank credit facility ratings to
Caa1 from B3. At the same time, Moody's affirmed the company's
senior secured second lien term loan rating of Caa3. The rating
outlook is negative.

The rating action reflects the company's continued operating
performance weakness, attributable to rising pharmacy costs, higher
offsite expenses and contract labor and recruiting costs. The
company is also incurring higher costs associated with upgrading
its accounting and financial staff in support of remediation
efforts to address material internal control weaknesses and
deficiencies. The downgrade also reflects Moody's concerns related
to the company's weak liquidity profile. Despite modestly positive
free cash flow during the first nine months of 2016, the company's
liquidity is constrained by minimal availability under its
revolving credit facility and minimal cushion under the company's
financial covenants, due to earnings volatility and approaching
step-downs. In the absence of material improvement in operating
performance, Moody's expects that a waiver or an amendment will be
required over the next twelve months. Additionally, Moody's has
concerns about the sustainability of the company's capital
structure given its significant debt load and related interest
burden.

Following is a summary of Moody's rating actions:

Correct Care Solutions Group Holdings, LLC:

Ratings downgraded:

Corporate Family Rating to Caa2 from Caa1

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

Senior secured first lien credit facilities, to Caa1 (LGD 3) from
B3 (LGD 3)

Ratings affirmed:

Senior secured second lien term loan, at Caa3 (LGD 5)

The rating outlook is negative.

RATINGS RATIONALE

CCS' Caa2 Corporate Family Rating reflects the company's very high
financial leverage, modest interest coverage, and business risks
associated with operating within the challenging correctional
healthcare segment. In addition, the ratings reflect operating
headwinds and margin compression due to rising pharmacy costs,
higher offsite expenses and contract labor and recruiting costs.
Further constraining the rating are liquidity concerns related to
the company's modest cash flow and weak cushion under the company's
credit facility financial maintenance covenants. Moody's expects
that while the company's earnings will modestly improve due to new
business wins and cost cutting initiatives, financial leverage will
likely remain very high and interest coverage will remain weak over
the next 12 to 18 months, creating a high degree of uncertainty
that the company can sustain its existing capital structure. The
ratings are supported by CCS's solid scale and market presence,
good diversity across customers and geographies, and strong market
position in the more attractive jails segment (as opposed to state
or federal prisons). Moody's expect the company to realize
significant cost savings over the next twelve months, as well as
earnings from recent contract wins. The business is characterized
by minimal bad debt expense and modest capital investment needs.

The negative rating outlook reflects Moody's expectation that
credit metrics will remain weak, and that the company will face
challenges in obtaining a waiver or an amendment over the next few
quarters if the company fails to remain in compliance with
financial covenants.

The ratings could be upgraded if the company exhibits growth in
EBITDA from new contract opportunities or repays debt such that
adjusted debt to EBITDA is sustained below 7 times, free cash flow
to debt is sustained above 3%, and liquidity materially improves.

The ratings could be downgraded if operating performance
deteriorates further, or if the company breaches a covenant and
cannot obtain a waiver. The ratings could also be downgraded if the
company experiences a loss of key contract resulting in further
erosion of credit metrics.

The principal methodology used in these ratings was "Business and
Consumer Service Industry" published in October 2016.

Based in Nashville, Tennessee, Correct Care Solutions Group
Holdings, LLC's is a leading provider of contract healthcare
services (including medical, dental, and behavioral health
services) to patients in correctional facilities owned or operated
by state and local governments, as well as private institutions.
CCS operates through its primary subsidiaries, Correct Care
Solutions, LLC and Jessamine Healthcare, Inc., the parent company
of Correctional Healthcare Companies, Inc.  The company is
privately-owned by affiliates of Audax Private Equity, Frazier
Healthcare, affiliates of GTCR, and management, and generates
annualized revenues of approximately $1 billion.


CUNNINGHAM LINDSEY: Moody's Confirms B3 CFR; Negative Outlook
-------------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating of Cunningham Lindsey U.S. Inc. (Cunningham Lindsey)
following the company's agreement to amend and extend its revolving
credit facility. The amendment provides relief under the net
leverage covenant and extends the maturity on $62.5 million of the
$100 million facility to January 2019 from December 2017. The
remaining portion of the facility will mature as originally
scheduled in December 2017.

The rating agency has also confirmed the ratings on Cunningham
Lindsey's credit facilities (see list below). This concludes a
review for downgrade initiated on 25 February 2016. Moody's has
assigned a negative rating outlook based on the company's negative,
albeit improving, free cash flow, its limited borrowing capacity
under the revolving credit facility, and its need to repay a
portion of the revolver in December 2017.

RATINGS RATIONALE

The rating confirmation reflects Cunningham Lindsey's strong market
presence in complex claims management, where it serves a broad
range of insurance carriers and self-insured entities across
multiple jurisdictions. The company has embarked on a business
transformation over the past couple of years in response to
declining revenues and EBITDA. Key steps include changes to the
senior management team, better diversification of the business
across insurance loss adjusting, claims management and other risk
management services, investments in a common and more efficient
operating model, and reductions in the overall cost structure.

Expenditures related to the transformation have led to negative
free cash flow for Cunningham Lindsey in 2015 and for the 12 months
through September 2016. However, revenues, EBITDA and cash flows
have started to recover in recent quarters, and Moody's expects
further improvement in the year ahead. The rating agency believes
the amended credit agreement gives the company leeway to complete
its transformation, generate liquidity and gradually reduce its
revolver borrowings (about $92 million currently outstanding),
including the partial repayment due in December 2017. The company
held cash and equivalents of $34 million as of 30 September 2016.

Moody's estimates that Cunningham Lindsey had a pro forma
debt-to-EBITDA ratio in the range of 7.5x-8x for the 12 months
through September 2016 after giving effect to standard accounting
adjustments plus other adjustments for costs that the rating agency
views as non-recurring. The company's (EBITDA - capex) interest
coverage on this basis was in the range of 1.2x-1.5x. Such leverage
is high for Cunningham Lindsey's rating category, but Moody's
expects it to decline over the next few quarters as the company
grows EBITDA.

Factors that could lead to a stable rating outlook for Cunningham
Lindsey include: (i) debt-to-EBITDA ratio below 7.5x, (ii) (EBITDA
- capex) coverage of interest consistently exceeding 1.2x, and
(iii) free-cash-flow-to-debt ratio exceeding 2%.

Factors that could lead to a rating downgrade include: (i)
debt-to-EBITDA ratio remaining above 7.5x for a sustained period,
(ii) (EBITDA - capex) coverage of interest below 1.2x, or (iii)
free-cash-flow-to-debt ratio remaining below 2%.

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

Corporate family rating at B3;

Probability of default rating at B3-PD;

$37.5 million (reduced from $100 million) first-lien revolving
credit facility maturing in December 2017 at B2 (LGD3);

$481 million first-lien term loan maturing in December 2019 at B2
(LGD3);

$86 million second-lien term loan maturing in June 2020 at Caa2
(LGD6).

Moody's has assigned the following rating to the extended portion
of the revolving credit facility:

$62.5 million first-lien revolving credit facility maturing in
January 2019 at B2 (LGD3).

The rating outlook for Cunningham Lindsey has been changed to
negative from rating under review.

The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in December 2015.

Based in Tampa, Florida, Cunningham Lindsey is a leading global
provider of insurance loss adjusting, claims management and other
risk management services to insurance and reinsurance companies,
insurance syndicates, self-insured corporations and government
agencies. The company operates through a global network of more
than 6,000 staff in over 60 global offices. The company generated
revenue of $707 million for the 12 months through September 2016.


CUZCO DEVELOPMENT: Plan Confirmation Hearing on Feb. 13
-------------------------------------------------------
Judge Robert J. Faris of the U.S. Bankruptcy Court for the District
of Hawaii approved Cuzco Development USA, LLC's first amended
disclosure statement for its chapter 11 plan of reorganization,
dated Dec. 5, 2016.

Under the plan, Class 5 consists of all holders of Allowed General
Unsecured Claims. The Debtor estimates that there is approximately
$456,000 in valid general unsecured claims, $400,000 of which
constitute amounts owed to Dong Woo Lee (which claim will be
treated in Class 6). Additionally, Debtor has scheduled
approximately $298,700 in tenant security deposits, which will not
be reimbursed until the tenant vacates which will be paid or
adjusted in the ordinary course of business.

The holder of an Allowed General Unsecured Claims shall receive on
account of its Allowed General Unsecured Claim in full and complete
satisfaction, discharge and release thereof: 100% of their Allowed
Claims with post-petition interest at 3% simple interest per annum
paid in full within 30 days after the Refinance deadline. Class 5
is impaired under the plan.

The Debtor believes that its cash flow will be more than adequate
to support payments under the plan even if the  Refinance is not
consummated.

A full-text copy of the Amended Disclosure Statement is available
at:

            http://bankrupt.com/misc/hib16-00636-323.pdf 

The Confirmation Hearing will be held on Feb. 13, 2017 at 9:30 a.m.
All direct testimony will be filed in the form of written
declarations in accordance with the schedule below. Prior to
commencement of the Confirmation Hearing, the following schedule
will apply:

   Jan. 17, 2017 - The Debtor will file its opening confirmation
brief, any expert reports together with all other written direct
testimony of intended witnesses.

   Jan. 31, 2017 - Deadline to file and serve opposing confirmation
briefs and to file any rebuttal expert reports together with all
other written direct testimony of intended witnesses.

   Feb. 6, 2017 - The Debtor will file and serve a reply brief.

                  About Cuzco Development 

Cuzco Development U.S.A., LLC sought protection under Chapter 11
of
the Bankruptcy Code (Bankr. D. Hawaii Case No. 16-00636) on June
20, 2016.

The petition was signed by Kay Nakano, responsible individual. The
case is assigned to Judge Robert J. Faris.

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


DAYA MEDICALS: Court Approves Amended Disclosure Statement
----------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida approved Daya Medicals, Inc.'s amended
disclosure statement in connection with its amended plan of
reorganization, dated Nov. 21, 2016.

The hearing on confirmation of the plan has been set for Jan. 25,
2017, at 2:00 p.m. at the U.S. Bankruptcy Court Courtroom B, 8th
Floor 1515 North Flagler Drive West Palm Beach, Florida 33401.

The last day for filing and serving objections to claims is Jan.
11, 2017.

The last day for filing written acceptances or rejections of the
plan is Jan. 18, 2017

The last day for filing and serving objections to confirmation of
the plan is Jan. 20, 2017.

                  About Daya Medicals

Daya Medicals, Inc. (Bankr. S.D. Fla. Case No.: 15-24931) filed a
Chapter 11 Petition on August 18, 2015, and is represented by
Michael D. Moccia, Esq., at Law Office of Michael D. Moccia, PA,
in
Boca Raton, Florida.

Since 1996, the Debtor has been in the business of research and
development of intellectual property related to biomedical
technologies and licensing, such as intellectual property to
licenses in exchange for royalty payments.

At the Petition Date, it had $1 million to $10 million in
estimated
assets and $1 million to $10 million in estimated liabilities. The
case is assigned to Judge Erik P. Kimball. The petition was signed
by Justin K. Daya, chief executive officer.


DEAN YOUNG: To Pay Secured Claims in 10-20 Years if Asset Not Sold
------------------------------------------------------------------
Dean Young Enterprises, LLC's secured creditors will be paid over a
period of 10 to 20 years in the event its real property does not
sell, according to a filing it made in U.S. Bankruptcy Court for
the District of South Carolina.

Should the property sell for less than necessary to pay the entire
secured claims of Wells Fargo, Certified Development Corp., and
Business Development Corp., Dean Young will allow creditors to
amend their claims 30 days following conclusion of the sale.  

The undersecured creditors will be paid an additional $100 per
month to be distributed pro rata on December 31st of each year for
three years, according to the addendum the company filed with the
bankruptcy court.

A copy of the addendum is available without charge at
http://bankrupt.com/misc/DeanYoung_1addendum.pdf

                  About Dean Young Enterprises

Dean Young Enterprises, LLC, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. D.S.C. Case No. 16-04214) on Aug. 19,
2016.  The petition was signed by Dean Young, vice president.  The
case is assigned to Judge David R. Duncan.  At the time of the
filing, the Debtor estimated its assets and debts at $1 million to
$10 million.

The Debtor is represented by Jane H. Downey, Esq., at Moore Taylor
Law Firm, P.A.  The Debtor hired Colliers International South
Carolina, Inc., as its real estate agent.

The Office of the U.S. Trustee disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Dean Young Enterprises, LLC.


DESERT SPRINGS: PSFG Buying Cathedral City Property for $4.3M
-------------------------------------------------------------
Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central
District of California will convene a hearing on Jan. 10, 2017 at
2:00 p.m. to consider Desert Springs Financial, LLC's sale of real
property located at 68051 Ramon Road, Cathedral City, California,
APN 680-190-034 ("Bowling") including lessor's rights and
obligations arising from the lease o the property and 57% interest
in the Parking Area parcel (APN 680-190-036) per CCRs of said
parcel, to Palm Springs Financial Group, LLC ("PSFG") or Assignee,
for $4,300,000, subject to overbid.

Any party wishing to respond to the Motion must file at least 14
days prior to the hearing.

The Bowling property is 25,000 sq. foot commercial building and 57%
interest in the adjoining parking lot.  The building is currently
being used and operated as a bowling alley known as Palm Springs
Lanes, operated by Ramon Palm Lane, Inc. ("RPL") under lease
effective Sept. 1, 2008 to Sept. 30,2023.  The purchase price
includes transfer of Lessor's rights and obligations arising from
the lease from the Seller to the Buyer upon close of escrow.

Subject to bid procedures proposed in Docket #303, the Seller is to
deliver free and clear title with title insurance in return for:

   a. Cash down payment from Proposed Purchaser, including deposit,
in the amount of $500,000;

   b. New Loan in the amount of $2,300,000; and

   c. Purchase Money Note from proposed Purchaser in the amount of
$1,500,000 secured by Purchase Money Deed of Trust to Seller.  The
proposed Purchaser has deposited $50,000 in escrow.  The balance of
the required funds for down payment of$450,000 cash and loan
proceeds of$2,300,000, are available and escrow is ready to close
upon court approval.

The terms of the Purchase Money Note require monthly interest only
payments to the Seller at 5% per annum from close of escrow with
the balance of principle and interest to be paid in full within 30
months of close of escrow.  The Purchase Money Note and Purchase
Money Deed of Trust are junior and subordinate only to the existing
notes and/or the New Loan.  Should the proposed Purchaser sell the
property within 30 months of close of escrow, it will pay the
Seller the amount of unpaid principle and interest on the Purchase
Money Note plus 25% of the net difference between the purchase
price set forth and the new sales price from the later sale or
$250,000, whichever is less.

Escrow for the sale and escrow for the sale of Towers are to close
concurrently and simultaneously on or prior to a closing deadline
to be approved by the court.

A copy of the Purchase Agreement attached to the Motion is
available for free at:

           http://bankrupt.com/misc/Desert_Springs_312_Sales.pdf

RPL, has a leasehold interest in this parcel based on a lease
effective Sept. 1, 2008, to Sept. 30, 2023, with an option for 10
years extension.  Monthly rent obligation is currently $49,790 per
month until Sept. 30, 20I7, after which time it increases 5% and
increases 5% each year thereafter.  Projected rental income from
Feb. 1, 2017, to Sept. 30,2023, is $4,665,550.  

The tenant is current with the monthly rental obligation through
January 2017.  The amount of approximately $9,175, representing the
balance of overpaid rent owed by DSF to RPL, will be paid out from
escrow funds.  The lessee's obligations under the lease are
personally guaranteed by Yun Hei Shin and Jin Yeol Lee.  Pending
court approval as requested in the motion, Debtor-in-Possession
will assume and assign the lease from the Debtor.  The sale of the
parcel includes the transfer of rights, obligations, and interests
of the parties to the lease, and any overbid would be subject to
same.

The existing liens (cross-collateralized) on Debtor's property
are:

   a. Pacific Premier Bank - 1st mortgage.  Estimated balance
$2,742,419 per its Notice of Default.

   b. J&K Drywall and Metal Stud Framing, Inc. - Judgment Lien.
$14,883 per Abstract of Judgment recorded Sept. 30, 2010.

   c. RPL - Judgment lien. Estimated balance $1,197,189 as of Jan.
10, 2017.

   d. Yun Hei Shin - Judgment lien. Estimated balance included in
RPL balance.

Funds from both sales will free and clear all liens, claims or
interests subject to the unexpired leasehold interests of 111 Smoke
Shop and RPL.

It is estimated that the net proceeds available to
Debtor-in-Possession from the sale of the property are more than
the value of the liens on these parcels in satisfaction of 11
U.S.C. Section 363(f)(3).  Lien and leasehold interest holders are
adequately protected in conformance with 15 U.S.C. Section 361 as
the funds from the sales will be used to make cash payments
indubitably equal to the lienholder interests and the tenants will
be entitled to continued possession under the terms of their
respective commercial leases per 11 USC Section 363(e).  The rights
and obligations of the Lessor arising from the lease will transfer
from the Seller to the Buyer at close of escrow.

The Debtor asks the Court to approve the assumption and assignment
by the Debtor-in-Possession of the Bowling property lease between
the Debtor and RPL.

The proposed sale of Bowling property is subject to higher and
better bids.  The minimum overbid for the Bowling property is
$4,400,000.  Qualified bids after the first overbid must be at
least $50,000 more than the previous qualified bid.  In the event
the court approves a qualified overbid on the Bowling property
other the proposed Purchaser's bid, proposed Purchaser is to
receive a breakup fee of $50,000.  Detailed proposed overbid
procedure is set forth in the Motion to establish bid procedures
Docket #303.

The proposed Purchaser and the Seller of the Bowling property are
represented by broker, Mike Radlovic.  A broker's commission of 4%
of the purchase price of the Bowling property is to be paid to
Coldwell Banker Commercial -SC; Broker, Mike Radlovic, from escrow.
Should an overbid on Bowling property be accepted and approved,
commission will be divided equally between the Seller's broker and
the Buyer's broker.  There are no known tax consequences to the
Debtor.

The Debtor asks the Court to approve the payment of the broker's
commission, closing costs, and real property taxes.

On July 20, 2016, the Debtor filed a motion for approval of sale of
the Towers property (Docket #79) which was denied without prejudice
on Aug. 24, 2017, (Docket #128).  A second motion was filed Oct. 3,
2016, but was not scheduled for hearing because the hearing date
was not selected in compliance with self-calendaring and no other
hearing date before Nov. 8, 2016, was approved. ((Docket
#197(motion), Docket #202 (Application), and Docket #211 (order)).
A third motion for the sale of Towers and refinance of Bowling
property (Docket #222) was heard and approved on Nov. 8, 2016.  The
sale and refinance were to be completed on or before Dec. 8, 2016,
however the refinance failed to materialize due to conditions of
the lender that the Debtor was unable to provide.  The approved
sale of Towers remains ready to close.

The Debtor asks the Court to extend the deadline to close escrow on
Towers to allow and order it to be concurrent with the closing of
the escrow of the Bowling property.

The Purchaser can be reached at:

          PALM SPRINGS FINANCIAL GROUP, LLC
          13547 Ventura Blvd, Suite 217
          Sherman Oaks, CA 91423
          Attn: Kevin Sarkisyan and Levon Akhsharumov

                      - and -

          PALM SPRINGS FINANCIAL GROUP, LLC
          1241 S. Glendale Ave., Suite 205B,
          Glendale, CA 91205
          Attn: Kevin Sarkisyan and Levon Akhsharumov

                About Desert Springs Financial

Desert Springs Financial LLC filed a chapter 11 petition (Bankr.
N.D. Cal. Case No. 16-14859) on May 30, 2016.  The single asset
real estate debtor is represented by Wayne M. Tucker, Esq., at
Orrock Popka Fortino Tucker & Dolen in Redlands, Calif.  At the
time of the filing, the Debtor disclosed $16.8 million in assets
and $7.33 million in liabilities.


DIAMONDBACK ENERGY: Moody's Rates $250MM Sr. Unsec. Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Diamondback
Energy, Inc.'s (Diamondback) proposed offering of $250 million
senior unsecured notes due 2025. Diamondback's other ratings and
stable outlook remained unchanged.

The note proceeds will be used to fund the $1.62 billion cash
portion of Diamondback's $2.43 billion Delaware Basin acquisition
of Brigham Resources Operating, LLC and Brigham Resources
Midstream, LLC (Brigham, unrated) that was announced on December
14, 2016. Diamondback concurrently launched a primary market equity
offering for 10.5 million shares and raised $1.02 billion of gross
proceeds on December 14 and could raise another $150 million if the
underwriters' option is exercised within the next 30 days.

"The Brigham acquisition is the second major transaction that
Diamondback has executed in the southern Delaware Basin in 2016,
which will substantially increase the company's drilling inventory,
accelerate growth, enhance diversification within the Permian Basin
and potentially improve margins and returns upon successful
development of these asset, commented Sajjad Alam, Moody's Senior
Analyst. "However, Diamondback will have to dedicate a substantial
amount of capital and add incremental midstream infrastructure over
the next few years in these largely undeveloped acreage to
establish production and reserves. Additionally the latest
acquisition is slightly leveraging. Consequently, Moody's views the
current Ba3 Corporate Family Rating (CFR) and stable outlook
appropriately reflects Diamondback's business prospects and credit
risks."

Assignments:

   Issuer: Diamondback Energy, Inc.

   -- Senior Unsecured Regular Bond/Debenture due 2025, Assigned
      B1 (LGD4)

RATINGS RATIONALE

The proposed notes are rated B1, one notch below the Ba3 Corporate
Family Rating (CFR) under Moody's Loss Given Default Methodology
given the significant size of the secured revolving credit
facility. The revolver has a first-lien claim to substantially all
of Diamondback's assets.

Diamondback's Ba3 CFR reflects its growing, low cost and
oil-weighted production platform in the Permian Basin; low
financial leverage supported by opportunistic equity issuances;
strong cash margins even in a $45/barrel oil price environment, and
significant alternative liquidity through its 83% ownership
interest in Viper Energy Partners LP (VEP, unrated), which had a
market capitalization of $1.4 billion as of December 14, 2016. The
rating is also supported by the company's excellent operating track
record since its IPO in October 2012, deep drilling inventory in
the prolific Midland Basin featuring stacked pay zones and
predictable geology, which has been further augmented by two large
acquisitions in the Delaware Basin, and its high degree of
operational control (~95%). The CFR is restrained by the limited
scale of Diamondback's upstream operations, its narrow geographic
focus and high level of capital spending that will likely produce
negative free cash flow despite a significantly scaled back
drilling program. Although Diamondback's production and reserves
are smaller than most Ba rated E&P companies today, the company's
high quality asset base, excellent growth prospects and low debt
level supports its Ba3 CFR.

Moody's expects Diamondback to have good liquidity through 2017,
which is reflected in the SGL-2 rating. Diamondback is issuing 7.69
million shares to Brigham's owners and fund the cash portion of the
purchase price with the aforementioned debt and equity offerings
eliminating financing risk. Diamondback had no outstanding
borrowings under its $500 million committed revolving credit
facility as of September 30, 2016, and we do not anticipate any
reduction to its $1 billion borrowing base for this transaction.

The stable outlook reflects Diamondback's low leverage and low
costs that should support significant growth through 2017. If
Diamondback increases production above 80,000 boe per day on a
sustained basis while maintaining the RCF/debt ratio above 40% and
the leveraged full-cycle ratio above 1.5x, the ratings could be
upgraded. The ratings could be downgraded if the company's capital
productivity were to significantly decline and/or its financial
leverage were to substantially increase. Moody's could downgrade
the CFR if the RCF/debt ratio falls below 25% or the debt to
average daily production ratio were to rise above $20,000 per boe
on a sustained basis.

The principal methodology used in this rating was Global
Independent Exploration and Production Industry published in
December 2011.

Diamondback Energy, Inc. is an exploration and production company
with primary focus in the Permian Basin in West Texas.


DIRECT MEDIA: Sale Motion Withdrawn
-----------------------------------
Judge Timothy A. Barnes of the U.S. Bankruptcy Court Northern
District of Illinois ordered that Direct Media Power, Inc.'s Motion
to Use Sell or Lease Property Sec. 363(b) -  Cash And Shorten
Notice is withdrawn without prejudice.  A hearing on the Motion was
held on Dec. 19, 2016.

                    About Direct Media Power

Established in 2010 and located Wood Dale, Illinois, Direct Media
Power, Inc., also known as DMP Teleservices, Inc., is a large
privately owned liquidator of unsold prime commercial radio
airtime
nationwide.

Direct Media Power sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 16-36934) on Nov. 21, 2016.  Judge Timothy A. Barnes is
assigned to the case.  The petition was signed by Dean Tucci,
president.

The Debtor estimated assets of $100,000 to $500,000 and $1 million
to $10 million in debt.

The Debtor tapped Adam S. Tracy, Esq., at The Tracy Firm, Ltd., as
counsel.


DOMINION STEEL: Unsecureds To Get 100% Over 60 Months
-----------------------------------------------------
Dominion Steel Specialists, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Texas a disclosure statement and
accompanying plan of reorganization, which proposes to pay in full
all Allowed Claims over the 60 months following the Effective Date
through a graduated payment plan for unsecured creditors.

Class 4, Unsecured Creditors, is impaired under the Plan. The
deadline for filing proofs of claim is Dec. 19, 2016.  These claims
will be paid 100% of the Allowed Claim as of the Effective Date.  

The Debtor intends to meet its obligations through minimum payments
of 10% of each Creditor's Allowed Claim during the first two years
following the Effective Date with the remaining 80% to be paid in
months 25-60 following the Effective Date until all claims are paid
in full.  The Debtor proposes a minimum payment of 15% of the
remaining balance of each creditor's Allowed Claim during the third
year following the Effective Date, a minimum payment of 40% of the
outstanding balance on each remaining creditor's Allowed Claim
during the fourth year following the Effective Date, and the
remaining balance being paid in full during the fifth year
following the Effective Date. To the extent the Debtor's net
profits exceed its current projections, the minimum payments in any
given year may be supplemented by additional payments until all
Allowed Claims are paid in full.

While the Debtor currently anticipates the repayment of its
unsecured debt through payment from profits, the Debtor continues
to investigate opportunities for the sale of equity to interested
third parties to generate revenue for payment to unsecured
creditors.  If the Debtor successfully negotiates a sale of its
equity, the Debtor anticipates the proposed payments to unsecured
creditors will be completed on an expedited basis.  The Debtor
estimates a return of 100% to general unsecured creditors.

A full-text copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/txsb16-34107-51.pdf

                  About Dominion Steel Specialists

Dominion Steel Specialists, Inc. filed a chapter 11 petition
(Bankr. S.D. Tex. Case no. 16-34107) on August 18, 2016.  The
petition was signed by Robert R. Comeaux, Jr., president.  The
case
is assigned to Judge David R. Jones.  The Debtor is represented by
Kimberly Anne Bartley, Esq., at Waldron & Schneider, L.L.P.  The
Debtor disclosed total assets at $3.39 million and total
liabilities at $3.09 million.

The Debtor employs William G. West, P.C., CPA as accountant.

U.S. Trustee Judy A. Robbins on Sept. 6 appointed three creditors
to serve on the official committee of unsecured creditors of
Dominion Steel Specialties, Inc.  The committee members are:
Dragon
Trading, Inc.; KOS America, Inc.; and US Rigging Supply.


DOWNSTREAM DEVELOPMENT: Moody's Affirms B3 Rating on Secured Notes
------------------------------------------------------------------
Moody's Investors Service confirmed Downstream Development
Authority's (DDA) B3 Corporate Family Rating and B3-PD Probability
of Default Rating. Both ratings were taken off of review for
upgrade where they were placed on December 5 following the
company's announcement of a planned refinancing of its 10.5% $285
million senior secured notes due 2019. The B3 rating on these
senior secured notes was affirmed. Moody's also withdrew the B2
rating on the company's proposed $250 million 2nd lien notes due
2022.

These rating actions follow DDA's announcement that it has
terminated the tender offer and consent solicitation for its 10.5%
senior secured notes due 2019, and as a result, will not be
pursuing a refinancing of these notes with the proposed $250
million 2nd lien notes due 2022 and new $75 million 1st lien term
loan due 2021.

"A rating upgrade is not likely until the company extends its debt
maturity profile and lowers its overall cost of debt as these
factors will significantly improve the company's ability to deal
with existing and new competition over the longer-term," stated
Keith Foley, a Senior Vice President at Moody's.

The following summarizes today's rating actions:

Ratings confirmed:

Corporate Family Rating, at B3

Probability of Default Ratings, at B3-PD

Ratings withdrawn:

$250 million 2nd lien notes due 2022 -- B2 (LGD 4)

Ratings affirmed:

10.5% $285 million senior secured notes 2019, at B3 (LGD 4)

Outlook Actions:

Outlook, Changed To Stable From Rating Under Review

RATINGS RATIONALE

DDA's B3 Corporate Family Rating reflects its small size in terms
of revenue and earnings, its property concentration risk in a
single market coupled with relatively high leverage. The rating
also reflects the competitive market in which it operates. There
are numerous existing Native American casinos in its primary market
area and the high likelihood of a new casino entering the market in
2017. Positive rating consideration is given to established
position in the northeast Oklahoma gaming market along with the
company's positive free cash flow profile.

The stable rating outlook reflects Downstream's positive free cash
flow and Moody's expectation that it will be able to absorb the new
gaming supply expected to be online within the next two years. An
upgrade would require that the company extend its debt maturity
profile, lower its overall cost of debt, and maintain leverage
below 5.0 times. DDA's ratings could be downgraded if the company's
debt/EBITDA rises above 6.0 times for any reason and/or the company
is not successful in extended its 2019 debt maturities by July of
2017.

DDA is a wholly owned unincorporated instrumentality of the Quapaw
Tribe of Oklahoma, a federally recognized Native American tribe
with approximately 4,900 enrolled members. Downstream owns and
operates the Downstream Casino Resort, a Native American casino
located at the point where the state borders for Kansas, Missouri
and Oklahoma meet -- its casino is in Oklahoma and part of its
parking lot is located in Kansas.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.


DTEK FINANCE: Seeks U.S. Recognition of U.K. Proceeding
-------------------------------------------------------
DTEK Finance plc filed a voluntary petition under Chapter 15 of the
Bankruptcy Code, seeking recognition in the United States of a
voluntary scheme of arrangement pending before the Chancery
Division (Companies Court) of the High Court of Justice of England
and Wales.

The Chapter 15 case was brought in the United States Bankruptcy
Court for the Southern District of New York by Johan Bastin, the
duly authorized foreign representative of the Debtor.

The Debtor is seeking recognition in the United States of the U.K.
proceeding to ensure "the enforceability and effectiveness of the
Scheme in the United States and to prevent any dissident creditors
from bypassing the effect of the Scheme by commencing litigation or
taking other actions in the United States to obtain a greater
recovery than other, similarly-situated creditors.

DTEK Finance is part of a group whose ultimate holding company is
DTEK Energy B.V.  The Debtor has never been, and is not currently,
an operating company.  The Debtor was incorporated to facilitate
capital raising on behalf of the Group.

The Group operates a privately-owned energy company in Ukraine.
Its businesses comprise three principal segments: (i) coal mining;
(ii) power and heat generation; and (iii) electricity and heat
distribution.  

As of Sept. 30, 2016, the Group's total principal debt amounted to
approximately US$2,168 million (excluding accrued interest),
comprised of (i) existing notes, (ii) bank facilities (including
the bilateral loans, the club loans, the PXF facility, and
mark-to-market swaps), and (iii) essential bank lines, Court papers
show.

Adam J. Goldberg, Esq., at Latham & Watkins LLP, one of the
Petitioner's counsel, disclosed in an affidavit filed with the
Court that the Group has been operating with severely constrained
and rapidly deteriorating liquidity during most of 2015.  He noted
that as a consequence of this constrained liquidity position, the
Group has failed to make certain interest and principal payments,
and the Group requires a full-scale restructuring of its capital
structure, including a restructuring of the Existing Notes.

According to Mr. Goldberg, the rapid deterioration of geopolitical,
social and economic conditions that occurred in Ukraine in 2014 and
continued, albeit at a slower rate, for most of 2015 and the first
part of 2016, has led to: (i) the disruption, suspension and/or
reduction of operations at some of the Group's production assets;
(ii) a decline in market conditions and energy consumption in
Ukraine; (iii) the virtual closing of commercial international
financial markets for Ukrainian borrowers and issuers; (iv) an
increase in accounts receivable from electricity and heat customers
for the supplied electricity and heat (the highest concentration of
delinquent accounts was located in the regions that are outside of
the control of Ukraine's government); and (v) insufficient level of
the average power tariffs set by NERC (the country's energy sector
regulator) for the thermal power generation in 2015 and the first
half of 2016, which fell short of the level needed to cover the
Group's operational costs including the costs of finance and
maintenance capital expenditure.

            Terms of Restructuring Under the Scheme

The Group and its advisors engaged in formal negotiations with an
ad hoc committee of Noteholders and its legal and financial
advisors starting in January 2016, regarding the terms of a
restructuring of the Existing Notes that would allow the Group's
business to continue as a going concern.  The Steering Committee
holds approximately thirty-three percent of the Existing Notes as
of the Petition Date.

After several months of intense effort, negotiation, and
deliberation with the Steering Committee, on Nov. 18, 2016, the
Group and the Steering Committee agreed to the terms of the
Restructuring.  In general terms, the Restructuring contemplates a
number of steps designed to facilitate an exchange of the Existing
Notes for newly-issued notes.

DTEK proposes to implement the Restructuring through the Scheme to
solve a significant part of the immediate and long-term debt
problems facing the Group for the benefit of all the Group's
stakeholders.  The Restructuring will only be implemented through
the Scheme if the Noteholders vote to approve the Scheme by the
requisite thresholds and sanctioned by the English Court.

If the Restructuring is implemented via the Scheme, each Noteholder
will receive its pro rata share of a single new series of notes in
the total aggregate principal amount of:

   (a) US$894,799,200, plus

   (b) all capitalized interest accrued or deferred and unpaid
       under the Standstill Scheme and interest accrued or
       deferred and unpaid between Oct. 28, 2016, and the date of
       the completion of the restructuring of the financial
       indebtedness of the Group with respect to the holders of
       the Existing Notes (excluding any default interest, fees,
       or charges or related interest, fees, or charges of similar
       effect), which amounts shall be rolled into the New Notes,
       plus

   (c) any amount of indebtedness the Bank Lenders elect to swap
       under their existing bank facilities up to a maximum
       aggregate amount of US$300 million in principal amount
      (plus any interest that has accrued or capitalized prior to
       the date of such exchange) into additional New Notes
       at par.

The key terms of the New Notes are as follows:

   (a) The New Notes will bear interest at the rate of 10.75% per
       annum with interest paid in cash quarterly and stepped-up
       in time, starting at 5.5% from the Restructuring Effective
       Date until Dec. 31, 2018, 6.5% in 2019, 7.5% in 2020, 8.5%
       in 2021, 9.5% in 2022 and 2023, and 10.75% in 2024.  The
       amount of interest equal to 10.75% minus the applicable
       cash payment interest rate for each year will be paid in
       kind and compounded on a quarterly basis.

   (b) The New Notes will mature on Dec. 31, 2024.

   (c) The outstanding principal amount of the New Notes will be
       due and payable in two instalments as follows: fifty
       percent on Dec. 29, 2023, and fifty percent on Dec. 31,
       2024.

   (d) The existing guarantees and sureties in respect of the
       Existing Notes will be cancelled and replaced by guarantees
       and sureties from the same Guarantors and Sureties to  
       secure the New Notes.

   (e) Guarantor DEBV will pledge as security for the New Notes
       its receivable arising from the intercompany loans from
       DEBV to DTEK Oil & Gas B.V. (subject to certain
       conditions).

   (f) The New Notes will be governed by New York law.

"Although the Group cannot, of course, guarantee (even if the
Restructuring is successfully completed) that its business will be
successful in the future, DTEK's management and the Board believe
that the implementation of the Restructuring is in the best
interests of the relevant stakeholders taken as a whole (including
the Noteholders), in part because the Debtor will be in a better
position to service its debt obligations," Mr. Goldberg
maintained.

The Debtor applied to the English Court on Nov. 28, 2016, for an
order directing it to convene a meeting.  On Dec. 2, 2016, the
English Court held the Scheme Directions Hearing and issued the
Convening Court Order.  The English Court found that it could
exercise jurisdiction based, in part, on the fact that the center
of the Debtor's main interests is situated in the United Kingdom,
based upon the Debtor's connections to the United Kingdom.  Among
other things, the Convening Court Order set the Scheme Meeting for
10:00 a.m. (London time) on Dec. 19, 2016,

It is anticipated that a hearing to consider sanctioning the
Scheme, if it obtains requisite approval from the Noteholders at
the Scheme Meeting, will occur on Dec. 21, 2016.  After that
hearing, the Debtor anticipates the English Court will enter an
order sanctioning the Scheme.


ELBIT IMAGING: Insightec's Exablate System Approved in Japan
------------------------------------------------------------
Elbit Imaging Ltd. announced that it was informed by INSIGHTEC Ltd.
that the Exablate system received CE Mark for treating
locally-confined prostate cancer with MR-guided Focused Ultrasound
(MRgFUS).

"One of six men will be diagnosed with prostate cancer during their
lifetime.  Many patients are diagnosed with locally confined
disease with low or intermediate risk for progression.  In these
cases, patients may choose between monitored waiting and an
intervention.  Currently available treatments including
prostatectomy, which surgically removes the entire prostate, and
radiation therapy, which demonstrates good cancer control, however
there might be impacts on potency and continence," the Company
stated in the press release.

The Exablate is based on INSIGHTEC's proprietary focused ultrasound
technology.  It uses focused ultrasound waves to precisely target
and ablate, or destroy, the targeted tissue in the prostate, while
avoiding adjacent structures and with no incisions.  The treatment
is done under Magnetic Resonance Imaging (MRI) guidance for high
resolution visualization of the patient's anatomy as well as
real-time temperature monitoring of the treatment area.  The
treatment requires a single session, allowing patients a quick
return to normal activity.

In addition, the Company was informed by INSIGHTEC that the
Japanese Ministry of Health, Labor and Welfare has approved its
Exablate Neuro system for the non-invasive treatment of essential
tremor in patients who do not respond to medication.  The approval
was given based on data collected in a global clinical trial
conducted in eight medical centers in North America and Asia.

"Essential tremor is the most common movement disorder, affecting
more than 3 million people in Japan, and millions more worldwide.
Hand tremor is the most common symptom, but tremors can also affect
the head, arms, voice, legs, and torso. The cause of this disease
is still unknown but it has a strong hereditary attribute. Patients
often have trouble performing everyday tasks such as eating,
dressing, writing, holding objects and even speaking."

Exablate Neuro uses focused ultrasound waves to precisely target
and ablate tissue deep within the brain with no incisions.  The
treatment is performed under Magnetic Resonance Imaging (MRI)
guidance for real-time treatment monitoring.  The MHLW approval was
granted based on clinical data from a randomized, double-blind,
multi-center clinical study which demonstrated the safety and
efficacy of non-invasive thalamotomy with Exablate Neuro.

The Company said that at this stage, INSIGHTEC is unable to
estimate the implications of the MHLW and EU (CE) approvals on
INSIGHTEC.

The Company holds approximately 89.9% of the share capital of Elbit
Medical Technologies Ltd. (TASE: EMTC-M) (85.6% on a fully diluted
basis) which, in turn, holds approximately 31.3% of the share
capital in INSIGHTEC (26.6% on a fully diluted basis).

                       About Elbit Imaging

Tel-Aviv, Israel-based Elbit Imaging Ltd. (TASE, NASDAQ: EMITF)
holds investments in real estate and medical companies.  The
Company, through its subsidiaries, also develops shopping and
entertainment centers in Central Europe and invests in and manages
hotels.

Elbit Imaging reported a loss of NIS 186.15 million on NIS1.47
million of revenues for the year ended Dec. 31, 2015, compared to
profit of NIS1 billion on NIS 461,000 of revenues for the year
ended Dec. 31, 2014.

As of Sept. 30, 2016, Elbit Imaging had NIS 2.60 billion in total
assets, NIS 2.37 billion in total liabilities and NIS 231.65
million in shareholders' equity.


EMMAUS LIFE: Stockholders Elect Five Directors
----------------------------------------------
Emmaus Life Sciences, Inc.. held its 2016 annual meeting of
stockholders on Dec. 16, 2016, at which the stockholders:

   (a) elected Yutaka Niihara, M.D., MPH, Willis C. Lee, M.S.,
       Jon Kuwahara, C.P.A., Masaharu Osato, M.D. and Ian Zwicker
       to the Company's Board of Directors, to serve until the
       Company's 2017 annual meeting of stockholders or until
       their respective successors have been elected;

   (b) ratified the appointment of SingerLewak LLP as the
       Company's independent registered public accounting firm for
       the fiscal year ending Dec. 31, 2016; and

   (c) approved, on an advisory, non-binding basis, the
       compensation of the Company's named executive officers.

                       About Emmaus Life

Emmaus Life Sciences, Inc., is engaged in the discovery,
development, and commercialization of treatments and therapies
primarily for rare and orphan diseases.  This biopharmaceutical
company's headquarters is in Torrance, California.

Emmaus Life reported a net loss of $12.7 million on $590,114 of
net revenues for the year ended Dec. 31, 2015, compared to a net
loss of $21.8 million on $500,679 of net revenues for the year
ended Dec. 31, 2014.

As of Sept. 30, 2016, Emmaus Life had $21.56 million in total
assets, $30.84 million in total liabilities and a total
stockholders' deficit of $9.28 million.

SingerLewak LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations, its total liabilities exceed its
total assets and it has an accumulated stockholders' deficit.  This
raises substantial doubt about the Company's ability to continue as
a going concern.


EMPRESAS PLAYA: Feb. 23 Disclosure Statement Hearing
----------------------------------------------------
Judge Edward A. Godoy of the U.S. Bankruptcy Court for the District
of Puerto Rico will convene a hearing on Feb. 23, 2017 at 9:30 a.m.
to consider approval of Empresas Playa Joyuda, Inc.'s  disclosure
statement and accompanying plan of reorganization.

Objections to the form and content of the disclosure statement
should be in writing and filed not less than 14 days prior to the
hearing.

                 About Empresas Playa Joyuda

Empresas Playa Joyuda, Inc., filed a Chapter 11 bankruptcy
petition (Bankr. D.P.R. Case No. 15-09594) on Dec. 1, 2015.  The
petition was signed by Cesar Perez Perichi, president and
treasurer.  The Debtor is represented by Victor Gratacos Diaz,
Esq., at Gratacos Law Firm, PSC.  The Debtor disclosed $939,685 in
assets and $2.74 million in liabilities.


ENERGIS PETROLEUM: Creditors To Be Paid From Proceeds of Asset Sale
-------------------------------------------------------------------
Energis Petroleum, LLC, filed with the U.S. Bankruptcy Court for
the Southern District of Florida a disclosure statement in
connection with its chapter 11 plan of liquidation, dated Dec 15,
2016, which proposes to satisfy the claims of its creditors from
the sale proceeds of the Debtor's assets.

Classes 5, 6, and 7 (Allowed Secured Claims). Each Holder of an
allowed secured claim will receive on account of the claim, cash
equal to the amount of such allowed miscellaneous secured claim, or
the return of the holders' collateral on the later of (i) the
Effective Date or as soon as practicable thereafter or (ii) the
date that is 10 business days after an order of the Bankruptcy
Court allowing such allowed miscellaneous secured claim becomes a
final order.  The Debtor does not believe that there are any valid
miscellaneous secured claims.

Class 8 (General Unsecured Claims). After satisfaction in full or
satisfaction in accordance with the plan of all allowed
administrative expense claims, professional claims, allowed
priority tax claims, allowed priority claims, allowed secured tax
claims and allowed miscellaneous secured claims, the available cash
will be allocated pro rata among holders of allowed general
unsecured claims.  Each holder of an allowed general unsecured
claim will receive a distribution or distributions from the
Disbursing Agent of its share of the available cash allocable on
account of its allowed general unsecured claim, shared pro rata
with the holders of other allowed general unsecured claims.

The Plan will be funded from cash on hand as part of the sale of
substantially all of the Debtor's assets.

A full-text copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/flsb15-19945-327.pdf

Headquartered in Boca Raton, FL, Energis Petroleum, LLC filed for
chapter 11 protection (Bankr. S.D. Fl. Case No.15-19945)on June 1,
2015 with estimated assets of $0 to $50,000 and estimated
liabilities of $1 million to $10 million. The petition was signed
by Keith Duffy, managing member.


ENERGY FUTURE: Settles $800-Mil. Fight With Senior Lenders
----------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy,
reported that Energy Future Holdings Corp. has reached a deal with
senior lenders that bested the company in an $800 million court
fight over the premium due for early payoff of debt in a bankruptcy
refinancing.

According to the report, citing a filing with the U.S. Securities
and Exchange Commission, there is no agreement yet with junior
creditors, who will bear the pain of Energy Future's loss in
litigation over the so-called make-whole premium, a rate built into
the contract with first- and second-lien lenders.

Make-whole provisions are designed to safeguard lenders against
lost profits if their borrowers find a better deal elsewhere and
pay off their loans early, the report related.

An appeals court disagreed in a November ruling that upended Energy
Future's chapter 11 plan by shifting an $800 million-plus slug of
value to senior lenders, the report further related.

Talks continue with junior creditors, who are angling to hold on to
at least some of the cash that will go flying out the door in
April, assuming Energy Future hits its target date for exiting
bankruptcy and the settlement is implemented, the report said.

First-lien investors will get 95% or more of an extra $574 million
in make-whole pay, the report related.  They also will receive $38
million in fees and costs, plus some interest, assuming the
company's chapter 11 exit plan is approved and all the pieces fall
into place for an April 2017 bankruptcy exit under the deal, the
report further related.

Second-lien investors will get 87.5% or more of $244.6 million in
make-whole premiums, plus $17 million in fees and costs, the report
said.  That is on top of payment in full on billions of dollars in
debt, which Energy Future refinanced early in its bankruptcy
proceeding, to take advantage of lower interest rates, the report
added.

                        About Energy Future

Energy Future Holdings Corp., formerly known as TXU Corp., is a
privately held diversified energy holding company with a Portfolio
of competitive and regulated energy businesses in Texas.

Oncor, an 80 percent-owned entity within the EFH group, is the
largest regulated transmission and distribution utility in Texas.

The Company delivers electricity to roughly three million delivery
points in and around Dallas-Fort Worth. EFH Corp. was created in
October 2007 in a $45 billion leverage buyout of Texas power
company TXU in a deal led by private-equity companies Kohlberg
Kravis Roberts & Co. and TPG Inc.

On April 29, 2014, Energy Future Holdings and 70 affiliated
companies sought Chapter 11 bankruptcy protection (Bankr. D. Del.
Lead Case No. 14-10979) after reaching a deal with some key
financial stakeholders to keep its businesses operating while
reducing its roughly $40 billion in debt.

The Debtors' cases have been assigned to Judge Christopher S.
Sontchi (CSS).

As of Dec. 31, 2013, EFH Corp. reported assets of $36.4 billion in
book value and liabilities of $49.7 billion.  The Debtors have $42
billion of funded indebtedness.

EFH's legal advisor for the Chapter 11 proceedings is Kirkland &
Ellis LLP, its financial advisor is Evercore Partners and its
restructuring advisor is Alvarez & Marsal. The TCEH first lien
lenders supporting the restructuring agreement are represented by
Paul, Weiss, Rifkind, Wharton & Garrison, LLP as legal advisor,
and
Millstein & Co., LLC, as financial advisor.

The EFIH unsecured creditors supporting the restructuring
agreement
are represented by Akin Gump Strauss Hauer & Feld LLP, as legal
advisor, and Centerview Partners, as financial advisor.  The EFH
equity holders supporting the restructuring agreement are
represented by Wachtell, Lipton, Rosen & Katz, as legal advisor,
and Blackstone Advisory Partners LP, as financial advisor.  Epiq
Systems is the claims agent.

Wilmington Savings Fund Society, FSB, the successor trustee for
The second-lien noteholders owed about $1.6 billion, is
represented
by Ashby & Geddes, P.A.'s William P. Bowden, Esq., and Gregory A.
Taylor, Esq., and Brown Rudnick LLP's Edward S. Weisfelner, Esq.,
Jeffrey L. Jonas, Esq., Andrew P. Strehle, Esq., Jeremy B. Coffey,
Esq., and Howard L. Siegel, Esq.  An Official Committee of
Unsecured Creditors has been appointed in the case. The Committee
represents the interests of the unsecured creditors of only Energy
Future Competitive Holdings Company LLC; EFCH's direct subsidiary,
Texas Competitive Electric Holdings Company LLC; and EFH Corporate
Services Company, and of no other debtors.  The Committee has
selected Morrison & Foerster LLP and Polsinelli PC for
representation in this high-profile energy restructuring.  The
lawyers working on the case are James M. Peck, Esq., Brett H.
Miller, Esq., and Lorenzo Marinuzzi, Esq., at Morrison & Foerster
LLP; and Christopher A. Ward, Esq., Justin K. Edelson, Esq.,
Shanti
M. Katona, Esq., and Edward Fox, Esq., at Polsinelli PC.

                          *     *     *

In December 2015, the Bankruptcy Court confirmed the Debtors'
reorganization plan, which contemplated a tax-free spin of the
company's competitive businesses, including Luminant and TXU
Energy, and the $20 billion sale of its holdings in non-debtor
electricity transaction unit Oncor Electric Delivery Co. to a
consortium of investors.  But the Plan became null and void after
certain first lien creditors notified the occurrence of a "plan
support termination event."

The Debtors filed a new plan of reorganization on May 1, 2016, as
subsequently amended.  The new Chapter 11 plan features
alternative
options for dealing with the Company's stake in electricity
transmission unit Oncor.

On Aug. 29, 2016, Judge Sontchi confirmed the Chapter 11 exit
plans
of two of Energy Future Holdings Corp.'s subsidiaries, power
generator Luminant and retail electricity provider TXU Energy Inc.
(the "T-Side Debtors").  The Plan became effective on Oct. 3,
2016.

On Sept. 21, 2016, the Debtors filed the E-Side Plan and the
Disclosure Statement for the Fourth Amended Joint Plan of
Reorganization of Energy Future Holdings Corp., et al., Pursuant
to
Chapter 11 of the Bankruptcy Code as it Applies to the EFH Debtors
and EFIH Debtors (the "E-Side Debtors").


EXCEL STAFFING: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The Office of the U.S. Trustee on Dec. 21 disclosed in a court
filing that no official committee of unsecured creditors has been
appointed in the Chapter 11 case of Excel Staffing Services, Inc.

The Debtor is represented by:

     Paula S. Beran, Esq.
     Tavenner & Beran, PLC
     20 North 8th Street, Second Floor
     Richmond, VA 23219
     Phone: (804) 783-8300
     Email: pberan@tb-lawfirm.com

                       About Excel Staffing

Excel Staffing Services, Inc. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Va. Case No. 16-35795) on November
28, 2016.  The petition was signed by Billie Brown, president.  

At the time of the filing, the Debtor estimated assets and
liabilities of less than $500,000.


EXCO RESOURCES: Moody's Lowers Corporate Family Rating to Ca
------------------------------------------------------------
Moody's Investors Service downgraded EXCO Resources, Inc.'s (XCO)
Corporate Family Rating (CFR) to Ca from Caa2, its senior unsecured
notes rating to C from Caa3, the Probability of Default Rating
(PDR) to Ca-PD from Caa2-PD, its second lien term loan rating to Ca
from Caa2 and its senior secured bank credit facility to Caa1 from
B1. XCO's Speculative Grade Liquidity Rating of SGL-4 was affirmed,
while the outlook was changed to negative from stable.

"XCO's downgrade reflects its eroded liquidity position which is
insufficient to fully fund development expenditures at the level
required to stem ongoing production declines," commented Andrew
Brooks, Moody's Vice President. "Absent an injection of additional
liquidity, the source of which is not readily identifiable, EXCO
could face going concern risk as it confronts an unsustainable
capital structure."

Downgrades:

Issuer: EXCO Resources, Inc.

- Probability of Default Rating, Downgraded to Ca-PD from Caa2-PD

- Corporate Family Rating, Downgraded to Ca from Caa2

- Senior Secured Revolving Credit Facility, Downgraded to Caa1
(LGD 2) from B1 (LGD 1)

- Senior Secured 2nd Lien Term Loan, Downgraded to Ca (LGD 4) from
Caa2 (LGD 3)

- Senior Unsecured Regular Bond/Debentures, Downgraded to C (LGD
6) from Caa3 (LGD 5)

Affirmations:

- Speculative Grade Liquidity Rating, Affirmed SGL-4

Outlook Actions:

- Issuer: EXCO Resources, Inc.

- Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The Ca CFR reflects XCO's weakened credit profile and constrained
liquidity due to lower production from its natural gas-weighted
portfolio. The company has elected to curtail development
activities in an effort to preserve its capital resources and
dwindling liquidity. While the company has reduced its costs and
cut its debt balances through a series of distressed debt exchanges
dating back to May 2015, low realized natural gas prices, and a
balance sheet which remains over-levered at lower production levels
weigh heavily on XCO's ability to stabilize its credit profile.
Moreover, excessive gathering and transportation costs and a
significant cash interest burden, each of which exceeds $1.00 per
mcfe, have deprived the company of cash flow required to sustain
production volumes. Weak natural gas prices for much of 2016 and
limited liquidity prompted XCO to reduce its 2016 capital budget by
69% from 2015 levels, to $85 million, leading to a 15.5% decline in
nine-month average daily production over the same period last
year.

The Caa1 senior secured bank facility rating reflects its priority
claim to the company's assets and Moody's view of the expected
recovery in default. The Ca second lien term loan rating reflects
its subordination to XCO's secured borrowing base revolving credit
facility and the diminishment of loss absorption afforded by
reduced amounts of outstanding unsecured debt. The C unsecured
notes rating reflects the subordination of the unsecured notes to
XCO's secured borrowing base revolving credit facility and its
second lien term loans and Moody's view of expected recovery.

The SGL-4 Speculative Grade Liquidity Rating reflects Moody's
expectation of weak liquidity into 2017. As of September 30, XCO
had borrowed $215 million under its $325 million secured borrowing
base revolving credit facility whose commitment is capped at $300
million. The scheduled maturity of the revolving credit facility is
July 2018. September's scheduled borrowing base redetermination has
not yet been concluded and remains pending. While XCO reports that
it is in compliance with the financial covenants governing its
revolving credit facility at September 30 - interest coverage of at
least 1.25x, a maximum first lien secured debt leverage ratio of
2.5x, and a current ratio of 1.0x -- it is likely that covenant
relief will be required at December 31. With the ability of XCO to
conduct its business operations dependent on the actions of its
banks, going concern risk is elevated, the qualification of such by
the company's independent accountants in their audit opinion on the
2016 financial statements would raise default risk under XCO's
revolving credit facility and second lien term loans.

The negative outlook reflects the absence of assured liquidity with
which to conduct XCO's business operations in 2017. The rating
could be stabilized should sufficient liquidity be raised to
mitigate going concern risk together with stabilizing production
declines. Concern remains, however, regarding the sustainability of
XCO's capital structure and business model. A ratings downgrade
would be considered should Moody's view on expected recovery rates
further diminish or should a restructuring result in XCO's PDR
changing to D. While unlikely in the next twelve months, an upgrade
could be considered if XCO can resume production growth while
achieving an interest coverage of 1x.

The principal methodology used in these ratings was Global
Independent Exploration and Production Industry published in
December 2011.

EXCO Resources, Inc. is an independent exploration and production
company headquartered in Dallas, Texas.


F.C. DEVELOPMENT: To Surrender Property To Pay PRAPI
----------------------------------------------------
Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a third amended consolidated disclosure
statement explaining their plans, which are substantially
liquidating plans, dated Dec. 16, 2016, a full-text copy of which
is available for free at:

          http://bankrupt.com/misc/prb14-03731-11-170.pdf

Class 4 unsecured claimants under Aritel/Cheneliz will be paid 5%
of the allowed amount of each claim upon the liquidation of other
assets including receivables and the sale of equipment from the
hotel, and recovery of receivables without interest, pro-rata in
quarterly basis commencing 90 days after the payment in full of
Class 3 claims. The aggregate payments under this class are
estimated at $33,264.

Class 4 unsecured claimants under FC Development will be paid 5% of
the allowed amount of each claim within 90 days after the effective
date of the Plan. The aggregate payment under this class are
estimated at $354.

The Aritel/Cheneliz Plan will be funded by (i) cash on hand at the
Effective Date; (ii) capital contributions by related parties
electing payment by stock; (iii) surrender of real property in full
payment to creditor PRAPI for which there is a Lift of Stay and the
creditor is processing foreclosure in local Court; (iv) surrender
of real property collateral for the benefit of the secured
creditor; (v) collection of rent and other receivable; and (vi)
sale of equipment and vehicles.

The F.C. Development Plan will be funded by (i) cash on hand at the
Effective Date; (ii) surrender of real property in full payment to
creditor PRAPI for which there is a Lift of Stay and the creditor
is processing foreclosure in local Court; and (iii) post-petition
Capital distribution of CAVA for services provided to CPG Servicing
and not paid on account of a corporate guaranty provided by CAVA to
F.C. Development.

Aritel, Inc., Cheneliz Convention Center, Inc., and F.C.
Development, Inc., sought protection under Chapter 11 of the
Bankruptcy Code on May 6, 2014.  The cases are jointly
administered under Case No. 14-03727 (Bankr. D.P.R.).
Aritel/Cheneliz's assets as of May 6, 2014, totaled $3,781,403,
while FC Development's assets of as May 6, 2014, totaled
$1,095,258.

The petition was signed by Franco Caban Valentin, president.  A
list of Aritel's 20 largest unsecured creditors is available for
free at http://bankrupt.com/misc/prb14-03727.pdf


FAIRFAX FINANCIAL: Moody's Affirms Ba2 Preferred Stock Rating
-------------------------------------------------------------
Moody's Investors Service, has affirmed the Baa3 senior debt rating
and Ba2 (hyb) preferred stock rating of Fairfax Financial Holdings
Limited (Fairfax; TSX: FFH) following the company's announcement
that it has entered into an agreement to acquire Allied World
Assurance Company Holdings, AG (Allied World; NYSE: AWH). Fairfax
is acquiring Allied World for USD 4.9 billion which represents an
18% premium over the closing price of $45.77 per Allied World share
on 16 December 2016. Fairfax intends to fund the acquisition with a
$450 million dividend from Allied World's retained earnings, $450
million in cash, and the remainder in a share exchange. The
transaction is subject to customary closing conditions, including
regulatory approvals. The rating outlook for Fairfax is stable.

RATINGS RATIONALE

Moody's said that the proposed acquisition of Allied World has
strategic benefits for Fairfax as it would enhance the company's
business diversification giving Fairfax a larger position in
mid-market specialty insurance. The acquisition also expands the
group's distribution networks and the combined organization will be
the fifth largest writer of US excess and surplus lines on a pro
forma basis. Allied World has a good track record in terms of solid
operating profitability. Nevertheless, the company maintains
somewhat higher gross underwriting leverage compared to
similarly-rated Bermudian peers and has significant exposure to
long-tail casualty lines, which are more susceptible to reserve
volatility, medical inflation and changes in the legal environment.
However, Fairfax uses a decentralized approach to manage its
insurance operations and Allied World's management team is expected
to remain in place thereby lowering integration risk.

The rating agency views the expected financing arrangement as
reasonably in line with the company's current capital structure,
resulting in modestly lower financial leverage metrics
post-transaction. Moody's expect Fairfax's pro forma financial
leverage to decline below 30% from 32% at 31 December 2015. The
transaction is credit positive for Fairfax as it enhances the
group's product diversification and adds a solid source of
operating profitability.

Fairfax's ratings reflects the group's diversified revenue stream
by product and geography, a well-established market position in
reinsurance though Odyssey Re Holdings Corp., and a high level of
cash and marketable investments at the parent-company level. The
group has produced underwriting profits over the past several years
helped by relatively benign catastrophe losses. Credit challenges
include volatile profitability, significant exposure to catastrophe
risk, volatility associated with long-tail casualty business, a
high level of common stock investments and risks associated with
Fairfax's investment strategy. Key man risk and management
succession is also a consideration given the instrumental role
played by CEO Prem Watsa in Fairfax's strategic direction,
investment philosophy and corporate culture.

Factors that could lead to an upgrade of Fairfax's ratings: 1)
adjusted financial leverage consistently less than 30% and earnings
coverage consistently above 4x; 2) aggregate combined ratios
consistently less than 100%; and 3) an upgrade of the standalone
credit profile of the company's lead operating P&C and/or
reinsurance companies.

Factors that could lead to a downgrade of the ratings: 1)
substantial reduction of holding company liquidity to less than
$750 million (or less than 3x coverage of fixed charges); 2)
adjusted financial leverage consistently above 35% and earnings
coverage consistently less than 2x; 3) a return on capital in the
low single digits range for a sustained period; 4) significant
adverse reserve development (greater than 2% of net reserves);
and/or 5) a downgrade of the standalone credit profile of the
company's lead operating P&C and/or reinsurance companies. A
material expansion of the group's investments in stressed or
turnaround assets as a proportion of shareholder's equity could
also lead to downward pressure on the rating.

The following ratings have been affirmed:

Issuer: Fairfax Financial Holdings Limited

- senior unsecured at Baa3; preferred stock at Ba2 (hyb), Pref.
Stock Non-cumulative at Ba2(hyb); multiple seniority shelf at
(P)Baa3 for senior unsecured, (P)Ba1 for subordinated, (P)Ba2 for
Pref. shelf non-cumulative, and (P)Ba2 for preferred shelf.

The outlook for the ratings is stable.

Fairfax Financial Holdings Limited is headquartered in Toronto,
Canada. For 2015, Fairfax reported net premiums written of $7.5
billion and net income of $518 million. As of 31 December 2015,
shareholder's equity was $12.0 billion.

The methodologies used in these ratings were Global Property and
Casualty Insurers published in June 2016, and Global Reinsurers
published in April 2016.


FOURZERO INC: Unsecureds to Recoup 11% Over 60 Months
-----------------------------------------------------
Fourzero, Inc., filed with the U.S. Bankruptcy Court for the
District of Puerto Rico a disclosure statement and accompanying
plan of reorganization, dated Dec. 16, 2016, which proposes a
distribution of 11% to general unsecured creditors of their allowed
claims, to be distributed in 60 consecutive monthly installments.

Class 1, Secured Claims of Banco de Desarrollo Economico para
Puerto Rico Property Machinery and Equipment, is unimpaired uder
the Plan.  This Class will receive direct payments until full
payment of the loan.

Class 2 consists of the Priority Unsecured Claims.  This Class will
be paid in full in 60 equal monthly installments from Feb. 28, 2017
through Jan. 31, 2021.

Class 3, General Unsecured Class, is impaired under the Plan.  The
estimated percent of claim paid to the Class 3 Creditors is 11.7%,
in a monthly payment of $170 from Feb. 28, 2017 through Jan. 31,
2021 with an interest rate of 4.5%.  The total payout amount would
be $10,194.

Payments and distributions under the Plan will be funded from the
revenues of the restaurant operation.

A full-text copy of the Disclosure Statement is available at:

        http://bankrupt.com/misc/prb16-00100-11-59.pdf

Counsel for the Debtor:

     Manuel A. Segarra-Vazquez, Esq.
     MANUEL A. SEGARRA VAZQUEZ LAW OFFICE
     PO Box 9021115
     San Juan, PR 00902-1115
     Telephone: (787) 273-2080
     E-mail: masvlaw@gmail.com
     segarralaw@gmail.com

Fourzero, Inc., sought Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-00100) on Jan. 12, 2016.


FUNCTION(X) INC: DraftDay Gaming Collaborating with Draftstars
--------------------------------------------------------------
DraftDay Gaming Group, a majority owned subsidiary of Function(x),
Inc., has been engaged by Draftstars, one of the leading providers
of daily fantasy sports contests in Australia to develop daily
fantasy sports contests for cricket in Australia.

Under its agreement with Draftstars, DraftDay Gaming Group has
developed for Draftstars daily fantasy sports contests for the
Australian Big Bash League (the professional Twenty20 cricket
league).  The games will be available on Draftstars' daily fantasy
sports platform in Australia.

The Twenty20 Cricket format is currently used in both international
and domestic competition, with over 20 different countries
competing in the format internationally, and 12 domestic leagues
across the globe.  This development will provide DDGG the
opportunity to expand into the world of Cricket outside of
Australia, leveraging its international partners' user base to
introduce Cricket's large fan base to the exciting realm of daily
fantasy sports.

"We are very excited about our entry into the Cricket market, as
this sport has tremendous reach on a global scale," said Robert FX
Sillerman, executive chairman and CEO of Function (x).  "With both
the Indian Premier League and Australia’s Big Bash League
represented in the Top 10 leagues as measured by average
attendance, we believe that this is an excellent opportunity to
introduce fantasy sports to the largely untapped market of Cricket
fans."

                         About DraftDay

DraftDay Fantasy Sports, Inc. offers a high quality daily fantasy
sports experience directly to consumers and to businesses desiring
turnkey solutions to new revenue streams.  DraftDay, with their
unique and proprietary technology, is well-positioned to become a
significant player in the explosive fantasy sports market.

                     About Function(x)Inc.

Based in New York, FunctionX Inc (NASDAQ:FNCX) is a diversified
media and entertainment company.  The Company conducts three lines
of businesses, which are digital publishing through Wetpaint.com,
Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming
through DraftDay Gaming Group, Inc. (DDGG), and digital content
distribution through Choose Digital, Inc. (Choose Digital).  The
Company's segments include Wetpaint, which is a media channel
reporting original news stories and publishing information content
covering television shows, music, celebrities, entertainment news
and fashion; Choose Digital, which is a business-to-business
platform for delivering digital content; DDGG, which is a
business-to-business operator of daily fantasy sports, and Other.
The Company's digital publishing business also includes Rant, which
is a digital publisher that publishes original content in over 13
verticals, such as in sports, entertainment, pets, cars and food.

The Company incurred a net loss of $63.68 million for the year
ended June 30, 2016, compared to a net loss of $78.53 million for
the year ended June 30, 2015.  As of Sept. 30, 2016, Function(x)
had $33.07 million in total assets, $27.51 million in total
liabilities and $5.55 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2016, citing that the Company has suffered recurring
losses from operations and at June 30, 2016, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


FUNCTION(X) INC: Proposes to Offer Shares of Common Stock
---------------------------------------------------------
Function(x) Inc. filed with the Securities an Exchange Commission a
preliminary prospectus on Form S-1 relating to a public offering of
shares of the Company's common stock to purchase up to _____
aggregate shares of its common stock at a price of $___ per share.
The Company's common stock is traded on the NASDAQ Capital Market
under the symbol "FNCX."  A full-text copy of the regulatory filing
is available for free at
https://is.gd/KlwyoL

                     About Function(x)Inc.

Based in New York, FunctionX Inc (NASDAQ:FNCX) is a diversified
media and entertainment company.  The Company conducts three lines
of businesses, which are digital publishing through Wetpaint.com,
Inc. (Wetpaint) and Rant, Inc. (Rant); fantasy sports gaming
through DraftDay Gaming Group, Inc. (DDGG), and digital content
distribution through Choose Digital, Inc. (Choose Digital).  The
Company's segments include Wetpaint, which is a media channel
reporting original news stories and publishing information content
covering television shows, music, celebrities, entertainment news
and fashion; Choose Digital, which is a business-to-business
platform for delivering digital content; DDGG, which is a
business-to-business operator of daily fantasy sports, and Other.
The Company's digital publishing business also includes Rant, which
is a digital publisher that publishes original content in over 13
verticals, such as in sports, entertainment, pets, cars and food.

The Company incurred a net loss of $63.68 million for the year
ended June 30, 2016, compared to a net loss of $78.53 million for
the year ended June 30, 2015.  As of Sept. 30, 2016, Function(x)
had $33.07 million in total assets, $27.51 million in total
liabilities and $5.55 million in total stockholders' equity.

BDO USA, LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
June 30, 2016, citing that the Company has suffered recurring
losses from operations and at June 30, 2016, has a deficiency in
working capital that raise substantial doubt about its ability to
continue as a going concern.


GEORGINA LLC: Court Says Case Is "Single Asset Real Estate" Case
----------------------------------------------------------------
Judge Martin R. Barash of the United States Bankruptcy Court for
the Central District of California, San Fernando Valley Division,
granted the motion filed by creditor Hersel Kohan for an order
designating the chapter 11 case of Georgina, LLC, a "single asset
real estate" case for purposes under Bankruptcy Code section
362(d)(3).

Georgina LLC owns two parcels of undeveloped real property in the
Antelope Valley.  Kohan asserted that the properties constitute
"single asset real estate" under the definition set forth in
Bankruptcy Code section 101(51B), and are therefore subject to the
automatic stay provisions of Bankruptcy Code section 362(d)(3).
Georgina disagreed.

The parties' disputed on:

     (i) whether the properties constitute a "single project"
         within the meaning of section 101(51B) and

     (ii) whether the properties may properly constitute single
          asset real estate where the properties do not generate   
       
          any income.

The parties did not dispute that:

     (i) Georgina is not conducting any business activities on
         the properties, other than holding the properties for
         future sale or development and

     (ii) the properties have not and currently do not generate
          any income.

Judge Barash found that a preponderance of the evidence establishes
the existence of single "project" or "common scheme" for purposes
of Bankruptcy Code section 101(51B).  This conclusion is supported
by the following facts:

     1. The properties were acquired at the same time.

     2. The properties are being used for the same purpose: they
        are undeveloped and are being held for future sale or
        development.

     3. The properties are adjacent to each other and share a
        common boundary.

     4. The properties jointly secure a debt owing to Kohan.

     5. Georgina has taken steps to market the properties
        together for future residential development by (i)
        obtaining the Tract Map, and (ii) entering into a
        postpetition Broker Agreement to market the properties
        together.

     6. Shortly before the Georgina filed this case, Ben Sayani,
        Georgina's principal, sought to refinance the properties
        together, along with other adjacent properties in which
        Sayani holds direct or indirect interests.

Judge Barash rejected Georgina's argument that, because the
properties produce no income, it is impossible to satisfy the
second requirement of Bankruptcy Code section 101(51B) -- that the
subject real estate "generates substantially all of the gross
income of a debtor."  The judge held that a lack of income from the
subject real estate does not preclude a finding that it is "single
asset real estate" within the meaning of section 101(51(b).  The
judge explained that since Georgina has no income, then
substantially all of its income could be said to be generated by
the property; i.e. substantially all of nothing is nothing.

Judge Barash concluded that Kohan has demonstrated that the
properties constitute "single asset real estate" within the meaning
of Bankruptcy Code section 101(51B).  As such, the judge held that
Bankruptcy Code section 362(d)(3) applies to the properties and the
motion should be granted.

Pursuant to section 362(d)(3), Kohan was granted relief from the
automatic stay with respect to the properties unless, within 30
days following entry of the order granting the motion, Georgina (i)
files a plan of reorganization that has a reasonable possibility of
being confirmed within a reasonable time; or (ii) commences monthly
payments that are in an amount equal to the interest at then
applicable nondefault contract rate of interest on the value of the
Kohan's interest in the properties.

A full-text copy of Judge Barash's December 7, 2016 order is
available at https://is.gd/gKOfXr from Leagle.com.

Georgina, LLC is represented by:

          Raymond H. Aver, Esq.
          LAW OFFICES OF RAYMOND H. AVER
          10801 National Boulevard, Suite 100
          Los Angeles, CA 90064
          Tel: (310)571-3511

United States Trustee (SV), U.S. Trustee, is represented by:

          S. Margaux Ross, Esq.
          OFFICE OF THE UNITED STATES TRUSTEE
          915 Wilshire Blvd., Suite 1850
          Los Angeles, CA 90017
          Tel: (213)894-6811

                    About Georgina, LLC

Georgina, LLC, based in Tarzana, CA 91356, based in Tarzana, CA
91356, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No.
16-10140) on January 18, 2016.  The Hon. Martin R. Barash presided
over the case.  Raymond H Aver, Esq. at LAW OFFICES OF RAYMOND H
AVER APC served as bankruptcy counsel.

In its petition, the Debtor estimated $2 million in assets and
$908,697 in liabilities.

The petition was signed by Ben Sayani, manager.

The Debtor listed Imad Aboujawdah Civic Design and Drafting, Inc.
as its largest unsecured creditor holding a claim of $25,600.


GERALEX INC: Disclosures Okayed, Plan Hearing on Jan. 19
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois
will consider approval of the Chapter 11 plan of reorganization of
Geralex, Inc. at a hearing on Jan. 19.

The hearing will be held at 10:30 a.m., at Courtroom 644, 219 South
Dearborn, Chicago, Illinois.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
on Dec. 13.

Geralex filed its proposed restructuring plan and disclosure
statement on Dec. 5.

Class 3 - General Unsecured Claims -- approximately $257,374.28 --
are impaired under the Plan.  Holders of allowed Class 3 Claims
will be paid in full over time.  The Debtor anticipates paying all
claims within 52 months, but the amount of time it takes for the
Debtor to pay Class 3 Claims in full will ultimately depend upon
its financial performance and operating income.

The payments required under the Plan will be made from the Debtor's
operating income and the contribution made by the Debtor's owners,
and to the extent necessary and required by the Plan, from the
Debtor's cash reserves.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/ilnb16-06479-78.pdf

The Plan was filed by the Debtor's counsel:

     William J. Factor, Esq.
     Z. James Liu, Esq.
     FACTORLAW
     105 W. Madison, Suite 1500
     Chicago, IL 60602
     Tel: (847) 239-7248
     Fax: (847) 574-8233
     E-mail: wfactor@wfactorlaw.com
             jliu@wfactorlaw.com

                        About Geralex Inc.

Geralex, Inc. is an Illinois corporation with its principal place
of business in Chicago, Illinois.  The company provides janitorial
services to commercial and government facilities, such as airports
and schools. It has been in business since 2003.  It is owned by
Alejandra Alvarado (60%) and Gerardo Alvarado (40%).

The Debtor sought Chapter 11 protection (Bankr. N.D. Ill. Case No.
16-06479) on February 26, 2016.


GLACIERVIEW HAVEN: Trustee Wants to Enter Into Lease with Outzen
----------------------------------------------------------------
Andrew Wilson, the Chapter 11 Trustee of Glacierview Haven, LLC,
asks the U.S. Bankruptcy Court for the Western District of
Washington to authorize him to enter into a lease pursuant to which
the consolidated bankruptcy estate would lease a real property to
the Gary B. Outzen Trust ("Purchaser"), pending closing of the sale
of substantially all of the property of the Consolidated Estate to
the Purchaser for $1,800,000.

The Consolidated Resort Debtors own and/or have an interest in 15
parcels of real property on Highway 20 along the Skagit River near
Rockport, Washington that have historically been operated together
as Skagit River Resort.  Three of the now-substantively
Consolidated Debtors initially filed individual Chapter 11
bankruptcies in December 2015 and March 2016 to stay a receivership
motion and certain foreclosures initiated by secured creditor
Columbia Bank.  The cases were administratively consolidated on
June 13, 2016 and the Trustee was appointed on June 20, 2016.  All
of the Debtors, with the exception of New Bullerville, LLC, were
substantively consolidated on Aug. 5, 2016.  New Bullerville was
substantively consolidated with the remaining Debtors on Oct. 12,
2016.

On Dec. 7, 2016, the Trustee filed a Motion for (1) Approval of
Post-Petition Secured Financing and (2) Sale of Substantially All
of the Consolidated Resort Debtors' Assets Free and Clear of Liens,
Claims and Encumbrances Pursuant to Bankruptcy Code Section 363.
The Sale Motion provides for the Purchaser's acquisition of
substantially all of the Consolidated Estate Property for a
purchase price of $1,800,000.  The Purchaser is undertaking the
transaction as part of a 1031 exchange and is currently in the
process of securing financing.  The Trustee intends to consummate
the sale through a plan of liquidation in order to qualify for the
state excise tax exemption.  There are a number of conditions to
the sale which must be satisfied before the Sale can close.  Based
upon these realities, the Sale is not projected to close for over
two months.

The Trustee ceased Resort operations in late October due to a lack
of funds.  The Resort is currently vacant.  The Purchaser is
anxious to begin operating the Resort under its own name pending
the closing of the Sale.  The Trustee is willing to lease the
Consolidated Resort Property, to the Purchaser on a short-term
basis, pending closing of a sale.

The proposed Lease would provide a needed source of revenue to the
Consolidated Estate pending closing.  It would also eliminate
security concerns with respect to the currently vacant property in
an isolated area.  Moreover, the Resort will remain listed for sale
pending closing and the Resort will appear far more desirable to
potential purchasers in an operating, rather than a vacant and
deserted state.

As set forth in the Lease, base rent would be comprised of 10% of
the revenue the Purchaser generates through lodging rentals and
restaurant receipts, excluding any applicable taxes.  In addition,
the Lease is a triple net lease and thus, the Purchaser will be
responsible for paying property taxes with respect to the
Consolidated Estate Property.  This benefits the Consolidated
Estate, which would otherwise have to fund these expenses.

The Lease would terminate upon closing of the Sale.  In the event
the Sale does not close for any reason, the lease would terminate
on the earlier of the closing of a sale of the Resort to a third
party and one year.  If the Trustee determines he must log timber
from the Consolidated Estate Property, the Purchaser would have an
opportunity to terminate the Lease.

A copy og the Lease Agreement attached to the Motion is available
for free at:

         http://bankrupt.com/misc/Glacierview_Haven_179_Sales.pdf

The Trustee has demonstrated that the Lease will provide the
Consolidated Estate funds that it needs and that the Resort will be
in a better position if it is operating than if it is vacant.
Entering into the Lease represents a sound exercise of the
Trustee's business judgment.  Accordingly, the Trustee asks that
the Court enter an order authorizing him to enter into the Lease.

                   About Glacierview Haven

Glacierview Haven, LLC filed a Chapter 11 bankruptcy petition
(Bankr. W.D. Wash. Case No. 15-17327) on December 17, 2015.  Marc
S. Stern, Esq., served as bankruptcy counsel to the Debtor.

Forest Court, LLC filed a Chapter 11 petition (Bankr. W.D. Wash.
Case No. 15-17329) on December 17, 2015, represented by Mr. Stern.

Skagit River Resort, LLC, sought protection under Chapter 11 of
the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 16-11632) on March 28,
2016.  The petition was signed by Don Clark, manager. The Debtor
was also represented by Mr. Stern.  Skagit River disclosed total
assets of $2.22 million and total debts of $894,828.

The Court later consolidated the three cases for procedural
purposes; and then appointed Andrew Wilson as the Chapter 11
trustee.


GLOBAL EAGLE: Moody's Lowers Senior Secured Rating to B1
--------------------------------------------------------
Moody's Investors Service has downgraded Global Eagle
Entertainment, Inc.'s senior secured rating to B1 from Ba3
following a change in the company's capital structure. GEE plans to
eliminate the prior proposed second lien term loan and increase its
first lien term loan to $500 million from $460 million prior.
Moody's has also downgraded the first lien revolving credit
facility to B1 from Ba3. The shift in structure eliminates the loss
absorption from the prior second lien debt and results in a lower
rating for the first lien facility. Moody's has withdrawn GEE's B3
second lien rating as this debt will not be issued. Moody's has
also affirmed the company's B1 corporate family rating (CFR) and
B1-PD probability of default rating (PDR). The outlook remains
stable.

GEE will raise less cash than it had previously planned and its
liquidity will modestly deteriorate. Moody's expects the company to
have approximately $100 million of cash following the transaction
and repayment of debt from EMC. Consequently, Moody's has
downgraded GEE's speculative grade liquidity rating to SGL-2 from
SGL-1. Moody's expects GEE to use cash on hand for M&A and capex,
including the potential buy out of a joint venture partner.

Downgrades:

- Issuer: Global Eagle Entertainment, Inc.

-  Speculative Grade Liquidity Rating, Downgraded to SGL-2 from
SGL-1

- Senior Secured Bank Credit Facility, Downgraded to B1 (LGD 3)
from Ba3 (LGD 3)

Outlook Actions:

- Issuer: Global Eagle Entertainment, Inc.

- Outlook, Remains Stable

Affirmations:

- Issuer: Global Eagle Entertainment, Inc.

-  Probability of Default Rating, Affirmed B1-PD

-  Corporate Family Rating, Affirmed B1

Withdrawals:

- Issuer: Global Eagle Entertainment, Inc.

- Senior Secured 2nd Lien Term loan, Withdrawn , previously rated
B3 (LGD 5)

RATING RATIONALE

GEE's B1 CFR reflects its market position, diverse customer base
and contracted recurring revenues and supplier relationships, as
well as its valuable network assets and patented technologies. The
rating also incorporates GEE's good liquidity, a seasoned and
proven management team and the company's history of successfully
integrating acquisitions. These strengths are offset by small
scale, moderately high leverage of around 4x (Moody's adjusted) and
the possibility for additional debt-funded acquisitions.

The combination of GEE and EMC creates a global provider of
satellite-based connectivity and media to the growing global
mobility market. GEE has a strong track record of successfully
delivering media content and connectivity to airlines while EMC is
a top provider of connectivity to the aviation, maritime and
hard-to-reach land markets. The combined company benefits from
significant economies of scale and an enhanced global
infrastructure that delivers a broader product portfolio to
customers. GEE has a proven track record of integrating
acquisitions and achieving synergies and expects to realize
synergies with EMC of $15 million in 2017, growing to $40 million
in 2018 and thereafter.

"Moody's GEE's SGL-2 short-term liquidity rating reflects its good
liquidity for the next 12 to 18 months due to a large cash balance
and free cash flow generation. Moody's expect GEE to generate about
$20 million free cash flow for FY2017 despite incurring one-time
synergy costs. Moderate capital intensity and joint venture
distributions from EMC's joint venture Wireless Maritime Services
(WMS) boost cash flows. As of September 30, 2016, GEE had $56
million in cash. Moody's expect the financing transaction to result
in $500 million of proceeds, leaving a cash balance of around $100
million. The company will also have an undrawn $85 million revolver
at transaction close which Moody's expect will remain largely
undrawn over the next 12 to 18 months," Moody's says.

The stable outlook is based on Moody's view that GEE's integration
of EMC will progress and result in the expected cost savings.
Upward rating pressure could develop if GEE materially increases
its scale, leverage (Moody's adjusted) is sustained below 3.5x and
if FCF/Debt approaches 10%. Downward rating pressure could develop
if leverage (Moody's adjusted) is not on track to fall below 4x by
FYE2018.

With headquarters in Los Angeles, California, Global Eagle
Entertainment, Inc. and its subsidiaries form a leading
full-service provider of connectivity and content to the worldwide
travel industry. The company operates through the following two
segments: Connectivity and Content. During the last twelve months
ended September 30, 2016, the company generated $486 million in
revenue.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


GRADE-CO LLC: Unsecureds to Get Additional $5K in Latest Plan
-------------------------------------------------------------
Grade-Co, LLC, filed its latest Chapter 11 plan of reorganization,
which proposes to pay an additional $5,000 to general unsecured
creditors.

Under the latest plan, the company will distribute $20,000 to Class
6 general unsecured creditors within 60 days of the effective date
of the plan, and an additional $5,000 within the following 30 days.
Such amounts will be distributed pro rata among Class 6
creditors.

Grade-Co will pay 100% of the allowed claims of general unsecured
creditors, which assert $58,941 in claims, according to the
company's schedules and proofs of claim filed with the bankruptcy
court.

A copy of the second amended disclosure statement is available for
free at https://is.gd/XWnzUf

                       About Grade-Co, LLC

Grade-Co, LLC is a Texas limited liability company with its
principal place of business at 26910 Holly Lord, Magnolia.  The
Debtor provides land grading and excavation services.   

The Debtor filed for Chapter 11 bankruptcy protection (Bankr. S.D.
Tex. Case No. 16-32405) on May 5, 2016. The petition was signed by
Carl Mittelstedt, managing member.  The Debtor is represented by
Reese W. Baker, Esq. at Baker & Associates.

The Debtor estimated assets of $100,001 to $500,000 and estimated
debts of $100,001 to $500,000.


GREEN ISLAND: Moody's Affirms Ba1 Rating on $15MM Revenue Bonds
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 rating on Green
Island Power Authority, NY's (GIPA or the authority) $15 million
outstanding revenue bonds. The outlook has been revised to
negative.

The Ba1 rating reflects GIPA's small niche market of the Village of
Green Island (the village) with a population that has below average
income and wealth indicators, but also GIPA's status as a monopoly
provider of power for the village. Further, the rating is impacted
by the regulatory oversight of GIPA by the New York Public Service
Commission (PSC), along with its limited track record of requesting
rate increases to ensure that operations are sufficient to satisfy
the authority's obligations.

The rating also considers GIPA's volatile historical financial
performance, including in FY 2016 when debt service coverage ratio
(DSCR) was significantly below 1.0 times, and required the use of
unrestricted cash on hand to pay debt service. While Moody's expect
the leasing of the hydroelectric facility to Albany Engineering
Company (AEC, unrated) to reduce margin volatility for
hydroelectric revenues, GIPA is exposed to counterparty risk from a
small private engineering firm for 25% of annual revenues. The
rating further considers the narrow financial structure that is
contemplated through an above-market contract-for-difference (CfD)
sized to only cover operating expenses and debt service with
limited cushion and anticipated to generate narrow financial
metrics commensurate with a speculative grade rating. These risks
are currently tempered by the authority's adequate, but declining
liquidity position, and a debt service reserve fund that is
currently over-funded for one year of debt service.

Rating Outlook

The negative outlook reflects the recent deterioration in GIPA's
financial position, as demonstrated by a DSCR of 0.61 times in FY
2016, and the use of cash on hand to supplement operations and debt
service and the uncertainty of whether this degree of
underperformance will persist now that GIPA has transferred the
risk of hydroelectric facility to AEC. While the contract is
intended to provide more cash flow stability, Moody's negative
outlook also reflects the possibility that DSCRs may remain below
1.0 in the new financial structure with AEC, as the financial
structure is sized close to a 1.0 times DSCR. Moreover, the
negative outlook recognizes the very small margin for error
contemplated each year under the financial structure, the
complexity associated with the structure, and the terminations
rights available to either party which adds potential event risk to
the issuer. Moody's would like to see greater transparency around
the ability of the issuer to perform its operations under the new
contractual framework to ensure that the structure is properly
sized for the current rating, and provides adequate cushion for
bondholders given the variance in revenues and operating expenses.

Factors that Could Lead to an Upgrade

Rating is unlikely to move up due to the negative outlook, but
could stabilize if the new contracted structure can generate a DSCR
of greater than 1.0 times on a sustained basis

Liquidity can remain above 150 days cash on hand for a sustained
period

Factors that Could Lead to a Downgrade

The new financial structure results in a DSCR that Moody's believe
will be chronically below 1.0 times, and requires the regular use
of cash on hand to supplement debt service payments

Counterparty risk is elevated due to AEC's financial position or
AEC inability to perform under the contractual arrangements

Legal Security

Net power system revenues. The indenture includes a 1.15x rate
covenant and provision for a debt service reserve funded at maximum
annual debt service. The rate covenant incorporates draws from and
contributions to GIPA's rate stabilization account and is also
based on a budgeted amount. Moody's consider these provisions as
diluting the strength of the rate covenant.

Use of Proceeds

Not applicable.

Obligor Profile

GIPA is a small electric distribution and hydroelectric generating
utility (1,600 total customers) that serves the electric needs of
the Village of Green Island comprising three islands on the Hudson
River approximately 9 miles north of Albany. GIPA owns and operates
a run-of-the-river 6 MW hydroelectric facility and a distribution
system to provide low-cost power to its residential, commercial,
industrial and municipal users.


HAIN CELESTIAL: Obtains Limited Waiver, Credit Facility Extension
-----------------------------------------------------------------
The Hain Celestial Group, Inc., an organic and natural products
company with operations in North America, Europe and India
providing consumers with A Healthier Way of Life(TM), on Dec. 20
disclosed that it has received a second limited waiver and
extension of certain obligations under its unsecured credit
facility from its lenders until Feb. 27, 2017.  This relates to the
delivery of the Company's financial statements for fiscal year
2016, first quarter fiscal year 2017, and if necessary, second
quarter fiscal year 2017, concurrent with the compliance extension
previously granted by The Nasdaq Stock Market LLC.  This will allow
Hain Celestial to be compliant with its borrowing obligations while
the Company works to complete the filing of its Annual Report on
Form 10-K for its fiscal year ended June 30, 2016 as well as its
first quarter and second quarter fiscal year 2017 financial
statements.  The unsecured $1 billion senior credit facility is
scheduled to mature in December 2019 and may be increased by an
additional $350 million provided certain conditions are met.

"We are pleased to receive the continued full support of our bank
group led by Bank of America Merrill Lynch and Wells Fargo in
securing this waiver and extension as we move forward in our
reporting process," commented Irwin D. Simon, Founder, President
and Chief Executive Officer of Hain Celestial.  "We continue to
have operating flexibility for a solid financial platform with
working capital and acquisition capital to support our strategic
growth initiatives."

                   About The Hain Celestial Group

Headquartered in Lake Success, NY, The Hain Celestial Group --
http://www.hain.com/-- is an organic and natural products company
with operations in North America, Europe and India.  Hain Celestial
participates in many natural categories with well-known brands that
include Celestial Seasonings(R), Earth's Best(R), Ella's
Kitchen(R), Terra(R), Garden of Eatin'(R), Sensible Portions(R),
Health Valley(R), Arrowhead Mills(R), MaraNatha(R), SunSpire(R),
DeBoles(R), Casbah(R), Rudi's Organic Bakery(R), Hain Pure
Foods(R), Spectrum(R), Spectrum Essentials(R), Imagine(R), Almond
Dream(R), Rice Dream(R), Soy Dream(R), WestSoy(R), The Greek
Gods(R), BluePrint(R), FreeBird(R), Plainville Farms(R), Empire(R),
Kosher Valley(R), Yves Veggie Cuisine(R), Europe's Best(R), Cully &
Sully(R), New Covent Garden Soup Co.(R), Johnson's Juice Co.(R),
Farmhouse Fare(R), Hartley's(R), Sun-Pat(R), Gale's(R),
Robertson's(R), Frank Cooper's(R), Linda McCartney(R), Lima(R),
Danival(R), Happy(R), Joya(R), Natumi(R), GG UniqueFiber(R),
Tilda(R), JASON(R), Avalon Organics(R), Alba Botanica(R), Live
Clean(R) and Queen Helene(R).  Hain Celestial has been providing A
Healthier Way of Life(TM) since 1993.


HAMILTON SUNDSTRAND: Bank Debt Trades at 6% Off
-----------------------------------------------
Participations in a syndicated loan under Hamilton Sundstrand
Industrial is a borrower traded in the secondary market at 94.00
cents-on-the-dollar during the week ended Friday, December 16,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents an increase of 1.75 percentage points
from the previous week.  Hamilton Sundstrand Industrial pays 300
basis points above LIBOR to borrow under the $1.67 billion
facility. The bank loan matures on Dec. 10, 2019 and carries
Moody's B3 rating and Standard & Poor's B rating.  The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended December 16.


HARRISONBURG REDEVELOPMENT: Moody's Puts B3 Bonds Rating on Review
------------------------------------------------------------------
Moody's has placed the ratings of two standalone bond transactions
under review for possible downgrade.

1. $2,045,000 of El Paso (County of), CO, Single Family Mortgage
Revenue and Refunding Bonds, Southern Front Range Region Program
(Guaranteed Mortgage-Backed Securities) Tax-Exempt Series 2007E
(AMT) and Taxable Series 2007F; Aaa

2. $1,075,000 of Harrisonburg Redevelopment & Housing Auth, VA
Taxable Multi-Family Housing Revenue Bonds (Huntington Village
Apartments Project) 2001B; B3

SUMMARY RATING RATIONALE

This rating action is based on several unsuccessful attempts to
obtain information required for review from the trustee. As a
result, we currently do not possess sufficient information to
maintain the existing ratings on the bonds. Over the next 30 days,
we will continue to attempt collection of information from the
appropriate parties, however, if sufficient information is not
received, the ratings may be downgraded or withdrawn.

WHAT COULD MAKE THE RATING GO UP

- Improvement in program-asset-to-debt-ratio

WHAT COULD MAKE THE RATING GO DOWN

- Deterioration of the program's financial position

STRENGTHS

- High quality of the credit enhanced mortgage

CHALLENGES

- Performance relies on proper administration and adherence to
mandatory provisions of the trust indenture and financing agreement
by all parties

- Little to no additional security is available from outside the
trust estate

METHOLODGY

The principal methodology used in this rating was US Stand-Alone
Housing Bond Programs Secured by Credit Enhanced Mortgages
published in December 2012.


HART OIL: Court Dismisses Trustee's Suit vs. John Ehrman
--------------------------------------------------------
Judge David T. Thuma of the United States Bankruptcy Court for the
District of New Mexico granted John Ehrman's motion to dismiss all
claims against him for lack of standing in the adversary proceeding
captioned ROBERT YAQUINTO, JR., Plaintiff, v. JOHN N. EHRMAN,
Defendant, Adv. No. 14-01138 t (Bankr. D.N.M.).

On December 15, 2014, the liquidation trustee for the debtor, Hart
Oil & Gas, Inc., brought the adversary proceeding against the
Citizen's Bank of Kilgore, the debtor's main secured lender.  In
March 20, 2015, however, the liquidating trustee filed a second
amended complaint, bringing 18 or so state law and other claims
against the Bank, and bringing five state law claims against a new
defendant, Ehrman.

Ehrman is not a creditor in the bankruptcy case, did not file a
proof of claim, and is not on the Court's mailing matrix for the
bankruptcy case.  Ehrman was not involved in any litigation in the
bankruptcy case.  Hart Oil did not list any claims against Ehrman
on its schedules.  No plan or disclosure statement filed in the
case by any party alleged that the estate held claims against
Ehrman.

Ehrman moved to dismiss on March 15, 2016, arguing that the plan of
liquidation confirmed in the bankruptcy case did not adequately
reserve the claims against him, so the trustee has no claims to
pursue.

Judge Thuma found that Hart Oil's plan of liquidation's definition
of "Cause of Action" is generic, albeit more detailed than "all
actions."  The judge held that the generic nature of the
plan/disclosure statement's claim reservation language did not
provide any significant notice to creditors, and did not comply
with the requirement that section 1123(b)(3) of the Bankruptcy Code
do more than recapitulate section 1141(b) wholesale retention of
assets.  The judge explained that, perhaps with small, routine
state law claims, the plan's generic language might suffice (like
the generic reservation language for chapter 5 avoidance actions),
but something more is required for large, unusual, allegedly
valuable claims like the ones against Ehrman.  The judge also found
that although the Ad Hoc Committee of Creditors knew enough about
the claims to make a reasonable attempt to specifically reserve and
disclose the claims in the plan/disclosure statement, the Committee
did not do so.

Because the claims were not adequately reserved, Judge Thuma
concluded that Hart Oil does not have standing to assert them.  

The bankruptcy case is In re: HART OIL & GAS, INC., Debtor, Case
No. 12-13558 t11 (Bankr. D.N.M.).

A full-text copy of Judge Thuma's December 13, 2016 opinion is
available at https://is.gd/a5cKct from Leagle.com.

Hart Oil & Gas, Inc., a Colorado Profit Corporation, is represented
by:

          James A. Askew, Esq.
          Edward Alexander Mazel, Esq.
          Daniel Andrew White, Esq.
          ASKEW & MAZEL, LLC
          320 Gold Avenue S.W., Suite 300A
          Albuquerque, NM 87102
          Tel: (505)433-3097
          Fax: (505)717-1494
          Email: jaskew@askewmazelfirm.com
                 edmazel@askewmazelfirm.com
                 dwhite@askewmazelfirm.com

            -- and --

          Andrew R. Korn, Esq.
          KORN DIAZ FIRM
          4221 Avondale Ave
          Dallas, TX 75219
          Tel: (214)521-8800

            -- and --

          Russell C. Lowe, Esq.
          110 Second Street SW
          Albuquerque, NM 87103
          Tel: (505)633-8709

Robert Yaquinto, Jr., Liquidation Trustee, Liquidator, is
represented by:

          Kirk Allen Kennedy, Esq.
          THE KENNEDY FIRM

Robert L. Finch, Trustee, is represented by:

          Chris W. Pierce, Esq.
          HUNT & DAVIS, P.C.
          2632 Mesilla, N.E.
          Albuquerque, NM

United States Trustee, U.S. Trustee, is represented by:

          Ronald Andazola, Esq.
          Alice Nystel Page, Esq.
          OFFICE OF THE U.S. TRUSTEE
          421 Gold Avenue SW, Room 112
          Albuquerque, NM 87102
          Tel: (505)248-6544
          Fax: (505)248-6558

Unsecured Creditors' Committee, Creditor Committee, is represented
by:

          Bonnie P. Bassan, Esq.
          George M. Moore, Esq.
          MOORE, BASSAN & BEHLES P.C.
          3800 Osuna Road, NE, Ste. 2
          Albuquerque, NM 87109
          Tel: (505)242-1218
          Email: bbg11usc@swcp.com
                 gmm11usc@swcp.com

                        About Hart Oil

Hart Oil & Gas, Inc., based in Austin, Texas, filed for Chapter 11
(Bankr. D.N.M. Case No. 12-13558) on Sept. 25, 2012.  Judge Robert
H. Jacobvitz was first assigned to the case.

William F. Davis, Esq. -- daviswf@nmbankruptcy.com -- at William F.
Davis & Associates, P.C., serves as the Debtor's counsel.

In its petition, the Debtor estimated $100,001 to $500,000 in
assets, and $1 million to $10 million in debts.  

A list of the Company's 20 largest unsecured creditors filed with
the petition is available for free at
http://bankrupt.com/misc/nmb12-13558.pdf.The petition was signed  
by Andrew Brian Saied, president.


HART OIL: Kennedy Directed to Return $22K to Liquidation Trustee
----------------------------------------------------------------
Judge David T. Thuma of the United States Bankruptcy Court for the
District of New Mexico granted Marilyn Smelcer's motion to require
Kirk Kennedy to return at least $22,753 to the liquidation trustee
for redistribution.

Kennedy represented Smelcer in an adversary proceeding filed on
December 15, 2014, against Citizens Bank of Kilgore, which sought
to avoid the bank's asserted liens on estate collateral.  The
complaint was later amended in March 2015, substantially broadening
the claims.  Smelcer, through Kennedy, objected to Citizens Bank's
claim on March 3, 2015.  By an order entered June 16, 2015, the
Court reduced the bank's claim by $308,501.74.  On July 2, 2015,
the Court dismissed many but not all of the claims asserted in the
Second Amended Complaint against Citizens Bank.

Shortly thereafter, Kennedy sought approval from the U.S. Trustee
to be paid $60,469.86 from estate assets, with another $62,930.80
deferred until a later date, pursuant to a Reverse Contingency Fee
Agreement.  The U.S. Trustee filed an objection to the fee request
on August 10, 2015.  The fee dispute and related matters were
mediated on September 14, 2015.  The result was a settlement
agreement drafted by Kennedy's counsel.  On September 28, 2015, the
Court entered a stipulated order memorializing the settlement
agreement.

Smelcer resigned as the liquidating trustee effective on or about
October 27, 2015, and Robert Yaquinto, Jr. was appointed the
successor liquidating trustee.

After the Court entered the agreed order, Kennedy incurred $22,753
in expert witness fees or other costs in the adversary proceeding.


Citizens Bank settled with Yaquinto on or about June 8, 2016,
agreeing to pay the liquidation estate $412,000.  On July 11, 2016,
Yaquinto paid Kennedy $187,553, representing 40% of the Citizens
Bank settlement and the $22,753 in costs.  Smelcer objected to,
inter alia, the $22,753 payment.

Smelcer argued that the payment was contrary to Kennedy's fee
agreement with the liquidation estate, and that she did not intend
to agree that Kennedy could be reimbursed for litigation expenses
he paid.  Rather, she understood that the previous agreement
remained in place, i.e., that Kennedy would get a 40% contingency
fee but "absorb" all litigation costs.  

Kennedy countered that the agreement was changed in September 2015
to allow him to collect the funds.  When Kennedy settled, he
thought there was an agreement to change his fee arrangement so he
could be reimbursed for any litigation costs he paid.

Judge Thuma found that the provision of the agreed order relating
to the payment of expenses is ambiguous.  After considering the
parties' intent and the applicable rules of contract construction,
the judge construed the agreed order to mean that Kennedy must pay
for the litigation expenses without a right of reimbursement.  The
judge thus granted Smelcer's motion to the extent she wants Kennedy
to return $22,753 to the estate.

A full-text copy of Judge Thuma's December 7, 2016 opinion is
available at https://is.gd/niCext from Leagle.com.

Hart Oil & Gas, Inc., a Colorado Profit Corporation, is represented
by:

          James A. Askew, Esq.
          Edward Alexander Mazel, Esq.
          Daniel Andrew White, Esq.
          ASKEW & MAZEL, LLC
          320 Gold Avenue S.W., Suite 300A
          Albuquerque, NM 87102
          Tel: (505)433-3097
          Fax: (505)717-1494
          Email: jaskew@askewmazelfirm.com
                 edmazel@askewmazelfirm.com
                 dwhite@askewmazelfirm.com

            -- and --

          Andrew R. Korn, Esq.
          KORN DIAZ FIRM
          4221 Avondale Ave
          Dallas, TX 75219
          Tel: (214)521-8800

            -- and --

          Russell C. Lowe, Esq.
          110 Second Street SW
          Albuquerque, NM 87103
          Tel: (505)633-8709

Robert Yaquinto, Jr., Liquidation Trustee, Liquidator, is
represented by:

          Kirk Allen Kennedy, Esq.
          THE KENNEDY FIRM

Robert L. Finch, Trustee, is represented by:

          Chris W. Pierce, Esq.
          HUNT & DAVIS, P.C.
          2632 Mesilla, N.E.
          Albuquerque, NM

United States Trustee, U.S. Trustee, is represented by:

          Ronald Andazola, Esq.
          Alice Nystel Page, Esq.
          OFFICE OF THE U.S. TRUSTEE
          421 Gold Avenue SW, Room 112
          Albuquerque, NM 87102
          Tel: (505)248-6544
          Fax: (505)248-6558

Unsecured Creditors' Committee, Creditor Committee, is represented
by:

          Bonnie P. Bassan, Esq.
          George M. Moore, Esq.
          MOORE, BASSAN & BEHLES P.C.
          3800 Osuna Road, NE, Ste. 2
          Albuquerque, NM 87109
          Tel: (505)242-1218
          Email: bbg11usc@swcp.com
                 gmm11usc@swcp.com

                        About Hart Oil

Hart Oil & Gas, Inc., based in Austin, Texas, filed for Chapter 11
(Bankr. D.N.M. Case No. 12-13558) on Sept. 25, 2012.  Judge Robert
H. Jacobvitz was first assigned to the case.

William F. Davis, Esq. -- daviswf@nmbankruptcy.com -- at William F.
Davis & Associates, P.C., serves as the Debtor's counsel.

In its petition, the Debtor estimated $100,001 to $500,000 in
assets, and $1 million to $10 million in debts.  

A list of the Company's 20 largest unsecured creditors filed with
the petition is available for free at
http://bankrupt.com/misc/nmb12-13558.pdf.The petition was signed
by Andrew Brian Saied, president.


HOUSTON BLUEBONNET: Suit vs. Lyle Estate to Texas State Court
-------------------------------------------------------------
Judge Marvin Isgur of the United States Bankruptcy Court for the
Southern District of Texas, Houston Division, remanded the
adversary proceeding captioned DANIEL R. JAPHET, et al,
Plaintiff(s). v. KENNETH R. LYLE ESTATE, JENNIE KAY BIERSCHEID
EXECUTRIX, et al, Defendant(s), Adversary No. 16-03225 (S.D Tex.)
to the 149th Judicial District of Brazoria County, Texas.

On September 30, 2016, Houston Bluebonnet, L.L.C., removed to the
bankruptcy court a state court action brought by Daniel R. Japhet,
et al., that involved a dispute as to the proper interpretation of
a 1919 oil and gas assignment between Dan A. Japhet and Humble Oil
& Refining Co.

On October 5, 2016, the plaintiffs filed a motion for abstention
and remand on the grounds of mandatory abstention under 28 U.S.C.
section 1334(c)(2), permissive abstention under 28 U.S.C. section
1334(c)(1), and equitable remand under 28 U.S.C. section 1452(b).

Judge Isgur found that mandatory abstention is appropriate in the
adversary proceeding under section 1334(c)(2).  The judge found
that the plaintiffs successfully established all of the elements
for mandatory abstention.  The judge held that the claims in the
proceeding have no basis for federal jurisdiction other than
section 1334(b).  

Judge Isgur also found that the plaintiffs also successfully
established that their state law claims are non-core.

The judge found that the proceeding does not qualify as core under
section 157(b)(2)(A) because it does not concern the administration
of the bankruptcy estate as contemplated by the statute.

Judge Isgur also found that the proceeding does not qualify as core
under section 157(b)(2)(B) even though the plaintiffs brought
claims against Houston Bluebonnet's bankruptcy estate.  The judge
noted that the plaintiffs' claims are not in the form of a proof of
claim but instead are state law claims removed to federal court.
The judge explained that a state law claim that does not depend on
the bankruptcy laws for its existence is not a core proceeding.

Judge Isgur also held that the proceeding does not qualify as core
under section 157(b)(2)(C) even though Houston Bluebonnet filed
counterclaims against the plaintiffs.  The judge stated that
because the plaintiffs' claims and Houston Bluebonnet's
counterclaims are state court claims and not bankruptcy claims, the
claims cannot yet be resolved in the process of ruling on a proof
of claim in Houston Bluebonnet's bankruptcy case.  Consequently,
the judge held that the proceeding does not qualify as core under
section 157(b)(2)(C) as a counterclaim by the estate against a
creditor.

Finally, Judge Isgur held that the proceeding does not qualify as
core under section 157(b)(2)(O) even though it may affect the
liquidation of estate assets.  The judge found that the state law
origins of the plaintiffs' claims are not dispositive as to whether
they are core under section 157(b)(2)(O), and that the claims in
this proceeding could easily stand independently from the
underlying bankruptcy case.

Judge Isgur also noted that the plaintiffs and Houston Bluebonnet
both agree that the plaintiffs' claims were originally filed in
state court, and that the plaintiffs adequately proved that the
adversary proceeding can be timely adjudicated in state court.

Lastly, Judge Isgur held that even if mandatory abstention does not
apply in this adversary proceeding, permissive abstention under
section 1334(c)(1) would still be appropriate.

The bankruptcy case is IN RE: HOUSTON BLUEBONNET, L.L.C., Chapter
11, Debtor(s), Case No 16-34850 (Bankr. S.D. Tex.).

A full-text copy of Judge Isgur's December 6, 2016 memorandum
opinion is available at https://is.gd/LiwW7g from Leagle.com.

Houston Bluebonnet, L.L.C. is represented by:

          H. Miles Cohn, Esq.
          Michelle Valadares Friery, Esq.
          CRAIN, CATON & JAMES, PC
          Five Houston Center, 17th Floor
          1401 McKinney, Suite 1700
          Houston, TX 77010
          Tel: (713)658-2323
          Fax: (713)658-1921
          Email: mcohn@craincaton.com
                 mfriery@craincaton.com

            -- and --

          Gary Eugene Ellison, Esq.
          ATTORNEY AT LAW
          11767 Katy Freeway, Suite 330
          Houston, TX 77079-1729
          Tel: (281)531-5588
          Fax: (281)531-6166

US Trustee, U.S. Trustee, is represented by:

          Christine A. March, Esq.
          OFFICE OF THE US TRUSTEE
          515 Rusk Street, Suite 3516
          Houston, TX 77002
          Tel: (713)718-4650
          Fax: (713)718-4670

                About Houston Bluebonnet, LLC

Houston Bluebonnet, LLC, filed for Chapter 11 bankruptcy protection
(Bankr. S.D. Tex. Case No. 16-34850) on Sept. 30, 2016, estimating
its assets and liabilities at between $100,001 to $500,000. The
petition was signed by Allyson Davis.

H. Miles Cohn,
Esq., of Crain, Caton & James, P.C., serves as the Debtor's
bankruptcy counsel.


HPIL HOLDING: Relocates Executive Office to Freeland, Michigan
--------------------------------------------------------------
HPIL Holding approved on April 12, 2016, a change in the address of
its principal executive office.  The Company's new principal
executive office is located at 5 Appleshire CT, Freeland, Michigan
48623.

                       About HPIL Holding

HPIL Holding (formerly Trim Holding Group) was incorporated on Feb.
17, 2004, in the state of Delaware under the name TNT Designs, Inc.
A substantial part of the Company's activities were involved in
developing a business plan to market and distribute fashion
products.  On June 16, 2009, the majority interest in the Company
was purchased in a private agreement by Mr. Louis Bertoli, an
individual, with the objective to acquire and/or merge with other
businesses.  On Oct. 7, 2009, the Company merged with and into Trim
Nevada, Inc., which became the surviving corporation.  The merger
did not result in any change in the Company's management, assets,
liabilities, net worth or location of principal executive offices.
However, this merger changed the legal domicile of the Company from
Delaware to Nevada where Trim Nevada, Inc. was incorporated.  Each
outstanding share of TNT Designs, Inc. was automatically converted
into one share of the common stock of Trim Nevada, Inc.  Pursuant
to the merger, the Company changed its name from TNT Designs, Inc.
to Trim Holding Group and announced the change in the Company's
business focus to health care and environmental quality sectors.
Afterwards the Company determined it no longer needed its inactive
subsidiaries, and as such, all three subsidiaries were dissolved.
On May 21, 2012, the Company changed its name to HPIL Holding.

MNP LLP, in Mississauga, Ontario, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has incurred
continuing losses and negative cash flows from operations.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.

The Company reported a net loss and comprehensive loss available to
common shareholders of $92,659 following a net loss and
comprehensive loss available to common shareholders of $456,589 for
the year ended Dec. 31, 2014.

As of Sept. 30, 2016, the Company had $6.80 million in total
assets, $80,875 in total liabilities, all current, $6.72 million in
total stockholders' equity.


INDUSTRIAL SKATE: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: Industrial Skate & Boards, Inc.
        5325 S. Kyrene Road, Suite 104
        Tempe, AZ 85283

Case No.: 16-14389

Chapter 11 Petition Date: December 21, 2016

Court: United States Bankruptcy Court
       District of Arizona (Phoenix)

Judge: Hon. Daniel P. Collins

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, president/CEO.

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/azb16-14389.pdf


INT'L MANUFACTURING: Partial Dismissal of Suit vs. ZB Recommended
-----------------------------------------------------------------
In the adversary proceeding captioned BEVERLY N. McFARLAND, Chapter
11 Trustee, Plaintiff, v. CALIFORNIA BANK AND TRUST, et al.,
Defendants, Adv. Pro. No. 16-2090-D, Docket Control No. BN-2
(Bankr. E.D. Cal.), Judge Robert S. Bardwil of the United States
Bankruptcy Court for the Eastern District of California recommended
that the motion filed by the defendant, ZB, N.A., to dismiss the
first amended complaint be granted in part.

On September 21, 2016, defendant ZB, N.A. filed a motion to dismiss
the first amended complaint of the plaintiff, Beverly McFarland,
who is also the trustee in the chapter 11 case in which the
adversary proceeding is pending, pursuant to Fed. R. Civ. P.
12(b)(6), made applicable in the proceeding by Fed. R. Bankr. P.
7012(b), for failure to state a claim upon which relief can be
granted.

Judge Bardwil concluded that Count 10 (security interests) of the
amended complaint should be dismissed in its entirety because the
security interests granted by way of the February 20, 2007 Business
Loan Agreement were granted outside the seven-year period of the
statute of repose, and therefore, are not subject to attack.  The
ruling applies to the security interests securing all of ZB's loans
to the International Manufacturing Group, Inc. (IMG), including, as
a result of the future advances language, those made within the
seven-year period.

Judge Bardwil also held that the ruling likewise applies to Count 9
as to IMG's obligations incurred more than seven years prior to the
commencement of the chapter 11 case; as to those five obligations,
Count 9 should be dismissed.

Similarly, Judge Bardwil held that Counts 1, 2 and 4 should be
dismissed with respect to repayments made to ZB on loans made to
IMG outside the seven-year period, as those repayments were made
from the ZB's own collateral, and thus, under First Alliance
Mortgage, they are not subject to attack.

In short, as to Count 10, as to those portions of Count 9
concerning obligations incurred outside the seven-year period, and
as to those portions of Counts 1, 2, and 4 concerning repayments on
those obligations, accepting as true all facts alleged in the
amended complaint and drawing all reasonable inferences in favor of
the trustee, Judge Bardwil concluded that when viewed in light of
the seven-year statute of repose of Cal. Civ. Code section
3439.09(c), the complaint does not contain "sufficient factual
matter, accepted as true, to 'state a claim to relief that is
plausible on its face.'"  

The judge further found that the trustee has suggested no way in
which she could, by amendment to the complaint, overcome the
statute of repose with respect to the security interests or those
five obligations; thus, amendment would be futile, and the
trustee's request for leave to amend should be denied.

The bankruptcy case is In re: INTERNATIONAL MANUFACTURING GROUP,
INC., Debtor, Case No. 14-25820-D-11 (Bankr. E.D. Cal.).

A full-text copy of Judge Bardwil's December 6, 2016 order is
available at https://is.gd/P15rA7 from Leagle.com.

International Manufacturing Group, Inc. is represented by:

          Marc A. Caraska, Esq.
          555 University Avenue, Suite 116 (East Wing)
          Sacramento, CA 95825
          Tel: (916)488-4529

Beverly N. McFarland, Trustee, is represented by:

          Jennifer E. Niemann, Esq.
          Thomas A. Willoughby, Esq.
          400 Capitol Mall, Suite 1750
          Sacramento, CA 95814
          Tel: (916)329-7400
          Email: jniemann@ffwplaw.com
                 twilloughby@ffwplaw.com

            -- and --

          Christopher Daniel Sullivan, Esq.
          Michael J. Yoder, Esq.
          DIAMOND MCCARTHY LLP
          150 California Street, Suite 2200
          San Francisco, CA 94111
          Tel: (415)692-5200
          Fax: (415)263-9200
          Email: csullivan@diamondmccarthycom                      
         
                 myoder@diamondmccarthy.com

            -- and --
                 
          Allan B. Diamond, Esq.
          DIAMOND MCCARTHY LLP
          Two Houston Center
          909 Fannin Street, 15th Floor
          Houston, TX 77010
          Tel: (713)333-5100
          Fax: (713)333-5199
          Email: adiamond@diamondmccarthy.com

Tracy Hope Davis, U.S. Trustee, is represented by:

          David A. Honig, Esq.
          1855 Market Street
          San Francisco, CA 94103
          Tel: (415)817-9200
          Fax: (415)462-5450
          Email: david@josephandcohen.com

               About International Manufacturing

Deepal Wannakuwatte, the mastermind of a $150 million Ponzi
scheme,
put himself and his company, International Manufacturing Group
Inc., into Chapter 11 after he pleaded guilty to one count of wire
fraud and agreed to a 20-year prison sentence.  The bankruptcy
filing was part of his plea bargain with federal prosecutors.  Mr.
Wannakuwatte is the former owner of the Sacramento Capitols tennis
team.

Mr. Wannakuwatte initiated his personal Chapter 11 case on
May 30, 2014.  Hank Spacone was appointed as trustee for
Wannakuwatte's Chapter 11 estate.  Betsy Kathryn Wannakuwatte and
Sarah Kathryn Wannakuwatte also have pending Chapter 7 cases.

Mr. Wannakuwatte also submitted a Chapter 11 bankruptcy petition
for IMG on May 30, 2014 (Bankr. E.D. Cal. Case No. 14-25820) in
Sacramento.  The case is assigned to Judge Robert S. Bardwil.  The
Debtor tapped Marc A. Caraska, in Sacramento, as counsel.

In June 2014, Beverly N. McFarland was appointed as Chapter 11
trustee for IMG.  She tapped Felderstein Fitzgerald Willoughby &
Pascuzzi LLP as her bankruptcy counsel; Diamond McCarthy LLP as
Her
special litigation counsel; Gabrielson & Company as accountant;
and
Karen Rushing as bookkeeper outside the ordinary course of
business.

The U.S. Trustee for Region 7 appointed a three-member unsecured
creditors panel in IMG's case comprising of Byron Younger, Janine
Jones, and Steve Whitesides.


INTERNATIONAL TEXTILE: WL Ross, et al., No Longer Own Common Shares
-------------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these reporting persons disclosed that they have ceased
to beneficially own shares of common stock, without par value, of
International Textile Group, Inc. as of Oct. 24, 2016:

   1. WL Ross & Co. LLC
   2. WLR Recovery Fund II, L.P.
   3. WLR Recovery Fund III, L.P.;
   4. WLR Recovery Fund IV, L.P.;
   5. WLR IV Parallel ESC, L.P.;
   6. WLR Recovery Associates II LLC;
   7. WLR Recovery Associates III LLC;
   8. WLR Recovery Associates IV LLC;
   9. INVESCO WLR IV Associates, LLC;
  10. Invesco Private Capital, Inc.;
  11. WL Ross Group, L.P.;
  12. El Vedado, LLC;
  13. WLR/AR Holdings, Inc.; and
  14. Wilbur L. Ross, Jr.

On Oct. 24, 2016, International Textile, WLR Recovery Fund IV, L.P.
and WLR IV Parallel ESC, L.P. entered into an Exchange and
Contribution Agreement pursuant to which, among other things, (i)
Fund IV exchanged and contributed to the capital of the Issuer an
aggregate of $17,952,254 in principal and accrued interest of the
Issuer's debt securities identified as "Senior subordinated notes
-- related party, including PIK interest" on the Issuer's
consolidated balance sheets in exchange for 14,936,748 shares of
the Issuer's Common Stock and (ii) Parallel ESC exchanged and
contributed to the capital of the Issuer an aggregate of $76,021 in
principal and accrued interest of the Tranche B Notes  in exchange
for 63,252 shares of the Issuer's Common Stock.

In connection with the structuring of the sale of all of the debt
and equity securities of International Textile held by the
Reporting Persons to Platinum Equity, LLC, it was determined that
as part of the tax planning for the transaction a portion of the
Tranche B Notes held by the Reporting Persons should be exchanged
for equity securities of the Issuer and a portion of such Tranche B
Notes should be contributed to the capital of the Issuer, in each
case, prior to consummation of the securities sale transaction with
Platinum Equity.  The Reporting Persons requested that the Issuer
facilitate this exchange and contribution and a Special Committee
of the Board of Directors of the Issuer was engaged to review the
request.  In order to effect this exchange and contribution, two of
the Reporting Persons, Fund IV and Parallel IV, negotiated the
Exchange Agreement with the Special Committee and entered into the
Exchange Agreement with the Issuer on Oct. 24, 2016, following the
execution of the SPA.  As part of the separate negotiations between
the Special Committee and Platinum Equity regarding a merger of the
Issuer and a Platinum Equity affiliate that would become effective
following the consummation of Platinum Equity's proposed
acquisition of the Issuer's debt and equity securities held by the
Reporting Persons and would cash out the Issuer's minority
stockholders, the Special Committee and Platinum Equity requested
that a portion of the securities to be issued to Fund IV and
Parallel ESC pursuant to the Exchange Agreement be in the form of
Common Stock, such that
Platinum Equity would hold at least 90% of each class of the
Issuer's equity securities after consummation of the securities
purchase transaction with the Reporting Persons and that therefore
Platinum Equity would be able to effect the Merger as a
"short-form" merger under Section 253 of the General Corporation
Law of the State of Delaware.  The 15,000,000 shares of Common
Stock acquired by the Reporting Persons were acquired by the
Reporting Persons pursuant to the Exchange Agreement.

Pursuant to the Securities Purchase Agreement, dated as of
Oct. 24, 2016, by and among Project Ivory Acquisition LLC, a
Delaware limited liability company, Project Ivory Merger
Corporation, a Delaware corporation and a wholly-owned subsidiary
of Project Ivory Intermediate Holding II Corporation, a Delaware
corporation, each of which is an affiliate of Platinum Equity, WLR
Recovery Fund II, L.P., WLR Recovery Fund III, L.P., Fund IV,
Parallel ESC, WLR/GS Master Co-Investment, L.P. and WLR/AR
Holdings, Inc., Acquisition Company and Merger Sub acquired from
the WLR Seller Entities, all 29,334,155 shares of Common Stock
(including the 15,000,000 shares acquired pursuant to the
transactions contemplated by the Exchange Agreement) then owned by
the WLR Seller Entities.  The purpose of the transactions
contemplated by the SPA was to effect the complete divestiture of
all of the debt and equity securities of the Issuer beneficially
owned by the Reporting Persons.  As a result of the foregoing
transaction, the Reporting Persons disposed of all of their shares
of the Issuer's Common Stock and ceased to be the beneficial owners
of 5% or more of the Issuer's Common Stock.

A full-text copy of the regulatory filing is available at:

                     https://is.gd/jxUsQW

                 About International Textile

International Textile Group, Inc., is a global, diversified
textile manufacturer headquartered in Greensboro, North Carolina,
with current operations principally in the United States, China,
Mexico, and Vietnam.  ITG's long-term focus includes the
realization of the benefits of its global expansion, including
reaching full production at ITG facilities in China and Vietnam,
and continuing to seek other strategic growth opportunities.

International Textile reported a net loss attributable to common
stock of $14,000 on $610.40 million of net sales for the year ended
Dec. 31, 2015, compared to a net loss attributable to common stock
of $15.40 million on $595.44 million of net sales for the year
ended Dec. 31, 2014.

As of June 30, 2016, International Textile had $323.3 million in
total assets, $359.8 million in total liabilities and a total
stockholders' deficit of $36.54 million.


INTERPACE DIAGNOSTICS: Has $1.9M Registered Common Stock Offering
-----------------------------------------------------------------
Interpace Diagnostics Group, Inc., announced that it has entered
into a securities purchase agreement with a single institutional
investor to purchase 2,000,000 shares of common stock at a price of
$0.53 per share and 1,600,000 pre-funded warrants to purchase
common stock, at a purchase price of $0.52 per share, with $0.01
per share payable upon exercise of each pre-funded warrant, in a
registered direct offering with gross proceeds of approximately
$1.9 million.  The offering is expected to close on or about Dec.
22, 2016, subject to the satisfaction of customary closing
conditions.

Maxim Group LLC acted as exclusive placement agent for the
offering.

After deducting the placement agent's commission and other
estimated offering expenses payable by Interpace, the net proceeds
to Interpace are anticipated to be approximately $1.7 million.
Interpace intends to use the net proceeds of the offering for
working capital, repayment of indebtedness and general corporate
purposes.

The securities are being offered under the Company's shelf
registration statement on Form S-3 (No. 333-207263), including a
base prospectus, previously filed with and declared effective by
the U.S. Securities and Exchange Commission (SEC).  The securities
will be offered by means of a prospectus supplement and
accompanying prospectus, forming a part of the effective
registration statement.  The prospectus supplement and accompanying
prospectus related to the offering will be filed with the SEC and
will be available on the website of the SEC at http://www.sec.gov.
Electronic copies of the prospectus supplement and accompanying
prospectus also may be obtained from Maxim Group LLC, 405 Lexington
Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745.

                   About Interpace Diagnostics

Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing molecular
diagnostic tests principally focused on early detection of high
potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management.  The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing our proprietary PathFinder platform; ThyGenX,
which assesses thyroid nodules for risk of malignancy, ThyraMIR,
which assesses thyroid nodules risk of malignancy utilizing a
proprietary gene expression assay.

Interpace reported a net loss of $11.35 million in 2015 following a
net loss of $16.07 million in 2014.

As of Sept. 30, 2016, the Company had $45.96 million in total
assets, $47.44 million in total liabilities and a total
stockholders' deficit of $1.47 million.

BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.


INTERPACE DIAGNOSTICS: Sabby Reports 9.9% Stake as of Dec. 19
-------------------------------------------------------------
Sabby Healthcare Master Fund, Ltd., Sabby Management, LLC and Hal
Mintz disclosed in a Schedule 13G filed with the Securities and
Exchange Commission that as of Dec. 19, 2016, they beneficially own
2,000,000 shares of common stock of Interpace Diagnostics Group,
Inc., representing 9.92 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available at:

                     https://is.gd/nEdw5B

                  About Interpace Diagnostics

Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing molecular
diagnostic tests principally focused on early detection of high
potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management.  The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing our proprietary PathFinder platform; ThyGenX,
which assesses thyroid nodules for risk of malignancy, ThyraMIR,
which assesses thyroid nodules risk of malignancy utilizing a
proprietary gene expression assay.

Interpace reported a net loss of $11.35 million in 2015 following a
net loss of $16.07 million in 2014.

As of Sept. 30, 2016, the Company had $45.96 million in total
assets, $47.44 million in total liabilities and a total
stockholders' deficit of $1.47 million.

BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.


IPAYMENT INC.: Moody's Lowers Corporate Family Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service downgraded iPayment, Inc.'s Corporate
Family Rating (CFR) to Caa2, from Caa1, and its Probability of
Default Rating to Caa3-PD, from Caa1-PD. Moody's affirmed the B2
ratings for iPayment's first lien credit facilities and downgraded
the ratings for senior notes at iPayment and iPayment Holdings,
Inc. to Ca. The ratings outlook is negative.

RATINGS RATIONALE

The downgrade of the CFR to Caa2 reflects iPayment's impending debt
maturities through May 2017, persistently high leverage of about
mid 7x and a significant likelihood of a debt restructuring that
will result in losses to certain debtholders. iPayment has
generated year-over-year net revenue growth over the last 10
quarters but EBITDA continues to decline. Moody's expects iPayment
to generate annual free cash flow of approximately $20 million.
Moreover, management turnover in recent quarters and a pending
lawsuit against the company by its former CEO and founder have
increased uncertainties about the risk of default and losses for
debtholders in a potential restructuring.

The Caa2 CFR additionally reflects iPayment's small operating
scale, intensely competitive operating environment and limited
financial flexibility, which constrains its ability to invest in
growth while competition for new customers is intense. iPayment's
credit profile benefits from its recurring, transactions-based
revenues, diverse customer base with low industry concentration and
its track record of positive free cash flow.

The negative outlook reflects looming debt maturities and an
increasing risk of default and debt impairment.

Moody's could downgrade iPayment's ratings if recovery for
individual debt instruments is expected to be lower than currently
estimated. Conversely, the ratings could be upgraded if the company
addresses debt maturities and its capitalization affords ample
liquidity to service debt and invest in growth.

Moody's has taken the following rating actions:

Issuer: iPayment, Inc.

- Corporate Family Rating -- Downgraded to Caa2, from Caa1

-  Probability of Default Rating -- Downgraded to Caa3-PD, from
Caa1-PD

- Senior 1st lien revolving credit facility due February 2017 --
Affirmed B2 (LGD 2)

-  Senior 1st lien term loan due May 2017 -- Affirmed B2 (LGD 2)

- $296 million of senior 2nd lien notes due 2019 -- Downgraded to
Ca (LGD 4), from Caa2 (LGD 5)

-  10.25% senior unsecured notes due 2018 -- Downgraded to Ca (LGD
5), from Caa3 (LGD 6)

Issuer: iPayment Holdings, Inc.

- Senior PIK notes due 2018 -- Downgraded to Ca (LGD 5), from Caa3
(LGD 6)

- Outlooks:

-  iPayment, Inc.

- Outlook -- Negative, from Stable

-  iPayment Holdings, Inc.

- Outlook -- Negative, from Stable

iPayment, Inc. is a merchant acquirer that provides credit and
debit card-based payment processing services to small business
merchants in the United States. iPayment generated revenues (net of
interchange) of $341 million in the twelve months ended September
30, 2016.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.


J. CREW: Bank Debt Trades at 44.85% Off
---------------------------------------
Participations in a syndicated loan under J. Crew is a borrower
traded in the secondary market at 55.15 cents-on-the-dollar during
the week ended Friday, December 16, 2016, according to data
compiled by LSTA/Thomson Reuters MTM Pricing.  This represents a
decrease of 9.19 percentage points from the previous week.  J. Crew
pays 300 basis points above LIBOR to borrow under the $1.56 billion
facility. The bank loan matures on Feb.27, 2021 and carries Moody's
Caa1 rating and Standard & Poor's CCC- rating.  The loan is one of
the biggest gainers and losers among 247 widely quoted syndicated
loans with five or more bids in secondary trading for the week
ended December 16.


K & C LV INVESTMENTS: WSC Objects To Disclosure Statement
---------------------------------------------------------
Western States Contracting, Inc., objects to the disclosure
statement in support of the proposed plan of reorganization filed
by K & C LV Investments, Inc.

As previously reported, the Debtor estimates that the Class 6
General Unsecured Claims against the estate total approximately
$1,896,992 under the plan. General Unsecured Class comprised of
non-priority general unsecured claims against Debtor. This class
includes the unsecured portion of the mortgage claim of Aqua Fria
Insurance Service, and the fully unsecured claims of Encore
Construction Inc., Sunbelt Engineering & Testing, and Western
States Contracting.  The General Unsecured Class will be paid a
total of $13,541.

Western States objects to the disclosure because it fails to
recognize Western States as a secured creditor. The disclosure
treats Western as an unsecured creditor by completely disregarding
Western States' perfected mechanic's lien for work performed at
2000 E. Cheyenne Avenue Las Vegas, Nevada 89030 (Property). Not
only does Debtor attempt to rob Western States of its secured
creditor status, the disclosure grants Aqua Fria Insurance
Services, LLC priority over Western States when Western States'
mechanics lien was perfected prior to Aqua Fria's recording date.
As such, Western States' lien must be recognized as secured, with
priority over Aqua Fria's claim.

The Debtor's disclsure is simply inaccurate and robs Western States
of its security interest in the Property established by its
mechanic's lien. The disclosure also fails acknowledge Western
States even has a security interest.

Based upon the foregoing, Western States respectfully requests the
U.S. Bankruptcy Court for the District of Nevada to not approve the
disclosure statement to allow Western States to retain its rights
as a secured party and maintain its mechanic's lien property over
Aqua Fria and all other claims.

Attorneys for Western Contracting:

     Michael C. Van, Esq
     Nevada Bar No. 3876
     Samuel A. Marshall, Esq
     Nevada Bar No. 13718
     8985 S. Eastern Avenue, Suite 100
     Las Vegas, Nevada 89123

                   About K & C LV Investments

K & C LV Investments, Inc., based in Las Vegas, Nevada, is a
business which owns two properties.  One property is
residential,
and the other is commercial.  The residential investment
property
is located at 2012 North 88th Drive, Phoenix, Arizona
85037.  The
2012 North property is presently occupied by a tenant.

The Debtor filed a Chapter 11 petition (Bankr. D. Nev. Case No.
16-13605) on June 30, 2016.  The Hon. Mike K. Nakagawa presides
over the case.  Seth D. Ballstaedt, Esq., at The Ballstaedt Law
Firm, as bankruptcy counsel.

In its petition, the Debtor estimated $827,210 to $2.69 million in
both assets and liabilities.  The petition was signed by Wagih
Kamar, president.


K. HANNAH CORP: Jan. 18 Plan Confirmation Hearing
-------------------------------------------------
Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle
District of Florida conditionally approved the disclosure statement
and plan of reorganization filed by K. Hannah Corp.

The Court will conduct a hearing on confirmation of the plan,
including timely filed objections to confirmation, objections to
the disclosure statement, motions for cramdown, applications for
compensation, and motions for allowance of administrative claims on
Jan. 18, 2017 at 10:30 am in Ft. Myers, FL − Room 4−117,
Courtroom E, U.S. Courthouse, 2110 First Street .

Any written objections to the disclosure statement shall be filed
and served no later than 7 days prior to the date of the hearing on
confirmation.

Parties in interest shall submit their written ballot accepting or
rejecting the plan no later than 8 days before the date of the
confirmation hearing.

Objections to confirmation shall be filed no later than 7 days
before the date of the confirmation hearing.

Plan Proponent shall file a ballot tabulation no later than 96
hours prior to the time set for the confirmation hearing.

               About K. Hannah Corp.

K. Hannah Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-04879) on June 6,
2016.  The petition was signed by Barbara J. Hannah,
president. 

The Debtor estimated assets of $500,000 to $1 million and debts of
$1 million to $10 million.


KING & WOOD: European Arm May Enter Administration Next Month
-------------------------------------------------------------
Max Walters at Law Gazette reports that the European arm of
Asia-focused City firm King & Wood Mallesons is expected to go into
administration in January.

The firm, which is around GBP30 million in debt, has been courting
potential takeover offers but the Gazette reported on Dec. 14 that
some of these had failed.

A spokesperson declined to confirm reports that administrators will
be called in on Jan. 16, 2017, the Gazette notes.

Major firms including Reed Smith and Mayer Brown are thought to be
in talks with several KWM partners about lateral moves while the
firm is also examining the possibility of transferring training
contracts to other firms, the Gazette discloses.

A KWM spokesperson told the Gazette, "We continue to work with our
financial advisers to explore all available options and, in the
interim, speculation and rumor serve no positive purpose.  As soon
as we are in a position to confirm further details, we will of
course do so."

Earlier this year, the Gazette reported that KWM would be cutting
15% of partners in its Europe and Middle East practice, the Gazette
recounts.

There were hopes that the Chinese arm of the business might bail
out the European and Middle East arm, the Gazette states.  That
option foundered last month however, leaving a rescue merger as
only viable remaining option, the Gazette relays.

                   About King & Wood Mallesons

King & Wood Mallesons is a multinational law firm headquartered in
Hong Kong.

With more than 2,200 lawyers and $1 billion in revenue, King & Wood
Mallesons is a product of two large scale mergers: in 2012, China's
King & Wood PRC Lawyers merged with Mallesons Stephen Jaques of
Australia, and then what became King & Wood Mallesons merged with
SJ Berwin of the United Kingdom in 2013.

KWM is the first and only global law firm based in Asia and is the
largest law firm headquartered outside of the United States or
European Union.  It is the 6th largest firm in the world by number
of lawyers and one of the top thirty by revenue.

The firm's Chinese, Australian and UK divisions each maintain
separate finance units but operate under a single brand name.

                       European Arm's Woes

KWM's European and Middle East (EUME) operation as of November 2016
had 130 partners and more than 500 lawyers altogether.  Its offices
in Europe and the Middle East are London, Cambridge, Madrid,
Brussels, Luxembourg, Milan, Paris, Frankfurt, Munich, Dubai and
Riyadh.  In 2015, the division accounted for 27 percent of the
firm's global revenue.

The Australian, Chinese, Hong Kong portions of KWM are financially
separate and have different management from the European
operations.

KWM Europe faced cash flow issues because of a slowdown in business
and partner defections.  In 2016, it was unable to make timely
payments to partners.

The firm subsequently announced a plan to inject $18 million of
capital by raising it from partners.  But the recapitalization plan
failed due to a number of partner departures.  Among those who
jumped ship are managing partner Rob Day and its head of
investments practices Michael Halford, left.

On Nov. 10, 2016, the firm announced that KWM global managing
partner Stuart Fuller would step down and that a process was
underway to select a new leader.

On Nov. 16, 2016, KWM announced a proposed bail-out, under which
the Chinese division agreed to infuse GBP14 million of additional
capital to KWM Europe, provided that 60% of partners agree to a 12
month "lock-in" and provide some additional capital.  However,
insufficient partners committed to the deal.

By the end of November 2016, KWM announced that it was considering
a range of strategic options, including a merger of the European
division.

In early December 2016, reports say that KWM Europe was in
negotiations to enter pre-packaged administration proceedings in
the UK.

KWM Europe announced on Dec. 9, 2016, that it has received "a
number of indicative purchase offers."


KIP AND ANDREA: To Settle Suit vs. Rabo Agri Finance
----------------------------------------------------
Kip and Andrea Richards Family Farm & Ranch, LLC, filed with the
U.S. Bankruptcy Court for the District of Nevada a fourth amended
disclosure statement and accompanying plan of reorganization, dated
Dec. 15, 2016, which contemplates a settlement of personal lawsuit
brought by Rabo Agri Finance, Inc.'s, and the dismissal of an
appeal pending regarding default interest rates, and forgiveness of
any outstanding debt following the liquidation.

Class 1, impaired under the Plan, consists of the secured claim of
Rabo.  The claim arises under and pursuant to the terms of a
secured note with a total amount of $6,859,744 as of the date of
filing.  The mortgage note is secured by a deed of trust,
assignment of rents and security agreement on the real property
owned by the Debtor and the personal property owned by the Debtor
as well.  The claims filed by Rabo are (i) Claim #2 was filed by
Rabo in the amount of $3,664,097 as of the date of filing; and (ii)
Claim #3 was filed by Rabo in the total amount of $3,195,647 as of
the date of filing.  The Debtor and Rabo believe that the secured
claim is less than the value of all the collateral owned by the
Debtor and secured to Rabo.  An appraisal of the property was
conducted as of April 29, 2014.  The value of the property was
appraised as April 29, 2014 by Tony R. Eggleston for $8,455,000.

Rabo will retain all of its liens and security interests in the
Debtor's real and personal property which it had, including a
pre-petition deed of trust and security interest in proceeds
thereof until such time as the liquidation completed.  With that,
the Claim #1 will be satisfied, and title to the remaining real and
personal property will be in the name of the Debtor free and clear
of all liens and encumbrances and security interests.  Confirmation
of the Plan will be deemed to affect such release upon completion
of the payment as set forth in the Plan.

Payments in the Plan are to be made by means of liquidating
assets.

A full-text copy of the Disclosure Statement is available at:

      http://bankrupt.com/misc/neb15-40070-293.pdf

      About Kip and Andrea Richards Family Farm & Ranch

Headquartered in Hayes Center, Nebraska, Kip and Andrea Richards
Family Farm & Ranch, LLC, dba Richards Farm & Ranch, LLC, filed
for
Chapter 11 bankruptcy protection (Bankr. D. Neb. Case No.
15-40070)
on Jan. 21, 2015, estimating its assets at between $10 million and
$50 million and its debts at between $1 million and $10 million.
The petition was signed by Kip L. Richards, manager.

Judge Shon Hastings presides over the case.

William L. Biggs, Jr., Esq., and Frederick D. Stehlik, Esq., at
Gross & Welch serve as the Debtors' counsel.


KRISHNA ASSOCIATES: Naples Buying Assets for $2.9 Million
---------------------------------------------------------
Krishna Associates, LLC, asks the U.S. Bankruptcy Court for the
Eastern District of Texas to authorize the sale of real property
located 1918 University Avenue, Texarkana, Texas, and all
furniture, fixtures and related personal property utilized in
connection with the operations of the real property ("FF&E"), to
James J. Naples for $2,900,000.

The Debtor is a Texas limited liability company formed in 2007, the
only 2 members of which are Hiren Patel, who owns 95% of the
Debtor's membership interests, and Dineschandra Patel.

The real property is a state of the art franchised hotel located
off Interstate Highway 30, with 81 rooms and 25 suites.

On May 5, 2010, Debtor signed and delivered to Peoples State Bank
(the predecessor-in-interest to MidSouth Bank, N.A.) a promissory
note in the original principal amount of $3,139,837 ("Hotel Note").
The unpaid balance of the Hotel Note on the Petition Date was
$2,838,557 in principal, interest and late charges, plus whatever
amount may be rightfully claimed by MidSouth to be owed for
pre-bankruptcy attorneys' fees and costs associated with efforts to
collect the Hotel Note and to enforce MidSouth's liens.  The Hotel
Note is secured by, among other things, the Country Inn & Suites,
the FF&E and virtually all of the other assets of the Debtor.

The real property and the FF&E additionally secure the payment of a
promissory note dated June 2, 2011 in the original principal amount
of $1,900,000 ("Second Lien Note") executed by the Debtor and
payable to the order of the Ark-Tex Regional Development Company,
Inc., CDC, which note is also guaranteed by the Small Business
Administration.  The Debtor also conveyed security interests in the
FF&E to the CDC for the purpose of securing the Second Lien Note.
The unpaid balance of this Second Lien Note on the Petition Date
was $1,792,804.

It is imperative that assets of the Debtor's estate be sold
immediately since the sale assets are subject to decline or loss.
It is clear to the Debtor that unless the Debtor proceeds with the
sale, the Debtor may not be able to rely upon the financial support
of MidSouth for many more weeks.

Since the filing of bankruptcy, numerous parties contacted the
Debtor and the Debtor's counsel, expressing interest in purchasing
the property should the hotel and FF&E be liquidated.  After
determining that an operating plan was not confirmable, the Debtor
submitted a Liquidating Plan presently set for Jan. 3, 2017.

Given the high interest by prospective bidders/purchasers, the
Debtor conducted an informal process of marketing with notices sent
to interested purchasers on Oct. 25, 2016.

Seventeen parties were notified.  Of those, 6 Asset Purchase
Agreements/Offers were delivered to the Debtor's counsel on Nov.
25, 2016.  After additional negotiations, the high offer of
$2,900,000 was received from the Buyer.  Evidence of ability to
close was delivered to the Debtor's counsel.  

The Debtor, with the consent of MidSouth Bank, the holder of a
first-priority lien on the sale assets has concluded that a sale of
the sale assets to Buyer is in the best interest of the Debtor's
estate and the creditors of the estate.  The Debtor received an
offer to purchase the sale assets from Buyer for the sum of
$2,900,000.  The offer to purchase is contained in the Asset
Purchase Agreement dated Nov. 23, 2016.  The APA provides for,
among other things, the sale of all of the Debtor's right, title
and interest in, to and under the sale assets free and clear of all
liens, claims, encumbrances, and other interests.

Other essential terms contained in the APA include:

    a. Parties: The parties to the APA are Debtor as seller, and
James J. Naples, or his permitted successors and assigns.

    b. Sale Assets: The assets of the Debtor's estate to be
purchased and sold under the APA consist of all of the Debtor's
right, title, and interest in the following assets of the Debtor's
estate: the real property and the FF&E.

    c. Purchase Price: $2,900,000 in cash

    d. Deposit: $145,000

    e. Title Policy: The Buyer is responsible for the cost of any
title insurance policy premium and/or endorsement(s).

    f. Closing: Within 5 business days following the date on which
the Sale Order becomes a Final Order.

A copy of the APA attached to the Motion is available for free at:

     http://bankrupt.com/misc/Krishna_Associates_121_Sales.pdf

The Debtor believes that, for the reasons set forth, the sale of
the sale assets pursuant to the APA represents a prudent and proper
exercise of the Debtor's business judgment and is supported by
articulated business reasons.  The Debtor submits that the
marketing/bidding process was fair, reasonable, transparent, and
designed to maximize value of such assets from a pool of
prospective bidders.  

Accordingly, the Debtor asks the Court to authorize the sale of the
sale assets free and clear of any and all liens, claims,
encumbrances, and other interests.  The Debtor also asks that it'd
authorized and any closing agent to disburse the sums described to
(i) MidSouth, (ii) allowed ad valorem taxing authorities' claims
secured by the real property or the FF&E, (iii) to pay all costs of
closing, and (iv) the IOLTA account of the Debtor's counsel.

The Debtor requests that the Court direct that the Sale Order
become effective immediately upon its entry, notwithstanding the
automatic stay provisions set forth in Rules 6004(g) of the
Bankruptcy Rules, such that the stay provisions will not apply to
the Bid Procedures Order.

The Purchaser is represented by:

           Kyle B. Davis, Esq.
           P.O. Box 1221
           New Boston, TX 75570
           Telephone: (903) 628-5571
           E-mail: kdavis@ldatty.com

                   About Krishna Associates

Headquartered in Texarkana, Texas, Krishna Associates, LLC, owns
Country Inn and Suites and an adjacent vacant lot in Texarkana,
Texas.  The Company is owned and managed by Texarkana doctor Hiren
Patel.  Krishna Associates sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Tex. Case No. 15-50148) on Nov.
3,
2015.  The petition was signed by Hiren Patel, president.  At the
time of the filing, the Debtor estimated assets and debt at $1
million to $10 million.


LBSBC NIM: Moody's Downgrades Cl. N1 Debt Rating to 'C'
-------------------------------------------------------
Moody's Investors Service has taken rating action on one Net
Interest Margin Note issued by LBSBC NIM Company. The primary
collateral for the Note consists of the Class X Certificate and the
Class P Certificate issued in an underlying Lehman Brothers Small
Balance Commercial Mortgage Pass-Through transaction. The
underlying transaction is collateralized primarily by a pool of
small business loans secured by commercial real estate and serviced
by Ocwen Loan Servicing, LLC. The Class X Certificate receives
excess cash flow available after required monthly payments due on
the underlying transaction have been made. The Class P Certificate
receives all prepayment penalty collections to the extent paid by
borrowers prepaying the loans which collateralize the underlying
transaction.

The complete rating action is as follows:

Issuer: LBSBC Net Interest Margin Securities, Series 2006-2

Cl. N1, Downgraded to C (sf); previously on Mar 13, 2011 Confirmed
at Ca (sf)

RATINGS RATIONALE

The downgrade action on the LBSBC NIM 2006-2 Class N1 is based on
Moody's analysis of the cash flow expected to be available in the
future to pay down the Class N1, and reflects deteriorating
performance of the underlying transaction. Moody's does not expect
the Class X Certificate of the underlying transaction to receive
enough cash flow to support sufficient future payments to the LBSBC
NIM transaction. Further, the prepayment penalty on the underlying
transaction is structured in a way that the fees collected are
phased out 10 years from loan origination.

METHODOLOGY

The principal methodology used in this rating was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
October 2015.

Factors that would lead to an upgrade or downgrade of the rating:

Up

Better than expected performance of the underlying Lehman Brothers
Small Balance Commercial Mortgage Pass-Through transaction will
increase the cash flow to the LBSBC NIM transaction.

Down

Further deterioration in the performance of the underlying Lehman
Brothers Small Balance Commercial Mortgage Pass-Through transaction
will erode the excess cash that would otherwise flow to the LBSBC
NIM transaction.


LINN ENERGY: Disclosures Okayed, Plan Hearing on Jan. 24
--------------------------------------------------------
Linn Energy, LLC and its affiliates are now a step closer to
emerging from Chapter 11 protection after a bankruptcy judge
approved the outline of their plan of reorganization.

Judge David Jones of the U.S. Bankruptcy Court for the Southern
District of Texas on Dec. 13 gave the thumbs-up to the disclosure
statement after finding that it contains "adequate information."

The order set a Jan. 12 deadline for creditors to cast their votes
and a Jan. 17 deadline for filing objections to the plan.

A court hearing to consider confirmation of the plan is scheduled
for Jan. 24.  

                        About Linn Energy

Headquartered in Houston, Texas, Linn Energy, LLC, and its
affiliates are independent oil and natural gas companies. Each of
Linn Energy, LLC, and 14 of its subsidiaries filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex.
Lead Case No. 16-60040) on May 11, 2016. The petitions were signed
by Arden L. Walker, Jr., chief operating officer of LINN Energy.

The Debtors have hired Paul M. Basta, Esq., Stephen E. Hessler,
Esq., Brian S. Lennon, Esq., James H.M. Sprayregen, Esq., and
Joseph M. Graham, Esq., at Kirkland & Ellis LLP and Kirkland &
Ellis International LLP as general bankruptcy counsel, Jackson
Walker L.L.P. as co-counsel, Lazard Freres & Co. LLC as financial
advisor, AlixPartners as restructuring advisor and Prime Clerk LLC
as claims, notice and balloting agent.

Judge David R. Jones presides over the cases.

The Office of the U.S. Trustee has appointed five creditors of Linn
Energy LLC to serve on the official committee of unsecured
creditors.  The Committee tapped Mark I. Bane, Esq., and Keith H.
Wofford, Esq., at Ropes & Gray LLP; and Moelis & Company LLC as
investment banker.  It also retained as Texas Oil & Gas Counsel,
John P. Melko, Esq., David S. Elder, Esq., and Michael K. Riordan,
Esq., at Gardere Wynne Sewell LLP.


LKQ CORP: OEM Glass Biz Sale No Impact on Moody's Ba1 CFR
---------------------------------------------------------
Moody's Investors Service said LKQ Corporation announcement that it
has entered into a definitive agreement to sell the OEM glass
manufacturing business of its Pittsburgh Glass Works subsidiary to
a subsidiary of Vitro S.A.B. de C.V., a glass manufacturer based in
Mexico is a credit positive event. However, LKQ's ratings including
its Ba1 Corporate Family Rating ("CFR") and negative ratings
outlook are unaffected.

LKQ Corporation, headquartered in Chicago, Illinois, is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has operations in
North America and abroad. The company offers its customers a broad
range of replacement systems, components, equipment and parts to
repair and accessorize automobiles, trucks, and recreational and
performance vehicles. Revenues for the last twelve months ended
September 30, 2016 totaled approximately $8.5 billion. Pro forma
for acquisitions completed in 2016, annual revenues exceed $9.0
billion.


MCDONALD BUILDING: To Sell Scottsdale Property to Pay Creditors
---------------------------------------------------------------
McDonald Building LLC proposes to pay its creditors from the
proceeds that will be generated from the sale of a commercial
building in Scottsdale, Arizona, according to its Chapter 11 plan
of liquidation.

The company owns a 50% tenancy-in-common interest in an 11,500
square-foot commercial building located in Scottsdale, Arizona.
McDonald, together with Miller McDonald, LLC, purchased the
property in 2005.

According to the company's proposed liquidating plan, the property
will be sold and creditors will be paid from the net proceeds of
the sale.

Under the plan, Class 3 unsecured creditors will be paid pro rata
from the net proceeds.  It is anticipated that the sale will
generate sufficient funds to pay all allowed unsecured claims in
full.

In case the sale proceeds are not enough to pay creditors, McDonald
will get the funds from holders of equity interests in the company.
Holders of equity interests will contribute the sequestered rental
amounts to McDonald on the effective date of the plan, according to
the company's disclosure statement filed on Dec. 8 with the U.S.
Bankruptcy Court in Arizona.

A copy of the disclosure statement is available for free at
https://is.gd/fxxnaX

                   About McDonald Building

McDonald Building, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 16-10430) on September 9,
2016. The petition was signed by Ceasar A. Perez, manager.  At the
time of the filing, the Debtor estimated its assets and debts at $1
million to $10 million.

Diamond Storage Investments, LLC, filed a Chapter 11 petition
(Bankr. D. Ariz. Case No. 16-10708) on September 16, 2016, and is
represented by Janel M. Glynn, Esq., at Gallagher & Kennedy.


MEDFORD TRUCKING: Distributions To Be Made From Litigation Proceeds
-------------------------------------------------------------------
Medford Trucking, LLC filed with the U.S. Bankruptcy Court for the
Southern District of West Virginia an amended disclosure statement
for its plan of liquidation.

Class II consists of the claims of Elizabeth Carrico and William E.
Jones in the amount of $149,630.  This claim has been objected to
by the Debtor and is a contested matter.  

Class IV, General Unsecured Claims, is impaired under the Plan.
The Creditors in this class will receive a pro rata distribution as
a result of any settlement and/or judgment in favor of the Debtor
as a result of the Pending Litigation currently being pursued by
the Debtor.

Class V, Equity Security Shareholders, is impaired under the Plan.
The claimants of this class have the potential to receive a pro
rata distribution as a result of any settlement and/or judgment in
favor of the Debtor as a result of Pending Litigation currently
being pursued by the Debtor. Any such distribution will be made
after all Class V Creditors are paid in full.

The Plan is a liquidation Plan under Section 1123 (b)(4) of the
Bankruptcy Code.  All of the Debtor's assets have already been sold
and the receivables collected.  The First distribution shall be
made from the Debtors' cash on hand as of the Effective Date.  The
Debtor has on deposit the sum of $612,437.  All subsequent
distributions will made from certain settlement and/or judgment
awards from Pending Litigation in favor of the Debtor.

A full-text copy of the Amended Disclosure Statement is available
at:

         http://bankrupt.com/misc/wvsb2-14-20354-637.pdf

                      About Medford Trucking

Medford Trucking LLC was primarily in the business of hauling coal
for Alpha Natural Resources and its subsidiaries by truck and
trailer from mine sites to river docks or rail yards for further
shipment to Alpha's customers.

Medford Trucking LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D. W.Va. Case No. 14-20354) on June 27,
2014.  The case was assigned to Judge Ronald Pearson, and later
reassigned as a result of Judge Pearsons' retirement to Judge
Frank
W. Volk.

                           *     *     *

The Debtor operated as a going concern under Chapter 11 from June
25, 2014, until June 26, 2015.  On Nov. 16, 2015, the Bankruptcy
Court approved an order allowing the Debtor to sell real property
by public auction.  The public auction was held by Ritchie Bros.
Auctioneers (America), Inc.


MELIOR RESOURCES: Australian Court Denies Kasbah Acquisition Deal
-----------------------------------------------------------------
Melior Resources Inc. on Dec. 13, 2016, provided an update on its
financial position in light of the Federal Court of Australia's
dismissal of Kasbah Resources Limited's application for approval of
the proposed acquisition of Kasbah by Asian Mineral Resources
Limited pursuant to a scheme of arrangement (the "Scheme") under
the laws of Australia.

As recently disclosed in Melior's press release dated Nov. 9, 2016,
the continuing operations of Melior remain dependent upon its
ability to raise adequate financing, to commence profitable
operations in the future, and repay its liabilities arising from
normal business operations as they become due.  Failure to obtain
sufficient financing could force Melior into reorganization,
bankruptcy or insolvency proceedings.  In connection with Melior's
efforts to secure additional financing and in reliance on the
financial hardship exemptions from the minority shareholder
approval requirements of Multilateral Instrument 61-101 –
Protections of Minority Security Holders in Special Transactions,
on Nov. 9, 2016, Melior announced that it had reached an agreement
with Pala Investments Limited to amend the terms of its Aug. 2,
2015 loan facility.  In connection with the amendment to the Pala
Facility, Pala agreed to advance an additional US$300,000 to the
Company, bringing the total principal amount outstanding under the
Pala Facility to US$3 million.  In addition, Pala agreed to grant
Melior a put option in respect of the 47,272,727 shares of AMR
owned by Melior.  Pursuant to its terms, Melior is entitled to
exercise the Put Option at any time following the completion of the
Scheme, which was expected occur on or about Dec. 6, 2016.  At the
time of grant, exercising the Put Option would have realized
approximately CAD1.134 million to Melior and was to form an
integral part of the Company's plans to secure financing to meet
its obligations as they come due so as to avoid being forced into
reorganization, bankruptcy or insolvency proceedings. On Dec. 12,
AMR announced that the Federal Court of Australia has dismissed
Kasbah's application for approval of the Scheme.  Investors may
review AMR's public disclosure regarding the proposed Scheme,
including AMR's Dec. 12, 2016, press release for further details.

The Australian court's failure to approve the Scheme and the
resulting inability of Melior to exercise the Put Option create
considerable uncertainty regarding the Company's ability to
continue as a going concern.  In light of these developments,
Melior has initiated discussions with various potential funding
sources regarding potential plans or proposals that may involve one
or more of the following relating to the Company: restructurings;
issuance by the Company of additional indebtedness or additional
equity; refinancing existing indebtedness, disposition of material
assets of the Company or its subsidiaries and/or other strategic
alternatives.  There can be no assurance that these discussions
will result in a plan or proposal with respect to any of the
foregoing, that any entity or person will agree to any definitive
agreement with respect to any of the foregoing, on what terms such
definitive agreement may take or that any of the foregoing will
occur.  As such, the Company remains in serious financial
difficulty and there is considerable uncertainty regarding the
Company's ability to continue as a going concern.

Based in Canada, Melior Resources Inc. (CVE:MLR) is focused on
assessing, developing and operating resource projects. The
Company's major asset is the Goondicum Ilmenite and Apatite Mine
(Goondicum) located at Monto in Queensland, Australia.  The
exploration and development of mineral properties are located in
Australia.  The Company's subsidiary is Goondicum Resources Pty.
Ltd., which owns the Goondicum ilmenite and apatite mining and
processing facility near the town of Monto in Queensland, Australia
(the Goondicum Ilmenite Project). The Goondicum mine has produced
approximately 15,000 tons of ilmenite and over 2,000 tons of
apatite. The Company also has interest in Asian Mineral Resources
Limited, which is the owner and operator of the Ban Phuc nickel
project in Vietnam.  Ban Phuc produces over 6,400 tons of nickel
and approximately 3,200 tons of copper per annum contained in
concentrate plus a cobalt by-product.


MIAMI-DADE COUNTY INDUSTRIAL: Moody's Cuts 2015 Debt Rating to Ba1
------------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
Miami-Dade County Industrial Development Authority Industrial
Development Revenue Bonds, Series 2015A (NCCD - Biscayne Properties
LLC Project) and Series 2015B (Federally Taxable). This rating
assignment affects approximately $55.635 million of aggregate debt.
The rating outlook on both series of bonds is revised to negative.

The Bonds were placed under review due to lower-than-projected
occupancy levels as of October, 2016 and rent levels that are
significantly below initial projections.

Rating Outlook

The outlook is negative, based on lower-than-projected rent and
occupancy levels, declining enrollment and the expected depletion
of the capitalized interest account after the June 1, 2017 debt
service payment.

Factors that Could Lead to an Upgrade or a Return to a Stable
Outlook

Significant and sustained increase in occupancy levels along with
significant and sustained rent increases

Demonstrated ability to control operating expenses

Additional University support

Factors that Could Lead to a Downgrade

Inability to achieve the proposed rent and occupancy levels for
the 2017/2018 academic year as demonstrated by actual signed leases
available by late spring 2017 for the fall 2017 semester

A further decline in enrollment

Any evidence of a weakening of the University's commitment to the
project

A draw on the Debt Service Reserve Account to pay bond debt
service

Legal Security

The bonds are special, limited obligations of the issuer and are
secured by a leasehold mortgage and pledged revenues. Legal
covenants for the Series 2015A and the Series 2015B Bonds include
provisions for a release test that has to be met prior to the
release of any monies from the surplus fund to the University. The
debt service reserve fund for the Series 2015A Bonds is sized at
the maximum annual debt service. There is no debt service reserve
fund for the Series 2015B Bonds ($110,000) outstanding).

Use of Proceeds

N/A

Obligor Profile

NCCD - Biscayne Properties LLC (NCCD) is a single member limited
liability company organized and existing under the laws of the
State of Tennessee. The proceeds of the Series 2015 Bonds were
loaned to NCCD to finance the Project. NCCD has no assets and is
not expected to have any assets other than the Project.

Methodology

The principal methodology used in this rating was Global Housing
Projects published in December 2015.


MID CITY TOWER: Selling Baton Rogue Property to Pay Creditors
-------------------------------------------------------------
Mid City Tower, LLC, asks the U.S. Bankruptcy Court for the Middle
District of Louisiana to authorize the sale of commercial office
tower located at 5700 Florida Boulevard, Baton Rouge, Louisiana,
outside the ordinary course of business to the highest qualified
bidder.

The Debtor's primary asset is a commercial office tower with
various business tenants.  The building is subject to a security
interest asserted by MidSouth Bank on the building.

On Dec. 1, 2016 a Consent Order and Stipulation ("12/1 Order") was
entered on the docket that allowed additional time until Dec. 22,
2016 for the Debtor to complete its loan to refinance the secured
claim of the Bank through a third party lender and buy-out the
dissenting equity interest, thereby resulting in sufficient funds
to pay out all creditors in the case.

In addition, the 12/1 Order provided for the continuance until Dec.
22, 2016 on the Bank's Motion for Relief from Stay and for
Abandonment, and the Opposition to the Motion filed on behalf of
the Debtor.

The most recent appraisal of the commercial office tower owned by
the Debtor in Baton Rouge reflects a current value of $2,250,000.
Basically, the Bank is owed about one million and the property is
now worth more than double that amount.

The Debtor originally acquired the property for the price of
$1,200,000 in June 2013.  The majority ownership interests
represented by Ms. Ann Simmers and Mr. Mathew Thomas are not trying
to "sell off" the Debtor's investment to the detriment of its now
enhanced tenant base, but instead are seeking to continue to build
the property's value in that community area within Baton Rouge
known as the Mid-City area.

However, the Bank requested that the Debtor agree to seek a sale of
the property as part of its efforts to "speed up" the payment of
the debt owed the Bank.  The Debtor intends to close a loan to
acquire the property out of bankruptcy, as it reflected in its
detailed chapter 11 plan and disclosure statement pending before
the court for approval.  

However, in the interim, and pursuant to its agreement with the
bank per the 12/1 Order, the Debtor is also seeking the sale of the
property.  This is done for the purpose of
getting the Bank paid as quickly as possible, per the Bank's
request, so the Bank might not have to "wait on the chapter 11 plan
and disclosure statement process" in order to be

paid in full.  The Debtor is also making monthly interest payments
to the bank on its debt pursuant to an Interim Adequate Protection
order.

The Debtor has in good faith and aggressively been pursuing the
re-financing of the debt owed to the Bank, as that is the primary
debt of the Chapter 11 case.  The Debtor has also filed a plan of
reorganization that will pay all debt in full at closing of its
refinancing loan, and in the interim the Debtor also obtained
separate court approval to finance the debt immediately.  Despite
its efforts, the Debtor has not yet closed the commercial loan
within the 45 to 60 day time period that is has been pushing
through the refinancing process despite the business delays caused
by the holiday season. The Debtor and management anticipate the
debtor will close its loan to pay out this bankruptcy case in mid
January 2017 therefore.

Further, the Debtor has previously obtained commitment letters and
proof of funds from new individual investors in order to accomplish
the equity buy-outs of the soon-to-be "prior minority dissenting
interests" of Dr. Erat Joseph, Dr. George Mampilly, and Dr. Bobby
Joseph.  The Debtor and its new proposed investors have in good
faith already paid $100,000 in cash to these doctors during the
past 45 days to enable the Debtor additional time to proceed with
its refinance.  These minority shareholders have indicated they are
willing to allow additional time until Jan. 30, 2017 for the Debtor
to complete its buy-out and refinance.

Therefore, the Debtor asks additional authorization from the court
to accomplish its settlement based upon all of the terms of the
12/1 Order, and in order to pay its creditors in full through the
chapter 11 case as follows: (i) The Debtor will continue toward
closing of its pending loan to refinance the debt owed the Bank
through a new loan secured by the Debtor's immovable property
interests, as previously approved by the Court; and in addition
thereto, (ii)  the Debtor, as agreed by the parties to the 12/1
Order and in order to avoid delay in the event the Debtor's loan
has not closed to date, will issue a Notice of Sale of the
immovable property interest pursuant to 11 U.S. C. Section 363; and
be approved for advertisement of the deadline for submission of
bids and terms thereof, and setting of a final hearing for
acceptance of a qualified bid.

The Debtor asks the Court to additionally authorize it to sell the
immovable property to the highest qualified bidder pursuant to such
terms as determined appropriate by the Court.

                       About Mid City Tower

Mid City Tower, LLC, based in Baton Rouge, Louisiana, is an entity
formed in 2013 by Mathew S. Thomas with the assistance of his
family.  The entity has always been operated from its business
location at 5700 Florida Boulevard, Rouge Rouge, Louisiana.

The Debtor filed a Chapter 11 petition (Bankr. M.D. La. Case No.
16-10877) on July 26, 2016.  The Hon. Douglas D. Dodd presides
over the case.  The petition was signed by Mr. Thomas, manager.

In its petition, the Debtor estimated $1 million to $10 million in
assets and $1 million to $10 million in liabilities.

Brandon A. Brown, Esq., and Ryan James Richmond, Esq., at Stewart
Robbins & Brown, LLC, serve as bankruptcy counsel.



MIRAMBICA INC: Sale of All Assets to Patels for $600K Approved
--------------------------------------------------------------
Judge Jerrold N. Poslusny, Jr. of the U.S. Bankruptcy Court for the
District of New Jersey authorized Mirambica, Inc., to sell
substantially all of assets to Jigna Patel and Minakshiben Patel
for $600,000.

A sale hearing was held on Dec. 1, 2016.

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

The Buyer will pay the purchase price of $600,000 at a Closing
which will take place on Dec. 23, 2016.

The Buyer has elected not to assume any liabilities or assume any
contracts and will not be entering into a separate assumption
agreement.

At the Closing, the Buyer or any purchaser other than the Buyer
will (a) pay to the Debtor an amount equal to the Purchase Price
less the Deposit, (b) direct the Escrow Agent to release the
Deposit Property to FNB in accordance with the terms of the Bidding
Procedures Order and Escrow Agreement, (c) pay the applicable
portion of the Closing Cure Liability Amount payable to each of the
Resolved Cure Parties and (d) deposit the Post-Closing Cure Reserve
Amount with the Escrow Agent.  Without further order of the Court,
the Debtor and the Buyer are authorized and directed to implement
post-Closing the terms, including calculations as contemplated by
Article 11 of the Purchase Agreement, to adjust the Total
Consideration in accordance therewith.

                     About Mirambica, Inc.

Mirambica, Inc., based in Absecon, New Jersey, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 13-36808) on Sept. 16, 2015.  The
Hon. Gloria M. Burns presides over the case.  The petition was
signed by Baldev Patel, president.

In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities.

Joel Lee Schwartz, Esq., at Law Offices of Joel Schwartz, serves
as
the Debtor's bankruptcy counsel.

No official committee of unsecured creditors has been appointed in
the case.


MONTREIGN OPERATING: Moody's Affirms B3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service, affirmed Montreign Operating Co., LLC's
B3 Corporate Family Rating and a B3-PD Probability of Default
Rating following the company's decision to modify its proposed debt
offering to include a $70 million 1st lien term loan A along with a
$390 million 1st lien term loan B. Moody's also downgraded the
company's $390 million term loan B to B3 from B2. A B3 rating was
assigned to the company's $70 million first lien term loan A. The
rating outlook remains stable.

All ratings remain subject to final review of documentation.

Montreign's $390 million term loan B, initially rated on Nov. 18,
2016, was downgraded to B3 from B2 to reflect the fact that
company's debt structure will now be an all first lien structure as
opposed to the first and second lien structure that was initially
proposed. As a result, the $390 million term loan B will no longer
benefit from the credit support provided by second lien debt, and
will now be rated the same as the company's B3 Corporate Family
Rating. The downgrade is not the result of any change in Moody's
view of Montreign's fundamental credit profile.

Proceeds from term A and term B credit facility along $40 million
of vendor financing and $301 million of cash equity invested to
date and other sources will be used to finish the construction of
the Montreign Resort Casino which is scheduled to open in March
2018.

Montreign Resort Casino is a full scale casino located in the Town
of Thompson, in Sullivan County, New York, that will be part of
Adelaar, a $1.3 billion lodging, entertainment, and waterpark
development. The casino will have 102 table games and 2,150 slot
machines along with a 332 room hotel and convention and meeting
space facility.

The following summarizes rating action:

Ratings affirmed:

Corporate Family Rating at B3

Probability of Default Rating at B3-PD

Rating downgraded:

$390 million 6-year senior secured first lien term loan, to B3 (LGD
3) from B2 (LGD3)

New rating assigned

$70 million 5-year senior secured first lien term loan -- B3 (LGD
3)

RATINGS RATIONALE

Montreign's B3 Corporate Family Rating, a rating typically assigned
to casino resort development projects, considers that a significant
amount of casino supply already exists within a 200 mile radius of
where Montreign will be located. Montreign will be competing for
customers with other large, established competitors in New York,
Pennsylvania and Connecticut. The success of Montreign's casino
relies on not only growing the gaming market in New York, but
attracting players from the existing competitors.

The ratings are supported by the high level of sponsor equity which
at about 33% of development costs is higher than recently rated
projects. Moody's expects debt/EBITDA after the first year of
operations will be relatively high at between 5.0 times and 5.5
times, but is expected to gradually decrease to at or near 5.0
times as debt is repaid in subsequent years.

Also supporting the rating is that almost half of the construction
has been completed. Additionally, Montreign will have a favorable
tax rate compared to nearby competitors. Montreign will be required
to pay a 39% tax rate on slot revenue compared to 55% for
Pennsylvania casinos and 60% to 75% for the New York racinos.

The stable rating outlook is based on Moody's expectation that
Montreign will have sufficient funds to complete construction,
including an additional interest reserve that extends six months
beyond the construction period and the appropriate level of
contingency reserves typically provided for this type of
development project.

A ratings upgrade is not expected during the construction period.
However, Montreign's ratings could be upgraded shortly after it
opens if early results suggest it will achieve and maintain an
annual run-rate debt/EBITDA at/or below 5.0 times. Ratings could be
downgraded if the ramp-up performance of Montreign is slower than
expected and results in debt/EBITDA above 6.0 times, for any
reason.

Montreign Operating Company, LLC, an unrestricted subsidiary of
Empire Resorts Incorporated (NASDAQ: NYNY), is developing a $745
million casino -- Montreign Resort Casino -- in the Town of
Thompson, in Sullivan County, New York.

The principal methodology used in these ratings was "Global Gaming
Industry" published in June 2014.


MOTORS LIQUIDATION: GIFT Trust, et al., Dismissed From Suit vs JPMC
-------------------------------------------------------------------
In the adversary proceeding captioned MOTORS LIQUIDATION COMPANY
AVOIDANCE ACTION TRUST, by and through the Wilmington Trust
Company, solely in its capacity as Trust Administrator and Trustee,
plaintiff, v. JPMorgan Chase Bank, N.A., et al., Defendants,
Adversary Proceeding Case No. 09-00504 (MG) (Bankr. S.D.N.Y.),
Judge Martin Glenn of the United States Bankruptcy Court for the
Southern District of New York granted the motion to dismiss filed
by the defendants GMAM Investment Funds Trust (GIFT Trust), Lehman
GMAM Investment Funds Trust (Lehman GIFT), and Pension Inv
Committee of GM for GM Employees Domestic Group Pension Trust (Pens
Inv Comm) by and through General Motors Investment Management
Corporation (GMIMCo).

The plaintiff filed a complaint initiating the adversary proceeding
on July 31, 2009 against JPMorgan Chase Bank, N.A. (JPMC), and more
than 400 other named defendants which were alleged to be lenders
(the "Term Loan Lenders") under a $1.5 billion syndicated term loan
(the "Term Loan") to General Motors Corporation (GM).  The original
complaint named "Lehman GMAM Inv FDS TR" and "Pension Inv Comm of
GM for GM" as defendants in the action, but did not name the GIFT
Trust as a defendant.  On May 20, 2015, the plaintiff filed the
First Amended Adversary Complaint, naming the GIFT Trust for the
first time as a defendant to the action.

The moving defendants argued that the plaintiff failed to state a
claim upon which relief can be granted under Rule 12(b)(6).  The
moving defendants argued that the amended complaint -- the first
complaint properly naming the moving defendants, including the GIFT
Trust -- is barred by the statute of limitations, and that the GIFT
Trust was impermissibly added as a defendant almost four years
after the limitations period had run.  Relatedly, the moving
defendants also argued that the time for proper service of the
amended summons has expired and the applicable limitations period
bars the issuance of any new summons.

The moving defendants also argued that service on the GIFT Trust
was defective because (i) the amended summons failed to properly
identify the specific defendant to whom it was addressed; (ii) the
address at 5th Avenue, New York was an improper address for service
of process; and (iii) the amended complaint and amended summons
were never actually received by the GIFT Trust's current trustee,
State Street Bank & Trust Company, at its address.

The plaintiff argued that the claims in the amended complaint are
not time-barred, first, because the GIFT Trust was properly named
in the amended complaint.  The plaintiff contended that the GIFT
Trust was merely "misnamed" in the original complaint.  The
plaintiff next argued that the amended complaint relates back to
the original complaint.

The plaintiff also argued that the GIFT Trust cannot overcome the
presumption of effective service because (i) the GIFT Trust
conceded the address at One Lincoln Street, 1st Floor, Boston, MA
02111, where the service was also made, is appropriate; (ii) the
mailing was not returned as undeliverable; and (iii) the
plaintiff's process server followed the same procedures to serve
the GIFT Trust as it used to serve other Term Loan Lenders who
received the service of process.  The plaintiff made a conclusory
argument that if service was not proper, its "good faith" should
constitute good cause to grant leave for re-service of process.

Judge Glenn noted that a May 2015 stipulation permitted the
plaintiffs to "make certain corrections with respect to the
identities of the hundreds of transferee-defendants," and that the
plaintiff assumed "Lehman GMAM Inv FDS TR" was the appropriate name
for the GIFT Trust, whose complete name is "GMAM Investment Funds
Trust."  Given the similarity between the two names and the Court's
order permitting the plaintiff to make corrections to the
"identities" of the Term Loan Lenders, Judge Glenn found that the
addition of "GMAM Investment Funds Trust" was an appropriate
correction of the name "Lehman GMAM Inv FDS TR."

Judge Glenn also found that the plaintiff has demonstrated the GIFT
Trust knew or should have known that, but for a mistake in
misnaming the entity in the original complaint, it would have been
a defendant in the proceeding.  Accordingly, the judge concluded
that the amended complaint relates back to the date of the original
complaint and the claims are therefore not time-barred.

Judge Glenn, however, found that the process and service of process
on the GIFT Trust were defective.  The judge found that the
plaintiff served the amended summons, listing over 500 defendants
without identifying to which of those defendants the summons was
directed.  The judge explained that, in a case such as this one
with over 500 defendants, and in which the plaintiff is serving
third party trustees or agents for service of process, the need for
the summons to effectively identify the particular defendant to
which it is directed is particularly acute.  Judge Glenn thus held
that amended summons is deficient under Rule 4(b) -- and
insufficient process is independent grounds for dismissal under
Rule 12(b)(4).

Judge Glenn also declined to exercise discretion to permit the
plaintiff leave to re-serve the amended complaint and amended
summons.  The judge found that the record reflects numerous service
errors by the plaintiff.  The plaintiff initially named two
non-existent entities in the original complaint; retained those
entities as defendants in the amended complaint even though it had
obtained corrected information about the identity of the GIFT
Trust; attempted service upon those non-existent entities in
addition to the GIFT Trust; and attempted service of a summons with
over 500 named defendants without identifying on the summons to
whom it was directed.  Additionally, over six years have passed
since the filing of the original complaint.  The judge pointed out
that it was incumbent on the plaintiff to properly serve all
defendants before the last service extension expired, but it did
not do so with respect to the moving defendants.

The bankruptcy case is In re: Motors Liquidation Company, f/k/a
General Motors Corporation, et al., Chapter 11, Debtors, Case No.
09-50026 (MG) (Bankr. S.D.N.Y.).

A full-text copy of Judge Glenn's December 7, 2016 memorandum
opinion and order is available at https://is.gd/XyDRAB from
Leagle.com.

Motors Liquidation Company Avoidance Action Trust, plaintiff,
represented by Neil S. Binder -- nbinder@binderschwartz.com --
Binder & Schwartz LLP, Lindsay A. Bush -- lbush@binderschwartz.com
-- Binder & Schwartz LLP, Eric Fisher -- efisher@binderschwartz.com
-- Binder & Schwartz LLP, Laure K. Handelsman --
lhandelsman@binderschwartz.com -- Binder & Schwartz LLP, Tessa
Brianne Harvey -- tharvey@binderschwartz.com -- Binder & Schwartz
LLP, Michael M. Hodgson -- mhodgson@binderschwartz.com -- Binder &
Schwartz LLP & Evan J. Zucker -- ezucker@blankrome.com -- Blank
Rome LLP

JPMorgan Chase Bank, N.A, Defendant, represented by John M. Callagy
-- jcallagy@kelleydrye.com -- Kelley Drye & Warren, LLP, Emil A.
Kleinhaus -- eakleinhaus@wlrk.com -- Wachtell, Lipton, Rosen &
Katz, Martin Krolewski -- mkrolewski@kelleydrye.com -- Kelley Drye
& Warren, LLP, Harold S. Novikoff -- hsnovikoff@wlrk.com --
Wachtell, Lipton, Rosen & Katz, Carrie M. Reilly --
cmreilly@wlrk.com -- Wachtell, Lipton, Rosen & Katz, Christopher
Lee Wilson -- clwilson@wlrk.com -- Wachtell, Lipton, Rosen & Katz &
Marc Wolinsky -- mwolinsky@wlrk.com -- Wachtell, Lipton, Rosen &
Katz.

Alticor Inc, Defendant, represented by Joseph H. Lemkin, Stark &
Stark, Emily S. Rucker, Warner Norcross & Judd LLP & Gordon J.
Toering, Warner Norcross & Judd LLP.

Arrowgrass Master Fund Ltd, Defendant, represented by Elliot
Moskowitz, Davis Polk & Wardwell LLP

Atrium IV, Defendant, represented by Bruce Bennett, Jones Day.

Blackrock Corporate High Yield Fund, Inc., Defendant, represented
by Andrew K. Glenn, Kasowitz, Benson, Torres & Friedman LLP.

Canadian Imperial Bank of Commerce, Defendant, represented by Oscar
N. Pinkas, Dentons US LLP.

Carlyle High Yield Par IX Ltd., Defendant, represented by Mark T.
Power, Hahn & Hessen LLP.

DE-SEI Instl Inv TR-Hi Yld BD, Defendant, represented by Denis
Dice, Marshall Dennehey Warner Coleman & Goggin, Richard David
Lane, Marshall Dennehey Warner Coleman & Goggin & Joel Wertman,
Marshall Dennehey Warner Coleman & Goggin.

Highland Credit Opportunities CDO, Ltd., Defendant, represented by
Jill B. Bienstock, Cole Schotz P.C. & Gary H. Leibowitz, Cole
Schotz P.C..

Ohio Police & Fire Pension, Defendant, represented by Daniel R.
Swetnam, Ice Miller LLP

State of Connecticut, Defendant, represented by Elizabeth Austin,
Pullman & Comley, LLC.

TCW IL St Brd of Inv, Defendant, represented by Andrew J.
Entwistle, Entwistle & Cappucci LLP.

Wells Cap Mgmt - 13923601, Defendant, represented by William Howard
Newman, Becker Glynn & Jordan E. Stern, Becker, Glynn, Muffly,
Chassin & Hosinski LLP.

City of Oakland Police & Fire Retirement System, Defendant,
represented by Colin T. Bowen, City of Oakland Office of the City
Attorney, Otis McGee, Jr., City of Oakland Office of the City
Attorney, Barbara J. Parker, Office of the City Attorney City of
Oakland, Kathryn Y. Schubert, Schubert Jonckheer & Kolbe, LLP &
Selia M. Warren, City of Oakland Office of the City Attorney.

Continental Casualty Company, Defendant, represented by James
Gitzlaff, Elenius Frost & Walsh, Daniel Mills Hinkle, Elenius Frost
& Walsh, William P. Lalor, Elenius Frost & Walsh & Paul Sheldon,
Elenius Frost & Walsh.

OCM-WM Pool High Yield Fixed Interest Trust, Defendant, represented
by Scott S. Balber, Herbert Smith Freehills NY LLP.

RBC Dexia Investor Services Trust as Trustee for GM Canada Foreign
Trust, Defendant, represented by Edward L. Ripley, King & Spalding
LLP, Gary A. Ritacco, King & Spalding LLP & Arthur Jay Steinberg,
King & Spalding LLP.

Phoenix Edge Series Fund Phoenix Multi Sector Short Term Bond
Series, Defendant, represented by Brendan M. Scott, Klestadt
Winters Jureller.

Fairview Funding LLC, Defendant, represented by Donald F. Campbell,
Jr., Giordano Halleran & Ciesla, PC.

Indiana University, Defendant, represented by Michael M. Krauss,
Faegre Baker Daniels LLP.

Ivy Fund Inc.-High Income Fund, Defendant, represented by Matthew
Allen Alvis, K&L Gates LLP, Robert Honeywell, K&L Gates LLP, Joseph
Clark Wylie, II, K&L Gates LLP.

Kynikos Opportunity Fund II LP, Defendant, represented by Stewart
D. Aaron, Arnold & Porter, LLP.

Lehman Principal Investors Fund, Inc. - High Yield Fund, Defendant,
represented by Joanna C. Hendon, Spears & Imes LLP.

Morgan Stanley Senior Funding Inc., Defendant, represented by Bevin
M. Brennan, DLA Piper LLP, Kevin D. Finger, DLA Piper LLP.

Reams City of Montgomery Alabama Employees Retirement System,
Defendant, represented by Edward F. Haber, Shapiro Haber & Urmy
LLP.

State of Indiana Major Moves, Defendant, represented by Heather M.
Crockett, Office of the Attorney General & Maricel E.V. Skiles,
Office of the Indiana Attorney General.

The Ad Hoc Group of Term Lenders, The Ad Hoc Group of Term Lenders,
Defendant, represented by Marc T.G. Dworsky, Munger, Tolles &
Olson, LLP & Benjamin Rosenblum, Jones Day.

PNC Bank, National Association, Defendant, represented by John
Lucian, Blank Rome LLP & Stanley B. Tarr, Blank Rome LLP.

IMMIGON PORTFOLIOABBAU AG, Defendant, represented by Bruce R.
Grace, Lewis Baach pllc.

GCG, LLC, Claims and Noticing Agent, represented by Angela
Ferrante, Garden City Group, LLC.

Term Loan Lenders, Cross-Claimant, represented by Erin L. Burke,
Jones Day, Nicholas D. Fram, Munger, Tolles & Olson LLP, George M.
Garvey, Munger Tolles & Olson, Craig Armand Lavoie, Munger, Tolles
& Olson LLP & Matthew A. Macdonald, Munger, Tolles & Olson.

Ad Hoc Group of Term Lenders, Cross-Claimant, represented by
Bradley Schneider, Munger, Tolles & Olson, LLP.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

Motors Liquidation had $669 million in total assets, $56.4 million
in total liabilities and $613 million in net assets in liquidation
as of Dec. 31, 2015.


MOTORS LIQUIDATION: Show Cause Order Entered in "Ignition" Suits
----------------------------------------------------------------
As previously disclosed on Nov. 10, 2016, in a quarterly report on
Form 10-Q of the Motors Liquidation Company GUC Trust, certain
plaintiffs in actions relating to the recall of vehicles
manufactured by General Motors Corporation, n/k/a Motors
Liquidation Company (together with its consolidated subsidiaries,
"Old GM") for ignition switch and other defects appealed certain
threshold decisions made by the United States Bankruptcy Court for
the Southern District of New York in the United States Court of
Appeals for the Second Circuit in In re Motors Liquidation Co.,
Nos. 15-2844, 15-2847, 15-2848.  As previously disclosed on July
18, 2016, in a Current Report on Form 8-K of the GUC Trust, on July
13, 2016, the Second Circuit reached a decision on the Appeal,
including a decision to vacate the Bankruptcy Court's holding that
barred certain claims against the GUC Trust in those actions.

Following the rendering of the Second Circuit Opinion, further
related proceedings were remanded to the Bankruptcy Court.  On Dec.
13, 2016, the Bankruptcy Court entered an Order to Show Cause
Regarding Certain Issues Arising from Lawsuits with Claims Asserted
Against General Motors LLC That Involve Vehicles Manufactured by
General Motors Corporation.  Also on Dec. 13, 2016, New GM filed a
Petition for Writ of Certiorari with the Supreme Court of the
United States of America, asking the Supreme Court to review the
Second Circuit Opinion.  The Order to Show Cause and the Cert
Petition are discussed further below.

Background

In July 2009, New GM purchased assets from Old GM pursuant to a
Bankruptcy Court order relying on Section 363 of the Bankruptcy
Code under which certain product liability and property damage
claims were barred against New GM, as the successor corporation,
where such claims arose before July 9, 2009, the closing date of
the 363 Sale.

Following New GM's recall of vehicles for ignition switch and other
defects throughout 2014, hundreds of lawsuits were filed.
Plaintiffs in those suits included those who had suffered
pre-closing injuries allegedly arising from the ignition switch
defect, plaintiffs who had suffered post-closing injuries allegedly
arising from the ignition switch defect and plaintiffs who sought
damages for alleged economic losses arising from the ignition
switch defect and other defects in Old GM vehicles.  New GM sought
to enjoin those lawsuits by filing motions in the Bankruptcy Court
to enforce the Sale Order.  The Bankruptcy Court, in the Threshold
Issues Decision, determined certain threshold issues related to the
motions to enforce the Sale Order.  The Threshold Issues Decision
was appealed to the Second Circuit, which affirmed in part,
reversed in part, and remanded in part for further proceedings
before the Bankruptcy Court.

Order to Show Cause

On Dec. 13, 2016, the Bankruptcy Court entered the Order to Show
Cause, which details five issues that will be determined by the
Bankruptcy Court as a method of advancing litigation related to the
ignition switch defects in an orderly fashion.  The 2016 Threshold
Issues consist of the following:

  * First Threshold Issue: Whether the Bankruptcy Court's
    Threshold Issues Decision, and subsequent decision reported at
    541 B.R. 104 (Bankr. S.D.N.Y. 2015) (together with the
    Threshold Issues Decision, the "Prior Decisions") are
    applicable to only Economic Loss Claimants whose claims derive
    from defects associated with NHTSA Recall No. 14v047, or
    whether the Prior Decisions are also applicable to Economic
    Loss Claimants whose claims derive from other, later, recalls.
   (The plaintiffs that are determined, pursuant to this First
    Threshold Issue to be the subject of the Prior Decisions are
    referred to herein as the "Ignition Switch Plaintiffs."
    Plaintiffs that are determined to not be the subject of the
    Prior Decisions are referred to herein as the "Non-Ignition
    Switch Plaintiffs.")

  * Second Threshold Issue: Whether Non-Ignition Switch Plaintiffs
    asserting economic loss claims based solely on New GM's
    independent conduct after the closing of the 363 Sale (1) are
    entitled to assert those claims against New GM, (2) are barred

    from bringing such claims to the extent they did not appeal
    the Prior Decisions, or (3) are barred from bringing such
    claims because they are not truly independent claims.

  * Third Threshold Issue: Whether the portion of the Second   
    Circuit Opinion relating to purchasers of used cars
    manufactured by Old GM after the 363 Sale permits those
    plaintiffs to assert all claims against New GM, or whether
    those claims are limited to (a) used car purchasers who
    appealed the Bankruptcy Court's Prior Decisions, and/or (b)
    claims that are based solely on New GM's independent conduct
    after the closing of the 363 Sale.

  * Fourth Threshold Issue: Whether Post-Closing Accident
    Plaintiffs are bound by the Sale Order, or whether they may
    bring successor liability claims against New GM and seek
    punitive damages in connection therewith notwithstanding a
    contrary decision by the Bankruptcy Court in November 2015.

  * Fifth Threshold Issue: Whether the Ignition Switch Plaintiffs
    and/or Non-Ignition Switch Plaintiffs satisfy the requirements
    for authorization to file late proofs of claim against the GUC

    Trust and/or are such claims equitably moot (the "Late Proof
    of Claim Issue").

The Order to Show Cause provides that briefing with respect to the
2016 Threshold Issues (other than the Late Proof of Claim Issue)
will commence on Feb. 27, 2017, and close on April 7, 2017, with
oral argument to be heard by the Bankruptcy Court on April 20,
2017, at 9:00 a.m. (such dates and times subject to change).

With respect to the Late Proof of Claim Issue, the Order to Show
Cause provides that Brown Rudnick LLP (on behalf of certain
Economic Loss Plaintiffs) and Goodwin Procter LLP (on behalf of
certain Pre-Closing Accident Plaintiffs) will file separate motions
seeking authority to file late proofs of claim against the GUC
Trust by no later than Dec. 22, 2016.  Other plaintiffs who wish to
join in the Late Claim Motions will be entitled to file a letter
with the Bankruptcy Court by Jan. 6, 2017.  The Order to Show Cause
further provides that the Bankruptcy Court will hold a status
conference on Jan. 12, 2017, at 9:00 a.m. (such dates and times
subject to change) to address any issues arising from the Late
Claims Motions, including (i) whether discovery is necessary with
respect to the Late Claim Motions, (ii) if discovery is necessary,
the appropriate parameters of such discovery, and (iii) an
appropriate briefing schedule for the Late Claim Motions, including
deadlines for objections and replies.

The Order to Show Cause provides that any person objecting to the
procedures set forth in the Order to Show Cause must file an
objection with the Bankruptcy Court no later than 20 days following
the date of the Order to Show Cause.

Cert Petition

On Dec. 13, 2016, New GM filed its Cert Petition with the Supreme
Court.  The Cert Petition was docketed on Dec. 15, 2016, as case
number 16-764.  Responses to the Cert Petition are due by Jan. 16,
2017.  There is no formal date by which the Cert Petition must be
granted or denied.

                     About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.


MURPHY ENERGY: Court Approves Sale of Natural-Gas Terminals
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas, on
Dec. 19, 2016, entered an order approving the auction results in
the bankruptcy case of Connect Transport, L.L.C., et al., including
the sale of substantially all of their assets.

The following Purchasers have offered the highest and best
consideration for the applicable Assets and are deemed to be the
Successful Bidder or Back-Up Bidder, as applicable:

   (a) Port Hudson Terminal - The Successful Bidder is NGL Supply
Terminal Company, LLC, with a cash purchase price of $33,100,000,
plus other consideration.  The Back-Up Bidder is Lorica Energy,
LLC, with a cash purchase price of $33,000,000, plus other
consideration for the Port Hudson Terminal Assets.

   (b) Port Allen Terminal - The Successful Bidder is BioUrja
Trading, LLC, with a cash purchase price of $5,600,000, plus other
consideration for the Port Allen Terminal Assets.  The Back-Up
Bidder is NGL with a cash purchase price of $5,500,000, plus other
consideration for the Port Allen Terminal Assets.

   (c) Kingfisher Facility - The Successful Bidder is NGL with a
cash purchase price of $16,600,000, plus other consideration for
the Kingfisher Facility Assets. The Back-Up Bidder is CP Energy
Holdings, LLC, with a cash purchase price of $16,500,000, plus
other consideration for the Kingfisher Facility Assets.

   (d) Crude Terminals - The Successful Bidder is Tauber Oil
Company with a cash purchase price of $3,000,000, plus other
consideration for the Crude Terminal Assets.

Katy Stech, writing for The Wall Street Journal Pro Bankruptcy,
reported that the bankruptcy judge approved the $33.1 million sale
of natural-gas transporter Murphy Energy Corp.'s Port Hudson
terminal in Louisiana, which was auctioned along with several other
terminals as part of the company's bankruptcy.

Murphy Energy officials told Judge Hale that the company owed
roughly $57 million to investors organized by Bank of America, the
report said, citing documents filed in U.S. Bankruptcy Court in
Dallas.

Murphy Energy officials who held an auction for the company's Port
Hudson terminal announced that NGL Supply Terminal Co. beat
competitors after 24 rounds of bidding, the report related.  NGL
Supply Terminal also won an auction for Murphy Energy's Oklahoma
terminal with a $16.6 million bid, the report further related.

A buyer named BioUrja Trading LLC offered $5.6 million for a third
terminal in Louisiana called Port Allen, which has been under
construction since last year, the report noted.  Murphy Energy
officials who have spent $15 million on the project said it needs
another $20 million to be completed, the report cited earlier court
papers.

Murphy Energy also said that Tauber Oil Co. is preparing to
purchase Murphy Energy's 10 truck-to-pipeline crude oil terminals
in north Texas and Oklahoma, which buy crude oil from producers and
transport it to customers, the report added.

                     About Connect Transport

Privately-held Connect Transport, LLC, provides transportation,
storage, producer, and marketing services for crude oil, natural
gas liquids, and condensates.

Connect Transport and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Lead Case No.
16-33971) on Oct. 4, 2016.

The affiliated debtors are Big Rig Tanker, L.L.C., MG Rolling
Stock
Land, L.L.C., Murphy Energy Corporation, Murphy Holdings, Inc.,
Port Allen Terminal, LLC, Port Hudson Terminal, LLC, Murphy
Terminals, LLC, and Connect Terminals, LLC (Case Nos. 16-33972 to
16-33979).

Connect Transport estimated assets of $500,000 to $1 million and
liabilities of $50 million to $100 million.  Murphy Energy Corp.
estimated $100 million to $500 million in both assets and
liabilities.

The Debtors tapped Dykema Cox Smith as legal counsel.  Houlihan
Lokey Capital, Inc., serves as the Debtors' investment banker
while
Kurtzman Carson Consultants LLC serves as claims and noticing
agent.

The U.S. Trustee has formed an Official Committee of Unsecured
Creditors.  The Committee retained McCathern, PLLC, as counsel.


MUSCLEPHARM CORP: Stacey Jenkins Quits as Director
--------------------------------------------------
Stacey Jenkins resigned from the board of directors of MusclePharm
Corporation, effective on Dec. 15, 2016.  Mr. Jenkins' resignation
was not as a result of a disagreement or dispute with the Company,
as disclosed in a Form 8-K report filed with the Securities and
Exchange Commission.

                     About MusclePharm

Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:
MSLP) -- http://www.muslepharm.com/-- develops and manufactures a
full line of National Science Foundation approved nutritional
supplements that are 100 percent free of banned substances.
MusclePharm is sold in over 120 countries and available in over
5,000 U.S. retail outlets, including GNC and Vitamin Shoppe.
MusclePharm products are also sold in over 100 online stores,
including bodybuilding.com, Amazon.com and Vitacost.com.

MusclePharm reported a net loss of $51.85 million in 2015,
a net loss of $13.8 million in 2014 and a net loss of $17.7 million
in 2013.

As of Sept. 30, 2016, MusclePharm had $38.33 million in total
assets, $54.77 million in total liabilities and a total
stockholders' deficit of $16.44 million.


NCI BUILDING: Moody's Affirms B1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
("CFR") for NCI Building Systems, Inc., and changed its outlook to
positive from stable.

The positive outlook reflects NCI's much improved operating
performance over the last year with a corresponding positive effect
on the company's key credit metrics. Moody's expects NCI will
continue to improve its overall credit condition as the company
executes on its key initiatives of commercial discipline, competent
supply chain management and operational efficiencies.

The following ratings were affected by this action:

  Probability of Default Rating, affirmed B1-PD;

  Corporate Family Rating, affirmed B1;

  Senior Secured Term Loan, affirmed Ba3 (LGD3);

  Senior Unsecured Regular Bond/Debenture, affirmed B3 (LGD5).

Outlook Actions:

  Outlook, Changed to positive from stable.

RATINGS RATIONALE

The change in outlook to positive from stable reflects NCI's
improved operating performance and better key credit metrics. For
the twelve months ended July 31, 2016, NCI had adjusted debt/EBITDA
of 2.6x, a 1.0x decrease over FY 2015 (All Moody's calculations
include Moody's standard adjustments). Additionally, for the twelve
months ended July 31, 2016, NCI had sales of $1,664 million, a 6.5%
increase over FY 2015. This growth in sales came accompanied by a
solid increase in both gross and EBITDA margins. The company has
been steadily increasing margins from levels of 4.5% in 2011 to its
current levels. As of July 31, 2016, NCI's EBITA margin was 8.0%.
Moody's expect NCI to continue recording positive operating
performance during Moody's time horizon if the company is able to
execute on its key initiatives of commercial discipline, competent
supply chain management and operational efficiencies.

The B1 corporate family rating also reflects NCI's leverage levels,
along with their higher interest burden since the acquisition of
CENTRIA in January 2015. The rating also considers NCI's
significant exposure to the prevailing conditions in the cyclical
North American non-residential construction sector, a sector that
constitutes the vast majority of the NCI's end-markets. Moody's
expect the non-residential sector to experience low to mid-single
digit growth during the next 12 to 18 months. The rating is
constrained by NCI's ultimate ownership structure as a private
equity owned company and the company's vulnerability to cyclicality
in its end-markets.

WHAT COULD CHANGE RATINGS UP/DOWN

Further ratings upgrades beyond B1 will be constrained by NCI's
private equity ownership structure. Positive rating actions could
ensue if NCI:

  -- Is able to resolve its ultimate ownership structure;

  -- Demonstrates a financial policy that shows improved
capitalization and allows the company's balance sheet to increase
its resilience to economic downturns;

  -- Maintains adjusted EBITA margins above 5.0%;

  -- Sustains adjusted EBITA-to-interest expense above 3.0x;

  -- Maintains adjusted debt-to-EBITDA below 4.0x.

Negative rating actions may occur if NCI's operating performance
falls below Moody's expectations, or if the company experiences a
weakening in financial performance resulting in the following
adjusted metrics:

  -- Operating losses on a trailing 12-month basis;

  -- Adjusted EBITA to-interest expense below 1.0x;

  -- Adjusted debt-to-EBITDA above 5.5x;

  -- Recording negative adjusted free cash flows, making
acquisitions through material indebtedness increases, or a
worsening of conditions in the non-residential construction sector
could also place downward pressure on NCI's rating.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Corporate Profile:

Headquartered in Houston, Texas, NCI Building Systems, Inc. is one
of the largest integrated manufacturers of metal products for the
non-residential building industry in North America. For the twelve
months ended July 31, 2016, NCI generated $1,664 million of revenue
and $179 million of Moody's adjusted EBITDA. As of
July 31, 2016, Clayton, Dubilier & Rice ("CD&R") owned 42% of NCI.


NEENAH FOUNDRY: Moody's Affirms Caa1 CFR, Revises Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service revised the rating outlook for Neenah
Foundry Company to Stable from Negative following the completion of
an amendment and extension of the company's credit facilities. In a
related action, Neenah's Corporate Family and Probability of
Default Ratings were affirmed at Caa1, and Caa1-PD, respectively;
and a Caa2 rating was assigned to the amended and extended $107
million senior secured term loan which matures in April 2019.
Proceeds from the amended and extended term loan along with
borrowings under a new $75 million asset based revolving credit
facility were used to repay the existing $117 million senior
secured term loan.

The following rating was assigned:

Caa2 (LGD4), to the $107 million amended and extended senior
secured term loan, due April 2019

The following ratings were affirmed:

Corporate Family Rating, at Caa1;

Probability of Default, at Caa1-PD;

The following ratings was withdrawn:

Caa2 (LGD4) ratings for the prior senior secured term loan ($117
million remaining amount)

RATINGS RATIONALE

The revision of Neenah's rating outlook to Stable from Negative
incorporates the amendment and extension of company's liquidity and
term loan facilities, and gradual operating performance
improvement, balanced by ongoing challenges in the company's
commercial vehicle end markets. Neenah has shown quarter by quarter
operating improvement in fiscal 2016, but at levels substantially
below Moody's expectations. The transaction provides the company
with greater financial and operational flexibility as Class 8 build
rates are expected to continue to decline on a year-over-year basis
through the first half of 2017. Given the only two-year extension
of maturities, Neenah's ability to address what will be near-term
maturities by calendar year-end 2017 is dependent on the recovery
of Class 8 vehicle demand in 2017. While recent Class 8 order
trends are positive, the sustainability of this trend is
uncertain.

Neenah is expected to maintain an adequate liquidity profile over
the next 12-15 months supported by availability under the new $75
million asset based revolving credit facility and positive free
cash flow generation. Pro forma for the refinancing transaction,
Neenah is anticipated to have only nominal amounts of cash on hand.
Moody's believes that Neenah's free cash flow should strengthen
over the near-term with recovering commercial vehicle markets in
the second half of 2017. Free cash flow as a percentage of debt is
expected to be in the high single digit range by fiscal year-end
September 2017. Neenah's cash flow cycle is seasonal with positive
cash generation in the second half of the company's fiscal year.
Liquidity also is supported by availability of $44 million under
the new asset based revolving credit facility, after about $17
million of borrowings. The facility matures in January 2019. The
financial covenant under the asset based revolver is a springing
minimum fixed charge coverage test, which Moody's does not expect
to spring over the near-term. The net leverage covenant test under
the term loan facility, which matures in April 2019, has been reset
with sufficient covenant cushion.

The rating or outlook could be lowered if the North American
commercial vehicle and casting markets experience demand trends
resulting the inability for EBITA margins to recover to 5%, or
EBITA/Interest to recover to 1x, or debt/EBITDA maintained above
6x. The initiation of shareholder friendly actions or the inability
to refinance the secured facilities prior to the year-end of
calandar 2017also could result in a negative rating action.

A higher rating or outlook could result from the ability to sustain
current market share and pricing trends such that EBIT/Interest is
sustained above 2x and Debt/EBITDA below 4.5x while demonstrating a
financial policy that is focused on debt reduction. Neenah's
ability address its early 2019 debt maturities also could also lead
to a positive rating action.

The principal methodology used in these ratings was "Global
Automotive Supplier Industry" published in June 2016.

Neenah Foundry Company, headquartered in Neenah, Wisconsin,
manufactures gray and ductile iron castings and forged components
for sale to industrial and municipal customers. Industrial castings
are custom engineered and produced for customers in several
industries, including the medium- and heavy-duty truck components,
farm equipment, construction equipment, and material handling
equipment. Municipal castings include manhole covers and frames,
storm sewer frames and grates, tree grates, and specialty castings.
Neenah is a wholly owned subsidiary of Neenah Enterprises, Inc.,
which is controlled by private investment funds affiliated with
Golden Tree Asset Management and others. Revenues for fiscal last
twelve month period ending September 30, 2016 were $384 million.


NEIMAN MARCUS: Bank Debt Trades at 11.87% Off
---------------------------------------------
Participations in a syndicated loan under Neiman Marcus Group Inc.
is a borrower traded in the secondary market at 88.13
cents-on-the-dollar during the week ended Friday, December 16,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents a decrease of 2.19 percentage points from
the previous week.  Neiman Marcus Group Inc. pays 300 basis points
above LIBOR to borrow under the $2.9 billion facility. The bank
loan matures on Oct. 16, 2020 and carries Moody's B2 rating and
Standard & Poor's B- rating.  The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended December
16.


NEOVASC INC: Regains Compliance with NASDAQ Listing Requirements
----------------------------------------------------------------
Neovasc Inc. disclosed that it has regained compliance with the
listing requirements of The NASDAQ Stock Market LLC.

On July 5, 2016, Neovasc received a letter from Nasdaq notifying
the Company that it was not in compliance with the minimum bid
price requirement set forth in the Nasdaq Rules for continued
listing on The Nasdaq Capital Market.  Nasdaq Listing Rule
5550(a)(2) requires listed securities to maintain a minimum bid
price of US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides
that a failure to meet the minimum bid price requirement exists if
the deficiency continues for a period of 30 consecutive business
days.

On Dec. 19, 2016, Neovasc received notification from Nasdaq stating
that since the closing bid price of the Company's common shares had
been greater than US$1.00 per share for the last 10 consecutive
business days, from Dec. 5, 2016, to Dec. 16, 2016, Neovasc was in
compliance with Listing Rule 5550(a)(2) and this matter is now
closed.

                        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.


NEPHROGENEX INC: Unsecureds to Recover 26.8% to 37.1% Under Plan
----------------------------------------------------------------
NephroGenex, Inc. filed with the U.S. Bankruptcy Court for the
District of Delaware a disclosure statement with respect to its
plan of liquidation, dated Dec. 6, 2016.

Class 1 consists of miscellaneous secured claims which are
unimpaired under the plan. On or as soon as reasonably practicable
after the distribution date or the date such  miscellaneous secured
claim becomes an allowed miscellaneous secured claim, at the option
of the Debtor or the Liquidating Trustee, as applicable, holders of
allowed miscellaneous secured claims will receive, in full
satisfaction of such allowed miscellaneous secured claim, (a) cash
from the Debtor  equal to the value of such allowed miscellaneous
secured claim, (b) a return of the holder's collateral securing the
miscellaneous secured claim, (c) such treatment required under
section 1124(2) of the Bankruptcy Code for such claim to be
rendered unimpaired or (d) such other treatment as to which such
holder and the Debtor or the Liquidating Trustee, as applicable,
have agreed upon writing. Estimated recovery for this class is
100%.

Class 3 consists of general unsecured claims which are impaired
under the plan. On the Effective Date, each holder of an allowed
general unsecured claim will receive its pro rata share of the
Liquidating Trust interests. Estimated recovery for this class is
26.8% to 37.1%.

On the Effective Date, the Liquidating Trust shall be established
pursuant to the Liquidating Trust Agreement for the purpose of
among other things, (I) investigating and, if appropriate, pursuing
Liquidating Trust Claims; (ii) holding and liquidating the
Liquidating Trust Assets; (iii) resolving all disputed claims and
any claim objections pending as of the Effective Date; (iv)
prosecuting any objections to claims that the Liquidating Trustee
deems appropriate and resolving such objections; and (v) making
distributions from the Liquidating Trust to holders of allowed
claims as provided for in the plan and/or the Liquidating Trust
Agreement.

On the distribution date, the Liquidating Trustee shall make
adequate reserves in the Disputed Claims Reserve for, the
Distributions required to be made under the Plan to holders of
allowed general unsecured claims.

BankruptcyData.com reported that the Disclosure Statement explains,
"On the Effective Date, each holder of an allowed general unsecured
claim will receive on account of such allowed general unsecured
claim, its Pro Rata share of the Liquidating Trust Interests. . .
On the Distribution Date, each Holder of an Allowed General
unsecured claim will receive, on account of such Allowed General
Unsecured Claim, its Pro Rata share of the Liquidating Trust
Interests . . . On or before the Effective Date, the Debtor will
transfer and assign to the Liquidating Trust all of its right,
title and interest in and to all of the Liquidating Trust Assets,
and all such assets will automatically vest in the Liquidating
Trust free and clear of all Claims and liens, subject only to the
Allowed Claims of the Holders of the Liquidating Trust Interests as
set forth in the Plan and the expenses of the Liquidating Trust as
set forth in the Liquidating Trust Agreement."  The Court scheduled
a January 20, 2017 hearing to consider the Disclosure Statement,
with objections due by January 13, 2017.

A full-text copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/debe16-11074-256.pdf

                    About NephroGenex, Inc.

Raleigh, N.C.-based NephroGenex, Inc., is a drug development
company that focuses on developing novel therapies for kidney
disease.  It develops Pyridorin (pyridoxamine dihydrochoride), a
therapeutic agent, which is in Phase III clinical study for the
treatment of diabetic nephropathy.

NephroGenex filed for Chapter 11 bankruptcy protection (Bankr. D.
Del. Case No. 16-11074) on April 30, 2016, disclosing $4.9 million
in total assets and $6.2 million in total debt as of April 30,
2016.  The petition was signed by John P. Hamill, chief
executive
officer and chief financial officer.

David R. Hurst, Esq., at Cole Scotz P.C. serves as the Debtor's
bankruptcy counsel.  Cassel Salpeter & Co. LLC is the Debtor's
investment banker and financial advisor.  Kurtzman Carson
Consultants LLC is the Debtor's claims and noticing agent.


NEUSTAR INC: Moody's Ratings Remain on Review Over Sale Deal
------------------------------------------------------------
Moody's Investors Service said that Neustar, Inc's ratings will
remain on review for downgrade following its announcement that
Golden Gate Capital has agreed to purchase Neustar for $2.9 billion
in cash. Golden Gate plans to raise $1.75 billion in new debt to
finance the transaction, which may increase Neustar's leverage by
over 2x, based on Moody's estimate of Neustar's 2019 EBITDA. The
company will generate a significant amount of cash as the NPAC
contract runs off over the next 4-6 quarters, which could be used
for debt reduction. Moody's review will focus on the post-close
capital structure of Neustar and its fundamental profile, market
position and growth potential. Moody's expects Neustar's existing
debt to be repaid upon close of the deal.

In June of 2016, Moody's placed Neustar, Inc.'s ratings under
review for downgrade following its announcement of a plan to
separate into two independent, publicly traded companies. Moody's
believes the plan to separate the order management and numbering
services business is now on hold and the company will remain whole
as it is taken private. In preparation for spin transaction as well
as the loss of the NPAC contract, Neustar had been focused on
reducing its debt load. The proposed buyout represents a reversal
of this conservative financial policy which adds to the negative
pressure to the ratings.

Neustar, Inc's Ba3 corporate family rating reflected its healthy
balance sheet, strong cash flows, and high growth rate. The company
has a favorable market position in the information services sector
with business lines in marketing, data, and security services. Over
the past several years, Neustar has aggressively invested in its
business, diversifying its revenue base away from the impending
loss of its very large contract to provide Number Portability
Administration Center (NPAC) services. NPAC generates approximately
45% of its revenues, but the contract is scheduled to expire in
2018. With organic growth and M&A that leverages its expertise in
managing real-time information systems, revenue from non-NPAC
services has reached a scale and level of profitability that
supports its debt load after the loss of NPAC.


NEXT COMMUNICATIONS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Next Communications, Inc.
        350 Lincoln Road, Suite 4015
        Miami Beach, FL 33139

Case No.: 16-26776

Chapter 11 Petition Date: December 21, 2016

Court: United States Bankruptcy Court
       Southern District of Florida (Miami)

Judge: Hon. Robert A Mark

Debtor's Counsel: Gary M Murphree, Esq.
                  A.M. LAW, LLC
                  7385 SW 87 Ave # 100
                  Miami, FL 33173
                  Tel: 305-441-9530
                  E-mail: gmm@amlaw-miami.com
                          pleadings@amlaw-miami.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $10 million to $50 million

The petition was signed by Arik Maimon, CEO.

A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at http://bankrupt.com/misc/flsb16-26776.pdf


NEXT STAGE: Hall Selling San Francisco Property to Young for $3M
----------------------------------------------------------------
Steven Anthony Hall asks the U.S. Bankruptcy Court for the Northern
District of California to authorize the sale of real property
commonly described as 1227-1231 San Bruno Avenue, San Francisco,
California, APN Lot 018, Block 4214, to Sam R. Young for
$3,000,000.

The property is income property.  Title to the property is held in
the name of Next Stage Holdings, LLC, a Nevada LLC, whose authority
to conduct business has been suspended by the State of Nevada for
non-payment of fees.  Under Nevada law, the assets of a suspended
LLC are held by the members for the benefit of the creditors of the
LLC.  The Debtor is the sole manager and member of the LLC.

On Nov. 10, 2016, the Court entered its order approving the
employment of Michael Minson and Keller/Williams Realty as the
Debtor's broker.

The Debtor has entered into a contract for the sale of the property
for $3,000,000 to the Buyer.

These liens and encumbrances are of record against the property:

    a. A Deed of Trust in the principal amount of $1,712,750 dated
Nov. 21, 2014 in favor of FJM Private Mortgage Fund, LLC, a
California Limited Liability Company, recorded Nov. 26, 2014 in the
Official Records of the City & County of San Francisco, No.
2014-J980632-00;

    b. A Deed of Trust in the amount of $325,000 dated Nov. 21,
2014 in favor of Harold J. Severson and Margene W. Severson,
recorded on Nov. 26, 2014 in the Official Records of the City &
County of San Francisco, No. 2014-J980633-00;

    c. A Deed of Trust in the amount of $50,000 dated Nov. 26, 2014
in favor of Universal Rei, LLC, recorded March 13, 2015 in the
Official Records of the City & County of San Francisco, No.
2015-K033316-00;

    d. A Deed of Trust in the amount of $200,000 dated June 3, 2015
in favor of Jon Cal Properties, LLC, a California limited Liability
Company, recorded June 5, 2015 in the Official Records of the City
& County of San Francisco, No. 2015-K071824-00;

    e. An abstract of judgment in the amount of $126,222 in favor
of John Garibaldi recorded June 16, 2015 in the Official Records of
the City & County of San Francisco, No. 2015-K083575-00;

    f. A Deed of Trust in the amount of $100,000 dated Aug. 14,
2015 in favor of Myra Chun, recorded Aug. 20, 2015 in the Official
records of the City & County of San Francisco, No.
2015-K112720-00;

    g. A Deed of Trust in the amount of $100,000 dated Aug. 14,
2015 in favor of Myra Chun, recorded Aug. 20, 2015 in the Official
Records of the City & County of San Francisco, No.
2015-K112721-00;

    h. A Deed of Trust in the amount of $200,000 dated Nov. 13,
2015 in favor of Steven A. Hall, recorded Nov. 16, 2015 in the
Official Records of the City & County of San Francisco, No.
2015-K156080-00;

    i. A financing statement in favor of TA Financial Group against
the Debtor, recorded Feb.3, 2016 in the Official Records of the
City & County of San Francisco, No. 2016-K197888-00;

    j. A claim of mechanic's lien or materialman's lien in the
amount of $599,999 in favor of Anthony Malfatti recorded July 21,
2016 in the Official Records of the City & County of San Francisco,
No. 2016-K291355-00.

The Debtor's share of closing costs, the commissions, any real
estate taxes which might be outstanding, and the FJM lien would be
paid directly from escrow.  All net proceeds will remain in escrow
or will be transferred to the Debtor's Debtor-in-Possession bank
account and will not be used absent dismissal of the Chapter 11
case or an Order authorizing the use of the funds issued by the
Bankruptcy Court.

The Debtor has had preliminary discussions with some of the
lienholders who have expressed a willingness to reduce the amounts
of their liens.  It may be necessary for the Debtor to seek a
determination as to whether or not some of the junior liens are in
fact secured or whether the liens may be avoided under Section 506
of the Bankruptcy Code.

If the Debtor is unable to sell the property, it is likely that FJM
will foreclose and the Debtor will lose close to $1,000,000 in
equity which could be used to pay the junior lienholders.

The Debtor asks the Court to approve the sale of the property free
and clear of the following liens and encumbrances.  The Debtor also
moves for an order authorizing the payment from escrow the Deed of
Trust in the principal amount of $1,712,750 in favor of FJM, and to
pay a real estate commission to the Debtor's broker, and to the
Buyer's broker, Lee Ann Fleming/McGuire Real Estate

                     About Next Stage Holdings
        
Next Stage Holdings, LLC, sought Chapter 11 protection (Bankr. N.D.
Cal. Case No. 16-31312) on Dec. 6, 2016.  The petition was signed
by Steven Hall, managing member.
Judge Hannah L. Blumenstiel is assigned to the case.  The Debtor
estimated assets and liabilities in the range of $1 million to $10
million.  The Debtor tapped Ruth Elin Auerbach, Esq., at Law
Offices of Ruth Elin Auerbach, as counsel.   

Steven Anthony Hall filed his own Chapter 11 petition (Bankr. N.D.
Cal. Case No. 16-31027) on Sept. 22, 2016.


NORTH PARK: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: North Park Investments, LLC
        5716 Corsa Avenue, Suite 110
        Westlake, CA 91362

Case No.: 16-12371

Chapter 11 Petition Date: December 20, 2016

Court: United States Bankruptcy Court
       Central District of California (Santa Barbara)

Judge: Hon. Peter Carroll

Debtor's Counsel: Al West, Esq.
                  WEST & ASSOCIATES
                  700 N Pacific Coast Hwy Suite 201
                  Redondo Beach, CA 90277
                  Tel: 310 374-4141
                  E-mail: WestandAssociates@gmail.com

Total Assets: $3.3 million

Total Debts: $13.39 million

The petition was signed by Steve Rogers, authorized agent.

Debtor's List of 20 Largest Unsecured Creditors:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Ray Gutirerrez                     Contract for         $900,000
428 Georgetown Avenue              debt via Note &
Ventura, CA 93003                  Assignment
Email: authorizedtrust@gmail.com

Marc & Michelle Griffith           Contract for         $600,000
6020 Heatherton Drive              debt via Note &
Somis, CA 93066                    Assignment
Email: notedresults@gmail.com

Sunil WAdhwa                       Contract for          $600,000
747 Sturbridge Drive               debt via Note &
Folsom, CA 95630                   Assignment

Raj Wadhwa                         Contract for          $575,000
1102 Penniman Dr.                  debt via Note &
El Dorado Hills, CA 95762          Assignment

Jane Bin Yu                        Contract for          $575,000
1462 Michigan Avenue               debt via Note &
San Jose, CA 95002                 Assignment

Angela Leung                       Contract for          $575,000
3217 Acalanes Avenue               debt via Note &
Lafayette, CA 94549                Assignment

Greg Somerville                    Contract for          $575,000
3416 Saint Andrews Drive           debt via Note &
Stockton, CA 95219                 Assignment

Stella Tan                         Contract for          $570,000
4525 Lincoln Way                   debt via Note &
San Francisco, CA 94122            Assignment

Ellen Davenport                    Contract for          $570,000
5555 Thayer Lane                   debt via Note &
San Ramon, CA 94582                Assignment

Harold Fuhrmann                    Contract for          $500,000
1953 Village Court                 debt via Note &
lone, CA 95640                     Assignment

Lorraine Moller                    Contract for          $500,000
2525 Arapahoe, Suite 500           debt via Note &
Boulder, Colorado 80302            Assignment

Robert Burns                       Contract for          $400,000
690 Heather Court                  debt via Note &
Pacifica, CA 94044                 Assignment

John Lazell                        Contract for          $175,000
9651 Maccool Lane                  debt via Note &
Santee, CA 92071                   Assignment

Floro Anunciacion                  Contract for          $175,000
                                   debt via Note &
                                   Assignment

Richard Guriel                     Contract for          $170,000
                                   debt via Note &
                                   Assignment

Maritza Luz Vega                   Contract for          $150,000
                                   debt via Note &
                                   Assignment

Leslie Edwards                     Contract for          $150,000
                                   debt via Note &
                                   Assignment

Gerald Bardel                      Contract for          $150,000
                                   debt via Note &
                                   Assignment

Steven Vaughn                      Contract for          $150,000
                                   debt via Note &
                                   Assignment

John Tombarelli                    Contract for          $150,000
                                   debt via Note &
                                   Assignment


NOVABAY PHARMACEUTICALS: Agrees to Pay Former CEO in Installments
-----------------------------------------------------------------
NovaBay Pharmaceuticals, Inc., and Dr. Ramin Najafi, the Company's
former president and chief executive officer, entered into an
amendment to the Separation Agreement between the parties, dated as
of Nov. 18, 2015.

Under the original terms of the Separation Agreement, the Company
agreed to pay the remaining $480,000 of the executive's separation
payments on Dec. 31, 2016.  At the Company's option, such $480,000
separation amount may consist of any of the following:

    (i) a grant of registered shares of the Company's common
        stock, the total value of which will be equivalent to
        $480,000 (with the stock price used to determine the
        number of shares constituting the Grant being the average  

        closing price of the last five business days before the
        date of grant);

   (ii) a payment of $480,000 in cash; or

  (iii) a combination of such stock grant and cash, equal in the
        aggregate to $480,000 (any of such three options, the
        "Payment").  

Pursuant to the Amendment, the parties have agreed to divide the
Payment into two equal installments (rather than a single payment
due on Dec. 31, 2016), the first of which will be paid and/or
granted on Dec. 16, 2016, and the second of which will be paid
and/or granted on Jan. 15, 2017.

                  About NovaBay Pharmaceuticals

NovaBay Pharmaceuticals is a biopharmaceutical company focusing on
the commercialization of prescription Avenova lid and lash hygiene
for the domestic eye care market.  Avenova is formulated with
Neutrox which is cleared by the U.S. Food and Drug Administration
(FDA) as a 510(k) medical device.  Neutrox is NovaBay's proprietary
pure hypochlorous acid.  Laboratory tests show that hypochlorous
acid has potent antimicrobial activity in solution yet is non-toxic
to mammalian cells and it also neutralizes bacterial toxins.
Avenova is marketed to optometrists and ophthalmologists throughout
the U.S. by NovaBay's direct medical salesforce.  It is accessible
from more than 90% of retail pharmacies in the U.S. through
agreements with McKesson Corporation, Cardinal Health and
AmeriSource Bergen.

NovaBay reported a net loss of $18.97 million in 2015, a net loss
of $15.19 million in 2014 and a net loss of $16.04 million in
2013.  As of Sept. 30, 2016, NovaBay had $15.14 million in total
assets, $8.42 million in total liabilities and $6.71 million in
total stockholders' equity.

OUM & Co. LLP in San Francisco, California, audited the
consolidated balance sheets of NovaBay Pharmaceuticals, Inc. as of
Dec. 31, 2015, and 2014 and the related consolidated statements
of operations and comprehensive loss, stockholders' equity, and
cash flows for each of the three years in the period ended
Dec. 31, 2015.  The firm noted that the Company has suffered
recurring losses and negative cash flows from operations and has a
stockholders' deficit, all of which raise substantial doubt about
its ability to continue as a going concern.


NUVERRA ENVIRONMENTAL: Extends ABL Facility Maturity to March 2017
------------------------------------------------------------------
Nuverra Environmental Solutions, Inc., entered into a Fourteenth
Amendment to Amended and Restated Credit Agreement by and among
Wells Fargo Bank, National Association, the lenders, and the
Company, which further amends the Company's Amended and Restated
Credit Agreement, dated as of Feb. 3, 2014, by and among Wells
Fargo, the Lenders, and the Company.  The ABL Facility Amendment
dated Dec. 16, 2016, amends the ABL Facility by extending the date
by which the Company is required to refinance the ABL Facility in
full from Dec. 16, 2016, to March 31, 2017, and the maturity date
of the ABL Facility from Dec. 31, 2016, to March 31, 2017.

In addition, among other terms and conditions, the ABL Facility
Amendment amends the ABL Facility by (i) reducing the maximum
revolver commitments from $85 million to $40 million, and (ii)
increasing the Permitted Indebtedness (as defined in the ABL
Facility) under the Term Loan Documents (as defined in the ABL
Facility) from $30,600,000 to $58,100,000, plus any interest
required or permitted to be paid in kind under and pursuant to the
Term Loan Documents (as defined in the ABL Facility).

The Company continues to evaluate strategic options and
transactions and expects to continue its discussions with certain
of its debtholders regarding strategic alternatives to improve its
long-term capital structure and liquidity.

                   Term Loan Agreement Amendment

On Dec. 16, 2016, the Company entered into a Fourth Amendment to
Term Loan Credit Agreement by and among the lenders named therein,
Wilmington Savings Fund Society, FSB, as administrative agent,
Wells Fargo, as collateral agent, the Company, and the guarantors
named therein, which further amends the Term Loan Credit Agreement,
dated April 15, 2016, by and among Wilmington, the Term Loan
Lenders, and the Company by increasing the Term Loan Lenders'
commitment, and the principal amount borrowed by the Company, under
the Term Loan Agreement from $30,600,000 to 58,100,000.

Pursuant to the Term Loan Agreement Amendment, the Company is
required to use the net cash proceeds of the Additional Term
Commitment of $25 million to pay the fees, costs and expenses
incurred in connection with the Term Loan Agreement Amendment and
to pay down $22 million aggregate principal amount of loans
outstanding under the Company's ABL Facility.  The remaining net
cash proceeds, subject to satisfaction of certain release
conditions, will be available for general operating, working
capital and other general corporate purposes.  In connection with
the Term Loan Agreement Amendment, the Company paid to the Lenders
an amendment fee of $2.5 million, which was added to the principal
amount outstanding thereunder.

                        About Nuverra

Nuverra Environmental Solutions, Inc. (OTCQB: NESC) provides
environmental solutions to customers focused on the development and
ongoing production of oil and natural gas from shale formations.
The Scottsdale, Arizona-based Company operates in shale basins
where customer exploration and production activities are
predominantly focused on shale and natural gas.

Nuverra reported a net loss attributable to common stockholders of
$195 million in 2015, a net loss attributable to common
stockholders of $516 million in 2014 and a net loss attributable to
common stockholders of $232 million in 2013.

As of Sept. 30, 2016, Nuverra had $388.3 million in total assets,
$496.3 million in total liabilities and a total shareholders'
deficit of $107.96 million.

KPMG LLP, in Phoenix, Arizona, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has incurred recurring
losses from operations and has limited cash resources, which raise
substantial doubt about its ability to continue as a going concern.


OHIO VALLEY ELECTRIC: Moody's Lowers Sr. Unsecured Ratings to Ba1
-----------------------------------------------------------------
Moody's Investors Service downgraded the senior unsecured ratings
of the Ohio Valley Electric Corporation to Ba1 from Baa3,
concluding the review that began on November 4, 2016. The rating
outlook is negative.

RATINGS RATIONALE

This rating action was prompted by the recent downgrades of
FirstEnergy Corp's (FirstEnergy) subsidiaries FirstEnergy Solutions
Corp. (FES: Caa1 negative) and Allegheny Energy Supply Company, LLC
(AES: B1 negative) which together are contractually obligated to
cover about 8% of OVEC's expenditures.

The downgrades of FES to Caa1 from Ba2 and AES to B1 from Ba1
followed FirstEnergy's announced intention to exit its merchant
business entirely within 18 months, even if it requires a
restructuring or bankruptcy at FES. Although the proportion of
OVEC's revenues that are derived from FES (4.85%) and AES (3.01%)
are relatively modest, the payment obligations under the
Inter-Company Power Agreement (ICPA), which is the basis for OVEC's
revenue, are several and not joint. In addition, in the event of a
payment default, there is currently no requirement for the
non-defaulting sponsor companies to "step-up" their payments to
cover any shortfall.

The rating action also considers the December 1st decision of the
OVEC Board to begin funding a debt service reserve, and to form a
strategic planning group to evaluate a possible modernization of
the ICPA. Moody's view both of these developments as indicative of
the Board's desire to support credit quality.

The strategic planning group will be tasked with reviewing possible
ways to update the ICPA, including the potential creation of a
step-up to cover sponsor shortfalls and/or requirements for credit
assurance in the event of declining sponsor company credit quality.
Any such changes to the ICPA would need to be approved by all of
the sponsoring companies. In the interim, OVEC's funding of a $44
million reserve over 18 months beginning January 2017 should help
to mitigate potential cash shortfalls. Absent these credit
strengthening actions by the Board, OVEC's ratings could have moved
down by more than one notch.

"In the event of a payment default by FES or another sponsor, OVEC
may suspend service to the defaulting entity; in which case, the
energy and capacity allocated to the defaulting party would become
available to the other sponsor companies, or to OVEC, to sell into
the PJM Interconnection markets. Based on current market
conditions, we estimate the revenues available from the sale of
this capacity and energy into the market would cover only about 50%
of OVEC's billable non-fuel expenses. As such, we expect the
shortfall from a potential loss of FES revenue (4.85% of the total)
could be in the range of about $6-10 million per year. While this
amount appears manageable, there currently is no automatic means of
funding the gap other than through draws on the OVEC revolver.
Revolver usage requires a representation of no material adverse
change, a credit negative, and would need to be repaid pro-rata by
the sponsoring companies," Moody's says.

Rating Outlook

The negative rating outlook reflects the negative outlooks on
sponsor companies that currently make up about 13% of OVEC's
revenues, and recognizes the potential for a bankruptcy filing at
FES. The outlook also reflects the potential for downward movement
in the rating in the event the OVEC declines or is unable to
implement long-term credit supportive modernizing changes to the
ICPA.

Factors that Could Lead to an Upgrade

Given the negative outlook, the ratings are unlikely to move upward
in the near-to-medium term. However, in the event long-term credit
supportive changes to the ICPA, such as an inclusion of a step-up
provision, are implemented, there could be upward pressure on the
outlook, or over the longer term, on the rating.

Factors that Could Lead to a Downgrade

In the event OVEC declines or is unable to implement long-term
credit supportive modernizing changes to the ICPA, or to the extent
there were to be further declines in credit quality of the sponsor
group, there could be downward pressure on the ratings. An
inability or unwillingness to fund the Board approved $44 million
reserve as anticipated would also likely put downward pressure on
the rating.

Downgrades:

  -- Issuer: Ohio Valley Electric Corp

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1 from
Baa3

  -- Issuer: Indiana Finance Authority

Senior Unsecured Revenue Bonds, Downgraded to Ba1 from Baa3

  -- Issuer: Ohio Air Quality Development Authority

Senior Unsecured Revenue Bonds, Downgraded to Ba1 from Baa3

Outlook Actions:

  -- Issuer: Ohio Valley Electric Corp

Outlook, Changed To Negative From Rating Under Review

The principal methodology used in these ratings was US Municipal
Joint Action Agencies published in October 2016.

OVEC owns and operates two coal-fired generating power plants,
Kyger Creek in Ohio and Clifty Creek in Indiana, that have a
combined capacity of approximately 2,400 MW. OVEC is sponsored by
nine investor-owned regulated electric utilities, two independent
generating companies (subsidiaries of a utility holding company)
and two affiliates of generation and transmission cooperatives
(collectively, the Sponsors). The Sponsors purchase OVEC's power at
wholesale, cost based, rates. The ownership structure is governed
by a long-term Inter-Company Power Agreement (ICPA) expiring in
2040.


OMNITATUS GROUP: Seeks to Hire Cummings Law Firm as Legal Counsel
-----------------------------------------------------------------
Omnitatus Group, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of North Carolina to hire legal counsel.

The Debtor proposes to hire The Cummings Law Firm P.A. to give
legal advice regarding its duties under the Bankruptcy Code, and
provide other legal services related to its Chapter 11 case.

Attorneys at Cummings Law Firm charge an hourly rate of $350 while
the firm's other employees charge an hourly rate of $90.

Sandra Cummings, Esq., at Cummings Law Firm, disclosed in a court
filing that she has no monetary or personal interest in the
Debtor.

The firm can be reached through:

     Sandra U. Cummings, Esq.
     The Cummings Law Firm P.A.
     1230 W. Morehead Street, Suite 404
     Charlotte, NC 28208
     Phone: (704) 376-2853

                      About Omnitatus Group

Omnitatus Group, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. W.D.N.C. Case No. 16-31984) on December 9,
2016.  At the time of the filing, the Debtor estimated assets and
liabilities of less than $1 million.


PARAMOUNT RESOURCES: Moody's Withdraws B3 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all of Paramount Resources
Ltd.'s ratings following the redemption of all 2019 senior
unsecured notes on December 19, 2016.

Outlook Actions:

Issuer: Paramount Resources Ltd.

- Outlook, Changed To No Outlook From Stable

Withdrawals:

Issuer: Paramount Resources Ltd.

-  Probability of Default Rating, Withdrawn, previously rated
B3-PD

-  Speculative Grade Liquidity Rating, Withdrawn, previously rated
SGL-1

-  Corporate Family Rating, Withdrawn, previously rated B3

- Senior Unsecured Regular Bond/Debenture Dec 4, 2019, Withdrawn,
previously rated Caa1(LGD4)

RATINGS RATIONALE

Paramount is a Calgary, Alberta-based exploration and production
(E&P) company focused in the Montney formation in Alberta.


PEABODY ENERGY: Files Plan of Reorganization, Disclosure Statement
------------------------------------------------------------------
Peabody Energy on Dec. 22, 2016, disclosed that it has filed its
plan of reorganization and disclosure statement with the U.S.
Bankruptcy Court for the Eastern District of Missouri, representing
another key milestone in the company's Chapter 11 process.

"[Thurs]day's proposed plan is an important achievement in our path
toward emergence," said Peabody Energy President and Chief
Executive Officer Glenn Kellow.  "The plan charts Peabody's course
forward and reflects an enormous amount of work by the company and
multiple creditor groups to advance a proposal that has broad
consensus, maximizes the value of the enterprise and paves the way
for a sustainable future.  We look forward to moving toward
confirmation of the plan."

The plan of reorganization and disclosure statement establish
proposed recoveries for key stakeholders and outline other
components of the company's future governance and ownership.

The proposed plan provides for a new, sustainable capital structure
that significantly reduces the pre-filing debt levels by more than
$5 billion, lowers fixed charges and recapitalizes the company
through a backstopped rights offering of $750 million, a private
placement of mandatorily convertible preferred stock of $750
million and the issuance of new common stock to satisfy certain
creditor claims.  The plan also anticipates that Peabody will
emerge with substantial liquidity to satisfy near and long-term
needs.

Following extensive negotiations, three key stakeholder groups –
the First Lien Creditors, the Second Lien Group and the Unsecured
Noteholder Group, reached agreement with the company on a framework
that culminated in the plan of reorganization filed on Dec. 22.
Peabody currently expects to have a hearing on the disclosure
statement on Jan. 26, 2017.  Following court approval, Peabody
intends to send the plan and disclosure statement to creditors for
approval.

"Eight months ago, we set out on a path to strengthen the balance
sheet and position the company for long-term success amid
historically challenged coal industry fundamentals," said Mr.
Kellow.  "While we still have outstanding issues to resolve prior
to emergence, this plan demonstrates that Peabody retains an
unmatched asset base, leading U.S. platform, substantial Australian
thermal and metallurgical coal business, and a team of skilled
employees with a fundamental commitment to lasting values.  We're
pleased to reach this important step as we move to the next phase
of Peabody's Chapter 11 process.  And we appreciate all of our
employees' actions in continuing to manage safe, low-cost
operations and deliver the results that can best ensure our
success."

Given recent changes in the industry and company, Peabody also
elected to provide updated projections for 2016 through 2021,
incorporating changes to the company's industry views and financial
performance/outlook as of October 2016, and will make these
projections public.  Revisions to the August 2016 business plan
mostly impact early years based on changes in near-term pricing and
currency, along with the planned sale of the Metropolitan Mine
targeted for the first quarter of 2017, subject to clearance by the
Australian Competition and Consumer Commission.  In addition,
Peabody is preparing updated financial statements to reflect the
impact of actual performance, and these will be filed as a
supplement ahead of the disclosure statement hearing.  These
filings follow the announcement last week that the company repaid
its debtor-in-possession financing facility.

The company notes that it is possible that changes will continue to
be made to the plan of reorganization and disclosure statement
prior to final creditor and court approval.  Peabody is targeting
emergence around the beginning of the second quarter of 2017.

As part of the plan of reorganization, the company anticipates
emerging as a public company.  As frequently occurs in Chapter 11
processes, the plan provides that current Peabody Energy equity
securities will be cancelled and extinguished upon the effective
date of a confirmed plan of reorganization by the bankruptcy court,
and holders would not receive any value for such equity interests.

The plan also provides for a nine-member board of directors.  The
board will be comprised of the CEO, a director chosen by Peabody,
appointments from three large creditor groups, and four directors
chosen by a search process.  Directors from the existing Peabody
board will be considered as part of the search process.

The disclosure statement is subject to approval by the court, and
the plan is subject to confirmation by the court.  This press
release is not intended as solicitation for a vote on the plan.
The full terms of the plan of reorganization and disclosure
statement, as well as the related motions, are available online at
http://www.kccllc.net/Peabody

                 About Peabody Energy Corporation

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company.  As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia.  The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount Mine
in Australia.  In addition to its mining operations, the Company
markets and brokers coal from other coal producers, both as
principal and agent, and trade coal and freight-related contracts
through trading and business offices in Australia, China, Germany,
India, Indonesia, Singapore, the United Kingdom and the U.S.

Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net loss
in 2013.

At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.

On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code.  The 154 cases are pending joint
administration before the Honorable Judge Barry S. Schermer under
(Bankr. E.D. Mo. Case No. 16-42529).

As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.

The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.

The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors.  The Committee retained Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.


PERFORMANCE SPORTS: US Trustee to Name Consumer Privacy Ombudsman
-----------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order directing the U.S. Trustee assigned to the Performance
Sports Group case to appoint a consumer privacy ombudsman (CBO).
The order states, "Upon review of the certification of counsel
regarding order directing the U.S. Trustee to appoint a consumer
privacy ombudsman; and it appearing to the Court that the Debtors
are pursuing a sale transaction that may involve a transfer of
personally identifiable information . . . and upon consent of the
Debtors, it is hereby Ordered that: The U.S. Trustee is directed to
appoint one disinterested person (other than the U.S. Trustee) to
serve as the consumer privacy ombudsman in these chapter 11 cases .
. . the consumer privacy ombudsman shall comply with section 332 of
the Bankruptcy Code at all times and file any report with the Court
prior to the joint hearing to consider approval of the sale of all,
substantially all, of the Debtors' assets on February 6, 2017."

                    About Performance Sports

Exeter, N.H.-based Performance Sports Group Ltd. (NYSE: PSG) (TSX:
PSG) -- http://www.PerformanceSportsGroup.com/-- is a developer
and manufacturer of ice hockey, roller hockey, lacrosse, baseball
and softball sports equipment, as well as related apparel and
soccer apparel. Its products are marketed under the BAUER, MISSION,
MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are
distributed by sales representatives and independent distributors
throughout the world. In addition, the Company distributes its
hockey products through its Burlington, Massachusetts and
Bloomington, Minnesota Own The Moment Hockey Experience retail
stores.

On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its
affiliates have filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the District of Delaware and commenced
proceedings under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice.

The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.;
Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer
Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.;
BPS Diamond Sports Inc.; and PSG Innovation Inc.

The Canadian Debtors are: Performance Sports Group Ltd.; KBAU
Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball
/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS
Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer
Performance Sports Uniforms Corp.; and Performance Lacrosse Group
Corp.

The Debtors have hired Paul, Weiss, Rifkind, Wharton & Garrison LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel;
Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as
investment banker to the special committee; Alvarez & Marsal North
America, LLC, as restructuring advisor; Joele Frank, Wilkinson,
Brimmer, Katcher as communications & relations advisor; KPMG LLP as
auditors; Ernst & Young LLP as CCAA monitor; and Prime Clerk LLC as
notice, claims, solicitation and balloting agent.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10
appointed three creditors of BPS US Holdings, Inc., parent of
Performance Sports, to serve on the official committee of unsecured
creditors.  The Creditors' Committee retained by Blank Rome LLP as
counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and
Province Inc. as financial advisor.

The U.S. Trustee appointed a committee of equity security holders.

The equity committee is represented by Natalie D. Ramsey, Esq., and
Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads, LLP;
and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll,
Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP.

                           *     *     *

The Bankruptcy Court for the District of Delaware and the Ontario
Superior Court of Justice have granted the Company approval of,
among other things, the bidding procedures and "stalking horse" bid
protections in connection with a "stalking horse" asset purchase
agreement, under which an acquisition vehicle to be co-owned by an
affiliate of Sagard Capital Partners, L.P. and Fairfax Financial
Holdings Limited, intends to acquire substantially all of the
assets of the Company and its North American subsidiaries for U.S.
$575 million in aggregate and assume related operating
liabilities.

Interested parties must submit qualified bids to acquire
substantially all of the assets of the Company no later than
January 25, 2017.  The auction is set for January 30, 2017.  A
final sale approval hearing is expected to take place shortly after
completion of the auction with the anticipated closing of the
successful bid to occur by the end of February 2017, subject to
receipt of applicable regulatory approvals and the satisfaction or
waiver of other customary closing conditions.


PICKETT BROTHERS: DLL To Be Paid $12,962 Over 6 Years at 5.25%
--------------------------------------------------------------
Pickett Brothers Partnership filed with the U.S. Bankruptcy Court
for the Western District of Louisiana a first amended disclosure
statement with respect to the Debtor's Chapter 11 plan.

Under the plan, the Debtor will surrender all of CNH Capital's
collateral, except for a Case IH auto guidance system, Case IH
8-row corn header 3408, Macdon header and trailer, Wilrich 1400 bed
leveler, Bingham Bros. 27-foot chisel plow, and Namco LG40 blade.
The notes on these pieces of equipment will be assumed and the
equipment purchased by Thomas Pickett for their fair market value.
Thomas Pickett will also assume the notes to DLL Finance and
purchase that equipment.

Class 1 consists of the secured claims of CNH Industrial Capital
America, LLC. This claim will be treated as secured in the amount
of $111,030, the value of the collateral. This secured claim will
be amortized over 6 years with interest at the rate of 5.25% per
annum with payments in the amount of $22,050 per year. Class 1 is
impaired by the plan.

Class 2 consists of the secured claim of DLL Finance, LLC. DLL
Finance has four secured claims against the Debtor in the
approximate amount of $65,272. This claim is secured by first
mortgages on the Debtor's Case Farmall 55A tractor, Hurricane
ditcher, Woods batwing cutter, and Nammco 20-foot scraper. Thomas
Picket will retain this equipment and use it in his farming
operation. This claim will be treated as fully secured. Thomas
Picket will pay DLL Finance annual payments in the amount of
$12,962, which is an amount sufficient to amortize this claim over
6 years at 5.25% interest. This class is impaired by the plan.

Class 3 consists of general unsecured claims. All allowed unsecured
claims will be paid a pro rata portion of the net proceeds from the
sale of the Debtor's equipment that is free and clear of liens.
This class is impaired by the plan.  

As of the Effective Date, the Debtor's property will be revested in
the Debtor free and clear of any claims, liens, mortgages,
ownership interests, or any other encumbrances, other than those
mortgages that shall continue as specified in the plan.

A full-text copy of the Amended Disclosure Statement is available
at:

       http://bankrupt.com/misc/lawb16-50638-80.pdf

Headquartered in Washington, Louisiana, Pickett Brothers
Partnership filed for Chapter 11 bankruptcy protection (Bankr.
W.D.
La. Case No. 16-50638) on May 9, 2016, estimating its assets and
liabilities at between $1 million and $10 million each.  The
petition was signed by Thomas A. Pickett, partner.

Judge Robert Summerhays presides over the case.

Thomas E. St. Germain, Esq., at Weinstein & St. Germain serves as
the Debtor's bankruptcy counsel.


PRESIDENTIAL REALTY: Inks Contribution Pact with First Capital
--------------------------------------------------------------
Presidential Realty Corporation and its newly formed operating
partnership, Presidential Realty Operating Partnership LP, entered
into an interest contribution agreement with First Capital Real
Estate Trust Incorporated, First Capital Real Estate Operating
Partnership, Township Nine Owner, LLC, Capital Station Holdings,
LLC, Capital Station Member, LLC, Capital Station 65 LLC and Avalon
Jubilee LLC.

The Agreement provides that the FC OP will contribute to the
Presidential OP (i) 66% of its 92% ownership interests in Township
Nine Owner LLC, which indirectly owns the fee simple interest in 23
parcels of land located in Sacramento, California and (ii) all of
its 31.3% interest in Avalon Jubilee LLC, the owner of real
property consisting of 251, non-contiguous single-family,
residential lots and a 10,000 square foot clubhouse, within the
Jubilee at Los Lunas subdivision, in exchange for 37,281,000
convertible units of Presidential OP.  The 37,281,000 OP Units will
be convertible into a like number of shares of the Company's Class
B Common Stock.  The purchase price for the properties is
$37,281,000 based upon a valuation of $1.00 per OP Unit.  At the
closing of the T9 Properties, Presidential and Presidential OP will
assume 66% of the liabilities with respect to an existing loan
secured by a deed of trust on the T9 Properties, among other things
(and/or any replacement financing thereof).  The Agreement
contemplates that after the transaction is consummated,
Presidential will become internally managed and led by Joaquin de
Monet, the founder of Palisades Capital Realty Advisors. Initially,
Palisades Capital will be retained as a consultant pursuant to an
agreement to be entered into between Palisades and the Company.

On or before the closing for the Avalon Property, the parties and
Signature Group Advisors, LLC, a company owned by the BBJ
Irrevocable Family Trust, holder of shares of the Company's Class A
and Class B common shares, will enter into an agreement (i) for the
issuance of 1,000,000 Class B shares to Signature in consideration
for sourcing, negotiating and documenting the transactions and (ii)
subject to the Closing for the T9 Property, 2,000,000 Class B
shares to signature as a consulting fee for services to be
performed over a period of four years as directed by the Company.
The Transaction Fee will be payable by the Company and earned upon
execution of the Agreement.  The Consulting Fee is to be paid over
a four year period in equal installments.

On for before the closing for the Avalon Property, the Company is
to enter into documentation for the cancellation of certain stock
options and warrants held by Alexander Ludwig, a director and
President of the Company, in consideration for the issuance of
1,000,000 Class B shares to Mr. Ludwig and for the payment of past
due and current director's fees due non-management directors and
one former non-management director, in consideration for the
issuance of an aggregate of 500,000 Class B shares.

                 About Presidential Realty

Headquartered in White Plains, New York, Presidential Realty
Corporation, a real estate investment trust, (i) owns
income-producing real estate and (ii) holds notes and mortgages
secured by real estate or interests in real estate.  On Jan. 20,
2011, Presidential stockholders approved a plan of liquidation,
which provides for the sale of all of the Company's assets over
time and the distribution of the net proceeds of sale to the
stockholders after satisfaction of liabilities.

Presidential Realty reported a net loss of $495,400 on $932,000 of
total revenues for the year ended Dec. 31, 2015, compared to a net
loss of $941,050 on $871,499 of total revenues for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Presidential Realty had $975,200 in total
assets, $2.50 million in total liabilities and a total
stockholders' deficit of $1.53 million.

Baker Tilly Virchow Krause, LLP, in Melville, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency.  These factors raise substantial doubt
about its ability to continue as a going concern.


PROGRESSIVE ACUTE: U.S. Trustee Adds 2 Members to Creditors' Panel
------------------------------------------------------------------
Henry Hobbs, Jr., acting U.S. Trustee for Region 5, on Dec. 20,
2016, has added Dawn Yarnall and Ryan Domengeaux into the official
committee of unsecured creditors of Progressive Acute Care, LLC.

As reported by the Troubled Company Reporter on June 24, 2016, the
Acting U.S. Trustee on June 21 appointed three creditors to serve
on the Committee.

The committee members now include:

     (1) Christopher Lehmann
         Cardinal Health
         7000 Cardinal Place
         Dublin, OH 43017
         Phone: 614.757.8797
         E-mail: Christopher.Lehmann@cardinalhealth.com

     (2) Lifeshare Blood Centers
         Norbert Crafts
         8910 Linwood Ave.
         Shreveport, LA 71106
         
     (3) Omega Diagnostics
         Troy D. Raburn
         2915 Missouri Ave
         Shreveport, LA 71109

     (4) Dawn Yarnall
         Louisiana Healthcare Quality Forum
         8550 United Plaza Boulevard, Suite 500
         Baton Rouge, LA 70809

     (5) Ryan Domengeaux
         The Schumacher Group of Louisiana, et al.
         200 Corporate Boulevard
         Lafayette, Louisiana 70508

Mr. Lehmann will serve as the chairman of the committee, according
to a court filing.

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 Progressive Acute Care

Progressive Acute Care, LLC, Progressive Acute Care Avoyelles,
LLC,
Progressive Acute Care Oakdale, LLC, and Progressive Acute Care
Winn, LLC filed Chapter 11 petitions (Bankr. W.D. La. Case Nos.
16-50740, 16-80584, 16-50742, and 16-50743, respectively) on May
31, 2016.  The petitions were signed by Daniel Rissing, CEO.

The Debtors are represented by Barbara B. Parsons, Esq., Catherine
Noel Steffes, Esq., William E. Steffes, Esq., at Steffes, Vingiello
& McKenzie, LLC.  The case is assigned to Judge Robert Summerhays.
The Debtors retained Solic Capital Advisors, LLC, as their
Financial Advisor.

The Debtors estimated assets and debts at $10 million to $50
million at the time of the filing.


PURADYN FILTER: Kellogg Brown Begins Use of Filtration Systems
--------------------------------------------------------------
Puradyn Filter Technologies Incorporated said it has recently
shipped an order of puraDYN bypass oil filtration systems totaling
approximately $50,000 to Kuwait City to Kellogg Brown & Root
Services, Inc., a global engineering, procurement, and construction
company based in the United States.  The initial order placed by
this customer follows a rigorous qualification process that
included extensive testing in harsh desert environments on material
handling equipment and generator sets.

James Ray, a KBR Regional Contract Manager, said, "Our focus is
maintaining equipment for our customers and keeping their equipment
in top running condition.  The equipment we take care of operates
in extremely harsh environments, and we constantly look for ways
beyond traditional maintenance practices to better-protect our
client's equipment.  Over the years, engine oil bypass filtration
has become a more acceptable practice for these harsh environments.
We were aware of Puradyn and, based on its reputation, chose the
Puradyn bypass oil filtration system, and after about a year or so
of testing, were impressed with its performance and ability in
keeping engine oil in "like new" condition.  Our company is gearing
up to service generator sets and material handling equipment in a
number of foreign countries and we expect to install the Puradyn
product on any appropriate equipment.  If Puradyn can perform under
these extreme desert conditions, it can perform anywhere."

Puradyn systems remove solid contaminants from engine oil down to
less than one micron while also replacing base additives to
maintain oil performance.  KBR is currently using Puradyn's latest
filtration offering, the Millennium Technology System (MTS) with
its patented Polydry technology for liquid contaminant and water
removal from engine oil.  Model sizes range from the small MTS-8 to
mid-sized MTS-40 systems.

Puradyn President and Chief Operating Officer, Kevin G. Kroger,
said, "Puradyn systems time and again demonstrate superior
performance and reliability in tough environments.  This initial
order is further evidence that Puradyn continues to expand our base
of global customers, and we are proud to be associated with such an
outstanding company.  The Kuwait City location operates its own oil
analysis and lab facility and, based on the successful results
achieved here, should provide KBR the information needed to expand
use of the Puradyn system to other locations established in the
Middle East.

"In many instances, cost reductions in new oil purchase alone
represent significant, direct savings, but the indirect savings are
also compelling to any company looking to streamline equipment
downtime, storage and hauling of oil to remote locations, and
reduced component repairs.  By removing contaminant and maintaining
continuously clean oil, end users see a notable reduction in engine
and equipment repair costs."

Kroger concluded, "We look forward to a long and beneficial
relationship with KBR."

                      About Puradyn Filter

Boynton Beach, Fla.-based Puradyn Filter Technologies Incorporated
(OTC BB: PFTI) designs, manufactures and markets the puraDYN's Oil
Filtration System.

Puradyn reported a net loss of $1.44 million on $1.97 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $1.15 million on $3.11 million of net sales for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Puradyn Filter had $1.57 million in total
assets, $15.10 million in total liabilities and a total
stockholders' deficit of $13.52 million.

Liggett & Webb, P.A., in Boynton Beach, Florida, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has
experienced net losses since inception and negative cash flows from
operations and has relied on loans from related parties to fund its
operations.  These factors raise substantial doubt about the
Company's ability to continue as a going concern, the auditors
said.


REPUBLIC AIRWAYS: 45% Cash or 41-48% Common Stock for Unsecureds
----------------------------------------------------------------
Republic Airways Holdings Inc. and affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a disclosure
statement for their second amended joint plan of reorganization,
dated Dec. 19, 2016.

Subject to the specific provisions in the plan, priority claims
will be paid in full, secured claims will be unimpaired, and
holders of allowed general unsecured claims against the
Consolidated Debtors, will, on account of and in full satisfaction
of their claims receive either:

   (i) cash in an amount equal to 45% of the Allowed amount of its
claims, up to a maximum distribution of $225,000, or

  (ii) New Common Stock distribution of 41-48% to be issued by the
corporate parent - Reorganized RAH. Holders of general unsecured
claims against the Liquidating Debtors, if any, and holders of
equity interests in RAH, will receive no distribution.

Republic Airline and Shuttle will merge and operate under Republic
Airline's air carrier certificate, to the extent that such merger
and consolidation has not already occurred.

The Debtors believe that they will have sufficient cash resources
to make the payments required pursuant to the plan, repay and
service debt obligations, and maintain operations on a
going-forward basis.

A full-text copy of the Disclosure Statement is available at:

        http://bankrupt.com/misc/nysb16-10429-1312.pdf 

                   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.


RESOLUTE ENERGY: Provides Production and Cost Guidance
------------------------------------------------------
Resolute Energy Corporation announced its 2017 capital budget and
issued guidance as to anticipated production and costs for 2017.  

2017 Plan highlights:

  * Annual production of 8.7 to 10.2 million barrels of oil
    equivalent ("MMBoe"), a year-over-year increase of more than
    85 percent at the mid-point.

  * Anticipated capital budget of $210 to $240 million with 65
    percent expected to be funded internally, balance expected to
    be funded by revolver borrowings.

  * A two rig drilling program in the Delaware Basin targeting 22
    gross (20.8 net) wells; all mid and long length Wolfcamp
    laterals.

  * Year-end 2017 total debt to Adjusted EBITDA of approximately
    3.2 times.

  * Continued improvement in per unit cost metrics for both
    operating expenses and overhead.

Nicholas J. Sutton, Resolute's chairman and chief executive
officer, commented, "Resolute's 2017 operating plan focuses on
following our successful 2016 performance in the Delaware Basin
with a two rig drilling program spudding 22 gross wells.  We have
had very strong cash margins and rapid paybacks in our 2016
horizontal Wolfcamp drilling program, driven by superior early-time
well performance, and we are excited about adding a second rig to
our efforts.  The first rig is continuing to drill, and we expect
the second rig to be in the field by mid-January.  

"We expect that the 2017 drilling program will be more than 65
percent funded internally, with the balance funded through
borrowings under our revolving credit facility.  The 2017 program
will accomplish a number of important initiatives for the Company.
We will further delineate our development inventory as we drill
wells across our acreage block, conduct multiple spacing tests and
complete wells in multiple landing zones in the Wolfcamp A as well
as in the Wolfcamp B.  The success of this program will help
confirm the more than 300 Wolfcamp A and B development locations we
believe exist in our Mustang and Appaloosa project areas.  We
expect that substantially all of our acreage will be held by
production by the end of 2017.  

"We expect that 2016 production will be at the high end of our
previously announced guidance range.  Comparing anticipated 2017
production to the high end of 2016 guidance, we expect to see
production growth of more than 85 percent, and the associated
increase in cash flow and resulting organic delevering will allow
us to substantially strengthen our balance sheet.  Based upon our
two rig drilling program and assuming commodity pricing outlined
below, we anticipate our leverage ratio of total debt to trailing
twelve month Adjusted EBITDA will improve to approximately 3.2
times by year end 2017.  These higher levels of lower cost
production will also have a significant positive impact on our cost
metrics, and we expect that both lease operating expense and
overhead measured per Boe of production will decline significantly
through the year."  

Richard F. Betz, currently Resolute's executive vice president and
chief operating officer and, effective Jan. 1, 2017, chief
executive officer, added, "While we will remain intensely focused
on delivering the same superior level of execution and cost control
demonstrated in 2016, we will also look for opportunities to expand
our positon in the core of the Delaware Basin through targeted
acquisitions.  With the market's recognition of the value being
created by Resolute, as demonstrated by our recent stock price
performance, we are now well positioned to take advantage of these
opportunities.  We have one of the best operating teams in the
basin and believe that Resolute could deliver the same superior
results over a significantly larger operating area."  

Operations Update

At the time of the Company's release on November 7, the Company had
reached TD and were waiting on completion of two mid-length
laterals in eastern Mustang, the Uinta 0204H and the Boucher 2
#03H2.  These wells are the Company's first test of 660' foot (80
acre) spacing in the upper Wolfcamp A.  These wells have been
completed sequentially and were opened up simultaneously to flow
back on December 12.  Also as of the Company's last release, the
Company was drilling a mid-length lateral in Appaloosa, the
Harrison State C20 1402H.  The frac on that well was finished on
December 14 and it will commence flowback in the next several days.
The rig has returned to Mustang where it is drilling the second
well in the Company's first stacked Wolfcamp A test.  The Renegade
L02H well was drilled to 7" casing point in November, and the
Renegade U03H well is now drilling in the lateral section.  When
finished, the rig will return to the Renegade L02H to complete its
lateral to capture the planned drilling efficiencies of this well
pair.  The wellbores are 330' apart laterally and have a vertical
separation of approximately 175 feet.  The Company expects to
complete these wells sequentially beginning in mid to late January.
With average working interests of 98 percent in these five wells,
the Company expects that it will add meaningfully to its first
quarter 2017 production.

"As we launch the 2017 drilling program we plan to have one rig
working continuously in Appaloosa and the second rig working
continuously in Mustang through the year.  Finally, consistent with
our ongoing strategy of divesting non-core assets, we continue to
work on the disposition of our remaining New Mexico assets and
believe that the transaction will close in the first quarter of
2017."

2017 Capital Budget and Production and Cost Guidance

Capital spending: Resolute expects to incur capital expenditures of
$210 to $240 million in 2017.  At the midpoint of that range, 84
percent of capital spending will be focused on Permian Basin
development and nine percent will be focused on maintenance
spending and development tests in Aneth Field.  The remaining
capital budget will fund corporate level expenditures, including
land and certain capitalized expense items.

The primary driver of Permian Basin capital spending is the
expansion of the Company's drilling program from one rig to two
rigs.  The 2017 Plan assumes that the Company will drill eighteen
Wolfcamp A laterals and four Wolfcamp B laterals.  The Company
plans to drill thirteen mid-length lateral Wolfcamp wells in
Mustang (ten Wolfcamp A and three Wolfcamp B), and nine long
lateral Wolfcamp wells in Appaloosa (eight Wolfcamp A and one
Wolfcamp B).  The plan anticipates $170 million in net drilling,
completion, well facility and artificial lift costs.  The 2017
average AFE cost for a long lateral in Appaloosa and a mid-length
lateral in Mustang are $9.3 million and $7.9 million, respectively.
Average working interests in Appaloosa and Mustang are 98 percent
and 92 percent, respectively.

In order to support production from the proposed drilling program,
the Company will make certain infrastructure investments.  The 2017
Plan includes $7 million for field level facilities and $7 million
for electrical infrastructure costs.

As a result of the Company's 2016 sale of midstream assets,
earn-out payments are paid to Resolute by Caprock as new wells come
on line in Reeves County.  The Company projects to receive
approximately $19 million of earn-out payments in 2017, partially
offsetting capital expenditures.  The capital expenditures forecast
in this press release have not been reduced by these expected
payments.

Capital expenditures in Aneth Field will total approximately $18
million, of which $12 million will be dedicated to maintenance
spending, including CO2 purchases of approximately 28 MMcf per day.
The balance of $6 million will be allocated to de-risking certain
development opportunities in the field.

Resolute will evaluate its capital expenditures in relation to its
liquidity and cash flow and may adjust its activity and capital
spending levels based on acquisitions, changes in commodity prices,
the cost of goods and services, production results and other
considerations.

Production: 2017 Plan production is anticipated to be between
24,000 and 28,000 Boe per day.  At the mid-point, production would
be up more than 85 percent from expected aggregate 2016 production.
The 2017 exit rate is anticipated to be more than 30,000 Boe per
day, with more than 24,000 Boe per day coming from Permian Basin.
On a revenue-weighted basis, approximately 90 percent of Resolute's
production is expected to come from sales of oil and natural gas
liquids, while on a volume-weighted basis approximately 82 percent
is expected to be attributed to oil and NGL.

Lease operating expense: Total lease operating expense for 2017 is
expected to be between $90 and $105 million.  At the mid-point,
this results in an approximately 51 percent increase in LOE
compared to 2016 expenditures reflecting a larger number of wells
on line and substantially higher production volumes.  However, on a
per-unit basis mid-point lease operating expense is expected to be
$10.32 per Boe in 2017 compared to $12.59 in 2016 as the Company
adds production from wells drilled in its two rig drilling program
in Reeves County.

General and administrative expense: Resolute anticipates that on a
per-unit basis net general and administrative expense, at the
midpoint of guidance, will be $2.86 per Boe in 2017 compared to
$5.35 in 2016.  Total annual net general and administrative expense
for 2017 will be between $25 and $29 million, net of COPAS
reimbursements, capitalized items, and expenses associated with the
Company's long-term incentive compensation plan.  Actual cash
general and administrative expenditures are expected to be between
$31 and $36 million, including $6 to $7 million of capitalized
costs.

Financial positioning: the Company expects to refinance its
revolving credit facility during the first quarter of 2017, and
believe that the borrowing capacity of its asset base is more than
sufficient to enable the Company to fund its 2017 capital program.
Assuming a 2017 average NYMEX oil price of $55.00 per barrel, an
average Henry Hub gas price of $3.25 per MMBtu and based on the
drilling program outlined above, the Company expects Adjusted
EBITDA to increase materially.  As a result of that growth, the
Company's year-end 2017 debt to Adjusted EBITDA ratio is expected
to be approximately 3.2 times.

Hedging: As of December 2016 approximately 6,300 barrels per day of
oil is hedged in 2017.  Of this total, approximately 1,500 barrels
per day are covered by swaps with an average strike price of $51.10
per barrel, 3,700 barrels per day are covered by two-way collars
with a weighted average floor price of $46.80 and a weighted
average ceiling price of $57.63 per barrel, and 1,100 barrels per
day are covered by a three-way collar with a short put price of
$40.00, a floor price of $50.00, and a ceiling price of $60.10 per
barrel.  Approximately 11,600 MMBtu of gas production is hedged in
2017.  Of this total, approximately 2,000 MMBtu per day are covered
by swaps with an average strike of $2.81 per MMBtu, 8,100 MMBtu per
day are covered by two-way collars with a weighted average floor
price of $2.57 and a weighted average ceiling price of $3.43 per
MMBtu, and 1,500 MMBtu per day are covered by three-way collars
with a weighted average short put price of $2.69, a weighted
average floor price of $3.19 and a weighted average ceiling price
of $3.75 per MMBtu.  Approximately 300 barrels a day of NGL are
subject to swaps with a weighted average strike price of $19.53 per
barrel.

A full-text copy of the press release is available for free at:

                     https://is.gd/HYsy1v

               About Resolute Energy Corporation

Resolute Energy Corp. -- http://www.resoluteenergy.com/-- is an
independent oil and gas company focused on the acquisition,
exploration, exploitation and development of oil and gas
properties, with a particular emphasis on liquids focused,
long-lived onshore U.S. opportunities.  Resolute's properties are
located in the Paradox Basin in Utah and the Permian Basin in Texas
and New Mexico.

Resolute reported a net loss of $742 million in 2015, a net loss of
$21.9 million in 2014, and a net loss of $114 million in 2013.

As of Sept. 30, 2016, Resolute Energy had $294.9 million in total
assets, $634 million in total liabilities, and a total
stockholders' deficit of $339.1 million.

                         *    *    *

As reported by the TCR on Sept. 26, 2016, Moody's Investors
Service, upgraded Resolute Energy's Corporate Family Rating (CFR)
to 'Caa2' from 'Caa3', the Probability of Default Rating to Caa2-PD
from Caa3-PD and its senior unsecured notes rating to 'Caa3' from
'Ca'.  The Speculative Grade Liquidity rating was affirmed at
SGL-3.  The rating outlook was changed to positive from stable.

"The upgrade to Caa2 reflects Resolute's improved production and
drilling economics, which provide good visibility to continued
growth in a mid $40s oil price environment without increasing debt.
While leverage remains high, we expect moderation in the company's
reserve- and production-based debt metrics from significant
production growth at very competitive drillbit costs," noted John
Thieroff, Moody's VP-senior analyst.


ROLLOFFS HAWAII: Sale of All Assets to WOA for $5.5M Approved
-------------------------------------------------------------
Judge Robert J. Faris of the U.S. Bankruptcy Court for the District
of Hawaii authorized Rolloffs Hawaii, LLC's overbidding procedures
in connection with the sale of substantially all assets to West
Oahu Aggregate Co., Inc., for $5,000,000, subject to overbid.

A hearing on the Motion was held on Dec. 14, 2016 at 10:30 a.m.

The sale is free and clear of all liens and encumbrances.

The terms and conditions regarding overbidding are:

     a. Any Overbidder (other than the WOA or Purchaser) that is
interested in purchasing the assets of the Estate and/or must
submit to the Debtor an "Initial Overbid," at least 24 hours prior
to the Sale Hearing

     b. Initial Overbid: At least $200,000 more than the purchase
price offered by Purchaser in the Purchase Agreement.

     c. Credit Bid: ASB may submit a credit bid to be offset
against its secured indebtedness owed by the Debtor.

     d. Overbid Deposit: At least 10% of the Overbid purchase
price.

     e. Incremental Overbids: Incremental Overbids must be at least
$30,000 over the previous overbid.

     f. If no timely, conforming Initial Overbid is submitted, the
Debtor will request at the Sale Hearing that the Court approve the
proposed sale to Purchaser, WOA, pursuant to the terms and
conditions set forth in the Purchase Agreement and Motion thereon.

     g.  In the event that the Debtor timely receives a conforming
Initial Overbid ("Qualified Overbid"), then WOA will have the right
to increase its proposed purchase price by no less than the Initial
Overbid, plus the Incremental Bid Amount at the Sale Hearing.  The
persons or entities submitting Qualified Overbids and Purchaser may
then submit successive bids in increments of at least $30,000
greater than the prior bid at the Sale Hearing until there is only
one offer that the Bankruptcy Court determines is the highest and
best offer.

     h. All Overbidders will be deemed to have consented to the
core jurisdiction of the Bankruptcy Court and to have waived any
right to jury trial in connection with any disputes relating to the
auction and/or the sale of the assets.  The WOA and all qualified
Overbidders will be bound by their Overbids until such time as a
definitive purchase agreement is executed by the prevailing
Overbidder and approved by the Bankruptcy Court at the Sale Hearing
or later.  If, for any reason, such prevailing Overbidder is unable
or unwilling to execute a purchase agreement within 2 calendar days
after delivery to the Overbidder or to perform its obligations
thereunder, the Debtor, in the exercise of its business judgment,
(i) may cash and retain any deposit as full and complete liquidated
damages for default of its obligations; and (ii) may sell the
assets to the Overbidder with the next highest Qualified Overbid at
the auction, upon ex parte application to the Bankruptcy Court
without further notice or a hearing, provided that such Overbidder
submits a new deposit and otherwise is authorized, capable, and
qualified to proceed with the sale.

The Debtor has filed a motion with the Court to assume and assign
the executory customer services contracts to the Successful Bidder.
The Successful Bidder may designate which executory contracts or
unexpired leases that the Successful Purchaser wants the Debtor to
reject pursuant to Section 365 of the Bankruptcy Code.  Any cure
obligations will be paid from the purchase price.

WOA as the stalking horse bidder will be entitled to a "break-up"
fee of $100,000, if WOA's Stalking Horse bid of $5,000,000 is
Overbid by at least $200,000 as the Initial Overbid.

A copy of the Purchase Agreement attached to the Order is available
for free at:

     http://bankrupt.com/misc/Rolloffs_Hawaii_43_Order.pdf

                  About Rolloffs Hawaii

Rolloffs Hawaii, LLC, owns and operates a refuse collection and
trash disposal business in the State of Hawaii.

Rolloffs Hawaii filed a chapter 11 petition (Bankr D. Hawaii Case
No. 16-01294) on Dec. 9, 2016.  The Debtor is represented by
Jerrold K. Guben, Esq. and Jeffrey S. Flores, Esq., at O'Connor
Playdon & Guben LLP.


ROSETTA GENOMICS: Reports Third Quarter 2016 Financial Results
--------------------------------------------------------------
Rosetta Genomics Ltd. reported a net loss of $3.96 million on $2.20
million of revenues for the three months ended Sept. 30, 2016,
compared to a net loss of $3.93 million on $2.43 million of
revenues for the three months ended Sept. 30, 2015.

For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $11.39 million on $7.21 million of revenues compared to
a net loss of $10.62 million on $4.70 million of revenues for the
nine months ended Sept. 30, 2015.

As of Sept. 30, 2016, Rosetta had $12.62 million in total assets,
$3.70 million in total liabilities and $8.92 million in total
shareholders' equity.

"Throughout 2016 we have been focused on the successful commercial
launch of our Reveal assay for the classification of indeterminate
thyroid nodules and we have made significant progress advancing
this important product offering.  We were pleased that two
peer-reviewed journal articles supporting the clinical and
analytical validation of Reveal were published in prestigious
journals, which considerably enhances our sales and marketing
efforts.  In addition, we presented data from a study confirming
that Reveal produces the same high-level performance on ThinPrep
prepared slides as it does on a direct smear from a thyroid Fine
Needle Aspirate (FNA) biopsy.  This opens our market to
pathologists who prefer to use ThinPrep slides and we have since
seen an uptick in demand," stated Kenneth A. Berlin, president and
chief executive officer of Rosetta Genomics.

"We remain committed to advancing our strategy to use Reveal to
access new accounts to promote our exceptional thyroid offering as
well as our urologic cancer and solid tumor product lines.  We
believe that opening new relationships with Reveal will allow us to
bring our solid tumor and urologic oncology offerings to many of
these new accounts, thus further accelerating revenue growth.

"In addition to focusing on our suite of marketed diagnostic
assays, we made significant progress on a number of important
corporate initiatives that further strengthen Rosetta Genomics.  We
entered into a research collaboration to identify a microRNA-based
biomarker to predict treatment response to Opdivo, fortified our
microRNA intellectual property portfolio with two new patent
allowances and strengthened our balance sheet by closing financing
transactions with expected net proceeds of $4.6 million.

"As we enter 2017, Rosetta Genomics is well-positioned for success
and we look forward to achieving a series of value-creating
milestones," concluded Mr. Berlin.

As of Sept. 30, 2016, Rosetta Genomics had cash, cash equivalents,
restricted cash and short-term bank deposits of $6.1 million,
compared with $13.6 million as of Dec. 31, 2015.  The Company used
approximately $9.1 million in cash to fund operations during the
first nine months of 2016, and collected approximately $6.9 million
in cash from its clinical testing services as well as $1.6 million
from a licensing deal signed in December 2015.  Following the close
of the quarter, Rosetta Genomics closed concurrent registered
direct and private placement offerings with one institutional
healthcare investor for expected net proceeds of approximately $4.6
million.  Rosetta Genomics believes that its current cash, together
with its existing operating plan, which includes cost-reduction
plan should it be unable to raise additional capital, should
provide sufficient liquidity resources for the Company and its
subsidiaries through the third quarter of 2017.

A full-text copy of the press release is available for free at:

                     https://is.gd/fiqCxJ

                   About Rosetta Genomics

Based in Rehovot, Israel, Rosetta Genomics Ltd. is seeking to
develop and commercialize new diagnostic tests based on a recently
discovered group of genes known as microRNAs.  MicroRNAs are
naturally expressed, or produced, using instructions encoded in
DNA and are believed to play an important role in normal function
and in various pathologies.  The Company has established a CLIA-
certified laboratory in Philadelphia, which enables the Company to
develop, validate and commercialize its own diagnostic tests
applying its microRNA technology.

Rosetta Genomics reported a loss from continuing operations of
US$17.34 million on US$8.26 million of total revenues for the year
ended Dec. 31, 2015, compared to a loss from continuing operations
of US$14.52 million on US$1.32 million of total revenues for the
year ended Dec. 31, 2014.


RUBICON MINERALS: Completes Restructuring Transaction Under CCAA
----------------------------------------------------------------
Rubicon Minerals Corporation on Dec. 21, 2016, disclosed that it
has successfully implemented its refinancing and restructuring
transaction (the "Restructuring Transaction") pursuant to a plan of
compromise and arrangement (the "Plan") under the Companies'
Creditors Arrangement Act (Canada)("CCAA").

"I would like to thank the Rubicon team and our advisors for their
efforts in the successful implementation of the Restructuring
Transaction," stated George Ogilvie, P.Eng., the new President and
Chief Executive Officer of the Company.  "My vision is to
systematically explore the F2 Gold Deposit over the next 18 to 24
months to gain a better understanding of the geology and
potentially grow the mineral resources.  We have strengthened the
Board and management team to provide a fresh perspective on the
Company and its assets.  We have a strong balance sheet that will
allow us to restart activities at the Phoenix Gold Project. We
continue to believe in the exploration potential of the Phoenix
Gold Project and the land packages in Red Lake, Nevada and Utah."

Implementation of the Restructuring Transaction resulted in:

   -- The appointment of George Ogilvie, P.Eng., as President and
Chief Executive Officer of the Company and the addition of Michael
Willett, P.Eng., as Director of Projects;

   -- The appointments of Peter R. Jones, P.Eng., Dr. David A.S.
Palmer, Ph.D., P.Geo., and Mr. Ogilvie to the Rubicon Board of
Directors;

   -- The receipt of C$45,007,200 (gross amount, before fees) from
the equity offering for 62.79% of the equity (or 33,840,000 common
shares) of the Company, including Mr. Ogilvie's investment of
C$500,000 (or approximately 0.70% of the equity) in the Company;

   -- The reduction in the amounts outstanding under the loan
facility (the "CPPIB Credit Loan Facility") with CPPIB Credit
Investments Inc. ("CPPIB Credit") to C$12.0 million (from
approximately C$68.4 million), the extension of the maturity date
to December 31, 2020, and interest payments with an effective
annual interest rate of 5.0% paid-in-kind by the Company on
maturity.  The CPPIB Credit Loan Facility can be voluntarily
prepaid at any time without premium or penalty and certain
covenants and event of default provisions have been amended;

   -- In exchange for the reduction of the amounts outstanding
under the CPPIB Credit Loan Facility, the receipt by CPPIB Credit
of 26.97% of equity (or 14,536,341 common shares) in the Company
and a cash payment of C$20.0 million;

   -- The private sale of 4,536,341 Rubicon common shares by CPPIB
Credit to BMO Capital Markets, at a price of C$1.33 per common
share for gross proceeds of C$6,033,333.53 to CPPIB Credit,
completed immediately following the completion of the Restructuring
Transaction.  Following the sale to BMO Capital Markets, CPPIB
Credit will hold 10,000,000 Rubicon common shares (or 18.56% of
equity) in the Company;

   -- Common shares held by existing shareholders (prior to the
Restructuring Transaction) were consolidated based on a ratio of
approximately 162.1 pre-consolidation Rubicon common shares to one
post-consolidation common share.  In aggregate, existing
shareholders have retained approximately 4.65% of the equity (or
2,506,265 common shares) in the Company;

   -- The consolidation of the outstanding common shares and
issuance of new common shares of the Company resulting in
53,890,125 common shares outstanding;

   -- The exchange of the Gold Stream Facility with Royal Gold
for:

        -- 5.58% equity interest (or 3,007,519 common shares) in
the Company;

        -- 1.0% Net Smelter Royalty ("NSR") on all of the Company's
land holdings in Ontario, including the Phoenix Gold Project,
subject to a maximum 4.0% NSR on any one property;

        -- 2.5% NSR on the Company's Nevada/Utah properties,
subject to a maximum 5.0% NSR on any one property; and

       -- an assignment of Rubicon's rights to acquire any portion
of an existing NSR that is subject to a buyback provision and a
right of first refusal in respect of any royalty, stream,
participating interest in production or amount of gold or other
minerals based on production, that the Company wishes to offer for
sale in relation to the Company's current properties.

   -- 5.58% equity interest (or 3,007,519 common shares) in the
Company;

   -- 1.0% Net Smelter Royalty ("NSR") on all of the Company's land
holdings in Ontario, including the Phoenix Gold Project, subject to
a maximum 4.0% NSR on any one property;

   -- 2.5% NSR on the Company's Nevada/Utah properties, subject to
a maximum 5.0% NSR on any one property; and

   -- Unsecured creditors with valid claims under the Plan received
at their option either (i) the lesser of the amount owed to such
creditor or C$5,000, or (ii) 2.5% of the amount owed to such
creditor, subject to certain restrictions; and

   -- Additional adjustments to the Company's assets and
liabilities (compared to September 30, 2016) as a result of the
implementation of the Restructuring Transaction:

         -- A cash balance on closing of approximately C$27 million
(including C$3 million of restricted cash that the Company expects
to return to cash in 2017), compared to a cash balance of $6.8
million on September 30, 2016;

         -- Disposal of approximately C$6 million in property,
plant, and equipment (Property, Plant, and Equipment balance of
$31.7 million on September 30, 2016) and a reduction of C$5 million
in finance lease obligations (finance lease obligation balance of
$9.8 million on September 30, 2016) primarily as it relates to
leased equipment at the Phoenix Gold Project. The Company
eliminated certain finance lease obligations, and corresponding
assets, as part of the Restructuring Transaction;

       -- Compromise of approximately C$7.7 million in long-term
liabilities related to agreements to secure long-term power for the
Phoenix Gold Project. The Company eliminated its provision for
power agreements as part of the Restructuring Transaction;

    -- Elimination of approximately C$98.1 million in liabilities
related to the Gold Stream Facility; and

   -- The reduction in the CPPIB Credit Loan Facility to C$12.0
million due on December 31, 2020 (from approximately C$68.4 million
on September 30, 2016).

Summary of Rubicon Common Share Ownership

                           Rubicon Common
                           Share Ownership         %

Offering participants1        33,840,000            62.79%
CPPIB Credit               10,000,000            18.56%
BMO Capital Markets
private purchase         4,536,341                   8.42%
RG Gold AG (Royal Gold)         3,007,519             5.58%
Existing Rubicon shareholders 2,506,265             4.65%

Total common shares outstanding: 53,890,125           100.00%

1 George Ogilvie has invested C$500,000 (or approximately 0.70% of
the equity ownership) in Rubicon
Resumption of Trading

The Company has been notified by the TSX that its common shares
will remain listed on the TSX under the ticker symbol RMX, and
under a new CUSIP #780911509 and ISIN #CA7809115099.  Trading of
Rubicon common shares is expected to resume on the morning of
Thursday, December 22, 2016 at market opening.

Management Changes

With the completion of the Restructuring Transaction and as Rubicon
commences its exploration activities on a more streamlined basis,
Glenn Kumoi, LL.B., Vice President, General Counsel and Corporate
Secretary, has decided to step down from his role and will continue
to provide advice to the Company as a consultant on a part-time
basis.  Howard Bird, P.Geo., Vice President, Exploration, has left
Rubicon to pursue other opportunities. Julian Kemp, BBA, CA,
C.Dir., remains on the Board of Directors as its Chair.

Mr. Ogilvie commented, "We would like to thank Glenn for his
contribution over the past 7 years and his leadership of the legal
team on the completion of a complex Restructuring Transaction.  He
will be missed as an officer of the Company.  We would like to
thank both Glenn and Howard for their efforts during an exhaustive
strategic review process that has led to a successful outcome,
putting the Company on a better path forward.  We wish them success
on their future endeavours."

Headquartered in Toronto, Canada, Rubicon Minerals Corporation
(TSX:RMX) -- http://www.rubiconminerals.com/-- is an
exploration-stage company.  The Company owns the Phoenix gold
project, located in the Red Lake gold district in northwestern
Ontario, Canada.  The Company's segment is the mining business in
North America.  It also controls over 100 square miles of
exploration ground in the Red Lake gold district and approximately
350 square miles of mineral property interests in the Long Canyon
gold district that straddles the Nevada-Utah border in the United
States.


RUE21 INC: Bank Debt Trades at 61.58% Off
-----------------------------------------
Participations in a syndicated loan under rue21 Inc. is a borrower
traded in the secondary market at 38.42 cents-on-the-dollar during
the week ended Friday, December 16, 2016, according to data
compiled by LSTA/Thomson Reuters MTM Pricing.  This represents an
increase of 0.72 percentage points from the previous week.  Rue21
Inc. pays 475 basis points above LIBOR to borrow under the $544
million facility. The bank loan matures on Sept. 30, 2020 and
Moody's B3 rating and Standard & Poor's CCC rating.  The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended December 16.


RXI PHARMACEUTICALS: Hal Mintz Reports 6.67% Stake as of Dec. 16
----------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, these reporting persons disclosed beneficial ownership
of common shares of RXi Pharmaceuticals Corporation as of Dec. 16,
2016:

                                     Shares         Percentage
                                   Beneficially         of
    Name                              Owned           Shares
   ------                          ------------     ----------
Sabby Healthcare Master Fund, Ltd.   436,668            5%

Sabby Volatility Warrant             145,555           1.67%
Master Fund, Ltd.

Sabby Management, LLC                582,223           6.67%

Hal Mintz                            582,223           6.67%

A full-text copy of the regulatory filing is available at:

                    https://is.gd/LrzHPf

                          About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: Prices $10M Underwritten Public Offering
-------------------------------------------------------------
RXi Pharmaceuticals Corporation announced the pricing of an
underwritten public offering of securities for gross proceeds of
$10 million, prior to deducting underwriting discounts, commissions
and offering expenses payable by the Company.

The offering is comprised of Class A Units, priced at a public
offering price of $0.90 per unit, with each unit consisting of one
share of common stock and a five-year warrant to purchase one share
of common stock at an exercise price of $0.90 per share, and Class
B Units, priced at a public offering price of $1,000 per unit, with
each unit consisting of one share of Series B Convertible Preferred
Stock, which is convertible into 1,111.11 shares of common stock,
and 1,111.11 warrants.

The conversion price of the preferred stock and the exercise price
of the warrants are fixed and do not contain any variable pricing
features or any price-based anti-dilutive features.  The preferred
stock issued in this transaction includes a beneficial ownership
blocker, but has no dividend rights (except to the extent that
dividends are also paid on common stock), liquidation preferences
or other preferences over common stock.  The Class A Units and
Class B Units have no stand-alone rights and will not be
certificated or issued as stand-alone securities.  The securities
comprising the units are immediately separable and will be issued
separately.  The Company has applied for the listing of the
warrants on the NASDAQ Capital Market and will use its best efforts
to have that listing effective on or before the closing of the
offering.  The offering is expected to close on Dec. 21, 2016,
subject to the satisfaction or waiver of customary closing
conditions.

A total of 2,131,111 shares of common stock, 8,082 shares of Series
B Convertible Preferred Stock convertible into 8,980,000 shares of
common stock and warrants to purchase 11,111,111 shares of common
stock will be issued in the offering.

In addition, the Company has granted the underwriters a 45-day
option to purchase up to 1,666,666 additional shares of common
stock and/or additional warrants to purchase up to 1,666,666 shares
of common stock solely to cover overallotments, if any, at the
public offering price per share less the underwriting discounts and
commissions.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann
Financial Services Inc. (NYSE MKT-LTS) is acting as the sole
bookrunner for the offering, and Griffin Securities, Inc. is acting
as co-manager.

The securities are offered pursuant to a registration statement on
Form S-1 (File No. 333-214199), which was declared effective by the
Securities and Exchange Commission (SEC) on Dec. 15, 2016.  A final
prospectus related to the offering will be filed with the SEC on or
about Dec. 16, 2016.  Copies of the final prospectus, when
available, may be obtained at the SEC's website at www.sec.gov, or
by contacting Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue,
11th Floor, New York, New York 10022 or by email at
prospectus@ladenburg.com.

                          About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


SABINE PASS: Moody's Hikes Senior Secured Rating to Ba1
-------------------------------------------------------
Moody's Investors Service upgraded Sabine Pass Liquefaction, LLC's
senior secured rating to Ba1 from Ba2. The rating outlook is
positive.

Upgrades:

- Issuer: Sabine Pass Liquefaction, LLC

- Senior Secured Bank Credit Facility, Upgraded to Ba1 from Ba2

- Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: Sabine Pass Liquefaction, LLC

Outlook, Positive

Rating Rationale

The upgrade to Ba1 and positive rating outlook reflects continued
positive momentum as SPL transitions from a construction project
that began in 2012 with many credit-related uncertainties to an
operating, fully integrated cash flow producing asset with
investment grade characteristics. Significant milestones achieved
and factored into rating action include the start of commercial
operation of SPL's first two trains, the commencement of
commissioning activities at a third train and the effectiveness of
a Sale and Purchase Agreement (SPA) with an affiliate of BG Energy
Holdings, LTD (BG: not rated), an indirect subsidiary of Royal
Dutch Shell Plc (Aa2, negative). Other positive considerations
include SPL's operating performance to date, success in securing
several years of natural gas supply, some clarity around a debt
repayment strategy and a management team focused on completing the
construction of the five train project on a timely basis and
implementing an organizational template that successfully
transitions SPL into an operating company.

Bechtel Corporation (Bechtel: not rated), the engineering,
procurement, and construction contractor, achieved substantial
completion of SPL's first two trains in May and September 2016,
respectively; well in advance of the guaranteed dates. Care,
custody and control of these units has been turned over to SPL.
Through November, SPL has successfully procured significant natural
gas volumes and loaded 46 cargoes of liquified natural gas that
have been shipped worldwide. Substantial completion for the
remaining trains is currently anticipated in June 2017 (Train 3),
August 2017 (Train 4) and August 2019 (Train 5).

Approximately 88% of SPL's capacity has been contracted under
separate 20-year LNG SPAs with six financially sound off-takers.
Contracted fixed revenues, which are expected to increase as trains
reach operation, produce strong key financial metrics and are the
basis of SPL's credit profile.

SPL's Train 1 achieved first contractual commercial delivery in
November 2016, a milestone that began the 20-year term of the SPA
with BG, producing fixed contracted revenues in excess of $400
million annually. While Train 2 has achieved commercial operation,
its first contractual commercial delivery to an affiliate of Gas
Natural SDG S.A (Gas Natural: Baa2, stable) is not scheduled to
occur until August 2017 (approximately $450 million annually).
However, Train 2 is also producing revenues from early cargoes to
Gas Natural and sales to third party and affiliate off-takers.

The rating action acknowledges a fairly tight timeline for the
completion of Train 3 relative to the requirements under the SPA
with Korea Gas Corporation (KOGAS: Aa2 senior unsecured, stable).
Current target milestone dates include a projected substantial
completion by mid-June 2017 while the date of first contractual
commercial delivery is June 1, 2017. This date begins a 13-month
window for SPL to achieve first contractual commercial delivery
with KOGAS.

Contracted capacity revenues with KOGAS are approximately $550
million annually and SPL's aggregate contracted capacity revenues
are expected to exceed $1.0 billion in 2017, $2.0 billion in 2018
and $2.4 billion in 2019. Bechtel has expressed confidence with its
ability to achieve substantial completion of Train 3 by the
guaranteed date of July 1, 2017 and liquidated damage payments
would be required should Bechtel not achieve substantial completion
by this date. Moody's understand that Train 3 is scheduled to
produce first LNG around March 2017.

Completion of Train 3 is a significant milestone as it will result
in commercial operation of three trains that are expected to
generate the majority of $2.5 billion of construction and financing
costs through 2019 that are required to be funded by SPL.

In addition to Train 3 and Train 4 expected to reach substantial
completion during 2017, Moody's also note that during 2017, several
natural gas pipelines will begin to transporting natural gas from
low cost producing regions, such as the Marcellus region, to the
Gulf Coast providing SPL needed feedstock to operate its business.
This is an important development as SPL will become the largest
purchaser of natural gas in the country.

Once in full operation, Moody's anticipate SPL to generate annual
recurring contracted capacity revenues and funds from operations
(FFO) of approximately $2.9 billion and $1.1 billion, respectively,
by 2020. Moody's rating assumes SPL will begin to reduce its debt
load, which currently consists of bullet payments, upon achieving
full operation of all five trains. Debt reduction will likely be
achieved through a combination of refinancing a portion of SPL's
maturing debt obligations at its affiliate CQP with the remainder
being refinanced at SPL with amortizing debt. As such, Moody's
anticipate deleveraging beginning 2021 and continuing through the
remaining 20-year terms of the various SPAs.

SPL's most near-term debt maturities include approximately $2.0
billion of committed bank credit facilities due December 2020, $2.0
billion senior secured notes due February 2021 and $1.0 billion
senior secured notes due March 2022. Funded debt as of September
30, 2016 totaled approximately $11.5 billion and is expected to
increase to $13.5 billion by year-end 2019.

Rating Outlook

The positive outlook reflects anticipated further improvement in
SPL's credit profile resulting from continued construction and
operational progress at the project. The positive outlook
recognizes SPL's operating performance to date, the success that
Bechtel has had in meeting construction deadlines, and a management
team focused on successfully transitioning SPL into an operating
company with investment grade characteristics.

Factors that Could Lead to a Upgrade

An upgrade to an investment grade rating over the next 12 months
appears likely should SPL meet key milestones concerning Trains 3
and 4, if it can continue to demonstrate its ability successfully
manage the numerous transition issues, including fuel procurement,
as operations become larger and more complex, and is more
transparent about its near term financial policy that includes debt
reduction.

Factors that Could Lead to a Downgrade

SPL's rating could be downgraded or the outlook revised to stable
if the project incurs significant construction cost overruns or
construction delays, major operating problems or does not generate
the expected level of cash flow to fund the remaining construction
costs.

SPL is currently a five train liquefied natural gas (LNG) project
located in Louisiana with a combined nameplate capacity of 22.5
million tonne per annum (mtpa). SPL is indirectly owned by Cheniere
Energy Partners, L.P. (CQP, not rated). Blackstone managed private
equity funds, Cheniere Energy, Inc. (Cheniere, not rated), and
public investors directly or indirectly own CQP.

The principal methodology used in these ratings was Generic Project
Finance Methodology published in December 2010.


SAMSON RESOURCES: Unsecureds To Recoup Up to 5.3% Under Panel Plan
------------------------------------------------------------------
The Official Committee of Unsecured Creditors of Samson Resources
Corporation, et al., filed with the U.S. Bankruptcy Court for the
District of Delaware a joint disclosure statement for the Debtors'
third amended joint Chapter 11 plan of reorganization.

Class 5 General Unsecured Claims -- estimated to total
$2,415,145,511 -- are impaired under the Plan.  On the Effective
Date, each holder of an allowed General Unsecured Claim will
receive its pro rata distribution of the beneficial interests in
the settlement trust, entitling the holder to receive settlement
trust recovery proceeds on account of the interests; provided that,
if the minimum liquidity shortfall occurs, any amounts
distributable to the holders of second lien deficiency claims on
account of the claims will be distributed to the Reorganized
Debtors to the extent of the minimum liquidity shortfall amount;
provided further that, if Class 5 votes to accept the Plan by the
voting deadline, the settlement trust assets will include the
general unsecured new common stock recovery; and holders of allowed
second lien deficiency claims will be deemed to waive any and all
right to distributions from the monetization of the preferred
equityholder claims or from the general unsecured new common stock
recovery.  The holders are expected to recover 4.7% to 5.3%.

The Debtors' Plan will be funded by the following sources of cash
and consideration: (a) cash on hand; (b) cash proceeds from asset
sales (if any); (c) the exit facility; (d) issuance and
distribution of new common stock; and (e) issuance and distribution
of settlement trust recovery proceeds.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/deb15-11934-1764.pdf

As reported by the Troubled Company Reporter on Oct. 27, 2016, the
Committee filed with the Court its own Chapter 11 plan of
liquidation for the Debtors.  Under that plan, available cash would
be used to fund distributions to holders of allowed administrative
expenses, allowed priority tax claims, allowed secured claims, and
allowed other priority claims.  Asset sale proceeds would be used
to fund distributions to holders of first lien secured claims, if
that class accepts the Committee Plan and rejects the Debtors'
Plan, and to holders of allowed administrative expenses, allowed
priority tax claims, allowed secured claims, and allowed other
priority claims.

                About Samson Resources Corporation

Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-11934) on Sept. 16,
2015.  Philip W. Cook, the executive vice president and CFO,
signed the petition.  The Debtors estimated assets and liabilities
Of more than $1 billion.

Samson is an onshore oil and gas exploration and production company
with interests in various oil and gas leases primarily located in
Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming.
The Operating Companies operate, or have royalty or working
interests in, approximately 8,700 oil and gas production sites.

Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion.  The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.

Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.

Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors' Investment
banker.  Garden City Group, LLC, serves as claims and noticing
agent to the Debtors.

Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.  The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.

                            *     *     *

In September 2016, Judge Sontchi denied Samson Resources' Motion
for extension of their exclusive periods to file and solicit
acceptances of their chapter 11 plan.  Samson sought an extension
of its exclusivity period by another six months through March
2017.

The Debtors have filed a plan of reorganization.  The Creditors'
Committee has filed a competing plan of liquidation.


SEVEN GROUP: Unsecureds To Be Paid in Full Plus 4.5%
----------------------------------------------------
The Seven Group Holdings, LLC, filed with the U.S. Bankruptcy Court
for the District of Connecticut a disclosure statement for its plan
of reorganization, which proposes to pay general unsecured
creditors in full plus interest at 4.5% per annum from the sale of
the Debtor's property.

The Debtor currently owns one piece of property located at 440
Black Rock Turnpike, Redding, Connecticut (the Property), which the
Debtor plans to sell after construction and rehabilitation are
completed.

Under the plan, the Class 3 claims of Redding Fire District shall
be paid in full plus the statutory rate of interest on the
Effective Date of the Plan. Interest shall accrue from the Petition
Date through the Effective Date.

Class 4 general unsecured claims shall be paid in full plus
interest at 4.5% per annum simple interest, on the Effective Date
of the Plan. Interest shall accrue from the Petition Date through
the Effective Date.

The Debtor intends to use capital contributions from its members to
complete the rehabilitation of the Property. The timeline for
completing the renovations is approximately Feb 1, 2017. Upon
completion of construction, Debtor intends on retaining a real
estate broker and listing the Property for sale. Upon a sale of the
Property and closing, all creditors will be paid their allowed
claims. Thus, the plan will have an outside Effective Date of Nov.
1, 2017; provided however, that if the Property sells prior to Nov.
1, 2017, the plan will become effective on closing and creditors
will be paid their allowed claims on the earlier closing date.

A full-text copy of the Disclosure Statement is available at:

         http://bankrupt.com/misc/ctb16-51259-47.pdf

                    About The Seven Group

The Seven Group Holdings, LLC, filed a Chapter 11 bankruptcy
petition (Bankr. D. Conn. Case No. 16-51259) on September 20,
2016,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by Jeffrey M. Sklarz, at Green & Sklarz,
LLC.

No official committee of unsecured creditors has been appointed in
the case.


SMITH FARM: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Smith Farm, LLC as of Dec. 21,
according to a court docket.

Smith Farm, LLC filed a Chapter 11 bankruptcy petition (Bankr.
D.Colo. Case No. 16-21062) on November 11, 2016. Hon. Joseph G.
Rosania Jr presides over the case. Weinman & Associates, PC
represents the Debtor as counsel.

In its petition, the Debtor estimated $1 million to $10 million
in both assets and liabilities. The petition was signed by Marylu
Smith-Dischner, manager.


SOUTHCROSS ENERGY: Appoints New Board Member
--------------------------------------------
Southcross Energy Partners, L.P., announced that Andrew A. Cameron
was appointed to the Board of Directors of Southcross Energy
Partners GP, LLC, the general partner of Southcross, effective Jan.
1, 2017.  Mr. Cameron will also serve on the Audit Committee and
the Conflicts Committee of the Board.  The appointment will
increase the Board size to seven directors.

"We are pleased to announce the election of Drew to the Board,"
said John Bonn, president and chief executive officer of the
General Partner.  "Drew brings invaluable experience to the Board
and I look forward to working with him."

The Company said Mr. Cameron brings extensive financial and
industry expertise to the Board.  He retired as vice president,
Internal Audit and SOX Compliance of Energy Future Holdings Corp.
(EFH) in 2016, having served in positions of increasing
responsibility at that company since 2004.  Prior to his employment
at EFH, Mr. Cameron was vice president and controller from 2000 to
2004 at a subsidiary company of TXU Corp., the predecessor company
of EFH.  Mr. Cameron is a graduate of University of Strathclyde,
Glasgow, Scotland, where he earned a bachelor's degree in business
and administration and is a Certified Public Accountant.

As a non-employee director, Mr. Cameron will participate in the
General Partner's non-employee director compensation arrangements
as disclosed in the Partnership’s Annual Report on Form 10-K for
the year ended Dec. 31, 2015, and will be reimbursed for certain
expenses including those incurred in attending Board and committee
meetings.

                About Southcross Energy Partners

Southcross Energy Partners, L.P. --
http://www.southcrossenergy.com/-- is a master limited partnership
that provides natural gas gathering, processing, treating,
compression and transportation services and NGL fractionation and
transportation services.  It also sources, purchases, transports
and sells natural gas and NGLs.  Its assets are located in South
Texas, Mississippi and Alabama and include four gas processing
plants, two fractionation plants and approximately 3,100 miles of
pipeline.  The South Texas assets are located in or near the Eagle
Ford shale region.  Southcross is headquartered in Dallas, Texas.

Southcross Energy reported a net loss attributable to partners of
$51.4 million on $698 million of total revenues for the year ended
Dec. 31, 2015, compared to a net loss attributable to partners of
$36.7 million on $849 million of total revenues for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Southcross Energy had $1.19 billion in total
assets, $613.11 million in total liabilities and $583.94 million in
total partners' capital.

                         *    *    *

As reported by the TCR on April 5, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit and senior secured
rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'.

The TCR reported on Jan. 13, 2016, that Moody's Investors Service
downgraded Southcross Energy's Corporate Family Rating to 'Caa1'
from 'B2'.  "Southcross' Caa1 CFR reflects its high financial
leverage, limited scale, concentration in the Eagle Ford Shale and
our expectation of continued high leverage and challenging industry
conditions into 2017," according to the report.


SOUTHWEST MISSISSIPPI: S&P Cuts 2003 Bonds Rating to BB-
--------------------------------------------------------
S&P Global Ratings lowered its long-term rating on the Mississippi
Hospital Equipment & Facilities Authority's series 2003 bonds to
'BB-' from 'BB'.  The bonds were issued for Southwest Mississippi
Regional Medical Center (SMRMC).  The outlook is negative.

"The downgrade reflects the hospital's overall balance sheet
weakness exemplified by extremely light days' cash on hand, which
continue to be in violation of the liquidity covenant under the
series 2003 loan agreement," said S&P Global Ratings analyst
Patrick Zagar.  "The rating action also reflects our view of
SMRMC's constrained payor mix, softer volumes, and reliance on
lines of credit to pay down payables and fund certain capital
projects."

Although in violation of the loan agreement's liquidity covenant,
the covenant is not considered to be an event of default given
management's retention of a consultant.

S&P assessed SMRMC's enterprise profile as vulnerable, reflecting
weak economic service area fundamentals; risks associated with a
relatively small organization, including medical staff
concentration; and a challenging payer mix with 70% of net revenues
derived from governmental payors.  S&P also assessed SMRMC's
financial profile as vulnerable, reflecting light unrestricted
reserves of only $13.6 million, thin margins, and sizable
short-term debt through line of credit draws.  Though thin,
operations have improved significantly from 2014, which was marred
by a difficult information technology (IT) implementation and $10
million write-off of accounts receivable.  Based on fiscal 2015 and
2016 performance, many of the organization's previous operating
issues appear to have stabilized although the thin margins remain
susceptible to future disruptions.  Combined, these credit factors
lead to S&P's indicative rating level of 'bb-' and a final rating
of 'BB-'.  Despite the improved performance, S&P believes SMRMC's
worsening liquidity position and continual covenant violations
create a financial profile more commensurate with a lower rating,
and without improvement S&P believes the rating could be lowered
further.  S&P expects reserves will remain below the
covenant-mandated 60 days' cash on hand.

The 'BB-' rating is based on S&P's view of SMRMC's group credit
profile and the obligated group's core status.  The medical center
generates the vast majority of the group's operating revenue and as
such, S&P rates the bonds at the same level as the group credit
profile.  A revenue pledge secures the bonds.  SMRMC has no swap
agreements outstanding.

Despite S&P's view of SMRMC's solid market position and improved
operations, which are now adequate for the rating, the negative
outlook reflects SMRMC's low reserves and reliance on special
funding and line of credit draws.  Without improvement in liquidity
metrics, the rating could be lowered again within one year.

A lower rating would be possible during the outlook period if
operations again turn negative or liquidity--as measured by days'
cash on hand--fails to improve.  Any additional debt would also
likely have negative rating pressure.

S&P does not expect to raise the rating during the next year, due
to very low unrestricted reserves and limited track record of
profitable operations.  S&P could, however, revise the outlook to
stable if the hospital posts continued operating profitability and
steady improvement in balance sheet metrics.  A higher rating would
be predicated on SMRMC being in compliance with all bond covenants.


SMRMC operates its main 120 staffed-bed facility in McComb, Miss.,
and a second smaller critical access hospital about 35 miles
northeast of McComb in Monticello.  In addition, the organization
operates St. Luke Home Health Services, a home health and hospice
business that serves residents of 17 counties.


SQUARETWO FINANCIAL: Moody's Puts Caa3 Rating Under Review
----------------------------------------------------------
Moody's Investors Service, placed under review for possible
downgrade SquareTwo Financial Corporation's Caa2 Corporate Family
Rating, Caa1 rated Senior Secured First Lien Term Loan and
Revolving Credit Facility, Caa3 rated Senior Secured Term Loan, and
Ca rated Senior Secured Second Lien Notes.

The following ratings have been placed on review for downgrade:

Issuer: SquareTwo Financial Corporation

- Corporate Family Rating, currently Caa2, Rating under review

- Senior Secured First Lien Term Loan and Revolving Credit
Facility, currently Caa1, Rating under review

- Senior Secured Term Loan, currently Caa3, Rating under review

- Senior Secured Second Lien Notes, currently Ca, Rating under
review

- Outlook, Changed To Rating Under Review From Stable

RATINGS RATIONALE

Moody's review for possible downgrade is due to its growing
concerns regarding repayment of the $19.1 million legacy Senior
Secured Second Lien Notes maturing in April 2017. Any delay in
repayment would risk acceleration of its other debts, risking the
long-term viability of SquareTwo and heightening the risk that the
company could ultimately liquidate with less than optimal pricing
of its assets. During the review Moody's will assess recovery
prospects for the rated debt instruments under potential default
scenarios.

SquareTwo's May 2016 debt exchange and recapitalization has enabled
the company to continue to operate through difficult market
conditions. With the exception of its Senior Secured First Lien
Term Loan and Revolving Credit Facility and legacy Senior Secured
Second Lien Notes, SquareTwo's remaining debt is payment in kind
for two years, reducing its required cash outflows. This has helped
the company contend with a distressed charged-off debt market which
continues to be negatively impacted with limited supply which has
had a negative impact on earnings.

Ratings could be downgraded if SquareTwo does not successfully
satisfy the maturity of its legacy Senior Secured Second Lien Notes
and default scenarios suggest greater losses for creditors.

Ratings could be confirmed if SquareTwo's is able to satisfy
maturing legacy Senior Secured Second Lien Notes enabling the
company to continue to reestablish itself as a reputable purchaser
of charged-off debt in the sector.



SS&C TECHNOLOGIES: S&P Raises Rating on Sr. Secured Debt to 'BB+'
-----------------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings on SS&C Technologies Inc. that were labeled as
under criteria observation (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, S&P is removing the UCO designation from these
ratings and are raising its issue-level rating on the senior
secured debt to 'BB+' from 'BB' based on a '2' recovery rating
raised from '3'.  The '2' recovery rating indicates S&P's
expectation for substantial recovery (lower end of the 70%-90%
range) in the event of payment default.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings on issuers of the
affected debt issues.

RATINGS LIST

SS&C Technologies Inc.
Corporate Credit Rating                    BB/Stable

Issue Rating Raised; Recovery Rating Revised
                                           To              From
SS&C Technologies Inc.
SS&C European Holdings S.A.R.L.
SS&C Technologies Holdings Europe S.A.R.L.
Senior secured                            BB+             BB
  Recovery rating                          2L              3H

Ratings Affirmed

SS&C Technologies Holdings Inc.
Senior Unsecured                          B+
  Recovery Rating                          6


STONE ENERGY: Bankruptcy Court Approves First Day Motions
---------------------------------------------------------
Stone Energy Corporation ("Stone" or the "Company") on Dec. 22
announced resolution of a motion to appoint an equity committee,
updated the status of the restructuring plan solicitation and
announced the bankruptcy court's approval of Stone's First Day
Motions.  

Resolution of Equity Committee Motion

On December 16, 2016, an ad hoc group of certain of Stone's
stockholders (the "Stockholder Ad Hoc Group") filed a motion (the
"Equity Committee Motion") to appoint an official committee of
equity security holders in connection with the Company's previously
announced Chapter 11 proceedings.  On December 20, 2016, the
Company entered into new confidentiality agreements with an ad hoc
group (the "Noteholder Ad Hoc Group") of certain holders of the
Company's (i) 1 3/4% Senior Convertible Notes due 2017 (the
"Convertible Notes"), and (ii) 7 1/2% Senior Notes due 2022 (the
"2022 Notes", and together with the Convertible Notes, the "Notes",
and the holders thereof the "Noteholders").  The Company engaged in
discussions with, among others, the Stockholder Ad Hoc Group to
reach a resolution of the Equity Committee Motion.  On December 21,
2016, the Company reached a settlement agreement with the
Stockholder Ad Hoc Group (the "Settlement"), which is also
supported by the Noteholder Ad Hoc Group.

The Settlement provides, among other things, that (a) the Company
will amend (the "Amendment") its First Amended Joint Prepackaged
Plan of Reorganization (the "Existing Plan") to provide that
Stone's existing stockholders will receive their pro rata share of
(i) 5% of reorganized Stone's common stock compared to 4% as
contemplated by the Existing Plan, and (ii) warrants for ownership
of 15% of reorganized Stone's common equity exercisable upon the
Company reaching certain benchmarks pursuant to the terms of the
proposed new warrants compared to 10% as contemplated by the
Existing Plan, (b) Stone will reimburse up to $1.0 million of the
Stockholder Ad Hoc Group's reasonable and documented out-of-pocket
fees and expenses,  (c) no member of the Stockholder Ad Hoc Group,
nor any professional representing such group, will object or
otherwise contest the Existing Plan, as amended by the Amendment,
(d) if a Stone stockholder opts-out of or otherwise interferes with
the consummation of the Existing Plan, as amended by the Amendment,
they will not receive their pro rata share of the common stock or
warrants set forth in clause (a), (e) if an official committee of
equity security holders is appointed by the U.S. Bankruptcy Court
for the Southern District of Texas (the "Court"), then Stone's
existing stockholders will instead receive their pro rata share of
(i) 4% of reorganized Stone's common stock, and (ii) warrants for
ownership of 10% of reorganized Stone's common equity and (f) the
releases and exculpation provisions will include the Stockholder Ad
Hoc Group and its professionals.  The Company expects to file the
Amendment with the Court by the end of the year and expects to file
a Current Report on Form 8-K at that time, attaching the Amendment
as an exhibit thereto.  The Existing Plan, as amended by the
Amendment, remains subject to approval by the Court.  The Court has
previously determined that it would consider the confirmation of
the Existing Plan, as amended by the Amendment, on February 14,
2017.

At a hearing on December 21, 2016, the Court entered an order
resolving the Equity Committee Motion (the "Order").  The foregoing
description of the Settlement, which is set forth in the Order, is
qualified by reference to the full text of the Order, a copy of
which is attached to Stone's Current Report on Form 8-K filed
today.

Restructuring Plan Solicitation

As previously announced, Stone commenced a solicitation of the
Noteholders and the lenders (the "Banks") under the Company's
Fourth Amended and Restated Credit Agreement for acceptance of a
restructuring on the terms of a pre-packaged plan of
reorganization.  Such solicitation period ended on December 16,
2016 and (i) of the 94.24% of Noteholders in aggregate outstanding
principal amount that voted, 99.95% voted in favor of such plan and
.05% voted to reject such plan, and (ii) 100% of the Banks voted to
accept such plan.

Stone will commence solicitation of Stone's stockholders for
acceptance of the Existing Plan, as amended by the Amendment, on or
before December 30, 2016, and the voting deadline for stockholders
will be February 10, 2017.  Stone will also provide its Noteholders
with notice of the Amendment and will permit those Noteholders, if
any, who want to change their vote on the Existing Plan the ability
to do so, provided that they do so no later than February 1, 2017.

First Day Motions Granted

All of Stone's First Day Motions filed in the Company's previously
announced Chapter 11 proceedings were granted by the Court,
including a cash collateral motion, a motion maintaining the
current treasury system and motions making various vendor payments,
wage payments and tax payments in the ordinary course of business.
Stone is scheduled for another court appearance on January 10,
2017, and the Court has scheduled the confirmation hearing for
February 14, 2017.

                      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.


STONEWALL GAS: Moody's Withdraws B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings on
Stonewall Gas Gathering LLC (Stonewall), including its B2 Corporate
Family Rating, B2-PD Probability of Default Rating, and B2 senior
secured term loan rating.

Withdrawals:

Issuer: Stonewall Gas Gathering LLC

- Probability of Default Rating, Withdrawn , previously rated
B2-PD

- Corporate Family Rating, Withdrawn , previously rated B2

- Senior Secured Bank Credit Facility, Withdrawn , previously
rated B2 (LGD 3)

Outlook Actions:

- Outlook, Changed To Rating Withdrawn From Rating Under Review

RATINGS RATIONALE

Stonewall's term loan was extinguished by its owners effective
December 14, 2016.

Stonewall Gas Gathering LLC owns a 67-mile pipeline system
gathering natural gas from central delivery points in the
south-west portion of the Marcellus Shale play in West Virginia.


SYNIVERSE HOLDINGS: Moody's Lowers Corporate Family Rating to Caa1
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of Syniverse Holdings, Inc., to Caa1 from B3. The
downgrade primarily reflects Syniverse's sustained high leverage of
approximately 8x (Moody's adjusted). Moody's has also downgraded
Syniverse's probability of default rating (PDR) to Caa1-PD from
B3-PD, its unsecured rating to Caa3 from Caa2 and its secured
rating to B3 from B2. Additionally, Moody's has assigned a Caa3
rating to Syniverse's proposed senior unsecured notes which are
being issued in connection with the recently announced exchange
transaction. Syniverse's outlook remains negative reflecting the
company's high leverage and the possibility that the exchange
transaction could be classified as a Distressed Exchange (DE) and
considered a default under Moody's definition.

The downgrade reflects Moody's view that Syniverse has made
insufficient progress in managing its very high leverage and
looming 2019 maturities of approximately $2 billion of debt. As of
September 30, 2016, Syniverse had leverage of 8.1x (including
Moody's standard adjustments), which Moody's believes is
unsustainable for Syniverse. Moody's estimates that leverage will
remain near 8x over the next 12-18 months, with potential
improvement coming from debt reduction due to mandatory cash flow
sweeps. As the wireless industry transitions technology over the
next 2-3 years, Moody's believes a portion of Syniverse's legacy
revenue and earnings will continue to erode. The company has
successfully taken costs out of the business leading to modest
margin expansion, but the rate of decline in its legacy operations
continues to outpace the observed improvements.

On December 9, Syniverse announced a proposal to exchange a portion
of its outstanding senior notes for notes issued by a new holding
company that has a structurally senior position with respect to the
equity of Syniverse's foreign subsidiaries. If successful, the
exchange will allow Syniverse to extend the maturity of $364
million of debt to 2022, modestly reducing its large 2019 maturity
tower. Although this provides a slight improvement from a liquidity
perspective, it does not address the company's unsustainable
leverage. Moody's could treat the pending transaction or potential
similar transactions as a Distressed Exchange and consider it a
default under the Moody's definition. Moody's will determine if the
transaction is a DE at close.

Moody's has assigned a Caa3 rating to the proposed notes, in line
with the existing unsecured notes. The ratings are not
differentiated because Moody's believes that the recovery potential
from the foreign subsidiaries is uncertain, is likely subject to
various non-US bankruptcy regimes and will be junior to any
liabilities at the foreign operating company level. Although
Moody's acknowledge that the new notes may achieve a slightly
better recovery than the existing notes, Moody's do not think that
this justifies different ratings.

Downgrades:

  -- Issuer: Syniverse Holdings, Inc.

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facilities, Downgraded to B3 (LGD3) from
B2 (LGD3)

Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3 (LGD6)
from Caa2 (LGD6)

Outlook Actions:

  -- Issuer: Syniverse Holdings, Inc.

Outlook, Remains Negative

Assignments:

  -- Issuer: Syniverse Foreign Holdings Corporation

Senior Unsecured Regular Bond/Debenture, Assigned Caa3 (LGD6)

Outlook Actions:

  -- Issuer: Syniverse Foreign Holdings Corporation

Outlook, Assigned Negative

RATINGS RATIONALE

Syniverse's Caa1 corporate family rating reflects its very high
leverage, declining revenues despite acquisitions and cost cutting
measures, contract renewal risk, execution risk as technology
standards transition, and low free cash flow to debt. Moody's
believes the company faces foreign currency headwinds, rising
competitive threats, and the likelihood of a debt restructuring in
the medium term due to its substantial debt maturities in November
2019.

Balancing these risk factors are the scale of Syniverse's
established business serving a large and growing addressable market
for cellular carriers and enterprises and the company's
consistently positive free cash flows, which provide good liquidity
during this transitional period.

The negative outlook reflects the risk that the company could
pursue a restructuring to reduce its unsustainable debt. The timing
of such a restructuring is uncertain because the company's free
cash flow of approximately $80 million annually provides
flexibility to take a deliberate approach.

While unlikely in the near-term, Moody's could consider a ratings
upgrade if the company is able to reduce leverage below 6x (Moody's
adjusted). The ratings could be downgraded if liquidity
deteriorates, if revenue decline accelerates or if cash is used for
anything but debt/leverage reduction.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in Tampa, Florida, Syniverse Holdings, Inc. is a
leading provider of interoperability and network services for
wireless telecommunication carriers. The company had revenues of
$801 million for the last twelve months ending September 30, 2016.


TCR III: PCO Recommends APA Provisions for Virginia Assets
----------------------------------------------------------
Arthur E Peabody, Jr., the Patient Care Ombudsman ("PCO") for TCR
III, Inc., et al., filed with the U.S. Bankruptcy Court for the
Eastern District of Virginia, his comments on the Debtors' proposed
purchase and sales agreement in connection with the private sale of
substantially all assets to VS Virginia, LLC for amount sufficient
to satisfy creditors' proofs of claim plus $1,000,000.

On Nov. 29, 2016, the Debtors filed a motion for an order approving
a private sale of the four assisted living facilities that are the
subject of the bankruptcy action.

The PCO has (i) examined the proposed purchase and sales agreement,
the applications for licenses filed for each of the four facilities
by the proposed licensee with the Commonwealth of Virginia’s
Department of Social Services; (ii) examined the compliance history
of a sample of facilities set forth in the application for licenses
by the applicant to demonstrate competence in the administration of
health care facilities, and (iii) interviewed the proposed licensee
and the proposed chief executive
officer of the proposed management company.

His and recommendations are based on a limited review of the
proposed sale.  The applications for licenses were filed with the
Commonwealth of Virginia’s Department of Social Services on Dec.
6, 2016.  The PCO received a copy of the applications following the
execution of a confidentiality agreement on Dec. 15, 2016; the
application was supplemented on Dec. 17, 2016 and that information
was provided.  Interviews with the proposed licensee and CEO of the
proposed management company were conducted on Dec. 19, 2016.

The PCO's comments may assist the Court in addressing the approval
of the proposed sales agreement.

The PCO recommends that any order approving the proposed sale
contain these provisions:

     a. The Buyer will retain all the current Amerisist staff and
maintain all the current positions (vacant positions) at each of
the facilities for a reasonable period of time to ensure continuity
of care for residents.  The buyer may implement policies and
procedures to initiate the application for continued employment
with the new owner by such employees.  The Buyer will maintain
adequate staffing at the facilities at all times.

     b. The Buyer will, at a minimum, maintain the current level of
budgetary support for each of the facilities.

     c. After a reasonable period following closing, the Buyer will
send a notice to each of the residents of the facilities and their
legal representative(s) that fully complies with the requirements
of Sections 22 VAC 40-72-50.  This notice will include a
description of the licensee, the proposed management company, and
such other information as may be necessary to permit residents and
their representative to make an informed decision as to whether the
resident intends to remain at the facility.  The notice will
provide for 60 days for the resident and legal representative to
make a decision.

     d. The proposed management agreement's provisions reflecting
the standard of care to be afforded at the facilities will reflect
a requirement to comply with the Commonwealth of
Virginia's Standards for Licenses Assisted Living Facilities.  

The PCO and Ms. Kaye Pegelow are available for whatever future
evaluation(s) of the four assisted living facilities the Court may
deem appropriate after the closing and sale of the subject
facilities.

                     About TCR III

TCR III, Inc. (f/k/a America House One, Inc.) (the "Manassas"
location); TCR IV, Inc. (f/k/a America House Two, Inc.) (the
"Orange" location); TCR V, Inc. (f/k/a America House Three, Inc.)
(the "Stephens City" location); TCR VI, Inc.; and America House
Assisted Living of Front Royal, L.L.C. (the "Front Royal"
location), filed separate Chapter 11 bankruptcy petitions (Bankr.
E.D. Va. Case Nos. 15-14162, 15-14163, 15-14165, 15-14168 and
15-14169) on Nov. 24, 2015.  The Debtors operate senior care
facilities. The Hon. Brian F. Kenney presides over the cases.
Lawyers at Sands Anderson PC, serve as counsel to the Debtors.

TCR III estimated $1 million to $10 million in both assets and
liabilities.  The petitions were signed by Charles V. Rice,
president.


TRIBUNE MEDIA: Moody's Lowers Corporate Family Rating to B1
-----------------------------------------------------------
Moody's Investors Service downgraded Tribune Media Company's
Corporate Family Rating to B1 from Ba3, Probability of Default
Rating to B1-PD from Ba3-PD and affirmed the Speculative Grade
Liquidity of SGL-1. Moody's also downgraded the company's secured
credit facilities to Ba3 from Ba2 and senior unsecured 5.875% notes
to B3 from B2. The downgrades reflect Moody's view that the pace of
debt repayment and delevering has been slower than expected.
Tribune has maintained leverage above 6x for the last couple of
years despite the financial capacity to significantly improve
leverage. Moody's believe Management's financial policy remains
tolerant of relatively high leverage near 6x but expect the ratio
to fall to at least 5.75x over the next 12-18 months following the
sale of non-core assets. The outlook is stable.

Tribune is selling substantially all of its Digital and Data
business operations comprised of Gracenote video, music, and sports
to Nielsen Company for $560 million in cash, approximately $500
million after-tax. The transaction is expected to close in the
first quarter of 2017, subject to customary closing terms. In
connection with the sale, the company will use the majority of the
proceeds to repay a portion of the Term Loan B due 2020 ($2.4
billion outstanding as of September 30, 2016), subject to covenants
which require debt repayment upon the sale of assets. Pro-forma for
the debt pay-down, leverage (Moody's adjusted debt/2 year average
EBITDA) will be approximately 6.4x. In addition to these
transaction, the comapny intends to use cash on hand to pay a
special dividend of approximately $500 million in the first quarter
of 2017.

  -- Issuer: Tribune Media Company

Downgraded:

Corporate Family Rating: to B1 from Ba3

$300mm SR SEC 1ST LIEN REV CREDIT FACILITY due 2018

Downgraded to Ba3, LGD3 from Ba2, LGD3

$2379mm SR SEC TERM LOAN due 2020

Downgraded to Ba3, LGD3 from Ba2, LGD3

$1100mm GTD SR Global Notes due 2022

Downgraded to B3, LGD 5 from B2, LGD 5

Probability of Default Rating: Downgraded to B1-PD from Ba3-PD

Affirmed: Speculative Grade Liquidity Rating: Affirmed SGL-1

Outlook Actions:

Outlook is stable

RATINGS RATIONALE

Tribune Media's B1 Corporate Family Rating reflects a strong
operating model with good scale (close to $2b revenue) anchored by
the company's 42 owned and operated TV stations which has the #1 or
#2 local news in 17 of its 33 markets, generating a dual stream of
revenue from advertising and retransmission fees. While core ad
revenues have been weak, declining in low single digits, very high
margin retransmission fees are growing by mid to low teens (despite
a rise in reverse compensation). Retransmission fees are now more
than 15% of revenues, and growing. The company also benefits from
strong growth in its WGN network. The subscriber base has increased
significantly and now reaches nearly 80 million viewers. This
strength has been fueling MVPD carriage fees which are growing by
nearly 40%.

Balancing these positive attributes are aggressive financial
policies that tolerate high leverage and substantial shareholder
distributions, weakness in core advertising, margin compression,
and limited free cash flows. Leverage will remain elevated through
FYE 2018 with Debt/EBITDA (2 year average, including Moody's
standard adjustments), no better than 5x but more likely falling
from pro forma leverage of 6.4x (after the transaction) to between
5.5x to 6x over the next 12-18 months. Although a portion of the
proceeds from the Gracenote transaction will be used to reduce
leverage, debt repayment has been, and will be, slower than
expected as the company maintains a more balanced approach to
capital allocation than previously anticipated. Following the
Gracenote transaction, Moody's believe there is at least $3 billion
in gross value available to shareholders and creditors over the
next 2 years - compromised of cash and non-core assets (including
real estate and other equity investments). However, net of taxes
and fees, and assuming a relatively balanced allocation of capital
distribution, Moody's believe no more than $750 million could be
used to voluntarily pay down debt. Moody's do not ascribe any value
to the potential for proceeds from the FCC spectrum auction. If the
company fully executes based on these assumptions, leverage could
fall to 5x by the end of 2018.

The stable outlook incorporates Moody's expectation that debt-to-2
yr avg EBITDA will improve to 5.75x or less (including Moody's
standard adjustments) over the next 12-18 months. Moody's also
expect Tribune to maintain at least good liquidity over the next 12
months providing flexibility to execute management's operating
strategies, invest in programming, and manage unforeseen cash
needs. The outlook also incorporates Moody's expectation that the
U.S. economy will grow modestly, core advertising revenue will
stabilize, margins will not fall, and free cash flow improves. The
outlook does not incorporate significant debt financed acquisitions
or large shareholder distributions that would be contrary to
Moody's expectations for consistent leverage reduction. To the
extent non-core assets are divested, Moody's expect the company to
prepay appropriate levels of outstanding debt to ensure credit
metrics meet Moody's expectations for its B1 Corporate Family
Rating. Moody's also expect interest coverage
(EBITDA-CAPEX/Interest) to remain between 2.5x and 3x.

Moody's could take a negative rating action if 2-year average
debt-to-EBITDA remains above 5.75x (including Moody's standard
adjustments) at the end of FYE 2017 or interest coverage approaches
2x. A negative rating action would also be considered if liquidity
deteriorated, scale or diversity declined, market share falls, core
advertising growth slows further, margins weaken, or free cash
flows weaken. A negative rating action would also be considered if
the company adopted more aggressive financial policies, or there
was (or could be) a material adverse change in regulation, capital
structure, key performance measures, or the operating model,"
Moody's says.

Moody's could take a positive rating action if 2-year average
debt-to-EBITDA falls below 4.5x on a sustained basis (including
Moody's standard adjustments) or interest coverage rises above 3x
on a sustained basis. Ratings would also be conditional on
maintaining its liquidity profile, growing scale or diversity,
increasing market share, growth in core advertising, better
margins, or improvement in free cash flow generation. A positive
action would also be considered if the company adopts more
conservative financial policies, strengthens its capital structure,
or produces stronger key performance measures.

The principal methodology used in these ratings was Global
Broadcast and Advertising Related Industries published in May 2012.


UNITED MOBILE: Unsecureds To Share Pro-rata Payments of $27K
------------------------------------------------------------
United Mobile Solutions, LLC, filed with the U.S. Bankruptcy Court
for the Northern District of Georgia a disclosure statement and
plan or reorganization, dated Dec. 16, 2016, which contemplates the
reorganization and ongoing business operations of Debtor and the
resolution of the outstanding claims against and interests in
Debtor.

Under the plan, class 11 consists of general unsecured claims.
Holders of general unsecured claims will share pro-rata quarterly
distributions of $27,000 each commencing on the 28th day of the
final month of the first quarter following the Effective Date
occurs and continuing on 28th day of the final month of each
subsequent quarter (i.e. June, Sept, December, and March) for a
total of 12 quarterly payments. The claims of the class 11
creditors are impaired by the plan.

The source of funds for the payments pursuant to the plan is the
continued operation of the Debtor as a carrier master dealer for
T-Mobile and MetroPCS. Debtor is currently operating as a master
dealer for 33 stores and intends on opening additional stores over
the next 2 years.  Additionally, the Debtor intends to fund
administrative expenses and provide operating capital to the
Reorganized Debtor from the New Value in Class 12.

A full-text copy of the Disclosure Statement is available at:

     http://bankrupt.com/misc/ganb16-62537-105.pdf

                    About United Mobile

United Mobile Solutions, LLC, filed a Chapter 11 petition (Bankr.
N.D. Ga. Case No. 16-62537) on July 20, 2016.  The petition was
signed by Kil Won Lee, president.  

The Debtor is a carrier master dealer that operates and manages
approximately 20 retail cellular phone stores.  The Debtor's
corporate offices are located in Norcross, Georgia. 

The Debtor is represented by Cameron M. McCord, Esq., at Jones &
Walden, LLC.  The Debtor estimated its assets at $0 to $50,000
and
its liabilities at $1 million to $10 million at the time of the
filing.

An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of United Mobile Solutions, LLC,
as of Nov. 8, according to a court docket.


UNIVERSITY OF THE SACRED: S&P Lowers Rating on 2012 Bonds to 'BB'
-----------------------------------------------------------------
S&P Global Ratings lowered its rating to 'BB' from 'BBB-' on the
Puerto Rico Industrial, Tourist, Educational, Medical, and
Environmental Control Facilities Finance Authority's series 2012
higher education revenue bonds, issued for the University of the
Sacred Heart (USH; Universidad del Sagrado Corazon).  The outlook
is stable.

"The downgrade reflects our view of four consecutive years of
enrollment decreases, which will likely pressure fiscal 2016
operations and, without improvement, could pressure fiscal 2017
operations as well," said S&P Global Ratings credit analyst Jamie
Seman.  "USH's expected full-accrual deficit in fiscal 2016 and
financial resource ratios, which are still below average, result in
a weaker financial profile more commensurate with those of other
'BB' rated institutions."

"We assessed the university's enterprise profile as adequate,
characterized by its consistent decline in enrollment.  We assessed
the university's financial profile as vulnerable based on weak
financial balance sheet metrics, high student fee dependence, and
heavy reliance on Pell and similar grants for tuition revenue. We
believe that these financial characteristics make it vulnerable to
economic conditions beyond its control.  We believe Puerto Rico's
prolonged recession, structural deficits, and economic uncertainty
will continue to further constrain consumer budgets. As a result,
we also believe enrollment decreases and weakened financial
position at universities in Puerto Rico (including USH) will likely
continue during the next two years due to depressed economic
conditions," S&P said.


VESCO CONSULTING: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of VESCO Consulting Services, LLC
as of Dec. 21, according to a court docket.

VESCO Consulting Services, LLC sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Colo. Case No. 16-21351) on
November 19, 2016.  The petition was signed by Michael Miller,
president.  

The case is assigned to Judge Elizabeth E. Brown.

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


WASH MULTIFAMILY: S&P Raises Rating on 2nd Lien Debt to B-
----------------------------------------------------------
S&P Global Ratings said that it has reviewed its recovery and
issue-level ratings for WASH Multifamily Acquisition Inc. and
subsidiary Coinamatic Canada that were labeled as "under criteria
observation" (UCO) after publishing its revised recovery ratings
criteria on Dec. 7, 2016.  With S&P's criteria review complete, it
is removing the UCO designation from these ratings and are raising
the recovery and issue-level ratings on the senior secured
second-lien debt to '5' and 'B-', respectively, from '6' and
'CCC+'.  The '5' recovery rating indicates S&P's belief that
lenders could expect modest (10% to 30%, at the low end of the
range) recovery in the event of a payment default.  S&P's 'B' issue
level rating on the company's first-lien term debt is affirmed and
its '3' recovery rating (indicating S&P's expectation of recovery
at the high end of the 50%-70% range) is unchanged following the
review.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

WASH Multifamily Acquisition Inc.
Corporate credit rating         B/Stable/--

Issue Rating Raised; Recovery Rating Revised
                                 To           From
WASH Multifamily Acquisition Inc.
Coinamatic Canada Inc.
Senior secured second-lien      B-           CCC+
  Recovery rating                5L           6

Issue Ratings Affirmed; Recovery Expectations Revised

WASH
Multifamily Acquisition Inc.
Coinamatic Canada Inc.
Senior Secured first lien       B            B
  Recovery Rating                3H           3L    


WILL COUNTY SD: Moody's Cuts GOULT Debt Rating to Ba1
-----------------------------------------------------
Moody's Investors Service has downgraded Will County Community High
School District 210 (Lincoln Way), IL's outstanding general
obligation unlimited tax (GOULT) debt to Ba1 from Baa3 affecting
$253 million of outstanding rated debt. The outlook is negative.The
downgrade to Ba1 reflects the district's narrowing financial
position, which has necessitated the increasing use of tax
anticipation warrants to support operations and the district's
elevated debt burden with debt service costs that are scheduled to
grow substantially. The rating also takes into consideration the
district's positive credit attributes including a very large very
tax base that appears to be stabilizing following several years of
depreciation and above average resident income indices.

Rating Outlook

The negative outlook reflects the district's very narrow cash
position and lingering financial uncertainty. While officials are
projecting significantly improved financial operations in fiscal
2017, the district has a history of negative variances and any
unexpected revenue or expenditure pressures would place additional
strain on district liquidity.

Factors that Could Lead to an Upgrade

   -- Significant improvement in financial operations and
      liquidity

   -- Moderation of the district's debt burden and debt service
      costs

Factors that Could Lead to a Downgrade

   -- Inability of the district to place its tax anticipation
      warrants

   -- Additional strains on district liquidity, or increased
      reliance on short-term borrowing to support operations

   -- Growth in leverage from debt and/or unfunded pension
      liabilities

Legal Security

The district's GOULT debt is secured by a dedicated property tax
levy, unlimited as to rate and amount.

Use of Proceeds. Not applicable

Obligor Profile

Located in Will County (Aa1), approximately 40 miles southwest of
Chicago, the district provides high school education services to
the communities of Frankfort, Mokena, Manhattan, Frankfort Square,
Village of New Lenox (Aa2), and Tinley Park. Resident population
within the district was estimated at 104,129 as of the 2010 US
Census. Enrollment experienced significant gains over much of the
last decade, though recent enrollment trends are flat to declining.
As of fiscal 2016, district had a student enrollment of 7,032.


YORK RISK: Bank Debt Trades at 6.70% Off
----------------------------------------
Participations in a syndicated loan under York Risk Services
Holding is a borrower traded in the secondary market at 93.30
cents-on-the-dollar during the week ended Friday, December 16,
2016, according to data compiled by LSTA/Thomson Reuters MTM
Pricing.  This represents an increase of 0.36 percentage points
from the previous week.  York Risk Services Holding pays 375 basis
points above LIBOR to borrow under the $555 million facility. The
bank loan matures on Sept. 20, 2021 and carries Moody's B3 rating
and Standard & Poor's B- rating.  The loan is one of the biggest
gainers and losers among 247 widely quoted syndicated loans with
five or more bids in secondary trading for the week ended December
16.


ZEKELMAN INDUSTRIES: Moody's Hikes Corporate Family Rating to B2
----------------------------------------------------------------
Moody's Investors Service upgraded Zekelman Industries, Inc.'s
(formerly JMC Steel Group, Inc.) corporate family rating (CFR) to
B2 from B3, its probability of default rating (PDR) to B2-PD from
B3-PD and its senior secured notes to Caa1 from Caa2. The ratings
upgrades reflect the recent significant improvement in the
company's operating performance and credit metrics and the
expectation they will improve further in the near term. The ratings
outlook is stable. Moody's affirmed the B2 rating on Zekelman's
senior secured term loan since it represents the largest proportion
of debt in the company's capital structure and is unlikely to be
paid down in the near term. The company will likely use its free
cash flow to pay off its revolver borrowings and to build up its
cash balance to partially fund the pending acquisition of Western
Tube & Conduit Corporation. Additional borrowings may also be
needed to fund a portion of the acquisition.

The following ratings were affected in this rating action:

Upgrades:

Corporate family rating, upgraded to B2 from B3;

Probability of default rating, upgraded to B2-PD from B3-PD;

Senior secured notes due 2023, upgraded to Caa1 (LGD 5) from Caa2
(LGD 5);

Affirmations:

Senior secured term loan due 2021, affirmed B2 (LGD 3);

Outlook Actions:

Changed to stable from positive

RATINGS RATIONALE

Zekelman Industries B2 corporate family rating reflects the
company's inconsistent free cash flow generation and its
historically volatile profit margins due to its exposure to the
highly cyclical steel sector, which has historically caused wide
variability in its operating performance. The company's rating
favorably considers its moderate leverage, ample interest coverage,
adequate liquidity profile and its leading market position for a
number of structural, pipe and electrical conduit products. It also
reflects Moody's expectation that its operating performance will
remain strong in the near term supported by rising product prices
and gradually improving nonresidential construction activity.

Zekelman Industries credit metrics and liquidity strengthened
considerably in fiscal 2016 (ended September 2016) as the company
benefitted from improved spreads between steel purchases for
inventory and final product prices as well as cost cuts and
productivity improvements. Zekelman Industries was able to widen
its material spreads during the fiscal year as the company and its
competitors focused on improved pricing discipline and benefitted
from consolidation in the industrial pipe and tube sector. The
company was also aided by selling products produced with lower cost
steel inventories during a period of rising finished product prices
during most of the fiscal year. This was the exact opposite of the
situation faced by the company in fiscal 2015 when it was consuming
high priced steel inventory during a period of declining product
prices. As a result, Zekelman's operating results improved
dramatically with adjusted EBITDA of about $300 million during
fiscal 2016 versus $176 million during the prior fiscal year.

The substantially improved operating performance along with
effective working capital management enabled Zekelman to generate
$114 million of free cash flow in fiscal 2016. The company used a
portion of that free cash to retire about $75 million of debt. As a
result, its credit metrics improved significantly with the adjusted
leverage ratio (Debt/EBITDA) declining to 4.4x in September 2016
from 7.9x in September 2015 and the interest coverage ratio
(EBIT/Interest Expense) rising to 2.2x from 1.0x. These ratios are
supportive of the B2 corporate family rating and are expected to
improve further along with the company's operating results in the
first half of fiscal 2017 as product prices rise and material
spreads remain favorable. Moody's does not expect the pending
acquisition of Western Tube & Conduit Corporation (WTC) to
materially change Zekelman's leverage ratio and does not anticipate
integration issues since WTC produces similar products including
conduit, fence and mechanical tubing.

Zekelman Industries has an adequate liquidity profile with a cash
balance of $37 million and borrowing availability of $191 million
as of September 24, 2016. The company had $20 million of
outstanding borrowings on its $350 million revolver and $18 million
of letters of credit issued. The senior secured revolving credit
facility matures in November 2019 or 90 days prior to Zekelman's
nearest debt maturity. The company currently has no outstanding
debt that matures prior to November 2019.

The stable outlook reflects Moody's expectation that Zekelman's
operating results will remain strong and its credit metrics will
improve in the near term, but could soften in the second half of
fiscal 2017.

Zekelman's rating could be upgraded should it sustain a leverage
ratio below 4.5x, an interest coverage ratio above 2.0x and free
cash flow to debt (CFO-dividends/debt) above 13%.

A downgrade could be considered should Zekelman's operating results
and credit metrics weaken or its liquidity position deteriorates
materially. Downside triggers would include the leverage ratio
above 5.0x, interest coverage ratio below 1.8x and free cash flow
to debt below 11%.

The principal methodology used in these ratings was Global Steel
Industry published in October 2012.

Headquartered in Chicago, Illinois, Zekelman Industries, Inc.
(formerly JMC Steel Group, Inc.) manufactures steel pipe, hollow
structural steel (HSS), electrical conduit and tubular products at
thirteen manufacturing facilities in the US and Canada. The company
includes the operating divisions of Atlas Tube, Wheatland Tube,
Sharon Tube and Picoma and has leading market positions in key
product areas including hollow structural steel, standard pipe,
electrical conduit, galvanized mechanical tube and fittings. Its
products are sold principally to steel service centers and plumbing
and electrical distributors. Revenues for the twelve months ended
September 24, 2016 were approximately $1.6 billion.


[*] S&P Reviews Ratings on US Aerospace and Defense Sector
----------------------------------------------------------
S&P Global Ratings, on Dec. 16, 2016, said that it has reviewed all
its recovery and issue-level ratings in the U.S. aerospace and
defense sector for speculative-grade corporate issuers that were
labeled as "under criteria observation" (UCO) after publishing its
revised recovery ratings criteria on Dec. 7, 2016.  With S&P's
criteria review complete, it is removing the UCO designation from
these ratings and are revising issue-level and recovery ratings as
appropriate.

This release pertains to rated companies in the U.S aerospace and
defense sector.  The ratings list below is arranged alphabetically
by issuer and identifies the debt instruments with ratings
changes.

As an overview, S&P is revising the issue-level ratings on nine
rated debt issues in the U.S. aerospace and defense sector,
reflecting two upgrades and seven downgrades.  In all but three
cases, the revision to the issue-level rating resulted from a
revision to the recovery rating on the debt instrument.

In the remaining three cases, the recovery ratings on the secured
debt remain unchanged and the issue-level rating change results
because S&P now caps issue ratings at 'BBB-' for issuers rated 'BB'
and 'BB+', regardless of S&P's recovery ratings.  This change
deemphasizes the weight recovery plays in raising issue ratings for
issuers near the investment-grade threshold, since recovery is a
smaller component of credit risk when default risk is more remote
and because recovery prospects may be less predictable and more
variable for these issuers.  This revision does not reflect a
change in S&P's assessment of the company's default risk, which is
indicated by its corporate credit rating, or S&P's opinion of
recovery given default, which is indicated by its recovery
ratings.

In addition, S&P is revising the recovery rating to either '3' from
'4' or '4' from '3' on two rated debt instruments in the U.S.
aerospace and defense sector, reflecting two revisions to '3'.
Since these revisions do not result in issue-level ratings changes,
S&P is affirming the issue-level ratings for the affected issues.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

Ratings List

Issue Ratings Raised, Recovery Ratings Revised Due To Revised
Recovery Rating
Criteria For Speculative-Grade Corporate Issuers

                                                  To          From
ADS Tactical Inc.
Senior secured                                   B           B-
  Recovery rating                                 4H          5L

DynCorp International Inc.
Senior secured second-lien notes                 CCC         CCC-
  Recovery rating                                 5L          6

Issue Ratings Lowered, Recovery Ratings Revised Due To Revised
Recovery Rating
Criteria For Speculative-Grade Corporate Issuers

Consolidated Aerospace Manufacturing LLC
Senior secured                                   B+          BB-
  Recovery rating                                 3L          2L

Kratos Defense & Security Solutions Inc.
Senior secured                                   CCC+        B-
  Recovery rating                                 5H          4L

Moog Inc.
Senior secured                                   BB+         BBB-
  Recovery rating                                 3L          2L

Issue Ratings Lowered, Recovery Ratings Unchanged Due To Revised
Recovery
Rating Criteria For Speculative-Grade Corporate Issuers

Huntington Ingalls Industries Inc.
Senior secured                                   BBB-        BBB
  Recovery rating                                 1           1

Orbital ATK Inc.
Senior secured                                   BBB-        BBB
  Recovery rating                                 1           1

Issue Ratings Affirmed, Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers

Huntington Ingalls Industries Inc.
Senior unsecured                                 BB+          BB+
  Recovery rating                                 3L           4H

Issue Ratings Affirmed, Recovery Ratings Unchanged

DynCorp International Inc.
Senior secured first-lien debt                   B
  Recovery rating                                 1
Senior unsecured                                 CCC-
  Recovery rating                                 6

Moog Inc.
Senior unsecured                                 BB
  Recovery rating                                 5L

Orbital ATK Inc.
Senior unsecured                                 BB
  Recovery rating                                 5H


[*] S&P Reviews Ratings on US E&P and Oilfield Services Sectors
---------------------------------------------------------------
S&P Global Ratings, on Dec. 16, 2016, said that it has reviewed its
recovery and issue-level ratings in the U.S. oil and gas
exploration and production (E&P) and oilfield services (OFS)
sectors for speculative-grade corporate issuers that were labeled
as "under criteria observation" (UCO) after publishing its revised
recovery ratings criteria on Dec. 7, 2016.  With S&P's criteria
review complete, it is removing the UCO designation from these
ratings and are revising issue-level and recovery ratings as
appropriate.

This release pertains to rated companies in the U.S. E&P and
oilfield services sectors.  The ratings list below is arranged
alphabetically by issuer and identifies the debt instruments with
ratings changes.  

As an overview, S&P is revising the issue-level ratings on four
rated debt issues, reflecting two upgrades and two downgrades.  In
each case, the revision to the issue-level rating resulted from a
revision to the recovery rating on the debt instrument.

In addition, S&P is revising the recovery rating to '3' from '4' on
two rated debt instruments, and revising the recovery rating to '4'
from '3' on two rated debt instruments in the oilfield services
sector as a result of S&P's new criteria.  Since these revisions do
not result in issue-level ratings changes, S&P is affirming the
issue-level ratings for the affected issues.  The recovery rating
on one rated debt instrument in the sector is unchanged at '3' and
thus S&P is affirming its issue-level rating on the issue.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in S&P's
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

Issue-Level Ratings Affirmed And Raised; Recovery Ratings Revised

                                        To                From
Bristow Group Inc.
  Senior Secured                        BB                 BB
   Recovery Rating                      2H                 2L
  Senior Unsecured                      BB-                B+
   Recovery Rating                      4L                 5L

Issue-Level Rating Affirmed; Recovery Rating Revised
                                        To                From
Forum Energy Technologies Inc.
Senior Unsecured                       B                 B
  Recovery Rating                       3L                4H

Issue-Level Rating Affirmed; Recovery Rating Unchanged   
                                        To                From
Newpark Resources Inc.
Senior Unsecured                       B-                B-
  Recovery Rating                       3H                3H

Issue-Level Rating Affirmed; Recovery Rating Revised
                                        To                From
PHI Inc.
Senior Unsecured                       BB-               BB-
  Recovery Rating                       3L                4L

Issue-Level Rating Affirmed; Recovery Rating Revised
                                        To                From
Pioneer Energy Services Corp.
Senior Unsecured                       B-                B-
   Recovery Rating                      4L                3L

Issue-Level Rating Affirmed; Recovery Rating Revised
                                        To                From
SEACOR Holdings Inc.
Senior Unsecured                       B                 B
   Recovery Rating                      4L                3L

Issue-Level Rating Lowered; Recovery Rating Revised
                                        To                From
Synergy Resources Corp.
  Senior Unsecured                      B                 B+
   Recovery Rating                      2H                1

Issue-Level Rating Raised; Recovery Rating Revised    
                                        To                From
Unit Corp.
Senior Unsecured                       BB-               B+
  Recovery Rating                       2L                3H

Issue-Level Ratings Affirmed And Lowered; Recovery Ratings Revised
And Unchanged
                                        To               From
Weatherford International Ltd.
WOFS International Finance GmbH
Weatherford Worldwide Holdings GmbH
Senior Unsecured                       BB               BB
  Recovery Rating                       1                1

Weatherford International Ltd.          
Weatherford International LLC
Senior Unsecured                       B                B+
  Recovery Rating                       5L               3L

Weatherford International Ltd.
Senior Secured                         BB               BB
  Recovery Rating                       1                1


[*] S&P Reviews Ratings on US Technology Semiconductor Sector
-------------------------------------------------------------
S&P Global Ratings, on Dec. 16, 2016, said that it has reviewed
several of its recovery and issue-level ratings in the U.S.
technology semiconductor sector for speculative-grade corporate
issuers that were labeled under criteria observation (UCO) after
publishing its revised recovery ratings criteria on Dec. 7, 2016.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and are revising issue-level and
recovery ratings as is appropriate.

S&P is raising the issue-level ratings on 11 rated debt issues.  In
all cases, the change to the issue-level rating resulted from a
revision to the recovery rating on the debt instrument.  In
addition, S&P is revising the recovery ratings to '3' from '4' on
five rated debt instruments.  Since these revisions do not result
in issue-level ratings changes, S&P is affirming the issue-level
ratings for the affected issues.  These rating actions stem solely
from the application of S&P's revised recovery criteria and do not
reflect any change in its assessment of the corporate credit
ratings for issuers of the affected debt issues.

The ratings list below is arranged alphabetically by issuer and
identifies the debt instruments with ratings changes.

RATINGS LIST

Issue Ratings Raised; Recovery Ratings Revised Due To Revised
Recovery Rating
Criteria For Speculative-Grade Corporate Issuers

Advanced Micro Devices Inc.
Senior Unsecured              CCC+  CCC
  Recovery Rating              4L    5L

Cavium Inc.
Senior Secured                BB    BB-
  Recovery Rating              2L    3H

Cypress Semiconductor Corp.
Senior Secured                BB    BB-
  Recovery Rating              2L    3H
Senior Unsecured              B+    B
  Recovery Rating              5L    6

MKS Instruments Inc.
Senior Secured                BB+   BB
  Recovery Rating              2H    3L

Issue Ratings Affirmed; Recovery Ratings Revised Due To Revised
Recovery
Rating Criteria For Speculative-Grade Corporate Issuers

Amkor Technology Inc.
Senior Unsecured              BB     BB
  Recovery Rating              3H     4H

KEMET Corp.
Senior Secured                B-     B-
  Recovery Rating              3L     4L

SMART Modular Technologies (Global) Inc.
Senior Secured                B      B
  Recovery Rating              3H     4H



[*] S&P Reviews Ratings on US Transpo Sector on Criteria Update
---------------------------------------------------------------
S&P Global Ratings, on Dec. 16, 2016, said that it has reviewed its
recovery and issue-level ratings in the U.S. transportation sector
for speculative-grade corporate issuers that were labeled as "under
criteria observation" (UCO) after publishing its revised recovery
ratings criteria on Dec. 7, 2016.  With S&P's criteria review
complete, it is removing the UCO designation from these ratings and
are revising issue-level and recovery ratings as appropriate.

This release pertains to rated companies in the U.S. transportation
sector.  The ratings list below is arranged alphabetically by
issuer and identifies the debt types with ratings changes.  In
addition to the changes and affirmations mentioned below, S&P will
review its recovery and issue-level ratings on Delta Air Lines
Inc., PODS LLC, and Algeco Scotsman Global S.a.r.l. (and that
entity's rated foreign subsidiaries) separately.

With the exception of Triton Container International Ltd., the
revision to the issue-level ratings resulted from a revision to the
recovery rating on the debt instrument.

In the case of Triton, the recovery rating on the secured debt
remains unchanged and the issue-level ratings are being lowered
because S&P now caps issue-ratings at 'BBB-' for issuers rated 'BB'
and 'BB+', regardless of S&P's recovery ratings.  This change
deemphasizes the weight recovery plays in up-notching issue ratings
for issuers near the investment-grade threshold, since recovery is
a smaller component of credit risk when default risk is more remote
and because recovery prospects may be less predictable and more
variable for these issuers.  This revision does not reflect a
change in S&P's assessment of the company's default risk, which is
indicated by S&P's corporate credit rating, or its opinion of
recovery given default, which is indicated by S&P's recovery
ratings.

These rating actions stem solely from the application of S&P's
revised recovery criteria and do not reflect any change in its
assessment of the corporate credit ratings for issuers of the
affected debt issues.

RATINGS LIST

Issue Ratings Raised; Recovery Ratings Revised Due To Revised
Recovery Rating
Criteria For Speculative-Grade Corporate Issuers

                                       To                 From
XPO Logistics Inc.
Senior unsecured                      B+                 B
     Recovery rating                   4H                 5H

Issue Ratings Lowered; Recovery Ratings Unchanged Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers

Triton Container International Ltd.
Senior secured                         BBB-               BBB
     Recovery rating                    1                  1
  
Issue Ratings Lowered; Recovery Ratings Revised Due To Revised
Recovery Rating Criteria For Speculative-Grade Corporate Issuers

Kenan Advantage Group Inc.
Senior secured                         B+                 BB-
     Recovery rating                    2L                 1    

Issue Ratings Affirmed; Recovery Ratings Unchanged

Kenan Advantage Group Inc.
OPE KAG Finance Sub Inc.
Senior Unsecured                       CCC+
    Recovery rating                     6

XPO Logistics Inc.
Senior secured                         BB
     Recovery rating                    1
Senior unsecured                       B-
     Recovery rating                    6


[*] TMA Chicago/Midwest Announces Award Winners at Executive Forum
------------------------------------------------------------------
The Chicago/Midwest Chapter of the Turnaround Management
Association (TMA) announced winners of its awards at the Executive
Speaker Forum on Nov. 21, 2016, in Chicago.

TMA Chicago/Midwest Chapter hosts this program annually, inviting
members to be recognized and awarded for their outstanding work in
the industry and/or within the Turnaround Management Association
organization.

The winner of the Large Turnaround of the Year is Compressor
Engineering Corporation (CECO or the "Company").  Headquartered in
Houston, Tex., CECO is a family-owned business founded in 1964 that
CECO operates in two divisions, Manufacturing and Pipeline
Services.  With the turnaround team consisting of Chicago-based AEG
Partners, existing management/ownership and outside counsel Hoover
Slovacek, the company survived the liquidity crisis, avoided
bankruptcy, improved profitability and refinanced all senior debt
at par.  The bank has realized a full recovery and the company will
continue to be a family-owned operation.  

Swisher Hygiene ("Swisher"), which performs a wide variety of
essential hygiene and sanitation services to about 60,000 customers
coast-to-coast, was named winner of Large Transaction of the Year.
Industry roll-up legends Wayne Huizenga and Steve Berrard listed
Swisher on the Nasdaq in 2010, and purchased more than 54
businesses in 2011, after which it began to show losses.  Faced
with a liquidity crisis, the new chief operating officer approached
Global Turnarounds to help release cash from excess inventories.
The result was a cash positive quarter for the end of Q2 of 2015,
which enabled Swisher to be sold to Ecolab.  The Swisher brand name
and the majority of its people continue to operate as an autonomous
unit for the new owners.

This year's Small Transaction of the Year Award went to Lee Steel
Corporation and Affiliates ("Lee Steel"), a 60-year-old top-tier
steel service center that provides a full range of flat rolled
steel.  The company had historically been a steadily growing,
profitable company.  However, a confluence of external factors
caused the company to experience significant liquidity constraints,
ultimately leading to the company's Chapter 11 bankruptcy filing.

The company retained Huron Consulting Group, Inc. and, working with
its restructuring and turnaround practice, the investment banking
team reviewed various strategic alternatives for the sale of the
company's assets.  In September 2015, Lee Steel successfully
completed the sale of its assets to Union Partners I, LLC, as well
as Hilco Industrial LLC and Hilco Real Estate LLC.

The Harry Preucil Pro Bono of the Year Award went to association
members Pro Bono committee co-chair Rebecca Fruchtman of Bank of
America Merrill Lynch; David A. Bernal of Growth Decisions, Inc.;
Paul Melville of Grant Thornton, LLP for their work with Guillermo
Leyva and Vilma Machin of the Alma Dance School.

The University Relations Committee received the Outstanding
Committee of the Year Award, recognizing members Rob Baynes, The
Strong Oak Group, Inc.; Candice Kline, Sidley Austin LLP and Thomas
S. O'Donoghue, Jr, CTP, FGMK LL.

Individual awards included Barbara L. Yong, Golan Christie Taglia
LLP for Outstanding Service; Ray Anderson, Huron Consulting, CTP of
the Year; Alex Boerema, AlixPartners, Emerging Leader and Chris
Horvay, Sugar Felsenthal Grais & Hammer LLP, Legend Award.

                     About TMA Chicago/Midwest

The Chicago/Midwest Chapter of The Turnaround Management
Association -- http://www.tmachicagomidwest.org/-- is one of the
largest chapters of the only international nonprofit association
dedicated to corporate renewal and turnaround management.
Incorporated in 1991, the award-winning Chicago/Midwest Chapter
celebrated its 25th year of serving its community.  Its active
membership participates in more than 30 events annually, including
educational workshops, networking programs, forums, and
conferences.


[*] Upshot Services LLC Changes Name to JND Corporate Restructuring
-------------------------------------------------------------------
JND Legal Administration, a management and administration company
delivering service lines in corporate restructuring, class action,
mass tort, government services and eDiscovery, on Dec. 21, 2016,
announced the rebranding and name change of UpShot Services LLC to
JND Corporate Restructuring.  JND Legal Administration acquired the
leading claims and noticing agent based in Denver, Colo. in March
to create a new corporate restructuring division.  With the name
change, clients will continue their engagements with the same
client service teams and uninterrupted access to case-specific web
sites.

"As UpShot Services has become an invaluable part of our growing
portfolio of services, we've officially renamed and rebranded the
company and its web site to better position it as the corporate
restructuring division under the JND Legal Administration
umbrella," comments Neil Zola, executive
co-chairman and founder of JND Legal Administration.  "Our clients
will continue to benefit from the top-tier technology-driven claims
and noticing services and expertise delivered by our team."

UpShot Services was founded by seasoned industry professionals,
Travis Vandell and Robert Klamser, who pioneered a new standard of
efficiency to serve the administrative needs of companies in
corporate bankruptcy.  They established the firm to help debtors
and their professionals to navigate the intricacies of claims,
noticing, balloting and other corporate bankruptcy milestones with
easy-to-use, scalable technology and industry expertise.  Following
its acquisition, Vandell and Klamser were appointed as JND
Corporate Restructuring's CEO and president, respectively.  They
also serve on the board of directors for JND Corporate
Restructuring with the founders of JND Legal Administration,
Jennifer Keough, Neil Zola and David Isaac.

"When we originally founded UpShot Services, our goal and vision
was to serve the administrative needs of companies in corporate
restructuring with innovative technology-based tools and industry
expertise," comments Travis Vandell, CEO of JND Corporate
Restructuring.  "We achieved that goal, and now under our new name,
JND Corporate Restructuring, we are able to deliver the same high
caliber services while reaching new goals."

                 About JND Legal Administration

JND Legal Administration -- http://www.JNDLA.com/-- is a
management and administration company delivering service lines in
class action, bankruptcy, eDiscovery, government services and mass
tort.  JND's team of industry veterans is passionate about
providing outstanding service to clients.  Armed with decades of
expertise and a powerful set of tools, JND has deep experience
expertly navigating the intricacies of class action settlements,
corporate restructuring, eDiscovery, mass tort claims and
government services.  JND is trusted by law firms, government
agencies and Fortune 500 companies across the nation.  The company
is backed by Stone Point Capital and has offices in Colorado,
Minnesota, New York, North Carolina, Washington and Washington,
D.C.  


[^] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author:      Albert W. Snoke, M.D.
Publisher:   Beard Books
Softcover:   232 pages
List Price:  $34.95
Review by Francoise C. Arsenault

Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of
today's health care system. Although much has changed in
hospital administration and health care since the book was first
published in 1987, Dr. Snoke's discussion of the evolution of
the modern hospital provides a unique and very valuable
perspective for readers who wish to better understand the forces
at work in our current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr.
Snoke between the late 1930's through 1969, when he served first
as assistant director of the Strong Memorial Hospital in
Rochester, New York, and then as the director of the Grace-New
Haven Hospital in Connecticut.  In these first chapters, Dr.
Snoke examines the evolution and institutionalization of a
number of aspects of the hospital system, including the
financial and community responsibilities of the hospital
administrator, education and training in hospital
administration, the role of the governing board of a hospital,
the dynamics between the hospital administrator and the medical
staff, and the unique role of the teaching hospital.  

The importance of Hospitals, Health and People for today's
readers is due in large part to the author's pivotal role in
creating the modern-day hospital.  Dr. Snoke and others in
similar positions played a large part in advocating or forcing
change in our hospital system, particularly in recognizing the
importance of the nursing profession and the contributions of
non-physician professionals, such as psychologists, hearing and
speech specialists, and social workers, to the overall care of
the patient.  Throughout the first chapters, there are also many
observations on the factors that are contributing to today's
cost of care.  Malpractice is just one example.  According to
Dr. Snoke, "malpractice premiums were negligible in the 1950's
and 1960's.  In 1970, Yale-New Haven's annual malpractice
premiums had mounted to about $150,000."  By the time of the
first publication of the book, the hospital's premiums were
costing about $10 million a year.   

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know
it, including insurance and cost containment; the role of the
government in health care; health care for the elderly; home
health care; and the changing role of ethics in health care.  It
is particularly interesting to note the role that Senator Wilbur
Mills from Arkansas played in the allocation of costs of
hospital-based specialty components under Part B rather than
Part A of the Medicare bill.  Dr. Snoke comments: "This was
considered a great victory by the hospital-based specialists.  I
was disappointed because I knew it would cause confusion in
working relationships between hospitals and specialists and
among patients covered by Medicare.  I was also concerned about
potential cost increases.  My fears were realized.  Not only
have health costs increased in certain areas more than
anticipated, but confusion is rampant among the elderly patients
and their families, as well as in hospital business offices and
among physicians' secretaries."  This aspect of Medicare caused
such confusion that Congress amended Medicare in 1967 to provide
that the professional components of radiological and
pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-
payment provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur.  Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole
question of the responsibility of the physician, of the
hospital, of the health agency, brings vividly to mind a small
statue which I saw a great many years ago.it is a pathetic
little figure of a man, coat collar turned up and shoulders
hunched against the chill winds, clutching his belongings in a
paper bag-shaking, tremulous, discouraged.  He's clearly unfit
for work-no employer would dare to take a chance on hiring him.  
You know that he will need much more help before he can face the
world with shoulders back and confidence in himself.  The
statuette epitomizes the task of medical rehabilitation: to
bridge the gap between the sick and a job."  

It is clear that Dr. Snoke devoted his life to exactly that
purpose.  Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and
accept today as part of our medical care was almost nonexistent
when Dr. Snoke began his career in the 1930's.  Throughout his
50 years in hospital administration, Dr. Snoke frequently had to
focus on the big picture and the bottom line.  He never forgot
the importance of Discharged Cured, however, and his book
provides us with a great appreciation of how compassionate
administrators such as Dr. Snoke have contributed to the state
of patient care today.     

Albert Waldo Snoke was director of the Grace-New Haven Hospital
in New Haven, Connecticut from 1946 until 1969.  In New Haven,
Dr. Snoke also taught hospital administration at Yale University
and oversaw the development of the Yale-New Haven Hospital,
serving as its executive director from 1965-1968.  From 1969-
1973, Dr. Snoke worked in Illinois as coordinator of health
services in the Office of the Governor and later as acting
executive director of the Illinois Comprehensive State Health
Planning Agency. Dr. Snoke died in April 1988.


[^] BOOK REVIEW: Landmarks in Medicine - Laity Lectures
-------------------------------------------------------
Introduction by James Alexander Miller, M.D.
Publisher:  Beard Books
Softcover: 355 pages
List Price: $34.95
Review by Henry Berry

Order your own personal copy today at http://bit.ly/1sTKOm6

As the subtitle points out, the seven lectures reproduced in this
collection are meant especially for general readers with an
interest in medicine, including its history and the cultural
context it works within. James Miller, president of the New York
Academy of Medicine which sponsored the lectures, states in his
brief "Introduction" that this leading medical organization "has
long recognized as an obligation the interpretation of the
progress of medical knowledge to the public." The lectures
collected here succeed admirably in fulfilling this obligation.

The authors are all doctors, most specialists in different areas
of medicine. Lewis Gregory Cole, whose lecture is "X-ray Within
the Memory of Man," is a consulting roentgenologist at New York's
Fifth Avenue Hospital. Harrison Stanford Martland is a professor
of forensic medicine at New York University College of Medicine.
Many readers will undoubtedly find his lecture titled "Dr. Watson
and Mr. Sherlock Holmes" the most engrossing one. Other doctor-
authors are more involved in academic areas of medicine and
teaching. Reginald Burbank is the chairman of the Section of
Historical and Cultural Medicine at the New York Academy of
Medicine. He lectured on "Medicine and the Progress of
Civilization." Raymond Pearl, whose selection is "The Search for
Longevity," is a professor of biology at Johns Hopkins University.

The authors' high professional standing and involvement in
specialized areas do not get in the way of their aim to speak to a
general audience. They are all skilled writers and effective
communicators. As the titles of some of the lectures noted in the
previous paragraph indicate, the seven selections of "Landmarks in
Medicine" focus on the human-interest side of medicine rather than
the scientific or technological. Even the two with titles which
seem to suggest concern with technical aspects of medicine show
when read to take up the human-interest nature of these topics.
"The Meaning of Medical Research", by Dr. Alfred E. Cohn of the
Rockefeller Institute for Medical Research, is not so much about
methods, techniques, and equipment of medical research, but is
mostly about the interinvolvement of medical research, the
perennial concern of individuals with keeping and recovering good
health, and social concerns and pressures of the day. "The meaning
of medical research must regard these various social and personal
aspects," Cohn writes. In this essay, the doctor does answer the
questions of what is studied in medical research and how it is
studied. And he answers the related question of who does the
research. But his discussion of these questions leads to the final
and most significant question "for what reason does the study take
place?" His answer is "to understand the mechanisms at play and to
be concerned with their alleviation and cure." By "mechanisms,"
Cohn means the natural--i. e., biological--causes of disease and
illness. The lay person may take it for granted that medical
research is always principally concerned with finding cures for
medical problems. But as Cohn goes into in part of his lecture,
competition for government grants or professional or public
notoriety, the lure of novel experimentation, or research mainly
to justify a university or government agency can, and often do,
distract medical researchers and their associates from what Cohn
specifies should be the constant purpose of medical research. Such
purpose gives medicine meaning to humankind.

The second lecture with a title sounding as if it might be about a
technical feature of medicine, "X-ray Within the Memory of Man,"
is a historical perspective on the beginnings of the use of x-ray
in medicine. Its author Lewis Cole was a pioneer in the
development of x-rays in the late 1800s and early1900s. He mostly
talks about the development of x-ray within his memory. In doing
so, he also covers the work of other pioneers, notably William
Konrad Roentgen and Thomas Edison. Roentgen was a "pure scientist"
who discovered x-rays almost by accident and at first resented the
application of his discovery to practical uses such as medical
diagnosis. Edison, the prodigious inventor who was interested only
in the practical application of scientific discoveries, and his
co-worker Clarence Dally enthusiastically investigated the
practical possibilities of the discoveries in the new field of
radiation. Dally became so committed to his work in this field
that he shortly developed an illness and died. At the time, no on
knew about the dangers of prolonged exposure to x-rays. But
sensing some connection between his co-worker's untimely death and
his work with x-rays, Edison stopped his own investigations.

Cole himself became involved in work with x-rays during his
internship at Roosevelt Hospital in New York City in 1898 and
1899. His contribution to this important field was in the area of
interpretation of what were at the time primitive x-rays and
diagnosis of ailments such as tuberculosis and kidney stones. Cole
writes in such a way that the reader feels she or he is right with
him in the steps he makes in improving the use of x-rays. He adds
drama and human interest to the origins of this important medical
technology. The lecture "Dr. Watson and Mr. Sherlock Holmes" uses
the popular mystery stories of Arthur Conan Doyle to explore the
role of medicine in solving crimes, particularly murder. In some
cases, medical tests are required to figure out if a crime was
even committed. This lecture in particular demonstrates the
fundamental role played by medicine in nearly all major areas of
society throughout history. The seven collected lectures have
broad appeal. All of them are informative and educational in an
engaging way. Each is on an always interesting topic taken up by a
professional in the field of medicine obviously skilled in
communicating to the general reader. The authors seem almost mind
readers in picking out the most fascinating aspects of their
subjects which will appeal to the lay readers who are their
intended audience. While meant mainly for lay persons, the
lectures will appeal as well to doctors, nurses, and other
professionals in the field of medicine for putting their work in a
broader social context and bringing more clearly to mind the
interests, as well as the stake, of the public in medicine.


                            *********

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.
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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2016.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $975 for 6 months delivered via
e-mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000 or Nina Novak at 202-362-8552.

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