/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170110.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 10, 2017, Vol. 21, No. 9 Headlines 100 SOUTH SHORE DRIVE: Foreclosure Proceedings Underway 2401 NOTTINGHAM: Case Summary & 7 Unsecured Creditors A&A WHEELER: Wants to Continue Using Cash Through March 31 ABC DISPOSAL: Unsecured Creditors to Get 85% Under Plan ALHAMBRA, CA: Fitch Withdraws 'BB' Rating on 2010A Revenue Bonds ALL TYPE CONTRACTING: To Employ Carmody MacDonald P.C. as Counsel AMWINS GROUP: Moody's Assigns B2 CFR Amid Refinancing Plans ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary AXIOM WORLDWIDE: Seeks to Hire Frank A. Principe as Counsel BANDHU DEVELOPMENT: Disclosures Okayed, Plan Hearing on Feb. 23 BONANZA CREEK: Unsecureds To Get Up To 17.7% Under Plan BOSTON GRAND PRIX: President's Assets Frozen in Bankruptcy BUFFETS LLC: Seeks March 10 Extension to Solicit Plan Acceptances CAPITAL CHRISTIAN: 10% Dividend for Unsecureds Under Amended Plan CCH JOHN EAGAN: Asks Court to Extend Exclusive Solicitation Period CEB INC: Gartner Deal Won't Impact on Moody's Ba2 Corp Ratings CHIEFTAIN STEEL: Plan Filing Period Extended to Feb. 1 COLUMBUS MCKINNON: Moody's Assigns B1 CFR & Ba3 to 1st Lien Loans COMMUNITY HOME: Plan Confirmation Hearing on Feb. 7 CONNTECH PRODUCTS: Partial Distribution for Unsecured Creditors COWBOYS FAR WEST: BPL Disclosures Okayed, Plan Hearing on Jan. 31 CRITICAL CAR: Wants Court Approval for Use of SBA Cash Collateral DIGIEXPRESS INC: Gets Approval of Plan to Exit Bankruptcy DON GREEN: U.S. Trustee Unable to Appoint Committee DUNLAP STREET: Disclosures Okayed, Plan Hearing on March 24 ECRS LLC: Disclosure Statement Hearing Set for Jan. 31 EMERALD OIL: Unsecureds To Get 1% Under Liquidation Plan EMR ELECTRIC: Unsecureds to Get 65% Under Amended Plan EPIC HEALTH: Bain Capital Deal No Effect on Moody's B3 Ratings EPICENTER PARTNERS: Disclosure Statement Approved EXCELLENCE HOLDING: Can Use Cash Collateral Until Jan. 25 FLOUR CITY BAGELS: Disclosure Statement Hearing Set for Jan. 27 FOUR DIA: Unsecureds to Get 10% Within 2 Years Under Plan FPMI SOLUTIONS: Court Allows Cash Collateral Use Through Jan. 17 GATOR EQUIPMENT: Seeks to Hire Stewart Robbins & Brown as Counsel GILLETTE INVESTMENTS: Feb. 15 Disclosure Statement Hearing HANJIN SHIPPING: U.S. Creditors Raise Concerns with Terminal Sale HAPPYWORKS DAY CARE: Seeks March 6 Plan Filing Period Extension HOMEWOOD SUITES LANSDALE: Foreclosure Proceedings Underway J.B.B. ENTERPRISES: Hearing on Final Court OK Set For Jan. 31 JOYCE LESLIE: Priority Non-Tax Claimholders To Recoup 100% LA4EVER LLC: Disclosures Okayed, Plan Hearing on Jan. 25 LBJ HEALTHCARE: Census Remains at 75 for Two Months, PCO Says LENEXA HOTEL: Seeks to Employ Summers Spencer as Accountants MCDONALD BUILDING: Disclosure Statement Hearing Set for Feb. 7 MEDFORD TRUCKING: Disclosure Statement Hearing Set for Jan. 26 MOBILDEDIRECT INC: Court Denies Request for Exclusivity Extension MY-WAY TRADING: Wants to Use First Bank Cash Collateral NEPHROGENEX INC: Selling De Minimis Assets NEW COUNTRY: Wants to Use Northern Bank Cash Collateral NL ABROLAT: Court OKs Disclosures; Plan Hearing Set For March 9 NORTHPORT BAY: U.S. Trustee Unable to Appoint Committee PANCH TIRTH: Case Summary & 5 Unsecured Creditors PAROLE BESTGATE: Non-Insider Unsecureds To Be Fully Paid PETROLEUM PRODUCTS: Jan. 30 Plan Confirmation Hearing Set PETROLEX MANAGEMENT: Yatco Distribution To Recover 0% Under Plan PIONEER ENERGY: To Participate at Goldman Sachs Conference POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10 PUERTO RICO: Governor Seeks More Time on Fiscal Plan, Suit Freeze RAMUNDSEN HOLDINGS: Moody's Assigns B3 CFR & B2 to 1st Lien Loans RENNOVA HEALTH: Designates 1.75M Series F Preferred Stock RENNOVA HEALTH: Expects Continued Products Expansion in 2017 RYNARD PROPERTIES: Wants Court to Approve Use of Wells Fargo Cash SAM BASS: Court Allows Cash Collateral Use on Interim Basis SAUCIER BROS: Hearing on Disclosures Set For Feb. 16 SCARBOROUGH & HARGETT: Court Okays Plan Outline SERVICEBURY LLC: Wants to Use Cash Collateral, Jan. 11 Hearing Set SIXTY SIXTY CONDOMINIUM: Seeks to Employ Messana, P.A. as Counsel SIXTY SIXTY CONDOMINIUM: Taps Eisinger Law as Collections Counsel SORENSEN COMMS: CaptionCall Guarantee Prompts Moody's B2 Rate Hike SPEEDYSIGNS.COM INC: Court Approves Disclosure Statement TAMARACK CONDOMINIUM: Unsecureds To Recoup 5%-10% Under Plan TENDER LOVING: Gets Approval of Plan to Exit Bankruptcy THAMAR LI: Hearing on Disclosure Statement Set For Feb. 16 TOO FAST APPAREL: Seeks to Employ Friedman as Accountant TRILOGY DIAGNOSTICS: Case Summary & 12 Unsecured Creditors U.S. EDGE: Disclosures Okayed, Plan Hearing on Feb. 14 UNITED REHABILITATION: Disclosures Okayed, Plan Hearing on Feb. 2 UP FIELDGATE: Case Summary & 20 Largest Unsecured Creditors VANGUARD NATURAL: Makes $37.5M Borrowing Base Deficiency Payment VAPOR CORP: Dismisses Marcum LLP as Accountants WISPER II: Pretrial Conference on Plan Approval Set for Feb. 16 ZAYO GROUP: Moody's Assigns Ba2 to New Term Loan & B3 to New Notes [^] Large Companies with Insolvent Balance Sheet ********* 100 SOUTH SHORE DRIVE: Foreclosure Proceedings Underway ------------------------------------------------------- Moody's Investors Service has upgraded the ratings on three classes, affirmed the ratings on one class and downgraded the ratings on two classes in J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Pass-Through Certificates, Series 2004-CIBC10 as follows: Cl. B, Upgraded to A1 (sf); previously on May 12, 2016 Upgraded to A3 (sf) Cl. C, Upgraded to Baa3 (sf); previously on May 12, 2016 Affirmed Ba2 (sf) Cl. D, Upgraded to Ba2 (sf); previously on May 12, 2016 Affirmed B1 (sf) Cl. E, Affirmed B3 (sf); previously on May 12, 2016 Affirmed B3 (sf) Cl. F, Downgraded to Ca (sf); previously on May 12, 2016 Affirmed Caa3 (sf) Cl. X-1, Downgraded to Caa3 (sf); previously on May 12, 2016 Affirmed Caa1 (sf) RATINGS RATIONALE The ratings on Classes B, C and D, were upgraded based primarily on an increase in credit support resulting from loan paydowns and amortization. The deal has paid down 57.6% since Moody's last review. The rating on Class E was affirmed because the rating is consistent with Moody's expected loss. The rating on Class F was downgraded due to realized and anticipated losses from specially serviced and troubled loans that were higher than Moody's had previously expected. Class F has already experienced a 36% realized loss as result of previously liquidated loans. The rating on the IO Class, Class X-1, was downgraded due to a decline in the credit performance of its reference classes resulting from principal paydowns of higher quality reference classes. Moody's rating action reflects a base expected loss of 2.2% of the current balance, compared to 35.1% at Moody's last review. Moody's base expected loss plus realized losses is now 7.8% of the original pooled balance, compared to 7.3% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance. Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls. METHODOLOGY UNDERLYING THE RATING ACTION The methodologies used in these ratings were "Approach to Rating US and Canadian Conduit/Fusion CMBS" published in December 2014, and "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in October 2015. DESCRIPTION OF MODELS USED Moody's review used the excel-based CMBS Conduit Model, which it uses for both conduit and fusion transactions. Credit enhancement levels for conduit loans are driven by property type, Moody's actual and stressed DSCR, and Moody's property quality grade (which reflects the capitalization rate Moody's uses to estimate Moody's value). Moody's fuses the conduit results with the results of its analysis of investment grade structured credit assessed loans and any conduit loan that represents 10% or greater of the current pool balance. Moody's uses a variation of Herf to measure the diversity of loan sizes, where a higher number represents greater diversity. Loan concentration has an important bearing on potential rating volatility, including the risk of multiple notch downgrades under adverse circumstances. The credit neutral Herf score is 40. The pool has a Herf of 10, compared to 7 at Moody's last review. When the Herf falls below 20, Moody's uses the excel-based Large Loan Model and then reconciles and weights the results from the conduit and large loan models in formulating a rating recommendation. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan-level proceeds derived from Moody's loan-level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure, property type and sponsorship. Moody's also further adjusts these aggregated proceeds for any pooling benefits associated with loan level diversity and other concentrations and correlations. DEAL PERFORMANCE As of the December 12, 2016 distribution date, the transaction's aggregate certificate balance has decreased by 94% to $111.5 million from $1.96 billion at securitization. The certificates are collateralized by 23 mortgage loans ranging in size from less than 1% to 17.2% of the pool, with the top ten loans constituting 80.6% of the pool. Two loans, constituting 2.4% of the pool, have defeased and are secured by US government securities. Five loans, constituting 9.3% of the pool, are on the master servicer's watchlist. The watchlist includes loans that meet certain portfolio review guidelines established as part of the CRE Finance Council (CREFC) monthly reporting package. As part of Moody's ongoing monitoring of a transaction, the agency reviews the watchlist to assess which loans have material issues that could affect performance. Thirty-two loans have been liquidated from the pool at a loss, resulting in an aggregate realized loss of $150.2 million (for an average loss severity of 43%). One loan, constituting 2.1% of the pool, is currently in special servicing. The specially serviced loan is the 100 South Shore Drive Loan ($2.3 million -- 2.1% of the pool), which is secured by a 43,000 square foot (SF) office property located in East Haven, Connecticut. The loan was transferred to special servicing in October 2014 due to maturity default. As of June 2016, the property was 33.5% occupied. Per the special servicer foreclosure is being dual tracked with negotiations with the borrower. Moody's received full year 2015 operating results for 100% of the pool, and full or partial year 2016 operating results for 100% of the pool. Moody's weighted average conduit LTV is 59.7%, compared to 58.3% at Moody's last review. Moody's conduit component excludes loans with structured credit assessments, defeased and CTL loans, and specially serviced and troubled loans. Moody's net cash flow (NCF) reflects a weighted average haircut of 8.6% to the most recently available net operating income (NOI). Moody's value reflects a weighted average capitalization rate of 9.7%. Moody's actual and stressed conduit DSCRs are 1.41X and 2.01X, respectively, compared to 1.36X and 1.86X at the last review. Moody's actual DSCR is based on Moody's NCF and the loan's actual debt service. Moody's stressed DSCR is based on Moody's NCF and a 9.25% stress rate the agency applied to the loan balance. The top three conduit loans represent 45.3% of the pool balance. The largest loan is The Greens at Hurricane Creek Apartments Loan ($19.2 million -- 17.2% of the pool), which is secured by a 576-unit multifamily property located in Bryant, Arkansas. As per the September 2016 rent roll the property was 99% occupied, compared to 97% occupied in December 2015. The loan benefits from amortization and Moody's LTV and stressed DSCR are 61.5% and 1.50X, respectively. The second largest loan is the 65-75 Lower Welden Street Loan ($16.2 million -- 14.5% of the pool), which is secured by a 149,000 square foot (SF) suburban office building located in St. Albans, Vermont (approximately 18 miles from the Canadian border). As of October 2016, the property was 100% occupied by The Department of Homeland Security, whose lease expires in December 2021. Due to the single tenancy, Moody's analysis incorporated a lit/dark analysis. Moody's LTV and stressed DSCR are 97.9% and 1.54X, respectively. The third largest loan is The Links at Oxford Apartments Loan ($15.2 million -- 13.6% of the pool), which is secured by a 492-unit multifamily property located in Oxford, Mississippi. As per the September 2016 rent roll, the property was 100% occupied, the same as in December 2015. Performance has remained stable and the loan benefits from amortization. Moody's LTV and stressed DSCR are 51.6% and 1.74X, respectively. 2401 NOTTINGHAM: Case Summary & 7 Unsecured Creditors ----------------------------------------------------- Debtor: 2401 Nottingham, LLC, a California Limited Liability Company 3991 MacArthur Blvd., Suite 125 Newport Beach, CA 92660 Case No.: 16-15243 Chapter 11 Petition Date: December 29, 2016 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Catherine E. Bauer Debtor's Counsel: Marc C Forsythe, Esq. GOE & FORSYTHE, LLP 18101 Von Karman Avenue Ste 1200 Irvine, CA 92612 Tel: 949-798-2460 Fax: 949-955-9437 E-mail: kmurphy@goeforlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey Yohai, managing member. A copy of the Debtor's list of seven unsecured creditors is available for free at http://bankrupt.com/misc/cacb16-15243.pdf A&A WHEELER: Wants to Continue Using Cash Through March 31 ---------------------------------------------------------- A&A Wheeler Mfg., Inc., asks the U.S. Bankruptcy Court for the District of New Hampshire for authorization to continue using cash collateral from February 1, 2017 through March 31, 2017. The Debtor's proposed Budget projects total expenses in the amount of $84,259 for the month of February, and $118,751 for the month of March. The Debtor proposes to grant each Record Cash Collateral Lienholder with a replacement lien on the Debtor's postpetition cash collateral to the extent such Lienholder held valid prepetition liens thereon. The Debtor tells the Court that without the use of cash collateral, its reorganization will be impossible. A full-text copy of the Debtors' Motion, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/A&AWheeler2015_11799bah_128.pdf About A&A Wheeler Mfg. A&A Wheeler Mfg., Inc., based in Lee, New Hampshire, filed for Chapter 11 bankruptcy (Bankr. D.N.H. Case No. 15-11799) on Nov. 24, 2015. Its petition was signed by Angela Wheeler, vice president and CFO. Judge Bruce A. Harwood presides over the case. Franklin C. Jones, Esq., at Wensley & Jones, PLLC, serves as the Debtor's counsel. A&A Wheeler disclosed total assets of $1.19 million and total liabilities of $1.49 million. ABC DISPOSAL: Unsecured Creditors to Get 85% Under Plan ------------------------------------------------------- ABC Disposal Service, Inc., and affiliates filed with the U.S. Bankruptcy Court for the District of Massachusetts their disclosure statement with respect to their joint plan of reorganization, which provides for the periodic distributions to the holders of all Allowed, non-Insider, Claims from the Debtors operating income and a revolving Exit Facility in the amount of $5,000,000. Class 7, Miscellaneous Secured Claims, is impaired under the Plan. The holder of the Allowed Miscellaneous Secured Claim will receive, at the sole option of the Debtors, one of the following: (i) Commencing on the Payment Date and continuing quarterly thereafter, payment in full of such Allowed Claim in 20 equal quarterly installments of principal; or (ii) treatment as is agreed upon in writing between the Debtors and the holder of the Allowed Miscellaneous Secured Claim. Class 9, General Unsecured Claims, is impaired under the Plan. Each holder of an Allowed General Unsecured Claim will receive payment equal to 85% of the amount of that holder's Allowed General Unsecured Claim as follows: (i) Upon the Payment Date, an amount equal to 30% of the Allowed Claim; and (ii) Commencing on the 90th day following the Payment Date and continuing quarterly thereafter for 20 quarters, the Dividend of 2.75% of the amount of the Allowed Claim until the holder of an Allowed Class 9 General Unsecured Claim receives total payments in an amount equal to 85% of its Allowed General Unsecured Claim. The plan will be funded by the Debtors' Cash and operating income and the proceeds of the Exit Facility, a revolving credit line from Webster in an amount up to $5,000,000 to be secured by a first-priority lien on ABC's unencumbered vehicles and junior Liens on the Debtors' other real and personal property. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/mab16-11787-257.pdf About ABC Disposal Service ABC Disposal Service, Inc., provides full service waste hauling, disposal and recycling services, and sells, rents and services compaction and baling equipment to a variety of industrial, institutional, commercial and construction related customers. New Bedford Waste owns and operates municipal solid waste and construction and demolition debris transfer stations in New Bedford, Sandwich, and Rochester, Massachusetts which transfer and process residential, commercial, industrial, and institutional and construction wastes under approved state and local government permits and licenses. Solid Waste Services, Inc., is a Massachusetts corporation organized in 1999 to hold an ownership interest in New Bedford Waste. Shawmut Associates and A&L Enterprises are Massachusetts limited liability companies which own and lease real estate to ABC and New Bedford Waste in connection with their operations. ZERO Waste Solutions, LLC, is a Massachusetts limited liability company formed in 2013 for the purposes of developing and operating an advanced mixed waste recycling facility located on Shawmut Associates' Rochester property to process and market recyclable material and then turn unrecyclable material into compact, clean burning, high yield fuel briquettes which have a variety of industrial uses. The principals of the Debtors are Laurinda F. Camara and her children Susan M. Sebastiao, Kenneth J. Camara, Steven A. Camara, and Michael A. Camara. Each of the Principals owns 20% of the stock in ABC. Each of Susan M. Sebastiao, Kenneth J. Camara, Steven A. Camara and Michael A. Camara own a 12.5% interest in New Bedford Waste and a 25% interest in Shawmut Associates, A&L Enterprises, and Solid Waste Services. Solid Waste Services owns the remaining 50% of the membership interests in New Bedford Waste. New Bedford Waste owns 80% of the membership interests in ZERO Waste. ABC Disposal Service, Inc., New Bedford Waste Services, LLC, Solid Waste Services, Inc., Shawmut Associates, LLC, A&L Enterprises, LLC, and ZERO Waste Solutions, LLC each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case Nos. 16-11787 to 16-11792, respectively) on May 11, 2016. The petitions were signed by Michael A. Camara as vice president/CEO. Judge Joan N. Feeney presides over the cases. Murphy & King Professional Corporation serves as the Debtors' counsel. Argus Management Corp. is the Debtors' financial advisor. The Official Committee of Unsecured Creditors tapped Jager Smith P.C. as counsel. ALHAMBRA, CA: Fitch Withdraws 'BB' Rating on 2010A Revenue Bonds ---------------------------------------------------------------- Fitch Ratings has withdrawn its ratings for these bonds due to prerefunding activity: -- Alhambra (CA) (Atherton Baptist Project) revenue bonds series 2010A (prerefunded maturities only - 016049AC2, 016049AB4). Previous Rating: 'BB'/Stable Outlook. ALL TYPE CONTRACTING: To Employ Carmody MacDonald P.C. as Counsel ----------------------------------------------------------------- All Type Contracting LLC asks the United States Bankruptcy Court for the Eastern District of Missouri, Southeast Division, for permission to employ Carmody MacDonald P.C. as its counsel in the Chapter 11 proceeding and all related matters. The Debtor initially hired Desai Eggman Mason LLC as bankruptcy counsel. Effective November 1, 2016, attorneys Robert E. Eggmann and Thomas H. Riske joined Carmody and and are continuing to represent the Debtor in this Chapter 11 case. The professional services are: (a) Advising the Debtor with respect to its rights, power and duties in this case; (b) Assisting and advising Debtor in its consultations with any appointed committee relative to the administration of this case; (c) Assisting Debtor in analyzing the claims of creditors and negotiating with such creditors; (d) Assisting Debtor with investigation of the assets, liabilities and financial condition of Debtor and reorganizing Debtor's business in order to maximize the value of Debtor's assets for the benefit of all creditors; (e) Advising Debtor in connection with the sale of assets or business; (f) Assisting Debtor in its analysis of and negotiation with any appointed committee or any third party concerning matters related to, among other things, the terms of a plan of reorganization; (g) Assisting and advising Debtor with respect to any communications with the general creditor body regarding significant matters in this case; (h) Commencing and prosecuting necessary and appropriate actions and/or proceedings on behalf of Debtor; (i) Reviewing, analysing or preparing, on behalf of Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; (j) Representing Debtor to all hearings and other proceedings; (k) Conferring with other professional advisors retained by the Debtor in providing advice to Debtor; (l) Performing all other necessary legal services in this care as may be requested by Debtor in this Chapter 11 proceeding; and (m) Assisting and advising Debtor regarding pending arbitration and litigation matters in which Debtor may be involved, including continued prosecution or defense of actions and/or negotiations on Debtor's behalf. The range of hourly billing rates of the of the Firm's partners for this matter will be $295 to $385 per hour, associates $240 to $26 per hour, and paralegals/law clerks $145 to $195 per hour. The Firm's billing rates are subject to periodic adjustments to reflect annual increases and economic and other conditions. Robert E. Eggman attests that his firm does not have any connection with the Debtor, its creditors, other parties in interest, its respective attorneys and accountants, the United States Trustee, or any person employed in the office of the United States Trustee. The Firm can be reached through: Robert E. Eggman, Esq. Thomas H. Riske, Esq. CARMODY MACDONALD P.C. 120 South Central Ave., Ste. 1800 St. Louis, MO 63105 Tel: (314) 854-8600 Fax: (314) 854-8660 E-mail: ree@carmodymacdonald.com thr@carmodymacdonald.com About All Type Contracting, LLC All Type Contracting, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Mo. Case No. 16-10509) on June 16, 2016. The petition was signed by Brian R. Blair, president/owner. The Debtor initially hired Desai Eggman Mason LLC as bankruptcy counsel. Effective November 1, 2016, attorneys Robert E. Eggmann and Thomas H. Riske joined Carmody MacDonald P.C., and the Debtor tapped Carmody as its new counsel. The case is assigned to Judge Barry S. Schermer. At the time of filing, the Debtor estimated assets at $100,000 to $500,000 and liabilities at $500,001 to $1 million. AMWINS GROUP: Moody's Assigns B2 CFR Amid Refinancing Plans ----------------------------------------------------------- Moody's Investors Service has assigned a B2 corporate family rating and B2-PD probability of default rating to AmWINS Group, Inc. (AmWINS) following the company's announcement that it plans to refinance its existing bank facilities. In the same action, Moody's has assigned a B1 rating to the new first-lien senior secured bank facilities, and a Caa1 rating to the new second-lien senior secured term loan. The refinancing will extend the company's debt maturities, lower its interest expense and fund a potential acquisition. The outlook for the ratings is stable. The rating agency will withdraw the ratings from AmWINS Group, LLC upon closing of the refinancing. RATINGS RATIONALE According to Moody's, AmWINS' ratings reflect its strong presence in wholesale and specialty insurance brokerage; broad diversification across clients, producers, insurance carriers and product lines; and healthy EBITDA margins. The company has reported solid organic growth despite increasing pricing pressure in the P&C commercial lines market. Offsetting these strengths is the company's high financial leverage and modest fixed charge coverage, integration risk associated with acquisitions, and potential liabilities arising from errors and omissions, a risk inherent in professional services. AmWINS' acquisition strategy has centered around small to mid-sized firms with an occasional sizeable purchase, and the company now has a network of over 100 offices in 28 states and 11 countries. Giving effect to the proposed refinancing, AmWINS' pro forma debt-to-EBITDA ratio will be about 6x, with (EBITDA - capex) interest coverage around 2x, per Moody's calculations, which include accounting adjustments for operating leases and run-rate earnings from completed acquisitions but exclude the potential acquisition. Moody's expects the company to maintain leverage in the 5.5x-6x range over the next few quarters, a level in line with AmWINS' current ratings. Factors that could lead to an upgrade of AmWINS' ratings include: (i) debt-to-EBITDA ratio below 5.5x, (ii) (EBITDA - capex) coverage of interest exceeding 2.5x, and (iii) free-cash-flow-to-debt ratio exceeding 5%. Factors that could lead to a rating downgrade include: (i) debt-to-EBITDA ratio above 6.5x, (ii) (EBITDA - capex) coverage of interest below 1.5x, or (iii) free-cash-flow-to-debt ratio below 3%. Moody's has assigned the following ratings (and loss given default (LGD) assessments) to AmWINS Group, Inc.: Corporate family rating at B2; Probability of default rating at B2-PD; $125 million first-lien five-year revolving credit facility at B1 (LGD3); $1.05 billion first-lien seven-year term loan at B1 (LGD3); $200 million second-lien eight-year term loan at Caa1 (LGD6). The rating outlook is stable. Moody's will withdraw the following ratings from AmWINS Group, LLC upon closing of the refinancing, since these facilities will be repaid and terminated: Corporate family rating at B2; Probability of default rating at B2-PD; $75 million first-lien revolving credit facility at B1 (LGD3); $898 million first-lien term loan at B1 (LGD3); $250 million second-lien term loan at Caa1 (LGD6). The principal methodology used in these ratings was Insurance Brokers and Service Companies published in December 2015. Headquartered in Charlotte, North Carolina, AmWINS is a leading wholesale distributor of specialty insurance products and services. In 2015, the company generated revenues of $764 million. ARABELLA EXPLORATION: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Arabella Exploration, LLC P.O. Box 506 Fort Worth,, TX 76101 Case No.: 17-40120 Type of Business: Oil and Natural Gas Chapter 11 Petition Date: January 8, 2017 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Russell F. Nelms Debtor's Counsel: Raymond W. Battaglia, Esq. LAW OFFICES OF RAY BATTAGLIA, PLLC 66 Granburg Circle San Antonio, TX 78218 Tel: 2106019405 Fax: (210) 855-0126 Email: rbattaglialaw@outlook.com Estimated Assets: $10 million to $50 million Estimated Debts: $10 million to $50 million The petition was signed by Charles (Chip) Hoebeke, manager. 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/txnb17-40120.pdf AXIOM WORLDWIDE: Seeks to Hire Frank A. Principe as Counsel ----------------------------------------------------------- Frank A. Principe, Esq., in behalf of Axiom Worldwide Inc, asks the United States Bankruptcy Court Middle District of Florida, Tampa Division, to approve his employment as counsel to the Debtor. The professional services of the Attorney are: (a) To give the Debtor legal advice with respect to its power and duties as business and management of its property, if appropriate; (b) To prepare necessary applications, answers, orders, reports, complaints, and other legal papers and to appear at hearings; and (c) To perform all other legal services. Axiom Worldwide has agreed to compensate Mr. Principe on an hourly basis for services rendered at the standard hourly rate of the respective attorneys and paralegals of Frank A. Principe, Attorney at Law, which rates range from $300.00 per hour for its most experienced attorney to $75.00 for its most junior para-professionals and are subject to periodic adjustment to reflect economic and other considerations. Frank A Principe assures the Court that he has no connection with the Debtor, the creditors, or any other party in interest, or their respective attorneys. The firm can be reached through: Frank A. Principe, Esq. Frank A Principe 2805 West Busch Blvd. Ste. 100 Tampa, FL 33618 Tel: 813-629-3696 E-mail: Prinlawprodigy.net About Axiom Worldwide, Inc. Axiom Worldwide, Inc. manufactures and distributes non-surgical medical equipment for healthcare providers/practitioners. Axiom Worldwide Inc. filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-10078) on November 27, 2016, listing under $1 million in both assets and liabilities. The Debtor is represented by Frank A. Principe, Esq., as counsel. BANDHU DEVELOPMENT: Disclosures Okayed, Plan Hearing on Feb. 23 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania will consider approval of the Chapter 11 plan of Bandhu Development Inc. at a hearing on Feb. 23, at 11:00 a.m. The hearing will be held at Courtroom A, 54th Floor U.S. Steel Tower, 600 Grant Street, Pittsburgh, Pennsylvania. The court had earlier approved Bandhu's disclosure statement, allowing the company to start soliciting votes from creditors. The Dec. 22 order set a Feb. 16 deadline for creditors to cast their votes and a Feb. 9 deadline to file their objections. About Bandhu Development Bandhu Development Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Penn., Case No. 16-20013) on Jan. 4, 2016. Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the Debtor's bankruptcy counsel. 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 Bandhu Development Inc. BONANZA CREEK: Unsecureds To Get Up To 17.7% Under Plan ------------------------------------------------------- Bonanza Creek Energy, Inc., and certain subsidiaries filed with the U.S. Bankruptcy Court for the District of Delaware a disclosure statement dated Dec. 23, 2016, for the Debtors' joint prepackaged plan of reorganization. Class 1D General Unsecured Claims against Bonanza Creek -- estimated at $868,836,998 -- is impaired under the Plan. On the Effective Date, in full satisfaction of each Allowed General Unsecured Claim against Bonanza Creek, each holder will be entitled to receive its Ratable Share of: (a) 29.4% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity and (b) 37.8% of the Subscription Rights. The holders are expected to recover 17.7%. Class 2D General Unsecured Claims against Bonanza Creek Operating -- estimated at $1,025,691,139 -- is impaired under the Plan. On the Effective Date, in full satisfaction of each Allowed General Unsecured Claim against Bonanza Creek Operating, each holder will be entitled to receive its Ratable Share of 17.6% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity. The holders are expected to recover 3.6%. Class 3D-7D General Unsecured Claims against Debtors other than Bonanza Creek and Bonanza Creek Operating -- estimated at $866,064,533 -- is impaired under the Plan. On the Effective Date, in full satisfaction of each Allowed General Unsecured Claim against Debtors other than Bonanza Creek and Bonanza Creek Operating, each holder will be entitled to receive its Ratable Share of (a) 48.5% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity and (b) 62.2% of the Subscription Rights. Holders are expected to recover 29.1%. On the Effective Date, if the Debtors elect, with the consent of the Required Supporting Noteholders, to satisfy each holder of an Allowed RBL Credit Facility Secured Claim with the holder's Ratable Share of participation in the Exit RBL Facility, Reorganized Bonanza Creek will enter into the Exit RBL Facility, and grant the Liens and security interests provided for in the Exit RBL Facility Documents. The Reorganized Debtors that are the guarantors under the Exit RBL Facility will issue the guarantees and grant the Liens and security interests as provided. The Exit RBL Facility will be on terms and conditions substantially as set forth in the Plan Supplement and otherwise reasonably acceptable to the Required Supporting Noteholders. Following approval by the Court of the Rights Offering Procedures, the Debtors will commence the Rights Offering. On the Effective Date, the Debtors will consummate the Rights Offering. The Rights Offering will be fully backstopped by the Backstop Parties in accordance with and subject to the terms and conditions of the Backstop Agreement. On the Effective Date, the proceeds of the sale of the New Common Stock pursuant to the Rights Offering will be used: (i) to provide the Reorganized Debtors with additional liquidity for working capital and general corporate purposes; and (ii) to fund distributions under the Plan. In accordance with the Backstop Agreement and subject to the terms and conditions thereof, each of the Backstop Parties has agreed, severally but not jointly, to purchase, on or prior to the Effective Date, its respective backstop commitment percentage of the unsubscribed shares. In exchange for providing the backstop commitment for the Rights Offering, on the Effective Date, the Backstop Parties will receive payment of the Backstop Fee. On the Effective Date, the Reorganized Debtors and NGL will enter into the New NGL Agreement. On the Effective Date, the New Board will adopt the Management Incentive Plan. On the Effective Date, contemporaneously with the cancellation and discharge of all Claims pursuant to the Plan and the issuance of the New Common Stock, the Reorganized Debtors may effect corporate restructurings of their respective businesses, including actions to simplify, reorganize and rationalize the overall reorganized organizational structure of the Reorganized Debtors. The Restructuring Transactions may include: (i) dissolving companies or creating new companies, (ii) merging, dissolving, transferring assets or otherwise consolidating any of the Debtors in furtherance of the Plan, or engaging in any other transaction in furtherance of the Plan, (iii) executing and delivering appropriate agreements or other documents of merger, consolidation, restructuring, conversion, disposition, transfer, dissolution, liquidation, domestication, continuation or reorganization containing terms that are consistent with the terms of the Plan and that satisfy the requirements of applicable law; (iv) executing and delivering appropriate instruments of transfer, assignment, assumption or delegation of any property, right, liability, debt or obligation on terms consistent with the terms of the Plan; (v) filing appropriate certificates or articles of merger, consolidation or dissolution or other filings or recordings pursuant to applicable state law; and (vi) taking any other action in connection with such organizational restructurings. In each case in which the surviving, resulting or acquiring Entity in any of these transactions is a successor to a Reorganized Debtor, the surviving, resulting or acquiring Entity will perform the obligations of the applicable Reorganized Debtor pursuant to the Plan, and paying or otherwise satisfying the applicable Allowed Claims. Implementation of any Restructuring Transactions will not affect any performance obligations, distributions, discharges, exculpations, releases or injunctions set forth in the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/deb17-10015-21.pdf About Bonanza Creek Energy Bonanza Creek Energy, Inc. (NYSE: BCEI) -- http://www.bonanzacrk.com/-- is an independent oil and Natural Gas Company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the U.S. The Company's assets and operations are concentrated primarily in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations, and in southern Arkansas, focused on oily Cotton Valley sands. As of Sept. 30, 2016, Bonanza had $1.22 billion in total assets, $1.13 billion in total liabilities and $84.75 million in total stockholders' equity. On Jan. 4, 2017 Bonanza Creek Energy, Inc., and six affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. Case No. 17-10015). The cases are pending before the Hon. Kevin J. Carey, and the Debtors have requested joint administration of the cases. Davis, Polk & Wardwell LLP is acting as legal counsel, Richards, Layton & Finger, P.A., is acting as co-counsel, Perella Weinberg Partners LP is acting as financial advisor, Alvarez & Marsal LLC is acting as restructuring advisor and Prime Clerk LLC is acting as notice, claims and solicitation agent to the Company in connection with its restructuring efforts. Kirkland & Ellis LLP serves as legal counsel and Evercore Group L.L.C. serves as financial advisor to the ad hoc committee of holders of the Senior Notes. BOSTON GRAND PRIX: President's Assets Frozen in Bankruptcy ---------------------------------------------------------- The American Bankruptcy Institute, citing Andrew Ryan of Boston Globe, reported that a federal judge froze the assets of Boston Grand Prix president John Casey as part of an $11 million bankruptcy case stemming from the collapse of an Indycar race that had been planned for the Seaport District last Labor Day weekend. According to the report, the ruling by Judge Joan N. Feeney came after Casey was accused in court filings of using the Boston Grand Prix as "his personal piggy." "John Casey spent hundreds of thousands of dollars of Boston Grand Prix's money for personal expenses without regard for the interests of creditors," the report cited attorney Kate Cruickshank, Esq. -- kcruickshank@murphyking.com -- of the firm Murphy & King, who is representing creditors in the case. "It's the job of the bankruptcy trustee to recover assets belonging to Boston Grand Prix for all creditors." The report related that in July Boston Grand Prix filed for Chapter 7 bankruptcy. The company had been besieged by lawsuits since ending its plans for an Indycar race, the report said. BUFFETS LLC: Seeks March 10 Extension to Solicit Plan Acceptances ----------------------------------------------------------------- Buffets, LLC and its affiliated Debtors ask the U.S. Bankruptcy Court for the Western District of Texas to extend their exclusive period to solicit acceptances of a Chapter 11 plan for 60 days, or through and including March 10, 2017. The Debtors filed a disclosure statement and plan on September 30, 2016, within the extended exclusivity period previously ordered by the Court. A continuance request reset the November 30, 2016 hearing on approval of the Debtors' Disclosure Statement to January 11, 2017. The Debtors relate that, during a November 30, 2016 mediation led by the Hon. Leif Clark, they have reached an agreement with the official committee of unsecured creditors as to general terms of a compromise to resolve their disputes regarding the Debtors' efforts to reorganize. The Debtors and the Committee have been in discussions regarding reorganization of the Debtors since the conclusion of the Mediation and continue to work toward a mutually agreeable Plan that also meaningfully addresses the concerns of other important stakeholders in these Cases. These discussions have been ongoing for months and appear to be close to a conclusion, however, given the timing of the Mediation and the intervening holidays, the Debtors, the Committee and other parties need additional time to reach consensus on specific terms of a plan of reorganization. About Buffets LLC Buffets LLC, et al., are one of the largest operators of buffet-style restaurants in the U.S. The buffet restaurants, located in 25 states, principally operate under the names Old Country Buffet(R), Country Buffet(R), HomeTown(R) Buffet, Ryan's(R) and Fire Mountain(R). These locations primarily offer self-service buffets with entrees, sides, and desserts for an all-inclusive price. In addition, Buffets owns and operates an 10-unit full service, casual dining chain under the name Tahoe Joe's Famous Steakhouse(R). Buffets Holdings, Inc., filed for Chapter 11 relief in January 2008 and won confirmation of a reorganization plan in April 2009. In January 2012, Buffets again sought Chapter 11 protection and emerged from bankruptcy in July 2012. On Aug. 19, 2015, Alamo Ovation, LLC acquired Buffets Restaurants Holdings, Inc., and as a result of the merger, Buffets operated over 300 restaurants in 35 states. Down to 150 restaurants in 25 states after closing unprofitable locations, Buffets LLC and its affiliated entities sought Chapter 11 protection (Bankr. W.D. Tex. Case No. Lead Case No. 16-50557) in San Antonio, Texas, on March 7, 2016. The cases are assigned to Judge Ronald B. King. The Debtors have tapped Akerman, LLP, as counsel, Bridgepoint Consulting, LLC as financial advisor and Donlin, Recano & Company as claims and noticing agent. The U.S. Trustee on March 21, 2016, appointed Van Eerden Foodservice Company, Heather Gage, Bryce King, Realty Income Corporation, Windstream, Automatic Data Processing, Inc., and Edward Don & Company as members of the Official Committee of Unsecured Creditors. The Committee appointed Greenberg Traurig, LLP as counsel. CAPITAL CHRISTIAN: 10% Dividend for Unsecureds Under Amended Plan ----------------------------------------------------------------- Capital Christian Center filed with the U.S. Bankruptcy Court for the District of Nevada its first amended disclosure statement and accompanying first amended plan of reorganization, dated Dec. 30, 2016, which would give general unsecured creditors a total combined distribution of 10% of their allowed claims. Class 1, impaired under the Plan, consists of the secured claim of the Assemblies of God Loan Fund and will be paid in full in accordance with the terms of the Plan. Class 3, impaired under the Plan, consists of the general unsecured creditors. Each Class 3 claim will receive a total dividend under the Plan equal to 10% of its total claim, with the remaining 90% of each Class 3 claim being discharged under the Plan. The Class 3 dividend will be paid through 180 equal monthly payments to each Class 3 claimholder, which will begin on the 20th day of the 37th month following the Effective Date of this Plan, and continuing on the 20th day of each and every month until a total of 180 payments. Based on the estimated total Allowed Class 3 General Unsecured Claims amount of $1,718,624, Class 3 will receive a total combined dividend under the Plan in the amount of $171,862, through 180 monthly payments of $955. All payments required under the Plan will be funded through the continued operation of the Debtor’s church and day care operations. The Plan does not call for any outside capital investments or loans to the Reorganized Debtor. Any prorated payment to creditors whose claims are not liquidated or disputed will be paid into a segregated trust account maintained at the Darby Law Practice until such claims are an allowed claim, in which event the proceeds will be disbursed, or such claims will be disallowed, in which case such sums will be included in the next disbursement to creditors. A full-text copy of the Amended Disclosure Statement dated Dec. 30, 2016 is available at: http://bankrupt.com/misc/nvb16-50004-77.pdf About Capital Christian Center Capital Christian Center dba C5 Church filed a Chapter 11 petition (Bankr. D. Nev. Case No. 16-50004), on January 4, 2016. The petition was signed by Stanley E. Friend, president. The case is assigned to Judge Bruce T. Beesley. The Debtor's counsel is Kevin A. Darby, Esq., at Darby Law Practice, Ltd. At the time of filing, the Debtor estimated assets at $0 to $50,000 and liabilities at $1 million to $10 million. A list of the Debtor's seven largest unsecured creditors is available for free at http://bankrupt.com/misc/nvb16-50004.pdf CCH JOHN EAGAN: Asks Court to Extend Exclusive Solicitation Period ------------------------------------------------------------------ CCH John Eagan II Homes, L.P. asks the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusive period for soliciting acceptances of a Plan. The Debtor filed its Chapter 11 Plan and Disclosure Statement on July 15, 2016. The Debtor's Second Amended Disclosure Statement was approved by the Court on August 31, 2016. The Court extended the exclusive solicitation period through January 12, 2017. Confirmation has been continued to February 23, 2017. The Debtor contends that in light of the fact that confirmation has been continued to February 23, 2017, cause exists to extend the exclusive period for the Debtor to solicit acceptances of the Plan. The Debtor wants the Court to extend the exclusive solicitation period through the conclusion of the hearing on confirmation of the Plan. About CCH John Eagan II Homes, L.P. Headquartered in Palm Beach Gardens, Florida, CCH John Eagan II Homes, L.P., owns and operates a 180 unit multifamily apartment complex in Atlanta, Georgia commonly known as Magnolia Park Apartments Phase II. It filed for Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case No. 15-31082) on Dec. 1, 2015. The petition was signed by Yashpal Kakkar, managing member, CCH John Eagan II Partners, LLC, GP. Judge Erik P. Kimball presides over the case. At the time of the filing, the Debtor estimated its assets at between $1 million and $10 million and liabilities at between $10 million and $50 million. The Debtor is represented by Eric A. Rosen, Esq., at Fowler White Burnett, P.A. Robert P. Hein, Esq., of Robert P. Hein, P.C. and Fowler, Hein, Cheatwood & Williams, P.A., serve as the Debtor's special counsel evictions attorney. The Debtor employs Robert Ryan, MAI, of Meridian Advisors, as appraiser. No official committee of unsecured creditors has been appointed in the case. CEB INC: Gartner Deal Won't Impact on Moody's Ba2 Corp Ratings -------------------------------------------------------------- Moody's Investors Service said CEB Inc.'s (CEB) Ba2 Corporate Family Rating, existing debt ratings and negative rating outlook are not affected by the announcement that Gartner, Inc. plans to acquire CEB. Gartner is expected to repay CEB's outstanding debt at the time of the acquisition, at which time Moody's expects to withdraw CEB's CFR and the ratings for its debt. CHIEFTAIN STEEL: Plan Filing Period Extended to Feb. 1 ------------------------------------------------------ Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western District of Kentucky extended Chieftain Steel, LLC and Floyd Industries, LLC's exclusive period for filing a chapter 11 plan of reorganization through February 1, 2017. Judge Lloyd also extended the Debtors' exclusive period for seeking acceptances of the chapter 11 plan, up to the first date set for confirmation hearing of the Plan, which is on March 28, 2017 at 10:00 a.m. Debtor Chieftain Steel contended that it did not anticipate that the Exclusivity Motion would be heard and decided before the expiration of its Exclusive Filing Period, and may not even be heard and decided by the end of Debtor Floyd Industries' Exclusive Filing Period on January 17, 2017, because of the limited window of time and intervening Christmas holiday between the filing of the Exclusivity Motion and December 28, 2016. The Debtors requested the Court for a bridge order extending their exclusive filing periods through a date that is seven days after the entry of an Order resolving its Exclusivity Motion, and granting them an extension of their Exclusive Solicitation Period through the first business day that is at least 60 days after the Bridge Exclusive Filing Deadline. The Debtors did not believe it would be efficient to prepare and file a plan by December 28, 2016 given the pending Exclusivity Motion, but at the same time, they did not wish to lose their exclusivity rights under 11 U.S.C. Section 1121 should the Court deny the Exclusivity Motion. The Debtors sought the extensions to align Debtor Chieftain Steel's Exclusivity Periods with those of Debtor Floyd Industries, and to allow time for both Debtors, their estates and their creditors to pursue an orderly plan process, and to harmonize the exclusivity periods of Chieftain and Floyd. The Debtors related that they are related entities, and they intended to put forth a joint plan of reorganization. The Debtors contended that they both had to resolve accounting issues caused by their former financial officers, and by the turnover of their accounting staff since the commencement of the cases. The Debtors further contended that they also had to withstand the late summer to early fall period, which traditionally was their leanest period in terms of annual revenue. A hearing on the approval of the disclosure statement is scheduled for February 28, 2017 at 10:00 a.m. About Chieftain Steel, LLC. Chieftain Steel, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 16-10407) on May 2, 2016. The Debtor tapped Constance G. Grayson, Esq., at Gullette & Grayson, PSC, and Dinsmore & Shohl LLP as bankruptcy attorneys. The Official Committee of Unsecured Creditors retained Fox Rothschild LLP as its legal counsel, Bingham Greenebaum Doll LLP as its local counsel, and Phoenix Management Services, LLC as its financial advisor. Floyd Industries, LLC, filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 16-10837) on Sept. 19, 2016, and is represented by Travis Kent Barber, Esq., at Barber Law PLLC, in Lexington, Kentucky. At the time of filing, Floyd Industries had estimated assets and liabilities of $1 million to $10 million. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Floyd Industries LLC, an affiliate of Chieftain Steel LLC, as of Nov. 25, 2016, according to the court docket. The Chapter 11 cases of Chieftain Steel and Floyd Industries are jointly administered. Chieftain Steel, LLC and its debtor-affiliates employ Kerbaugh & Rodes, CPAs as accountant and advisor. COLUMBUS MCKINNON: Moody's Assigns B1 CFR & Ba3 to 1st Lien Loans ----------------------------------------------------------------- Moody's Investors Service assigned a B1 Corporate Family Rating ("CFR") and B1-PD Probability of Default Rating ("PDR") to Columbus McKinnon Corporation ("Columbus McKinnon," or "CMCO"). Concurrently, Moody's assigned a Ba3 rating to the company's proposed first-lien senior secured bank credit facilities, comprised of a $75 million revolving credit facility and $445 million term loan, and assigned a Speculative Grade Liquidity ("SGL") rating of SGL-2, reflecting CMCO's good liquidity. The ratings outlook is stable. Proceeds from the new debt facilities together with about $15 million of balance sheet cash and $50 million of equity will be used to fund the company's approximately $243.5 million acquisition of STAHL CraneSystems ("STAHL") from Konecranes Plc, a Finland-based public limited liability company, and to refinance $240.3 million of existing debt. Of note, the closing of Konecranes' acquisition of Terex Corporation's Material Handling and Port Solutions on January 4th and yesterday's approval from the German Budeskartellamt that were pre-conditions to closing of the transaction have been completed. Consequently, the transaction is expected to close on or about January 31, 2017. The following ratings were assigned: Corporate Family Rating, at B1 Probability of Default Rating, at B1-PD First-lien $75 million revolving credit facility, at Ba3 (LGD-3) First-lien $445 million term loan, at Ba3 (LGD-3) Speculative Grade Liquidity, at SGL-2 Outlook, stable RATINGS RATIONALE Columbus McKinnon's B1 corporate family rating reflects high financial leverage at close of the proposed transaction, with adjusted debt to EBITDA (including Moody's standard pension and lease adjustments) and exclusive of synergies of 5.7 times. At the same time, the ratings also reflect our expectation that the company will use its free cash flow to meaningfully repay elevated debt levels. The ratings recognize the company's capacity to rapidly reduce financial leverage to below 5.5 times within twelve to eighteen months through a combination of growth, synergy realization and importantly, debt prepayment. The ratings reflect CMCO's favorable market position and strong brands with regards to material handling products and systems including hoists, actuators, cranes, rigging tools and digital power control systems (post its acquisition of Magnetek in late 2015). The company serves a wide range of commercial and industrial end-markets. The acquisition of STAHL will widen the company's geographic footprint with over 40% of sales generated abroad and over half of sales generated from hoists pro forma for the acquisition. Additionally, the ratings incorporate that although STAHL's top line has been affected by its participation in the oil and gas and mining markets, it has strong EBITDA margins that should enhance CMCO's margin profile going forward. The acquisition increases Columbus McKinnon's pro forma revenue base by almost 30% to approximately $780 million from $615 million currently. The ratings also recognize the company's historically conservative balance sheet management. At the same time, the rating also incorporates CMCO's relatively small size compared to some of its peers within the industry and the highly cyclical nature of its earnings. Accordingly, we expect peak-to-trough metrics to fluctuate meaningfully, which increases the importance of CMCO's good liquidity profile, management's prudent financial policy and sound balance sheet management. CMCO's SGL-2 rating reflects Moody's expectation that the company will maintain a good liquidity profile over the next twelve months supported by healthy free cash flow generation, good revolver availability and financial ratio covenant headroom. The ratings anticipate that the company will generate $35- $40 million of free cash flow over the next twelve to eighteen months as the company benefits from synergies as well as restructuring actions. Moody's expects the company to operate with cash balances of at least $30 million. The company will maintain a $75 million revolving credit facility as a source for external liquidity. Financial covenant requirements would be triggered depending on revolver usage with the company expected to remain in compliance. The ratings for CMCO's debt instruments comprise both the overall probability of default to which Moody's assigned a PDR of B1-PD and an average family loss given default assessment. The Ba3 (LGD-3) rating assigned to the first lien senior secured credit facilities using Moody's Loss Given Default Methodology, reflects the facilities' senior position in the capital structure. The existing unsecured pension, lease and trade payables provide junior capital support. The stable outlook reflects Moody's expectation that adjusted debt to EBITDA leverage will decline towards 5.0 times over the next twelve to eighteen months, driven by meaningful debt repayment as well as a higher revenue base and increased profitability derived from implemented cost savings and acquisition synergies. An upgrade would be considered if the company meaningfully reduces elevated debt levels, end-markets improve such that organic revenues are on an upward trajectory and the company demonstrates successful acquisition integration. In addition, financial leverage and free cash flow to adjusted debt that are expected to be sustained below 4.0 times and in the high single digits, respectively, would be supportive of higher ratings. Moody's could lower the ratings if the company experiences integration challenges and adjusted leverage does not fall below 5.5 times or if free cash flow to adjusted debt falls below 5%. The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Columbus McKinnon Corporation ("CMCO"), located in Getzville, NY, is a leading worldwide designer, manufacturer and marketer of material handling products, systems and services, which efficiently and ergonomically move, lift, position or secure material. Key products include hoists, cranes, chains, actuators and rigging tools and drives and controls. Approximately 60% of sales are derived from North American end-markets. Net sales for the last twelve months ended September 30, 2016 totaled $616 million with pro forma revenues of approximately $780 million post the acquisition of STAHL. COMMUNITY HOME: Plan Confirmation Hearing on Feb. 7 --------------------------------------------------- Judge Edward Ellington of the U.S Bankruptcy Court for the Southern District of Mississippi issued an order approving the first amended disclosure statement referring to a first amended plan of reorganization filed on May 15, 2015, by the Trustee of Community Home Financial Services, Inc. Jan. 24, 2017, is fixed as the last day for filing objections to the confirmation of the Plan. A hearing on the confirmation of the Plan will be held on Feb. 7, 2017, at 9:30 a.m. About Community Home Financial Community Home Financial Services, Inc., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 12-01703) on May 23, 2012. The petition was signed by William D. Dickson, president. Community Home Financial is a specialty finance company located in Jackson, Mississippi, providing contractors with financing for their customers. CHFS operates from one central location providing financing through its dealer network throughout 25 states, Alabama, Delaware, and Tennessee. The Debtor scheduled $44.9 million in total assets and $30.3 million in total liabilities. Judge Edward Ellington presides over the case. The Debtor was first represented by Roy H. Liddell, Esq., and Jonathan Bissette, Esq., at Wells, Marble, & Hurst, PPLC as Chapter 11 counsel. Wells Marble was terminated Nov. 13, 2013. The Debtor is now being represented by Derek A. Henderson, Esq., in Jackson, Miss. In 2013, the Debtor sought to employ David Mullin, Esq., at Mullin Hoard & Brown LLP, as special counsel. On Jan. 9, 2014, Kristina M. Johnson was appointed as Chapter 11 Trustee for the Debtor. Jones Walker LLP serves as counsel to the Chapter 11 trustee, while Stephen Smith, C.P.A., acts as accountant. CONNTECH PRODUCTS: Partial Distribution for Unsecured Creditors --------------------------------------------------------------- Conntech Products Corp. filed with the U.S. Bankruptcy Court for the District of Connecticut its first amended disclosure statement and accompanying plan of reorganization, which provides for payment in full to all secured and priority creditors, as well as a partial distribution to the general unsecured class. Class 1, Allowed Secured Claim, is unimpaired under the Plan. This is the Claim of Town of Cheshire, representing unpaid Real Estate Taxes owed on the property located at 248 Sandbank Road, Cheshire, Connecticut. The taxes are owed on the 2014 Grand List which was assessed prior to the filing but due and payable in July 2015 and January 2016. The tax will be paid in full in the ordinary course through the sale of the property located at 248 Sandbank Road, Cheshire, Connecticut. Class 9, Allowed General Unsecured Claims, is impaired under the Plan. Holders will receive a pro-rata distribution of their allowed claim through the Plan. The approximate total of the claims in this class is $406,474. The only means for feasibility and means for effecting the Plan is through distribution of the funds that TD Bank, N.A., agreed to provide as part of the carve out. Without that agreement and carve out there would be no funds available for creditors. TD has agreed to carve out $250,000 for payment of the administrative claims and priority claims, and $45,000 for distribtion to the general unsecured creditors. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/ctb15-30397-323.pdf About ConnTech Products Corporation ConnTech Products Corporation filed a voluntary Chapter 11 petition (Bankr. D. Conn. Case No. 15-30397) on March 19, 2015. The petition was signed by Mark S. Fenney, president. The Hon. Julie A. Manning oversees the case. Neil Crane, Esq., at the Law Offices of Neil Crane, LLC, serves as counsel to the Debtor. The Debtor estimated assets of $1 million to $10 million and liabilities of $500,000 to $1 million. * * * On March 21, 2016, the Debtor filed a Disclosure Statement. In the Disclosure Statement the Debtor has offered three alternatives. Either the Debtor will obtain financing and continue operating; or the Debtor will sell its business as a going concern; or the Debtor will partially sell its business. In the Disclosure Statement the Debtor proposed paying a dividend of 30% to unsecured creditors over the course of five years. The Debtor hired a business broker, Capital Recovery Group, LLC to sell the Debtor's business as a going concern. COWBOYS FAR WEST: BPL Disclosures Okayed, Plan Hearing on Jan. 31 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas will consider approval of Business Property Lending Inc.'s Chapter 11 plan of liquidation for Cowboys Far West, Ltd. at a hearing on Jan. 31. The hearing will be held at 2:00 p.m. Central Time) at the Hipolito F. Garcia Federal Building and U.S. Courthouse, Room 383, 615 East Houston Street, San Antonio, Texas. The court had earlier approved BPL's disclosure statement, allowing the secured creditor to start soliciting votes on the plan. The Dec. 22 order set a Jan. 25 deadline for creditors to cast their votes and file their objections to the plan. Under the plan, BPL's first lien secured claim will be paid through the sale proceeds of its collateral after the closing date, which will be no later than 120 days after the effective date of the plan. Cowboys will pay BPL as required under the note but the interest payable will be reduced from 8.74% to 3.5% per annum. BPL will not be permitted to declare its note balance due or collect post-petition arrearage for three years from the effective date. About Cowboys Far West Cowboys Far West, Ltd., is a limited partnership duly organized and existing under the laws of the State of Texas, having an office and principal place of business at 3030 NE Loop 410, San Antonio, Bexar County, Texas 78212. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Texas Case No. 16-51419) on June 24, 2016. The petition was signed by Michael J. Murphy, president of Cowboys Concert Hall-Arlington, Inc., general partner. The case is assigned to Judge Ronald B. King. At the time of the filing, the Debtor estimated its assets at $50 million to $100 million and debts at $1 million to $10 million. James Samuel Wilkins, Esq., at Willis & Wilkins, LLP, serves as the Debtor's bankruptcy counsel. CRITICAL CAR: Wants Court Approval for Use of SBA Cash Collateral ----------------------------------------------------------------- Critical Car Care, Inc., asks the U.S. Bankruptcy Court for the Central District of California for authorization to use cash collateral. The Small Business Administration asserts a security interest in estate monies. At the hearing held on Nov. 16, 2016, the SBA's counsel contended that the SBA is owed approximately $265,000. The Debtor had scheduled this claim at $391,846. The Debtor contends that it only assumes that the SBA's interest is properly perfected. The Debtor tells the Court that it needs to use cash collateral to operate its business, to pay employees, to pay rent and utilities and pay other expenses. The Debtor further tells the Court that without the use of cash collateral, it will be unable to remain in business, and its reputation in the industry will be severely harmed. The Debtor's proposed Budget covers the period from the week ending November 19, 2016 to April 29, 2017. The Budget provides for total expenses in the amount of $313,363. The Debtor asserts that the SBA is afforded adequate protection of its claim in the following ways: (a) The aggregate value of the assets has not materially declined during the chapter 11 case. (b) The Debtor continues to operate the business and maintain and service the inventory and equipment. (c) The operation of the business creates additional revenues. (d) All assets are adequately insured. (e) A Replacement lien will be granted to the SBA, to the extent that the pre-petition lien attached to the Debtor's property pre-petition, and with the same validity, priority, and description of collateral. (f) The Debtor will pay monthly adequate protection payments to the SBA in the amount of $500. A full-text copy of the Debtor's Motion, dated January 4, 2017, is available at http://bankrupt.com/misc/CriticalCar2016_216bk25072bb_56.pdf About Critical Car Care, Inc. Critical Car Care, Inc. owns and operates two collision repair centers in Lancaster and Quartz Hills, California. As of the bankruptcy filing, the Company employed some 15 employees and generated gross revenues in $1 million to $1.5 million range annually. Critical Car Care, Inc. filed a voluntary Chapter 11 petition (Bankr. C.D. Cal. Case No. 16-25072) on November 14, 2016. The petition was signed by David G. Stark, president & C.E.O. The Debtor is represented by Steven R. Fox, Esq., at the Law Offices of Steven R. Fox. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. DIGIEXPRESS INC: Gets Approval of Plan to Exit Bankruptcy --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved the plan of Digiexpress, Inc. to exit Chapter 11 protection. In the same filing, the court also gave final approval to the disclosure statement, which explains the company's restructuring plan. Under the plan, Class 4 general unsecured creditors will receive about 21% of their allowed claims or a total of $138,420. These creditors will receive a quarterly payment of $6,921 over five years. Digiexpress' restructuring plan will be funded through income from its mobile device repair business. No outside funding sources are necessary to fund the plan, according to court filings. A copy of the court order is available without charge at https://is.gd/Zd08tw About Digiexpress Inc. Digiexpress, Inc. does retail business with its sole source of revenue coming from the repair of mobile devices such as phones and tablets. Michael Polimadei is the president and 100% shareholder of the Debtor. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 16-21752) on May 9, 2016, estimating its assets and liabilities at up to $50,000 each. Christopher M. Frye, Esq., at Steidl & Steinberg serves as the Debtor's bankruptcy counsel. DON GREEN: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Don Green Farms, Inc. as of Jan. 6, according to a court docket. Don Green Farms, Inc. filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 16-10261), on Nov. 16, 2016. The petition was signed by Donald R. Green, president. The Debtor is represented by Seldon J. Childers, Esq., at ChildersLaw, LLC. The Debtor disclosed total assets at $13,987 and total liabilities at $3.95 million. DUNLAP STREET: Disclosures Okayed, Plan Hearing on March 24 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania will consider approval of the Chapter 11 plan of Dunlap Street, LLC at a hearing on March 24, at 10:00 a.m. The hearing will be held at the U.S. Courthouse, Courtroom 1, Fourth Floor, 240 West Third Street, Williamsport, Pennsylvania. The court had earlier approved Dunlap Street's amended disclosure statement dated Dec. 14, allowing the company to start soliciting votes from creditors. The Dec. 22 order set a Jan. 30 deadline for creditors to cast their votes and file their objections. The latest restructuring plan proposes to pay general unsecured creditors pro rata from the remaining proceeds from the joint sale of Dunlap Street's assets with KDP Bellefonte, Inc. Creditors will receive payments upon the effective date of the plan. About Dunlap Street Dunlap Street, LLC, owns commercial property located at 160 Dunlap Street, Bellefonte, Pennsylvania. Its sole tenant was KDP Bellefonte, Inc., which operated the Gamble Mill Restaurant and Microbrewery from 2007 to 2014. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D. Pa. Case No. 16-00542) on Feb. 10, 2016. The case is assigned to Judge John J. Thomas. Donald M. Hahn, Esq., at Stover McGlaughlin Gerace Weyandt & McCormick PC serves as the Debtor's bankruptcy counsel. ECRS LLC: Disclosure Statement Hearing Set for Jan. 31 ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida is set to hold a hearing on Jan. 31, at 10:30 a.m., to consider approval of the disclosure statement, which explains the Chapter 11 plan filed by ECRS, LLC, on June 29, 2015. The hearing will take place at the U.S. Bankruptcy Court, Room 301, 299 E. Broward Boulevard, Fort Lauderdale, Florida. Objections are due by Jan. 24. ECRS, LLC is represented by: Susan D. Lasky, Esq. Susan D. Lasky, P.A. 915 Middle River Drive, Suite 420 Fort Lauderdale, FL 33304 Tel: 954-400-7474 Fax: 954-206-0628 Email: ECF@suelasky.com Email: Jessica@SueLasky.com About ECRS LLC ECRS, LLC, dba Big Chef, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 14-29879) on September 3, 2014. The petition was signed by Emmanuel Calambichis, managing member. The case is assigned to Judge John K. Olson. At the time of the filing, the Debtor estimated assets of less than $500,000 and liabilities of less than $1 million. EMERALD OIL: Unsecureds To Get 1% Under Liquidation Plan -------------------------------------------------------- Emerald Oil, Inc., and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware their disclosure statement for their joint plan of liquidation, dated Dec. 30, 2016, which: (a) provides for the full and final resolution of certain funded debt obligations; (b) designates a Plan Administrator to (i) wind down the Debtors’ businesses and affairs; (ii) pay and reconcile Claims; and (iii) administer the Plan in an efficacious manner; (c) provides for the release of any remaining Avoidance Actions and Cash distributions from the GUC Reserve on a Pro Rata basis to Holders of Allowed General Unsecured Claims that are Participating GUC Holders; and (d) provides for 100% recoveries for Holders of Allowed Administrative Claims, Priority Tax Claims, Professional Fee Claims, and Other Secured Claims. General Unsecured Claims (Class 4) are impaired and are entitled to recover 1% of their total allowed amount. Credit Facility Claims (Class 2) are also impaired and are entitled to recover 0-1% of their total allowed amount. The Plan proposes to fund creditor recoveries from the proceeds of a Sale Transaction pursuant to which the Debtors sold substantially all of the assets of the Estates. On May 25, 2016, the Debtors and the Stalking Horse Bidder executed an asset purchase agreement. Following the entry of the Bidding Procedures Order approving the Bidding Procedures Motion and related sale procedures, the Debtors continued to use their best efforts to market the assets of the estates in order to obtain Qualified Bids prior to the Sept. 27, 2016 bid deadline. As the auction approached, the pool of potential bidders narrowed to include the Stalking Horse Bidder and the Debtors’ Credit Facility Agent, on behalf of the Lenders under their prepetition credit facility and post-petition debtor-in-possession financing facility. As described in the Notice of Successful Bidder and Cancellation of Auction, the Credit Facility Agent, on behalf of the Lenders, exercised its credit bid right (the Lender Bid) for the benefit of and on behalf of a newly formed entity controlled by the Lenders. Thereafter, the Stalking Horse Bidder indicated it would not participate further in an auction and the Debtors, in consultation with their advisors, determined the Lender Bid to be the highest and best bid. Following a hearing on the issues, the Bankruptcy Court entered an order approving the Sale Transaction on Nov. 1, 2016. On Nov. 1, 2016, the Debtors consummated the Sale Transaction with the Lenders. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/deb16-10704-985.pdf About Emerald Oil Emerald Oil, Inc., is a Denver-based independent exploration and production company that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota. Emerald Oil, Inc., Emerald DB, LLC, Emerald NWB, LLC, Emerald WB LLC and EOX Marketing, LLC filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-10704 to 16-10708) on March 22, 2016. Ryan Smith signed the petitions as chief financial officer. The Debtors have hired Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Pachulski Stang Ziehl & Jones LLP as local counsel, Intrepid Financial Partners, LLC as investment banker, Opportune LLP as restructuring advisor and Donlin Recano & Company, Inc., as claims and noticing agent. Judge Kevin Gross has been assigned the cases. Andrew Vara, acting U.S. trustee for Region 3, appointed seven creditors of Emerald Oil, Inc., to serve on the official committee of unsecured creditors. The Committee retains Whiteford, Taylor & Preston LLC as Delaware counsel, and Akin Gump Strauss Hauer & Feld LLP as co-counsel. Cortland Capital Market Services, LLC is represented by Joseph H. Smolinsky, Esq., and David N. Griffiths, Esq., at Weil Gotshal & Manges LLP, and Mark D. Collins, Esq., Zachary I. Shapiro, Esq., and Andrew M. Dean, Esq., at Richards Layton & Finger PA. EMR ELECTRIC: Unsecureds to Get 65% Under Amended Plan ------------------------------------------------------ EMR Electric Motor Rewind, L.P., and EMR Holdings, L.L.P., filed with the U.S. Bankruptcy Court for the Southern District of Texas a first amended joint disclosure statement dated December 29, 2016, a full-text copy of which is available at: http://bankrupt.com/misc/txsb16-20184-160.pdf Under the Amended Plan, the Debtors will, after payment of all operating expenses and the monthly amounts due to the Class 1 (Secured Creditors Holding Allowed Property Tax Claims) and Class 2 (Creditors Holding Allowed Priority Claims) and the Class 3 Creditor (on the Term Notes and Factoring Line Note only), then commencing on July 15th, 2017, and continuing quarterly thereafter (on October 15th, January 15th and April 15th) for 19 additional quarters, pay its Class 4 non-insider general unsecured creditors their pro rata share of 20% of the Net Cash Flow. Based upon the Debtors' projections and depending on the outcome of any claim objection litigation, the Debtors estimate that the Class 4 Creditors will receive at least 65% of their Allowed Claims. In the event that the Debtors meet their projections and the Factoring Line Note is paid in full in year 3, the Debtors will utilize, in year 4 and 5, 50% of the Free Class Flow to satisfy the Class 4 Creditors' Allowed Claims. For illustration purposes, if the Debtors' projections prove to be accurate, they will, at the end of year 4, owe their non-insider Class 4 Creditors at most $821,042.45 (assuming all filed and/or scheduled claims are allowed in full) and will have $2,497,092.63 in Free Cash Flow. In that case, the Debtors will utilize the Free Cash Flow at the end of year 4 to fully satisfy the non-insider Class 4 Allowed Claims. After all non-insider Class 4 Creditors are paid in full, then the Debtors will be authorized to satisfy the Allowed Claims of Class 4 Creditors who are insiders. After paying the Class 4 Creditors, the remaining balance of available funds will be divided as follows: (a) 50% will be utilized for the Debtor's future working capital needs and (b) 50% will be paid to the Class 3 Creditor to further reduce its Allowed Claim. About EMR Electric Motor Rewind Headquartered in Corpus Christi, Texas, EMR Electric Motor Rewind, L.P., is a manufacturing and equipment repair company. EMR Holdings, L.L.P., owns 99% of EMR Electric Motor Rewind, L.P. EMR Electric Motor Rewind, L.P. -- fdba Electric Motor Rewind, LP, EMR Electrical Group, Inc., fdba Electric Motor Rewind, Inc., fdba EMR Energy Services Management, Inc., fdba EMR Energy Services, L.P. -- filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 16-20184) on May 11, 2016. At the time of the filing, EMR Electric Motor estimated both assets and liabilities in the range of $1 million to $10 million. EMR Holdings estimated assets of $0 to $50,000 and debts of $1 million to $10 million. The Chapter 11 petitions were signed by Raymond Lopez, as authorized representative. Judge Marvin Isgur presides over the case. William B Kingman, Esq., at the Law Offices of William B. Kingman, PC, serves as the Debtors' bankruptcy counsel. No trustee or examiner or committee has been appointed in the Debtors' Chapter 11 Cases. EPIC HEALTH: Bain Capital Deal No Effect on Moody's B3 Ratings -------------------------------------------------------------- Moody's Investors Service commented that the recent announcement that Epic Health Services ("Epic Health") will be acquired by Bain Capital Private Equity has no immediate impact on the company's ratings or stable rating outlook. Epic Health's ratings include a B3 Corporate Family Rating on Epic/Freedom, LLC and a B2 first-lien senior secured rating at the subsidiary Epic Health Services, Inc. Epic Health Services, Inc., is a wholly owned subsidiary of Epic/Freedom, LLC, which is based in Dallas, TX. Epic Health is a provider of pediatric skilled nursing and therapy services, as well as adult home health services, including skilled nursing, therapy, personal care, behavioral health and Autism. Epic Health serves approximately 46,000 patients across 21 states and generated net revenue of approximately $630 million. The company is privately-held and owned by Webster Capital. EPICENTER PARTNERS: Disclosure Statement Approved ------------------------------------------------- Judge Madeleine C. Wanslee of the U.S. Bankruptcy Court for the District of Arizona approved the disclosure statement and plan of reorganization filed by Epicenter Partners L.L.C., and affiliates. The Troubled Company Reporter previously reported that under the Plan, each Holder of an Allowed General Unsecured Claim will receive 100% of its Allowed Claim paid: (a) monthly over 36 months, with additional payments being made from the Creditors Trust Proceeds, if any, and when received; (b) with interest accrued on unpaid amounts at the rate of 4% per annum, simple interest; and (c) all accrued and unpaid interest paid on the 36th month anniversary after the Effective Date. The hearing to consider the confirmation of the plan will be at 9:30 a.m. on Feb. 8, 2017. The last day for filing written acceptances or rejections of the plan is fixed at 5 business days prior to the hearing date set for confirmation of the plan. The last day for filing and serving written objections to confirmation of the plan is fixed at 5 business days prior to the hearing date set for confirmation of the plan. About Epicenter Partners Epicenter Partners LLC and Gray Meyer Fannin LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Lead Case No. 16-05493) on May 16, 2016. GMF came into existence in 2001. It was originally formed for the purpose of providing development services for affiliates. Epicenter came into existence in 2004. It was formed for the purposes of acquiring, managing, selling or holding land for investment. Both Debtors are fully owned by Gray/Western Development Company and managed, pursuant to that entity, by Bruce Gray. The Debtors tapped Thomas J. Salerno, Esq., at Stinson Leonard Street, LLP, as their Chapter 11 counsel. Epicenter Partners disclosed $143,212,665 in assets and $66,913,279 in liabilities. The Office of the U.S. Trustee on June 15, 2016, appointed five creditors of Epicenter Partners LLC and Gray Meyer Fannin LLC to serve on the official committee of unsecured creditors. The Committee is represented by Michael W. Carmel, Ltd., as counsel. EXCELLENCE HOLDING: Can Use Cash Collateral Until Jan. 25 --------------------------------------------------------- Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida authorized Excellence Holding, Inc., to use cash collateral on an interim basis until January 25, 2017. The approved six-month Budget provided for monthly expenses such as mortgage in the amount of $3,000, mortgage arrears in the amount of $1,000, payments to the management company in the amount of $6,720, taxes in the amount of $200, and maintenance in the amount of $200. The Budget also provided for the payment of U.S. Trustee fees in the total amount of $1,300 for the six-month period. The Debtor was ordered to allow A&D Mortgage to access its business records and premises for inspection. Each creditor with a security interest in cash collateral was granted a perfected postpetition liens against cash collateral to the same extent and priority as the prepetition lien. The Debtor is directed to maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with its Secured Creditor. A continued hearing on the Debtor's use of cash collateral is scheduled for Jan. 25, 2017 at 10:30 a.m. A full-text copy of the Interim Order, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/ExcellenceHolding2016_616bk07750rac_26.pdf About Excellence Holding Excellence Holding, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 16-07750) on Nov. 29, 2016. The petition was signed by Abderrazak Boughanmi, authorized representative. The Debtor is represented by Michael E. Golub, Esq., at Michael E. Golub, P.A. At the time of the filing, the Debtor estimated assets of less than $50,000 and liabilities of less than $500,000. The Debtor engaged management company, Irlo Bronson LLC, as manager. FLOUR CITY BAGELS: Disclosure Statement Hearing Set for Jan. 27 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of New York is set to hold a hearing on Jan. 27, at 11:00 a.m., to consider approval of the disclosure statements explaining the Chapter 11 plans proposed by creditors of Flour City Bagels, LLC. The hearing will take place at 1550 U.S. Courthouse, 100 State Street, Rochester, New York. Objections are due by Jan. 23. On Dec. 20, a group of creditors led by United Capital Business Lending Inc. filed their proposed plan of reorganization for Flour City Bagels. On the same date, Canal Mezzanine Partners II, LP and MRM Real Estate Fund I, LLC, proposed their plan of sale and subsequent liquidation for the company. United Capital can be reached through: Christopher M. Desiderio, Esq. Meghan McGuire, Esq. Nixon Peabody, LLP 437 Madison Avenue New York, NY 10022-7039 Phone: 212-940-3000 Fax: 212-940-3111 Canal and MRM can be reached through: Daniel R. Swetnam, Esq. Ice Miller LLP Arena District 250 West Street, Suite 700 Columbus, OH 43215 Phone: 614-462-2700 Fax: 614-462-5135 About Flour City Bagels Headquartered in Fairport, New York, Flour City Bagels, LLC, operates 32 bakeries that serve "New York Style" bagels, coffee, drinks, soups, salads, sandwiches, fresh fruit, and a variety of other related items. In 1993, it opened its commissary in Rochester, at which it produces bagels for sale at all of its 32 bakeries. It employs 425 people. Flour City Bagels sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 16-20213) on March 2, 2016, estimating both assets and debt in the range of $10 million to $50 million. Kevin Coyne, the manager, signed the petition. Judge Paul R. Warren is assigned to the case. The Debtor is represented by Stephen A. Donato, Esq., and Camille W. Hill, Esq., at Bond, Schoeneck & King, PLLC, and Harry W. Greenfield, Esq., Jeffrey Toole, Esq., and Heather E. Heberlein, Esq., at Buckley King. The Debtor retained Phoenix Management Services, LLC as financial advisor; Phoenix Capital Resources as investment banker; Insero & Co. CPAs, LLP as accounting services provider; and Kittel Branagan & Sargent as tax consultant. The official committee of unsecured creditors of Flour City Bagels, LLC, retained Kane Russell Coleman & Logan PC as counsel, Gordorn & Schaal, LLP as local counsel, and Corporate Recovery Associates, LLC, as business and financial advisor for the committee. FOUR DIA: Unsecureds to Get 10% Within 2 Years Under Plan --------------------------------------------------------- Four Dia, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas its disclosure statement describing its plan of reorganization, a full-text copy of which is available for free at: http://bankrupt.com/misc/txnb16-33459-11-55.pdf Under the Plan, the Debtor intends to continue operation of the Hotel and to reorganize its business by: a. restructuring the note owing to CapitalSpring from the current principal balance of approximately $5,000,000 payable over 23 years at prime plus 2.25% into a $2,760,000 note payable over 25 years at prime plus 1% and paying the resulting $2,240,000 unsecured deficiency claim as a general unsecured creditor with a distribution of 1% at the end of one year; b. paying the 2015 taxes over 5 years with 12% interest; c. assuming the franchise agreement with Hawthorne Suites; d. paying general unsecured creditors other than the taxing authority a distribution of 10% at the end of two years; e. paying a nominal distribution to Parimal Patidar; f. cancelling current equity interests and selling equity interests in the Reorganized Debtor to Chhanio Patidar for $10,000 and a release of his claims or to such other higher and better bidder; and g. implementing sweeping changes to the management and bookkeeping functions. The Plan incorporates a motion to permit the Debtor to incur any debt necessary to perform its obligations under the Plan. About Four Dia, LLC Four Dia, LLC, filed a chapter 11 petition (Bankr. N.D. Tex. Case No. 16-33459-11) on Sept. 2, 2016. The petition was signed by Sagar Ghandi, vice president. The Debtor is represented by Russell W. Mills, Esq., at Hiersche, Hayward, Drakeley & Urbach, P.C. The case is assigned to Judge Harlin DeWayne Hale. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. Four Dia, a Texas limited liability company, operates a 62-room hotel located at 5750 Sherwood Way in San Angelo, Texas, which is operated under a Wyndham Hotel Group franchise. Four Dia employs approximately 16 persons on a full or part-time basis. FPMI SOLUTIONS: Court Allows Cash Collateral Use Through Jan. 17 ---------------------------------------------------------------- Judge Robert G. Mayer of the U.S. Bankruptcy Court for the Eastern District of Virginia authorized FPMI Solutions, Inc. to use cash collateral through Jan. 17, 2017. The approved Budget, which covers the period through March 31, 2017, projects an additional $29,118 in disbursements for the Debtor's shut down for the period Jan. 1, 2017 through Jan. 17, 2017, and $72,103 for the period Jan. 18, 2017 through March 31, 2017. Judge Mayer held that the reserves on the Budget for the payment of the following expenses, will remain subject to further order of the Court: (a) Accounting, Tax & HR Outside Services for FPMI shut down; (b) Contingency for other post-petition and shut-down costs; and (c) Carve out for Legal Fees and Expenses. Judge Mayer directed the Department of Labor to continue releasing funds held pursuant to the McNamara-O'Hara Service Contract Act of 1965. Western Alliance Bank was ordered to continue to allow the DOL's release of funds into the Debtor's account. The Debtor was directed to continue maintaining a minimum balance of $2,500 in the Bridge Account to cover amounts in the Bridge Account that are not funds withheld from government contracts. A full-text copy of the Order, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/FPMISolutions2016_1612142rgm_227.pdf Western Alliance Bank is represented by: Richard M. Kremen, Esq. C. Kevin Kobbe, Esq. DLA PIPER LLP (US) 6225 Smith Avenue Baltimore, MD 21209 Telephone: (410) 580-3000 E-mail: richard.kremen@dlapiper.com kevin.kobbe@dlapiper.com - and - Jerald R. Hess, Esq. DLA PIPER LLP (US) 500 Eighth Street, N.W. Washington, D.C. 20004 Telephone: (202) 799-4000 E-mail: j.hess@dlapiper.com About FPMI Solutions Headquartered in Alexandria, Virginia, FPMI Solutions, Inc., is a government contractor that operates as a business partner to organizations. The company's federal solutions include human capital management, human capital outsourcing, and learning services. Its global/commercial solutions include strategic HR consulting solutions, recruitment process outsourcing and executive search, temporary service providers, shared services, and learning services. FPMI Solutions, Inc., sought Chapter 11 protection (Bankr. E.D. Va. Case No. 16-12142) on June 20, 2016. The petition was signed by R. Mark McLindon, chief executive officer. The Debtor estimated assets and liabilities in the range of $1,000,000 to $10,000,000. The Debtor is represented by Paul Sweeney, Esq., at Ymkas, Vidmar, Sweeney & Mulrenin, LLC. Judge Robert G. Mayer presides over the case. GATOR EQUIPMENT: Seeks to Hire Stewart Robbins & Brown as Counsel ----------------------------------------------------------------- Gator Equipment Rental of Iberia, LLC, Gator Equipment Rentals of Fourchon, LLC, Gator Crane Services, LLC, and Gator Equipment Rentals, LLC, seek approval from United States Bankruptcy Court for the Western District of Louisiana, Lafayette Division, to employ Stewart Robbins & Brown, LLC (SRB) as their attorney in connection with the Chapter 11 cases. The Debtors have engaged SRB under an arrangement in which SRB bills the Debtors for services performed at hourly rates in line with prevailing rates in Louisiana for similar services and current charges for certain expenses. The Firm's hourly rate are: Paul Douglas Stewart, Jr. $360 William S. Robbins $350 Brandon A. Brown $350 Brooke W. Altazan $275 Ryan J. Richmond $315 Kimberly Heard $ 90 The services to be rendered by of SRB are: (a) advising the Debtors with respect to their powers and duties as debtors and debtors in possession in the continued management and operation of their business and properties; (b) advising and consulting on the conduct of the Debtors' bankruptcy cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) attending meetings and negotiating with representatives of creditors, Debtors' employees and other parties in interest; (d) advising the Debtors in connection with any contemplated sales of assets or business combinations, including the negotiation of asset, stock purchase, merger or joint venture agreements, formulating and implementing bidding procedures, evaluating competing offers, drafting appropriate corporate documents with respect to the proposed sales, and counseling the Debtors in connection with the closing of such sales; (e) advising the Debtors in connection with post-petition financing and cash collateral arrangements and negotiating and drafting documents relating thereto, providing advice and counsel with respect to pre-petition financing arrangements, and providing advice to the Debtors in connection with the emergence financing and capital structure, and negotiating and drafting documents relating thereto; (f) advising the Debtors on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (g) advising the Debtors with respect to legal issues arising in or relating to the Debtors' ordinary course of business including attendance at senior management meetings, meetings with the Debtors' financial and turnaround advisors and meetings of the board of directors, and advising on employee, workers' compensation, employee benefits, executive compensation, tax, environmental, banking, insurance, securities, corporate, business operation, contracts, joint ventures, real property and press/public affairs and regulatory matters; (h) taking necessary action to protect and preserve the Debtors' estates, including the prosecution of actions and proceedings on their behalf, the defense of any actions and proceedings commenced against those estates, negotiations concerning all litigation in which the Debtors may be involved and objections to claims filed against the Debtors' estates; (i) preparing on behalf of the Debtors motions, applications, answers, orders, reports and papers necessary to the administration of the Debtors' estates; (j) negotiating and preparing on the Debtors' behalf plan(s) of reorganization or liquidation, disclosure statement(s) and all related agreements and/or documents and taking any necessary action on behalf of the Debtors to obtain confirmation of such plan(s); (k) attending meetings with third parties and participating in negotiations with respect to the above matters; (l) appearing before this Court, other courts, and the Office of the U.S. Trustee; (m) meeting and coordinating with other counsel and other professionals retained on behalf of the Debtors and approved by this Court; and (n) performing all other necessary legal services and providing all other necessary legal advice to the Debtors in connection with these Chapter 11 cases. Paul Douglas Stewart Jr., member of Stewart Robbins & Brown, LLC, attests that SRB is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Paul Douglas Stewart Jr. STEWART ROBBINS & BROWN LLC P. O. Box 2348 Baton Rouge, LA 70821-2348 Tel: (225) 231-9998 Fax: (225) 709-9467 About Gator Equipment Rentals Gator Equipment Rentals of Iberia, LLC, Gator Equipment Rental of Fourchon, LLC, Gator Crane Services, LLC, and Gator Equipment Rentals, LLC, filed Chapter 11 petitions (Bankr. W.D. La. Case Nos. 16-51667, 16-51668, 16-51669, and 16-51671) on Dec. 5, 2016. The Hon. Robert Summerhays oversees the Debtors' cases. The Debtors are represented by Paul Douglas Stewart, Jr., Esq., Brandon A. Brown, Esq., and Ryan J. Richmond, Esq., at Stewart Robbins & Brown LLC. They also have employed BlackBriar Advisors, LLC to provide a chief restructuring officer; and Gordon Brothers Asset Advisors, LLC as equipment appraisers. Gator Equipment Rentals of Iberia and Gator Equipment Rentals of Fourchon each listed under $50,000 in assets and between $1 million and $10 million in liabilities. Gator Crane Service, and Gator Equipment Rentals listed between $1 million and $10 million in both assets and liabilities. GILLETTE INVESTMENTS: Feb. 15 Disclosure Statement Hearing ---------------------------------------------------------- Judge Brenda K. Martin of the U.S. Bankruptcy Court for the District of Arizona will convene a hearing on Feb. 15, 2017, at 1:30 p.m. to consider the approval of Gillette Investments, LLC's disclosure statement and plan or reorganization, dated Dec. 29, 2016. As previously reported, under the plan, the Allowed Claims of the General Unsecured Creditors will be paid the full amount of their Allowed Unsecured Claims upon the sale of the Debtor's Property located in Gillette, Arizona or within a year of the Effective Date, whichever occurs first. The last day for filing and serving written objections to the disclosure statement is fixed at 5 business days prior to the hearing date set for approval of the disclosure statement. The Chapter 11 Status Hearing set Feb.y 17, 2017 at 11:00 a.m. is vacated. About Gillette Investments Gillette Investments, LLC sought Chapter 11 protection (Bankr. D. Ariz. Case No. 13-15091) on Aug. 29, 2013. The Debtor estimated assets and liabilities in the range of $100,001 to $500,000. The Debtor tapped Kevin J. Rattay, Esq., at Kevin J. Rattay, PLC as counsel. The Petition was signed by Robert Morale, manager. HANJIN SHIPPING: U.S. Creditors Raise Concerns with Terminal Sale ----------------------------------------------------------------- Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy, reported that Hanjin Shipping Co.'s U.S. creditors are fighting the company's plans to sell its stake in one of the South Korean carrier's key remaining assets: the port operator that runs the biggest container terminal in Long Beach, Calif. According to the report, citing court papers, creditors who say their rights are being affected by the sale -- including container lessors, insurance providers and the Port of Seattle -- urged a judge to throw out, delay or modify the proposed sale. Companies owed money from leasing tens of thousands of containers to Hanjin before it filed for bankruptcy said there are "many questions unanswered with respect to the sales process" and that it is unclear whether the proceeds will be used to repay them for "massive financial losses," the report related. Lawyers for the container lessors said the shipper is continuing to use those containers but has "failed and refused to pay rent or any other charges," the report further related. In court papers, other creditors cited "significant deficiencies" in Hanjin's argument that the proposed $78 million deal is the best offer available, and they have asked Judge Sherwood to order Hanjin to hold any proceeds from the sale in escrow in the U.S. and to use the money to repay U.S. creditors, the report said. Lawyers for the creditors are also seeking to compel Hanjin to reveal more information about how the sale process was conducted, the report added. About Hanjin Shipping Hanjin Shipping Co., Ltd., is mainly engaged in the transportation business through containerships, transportation business through bulk carriers and terminal operation business. The Debtor is a stock-listed corporation with a total of 245,269,947 issued shares (common shares, KRW 5000 per share) and paid-in capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee shareholders' association. The Company operates approximately 60 regular lines worldwide, with 140 container or bulk vessels transporting over 100 million tons of cargo per year. It also operates 13 terminals specialized for containers, two distribution centers and six Off Dock Container Yards in major ports and inland areas around the world. The Company is a member of "CKYHE," a global shipping conference and also a partner of "The Alliance," another global shipping conference to be launched in April 2017. Hanjin Shipping listed total current liabilities of KRW 6,028,543 million and total current assets of KRW 6,624,326 million as of June 30, 2016. As a result of the severe lack of liquidity, Hanjin applied to the Seoul Central District Court 6th Bench of Bankruptcy Division for the commencement of rehabilitation under the Debtor Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested and was granted a general injunction and the preservation of disposition of the Company's assets. The Korean Court's decision to commence the rehabilitation was made on Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's custodian. The Chapter 15 case is pending in the U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly appointed foreign representative of Hanjin Shipping. HAPPYWORKS DAY CARE: Seeks March 6 Plan Filing Period Extension --------------------------------------------------------------- Happyworks Day Care, Inc. asks the U.S. Bankruptcy Court for the Northern District of Ohio to extend its exclusive period for filing a plan of reorganization for two months, or until March 6, 2017. The Debtor also asks the Court that, in the event it files a Plan on or before March 6, 2017, the Debtor be given until May 6, 2017 to maintain plan exclusivity. The Debtor contends that it has generally satisfied its post-petition obligations as they come due and intends to keep doing so. The Debtor further contends that they have generally complied with the requirements of a debtor-in-possession as well. The Debtor tells the Court that its reorganization efforts have been delayed principally for two reasons: first, the Debtor did not have adequate bookkeeping controls and therefore hired a bookkeeper to purchase and install appropriate bookkeeping software and back enter all of the bookkeeping entries for calendar year 2016 so that the Debtor was in a position to generate financial reports necessary to obtain refinancing and to satisfy the monthly operating report requirements of the United States Trustee. Second, the Debtor was cited for multiple Building Code violations which required immediate attention to avoid fines and the possibility that its right to public occupancy would not be affected. The Debtor further tells the Court that these issues have been addressed and resolved and that it is now in a position to seek refinancing. The Debtor relates that the likelihood of a successful reorganization in the case is demonstrated by its relatively healthy financial condition and its good faith progress in working with its major creditor regarding its reorganization. About Happyworks Day Care, Inc. Happyworks Day Care, Inc., is a non-profit, low cost, quality childcare services provider for low income families living in the inner city of Cleveland since 1986. The business ran smoothly and profitably from 1986 until 2014 under the general management of Judith M. Ballinger, its sole owner and former general manager. In early 2014, Ms. Ballinger suffered a stroke and heart attack and was confined to a hospital bed for most of the calendar year. In her absence, Happyworks was run by Ms. Ballinger granddaughter, who lacked the necessary skills to operate the business properly. On July 9, 2014, Zions First National Bank, Happyworks' primary lender, filed a collection and foreclosure proceeding [Cuyahoga County Court of Common Pleas Case No. CV-14-829494]. A judgment was taken in that proceeding on August 12, 2015 and a sheriff's sale of one of the two buildings out of which Happyworks conducts its business was scheduled for July 11, 2016. To stay the sheriff's sale, Happyworks Day Care filed a Chapter 11 petition (Bankr. N.D. Ohio Case No. 16-13769) on July 9, 2016. Judge Jessica Price Smith presides over the bankruptcy case. Richard H. Nemeth, Esq., at Nemeth & Associates, LLC, serves as counsel to the Debtor. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Debtor's Chapter 11 case. HOMEWOOD SUITES LANSDALE: Foreclosure Proceedings Underway ---------------------------------------------------------- Moody's Investors Service has affirmed the ratings on three classes in GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2005-GG4 as follows: Cl. E, Affirmed Ca (sf); previously on Mar 3, 2016 Downgraded to Ca (sf) Cl. F, Affirmed C (sf); previously on Mar 3, 2016 Affirmed C (sf) Cl. X-C, Affirmed Caa3 (sf); previously on Mar 3, 2016 Downgraded to Caa3 (sf) RATINGS RATIONALE The ratings on Classes E and F were affirmed because the ratings are consistent with Moody's expected loss. Class F has already experienced a 79% realized loss as result of previously liquidated loans. The rating on the IO class, X-C, was affirmed based on the credit performance of its referenced classes. Moody's rating action reflects a base expected loss of 42.4% of the current balance, compared to 63.3% at Moody's last review. Moody's base expected loss plus realized losses is now 7.2% of the original pooled balance, compared to 7.6% at the last review. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF215255. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance. Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, loan concentration, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in these ratings was "Moody's Approach to Rating Large Loan and Single Asset/Single Borrower CMBS" published in October 2015. Moody's analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 64% of the pool is in special servicing. In this approach, Moody's determines a probability of default for each specially serviced loan that it expects will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and Moody's internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, Moody's then applies the aggregate loss from specially serviced loans to the most junior classes and the recovery as a pay down of principal to the most senior classes. DESCRIPTION OF MODELS USED Moody's analysis used the excel-based Large Loan Model. The large loan model derives credit enhancement levels based on an aggregation of adjusted loan-level proceeds derived from Moody's loan-level LTV ratios. Major adjustments to determining proceeds include leverage, loan structure and property type. Moody's also further adjusts these aggregated proceeds for any pooling benefits associated with loan level diversity and other concentrations and correlations. DEAL PERFORMANCE As of the December 12, 2016 distribution date, the transaction's aggregate certificate balance has decreased by 99% to $32.2 million from $4 billion at securitization. The certificates are collateralized by three remaining mortgage loans. Fifty-six loans have been liquidated from the pool, resulting in an aggregate realized loss of $273 million (for an average loss severity of 29%). Two loans, constituting 64% of the pool, are currently in special servicing. The largest specially serviced loan is the Homewood Suites - Lansdale (Gulph Creek) Loan ($14.7 million -- 45.5% of the pool), which is secured by a 170-room, 6 story hotel located in Lansdale, Pennsylvania. The hotel was built in 2002 and transferred to special servicing in March 2015 due to imminent maturity default. The lender is proceeding with foreclosure while dual-tracking negotiations with the borrower. The second largest specially serviced loan is the Catalina Village Loan ($5.9 million -- 18.5% of the pool), which is secured by a 90,000 SF retail center located in Tucson, Arizona. The loan transferred to special servicing on July 2011 due and has been real estate owned ("REO") since January 2013. Moody's estimates an aggregate $13.7 million loss for specially serviced loans (66 % expected loss on average). The only performing loan is the Verizon Wireless Loan ($11.6 million -- 36% of the pool), which is secured by a 160,500 square foot (SF) office building located in Wilmington, North Carolina. The Property is 100% leased to Cellco Partnership dba Verizon Wireless through December 2026. Due to the single tenant concentration, Moody's value is based on a lit/dark analysis. The loan has a scheduled maturity date in March 2017. Moody's LTV and stressed DSCR are 88% and 1.17X, respectively, compared to 90.9% and 1.13X at the last review. J.B.B. ENTERPRISES: Hearing on Final Court OK Set For Jan. 31 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Georgia will hold on Jan. 31, 2017, at 10:00 a.m. a hearing to consider the final approval of the disclosure statement filed by J.B.B. Enterprises, Inc., and the confirmation of the Debtor's plan of reorganization. The Court conditionally approved on Dec. 27, 2016, the Disclosure Statement dated Nov. 23, 2016. Jan. 26, 2017, is the last day to file written acceptances or rejections of the Plan. Jan. 26, 2017, is also the deadline for filing objections to the Disclosure Statement and confirmation of the Plan. About J.B.B. Enterprises J.B.B. Enterprises, Inc., filed for Chapter 11 bankruptcy protection (Bankr. M.D. Ga. Case No. 16-70102) on Jan. 29, 2016. The Debtor is represented by Wesley J. Boyer, Esq., at Katz, Flatau, Popson and Boyer, LLP. JOYCE LESLIE: Priority Non-Tax Claimholders To Recoup 100% ---------------------------------------------------------- Joyce Leslie, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York an amended disclosure statement dated Dec. 28, 2016, referring to the Debtor's plan of liquidation. Class I - Priority Non-Tax Claims and Priority Non-Tax Inclusions is unimpaired under the Plan, and will receive payment in full, in cash, to all allowed Priority Non-Tax Claim. The holders will recover 100%. The Amended Disclosure Statement is available at: http://bankrupt.com/misc/nysb16-22035-392.pdf As reported by the Troubled Company Reporter, the Debtor filed with the Court an amended disclosure statement referring to the Debtor's plan of reorganization, which proposed that holders of allowed Class II general unsecured claims receive a projected distribution of between 3% and 6%, net of payment of administration claims and priority claims and net of reserves for post-confirmation expenses and disputed claims. That plan provided for the resolution, treatment and payment of the allowed claims against the Debtor from net distributable cash following the liquidation sales of the Debtor's stores and collection of other assets. About Joyce Leslie Joyce Leslie, Inc., operates a chain of 47 women's retail clothing stores located throughout New York, New Jersey, Pennsylvania and Connecticut. It filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case No. 16-22035) on Jan. 9, 2016. The petition was signed by Lee Diercks as chief restructuring officer. The Debtor disclosed total assets of $7 million and total debts of $9 million. Judge Robert D. Drain has been assigned the case. The Debtor has engaged Goldberg Weprin Finkel Goldstein LLP as counsel, Clear Thinking Group as financial advisor, Oberon Securities, LLC, as investment advisor, SB Capital Group LLC, Tiger Capital Group, LLC, and 360 Merchant Solutions, LLC, as liquidation agents and Rust Consulting/Omni Bankruptcy as claims and noticing agent. An official committee of unsecured creditors has been appointed in the case. LA4EVER LLC: Disclosures Okayed, Plan Hearing on Jan. 25 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Connecticut will consider approval of the Chapter 11 plan of reorganization of LA4Ever, LLC and LLCD, LLC, at a hearing on Jan. 25. The hearing will be held at 1:30 p.m., at the U.S. Bankruptcy Court, Connecticut Financial Center, 18th Floor, 157 Church Street, New Haven, Connecticut. The court had earlier approved the companies' disclosure statement, allowing them to start soliciting votes from creditors. The Dec. 22 order set a Jan. 18 deadline for creditors to cast their votes and file their objections. The restructuring plan dated Oct. 26, 2016 proposes to pay Class 5 general unsecured creditors cash, without interest, on the effective date of the plan. General unsecured claims filed against LA4Ever total $5,101.74 while those filed against LLCD total $5,992.22. Class 5 is impaired. About LA4Ever LLC LA4Ever, LLC, and LLCD, LLC, are Connecticut limited liability companies officially registered with the Secretary of State in December 2002 and January 2003. These companies were formed by and are owned by Kenneth Hill and Daphne Benas. Since their formation the Debtors have been in the business of ownership and operation of residential rental property at 325-327 St. John Street and 23 Brown Street, in New Haven, Connecticut. Mr. Hill and Ms. Benas also oversaw extensive rehabilitation of the Property resulting in significant improvement early on after the purchase. Many routine management and maintenance duties at the Property are handled by LABenhill, LLC, a management company formed, owned and operated by Mr. Hill and Ms. Benas. LLCD, LLC owns the Brown Street Property at 23 Brown Street in the Wooster Square neighborhood in New Haven, Connecticut. The Brown Street Property consists of five residential units representing a current monthly rent roll of $6,250 inclusive of two units recently vacated which vacancies are anticipated to be filled promptly. LA4Ever, LLC, owns the St. John Street Property at 325-7 St. John Street, also in the Wooster Square neighborhood in New Haven, Connecticut. The St. John Street Property consists of six residential units representing a current monthly rent roll of $9,875. All six units of the St. John Street Property are presently occupied. The Debtors filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Lead Case No. 15-30546) on April 8, 2015. The petition was signed by Daphne Benas, member. The Debtors are represented by Carl T. Gulliver, Esq., at Coan Lewendon Gulliver & Miltenberger, LLC. The case is assigned to Judge Julie A. Manning. At the time of the filing, LA4Ever estimated its assets at $500,000 to $1 million and debts at $1 million to $10 million. LLCD estimated its assets and debt at $500,000 to $1 million. No official committee of unsecured creditors has been appointed in the case. LBJ HEALTHCARE: Census Remains at 75 for Two Months, PCO Says ------------------------------------------------------------- Constance Doyle, as the Patient Care Ombudsman for LBJ Healthcare Partners, Inc., has issued a Fourth Interim Report for the period of November 1, 2016, through December 31, 2016. The PCO finds that all care provided to the residents/clients by the Debtor at the Villa Luren Resident Home is within the standard of care. The PCO noted that there are no issues identified during the November and December observations. In November, the PCO reported that there are no changes in the staffing and the census is 75, with five open beds and two scheduled patients for admission. The PCO reported the same census on the month of December. A full-text copy of the PCO Report is available for free at: http://bankrupt.com/misc/cacb16-15197-152.pdf Headquartered in Whittier, Calif., LBJ Healthcare Partners Inc., fdba Bayshore Villa Healthcare Partners, Inc., aw Brian Buenviaje, aw Rosalinda Buenviaje, filed for Chapter 11 bankruptcy protection (Bankr. C.D. Cal. Case No. 16-15197) on April 21, 2016, with $49,370 in estimated total assets and $1.27 million in estimated total liabilities. The petition was signed by Brian Buenviaje, president and CEO. Judge Vincent P. Zurzolo presides over the case. Robert M. Aronson, Esq., at the Law Office of Robert M. Aronson, serves as the Debtor's bankruptcy counsel. LENEXA HOTEL: Seeks to Employ Summers Spencer as Accountants ------------------------------------------------------------ Lenexa Hotel L.P. seeks the approval of the United States Bankruptcy Court for the District of Kansas, Kansas City Division, to employ Michele C. Hammann, SS&C Solutions, Inc and Summers, Spencer & Company, P.A. as accountants under Bankruptcy Code Sec. 327. Accounting services to be rendered by Summers Spencer are: * Reconcile checking account with bank statements each month, identify errors, inform adjustments and request. * Record depreciation. * Record other journal entries as necessary. Summers Spencer has agreed to provide accounting services on a flat fee of $4,235 per month for write-up and compilation services; and bill for additional services related to bankruptcy proceedings at the firm's standard hourly rates: partner $250, manager $180, senior staff $135, and staff $95. Ms. Hammann attests that Summers Spencer and its professionals are disinterested persons within the meaning of Sec. 101(14) of the Bankruptcy Code. The firm can be reached through: Michele C. Hammann, CPA, CVA Vice President SS&C Solutions, Inc 3320 Clinton Parkway Court, Suite 220 Lawrence, KS 66047 Tel: 785-838-4484 Fax: 785-838-4040 E-mail: mhammann@ssccpas.com About Lenexa Hotel LP Lenexa Hotel, LP filed a Chapter 11 bankruptcy petition (Bankr. D.Kans. Case No. 16-22172) on November 1, 2016. Lentz Clark Deines PA represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. The petition was signed by Stephen J. Craig, president. MCDONALD BUILDING: Disclosure Statement Hearing Set for Feb. 7 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona is set to hold a hearing on Feb. 7, at 10:30 a.m., to consider approval of the disclosure statement explaining the Chapter 11 plan of liquidation of McDonald Building LLC. The hearing will take place at the U.S. Bankruptcy Court, Courtroom No. 702, 7th Floor, 230 North First Avenue, Phoenix, Arizona. Objections are due by Jan. 24. 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: Disclosure Statement Hearing Set for Jan. 26 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of West Virginia is set to hold a hearing on Jan. 26, at 11:00 a.m., to consider approval of the disclosure statement explaining Medford Trucking LLC's proposed Chapter 11 plan of liquidation. The hearing will take place at the Robert C. Byrd Courthouse, Room 6400, Courtroom A, 300 Virginia Street East, Charleston, West Virginia. Objections are due by Jan. 18. Under the liquidating plan, general unsecured creditors will receive a pro rata distribution as a result of any settlement or judgment in favor of Medford in a litigation being pursued by the company. According to the plan, the first distribution to creditors will be made from Medford's cash on hand as of the effective date of the plan. The company has on deposit the sum of $612,437. Meanwhile, all subsequent distributions will be made from a settlement or judgment awards from the litigation. 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. MOBILDEDIRECT INC: Court Denies Request for Exclusivity Extension ----------------------------------------------------------------- Judge Ralph B. Kirscher of the U.S. Bankruptcy Court for the District of Montana denied MobileDirect, Inc.'s request for the extension of its exclusivity period for being moot, as the Debtor had already filed its Disclosure Statement and Plan on December 12, 2016. The Debtor previously sought the extension of its exclusive period, relating that it was in discussions and negotiations with a prospective purchaser of its intellectual property. The Debtor told the Court that the requested exclusivity extension would give the Debtor an opportunity finalize the terms and conditions of a sale of its intellectual property to its prospective purchaser. The Debtor further told the Court that the terms and conditions of the sale would be included either in a Chapter 11 plan of liquidation or a Sec. 363 motion for sale of the IP free and clear of liens and interests. About Mobiledirect, Inc. MobileDirect Inc. filed a Chapter 11 petition (Bankr. D. Mont. Case No. 16-60596), on June 13, 2016. The petition was signed by Clyde Neu, Co-Founder and CFO. The case is assigned to Judge Ralph B. Kirscher. The Debtor is represented by Steve M. Johnson, Esq., at Church, Harris, Johnson and Williams, P.C. Anderson ZurMuehlen was employed as accountant to the Debtor. At the time of filing, the Debtor estimated assets at $0 to $50,000 and liabilities at $100,000 to $500,000. MY-WAY TRADING: Wants to Use First Bank Cash Collateral ------------------------------------------------------- My-Way Trading, Inc., d/b/a Diversified Green Solutions, asks the U.S. Bankruptcy Court for the Southern District of Indiana for authorization to use cash collateral. The Debtor is a plastics recycling business located in Richmond, Indiana. Its customers pay with cash, personal checks, debit cards, and credit cards. The cash and personal checks are deposited into the Debtor's bank accounts at First Bank Richmond, N.A., and its debit and credit card servicers wire funds every day into the Debtor's bank accounts at First Bank. The Debtor contends that First Bank may have valid, enforceable and non-avoidable, first-priority liens and security interests in substantially all of the personal property as well as well as general intangibles owned by the Debtor, including cash collateral. The Debtor further contends that the it is unaware of any other parties who may assert a lien on its cash collateral. The Debtor relates that it needs to use cash collateral in order to permit, among other things, the orderly continuation of the operation of the Debtor's business, to maintain business relationships with vendors and suppliers, and to satisfy other working capital needs. The Debtor's proposed 45-day Budget provides for total expenses in the amount of $46,155. The Debtor proposes to grant First Bank with replacement liens over cash collateral to the same extent, validity and priority of First Bank's prepetition liens. The Debtor further proposes to maintain the future cash collateral at the current level and adhere to its proposed Budget. The Debtor says that it intends to make normal monthly payments to First Bank in the amount of $5,000, pursuant to a re-negotiated workout agreement entered into prepetition. A full-text copy of the Debtor's Motion, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/MyWayTrading2016_1609324jmc11_12.pdf First Bank Richmond, N.A. Can reached at: FIRST BANK RICHMOND, N.A. P.O. Box 937 Richmond, IN 47375-0937 About My-Way Trading My-Way Trading, Inc., doing business as Diversified Green Solutions, is a plastics recycling business located in Richmond, Indiana. My-Way Trading filed a chapter 11 petition (Bankr. S.D. Ind. Case No. 16-09324) on Dec. 9, 2016. The Debtor is represented by David R. Krebs, Esq., at Hester Baker Krebs LLC. The Debtor estimated assets and liabilities at $500,001 to $1 million at the time of the filing. NEPHROGENEX INC: Selling De Minimis Assets ------------------------------------------ NephroGenex, Inc., filed a notice with the U.S. Bankruptcy Court for the District of Delaware that it is selling de minimis assets. The Court has entered an Order Pursuant to Sections 105(a), 363 and 554(a) of the Bankruptcy Code and Bankruptcy Rule 2002 Authorizing and Approving Procedures for the Sale or Abandonment of De Minimis Assets Free and Clear of Liens, Claims, Interests and Encumbrances [Docket No. 223]. Pursuant to the Sale Order, the sale will be free and clear of all liens, if any, with the valid, perfected and unavoidable liens of the valid lien holders to attach to proceeds of the sales with the same validity, priority, force and effect such Liens had on the property immediately prior to the sale, subject to the rights, claims, defenses and obligations, if any, of the Debtor and all interested parties with respect to any such asserted liens. A copy of the list of the de minimis assets to be sold attached to the Notice is available for free at: http://bankrupt.com/misc/KG_NephroGenex_271_Sales.pdf The Debtor has determined in the reasonable exercise of its business judgment that the Sale is in the best interests of the Debtor's estate. Any objection to the proposed Sale must be filed and served by 5:00 p.m. (ET) on Jan. 15, 2017. If no written objection is received by the Objection Parties on or before the objection deadline, the Debtor is authorized to proceed with the sale without further notice or order of the Court, and to use the cash proceeds of such sale subject only to the rights of valid lien holders. If a written objection from any Notice Party is filed with the Court by the objection deadline, the sale will only be approved upon either the consensual resolution of the objection by the parties in question or by further order of the Court after notice and a hearing. 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. NEW COUNTRY: Wants to Use Northern Bank Cash Collateral ------------------------------------------------------- New Country Wireless, LLC, asks the U.S. Bankruptcy Court for the District of Massachusetts for authorization to use cash collateral, pursuant to its Stipulation with Northern Bank & Trust Company. The Debtor is indebted to Northern Bank in the amount of $1,311,000. The indebtedness is secured by a first priority lien on all of the Debtor's assets. As of the Petition Date, the Debtor owed unsecured creditors approximately $450,000. The Debtor tells the Court that it needs to use cash collateral to fund its business operations, preserve the value of its assets and business and to avoid irreparable harm to the Debtor and its bankruptcy estate. The Debtor's proposed Budget covers the period beginning on the week ending January 2, 2017 and ending on March 27, 2017. The Budget provides for total cash disbursements in the amount of $438,570. Pursuant to the terms of the Stipulation: (1) Northern Bank will be granted a security interest to the extent of any diminution in the value of the Lender's cash and non-cash collateral in all of the Debtor's post-petition assets; (2) Northern Bank will have a claim in the amount of the post-petition shortfall, which will have priority over all other claims, except for quarterly fees due to the United States Trustee. (3) The Debtor will maintain all necessary insurance, including fire, hazard, comprehensive, public liability, and workmen's compensation as may be currently in effect, naming the Lender as loss payee with respect thereto and with respect to any other such insurance the Debtor elects to obtain. (4) The Debtor will make payments to the Lender in the amount equal to one month's interest accrued on outstanding principal balance of the prepetition indebtedness at the applicable non-default rate. A full-text copy of the Debtors' Motion, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/NewCountryWireless2016_1642199_24.pdf A full-text copy of the Stipulation, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/NewCountryWireless2016_1642199_24_1.pdf A full-text copy of the Debtors' proposed Budget, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/NewCountryWireless2016_1642199_24_2.pdf About New Country Wireless Rynard Properties Hilldale LP, a Massachusetts limited liability company, operates four Verizon Wireless retail locations in the Massachusetts towns of Holden, Wayland, Sudbury and Lunenburg, where it sells cellular phones, other electronic devices, accessories, and Verizon Wireless cellular service and data plans to retail customers. New Country Wireless, LLC, filed a chapter 11 petition (Bankr. D. Mass. Case No. 16-42199) on Dec. 26, 2016. The petition was signed by Charbal M. Yousef, president and manager. The Debtor is represented by Jonathan Horne, Esq. The case is assigned to Judge Christopher J. Panos. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. NL ABROLAT: Court OKs Disclosures; Plan Hearing Set For March 9 --------------------------------------------------------------- The Hon. Julia W. Brand of the U.S. Bankruptcy Court for the Central District of California has approved N.L. Abrolat, Inc.'s second amended disclosure statement filed on Dec. 20, 2016, referring to the Debtor's plan of reorganization. A hearing for the Court to consider the confirmation of the Plan will be held on March 9, 2017, at 10:00 a.m. The Plan confirmation hearing brief and any declaration in support must be filed by Feb. 21, 2017. Objections to the confirmation of the Plan, as well as written acceptances or rejections of the Plan, must be filed by Feb. 6, 2017. About N. L. Abrolat, Inc. N.L. Abrolat, Inc., filed a Chapter 11 petition (Bankr. C.D. Calif., Case No. 16-14302) on April 4, 2016. The case is assigned to Judge Julia W. Brand. The Debtor is represented by Marc A. Lieberman, Esq. and Alan W. Forsley, Esq. at Fredman Lieberman Pearl LLP of Los Angeles, CA. At the time of filing, the Debtor disclosed an estimated assets and liabilities between $500,000 and $1 million. The Petition was signed by its President, Nancy Abrolat. NORTHPORT BAY: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Northport Bay Inc. as of Jan. 6, according to a court docket. Northport Bay Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 16-75598) on December 2, 2016. The petition was signed by Sandra Nicholas, vice-president. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. PANCH TIRTH: Case Summary & 5 Unsecured Creditors ------------------------------------------------- Debtor: Panch Tirth LLC 2139 Lee Highway Bristol, VA 24201-1627 Case No.: 17-70025 Nature of Business: Single Asset Real Estate Chapter 11 Petition Date: January 6, 2017 Court: United States Bankruptcy Court Western District of Virginia (Roanoke) Judge: Hon. Paul M. Black Debtor's Counsel: Richard Daniel Scott, Esq. LAW OFFICE OF RICHARD D. SCOTT 302 Washington Avenue SW Roanoke, VA 24016 Tel: 540 400-7997 Fax: 540-491-9465 Email: richard@rscottlawoffice.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ileshkumar Padalia, managing member. A list of the Debtor's five largest unsecured creditors is available for free at http://bankrupt.com/misc/vawb17-70025.pdf PAROLE BESTGATE: Non-Insider Unsecureds To Be Fully Paid -------------------------------------------------------- Parole Bestgate LLC filed with the U.S. Bankruptcy Court for the District of Maryland a disclosure statement dated Dec. 28, 2016, referring to the Debtor's Chapter 11 plan of reorganization. Class 2, which consists of allowed general non-insider unsecured claims, totaling $137,524.52, is unimpaired under the Plan. The holders will be paid in full. Class 3, which consists of insider unsecured claims, totaling $418,643, is impaired under the Plan. Holders of Class 3 Claims will receive nothing and are deemed to reject the Plan. The holders have waived their right to payment. The funds necessary to pay all allowed claims will be derived from the sale of the Debtor's commercial office building located at 839 Bestgate Road, Annapolis, Maryland 21401, escrows held by professionals and the Debtor's cash. The Debtor has entered into a purchase agreement, wherein the Property will be sold as part of the Debtor's Plan, and the transfer of the Property will be exempt from transfer and recordation taxes in accordance with Section 1146(a) of the U.S. Bankruptcy Code. The Disclosure Statement is available at: http://bankrupt.com/misc/mdb16-11840-135.pdf The Plan was filed by the Debtor's counsel: Michael J. Lichtenstein, Esq. SHULMAN, ROGERS, GANDAL, PORDY & ECKER, P.A. 12505 Park Potomac Avenue, 6th Floor Potomac, Maryland 20854 Tel: (301) 230-5231 Fax: (301) 230-2891 E-mail: mjl@shulmanrogers.com About Parole Bestgate LLC Parole Bestgate LLC owns and operates a commercial office building located in Annapolis, Maryland. James Joseph Sokolis filed an involuntary Chapter 11 petition for Parole Bestgate LLC (Bankr. D. Md. Case No. 16-11840) on Feb. 17, 2016. The case is assigned to Judge David E. Rice. On March 29, 2016, the Court entered an order for relief in the Chapter 11 case. The Debtor is represented by Michael J. Lichtenstein, Esq. and Megan A. Raker, Esq., at Shulman, Rogers, Gandal, Pordy & Ecker, P.A., of Potomac, Maryland. PETROLEUM PRODUCTS: Jan. 30 Plan Confirmation Hearing Set --------------------------------------------------------- Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas has approved the second amended disclosure statement explaining the plan of reorganization of Petroleum Products & Services, Inc., dba Wellhead Distributors International, and scheduled January 30, 2017, at 4:00 P.M., as the hearing date to consider confirmation of the Plan. If the Plan is confirmed by the Bankruptcy Court and consummated: (1) Administrative Claims will be paid in cash in full; (2) Priority Claims will be paid in full in cash when due; (3) Allowed Claims of Ad Valorem taxing authorities will be paid in full with 30 days of the Debtor's receipt of the Tax Refund; (4) Allowed Secured Claim of JPMorgan Chase Bank will be paid in full in accordance with the modified maturity dates and terms, including a payment on the principal balance of the RLOC from Chase's 50% of the remaining balance of the Tax Refund after payment of Allowed Class 1 Claims and the $200,000 payment to the Debtor for use in operations, 25% of certain Net Litigation Proceeds; (5) Allowed Class 3 General Unsecured Claims of $1,000 or Less will have the option to receive 70% of the Allowed Claim or be treated as an Allowed General Unsecured Class 4 Claim; (6) Allowed Class 4 General Unsecured Claims will receive a pro rata share of: (i) 50% of the remaining balance of the Tax Refund after payment of Allowed Class 1 Claims and the $200,000 payment to the Debtor for use in operations; (ii) Class 4 Quarterly Distributions; (iii) 25% of Net Litigation Proceeds, (iv) 50% of excess tax escrow after payment of taxes; (7) Allowed Claims of CPTDC will receive an initial payment $1 million paid from the Cash Infusion, $4 million to be paid 36 months from the Effective Date from cash and/or proceeds of the sale of Kiss Real Estate; (8) Allowed Claims of Affiliates will be allowed to offset to offset any amounts owed to the Debtor but will otherwise receive no payment until the allowed Class 1-4 claims are paid in accordance with the plan; and (9) Allowed Interests of Equity holders will retain the Equity Interests held on the date of the filing of the bankruptcy case, with the prohibition of payment of dividends until Classes 1, 2, 3, 4, 5 and 6. Scheduled and filed general unsecured claims were $5,904,735.42, excluding claims of affiliates and CTPDC. The Debtor has filed objections to and seeks disallowance and/or allowance in a reduced amount of various claims totaling $2,537,098.43. WDi anticipates additional objections and reserves the right to object to other filed claims filed and anticipates Class 4 claims to approximate $3 million. Class 3 Claims of $1000 or less are estimated at approximately $23,000. Under the terms of the Plan, $2.75 million of the CPTDC settlement will be paid by Alejandro Kiss or from other non-Debtor assets and entities, NOT by WDi. This allows the Debtor to utilize $2.75 million of its cash to pay claims of other creditors. Further, under the terms of the Plan, WDi is not required to pay the remaining balance owed to CPTDC until up to 36 months from confirmation of the plan. Thus, this allows the Debtor to use its cash for operations and to satisfy other claims. Unsecured creditors also benefit from the CPTDC settlement in that CPTDC's claim is not included in the Class 4 General Unsecured Claim pool and accordingly, does not share in the distributions to Allowed Class 4 General Unsecured Claims. To recap, CPTDC has asserted a general unsecured claim of approximately $22 million, based upon invoices totaling $14.6 million, with the balance related to other damages. WDi disputed the claim in full and asserted claims against CPTDC for damages. Without the settlement, if CPTDC's claim were ultimately allowed as a general unsecured claim, it would significantly increase the total amount of unsecured claims by up to $22 million and substantially dilute the return to all general unsecured creditors to a small fraction of what is contemplated under the Plan. Further, continued litigation costs would dilute returns to all creditors. The Committee, which participated in the mediation of CPTDC's claim, disagrees with the disclosure, and evaluation of, the CPTDC/CPI and JMP litigation and the resulting claims. However, the Debtor asserts that the payment of the CPTDC on the terms described in the Plan provides a greater benefit and return to other creditors than would otherwise be received. January 26, 2017, is fixed as the last day for filing written acceptances or rejections of the Plan and the last day for filing written objections to confirmation of the Plan. A full-text copy of the second amended disclosure statement dated December 29, 2016, is available at: http://bankrupt.com/misc/txsb16-31201-370.pdf About Petroleum Products & Services, Inc. Petroleum Products & Services, Inc. (dba Wellhead Distributors Int'l and dba WDi) distributes API-6A wellhead equipment and valves used in the petroleum and natural gas industries. The Company filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex., Case No. 16-31201) on March 4, 2016. The petition was signed by Alejandro Kiss, president. The Debtor is represented by Josh T. Judd, Esq., and Edward L. Rothberg, Esq., at Hoover Slovacek, LLP. The case is assigned to Judge Marvin Isgur. The Debtor estimated assets and liabilities in the range of $10 million to $50 million and liabilities of at least $10 million. The Debtor has engaged Hoover Slovacek, LLP, as counsel and Hirsch Westheimer, P.C., as special litigation counsel. The Office of the U.S. Trustee, in March 2016, appointed five creditors of Petroleum Products & Services Inc. to serve on the official committee of unsecured creditors. Bennett G. Fisher & Associates, P.C., d/b/a Fisher & Associates, is counsel to the Committee. PETROLEX MANAGEMENT: Yatco Distribution To Recover 0% Under Plan ---------------------------------------------------------------- Petrolex Management, LLC, filed with the U.S. Bankruptcy Court for the District of Massachusetts a disclosure statement dated Dec. 28, 2016, referring to the Debtor's plan of reorganization. Class 5 Yatco Distribution LLC Mortgage and Unsecured Claim totaling $44,772.70 is impaired under the Plan. The holder is expected to recover 0%. The funding for the Plan will come from proceeds of the lease and from a payment from IMS Petroleum, Inc. -- the operating entity of Debtor -- to the Debtor in the amount of $1,100 per month for contribution to the PFC and Home Loan monthly installments of principal and interest, for which IMS is a co-borrower. The contribution payments shall be made until the PFC loan is paid off. The Disclosure Statement is available at: http://bankrupt.com/misc/mab16-41322-93.pdf The Plan was filed by the Debtor's counsel: Gary M. Hogan, Esq. BAKER, BRAVERMAN & BARBADORO, P.C. 300 Crown Colony Drive, Suite 500 Quincy, MA 02169 Tel: (781) 848-9610 Fax: (781) 848-9790 E-mail: garyh@bbb-lawfirm.com About Petrolex Management, LLC Petrolex Management, LLC, owns a parcel of commercial real estate located at 80 Chelmsford Road, Billerica, Massachusetts. The commercial property is leased to the operating entity affiliate of the Debtor, IMS Petroleum, Inc., and on which, IMS operates a gas station, convenience store, and subleases certain space to a Dunkin Donuts franchise. The Debtor filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-41322) on July 27, 2016. The petition was signed by Samer Biloune and Imad Massabni, managers. The Debtor is represented by Gary M. Hogan, Esq., at Baker, Braverman & Barbadoro, P.C. The case is assigned to Judge Christopher J. Panos. The Debtor estimated assets and liabilities at $1 million and $10 million at the time of the filing. PIONEER ENERGY: To Participate at Goldman Sachs Conference ---------------------------------------------------------- From time to time, senior management of Pioneer Energy Services meets with groups of investors and business analysts. The Company prepared slides in connection with management's participation in those meetings and participation in the Goldman Sachs Global Energy Conference. The slides provide an update on the Company's operations and certain recent developments, which among others, include the following: Overall * Finalized sale of three SCR walking rigs previously announced for aggregate gross proceeds of $11 million. * Completed equity offering in December resulting in net proceeds of $65.4 million. All proceeds from the rig sales and equity offering were applied to reduce borrowings under the revolving credit facility. Current revolver balance is $39.7 million. Fourth Quarter Guidance * Drilling Services margin per day expected to be at the high-end or exceed the guided range of $6,500 to $7,000. * Production Services revenue expected to be flat to down approximately 2% as compared to guidance of flat to up 3%. * Production Services gross margin % is expected to be approximately 13 to 16% as compared to guidance of 20 to 22%, due to start-up costs related to activity increases in late December and unanticipated costs associated with recovering well servicing drill pipe lost in a wellbore in December. * Despite lower production services margin guidance, we expect to maintain compliance with the credit facility covenants. Drilling * Of the four remaining SCR rigs in the US, two were retired with components to be used as spare parts inventory, and two were designated as held-for-sale effective 12/31/16. * Current marketed US fleet is 100% pad-capable AC rigs. * Current utilization is 71% based on a fleet of 24 rigs. Production Services * Well servicing fourth quarter utilization was 40% as compared to 41% in the prior quarter. Expect to put 10 to 15 additional rigs back to work by the end of January. * Coiled tubing fourth quarter utilization was 21% as compared to 22% in the prior quarter. * Reactivated five additional wireline units in late December to meet January demand. The slides are available for free at https://is.gd/DwiTFV About Pioneer Energy Pioneer Energy Services Corp. provides land-based drilling services and production services to a diverse group of independent and large oil and gas exploration and production companies in the United States and internationally in Colombia. The Company also provides two of its services (coiled tubing and wireline services) offshore in the Gulf of Mexico. Pioneer Energy reported a net loss of $155 million in 2015 following a net loss of $38 million in 2014. As of Sept. 30, 2016, Pioneer Energy had $723.0 million in total assets, $471.7 million in total liabilities and $251.1 million in total shareholders' equity. * * * As reported by the TCR on March 7, 2016, Moody's Investors Service, on March 3, 2016, downgraded Pioneer Energy's Corporate Family Rating (CFR) to 'Caa3' from 'B2', Probability of Default Rating (PDR) to 'Caa3-PD' from 'B2-PD', and senior unsecured notes to 'Ca' from 'B3'. "The rating downgrades were driven by the material deterioration in Pioneer Energy's credit metrics through 2015 and our expectation of continued deterioration through 2016. The demand outlook for drilling and oilfield services is extremely weak, as witnessed by the steep and continued drop in the US rig count" said Sreedhar Kona, Moody's Vice President. "The negative outlook reflects the deteriorating fundamentals of the services sector and the likelihood of covenant breaches." Pioneer Energy carries a "B+" corporate credit rating from Standard & Poor's Ratings. POWELL VALLEY HEALTH: Court Extends Plan Filing Period to Jan. 10 ----------------------------------------------------------------- Judge Tim J. Ellis of the U.S. Bankruptcy Court for the District of Wyoming extended Powell Valley Health Care, Inc.'s exclusive periods for filing a plan and obtaining acceptances to the plan through January 10, 2017 and March 10, 2017, respectively. Absent the extension, the Debtor's exclusive plan filing period would have expired on December 14, 2016. The Debtor previously had until February 14, 2017 to obtain acceptance of the plan. The Debtor sought the extension of its exclusive periods, telling the Court that it was negotiating terms of a consensual plan with the Creditor Committee. The Debtor further told the Court that unfortunately, while many of the key provisions of the plan may be agreed upon prior to December 14, 2016, the drafting of the plan itself would not be completed prior to the current deadline. About Powell Valley Health Care, Inc. Powell Valley Health Care, Inc. provides healthcare services to the greater-Powell, Wyoming community. The Company filed for Chapter 11 bankruptcy protection (Bankr. D. Wyo. Case No. 16-20326) on May 16, 2016. The petition was signed by Michael L. Long, CFO. The Debtor is represented by Bradley T. Hunsicker, Esq., at Markus Williams Young & Zimmermann LLC. The case is assigned to Judge Cathleen D. Parker. The Debtor estimated assets and debts at $10 million to $50 million at the time of the filing. The Debtor has retained Hammond Hanlon Camp, LLC as its financial advisor and investment banker. No trustee or examiner has been appointed in the case. The United States Trustee appointed Larry Heiser, Veronica Sommerville, Michelle Oliver, and Joetta Johnson to serve on the Official Committee of Unsecured Creditors. The Official Committee of Unsecured Creditors tapped Spencer Fane LLP as counsel and EisnerAmper LLP as its Accountant. PUERTO RICO: Governor Seeks More Time on Fiscal Plan, Suit Freeze ----------------------------------------------------------------- The American Bankruptcy Institute, citing Nick Brown of Reuters, reported that Puerto Rico's new governor is seeking more time to present a fiscal turnaround plan for the struggling U.S. territory, saying the Jan. 31 deadline set by the commonwealth's federal oversight board is too tight. According to the report, in a letter to the board dated Jan. 4, a representative for Governor Ricardo Rossello sought at least a 45-day extension, which would push the deadline to present a plan to March 17. Under the territory's federal rescue law known as PROMESA, passed last year, Puerto Rico's governor has to present a blueprint for the island's financial future that must be approved by the federally-appointed board tasked with managing its dire fiscal position, the report related. The board last year set a Jan. 31 deadline for the plan, but Elias Sanchez, Rossello's liaison to the board, said the deadline would give the administration too little time to assess Puerto Rico's finances or attempt restructuring talks, the report further related. The governor also sought a 75-day extension of PROMESA's so-called automatic stay provision, which prevents creditors from suing Puerto Rico over missed debt payments, the report said. With the stay set to expire on Feb. 15, Rossello asked the board to extend it until May 1, the report added. RAMUNDSEN HOLDINGS: Moody's Assigns B3 CFR & B2 to 1st Lien Loans ----------------------------------------------------------------- Moody's Investors Service assigned first time corporate family and probability of default ratings of B3 and B3-PD, respectively, to Ramundsen Holdings, LLC. Moody's also assigned B2 ratings to the first lien credit facilities and a Caa2 rating to the second lien credit facility. The rating outlook is stable. The proceeds from the i) $275 million first lien term loan, ii) $120 million second lien term loan and iii) cash equity from Vista Equity Partners ("Vista" / "Sponsor") will be used to i) purchase Ramundsen (dba SunGard Public Sector ("SunGard")) from Fidelity National Information Services, Inc. ("FIS"), ii) put $25 million of cash to the balance sheet and iii) pay fees and expenses. There will also be a new $40 million first lien revolving credit facility, which is expected to be undrawn at closing. The assigned ratings are contingent upon the closing of the Ramundsen acquisition. If the transaction does not close, all the ratings will be withdrawn. RATINGS RATIONALE The B3 CFR is constrained by pro forma LTM September 30, 2016 high leverage of about 8.5x (Moody's adjusted, excluding synergies and cost to achieve synergies), small scale ($169 million of revenues), modest projected revenue growth in the low single digits for 2017, somewhat soft EBITDA margins for a software company, lack of standalone audited historical financials, modest FCF / debt for FY 2017 (low single digits) and growing competition in selected areas from significantly better capitalized competitors (including tyler technologies / New World, Motorola Solutions / spillman technologies, Oracle, and SAP). The ratings are supported by Ramundsen's good market presence with small and medium-sized enterprise customers in the local government market, where it provides software solutions that serve as a core operating system of record for critical functions (such as finance, HR, community development, computer aided dispatch and records management), across many public administration departments and public safety departments. Ramundsen also has attractive recurring revenues (about 68% of total LTM September 30, 2016 revenues), sticky product solutions (reflected in retention rates of about 95%) that are deeply embedded in customers' workflows and operations (i.e., product solutions can take up to two years to switch to a competitor). Additionally, the company has a customer base that appears to be loyal (average tenure of 14 years) and diverse (no customer represents more than 3% of revenues). Liquidity is good based on a cash balance of about $25 million and a $40 million undrawn revolver at closing. FCF (after adjusting for capitalized software expenses) is expected to be about $5 million in 2017 and about $20 million in 2018 (with the increase being driven by slightly higher revenues, lower COGS and lower operating expenses (including plans to realize more efficient R&D spend and thus drive such expenses lower). Ramundsen experiences significant seasonality in cash flows with Q3 (September) being the largest cash inflow period and Q2 (June) being a modestly negative cash outflow period. Moody's anticipates good cushion under the springing financial covenant applicable to the revolver. The first lien term loan has 1% required amortization, with a bullet due at maturity. The second lien term loan has no required annual amortization, with a bullet due at maturity. The stable outlook reflects our expectation of revenue growth in the low single digits and leverage in the high 7x in 2017. The ratings could be upgraded if the company improves leverage to under 7x, has FCF to debt of at least 5% and demonstrates a commitment to improving leverage while maintaining its competitive position. Ratings could be downgraded if performance deteriorates or if leverage is expected to remain over 8x or FCF to debt is negative on other than a temporary basis. The following ratings were assigned: Issuer: Ramundsen Holdings, LLC Corporate Family Rating -- B3 Probability of Default Rating -- B3-PD First lien revolving credit facility -- B2 (LGD 3) First lien term loan credit facility -- B2 (LGD 3) Second lien term loan credit facility -- Caa2 (LGD 5) Outlook -- Stable The principal methodology used in these ratings was Software Industry published in December 2015. Ramundsen Holdings, LLC ("Ramundsen") (dba SunGard Public Sector), a business presently owned by Fidelity National Information Services, had LTM September 30, 2016 revenues of $169 million. Ramundsen, headquarter in Lake Mary, Florida, is an established vertically-focused software provider serving the specialized needs of the small and medium-sized enterprise segment of local governments, public safety agencies, universities, research foundations, and non-profits. The public safety segment provides computer aided dispatch, records management, jail management and justice systems to streamline communication between multiple agencies. While the public administration segment provides finance & HR, community development, work management and utility billing systems to enable citizen engagement and local government operations. RENNOVA HEALTH: Designates 1.75M Series F Preferred Stock --------------------------------------------------------- Rennova Health, Inc. filed a Certificate of Designation with the Secretary of State of the State of Delaware on Dec. 29, 2016, to authorize the issuance of up to 1,750,000 shares of Series F Convertible Preferred Stock. The following summary of certain terms and provisions of the Company's Series F Preferred Stock is subject to, and qualified in its entirety by reference to, the terms and provisions set forth in the Company's certificate of designation of preferences, rights and limitations of Series F Preferred Stock. General. The Company's board of directors has designated up to 1,750,000 shares of the 5,000,000 authorized shares of preferred stock as Series F Preferred Stock. Rank. The Series F Preferred Stock ranks on parity to the Company's common stock. Conversion. Each share of the Series F Preferred Stock is convertible into shares of the Company's common stock (subject to adjustment as provided in the related certificate of designation of preferences, rights and limitations) at any time after the first anniversary of the issuance date at the option of the holder at a conversion price equal to the greater of $1.95 or the average closing price of the Company's common stock for the 10 trading days immediately preceding the conversion. The maximum number of shares of common stock issuable upon the conversion of the Series F Preferred Stock is 897,436. Any shares of Series F Preferred Stock outstanding on the fifth anniversary of the issuance date will be mandatorily converted into common stock at the applicable conversion price on such date. Liquidation Preference. In the event of the Company's liquidation, dissolution or winding-up, holders of Series F Preferred Stock will be entitled to receive the same amount that a holder of common stock would receive if the Series F Preferred Stock were fully converted into shares of the Company's common stock at the conversion price (assuming for such purposes that the Series F Preferred Stock is then convertible) which amounts shall be paid pari passu with all holders of common stock. Voting Rights. Each share of Series F Preferred Stock will have one vote, and the holders of the Series F Preferred Stock will vote together with the holders of the Company's common stock as a single class. Dividends. The holders of the Series F Preferred Stock will participate, on an as-if-converted-to-common stock basis, in any dividends to the holders of common stock. Redemption. At any time, from time to time after the first anniversary of the issuance date, the Company has the right to redeem all or any portion of the outstanding Series F Preferred Stock at a price per share equal to $1.95 plus any accrued but unpaid dividends. Negative Covenants. As long as any shares of Series F Preferred Stock are outstanding, the Company may not amend, alter or repeal any provision of the Company's certificate of incorportion, the certificate of designation or the Company's bylaws in a manner that materially adversely affects the powers, preferences or rights of the Series F Preferred Stock. About Rennova Rennova Health, Inc., is a vertically integrated provider of a suite of healthcare related products and services. Its principal lines of business are diagnostic laboratory services, and supportive software solutions and decision support and informatics operations services. The Company reported a net loss attributable to the Company's common shareholders of $36.4 million for the year ended Dec. 31, 2015, following net income attributable to the Company's common shareholders of $2.81 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Rennova Health had $10.19 million in total assets, $20.23 million in total liabilities and a total stockholders' deficit of $10.03 million. The Company said in its annual report for the year ended Dec. 31, 2015, that "Although our financial statements have been prepared on a going concern basis, we have recently accumulated significant losses and have negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern. "If we are unable to improve our liquidity position we may not be able to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment." RENNOVA HEALTH: Expects Continued Products Expansion in 2017 ------------------------------------------------------------ Rennova Health, Inc. provides the following summary of its recent progress, as well as commentary on its business strategy and milestones for 2017. "We took a number of steps in 2016 to address challenges in the substance abuse testing sector, and we have begun to see the initial signs of success that will be instrumental to a return to top-line growth. Indeed, our fourth quarter was the best quarter for new sales in more than a year, and included several new clients, as well as a number of returning clients," said Seamus Lagan, Rennova's chief executive officer. "We have diversified our business model and have secured in-network contracts with a number of third-party payers. We have moved from a concentration in substance abuse testing services in a single geographic location to providing a range of diagnostic services across the nation to an expanding and varied customer base. "As well as recent successes in the substance abuse and pain management sector, we have initiated a relationship with a clinical research organization and we expect to begin generating sales from them in the first half of 2017. We have secured a contract with a service-disabled, veteran-owned small business to be their exclusive provider of lab services and are servicing initial customers under a new relationship with an accountable care organization. We also have extended our menu to now offer specialized pharmacogenomics testing for personalized medicine through Genomas. "We expect that this continued expansion of our customer base and products, combined with an increasing number of contracts with various payers, will enable us to grow our 2017 revenues to levels that more closely resemble years prior to 2016," Mr. Lagan concluded. As previously announced, the Company closed on an offering of preferred stock on Dec. 20, 2016. The Company currently has 84,011,068 shares of common stock outstanding. About Rennova Rennova Health, Inc., is a vertically integrated provider of a suite of healthcare related products and services. Its principal lines of business are diagnostic laboratory services, and supportive software solutions and decision support and informatics operations services. The Company reported a net loss attributable to the Company's common shareholders of $36.4 million for the year ended Dec. 31, 2015, following net income attributable to the Company's common shareholders of $2.81 million for the year ended Dec. 31, 2014. As of Sept. 30, 2016, Rennova Health had $10.19 million in total assets, $20.23 million in total liabilities and a total stockholders' deficit of $10.03 million. The Company said in its annual report for the year ended Dec. 31, 2015, that "Although our financial statements have been prepared on a going concern basis, we have recently accumulated significant losses and have negative cash flows from operations, which raise substantial doubt about our ability to continue as a going concern. "If we are unable to improve our liquidity position we may not be able to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment." RYNARD PROPERTIES: Wants Court to Approve Use of Wells Fargo Cash ----------------------------------------------------------------- Rynard Properties Hilldale LP asks the U.S. Bankruptcy Court for the Western District of Tennessee for authorization to use cash collateral. The Debtor operates a 148-unit multifamily apartment complex of Section 8 housing named Hilldale Apartments in the Frayser area of Memphis, Tennessee and currently has LEDIC operating the complex as leasing agent. The Debtor's primary lender is Wells Fargo Bank, N.A. as Trustee for, and for the benefit of the owners of, multifamily housing refunding revenue bonds Series 2013A and Series 2013A-T. The Debtor is indebted to Wells Fargo in the approximate amount of $4,865,000. Tennessee Housing Development Agency holds second mortgage behind Wells Fargo in the approximate amount of $107,367. Wells Fargo holds a security interest in all the Debtor's accounts, accounts receivable, rents and real property. The Debtor tells the Court that its continued use of its cash, accounts receivable and rents is necessary to ensure that it has adequate working capital to fund its operations. The Debtor further tells the Court that adequate working capital is essential to the maintenance and upkeep of the apartment complex and payment of their vendors. The Debtor wants the Court to authorize the payment of U.S. Trustee fees and approved compensation for the Debtor's attorney up to $50,000.00 in approved fees and expenses as necessary administrative costs. The Debtor requests that the replacement expenditures listed in budget of $83,260.00 and $27,015.0 for capital expenditures for the year 2017, be approved to be reimbursed from the reserve fund. The Debtor contends that the protections contained in the proposed Order and use of cash collateral within the framework of the proposed budget will constitute adequate protection for the interest of Wells Fargo regarding the use of cash collateral as well as adequate protection for the interest of Wells Fargo for the continued use by the Debtor of the other assets in which Wells Fargo has a lien. The Debtor's proposed Budget covers the months of January through December. The Budget provides for monthly mortgage payments of $21,103 to Wells Fargo, as well as total operating expenses in the amount of $561,385. A full-text copy of the Debtor's Motion, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/RynardProperties2016_1631248_23.pdf A full-text copy of the Debtor's proposed Budget, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/RynardProperties2016_1631248_23_1.pdf About Rynard Properties Hilldale LP Rynard Properties Hilldale LP, based in Fishers, IN, filed a Chapter 11 petition (Bankr. W.D. Tenn. Case No. 16-31248) on Dec. 7, 2016. The petition was signed by John Bartle, Chief Restr. Off. & Sec. for GP, Hilldale GP, LLC. The case is assigned to Judge Jennie D. Latta. The Debtor is represented by Toni Campbell Parker, Esq., at the Law Office of Toni Campbell Parker. The Debtor estimated $1 million to $10 million in both assets and liabilities at the time of the filing. Rynard Properties Hilldale LP, a Tennessee limited partnership, operates a 148-unit multifamily apartment complex of Section 8 housing named Hilldale Apartments in the Frayser area of Memphis, TN and currently has LEDIC operating the complex as leasing agent. SAM BASS: Court Allows Cash Collateral Use on Interim Basis ----------------------------------------------------------- Judge Catherine R. Aron of the U.S. Bankruptcy Court for the Middle District of North Carolina authorized Sam Bass Illustration & Design, Inc. to use cash collateral on an interim basis, through January 3, 2017. The Internal Revenue Service and the North Carolina Department of Revenue have an interest in the cash collateral. Judge Aron acknowledged that the Debtor is entitled to use the cash collateral for its ordinary and reasonable operating expenses. The Debtor was directed to make monthly adequate protection payments to the IRS and NCDOR in the amount of $277.37 each. The Debtor was further directed to provide physical access to its property to the representatives, agents and/or employees of the IRS and NCDOR for the purpose of appraising or evaluating its collateral. A full-text copy of the Interim Order, dated January 4, 2017, is available at http://bankrupt.com/misc/SamBass2016_1651021_88.pdf About Sam Bass Illustration & Design, Inc. Sam Bass Illustration & Design, Inc., filed a chapter 11 petition (Bankr. M.D.N.C. Case No. 16-51021) on Oct. 3, 2016. The petition was signed by Denise W. Bass, co-owner and secretary/treasurer. The Debtor is represented by Kristen Scott Nardone, Esq., at Davis Nardone, PC. The Debtor estimated assets at $0 to $50,000 and liabilities at $100,001 to $500,000 at the time of the filing. 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. The Debtor engaged Gordon, Keeter & Co. as accountant. SAUCIER BROS: Hearing on Disclosures Set For Feb. 16 ---------------------------------------------------- The Hon. Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi will hold on Feb. 16, 2017, at 1:30 p.m. a hearing to consider the approval of the disclosure statement dated Dec. 27, 2016, filed by Saucier Bros. Roofing, Inc., referring to the Debtor's plan of reorganization dated Dec. 27, 2016. Objections to the Disclosure Statement must be filed by Feb. 1, 2017. About Saucier Bros. Roofing Saucier Bros. Roofing, Inc., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 16-50775) on May 5, 2016. The petition was signed by Clement B. Saucier, III, president. The case is assigned to Judge Katharine M. Samson. The Debtor is represented by Patrick A. Sheehan, Esq., at Sheehan Law Firm. The Debtor estimated assets at $0 to $50,000 and debt at $1 million to $10 million at the time of the filing. SCARBOROUGH & HARGETT: Court Okays Plan Outline ----------------------------------------------- The U.S. Bankruptcy Court for the Middle District of North Carolina has approved Scarborough & Hargett Funeral Home Inc.'s amended disclosure statement for the Debtor's amended plan of reorganization. As reported by the Troubled Company Reporter, the Debtor filed with the Court the amended disclosure statement, stating that under the amended plan, general unsecured creditors will receive a distribution of 39.3% of their allowed claims, to be paid through the issuance of a promissory note with quarterly payments distributed over a 60-month period. About Scarborough & Hargett Scarborough & Hargett Funeral Home Inc. is a North Carolina corporation organized in February 1958. However, the first funeral home was started in 1871. In 18888, Joseph Crooms Hargett, the father-in-law, formed a partnership with John Clarence Scarborough, Sr., the son-in-law, as Scarborough and Hargett Undertakers. The company moved to Durham in 1900 and has been providing services to African American families continuously for the past 142 years. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D.N.C. Case No. 16-80220) on March 11, 2016. The petition was signed by J. C. Scarborugh III, president. The Debtor is represented by Florence A. Bowens, Esq. The case is assigned to Judge Catharine R. Aron. The Debtor estimated assets of $50,000 to $100,000 and debts of $1 million to $10 million. 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 Scarborough & Hargett Funeral Home Inc. SERVICEBURY LLC: Wants to Use Cash Collateral, Jan. 11 Hearing Set ------------------------------------------------------------------ Judge Frank J. Bailey of the U.S. Bankruptcy Court for the District of Massachusetts scheduled Servicebury, LLC's expedited motion to use cash collateral for hearing on January 11, 2017 at 11:00 a.m. The Debtor sought authorization from the Court to use the cash collateral of East Boston Savings Bank, which is the present holder of the sole lien on all of the Debtor's real estate. The Debtor owns a parcel of real estate at 1503 Osgood Street in North Andover, Massachusetts. The Debtor is currently leasing a portion of the property as a gas station to MBM Energy, Inc. The Debtor defaulted in its obligation, and East Boston Savings Bank secured a judgment in Suffolk Superior Court against the Debtor and its principals. The Debtor sought to use cash collateral in the ordinary course of business to pay for the expenses provided for in its proposed budget, and for the purpose of providing adequate protection to East Boston Savings Bank. The Debtor told the Court that it is necessary for it to make use of the income in order to maintain and preserve the value of its business. The Debtor further told the Court that without the ability to use the cash collateral, the value of its business is certain to diminish. The Debtor added that it sought expedited determination since insurance on the property is due in January 2017. The Debtor's proposed Budget covered the period from January through May. The Budget provided for total expenses in the amount of $14,639, which includes payment for insurance in the amount of $714 and UST Fees in the amount of $325. The Debtor proposed the following as adequate protection: (1) To maintain insurance on the property. (2) To grant to the lien holder a replacement lien on the same types of post-petition property of the estate against which the lienholder held the lien as of November 29, 2016, the Petition Date. (3) To continue making payments consistent with the proposed Budget. A full-text copy of the Debtor's Motion, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/Servicebury2016_1614530_17.pdf A full-text copy of the Order, dated Jan. 4, 2017, is available at http://bankrupt.com/misc/Servicebury2016_1614530_19.pdf East Boston Savings Bank can be reached at: EAST BOSTON SAVINGS BANK Ten Merridian Street Boston, MA 02128 About Servicebury, LLC Servicebury, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 16-14530) on November 29, 2016. The petition was signed by Nicholas Heras, manager. The Debtor is represented by John F. Sommerstein, Esq., at the Law Offices of John F. Sommerstein. The case is assigned to Judge Frank J. Bailey. At the time of the filing, the Debtor estimated assets at $1 million to $10 million and liabilities at $100,000 to $500,000. SIXTY SIXTY CONDOMINIUM: Seeks to Employ Messana, P.A. as Counsel ----------------------------------------------------------------- Sixty Sixty Condominium Association, Inc asks the United States Bankruptcy Court of Southern District of Florida, Miami Division, to authorize the employment of Brett D. Lieberman, Esq. and the law firm of Messana, P.A. as its restructuring and bankruptcy counsel with regard to the filing of its Chapter 11 petition and the prosecution of its Chapter 11 case. Services to be rendered by Messana are: (a) advise the Debtor with respect to its powers and duties as debtor and debtor-in-possession in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases, including all of the legal and administrative requirements of operating in Chapter 11; (c) advise the Debtor in connection with any contemplated sales of assets or business combinations, including the negotiation of sales promotion, liquidation, stock purchase, merger or joint venture agreements, formulate and implement bidding procedures, evaluate competing offers, draft appropriate corporate documents with respect to the proposed sales, and counsel the Debtor in connection with the closing of such sales; (d) advise the Debtor in connection with post-petition financing and cash collateral arrangements, provide advice and counsel with respect to pre-petition financing arrangements, and provide advice to the Debtor in connection with the emergence financing and capital structure, and negotiate and draft documents relating thereto; (e) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (f) provide advice to the Debtor with respect to legal issues arising in or relating to the Debtor's ordinary course of business including attendance at senior management meetings, meetings with the Debtor's financial and turnaround advisors and meetings of the board of directors, and advice on employee, workers' compensation, employee benefits, labor, tax, insurance, securities, corporate, business operation, contracts, joint ventures, real property, press/public affairs and regulatory matters; (g) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (h) prepare on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estate; (i) negotiate and prepare on the Debtor's behalf a plan of reorganization, disclosure statement and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (j) attend meetings with third parties and participate in negotiations with respect to the above matters; (k) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (l) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with these Chapter 11 cases. Mr. Lieberman, Esq. attests that the firm's shareholders, counsel and associates do not have any connection with any of the Debtor, its affiliates, its creditors, the U.S. Trustee, any person employed in the office of the U.S. Trustee, or any other party in interest, or its respective attorneys and accountants; are "disinterested persons", as that term is defined in Section 101(14) of the Bankruptcy Code; and do not hold or represent any interest adverse to the Debtor's estate. Messana received $50,000.00 from the Debtor for services to be rendered both pre-filing and post-filing of the bankruptcy case. Immediately prior to the commencement of the bankruptcy case, Messana applied an amount equal to $4,587.60 of the Retainer for pre-petition fees and costs incurred by Messana. As a result, the balance of the Retainer will be applied to any fees, charges and disbursements incurred during the reorganization case. The firms can be reached through: Brett D. Lieberman, Esq. Messana, P.A. 401 East Las Olas Boulevard, Suite 1400 Ft. Lauderdale, FL 33301 Telephone: (954) 712-7400 Facsimile: (954) 712-7401 About Sixty Sixty Condominium Association, Inc Sixty Sixty Condominium is a mixed-use hotel/residential building located at 6060 Indian Creek Drive in Miami Beach, Florida. It is a not-for-profit corporation. It is responsible for, among other things, the management, operation, and maintenance of the Condominium's "Common Elements", and other obligations imposed by state statute. Sixty Sixty Condominium Association, Inc. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-26187) on December 5, 2016, listing $100,000 to $500,000 in total assets, and $1 million to $10 million in liabilities. The petition was signed by Maria Velez, president of the Board of Directors. The Hon. Robert A Mark presides over the case. Brett D. Lieberman, Esq., at Messana, P.A., represents the Debtor as counsel. SIXTY SIXTY CONDOMINIUM: Taps Eisinger Law as Collections Counsel ----------------------------------------------------------------- Sixty Sixty Condominium Association, Inc asks for approval from the US Bankruptcy Court of Southern District of Florida to employ Alessandra Stivelman and the law firm of Eisinger, Brown, Lewis, Frankel & Chaiet, P.A. as special counsel to handle the collection of delinquent accounts, including receivables, and counsel regarding condominium matters. The Debtor will be billed for services performed, and costs outlaid, by the firm approximately every 120 days. Thereafter, Eisinger Law will file fee applications with the Court as in the case of any other Section 327 professional. Alessandra Stivelman, Esq., partner at Eisinger, Brown, Lewis, Frankel, & Chaiet P.A., attests that Eisinger Law does not have any connection with the Debtor's creditors or other parties in interest or their respective counsel. Eisinger Law does not represent any interest adverse to the Debtor. The firm can be reached through: Alessandra Stivelman, Esq. Eisinger, Brown, Lewis, Frankel, & Chaiet P.A. 4000 Hollywood Blvd, Suite 265 South Hollywood, FL 33021 About Sixty Sixty Condominium Association, Inc Sixty Sixty Condominium (the "Condominium") is a mixed-use hotel/residential building located at 6060 Indian Creek Drive in Miami Beach, Florida. It is a not-for-profit corporation. It is responsible for, among other things, the management, operation, and maintenance of the Condominium's "Common Elements", and other obligations imposed by state statute. Sixty Sixty Condominium Association, Inc., based in Miami Beach, Florida, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 16-26187) on December 5, 2016, listing $100,000 to $500,000 in total assets, and $1 million to $10 million in liabilities. The petition was signed by Maria Velez, president of the Board of Directors. The Hon. Robert A Mark presides over the case. Brett D. Lieberman, Esq., at Messana, P.A., represents the Debtor as counsel. SORENSEN COMMS: CaptionCall Guarantee Prompts Moody's B2 Rate Hike ------------------------------------------------------------------ Moody's Investors Service upgraded Sorenson Communications, LLC's credit ratings. The Corporate Family rating ("CFR") was upgraded to B2 from Caa1, the Probability of Default rating ("PDR") was upgraded to B2-PD from Caa1-PD, and the senior secured first lien rating was upgraded to Ba2 from B2. The ratings outlook remains stable. On January 5, 2017, Sorenson announced that its wholly-owned subsidiary CaptionCall, LLC ("CaptionCall") was added as a borrower and guarantor of the senior secured first lien term loan. Issuer: Sorenson Communications, LLC. Upgrades: Corporate Family Rating, upgraded to B2 from Caa1 Probability of Default Rating, upgraded to B2-PD from Caa1-PD Senior Secured Term Loan due 2020, upgraded to Ba2 (LGD2) from B2 (LGD2) Outlook: Remains Stable RATINGS RATIONALE The upgrade of the CFR to B2 from Caa1 reflects the addition of the CaptionCall business to the credit group. The addition of CaptionCall increases Sorenson's revenue size and operating scope while reducing anticipated 2017 debt to EBITDA to less than 5 times from about 7 times beforehand. Sorenson has a dominant and stable Video Relay Service ("VRS") market share, high customer growth in its CaptionCall captioned telephone service business and EBITA margins expected to remain in excess of 30%. Moody's anticipates debt to EBITDA around 4.7 times and EBITA to interest around 1.75 times, which are solid credit metrics for the B2 rating category. Free cash flow and interest coverage are limited by the high interest rates on Sorenson's outstanding $365 million senior secured 2nd term loan and about $214 million 13.85% senior unsecured notes; neither of these debt instruments are rated. Sorenson repurchased $35 million of face value of the 13.85% senior unsecured notes in December 2016. We expect stable U.S. Federal Communications Commission ("FCC") tariff rates in the VRS and captioned telephone service businesses, but the risk of unfavorable tariff rate developments weighs on the ratings. Moody's expects Sorenson's VRS revenue and profits to remain pressured, driven by the requirements of the FCC's order dated June 2013 that mandated rates today which are more than 35% lower than where they stood in 2013 and other requirements for VRS providers. CaptionCall revenues are expected to grow by approximately 30% in the near term, with growth rates trending down toward 20% in the medium term as the market for captioned telephone devices becomes more mature. Unresolved patent litigation involving CaptionCall and its primary competitor also pressures the rating, although Moody's notes that Sorenson has already pledged cash to secure a large judgment against it. Liquidity from over $50 million of unrestricted cash and Moody's expectations for at least some free cash flow in every fiscal quarter is considered good. There are no material debt repayment requirements until 2020. All financial metrics cited reflect Moody's standard adjustments. The stable rating outlook reflects Moody's expectations for 4% to 6% revenue growth, solid mid-30% EBITA margins and free cash flow to debt between 2% to 3%. The ratings could be lowered if Moody's anticipates: 1) declining VRS or captioned telephone service tariff rates; 2) debt to EBITDA will be sustained above 5.5 times; 3) diminished liquidity; or 4) aggressive financial policies. Higher ratings are possible if Moody's anticipates 1) debt to EBITDA will remain below 4.5 times; 2) EBITA to Interest will stay above 2 times; 3) free cash flow to debt around 8%; and 4) stable equity ownership committed to balanced financial policies. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. Sorenson provides of IP-based video communication technology and services to the deaf and hard of hearing. Most of the company's revenue is generated by providing VRS, which connects deaf telephone customers to hearing people and an American Sign Language interpreter via videophones. The service is provided free of charge to qualified deaf individuals as mandated by the Americans with Disabilities Act of 1990. VRS technology allows deaf people to communicate using American Sign Language and is paid for by the FCC through the Telecommunications Relay Services Fund. Sorenson is controlled by investors including affiliates of GSO Capital Partners L.P., Franklin Templeton Investments and Solus Alternative Asset Management LP. Moody's expects 2017 revenue of over $650 million. SPEEDYSIGNS.COM INC: Court Approves Disclosure Statement -------------------------------------------------------- The Hon. Paul M. Glenn of the U.S. Bankruptcy Court for the Middle District of Florida approved on Jan. 3, 2017, has approved SpeedySigns.com, Inc.'s disclosure statement datd Sept. 11, 2016, referring to the Debtor's plan of reorganization. About SpeedySigns.com Inc. SpeedySigns.com, Inc., filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 15-05031) on Nov. 16, 2015. Anthony W. Chauncey, Esq., at The Chauncey Law Firm, PA, serves as the Debtor's bankruptcy counsel. The case is assigned to Judge Paul M. Glenn. TAMARACK CONDOMINIUM: Unsecureds To Recoup 5%-10% Under Plan ------------------------------------------------------------ Tamarack Condominium Association, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Georgia a first amended disclosure statement dated Dec. 28, 2016, for the Debtor's plan of reorganization. The Debtor will pay all claims from the Debtor's collection of assessments and associated fees, rental income from units owned by the Debtor, and sales (in the sole discretion of the board of directors) of units owned by the Debtor. The Plan provides funding for the Plan from the collection of ongoing dues and closings. In the event the Debtor's estate is liquidated, the unsecured creditors would receive approximately 5% to 10% of their claims, assuming the Debtor could find a purchaser for its receivables. This is an estimate based upon the Debtor's opinion of the liquidation value of units that it may receive in settlement with DeKalb County and sale proceeds of accounts receivables and judgments. The First Amended Disclosure Statement is available at: http://bankrupt.com/misc/ganb15-71565-70.pdf As reported by the Troubled Company Reporter on Nov. 8, 2016, the Debtor filed with the Court a plan of reorganization and accompanying disclosure statement, which propose that general unsecured creditors be paid $5,000 quarterly for a total of $100,000. The secured claim of Lipshutz Greenblatt, LLC, is secured by liens on the three units owned by the Debtor at the Petition Date. Lipshutz Greenblatt will retain its liens and will be paid at the time and in the amount as may be generated by sales of the condominium units. Tamarack Condominium Association, Inc., filed a Chapter 11 petition (Bankr. N.D. Ga. Case No. 15-71565) on November 6, 2015, and is represented by Herbert C. Broadfoot II, Esq., at Herbert C. Broadfoot II, PC, in Atlanta, Georgia. TENDER LOVING: Gets Approval of Plan to Exit Bankruptcy ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved the plan of Tender Loving Home Health Care, Inc., to exit Chapter 11 protection. In the same filing, the court also gave final approval to the disclosure statement, which explains TLH's restructuring plan. Under the plan, general unsecured creditors will get about 10% of their claims. TLH will make 20 distributions, each in the sum of $2,148, to these creditors, which assert a total of $429,457 in claims. A copy of the court order is available without charge at https://is.gd/twghCD About Tender Loving Home Tender Loving Home Health Care, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Penn. Case No. 15-23759) on Oct. 14, 2015. Christopher M. Frye, Esq., at Steidl & Steinberg serves as the Debtor's bankruptcy counsel. THAMAR LI: Hearing on Disclosure Statement Set For Feb. 16 ---------------------------------------------------------- The Hon. Edward A. Godoy of the U.S. Bankruptcy Court for the District of Puerto Rico will hold on Feb. 16, 2017, at 9:30 a.m. a hearing to consider the approval of the disclosure statement filed by Thamar Li Construction & Rental Corp. As reported by the Troubled Company Reporter, the Debtor's unsecured creditors will get 16.92 % of their claims under the proposed plan to exit Chapter 11 protection. The Plan proposes to pay Class 3 general unsecured creditors 16.92 % of their claims pro rata over five years. Thamar Li Construction & Rental Corp. filed a Chapter 11 petition (Bankr. D.P.R. Case No. 16-05930), on July 27, 2016, listing under $1 million in both assets and liabilities. Nydia Gonzalez Ortiz, Esq., at Santiago & Gonzalez, serves as counsel to the Debtor. TOO FAST APPAREL: Seeks to Employ Friedman as Accountant -------------------------------------------------------- Too Fast Apparel, LLC tells the U.S. Bankruptcy Court for the District of New Jersey that it needs the services of an accountant to assist in preparing tax returns, monthly operating reports and a Plan of Reorganization. Accordingly, Too Fast Apparel seeks Court authority to employ Joseph B. Friedman, CPA, to serve as accountant for the debtor-in possession. Services will be rendered on an hourly basis. Friedman's current billing rate is $275.00 per hour. To the best of the applicant's knowledge, Friedman does not hold an adverse interest to the estate; does not represent an adverse interest to the estate; is a disinterested person under 11 U.S.C. Sec. 327(e); and does not represent or hold any interest adverse to the debtor or the estate to the matter for which he/she will be retained under 11 U.S.C. Sec. 327(e). The Accountant may be reached at: Joseph B Friedman, CPA 414 Browning Lane Cherry Hill, NJ 080003 About Too Fast Apparel, LLC Too Fast Apparel, LLC, filed a chapter 11 petition (Bankr. D.N.J. Case No. 16-29175) on Oct. 6, 2016. The petition was signed by Maureen Keough, member. The Debtor is represented by Ira Deiches, Esq., at Deiches & Ferschmann. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. TRILOGY DIAGNOSTICS: Case Summary & 12 Unsecured Creditors ---------------------------------------------------------- Debtor: Trilogy Diagnostics LLC 2263 Valdina Drive Dallas, TX 75207 Case No.: 17-30128 Chapter 11 Petition Date: January 6, 2017 Court: United States Bankruptcy Court Northern District of Texas (Dallas) Judge: Hon. Harlin DeWayne Hale Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 12720 Hillcrest Road, Suite 625 Dallas, TX 75230 Tel: (972) 503-4033 Fax: (972) 503-4034 E-mail: joyce@joycelindauer.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Angelia Fuller, authorized representative. A copy of the Debtor's list of 12 unsecured creditors is available for free at http://bankrupt.com/misc/txnb17-30128.pdf U.S. EDGE: Disclosures Okayed, Plan Hearing on Feb. 14 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts will consider approval of the Chapter 11 plan of reorganization of U.S. Edge, Inc. at a hearing on Feb. 14, at 11:30 a.m. The hearing will be held at the U.S. Bankruptcy Court, Courtroom 3, 5 Post Office Square, Boston, Massachusetts. The court had earlier approved U.S. Edge's disclosure statement, allowing the company to start soliciting votes from creditors. The Dec. 22 order set a Feb. 2 deadline for creditors to cast their votes and file their objections. Marques C. Lipton, Esq. Law Offices of Nicholas F. Ortiz, P.C. 99 High Street, Suite 304 Boston, MA 02110 Tel: 617-338-9400 Fax: 617-507-3456 Email: nfo@mass-legal.com About U.S. Edge Inc. U.S. Edge Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 15-11833) on May 7, 2015. The petition was signed by Michael Baker, president. The case is assigned to Judge Frank J. Bailey. At the time of the filing, the Debtor estimated assets of less than $100,000 and liabilities of less than $1 million. UNITED REHABILITATION: Disclosures Okayed, Plan Hearing on Feb. 2 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania will consider approval of the Chapter 11 plan of United Rehabilitation Services, Inc., at a hearing on Feb. 2, at 9:30 a.m. The hearing will be held at Max Rosenn U.S. Courthouse, Courtroom No. 2, 197 South Main Street, Wilkes-Barre, Pennsylvania. The court had earlier approved the disclosure statement, allowing URSI to start soliciting votes from creditors. The Dec. 21 order set a Jan. 25 deadline for creditors to cast their votes and file their objections. Under the proposed plan, URSI will make a lump sum distribution to creditors in the amount of no less than $625,000. After paying priority claims, URSI will distribute the balance pro rata to general unsecured creditors. About United Rehabilitation The United Rehabilitation Services filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 15-05147) on Nov. 30, 2015. United continues as a debtor in possession at this time. The Hon. John J Thomas presides over the case. Lisa M. Doran, Esq., at Doran & Doran, P.C., serves as the Debtor's counsel. UP FIELDGATE: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor affiliates filing separate Chapter 11 bankruptcy petitions: Debtor Case No. ------ -------- UP Fieldgate US Investments--Fashion Square, LLC 17-00088 33201 E Colonial Dr Orlando, FL 82803 UP Development Key West Holdings, LLC 17-00090 33201 E Colonial Drive Orlando, FL 32803 Type of Business: Chapter 11 Petition Date: January 6, 2017 Court: United States Bankruptcy Court Middle District of Florida (Orlando) Judge: Hon. Cynthia C. Jackson Debtors' Counsel: Scott R. Shuker, Esq. LATHAM, SHUKER, EDEN & BEAUDINE, LLP Post Office Box 3353 Orlando, FL 32802 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: bknotice@lseblaw.com Estimated Estimated Assets Liabilities --------- ----------- UP Fieldgate $10M-$50M $10M-$50M UP Development $1M-$10M $10M-$50M The petition was signed by Scott D. Fish, manager/member. A. List of UP Fieldgate's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Beshears & Associates Appraisal $4,000 Blown Away Maintenance $24,610 Cintas Housekeeping $6,799 Supplies City of Orlando Fees $4,900 Express Lock Service Maintenance $8,135 FF Maintenance Maintenance $22,000 Services Frank Herring Commission $98,769 FSM Maintenance Maintenance $22,395 Hudson Air Conditioning HVAC Services $11,205 Johnson Real Estate Law, PA Legal Services $25,138 Martin Roofing Services Roofing $63,703 Maintenance Mike Atwood Excavating Demolition $83,500 services MMM Lakewood, LLP Ground Rent $59,312 Orlando Utilities Commission Utilities $53,768 Robert Trotman Commissions $98,769 Schmid Construction Construction $48,500 Services Sears Ground Rent $13,498 Seritage SRC Finance, LLC Ground Rent $148,476 Sloane & Johnson, PLLC Legal Services $131,337 Wragg & Casas Public Services $12,000 Relations Inc. B. List of UP Development's Three Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Monroe County Tax Collector Real Property $64,337 Taxes Monroe County Tax Collector Real Property $62,887 Taxes Monroe County Tax Collector Real Property $61,024 Taxes VANGUARD NATURAL: Makes $37.5M Borrowing Base Deficiency Payment ---------------------------------------------------------------- Vanguard Natural Resources, LLC paid the second $37.5 million deficiency payment installment under the Senior Secured Reserve-Based Credit Facility on Jan. 3, 2017. In connection with this planned payment, Vanguard completed a monetization of substantially all of its commodity and interest rate hedges with net proceeds totaling $11.7 million on Dec. 19, 2016. The Company used these net proceeds along with $6 million in net proceeds from recent asset sales and $19.8 million from cash on hand to make this $37.5 million deficiency payment. As of Jan. 4, 2017, there were approximately $1.25 billion of outstanding borrowings under the Credit Facility with a current borrowing base of $1.1 billion resulting in a borrowing base deficiency of $150 million under the Credit Facility. The remaining $150 million borrowing base deficiency is required to be paid in four equal monthly installments of $37.5 million beginning on Feb. 2, 2017. The Company continues to believe that current cash flow from operations will not be sufficient to pay the remaining borrowing base deficiency installments on the Credit Facility. The Company intends to actively consider all available options including continued dialogue with potential new investors and existing creditors about longer term balance sheet solutions. About Vanguard Natural Resources Vanguard Natural Resources, LLC -- http://www.vnrllc.com/-- is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties. Vanguard's assets consist primarily of producing and non-producing oil and natural gas reserves located in the Green River Basin in Wyoming, the Permian Basin in West Texas and New Mexico, the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama, the Anadarko Basin in Oklahoma and North Texas, the Piceance Basin in Colorado, the Big Horn Basin in Wyoming and Montana, the Arkoma Basin in Arkansas and Oklahoma, the Williston Basin in North Dakota and Montana, the Wind River Basin in Wyoming, and the Powder River Basin in Wyoming. As of Sept. 30, 2016, Vanguard had $1.54 billion in total assets, $2.28 billion in total liabilities and a total members' deficit of $736.8 million. * * * In August 2016, S&P Global Ratings raised the corporate credit rating on Houston-based exploration and production company Vanguard to 'CCC-' from 'SD'. "The rating action follows Vanguard's partial exchange of its 7.875% unsecured notes maturing in 2020 for new 7% senior secured second-lien notes maturing in 2023 at less than par," said S&P Global Ratings analyst David Lagasse. "We viewed this transaction as a distressed exchange." VAPOR CORP: Dismisses Marcum LLP as Accountants ----------------------------------------------- The Audit Committee of Vapor Corp. recently completed a competitive process to determine what firm would serve as the Company's independent registered public accounting firm for the year ended Dec. 31, 2016. On Dec. 29, 2016, the Audit Committee determined to dismiss Marcum LLP as the Company's independent registered public accounting firm effective immediately. The report of Marcum on the Company's consolidated financial statements as of and for the years ended Dec. 31, 2015, and 2014 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that such report included an explanatory paragraph with regard to uncertainty as to the Company's ability to continue as a going concern. The Company said that during the years ended Dec. 31, 2014, and 2015, and through Dec. 29, 2016, there were no (a) disagreements with Marcum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to Marcum's satisfaction, would have caused Marcum to make reference to the subject matter thereof in connection with its reports for such years; or (b) reportable events, as described under Item 304(a)(1)(v) of Regulation S-K. About Vapor Corp Vapor Corp. operates 20 vape stores in the Southeastern United States and online where it sells vaporizers, liquids for vaporizers and e-cigarettes. The Company also designs, markets and distributes electronic cigarettes, vaporizers, e-liquids and accessories under the Vapor X, Hookah Stix, Vaporin, Krave, and Honey Stick brands. "Electronic cigarettes" or "e-cigarettes," and "vaporizers" are battery-powered products that enable users to inhale nicotine vapor without fire, smoke, tar, ash, or carbon monoxide. The Company also designs and develops private label brands for its distribution customers. Third party manufacturers manufacture the Compoany's products to meet its design specifications. The Company markets its products as alternatives to traditional tobacco cigarettes and cigars. In 2014, as a response to market product demand changes, Vapor began to shift its primary focus from electronic cigarettes to vaporizers. Vapor Corp reported a net loss allocable to common shareholders of $36.26 million in 2015 following a net loss allocable to common shareholders of $13.85 million in 2014. As of Sept. 30, 2016, Vapor Corp. had $20.76 million in total assets, $48.72 million in total liabilities and a total stockholders' deficit of $27.95 million. Marcum LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that Company has incurred net losses and needs to raise additional funds to meet its obligations and sustain its operations. In addition, the Company currently does not have enough authorized common shares to settle all of its outstanding warrants if those warrants were exercised pursuant to their cashless exercise provisions. As a result, the Company could be required to settle a portion of these warrants with cash. These conditions, the auditors said, raise substantial doubt about the Company's ability to continue as a going concern. WISPER II: Pretrial Conference on Plan Approval Set for Feb. 16 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee is set to hold a pretrial conference on confirmation of the Chapter 11 plan of Wisper II, LLC on Feb. 16, 2017, at 9:30 a.m. The conference will be held at Courtroom 342, 111 South Highland Avenue, Jackson, Tennessee. The court had earlier approved Wisper's revised disclosure statement filed on Dec. 19 last year, allowing the company to start soliciting votes from creditors. The order set a Feb. 6, deadline for creditors to cast their votes and file their objections. About Wisper II Wisper II, LLC, filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tenn. Case No. 16-10594) on March 29, 2016. The petition was signed by Thomas P. Farrell, general manager. The Debtor is a Tennessee limited liability company which is in the business of providing wireless internet access service to customers in a large area of West Tennessee. Its principal place of business is at 1378 N. Cavalier Drive, Alamo, Tennessee 38001. The Debtor's principal assets consist of its customer accounts, leasehold interests relating to tower leases and ownership of towers, and equipment related to providing wireless internet service. The Debtor is the successor to a Tennessee Limited Liability Company Wisper, LLC, formed on Sept. 21, 2009. It filed for Chapter 11 bankruptcy protection in 2013. On Jan. 27, 2014, the Court confirmed a Plan of Reorganization filed by certain creditors. Pursuant to the confirmed Plan, Wisper II was formed and certain unsecured creditors converted all or part of their unsecured claims into membership interests in Wisper II. Wisper II started its operations on Feb 5, 2014. The Debtor is represented by Michael P. Coury, Esq., at Glankler Brown PLLC. The case is assigned to Judge Jimmy L. Croom. The Debtor estimated both assets and liabilities in the range of $1 million to $10 million. No official committee of unsecured creditors has been appointed in the Chapter 11 case of Wisper II, LLC. ZAYO GROUP: Moody's Assigns Ba2 to New Term Loan & B3 to New Notes ------------------------------------------------------------------ Moody's Investors Service has assigned a Ba2 (LGD2) rating to Zayo Group, LLC's $650 million Term Loan B and a B3 (LGD5) rating to its proposed $800 million senior unsecured notes. The proceeds will be used to prefund Zayo's proposed $1.4 billion purchase of Electric Lightwave, Inc. (EL) (formerly Integra Telecom, Inc. (B3 stable)). The ratings are in line with Zayo's existing ratings for each class of debt as Moody's expects no material change in collateral, security, ranking, or other terms. The transaction is anticipated to close in early 2017. Assignments: Issuer: Zayo Group, LLC Senior Secured Bank Credit Facility, Assigned Ba2 (LGD2) Senior Unsecured Regular Bond/Debenture, Assigned B3 (LGD5) RATINGS RATIONALE Zayo's B2 corporate family rating reflects its revenue growth, stable base of contracted recurring revenues and valuable fiber optic network assets. Zayo is well positioned for continued growth from strong bandwidth demand from both carrier and enterprise customers. Management has demonstrated its ability to execute a high quantity of both small and large acquisitions and achieve (or exceed) projected merger benefits. Although Zayo's aggressive M&A stance is generally credit negative, management's skill in navigating these transactions does offset a meaningful amount of this risk. Even still, Zayo's most recent acquisition of Electric Lightwave (EL) will introduce higher execution risk than prior deals due to the mix of acquired revenues and declining business segments. The rating is constrained by Zayo's high leverage of around 5.5x (Moody's adjusted and pro-forma from the pending Electric Lightwave acquisition) and the company's history of frequent debt-financed acquisitions. Zayo's business model requires heavy capital investment and is susceptible to customer churn, both of which pressure free cash flow. And, in addition to increasing its credit risk, Zayo's serial debt financed acquisition activity has also led to poor visibility into the company's organic growth and steady state cost structure. Moody's could upgrade Zayo's ratings if adjusted leverage approaches 4.5x and FCF/Debt is sustained around 10%. Downward rating pressure could develop if liquidity deteriorates or if capital intensity increases such that Zayo is unable to generate sustainable positive free cash flow or if leverage exceeds 6x on a sustained basis. The principal methodology used in these ratings was Global Communications Infrastructure Rating Methodology published in June 2011. Headquartered in Boulder, Colorado, Zayo Group is a provider of bandwidth infrastructure and network-neutral interconnection services with significant fiber network assets and international reach. 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COMMUNICATION CSAL US 3,217.5 (1,287.0) - CONTURA ENERGY I CNTE US 827.7 (4.6) 56.6 CPI CARD GROUP I PMTS US 270.7 (89.0) 58.7 CPI CARD GROUP I PNT CN 270.7 (89.0) 58.7 CPI CARD GROUP I CPB GR 270.7 (89.0) 58.7 DELEK LOGISTICS DKL US 393.2 (14.0) 4.8 DELEK LOGISTICS D6L GR 393.2 (14.0) 4.8 DENNY'S CORP DENN US 297.7 (53.8) (48.1) DENNY'S CORP DE8 GR 297.7 (53.8) (48.1) DOMINO'S PIZZA EZV QT 676.6 (1,936.1) 62.1 DOMINO'S PIZZA EZV TH 676.6 (1,936.1) 62.1 DOMINO'S PIZZA EZV GR 676.6 (1,936.1) 62.1 DOMINO'S PIZZA DPZ US 676.6 (1,936.1) 62.1 DUN & BRADSTREET DB5 GR 2,016.9 (1,054.3) (151.7) DUN & BRADSTREET DB5 TH 2,016.9 (1,054.3) (151.7) DUN & BRADSTREET DNB1EUR EU 2,016.9 (1,054.3) (151.7) DUN & BRADSTREET DNB US 2,016.9 (1,054.3) (151.7) DUNKIN' BRANDS G DNKNEUR EU 3,145.6 (167.2) 181.6 DUNKIN' BRANDS G 2DB GR 3,145.6 (167.2) 181.6 DUNKIN' BRANDS G DNKN US 3,145.6 (167.2) 181.6 DUNKIN' BRANDS G 2DB TH 3,145.6 (167.2) 181.6 EASTMAN KODAK CO KODK US 1,981.0 (23.0) 814.0 EASTMAN KODAK CO KODN GR 1,981.0 (23.0) 814.0 ENERGIZER HOLDIN EGG GR 1,731.5 (30.0) 356.4 ENERGIZER HOLDIN ENR-WEUR EU 1,731.5 (30.0) 356.4 ENERGIZER HOLDIN ENR US 1,731.5 (30.0) 356.4 ERIN ENERGY CORP ERN US 342.4 (161.2) (255.1) ERIN ENERGY CORP ERN SJ 342.4 (161.2) (255.1) FAIRMOUNT SANTRO FMSA US 1,239.0 (13.3) 284.0 FAIRMOUNT SANTRO FM1 GR 1,239.0 (13.3) 284.0 FAIRMOUNT SANTRO FMSAEUR EU 1,239.0 (13.3) 284.0 FAIRPOINT COMMUN FONN GR 1,248.8 (41.0) 11.0 FAIRPOINT COMMUN FRP US 1,248.8 (41.0) 11.0 FERRELLGAS-LP FGP US 1,667.2 (746.9) (123.1) FERRELLGAS-LP FEG GR 1,667.2 (746.9) (123.1) FORESIGHT ENERGY FELP US 1,735.8 (70.0) 55.4 FORESIGHT ENERGY FHR GR 1,735.8 (70.0) 55.4 GAMCO INVESTO-A GBL US 121.3 (199.1) - GARTNER INC IT US 2,277.7 (10.5) (171.5) GARTNER INC GGRA GR 2,277.7 (10.5) (171.5) GCP APPLIED TECH 43G GR 1,061.0 (118.4) 282.5 GCP APPLIED TECH GCP US 1,061.0 (118.4) 282.5 GENESIS HEALTHCA SH11 GR 5,886.6 (771.5) 237.4 GENESIS HEALTHCA GEN US 5,886.6 (771.5) 237.4 GIYANI GOLD CORP GGC NW 1.7 (0.4) (0.5) GOGO INC G0G GR 1,224.2 (18.0) 398.4 GOGO INC GOGO US 1,224.2 (18.0) 398.4 GREEN PLAINS PAR GPP US 88.9 (67.0) 3.5 GREEN PLAINS PAR 8GP GR 88.9 (67.0) 3.5 GUIDANCE SOFTWAR GUID US 74.8 (1.1) (20.9) GUIDANCE SOFTWAR ZTT GR 74.8 (1.1) (20.9) H&R BLOCK INC HRB QT 2,082.2 (557.5) 268.6 H&R BLOCK INC HRBEUR EU 2,082.2 (557.5) 268.6 H&R BLOCK INC HRB US 2,082.2 (557.5) 268.6 H&R BLOCK INC HRB GR 2,082.2 (557.5) 268.6 H&R BLOCK INC HRB TH 2,082.2 (557.5) 268.6 HALOZYME THERAPE HALOEUR EU 282.5 (12.0) 219.9 HALOZYME THERAPE RV7 QT 282.5 (12.0) 219.9 HALOZYME THERAPE HALO US 282.5 (12.0) 219.9 HALOZYME THERAPE RV7 GR 282.5 (12.0) 219.9 HCA HOLDINGS INC HCA US 33,127.0 (6,163.0) 3,688.0 HCA HOLDINGS INC HCAEUR EU 33,127.0 (6,163.0) 3,688.0 HCA HOLDINGS INC 2BH QT 33,127.0 (6,163.0) 3,688.0 HCA HOLDINGS INC 2BH TH 33,127.0 (6,163.0) 3,688.0 HCA HOLDINGS INC 2BH GR 33,127.0 (6,163.0) 3,688.0 HELIX TCS INC HLIX US 4.3 (1.7) (0.9) HOVNANIAN ENT-B HOVVB US 2,379.4 (128.5) 1,291.2 HOVNANIAN-A-WI HOV-W US 2,379.4 (128.5) 1,291.2 HP COMPANY-BDR HPQB34 BZ 29,010.0 (3,889.0) (340.0) HP INC 7HP TH 29,010.0 (3,889.0) (340.0) HP INC 7HP GR 29,010.0 (3,889.0) (340.0) HP INC HWP QT 29,010.0 (3,889.0) (340.0) HP INC HPQ* MM 29,010.0 (3,889.0) (340.0) HP INC HPQ TE 29,010.0 (3,889.0) (340.0) HP INC HPQCHF EU 29,010.0 (3,889.0) (340.0) HP INC HPQ CI 29,010.0 (3,889.0) (340.0) HP INC HPQUSD SW 29,010.0 (3,889.0) (340.0) HP INC HPQ SW 29,010.0 (3,889.0) (340.0) HP INC HPQ US 29,010.0 (3,889.0) (340.0) IBI GROUP INC IBG CN 271.9 (17.5) 41.6 IMMUNOMEDICS INC IM3 TH 40.6 (73.0) 21.8 IMMUNOMEDICS INC IM3 GR 40.6 (73.0) 21.8 IMMUNOMEDICS INC IMMU US 40.6 (73.0) 21.8 INFOR ACQUISIT-A IAC/A CN 233.1 (3.8) 0.6 INFOR ACQUISITIO IAC-U CN 233.1 (3.8) 0.6 INNOVIVA INC INVA US 370.5 (367.9) 171.2 INNOVIVA INC HVE GR 370.5 (367.9) 171.2 INTERNATIONAL WI ITWG US 324.8 (12.0) 99.6 INTERUPS INC ITUP US 0.0 (2.4) (2.4) IRHYTHM TECHNOLO IRTCEUR EU 28.7 (14.2) 12.5 IRHYTHM TECHNOLO I25 GR 28.7 (14.2) 12.5 IRHYTHM TECHNOLO IRTC US 28.7 (14.2) 12.5 JACK IN THE BOX JBX GR 1,348.8 (217.2) (124.2) JACK IN THE BOX JACK1EUR EU 1,348.8 (217.2) (124.2) JACK IN THE BOX JACK US 1,348.8 (217.2) (124.2) JUST ENERGY GROU 1JE GR 1,321.4 (376.8) (289.1) JUST ENERGY GROU JE US 1,321.4 (376.8) (289.1) JUST ENERGY GROU JE CN 1,321.4 (376.8) (289.1) KADMON HOLDINGS KDMNEUR EU 86.8 (8.8) 26.1 KADMON HOLDINGS KDF GR 86.8 (8.8) 26.1 KADMON HOLDINGS KDMN US 86.8 (8.8) 26.1 KEY ENERGY SERV KEG US 995.6 (163.1) (864.7) L BRANDS INC LTD TH 7,663.0 (1,188.0) 879.0 L BRANDS INC LB* MM 7,663.0 (1,188.0) 879.0 L BRANDS INC LTD QT 7,663.0 (1,188.0) 879.0 L BRANDS INC LB US 7,663.0 (1,188.0) 879.0 L BRANDS INC LBEUR EU 7,663.0 (1,188.0) 879.0 L BRANDS INC LTD GR 7,663.0 (1,188.0) 879.0 LANTHEUS HOLDING LNTH US 255.0 (121.2) 71.3 LANTHEUS HOLDING 0L8 GR 255.0 (121.2) 71.3 LEE ENTERPRISES LEE US 689.1 (127.5) (21.8) MADISON-A/NEW-WI MSGN-W US 822.1 (1,080.3) 188.2 MANITOWOC FOOD MFS US 1,817.7 (72.2) 39.5 MANITOWOC FOOD 6M6 GR 1,817.7 (72.2) 39.5 MANITOWOC FOOD MFS1EUR EU 1,817.7 (72.2) 39.5 MANNKIND CORP MNKD IT 96.1 (238.7) (57.2) MCBC HOLDINGS IN MCFT US 83.5 (1.5) (18.9) MCBC HOLDINGS IN 1SG GR 83.5 (1.5) (18.9) MCDONALDS - BDR MCDC34 BZ 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MDO GR 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCDUSD SW 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MDO TH 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCD* MM 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCD CI 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCD TE 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCD SW 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MDO QT 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCDCHF EU 32,486.9 (1,624.1) (174.6) MCDONALDS CORP MCD US 32,486.9 (1,624.1) (174.6) MCDONALDS-CEDEAR MCD AR 32,486.9 (1,624.1) (174.6) MDC COMM-W/I MDZ/W CN 1,642.3 (451.7) (319.2) MDC PARTNERS-A MDCAEUR EU 1,642.3 (451.7) (319.2) MDC PARTNERS-A MDZ/A CN 1,642.3 (451.7) (319.2) MDC PARTNERS-A MDCA US 1,642.3 (451.7) (319.2) MDC PARTNERS-A MD7A GR 1,642.3 (451.7) (319.2) MDC PARTNERS-EXC MDZ/N CN 1,642.3 (451.7) (319.2) MEAD JOHNSON 0MJA GR 4,193.7 (438.7) 1,555.7 MEAD JOHNSON MJN US 4,193.7 (438.7) 1,555.7 MEAD JOHNSON 0MJA TH 4,193.7 (438.7) 1,555.7 MEAD JOHNSON MJNEUR EU 4,193.7 (438.7) 1,555.7 MEDLEY MANAGE-A MDLY US 116.6 (23.4) 35.7 MERITOR INC MTOR US 2,494.0 (186.0) 148.0 MERITOR INC AID1 GR 2,494.0 (186.0) 148.0 MERITOR INC MTOREUR EU 2,494.0 (186.0) 148.0 MERRIMACK PHARMA MP6 QT 118.4 (227.1) 1.3 MERRIMACK PHARMA MACKEUR EU 118.4 (227.1) 1.3 MERRIMACK PHARMA MP6 GR 118.4 (227.1) 1.3 MERRIMACK PHARMA MACK US 118.4 (227.1) 1.3 MICHAELS COS INC MIK US 2,291.5 (1,659.5) 576.1 MICHAELS COS INC MIM GR 2,291.5 (1,659.5) 576.1 MICROBOT MEDICAL STEM1EUR EU 2.1 (2.1) (1.4) MICROBOT MEDICAL MBOT US 2.1 (2.1) (1.4) MICROBOT MEDICAL CY9C GR 2.1 (2.1) (1.4) MICROBOT MEDICAL CY9B TH 2.1 (2.1) (1.4) MIDSTATES PETROL MPO US 695.7 (1,533.1) 1.8 MONEYGRAM INTERN MGI US 4,426.1 (208.5) 2.7 MOODY'S CORP DUT GR 5,019.3 (357.9) 1,614.4 MOODY'S CORP DUT TH 5,019.3 (357.9) 1,614.4 MOODY'S CORP MCOEUR EU 5,019.3 (357.9) 1,614.4 MOODY'S CORP MCO US 5,019.3 (357.9) 1,614.4 MOTOROLA SOLUTIO MTLA TH 8,619.0 (648.0) 1,643.0 MOTOROLA SOLUTIO MOT TE 8,619.0 (648.0) 1,643.0 MOTOROLA SOLUTIO MSI US 8,619.0 (648.0) 1,643.0 MOTOROLA SOLUTIO MTLA GR 8,619.0 (648.0) 1,643.0 MSG NETWORKS- A MSGNEUR EU 822.1 (1,080.3) 188.2 MSG NETWORKS- A 1M4 TH 822.1 (1,080.3) 188.2 MSG NETWORKS- A 1M4 GR 822.1 (1,080.3) 188.2 MSG NETWORKS- A MSGN US 822.1 (1,080.3) 188.2 NANOSTRING TECHN NSTG US 102.3 (6.6) 61.9 NANOSTRING TECHN 0F1 GR 102.3 (6.6) 61.9 NANOSTRING TECHN NSTGEUR EU 102.3 (6.6) 61.9 NATHANS FAMOUS NATH US 75.6 (67.9) 54.9 NATHANS FAMOUS NFA GR 75.6 (67.9) 54.9 NATIONAL CINEMED XWM GR 1,029.8 (181.3) 75.4 NATIONAL CINEMED NCMI US 1,029.8 (181.3) 75.4 NAVIDEA BIOPHARM NAVB IT 11.2 (63.8) (54.3) NAVISTAR INTL NAV US 5,653.0 (5,293.0) 556.0 NAVISTAR INTL IHR TH 5,653.0 (5,293.0) 556.0 NAVISTAR INTL IHR QT 5,653.0 (5,293.0) 556.0 NAVISTAR INTL IHR GR 5,653.0 (5,293.0) 556.0 NEFF CORP-CL A NEFF US 673.2 (150.2) 19.8 NEFF CORP-CL A NFO GR 673.2 (150.2) 19.8 NEKTAR THERAPEUT NKTR US 425.1 (67.9) 206.2 NEKTAR THERAPEUT ITH GR 425.1 (67.9) 206.2 NEW ENG RLTY-LP NEN US 192.7 (30.9) - NORTHERN OIL AND NOG US 410.4 (476.1) (26.3) OCH-ZIFF CAPIT-A OZM US 1,388.3 (251.3) - OCH-ZIFF CAPIT-A 35OA GR 1,388.3 (251.3) - OMEROS CORP OMER US 72.8 (22.8) 44.6 OMEROS CORP 3O8 TH 72.8 (22.8) 44.6 OMEROS CORP 3O8 GR 72.8 (22.8) 44.6 OMEROS CORP OMEREUR EU 72.8 (22.8) 44.6 ONCOMED PHARMACE O0M GR 218.2 (3.2) 157.2 ONCOMED PHARMACE OMED US 218.2 (3.2) 157.2 OPHTH0TECH CORP O2T GR 350.6 (36.6) 289.8 OPHTH0TECH CORP OPHT US 350.6 (36.6) 289.8 PAPA JOHN'S INTL PZZA US 498.8 (2.8) 17.6 PAPA JOHN'S INTL PP1 GR 498.8 (2.8) 17.6 PENN NATL GAMING PN1 GR 5,251.7 (553.9) (199.9) PENN NATL GAMING PENN US 5,251.7 (553.9) (199.9) PERNIX THERAPEUT PTXEUR EU 374.2 (30.1) 7.1 PHILIP MORRIS IN 4I1 GR 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN 4I1 TH 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PM1EUR EU 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PM FP 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN 4I1 QT 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PM US 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PMI1 IX 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PMI EB 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PMI SW 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PM1CHF EU 35,577.0 (10,317.0) 2,316.0 PHILIP MORRIS IN PM1 TE 35,577.0 (10,317.0) 2,316.0 PINNACLE ENTERTA PNK US 4,101.2 (356.9) (120.4) PINNACLE ENTERTA 65P GR 4,101.2 (356.9) (120.4) PLY GEM HOLDINGS PGEM US 1,348.9 (2.9) 310.6 PLY GEM HOLDINGS PG6 GR 1,348.9 (2.9) 310.6 QUINTILES IMS HO QTS GR 4,128.8 (81.9) 1,023.2 QUINTILES IMS HO Q US 4,128.8 (81.9) 1,023.2 REATA PHARMACE-A RETA US 101.8 (212.3) 39.8 REATA PHARMACE-A 2R3 GR 101.8 (212.3) 39.8 REGAL ENTERTAI-A RGC* MM 2,477.6 (861.5) (89.0) REGAL ENTERTAI-A RETA GR 2,477.6 (861.5) (89.0) REGAL ENTERTAI-A RGC US 2,477.6 (861.5) (89.0) RESOLUTE ENERGY REN US 294.9 (339.1) (16.8) RESOLUTE ENERGY RENEUR EU 294.9 (339.1) (16.8) RESOLUTE ENERGY R21 GR 294.9 (339.1) (16.8) REVLON INC-A REV US 3,113.7 (559.6) 457.4 REVLON INC-A RVL1 GR 3,113.7 (559.6) 457.4 RUBICON MINERALS RU7 QT 42.9 (152.0) (178.9) RYERSON HOLDING RYI US 1,643.3 (33.2) 696.4 RYERSON HOLDING 7RY GR 1,643.3 (33.2) 696.4 RYERSON HOLDING 7RY TH 1,643.3 (33.2) 696.4 SALLY BEAUTY HOL S7V GR 2,132.1 (276.2) 684.2 SALLY BEAUTY HOL SBH US 2,132.1 (276.2) 684.2 SANCHEZ ENERGY C SN US 1,185.1 (761.1) 265.1 SANCHEZ ENERGY C 13S TH 1,185.1 (761.1) 265.1 SANCHEZ ENERGY C 13S GR 1,185.1 (761.1) 265.1 SANCHEZ ENERGY C SN* MM 1,185.1 (761.1) 265.1 SANDRIDGE ENERGY SD US 1,886.5 (2,675.5) 585.8 SANDRIDGE ENERGY SA2B TH 1,886.5 (2,675.5) 585.8 SANDRIDGE ENERGY SA2B GR 1,886.5 (2,675.5) 585.8 SANDRIDGE ENERGY SDEUR EU 1,886.5 (2,675.5) 585.8 SBA COMM CORP-A SBJ GR 7,915.7 (1,669.1) 119.4 SBA COMM CORP-A SBAC US 7,915.7 (1,669.1) 119.4 SBA COMM CORP-A SBJ TH 7,915.7 (1,669.1) 119.4 SBA COMM CORP-A SBACEUR EU 7,915.7 (1,669.1) 119.4 SCIENTIFIC GAM-A TJW GR 7,376.6 (1,750.0) 417.1 SCIENTIFIC GAM-A SGMS US 7,376.6 (1,750.0) 417.1 SEARS HOLDINGS SEE GR 10,865.0 (3,375.0) 236.0 SEARS HOLDINGS SEE TH 10,865.0 (3,375.0) 236.0 SEARS HOLDINGS SHLD US 10,865.0 (3,375.0) 236.0 SILVER SPRING NE 9SI TH 437.4 (21.3) 19.2 SILVER SPRING NE SSNI US 437.4 (21.3) 19.2 SILVER SPRING NE SSNIEUR EU 437.4 (21.3) 19.2 SILVER SPRING NE 9SI GR 437.4 (21.3) 19.2 SIRIUS XM CANADA SIICF US 304.7 (135.3) (170.2) SIRIUS XM CANADA XSR CN 304.7 (135.3) (170.2) SIRIUS XM HOLDIN RDO GR 8,422.8 (506.5) (1,860.6) SIRIUS XM HOLDIN RDO TH 8,422.8 (506.5) (1,860.6) SIRIUS XM HOLDIN SIRI US 8,422.8 (506.5) (1,860.6) SONIC CORP SONC US 593.3 (118.2) 33.6 SONIC CORP SONCEUR EU 593.3 (118.2) 33.6 SONIC CORP SO4 GR 593.3 (118.2) 33.6 SUPERVALU INC SJ1 TH 4,361.0 (342.0) 141.0 SUPERVALU INC SVU US 4,361.0 (342.0) 141.0 SUPERVALU INC SJ1 GR 4,361.0 (342.0) 141.0 SYNTEL INC SYE GR 1,705.1 (220.7) 97.2 SYNTEL INC SYNT US 1,705.1 (220.7) 97.2 TABULA RASA HEAL TRHC US 73.9 (2.4) (37.0) TABULA RASA HEAL 43T GR 73.9 (2.4) (37.0) TABULA RASA HEAL TRHCEUR EU 73.9 (2.4) (37.0) TAILORED BRANDS TLRD US 2,175.1 (77.7) 726.2 TAILORED BRANDS WRMA GR 2,175.1 (77.7) 726.2 TAILORED BRANDS TLRD* MM 2,175.1 (77.7) 726.2 TAUBMAN CENTERS TCO US 4,011.2 (44.8) - TAUBMAN CENTERS TU8 GR 4,011.2 (44.8) - TRANSDIGM GROUP T7D QT 10,726.3 (651.5) 2,178.1 TRANSDIGM GROUP TDG SW 10,726.3 (651.5) 2,178.1 TRANSDIGM GROUP T7D GR 10,726.3 (651.5) 2,178.1 TRANSDIGM GROUP TDGEUR EU 10,726.3 (651.5) 2,178.1 TRANSDIGM GROUP TDGCHF EU 10,726.3 (651.5) 2,178.1 TRANSDIGM GROUP TDG US 10,726.3 (651.5) 2,178.1 ULTRA PETROLEUM UPM GR 1,420.2 (2,895.9) 308.6 ULTRA PETROLEUM UPLMQ US 1,420.2 (2,895.9) 308.6 ULTRA PETROLEUM UPLEUR EU 1,420.2 (2,895.9) 308.6 UNISYS CORP UIS1 SW 2,176.1 (1,258.1) 65.8 UNISYS CORP UIS US 2,176.1 (1,258.1) 65.8 UNISYS CORP UISEUR EU 2,176.1 (1,258.1) 65.8 UNISYS CORP USY1 TH 2,176.1 (1,258.1) 65.8 UNISYS CORP USY1 GR 2,176.1 (1,258.1) 65.8 UNISYS CORP UISCHF EU 2,176.1 (1,258.1) 65.8 VALVOLINE INC VVVEUR EU 1,825.0 (330.0) 330.0 VALVOLINE INC 0V4 TH 1,825.0 (330.0) 330.0 VALVOLINE INC 0V4 GR 1,825.0 (330.0) 330.0 VALVOLINE INC VVV US 1,825.0 (330.0) 330.0 VECTOR GROUP LTD VGR QT 1,464.7 (198.6) 566.4 VECTOR GROUP LTD VGR US 1,464.7 (198.6) 566.4 VECTOR GROUP LTD VGR GR 1,464.7 (198.6) 566.4 VERISIGN INC VRSN US 2,298.0 (1,169.2) 312.5 VERISIGN INC VRS QT 2,298.0 (1,169.2) 312.5 VERISIGN INC VRS GR 2,298.0 (1,169.2) 312.5 VERISIGN INC VRS TH 2,298.0 (1,169.2) 312.5 VERSUM MATER VSM US 1,043.8 (103.4) 363.7 VERSUM MATER 2V1 GR 1,043.8 (103.4) 363.7 VERSUM MATER VSMEUR EU 1,043.8 (103.4) 363.7 VERSUM MATER 2V1 TH 1,043.8 (103.4) 363.7 W&T OFFSHORE INC WTI US 832.6 (678.0) (80.1) WEIGHT WATCHERS WTWEUR EU 1,261.4 (1,228.3) (98.6) WEIGHT WATCHERS WW6 TH 1,261.4 (1,228.3) (98.6) WEIGHT WATCHERS WTW US 1,261.4 (1,228.3) (98.6) WEIGHT WATCHERS WW6 GR 1,261.4 (1,228.3) (98.6) WEIGHT WATCHERS WW6 QT 1,261.4 (1,228.3) (98.6) WEST CORP WT2 GR 3,477.3 (491.0) 228.5 WEST CORP WSTC US 3,477.3 (491.0) 228.5 WESTMORELAND COA WME GR 1,719.7 (581.2) (43.5) WESTMORELAND COA WLB US 1,719.7 (581.2) (43.5) WINGSTOP INC WING US 112.3 (79.9) (4.5) WINGSTOP INC EWG GR 112.3 (79.9) (4.5) WINMARK CORP GBZ GR 43.5 (15.7) 13.5 WINMARK CORP WINA US 43.5 (15.7) 13.5 WYNN RESORTS LTD WYR QT 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYNN US 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYNNCHF EU 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYNN SW 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYR GR 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYR TH 10,925.9 (64.4) 626.9 WYNN RESORTS LTD WYNN* MM 10,925.9 (64.4) 626.9 YRC WORLDWIDE IN YEL1 GR 1,870.6 (342.2) 290.1 YRC WORLDWIDE IN YEL1 TH 1,870.6 (342.2) 290.1 YRC WORLDWIDE IN YRCWEUR EU 1,870.6 (342.2) 290.1 YRC WORLDWIDE IN YRCW US 1,870.6 (342.2) 290.1 YUM! BRANDS INC TGR TH 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC YUMEUR EU 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC TGR QT 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC TGR GR 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC YUMUSD SW 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC YUM SW 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC YUMCHF EU 10,432.0 (1,830.0) 1,704.0 YUM! BRANDS INC YUM US 10,432.0 (1,830.0) 1,704.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***