TCR_Public/170117.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 17, 2017, Vol. 21, No. 16

                            Headlines

97 GRAND AVENUE: Deborah Piazza Named Chapter 11 Trustee
AGUA CALIENTE: Fitch Withdraws 'BB' Issuer Default Rating
ALLEN BROTHERS: Feb. 15 Plan Confirmation Hearing
ANDREW L. COLEMAN: Approval of J. Neblett as Ch. 11 Trustee Sought
AVOLON HOLDINGS: Fitch Assigns 'BB' Issuer Default Rating

AYTU BIOSCIENCE: Sabby Reports 4.1% Stake as of Dec. 31
B & L EXCAVATING: Unsecureds To Get 100% in 26 Quarterly Payments
BDP INNOVATIVE: Court Conditionally Approves Disclosure Statement
BGM PASADENA: DOJ Watchdog Directed to Appoint Ch. 11 Trustee
BILL BARRETT: BlackRock Reports 10.9% Equity Stake as of Dec. 31

BILL BARRETT: BlackRock Reports 10.9% Stake as of Dec. 31
BREITBURN ENERGY: Equity Panel Hires Barchan as Consultant
BREITBURN ENERGY: Equity Panel Taps Carl Marks as Fin'l Advisors
BREITBURN ENERGY: Plan Filing Period Extended to March 13
BROOKSIDE CLINICAL: Unsecureds to Get $824 Per Month for 48 Months

BROUGHER INC: Hires Stout Risius as Financial Advisor
CADILLAC NURSING: PCO Files 7th Report
CALIFORNIA RESOURCES: State Street Holds 6.7% Stake as of Dec. 31
CF BROADCASTING: Names David Shook as Bankruptcy Counsel
CHAPARRAL ENERGY: Expands Scope of Grant Thornton's Employment

CHINA FISHERY: Ch. 11 Trustee Taps Quinn Emanuel as Counsel
CLAUDIO TARQUINIO: Feb. 14 Set for Hearing to Appoint Trustee
CLAYTON WILLIAMS: Signs Employment Agreement With VP Marketing
CNO FINANCIAL: Fitch Affirms 'BB+' Rating on 2 Note Tranches
COLUMBUS REGIONAL: Fitch Assigns 'BB+' Rating on $105MM Certs.

COMPCARE MEDICAL: Referrals from Vantage Medical Begin Feb. 2017
COWBOYS FAR WEST: Court OKs Disclosures; Plan Hearing on Jan. 31
CUMULUS MEDIA: CEO Gets $1 Million Performance Bonus
CYTORI THERAPEUTICS: Copy of 2017 Investor Presentation
CYTOSORBENTS CORP: Closes Product Study Amid Enrolling Difficulty

CYTOSORBENTS CORP: Expects to Report 2016 Sales of $8.2 Million
DAKOTA PLAINS: U.S. Trustee Objects to Plan Support Agreement
DAYBREAK OIL: Incurs $735,501 Net Loss in Third Quarter
DEPENDABLE AUTO: Hires Bonds Ellis as Attorneys
DEPENDABLE AUTO: Hires JND as Noticing and Solicitation Agent

DIGNITY & MERCY: U.S. Trustee Directed to Appoint PCO
DORCH COMMUNITY: Ombudsman Files Initial Report
ENERGY TRANSFER: Fitch Affirms 'BB' IDR; Outlook Stable
ENERGY TRANSFER: Fitch Assigns 'BB' Rating on Jr. Sub. Notes
EXACT PLUMBING: To Hire William G Haeberle as Accountant

FEDERAL IDENTIFICATION: Seeks to Hire Archer Tax as Accountant
FREEDOM MARINE: Fla. Judge Dismisses Ch. 11 Bankruptcy Case
GATEWAY ENTERTAINMENT: Hires Robert O Lampl as Special Counsel
GRAFTECH INTERNATIONAL: Jeffrey Dutton Named President & CEO
GRAND & PULASKI: Court Confirms Ch. 11 Plan

GUIDED THERAPEUTICS: Amends Form S-1 Prospectus with SEC
HAMPSHIRE GROUP: Court OKs Sale Procedures for J. Campbell Assets
HANSELL/MITZEL: Hires Cairncross & Hempelmann as Counsel
HARO INVESTMENT: March 8 Disclosure Statement Hearing
HCSB FINANCIAL: Further Amends Form S-1 Resale Prospectus with SEC

HHH CHOICES: Creditors' Panel Taps Farrell Fritz as Counsel
HOLLY RIDGE: Feb. 21 Disclosure Statement Hearing
HOLY NAZARENE DELIVERANCE: Hires Maltz Auctions as Broker
HOMER CITY: Wants Court Authorization to Use Cash Collateral
ILLINOIS INSTITUTE: Fitch Affirms 'BB' Rating on 2 Bond Tranches

INDUSTRIAL RIDE: Taps Resolute Commercial as Financial Advisor
INTERPACE DIAGNOSTICS: Heartland No Longer a Shareholder
INTERPACE DIAGNOSTICS: Sabby Reports 7.5% Stake as of Jan. 3
ION GEOPHYSICAL: Invesco Ltd. Holds 10.6% Stake as of Dec. 30
KANE CLINICS: SunTrust Bank Seeks Ch. 11 Trustee Appointment

LABORATORIO ACROPOLIS: Disclosure Statement Conditionally Approved
LATITUDE 360: Fla. Judge Abates Hearing on Ch. 11 Trustee Bid
LINC USA GP: Feb. 13 Disclosures, Plan Confirmation Hearing
LONG-DEI LIU: Deliveries Remain at 2-3 per Month, PCO Report Says
ME BARS: Amended Plan Clarifies Provision for RRR Admin Claim

MEG ESCROW: Fitch Assigns 'BB' Rating on 2nd Lien Notes
MESOBLAST LIMITED: Gets A$29.6 Million From Share Issuance
MESOBLAST LIMITED: Presented at 35th J.P. Morgan Conference
MODULAR SPACE: Taps Zolfo Cooper as Bankruptcy Consultants
MODULAR SPACE: To Hire Kurtzman Carson as Administrative Advisor

NASTY GAL: Wesley H. Avery Named Consumer Privacy Ombudsman
NAVISTAR INT'L: Fitch Assigns 'CCC' Rating on Sr. Unsec. Notes
NAVISTAR INTERNATIONAL: Plans to Offer $250 Million Senior Notes
NEW YORK CRANE: Creditors' Committee Seeks Trustee Appointment
NEWS PUBLISHING: Files Ch. 11 Plan of Liquidation

NOVABAY PHARMACEUTICALS: China Pioneer Reports 34.4% Stake
ONCOBIOLOGICS INC: Sabby Healthcare Holds 8.9% Stake as of Dec. 31
ORANGE REGIONAL: Fitch Assigns 'BB+' Rating on $248MM 2017 Bonds
ORIENTAL CANTONES: Hearing on Disclosure Statement Moved to Feb. 14
PAC RECYCLING: Hires Scott Law as Counsel

PALOSKI SALON: Disclosure Statement Hearing Set for March 1
PARETEUM CORP: Appoints Ted O'Donnell as CFO
PEABODY ENERGY: Fitch Withdraws 'D' Issuer Default Rating
PEACH STATE: James Baker Named Successor Ch. 11 Trustee
PETROQUEST ENERGY: Central Square Reports 2% Stake as of Dec. 31

PICKETT BROTHERS: Plan Confirmation Hearing on March 14
PINNACLE COMPANIES: Taps Marcus & Millichap as Real Estate Broker
PODIUM PERFORMANCE: Feb. 22 Disclosure Statement Hearing
POWER EFFICIENCY: To Effect a Reverse Common Stock Split
POWER EFFICIENCY: To File Form 10 Amendment in Response to Comments

PREFERRED CONCRETE: Unsecured Creditors to Get 10% in 10 Payments
PRESIDENTIAL REALTY: Signature Group to Get $1M Transaction Fee
QUANTUM CORP: Expects to Report $133M Total Revenue for Fiscal Q3
QUINN'S JUNCTION: Unsecured Creditors to Get Full Payment Over 5Yrs
RXI PHARMACEUTICALS: Acquires 100% Capital Stock of MirImmune

RXI PHARMACEUTICALS: Files Series C Stock Cert. of Designation
RXI PHARMACEUTICALS: Former MirImmune CEO Appointed as CBO
RXI PHARMACEUTICALS: OPKO Health Holds 5.1% Stake as of Dec. 21
RXI PHARMACEUTICALS: OPKO Reports 3.4% Equity Stake
RXI PHARMACEUTICALS: Sabby Reports 2.4% Equity Stake as of Dec. 31

SECURED ASSETS: Ch. 11 Trustee Sought over Gross Mismanagement
SEQUENOM INC: Palo Alto Ceases to Own Shares as of Dec. 31
SIRGOLD INC: Taps Ontrack Realty as Real Estate Broker
SOUTHCROSS ENERGY: TW Southcross Indirectly Owns 71.7% Common Units
SPRINT CORPORATION: Fitch Affirms 'B+' Issuer Default Ratings

STEVE SEDGWICK: Approval of Sara Chenetz as Ch. 11 Trustee Sought
STONE ENERGY: Court Approves Restructuring Support Agreement
TEAM EXPRESS: Files Ch. 11 Plan of Liquidation
TEAM HEALTH: Fitch Lowers Rating on $865MM Unsec. Notes to 'CCC+'
THORNBURG MORTGAGE: UST Seeks Approval of RBC Capital Settlement

TRIANGLE USA: TPC Files Objection to Disclosure Statement
UMATRIN HOLDING: Dato' Liew Kok Hong Quits From all Positions
VAPOR CORP: Extends Cash Tender Offer Until Jan. 17
VELOP CORP: Names Jose Alonso Figueroa as Accountant
VIGNAHARA LLC: Red Roof to Get $4,706 Over 6 Months

VIOLIN MEMORY: Court Approves Bid Procedures for Asset Sale
VISUALANT INC: Incurs $1.74 Million Net Loss in Fiscal 2016
VYCOR MEDICAL: Closes Sale of $618,607 Common Stock & Warrants
WALTER ENERGY: Seeks Case Conversion to Chapter 7 Proceeding
WARTBURG COLLEGE: Fitch Affirms 'BB-' Rating on $84.6MM Bonds

ZYNEX INC: Forbearance Pact With TBK Bank Extended Until March 31

                            *********

97 GRAND AVENUE: Deborah Piazza Named Chapter 11 Trustee
--------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York entered an Order approving the appointment of
Deborah J. Piazza, Esq., as the Chapter 11 Trustee for 97 Grand
Avenue, LLC.

The Order was made pursuant to the application of the U.S. Trustee
to appoint Ms. Piazza as the Chapter 11 Trustee for the Debtor.

The appointment of Ms. Piazza as Chapter 11 Trustee is approved,
provided that a bond in the amount of $80,000 is posted pursuant to
section 322.

Ms. Piazza, Esq., partner at the law firm of Tarter Krinsky &
Drogin LLP, assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtors and
their estates.

Deborah Piazza can be reached at:

         Deborah J. Piazza, Esq.
         TARTER KRINSKY & DROGIN LLP
         1350 Broadway, 11th Floor
         New York, NY 10018
         Tel.: (212) 216-8000
         Email: dpiazza@tarterkrinsky.com

                About 97 Grand Avenue LLC              

An involuntary chapter 7 petition (Bankr. S.D.N.Y. Case No.
15-13367) was commenced against 97 Grand Avenue LLC by petitioning
creditor Chun Peter Dong on December 28, 2015. At the Debtor's
behest, the Hon. Sean H. Lane entered an order dated April 13,
2016, converting the Involuntary Case to a voluntary chapter 11
proceeding.

The Debtor is a single asset real estate company with its primary
asset is the real property identified as 97-101 Grand Avenue and 96
Steuben Street, Brooklyn, New York 11205.


AGUA CALIENTE: Fitch Withdraws 'BB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has withdrawn Agua Caliente Band of Cahuilla Indians'
'BB' Issuer Default Rating (IDR) for commercial reasons.

                        RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.

                     FULL LIST OF RATING ACTIONS

Fitch has withdrawn this rating:

Agua Caliente Band of Cahuilla Indians

   -- Long-term IDR 'BB'.


ALLEN BROTHERS: Feb. 15 Plan Confirmation Hearing
-------------------------------------------------
Judge Lena Mansori James of the U.S Bankruptcy Court for the Middle
District of North Carolina conditionally approved the small
business disclosure statement and chapter 11 plan filed by Allen
Brothers Timber Company, Inc., on Jan. 9, 2017.

Feb. 10, 2017 is fixed as the last date for filing and serving
written objections to the disclosure statement.

The hearing on confirmation of the plan is on Feb. 15, 2017 at 2:00
p.m. at the U.S. Bankruptcy Court, First Floor, Courtroom #1, 226
South Liberty Street, Winston Salem, NC 27101.

Feb. 10, 2017 is fixed as the last day for filing written
acceptances or rejections of the plan.

            About Allen Brothers Timber Co.

Allen Brothers Timber Company, Inc., sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. N.C. Case No.
16-10656) on June 28, 2016.  The petition was signed by Richard
Clayton Allen, president.  The case is assigned to Judge Lena M.
James. At the time of the filing, the Debtor estimated its assets
at $100,000 to $500,000, and debts at $1 million to $10
million.  

The Debtor is represented by Ivey, McClellan, Gatton & Siegmund
LLP.  The Debtor proposes to hire Oz Queen CPA PA.


ANDREW L. COLEMAN: Approval of J. Neblett as Ch. 11 Trustee Sought
------------------------------------------------------------------
Andrew R. Vara, the Acting United States Trustee, requests the U.S.
Bankruptcy Court for the Middle District of Pennsylvania to approve
the appointment of John P. Neblett as Chapter 11 Trustee for Andrew
L. Coleman and Shirley L. Coleman.

The United States Trustee sought to consult with (a) Donald Hahn,
Esq., counsel to the Debtors; (b) Karen Hackman, Esq., counsel to
SEDA-COG Local Development Corp.; and (c) James Burns, regarding
the appointment of a Chapter 11 Trustee.

John P. Neblett, Esq., assured the Court that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

John P. Neblett, Esq. can be reached at:

         John P. Neblett, Esq.
         P.O. Box 490
         Reedsville, PA 17084

Andrew L. Coleman and Shirley L. Coleman filed for Chapter 11
bankruptcy protection (Bankr. M.D. Penn. Case No. 15 04464) on Oct.
14, 2015.

They are represented by:

         Donald M Hahn, Esq.
         Stover McGlaughlin Gerace et al
         122 East High Street
         P.O. Box 209
         Bellefonte, PA 16823

Bankruptcy Judge John J. Thomas presides over the case.


AVOLON HOLDINGS: Fitch Assigns 'BB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has assigned 'BB' Long-Term Issuer Default Ratings to
Avolon Holdings Limited and certain of its debt issuing
subsidiaries.  The Rating Outlook is Stable.  Fitch has also
assigned a rating of 'BB' to the senior unsecured debt of Avolon
subsidiary Park Aerospace Holdings Limited and a 'BB+' rating to
the senior secured debt of certain Avolon subsidiaries.

On Oct. 6, 2016, Avolon announced that it agreed to acquire the
commercial aircraft leasing business of CIT Group Inc. (CIT,
Long-Term IDR of 'BB+'; Rating Outlook Stable) for approximately
$11.1 billion of total assets and associated liabilities.  The
transaction is expected to close during first-quarter 2017 and will
result in Avolon becoming the world's third largest aircraft
leasing company based on the number of owned and ordered aircraft.
The ratings assigned to Avolon and its subsidiaries contemplate the
closing of the transaction as agreed upon by Avolon, its parent
Bohai Capital Holding Co., Ltd., Bohai's majority owner HNA Group
(HNA) and CIT.

                        KEY RATING DRIVERS

IDRs, SECURED DEBT, UNSECURED DEBT

The 'BB' IDRs reflect Avolon's high quality commercial aircraft
portfolio; scale; strong profitability; focus on residual value
risk management; robust risk controls; and management track record.
The ratings are constrained by Avolon's predominantly secured,
wholesale funded debt profile; elevated initial leverage;
aggressive growth via its order book and stated acquisition
appetite; qualitative considerations surrounding Avolon's new and
unproven ownership structure; and execution risk related to the
integration of the CIT commercial aircraft leasing business.

With respect to Avolon's ownership structure, Fitch views the
potential for conflicting objectives or risk appetites between
Avolon, Bohai and HNA Group as a rating constraint, particularly
given that the interrelationships are relatively new and unproven.
In addition, in Fitch's opinion, the credit risk profiles and
funding and liquidity needs of Avolon's direct and indirect owners
increase the potential for capital extraction from Avolon during
periods of their stress subject to certain covenants in Avolon's
debt documents that govern the unsecured notes and term loans. That
being said, Bohai and Avolon have committed to an insulation
framework and have taken steps to improve corporate governance,
recently announcing the appointment of three independent directors
to Avolon's Board of Directors.  The Avolon Board is now comprised
of nine directors, including four independents.

Pro forma for the CIT acquisition, Avolon would become the third
largest aircraft lessor in the world based on Sept. 30, 2016, owned
and ordered fleet count.  Total assets are expected to be in the
$26 billion-$29 billion range through 2018, including 79%
narrowbody aircraft, 16% widebody aircraft and 5% regional jets. In
addition to the diversification benefits that come with size, Fitch
believes that increased scale will provide certain strategic
benefits to Avolon, such as a larger presence in the growing
Asia-Pacific market, deeper funding relationships with aviation
investors, increased purchasing/negotiating power, an ability to
transact with larger and more highly-rated airlines, and more
available channels to re-lease planes when needed.  Conversely,
with broader reach comes increased likelihood of exposure to
challenged airlines and/or geographies during periods of stress.
Pro forma, Avolon is expected to serve approximately 150 airline
customers across 62 countries.

Fitch considers the combined fleet to be high quality, with
exposure to many in-demand aircraft including the A320ceo family,
B737-800 and A330-200/300.  The combined portfolio will include 533
owned, in-service planes.  Avolon's fleet age is expected to be 4.7
years pro forma, which is relatively young relative to the aircraft
lessor peer group and supports demand in the current market
environment.

Avolon's pro forma leverage, defined as gross debt to tangible
common equity, is expected to be elevated at 4.3x initially but is
expected to decline to 3.0x by year-end 2018 as a result of capital
retention, ultimately moving in line with the company's stated
leverage target of 2.5x-3.0x.  Fitch calculates tangible common
equity as total shareholders' equity less maintenance right assets,
lease premium assets and goodwill.  Maintenance right assets and
lease premium assets will initially have an adverse impact on
Avolon's leverage ratio, though the maintenance right assets will
amortize over time.

Leverage is expected to be even more elevated at Bohai, which has a
weaker credit profile than Avolon in Fitch's view.  Initially a
portion of the CIT portfolio acquisition is expected to be funded
by debt issued by Bohai and downstreamed to Avolon in the form of
equity.  Elevated double leverage increases the risk of capital
extraction from Avolon in the event of stress at Bohai, although
Fitch believes that, relative to the current ratings, this risk is
moderated by the aforementioned insulation framework, Board
composition and debt covenants.

Fitch expects that Avolon's lease revenue yields will be
approximately 12% over the next several years, indicating strong
profitability prospects from contractual leases.  The company's pro
forma average lease term would be 6.8 years, supporting cash flow
predictability absent material lessee bankruptcies.

Asset quality metrics for the combined entity are expected to be
strong.  From predecessor Avolon's inception in 2010 through the
sale of the company to Bohai's predecessor in January 2016 the
company did not take any impairments, and its residual value gains
ranged from 0.3%-1.3% of the net book value of flight equipment
during that period.  CIT Group Inc. incurred minimal impairments on
its commercial aircraft from 2008 to 2015, peaking at 0.3% of the
net book value of flight equipment in 2014 and has also posted
residual value gains up to 0.5% during from year-end 2012 to Sept.
30, 2016.

Avolon's pro forma order book totals 316 planes, including new
technology aircraft such as the A320neo, A321neo, A330neo,
B737-MAX, and B787.  The order book represented 36.4% of the
combined fleet at Sept. 30, 2016.  Avolon has signalled that
further growth is possible, and the order book and other funding
needs for growth will create a need for consistent access to the
debt markets in Fitch's view.

Nevertheless, near-term liquidity is viewed as adequate as pro
forma liquidity sources (cash and liquid investments, next 12
months funds from operations, available undrawn debt facilities,
and expected proceeds from aircraft disposals) adequately cover
uses (debt principal repayments, pre-delivery payments and other
corporate uses) over the next 12 months.  The company recently
upsized its revolving credit facility to $1.025 billion from
$950 million.

Avolon's pro forma funding profile is expected to be comprised
primarily of secured debt (full recourse and non-recourse term
facilities, export credit agency and Export-Import Bank backed
facilities, securitizations, a warehouse facility, and lines of
credit).  Approximately 17.2% (or $3 billion) of Avolon's debt is
expected to be unsecured.  That being said, Fitch believes that
Avolon's funding profile remains consistent with a below investment
grade profile given the limited financial flexibility in a stressed
market scenario.

The secured debt ratings are one notch above Avolon's Long-Term
IDRs and reflect the aircraft collateral backing these obligations
which suggest good recovery prospects.

The equalization of the unsecured debt with Avolon's IDRs reflects
the modest unsecured debt as a portion of total debt, as well as
the availability of sufficient unencumbered assets, which provide
support to unsecured creditors and suggest average recovery
prospects.

                      RATING SENSITIVITIES

IDRs, SECURED DEBT, UNSECURED DEBT

Positive rating momentum would be primarily dependent upon timely
and successful integration of CIT's commercial aircraft leasing
business without incurring undue costs and/or impairing
relationships with customers, manufacturers or funding providers.
Positive rating momentum may also arise from execution on planned
deleveraging at Avolon, resulting in debt to equity approaching the
company's stated leverage target of 2.5x-3.0x, as well as execution
on planned deleveraging at Bohai, resulting in reduced double
leverage.

Negative rating momentum would be primarily driven by an inability
to successfully integrate CIT's commercial aircraft leasing
business resulting in outsized financial costs and/or impairment of
relationships with customers, manufacturers or funding providers.
A sustained increase in gross debt to tangible common equity above
4.0x, as a result of an increased risk appetite, asset
underperformance or capital extraction by Avolon's owners, may also
result in negative rating momentum.

Additionally, a perceived weakening of the structural insulation of
Avolon from its direct and indirect owners; a perceived weakening
of the credit risk profiles of Avolon's direct or indirect owners
or inconsistent operational or capital maintenance practices;
higher-than-expected repossession activity; sustained deterioration
in financial performance or operating cash flows; and/or a material
weakening of liquidity relative to financing needs may result in
negative pressure on the ratings.

Fitch has assigned these ratings:

Avolon Holdings Limited

   -- Long-Term Issuer Default Rating 'BB'; Outlook Stable;
   -- Senior secured debt 'BB+'.

Avolon TLB Borrower 1 (Luxembourg) S.a.r.l.

   -- Long-Term Issuer Default Rating 'BB'; Outlook Stable;
   -- Senior secured debt 'BB+'.

Avolon TLB Borrower 1 (US) LLC

   -- Long-Term Issuer Default Rating 'BB'; Outlook Stable;
   -- Senior secured debt 'BB+'.

CIT Aerospace International

   -- Senior secured debt 'BB+'.

CIT Aerospace LLC

   -- Senior secured debt 'BB+'.

CIT Aviation Finance III Limited

   -- Senior secured debt 'BB+'.

CIT Group Finance (Ireland)

   -- Senior secured debt 'BB+'.

Park Aerospace Holdings Limited

   -- Long-Term Issuer Default Rating 'BB'; Outlook Stable;
   -- Senior unsecured notes 'BB'.


AYTU BIOSCIENCE: Sabby Reports 4.1% Stake as of Dec. 31
-------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sabby Healthcare Master Fund, Ltd. and Sabby Volatility
Master Fund, Ltd. disclosed that as of Dec. 31, 2016, they
beneficially own 447,469 and 269,955 shares of Aytu Biosciences,
Inc.'s common stock, respectively, representing approximately 4.13%
and 2.49% of the Common Stock, respectively.

Sabby Management, LLC and Hal Mintz each beneficially own 717,424
shares of the Common Stock, representing approximately 6.61%
of the Common Stock.  Sabby Management, LLC and Hal Mintz do not
directly own any shares of Common Stock, but each indirectly owns
717,424 shares of Common Stock.  Sabby Management, LLC, a Delaware
limited liability company, indirectly owns  717,424 shares of
Common Stock because it serves as the investment manager of Sabby
Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master
Fund, Ltd., Cayman Islands companies.  Mr. Mintz indirectly owns
717,424 shares of Common Stock in his capacity as manager of Sabby
Management, LLC.

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

                    https://is.gd/9STwHC

                   About Aytu Bioscience

Aytu BioScience, Inc. (OTCMKTS:AYTU) is a commercial-stage
specialty healthcare company concentrating on developing and
commercializing products with an initial focus on urological
diseases and conditions.  Aytu is currently focused on addressing
significant medical needs in the areas of urological cancers,
hypogonadism, urinary tract infections, male infertility, and
sexual dysfunction.

Aytu Bioscience reported a net loss of $28.18 million for the year
ended June 30, 2016, following a net loss of $7.72 million for the
year ended June 30, 2015.

As of June 30, 2016, Aytu Bioscience had $24.34 million in total
assets, $14.25 million in total liabilities and $10.08 million in
total stockholders' equity.

EKS&H LLLP, in Denver, Colorado, issued a "going concern"
qualification on the consolidated financial statements for the year
ended June 30, 2016, citing that the Company has suffered recurring
losses from operations and has a net capital deficiency that raises
substantial doubt about the Company's ability to continue as a
going concern.


B & L EXCAVATING: Unsecureds To Get 100% in 26 Quarterly Payments
-----------------------------------------------------------------
B & L Excavating Co., Inc., filed with the U.S. Bankruptcy Court
for the Southern District of Western Virginia a disclosure
statement describing its plan of reorganization, which would give
unsecured creditors a dividend of 100% based upon 26 quarterly
payments, without interest.

Class 3 consists of non-insider unsecured creditors.  Claims in
this class total the sum or $155,072. Creditors in this class will
receive a dividend of 100% based upon 26 quarterly payments,
without interest. Payments will be made at the rate of $6,000 per
quarter. This class is impaired.

The Plan will be funded by cash flow generated from future
operations based upon a going concern. The Debtor reserves the
right to sell certain unencumbered equipment with the proceeds to
be paid over to priority creditors and unsecured creditors.

The Debtor conducts several operations -- transporting heavy
equipment for third parties, including cutting logging roads;
cutting surface mine benches; hauling coal; hauling gravel; and
excavation work.

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

       http://bankrupt.com/misc/wvsb5-16-50068-119.pdf 

                   About B & L Excavating

B & L Excavating Co., Inc. sought protection under Chapter 11 of
the Bankruptcy Code in the Southern District of West Virginia
(Beckley) (Case No. 16-50068) on March 23, 2016.  The petition
was
signed by Terry St. Clair, vice president.

The Debtor is represented by Joseph W. Caldwell, Esq., at Caldwell
& Riffee. The case is assigned to Judge Frank W. Volk.

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

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 B & L Excavating Co., Inc.


BDP INNOVATIVE: Court Conditionally Approves Disclosure Statement
-----------------------------------------------------------------
Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle
District of Florida conditionally approved the disclosure statement
and plan of reorganization filed by BDP Innovative Chemicals
Company.

An evidentiary hearing will be held on Feb. 8, 2017, at 01:30 PM in
Courtroom 6C, 6th Floor, George C. Young Courthouse, 400 West
Washington Street, Orlando, FL 32801 to consider and rule on the
disclosure statement and any objections or modifications and to
conduct a confirmation hearing.

Creditors and other parties in interest shall file their written
acceptances or rejections of the plan no later than 7 days before
the date of the confirmation hearing.

Any party desiring to object to the disclosure statement or to
confirmation shall file its objection no later than 7 days before
the date of the confirmation hearing.

The debtor is required to file a ballot tabulation no later than 4
days before the date of the confirmation hearing.

BDP Innovative Chemicals Company filed a Chapter 11 petition
(Bankr. M.D. Fla. Case No. 16-00184) on Jan. 11, 2016. Justin M.
Luna, Esq., at Latham, Shuker, Eden & Beaudine, LLP.

The Bankruptcy Court has ordered the U.S. Trustee to appoint an
examiner in the Chapter 11 case.


BGM PASADENA: DOJ Watchdog Directed to Appoint Ch. 11 Trustee
-------------------------------------------------------------
Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central
District of California entered an Order directing the U.S. Trustee
to appoint a Chapter 11 Trustee for BGM Pasadena, LLC.

The Order was made pursuant to the Joint Motion of the secured
creditors for the appointment of a Chapter 11 Trustee for the
Debtor. The petitioning secured creditors are East West Bank,
Pasadena Lots-70, LLC, Pasadena Apts-7, LLC and City Ventures, and
Cantor Group, LLC.

BGM Pasadena, LLC, a single asset real estate, filed Chapter 11
bankruptcy petition (Bankr. C.D. Cal. Case No. 15 27833) on Nov.
20, 2015. Greg Galletly, the manager, signed the petition. Judge
Richard M. Neiter has been assigned the case. The Debtor estimated
assets in the range of $10 million to $50 million and liabilities
of at least $1 million. James A. Tiemstra, Esq., and Lisa Lenherr,
Esq., at Tiemstra Law Group PC, in Oakland, California, serve as
counsel to the Debtor.


BILL BARRETT: BlackRock Reports 10.9% Equity Stake as of Dec. 31
----------------------------------------------------------------
BlackRock, Inc., disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of Dec. 31, 2016, it
beneficially owns 8,261,840 shares of common stock of Bill Barrett
Corp. representing 10.9 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available at:

                      https://is.gd/1gQIVY

                       About Bill Barrett

Denver-based Bill Barrett Corporation is an independent energy
company that develops, acquires and explores for oil and natural
gas resources.  All of the Company's assets and operations are
located in the Rocky Mountain region of the United States.

Bill Barrett reported a net loss of $488 million in 2015 following
net income of $15.08 million in 2014.

As of Sept. 30, 2016, Bill Barrett had $1.33 billion in total
assets, $826.4 million in total liabilities and $509.2 million in
total stockholders' equity.

                            *    *    *

In June 2016, Moody's Investors Service affirmed Bill Barrett
Corporation's 'Caa2' Corporate Family Rating and revised the
Probability of Default Rating to 'Caa2-PD/LD' from 'Caa2-PD.'
"Bill Barrett's debt for equity exchange achieved some reduction in
its overall debt burden, but the company's cash flow and leverage
metrics continue to remain challenged as its hedges roll off in
2017," commented Amol Joshi, Moody's vice president.

In July 2016, S&P Global Ratings raised the corporate credit rating
on Bill Barrett to 'B-' from 'SD'.  The rating outlook is negative.
"The upgrade reflects our reassessment of the company's corporate
credit rating following the debt-for-equity exchange of its 7.625%
senior unsecured notes due 2019, and also reflects our expectation
that there will be no further distressed exchanges over the next 12
months," said S&P Global Ratings credit analyst Kevin Kwok.


COSI INC: Appoints O'Connor Group Managing Director as CEO
----------------------------------------------------------
Cosi, Inc. appointed Edward Schatz, senior managing director of The
O'Connor Group, Inc. and currently acting chief financial officer
of the Company's bankruptcy estate, to also serve as acting chief
executive officer of the Company, effective on
Jan. 6, 2017, and continuing until the plan of reorganization is
approved by the United States Bankruptcy Court for the District of
Massachusetts (Eastern Division).  

Mr. Schatz, age 46, replaces Patrick Bennett, a member of the
Company's Board of Directors, who had agreed to serve as the
Company's interim CEO & president from Aug. 22, 2016, until the end
of December 2016, at which time he had planned to step down from
that position due to other business commitments.

The Company has agreed, subject to the approval of the Bankruptcy
Court, to pay compensation to Mr. Schatz and TOG for services
rendered by Mr. Schatz as acting CFO of the Company's bankruptcy
estate and acting CEO in the amount of a flat fee of $25,000 per
month, to be calculated/adjusted pro rata for any partial month.

The engagement letter dated Sept. 6, 2016, as amended and restated
Sept. 27, 2016, will be further amended to reflect these changes.
A copy of the amendment to the engagement letter will be filed when
finalized.

Mr. Schatz has been associated with TOG since 2002, providing
turnaround services to a wide range of middle market companies.  In
addition to turnarounds, he has significant experience in the area
of out of court wind downs, liquidations, bankruptcy and divestures
of distressed businesses as well as buy and sell side advisory
services.

Mr. Bennett will continue as a member of the Company's Board of
Directors

                          About Cosi

Cosi, Inc. is an international fast-casual restaurant company
featuring its crackly-crust flatbread made fresh throughout the day
and specializing in a variety of made-to-order hot and cold
sandwiches, salads, bowls, breakfast wraps, "Squagels" (square
bagels), melts, soups, flatbread pizzas, S'mores, snacks, deserts
and a large offering of handcrafted, coffee-based, and specialty
beverages.  Cosi prides itself on using the best ingredients,
including foods containing high quality proteins, and products
devoid of high-fructose corn-syrup and preservatives and
additives.

Cosi, the parent company of all the Debtors, was first established
in New York in 1996 and incorporated in Delaware in 1998.  In 2002,
Cosi became publicly traded company on the Nasdaq exchange under
the symbol "COSI".

Cosi, Inc., and its affiliated debtors filed Chapter 11 petitions
(Bankr. D. Mass. Lead Case No. 16-13704-MSH) on Sept. 28, 2016.

The cases are assigned to Judge Melvin S. Hoffman.

Prior to the Petition Date, the Debtors had 72 debtor-owned
locations and 35 franchised locations and employed 1,555 people.

The Debtors tapped Joseph H. Baldiga, Esq. and Paul W. Carey,
Esq., at Mirick, O'Connell, DeMallie & Lougee, LLP, as counsel, and
The O'Connor Group as their financial consultant.  Randy Kominsky
of Alliance for Financial Growth, Inc., has been tapped as chief
restructuring officer to the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors composed of: Robert J. Dourney, Honor S. Heath of Nstar
Electric Company, and Paul Filtzer of SRI EIGHT 399 Boylston.  The
Creditors Committee is represented by Lee Harrington, Esq., at
Nixon Peabody LLP.  Deloitte Financial Advisory Services LLP
serves as financial advisor for the Committee.


BILL BARRETT: BlackRock Reports 10.9% Stake as of Dec. 31
---------------------------------------------------------
BlackRock, Inc. disclosed in an amended Schedule 13G filed with the
Securities and Exchange Commission that as of Dec. 31, 2016, it
beneficially owns 8,261,840 shares of common stock of Bill Barrett
Corp. representing 10.9 percent of the shares outstanding.  A
full-text copy of the regulatory filing is available at:

                     https://is.gd/1gQIVY

                      About Bill Barrett

Denver-based Bill Barrett Corporation is an independent energy
company that develops, acquires and explores for oil and natural
gas resources.  All of the Company's assets and operations are
located in the Rocky Mountain region of the United States.

Bill Barrett reported a net loss of $488 million in 2015 following
net income of $15.08 million in 2014.

As of Sept. 30, 2016, Bill Barrett had $1.33 billion in total
assets, $826.4 million in total liabilities and $509.2 million in
total stockholders' equity.

                            *    *    *

In June 2016, Moody's Investors Service affirmed Bill Barrett
Corporation's 'Caa2' Corporate Family Rating and revised the
Probability of Default Rating to 'Caa2-PD/LD' from 'Caa2-PD.'
"Bill Barrett's debt for equity exchange achieved some reduction in
its overall debt burden, but the company's cash flow and leverage
metrics continue to remain challenged as its hedges roll off in
2017," commented Amol Joshi, Moody's vice president.

In July 2016, S&P Global Ratings raised the corporate credit rating
on Bill Barrett to 'B-' from 'SD'.  The rating outlook is negative.
"The upgrade reflects our reassessment of the company's corporate
credit rating following the debt-for-equity exchange of its 7.625%
senior unsecured notes due 2019, and also reflects our expectation
that there will be no further distressed exchanges over the next 12
months," said S&P Global Ratings credit analyst Kevin Kwok.


BREITBURN ENERGY: Equity Panel Hires Barchan as Consultant
----------------------------------------------------------
The statutory committee of equity security holders of Breitburn
Energy Partners LP, et al. seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Barchan Advisory Services Ltd. as industry and engineering
consultant to the Equity Committee, nunc pro tunc to November 29,
2016.

The Equity Committee requires Barchan to:

   (a) perform an operational review of the Debtors, including
       review and assessment of the historical operational results

       of the Debtors, and review and assessment of the Debtors'
       projected operational cash flows, operating costs,
       maintenance expenditures, capital investment programs, and
       any acquisition, divestiture, or swap proposals, including
       ongoing monitoring of the same;

   (b) evaluate the assets and liabilities of the Debtors;

   (c) review and assess the Debtors' business plan, including
       review of the underlying assumptions and identification of
       risks and opportunities;

   (d) review and assess the various options the Debtors may
       pursue, including amendments to credit agreements or trust
       agreements, plans or efforts to sell assets, recapitalize
       or reorganize the Debtors or restructure their operations
       or financial obligations;

   (e) assist the Equity Committee's counsel and/or financial
       advisor with the development, structuring, negotiation, and

       implementation of any restructuring;

   (f) assist the Equity Committee and the Equity Committee's
       counsel and/or financial advisor in negotiations with the
       Debtors or other parties in interest in any restructuring,
       including, without limitation, the unsecured claimholders'
       committee;

   (g) undertake any other analysis or advisory work reasonably
       requested from time to time by the Equity Committee's
       counsel in writing among such counsel and Barchan; and

   (h) provide testimony related to the foregoing or such other
       matters as may be agreed to by the Equity Committee's
       counsel and Barchan.

Barchan's two principals, John Reader and Sheila Reader, will both
be available as required to provide the Services at their
individual hourly rates of $650.

Barchan will also be reimbursed for reasonable out-of-pocket
expenses incurred.

John Reader, president of Barchan, assured the Court that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

The Court will hold a hearing on the application on February 23,
2017, at 10:00 a.m.  Objections, if any, are due on February 16,
2017 at 4:00 p.m.

Barchan can be reached at:

       John Reader
       BARCHAN ADVISORY SERVICES LTD
       1617 Storm Crescent
       Pender Island, British Columbia
       Canada V0N 2M2

                   About Breitburn Energy

Breitburn Energy Partners LP and 21 of its affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 16-11390) on May 15, 2016,
listing assets of $4.71 billion and liabilities of $3.41 billion.

Breitburn Energy et al., are an independent oil and gas Partnership
engaged in the acquisition, exploitation and development of oil and
natural gas properties, Midstream Assets, and a combination of
ethane, propane, butane and natural gasoline that when removed from
natural gas become liquid under various levels of higher pressure
and lower temperature, in the United States.  The Debtors conduct
their operations through Breitburn Parent's wholly-owned
subsidiary, Breitburn Operating LP, and BOLP's general partner,
Breitburn Operating GP LLC.

The U.S. trustee for Region 2 appointed three creditors of
Breitburn Energy Partners LP and its affiliates to serve on the
official committee of unsecured creditors, and on Nov. 15, the U.S.
Trustee appointed seven creditors of Breitburn Energy Partners LP
and its affiliated debtors to serve on the official committee of
unsecured creditors.


BREITBURN ENERGY: Equity Panel Taps Carl Marks as Fin'l Advisors
----------------------------------------------------------------
The statutory committee of equity security holders of Breitburn
Energy Partners LP, et al. seeks authorization from the U.S.
Bankruptcy Court for the Southern District of New York to retain
Carl Marks Advisory Group LLC ("CMAG") as financial advisor and
investment banker to the Equity Committee, nunc pro tunc to
November 29, 2016.

The Equity Committee requires CMAG to:

   (a) analyze the current financial position of the Debtors;
  
   (b) analyze the business plans, cash flow projections,
       restructuring programs, and other reports or analyses
       prepared by the Debtors, lenders, or other constituencies
       or their professionals and will advise the Equity Committee

       on any plans of reorganization or liquidation or any
       strategic transactions, including but not limited to, ones
       affecting the disposition of the Debtors' assets, equity
       conversions, change in ownership or raising capital;

   (c) evaluate any proposed transactions by the Debtors,
       including, but not limited to, asset sales, capital raise
       transactions, plan sponsors, support agreements, bidders,
       and the like;

   (d) attend meetings with the Equity Committee, its counsel,
       other financial advisors and representatives of the
       Debtors, lenders or other constituents and provide advice
       to the Equity Committee;

   (e) assist and advise the Equity Committee and its counsel in
       the development, evaluation and documentation of any    
       plans of reorganization or liquidation or strategic
       transactions, including developing, structuring and
       negotiating the terms and conditions of potential plans or
       strategic transactions and the consideration that is to be
       provided to equity security holders thereunder;

   (f) assist in communications and negotiations with the Debtors,

       lenders and other constituents;  

   (h) provide testimony, as necessary and appropriate, with
       respect to matters on which CMAG has been engaged to advise

       the Equity Committee hereunder, in any proceeding before
       the Court or other courts in which the Equity Committee is
       a litigant; and

   (i) perform other services, tasks and duties related to this
       engagement as are agreed upon by the Equity Committee and
       CMAG, including, but not limited to, providing expert
       testimony, and other expert and financial advisory support
       related to any threatened, expected, or initiated
       litigation.

CMAG will be compensated in accordance with the following Fee and
Expense Structure:

   -- Monthly Fees: In consideration for the financial advisory
      services to be rendered by CMAG, subject to the limitations
      set forth in the Engagement Letter, the Debtors shall pay
      CMAG for the services contemplated a fixed monthly
      fee at the rate of $150,000 per monthly period beginning
      upon the date of the agreement and at the beginning of each
      subsequent monthly period thereafter in which the services
      are to be provided.  Beginning with the 5th monthly period
      of the engagement, 50% of such Monthly Advisory Fees
      received can be credited against any Success Fee earned;
      provided, however, such credit shall not exceed $375,000.

   -- Success Fee: In addition, CMAG shall also be due a success
      fee, which shall be earned in full upon the (i) substantial
      consummation of a chapter 11 plan of reorganization,
      liquidation or otherwise in the Debtor's chapter 11 case,
      (ii) a sale of substantially all of the assets of the Debtor

      pursuant to section 363 of the Bankruptcy Code or otherwise,

      or (iii) the dismissal of the Debtors' chapter 11 cases.  
      Such Success Fee will be in the amount equal to 2.75% of any

      and all equity value retained which shall be based on the
      Plan's value or other valuation mechanism if no current
      identifiable metric is available, the value of Plan assets
      that are not freely tradable or have no established public
      market, or if the consideration utilized consists of
      property other than securities, the value of such property
      shall be the fair market value thereof as determined in good

      faith by the parties, or if the parties cannot agree then as

      reasonably determined in good faith by CMAG and the Equity
      Committee's counsel.

   -- Reimbursement of Expenses: Subject to approval of this Court

      and the terms of the Engagement Letter, the Debtors also
      shall reimburse CMAG for all reasonable out-of-pocket
      expenses, which are reasonably incurred in connection with
      the performance of its services, including (a) the fees and
      expenses of CMAG's legal counsel incurred in connection with

      the negotiation and performance of the Engagement Letter and

      the matters contemplated thereby, to the extent provided in
      the order retaining CMAG, and (b) reasonable disbursements
      of CMAG's travel expenses, duplicating charges, computer
      charges, messenger services, and long-distance telephone    
      calls.

Charles Boguslaski, partner of CMAG, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtors and their estates.

The Court will hold a hearing on the application on February 23,
2017, at 10:00 a.m.  Objections, if any, are due on February 16,
2017 at 4:00 p.m.

CMAG can be reached at:

       Charles Boguslaski
       Carl Marks Advisory Group LLC
       900 Third Avenue
       New York, NY 10022
       Tel: (212) 909-8400

                   About Breitburn Energy

Breitburn Energy Partners LP and 21 of its affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 16-11390) on May 15, 2016,
listing assets of $4.71 billion and liabilities of $3.41 billion.

Breitburn Energy et al., are an independent oil and gas Partnership
engaged in the acquisition, exploitation and development of oil and
natural gas properties, Midstream Assets, and a combination of
ethane, propane, butane and natural gasoline that when removed from
natural gas become liquid under various levels of higher pressure
and lower temperature, in the United States.  The Debtors conduct
their operations through Breitburn Parent's wholly-owned
subsidiary, Breitburn Operating LP, and BOLP's general partner,
Breitburn Operating GP LLC.

The U.S. trustee for Region 2 appointed three creditors of
Breitburn Energy Partners LP and its affiliates to serve on the
official committee of unsecured creditors, and on Nov. 15, the U.S.
Trustee appointed seven creditors of Breitburn Energy Partners LP
and its affiliated debtors to serve on the official committee of
unsecured creditors.


BREITBURN ENERGY: Plan Filing Period Extended to March 13
---------------------------------------------------------
Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the
Southern District of New York extended Breitburn Energy Partners
LP, et al.'s exclusive periods for filing a chapter 11 plan and
soliciting acceptances to the plan, through March 13, 2017 and May
12, 2017, respectively.

The Debtors previously sought the extension of their exclusive
periods, relating that during the past several weeks they had
presented their long-term business plan to their constituencies and
continued to refine their Business Plan, which is the initial and
seminal element of any substantive chapter 11 plan negotiation
process.  

The Debtors further related that during the past weeks, they had
been refining the terms of a proposed exit financing facility
designed to assure that the reorganized enterprise will have
adequate working capital for their business operations, which is a
critical element of the plan of reorganization process and also
encompasses a consensual resolution of the disposition of the
approximate $455 million in hedge proceeds that are being held
pursuant to Court's orders approving the Debtors' post-petition
financing facility.

The Debtors said that early in November 2016, and before the
appointment of the Equity Committee, the Debtors had organized a
meeting among their first lien secured lenders, the holders of
their secured second lien notes and the Creditors' Committee, where
the Debtors proposed a preliminary chapter 11 plan term sheet,
including terms for proposed exit financing and a structure that
would mitigate to the maximum extent possible any cancellation of
debt income risk for the Debtors' unit holders.

The Debtors told the Court that the meeting was constructive and
concluded with the Creditors' Committee agreeing to furnish a
counterproposal after its completion of certain additional due
diligence.  The Debtors further told the Court that the Creditors'
Committee has yet to furnish its counterproposal, but has
repeatedly promised that it will be forthcoming so that the plan
negotiation process can continue.  The Debtors asserted that the
filing of a plan at the time simply was premature.

         About Breitburn Energy Partners LP

Breitburn Energy Partners LP and 21 of its affiliates filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 16-11390) on May 15, 2016,
listing assets of $4.71 billion and liabilities of $3.41 billion.

Breitburn Energy et al., are an independent oil and gas Partnership
engaged in the acquisition, exploitation and development of oil and
natural gas properties, Midstream Assets, and a combination of
ethane, propane, butane and natural gasoline that when removed from
natural gas become liquid under various levels of higher pressure
and lower temperature, in the United States.  The Debtors conduct
their operations through Breitburn Parent's wholly-owned
subsidiary, Breitburn Operating LP, and BOLP's general partner,
Breitburn Operating GP LLC.

The U.S. trustee for Region 2 appointed three creditors of
Breitburn Energy Partners LP and its affiliates to serve on the
official committee of unsecured creditors, and on Nov. 15, the U.S.
Trustee appointed seven creditors of Breitburn Energy Partners LP
and its affiliated debtors to serve on the official committee of
unsecured creditors.


BROOKSIDE CLINICAL: Unsecureds to Get $824 Per Month for 48 Months
------------------------------------------------------------------
Brookside Clinical Laboratory, Inc., filed with the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania a second amended
combined plan of reorganization and disclosure statement, dated
Jan. 10, 2017.

The plan has one class of secured claims and one class of unsecured
priority claims. Unsecured creditors holding allowed claims will
receive distributions, which the proponent of the plan has valued
at approximately 10% of their claim as follows: $824.62 per month
for 48 months. (The total amount of the plan payments is $39,581.93
divided by the total amount of unsecured claims of $395,819.32 =
10% return on each undisputed claim).

The Debtor proposes plan payments at $24,087.04 per month for 48
months for a total of $1,751,407.73 (which includes proceeds from
the sale of real estate) payable according to the Amended Plan
Payment Schedule.

As previously reported, under the first amended plan, the Debtor
proposes plan payments at $8,765 a month for 48 months for a total
of $1,352,268.

The Debtor will fund the plan with operating income pursuant to the
Cash Flow projections and Small Business Monthly Operating Reports
to the limit of net funds as per 11 U.S.C. section 1123 (a)(8).

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

       http://bankrupt.com/misc/paeb15-19215-140.pdf

Brookside Clinical Laboratory, Inc., based in Aston, Pa., filed a
Chapter 11 bankruptcy petition (Bankr. E.D. Pa. Case No. 15-19215)
on Dec. 31, 2015.  The Debtor is a corporation which was formed
in
1975 for the purpose of laboratory services.  The corporation
provides on-site phlebotomy and full laboratory testing services
to
patients in nursing homes and critical care facilities who are
typically bed-ridden and cannot travel to have their blood drawn.
The services are provided 24/7, 365 days a year and fulfill a
critical niche within the medical services industry. 

The Hon. Jean K. FitzSimon presides over the case.  Eugene J.
Malady, Esq., at EUGENE J. MALADY, LLC, serves as Chapter 11
counsel.  In its petition, the Debtor listed under $50,000 in
assets and $1 million to $10 million in liabilities.  The
petition
was signed by John J. Iacono, president.



BROUGHER INC: Hires Stout Risius as Financial Advisor
-----------------------------------------------------
Brougher, Inc. dba Forge USA seeks authorization from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Stout
Risius Ross, Inc. ("SRR") as financial advisor.

The Debtor requires SRR to:

   (a) manage the marketing and sale process for the Company's
       assets;

   (b) financial advisory services related to the marketing and
       sale process;

   (c) advise and assist the Company, management and counsel in
       negotiations and meetings with the lender, bidders and
       other interested parties;

   (d) marshal the Company's assets for the marketing and sale
       process;

   (e) preparation of any reports required under the terms of the
       cash collateral order; and

   (f) provide testimony. If requested by counsel or company
       management, SRR may provide additional services including:

       -- assistance with preparation of court-required reports;

       -- as needed, provide assistance with preparation of
          pleadings; and

       -- other tasks necessary to carry out SRR's fiduciary duty
          to the Company.

SRR's hourly rates range from $75 to $650. John D. Baumgartner will
lead the engagement.  Mr. Baumgartner's current hourly rate is $425
and SRR has agreed to use 2016 rates for this engagement.

SRR will also be reimbursed for reasonable out-of-pocket expenses
incurred.

John D. Baumgartner, director of SRR, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estate.

SRR can be reached at:

       John D. Baumgartner
       Stout Risius Ross, Inc.
       815 Walker, Suite 1140
       Houston, TX 77002
       Tel: (713) 221-5149
       E-mail: jbaumgartner@srr.com

Brougher, Inc., sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S. D. Texas Case No. 16-35575) on Nov. 2,
2016.  The petition was signed by Wade Brougher, president.  

The case is assigned to Judge Jeff Bohm.  The Debtor is represented
by Julie M. Koenig, Esq., at Cooper & Scully, PC.

At the time of the filing, the Debtor estimated assets of less than
$1 million and liabilities of $10 million to $50 million.

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



CADILLAC NURSING: PCO Files 7th Report
--------------------------------------
Deborah L. Fish, as the Patient Care Ombudsman for Cadillac Nursing
Home, Inc., has filed a Seventh Report for the period November 8,
2016 to January 4, 2017.

The PCO notes that the Debtor has maintained all of its services
and is delivering similar quality care to essentially the same
patient population since the previous report.

The PCO reports that the dining rooms, activity rooms, physical
therapy room, laundry, bathrooms and residents' rooms were all
clean and that there were no strong foul odors. The residents were
also groomed and wearing clean clothes.

The PCO added that there have been no significant changes to
security since the previous report. Moreover, the administration
and the nursing staff have confirmed that the Debtor has maintained
its relationship with its suppliers and that there were no
interruptions in service, nor any changes in medical supplies.

A full-text copy of the PCO Report is available for free at:

         http://bankrupt.com/misc/mieb16-41554-265.pdf

             About Cadillac Nursing Home

Cadillac Nursing Home, Inc., filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Mich. Case No. 16-41554) on Feb. 8, 2016. The petition
was signed by Bradley Mali, as president.

The cases are pending before the Honorable Thomas J. Tucker. The
Debtor listed estimated assets and liabilities $1 million to $10
million.

The Debtor is represented by Michael E. Baum, Esq., and Kim K.
Hillary, Esq., of Schafer & Weiner PLLC in Bloomfield Hills, Mich.

The Debtor, doing business as St. Francis Nursing Center, is a
privately owned and licensed long term skilled nursing facility
located at 1533 Cadillac Boulevard., Detroit, Mich. It consists of
81 licensed beds, located within the Debtor-owned facility. It
employs nearly 84 full and part-time employees.


CALIFORNIA RESOURCES: State Street Holds 6.7% Stake as of Dec. 31
-----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, State Street Corporation disclosed that as of Dec. 31,
2016, it beneficially owns 2,758,528 shares of common stock of
California Resources Corporation representing 6.69 percent of the
shares outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/Dma8tA

                    About California Resources

California Resources Corporation is an independent oil and natural
gas exploration and production company operating properties
exclusively within the State of California.  The Company was
incorporated in Delaware as a wholly-owned subsidiary of Occidental
on April 23, 2014, and remained a wholly-owned subsidiary of
Occidental until the Spin-off.  On Nov. 30, 2014, Occidental
distributed shares of the Company's common stock on a pro rata
basis to Occidental stockholders and the Company became an
independent, publicly traded company, referred to in the annual
report as the Spin-off.  Occidental retained approximately 18.5% of
the Company's outstanding shares of common stock which it has
stated it intends to divest on March 24, 2016.

The Company reported a net loss of $3.55 billion in 2015, following
a net loss of $1.43 billion in 2014.

As of Sept. 30, 2016, California Resources had $6.33 billion in
total assets, $6.82 billion in total liabilities and a total
deficit of $493 million.

                           *    *    *

In September 2016, S&P Global Ratings raised its corporate credit
rating on California Resources to 'CCC+' from 'SD'.  "We raised
the corporate credit rating on CRC to reflect our reassessment of
its credit profile following the tender for its senior unsecured
notes," said S&P Global Ratings credit analyst Paul Harvey.  "The
rating reflects our expectation that debt leverage will remain at
what we consider unsustainable levels over the next 24 months
despite the net-debt reduction of about $625 million from the
tender," he added.

In August 2016, Moody's Investors Service downgraded California
Resources' Corporate Family Rating to 'Caa2' from 'Caa1' and
Probability of Default Rating to 'Caa2-PD' from 'Caa1-PD'.


CF BROADCASTING: Names David Shook as Bankruptcy Counsel
--------------------------------------------------------
CF Broadcasting LLC seeks authorization from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ David R.
Shook, Attorney at Law, PLLC as general bankruptcy counsel.

The Debtor requires the Mr. Shook to:

   (a) provide legal advice with respect to the Debtor's powers
       and duties as Debtor In Possession and management of its
       assets;

   (b) assist the Debtor in maximizing the value of its assets for
       the benefit of all Creditors and other parties in interest;

   (c) commence and prosecute any and all necessary appropriate
       actions and/or proceedings on behalf of the Debtor and its
       assets;

   (d) conduct negotiate with the Debtor's Creditors;

   (e) prepare on behalf of the Debtor all of the applications,
       motions, answers, orders, reports and other legal papers
       necessary in the furtherance of its bankruptcy proceeding;

   (f) appear in Court and representing the interest of the Debtor
       and the Estate; and

   (g) perform all other legal services for the Debtor that may be

       necessary and proper in advancing the Chapter 11
       proceeding.

Mr. Shook will be compensated at $350 per hour.  Mr. Shook will
also be reimbursed for reasonable out-of-pocket expenses incurred.

David R. Shook assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.

Mr. Shook can be reached at:

       David R. Shook, Esq.
       DAVID R. SHOOK ATTORNEY AT LAW, PLLC  
       6480 Citation Drive  
       Clarkston, MI 48346  
       Tel: (248) 625-6600
       E-mail: ecf@davidshooklaw.com

CF Broadcasting LLC, filed a Chapter 11 bankruptcy petition (Bankr.
E.D. Mich. Case No. 16-22172) on December 14, 2016, disclosing
under $1 million in both assets and liabilities.  The Debtor is
represented by David R. Shook, Esq.


CHAPARRAL ENERGY: Expands Scope of Grant Thornton's Employment
--------------------------------------------------------------
Chaparral Energy, Inc. and its debtor-affiliates filed a
supplemental application to the U.S. Bankruptcy Court for the
District of Delaware to expand the scope of employment of Grant
Thornton LLP as auditor, effective nunc pro tunc to December 6,
2016.

The Debtors and Grant Thornton entered into the Engagement
Agreement to engage Grant Thornton to provide additional services
(the "Additional Services") in connection with the Chapter 11
Cases.  The Additional Services include:

   (a) An audit of the consolidated balance sheet of the Debtors
       as of December 31, 2016, and the related consolidated
       statements of operations, comprehensive income (loss)
       stockholders' equity (deficit), and cash flows for the year

       then ended;

   (b) a review, but not an audit, of the Debtors' interim
       financial information for each of the first three quarters
       in the fiscal year ending December 31, 2017 included in
       Forms 10-Q to be filed with the SEC; and

   (c) a review, but not an audit, of the Debtors' fourth-quarter
       information in conjunction with the year-end audit
       procedures for the year ending December 31, 2017.

Grant Thornton will perform the Additional Services in accordance
with the applicable standards of the United States Public Company
Accounting Oversight Board ("PCAOB Standards").

Grant Thornton estimated its bill for the services will range from
$390,000 to $410,000. Its fee for the quarterly reviews for 2017
are estimated to be $30,000 per quarter.

Grant Thornton will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Anthony W. Holden, partner of Grant Thornton, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Grant Thornton can be reached at:

       Anthony W. Holden
       GRANT THORNTON LLP
       211 N. Robinson, Suite 1200N
       Oklahoma City, OK 73102-7148
       Tel: (405) 218-2800
       Fax: (405) 218-2801

                    About Chaparral Energy

Founded in 1988, Chaparral Energy, Inc., is a Delaware corporation
headquartered in Oklahoma City and a pure play Mid-Continent
independent oil and natural gas exploration and production
company.

At March 31, 2016, the Company had total assets of $1,229,373,000,
total current liabilities of $1,940,742,000 and total stockholders'
deficit of $759,546,000.

Chaparral Energy, Inc., and its 10 affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case
No. 16-11144) on May 9, 2016.  The petitions were signed by Mark
A. Fischer, chief executive officer.

The Debtors are represented by Richard Levy, Esq., Keith Simon,
Esq., David McElhoe, Esq., and Marc Zelina, Esq., at Latham &
Watkins LLP; and Mark D. Collins, Esq., at Richards, Layton &
Finger, P.A., as counsel.  Kurtzman Carson Consultants LLC serves
as administrative advisor.

The Debtors continue to manage and operate their businesses as
debtors in possession pursuant to Sections 1107 and 1108 of the
Bankruptcy Code.  No trustee or examiner has been requested in the
Chapter 11 cases.

The Office of the U.S. Trustee on May 18, 2016, disclosed that no
official committee of unsecured creditors has been appointed in the
cases.

Milbank, Tweed, Hadley & McCloy LLP and Drinker Biddle & Reath LLP
represent an ad hoc committee of holders of (i) 9.875% Senior Notes
due 2020, (ii) 8.25% Senior Notes, and (iii) 7.625% Senior Notes
due 2022 issued by the Debtors.


CHINA FISHERY: Ch. 11 Trustee Taps Quinn Emanuel as Counsel
-----------------------------------------------------------
William A. Brandt, Jr., the Chapter 11 Trustee of China Fishery
Group Limited (Cayman), et al., seeks authority from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation
counsel to the Trustee.

The Trustee requires Quinn Emanuel to provide independent legal
advice relating to:

   (a) any and all aspects of the Debtors' relationship with the
       Hongkong Shanghai Banking Corporation and its affiliates
       and any related matters, including in connection
       with potential defenses to HSBC's claims against the
       Debtors and potential affirmative estate claims; and

   (b) any additional matters that the Trustee specifically
       instructs Quinn Emanuel to handle which, to the extent
       practicable will be disclosed to the Court.

Quinn Emanuel will be paid at these hourly rates:

       Susheel Kirpalani, Partner     $1,125
       James C. Tecce, Partner        $1,035
       Jordan Harap, Associate        $610
       Partners                       $915-$1,350
       Counsel                        $560-$1,055
       Law Clerks/
       Legal Assistants               $310-$375

Quinn Emanuel will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Susheel Kirpalani, partner of Quinn Emanuel, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:

  -- Quinn Emanuel will follow the Amended Guidelines for Fees and

     Disbursements for Professionals in Southern District of New
     York (the "S.D.N.Y. Guidelines").  Quinn Emanuel has reduced
     its standard photocopy charge from $0.24 per page to the
     lesser of $0.10 per page or cost. Where possible, all other
     expenses (e.g., legal research charges, outside photocopying,

     long distance telephone charges, reimbursement for travel,
     multi-party conference calls, color or other specialized
     copies) will be billed at actual cost.  Quinn Emanuel also
     will comply with the Appendix B Guidelines with respect to
     billing for non-working travel time.

  -- Quinn Emanuel and the Trustee intend to discuss a budget and
     staffing plan (the "Plan") prior to the hearing to consider
     this Application. If determined to be feasible, Quinn
     Emanuel and the Trustee will develop the Plan. However,
     recognizing that unforeseeable fees and expenses may arise in

     large chapter 11 cases, Quinn Emanuel and the Trustee may
     need to amend the Plan as necessary to reflect changed
     circumstances or unanticipated events.

Quinn Emanuel can be reached at:

       Susheel Kirpalani, Esq.
       QUINN EMANUEL URQUHART & SULLIVAN, LLP
       51 Madison Avenue, 22nd Floor
       New York, NY 10010-1601
       Tel: (212) 849-7200
       E-mail: susheelkirpalani@quinnemanuel.com

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $500
million to $1 billion and debts at $10 million to $50 million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel. The Debtor has tapped Goldin Associates, LLC, as
financial advisor and RSR Consulting LLC as restructuring
consultant.

On November 10, 2016, William Brandt, Jr. was appointed as Chapter
11 trustee of CFG Peru Investments Pte. Limited (Singapore).


CLAUDIO TARQUINIO: Feb. 14 Set for Hearing to Appoint Trustee
-------------------------------------------------------------
Pio Tarquino, brother of Debtor Claudio Tarquinio, filed a Notice
of Motion before Judge Kathryn C. Ferguson of the U.S. Bankruptcy
Court for the District of New Jersey for an Order appointing a
Chapter 11 Trustee for the Debtor, or, in the alternative, convert
the Chapter 11 case to one under Chapter 7.

The Debtor's brother asks the Court to consider his motion in a
hearing scheduled for February 14, 2017.

The Counsel further noticed that any opposition to the relief must
be filed with the Clerk of Court and served upon the Counsel in no
later than seven days before the return date.

Pio Tarquino is represented by:

         Mitchell Malzberg, Esq.
         LAW OFFICES OF MITCHELL J. MALZBERG, LLC
         6 E. Main Street, Suite 7
         Clinton, NJ 08809
         Tel.: (908) 323-2958
         Fax: (908) 933-0808
         Email: mmalzberg@mjmalzberglaw.com

              About Claudio Tarquinio

Claudio Tarquinio filed a Chapter 11 petition (Bankr. D.N.J. Case
No. 16-30422) on October 26, 2016, and is represented by Jonathan
I. Rabinowitz, Esq. from RABINOWITZ, LUBETKIN & TULLY, LLC.


CLAYTON WILLIAMS: Signs Employment Agreement With VP Marketing
--------------------------------------------------------------
Clayton Williams Energy, Inc., entered into an employment agreement
with Robert C. Lyon, the Company's vice president - gas gathering
and marketing effective Jan. 9, 2017.  The Employment Agreement
provides for a minimum base salary of $300,000 and provides Mr.
Lyon with certain other compensation and benefits, including
participation in the Company's Long Term Incentive Plan.  The
Employment Agreement is effective for an initial term of three
years and will be automatically extended for an additional one year
period on the third anniversary date of the effective date of the
agreement (and on the fourth and fifth anniversary dates of the
effective date), unless, at least 90 days prior to any such
anniversary date, either party gives notice of non-renewal.

Pursuant to the Employment Agreement, the Company is required to
provide compensation to Mr. Lyon in the event Mr. Lyon's employment
is terminated under certain circumstances.  If Mr. Lyon becomes
disabled or dies, the agreement provides for a lump sum payment of
18 months of base salary, payable within 90 days of termination or
by March 15 of the year following termination, if earlier, and 12
months of continued health benefits.  If Mr. Lyon's employment is
terminated by the Company without cause or by Mr. Lyon for good
reason, or if the Company gives a notice of non-renewal to Mr.
Lyon, Mr. Lyon will receive a lump sum payment equal to (i) one and
one-half times his annualized base salary in effect on the date of
termination, (ii) one and one-half times the average of the bonus
amount or amounts actually paid to Mr. Lyon for the three years
ending prior to the date of termination or, if such period is
shorter, the number of full calendar years preceding the date of
termination during which Mr. Lyon was employed by the Company,
(iii) the car allowance Mr. Lyon would have received under the
Employment Agreement had his employment continued for an additional
one and one-half years and (iv) the matching contributions that
would have been made on behalf of Mr. Lyon pursuant to the
Company's 401(k) plan if Mr. Lyon had continued participating in
such 401(k) plan for an additional one and one-half years, payable
within 90 days of termination or by March 15 of the year following
termination, if earlier, plus 18 months of continued health
benefits.  If Mr. Lyon's employment is terminated by the Company
without cause or by Mr. Lyon for good reason, or if the Company
gives notice of non-renewal to Mr. Lyon, in each case, within 24
months following a change in control of the Company, Mr. Lyon will
receive a lump sum payment equal to (i) two times his annualized
base salary in effect on the date of termination, (ii) two times
the average of the bonus amount or amounts actually paid to Mr.
Lyon for the three years ending prior to the date of termination
or, if such period is shorter, the number of full calendar years
preceding the date of termination during which Mr. Lyon was
employed by the Company, (iii) the car allowance Mr. Lyon would
have received under the Employment Agreement had his employment
continued for an additional two years and (iv) the matching
contributions that would have been made on behalf of Mr. Lyon
pursuant to the Company's 401(k) plan if Mr. Lyon had continued
participating in such 401(k) plan for an additional two years,
payable within 90 days of termination or by March 15 of the year
following termination, if earlier, plus 18 months of continued
health benefits.  Mr. Lyon is also entitled to accelerated vesting
of equity and non-equity incentive awards (except that certain
forfeiture conditions may continue to apply) if his employment is
terminated due to death or disability, and partial acceleration in
the event his employment is terminated by the Company without
cause, by Mr. Lyon for good reason, or pursuant to a non-renewal
notice given by the Company (including such a termination occurring
within 24 months following a change in control of the Company).

The Employment Agreement contains confidentiality provisions, as
well as covenants not to compete, during the employment term and
continuing until the first anniversary of the date of termination,
and not to solicit the employment of other employees of the
Company, during the employment term and continuing until the second
anniversary of the date of termination, subject to limited
exceptions.  The non-compete covenant does not apply if Mr. Lyon is
terminated for cause by the Company or voluntarily without good
reason by Mr. Lyon, unless the Company continues to pay Mr. Lyon
his base salary for a period of 12 months.  In addition, the
Employment Agreement also conditions payment of severance payments
and health care continuation coverage upon Mr. Lyon's execution of
a release.

                     About Clayton Williams

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

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

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

                          *     *     *

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


CNO FINANCIAL: Fitch Affirms 'BB+' Rating on 2 Note Tranches
------------------------------------------------------------
Fitch Ratings has removed CNO Financial Group Inc.'s ratings from
Rating Watch Negative, and affirmed the 'BBB-' Issuer Default
Rating (IDR) and the Insurer Financial Strength (IFS) ratings for
CNO's core insurance subsidiaries at 'BBB+'.  The Rating Outlook is
Stable.

The rating actions follow the company's announcement that it has
recaptured the approximately $550 million closed-block long-term
care business that was reinsured by Beechwood Re Ltd. since late
2013, and has completed the audit of trust assets associated with
the reinsured business, with final results generally in line with
the $55 million net loss estimate provided in a Form 8-K filed by
the company on Sept. 29, 2016.  The 8-K also disclosed a $200
million capital contribution from CNO to insurance subsidiaries
affected by the recapture.  In a press release issued on Sept. 30,
2016, Fitch indicated that CNO's ratings would likely be affirmed
with a Stable Outlook if the final outcome of the company's asset
audit resulted in no material variance from those estimates.

                         KEY RATING DRIVERS

The affirmation of CNO's ratings reflects the company's strong
balance sheet fundamentals, solid capitalization and financial
flexibility, and recent financial performance which remains in line
with Fitch's expectations.  Primary rating concerns include CNO's
large exposure to its legacy individual long-term care (LTC)
insurance business and challenges associated with the ongoing low
interest rate environment.

The low interest rate environment continues to pressure CNO's
earnings, but the company has been able to manage spread
compression through lower crediting rates on interest-sensitive
products, although the availability of this tool is diminishing as
crediting rates move closer to contractual minimums.

Fitch considers CNO's statutory capitalization to be strong for its
current rating.  The consolidated risk-based capital (RBC) ratio
under Fitch's consolidation methodology increased to 435% at
year-end 2015, up from 415% at year-end 2014.  The company
estimated its RBC ratio to be approximately 458% at Sept. 30, 2016.
Total adjusted capital growth has been consistent over the past
two years, increasing 4.2% in both 2014 and 2015.  Fitch expects
CNO's RBC ratio to remain above 400% over the intermediate term.
CNO's earnings profile continues to generally show stability,
despite pressure from low interest rates, and some upward pressure
on medicare supplement benefit and supplemental health loss ratios
in 2016.  The company reported pre-tax operating earnings of $275
million through the first nine months of 2016, excluding the charge
related to the recapture, essentially stable relative to the same
period in 2015.  Profitability as measured by return on equity
(ROE) is seen as within expectations for the company's ratings as
reflected by the company's operating ROE of 6.4% for the first
three quarters of 2016.

CNO's operating interest coverage is viewed as strong at 9.0x for
the first nine months of 2016, down slightly from 9.1x for the same
period in 2015.

Fitch considers CNO's overall investment credit quality to be good
with slightly less than 6% of bonds below investment grade at Sept.
30, 2016, on a statutory basis.  This is generally in line with the
life insurance industry average of 6%.  However, nearly half of the
investment-grade bond portfolio is 'BBB' level rated securities
(47% of the portfolio at Sept. 30, 2016,) compared to roughly a
third for the broader industry.  The elevated allocation to the
'BBB' category makes the portfolio potentially more vulnerable to
ratings migration in an adverse economic scenario.

                        RATING SENSITIVITIES

Key rating triggers that could lead to an upgrade for all ratings
include:

   -- Consistent earnings without significant special charges and
      with operating return on equity above 8%;
   -- No material deterioration in other credit metrics;
   -- Significant reduction in exposure to the company's legacy
      individual LTC insurance business.

Key rating triggers that could lead to a downgrade include:

   -- Combined NAIC RBC ratio less than 325% and operating
      leverage above 20x;
   -- Deterioration in operating results;
   -- Decline in fixed charge coverage to below 5x;
   -- Significant increase in credit-related impairments;
   -- Financial leverage above 30%.

FULL LIST OF RATING ACTIONS

Fitch has removed from Rating Watch Negative and affirmed these
ratings with a Stable Outlook:

CNO Financial Group, Inc.

   -- IDR at 'BBB-';
   -- 4.50% senior unsecured notes due May 30, 2020 at 'BB+';
   -- 5.25% senior unsecured notes due May 30, 2025 at 'BB+'.

Bankers Life and Casualty Company
Bankers Conseco Life Insurance Company
Colonial Penn Life Insurance Company

Washington National Insurance Company

   -- IFS at 'BBB+'.


COLUMBUS REGIONAL: Fitch Assigns 'BB+' Rating on $105MM Certs.
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to these Medical Center
Hospital Authority bonds issued on behalf of Columbus Regional
Healthcare System (dba Columbus Regional Health, CRH):

   -- $105,185,000 taxable revenue anticipation certificates,
      series 2017.

The bonds are expected to be issued as fixed rate taxable bonds,
used primarily to refund the outstanding series 2008 bonds, and
will price the week of Jan. 23 via negotiated sale.

In addition, Fitch affirms these Medical Center Hospital Authority
bonds:

   -- $105,115,000 revenue anticipation certificates, series 2008,

      at 'BB+';
   -- $167,235,000 tax-exempt revenue anticipation certificates,
      series 2010, at 'BB+'.

The Rating Outlook is revised to Positive from Stable.

                             SECURITY

The bonds are secured by a revenue pledge of the obligated group
and a leasehold agreement on obligated group property.  The series
2008 and 2010 bonds are additionally secured by a debt service
reserve.

                        KEY RATING DRIVERS

Improved Profitability Sustained: The Outlook revision to Positive
reflects CRH's sharply improved profitability in fiscal 2016, which
was sustained through the five-month interim period ended Nov. 30,
2016.  CRH generated a solid 2.1% operating and 11.7% operating
EBITDA margin through fiscal 2016, with additional improvement to
4.1% and 12.9%, respectively, through Nov. 30 2016. Improvement has
occurred though significant structural and strategic initiatives,
which are expected to be sustained.

Manageable Capital Plans: CRH's capital needs have been resized and
refocused, and are expected to be manageable between
$30 million - $43 million annually going forward.  This level of
spend can be addressed via cash flow, though CRH will need to
maintain its recently improved profitability to do so.

Incremental Liquidity Growth: Better cash flow has resulted in
balance sheet improvement, to $174.1 million at Nov. 30 2016, equal
to 158.9 days of cash on hand (DCOH) and 59.5% cash to debt.
Further, long standing use of a line of credit has ceased, and
CRH's pension plan is well funded at 91%.

Competitive Landscape: Acute care services remain competitive
within the service area, and CRH's market share has eroded some in
the past five years.  However, its share of 46.1% in fiscal 2016 is
just ahead of its nearest competitor St. Francis Hospital, and is
marginally improved over fiscal 2015's market share.  Still, St.
Francis was recently acquired by LifePoint Health, Inc. (senior
notes rated 'BB/RR4'/Outlook Stable) in January 2016 which poses
material competition for patients in the market.

                       RATING SENSITIVITIES

Cash Flow Maintained: Further upward rating pressure is likely with
evidence of sustained operating cash flow at current levels which
support capital outlays without balance sheet deterioration.

                         CREDIT PROFILE

CRH is a health care system with a total of 732 licensed beds and
$435.4 million of operating revenues (fiscal 2016, June 30
year-end) located in Columbus, GA.  The system includes 632-bed
Midtown Medical Center, 100-bed Northside Medical Center, the John
B.  Amos cancer center, a foundation, a medical group, and other
various subsidiaries and services.  The obligated group represents
98% of total assets and 100% of total operating revenues.

                       SUSTAINED IMPROVEMENTS

The Outlook revision to Positive from Stable reflects the sustained
improvements in operating performance in fiscal 2016 and through
the five-month interim period ended Nov. 30, 2016. Following
several years of weaker performance driven by several non-recurring
items as well as other operating challenges, CRH's efforts to
reduce unnecessary expenses and improve operating efficiency have
generated what appear to be sustainable results. Through the fiscal
year ended June 30, 2016, CRH produced a healthy 11.7% operating
EBITDA margin, which improved to 12.9% in the interim period.
Further incremental improvements should be realized in fiscal 2017,
with steady operating EBITDA expected year-over-year.

Fitch notes that capital outlays are expected to remain relatively
healthy over the near term, near $43 million just ahead of
depreciation expense and funded with cash flow.  This will require
steady profitability in order to preserve liquidity, and no
additional debt is expected.  CRH remains highly leveraged, with
pro forma maximum annual debt service (MADS) equal to 6% of fiscal
2016 revenues versus Fitch's 'BBB' category median of 4.3%.

                           DEBT PROFILE

The series 2017 bonds are expected to be taxable with a five-year
bullet maturity, which will require market access.  Pro forma MADS
based on a smoothed schedule is $26.1 million, which CRH covered at
an improved 2.0x by operating EBITDA in fiscal 2016, and 2.2x by
operating EBITDA in the interim period.  CRH has no swaps, and its
defined benefit pension plan is 91% funded.

CRH was in compliance with its covenant requirements through fiscal
2016, generating 2.71x coverage (ahead of the 2.0x requirement),
148.6 DCOH (ahead of the 85 DCOH requirement), 62% capitalization
(just ahead of the 65% threshold), and a 6.43x cash cushion ratio
(ahead of the 1.75x requirement) per MTI calculations.  This
follows two fiscal years of covenant violations, which required
waivers be granted.


COMPCARE MEDICAL: Referrals from Vantage Medical Begin Feb. 2017
----------------------------------------------------------------
Constance Doyle, as the Patient Care Ombudsman for Compcare
Medical, Inc., has issued a Third Interim Report for the period
November 1, 2016 through December 31, 2016.

The PCO finds that all care provided to the patients by the Debtor
is well within the the standard of care.

Moreover, the PCO notes that the office remains busy with a daily
patient visit count of 40-50 patients.  The PCO was informed about
the negotiations with Vantage IPA, who will become a provider with
the Debtor.  The PCO opined that if the negotiations will be
successful, the census will grow and the need for an additional
physician may be appropriate.  The contract has been signed with
Vantage Medical, and the referrals will begin on February 2017.
Additionally, the PCO noted that due to the closing of the Bank of
America account, it became necessary for the Debtor to reapply for
Medicare electronic funds transfer.  There were no funding since
August 2016 and the Debtor was informed it may take up to 6 months,
the PCO said.

A full-text copy of the PCO Report is available for free at:

        http://bankrupt.com/misc/cacb16-15707-86.pdf

           About CompCare Medical

CompCare Medical Inc. filed a chapter 11 petition (Bankr. C.D. Cal.
Case No. 16-15707) on June 27, 2016. The petition was signed by
Alphonso Benton, president. The Debtor is represented by Todd L.
Turoci, Esq., at The Turoci Firm. The Debtor estimated assets at
$100,001 to $500,000 and liabilities at $500,001 to $1 million.


COWBOYS FAR WEST: Court OKs Disclosures; Plan Hearing on Jan. 31
----------------------------------------------------------------
The Hon. Ronald B. King of the U.S. Bankruptcy Court for the
Western District of Texas has approved Cowboys Far West, Ltd.'s
amended disclosure statement referring to the Debtor's amended plan
of reorganization.

A hearing to consider the confirmation of the Plan will be held on
Jan. 31, 2017, at 2:00 p.m.  Objections to the confirmation of the
Plan must be filed by Jan. 27, 2017.  All ballots are to be filed
by the creditors no later than Jan. 27.  The ballots, along with
the ballot summary, must be filed with the Clerk of Court no later
than Jan. 30, 2017, at 2:00 p.m. local time.

Under the Plan, holders of allowed Class 6 Unsecured Claims --
totaling $20,953.89 -- will be paid 100%, pro rata, over a period
60 months, with 3% annual interest.

The Debtor will not be generating any income other than from the
operation of the business.  The Debtor does anticipate to realize
sufficient income to pay all claims pursuant to the terms of the
Plan.  It is anticipated that the cash flow from the operation of
his businesses will be sufficient to meet all the fixed and
contingent obligations for the Debtor under the Plan as well as
those incurred in the ordinary course of business.

The Amended Disclosure Statement is available at:

          http://bankrupt.com/misc/txwb16-51419-114.pdf

As reported by the Troubled Company Reporter on Dec. 21, 2016, the
Debtor filed with the Court a disclosure statement referring to the
Debtor's plan of reorganization, which proposed that holders of
Class 6 Unsecured Claims paid pro rata over a period 60 months with
3% annual interest.

                   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.


CUMULUS MEDIA: CEO Gets $1 Million Performance Bonus
----------------------------------------------------
The compensation committee of the board of directors of Cumulus
Media Inc. approved for payment a one-time discretionary cash
incentive compensation award to Mary G. Berner, the Company's
president and chief executive officer, in recognition of, among
other things, her exceptional efforts and contributions during
2016, both individually and as a member of the management
leadership team, in the initial phase of the Company's operational
turnaround plan and ongoing operational and financial
restructuring.  This cash incentive award payment of $1,087,500 has
been made in lieu of any award to which Ms. Berner might have been
entitled under the Company's annual incentive plan for 2016, as
previously disclosed.  As a result, no payments will be made to her
under the EIP for 2016.

                       About Cumulus Media

Atlanta, Georgia-based Cumulus Media Inc. --
http://www.cumulus.com/-- is a radio broadcasting company.  The
Company is also a provider of country music and lifestyle content
through its NASH brand, which serves through radio programming,
NASH Country Weekly magazine and live events.  Its product lines
include broadcast advertising, digital advertising, political
advertising and non-advertising based license fees.  Its broadcast
advertising includes the sale of commercial advertising time to
local, national and network clients.  Its digital advertising
includes the sale of advertising and promotional opportunities
across its Websites and mobile applications.  Its across the nation
platform generates content distributable through both broadcast and
digital platforms.

Cumulus Media put AR Broadcasting Holdings Inc. and three other
units to Chapter 11 protection (Bankr. D. Del. Lead Case No.
11-13674) in 2011 after struggling to pay off debt that topped
$97 million as of June 30, 2011.

Cumulus Media reported a net loss attributable to common
shareholders of $546 million on $1.16 billion of net revenue for
the year ended Dec. 31, 2015, compared to net income attributable
to common shareholders of $11.8 million on $1.26 billion of net
revenue for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, Cumulus Media had $3.05 billion in total
assets, $2.99 billion in total liabilities and $51.39 million in
total stockholders' equity.

                          *     *     *

In December 2016, S&P Global Ratings lowered its corporate credit
ratings on Cumulus Media Inc. and its subsidiary Cumulus Media
Holdings Inc. to 'CC' from 'CCC'.  The rating outlook is negative.
"The downgrade follows Cumulus' announcement that it has offered to
exchange its 7.75% senior notes due 2019 for debt and common stock
in the company," said S&P Global Ratings' credit analyst Jeanne
Shoesmith.

In March 2016, Moody's Investors Service downgraded Cumulus Media
Inc.'s Corporate Family Rating to 'Caa1' from 'B3' and Probability
of Default Rating to 'Caa1-PD' from 'B3-PD'.  Cumulus' 'Caa1'
Corporate Family Rating reflects the company's excessive leverage
with debt-to-EBITDA exceeding 9.5x (including Moody's standard
adjustments) and Moody's revised expectation that debt-to-EBITDA
will remain elevated over the next 12 months due to continued
declines in network revenue and increased operating expenses more
than offsetting the benefits from an expected increase in station
group revenue and political ad sales in 2016.


CYTORI THERAPEUTICS: Copy of 2017 Investor Presentation
-------------------------------------------------------
Cytori Therapeutics, Inc. filed with the Securities and Exchange
Commission a copy of an investor slide presentation that the
Company used during a presentation at the Biotech Showcase on
Tuesday, Jan. 10, 2017.  The presentation is available at:

                    https://is.gd/2ykksJ

Additionally, the Company has posted the slide presentation on the
Company's Investor Relations website at http://ir.cytori.com.

                           About Cytori

Based in San Diego, California, Cytori Therapeutics (NASDAQ: CYTX)
-- http://www.cytori.com/-- is an emerging leader in providing    

patients and physicians around the world with medical
technologies, which harness the potential of adult regenerative
cells from adipose tissue.  The Company's StemSource(R) product
line is sold globally for cell banking and research applications.

Cytori reported a net loss allocable to common stockholders of
$19.4 million on $4.83 million of product revenues for the year
ended Dec. 31, 2015, compared to a net loss allocable to common
stockholders of $38.5 million on $4.95 million of product revenues
for the year ended Dec. 31, 2015.

As of Sept. 30, 2016, Cytori had $36.84 million in total assets,
$23.17 million in total liabilities and $13.67 million in total
stockholders' equity.

KPMG LLP, in San Diego, California, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company's recurring losses
from operations and liquidity position raises substantial doubt
about its ability to continue as a going concern.


CYTOSORBENTS CORP: Closes Product Study Amid Enrolling Difficulty
-----------------------------------------------------------------
CytoSorbents Corporation, a Delaware corporation, announced in June
2013 that the U.S. Air Force was funding a Company-sponsored, 30
patient, single site, randomized controlled human pilot study of
the Company's CytoSorb product to evaluate patients with severe
trauma and rhabdomyolysis.  The primary endpoint for the Study was
myoglobin removal.  Though the Company did not expect to receive
material direct funding from this $3.0 million budgeted program, it
was hoped that the Study would generate valuable data that could be
used commercially by the Company or in the Company's future trauma
studies.

However, because of the stringency of the inclusion criteria, and
because of the patient mix seen at the single clinical trial site,
the Study experienced difficulty in enrolling patients.  In an
effort to increase enrollment, in 2015 the Company amended the
applicable Study protocol to modify the key inclusion criteria and
expand the number of clinical trial sites.  Unfortunately, these
amendments did not result in increased enrollment.  In December
2016, the Company contacted the Contracting Officer's
Representative for the Study to discuss potential options and
alternatives, including closing the Study.  Due to the continued
difficulty in enrolling patients in this Study and likelihood this
would continue without significant modification to the protocol,
the Company and U.S. Air Force determined to close the Study.  This
included notification of the San Antonio Military Medical Center
(primary Study site) Ethics Committee, that occurred and was
acknowledged on Jan. 4, 2017.  In addition, the Company is in the
process of notifying the U.S. Food and Drug Administration that it
will officially close the Study.

                       About Cytosorbents

Cytosorbents Corporation is a leader in critical care immunotherapy
commercializing its CytoSorb blood purification technology to
reduce deadly uncontrolled inflammation in hospitalized patients
around the world, with the goal of preventing or treating multiple
organ failure in life-threatening illnesses.  The Company, through
its subsidiary CytoSorbents Medical Inc. (formerly known as
CytoSorbents, Inc.), is engaged in the research, development and
commercialization of medical devices with its blood purification
technology platform which incorporates a proprietary adsorbent,
porous polymer technology.  The Company, through its European
Subsidiary, conducts sales and marketing related operations for the
CytoSorb device.  CytoSorb, the Company's flagship product, is
approved in the European Union and marketed in and distributed in
thirty-two countries around the world, as a safe and effective
extracorporeal cytokine absorber, designed to reduce the "cytokine
storm" that could otherwise cause massive inflammation, organ
failure and death in common critical illnesses such as sepsis, burn
injury, trauma, lung injury, and pancreatitis.  CytoSorb is also
being used during and after cardiac surgery to remove inflammatory
mediators, such as cytokines and free hemoglobin, which can lead to
post-operative complications, including multiple organ failure.  In
March 2011, the Company received CE Mark approval for its CytoSorb
device.

Cytosorbents reported a net loss available to common shareholders
of $8.13 million in 2015 following a net loss available to common
shareholders of $18.58 million in 2014.

As of Sept. 30, 2016, Cytosorbents had $10.85 million in total
assets, $9.47 million in total liabilities and $1.37 million in
total stockholders' equity.

"We have experienced substantial operating losses since inception.
As of December 31, 2015, we had an accumulated deficit of
$132,525,858, which included net losses of $8,131,738 for the year
ended December 31, 2015 and $9,321,672 for the year ended December
31, 2014.  In part due to these losses, our audited consolidated
financial statements have been prepared assuming we will continue
as a going concern, and the auditors' report on those financial
statements express substantial doubt about our ability to continue
as a going concern.  Our losses have resulted principally from
costs incurred in the research and development of our polymer
technology and general and administrative expenses.  We intend to
conduct significant additional research, development, and clinical
study activities which, together with expenses incurred for the
establishment of manufacturing arrangements and a marketing and
distribution presence and other general and administrative
expenses, are expected to result in continuing operating losses for
the foreseeable future," as disclosed in the Company's annual
report for the year ended Dec. 31, 2015.


CYTOSORBENTS CORP: Expects to Report 2016 Sales of $8.2 Million
---------------------------------------------------------------
CytoSorbents Corporation pre-announces unaudited Q4 2016 and
full-year 2016 results ahead of its Form 10-K filing.

2016 Financial Highlights:

    * The Company expects to announce approximately $8.2 million
      in full year 2016 CytoSorb sales (range $8.1-8.3M), a
      doubling from $4.0 million in 2015

    * Q4 2016 product sales of approximately $2.6 million (range
      $2.5-2.7M), versus $1.5 million in Q4 2015, continues six
      consecutive quarters of record sales, and is up sequentially

      by more than 20% from Q3 2016

    * 2016 blended gross product margins, between higher margin
      direct sales and lower margin distributor sales, are
      expected to exceed 65%

    * Surpassed 20,000 total human CytoSorb® treatments versus
      9,000 a year ago

Dr. Phillip Chan, chief executive officer of CytoSorbents stated,
"These results reflect the continued importance and momentum of our
CytoSorb therapy in hospitals around the world.  In light of our
recent partnership and reimbursement updates, we believe we are
well-positioned for a strong 2017."

                      About Cytosorbents

Cytosorbents Corporation is a leader in critical care immunotherapy
commercializing its CytoSorb blood purification technology to
reduce deadly uncontrolled inflammation in hospitalized patients
around the world, with the goal of preventing or treating multiple
organ failure in life-threatening illnesses.  The Company, through
its subsidiary CytoSorbents Medical Inc. (formerly known as
CytoSorbents, Inc.), is engaged in the research, development and
commercialization of medical devices with its blood purification
technology platform which incorporates a proprietary adsorbent,
porous polymer technology.  The Company, through its European
Subsidiary, conducts sales and marketing related operations for the
CytoSorb device.  CytoSorb, the Company's flagship product, is
approved in the European Union and marketed in and distributed in
thirty-two countries around the world, as a safe and effective
extracorporeal cytokine absorber, designed to reduce the "cytokine
storm" that could otherwise cause massive inflammation, organ
failure and death in common critical illnesses such as sepsis, burn
injury, trauma, lung injury, and pancreatitis.  CytoSorb is also
being used during and after cardiac surgery to remove inflammatory
mediators, such as cytokines and free hemoglobin, which can lead to
post-operative complications, including multiple organ failure.  In
March 2011, the Company received CE Mark approval for its CytoSorb
device.

Cytosorbents reported a net loss available to common shareholders
of $8.13 million in 2015 following a net loss available to common
shareholders of $18.58 million in 2014.

As of Sept. 30, 2016, Cytosorbents had $10.85 million in total
assets, $9.47 million in total liabilities and $1.37 million in
total stockholders' equity.


DAKOTA PLAINS: U.S. Trustee Objects to Plan Support Agreement
-------------------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee assigned to the
Dakota Plains Holdings case filed with the U.S. Bankruptcy Court an
objection to the Debtors' plan support agreement (PSA). The Trustee
asserts, "The U.S. Trustee objects to approval of the Plan Support
Agreement (PSA) because nobody has seen it. The motion states that
a copy is attached, but it is not.  Once served and provided to
parties, all parties should be given adequate time for review.  The
same is true for the related documents such as the 'seller
subordination agreement'.  The PSA and all subsequent related
agreements appear to arise from the 'Membership Interest Purchase
Agreement'.  That document has also not been seen by parties.  If,
in fact, it arises from the purchase of a membership interest in a
limited liability company, or an agreement with respect to an
equity interest, then any claim arising out of such an agreement
must be subordinated under 11 U.S.C. section 510(b). Upon approval
of a successful bidder and a closing of the sale, the debtors will
either convert the cases to chapter 7 or propose a liquidating
plan.  If the debtors go forward with a liquidating plan, the terms
of any agreement between them and WFS and PTS should be subject to
review by creditors as part of an approved disclosure statement and
subject to a vote as part of a plan.  As now postured before the
court, approval of the Plan Support Agreement is premature."

                   About Dakota Plains Holdings

Dakota Plains Holdings, Inc. (NYSE MKT: DAKP) --
http://www.dakotaplains.com/-- is an energy company operating the
Pioneer Terminal transloading facility.  The Pioneer Terminal is
centrally located in Mountrail County, North Dakota, for Bakken and
Three Forks related Energy & Production activity.

Dakota Plains Holding and six of its wholly owned subsidiaries
filed voluntary Chapter 11 petitions (Bankr. D. Minn. Lead Case No.
16-43711) on Dec. 20, 2016, initiating a process intended to
preserve value and accommodate an eventual going-concern sale of
Dakota Plains' business operations.

The petitions were signed by Marty Beskow, CFO.  The cases are
assigned to Judge Michael E. Ridgway.  Canaccord Genuity Inc.
serves as the Debtors' financial advisor and investment banker.

At the time of the filing, Dakota Plains Holdings disclosed $3.08
million in assets and $75.38 million in liabilities.


DAYBREAK OIL: Incurs $735,501 Net Loss in Third Quarter
-------------------------------------------------------
Daybreak Oil and Gas, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
available to common shareholders of $735,501 on $102,751 of revenue
for the three months ended Nov. 30, 2016, compared to a net loss
available to common shareholders of $862,077 on $130,483 of revenue
for the three months ended Nov. 30, 2015.

For the nine months ended Nov. 30, 2016, the Company reported a net
loss available to common shareholders of $2.90 million on $332,041
of revenue compared to a net loss available to common shareholders
of $1.98 million on $451,359 of revenue for the same period a year
ago.

As of Nov. 30, 2016, Daybreak Oil had $1.16 million in total
assets, $13.36 million in total liabilities and a total
stockholders' deficit of $12.20 million.

Daybreak believes that its liquidity will improve when there is a
sustained improvement in hydrocarbon prices.  The Company's sources
of funds in the past have included the debt or equity markets.  The
Company said it will be necessary for it to obtain additional
funding from the private or public debt or equity markets in the
future, or through the sale of all or part of its working interest
in its properties.  However, the Company cannot offer any assurance
that it will be successful in executing the aforementioned plans to
continue as a going concern.

Daybreak's financial statements as of Nov. 30, 2016, do not include
any adjustments that might result from the inability to implement
or execute the Company's plans to improve its ability to continue
as a going concern.

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

                    https://is.gd/Pn1dPH

                     About Daybreak Oil
  
Daybreak Oil and Gas, Inc., is an independent oil and natural gas
exploration, development and production company.  The Company is
headquartered in Spokane, Washington and has an operations office
in Friendswood, Texas.  The Company's common stock is quoted on
the OTC Bulletin Board market under the symbol DBRM.OB.  Daybreak
has over 20,000 acres under lease in the San Joaquin Valley of
California.

Daybreak Oil reported a net loss available to common shareholders
of $4.33 million on $1.25 million of revenue for the year ended
Feb. 29, 2016, compared to a net loss available to common
shareholders of $865,577 on $3.08 million of revenue for the year
ended Feb. 28, 2015.

MaloneBailey, LLP, in Houston, Texas, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Feb. 29, 2016, citing that Daybreak Oil suffered losses from
operations and has negative operating cash flows, which raises
substantial doubt about its ability to continue as a going concern.


DEPENDABLE AUTO: Hires Bonds Ellis as Attorneys
-----------------------------------------------
Dependable Auto Shippers, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the Northern
District of Texas to employ Bonds Ellis Eppich Schafer Jones LLP as
attorneys, effective December 21, 2016 petition date.

The Debtors require Bonds Ellis to:

   (a) render bankruptcy related legal advice to the Debtors;

   (b) assist, on behalf of the Debtors, in the preparation of
       necessary applications, notices, motions, answers, orders,
       reports, schedules, statement of affairs, and other legal
       papers;

   (c) assist the Debtors in the negotiation and formulation of a
       plan of reorganization and the preparation of a disclosure
       statement;

   (d) assist the Debtors in preserving and protecting the value
       of the Debtors' estates; and

   (e) perform all other legal services for the Debtors which may
       be necessary or appropriate in administering the bankruptcy

       case.

Bonds Ellis will be paid at these hourly rates:

       D. Michael Lynn            $650
       John Y. Bonds, III         $510
       Joshua N. Eppich           $435
       H. Brandon Jones           $395
       Paul M. Lopez              $275
       Paralegals                 $100

Bonds Ellis will also be reimbursed for reasonable out-of-pocket
expenses incurred.

John Y. Bonds, III, partner of Bonds Ellis, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Bonds Ellis can be reached at:

       D. Michael Lynn, Esq.
       John Y. Bonds, III, Esq.
       Joshua N. Eppich, Esq.
       BONDS ELLIS EPPICH SCHAFER JONES LLP
       420 Throckmorton Street, Suite 1000
       Fort Worth, TX 76102
       Tel: (817) 405-6900
       Fax: (817) 405-6902

                   About Dependable Auto Shippers

Dependable Auto Shippers, Inc.'s ("DAS") history dates back to 1954
when Sam London formed Dependable Car Travel Services in the heart
of New York City.  In 1990, DAS became a full-service vehicle
transportation carrier, and over the years, grew into a fleet of
auto carriers, created a network of more than 97 storage facilities
and created a proprietary web presence.  In 2004, DAS' transport
fleet peaked at 122 trucks.

Dependable Auto Shippers, Inc., and related entities DAS Global
Services, Inc., and DAS Government Services, LLC filed chapter 11
petitions (Bankr. N.D. Tex. Case Nos. 16-34855-11, 16-34857-11, and
16-34858-11) on Dec. 21, 2016.  

The Debtors are represented by D. Michael Lynn, Esq., John Y.
Bonds, III, Esq., and Joshua N. Eppich, Esq., at Bonds Ellis Eppich
Schafer Jones LLP.


DEPENDABLE AUTO: Hires JND as Noticing and Solicitation Agent
-------------------------------------------------------------
Dependable Auto Shippers, Inc. and its debtor-affiliates seek
authorization from the U.S. Bankruptcy Court for the Northern
District of Texas to employ JND Corporate Restructuring as noticing
and solicitation agent, effective December 21, 2016 petition date.

The Debtors require JND to:

   (a) prepare and serve required notices and documents in these
       chapter 11 cases in accordance with the Bankruptcy Code and

       the Federal Rules of Bankruptcy Procedure in the form and
       manner directed by the Debtors and/or the Court, including,

       without limitation, (i) notice of the commencement of these

       chapter 11 cases and the initial meeting of creditors under

       section 341(a) of the Bankruptcy Code, (ii) notice of any
       claims bar date, (iii) notices of transfers of claims, (iv)

       notices of objections to claims and objections to transfers

       of claims, (v) notices of any hearings on a disclosure
       statement or confirmation of the Debtors' plan or plans of
       reorganization, (vi) notice of the effective date of any
       plan or plans of reorganization; and (vii) all other
       notices, orders, pleadings, publications and other
       documents as the Debtors or Court may deem necessary or
       appropriate for an orderly administration of these chapter
       11 cases;

   (b) assist the Debtors with plan-solicitation services
       including: (i) balloting, (ii) distribution of applicable
       solicitation materials, (iii) tabulation and calculation of

       votes, (iv) determining with respect to each ballot cast,
       its timeliness and its compliance with the Bankruptcy Code,

       Bankruptcy Rules, and procedures ordered by this Court, (v)

       generating an official ballot certification and testifying,

       if necessary, in support of the ballot tabulation results,
       and (vi) handling requests for documents from parties in
       interest;

   (c) maintain a "Special Notice List" in accordance with this
       Court's Order Granting Emergency Motion to Limit Notice
       [Docket No. 23] consisting of (i) the Office of the United
       States Trustee for the Northern District of Texas, Attn:
       Meredyth Kippes, (ii) the Debtors and their counsel, (iii)
       the Debtors' secured creditors, (iv) the twenty (20)
       largest unsecured creditors for each Debtor, (v)
       governmental entities having a regulatory or statutory
       interest in these cases, (vi) those persons who have
       formally appeared and requested notice and service in these

       proceedings pursuant to Bankruptcy Rule 2002, (vii) any
       party whose interests are directly affected, (viii) counsel

       for and the members of any official committees appointed by

       this Court, and (ix) any indenture trustee and update such
       lists and make such lists available upon request by a
       party-in-interest or the Clerk;

   (d) furnish a notice to all known potential creditors of the
       Debtors of the last date for the filing of proofs of claim
       and a form for the filing of a proof of claim;

   (e) for each notice, motion, order, or other document served,
       prepare and file or caused to be filed with the Clerk an
       affidavit or certificate of service within 7 business days
       of service of such document which includes (i) either a
       copy of the notice served or the docket number and title of

       the document served, (ii) a list of persons to whom such
       document was mailed with their addresses, (iii) a statement

       of the manner of service, and (iv) a statement of the date
       the service was effected;

   (f) monitor the Court's docket for all notices of appearance,
       address changes, and claims-related pleadings and orders
       filed and make necessary notations on and/or changes to the

       Claims Registers;

   (g) assist in the dissemination of information to the public
       and respond to requests for administrative information
       regarding the case as directed by the Debtors or the Court,

       including through the use of a case website and/or call
       center;

   (h) if these chapter 11 cases are converted to cases under
       chapter 7 of the Bankruptcy Code, contact the Clerk's
       Office within 3 days of the notice to Noticing and
       Solicitation Agent of entry of the order converting these
       chapter 11 cases;

   (i) 30 days prior to the close of these chapter 11 cases, to
       the extent practicable, request that the Debtors submit to
       the Court a proposed Order dismissing the Noticing and
       Solicitation Agent and terminating the services of such
       agent upon completion of its duties and responsibilities
       and upon the closing of these chapter 11 cases; and

   (j) manage and coordinate any distributions pursuant to a
       chapter 11 plan; and provide such other processing,
       solicitation, balloting, and other administrative services
       described in the Engagement Agreement that may be requested

       from time to time by the Debtors, the Court or the Clerk's
       Office.

JND shall maintain a case-specific website at
www.jndla.com/cases/DAS , which shall include documents filed in
the Debtors' case and other relevant court dates and be open to the
public for examination without charge.

JND will be paid at these hourly rates:

       Clerical                $35-$40
       Case Assistant          $65-$80
       IT Manager              $105-$120
       Case Consultant         $135-$140
       Senior Case Consultant  $155-$160
       Case Director           $175-$190

JND will also be reimbursed for reasonable out-of-pocket expenses
incurred.

JND has requested a retainer in the amount of $3,000. JND will hold
the retainer under the Engagement Agreement during these chapter 11
cases as security for the payment of fees and expenses incurred
pursuant to the Engagement Agreement. Following termination of the
Engagement Agreement, JND will return to the Debtors any amount of
the retainer that remains.

Travis Vandell, chief executive officer of JND, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

JND can be reached at:

       Travis K. Vandell
       JND Corporate Restructuring
       8269 E. 23rd Ave, Suite 275
       Denver, CO 80238
       Tel: (855) 812-6112
       E-mail: travis.vandell@JNDLA.com

                   About Dependable Auto Shippers

Dependable Auto Shippers, Inc.'s ("DAS") history dates back to 1954
when Sam London formed Dependable Car Travel Services in the heart
of New York City.  In 1990, DAS became a full-service vehicle
transportation carrier, and over the years, grew into a fleet of
auto carriers, created a network of more than 97 storage facilities
and created a proprietary web presence.  In 2004, DAS' transport
fleet peaked at 122 trucks.

Dependable Auto Shippers, Inc., and related entities DAS Global
Services, Inc., and DAS Government Services, LLC filed chapter 11
petitions (Bankr. N.D. Tex. Case Nos. 16-34855-11, 16-34857-11, and
16-34858-11) on Dec. 21, 2016.  

The Debtors are represented by D. Michael Lynn, Esq., John Y.
Bonds, III, Esq., and Joshua N. Eppich, Esq., at Bonds Ellis Eppich
Schafer Jones LLP.


DIGNITY & MERCY: U.S. Trustee Directed to Appoint PCO
-----------------------------------------------------
Judge Jason D. Woodard of the U.S. Bankruptcy Court for the
Northern District of Mississippi entered an Order directing the
U.S. Trustee to appoint a disinterested person to serve as Patient
Care Ombudsman for Dignity & Mercy, Adult Day Services, LLC.

The Court, being fully advised in the premises and having been
informed that the petition, as amended, indicates that the nature
of the Debtor's business is health care, finds that the provisions
of Section 333 of the Bankruptcy Code for the appointment of a
Patient Care Ombudsman should apply. The Court noted that neither
the United States Trustee nor other party of interest timely filed
a motion to dispense with the appointment of a Patient Care
Ombudsman as provided in the Federal Rules of Bankruptcy Procedure
1021(b) and 2007.2(a).

The Court further ordered the Bankruptcy Clerk of Court to have the
Order noticed to all parties set on the most current mailing matrix
of the case, and will additionally have the Order noticed to the
State of Mississippi by sending same to:

         Anniece McLemore
         STATE LONG-TERM CARE OMBUDSMAN
         State of Mississippi
         750 North State Street
         Jackson, MS 39202

            About Dignity & Mercy

Dignity & Mercy, Adult Day Services, LLC has filed a Chapter 11
petition (Bankr. N.D. Miss. Case No.: 16-13975) on November 8,
2016, ad is represented by Kevin F. O'Brien, Esq., in Southaven,
Mississippi.

At the time of filing, the Debtor had $1 million to $10 million in
estimated assets and $1 million to $10 million in estimated
liabilities.

The petition was signed by Tamekia R. Jackson, member.

A copy of the Debtor's list of 17 unsecured creditors is available
for free at http://bankrupt.com/misc/msnb16-13975.pdf


DORCH COMMUNITY: Ombudsman Files Initial Report
-----------------------------------------------
Sheila Brooks, MSW, the Regional Long Term Care Ombudsman for Dorch
Community Care Center LLC, has filed an Initial Report dated
January 9, 2017, regarding the Debtor's Bankruptcy Facility
Monitoring Plan.

According to the Ombudsman, during the visit, the staffing of the
Debtor appears to be stable. As regards the food service, the
Ombudsman reported that several interviewed residents stated that
the provided meals were okay and expressed no desire to make
changes, while the few residents are unhappy with the meals and
desire change.  During the visit, the residents were delighted and
very appreciative when a local church, Union United Methodist
Church provided and served the lunchtime meal.

Moreover, the Ombudsman noted that Roxie Dorch, the Administrator
of the Debtor's facility, continues to work on few complaints
including the dental services of one resident because the previous
quote given is in excess of $5,000 and the effort to have one
resident seen as a walk-in to a physician due to the resident's
allergy to the medication.  Meanwhile, the Debtor facility will
also inquire about the resident's eligibility for Medicaid's free
cell phone program and is also working to have funds released to
one resident in order to purchase a wheelchair and other desired
items, the Ombudsman said.

A full-text copy of the PCO Report is available for free at:

        http://bankrupt.com/misc/scb16-04486-60.pdf

           About Dorch Community Care Center LLC

Dorch Community Care Center LLC filed a Chapter 11 petition (Bankr.
D.S.C. Case No. 16-04486) on September 2, 2016, and is represented
by J. Carolyn Stringer, Esq., at Stringer Law.


ENERGY TRANSFER: Fitch Affirms 'BB' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Energy Transfer Equity, LP's (ETE)
Long-Term Issuer Default Rating at 'BB' and senior secured ratings
at 'BB+'.  Additionally, Fitch has assigned a Recovery Rating (RR)
of '1' to ETE's senior secured ratings.  The Ratings Outlook is
Stable.

ETE's ratings reflect Fitch's expectation that while leverage on a
deconsolidated basis at ETE will continue be elevated in 2017, it
should improve significantly as ETE's operating subsidiary
partnerships, particularly Sunoco Logistics Partners, LP (SXL;
'BBB'/Rating Watch Negative) and Energy Transfer Partners, LP (ETP;
'BBB-'/Stable Outlook) complete large capital spending programs and
those cash flows come online and distributions up to ETE increase.
ETE's capital needs at the ETE level are limited, operating and
interest expenses are generally low, and ETE maturities are
manageable in the near term, with no maturities on any debt until
late 2018, providing ETE some time to see improvement in the credit
and distribution payment profile of its subsidiaries.

Fitch believes that the current rise in ETE's leverage from
forgoing some of its incentive distributions do not currently
warrant a negative rating action at ETE.  The current incentive
distribution waivers and recent equity support at ETE should help
maintain the underlying subsidiary's current credit profiles, and
the resulting increase in ETE leverage beyond Fitch's 4.5x
standalone negative ratings sensitivity should be temporary with
ETE leverage moving back below 4.0x in 2018 and beyond as some of
the incentive distribution waivers roll-off.  Weakening credit
profiles or negative rating actions at ETE's underlying partnership
subsidiaries could lead to a negative ratings action at ETE.  Fitch
would look to maintain at least a one-to-two notch separation
between the IDR of ETE and the entities providing the majority of
the cash needed to support ETE's structurally subordinated debt.

Fitch primarily assesses ETE's non-consolidated financial
characteristics to determine the company's ability to support its
fixed obligations.  In particular, for financial ratio analysis,
Fitch assesses the amount and quality of ETE's cash flows derived
from distributions from its underlying partnership subsidiaries
relative to the amount of its direct debt and interest payments at
the ETE level.

                        KEY RATING DRIVERS

Weak 2017 Metrics: ETE's deconsolidated leverage (ETE debt/ETE
adjusted EBITDA which Fitch calculates as ETE debt divided by
distributions received from subsidiaries less ETE level operating
expenses) is expected to remain elevated in 2017 moving above 4.5x.
Fitch expects ETE deconsolidated leverage of roughly 4.5x to 4.8x
for 2017 given the expected incentive distribution waivers
anticipated at ETE in support of ETP/SXL.  Fitch projects ETE's
leverage should improve dramatically to below 4.0x in 2018 as these
waivers begin to decrease and distribution begin to grow at the
operating partnerships as ETP's and SXL's large project backlog is
completed.  Given the ETP/SXL project backlog and funding needs,
Fitch believes that maintaining investment grade credit profiles at
the operating subsidiaries ETP and SXL is a more important factor
for ETE's credit quality than elevated leverage levels which are
only expected to be temporary.  Should operating performance,
construction delays or other negative events occur at ETP/SXL which
pressure the credit quality of these subsidiaries to below 'BBB-',
Fitch would likely take a negative ratings action at ETE.

Pending Merger: The affirmation considers that in November 2016,
SXL announced it would acquire ETP in a unit for unit transaction
which is expected to close in the first quarter of 2017 (1Q17),
subject to regulatory approval and ETP unitholder vote.  Fitch
placed SXL's ratings on Rating Watch Negative following the
acquisition announcement driven by expected increase in leverage at
SXL due to the assumption of ETP debt.  Fitch will resolve the
Rating Watch Negative at or near the closing of the merger.  The
most likely scenario is that the rating will be downgraded one
notch to 'BBB-' given expectations for leverage to remain high.
While not expected, the existing ratings may remain in place if
leverage is forecasted by Fitch to be under 4.5x on a sustained
basis.  SXL will be the acquiring entity, the existing incentive
distribution rights provisions in the SXL partnership agreement
will continue to be in effect, and ETE will own the incentive
distribution rights of SXL following the closing of the
transaction.

As part of this transaction, ETE has agreed to continue to provide
all the incentive distribution right subsidies that are currently
in effect with respect to both partnerships to the combined entity.
The transaction is expected to be immediately accretive to SXL's
distributable cash flow per common unit and is also expected to
allow the combined partnership to be in position to achieve
near-term distribution increases in the low double digits and a
more than 1.0x distribution coverage ratio.

Fitch believes the merger as currently proposed will be mildly
positive to ETP's credit profile, but neutral to its ratings at the
current 'BBB-' level.  The transaction will allow the combined
entities to preserve cash, increase the size, scale and geographic
scope of the businesses, simplify the ETE organizational structure
(at least somewhat), and alleviate some of the structural
subordination at ETP with regard to SXL's debt.

Fitch believes that there are risks to closing as ETP unitholder
approval of the transaction will be needed.  Further, there remains
some uncertainty around ETP's plan to de-lever should the merger
not close.  Management has indicated that a distribution cut could
be in order to help ETP increase its financial health absent this
transaction.  Additionally, even with this proposed merger, there
will remain four separate publicly traded entities within the ETE
family and the potential for further structural simplification.
The combined entities will still have incentive distribution
payments which can increase the equity cost of capital and be
prohibitive to growth spending.  While these payments are not
expected to be overly burdensome for the combined entities in the
near term, Fitch believes they could provide a catalyst for further
interfamily transactions.

Structural Subordination: ETE's ratings consider that ETE's roughly
$6.4 billion in parent level debt is structurally subordinate to
roughly $34 billion in subsidiary level debt and reliant on
subsidiary distributions to support ETE level obligations.  Fitch
expects ETE to generate roughly $1.4 billion to $1.5 billion in
standalone adjusted EBITDA in 2017, consisting primarily of
distributions from its subsidiaries, growing to well over $2.3
billion by 2019.  The distributions from subsidiaries should be
stable in the outer years as ETE's largest cash flow provider a
combined ETP/SXL will have operations underpinned by stable cash
flow assets and are expected to generate growing cash distributions
as ETP/SXL works through its large growth spending backlog.  Much
of this spending backlog is expected to progress despite low
commodity prices.  These projects are largely focused on
transportation assets and are generally backed by capacity
reservation (fixed fee take or pay) type contracts with solid
investment grade counterparties.  ETE's operating affiliates do
have some operating flexibility with adequate liquidity and Fitch
expects each subsidiary will be able to fund their planned growth
with capital market transactions without negatively impacting their
or ETE's credit metrics on a sustained basis.

Large Diversified Asset Base: ETE's direct and indirect ownership
interests in ETP, SXL, Sunoco, LP (SUN), PennTex Midstream
Partners, LP, and Energy Transfer LNG which provide a significant
amount of geographic and business line diversity.  This diversity
provides a solid operating asset base and what has been and should
continue to be a good platform for growth within most of the major
U.S. production regions.  Currently, ETE's operating partnerships
and its subsidiaries own and operate roughly 71,000 miles of
natural gas, crude and natural gas liquids (NGL) pipelines, 65+
processing plants, treating plants and fractionators, significant
compression, and large-scale, underground liquid and natural gas
storage, as well as, a significant retail/wholesale fuel
distribution business.

                         KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- The pending transaction with SXL acquiring ETP occurs as
      planned and the transaction closes at the end of 1Q or early

      2Q of 2017;
   -- Leverage at year-end 2017 at combined SXL/ETP is just below
      5.0x; Fitch expects leverage to decline in the following two

      years;
   -- ETE provides incentive distribution waivers to SXL/ETP
      consistent with management guidance.

                        RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

   -- Increasing ETE parent company leverage above 4.5x on a
      sustained basis.  With no immediate 2017 maturities, Fitch
      could tolerate elevated standalone leverage above 4.5x for
      2017 provided it is temporary and done in support of
      maintaining investment-grade credit profiles at operating
      subsidiaries;

   -- Weakening credit profiles or negative rating actions at SXL
      and ETP to below investment grade.  Fitch will seek to
      maintain a one-to-two-notch separation between ETE and the
      entities providing the majority of the cash needed to
      support ETE's structurally subordinated debt.

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- ETE parent company debt-to-EBITDA below 2.0x on a sustained
      basis provided the majority of distributions are coming from

      'BBB-' rated subsidiaries; that target could be higher if
      subsidiaries are rated higher than 'BBB-';

   -- Improving credit profiles at underlying partnerships.

                            LIQUIDITY

Liquidity is Adequate: ETE has access to a $1.5 billion secured
revolving credit facility that matures in December 2018.  ETE's
operating affiliates have significant operating flexibility with
adequate liquidity and the ability to fund their planned growth
with capital market transactions.  Potential uses of the revolver
include: funding stock buybacks, future acquisitions, and to
initiate organic growth projects not financed at the MLPs.  Pro
forma for the transaction maturities remain highly manageable with
ETE having no significant debt maturities until 2018. Approximately
$885 million was drawn under ETE's revolver as of Sept. 30, 2016,
leaving $615 million in availability.

The ETE revolver and term loans have two financial covenants: a
maximum leverage ratio of 6.0x to 1.0x; 7.0x to 1.0x during a
specified acquisition period and fixed charge coverage ratio of
1.5x to 1.0x.  ETE notes, term loan and credit facility are secured
by a first priority interest in all tangible and intangible assets
of ETE, including its ownership interests in ETP.  ETE was in
compliance with all of its covenants as of
Sept. 30, 2016.  Pro forma for the transaction ETE is expected to
be well within compliance of its covenants.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Energy Transfer Equity, L.P.

   -- Long-Term Issuer Default Rating (IDR) at 'BB';
   -- Secured senior notes at BB+ and assigned an 'RR1';
   -- Secured term loan at 'BB+' and assigned an 'RR1';
   -- Secured revolving credit facility at 'BB+' and assigned an
      'RR1'.

The Rating Outlook is Stable.


ENERGY TRANSFER: Fitch Assigns 'BB' Rating on Jr. Sub. Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to Energy Transfer
Partners, LP's (ETP) offering of senior unsecured notes.  Proceeds
from the notes are expected to be used to refinance current
maturities, repay borrowings outstanding under ETP's revolving
credit facility and to fund growth capital expenditures.  The new
notes will rank pari passu to ETP's existing senior unsecured debt.


ETP's ratings reflect the size and scale of ETP's operations which
offer both business line diversity and geographic diversity, with
operations spanning most major domestic production basins.  The
ratings consider that ETP's adjusted leverage (debt/adjusted
EBITDA) is currently high, with leverage as of Sept. 30, 2016, on a
last 12 months basis of roughly 5.5x based on Fitch's calculations.
Fitch calculates ETP's adjusted debt/EBITDA on a consolidated
basis inclusive of Sunoco Logistics Partners, LP (SXL; 'BBB'/Rating
Watch Negative) and cash distributions from unconsolidated
affiliates.  Additional concerns include ETP's structural
subordination to $8.3 billion in subsidiary debt and uncertainties
resulting from potential future structural changes.

SXL and ETP announced on Nov. 21, 2016, that SXL will acquire ETP
in a stock for stock transaction.  ETP holders will receive 1.5
units of SXL in exchange for each unit of ETP.  The transaction has
been approved by the boards of directors and conflicts committees
of both partnerships and is expected to close in the first quarter
of 2017, subject to receipt of ETP unitholder approval and other
customary closing conditions.

Fitch believes the merger will be mildly positive to ETP's credit
profile.  The transaction will allow the combined entities to
preserve cash, increase the size, scale and geographic scope of the
businesses, simplify the ETE organizational structure (at least
somewhat), and alleviate some of the structural subordination at
ETP with regard to SXL's debt.  ETP's debt is expected to be
assumed by the combined entity with the intent to have SXL and ETP
pari passu, but Fitch does not yet know the mechanics behind that
assumption and whether there will be cross guarantees so some
structural subordination could remain. Management believes that the
combination will allow for more efficient capitalization of
commercial synergies and for cost reductions across the two
partnerships.  Fitch generally agrees that the combination will
benefit from its significant size and scale and should be able to
operate assets as a single platform, which will allow for at least
some of the expected cost and operational synergies.

Importantly, the combination allows for increased preservation of
cash at the combined partnership, with distributions being
effectively reset at SXL's levels.  The combined partnership will
have the ability to use excess cash for debt reduction and growth
capital funding, which could help decrease leverage at the combined
entity more quickly than would have been possible as separate
standalone partnerships.

Fitch believes that there are risks to closing as ETP unitholder
approval of the transaction will be needed.  Further, there remains
some uncertainty around ETP's plan to de-lever should the merger
not close.  Management has indicated that a distribution cut could
be in order to help ETP increase its financial health absent this
transaction.  Additionally, even with this proposed merger, there
will remain four separate publicly traded entities within the ETE
family and the potential for further structural simplification.
The combined entities will still have incentive distribution
payments which can increase the equity cost of capital and be
prohibitive to growth spending.  While these payments are not
expected to be overly burdensome for the combined entities in the
near term, Fitch believes they could provide a catalyst for further
interfamily transactions.

                       KEY RATING DRIVERS

Large Diversified Asset Base: ETP's geographic and business line
diversity provide a solid operating asset base and what has been a
decent platform for growth within most of the major U.S. production
regions.  Currently the partnership and its subsidiaries (including
SXL) own and operate roughly 62,500 miles of natural gas, crude and
natural gas liquids (NGL) pipelines, 65 processing plants, treating
plants and fractionators, significant compression, and large-scale,
underground liquid and natural gas storage.  EBITDA is pretty
evenly earned between ETP's various business lines approximately as
follows: Interstate Pipelines 20% of EBITDA (at Dec. 31, 2015,);
Intrastate Pipelines 10%; Midstream 23%; Liquids transport &
Services 11%; Crude Oil/Refined Products (SXL) 18%: Retail
Marketing 13% (Sunoco LP) and Other (a variety of other business
segments but primarily a 33% ownership in PES, a refinery JV with
Carlyle group) at 5%.

While commodity price exposure and counterparty risks are
relatively limited, some of ETP's businesses are subject to both
counterparty and volumetric risks, namely the midstream business.
The midstream segment is focused on gathering, compression,
treating, blending, and processing in several regions across the
U.S.  With commodity prices remaining relatively low and producers
continuing to be mindful of production budgets, production will be
challenged in several of ETP's operating regions, but overall its
geographic diversity and a rising price deck should help limit
volumetric risks.  The potential effect on pipeline system
utilization and related re-contracting risk resulting from changing
natural gas supply dynamics is a longer term concern.

Relatively Stable, Consistent Cash Flows: As ETP has grown its
large asset base the percentage of gross margin supported by
fee-based contracts has gradually increased, with the partnership
moving from roughly 76% either fee-based or hedged for 2015 (71%
fee/5% hedged) up to 90% expected for in 2016, due in part to new
projects coming online with heavy fee-based components.
Counterparty exposure is significantly weighted toward
investment-grade names, with roughly 88% of ETP's counterparties
investment-grade.  No single customer accounts for more than 10% of
revenue, and its top 20 customers (accounting for approximately 46%
of a total $1.4 billion in unsecured exposure) are rated 'BBB' or
better with only $28 million in exposure rated 'BB+' or lower.

Moderate Financial Flexibility: With this offering and a previously
announced equity offering to general partner, Energy Transfer
Equity, LP (ETE), that is expected to close later this week, ETP is
making strong progress on meeting its capital needs for 2017.
Incentive distribution waivers provided to ETP from ETE will help
provide retained cash which also can be used fund its capital
program.  Additionally the pending sale of a portion of its
interest in the Bakken projects and the non-recourse project
funding will help raise capital for ETP's project backlog in a
relatively benign way to ETP's balance sheet.  The Bakken projects
construction and sale are currently subject to increased regulatory
uncertainty and delay.  These uncertainties have the potential to
negatively impact ETP's credit profile, particularly, if the sale
of the interest in the pipeline does not get completed, though
Fitch currently views this potential as remote.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for ETP include:

   -- Growth spending consistent with management guidance.
   -- Growth spending declining in 2017-2019.  Proceeds from debt
      and equity issuances will be used to fund spending in a
      balanced manner to protect the balance sheet.
   -- Slight to moderate distribution growth in outer years.

                      RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- A material improvement in credit metrics with ETP adjusted
      leverage sustained at below 4.0x on a consolidated basis.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

   -- Weakening credit metrics with adjusted consolidated leverage

      (Debt/Adj. EBITDA) above 5x on a sustained basis would
      likely lead to a downgrade to 'BB+'.  Fitch expects adjusted

      consolidated leverage for 2016 to be slightly above 5.0x,
      but improve to below 5.0x in 2017 and beyond;

   -- Continued distribution coverage below 1.0x.  Fitch expects
      2016 distribution coverage to be at or slightly below 1x
      improving to above 1.0x in 2017 and beyond;

   -- Increasing commodity exposure above 30% could lead to a
      negative rating action if leverage were not appropriately
      decreased to account for increased earnings and cash flow
      volatility.

                            LIQUIDITY

Liquidity Adequate: ETP's liquidity is adequate.  ETP has access to
a $3.75 billion unsecured five-year RCF that matures in November
2019 which will backs its $3 billion commercial paper program.  As
of Sept. 30, 2016, ETP had roughly $2.0 billion in availability
under its revolver.  The credit facility contains a financial
covenant that provides that on each date ETP makes a distribution,
the leverage ratio, as defined in the credit agreement, shall not
exceed 5x, with a permitted increase to 5.5x during a specified
acquisition period, as defined in the credit agreement.  ETP is
currently in compliance with this covenant.  As per the covenant
EBITDA definition, ETP is permitted a material project adjustment
which adds back incremental EBITDA for projects currently under
construction.  This gives ETP a fair amount of headroom with regard
to its leverage covenant.  ETP was well within covenant compliance
for 2015 and its management expects the calculation of the covenant
to remain well below 4.5x for the balance of 2016.

                    FULL LIST OF RATING ACTIONS

Fitch rates ETP's offering of senior unsecured notes 'BBB-'.

Fitch currently rates ETP as:

Energy Transfer Partners, LP

   -- Long-Term IDR 'BBB-';
   -- Senior unsecured rating 'BBB-';
   -- Short-Term IDR 'F3';
   -- Commercial Paper 'F3';
   -- Junior subordinated notes at 'BB'.

The Ratings Outlook is Stable.


EXACT PLUMBING: To Hire William G Haeberle as Accountant
--------------------------------------------------------
Exact Plumbing Inc. seeks approval from the United States
Bankruptcy Court for the Middle District of Florida, Orlando
Division, to employ William G. Haeberle, CPA to prepare the
Debtor's monthly operating reports, financial statements and tax
returns as needed.

Mr. Haeberle has agreed to a fee of $300 per monthly operating
report and a retainer of $600 to cover the first two monthly
reports.

Mr. Haeberle attests that he is a "disinterested person" as that
term is defined in Sec. 101(14) of the Bankruptcy Code.

The firm can be reached through:

     William G. Haeberle, CPA
     William G Haeberle CPA LLC
     4446-1A Hendricks Ave., Suite 245
     Jacksonville, FL 32207
     Phone: (904) 245-1304

                               About Exact Plumbing

Exact Plumbing, Inc. filed a Chapter 11 bankruptcy petition (Bankr.
M.D. Fla. Case No. 16-07991) on December 9, 2016.  The Debtor
listed under $1 million in both assets and liabilities and is
represented by Taylor J. King, Esq., at the Law Offices of Mickler
& Mickler.


FEDERAL IDENTIFICATION: Seeks to Hire Archer Tax as Accountant
--------------------------------------------------------------
Federal Identification Card Co., Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Pennsylvania to hire
an accountant.

The Debtor proposes to hire Archer Tax and Financial Group PC to
prepare tax returns for 2016.  The hourly rates charged by the firm
are:

     J. Jason Darrach     $245
     Andrew Heller        $245
     Matt Lavin           $185

J. Jason Darrach, a certified public accountant, disclosed in a
court filing that he and other members of the firm do not hold any
interest adverse to the Debtor.

Archer Tax can be reached through:

     J. Jason Darrach
     Archer Tax and Financial Group PC
     252 North Radnor Chester Road
     St. Davids, PA 19087
     Phone: (610) 995-2205
     Fax: (610) 995-1048
     Email: jason.darrach@archertaxandfinancial.com

                 About Federal Identification Card

Federal Identification Card Co. Inc. was founded in 1972.  The
company's line of business includes providing commercial art or
graphic design services for advertising agencies, publishers, and
other business and industrial users.

The Debtor, d/b/a PTM Sport, sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. E.D. Pa. Case No. 16-13496) on May 17,
2016.  The petition was signed by Louis N. Leof, president.  

The case is assigned to Judge Ashely M. Chan.  Ciardi Ciardi &
Astin P.C. serves as the Debtor's legal counsel.

The Debtor estimated both assets and liabilities in the range of $1
million to $10 million.



FREEDOM MARINE: Fla. Judge Dismisses Ch. 11 Bankruptcy Case
-----------------------------------------------------------
Judge Raymond B. Ray of the U.S. Bankruptcy Court for the Southern
District of Florida entered an Order dismissing the Chapter 11
bankruptcy case of Freedom Marine Finance, LLC, with prejudice, for
365 days.

The Order was made pursuant to the Creditor LB-Amnia 14 LLC's
Motion to Dismiss or in the Alternative Motion for Relief from Stay
and the Court's taking notice that the Debtor did not oppose the
relief requested.

Thus, the Court ordered the Debtor to:

     (a) pay the United States Trustee the appropriate sum required
pursuant to 28 U.S.C. Sec. 1930(a)(6), within 10 days of the entry
of the Order, and simultaneously file with the Court all pending
monthly operating reports through the date of closing, indicating
the cash disbursements for the relevant periods since the period
reported on the last Debtor-in-Possession report filed by the
Debtor; and

     (b) pay the Bankruptcy Clerk of Court all outstanding fees,
costs and charges in connection with the case within 10 days of the
entry of the Order.

The Court noted that the dismissal of the instant bankruptcy case
is conditional on the Debtor paying all of the outstanding United
States Trustee fees and the Clerk of Court's fees, costs and
charges. The Court added that if the Debtor fails to comply with
its obligations, the United States Trustee may seek to vacate the
Order and seek a conversion of the Chapter 11 bankruptcy case to
one under Chapter 7 on an expedited basis.

        About Freedom Marine

Freedom Marine Finance, LLC, is presently owned by Todd Littlejohn.
Mr. Littlejohn has been involved in the marine industry his entire
life. He has managed the marina owned by the Debtor through the
real estate crash and has brought the business back from near
closure to the point that it is now profitable.

Freedom Marine Finance sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 16 18448) on June 13,
2016, disclosing under $1 million assets and liabilities. The
petition was signed by Todd Littlejohn, president.

David W. Langley has been approved by the Court as the Debtor's
bankruptcy counsel.

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


GATEWAY ENTERTAINMENT: Hires Robert O Lampl as Special Counsel
--------------------------------------------------------------
Gateway Entertainment Studios LP seeks authorization from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to employ
Robert O Lampl Law Office as special counsel to handle the
following pending litigations:

   (a) Charles A. Knoll, et al., vs. Christopher Breakwell, et al.

       (GD 11-026787) in the Court of Common Pleas of Allegheny
       County, Pennsylvania. The nature of this action is that the

       Plaintiffs claim a 15% ownership interest in the Debtor;

   (b) Burchick Construction Company, Inc. v. Gateway
       Entertainment Studios, LP (GD 15-004778) in the Court of
       Common Pleas of Allegheny County, Pennsylvania.  The nature

       of the action is Debtor's alleged breach of contract.

   (c) South Hills Builders, LLC vs. Gateway Entertainment
       Studios, LP (GD 15-004064) in the Court of Common Pleas of
       Allegheny County, Pennsylvania. The nature of the action is

       an assertion of a mechanics lien by Plaintiff against the
       Debtor.

   (d) Skyline Industries, LLC vs. Gateway Entertainment Studios,
       LP (GD 15-01433) in the Court of Common Pleas of Allegheny
       County, Pennsylvania. Skyline Industries, LLC did not file
       a proof of claim.  The nature of the action is Debtor's
       alleged breach of contract.

   (e) Sante Berarducci, Inc. vs. Christopher L. Breakwell and
       Gateway Entertainment Studios, LP (GD 14-023188) in the
       Court of Common Pleas of Allegheny County, Pennsylvania.  
       The nature of the action is Debtor's alleged breach of
       contract.

Robert O Lampl Law Office's fee arrangement is based upon a 40%
contingency for 40% of the savings to the Debtor, related entities
and the principal.

The law firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Robert O Lampl assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.

The law firm can be reached at:

       Robert O. Lampl, Esq.
       John P. Lacher, Esq.
       David L. Fuchs, Esq.
       ROBERT O LAMPL LAW OFFICE
       960 Penn Avenue, Suite 1200
       Pittsburgh, PA  15222
       Tel: (412) 392-0330
       Fax: (412) 392-0335
       E-mail: rlampl@lampllaw.com

                      About Gateway Entertainment

Gateway Entertainment Studios, L.P., filed a Chapter 11 petition
(Bankr. W.D. Pa. Case No. 16-21628) on April 29, 2016.  At the time
of filing, the Debtor listed total assets of $12.15 million and
total debts of $9.87 million.  Judge Carlota M. Bohm is assigned to
the case.  

When it filed for bankruptcy, Gateway Entertainment tapped Richard
R. Tarantine, Esq., at Tarantine & Associates, as its bankruptcy
counsel.  Mr. Tarantine later moved to Jones Gregg Creehan &
Gerace, LLP.  Gateway then hired the Law Offices of Robert O Lampl
as counsel.

The U.S. trustee for Region 3 on June 2, 2016, appointed three
creditors of Gateway Entertainment Studios, LP, to serve on the
official committee of unsecured creditors.  The Committee is
represented by Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C.,
in Pittsburgh, Pennsylvania.


GRAFTECH INTERNATIONAL: Jeffrey Dutton Named President & CEO
------------------------------------------------------------
Joel L. Hawthorne, president and chief executive officer of
GrafTech International Ltd. notified the Company of his resignation
from the Company effective Jan. 11, 2017.  Jeffrey C. Dutton has
been appointed as the president and chief executive officer of the
Company to take effect as of the same date.  Prior to this
appointment, Mr. Dutton served as vice president and chief
operating officer.  

In addition, Lionel D. Batty, the president of the Engineered
Solutions business segment of GrafTech International Ltd., and
Darrell A. Blair, the president of the Industrial Materials
business segment of GrafTech International Ltd., have notified the
Company of their decision to resign from the Company.  They will
continue in their roles for a short period to ensure a smooth
transition.

                         About Graftech
  
Graftech International Ltd. is a manufacturer of a broad range of
high quality graphite electrodes, products essential to the
production of electric arc furnace steel and various other ferrous
and nonferrous metals.

As of Sept. 30, 2016, Graftech had $1.23 billion in total assets,
$601.70 million in total liabilities and $636.90 million in total
stockholders' equity.

                             *    *    *

As reported by the TCR on March 15, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit rating on
Independence, Ohio-based GrafTech International two notches to
'CCC+' from 'B'.

Draftech carries a 'Ba3' corporate family rating from Moody's
Investors Service.


GRAND & PULASKI: Court Confirms Ch. 11 Plan
-------------------------------------------
The Hon. Deborah L. Thorne of the U.S. Bankruptcy Court for the
Northern District of Illinois issued an order approving the amended
disclosure statement and confirming the amended chapter 11 plan of
reorganization filed by Grand & Pulaski Citgo, Inc. on Nov. 29,
2016.

Under the plan, Class 5 consists of the holders of general
unsecured claims other than the Villalva/Nolan claim and any
unsecured deficiency claim of Bartholomew. Claimants in this class
will be paid 20% of the amount of their allowed claim with payments
to be made by the Debtor within 90 days following the Effective
Date. This class is impaired.

Upon confirmation, the Debtor shall be vested with its assets. The
debtor shall be entitled to continue to operate its business and
manage its business and financial affair.

                 About Grand & Pulaski Citgo

Grand & Pulaski Citgo, Inc., is an Illinois corporation.  It
operates the G&P Service Station, which occupies commercial
property owned by John M. Scali, Sr., through a land trust of
which
he is the sole beneficiary, located at 3949-51, 3953-55 and 3965
West rand Avenue aka 3959 W. Grand Avenue, Chicago.  The trust
also
hold legal title to the residential rental property located at
1331
N. Pulaski Road, Chicago.  The trust also hold legal title to
the
residential property located  at 1331 N. Plaski Road,
Cicago.  The
Two Flat is adjacent to the G&P Service station and is fully
entered. The Two Flat generates rental income of $1,905 per month.

The Debtor filed a Chapter 11 petition (Bankr. N.D. Ill. Case No.
16-05081) on Feb. 17, 2016.  The petition was signed by John M.
Scali, Sr., president.  The case is assigned to Judge Deborah L.
Thorne.  The Debtor estimated assets at $100,000 to $500,000 and
debt at $1 million to $10 million at the time of the
filing.  The
Debtor is represented by Joel H. Shapiro, Esq., at Kamenear
Kadison
Shapiro & Craig.


GUIDED THERAPEUTICS: Amends Form S-1 Prospectus with SEC
--------------------------------------------------------
Guided Therapeutics, Inc., filed with the Securities and Exchange
Commission an amended Form S-1 registration statement relating to
the offering up to 5,000 shares of the Company's Series D
convertible preferred stock, together with warrants to purchase an
aggregate of 20,000,000 shares of common stock (and the shares
issuable from time to time upon conversion of the Series D
preferred stock and the exercise of the warrants), at a purchase
price of $1,000 per share of Series D preferred stock and warrant,
pursuant to this prospectus.  The shares of Series D preferred
stock and warrants are immediately separable and will be separately
issued.

Subject to certain ownership limitations, each shares of Series D
preferred stock will be convertible at any time at the holder's
option into shares of the Company's common stock at an initial
conversion price of $__ per share of common stock.  Subject to
similar ownership limitations, each warrant will be immediately
exercisable for 4,000 shares of our common stock (based on an
assumed warrant coverage of 100% of the $1,000 offering price per
share of Series D preferred stock and warrant), have an exercise
price of $__ per share, and expire five years from the date of
issuance.  The warrants will be issued in book-entry form pursuant
to a warrant agency agreement between the Company and its transfer
agent.

The Company's common stock is quoted on the OTCQB marketplace under
the symbol "GTHP."  The last reported sale price of the Company's
common stock on the OTCQB on Jan. 11, 2017, was $0.33 per share.
The Company will use its best efforts to have the warrants quoted
on the OTCQB marketplace on or before the closing.

The Company has retained Moody Capital Solutions, Inc. to act as
the Company's exclusive placement agent in connection with this
offering and to use its "best efforts" to solicit offers to
purchase the securities.  The placement agent is not required to
sell any specific number or dollar amount of securities but will
use its best efforts to sell the securities offered.  This
best-efforts offering does not have a minimum purchase requirement
and therefore is not certain to raise any specific amount.

A full-text copy of the Form S-1/A is available for free at:

                    https://is.gd/rqXKjm

                 About Guided Therapeutics
  
Guided Therapeutics, Inc. (OTC BB and OTC QB: GTHP)
-- http://www.guidedinc.com/-- is developing a rapid and painless
test for the early detection of disease that leads to cervical
cancer.  The technology is designed to provide an objective result
at the point of care, thereby improving the management of cervical
disease.  Unlike Pap and HPV tests, the device does not require a
painful tissue sample and results are known immediately.  GT has
also entered into a partnership with Konica Minolta Opto to
develop a non-invasive test for Barrett's Esophagus using the
LightTouch technology platform.

Guided Therapeutics reported a net loss attributable to common
stockholders of $9.50 million on $42,000 of contract and grant
revenue for the year ended Dec. 31, 2015, compared to a net loss
attributable to common stockholders of $10.03 million on $65,000
of contract and grant revenue for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, Guided Therapeutics had $2.06 million in
total assets, $9.37 million in total liabilities and a total
stockholders' deficit of $7.31 million.


HAMPSHIRE GROUP: Court OKs Sale Procedures for J. Campbell Assets
-----------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order approving Hampshire Group's motion for the sale of
property free and clear of liens and for entry of orders (i) (a)
approving bid procedures for the Debtors' James Campbell assets;
(b) approving notice procedures for the solicitation of bids, an
auction and the assumption and assignment of any executory
contracts and unexpired leases in connection therewith; (c)
scheduling an auction for the sale and (ii) approving the sale of
the James Campbell assets. As previously reported, "Debtor HGL, as
buyer, and Maverick J and Maverick J, SPE, as sellers, entered into
an Installment Purchase and Sale Agreement in connection with HGL's
purchase of assets relating to the James Campbell Brand. The
Installment Purchase and Sale Agreement called for installment
payments aggregating $1,250,000, plus the assumption of certain
liabilities, plus the payment of Excess Payments equal to 5% of
annual Net Sales in excess of $5,000,000 commencing on December 31,
2013 and ending on December 31, 2018, until such time when Maverick
J has received an aggregate of $2,500,000 in purchase price, at
which time, the percentage of Net Sales to be paid on Excess
Payments shall be reduced to 2.5%.  Once HGL had paid an aggregate
of $1,250,000 in purchase consideration, title to the James
Campbell Brand was to be conveyed to HGL."

                     About Hampshire Group

New York-based Hampshire Group, Limited (OTC Markets: HAMP) is a
provider of fashion apparel across a broad range of product
categories, channels of distribution and price points.  As a
holding company, the Company operates through its wholly-owned
subsidiaries, Hampshire Brands, Inc. and Hampshire International,
LLC.  

Hampshire Group, Limited and two affiliates -- Hampshire Brands and
Hampshire International -- sought Chapter 11 bankruptcy protection
(Bankr. D. Del. Case Nos. 16-12634 to 16-12636) on Nov. 23, 2016,
to facilitate the orderly wind-down of their business operations.
The petitions were signed by Paul Buxbaum, president and chief
executive officer.

Hampshire Group disclosed $25.9 million in assets and $41.8 million
in liabilities.  Brands listed under $50 million in both assets and
debts.  International listed under $50,000 in assets and under $50
million in liabilities.  

Pachulski Stang Ziehl & Jones LLP and Blank Rome LLP have been
tapped as counsel to the Debtors.  William Drozdowski of GRL
Capital Advisors LLC has also been tapped as the Debtors' chief
financial officer.

The U.S. Trustee for Region 3 has appointed five creditors to serve
in the official unsecured creditors committee in the case.
Gavin/Solmonese LLC serves as financial advisor to the Committee.


HANSELL/MITZEL: Hires Cairncross & Hempelmann as Counsel
--------------------------------------------------------
Hansell/Mitzel, LLC seeks authorization from the U.S. Bankruptcy
Court for the Western District of Washington to employ Cairncross &
Hempelmann as general bankruptcy counsel.

The Debtor requires Cairncross to:

   (a) advise the Debtor with respect to its powers and duties as
       debtor-in-possession in the continued management and
       operation of its business;

   (b) attend meetings and negotiate with representatives of
       creditors and other interested parties;

   (c) take all necessary actions to protect and preserve the
       Debtor's estate, including the prosecution of actions on
       the Debtor's behalf, the defense of any action commenced
       against the Debtor in this Court, negotiations concerning
       litigation in which the Debtor is involved, and objections
       to claims filed against the estate;

   (d) prepare on behalf of the Debtor all motions, applications,
       answers, orders, reports, and papers necessary for the
       administration of the estate;

   (e) 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;

   (f) represent the Debtor in connection with obtaining
       authorization to use cash collateral;

   (g) advise the Debtor in connection with any potential sale of
       assets;

   (h) appear before this Court and the United States Trustee and
       protect interests of the Debtor's estates before the Court
       and the United States Trustee; and

   (i) perform all other necessary or appropriate legal services
       and provide all other necessary or appropriate legal advice

       to the Debtor in connection with this case.

John R. Rizzardi of Cairncross will charge an hourly rate of $560
for the services.  

Cairncross will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Rizzardi assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.

The Court will hold a hearing on the application on February 3,
2017, at 9:30 a.m.  Objections, if any, are due on January 27, 2017
at 4:00 p.m.

Cairncross can be reached at:

       John R. Rizzardi, Esq.
       Christopher L. Young, Esq.
       CAIRNCROSS & HEMPELMANN, P.S.
       524 Second Avenue, Suite 500
       Seattle, WA 98104-2323
       Tel: (206) 587-0700
       Fax: (206) 587-2308
       E-mail: jrizzardi@cairncross.com
               cyoung@cairncross.com

Hansell/Mitzel LLC, dba Hansell Mitzel Homes, dba Resort
Maintenance Services, based in Mt. Vernon, Wash., filed a Chapter
11 petition (Bankr. W.D. Wash. Case No. 16-16311) on December 21,
2016.  Hon. Timothy W. Dore presides over the case. John R
Rizzardi, Esq. of Cairncross & Hempelmann, P.S. serves as
bankruptcy counsel.

In its petition, the Debtor estimated $10 million to $50 million in
both assets and liabilities.  The petition was signed by Daniel R.
Mitzel, managing member.


HARO INVESTMENT: March 8 Disclosure Statement Hearing
-----------------------------------------------------
Judge Brian K. Tester of the U.S. Bankruptcy Court for the District
of Puerto Rico has scheduled a hearing on March 8, 2017 at 2:00
p.m. to consider approval of the disclosure statement filed by Haro
Investment Corp.

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

Haro Investment Corp filed for chapter 11 bankruptcy protection
(Bankr. D.P.R. Case No. 16-09944) on Dec. 22, 2016. The company is
represented by Maximiliano Trujillo Gonzalez, Esq.



HCSB FINANCIAL: Further Amends Form S-1 Resale Prospectus with SEC
------------------------------------------------------------------
HCSB Financial Corporation filed with the Securities and Exchange
Commission a pre-effective amendment no. 3 to its Form S-1
registration statement relating to the offering of these securities
by Castle Creek Capital Partners VI, LP, EJF Sidecar Fund, LLC,
Mendon Capital Master Fund, Ltd., et al:

   * 359,468,443 shares of the Company's common stock, $0.01 par
     value per share;

   * 90,531,557 shares of the Company's non-voting common stock,
     $0.01 par value per share; and

   * up to 90,531,557 shares of the Company's common stock
     issuable upon the conversion of the Company's non-voting
     common stock.

The Company issued and sold the shares as part of the private
placement transaction consummated on April 11, 2016.  The Company
is registering the resale of the shares of common stock and
non-voting common stock pursuant to agreements it entered into with
the Selling Shareholders.

The Company's common stock is quoted on the OTCQB tier of the OTC
Markets Group Inc. under the symbol "HCFB".  Although the Company's
common stock is quoted on the OTCQB, there is currently no active
public trading market in our common stock as trading and quotations
of our common stock have been limited and sporadic.  On Jan. 9,
2017, the closing price of the Company's common stock on the OTCQB
was $0.26 per share.  The non-voting common stock is not listed or
quoted on the OTCQB or any other stock exchange or quotation
system, and the Company does not intend to seek such listing.  

A full-text copy of the Form S-1/A is available for free at:

                       https://is.gd/oF6v8g

                       About HCSB Financial

Loris, South Carolina-based HCSB Financial Corporation was
incorporated on June 10, 1999, to become a holding company for
Horry County State Bank.  The Bank is a state chartered bank which
commenced operations on Jan. 4, 1988.  From its 13 branch
locations, the Bank offers a full range of deposit services,
including checking accounts, savings accounts, certificates of
deposit, money market accounts, and IRAs, as well as a broad range
of non-deposit investment services.  During the third quarter of
2011, the Bank closed its Covenant Towers branch located at Myrtle
Beach.  All deposits were transferred to the Bank's Myrtle Beach
branch and the Bank does not expect any disruption of service in
that market for its customers.

HCSB Financial reported a net loss available to common
shareholders of $1.75 million on $13.7 million of total interest
income for the year ended Dec. 31, 2015, compared to a net loss
available to common shareholders of $1.40 million on $16.09 million
of total interest income for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, the Company had $381.1 million in total
assets, $344.5 million in total liabilities and $36.59 million in
total shareholders' equity.

Elliott Davis Decosimo, LLC, in Columbia, South Carolina, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has suffered recurring losses that have eroded regulatory
capital ratios and the Company's wholly owned subsidiary, Horry
County State Bank, is under a regulatory Consent Order with the
Federal Deposit Insurance Corporation (FDIC) that requires, among
other provisions, capital ratios to be maintained at certain
levels.  As of December 31, 2015, the Company's subsidiary is
considered significantly undercapitalized based on its regulatory
capital levels.  These considerations raise substantial doubt about
the Company's ability to continue as a going concern.  The Company
also has deferred interest payments on its junior subordinated
debentures for 20 consecutive quarters as of
December 31, 2015.  Under the terms of the debentures, the Company
may defer payments for up to 20 consecutive quarters without
creating a default.  Payment for the 20th quarterly interest
deferral period was due in March 2016.  The Company failed to pay
the deferred and compounded interest at the end of the deferral
period, and the trustees of the corresponding trusts, have the
right, after any applicable grace period, to exercise various
remedies, including demanding immediate payment in full of the
entire outstanding principal amount of the debentures.  The balance
of the debentures and accrued interest as of December 31, 2015 were
$6,186,000 and $901,000, respectively.  These events also raise
substantial doubt about the Company's ability to continue as a
going concern as of Dec. 31, 2015.


HHH CHOICES: Creditors' Panel Taps Farrell Fritz as Counsel
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of HHH Choices Health
Plan, LLC seeks authorization from the U.S. Bankruptcy Court for
the Southern District of New York to retain Farrell Fritz, P.C. as
counsel to the Committee, nunc pro tunc to December 1, 2016.

The Committee requires Farrell Fritz to:

   (a) provide administration of the case and the exercise of
       oversight with respect to the Debtor's affairs, including
       all issues arising from or impacting the Debtor or the
       Committee in this chapter 11 case;

   (b) prepare on behalf of the Committee all necessary
       applications, motions, orders, reports and other legal
       papers;

   (c) appear in Bankruptcy Court to represent the interests of
       the Committee and, by extension, unsecured creditors;

   (d) provide negotiation, formulation, drafting and confirmation

       of a plan or plans of reorganization and matters related
       thereto;

   (e) provide investigation, if any, as the Committee may desire
       concerning, among other things, the assets, liabilities,
       financial condition and operating issues concerning the
       Debtor that may be relevant to this case;

   (f) communicate with the Committee's constituents and others as

       the Committee may consider desirable in furtherance of its
       responsibilities; and

   (g) perform all of the Committee's duties and powers under the
       Bankruptcy Code and the Bankruptcy Rules and the
       performance of such other services as are in the interests
       of those represented by the Committee or as may be ordered
       by the Court.

Farrell Fritz will be paid at these hourly rates:

       Partners              $425-$750
       Counsel               $400-$600
       Associates            $250-$445
       Law Clerks/
       Paralegals            $110-$280

Farrell Fritz will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Martin G. Bunin, member of Farrell Fritz, assured the Court that
the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.

Farrell Fritz can be reached at:

       Martin G. Bunin, Esq.
       Darren A. Pascarella, Esq.
       FARRELL FRITZ, P.C.
       622 Third Avenue, Suite 37200
       New York, NY 10017
       Tel: (212) 687-1230
       Fax: (646) 237-1810

               About HHH Choices Health Plan

Three alleged creditors owed about $1.9 million submitted an
involuntary Chapter 11 petition for HHH Choices Health Plan, LLC on
May 4, 2015 (Bankr. S.D.N.Y. Case No. 15-11158) in Manhattan.

The petitioners are The Royal Care, Inc., (allegedly owed
$772,762), Amazing Home Care Services ($1,178,752), and InterGen
Health LLC ($42,298), all claiming that they are owed by the Debtor
for certain services rendered.  They all tapped Marc A. Pergament,
Esq., at Weinberg, Gross & Pergament, LLP, in Garden City, New
York, as counsel.

With the consent from the board of directors, the Debtor filed a
notice of consent to order for relief on June 1, 2015, and an order
for relief was entered on June 22, 2015.

Judge Michael E. Wiles oversees the case.  

On Jan. 14, 2016, the Court entered an order administratively
consolidating the chapter 11 case of the Debtor with the chapter 11
cases of its affiliates, HHH Choices Health Plan, LLC and Hebrew
Hospital Home of Westchester, Inc. (Case Nos. 15-11158, 15 13264,
and 16-10028).

HHH Choices Health Plan, LLC tapped Harter Secrest & Emery LLP as
legal counsel.

On Dec. 28, 2015, the U.S. Trustee for Region 2, appointed five
members to the Committee.  The current members of the Committee
are: (a) 1199 SEIU Benefit and Pension Funds; (b) Andrea Taber,
Esq. on behalf of Lucille and Selig Popik; (c) Richard A. Bobbe;
(d) Mary Blumenthal-Lane on behalf of Julie Blumenthal; and (e)
Peter Clark on behalf of Ann Clark.

Thomas R. Califano, Esq. at DLA Piper LLP (US), represents the
Committee.  The panel tapped CohnReznick LLP, as its financial
advisor.


HOLLY RIDGE: Feb. 21 Disclosure Statement Hearing
-------------------------------------------------
The Hon. Christine M. Gravelle of the U.S. Bankruptcy Court for the
District of New Jersey has scheduled a hearing on Feb. 21, 2017, at
2:00 p.m., regarding the adequacy of the disclosure statement and
plan of reorganization filed by Holly Ridge Group, LLC.

Written objections to the adequacy of the disclosure statement will
be filed and served no later than 14 days prior to the hearing.

                      About Holly Ridge

Holly Ridge Group, LLC, based in Lakewood, NJ, filed a Chapter 11
petition (Bankr. D.N.J. Case No. 16-21386) on June 11, 2016. The
Hon. Christine M. Gravelle presides over the case. Timothy P.
Neumann, Esq., of the law firm Broege Neumann Fischer & Shaver,
LLC, as bankruptcy counsel.

In its petition, the Debtor estimated assets of $1 million to $10
million and estimated liabilities of $1 million to $10 million.
The
petition was signed by David S. Meisken, member.


HOLY NAZARENE DELIVERANCE: Hires Maltz Auctions as Broker
---------------------------------------------------------
Holy Nazarene Deliverance Ministries, Inc. seeks authorization from
the U.S. Bankruptcy Court for the Eastern District of New York to
employ Maltz Auctions, Inc. dba Maltz Auctions as real estate
broker to sell the Debtor's real property located at 427 Ralph
Avenue, Brooklyn, New York.

Subject to the approval of the court, Maltz will be compensated by
a buyer's premium of 6% percent. The buyer's premium shall be paid
by the successful bidder in addition to the high bid amount.

Richard B. Maltz, president of Maltz Auctions, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtor and its estate.

Maltz Auctions can be reached at:

       Richard B. Maltz
       MALTZ AUCTIONS, INC.
       39 Windsor Place
       Central Islip, NY 11722
       Tel: (516) 349-7022
       Fax: (516) 349-0105

                 About Holy Nazarene Deliverance

Holy Nazarene Deliverance Ministries, Inc. sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
16-42137) on May 17, 2016.  The case is assigned to Judge Nancy
Hershey Lord.


HOMER CITY: Wants Court Authorization to Use Cash Collateral
------------------------------------------------------------
Homer City Generation, L.P., asks the U.S. Bankruptcy Court for the
District of Delaware for authorization to use cash collateral.

As of the Commencement Date, the Debtor had outstanding secured
notes obligations in the aggregate amount of approximately $607
million, issued pursuant to a certain Indenture, between the
Debtor, as issuer, and The Bank of New York Mellon, as trustee and
collateral agent.  Pursuant to the Indenture, the Debtor issued
8.137% senior secured notes due 2019 in the aggregate principal
amount of $174 million, and 8.734% senior secured notes due 2026 in
the aggregate principal amount of $466 million.  

The Notes are secured by a first priority lien on substantially all
of the assets and property of the Debtor, other than the Working
Capital Facility Collateral.  The Notes are also secured by a
second priority lien in assets and property of the Debtor
consisting of accounts receivable, inventory, or deposit accounts
into which proceeds of the foregoing are deposited and proceeds,
books and records of the foregoing.

The Debtor tells the Court that it has an immediate and critical
need to use the Prepetition Collateral to, among other things,
permit the orderly continuation of its business and preserve its
going concern value.  The Debtor further tells the Court that
absent the authority to sue cash collateral, even for a limited
period of time, the continued operation of its business would
suffer, causing irreparable harm to the Debtor, its estate and
creditors.

The Debtor proposes to grant the Prepetition Secured Parties with:

     (1) first priority replacement liens on, and security
interests in, all property of the Debtor's estate, subject to the
Carve-Out and any liens permitted under the prepetition collateral
documents securing the Indenture, or any valid, perfected and
non-avoidable Liens that were in existence as of the Commencement
Date and are senior to the Liens of the Collateral Agent and the
Prepetition Secured Parties;

     (2) accrual of interest at the default interest rate under the
Indenture after the Commencement Date calculated in accordance with
the terms of the Indenture and the RSA and to the extent permitted
under Section 506(c) of the Bankruptcy Code;

     (3) an allowed superpriority administrative claim pursuant to
Sections 503(b), 507(a) and 507(b) of the Bankruptcy Code, subject
and subordinate only to the Carve-Out;

     (4) all reasonable and documented fees and expenses of (i) the
Collateral Agent, and the reasonable and documented fees and
disbursements of O’Melveny & Myers LLP, Houlihan Lokey, Inc.,
Charles River Associates, Leidos Engineering, LLC, Young Conaway
Stargatt & Taylor, LLP, Post & Schell, P.C. and any other
consultant retained by the Ad Hoc Group in connection with the
restructuring, and (ii) so long as the RSA has not been terminated,
Weil, Gotshal & Manges, as counsel to General Electric Company and
its Affiliates, including GPFS Securities Inc., a holder of the
Notes, and Reed Smith LLP, as local Delaware counsel to the GE
Parties, provided that the fees and expenses of Weil and Reed
Smith, collectively, after September 24, 2016 will not exceed
$1,250,000; and

     (4) reasonable and customary reporting obligations provided to
counsel of the Ad Hoc Group.

The Carve-Out consists of:

     (a) any fees payable to the Clerk of the Court and to the
Office of the U.S. Trustee;

     (b) allowed, accrued and unpaid fees and out-of-pocket
expenses of each professional retained by order of the Court
incurred on or prior to the occurrence of a Carve-Out Event in
aggregate accrued amounts for each such professional not in excess
of the amounts set forth in the Budget for the relevant
professional through the date of such Carve-Out Event;

     (c) up to $350,000 of allowed and unpaid fees and expenses of
all professionals retained by the Court incurred after the
occurrence of a Carve-Out Event; and

     (d) any and all reasonable fees and expenses incurred by a
trustee under section 726(b) of the Bankruptcy Code not to exceed
$25,000.

A full-text copy of the Debtor's Motion, dated Jan. 11, 2017, is
available at
http://bankrupt.com/misc/HomerCity2017_1710086mfw_16.pdf

                   About Homer City Generation

Homer City Generation, L.P., is the owner of a coal-fired,
independent power production plant located in Homer City,
Pennsylvania, about 45 miles east of Pittsburgh.

Non-debtor EFS Homer City, LLC owns 95.04% of the partnership
interests of Homer City.  Metropolitan Life Insurance Company,
which is also not a Debtor in these cases, owns 4.96% of the
partnership interests of Homer City.

Homer City Generation, L.P., aka Homer City Funding, filed a
chapter 11 petition (Bankr. D. Del. Case No. 17-10086) on January
11, 2017.  The petition was signed by John R. Boken, chief
restructuring officer.  The Debtor is represented by Joseph Charles
Barsalona II, Esq., Mark D. Collins, Esq., Andrew Dean, Esq., and
Russel C. Silberglied, Esq., at Richards, Layton & Finger, P.A.
The Debtor estimated assets at $1 billion to $10 billion and
liabilities at $500 million to $1 billion.

Homer City expects to meet its business obligations in the normal
course and intends to pay vendors in full for goods and services
provided on or after the filing date under normal terms and
conditions.

Homer City also filed a number of customary motions seeking Court
authorization to support its business operations during the
pre-packaged reorganization process, including approval for Homer
City to: (a) access its cash collateral, (b) continue using its
existing cash management system, (c) prohibit utility companies
from discontinuing services, and (d) pay prepetition claims of
general unsecured creditors.

The Debtor hired PJT Partners as financial advisor and Zolfo Cooper
as restructuring advisor.  Epiq Bankruptcy Solutions, LLC, is
serving as the Debtor's claims and administrative advisor.
O'Melveny and Myers LLP and Young Conaway Stargatt & Taylor, LLP
are serving as legal advisors to the ad hoc group of noteholders
and Houlihan Lokey is serving as the financial advisor to the ad
hoc group of noteholders.


ILLINOIS INSTITUTE: Fitch Affirms 'BB' Rating on 2 Bond Tranches
----------------------------------------------------------------
Fitch Ratings has affirmed the rating on these outstanding Illinois
Finance Authority (the Authority) revenue bonds issued on behalf of
Illinois Institute of Technology (IIT) at 'BB':

   -- $149.4 million series 2006A bonds;
   -- $27.1 million series 2009A bonds.

The Rating Outlook is Stable.

                              SECURITY

A note secures IIT's obligations under a loan agreement with the
Authority.  The university's obligation pursuant to the note is a
general obligation.  The Authority pledges and assigns its interest
and rights in the IIT loan agreement and note to the trustee. IIT
makes payments directly to the trustee in an amount sufficient for
debt service.  The series 2009A bonds are further secured by a
cash-funded debt service reserve fund.

                        KEY RATING DRIVERS

STABLE FINANCIAL POSITION: Operations generally have stabilized in
recent years.  Management reacted to challenges in fiscal 2016 and
made mid-year expense adjustments to generate adjusted year-end
operating margins (-1.3%) more in-line with recent trends.

ADEQUATE FINANCIAL CUSHION: At fiscal year-end 2016 (May 31
year-end), IIT's available funds covered operating expenses and
debt 19.1% and 27.1%, respectively.  Due to on-campus investments,
however, IIT's liquidity ratios have moderated since fiscal
year-end 2014.

MIXED STUDENT DEMAND: While total undergraduate FTEs have declined
nearly 5% since fall 2014, graduate FTEs are up 2.6%.  Graduate
school enrollment is growing despite continued pressure at the law
school.

MANAGEABLE DEBT BURDEN: IIT's maximum annual debt service (MADS)
burden measured a manageable 5.8% in fiscal 2016 and MADS coverage
measured 1.3x.  The university does not have new money debt plans
in the coming years.

                       RATING SENSITIVITIES

IMPROVED FINANCIAL POSITION: Sustained improvement in the Illinois
Institute of Technology's operating performance leading to stronger
liquidity ratios could lead to positive rating action.

STRUCTURAL IMBALANCE: A notable decline in liquidity ratios or
return to outsized reliance on endowment fund draws, could pressure
the rating.

                         CREDIT PROFILE

IIT is a private not-for-profit technology-focused research
university offering undergraduate and graduate degrees in
engineering science, architecture, business, design, human
sciences, applied technology, and law.  Established in 1940, IIT
operates four campuses in the Chicago metropolitan area with its
main campus located four miles south of downtown Chicago.

                    STABLE FINANCIAL POSITION

IIT's operating margins generally have improved and stabilized over
the last several years.  Favorably, management reacted to
challenges in fiscal 2016 and made mid-year expense adjustments.
These adjustments resulted in the university recording an adjusted
year-end operating margin of -1.3% in audited fiscal 2016, which is
in-line with recent trends (adjusted operating margins have
averaged -0.8% since fiscal 2013).

The challenges in fiscal 2016 largely were related to top-line
revenue pressure, as net tuition and fees declined 1.6% from fiscal
2015.  Like many private universities in the U.S., IIT is facing
elevated pressure to increase tuition discounting (IIT's tuition
discounting increased from 36.9% in fiscal 2015 to 39.1% in fiscal
2016).  Fitch views management's willingness and ability to make
mid-year expense corrections favorably.

Looking forward, Fitch expects IIT to continue to benefit from
recent operating adjustments to generate bottom-line results
consistent with recent trends.  Through six-months unaudited fiscal
2017, operating results are ahead of the same period fiscal 2016.
Top-line net tuition continues to be flat to prior year, however.

                     ADEQUATE FINANCIAL CUSHION

IIT's liquidity ratios are generally adequate for a 'BB' rated
university. At fiscal year-end 2016 (May 31 year-end), IIT's
available funds (Fitch defines as cash and investments, net of
permanently restricted net assets) measured $53.8 million.
Available funds-to-operating expense equaled 19.1% and available
funds-to-debt measured 27.1%.  Due to on-campus investments,
however, IIT's liquidity ratios have moderated since fiscal
year-end 2014 when available funds measured $79.4 million and
covered operating expenses and debt 29.6% and 37.8%, respectively.
Nearly 90% of IIT's cash and investments are invested in liquid
assets such as cash, fixed income, mutual funds, and equities.

In 2016, IIT closed its fundraising campaign, which met its
$250 million target.  A portion of campaign proceeds augmented
IIT's endowment and funded certain capital projects.  The
university is planning its next capital campaign.

                       MIXED STUDENT DEMAND

IIT's enrollment trends are mixed but generally stable in the
aggregate.  While total undergraduate FTEs have declined nearly 5%
since fall 2014, graduate FTEs are up 2.6%.  Total enrollment over
the period decreased a modest 0.5%, from 7,319 FTEs to 7,284 FTEs.
Fitch notes that IIT continues to attract high-quality students, as
evidenced by average SAT and ACT scores that exceed national
averages.

Graduate school enrollment is growing despite continued pressure at
the law school.  While IIT's drop in law school headcount has been
material (just over 20% since 1999), Fitch notes this decline is
actually less than what many other law schools have recorded over
the same period.  Fitch believes that IIT's focus on engineering
and sciences could bolster its law school in areas such as patent
law and other related fields.

                      MANAGEABLE DEBT BURDEN

IIT's debt burden is manageable relative to its scope of
operations.  The university's MADS burden measured a manageable
5.8% in fiscal 2016, which is better than the 'BBB' median of 7.5%.
Likewise, MADS coverage measured an adequate 1.3x.  IIT does not
have new money debt plans in the coming years.

At fiscal year-end 2016, IIT had $199 million of debt outstanding,
approximately 89% of which is fixed-rate.

An off-balance sheet student housing obligation is an additional
consideration in Fitch's analysis.  Because IIT commits to
preserving sufficient project coverage by leasing unoccupied beds
if necessary, Fitch also evaluates IIT's leverage metrics
incorporating the project debt.  IIT has not had to lease any beds
since fiscal 2007.  Including the $26 million off-balance sheet
obligation does not affect IIT's leverage metrics materially, as
adjusted available funds-to-debt would fall to 24.3% from 27.1%.

                         CAPITAL SPENDING

IIT plans to continue to fund much of its capital spending with
fundraising.  IIT broke ground on its new innovation center in
2016, which is largely funded with donations, and is expected to
open in 2018.


INDUSTRIAL RIDE: Taps Resolute Commercial as Financial Advisor
--------------------------------------------------------------
Industrial Ride Shop, LLC and Industrial Skate & Boards, Inc. seek
authorization from the U.S. Bankruptcy Court for the District of
Arizona to employ Resolute Commercial Services, LLC as financial
advisor, as of January 8, 2017.

The Debtors require Resolute Commercial to:

   (a) the extent feasible, familiarizing itself with Debtor's
       business, operations, properties, financial condition,
       secured and unsecured debt, and prospects;

   (b) review and analyze Debtor's cash liquidity and assist its
       management in identifying areas of improvement;

   (c) assist in the determination of Debtor's ideal capital
       structure;

   (d) provide financial advice and assistance to Debtor in
       developing a plan of reorganization;

   (e) attend meetings with Debtor, Debtor's counsel, creditors,
       parties in interest, the U.S. Trustee's Office, and any
       committees that may be appointed in the Case;

   (f) provide testimony, as necessary, in any proceeding before
       the Bankruptcy Court with respect to matters for which
       Resolute has been engaged;

   (g) being available to Debtor's managing member and its
       bankruptcy counsel regarding the services to be provided as

       described in the Agreement;

   (h) assist Debtor in connection with financial issues,
       including assistance in preparation of reports and as
       liaison and in negotiations with creditors, both secured
       and unsecured;
  
   (i) drive, coordinate, and/or guiding negotiations with
       lenders, as necessary;

   (j) negotiate with potential investors, current and former
       employees, landlords, sellers, buyers, suppliers,
       contractors, creditors, customers and other stakeholders,
       to restructure the operations, contracts, ownership,
       governance, organizational and capital structure, assets
       and liabilities of Debtor as may be feasible and necessary;
       and

   (k) assist in any negotiation and successful sale of any of
       Debtor's non-core or excess assets.

Resolute's compensation for services rendered under the Agreement
will consist of:

    -- a monthly financial advisory fee of $20,000 for at least
       the first 60 days of the engagement, or $40,000
       guaranteed, and continuing thereafter subject to
       evaluation and further agreement by Resolute and Debtor
       on or before the expiration of the Initial Period;

    -- a restructuring fee of $50,000 at the conclusion of the
       Case, which will "payable based on any of the following (a)

       recapitalization or restructuring of Debtor's debt
       securities and/or other indebtedness, obligations or
       liabilities, including without limitation pursuant to a
       repurchase or an exchange transaction, a Plan or a
       solicitation of consents, waivers, acceptances or
       authorizations, and/or (b) the disposition to one or more
       third parties in one or a series of related transactions of

       (x) all or substantially all of the equity securities of
       Debtor by the security holders of the Debtor or (y) all or
       substantially all of the assets or businesses of the Debtor

       or its subsidiaries, including without limitation through a

       sale or exchange of capital stock, options of assets; a
       lease of assets with or without a purchase option, a
       merger, consolidation or other business, combination, an
       exchange or tender offer, a recapitalization, the formation

       of a joint venture, partnership or similar entity, or any
       similar transaction,"; and

    -- reimbursement on a monthly basis for Resolute's travel and
       other reasonable out-of-pocket expenses incurred in
       connection with, or arising out of Resolute's activities
       under or contemplated by the Agreement.

Jeremiah Foster of Resolute assured the Court that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Resolute can be reached at:

       Jeremiah Foster
       Resolute Commercial Services, LLC
       7201 E. Camelback Road, Suite 250
       Scottsdale, AZ 85251
       Tel: (480) 947-3321
       Fax: (480) 946-3556

               About Industrial Ride Shop, LLC

Industrial Ride Shop, LLC filed a Chapter 11 petition (Bankr. D.
Ariz. Case No. 16-14176), on December 16, 2016. The Petition was
signed by Douglas Butcher, managing member. The case is assigned to
Judge Brenda K. Martin. The Debtor is represented by Hilary L
Barnes, Esq. at Allen Barnes & Jones, PLC. At the time of filing,
the Debtor estimated both assets and liabilities at $1 million to
$10 million each.


INTERPACE DIAGNOSTICS: Heartland No Longer a Shareholder
--------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Heartland Advisors, Inc. and William J. Nasgovitz
disclosed that as of Dec. 31, 2016, they have ceased to be the
beneficial owner of shares of common stock of Interpace Diagnostics
Group, Inc.  A full-text copy of the regulatory filing is available
for free at https://is.gd/cFapBd

                About Interpace Diagnostics

Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing molecular
diagnostic tests principally focused on early detection of high
potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management.  The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing our proprietary PathFinder platform; ThyGenX,
which assesses thyroid nodules for risk of malignancy, ThyraMIR,
which assesses thyroid nodules risk of malignancy utilizing a
proprietary gene expression assay.

Interpace reported a net loss of $11.35 million in 2015 following a
net loss of $16.07 million in 2014.

As of Sept. 30, 2016, the Company had $45.96 million in total
assets, $47.44 million in total liabilities and a total
stockholders' deficit of $1.47 million.

BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.


INTERPACE DIAGNOSTICS: Sabby Reports 7.5% Stake as of Jan. 3
------------------------------------------------------------
Sabby Healthcare Master Fund, Ltd., disclosed that as of Jan. 3,
2017, it beneficially owns 210,000 shares of Interpace
Diagnostics's common stock, representing approximately 7.48% of the
shares outstanding.

Sabby Management, LLC and Hal Mintz each beneficially own
210,000 shares of the Common Stock, representing approximately
7.48% of the Common Stock.  Sabby Management, LLC and Hal Mintz do
not directly own any shares of Common Stock, but each indirectly
owns 210,000 shares of Common Stock.  Sabby Management, LLC, a
Delaware limited liability company, indirectly owns 210,000 shares
of Common Stock because it serves as the investment manager of
Sabby Healthcare Master Fund, Ltd.  Mr. Mintz indirectly owns
210,000 shares of Common Stock in his capacity as manager of Sabby
Management, LLC.

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

                      https://is.gd/WkdJs9

                  About Interpace Diagnostics

Headquartered in Parsippany, New Jersey, Interpace Diagnostics
Group, Inc., is focused on developing and commercializing molecular
diagnostic tests principally focused on early detection of high
potential progressors to cancer and leveraging the latest
technology and personalized medicine for patient diagnosis and
management.  The Company currently has four commercialized
molecular tests: PancraGen, a pancreatic cyst molecular test that
can aid in pancreatic cyst diagnosis and pancreatic cancer risk
assessment utilizing our proprietary PathFinder platform; ThyGenX,
which assesses thyroid nodules for risk of malignancy, ThyraMIR,
which assesses thyroid nodules risk of malignancy utilizing a
proprietary gene expression assay.

Interpace reported a net loss of $11.35 million in 2015 following a
net loss of $16.07 million in 2014.

As of Sept. 30, 2016, the Company had $45.96 million in total
assets, $47.44 million in total liabilities and a total
stockholders' deficit of $1.47 million.

BDO USA, LLP, in Woodbridge, New Jersey, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that the Company has suffered recurring
losses from continuing operations that raise substantial doubt
about its ability to continue as a going concern.


ION GEOPHYSICAL: Invesco Ltd. Holds 10.6% Stake as of Dec. 30
-------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Invesco Ltd. disclosed that as of Dec. 30, 2016, it
beneficially owns 1,285,623 shares of common stock of ION
Geophysical Corp representing 10.6 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/LVqm16

                   About ION Geophysical

Headquartered in Delaware, ION Geophysical is a global,
technology-focused company that provides geoscience technology,
services and solutions to the global oil and gas industry.  The
Company's offerings are designed to allow oil and gas exploration
and production companies to obtain higher resolution images of the
Earth's subsurface during E&P operations to reduce their risk in
exploration and reservoir development.

ION Geophysical reported a net loss of $25.15 million in 2015, a
net loss of $127.5 million in 2014 and a net loss of $246.51
million in 2013.

As of Sept. 30, 2016, Ion Geophysical had $359.7 million in total
assets, $299.2 million in total liabilities and $60.47 million in
total equity.

                           *    *     *

As reported by the TCR on Oct. 10, 2016, S&P Global Ratings raised
the corporate credit rating on ION Geophysical Corp. to 'CCC+' from
'SD'.  The rating action follows ION's partial exchange of its
8.125% notes maturing in 2018 for new 9.125% second-lien notes
maturing in 2021.

In May 2016, Moody's Investors Service affirmed ION Geophysical's
'Caa2' Corporate Family Rating, and affirmed and appended its
Probability of Default Rating (PDR) at 'Caa2-PD/LD'.


KANE CLINICS: SunTrust Bank Seeks Ch. 11 Trustee Appointment
------------------------------------------------------------
SunTrust Bank, a creditor and party in interest, asks the U.S.
Bankruptcy Court for the Northern District of Georgia to enter an
Order directing the appointment of a Chapter 11 Trustee for The
Kane Clinic, LLC, or, in the alternative, convert the Chapter 11
bankruptcy case to one under Chapter 7.

According to bank, the Debtor has been trying to reorganize its
affairs since 2015 and obtained $2.7 million in loans to do so.
The Debtor's efforts, however, have been monumentally unsuccessful
as the Debtor has taken a business with minimal debt in 2013 into a
Chapter 11 bankruptcy in which its only assets are $5,000.00 in
cash, $76,600.00 in equipment and $256,389.50 in accounts
receivable, the bank tells the Court.

Therefore, the bank contends that converting the case to one under
Chapter 7 is in the best interests of creditors.  Regardless, it is
clear that the Debtor's current management cannot stay in place in
order to achieve success in the case. Therefore, the bank asks that
the Court should appoint a trustee for the Debtor or convert the
cases to Chapter 7.

The Creditor is represented by:

         Sameer K. Kapoor, Esq.
         BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, P.C.
         1600 Monarch Plaza
         3414 Peachtree Road, N.E.
         Atlanta, GA 30326
         Tel: (404) 589.3414
         Fax: (404) 238-9674
         Email: skapoorriamkerdonelson.com

              About The Kane Clinics

The Kane Clinics, LLC filed a Chapter 11 petition (Bankr. N.D. Ga.
Case No. 16-72304) on Dec. 14, 2016.  The petition was signed by
Maria Francis, CEO & member.  The Debtor is represented by Leslie
M. Pineryo, Esq., at Jones & Walden, LLC.  

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $1 million to $10 million.  

The Debtor is a Georgia limited liability company.  It operates
obstetrics and gynecological clinics with an emphasis on serving
uninsured and undeserved patients.


LABORATORIO ACROPOLIS: Disclosure Statement Conditionally Approved
------------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico issued an order conditionally approving the
small business disclosure statement describing the plan of
reorganization filed by Laboratorio Acropolis Inc. on Jan. 5, 2017.


Acceptances or rejections of the plan may be filed in writing on/or
before 14 days prior to the date of the hearing on confirmation of
the plan.

Any objection to the final approval of the disclosure statement
and/or the confirmation of the plan shall be filed on/or before 14
days prior to the date of the hearing on confirmation of the plan.

A hearing for the consideration of the final approval of the
disclosure statement and the confirmation of the plan and of such
objections as may be made to either will be held on Feb. 8, 2017 at
09:00 A.M. at the U.S. Bankruptcy Court, Jose V. Toledo U.S. Post
Office and Courthouse Building, 300 Recinto Sur Street, Courtroom
3, Third Floor, San Juan, Puerto Rico.

As previously reported, under the plan, general unsecured creditors
will receive a total repayment of 6.65% of their claim or listed
debt, which equals $15,000 to be paid pro rata. The claimants will
receive annual payments of $2,913 each to be distributed beginning
June 1, 2018.

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

         http://bankrupt.com/misc/prb16-04609-73.pdf

                 About Laboratorio Acropolis

Laboratorio Acropolis, Inc., based in Hatillo, Puerto Rico, filed
a Chapter  11 petition (Bankr. D.P.R. Case No. 16-04609) on June
9, 2016.   Gloria Justiniano Irizarry, Esq., serves as
bankruptcy
counsel. In its petition, the Debtor estimated assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million.
The petition was signed by Rebeca Maldonado Bidot, president.


LATITUDE 360: Fla. Judge Abates Hearing on Ch. 11 Trustee Bid
-------------------------------------------------------------
Judge Paul M. Glenn of the U.S. Bankruptcy Court for the Middle
District of Florida entered an Order Abating the Emergency Motion
to Appoint a Chapter 11 Trustee for Latitude 360, Inc.

The Order was made pursuant to the Emergency Motion to Appoint a
Chapter 11 Trustee by Catrina Humphrey Markwalter.  The Court
determines that the motion is deficient as it does not include an
original or electronic signature of the Movant's attorney as
required by Fed. R. Bankr P. 9011.

Therefore, the Court ordered that the consideration of the motion
is abated until the deficiency is corrected.

              About Latitude 360

Latitude 360, Inc., fka Latitude Global, Inc., fka Latitude Global
Acquisition Corp. filed a Chapter 11 petition (Bankr. M.D. Fla.
Case Number: 17-00086) on January 10, 2017, and is represented by
Catrina Humphrey Markwalter, Esq., in Jacksonville, Florida.

Catrina Humphrey Markwalter can be reached at:

         Catrina Humphrey Markwalter, Esq.
         GILLIS WAY & CAMPBELL, LLP
         1022 Park Street, Suite 308
         Jacksonville, FL 32204
         Tel: 904-647-6476
         Fax: 904-738-8640
         E-mail: cmarkwalter@gillisway.com


LINC USA GP: Feb. 13 Disclosures, Plan Confirmation Hearing
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas has
conditionally approved Linc USA GP, et al.'s disclosure statement,
referring to the Debtor's plan of reorganization.

The combined hearing at which time the Court will consider, among
other things, the adequacy of the Disclosure Statement and
confirmation of the Plan will be held on Feb. 13, 2017, at 3:00
p.m. (prevailing Central Time).

These dates and deadlines have been approved:

     a. Jan. 9, 2017 voting record deadline
     b. Jan. 13, 2017 commencement of solicitation
     c. Jan. 23, 2017 deadline to file Rule 3018 motion
     d. Jan. 27, 2017 deadline to file plan supplement
     e. Feb. 6, 2017 deadline to object to the Disclosure
        Statement and confirmation of the Plan
     f. Feb. 6, 2017 voting deadline
     g. Feb. 9, 2017 voting report deadline
     h. Feb. 13, 2017, at 3:00 p.m. combined hearing

As reported by the Troubled Company Reporter on Dec. 26, 2016, the
Debtors filed with the Court a disclosure statement describing
their joint plan of liquidation, dated Dec. 19, 2016, which
proposes to give general unsecured claimants an estimated 5.4%-37%
distribution of their claims.

                      About Linc USA GP

Each of Linc USA GP, Linc Energy Finance (USA), Inc., Linc Energy
Operations, Inc., Linc Energy Resources, Inc., Linc Gulf Coast
Petroleum, Inc., Linc Energy Petroleum (Wyoming), Inc., Paen Insula
Holdings, LLC, Diasu Holdings, LLC, Diasu Oil & Gas Company, Inc.,
Linc Alaska Resources, LLC, and Linc Energy Petroleum (Louisiana),
LLC, filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32689) on May
29, 2016.

Linc USA GP and its subsidiaries operate an independent oil and
gas exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming.  The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope.  The
Debtors are ultimately owned by Linc Energy Ltd., an Australian
corporation established in the year 2000, shares of which were
listed on the Singapore Stock Exchange.  Linc Energy Ltd.
entered into voluntary administration in Australia on April 15,
2016.

The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million.  As of the Petition
Date, the Debtors estimate that they owed approximately $5.8
million to their vendors.

Bracewell LLP serves as the Debtors' counsel.  Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.

Judge David R Jones presides over the cases.

The Office of the U.S. Trustee on June 17 appointed three creditors
of Linc USA GP and its affiliates to serve on the official
committee of unsecured creditors.  The Creditors' Committee has
tapped McKool Smith, P.C., as legal counsel.


LONG-DEI LIU: Deliveries Remain at 2-3 per Month, PCO Report Says
-----------------------------------------------------------------
Constance Doyle, as the Patient Care Ombudsman for Long-Dei Liu,
has issued a Fourth Interim Report for the period of November 1,
2016 through December 31, 2016.

The PCO reported that the deliveries for the months of November and
December 2016 remain at 2-3 per month. The PCO added that there are
no issues identified for both months. The practice of the Debtor
continues to be primarily gynecology.

A full-text copy of the PCO Report is available for free at:

        http://bankrupt.com/misc/cacb16-11588-220.pdf

            About Long-Dei Liu

Orange, Calif.-based Long-Dei Liu filed for Chapter 11 bankruptcy
protection (Bankr. C.D. Cal. Case No. 16-11588).  Judge Theodor
Albert presides over the case.  Long-Dei Liu, MD, is a single
practitioner who has practiced obstetrics and gynecology since
1981.


ME BARS: Amended Plan Clarifies Provision for RRR Admin Claim
-------------------------------------------------------------
Me Bars and Restaurants LLC filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an amended disclosure statement
dated Jan. 9, 2017, referring to the Debtor's amended
reorganization plan filed on Jan. 9, 2017.

The Disclosure Statement is amended to clarify the provision for
administrative expense claim of RRR (Santa Isabel) Realty, Inc.,
according to the stipulation filed on December 6, 2016, and
approved on December 22.  Regarding priority creditors, the Amended
Disclosure Statement includes provision for new claims filed by
Internal Revenue Service (Administrative Claim), and PR Department
of Labor.  Also, the provision for unsecured creditors has been
amended in order to: eliminate from distribution creditors PR
Electric Power Authority and Mercedes Benz Financial.  Regarding
the provision for PREPA, a distribution, if any, will be determined
after the resolution of the adversary proceeding filed under Case
No. 16-00195.  The creditor did not file a claim certifying the
indebtedness.  Also, Mercedes Benz Financial will receive
distribution after the determination of the deficiency, if any.

Class 3 General Unsecured Claims -- totaling $53,449.80 -- are
impaired under the Plan.  The Plan will distribute $2,672.49 pro
rata among all unsecured creditors from the Effective Date of the
Plan in monthly installments of $50.43 per month for 60 months
after the Effective Date (5% payout).  It includes 5% present rate
interest per annum, for a total payout of $3,025.99.  Any
distribution to unsecured creditor PREPA will be considered after
the filing of a proof of claim and after the conclusion or
resolution of the adversary proceeding 16-00195 EAG.

Payments and distributions under the Plan will be funded from the
Debtor's postpetition income from the operation of the business.

The Amended Disclosure Statement is available at:

           http://bankrupt.com/misc/prb16-01663-139.pdf

As reported by the Troubled Company Reporter on Sept. 2, 2016, the
Debtor filed with the Court the Disclosure Statement describing the
Plan, which proposes that holders of general unsecured claims
classified as Class 3 receive a distribution of 5% of its allowed
claims, to be distributed pro rata as follows: $200 per month for
60 months from the effective date.  General unsecured claims total
$178,832.72.  The Plan will distribute $10,492 pro rata among all
unsecured creditors from the effective date of the Plan in monthly
installments.  The payment includes a 5% present rate interest per
annum, for a total payout of $12,000.

Me Bars and Restaurants LLC filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-01663) on March 1, 2016.
Modesto Bigas Mendez, Esq., at Bigas & Bigas serves as the Debtor's
bankruptcy counsel.


MEG ESCROW: Fitch Assigns 'BB' Rating on 2nd Lien Notes
-------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to MEG Escrow Corp.'s
2nd lien notes.  Fitch has also affirmed MEG Energy Corp.'s (TSX:
MEG) Long-Term Issuer Default Rating (IDR) at 'B'.

Approximately CAD4.9 billion (USD3.8 billion) is affected by the
rating action.

The Rating Outlook is Negative.

MEG has announced a balance sheet recapitalization which includes a
revolver extension and reduction, an equity raise and new 2nd lien
debt with proceeds being used to repay unsecured debt. Overall,
Fitch views the transaction as neutral to the company's IDR as
there will be no change in gross debt.  MEG's Negative Outlook
reflects the lack of progress on deleveraging the balance sheet,
which potentially could be funded through either a sale of the
Access Pipeline or other means.

The recapitalization transactions are expected to extend the
company's maturity wall by several years and fund near-term
production growth which will produce incremental high-margin cash
flows.  While these are both positives, MEG has agreed to reduce
the revolver size from USD2.5 billion to USD1.4 billion.  Fitch
views the reduced revolver size as adequate given the extended
maturity profile, which reduces previous refinancing concerns and
the fact that there was a large amount of headroom in the facility
relative to the size of MEG's operations.  In conjunction with the
revolver extension, MEG will no longer require the banks'
permission for the Access Pipeline sale and can sell up to USD750
million of incremental encumbered assets.

MEG also has the ability to create a USD900 million 2nd lien basket
under the new revolver which will grow dollar for dollar as 1st
lien debt is repaid.  USD750 million of the 2nd lien basket will be
used for the 2021 note repurchase.  All of the outstanding and pro
forma debt will continue to have a covenant-lite structure free of
financial maintenance covenants.  Fitch notes that following the
pending 2021 note repurchase there is the possibility of a higher
unsecured recovery.

                        KEY RATING DRIVERS

MEG's 'B' rating reflects its adequate liquidity and manageable
maturity profile, improving cost structure, and long-lived asset
base.  These considerations are offset by an elevated near-term
leverage profile, single-project concentration, and reduced cash
flows related to the current commodity price environment.  The
Negative Outlook reflects Fitch's concern as to MEG's ability to
implement meaningful balance sheet debt reduction in a lower priced
oil environment or absent a sale of the Access Pipeline.

                  ADEQUATE LIQUIDITY THROUGH 2021

As of Sept. 30, 2016, MEG had CAD103 million of cash and, pro forma
the recapitalization, an additional undrawn CAD1.8 billion (USD1.4
billion) revolving credit facility that matures November 2021.  The
company's debt is covenant lite and the credit facility is not
linked to a borrowing base.  Management is committed to reducing
leverage and Fitch expects MEG to fund future developments within
cash flows.

                PRODUCTION GROWTH RESUMES IN 2018

Using the proceeds from the equity raise, MEG should be able to
prefund the enhanced Modified Steam and Gas Push (eMSAGP) project
which is expected to add approximately 20mboe/d to production, with
full ramp up by early 2019.  This project should increase cash
flows and lower fixed costs per incremental barrel. Additional
projects include the brownfield expansion on Phase 2B which is
expected to add 13 mboe/d to production.  The two projects combined
will add approximately 33mboe/d to production, effectively
deleveraging the company through increased volumes and cash flows.


               REDUCED OPERATING AND CAPITAL EXPENSES

MEG has been successful in reducing their net operating expenses
quarter over quarter, helping to lower their cash breakeven price.
Operating costs, net of power revenue, fell from CAD9.69/bbl in the
nine months ended third-quarter 2015 (3Q15) to CAD7.89 in the nine
months ended 3Q16.  MEG has stated that their operating breakeven
WTI price fell from USD37/bbl in 2015 to USD32/bbl in 3Q16.  In
addition to improving their operating cost structure, the company
has also reduced their capital spending significantly. Capex for
2016 was around CAD125 million, 62% lower than previous guidance
given in December 2015.  The company was able to reduce capex by
deferring some growth projects as well as realizing efficiency
gains from the eMSAGP process.

                  HEDGE PROGRAM INITIATED IN 1Q16

In 1Q16, MEG initiated a hedge program to help protect its
liquidity and provide cash flow stability.  Currently the company
has fixed hedges in place for WTI and the WCS differential as well
as WTI collars.  As of 3Q16, the company has hedged around 38% of
4Q16 blend sales as well as around 40% of condensate purchases
through the rest of 2016.  Assuming annual production of 80-82
mboe/d, roughly 40% of WTI exposure and their remaining condensate
purchases for 2017 are hedged.  The company is currently focused on
the next six to 12 months for hedging activity but Fitch expects it
will increase hedge positions further out if given the opportunity.


                     ELEVATED NEAR-TERM LEVERAGE

MEG's latest 12 months (LTM) debt/EBITDA increased to 27.4x in
3Q16, up significantly from 4.5x at year-end 2014.  This was driven
in a large part by the commodity price decline, which reduced
EBITDA from CAD970 million in 2014 to CAD181 million as of LTM
3Q16.  While LTM leverage is significantly above mid-cycle levels,
Fitch expects it will decline considerably and fall within
tolerances for the rating category by Fitch's midcycle year of
2018, due to the combination of higher oil prices, growth in
production, and deleveraging funded in part by the Access Pipeline
sale.  Under Fitch's base case price assumptions leverage is
expected to fall to 4.7x in 2018.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for MEG include:

   -- WTI oil price of USD42/bbl in 2016, USD45/bbl in 2017,
      USD55/bbl in 2018, USD60/bbl in 2019 to USD65/bbl long term;

   -- Foreign exchange rate movements linked to oil price changes;
   -- Flat near-term production, with growth resuming in 2018
      based on an increasing capital budget and near-term project
      completions;
   -- Capex of CAD125 million in 2016 and CAD590 in 2017,
      projected to increase as capital projects are deployed;
   -- Access Pipeline sale in 2018 in the range of CAD1 billion to

      CAD1.4 billion, with proceeds used to reduce debt and fund
      production growth.

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

For an upgrade to 'B+':

   -- Material reductions in balance sheet debt, leading to lower
      through-the-cycle leverage metrics;
   -- Year-over-year production growth, with capex funded in a
      credit-neutral manner;
   -- Mid-cycle debt/EBITDA projections below 4.0x;
   -- Mid-cycle debt (USD)/flowing barrel less than $35,000.

Fitch does not anticipate a positive rating action in the near term
given the elevated near-term leverage profile.

Revision of Negative Outlook:

   -- Repayment of a significant portion of the Term Loan prior to

      the maturity of the credit facility, or other deleveraging
      activity.

Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:

For a downgrade to 'B-':

   -- Mid-cycle FFO interest coverage below 2x;
   -- Mid-cycle debt/EBITDA projections over 6x;
   -- Debt (USD)/flowing barrel greater than USD50,000.

FULL LIST OF RATING ACTIONS

Fitch has taken these actions:

MEG Energy Corp.

   -- Long-Term IDR affirmed at 'B';
   -- 1st Lien senior secured bank facility affirmed at 'BB/RR1';
   -- 1st Lien senior secured term loan affirmed at 'BB/RR1';
   -- Senior unsecured notes affirmed at 'B/RR4'.

MEG Escrow Corp.

   -- 2nd Lien senior secured notes rated 'BB/RR1'.

The Rating Outlook remains Negative.


MESOBLAST LIMITED: Gets A$29.6 Million From Share Issuance
----------------------------------------------------------
Mesoblast Limited announced that it has received A$29.6 million
(US$21.7 million) following issuance of 20.04 million shares to
Mallinckrodt Pharmaceuticals.  The shares will be held in voluntary
escrow for a period of 12 months.  

Under the terms of the equity purchase agreement signed on Dec. 23,
2016, and in consideration for the share purchase, Mallinckrodt has
an exclusive period of up to nine months to conclude commercial and
development agreements for two of Mesoblast's Tier 1 product
candidates, MPC-06-ID in the treatment or prevention of
moderate/severe chronic low back pain due to disc degeneration and
MSC-100-IV in the treatment of acute graft versus host disease, in
all territories outside of Japan and China.

                           About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO)
develops cell-based medicines.  The Company has leveraged its
proprietary technology platform, which is based on specialized
cells known as mesenchymal lineage adult stem cells, to establish a
broad portfolio of late-stage product candidates.  Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target advanced
stages of diseases with high, unmet medical needs including
cardiovascular diseases, immune-mediated and inflammatory
disorders, orthopedic disorders, and oncologic/hematologic
conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MESOBLAST LIMITED: Presented at 35th J.P. Morgan Conference
-----------------------------------------------------------
Mesoblast hosted a live audio webcast at the 35th Annual J.P.
Morgan Healthcare Conference on Jan. 12, 2017, at 7.30 a.m.
PST/2.30 a.m. Friday, Jan. 13, 2017 (AEDT).

The archived webcast will be available in the Events and
Presentations section of the Company's Web site at
http://www.mesoblast.com/

                       About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO)
develops cell-based medicines.  The Company has leveraged its
proprietary technology platform, which is based on specialized
cells known as mesenchymal lineage adult stem cells, to establish a
broad portfolio of late-stage product candidates.  Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target advanced
stages of diseases with high, unmet medical needs including
cardiovascular diseases, immune-mediated and inflammatory
disorders, orthopedic disorders, and oncologic/hematologic
conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.

As of Sept. 30, 2016, Mesoblast had $665.4 million in total
assets, $155.6 million in total liabilities and $509.9 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


MODULAR SPACE: Taps Zolfo Cooper as Bankruptcy Consultants
----------------------------------------------------------
Modular Space Holdings, Inc. seeks the approval of the United
States Bankruptcy Court for the District of Delaware to retain
Zolfo Cooper, LLC (ZC) as bankruptcy consultants and special
financial advisors.

The services ZC will provide are:

     (a) Advise and assist management in organizing the Debtors'
resources and activities so as to effectively and efficiently plan,
coordinate and manage the chapter 11 process and communicate with
customers, lenders, suppliers, employees, shareholders and other
parties in interest;

     (b) Advise the Debtors concerning interfacing with official
committees (if any), other constituencies and their professionals,
including the preparation of financial and operating information
required by such parties and/or the Bankruptcy Court;

     (c) Advise and assist management in the development of a
strategy through which to achieve a reorganization or change of
control of the Company, including the development of a business
plan through which to achieve such reorganization or change;

     (d) Advise and assist the Debtors in forecasting, planning,
controlling and other aspects of managing cash, and, if necessary,
obtaining debtor in possession and/or exit financing;

     (e) Advise the Debtors with respect to resolving disputes and
otherwise managing the claims process;

     (f) As requested, render expert testimony concerning the
Company's reorganization, change of control, or other matters that
may arise in the case; and

     (g) Provide such other services as may be required by the
Debtors.

ZC's current hourly rates as of January 1, 2017 are:

     Managing Director    US$850.00-$1,035
     Professional Staff   US$350.00-$  850
     Support Personnel    US$ 60.00-$  290

Mr. David  Orlofsky attests that his firm is a "disinterested
person" as that term is defined in section 101(14) of the
Bankruptcy Code and as required by section 327(a) of the Bankruptcy
Code.

The firm can be reached through:

    David  Orlofsky
    Carol Flaton
    Zolfo Cooper
    Grace Building
    1114 Avenue of the Americas, 41st Floor
    New York, NY 10036
    Tel: +1 212 561 4000
    Fax: +1 212 213 1749
    dorlofsky@zolfocooper.com
    cflaton@zolfocooper.com

                         About Modular Space

Modular Space Corporation (ModSpace), based in Berwyn, Pa. --
http://Blog.ModSpace.com/-- is the largest U.S.-owned provider of
office trailers, portable storage units and modular buildings for
temporary or permanent space needs. Building on nearly 50 years of
experience, ModSpace serves a diverse set of customers and markets
including commercial, construction, education, government,
healthcare, industrial, energy, disaster relief, franchise and
special events through an extensive branch network across the
United States and Canada.

On Dec. 21 2016, Modular Space Holdings, Inc., and six affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Case No. 16-12825 to
16-12831) to pursue a prepackaged plan of reorganization. The
cases are pending joint administration under Case No. 16-12825
before the Honorable Kevin J. Carey.

ModSpace estimated $1 billion to $10 billion in assets and
liabilities.


MODULAR SPACE: To Hire Kurtzman Carson as Administrative Advisor
----------------------------------------------------------------
Modular Space Holdings, Inc, seeks the approval of United States
Bankruptcy Court for the District of Delaware to employ and retain
Kurtzman Carson Consultants LLC (KCC) as administrative advisor.

Bankruptcy and administrative services to be rendered by KCC are:

     (a) assisting with, among other things, solicitation,
balloting, and tabulation and calculation of votes, as well as
preparing any appropriate reports, as required in furtherance of
confirmation of chapter 11 plan(s) in these cases;

     (b) generating an official ballot certification and
testifying, if necessary, in
support of the ballot tabulation results;

     (c) gathering data in conjunction with the preparation, and
assisting with the preparation, of the Debtors' schedules of assets
and liabilities and statements of financial affairs;

     (d) providing a confidential data room;

     (e) managing any distributions pursuant to a confirmed chapter
11 plan; and

     (f) providing such other claims processing, noticing,
solicitation, balloting, and administrative services described in
the Services Agreement, but not included in the Section 156(c)
Application, as may be requested from time to time by the Debtors.

KCC's hourly rates are:

    Analyst                                              $25 - $50
    Technology/Programming Consultant                    $35 - $70
    Consultant/Senior Consultant                         $70-$160
    Director/Senior Managing Consultant                  $175
    Securities Director/Solicitations Senior Consultant  $200
    Securities Senior Director/Solicitation Lead         $215

Evan Gershbein attests that his firm is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Evan Gershbein
     Kurtzman Carson Consultants LLC
     2335 Alaska Ave.
     El Segundo,CA 90245
     Tel: (310) 823-9000
     Fax: (310)823-9133

                             About Modular Space

Modular Space Corporation (ModSpace), based in Berwyn, Pa. --
http://Blog.ModSpace.com/-- is the largest U.S.-owned provider of
office trailers, portable storage units and modular buildings for
temporary or permanent space needs. Building on nearly 50 years of
experience, ModSpace serves a diverse set of customers and markets
including commercial, construction, education, government,
healthcare, industrial, energy, disaster relief, franchise and
special events through an extensive branch network across the
United States and Canada.

On Dec. 21 2016, Modular Space Holdings, Inc., and six affiliates
filed voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Case No. 16-12825 to
16-12831) to pursue a prepackaged plan of reorganization.  The
cases are pending joint administration under Case No. 16-12825
before the Honorable Kevin J. Carey.

ModSpace estimated $1 billion to $10 billion in assets and
liabilities.


NASTY GAL: Wesley H. Avery Named Consumer Privacy Ombudsman
-----------------------------------------------------------
Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central
District of California entered an Order approving the appointment
of Wesley H. Avery as Consumer Privacy Ombudsman for Nasty Gal,
Inc..

The Order was made pursuant to the United States Trustee's Notice
of Appointment of Consumer Privacy Ombudsman and the attached
Declaration of Disinterestedness filed on January 4, 2017.

        About Nasty Gal Inc.

Nasty Gal Inc. filed a Chapter 11 petition (Bankr. C.D. Cal. Case
No. 16-24862), on November 9, 2016.  The petition was signed by Joe
Scirocco, president. The case is assigned to Judge Sheri Bluebond.
The Debtor is represented by Scott F. Gautier, Esq., at Robins
Kaplan LLP.  At the time of filing, the Debtor estimated assets and
liabilities at $10 million to $50 million.

The Debtor hired Rust Consulting Omni Bankruptcy as claims,
noticing and balloting agent.

The Office of the U.S. Trustee on Nov. 18 appointed five creditors
of Nasty Gal Inc. to serve on the official committee of unsecured
creditors. The Creditors' Committee tapped B. Riley & Co. as
financial advisor.


NAVISTAR INT'L: Fitch Assigns 'CCC' Rating on Sr. Unsec. Notes
--------------------------------------------------------------
Fitch Ratings rates Navistar International Corporation's (NAV)
planned senior unsecured notes 'CCC'/'RR4'.  The notes will be
issued as an increase to existing 8.25% notes due Nov. 1, 2021, and
are governed by an indenture dated Oct. 28, 2009.  Proceeds will be
used for general corporate purposes and will augment NAV's
liquidity during a period of cyclically low industry demand for
heavy duty trucks in North America.  A full list of ratings for NAV
and its subsidiaries follows at the end of this release.

                        KEY RATING DRIVERS

The ratings for NAV, Navistar, Inc., and Navistar Financial
Corporation (NFC) remain on Rating Watch Positive pending
completion of a strategic alliance between NAV and Volkswagen Truck
& Bus GmbH (VW T&B) announced Sept. 6, 2016.  The Positive Rating
Watch reflects Fitch's expectation that under terms contemplated
for the alliance, NAV would realize cost synergies, improved
liquidity, and strategic opportunities over the next several years
that would support its competitiveness and operating performance.

The alliance would include a $256 million cash investment by VW T&B
for 16.6% of NAV's common shares on a pro forma basis.  The
alliance also involves collaboration on powertrain and other
technologies and a procurement joint venture (JV) which should
enhance NAV's cost structure and product development.  VW T&B will
name two representatives to NAV's board of directors, and a joint
alliance board will oversee coordination of the alliance.

Fitch believes an upgrade of one notch is possible when the VW T&B
alliance is finalized; however, Fitch could also affirm the ratings
and assign a Positive Outlook or no outlook at all.  A one notch
upgrade is less likely than Fitch initially estimated due to the
industry downturn in the heavy duty truck market, which was
somewhat weaker-than-expected during late 2016, and the negative
impact on NAV's financial results and liquidity.  As a result,
NAV's credit profile could remain unchanged in the near term before
the company realizes benefits from the VW T&B alliance.

Even after the receipt of $256 million of cash proceeds in 2017
from VW T&B's investment (and excluding proceeds from the new
notes), NAV is forecasting year-end manufacturing cash balances at
Oct. 31, 2017, will be flat at approximately $800 million compared
to the end of fiscal 2016.  Operating cash flow is seasonally
negative in the first fiscal quarter (approximately negative $325
million in Q1 2016 as calculated by Fitch), and the company plans
to increase capital expenditures in 2017.  There are material cash
requirements for warranty cash spending in excess of expense,
pension contributions and possible working capital requirements. As
a result, the company remains sensitive to unexpected developments
including an inability to regain market share or to realize
anticipated synergies from the VW T&B alliance.

Debt maturities of $200 million are scheduled in October 2018 and
$411 million in 2019 which would need to be refinanced in the
absence of a return to positive FCF.  In recent years, NAV has
received funding from NFC including used truck financing, but Fitch
expects net funding from NFC in the form of loans and dividends
will decline.  Other rating concerns include high used-truck
inventory, high leverage which will increase slightly as a result
of the new debt, and litigation risk.

NAV estimates it will generate $200 million of annual synergies
from the VW T&B alliance by the end of five years and $500 million
cumulatively over the same period.  An expansion of NAV's
technological capabilities could involve engines sourced internally
or from within the alliance for use in NAV trucks, a larger parts
business, and opportunities to share technology and development
costs for trucks, engines, and digital technology related to data
and analytics.  There could also be a positive impact on customer
confidence which could help NAV recover market share.  At the same
time, NAV's dealer base would improve VW T&B's access to the North
America (NA) market where VW T&B has a limited presence.

Fitch notes that some aspects of the alliance would become
effective gradually including the use of VW T&B power train
components in NAV trucks beginning in 2019, cost savings from
common sourcing, and product introductions associated with
collaboration on technology.  Fitch believes a more extensive
alliance could develop in the future which, if it were to occur,
could further strengthen NAV's credit profile.

The company has made a gradual long-term improvement in core EBITDA
margins due to significant cost reductions and NAV's strategy of
focusing on its core product markets.  Despite a 20% decline in
revenue in 2016, NAV's EBITDA margin improved by 100 bps to 4.8% in
2016 as measured by Fitch, largely due to restructuring and solid
results in the parts business.

Fitch estimates FCF will be negative in 2017 due to low sales
volumes and ongoing cash requirements for warranties, pension and
working capital.  High used-truck inventory of $410 million as of
Oct. 31, 2016, has also contributed to negative FCF although
inventory declined in the last two quarters of 2016.

Fitch believes there is a risk that FCF could be negative again in
2018 even with a modest increase in NAV's revenue and margins due
to an industry recovery and market share gains by NAV.  FCF could
be better than estimated by Fitch if the heavy duty truck industry
sees a strong recovery and NAV rebuilds market share and generates
higher margins relatively quickly from ongoing restructuring and
anticipated synergies with VW T&B.  FCF includes cash costs for
warranties and pension contributions.  NAV expects to contribute at
least $110 million in 2017 and $135 million to $220 million
annually from 2018 through 2020 compared to $100 million in 2016.
The net pension obligation was $1.7 billion (57% funded) at
Oct. 31, 2016.

Regular warranty costs remain below 3% of sales compared to a peak
level above 7% several years ago, although NAV recognized $77
million of charges for pre-existing warranties in 2016.  The cash
impact will be spread out over future periods, and the warranty
charge appears to be contained.  NAV's use of third-party engines
and emissions equipment reduces research and development costs, as
well as warranty costs, but also limits margins.

The company's market share of Class 8 trucks in the U.S and Canada
was 11% in 2016, down from 12% in 2015 and 20% or higher prior to
2012, and its share is behind the three other dominant commercial
truck makers.  However, NAV has reported stronger order share
recently in its traditional Class 6 - 8 truck and bus market and is
in the midst of introducing several new products through the next
two years which could strengthen its competitive position. The
medium-duty market is more stable than the heavy duty market and
NAV's share, while below historical levels, has held up better.

At Oct. 31, 2016 debt/EBITDA was over 8x, reflecting low but
improved earnings.  Fitch does not include intercompany loans from
Financial Services in manufacturing debt, and leverage would be
higher when including these liabilities.  NAV's use of intercompany
funds from Financial Services includes loans and dividends.  Fitch
estimates the net amount of loans and dividends provided to NAV in
2016 was $115 million, including dividends from Financial Services
of $220 million, offset by $105 million of net loan repayments.
Loans include used-truck inventory financing utilized by NAV to
facilitate new truck sales.

Under Fitch's criteria for rating non-financial corporates, Fitch
calculates an appropriate debt/equity ratio of 3x at Financial
Services based on asset quality as well as liquidity and funding
that incorporate support from NAV in the form of funding.  The
calculated ratio assumes lower external funding than is typically
reported by Financial Services, with the difference funded by NAV
as an equity injection.  Fitch assumes NAV would fund its equity
injection through the use of excess cash or new debt which we
include in debt at the manufacturing business.  This
Fitch-calculated debt amount is higher than actual debt
outstanding. Actual debt/equity at Financial Services as measured
by Fitch, including intangible assets, was 3.9x as of Oct. 31,
2016.  As a result, Fitch calculates a pro forma equity injection
of approximately $100 million would be needed to reduce debt/equity
to 3x at Financial Services.

Litigation risks include a lawsuit by the U.S. Department of
Justice which is seeking penalties of up to $291 million on behalf
of the U.S. Environmental Protection Agency related to NAV's use of
engines during 2010 that did not meet emissions standards.  In the
event of an adverse outcome, a large payment would exacerbate
concerns about liquidity, although Fitch expects the timing of any
payments could be delayed in a lengthy litigation process.  Other
litigation includes class action lawsuits concerning NAV's
discontinued advanced EGR engines.

The Recovery Rating (RR) of '1' for Navistar, Inc.'s senior secured
term loan facility supports a rating of 'B', three levels above
NAV's IDR, as Fitch expects the loan would recover more than 90% in
a distressed scenario based on a strong collateral position.  The
'RR4' for senior unsecured debt reflects average recovery prospects
in a distressed scenario.  The 'RR6' for senior subordinated
convertible notes reflects a low priority position relative to
NAV's other debt.

                  NAVISTAR FINANCIAL CORPORATION

Fitch believes NFC is core to NAV's overall franchise.  Thus the
IDR of the finance subsidiary is directly linked to that of its
ultimate parent due to the close operating relationship and
importance to NAV, as substantially all of NFC's business is
connected to the financing of dealer inventory and trucks sold by
NAV's dealers.  The relationship is formally governed by the Master
Intercompany Agreement, as well as a provision referenced under
NFC's credit agreement requiring NAV or Navistar, Inc. to own 100%
of NFC's equity at all times.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the current rating case for NAV's
manufacturing business, before considering the alliance with VW
T&B, include:

   -- NAV's manufacturing revenue in 2017 declines by low single
      digits due to the industry downturn for heavy-duty trucks;
   -- Industry demand for heavy-duty trucks declines for all of
      2017 but begins to recover later in the year and in 2018;
   -- New product introductions support NAV's market share which
      improves slightly in 2017 and could gain more traction in
      subsequent years;
   -- FCF remains negative in 2017 and possibly into 2018;
   -- EBITDA margins continue to improve;
   -- NAV refinances scheduled debt maturities in 2018 and 2019;
   -- Warranty cash costs exceed warranty expense; warranty
      expense, excluding adjustments to pre-existing warranties,
      remains below 3%.

                        RATING SENSITIVITIES

Navistar International Corporation

Fitch could resolve the positive rating watch and take a positive
rating action if Fitch expects:

   -- NAV will realize the planned $200 million of annual
      synergies by the end of five years and $500 million
      cumulative by year five;

   -- Liquidity, including funds from new notes and VW T&B, will
      be adequate to fund NAV's cash requirements and maintain
      minimum cash balances of $800 million at fiscal year-end and

      $500 million at the end of the seasonally low first fiscal
      quarter;

   -- FCF will become positive during 2018;

   -- Opportunities to leverage technology with VW T&B will result

      in the ability to source engines internally or from within
      the alliance and help to boost margins;

   -- New product introductions and improved customer confidence
      support market share recovery.

Fitch could affirm the ratings if:

   -- The VW T&B alliance is not finalized;
   -- Benefits from the alliance are expected to be substantially
      less than originally estimated;
   -- Prospects for FCF and liquidity deteriorate due to loss of
      market share, a weaker than expected truck market, or
      unexpectedly large cash requirements for warranties, pension

      contributions or potential litigation liabilities.

Navistar Financial Corporation

NFC's ratings are expected to move in tandem with its parent.
Therefore, positive rating momentum will be limited by Fitch's view
of NIC's credit profile.  However, negative rating action could be
driven by a change in the perceived relationship between NFC and
its parent.  Additionally, a change in profitability leading to
operating losses, a material change in leverage and/or
deterioration in the company's liquidity profile could also yield
negative rating actions.

Fitch cannot envision a scenario where NFC would be rated higher
than the parent

                            LIQUIDITY

Navistar International Corporation

Liquidity at NAV's manufacturing business as of Oct. 31, 2016,
included cash and marketable securities totaling $794 million (net
of the Blue Diamond Parts joint venture cash and restricted cash).
NAV had limited availability under a $175 million ABL facility.
NAV's cash will be supplemented by the new note issuance and by
cash proceeds from VW T&B assuming the alliance is finalized.
Liquidity was offset by current maturities of manufacturing
long-term debt of $71 million.  In addition to the ABL, NAV uses an
Intercompany Used Truck Loan from NFC under which $135 million was
outstanding.  NAV had other outstanding intercompany loans totaling
$68 million from Financial Services.

Navistar Financial Corporation

Fitch deems NFC's current liquidity to be adequate given available
resources and the company's continued success in securitizing
originated assets; however, Fitch notes that liquidity may become
constrained if the parent materially increases its reliance on NFC
to fund operations or if NFC is unable to refinance a sufficient
amount of debt on economic terms.

As of Oct. 31, 2016 debt at NAV's manufacturing business totaled
$3.2 billion, including unamortized discount, and $1.8 billion at
the Financial Services segment, the majority of which is at NFC.

                       FULL LIST OF RATINGS

These ratings are on Rating Watch Positive:

Navistar International Corporation

   -- Long-Term Issuer Default Rating (IDR) 'CCC';
   -- Senior unsecured notes 'CCC/RR4';
   -- Senior subordinated notes 'CC/RR6'.

Navistar, Inc.

   -- Long-Term IDR 'CCC';
   -- Senior secured term loan 'B/RR1'.

Cook County, Illinois

   -- Recovery zone revenue facility bonds (Navistar International

      Corporation Project) series 2010 'CCC'.

Illinois Finance Authority (IFA)

   -- Recovery zone revenue facility bonds (Navistar International

      Corporation Project) series 2010 'CCC'.

Navistar Financial Corporation

   -- Long-Term IDR 'CCC';
   -- Senior secured bank credit facility 'B-/RR3'.


NAVISTAR INTERNATIONAL: Plans to Offer $250 Million Senior Notes
----------------------------------------------------------------
Navistar International Corporation filed with the Securities and
Exchange Commission a free writing prospectus relating to the
offering of $250,000,000 of 8.25% Senior Notes due 2021 (reopening
of 8.25% Senior Notes due 2021 issued on Oct. 28, 2009, and on
April 2, 2013).

The Notes will mature on Nov. 1, 2021.  Interest on the Notes are
payable on May 1 and Nov. 1, beginning May 1, 2017.

Joint Book-Running Managers of the offering are Merrill Lynch,
Pierce, Fenner & Smith Incorporated; Goldman, Sachs & Co.; J.P.
Morgan Securities LLC.  Citigroup Global Markets Inc. serves as the
co-manager.

A full-text copy of the FWP is available for free at:

                     https://is.gd/Q2Kn25

                 About Navistar International

Navistar International Corporation (NYSE: NAV) --
http://www.navistar.com/-- is a holding company whose             

subsidiaries and affiliates subsidiaries produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco RV
brands of recreational vehicles, and Workhorse(R) brand chassis
for motor homes and step vans.  It also is a private-label
designer and manufacturer of diesel engines for the pickup truck,
van and SUV markets.  The Company also provides truck and diesel
engine parts and service.  Another affiliate offers financing
services.

Navistar reported a net loss attributable to the Company of $97
million on $8.11 billion of net sales and revenues for the year
ended Oct. 31, 2016, compared to a net loss attributable to the
Company of $184 million on $10.14 billion of net sales and revenues
for the year ended Oct. 31, 2015.

As of Oct. 31, 2016, Navistar had $5.65 billion in total assets,
$10.94 billion in total liabilities and a total stockholders'
deficit of $5.29 billion.

                          *     *     *

In the July 22, 2015, edition of the TCR, Moody's Investors Service
affirmed Navistar's Corporate Family Rating at 'B3' and assigned a
'Ba3' rating to Navistar, Inc.'s new $1.04 billion senior secured
term loan due 2020.

Navistar carries a 'CCC' Issuer Default Ratings from Fitch
Ratings.

As reported by the TCR on Sept. 13, 2016, S&P Global Ratings placed
its ratings, including the 'CCC+' corporate credit ratings, on
Navistar on CreditWatch with positive implications.


NEW YORK CRANE: Creditors' Committee Seeks Trustee Appointment
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of New York Crane &
Equipment Corp., et al., filed a motion asking the U.S. Bankruptcy
Court for the Eastern District of New York to direct the
appointment of a Chapter 11 Trustee for the estate of James Lomma,
the president and sole shareholder of New York Crane & Equipment
Corp., J.F. Lomma, Inc. (De.), and J.F. Lomma, Inc. (N.J.).

According to the Creditors' Committee, cause exists to appoint a
Chapter 11 Trustee because:

   (a) Lomma's self-interest is in material conflict with the
estates' interests, which has been evidenced by his repeated misuse
of millions of dollars of the Debtors' assets, and his conflicts
that prevent him from fulfilling the fiduciary duties that he owes
to the estates and their creditors;

   (b) Lomma has repeatedly conducted himself in a fraudulent and
dishonest manner by hiding more than $100 million in assets,
listing highly suspicious liabilities owed to Kearney in his
Amended Schedules, and defying Orders of the Court;

   (c) Lomma's violations of numerous Court Orders and his
continued failure to honor his disclosure, reporting, and
record-keeping obligations form yet another independent basis for
the appointment of a Chapter 11 trustee -- these refusals and
failures establish fraud, dishonesty, and gross mismanagement; and

   (d) the Debtors' unending efforts to fight the Committee
tooth-and-nail on issues large and small, parties-in-interest have
lost faith in Lomma’s ability to exercise his fiduciary
obligations for the benefit of the estate.

The Creditors' Committee is represented by:

         Albert Togut, Esq.
         Neil Berger, Esq.
         Patrick Marecki, Esq.
         TOGUT, SEGAL & SEGAL LLP
         One Penn Plaza, Suite 3335
         New York, NY 10119
         Tel.: (212) 594-5000

            About New York Crane

New York Crane & Equipment Corp., J.F. Lomma, Inc. (De.), J.F.
Lomma, Inc. (N.J.), and James F. Lomma filed Chapter 11 bankruptcy
petitions (Bankr. E.D.N.Y. Case Nos. 16-40043, 16-40044, 16-40045
and 16-40048, respectively) on Jan. 6, 2016.  The petitions were
signed by James F. Lomma as president. New York Crane & Equipment
disclosed total assets of $9.8 million and total debts of $22.05
million. Judge Carla E. Craig presides over the cases.

The Debtors hire Goldberg Weprin Finkel Goldstein LLP as their
counsel; LaMonica Herbst & Maniscalco, LLP as special counsel;
Robert L. Friedbauer CPA PC as accountant; Marcum LLP as financial
advisor; and Pro Star Pilatus Center LLC as Broker in relation to
an Aircraft Remarketing Agreement.

James Lomma is the president and sole shareholder of the corporate
Debtors. The Debtors employ LaMonica Herbst & Maniscalco, LLP as
special litigation and conflicts counsel to James F. Lomma.

The corporate Debtors operate crane, trucking and rigging companies
doing business in New York City and other parts of the country.

On January 8, 2016, an order was entered providing for the joint
administration of these related Chapter 11 cases.

An official committee of unsecured creditors has been appointed.
The Committee has tapped Togut, Segal & Segal LLP as its counsel.


NEWS PUBLISHING: Files Ch. 11 Plan of Liquidation
-------------------------------------------------
News Publishing Company filed with the U.S. Bankruptcy Court for
the Northern District of Georgia a disclosure statement in support
of its chapter 11 plan of liquidation, dated Jan. 10, 2017, which
provides for the liquidation of the Debtor's remaining assets, and
resolves all outstanding claims against, and interests in, the
Debtor.

Under the plan, each holder of an Allowed General Unsecured Claim
will be entitled to receive a pro rata share of the Debtor's cash.
The exact amount of the distribution to such holders will not be
known until all Allowed Claims are fixed in amount, and the holders
of Administrative and Priority Claims are paid. In short, there is
no fixed percentage distribution to unsecured creditors, but rather
all of the Debtor's cash will be distributed to holders of Allowed
Claims in accordance with the priorities established by the
Bankruptcy Code and the terms of the Plan.

The proceeds and other consideration from the sale of unencumbered
assets will be the primary funding for the Plan. The gross
consideration from the Purchased Assets was approximately
$3,000,000. The Debtor used the proceeds from the Purchased Assets,
and the Debtor's retained accounts receivable. As of Jan. 2017, the
Debtor had cash on hand of approximately $1,118,000 and, after
payment of existing and anticipated expenses as of that date,
expect as of June 1, 2017 to have between $1,050,000 and $1,080,000
remaining at confirmation.

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

        http://bankrupt.com/misc/ganb13-40002-350.pdf 

Headquartered in Rome, Georgia, News Publishing Company filed for
chapter 11 protection (Bankr. N.D. Ga.  Case No.13-40002) on Jan.
1, 2013, with estimated assets and liabilities of $1,000,001 to
$10,000,000. The petition was signed by Burgett H. Mooney, III,
president.


NOVABAY PHARMACEUTICALS: China Pioneer Reports 34.4% Stake
----------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, China Pioneer Pharma Holdings Limited disclosed that as
of Dec. 9, 2016, it beneficially own 5,212,748 shares of common
stock, $0.01 par value, of Novabay Pharmaceuticals, Inc.
representing 34.4 percent based on 15,134,971 Shares outstanding as
of Nov. 9, 2016.

Pioneer Pharma (Hong Kong) Company Limited also reported beneficial
ownership of 5,188,421 common shares.

Prior to 2016, Pioneer Pharma (Singapore) Pte. Ltd., a wholly-owned
subsidiary of Pioneer Hong Kong, purchased an aggregate of 383,827
Shares and warrants exercisable for 181,300 Shares at an aggregate
purchase price of $9,754,000.  On Feb. 24, 2016, the Company closed
a private placement, pursuant to which Pioneer Singapore purchased
an additional 696,590 Shares at a purchase price of $1,330,486.  On
Aug. 1, 2016, the Company completed a two-tranche private
placement, pursuant to which Pioneer Singapore purchased an
additional 2,617,802 Shares and warrants exercisable for 1,308,902
Shares at an aggregate purchase price of $5,000,000.  The first
tranche closed on May 9, 2016, and the second closed on Aug. 1,
2016.

Prior to 2016, China Pioneer purchased an aggregate of 24,327
Shares in the open market at an aggregate purchase price of
$610,689.

On Aug. 21, 2016, Pioneer Singapore exercised all of its holdings
of Company warrants in exchange for 1,490,202 Shares.

On Dec. 9, 2016, Pioneer Singapore transferred all of its holdings
of the Company's securities, which consisted of 5,188,421 Shares,
to Pioneer Hong Kong for no consideration as part of an internal
corporate reorganization.  Pioneer Hong Kong is a wholly-owned
subsidiary of China Pioneer.

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

                      https://is.gd/lfsN2e
    
                 About NovaBay Pharmaceuticals

NovaBay Pharmaceuticals is a biopharmaceutical company focusing on
the commercialization of prescription Avenova lid and lash hygiene
for the domestic eye care market.  Avenova is formulated with
Neutrox which is cleared by the U.S. Food and Drug Administration
(FDA) as a 510(k) medical device.  Neutrox is NovaBay's proprietary
pure hypochlorous acid.  Laboratory tests show that hypochlorous
acid has potent antimicrobial activity in solution yet is non-toxic
to mammalian cells and it also neutralizes bacterial toxins.
Avenova is marketed to optometrists and ophthalmologists throughout
the U.S. by NovaBay's direct medical salesforce.  It is accessible
from more than 90% of retail pharmacies in the U.S. through
agreements with McKesson Corporation, Cardinal Health and
AmeriSource Bergen.

NovaBay reported a net loss of $18.97 million in 2015, a net loss
of $15.19 million in 2014 and a net loss of $16.04 million in
2013.  As of Sept. 30, 2016, NovaBay had $15.14 million in total
assets, $8.42 million in total liabilities and $6.71 million in
total stockholders' equity.

OUM & Co. LLP in San Francisco, California, audited the
consolidated balance sheets of NovaBay Pharmaceuticals as of
Dec. 31, 2015, and 2014 and the related consolidated statements
of operations and comprehensive loss, stockholders' equity, and
cash flows for each of the three years in the period ended
Dec. 31, 2015.  The firm noted that the Company has suffered
recurring losses and negative cash flows from operations and has a
stockholders' deficit, all of which raise substantial doubt about
its ability to continue as a going concern.


ONCOBIOLOGICS INC: Sabby Healthcare Holds 8.9% Stake as of Dec. 31
------------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sabby Healthcare Master Fund, Ltd., and Sabby
Volatility Master Fund, Ltd., disclosed that as of Dec. 31, 2016,
they beneficially own 2,111,836 and 562,100 shares of
Oncobiologics, Inc.'s common stock, respectively, representing
approximately 8.96% and 2.38% of the Common Stock, respectively.

Sabby Management, LLC and Hal Mintz each beneficially own 2,355,536
shares of the Common Stock, representing approximately 9.99% of the
Common Stock.  Sabby Management, LLC and Hal Mintz do not directly
own any shares of Common Stock, but each indirectly owns 2,355,536
shares of Common Stock.  Sabby Management, LLC, a Delaware limited
liability company, indirectly owns 2,355,536 shares of Common Stock
because it serves as the investment manager of Sabby Healthcare
Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd.,
Cayman Islands companies.  Mr. Mintz indirectly owns 2,355,536
shares of Common Stock in his capacity as manager of Sabby
Management, LLC.

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

                    https://is.gd/dwGZJZ

                    About Oncobiologics

Oncobiologics, Inc., is a clinical-stage biopharmaceutical company
focused on identifying, developing, manufacturing and
commercializing complex biosimilar therapeutics.  The Cranbury, New
Jersey-based Company's current focus is on technically challenging
and commercially attractive monoclonal antibodies, or mAbs, in the
disease areas of immunology and oncology.

Oncobiologics reported a net loss of $53.32 million on $2.97
million of collaboration revenues for the year ended Sept. 30,
2016, compared to a net loss of $48.66 million on $5.21 million of
collaboration revenues for the year ended Sept. 30, 2015.

As of Sept. 30, 2016, Oncobiologics had $23.70 million in total
assets, $28.90 million in total liabilities and a total
stockholders' deficit of $5.20 million.

KPMG LLP, in Philadelphia, Pennsylvania, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Sept. 30, 2016, citing that the Company has incurred
recurring losses and negative cash flows from operations since
inception and has an accumulated deficit at September 30, 2016
of $147.4 million and $4.6 million of indebtedness that is due
on demand, which raises substantial doubt about its ability to
continue as a going concern.


ORANGE REGIONAL: Fitch Assigns 'BB+' Rating on $248MM 2017 Bonds
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the $248,770,000
Dormitory Authority of the State of New York series 2017 bonds
issued on behalf of the Orange Regional Medical Center (ORMC)
Obligated Group.

Additionally, Fitch affirms the 'BB+ rating on these:

   -- $233,505,000 The Dormitory Authority of the State of New
      York series 2008 (ORMC);
   -- $65,100,000 The Dormitory Authority of the State of New York

      series 2015 (ORMC).

The Rating Outlook is revised to Positive from Stable.

The series 2017 bonds are expected to be issued as fixed-rate tax
exempt bonds.  The proceeds will be applied toward an advance
refunding of the series 2008 bonds and will have a 2037 maturity,
matching that of the refunded bonds.  The $24.5 million maximum
annual debt service (MADS), provided by the underwriters, occurs in
2017.  The bonds are expected to be sold the week of Jan. 16, 2017.
The series 2017 will have a fully funded debt service reserve fund
(DSRF).

                              SECURITY

The bonds are secured by a gross receipts pledge of the Obligated
Group (OG) and a mortgage on the main facility of ORMC.  The ORMC
OG accounted for 89% of the consolidated Greater Hudson Valley
Health System (GHVHS) assets and 81% of consolidated system
revenues in fiscal 2015 (Dec. 31 year end).

                        KEY RATING DRIVERS

CONTINUING TREND OF IMPROVED OPERATIONS: The revision of the
Outlook to Positive is based on continued improvement in ORMC's
performance for the last two fiscal years and through the nine
months ended Sept. 30, 2016, (the interim period), and its solid
market share in a stable and growing service area.  In fiscal 2015,
ORMC generated operating income of $5.5 million, equal to an
operating margin of 1.3% and operating EBITDA margin of 11.5%;
consolidated GHVHS results were virtually identical to ORMC's.  The
improved results were maintained through the 2016 interim period
with ORMC operating income of $9.1 million, translating to
operating and operating EBITDA margins of 2.7% and 11.8%, both
slightly better than Fitch's 'BBB' medians.  Management attributes
the improvement in operations to solid volumes, benefiting from the
new facility, physician recruitment and continued expense
controls.

CAMPUS EXPANSION COMPLETED: Construction of the new medical office
building (MOB) and cancer center was finished in September 2016 on
time and under budget.  Fitch views the consolidation of outpatient
services on ORMC's main campus favorably and expects the recent
opening of the MOB and the operations of the cancer center to have
a positive impact on physician recruitment and outpatient volumes
going forward.

ELEVATED DEBT BURDEN: ORMC's debt burden remains high due to the
historical capital investment as well as its conservative debt
profile with a moderately low average life of 14.2 years and level
debt service for the two series of bonds outstanding.  The series
2008 bonds funded a portion of the cost of the new hospital, which
replaced two former campuses, and the series 2015 bonds financed
the MOB and cancer center.  The high debt burden is evidenced by
ORMC's MADS at 5.4% of fiscal revenues at Sept. 30, 2016.  MADS
coverage by EBITDA at 2.3x has improved due to better
profitability.  The consolidated system had slightly higher MADS
coverage of 2.5x in 2015.

WEAK LIQUIDITY: ORMC's unrestricted reserves have been growing over
the last several years, but liquidity remains weak and is viewed as
the main credit negative.  Unrestricted cash and investments of
$109.6 million at Sept. 30, 2016 translate to 96.7 days cash on
hand (DCOH) and cash equal to a very weak 34.6% of pro forma debt.

                        RATING SENSITIVITIES

POSITIVE MOMENTUM: The Positive Outlook reflects the expectation
that upward rating movement is likely if improved cash flow levels
are sustained for at least 24 months, leading to better liquidity
and further moderation of the debt burden.

                          CREDIT PROFILE

ORMC operates a new 383-licensed bed facility (opened in 2011),
located in Middletown, NY, approximately 65 miles northwest of New
York City.  ORMC's parent is the Greater Hudson Valley Health
System, also the parent of the two-campus Catskill Regional Medical
Center (154 acute care beds in Harris, NY, and 15 beds in Calicoon,
NY) , which ORMC manages, and of the GHVHS Medical Group (Medical
Group).

Historically, Fitch reported on the results of the ORMC OG, since
financials were not available for the consolidated entity.  Fitch
will be migrating to reporting on the consolidated system with the
first consolidated audit available in fiscal 2014 and performance
between the OG and consolidated entity is similar.  While the GHVHS
Medical Group is not in the OG, its expenses are reflected in
professional fees and purchased services of ORMC.  The ORMC OG had
total revenue of $415.1 million in fiscal 2015 (Dec. 31 year-end),
an 8.5% increase over the prior year.

                 MAINTAINING IMPROVED OPERATIONS

Operating results in fiscal 2015 represented the second year of
improved performance, with operating income of $5.5 million,
exceeding budget and equal to operating and operating EBITDA
margins of 1.3% and 11.5%.  The improved performance was maintained
through interim period ended Sept. 30, 2016, with ORMC reporting
operating income of $9.1 million, well ahead of the
$5.9 million for the same period in the prior year, equal to
operating and operating EBITDA margins of 2.7% and 11.8%,
respectively, both consistent with Fitch's 'BBB' medians of 1.5%
and 8.7%.  Management attributes the positive operating trend to
solid volumes, adding new programs such as trauma, growing its
Medical Group and continuing expense control, and is well on the
way to exceed its 2016 budgeted operating income.  ORMC's operating
income budget for fiscal 2017 is $6.8 million, which equates to
operating and operating EBITDA margins of 1.5% and 10.7%, which
Fitch believes is achievable.

GHVHS does not produce interim statements, but results for the
consolidated GHVHS for audited 2015 show consolidated system cash
to debt of 42% and operating and operating EBITDA margins of 1.1%
and 11.2%, respectively, which compare closely to the OG's
respective metrics for fiscal 2015.  ORMC, through the Medical
Group, is now employing a group of hospitalists who have been
instrumental in helping to reduce the still somewhat higher average
length of stay to 4.5 days.  Management plans to further recruit to
the Medical Group in the coming year.

                      CAPITAL PROJECT UPDATE
The construction of the $94.6 million, 155,000 square foot (sf)
five-story MOB with space for up to 76 physicians and a 21,000 sf
Cancer Center on the hospital campus adjacent to its main inpatient
facility was completed, as planned, in September 2016. The main
reasons for the expansion, which was primarily funded with the
proceeds of the series 2015 bonds, were the reduction of exposure
to the expected significant increase in leasing expense for
off-campus physician offices after 2018, as well as ability to
achieve efficiencies from clinical integration and physician
alignment and provide enhanced space for the oncology program.

                      NEED TO GROW LIQUIDITY

ORMC's unrestricted liquidity has grown in absolute terms, driven
by solid cash flow in the last two years despite its investment in
facilities and physician recruitment, increasing from $71.8 million
in 2012 to $109.6 million at Sept. 30, 2016, but is viewed as the
weakest metric by Fitch.  The unrestricted cash and investments
equate to 96.7 DCOH and cash-to-pro forma debt equal to 34.6%, both
materially weaker than the 'BBB' category medians of 161 DCOH and
90.8% cash to debt.  Going forward, the organization has no
material capital needs beyond routine and some strategic
investments, to be funded from operating cash flow, which should
allow for further moderation of debt and improved liquidity
metrics.  The capital budget for 2017 is $10 million, of which $3
million is for routine capital and $7 million for strategic
investments, including capital investment in surgical service line.


                           DEBT PROFILE

ORMC will have an all fixed-rate long-term debt profile
post-issuance and no outstanding swaps.  ORMC was not able to
extend the maturity of the refunded bonds, which has constrained
its ability to maximize the debt service savings from the
refunding. The refunding is expected to generate $19 million of
present value savings, but MADS will only decrease to $24.5 million
from the current $25.3 million.  MADS as percent of revenues
continues to decline, equating to 5.9% of 2015 revenues and 5.4% at
Sept. 30, 2016, down from a high of 6.9% in 2013, but still
unfavorable to the 'BBB' median of 3.6%.  MADS coverage by EBITDA
in fiscal 2015 was 2.0x for ORMC and 2.5x for GHVHS, reflecting the
strengthened operating profitability, a marked improvement from
1.4x in 2013. In the interim period, ORMC's debt service coverage
improved further to 2.3x (compared to Fitch's 'BBB' median of 3.0x.
Financial covenants include minimum debt service coverage of 1.25x
and DCOH of 60, with which ORMC is in compliance.

ORMC has a defined benefit pension plan, which was frozen in 2006.
It was 61% funded at Dec. 31, 2015, but the $50 million liability
does not materially impact its overall long-term liabilities.


ORIENTAL CANTONES: Hearing on Disclosure Statement Moved to Feb. 14
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico has
rescheduled for Feb. 14, 2017, at 10:00 a.m. the hearing to
consider the adequacy of Oriental Cantones, Inc.'s disclosure
statement referring to the Debtor's plan of reorganization.

Objections to the Disclosure Statement must be filed not less than
14 days prior to the hearing.

As reported by the Troubled Company Reporter on Oct. 25, 2016, the
Court previously set for Jan. 10, 2017, at 10:00 a.m., the hearing
to consider the adequacy of the Disclosure Statement.  The TCR
reported on Oct. 17, 2016, that the Debtor's Plan provides that
priority unsecured creditors will receive a distribution of no less
than 100% of their allowed claims over a period of five years.
There are no to general unsecured creditors.

Oriental Cantones, Inc., incorporated under the laws of the
Commonwealth of Puerto Rico, operates a business that is dedicated
to the rental of real estate property.  It has real estate
property in the amount of approximately $525,000.00, that is the
commercial property, which consists of a building and two houses
that are the subject of rentals.  

The Debtor filed for Chapter 11 bankruptcy protection (Bankr.
D.P.R. Case No. 16-02759) on April 8, 2016.  Robert Millan, Esq.,
at Millan Law Offices serves as the Debtor's bankruptcy counsel.

Shun Ming Lu Cen is the administrator of the corporation's affairs
and has power of attorney through the corporation's President, Fung
Wing Fung, who resides in the State of Florida.  He is the managing
officer in control of the Debtor.


PAC RECYCLING: Hires Scott Law as Counsel
-----------------------------------------
PAC Recycling, LLC asks for permission from the U.S. Bankruptcy
Court for the District of Oregon to employ The Scott Law Group as
counsel.

The services Scott Law will render on behalf of the
debtor-in-possession include all legal services regularly and
customarily required by a debtor in possession including
representation in such adversary proceedings as may be commenced in
this case, or such other proceedings as may be necessary and proper
in other forums.

Scott Law will be paid at these hourly rates:

       Loren S. Scott          $310
       Natalie C. Scott        $260
       Paralegals              $90-140
       Law Clerk               $40-145

Scott Law will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Scott Law received a $40,000 retainer from the Debtor on December
29, 2016. Prior to filing, Scott Law applied $12,554.50 of the
retainer to attorney fees and costs incurred, and $1,717 for the
filing fee.  The remainder of the retainer received, $25,728.50, is
retained in the Scott Law trust account pending further order of
the court.

During the 90 days prior to bankruptcy, Scott Law received payments
on past due fees in the total amount of $6,424, under the threshold
for preference recovery.  Scott Law wrote off $3,465.00 of its bill
prior to filing.

Loren S. Scott, partner of Scott Law, assured the Court that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code and does not represent any interest
adverse to the Debtor and its estate.

Scott Law can be reached at:

       Loren S. Scott, Esq.
       THE SCOTT LAW GROUP
       2350 Oakmont Way, Ste. 106
       Eugene, OR 97401
       Tel: (541) 868-8005
       Fax: (541) 868-8004
       E-mail: lscott@scott-law-group.com

PAC Recycling, LLC, based in Eugene, Ore., filed a Chapter 11
petition (Bankr. D. Ore. Case No. 17-60001) on January 2, 2017.
Hon. Thomas M Renn presides over the case. Loren S. Scott, Esq. of
The Scott Law Group serves as bankruptcy counsel.

In its petition, the Debtor estimated $1 million to $10 million in
both assets and liabilities. The petition was signed by Rodney M.
Schultz, member.

A list of the Debtor's two unsecured creditors is available for
free at http://bankrupt.com/misc/orb17-60001.pdf


PALOSKI SALON: Disclosure Statement Hearing Set for March 1
-----------------------------------------------------------
Judge Robert E. Littlefield, Jr. of the U.S. Bankruptcy Court for
the Northern District of New York will convene a hearing on March
1, 2017 at 10:30 a.m. to consider approval of the disclosure
statement and chapter 11 plan filed by Paloski Salon and Spa, LLC
on Jan. 6, 2017.

Written objections to the disclosure statement must be filed and
served no later than  7 days prior to the hearing date.

                   About Paloski Salon & Spa

Paloski Salon and Spa, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. N.D.N.Y. Case No. 16-11325) on July 20, 2016.  The
petition
was signed by Kelly Paloski, member.  The Debtor is represented
by
Richard L. Weisz, Esq., at Hodgson Russ LLP.  At the time of
filing, the Debtor had estimated both assets and liabilities at
$100,000 to $500,000 each.


PARETEUM CORP: Appoints Ted O'Donnell as CFO
--------------------------------------------
The Board of Directors of Pareteum Corporation appointed Ted
O'Donnell to be the Company's chief financial officer effective
Jan. 9, 2017.

Prior to joining the Company, Mr. O'Donnell, age 51, served as the
chief financial officer of Ameri Holdings, Inc. (OTC: AMRH) from
January 2016 through December 2016 and the chief operating officer
of Radbourne Property Group, Inc. from April 2015 to January 2016.
From February 2013 until April 2015, Mr. O'Donnell served as chief
financial officer of AudioEye, Inc. (OTC: AEYE).  From December
2010 until January 2013, Mr. O'Donnell served as vice president of
finance for Augme Technologies, Inc. (Previously OTC: AUGT), which
provides strategic services and mobile marketing technology to
leading consumer and healthcare brands.  Mr. O'Donnell is a
Certified Public Accountant in New York and a member of NYSSCPAs
and AICPA.  Mr. O'Donnell earned a B.S, degree in Accountancy from
Villanova University in 1991 and an M.B.A. from Columbia Business
School in 2003.  The Company said there are no family relationships
or related party transactions between itself and Mr. O'Donnell.

In connection with Mr. O'Donnell's appointment, the Company and Mr.
O'Donnell entered into an Employment Agreement that provides for
the following:

     * annual salary of $175,000 per year;
   
     * annual bonus of up to $75,000;
   
     * signing bonus of 25,000 restricted common shares;

     * options to purchase up to 1,000,000 shares of the Company's
       stock, subject to the Company's employee stock option plan
       including restrictions and vesting schedule;

     * other customary allowances, bonuses, reimbursements and
       vacation pay.

The Employment Agreement is an "at will" agreement, which also
provides that if Mr. O'Donnell's employment with the Company is
terminated by the Company, then, subject to a mutual release, the
Company will pay Mr. O'Donnell's base salary for an additional 270
days after termination in accordance with customary payroll
practices.

Mr. O'Donnell is also subject to customary confidentiality
requirements during and after the term of his employment.

                        Pareteum Corp

New York-based Pareteum Corporation (NYSEMKT: TEUM), formerly known
as Elephant Talk Communications, Inc. -- http://www.pareteum.com/
-- is an international provider of business software and services
to the telecommunications and financial services industry.

Elephant Talk reported a net loss of $5.00 million on $31.0 million
of revenues for the year ended Dec. 31, 2015, compared to a net
loss of $21.9 million on $20.4 million of revenues for the year
ended Dec. 31, 2014.

As of Sept. 30, 2016, Pareteum had $15.26 million in total assets,
$21.66 million in total liabilities and a total stockholders'
deficit of $6.40 million.

Squar Milner, LLP, formerly Squar Milner, Peterson, Miranda &
Williamson, LLP, in Los Angeles, California, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has suffered
recurring losses from operations, has an accumulated deficit of
$256 million and has negative working capital.  This raises
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.


PEABODY ENERGY: Fitch Withdraws 'D' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has withdrawn Peabody Energy Corp.'s 'D' Long-Term
Issuer Default Rating as it is no longer considered by Fitch to be
relevant to the agency's coverage.

                       RATING SENSITIVITIES

Rating Sensitivities are not applicable as the rating has been
withdrawn.

FULL LIST OF RATING ACTIONS

Fitch has withdrawn these ratings:

Peabody Energy Corporation

   -- Long-Term IDR of 'D';
   -- Senior secured first-lien revolving credit and term loan of
      'C/RR4';
   -- Senior second lien secured notes of 'C/RR6';
   -- Senior unsecured notes of 'C/RR6';
   -- Convertible junior subordinated debentures of 'C/RR6'.


PEACH STATE: James Baker Named Successor Ch. 11 Trustee
-------------------------------------------------------
Judge W. Homer Drake of the U.S. Bankruptcy Court for the Northern
District of Georgia entered an Order approving the appointment of
James G. Baker as successor Chapter 11 Trustee for Peach State
Ambulance, Inc.

The Order was made pursuant to the application of the United States
Trustee for entry of an order approving the appointment of James G.
Baker as successor Chapter 11 Trustee.

Peach State Ambulance filed a Chapter 11 petition (Bankr. N.D. Ga.
Case No. 16-12121) on Oct. 24, 2016. The petition was signed by
James L. Olson, president. The Debtor is represented by G. Frank
Nason, IV, Esq., at Lamberth, Cifelli, Ellis & Nason, P.A. The
Debtor estimated assets and liabilities at $1 million to $10
million at the time of the filing.


PETROQUEST ENERGY: Central Square Reports 2% Stake as of Dec. 31
----------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Central Square Management, LLC disclosed that as of
Dec. 31, 2016, it beneficially owns 423,811 shares of common stock
of Petroquest Energy, Inc., representing 2 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/wQzqrn

                      About PetroQuest

PetroQuest Energy, Inc., is an independent energy company engaged
in the exploration, development, acquisition and production of oil
and natural gas reserves in East Texas, Oklahoma, South Louisiana
and the shallow waters of the Gulf of Mexico.  PetroQuest's common
stock trades on the New York Stock Exchange under the ticker PQ.

In its quarterly report for the period ending June 30, 2016, the
Company stated, "Our substantially decreased level of capital
spending has had and is expected to continue to have a negative
impact on our production and cash flow from operating activities.
We expect production to continue to decline throughout 2016 and
when combined with current commodity prices and our existing cost
structure, including 10% interest expense on the $280 million of
debt represented by our 2017 Notes and 2021 Notes, we believe that
we will continue to incur significant losses and negative cash flow
from operating activities for the remainder of 2016.  In addition,
$136 million of the indebtedness represented by our 2017 Notes will
mature on September 1, 2017 and would be reflected as a current
liability on our September 30, 2016 balance sheet if not refinanced
prior to the filing of our Quarterly Report on Form 10-Q for the
quarterly period ended September 30, 2016, which would raise
substantial doubt about our ability to continue as a going
concern," the Company stated in its quarterly report for the period
ended June 30, 2016.

"We are evaluating additional sources of liquidity including asset
sales, joint ventures, exchange offers and alternative financing
arrangements to replace the Credit Agreement, but there is no
assurance that these sources will provide sufficient, if any,
incremental liquidity.  We are also evaluating various options to
address the September 2017 maturity of our 2017 Notes as well as
assessing our overall capital structure.  These options include
additional public or private exchanges of 2017 Notes for new
secured debt and/or common stock, refinancing the 2017 Notes with
unsecured debt and/or common stock as well as a broader
restructuring of our 2017 and 2021 Notes.  To assist the Board of
Directors and management team in evaluating these options, we have
retained Jefferies LLC and Seaport Global as our financial advisors
and Porter Hedges LLP as our legal advisor.  There is no assurance
that any refinancing or debt or equity restructuring will be
possible or that additional equity or debt financing can be
obtained on acceptable terms, if at all.  If we are unable to
improve our liquidity position, and refinance or restructure our
debt, we may seek bankruptcy protection to continue our efforts to
restructure our business and capital structure.  As a part of that
process, we may have to liquidate our assets and may receive less
than the value at which those assets are carried on our
consolidated financial statements."

As of Sept. 30, 2016, Petroquest had $174.4 million in total
assets, $411.2 million in total liabilities and a total
stockholders' deficit of $236.8 million.

                       *     *     *

PetroQuest Energy carries a 'Caa3' corporate family rating from
Moody's Investors Service.

In October 2016, S&P Global Ratings raised the corporate credit
rating on PetroQuest Energy Inc. to 'CCC' from 'SD'.  "The upgrade
reflects our reassessment of the company's corporate credit rating
following the exchange of the majority of its outstanding 10%
senior unsecured notes due September 2017 at par," said S&P Global
Ratings credit analyst Daniel Krauss.  The negative outlook
reflects the company's current debt leverage levels, which S&P
views to be unsustainable, as well as its less than adequate
liquidity position.


PICKETT BROTHERS: Plan Confirmation Hearing on March 14
-------------------------------------------------------
Judge Robert Summerhays of the U.S. Bankruptcy Court for the
Western District of Louisiana approved Pickett Brothers
Partnership's amended disclosure statement referring to its plan of
reorganization.

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

March 7, 2017 is also fixed as the last date for filing and serving
objections to the confirmation of the plan.

Objections in writing must be filed and served at least 5 business
days before the hearing on confirmation.

March 14, 2017 at 10:30 a.m. is fixed as the date and time for
hearing on confirmation of the plan. The hearing will be held at
214 Jefferson Street, 1st Floor Courtroom, Lafayette, Louisiana.

As previously reported by the Troubled Company Reporter, under the
amended plan, DLL Finance, LLC, will be paid $12,962 over 6 years
at 5.25% interest.

As of the Effective Date, the Debtor's property will be revested in
the Debtor free and clear of any claims, liens, mortgages,
ownership interests, or any other encumbrances, other than those
mortgages that shall continue as specified in the plan. 

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

       http://bankrupt.com/misc/lawb16-50638-80.pdf 

Headquartered in Washington, Louisiana, Pickett Brothers
Partnership filed for Chapter 11 bankruptcy protection (Bankr.
W.D. La. Case No. 16-50638) on May 9, 2016, estimating its assets
and
liabilities at between $1 million and $10 million each. The
petition was signed by Thomas A. Pickett, partner.

Judge Robert Summerhays presides over the case.

Thomas E. St. Germain, Esq., at Weinstein & St. Germain serves as
the Debtor's bankruptcy counsel.


PINNACLE COMPANIES: Taps Marcus & Millichap as Real Estate Broker
-----------------------------------------------------------------
Pinnacle Companies, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire a real estate
broker.

The Debtor proposes to hire Marcus & Millichap Real Estate
Investment Services to market its real property located in Sulphur
Springs, Texas.  

The property includes a commercial building, office space,
warehouse and other improvements on approximately 82.173 acres of
land.  The listing sale price for the property is $2.495 million.

Marcus & Millichap will get a commission of 5.25% of the sale
price.

Joe Santelli, a real estate broker employed with Marcus &
Millichap, disclosed in a court filing that his firm is a
"disinterested person" as defined in section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Joe Santelli
     Marcus & Millichap Real Estate
     Investment Services
     5001 Spring Valley Road, Suite 100W
     Dallas, TX 75244
     Tel: (972) 755-5200
     Fax: (972) 755-5210

                    About Pinnacle Companies

Pinnacle Companies, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E. D. Texas Case No. 16-41889) on October
18, 2016.  The petition was signed by Miles J. Arnold, director.  

The case is assigned to Judge Brenda T. Rhoades.  Quilling,
Selander, Lownds, Winslett & Moser, P.C. serves as the Debtor's
legal counsel.

At the time of the filing, the Debtor estimated assets of less than
$50,000 and liabilities of $10 million to $50 million.


PODIUM PERFORMANCE: Feb. 22 Disclosure Statement Hearing
--------------------------------------------------------
Judge Paul G. Hyman of the U.S. Bankruptcy Court for the Southern
District of Florida will convene a hearing on Feb. 22,  2017, at
9:30 a.m. to consider approval of the disclosure statement
explaining the plan of reorganization filed by Podium Performance,
LLC.

The last day for filing and serving objections to the disclosure
statement is Feb. 15, 2017.

On or before Jan. 23, 2017, the Plan Proponent shall serve a copy
of the order on (i) all creditors; (ii) all equity security
holders; (iii) all persons who have requested notice; and (iv) all
other interested parties.

As previously reported, under the plan, general unsecured creditors
will receive a distribution of 2.5% of their allowed claims, to be
distributed quarterly over 5 years.  Payments and distribution
under the plan will be funded by the continued operation of the
Debtor.

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

      http://bankrupt.com/misc/flsb16-21400-38.pdf

                  About Podium Performance

Podium Performance, LLC, filed a Chapter 11 petition (Bankr. S.D.
Fla. Case No. 16-21400) on August 18, 2016. The petition is signed
by Peter Willis, managing member. The Debtor is represented by
Nadine V. White-Boyd, Esq., at White-Boyd Law. The Debtor estimated
assets at $100,001 to $500,000 and liabilities at $500,001 to $1
million at the time of the filing.


POWER EFFICIENCY: To Effect a Reverse Common Stock Split
--------------------------------------------------------
Power Efficiency Corporation filed a certificate of amendment to
its Amended and Restated Certificate of Incorporation to effectuate
a reverse stock split which will serve to combine each 15 shares of
issued and outstanding shares of Common Stock into 1 share.

The action was approved as of Aug. 16, 2016.  The Board has waited
to implement the Reverse Split for various business reasons.
Holders of more than a majority of the Company's voting securities,
including preferred stock and common stock, par value $0.001 per
share, who collectively own approximately 65% of the voting rights
of the Company's combined Common Stock and preferred stock either
directly or indirectly approved the Reverse Split by written
consent pursuant to Section 242 of the Delaware General Business
Corporation Law.  The Amendment to the Amended and Restated
Certificate of Incorporation was filed with the State of Delaware
on Jan. 11, 2017.

The Board of Directors has decided to effectuate the reverse split
as of Tuesday, Jan. 17, 2017, at 5:00 p.m (eastern time).  The
Company's stock symbol will temporarily be modified from PEFF to
PEFF D on Wednesday, Jan. 18, 2017, for 20 twenty days.  Trading of
the Company's Common Stock will remain on the OTC Pink Sheets and
trading will reflect the Reverse Split as of the morning of
Wednesday, Jan. 18, 2017.

As of Aug. 16, 2016, for the action by written consent, the Company
had 128,302,666 shares of Common Stock issued and outstanding.
Additionally, the Company had shares of Series B, C-1, D, and E
preferred stock, issued and outstanding, representing an additional
352,200,200 aggregate voting shares (pre Reverse Split figure).
The Common Stock and the Company's outstanding classes of Preferred
Stock vote together as a single class and the Company received
votes by written consent representing approximately 65% of the
total voting securities in favor of the Reverse Split.

The immediate effect of the Reverse Split will be to reduce the
number of issued and outstanding shares of Common Stock from
189,052,666 outstanding as of Jan. 9, 2017, to approximately
12,603,511 shares (subject to rounding fractional shares down to
the next whole share).  The conversion ratios of each class of
Preferred Stock will be adjusted to reflect the Reverse Split.  The
Company's classes of Preferred Stock would be convertible into an
aggregate of approximately 23,480,013 shares of Common Stock after
the Reverse Split, as follows:

                                     Pre-Split    Post-Split
Class of Preffered Stock           Conversion   Conversion
------------------------           ----------   ----------
Series B                            13,300,000       866,667
Series C-1                           3,462,500      230,833  
Series D                            30,437,700     2,029,180
Series E                           305,000,000   20,333,333

The Company's Class E Preferred Stock will automatically convert
into Common Stock following the Reverse Split; the other classes
will remain outstanding.  The par value of the Company's Common
Stock (and all Preferred Stock) will remain $0.001 per share and
the number of shares of Common Stock authorized to be issued will
remain at the number authorized at the time the Reverse Split is
effected, currently 350,000,000 shares.  The current number of
holders of record of the Company's Common Stock is 162.

                     About Power Efficiency

Las Vegas, Nevada-based Power Efficiency Corporation (OTC: PEFF) -
- http://www.powerefficiency.com/-- is a clean technology
company focused on efficiency technologies for electric motors.

The Company reported a net loss of $3.61 million in 2011, compared
with a net loss of $3.27 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.92 million
in total assets, $2.26 million in total liabilities and $661,090
in total stockholders' equity.

In ints report on the consolidated financial statements for the
year ended Dec. 31, 2011, BDO USA, LLP, in Las Vegas, Nevada, noted
that the Company has suffered recurring losses and has generated
negative cash flows from operations, among other matters, which
raises substantial doubt about its ability to continue as a going
concern.

                        Bankruptcy Warning

The Company said in its annual report for the year ended Dec. 31,
2011, that continuation of the Company as a going concern is
dependent upon achieving profitable operations or accessing
sufficient operating capital.  Management's plans to achieve
profitability include developing new products such as hybrid motor
starters and single-phase to three-phase converters, developing
business in the Asian market, obtaining new customers and
increasing sales to existing customers.  Management is seeking to
raise additional capital through equity issuance, debt financing
or other types of financing.  However, there are no assurances
that sufficient capital will be raised.  If the Company is unable
to obtain it on reasonable terms, the Company said it would be
forced to restructure, file for bankruptcy or significantly curtail
operations.


POWER EFFICIENCY: To File Form 10 Amendment in Response to Comments
-------------------------------------------------------------------
Power Efficiency Corporation's registration statement on Form 10
became effective as of Monday, Oct. 10, 2016.  The Reverse Split
was approved by the Company's Board of Directors and the required
voting stockholders prior to that time.

The Company said its management has been focused on developing its
business plan and participating in particular energy management and
development related projects, as well as the business operations of
the Company, all with operating with minimal staffing and
management.

The Company intends to file an amendment to its Form 10 as soon as
possible in order to respond to SEC comments and to update the
financial statements, management discussion and analysis and other
information and business information.  The new filing will include
financial statements for the quarterly period ended June 30, 2016.
In addition, the Company must update or file other periodic filings
by the Company, including for the quarter ended Sept. 30, 2016.
The Company is delinquent in making those filings.

The Company has not generated any operating revenue since 2012, and
did not generate any income or revenue during the fiscal year ended
Dec. 31, 2016.

                     About Power Efficiency

Las Vegas, Nevada-based Power Efficiency Corporation (OTC: PEFF) -
- http://www.powerefficiency.com/-- is a clean technology
company focused on efficiency technologies for electric motors.

The Company reported a net loss of $3.61 million in 2011, compared
with a net loss of $3.27 million in 2010.

The Company's balance sheet at Dec. 31, 2011, showed $2.92 million
in total assets, $2.26 million in total liabilities and $661,090
in total stockholders' equity.

In ints report on the consolidated financial statements for the
year ended Dec. 31, 2011, BDO USA, LLP, in Las Vegas, Nevada, noted
that the Company has suffered recurring losses and has generated
negative cash flows from operations, among other matters, which
raises substantial doubt about its ability to continue as a going
concern.

                        Bankruptcy Warning

The Company said in its annual report for the year ended Dec. 31,
2011, that continuation of the Company as a going concern is
dependent upon achieving profitable operations or accessing
sufficient operating capital.  Management's plans to achieve
profitability include developing new products such as hybrid motor
starters and single-phase to three-phase converters, developing
business in the Asian market, obtaining new customers and
increasing sales to existing customers.  Management is seeking to
raise additional capital through equity issuance, debt financing
or other types of financing.  However, there are no assurances
that sufficient capital will be raised.  If the Company is unable
to obtain it on reasonable terms, the Company said it would be
forced to restructure, file for bankruptcy or significantly curtail
operations.


PREFERRED CONCRETE: Unsecured Creditors to Get 10% in 10 Payments
-----------------------------------------------------------------
Preferred Concrete & Excavating Inc. filed with the U.S. Bankruptcy
Court for the Northern District of Illinois an amended disclosure
statement in support of its plan of reorganization, dated Jan. 10,
2017.

Under the plan, Class 23 consists of the general unsecured
creditors.  The claims in this class are all the other claims
against the Debtor that are neither secured nor entitled to
priority.  These claims are being paid according to the Unsecured
Dividend option that each claimant elects.  Unsecured Dividend
means unsecured Claims of all Classes will be paid at their option,
either:

   (a) their prorata share of one-half of the Debtor's Net Profits
for the prior Dec. 31 and June 30 (adjusted for actual performance)
over the course of the Plan, payable on Jan. 31 and July 31 of each
year; in equal semiannual installments, for a total of 10 payments;
or

   (b) beginning on July 31, 2016, and on each subsequent Jan. 31
and July 31 ending on Jan. 31, 2021, a total of 10% of the allowed
amount of their claims, in equal semiannual installments, for a
total of 10 payments.

Administrative Claims will be paid from the Debtor's future
operations;  secured Classes will be paid from future earnings;
priority Classes will be paid from the funds on hand on the
Effective Date; and unsecured Classes will be paid from the
Debtor’s future operations. In addition, the New Value
Contribution may be used to fund Plan payments.

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

            http://bankrupt.com/misc/ilnb16-81114-82.pdf   

            About Preferred Concrete & Excavating

Preferred Concrete & Excavating, Inc., is a union concrete
contractor engaged in concrete in construction in Northern
Illinois
and surrounding areas for the past 14 years.  The Debtor has
approximately 10 employees.

Preferred Concrete filed for Chapter 11 bankruptcy protection
(Bankr. N.D. Ill. Case No. 16-81114) on May 4, 2016.  The
petition
was signed by Gerald Hartman, president.  The Debtor is
represented
by O. Allan Fridman, Esq., at the Law Office of O. Allan
Fridman. 
The Debtor estimated assets at $0 to $50,000 and liabilities at
$100,000 to $500,000 at the time of the filing.


PRESIDENTIAL REALTY: Signature Group to Get $1M Transaction Fee
---------------------------------------------------------------
On Dec. 16, 2016, Presidential Realty Corporation and its newly
formed operating partnership, Presidential Realty Operating
Partnership LP, entered into an interest contribution agreement
with First Capital Real Estate Trust Incorporated, First Capital
Real Estate Operating Partnership, the operating partnership of FC
REIT, Township Nine Owner, LLC, Capital Station Holdings, LLC,
Capital Station Member, LLC, Capital Station 65 LLC and Avalon
Jubilee LLC.  On Jan. 6, 2017, the Company and the other parties to
the Agreement entered into the First Amendment to the Initial
Agreement.  Additionally, on Jan. 6, 2017, FC OP entered into the
Agreement of Limited Partnership of Presidential OP, as limited
partner, with the Company as general partner.

Pursuant to the Amendment, on Jan. 6, 2017, the Company entered
into an agreement with Signature Group Advisors, LLC, pursuant to
which (i) Signature will receive $1,000,000 payable in cash as
consideration for sourcing, negotiating and documenting the
transactions contemplated by the Agreement, which will become
earned, due and payable upon the closing by the Company or
Presidential OP of a preferred stock offering (or similar
instrument) of at least $50,000,000 in gross proceeds; and (ii)
commencing on the closing for the T9 Properties, Signature will be
engaged as a consultant to the Company for a four year term.  The
fee payable to Signature as a consultant will be $500,000 per
annum, payable in cash in arrears on each anniversary of the
closing for the T9 Properties; provided, however, that no portion
of the Consulting Fee will be earned or paid unless and until the
net asset value of the Company is at least $200,000,000.  Signature
is a company indirectly owned by Nickolas W. Jekogian, III, a
director, chairman and chief executive officer of the Company.

Additionally, the Amendment revised the amount of consideration
payable to the Company's President and Chief Operating Officer,
Alexander Ludwig.  On Jan. 6, 2017, the Company and Mr. Ludwig
entered into a Cancellation and Release Agreement for the
cancellation of all stock options and warrants held by Mr. Ludwig
as of such date in consideration for the issuance of (x) 450,000
shares of Class B common stock of the Company and (y) an option to
purchase an additional 550,000 shares of Class B common stock of
the Company.  The exercise of that option is subject to certain
conditions, including that the Company has consummated an equity
offering, capital raise or such other offering such that the
issuance of any shares of Class B common stock of the Company
covered by Mr. Ludwig's option would not be deemed "Excess Shares"
as that term is defined in the certificate of incorporation of the
Company.  The exercise price is $0.00.

As a condition precedent to the closing of the transactions
contemplated by, and pursuant to, the Agreement, on Jan. 6, 2017,
Mr. Jekogian entered into a Cancellation and Release Agreement for
the (x) cancellation of all stock options and warrants held by Mr.
Jekogian as of such date and (y) termination of his Employment
Agreement effective as of such date.  Mr. Jekogian will continue as
an employee of the Company in his capacity as chairman and chief
executive officer on a month-to-month basis until such time as
otherwise determined by the Company in its sole discretion.  It is
expected that his salary will remain unchanged.

Pursuant to the Agreement, on Jan. 6, 2017, each of Richard Brandt,
Robert Feder and Jeffrey Joseph, non-management directors of the
Company, and Jeffrey Rogers, a former non-management director of
the Company, entered into Issuance and Release Agreements for the
issuance of an aggregate of 450,000 shares of Class B common stock
of the Company in consideration of the release of the Company's
obligation to pay past due and current director's fees.

As a condition precedent to the closing of the transactions
contemplated by, and pursuant to, the Agreement, on Jan. 6, 2017,
the Company and Presidential OP entered into an Acknowledgement and
Certification with Mr. Jekogian, The BBJ Family Irrevocable Trust,
FC OP and FC REIT, pursuant to which the Trust agreed to, among
other things, (i) exchange its shares of Class A stock for shares
of Class B stock of the Company upon the occurrence and
satisfaction of certain conditions, (ii) refrain from taking
certain actions, and (iii) vote its shares of Class A stock in
favor of certain actions.  Pursuant to such Shareholder
Certification, the Company agreed not to issue or cause to be
issued any shares of its Class A stock.

Closing

On Jan. 6, 2017, as contemplated by the Agreement, the sale of FC
OP's ownership interests in Avalon, which owns the fee simple
interest in that certain real property consisting of 251,
non-contiguous single-family, residential lots and a 10,000 square
foot clubhouse, within the Jubilee at Los Lunas subdivision located
in Los Lunas, New Mexico, closed.  At the Closing, in exchange for
the contribution to Presidential OP of FC OP's membership interests
in Avalon, FC OP received 4,632,000 units of limited partnership
interest in, and became a limited partner of, Presidential OP.
Such limited partnership interests are convertible, upon the
satisfaction of certain conditions, into shares of Class B common
stock of the Company on a one-for-one basis.  In connection with
the Closing, FC REIT paid $800,000 to Presidential to be used as
operating capital.

In connection with the foregoing, certain holders of Class A common
stock of the Company, representing an aggregate of 49,000 shares of
Class A common stock, entered into a Proxy and Option to Purchase
with The BBJ Family Irrevocable Trust designating The BBJ Family
Irrevocable Trust as proxy to vote on all matters with respect to
their shares.  In addition, such agreement granted The BBJ Family
Irrevocable Trust an option to purchase such shares at a purchase
price of $2.00 per share.  The Company was not a party to such
transaction.

The shares of Class B common stock of the Company issued in
connection with the Closing were issued in reliance on the
exemption from securities registration requirements contained in
Section 4(a)(2) of the Securities Act of 1933, as amended, and the
rules promulgated thereunder.

As of Jan. 12, 2017, and after giving effect to the transactions
consummated at Closing, there are 5,188,680 shares of Series B
common stock of the Company issued outstanding.  The total number
of securities issued at Closing was 900,000 shares of Class B
common stock of the Company, which is more than 5% of the
outstanding Company Class B common stock as of the last quarter.

Future Closing

The Agreement contemplates that on or before March 16, 2017 (i) FC
OP will contribute to the Presidential OP 66% of its 92% ownership
interests in Township Nine Owner LLC, which indirectly owns the fee
simple interest in 23 parcels of land located in Sacramento,
California, and (ii) the Company and Presidential OP will assume
66% of the liabilities with respect to an existing loan secured by
a deed of trust on the T9 Properties, among other things (and/or
any replacement financing thereof).  The closing of the transaction
involving the T9 Properties is subject to certain closing
conditions and contingencies.

                    About Presidential Realty

Headquartered in White Plains, New York, Presidential Realty
Corporation, a real estate investment trust, (i) owns
income-producing real estate and (ii) holds notes and mortgages
secured by real estate or interests in real estate.  On Jan. 20,
2011, Presidential stockholders approved a plan of liquidation,
which provides for the sale of all of the Company's assets over
time and the distribution of the net proceeds of sale to the
stockholders after satisfaction of liabilities.

Presidential Realty reported a net loss of $495,400 on $932,000 of
total revenues for the year ended Dec. 31, 2015, compared to a net
loss of $941,050 on $871,499 of total revenues for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Presidential Realty had $975,200 in total
assets, $2.50 million in total liabilities and a total
stockholders' deficit of $1.53 million.

Baker Tilly Virchow Krause, LLP, in Melville, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has suffered recurring losses from operations and has a
working capital deficiency.  These factors raise substantial doubt
about its ability to continue as a going concern.


QUANTUM CORP: Expects to Report $133M Total Revenue for Fiscal Q3
-----------------------------------------------------------------
Quantum Corp. announced preliminary results for the fiscal third
quarter 2017, ended Dec. 31, 2016, that were above the high end of
the previously provided guidance range for both total revenue and
profitability.  The Company currently expects:

  * Total revenue of approximately $133 million, up from $128
    million in the fiscal third quarter 2016.  For the first three
    quarters of fiscal 2017 (YTD), total revenue grew 8 percent
    over the same period in fiscal 2016.

  * Scale-out tiered storage revenue (previously referred to as
   "scale-out storage revenue") of approximately $40 million, an
    increase of 12 percent and the 22nd consecutive quarter of
    year-over-year growth.  Revenue was up 26 percent YTD over the
    first nine months of fiscal 2016.

  * Total data protection revenue of approximately $83 million, up

    $2 million.

  * GAAP operating income of approximately $8 million to $9
    million and non-GAAP operating income of $9 million to $10
    million -- an increase of $6 million to $7 million and $2
    million to $3 million, respectively.

  * GAAP net income of approximately $6 million to $7 million, or
    $0.02 per diluted share, and non-GAAP net income of $7 million
    to $8 million, or $0.03 per diluted share -- an increase of
    $0.02 per diluted share and $0.01 per diluted share,  
    respectively.

"We're very pleased with our continued strong performance this
fiscal year," said Jon Gacek, president and CEO of Quantum.  "For
the third straight quarter, we increased total revenue and profit
year-over-year, with growth in both scale-out tiered storage and
data protection.  In addition, comparing the first nine months of
fiscal 2017 to the same period a year earlier, we not only grew
scale-out tiered storage 26 percent but also increased branded data
protection revenue 7 percent and improved our GAAP and non-GAAP
bottom-line results by approximately $28 million and $23 million,
respectively.

"We ended the quarter with excellent momentum across all product
categories, and we start our fiscal fourth quarter with a strong
backlog and solid funnel.  Therefore, we feel very confident in our
ability to deliver year-over-year revenue growth again in the
current quarter and exceed our annual revenue and profitability
guidance for fiscal 2017."

Quantum will provide more detailed financial results for the fiscal
third quarter and updated guidance for fiscal 2017 in its earnings
announcement on Jan. 25, 2017.

Earnings Conference Call and Audio Webcast Notification
Quantum will issue a news release on its fiscal third quarter
financial results on Wednesday, Jan. 25, 2017, after the close of
the market.  The Company will also hold a conference call and live
audio webcast to discuss these results that same day at 2:00 p.m.
PST. Press and industry analysts are invited to attend in
listen-only mode.

Dial-in number: +1 (503) 343-6063
Participant passcode: 49870309
Replay number: +1 (404) 537-3406
Replay passcode: 49870309
Replay expiration: Wednesday, Feb. 1, 2017
Webcast site: www.quantum.com/investors

Quantum has prepared an investor presentation that management
intends to use from time to time on and after Jan0 12, 2017, in
presentations about Quantum's operations and performance.  Quantum
may use the Presentation in presentations to current and potential
investors, lenders, creditors, vendors, customers, employees and
others with an interest in Quantum and its business.  The
Presentation is available for free at https://is.gd/Noxn9Q

                    About Quantum Corp.

Based in San Jose, California, Quantum Corp. (NYSE:QTM) --
http://www.quantum.com/-- is a storage company specializing in
backup, recovery and archive.  Quantum provides a comprehensive,
integrated range of disk, tape, and software solutions supported
by a world-class sales and service organization.

For the year ended March 31, 2016, Quantum Corp reported a net loss
of $74.68 million following net income of $16.76 million for the
year ended March 31, 2015.

As of Sept. 30, 2016, Quantum had $220.9 million in total assets,
$344.3 million in total liabilities and a total stockholders'
deficit of $123.4 million.


QUINN'S JUNCTION: Unsecured Creditors to Get Full Payment Over 5Yrs
-------------------------------------------------------------------
Quinn's Junction Properties, LC, filed with the U.S. Bankruptcy
Court for the District of Utah a disclosure statement with respect
to its plan of reorganization, dated Jan. 10, 2017, a full-text
copy of which is available at:

      http://bankrupt.com/misc/utb16-24458-223.pdf

Under the plan, Bank of Utah's first priority secured claim will be
paid in full, with interest, by the "Initial Payment Date" under
the Plan, which means not later than March 31, 2017.

The second priority secured claim on the Property is held by QCap
and is a mechanics' lien claim originally held by Sahara
Construction. According to Crandall, the principal amount of this
claim is $4,296,277.36 (although the Debtor disputes the amount of
this claim). Under the Plan, the Debtor will pay $4,200,000 towards
this claim on the Initial Payment Date, with any remaining amounts
paid within 120 days after any potential determination in the QCap
Litigation that additional amounts are owed.

The third priority secured claim on the Property is a trust deed
held by QCap and is in the face amount of $6,400,000. Under the
Plan, the Debtor will pay $6,400,000, plus interest at the
non-default rate towards this claim on the Initial Payment Date,
with any remaining amounts paid within 120 days after any potential
determination in the QCap Litigation that additional amounts are
owed.

The Debtor proposes to pay in full General Unsecured Claims and
also the Disputed QCap Unsecured Claim, plus interest at the Plan
Rate, in installments after payment, satisfaction, or resolution of
the Disputed QCap Secured Claim through quarterly payments of
principal and interest (with interest at the Plan Rate) over 5
years, based on a level amortization of these Claims.

The Plan contemplates that in order to fund the payments to
creditors described above, and also to secure the Debtor’s
working capital needs and tenant improvements, the Debtor will
obtain two separate loans from QFund, a group of investors who will
assist the Debtor to fund the Plan. The first priority QFund Trust
Deed shall be extended for the purpose of funding the payments due
to creditors under this Plan. The second priority QFund Trust Deed
shall be a revolving line of credit loan, in the maximum principal
amount of $3,000,000, for the purpose of funding tenant
improvements and the Reorganized Debtor's working capital needs.

            About Quinn's Junction Properties

Quinn's Junction Properties, LC, filed a chapter 11 petition
(Bankr. D. Utah Case No. 16-24458) on May 23, 2016. The
petition was signed by Michael Martin, chief restructuring
officer.

George B. Hofmann, Esq., at Cohne Kinghorn PC, serves as the
Debtor's general bankruptcy counsel. Stanley J. Preston, Esq., at
Preston & Scott, LLC, serves as its special litigation counsel.
The case is assigned to Judge Joel T. Marker.

The Debtor estimated both assets and liabilities in the range of
$10 million to $50 million.


RXI PHARMACEUTICALS: Acquires 100% Capital Stock of MirImmune
-------------------------------------------------------------
RXi Pharmaceuticals Corporation entered into a stock purchase
agreement by and among the Company, RXi Merger Sub, LLC, a Delaware
limited liability company and wholly owned subsidiary of the
Company, MirImmune Inc., a Delaware corporation, the stockholders
of MirImmune, and Alexey Wolfson, Ph.D., in his capacity as the
Sellers' Representative.  Pursuant to the Stock Purchase Agreement,
on Jan. 6, 2017, the Company acquired from the Sellers 100% of the
issued and outstanding shares of capital stock of MirImmune for an
aggregate of 2,750,371 shares of common stock of the Company, par
value $0.0001 per share and an aggregate of 1,115,579 shares of
Series C Convertible Preferred Stock, par value $0.0001 per share,
subject to a holdback of 3% of the aggregate closing consideration
for any purchase-price adjustments.  That consideration represents
in the aggregate a number of shares of capital stock equal to
approximately 19.99% of the outstanding Common Stock immediately
prior to the execution of the Stock Purchase Agreement, plus
approximately 19.99% of the Common Stock underlying the Series B
Convertible Preferred Stock previously issued in the Company's
registered securities offering pursuant to a registration statement
on Form S-1 (File No. 333-214199).  The Stock Purchase Agreement
contains customary representations and warranties and pre- and
post-closing covenants and closing conditions.

Under the terms of the Stock Purchase Agreement, if certain
development or commercial milestones are achieved within two years,
the Company will be required to either: (i) issue to the Sellers a
number of shares of Common Stock equal to the sum of 2,519,091
shares of Common Stock (which represents 13% of the outstanding
Common Stock and 13% of the Common Stock underlying the shares of
Series B Convertible Preferred Stock, in each case as of
immediately following the closing of the Financing), plus an
additional number of shares of Common Stock equal to 13% of the
Common Stock issued upon exercise of any warrants issued under the
Financing, but only to the extent that such warrants have been
exercised prior to the milestone being achieved; or (ii) pay the
equivalent value of the Milestone Shares in cash to the Sellers,
subject to certain adjustments set forth in the Stock Purchase
Agreement.  In certain circumstances, if the Company has not
received stockholder approval for the issuance of the Milestone
Shares, the Company may be required to instead issue shares of
Series C Convertible Preferred Stock in lieu of part or all of the
Common Stock otherwise issuable as Milestone Shares.

In connection with and promptly following the closing of the Stock
Purchase Agreement, MirImmune was merged with and into RXi Merger
Sub, with RXi Merger Sub continuing as the surviving entity and
changing its name to "MirImmune, LLC".  As a result of the Merger,
MirImmune, LLC remains and will operate as a wholly owned
subsidiary of the Company.

In connection with the Stock Purchase Agreement, Alexey Eliseev,
Ph.D., the former chief executive officer of MirImmune, entered
into an employment agreement with the Company, effective as of Jan.
6, 2017, whereby Dr. Eliseev became the chief business officer of
the Company.  Further, in connection with the Stock Purchase
Agreement, Dr. Eliseev and Dr. Wolfson each executed and delivered
non-compete agreements with the Company.

The issuances of Common Stock and Series C Preferred Stock in
connection with the Stock Purchase Agreement were not registered
under the Securities Act of 1933, as amended, in reliance upon the
exemption from registration provided by Section 4(a)(2) of the
Securities Act, based upon the following factors:, (i) the number
of offerees and purchasers, (ii) the absence of general
solicitation, (iii) investment representations obtained from the
Sellers, (iv) the provision of appropriate disclosure, and (v) the
placement of restrictive legends on the certificates or book-entry
notations reflecting the securities.  These securities may not be
offered or sold absent registration or an applicable exemption from
the registration requirement.  At any time after 180 days following
the closing of the Stock Purchase Agreement, the Company has agreed
to file a registration statement to cover the resale of the
securities issued under the Stock Purchase Agreement if requested
to do so by Sellers holding at least 50% of the Common Stock issued
under the Stock Purchase Agreement.

Prior to its acquisition by the Company, MirImmune was a privately
held biopharmaceutical company engaged in the development of cancer
immunotherapies.  The Company previously entered into an exclusive
option agreement, dated Oct. 7, 2016, to acquire all outstanding
capital stock of MirImmune.  Further, the Company previously
granted an exclusive license to MirImmune to utilize the Company's
novel and proprietary sd-rxRNA technology for use in developing ex
vivo cell-based cancer immunotherapies.

                          About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: Files Series C Stock Cert. of Designation
--------------------------------------------------------------
RXi Pharmaceuticals Corporation filed a Certificate of Designation
of Preferences, Rights and Limitations of Series C Convertible
Preferred Stock with the Secretary of State of the State of
Delaware on Jan. 5, 2017.  The Series C Convertible Preferred Stock
Certificate of Designation provides for the issuance of up to
1,800,000 shares of Series C Convertible Preferred Stock.

The Series C Convertible Preferred Stock Certificate of Designation
provides, among other things, that holders of Series C Convertible
Preferred Stock will receive dividends on an as-converted basis at
the same time and in the same form as any dividends paid out on
shares of our Common Stock.  Other than as set forth in the
previous sentence, the Series C Convertible Preferred Stock
Certificate of Designation provides that no other dividends will be
paid on Series C Convertible Preferred Stock. The Series C
Convertible Preferred Stock Certificate of Designation does not
provide for any restriction on the repurchase of Series C
Convertible Preferred Stock by the Company while there is any
arrearage in the payment of dividends on the Series C Convertible
Preferred Stock.  There are no sinking fund provisions applicable
to the Series C Convertible Preferred Stock.

With certain exceptions, as described in the Series C Convertible
Preferred Stock Certificate of Designation, the Series C
Convertible Preferred Stock have no voting rights.  However, as
long as any shares of Series C Convertible Preferred Stock remain
outstanding, the Series C Convertible Preferred Stock Certificate
of Designation provides that the Company will not, without the
affirmative vote of holders of a majority of the then-outstanding
Series C Convertible Preferred Stock, (a) alter or change adversely
the powers, preferences or rights given to the Series C Convertible
Preferred Stock or alter or amend the Series C Convertible
Preferred Stock Certificate of Designation, (b) enter into any
agreement with respect to the foregoing or (c) effect a stock split
or reverse stock split of the Series C Convertible Preferred Stock
or any like event.

Upon approval by the Company's stockholders in accordance with the
stockholder approval requirements of Nasdaq Marketplace Rule 5635,
each Series C Convertible Preferred Share will be automatically
converted into one share of Common Stock, subject to adjustment for
stock splits, stock dividends, distributions, subdivisions and
combinations.  The Company will not convert any of the Series C
Convertible Preferred Shares into Common Stock to the extent that
such conversion has not been approved by the Company's
stockholders.

                           About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: Former MirImmune CEO Appointed as CBO
----------------------------------------------------------
Alexey Eliseev was appointed as the chief business officer of RXi
Pharmaceuticals Corporation on Jan. 6, 2017.

Dr. Alexey Eliseev, 51, was previously the founder and chief
executive officer of MirImmune.  Dr. Eliseev's career includes over
twenty years of experience in academia, biotechnology industry and
venture capital.  He received his Ph.D. in Bioorganic Chemistry
from Moscow State University and MBA from the MIT Sloan School of
Management.  Alexey has been working in the U.S. and Europe since
1992.  Following three years of postdoctoral research in Germany
and in the U.S., he joined the faculty at SUNY Buffalo in 1995
where he was awarded tenure in 2000.  In 1999 he co-founded the
company Therascope, later Alantos Pharmaceuticals, with a number of
prominent founders including French Nobel Laureate Jean-Marie Lehn.
He then became CTO of Alantos and President of Alantos's U.S.
division.  Alantos was acquired by Amgen in 2007.  Dr. Eliseev was
also among the founders of AC Immune (Switzerland) and Boston
BioCom LLC.  Over the recent years he has worked with Maxwell
Biotech Venture Fund as its managing director and ran the
investment activity of the fund in the United States.  Dr. Eliseev
is a member of the board of directors of BioNevia Pharmaceuticals.

On Jan. 6, 2017, Dr. Eliseev entered into an employment agreement
with the Company, whereby Dr. Eliseev became the chief business
officer of the Company.  Under the employment agreement, the
Company will pay Dr. Eliseev an annual base salary of $300,000 and
a target bonus equal to 35% of the annual base salary, along with
other perquisites and benefits customary for a chief business
officer.  Further, on Jan. 6, 2017, Dr. Eliseev was granted an
option to purchase 174,384 shares of Common Stock, with an exercise
price equal to the fair market value of the Common Stock on Jan. 6,
2017.  The shares that are subject to the option will vest and
become exercisable in monthly installments over four years,
beginning on Feb. 1, 2017, provided that Dr. Eliseev remains
employed by the Company through each such monthly vesting date.
The option will have a term of ten years and be subject to the
terms and conditions of the RXi Pharmaceuticals Corporation 2012
Long Term Incentive Plan and the standard form of stock option
award agreement used by the Company thereunder.

If Dr. Eliseev's employment is terminated without cause, or if Dr.
Eliseev terminates his employment agreement for "good reason", then
the Company will continue for six months to pay Dr. Eliseev's
salary and to provide his Company-provided health benefits.  If Dr.
Eliseev's employment is terminated without cause within twelve
months following a change of control, then the Company will
continue for twelve months to pay Dr. Eliseev's salary and to
provide his Company-provided health benefits, and the vesting
portion of Dr. Eliseev's outstanding equity awards granted by the
Company that would have vested over the 24 months following his
termination (or, if greater, 50% of the unvested portion of such
awards) will accelerate, subject to the terms of his employment
agreement.  Upon termination of Dr. Eliseev's employment agreement,
whether upon a change of control or for any other reason, Dr.
Eliseev will be prohibited from disclosing or using the Company’s
proprietary information and trade secrets and be subject to
non-compete and non-solicitation obligations.

Prior to the closing of the Stock Purchase Agreement, Dr. Eliseev
held 29.7% of the outstanding shares of capital stock of MirImmune
on a fully-diluted basis.  As such, Dr. Eliseev was party to the
Stock Purchase Agreement as a Seller, and transferred such capital
stock to the Company in return for 817,813 shares of Common Stock
and 331,713 shares of Series C Preferred Stock, subject to a
holdback of 3% of such consideration for any purchase price
adjustment.  If certain milestones are achieved, Dr. Eliseev will
be entitled to receive 29.7% of the Milestone Shares (or any cash
payment made in lieu of such Milestone Shares), as set forth in the
Stock Purchase Agreement.  In connection with the Stock Purchase
Agreement, Dr. Eliseev also entered into a three-year non-compete
agreement with the Company.

                         About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: OPKO Health Holds 5.1% Stake as of Dec. 21
---------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, OPKO Health, Inc., disclosed that as of Dec. 21, 2016,
it beneficially owns 446,360 shares of common stock of RXi
Pharmaceuticals Corporation representing 5.11 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/Yz3CHI

                            About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: OPKO Reports 3.4% Equity Stake
---------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, OPKO Health, Inc. disclosed that as of April 1, 2016,
it beneficially owns 224,138 shares of common stock of RXi
Pharmaceuticals Corporation representing 3.43 percent of the shares
outstanding.

On July 23, 2013, RXi completed a one for thirty reverse stock
split of its Common Stock, which reduced the Issuer's shares of
issued and outstanding Common Stock from 321,627,134 to 11,439,986
shares, and reduced OPKO's beneficial ownership from 67,241,379 to
2,241,379 shares of Common Stock, or approximately 19.59%.  On
April 18, 2016, the Issuer completed a one for ten reverse stock
split of its Common Stock, which reduced the Issuer's shares of
issued and outstanding Common Stock from 11,439,986 to 6,534,846
shares, and reduced OPKO's ownership from 2,241,379 to 224,138
shares of Common Stock, or approximately 3.43%.

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

                     https://is.gd/xebqqd

                            About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


RXI PHARMACEUTICALS: Sabby Reports 2.4% Equity Stake as of Dec. 31
------------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, Sabby Healthcare Master Fund Ltd. and Sabby Volatility
Master Fund, Ltd. disclosed that as of Dec. 31, 2016, they
beneficially own 208,808 and 265,171 shares of the Issuer's common
stock (common shares), respectively, representing approximately
2.39% and 3.04% of the Common Stock, respectively.

Sabby Management, LLC and Hal Mintz each beneficially own 435,675
shares of the common shares, representing approximately 4.99% of
the common shares.  Sabby Management, LLC and Hal Mintz do not
directly own any common shares, but each indirectly owns 435,675
common shares.  Sabby Management, LLC, a Delaware limited liability
company, indirectly owns 435,675 common shares because it serves as
the investment manager of Sabby Healthcare Master Fund, Ltd. and
Sabby Volatility Warrant Master Fund, Ltd., Cayman Islands
companies.  Mr. Mintz indirectly owns 435,675 common shares in his
capacity as manager of Sabby Management, LLC.

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

                      https://is.gd/0kESW3

                           About RXi

RXi Pharmaceuticals Corporation, a biotechnology company, focuses
on discovering and developing therapies primarily in the areas of
dermatology and ophthalmology.  The company develops therapies
based on siRNA technology and immunotherapy agents.  Its clinical
development programs include RXI-109, a self-delivering RNAi
compound, which is in Phase IIa clinical trial that is used to
prevent or reduce dermal scarring following surgery or trauma, as
well as for the management of hypertrophic scars and keloids; and
Samcyprone, an immunomodulation agent, which is in Phase IIa
clinical trial for the treatment of various disorders, such as
alopecia areata, warts, and cutaneous metastases of melanoma.  The
company's preclinical program includes the development of products
for ocular indications with RXI-109, including retinal and corneal
scarring.  Its discovery stage development programs include a
dermatology franchise for the discovery of collagenase and
tyrosinase targets for its RNAi platform; and ophthalmology
franchise, a program for the discovery of sd-rxRNA compounds for
oncology indications, including retinoblastoma.  The company was
incorporated in 2011 and is headquartered in Marlborough, Mass.

RXi reported a net loss of $10.22 million in 2015 following a net
loss of $8.80 million in 2014.  As of Sept. 30, 2016, RXi
Pharmaceuticals had $4.90 million in total assets, $1.86 million in
total liabilities and $3.03 million in total stockholders' equity.

"The Company has limited cash resources, has reported recurring
losses from operations since inception and has not yet received
revenues from sales of products.  These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern, and the Company's current cash resources may not provide
sufficient capital to fund operations for at least the next twelve
months.  Historically, the Company's primary source of financing
has been through the sale of its securities.  The continuation of
the Company as a going concern depends upon the Company's ability
to raise additional capital through an equity offering, debt
offering or strategic opportunity to fund its operations.  There
can be no assurance that the Company will be successful in
accomplishing these plans in order to continue as a going concern,"
the Company stated in its quarterly report for the period ended
Sept. 30, 2016.


SECURED ASSETS: Ch. 11 Trustee Sought over Gross Mismanagement
--------------------------------------------------------------
Belvedere Debt Holdings, LLC, a secured creditor of Secured Assets
Belvedere Tower, LLC., asks the U.S. Bankruptcy Court for the
District of Nevada to enter an Order for the appointment of a
Chapter 11 Trustee for the Debtor.

The Creditor contends that Michael Gregory Smith, aka M. Gregory
Smith, aka Gregg Smith, aka Greg Smith and Martel Jed Cooper, aka
Jed Cooper, who own and control the manager of the Debtor, have
irreconcilable conflicts, prior breaches of fiduciary duty
involving the handling of investor funds, have made contradictory
statements in the matter under oath, and have demonstrated
incompetence and gross mismanagement in their management of the
Debtor.

There can be no doubt that the appointment of a Trustee is
mandated, the secured creditor asserts.  Two persons, Smith and
Cooper, control the Debtor, its manager, the largest unsecured
creditors- or secured but unperfected creditors (which are believed
to be equity not debt) and purported members of the Debtor, the
secured creditor says.  There are also fraudulent transfer and
preference claims which the Debtor has against Ananda I, Ananda
III, the unsecured creditors, and perhaps additional entities owned
and/or controlled by Smith and Cooper, the secured creditor added.

The Creditor further notes that the benefit to the estate of the
appointment of an independent trustee to manage the Belvedere
Project, the pursuance to the potential preference and fraudulent
conveyance claims, the objection to the questionable claims of the
Ananda entities and the elimination of the current conflicts and
self-dealing by current management far outweigh the costs to the
estate associated with the appointment.

The Creditor is represented by:

         Stefanie T. Sharp, Esq.
         F. DeArmond Sharp, Esq.
         ROBISON, BELAUSTEGUI, SHARP & LOW
         71 Washington Street
         Reno, NV 89503
         Tel.: (775) 329-3151
         Fax: (775) 329-7169
         Email: ssharp@rbsllaw.com

           About Secured Assets Belvedere Tower

Reno, Nevada-based Secured Assets Belvedere Tower, LLC, filed a
chapter 11 petition (Bankr. D. Nev. Case No. 16-51162) on Sept. 19,
2016.  The petition was signed by Gregg Smith.  The Debtor is
represented by Elizabeth A. High, Esq., and Cecilia Lee, Esq., at
Davis Graham & Stubbs LLP.  The case is assigned to Judge Gregg W.
Zive.

The Debtor, a single asset real estate company, disclosed total
assets at $20.4 million and total liabilities at $18.5 million.


SEQUENOM INC: Palo Alto Ceases to Own Shares as of Dec. 31
----------------------------------------------------------
Palo Alto Investors, LLC, Patrick Lee, MD and Anthony Joonkyoo Yun,
MD, disclosed in an amended Schedule 13G filed with the Securities
and Exchange Commission that as of Dec. 31, 2016, they have ceased
to be the beneficial owners of shares of common stock of Sequenom,
Inc.  Dr. Lee and Dr. Yun co-manage PAI.

Sequenom entered into a merger agreement with Laboratory
Corporation of America Holdings (LabCorp) on July 26, 2016.  In
light of the merger agreement, the reporting persons ceased to be
5% beneficial owners of Sequenom.

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

                    https://is.gd/kspl8o

                       About Sequenom

Sequenom, Inc. (NASDAQ: SQNM) -- http://www.sequenom.com/-- is a  

life sciences company committed to improving healthcare through
revolutionary genetic analysis solutions.  Sequenom develops
innovative technology, products and diagnostic tests that target
and serve discovery and clinical research, and molecular
diagnostics markets.  The company was founded in 1994 and is
headquartered in San Diego, California.

Sequenom reported a net loss of $16.3 million on $128 million of
total revenues for the year ended Dec. 31, 2015, compared to net
income of $1.01 million on $152 million of total revenues for the
year ended Dec. 31, 2014.

As of June 30, 2016, Sequenom had $97.3 million in total assets,
$152 million in total liabilities and a $54.5 million total
stockholders' deficit.


SIRGOLD INC: Taps Ontrack Realty as Real Estate Broker
------------------------------------------------------
Sirgold Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire a real estate broker.

The Debtor proposes to hire Ontrack Realty to market and sell its
condominium located at 22 Meridian Road, Unit 11, Edison, New
Jersey.  

Ontrack Realty has already conducted an evaluation of the Debtor's
property and the firm expects to list it for sale at $250,000.

The firm will get 5% of the gross sales price of the property as
compensation.

Sanjeev Aneja, a broker and owner of Ontrack Realty, disclosed in a
court filing that the firm is "disinterested" as defined in section
101(14) of the Bankruptcy Code.

Ontrack Realty can be reached through:

     Sanjeev Aneja
     Ontrack Realty
     186 Lincoln Highway (Route 27)
     Edison, NJ 08820
     Phone: 732-494-2211

                        About Sirgold Inc.

Sirgold, Inc. sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 16-12963) on October 21, 2016.  The
case is assigned to Judge Shelley C. Chapman.  Gary M. Kushner,
Esq. and Scott D. Simon, Esq. of Goetz Fitzpatrick LLP serve as
bankruptcy counsel.

On December 8, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.  The committee is
represented by Pick & Zabicki, LLP.  Citrin Cooperman & Company LLP
serves as its accountant.


SOUTHCROSS ENERGY: TW Southcross Indirectly Owns 71.7% Common Units
-------------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, TW Southcross Aggregator LP, TW/LM GP Sub, LLC,
Tailwater Energy Fund I LP, TW GP EF-I, LP, TW GP EF-I GP, LLC, TW
GP Holdings, LLC, Tailwater Holdings, LP, Tailwater Capital LLC,
Jason H. Downie and Edward Herring disclosed that as of Dec. 29,
2016, they beneficially hold 55,811,662 common units representing
limited partner interests of Southcross Energy Partners, L.P.
representing 71.7% of the common units outstanding.

Southcross Holdings Borrower LP owns 26,492,074 common units
representing limited partner interests, 17,105,875 Class B
convertible units representing limited partner interests and
12,213,713 subordinated units representing limited partner
interests in Southcross Energy.

As a result of the relationship of the reporting persons to SHB,
the reporting persons may be deemed to indirectly beneficially own
the Common Units, Class B Convertible Units and Subordinated Units
held by SHB.

The percentage is based upon 48,516,567 Common Units, 17,105,875
Class B Convertible Units and 12,213,713 Subordinated Units
outstanding as of January 12, 2017.

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

                        https://is.gd/8XYswn

                            *     *     *

Southcross Energy Partners, L.P. --
http://www.southcrossenergy.com/-- is a master limited partnership
that provides natural gas gathering, processing, treating,
compression and transportation services and NGL fractionation and
transportation services.  It also sources, purchases, transports
and sells natural gas and NGLs.  Its assets are located in South
Texas, Mississippi and Alabama and include four gas processing
plants, two fractionation plants and approximately 3,100 miles of
pipeline.  The South Texas assets are located in or near the Eagle
Ford shale region.  Southcross is headquartered in Dallas, Texas.

Southcross Energy reported a net loss attributable to partners of
$51.4 million on $698 million of total revenues for the year ended
Dec. 31, 2015, compared to a net loss attributable to partners of
$36.7 million on $849 million of total revenues for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Southcross Energy had $1.19 billion in total
assets, $613.11 million in total liabilities and $583.94 million in
total partners' capital.

                            *     *     *

As reported by the TCR on April 5, 2016, Standard & Poor's Ratings
Services said it lowered its corporate credit and senior secured
rating on Southcross Energy Partners L.P. to 'CCC+' from 'B-'.

The TCR reported on Jan. 13, 2016, that Moody's Investors Service
downgraded Southcross Energy's Corporate Family Rating to 'Caa1'
from 'B2'.  "Southcross' Caa1 CFR reflects its high financial
leverage, limited scale, concentration in the Eagle Ford Shale and
our expectation of continued high leverage and challenging industry
conditions into 2017," according to the report.


SPRINT CORPORATION: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Sprint Corporation and its wholly owned
subsidiaries Sprint Communications Inc. and Clearwire
Communications LLC's Issuer Default Ratings at 'B+'.  In addition,
Fitch has assigned a 'BB+/RR1' rating to Sprint's new $3.5 billion
senior secured credit facility, including a
$2 billion four-year senior secured revolving facility and
$1.5 billion seven-year secured term loan B.  The Rating Outlook
for Sprint's ratings is Stable.

                        KEY RATING DRIVERS

SoftBank Support Key

Fitch's rating of Sprint is primarily supported by the material
benefit Sprint's IDR receives from SoftBank's tangible support,
which essentially sets a rating floor at 'B+'.  Additionally, Fitch
believes SoftBank's support for Sprint has not changed or lessened.
Past financing structures including the Mobile Leasing Solutions
LLC (MLS) tranches, network equipment sale leaseback and unsecured
bridge facility, while being more short-term oriented, have
leveraged SoftBank's extensive and deep financial relationships,
which have been a credit positive, injecting substantial liquidity
and demonstrating further tangible support of Sprint.  Fitch views
the operational and strategic linkages as moderately strong given
the extensive operational oversight, while the legal linkages are
weak given the lack of any guarantees provided to existing
debtholders.

Weak Standalone Profile Stabilized
Fitch views Sprint's standalone rating as 'B-' and believes it will
remain within that range during at least the next 12 months given
the challenges inherent to Sprint's financial and business profiles
and the numerous ongoing strategic initiatives to address these
issues.  As such, Sprint has focused significant attention on
increasing liquidity through several sources combined with
profitability improvements to reduce operating deficits and
refinance upcoming debt maturities.  In October 2017, Sprint issued
$3.5 billion of a $7 billion total program in five-year 3.36%
wireless spectrum-backed notes that has further stabilized the
liquidity position while materially reducing interest costs.

During the past two years, Sprint has made good progress on
operational improvements.  Rating concerns would increase if
Sprint's operational improvements are not sustained or fall short
of current expectations, since continued significant operating
deficits would require additional increases in debt beyond FY2017.
Consequently, Fitch believes potential risks exist that at a future
date SoftBank could reassess its level of support if the turnaround
strategy does not gain sufficient traction.

Increased 2.5GHz Portfolio Transparency
Sprint contributed 2.5GHz licenses and 1.9GHz licenses into the
spectrum financing program representing approximately 14% of Sprint
total spectrum holdings on a MHz-pops basis.  The spectrum
portfolio is currently utilized by approximately 77% of all of
Sprint's 2.5GHz enabled sites and approximately 33% of Sprint's
1.9GHz enabled sites.

While the securitization carves out a material portion of spectrum,
Fitch believes the improved transparency with Sprint's 2.5GHz
spectrum portfolio has allowed Fitch to increase the underlying
asset value estimate relative to our prior recovery analysis for
the company.  As part of the analysis, Fitch incorporated
discussion and market values provided by third party consultants
along with comparable sales and auction data.  Fitch's recovery
valuation also reflects the uncertainties related to a distressed
market transaction by applying an applicable discount.

Fitch also expects Sprint will use a material portion of the
expected $7 billion of the overall potential proceeds from the
spectrum securitization program, with a next tranche issued in
early 2017, to repay upcoming senior notes.  Thus, Fitch believes
the Recovery Ratings on the loan and bond instrument ratings have
not changed within Sprint's capital structure including an average
recovery expectation ('RR4' = 31%-50%) for the senior notes.

Substantial Maturity Wall
Sprint's upcoming maturities are substantial and include
approximately $2.0 billion, $5.4 billion which assumes the
Clearwire notes are retired and $4.0 billion in fiscal 2016, 2017
and 2018, respectively.  Maturities include senior notes,
securitizations (network, handset and spectrum) and tower financing
obligations.  Debt maturities exclude capital leases, any
off-balance-sheet facilities and other obligations.

The new credit agreement also allows for an additional permitted
spectrum securitization that has limitations on the total MHz-POPs
that can be contributed from its 800MHz, PCS and 2.5GHz spectrum
bands.  This flexibility could be used to support upcoming debt
maturities that are in excess of $10 billion (including spectrum
notes amortization) in fiscal 2019, 2020 and 2021, respectively.
Fitch would expect a material portion of net proceeds from a new
spectrum securitization program, if completed, would be used to
reduce senior notes.  A failure to execute on current strategic
plans to improve the cash generation and position the company to
reduce debt materially over the long term increases the risk that
Sprint's capital structure becomes unsustainable.

Key Operational Trends
Sprint faces several challenges, including the ongoing operating
deficits, and significant risk executing Sprint's numerous
strategic initiatives while sustaining and improving operational
trends.  The competitive intensity remains high due to competitor
footprint expansion, the market maturity within the wireless
industry along with the much stronger financial profiles, and the
good execution of its peers that only serves to amplify the
operational risk.  Sprint's operational imperatives include further
improvements related to cost structure, network, gross addition
share, post-paid churn and brand.

Sprint has seen positive progress and stabilization within its
operating profile through its cost reduction efforts, network
enhancements, aggressive rate plans (50% off and $60 unlimited),
new marketing messaging (former Verizon spokesman), which have all
increased post-paid gross addition share, improved post-paid
handset mix, stabilized ABPU trends and reduced churn.
Nevertheless, a key aspect to sustaining positive operating
momentum and enabling longer-term service revenue growth is the
overhaul needed to address deficiencies within Sprint's postpaid
and prepaid distribution footprint.

Sprint has plans to strategically improve its distribution through
targeting increased store densification in underpenetrated areas,
relocating poorly performing stores, remodelling/updating certain
retail locations and migrating to more sophisticated prepaid
dealers.  Sprint's prepaid segment has underperformed for the past
several quarters due to competitive gaps in rate plans and devices
as MetroPCS and Cricket brands have increased geographical
distribution with aggressive offerings.  Additionally as
promotional postpaid service plans begin to roll-off in 2017, gross
addition share and churn improvement could be pressured. Thus,
while current progress is encouraging, substantial work remains to
further improve the customer value proposition in light of
lingering negative brand perceptions and competitive headwinds.

Right-Sizing Cost Structure
Sprint's top operational priority is right-sizing the cost
structure to improve cash generation.  During the second quarter of
FY 2015 (2Q15), Sprint announced plans to reduce costs on a run
rate basis by at least $2 billion by the end of FY2016.  The
current cash cost target is expected to be $1 billion, split
equally between operational expenses and capital expenditures with
most restructuring costs occurring in FY2016.  Fitch believes the
company has a relatively good line of sight and is on track to
achieve $2 billion or more of exit-run savings by the end of
FY2016.  Fitch anticipates further cost reduction opportunities
will continue after this current program ends resulting in further
material restructuring charges.

Network Performance Gap Closing
Through SoftBank's technical support, Sprint has significantly
improved the performance of the LTE network with improved
reliability, capacity and speed through its triband spectrum
deployment (1.9GHz, 800MHz, and 2.5GHz), two-channel (2x20 MHz)
carrier aggregation utilizing the 2.5GHz band and smart antenna
technology.  As part of these upgrades, Sprint has increased its
network densification of 2.5GHz spectrum to approximately 200
million POPs.  Sprint is also in the beginning stages of deploying
three-channel carrier aggregation and other technologies like high
performance user equipment (HPUE) to further boost network speeds,
coverage and capacity.  In order to better leverage the improved
network performance and enable top-line growth, Sprint has evolved
its marketing message in an effort to address the negative consumer
perceptions of Sprint's network.

Leverage, Covenants & Guarantees
Sprint's leverage (Fitch defined total debt / EBITDA) as of
Sept.30, 2016 was 3.8x.  However, given the substantial noise with
financial metrics related to the accounting for leases and
installment billing, Fitch does not view reported EBITDA-based
metrics as an accurate measure of financial risk.  With Softbank's
implied support reducing the importance of Sprint's standalone
financial position, Fitch believes a more relevant metric to
measure improved financial progress would be trends in EBIT and FCF
generation.  For FY2016, Fitch anticipates EBIT of approximately
$1.5 billion and FCF deficit modestly negative after adjusting for
net proceeds of device financings.  FCF will remain pressured in
FY2017 due to increased capital investment for network
densification.

Sprint's existing unsecured credit facilities benefit from upstream
unsecured guarantees from all material subsidiaries. During the
quarter ended December 2016, Sprint repaid $300 million of first
priority senior secured notes at Clearwire Communications LLC.  As
a result, Clearwire and its subsidiaries became a subsidiary
guarantor under various existing borrowing agreements, including
all current credit facilities, junior guaranteed notes, and a
co-borrower for the secured equipment credit facilities.  The
guarantors will be the same under the new secured credit agreement.
The unsecured junior guaranteed debt is senior to the unsecured
notes issued by Sprint Corporation, Sprint Communications Inc. and
Sprint Capital Corporation.  The unsecured senior notes at these
entities are not supported by an upstream guarantee from the
operating subsidiaries.

Sprint has substantial flexibility under its bond indentures and
credit agreement to pursue additional funding through permitted
securitizations, liens arising in connection with sale and
leaseback transactions, or liens on capital assets and inventory.
Under its bond and credit agreement indentures, Sprint has a
carve-out for permitted liens up to 15% of consolidated net
tangible assets.  Sprint will have approximately $4.5 billion of
secured capacity after netting the revolving commitment, term loan,
9.25% debentures and Export Development Canada loan. Financial
covenants for the credit agreement include maximum leverage of 6x
stepping down to 4.75x and below beginning in 2018, minimum
interest coverage, and limitations on non-guarantor restricted
subsidiary indebtedness.

Sprint's vendor financing facilities are jointly and severally
borrowed by all of the Sprint subsidiaries that guarantee its
revolving credit facility, Export Development Canada loan and
junior guaranteed notes.  The facilities additionally benefit from
parent guarantees and first priority liens on certain network
equipment.  This places the vendor facilities structurally ahead of
the unsecured notes.  The Clearwire 2040 exchangeable notes benefit
from a full and unconditional guarantee by the issuers'
wholly-owned direct and indirect domestic subsidiaries that own the
spectrum assets along with an unconditional guarantee from Sprint
Corporation and Sprint Communications Inc.  The exchangeable notes
have both a par and call option on Dec. 1, 2017.  Fitch assumes the
entire $629 million of exchangeable notes will be redeemed.

                          KEY ASSUMPTIONS

   -- Post-paid gross addition share grows moderately from FY2015;
   -- Post-paid churn of approximately 1.5%;
   -- EBIT of approximately $1.5 billion;
   -- Capital spending less than $3 billion;
   -- FY2016 FCF deficit modestly negative after adjusting for net

      proceeds of device financings;
   -- Total proceeds of up to $7 billion to be issued from the
      wireless spectrum-backed notes program.

                       RATING SENSITIVITIES

Fitch does not view an upgrade as likely at this time given the
execution risk around its many initiatives.  Future developments
that may, individually or collectively, lead to a positive rating
action include:

   -- Strong execution on public guidance for long-term
      improvements in cost structure;
   -- Sustained post-paid gross addition share in upper-teens
      range with strong mix of post-paid prime handset additions;
   -- Sustained improvement in churn to below 1.3%;
   -- Material positive net post-paid additions with sustained
      improvement in net porting ratios;
   -- On-going improvement in network operating performance
      including progress with new cell-site deployments related to

      network densification plans;
   -- The improved operating trends above drive financial results
      that mostly exceed Fitch's current expectations for trends
      in revenue, EBIT, EBITDA, FCF and leverage.  These
      improvements would lead to increased confidence and
      transparency as to Sprint's ability to generate material
      levels of FCF in order to reduce debt.

Future developments that may, individually or collectively, lead to
negative rating action include:

   -- Lack of improvement or sustaining results in the operating
      metrics for gross addition share, churn, net post-paid
      additions, handset subscriber mix, net porting ratios and
      network operating performance that further degrades
      financial profile.  Fitch would become more concerned with
      Sprint's ability to effectively compete in the marketplace
      if the company does not demonstrate and sustain material
      improvement in these core metrics in FY2017;
   -- Changes in the level or the expectations for support from
      SoftBank that materially affect the operating and financial
      profile of Sprint;
   -- Challenges with successfully raising funds in future
      financing transactions that negatively affect Sprint's
      liquidity position;
   -- If Fitch believes Sprint will continue material deficits
      beyond FY2017.

                             LIQUIDITY

Sprint's financial objectives include a commitment toward
deleveraging, targeting a minimum liquidity position of 18 months,
reducing interest expenses and generating FCF in FY2018.  Sprint
has taken several steps during the past year to bolster liquidity.
Sprint raised $2.2 billion in network-related financing and
completed two sale-leaseback transactions related to iPhones with
MLS that provided an upfront cash infusion in excess of
$2 billion.  Fitch believes the MLS transactions were an important
initial step toward mitigating the negative working capital effects
associated with the leasing model.  Fitch expects Sprint may seek
other alternative funding sources for installment billing and
leasing handset receivables to lower interest costs and further
optimize its cost of capital.

At the end of 3Q16, Sprint had approximately $11 billion of
liquidity that included $5.7 billion of cash, $3 billion in
availability from its unsecured revolver and $2.5 billion in
availability from its unsecured bridge facility.  The bridge
facility was terminated following the $3.5 billion spectrum
financing transaction in October 2016.  The new secured credit
agreement provides $1.5 billion in term loan B proceeds and $2
billion of revolver capacity.  The secured credit agreement also
allows for incremental term loans and facilities of up to $2
billion.

Sprint maintains a $4.3 billion securitization facility that
matures November 2017.  The receivables facility consists of
leasing, installment and service receivable sales components.
Additionally, Sprint has $1.1 billion availability under vendor
financing agreements that can be used toward the purchase of 2.5GHz
network equipment.

FULL LIST OF RATING ACTIONS

Fitch has affirmed these ratings:

Sprint Corporation

   -- Issuer Default Rating (IDR) at 'B+';
   -- Senior notes at 'B+/RR4'.

Sprint Communications Inc. (SCI)

   -- IDR at 'B+';
   -- Unsecured credit facility at 'BB/RR2';
   -- Junior guaranteed notes at 'BB/RR2';
   -- Senior notes at 'B+/RR4'.

Sprint Capital Corporation

   -- Senior unsecured notes at 'B+/RR4'.

Clearwire Communications LLC

   -- IDR at 'B+';
   -- Senior exchangeable notes at 'BB+/RR1'.

These ratings have been revised:

SCI

   -- 9.25% Secured debentures due 2022 to 'BB+/RR1' from
      'B+/RR4'.

These ratings have been assigned:

Sprint Communications Inc.

   -- Secured revolving credit facility at 'BB+/RR1';
   -- Secured term loan B at 'BB+/RR1'.

The ratings on the existing unsecured revolving facility will be
withdrawn when the new secured credit agreement closes.

The Rating Outlook is Stable.


STEVE SEDGWICK: Approval of Sara Chenetz as Ch. 11 Trustee Sought
-----------------------------------------------------------------
Peter C. Anderson, the United States Trustee, asks the U.S.
Bankruptcy Court for the Central District of California to enter an
Order approving the appointment of Sara Chenetz as the Chapter 11
Trustee for Steve Sedgwick.

Ms. Chenetz, Esq., partner of Perkins Coie LLP, assured the Court
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code and does not represent any
interest adverse to the Debtors and their estates.

Sara Chenetz can be reached at:

         Sara Chenetz, Esq.
         PERKINS COIE LLP
         1888 Century Park E., Suite 1700
         Los Angeles, CA 90067-1721
         Tel.: 310-788-9900
         Fax: 310-788-3399
         Email: SChenetz@perkinscoie.com

Steve Sedgwick filed a Chapter 11 petition (Bankr. C.D. Calif. Case
No. 12-18323) on July 8, 2012.


STONE ENERGY: Court Approves Restructuring Support Agreement
------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court issued
an order authorizing Stone Energy Corporation to (i) assume a
restructuring support agreement and (ii) modify automatic stay. As
previously reported, "After months of good-faith, arm's-length
negotiations, the Debtors, holders of approximately 79.7% of the
$1,075,000,000 in principal amount of the Debtors' unsecured notes,
and 100% of the holders of the Debtors' $341,500,000 in principal
amount of secured indebtedness under the Prepetition Credit
Agreement . . . reached an agreement on the terms of a
restructuring that, if consummated, will maximize the value of the
Debtors' estates and reduce the Debtors' debt by approximately $1.2
billion. The transactions contemplated by the Restructuring Support
Agreement will provide many benefits to the Debtors and their
stakeholders. The transactions provided for by the Restructuring
Support Agreement will right-size the Debtors' balance sheets,
reduce the time spent in chapter 11, leave unsecured creditors
other than the noteholders unimpaired, provide secured lenders the
indubitable equivalent of their claims, enable equity holders to
receive a recovery, and further reduce restructuring costs by
eliminating potentially significant litigation with the Debtors'
largest creditor constituencies."

                       About Stone Energy

Stone Energy Corp. is an independent oil and natural gas
exploration and production company headquartered in Lafayette,
Louisiana with additional offices in New Orleans, Houston and
Morgantown, West Virginia.  Stone is engaged in the acquisition,
exploration, development and production of properties in the Gulf
of Mexico and Appalachian basins.   Stone Energy had 247 employees
as of the bankruptcy filing.

Stone Energy Corp. and two affiliates sought Chapter 11 protection
(Bankr. S.D. Tex. Case Nos. 16-36390, 16-36391 and 16-36392) on
Dec. 14, 2016, to pursue a prepackaged plan of reorganization.
Judge Marvin Isgur is assigned to the cases.

The Debtors hired Latham & Watkins LLP as general counsel, Porter
Hedges LLP as local counsel; Vinson & Elkins LLP as special
counsel; Alvarez & Marsal North America, LLC as financial advisor;
Lazard Freres & Co. LLC, as investment banker; and Epiq Bankruptcy
Solutions, LLC as claims, noticing, solicitation and balloting
agent.


TEAM EXPRESS: Files Ch. 11 Plan of Liquidation
----------------------------------------------
Team Express Distributing, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Texas a disclosure statement
dated Jan. 9, 2017, referring to the Debtor's Chapter 11 plan of
liquidation.

Class 5 General Unsecured Claims -- with $25,116,177.12 to
$27,792,106.17 in estimated allowable claims -- are impaired under
the Plan.  Except to the extent that a holder of a Class 5 General
Unsecured Claim has been paid prior to the Effective Date, or
agrees to different treatment, each holder of an Allowed Class 5
General Unsecured Claim against the Debtor and the Estate will be
entitled to receive its pro rata share of the net proceeds of the
assets, including any portion of the allocation of Net MS Dynamics
Proceeds payable to Class 5 General Unsecured Claims pursuant to
the terms of Section 3.3 of the Plan.  The Liquidating Trustee may
make multiple Distributions to holders of Allowed Class 5 General
Unsecured Claims, and shall endeavor to make distributions at least
on an annual basis.  Notwithstanding the foregoing, the Liquidating
Trustee will determine the amount and timing of the distributions.

The Court previously authorized and the Debtor consummated the sale
of substantially all of the Debtor's assets to Concourse Team
Express, LLC.  The remaining assets of the Debtor following the
asset sale, the deposit of the adjustment escrow amount, and the
prosecution of the causes of action will fund distributions under
the Plan and the costs of administering the Liquidation Trust.

The Disclosure Statement is available at:

          http://bankrupt.com/misc/txwb15-53044-337.pdf

                About Team Express Distributing

Team Express Distributing, LLC, doing business as Baseball Express,
LLC, is a San Antonio-based, multi-channel retailer that sells a
wide range of sporting goods, primarily focusing on team sports
like football, baseball, basketball, soccer, and others,
manufactured by adidas, Easton Sports, Louisville Slugger, Nike,
Inc., Oakley, Russell Athletic, Schutt Sports, Spalding, Under
Armour, and Wilson Sporting Goods, among many others.  Team Express
operates from three locations in San Antonio, Texas, and employs
approximately 200 employees.

On Dec. 16, 2015, Team Express Distributing, LLC, filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
W.D. Tex. Case No. 15-53044).  The petition was signed by Mark S.
Marney, chief executive.

The Debtor estimated $10 million to $50 million in assets and
debts.

On Jan. 8, 2016, an Official Committee of Unsecured Creditors was
appointed in this Bankruptcy Case pursuant to Sec. 1102(a)(1) and
(b)(1).  No trustee or examiner has been appointed in this
Bankruptcy Case.

The Debtor tapped Marcus A. Helt, Esq., at Gardere Wynne Sewell
LLP, as counsel.  Treadstone Capital Advisors, LLC, is the
financial advisor and investment banker.


TEAM HEALTH: Fitch Lowers Rating on $865MM Unsec. Notes to 'CCC+'
-----------------------------------------------------------------
Fitch Ratings has downgraded Team Health Holdings, Inc.'s
(TeamHealth) $865 million senior unsecured notes due 2025 to
'CCC+/RR6' from 'B-/RR5'.

The ratings incorporate the planned acquisition of the company by
private equity sponsor Blackstone.  The purchase of TeamHealth's
equity and the retirement of the company's existing debt will be
funded by the senior unsecured notes, a senior secured credit
facility consisting of a $2.75 billion term loan and $400 million
revolver, and a $2.6 billion equity contribution from Blackstone.

The downgrade of the senior notes reflects a change in the proposed
capital structure that increased the size of the term loan by $150
million and decreased the senior notes by the same amount.  An
increase in the secured debt amount decreases the recovery
prospects for the senior note lenders.

                       KEY RATING DRIVERS

TeamHealth's 'B' IDR reflects:

High Leverage Post-LBO: Gross debt/EBITDA is expected to peak near
8x immediately following the acquisition by Blackstone, but strong
top-line growth on modestly improving margins should drive
deleveraging of two turns of EBITDA by year-end 2018.  However,
there are some risks to the deleveraging trajectory.  These include
synergy capture as the company continues to integrate IPC (a
business acquired in late 2015), and uncertainty about M&A appetite
under private equity ownership.

Leading Position in Growing Market: TeamHealth is one of only a
handful of national providers of outsourced healthcare staffing,
providing scale and scope for contracting with consolidating
healthcare providers and commercial health insurers.  Leading scale
affords good growth opportunities, both organic and inorganic in
nature, even as Amsurg and Envision - two of TeamHealth's major
competitors - recently completed a merger.

IPC Acquisition Has Mixed Implications: TeamHealth more than
doubled leverage in late 2015 to fund the acquisition of IPC, a
national provider of outsourced acute care hospitalist and
post-acute care providers.  Difficulties in physician retention
have been a headwind to synergy capture in the early going, though
the deal continues to have good strategic merit.  The addition of
IPC significantly broadened TeamHealth's coverage across the care
continuum from the emergency department through the stages of
inpatient and post-acute care, and this should increase
cross-selling opportunities with the health systems that are
TeamHealth's customers.

Solid Cash Generation: Free cash flow (FCF; cash from operations
less capital expenditures and dividends) is expected to be strong
for the 'B' rating category, only moderately affected by higher
interest costs post-LBO.  Low working capital and capital spending
requirements and the expectation of no dividend payments in the
near term support relatively strong cash generation, albeit
somewhat pressured in 2016 and moderately reduced by higher
interest costs post-LBO.  Internal FCF and external liquidity are
adequate, in our view, for the firm to bolster organic growth
through tuck-in M&A as the physician services segment continues to
consolidate.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for TeamHealth
include:

   -- Mid-single-digit base revenue growth in 2017 through 2019
      reflects an expectation of steady same-contract growth and
      net new contract wins in the hospital-based and IPC
      segments.  High single-digit total revenue growth reflects
      ongoing cash deployment for tuck-in acquisitions through the

      projection period.

   -- EBITDA margins gradually expand during 2017-2019 due to
      improving SG&A and despite moderately pressured gross profit

      in 2016-2017, easing over the course of 2017-2018 as IPC
      cost synergies are realized, physician retention is
      remedied, and transaction costs are annualized.

   -- Cash generation is reduced by increased interest costs
      (forecast assumes $156 million in 2016 and $185 million in
      2017 vs. $24 million in 2015), offset by lower cash taxes in

      2017 from deductible transaction expenses, resulting in a
      FCF margin of 3% to 4%.

   -- Assume $100 million to $125 million of FCF is used for tuck-
      in M&A annually, with the remainder used to prepay the term
      loan.

   -- Gross debt/EBITDA drops below 7x in 2017 and below 6x at
      year-end 2018.  FFO fixed charge coverage steady is between
      2x and 2.5x.

                         RATING SENSITIVITIES

An upgrade of TeamHealth's IDR to 'B+' could occur in the next
12-18 months if there is a high degree of certainty that gross
debt/EBITDA after dividends to associates and minorities will
decline to below 6x in 2018, coupled with FFO fixed charge coverage
of at least 2x.  Fitch believes this magnitude of deleveraging is
possible based on its ratings case forecasted growth in EBITDA and
will not require much debt repayment, but also that there are
certain execution risks, including realization of IPC-related cost
synergies and addressing IPC's physician attrition issue.  An
upgrade of the rating would also look for TeamHealth to generate
consistently positive FCF, with a FCF margin of 3% to 4%.

Maintenance of the 'B' IDR could result from an expectation that
deleveraging post the LBO will be slower than expected, leading to
gross debt/EBITDA after dividends to associates and minorities
durably above 6x, coupled with FCF that is close to or at
breakeven.

An expectation of gross debt/EBITDA after dividends to associates
and minorities sustained above 7x coupled with a FCF deficit that
requires incremental debt funding could lead to a downgrade to
'B-'.

                             LIQUIDITY

TeamHealth does not carry large cash balances, but also does not
need to due to its low fixed-cost operating model.  As a service
provider that mainly utilizes clients' buildings and equipment,
TeamHealth does not have heavy fixed costs or require large capital
expenditures.  Capex tends to be only around 1% of revenue, and
Fitch does not expect this dynamic to change in the near term.  A
$400 million revolver will be downsized from $650 million post the
LBO, but will provide adequate internal liquidity for day-to-day
needs and tuck-in M&A.

FCF generation is relatively steady, though higher interest costs
will reduce FCF margin to 3%-4% from the previous 5%-6% range.  LTM
FCF at Sept. 30, 2016 was $92 million.  Based on the post-LBO
capital structure, near-term debt maturities are expected to
include only required term loan amortization, which FCF should
amply cover.

                    FULL LIST OF RATING ACTIONS

Fitch has taken these rating actions:

Team Health Holdings, Inc.

   -- IDR affirmed at 'B';
   -- Senior secured credit facility including term loan and
      revolver affirmed at 'BB'/RR1';
   -- Senior unsecured notes downgraded to 'CCC+/RR6' from
      'B-/RR5'.

The Outlook is Positive.

The 'BB/RR1' rating on the secured credit facility assumes 92%
recovery for lenders in a hypothetical bankruptcy scenario.  The
'CCC+/RR6' rating on the senior unsecured notes assumes 7%
recovery.  The recovery analysis assumes a going concern enterprise
value (EV) for TeamHealth of $3.3 billion.  The EV is derived by
taking a 40% discount to Fitch's 2018 forecasted EBITDA and then
applying a 9x multiple.

Administrative claims are assumed to consume 10% of EV, which is a
standard assumption in Fitch's recovery analysis.  Also standard in
its analysis, Fitch assumes that TeamHealth would fully draw the
$400 million available balance on its bank credit revolver in a
bankruptcy scenario and includes that amount in the claims
waterfall.  Recovery for the notes is limited to a 2% concession
allocation granted to the unsecured lenders, given the assumption
of no recovery otherwise.


THORNBURG MORTGAGE: UST Seeks Approval of RBC Capital Settlement
----------------------------------------------------------------
BankruptcyData.com reported that the U.S. Trustee assigned to the
Thornburg Mortgage case filed with the U.S. Bankruptcy Court a
motion for approval of settlement and compromise of controversy
with RBC Capital Markets.  The motion explains, "The settlement
described in this Motion and set forth in the Settlement Agreement
resolves the Trustee's claims against RBC relating to repurchase
transactions entered into between RBC and TMST and the liquidation
in 2007 of collateral in respect of such transactions.  Subject to
the terms and conditions of the Settlement Agreement, RBC has
agreed to pay the Trustee Thirty Million, One Hundred Twenty Five
Thousand Dollars ($30,125,000) in full and final satisfaction of
any and all claims, demands, obligations, liabilities, and causes
of action of whatsoever kind and nature asserted in, which could
have been asserted in, arising out of or related to the allegations
set forth in the Complaint and/or the District Court Action,
including, but not limited to, claims arising out of or related to
any repo transactions entered into between RBC or any of its
affiliates and any of the Debtor Releasing Parties (as defined in
the Settlement Agreement), margin calls in respect of such
transactions, and the liquidation of collateral posted by the
Debtor Releasing Parties in respect of such transactions."

                   About Thornburg Mortgage

Based in Santa Fe, New Mexico, Thornburg Mortgage Inc. (NYSE: TMA)
-- http://www.thornburgmortgage.com/-- was a single-family    
residential mortgage lender focused principally on prime and
super-prime borrowers seeking jumbo and super-jumbo adjustable
rate mortgages.  It originated, acquired, and retained investments
in adjustable and variable rate mortgage assets.  Its ARM assets
comprised of purchased ARM assets and ARM loans, including
traditional ARM assets and hybrid ARM assets.

Thornburg Mortgage and its four affiliates filed for Chapter 11
bankruptcy (Bankr. D. Md. Lead Case No. 09-17787) on May 1, 2009.
Thornburg changed its name to TMST, Inc.

Judge Duncan W. Keir is handling the case.  David E. Rice, Esq.,
at Venable LLP, in Baltimore, Maryland, served as counsel to
Thornburg Mortgage.  Orrick, Herrington & Sutcliffe LLP served as
special counsel.  Jim Murray and David Hilty of Houlihan Lokey
Howard & Zukin Capital, Inc., served as investment banker and
financial advisor.  Protiviti Inc. served as financial advisory
services.  KPMG LLP served as the tax consultant.  Epiq Systems,
Inc., serves claims and noticing agent.  Thornburg disclosed total
assets of $24.4 billion and total debts of $24.7 billion, as of
Jan. 31, 2009.

On Oct. 28, 2009, the Court approved the appointment of Joel I.
Sher as the Chapter 11 Trustee for the Company, TMST Acquisition
Subsidiary, Inc., TMST Home Loans, Inc., and TMST Hedging
Strategies, Inc.  He is represented by his firm, Shapiro Sher
Guinot & Sandler.


TRIANGLE USA: TPC Files Objection to Disclosure Statement
---------------------------------------------------------
BankruptcyData.com reported that Triangle Petroleum (TPC) acting
through the special committee of the board of directors filed with
the U.S. Bankruptcy Court an objection to Triangle USA Petroleum's
(TUSA) Disclosure Statement. The objection asserts, "Under the
Plan, the Debtors propose to cancel TPC's shares in TUSA without
any distribution to TPC on account of its equity interest.  The
proposed treatment of TPC's equity interest, and the absence of a
grant of a warrant to TPC with a strike price that would guarantee
full repayment of creditors before TPC could exercise such warrant,
may risk violating the absolute priority rule by overpaying senior
creditors at a junior class's expense. Under the Plan, the Debtors
further request that the Court enter an injunction (the 'Tax
Injunction') that would enjoin TPC from claiming a 'worthless stock
deduction' on account of its loss of its $468 million in downstream
transfers to TUSA and otherwise prohibiting TPC from taking steps
that might limit TUSA's post-emergence use of its 'net operating
losses.'  The consequences of the Tax Injunction to TPC would be
severe: TPC would be prevented from claiming an approximately $468
million worthless stock deduction to which it is entitled under tax
law that could be used to offset TPC's future taxable income.
[T]hrough this Objection, TPC seeks certain clarifications and
inclusion by the Debtors of risk factors regarding TPC's objections
herein, and ramifications to creditors under the confirmation
process and Plan, if TPC's objections are sustained, to insure that
all creditors are provided information sufficient to enable them to
make an informed decision before they cast votes to accept or
reject the Plan."

         About Triangle USA Petroleum Corporation

Triangle USA Petroleum Corporation is an independent exploration
and production company with a strategic focus on developing the
Bakken Shale and Three Forks formations in the Williston Basin of
North Dakota and Montana.  TUSA is a wholly owned subsidiary of
Triangle Petroleum Corporation (NYSE MKT: TPLM).  Neither TPLM
nor its affiliated company, RockPile Energy Services, LLC, is
included in TUSA's Chapter 11 filing.

Triangle USA Petroleum Corporation and its affiliates filed
voluntary petitions under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Lead Case No. 16-11566) on June 29, 2016.  The
cases are pending before Judge Mary F. Walrath.

The Debtors have engaged Sarah E. Pierce, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP as counsel, AP Services, LLC, as
financial advisor, PJT Partners Inc. as investment banker and
Prime Clerk LLC as claims & noticing agent.

At the time of the filing, TUSA estimated assets in the range of
$500 million to $1 billion and liabilities of up to $1 billion.

Andrew R. Vara, Acting U.S. Trustee, informs the U.S. Bankruptcy
Court for the District of Delaware that a committee of unsecured
creditors has not been appointed in the Chapter 11 case of Triangle
USA Petroleum Corporation due to insufficient response to the U.S.
Trustee communication/contact for service on the committee.


UMATRIN HOLDING: Dato' Liew Kok Hong Quits From all Positions
-------------------------------------------------------------
Dato' Liew Kok Hong resigned from his positions as president,
Chairman of the Board, director, CEO, and CFO of Umatrin Holding
Limited for personal reasons.  The Board of Directors of the
Company accepted his resignation on Jan. 2, 2017.

Also on that date, the Board of Directors of the Company appointed
Dato' Warren Eu Hin Chai as president, Chairman of the Board,
Director, CEO, and CFO.  The Board of Directors of the Company
appointed Dato' Dr. William Lee as vice president and director.

During the past five years and to date, Dato' Sri Warren Eu is the
director for SKH Media, Global Bizrewards, Hipland Realty and U
Matrin Worldwide, as well as vice president and director of Umatrin
Holding Limited.  He has led SKH Media into a company specialized
in marketing communications.  He had used his insights, experience,
expertise, creativity, environment knowledge and business sense to
helped SKH Media's clients to compete successfully in marketing
strategy, advertising every form of marketing communication and in
monitoring progress to increase their profits in a sustainable way.
He has introduced loyalty programme marketing via Global
Bizrewards to boost the participated merchant brand and at the same
time benefited the consumers.  He has also ventured himself into
property and hotel industry via Hipland Realty.  In view of his
extensive knowledge in various industries, he is the best candidate
to be appointed as the president, chairman of the Board, Director,
CEO, and CFO to lead the Company to success.

During the past five years, Dato' Dr. William Lee has been the
president of Malaysia Elite Disaster Rescue Foundation, director of
Lagenda Education Group and marketing director of Oasis College.
Dato' Dr. William Lee holds a Philosophy of Doctorate (PhD) in
Business Management from the Golden State University in the United
States of America (USA).  Dato' Dr. William Lee had successfully
contributed a total value of more than RMB 3 Billion in Fujian and
Guangxi Education Development.  Under his leadership, UMHL has
concluded its distinctive investment concepts and management system
based on the deep understanding of economies and enterprises.
Through forward-looking layout, flexible investment strategies and
sustained value-added services, UMHL, under his leadership is now
concentrating its strategic investments into three major areas of
property development, agriculture & tourism, education.

                        About Umatrin

Umatrin Holding Limited (formerly known as Golden Opportunities
Corporation) was incorporated in the state of Delaware on Feb. 2,
2005.  The Company was originally incorporated in order to locate
and negotiate with a targeted business entity for the combination
of that target company with the Company.

For the nine months ended Sept. 30, 2016, the Company reported a
net loss of $140,962 on $1.37 million of sales compared to a net
loss of $958,495 on $2.56 million of sales for the same period
during the prior year.

As of Sept. 30, 2016, Umatrin had $1.79 million in total assets,
$1.47 million in total liabilities and $325,316 in total equity.

Yichien Yeh, CPA, in Oakland Gardens, New York, issued a "going
concern" qualification on the consolidated financial statements for
the year ended Dec. 31, 2015, citing that the Company has incurred
accumulated deficit of $2,384,996 as of Dec. 31, 2015, that include
loss of $364,077 for the eleven months ended Dec. 31, 2015.  These
factors raise substantial doubt about its ability to continue as a
going concern.


VAPOR CORP: Extends Cash Tender Offer Until Jan. 17
---------------------------------------------------
Vapor Corp. has extended its previously announced tender offer to
purchase its outstanding Series A Warrants, in accordance with the
applicable rules and regulations governing tender offers, until
5:00 p.m., Eastern time, on Jan. 17, 2017, unless further extended
or terminated.  The tender offer to purchase Series A Warrants was
previously scheduled to expire at midnight, Eastern time, on
Jan. 9, 2017.  Vapor is seeking to purchase up to 32,262,152 of its
outstanding Series A Warrants at a purchase price of $0.22 per
warrant in cash, without interest, for an aggregate purchase price
of up to approximately $7.1 million.  As of 4:00 p.m. Eastern time
on Jan. 9, 2017, 10,173,966 Series A Warrants have been tendered
and not withdrawn.

Holders of Series A Warrants wishing to participate in the tender
offer should follow the procedures set forth in the Company's offer
to purchase dated Dec. 7, 2016, and the related letter of
transmittal.

Okapi Partners is acting as the information agent for the Offer,
and the depositary for the Offer is Equity Stock Transfer, LLC. The
Offer to Purchase, the Letter of Transmittal and related documents
have been distributed to holders of the Series A Warrants.  For
questions and information, please call the information agent at
(877) 629-6356 (banks and brokers call (212) 297-0720).

                       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.


VELOP CORP: Names Jose Alonso Figueroa as Accountant
----------------------------------------------------
Velop Corp seeks authorization from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Jose Alonso Figueroa as
accountant.

The Debtor requires Mr. Figueroa to:

   (a) review accounting records for preparation of month and year

       end accounting and financial reports;

   (b) prepare monthly reconciliations of all bank accounts;

   (c) accumulate payroll transactions to produce quarterly and
       annual payroll tax returns;

   (d) prepare liquidation analysis, financial projections, claim
       reconciliation and related financial documents as support
       for a Plan of Reorganization.

The accountant will be paid at a fixed rate of $400 monthly.  The
accountant will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Mr. Figueroa assured the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code and does not represent any interest adverse to the Debtor and
its estate.

The accountant can be reached at:

       Jose Alonso Figueroa
       200 Ave Rafael Cordero
       Suite 140 PMB 450.00725
       Tel: (787) 638-3650

                       About Velop Corp.

Velop Corp, filed a Chapter 11 bankruptcy petition (Bankr. D.P.R.
Case No. 16-08357) on October 19, 2016, disclosing under $1 million
in both assets and liabilities. The Debtor is represented by Jose M
Prieto Carballo, Esq., at JPC Law Office.


VIGNAHARA LLC: Red Roof to Get $4,706 Over 6 Months
---------------------------------------------------
Vignahara, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Texas a third amended disclosure statement
accompanying its second amended plan of reorganization.

Under the third amended disclosure statement:

   * Class 6 - Employee Priority Claims. The Debtor owes
approximately $1,600 to three insiders for prepetition wages that
the Court would not approve as part of first day motions. The
Debtor proposes to pay this upon confirmation.

   * Class 7 - Red Roof Inn Unsecured Claim. The Debtor scheduled
Red Roof Inn as having a claim in the amount of $28,239.40 relating
to arrearages on the franchise fee. Red Roof Inn has indicated
that, in order to have the franchise reinstated, this amount will
have to be paid in full but can be paid over time. The Debtor
proposes to pay such in equal amounts over six months beginning the
first month after confirmation resulting in a monthly payment of
$4,706.57.

The Debtor has shown that it can fund its operating costs and debt
service with the current revenues but the key to restoring the
business to sustained profitability is to regain its Red Roof Inn
franchise. The Debtor's plan combines financing from both
operations and other sources in order to increase revenues and gain
back its Red Roof Inn franchise.

Under the second amended disclosure statement, the Debtor will
reaffirm its obligation to Class 1 - First Western Secured Claim --
$2,385,643.74 plus costs and fees incurred through Aug. 12, 2016,
totaling $2,473,064.29 -- and continue to pay it monthly in
accordance with existing loan documents starting on the first day
of the first month following the Effective Date except that Debtor
will continue to pay only $15,729.37 for the first year following
the Effective Date and then the loan will be re-amortized at the
end of the first quarter following that first year so that the
payments will increase to approximately $17,763.10 per month.  The
Debtor scheduled approximately 16 creditors holding claims totaling
$81,970.18 and has classified them as Class 8 General Unsecured
Claims -- approximately $54,686.89.  These claims are being paid
10% of their total amount to be paid by the end of 2017.  Harris
County/Harris Sports filed an unsecured claim in the amount of that
$19,520.01 arising from a judgment.

Holders of the Current Equity Interests have offered for the
purchase of the New Equity Interests: a) $10,000 in cash to be paid
upon the Effective Date; b) a waiver of their Subordinated Equity
Interests; c) the Red Roof Deposit; d) use of their personal credit
to obtain the Furniture Loan of benefit to the Debtor; and e) any
personal monies used to pay the 2016 real property taxes.  A bidder
may submit a competing bid for the New Equity Interests to the
Debtor's counsel on or before the close of business at 5:00 p.m.
Central Standard Time, 15 calendar days prior to the plan
confirmation hearing.

The Plan incorporates a motion to permit the Debtor to incur the
debt necessary to perform its obligations under the Plan including,
without limitation, the rental payments to B. Patel and J. Patel.
The Furniture Loan will be obtained by B. Patel and J. Patel and
the associated furniture will be leased to the Debtor and rents
will be no more than the amount necessary for them to service the
debt on the Furniture Loan.  The Plan also incorporates a motion to
permit the Debtor to enter into contracts necessary to complete the
renovations and to enter into any agreements with Red Roof Inn.

The Court has set March 6, 2017, at 9:00 a.m., for a hearing to
determine whether the Plan has been accepted by the requisite
number of creditors and whether the other requirements for
confirmation of the Plan have been satisfied.

Any objections to confirmation of the Plan must be filed in writing
with the Bankruptcy Court and served upon Russell W. Mills so as to
be received by 5:00 p.m. on Feb. 27, 2017.

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

           http://bankrupt.com/misc/txnb16-32261-90.pdf

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

          http://bankrupt.com/misc/txnb16-32261-11-92.pdf  

                     About Vignahara LLC

Vignahara, LLC, is a Texas limited liability company formed on
Aug.
12, 2013.  It is a family run business.  Jagdishbhai Patel and
Binal Patel are the sole mangers and members of the Debtor.  The
Debtor's sole asset is a 112-room hotel located at 11999 East
Freeway in Houston, Texas, which until recently was operated as a
Red Roof Inn franchise.  It has operated under the name of
Red Roof Inn East Houston.

The Debtor filed a Chapter 11 petition (Bankr. N.D. Tex. Case No.
16-32261) on June 6, 2016.  The petition was signed by Binal
Patel,
member.  The Debtor is represented by Russell W. Mills, Esq., at
Hiersche, Hayward, Drakeley & Urbach, P.C.  The case is assigned
to
Judge Barbara J. Houser.  The Debtor estimated assets and
liabilities at $1 million to $10 million at the time of the filing.


VIOLIN MEMORY: Court Approves Bid Procedures for Asset Sale
-----------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court approved
Violin Memory's motion for entry of (i) an order approving bidding
procedures for the sale of substantially all of the Debtor's
assets, approving procedures for the assumption and assignment of
executory contracts or unexpired leases in connection with the
sale, scheduling a sale hearing and (ii) an order approving the
sale of the Debtor's assets and approving the assumption and
assignment of certain executory contracts and unexpired leases.  As
previously reported, "Despite . . . extensive marketing efforts, as
of the date hereof, the Debtor has not identified an initial or
'stalking horse' bidder for its assets.  The Debtor proposes that
the hearing to approve the Bidding Procedures be held, subject to
the Court's calendar, on or before January 6, 2017.  The bid
deadline be set 7 days later on or before January 13, 2017 . . .
that the auction of the Debtor's assets . . . if required, be
scheduled 2 business days later on or before January 17, 2017; that
the Court hold a hearing to approve the sale 3 business days later
on or before January 20, 2017; and that such sale close on or
before January 23, 2017 . . . .  If the sale does not proceed to
close within the identified timeline, the Debtor will not have
sufficient cash to complete the process, and may be forced to
convert or dismiss this case, to the severe detriment of its estate
and creditors . . . .  Accordingly, the Debtor requests authority,
in the exercise of its sound business judgment and in consultation
with any official committee appointed in this case, to provide a
break-up fee in an amount not to exceed 3% of the total guaranteed
cash or cash-equivalent price plus reimbursement of reasonable and
documented expenses, subject to a monetary cap not to exceed 2% of
the total guaranteed cash or cash-equivalent price offered."

                      About Violin Memory

Violin Memory, Inc., develops and supplies memory-based storage
systems for high-speed applications, servers and networks in the
Americas, Europe and the Asia Pacific. Founded in 2005, the Company
is headquartered in Santa Clara, California.

Violin Memory sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Del. Case No. 16-12782) on Dec. 14, 2016.  The
petition was signed by Cory J. Sindelar, chief financial officer.

At the time of the filing, the Debtor disclosed $38.93 million in
assets and $145.4 million in liabilities.

Pillsbury Winthrop Shaw Pittman LLP serves as the Debtor's legal
counsel while Bayard, P.A., serves as co-counsel.  The Debtor has
hired Houlihan Lokey Capital, Inc. as financial advisor and
investment banker.  Prime Clerk LLC is the administrative advisor.

The U.S. Trustee, on Dec. 27, 2016, named three creditors to serve
on the official committee of unsecured creditors – Wilmington
Trust, N.A., Clinton Group, Inc., and Forty Niners SC Stadium
Company LC.


VISUALANT INC: Incurs $1.74 Million Net Loss in Fiscal 2016
-----------------------------------------------------------
Visualant, Inc., filed with the Securities and Exchange Commission
its annual report on Form 10-K disclosing a net loss of $1.74
million on $6.02 million of revenue for the year ended Sept. 30,
2016, compared to a net loss of $2.63 million on $6.29 million of
revenue for the year ended Sept. 30, 2015.

As of Sept. 30, 2016, Visualant had $2.63 million in total assets,
$5.44 million in total liabilities, all current, and a total
stockholders' deficit of $2.80 million.

The Company had cash of $188,000 and net working capital deficit of
approximately $3,982,000 (excluding the derivative liability-
warrants of $145,000 as of Sept. 30, 2016.  The Company expects
losses to continue as it commercializes its ChromaID technology.
The Company's cash used in operations for years ended Sept. 30,
2016, and 2015 was $3,373,000 and $240,000, respectively.  The
Company believes that its cash on hand will be sufficient to fund
its operations through Jan. 31, 2017.

SD Mayer and Associates, LLP, in Seattle, Washington, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2016, noting that the
Company has sustained a net loss from operations and has an
accumulated deficit since inception.  These factors raise
substantial doubt about the Company's ability to continue as a
going concern, the auditors said.

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

                    https://is.gd/f60RLI

                    About Visualant Inc.
  
Seattle, Wash.-based Visualant, Inc., was incorporated under the
laws of the State of Nevada on Oct. 8, 1998.  The Company
develops low-cost, high speed, light-based security and quality
control solutions for use in homeland security, anti-
counterfeiting, forgery/fraud prevention, brand protection and
process control applications.


VYCOR MEDICAL: Closes Sale of $618,607 Common Stock & Warrants
--------------------------------------------------------------
Vycor Medical, Inc., completed the sale of $618,607 in shares of
Vycor common stock and warrants to accredited investors.  The
Shares were issued in a private placement pursuant to the terms of
Stock Purchase Agreements between the Company and each of the
Investors, and was limited to current shareholders of the Company
as of Nov. 9, 2016.

The Private Placement was undertaken as a private placement
offering under Section 4(a)(2) of the Securities Act of 1933, as
amended and Rule 506(b) of Regulation D promulgated under the Act
since, among other things, the transaction did not involve a public
offering and the securities were acquired for investment purposes
only and not with a view to or for sale in connection with any
distribution thereof.  The net proceeds will be used for the
further development of both the Vycor VBAS and NovaVision
divisions, as well as for general working capital.

The Securities comprised one Share at a purchase price $0.21 per
share and a Warrant to purchase one Share at an exercise price of
$0.27, exercisable over a period of three years.  A total of
2,945,749 Shares and Warrants to purchase 2,945,749 Shares were
issued in the Private Placement.  Fountainhead Capital Management
Limited, the Company's largest shareholder, subscribed $404,186 of
shares in the Private Placement of which approximately $248,000
represents amounts that Fountainhead had already advanced to the
Company prior to the Record Date.

                     About Vycor Medical

Boca Raton, Fla.-based Vycor Medical, Inc. (OTC BB: VYCO)
-- http://www.VycorMedical.com/-- is a medical device company
committed to making neurological brain, spinal and other surgical
procedures safer and more effective.  The Company's flagship,
Patent Pending ViewSite(TM) Surgical Access Systems represent an
exciting new minimally invasive access and retraction system that
holds the potential for speedier, safer and more economical brain,
spinal and other surgeries and a quicker patient discharge.
Vycor's innovative medical instruments are designed to optimize
neurosurgical site access, reduce patient risk, accelerate
recovery, and add tangible value to the professional medical
community.

Vycor Medical reported a net loss available to common shareholders
of $2.25 million on $1.13 million of revenue for the year ended
Dec. 31, 2015, compared to a net loss available to common
shareholders of $4.04 million on $1.25 million of revenue for the
year ended Dec. 31, 2014.

As of Sept. 30, 2016, Vycor had $1.54 million in total assets,
$1.14 million in total liabilities, all current, and $399,144 in
total stockholders' equity.

The Company's auditors Paritz & Company, P.A., in Hackensack, New
Jersey, issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015.


WALTER ENERGY: Seeks Case Conversion to Chapter 7 Proceeding
------------------------------------------------------------
BankruptcyData.com reported that Walter Energy filed with the U.S.
Bankruptcy Court a motion for an order (a) converting the Debtors'
Chapter 11 cases to liquidation under Chapter 7 and (b) granting
related relief.  The motion explains, "Having consummated the sale
transactions, the Debtors have transferred, or have obligated
themselves to transfer, every asset that they own.  Since the sale
closing, the Debtors have been winding down their Chapter 11
estates.  In accordance with the wind down trust agreement
established under the asset purchase agreement with Warrior Met
Coal, the Debtors have facilitated the orderly wind down of the
Debtors' remaining operations and affairs, including the
liquidation and collection of substantially all of the Debtors'
remaining property.  The Debtors have also satisfied their
continuing obligations under the respective asset purchase
agreements and the transition services agreement the Debtors
entered into with Warrior Met Coal on March 31, 2016 (the
'Transition Services Agreement').  The Chapter 11 wind down process
is now substantially complete. The Debtors are current on their
post-petition costs of running the Chapter 11Cases and the
post-sale wind-down. Other than as provided under the global
settlement, no prospect of payment of unsecured claims exists.
Finally, the Wind Down Trust . . . expires on its own terms on
February 28, 2017.  Lacking a compelling need to further administer
these cases in Chapter 11, and with approximately $1.6 million
remaining in the Wind Down Trust for funding a chapter 7 trustee to
administer the Remaining Assets, conversion of these cases is now
appropriate and justified.  The Debtors accordingly request
conversion of the Chapter 11 Cases to ones under Chapter 7 in
accordance with the conversion procedures set forth herein."

                      About Walter Energy

Walter Energy, Inc. -- http://www.walterenergy.com/-- is a  
metallurgical coal producer for the global steel industry with
strategic access to steel producers in Europe, Asia and South
America.  The Company also produces thermal coal, anthracite,
metallurgical coke and coal bed methane gas, with operations in the
United States, Canada and the United Kingdom.

For the year ended Dec. 31, 2014, the Company reported a net loss
of $471 million following a net loss of $359 million in 2013.   

Walter Energy and its affiliates sought Chapter 11 protection
(Bankr. N.D. Ala. Lead Case No. 15-02741) in Birmingham, Alabama on
July 15, 2015, after signing a restructuring support agreement with
first-lien lenders.

Walter Energy disclosed total assets of $5.2 billion and total debt
of $5 billion as of March 31, 2015.

The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison as
counsel; Bradley Arant Boult Cummings LLP, as co-counsel; Ogletree
Deakins LLP, as labor and employment counsel; Maynard, Cooper &
Gale, P.C., as special counsel; PJT Partners LP serves as
investment banker, replacing Blackstone Advisory Services, L.P.;
AlixPartners, LLP, as financial advisor, and Kurtzman Carson
Consultants LLC, as claims and noticing agent.

The Bankruptcy Administrator for the Northern District of Alabama
appointed an Official Committee of Unsecured Creditors and an
Official Committee of Retirees.  The Creditors Committee tapped
Morrison & Foerster LLP and Christian & Small LLP as attorneys.
The Retiree Committee retained Adams & Reese LLP and Jenner & Block
LLP as attorneys.

The informal group of certain unaffiliated First Lien Lenders and
First Lien Noteholders -- Steering Committee -- retained Akin,
Gump, Strauss, Hauer and Feld LLP as legal advisor, and Lazard
Freres & Co. LLC as financial advisor.


WARTBURG COLLEGE: Fitch Affirms 'BB-' Rating on $84.6MM Bonds
-------------------------------------------------------------
Fitch Ratings has affirmed the 'BB-' rating on approximately
$84.6 million private college revenue refunding bonds, series 2015
issued by the Iowa Higher Education Loan Authority on behalf of
Wartburg College (Wartburg).

The Rating Outlook has been revised to Negative from Stable.

                             SECURITY

The series 2015 private college facility revenue bonds are a
general obligation of the college, secured by a lien on revenues of
the college and a mortgage on the core campus. Additionally, the
bonds are supported by a debt service reserve fund equal to maximum
annual debt service (MADS).

                        KEY RATING DRIVERS

DETERIORATING OPERATING PERFORMANCE: The Negative Outlook reflects
a significant deterioration in Wartburg's operating performance and
a widening of the Fitch-calculated adjusted operating deficit,
including the endowment draw, to -7.6% in fiscal 2016 from -3.6% in
fiscal 2015.  The trend of increasingly negative operations has
been driven by persistent declines in enrollment and management not
reducing expenses quickly enough to achieve balanced operating
results, as calculated by Fitch.

CONTINUED ENROLLMENT DECLINES: Total enrollment continues to
decline; however, preliminary data indicate a larger fall 2017
freshman class compared to fall 2016.  Management has several
initiatives in place to stabilize enrollment; however, Wartburg
remains in a competitive environment with unfavorable demographic
trends.

VERY HIGH DEBT BURDEN: MADS of $6.2 million equaled a very high
12.9% of fiscal 2016 operating revenues, as calculated by Fitch.
Additionally, Fitch-calculated MADS coverage from operations
declined to a very weak 0.7x in fiscal 2016, due to the increased
operating deficit.

MODERATE BALANCE SHEET CUSHION: Balance sheet resources are
Wartburg's primary strength when compared to other peers in its
rating category.  Liquidity ratios remain above Fitch's below
investment grade medians, despite having deteriorated in fiscal
2016.  Wartburg also benefits from a solid history of philanthropy
and has exceeded the goal of its most recent capital campaign.

                       RATING SENSITIVITIES

OPERATING IMPROVEMENT: Fitch harbors significant concerns about
Wartburg College's ability to improve its GAAP operating
performance in fiscal 2017, due to continued enrollment declines
and management not implementing the full scope of necessary expense
cuts.  Failure to improve operating results towards breakeven and
make progress towards 1.0x MADS coverage, as calculated by Fitch,
in fiscal 2017 would result in negative rating action.

STABILIZED ENROLLMENT: Wartburg's student population has declined
consistently in recent years.  Additional enrollment declines would
stress its ability to achieve budgetary balance and would result in
negative rating action.

RESOURCE STABILITY: A decline in Wartburg's balance sheet resources
could negatively pressure the rating.

                           CREDIT PROFILE

Wartburg College, established in 1852 as a liberal arts college of
the Evangelical Lutheran Church in America, is located in Waverly,
IA and serves predominantly in-state undergraduate students.

                   NEGATIVE-TRENDING ENROLLMENT

Headcount enrollment declined 3.6% in fall 2016 to 1,482.  Total
FTE enrollment was down 3.1% to 1,457 from 1,503 in fall 2015.
Wartburg's enrollment continues to fall short of preliminary budget
targets.  Fitch notes that given the school's modest enrollment, a
decline of this magnitude could have a large financial impact on
fiscal 2017 operations, if not offset with budgetary reductions.
Wartburg's budget was adjusted in October to reflect actual
headcount.  The college historically updates the budget each fall,
after actual fall enrollment is certain.

Management attributes this declining trend in enrollment in part to
technical/vendor problems, a new customer relationship management
system and new counselors/recruiters in admissions with no previous
direct experience.  Further, Wartburg's principally regional market
area has declining numbers of high school graduates.  Increased
competition for students has been driven by both private and public
institutions in Iowa.

Management expects fall 2017 to achieve a larger incoming class
over fall 2016 and a leveling out of overall enrollment, having
rectified the issues in the admissions office and adopting
recruiting strategies geared towards increasing Wartburg's
geographic draw.  Retention rates are strong but fluctuate
year-to-year.  The freshman to sophomore retention rate remained
stable in fall 2016 at 80% and six-year graduation rates remain
solid at 69%.

Fitch views the continuing decline in enrollment as a credit
concern, particularly after expectations for incremental growth and
stabilized enrollment have not been met.  Additional enrollment
declines would stress Wartburg's ability to achieve budgetary
balance and would result in negative rating action.

                      HEAVILY TUITION RELIANT

Negative-trending enrollment continued for the fifth consecutive
year in fall of 2016, significantly pressuring operations.  Given
its small operating budget, Wartburg's operations are vulnerable to
slight variations in enrollment and financial aid without diligent
expense management.

Wartburg relies heavily on student revenues, 82.4% of total
operating revenues in fiscal 2016, as calculated by Fitch.  Net
tuition and fees in fiscal 2016 declined 8.8% from the prior year,
due to declines in enrollment, below average increases in tuition
rates and a high tuition discount rate of 64% in fiscal 2016.
Wartburg anticipates incremental growth in net tuition revenue in
fiscal 2017, which is supported by a tuition rate increase for fall
2016 of 3.3%.  However, net tuition revenues could be negatively
impacted if the discounting rate were to increase further,
especially given the negative trending enrollment.

Fitch will continue to monitor Wartburg's ability to grow net
tuition revenue, stabilize enrollment and effectively manage the
institutional aid expense.  The inability to do so would negatively
impact the rating.

                   DEFICIT OPERATIONS CONTINUING

Wartburg's operations have been increasingly negative on a full
accrual basis, as calculated by Fitch, for the past three fiscal
years.  Fiscal 2016 results reflect a significant deterioration
to -7.6% adjusted operating margin, including endowment draw, from
-3.6% in fiscal 2015, all as calculated by Fitch.

Wartburg is in the process of identifying both revenue enhancements
and expense reductions for fiscal 2017 and fiscal 2018.

Management's inability to steadily improve Fitch-calculated
operating results is of significant concern and is the primary
driver of the Negative Outlook.  Wartburg's ability to implement a
plan that will improve and sustain margins and stabilize headcount
will be a key factor in maintaining its current rating.

                 THIN BUT SOUND LIQUIDITY LEVELS

Liquidity levels deteriorated in fiscal 2016 primarily due to poor
operating performance.  Cash and investments totaled $82.3 million
in fiscal 2016, down from $85.9 million in the prior year.
Consequently, available funds (AF), defined as unrestricted cash
and investments, as calculated by Fitch, decreased to $30.1 million
from $35.9 million in fiscal 2015.

Despite this deterioration, AF equaled 58.1% of unrestricted
operating expenses and 36.2% of total debt, all as calculated by
Fitch, both of which compare favorably to Fitch's below investment
grade medians of 34.7% and 31.1%, respectively.

Under the bond documents, Wartburg's liquidity covenant requires it
to maintain long term debt-to-total cash and investments, including
restricted cash, of greater than 0.50x.  Based on information
provided, the fiscal 2016 liquidity ratio calculation was 1.12x, a
decline from the previous year, but still in compliance with bond
covenants.

The alternative investment allocation for Wartburg is approximately
17.6%, a decline from previous years.  Investment performance in
fiscal 2016 was negative for the second year in a row, endowment
fiscal year return was -3.94% compared to -1.7% in the prior year.
Management reports its investment returns were consistent with the
performance of the overall investment market. Endowment investments
were valued at $64.2 million at fiscal year-end 2016 (May 31).

Wartburg continues to draw 4.5% of the endowment based on a rolling
36-month average balance.  For fiscal 2018, the Board has approved
a change to increase the allowed endowment draw to up to 5%
annually.  Fitch notes a 5% endowment draw is consistent with
industry averages and still considered sustainable, despite
representing an increase to the draw rate.

Wartburg's high reliance on student-related revenue necessitates
maintenance of a liquidity cushion at or above current levels to
manage operating and enrollment fluctuations.  Positively, as of
December 2016, the college had exceeded the goal of its capital
campaign, raising $82 million versus a target of $75 million. Fitch
views Wartburg's established fundraising culture and ability to
meet its goals as planned favorably.

               HIGH DEBT BURDEN; VERY WEAK COVERAGE

Wartburg's long-term debt of $85.9 million yields a high MADS
burden of 12.9%, as calculated by Fitch, which compares unfavorably
to Fitch's below investment grade median of 8.7%.  In the past,
Fitch believed that the college had offset this debt burden by
covering current debt service from operations; however this is no
longer the case.  Due to the increased operating deficit, as
calculated by Fitch, in fiscal 2016, Fitch-calculated MADS coverage
from operations slipped to a very weak 0.7x.

Fitch views Wartburg's MADS coverage ratio at below 1.0x with
significant concern and not consistent with the current rating.
Inability of Wartburg to make progress towards returning its MADS
coverage ratio, as calculated by Fitch, to at least 1.0x in fiscal
2017 would result in negative rating action.

The series 2015 debt structure has a slightly ascending structure
with MADS occurring in fiscal 2029.  Wartburg's debt burden is
expected to decline over time due to normal amortization and the
lack of any new debt plans.  Wartburg continues to be in compliance
with its legal rate covenant, which requires 1.10x coverage, unless
its liquidity ratio exceeds 0.75x (which it did in fiscal 2016).


ZYNEX INC: Forbearance Pact With TBK Bank Extended Until March 31
-----------------------------------------------------------------
Zynex, Inc. entered into Amendment No. 8 to Forbearance Agreement
with its senior secured lender TBK Bank, SSB, effective Dec. 16,
2016.  The Amendment amends that certain Forbearance Agreement
dated Dec. 17, 2014 (as amended) between the Company and Lender to
extend the date of forbearance period to March 31, 2017.  In
addition, the Amendment provides an escalating refinance fee to be
paid to the Lender in connection with any future refinance of the
Company's current debt facility with the Lender.

                         About Zynex

Zynex, Inc. (OTCQB: ZYXI) specializes in the production and sale of
non-invasive medical devices for pain management, stroke
rehabilitation, neurodiagnostic equipment, cardiac and blood volume
monitoring.  The company maintains its headquarters in Lone Tree,
Colorado.

Zynex reported a net loss of $2.93 million on $11.64 million of net
revenue for the year ended Dec. 31, 2015, compared to a net loss of
$6.23 million on $11.11 million of net revenue for the year ended
Dec. 31, 2014.

As of Sept. 30, 2016, Zynex had $4.81 million in total assets,
$8.83 million in total liabilities and a $4.02 million total
stockholders' deficit.


                            *********

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 ***