TCR_Public/170120.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, January 20, 2017, Vol. 21, No. 19

                            Headlines

ABENGOA BIOENERGY: Intends to File Reorganization Plan by April 19
ADAMSVILLE PROPERTIES: Court Extends Plan Filing Period to April 20
ADVANCED SOLIDS: Sale of Carlsbad Property for $250K Approved
ALLWAYS EAST: To Auction All Assets on Feb. 15
AMERICAN CONTAINER: Morris to Auction Personal Property on Feb. 10

ARABELLA EXPLORATION: Taps Rehmann Turnaround's Hoebeke as CRO
ARMADA WATER: Court Moves Plan Filing Deadline to March 20
ATOPTECH INC: In Bankruptcy 10 Months After Copyright Suit Verdict
BAILEY TOOL: Comerica Bank Opposes Approval of Exit Plan
BARATTA REVOCABLE TRUST: Feb. 15 Disclosure Statement Hearing

BC MART EXPRESS: Voluntary Chapter 11 Case Summary
BENJAMIN EYE CARE: Taps BNK Murray's Michael Davis as Co-Counsel
BGM PASADENA: Sale of Pasadena Property to Rankin for $12.6M Denied
BJ'S WHOLESALE: S&P Affirms 'B-' CCR on Refinancing
BLUE BEE: Seeks May 17 Extension of Exclusive Plan Filing Period

BLUE STAR GROUP: Taps SKMB as Accountant
BLUE STAR GROUP: Taps Sparrow as Financial Advisor
BLUFF CITY SHEET: Files Plan to Exit Chapter 11 Protection
BONANZA CREEK: Brown, Chipman Representing Ad Hoc Equity Panel
BPS US HOLDINGS: Ombudsman Taps Covington & Burling as Counsel

CAESARS ENTERTAINMENT: Court Confirms Plan of Reorganization
CAESARS ENTERTAINMENT: Wins Confirmation of 3rd Amended Plan
CAYOT REALTY: Taps Premier Global Capital as Financial Broker
CENTRAL AMERICA BOTTLING: Fitch Rates $500MM Unsec. Notes BB+
CHC GROUP: Announces New Contract With Wind Power

CITIZENS NATIONAL: 2nd Cir. Reinstates FDIC Suit v. Credit Suisse
CLAIRE'S INC: Cancels Plans for $100 Million IPO
CLAYTON WILLIAMS: Ares Mgmt Reports 42.8% Stake as of Jan. 13
CLAYTON WILLIAMS: Ares Stockholders OK Proposed Noble Energy Merger
CLAYTON WILLIAMS: S&P Puts 'CCC+' CCR on CreditWatch Positive

CLAYTON WILLIAMS: To Be Acquired by Noble Energy for $2.7 Billion
COMSTOCK MINING: Reveals $10.7 Million Strategic Refinancing
COMSTOCK RESOURCES: Westcott Reports 8.49% Stake as of Jan. 11
CORENO MARBLE: Unsecured Creditors to be Paid 25% Over 72 Months
DEWEY & LEBOEUF: Former Execs' Bid for Cross-Examination Underway

DEWEY & LEBOEUF: Indictment Against Warren Dismissed
DEWEY & LEBOEUF: SEC, NY DA Balk at Trustee's Bid to Destroy Docs
DIAMOND SHINE: Disclosure Statement Hearing on March 23
EDUCATION MANAGEMENT: 2nd Cir. Clears Out-of-Court Restructuring
EFTENI INC: Asks Court to Approve Disclosure Statement

EFTENI INC: Feb 21 Plan, Disclosures Joint Hearing
ESTATE OF IDA LEE: Case Summary & 3 Unsecured Creditors
FANSTEEL INC: Seeks to Employ Clark Hill as Environmental Counsel
FEDERAL IDENTIFICATION: March 1 Plan Confirmation Hearing
FIRST PHOENIX-WESTON: Sabra Objects to Joint Disclosure Statement

FIRST WIVES ENTERTAINMENT: Taps Sublett as Financial Advisor
FOUR CORNERS: U.S. Trustee Unable to Appoint Committee
FRAC TECH: Bank Debt Trades at 19% Off
FRESH & EASY: 7 Eleven and Sahotas Buying Liquor License for $10K
GELTECH SOLUTIONS: Issues Michael Reger $100,000 Convertible Note

GENERAL MOTORS: Says Phillips Can't Challenge Settlement
GERALEX INC: Asks Court to Approve Disclosure Statement
GOLFSMITH INTERNATIONAL: $22M Sale of Headquarters Okayed
GREAT BASIN: $1.4M 2016 Notes Converted Into Shares as of Jan. 6
GREYSTONE LOGISTICS: Posts $41,000 Net Income for Second Quarter

GROSS FAMILY: Case Summary & 5 Unsecured Creditors
HERCULES OFFSHORE: Enterprise Wins Auction with $24MM Bid
HIS GRACE OUTREACH: Voluntary Chapter 11 Case Summary
HOLY NAZARENE DELIVERANCE: Maltz to Auction Brooklyn Property
HORSEHEAD HOLDING: Appoints Wayne Isaacs as Permanent Chairman

HOWARD AVENUE: Taps Farrell & Patel as Counsel in Oil Spill Suit
IMMUCOR INC: Bank Debt Trades at 4% Off
IMMUCOR INC: Incurs $12.8 Million Net Loss in Second Quarter
IPAYMENT INC: S&P Lowers CCR to 'CC' on Exchange Offer Agreement
J CREW GROUP: Appoints Two New Directors

JOHN J. GORMAN IV: Trustee Selling Escondida Interests for $80K
KANE CLINICS: U.S. Trustee Unable to Appoint Committee
KENDALL LAKE: Unsecureds to Recoup 75% Under Amended Plan
LIVE OAK: Court Conditionally Approves Disclosure Statement
LUKE'S INCORPORATED: Unsecureds to be Paid 25% in 60 Months

MAGNUM HUNTER: Changes Name to Blue Ridge Mountain Resources
MARK BENJAMIN: Selling Clarendon Hills Property for $1.1 Million
MAXI CONTAINER: Selling All Assets to Pay Great Lakes
MIAMI TEES: Feb. 8 Continued Disclosure Statement Hearing
MILACRON HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'B' CCR

MONAKER GROUP: Needs More Time to File Nov. 30 Form 10-Q
MOUNTAIN WEST: Asks For Conditional Approval of Plan Disclosures
MURRAY ENERGY: S&P Retains 'B-' Rating on Sr. Secured Loans
NEIMAN MARCUS: Bank Debt Trades at 13% Off
NEWARK WATERSHED: Trenk DiPasquale Fails in Bid to Dismiss Suit

NORTH FORK COMPOSITES: Sale of All Assets to CV Approved
OLMOS EQUIPMENT: Feb. 21 Plan Confirmation Hearing
ONVOY LLC: S&P Assigns 'B' CCR & Rates $35MM Revolver 'B+'
ORANGE PEEL: Has Until February 6 to File Plan of Reorganization
PARAGON OFFSHORE: Reaches Agreement with Lenders on Plan Terms

PARETEUM CORP: Corbin Reports 9.9% Equity Stake as of Dec. 27
PEABODY ENERGY: Bank Debt Trades at 3% Off
PEABODY ENERGY: Issues Statement to Address Ch.11 Filing Issues
PETROQUEST ENERGY: MacKay Shields Has 7.7% Stake as of Dec. 31
PIONEER ROOFING: Disclosure Statement Hearing Set for Jan. 31

PREMIER TRANSFER: Feb. 21 Amended Disclosure Statement Hearing
PUERTO RICO: Agency Taps Denton US to Advise on Restructuring
RAHMANIA PROPERTIES: Has Until Feb. 28 to File Exit Plan
REFUGE FAMILY CARE: Unsecureds to be Paid 15% in 60 Months
ROVI CORP: S&P Raises CCR to 'BB-', Off CreditWatch Positive

RUE21 INC: Bank Debt Trades at 62% Off
S DIAMOND STEEL: Unsecureds to Get 74% Under Ch. 11 Plan
SALTY DOG: Trade Claims to Get 75% Over 5 Years
SAMSON RESOURCES: $60M Backstop Okayed; Plan Hearing on Feb. 13
SCRIPSAMERICA INC: Files Ch. 11 Plan of Liquidation

SEER ENVIRONMENTAL: Amended Disclosure Statement Filed
SHEPHERD AVE REALTY: Unsecureds to Get 100% in 5Yrs at 5%
SHRI NATHJI: Unsecureds to Get 0% Under Liquidation Plan
SINGLETON CREEK: U.S. Trustee Unable to Appoint Committee
SOTO REEFER: Banco Popular To Be Given Copy of Plan Disclosures

SPI ENERGY: Gets Delinquency Notice From NASDAQ
STONE ENERGY: Seeks to Hire Porter Hedges as Bankruptcy Co-Counsel
TELECOMMUNICATIONS MANAGEMENT: S& Puts 'B' CCR on CreditWatch Pos.
TEMPLE SQUARE: Taps NAI Cummins Real Estate as Broker
THOMAS M COOLEY: S&P Lowers Rating on Series 2014 Bonds to 'BB'

TOKYO PARK: Hires DelBello Donnellan as Attorneys
TRANSGENOMIC INC: Enters Into Waiver Agreement Investors
TRANSMAR COMMODITY: U.S. Trustee Forms 3-Member Committee
TRANSTAR HOLDING: S&P Assigns 'B' Rating on $69.7MM DIP Term Loan
TRIANGLE USA: Disclosures Okayed; Confirmation Hearing on Feb. 14

TRIANGLE USA: Ranger to Get 33% Under Second Amended Plan
ULTRA PETROLEUM: Equity Panel Fights Claims Classification Bid
ULTRA PETROLEUM: Rockies Settlement Paves Way for New Contract
ULTRA PETROLEUM: Settles Rockies Express' $303M Contract Claim
ULTRA PETROLEUM: Sr. Creditor Panel Urges Court to OK Trustee Bid

ULTRA PETROLEUM: Trustee to "Burden" Ch.11 Process, Expert Says
USA DISCOUNTERS: Needs Until March 17 to Solicit Plan Acceptances
VECTOR GROUP: S&P Assigns 'BB-' Rating on Proposed $850MM Notes
VENUS HOSPITALITY: Supplemental Disclosure Statement Denied
VIRGIN ISLANDS: Fitch Lowers Issuer Default Rating to 'B'

WATTS PERFECTIONS: Taps Gardner Law Offices as Counsel
WILSON AVE: Maltz to Auction Brooklyn Property on Feb. 9
[*] Eric Cohen, Bill Welnhofer Join Birch Lake
[*] Kane Russell's Binford & Locke Lord's Beck Join Gardere Wynne
[*] Supreme Court Hears Argument in Midland Funding Appeal

[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

                            *********

ABENGOA BIOENERGY: Intends to File Reorganization Plan by April 19
------------------------------------------------------------------
Abengoa Bioenergy US Holding, LLC and its debtor affiliates, ask
the U.S. Bankruptcy Court for the Easter District of Missouri to
extend their exclusive periods for filing a chapter 11 plan of
reorganization, and for soliciting acceptances to the plan to April
19, 2017 and June 18, 2017, respectively.

The Debtors seek these extensions to preserve the efficiency of the
plan process and to allow them to remain focused on negotiations
with the Committee and other stakeholders to formulate a chapter 11
plan that will maximize the value to the Debtors' creditors and
estates.

The Debtors relate that since the commencement of their chapter 11
cases, the Debtors and their professionals have undertaken
substantial efforts to accomplish three major tasks: (1) assuring
smooth transition to operating as debtors in possession in chapter
11 cases; (2) restarting two ethanol production facilities that had
been shuttered in late 2015 due to the lack of funding; and (3)
consummating a sale process for substantially all of the Debtors'
assets.

The Debtors further relate that they have worked diligently with
their advisors to obtain DIP Financing, and to develop a budget
that would enable to the Debtors to accomplish their near-term
operational goals, instill  confidence in their suppliers,
customers, and employees, and facilitate the marketing process in
order to maximize the value of the Debtors' assets.

The Debtors contend that prior to the sale, the Debtors ran complex
operations and dealt with a variety of constituencies.  After
months of marketing efforts, the Debtors completed the sale process
for substantially all of their assets.

Over the past several months, the Debtors have been working
diligently with their advisors to develop a chapter 11 plan in
conjunction with the Committee.  Currently, the Debtors are
continuing to work with the Committee and other key stakeholders to
finalize a consensual chapter 11 plan.  

The Debtors believe that, with the substantial progress made with
the Committee in formulating a consensual chapter 11 plan, an
additional extension of the Exclusivity Periods will ensure that
the Debtors have the opportunity to remain focused on finalizing
the chapter 11 plan process so that these cases are administered as
efficiently as possible for the benefit of the Debtors' creditors.


A hearing will be held on February 15, 2017 at 10:00 a.m. to
consider the Debtors' request for exclusivity extension. Any
objections are due on February 8, 2017.

           About Abengoa Bioenergy US Holding, LLC.

Abengoa Bioenergy is a collection of indirect subsidiaries of
Abengoa S.A., a Spanish company founded in 1941. The global
headquarters of Abengoa Bioenergy is in Chesterfield, Missouri.  

With a total investment of $3.3 billion, the United States has
become Abengoa S.A.'s largest market in terms of sales volume,
particularly from developing solar, bioethanol, and water
projects.

Spanish energy giant Abengoa S.A. is an engineering and clean
technology company with operations in more than 50 countries
worldwide that provides innovative solutions for a diverse range of
customers in the energy and environmental sectors.  Abengoa is one
of the world's top builders of power lines transporting energy
across Latin America and a top engineering and construction
business, making massive renewable-energy power plants worldwide.

On Nov. 25, 2015, in Spain, Abengoa S.A. announced its intention to
seek protection under Article 5bis of Spanish insolvency law, a
pre-insolvency statute that permits a company to enter into
negotiations with certain creditors for restricting of its
financial affairs.  The Spanish company is facing a March 28, 2016,
deadline to agree on a viability plan or restructuring plan with
its banks and bondholders, without which it could be forced to
declare bankruptcy.

Gavilon Grain, LLC, et al., on Feb. 1, 2016, filed an involuntary
Chapter 7 petition for Abengoa Bioenergy of Nebraska, LLC ("ABNE")
and on Feb. 11, 2016, filed an involuntary Chapter 7 petition for
Abengoa Bioenergy Company, LLC ("ABC").  ABC's involuntary Chapter
7 case is Bankr. D. Kan. Case No. 16-20178. ABNE's involuntary Case
is Bankr. D. Neb. Case No. 16-80141. An order for relief has not
been entered, and no interim Chapter 7 trustee has been appointed
in the Involuntary Cases. The petitioning creditors are represented
by McGrath, North, Mullin & Kratz, P.C.

On Feb. 24, 2016, Abengoa Bioenergy US Holding, LLC and five
affiliated debtors each filed a Chapter 11 voluntary petition in
St. Louis, Missouri, disclosing total assets of $1.3 billion and
debt of $1.2 billion.  The cases are pending before the Honorable
Kathy A. Surratt-States and are jointly administered under Bankr.
E.D. Mo. Case No. 16-41161.

The Debtors have engaged DLA Piper LLP (US) as counsel, Armstron
Teasdale LLP as co-counsel, Alvarez & Marsal North America, LLC as
financial advisor, Lazard as investment banker and Prime Clerk LLC
as claims and noticing agent.


ADAMSVILLE PROPERTIES: Court Extends Plan Filing Period to April 20
-------------------------------------------------------------------
Judge Thomas P. Agresti of the U.S. Bankruptcy Court for the
Western District of Pennsylvania extended the the exclusive period
during which only the Debtor may file a plan from January 20, 2017
to April 20, 2017.

The Troubled Company Reporter had earlier reported that the Debtor
sought extension of its exclusivity period in order to allow more
time for its sales efforts and to analyze whether or how to
generate income for the payment of real estate taxes, perhaps by
lease of the property.  In addition, the Debtor told the Court that
bar date for filing proofs of claim does not pass until March 16,
2017.  As such, an extension of time would be appropriate in the
Debtor's effort to know the scope of all claims filed against it
before filing a plan.

                         About Adamsville Properties

Adamsville Properties, LLC, sought Chapter 11 protection (Bankr.
W.D. Pa. Case No. 16-10923) on September 22, 2016.  The Petition
was signed by its President, John Medas.  At the time of filing,
the Debtor had both assets and liabilities estimated to be between
$100,000 to $500,000 each.

The Debtor is represented by Michael P. Kruszewski, Esq., at The
Quinn Law Firm. The Debtor seeks to employ Re/Max Hometown Realty
as its real estate broker.

An official committee of unsecured creditors has not been appointed
in the Chapter 11 case.


ADVANCED SOLIDS: Sale of Carlsbad Property for $250K Approved
-------------------------------------------------------------
Judge Ronald B. King of the U.S. Bankruptcy Court for the Western
District of Texas authorized Advanced Solids Control, LLC's sale of
real property described as 3906 N. Pat Garrett Ct., Carlsbad, New
Mexico, to James A. and Lilia Pletenik for $250,000.

The sale of the real property is free and clear of all liens,
claims and encumbrances.

Should the sale to the Purchasers not close, the Debtor may sell
the real property to any third party for the minimum cash sales
price in the amount of $250,000.

Ordinary closing costs, including real estate commissions (if any)
and the local ad valorem taxing authorities (pro-rated through
closing), are to be paid in full at closing.

The liens of First National Bank of Beeville will automatically
attach to the net sales proceeds based upon their prepetition
priority, and the claim of First National Bank of Beeville paid
directly from the closing in partial satisfaction of First National
Bank of Beeville's outstanding balance.

                  About Advanced Solids Control

Advanced Solids Control, LLC, is an oilfield service company
specializing in solids control for land-based oil and gas drilling
operations.

Advanced Solids sought Chapter 11 protection (Bankr. W.D. Tex.
Case No. 16-52748) on Dec. 2, 2016.  The petition was signed by W.
Lynn Frazier, managing member.  The Debtor estimated assets in the
range of $0 to $50,000 and $500,001 to $1,000,000 in debt.

The Debtor tapped William R. Davis, Jr., Esq., at Langley &
Banack, Inc. as counsel.


ALLWAYS EAST: To Auction All Assets on Feb. 15
----------------------------------------------
Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern
District of New York authorized Allways East Transportation, Inc.'s
bidding procedures in connection with the sale of substantially all
assets by auction on Feb. 15, 2017 at 12:00 p.m. (EST).

The Debtor is authorized to conduct the auction for the sale of the
assets in accordance with the Bidding Procedures, as amended, which
Bidding Procedures, including the Break Up Fee and Expense
Reimbursement contained therein.

In order for a potential purchaser of the assets to be a Qualified
Bidder, its bid must comply with the Bidding Procedures and be
received no later than 5:00 p.m. (EST) on Feb. 13, 2017.

The Debtor, together in consultation with its professionals,
reserves the rights to extend the Bid Deadline to review the bid of
a potential Qualified Bidder that it deems may participate in and
enhance the auction.

If the Purchaser and the Debtor enter into an APA in accordance
with the LOI, and such APA is no longer subject to any
contingencies, the Purchaser will be deemed to have submitted a
Qualified Bid.

The Debtor will determine whether a submitted bid is a Qualified
Bid and whether a bidder is a Qualified Bidder.  In the event that
a dispute arises between the Debtor and any other party as the
whether a submitted bid is a Qualified Bid or a bidder is a
Qualified Bidder such parties may request a determination by the
Court.

If any Qualified Bids are received in accordance with the Bidding
Procedures and the Order, the Debtor will conduct an auction on
Feb. 15, 2017 at 12:00 p.m. (EST) at the offices of DelBello
Donnellan Weingarten Wise & Wiederkehr, LLP, One North Lexington
Avenue, 11th Floor, White Plains, New York, or such other location
timely communicated to all parties interested in attending the
auction.

The Debtor will designate the Successful Bidder and Back-up Bidder,
as provided in the Bidding Procedures, at the conclusion of the
auction, or as soon thereafter as is practicable.

If no Qualified Bid , other than the Qualified Bid of the
Purchaser, is timely received, the Debtor may exercise its right to
cancel the auction, and is authorized to proceed to seek approval
of the Qualified Bid of the Purchaser at the Sale Hearing.

All parties to any unexpired executory contract and/or unexpired
lease with the Debtor will file and serve a notice of executory
contract/lease cure amount no later than Feb. 3, 2017 at 5:00 p.m.

If a contract counterparty files a timely objection that cannot be
resolved, the Court may hear such objection at the Sale Hearing.
Further, objections by contract counterparties that object solely
to the cure amount may not prevent or delay the assumption or
assignment or the assigned contracts; provided, that the successful
purchaser's bid provides for payment of any allowed cure amount or
such other amount as may be agreed to by the parties.  If a party
objects solely to the cure amount, the Debtor may hold the claimed
cure amount in reserve pending further order or mutual agreement of
the parties and the Debtor can then, without further delay, and
subject to the preceding sentence, assume and assign any assigned
contract that is the subject of the objection.  Under such
circumstances the objecting parties' cure recourse is limited to
the funds in reserves.  

The Debtor's decision to assume and assign any contract is subject
to court approval and consummation of the sale of the assets.
Absent such sale, such agreements will not be deemed assumed nor
assigned and will in all respects be subject to further
administration.

Notwithstanding anything contained in the Order, the Motion or the
Bidding Procedures, in the event that either (a) no Qualified
Bidder(s) offers, in cash, the full amount of Advantage Funding's
secured claim for the purchase of Advantage's Collateral; or (b)
Advantage does not otherwise consent to either (i) a lesser cash
offer for its collateral or (ii) an assumption of its secured claim
by any Qualified Bidder, or any combination of (i) and (ii), then,
in such event Advantage will have the right to credit bid its
secured claim in the amount of $594,128 with respect to Advantage's
Collateral.

Counsel to the Debtor will file with the Court a Report of Auction
no later than Feb. 17, 2017, which report will  indicate, among
other things, the bidders in attendance at the auction, and the
identity of the Successful Bidder(s) and amount of bid, and the
identity of the Back-up Bidder and amount of its bid, if any.

A hearing will be held on Feb. 23, 2017 at 10:00 a.m. (EST), or as
soon thereafter as counsel may be heard, to confirm the results of
the auction, authorize the sale of the assets, based upon the
results of the auction, and grant such other related relief as may
be deemed necessary or proper by the Court.

Objections to the relief to be considered at the Sale Hearing will
be filed on Feb. 21, 2017 before 5:00 p.m. (EST); provided that the
Court will also consider at the hearing objections to adequate
assurance of future performance for any successful purchaser other
than the Purchaser.

Notwithstanding the possible applicability of Bankruptcy Rules
6004(h), 7062, 9014 or otherwise, the terms and conditions of the
Order will be immediately effective and enforceable upon its
entry.

              About Allways East Transportation

Headquartered in Yonkers, New York, Allways East Transportation
Inc. filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y.
Case No. 16-22589) on April 28, 2016.  The petition was signed by
Marlaina Koller, vice president.  Judge Robert D. Drain presides
over the case.  Erica Feynman Aisner, Esq., and Julie Cvek Curley,
Esq., at Delbello Donnellan Weingarten Wise & Wiederkehr, LLP,
serves as the Debtor's bankruptcy counsel.  The Debtor estimated
assets and liabilities at $1 million and $10 million at the time
of
the filing.



AMERICAN CONTAINER: Morris to Auction Personal Property on Feb. 10
------------------------------------------------------------------
American Container, Inc., asks the U.S. Bankruptcy Court for the
Western District of Tennessee to authorize the sale of personal
property by public auction to be conducted by Morris Auction Group
on Feb. 10, 2017.

The Debtor has exercised its sound business judgment in determining
that certain items of personal property should be sold, as they are
no longer needed for the continued operation of the Debtor and do
not contribute significant value to the business as a going
concern.  This personal property consists of trucks and trailers.

A copy of the list of assets to be sold attached to the Motion is
available for free at:

       http://bankrupt.com/misc/American_Container_81_Sales.pdf

The sale is proposed to be made free and clear of all liens, claims
and interests.

The Auctioneer proposes to charge a buyer's premium of 10% and a
seller's commission of 10% to be retained by the Auctioneer.  In
addition, the Auctioneer will receive reimbursement for actual
expenses subject to approval of the Court at a later date.

The Debtor believes that CM Sterling, LLC, holds the only valid,
perfected security interest in the subject property.

The Debtor respectfully asks the Court to approve the proposed sale
free and clear of liens, claims and interests, authorize the Debtor
to disburse the net proceeds of sale to CM Sterling to the extent
of its allowed secured claim, and for such other relief as the
Court may deem proper.

                        About American Container

American Container, Inc., filed a chapter 11 petition (Bankr. W.D.
Tenn. Case No. 16-26399) on July 15, 2016.  The petition was
signed
by Steve Harris, president.  The Debtor is represented by Russel
W.
Savory, Esq., at Beard & Savory, PLLC.  The case is assigned to
Judge Paulette J. Delk.  The Debtor disclosed total assets at
$2.55
million and total debts at $4.30 million at the time of the
filing.

No official committee of unsecured creditors has been appointed in
the
Chapter 11 case of American Container.


ARABELLA EXPLORATION: Taps Rehmann Turnaround's Hoebeke as CRO
--------------------------------------------------------------
Arabella Exploration, LLC seeks permission from U.S. Bankruptcy
Court for the Northern District of Texas Fort Worth Division to
employ Rehmann Turnaround and Receivership and Charles Hoebeke as
Chief Restructuring Officer.

Rehmann, through Mr. Hoebeke, has been providing and will continue
to:

     a. prepare analyses and data required under the Debtor's
financing documents;

     b. manage the Debtor's cash, prepare ongoing forecasts of the
cash flows and operations, and monitor and analyze operational and
financial condition;

     c. oversee the development of a business restructuring plan
and potential sale of assets;

     d. manage the Debtor's negotiations with its creditor
constituencies, including negotiations relating to the Debtor's
restructuring;

     e. advise the Debtor's sole member on restructuring matters;
and

     f. provide other services as necessary.

The billing rates for professionals are:

     Charles Heobeke                              $275 per hour
     Chantal Eikey or other managers              $225 per hour
     Haley Obetts; Marco Giardini or other staff  $150 per hour

Out of pocket expenses (including transportation, lodging, meals,
communications, supplies, copying, etc.) will be billed at the
actual amounts incurred.

Charles Hoebeke attests that neither he, nor Rehmann, nor any of
its principals, employees, agents or affiliates, have any
connection with Debtor, its creditors, the United States Trustee,
or any other party with an actual or potential interest in this
Chapter 11 Case, or their respective attorneys or accountants.

The Firm can be reached through:

     Charles Hoebeke
     REHMANN TURNAROUND AND RECEIVERSHIP
     2330 E. Paris Ave SE
     Grand Rapids, MI 49546
     Tel: 616.975.4100
     Fax: 616.975.4400

                    About Arabella Exploration LLC

Arabella Exploration, LLC filed a voluntary petition for relief
under chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
17-40120) on January 8, 2017.  The petition was signed by Charles
(Chip) Hoebeke, manager.

The case is assigned to Judge Russell F. Nelms in Ft. Worth, Texas.
Raymond W. Battaglia, Esq. of the Law Offices of Ray Battaglia,
PLLC represents the Debtor.

Upon filing, the Debtor estimated $1 million to $50 million in
assets and liabilities.  The Debtor did not include a list of its
largest unsecured creditors when it filed the petition.


ARMADA WATER: Court Moves Plan Filing Deadline to March 20
----------------------------------------------------------
Judge David R. Jones of the U.S. Bankruptcy Court for the Southern
District of Texas extended the exclusive periods during which
Armada Water Assets, Inc. and its subsidiaries may file and solicit
acceptances of a plan to March 20, 2017 and May 19, 2017,
respectively

The Troubled Company Reporter had earlier reported that the Debtors
initially requested for a 120-day extension due to the then-recent
appointment of the official committee of unsecured creditors and
discovery of a previously unknown Joint Development Agreement with
RecyClean Consulting Services, Inc. The Court granted the request,
but only for 90 days for each period.  Thereafter, the Debtors
sought a second extension of 30 days for each period, which the
Court granted, which would expire on January 18, 2017 and March 20,
2017, respectively.

The Debtors told the Court that they had investigated the JDA and,
together with the Committee, and had reached an agreement in
principle with RecyClean regarding a global settlement of their
mutual claims, which will be incorporated into a plan of
reorganization that is likely to have the support of the
Committee.

Since that time, the Debtors had been drafting their plan of
reorganization. However, pursuant to the terms of the Debtors'
post-petition financing, the drafting and subsequent prosecution of
any plan remains subject to the approval of a proposed Phase 2
Budget. For reasons beyond the Debtors' control, the DIP Lenders
have not yet approved the Phase 2 Budget proposed by the Debtors on
December 12, 2017.

In addition, due to scheduling conflicts, the members of the
Debtors' board of directors will not be able to meet to discuss the
contemplated plan until shortly before (or perhaps shortly after)
the current exclusivity date.

Although the Debtors had reached agreements in principle with
RecyClean and the Committee regarding a term sheet for a plan of
reorganization, the Debtors contended that specific terms of the
plan and associated documentation remain to be drafted, which would
require additional time to negotiate the details, and their
embodiment in the plan to be filed, with these key constituencies.
The Debtors further contended that final resolution of the JDA
issue affects the type of plan the Debtors file and, thus, the JDA
is an unresolved contingency that may impact the plan.

                 About Armada Water Assets, Inc.

Armada Water Assets, Inc., and its affiliates sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 16-60056) on May 23, 2016.  The petitions were signed by Tom
Breen, chief restructuring officer.  

The cases are pending before Judge David R. Jones.  The Debtors
estimated assets and liabilities in the range of $10 million to $50
million.

Initially, the Debtors were represented by Benjamin Warren Hugon,
Esq., Veronica Faye Manning, Esq. and Hugh Massey Ray, III, Esq. at
McKool Smith, P.C., Houston, TX.  The Debtors hire Pillsbury
Winthrop Shaw Pittman LLP as its new legal counsel.  Olsen Skoubye
& Nielson, LLC serves as their special counsel; and Barnet B.
Skelton, P.C. as their Conflicts Counsel.

The U.S. Trustee on Aug. 18, 2016, appointed two creditors of
Armada Water Assets, Inc., et al., to serve on the official
committee of unsecured creditors.  The committee members are:
Pac-Van, Inc., and M & M Excavation Inc.  The Committee hired
Hoover Slovacek LLP as its legal counsel.


ATOPTECH INC: In Bankruptcy 10 Months After Copyright Suit Verdict
------------------------------------------------------------------
Matt Chiappardi, writing for Bankruptcy Law360, reported that
ATopTech Inc. sought Chapter 11 protection about 10 months after a
California federal jury hit it with a $30 million verdict on
accusations of infringing Synopsys Inc.'s copyrights.

As reported by the Troubled Company Reporter, the Debtor's three
largest unsecured creditors are:

   Entity                          Nature of Claim   Claim Amount
   ------                          ---------------   ------------
Synopsys, Inc.                     District Court    $30,400,000
690 E Middlefield Rd.               Action Award
Mountain View, CA 94043                Jury

Arnold & Porter LLP                  Legal Fees       $2,713,844
P.O. Box 759451
Baltimore, MD
21275-9451

Tasman East Parcel                 Real Property        $300,631
56 Owner LLC                      Lease Agreement
621 Capital Mall
Sacramento, CA 95814

Pursuant to section 341 of the Bankruptcy code, the meeting of
creditors has yet to be established in this case.

Contemporaneous with the filing of the Chapter 11 petition,
ATopTech filed a motion to sell its businesses under section 363 of
the Bankruptcy Code and has selected a stalking horse bidder.  The
Company expects that a bankruptcy auction will take place in
mid-March 2017 and the sale will be completed by March 31, 2017.

ATopTech, Inc. -- http://www.atoptech.com/-- an electronic design
automation software company developing software solutions for
engineers to assist them in the physical design of integrated
circuits, filed a Chapter 11 bankruptcy petition (Bankr. D. Del.
Case No.  17-10111) on January 13, 2017, before the Hon. Mary F.
Walrath.  The Company listed between $10 million and $50 million in
both assets and liabilities.

ATopTech has retained Dorsey & Whitney as bankruptcy counsel and
Cowen and Company as its investment banker.  Wilson Sonsini
Goodrich & Rosati, Professional Corporation, serves as corporate
and transactional counsel to ATopTech.  Grant Thornton serves as
tax counsel; and Arnold & Porter serves as litigation counsel.
Epiq Bankruptcy serves as claims and notice agent.


BAILEY TOOL: Comerica Bank Opposes Approval of Exit Plan
--------------------------------------------------------
Comerica Bank asked a U.S. bankruptcy court to deny approval of
Bailey Tool & Manufacturing Company's plan to exit Chapter 11
protection, saying the company should not be allowed to use
"encumbered funds" to pay unsecured creditors.

Bailey has proposed to pay unsecured creditors from proceeds
recovered from a lawsuit it filed against Republic Business Credit,
LLC.  Comerica asserts a lien on and security interest in the
proceeds.

"Comerica has not consented to the debtors' use of proceeds of the
RBC litigation nor has Comerica voluntarily subordinated its claim
to the RBC litigation proceeds," said the bank's lawyer, Rakhee
Patel, Esq., at Winstead PC.

Under the latest plan, general unsecured creditors of the company,
Hunt Hinges Inc. and Cafarelli Metals Inc. will receive a pro rata
share of the proceeds.  

General unsecured creditors may or may not receive a distribution
under the plan depending upon the outcome of the litigation and
whether or not Comerica has a lien on the proceeds, according to
the company's latest disclosure statement filed on Jan. 3.

A copy of the amended disclosure statement is available for free
at:

          https://is.gd/9Iwp4k

Comerica can be reached through:

     Rakhee V. Patel, Esq.
     Phillip L. Lamberson, Esq.
     Annmarie Chiarello, Esq.
     Winstead PC
     500 Winstead Building
     2728 N. Harwood Street
     Dallas, TX 75201
     Tel: (214) 745-5400
     Fax: (214) 745-5390
  
               About Bailey Tool & Manufacturing   

Bailey Tool & Manufacturing Company and its affiliated debtors
filed for Chapter 11 protection (Bankr. N.D. Tex. Case No.
16-30503) on Feb. 1, 2016, and are represented by Melissa S.
Hayward, Esq., at Franklin Hayward LLP in Dallas, Texas.  The cases
are assigned to Judge Barbara J. Houser.  The petition was signed
by John Buttles, president.  The Debtors estimated both assets and
liabilities in the range of $1 million to $10 million.

The Debtors are in the business of metal fabrication.  Debtor BTM
operates a steel stamping facility and possesses fully integrated,
state-of-the-art tooling production capabilities.  BTM's business
focuses primarily on the manufacturing of stamped and fabricated
metal components used in the automotive, truck, defense, munitions,
industrial, and transportation industries as well as machine and
tool and die building.

Debtor HHI is a wholly owned subsidiary of BTM that manufactures
continuous hinges in stainless steel, aluminum, steel, galvannealed
steel, and galvanized steel. HHI can modify and customize any of
its continuous steel hinges to suit any purpose, and HHI
collaborates with BTM to offer a versatile stamping facility and a
state-of-the-art tool and die facility, which allows HHI to offer
complete and quick turnaround on custom stamping products to
complement its hinges.

Debtor CMI is also a wholly owned subsidiary of BTM that provides
metal slitting services, which is a shearing operation that cuts a
large roll of metal into narrower rolls. CMI offers slitting to
precision widths and can slit coiled metals of various widths and
even make use of old material by slitting unused coils, thereby
turning them into productive stock.

On February 23, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors. The committee is
represented by Fox Rothschild LLP.


BARATTA REVOCABLE TRUST: Feb. 15 Disclosure Statement Hearing
---------------------------------------------------------------
Judge Paul G. Hyman, Jr., of the U.S. Bankruptcy Court for the
Southern District of Florida will convene a hearing on Feb. 15,
2017, at 9:30 a.m. to consider approval of The Patrick A. Baratta
Revocable Trust's disclosure statement and plan, dated Dec. 19,
2016.

The last day for filing and serving objections to the disclosure
statement is Feb. 8, 2017.

The Troubled Company Reporter previously reported that the Plan
proposes to give general unsecured creditors a distribution of
4.98% of their allowed claims.

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

        http://bankrupt.com/misc/flsb16-13168-47.pdf

The Patrick A. Baratta Revocable Trust sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
16-13168) on March 4, 2016. The Debtor is represented by Brett A
Elam, Esq., at Farber + Elam, LLC.


BC MART EXPRESS: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: BC Mart Express LLC
        7000 Eisenhower Parkway
        Lizella, GA 31052

Case No.: 17-50113

Chapter 11 Petition Date: January 18, 2017

Court: United States Bankruptcy Court
       Middle District of Georgia (Macon)

Judge: Hon. James P. Smith

Debtor's Counsel: Joel A.J. Callins, Esq.
                  THE CALLINS LAW FIRM, LLC
                  101 Marietta Street, Suite 1030
                  Atlanta, GA 30303-2720
                  Tel: (404) 681-5826
                  Fax: (866) 299-4338
                  E-mail: jcallins@callins.com

Estimated Assets: $1 million to $10 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Belinda Calloway, owner.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.

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

          http://bankrupt.com/misc/gamb17-50113.pdf


BENJAMIN EYE CARE: Taps BNK Murray's Michael Davis as Co-Counsel
----------------------------------------------------------------
Benjamin Eye Care, LLC seeks approval from the United States
Bankruptcy Court for the Northern District of Illinois, Eastern
Division, to employ Attorney Michael J. Davis as co-counsel to
Attorney Brian K. Wright.

Attorney Davis has agreed to assist Brian K. Wright in representing
the debtor in possession, and the debtor in possession has agreed
to employ Messrs. Wright and Davis as co-counsel, under the usual
and customary terms relevant to their offices, including the
provision that certain attorneys as well as non-attorney employees
of Messrs. Wright and Davis may from time to time perform work at
standard hourly rates as adjusted from time to time.

Mr. Davis' professional fee is at $375 per hour.

Mr. Davis attests that he is a "disinterested persons" within the
meaning of 11 U.S.C. Section 101(14).

The Attorney can be reached through:

     Michael J. Davis, Esq.
     BKN MURRAY LLP
     2777 W. Finley Rd., St. 12
     Downers Grove, IL 60515
     Tel: 630-915-3999
     Email: mdavis@bknmurray.com

                       About Benjamin Eye Care, LLC

Benjamin Eye Care, LLC filed a voluntary petition under Chapter 11
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 16-36409) on
November 15, 2016.  The Debtor is represented by Brian K Wright,
Esq., partner at Brian Wright & Associates, P.C.


BGM PASADENA: Sale of Pasadena Property to Rankin for $12.6M Denied
-------------------------------------------------------------------
Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central
District of California denied BGM Pasadena, LLC's sale of real
property commonly known as 210, 244 & 248 S. Orange Grove, Blvd,
Pasadena, California, to Rankin Villa, LLC for $12,600,000.

A hearing on the Motion was held on Jan. 11, 2017 at 11:00 a.m.

The Debtor filed the case to protect its assets while completing
the terms and payments of the 2012 Plan.  In that spirit, on Jan.
22, 2016, the Debtor filed a plan that treated all creditors as
unimpaired and paid creditors in-full prior to maturity of the
loans.  The plan was modified on Feb. 10, 2016, and set for hearing
on March 9, 2016.  On March 15, 2016, Pasadena Apts-7, LLC,
("PA-7") filed 2 motions for relief from the automatic stay.  At
the March 9, 2016, hearing, the Court, disagreeing with the
Debtor's contention that no disclosure statement was required
because no voting would be solicited on the unimpaired plan, found
the Plan failed to satisfy 11 U.S.C. Section, and granted PA-7
relief from the automatic stay to foreclose on the Property.  On
June 6, 2016, unable to secure a stay pending appeal and to avoid
the foreclosure sales scheduled for June 7, 2016, a capital
contribution in the amount of PA-7's demand ($5,368,583), was made
to the Debtor and transferred to PA-7.

As detailed supra in the Statement of Facts, since commencement of
the Case the Debtor has endeavored to pay all creditors in-full
prior to maturity.  The Debtor still desires to effectuate this
intention, but has come to realize that the Property, which has an
appraised value of $12,600,000 has become a distraction to certain
creditors who are more preoccupied with how to own the Property
than how to get paid.  In light of that fact and the current
procedural posture of the case, including the expiration of
exclusivity and a pending motion for relief from stay, the Debtor
proposes to effectuate its need to obtain financing through a sale
of the Property to Rankin Villa.  Rankin Villa was formed in
response to lender requirements that the borrower be a bankruptcy
remote, single purpose entity. The Purchaser has common ownership
with the Debtor, and should be considered an insider related
entity.  

                      About BGM Pasadena

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


BJ'S WHOLESALE: S&P Affirms 'B-' CCR on Refinancing
---------------------------------------------------
S&P Global Ratings affirmed its 'B-' corporate credit rating on
Westborough, Mass.-based warehouse club operator BJ's Wholesale
Club Inc.  The outlook is stable.

BJ's plans to refinance its capital structure and issue additional
debt with proceeds to pay a dividend to its owners including
Leonard Green and CVC Capital.  

At the same time, S&P assigned a 'B-' issue-level rating to the
company's new $1.85 billion first-lien term loan.  The recovery
rating is '3' indicating S&P's expectation for meaningful recovery
toward the low end of the 50% to 70% range in its default scenario.
S&P also assigned a 'CCC' issue-level rating to new $600 million
second-lien term loan with '6' recovery rating that indicates S&P's
expectation for negligible (0 to 10%) recovery.  

"The affirmation reflects our belief that BJ's will be able to
modestly deleverage over the next 12 months, primarily driven by
profit growth.  Pro forma for the transaction, leverage will
increase to a very high 7.7x from 6.6x at Oct. 29, 2016.  However,
profit trends have been improving with EBITDA margins advancing to
5.6% for the 12 months ended Oct. 29, 2016, compared with 5.2%
margins for the comparable period a year ago," said credit analyst
Andy Sookram.  "We expect profitability will continue to improve on
operational initiatives including better merchandise sourcing and
other cost reduction programs."  

The stable outlook on BJ's reflects S&P's view that the decline in
same-store sales will moderate over the next 12 months and the
company will generate modest profit growth as it benefits from its
good position in the discount warehouse segment of the retail
industry, retains and gains new customers, and realizes additional
cost leverage from its operating initiatives.  S&P expects EBITDA
margin in the low-6% area by the end of this fiscal year and
leverage to improve to approximately low-7x on profit growth.

S&P could lower the ratings if competitive pressures or operational
inefficiencies lead to membership attrition and market share loss,
such that declining profitability contributes to liquidity erosion.
If S&P believes leverage will trend toward 9x, it could lower the
ratings.  S&P would also review free operating cash flow in making
this assessment and if this declined to around $100 million or
less, assuming normal investment spending and working capital
management, would further support a downgrade.

S&P does not consider a higher rating likely in the next year
because of S&P's expectation for only modest profitability gains
since S&P believes deleveraging will occur mostly through profit
growth.  However, an upgrade would be predicated on BJ's
performance trends and its ability to improve its credit profile
such that debt-to-EBITDA remains at about 6x or less.  S&P would
also consider the likelihood and magnitude of another potential
debt-funded dividend to the private-equity sponsors as part of
S&P's assessment for an upgrade.


BLUE BEE: Seeks May 17 Extension of Exclusive Plan Filing Period
----------------------------------------------------------------
Blue Bee, Inc. requests the U.S. Bankruptcy Court for the Central
District of California to extend the Debtor's exclusive periods to
file a plan of reorganization and obtain acceptances,  to and
including May 17, 2017 and July 17, 2017, respectively.

The Debtor submits that given the retail nature of its business,
the future of many, if not all, of the Debtor's Retail Stores and
the Debtor’s ultimate reorganization strategy hinge upon the
Debtor's evaluation of the Retail Stores and negotiations with its
landlords.

While the Debtor has begun to undertake the process of evaluating
the financial performance of its Retail Stores and negotiating with
its landlords for rent concessions and other lease modifications,
the Debtor does not believe it will be able to complete such
evaluation and negotiations, and then formulate and file a Plan,
within its current exclusive period for filing a Plan (which would
expire on February 16, 2017, unless extended).

Furthermore, to formulate a feasible Plan, the Debtor requires
additional time to evaluate the post holiday sales performance of
the Retail Stores, to allow the proposed claims bar date -- which
the Debtor has requested that the Court establish as March 31, 2017
-- to pass, and to carefully analyze the amount, validity, and
extent of the claims asserted against the Debtor which must be
addressed in the Plan. The Bar Date motion is currently still
pending Court approval.

                   About Blue Bee Inc.

Blue Bee, Inc., d/b/a ANGL, filed a chapter 11 petition (Bankr.
C.D. Cal. Case No. 16-23836) on Oct. 19, 2016.  The petition was
signed by Jeff Sungkak Kim, president.  The Debtor is represented
by Juliet Y. Oh, Esq., at Levene, Neale, Bender, Yoo & Brill LLP.
The case is assigned to Judge Sandra R. Klein.  The Debtor
estimated assets and liabilities at $1 million to $10 million.

The Debtor is a retailer doing business under the "ANGL" brand
offering stylish and contemporary women's clothing at reasonable
prices to its fashion-savvy customers.  As of the bankruptcy filing
date, the Debtor owns and operates 21 retail stores located
primarily in shopping malls throughout the state of California.
Since the opening of its first Retail Store in 1992 along Melrose
Avenue in Los Angeles, California, the Debtor has focused on
bringing designer fashion to a wider audience.


BLUE STAR GROUP: Taps SKMB as Accountant
----------------------------------------
Blue Star Group, Inc., Barwood, Inc., Checker Transportation
Company, Inc., City Lease, Inc., Fleet Tech, Inc., and Silver
Spring Transportation Company, seek approval from the U.S.
Bankruptcy Court for the District of Maryland to employ Edward A.
Bortnick and SKMB, P.A. as their accountants.

Professional service to be rendered by SKMB are:

     a. Preparation of the corporate, partnership, individual and
personal tax returns;

     b. Preparation of financial statements for the year ending
December 31, 2016;

     c. General accounting services;

     d. Tax services;

     e. Litigation support services;

     f. Auditing services;

     g. Forensic services;

     h. Projections;

     i. Plan analysis;

     j. Preference and avoidance action analysis;

     k. Performance analysis;

     l. Other accounting and consulting services; and

     m. Assistance in the preparation of various forms and reports
required to be filed
with various regulatory authorities.

SKMB will bill the Debtors on an hourly basis at the firm's current
rates:

     -- Edward A. Bortnick, CPA, CVA, MAFF, CFF, at $310/hour;

     -- Henry Meadows, CPA, at $310/hour; and

     -- Peggy Liu, CPA, at $225/hour.

Edward A. Bortnick, CPA, CVA, MAFF, CFF, attests that except for
being the holder of a small unsecured claim against the Debtors, he
has not had any other connection with the Debtors, their creditors,
any other party in interest, their respective attorneys and
accountants, the United States Trustee, or any person employed in
the Office of the United States Trustee.

The Firm can be reached through:

     Edward A. Bortnick, CPA, CVA, MAFF, CFF
     SKMB, P.A.
     One Central Plaza
     11300 Rockville Pike, Suite 800
     Rockville, MD 20852
     Phone: 301-468-7700
     Fax: 301-881-9243
     Email: ebortnick@skmb-cpa.com

                             About Blue Star Group

Blue Star Group, Inc., Barwood, Inc., Checker Transportation
Company, Inc., City Lease, Inc., Fleet Tech, Inc., and Silver
Spring Transportation Company, each filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code on December 20,
2016.  The petitions were signed by Lee Barnes, president.

On December 22, 2016, the U. S. Bankruptcy Court for the District
of Maryland granted the Debtors' motion seeking to have these cases
jointly administered with Blue Star Group, Inc. serving as the lead
case (Case No.: 16-26548-TJC). The case is assigned to Judge Thomas
J. Catliota.

The Debtors are represented by Alan M. Grochal, Esq., Marissa K
Lilja, Esq., and Joseph Michael Selba, Esq. of Tydings & Rosenberg,
LLP.

As of December 31, 2015, the Debtors and certain non-debtor driver
partners had approximately $4.5 million in assets and approximately
$5.4 million in liabilities. The Debtors have 57 employees.

In its petition, Blue Star Group listed under $50,000 in assets and
under $10 million in liabilities.  Barwood Inc. listed under $10
million in assets, and under $500,000 in liabilities.  Fleet Tech
listed under $100,000 in both assets and liabilities.


BLUE STAR GROUP: Taps Sparrow as Financial Advisor
--------------------------------------------------
Blue Star Group, Inc., Barwood, Inc., Checker Transportation
Company, Inc., City Lease, Inc., Fleet Tech, Inc., and Silver
Spring Transportation Company, seek approval from the United States
Bankruptcy Court for the District of Maryland to employ Suzanne
Sparrow as their financial advisor.

The professional services that Ms. Sparrow will render are:

     a. General accounting services;

     b. Preparation monthly operating reports;

     c. Preparation monthly financial reports;

     d. Compilation and preparation of required reports on an ad
hoc basis; and

     e. Assistance with various day-to-day accounting matters.

Ms. Sparrow will bill the Debtors on an hourly basis at a
discounted rate of $75 per hour. Her current hourly rate is
normally $95 an hour.

Ms. Sparrow has acted as a financial advisor and has provided
various advisory and accounting services to the Debtors for 14
years.  She attests that her previous relationship with the Debtors
does not constitute an interest or representation of an interest
adverse to the estate that precludes her from assisting the Debtors
in carrying out their duties under the Bankruptcy Code.

The Advisor can be reached through:

     Suzanne Sparrow
     Accounting & Financial Consulting
     6964 Banchory Court
     Alexandria, VA 22315
     Phone: (703) 922-3788
     Cell: (703) 472-8528
     Email: suzanne_sparrow@bookkeepinghelp.com

                             About Blue Star Group

Blue Star Group, Inc., Barwood, Inc., Checker Transportation
Company, Inc., City Lease, Inc., Fleet Tech, Inc., and Silver
Spring Transportation Company, each filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code on December 20,
2016.  The petitions were signed by Lee Barnes, president.

On December 22, 2016, the U. S. Bankruptcy Court for the District
of Maryland granted the Debtors' motion seeking to have these cases
jointly administered with Blue Star Group, Inc. serving as the lead
case (Case No.: 16-26548-TJC). The case is assigned to Judge Thomas
J. Catliota.

The Debtors are represented by Alan M. Grochal, Esq., Marissa K
Lilja, Esq., and Joseph Michael Selba, Esq. of Tydings & Rosenberg,
LLP.

As of December 31, 2015, the Debtors and certain non-debtor driver
partners had approximately $4.5 million in assets and approximately
$5.4 million in liabilities. The Debtors have 57 employees.

In its petition, Blue Star Group listed under $50,000 in assets and
under $10 million in liabilities.  Barwood Inc. listed under $10
million in assets, and under $500,000 in liabilities.  Fleet Tech
listed under $100,000 in both assets and liabilities.


BLUFF CITY SHEET: Files Plan to Exit Chapter 11 Protection
----------------------------------------------------------
Bluff City Sheet Metal, Inc., has filed with the U.S. Bankruptcy
Court for the Western District of Tennessee its proposed plan to
exit Chapter 11 protection.

Under the restructuring plan, Class 6, which is comprised of
general unsecured claims in the total amount of $1.25 million, will
be paid from the company's operating revenue on a quarterly basis.


The first payment will be due on the 30th day after the conclusion
of the quarter following the quarter in which the effective date
occurs.  General unsecured creditors will continue to receive
payments until their claims are paid in full.

Bluff City Sheet will fund the restructuring plan through revenues
derived from the operations of its business, according to the
company's disclosure statement filed on Jan. 12.

A copy of the disclosure statement is available for free at:

                      https://is.gd/WljM8n

                     About Bluff City Sheet

Bluff City Sheet Metal, Inc. is a commercial HVAC contractor,
working as a sub-contractor to general contractors.

Bluff City Sheet Metal, Inc. sought chapter 11 protection (Bankr.
W.D. Tenn. Case No. 16-24627) on May 17, 2016, and is represented
by John L. Ryder, Esq., at Harris Shelton Hanover Walsh, PLLC, in
Memphis.  At the time of the filing, the Debtor estimated its
assets and liabilities in the range of $1 million to $10 million.

On June 7, 2016, the Office of the U.S. Trustee appointed an
official committee of unsecured creditors.


BONANZA CREEK: Brown, Chipman Representing Ad Hoc Equity Panel
--------------------------------------------------------------
Brown Rudnick LLP and Chipman Brown Cicero & Cole, LLP, filed with
the U.S. Bankruptcy Court for the District of Delaware a verified
statement under Rule 2019 of the Federal Rules of Bankruptcy
Procedure in connection of the Firms' representation of the ad hoc
committee of equity security holders in the Chapter 11 bankruptcy
case of Bonanza Creek Energy, Inc., et al.

The present members of the Ad Hoc Equity Committee hold disclosable
economic interests or manage or advise certain funds and accounts
that hold disclosable economic interests in the Debtors' estates:

     a. Fir Tree Inc. (on behalf of its funds under management)  
        55 West 46th Street
        29th Floor
        New York, NY 10036
        Disclosable Economic Interest: 8,586,485 common shares

     b. HHC Primary Fund, Ltd.
        142 West 57th Street
        15th Floor
        New York, NY 10019
        Disclosable Economic Interest: 3,356,536 common shares

     c. CVI Opportunities Fund I, LLP
        140 Broadway
        47th Floor
        New York, NY 10005
        Disclosable Economic Interest: 1,650,000 common shares

     d. Silver Point Capital Offshore Master Fund, L.P.
        Two Greenwich Plaza
        Greenwich, CT 06830
        Disclosable Economic Interest: 1,403,000 common shares

     e. Silver Point Capital Fund, L.P.
        Two Greenwich Plaza
        Greenwich, CT 06830
        Disclosable Economic Interest: 897,000 common shares

     f. MatlinPatterson Global Opportunities Master Fund LP
        520 Madison Avenue
        35th Floor
        New York, NY 10022
        Disclosable Economic Interest: 1,000,800 common shares

The Firms previously filed a verified statement which stated that
MatlinPatterson Global has 692,400 common shares.

On Jan. 3, 2017, the Ad Hoc Equity Committee retained the Firms to
represent them in connection with the Ad Hoc Equity Committee's
interests as holders of common stock.  Each member of the Ad Hoc
Equity Committee, in its capacity as such, is aware of and has
consented to the Firms' representation of the Ad Hoc Equity
Committee.

No member of the Ad Hoc Equity Committee represents or purports to
represent any other entities in connection with these Chapter 11
cases.

Nothing contained in this Verified Statement will be construed as a
limitation upon, or waiver of, any rights of any member of the Ad
Hoc Equity Committee to assert, file and amend its proofs of claims
or interests in accordance with applicable law and any orders
entered in these Chapter 11 cases.

The Firms do not hold any claims against, or interests in, the
Debtors.

The Firms will amend or supplement this Verified Statement as
necessary to comply with the U.S. Bankruptcy Rule 2019.

The Firm can be reached at:

     William E. Chipman, Jr., Esq.
     CHIPMAN BROWN CICERO & COLE, LLP
     Hercules Plaza
     1313 North Market Street, Suite 5400
     Wilmington, Delaware 19801
     Tel: (302) 295-0191
     Fax: (302) 295-0199
     E-mail: chipman@chipmanbrown.com

          -- and --

     Edward S. Weisfelner, Esq.
     Bennett S. Silverberg, Esq.
     D. Cameron Moxley, Esq.
     BROWN RUDNICK LLP
     Seven Times Square
     New York, New York 10036
     Tel: (212) 209-4800
     Fax: (212) 209-4801
     E-mail: eweisfelner@brownrudnick.com
             bsilverberg@brownrudnick.com
             cmoxley@brownrudnick.com

          -- and --

     Mark S. Baldwin, Esq.
     BROWN RUDNICK LLP
     185 Asylum Street
     Hartford, Connecticut 06103
     Tel: (860) 509-6500
     Fax: (860) 509-6501
     E-mail: mbaldwin@brownrudnick.com

                    About Bonanza Creek Energy

Bonanza Creek Energy, Inc. (NYSE: BCEI) --
http://www.bonanzacrk.com/-- is an independent oil and Natural Gas
Company engaged in the acquisition, exploration, development and
production of onshore oil and associated liquids-rich natural gas
in the U.S.  The Company's assets and operations are concentrated
primarily in the Rocky Mountain region in the Wattenberg Field,
focused on the Niobrara and Codell formations, and in southern
Arkansas, focused on oily Cotton Valley sands.

As of Sept. 30, 2016, Bonanza had $1.22 billion in total assets,
$1.13 billion in total liabilities and $84.75 million in total
stockholders' equity.

On Jan. 4, 2017 Bonanza Creek Energy, Inc., and six affiliated
debtors each filed a voluntary petition for relief under Chapter
11
of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. Case No.
17-10015).  The cases are pending before the Hon. Kevin J. Carey,
and the Debtors have requested joint administration of the cases.

Davis, Polk & Wardwell LLP is acting as legal counsel, Richards,
Layton & Finger, P.A., is acting as co-counsel, Perella Weinberg
Partners LP is acting as financial advisor, Alvarez & Marsal LLC is
acting as restructuring advisor and Prime Clerk LLC is acting as
notice, claims and solicitation agent to the Company in connection
with its restructuring efforts.  

Kirkland & Ellis LLP serves as legal counsel and Evercore Group
L.L.C. serves as financial advisor to the ad hoc committee of
holders of the Senior Notes.


BPS US HOLDINGS: Ombudsman Taps Covington & Burling as Counsel
--------------------------------------------------------------
Michael St. Patrick Baxter, the consumer privacy ombudsman for the
BPS US Holdings Inc., et al. bankruptcy case, asks the United State
Bankruptcy Court for the District of Delaware for authority to
retain the law firm of Covington & Burling LLP as counsel,
effective as of January 9, 2017.

Covington will assist the Ombudsman and provide such services, as
appropriate and needed, to enable the Ombudsman to discharge his
duties.

The standard hourly rates of the Covington's partners and
associates expected to perform significant work in this case are:

     Michael St. Patrick Baxter, Partner       $1,065.00
     Yaron Dori, Partner                       $  960.00
     Elizabeth Canter, Partner                 $  760.00
     David Bender, Associate                   $  555.00
     Sari Sharoni, Associate                   $  455.00

Mr. Baxter attests that Covington is a "disinterested person," as
defined in section 101(14) of the Bankruptcy Code.

The Firm can be reached through:

     Elizabeth H. Canter, Esq.
     David J. Bender, Esq.
     COVINGTON & BURLING LLP
     One CityCenter
     850 Tenth Street, NW
     Washington, DC 20001-4956
     Tel: (202) 662-6000
     Fax: (202) 778-5226
     Email: ecanter@cov.com
            dbender@cov.com

                            About BPS US Holdings

OExeter, N.H.-based Performance Sports Group Ltd. (NYSE: PSG)
(TSX:
PSG) -- http://www.PerformanceSportsGroup.com/-- is a developer  
and manufacturer of ice hockey, roller hockey, lacrosse, baseball
and softball sports equipment, as well as related apparel and
soccer apparel. Its products are marketed under the BAUER,
MISSION,
MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are
distributed by sales representatives and independent distributors
throughout the world. In addition, the Company distributes its
hockey products through its Burlington, Massachusetts and
Bloomington, Minnesota Own The Moment Hockey Experience retail
stores.

On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its
affiliates have filed voluntary petitions under Chapter 11 of the
Bankruptcy Code in the District of Delaware and commenced
proceedings under the Companies' Creditors Arrangement Act in the
Ontario Superior Court of Justice.

The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.;
Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer
Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.;
BPS Diamond Sports Inc.; and PSG Innovation Inc.

The Canadian Debtors are: Performance Sports Group Ltd.; KBAU
Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball
/Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS
Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer
Performance Sports Uniforms Corp.; and Performance Lacrosse Group
Corp.

The Debtors have hired Paul, Weiss, Rifkind, Wharton & Garrison
LLP
as counsel; Young Conaway Stargatt & Taylor, LLP as co-counsel;
Stikeman Elliott LLP as Canadian legal counsel; Centerview LLP as
investment banker to the special committee; Alvarez & Marsal North
America, LLC, as restructuring advisor; Joele Frank, Wilkinson,
Brimmer, Katcher as communications & relations advisor; KPMG LLP
as
auditors; Ernst & Young LLP as CCAA monitor; and Prime Clerk LLC
as
notice, claims, solicitation and balloting agent.

Andrew R. Vara, Acting U.S. Trustee for Region 3, on Nov. 10
appointed three creditors of BPS US Holdings, Inc., parent of
Performance Sports, to serve on the official committee of
unsecured
creditors.  The creditors' committee retained by Blank Rome LLP as
counsel, Cassels Brock & Blackwell LLP as Canadian co-counsel, and
Province Inc. as financial advisor.

The U.S. Trustee appointed a committee of equity security holders.

The equity committee is represented by Natalie D. Ramsey, Esq.,
and
Mark A. Fink, Esq., at Montgomery, McCracken, Walker & Rhoads,
LLP;
and Robert J. Stark, Esq., Steven B. Levine, Esq., James W. Stoll,
Esq., and Andrew M. Carty, Esq., at Brown Rudnick LLP.

Michael St. Patrick Baxter has been appointed as consumer privacy
ombudsman for the Debtors' cases.

                           *     *     *

The Bankruptcy Court for the District of Delaware and the Ontario
Superior Court of Justice have granted the Company approval of,
among other things, the bidding procedures and "stalking horse"
bid
protections in connection with a "stalking horse" asset purchase
agreement, under which an acquisition vehicle to be co-owned by an
affiliate of Sagard Capital Partners, L.P. and Fairfax Financial
Holdings Limited, intends to acquire substantially all of the
assets of the Company and its North American subsidiaries for
US$575 million in aggregate and assume related operating
liabilities.

Interested parties must submit qualified bids to acquire
substantially all of the assets of the Company no later than
January 25, 2017.  The auction is set for January 30, 2017.  A
final sale approval hearing is expected to take place shortly
after
completion of the auction with the anticipated closing of the
successful bid to occur by the end of February 2017, subject to
receipt of applicable regulatory approvals and the satisfaction or
waiver of other customary closing conditions.


CAESARS ENTERTAINMENT: Court Confirms Plan of Reorganization
------------------------------------------------------------
Caesars Entertainment Corporation and Caesars Entertainment
Operating Company, Inc. ("CEOC") and its Chapter 11 debtor
subsidiaries on Jan. 17, 2017, disclosed that the U.S. Bankruptcy
Court for the Northern District of Illinois has confirmed the
Debtors' Plan of Reorganization (the "Plan"), paving the way to
conclude CEOC's court-supervised restructuring process in 2017.

"The confirmation of the Plan of reorganization marks a major
milestone in CEOC's restructuring process and facilitates a path
forward to emergence in 2017," said Mark Frissora, President and
Chief Executive Officer of Caesars Entertainment.  "We appreciate
those that helped make this day possible for Caesars and are
grateful for the ongoing support and commitment of our customers
and vendors and for the continued hard work and dedication of our
employees."

Under the previously disclosed terms of the Plan, CEOC will emerge
from bankruptcy, separating virtually all of its U.S. based real
property assets from its gaming operations.  Caesars Entertainment
will continue to own and manage the gaming operations.  The real
property assets will be held in a newly created real estate
investment trust ("REIT") owned by certain of CEOC's creditors.
Caesars Entertainment will not own any equity interest in the REIT.
In addition, in connection with CEOC's emergence, Caesars
Entertainment and Caesars Acquisition Company must complete their
previously announced merger (the "Merger").

The Plan remains subject to obtaining gaming regulatory approvals,
the completion of the Merger, certain financing transactions, and
various other closing conditions.

"The new Caesars will be a stronger company with a healthy balance
sheet, a plan for growth and investment, operating discipline and a
relentless focus on employee and customer satisfaction,"
Mr. Frissora said.  "Upon CEOC's emergence, we will be positioned
to strengthen our financial and operational performance by pursuing
new opportunities to invest in and expand our brands and business.
While there is still much work ahead to complete this process, we
are excited about the future of the Caesars enterprise."

                   About Caesars Entertainment

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

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

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

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

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

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

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

The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner.
The Examiner retained Winston & Strawn LLP, as his counsel;
Alvarez & Marsal Global Forensic and Dispute Services, LLC, as
financial advisor; and Luskin, Stern & Eisler LLP, as special
conflicts counsel.

                         *     *     *

The U.S. Bankruptcy Court for the Northern District of Illinois
approved the adequacy of the disclosure statement explaining the
Second Amended Joint Chapter 11 Plan of Reorganization of the
Debtors.

A hearing was set for Jan. 17, 2017, to confirm the Debtors' Plan.


CAESARS ENTERTAINMENT: Wins Confirmation of 3rd Amended Plan
------------------------------------------------------------
Bankruptcy Judge A. Benjamin Goldgar of the U.S. Bankruptcy Court
for the Northern District of Illinois entered an order on Jan. 17,
2017, confirming the Third Amended Joint Plan of Reorganization of
Caesars Entertainment Operating Company, Inc., and its affiliated
debtors.

A copy of Judge Goldgar's six-page confirmation order is available
at:

          http://bankrupt.com/misc/ilnb15-01145

On Jan. 16, 2017, the Debtors asked Judge Goldgar to give his stamp
of approval on a 11-page confirmation order.  That proposed order,
among others, provides that:

     -- Upon the occurrence of the Effective Date, these
proceedings will be deemed dismissed with prejudice: (a) the
adversary proceeding captioned Caesars Entertainment Operating
Company, Inc., et al. v. BOKF, N.A. et al., Adv. Case No. 15-00149
(ABG); (b) the adversary proceeding captioned Caesars Entertainment
Operating Company, Inc., et al. v. BOKF, N.A. et al., Adv. Case No.
16-00345 (ABG); (c) the adversary proceeding captioned The
Statutory Unsecured Claimholders’ Committee of Caesars Entertain
Operating Company, Inc. et al. v. BOKF, N.A., et al., Adv. Case No.
15-00571 (ABG); (d) the adversary proceeding captioned Caesars
Entertainment Operating Company, Inc., et al. v. Caesars
Entertainment Corporation, et al., Adv. Case No. 16-005022 (ABG);
and (e) solely to the extent that the settlement approved pursuant
to the Order Approving Settlement By and Among Debtor Caesars
Entertainment Operating Company, Inc., Caesars Entertainment
Corporation, and the Hilton Parties [Docket No. 4398] is not
terminated pursuant to its terms, the adversary proceeding
captioned Hilton Worldwide Inc. Global Benefits Administrative
Committee, et al. v. Caesars Entertainment Corporation, Adv. Case
No. 15-00545 (ABG).

     -- Upon the occurrence of the Effective Date, the involuntary
proceeding captioned In re Caesars Entertainment Operating Company,
Inc., Case No. 15-3193 (ABG) will be deemed dismissed as moot and a
copy of this Confirmation Order may be filed in that proceeding.

The version of the Confirmation Order signed by Judge Goldgar did
not include those terms.

In a notice of Plan confirmation filed on Jan. 17, the Debtors'
lawyers advise parties-in-interest that "any person who both (a) is
not a Released Party and (b) did not vote to accept the Plan, must
commence an action asserting a claim for actual fraud committed by
such Released Creditor Party against such Released Creditor Party
in the Bankruptcy Court through the filing of an adversary
proceeding on or before March 3, 2017, which is the date that is 45
calendar days after the date of the entry of the Confirmation
Order.  Failure to bring any such action in the Bankruptcy Court
prior to that date will result in the release of such claim against
all Released Creditor Parties."

A copy of the proposed Confirmation Order is available at:

          http://bankrupt.com/misc/ilnb15-01145-6321.pdf

A copy of the two-page Notice of Plan Confirmation is available
at:

          http://bankrupt.com/misc/ilnb15-01145-6339.pdf

As reported by the Troubled Company Reporter on Jan. 18, 2017,
citing a Reuters report, CEOC's lawyers told the Bankruptcy Court
on Jan. 13 that the operating unit has cleared the way for the
casino operator to exit bankruptcy protection with an agreement
that ends the last objection to its reorganization plan.  According
to the Reuters report, the U.S. government's bankruptcy watchdog
had objected to the reorganization of CEOC, because of legal
protections for the non-bankrupt parent.  The objection by the U.S.
Trustee was a cloud over the trial to approve the Caesars unit's
plan to cut $10 billion of debt and emerge from its two-year
Chapter 11 bankruptcy, the report related.

A last-minute deal with the U.S. Trustee removes that threat,
Reuters said.  Details of the agreement would be filed later, Joe
Graham, a lawyer for the bankrupt unit, said at a hearing at the
U.S. Bankruptcy Court in Chicago, the report further related.
Judge Benjamin Goldgar said that if the issues were resolved, "you
can present an order and I'll sign it," the report said.

The Debtors, on Jan. 16, filed a seventh amendment to supplement
their third amended Plan, a full-text copy of which is available
at:

          http://bankrupt.com/misc/ilnb15-01145-6322.pdf

The Seventh Amendment included a revised Schedule of Retained
Causes of Action, Non-Released Parties Schedule, and Identity of
Members of the New Boards and Related Section 1129(a)(5)
Disclosures.

The Debtors on Jan. 13, filed a sixth amendment to supplement the
Plan, a full-text copy of which is available at:

          http://bankrupt.com/misc/ilnb15-01145-6320.pdf

The Sixth Amendment included Assumed Executory Contract and
Unexpired Lease Schedule, and Schedule of Retained Causes of
Action.

A full-text copy of the Debtor's Third Amended Plan dated Jan. 13
is available at:

          http://bankrupt.com/misc/ilnb15-01145-6318.pdf

                  About Caesars Entertainment

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

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

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

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

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

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

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

The U.S. Trustee appointed Richard S. Davis as Chapter 11 examiner.
The Examiner retained Winston & Strawn LLP, as his counsel;
Alvarez & Marsal Global Forensic and Dispute Services, LLC, as
financial advisor; and Luskin, Stern & Eisler LLP, as special
conflicts counsel.


CAYOT REALTY: Taps Premier Global Capital as Financial Broker
-------------------------------------------------------------
Cayot Realty, Inc. seeks permission from the United States
Bankruptcy Court for the Southern District of New York to employ
Premier Global Capital as financial broker in connection with the
refinancing of the Debtor's non-residential real property.

The Debtor believes that an experienced financial broker is
critical to obtaining sufficient and affordable funding for the
Real Property.  To that end, the Debtor has communicated with
Banner DeMers of Premier Global Capital and believes that the
proposed retention of the Broker is in the best interests of the
estate.

The Debtor negotiated an agreement with the Broker, pursuant to
which a fee of 1-1/2% of the loan amount will be due only if the
loan closes.

Banner DeMers, broker at Premier Global Capital, attests that his
firm is a disinterested person within the meaning of 11 U.S.C.
Section 101(14) of the Bankruptcy Code.

The Firm can be reached through:

     Banner DeMers
     PREMIER GLOBAL CAPITAL
     314 N. Last Chance Gulch, Suite 202
     Helena, MT 59601
     Phone: 1-866-713-2424
     Fax: 1-406-365-1002

                           About Cayot Realty

Cayot Realty Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-22664) on May 16,
2016.  The petition was signed by Charles L. Cayot III, president.
The case is assigned to Judge Robert D. Drain.  The Debtor
disclosed total assets of $3.02 million and total debts of $2.15
million.


CENTRAL AMERICA BOTTLING: Fitch Rates $500MM Unsec. Notes BB+
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+(exp)' rating to The Central
America Bottling Corporation's (CBC) proposed up to USD500 million
senior unsecured notes maturing in 2027.

The notes will be guaranteed by CBC's subsidiaries representing
approximately 100% of its consolidated EBITDA.  Net proceeds will
be used to repay its existing outstanding senior notes for USD300
million due in 2026 and general corporate purposes, including
potential acquisitions.

CBC's ratings reflect its business position as an anchor bottler of
the PepsiCo system with operations in Central America, the
Caribbean, Ecuador and Peru.  The company has a diversified product
portfolio of PepsiCo and proprietary brands across its franchised
territories, combined with a broad distribution network.  The
ratings also benefit from the company's good operating performance,
stable leverage metrics and adequate liquidity.  CBC's ratings are
constrained by the sovereign ratings and country ceilings of the
countries where it operates, the competitive environment of the
beverage industry and the volatility of prices in its main raw
materials.

                         KEY RATING DRIVERS

Leading Position in Core Markets

Fitch believes CBC's brand portfolio, distribution network, and
management's abilities to design and execute commercial strategies
will support its business position in the future.  The company has
maintained relatively stable market share positions across it key
territories.  In Guatemala and Jamaica, CBC has the leading brand
in the carbonated soft drink category, while in isotonic beverages
the company leads the market share in all of the countries where it
operates.  Its second most important market in terms of revenues is
Ecuador, where CBC has the leading market position in the water
category.

M&A Strategy

Fitch factors into the ratings CBC's inorganic growth strategy in
the beverage industry.  During the last five years the company has
diversified its operations with mergers and acquisitions in
different countries without materially changing its capital
structure.  In the second quarter of 2016, CBC acquired a 51%
equity stake of El Carmen, S.A. in Argentina, a leading company in
the juices category under the brand Citric.  The transaction was
valued at USD20 million, of which USD8.5 million will be paid in
the first year and the rest over the next five years.  Fitch
expects CBC will continue evaluating merger and acquisitions in the
region to improve its scale, geographic footprint and product
portfolio.

Expected Growth in Operations

Fitch expects CBC's revenues to grow in the mid-single digits in
2016 - 2017 despite the difficult economic conditions in Ecuador,
its second biggest market.  The implementation of a new tax on
sugary beverages in this country combined with a weak consumer
environment will partially offset the benefits of consolidating
full year operations in Peru and the organic growth from its
operations in Central America and the Caribbean.  During the first
nine months of 2016, the sales volume and revenue in Ecuador has
fallen around 8% and 10% due mainly to higher sales prices and
industry contraction.  Fitch believes that CBC's profitability will
face more pressures than 2015 given the expectation of higher costs
of main raw material.  Fitch projects the company's EBITDA margin
will be around 13% to 14% in 2016 - 2017.

Temporal Increase in Gross Leverage

CBC's gross leverage is expected to temporarily increase following
the issuance of the proposed senior unsecured notes for USD500
million due in 2027, as well as USD75 million of local issuances
due in 2024 in the Peruvian market.  On a proforma basis, Fitch
projects for 2017 that the company's total debt will increase to
around USD815 million, reaching a total debt to EBITDA and net debt
to EBITDA close to 3.6x and 1.7x, respectively.  While gross
leverage is above Fitch's previous expectation, the agency believes
that it will gradually decrease to around 3.0x in the next 18 to 24
months due to higher EBITDA and debt reduction.  In terms of net
leverage, Fitch expects it will remain relatively stable at levels
around 1.5x to 2.0x.  In addition, Fitch believes CBC will be
evaluating potential acquisitions in the region that could bring
higher EBITDA growth and reduce leverage at a faster pace.

Positive FCF

Fitch expects that CBC's positive free cash flow (FCF) trend to
continue over the midterm.  For 2016, the company's capex and
dividends are projected at around USD120 million and USD35 million,
respectively, resulting in neutral to positive FCF. Further support
in the FCF could come from the full integration of operations in
Peru and Argentina and maintenance of stable capex and dividends.
Fitch projects CBC's FCF to be around USD15 million to USD20
million in 2017 - 2018.

Exposure to Guatemala's Sovereign Ratings

CBC has exposure to the risks associated with the economic and
political environment of the countries where it operates. Guatemala
(rated 'BB'/Outlook Stable) is CBC's main market in terms of
revenues (32%) and EBITDA (41%) generation.  The company's
operating performance is likely to depend on the stability and
economic development of this country.  Additional downgrades in the
country's ratings will likely result in negative pressures on the
company's ratings.

                         KEY ASSUMPTIONS

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

   -- Revenue growth of 5% in 2016 and 2017;
   -- EBITDA margins around 13% to 14% in 2016 and 2017;
   -- FCF margin around 1% over the midterm;
   -- A gradual decrease in total debt to EBITDA and net debt to
      EBITDA to around 3.0x and 1.5x, respectively, in the next 18

      to 24 months.

                      RATING SENSITIVITIES

CBC's ratings could be negatively pressured by the following
factors: a downgrade in Guatemala's country ceiling, deterioration
of its operating results, negative FCF generation, or significant
debt-financed acquisitions that result in a total debt to EBITDA
and net debt to EBITDA higher than 3x and 2.5x on a sustained
basis.

Fitch does not foresee positive ratings actions for CBC in the
mid-term; however, the combination of lower leverage ratios, better
operating performance, solid FCF generation across the cycle and
cash flow generation from investment-grade countries will be
considered positive to credit quality.

                            LIQUIDITY

CBC's liquidity is ample given its current cash balances of USD133
million and USD86 million of short-term debt as of Sept. 30, 2016.
The company also is expected to generate funds from operations
(FFO) between USD145 million annually and has non-committed credit
lines of around USD233 million.  After refinancing its USD300
million senior notes with the proceeds of the proposed issuance CBC
will improve its debt profile, financial costs, and liquidity
position.  In addition, with the proceeds from the USD75 million
proposed local issuance in Peru, the company will support its capex
program in this country.  Fitch believes that additional cash at
the holding level coming from the issuances will be gradually
deployed in investments opportunities in the beverage sector.

FULL LIST OF RATING ACTIONS

Fitch currently rates CBC as:

   -- Long-Term Foreign Currency IDR 'BB+';
   -- Long-Term Local Currency IDR 'BB+';
   -- USD300 million senior unsecured notes due in 2022 'BB+'.


CHC GROUP: Announces New Contract With Wind Power
-------------------------------------------------
CHC Group on Jan. 17, 2017, disclosed that a new contract with
Siemens Wind Power GmbH to provide helicopter services in support
of the construction of the Veja Mate offshore wind farm currently
under construction in the German North Sea.

"We are excited to work with Siemens to support this landmark
project," said Mark Abbey, CHC Regional Director for Europe, Middle
East and Africa (EMEA).  "Last year, we celebrated the successful
completion of the Gemini windfarm project in October 2016 after
providing nine months of support for construction of the new farm
offshore North East Holland from Den Helder.  We are excited to
continue to build on our successful relationship with Siemens,
supported by CHC's decades of experience supporting a range of
energy customers, as we continue to evolve and diversify our
services and technology to best meet their needs."

Flights supporting the operation from CHC's base in Den Helder
using AW 139s began in the beginning of January 2017.

                       About CHC Group Ltd.

Headquartered in Irving, Texas, CHC Group Ltd. (OTC PINK: HELIQ) is
a global commercial helicopter services company primarily servicing
the offshore oil and gas industry.  CHC maintains bases on six
continents with major operations in the North Sea, Brazil,
Australia, and several locations across Africa, Eastern Europe, and
South East Asia.  CHC maintains a fleet of 230 medium and heavy
helicopters, 67 of which are owned by it and the remainder are
leased from various third-party lessors.

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

The Debtors hired Weil, Gotshal & Manges LLP as counsel, Debevoise
& Plimpton LLP as special aircraft counsel, PJT Partners LP as
investment banker, Seabury Corporate Advisors LLC as financial
advisor, CDG Group, LLC, as restructuring advisor, and Kurtzman
Carson Consultants LLC as claims and noticing agent.

The Office of the U.S. Trustee on May 13, 2016, appointed five
creditors of CHC Group Ltd. to serve on the official committee of
unsecured creditors.

The Creditors Committee's attorneys are Marcus A. Helt, Esq., and
Mark C. Moore, at Gardere Wynne Sewell LLP, and Douglas H. Mannal,
Esq., Gregory A. Horowitz, Esq., and Anupama Yerramalli, Esq., at
Kramer Levin Naftalis & Frankel LLP.

Angelo, Gordon & Co. and Cross Ocean Partners, which either hold
claims or manage funds and accounts that hold claims against the
Debtors' estates arising on account of the 9.25% Senior Secured
Notes due 2020 issued under the Indenture, dated as of Oct. 4,
2010, by and among CHC Helicopter S.A., as issuer, each of the
guarantors named therein, HSBC Corporate Trustee Company (UK)
Limited, as collateral agent, and the Bank of New York Mellon, as
indenture trustee, are represented by Jones Day.


CITIZENS NATIONAL: 2nd Cir. Reinstates FDIC Suit v. Credit Suisse
-----------------------------------------------------------------
Evan Weinberger, writing for Bankruptcy Law360, reported that the
U.S. Court of Appeals for the Second Circuit reinstated a Federal
Deposit Insurance Corp. lawsuit against five banks, including
Credit Suisse Group AG, over $140 million in mortgage-backed
securities that led to the failure of two smaller banks, saying
that the regulator's complaint was not time-barred.

The Second Circuit in a summary order overturned a lower court
ruling that found that the FDIC had waited too long to file suits
against Credit Suisse, Deutsche Bank AG, HSBC Holdings PLC, the
Royal Bank of Scotland Group PLC and UBS.

The FDIC serves as receiver for two failed banks, Citizens National
Bank and Strategic Capital Bank.

The FDIC filed its complaint alleging violations of Sections 11 and
15 of the Securities Act of 1933 on May 18, 2012.  The date of that
filing was more than three years after Citizens and Strategic had
purchased the certificates at issue, in 2006 and 2007, and thus the
action would ordinarily be barred by the Securities Act's statute
of repose.  See 15 U.S.C. Sec. 77m.  But the so-called "FDIC
Extender Statute," enacted as part of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989, sets "the applicable
statute of limitations" for an action brought by the FDIC in its
capacity as receiver to be (at a minimum) three years from the
FDIC's appointment as receiver.  See 12 U.S.C. Sec. 1821(d)(14).

According to the Second Circuit, the complaint was filed within
three years of FDIC's appointment. In granting Defendants' motion
to dismiss, however, District Court Judge Laura Taylor Swain held
that the FDIC Extender Statute "extends" or supersedes only
statutes of limitations, and not statutes of repose.  That holding
was error, the Second Circuit said.  

Following the District Court's ruling and the submission of
briefing in this appeal, another panel of this Court held that the
FDIC Extender Statute does supersede the Securities Act's statute
of repose, distinguishing CTS Corp. v. Waldburger, 134 S. Ct. 2175
(2014), and reaffirming this Court's earlier ruling on a
substantively identical Extender Statute in Fed. Hous. Fin. Agency
v. UBS Americas Inc., 712 F.3d 136, 138 (2d Cir. 2013). See Fed.
Deposit Ins. Corp. v. First Horizon Asset Sec., Inc., 821 F.3d 372
(2d Cir. 2016), cert. denied, 2017 WL 69213 (Jan. 9, 2017).

The Second Circuit said that the Waldburger panel's decision
controls the outcome of this appeal, and the District Court's order
dismissing the case on timeliness grounds must be vacated.  

"Accordingly, we VACATE the March 25, 2015 judgment of the District
Court, and we REMAND the cause to the District Court for such
further proceedings as may be appropriate in light of this order,"
the Second Circuit said.

The case is, FDIC v. Credit Suisse First Boston Mortgage Securities
Corp., No. 15-1037-cv (2nd Cir.).  A copy of the summary judgment
order is available at https://is.gd/UUOS8C

The Second Circuit panel consists of Judges Jose A. Cabranes,
Rosemary S. Pooler and Barrington D. Parker.

Citizens National Bank and Strategic Capital Bank were each placed
into receivership on May 22, 2009.


CLAIRE'S INC: Cancels Plans for $100 Million IPO
------------------------------------------------
Fola Akinnibi, writing for Bankruptcy Law360, reported that
Claire's Inc. said that it would pull its planned initial public
offering.  The move, according to the report, marks the latest
setback for the specialty retailer and its thousands of stores
around the world, in what has been a tenuous environment for
retailers.  

The report notes the company, which is backed by Apollo Global
Management, originally filed for its IPO in May 2013, looking to
raise $100 million.

The Company is seeking withdrawal of the Registration Statement
because it has decided not to proceed with the offering at this
time, Claire's said in a filing with the Securities and Exchange
Commission.  Scott Huckins, the Company's Chief Financial Officer,
said the Registration Statement has not been declared effective,
and no securities of the Company have been sold pursuant to the
Registration Statement. In accordance with Rule 457(p) under the
Securities Act, the Company requests that all fees paid to the
Commission in connection with the filing of the Registration
Statement be credited for future use.

According to prior IPO documents filed with the SEC, Claire's said
the underwriters would include:

     -- Credit Suisse;
     -- J.P. Morgan;
     -- Goldman, Sachs & Co.;
     -- RBC Capital Markets;
     -- Jefferies;
     -- Wells Fargo Securities; and
     -- Apollo Global Securities

Claire's is represented by:

     Howard A. Kenny
     Morgan, Lewis & Bockius LLP
     101 Park Ave.
     New York, NY 10178-0060
     Tel: 212-309-6843
     E-mail: howard.kenny@morganlewis.com

Claire's Inc., is a jewelry and accessories retailer for girls and
young women.


CLAYTON WILLIAMS: Ares Mgmt Reports 42.8% Stake as of Jan. 13
-------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these reporting persons disclosed beneficial ownership
of shares of common stock, $0.10 par value, of Clayton Williams
Energy, Inc., as of Jan. 13, 2017:

                                        Shares     Percentage
                                     Beneficially      of
  Reporting Person                       Owned       Shares
  ----------------                   ------------  ----------
AF IV Energy AIV B1, L.P.              3,665,476      20.2%
AF IV (U), L.P.                        1,485,097       8.3%
Ares Management LLC                    8,344,869      42.8%
Ares Management Holdings L.P.          8,344,869      42.8%
Ares Holdco LLC                        8,344,869      42.8%
Ares Holdings Inc.                     8,344,869      42.8%
Ares Management, L.P.                  8,344,869      42.8%
Ares Management GP LLC                 8,344,869      42.8%
Ares Partners Holdco LLC               8,344,869      42.8%

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

                      https://is.gd/bouV8c

                      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.

The TCR reported on Jan. 19, 2017, that Moody's Investors Service
placed the ratings of Clayton Williams Energy (Caa3) under review
for upgrade following the announcement of a definitive agreement to
be acquired by Noble Energy (Baa3 stable) in a transaction valued
at $3.2 billion, including the assumption of Clayton Williams'
approximately $500 million of net debt.  The review for upgrade is
based on the potential benefit of Clayton Williams being supported
by the stronger credit profile and greater financial flexibility of
Noble.


CLAYTON WILLIAMS: Ares Stockholders OK Proposed Noble Energy Merger
-------------------------------------------------------------------
Noble Energy, Inc., Wild West Merger Sub, Inc., an indirect
wholly-owned subsidiary of Noble Energy, NBL Permian LLC, an
indirect wholly owned subsidiary of Noble Energy, and Clayton
Williams Energy, Inc., entered into an Agreement and Plan of Merger
on Jan. 13, 2017, pursuant to which Noble Energy will acquire the
Company in exchange for a combination of shares of common stock,
par value $0.01 per share, of Noble Energy and cash.

Contemporaneously with the execution of the Merger Agreement, Noble
Energy, the Company, and certain Company stockholders affiliated
with Ares Management, LLC entered into a support agreement pursuant
to which the Ares Stockholders agreed, among other things, not to
exercise or assert any appraisal rights under Section 262 of the
DGCL in connection with the Merger.  The Ares Stockholders also
have agreed, among other things, during the period from Jan. 13,
2017, to and including the date of termination of the Merger
Agreement, if any, to vote all of the CWEI Common Shares and the
CWEI Preferred Shares they beneficially own as of the record date
of the special meeting held for the purpose of adopting the Merger
Agreement (i) in favor of the adoption of the Merger Agreement,
(ii) against any alternative proposal, and (iii) against any
amendment of the Company's certificate of incorporation or by-laws
or other proposal or transaction involving the Company or any of
its subsidiaries, which amendment or other proposal or transaction
would in any manner delay, impede, frustrate, prevent or nullify
the Merger, the Merger Agreement or any of the transactions
contemplated by the Merger Agreement or change in any manner the
voting rights of any outstanding class of capital stock of the
Company.  As of
Dec. 31, 2016, the Ares Stockholders owned approximately 35% of the
outstanding shares of the Company.

A full-text copy of the amended Schedule 13D filed with the
Securities and Exchange Commission is available for free at:

                       https://is.gd/bouV8c

                      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.

The TCR reported on Jan. 19, 2017, that Moody's Investors Service
placed the ratings of Clayton Williams Energy, Inc. (Caa3) under
review for upgrade following the announcement of a definitive
agreement to be acquired by Noble Energy (Baa3 stable) in a
transaction valued at $3.2 billion, including the assumption of
Clayton Williams'
approximately $500 million of net debt.  The review for upgrade is
based on the potential benefit of Clayton Williams being supported
by the stronger credit profile and greater financial flexibility of
Noble.


CLAYTON WILLIAMS: S&P Puts 'CCC+' CCR on CreditWatch Positive
-------------------------------------------------------------
S&P Global Ratings Services placed its ratings, including its
'CCC+' corporate credit rating, on Midland, Texas-based exploration
and production (E&P) company Clayton Williams Energy Inc. on
CreditWatch with positive implications.

The CreditWatch placement reflects the likelihood for an upgrade
following the close of its acquisition by higher-rated Noble Energy
(BBB/Negative/--).  S&P believes that Clayton's assets are key to
Noble's strategy to grow production in the oil-rich Permian basin,
and Noble Energy has announced that it will refinance Clayton
Williams' debt at the closing of the transaction.  As a result, S&P
is likely to assess Clayton Williams as a core entity for Noble
Energy upon successful closing of the transaction.

The resolution of the CreditWatch placement will depend on the
successful closing of the transaction as contemplated.  If the
company completes the transaction as proposed, S&P would expect to
raise the rating on Clayton Williams to that of Noble Energy.  S&P
expects to resolve the CreditWatch listing around the close of the
acquisition, which the companies expect to occur during the second
quarter of 2017.


CLAYTON WILLIAMS: To Be Acquired by Noble Energy for $2.7 Billion
-----------------------------------------------------------------
Noble Energy, Inc., and Clayton Williams Energy, Inc., announced
that the Boards of Directors of both companies have unanimously
approved and the companies have executed a definitive agreement
under which Noble Energy will acquire all of the outstanding common
stock of Clayton Williams Energy for $2.7 billion in Noble Energy
stock and cash.

David L. Stover, Noble Energy's chairman, president and CEO,
stated, "We have been very disciplined in assessing expansion
opportunities in the Delaware Basin and are extremely pleased to
have reached this agreement with Clayton Williams Energy.  This
transaction brings all the key elements we value: excellent rock
quality, a large contiguous acreage position adjacent to our own,
and robust midstream opportunities, reinforcing the Delaware Basin
as a long-term value and growth driver for Noble Energy.  This
combination creates the industry's second largest Southern Delaware
Basin acreage position and provides more than 4,200 drilling
locations on approximately 120,000 net acres, with over 2 billion
barrels of oil equivalent in net unrisked resource.  In addition to
the benefits driven by larger scale, the midstream assets and
planned buildout provide significant synergies and substantial
dropdown potential in association with our ownership in Noble
Midstream Partners."

Stover concluded, "We are rapidly accelerating activity in 2017,
starting the year with four rigs operating in the Southern Delaware
Basin -- three on Noble Energy's acreage and one on the Clayton
Williams Energy position.  A second rig is planned to be added to
the new acreage in the second quarter, following closing of the
transaction, and a third later in the year, in order to exit 2017
with a combined six rigs running in the Delaware Basin.  Following
our ramp of activity in 2017, the acquired assets are expected to
be self-funding and accretive to Noble Energy's earnings and cash
flow per share beginning next year.  This is an excellent fit for
Noble Energy, and we expect the transaction to generate substantial
shareholder value.  We look forward to a smooth and seamless
integration of Clayton Williams Energy."

Clayton W. Williams, Jr., Chairman and CEO of Clayton Williams
Energy, stated, "I am very proud of the company we have built over
the past 25 years and I am pleased that Noble Energy will be
leading the development of our properties going forward.  Noble
Energy's long track record of operational excellence and value
creation, as well as its reputation as a tremendous corporate
citizen, make it the ideal partner for us.  We look forward to
being shareholders of Noble Energy and benefiting from its world
class asset portfolio."

Acquisition Highlights

   * 71,000 highly contiguous net acres in the core of the
     Southern Delaware Basin in Reeves and Ward counties in Texas
    (directly adjacent to Noble Energy's existing 47,200 net
     acres).  In addition, there are an additional 100,000 net
     acres in other areas of the Permian Basin.

   * 80% average working interest in the Southern Delaware
     position, with more than 95% of the acreage operated.

   * 2,400 Delaware Basin gross drilling locations identified,
     targeting the Upper and Lower Wolfcamp A zones, along with
     the Wolfcamp B and C.  The average lateral length of the
     future locations is 8,000 feet.

   * Total estimated net unrisked resource potential on the
     acreage of over 1 billion barrels of oil equivalent in the
     Wolfcamp zones, with significant upside potential in other
     zones.

   * Noble Energy's outlook is to increase production on the
     acquired assets from 10 MBoe/d currently (70% oil) to
     approximately 60 MBoe/d in 2020 in the Company's base plan.

   * Highly competitive economics, with Wolfcamp A wells
    (estimated ultimate recovery of 1.0 million barrels of oil
     equivalent for a 7,500 foot lateral) generating approximately

     60% to 90% before-tax rate of return at base and upside plan
     pricing, respectively.

   * The acquired Delaware Basin acreage is largely undedicated to

     third-party oil and gas gathering and water systems, and
     approximately 12,500 acres are dedicated from a third-party
     operator.

   * Existing midstream Delaware Basin assets include over 300
     miles of oil, natural gas, and produced water gathering
     pipelines (over 100 miles for each product).

Additional Transaction Details

Clayton Williams Energy shareholders will receive 2.7874 shares of
Noble Energy common stock and $34.75 in cash for each share of
common stock held.  In the aggregate, this totals 55 million shares
of Noble Energy stock and $665 million in cash.  While the
aggregate amount of cash and stock in the transaction will not
change, on an individual basis shareholders will be able to elect
to receive cash or stock, subject to proration.  The value of the
transaction, based on Noble Energy's closing stock price as of Jan.
13, 2017, is approximately $139 per Clayton Williams Energy share,
or $3.2 billion in the aggregate, including the assumption of
approximately $500 million in net debt.

The per share consideration represents a 21% premium to the average
closing share price of Clayton Williams Energy over the past 30
days, and a 34% premium to the price on Jan. 13, 2017, the last day
of trading prior to the transaction.

Noble Energy intends to fund the cash portion of the acquisition
through a draw on its revolving credit facility.  As of the end of
2016, the Company's $4 billion facility was completely undrawn.
Through ongoing portfolio management / optimization, Noble Energy
anticipates the Company will generate in excess of $1 billion in
proceeds in 2017.

The Company also anticipates retiring outstanding debt of Clayton
Williams Energy assumed as part of the transaction at or following
the closing.  This, along with general and administrative cost
elimination, will result in annual cost synergies to Noble Energy
of approximately $75 million.

As part of the Company's valuation assessment, Noble Energy
identified significant value relating to existing production and
midstream opportunities.  After adjusting for these items and net
debt assumed, the purchase price represents approximately $32,000
per core Southern Delaware acre.  The midstream valuation reflects
the planned infrastructure buildout and the value of future cash
flows.

Shareholder Agreements and Timing to Close

Funds managed by Ares Management, L.P., which owned approximately
35% of the outstanding shares of Clayton Williams Energy as of Dec.
31, 2016, have entered into a support agreement to vote in favor of
the transaction.  Following completion of the transaction,
shareholders of Clayton Williams Energy are expected to own
approximately 11% of the outstanding shares of Noble Energy.

Closing is expected in the second quarter of 2017 and is subject to
customary regulatory approvals, approval by the holders of a
majority of Clayton Williams Energy common stock, and certain other
conditions.

Update on Four-Year Plan

The Company is providing an update to its four-year operating plan
(2016 - 2020E).  The updated plan includes the development of the
acquired acreage, which is estimated to result in production growth
from approximately 10 MBoe/d currently to 60 MBoe/d in 2020 in the
Company's base plan and to 70 MBoe/d in the upside plan.  Rig
activity on the new acreage is planned to accelerate from 1 rig
currently to 3 rigs by year end 2017 and between 5 rigs (base plan)
and 6 rigs (upside plan ) in 2020.

Also included is the impact of an incremental 7,200 net acres
acquired through multiple other Delaware Basin transactions, which
closed in early 2017.  This acreage represented offsetting sections
to and additional working interest in Noble Energy's existing
Reeves Country acreage.

Key outcomes of the updated plan through 2020 are:

   * Total Delaware Basin net production grows to 145 MBoe/d in
     the base plan (73% CAGR) and 180 MBoe/d in the upside plan
    (83% CAGR), from a combined 10-13 drilling rigs in the
     Delaware in 2020.

   * Noble Energy's onshore U.S. oil volume CAGR has been raised 5
     percentage points, now estimated to grow pro forma at a 28%
     CAGR in the base plan and 34% CAGR in the upside plan.

   * Total company oil volumes now increase at a 16% CAGR in the
     base plan and 21% CAGR in the upside plan, up 5 percentage
     points versus the November 2016 plan.

   * Full company production in 2020 is expected to reach 600
     MBoe/d in the base plan and nearly 700 MBoe/d in the upside
     plan.  This represents an 11 to 15% CAGR.

   * Operating cash flow is now projected to increase at a CAGR of
     33% in the base plan and 45% in the upside plan, up 7
     percentage points.

The Company's base plan utilizes $50 per barrel WTI and Brent and
$3 per thousand cubic feet Henry Hub natural gas for 2017, with
modest oil price acceleration through 2020.  The upside plan adds
$10 per barrel in commodity price to all periods.

With the anticipated closing of the transaction in the second
quarter of 2017, Noble Energy now anticipates an incremental $150
million in reported 2017 capital to be allocated to the Delaware
Basin, bringing total Delaware Basin reported capital in 2017 to
approximately $500 million.  Noble Energy's total reported capital
program for 2017, excluding Noble Midstream Partners' capital, is
now estimated to total between $2.1 and $2.5 billion.  Total
reported company sales volumes for 2017 are now estimated at 410 to
420 MBoe/d.  The Company will provide detailed guidance for 2017 in
association with is fourth quarter earnings conference call and
webcast on Feb. 14, 2017.

Recent Well Results for Noble Energy and Clayton Williams Energy

The two most recent Clayton Williams Energy Wolfcamp A completions
include the Collier 34-51 1H and the Geltemeyer 297 1H.  The
Collier 34-51 1H, with a lateral length of 6,284 feet, was
completed with approximately 2,250 pounds of proppant per lateral
foot.  The well is located in the southeastern part of the acreage
and produced at an average 30-day rate of more than 2,000 Boe/d and
a 90-day rate of more than 1,700 Boe/d, over 80% oil.  Drilled to a
lateral length of 4,737 feet, the Geltemeyer 297 1H was completed
with approximately 2,440 pounds of proppant per lateral foot and
produced at an average 30-day rate of 1,217 Boe/d and a 90-day rate
of 1,000 Boe/d, also with more than 80% of the production being
oil.  When normalized to a 7,500 foot lateral, the wells are
performing approximately 20-30% higher than the 1.0 MMBoe EUR
Wolfcamp A type curve utilized in Noble Energy's acquisition
assessment.

Noble Energy recently commenced production on five new Delaware
Basin wells on its acreage utilizing proppant concentrations
ranging from 3,000 to 5,000 pounds per lateral foot, including the
Company’s first Wolfcamp B completion.  The wells are in the
initial ramp up period and are performing at or above
expectations.

Advisors

Petrie Partners Securities, LLC acted as exclusive financial
advisor to Noble Energy.  Skadden, Arps, Slate, Meagher & Flom, LLP
acted as legal advisor to Noble Energy.  Evercore and Goldman,
Sachs & Co. acted as financial advisors to Clayton Williams Energy.
Latham & Watkins LLP acted as legal advisor to Clayton Williams
Energy.

Conference Call and Webcast

Noble Energy will host a conference call and webcast on Jan. 17,
2017, at 7:30 a.m. Central Time to discuss the transaction.
Conference call numbers for participation are 800-723-6751 and
785-830-7980 and the passcode is 4311549.  The webcast will be
accessible on the 'Investors' page of Noble Energy's website,
www.nobleenergyinc.com.  Presentation materials are available at
the same location.

Investor Contacts

Brad Whitmarsh
(281) 943-1670
Brad.Whitmarsh@nblenergy.com

Megan Repine
(832) 639-7380
Megan.Repine@nblenergy.com

Jaime Casas
(432) 688-3224
cwei@claytonwilliams.com

Media Contacts

Deena McMullen
(281) 943-1732
media@nblenergy.com

Reba Reid
(713) 412-8441
media@nblenergy.com

                       About Noble Energy

Noble Energy (NYSE: NBL) is an independent oil and natural gas
exploration and production company with a diversified high-quality
portfolio of both U.S. unconventional and global offshore
conventional assets spanning three continents.  Founded more than
80 years ago, the company is committed to safely and responsibly
delivering our purpose: Energizing the World, Bettering People's
Lives.  For more information, visit www.nobleenergyinc.com.

                      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.

The TCR reported on Jan. 19, 2017, that Moody's Investors Service
placed the ratings of Clayton Williams Energy (Caa3) under review
for upgrade following the announcement of a definitive agreement to
be acquired by Noble Energy, Inc. (Baa3 stable) in a transaction
valued at $3.2 billion, including the assumption of Clayton
Williams' approximately $500 million of net debt.  The review for
upgrade is based on the potential benefit of Clayton Williams being
supported by the stronger credit profile and greater financial
flexibility of Noble.


COMSTOCK MINING: Reveals $10.7 Million Strategic Refinancing
------------------------------------------------------------
Comstock Mining Inc. announced a strategic refinancing with an
affiliate of GF Capital, LLC, that retires substantially all of the
Company's obligations and resumes drilling at the Dayton resource
area.

"This strategic refinancing strengthens our balance sheet, provides
great liquidity and enables us to resume the drilling and
development plans for the Dayton mine.  This represents the second
successful transaction with GF Capital and further develops our
strategic, resource-based relationship with an outstanding capital
partner," stated Corrado De Gasperis, executive chairman and chief
executive officer of Comstock Mining Inc.

The Company issued an 11% Senior Secured Debenture due 2021 in the
amount of $10,723,000.  The Debenture is secured by the pledge of
the equity interests in all of the Company's subsidiaries and
substantially all of the Company's assets.  The Company is required
to prepay the Debentures with the net cash proceeds from the sale
of previously disclosed non-mining properties, subject to customary
reinvestment rights.

Until Jan. 1, 2019, interest will be payable in cash and/or in the
form of additional Debentures, at the Company's option. Thereafter,
interest will be payable in cash.  The Company has the right to
redeem the Debenture, at any time, at a redemption price equal to
the outstanding principal balance, plus accrued and unpaid interest
and a make-whole amount equal to seven months of interest.  The
Debenture also includes customary default and cure provisions and,
in the event of certain defaults, a default interest rate of
13.5%.

The Company has also nominated and elected Mr. Clark Gillam to the
Board of Directors effective as of Jan. 17, 2017.  Mr. Gillam is
one of the co-founders of GF Capital.  Prior to starting GF
Capital, Mr. Gillam worked at Glencore PLC in Switzerland.  He has
a BSc in Economics from The Wharton School at the University of
Pennsylvania.
    
Mr. De Gasperis concluded, "We warmly welcome Clark onto our Board.
His broad natural resource, financial and capital markets
experience adds an outstanding complement to our team.  We are
strongly aligned and focused on building a highly valuable,
Nevada-based precious metals company."

                     About Comstock Mining

Virginia City, Nev.-based Comstock Mining Inc. is a Nevada-based,
gold and silver mining company with extensive, contiguous property
in the historic Comstock district.  The Company began acquiring
properties in the Comstock District in 2003.  Since then, the
Company has consolidated a substantial portion of the Comstock
district, secured permits, built an infrastructure and brought the
exploration project into test mining production.  The Company
continues acquiring additional properties in the Comstock
district, expanding its footprint and creating opportunities for
exploration and mining.  The goal of the Company's strategic plan
is to deliver stockholder value by validating qualified resources
(measured and indicated) and reserves (probable and proven) of
3,250,000 gold equivalent ounces by 2013, and commencing
commercial mining and processing operations by 2011, with annual
production rates of 20,000 gold equivalent ounces.

Comstock Mining reported a net loss available to common
shareholders of $15.9 million on $18.5 million of total revenues
for the year ended Dec. 31, 2015, compared to a net loss available
to common shareholders of $13.3 million on $25.6 million of total
revenues for the year ended Dec. 31, 2014.

As of Sept. 30, 2016, the Company had $36.24 million in total
assets, $18.82 million in total liabilities and $17.41 million in
total stockholders' equity.


COMSTOCK RESOURCES: Westcott Reports 8.49% Stake as of Jan. 11
--------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, these reporting persons disclosed beneficial ownership
of shares of common stock, par value $0.50 per share, of Comstock
Resources, Inc., as of Jan. 11, 2017:

                                        Shares      Percentage
                                    Beneficially       of
  Reporting Person                      Owned        Shares
  ----------------                   ------------   ----------
Carl H. Westcott                      1,141,800        8.49%
Commodore Partners, Ltd.                300,500        2.23%
G.K. Westcott LP                         20,000        0.15%
Carl Westcott, LLC                      320,500        2.38%
Court H. Westcott                       325,500        2.42%
Carla Westcott                           17,000        0.13%
  
The percentage ownership is based on 13,455,559 shares of Common
Stock outstanding, as reported by the Issuer in its quarterly
report on Form 10-Q filed on Nov. 9, 2016.  The number of shares
beneficially owned also reflects a 1-for-5 reverse stock split
effected by the Issuer on Aug. 1, 2016.

After accounting for all purchases of Common Stock of the Reporting
Persons since the filing of Amendment No. 10 (the period of Dec.
31, 2016, through Jan. 12, 2017), a net 172,950 shares of Common
Stock were sold by Carl H. Westcott during that period on his own
behalf and on behalf of certain other Reporting Persons for an
aggregate price of approximately $1,774,686.

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

                    https://is.gd/18izuf

                  About Comstock Resources

Comstock Resources, Inc. is an independent energy company based in
Frisco, Texas and is engaged in oil and gas acquisitions,
exploration and development primarily in Texas and Louisiana.  The
Company's stock is traded on the New York Stock Exchange under the
symbol CRK.

The Company reported a net loss of $1.04 billion for the year ended
Dec. 31, 2015, compared to a net loss of $57.11 million for the
year ended Dec. 31, 2014.

As of Sept. 30, 2016, Comstock had $885.5 million in total assets,
$1.10 billion in total liabilities and a total stockholders'
deficit of $220 million.

                        *     *     *

As reported by the TCR on Sept. 23, 2016, S&P Global Ratings raised
its corporate credit rating on Comstock Resources Inc. to 'CCC+'
from 'SD' (selective default).  The outlook is negative.  "The
rating actions on Comstock are in conjunction with the
Sept. 6, 2016, close of their comprehensive debt exchange and our
assessment of the company's revised capital structure and credit
profile," said S&P Global Ratings credit analyst Aaron McLean.

Comstock Resources carries a 'Caa2' corporate family rating from
Moody's Investors Service.


CORENO MARBLE: Unsecured Creditors to be Paid 25% Over 72 Months
----------------------------------------------------------------
Unsecured creditors of Coreno Marble & Tile, Ltd. will get 25% of
their claims under the company's proposed plan to exit Chapter 11
protection.

The restructuring plan proposes to pay creditors 25% of their
allowed Class 1 general unsecured claims over 72 months.  Payments
will start 60 days after the effective date of the plan.  

General unsecured claims total approximately $398,080. Class 1 is
impaired and holders of general unsecured claims are entitled to
vote on the plan.  

The restructuring plan's feasibility depends on the continued
profitability of Coreno and the amount of allowed claims, according
to the company's disclosure statement filed on Jan. 12 with the
U.S. Bankruptcy Court in Connecticut.

A copy of the disclosure statement is available for free at :

             https://is.gd/SBhAWa

Coreno Marble & Tile is represented by:

     James M. Nugent, Esq.
     Harlow, Adams & Friedman, P.C.
     One New Haven Avenue, Suite 100
     Milford, CT 06460
     Phone: 203-878-0661
     Email: jmn@quidproquo.com

                   About Coreno Marble & Tile

Coreno Marble & Tile, Ltd. is engaged in the business of
installation of marble and tile on commercial construction
projects.  The Debtor is owned equally by Frank DiBello and Dominic
DiCocco.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D. Conn. Case No. 16-50088) on January 21, 2016.  The
petition was signed by Frank DiBello, president.  

At the time of the filing, the Debtor estimated assets of less than
$500,000 and liabilities of less than $1 million.


DEWEY & LEBOEUF: Former Execs' Bid for Cross-Examination Underway
-----------------------------------------------------------------
Martin O'Sullivan, writing for Bankruptcy Law360, reported that two
former Dewey & LeBoeuf LLP executives -- former Dewey Executive
Director Stephen DiCarmine and Chief Financial Officer Joel Sanders
-- shot back at a request by the Manhattan district attorney's
office to limit cross-examination of a cooperating witness in the
upcoming retrial over alleged accounting fraud, saying they have a
right to explore whether the witness is "shading his testimony to
curry favor."  The Executives are seeking to question former Dewey
Finance Director Frank Canellas -- the government's star
cooperating witness -- about his recently revised plea deal.

Bankruptcy Law360's Ed Beeson reported last week that New York
Supreme Court Judge Robert Stolz, who is overseeing the upcoming
retrial, gave prosecutors until the end of last week to respond to
a defense motion seeking to grill the government's star witness
about the circumstances that led him to get a new plea deal in
exchange for his ongoing cooperation.  

According to Stewart Bishop, also for Bankruptcy Law360, the DA's
office last week pushed back at requests by the Executives'
attorneys for wide latitude in their cross-examination of the star
cooperating witness in the upcoming retrial, saying the defense
aims to mislead the upcoming jury.

Mr. Bishop, in a separate report, said Messrs. DiCarmine and
Sanders, who are facing a retrial next month over allegations that
they defrauded the law firm's financial backers before it
collapsed, sought leave early this month to solicit testimony about
the first trial, in light of a revised plea deal last fall for the
star cooperator in the case.

                     About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DEWEY & LEBOEUF: Indictment Against Warren Dismissed
----------------------------------------------------
Stewart Bishop, writing for Bankruptcy Law360, reported that
Zachary Warren, the sole low-level Dewey & LeBoeuf staffer to fight
criminal charges over alleged accounting fraud at the now-defunct
law firm, was released early from the terms of a deferred
prosecution agreement, and the indictment against him was
dismissed.  Mr. Warren and three former Dewey & Leboeuf executives
had been charged over an alleged scam to con investors into
believing the firm was healthier than it was before its 2012
collapse.

                     About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DEWEY & LEBOEUF: SEC, NY DA Balk at Trustee's Bid to Destroy Docs
-----------------------------------------------------------------
William Gorta at Bankruptcy Law360, reported that the U.S.
Securities and Exchange Commission and the New York District
Attorney's Office have asked a bankruptcy judge in separate filings
to block the liquidating trustee in the Dewey & LeBoeuf bankruptcy
from disposing of documents needed in civil and criminal lawsuits
against officers and employees of the defunct law firm.  Trustee
Alan M. Jacobs in December filed a motion for a final decree in
Dewey's Chapter 11 case and asked U.S. Bankruptcy Judge Martin
Glenn for permission to destroy records and hard drives.

                     About Dewey & LeBoeuf

Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y.
Case No. 12-12321) to complete the wind-down of its operations.
The firm had struggled with high debt and partner defections.
Dewey disclosed debt of $245 million and assets of $193 million in
its chapter 11 filing late evening on May 29, 2012.

Dewey & LeBoeuf LLP operated as a prestigious, New York City-
based, law firm that traced its roots to the 2007 merger of Dewey
Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird
-- and LeBoeuf, Lamb, Green & MacCrae LLP -- originally founded in
1929.  In recent years, more than 1,400 lawyers worked at the firm
in numerous domestic and foreign offices.

At its peak, Dewey employed about 2,000 people with 1,300 lawyers
in 25 offices across the globe.  When it filed for bankruptcy,
only 150 employees were left to complete the wind-down of the
business.

Dewey's offices in Hong Kong and Beijing are being wound down.
The partners of the separate partnership in England are in process
of winding down the business in London and Paris, and
administration proceedings in England were commenced May 28.  All
lawyers in the Madrid and Brussels offices have departed.  Nearly
all of the lawyers and staff of the Frankfurt office have
departed, and the remaining personnel are preparing for the
closure.  The firm's office in Sao Paulo, Brazil, is being
prepared for closure and the liquidation of the firm's local
affiliate.  The partners of the firm in the Johannesburg office,
South Africa, are planning to wind down the practice.

The firm's ownership interest in its practice in Warsaw, Poland,
was sold to the firm of Greenberg Traurig PA on May 11 for
$6 million.  The Pension Benefit Guaranty Corp. took $2 million of
the proceeds as part of a settlement.

Judge Martin Glenn oversees the case.  Albert Togut, Esq., at
Togut, Segal & Segal LLP, represents the Debtor.  Epiq Bankruptcy
Solutions LLC serves as claims and notice agent.  The petition was
signed by Jonathan A. Mitchell, chief restructuring officer.

JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the
lenders under the Revolver Agreement, hired Kramer Levin Naftalis
& Frankel LLP.  JPMorgan, as Collateral Agent for the Revolver
Lenders and the Noteholders, hired FTI Consulting and Gulf
Atlantic Capital, as financial advisors.  The Noteholders hired
Bingham McCutchen LLP as counsel.

The U.S. Trustee formed two committees -- one to represent
unsecured creditors and the second to represent former Dewey
partners.  The creditors committee hired Brown Rudnick LLP led by
Edward S. Weisfelner, Esq., as counsel.  The Former Partners hired
Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt &
Winters, LLP, as counsel.

FTI Consulting, Inc. was appointed secured lender trustee for the
Secured Lender Trust.  Alan Jacobs of AMJ Advisors LLC, was named
Dewey's liquidation trustee.  Scott E. Ratner, Esq., Frank A.
Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at
Togut, Segal & Segal LLP, serve as counsel to the Liquidation
Trustee.

Dewey's liquidating Chapter 11 plan was approved by the bankruptcy
court in February 2013 and implemented in March.  The plan created
a trust to collect and distribute remaining assets.  The firm
estimated that midpoint recoveries for secured and unsecured
creditors under the plan would be 58.4 percent and 9.1 percent,
respectively.


DIAMOND SHINE: Disclosure Statement Hearing on March 23
-------------------------------------------------------
Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the
Western District of Pennsylvania will convene a hearing on March
23, 2017 at 10:00 a.m. to consider the approval of the disclosure
statement filed by Diamond Shine, Inc. on Jan. 12, 2017.

March 16, 2017 is the last day for filing and serving objections to
the disclosure statement.

Diamond Shine, Inc., sought protection under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Western
District of Pennsylvania (Johnstown) (Case No. 16-70154) on March
3, 2016.  

The petition was signed by Steven E. Leydig, Sr., authorized
representative. The Debtor is represented by Donald R. Calaiaro,
Esq., at Calaiaro Valencik.

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


EDUCATION MANAGEMENT: 2nd Cir. Clears Out-of-Court Restructuring
----------------------------------------------------------------
Martin O'Sullivan, writing for Bankruptcy Law360, reported that the
U.S. Court of Appeals for the Second Circuit overturned a federal
district judge's finding that a $1.5 billion out-of-court
restructuring proposed by for-profit college operator Education
Management Corp. violated a Depression-era law meant to protect
bondholders, saying the payment terms governing the bonds at issue
were not modified.

EDMC was challenging a 2015 decision by U.S. District Judge
Katherine Polk Failla of the United States District Court for the
Southern District of New York that said the company's proposed
restructuring plan violated the Trust Indenture Act because it
would have impaired the rights of private equity firm Marblegate
Asset Management LLC.

The District Court held that a series of transactions meant to
restructure EDMC's debt over the objections of certain noteholders
violated Section 316(b) of the Trust Indenture Act of 1939, 15
U.S.C. Sec. 77ppp(b).  The transactions, the District Court
determined, stripped the non‐consenting noteholders,
plaintiffs‐appellees Marblegate Asset Management, LLC and
Marblegate Special Opportunity Master Fund, L.P., of their
practical ability to collect payment on notes purchased from EDMC's
subsidiaries.  As a result, the District Court ordered EDMC to
continue to guarantee Marblegate's notes and pay them in full.

EDMC is a for‐profit higher education company that relies heavily
on federal funding through Title IV of the Higher Education Act of
1965, 20 8 U.S.C. Sections 1070–1099.  EDMC is the parent
company of Education Management, LLC and Education Management
Finance Corporation.

In 2014 EDMC found itself in severe financial distress.  Its
enterprise value had fallen well below its $1.5 billion in
outstanding debt.  But restructuring its debt by resorting to
bankruptcy court was not a realistic option for EDMC, which would
lose its eligibility for Title IV funds if it filed for bankruptcy
and discontinued as an ongoing concern.  EDMC therefore had to
cooperate with its creditors outside of the bankruptcy process if
it hoped to restructure its debt and persist as a viable entity.

EDMC's outstanding debt consisted of both secured debt (roughly
$1.3 4 billion) and unsecured debt ($217 million).  The secured
debt was governed by a 2010 credit agreement between the EDM Issuer
-- Education Management LLC and Education Management Finance -- and
secured creditors.  The 2010 Credit Agreement gave EDMC's secured
creditors the right, upon default, to deal with the collateral
securing the loans "fully and completely" as the "absolute owner"
for "all purposes."   The collateral securing the debt consisted
of virtually all of EDMC's assets. 

The unsecured debt -- the "Notes" -- was also issued by the EDM
Issuer and governed by an indenture executed in March 2013 and
qualified under the Trust Indenture Act of 1939.  The Notes were
guaranteed by EDMC as the parent company of the EDM Issuer and
carried a high effective interest rate -- nearly 20% per year -- to
compensate for the riskier nature of the unsecured debt.

Both the Indenture and the offering circular relating to the Notes
informed lenders who had purchased them about their rights and
obligations as junior, unsecured creditors.  For example, the
offering circular explained that the Notes Parent Guarantee was
issued solely to satisfy EDMC's reporting obligations, that it
could be released solely by operation of the release of any later
guarantee EDMC issued to secured creditors, and that Noteholders
should therefore not assign any value to the Notes Parent
Guarantee.   Marblegate holds Notes with a face value of $14
million but never held any secured debt.

As EDMC's financial position deteriorated, its debt burden became
unsustainable.  After negotiating with EDMC, a majority of
secured creditors agreed in September 2014 to relieve the EDM
Issuer of certain imminent payment obligations and covenants under
the 2010 Credit Agreement.  The resulting agreement was a new
amended credit agreement entered in the fall of 2014.  As
consideration for these changes, EDMC agreed to guarantee the
secured loans.

Around the same time, a group of creditors formed an Ad Hoc
Committee of Term Loan Lenders  and established a Steering
Committee, which is an intervenor‐appellant in the appeal, to
negotiate with EDMC.  The Ad Hoc Committee held 80.6% of the
secured debt and 80.7% of the Notes.  Of that total, the Steering
Committee of the Ad Hoc Committee held 35.8% of secured debt and
73.1% of the Notes.

The Steering Committee and EDMC eventually devised two potential
avenues to relieve EDMC of its debt obligations.  The first
option, which obtained only if creditors unanimously consented, was
designed to result in (1) most of EDMC's outstanding secured debt
being exchanged for $400 million in new secured term loans and new
stock convertible into roughly 77% of EDMC's common stock, and (2)
the Notes being exchanged for equity worth roughly 19% of EDMC's
common stock.  

EDMC estimated that this first option would amount to common
stock.  EDMC estimated that this first option would amount to
roughly a 45% reduction in value for secured lenders and a 67%
reduction in value for Noteholders.  

The second option would arise only if one or more creditors refused
to consent.  Under that circumstance, a number of events would
occur that together constituted the "Intercompany Sale."  
Secured creditors consenting to the Intercompany Sale would first
exercise their preexisting rights under the 2014 Credit Agreement
and Article 9 of the Uniform Commercial Code to foreclose on EDMC's
assets.  In addition, the secured creditors would release EDMC
from the Secured Parent Guarantee.  That release in turn would
effect a release of the Notes Parent Guarantee under the
Indenture.  With the consent of the secured creditors (but
without needing the consent of the unsecured creditors), the
collateral agent would then sell the foreclosed assets to a
subsidiary of EDMC newly constituted for purposes of the
Intercompany Sale.  Finally, the new EDMC subsidiary would
distribute debt and equity only to consenting creditors and
continue the business.  

The Intercompany Sale was structured to incentivize creditors to
consent.  While non‐consenting secured creditors would still
receive debt in the new EDMC subsidiary, that debt would be junior
to the debt of consenting secured creditors.  Non‐consenting
Noteholders would not receive anything from the new
company:  though not a single term of the Indenture was altered
and Noteholders therefore retained a contractual right to collect
payments due under the Notes, the foreclosure would transform the
EDM Issuer into an empty shell.  

In offering to exchange the Notes for equity in the new EDMC
subsidiary, therefore, EDMC and the Ad Hoc Committee explicitly
warned Noteholders that they would not receive payment if they did
not consent to the Intercompany Sale. 

Except for Marblegate, all of EDMC's creditors (representing 98% of
its debt) eventually consented to the Intercompany Sale.

At present, because EDMC was able to reduce its debt burden through
the very transaction to which Marblegate objected, it currently has
the assets to pay on Marblegate's Notes.  Marblegate, as the
owner of Notes that had been poised to receive only limited
additional payments because of EDMC's pending insolvency, is now
the only creditor receiving full payouts according to the original
face value of its Notes.

According to the Second Circuit, Section 316(b) of the TIA does not
prohibit the Intercompany Sale in this case.  The transaction did
not amend any terms of the Indenture.  Nor did it prevent any
dissenting bondholders from initiating suit to collect payments due
on the dates specified by the Indenture. 

The Second Circuit further held that Marblegate retains its legal
right to obtain payment by suing the EDM Issuer, among
others.  Absent changes to the Indenture's core payment terms,
however, Marblegate cannot invoke Section 316(b) to retain an
"absolute and unconditional" right to payment of its notes.  The
Second Circuit pointed to the ruling in Bank of New York v. First
Millennium, Inc., 607 F.3d 905, 6 917 (2d Cir. 2010).  

The District Court judgment is vacated and the case is remanded to
the District Court for further proceedings consistent with this
opinion, the Second Circuit said.

The case is, Marblegate Asset Mgmt., LLC v. Educ. Mgmt. Fin. Corp.,
Case No. 15-2124-cv(L)(2nd Cir.).  A copy of the Second Circuit's
decision is available at https://is.gd/HocTaC


EFTENI INC: Asks Court to Approve Disclosure Statement
------------------------------------------------------
Efteni Inc. asked the U.S. Bankruptcy Court for the District of New
Jersey to conditionally approve the disclosure statement, which
explains its proposed Chapter 11 plan.

The request, if granted by the court, would allow the company to
start soliciting votes for its plan.

Under U.S. bankruptcy law, a debtor must get court approval of its
disclosure statement to start soliciting votes from creditors.  The
document must contain adequate information to enable creditors to
make an informed decision about the bankruptcy plan.

Efteni filed its disclosure statement and plan on Jan. 12.

                        About Efteni Inc.

Efteni Inc. sought protection under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the District of New Jersey
(Trenton) (Case No. 16-16547) on April 5, 2016.  The petition was
signed by Suleyman Kilic, president.

The case is assigned to Judge Christine M. Gravelle.  Hoffman &
Hoffman serves as the Debtor's legal counsel.  The Debtor disclosed
total assets of $31,000 and total debts of $1.05 million.


EFTENI INC: Feb 21 Plan, Disclosures Joint Hearing
--------------------------------------------------
The Hon. Christine M. Gravelle has scheduled a joint hearing on
Feb. 21, 2017, at 2:00 p.m. to determine the adequacy of Efteni
Inc's disclosure statement and to confirm its plan of
reorganization filed on Jan. 12, 2017.

Written objections to the adequacy of the disclosure statement must
be filed no later than 7 days prior to the hearing.

Written objections to the plan of reorganization must be filed and
served on the plan proponent no later than 7 days before the
hearing.

Ballots accepting or rejecting the plan must be filed no later than
7 days before the hearing.

                   About Efteni Inc.

Efteni Inc. sought protection under Chapter 11 of the Bankruptcy
Code in the U.S. Bankruptcy Court for the District of New Jersey
(Trenton) (Case No. 16-16547) on April 5, 2016.  The petition
was
signed by Suleyman Kilic, president. The case is assigned to Judge
Christine M. Gravelle. The Debtor disclosed total assets of
$31,000
and total debts of $1.05 million.


ESTATE OF IDA LEE: Case Summary & 3 Unsecured Creditors
-------------------------------------------------------
Debtor: Estate of Ida Lee Madick
        5188 Brian Lane
        Encino, CA 91436

Case No.: 17-10140

Chapter 11 Petition Date: January 18, 2017

Court: United States Bankruptcy Court
       Central District of California (San Fernando Valley)

Judge: Hon. Martin R. Barash

Debtor's Counsel: Jeff Katofsky, Esq.
                  JEFF KATOFSKY, ESQ.
                  4558 Sherman Oaks Ave
                  Sherman Oaks, CA 91403
                  Tel: 818-990-1475
                  Fax: 818-990-1477
                  E-mail: jeff@oremowlz.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $1 million to $10 million

The petition was signed by Eddie Madick, executor.

A copy of the Debtor's list of three unsecured creditors is
available for free at http://bankrupt.com/misc/cacb17-10140.pdf


FANSTEEL INC: Seeks to Employ Clark Hill as Environmental Counsel
-----------------------------------------------------------------
Fansteel, Inc. seeks approval from the United States Bankruptcy
Court for the Southern District of Iowa to employ Mark J. Steger,
Esq. and the Clark Hill Law Firm as Environmental Counsel.

Clark Hill is to prepare demand letters and negotiate with the
Debtor's insurers to resolve environmental claims, advise the
Debtor with respect to permitting and remediation of the Muskogee,
OK and Creston, IA facilities and advise on the pursuit of other
entities potential liable for their share of the remediation costs
of these facilities.

The firm's lawyer billing rates range from $180 to $650 an hour,
and legal assistant rates range from $80 to $195 per hour. Mark J.
Steger will be the principal attorney and his hourly rate is
$475.00.

Mr. Steger attests that his firm is a disinterested person within
the meaning of Bankruptcy Code Section 101(14), and its employment
would be in the best interest of the estate.

The firm can be reached through:

     Mark J. Steger, Esq.
     CLARK HILL LAW FIRM
     130 E. Randolph St., Suite 3900
     Chicago, IL 60601
     Tel: 312-985-5916
     Fax: 312-985-5964
     Email: msteger@clarkhill.com

                                About Fansteel

Headquartered in Creston, Iowa, Fansteel operates four business
units at four locations in the USA and one in Mexico with a
workforce of more than 600 employees. Fansteel generated
approximately $87.4 million in revenue in 2015 on a consolidated
basis.  WDC contributes approximately 67% of Fansteel's sales.  The
rest of the sales are generated from Intercast, a division of
Fansteel, and other non-debtor subsidiaries, as disclosed in court
documents.

Fansteel, Inc., d/b/a Fansteel Intercast, d/b/a Fansteel Wellman
Dynamics, d/b/a Fansteel American Sintered Technologies, Wellmand
Dynamics Corporation, and Wellman Dynamics Machinery & Assembly,
Inc. filed chapter 11 petitions (Bankr. S.D. Iowa Lead Case No.
16-01823) on Sept. 13, 2016.  The petitions were signed by Jim
Mahoney, CEO.  The cases are assigned to Judge Anita L. Shodeen.
The Debtors disclosed total assets of $32.9 million and total debt
of $41.97 million.

The Debtors tapped Jeffrey D. Goetz, Esq. and Krystal R.
Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C.,
as counsel; and RSM US LLP as tax advisor.

The U.S. Trustee for Region 12 on Sept. 23, 2016, appointed nine
creditors of Fansteel Inc. to serve on the official committee of
unsecured creditors.  The Official Committee has retained
MorrisAnderson & Associates, Ltd., as financial advisor, and Archer
& Greiner, P.C. and Nyemaster Goode, P.C., as counsel.


FEDERAL IDENTIFICATION: March 1 Plan Confirmation Hearing
---------------------------------------------------------
Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania approved the disclosure statement and plan
of liquidation filed by Federal Identification Card Co. Inc.

The proposed voting procedures and the proposed voting materials
consisting of a ballot are also approved.

Feb. 17, 2017 is set as the last date by which ballots must be
received in order to be considered as acceptance or rejections of
the Plan of Liquidation.

Feb. 17, 2017 is fixed as the date to file written objections to
confirmation of the Plan.

The hearing on confirmation of the Plan of Liquidation shall be
held in U.S. Bankruptcy Court, 900 Market Street, Courtroom #5,
Philadelphia, Pennsylvania on March 1, 2017 at 11:00 a.m.

As previously reported, under the liquidation plan, Class 2 holders
will share, on a pro rata basis, the net proceeds from the sale
less the $70,000 allocated to the receivables and distributed to
Class 1 creditors, administrative claims, and priority taxes.

The Disclosure Statement is available at:

           http://bankrupt.com/misc/paeb16-13496-78.pdf 


                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.


FIRST PHOENIX-WESTON: Sabra Objects to Joint Disclosure Statement
-----------------------------------------------------------------
Sabra Phoenix Wisconsin, LLC, objects to the joint disclosure
statement and accompanying joint plan of reorganization filed on
Dec. 9, 2016, by First Phoenix-Weston, LLC and affiliates.

Sabra argues, among other things, that the disclosure statement
contains factual inaccuracies and omissions. Page 3 inaccurately
states that Sabra "required" that Browns Living be employed. In
fact, First Phoenix Group brought Browns Living to Sabra as a
manager. As Debtors acknowledge, Terry Howard was the owner of
Browns Living and a co-owner of First Phoenix Group. Sabra agreed
to the selection but did not require it.

The plan also unfairly discriminates against Sabra. Under the Plan,
Sabra's deficiency claim in the estimated amount of $4 million
(Class 6), will be paid in full at a rate of 4% per year over 35
years. General unsecured claims (Class 7) will be fully paid in
four installments over a period of 21 months. The "convenience"
claims (Class 8) will be fully paid within three months.
Theoretically, there is no difference in the amount these similarly
situated creditors are being paid; nominally, they are all
receiving full payment. But as to the terms of payment, and the
corresponding allocation of risk, Sabra's deficiency claim is being
subjected to widely disparate treatment that amounts to "unfair
discrimination" within the meaning of 11 U.S.C. section
1129(b)(1).

In addition, Debtors' Projections do not match the terms of the
Plan in several, important ways, rendering the Plan infeasible on
its face.

For the said reasons, the disclosure statement should not be
approved by the court.

Attorneys for Sabra Phoenix Wisconsin, LLC

     Frank W. DiCastri
     Lindsey M. Greenawald
     HUSCH BLACKWELL LLP
     555 E. Wells Street, Suite 1900
     Milwaukee, WI 53202
     Telephone: (414) 273-2100
     Email: frank.dicastri@huschblackwell.com
            lindsey.greenawald@huschblackwell.com

        -- and --

     Iana A. Vladimirova
     HUSCH BLACKWELL LLP
     33 E. Main Street, Suite 300
     Madison, WI 53701-1379
     Telephone: (608) 255-4440
     Email: iana.vladimirova@huschblackwell.com

                  About First Phoenix-Weston LLC

First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., were formed in
2010 to organize, develop, and manage an assisted living and
skilled nursing care facility near three major regional hospitals
in Central Wisconsin including St. Clare's Hospital, which is just
a block away. The Facility combines an assisted living facility
together with a skilled nursing facility in a resort-like
atmosphere for its patients. The business is commonly known as
the "Stoney River" assisted living and rehab. The Facility is
comprised of two integrated businesses: a 35-unit skilled nursing
rehabilitation center (commonly referred to as the skilled nursing
facility, or "SNF"), and a 60- unit assisted living facility (the
"ALF").

First Phoenix-Weston, LLC, and FPG & LCD, L.L.C., filed Chapter 11
bankruptcy petitions (Bankr. W.D. Wisc. Case Nos. 16-12820 and
16-12821) on Aug. 15, 2016. The petitions were signed by Philip
Castleberg, as part-owner. The Debtors estimate assets and
liabilities in the range of $10 million to $50 million. Michael
Best & Friedrich LLP serves as counsel to the Debtors. 


FIRST WIVES ENTERTAINMENT: Taps Sublett as Financial Advisor
------------------------------------------------------------
First Wives Entertainment Limited Liability Company seeks approval
from United States Bankruptcy Court for the Southern District Of
New York to employ Tarn Sublett as financial advisor.

Services expected from Mr. Sublett are:

     a) Reviewing, analyzing and providing consulting services with
respect to financial information relevant to the assets,
liabilities, operations and Chapter 11 compliance of the Debtor;

     b) Assisting the Debtor to prepare its schedules, statements
of financial affairs and other appropriate reports and filings;

     c) Assisting the Debtor to develop a Chapter 11 plan;

     d) Reviewing and consulting with respect to the Debtor's
contracts, debt and equity structure including investments in its
theatrical production; and

     e) Providing such other financial advisory services with
respect to financial and business matters as requested by the
Debtor and its representatives and other professionals.

Mr. Sublett's current standard hourly rate is $125.00 per hour for
standard bookkeeping tasks and $300.00 per hour for other financial
advisory functions including accounting, capital structure,
transactional support, budgeting and forecasting.

Mr. Sublett attests that he does not hold or represent any interest
adverse to the Debtor or its chapter 11 estate, its creditors or
any other party-in-interest, and he is a "disinterested person" as
that term is defined in section 101(14) of the Bankruptcy Code.

The Advisor can be reached through:

     Tarn Sublett
     9200 NE 28th Street
     Clyde Hill, WA 98004
     Tel: (206) 518-2389
     Email: tarn.sublett@gmail.com

                          About First Wives Entertainment

First Wives Entertainment Limited Liability Company is the holder
of the underlying rights to, and the vehicle through which First
Wives Club, the iconic movie, is being developed as a musical for
the Broadway and global stage, as well as for associated marketing
and merchandising.

On May 5, 2016, Aruba Productions LLC, Arnold Venture Fund L.P. and
Edward H. Arnold filed an involuntary petition under Chapter 7 of
the Bankruptcy Code against First Wives Entertainment Limited
Liability Company. The Chapter 7 case was converted to a voluntary
case under Chapter 11 [Bankr. S.D.N.Y. Case No. 16-11345] on August
23, 2016.

The Debtor hires Allen G. Kadish, Esq. at DiConza Traurig Kadish
LLP as legal counsel.

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


FOUR CORNERS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Four Corners Direct, Inc. as of
Jan. 18, according to a court docket.

Four Corners Direct, Inc., based in Sarasota, Florida, filed a
Chapter 11 petition (Bankr. M.D. Fla. Case No. 16-09620) on
November 8, 2016.  Suzy Tate, Esq. serves as bankruptcy counsel.

In its petition, the Debtor indicated $0 in total assets and $10
million in total liabilities.  The petition was Martin Lothman,
president.


FRAC TECH: Bank Debt Trades at 19% Off
--------------------------------------
Participations in a syndicated loan under Frac Tech Services Ltd is
a borrower traded in the secondary market at 80.80
cents-on-the-dollar during the week ended Friday, January 6, 2017,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 0.20 percentage points from the
previous week.  Frac Tech pays 475 basis points above LIBOR to
borrow under the $0.55 billion facility. The bank loan matures on
April 3, 2021 and carries Moody's Ca rating and Standard & Poor's
CCC rating.  The loan is one of the biggest gainers and losers
among 247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended January 6.


FRESH & EASY: 7 Eleven and Sahotas Buying Liquor License for $10K
-----------------------------------------------------------------
Fresh & Easy, LLC, filed with the U.S. Bankruptcy Court for the
District of Delaware a notice that it will sell its Liquor License
(No. 539649) to 7 Eleven, Inc. and Harpreet Kaur Sahota and Tirath
Singh Sahota for $10,000.

The objection deadline is Jan. 18, 2017 at 5:00 p.m. (ET).

On Dec. 3, 2015, the Court entered a Miscellaneous Asset Sale Order
(Docket No. 288) authorizing the Debtor to sell or transfer certain
miscellaneous assets pursuant to the procedures set forth in the
Miscellaneous Asset Sale Order.  Pursuant to the Miscellaneous
Asset Sale Order, the Debtor proposes to sell the Liquor License to
the Purchasers pursuant to the Purchase Agreement.

The Debtor proposes to sell the asset to Purchaser on an "as is,
where is" basis, free and clear of all liens, claims, interests,
and encumbrances.

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

         http://bankrupt.com/misc/Fresh_&_Easy_1789_Sales.pdf

The known parties holding liens or other interest in the Liquor
License are: (i) Wells Fargo Bank, National Association; (ii)
California Department of Alcoholic Beverage Control Headquarters;
(iii) California State Board of Equalization; (iv) State of
California Franchise Tax Board; (v) LW-MLE, LLC; (vi) Peter Impala;
(vii) Linda Gago-Seco.

If no objections are received by the Debtor by the objection
deadline, then the Debtor may proceed with the proposed sale in
accordance with the terms of the Miscellaneous Asset Sale Order.

              About Fresh & Easy, LLC.

Fresh & Easy, LLC, a chain of grocery stores in the Southwest
United States, filed a Chapter 11 bankruptcy petition (Bankr. D.
Del. Case No. 15-12220) on Oct. 30, 2015.  The petition was signed
by Peter McPhee, the CFO.  The Debtor estimated assets of $10
million to $50 million and liabilities of at least  $100 million.

Judge Christopher S. Sontchi is assigned to the case.

The Debtor has engaged Norman L. Pernick, Esq., Kate J. Stickles,
Esq., and David W. Giattino, Esq., at Cole Schotz P.C. as counsel;
Epiq Bankruptcy Solutions, LLC, as claims and noticing agent; DJM
Realty Services, LLC; and CBRE Group, Inc., as real estate
consultants; and FTI Consulting, Inc., as restructuring advisors.

The Official Committee of Unsecured Creditors hired Fox Rothschild
LLP and ASK LLP as counsel.

                          *     *     *

The Debtor has undertaken the process of liquidating the estate's
assets located at its retail locations and distribution center
with
the assistance of Hilco Merchant Resources, LLC, and Industrial
Assets Corp., respectively, has engaged DJM Realty Services, LLC,
and CBRE, Inc., to market its leasehold interests, and has
recently
engaged Hilco Streambank to assist with the disposition of its
intellectual property.

As part of the claims process, a bar date of Feb. 19, 2016, was
established by the Court for creditor claims.


GELTECH SOLUTIONS: Issues Michael Reger $100,000 Convertible Note
-----------------------------------------------------------------
GelTech Solutions, Inc., on Jan. 12, 2017, issued Mr. Michael
Reger, the Company's president, director and principal shareholder,
a $100,000 7.5% secured convertible note in consideration for a
loan of $100,000.

The note is convertible at $0.23 per share and matures on Dec. 31,
2020.  Repayment of the note is secured by all of the Company's
assets including its intellectual property and inventory in
accordance with a secured line of credit agreement between the
Company and Mr. Reger.  Additionally, the Company issued Mr. Reger
217,392 two-year warrants exercisable at $2.00 per share.

All of the securities were issued without registration under the
Securities Act of 1933 in reliance upon the exemption provided in
Section 4(a)(2) and Rule 506(b) thereunder.

                        About GelTech

Jupiter, Fla.-based GelTech Solutions. Inc., is a Delaware
corporation organized in 2006.  The Company markets four products:
(1) FireIce(R), a water soluble fire retardant used to protect
firefighters, structures and wildlands; (2) Soil2O(R) 'Dust
Control', its new application which is used for dust mitigation in
the aggregate, road construction, mining, as well as, other
industries that deal with daily dust control issues; (3)
Soil2O(R), a product which reduces the use of water and is
primarily marketed to golf courses, commercial landscapers and the
agriculture market; and (4) FireIce(R) Home Defense Unit, a system
for applying FireIce(R) to structures to protect them from
wildfires.

For the year ended June 30, 2015, the Company reported a net loss
of $5.51 million on $800,365 of sales compared to a net loss of
$7.11 million on $814,587 of sales for the year ended June 30,
2014.

As of Sept. 30, 2016, Geltech Solutions had $2.15 million in total
assets, $7.96 million in total liabilities and a total
stockholders' deficit of $5.80 million.

The Company's auditors Salberg & Company, P.A., in Boca Raton,
Florida, issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2015, citing that
the Company has a net loss and net cash used in operating
activities in of $2,638,580 and $2,146,501, respectively, for the
six months ended Dec. 31, 2015, and has an accumulated deficit and
stockholders' deficit of $43,285,883 and $4,482,416, respectively,
at Dec. 31, 2015.  These matters raise substantial doubt about the
Company's ability to continue as a going concern.


GENERAL MOTORS: Says Phillips Can't Challenge Settlement
--------------------------------------------------------
Matthew Guarnaccia, writing for Bankruptcy Law360, reported that
General Motors Co. urged the U.S. Court of Appeals for the Second
Circuit to reject widow Doris Powledge Phillips' bid to negate a
2010 settlement agreement stemming from a crash that killed her
family.  GM says the woman can't claim the automaker fraudulently
hid relevant information because she assigned the rights to her
claim to a third party.  Phillips collected on a $6.7 million
settlement with "Old GM" by assigning her claim to Dover Master
Fund II LP.

                    About Motors Liquidation

General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009.  The Honorable Robert E. Gerber presides over the
Chapter 11 cases.  Harvey R. Miller, Esq., Stephen Karotkin,
Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges
LLP, assist the Debtors in their restructuring efforts.  Al Koch
at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as
the Chief Executive Officer for Motors Liquidation Company.  GM
is also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel.  Cravath, Swaine, & Moore LLP
is providing legal advice to the GM Board of Directors.  GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.  Garden City Group is the claims and notice
agent of the Debtors.

The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured
Creditors Holding Asbestos-Related Claims.  Lawyers at Kramer
Levin Naftalis & Frankel LLP served as bankruptcy counsel to the
Creditors Committee.  Attorneys at Butzel Long served as counsel
on supplier contract matters.  FTI Consulting Inc. served as
financial advisors to the Creditors Committee.  Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represented the Asbestos
Committee.  Legal Analysis Systems, Inc., served as asbestos
valuation analyst.

The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011.  The Plan
was declared effect on March 31.

On Dec. 15, 2011, Motors Liquidation Company was dissolved.  On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee
-- GUC Trust Administrator -- of the Motors Liquidation Company
GUC Trust, assumed responsibility for the affairs of and certain
claims against MLC and its debtor subsidiaries that were not
concluded prior to the Dissolution Date.

Motors Liquidation had $669 million in total assets, $56.4 million
in total liabilities and $613 million in net assets in liquidation
as of Dec. 31, 2015.


GERALEX INC: Asks Court to Approve Disclosure Statement
-------------------------------------------------------
Geralex, Inc., asked the U.S. Bankruptcy Court for the Northern
District of Illinois to conditionally approve the disclosure
statement, which explains its proposed Chapter 11 plan of
reorganization.

The request, if granted by the court, would allow the company to
start soliciting votes for its plan.

Under U.S. bankruptcy law, a debtor must get court approval of its
disclosure statement to begin soliciting votes from creditors.  The
document must contain adequate information to enable creditors to
make an informed decision about the bankruptcy plan.

In the same filing, Geralex asked the court to set a Feb. 16
deadline for creditors to cast their votes and file their
objections.  The company also proposes a Feb. 23 hearing to
consider approval of the plan.

Geralex is represented by:

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

                       About Geralex Inc.

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

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

No trustee, examiner, or committee has been appointed in the case.


GOLFSMITH INTERNATIONAL: $22M Sale of Headquarters Okayed
---------------------------------------------------------
Vince Sullivan, writing for Bankruptcy Law360, reported that
Golfsmith International Holdings Inc. received court approval on
its request to sell its corporate headquarters in Austin, Texas,
for $22.5 million, pending some alterations to the order.

During a hearing in Wilmington, U.S. Bankruptcy Judge Laurie Selber
Silverstein heard from Golfsmith attorneys who said the bid from BH
Management Inc. was the only offer the company received for the
40-acre property.  An auction planned for earlier this month was
canceled and BH was declared the successful bidder.

"No other bids materialized by the bid deadline and we subsequently
concluded that we would go forward seeking approval of the sale to
BH Management," Golfsmith attorney David Griffiths of Weil Gotshal
& Manges LLP told the court.

The report also said a pair of objections to the sale of the
property were resolved through alterations to the language of the
order. Clarifying language was added to ensure no computer
equipment was being included in the sold assets and that Golfsmith
would be paying real estate taxes out of the sale proceeds,
Griffiths said.

The Nov. 28, 2016 edition of the Troubled Company Reporter reported
on the sale of the Debtors' campus.

            About Golfsmith International Holdings

Headquartered in Austin, Texas, Golfsmith International Holdings,
Inc., the parent company of Golfsmith International, Inc., is a
holding company. The Company is a specialty retailer of golf and
tennis equipment, apparel, footwear and accessories. The Company
operates as an integrated multi-channel retailer, providing its
customers the convenience of shopping in the retail stores across
United States, through its Internet site,
http://www.golfsmith.com/,and from its catalogs.  The Company      

offers a product selection that features national brands,
pre-owned
clubs and its branded products. It offers a number of  customer
services and customer care initiatives, including its  club
trade-in program, 30-day playability guarantee, 115% low- price
guarantee, its credit card, in-store golf lessons, and  SmartFit,
its club-fitting program. As of Jan. 1, 2011, the  Company
operated
75 stores in 21 states and 33 markets.

Golfsmith International Holdings, Inc., and 12 affiliates filed
Chapter 11 petitions (Bankr. D. Del. Case No. 16-12033) on Sept.
14, 2016.  The petitions were signed by Brian E. Cejka, chief
restructuring officer.  The Debtors are represented by Mark D.
Collins, Esq., John H. Knight, Esq., Zachary I. Shapiro, Esq., and
Brett M. Haywood, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware; and Michael F. Walsh, Esq., David N.
Griffiths, Esq., and Charles  M. Persons, Esq., at Weil, Gotshal &
Manges LLP, in New York.

The Debtors' financial advisor is Alvarez & Marsal North America,
LLC. The Debtors' investment banker is Jefferies LLC.  The
Debtors'
claims, noticing and solicitation agent is Prime Clerk  LLC.  Pope
Shamsie & Dooley LLP serves as tax accountants.

At the time of filing, the Debtor estimated assets and liabilities
at $100 million to $500 million.

Andrew Vara, acting U.S. trustee for Region 3, on Sept. 23, 2016,
appointed seven creditors to serve on the official committee of
unsecured creditors. The Committee hires Cooley LLP as lead
counsel, Chaitons LLP as Canadian counsel, Polsinelli PC as
Delaware counsel, Province, Inc. as financial advisor, and A&G
Realty Partners as real estate advisor.

                            *     *     *

The Court entered an order approving the sale of all or
substantially all of the Debtors' assets on November 2, 2016.
Golfsmith has a deal to sell its retail operations for $69 million
to a joint venture of Dick's Sporting Goods and liquidators Hilco
Global, Gordon Brothers and Tiger Capital Group.  The group won an
auction in October 2016.  Under the parties' deal, 30 stores will
remain operational, while going-out-of-business sales will be
conducted in the other 59 outlets.


GREAT BASIN: $1.4M 2016 Notes Converted Into Shares as of Jan. 6
----------------------------------------------------------------
Great Basin Scientific, Inc., adjusted the Series D Warrants
pursuant to the terms of the Series D Warrants such that they are
exercisable into 2,361,468 shares of common stock representing
16.6% of the sum of the number of shares of common stock actually
outstanding on Dec. 31, 2016, plus the number of shares of common
stock deemed to be outstanding pursuant to all outstanding options
or convertible securities of the Company.  In addition, the Company
adjusted the 2015 Subordination Warrants pursuant to the terms of
the 2015 Subordination Warrants such that they are exercisable into
71,129 shares of common stock representing 0.5% of the sum of the
number of shares of common stock actually outstanding on Dec. 31,
2016, plus the number of shares of common stock deemed to be
outstanding pursuant to all outstanding options or convertible
securities of the Company.

On January 3 through Jan. 5, 2017, certain holders of the 2016
Notes were issued shares of the Company's common stock pursuant to
Section 3(a)(9) of the United States Securities Act of 1933, (as
amended) in connection with the pre-installment amount converted
for the installment date of Jan. 30, 2017.  In connection with the
pre-installments, the Company issued 556,627 shares of common stock
upon the conversion of $1,410,267 principal amount of 2016 Notes at
a conversion price of $2.53 per share (adjusted for the recent
reverse stock split effective Dec. 28, 2016).

As of Jan. 6, 2017, a total principal amount of $1.4 million of the
2016 Notes has been converted into shares of common stock.  The
amount equal to the number of shares issued during the
pre-installment period multiplied by the conversion price in effect
at the installment date of Jan. 30, 2017, is not subject to
deferral to future periods.  Approximately $73.6 million in note
principal remains to be converted.  A total of $8.6 million of the
proceeds from the 2016 Notes has been released to the Company
including $6.0 million at closing and $2.6 million in early release
from the restricted cash accounts.  $59.4 million remains in the
restricted accounts to be released to the Company at future dates
pursuant to terms of the 2016 Notes.

As of Jan. 6, 2017, there are 1,302,904 shares of common stock
issued and outstanding (adjusted for the recent reverse stock split
effective Dec. 28, 2016).

In connection with the conversions of the 2016 Notes, the exercise
prices of certain of the Company's issued and outstanding
securities were automatically adjusted to take into account the
conversion price of the 2016 Notes.  The exercise prices of the
following securities were adjusted as follows.

Class A and Class B Warrants

As of Jan. 6, 2017, the Company had outstanding Class A Warrants to
purchase 48 shares of common stock and Class B Warrants to purchase
29 shares of common stock of the Company.  The Class A and Class B
Warrants include a provision which provides that the exercise price
of the Class A and Class B Warrants will be adjusted in connection
with certain equity issuances by the Company.  The consummation of
the Conversions triggers an adjustment to the exercise price of the
Class A and Class B Warrants.  Therefore, as of Jan. 6, 2017, the
exercise price for the Class A and Class B Warrants was adjusted
from $6.00 to $2.53 per share of common stock (adjusted for the
recent reverse stock split effective Dec. 28, 2016).

Common Stock Warrants

As of Jan. 6, 2017, the Company had outstanding certain common
stock warrants to purchase 2 shares of common stock of the Company.
As a result of the Conversions, as of Jan. 6, 2017, the exercise
price for certain Common Warrants was adjusted from $6.00 to $2.53
per share of common stock (adjusted for the recent reverse stock
split effective Dec. 28, 2016).

Series D and 2015 Subordination Warrants

As of Jan. 6, 2017, the Company has outstanding Series D Warrants
to purchase 2,361,468 shares of common stock and 2015 Subordination
Warrants to purchase 71,129 shares of common stock of the Company.
The Series D and 2015 Subordination Warrants include a provision
which provides that the exercise prices of the Series D and 2015
Subordination Warrants will be adjusted in connection with certain
equity issuances by the Company.  The consummation of the
Conversions triggers an adjustment to the exercise price of the
Series D and 2015 Subordination Warrants.  Therefore, as of Jan. 6,
2017, the exercise price for the Series D and 2015 Subordination
Warrants was adjusted from $6.00 to $2.53 per share of common stock
(adjusted for the recent reverse stock split effective Dec. 28,
2016).

Series G Warrants

As of Jan. 6, 2016, the Company had outstanding Series G Warrants
to purchase 159 shares of common stock of the Company.  The Series
G Warrants include a provision which provides that the exercise
price of the Series G Warrants will be adjusted in connection with
certain equity issuances by the Company.  The consummation of the
Conversions triggers an adjustment to the exercise price of the
Series G Warrants.  Therefore, as of Jan. 6, 2017, the exercise
price for the Series G Warrants was adjusted from $6.00 to $2.53
per share of common stock (adjusted for the recent reverse stock
split effective Dec. 28, 2016).

                      About Great Basin

Great Basin Scientific is a molecular diagnostic testing company
focused on the development and commercialization of its patented,
molecular diagnostic platform designed to test for infectious
disease, especially hospital-acquired infections.  The Company
believes that small to medium sized hospital laboratories, those
under 400 beds, are in need of simpler and more affordable
molecular diagnostic testing methods.  The Company markets a system
that combines both affordability and ease-of-use, when compared to
other commercially available molecular testing methods, which the
Company believes will accelerate the adoption of molecular testing
in small to medium sized hospitals.  The Company's system includes
an analyzer, which it provides for its customers' use without
charge in the United States, and a diagnostic cartridge, which the
Company sells to its customers.

Great Basin reported a net loss of $57.9 million in 2015 following
a net loss of $21.7 million in 2014.

As of Sept. 30, 2016, Great Basin had $83.40 million in total
assets, $144.9 million in total liabilities, and a total
stockholders' deficit of $61.47 million.

Mantyla McReynolds, LLC, in Salt Lake City, Utah, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has incurred substantial losses from operations causing
negative working capital and negative operating cash flows.  These
issues raise substantial doubt about its ability to continue as a
going concern.


GREYSTONE LOGISTICS: Posts $41,000 Net Income for Second Quarter
----------------------------------------------------------------
Greystone Logistics, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing net income
attributable to common stockholders of $41,109 on $9.22 million of
sales for the three months ended Nov. 30, 2016, compared to a net
loss attributable to common stockholders of $22,420 on $4.42
million of sales for the three months ended Nov. 30, 2015.

For the six months ended Nov. 30, 2016, Greystone reported a net
loss attributable to common stockholders of $76,330 on $17.06
million of sales compared to a net loss attributable to common
stockholders of $113,735 on $9.99 million of sales for the six
months ended Nov. 30, 2015.

As of Nov. 30, 2016, the Company had $23.58 million in total
assets, $24.19 million in total liabilities and a total deficit of
$606,125.

Greystone had a working capital deficit of $3.862 million at Nov.
30, 2016.  To provide for the funding to meet Greystone's operating
activities and contractual obligations as of Nov. 30, 2016,
Greystone will have to continue to produce positive operating
results or explore various options including additional long-term
debt and equity financing.  However, the Company said there is no
guarantee that it will continue to create positive operating
results or be able to raise sufficient capital to meet these
obligations.

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

                       https://is.gd/4HlBF2

                    About Greystone Logistics

Tulsa, Okla.-based Greystone Logistics, Inc. (OTC BB: GLGI.OB -
News) -- http://www.greystonelogistics.com/-- manufactures and
sells plastic pallets through its wholly owned subsidiary,
Greystone Manufacturing, LLC.  Greystone sells its pallets through
direct sales and a network of independent contractor distributors.
Greystone also sells its pallets and pallet leasing services to
certain large customers direct through its President, Senior Vice
President of Sales and Marketing and other employees.

Greystone reported net income attributable to common stockholders
of $271,726 on $26.34 million of sales for the year ended May 31,
2016, compared to net income attributable to common stockholders of
$57,565 on $22.3 million of sales for the year ended May 31, 2015.


GROSS FAMILY: Case Summary & 5 Unsecured Creditors
--------------------------------------------------
Debtor: Gross Family, LLC
        839 Ray Avenue
        Ridgefield, NJ 07657

Case No.: 17-11028

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 18, 2017

Court: United States Bankruptcy Court
       District of New Jersey (Newark)

Judge: Hon. Vincent F. Papalia

Debtor's Counsel: Stephen B. McNally, Esq.
                  MCNALLY & ASSOCIATES, L.L.C.
                  93 Main Street, Suite 201
                  Newton, NJ 07860
                  Tel: (973) 300-4260
                  Fax: (973) 300-4264
                  E-mail: steve@mcnallylawllc.com
                          sue@mcnallylawllc.com

Total Assets: $582,650

Total Liabilities: $1 million

The petition was signed by Richard Gross, managing member.

A copy of the Debtor's list of five unsecured creditors is
available for free at http://bankrupt.com/misc/njb17-11028.pdf


HERCULES OFFSHORE: Enterprise Wins Auction with $24MM Bid
---------------------------------------------------------
Matt Chiappardi, writing for Bankruptcy Law360, reported that
Hercules Offshore Inc., told the Delaware bankruptcy court on Jan.
17, 2017, that Enterprise Offshore Drilling LLC won an auction to
purchase the offshore producer's Gulf of Mexico drilling rig fleet
for nearly $24 million.  Enterprise was the stalking horse bidder
for the assets.  The auction was held on Jan. 12 with a bid that
included nearly $22.3 million in cash.

As reported by the Troubled Company Reporter on Dec. 21, 2016, HERO
Liquidating Trust, liquidating trust for Hercules Offshore, Inc.,
and affiliates, informed the Bankruptcy Court that the Debtors have
entered into an asset purchase agreement, dated Nov. 18, 2016, with
Enterprise for the sale of the Debtors' GOM fleet and related
assets free and clear of all liens, claims, encumbrances and other
interests to the Stalking Horse Bidder, subject to the submission
of higher or better offers in an auction process.

On Dec. 13, 2016, the Court entered Bidding Procedures Order
approving the Bidding Procedures, which establish the key dates
and
times related to the Sale.  The deadline by which all Qualified
Bids must be actually received by the parties specified in the
Bidding Procedures Order is Jan. 9, 2017 at 5:00 p.m. (PET).

                   About Hercules Offshore

Hercules Offshore, Inc., and its debtor and non-debtor
subsidiaries
are providers of shallow-water drilling and marine services to the
oil and natural gas exploration and production industry globally.

Hercules Offshore and 13 of its subsidiaries each filed a Chapter
11 bankruptcy petition (Bankr. D. Del. Case Nos. 16-11385 to
16-11398) on June 5, 2016.  The petitions were signed by Troy L.
Carson as vice president.

The Debtors listed total assets of $1.06 billion and total debt of
$521.4 million as of March 31, 2016.

The Debtors have hired Michael S. Stamer, Esq., Philip C. Dublin,
Esq., David H. Botter, Esq., and Kevin M. Eide, Esq., at Akin Gump
Srauss Hauer & Feld LLP as general bankruptcy counsel and Robert
J.
Dehney, Esq., Eric D. Schwartz, Esq., and Matthew B. Harvey, Esq.,
at Morris, Nichols, Arsht & Tunnell LLP as co-counsel.

The U.S. Bankruptcy Court issued an order appointing Judge
Christopher Sontchi as mediator to govern mediation procedures and
assist in resolving certain objections related to confirmation of
Hercules Offshore's Joint Prepackaged Chapter 11 Plan of
Reorganization.

On June 20, 2016, the U.S. Trustee for the District of Delaware
appointed three members to the Equity Committee.  The Equity
Committee is represented by Hogan McDaniel and Kasowitz, Benson,
Torres & Friedman LLP as co-counsel and Ducera Securities LLC as
financial advisors.

Kirkland & Ellis LLP and Kirkland & Ellis International LLP, White
& Case LLP and Klehr Harrison Harvey Branzburg LLP represent an ad
hoc group of certain first lien lenders party to that certain
credit agreement, dated as of Nov. 6, 2015, by and among Hercules
Offshore, Inc., as borrower, the Subsidiary Guarantors as
guarantors, the lenders party thereto, and Jefferies Finance LLC,
as administrative agent and collateral agent, as creditors and
parties-in-interest in the Debtors' Chapter 11 cases.

                            *     *     *

On Dec. 2, 2016, the Debtors consummated the Debtors' Modified
Joint Prepackaged Chapter 11 Plan (Incorporating Mediation
Settlement).  Accordingly, on the Effective Date, pursuant to the
terms of the Plan, the Assets automatically vested in the HERO
Liquidating Trust.


HIS GRACE OUTREACH: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: His Grace Outreach International
        1393 Flatbush Avenue
        Brooklyn, NY 11210

Case No.: 17-40203

Nature of Business: Single Asset Real Estate

Chapter 11 Petition Date: January 18, 2017

Court: United States Bankruptcy Court
       Eastern District of New York (Brooklyn)

Judge: Hon. Elizabeth S. Stong

Debtor's Counsel: Robert M Fox, Esq.
                  LAW OFFICES OF ROBERT M. FOX
                  630 Third Avenue, 18th Floor
                  New York, NY 10017
                  Tel: 212-867-9595
                  Fax: 212-949-1857
                  E-mail: Robert@rfoxlaw.com

Estimated Assets: $500,000 to $1 million

Estimated Liabilities: $500 million to $1 billion

The petition was signed by George Mungai, president.

The Debtor did not include a list of its largest unsecured
creditors when it filed the petition.

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

           http://bankrupt.com/misc/nyeb17-40203.pdf


HOLY NAZARENE DELIVERANCE: Maltz to Auction Brooklyn Property
-------------------------------------------------------------
Holy Nazarene Ministries, Inc., asks the U.S. Bankruptcy Court for
the Eastern District of New York to authorize the sale of real
property located at 237 Ralph Avenue, Brooklyn, New York
("Building"), by public auction to be conducted by Maltz Auctions,
Inc.

The Debtor is not a single asset entity.  The Debtor owns the
Debtor's Building which is a two-story "taxpayer."  The Debtor
"business" is the conduct of a church whose primary purpose is the
conduct of religious services for members of its congregation.

The Debtor's Chapter 11 filing was precipitated by, among other
considerations, the desire to propose, confirm and consummate a
plan of reorganization or liquidation that resolves the claim of
the Debtor's only true creditor, Maverick Construction Services.

In its Schedule A/B, the Debtor listed a fee simple interest in the
Debtor's Building.  According to the Debtor's Schedule D, the
Debtor's Building is encumbered by a judgment lien held by the
aforesaid Maverick Construction Services in the liquidated amount
of $400,000, docketed in the office of the Clerk of Kings County on
April 8, 2015.

Maverick has apparently not yet filed a proof of claim with the
Court in any amount but in its motion to dismiss the Debtor's case
or to obtain relief from the automatic stay Maverick asserts its
claim in the amount of $4000,000 and claims interest at the rate of
9% from April 8, 2015.  Maverick has brought a motion for relief
from the automatic stay or to have the case dismissed.

By application dated Jan. 9, 2017, the Debtor seeks the entry of an
Order employing Maltz as its auctioneer to market the Debtor's
Building and conduct a public auction and sale of the Debtor's
Building at a date to be determined.

Upon the Court's entry of an Order, the Debtor will cause a "Notice
to Creditors and Other Parties in Interest of Debtor's Intended
Sale" ("Notice of Sale") to be filed with the Court and served on
the Office of the United States Trustee, Maverick, all known
creditors of the Debtor, and all known parties with an interest in
the Debtor's Building.  The Notice of Sale provides notice to all
interested parties of the Debtor's intended Auction Sale of the
Debtor's Building, the date, time, and location of the Auction
Sale, the terms and conditions of the Auction Sale, and the
deadline for objections to be filed to the Auction Sale.

The Debtor seeks authorization of, and approval for, the Auction
Sale of its Building in accordance with the proposed Terms and
Conditions of Sale.

The pertinent terms of the Terms and Conditions of Sale are:

   a. To register to bid, prospective bidders must present a bank
check in the amount of $50,000 made payable to the Debtor;

   b. The successful bidder must close title on or before a date to
be set by the Court, time being of the essence as to the successful
bidder;

   c. The successful bidder must pay all county, state or other
property transfer taxes in connection with the sale of the Debtor's
Building; and

   d. The Debtor's Building is being sold "as is, where is," "with
all faults," without any representations or warranties of any kind,
and free and clear of liens, claims, encumbrances, tenancies, and
interests.

A copy of the Notice of Sale and the Terms and Conditions of Sale
attached to the Motion is available for free at:

            http://bankrupt.com/misc/Holy_Nazarene_36_Sales.pdf

The Debtor submits that the proposed Terms and Conditions of Sale
are reasonably designed to ensure that the Debtor's estate receive
the maximum benefit available from the sale of the Debtor's
Building and therefore warrants Court approval.  Accordingly, the
Debtor asks the Court to approve the Auction Sale of the Building
in accordance with the Terms and Conditions of Sale.

Counsel for the Debtor:

          Morse Geller, Esq.
          MORSE GELLER & ASSOCIATES
          277 Sycamore Street
          West Hempstead, NY 11552
          Telephone: (516) 220-1752
          E-mail: mgadv1@aol.com

                 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.


HORSEHEAD HOLDING: Appoints Wayne Isaacs as Permanent Chairman
--------------------------------------------------------------
Horsehead Holding LLC on Jan. 17, 2017, disclosed that the
Horsehead Board of Directors has appointed Wayne Isaacs, a veteran
mining executive and distinguished leader in the base metals
industry, as Chairman of the Board and Interim Chief Executive
Officer, effective Jan. 9, 2017.  Mr. Isaacs will replace James M.
Hensler, who has stepped down from the position of Chief Executive
Officer to pursue other opportunities.  The Company also disclosed
that Michael J. Griffin, who previously served as a consultant to
the Company, has been appointed Chief Operating Officer, effective
Jan. 9, 2017.  The Board has engaged Chicago-based executive search
firm Heidrick & Struggles to commence a search for a permanent CEO,
and expects to complete that process by the middle of 2017.

"We are excited to add Wayne Isaacs to the Horsehead Board of
Directors and have him help lead the Company through this
transition as interim CEO," said Paul Martin, member of the Board.
"Wayne has over 35 years of global management experience in the
mining industry, and brings industry-specific leadership expertise
and valuable insight to the Company and the Board.  He has an
impressive track record of successfully turning businesses around,
and we look forward to leveraging his vast experience to continue
enhancing Horsehead's leading position in the markets it serves.
We are also thrilled to appoint Mike Griffin to the position of
COO.  Mike has been a valuable resource for Horsehead as a
consultant following the Company's successful restructuring and
brings to the management team an extensive history of managing all
aspects of industrial manufacturing operations."

"I want to thank Jim for all of his contributions and leadership
during his time at Horsehead," said Milos Brajovic, on behalf of
the Board.  "In particular, we want to thank him for successfully
leading the Company through its restructuring process and we wish
him all the best in his future endeavors."

"I am honored to be provided the opportunity to lead Horsehead into
its next chapter and am eager to begin working with the Board and
all the Company's talented employees," said Mr. Isaacs.  "Horsehead
has a strong reputation as an industry leader, and I look forward
to leveraging my experience to utilize the Company's strong
operational and financial position to accelerate its growth."

"During the time I have worked with Horsehead as a consultant I
have been continuously impressed by the dedication of its
employees," said Mr. Griffin.  "Horsehead has a long history in
Pittsburgh, and I look forward to further strengthening that
relationship and enhancing our operational effectiveness at each of
our seven facilities."

The Company also disclosed that Steve Rowlan and Barry Hamilton
have been appointed as independent directors on the Horsehead
Board.  Mr. Rowlan is a steel industry executive who most recently
was General Manager of Environmental Affairs at Nucor Corporation,
and Mr. Hamilton most recently served as President of
Tennessee-based Zinc Oxide LLC.  The reconstituted Board is chaired
by Mr. Isaacs and includes Messrs.  Messrs. Rowlan and Hamilton as
well as representatives of the Company's three largest
shareholders, Greywolf Capital Management LP, Lantern Capital
Partners and MAK Capital One LLC.

As previously announced in September 2016, Horsehead successfully
consummated its plan of reorganization and emerged from Chapter 11
virtually debt-free with a significant cash balance and strong
financial backing from its investors.

                        About Mr. Isaacs

Wayne Isaacs is a veteran mining executive and a distinguished
leader in the base metals industry, having worked in North America,
South Africa and Australia.  With multiple engineering degrees, and
experience in operations, project oversight and asset acquisition,
Mr. Isaacs was a longtime executive at industry leader
BHP-Billiton, where he supervised the restructurings of several of
its business units.

                         About Mr. Griffin

As a seasoned industry executive, Michael J. Griffin has extensive
experience managing all aspects of industry manufacturing with
Reynolds Metals, Alcoa, Ormet Corporation and Noranda.  In various
management positions, he has increased productivity and
profitability at the above-mentioned companies through employee
engagement, technical skill enhancements and accountability.

              About Greywolf Capital Management LP

Founded in 2003, Greywolf Capital Management LP is a registered
investment adviser with approximately $3.5 billion in assets under
management allocated across Event Driven and CLO Credit Strategies.


                 About Lantern Capital Partners LP

Lantern Capital Partners LP is a middle-market private equity firm
whose principals have a long history of investing in and
contributing to the growth of businesses across a wide range of
industries.  The firm is headquartered in Dallas, TX, with its
affiliate, Lantern Asset Management LP, which together have managed
assets and/or invested capital for private and institutional
investors since 2010.

                    About MAK Capital One LLC

MAK Capital One LLC is an investment firm based in New York, NY and
was founded in 2002.

                 About Horsehead Holding Corp.

Horsehead Holding Corp. is the parent company of Horsehead
Corporation, a U.S. producer of specialty zinc and zinc-based
products and a recycler of electric arc furnace dust; The
International Metals Reclamation Company, LLC, a leading recycler
of metals-bearing wastes and a leading processor of nickel-cadmium
(NiCd) batteries in North America; and Zochem Inc., a zinc oxide
producer located in Brampton, Ontario.  Horsehead, headquartered in
Pittsburgh, Pa., has seven facilities throughout the U.S. and
Canada.  The Debtors currently employ approximately 730 full-time
individuals.

Horsehead Holding Corp., Horsehead Corporation, Horsehead Metal
Products, LLC, The International Metals Reclamation Company, LLC,
and Zochem Inc. filed Chapter 11 bankruptcy petitions (Bankr. D.
Del. Case Nos. 16-10287 to 16-10291) on Feb. 2, 2016.  The Petition
was signed by Robert D. Scherich as vice president and chief
financial officer.  Judge Christopher S. Sontchi is assigned to the
case.

The Debtors have engaged Kirkland & Ellis LLP as general counsel,
Pachulski Stang Ziehl & Jones LLP as local counsel, RAS Management
Advisors, LLC, as financial advisor, Lazard Middle Market LLC as
investment banker, Epiq Bankruptcy Solutions, LLC, as claims and
noticing agent and Aird & Berlis LLP as Canadian counsel.

The Debtors disclosed total assets of $1 billion and total
liabilities of $544.6 million.  As of the Petition Date, the
Debtors' consolidated long-term debt obligations totaled
approximately $420.7 million.

Andrew Vara, acting U.S. trustee for Region 3, appointed seven
creditors of Horsehead Holding Corp. to serve on the official
committee of unsecured creditors. Lowenstein Sandler LLP serves as
counsel to the Committee, while Drinker Biddle & Reath LLP serves
as co-counsel.  The Unsecured Creditors Committee is represented by
Kenneth A. Rosen, Esq., Bruce Buechler, Esq., and Philip J. Gross,
Esq., at Lowenstein Sandler LLP.

The U.S. Trustee's office appointed Aquamarine Capital and six
others to serve on Horsehead Holding Corp.'s committee of equity
security holders.  The Equity tapped Nastasi Partners as its
bankruptcy co-counsel; Richards, Layton & Finger P.A. as its
co-counsel; and SSG Capital Advisors, LLC as its financial advisor.


HOWARD AVENUE: Taps Farrell & Patel as Counsel in Oil Spill Suit
----------------------------------------------------------------
Howard Avenue Station, LLC requests the U.S. Bankruptcy Court for
the Middle District of Florida, Tampa Division, to enter an order
approving, effective as of June 6, 2012, the employment of Farrell
& Patel, PA as special counsel for the Debtor to pursue a claim for
lost business/income and other damages resulting from the 2010 BP
Gulf Coast Oil Spill.

Farrell & Patel's employment would be on a contingency basis equal
to:
     
     (a) 25% of any funds recovered from the BP Claim if litigation
is not required, or

     (b) 40% of any funds recovered from the BP Claim if litigation
is required.

In addition to the contingency fee, Farrell & Patel is entitled to
reimbursement for travel expenses, copying, mailing, supplies, and
multidistrict litigation fees and costs, if any. These costs are to
be reimbursed from any recovery from the BP Claim.

Joey M. McCall, Esq., attests that Farrell & Patel does not
represent or hold any interest adverse to the Debtor or to the
estate with respect to the matter upon which it is to be engaged
which would preclude its employment.

The Firm can be reached through:

     Joey M. McCall, Esq.
     FARRELL & PATEL, P.A.
     2701 Ponce De Leon Blvd
     Penthouse 300
     Coral Gables, FL 33134
     Tel: 305-300-3000
     Fax: 1-800-946-6711

                    About Howard Avenue Station

Howard Avenue Station filed a voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
12-08821) on June 6, 2012.  The petition was signed by Thomas
Ortiz, managing member.

The case is assigned to Judge Catherine Peek McEwen in Tampa, Fla.
The Debtor is represented by W. Bart Meacham, Esq.

As of the bankruptcy filing, Howard Avenue has estimated $1 million
to $10 million in assets and liabilities.


IMMUCOR INC: Bank Debt Trades at 4% Off
---------------------------------------
Participations in a syndicated loan under Immucor Inc is a borrower
traded in the secondary market at 96.45 cents-on-the-dollar during
the week ended Friday, January 6, 2017, according to data compiled
by LSTA/Thomson Reuters MTM Pricing.  This represents an increase
of 0.08 percentage points from the previous week.  Immucor Inc pays
375 basis points above LIBOR to borrow under the $0.665 billion
facility. The bank loan matures on Aug. 19, 2018 and carries
Moody's B2 rating and Standard & Poor's B- rating.  The loan is one
of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended January 6.


IMMUCOR INC: Incurs $12.8 Million Net Loss in Second Quarter
------------------------------------------------------------
Immucor, Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $12.75
million on $93.67 million of net sales for the three months ended
Nov. 30, 2016, compared to a net loss of $11.79 million on $96.24
million of net sales for the three months ended Nov. 30, 2015.

For the six months ended Nov. 30, 2016, Immucor reported a net loss
of $22.85 million on $192.26 million of net sales compared to a net
loss of $19.01 million on $192.96 million of net sales for the same
period a year ago.

As of Nov. 30, 2016, Immucor had $1.67 billion in total assets,
$1.35 billion in total liabilities and $317.94 million in total
equity.

In the first six months of fiscal year 2017, the Company's cash and
cash equivalents increased by $0.2 million to $10.5 million as of
Nov. 30, 2016.  The increase was primarily due to cash provided by
operating activities of $1.0 million and from net borrowings of
$10.0 million from its Revolving Facilities.  This increase in cash
and cash equivalents was partially offset by cash used by investing
activities of $7.0 million, as well as repayments of the Company's
long-term debt of $3.4 million in the first six months of fiscal
year 2017.  The cash balance at Nov. 30, 2016, includes cash of
$7.1 million that is held by its subsidiaries outside of the United
States.  The Company is not permanently reinvested in its
subsidiaries and can repatriate these funds, if needed, to support
future debt payments.

In the first six months of fiscal year 2016, the Company's cash and
cash equivalents decreased by $3.3 million to $15.1 million as of
Nov. 30, 2015.  The decrease was primarily due to investments in
new businesses, additional property and equipment, and an
additional loan to Sirona totaling $7.7 million, as well as
repayments of its long-term debt of $3.3 million in the first six
months of fiscal year 2016.  These decreases in cash and cash
equivalents were partially offset by positive cash flow contributed
by the Company's operating activities of approximately $8 million.


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

                    https://is.gd/mkAyz2

                        About Immucor

Founded in 1982, Immucor, Inc., a Georgia corporation, is a
worldwide leader in the transfusion and transplantation in vitro
diagnostics markets.  The Company's products perform typing and
screening of blood and organs to ensure donor-recipient
compatibility.  The Company's offerings are targeted at hospitals,
donor centers and reference laboratories around the world.

Immucor reported a net loss of $43.8 million on $380 million of net
sales for the year ended May 31, 2016, compared to a net loss of
$60.7 million on $389 million of net sales for the year ended May
31, 2015.

                           *    *    *

As reported by the TCR on June 23, 2016, S&P Global Ratings lowered
its corporate credit rating on Immucor Inc. to 'CCC+' from 'B'.
The outlook is stable.  "The rating downgrade follows Immucor's
continued operating underperformance over the past three quarters,
with an especially pronounced decline in the third quarter of
fiscal 2016," said S&P Global Ratings credit analyst Maryna
Kandrukhin.

The TCR report on March 31, 2016, that Moody's Investors Service
downgraded the ratings of Immucor, including the Corporate
Family Rating (CFR) to 'Caa1' from 'B3'.


IPAYMENT INC: S&P Lowers CCR to 'CC' on Exchange Offer Agreement
----------------------------------------------------------------
S&P Global Ratings said that it lowered its corporate credit rating
on New York City-based iPayment Inc. to 'CC' from 'CCC-'. The
outlook is negative.

At the same time, S&P lowered the issue-level rating on the
company's revolving credit facility and first-lien term loan to
'CCC' from 'CCC+'.  The recovery rating remains '1', indicating
S&P's expectation of very high (90%-100%) recovery in the event of
a payment default.

In addition, S&P lowered the issue-level rating on the company's
second-lien senior secured notes and senior unsecured notes to 'C'
from 'CC'.  The recovery rating remains '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of a
payment default.

The rating actions reflect S&P's view of the company's announcement
that it plans to exchange its 9.5% second-lien senior secured notes
due in 2019 for a combination of cash, common stock, and new
preferred stock.  S&P would treat the exchange transaction, if
completed, as tantamount to a default, based on S&P's criteria,
given that the investors will receive less value than the original
promise of the securities.  S&P will assess the impact of the
exchange on the company's credit profile upon completion of the
exchange.

The outlook is negative.  Upon successful completion of the
exchange, S&P will lower the corporate credit rating to 'SD' and
the affected issue-level ratings to 'D'.

S&P could lower the rating if the company experiences a default
event, such as a missed payment or the completion of a distressed
exchange.

S&P could raise the rating if the company is able to address
refinancing risk of 2017 loan maturities and increase financial
maintenance covenant flexibility while maintaining organic net
revenue and EBITDA growth.

S&P's simulated default scenario assumes a payment default
occurring in 2017 because of a weak cash flow and liquidity
position stemming from subdued operating growth and inability to
sustain its onerous debt capital structure.

   -- Simulated year of default: 2017
   -- EBITDA at emergence: $80 million
   -- EBITDA multiple: 6x

   -- Net enterprise value (after 7% administrative costs):
      $448 million
   -- Valuation split in % (obligors/nonobligors): 100/0
   -- Collateral value available to secured creditors:
      $448 million
   -- Secured first-lien debt: $444 million
      -- Recovery expectations: 90%-100%
   -- Total unsecured debt: $337 million
      -- Recovery expectations: 0%-10%

Note: All debt amounts include six months of prepetition interest.


J CREW GROUP: Appoints Two New Directors
----------------------------------------
The Board of Directors of J.Crew Group, Inc., appointed Chad A.
Leat and Richard D. Feintuch to the Board on Jan. 3, 2017.  The
Company said there are no arrangements or understandings between
any other persons and either of Mr. Leat or Mr. Feintuch pursuant
to which either director was appointed.  There are no transactions
between the Company and either of Mr. Leat or Mr. Feintuch that
would require disclosure under Item 404(a) of Regulation S-K.  The
new director appointments increase the size of the Board to eight
members.

Messrs. Leat and Feintuch will each receive compensation as a
director of the Company or its subsidiaries under the director
compensation policies and programs as adopted by the Board from
time to time.  

On Jan. 3, 2017, the Company entered into indemnification
agreements with each of its current and newly appointed directors.
Such Indemnification Agreements clarify and supplement
indemnification provisions already contained in the Company's
Articles of Incorporation and Bylaws and, among other things,
provide for indemnification of the director to the fullest extent
permitted by the laws of the state of Delaware, advancement of
legal fees and expenses in connection with legal proceedings,
certain procedures for determining whether the director is entitled
to indemnification and dispute resolution procedures.

                     About J. Crew Group

J.Crew Group, Inc. is an internationally recognized omni-channel
retailer of women's, men's and children's apparel, shoes and
accessories.  As of Nov. 22, 2016, the Company operates 287 J.Crew
retail stores, 110 Madewell stores, jcrew.com, jcrewfactory.com,
the J.Crew catalog, madewell.com, the Madewell catalog, and 181
factory stores (including 37 J.Crew Mercantile stores).

As of Oct. 29, 2016, J. Crew had $1.49 billion in total assets,
$2.29 billion in total liabilities and a total stockholders'
deficit of $792.60 million.

J. Crew reported a net loss of $1.24 billion for the year ended
Jan. 30, 2016, compared to a net loss of $657.77 million for the
year ended Jan. 31, 2015.

                         *   *   *

As reported by the TCR on Dec. 16, 2016, S&P Global Ratings lowered
its corporate credit rating on the New York-based specialty
retailer J. Crew Group Inc. to 'CCC-' from 'B-'. "The downgrade
reflects our view that the company's suppressed debt trading prices
could culminate in a distressed debt buyback or debt exchange,"
said credit analyst Helena Song.


JOHN J. GORMAN IV: Trustee Selling Escondida Interests for $80K
---------------------------------------------------------------
Richard Schmidt, Chapter 11 Trustee for John J. Gorman IV, asks the
U.S. Bankruptcy Court for the Western District of Texas to
authorize the sale of the Debtor's interests in Ecoturismo La
Escondida, Ltd., and Ecoturismo La Escondida Management, LLC, to
Dave G. Kveton for $80,000, subject to overbid.

The Debtor's Amended Schedules as question 22 allege ownership of
an "interest in Ecoturismo La Escondida Mgt, LLC" in a Roth IRA.
According to the Debtor's testimony, coturismo La Escondida Mgt,
LLC owns a large undeveloped ranch located in Mexico. The Debtor
asserts that his interest in this asset is exempt on Schedule C
included in his Amended Schedules.

The Trustee has discovered that the interests in the Mexican Ranch
are actually owned through two entities, Ecoturismo La Escondida
Mgt and Ecoturismo La Escondida.  Escondida Mgt is the general
partner of Escondida Ltd.  The Debtor owns a 25 interest in each of
the Escondida entities.  Escondita Mgt owns a 1% interests in
Escondita Ltd.  Contrary to the Debtor's claims that his interests
are held in his Roth IRA, the certificates issued by Escondida Ltd.
are in the Debtor's individual name.  These certificates reflect
that ownership of Escondida Ltd. is held in The Debtor's name and
not in a Roth IRA.

The Trustee has offered the Estate's interests in Escondida to the
other equity interest holders and has negotiated a sale of the
Estate's interest for $80,000.  The Debtor valued his interest in
Escondida at $60,000 in his Amended Schedules.  The offer received
by the Trustee is significantly in excess of the Debtor's
valuation.

The Trustee has not broadly marketed the interests in Escondida
because the Certificate indicates that there are restrictions
limiting the sale of the interests in Escondida Ltd.  Moreover, the
universe of potential buyers for minority interests in a closely
held partnership is normally very small and typical limited
existing equity interest holders.

The Trustee asks the Court to authorize the Debtor to sell its
member interest in Escondida Mgt. pursuant to the Assignment of
Membership Interests of Ecoturismo La Escondida Management, L.L.C
.and its limited partnership interest in Escondida Ltd. pursuant to
the Assignment of Limited Partnership Interests of Ecoturismo La
Escondida, Ltd. ("Purchase Agreements") free and clear of all
liens, claims, and interests to the Purchaser in consideration for
payment of $80,000 in cash paid at closing.

The Purchase Agreements contemplate the sale of the all of the
Debtor's member and partnership interests in the Escondida entities
to the Purchaser, subject to higher and better offers in an amount
not less than $2,500 greater than the purchase price received on or
before the date the Court enters an order granting the Motion.  The
proposed sale is "as is, where is."  The Trustee believes the sale
of the Interests is in the best interest of the Debtor's estate,
its creditors and partners.  Accordingly, Trustee seeks approval of
the sale of the Interests to the Purchaser and the Interests
Purchase Agreement.

The Purchase Agreements generally provide these:

   a. Property: The Debtor will convey any and all interest in the
Interests to the Purchaser.

   b. Purchase Price: $80,000

   c. Sale Free and Clear: The Interests are to be transferred free
and clear of all liens, interests, claims, or encumbrances in the
Interests.

   d. Conditions to Closing: The Purchase Agreements do not contain
any financing or due diligence conditions.  The closing conditions
in the Purchase Agreements are limited and include, among other
things the entry of an order approving the sale which will become a
final order.

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

         http://bankrupt.com/misc/John_Gorman_142_Sales.pdf

The Purchase Agreements were negotiated at arm's length and in good
faith by the Trustee and the Purchaser.  The Trustee exercising his
business judgment believes that the purchase price being paid under
the Purchase Agreements represents the best value proposition for
the Estate.

The Debtor is unaware of any Liens on the Interests.  Accordingly,
the Debtor submits that one or more of the subsections of
Bankruptcy Code section 363(f) applies, and that any liens will be
adequately protected by having those liens attach to the net
proceeds of the sale, subject to any claims and defenses the
Debtor's Estate may possess with respect thereto.  Further, any
Liens which may be asserted by any party in the Interests are
subject to bona fide dispute.

Counsel to Trustee:

          Raymond W. Battaglia, Esq.
          LAW OFFICES OF RAY BATTAGLIA, PLLC
          66 Granburg Circle San
          Antonio, TX 78218
          Telephone: (210) 601-9405
          Facsimile: (210) 855-0126
          E-mail: rbattaglialaw@outlook.com

John J. Gorman IV filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-10740) on June 27, 2016, and is represented by Kell C.
Mercer, Esq.


KANE CLINICS: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of The Kane Clinics LLC as of Jan.
18, according to a court docket.

                      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 emphasis on serving
uninsured and undeserved patients.


KENDALL LAKE: Unsecureds to Recoup 75% Under Amended Plan
---------------------------------------------------------
Kendall Lake Towers Condominium Association, Inc., filed with the
U.S. Bankruptcy Court for the Southern District of Florida its
amended disclosure statement describing its amended plan of
reorganization, which would give general unsecured creditors a
distribution of 75% of their allowed claims.

Class 2, General Unsecured Claims, is impaired under the Plan.
Class 2 will receive a distribution of 75% of their allowed claims,
10% at effective date of confirmation, and the rest in 60 equal
monthly payments.  Claims disputed and not yet allowed will be paid
into escrow and held by Debtor in separate DIP account pending
allowance or disallowance of the claims.d

As previously reported by the Troubled Company Reporter, under the
original plan, Class 2 general unsecured creditors will receive a
dividend of which 25% will be paid at confirmation of the plan,
with the remainder accruing monthly and paid quarterly over 36
months.

The funding for the Plan will come from continued collection of
maintenance and reserves from unit owners, rental of repossessed
units, and special assessments.

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

         http://bankrupt.com/misc/flsb16-12114-108.pdf

                  About Kendall Lake Towers

Kendall Lake Towers Condominium Association, Inc. sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla., Case No.
16-12114) on Feb. 16, 2016.  The Debtor is represented by Joel M.
Aresty, Esq., at Joel M. Aresty, PA.

At the time of the filing, the Debtor estimated its assets and
debts at $500,001 - $1 million.


LIVE OAK: Court Conditionally Approves Disclosure Statement
-----------------------------------------------------------
Judge Russell F. Nelms of the U.S. Bankruptcy Court for the
Northern District of Texas conditionally approved the disclosure
statement to accompany the second amended chapter 11 plan of
liquidation filed by Live Oak Lounge, LLC on Jan. 12, 2017.

Feb. 9, 2017 is fixed as the last day for filing written
acceptances or rejections of the second amended plan. Ballots
accepting or rejecting the second amended plan must be received by
5:00 p.m. (CDT) on the said date.

Feb.9, 2017 is fixed as the last day for filing and serving written
objections to final approval of the disclosure statement or
confirmation of the second amended plan.

The hearing to consider final approval of the disclosure statement
and to consider the confirmation of the second amended plan is
fixed and shall be held on Feb. 13, 2017 at 9:30 a.m. in the
Courtroom of the Honorable Russell F. Nelms, U.S. Bankruptcy Court,
501 W. Tenth Street, Fort Worth, Texas, 76102.

                   About Live Oak Lounge

Live Oak Lounge, LLC, is a Texas Limited liability company formed
to provide an independent music venue, bar and restaurant in Fort
Worth, Texas. On July 8, 2016, Live Oak Lounge, LLC, commenced a
Chapter 11 case (Bankr. N.D. Tex. Case No. 16-42659). The petition
was signed by Robert Johnson, managing member. The bankruptcy case
was filed because Debtor's past mismanagement resulted in an IRS
tax lien exceeding $200,000.

The Debtor is represented by Warren V. Norred, Esq., at Norred
Law,
PLLC. The Debtor estimated assets at $0 to $500,000 and
liabilities
at $500,001 to $1 million at the time of the filing.


LUKE'S INCORPORATED: Unsecureds to be Paid 25% in 60 Months
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of South Carolina will
consider approval of the Chapter 11 plan of reorganization of
Luke's Incorporated at a hearing on Feb. 14.

The hearing will be held at 10:30 a.m., at Donald Stuart Russell
Federal Courthouse, 201 Magnolia Street, Spartanburg, South
Carolina.

The court will also consider at the hearing the final approval of
the company's disclosure statement, which it conditionally approved
earlier this month.

The restructuring plan proposes to pay each of the Class 6 general
unsecured creditors, except Bruce Truesdale, 25% of their claims.
These creditors will receive payments without interest over a
period not to exceed 60 months.

Mr. Truesdale, a certified public accountant, will be paid outside
of the plan by Jennifer Luke, principal of Luke's Incorporated.
Ms. Luke will not seek reimbursement through the plan.

The restructuring plan proposes to pay Class 2 creditors their
unsecured priority claims in full with 3% interest over 50 months.
Meanwhile, no secured claims have been filed and scheduled.

All payments will commence on the effective date of the
restructuring plan, which is the 15th day after it is confirmed by
the court, according to Luke's Incorporated's disclosure statement
filed on Jan. 3.

A copy of the disclosure statement is available for free at:

                     https://is.gd/XoF6NU

                  About Luke's Incorporated

Luke's Incorporated, a sports bar and grill in Rock Hill, South
Carolina, sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. S.C. Case No. 16-03362) on July 6, 2016.  The Debtor is
represented by Robert H. Cooper, Esq., at The Cooper Law Firm.

An official committee of unsecured creditors has not yet been
appointed in the Debtor's case.


MAGNUM HUNTER: Changes Name to Blue Ridge Mountain Resources
------------------------------------------------------------
Magnum Hunter Resources Corporation has changed its name to Blue
Ridge Mountain Resources, Inc. as part of the rebranding of the
Company following its successful emergence from Chapter 11
bankruptcy protection as a reorganized Company in May 2016.  The
name change became effective January 17, 2017, and the Company
expects that its full transition to the name Blue Ridge Mountain
Resources, Inc. will occur over the next few weeks.  At this time,
the names of the Company's operating subsidiaries in West Virginia,
Ohio, Kentucky and North Dakota have not been changed, but the
Company expects to change the names of such subsidiaries to align
with the Company's new name in the near future.  Pending such name
changes, such subsidiaries will each be rebranded as a wholly-owned
subsidiary of Blue Ridge Mountain Resources, Inc. Effective today,
the Company has also changed its primary website URL to
BRMResources.com.

John Reinhart, President and Chief Executive Officer of Blue Ridge
Mountain Resources, Inc., commented: "We are very pleased to be
transitioning our corporate name to Blue Ridge Mountain Resources,
Inc.  The rebranding is an integral part of the Company's ongoing
broader corporate strategy to position the Company for growth and
value optimization of its core assets."

            About Blue Ridge Mountain Resources, Inc.

Blue Ridge Mountain Resources, Inc. and subsidiaries are an Irving,
Texas based independent exploration and production company engaged
in the acquisition, development and production of natural gas,
natural gas liquids and crude oil, primarily in the states of West
Virginia and Ohio.  The Company is presently active in two of the
most prolific unconventional shale resource plays in North America,
the Marcellus Shale and Utica Shale located in Northwest West
Virginia and Southeast Ohio.

                        About Magnum Hunter

Magnum Hunter Resources Corporation is an oil and gas company
headquartered in Irving, Texas that primarily is engaged in the
acquisition, development, and production of oil and natural gas
reserves in the United States.  MHRC and its affiliates own
interests in approximately 431,643 net acres in total and have
proved reserves with an industry value of approximately $234.5
million as of December 31, 2015.  In the aggregate, MHRC generated
approximately $391.5 million in revenue from their operations in
2014 and generated approximately $169.3 million in revenues from
their operations for the ten months ended October 31, 2015.

Magnum Hunter Resources Corporation and 19 of its affiliates filed
Chapter 11 bankruptcy petitions (Bankr. D. Del. Proposed Lead Case
No. 15-12533) on Dec. 15, 2015.  The petitions were signed by
Gary C. Evans as chairman and chief executive officer.

Judge Kevin Gross oversees the cases.  The Debtors have engaged
Kirkland & Ellis, LLP as their general counsel, Pachulski Stang
Ziehl & Jones LLP as local counsel, PJT Partners, LP as investment
banker, Alvarez & Marsal North America, LLC, as restructuring
advisor, and Prime Clerk, LLC as notice, claims and balloting
agent.

The U.S. Trustee has named three members to the Official Committee
of Unsecured Creditors.  The Committee retains Ropes & Gray LLP as
counsel, Cole Schotz P.C. as Delaware co-counsel, and Berkeley
Research Group, LLC as its financial advisor.

                            *     *     *

Bankruptcy Judge Gross on April 18, 2016, issued findings of fact,
conclusions of law, and order confirming Magnum Hunter Resources
Corporation, et al.'s Third Amended Joint Chapter 11 Plan of
Reorganization.  The key element of the Plan is the agreement of
creditors to convert their pre- and postpetition funded debt
claims, including the DIP facility claims of up to $200 million,
second lien claims of $336.6 million, and note claims of $600
million, into new common equity.  Specifically, the DIP Facility
Lenders shall receive their pro rata share of 28.8 percent of the
new common equity, the second lien lenders will receive their Pro
Rata share of 36.87 percent of the New Common Equity, and the
Noteholders shall receive their Pro Rata share of 31.33 percent of
the New Common Equity (all of which is subject to dilution by the
Management Incentive Plan).  Moreover, the holders of the
equipment and real estate notes with principal totaling $13.2
million will have their claims
reinstated.

The holders of general unsecured claims will receive their pro rata
share of the unsecured creditor cash pool.  It is currently
intended that the unsecured creditor cash pool will be $20,000,000,
which amount may be subject to the costs of any professional fees
or other expenses incurred as part of the claims reconciliation
process.


MARK BENJAMIN: Selling Clarendon Hills Property for $1.1 Million
----------------------------------------------------------------
Judge Pamela Hollis of the U.S. Bankruptcy Court for the Northern
District of Illinois will convene a hearing on Jan. 19, 2017 at
10:30 a.m to consider Mark J. Benjamin's sale of residential
property located at 23 McIntosh Ave, Clarendon Hills, Illinois, for
$1,100,000.

The Debtor owns a 100% ownership interest in the property.  The
Debtor had been marketing the property prior to the commencement of
the bankruptcy.  The property is secured by a mortgage in favor of
Bayview Financial Loan ("BFL").  The current amount owed to BFL is
approximately $1,310,565.

The Debtor has recently received an offer to purchase the property
for $1,100,000.  The results of the sale will net proceeds to the
estate after costs of sale of $0.

The Debtor asks the Court to approve the sale of the property and
granting such other and further relief as the Court deems just and
proper.

Federal Rule of Bankruptcy Procedure 2002 requires 21 days notice
of any motion to sell property of the estate pursuant to Section
363 of the Bankruptcy Code.  The Debtor requests that the Court
shorten the notice of the Motion so that notice is deemed adequate
under the circumstances.

Counsel for the Debtor:

          Brian K. Wright, Esq.
          BRIAN WRIGHT & ASSOCIATES, P.C.
          437 W. State Street, Suite 101
          Sycamore, IL 60178
          E-mail: bw@wrightandassociateslaw.com

Mark J. Benjamin sought Chapter 11 protection (Bankr. N.D. Ill.
Case No. 16-33918) on Oct. 24, 2016.  The Debtor tapped Brian K.
Wright, Esq., at Brian Wright & Associates, P.C., as counsel.


MAXI CONTAINER: Selling All Assets to Pay Great Lakes
-----------------------------------------------------
Maxi Container, Inc., asks the U.S. Bankruptcy Court for the
Eastern District of Michigan to authorize the sale of substantially
all assets outside the ordinary course of business.

Objections, is any, must be filed within 21 days from the date of
Notice.

Due to lack of financing, the Debtor has ceased essentially all
business operations other than the orderly liquidation of its
assets pursuant to ordinary business terms.  The Debtor now desires
to liquidate the remaining assets.  Absent the authority to sell
the assets outside the ordinary course of business, there is a
substantial likelihood that the assets will diminish in value.
Thus, Debtor has a valid business purpose to sell the asset outside
the ordinary course of business.

The Debtor proposes to sell the assets free and clear of all liens,
claims, interests and encumbrances, and "as is" with all faults and
without any warranties or guaranties whatsoever.

The Debtor further seeks authority to remit all net liquidation
proceeds and collections including, but not limited to, proceeds
from accounts receivable and sale of inventory, to the Debtor's
secured creditor, Great Lakes Business Credit, which proceeds will
be applied by Great Lakes Business Credit to reduce the
indebtedness owed by the Debtor.

The Debtor asks that the stay imposed by Bankruptcy Rule 6004(b) be
modified such that any order entered by the Court will be effective
immediately upon entry.

The Debtor asks that the Court schedule a prompt hearing on the
Motion.

                       About Maxi Container

Maxi Container, Inc., doing business as MiWineBarrel and
MIRainBarrel, filed a chapter 11 petition (Bankr. E.D. Mich. Case
No. 16-51074) on Aug. 8, 2016. The petition was signed by Richard
Rubin, president. The Debtor is represented by Michael I. Zousmer,
Esq., at Zousmer Law Firm Group PLC. The case is assigned to Judge
Phillip J. Shefferly. The Debtor disclosed total assets at
$695,232
and total debt at $1.2 million.

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


MIAMI TEES: Feb. 8 Continued Disclosure Statement Hearing
-----------------------------------------------------------
Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern
District of Florida will convene a continued hearing on Feb. 8,
2017 at 2:00 p.m. to consider approval of Miami Tees, Inc.'s small
business disclosure statement with respect to its chapter 11  plan,
dated Jan. 11, 2017.

Jan. 30, 2017 is fixed as the last day for filing written
acceptances or rejections of the plan.

Feb. 3, 2017 is fixed as the last day for filing and serving
written objections to the disclosure statement and confirmation of
the plan.

           About Miami Tees

Miami Tees, Inc.,  was formed on Aug. 17, 1988, as a Florida
corporation.  In its 28 years of operation, the Debtor achieved
significant brand success and revenues in the apparel industry,
primarily as a silk screen printer for casual wear and T-shirts. 

The Debtor filed a Chapter 11 petition (Bankr. S.D. Fla. Case No.
16-13346) on March 9, 2016.  The petition was signed by Michael
J.
Chavez, president.

The Debtor is represented by William J. Maguire, Esq., at Maguire
Law Chartered. The case is assigned to Judge Jay A. Cristol.

The Debtor disclosed total assets of $1.86 million and total debt
of $1.42 million.


MILACRON HOLDINGS: S&P Revises Outlook to Pos. & Affirms 'B' CCR
----------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on Milacron
Holdings Corp. to positive from stable and affirmed its 'B'
corporate credit rating on the company.

At the same time, S&P assigned its 'B' issue-level rating and '3'
recovery rating to the company's proposed $947 million term loan
due 2023.  The '3' recovery rating indicates S&P's expectation for
meaningful (50%-70%; lower half of the range) recovery in the event
of a payment default.  The recovery prospects on Milacron LLC's
proposed term loan are weaker than the recovery prospects on its
secured term loans due in 2020 given the greater amount of
first-lien debt in the proposed capital structure.

S&P expects Milacron will use the proceeds under the proposed term
loan facility, along with cash on hand, to repay its term loans due
2020, to redeem its senior unsecured notes due 2021, and to pay
fees and expenses associated with the refinancing transactions.

"The outlook revision reflects Milacron's recently improved
operating performance, which was slightly stronger than expected,
and our belief that the company will likely further strengthen its
credit measures in 2017," said S&P Global credit analyst Steven
Mcdonald.  S&P expects benefits from restructuring initiatives and
a growing portion of sales generated from higher margin consumables
to improve the company's EBITDA margins and cash flow generation,
enabling it to improve its debt-to-EBITDA below 5x over the next 12
months.  Additionally, S&P sees prospects for a more conservative
financial policy that could increase the likelihood that the
company will be able to sustain its lower levels of leverage.

The positive outlook reflects the potential that S&P may raise its
ratings over the next 12 months if Milacron continues to improve
its profitability, such that S&P expects the company to improve its
leverage below 5x and sustain it there.  A reduction in the
company's financial sponsor ownership could also reinforce S&P's
belief that Milacron will not likely engage in leveraging
transactions to fund shareholder returns that would increase its
leverage over 5x.

S&P could raise its ratings if Milacron reduces its leverage below
5x and S&P believes the company will sustain this level or less
over the economic cycle.

S&P could revise the outlook to stable if the company's operating
performance significantly weakens or if it makes aggressive
financial policy decisions regarding acquisitions or shareholder
returns that result in leverage sustained above 5x.


MONAKER GROUP: Needs More Time to File Nov. 30 Form 10-Q
--------------------------------------------------------
Monaker Group, Inc., filed with the Securities and Exchange
Commission a Form 12b-25 notifying the delay in the filing of its
quarterly report on Form 10-Q for the period ended Nov. 30, 2016.

"The registrant has experienced delays in completing its Quarterly
Report on Form 10-Q for the quarter ended November 30, 2016 within
the prescribed time period, due to delays experienced in completing
the Company's restated financial statements for the quarter ended
November 30, 2015, as described in the Form 8-K filed on June 17,
2016.  The delay could not be eliminated without unreasonable
effort or expense.

"We anticipate that we will file our complete quarterly report on
Form 10-Q for the quarter ended November 30, 2016 on or before the
fifth day following the prescribed due date."

                      About Monaker Group

Monaker Group, Inc., formerly known as Next 1 Interactive, Inc., is
a digital media marketing company focusing on lifestyle enrichment
for consumers in the travel, home and employment sectors.  Core to
its marketing services are key elements including proprietary
video-centered technology and established partnerships that enhance
its reach.  Video is quickly becoming consumer's preferred method
of searching and educating themselves prior to purchases.
Monaker's video creation technology and film libraries combine to
create lifestyle video offerings that can be shared both to its
customers and through trusted distribution systems of its major
partners.  The end result is better engagement with consumers who
gain in-depth information on related products and services helping
to both inform and fulfill purchases.  Unlike traditional marketing
companies that simply charge for advertising creation, Monaker
holds licenses and/or expertise in the travel, real estate and
employment sectors allowing it to capture fees at the point of
purchase while the majority of transactions are handled by
Monaker's partners.  This should allow the company to capture
greater revenues while eliminating much of the typical overhead
associated with fulfillment.  Monaker core holdings include
Maupintour, NameYourFee.com, RealBiz Media Group - helping it to
deliver marketing solutions to consumers at home, work and play.

Monaker Group reported a net loss of $4.55 million on $544,700 of
total revenues for the year ended Feb. 29, 2016, compared to a net
loss of $2.98 million on $1.09 million of total revenues for the
year ended Feb. 28, 2015.

LBB & Associates Ltd., LLP, in Houston, Texas, in its report on the
consolidated financial statements for the year ended Feb. 29, 2016,
raised substantial doubt about the Company's ability to continue as
a going concern.


MOUNTAIN WEST: Asks For Conditional Approval of Plan Disclosures
----------------------------------------------------------------
Mountain West Valve, Inc., filed a motion asking the U.S.
Bankruptcy Court for the District of Utah to conditionally approve
its disclosure statement and accompanying amended plan of
reorganization, dated Dec. 23, 2016.

The Debtor also asked the court to:

   (a) fix the time for filing acceptances or rejections of the
plan;

   (b) fix the time for creditors to file objections to the
disclosure statement and to the confirmation of the plan, and;

   (c) fix the time for the hearing on the final approval of the
disclosure statement and for the hearing on confirmation of the
plan.

                      About Mountain West

Mountain West Valve, Inc., based in Salt Lake City, UT, filed a
Chapter 11 petition (Bankr. D. Utah, Case No. 16-21396) on February
29, 2016. Hon. William T. Thurman presides over the case.  Matthew
K. Broadbent, Esq., at Vannova Legal, PLLC, serves as the Debtor's
bankruptcy counsel.

In its petition, the Debtor estimated $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by Kenny Guest, owner/president.


MURRAY ENERGY: S&P Retains 'B-' Rating on Sr. Secured Loans
-----------------------------------------------------------
S&P Global Ratings said that, as a result of reassessing the
recovery prospects for Murray Energy Corp.'s debt, it is revising
its recovery expectations on the company's senior secured
first-lien term loans B-1 and B-3 and now expects a recovery in the
higher half of the 50%-70% range.  The recovery rating remains '3'.
The issue-level ratings are unchanged at 'B-'.

S&P also notes that the October maturity of $300 million in
convertible notes issued by Foresight Energy (FELP) (which S&P
considers to be in the same group as Murray) will not have a
material impact on Murray's credit quality.

FELP has a $300 million pay-in-kind (PIK) convertible note maturing
on Oct. 3, 2017.  Given the ability of Murray to influence FELP's
business strategy, S&P considers FELP to be a moderately strategic
member of the group, which has Murray Energy as a parent.
Nevertheless, S&P don't anticipate that the upcoming FELP maturity
will have a material effect on Murray's credit quality.

This determination is based on these factors:

   -- Murray and its subsidiaries have not provided guarantees or
      asset pledges to support Foresight's debt obligations;
   -- There are no cross default provisions between the two
      companies' creditors; and
   -- The notes are convertible to equity in the absence of a
      refinancing option.

                         RECOVERY ANALYSIS

Key analytical factors

   -- S&P's enterprise value is based on a fixed charge proxy of
      $436 million, which includes default year interest,
      amortization, and minimum capital expenditures.  S&P
      estimates a gross recovery value of $2.2 billion, assuming
      an emergence EBITDA of $436 million and a 5x EBITDA multiple

      that is consistent with the metals and mining industry
      multiple.

   -- As a result, the recovery rating on the senior secured
      first-lien term loans B-1 and B-3 is revised to '3H' from
      '3L', which indicates S&P's expectation for meaningful (50%-
      70%) recovery prospects in the event of a payment default.

   -- The recovery rating on the senior secured second-lien notes
      is unchanged at '6', which indicates S&P's expectation for
      negligible (0%-10%) recovery prospects in the event of a
      payment default.

Simulated default assumptions

   -- Year of default: 2018
   -- EBITDA at emergence: $436 million
   -- Implied enterprise value multiple: 5x
   -- Gross enterprise value: $2.18 billion

Simplified waterfall

   -- Net recovery value for waterfall after administrative
      expenses (5%)and pensions deficits of $885 million:
      $1.23 billion
   -- Obligor/nonobligor valuation split: 100%/0%  
   -- Estimated priority claims: $2 million (asset-based lending
      facility balance due to historically high letters of credits

      outstanding)
      ---------------------------------
   -- Remaining recovery value: $1.22 billion
   -- Estimated first lien claim: $1.82 billion
   -- Value available for first lien claim: $1.22 billion
   -- Recovery range: 50%-70% (at the higher end)
      ---------------------------------
   -- Estimated senior unsecured notes claim: $1.09 billion
   -- Estimated senior secured deficiency claim: $600 million
   -- Value available for unsecured claim: $0 million
   -- Recovery range: 0%-10%

Ratings List

Murray Energy Corp.
Corporate Credit Rating                      B-/Stable/--

Ratings Unchanged; Recovery Expectations Revised

                                              To           From
Murray Energy Corp.
Senior Secured                               B-           B-
  Recovery Rating                             3H           3L


NEIMAN MARCUS: Bank Debt Trades at 13% Off
------------------------------------------
Participations in a syndicated loan under Neiman Marcus Group Inc
is a borrower traded in the secondary market at 86.91
cents-on-the-dollar during the week ended Friday, January 6, 2017,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents a decrease of 0.16 percentage points from the
previous week.  Neiman Marcus pays 300 basis points above LIBOR to
borrow under the $2.9 billion facility. The bank loan matures on
Oct. 16, 2020 and carries Moody's B2 rating and Standard & Poor's
B- rating.  The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended January 6.


NEWARK WATERSHED: Trenk DiPasquale Fails in Bid to Dismiss Suit
---------------------------------------------------------------
Bill Wichert, writing for Bankruptcy Law360, reported that U.S.
Bankruptcy Judge Vincent F. Papalia in New Jersey denied the
request of Trenk DiPasquale Della Fera & Sodono PC to dismiss
claims against the firm and two former firm lawyers in the lawsuit
from the Newark Watershed Conservation and Development Corporation.
Judge Papalia said an attorney was qualified to provide an
affidavit stating that the firm deviated from professional
standards in representing the organization.

Mr. Wichert at Bankruptcy Law360 reported last week that the
defunct Newark water agency blasted Trenk DiPasquale's motion to
dismiss, saying the firm's attorney should be sanctioned for his
misrepresentations before a New Jersey federal bankruptcy judge.
Newark Watershed sought sanctions against the firm's counsel in the
matter, Brian B. McEvoy of Graham Curtin, over his "vexatious and
unreasonable behavior" toward the court and the agency's lawyers.

The report noted that Trenk DiPasquale and former firm attorneys,
Elnardo J. Webster II and Jodi M. Luciani, are among the various
defendants being sued by the agency's trustees over the financial
mismanagement that led to the agency's dissolution in 2013 and
federal criminal charges against former agency officials and
contractors.  The agency contends that professionals such as the
Trenk defendants -- who previously represented the corporation --
failed to provide oversight of the agency and "enabled the ongoing
unlawful and wasteful and unauthorized conduct of management."

In seeking dismissal of the lawsuit, the Trenk defendants,
according to the Law360 report, pointed to the affidavit of merit
filed by the agency in October 2016.  In that affidavit, attorney
Stephen H. Roth said that the allegations against those defendants,
if true, spell out professional conduct that was "a substantial
deviation from the applicable standard of care for lawyers
practicing in New Jersey."  The affidavit states that Roth has
worked primarily in civil litigation and most of that experience
has been in "family law and Chancery, probate and appellate
litigation."

The Law360 report says the Trenk defendants contend that Roth lacks
the requisite experience to provide the affidavit, saying "the
nature of the underlying action primarily relates to government
affairs, regulatory matters and municipal proceedings."  Law360
reports that, according to the defendants' brief filed Dec. 22: "To
allow plaintiff's claims to proceed premised upon an affidavit of
merit authored by an affiant who admittedly has identified no
experience with the underlying practice area, let alone the
statutory requisite of five years defeats the very purpose of New
Jersey Affidavit of Merit Statute."

The report notes that Newark Watershed said in a brief filed Jan.
11, 2017, that Roth's affidavit is "more than adequate" and said
the claims against the Trenk defendants do not implicate any
special expertise in municipal law or regulations.  Instead, Trenk
DiPasquale served as general counsel to the agency and provided a
wide range of general legal services, the agency said.  In its
cross-motion for sanctions, the agency noted that McEvoy did not
raise any issues regarding the affidavit either before or during
the Dec. 13 hearing even though the Trenk defendants had the
document in their possession for 53 days.

                    About Newark Watershed

Newark, New Jersey-based Newark Watershed Conservation and
Development Corporation filed for Chapter 11 protection (Bankr.
D.N.J. Case No. 15-10019) on Jan. 2, 2015.  The petition was
signed
by Joseph M. Hartnett, interim executive director.

The Hon. Donald H. Steckroth initially presided over the case.
Following his retirement from the bench, the case was assigned to
Judge Vincent F. Papalia.

Donald W. Clarke, Esq., and Daniel Stolz, Esq., at Wasserman,
Jurista & Stolz, P.C., represent the Debtor in its Chapter 11
case.

The Debtor disclosed total assets of $202,489 and total liabilities
of $2.07 million.


NORTH FORK COMPOSITES: Sale of All Assets to CV Approved
--------------------------------------------------------
Judge Brian D. Lynch of the U.S. Bankruptcy Court for the Western
District of Washington authorized North Fork Composites, LLC' sale
of substantially all assets to Composite Ventures, LLC for (i)
$100,000 plus the value of the inventory at cost; (ii) the
assumption and payment of all prepetition trade debt totaling
approximately $143,746; (iii) the assumption of all warranty
claims; (iv) the assumption and payment of the Debtor's prepetition
tax liabilities estimated at approximately $25,000; and, (v)
assumption payment of any administrative expense claims that remain
unpaid following the sale and liquidation of the Debtor's assets.

A hearing on the Motion was held on Jan. 11, 2017.

The Debtor's assets include all of its equipment, inventory, and
general intangibles, including trade secrets, the trade names
"North Fork Composites" and "Edge Rods," and its 100% membership
interest in Edge Rods, LLC, excluding cash, accounts receivable,
and certain other property.

The sale is free and clear of liens, claims, and interests,
including, without limitation, the liens, claims, and interests of
Columbia Bank and any other party holding a lien in the assets.
The liens, claims, and interests, if any, of the Bank and any other
party holding a lien, will attach to the proceeds of the sale with
the same force, effect, validity, and priority that previously
existed against the assets and subject to any claims and defenses
the Debtor and its bankruptcy estate may possess with respect
thereto, with the Bank to be paid the allowed amount of its secured
claim out of the sales proceeds at closing of the sale.

The Debtor is authorized to assume and assign to the Purchaser any
executory contracts and intellectual property rights associated
with the Assets that require an assignment pursuant to Section 365
of the Bankruptcy Code.

The stay under Rules 6004(h) and 6006(d) of the Federal Rules of
Bankruptcy Procedure are ordered waived.  The Order is effective
and enforceable immediately upon its entry, and the sale may close
immediately upon entry of the Order, notwithstanding any otherwise
applicable waiting periods.

                  About North Fork Composites

North Fork Composites LLC, a/k/a Edge Rods LLC, filed a Chapter 11
petition (Bankr. W.D. Wash. Case No. 16-44188) on Oct. 7, 2016.
The
petition was signed by Alex Maslov, manager. The Debtor is
represented by Thomas W. Stilley, Esq., at Sussman Shank LLP. At
the time of filing, the Debtor estimated assets at $100,000 to
$500,000 and liabilities at $1 million to $10 million.


OLMOS EQUIPMENT: Feb. 21 Plan Confirmation Hearing
--------------------------------------------------
Judge Craig A. Gargotta of the U.S. Bankruptcy Court for the
Western District of Texas approved the first amended disclosure
statement referring to the chapter 11 plan of reorganization filed
by Olmos Equipment on Jan. 11, 2017.

Feb.14, 2017 at 5:00 p.m. (CST) is the deadline by which creditors
and equity interest holders must deliver ballots evidencing
acceptances or rejections of the Plan to Debtor's counsel.

Feb. 14, 2017 at 5:00 p.m. (CST) is the deadline for filing and
serving written objections to the confirmation of the Plan.

The hearing on the confirmation of the Debtor's Plan shall be held
before The Honorable Craig A. Gargotta at the U.S. Bankruptcy
Court, Courtroom No. 3, 5th Floor, 615 E. Houston St., San Antonio,
Texas 78205, on Feb. 21, 2017 at 10:00 a.m.

                  About Olmos Equipment

Olmos Equipment Inc. filed a Chapter 11 petition (Bankr. W.D. Tex.
Case No. 16-51834) on Aug. 12, 2016.  The petition was signed by
Larry Struthoff, president.  The Debtor is represented by
William
B. Kingman, Esq., at the Law Offices of William B. Kingman, PC.
The
case is assigned to Judge Craig A. Gargotta.  The Debtor
estimated
assets at $1 million to $10 million and liabilities at $10 million
to $50 million at the time of the filing.

Judge Craig A. Gargotta, the United States Bankruptcy Judge for
the District of Texas, entered an order approving the appointment
of Randolph N. Osherow as Chapter 11 Examiner for the Debtor,
Olmos
Equipment, Inc.


ONVOY LLC: S&P Assigns 'B' CCR & Rates $35MM Revolver 'B+'
----------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' corporate credit
rating to Minneapolis-based Onvoy LLC.  The outlook is stable.

Onvoy plans to raise $680 million in debt to fund the acquisition
of interconnection service provider Inteliquent Inc., causing
adjusted financial leverage to rise to above 5x.

S&P also assigned a 'B+' issue-level rating and '2' recovery rating
to the company's proposed $35 million secured first-lien revolver
maturing in 2022 and $500 million secured first-lien term loan
maturing in 2024.  The '2' recovery rating indicates S&P's
expectation for substantial (70%-90%; lower half of range) recovery
for lenders in the event of a payment default.

In addition, S&P assigned a 'CCC+' issue-level rating and '6'
recovery rating to the company's proposed $180 million senior
secured second-lien credit facility maturing in 2025.  The '6'
recovery rating indicates S&P's expectation for negligible (0%-10%)
recovery for lenders in the event of a payment default.

The company will use the proceeds from the proposed credit
facilities, along with new equity from private equity firm GTCR and
rollover cash equity, to fund the acquisition of Inteliquent, which
is expected to close in the first half of 2017.

The rating on Onvoy reflects high adjusted leverage, with pro-forma
debt to EBITDA around 5.5x, and an aggressive financial policy
employed by private-equity sponsor GTCR that may result in
increased leverage in the future.  The rating also captures the
company's relatively small market share in a competitive industry
and its reliance on obtaining favorable leasing terms from network
suppliers.  Partly offsetting factors include the expanded
geographical footprint with the acquisition of Inteliquent's
network, as well as relatively stable cash flow generation.

The combination of Onvoy and Inteliquent creates a
telecommunications-enablement service provider that offers
wholesale voice, messaging, mobility, and Unified Communications as
a Service (UCaaS) solutions to enterprise customers, which include
incumbent local exchange carriers (ILECs), competitive local
exchange carriers (CLECs), interexchange carriers (IXCs), wireless
carriers, and VoIP providers. Inteliquent adds a leased network to
Onvoy's existing portfolio of network switches, enabling
efficiencies in the routing of traffic.

The combined entity, with a national footprint covering both rural
and metro markets, faces competition primarily from larger
companies like Level 3, CenturyLink, AT&T, and Verizon, which have
greater financial resources and flexibility with regard to pricing
pressures. Onvoy's competitive advantages stem from its ability to
add value for larger telecom companies by being a one-stop provider
for the origination and termination of calls, allowing large
carriers to focus on other strategic areas.  Moreover, Onvoy's
proprietary platform routing software allows the company to offer a
cost-effective and quality service throughout the connectivity
process.

Onvoy employs an asset-light business model where the company
leases a vast majority of its network.  As a result, both the
company's profitability and levels of capital spending are lower
compared to that of peers that own their assets.  While leasing the
networks under short-term contracts allows the company to take
advantage of a deflationary pricing environment, it can also result
in the company overpaying for contracts that are urgently obtained
for the purposes of rapid network expansion. Additionally, Onvoy
has significant customer concentration risk, in which its top five
customers represent over 50% of sales and the top 20 account for
over 60% of sales.  The T-Mobile contract awarded to Onvoy in 2015,
being a significant driver of revenue growth in recent quarters,
also increases the company's dependence on the contract's
continuous renewal.

Under S&P's base-case scenario, it assumes these:

   -- No impact from GDP trends given that the telecom sector is
      generally less susceptible to adverse macro factors and more

      driven by secular trends.

   -- Revenue growth in the low- to mid-single digit percents
      through 2018, driven primarily by high growth rates within
      the UCaaS industry and increasing minute of use (MoUs)
      through its outsourcing contract with T-Mobile, which is
      gaining market share, that offset modest declines in MoUs in

      its legacy intercarrier switching and long-distance
      businesses.  EBITDA margins improving to 26%-27% in 2018
      from the low- to mid-20% area in 2017 due to acquisition-
      related synergies that offset margin compression from lower
      volumes in the switching business and artificially high
      expenses in the outsourcing business.

   -- Capital expenditures as a percent of revenue to remain
      around 6%, consisting primarily of investments in network
      expansion and IT/software development.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA in the mid-5x area for 2017 and
      under 5x in 2018 primarily due to overall EBITDA growth.
   -- Funds from operations (FFO) to debt of 11%-13% through 2018.

   -- FOCF to debt between 6%-8% through 2018.

S&P views Onvoy's liquidity as adequate.  S&P expects sources of
liquidity to exceed uses by more than 2x over the next year and for
net sources to remain positive, even with a 30% decline in
forecasted EBITDA.  Based on S&P's view of the company's risk
management and potential for dividends and acquisitions, S&P do not
expect Onvoy to maintain a material degree of excess liquidity.

Principal liquidity sources:

   -- Pro forma cash of about $20 million at close;
   -- Full availability under the company's $35 million senior
      secured revolving credit facility; and
   -- FFO in the range of $80 million to $85 million over the next

      12 months.

Principal liquidity uses:

   -- Approximately $5 million of annual debt amortization; and
   -- Capital expenditures in the range of $30 million to
      $35 million over the next 12 months.

Covenants:

Onvoy is subject to a springing maximum first-lien leverage ratio
when the revolver is more than 30% drawn.  S&P believes the
leverage ratio will reflect a 35% EBITDA cushion at close.

The stable outlook reflects S&P's expectation for good operating
performance with 3%-4% revenue growth over the next year while
generating positive free operating cash flow that should allow for
moderate deleveraging over the next year.  However, S&P also
considers the ongoing possibility that financial sponsor ownership
could re-lever above 5x in order to fund potential acquisitions or
dividends.

S&P could lower the rating over the next 12 months if leverage
rises above 6.5x or if there is a significant decline in free
operating cash flow stemming from higher than expected customer
losses, lower minutes of use, pricing pressure, or severe execution
missteps during the integration of Inteliquent, leading to material
amounts of unrealized synergies.

S&P views an upgrade as unlikely under current ownership but could
raise the rating if the company maintains leverage below 4.5x on a
sustained basis.


ORANGE PEEL: Has Until February 6 to File Plan of Reorganization
----------------------------------------------------------------
Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern
District of Florida extended the exclusive periods within which
Orange Peel Enterprises, Inc. has the exclusive right to file a
plan and disclosure statement, and solicit acceptances to a plan,
through February 6, 2017 and April 6, 2017, respectively.

The Troubled Company Reporter had earlier reported that the Debtor
sought an extension in order to formulate a plan that satisfies
allowed claims, as it has originally intended to propose a plan
providing for a sale of substantially all of its assets which would
enable the Debtor to fully satisfy all allowed claims.  In pursuit
of this goal, the Debtor hired an investment banker to market its
assets.  Unfortunately, the Debtor related that the offers received
thus far have been insufficient to meet the Debtor's allowed claim
payment goals, and therefore, the Debtor had to shift to a
reorganization funded by debtor in possession financing and is
making good faith progress toward effectuating this shift.

                 About Orange Peel Enterprises, Inc.

Orange Peel Enterprises, Inc. dba GREENS+, based in Vero Beach,
Fla., filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case
No. 16-21023) on August 9, 2016.  The petition was signed by Jude
A. Deauville, CEO.  The Hon. Erik P. Kimball presides over the
case.  Bradley S. Shraiberg, Esq., at Shraiberg Ferrara Landau &
Page PA, as bankruptcy counsel.  In its petition, the Debtor
estimated $1 million to $10 million in assets and $100 million to
$500 million in liabilities.

The Office of the U.S. Trustee on Sept. 23, 2016, disclosed in a
court filing that no official committee of unsecured creditors has
been appointed in the Chapter 11 case of Orange Peel Enterprises,
Inc.


PARAGON OFFSHORE: Reaches Agreement with Lenders on Plan Terms
--------------------------------------------------------------
Paragon Offshore plc on Jan. 18, 2017, disclosed that it has
reached an agreement in principle with an ad hoc committee holding
secured debt under Paragon's Senior Secured Term Loan maturing July
2021 (the "Term Loan," and such lenders, the "Term Lenders") and a
steering committee holding a majority of the secured debt under
Paragon's Senior Secured Revolving Credit Agreement maturing July
2019 ()Revolving Credit Agreement" and such lenders, the "Revolver
Lenders") on a term sheet ()Term Sheet") to support a new plan of
reorganization ()"New Plan") under chapter 11 of the United States
Bankruptcy Code.  Holders of Paragon's 6.75% senior unsecured notes
maturing July 2022 and 7.25% senior unsecured notes maturing August
2024 (together, the "Senior Unsecured Notes," and such holders, the
"Bondholders") are not party to the Term Sheet.  However, the
Company has been and remains in discussions with the Bondholders
regarding the terms of a new chapter 11 plan of reorganization.

Dean E. Taylor, President and Chief Executive Officer, said, "After
confirmation of our previous plan of reorganization was denied, the
company regrouped, developing a revised business plan which focuses
our future activity on Paragon's core regions in the North Sea,
Middle East, and India.  We incorporated feedback from the court's
ruling by adopting more conservative dayrate and utilization
projections in our model and had these assumptions validated by
outside parties.  Under our new business plan, our operations will
be focused on markets where we have an installed base, strong
customer relationships, and that we believe are ripe for a
recovery.  We expect to be well positioned to capitalize on that
recovery through a strong balance sheet, sufficient liquidity, and
a more efficient cost structure."

"Using this business plan as our basis, we entered discussions with
all of our creditor groups and, after significant negotiation,
reached agreement on this Term Sheet with our secured lenders,
which virtually eliminates all of the previous debt from the
company's balance sheet while providing sufficient liquidity to
position us for a longer-term recovery in the offshore drilling
industry."

"Although our New Plan is not consensual among all of the creditor
groups, we will continue to remain in discussions with the Term
Lenders, Revolver Lenders, and Bondholders in hopes of reaching a
fully consensual agreement," continued Mr. Taylor.  "However, even
if we are unable to reach a consensual deal, we will diligently
seek approval of the New Plan as outlined in the Term Sheet.  In
the interim, Paragon will continue to operate our business in the
Safe, Reliable, and Efficient manner for which we are known
throughout the industry."

Terms of the Revised Plan

Under the New Plan, approximately $2.4 billion of previously
existing debt will be eliminated in exchange for some combination
of cash, debt and to-be-issued new equity.  The current debt
consists of:

   -- An aggregate principal amount of approximately $642 million
related to claims by the Term Lenders;

   -- An aggregate principal amount of approximately $777 million
related to claims by the Revolver Lenders; and

   -- An aggregate principal amount of approximately $1.0 billion
related to claims by the Bondholders.

If confirmed, the Term Lenders and Revolver Lenders (collectively,
the "Secured Lenders") are projected to each receive their pro rata
share of approximately $421 million in cash, which amount is
subject to further adjustment on account of claims reserves to be
established and working capital and other adjustments at the time
of emergence, and an estimated 58% of the new, to-be-issued common
equity, subject to dilution.  The Bondholders are projected to
receive approximately $50 million in cash, which amount is subject
to further adjustment on account of claims reserves to be
established, and an estimated 42% of the new, to-be-issued common
equity, subject to dilution.  Existing shareholders are not
expected to receive a recovery under the New Plan.

Mr. Taylor commented, "We are disappointed that we were unable to
develop a plan of reorganization that preserves value for existing
equity holders, especially after previous plans did so.
Unfortunately, during the course of our most recent negotiations,
it became clear that there was no viable way forward that included
a recovery component for our current shareholders."

Additional elements of the New Plan include:

   -- The Secured Lenders shall be allocated new senior secured
first lien debt in the original aggregate principal amount of $85
million maturing in 2022 (the "New Debt").  Interest on the New
Debt will be LIBOR + 6%, payable quarterly in-kind or in cash at
the company's discretion with a minimum of 1% of interest to be
paid in cash.  The New Debt will contain customary affirmative
covenants, restrictions on dividends or equity repurchases, and
restrictions on additional incurrence of secured indebtedness,
notwithstanding the ability to refinance the Prospector sale
leaseback arrangement.  There will be no prepayment restrictions or
penalties.

   -- The New Debt will permit the company to obtain up to an
aggregate face amount of $35 million in letters of credit senior to
the New Debt.  Existing letters of credit will remain in place.

  -- The sale-leaseback arrangement for the Prospector rigs remains
unchanged.

   -- The Term Sheet contemplates adopting the previously disclosed
settlement agreement between Paragon and Noble Corporation
("Noble") subject to agreement by Noble.

   -- The company expects to emerge from the Chapter 11 process
with approximately $190 million of cash on hand, providing adequate
liquidity for the company's revised, more focused business plan.

  -- The Secured Lenders will be entitled to appoint a majority of
the reorganized company's new board of directors upon emergence.

Anticipated Process and Schedule

Paragon, with the support of its Secured Lenders, is currently
developing and expects to file the New Plan and a new disclosure
statement with respect to the New Plan in the next few weeks.  Upon
approval of the disclosure statement, the company expects to enter
a solicitation period during which certain impaired creditor
classes will have the opportunity to vote on the New Plan.  The New
Plan will be subject to usual and customary conditions to plan
confirmation, including obtaining the requisite vote of creditors
and approval of the United States Bankruptcy Court for the District
of Delaware.  The company will seek to obtain court approval of the
New Plan and emerge from chapter 11 as soon as possible in the
first half of 2017.  Any objections to the New Plan could result in
a delay in the date of emergence.

Weil, Gotshal & Manges LLP is serving as legal counsel to Paragon,
Lazard is serving as financial advisor, and AlixPartners is serving
as restructuring advisor.

                     About Paragon Offshore

Paragon Offshore plc -- http://www.paragonoffshore.com/-- is a
global provider of offshore drilling rigs.  Paragon's operated
fleet includes 34 jackups, including two high specification heavy
duty/harsh environment jackups, and six floaters (four drillships
and two semi-submersibles).  Paragon's primary business is
contracting its rigs, related equipment and work crews to conduct
oil and gas drilling and workover operations for its exploration
and production customers on a dayrate basis around the world.
Paragon's principal executive offices are located in Houston,
Texas.  Paragon is a public limited company registered in England
and Wales and its ordinary shares have been trading on the
over-the-counter markets under the trading symbol "PGNPF" since
December 18, 2015.

Paragon Offshore Plc, et al., filed Chapter 11 bankruptcy Petitions
(Bankr. D. Del. Case Nos. 16-10385 to 16-10410) on Feb. 14, 2016,
after reaching a deal with lenders on a reorganization plan that
would eliminate $1.1 billion in debt.

The petitions were signed by Randall D. Stilley as authorized
representative.  Judge Christopher S. Sontchi is assigned to the
cases.

The Debtors reported total assets of $2.47 billion and total debt
of $2.96 billion as of Sept. 30, 2015.

The Debtors engaged Weil, Gotshal & Manges LLP as general counsel,
Richards, Layton & Finger, P.A. as local counsel, Lazard Freres &
Co. LLC as financial advisor, Alixpartners, LLP as restructuring
advisor, and Kurtzman Carson Consultants as claims and noticing
agent.


PARETEUM CORP: Corbin Reports 9.9% Equity Stake as of Dec. 27
-------------------------------------------------------------
Corbin Mezzanine Fund I, L.P., Corbin Capital Partners, L.P., and
Corbin Capital Partners Management, LLC disclosed in a Schedule 13G
filed with the Securities and Exchange Commission that as of Dec.
27, 2016, they beneficially own 19,808,979 shares of common stock
of Pareteum Corporation representing 9.9 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/gTxmhS

                          About 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: Bank Debt Trades at 3% Off
------------------------------------------
Participations in a syndicated loan under Peabody Energy Power Corp
is a borrower traded in the secondary market at 97.20
cents-on-the-dollar during the week ended Friday, January 6, 2017,
according to data compiled by LSTA/Thomson Reuters MTM Pricing.
This represents an increase of 3.03 percentage points from the
previous week.  Peabody Energy pays 325 basis points above LIBOR to
borrow under the $1.2 billion facility. The bank loan matures on
Sept. 20, 2020 and carries Moody's WR rating and Standard & Poor's
NR rating.  The loan is one of the biggest gainers and losers among
247 widely quoted syndicated loans with five or more bids in
secondary trading for the week ended January 6.


PEABODY ENERGY: Issues Statement to Address Ch.11 Filing Issues
---------------------------------------------------------------
Attempts by parties to appoint an equity committee have generated
media reports based on inaccuracies and speculation raised by those
parties.  This statement is intended to address questions regarding
steps leading up to Chapter 11, the request for an equity committee
and the plan around employee emergence grants:

   -- From the start, Peabody's new management team has
relentlessly worked to maximize the value of the enterprise across
operational, corporate, financial and portfolio dimensions.  As
detailed in the company's disclosures and court filings, multiple
avenues were pursued in light of the long period of impact from
brutal industry conditions.

   -- Following the Chapter 11 filing, Peabody filed its business
plan in August 2016, per the terms of its DIP credit agreement, and
updated it for recent market events in December 2016, following
improved near-term industry fundamentals. The company will be
filing the latest financial projections as part of the disclosure
statement.
  
Reflecting that business plan, the company filed a plan of
reorganization in December that represented broad consensus among
stakeholders, and that consensus has grown in recent weeks.  The
plan of reorganization provides for only partial recoveries for
unsecured claims, which by law means that shareholders will not
receive a recovery.

Peabody has been consistent and transparent for many months in
communicating that, as with most Chapter 11 processes, current
equity holders are unlikely to receive any value and their shares
are likely to be cancelled.  Certain parties sought equity
committee formation in late 2016, and the U.S. Trustee declined the
request.  The matter will now properly be heard by the U.S.
bankruptcy court.

   -- The plan of reorganization also proposes an employee
incentive program that includes a one-time award enabling every
Peabody employee to own a piece of the new company over time.  Like
the rest of the plan, it is subject to a creditors' vote and court
approval.  Including such a program in a plan is not unusual, nor
is the amount (only a fraction of which would apply to grants at
emergence). What is unusual, though, is that the company proposes
granting every employee a certain amount of restricted stock or
equivalent.

The company recognizes that any Chapter 11 process is challenging
for a number of stakeholders.  While objections are a natural part
of the process, Peabody has advanced a plan of reorganization that
it believes maximizes the value of the enterprise.  The company has
been pleased by the broad consensus already obtained and the
growing momentum as it works toward ultimate emergence.

                  About Peabody Energy Corporation

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
claims to be the world's largest private-sector coal company.  As
of Dec. 31, 2014, the Company owned interests in 26 active coal
mining operations located in the United States (U.S.) and
Australia.  The Company has a majority interest in 25 of those
mining operations and a 50% equity interest in the Middlemount Mine
in Australia.  In addition to its mining operations, the Company
markets and brokers coal from other coal producers, both as
principal and agent, and trade coal and freight-related contracts
through trading and business offices in Australia, China, Germany,
India, Indonesia, Singapore, the United Kingdom and the U.S.

Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net loss
in 2013.

At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.

On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code.  The 154 cases are pending joint
administration before the Honorable Judge Barry S. Schermer under
(Bankr. E.D. Mo. Case No. 16-42529).

As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.

The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.

The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors.  The Committee retained Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.


PETROQUEST ENERGY: MacKay Shields Has 7.7% Stake as of Dec. 31
--------------------------------------------------------------
In an amended Schedule 13G filed with the Securities and Exchange
Commission, MacKay Shields LLC disclosed that as of Dec. 31, 2016,
it beneficially owns 21,188,000 shares of common stock of
PetroQuest Energy Inc. representing 7.71 percent of the shares
outstanding.  A full-text copy of the regulatory filing is
available for free at https://is.gd/48YqDH

                        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.


PIONEER ROOFING: Disclosure Statement Hearing Set for Jan. 31
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia is
set to hold a hearing on Jan. 31, at 11:00 a.m., to consider
approval of the disclosure statement, which explains the Chapter 11
plan of reorganization of Pioneer Roofing Systems, Inc.

The hearing will take place at Courtroom III, Third Floor, 200
South Washington Street, Alexandria, Virginia.  

Pioneer on Jan. 3 filed a restructuring plan that proposes to pay
allowed Class 6 general unsecured claims at the rate of at least
5%.  General unsecured creditors will be paid from the company's
income only after payment of claims in Classes 1 to 5.

General unsecured creditors assert more than $1.8 million in
claims.  Class 6 is impaired under the plan.

The source of funds to be distributed will be Pioneer's monthly
disposable income and sales proceeds from real properties located
in Alexandria and Lorton, Virginia.  The properties are owned by
insiders Stephen Wann and Joan Martin, according to the company's
disclosure statement filed on Jan. 3.

A copy of the disclosure statement is available for free at:

          https://is.gd/AaFtCx

                 About Pioneer Roofing Systems

Pioneer Roofing Systems, Inc., a Virginia corporation, sells and
installs roofing systems in the Mid-Atlantic Region.  Stephen R.
Wann, president and 100% shareholder, has operated the Debtor for
the last 35 years.  The Debtor's office is located at 7211-C
Telegraph Square Drive, Lorton, Virginia.

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E. D. Va. Case No. 15-13518) on October 8, 2015.  The
petition was signed by Stephen R. Wann, president.  The case is
assigned to Judge Brian F. Kenney.

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


PREMIER TRANSFER: Feb. 21 Amended Disclosure Statement Hearing
--------------------------------------------------------------
Judge Paul M. Black of the U.S. Bankruptcy Court for the Western
District of Virginia will convene a hearing on Feb. 21, 2017 at
2:00 p.m. to consider approval of the amended disclosure statement
filed by Premier Transfer and Storage,  Inc. on Jan. 11, 2017.

Feb. 14, 2017 is fixed as the last date for filing and serving
written objections to the Amended Disclosure Statement.

                   About Premier Transfer

Premier Transfer and Storage, Inc., filed for Chapter 11
bankruptcy
protection (Bankr. W.D. Va. Case No. 16-70721) on May 23,
2016.  

The petition was signed by John S. Phillips, president.  The
case
is assigned to Judge Paul M. Black.

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

Andrew S. Goldstein, Esq., and Garren R. Laymon, Esq., at Magee
Goldstein Lasky & Sayers, P.C., serves as the Debtor's bankruptcy
counsel.


PUERTO RICO: Agency Taps Denton US to Advise on Restructuring
-------------------------------------------------------------
The Fiscal Agency and Financial Advisory Authority of Puerto Rico
has selected Dentons US as its legal advisor on all aspects of its
restructuring and revitalization efforts, including development and
implementation of the Fiscal Plan, restructuring and renegotiation
of municipal bond debt, communications with creditors and with the
PROMESA Oversight Board, among others.

Leaders on the Dentons team and their respective roles include:

   -- Sam J. Alberts, Restructuring, Insolvency and Bankruptcy
partner, will serve as project lead.  His background includes
successfully representing the Official Committee of Retirees in the
City of Detroit bankruptcy, the largest municipal bankruptcy case
in US history.  He has also represented the Federal Deposit
Insurance Corporation, Pension Benefits Guaranty Corporation and
International Finance Corporation.

   -- Claude Montgomery, Restructuring, Insolvency and Bankruptcy
partner with financial institution representation experience who
co-led the Dentons team representing the Official Committee of
Retirees in the City of Detroit bankruptcy is leading the financial
restructuring effort.

   -- Jonathan Ballan, Corporate partner, will lead the municipal
financing aspect.  He has served as counsel on municipal bond
transactions for the New York Yankees, the Empire State Development
Corporation, New York Transportation Development Corporation and
New York Liberty Development Corporation, among others.

   -- Michael Zolandz, Federal Regulatory and Compliance partner is
leading the policy, regulatory and government affairs aspects.

The Firm has also assembled teams for all the relevant issues
facing the Government including public private partnerships,
litigation, securities, securitization, contracting, healthcare,
tax, Puerto Rican law and others.

According to the Government of the Puerto Rico, "The Dentons team
is also notable for its vast experience in the areas of government
finance and public policy, including a leading role in the City of
Detroit bankruptcy proceedings under Chapter 9 of the Federal
Bankruptcy Code, where they successfully represented and Defended
the pensioners of said city."

                         About Dentons

Dentons -- http://www.dentons.com/-- is the world's largest law
firm, delivering quality and value to clients around the globe.
Dentons is a leader on the Acritas Global Elite Brand Index, a BTI
Client Service 30 Award winner and recognized by prominent business
and legal publications for its innovations in client service,
including founding Nextlaw Labs and the Nextlaw Global Referral
Network.


RAHMANIA PROPERTIES: Has Until Feb. 28 to File Exit Plan
--------------------------------------------------------
Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the
Eastern District of New York extended Rahmania Properties LLC's
exclusive periods for filing a plan of reorganization and
soliciting acceptances to the plan through February 28, 2017 and
April 28, 2017, respectively.

The Troubled Company Reporter had earlier reported that the Debtors
sought exclusivity extension, relating that one of its main goals
was to resolve all issues with its lender 74th Street Funding, Inc.
The Debtor and 74th Street Funding were able to transition from an
interim cash collateral stipulation to a final cash collateral
stipulation which was entered on September 26, 2016.  As such, the
Debtor continues to operate pursuant to the final cash collateral
stipulation.

The Debtor contended that it had resolved all issues with respect
to the claim of 74th Street Funding, and that they were able to
come to a consensual resolution of 74th Street Funding's claim
against the Debtor without further litigation.  The Debtor further
contended that 74th Street's claim was fixed in the amount of
$3,600,000 as of August 31, 2016 with the Debtor making adequate
protection payments in the amount of $22,500.  The Debtor added
that the stipulation also requires that 74th Street Funding's claim
be paid by September 30, 2017. The stipulation memorializing the
settlement was entered on October 18, 2016.

In addition, the Debtor told the Court that upon resolution of its
claims with 74th Street, the Debtor is now primarily focused on
seeking a resolution of the litigation pending against the Debtor
by Mohammed M. Rahman, also known as M. Rahman, with respect to an
alleged 50% ownership interest in the Debtor.  To that end, counsel
to the Debtor and counsel to M. Rahman had met in person to discuss
the parameters of a potential settlement.  Pending an exchange of
additional documents and information, the Debtor's counsel hoped to
continue discussions with M. Rahman's counsel to obtain a
consensual settlement of all claims between the parties.  The
Debtor believed that this would be the last hurdle towards the
filing of a plan.

             About Rahmania Properties LLC

Rahmania Properties LLC, owns and operates a mixed-use property
located at 40-32/34/36 74th Street, Queens, New York.  Rahmania
Properties filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No.
15-43971) on August 28, 2015. The petition was signed by Mohammed
A. Rahman, president.  Judge Elizabeth S. Stong presides over the
case.  The Debtor is represented by Arnold Mitchell Greene, Esq.,
at Robinson Brog Leinwand Greene Genovese & Gluck P.C.  The Debtor
disclosed $6.8 million in assets and $3.3 million in liabilities.


REFUGE FAMILY CARE: Unsecureds to be Paid 15% in 60 Months
----------------------------------------------------------
Unsecured creditors of Refuge Family Care PCH, Inc., will get 15%
of their claims under the company's proposed plan to exit Chapter
11 protection.

The restructuring plan proposes to pay 15% of allowed Class 3
claims over 60 months from the effective date of the plan.  Class 3
is comprised of general unsecured creditors with claims greater
than $5,000.

The company's income will be necessary to fund the plan, which is
expected to last for a period of five years or 60 months from the
effective date.   

Refuge Family Care's income is generated entirely through the
operations of personal care homes under license with the State of
Georgia's Department of Behavioral Health and Developmental
Disabilities, according to the company's disclosure statement filed
on Jan. 12 with the U.S. Bankruptcy Court for the Northern District
of Georgia.

A copy of the disclosure statement is available for free at:

          https://is.gd/mw6y5p

Refuge Family Care is represented by:

     Evan M. Altman, Esq.
     Building 2
     8325 Dunwoody Place
     Atlanta, GA 30350-3307
     Phone: (770) 394-6466
     Fax: (678) 405-1903
     Email: evan.altman@laslawgroup.com

                    About Refuge Family Care

Hampton, Ga.-based Refuge Family Care PCH Inc. provides residential
training and supervision services to individuals with varying
degrees of developmental disabilities.  The Debtor operates by
license under the authority of the State of Georgia Department of
Behavioral Health and Developmental Disabilities..

The Debtor sought chapter 11 protection (Bankr. N.D. Ga. Case No.
16-59679) on June 3, 2016.  The petition was signed by Miles
Raynor, president of the company.  

The Debtor is represented by Evan M. Altman, Esq.  At the time of
the filing, the Debtor estimated assets of less than $50,000, and
liabilities of less than $1 million.


ROVI CORP: S&P Raises CCR to 'BB-', Off CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings said that it removed all of its ratings on Rovi
Corp. from CreditWatch with positive implications, where S&P had
placed them on May 3, 2016.  The rating outlook is stable.

Rovi completed its acquisition of TiVo Inc. in September 2016 and
subsequently will be doing business as TiVo Corp.  Post
acquisition, S&P expects TiVo's adjusted leverage to be in the
high-2x area in 2017 due to the incremental EBITDA and cash flow
being added with no additional debt.

At the same time, S&P raised its corporate credit rating on Rovi to
'BB-' from 'B+' and our issue-level rating on the company's wholly
owned subsidiary Rovi Guides Inc.'s term loan B facility to 'BB+'
from 'BB'.  The '1' recovery rating on the debt is unchanged,
indicating S&P's expectation for very high recovery (90%-100%) of
principal in the event of a payment default.

S&P subsequently withdrew its corporate credit rating on Rovi and
assigned S&P's 'BB-' corporate credit rating to Tivo Corp., Rovi's
parent.  The rating outlook is stable.

"The rating actions reflect our view that an alignment of the
corporate credit rating to the ultimate parent entity, TiVo, better
represents the company's credit profile," said S&P Global Ratings'
credit analyst Dylan Singh.  "Our withdrawal of the corporate
credit rating on Rovi doesn't affect our assessment of our
corporate credit rating on TiVo."

The upgrade reflects TiVo's significantly improved leverage and
cash flow following Rovi's acquisition of the company, which was
fully financed by a combination of new equity issued and cash on
hand.  S&P expects incremental EBITDA of about $120 million to $140
million annually, with no expected increase in debt.  Based on
this, S&P expects the company's adjusted leverage to decline to the
high-2x area at the end of 2017 from the low-4x area a year
earlier.

S&P's corporate credit rating on TiVo reflects S&P's view of the
company's established brand name, large portfolio of patents,
strong contractual profile, limited revenue and product
diversification, and ability to enforce its intellectual property
(IP) rights and generate new IP to replace expired or invalidated
ones.

The rating also highlights S&P's view of the shifting patent
landscape as media distribution and storage moves from a
hardware-based environment to a cloud-based one.  Furthermore,
fragmentation of TV audiences and the rise of nontraditional
viewing, including over-the-top (OTT) could further alter the
competitive landscape, which could challenge the sustainability of
TiVo's patent portfolio.

"The stable outlook reflects our expectation that TiVo's leverage
will decline to below 3x over the next 12 months as synergies are
fully recognized and that the company will be able to continue to
develop and enforce its portfolio of patents," said Mr. Singh.

S&P could lower the corporate credit rating if TiVo's adjusted
leverage rises above the mid-3x area on a sustained basis, which
could occur due to a decline in EBITDA or a significant
debt-financed acquisition.  S&P could also lower the rating if
TiVo's pending litigation with Comcast Corp. results in the
invalidation of key patents in its portfolio, weakening its ability
to enforce its IP rights.

S&P could raise the rating if TiVo's pending litigation with
Comcast results in a favorable outcome for the company, improving
the sustainability of TiVo's patent portfolio.


RUE21 INC: Bank Debt Trades at 62% Off
--------------------------------------
Participations in a syndicated loan under rue21 Inc is a borrower
traded in the secondary market at 38.42 cents-on-the-dollar during
the week ended Friday, January 6, 2017, according to data compiled
by LSTA/Thomson Reuters MTM Pricing.  This represents a decrease of
0.17 percentage points from the previous week.  rue21 Inc pays 475
basis points above LIBOR to borrow under the $0.544 billion
facility. The bank loan matures on Sept. 30, 2020 and carries
Moody's B3 rating and Standard & Poor's CCC rating.  The loan is
one of the biggest gainers and losers among 247 widely quoted
syndicated loans with five or more bids in secondary trading for
the week ended January 6.


S DIAMOND STEEL: Unsecureds to Get 74% Under Ch. 11 Plan
--------------------------------------------------------
S Diamond Steel, Inc., filed with the U.S. Bankruptcy Court for the
District of Arizona a disclosure statement referring to the
Debtor's plan of reorganization.

Class 7 General Unsecured Claims will be paid in full from all
funds available for distribution.  It is anticipated that payments
under this class will start in the seventh month of the Plan.  This
class is impaired.

As of the filing date, Class 7 claims total $1,532,696.01.  As of
Jan. 16, 2017, the claims total $1,137,518.47.  Projected dividend
is $1,137,518.47, which totals about 74% of the total allowed claim
amount.

The funds necessary for the satisfaction of all approved and
allowed claims will be derived from the Debtor's income from its
operations.  The Debtor has continued to operate its business and
has seen increases in gross receipts since the filing of this case.
The Debtor reserves the right to accelerate payment under the Plan
from financing obtained either from third party financing or in the
event that is revenues permit it to do so.  The Debtor believes
that by virtue of the Plan that it will have the ability to pay all
allowed and approved claims pursuant to the Plan of Reorganization.


The Disclosure Statement is available at:

          http://bankrupt.com/misc/azb16-07846-85.pdf

                     About S Diamond Steel

S Diamond Steel, Inc., based in Phoenix, Arizona, filed a Chapter
11 petition (Bankr. D. Ariz. Case No. 16-07846) on July 11, 2016.
The petition was signed by Matthew Miles Stevens, president.  The
case is assigned to Judge Brenda K. Martin.  The Debtor is
represented by Allan NewDelman, Esq., at Allan D. NewDelman P.C.
The Debtor disclosed $1.59 million in total assets and $5.58
million in total liabilities.

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 S Diamond Steel, Inc.


SALTY DOG: Trade Claims to Get 75% Over 5 Years
-----------------------------------------------
Salty Dog Rest Ltd. filed with the U.S. Bankruptcy Court for the
Eastern District of New York a second amended Chapter 11 plan of
reorganization dated Jan. 10, 2017.

Distributions to holders of allowed Class 4(c) General Unsecured
CUD PI Claims will be made pro rata from the net proceeds received
in cash in the post-confirmation liquidating trust, not from the
Debtor pursuant to the U.S. Bankruptcy Law.  CUD PI Claims means
those contingent, unliquidated and disputed personal injury actions
against the Debtor in Class 4(c).  

If a Class 4 General Unsecured Claim is not an allowed claim on a
distribution date, the holder of that claim will receive its
distribution as soon as practicable after the claim becomes an
allowed claim.

Net Proceeds means gross proceeds of: (a) the capital contribution
made by the Debtor's stockholders and cash generated by the daily
liquidation of the Debtor's inventory as of the Confirmation Date;
and (b) any judgment recovered by the Debtor on any avoidance or
fraudulent conveyance actions; less (c) all expenses incurred in
any of the foregoing, including compensation of professionals and
expense reimbursement.  

The holder of an allowed Class 4(b) Trade Claim will receive in an
amount equal to 75% of the face amount of its Allowed Class 4 Claim
distributed on a calendar quarterly basis, in the amount of
approximately $4,800 starting on the Effective Date for a maximum
of five years unless such creditor shall agree with the Debtor to
different treatment.  Distributions to the holders of Allowed Class
4(a) Claims will be made (a) on a date that is 60 days after the
Debtor has reduced any judgment to cash or (b) the date a Class 4
Claim becomes an allowed claim pursuant to a final court order, or
will be paid on other terms as the Debtor and allowed claim holders
may agree.  The Debtor may, in its sole discretion, elect to prepay
any amounts due to those Class 4 Claimants, with the amount of
prepayment to be equal to the then-present value of the unpaid
portion of the Allowed Class 4 Claim discounted at a rate of 5%.
No holder of an Allowed Class 4 General Unsecured Claim will
receive interest on its allowed claim.

Class 4 is impaired under the Plan.

Unless otherwise provided in this Plan, on the Effective Date or as
soon thereafter as practicable, these will occur to implement this
Plan: (i) all actions, documents and agreements necessary to
implement this Plan will be taken or executed including the trust
agreement; (ii) the stockholders will deliver their contribution
and the Debtor's net cash proceeds to the Trust; and (iii) the
Disbursing Agent will make all distributions required to be made to
holders of allowed claims pursuant to this Plan.

The Debtor will continue to engage in business as a bar and
restaurant at its premises in Brooklyn after confirmation of its
Plan, and, if necessary to the Plan, will provide continuing
quarterly reports, and payments of U. S. Trustee's fees as required
by the Bankruptcy Code, Trustee's Guidelines and Local Rules.  The
Debtor will be primarily liable, before the stockholders, for
payment of the sales tax claim and for causing the Debtor to pay
the Class 4(b) General Unsecured Trade Creditors on a quarterly
basis for 20 consecutive quarters starting on the Effective Date,
unless different terms are otherwise agreed by the Debtor and the
claimants.

On or as soon as practicable after the Effective Date, the Debtor
will transfer and assign to the Trust the Trust Assets, consisting
initially of the stockholder's cash contribution together with any
net cash from operations remaining on the Premises from liquidation
of its inventory, and thereafter, may include any judgments
recovered by the Debtor under the Bankruptcy Code.  In addition the
stockholders will remain responsible persons with respect personal
liability for the sales tax claim.

The Second Amended Disclosure Statement is available at:

           http://bankrupt.com/misc/nyeb16-40679-67.pdf

As reported by the Troubled Company Reporter on Dec. 12, 2016, the
Debtor filed a disclosure statement which explained that under the
plan, the company designated unsecured claims in Class 4.  These
claims consist of Class 4(a) secured priority claims of New York
State Department of Tax and Finance; Class 4(b) general unsecured
trade claims; and Class 4(c) personal injury claims.  NYSDOTF would
receive full payment of its claim.  In return, the agency will
release its lien against the company's property.

                      About Salty Dog Rest

Salty Dog Rest, Ltd., has been engaged in business as a sports Bar
and restaurant located at its premises at 7509 Third Avenue,
Brooklyn, New York 11209 since approximately 1997.  

The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. E.D.N.Y. Case No. 16-40679) on Feb. 24, 2016.  The
petition was signed by Robert P. Fadel, president.  The case is
assigned to Judge Elizabeth S. Stong.   On the Petition Date, the
Debtor listed $15,000 in assets and $128,000 in liabilities on its
schedules.

The Debtor is represented by Randall S. D. Jacobs, PLLC.


SAMSON RESOURCES: $60M Backstop Okayed; Plan Hearing on Feb. 13
---------------------------------------------------------------
Jeff Montgomery, writing for Bankruptcy Law360, reported that U.S.
Bankruptcy Judge Christopher S. Sontchi has approved a $60 million
backstop plan for a stock offering described as key to Samson
Resources Corp.'s compromise Chapter 11 reorganization, paving the
way to creditor voting and a plan confirmation hearing in February.
According to the report, Judge Sontchi approved the agreement with
few comments, after it was presented without dissent by attorneys
for Samson.  Under the plan, second-lien lenders provided assurance
that all the $60 million in new stock would be purchased.

On Jan. 12, the Bankruptcy Court entered an order approving the
Disclosure Statement for the Global Settlement Joint Chapter 11
Plan of Reorganization of the Debtors.

The Bankruptcy Court will hold a hearing during the week of Feb. 13
to consider confirmation of the Plan.  Confirmation objections are
due Feb. 9.  A voting report is due Feb. 10.

As reported by the Troubled Company Reporter, under the Global
Settlement Plan, General Unsecured Claims -- estimated at
$2,423,818,350 -- are expected to recover 7.0% to 7.5%.  This
recovery range does not include recoveries associated with the
Settlement Trust Causes of Action.

A blacklined copy of the solicitation version of the Disclosure
Statement is available at:

          http://bankrupt.com/misc/deb15-11934-1885.pdf

                About Samson Resources Corporation

Samson Resources Corporation, et al., filed Chapter 11 bankruptcy
petitions (Bankr. D. Del. Lead Case No. 15-11934) on Sept. 16,
2015.  Philip W. Cook, the executive vice president and CFO,
signed the petition.  The Debtors estimated assets and liabilities
Of more than $1 billion.

Samson is an onshore oil and gas exploration and production
company
with interests in various oil and gas leases primarily located in
Colorado, Louisiana, North Dakota, Oklahoma, Texas, and Wyoming.
The Operating Companies operate, or have royalty or working
interests in, approximately 8,700 oil and gas production sites.

Samson was acquired by KKR and Crestview from Charles Schusterman
in December 2011 for approximately $7.2 billion.  The investor
group provided approximately $4.1 billion in equity investments as
part of the purchase price.

Kirkland & Ellis LLP represents the Debtors as general counsel.
Klehr Harrison Harvey Branzburg LLP is the Debtors' local counsel.

Alvarez & Marsal LLC acts as the Debtors' financial advisor.
Blackstone Advisory Partners L.P. serves as the Debtors'
Investment
banker.  Garden City Group, LLC, serves as claims and noticing
agent to the Debtors.

Andrew Vara, acting U.S. trustee for Region 3, appointed three
creditors of Samson Resources Corp. and its affiliated debtors to
serve on the official committee of unsecured creditors.  The
Committee has tapped White & Case LLP as counsel and Farnan LLP as
local counsel.

                            *     *     *

In September 2016, Judge Sontchi denied Samson Resources' Motion
for extension of their exclusive periods to file and solicit
acceptances of their chapter 11 plan.  Samson sought an extension
of its exclusivity period by another six months through March
2017.

The Debtors have filed a plan of reorganization.  The Creditors'
Committee has filed a competing plan of liquidation.


SCRIPSAMERICA INC: Files Ch. 11 Plan of Liquidation
---------------------------------------------------
ScripsAmerica, Inc., filed with the U.S. Bankruptcy Court for the
District of Delaware a disclosure statement and Chapter 11 plan of
liquidation dated Jan. 16, 2017.

Class 3 General Unsecured Claims are impaired under the Plan.  Each
holder of an allowed General Unsecured Claim will receive in full,
final and complete satisfaction, settlement, release, and discharge
of its allowed claims, its pro rata share of any  remaining assets
of the liquidating trust after providing for the payment of all the
Liquidating Trust expenses.

The Plan provides for the creation of the Liquidating Trust on the
Effective Date.  The Debtor has the sole discretion to select the
Liquidating Trustee.  

On the Effective Date, the Debtor will fund the Liquidating Trust
in the total sum of (a) the balance of any proceeds from the
proposed sale or restructuring transaction, plus (b) any proceeds
from any insurance policies (including, but not limited to, all
insurance policies for directors, members, trustees, and officers
liability maintained or held by the Debtor at any time on or prior
to the Effective Date) obtained prior to the Effective Date, plus
(c) proceeds of any litigation plus (d) any other proceeds or funds
marshalled by the Debtor (including but not limited to funds held
by any court) plus (e) any Remaining Assets, less amounts required
in connection with payment of all allowed administrative expenses
of the Debtor's Estate, including allowed professional fees
incurred prior to the Effective Date.  The net proceeds will be
indefeasibly paid to the Liquidating Trust on the Effective Date
and will be used to pay the fees of the Liquidating Trustee, the
expenses of the Liquidating Trust and to fund distributions in
accordance with the priority scheme under the U.S. Bankruptcy Code.


The Plan and Disclosure Statement is available at:

           http://bankrupt.com/misc/deb16-11991-156.pdf

                       About ScripsAmerica

ScripsAmerica, Inc., filed a Chapter 11 petition (Bankr. D. Del.
Case No. 16-11991) on Sept. 7, 2016.  The petition was signed by
Jeffrey J. Andrews, chief financial officer.  At the time of
filing, the Debtor had $600,000 in total assets and $4.65 million
in total debt as of Sept. 6, 2016.

Ciardi Ciardi & Astin has been tapped as bankruptcy counsel, Equity
Partners HG LLC as investment banker, and Bederson LLP as
accountant.

On Nov. 3, 2016, the U.S. Trustee appointed an official
committee of unsecured creditors.


SEER ENVIRONMENTAL: Amended Disclosure Statement Filed
------------------------------------------------------
Seer Environmental Materials, LLC, filed with the U.S. Bankruptcy
Court for the Western District of Texas its latest disclosure
statement explaining the company's Chapter 11 plan of
reorganization.

The latest plan contains clarifications and additional provisions
related to the treatment of Class 5 secured claim of Stephen
Whitman and Class 7 tort claims.

Under the latest plan, Mr. Whitman will receive full payment of his
allowed secured claim without regard to any acceleration or
declaration of default under certain loan documents, including any
default based upon the filing of SEER's bankruptcy case or
insolvency of the company, with any pre-petition arrearage
satisfied in full, in cash, on the effective date.  

Interest will be at the non-default contractual rate.  Mr. Whitman
will retain his liens until paid in full, according to the
disclosure statement filed on Jan. 3.

Meanwhile, each holder of an allowed Class 7 tort claim will have
their claims liquidated and allowed (if allowable), consistent with
the provisions of section 157(b)(5) of the Bankruptcy Code or
through a settlement reached with SEER.  Thereafter, holders of
allowed tort claims will receive:

     (i) their pro rata portion of the available insurance
         proceeds;

    (ii) quarterly pro rata distributions through the fifth
         anniversary of the effective date from the net cash flow
         from operations but only to the extent that the allowed
         tort claims exceed the available insurance proceeds and
         distributions resulting from the litigation of the causes

         of action; and

   (iii) pro rata distributions resulting from the litigation by
         the reorganized company of the causes of action
         (including the claims against Great Divide Insurance Co.,

         Nautilus Insurance Co., Peter Strelitz and the law firm
         of Segal McCambridge) but only to the extent that the
         allowed tort claims exceed the available insurance
         proceeds and distributions from the net cash flow from
         operations.

A copy of the amended disclosure statement is available for free
at:

                         https://is.gd/lUE7TF

                       About Seer Environmental

An involuntary proceeding was commenced against Seer Environmental
Materials, LLC, under Chapter 7 of the Bankruptcy Code (Bankr. W.D.
Tex. Case No. 16-51875) on August 23, 2016.  On August 30, 2016,
the Debtor consented to entry of an order for relief and moved to
convert the case to one under Chapter 11.

The petitioning creditors are Robert Davis, As Representative of
the Estate of Jessie Davis, Deceased; Joyce Davis, As
Representative of the Estate of Jessie Davis, Deceased; and Waylon
Davis, As Representative of the Estate of Jessie Davis, Deceased.
They are represented by Shelby A. Jordan, Esq., at Jordan Hyden
Womble Culbreth & Holze, PC.

The Hon. Ronald B King presides over the case.  Kell C. Mercer,
Esq., at Kell C. Mercer, P.C., serves as the Debtor's legal
counsel.


SHEPHERD AVE REALTY: Unsecureds to Get 100% in 5Yrs at 5%
---------------------------------------------------------
General unsecured creditors will receive a monthly payment of
approximately $900 from Shepherd Ave Realty Inc., according to the
company's latest Chapter 11 plan of reorganization.

Under the plan, holders of Class 3 general unsecured claims will
receive the full amount of their allowed claims, or such other
amount as agreed upon by the claimants and Shepherd, over five
years at an interest rate of 5% per annum.  

Payments will be made in equal installments.  Shepherd estimates
the payment to be approximately $900 per month.

Funds to implement the plan will come from cash from the continuing
operations of Shepherd's business and from the personal guarantee
by its principal Sanford Solny.  On a fully rented basis, the
rental income grosses the company about $2,700 per month.

While Shepherd's business operations currently do not generate
positive cash flow, the company is working towards renting out
vacant units.   In case there is insufficient cash to satisfy the
monthly operating cost and costs under the plan, any shortfall will
be paid by the company's principal.

Shepherd estimates that the shortfall vis-a-vis the payments will
be $283 per month (not including other expenses associated with the
operation of the property).  

Additionally, in case Shepherd and U.S. National Bank, a Class 2
creditor, are able to reach an accord, the company anticipates that
it will receive such funds from a traditional or "hard-money"
lender, according to the company's latest disclosure statement
filed on Jan. 3.  

A copy of the first amended disclosure statement is available for
free at:

                      https://is.gd/ehM14v

                    About Shepherd Ave Realty

Shepherd Ave Realty Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 16-42758) on June 23, 2016.  The Debtor
is represented by Eric H. Horn, Esq. of Vogel Bach & Horn, P.C.


SHRI NATHJI: Unsecureds to Get 0% Under Liquidation Plan
--------------------------------------------------------
Old Line Bank filed with the U.S. Bankruptcy Court for the District
of Maryland a joint plan of liquidation and accompanying disclosure
statement for Shri Nathji, LLP, and Shri Gurukrupa, LLC.

The Plan, proposed by the bank, a secured creditor of the Debtors,
provides for all of the assets utilized in the operation the
Debtors' businesses to be sold at an Auction by William D. Hudson
of Atlantic Auctions, Inc., within 45 days of the entry of an
order confirming the Plan and treatment of Claims asserted against
the Debtors.  Closing is to occur within 30 days of the
Auction. 

Class 3, Unsecured Claims against Shri Nathji, LLP, is impaired
under the Plan.  Class 3 consists of the allowed Unsecured Claim
of the Internal Revenue Service for $700 and any resulting
deficiency on the Class 1 Secured Claim of Old Line Bank.  On the
Effective Date, the Holders of allowed Unsecured Claims in Class 3,
unless the Auction for the assets of Shri Nathji results in a
payment in excess of the allowed Class 1 allowed Secured Claim of
Old Line Bank, will receive no property or distribution under the
Plan on account of such Claims.  In the event that the Auction for
the assets of Shri Nathji results in a payment in excess of the
allowed Class 1 Secured Claim of Old Line Bank, then creditors with
allowed Class 3 Unsecured Claims, will receive a pro rata
distribution on account of their allowed Class 3 Unsecured Claims
from any remaining sales proceeds after the payment of Claims with
higher priority.  Apart from the foregoing, no other Unsecured
Claims have been asserted against Shri Nathji in the bankruptcy
schedules or by the filing of a proof of claim. 

Class 5, Unsecured Claims against Shri Gurukrupa, LLC, is impaired
under the Plan.  Class 5 consists of the allowed Unsecured Claim
of Old Line Bank in the amount of  $1,467,024, the allowed
Unsecured Claim of the Internal Revenue Service in the amount of
$4,182, the allowed Unsecured Claim of Choice Hotels in the amount
of $2,500, the allowed Unsecured Claim of Howard County, Maryland
in the amount of $2,225 for unpaid licensing fees, the allowed
Unsecured Claim of Howard County, Maryland in the amount of $57,963
for unpaid occupancy tax and the allowed Unsecured Claim of Howard
County, Maryland in the amount of $7,400 for unpaid sewer
charges.  On the Effective Date, the Holders of allowed Unsecured
Claims in Class 5 will receive no property or distribution under
the Plan on account of such Claims unless proceeds from the Auction
for the assets of Shri Gurukrupa exceed the amounts to pay
Administrative Claims, Priority Non-Tax Claims, and Priority Tax
Claims, as reasonably estimated by Old Line Bank in consultation
with the Debtors, taking into account the Debtors' cash on hand at
Closing.  In the event that the Auction for the assets of Shri
Gurukrupa, LLC results in a payment in excess of the amounts to pay
Administrative Claims, Priority NonTax Claims, and Priority Tax
Claims, as reasonably estimated by Old Line Bank in consultation
with the Debtors, taking into account the Debtors' cash on hand at
Closing, then creditors with allowed Class 5 Unsecured Claims, will
receive a pro rata distribution on account of their allowed Class 5
Unsecured Claims from any remaining sales proceeds after the
payment of Claims with higher priority.

At Closing, the Sale Assets will be transferred to the Purchaser.
To the extent not made at Closing, Old Line or other Purchaser will
make all distributions of cash or other property required under the
Plan, unless the Plan specifically provides otherwise.

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

          http://bankrupt.com/misc/mdb16-20275-59.pdf

Old Line Bank is represented by:

     Craig M. Palik, Esq.
     John P. Lynch, Esq.
     MCNAMEE, HOSEA, JERNIGAN, KIM
     GREENAN & LYNCH, P.A. 
     6411 Ivy Lane, Suite 200
     Greenbelt, Maryland 20770
     Telephone: (301) 441-2420
     Facsimile: (301) 982-9450
     Email: cpalik@mhlawyers.com
     jlynch@mhlawyers.com 

              About Shri Nathji

Headquartered in Elkridge, Maryland, Shri Nathji, LLP filed for
chapter 11 bankruptcy protection (Bankr. D. Md. Case No. 16-20275)
on Aug. 1, 2016, estimating its total assets at $937,233 and total
liabilities at $1.3 million. The petition was signed by Kirti Kumar
Bhavsar, managing partner.

            About Shri Gurukrupa

Shri Gurukrupa, LLC filed Chapter 11 bankruptcy petition (Bankr. D.
Md. Case No. 16-21645) on August 30, 2016.  The petition was
signed by Biten K Bhavsar, managing member.  The case is assigned
to the Hon. James F. Schneider.  Tate Russack, Esq., at RLC
Lawyers & Consultants serves as the Debtors' counsel.

Shri Gurukrupa estimated its assets in the range of $0 to $50,000,
and liabilities in the range of $1 million to $10 million.


SINGLETON CREEK: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
An official committee of unsecured creditors has not yet been
appointed in the Chapter 11 case of Singleton Creek, Inc. as of
Jan. 18, according to a court docket.

Singleton Creek, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. N.D. Ga. Case No. 16-71772) on December 5,
2016.  The petition was signed by Hoke S. Randall, III, president.

The Law Offices of Douglas Jacobson, LLC serves as the Debtor's
bankruptcy counsel.

At the time of the filing, the Debtor disclosed $5.02 million in
assets and $3.54 million in liabilities.


SOTO REEFER: Banco Popular To Be Given Copy of Plan Disclosures
---------------------------------------------------------------
Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the
District of Puerto Rico granted Banco Popular PR − Special Loans'
request to be served with a copy of Soto Reefer Containers, Inc.'s
disclosure statement and plan.

Soto Reefer Containers, Inc., filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 16-07602) on September 26, 2016, and is represented
by Rosana Moreno Rodriguez, Esq., at Moreno & Soltero Law Office,
LLC.



SPI ENERGY: Gets Delinquency Notice From NASDAQ
-----------------------------------------------
SPI Energy Co., Ltd., received a notification letter from the
Listing Qualifications Department of The Nasdaq Stock Market Inc.
on Jan. 10, 2017, indicating that the Company is not currently in
compliance with Nasdaq's Listing Rules for continued listing due to
the Company's failure to file with the Securities and Exchange
Commission under Report of Foreign Private Issuer on Form 6-K an
interim balance sheet and income statement as of the end of its
most recently completed second quarter (June 30, 2016).  Pursuant
to Listing Rule 5250(c)(2), the Company was required to file such
Form 6-K no later than six months following the end of the
Company's second quarter on Dec. 31, 2016.  As of Jan. 13, 2017,
the Company has not yet filed the required Form 6-K.

The Notice has no immediate effect on the listing of the Company's
securities.  Pursuant to the Notice, the Company has 60 days from
the date of the Notice, or until March 13, 2017, to submit a plan
to regain compliance with the Listing Rules.  If Nasdaq accepts the
Company's plan, Nasdaq may grant the Company an extension of up to
180 calendar days from the Due Date, to regain compliance with the
Listing Rules.  The Company said it is working diligently on its
plan to regain compliance and intends to comply with the time
periods afforded in the Notice.

                      About SPI Energy Co.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based investment
and other products; as well as http://www.solartao.com/, a B2B
e-commerce platform offering a range of PV products for both
upstream and downstream suppliers and customers.  The Company has
its operating headquarters in Shanghai and maintains global
operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014.  As of Dec. 31, 2015, SPI Energy had $710 million in
total assets, $493 million in total liabilities and $216.6 million
in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the year
ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and its
subsidiaries have suffered significant losses from operations and
have a negative working capital as of Dec. 31, 2015.  In addition,
the Group has substantial amounts of debts that will become due for
repayment in 2016.  The auditors said these factors raise
substantial doubt about the Group's ability to continue as a going
concern.


STONE ENERGY: Seeks to Hire Porter Hedges as Bankruptcy Co-Counsel
------------------------------------------------------------------
Stone Energy Corporation, et al., seek approval from the United
States Bankruptcy Court for the Southern District of Texas, Houston
Division, to employ Porter Hedges LLP as the Debtors' bankruptcy
co-counsel.

As bankruptcy co-counsel, Porter Hedges is expected to:

     a. Provide legal advice and services regarding local rules,
practices, and procedures;

     b. Provide certain services in connection with administration
of the chapter 11 cases, including, without limitation, preparing
agenda letters, hearing notices, and hearing binders of documents
and pleadings;

     c. Review and comment on proposed drafts of pleadings to be
filed with the Court as bankruptcy co-counsel to the Debtors;

     d. At the request of the Debtors, appear in Court and at any
meeting with the U.S. Trustee and any meeting of creditors at any
given time on behalf of the Debtors as their bankruptcy co-counsel;
and

     e. Perform all other services requested by the Debtor.

On December 19, 2016 the Debtors filed their application seeking to
retain Latham & Watkins as their bankruptcy counsel.  Because both
firms each will have a well-defined role, counsel will use their
best efforts to not duplicate the services the other provides to
the Debtors.

Porter Hedges' hourly rates are:

     Partners                    $425-$750
     Of Counsel                  $250-$725
     Associates/Staff Attorneys  $295-$450
     Paralegals                  $125-$230

John F. Higgins, partner in the law firm of Porter Hedges LLP,
attests that the firm is a "disinterested person" within the
meaning of Bankruptcy Code Section 101(14), as required by
Bankruptcy Code Section 327(a), and does not hold or represent an
interest adverse to the Debtors' estates.

The Firm can be reached through:

     John F. Higgins, Esq.
     PORTER HEDGES, LLP
     1000 Main Street, 36th Floor
     Houston, TX 77002
     Tel: 713.226.6000
     Fax: 713.228.1331
     Email: jhiggins@porterhedges.com

                            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.


TELECOMMUNICATIONS MANAGEMENT: S& Puts 'B' CCR on CreditWatch Pos.
------------------------------------------------------------------
S&P Global Ratings said that it placed its 'B' corporate credit
rating on Sikeston, Mo.-based Telecommunications Management LLC
(d/b/a NewWave Communications) on CreditWatch with positive
implications.

The CreditWatch placement follows the announcement that NewWave has
entered into a definitive agreement to be acquired by Cable One
Inc. in an all-cash transaction valued at $735 million.  Based on
S&P's preliminary estimates, it believes that pro forma leverage at
the combined entity will be around 3.0x.  This compares to leverage
of about 6.4x (last quarter annualized was 5.3x) at NewWave for the
12 months ended Sept. 30, 2016.

S&P expects all existing debt at NewWave will be repaid upon the
completion of the transaction.  As a result, S&P would likely raise
the corporate credit rating by three notches to be the same as
S&P's rating on Cable One, and then subsequently withdraw all
ratings on NewWave.

                          CREDITWATCH

The CreditWatch listing reflects the potential for a three-notch
upgrade prior to the withdrawal of all S&P's ratings on NewWave.
Upon the close of the transaction, assuming all debt is repaid at
NewWave, S&P would withdraw all ratings on the company.


TEMPLE SQUARE: Taps NAI Cummins Real Estate as Broker
-----------------------------------------------------
Temple Square Properties, LLC seeks approval from the United States
Bankruptcy Court for the Northern District Of Ohio Eastern
Division, Akron, to employ NAI Cummins Real Estate, Inc. as real
estate broker.

Services NAI Cummins will render are:

     (a) advertise the proposed sales of the Property;

     (b) solicit the cooperation of other real estate brokers;

     (c) take reasonable actions that NAI determines will enhance
the prospective sales;

     (d) negotiate terms of the sales; and

     (e) submit any sale offers to the Debtor for approval.

Upon a successful sale of each of properties, NAI will receive the
greater of six percent (6.00%) of the sale price or one month's
rent for said property.

Scott Raskow, principal of NAI Cummins, attests that his firm is a
"disinterested person" within the meaning of sections 101(14) and
327 of the Bankruptcy Code.

The Firm can be reached through:

     Scott Raskow
     NAI CUMMINS REAL ESTATE, INC.
     787 White Pond Dr, Suite A
     Akron, OH 44320
     Tel +1 (330) 535-2661
     Fax +1 (330) 535-2668
     Email: SRaskow@naicummins.com

                       About Temple Square Properties

Temple Square Properties, LLC, the owner and manager of several
commercial and residential properties, filed a chapter 11 petition
(Bankr. N.D. Ohio Case No. 16-52568) on Oct. 26, 2016.  The Hon.
Alan M. Koschik presides over the case. The petition was signed by
Frank A. Caetta, managing member.

In its petition, the Debtor estimated $1.50 million in assets and
$1.11 million in liabilities.

The Debtor is represented by Anthony J. DeGirolamo, Esq.

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


THOMAS M COOLEY: S&P Lowers Rating on Series 2014 Bonds to 'BB'
---------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB' from 'BB+'
on Michigan Finance Authority's series 2014 limited obligation
revenue bond issued on behalf of the Thomas M. Cooley Law School.
S&P also lowered its issuer credit rating on the school to 'BB'
from 'BB+'.  The outlook is stable for all ratings.

The downgrades are based on the application of S&P's revised
criteria, "Methodology: Not-For-Profit Public and Private Colleges
And Universities", published Jan. 6, 2016.

"The revised rating reflects our opinion of the school's weak
financial resources and our view that the school will continue to
experience significant operating pressure during the next few years
as it, like other U.S. law schools, navigates enrollment
challenges," said S&P Global Ratings credit analyst Ashley
Ramchandani.

S&P understands that management continues to closely monitor
operations and expenses and expects its financial performance to
stabilize.  According to management's projections, it expects
operating deficits through fiscal 2017 on a full-accrual basis but
positive results on a cash basis in fiscal 2016 and beyond.
Management reports that it is in compliance with all covenants and
projects maintaining days' cash on hand well above its covenant of
175 days as required in bond documents.


TOKYO PARK: Hires DelBello Donnellan as Attorneys
-------------------------------------------------
Tokyo Park Ltd. seeks authorization from the U.S. Bankruptcy Court
for the Southern District of New York to employ DelBello Donnellan
Weingarten Wise & Wiederkehr, LLP as attorneys, nunc pro tunc to
the January 9, 2017 petition date.

The Debtor requires DelBello Donnellan to:

   (a) give advice to the Debtor with respect to its powers and
       duties as Debtor-in-Possession and the continued management

       of its property and affairs;

   (b) negotiate with creditors of the Debtor and work out a plan
       of reorganization and take the necessary legal steps in
       order to effectuate such a plan including, if need be,
       negotiations with the creditors and other parties in
       interest;

   (c) prepare the necessary answers, orders, reports and other
       legal papers required for the Debtor's protection from its
       creditors under Chapter 11 of the Bankruptcy Code;

   (d) appear before the Bankruptcy Court to protect the interest
       of the Debtor and to represent the Debtor in all matters
       pending before the Court;

   (e) attend meetings and negotiate with representatives of
       creditors and other parties in interest;

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

   (g) represent the Debtor in connection with obtaining post-
       petition financing, if necessary;

   (h) take any necessary action to obtain approval of a
       disclosure statement and confirmation of a plan of
       reorganization; and

   (i) perform all other legal services for the Debtor which may
       be necessary for the preservation of the Debtor's estates
       and to promote the best interests of the Debtor, its
       creditors and its estates.

DelBello Donnellan will be paid at these hourly rates:

       Jonathan S. Pasternak            $620
       Steven R. Schoenfeld             $595
       Dawn Kirby                       $515
       Erica R. Aisner                  $410
       Julie Cvek Curley                $410
       Of Counsel                       $375
       Law Clerks                       $200
       Paralegals                       $150

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

DelBello Donnellan received a third party pre-petition retainer
payment from Pakod Inc. on behalf of the Debtor, in the amount of
$12,500 on account of legal services and expenses in conjunction
with the filing of this Chapter 11 case.

Jonathan S. Pasternak, partner of DelBello Donnellan, 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.

DelBello Donnellan can be reached at:

       Jonathan S. Pasternak, Esq.
       DELBELLO DONNELLAN WEINGARTEN WISE & WIEDERKEHR, LLP
       One North Lexington Avenue
       White Plains, NY 10601
       Tel: (914) 681-0200

Tokyo Park Ltd. filed a Chapter 11 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 17-10031) on Jan. 9, 2017, before Judge Martin
Glenn and listing $100,001 to $500,000 in assets and $100,001 to
$500,000 in liabilities.  Jonathan S. Pasternak, Esq., at Delbello
Donnellan Weingarten Wise & Wiederkehr, LLP serves as Chapter 11
counsel.


TRANSGENOMIC INC: Enters Into Waiver Agreement Investors
--------------------------------------------------------
As previously disclosed on Jan. 6, 2017, Transgenomic, Inc.,
previously entered into a series of Unsecured Convertible
Promissory Notes with seven accredited investors in the principal
amount of $925,000.  Pursuant to the terms of the Notes, interest
accrues at a rate of 6% per year and is due and payable by the
Company on Dec. 31, 2016.  

The Company also issued, to its placement agent for the Notes, a
convertible promissory note, upon the same terms and conditions as
the Notes, in an aggregate principal amount equal to 5% of the
proceeds received by the Company, or $46,250.  The Notes are
convertible into shares of the Company's common stock at the option
of the Investors and as of Dec. 31, 2016, $400,000 of the aggregate
principal amount of the Notes, and accrued interest thereon, has
been converted into an aggregate of 281,023 shares of the Company's
common stock.  On the Maturity Date, the then outstanding aggregate
amount owed on the Notes and Agent Note of $638,016 ($571,250 in
principal amount and $66,766 of accrued interest) became due.
Pursuant to the terms of the Notes, the Company's failure to pay
any principal or interest within 10 days of the date such payment
is due will constitute an event of default.

On Jan. 10, 2017, the Investors executed a waiver of the
Prospective Event of Default, pursuant to which, the Investors
agreed to waive the Prospective Event of Default on the condition
that the Company and the Investors enter into definitive
documentation evidencing the terms for an extended Maturity Date of
the Notes and the Agent Note on or before Jan. 16, 2017.

On Jan. 13, 2017, all but one Investor exercised their conversion
rights relating to their respective Notes, including the Agent
Note, and agreed to convert an aggregate amount of $499,359 of
principal and interest due under the Notes and Agent Note into
416,133 shares of the Company's common stock.  The Waiver Deadline
has been extended with respect to the remaining Investor who has
not exercised conversion rights so that the parties can continue to
discuss a resolution of the Prospective Event of Default relating
to such Investor's Note with an outstanding amount due of $139,876
as of Jan. 13, 2017 ($125,000 in principal amount and $14,876 of
accrued interest).

                      About Transgenomic

Transgenomic, Inc. -- http://www.transgenomic.com/-- is a global
biotechnology company advancing personalized medicine in
cardiology, oncology, and inherited diseases through its
proprietary molecular technologies and world-class clinical and
research services.  The Company is a global leader in cardiac
genetic testing with a family of innovative products, including
its C-GAAP test, designed to detect gene mutations which indicate
cardiac disorders, or which can lead to serious adverse events.
Transgenomic has three complementary business divisions:
Transgenomic Clinical Laboratories, which specializes in molecular
diagnostics for cardiology, oncology, neurology, and mitochondrial
disorders; Transgenomic Pharmacogenomic Services, a contract
research laboratory that specializes in supporting all phases of
pre-clinical and clinical trials for oncology drugs in
development; and Transgenomic Diagnostic Tools, which produces
equipment, reagents, and other consumables that empower clinical
and research applications in molecular testing and cytogenetics.
Transgenomic believes there is significant opportunity for
continued growth across all three businesses by leveraging their
synergistic capabilities, technologies, and expertise.  The
Company actively develops and acquires new technology and other
intellectual property that strengthens its leadership in
personalized medicine.

Transgenomic reported a net loss available to common stockholders
of $34.3 million on $1.65 million of net sales for the year ended
Dec. 31, 2015, compared to a net loss available to common
stockholders of $15.08 million on $1.24 million of net sales for
the year ended Dec. 31, 2014.

As of Sept. 30, 2016, Transgenomic had $2.07 million in total
assets, $19.90 million in total liabilities and a total
stockholders' deficit of $17.82 million.


TRANSMAR COMMODITY: U.S. Trustee Forms 3-Member Committee
---------------------------------------------------------
The Office of the U.S. Trustee on Jan. 18 appointed three creditors
of Transmar Commodity Group Ltd. to serve on the official committee
of unsecured creditors.

The committee members are:

     (1) Amius Limited
         25 Berkeley Square
         London W1J6HN, UK
         Attention: Ayesha Kapoor
         Tel: +44 (0) 207 268 7817
         Email: ayesha.kapoor@amius.com

     (2) Theobroma B.V.
         POB 12200
         Oceanenweg 1
         1047 BA Amsterdam
         1100 AE Amsterdam, Netherlands
         Tel: +31 20 567 5911
         Email: LONDONLEGAL@ECOMTRADING.COM

     (3) Trilini International Ltd.
         41 Terrace Place
         Brooklyn, NY 11218
         Attention: Roman Katsnelson
         Tel: (718) 437-2700
         Email: romank@trilini.com

Official creditors' committees have the right to employ legal and
accounting professionals and financial advisors, at a debtor's
expense. They may investigate the debtor's business and financial
affairs. Importantly, official committees serve as fiduciaries to
the general population of creditors they represent.

              About Transmar Commodity Group Ltd.

Transmar Commodity Group Ltd. filed a Chapter 11 petition (Bankr.
S.D.N.Y. Case No. 16-13625), on December 31, 2016.  The Petition
was signed by was signed by Peter G. Johnson, chairman, president
and chief executive officer.  At the time of filing, the Debtor had
estimated both assets and liabilities ranging between $100 million
to $500 million each.

The Debtor is represented by Joseph L. Schwartz, Esq., Tara J.
Schellhorn, Esq. and Rachel F. Gillen, Esq., at Riker Danzig
Scherer Hyland & Perretti LLP.  The Debtor engaged Tracy L.
Klestadt, Esq., Joseph C. Corneau, Esq., and Christopher J. Reilly,
Esq., at Klestadt Winters Jureller Southard & Stevens, LLP as local
counsel; and GORG as German special counsel.

The Debtor hired DeLoitte Transactions and Business Analytics LLP
as its restructuring advisor; and Donlin, Recano & Company, Inc. as
its claims & noticing agent.


TRANSTAR HOLDING: S&P Assigns 'B' Rating on $69.7MM DIP Term Loan
-----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B' point-in-time
rating to Walton Hills, Ohio-based Transtar Holding Co.'s
$69.7 million DIP term loan.

This DIP loan rating is a point-in-time rating effective only for
the date of this report.  S&P will not review, modify, or provide
ongoing surveillance of the rating.  S&P based the rating on
various items, including the bankruptcy court orders and the DIP
credit agreement as well as S&P's views on the likelihood of
emergence or, alternatively, repayment in the event of
liquidation.

On Nov. 14, 2016, Transtar entered into a restructuring support
agreement (RSA) with 98.8% of the first-lien lenders signing on by
Nov. 19, 2016.

On Nov. 20, 2016, the company filed for Chapter 11 bankruptcy
protection with a plan that provides for $69.7 million in DIP
commitments, $74.15 million in exit facility commitments, and
approximately $290 million of debt reduction.

The $69.7 million in DIP commitments are provided by first-lien
lenders holding in aggregate 93.3% of prepetition first-lien debt.

S&P Global Ratings' rating on a DIP facility primarily captures
S&P's view of the likelihood of full cash repayment through the
company's reorganization and emergence from Chapter 11 (S&P's CRE
assessment).  The DIP rating also considers the potential for the
company to fully repay the DIP facility if it can't reorganize and
liquidation becomes necessary.  If S&P believes the DIP facility is
sufficiently overcollateralized to be fully repaid under S&P's
liquidation scenario, it assigns a rating that is one or two
notches higher than the rating indicated by the CRE assessment.  In
the case of Transtar, notching was not applied and the rating was
capped at 'B' as the DIP lenders have chosen exit financing over
full cash repayment.

As detailed in S&P's criteria, key elements of its CRE assessment
and the company's ability to reorganize and fully repay the
proposed DIP loan at emergence include:

   -- S&P's assessment of the default causes, restructuring needs,

      and challenges;
   -- The company's business position and operating outlook;
   -- The adequacy of liquidity during bankruptcy;
   -- The extent to which the going concern value exceeds the
      expected DIP loan exposure;
   -- S&P's rating on the $69.7 million DIP term loan incorporates

      a CRE assessment of 'B+'; and
   -- S&P's did not apply notching to enhance the recovery rating
      on the DIP loan and capped the ratings at 'B'.  For DIP
      facilities that can be converted into exit financing, S&P
      generally caps its issue ratings at 'B' to account for
      market norms for credit quality of insolvent companies
      emerging from bankruptcy.

           DEFAULT CAUSES AND RESTRUCTURING CHALLENGES

S&P believes Transtar's bankruptcy filing was prompted by a number
of factors, including:

   -- Erosion of profitability primarily as a result of numerous
      integration issues associated with its 2014 acquisition of
      ETX Inc.
   -- Prior management closed many branches and made other
      operational decisions that damaged customer relationships.
   -- Combining three factories for remanufacturing into one,
      which resulted in a significant decline in torque converter
      quality.

              BUSINESS POSITION AND OPERATING OUTLOOK

S&P considers Transtar to have a weak business risk assessment
under its Corporate Methodology.  Due to the high fragmentation of
the overall transmission parts distribution market, pricing remains
competitive.  Further, sales are falling, causing severe margin
contraction as the company has not flexed its cost structure to
align with reduced demand.  Selling, general and administrative
(SG&A) expenses have increased as Transtar invested to improve its
sales and service.  The company has not shown success in winning
back customers.

To address these issues, the company is trying to increase order
fill rates and improve its call center customer experience.  It is
addressing the failure rates on its remanufactured torque
converters, and so far the cumulative returns of bad converters are
lower than expected.  The quality of the torque converters being
remanufactured has improved.  This should lead to a turnaround in
gross margins as the cost of rebuilding returned converters is
significant.

Transtar still remains a significant player in transmission parts
distribution with 3x-4x more revenue than its next largest
competitor.  S&P believes this scale means Transtar remains a
viable business with the opportunity to re-emerge and eventually
regain EBITDA margins in the mid- to high-single-digit percents.  

                       ADEQUACY OF LIQUIDITY

The DIP facility consists of $69.7 million super-priority senior
secured DIP delayed-draw credit facility.  The facility will be
secured by a first priority lien on all owned or hereafter acquired
assets and property of the DIP credit parties.

Transtar may use up to $55 million of the DIP financing, but
amounts above this will require the consent of the DIP lender.  It
is available in draws of at least $5 million.  

The company has laid out its detailed budget during the DIP loan
duration.  The original budget shows emergence on Jan. 27, 2017,
but that will be delayed.  Under this original scenario, Transtar
believed it would use up to $45 million of the DIP loan, with most
of the cash burn coming from specific bankruptcy claims from
prepetition vendors who have claims on payables.

The estimated emergence date of Jan. 27, 2017, has been extended
because one of the holders of the second-lien debt asked that an
examiner be assigned to the case.  The next confirmation hearing is
March 8, 2017, with the expectation of emergence at the end of
March.  Should the process extend beyond March 20, 2017, (four
months after petition date), the company can extend the DIP with
four one-month increments.

While the time line has extended, most of the large cash uses above
and beyond operations are one-time payouts to various vendors, so
S&P believes the cash needs of the DIP loan would not increase with
the longer timeline.  S&P believes that roughly
$25 million of additional capacity left on the DIP beyond expected
use is significant enough liquidity to get the company through the
end of March.

               GOING CONCERN VALUE AND DIP EXPOSURE

S&P believes there is continued viability in the business.  S&P
estimates a going concern valuation of $126 million, which reflects
a 6x EBITDA multiple on approximately $21 million emergence EBITDA.
S&P believes a 6x multiple reflects the value in a distribution
business that generally is more stable and less subject to extreme
cyclicality.

S&P's valuation estimates a going concern coverage estimate of the
DIP facility of 180%.  

                 VALUATION COVERAGE IN LIQUIDATION

S&P assess prospects for repayment of DIP principal if Transtar
cannot reorganize and is forced to liquidate or sell its assets and
businesses under extremely distressed conditions.

S&P estimates a gross liquidation value of $102 million, which
provides for 1.46x coverage over the $69.7 million DIP facility.

In the liquidation analysis, S&P considered the primary assets of
the company--including accounts receivable, inventory, fixed
assets, and the value of foreign assets.  For the major assets, S&P
considered a range of scenarios, with focus on accounts receivable
(50%-75% recovery) and inventory (10%-40% recovery).  S&P notes
that in a low-end estimate of the liquidation scenario,
total proceeds would be slightly below the value of the DIP loan.


        LIMITATIONS FROM DIP CONVERSION OPTION AT EMERGENCE

For DIP facilities that can be converted into exit financing, S&P
generally caps its issue ratings at 'B' to account for market norms
for the credit quality of insolvent companies emerging bankruptcy.
However, S&P also considers specific situations such as exit loan
terms, collateral, and business prospects.  

In the case of Transtar, there are not specific covenants or terms
that are protecting the lenders of the exit loan, which are also
lenders of the DIP.  Further, S&P do not feel the business
prospects are sufficiently strong to lift the cap.  Finally, while
the collateral coverage is good, lenders of the DIP loan would lose
money in a forced liquidation under our low-end liquidation value.


TRIANGLE USA: Disclosures Okayed; Confirmation Hearing on Feb. 14
-----------------------------------------------------------------
Bankruptcy Judge Mary F. Walrath in Delaware approved the
disclosure statement explaining the Second Amended Joint Chapter 11
Plan of Reorganization of Triangle USA Petroleum Corporation and
its
Affiliated Debtors in an order dated Jan. 13, 2017.

A hearing to confirm the Plan will commence on Feb. 14, 2017 at
10:30 a.m. (Eastern).  The Confirmation Hearing may be continued
from time to time without further notice other than an adjournment
announced in open court at the Confirmation Hearing or at any
subsequent adjourned Confirmation Hearing.

Objections to confirmation of the Plan are due Feb. 10.  Creditors
entitled to vote on the Plan also have until Feb. 10 to cast their
ballots.  

A copy of the solicitation version of the Disclosure Statement,
filed on Jan. 13, is available at:

          http://bankrupt.com/misc/deb16-11566-0598.pdf

Only Holders of Claims in Class 4 (Ranger General Unsecured
Claims), Class 5 (TUSA General Unsecured Claims), and Class 6 (TUSA
Convenience Claims) are entitled to vote to accept or reject the
Plan, subject to the solicitation procedures.  Holders of
Administrative Claims, Priority Tax Claims and Professional Fee
Claims, and of Claims and Interests in Class 1 (Other Priority
Claims), Class 2 (Other Secured Claims), Class 3 (RBL Claims),
Class 7 (Intercompany Claims), and Class 8 (Intercompany Interests)
are unimpaired and are presumed to have accepted the Plan.  Holders
of Claims and Interests in Class 9 (Subordinated Claims), Class 10
(Ranger Interests), and Class 11 (TUSA Interests) will receive no
distribution under the Plan and are deemed to have rejected the
Plan.

Matt Chiappardi, writing for Bankruptcy Law360, reported that
during a hearing in Wilmington, Judge Walrath agreed to approve
both the disclosure statement and a rights offering that aims to
fund the restructuring.

As reported by the Troubled Company Reporter, the Plan provides for
payment in full of administrative, priority tax, other priority
claims, and Claims under the RBL Credit Facility.  Secured claims
other than claims arising under the RBL Credit Facility will be
paid in full in cash, reinstated, or otherwise left unimpaired.
RBL Claims will be paid in full in Cash on the Effective Date.
Holders of TUSA General Unsecured Claims, including all Senior
Notes Claims, as of the Distribution Record Date will receive their
Pro Rata Share of the new common stock of New TUSA HoldCo.  In
addition, to the extent Holders of TUSA General Unsecured Claims,
including all Senior Notes Claims, as of the Rights Offering Record
Date, meet certain requirements under applicable securities laws
and regulations, will have the opportunity to participate in a
rights offering for the purchase of up to approximately $180
million in convertible preferred stock of New TUSA HoldCo.

In lieu of new equity in the Reorganized Debtors, Holders of TUSA
General Unsecured Claims less than $150,000 will receive a cash
distribution of up to $0.50 for each $1.00 of their Allowed Claims;
Holders of TUSA General Unsecured Claims greater than $150,000 may
also elect such "convenience class" treatment by voluntarily
reducing their claims to $150,000.  Each Holder of an Allowed
Ranger Unsecured Claim will receive its Pro Rata Share of a Cash
amount allocated from proceeds of the Rights Offering or another
source of plan funding.

Holders of Ranger General Unsecured Claims, estimated to be between
$1.2 million and $1.6 million, have a protected recovery of 33% of
their allowed claims.

Holders of TUSA General Unsecured Claims, estimated to be between
$477.5 million and $498.8 million, are projected to recoup 29% to
30% of their allowed claims.

Holders of Convenience Claims against the TUSA Debtors, estimated
to be between $1.4 million and $1.5 million, are projected to
recoup 50% of their allowed claims.

Distributions under the Plan, and the Reorganized Debtors' future
operations, will be funded in part by:

     (a) a new senior secured, reserve-based Exit Facility, with an
anticipated initial borrowing base of $250 million and

     (b) a new-money Rights Offering, through which Eligible
Holders of TUSA General Unsecured Claims may subscribe for the
purchase of up to approximately $180 Million of Rights Offering
Securities.

Certain members of the Ad Hoc Noteholder Group have agreed to
backstop $150 million of the Rights Offering.

The Debtors are authorized to engage Prime Clerk LLC as
subscription agent in connection with the Rights Offering.

The Plan also provides for the adoption of a management incentive
plan to compensate and incentivize the senior management team of
the Reorganized Debtors.  Under the Plan, 8.5% of the New TUSA
HoldCo Common Stock on a fully diluted basis will be reserved for
issuance under the MIP.

At the hearing, the Court also approved a compromise and settlement
between the Debtors and Tidal Energy Marketing (U.S.).

              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, has informed 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.


TRIANGLE USA: Ranger to Get 33% Under Second Amended Plan
---------------------------------------------------------
Triangle USA Petroleum Corp. and its affiliated debtors filed with
the U.S. Bankruptcy Court for the District of Delaware their second
amended disclosure statement with respect to their second amended
joint chapter 11 plan of reorganization, a full-text copy of which
is available for free at:

       http://bankrupt.com/misc/deb16-11566-598.pdf

Class 4, Ranger Fabrication, LLC General Unsecured Claims, is
impaired under the Plan.  The estimated recovery of the Class 4
Holders is 33% ($1.2 – $1.6 million).  Each holder of an Allowed
Ranger General Unsecured Claim will receive its Pro Rata Share,
based on the aggregate amount of Allowed Ranger General Unsecured
Claims, of the Ranger Cash Distribution.

Distributions under the Plan, and the Reorganized Debtors' future
operations, will be funded in part by (a) a new senior secured,
reserve-based Exit Facility, with an  anticipated initial
borrowing base of $250 million and (b) a new-money Rights Offering,
through which Eligible Holders of TUSA General Unsecured Claims may
subscribe for the purchase of up to approximately $180 Million of
Rights Offering Securities. Certain members of the Ad Hoc
Noteholder Group have agreed to backstop $150 million of the Rights
Offering.

The oil driller said that an exit loan to be provided by a group of
bank lenders and administered by JPMorgan Chase Bank NA will fund
distributions under its proposed restructuring plan.  Triangle USA
anticipates that the exit loan will consist of a senior-secured,
revolving credit facility with an initial borrowing base of $250
million.  To raise additional capital to fund operations once it
emerges from bankruptcy protection, Triangle USA will conduct a
new-money rights offering.  

Holders of allowed general unsecured claims against the company may
participate in the rights offering for the purchase of up to $180
million in convertible preferred stock of New TUSA HoldCo., a new
entity that will be formed as part of its emergence from
bankruptcy.

An ad hoc group of noteholders has agreed to backstop $150 million
of the rights offering, according to Triangle USA's disclosure
statement filed on Jan. 12 with the U.S. Bankruptcy Court for the
District of Delaware.

A blacklined version of the Disclosure Statement is available at:

      http://bankrupt.com/misc/TriangleUSA_DS01132017.pdf

         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.


ULTRA PETROLEUM: Equity Panel Fights Claims Classification Bid
--------------------------------------------------------------
The ad hoc committee of holders of common stock issued by Ultra
Petroleum Corporation, on Wednesday asked the Bankruptcy Court to
reject the Motion of the ad hoc committee of unsecured creditors --
Senior Creditor Committee -- of Ultra Resources, Inc., or OpCo for
an order pursuant to Rule 3013 of the Federal Rules of Bankruptcy
Procedure determining that (i) the classification of claims in
Classes 4, 5, 9, and 10 under the Debtors' Joint Chapter 11 Plan of
Reorganization is impermissible under section 1122 of the
Bankruptcy Code, (ii) claims in Class 6 are improperly
characterized as "unimpaired" under the Plan for purposes of
section 1124 of the Bankruptcy Code, while, in fact, they are
impaired and, (iii) thus, pursuant to section 1126 of the
Bankruptcy Code, the holders of Class 6 claims must be allowed to
vote on the Plan and to do so separately both (a) on the Plan for
HoldCo and (b) on the Plan for UP Energy Corporation or MidCo.

The Senior Creditor Committee has argued that the Debtors aligned
themselves with creditors and equity holders of HoldCo whose claims
and interests are structurally junior to the claims against OpCo,
striking a deal that seeks to shift value from OpCo's estate and
from the recoveries of the holders of the senior funded debt claims
against OpCo -- Senior Funded Debt Holders -- to HoldCo's
stakeholders in contravention of the most basic precepts of
bankruptcy policy.  In a rush to confirm a plan of reorganization
by the artificially imposed deadlines dictated by their junior
constituents, the Debtors have proposed a Plan riddled with
problems, among which is the Plan's classification scheme.

The Senior Creditor Committee pointed out that although the Plan
promises OpCo's general unsecured creditors payment in full in cash
with interest (albeit not for at least six months after the
effective date of the Plan), there can be no guarantee that the
general unsecured creditors will vote to accept the Plan.
Apparently in an attempt to assure themselves of having the
requisite impaired accepting class at OpCo, the Senior Creditor
Committee alleged that the Debtors resorted to blatant
gerrymandering and classification chicanery, which is impermissible
under section 1122 of the Bankruptcy Code.  

The Senior Creditor Committee pointed out that:

     (A) The Debtors seek to "divide and conquer" the senior funded
debt claims against OpCo by promising enhanced cash recoveries to
those Senior Funded Debt Holders that opt into a separate class and
vote to accept the Plan.  The Debtors are offering to buy the votes
of the Senior Funded Debt Holders and channeling any accepting
votes they are able to buy into a separate class so that they
cannot be outvoted.

     (B) The Debtors also divide OpCo's general unsecured claims
into two classes despite providing both classes with identical
recoveries -- a classification scheme that can have no rationale
other than doubling the Debtors' chances to obtain an accepting
general unsecured class.

A copy of the Motion is available at:

          http://bankrupt.com/misc/txsb16-32202-0878.pdf

The Motion itself is yet another example of the factional
gamesmanship that has become the hallmark of each and every action
taken by the OpCo Committee during the pendency of these
proceedings, the Equity Committee argued in court papers filed on
January 18.

"The Motion is both premature and entirely devoid of merit," the
Equity Committee said.

According to the Equity Committee, despite the undisputed fact that
the Debtors' Plan proposes treatment that would result in a full
recovery for the five distressed investor hedge funds that make up
the OpCo
Committee, and despite the reality that the OpCo Committee has
refused to negotiate for anything less than payment in full in
cash, the OpCo Committee now attacks the Debtors' motives while
conveniently ignoring the Debtors' legitimate reasons for the
Plan;s classification scheme.

The Equity Panel informed the Court that at every turn, the OpCo
Committee has refused to engage in any form of reasonable
negotiation, while at the same time repeatedly seeking to impede
the progress of these cases with obstreperous litigation, the costs
of which are being borne entirely by the Debtors' shareholders.

The Equity panel also said the OpCo Committee has not presented any
legitimate reason as to why the Court should hear its objections to
the Plan prior to the confirmation hearing.  The Court should allow
the Debtors to proceed to solicit votes on the Plan and consider
any classification objections at confirmation, when such objections
are appropriate.

                     About Ultra Petroleum

Houston, Texas-based Ultra Petroleum Corp. (OTC: UPLMQ) --
http://www.ultrapetroleum.com/-- is an independent energy company
engaged in domestic natural gas and oil exploration, development
and production. The company trades over-the-counter under the
ticker symbol "UPLMQ".

Ultra Petroleum Corp. and seven subsidiary companies filed
petitions (Bankr. S.D. Tex. Lead Case No. 16-32202) on April 29,
2016, seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Marvin Isgur.

Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.

James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at
Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild
Inc.
serves as the Debtors' investment banker; Petrie Partners serves
as
their investment banker; and Epiq Bankruptcy Solutions, LLC,
serves
as claims and noticing agent.

The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors. The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.

Attorneys for the Ad Hoc Committee of Unsecured Creditors of Ultra
Resources, Inc. are Norton Rose Fulbright's William R. Greendyke,
Esq., Jason L. Boland, Esq., and Bob B. Bruner, Esq.; and Milbank
Tweed Hadley & McCloy's Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Andrew M. Leblanc, Esq.

Counsel to the Ad Hoc Equity Committee:

     Edward S. Weisfelner, Esq.
     Howard S. Steel, Esq.
     BROWN RUDNICK, LLP
     Seven Times Square, 47th Floor
     New York, NY 10036
     Telephone: (212) 209-4800
     Facsimile: (212) 209-4801
     Email: eweisfelner@brownrudnick.com
            hsteel@brownrudnick.com

          - and -

     Jason S. Brookner, Esq.
     Lydia R. Webb, Esq.
     GRAY REED & MCGRAW, LLP
     1300 Post Oak Blvd., Suite 2000
     Houston, TX 77056
     Telephone: (469) 320-6111
     Facsimile: (713) 986-7100
     Email: jbrookner@grayreed.com
            lwebb@grayreed.com


ULTRA PETROLEUM: Rockies Settlement Paves Way for New Contract
--------------------------------------------------------------
Rockies Express Pipeline LLC and Tallgrass Energy Partners, LP,
REX's operator, on Jan. 17, 2017, disclosed that REX has reached an
agreement to settle REX's $303 million breach of contract claim
against Ultra Resources, Inc. ("Ultra").  The settlement will be
submitted to the U.S. Bankruptcy Court for approval and will be
implemented in connection with Ultra's Chapter 11 plan of
reorganization.

The terms of the settlement stipulate that a cash payment of $150
million be made to REX six months after Ultra emerges from
bankruptcy, but no later than October 30, 2017.  In addition, Ultra
has agreed to enter into a new seven-year firm transportation
agreement with REX commencing December 1, 2019 for service from
west-to-east of 200,000 dekatherms per day at a rate of
approximately $0.37, or about $26.8 million annually.

"TEP worked closely with Ultra's management to resolve REX's claim
and assist in Ultra's restructuring efforts to emerge from
bankruptcy. This settlement helps provide clarity to all parties
involved, including Tallgrass, and we look forward to putting this
matter behind us and having Ultra as a
long-term customer on REX in support of their ongoing E&P efforts,"
said David G. Dehaemers Jr., TEP's President and CEO.  Mike
Watford, President and CEO of Ultra, added, "We are pleased to have
reached an agreement to settle the REX claim.  The discussions were
collaborative, mutually beneficial, and Ultra looks forward to a
continuing shipper relationship with REX.  We view this settlement,
and in particular the new transportation contract, as a new start
of a positive future business relationship between Ultra and REX."

                     About Tallgrass Energy

Tallgrass Energy -- http://www.tallgrassenergy.com-- is a family
of companies that includes publicly traded partnerships Tallgrass
Energy Partners, LP and Tallgrass Energy GP, LP, and privately held
Tallgrass Development, LP.  Operating across 10 states, Tallgrass
is a growth-oriented midstream energy operator with transportation,
storage, terminal and processing assets that serve some of the
nation's most prolific crude oil and natural gas basins.

                  About Rockies Express Pipeline

Rockies Express Pipeline is an approximately 1,712-mile natural gas
transmission pipeline that extends from the Rocky Mountains to
Clarington, Ohio.  The system consists of 36-inch and 42-inch
diameter pipe with a west-to-east long-haul design capacity of up
to 1.8 billion cubic feet of natural gas per day and an
east-to-west design capacity of 2.6 billion cubic feet of natural
gas per day within Zone 3 of the pipeline.  In addition, REX has
0.6 billion cubic feet a day of capacity on the Overthrust Pipeline
available to it pursuant to a long-term lease.

Rockies Express Pipeline LLC is a joint venture of: a subsidiary of
Tallgrass Development, LP (50 percent share); a subsidiary of TEP
(25 percent share); and P66REX LLC, a subsidiary of Phillips 66 (25
percent share).  A wholly-owned subsidiary of TEP operates the
pipeline.

                       About Ultra Petroleum

Houston, Texas-based Ultra Petroleum Corp. (OTC Pink Marketplace:
"UPLMQ") is an independent oil and gas company engaged in the
development, production, operation, exploration and acquisition of
oil and natural gas properties.

On April 29, 2016, Ultra Petroleum Corp. and seven subsidiary
companies filed petitions (Bankr. S.D. Tex.) seeking relief under
chapter 11 of the United States Bankruptcy Code.  The Debtors'
cases have been assigned to Judge Marvin Isgur.  These cases are
being jointly administered for procedural purposes, with all
pleadings filed in these cases will be maintained on the case
docket for Ultra Petroleum Corp. Case No. 16-32202.

Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.

James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild Inc.
serves as the Debtors' investment banker; Petrie Partners serves as
their investment banker; and Epiq Bankruptcy Solutions, LLC, serves
as claims and noticing agent.

The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors.  The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.


ULTRA PETROLEUM: Settles Rockies Express' $303M Contract Claim
--------------------------------------------------------------
Ultra Petroleum Corp. (OTC: UPLMQ) has reached an agreement to
settle Rockies Express Pipeline LLC's ("REX") $303.0 million breach
of contract claim.  The settlement will be submitted to the U.S.
Bankruptcy Court for approval and will be implemented in connection
with Ultra's chapter 11 plan of reorganization.

The settlement includes a cash payment of $150.0 million to REX six
months after Ultra emerges from chapter 11, but no later than
October 30, 2017.  Additionally, Ultra has agreed to enter into a
new seven-year firm transportation agreement with REX commencing
December 1, 2019 for service west-to-east of 200,000 dekatherms per
day at a rate of approximately $0.37, or approximately $26.8
million annually.

Mr. Michael Watford, Chairman, President and Chief Executive
Officer of the Company, said, "Our settlement of REX's claim is
another major achievement in our in-court restructuring. This
settlement removes the uncertainty around this very significant
claim and represents a critical step towards the implementation of
the plan of reorganization we filed last month. We appreciate the
cooperation of REX and are pleased to be working with them again as
business partners."

Keith Goldberg, writing for Bankruptcy Law360, noted that two weeks
before Ultra filed for bankruptcy, it had been sued by Rockies
Express in Texas state court. The pipeline company claimed Ultra
owed it over $300 million from a 10-year gas transportation deal
that Rockies Express terminated after Ultra did not make several
advance payments demanded by the pipeline operator, due to Ultra's
deteriorating finances, according to court records.  The suit was
put on hold when Ultra filed for bankruptcy, and Rockies Express
filed a general unsecured claim seeking $303 million for the
alleged contract breach in August, according to court records.

Law360 also reported that Tallgrass President CEO David G.
Dehaemers Jr. said in a statement that his company "worked closely"
with Ultra's management to resolve Rockies Express' claim and help
Ultra in its restructuring process.  Tallgrass is the pipeline's
operator.

"This settlement helps provide clarity to all parties involved,
including Tallgrass, and we look forward to putting this matter
behind us and having Ultra as a long-term customer on REX in
support of their ongoing E&P efforts,” Dehaemers said.

Rockies Express is represented by Duston K. McFaul, Kenneth W.
Irvin and David E. Kronenberg of Sidley Austin LLP.

                     About Ultra Petroleum

Houston, Texas-based Ultra Petroleum Corp. (OTC: UPLMQ) --
http://www.ultrapetroleum.com/-- is an independent energy company
engaged in domestic natural gas and oil exploration, development
and production. The company trades over-the-counter under the
ticker symbol "UPLMQ".

Ultra Petroleum Corp. and seven subsidiary companies filed
petitions (Bankr. S.D. Tex. Lead Case No. 16-32202) on April 29,
2016, seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Marvin Isgur.

Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.

James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at
Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild
Inc.
serves as the Debtors' investment banker; Petrie Partners serves
as
their investment banker; and Epiq Bankruptcy Solutions, LLC,
serves
as claims and noticing agent.

The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors. The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.


ULTRA PETROLEUM: Sr. Creditor Panel Urges Court to OK Trustee Bid
-----------------------------------------------------------------
The ad hoc committee of unsecured creditors of Ultra Resources,
Inc. defended its request for an Order (I)) Appointing a Trustee
Pursuant to Section 1104(a) of the Bankruptcy Code or (II) In the
Alternative, Appointing Independent Directors to the Board of Ultra
Resources, Inc. Pursuant to Section 105(a), 1107(a), and 1108 of
the Bankruptcy Code.

The Debtors, the Ad Hoc Committee of HoldCo Noteholders, and the Ad
Hoc Equity Committee objected to the Trustee Motion.

The Senior Creditor Committee is comprised of senior unsecured
creditors of OpCo that collectively hold, control, or otherwise
have discretionary authority over a substantial portion of OpCo's
funded indebtedness arising under or in connection with (i) senior
notes issued under a Master Note Purchase Agreement dated as of
March 6, 2008 among OpCo, as issuer, and the purchasers party
thereto from time to time; and (ii) a Credit Agreement dated as of
October 6, 2011 among OpCo, as borrower, the
lenders party thereto from time to time, and Wilmington Savings
Fund Society, FSB (as successor to JPMorgan Chase Bank, N.A.), as
administrative agent.

On Jan. 18, the Senior Creditor Committee filed a partially
redacted version of its Omnibus Reply to the objections.  The
Committee also filed a separate request, seeking permission to file
a complete version of the reply under seal, citing sensitive
information.

"The redacted portions of the Reply and the Exhibits reflect
information produced by the Debtors in discovery that was
designated by the Debtors as confidential or highly confidential,"
the Senior Creditor Committee said.

The Senior Creditor Committee contends that these undisputed facts
undermine each of the Objectors' allegations and defenses:

     -- OpCo's Board Never Had Any Intention of Meaningfully
        Engaging with OpCo Creditors Regarding the Terms of
        a Plan of Reorganization

Rather than seek to engage or negotiate with OpCo stakeholders,
management chose to simply shut them out.

     -- The Only Board Members for OpCo and MidCo are Messrs.
        Watford and Shaw; They Stand to be Rewarded Handsomely
        Under the Plan

Under the MIP, the Debtors' management is entitled to 7.5% of the
fully-diluted shares of reorganized HoldCo, translating, at the
posited total enterprise value of $6 billion, into a total MIP
consideration of $292.5 million.  Of that $292.5 million, 40% will
be distributed on the effective date of the Plan to individuals
identified by Holdco's current board of directors, of which Mr.
Watford serves as the chairman.  The only requirement for receiving
the initial MIP grant is that the stock trade at Settlement Plan
Value. Notably, no independent fiduciary negotiated the MIP on
behalf of the Debtors.

     -- The Plan Does Not Provide for "Payment in Full" of
        the Senior Funded Debt Claims

The Plan seeks to deprive Senior Funded Debt Holders of their
contractual entitlements notwithstanding the Debtors' purported
solvency.  The Plan seeks to cram down the Senior Funded Debt
Holders with new debt on terms that are below market and are
unlikely to trade at par.  The Plan seeks to dispute the OpCo Note
Makewhole Claims in their entirety, notwithstanding clear and
express contractual language obligating the Debtors to pay the
Makewhole Amount upon acceleration of the OpCo Notes.  Even if the
OpCo Note Makewhole Claims are allowed, the Debtors seek to have
the amount arbitrarily reduced to account for the interest paid on
the New OpCo Notes.  The Debtors also seek to pay HoldCo
Noteholders, postpetition interest at an agreed to rate, fees, and
expenses, while denying the Senior Funded Debt Holders the same
treatment.

     -- The Timing of the Trustee Motion is Not a Litigation
        Tactic; The Timing is of the Debtors' Own Making

It is clear that there is no fiduciary looking out for the
interests of OpCo creditors. The suggestion that no fiduciary is
needed or that either solvency or the terms of the Plan obviate the
creditors' entitlement to have a fiduciary on the board of
directors contravenes the most basic principles of corporate
governance and bankruptcy law and should be disregarded.

                     About Ultra Petroleum

Houston, Texas-based Ultra Petroleum Corp. (OTC: UPLMQ) --
http://www.ultrapetroleum.com/-- is an independent energy company
engaged in domestic natural gas and oil exploration, development
and production. The company trades over-the-counter under the
ticker symbol "UPLMQ".

Ultra Petroleum Corp. and seven subsidiary companies filed
petitions (Bankr. S.D. Tex. Lead Case No. 16-32202) on April 29,
2016, seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Marvin Isgur.

Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.

James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at
Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild
Inc.
serves as the Debtors' investment banker; Petrie Partners serves
as
their investment banker; and Epiq Bankruptcy Solutions, LLC,
serves
as claims and noticing agent.

The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors. The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.

Counsel to the Ad Hoc Equity Committee are Edward S. Weisfelner,
Esq., and Howard S. Steel, Esq., at BROWN RUDNICK, LLP; and Jason
S. Brookner, Esq., and Lydia R. Webb, Esq., at GRAY REED & MCGRAW,
LLP.

Attorneys for the Ad Hoc Committee of Unsecured Creditors of Ultra
Resources, Inc.:

     NORTON ROSE FULBRIGHT US LLP
     William R. Greendyke, Esq.
     Jason L. Boland, Esq.
     Bob B. Bruner, Esq.
     Fulbright Tower
     1301 McKinney Street, Suite 5100
     Houston, TX 77010-3095
     Telephone: (713) 651-5151
     Facsimile: (713) 651-5246
     E-mail: william.greendyke@nortonrosefulbright.com
             jason.boland@nortonrosefulbright.com
             bob.bruner@nortonrosefulbright.com

                - and –

     MILBANK, TWEED, HADLEY & McCLOY LLP
     Dennis F. Dunne, Esq.
     Evan R. Fleck, Esq.
     Andrew M. Leblanc, Esq.
     28 Liberty Street
     New York, NY 10005
     Telephone: (212) 530-5000
     E-mail: ddunne@milbank.com
             efleck@milbank.com
             aleblanc@milbank.com


ULTRA PETROLEUM: Trustee to "Burden" Ch.11 Process, Expert Says
---------------------------------------------------------------
Jay Westbrook, the Benno C. Schmidt Chair of Business Law at the
University of Texas School of Law, filed an expert report on behalf
of the Ultra Petroleum debtors in support of the Debtors' objection
to the request of an ad hoc committee of unsecured creditors of
Ultra Resources, Inc. for an Order (I)) Appointing a Trustee
Pursuant to Section 1104(a) of the Bankruptcy Code or (II) In the
Alternative, Appointing Independent Directors to the Board of Ultra
Resources, Inc. Pursuant to Section 105(a), 1107(a), and 1108 of
the Bankruptcy Code.

Mr. Westbrook has been asked to comment on the assertion in the
Trustee Motion that there exists a conflict of interest between
OpCo and HoldCo such that a trustee should be appointed at OpCo or,
in the alternative, that three independent directors should be
appointed to OpCo's board of directors.

According to Mr. Westbrook, "I believe that acceptance of the
premise represented by the Trustee Motion Assertion is inconsistent
with the statutory goals and would seriously burden the Chapter 11
process."

He said, "A debtor in possession owes strong duties to the estate
for the benefit of all stakeholders. We do not have and have never
had a hierarchy of fiduciary duties. It is not the case that a
trustee in bankruptcy owes higher duty to a secured creditor than
to an unsecured one nor a higher duty to the unsecured creditor
than to a subordinated one.  It is now clear outside of bankruptcy,
despite years of argument to the contrary, that there is not some
shift of duty outside of bankruptcy from shareholders to creditors,
as illustrated by the decision in North American Catholic
Educational Programming Foundation, Inc. v. Gheewalla, 930 A.2d 92,
103 (Del. 2007).  Instead, the director is to focus on maximizing
the value of the corporation. The corresponding duty under
bankruptcy law is to maximize the value of the estate. To achieve
that result, reorganization requires that the debtor remain in
possession and have an opportunity to reach an agreement that can
be implemented through a confirmable plan, without any particular
duty to any particular creditor. Only a debtor in possession could
serve this institutional role and has done so since the Bankruptcy
Code was enacted in 1978."

On December 22, 2016, the Debtors filed a valuation analysis,
attached as Exhibit E to the Disclosure Statement.  The Valuation
Analysis estimates the total enterprise value of the Reorganized
Debtors to be approximately $4.8 billion to $7.0 billion, with a
midpoint of $5.9 billion as of the assumed Effective Date of March
31, 2017.  Based on assumed pro forma net debt of $2.1 billion as
of the assumed Effective Date, the total enterprise value implies
an equity value range of $2.7 billion to $4.9 billion, with a
midpoint of $3.8 billion.

According to Mr. Westbrook, OpCo is completely solvent and there is
substantial value left for distribution to its ultimate
equityholder, HoldCo.  

"I understand that, consistent with the foregoing, the
restructuring contemplated by the Plan, if consummated, will permit
the Debtors to satisfy all claims against the estates in full and
to provide a significant recovery to common stockholders. I
understand that the Debtors propose to emerge from Chapter 11 no
later than April 15, 2017, just under a year after the commencement
of these cases," he said.

                     About Ultra Petroleum

Houston, Texas-based Ultra Petroleum Corp. (OTC: UPLMQ) --
http://www.ultrapetroleum.com/-- is an independent energy company
engaged in domestic natural gas and oil exploration, development
and production. The company trades over-the-counter under the
ticker symbol "UPLMQ".

Ultra Petroleum Corp. and seven subsidiary companies filed
petitions (Bankr. S.D. Tex. Lead Case No. 16-32202) on April 29,
2016, seeking relief under chapter 11 of the United States
Bankruptcy Code.  The Debtors' cases have been assigned to Judge
Marvin Isgur.

Ultra Petroleum disclosed total assets of $1.28 billion and total
liabilities of $3.91 billion as of March 31, 2016.

James H.M. Sprayregen, P.C., David R. Seligman, P.C., Michael B.
Slade, Esq., Christopher T. Greco, Esq., and Gregory F. Pesce,
Esq., at Kirkland & Ellis LLP; and Patricia B. Tomasco, Esq.,
Matthew D. Cavenaugh, Esq., and Jennifer F. Wertz, Esq., at
Jackson
Walker, L.L.P., serve as co-counsel to the Debtors. Rothschild
Inc.
serves as the Debtors' investment banker; Petrie Partners serves
as
their investment banker; and Epiq Bankruptcy Solutions, LLC,
serves
as claims and noticing agent.

The Office of the U.S. Trustee has appointed seven creditors of
Ultra Petroleum Corp. to serve on an Official Committee of
Unsecured Creditors. The Committee tapped Weil, Gotshal & Manges
LLP as its legal counsel; Opportune LLP as advisor; and PJT
Partners LP as its financial advisor.

Attorneys for the Ad Hoc Committee of Unsecured Creditors of Ultra
Resources, Inc. are Norton Rose Fulbright's William R. Greendyke,
Esq., Jason L. Boland, Esq., and Bob B. Bruner, Esq.; and Milbank
Tweed Hadley & McCloy's Dennis F. Dunne, Esq., Evan R. Fleck, Esq.,
and Andrew M. Leblanc, Esq.

Counsel to the Ad Hoc Equity Committee are Edward S. Weisfelner,
Esq., and Howard S. Steel, Esq., at BROWN RUDNICK, LLP; and Jason
S. Brookner, Esq., and Lydia R. Webb, Esq., at GRAY REED & MCGRAW,
LLP.


USA DISCOUNTERS: Needs Until March 17 to Solicit Plan Acceptances
-----------------------------------------------------------------
USA Discounters, Ltd. and its affiliated debtors request the U.S.
Bankruptcy Court for the District of Delaware to extend the
exclusive period for the solicitation of acceptances of its Chapter
11 plan for additional two months through and including March 17,
2017.

The Debtors' exclusive periods were first extended by Court Order
through March 21, 2016 and May 20, 2016, respectively.  After
subsequent extensions, the Court most recently entered an order
extending these deadlines through November 21, 2016 and January 18,
2017.

The Debtors contend that the final cash collateral order also
imposes a deadline on the Debtors to confirm a chapter 11 plan
acceptable to the prepetition secured lenders, which the
Prepetition Agent has subsequently agreed, in writing, to extend
the deadline through and including March 1, 2017.

The Debtors filed a Joint Chapter 11 Plan of Liquidation and
Disclosure Statement on November 21, 2016.  The Court recently
approved the Disclosure Statement, without objection from any party
in these Cases, and the process of soliciting votes on the Plan is
underway. Moreover, the Plan- is supported by the Committee and the
Prepetition Agent and reflects substantial good faith negotiations
and settlements among the parties.

The Debtors contend that the approval of the Disclosure Statement
and the filing of the Plan with broad support from parties in
interest marks the Debtors' substantial progress in these Cases,
and the Debtors are proceeding expeditiously toward confirmation of
the Plan, with the Confirmation Hearing set for February 27, 2017.


The Debtors further contend that termination of the Solicitation
Period could adversely impact these Cases, since the result could
foster a disorderly environment, confuse creditors and other
parties in interest, and cause substantial harm to the Debtors'
efforts to preserve and maximize the value of their estates.

In addition, the Debtors submit that they are only seeking an
extension of the Solicitation Period out of an abundance of caution
to ensure sufficient time to successfully pursue confirmation.  The
Debtors add that the requested extension is reasonably limited
insofar as it provides a window in which the Plan could be
confirmed by the Court at or after the February 27 Confirmation
Hearing and then go effective before the Solicitation Period would
potentially lapse.

A hearing to consider the exclusivity extension sought will be held
on February 27, 2017 at 10:00 a.m.   Any response or objection to
the are due on or before January 31, 2017.

                   About USA Discounters Ltd.

USA Discounters, Ltd. was founded in May 1991.  In the City of
Norfolk, Virginia, under the name USA Furniture Discounters, Ltd.
It sold goods through two groups of stores -- one group of
specialty retail stores operating under the "USA Living" brand,
typically in standalone locations, and seven additional retail
stores operating under the "Fletcher's Jewelers" brand, typically
in major shopping malls.

USA Discounters, Ltd., and two affiliates sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 15-11755) on
Aug. 24, 2015, to wind down the business.

The Debtors tapped Pachulski Stang Ziehl & Jones LLP and Klee,
Tuchin, Bogdanoff & Stern LLP as attorneys, and Kurtzman Carson
Consultants, LLC, as claims and noticing agent.

USA Discounters Ltd. disclosed total assets of $97,490,455 plus an
undetermined amount and total liabilities of $63,011,206 plus an
undetermined amount.

The official committee of unsecured creditors is represented by
Kelly Drye & Warren LLP as lead counsel, Khler Harrison Harvey
Branzburg LLP as its Delaware co-counsel.  FTI Consulting, Inc.,
serves as its financial advisor.


VECTOR GROUP: S&P Assigns 'BB-' Rating on Proposed $850MM Notes
---------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB-' issue-level
rating to Florida-based Vector Group Ltd.'s proposed $850 million
eight year senior secured notes.  The recovery rating is '1',
indicating S&P's belief that creditors could expect very high
(90%-100%, at the upper half of the range) recovery in the event of
payment default or bankruptcy.  The proceeds will be used primarily
to refinance Vector's existing $835 million senior secured notes
due 2021.  S&P expects to withdraw its ratings on the existing
notes once they have been repaid.  The ratings are subject to
change, and assume the transaction closes on substantially the
terms presented to S&P.

All of S&P's other ratings on the company, including its 'B'
corporate credit rating, are unchanged.  The outlook is stable. Pro
forma for the proposed transaction, total debt outstanding is about
$1.4 billion.  S&P also expects the company will issue around $44
million in equity in conjunction with the notes issuance.

S&P's ratings on Vector reflect its participation in the intensely
competitive and declining discount cigarette industry, its weaker
scale and brand equity compared to that of its larger competitors,
the legal and regulatory risks which are inherent to the tobacco
industry, and very high shareholder payments.  In S&P's view,
Vector's brands, such as Pyramid and Eagle 20's, command
substantially less brand equity than the market leaders, which
include Altria's Marlboro brand, and RAI's Camel, Pall Mall, and
Newport brands.  Additionally, Vector lacks the scale of those
manufacturers.

S&P's ratings also considers the high barriers to entry and fairly
recession-resistant nature of the tobacco industry, as well as
Vector's 1.93% master settlement agreement exemption, which
contributes to its good profitability.  S&P expects credit metrics
will remain weak, and discretionary cash flow will remain negative
due to the company's aggressive dividend policy.  At the same time,
S&P expects cash flow will remain relatively steady, driven by the
stability of the tobacco business, which S&P believes is the
foundation of the company's credit profile.

RATINGS LIST

Vector Group Ltd.
Corporate credit rating             B/Stable/--

Ratings Assigned
Vector Group Ltd.
Senior secured
  $850 mil. notes due 2025           BB-
   Recovery rating                   1


VENUS HOSPITALITY: Supplemental Disclosure Statement Denied
-----------------------------------------------------------
The Hon. Bill Parker of the U.S. Bankruptcy Court for the Eastern
District of Texas issued an order denying without prejudice
approval of the supplemental disclosure statement with respect to
the post-confirmation modified chapter 11 plan of reorganization
filed by Venus Hospitality, LLC, Girirajan Mohan, and Ragini
Prajapati on Jan. 9, 2017.

The Troubled Company Reported previously reported that under the
plan, Class 9 Unsecured Creditors will be paid a total of $18,000
on the Effective Date of the Plan from funds provided by Paresh
Balu Patel and Kinnari Prajapati. Paresh Balu Patel and Kinnari
Prajapati will pay these funds to Girirajan Mohan and Ragini
Prajapati.

The Disclosure Statement is available at:

          http://bankrupt.com/misc/txeb12-10414-202.pdf 


Headquartered in Orange, Texas, Venus Hospitality, LLC, dba Super
8
Orange, dba Motel 6, filed for Chapter 11 bankruptcy protection
(Bankr. E.D. Tex. Case No. 12-10414) on July 2, 2012, listing
$1,590,137 in assets and $3,121,179 in liabilities.  The
petition
was signed by Girirajan Mohan, member-manager.

Frank J. Maida, Esq., at Maida Law Firm serves as the Debtor's
bankruptcy counsel.

Related entity Girirajan Mohan and Ragini Prajapati (Bankr. E.D.
Tex. Case No. 12-10415) filed a separate Chapter 11 petition on
July 2, 2012.

The cases are jointly administered under Venus Hospitality.


VIRGIN ISLANDS: Fitch Lowers Issuer Default Rating to 'B'
---------------------------------------------------------
Fitch Ratings has downgraded the Issuer Default Rating (IDR) of the
United States Virgin Islands (USVI) and the ratings of the USVI
dedicated tax bonds issued by the USVI Public Finance Authority
(VIPFA) as:

   -- USVI IDR to 'B' from 'B+';
   -- VIPFA senior lien matching fund revenue bonds to 'BB-' from
      'BB';
   -- VIPFA subordinate lien matching fund revenue bonds to 'BB-'
      from 'BB';
   -- VIPFA matching fund revenue bonds (Diageo project) to 'BB-'
      from 'BB';
   -- VIPFA matching fund revenue bonds (Cruzan project) to 'BB-'
      from 'BB';
   -- VIPFA gross receipts tax (GRT) revenue bonds to 'BB-' from
      'BB'.

The ratings have been placed on Negative Watch.

The downgrade and Negative Rating Watch reflect Fitch's increased
concerns about the USVI's liquidity following its difficulty in
securing market access for a planned working capital borrowing.

                             SECURITY

GRT revenue bonds issued by the VIPFA are secured by a pledge of
GRT collections deposited to the trustee in a separate escrow
account for bondholders prior to their use for general purposes.
The bonds also carry a general obligation pledge of the USVI.

The matching fund revenue bonds are special, limited obligations of
VIPFA payable from and secured by a pledge of and lien on the trust
estate of each respective indenture, primarily matching fund
revenues associated with rum production at the Cruzan and Diageo
facilities located on the USVI.

All current and future GRT and matching fund bondholders have been
provided with a statutory lien on the respective, dedicated revenue
streams, following passage of legislation granting this lien by the
USVI Senate on Nov. 3, 2016.  The rating on the bonds is two
notches above the USVI's IDR, reflecting Fitch's assessment that,
even though the bonds are exposed to operating risks of the
territory, bondholders benefit from enhanced recovery prospects due
to the statutory lien on the respective revenue streams for
bondholders.

                        KEY RATING DRIVERS

MARKET ACCESS CHALLENGES: Fitch believes the USVI's failure to date
in securing sufficient market access for their planned offering of
$219.23 million matching fund revenue bonds, series 2016A (senior
lien) and 2016B (subordinate lien), raises concern regarding both
the USVI's ability to access financial markets for their debt
offerings as well as the USVI's ability to fund current operations
and obligations from a severely strained cash position. Proceeds
from the 2016A and 2016B bond offerings were to be applied to
funding fiscal 2017 operations of the USVI in addition to other
uses.

EXPECTED REOFFERING TIED TO PLAN IMPLEMENTATION: The USVI reports
near-term plans to reoffer the series 2016 matching fund bonds.
However, according to the USVI, market reception to the bonds is
contingent on USVI passage of tax reform measures.  Enactment of
the tax reform measures requires legislative agreement, which is
inherently uncertain.

                      RATING SENSITIVITIES

The Negative Watch will be resolved based on Fitch's assessment of
the USVI's liquidity position and its ability to complete a working
capital financing.  Failure to sell the planned bonds and the
increased liquidity strain that would result would be expected to
trigger a rating downgrade.

                         CREDIT PROFILE

Fitch Ratings has received notice that the USVI was unable to fully
market its series 2016 matching fund revenue bonds, resulting in
the cancellation of the sale.  According to the USVI, investor
feedback indicates that completion of the sale is contingent on
USVI's enactment of various revenue enhancements that are included
in the governor's five-year financial plan.

Fitch believes the USVI's current challenge in accessing the market
for its debt obligations exacerbates concerns about the territory's
strained liquidity.  The sale was originally planned for August
2016 to provide cash flow for the current fiscal year which began
on Oct. 1, 2016.  The extended delay in receiving the expected $147
million in working capital that was to be provided by bond
proceeds, $116 million of which is to be applied to funding general
government operations (out of the approximately $900 million
General Fund budget), is expected by Fitch to further weaken the
government's liquidity position in fiscal 2017.

The proposed revenue measures include increases to existing excise
taxes on tobacco products, alcoholic beverages, and sugar
carbonated beverages, in addition to the establishment of a new fee
on timeshare units.  To date, the USVI legislature has declined to
enact these measures although the governor has called for a special
legislative session to again consider these proposals the week of
January 23.  According to the USVI, investors also indicated an
interest in the governor of the USVI delivering an irrevocable,
rather than the annual, instruction letter to the U.S. Department
of Interior (DOI) for the U.S. Treasury to remit the rum cover-over
advance payment to the trustee for the bonds.  The revised
instruction letter has been delivered by the governor to the DOI.


WATTS PERFECTIONS: Taps Gardner Law Offices as Counsel
------------------------------------------------------
Watts Perfections, Inc. seeks approval from the United States
Bankruptcy Court for the Western District of North Carolina, Shelby
Division, to employ William S. Gardner as counsel.

Services to be rendered by William S. Gardner and Gardner Law
Offices are:

     a. To represent the Debtor in the Chapter 11 case;

     b. To advise the Debtor as to its rights, duties and powers as
debtor in
possession;

     c. To prepare and file all necessary statements, schedules and
other documents;

     d. To negotiate and prepare one or more plans of
reorganization;

     e. To represent the Debtor at all hearings, meetings of
creditors, conferences,
trials and other proceedings; and

     f. To perform such other legal services as may be necessary in
connection with
the case.

William S. Gardner, Esq. attests that he  and his law firm are
disinterested persons as that term is defined by the Bankruptcy
Code and do not hold, or represent an interest adverse to the
estate with respect to the matter on which we are to be employed.

The Firm can be reached through:

     William S. Gardner, Esq.
     Gardner Law Offices, PLLC
     320-1 E. Graham Street
     Shelby, NC 28150
     Phone: (704) 600-6113
     FAX: (888) 870-1644
     E-mail: billgardner@gardnerlawoffices.com

                          About Watts Perfections

Watts Perfections, located in Shelby, NC, provides service,
maintenance and mods for all types of motorcycles and ATVs.  Watts
Perfections, Inc. filed a voluntary Chapter 11 petition (Bankr.
W.D.N.C. Case No. 16-40523) on December 16, 2016.  The Debtor is
represented by William S. Gardner, Esq. of Gardner Law Offices,
PLLC.


WILSON AVE: Maltz to Auction Brooklyn Property on Feb. 9
--------------------------------------------------------
Wilson Ave Management Corp. asks the U.S. Bankruptcy Court for the
Eastern District of New York to authorize the sale of real property
located at 562 Wilson Avenue, Brooklyn, New York, by an auction to
be conducted by Maltz Auctioneers, Inc., on Feb. 9, 2017, at 11:00
a.m.

In January 2012, the Debtor purchased the Property, subject to the
mortgage.  At the time of the purchase, the Property was the
subject of two foreclosure actions – one by NYCTL 1998-2 Trust
and the Bank of New York Mellon as Collateral Agent and Custodian
for the NYCTL 1998-2 Trust ("Tax Trust"); and the other by Amtrust
Bank (Residential Credit Solutions, Inc. and /or Rushmore Loan
Management, LLC, as successor assignee of Amtrust) ("Lender").

The Tax Trust's foreclosure action resulted in a Judgment of
Foreclosure and Sale issued by the NY State Supreme Court with
respect to the Property by court order dated Nov. 15, 2012 and
entered on Nov. 21, 2012.

The foreclosure action by the Lender was commenced in the Kings
County Supreme Court.  By order dated Jan. 5, 2012, the Lender's
request for summary judgment was denied.  Since that date, other
than a status conference here and there, there does not appear to
be any substantive movement in that action.

When the Debtor acquired the Property in 2012, the building was
listed as one of the worst buildings – violations wise – in
Brooklyn.  Since acquiring the building, the Debtor injected at
least $124,000 via monies borrowed from ANM Management Co.

On Sept. 14, 2016, the Debtor filed an application to retain Maltz
to serve as the Debtor's real estate broker.  By order dated Nov.
30, 2016, the Court authorized the Debtor's retention of Maltz to
market and sell the Property.

On Oct. 18, 2016, the Debtor filed its motion seeking to implement
Sale Procedures with regard to the Debtor's sale of the Property.
The Sale Procedures were approved by the Court by order dated Dec.
28, 2016.

On Jan. 3, 2017, the Debtor's counsel served the Sale Procedures
Order and Sale Procedures on all creditors in the case, applicable
governmental offices, and those parties that expressed an interest
in acquiring the Property at the auction.  An auction for the sale
of the Property is scheduled for Feb. 9, 2017 at 11:00 a.m.

The Property is the subject of a Judgment of Foreclosure and Sale
in a state court foreclosure action commenced by a predecessor in
interest to the Tax Trust.  Selling the Property under the auspices
of the Bankruptcy Court, not only carries out the crux of that
order, but more importantly, gives creditors in the Chapter 11 Case
the opportunity to recover monies on account of their claims.
Accordingly, the Debtor asks the Court to authorize the sale of the
Property free and clear of all liens, claims, encumbrances and
interests.  The Debtor already received the consent of the Tax
Trust to conduct the sale.

The Debtor also asks that any order approving the sale of the
Property be effective immediately by providing that the stay under
Bankruptcy Rule 6004(h) is waived.

                       About Wilson Ave

Wilson Ave Management Corp. filed for Chapter 11 bankruptcy
protection (Bankr. E.D.N.Y. Case No. 16-40341) on Jan. 28, 2016,
estimating under $1 million in both assets and liabilities.  The
Debtor is represented by Eric H. Horn, Esq., and Heike M. Vogel,
Esq., at Vogel Bach & Horn, LLP.  No official committee of
unsecured creditors has been appointed in the case.


[*] Eric Cohen, Bill Welnhofer Join Birch Lake
----------------------------------------------
Leading dealmakers Eric Cohen and Bill Welnhofer have joined Birch
Lake as Managing Directors and Partners.  They bring to Birch Lake
deep track records as trusted partners with more than five decades
of operational, investment banking and private equity experience.

Eric Cohen's substantial private equity investment and operational
experience have generated rapid growth and created value for both
private and public companies.  He co-founded and co-managed WHI
Capital Partners, the buyout arm of William Harris Investors.  Most
recently, Mr. Cohen served as COO of Power Solutions International
(Nasdaq: PSIX), a leading provider of clean-tech power solutions
profiled by the Chicago Tribune as the best performing Illinois
public company in 2013.

Bill Welnhofer has delivered inspiring outcomes executing
transactions totaling billions of dollars across a wide array of
leveraged financings, complex M&A and debt restructurings.  For
many years,
Mr. Welnhofer led the restructuring business in the global
investment banking department of Robert W. Baird & Co., which
previously acquired the investment banking practice that Mr.
Welnhofer founded and operated for almost two decades.  He joins
Birch Lake from KPMG Corporate Finance, KPMG's investment banking
division.

Birch Lake's differentiated approach leverages our principals'
innovation, creativity and collaborative style working with healthy
and stressed companies, their creditors and investors on a broad
range of strategic transactions.  

"We focus on opportunities to facilitate operational transformation
and improve long-term enterprise value through investing in
undervalued high potential companies in transitional situations and
advising corporations and investors on mergers and acquisitions,
financial restructurings and complex special situations.  Our
expanding team of dealmakers share a common culture and focus: we
relish our role as trusted partners and our commitment to continue
to create value and deliver inspiring outcomes.  We look forward to
sharing more news in the coming months about Birch Lake, our people
and platform as our investing, consulting and advisory business
units continue to move forward,"
Birch Lake said.


[*] Kane Russell's Binford & Locke Lord's Beck Join Gardere Wynne
-----------------------------------------------------------------
Further strengthening its growing practices and industry teams,
Gardere Wynne Sewell LLP announced the addition of five attorneys
across its Austin, Dallas and Denver offices. These attorneys are
new additions to the Firm's Corporate, Financial Restructuring and
Reorganization, and Global Supply Network groups.

Corporate

Robert D. McCutchan III joins Gardere as a partner in the Firm's
Corporate Practice Group in Dallas. Mr. McCutchan focuses his
practice on mergers and acquisitions, as well as middle market,
non-control preferred equity and junior capital investments. Over
the course of a legal career spanning more than 20 years, Mr.
McCutchan has served as both special and general outside counsel to
a variety of companies in a number of different industries,
including manufacturing, industrials and chemicals, oil field
services, healthcare and publishing (both software and textbook).

Also joining Gardere's Corporate Practice Group is senior counsel
Majorie Mastin Winters. Ms. Winters, who works in the Firm's Austin
office, brings more than 13 years of expertise to a practice that
supports corporate growth, international expansion and
acquisitions, while protecting startups and emerging businesses
against legal risks.  She will be heavily involved in Gardere's
Venture Capital and Emerging Business Group and will counsel
entrepreneurs in matters related to formation, structuring,
intellectual property protection and financing.

Corporate attorney William W. Sentell III joins Gardere as an
associate in the Firm's Denver office. Mr. Sentell, who is also a
member of the Firm's highly recognized Global Supply Network
Industry Team, focuses his practice on franchise law, including
related transactions, regulatory compliance and litigation. He also
has extensive experience in the areas of contractual drafting and
interpretation, including indemnification, dispute resolution and
merger/integration provisions.

"The addition of these lawyers to the Firm is an exceptional start
to 2017," said Gardere chair Holland N. O'Neil.  "Rob, Majorie and
William bring unique skills to our Corporate Practice Group and to
our Global Supply Network Industry Team, further reinforcing
Gardere's commitment to superior client service and
multi-disciplinary expertise."

Financial Restructuring and Reorganization

Gardere also welcomes two attorneys to its Financial Restructuring
and Reorganization Practice Group. Jason B. Binford --
jbinford@gardere.com -- who joins Gardere as a partner in its
Dallas office and is also a member of the Firm's Global Supply
Network Industry Team, focuses his practice on corporate
litigation, insolvency and bankruptcy representing debtors,
creditor committees, lenders and creditors in large to midsize
Chapter 7 and 11 cases and out-of-court workouts.  Over the course
of his 12-year legal career, Mr. Binford has handled significant
matters with issues unique to vendor creditors in areas such as
intellectual property, 363 sales, landlord/tenant and franchise
matters. He is board certified by the Texas Board of Legal
Specialization in Business Bankruptcy and the American Board of
Certification in Business Bankruptcy.

Also joining the Firm's Financial Restructuring and Reorganization
Practice Group in Dallas is senior attorney Shiva D. Beck.  Ms.
Beck -- sbeck@gardere.com -- focuses her practice on a broad range
of business reorganization and restructuring matters, including the
representation of debtors, creditors' committees and institutional
creditors. She previously served as law clerk to the Honorable
Geraldine Mund of the United States Bankruptcy Court for the
Central District of California, and she has worked in the chambers
of the Honorable Kathleen Thompson and Honorable Ellen Carroll of
the United States Bankruptcy Court for the Central District of
California.

"Jason and Shiva add further depth to our nationally recognized
Financial Restructuring and Reorganization Practice," said Ms.
O'Neil. "These attorneys provide high-value solutions to clients,
and we are excited they are joining our team of bankruptcy
experts."

                            *     *     *

Jess Krochtengel, writing for Bankruptcy Law360, reported that:

     -- Mr. Binford formerly practiced at Kane Russell Coleman &
Logan PC;

     -- Ms. Beck formerly practiced at Locke Lord LLP; and

     -- Mr. McCutchan III, was from Squire Patton Boggs LLP.


[*] Supreme Court Hears Argument in Midland Funding Appeal
----------------------------------------------------------
Alex Wolf, writing for Bankruptcy Law360, reported that the U.S.
Supreme Court has pressed Midland Funding LLC, a professional debt
collector, to explain why it should not face legal liability if it
pursues stale debt in bankruptcy proceedings, and questioned to
what extent the U.S. Bankruptcy Code may preclude debtors from
filing consumer protection law reprisals.  The court heard oral
arguments in a high court appeal brought by Midland, one of the
nation's largest purchasers of unpaid debt, challenging an Eleventh
Circuit decision that found Midland potentially liable under the
Fair Debt Collection Practices Act.


[^] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author:     Sallie Tisdale
Publisher:  BeardBooks
Softcover:  270 pages
List Price: $34.95
Review by Henry Berry
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.
Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher
trying to shed some light on one of the central and most
unsettling aspects of human existence. In this insightful,
illuminating, probing exploration of the mystery of illness,
Tisdale also outlines the limits of the effectiveness of
treatments and cures, even with modern medicine's store of
technology and drugs. These are often called "miracles" of modern
medicine. But from this author's perspective, with the most
serious, life-threatening, illnesses, doctors and other health-
care professionals are like sorcerer's trying to work magic on
them. They hope to bring improvement, but can never be sure what
they do will bring it about. Tisdale's intent is not to debunk
modern medicine, belittle its resources and ways, or suggest that
the medical profession holds out false hopes. Her intent is do
report on the mystery of serious illness as she has witnessed it
and from this, imagined what it is like in her varied work as a
registered nurse. She also writes from her own experiences in
being chronically ill when she was younger and the pain and
surgery going with this.

She writes, "I want to get at the reasons for the strange state of
amnesia we in the health professions find ourselves in. I want to
find clues to my weird experiences, try to sense the nature of
being sick." The amnesia of health professionals is their state of
mind from the demands placed on them all the time by patients,
employers, and society, as well as themselves, to cure illness, to
save lives, to make sick people feel better. Doctors, surgeons,
nurses, and other health-care professionals become primarily
technicians applying the wonders of modern medicine. Because of
the volume of patients, they do not get to spend much time with
any one or a few of them. It's all they can do to apply the
prescribed treatment, apply more of it if it doesn't work the
first time, and try something else if this treatment doesn't seem
to be effective. Added to this is keeping up with the new medical
studies and treatments. But Tisdale stepped out of this problem-
solving outlook, can-do, perfectionist mentality by opting to
spend most of her time in nursing homes, where she would be among
old persons she would see regularly, away from the high-charged
atmosphere of a hospital with its "many medical students,
technicians, administrators, and insurance review artists." To
stay on her "medical toes," she balanced this with working
occasional shifts in a nearby hospital. In her hospital work, she
worked in a neonatal intensive care unit (NICU), intensive care
unit (ICU), a burn center, and in a surgery room. From this
combination of work with the infirm, ill, and the latest medical
technology and procedures among highly-skilled professionals,
Tisdale learned that "being sick is the strangest of states." This
is not the lesson nearly all other health-care workers come away
with. For them, sick persons are like something that has to be
"fixed." They're focused on the practical, physical matter of
treating a malady. Unlike this author, they're not focused
consciously on the nature of pain and what the patient is
experiencing. The pragmatic, results-oriented medical profession
is focused on the effects of treatment. Tisdale brings into the
picture of health care and seriously-ill patients all of what the
medical profession in its amnesia, as she called it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts--the top of the hip to a third of the way down the thigh--and
cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen
with blood and tissue fluid, its entire surface layered with
pus...The pressure in the skull increases until the winding
convolutions of the brain are flattened out...The spreading
infection and pressure from the growing turbulent ocean sitting on
top of the brain cause permanent weakness and paralysis,
blindness, deafness...." This dramatic depiction of meningitis
brings together medical facts, symptoms, and effects on the
patient. Tisdale does this repeatedly to present illness and the
persons whose lives revolve around it from patients and relatives
to doctors and nurses in a light readers could never imagine, even
those who are immersed in this world.

Tisdale's main point is that the miracles of modern medicine do
not unquestionably end the miseries of illness, or even
unquestionably alleviate them. As much as they bring some relief
to ill individuals and sometimes cure illness, in many cases they
bring on other kinds of pains and sorrows. Tisdale reminds readers
that the mystery of illness does, and always will, elude the
miracle of medical technology, drugs, and practices. Part of the
mystery of the paradoxes of treatment and the elusiveness of
restored health for ill persons she focuses on is "simply the
mystery of illness. Erosion, obviously, is natural. Our bodies are
essentially entropic." This is what many persons, both among the
public and medical professionals, tend to forget. "The Sorcerer's
Apprentice" serves as a reminder that the faith and hope placed in
modern medicine need to be balanced with an awareness of the
mystery of illness which will always be a part of human life.


                            *********

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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.  
Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine
Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog,
Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa,
Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 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.

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