/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/170206.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, February 6, 2017, Vol. 21, No. 36 Headlines 23 FARMS: Wants to Use Regions Bank Cash Collateral Until Feb. 28 38 STUDIOS: Hilltop Securities Pays $16MM to Settle Claims 4 ACES BINGO: U.S. Trustee Unable to Appoint Committee ADVANCED SOLIDS: Sale of Ford F-250 Through Enterprise Approved AEOLUS PHARMACEUTICALS: Amends 2016 Annual Report to Add Part III ALLEN CONSTRUCTION: Unsecureds to Recoup 100% in 15 Years at 3.5% AMPLIPHI BIOSCIENCES: Empery Asset Owns 4.9% Stake as of Dec. 31 AMPLIPHI BIOSCIENCES: Hudson Bay Reports 6.9% Stake as of Dec. 31 ATLANTIC CITY, NJ: Moody's Keeps Caa3 GO Rtng, Expects Default ATOKA COUNTY HEALTH: Objections to Chapter 9 Petition Due March 9 BENJAMIN EYE CARE: Can Use Cash Collateral on Interim Basis BIG D'S LOGGING: Asks Court to Conditionally Approve Plan Outline BRUCE FINDER: Can Use Fifth Third Bank Cash Until February 17 BURGI ENGINEERS: March 9 Disclosure Statement Hearing CADIZ INC: American Assets Reports 4.5% Equity Stake as of Dec. 31 CANNELLE PATISSERIE: Submits Cash Collateral Stipulation CHIEFTAIN STEEL: Can Continue Using Cash Collateral Until March 1 CIRCLE RESTAURANT: Unsecureds to Start Getting Payments on May 1 CLARKE PROJECT: Case Summary & 14 Unsecured Creditors COMSTOCK RESOURCES: MacKay Shields Has 18.7% Stake as of Sept. 30 CRYSTAL WATERFALLS: Cash Collateral Motion Vacated CURO HEALTH: Moody's Cuts Rating on $45MM Sr. Sec. Loan to B2 DAVITA INC: Veterans Affairs Accord Credit Positive, Moody's Says DEER MEADOWS: Can File Plan of Reorganization Until April 17 DESERT SPRINGS: Palm Springs Buying Cathedral Property for $4.3M DIANE MARIE ACCIAVATTI: NJ Supreme Court to Hear Legal Fees Rift DIRECTBUY HOLDINGS: Westchester Fire Tries to Block Auction ENTERCOM COMMS: CBS Merger Won't Impact Moody's B1 Corp Rating EXTREME OUTDOOR: Hires R Todd Luoma as Special Counsel EXTREME OUTDOOR: Taps Stephen Reynolds as Attorney FAHEY EXTERIORS: Swift Financial Wants to Stop Cash Use FARR ENTERPRISES: Court Allows Cash Collateral Use Until Feb. 24 FINJAN HOLDINGS: Subsidiary Issued its First U.S. Patent FIRST PHOENIX-WESTON: Simplicity to be Paid 4% Per Annum Over 7 Yrs FORBES ENERGY: Disclosure Statement Hearing Set for March 8 FORBES ENERGY: Wants to Use Regions Bank Cash Collateral FOREST PARK MEDICAL: Treatment of Employee Claims Amended FORT WALKER: Lanciones Buying Beaufort County Property for $800K FULLER PROPERTIES: Hearing on Plan Confirmation Set For March 15 GAINESVILLE HOSPITAL: Jerry Carpenter Is Committee Chairperson GATEWAY CASINOS: Moody's Affirms B2 Corporate Family Rating GATOR EQUIPMENT: Court Allows Cash Collateral Use on Final Basis GERALEX INC: Plan Amended to Add More Tort Claimants GIBLET INC: Can Use Colorado Department of Revenue Cash Collateral GRAND VOLUTE: Use of Fifth Third Bank Cash Until Feb. 23 OK GRANITE ACQUISITION: Moody's Cuts Corporate Family Rating to B1 GREAT BASIN: Has 465.4M Outstanding Common Shares as of Jan. 27 GREAT BASIN: To Seek Approval of Stock Split at Special Meeting HAGGEN HOLDINGS: Wants Plan Exclusivity Extended to March 8 HAMPSHIRE GROUP: Creditors' Panel Opposes 37.5% Pay Raise for CFO HILTZ WASTE: Allowed to Use Cash Collateral Until February 27 HOUSTON PLATE: Voluntary Chapter 11 Case Summary ILLINOIS POWER: Genco Wins Confirmation of Chapter 11 Plan IMH FINANCIAL: Redeems 196,278 Shares from CEO Lawrence Bain INTERNATIONAL SHIPHOLDING: Sale of Vessel to Oslo for $3.3M Okayed IRVIN & ASSOCIATES: Unsecureds to Get $250 Monthly in 1 Yr. at 2% JACK ROSS: Exclusive Plan Filing Period Extended To February 20 JEFF BENFIELD: Allowed to Use Cash Collateral on Interim Basis JOHN PUESHEL: Sale of Jersey City Property to Shah Approved KARHOO INC: Sale of Assets to Flit Technologies for $ 500K Approved KOHN FUNERAL: Wants Court Approval for Cash Collateral Use LAKEWOOD DEVELOPMENT: Combined Plan, Disclosures Hearing on March 8 LINN ENERGY: Amended Joint Chapter 11 Plan Confirmed LMCHH PCP: Wants $4.2-Mil. DIP Loan From MedCare LODGE HOLDINGS: Ch. 11 Trustee Wants to Use Cash Until April 2017 LUKE'S LOCKER: Wants to Use Nike Cash Collateral MAINE STATE PROPERTIES: Taps CBRE to Sell Biddeford Property MAXUS ENERGY: Benjamin Moore Asks Court to Deny Plan Disclosures MEMORIAL PRODUCTION: Moody's Cuts PDR to D-PD on Bankr. Filing MERCHANTS BANKCARD: Cash Collateral Motion Withdrawn MERCHANTS BANKCARD: Court Continues Cash Collateral Motion Hearing METCOM NETWORK: Sale of All Assets to Epsilon for $3.7M Approved MGM GROWTH: Moody's Upgrades CFR to Ba3; Outlook Stable MIAMI NEUROLOGICAL: Wants Approval for Cash Collateral Use MIDWEST ASPHALT: U.S. Trustee Forms Two-Member Committee MINDEN AIR: Court Moves Plan Filing Deadline to February 13 MODULAR SPACE: Plan Outline Lacking in Infos, Gov't Says MOLYCORP MINE: Asks Court OK for $40M Minimum Sale of Mine MOLYCORP MINERALS: Rare Earth Buying Mountain Pass Mine for $40M MONUMENT SECURITY: Case Summary & 20 Largest Unsecured Creditors NAUTILUS FUNDING: Can Use Dime Bank Cash Until Feb. 28 NEPHROGENEX INC: Files Report on De Minimis Assets Sold NORTH CENTRAL FLORIDA YMCA: Can Use Cash Collateral Until April 14 NORTHPORT BAY: Court Prohibits Cash Collateral Use OAKS OF PRAIRIE: Can Use Illinois State Bank Cash Until Feb. 28 OPTIMA SPECIALTY: Executives Get $1.1MM, Workers Can Have $4.6MM PAYLESS INC: Moody's Lowers Corporate Family Rating to Caa2 PEABODY ENERGY: Moody's Assigns (P)B1 Corporate Family Rating PEABODY ENERGY: Seeks May 1 Extension of Plan Filing Deadline PEABODY ENERGY: Special Purpose Unit to Offer $1-Bil. in Notes PERFORMANCE SPORTS: Oakley Tries To Block $575MM Sale of Assets PREFERRED CONCRETE: April 19 Combined Plan, Disclosures Hearing PRESTIGE INDUSTRIES: Feb. 10 Meeting Set to Form Creditors' Panel PRESTIGE INDUSTRIES: Wants DIP Loan From Wells Fargo, Rosenthal PROGRESSIVE ACUTE: Can Continue Cash Use Until March 17 QUINN'S JUNCTION: Court OKs Cash Collateral Use Through April 30 RALSTON-LIPPINCOTT: CKI Asks for Court OK to Use Cash Collateral REDSKINS GRILLE: Wants to Use First Republic Cash Collateral RESIDENTIAL CAPITAL: 2nd Cir. Court Affirms Ruling on Barry Mack RICHARD DODDS: Wightman Buying Craig Property for $300K ROJO FIVE: Simon Buying All Assets for $50K ROJO FOUR: Dudzinskii Buying All Assets for $20K ROJO ONE: Zdravkovski Buying All Assets for $81K ROJO SIX: Kurmas Buying All Assets for $20K ROJO TWO: Pelc Buying All Assets for $140K ROSEWOOD OAKS: Unsecureds to be Fully Paid Within 30 Days RUBEN VELASQUEZ: Feb. 21 Hearing to Determine PCO Appointment SHOBRA LLC: Seeks Authority to Use Cash Collateral SKYE ASSOCIATES: Plan Filing Deadline Extended Until April 17 SOLID ROCK: U.S. Trustee Unable to Appoint Committee STARZ ACQUISITION: Plan Confirmation Hearing Set for March 22 STEMTECH INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors SULLIVAN VINEYARDS: Case Summary & 20 Largest Unsecured Creditors SUNEDISON INC: Sale of 7 Minnesota Projects for $19M Approved T&H PLASTICS: Unsecureds to Get $15,000 Per Year For 7 Yrs. TANNER COMPANIES: Wants to Use Salem Investment Cash Collateral TAUREN EXPLORATION: Own Plan Proposes 100% Payment to Unsecureds TERRANOVA LANDSCAPES: Seeks Court Approval for Cash Collateral Use THAMES FUNDING: Court Allows Use of Dime Bank Cash Until Feb. 28 TLD BAR: Rigdon Has Until Feb. 28 to Use Cash Collateral TOTAL COMM: IRS to Get Monthly Payment With 4% Interest in 4 Yrs. TUBRO CONSTRUCTION: Wants to Use Wells Fargo Cash Collateral ULTRA PETROLEUM: Invesco No Longer Holds Equity Stake ULTRA PETROLEUM: Needs Until June 29 to File Reorganization Plan VANGUARD NATURAL: Moody's Cuts Probability of Default Rating to D VENUS HOSPITALITY: March 7 Combined Plan, Disclosures Hearing VIOLIN MEMORY: Samberg No Longer Holds Equity Stake VSI LIQUIDATING: Greenbrier Buying Cleveland Property for $50K WADHWA DENTAL: Seeks Court Approval for Cash Collateral Use WALDEN REAL ESTATE: Plan Confirmation Hearing to be Held March 15 WET SEAL: Feb. 13 Meeting Set to Form Creditors' Panel WILLBROS GROUP: Moody's Withdraws Caa1 Corporate Family Rating WOODHAVEN TOWNHOUSE: Unsecureds to be Fully Paid in 4 Years WYNN RESORTS: Moody's Lowers Corporate Family Rating to Ba3 [*] No. of Companies with Moody's B3 & Below Rating Down in Jan. [*] Number of Bankruptcy Filings by U.S. Retailers Spikes in 2016 [*] Pres. Trump Picks Judge Neil Gorsuch for Supreme Court Post [^] BOND PRICING: For the Week from Jan. 30 to Feb. 3, 2017 ********* 23 FARMS: Wants to Use Regions Bank Cash Collateral Until Feb. 28 ----------------------------------------------------------------- 23 Farms, LLC asks the U.S. Bankruptcy Court for the Northern District of Florida for authorization to use cash collateral through Feb. 28, 2017. The Debtor relates that it has a farming operation and grows several crops, including watermelons, tobacco and peanuts. The Debtor further relates that it will be planting approximately 175 acres of watermelons within the next few weeks. The Debtor contends that it is imperative for it to obtain chemicals and fertilizer for the watermelon crop immediately in order to grow the watermelons. In addition to the watermelons, the Debtor estimates planting approximately 140 acres of tobacco, 200 – 250 acres of peanuts and some grass. The Debtor says that it will be using a watermelon broker which will advance a portion of the anticipated crop proceeds in March and April. The Debtor further says that it has also obtained a source for chemicals and fertilizer, payment to be made cash on delivery, or COD. The Debtor's proposed Budget provides for total expenses in the amount of $252,181 for the period Jan. 25, 2017 to Feb. 28, 2017. The Debtor owes Regions Bank approximately $3,031,699 as of the Petition Date. The debt is secured by equipment, crops, contract rights and approximately 743 acres of real property in Gilchrist County, Florida. The Debtor says that there are four other secured creditors which provided purchase money financing for several pieces of equipment. These creditors are: Diversified Financial Services owed $92,447; John Deere Financial owed $40,881; LCA Bank Corporation owed $15,000; and Western Equipment Finance owed $78,083. The Debtor tells the Court that it currently has $332,583 in bank accounts. The Debtor further tells the Court that the source of these funds was crop insurance. The Debtor believes that all of this money is cash collateral in which Regions Bank holds a perfected security interest. The Debtor will obtain crop insurance for the watermelons, although the amount insured is limited to $125,000. The Debtor will obtain crop insurance for the tobacco and peanut crops, which unlike the watermelon insurance will cover the entire crop. The Debtor proposes to pay Regions Bank $50,000 within three days of the entry of an Order authorizing the use of cash collateral. The Debtor further proposes to grant Regions Bank a post-petition replacement lien to the extent of its prepetition lien on all of its collateral, including equipment, receivables, proceeds from insurance policies, contracts and crops. The Debtor asserts that it will pay its entire net profit from its peanut crop of 2017, estimated to be $300,000 to Regions Bank. The Debtor further asserts that it will maintain insurance on all of the collateral held by Regions Bank, with Regions Bank named as a loss payee. A full-text copy of the Debtor's Motion, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/23Farms2017_10015kks_19.pdf A full-text copy of the Debtor's proposed Budget, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/23Farms2017_1710015kks_19_4.pdf About 23 Farms, LLC 23 Farms, LLC, a Newberry, Florida-based company with a farming operation, filed a chapter 11 petition (Bankr. N.D. Fla. Case No. 17-10015) on Jan. 20, 2017. The petition was signed by Joey D. Langford, II, managing member. The Debtor is represented by Lisa Caryl Cohen, Esq., at Ruff & Cohen, P.A. The case is assigned to Judge Karen K. Specie. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. 38 STUDIOS: Hilltop Securities Pays $16MM to Settle Claims ---------------------------------------------------------- Cara Mannion, writing for Bankruptcy Law360, reports that Hilltop Securities Inc., f/k/a First Southwest Co. LLC said that it will shell out $16 million to Rhode Island Commerce Corp. to settle claims related to a failed financing deal for the defunct 38 Studios LLC. Hilltop Securities disclosed the deal in a filing the U.S. Securities and Exchange Commission. 38 Studios LLC, a video-game developer founded by former Boston Red Sox pitcher Curt Schilling, filed for liquidation on June 8, 2012, without attempting to reorganize. Although based in Providence, Rhode Island, the company filed the Chapter 7 petition (Bankr. D. Del. Case No. 12-11743) in Delaware. 4 ACES BINGO: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The Office of the U.S. Trustee on Feb. 2, 2017, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 4 Aces Bingo Inc. About 4 Aces Bingo Inc 4 Aces Bingo Inc is a privately held company in Aurora, CO. It was established in 1992. 4 Aces Bingo filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 16-22413) on Dec. 28, 2016. 4 Aces Bingo is a Single Asset Real Estate debtor. The Hon. Elizabeth E. Brown oversees the case. Jeffrey S. Brinen, Esq., at Kutner Brinen, P.C., serves as counsel to the Debtor. In its petition, the Debtor estimated $1 million to $10 million in assets; and liabilities between $500,000 and $1 million. The petition was signed by William Weaver, president. The Debtor says it has no unsecured creditor. ADVANCED SOLIDS: Sale of Ford F-250 Through Enterprise 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 2010 Ford F-250 Truck, VIN ...4095, through Enterprise Fleet Management. The sale of the 2010 Ford F-250 Truck through Enterprise Fleet Management is free and clear of all liens, claims and encumbrances. The Debtor has no liens against the 2010 Ford F-250 Truck, and the Debtor may use the net sales proceeds to assist it with its reorganization efforts; any ad valorem tax liens of Nueces County, if any, attach to the proceeds of the sale. 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 of less than $50,000 and liabilities of less than $1 million. The Debtor tapped William R. Davis, Jr., Esq., at Langley & Banack, Inc. as counsel. AEOLUS PHARMACEUTICALS: Amends 2016 Annual Report to Add Part III ----------------------------------------------------------------- Aeolus Pharmaceuticals, Inc., filed an amendment to its annual report on Form 10-K/A for the fiscal year ended Sept. 30, 2016, as filed with the Securities and Exchange Commission on Dec. 20, 2016. The purpose of this Form 10-K/A is to submit Part III, Item 10 through Item 14 information, previously intended to be incorporated by reference to the Company's definitive proxy statement filed pursuant to Regulation 14C. Part III of the Annual Report contains the following information: Item 10. Directors, Executive Officers and Corporate Governance. Item 11. Executive Compensation. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Item 13. Certain Relationships and Related Transactions, and Director Independence. Item 14. Principal Accounting Fees and Services. A full-text copy of the Form 10-K/A is available for free at: https://is.gd/iGqrzT About Aeolus Pharmaceuticals Mission Viejo, California-based Aeolus Pharmaceuticals, Inc., is a Southern California-based biopharmaceutical company leveraging significant government investment to develop a platform of novel compounds in oncology and biodefense. The platform consists of over 200 compounds licensed from Duke University and National Jewish Health. The Company's lead compound, AEOL 10150, is being developed as a medical countermeasure ("MCM") against the pulmonary sub-syndrome of acute radiation syndrome ("Pulmonary Acute Radiation Syndrome" or "Lung-ARS") as well as the gastrointestinal sub-syndrome of acute radiation syndrome ("GI-ARS"). Both syndromes are caused by acute exposure to high levels of radiation due to a radiological or nuclear event. It is also being developed for use as a MCM for exposure to chemical vesicants such as chlorine gas, sulfur mustard gas and nerve agents. Aeolus reported a net loss attributable to common stockholders of $6.04 million on $2.07 million of contract revenue for the fiscal year ended Sept. 30, 2016, compared to a net loss attributable to common stockholders of $2.62 million on $3.11 million of contract revenue for the fiscal year ended Sept. 30, 2015. As of Sept. 30, 2016, Aeolus Pharmaceuticals had $4.17 million in total assets, $972,000 in total liabilities and $3.19 million in total stockholders' equity. ALLEN CONSTRUCTION: Unsecureds to Recoup 100% in 15 Years at 3.5% ----------------------------------------------------------------- Allen Construction Services, Inc., filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a second amended disclosure statement dated Jan. 30, 2017, referring to the Debtor's third amended plan of reorganization. The Third Amended Plan provides for treatment of the secured claim of the City of Madison Treasurer in the amount of $4,049.59 for delinquent personal property taxes and the priority unsecured claim and administrative claim of the Department of Workforce Development - Worker's Compensation Division in the total aggregate amount of $94,220.12. These claims will be paid through the Chapter 11 Plan. To ensure feasibility of the Third Amended Plan, the treatment of Class 5 claims of general unsecured creditors have been amended to provide for an amortization of 15 years instead of 12 years. General unsecured claims -- which total approximately $1,146,661.95 -- will continue to accrue interest at the fixed rate of 3.5% per annum. General unsecured claims will be paid in quarterly payments of $24,594, with the first payment to be paid on the 15th day of the month following the end of the first full quarter following the Effective Date of the Plan, and paid on the 15th day of the month following the end of each quarter thereafter. The claimants will share pro rata in the quarterly distributions. The total amount being paid by the Debtor is $1,146,661.95. Class 5 General Unsecured Claims are impaired under the Plan. The Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/wiwb15-10033-200.pdf As reported by the Troubled Company Reporter on Dec. 9, 2016, the Debtor filed a disclosure statement explaining the Chapter 11 plan, which proposed to pay in full holders of Class 6 general non-priority unsecured claims. These creditors would be paid within 12 years of confirmation of the plan in quarterly installments at 3.5% interest. About Allen Construction Headquartered in Madison, Wisconsin, Allen Construction Services, Inc. dba Allen Kitchen and Bath was founded in 1980. Allen Kitchen & Bath provides home remodeling products and services and offers remodeling services, including planning, designing, product selection, installation and custom fabrication. It offers full-line of granite, quartz and solid surface countertops. It currently employs approximately 21 employees, who include the two principals of the Debtor, Gary Allen and Laree Allen. The Debtor is a member of the National Association of the Remodeling Industry, the Madison Area Builders Association, and the National Association of Home Builders. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Wis. Case No. 15-10033) on Jan. 6, 2015, estimating its assets at between $100,000 and $500,000 and its liabilities between $1 million and $10 million. The petition was signed by Gary E. Allen, president. Judge Robert D. Martin presides over the case. Eliza M. Reyes, Esq., at Krekeler Strother, S.C., serves as the Debtor's bankruptcy counsel. AMPLIPHI BIOSCIENCES: Empery Asset Owns 4.9% Stake as of Dec. 31 ---------------------------------------------------------------- In an amended Schedule 13G filed with the Securities and Exchange Commission, Empery Asset Management, LP disclosed that as of Dec. 31, 2016, it beneficially owns 1,494,334 shares of common stock issuable upon exercise of warrants, of AmpliPhi Biosciences Corporation representing 4.99 percent of the shares outstanding. Ryan M. Lane also reported 1,494,505 shares of common stock issuable upon exercise of warrants while Martin D. Hoe reported beneficial ownership of 1,494,505 shares of common stock issuable upon exercise of warrants. Pursuant to the terms of the Reported Warrants, the Reporting Persons cannot exercise any of the Reported Warrants to the extent they would beneficially own, after any such exercise, more than 4.99% of the outstanding shares of Common Stock. Consequently, as of Dec. 31, 2016, the Reporting Persons were not able to exercise all of the Reported Warrants due to the Blockers. A full-text copy of the regulatory filing is available at: https://is.gd/KnecaL About AmpliPhi AmpliPhi Biosciences Corp. is a biotechnology company focused on the discovery, development and commercialization of novel phage therapeutics. Its principal offices occupy approximately 1,000 square feet of leased office space pursuant to a month-to-month sublease, located at 3579 Valley Centre Drive, Suite 100, San Diego, California. It also leases approximately 700 square feet of lab space in Richmond, Virginia, approximately 5,000 square feet of lab space in Brookvale, Australia, and approximately 6,000 square feet of lab and office space in Ljubljana, Slovenia. As of Sept. 30, 2016, the Company had $26.03 million in total assets, $7.80 million in total liabilities and $18.22 million in total stockholders' equity. Ampliphi reported a net loss attributable to common stockholders of $10.79 million for the year ended Dec. 31, 2015, compared to net income attributable to common stockholders of $21.82 million. "[T]he Company has incurred net losses since its inception, has negative operating cash flows and has an accumulated deficit of $371.9 million as of September 30, 2016, $56.4 million of which has been accumulated since January of 2011, when the Company began its focus on bacteriophage development. As of September 30, 2016, the Company had cash and cash equivalents of $4.0 million. Management believes that the Company's existing resources will be sufficient to fund the Company's planned operations through the end of 2016. These circumstances raise substantial doubt about the Company's ability to continue as a going concern," as disclosed in the Company's quarterly report for the period ended Sept. 30, 2016. AMPLIPHI BIOSCIENCES: Hudson Bay Reports 6.9% Stake as of Dec. 31 ----------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Hudson Bay Capital Management, L.P. and Sander Gerber disclosed that as of Dec. 31, 2016, they beneficially own 1,241,489 shares of common stock issuable upon exercise of warrants of Ampliphi Biosciences Corporation representing 6.9 percent of the shares outstanding. The percentage was calculated based upon an aggregate of 16,742,040 shares of Common Stock, which are reported to be issued and outstanding in the Company's Prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on Nov. 17, 2016. Mr. Gerber serves as the managing member of Hudson Bay Capital GP LLC, which is the general partner of the Investment Manager. A full-text copy of the regulatory filing is available at: https://is.gd/iax0Da About AmpliPhi AmpliPhi Biosciences Corp. is a biotechnology company focused on the discovery, development and commercialization of novel phage therapeutics. Its principal offices occupy approximately 1,000 square feet of leased office space pursuant to a month-to-month sublease, located at 3579 Valley Centre Drive, Suite 100, San Diego, California. It also leases approximately 700 square feet of lab space in Richmond, Virginia, approximately 5,000 square feet of lab space in Brookvale, Australia, and approximately 6,000 square feet of lab and office space in Ljubljana, Slovenia. As of Sept. 30, 2016, the Company had $26.03 million in total assets, $7.80 million in total liabilities and $18.22 million in total stockholders' equity. Ampliphi reported a net loss attributable to common stockholders of $10.79 million for the year ended Dec. 31, 2015, compared to net income attributable to common stockholders of $21.82 million. "[T]he Company has incurred net losses since its inception, has negative operating cash flows and has an accumulated deficit of $371.9 million as of September 30, 2016, $56.4 million of which has been accumulated since January of 2011, when the Company began its focus on bacteriophage development. As of September 30, 2016, the Company had cash and cash equivalents of $4.0 million. Management believes that the Company's existing resources will be sufficient to fund the Company's planned operations through the end of 2016. These circumstances raise substantial doubt about the Company's ability to continue as a going concern," as disclosed in the Company's quarterly report for the period ended Sept. 30, 2016. ATLANTIC CITY, NJ: Moody's Keeps Caa3 GO Rtng, Expects Default -------------------------------------------------------------- Moody's Investors Service has affirmed the City of Atlantic City, NJ's Caa3 General Obligation rating. The outlook remains negative. The affirmation of the Caa3 rating reflects the continued likelihood of default within the next year and the ongoing possibility of significant bondholder impairment despite the passage of "rescue legislation." The affirmation also incorporates the recent takeover by the State of New Jersey (A2 negative). The Caa3 rating indicates an expected loss to bondholders of up to 35% of principal, in light of the city's very large structural deficit with limited sources of relief without state assistance. Rating Outlook The negative outlook reflects ongoing risks from the absence of a detailed plan and time frame to restore the city's financial health. While the city and state are now collaborating to renegotiate various liabilities, the city faces an ongoing liquidity crisis, structural deficit and near-term service insolvency. Factors that Could Lead to an Upgrade Elimination or reduction of structural deficit Improved liquidity and reserve position Successful renegotiations of existing contracts leading to reduced expenditures Material improvement in tax base and socioeconomic profile Factors that Could Lead to a Downgrade Failure to adopt adequate budget solutions Indication that, in the event of a default, bondholder recoveries would fall below 80% Default on debt obligations Legal Security Debt service on the bonds is secured by the city's general obligation unlimited ad valorem tax pledge. Certain issuances are additionally secured by bond insurance. Use of Proceeds Not applicable. Obligor Profile Atlantic City is a tourism and gaming center located along the south New Jersey shore. It has a population of approximately 39,000. Methodology The principal methodology used in this rating was US Local Government General Obligation Debt published in December 2016. Regulatory Disclosures For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. ATOKA COUNTY HEALTH: Objections to Chapter 9 Petition Due March 9 ----------------------------------------------------------------- Objections to the Chapter 9 petition of Atoka County Health Authority must be filed on or before March 9, 2017, with the Clerk, U.S. Bankruptcy Court for the Eastern District of Oklahoma, P.O. Box 1347, Okmulgee, Oklahoma 74447. A copy of the objections will be mailed to the attorney for the Debtor: Jeffrey E. Tate, Esq. Christensen Law Group PLLC 3401 N.W. 63rd Street, Suite 600 Oklahoma City, OK 73116 All objections will state the facts and legal authorities in support of the objections. Additional information concerning the Chapter 9 case can be obtained by contacting the Debtor's counsel by Tel: (405) 232-2020 or by email: jeffrey@christensenlawgrou.com. Based in Atoka, Oklahoma, Atoka County Healthcare Authority provides health care services. The Healthcare Authority filed for Chapter 9 bankruptcy protection on Jan. 10, 2017 (Bankr. E.D. Okla. Case No. 17-80016). Jeffrey E. Tate, Esq., at Christensen Law Group PLLC, represents the Debtor. The Debtor estimated assets of less than $50,000, and debts of between $10 million and $50 million. BENJAMIN EYE CARE: Can Use Cash Collateral on Interim Basis ----------------------------------------------------------- Judge Pamela S. Hollis of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Benjamin Eye Care, LLC to use cash collateral on an interim basis until February 16, 2017. Judge Hollis acknowledged that an immediate need exists for the Debtor to use its pre-petition collateral in order to continue its business operation since the Debtor was unable to obtain credit on favorable terms. The Debtor acknowledged that the following entities have valid liens upon its assets and its cash proceeds: (a) Inland Bank & Trust, which was owed approximately $299,000, secured by all the assets of the Debtor; and (b) The Northern Trust Company, which was owed approximately $567,467, secured by all the assets of the Debtor. Inland Bank and Northern Trust will be secured by a lien to the same extent, priority and validity as existed prior to the Petition Date. Inland Bank and Northern Trust will also receive a security interest in and replacement lien upon all of the Debtor's property, real or personal, whether in existence before or after the Petition Date, to the extent actually used and for the diminution in the value of Inland Bank and Northern Trust's collateral securing the Debtor's indebtedness. The Debtor was directed to continue making payments to Inland Bank in the previously agreed amount of $1,250 per month, to maintain insurance covering the full value of all collateral, and to permit onsite inspection of such collateral, policies of insurance and financial statements. A final hearing on the Debtor's use of cash collateral is scheduled on February 16, 2017 at 10:30 a.m. A full-text copy of the Order, entered on January 31, 2017, is available at http://tinyurl.com/jvchuaw Inland Bank & Trust is represented by: William J McKenna, Esq. FOLEY & LARDNER LLP 321 N. Clark Street, Suite 2800 Chicago, IL 60654 Telephone: (312) 832-4541 Email: wmckenna@foley.com The Northern Trust Company is represented by: Daniel H. Olswang, Esq. HAUSELMA,, RAPPIN & OLSWANG, LTD. 29 E. Madison Street, Suite 950 Chicago, IL 60602 Telephone: (312) 372-2020 Ext. 13 Email: dolswang@hrolaw.com About Benjamin Eye Care 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 petition was signed by Dr. Mark Benjamin, owner. At the time of filing, the Debtor estimated assets at $0 to $50,000 and liabilities at $500,000 to $1 million. The Debtor is represented by Brian K. Wright, Esq., at Brian Wright & Associates, P.C. The Debtor engaged Michael J. Davis, Esq., at BKN Murray LLP as co-counsel. BIG D'S LOGGING: Asks Court to Conditionally Approve Plan Outline ----------------------------------------------------------------- Big D's Logging, LLC, filed a motion with the U.S. Bankruptcy Court for the Middle District of Georgia to conditionally approve its disclosure statement and accompanying plan of reorganization. The Debtor also asks the court to conduct a combined hearing on the conditional approval of the disclosure statement and the confirmation of the plan. Big D's Logging, LLC, filed a Chapter 11 petition (Bankr. M.D. Ga. Case No. 16-51575) on August 3, 2016, listing under $1 million in both assets and liabilities. BRUCE FINDER: Can Use Fifth Third Bank Cash Until February 17 ------------------------------------------------------------- Judge Deborah L. Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois authorized Bruce Finder Sales, Inc. to use Fifth Third Bank's cash collateral on an interim basis until Feb. 17, 2017. The approved one-month Budget provided for total expenses in the amount of $251,404. The Debtor is indebted to Fifth Third Bank pursuant to certain loan agreements. Fifth Third Bank has a perfected first priority security interest in all the Debtor's assets and property, currently-owned and later-acquired, as well as security interests in their proceeds. Pursuant to the Interim Order, Fifth Third Bank is granted valid, binding, enforceable and perfected liens and security interests in and on any of the Debtor's currently-owned collateral or collateral acquired since the Petition Date, to the same extent, validity and priority held by Fifth Third Bank prior to the petition date. The Debtor was directed to pay Fifth Third bank $2,736 by January 30, 2017, as adequate protection. The Debtor was further directed to maintain insurance coverage on the collateral. A status hearing on the Debtor's right to use cash collateral is scheduled on Feb. 14, 2017 at 10:00 a.m. A full-text copy of the Interim Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/BruceFinder2017_1702122_11.pdf About Bruce Finder Sales, Inc. Bruce Finder Sales, Inc., d/b/a BFS Metals, d/b/a Chicago Plastic Supply, based in Cicero, Illinois, filed a chapter 11 petition (Bankr. N.D. Ill. Case No. 17-02122) on Jan. 25, 2017. The petition was signed by Bradley Finder, president. The Debtor is represented by Allan O. Fridman, Esq., at the Law Office of O. Allan Fridman. The case is assigned to Judge Deborah L. Thorne. The Debtor disclosed total assets at $1.10 million and total liabilities at $1.18 as of Dec. 31, 2016. BURGI ENGINEERS: March 9 Disclosure Statement Hearing ----------------------------------------------------- Judge Ralph B. Kirscher of the U.S. Bankruptcy Court for the District of Montana will convene a hearing on March 9, 2017, at 9:00 a.m., to consider approval of the disclosure statement describing the plan of reorganization filed by Burgi Engineers LLC on Jan. 24, 2017. March 6, 2017, is fixed as the last day for filing and serving written objections to the disclosure statement. About Burgi Engineers Burgi Corporation, based in Columbia Falls, Montana, filed a Chapter 11 petition (Bankr. D. Mont. Case No. 16-60771) on July 28, 2016. The Hon. Ralph B. Kirscher presides over the case. Maggie W Stein, Esq., at Goodrich & Reely, PLLC, serves as bankruptcy counsel. In its petition, the Debtor estimated $532,282 in assets and $1.08 million in liabilities. The petition was signed by Robert Burgi, president. No official committee of unsecured creditors has been appointed in the case. CADIZ INC: American Assets Reports 4.5% Equity Stake as of Dec. 31 ------------------------------------------------------------------ In an amended Schedule 13G filed with the Securities and Exchange Commission, these reporting persons disclosed beneficial ownership of shares of common stock Cadiz Inc. as of Dec. 31, 2016: Shares Percentage Beneficially of Reporting Person Owned Shares ---------------- ------------ ----------- American Assets Capital Advisers, LLC 889,797 4.51% American Assets Investment 889,797 4.51% Management, LLC(AAIM) Soledad Realty Capital, Inc. 889,797 4.51% Ernest S. Rady 889,797 4.51% Burland B. East, III 889,797 4.62% Altegris Advisors, LLC 854,060 4.32% Mr. Burland East owns 100% of Soledad. Mr. Ernest Rady owns 100% of AAIM. AAIM and Soledad together own 100% of AACA. AACA is a SEC registered investment adviser. With the exception of 22,500 shares owned individually by Mr. Burland East, the shares of Cadiz, Inc. covered by this report are held for the benefit of discretionary accounts advised and/or sub-advised by AACA. AACA serves as the sub-adviser to a fund advised by Altegris, an unaffiliated SEC registered investment adviser. The ownership breakdown of the common stock of Cadiz, Inc. is as follows: AAIM, Soledad, Burland East and Ernest Rady are control persons of AACA and therefore have indirect shared investment power and indirect shared voting power of 889,797 shares. Mr. Burland East also has direct investment power and sole voting power of 22,500 shares. AACA does not have any investment power or voting power over these shares. AACA has investment power and voting power over accounts that hold in the aggregate 889,797 shares. No one account owns 5% or more of the shares. Altegris serves as the investment adviser for, and has discretionary authority over AACA Opportunistic Real Estate Long Fund, which owns 854,060 shares (4.32%). Altegris has no voting power over the shares in the Fund. AACA is the sub-adviser to the Fund and has voting power and shared investment power over the shares in the Fund. A full-text copy of the regulatory filing is available at: https://is.gd/gJO4AA About Cadiz Cadiz Inc. is a land and water resource development company with 45,000 acres of land in three areas of eastern San Bernardino County, California. Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated in proximity to the Colorado River and the Colorado River Aqueduct, a major source of imported water for Southern California. The Company's properties are suitable for various uses, including large-scale agricultural development, groundwater storage and water supply projects. The Company's main objective is to realize the highest and best use of its land and water resources in an environmentally responsible way. Cadiz Inc. reported a net loss and comprehensive loss of $24.01 million in 2015, a net loss and comprehensive loss of $18.88 million in 2014 and a net loss and comprehensive loss of $22.67 million in 2013. As of Sept. 30, 2016, Cadiz Inc. had $59.01 million in total assets, $129.24 million in total liabilities and a total stockholders' deficit of $70.22 million. CANNELLE PATISSERIE: Submits Cash Collateral Stipulation -------------------------------------------------------- Cannelle Patisserie, Inc., submitted to the U.S. Bankruptcy Court for the Southern District of New York, its stipulation with the Internal Revenue Service regarding the use of cash collateral. The Debtor is indebted to the IRS for outstanding federal income taxes, federal withholding and Federal Insurance Contributions Act (FICA) taxes, and federal unemployment taxes which were due but unpaid. The IRS asserted that it holds a lien on all assets of the Debtor to secure tax liabilities in the approximate amount of $447,795.59. The IRS' cash collateral consists of proceeds of the Debtor's operations and collections of accounts receivable. The Stipulation provides, among others, the following relevant terms: (1) Use of Cash Collateral: The IRS consents to the use of cash collateral by the Debtor: (i) in the ordinary course of business for payment of expenses incurred, or to be incurred in the operation of its business, (ii) for payment of any filing fees or United States Trustee fees in connection with the Proceedings, and (iii) for payment of any professional fees and expenses, to the extent allowed in the Proceedings. (2) Use of Collateral: The IRS consents to the use of collateral such as other real and personal property in which the IRS holds a secured interest. (3) Adequate Protection Liens: As adequate protection to secure ahy loss, decrease or decline in the value of the collateral resulting from the use, sale or lease of the collateral by the Debtor, the Debtor hereby grants to the IRS a continuing post-petition security interest in all of the assets of the Debtor and all substitutions therefore which are created, acquired and in which the Debtor obtains an interest subsequent to the filing of the petition, provided that such lien does not extend to any causes of action under Chapter 5 of the Bankruptcy Code or their recoveries. The parties agree to a carve out from the Adequate Protection Lien to the extent of $15,000 for the fees and expenses of a chapter 7 trustee in the event the case is converted to a Chapter 7 case. (4) Adequate Protection Payments: As additional adequate protection for any Post-Petition Loss, the Debtor will make a monthly payment of $7,000 to the IRS, for the earlier of (i) 5 years, (ii) until a Chapter 11 Plan in confirmed by the Court, or (iii) the case is closed. The payments will be applied to the federal tax liabilities secured by the IRS Lien. (5) Insurance: The Debtor agrees to maintain all insurance policies including general commercial liability insurace, fire, hazard, casualty and Workmen's Compensation. (6) Tax Payments: The Debtor will make timely weekly payroll tax deposits, beginning immediately, for weekly payroll taxes due for withheld federal income tax, social security tax, and Medicare taxes by either electronic transfer or transfer via Federal Tax Deposit form 8109B made out to the Debtor's local Financial Institution. The Debtor will make timely payroll tax deposits when due for the Federal Unemployment Tax, by either electronic transfer or transfer via Federal Tax Deposit form 8109B made out to the Debtor's local Financial Institution. The hearing on the stipulation is scheduled on March 2, 2017 at 12:00 noon. A full-text copy of the Stipulation, dated January 30, 2017, is available at http://bankrupt.com/misc/CannellePatisserie2016_11644577nhl_33_1.pdf About Cannelle Patisserie, Inc Cannelle Patisserie Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-44577) on October 11, 2016. The petition was signed by Jean-Claude Perrenau, president. The Debtor is represented by Daniel C Marotta, Esq. and Richard M. Gabor, Esq., at Gabor & Marotta LLC. The Debtor estimated assets at $50,001 to $100,000 and liabilities at $500,001 to $1 million at the time of the filing. CHIEFTAIN STEEL: Can Continue Using Cash Collateral Until March 1 ----------------------------------------------------------------- Judge Joan A. Lloyd of the U.S. Bankruptcy Court for the Western District of Kentucky authorized Chieftain Steel, LLC and Floyd Industries, LLC to use cash collateral until March 1, 2017. United Cumberland Bank consented to the Debtors' use of cash collateral. Axis Capital, Inc. also consented to Floyd Industries' use of cash collateral. United Cumberland Bank had security interests and liens on, among other things, all of the Debtors' accounts receivable, inventory, equipment, chattel paper, general intangibles and real estate. The Debtors are indebted to United Cumberland Bank pursuant to three loans: Loan #75110: $2,390,281 Loan #75441: $ 753,551 Loan #755803: $ 548,346 The Debtors were authorized to use cash collateral solely to pay normal trade payables, payroll, insurance premiums, taxes and utilities, necessary to preserve and maintain the assets and business operations of the Debtors during the period of December 31, 2016 through March 1, 2017. The Debtors were directed to make monthly interest-only payments to United Cumberland Bank in the amount of $9,250 for Loans #75110 and #75441, principal payments of $3,500 per month under Loan #755803. The Debtors were also directed to maintain a collateral base consisting of cash collateral in an amount not less than $750,000. United Cumberland Bank was granted first priority post-petition replacement security interests and liens upon all of the Debtor's post-petition property that is similar to the property on which it held its prepetition liens, including, without limitation, all post-petition property of the types constituting the collateral of their prepetition liens, and all their proceeds and products. United Cumberland Bank was also granted an administrative expense claim which will have priority over any and all administrative expenses, subject to the Carve-Out. The Carve-Out consists of fees, costs, disbursements, charges, and expenses of attorneys, accountants and other professionals of the Debtor retained in the Chapter 11 case. The Debtors' authorization to use cash collateral will terminate: (1) in the event that the Debtors will fail to make any payment to United Cumberland required under the Second Amended Final Order; or (2) in the event that the Debtors will breach any non-payment term, condition or covenant set forth in the Second Amended Final Order; or (3) upon the entry of a final order dismissing the Chapter 11 Case, appointing a trustee in the Chapter 11 Case, converting the Chapter 11 Case to a case under Chapter 7 of the Bankruptcy Code or transfer of venue of the Chapter 11 Case to another district. A full-text copy of the Second Amended Final Order, dated January 31, 2017, is available at http://tinyurl.com/jeqsv4t About Chieftain Steel, LLC. Chieftain Steel, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Ky. Case No. 16-10407) on May 2, 2016. The Debtor tapped Constance G. Grayson, Esq., at Gullette & Grayson, PSC, and Dinsmore & Shohl LLP as bankruptcy attorneys. The Official Committee of Unsecured Creditors retained Fox Rothschild LLP as its legal counsel, Bingham Greenebaum Doll LLP as its local counsel, and Phoenix Management Services, LLC as its financial advisor. Floyd Industries, LLC, filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 16-10837) on Sept. 19, 2016, and is represented by Travis Kent Barber, Esq., at Barber Law PLLC, in Lexington, Kentucky. At the time of filing, Floyd Industries had estimated assets and liabilities of $1 million to $10 million. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Floyd Industries LLC, an affiliate of Chieftain Steel LLC, as of Nov. 25, 2016, according to the court docket. The Chapter 11 cases of Chieftain Steel and Floyd Industries are jointly administered. Chieftain Steel, LLC and its debtor-affiliates employed Kerbaugh & Rodes, CPAs as accountant and advisor. CIRCLE RESTAURANT: Unsecureds to Start Getting Payments on May 1 ----------------------------------------------------------------- Unsecured creditors of Circle Restaurant Group Kansas, LLC, will receive payments from the company starting May 1, according to the company's latest Chapter 11 plan of reorganization. The initial plan had proposed to pay unsecured creditors beginning March 1. Under the latest restructuring plan, Class 3 unsecured claims allowed by the court will be paid $300 a month, pro rata, for 60 months for a total of $18,000. This payment will result in a dividend of roughly 15% to unsecured creditors. Meanwhile, Ernesto Peralta, a member of the company, will retain his ownership and will be the sole surviving member. Any loan with equity security holders will not be paid and will be eliminated upon confirmation of the plan, according to the company's latest disclosure statement filed on Jan. 26 with the U.S. Bankruptcy Court for the District of Kansas. A copy of the first amended disclosure statement is available for free at: https://is.gd/cbW8TQ About Circle Restaurant Group Circle Restaurant Group, LLC, a Kansas-based limited liability company, has been operating a restaurant since 2012. The Debtor dba Blanc Burgers and Bottles sought Chapter 11 protection (Bankr. D. Kans. Case No. 14-22106) on Sept. 4, 2014. The Debtor tapped Colin N. Gotham, Esq. at Evans & Mullinix, P.A. as counsel. CLARKE PROJECT: Case Summary & 14 Unsecured Creditors ----------------------------------------------------- Debtor: Clarke Project Solutions, Inc. fka Cumming Clarke 25862 San Tropez Court Mission Viejo, CA 92692-5229 Case No.: 17-10402 Chapter 11 Petition Date: February 2, 2017 Court: United States Bankruptcy Court Central District of California (Santa Ana) Judge: Hon. Theodor Albert Debtor's Counsel: Pamela Jan Zylstra, Esq. A PROFESSIONAL CORPORATION 18111 Von Karman, Ste F460 Irvine, CA 92612-7152 Tel: 949-222-2000 Fax: 949-222-2022 E-mail: zylstralaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Chris Clarke, president. A copy of the Debtor's list of 14 unsecured creditors is available for free at: http://bankrupt.com/misc/cacb17-10402.pdf COMSTOCK RESOURCES: MacKay Shields Has 18.7% Stake as of Sept. 30 ----------------------------------------------------------------- MacKay Shields LLC, an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that it is deemed to be the beneficial owner of 9,407,721 shares of common stock, par value $0.50 per share, of Comstock Resources Inc., or 18.73% based on a total of 13,148,000 shares of Common Stock issued and outstanding as of Sept. 30, 2016, plus 35,753,172 shares issuable upon conversion of convertible notes held by MacKay Shields' clients. A full-text copy of the regulatory filing is available for free at: https://is.gd/nfGCom 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. CRYSTAL WATERFALLS: Cash Collateral Motion Vacated -------------------------------------------------- Judge Ernest Robles of the U.S. Bankruptcy Court for the Central District of California vacated Crystal Waterfalls, LLC's Cash Collateral Motion and rendered moot the Existing Cash-management Motion in light of the successful close of escrow. At the Motions' hearings, the Debtor represented to the Court that the close of escrow had successfully occurred, pursuant to a previously Court-approved sale order. Therefore, the Debtor no longer has an ownership interest in the real property located at 1211 E. Garvey Street, Covina, CA, known as Park Inn by Radisson, and the Property is no longer part of the bankruptcy estate. A full-text copy of the Order, dated January 26, 2017, is available at https://is.gd/THtdIr About Crystal Waterfalls Crystal Waterfalls LLC owns real property in Covina, California, on which it currently operates a hotel known as the Park Inn by Radisson. Situated in the heart of Southern California, the Hotel is just east of downtown Los Angeles at the base of the San Gabriel Mountains, and a short distance from West Covina, San Dimas, Irwindale, City of Industry, Pomona, and Ontario, and many major attractions (such as amusement parks, the Pomona Fairplex, and Irwindale Speedway). The Hotel includes 258 rooms (50 of which require certain forms of rehabilitation and currently are not in use), and has a fitness center, an outdoor heated swimming pool and whirlpool, and 9,000 square feet of meeting space. Facing an imminent foreclosure sale by its senior lender, Crystal Waterfalls LLC filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 15-27769) in Los Angeles, California, on Nov. 19, 2015. Judge Ernest M. Robles presides over the case. The petition was signed by Lucy Gao, managing member. Crystal Waterfalls currently has two members: (1) Lucy Gao, who serves as the Debtor's managing member; and (2) Golden Bay Investments LLC, a California limited liability company ("Golden Bay"). Ms. Gao is the sole and managing member of Golden Bay. The Debtor disclosed $52.5 million in assets and $71.4 million in liabilities in its schedules. The schedules say that the Covina, California hotel property is worth $52 million. The Debtor is represented by Ian Landsberg, Esq., at Excoff Landsberg LLP. The U.S. Trustee has filed a motion seeking to convert Crystal Waterfalls' bankruptcy case to a Chapter 7 case, or to dismiss the case. CURO HEALTH: Moody's Cuts Rating on $45MM Sr. Sec. Loan to B2 ------------------------------------------------------------- Moody's Investors Service downgraded the first lien senior secured credit facilities of Curo Health Services Holdings, Inc.'s to B2 from B1. At the same time, Moody's affirmed the B3 Corporate Family Rating and B3-PD Probability of Default Rating and maintained the positive rating outlook. Proceeds from a $60 million 1st lien term loan add-on are expected to be used to repay $60 million of its second lien note (not rated). The downgrade of the 1st lien credit facilities reflects the increasing proportion of 1st lien debt in the capital structure and as a consequence higher expected loss rates in default. Following is a summary of Moody's rating actions: Ratings downgraded: $45 million senior secured revolver expiring 2020 to B2 (LGD 3) from B1 (LGD3) Senior secured first lien term loan to B2 (LGD3) from B1 (LGD3) Ratings affirmed: Corporate Family Rating at B3 Probability of Default Rating at B3-PD The rating outlook is positive RATINGS RATIONALE The B3 Corporate Family Rating reflects risk associated with being a pure-play Hospice operator and the company's high financial leverage. The rating also reflects Curo's small size, the presence of considerable competition in a fragmented industry and high revenue concentration from Medicare. Curo faces several legal liabilities related to a 2015 investigation related to its Texas operations. If resolved, Moody's believes these proceedings will likely result in cash settlements paid out in 2017 that can be financed through internally generated cash and its revolver. There are also significant business, legal, and integration-related adjustments to EBITDA that result in a large delta between GAAP and adjusted figures. These are expected to decline in 2017 and the quality of earnings should improve. The company's growth strategy has shifted, favoring accelerated organic expansion of new offices (de novos) over M&A. This increased investment will offset some of the growth in the base business in the short term. That said, Moody's believes offices opened in 2016 will begin to contribute to earnings growth in 2017, resulting in debt/EBITDA declining to under 6 times (Moody's does not add back de novo losses, among other adjustments). The rating also reflects the company's position as the third largest for-profit hospice operator in the US. Curo's good liquidity profile is supported by expectations of improving positive free cash flow and low capital expenditure demands of its business. Moody's expects cash to be modest at about $6 million after its proposed capital structure rebalancing. Liquidity is also supported by a $45 million undrawn revolver with approximately $39 million of availability after taking account for letters of credit. Depending on the timing and magnitude of any legal settlement, Moody's believes the company could draw on the revolver with the expectation it would be repaid shortly thereafter. Mandatory debt amortization is modest at $4.4 million per year. The credit agreement contains a 1st lien maximum debt to EBITDA financial covenant of 6.5 times. Moody's expects the company to maintain ample cushion even after the proposed increase in first lien debt. The positive outlook reflects Moody's expectation that a combination of modest earnings growth and debt repayment will result in debt to EBITDA declining to under 6 times by mid-2017. The ratings could be upgraded if the company can consistently generate free cash flow with debt to EBITDA improving towards 5.5 times (including a decline in adjustments leading to better quality of earnings). Resolution of its outstanding investigation would also be needed for an upgrade. The ratings could be downgraded if liquidity deteriorates or free cash flow turns negative. The ratings could also be downgraded if debt to EBITDA is sustained above 6.5 times. Headquartered in Mooresville, North Carolina, Curo Health Services Holdings, Inc. is a provider of hospice services in the Southeastern and Southwestern regions of the U.S. and operates 221 agencies in 21 states. The company recognized revenues of $426 million for the twelve months ended September 30, 2016. Curo is owned by private equity firm Thomas H. Lee L.P. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. DAVITA INC: Veterans Affairs Accord Credit Positive, Moody's Says ----------------------------------------------------------------- Moody's Investors Service commented that DaVita's (Ba3 stable) settlement with the US Department of Veteran Affairs (VA) is credit positive because it will boost the dialysis provider's already strong liquidity profile. Under the terms of the settlement, DaVita will be awarded $538 million in pre-tax consideration. DEER MEADOWS: Can File Plan of Reorganization Until April 17 ------------------------------------------------------------ Judge Peter C. McKittrick of the U.S. Bankruptcy Court for the District of Oregon extended the deadline for Deer Meadows, LLC to file its plan of reorganization and disclosure statement to April 17, 2017, and the exclusivity period to June 15, 2017. Judge McKittrick had earlier extended the Debtor's the deadline on an interim basis through January 31, 2017. The Troubled Company Reporter had earlier reported that the Debtor sought for exclusivity extension, contending that at the case management conference, it had informed the Court that it was in negotiations with a prospective purchaser of its real property and business assets. That sale will likely occur with an anticipated closing of April 1, 2017. The Debtor further contended that once the sale is consummated, the Debtor will either (a) file a liquidated plan, (b) seek to convert its case to a chapter 7 case or seek to dismiss this case. Accordingly, the Debtor believed it can propose a viable plan of reorganization. Such that, if a liquidating plan is the chosen path, the Debtor needs sufficient time to draft these documents, circulate them to key creditors and parties in interest, incorporate their input and finalize the documents before filing them. But, if either conversion or dismissal is the chosen path, a plan of reorganization will not be needed. About Deer Meadows Deer Meadows filed a Chapter 11 petition (Bankr. D. Ore. Case No. 16-33768) on Sept. 30, 2016. The petition was signed by Kristin Harder, manager. The case is assigned to Judge Peter C. McKittrick. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor is represented by Stephen T. Boyke, Esq., at the Law Office of Stephen T. Boyke. The Debtor hires JCH Consulting Group, Inc. as real estate broker; and Ogden Murphy Wallace PLLC as special counsel. Gail Brehm Geiger, the Acting United States Trustee for the District of Oregon, appointed Suzanne Koenig, as the Patient Care Ombudsman for Deer Meadows, LLC. DESERT SPRINGS: Palm Springs Buying Cathedral Property for $4.3M ---------------------------------------------------------------- Judge Mark S. Wallace of the U.S. Bankruptcy Court for the Central District of California will convene a hearing on Jan. 10, 2017 at 2:00 p.m. to consider Desert Springs Financial, LLC's bidding procedures in connection with its sale of real property located at 68051 Ramon Road, Cathedral City, California, APN 680-190-034 ("Bowling") and 57% interest in APN 680-190-036 to Palm Springs Financial Group, LLC ("PSFG"), for $4,300,000, or to a higher and better bidder, concurrently with the completion of the court-approved sale of Towers, APN 680-190-033 and 43% interest in APN 680-190-036 to GK Real Estate Group, LLC for $2,290,000 on Feb. 28, 2017, or other deadline as set by the court. A hearing on the Motion is set for Feb. 21, 2017 at 2:00 p.m. Objection deadline is 14 days prior to the hearing. The Debtor owns 3 adjacent parcels of real property that are the subject of the Motion. The first is the Bowling and is the subject of the Motion for approval of sale. It is a commercial building leased to Ramon Palm Lane, Inc. ("RPL"), facing west and is operating as a bowling alley with a snack bar and grill and a small pro shop. It is identified as APN 680-190-034. Ownership of the parcel includes a 57% interest in an association membership of Ramon Tower Business Park, Inc. It also includes the rights and obligations of Lessor arising from an existing lease with RPL and guaranty of Yun Hei Shin and Jin Yeo Lee. The sale of the second parcel was court approved on Nov. 8, 2016, and is configured as a commercial office/retail property facing north located at 68031 Ramon Road, Cathedral City, California ("Towers"). The parcel is identified as Assessor's Parcel Number 680-190-033-8. Ownership of the parcel includes a 43% interest in an association membership of Ramon Tower Business Park, Inc., which association owns and controls the Parking Area servicing the parcel. The third is the Parking Area, APN 680-190-036 ("Parking Area"). On July 20, 2016, the Debtor filed a motion for approval of sale of the Towers property which was denied without prejudice on Aug. 24, 2017 because free and clear title could not pass to the purchaser without consent of lienholders. Lienholders did not consent. A second motion was filed Oct. 3, 2016, but was never heard and became moot upon the filing of a new motion. A third motion for the sale of Towers and refinance of Bowling property was heard and approved on Nov. 8, 2016. The sale and refinance were to be completed on Dec. 8, 2016. The refinance failed to materialize due to conditions of the lender that the Debtor was unable to satisfy despite best efforts. Socotra Capital conditioned funding of the refinance loan upon receipt of financial statements of the Lease Guarantors, Yun Hei Shin and Jin Yeo Lee. Guarantors refused and failed to provide the requested financial statements as required by the terms of the lease. Socotra also required general releases of liability from Ramon Palm Lane, Inc., and Yun Hei (Angie) Shin, individually, in favor of the Debtor and Murray Altman, individually, including a waiver of the provisions of California Civil Code Section 1542. RPL/Shin declined to provide the requested releases. Thus, the conditions for funding the refinance were not satisfied. Nevertheless, the approved sale of Towers remains ready to close. On Dec. 13, 2016, a Motion to establish bid procedures and set the date for approval of the sale of Bowling was filed and served with a hearing date of Dec. 20, 2016. The hearing date was continued by the court sua sponte to Jan. 10, 2017. On Dec. 20, 2016, a motion to extend the closing date on Towers and approve the sale of the Bowling property to be closed concurrently with Towers was filed and served with hearing date of Jan. 10, 2017. Creditor RPL/Shin requested the motion be continued and the court continued both the Motion and the motion to approve bid procedures to Jan. 24, 2017. At the hearing on Jan. 24, 2017, both motions were denied without prejudice. The court did not approve or establish proposed bid procedures but denied the motion without prejudice. With respect to the motion to approve the sale, the Court noted that the Debtor had not complied with LBR 6004-l(f), Publication of Notice of Sale of Estate Property, and suggested that proposed bid procedures included in a timely filed and published Notice of Sale will be deemed adequate notice to potential bidders. The escrow for the court-approved sale of Towers remains open and the approved purchaser is ready to fund and close pending approval of the sale. The salient terms of the Purchase Agreement are: a. Purchased Property: The Bowling property is 25,000 sq. foot commercial building (APN 680-190-034) and 57% interest in the adjoining parking lot. The building is currently being used and operated as a bowling alley known as Palm Springs Lanes, operated by Ramon Palm Lane, Inc. under lease effective Sept. 2, 2008 to Sept. 30, 2023. The purchase price includes transfer of Lessor's rights and obligations arising from the lease from the Seller to the Buyer upon close of escrow. b. Buyer: Palm Springs Financial Group, LLC or Assignee, through its members Kevin Sarkisyan and Levon Akhsharumov, with offices at 13547 Ventura Blvd, Suite 217, Sherman Oaks, California and 1241 S. Glendale Ave., Suite 2058, Glendale, California. c. Seller: Desert Springs Financial, LLC d. Purchase Price: $4,300,000 e. Deposit: $500,000 f. New Loan in the amount of $2,300,000. g. The Purchase Money Note from the Buyer in the amount of $1,500,000 secured by the Purchase Money Deed of Trust to the Seller. The terms of the Purchase Money Note require monthly interest-only payments to the Seller at 5% per annum from close of escrow with the balance of principle and interest to be paid in full within 30 months of close of escrow. The Purchase Money Note and Purchase Money Deed of Trust are junior and subordinate only to the existing notes and/or the New Loan. Should Proposed Purchaser sell the property within 30 months of close of escrow, it will pay Seller the amount of unpaid principle and interest on the Purchase Money Note plus 25% of the net difference between the purchase price set forth and the new sales price from the later sale or $250,000, whichever is less. h. Sale Free and Clear: The Sales will be free and clear of all liens, claims or interests subject to the unexpired leasehold interests of 111 Smoke Shop and RPL. i. Breakup Fee: $50,000 On Nov. 8, 2016, the sale of an adjacent property, Towers, to GK Real Estate Group for $2,290,000, all cash, was Court approved. The escrow for the Towers sale is required to be concurrent with the close of the Bowling property so title to both properties can be transferred free and clear. Thus, escrow for the sale and escrow for the sale of Towers are to close concurrently and simultaneously on or prior to a closing deadline to be approved by the Court. Should a qualified overbid be accepted and approved, it will be subject to the same requirement. RPL has a leasehold interest in the parcel based on a lease effective Sept. 1, 2008 to Sept. 30, 2023, with an option for 10 year extension. Monthly rent obligation is currently $49,790 per month until Sept. 30, 2017, after which time it increases 5% and increases 5% each year thereafter. Projected rental income from Feb. 1, 2017 to Sept. 30, 2023, is $4,665,550. The tenant was current with the monthly rental obligation through January 2017. Rent for February will have become due before the hearing on the Motion. If not paid, it will be applied to all or any portion of the Security Deposit for the payment of any amount already due Lessor, for Rents which will be due in the future, and/or to reimburse or compensate Lessor for any liability, expense, loss or damage which Lessor may suffer or incur by reason thereof. The lessee's obligations under the lease are personally guaranteed by Yun Hei Shin and Jin Yeo Lee. The sale of the parcel includes the transfer of rights, obligations, and interests of the parties to the lease, and any overbid would be subject to same. A review of the case will reveal that the tenant and guarantor (RPL/Shin) sued Debtor in state court asking, among other things, that the lease be rescinded. The State Court found the lease to be valid and enforceable but the amount of rent was modified to the amounts stated above. A money judgment was awarded to RPL/Shin to recover overpaid rent and attorney fees. The overpaid rent with interest will have been fully paid by Debtor as of the date of the hearing of the Motion. Bidders should also be aware and take note that the tenant and guarantor have filed repeated objections in the bankruptcy case to the sale of the adjacent Towers property to anyone but themselves. They oppose the use of any portion of the Towers for marijuana related business. They have asked the bankruptcy court for an order allowing, them to terminate the Bowling property lease and guaranty without notice or opportunity to be heard should a tenant of the Towers property operate a marijuana dispensary during the term of the lease. The court has not issued the requested order. The existing liens (cross-collateralized) on Debtor's property including Towers and Bowling, and adjacent parking parcel are: a. Yun Hei Shin: 1st mortgage. Estimated balance $2,521,661 as of Jan. 12, 2017, per Notice of Default recorded on said date. The Creditor claims it is approximately $2,900,000 per purchase of Note. b. J&K Drywall and Metal Stud Framing, Inc.: Judgment Lien. $14,883 per Abstract of Judgment recorded Sept. 30, 2010. c. RPL and Shin: Judgment lien. The calculated balance will be $1,211,031 as of Feb. 28, 2017. This amount does not include the disputed's creditor claim for post-judgment and post-petition attorney fees and costs. The creditor claims the amount should be increased about $250,000 to $300,000 due to interest, fees and costs. The proposed sale of Bowling property is subject to higher and better bids. The salient terms of the Bidding Procedures are: a. Minimum Overbid: $4,400,000. It may include up to $1,500,000 of seller financing. b. Bid Increment: Must be at least $50,000 more than the previous qualified bid. c. Bid Deadline: Feb. 18, 2017 d. Commission: Proposed Purchaser and the Seller of the Bowling property are both represented by broker, Mike Radlovic. Mr. Radlovic agreed to accept reduced commission of 4% of the price paid by the Proposed Purchaser for the Bowling property. The commission is to be paid to Coldwell Banker Commercial - SC; Broker, Mike Radlovic, from escrow. e. Should an overbid on the Bowling property be accepted and approved, commission of 5% as set forth in the listing agreement, will be divided equally between Seller' broker and the Buyer's broker, if any. f. PSFG is deemed to be a qualified bidder for the purposes of bidding and overbidding. g. Credit Bidding: Secured creditors RPL/Shin will be entitled to credit bid in the amount of their allowed claim(s). h. Auction: Feb. 21, 2017 at 9:00 a.m. at the Court. i. Free and Clear: The sale is free and clear of all liens, claims, encumbrances and interests of any and every nature and kind whatsoever and however arising. A copy of the Agreement and Bidding Procedures attached to the Motion is available for free at: http://bankrupt.com/misc/Desert_Springs_356_Sales.pdf Assuming no overbid, the proposed distribution of each payments based on the principle and interest tp Feb. 28, 2017, as set forth, provides adequate assurance. a. Sale of Bowling Property $4,300,000 b. Sale of Towers $2,290,000 (i) Note & DOT to DSF $1,500,000 (ii) Note secured by 1st DOT $2,830,487 (iii) RPL per POC with interest $1,211,031 (iv) J&K Drywall lien $ 14,883 (v) Commission - Towers $ 80,150 (vi) Commission - Bowling $ 172,000 (vii) Property Taxes - Bowling $ 6,172 (vii) Property Taxes - Towers $ 11,513 c. Balance of Funds $ 763,765 The immediate completion of the sales is necessary for the orderly reorganization of the Debtor given the relief of stay granted to Shin who purchased the secured note and 1st Deed of Trust from Pacific Premier Bank and judgment creditors RPL and Shin. On Jan. 12, 2017, Shin recorded a Notice of Default on the Note. The 90-day cure period will expire April 12, 2017. The concurrent closing of the purchase and the purchase of Towers will eliminate the threat of foreclosure and will be of more benefit to the estate and its stakeholders than a foreclosure sale. Accordingly, the Debtor asks the Court to approve the proposed sale of the Bowling property pursuant to established Bid Procedures; and the concurrent closing of escrows to transfer free and clear title to the Towers and Bowling properties subject to the existing leases. The Debtor asks the Court to waive the 14-day stay pursuant to the FRBP Rule 6004(h) and that the property maybe sold immediately upon the entry of the Order granting the relief requested. About Desert Springs Financial Desert Springs Financial LLC filed a chapter 11 petition (Bankr. N.D. Cal. Case No. 16-14859) on May 30, 2016. The single asset real estate debtor is represented by Wayne M. Tucker, Esq., at Orrock Popka Fortino Tucker & Dolen in Redlands, Calif. At the time of the filing, the Debtor disclosed $16.8 million in assets and $7.33 million in liabilities. DIANE MARIE ACCIAVATTI: NJ Supreme Court to Hear Legal Fees Rift ---------------------------------------------------------------- Jeannie O'Sullivan, writing for Bankruptcy Law360, reports that the New Jersey Supreme Court has granted the requests of Rotenberg Meril Solomon Bertiger & Guttilla PC and Elliot H. Gourvitz of Gourvitz & Gourvitz LLC, creditors of former attorney Diane Marie Acciavatti, to review a published appeals decision that anticipated legal fees constitute a valid security interest. Law360 relates that questions arose during a dispute about the creditor distribution priority of the bankrupt attorney's assets. In August 2016, Law360's Ms. O'Sullivan reported that the New Jersey Appellate Division for the first time clarified that anticipated legal fees constitute a valid security interest under the Uniform Commercial Code, handing a victory to a bankrupt attorney's creditor who challenged the distribution priority of the attorney's assets. In a published opinion on an issue of first impression in New Jersey courts, a three-judge panel upended a lower court's ruling that creditor OKS Realty could collect on its $125,000 loan to Acciavatti only after two other creditors got paid because Acciavatti didn't yet have a true interest in the fees she pledged to OKS as collateral. The panel rejected the lower court judge's reasoning that because Acciavatti secured the loan with anticipated counsel fees from a malpractice lawsuit, they were an asset that didn't exist at the time it was promised. The lower court judge's reasoning "clearly ignored" the language of the security agreement between OKS and Acciavatti, which identified the counsel fees as collateral for the loan, the panel said. The anticipated fees indeed qualified as an account and therefore an asset of Acciavatti's, under the secured transactions provision of UCC guidelines, the panel ruled. OKS further complied with UCC requirements to "perfect," or ensure, the security interest by filing a financing statement covering the collateral of Acciavatti's anticipated counsel fees, the opinion said. The December 2010 statement was filed before the other creditors, accounting firm Rotenberg Meril Solomon Bertiger & Guttilla PC and the law firm Gourvitz & Gourvitz LLC, entered their own liens against Acciavatti. Acciavati filed for bankruptcy in March 2014. DIRECTBUY HOLDINGS: Westchester Fire Tries to Block Auction ----------------------------------------------------------- Vince Sullivan, writing for Bankruptcy Law360, reports that Westchester Fire Insurance Co., the issuer of surety bonds on behalf of DirectBuy Holdings Inc., filed with the U.S. Bankruptcy Court for the District of Delaware an objection to the Debtor's proposed bidding procedures for the Debtor's planned Chapter 11 auction includes a list of contracts and leases to be assumed and assigned or rejected. The report adds that the list includes a cash collateral agreement held by the surety. According to Law360, Westchester Fire said that the plan to assign the surety's cash collateral agreement won't fly. About DirectBuy Holdings DirectBuy Holdings Inc., headquartered in Merrillville, Indiana, is a membership buying club that operates under a franchise business model. DirectBuy Holdings, Inc., United Consumers Club, Incorporated, DirectBuy, Inc., Beta Finance Company, Inc., UCC Distribution, Inc., U.C.C. Trading Corporation, National Management Corporation, and UCC of Canada, Inc., each filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 16-12435) on Nov. 1, 2016. The Debtors are represented by Marion M. Quirk, Esq., Nicholas J. Brannick, Esq., Michael D. Sirota, Esq., Ilana Volkov, Esq., Felice R. Yudkin, Esq., at Cole Schotz P.C. Prime Clerk LLC serves as their claims and noticing agent. Carl Marks & Co. serves as their financial advisor. Judge Christopher S. Sontchi has been assigned the cases. DirectBuy Holdings estimated $100 million to $500 million in both assets and liabilities. The petitions were signed by Michael P. Bornhorst, chief executive officer. The Company's Canadian subsidiaries were slated on Nov. 2, 2016, to commence proposal proceedings under the Bankruptcy and Insolvency Act to obtain an Order from the Ontario Superior Court of Justice approving proposals to be made by the Canadian Subsidiaries to their respective creditors under Part III of the BIA. Andrew R. Vara, Acting U.S. Trustee for Region 3, appointed five creditors of DirectBuy Holdings, Inc., to serve on the official committee of unsecured creditors. ENTERCOM COMMS: CBS Merger Won't Impact Moody's B1 Corp Rating -------------------------------------------------------------- Moody's Investors Service says Entercom Communications Corp.'s announcement that it has entered into a merger agreement with CBS Radio Inc. is expected to be a credit positive, but is not expected to lead to a change in the B1 corporate family rating. The existing debt at CBS Radio, including $960 million of term loan B and $400 million of senior notes, is expected to remain outstanding as the change of control provision was not triggered by the transaction, while the $480 million of existing debt at Entercom will be refinanced with a new $500 million term loan B. Entercom Communications Corp., headquartered in Bala Cynwyd, PA, is one of the largest US radio broadcasters based on revenue. Revenue for the 12 months ended September 30, 2016 was $455 million. EXTREME OUTDOOR: Hires R Todd Luoma as Special Counsel ------------------------------------------------------ Extreme Outdoor Adventures, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to employ R. Todd Luoma as special counsel with respect to tax matters and specifically the claim of the California State Board of Equalization ("BOE"), effective January 17, 2017. The Debtor requires Mr. Luoma to: (a) represent the Debtor with regard to tax matters and in particular the disputed claim of the BOE; (b) advise and represent the Debtor with respect to the claim of the BOE within the present Chapter 11 case; and (c) communicate with and negotiate as necessary with the BOE and other parties of interest in this case. The Debtor and Mr. Luoma propose that compensation be on an hourly basis. Mr. Luoma's hourly date is $490 per hour. Mr. Luoma will also be reimbursed for reasonable out-of-pocket expenses incurred. R. Todd Luoma of Williams & Associates, P.C. assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Mr. Luoma can be reached at: R. Todd Luoma, Esq. LAW OFFICE OF WILLIAMS & ASSOCIATES, P.C. 3600 American River Drive Suite 135 Sacramento, CA 95864 Tel: (916) 488-8501 Fax: (916) 488-8196 E-mail: Todd@WilliamsTaxLaw.com Extreme Outdoor Adventures, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 17-20204) on Jan. 12, 2017. The Hon. Christopher D Jaime presides over the case. EXTREME OUTDOOR: Taps Stephen Reynolds as Attorney -------------------------------------------------- Extreme Outdoor Adventures, LLC seeks authorization from the U.S. Bankruptcy Court for the Eastern District of California to employ Stephen M. Reynolds of Reynolds Law Corporation as attorney, nunc pro tunc to January 17, 2017. The Debtor requires Reynolds Law to: (a) prepare and file complete schedules and statements in support of relief under Chapter 11 of the United States Code; (b) advise and represent the Debtor within the present Chapter 11 case; (c) obtain employment of professionals as necessary for the proper administration of the estate and case; (d) obtain court authority for the use of cash collateral; (e) communicate with and negotiate as necessary with the creditors and other parties of interest in this case; (f) obtain Court authority for any and all actions necessary to the administration of the estate, including funding; (g) propose and obtain confirmation of a Plan of Reorganization; (h) all other actions necessary for the proper administration of the estate; and (i) obtain court authority for the sale of certain property of the estate. The Debtor and Mr. Reynolds propose that compensation be on an hourly basis. Mr. Reynolds' hourly date is $350 per hour. Reynolds Law received $ 12,000 as a prepetition retainer. Of that sum $1,717 was used to pay the Chapter 11 filing fee and $6,650 for prepetition legal fees. Reynolds Law will also be reimbursed for reasonable out-of-pocket expenses incurred. Stephen M. Reynolds assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Mr. Reynolds can be reached at: Stephen M. Reynolds, Esq. REYNOLDS LAW CORPORATION 424 Second Street, Suite A Davis, CA 95616 Tel: (530) 297-5030 Fax: (530) 297-5077 E-mail: sreynolds@lr-law.net Extreme Outdoor Adventures, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Cal. Case No. 17-20204) on Jan. 12, 2017. The Hon. Christopher D Jaime presides over the case. FAHEY EXTERIORS: Swift Financial Wants to Stop Cash Use ------------------------------------------------------- Swift Financial Corporation d/b/a Swift Capital asks the U.S. Bankruptcy Court for the Southern District of West Virginia to prohibit Fahey Exteriors, LLC from using its cash collateral. Swift Financial believes that the Debtor has continued to use its cash collateral as a debtor-in-possession, without Swift Financial's consent or without having filed any motion seeking authority from the Court. Swift financial says that the Debtor has made no effort to ensure that Swift Financial's cash collateral is adequately protected, putting Swift Financial's security in immediate jeopardy, at risk of diminution without adequate protection. Swift Financial relates that it has entered into a Future Receivables Sale Agreement with the Debtor. Pursuant to the Agreement, the Debtor sold to Swift Financial all of its rights and interest on its Future Receivables in a certain dollar value and was required to pay to Swift Financial 8% of its Future Receivables. The dollar value of the Future Receivables sold by the Debtor was $99,675. The Purchase Price paid by Swift Financial was $75,000. However, Swift Financial further relates that, to date, the is delinquent in payments and owes Swift Financial $75,519, plus fees and costs, including reasonable attorneys’ fees, all of which continue to accrue. Swift Financial tells the Court that it objects to the Debtor's continued use of Cash Collateral because the Debtor retained no rights in the existing and future receivables as it has already sold these to Swift Financial, and thus the Debtor may not use the cash proceeds of those receivables as cash collateral. Swift Financial Corporation is represented by: Ann R. Starcher, Esq. Spencer D. Elliott, Esq. LEWIS, GLASSER, CASEY & ROLLINS, PLLC 300 Summers Street, Suite 700 P.O. Box 1746 Charleston, WV 25326 Phone: (304) 345-2000 Fax: (304) 343-7999 About Fahey Exteriors, LLC Fahey Exteriors, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D.W. Va. Case No. 16-30572) on December 15, 2016. The Petition was signed by Joshua Fahey, Member. At the time of filing, the Debtor estimated assets at $50,000 to $100,000 and liabilities at $500,000 to $1 million. The Debtor is represented by Joe M. Supple, Esq., at Supple Law Office PLLC. Dunn Cooper Adkins & Reynolds, PLLC serves as the Debtor's accountant. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Fahey Exteriors, LLC, as of Jan. 20, 2017 according to a court docket. FARR ENTERPRISES: Court Allows Cash Collateral Use Until Feb. 24 ---------------------------------------------------------------- Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western District of North Carolina authorized Farr Enterprises, Inc., to use cash collateral on an interim basis until Feb. 24, 2017 at 10:30 a.m. Reid and Patsy Scott hold a perfected, prepetition lien upon the rents collected from the use of the Debtor's property located at 9066 Camp Firestone Drive, Nebo, North Carolina, by virtue of a certain Deed of Trust. The Debtor is authorized to use cash collateral in the ordinary course of business to pay for ordinary and customary expenses associated with the ownership and business of a marina, including the payment of regular mortgage payments to Morganton Savings Bank in the monthly amount of $6,251 and the U.S. Small Business Administration in the monthly amount of $1,526. The Scotts are granted valid, attached, choate, enforceable, perfected and continuing security interests in, and liens upon all post-petition assets of the Debtor of the same character and type, to the same extent and validity as the liens and encumbrances of the Scotts attached to the Debtor's assets pre-petition. The Debtor is directed to make an adequate protection payment to the Scotts in the amount of $3,000 on or before Feb. 3, 2017. A full-text copy of the Interim Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/FarrEnterprises2016_1640291_49.pdf Reid and Patsy Scott are represented by: Jimmy R. Summerlin, Jr., Esq. YOUNG, MORPHIS, BACH & TAYLOR, LLP P.O. Drawer 2428 Hickory, NC 28603 Telephone: (828) 322-4663 Morganton Savings Bank is represented by: Roderick H. Willcox, Jr., Esq. WILLCOX LAW FIRM, PLLC 216 N. Sterling Street, Suite A Morganton, NC 28655 Telephone: (828) 433-1333 About Farr Enterprises, Inc. Farr Enterprises Inc. filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.C. Case No. 16-40291) on July 1, 2016. The petition was signed by Laura Aulgur, president. Hon. Craig J. Whitley presides over the case. Edward C. Hay, Jr., Esq., at Pitts, Hay & Hugenschmidt P.A. represents the Debtor as counsel. In its petition, the Debtor estimated $2.11 million in assets and $1.9 million in liabilities. FINJAN HOLDINGS: Subsidiary Issued its First U.S. Patent -------------------------------------------------------- Finjan Holdings, Inc., announced that its subsidiary, Finjan Mobile, Inc., received its first patent. U.S. Patent No. 9,554,279 was issued on Jan. 24, 2017, and is titled "Authorized Areas of Authentication." "Finjan's return to development and reclaiming of its position as a leading cybersecurity technology company has been aggressive and purposeful. The issuance of our first patent in Finjan Mobile is a huge milestone," said Phil Hartstein, president and CEO of Finjan Holdings. "While we are using many of Finjan's existing patents in our Mobile products, it remains essential that we meet the growing consumer demand for privacy and protection, which is why we continue to innovate outside of our landmark technology and are working to offer the best-in-class mobile privacy and security offerings in our products." Finjan Mobile is focused on providing state-of-the-art cyber technologies in a mobile platform, previously only available in business and enterprise applications. Much of Finjan's early patented inventions form the base of Finjan Mobile's VitalSecurity Secure Browser with development of new technologies continuing today, as demonstrated by the current patent issuance. The Gen3 VitalSecurity offering is being installed on roughly 1000 new devices each day. Additional features and functions are expected in Gen3.5 with a planned launch in the first quarter of 2017. Finjan Mobile's VitalSecurity products are available for download on Android and iOS platform devices. About Finjan Finjan, formerly known as Converted Organics, is a leading online security and technology company which owns a portfolio of patents, related to software that proactively detects malicious code and thereby protects end-users from identity and data theft, spyware, malware, phishing, trojans and other online threats. Founded in 1997, Finjan is one of the first companies to develop and patent technology and software that is capable of detecting previously unknown and emerging threats on a real-time, behavior-based basis, in contrast to signature-based methods of intercepting only known threats to computers, which were previously standard in the online security industry. Finjan Holdings reported a net loss of $12.6 million in 2015, a net loss of $10.5 million in 2014 and a net loss of $6.07 million in 2013. As of Sept. 30, 2016, Finjan had $15.04 million in total assets, $4.57 million in total liabilities, $13.68 million in redeemable preferred stock and $3.22 million in stockholders' deficit. FIRST PHOENIX-WESTON: Simplicity to be Paid 4% Per Annum Over 7 Yrs ------------------------------------------------------------------- First Phoenix-Weston LLC and FPG & LCD, L.L.C. filed with the Western District of Wisconsin a joint disclosure statement dated Jan. 30, 2017, referring to the Debtors' plan of reorganization. Class 3A Allowed Security Claim of Simplicity Credit Union against Weston -- estimated at $31,182 -- will retain the vehicle against which Simplicity holds lien position. Simplicity's Claim will be paid by Weston in equal monthly installments, amortized over seven years at a rate of 4% per annum. Class 5 Intercompany Claims against FPG, estimated at $600,405, will be offset and any remaining balance will be paid in quarterly installments in amounts equal to 10% of the Debtor's net income after estimating for necessary, accrued income taxes. FPG reserves the right to object to Weston's filed claim within 30 days of the Effective Date. Class 7 General Unsecured Claims against Weston, estimated at $120,561, and against FPG, estimated at $113,940, will be paid in full in four installments, occurring 3, 9, 15, and 21 months after the Effective Date. First Phoenix Group LLC will waive any distribution to which it may be entitled under the Plan by either the Debtor. Any creditor in Class 7 may elect to have its claim reduced to $2,500 and paid as Class 8 Claim, Convenience Claims. Funding on the cash payments due on the Effective Date will be from the Debtors' operations during the Chapter 11 cases. Funding of the Plan's future installments to creditors will come from the normal operations of the Debtors' business after confirmation of the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/wiwb16-12820-210.pdf The Court has set for March 10, 2017, a preliminary hearing on the confirmation of the Plan. Ballots are to be returned to the counsel for the Debtors by March 3, 2017, which is also the deadline for the filing of objections to the confirmation of the Plan. As reported by the Troubled Company Reporter on Jan. 30, 2017, the Debtors filed with the Court a joint disclosure statement and accompanying joint plan of reorganization dated Jan. 23, 2017, which proposed that Debtors pay Class 6 Sabra Unsecured Claim -- estimated at $4,773,4383 -- at a rate of 4% per annum over 35 years with no prepayment penalties. About First Phoenix-Weston 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. FORBES ENERGY: Disclosure Statement Hearing Set for March 8 ----------------------------------------------------------- The Hon. David R. Jones of the U.S. Bankruptcy Court for the District of Texas will hold a hearing on March 8, 2017, at 10:00 a.m. (prevailing Central Time) at 1133 N. Shoreline Blvd., Corpus Christi, Texas, to consider the adequacy of the disclosure statement explaining the prepackaged Chapter 11 plan filed by Forbes Energy Services Ltd. and certain of its debtor-affiliates. Objections, if any, are due Feb. 27, 2017, at 5:00 p.m. (prevailing Central Time). As reported by the Troubled Company Reporter on Jan. 26, 2017, under the Plan, holders of Class 5 General Unsecured Claims -- estimated at approximately $4 million to $8 million -- is unimpaired, and will receive payment in full under the Plan. The Plan is supported by the Debtors and the supporting noteholders representing approximately 65.40% of the allowed senior unsecured notes claims. After months of active and arm's-length negotiations, the Debtors, in consultation with its advisors, reached agreement on the terms of the Plan with the supporting noteholders, representing a substantial majority by principal amount of the Holders of Senior Unsecured Notes Claims. The Debtors believe that the Plan is the best restructuring alternative reasonably available to the Debtors. Because holders of Senior Unsecured Notes Claims are the only impaired creditor class under the Plan, only the holders are entitled to vote on the Plan. Through confirmation of the Plan, the Debtors will restructure and substantially deleverage its balance sheet; obtain new exit financing on advantageous terms; reduce its cash interest expense to a level that is aligned with its expected future cash flows; and retain additional flexibility to invest in growth initiatives to maximize enterprise value. The Debtors had outstanding debt having a principal amount of over $300 million. Upon emergence from Chapter 11, the Reorganized Debtors expect to have outstanding debt primarily consisting of obligations under a contemplated $50 million term loan Exit Facility. Pursuant to the Restructuring Support Agreement, the Debtors have obtained the agreement of Holders of approximately 65.40% in principal amount of the Senior Unsecured Notes to vote in support of the Plan. The Senior Unsecured Notes represent $280 million in principal obligations owed by the Debtors, plus projected accrued interest of approximately $32 million as of Jan. 23, 2017. Under the Plan, the Senior Unsecured Notes will be exchanged for $20 million in cash and 100% of the New Common Stock in Reorganized Parent, subject to dilution on account of shares issued or available for issuance under the Management Incentive Plan. Allowed Secured Claims either will be reinstated or paid in full under the Plan. Equity Interests in FES Ltd., inclusive of the Existing Preferred Stock, will be extinguished. The Plan is feasible and will be implemented with existing cash-on-hand and $50 million of funding under the Exit Facility to be made available to the Reorganized Debtors by participating Holders of the Senior Unsecured Notes who become Exit Facility lenders. The Exit Facility will be backstopped by certain of the largest Holders of the Senior Unsecured Notes. The Debtors have a forbearance agreement in place with the Senior Secured Lenders through Dec. 28, 2016. The Debtors are negotiating an extension of forbearance through Jan. 31, 2017, which the Debtors expect to execute in the near future. In the event that agreement on a forbearance extension is not reached, the Debtors may be required to repay the revolving advances under the Senior Secured Loan Agreement, or to commence a bankruptcy case prior to the conclusion of the solicitation period on the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/txsb17-20023-8.pdf About Forbes Energy Alice, Texas-based Forbes Energy Services Ltd. (OTC Pink: FESL) -- http://www.forbesenergyservices.com/-- is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas and Pennsylvania. The Company's balance sheet at Sept. 30, 2016, showed total assets of $332.6 million, total liabilities of $337.0 million, $15.10 million series B senior convertible preferred shares, and a stockholders' deficit of $19.57 million. Forbes Energy Services Ltd. filed voluntary petitions for reorganization under chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 17-20023) on Jan. 22, 2017 for itself and its principal subsidiaries pursuant to the terms of the previously disclosed Restructuring Support Agreement with certain holders of the Company's 9% senior unsecured notes due 2019. The Debtors' financial advisors is Alvarez & Marsal Holdings, LLC. The Debtors' investment bankers is Jefferies LLC. The Debtors' corporate and securities counsel is Winstead PC. The Debtors' solicitation and balloting consultants is Kurtzman Carson Consultants LLC. The Debtors had $332.57 million in total assets and $337.03 million in total debts as of Sept. 30, 2016. FORBES ENERGY: Wants to Use Regions Bank Cash Collateral -------------------------------------------------------- Forbes Energy Services Ltd. and its affiliated Debtors seek authorization from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral and the proceeds of all collateral pledged to Regions Bank, in its capacity as agent for itself and certain other financial institutions. The Debtors believe that as of the Petition Date, the balance in the Pledged Cash Collateral Account is $27,562,703. The Debtors, with the assistance of their advisors, developed a cash flow forecast and Budget for the use of Cash Collateral pending consummation of the Plan. The proposed Budget reflects a total cash flow of $600,000 from January 20, 2017 through March 24, 2017. The Debtors believe that absent access to cash collateral to make the expenditures contemplated by the Budget, they would be required to convert their cases to chapter 7 and liquidate on a piecemeal basis, causing irreparable harm to the Debtors and their estates. The Debtors contend that they have an urgent and immediate need for cash collateral. As of the Petition Date, the Debtors were jointly and severally indebted and liable to Regions Bank for outstanding revolver loans in the principal amount of $15,000,000; certain Bank Product Obligations, reimbursement obligations in respect of letters of credit, which had an aggregate face amount of $9,012,098; and fees, expenses, and other costs, reasonable attorneys' fees and charges. Pursuant to the Loan Documents, the Debtors granted Regions Bank security interests in and liens upon all: (1) the deposit account of Forbes Energy Services LLC; (2) all deposits or other remittances at any time made to and balances in the Pledged Cash Collateral Account; (3) any and all investments made at any time of any balances in the Pledged Cash Collateral Account; and (4) any and all proceeds of any of these properties. The Debtors propose to grant Regions Bank valid, binding, enforceable and automatically perfected liens on and security interests in all personal property of each Debtor that is of the same type or nature as the Pre-Petition Collateral whether acquired, created, or existing prior to, on or after the Petition Date, and all cash and non-cash proceeds of such personal property. The Debtors propose to pay Regions Bank, in cash, interest and fees that have accrued in respect of the Pre-Petition Debt at the rates specified in the Loan Agreement and the other Loan Documents. As additional adequate protection, the Debtors will pay Regions Bank, in cash, the reasonable and documented out-of-pocket expenses incurred by Regions Bank, payable or reimbursable under any of the Loan Documents, including, but not limited to, fees and disbursements of counsel. Regions Bank will also be granted an administrative priority claim under section 507(b) of the Bankruptcy Code in the amount, if any, should the protections afforded for the Debtors' use, sale, consumption or disposition of any Pre-Petition Collateral prove to be inadequate. A full-text copy of the Debtor's Motion, dated January 19, 2017, is available at https://is.gd/yZP9Ac Regions Bank is represented by: William R. Greendyke, Esq. NORTON ROSE FULBRIGHT US LLP Fulbright Tower 1301 McKinney, Suite 5100 Houston, Texas 77010-3095 Telephone No.: (713) 651-5193 E-mail: william.greendyke@nortonrosefulbright.com -- and -- Eric W. Anderson, Esq. PARKER, HUDSON, RAINER & DOBBS, LLP 303 Peachtree Street NW, Suite 3600 Atlanta, Georgia 30308 Telephone No.: (404) 420-4331 E-mail: eanderson@phrd.com About Forbes Energy Alice, Texas-based Forbes Energy Services Ltd. (OTC Pink: FESL) -- http://www.forbesenergyservices.com/-- is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas and Pennsylvania. Forbes Energy Services Ltd. and its affiliates Forbes Energy Services LLC, C.C. Forbes, LLC, TX Energy Services, LLC and Forbes Energy International, LLC filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 17-20023, Bankr. S.D. Tex. Case No. 17-20024, Bankr. S.D. Tex. Case No. 17-20025, Bankr. S.D. Tex. Case No. 17-20026, and 17-20027, respectively), on January 22, 2017. The petitions were signed by Melvin L. Cooper, senior vice president and chief financial officer. The cases are assigned to Judge David R Jones. The Debtors are represented by Kenneth Green, Esq., at Snow Spence Green LLP and Richard M. Pachulski, Esq., at Pachulski Stang Ziehl & Jones LLP. The Debtors' financial advisor is Alvarez & Marsal Holdings, LLC. The Debtors' investment banker is Jefferies LLC. The Debtors' corporate and securities counsel is Winstead PC. The Debtors' solicitation and balloting consultant is Kurtzman Carson Consultants LLC. The Company's balance sheet at Sept. 30, 2016, showed total assets of $332.6 million, total liabilities of $337.0 million, $15.10 million series B senior convertible preferred shares, and a stockholders' deficit of $19.57 million. The Debtors disclosed $332.57 million in total assets and $337.03 million in total debts as of Sept. 30, 2016. FOREST PARK MEDICAL: Treatment of Employee Claims Amended --------------------------------------------------------- Forest Park Medical Center, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a disclosure statement for holders of claims in Class 1 in connection with its first amended plan of liquidation, dated Jan. 20, 2017. Class 1 creditors are composed of persons and similar persons with a current or prior contractual relationship with the Debtor or the Other Entities for the rendition of personal services to or for the benefit of the Debtor. Because the $1.54 million held by the Debtor would normally be used exclusively to satisfy the Allowed $5.17 million Administrative Claims of the Hospital Landlords, the Debtor has negotiated an option for employees and similar persons with a current or prior contractual relationship with the Debtor or the Other Entities for the rendition of personal services to or for the benefit of the Debtor to elect to receive payments under the Plan by electing to become Holders of Allowed Class 1 Claims. This is called making the "Class 1 Election." Holders of Allowed Class 1 Claims with a Texas Workforce Commission (TWC) Order in their favor may vote on their Ballot to receive a Distribution equal to: (i) the amount of any TWC Order in favor of such Holder without interest, fees or charges; (ii) minus any amounts paid to such Holder on account of any TWC Order in favor of such Holder; (iii) plus $500.00. However, the amounts in (i) and (ii), when combined, may not exceed $12,475.00, because the Bankruptcy Code limits the maximum amount of priority claims that any individual may assert against a debtor in bankruptcy to $12,475.00. For demonstrative purposes only, an Allowed Class 1 Claim Holder with a TWC Order in favor of the Holder in the amount of $5,000 who has previously received $1,000 under the TWC Order will receive a single Distribution of $5,000, minus $1,000 previously received, plus $500, for a total payment of $4,500. An Allowed Class 1 Claim Holder with a TWC Order in favor of that Holder in the amount of $15,000 who has previously received $1,000 under the TWC Order will receive a single Distribution of $12,475.00 plus $500, for a total payment of $12,975.00. Holders of Allowed Class 1 Claims who do not have a TWC Order rendered in their favor will receive a single Distribution equal to: (i) that Holder's Allowed unpaid wage, salary, personal service or commission claims, which arise out of that Holder's rendition of personal services to or for the benefit of the Debtor, excluding vacation, severance, sick or other employee benefits of any kind, without interest, fees or charges as reflected in the Debtor's books and records and not to exceed $12,475.00; (ii) plus $500.00. For demonstrative purposes only, an Allowed Class 1 Claim Holder without a TWC Order in favor of that Holder but who has unpaid wages in the amount of $1,500 will receive a single Distribution of $1,500 plus $500 for a total payment of $2,000. An Allowed Class 1 Claim Holder without a TWC Order in favor of that Holder but who has unpaid wages in the amount of $15,000 will receive a single Distribution of $12,475, plus $500, for a total payment of $12,975. From and after the Effective Date, the Debtor will continue in existence solely for the purposes consistent with the terms of this Plan, which include: (1) effectuating the Wind Down by the Plan Administrator, (2) liquidating the Assets, enforcing and prosecuting Causes of Action, interests, rights and privileges of the Debtor and the Estate, (3) resolving Disputed Claims, (4) administering this Plan and taking such actions as are necessary to effectuate this Plan, and (5) filing appropriate tax returns. The Debtor shall also maintain those books, records and bank accounts necessary to effectuate the liquidation and Wind Down of the Estate. A full-text copy of the Disclosures Statement is available at: http://bankrupt.com/misc/txeb16-40302-314.pdf Forest Park Medical Center at Fort Worth, LLC, is a doctor-owned Texas limited liability company that owns and operates the Forest Park Medical Center, a state of the art medical facility, including private rooms, family suites and intensive care rooms located in West Fort Worth, Texas. The hospital employs 175 persons on a full-time or part-time basis. The hospital offers a broad range of surgical services. Forest Park Medical Center at Fort Worth filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-40198) in Ft. Worth, Texas, on Jan. 10, 2016. Judge Russell F. Nelms presides over the case. The Debtor estimated assets of $10 million to $50 million and debt of $50 million to $100 million. J. Robert Forshey, Esq., and Jeff P. Prostok, Esq., at Forshey & Prostok, LLP, serve as the Debtor's Chapter 11 counsel. Ronald Winters at Alvarez & Marsal Healthcare Industry Group, LLC serves as the Debtor's CRO. The Debtor tapped SSG Advisors, LLC and Chiron Financial Group, Inc. as co-investment bankers. Vibrant Healthcare Fort Worth, LLC, and FPMC Services, LLC run the Debtor's hospital in Forth Worth. Vibrant is the manager of the hospital operations of Debtor, and FPMC Services employs the employees at Debtor's hospital and those dedicated to servicing the hospital's "back office" operations. They are represented by William A. Brewer III, Esq., Michael J. Collins, Esq., and Robert M. Millimet, Esq., at Brewer, Attorneys & Counselors. An Official Committee of Unsecured Creditors has been appointed in this case by the United States Trustee, and is represented by Cole Schotz PC and Arent Fox, LLP lawyers. FORT WALKER: Lanciones Buying Beaufort County Property for $800K ---------------------------------------------------------------- Fort Walker Holdings, LLC, asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to authorize the sale of real property located at 31 Fort Walker Drive, Lot 3, Section M-2, Port Royal Plantation, Beaufort County, South Carolina, to Richard and Joyce Lancione, or their assigns, for $800,000. The Debtor owns the property. The Debtor has executed Contract of Sale – Offer and Acceptance, dated Dec. 14, 2016, with the Buyers for the purchase of the property. Ernest money in the amount of $40,000 is being held in escrow by Carolina Realty Group. The property is being sold as-is, where-is. A copy of the Contract of Sale attached to the Motion is available for free at: http://bankrupt.com/misc/Fort_Walker_43_Sales.pdf The Respondents which may hold liens, claims and encumbrances against the Real Property are: (i) Branch Banking & Trust; (ii) Beaufort County Treasurer; (iii) Thomas W. Bunch, II; (iv) SunTrust Bank; (v) Internal Revenue Service; (vi) South Carolina Department of Revenue; and (vii) The Association of Landowners of Port Royal Plantation, Inc. The liens, claims and encumbrances will be transferred to the proceeds of the sale, if and to the extent that they may be determined to be valid liens against the property in accordance with their validity and priority. The Debtor believes that the proposed sale is fair and reasonable and acceptance and approval of the same is in the best interest of the Estate. Accordingly, the Debtor asks that the Court enter an Order approving the sale of the property to the Buyers or their assigns free and clear of all liens, claims and encumbrances. The Purchasers can be reached at: Richard and Joyce Lancione 7 Hamilton Drive Bluffton, SC 29909 About Fort Walker Holdings Fort Walker Holdings LLC, based in Pittsburg, Pa., filed a Chapter 11 petition (Bankr. W.D. Pa. Case No. 16-22609) on July 14, 2016. The petition was signed by William E. Connolly, principal. The Hon. Gregory L. Taddonio presides over the case. Robert O. Lampl, Esq. serves as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The Debtor employs Carolina Realty Group as real estate broker. 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 Fort Walker Holdings LLC. FULLER PROPERTIES: Hearing on Plan Confirmation Set For March 15 ---------------------------------------------------------------- The Hon. Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia has scheduled for March 15, 2017, at 10:30 a.m. the hearing to consider the confirmation of the Chapter 11 plan filed by Fuller Properties, LLC, on Dec. 22, 2016. Objections to the confirmation of the Plan must be filed by March 8, 2017, which is also the last day for filing written acceptances or rejections to the Plan. No later than 35 days prior to the Confirmation Hearing, the proponent of the Plan will mail to creditors, equity security holders, and other parties-in-interest, and transmit to the U.S. Trustee, the Plan, a ballot conforming to Official Form 14, and a notice of the Confirmation Hearing. About Fuller Properties Fuller Properties, LLC, sought Chapter 11 protection (Bankr. E.D. Va. Case No. 15-35083) on Oct. 1, 2015. The petition was signed by Lee A. Barnes, Jr., managing member. The Debtor estimated assets and liabilities in the range of $100,001 to $500,000. The Debtor tapped Troy Savenko, Esq., at Kaplan, Voekler, Cunningham & Frank, PLC, as counsel. GAINESVILLE HOSPITAL: Jerry Carpenter Is Committee Chairperson -------------------------------------------------------------- Jerry Carpenter of Morrison Management Specialists, Inc., has been designated as chairperson of the official committee of unsecured creditors of Gainesville Hospital District. As reported by the Troubled Company Reporter on Feb. 3, 2017, William T. Neary, the U.S. trustee for Region 6, on Feb. 1 appointed these five creditors to serve on the official committee of unsecured creditors: (1) Jerry Carpenter MORRISON MANAGEMENT SPECIALISTS, INC. 4721 Morrison Drive, Suite 300 Mobile, AL 36609 Tel: (251)-461-3020 Fax: (251)-461-3193 E-mail: jerrycarpenter@iammorrison.com (2) Roger McMullen AMERISOURCEBERGEN DRUG CORP. 10910 Lee Vista Boulevard, Suite 401 Orlando, FL 32829 Tel: (407)-454-6637 E-mail: rmcmullen@amerisourcebergen.com (3) Colleen Steig MEDTRONIC 800 53RD Avenue NE, MS SLK27 Columbia Heights MN 55421-1241 Tel: (763)-505-6538 Fax: (763)-367-1403 E-mail: colleen.m.stieg@medtrontic.com (4) Justin B. Tilley NORTHSTAR ANESTHESIA, P.A. 6225 N. State Highway 121, Suite 200 Irving, TX 75038 Tel: (214)-687-0532 (214)-687-0996 E-mail: Justin.tilley@northstaranesthesia.com (5) Dean Tullis VOICE PRODUCTS SERVICE LLC 8555 e. 32ND Street N. Wichita, KS 67226 Tel: (316)-616-1111 Fax: (316)263-1823 E-mail: dtullis@voiceproducts.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 Gainesville Hospital District Gainesville Hospital District filed a Chapter 9 petition (Bankr. E. D. Tex. Case No. 17-40101) on Jan. 17, 2017. The petition was signed by Ramin Roufeh, chief executive officer. The Debtor is represented by Julie Goodrich Harrison, Esq., and Ryan Manns, Esq., at Norton Rose Fulbright US LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $10 million to $50 million. GATEWAY CASINOS: Moody's Affirms B2 Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service affirmed Gateway Casinos & Entertainment Limited's B2 corporate family rating (CFR) and B2-PD probability of default rating, and assigned Ba3 and Caa1 ratings respectively to the company's proposed first lien credit facilities and second lien notes. The Ba3 and Caa1 ratings respectively on Gateway's existing first lien credit facilities and second lien notes are unchanged and will be withdrawn when the refinance transaction closes. Moody's also withdrew the SGL rating. The ratings outlook remains stable. Gateway is refinancing its existing debt capital with new US$440 million first lien term loan and US$255 million second lien notes. Net proceeds will be used to repay existing debt (C$532 million), fund the purchase of two Ontario gaming bundles it won in December 2016 (C$192 million), pay a dividend to shareholders (C$100 million), and return excess cash to the balance sheet (C$69 million). The company plans to put in place a C$125 million revolver, which will be undrawn at close. Ratings Assigned: C$125 million secured revolving credit facility due 2022, Ba3 (LGD3) US$440 million first lien term loan due 2023, Ba3 (LGD3) US$255M second lien notes due 2024, Caa1 (LGD5) Ratings Affirmed: Corporate Family Rating, B2 Probability of Default Rating, B2-PD Ratings Unchanged: C$60 million revolving credit facility due 2018, Ba3 (LGD3); to be withdrawn at close First lien term loan A due 2018 (C$198 million outstanding), Ba3 (LGD3); to be withdrawn at close First lien term loan B due 2019 (C$117 million outstanding), Ba3 (LGD3); to be withdrawn at close C$200 million second lien notes due 2020, Caa1 (LGD5); to be withdrawn at close Rating Withdrawn: SGL-3 Speculative Grade Liquidity, WR Outlook: Remains Stable RATINGS RATIONALE Gateway's B2 CFR primarily reflects its high pro forma leverage (adjusted Debt/EBITDA) of 6x, small revenue size, and event risk from shareholder-friendly financial policies, but mitigated by the substantial barriers to entry and favorable gaming regulatory environment in Canada, and its good market position. The rating also reflects the company's improved diversity by region and property after winning two Ontario gaming bundles, and its eligibility for capital spending reimbursement programs in British Columbia. The rating presumes that EBITDA growth and mandatory term loan amortization will enable leverage to decline towards 5.5x within the next 12 to 18 months. Gateway has adequate liquidity. The company's sources of liquidity total about C$196 million while it has mandatory debt repayments of about C$6 million annually and about C$75 million of expected negative free cash flow in 2017, resulting from capital spending on the Ontario properties, a casino renovation and rebranding in Alberta, and expansion and relocation of British Columbia properties. Moody's expects about C$45 million of negative free cash flow in 2018 due to additional capital spending on the Ontario properties. Gateway's liquidity is supported by pro forma cash of C$96 million when the refinance transaction closes, and about C$100 million of availability under its new C$125 million revolving credit facility due in 2022, after accounting for letters of credit. The company's new revolver will be subject to a total net leverage covenant with step downs. While the thresholds are yet to be set, Moody's expects cushion to exceed 25% through the next 4 quarters. Gateway has limited ability to generate liquidity from asset sales as its assets are encumbered. The stable outlook reflects Moody's expectation that EBITDA growth will enable Gateway to reduce leverage towards 5.5x within 12 to 18 months. An upgrade to B1 will be considered if Gateway achieves meaningful organic growth and further diversifies its earnings stream while sustaining adjusted Debt/EBITDA below 5x (pro forma 6x) and EBIT/Interest above 2x (pro forma 0.8x). Gateway's rating could be downgraded to B3 if adjusted Debt/EBITDA is sustained above 6.5x and EBIT/Interest below 1x. Additionally, the company's rating could be lowered if liquidity deteriorates, likely due to substantial negative free cash flow generation than anticipated. The principal methodology used in these ratings was Global Gaming Industry published in June 2014. Gateway Casinos & Entertainment Limited operates 18 gaming properties located in British Columbia and Alberta. With two new Ontario bundles and potential new builds, the company will operate 29 gaming properties. The company is majority owned by The Catalyst Capital Group Inc. and is headquartered in Burnaby, British Columbia. GATOR EQUIPMENT: Court Allows Cash Collateral Use on Final Basis ---------------------------------------------------------------- Judge Robert Summerhays of the U.S. Bankruptcy Court for the Western District of Louisiana authorized Debtor Gator Crane Services, LLC to use 1st Source Bank's cash collateral on a final basis. The approved 13-week Budget covered the weeks beginning on the week ending Jan. 20, 2017 and ending April 14, 2017. The Budget provided for total expenses in the amount of $115,700 for the period beginning on the week ending Feb. 3, 2017 through the week ending March 3, 2017. Judge Summerhays gave the Debtor 60 days from the date of the Court's Final Order to object to 1st Source Bank's prepetition claim and security interest. The Debtor will be deemed to have acknowledged 1st Source Bank's prepetition claim and security interest if it does not make an objection. 1st Source Bank is granted a security interest in and lien upon the cash collateral and its proceeds, products, rents, offspring and profits, in the same respective priority 1st Source held prior to the Petition Date. The Debtor is directed to properly insure 1st Source Bank's collateral and name 1st Source Bank as loss payee. The Debtor was further directed to allow 1st Source Bank to inspect its collateral on commercially reasonable terms and conditions. The Debtor is ordered to provide 1st Source Bank with aged accounts receivable reporting, showing the amount of both pre and post-petition receivable son the 1st and 15th days of each month. The Debtor's use of cash collateral will terminate on the earliest to expire of: (1) the effective date of a plan confirmed under 11 U.S.C. Section 1129; (2) the dismissal or conversion of the Chapter 11 case to a case under Chapter of Title 11 of the United States Code; (3) the appointment of a trustee or examiner under Bankruptcy Code Section 1104; or (4) further order of the Court. A full-text copy of the Agreed Final Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/GatorEquipment2016_1651667_173.pdf A full-text copy of the approved Budget, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/GatorEquipment2016_1651667_173_1.pdf 1st Source Bank is represented by: Steve Jacobson, Esq. SIMON PERAGINE SMITH & REDFEARN LLP 110 Poydras St., 30th Floor New Orleans, LA 70163 Telephone: (504) 569-2030 E-mail: stevej@spsr-law.com About Gator Equipment Rentals of Iberia Gator Equipment Rentals of Iberia, LLC, Gator Equipment Rental of Fourchon, LLC, Gator Crane Services, LLC, and Gator Equipment Rentals, LLC, filed Chapter 11 petitions (Bankr. W.D. La. Case Nos. 16-51667, 16-51668, 16-51669, and 16-51671) on Dec. 5, 2016. Judge Robert Summerhays oversees the Debtors' cases. The Debtors are represented by Paul Douglas Stewart, Jr., Esq., Brandon A. Brown, Esq., and Ryan J. Richmond, Esq., at Stewart Robbins & Brown LLC. They also have employed BlackBriar Advisors, LLC to provide a chief restructuring officer; and Gordon Brothers Asset Advisors, LLC as equipment appraisers. Gator Equipment Rentals of Iberia and Gator Equipment Rentals of Fourchon each listed under $50,000 in assets and between $1 million and $10 million in liabilities. Gator Crane Service, and Gator Equipment Rentals listed between $1 million and $10 million in both assets and liabilities. GERALEX INC: Plan Amended to Add More Tort Claimants ---------------------------------------------------- Geralex, Inc., on Jan. 26 filed with the U.S. Bankruptcy Court for the Northern District of Illinois a disclosure statement explaining its latest plan to exit Chapter 11 protection. Under the latest plan, two more tort claimants were added to Class 2, which consists of holders of unliquidated tort claims. Class 2 now consists of four members: Nicole Caliendo, Barbara Pfneisl, Howard Freedberg and Mary Buck. These tort claimants will retain all rights and remedies they have against the company and under applicable law, according to the latest disclosure statement. A copy of the latest disclosure statement is available for free at https://is.gd/ADyLMl 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. The Debtor is represented by William J. Factor, Esq., and Z. James Liu, Esq., at FactorLaw. No trustee, examiner, or committee has been appointed in the case. GIBLET INC: Can Use Colorado Department of Revenue Cash Collateral ------------------------------------------------------------------ Judge Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the District of Colorado authorized The Giblet, Inc. to use the Colorado Department of Revenue's cash collateral. The Colorado DOR is granted the following adequate protection: (1) The Debtor will provide replacement liens on all post-petition accounts and accounts receivable to the extent that the use of cash collateral results in a decrease in the value of the collateral. (2) The Debtor will maintain adequate insurance coverage on all personal property assets and adequately insure against any potential loss. (3) The Debtor will provide the Colorado DOR periodic reports and information filed with the Bankruptcy Court, including debtor-in-possession reports. (4) The Debtor will only expend cash collateral for the purpose of ordinary business expenses, including the purchase of replacement inventory, payment of employee wages, and overhead expenses. (5) The Debtor will timely file all reports and returns with the Colorado DOR and pay all post-petition taxes due thereunder. (6) The Debtor will preserve and maintain in good condition all collateral in which the Colorado DOR has an interest. (7) The Debtor will pay the Colorado DOR the sum of $1,182.21 on a monthly basis, beginning on January 15, 2017, which constitutes repayment of the $59,393 Tax Claim plus interest at the statutory rate of 6% amortized over 58 months. The Debtor's use of cash collateral will cease in the event that the Debtor defaults in the provision of adequate protection, or should the Debtor fail to confirm a plan of reorganization within the time allowed under Chapter 11 of the Bankruptcy Code. A full-text copy of the Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/TheGiblet2016_1621427jgr_35.pdf About The Giblet, Inc. The Giblet, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 16-21427) on November 22, 2016. The Petition was signed by Jason Pechek, authorized representative. At the time of filing, the Debtor estimated assets at $100,000 to $500,000 and liabilities at $500,000 to $1 million. The Debtor is represented by Robert J. Shilliday, III, Esq., at Vorndran Shilliday, P.C. GRAND VOLUTE: Use of Fifth Third Bank Cash Until Feb. 23 OK ----------------------------------------------------------- Judge James W. Boyd of the U.S. Bankruptcy Court for the Western District of Michigan authorized Grand Volute Ballrooms, LLC, to continue using Fifth Third Bank's cash collateral through February 23, 2017, the date on which the Court has scheduled the confirmation hearing on the Debtor's First Amended Plan. Judge Boyd held that all provisions of the Court's Sept. 19, 2016 Cash Collateral Order will continue to apply and control in relation to the Debtor's continued use of cash collateral. The Debtor is directed to make monthly payments of $7,020 to Fifth Third Bank, beginning on Dec. 15, 2016, so long as the Court's Order remains in place. The Debtor is further directed to provide an updated cash flow projection covering the time period from Jan. 23, 2017 through Feb. 23, 2017, within five days from the entry of the Court's Order. A final hearing on the Debtor's use of cash collateral is scheduled on Feb. 23, 2017 at 11:00 a.m. A full-text copy of the Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/GrandVolute2016_1604314jwb_104.pdf About Grand Volute Ballrooms Grand Volute Ballrooms, LLC, based in Lowell, Michigan, filed a Chapter 11 petition (Bankr. W.D. Mich. Case No. 16-04314) on Aug. 19, 2016. The petition was signed by Kent O. McKay, sole member. The case is assigned to Judge James W. Boyd. The Debtor is represented by James R. Oppenhuizen, Esq., at Oppenhuizen Law Firm, PLC. The Debtor disclosed $2.27 million total assets and $3.45 million total liabilities. No official committee of unsecured creditors has been appointed in the case. GRANITE ACQUISITION: Moody's Cuts Corporate Family Rating to B1 --------------------------------------------------------------- Moody's Investors Service downgraded the corporate family rating (CFR) and senior secured rating of Granite Acquisition Inc., to B1 from Ba3. The secured second lien debt was lowered to B3 from B2. Primary reason for the downgrade was continued pressure on Granite's earnings and cash flows from sustained weaker power prices in the markets where Granite's primary subsidiary Wheelabrator Technologies (Wheelabrator) operates. The outlook remains negative. Downgrades: Issuer: Granite Acquisition, Inc. -- Probability of Default Rating, Downgraded to B1-PD from Ba3-PD -- Corporate Family Rating, Downgraded to B1 from Ba3 -- Senior Secured Second Lien Bank Credit Facility, Downgraded to B3 (LGD6) from B2 (LGD6) -- Senior Secured Bank Credit Facility, Downgraded to B1 (LGD3) from Ba3 (LGD3) Outlook Actions: Issuer: Granite Acquisition, Inc. -- Outlook, Remains Negative Affirmations: Issuer: Granite Acquisition, Inc. -- Speculative Grade Liquidity Rating, Affirmed SGL-2 RATINGS RATIONALE "The weak commodity price environment will continue to pressure the company's energy margins on a sustained basis, lowering Moody's expectations of cash flow to debt to the high single digits percent," stated Jairo Chung, Moody's analyst. "The company's high merchant exposure of over 60% of power produced, combined with the upcoming expiration of high priced PPAs in 2019, keeps Moody's outlook negative" added Chung. The B1 CFR reflects the continued high exposure to a low commodity pricing environment through its merchant energy segment, as well as higher construction risk and foreign currency exchange risk through the three projects being developed in the U.K. The rating benefits from the stable disposal segment, which accounts for a little more than half the company's revenues, is highly contracted and provides relatively stable earnings and cash flows. Granite is currently developing and constructing three new facilities in the U.K. All three projects, North Wales, Kemsley and Ferrybridge 2, are expected to be in service in mid-2019. These projects are expected to be financed through debt raised at the project level. Although these additional debt do not directly impact Granite's balance sheet, they increase the overall consolidated leverage of the family. They also add construction risk as well as foreign currency exchange risk to Granite's business risk profile. Highly contracted disposal volume and pricing provide a stable financial foundation for Granite's earnings and cash flows. Moody's expect its disposal volume to remain steady through 2017 and a slight uptick in average pricing, resulting from the contracts renewed in 2016. We expect Granite's near-term key credit metrics to be more in line with its 2016 level. For example, the company's three-year average cash flow from operation pre-working capital (CFO pre-WC) to debt should range around high single digits over the next 12-18 months. While key metrics should benefit as Granite continues to reduce its debt level through the cash sweep mechanism, cash flows could weaken as some of Granite's high priced PPAs begin to expire in 2019. Liquidity Granite's SGL-2 reflects Moody's expectations that the company will maintain an adequate liquidity over the next 12 months. Moody's expects Granite's internal cash flows to be adequate to finance ongoing operations and to maintain an adequate cash balance. Construction of the UK projects has already been financed with long-term debt at the project level. Granite has access to a committed $145 million credit facility which is currently fully available. The facility has a Debt/EBITDA covenant of 6.75x with which the company is currently compliant, although this ratio declines to 4.75x starting June 2018. Granite has limited access to alternative sources of liquidity in a stress scenario as its assets are encumbered. Rating Outlook The negative outlook reflects Moody's expectations that Granite's financial ratios may weaken as its higher priced contracts expire in 2019 if commodity prices continue to remain low; as well as higher business risk during the construction phase of the three new U.K. projects. It also incorporates Moody's expectations that the disposal segment continues to provide a stable foundation for Granite's earnings and cash flows. Factors that Could Lead to an Upgrade Considering the recent downgrade, it is unlikely that Granite's rating will be upgraded over the next 12-18 months. A stabilization of the outlook would require the company to maintain key credit metrics such as CFO pre-WC to debt in the high single digits on a sustained basis. Factors that Could Lead to a Downgrade A rating downgrade is likely if Granite's key credit metrics further deteriorate such as CFO pre-WC to debt is sustained at the mid-single digits. Also, if the company's business risk increases as its contracted component of the revenue decreases significantly, or if company faces material operational difficulties, unexpected capital expenditures or incurs additional debt, a downgrade is likely to be considered. Granite Acquisition, Inc., through its wholly-owned subsidiary Wheelabrator Technologies, Inc., is the second largest waste-to-energy (WtE) facility operator in the U.S. Wheelabrator owns and operates 17 WtE facilities, including Ferrybridge 1 in the U.K., operates 4 IPP facilities and 4 ash landfills. It currently has three projects under development or construction in the U.K. The principal methodology used in these ratings was Unregulated Utilities and Unregulated Power Companies published in October 2014. GREAT BASIN: Has 465.4M Outstanding Common Shares as of Jan. 27 --------------------------------------------------------------- On Jan. 26 and 27, 2017, certain holders of the 2016 Notes were issued shares of Great Basin Scientific, Inc.'s common stock pursuant to Section 3(a)(9) of the United States Securities Act of 1933, (as amended) in connection with conversions at the election of the holder pursuant to the terms of the 2016 Notes, as amended. In connection with the conversions, the Company issued 64,550,000 shares of common stock. As per the terms of the 2016 Notes, as amended, these pre-installment shares immediately reduced the principal amount outstanding of the 2016 Notes by $204,480 at a conversion price between $0.00288 and $0.00360 per share. As of Jan. 27, 2017, a total principal amount of $2.3 million of the 2016 Notes has been converted into shares of common stock. Approximately $72.7 million in note principal remains to be converted. Restrictions on a total of $9.8 million in the Company's restricted cash accounts has been released including $6.0 million at closing and $3.8 million in early release from the restricted cash accounts. $58.2 million remains in the restricted cash accounts to have the restrictions removed and become available to the Company at future dates pursuant to terms of the 2016 Notes. As of Jan. 27, 2017, there are 465,396,774 shares of common stock issued and outstanding. 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 price of the following security was adjusted as follows. As of Jan. 27, 2017, the Company has outstanding Series B Warrants to purchase 36 shares of common stock of the Company. The Series B Warrants include a provision which provides that the exercise prices of the Series B Warrants will be adjusted in connection with certain equity issuances by the Company. As a result of the Conversions, as of Jan. 27, 2017, the exercise price for the Series B Warrants was adjusted from $436,310 to $420,107 per share of common stock. 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, the auditors said. GREAT BASIN: To Seek Approval of Stock Split at Special Meeting --------------------------------------------------------------- Great Basin Scientific, Inc., will hold a special meeting of shareholders for the purposes of approving a reverse stock split of the Company's issued and outstanding shares and an increase in the number of authorized shares. In relation thereto, the Board of Directors of the Company has set Jan. 31, 2017, as the record date for shareholders entitled to notice and to vote at the upcoming special meeting of shareholders. 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, the auditors said. HAGGEN HOLDINGS: Wants Plan Exclusivity Extended to March 8 ----------------------------------------------------------- HH Liquidation, LLC f/k/a Haggen Holdings, LLC and its affiliated Debtors request the U.S. Bankruptcy Court for the District of Delaware to further extend the exclusive periods during which only the Debtors may file a chapter 11 plan and solicit acceptances of a plan, to the latest deadline permitted by the Bankruptcy Code, specifically March 8, 2017 and May 8, 2017, respectively. The Debtors relate that since commencing these chapter 11 cases, their management and professionals have devoted significant resources to preserving and maximizing the value of their estates, stabilizing business operations, and ensuring a smooth transition of the Debtors' operations into chapter 11, while also pursuing a strategic divestiture of their assets, a multi-step sale process of their business operations, for the benefit of all stakeholders. The Debtors tell the Court that they have not had sufficient time to capitalize on their work with interested parties to determine whether the Debtors can propose a viable chapter 11 plan due to the tasks that they have been consumed with to date in furtherance of such divestitures and other circumstances of these chapter 11 cases. The Debtors also relate that all throughout the Chapter 11 process, they have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. They are currently focusing their efforts on working with interested parties to bring these chapter 11 cases to an orderly conclusion. At this stage, the Debtors tell the Court that an extension of the Exclusive Periods will allow them to work with these parties to determine whether they can pursue a consensual chapter 11 plan, which will ultimately be to the benefit of all of the various constituencies. The Official Committee of Unsecured Creditors supports the Debtors' final extension of the Exclusive Periods. A hearing on the Debtors' request for further exclusivity extension will he held on March 9, 2017 at 2:00 p.m. Any objections are due by February 15, 2017. About Haggen Holdings Headquartered in Bellingham, Washington, Haggen was founded in 1933 as a single grocery store. From 1933 to 2014, Haggen grew into a 30 store family-run grocery chain, with stores located in the northwestern United States. From 2011 to 2014, Haggen reduced its store base to 18, including a stand-alone pharmacy location. Haggen rapidly expanded in 2014 and 2015, and, as of the Petition Date, Haggen owned and operated 164 stores through three operating companies: Haggen, Inc., Haggen Opco North, LLC and Haggen Opco South, LLC. Haggen Holdings, LLC, and its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 15-11874 to 15-11879) on Sept. 8, 2015, with the intention of reorganizing, or selling as a going concern, their stores for the benefit of their creditors. The petitions were signed by Blake Barnett, the chief financial officer. The Debtors estimated assets of $50 million to $100 million and estimated liabilities of $10 million to $50 million. Young, Conaway, Stargatt & Taylor, LLP, is serving as the Debtors' local counsel. Stroock & Stroock & Lavan LLP serves as the Debtors' general counsel. Alvarez & Marsal North America, LLC, acts as the Debtors' financial advisor. Kurtzman Carson Consultants LLC serves as the Debtors' claims and noticing agent. T. Patrick Tinker, assistant U.S. Trustee for Region 3, appointed seven creditors to the official committee of unsecured creditors. Pachulski Stang Ziehl & Jones LLP serves as counsel to the Committee. Giuliano, Miller & Company, LLC, serves as tax advisors to the Committee. * * * Following the sale of core assets, Haggen Holdings LLC changed its name to HH Liquidation, LLC. HAMPSHIRE GROUP: Creditors' Panel Opposes 37.5% Pay Raise for CFO ----------------------------------------------------------------- Matt Chiappardi, writing for Bankruptcy Law360, reports that the unsecured creditors committee of Hampshire Group, Limited, filed with the U.S. Bankruptcy Court for the District of Delaware an objection to the Debtor's request to give its chief financial officer an up to 37.5% raise. According to Law360, the Committee claimed that the raise would essentially be a retention plan for a top-level executive that defies Chapter 11 rules. Law36 relates that Committee said that it doesn't object to the retention of GRL Capital Advisors LLC employee William Drozdowski at the same salary, about $40,000 per month. About Hampshire Group New York-based Hampshire Group, Limited (OTC Markets: HAMP) is a provider of fashion apparel across a broad range of product categories, channels of distribution and price points. As a holding company, the Company operates through its wholly-owned subsidiaries, Hampshire Brands, Inc. and Hampshire International, LLC. Hampshire Group, Limited and two affiliates -- Hampshire Brands and Hampshire International -- sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case Nos. 16-12634 to 16-12636) on Nov. 23, 2016, to facilitate the orderly wind-down of their business operations. The petitions were signed by Paul Buxbaum, president and chief executive officer. Hampshire Group disclosed $25.9 million in assets and $41.8 million in liabilities. Brands listed under $50 million in both assets and debts. International listed under $50,000 in assets and under $50 million in liabilities. Pachulski Stang Ziehl & Jones LLP and Blank Rome LLP have been tapped as counsel to the Debtors. William Drozdowski of GRL Capital Advisors LLC has also been tapped as the Debtors' chief financial officer. The U.S. Trustee for Region 3 has appointed five creditors to serve in the official unsecured creditors committee in the case. Gavin/Solmonese LLC serves as financial advisor to the Committee. HILTZ WASTE: Allowed to Use Cash Collateral Until February 27 ------------------------------------------------------------- Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts authorized Hiltz Waste Disposal, Inc. to use cash collateral on an interim basis until February 27, 2017. The Debtor was authorized to expend cash, deposits and cash equivalents for its operations consistent with and up to the amounts set forth in the Debtor's most recent cash flow projection. The Debtor was also authorized to pay monthly rent of $10,000 to Kondelin Road, LLC for its use and occupancy of premises located at 24 and 25 Kondelin Road, Gloucester, MA. The Debtor was directed to make adequate protection payments of $34,000 per month to First Ipswich Bank. First Ipswich Bank was granted a valid, binding enforceable and perfected replacement and continuing security interest in, and lien on all of the Debtor's pre-petition and post-petition assets, to the same extent, validity and priority held by First Ipswich Bank as of the petition date. First Ipswich Bank was also granted a superpriority claim under Section 507(b) of the Bankruptcy Code. The Debtor was directed to submit updated financials for the week ending February 24, 2017 by February 27, 2017, and to give a status report regarding the progress of the sale at the continued hearing. A further hearing on the Debtor's use of cash collateral is scheduled on February 28, 2017 at 10:30 a.m. The deadline for the filing of objections to the Debtor's further use of cash collateral is set on February 27, 2017. A full-text copy of the Order, dated January 31, 2017, is available at https://is.gd/Bb600V About Hiltz Waste Disposal Hiltz Waste Disposal, Inc., filed a chapter 11 petition (Bankr. D. Mass. Case No. 16-13459) on Sept. 7, 2016. The petition was signed by Deborah S. Hiltz, president. The case is assigned to Judge Joan N. Feeny. At the time of the filing, the Debtor estimated assets and liabilities at $1 million to $10 million. The Debtor is represented by Aaron S. Todrin, Esq., at Sassoon & Cymrot, LLP. The Debtor employed Silverman, Avila & Gershaw, CPAs as accountants. The Official Committee of Unsecured Creditors of Hiltz Waste Disposal, Inc. employed Morrissey Wilson & Zafiropoulos, LLP as counsel to the Committee, effective as of October 19, 2016. HOUSTON PLATE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Houston Plate Processing, Inc. 12255 FM 529 Road Houston, TX 77041 Case No.: 17-30603 Chapter 11 Petition Date: February 2, 2017 Court: United States Bankruptcy Court Southern District of Texas (Houston) Judge: Hon. Karen K. Brown Debtor's Counsel: Margaret Maxwell McClure, Esq. LAW OFFICE OF MARGARET M. MCCLURE 909 Fannin, Suite 3810 Houston, TX 77010 Tel: 713-659-1333 Fax: 713-658-0334 E-mail: margaret@mmmcclurelaw.com Total Assets: $1.13 million Total Liabilities: $2.30 million The petition was signed by Jeremiah E. Thompson, 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/txsb17-30603.pdf ILLINOIS POWER: Genco Wins Confirmation of Chapter 11 Plan ---------------------------------------------------------- Dynegy Inc. (NYSE: DYN) and Illinois Power Generating Company (Genco), an indirect, wholly owned subsidiary of Dynegy, announced that on Jan. 25 the United States Bankruptcy Court for the Southern District of Texas, Houston Division, confirmed the Genco Chapter 11 plan of reorganization. The plan confirmation clears the way for Genco to emerge from Chapter 11 and complete its financial restructuring, likely within the next few weeks. After the confirmation hearing on Jan. 25, the Court confirmed the Plan, ruling that Genco had met all requirements to confirm the Plan. The Plan significantly reduces Genco's indebtedness and improves its liquidity by converting approximately $825 million of senior debt into a combination of senior debt and equity of Dynegy and cash. The Plan provides that, among other things, on account of each Allowed Noteholder Claim: (1) each Eligible Holder shall receive its Pro Rata share (across all Noteholder Claims) of: (a) $210.0 million aggregate principal amount of New Dynegy Notes, (b) 10 million New Dynegy Warrants and (c) $100,693,750 in cash, and (2) each Non-Eligible Holder shall receive an amount in cash equal to the sum of: (a) the principal amount of New Dynegy Notes that such Non-Eligible Holder would receive under the Plan if it were an Eligible Holder, (b) its Pro Rata share (across all Noteholder Claims) of $15.0 million (representing Dynegy's valuation (using a Black Scholes valuation as of the end of the business day prior to the date of the Disclosure Statement) of the New Dynegy Warrants that such Non-Eligible Holder would receive under the Plan if it were an Eligible Holder) and (c) its Pro Rata share (across all Noteholder Claims) of $100,693,750. All other Allowed Claims are unimpaired under the Plan. On the Effective Date, except as otherwise provided for in the Plan, the Genco Notes shall be deemed extinguished, cancelled and of no further force or effect and the holders of Allowed Noteholder Claims shall only be entitled to receive the treatment provided under the Plan. The Plan provides that all of the Debtor's executory contracts and unexpired leases, except as set forth in the Plan, shall be deemed assumed as of the Effective Date, subject to the terms set forth therein. The Plan also provides that, for each of the Debtor's executory contracts to be assumed, the Debtor shall designate a proposed cure. The deadline to object to a proposed cure, or any other matter relating to assumption of such executory contracts and unexpired leases, has passed. Assuming distributions under the Plan are made on the Effective Date, as of such date, in addition to (i) the New Dynegy Notes to be issued in connection with the Plan and (ii) 117,305,185 shares of issued and outstanding Dynegy Common Stock, approximately 8,653,000 shares of Dynegy Common Stock will be reserved for issuance upon exercise of the New Dynegy Warrants. A copy of the Confirmation Order is available at https://is.gd/WHqFnp About Illinois Power Illinois Power Generating Company is an electric generation subsidiary of Illinois Power Resources, LLC, which is an indirect wholly-owned subsidiary of Dynegy Inc. The Company is headquartered in Houston, Texas and were incorporated in Illinois in March 2000. It owns and operates a merchant generation business in Illinois. The Company has an 80% ownership interest in Electric Energy, Inc., which it consolidates for financial reporting purposes. EEI operates merchant electric generation facilities in Illinois and FERC-regulated transmission facilities in Illinois and Kentucky.The Company also consolidates its wholly-owned subsidiary, Coffeen and Western Railroad Company, for financial reporting purposes. As of June 30, 2016, the Company had $550 million in total assets, $986 million in total liabilities, and a total deficit of $436 million. Illinois Power filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 16-36326) on Dec. 9, 2016, to implement a consensual restructuring of its senior unsecured note debt. The Debtor hired Latham & Watkins LLP and Andrews Kurth Kenyon LLP as bankruptcy co-counsel; Ducera Partners LLC as financial advisor; and Epiq Bankruptcy Solutions, LLC as claims, noticing and solicitation agent. The case is assigned to Judge Marvin Isgur. IMH FINANCIAL: Redeems 196,278 Shares from CEO Lawrence Bain ------------------------------------------------------------ IMH Financial Corporation redeemed 196,278 shares of the common stock of the Company, par value $0.01 per share, issued to Lawrence D. Bain, the Company's chief executive officer, which were part of an 850,000 restricted share grant awarded to Mr. Bain pursuant to a Restricted Stock Award Agreement entered into between the Company and Mr. Bain, dated as of June 1, 2015. The Company paid Mr. Bain $337,599 for the redeemed shares. The shares were redeemed by the Company, upon the approval of the Compensation Committee of the Board of Directors of the Company, pursuant to an election made by Mr. Bain under Section 83(b) of the Internal Revenue Code of 1986 and the Award Agreement pursuant to which the parties agreed to make arrangements for the satisfaction of tax withholding requirements associated with the stock award. About IMH Financial Scottsdale, Ariz.-based IMH Financial Corporation was formed from the conversion of IMH Secured Loan Fund, LLC, or the Fund, a Delaware limited liability company, on June 18, 2010. The conversion was effected following a consent solicitation process pursuant to which approval was obtained from a majority of the members of the Fund to effect the Conversion Transactions and involved (i) the conversion of the Fund from a Delaware limited liability company into a Delaware corporation named IMH Financial Corporation, and (ii) the acquisition by the Company of all of the outstanding shares of the manager of the Fund Investors Mortgage Holdings Inc., or the Manager, as well as all of the outstanding membership interests of a related entity, IMH Holdings LLC, or Holdings on June 18, 2010. IMH Financial reported a net loss attributable to common shareholders of $18.90 million on $32.49 million of total revenue for the year ended Dec. 31, 2015, compared to a net loss attributable to common shareholders of $39.46 million on $31.4 million of total revenue for the year ended Dec. 31, 2014. As of Sept. 30, 2016, IMH Financial had $172.77 million in total assets, $109.49 million in total liabilities, $31.49 million in redeemable convertible preferred stock and $31.77 million in total stockholders' equity. INTERNATIONAL SHIPHOLDING: Sale of Vessel to Oslo for $3.3M Okayed ------------------------------------------------------------------ Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York authorized the sale by International Shipholding Corp. and its affiliates of one of their vessels, the Oslo Wave (IMO: 9190092), to Oslo Bulk Holding Pte. Ltd. for $3,300,000. The sale is free of clear of all liens, claims, and encumbrances. The sale and transfer of the Vessel to the Buyer will occur as soon as practicable and not later than Feb. 28, 2017, with the effective date of the sale and transfer of the Vessel to the Buyer to be Jan. 1, 2017, as reflected in the APA. Notwithstanding anything contained in the Motion, the effective date of the rejection of the Bareboat Charter will be the Closing Date, provided, however, that notwithstanding any other provisions of the Order, the Motion or the APA, the Debtors will seek to enforce any and all rights that arise in their favor under Sections 16 and 17 of the Bareboat Charter solely with respect to liabilities arising prior to the Closing Date. Oslo Bulk Holding PTE, Ltd. ("Charterer") waives any and all claims against the Debtors and the reorganized Debtors, the Vessel, and the proceeds of the sale of the Vessel arising from the rejection of the Bareboat Charter. The Debtors admit, acknowledge, stipulate and agree that immediately upon the Closing, Capital One will have a valid, perfected, binding, non-avoidable, and enforceable first priority security interest in, and liens on, all of the proceeds from the sale of the Vessel, subject only to the priming lien of the DIP Lenders, capped at $1,250,000 with respect to the Capital One Collateral as set forth in the Final DIP Order. Notwithstanding anything contained in the Motion, the APA or the Sale Documents: (a) On the Closing Date, $1,250,000 in sale proceeds will be deposited into a segregated account of LCI Shipholdings, Inc., and any and all liens and/or security interests against the Vessel shall attach to such proceeds in the same priority as the liens and/or security interests against the Vessel, such proceeds will only be released (i) pending upon further order of the Bankruptcy Court authorizing the withdrawal of such funds, free and clear of all liens and encumbrances, or (ii) pursuant to the terms of the Final DIP Order; and (b) Within 1 business day of the Closing Date, the remaining $2,050,000 in sale proceeds will be distributed to Capital One free and clear of all liens and encumbrances in partial satisfaction of its secured claim as described. At or prior to the Closing, Charterer will certify that it has operated the Vessel in accordance with the Bareboat Charter and to the best of its knowledge, there are no maritime or other liens asserted against the Vessel which arose as a result of Charterer’s possession or operation of the Vessel. Notwithstanding the possible applicability of Bankruptcy Rules 6004(h) and 6006(d), the order will be immediately effective and enforceable upon its entry. About International Shipholding International Shipholding Corp. filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 16-12220) on July 31, 2016. Its affiliated Debtors also filed separate Chapter 11 petitions. The petitions were signed by Manuel G. Estrada, vice president and chief financial officer. International Shipholding Corp. was engaged in waterborne cargo transportation and maintained a diversified customer base with emphasis on medium and long term contracts. ISH was founded in 1947 when the Johnsen family purchased a Liberty Ship after the establishment of the War Ship Act of 1946 and became a public company in 1979. Through its Debtor and non-Debtor subsidiaries, International Shipholding now operates a diversified fleet of 21 U.S. and foreign flag vessels that provide domestic and international maritime transportation services to commercial and governmental customers primarily under medium to long-term contracts. As of the Petition Date, International Shipholding maintained offices in Mobile, Alabama, New Orleans, Louisiana, New York, New York, and Tampa, Florida, as well as a network of agencies in major cities worldwide. ISH, which was formed as a Delaware corporation in 1978 and became a public company in 1979, is the ultimate corporate parent of the International Shipholding family of companies. International Shipholding's fleet is operated by ISH's principal Debtor and non-Debtor subsidiaries, including Central Gulf Lines, Inc., Waterman Steamship Corporation, Enterprise Ship Company, Inc., U.S. United Ocean Services, LLC, CG Railway, Inc., LCI Shipholdings, Inc., Sulphur Carriers, Inc., and East Gulf Shipholding, Inc. Certain other of ISH's Debtor subsidiaries, including LMS Shipmanagement, Inc. and N. W. Johnsen & Co., Inc., provide ship management, ship charter brokerage, agency and other specialized services. C.G. Railway Inc., Cape Holding LTD, Dry Bulk Cape Holding, Inc., East Gulf Shipholding, Inc., MPV Netherlands C.V., MPV Netherlands Cooperatief U.A., MPV Netherlands B.V., Bulk Shipholding Inc., and Terminales Transgolfo S.A. de C.V. are not debtors in these Chapter 11 cases. The Debtors are represented by David H. Botter, Esq., Sarah Link Schultz, Esq., and Travis A. McRoberts, Esq., at Akin Gump Strauss Hauer & Feld LLP. The Debtors' Restructuring Advisor is Blackhill Partners, LLC. Their Claims, Noticing & Balloting Agent is Prime Clerk LLC. The Debtors disclosed total assets at $305.1 million and total debts at $226.8 million as of March 31, 2016. William K. Harrington, the U.S. Trustee for the Southern District of New York, on Sept. 1, 2016, appointed three creditors to serve on the official committee of unsecured creditors of International Shipholding Corporation. The committee hires Pachulski Stang Ziehl & Jones LLP as counsel, and AMA Capital Partners, LLC as financial advisor. On Dec. 28, 2016, the Debtors filed their first amended joint Chapter 11 plan of reorganization. Class 7 general unsecured creditors are expected to recover 7% of their claims, according to the filing. IRVIN & ASSOCIATES: Unsecureds to Get $250 Monthly in 1 Yr. at 2% ------------------------------------------------------------------ Irvin & Associates, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a disclosure statement dated Jan. 30, 2017, referring to the Debtor's plan of reorganization. Class 4 Allowed General Unsecured Claims is estimated to be approximately $3,000 and is impaired by the Plan. The Debtor has not filed claims and objections and may object to certain of the unsecured claims. The Plan intends to pay the Allowed Unsecured Claims in full. Each holder of an Allowed General Unsecured Claim will be paid their pro rata share of $250 a month over one year at an interest rate of 2% per annum as of the Confirmation Date, starting on the 15th of the first month following the Effective Date. Insider claims are paid nothing under this Plan. The Debtor will fund the Plan from ongoing operations and then from the sale of the final piece of real property. The Debtor will keep current its post-petition payables. The Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-32634-50.pdf About Irvin & Associates Irvin & Associates, Inc., owns several tracts of real property. They all have been encumbered by liens to Steadfast Funding. The Debtor fell behind on its payments to Steadfast prior to the filing of this case. The Debtor's primary business was servicing pools but the Debtor has not been able to do as much work because the owners have been in poor health over the last few years. The properties were also impacted by the ATMOS pipeline that runs across one of the properties that has negatively impacted the value of the property. The Debtor has claims against ATMOS for the damage to the property and its loss in value. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-32634) on July 1, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Joyce W. Lindauer, Esq. JACK ROSS: Exclusive Plan Filing Period Extended To February 20 --------------------------------------------------------------- Judge Bruce T. Beesley the U.S. Bankruptcy Court for the District of Nevada extended the exclusive periods during which Jack Ross Industries, LLC d/b/a Big Shot Indoor Range and as Jack Ross Ammunition may file and obtain confirmation of its Plan of Reorganization through February 20, 2017. The Troubled Company Reporter had earlier reported that the Debtor sought for exclusivity extension since it was still working stabilize its operations and improve profitability. The Debtor also contended that it requires further time to prepare adequate information and formulate a plan of reorganization. About Jack Ross Industries, LLC Jack Ross Industries, LLC, based in Reno, NV, filed a Chapter 11 petition (Bankr. Bankr. D. Nev. Case No. 16-51053) on August 24, 2016. The petition was signed by Christopher Parker, managing member. The Debtor is represented by Alan R. Smith, Esq., at the Law Offices of Alan R. Smith. The case is assigned to Judge Bruce T. Beesley. The Debtor disclosed $168,100 in assets and $1.06 million in liabilities. No official committee of unsecured creditors has been appointed in the case. JEFF BENFIELD: Allowed to Use Cash Collateral on Interim Basis -------------------------------------------------------------- Judge J. Craig Whitley of the U.S. Bankruptcy Court for the Western District of North Carolina authorized Jeff Benfield Nursery, Inc., to use cash collateral on an interim basis. The Debtor was authorized to use cash collateral in the ordinary course of business only for ordinary and necessary business expenses specified in the Budget beginning on January 25, 2017 and continuing through February 21, 2017. The approved Budget provides for total operating expenses of approximately $251,642 for the month of January 2017 and $235,350 for the month of February 2017. The Debtor's Lenders were granted valid, attached, choate, enforceable, perfected and continuing security interests in, and liens upon all post-petition assets of the Debtor of the same character and type, to the same extent and validity as the liens and encumbrances of the Lenders attached to the Debtor's assets pre-petition. The Debtor was directed to provide a budget-to-actual cash usage comparison report to the Lenders and the Bankruptcy Administrator on or before February 15, 2017. A final hearing on the use of Cash Collateral will be held on February 21, 2017 at 9:30 a.m. A full-text copy of the Fifth Interim Order, dated January 31, 2017, is available at https://is.gd/tmXrTM About Jeff Benfield Nursery, Inc. Headquartered in Marion, North Carolina, Jeff Benfield Nursery, Inc., operates a commercial wholesale nursery, growing trees, shrubs, and similar agricultural products on approximately 1,000 acres in McDowell and Avery Counties. The Debtor, which was formed in 1989, has 30 regular employees and additional seasonal workers. Jeff Benfield Nursery, Inc. filed a chapter 11 petition (Bankr. W.D.N.C. Case No. 16-40375) on Aug. 26, 2016. The petition was signed by Jeffrey L. Benfield, president. The case is assigned to Judge J. Craig Whitley. The Debtor is represented by Richard S. Wright, Esq., at Moon Wright & Houston, PLLC. The Debtor estimated assets at $10 million to $50 million and liabilities at $1 million to $10 million at the time of the filing. The Company previously sought bankruptcy protection in 2009 (Case No. 09-40311), and its plan of reorganization was confirmed in an order entered on June 10, 2010. JOHN PUESHEL: Sale of Jersey City Property to Shah Approved ----------------------------------------------------------- Judge John K. Sherwood of the Bankruptcy Court for the District of New Jersey authorized John P. Pueshel's sale of real property located at 382 Baldwin Avenue, Jersey City, New Jersey, to Hastin Shah. A hearing was held on Jan. 31, 2017 at 10:00 a.m. The sale is free and clear of all liens, claims, interests and encumbrances. Any and all unpaid property taxes, municipal charges for water and/or sewer, and the First Mortgage Lien owed to Ocwen Loan Servicing, LLC ("Paid Liens") will be satisfied at the closing for the sale of the property. The Debtor will be permitted to pay the Debtor's Professionals their allowed fees from the proceeds of the sale of the property at closing ("Professional's Fees"). The proceeds from the sale of the property after payment of the Paid Liens, the Professional's Fees, and closing costs will be deposited into the Debtor's Debtor-in-Possession Account. John Pueshel sought Chapter 11 protection (Bankr. D. N.J. Case No. 13-20162) on May 8, 2013. KARHOO INC: Sale of Assets to Flit Technologies for $ 500K Approved ------------------------------------------------------------------- Judge Mary Kay Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York authorized the sale by Paul Cooper, the authorized foreign representative of Karhoo, Inc. and affiliates, of the Debtors' right, title, and interest in the US Assets to Flit Technologies Ltd. for a cash consideration of $500,000; equity consideration in the amount of 10% of the preferred ordinary shares of the Purchaser. A hearing on the Motion was held on Jan. 31, 2017. The sale of the US Assets is free and clear of all liens, claims, encumbrances and other interests. The Foreign Representative will file a notice or notices containing a list of contracts to be assumed and assigned with proposed cure amounts, which will include procedures on objections to the proposed cure amounts. The Foreign Representative will serve the Assumption Notice by email upon these contract counterparties. Objections to proposed cure amounts will be due within 7 days of service of the Assumption Notice. If there are no objections or objections are resolved, these contracts will be deemed assumed and assigned under section 365 of the Bankruptcy Code as of the date of the Order. If there are any unresolved objections, the Foreign Representative either will not assume and assign such contract, or will schedule a hearing to resolve such objection. If those objections are resolved, these contracts will be deemed assumed and assigned under section 365 of the Bankruptcy Code as of the date of the Order. The 14-day stay provided for in Bankruptcy Rules 6004(h) and 6006(d) will be, and is, waived in connection with the Order. About Karhoo Karhoo, Inc., a London-based start-up that offered a taxi-booking app as an alternative to Uber/Lyft, sought Chapter 15 bankruptcy protection in New York to seek recognition of its insolvency proceedings in the UK. Founded in November 2014 in London, England, by Daniel Ishag, Karhoo Inc., et al., are part of a group of companies that offered a ride comparison app" as an alternative to the Uber/Lyft "ride-sharing app" model. Instead of maintaining its own fleet of drivers and cars, Karhoo contracted with local dispatchers and fleet owners, providing customers with a choice of vehicles and prices through its mobile application. Karhoo entered into approximately 700 contracts with fleet owners and approximately 21 contracts with dispatchers in the cities in which it did business, primarily London and several other cities in England. In total, Karhoo employed approximately 200 employees, the vast majority of whom have been laid off or made redundant in recent weeks. Karhoo, Inc. sought Chapter 15 protection (Bankr. S.D. N.Y. Case No. 16-13545) on Dec. 20, 2016. The Debtor tapped Michael G. Burke, Esq., at Sidley Austin LLP as counsel. KOHN FUNERAL: Wants Court Approval for Cash Collateral Use ---------------------------------------------------------- Kohn Funeral Home, LLC, asks the U.S. Bankruptcy Court for the Southern District of Illinois for authorization to use cash collateral. The Debtor owes its secured creditors First Community Bank Xenia Flora and Flora Bank & Trust, at least $653,412.15, which includes principal, interest, fees and costs. The Debtor relates that Flora Bank & Trust did not attempt to perfect a lien upon the cash collateral, and that First Community Bank Xenia Flora attempted to perfect a lien upon the cash collateral, but that lien may be avoidable. The Debtor further relates that it requires the use of cash collateral to continue its business operations and to pay its regular daily expenses, including employees' wages, contract labor, utilities, taxes, and the other costs of conducting business. The Debtor tells the Court that First Community Bank's interest, if valid, will be adequately protected through the payment of the Bank's loan in the ordinary course of business, and the granting of a replacement lien to First Community Bank in its respective collateral. A full-text copy of the Debtor's Motion, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/KohnFuneral2016_1660489lkg_22.pdf Flora Bank & Trust can be reached at: FLORA BANK & TRUST 1010 W. North Ave. Flora, IL 62839-1284 About Kohn Funeral Home Headquartered in Flora, Illinois, Kohn Funeral Home, LLC, formerly doing business as Byrd & Kohn Funeral Home, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Ill. Case No. 16-60489) on Dec. 22, 2016, listing $1.08 million in total assets and $682,542 in total liabilities. The petition was signed by Jarrod D. Kohn, member. Judge Laura K. Grandy presides over the case. Roy J. Dent, Esq., at Orr Law Inc serves as the Debtor's bankruptcy counsel. The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case. LAKEWOOD DEVELOPMENT: Combined Plan, Disclosures Hearing on March 8 ------------------------------------------------------------------- Judge Cynthia A. Norton of the U.S.Bankruptcy Court for the Western District of Missouri conditionally approved Lakewood Development Company LLC's disclosure statement with respect to its plan of reorganization filed on Jan. 17, 2017. March 8, 2017 at 2:00 p.m. is fixed for the hearing on final approval of the disclosure statement and for the hearing on confirmation of the plan and related matters at US Courthouse Courtroom 6A 400 E. 9th St. Kansas City, MO. Feb. 28, 2017 at 2:30 p.m. by telephone is the date for status hearing to discuss any confirmation issues that should arise. Feb. 24, 2017 is the deadline for filing with the Court objections to the disclosure statement or plan confirmation; and submitting ballots accepting or rejecting the plan. As previously reported, Class 3 under the plan includes all Allowed General Unsecured Nonpriority Claims. This class includes $1,457,438 of claims, however, the Debtor would dispute and require strict proof of all unsecured claims with the exception of Bernice Woodward's claim of $300,000, which is an Allowed Unsecured Non-Priority Claim. The Allowed Unsecured Non-priority Creditors shall receive distributions from the sale of the real estate once Classes 1 and 2 are paid in full. The Disclosure Statement is available at: http://bankrupt.com/misc/mowb16-50425-11-39.pdf About Lakewood Development Company LLC Lakewood Development Company LLC filed a Chapter 11 bankruptcy petition (Bankr. w.D.MO. Case No. 16-50425) on October 17, 2016. Hon. Cynthia A. Norton presides over the case. Krigel & Krigel, PC represents the Debtor as counsel. The Debtor disclosed total assets of $4.20 million and total liabilities of $2.42 million. The petition was signed by Jerry AlanSigtist, managing partner. LINN ENERGY: Amended Joint Chapter 11 Plan Confirmed ---------------------------------------------------- The United States Bankruptcy Court for the Southern District of Texas on Jan. 27, 2017, entered an Order Confirming (I) Amended Joint Chapter 11 Plan of Reorganization of Linn Energy, LLC and its Debtor Affiliates Other Than Linn Acquisition Company, LLC and Berry Petroleum Company, LLC and (II) Amended Joint Chapter 11 Plan of Reorganization of Linn Acquisition Company, LLC and Berry Petroleum Company, LLC, which approved and confirmed the Amended Joint Chapter 11 Plan of Reorganization of Linn Energy, LLC and Its Debtor Affiliates Other Than Linn Acquisition Company, LLC and Berry Petroleum Company, LLC. The Debtors expect that the effective date of the Plan will occur as soon as all conditions precedent to the Plan have been satisfied. Although the Debtors are targeting occurrence of the Effective Date within the next 30 days, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective. It is also possible that technical amendments could be made to the Plan. The Plan contemplates a restructuring of the Debtors through: (a) rights offerings in the aggregate amount of $530 million backstopped by certain of the creditors and open to all holders of allowed LINN Second Lien Notes Claims and all holders of allowed LINN Unsecured Notes Claims; (b) a full recovery for the LINN Lenders consisting of: (i) a $500 million cash payment from the proceeds of the LINN Rights Offerings and other cash payments from existing cash on hand, (ii) an exit facility in the aggregate amount of $1.7 billion, or (iii) non-conforming term notes issued to those LINN Lenders who elect not to participate in the LINN Exit Facility; (c) the issuance of common stock in the reorganized Company -- a new entity, the form of which shall be determined on or before the effective date of the Plan -- to holders of the LINN Second Lien Notes Claims and the LINN Unsecured Notes Claims; (d) the right to participate in the LINN Rights Offerings for eligible holders of LINN Second Lien Notes Claims and LINN Unsecured Notes Claims; (e) a pro rata cash payment of $30 million to LINN Second Lien Noteholders; (f) a full recovery for holders of Allowed LINN Convenience Class Claims and holders of LINN Allowed General Unsecured Claims who elect to reduce their LINN Allowed General Unsecured Claims to $2,500; and (h) a pro rata cash distribution from the LINN GUC Cash Distribution Pool to the holders of Allowed LINN General Unsecured Claims. Unless otherwise specified, the treatment set forth in the Plan and Confirmation Order will be in full satisfaction of all claims against and interests in the Debtors, which will be discharged on the Effective Date. All of the Company's existing funded debt and equity will be extinguished by the Plan. Capital Structure Pursuant to the Plan, each of the Company's units outstanding immediately before the Effective Date -- including any options and warrants to purchase such units -- will be cancelled and of no further force or effect after the Effective Date. As of October 31, 2016, there were 355,032,380 units outstanding. Under the Plan, the Debtors' new organizational documents will become effective on the Effective Date. The Company's new organizational documents will authorize the Company to issue new equity, certain of which will be issued to holders of allowed claims pursuant to the Plan on the Effective Date. In addition, on the Effective Date, the Company will enter into a registration rights agreement with certain equityholders. Settlement, Releases and Exculpations The Plan incorporates an integrated compromise and settlement of claims to achieve a beneficial and efficient resolution of the Chapter 11 Cases. Unless otherwise specified, the settlement, distributions, and other benefits provided under the Plan, including the releases and exculpation provisions included therein, are in full satisfaction of all claims and causes of action that could be asserted. The Plan provides releases and exculpations for the benefit of the Debtors, certain of the Debtors' claimholders, other parties in interest and various parties related thereto, each in their capacity as such, from various claims and causes of action, as further set forth in Article VIII of the Plan. A copy of the Amended Joint Chapter 11 Plan of Reorganization of Linn Energy, LLC and Its Debtor Affiliates Other Than Linn Acquisition Company, LLC and Berry Petroleum Company, LLC, is available at https://is.gd/XRleIC A copy of the Order Confirming (I) Amended Joint Chapter 11 Plan of Reorganization of Linn Energy, LLC and its Debtor Affiliates Other Than Linn Acquisition Company, LLC and Berry Petroleum Company, LLC and (II) Amended Joint Chapter 11 Plan of Reorganization of Linn Acquisition Company, LLC and Berry Petroleum Company, LLC, is available at https://is.gd/RVc9YU About Linn Energy, LLC Headquartered in Houston, Texas, Linn Energy, LLC, and its affiliates are independent oil and natural gas companies. Each of Linn Energy, LLC, and 14 of its subsidiaries filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-60040) on May 11, 2016. The petitions were signed by Arden L. Walker, Jr., chief operating officer of LINN Energy. The Debtors have hired Paul M. Basta, Esq., Stephen E. Hessler, Esq., Brian S. Lennon, Esq., James H.M. Sprayregen, Esq., and Joseph M. Graham, Esq., at Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Jackson Walker L.L.P. as co-counsel, Lazard Freres & Co. LLC as financial advisor, AlixPartners as restructuring advisor and Prime Clerk LLC as claims, notice and balloting agent. Judge David R. Jones presides over the cases. The Office of the U.S. Trustee has appointed five creditors of Linn Energy LLC to serve on the official committee of unsecured creditors. The Committee tapped Mark I. Bane, Esq., and Keith H. Wofford, Esq., at Ropes & Gray LLP; and Moelis & Company LLC as investment banker. It also retained as Texas Oil & Gas Counsel, John P. Melko, Esq., David S. Elder, Esq., and Michael K. Riordan, Esq., at Gardere Wynne Sewell LLP. LMCHH PCP: Wants $4.2-Mil. DIP Loan From MedCare ------------------------------------------------ LMCHH PCP LCC and Louisiana Medical Center and Heart Hospital, LLC, ask the U.S. Bankruptcy Court for the District of Delaware for authorization to obtain post-petition secured financing from MedCare Investment Fund V, L.P., and to use the cash collateral of MedCare Investment Fund V and MidCap Financial LLC. The Debtor owes MidCap Financial LLC approximately $6,729,461. The debt is secured with a first-priority lien on substantially all of the Debtors' assets. The Debtor is also indebted to Cardiovascular Care Group in the amount of $104,000,000, pursuant to a Demand Note, which is due upon demand and is unsecured. The Debtor was indebted to MedCath Finance Company by virtue of a Real Estate Note and Loan Agreement. The debt, which has an outstanding amount of $21,763,903, is currently held by Cardiovascular Care Group. The indebtedness is secured by a mortgage in Louisiana Medical Center and Heart Hospital's acute care hospital and two medical office buildings. The Debtors tell the Court that to continue to operate, pay ordinary expenses and fund the costs of the Chapter 11 case, the Debtors need to continue to rely on funding from the DIP Lender, or theoretically, a third party. The Debtors further tell the Court that given the nature of and risks associated with the Debtors' business, and that the Debtors do not have material unencumbered assets, they do not believe that third-party debtor-in-possession financing is available to them. The Debtors relate that under the DIP Loan Agreement, the DIP Lender is committed to lend to the Debtor, from time to time, up to $4.2 million, with $1 million being funded prior to the entry of the Court's Final Order. The obligation will bear interest on its daily balance, at the rate of 7.5% per annum. The proposed Budget, covering the period beginning February 5, 2017 and ending July 30, 2017, provides for total operating disbursements of $11,824,572, and total non-operating disbursements of $8,252,093. The DIP Loan will mature on the earliest to occur of: (a) July 31, 2017; (b) the date of the indefeasible payment in full of the Loans and other Obligations; (c) 35 days after the Filing Date, if the Final Order has not been entered by the Bankruptcy Court by such date; (d) the date upon which the Interim Order expires, unless the Final Order will have been entered and became effective as of such date; (e) the date of entry of an order of the Bankruptcy Court confirming a plan of reorganization in the Bankruptcy Case that has not been consented to by the Lender and fails to provide for the payment in full in cash of all Obligations under the DIP Agreement and the other Loan Documents on the effective date of such plan; (f) the date of the closing of a sale of all or substantially all of the Borrowers' assets pursuant to Section 363 of the Bankruptcy Code; (g) the date of entry of an order of the Bankruptcy Court converting the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code or dismissing the Bankruptcy Case; and (h) if a plan of reorganization that has been consented to by the Lender or that provides for the payment in full in cash of all of the Obligations under this Agreement and the other Loan Documents has been confirmed by the Bankruptcy Court, the earlier of the effective date of such plan of reorganization or the thirtieth day after the date of entry of such confirmation order. The Debtors propose to grant MidCap Financial replacement liens in the same collateral generated post-petition in which MidCap Financial has a security interest pre-petition. The Debtors further propose to grant MidCap Financial adequate protection consisting of the existing value of MidCap Financial's collateral in excess of the Midcap debt plus the payment of adequate protection payments to MidCap equal to 25% of all accounts receivables collected by the Debtors post-petition. The Debtors contend that MedCare Investment Fund V, as the DIP Lender, will be granted liens in all of the Debtor's assets subject only to existing liens and security interests, except that such liens granted to the DIP Lender will be senior to the existing lien and security interests of Cardiovascular Care Group, which is subordinated to the MidCap liens in the real property owned by the Debtors. The Debtors further contend that they will pay MidCap Financial the professional fees and expenses it incurs, subject to a 10-day objection period by the Debtors, the U.S. Trustee, or the Committee after delivery of a statement of fees and expenses. The Carve-Out consists of: all unpaid fees of the Clerk of Court and the U.S. Trustee and Professional Fees of professionals retained by the Debtors and any Committee in an amount not to exceed the amounts in the Cash Collateral Budget. The Debtors believe that that the terms and conditions of the proposed DIP Loans are reasonable under the circumstances, favorable to the Debtors, and could not be replicated in the marketplace. The Debtors assert that in the absence of immediate access to the DIP Loans from the DIP Lender, the Debtors will be unable to bear the costs and expenses of the Chapter 11 Case, the going concern value of its estate will rapidly deteriorate, and serious and irreparable harm to the Debtors, the estate, and other stakeholders will occur, thus preventing the Debtors from realizing their chapter 11 objectives. A full-text copy of the Debtor's Motion, dated Jan. 31, 2017, is available at http://bankrupt.com/misc/LMCHHPCP2017_1710201lss_8.pdf About LMCHH PCP LCC LMCHH PCP LLC and Louisiana Medical Center and Heart Hospital, LLC currently operate a state-of-the-art 213,000 square facility and two medical office buildings. Originally licensed for 58 beds in 2003, as a result of its physical and strategic expansion in 2007, the Hospital is now a full-service 132-bed acute care hospital with seven operating rooms, three catheterization laboratories, and a 24-hour heart attack intervention center dedicated to providing advanced medical treatment and compassionate care to patients and families throughout the North Shore area. LMCHH PCP and LHH sought bankruptcy protection (Bankr. D. Del. Lead Case No. 17-10201) on Jan. 30, 2017. The Debtors are currently seeking joint administration of their Chapter 11 cases under the main case, 17-10201. The cases have been assigned to the Hon. Judge Laurie Selber Silverstein. LMCHH estimated assets in the range of $1 million to $10 million and liabilities of up to $500 million. LHH estimated assets in the range of $10 million to $50 million and liabilities of $100 million to $500 million. The Debtors have hired Young, Conaway, Stargatt & Taylor LLP as local counsel, Alston & Bird LLP as legal counsel, Solic Capital Advisors, LLC as financial advisor and The Garden City Group, Inc. as claims and noticing agent. LODGE HOLDINGS: Ch. 11 Trustee Wants to Use Cash Until April 2017 ----------------------------------------------------------------- Sheena R. Aebig, Chapter 11 Trustee of Lodge Holdings Company and its affiliated Debtors, asks the U.S. Bankruptcy Court for the Western District of Washington for authorization to use cash collateral through April 2017. The Chapter 11 Trustee's Motion is scheduled for hearing on March 3, 2017. The deadline for the filing of objections to the Chapter 11 Trustee's Motion is set on Feb. 24, 2017. The Chapter 11 Trustee relates that the entities known to her who assert or may assert an interest in cash collateral include: (1) the United States of America, in behalf of the Internal Revenue Service, on account of federal tax liens; (2) the State of Washington, on account of state tax liens; (3) CBC Partners I, LLC; and (4) American Express Bank. The Chapter 11 Trustee further relates that from incomplete documentation currently available to her, it is also possible that the following entities could assert an interest in cash collateral, but she currently has no evidence of the perfection of any security interest or lien by these entities: (1) Gregg Chavez (Mill Creek Lodge, Downtown Lodge, Greenwood Lodge0; (2) Honey Locust Holdings, LLC (Greenwood Lodge); and (3) Donna and Jerry Louthain (Mukilteo Lodge). The Chapter 11 Trustee tells the Court that the purpose of the proposed use of cash collateral is to fund the continued operation of the Debtors' business for so long as the Chapter 11 Trustee deems such operation to be advisable, and to fund the reasonable expenses of administration of the cases, including the Chapter 11 Trustee's investigation of the Debtors' financial affairs and business, and assessment of options for realization of best value from the assets, to benefit creditors. The Chapter 11 Trustee further tells the Court that if she is not permitted reasonable use of cash collateral, she believes the shutdown of the businesses will be necessary as there is no known source to fund operations other than the cash flow generated by the businesses themselves. The Chapter 11 Trustee's proposed Budget provides for total operating expenses in the amount of $673,046 for February, $754,260 for March, and $744,389 for April. The Chapter 11 Trustee wants the subordination of replacement liens of secured creditors in cash collateral, to allowed professional compensation, not to exceed the following estimated amounts: Feb. 2017 March 2017 April 2017 Trustee $25,000 $20,000 $20,000 Trustee's $25,000 $20,000 $20,000 counsel Trustee's $5,000 $5,000 $5,000 accountant The Chapter 11 Trustee proposes to grant CBC Partners and the IRS with replacement liens in the same collateral, including cash collateral, and their proceeds, with the same validity, priority, and enforceability as existed pre-petition. A full-text copy of the Chapter 11 Trustee's Motion, dated January 30, 2017, is available at http://bankrupt.com/misc/LodgeHoldings2016_15814twd_98.pdf A full-text copy of the proposed Budget, dated January 30, 2017, is available at http://bankrupt.com/misc/LodgeHoldings2016_1615814twd_98_1.pdf CBC Partners I, LLC is represented by: Gregory Fox, Esq. LANE POWELL PC 1420 Fifth Avenue, Suite 4200 Seattle, WA 98111-9402 Email: foxg@lanepowell.com American Express Bank can be reached at: AMERICAN EXPRESS BANK, FSB 4315 South 2700 West Salt Lake City, UT 84184 About Lodge Holdings Company Lodge Holdings Company, Mukilteo Lodge, LLC, Kirkland Lodge, LLC, Stadium Lodge, LLC, Downtown Lodge, LLC, Mill Creek Lodge, LLC, and Greenwood Lodge, LLC filed Chapter 11 petitions (Bankr. W.D. Wash. Case No. 16-15814-TWD, 16-15849-TWD, 16-15850-TWD, 16-15851-TWD, 16-15852-TWD, 16-15853-TWD, and 16-15854-TWD) on Nov. 18, 2016. The petitions were signed by Shawn Roten, president. The Debtors are represented by Larry B. Feinstein, Esq., at Vortman & Feinstein. The Debtor disclosed $1.06 million in total assets and $5.73 million in total liabilities. LUKE'S LOCKER: Wants to Use Nike Cash Collateral ------------------------------------------------ Debtor Luke's Locker Incorporated asks the U.S. Bankruptcy Court for the Eastern District of Texas for authorization to use cash collateral. The Debtor and its affiliated debtors 2L Austin, LLC, and The Quality Lifestyle I, Ltd.'s only secured creditor is Nike. Nike has a lien against all of the Debtors' assets to secure payment of a promissory note in the principal amount of $2 million. Nike's collateral includes inventory, cash, and the proceeds and products of both. In order to incentivize vendors to ship inventory to the Debtor on credit so that it can operate the Plano, Dallas, Fort Worth, and Southlake stores, the Debtor filed a DIP Motion, proposing to grant each vendor a first-priority lien on any inventory that such vendor provides, as well as their proceeds and profits, provided that the vendor agrees to permit the Debtor to use its cash collateral in the ordinary course of the Debtor's business. The Debtor contends that Nike's lien does not extend to property that the Debtor acquires after the Petition Date if the Debtor does not use Nike's cash collateral to acquire such property. The Debtor further contends that any inventory it acquires on credit under any order granting the DIP Motion will not be subject to Nike's lien. The Debtor relates that it needs to use Nike's alleged cash collateral to continue the operation of its business. The Debtor further relates that without the funds to continue the operation of its Luke's Locker stores in Dallas, Plano, Fort Worth, and Southlake, it will not be able to pay payroll and other direct operating expenses and obtain goods and services needed to carry on its business in a manner that will avoid irreparable harm to all of the Debtors' estates. The Debtor's proposed Budget for the months of January through December, provides for total store operating expenses of $4,352,823, and total corporate expenses of $488,700. The Debtor proposes to provide the following adequate protection to Nike: (a) super-priority claims senior to all other postpetition super-priority claims, subject to a carve-out for professional fees and fees owed to the United States Trustee, and any first-priority liens granted to any trade vendors pursuant to a DIP Facility; (b) replacement liens on all property currently owned or later acquired by the Debtor, subordinate only to the liens of any applicable taxing authority, any first-priority liens granted to trade vendors pursuant to a DIP Facility, and the carve-out; and (c) monthly adequate protection payments in the amount of $7,500 beginning in April 2017 through July 2017, and increasing to $15,000 per month thereafter. A full-text copy of the Debtor's proposed Budget, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/LukesLocker2017_1740126_22_1.pdf About Luke's Locker Incorporated Luke's Locker Incorporated, owner of Luke's Locker fitness and running stores in Texas, sought Chapter 11 protection (Bankr. E.D. Tex. Case No. 17-40126) on Jan. 24, 2017. The petition was signed by Matthew Lucas, president and CEO. The case judge is the Hon. Brenda T. Rhoades. Melissa S. Hayward, Esq., at Franklin Hayward LLP, in Dallas, serves as the Debtor's counsel. The Debtor estimated $1 million to $10 million in assets and liabilities. The Debtor and its affiliated debtors 2L Austin, LLC, and The Quality Lifestyle I, Ltd., operate retail stores throughout Texas, known as Luke's Locker, that specialize in running and fitness apparel, footwear, and other related goods, with a particular focus on providing excellent customer service. They also provide training programs (running and walking) for their customers, and they help sponsor and host numerous running and walking events throughout the year, including everything from charitable 5Ks to free weekly social runs from the stores. Luke's Locker is a recognized leader in its industry, having won numerous D Magazine Readers' Choice and Best of Big D awards throughout the years. Luke's Locker's origins go back as far as 1970, when Don Lucas was a Dallas attorney and running enthusiast. The problem then was that shoes specially designed for running were not generally available in Dallas. So Mr. Lucas contacted a company in Oregon called Blue Ribbon Sports. Blue Ribbon sold him shoes for his own use, and he, in turn, sold more of their shoes to fellow Dallas runners out of the trunk of his car. Blue Ribbon Sports officially changed its name to Nike, Inc. in May 1971. Mr. Lucas's shoe business moved from the trunk of his car, to his garage, and eventually into the first Luke's Locker on Oak Lawn in Dallas. In addition to running shoes, Luke's Locker carries workout gear, sportswear, cross training shoes, track and cross country spikes, tennis shoes, and a host of related accessories. Today Luke's Locker has locations in Austin, Dallas, Fort Worth, Highland Village, Houston, Katy, Plano, Southlake, White Rock Lake and The Woodlands. There is also a central distribution warehouse and administrative office in Dallas. MAINE STATE PROPERTIES: Taps CBRE to Sell Biddeford Property ------------------------------------------------------------ Maine State Properties, LLC seeks permission from the U.S. Bankruptcy Court for the Maine to employ Gregory W. Boulos, of CBRE, The Boulos Company, to assist the Debtor in selling the real estate located at 145 Main Street, Biddeford, Maine, consisting of 0.08+- acres of land improved with a 13,034+- sf building containing 19 residential units and 1 commercial unit. The Debtor proposes to pay Mr. Boulos and CBRE, The Boulos Company 6.5% commission from the sale proceeds. Mr. Boulos attests that neither he nor any members of his office holds or represents any interest adverse to the estate. The Firm can be reached through: Mr. Gegory W. Boulos CBRE, THE BOULOS COMPANY One Canal Plaza Portand, ME 04101 Tel: (207) 772-1333 About Maine State Properties Maine State Properties, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Me. Case No. 15-20426) on June 9, 2015. The Debtor is represented by James F. Molleur, Esq. -- jim@molleurlaw.com -- at Molleur Law Office. MAXUS ENERGY: Benjamin Moore Asks Court to Deny Plan Disclosures ---------------------------------------------------------------- Benjamin Moore & Co. filed with the U.S. Bankruptcy Court for the District of Delaware a joinder to the objection of the Official Committee of Unsecured Creditors regarding the disclosure statement for the chapter 11 liquidation plan filed by Maxus Energy Corporation, and its debtor affiliates. The Debtors have said they will seek the Bankruptcy Court's approval of a settlement with YPF S.A., parent of YPF Holdings, Inc., which purchased Maxus in the 1990s. On June 15, 2016, the parties reached the settlement of the Debtors' claims against YPF and its affiliates and executed a settlement agreement on June 17, 2016, pursuant to which (a) YPF agreed to pay $130 million to the Debtors and their Estates upon the satisfaction of certain conditions, and (b) YPF Holdings agreed to provide debtor-in-possession financing in the amount of $63.1 million to the Debtors, of which $34.35 million is subordinate in payment to all general unsecured claims. In exchange, the Debtors agreed to, among other things, release their claims against the YPF Entities, and prosecute the Chapter 11 Cases in accordance with certain case milestones set forth in the DIP Agreement. Moore complains that the disclosure statement fails to provide adequate information to enable a creditor to make an informed judgment about whether to vote to accept or reject the Plan and the Plan is not confirmable for multiple reasons. Moreover, Moore says the Plan structure presupposes approval of the settlement agreement but fails to provide an alternative in the event the settlement agreement is not approved. Moore also shares the concerns expressed by the Creditors' Committee in the Committee Objection, and therefore joins and incorporates by reference all points and arguments made by the Creditors' Committee in their objection. For these reasons, Moore asks the Court to deny approval of the disclosure statement. Counsel to Benjamin Moore & Co.: Dennis A. Meloro, Esq. GREENBERG TRAURIG, LLP The Nemours Building 1007 North Orange Street, Suite 1200 Wilmington, Delaware 19801 Telephone: (302) 661-7000 Facsimile: (302) 661-7360 Email: melorod@gtlaw.com -and- Nancy A. Mitchell, Esq. Maria J. DiConza, Esq. GREENBERG TRAURIG, LLP MetLife Building 200 Park Avenue New York, NY 10166 Telephone: (212) 801-9200 Facsimile: (212) 801-6400 Email: mitchelln@gtlaw.com diconzam@gtlaw.com About Maxus Energy Corporation Maxus Energy Corporation and four of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 (Bankr. D. Del., Case No. 16-11501) on June 17, 2016. The Debtors intend to use the breathing spell afforded by the Bankruptcy Code to decide whether their existing environmental remediation operations and oil and gas operations can be restructured as a sustainable, stand-alone enterprise. The Debtors have engaged Young Conaway Stargatt & Taylor, LLP as local counsel, Morrison & Foerster LLP as general bankruptcy counsel, Zolfo Cooper, LLC as financial advisor and Prime Clerk LLC as claims and noticing agent, all are subject to the Bankruptcy Court's approval. The Debtors hired Keen-Summit Capital Partners LLC as real estate broker. The Debtors also engaged Hilco Steambank to market and sell their internet protocol numbers and other internet number resources, and EnergyNet.com to market and sell the Debtors' rights, title, and interest in and to the oil and gas properties. On July 7, 2016, the United States Trustee for the District of Delaware filed Notice of Appointment of Committee of Unsecured Creditors. The Committee selected Schulte Roth & Zabell LLP as counsel, and Cole Schotz as Delaware co-counsel. Berkeley Research Group, LLC, serves as financial advisor for the Committee. Andrew Vara, acting U.S. Trustee for Region 3, appointed the following to a committee of retirees: John Leslie Jackson, Sr., Gerald G. Carlton, and Robert E. Garbesi. The Retirees Committee retained Akin Gump Strauss Hauer & Feld LLP as counsel and Ashby & Geddes, P.A. as co-counsel. MEMORIAL PRODUCTION: Moody's Cuts PDR to D-PD on Bankr. Filing -------------------------------------------------------------- Moody's Investors Service downgraded Memorial Production Partners LP's Probability of Default Rating (PDR) to D-PD from Ca-PD/LD, following the company's announcement in January that it has voluntarily filed for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Concurrently, Moody's affirmed MEMP's Corporate Family Rating (CFR) of Ca and unsecured notes rating of C. The outlook is negative. Issuer: Memorial Production Partners LP. Downgrades: Probability of Default Rating, Downgraded to D-PD from Ca-PD/LD Affirmations: -- Corporate Family Rating, Affirmed at Ca -- Senior Unsecured Notes, Affirmed at C (LGD5) RATINGS RATIONALE The downgrade of MEMP's PDR to D-PD is a result of the bankruptcy filing. MEMP's other ratings have been affirmed, which reflects Moody's view on the potential overall family recovery and senior notes recovery. Shortly following this rating action, Moody's will withdraw all ratings for the company consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited. The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Memorial Production Partners LP, headquartered in Houston, TX is a publicly traded partnership engaged in the acquisition, production and development of oil and natural gas properties in the United States. MERCHANTS BANKCARD: Cash Collateral Motion Withdrawn ---------------------------------------------------- Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts acknowledged and ordered the withdrawal of Merchant Bankcard Services of America, Inc.'s Motion for use cash collateral, in open Court. About Merchant Bankcard Services of America Merchants Bankcard Systems of America, Inc., filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-13224) on Aug. 18, 2016. The petition was signed by Philip Chait, president. The Debtor is represented by David B. Madoff, Esq., at Madoff & Khoury LLP. The case is assigned to Judge Joan N. Feeney. At the time of filing, the Debtor disclosed $2.58 million in assets and $4.20 million in liabilities. MERCHANTS BANKCARD: Court Continues Cash Collateral Motion Hearing ------------------------------------------------------------------ Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts continued the hearing on Merchants Bankcard Systems of America, Inc.'s cash collateral motion, and the Opposition of Davos Financial Corp. to the Debtor's use of cash to Jan. 31, 2017. A full-text copy of the Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/MerchantsBankcard2016_1613224_128.pdf About Merchants Bankcard Systems of America Merchants Bankcard Systems of America, Inc., filed a Chapter 11 petition (Bankr. D. Mass. Case No. 16-13224) on Aug. 18, 2016. The petition was signed by Philip Chait, president. The Debtor is represented by David B. Madoff, Esq., at Madoff & Khoury LLP. The case is assigned to Judge Joan N. Feeney. At the time of filing, the Debtor disclosed $2.58 million in assets and $4.20 million in liabilities. METCOM NETWORK: Sale of All Assets to Epsilon for $3.7M Approved ---------------------------------------------------------------- Judge Mary Kay Vyskocil of the U.S. Bankruptcy Court for the Southern District of New York authorized Metcom Network Services, Inc.'s sale of substantially all assets to Epsilon (US), Inc., for $3,730,000. The sale is free and clear of all liens, claims and encumbrances, provided, however, that the sale of the NFS Equipment and the NFS Collateral will be free and clear of NFS' liens and claims only upon the Purchaser's payment to NFS, and NFS' receipt, of the NFS Payment. At Closing, the Purchaser will pay $1,085,493 ("NFS Payment") to NFS in full and final satisfaction of NFS' claims against the Debtor. Upon receipt of the NFS Payment: (i) NFS will execute and deliver to Purchaser and the Debtor a termination of the NFS Lease, and (ii) any lien that NFS has on any property of the Debtor will be released and expunged. Upon NFS' receipt of the NFS Payment, the NFS Equipment and the NFS Collateral will be transferred to Purchaser free and clear of any and all liens and claims of NFS. The Purchaser is not a "successor" to the Debtor or its estate by reason of any theory of law or equity, and the Purchaser will not assume, or be deemed to assume, or in any way be responsible for any liability or obligation of the Debtor and/or its estate, other than the Assumed Liabilities, with respect to the Acquired Assets or otherwise, including, but not limited to, under any bulk sales law, doctrine or theory of successor liability, or similar theory or basis of liability. Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and subject to and conditioned upon the closing of the Sale Transaction, the Debtor's assumption and assignment to the Purchaser, and the Purchaser's assumption on the terms set forth in the APA, of the Assumed Agreements is approved, and the requirements of section 365(b)(1) of the Bankruptcy Code with respect thereto are deemed satisfied. All defaults and all other obligations or liabilities under any Assumed Agreement occurring, arising, or accruing prior to the date of the assignment or transfer to the Purchaser will be deemed cured or satisfied upon payment of the proposed Cure Amount (if any). Pursuant to sections 105(a) and 365 of the Bankruptcy Code, and subject to and conditioned upon the closing of the Sale Transaction, the Debtor's Rejection of the Rejected Contracts is approved. As Epsilon is the Successful Bidder, the administrative claim granted to Epsilon for the Expense Reimbursement is expunged in its entirety, and Epsilon will not have any claim against the Debtor or its Bankruptcy Estate for or related to the Expense Reimbursement. The payment by Epsilon to the Debtor under the APA may be made to the Debtor's counsel herein, Ackerman Fox, LLP, to be held by said counsel in a segregated noninterest bearing escrow account, together with the $131,000 security deposit heretofore remitted by Epsilon under the terms of the APA and the Escrow Agreement, for disbursement purposes ("Disbursement Account"). The funds in the Disbursement Account will not be distributed by Ackerman Fox to any person or entity except to a creditor or claimant holding an allowed claim, or to pay quarterly fees, or as otherwise expressly ordered by the Court. Notwithstanding anything in the APA or the schedules to the APA to the contrary, the Cure Amount for the 60 Hudson Lease shall be $2,111,392. The Debtor will pay $167,239 of the Cure Amount and the Purchaser shall pay $1,944,153 of the Cure Amount. The Debtor's portion of the Cure Amount includes estimated electrical charges through Jan. 31, 2017 ("Estimated Electrical Charges"). To the extent the Closing Date occurs after Jan. 31, 2017, the Estimated Electrical Charges shall be increased to include estimated electrical charges through the Closing Date, and the Debtor's portion of the Cure Amount will be increased to include such additional Estimated Electrical Charges. No later than Feb. 28, 2017, the 60 Hudson Landlord will all provide the Debtor with meter readings showing the actual electrical charges through the Closing Date. To the extent that the Estimated Electrical Charges are in excess of actual electrical charges through the Closing Date, the 60 Hudson Landlord will refund the balance to the Debtor within 5 business days after delivery of the meter reading. To the extent that actual electrical charges through the Closing Date are in excess of the Estimated Electrical Charges, the 60 Hudson Landlord will have an administrative claim against the Debtor for the difference, which will be paid by the Debtor within 5 business days after delivery of the meter reading. Within 5 business days of the Closing Date, the Purchaser will pay $49,702 to the 60 Hudson Landlord, which amount constitutes property taxes due in January covering periods after Jan. 31, 2017. The releases executed by the 60 Hudson Landlord, the Debtor and Epsilon as of the Closing Date will not release those parties of their obligations. Notwithstanding the provisions of Bankruptcy Rule 6004 and Bankruptcy Rule 6006 or any applicable provisions of the Local Rules, the Order will not be stayed for 14 days after the entry hereof, but will be effective and enforceable immediately upon entry, and the 14-day stay provided in such rules is hereby expressly waived and will not apply. Any party objecting to the Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the Closing Date, or risk its appeal will be foreclosed as moot. About Metcom Network Services Metcom Network Services, Inc. is a New York corporation, with its principal place of business at 60 Hudson Street, New York, NY, Suites 1001 and 2303. The Debtor is owned 50% by Mark DuMoulin, Sr. and 50% by Susan BeckerDuMoulin. The Debtor is in the business of telecommunications, building and local interconnection and engineering support, including the colocation of customer equipment. The Debtor acts as a primary provider of extremely high capacity fiber optic connections between domestic and international service providers that occupy space throughout the Building located within the structure of the Building itself. Metcom Network Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-11870) on June 28, 2016. The petition was signed by Mark DuMoulin, Sr., president. The Debtor is represented by Neil H. Ackerman, Esq., at Ackerman Fox, LLP. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. No trustee, examiner, or committee of creditors has been appointed in this case. MGM GROWTH: Moody's Upgrades CFR to Ba3; Outlook Stable ------------------------------------------------------- Moody's Investors Service upgraded the corporate family rating of MGM Growth Properties LLC to Ba3 from B1. The rating outlook is stable. The following rating actions were taken: Upgrades: Issuer: MGM Growth Properties LLC Corporate Family Rating, Upgraded to Ba3 from B1 Issuer: MGM Growth Properties Operating Partnership, LP Senior Secured Bank Credit Facility, Upgraded to Ba3 from B1 Senior Unsecured, Upgraded to B1 from B2 RATINGS RATIONALE Key strengths supporting the corporate family rating upgrade to Ba3 include the positive benefits of the relationship with MGM Resorts International (rated Ba3 / Stable). The rating upgrade reflects the REIT's high quality assets, a portfolio tenanted through a master lease by a leading industry operator with a long term track record and the company's solid leverage and cash flow metrics with Net debt to EBITDA of 5.8x and fixed charge coverage of 3.3x based upon annualized three month numbers as of September 30, 2016. The rating upgrade also reflects MGP's improving liquidity profile and well-laddered debt maturity schedule. In addition, in August 2016, the company completed its announced acquisition of the real estate assets associated with the Borgata Hotel Casino and Spa in Atlantic City, New Jersey from MGM Resorts. This acquisition increased the annual rent payment due under the master lease with MGM Resorts by $100 million and helped to further diversify the REIT's portfolio. Credit challenges include the REIT's high tenant, asset, and geographic concentrations, and MGM Resorts' effective operational control of the REIT. The specialized nature of the REIT's unique gaming assets is also a credit concern. The stable rating outlook reflects Moody's expectation that MGP will maintain its current capital structure and lease terms. The outlook also anticipates that MGM Resorts will maintain its current ownership interest in MGP. Any material changes to the master lease terms -- as they stand -- could erode the rating and outlook cushion. MGP's ratings and/or ratings outlook could be upgraded as a result of an upgrade to MGM Resorts' ratings and / or rating outlook, a decrease in the largest tenant concentration to below 50% of the REIT's EBITDA or increased third party ownership of MGP -- beyond the 50% level -- with commensurate board representation and voting rights. The ratings could be downgraded as a result of a downgrade to MGM Resorts' ratings and / or rating outlook, a decline in portfolio EBITDARM operator coverage to 2.0x or below, Net debt to EBITDA in excess of 6.0x, fixed charge coverage ratio below 2.5x on a consistent basis and/or a restructuring of or material change in the master lease terms. MGM Growth Properties LLC (NYSE:MGP) is a publicly traded real estate investment trust engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts, whose diverse amenities include casino gaming, hotel, convention, dining, entertainment and retail offerings. MGP currently owns a portfolio of properties acquired from MGM Resorts, consisting of ten premier destination resorts in Las Vegas and elsewhere across the United States and one dining and entertainment complex which opened in April 2016. As of December 31, 2015, these properties collectively comprise 27,233 hotel rooms, approximately 2.6 million convention square footage, over 100 retail outlets, over 200 food and beverage outlets and over 20 entertainment venues. The principal methodology used in these ratings was Global Rating Methodology for REITs and Other Commercial Property Firms published in July 2010. MIAMI NEUROLOGICAL: Wants Approval for Cash Collateral Use ---------------------------------------------------------- Miami Neurological Institute, LLC, asks the U.S. Bankruptcy Court for the Southern District of Florida for authorization to use the cash collateral of City National Bank of Florida. The Debtor owes the City National Bank of Florida the total amount of $1,900,000 pursuant to several promissory notes. City National Bank of Florida has a lien on all of the Debtor's assets as collateral for the indebtedness. The Debtor tells the Court that an immediate and critical need exists for the Debtor to be permitted to access cash collateral in order to continue its operations. The Debtor's proposed Budget provides for total expenses in the amount of $1,190,384. The Debtor proposes to grant City National Bank of Florida with ongoing contractual payments, and replacement liens in the assets generated by the use of its cash collateral. A full-text copy of the Debtor's Motion, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/MiamiNeurological2017_1710703lmi_13.pdf A full-text copy of the Debtor's proposed Budget, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/MiamiNeurological2017_1710703lmi_13_2.pdf About Miami Neurological Institute, LLC Miami Neurological Institute, LLC, based in Aventura, Florida, filed a chapter 11 petition (Bankr. S.D. Fla. Case No. 17-10703) on Jan. 20, 2017. The petition was signed by Juan Ramirez, managing member. The case is assigned to Judge Laurel M. Isicoff. The Debtor is represented by Brett A. Elam, Esq., at Farber + Elam, LLC. The Debtor estimated assets at $0 to $50,000 and liabilities at $1 million to $10 million at the time of the filing. MIDWEST ASPHALT: U.S. Trustee Forms Two-Member Committee -------------------------------------------------------- Daniel M. McDermott, the U.S. Trustee for Region 12, on Feb. 2, 2017, appointed two creditors of Midwest Asphalt Corporation to serve on the official committee of unsecured creditors. The committee members are: (1) WD Larson/Allstate Peterbilt Attn: Richard Brown 500 Ford Road St. Louis Park, MN 55426 Tel: (952) 703-3467 (2) Tiller Corporation Attn: Steven Sauer 7200 Hemlock Lane Suite 200 P.O. Box 1480 Maple Grove, MN 55311 Tel: (763) 425-4191 Richard Brown of WD Larson Allstate Peterbilt is designated as acting chairperson of the Committee pending selection by the committee members of a permanent chairperson. 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 Midwest Asphalt Corporation Midwest Asphalt Corporation, based in Hopkins, Minnesota, filed a Chapter 11 petition (Bankr. D. Minn. Case No. 17-40075) on Jan. 12, 2017. The petition was signed by Blair Bury, president. The Debtor is represented by Thomas Flynn, Esq., at Larkin Hoffman. The case is assigned to Judge Katherine A. Constantine. The Debtor estimated assets and debt at $10 million to $50 million at the time of the filing. MINDEN AIR: Court Moves Plan Filing Deadline to February 13 ----------------------------------------------------------- Judge Bruce T. Beesley of the U.S. Bankruptcy Court for the District of Nevada extended the exclusive period during which Minden Air Corp. may file its plan of reorganization, to and including February 13, 2017, and the corresponding exclusive period for obtaining confirmation of the plan, to and including April 14, 2017. The Troubled Company Reporter had earlier reported that the Debtor requested for exclusivity extension since it was still working to stabilize its operations and improve profitability. About Minden Air Corp. Minden Air Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 16-51033) on August 18, 2016. The petition was signed by Leonard K. Parker, president. The case is assigned to Judge Bruce T. Beesley. At the time of the filing, the Debtor disclosed $5.07 million in assets and $883,504 in liabilities. MODULAR SPACE: Plan Outline Lacking in Infos, Gov't Says -------------------------------------------------------- Vince Sullivan, writing for Bankruptcy Law360, the U.S. attorney for the District of Delaware has filed with the U.S. Bankruptcy Court for the District of Delaware an objection to Modular Space Holdings Inc.'s disclosure statement, claiming that it does not have enough information for the U.S. Department of Defense and other creditors to adequately assess the Debtor's Chapter 11 plan. About Modular Space Modular Space Corporation (ModSpace), based in Berwyn, Pa. -- http://Blog.ModSpace.com/-- is the largest U.S.-owned provider of office trailers, portable storage units and modular buildings for temporary or permanent space needs. Building on nearly 50 years of experience, ModSpace serves a diverse set of customers and markets including commercial, construction, education, government, healthcare, industrial, energy, disaster relief, franchise and special events through an extensive branch network across the United States and Canada. On Dec. 21 2016, Modular Space Holdings, Inc., and six affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Case No. 16-12825 to 16-12831) to pursue a prepackaged plan of reorganization. The cases are pending joint administration under Case No. 16-12825 before the Honorable Kevin J. Carey. ModSpace estimated $1 billion to $10 billion in assets and liabilities. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel for the Company; Lazard Middle Market LLC and Lazard Freres & Co. LLC are acting as the Company's investment bankers and Zolfo Cooper is the Company's financial advisor. Kurtzman Carson Consultants is the claims and noticing agent. Dechert LLP is acting as legal counsel, and Moelis & Company LLC is acting as financial advisor to the ad hoc group of noteholders. * * * Modular Space Corporation filed a Prepackaged Plan of Reorganization that will eliminate approximately $400 million of debt from the Company's balance sheet, provide $90 million of new equity capital from the bondholders via a rights offering and include a new $719 million credit facility to be provided by the existing asset based lenders (the "Lenders"). General unsecured claims, to the extent not paid earlier by order of the Court, would either be paid in full in cash or reinstated on the Effective Date. However, under certain conditions, the Plan affords the noteholders the right to direct the Debtors (subject to certain consent rights) to pursue an "alternative transaction." MOLYCORP MINE: Asks Court OK for $40M Minimum Sale of Mine ---------------------------------------------------------- Jeff Montgomery, writing for Bankruptcy Law360, reports that Trustee Paul E. Harner, Esq., at Ballard Spahr LLC, the Chapter 11 trustee for Molycorp Minerals LLC, has asked the U.S. Bankruptcy Court for the District of Delaware to authorize the minimum sale of $40 million for the Debtor's California rare earth mine. Law360 relates that the officials have discussed abandoning the mine. Batuta Capital Advisors LLP have been marketing the mine and soliciting potential buyers, report states, citing the Chapter 11 Trustee. The Chapter 11 Trustee, Law360 reports, said that the proposed March bidding plan will be led by a $40 million "stalking horse" offer. About Molycorp Inc. and Molycorp Minerals Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent are earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior management members are located at its U.S. corporate headquarters in Greenwood Village, Colorado. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp retained investment banking firm Miller Buckfire & Co. and financial advisory firm AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP served as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. Secured creditor Oaktree Capital Management L.P., consented to the use of cash collateral and to extend postpetition financing. On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of Molycorp Inc. appointed eight creditors of the company to serve on the official committee of unsecured creditors. The Creditors Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as attorneys. On Nov. 9, the U.S. Trustee disbanded the committee following the resignation of committee members Wilmington Savings Fund Society FSB, MP Environmental Services Inc., Computershare Trust Company of Canada, Veolia Water North America Operating Services LLC, Delaware Trust Company, Wazee Street Capital Management, Plymouth Lane Partners (Master) LP, and United Steelworkers. * * * Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization has been confirmed by the U.S. Bankruptcy Court for the District of Delaware. The Plan contemplates two possible outcomes: (1) the sale of substantially all of the Debtors' assets if certain conditions set forth in the Plan are satisfied and (2) (a) the sale of the assets associated with the Debtors' Mountain Pass mining facility in San Bernardino County, California; and (b) the stand-alone reorganization around the Debtors' other three business units. Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware on April 8, 2016, issued a findings of fact, conclusions of law, and order confirming the Fourth Amended Joint Plan of Reorganization of Molycorp, Inc., and its debtor affiliates. On April 13, 2016, Judge Sontchi directed the appointment of a Chapter 11 trustee to oversee the operations of Industrial Minerals LLC, Molycorp Advance Water Technologies LLC, Molycorp Minerals LLC, PP IV Mountain Pass II Inc., PP IV Mountain Pass Inc., and RCF Speedwagon Inc. Each of the bankruptcy cases of the companies are no longer jointly administered with Molycorp's case under Case No. 15-11357. On May 2, 2016, the Court entered an order in the Molycorp Minerals Debtors' cases approving the appointment of Paul E. Harner as chapter 11 trustee for Molycorp Mineral Debtors' bankruptcy estates. On Aug. 31, 2016, Molycorp reported that its confirmed Fourth Joint Amended Plan became effective as of that date. Molycorp emerged from Chapter 11 protection as a newly reorganized business, now known as Neo Performance Materials. MOLYCORP MINERALS: Rare Earth Buying Mountain Pass Mine for $40M ---------------------------------------------------------------- Paul E. Harner, Trustee for Molycorp Minerals, LLC and affiliates, asks the U.S. Bankruptcy Court for the District of Delaware to authorize the bidding procedures in connection with the sale of Minerals Debtors' Mountain Pass Mine to Rare Earth Global Partners for $40,000,000, in cash, plus any amounts required to cure all costs and expenses associated with the assumption by the Purchaser of the assigned contracts, plus any transfer taxes arising from or in connection with the sale, subject to overbid. A hearing on the Motion is set for Feb. 27, 2017 at 11:00 a.m. (ET). Objection deadline is Feb. 17, 2017 at 4:00 p.m. (ET). The Sale Hearing is set for March 30, 2017 at 10:00 a.m. The principal assets of the Minerals Debtors are surface rights and certain mineral rights to a rare earth minerals mine and a rare earth extraction facility located in San Bernardino County, California ("Mountain Pass Mine"). The Mountain Pass Mine was devoted to extracting rare earth minerals and producing rare earth concentrates, rare earth oxides and SorbX and PhosFIX, a line of proprietary rare earth-based water treatment products. The products generated by the Minerals Debtors were used in oil refinery catalyst, automotive, water purification and hybrid and electric vehicle applications. During these chapter 11 cases, the Mountain Pass Mine was transitioned into a state of care and maintenance pursuant to a limited operations plan required by the Minerals Debtors and 15 of their affiliates ("Plan Debtors")'s postpetition financing facility. Current operations are limited to the occasional sale of surplus assets or inventory processed prior to placing the mine in "cold-idle" status. The Mountain Pass Mine was previously marketed for sale over a period of several months by the Plan Debtors and their investment banker, Miller Buckfire & Co., LLC, however, the Plan Debtors were unable to identify a potential buyer on terms acceptable to the Plan Debtors’ and the Minerals Debtors' senior secured lender and postpetition lender, OCM MLYCo CTB Ltd. ("Oaktree") or an ad hoc group of certain holders of 10% senior notes secured by substantially all of the assets of the Minerals Debtors ("10% Notes"). The Trustee was appointed in these cases and charged with one primary task: to actively pursue a turn-key sale of the Mountain Pass Mine in order to maximize the value of the Minerals Debtors' estates for the benefit of the creditors. The sale proposed is the culmination of a comprehensive sales and marketing processes overseen by the Trustee, and upon its approval by the Court, will mark the accomplishment of the difficult task and move the Trustee closer toward his ultimate goal of confirming a liquidating plan in these cases. Relevant dates and proposed deadlines in connection with the Bidding Procedures and Sale are: a. Feb. 17, 2017: Deadline for objections to the Bidding Procedures; b. Feb. 24, 2017: Deadline for filing Purchase Agreement executed by the Stalking Horse Bidder; c. March 3, 2017: Proposed deadline for filing and service of the Assumption and Assignment Notice; d. March 3, 2017: Date of publication of the notice of Auction; e. March 13, 2017: Deadline for filing objections to the assumption and assignment of executory contracts and unexpired leases and proposed cure amounts, except as to adequate assurance of future performance; f. March 17, 2017: Qualified Bids due with good faith Deposit, proof of financial ability to pay and mark-up of the Purchase Agreement; g. March 22, 2017: Auction to take place at the Philadelphia offices of Ballard Spahr LLP; h. March 23, 2017: Deadline for filing objections to the Sale; i. March 23, 2017: Deadline for filing objections to the proposed assumption and assignment of executory contracts and unexpired leases on adequate assurance grounds; j. March 30, 2017 at 10:00 a.m.: Sale Hearing; and k. April 14, 2017: Proposed Closing Date. The Trustee's sale process is being managed by Batuta Capital Advisors, LLC. Batuta's strategy was to conduct a focused marketing effort to identify parties best suited to serve as a stalking horse bidder in connection with a project of this type. To date, Batuta has received indications of interest from four potential stalking horse purchasers. It is through their efforts that Batuta has identified the Stalking Horse Bidder, as a potential purchaser. Following initial negotiations, the Minerals Debtors and the Stalking Horse Bidder have executed a Term Sheet for the Sale of the Purchased Assets ("Term Sheet"). The Term Sheet contemplates the negotiation and execution of a definitive Asset Purchase Agreement and its filing with the Court on Feb. 24, 2017. In accordance with the Term Sheet, the Stalking Horse Bidder seeks to acquire the assets it deems critical to operating the Mountain Pass Mine including but not limited to (i) certain equipment located at the Mountain Pass Mine belonging to Oaktree and leased to the Minerals Debtors ("Oaktree Equipment"); and (ii) the minerals rights relating to the Mountain Pass Mine that were granted to Shared Natural Resources, LLC, a joint venture of Oaktree and the holders of the 10% Notes pursuant to the Plan and Confirmation Order. The material terms of the Agreement are: a. Purchaser: Rare Earth Global Partners ("Stalking Horse Bidder") b. Sellers: Minerals Debtors c. Purchased Assets: Mountain Pass Mine d. Purchase Price: $40,000,000, in cash, plus any amounts required to cure all costs and expenses associated with the assumption by the Purchaser of the Assigned Contracts, plus any transfer taxes arising from or in connection with the Proposed Transaction. e. Deposit: 5% of the Purchase Price, which will be payable upon execution of the Purchase Agreement and will be applied toward the Purchase Price at closing. f. Liens and Encumbrances: All Purchased Assets will be transferred to the Purchaser free and clear of all claims, liens, encumbrances, interests and other restrictions of any kind or nature whatsoever. g. "As Is, Where Is" Transaction: The Sale will be on an "as is, where is" basis and without representations or warranties of any kind, nature or description by the Trustee or the Sellers whether written or verbal, whether express, implied or by operation of law. h. Employees: The Purchaser will offer employment, effective upon the closing, to all current employees primarily engaged in the Sellers' business at the Mountain Pass Mine. Such offers of employment will be on substantially similar terms and with substantially similar compensation and benefits as those to which such employees were entitled from Sellers as of immediately prior to the closing. i. Closing Conditions: Usual and customary closing conditions for transactions of this size and type, including but not limited to: (i) an agreement in principal regarding the Oaktree Equipment; and (ii) license, lease, sale or other transfer of the mineral rights. j. Termination; Break-Up Fee: 4.5% of the Purchase Price k. Expenses: Each party will be responsible for its own out-of-pocket costs incurred in respect of the Sale, including all fees and disbursements of legal, accounting, investment banking and other advisors and any brokers' or finders' fees. l. Closing: The date on which the transactions contemplated by the Purchase Agreement close, which will be no later than fourteen days following the entry of a sale order entered by the Bankruptcy Court. A copy of the Agreement and Bidding Procedures attached to the Motion is available for free at: http://bankrupt.com/misc/Molycorp_Minerals_198_Sales.pdf The Trustee asks approval of these Bidding Procedures which follow, in relevant part, the bidding procedures proposed by the Plan Debtors and approved by the Court in connection with the Plan: a. Bid Deadline: March 17, 2017 at 5:00 p.m. (ET) b. Deposit: 5% of the proposed purchase price c. Auction: If more than one Qualified Bid is received by the Bid Deadline, the Trustee will conduct the Auction. The Auction will take place at 10:00 a.m. (ET) on March 22, 2017, at the offices of Ballard Spahr LLP, 1735 Market Street, 48th Floor, Philadelphia, Penssylvania, or such other time as the Trustee may notify all Qualified Bidders. The Stalking Horse Bidder will be a Qualified Bidder and the Purchase Agreement will be a Qualified Bid. d. Minimum Overbid: $250,000 e. "As Is, Where Is": The Sale will be on an "as is, where is" basis and without representations or warranties of any kind, nature or description by the Trustee, the Minerals Debtors, their agents or the bankruptcy estates. The Trustee believes that the Bidding Procedures are appropriately tailored to ensure that the bidding process is fair and reasonable and will yield the maximum value for the Minerals Debtors' estates and creditors. Accordingly, the Trustee asks the Court to authorize the Bidding Procedures. The Trustee also asks the Court that he'd be authorized to offer the Stalking Horse Bidder a Breakup Fee of up to 4.5% of the cash consideration offered by the Stalking Horse Purchaser. The Breakup Fee is designed to incentivize the Stalking Horse Bidder to make the initial binding bid for the Purchased Assets and establish a floor price for the Auction. Approval of breakup fees and other forms of bid protections in connection with the sale of significant assets is an established practice in chapter 11 cases. Central to the Trustee's proposed sale of Purchased Assets of the Minerals Debtors is the ability to operate the Mountain Pass Mine and the assumption and assignment of executory contracts and unexpired leases is a critical component of the Sale. It is thus an appropriate exercise of business judgment for the Trustee to propose that purchasers may direct the Minerals Debtors to assume and assign to them the contracts and leases that will be required in connection with the Sale. The Trustee submits that the Assumption and Assignment Notice provides adequate notice of the proposed assumption and assignment of counterparties' contracts and/or leases and should be approved. The Trustee was appointed for the primary purpose of selling the Mountain Pass Mine for the benefit of the creditors of the Minerals Debtors. Not only is the proposed Sale the best method of maximizing the recovery for the creditors, it may be the only means for those creditors to obtain a cash distribution in these cases. Accordingly, the Trustee asks the Court to approve the proposed sale free and clear of all liens, claims, encumbrances, and other interests. About Molycorp Inc. and Molycorp Minerals Molycorp Inc. -- http://www.molycorp.com/-- is a global rare earths and rare metals producer. Molycorp owns several prominent are earth processing facilities around the world. It has a workforce of 2,530 employees at locations on three continents. Molycorp's Mountain Pass Rare Earth Facility in San Bernadino County, California, is home to one of the world's largest and richest deposits of rare earths. Molycorp has corporate offices in the United States, Canada and China. CEO Geoffrey R. Bedford, and other senior management members are located in Molycorp's corporate offices in Toronto, Canada. Other senior management members are located at its U.S. corporate headquarters in Greenwood Village, Colorado. Molycorp and its North American subsidiaries, together with certain of its non-operating subsidiaries outside of North America, filed Chapter 11 voluntary petitions in Delaware (Bankr. D. Del. Lead Case No. 15-11357) on June 25, 2015, after reaching agreement with a group of lenders on a financial restructuring. The Chapter 11 cases of Molycorp and 20 affiliated debts are pending before Judge Christopher S. Sontchi. The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors. The Company's operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals (Oklahoma), LLC, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the Company. Molycorp retained investment banking firm Miller Buckfire & Co. and financial advisory firm AlixPartners, LLP. Jones Day and Young, Conaway, Stargatt & Taylor LLP served as legal counsel to the Company in this process. Prime Clerk serves as claims and noticing agent. Secured creditor Oaktree Capital Management L.P., consented to the use of cash collateral and to extend postpetition financing. On July 8, 2015, the U.S. trustee overseeing the Chapter 11 case of Molycorp Inc. appointed eight creditors of the company to serve on the official committee of unsecured creditors. The Creditors Committee tapped Ashby & Geddes, P.A. and Paul Hastings LLP as attorneys. On Nov. 9, the U.S. Trustee disbanded the committee following the resignation of committee members Wilmington Savings Fund Society FSB, MP Environmental Services Inc., Computershare Trust Company of Canada, Veolia Water North America Operating Services LLC, Delaware Trust Company, Wazee Street Capital Management, Plymouth Lane Partners (Master) LP, and United Steelworkers. * * * Molycorp, Inc.'s Fourth Joint Amended Plan of Reorganization has been confirmed by the U.S. Bankruptcy Court for the District of Delaware. The Plan contemplates two possible outcomes: (1) the sale of substantially all of the Debtors' assets if certain conditions set forth in the Plan are satisfied and (2) (a) the sale of the assets associated with the Debtors' Mountain Pass mining facility in San Bernardino County, California; and (b) the stand-alone reorganization around the Debtors' other three business units. Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware on April 8, 2016, issued a findings of fact, conclusions of law, and order confirming the Fourth Amended Joint Plan of Reorganization of Molycorp, Inc., and its debtor affiliates. On April 13, 2016, Judge Sontchi directed the appointment of a Chapter 11 trustee to oversee the operations of Industrial Minerals LLC, Molycorp Advance Water Technologies LLC, Molycorp Minerals LLC, PP IV Mountain Pass II Inc., PP IV Mountain Pass Inc., and RCF Speedwagon Inc. Each of the bankruptcy cases of the companies are no longer jointly administered with Molycorp's case under Case No. 15-11357. On May 2, 2016, the Court entered an order in the Molycorp Minerals Debtors' cases approving the appointment of Paul E. Harner as chapter 11 trustee for Molycorp Mineral Debtors' bankruptcy estates. On Aug. 31, 2016, Molycorp reported that its confirmed Fourth Joint Amended Plan became effective as of that date. Molycorp emerged from Chapter 11 protection as a newly reorganized business, now known as Neo Performance Materials. MONUMENT SECURITY: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Monument Security, Inc. 4926 43rd Street McClellan, CA 95652 Case No.: 17-20689 Chapter 11 Petition Date: February 1, 2017 Court: United States Bankruptcy Court Eastern District of California (Sacramento) Judge: Hon. Robert S. Bardwil Debtor's Counsel: Matthew R. Eason, Esq. EASON & TAMBORNINI, A LAW CORPORATION 1234 H Street #200 Sacramento, CA 95814 Tel: 916-438-1819 E-mail: matthew@capacitylaw.com Total Assets: $2.82 million Total Liabilities: $3.11 million The petition was signed by Michael Bivians, CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/caeb17-20689.pdf NAUTILUS FUNDING: Can Use Dime Bank Cash Until Feb. 28 ------------------------------------------------------ Judge James J. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut authorized Nautilus Funding, Inc., to use Dime Bank's cash collateral on an interim basis, from Feb. 1, 2017 to Feb. 28, 2017. The Debtor stated that it is essential to the Debtor's business and operations to use cash generated from its rental payments from its properties so as to continue to pay ordinary course business expenses. Without court authority to use the cash collateral, the Debtor said it will suffer harm and be forced to terminate operations and abort any chance for successful reorganization. Secured creditor Dime Bank claimed a duly perfected, non-avoidable security interest in the Debtor's properties in Groton, Connecticut, including cash collateral associated with the real properties. The Debtor is authorized to use cash collateral to meet all its necessary business expenses incurred in the ordinary course of its business and the U.S. Trustee's statutory fees, in an amount not to exceed $2,395. The approved Budget for February 2017 provided for total expenses in the amount of $2,386.41. Dime Bank is granted replacement lines in all after-acquired property of the Debtor, of the same extent and priority in which Dime Bank enjoyed as of the Petition Date. The Debtor is directed to make monthly adequate protection payments to Dime Bank in the amount of $250. The Debtor is further directed to provide Dime Bank with a monthly register report from all DIP accounts showing all disbursements made for the prior 30 days, on the 15th of each month beginning Sept. 15, 2016. A hearing on the continued use of cash collateral is scheduled on Feb. 16, 2017 at 2:00 p.m. A full-text copy of the Interim Order, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/NautilusFunding2016_1621285_64.pdf About Nautilus Funding, Inc. Nautilus Funding, Inc., filed a Chapter 11 petition (Bankr. D. Conn. Case No. 16-21285) on Aug. 7, 2016. The petition was signed by its John G. Syragakis, principal. Judge James J. Tancredi presides over the case. The Debtor is represented by Joseph J. D'Agostino, Esq. at Joseph J. D'Agostino, Jr., LLC. At the time of filing, the Debtor estimated both assets and liabilities at $100,001 to $500,000. No trustee or examiner has been appointed in the proceedings. NEPHROGENEX INC: Files Report on De Minimis Assets Sold ------------------------------------------------------- NephroGenex, Inc., filed a notice with the U.S. Bankruptcy Court for the District of Delaware that it is submitting its report listing all assets sold pursuant to the Order Pursuant to Sections 105(a), 363 and 554(a) of the Bankruptcy Code and Bankruptcy Rule 2002 Authorizing and Approving Procedures for the Sale or Abandonment of De Minimis Assets Free and Clear of Liens, Claims, Interests and Encumbrances in January of 2017. A copy of the Report attached to the Notice is available for free at: http://bankrupt.com/misc/NephroGenex_Inc_296_Sales.pdf About NephroGenex, Inc. Raleigh, N.C.-based NephroGenex, Inc., is a drug development company that focuses on developing novel therapies for kidney disease. It develops Pyridorin (pyridoxamine dihydrochoride), a therapeutic agent, which is in Phase III clinical study for the treatment of diabetic nephropathy. NephroGenex filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 16-11074) on April 30, 2016, disclosing $4.9 million in total assets and $6.2 million in total debt as of April 30, 2016. The petition was signed by John P. Hamill, chief executive officer and chief financial officer. David R. Hurst, Esq., at Cole Scotz P.C. serves as the Debtor's bankruptcy counsel. Cassel Salpeter & Co. LLC is the Debtor's investment banker and financial advisor. Kurtzman Carson Consultants LLC is the Debtor's claims and noticing agent. NORTH CENTRAL FLORIDA YMCA: Can Use Cash Collateral Until April 14 ------------------------------------------------------------------ Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida authorized The North Central Florida YMCA, Inc., to use Wells Fargo Bank, N.A.'s cash collateral on an interim basis until April 4, 2017. The approved Budget provided for total expenses in the amount of $76,950 for February and $76,850 for March. The Debtor is directed to make monthly adequate protection payments to Wells Fargo in an amount equal to the greater of $1,000 per month, or the total amount by which the Debtor's budgeted income exceeds its budgeted expenses for the preceding month, beginning on Feb. 2, 2017. Wells Fargo was granted a perfected post-petition lien against all cash collateral to the same extent and with the same validity and priority as its prepetition liens. Wells Fargo was further granted priority in payment, in the event the adequate protection is found to be insufficient. Judge Specie ordered the Debtor to furnish Wells Fargo with bi-weekly accountings of all cash receipts and disbursements, with all disbursements categorized and sorted by budget line item. She also orderd the Debtor to maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with Wells Fargo. A full-text copy of the Interim Order, dated January 27, 2017, is available at http://bankrupt.com/misc/TheNorthCentralFlorida2016_1610293kks_40.pdf Wells Fargo Bank, N.A., is represented by: James H. Post, Esq. SMITH HULSEY & BUSEY 225 Water Street, Suite 1800 Jacksonville, FL 32202 About The North Central Florida YMCA The North Central Florida YMCA, Inc., based in Gainesville, Florida, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 16-10293) on Dec. 14, 2016. The petition was signed by Michele F. Martin, vice-chair. The Debtor is represented by Michele Martin, Esq., at Pastore & Dailey, LLC. The case is assigned to Judge Karen K. Specie. The Debtor disclosed $3.49 million in assets and $4.30 million in liabilities. NORTHPORT BAY: Court Prohibits Cash Collateral Use -------------------------------------------------- Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York prohibited Northport Bay Inc. a/k/a 45 Bayview Holdings from using cash collateral. Secured creditor National Loan Investors, L.P., objected to the Debtor's use of cash collateral. Judge Scarcella held that the Debtor will have no authority to use any of the rents pending further Order of the Court. The Debtor is directed to turn over to counsel for National Loan Investors, all rents collected by the Debtor, its principal, or any third party arising from the rental/lease of any portion of the Debtor's real property located at 45 Bayview Avenue, Inwood, New York in the Debtor's possession, including all monies currently on deposit in the Debtor's debtor-in-possession bank account, together with a detailed accounting of all rents collected since the filing of the Chapter 11 case, by no later than February 3, 2017. The Debtor is further directed to provide National Loan Investor's counsel with contact information for each tenant currently residing at the Premises and the agreed amount of monthly rent to be paid therefor and any other relevant lease terms. The Debtor is ordered to continue collecting rents from all tenants at the Property, diligently and in good faith. The rents will be deposited directly into the Debtor's DIP Account, and within two business days of clearance, will be turned over to National Loan Investor counsel with a detailed accounting of the funds being turned over. National Loan Investor is directed to: (1) pay, from the funds turned over from the Debtor, only to the extent that sufficient funds are turned over, all insurance and utility costs associated with the Property, within 10 business days of presentment of supporting documentation including but not limited to billing statements in their original form; (2) pay, from the funds turned over from the Debtor and to the extent that there are sufficient funds turned over, all quarterly fees due to the United States Trustee; (3) pay to the utility providers for the Property, from the funds turned over from the Debtor and only to the extent that sufficient funds are turned over, such amounts as may be directed by an Order of the Court granting the Debtor’s motion to approve adequate assurance for utility providers. A full-text copy of the Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/NorthportBay2016_81675598las_37.pdf About Northport Bay, Inc. Northport Bay, Inc., aka 45 Bay Holdings filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 16-75598) on December 2, 2016. The Petition was signed by Sandra Nicholas, Vice President. Initially, Jeff P. Prostok, Esq., at Forshey & Prostok, LLP serves as bankruptcy counsel. At the time of filing, the Debtor's assets and liabilities were estimated to be between $1 million to $10 million each. Currently, the Debtor is represented by Andrew Thaler, Esq. at Thaler Law Firm PLLC. OAKS OF PRAIRIE: Can Use Illinois State Bank Cash Until Feb. 28 --------------------------------------------------------------- Judge Thomas M. Lynch of the U.S. Bankruptcy Court for the Northern District of Illinois authorized The Oaks of Prairie Point Condominium Association to use Illinois State Bank's cash collateral on an interim basis, from Feb. 1, 2017 through Feb. 28, 2017. The Debtor is directed to pay Illinois State Bank $10,728.81 on or before February 15, 2017. Judge Lynch held that the Debtor cannot make any disbursements from or deposits to the Debtor-in-Possession account currently located at Rockford Bank and Trust, without the consent of Illinois State Bank or further order of the Court. The approved Budget for the month of February, provided for total expenses in the amount of $32,229. Illinois State Bank is granted a valid, perfected and enforceable security interest in and to the Debtor's postpetition accounts, assessments and other receivables which are currently or may later become, property of the estate, to the extent and priority of its alleged prepetition liens. The Debtor was directed to execute any documents that may be reasonably required by Illinois State Bank to evidence the postpetition interests granted. The Debtor is further directed to permit the Bank to: (a) inspect the Debtor's books and records; (b) maintain and pay premiums for insurance to cover all of its assets from fire, theft and water damage; (c) make available to Illinois State Bank evidence of that which constitutes its collateral or proceeds; and (d) properly maintain its property in good repair and properly manage such property. A status hearing on the Debtor's Motion is scheduled on Feb. 22, 2017 at 10:30 a.m. A full-text copy of the Order, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/OaksofPrairie2016_1680238_101.pdf About The Oaks of Prairie Point Condominium Association The Oaks of Prairie Point Condominium Association is an Illinois corporation that owns and operates condominium buildings located in Lake in the Hills, Illinois, known as "The Oaks of Prairie Point Condominium". The Oaks of Prairie Point Condominium sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 16-80238) on Feb. 3, 2016. The petition was signed by Donna Smith, property manager. The case is assigned to Judge Thomas M. Lynch. The Debtor estimated assets and liabilities at $1 million to $10 million at the time of the filing. The Debtor is represented by Thomas W. Goedert, Esq., at Crane, Heyman, Simon, Welch & Clar, in Chicago, Illinois. OPTIMA SPECIALTY: Executives Get $1.1MM, Workers Can Have $4.6MM ---------------------------------------------------------------- Cara Mannion, writing for Bankruptcy Law360, reports that the U.S. Bankruptcy Court for the District of Delaware has ruled that Optima Specialty Steel, Inc.'s top executives be paid $1.1 million. Law360 relates that the amount will be split among 11 of the Debtor's top executives, including the general counsel. The Court also approved a $4.6 million payment for lower- to mid-level employees. According to the report, the committee of unsecured creditors initially argued against the payments on Jan. 23, 2017. About Optima Specialty Steel Optima Specialty Steel, Inc. and its affiliates filed separate Chapter 11 bankruptcy petitions on Dec. 15, 2016: Optima Specialty Steel, Inc. (Bankr. D. Del. 16-12789); Niagara LaSalle Corporation (Bankr. D. Del. 16-12790); The Corey Steel Company (Bankr. D. Del. 16-12791); KES Acquisition Company (Bankr. D. Del. 16-12792); and Michigan Seamless Tube LLC (Bankr. D. Del. 16-12793). The petitions were signed by Mordechai Korf, chief executive officer. At the time of filing, the Debtor had assets and liabilities estimated at $100 million to $500 million each. Optima Specialty Steel and its affiliates are independent manufacturers of specialty steel products. Their manufacturing facilities are located in the United States, and each of the companies' operating units have operated in the steel industry for more than 50 years. At the time of the bankruptcy filing, the Debtors collectively employ more than 900 people. The Debtors engaged Greenberg Traurig, LLP, Wilmington, DE, as counsel. The Debtors tapped Ernst & Young LLP as their accountant. No request has been made for the appointment of a trustee or examiner. The U.S. Trustee for Region 3 appointed seven creditors to serve on the Official Committee of Unsecured Creditors: Michael Scharf, ArceloMittal International America LLC, Steel Dynamic Sales North America, Inc., Republic Steel, ASW Steel Inc., Gerdau, and United Steelworkers. PAYLESS INC: Moody's Lowers Corporate Family Rating to Caa2 ----------------------------------------------------------- Moody's Investors Service downgraded Payless Inc.'s Corporate Family Rating ("CFR") to Caa2 from B3 and Probability of Default to Caa2-PD from B3-PD. The company's $520 million 1st lien term loan due 2021 and $145 million 2nd lien term loan due 2022 were also downgraded to Caa1 and Caa3, respectively. The rating outlook is negative. "The downgrade reflects weaker than anticipated operating performance resulting in deteriorating credit metrics, as well as heightened risk of a distressed exchange and a weak liquidity profile highlighted by limited availability under the company's ABL facility and the potential for negative free cash flow," says Moody's Analyst Dan Altieri. Operating results over the last twelve months ended October 29, 2016 have resulted in revenue declines with modestly lower EBITDA margins, as well as comparable store sales declines for the YTD period. As a result, Moody's lease adjusted leverage (Debt/EBITDA) for the LTM period has risen to over 6 times, with interest coverage (EBIT-to-interest) below 1 time. Moody's notes that unadjusted leverage for funded debt is in excess of 10 times. The negative outlook reflects Moody's expectation that given the company's meaningful debt burden and a difficult retail environment, the company will be challenged to improve operating performance sufficient to meaningfully improve credit metrics and generate free cash flow. Moody's took the following rating actions: Issuer: Payless Inc. -- Corporate Family Rating, Downgraded to Caa2 from B3 -- Probability of Default Rating, Downgraded to Caa2-PD from B3-PD -- $520 million Sr. Secured 1st Lien Term Loan due 2021, Downgraded to Caa1 (LGD3) from B2 (LGD3) -- $145 million Sr. Secured 2nd Lien Term Loan due 2022, Downgraded to Caa3 (LGD4) from Caa1 (LGD4) -- Outlook is Negative RATINGS RATIONALE Payless' Caa2 CFR reflects the company's high leverage, poor interest coverage and weak liquidity profile resulting from worse than anticipated operating performance combined with sustained elevated borrowings on the company's ABL facility. Also constraining the rating is the company's history of highly-aggressive financial policies that includes nearly $350 million of debt-funded dividends since the company's 2012 leveraged buy-out. Factors supporting the rating include the company's meaningful international presence and value-orientated brand (under-$30 price point) which Moody's believes helped minimize some of the impact from the most recent downturn. However, operations will continue to be impacted by a challenging retail environment that includes declining mall traffic trends and a highly promotional environment. Payless' liquidity is weak, driven by limited availability on the company's $300 million ABL revolving credit facility expiring in 2019 and the potential for negative free cash flow (CFO - Capex) over the next 12-18 months. While Moody's anticipates some seasonal repayments and borrowings on the revolver to support working capital needs, the company will be challenged to meaningfully reduce outstanding borrowings from current levels without reducing its growth capex spending. Further constraining availability will be the springing Fixed Charge Coverage test, which is triggered when availability is less than the greater of $20 million or 10% of the borrowing base. Moody's does not expect the company would comply with the covenant if it were tested. The $520 million first lien term loan due 2021 and $145 million second lien term loan due 2022 do not contain any financial maintenance covenants. Supporting liquidity is the company's balance sheet cash and Moody's estimate of approximately $50 million of availability on the revolver (before accounting for the springing covenant). The liquidity analysis is based on Moody's assumptions and estimates. However, there is some uncertainty about the company's liquidity given the absence of information available to Moody's such as the ABL borrowing base, availability, and the current fixed charge coverage calculation. In addition, working capital fluctuations could meaningfully impact free cash flow and the level of revolver borrowings. The Caa1 rating on Payless' $520 million 1st lien term loan is one notch higher than the company's Caa2 CFR and reflects its senior position in the capital structure relative to the $145 million 2nd lien term loan (rated Caa3) and other junior claims including trade payables, leases and pension liabilities. The 1st lien term loan is secured by a first priority lien on substantially all assets of the borrower, with a second lien on the ABL priority collateral (cash, inventory, accounts receivable, and property). The 2nd lien term loan is secured by a second priority lien on all assets of the borrower, except the ABL priority collateral on which it has a third lien. Ratings could be upgraded if the company is able to stabilize operating trends resulting in improved gross and EBITDA margins combined with consistent same store sales growth. An improved liquidity profile with meaningful repayments on the revolving credit facility could also lead to an upgrade. The ratings could be downgraded if operating performance and/or liquidity fails to improve and/or if the company breaches any covenants. Ratings could be downgraded if the company is unable to restore sustained positive free cash flow, or if there is increased potential for a distressed exchange. The principal methodology used in these ratings was Retail Industry published in October 2015. Payless Inc. operates approximately 4,400 family footwear stores (including joint-ventures and franchisees) in approximately 30 countries with LTM revenues of over $2.3 billion. The company is controlled by funds affiliated with Golden Gate Capital and Blum Capital PEABODY ENERGY: Moody's Assigns (P)B1 Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service assigned provisional new ratings to Peabody Energy Corporation, including a provisional corporate family rating (CFR) of (P)B1, a (P)Ba3 provisional rating on $500 million first lien secured term loan, and a (P)Ba3 provisional rating on $1 billion first lien secured notes to be issued by the Peabody Securities Finance Corporation. The outlook is stable. The proposed debt offering will be used to repay existing first lien debt as part of the exit financing and pay related fees and expenses. The provisional ratings are assigned pending the emergence from bankruptcy and the closing of the proposed exit financing. The company is expected to emerge from bankruptcy in the next few months. Upon emergence, Peabody Securities Finance Corporation will be merged into Peabody Energy Corporation which will assume the obligations under the notes. To the extent that the proposed transaction does not close, the notes will be repaid from the escrow account. On January 26, 2017 the company announced that the U.S. Bankruptcy Court for the Eastern District of Missouri has approved the company's disclosure statement, enabling the company to solicit its creditors to vote on the proposed plan of reorganization. Issuer: Peabody Energy Corporation Assignments: -- Corporate Family Rating, Assigned to (P)B1 -- Senior Secured Term Loan, Assigned (P)Ba3 (LGD2) Outlook Actions: -- Outlook is Stable Peabody Securities Finance Corporation -- Senior Secured Regular Bond/Debenture, Assigned (P)Ba3 (LGD2) -- Outlook, Assigned Stable RATINGS RATIONALE The ratings reflect the company's diverse platform of cost-competitive assets, including seven mining complexes in the Western United States, nine in Midwestern United States, and nine in Australia. While the company's US operations produce cost-competitive thermal coal sold predominantly to domestic utilities, the company's mines in Australia produce thermal and metallurgical coal predominantly sold into the seaborne market. The company's largest contributors to EBITDA are its Powder River Basin and Australian assets, and the assigned ratings reflect high potential volatility in the company's margins depending on natural gas prices (which PRB coal is particularly sensitive to) and/or metallurgical coal prices, which have been highly volatile and unpredictable in recent years. The ratings reflect the company's solid contracted position, along with Moody's expectations of contracting earnings over the next few years as high-priced legacy contracts roll off and Australian production volumes decline. The ratings further reflect the company's modest expected leverage post-emergence of roughly 2x, assuming average metallurgical coal benchmark settlements of $175 per tonne. The ratings further reflect, however, potential volatility in margin and increase in leverage should coal prices retreat to the low levels observed in 2015 and 2016. The (P) Ba3 rating on the first lien debt reflects its priority position with respect to claim on collateral, relative to the second lien debt. The company's proposed capital structure consists of $500 million in first lien term loan, $1 billion of first lien secured notes and $450 million in second lien debt. The ratings reflect Moody's expectations of good liquidity post-emergence, including ample cash balance of roughly $1 billion by the end of 2017 and the absence of financial covenants on the term loan, coupled with the absence of a revolving credit facility. Moody's expects positive free cash flows over the next twelve months at current prices. Moody's note, however, that free cash flows could turn negative at some of the pricing levels observed over the past two years while the industry was in distress. The stable outlook reflects Moody's expectations of positive free cash flows and solid contracted position. The ratings could be upgraded if the rate of secular decline in the US thermal coal industry were to slow or reverse, and if metallurgical coal markets were to show more stability and predictability. The ratings could also be upgraded in the event of material growth in scale and diversity. The ratings could be downgraded if Debt/EBITDA, as adjusted, were to increase above 5x, if free cash flows were to turn negative, or if liquidity were to deteriorate. The principal methodology used in these ratings was Global Mining Industry published in August 2014. Peabody Energy Corporation is the world's largest private sector coal company with coal mining operations in the US and Australia and close to 6 billion tons of proven and probable reserves. As of September 30, 2016, the company owned interests in 26 active coal mining operations. For the nine months ended September 30, 2016 the company generated $3.3 billion in revenues. PEABODY ENERGY: Seeks May 1 Extension of Plan Filing Deadline ------------------------------------------------------------- Peabody Energy Corporation and certain of its subsidiaries request the U.S. Bankruptcy Court for the Eastern District of Missouri to extend their exclusive periods to (a) file a plan of reorganization, through and including May 1, 2017, and (b) solicit acceptances of its plan, through and including June 30, 2017. Pursuant to a Bridge Order, the Exclusive Filing Period has been extended through and including February 15, 2017. The Debtors relate that since the commencement of their Chapter 11 cases, they have focused on stabilizing their operations, complying with the requirements of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, developing a restructuring plan that maximizes value for stakeholders and ensures a viable company post-emergence and negotiating such a plan, along with important related agreements that will result in a $1.5 billion new money investment in the reorganized Debtors, with their major creditor constituencies. On January 27, 2017, the Court approved the Debtors' Second Amended Disclosure Statement with respect to their Second Amended Joint Plan of Reorganization. As such, the Debtors request for further extension of the Exclusive Periods out of an abundance of caution and prudence since the Exclusive Filing Period will expire before the scheduled confirmation hearing on the Solicitation Plan. 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. PEABODY ENERGY: Special Purpose Unit to Offer $1-Bil. in Notes -------------------------------------------------------------- Peabody Energy Corporation on Feb. 1, 2017, said a special purpose wholly owned subsidiary of the company intends to offer up to $1.0 billion aggregate principal amount of senior secured notes due 2022, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933. The notes are being offered in connection with the restructuring of Peabody as part of the Second Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Eastern District of Missouri on Jan. 27, 2017. If Peabody's plan of reorganization is confirmed and certain other conditions are satisfied on or before Aug. 1, 2017, the net proceeds from the offering will be released from escrow to fund a portion of the distributions to creditors provided for under the plan of reorganization, and Peabody will become the obligor under the notes. Following Peabody's emergence from bankruptcy, the notes will be jointly and severally and fully and unconditionally guaranteed on a senior secured basis by substantially all of Peabody's current and future direct or indirect U.S. subsidiaries (subject to certain exceptions) and will be secured by a first priority lien on substantially all of Peabody's tangible and intangible assets (subject to certain exceptions). The notes and related guarantees will be offered only to qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws. Peabody also said on Wednesday that it expects to disclose certain supplemental information concerning the Company in a preliminary offering circular that is being disseminated in connection with the proposed senior secured notes offering. The supplemental information included in the preliminary offering circular, certain of which has been previously reported, is available at https://is.gd/JoSC0H About Peabody Energy Corporation Headquartered in St. Louis, Missouri, Peabody Energy Corporation claims to be the world's largest private-sector coal company. As of Dec. 31, 2014, the Company owned interests in 26 active coal mining operations located in the United States (U.S.) and Australia. The Company has a majority interest in 25 of those mining operations and a 50% equity interest in the Middlemount Mine in Australia. In addition to its mining operations, the Company markets and brokers coal from other coal producers, both as principal and agent, and trade coal and freight-related contracts through trading and business offices in Australia, China, Germany, India, Indonesia, Singapore, the United Kingdom and the U.S. Peabody posted a net loss of $1.988 billion for 2015, wider from the net loss of $777 million in 2014 and the $513 million net loss in 2013. At Dec. 31, 2015, the Company had total assets of $11.02 billion against $10.1 billion in total liabilities, and stockholders' equity of $919 million. On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The 154 cases are pending joint administration before the Honorable Judge Barry S. Schermer under (Bankr. E.D. Mo. Case No. 16-42529). As of the Petition Date, PEC has approximately $4.3 billion in outstanding secured debt obligations and $4.5 billion in outstanding unsecured debt obligations. The Debtors tapped Jones Day as general counsel; Armstrong, Teasdale LLP as local counsel; Lazard Freres & Co. LLC and investment banker Lazard PTY Limited as investment banker; FTI Consulting, Inc., as financial advisors; and Kurtzman Carson Consultants, LLC, as claims, ballot and noticing agent. The Office of the U.S. Trustee on April 29, 2016, appointed seven creditors of Peabody Energy Corp. to serve on the official committee of unsecured creditors. The Committee retained Morrison & Foerster LLP as counsel, Spencer Fane LLP as local counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel, Blackacre LLC as its independent expert, and Berkeley Research Group, LLC, as financial advisor. PERFORMANCE SPORTS: Oakley Tries To Block $575MM Sale of Assets --------------------------------------------------------------- Vince Sullivan, writing for Bankruptcy Law360, reports that Oakley Inc. has filed an objection to Performance Sports Group Ltd.'s $575 million asset sale. According to Law360, Oakley claims that it holds trademark rights to some of the Debtor's products included in the sale. The Debtor's brand Bauer uses Oakley's patent- and trademark-protected visors in its hockey helmets, the report states, citing Oakley. Law360 recalls that the Debtor and Oakley were parties to a patent license agreement which expired last summer and was not renegotiated. About Performance Sports Exeter, N.H.-based Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) -- http://www.PerformanceSportsGroup.com/-- is a developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. In addition, the Company distributes its hockey products through its Burlington, Massachusetts and Bloomington, Minnesota Own The Moment Hockey Experience retail stores. On Oct. 31, 2016, Performance Sports Group Ltd. and certain of its affiliates have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice. The U.S. Debtors are: BPS US Holdings Inc.; Bauer Hockey, Inc.; Easton Baseball/Softball Inc.; Bauer Hockey Retail Inc.; Bauer Performance Sports Uniforms Inc.; Performance Lacrosse Group Inc.; BPS Diamond Sports Inc.; and PSG Innovation Inc. The Canadian Debtors are: Performance Sports Group Ltd.; KBAU Holdings Canada, Inc.; Bauer Hockey Retail Corp.; Easton Baseball /Softball Corp.; PSG Innovation Corp. Bauer Hockey Corp.; BPS Canada Intermediate Corp.; BPS Diamond Sports Corp.; Bauer Performance Sports Uniforms Corp.; and Performance Lacrosse Group Corp. Ernst & Young Inc., serves as monitor to the Company in the Canadian Proceedings. 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, has 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 also has appointed a official 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. PREFERRED CONCRETE: April 19 Combined Plan, Disclosures Hearing --------------------------------------------------------------- Judge Thomas M. Lynch of the U.S. Bankruptcy Court for the Northern District of Illinois will convene a combined hearing on April 19, 2017, at 1:00 p.m., to consider approval of the amended disclosure statement and the confirmation of the amended plan filed by Preferred Concrete & Excavating, Inc., dated Jan. 10, 2017. March 8, 2017 is set as the last date for filing and serving written objections to the disclosure statement. March 8, 2017 is set as the last day for filing ballots accepting or rejecting the plan. March 8, 2017 is set as the last date for filing and serving written objections to confirmation. The TCR previously reported that under the plan, unsecured creditors will get 10% in equal semiannual installments for a total of 10 payments. A full-text copy of the Amended Disclosure Statement is available for free at: http://bankrupt.com/misc/ilnb 16-81114-82.pdf About Preferred Concrete & Excavating Preferred Concrete & Excavating, Inc., is a union concrete contractor engaged in concrete in construction in Northern Illinois and surrounding areas for the past 14 years. The Debtor has approximately 10 employees. Preferred Concrete filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 16-81114) on May 4, 2016. The petition was signed by Gerald Hartman, president. The Debtor is represented by O. Allan Fridman, Esq., at the Law Office of O. Allan Fridman. The Debtor estimated assets at $0 to $50,000 and liabilities at $100,000 to $500,000 at the time of the filing. PRESTIGE INDUSTRIES: Feb. 10 Meeting Set to Form Creditors' Panel ----------------------------------------------------------------- Andy Vara, United States Trustee for Region 3, will hold an organizational meeting on Feb. 10, 2017, at 10:00 a.m. in the bankruptcy case of Prestige Industries LLC. The meeting will be held at: The Doubletree Hotel 700 King Street Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. Prestige was founded by Joe Cho with the purchase of a retail laundry and dry cleaning facility in Manhattan in 1995. The Debtor acquired its first linen cleaning facility in Bay Shore, New York in 2005, however, Prestige remained a predominantly retail operation through 2006. As of the Petition Date, the Debtor employs approximately 582 individuals. The Debtor serves over 90 customers ranging from premium hotel chains to signature boutique hotels. To enable the Debtor to reduce the adverse effects of the commencement of this Chapter 11 case on its organization, the Debtor has requested various types of relief in its "first day" motions and applications. The Debtor is seeking court permission to, among other things, pay employee obligations, use existing bank accounts, obtain post-petition financing, and prohibit utility companies from discontinuing services. "The First Day Motions seek relief intended to allow the Debtor to effectively transition into Chapter 11 and minimize disruption, thereby preserving and maximizing the value of the Debtor's estate," Mr. Fung maintained. The Debtor has hired Dilworth Paxson LLP as bankruptcy counsel and SSG Advisors, LLC as investment banker. The Chapter 11 case (Bankr. D. Del. Case No. 17-10186) was filed on Jan. 30, 2017. Judge Kevin Gross is assigned to the case. The Debtor estimated assets and liabilities in the range of $10 million to $50 million each. PRESTIGE INDUSTRIES: Wants DIP Loan From Wells Fargo, Rosenthal --------------------------------------------------------------- Prestige Industries LLC asks the U.S. Bankruptcy Court for the District of Delaware for authorization to obtain post-petition financing from Wells Fargo Bank and Rosenthal & Rosenthal, Inc., and to use cash collateral. The material provisions of the Wells Debtor-in-possession Agreement, among others, are: (1) DIP Lender: Wells Fargo Bank (2) DIP Facility Amount: A maximum amount outstanding of $5,200,000, which represents no change in the maximum amount of the pre-petition credit facility, and which may be drawn by the Debtor in periodic advances limited by an availability formula. The Debtor seeks interim approval to borrow up to $725,000 in addition to the current loan balance of approximately $3,275,000. (3) Interest Rate: The effective non-default interest rate is the prime rate plus 2% on line of credit advances and the prime rate plus 2.5% on the term loan obligations. (4) Repayment of Loan: The Debtor agrees to repay in full all outstanding principal amounts of the Loan on the Maturity Date which is the earliest to occur of: (a) June 30, 2017; (b) 30 days after the entry of the Interim Financing Order if the Permanent Financing Order has not been entered prior to the expiration of such 30-day period; (c) the effective date of a plan of reorganization filed in the Chapter 11 Case pursuant to an Order entered by the Bankruptcy Court; (d) the date the Bankruptcy Court orders the conversion of the bankruptcy case of any Debtor to a Chapter 7; (e) the date the DIP Agreement is otherwise terminated for any reason whatsoever, pursuant to the terms of the DIP Agreement; (f) subject to the Financing Order, the acceleration of the Obligations or termination of the Commitments, including without limitation, as a result of the occurrence of an Event of Default; and (g) the sale of all or substantially all of the Debtors’ assets. (5) Carve-Out: Consists of: (i) all allowed administrative expenses, for fees required to be paid to the Clerk of the Bankruptcy Court and for fees payable to the Office of the United States Trustee; (ii) all reasonable fees and expenses up to $5,000 incurred by a trustee under Section 726(b) of the Bankruptcy Code; (iii) to the extent allowed by the Bankruptcy Court at any time, whether by interim order, procedural order, or otherwise, all fees, disbursements, costs and expenses of the Professionals incurred in an aggregate amount not to exceed $50,000. (6) Use of Proceeds: The proceeds of the Loan may be used only to the extent provided for in the Budget, as may be permitted by the Loan Documents, and as authorized by the Bankruptcy Court and consented to by the Lender for: (i) general working capital needs; (ii) the repayment of the Obligations; and (iii) the payment of fees, expenses, and costs incurred by Lender in connection with this Ratification Agreement and the Chapter 11 Case. (7) Grant of Security Interest: Substantially all of the Debtor’s pre-petition and post-petition assets; provided, however, that the collateral will include causes of action under Sections 542, 544, 545, 547, 548, 549, 550, 551, 552 and 553 of the Bankruptcy Code, only upon entry of a permanent financing order. All obligations to the Lender are secured by a first priority security interest and superpriority administrative expense, subject to the Carve-Out. (8) Roll-up of Pre-petition Debt: The Lender is permitted to apply loan payments to pre-petition debt. The material provisions of the Rosenthal DIP Agreement, among others, are: (1) DIP Lender: Rosenthal & Rosenthal, Inc. (2) DIP Facility Amount: A maximum amount outstanding of $5,200,000, which represents no change from the pre-petition credit facility maximum. The Debtor’s ability to borrow is limited by an availability formula. (3) Interest Rates: The non-default interest rate ranges from 6% to 9.5% and the default rate is 1.5% per month. (4) Final Order: The Lender will provide the loan only after the entry of the Final Order. (5) Carve-Out: Consists of: (i) all allowed administrative expenses for fees required to be paid to the Clerk of the Bankruptcy Court and for fees payable to the Office of the United States Trustee; (ii) all reasonable fees and expenses up to $5,000 incurred by a trustee under Section 726(b) of the Bankruptcy Code; (iii) to the extent allowed by the Bankruptcy Court at any time, whether by interim order, procedural order, or otherwise, all fees, disbursements, costs and expenses of the Professionals incurred in an aggregate amount not to exceed $250,000. (6) Grant of Security Interest: Substantially all of the Debtor’s pre-petition and post- petition assets; provided, however, that the collateral will include causes of action under Sections 542, 544, 545, 547, 548, 549, 550, 551, 552 and 553 of the Bankruptcy Code. All obligations to the Lender are secured by a first priority security interest and superpriority administrative expense, subject to the Carve-Out. (7) Termination Date: February 28, 2018, subject to earlier termination upon default. The Debtor relates that substantially all of its assets are also subject to a security interest in favor of Medley Capital Corporation, as agent for itself and St. Cloud Capital Partners II, L.P. The Debtor relates that absent the ability to obtain debtor-in-possession financing and use cash collateral, the Debtor will not be able to pay insurance, wages, rent, utility charges, and other critical operating expenses. The Debtor further relates that without access to cash collateral, the Debtor will not be able to maintain their business operations and continue their restructuring efforts, and would likely be forced to cease operations and liquidate. The proposed Budget for the Wells Fargo DIP Facility provides for total disbursements in the amount of $6,555,174 for the period beginning on the week ending January 29, 2017 through March 26, 2017. The Debtor proposes to grant the Lenders security equivalent to a lien granted under section 364(c)(2) and (3) and 364(d) of the Bankruptcy Code, in and upon the Debtor's property and the cash collateral, whether such property was acquired before or after the Petition Date, to the extent provided in the Wells DIP Agreement. As adequate protection for any diminution in value of Medley Capital Corporation's interests, the Debtor requests that the Court grant Medley Capital Corporation security equivalent to a lien granted under section 364(c)(2) and (3) of the Bankruptcy Code in and upon the Debtor’s property and the cash collateral, whether such property was acquired before or after the Petition Date, which liens shall be junior and subordinate to the liens of the DIP Lenders. The Rosenthal DIP Agreement provides for the following Plan Milestones: (1) On or before July 1, 2017, Debtor will (i) finalize and deliver to Lender a business plan, (ii) deliver to Lender a draft plan of reorganization and (iii) deliver to Lender a draft disclosure statement, each in form and substance acceptable to Lender; (2) On or before August 1, 2017, Debtor will file with the Bankruptcy Court a proposed Acceptable Reorganization Plan; (3) On or before September 1, 2017, Debtor will obtain approval of a disclosure statement in form and substance acceptable to Lender; (4) On or before October 1, 2017, Debtor will commence solicitation of acceptances for an Acceptable Reorganization Plan pursuant to a disclosure statement and solicitation procedures approved by the Bankruptcy Court that are in form and substance acceptable to Lender; (5) On or before November 15, 2017, the Debtor will obtain entry of an order of the Bankruptcy Court confirming an Acceptable Reorganization Plan, which order will be in form and substance acceptable to Lender; and (6) On or before November 30, 2017, the effective date of an Acceptable Reorganization Plan will have occurred and the order confirming the Acceptable Reorganization Plan will not have been amended, modified, supplemented other than as agreed in writing by Lender. The Rosenthal DIP provides for the following Sale Milestones: (1) No later than 10 days following a Milestone Default or Other Default, the Debtor will file a motion, in form and substance satisfactory to Lender, requesting approval from the Bankruptcy Court to retain a nationally-recognized investment banking firm acceptable to Lender on terms and conditions acceptable to Lender in its discretion to conduct the marketing and sale process for all or substantially all of the assets of Borrower. (2) No later than 20 days following a Milestone Default or Other Default, the Bankruptcy Court will have entered an order, in form and substance satisfactory to Lender, authorizing the retention of the Investment Banker on terms and conditions acceptable to Agent in its discretion. (3) No later than 20 days days following a Milestone Default or Other Default, Debtor will obtain the entry of an order of the Bankruptcy Court, in form and substance satisfactory to Lender (i) approving the bidding procedures for the sale of all or substantially all of the Debtor’s assets in accordance with Section 363 of the Bankruptcy Code including, without limitation, a form of asset purchase agreement acceptable to Lender in its sole discretion, and (ii) providing that all cash proceeds generated by such Sale, less reasonable out of pocket fees, costs and expenses directly arising from the closing of such Sale, subject to approval by Lender will be remitted to Lender for application against, and in permanent reduction of, the Maximum Credit Facility (4) Not later than 45 days following a Milestone Default or Other Default, the Debtor will have entered into an agreement in form and substance acceptable to Lender with a stalking horse bidder, reasonably acceptable to Lender, committing to purchase all or substantially all of the Debtor’s assets. (5) No later than 70 days following a Milestone Default or Other Default, Debtor will conduct an auction, in accordance with the Bid Procedures Order, if more than one bona fide offer is received meeting the conditions set forth in the Bid Procedures Order; (6) Not later than two Business Days after the Auction, the Bankruptcy Court will have entered an Order, which will provide for, among other things, distribution of sale proceeds to Lender in a minimum cash amount not less than the amount required to satisfy the Obligations owed to Lender, and otherwise in form and substance satisfactory to Lender, approving the sale or sales of all or substantially of the Debtor’s assets, on terms and conditions acceptable to Lender, and authorizing and directing that all proceeds from the Sale be remitted to Lender for application against and permanent reduction of the Obligations. (7) Not later than two Business Days after the Sale Order is entered, the closing of the Bankruptcy Court-approved Sale will have occurred. (8) Debtor confirms, acknowledges and agrees that notwithstanding anything to the contrary contained in the DIP Agreement, any failure to comply with the requirements set forth in Section 8.2 of the DIP Agreement will constitute an additional immediate Event of Default under this Agreement. A full-text copy of the Debtor's Motion, dated January 30, 2017, is available at http://bankrupt.com/misc/PrestigeIndustries2017_1710186kg_14.pdf A full-text copy of the Wells DIP Agreement, dated January 30, 2017, is available at http://bankrupt.com/misc/PrestigeInduestries2017_1710186kg_14_2.pdf A full-text copy of the Rosenthal DIP Agreement, dated January 30, 2017, is available at http://bankrupt.com/misc/PrestigeInduestries2017_1710186kg_14_4.pdf Wells Fargo Bank is represented by: Daniel F. Fiorillo, Esq. OTTERBOURG P.C. 230 Park Avenue - 30th Floor New York, BY 10169 Rosenthal & Rosenthal, Inc. is represented by: Michael Wenger, Esq. 1370 Broadway New York, NY 10018 About Prestige Industries, LLC. Prestige Industries LLC, based in North Bergen, New Jersey, filed a chapter 11 petition (Bankr. D. Del. Case No. 17-10186) on January 30, 2017. The petition was signed by Jonathan Fung, CEO/CFO. The Debtor is represented by Peter C. Hughes, Esq., at Dilworth Paxson LLP. The Debtor engaged SSG Advisors, LLC as its investment banker. The case is assigned to Judge Kevin Gross. The Debtor estimated assets and debt at $10 million to $50 million at the time of the filing. PROGRESSIVE ACUTE: Can Continue Cash Use Until March 17 ------------------------------------------------------- Judge Robert Summerhays of the U.S. Bankruptcy Court for the Western District of Louisiana authorized Progressive Acute Care, LLC and its affiliated Debtors to use Business First Bank's cash collateral. The approved Budget reflects total operating cash disbursements of $1,014,386 from week ending February 3, 2017 through week ending March 17, 2017. Business First Bank was granted perfected liens and security interests on the Debtors' post-petition properties of the kind, nature, and in the same priority that Business First Bank held in the Debtors' pre-petition property. Business First Bank was granted an allowed super-priority administrative claim over any and all other obligations, liabilities and indebtedness of the Debtors, to the extent that the cash collateral will result in diminution of the value, subject to the Carve-Out. The Debtors were directed to continue to provide Business First Bank and the Official Committee of Unsecured Creditors with a report detailing the expenditures made and the use of the cash collateral, and produce all financial statements, reports, and other documents required under the Loan Documents. The Debtors were authorized to use cash collateral until the earliest to occur of: (a) March 17, 2017; (b) the payment in full or refinance of all of the Debtors' obligations under the Loan Documents in their entirety, (c) the occurrence of any of these Termination Events: (i) the Debtors' failure to timely comply with any terms, covenants, provisions, or agreements contained in the Seventh Interim Order; (ii) the Debtors' failure to comply with any terms, covenants, provisions, or agreements contained in the Loan Documents; (iii) the entry of an order dismissing any of the Debtors' Chapter 11 cases, or converting any of the Debtors' Chapter 11 cases to one under Chapter 7, or appointing a Chapter 11 trustee, chief responsible officer, or examiner; (iv) if, on an aggregate cumulative basis, cash disbursements exceed the cash disbursements projected in the Budget, however, that there will be an allowed 15% variance to the aggregate cumulative amount of cash disbursements; or, (v) if the Court has not entered a final order (or an eighth extended Interim Order) with respect to the Motion on or before March 17, 2017. The final hearing on the further use of cash collateral is scheduled on March 14, 2017, at 10:00 a.m. The deadline for the filing of objections to the further use of cash collateral is set on March 7, 2017. A full-text copy of the Seventh Consent Order, dated January 31, 2017, is available at https://is.gd/nmiVKk A full-text copy of the Debtor's Budget, dated January 31, 2017, is available at https://is.gd/kwljP3 About Progressive Acute Care Progressive Acute Care, LLC, Progressive Acute Care Avoyelles, LLC, Progressive Acute Care Oakdale, LLC, and Progressive Acute Care Winn, LLC filed Chapter 11 petitions (Bankr. W.D. La. Case Nos. 16-50740, 16-80584, 16-50742, and 16-50743, respectively) on May 31, 2016. The petitions were signed by Daniel Rissing, CEO. The case is assigned to Judge Robert Summerhays. At the time of the filing, the Debtors estimated assets and debts at $10 million to $50 million. The Debtors are represented by Barbara B. Parsons, Esq., Catherine Noel Steffes, Esq., William E. Steffes, Esq., at Steffes, Vingiello & McKenzie, LLC. The Debtors retained Solic Capital Advisors, LLC, as their Financial Advisor; Sullivan Stolier, LC as special counsel; and TFG Consulting, LLC as accountant. Henry Hobbs, Jr., acting U.S. Trustee for Region 5, on Dec. 20, 2016, added Dawn Yarnall and Ryan Domengeaux to the Official Committee of Unsecured Creditors of Progressive Acute Care, LLC. As reported by the TCR on June 24, 2016, the Acting U.S. Trustee on June 21 appointed three creditors to serve on the Committee, namely: Christopher Lehmann, Lifeshare Blood Centers and Omega Diagnostics. The Committee tapped Sills Cummis & Gross P.C. as its legal counsel, and Kean Miller LLP as co-counsel. QUINN'S JUNCTION: Court OKs Cash Collateral Use Through April 30 ---------------------------------------------------------------- Judge Joel T. Marker of the U.S. Bankruptcy Court for the District of Utah authorized Quinn's Junction Properties, LC and its property manager, Park City Film Studios Development Company, LC, also known as PCFS, to use cash collateral from Feb. 1, 2017 through April 30, 2017. The approved Budget provided for total estimated cash expenditures of $124,240 for the months of February through April. Judge Marker prohibited the Debtor and PCFS from paying any administrative claims for professional fees or expenses of professional, or repay any amounts borrowed from R3Media Corporation, from cash collateral unless specifically authorized to pay such claims or repay such borrowings, pursuant to further Order of the Court. The Debtor and PCFS were directed to provide reasonable accountings of their expenditures of cash collateral under the Budget upon request. A full-text copy of the Order, dated January 30, 2017, is available at http://bankrupt.com/misc/QuinnsJunctionProperties2016_1624458_247.pdf About Quinn's Junction Properties, LC Quinn's Junction Properties, LC, filed a chapter 11 petition (Bankr. D. Utah Case No. 16-24458) on May 23, 2016. The petition was signed by Michael Martin, chief restructuring officer. The case is assigned to Judge Joel T. Marker. At the time of filing, the Debtor estimated both assets and liabilities in the range of $10 million to $50 million. George B. Hofmann, Esq., at Cohne Kinghorn PC, serves as the Debtor's general bankruptcy counsel. Stanley J. Preston, Esq., at Preston & Scott, LLC, serves as the Debtor's special litigation counsel. The Debtor is managing its assets and properties as debtor-in-possession. No trustee or examiner has been appointed, and no official committee of creditors or equity interest holders has yet been established. RALSTON-LIPPINCOTT: CKI Asks for Court OK to Use Cash Collateral ---------------------------------------------------------------- Debtor CKI, LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authorization to use cash collateral. The Debtor contends that it needs to use the revenues from its funeral service business, and the rents from its Greenwood Lake Property, to pay necessary business expenses, including the necessary carrying costs of the Greenwood Lake Property, which is located at 4 Oak Street, Greenwood Lake, New York. The Debtor further contends that its loan agreements with prepetition secured lender Orange Bank & Trust Company, f/k/a Orange County Trust Company, include assignments of rents, which purport to broadly define all of the Debtor’s operating revenue as rents. The Debtor's proposed monthly Budget for the Greenwood Lake Property provides for total expenses in the amount of $11,200. The Debtor recounts it had obtained prepetition financing together with its affiliated Debtors Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc., Lippincott-Ingrassia Funeral Home, Inc., and Lippincott Funeral Chapel, Inc., from Orange Bank. As participants in the Loan, each of the Debtors guaranteed the obligations of the others, and pledged their property as further collateral for their guarantee. The Debtor further relates that the loan balance as of the Petition Date is approximately $2.1 million. The Debtor proposes to provide Orange Bank with: (1) replacement liens, to the extent of such liens before the Petition Date; (2) the payment of contractual monthly mortgage installments, including escrows for taxes and insurance; and (3) financial reporting in the form of the Debtor's monthly operating reports as required by the Office of the United States Trustee. A full-text copy of the Debtors' Motion, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/RalstonLippincott2017_1735114cgm_6.pdf A full-text copy of the Debtors' proposed Budget, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/RalstonLippincott2017_1735114cgm_6_2.pdf About Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc. Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc., Lippincott-Ingrassia Funeral Home, Inc., Lippincott Funeral Chapel, Inc. and CKI, LLC filed chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 17-35114, 17-35115, 17-35116, and 17-35117) on January 26, 2017. The petitions were signed by Anthony Ingrassia, president. The Debtors are represented by Mike Pinsky, Esq., at Hayward, Parker, O'Leary & Pinsky. The case is assigned to Judge Cecelia G. Morris. Ralston-Lippincott-Hasbrouck-Ingrassia disclosed assets at $1,280,000 and liabilities at $1,110,000, while Lippincott-Ingrassia Funeral disclosed assets at $557,600 and liabilities at $422,138. Debtors Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc., Lippincott-Ingrassia Funeral Home, Inc. and Lippincott Funeral Chapel, Inc. own and operate affiliated funeral homes in Orange County, New York. The funeral home owned and operated by Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home, Inc. is located at 72 West Main Street in Middletown, New York. The funeral home owned and operated by Lippincott-Ingrassia Funeral Home, Inc. is located at 92 Main Street in Chester, New York. The funeral home owned and operated by Lippincott Funeral Chapel, Inc. is located at 107 Murray Street in Goshen, New York. Debtor CKI owns improved real estate located at 4 Oak Street, Greenwood Lake, New York 10925. The Greenwood Lake Property is rented to non-debtor affiliate Caitant, Inc., which operates that property as an affiliated funeral home. REDSKINS GRILLE: Wants to Use First Republic Cash Collateral ------------------------------------------------------------ Redskins Grille 1, LLC d/b/a Hail & Hog Kitchen and Tap seeks authorization from the U.S. Bankruptcy Court for the Eastern District of Virginia to use cash collateral. The Debtor operates a theme restaurant paying homage to the NFL's Washington Redskins at 20376 Exchange Street, Ashburn, VA 20147. The Debtor intends to use cash collateral to pay reasonable and necessary general operating and administrative expenses during the Debtor's reorganization. The Debtor contends that it has engaged in reasonable exploration of the availability of alternate credit, however it is unable to obtain post-petition credit. First Republic Bank has a perfected security interest in the Debtor's cash collateral in the amount of $7,332, and post-petition proceeds from sale of other collateral. The Debtor proposes to grant First Republic Bank a replacement lien in post-petition cash collateral. The Debtor further proposes to grant First Republic Bank a continuing lien over substantially all of Debtor's assets and third-party guaranties. A full-text copy of the Debtor's Motion, dated January 31, 2017, is available at https://is.gd/bNffps About Redskins Grille 1, LLC Redskins Grille 1, LLC d/b/a Hail & Hog Kitchen and Tap filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 17-10102), on January 10, 2017. The petition was signed by Robert E. Burness, Managing Member. The case is assigned to Judge Robert G. Mayer. The Debtor is represented by Roy M. Terry, Jr., Esq., at Sands Anderson PC. At the time of filing, the Debtor estimated assets and liabilities at $1 million to $10 million each. RESIDENTIAL CAPITAL: 2nd Cir. Court Affirms Ruling on Barry Mack ---------------------------------------------------------------- Martin O'Sullivan, writing for Law360, reports that the U.S. Court of Appeals for the Second Circuit has affirmed a ruling that Barry Mack, whose wife, Cheryl, died in 2013 of causes linked to her 2009 suicide attempt under the stress of losing their Naples home, is excluded from winning damages against Residential Capital LLC's borrower claims trust due to a faulty address on a letter challenging a wrongful foreclosure. Law360 recalls that Mr. Mack told the Second Circuit earlier in January that he should not be barred from recovering damages. About Residential Capital Residential Capital LLC, the unprofitable mortgage subsidiary of Ally Financial Inc., filed for bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 12-12020) on May 14, 2012. Neither Ally Financial nor Ally Bank is included in the bankruptcy filings. ResCap, one of the country's largest mortgage originators and servicers, was sent to Chapter 11 with 50 subsidiaries amid "continuing industry challenges, rising litigation costs and claims, and regulatory uncertainty," according to a company statement. ResCap disclosed $15.7 billion in assets and $15.3 billion in liabilities at March 31, 2012. Centerview Partners LLC and FTI Consulting are acting as financial advisers to ResCap. Morrison & Foerster LLP is acting as legal adviser to ResCap. Curtis, Mallet-Prevost, Colt & Mosle LLP is the conflicts counsel. Rubenstein Associates, Inc., is the public relations consultants to the Company in the Chapter 11 case. Morrison Cohen LLP is advising ResCap's independent directors. Kurtzman Carson Consultants LLP is the claims and notice agent. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, serves as counsel to Ally Financial. ResCap sold most of the businesses for a combined $4.5 billion. The Bankruptcy Court in November 2012 approved ResCap's sale of its mortgage servicing and origination platform assets to Ocwen Loan Servicing, LLC and Walter Investment Management Corporation for $3 billion; and its portfolio of roughly 50,000 whole loans to Berkshire Hathaway for $1.5 billion. Judge Martin Glenn in December 2013 confirmed the Joint Chapter 11 Plan co-proposed by Residential Capital and the Official Committee of Unsecured Creditors. * * * The ResCap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al., to liquidate and distribute assets of the debtors in the ResCap bankruptcy case. The Trust maintains a website at www.rescapliquidatingtrust.com, which Unitholders are urged to consult, where Unitholders may obtain information concerning the Trust, including current developments. RICHARD DODDS: Wightman Buying Craig Property for $300K ------------------------------------------------------- Richard John Dodds and Cheryl Ann Dodds ask the U.S. Bankruptcy Court for the District of Colorado to authorize the sale of residential real estate located at 37399 North Highway 13, Craig, Colorado, outside the ordinary course of business, to Kenneth A. Wightman for $300,000. On the Petition Date, the Debtors owned the Craig Property. They scheduled the value of the Craig Property as $625,000. The Craig Property consists of two parcels: (i) a parcel of approximately 22 acres with a residential home on the property ("Craig Residence"); and (ii) an adjacent parcel of approximately 8 acres which is a commercial property ("Craig Commercial"). Prior to and on the Petition Date, the Debtors used the Craig Residence as their primary residence. The Debtors conducted commercial operations on the Craig Commercial property, including their fishing and hunting expeditions. The Craig Residence is subject to these recorded liens and encumbrances: a. A deed of trust dated Aug. 18, 2015 for the benefit of Border State Bank to secure the sum of $600,000, recorded with the Moffat County Clerk and Recorder on Aug. 12, 2015 at Reception No. 20152666. b. A Transcript of Judgment in favor of Turning Point Management, Inc., against the Debtors and Elkorn Outfitters, Inc., in the sum of $7,560 dated June 8, 2015, which was recorded with the Moffat County Clerk and Recorder on Oct. 13, 2015, at Reception No. 20153269. c. A Transcript of Judgment in favor of Ford Motor Credit Co., LLC against Mr. Dodds, in the amount of $6,821, dated Jan. 28, 2015, recorded with the Moffat County Clerk and Recorder on March 3, 2015, at Reception No. 20150846. d. A Notice of Federal Tax Lien for the Internal Revenue Service on behalf of the SBA, in the amount of $31,496, dated Oct. 27, 2011, recorded with the Moffat County Clerk and Recorder on Nov. 7, 2011, at Reception No. 20116767. Upon information and belief, these are the real estate taxes owed for Craig Residence: a. For the tax year 2015, the sum of $1,651; b. For the tax year 2016, the Debtors estimate that the sum of $1,460; and c. While not yet due and owing, there will be real property taxes accruing against the Craig Residence for 2017. The Debtors' pro-rated share of the estimated 2017 taxes are approximately, $180, assuming an estimated closing date of Feb. 15, 2017. According to the proof of claim filed by Border State Bank, the amount owed to them is $615,079. However, this claim is also secured by other real property as follows: a. real property owned by the Debtors known as 30886 Eagle Lake Road, Frazee, Minnesota; b. real property owned by the Debtors known as 37347 Red Top Road, Ponsford, Minnesota; and c. real property owned by Elkhorn Outfitters, Inc., known as 2811 Riverview Drive NW, Baudette, Minnesota. The Debtors assert that following a refinancing with Border State Bank in August of 2015, all senior liens and encumbrances against the Craig Residence were satisfied, including all judgment liens, tax liens, etc. As to the lien of Turning Point Management, the Debtors assert that this debt was satisfied at the time of the financing with Border State Bank, and therefore is no longer owing and should be released. The Debtors have contacted Turning Point Management who will be providing a release for the closing of the sale. As to the junior lien of Ford Motor Credit Co., the Debtors paid such lien upon the sale of the vehicle. Thus, Ford Motor Credit's lien should be released. However, the release was never properly recorded prepetition. The counsel for the Debtors have advised counsel for Ford Motor Credit. As of the filing of the Motion, the cooperation of counsel Ford Motor Credit has not been forthcoming. The IRS filed a proof of claim asserting that $33,020 of its claim was secured, based upon its recording of the Notice of Levy with the Clerk and Recorder of Moffat County, Colorado. The Debtors dispute the secured claim of the IRS. The Debtors made multiple attempts to contact the IRS concerning their claim in the bankruptcy case. The IRS has yet to do the Debtors the courtesy of returning their communications. The Debtors will therefore escrow $33,020 from the proceeds of the sale of the Craig Residence with Land Title who will hold such sums pending further order of the Court. As such, the Debtors dispute all liens other than the lien of Border State Bank. The Debtors received an interest to buy the Craig Residence from the Buyer. After negotiation, the Debtors and the Buyer entered into a Contract to Buy and Sell Real Estate to sell the Craig Residence to the Buyer for the sum of $300,000. Under the Contract to Sell the Craig Residence, the Debtors will receive $300,000 for the property minus the costs of sale, closing costs, title fees, recording fees, etc. The sale to the Buyer is conditioned on an order from the Court approving the sale. The Debtors propose to sell the Craig Residence outside the ordinary course of business and free and clear of any liens and other interests in such property of entities other than the estate if any, to the Buyer pursuant to the Contract for the sum of $300,000. The Debtors negotiated the purchase price with the Buyer at arm's-length. A copy of the Contract to Sell attached to the Motion is available for free at: http://bankrupt.com/misc/Richard_Dodds_81_Sales.pdf From the proceeds of the sale to the Buyer, the Debtor will pay these: (i) all real estate taxes - $3,291; (ii) IRS tax lien (escrowed) -$33,020; (iii) miscellaneous closing costs, title fees, recording fees, etc. - $10,000; (iv) Border State Bank - $253,689. This amount will allow the Debtors to pay the lien of Border State Bank. No distribution will be made on account of the judgment liens or other encumbrances. The anticipated closing date is immediately following entry of a Court Order approving the sale. Time is of the essence as the Buyer must close on the purchase of the Craig Residence no later than Feb. 12, 2017. The Debtors assert that there are sound business reasons for selling the Craig Residence and that the sale of such property pursuant to the Contract to Sell upon approval of the Motion is in the best interest of the bankruptcy estate and the creditors because the sale will allow the Debtors to pay the claim of Border State Bank. The Debtors also intend to sell the Craig Commercial following the closing of the sale of the Craig Residence. The Debtors have negotiated a purchase of the Craig Commercial for the price of $350,000. Should the Court also approve the sale of the Craig Commercial, the Debtors estimate that after satisfying the claim of Border State Bank, there will be excess proceeds available for all unsecured and priority creditors in the case. Pursuant to a prior Stipulation between the Debtors and Border State Bank, following the sale of the Craig Commercial property, Border State Bank has agreed that the Debtors may escrow an amount sufficient to satisfy all of the priority unsecured creditors and general unsecured creditors, approximately $166,525, from the sale of such property. Such escrowed funds shall not be subject to any lien held by Border State Bank. Notwithstanding the foregoing, in the event that the Proof of Claim No. 13 is not satisfied in full, Border State Bank reserves its right to assert a claim against all or a portion of the escrowed funds in order to satisfy any deficiency owed to it. In order to consummate the sale of the Craig Residence in accordance with the terms of the Contract to Sell, the Debtors ask that the Court suspend the operation of Fed.R.Bankr.P. 6004(h), which automatically stays for 10 days an Order authorizing the use, sale or lease of property other than cash collateral. The Purchaser can be reached at: Kenneth A. Wightman 1111 Mt. Kemdle Ave. Morristown, NJ 07960 Cellphone: (973) 820-3415 Telephone: (973) 425-0007 E-mail: wightmansfarms@yahoo.com Richard John Dodds and Cheryl Ann Dodds sought Chapter 11 protection (Bankr. D. Colo. Case No. 16-10809) on Feb. 1, 2016. ROJO FIVE: Simon Buying All Assets for $50K ------------------------------------------- Rojo Five, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michigan to authorize the private sale of substantially all assets to Steve Simon for $50,000. An Order has been entered in the case directing the procedural consolidation and joint administration of the chapter 11 cases of Rojo One, LLC; Rojo Two, LLC; Rojo Four, LLC; Rojo Five, LLC; and Rojo Six, LLC (Case No. 16-54348-mlo). On Oct. 20, 2016, the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors' principal places of business assets are located in Rochester, Michigan; Novi, Michigan; Sterling Heights, Michigan; and Birmingham, Michigan. The Debtors now have possession of their assets and plan to manage the affairs of their estate as a debtor in possession in accordance with 11 U.S.C. Sections 1107 and 1108. The Debtors have all of the rights and powers of a trustee in bankruptcy pursuant to 11 U.S.C. Section 1107(a). Debtor Rojo One conducts business out of Novi, Michigan as Duel Novi and operates as a dueling piano bar. Debtor Rojo Two conducts business out of Rochester, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Four conducts business out of Sterling Heights, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Five conducts business out of Birmingham, Michigan as Rojo Mexican Bistro and Sidecar Slider Bar and operates as 2 restaurants. Debtor Rojo Six conducts business out of Novi, Michigan as Rojo Mexican Bistro and Michigan Beer Company and operates as 2 restaurants. Since July 2016, Thomas Hospitality Group was engaged by the Rojo ownership to market the 5 existing restaurants. Thomas Hospitality specializes in restaurants, bars and nightclubs, and its employees are specifically experienced in this industry and have personal contacts with many of the key players in the hospitality industry. Thomas Hospitality's marketing efforts have focused on presenting each of the restaurant sites on its Web site. Thomas Hospitality then fields calls from people who have visited its site; have executed a confidentiality agreement; and have discussed their operational needs and locations of interest. Parallel to the marketing done through the Thomas Hospitality Web site, advertisements are placed on Loopnet and on BizBuySell, a Web site that focuses on businesses for sale that may not have a real estate component, and advertisements are placed in the Detroit News. Thomas Hospitality performed a valuation report of the Debtor. The value as determined by Thomas Hospitality is that the value is zero since all personal property is leased by the Debtor. On Jan. 17, 2017, the Debtor and the Purchaser entered into Letter of Intent to Purchase. The purchase price for the property is $50,000 plus certain cure costs associated with the Debtor's assumption and assignment. The purchase price is subject to increase or decrease on account of certain prorations and adjustments customarily prorated between a purchaser and a seller of similar assets. The Purchaser has made a good faith deposit in the amount of $5,000 which will be credited to the purchase price at closing. Except for certain cost to be paid by the Purchaser pursuant to the Agreement certain other costs to be paid by the Purchaser, the Agreement requires that the Debtor deliver the Property to Purchaser free and clear of all liens, claims, interests and encumbrances. The consummation of the proposed sale to the Purchaser is conditioned, among other things set forth the entry of a Sale Order approving the sale by the Court; assignment of the existing lease to the Purchaser. A copy of the Agreement and the valuation report attached to the Motion is available for free at: http://bankrupt.com/misc/Rojo_One_81_Sales.pdf The Debtor has concluded, in its business judgment, that the sale of the property to the Buyer will result in the highest and best value for the property, and that the sale of the property is in the best interests of the Debtor, the Debtor's estate, and its creditors; therefore approval of the sale and the Agreement is warranted. The Debtor asks the authority to sell the property free and clear of all liens, claims, interests and other encumbrances. All liens, claims, interests and other encumbrances in and against the property will attach to the proceeds from the sale to the same extent, priority and validity that existed on the Petition Date. The Debtor asks that the Court waives the 14-day stay provision of Federal Rule of Bankruptcy Procedure 6004(g). About Rojo One, LLC Rojo One, LLC and its four affiliates filed Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 16-54348) on Oct. 20, 2016. The petitions were signed by Daniel R. Linnen, sole member. The Debtors are represented by Aaron J. Scheinfield, Esq., at Goldstein Bershad & Fried PC. The Debtors' cases were procedurally consolidated and are jointly administered. The cases are assigned to Judge Maria L. Oxholm. The Debtors each estimated assets at $0 to $50,000. All the Debtors, except for Rojo Five, estimated liabilities at $500,000 to $1 million. Rojo Five estimated its liabilities at $1 million to $10 million. ROJO FOUR: Dudzinskii Buying All Assets for $20K ------------------------------------------------ Rojo Four, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michigan to authorize the private sale of substantially all assets to John Dudzinskii for $20,000. An Order has been entered in the case directing the procedural consolidation and joint administration of the chapter 11 cases of Rojo One, LLC; Rojo Two, LLC; Rojo Four, LLC; Rojo Five, LLC; and Rojo Six, LLC (Case No. 16-54348-mlo). On Oct. 20, 2016, the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors' principal places of business assets are located in Rochester, Michigan; Novi, Michigan; Sterling Heights, Michigan; and Birmingham, Michigan. The Debtors now have possession of their assets and plan to manage the affairs of their estate as a debtor in possession in accordance with 11 U.S.C. Sections 1107 and 1108. The Debtors have all of the rights and powers of a trustee in bankruptcy pursuant to 11 U.S.C. Section 1107(a). Debtor Rojo One conducts business out of Novi, Michigan as Duel Novi and operates as a dueling piano bar. Debtor Rojo Two conducts business out of Rochester, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Four conducts business out of Sterling Heights, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Five conducts business out of Birmingham, Michigan as Rojo Mexican Bistro and Sidecar Slider Bar and operates as 2 restaurants. Debtor Rojo Six conducts business out of Novi, Michigan as Rojo Mexican Bistro and Michigan Beer Company and operates as 2 restaurants. Since July 2016, Thomas Hospitality Group was engaged by the Rojo ownership to market the 5 existing restaurants. Thomas Hospitality specializes in restaurants, bars and nightclubs, and its employees are specifically experienced in this industry and have personal contacts with many of the key players in the hospitality industry. Thomas Hospitality's marketing efforts have focused on presenting each of the restaurant sites on its Web site. Thomas Hospitality then fields calls from people who have visited its site; have executed a confidentiality agreement; and have discussed their operational needs and locations of interest. Parallel to the marketing done through the Thomas Hospitality Web site, advertisements are placed on Loopnet and on BizBuySell, a Web site that focuses on businesses for sale that may not have a real estate component, and advertisements are placed in the Detroit News. Thomas Hospitality performed a valuation report of the Debtor. On Jan. 31, 2017, the Debtor and the Purchaser entered into Letter of Intent to Purchase. The purchase price for the property is $20,000 plus certain cure costs associated with the Debtor's assumption and assignment. The purchase price is subject to increase or decrease on account of certain prorations and adjustments customarily prorated between a purchaser and a seller of similar assets. The Purchaser has made a good faith deposit in the amount of $5,000 which will be credited to the purchase price at closing. Except for certain cost to be paid by the Purchaser pursuant to the Agreement certain other costs to be paid by the Purchaser, the Agreement requires that the Debtor deliver the Property to Purchaser free and clear of all liens, claims, interests and encumbrances. The consummation of the proposed sale to the Purchaser is conditioned, among other things set forth the entry of a Sale Order approving the sale by the Court; assignment of the existing lease to the Purchaser. A copy of the Agreement and the valuation report attached to the Motion is available for free at: http://bankrupt.com/misc/Rojo_One_80_Sales.pdf The Debtor has concluded, in its business judgment, that the sale of the property to the Buyer will result in the highest and best value for the property, and that the sale of the property is in the best interests of the Debtor, the Debtor's estate, and its creditors; therefore approval of the sale and the Agreement is warranted. The Debtor asks the authority to sell the property free and clear of all liens, claims, interests and other encumbrances. All liens, claims, interests and other encumbrances in and against the property will attach to the proceeds from the sale to the same extent, priority and validity that existed on the Petition Date. The Debtor asks that the Court waives the 14-day stay provision of Federal Rule of Bankruptcy Procedure 6004(g). About Rojo One, LLC Rojo One, LLC and its four affiliates filed Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 16-54348) on Oct. 20, 2016. The petitions were signed by Daniel R. Linnen, sole member. The Debtors are represented by Aaron J. Scheinfield, Esq., at Goldstein Bershad & Fried PC. The Debtors' cases were procedurally consolidated and are jointly administered. The cases are assigned to Judge Maria L. Oxholm. The Debtors each estimated assets at $0 to $50,000. All the Debtors, except for Rojo Five, estimated liabilities at $500,000 to $1 million. Rojo Five estimated its liabilities at $1 million to $10 million. ROJO ONE: Zdravkovski Buying All Assets for $81K ------------------------------------------------ Rojo One, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michigan to authorize the private sale of substantially all assets to Robert Zdravkovski for $81,000. An Order has been entered in the case directing the procedural consolidation and joint administration of the chapter 11 cases of Rojo One, LLC; Rojo Two, LLC; Rojo Four, LLC; Rojo Five, LLC; and Rojo Six, LLC (Case No. 16-54348-mlo). On Oct. 20, 2016, the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors' principal places of business assets are located in Rochester, Michigan; Novi, Michigan; Sterling Heights, Michigan; and Birmingham, Michigan. The Debtors now have possession of their assets and plan to manage the affairs of their estate as a debtor in possession in accordance with 11 U.S.C. Sections 1107 and 1108. The Debtors have all of the rights and powers of a trustee in bankruptcy pursuant to 11 U.S.C. Section 1107(a). Debtor Rojo One conducts business out of Novi, Michigan as Duel Novi and operates as a dueling piano bar. Debtor Rojo Two conducts business out of Rochester, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Four conducts business out of Sterling Heights, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Five conducts business out of Birmingham, Michigan as Rojo Mexican Bistro and Sidecar Slider Bar and operates as 2 restaurants. Debtor Rojo Six conducts business out of Novi, Michigan as Rojo Mexican Bistro and Michigan Beer Company and operates as 2 restaurants. Since July 2016, Thomas Hospitality Group was engaged by the Rojo ownership to market the 5 existing restaurants. Thomas Hospitality specializes in restaurants, bars and nightclubs, and its employees are specifically experienced in this industry and have personal contacts with many of the key players in the hospitality industry. Thomas Hospitality's marketing efforts have focused on presenting each of the restaurant sites on its Web site. Thomas Hospitality then fields calls from people who have visited its site; have executed a confidentiality agreement; and have discussed their operational needs and locations of interest. Parallel to the marketing done through the Thomas Hospitality Web site, advertisements are placed on Loopnet and on BizBuySell, a Web site that focuses on businesses for sale that may not have a real estate component, and advertisements are placed in the Detroit News. Thomas Hospitality performed a valuation report of the Debtor. On Jan. 17, 2017, the Debtor and the Buyer entered into Letter of Intent to Purchase. The purchase price for the property is $81,000 plus certain cure costs associated with the Debtor's assumption and assignment. The purchase price is subject to increase or decrease on account of certain prorations and adjustments customarily prorated between a purchaser and a seller of similar assets. The Buyer has made a good faith deposit in the amount of $5,000 which will be credited to the purchase price at Closing. Except for certain cost to be paid by the Buyer pursuant to the Agreement certain other costs to be paid by the Buyer, the Agreement requires that the Debtor deliver the property to the Buyer free and clear of all liens, claims, interests and Encumbrances. The consummation of the proposed sale to the Buyer is conditioned, among other things set forth the entry of a Sale Order approving the sale by the Bankruptcy Court; assignment of the existing lease to the Buyer. A copy of the Agreement and the valuation report attached to the Motion is available for free at: http://bankrupt.com/misc/Rojo_One_78_Sales.pdf The Debtor has concluded, in its business judgment, that the sale of the property to the Buyer will result in the highest and best value for the property, and that the sale of the property is in the best interests of the Debtor, the Debtor's estate, and its creditors; therefore approval of the sale and the Agreement is warranted. The Debtor asks the authority to sell the property free and clear of all liens, claims, interests and other encumbrances. All liens, claims, interests and other encumbrances in and against the property will attach to the proceeds from the sale to the same extent, priority and validity that existed on the Petition Date. The Debtor asks that the Court waives the 14-day stay provision of Federal Rule of Bankruptcy Procedure 6004(g). About Rojo One, LLC Rojo One, LLC and its four affiliates filed Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 16-54348) on Oct. 20, 2016. The petitions were signed by Daniel R. Linnen, sole member. The Debtors are represented by Aaron J. Scheinfield, Esq., at Goldstein Bershad & Fried PC. The Debtors' cases were procedurally consolidated and are jointly administered. The cases are assigned to Judge Maria L. Oxholm. The Debtors each estimated assets at $0 to $50,000. All the Debtors, except for Rojo Five, estimated liabilities at $500,000 to $1 million. Rojo Five estimated its liabilities at $1 million to $10 million. ROJO SIX: Kurmas Buying All Assets for $20K ------------------------------------------- Rojo Six, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michigan to authorize the private sale of substantially all assets to Raymond Kurmas for $20,000. An Order has been entered in the case directing the procedural consolidation and joint administration of the chapter 11 cases of Rojo One, LLC; Rojo Two, LLC; Rojo Four, LLC; Rojo Five, LLC; and Rojo Six, LLC (Case No. 16-54348-mlo). On Oct. 20, 2016, the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors' principal places of business assets are located in Rochester, Michigan; Novi, Michigan; Sterling Heights, Michigan; and Birmingham, Michigan. The Debtors now have possession of their assets and plan to manage the affairs of their estate as a debtor in possession in accordance with 11 U.S.C. Sections 1107 and 1108. The Debtors have all of the rights and powers of a trustee in bankruptcy pursuant to 11 U.S.C. Section 1107(a). Debtor Rojo One conducts business out of Novi, Michigan as Duel Novi and operates as a dueling piano bar. Debtor Rojo Two conducts business out of Rochester, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Four conducts business out of Sterling Heights, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Five conducts business out of Birmingham, Michigan as Rojo Mexican Bistro and Sidecar Slider Bar and operates as 2 restaurants. Debtor Rojo Six conducts business out of Novi, Michigan as Rojo Mexican Bistro and Michigan Beer Company and operates as 2 restaurants. Since July 2016, Thomas Hospitality Group was engaged by the Rojo ownership to market the 5 existing restaurants. Thomas Hospitality specializes in restaurants, bars and nightclubs, and its employees are specifically experienced in this industry and have personal contacts with many of the key players in the hospitality industry. Thomas Hospitality's marketing efforts have focused on presenting each of the restaurant sites on its Web site. Thomas Hospitality then fields calls from people who have visited its site; have executed a confidentiality agreement; and have discussed their operational needs and locations of interest. Parallel to the marketing done through the Thomas Hospitality Web site, advertisements are placed on Loopnet and on BizBuySell, a Web site that focuses on businesses for sale that may not have a real estate component, and advertisements are placed in the Detroit News. Thomas Hospitality performed a valuation report of the Debtor. The value as determined by Thomas Hospitality is that the value is zero since all personal property is leased by the Debtor. On Jan. 29, 2017, the Debtor and the Purchaser entered into Letter of Intent to Purchase. The purchase price for the property is $20,000 plus certain cure costs associated with the Debtor's assumption and assignment. The purchase price is subject to increase or decrease on account of certain prorations and adjustments customarily prorated between a purchaser and a seller of similar assets. The Purchaser has made a good faith deposit in the amount of $5,000 which will be credited to the purchase price at closing. Except for certain cost to be paid by the Purchaser pursuant to the Agreement certain other costs to be paid by the Purchaser, the Agreement requires that the Debtor deliver the Property to Purchaser free and clear of all liens, claims, interests and encumbrances. The consummation of the proposed sale to the Purchaser is conditioned, among other things set forth the entry of a Sale Order approving the sale by the Court; assignment of the existing lease to the Purchaser. A copy of the Agreement and the valuation report attached to the Motion is available for free at: http://bankrupt.com/misc/Rojo_One_82_Sales.pdf The Debtor has concluded, in its business judgment, that the sale of the property to the Buyer will result in the highest and best value for the property, and that the sale of the property is in the best interests of the Debtor, the Debtor's estate, and its creditors; therefore approval of the sale and the Agreement is warranted. The Debtor asks the authority to sell the property free and clear of all liens, claims, interests and other encumbrances. All liens, claims, interests and other encumbrances in and against the property will attach to the proceeds from the sale to the same extent, priority and validity that existed on the Petition Date. The Debtor asks that the Court waives the 14-day stay provision of Federal Rule of Bankruptcy Procedure 6004(g). About Rojo One, LLC Rojo One, LLC and its four affiliates filed Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 16-54348) on Oct. 20, 2016. The petitions were signed by Daniel R. Linnen, sole member. The Debtors are represented by Aaron J. Scheinfield, Esq., at Goldstein Bershad & Fried PC. The Debtors' cases were procedurally consolidated and are jointly administered. The cases are assigned to Judge Maria L. Oxholm. The Debtors each estimated assets at $0 to $50,000. All the Debtors, except for Rojo Five, estimated liabilities at $500,000 to $1 million. Rojo Five estimated its liabilities at $1 million to $10 million. ROJO TWO: Pelc Buying All Assets for $140K ------------------------------------------ Rojo Two, LLC, asks the U.S. Bankruptcy Court for the Eastern District of Michigan to authorize the private sale of substantially all assets to Scot Pelc for $140,000 plus lease arrears of $12,861 and past due water bill of $7,974. An Order has been entered in the case directing the procedural consolidation and joint administration of the chapter 11 cases of Rojo One, LLC; Rojo Two, LLC; Rojo Four, LLC; Rojo Five, LLC; and Rojo Six, LLC (Case No. 16-54348-mlo). On Oct. 20, 2016, the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors' principal places of business assets are located in Rochester, Michigan; Novi, Michigan; Sterling Heights, Michigan; and Birmingham, Michigan. The Debtors now have possession of their assets and plan to manage the affairs of their estate as a debtor in possession in accordance with 11 U.S.C. Sections 1107 and 1108. The Debtors have all of the rights and powers of a trustee in bankruptcy pursuant to 11 U.S.C. Section 1107(a). Debtor Rojo One conducts business out of Novi, Michigan as Duel Novi and operates as a dueling piano bar. Debtor Rojo Two conducts business out of Rochester, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Four conducts business out of Sterling Heights, Michigan as Rojo Mexican Bistro and operates as a restaurant. Debtor Rojo Five conducts business out of Birmingham, Michigan as Rojo Mexican Bistro and Sidecar Slider Bar and operates as 2 restaurants. Debtor Rojo Six conducts business out of Novi, Michigan as Rojo Mexican Bistro and Michigan Beer Company and operates as 2 restaurants. Since July 2016, Thomas Hospitality Group was engaged by the Rojo ownership to market the 5 existing restaurants. Thomas Hospitality specializes in restaurants, bars and nightclubs, and its employees are specifically experienced in this industry and have personal contacts with many of the key players in the hospitality industry. Thomas Hospitality's marketing efforts have focused on presenting each of the restaurant sites on its Web site. Thomas Hospitality then fields calls from people who have visited its site; have executed a confidentiality agreement; and have discussed their operational needs and locations of interest. Parallel to the marketing done through the Thomas Hospitality Web site, advertisements are placed on Loopnet and on BizBuySell, a Web site that focuses on businesses for sale that may not have a real estate component, and advertisements are placed in the Detroit News. Thomas Hospitality performed a valuation report of the Debtor. The values as determined by Thomas Hospitality range from $77,000 to $115,000 dependant on the type of sale. On Jan. 19, 2017, the Debtor and the Purchaser entered into Letter of Intent to Purchase. The purchase price for the property is $140,000 plus certain cure costs associated with the Debtor's assumption and assignment. The purchase price is subject to increase or decrease on account of certain prorations and adjustments customarily prorated between a purchaser and a seller of similar assets. The Purchaser has made a good faith deposit in the amount of $5,000 which will be credited to the purchase price at closing. Except for certain cost to be paid by the Purchaser pursuant to the Agreement certain other costs to be paid by the Purchaser, the Agreement requires that the Debtor deliver the Property to Purchaser free and clear of all liens, claims, interests and encumbrances. The consummation of the proposed sale to the Purchaser is conditioned, among other things set forth the entry of a Sale Order approving the sale by the Court; assignment of the existing lease to the Purchaser. A copy of the Agreement and the valuation report attached to the Motion is available for free at: http://bankrupt.com/misc/Rojo_One_79_Sales.pdf The Debtor has concluded, in its business judgment, that the sale of the property to the Buyer will result in the highest and best value for the property, and that the sale of the property is in the best interests of the Debtor, the Debtor's estate, and its creditors; therefore approval of the sale and the Agreement is warranted. The Debtor asks the authority to sell the property free and clear of all liens, claims, interests and other encumbrances. All liens, claims, interests and other encumbrances in and against the property will attach to the proceeds from the sale to the same extent, priority and validity that existed on the Petition Date. The Debtor asks that the Court waives the 14-day stay provision of Federal Rule of Bankruptcy Procedure 6004(g). About Rojo One, LLC Rojo One, LLC and its four affiliates filed Chapter 11 petitions (Bankr. E.D. Mich. Lead Case No. 16-54348) on Oct. 20, 2016. The petitions were signed by Daniel R. Linnen, sole member. The Debtors are represented by Aaron J. Scheinfield, Esq., at Goldstein Bershad & Fried PC. The Debtors' cases were procedurally consolidated and are jointly administered. The cases are assigned to Judge Maria L. Oxholm. The Debtors each estimated assets at $0 to $50,000. All the Debtors, except for Rojo Five, estimated liabilities at $500,000 to $1 million. Rojo Five estimated its liabilities at $1 million to $10 million. ROSEWOOD OAKS: Unsecureds to be Fully Paid Within 30 Days --------------------------------------------------------- Rosewood Oaks, LLC, filed with the U.S. Bankruptcy Court for the Western District of Texas a Chapter 11 combined plan of reorganization and disclosure statement dated Jan. 30, 2017. Class 3 Allowed General Unsecured Claims are unimpaired by the Plan. The Allowed Unsecured Claim will receive payment in full in cash of the allowed amount of the claim within 30 days of the effective date of the Plan. The Plan will be funded by the $584,672.44 cash on hand in the Debtor-in-Possession account on the effective date of the Plan. The funds are to be used for the payment of claims or other distributions to be made under the Plan. The Debtor estimates to have $584,672.44 of cash on hand on the effective date of the Plan. The Debtor owned a real property located at 2600 Rosewood Avenue, Austin, Texas. On Jan. 14, 2017, the Debtor executed a sale of the real property to 2016 Wolverine Way, LP, as assignee and successor-in-interest to Eureka Holdings for $1.65 million. At closing, the Debtor satisfied the mortgage and tax liens against the property and is holding $584,672.44 in its debtor-in-possession account to disburse to the remaining claims in full. The Disclosure Statement is available at: http://bankrupt.com/misc/txwb16-11141-53.pdf About Rosewood Oaks Rosewood Oaks, LLC, secured in 1999 a land located at 2600 Rosewood Avenue, Austin, Texas, and built a day care center. Construction was complete in August 2001 and it commenced business. In August 2005, Rosewood Oaks opened a second location. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 16-11141) on Sept. 30, 2016. The petition was signed by Avis Wallace, manager. The case is assigned to Judge Tony M. Davis. At the time of the filing, the Debtor estimated its assets and liabilities at $1 million to $10 million. Fred Walker, Esq., at Fred E. Walker, P.C., serves as the Debtor's bankruptcy counsel. The Debtor employed JBGoodwin Realtors as real estate agent and broker. RUBEN VELASQUEZ: Feb. 21 Hearing to Determine PCO Appointment ------------------------------------------------------------- Judge Robert T. Matsui of the U.S. Bankruptcy Court for the Eastern District of California entered an Order for Ruben S. Velasquez, M.D., Inc., to appear on February 21, 2017, and show cause why a Patient Care Ombudsman should not be appointed. Judge Matsui noted in the order that the Debtor is a health care business. Accordingly, Judge Matsui will order, not later than 30 days after the commencement of the case, the appointment of a patient care ombudsman unless the Court finds that appointment is not necessary for the protection of the patients under the specific facts of the case. The bankruptcyv case is In re: Ruben S. Velasquez M.D., Inc., Case Number: 17−20604−A−11 (Bankr. E.D. Calif.). SHOBRA LLC: Seeks Authority to Use Cash Collateral -------------------------------------------------- Shobra, LLC seeks authorization from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral in the ordinary course of its business. The Debtor contends that it needs to use cash collateral during the course of its case since it has limited alternative sources of funds. The Debtor tells the Court that an immediate and ongoing use of cash collateral is required to fund its day-to-day activities. The Debtor further tells the Court that without the use of cash collateral, it will not have sufficient available sources of working capital and financing to carry on the operation of their business as a going concern. The Debtor proposes to grant conditional adequate protection liens in all of its unencumbered property, to the extent necessary to provide adequate protection on account of any diminution in the cash collateral. A full-text copy of the Debtor's Motion, dated January 31, 2017, is available at https://is.gd/8C4V8L Shobra, LLC is represented by: Robert B. Davis, Esq. DAVIS LAW CENTER, LLC 551 Summit Avenue, 2nd Floor Jersey City, NJ 07306 Telephone: (973) 315-7566 Email: rob@davislawcenterllc.com About Shobra, LLC Shobra, LLC filed a Chapter 11 petition (Bankr. D.N.J. Case No. 17-11729), on January 31, 2017. Shobra, LLC is represented by Robert B. Davis, Esq. at the Davis Law Center, LLC. SKYE ASSOCIATES: Plan Filing Deadline Extended Until April 17 ------------------------------------------------------------- Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland extended the exclusive period during which Skye Associates, LLC may file a plan of reorganization through April 17, 2017, and held that the Debtor will have an additional 60 days after filing its plan of reorganization in which it may solicit votes on the plan of reorganization. The Troubled Company Reporter had earlier reported that the Debtor requested for exclusivity extension since the Debtor was still in the process of determining how and in what manner it would be feasible to reorganize and what amount can be repaid to its creditors. Because the amount of unsecured debts are likely to be higher, the Debtor asserted that it must determine if it would be feasible to pay these creditors from on-going operations. Currently, the Debtor had been attempting to determine if it can operate profitably. Since its bankruptcy filing, the Debtor related that it had operated profitably but it still needs to ascertain if the profits will support repayment of its creditors. Furthermore, the Debtor was also evaluating whether to relocate to a more cost effective location. The Debtor also told the Court that it was still trying to uncover the scope of the prior mismanagement of the company and put in place proper procedures. As a result, the Debtor had yet to formulate a plan of reorganization. About Skye Associates Skye Associates, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 16-22592) on Sept. 20, 2016. The petition was signed by Michael Burton, managing member. The case is assigned to Judge Thomas J. Catliota. 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 represented by Richard B. Rosenblatt, Esq. and Linda M. Dorney, Esq. at the Law Offices of Richard B. Rosenblatt, PC. The Office of the U.S. Trustee on Nov. 14, 2016, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Skye Associates, LLC. SOLID ROCK: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The Office of the U.S. Trustee on Feb. 2, 2017, disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Solid Rock Holdings, LLC. About Solid Rock Holdings Solid Rock Holdings, LLC, filed for Chapter 11 bankruptcy protection (Bankr. E. D. Ark. Case No. 16-16828) on Dec. 27, 2016. The petition was signed by Scott A. McElroy, managing member. The case is assigned to Judge Richard D. Taylor. Charles Darwin Davidson, Esq., at Davidson Law Firm serves as the Debtor's legal counsel. At the time of the filing, the Debtor disclosed $4.08 million in assets and $2.61 million in liabilities. STARZ ACQUISITION: Plan Confirmation Hearing Set for March 22 ------------------------------------------------------------- Judge Caryl E. Delano of the U.S. Bankruptcy Court for the Middle District of Florida issued an order conditionally approving the disclosure statement and plan of reorganization filed by Starz Acquisition, LLC. Any written objections to the disclosure statement shall be filed with the Court and served no later than seven days prior to the date of the hearing on confirmation. The Court will conduct a hearing on confirmation of the Plan on March 22, 2017, at 10:30 a.m. in Ft. Myers, FL - Room 4-117, Courtroom E, United States Courthouse, 2110 First Street. Parties in interest must submit their written ballot accepting or rejecting the Plan no later than 8 days before the date of the confirmation hearing. Objections to confirmation shall be filed and served no later than 7 days before the date of the confirmation hearing. About Starz Acquisition, LLC Starz Acquisition, LLC, which operates Italian restaurants/pizzerias, filed a chapter 11 petition (Bankr. M.D. Fla. Case No. 16-08045), on Sept. 18, 2016. The petition was signed by David Lee Virginia, managing member. The Debtor is represented by Michael R. Dal Lago, Esq., at Dal Lago Law. The Debtor estimated assets at $100,001 to $500,000 and liabilities at $500,001 to $1 million at the time of the filing. An official committee of unsecured creditors has not yet been appointed in the Chapter 11 case of Starz Acquisition, LLC, as of Oct. 21, 2016, according to a court docket. STEMTECH INTERNATIONAL: Case Summary & 20 Top Unsecured Creditors ----------------------------------------------------------------- Debtor: Stemtech International, Inc. 2010 N.W. 150th Avenue Pembroke Pines, FL 33028 Case No.: 17-11380 Chapter 11 Petition Date: February 2, 2017 Court: United States Bankruptcy Court Southern District of Florida (Fort Lauderdale) Judge: Hon. Raymond B Ray Debtor's Counsel: Michael D. Seese, Esq. SEESE, P.A. 101 NE 3rd Avenue, Suite 410 Fort Lauderdale, FL 33301 Tel: 954-745-5897 E-mail: mseese@seeselaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ray C. Carter, Jr., chief executive officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/flsb17-11380.pdf SULLIVAN VINEYARDS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Sullivan Vineyards Corporation P.O. Box G 1090 Galleron Road Rutherford, CA 94573 Case No.: 17-10065 Chapter 11 Petition Date: February 1, 2017 Court: United States Bankruptcy Court Northern District of California (Santa Rosa) Judge: Hon. Alan Jaroslovsky Debtor's Counsel: Steven M. Olson, Esq. LAW OFFICES OF STEVEN M. OLSON 100 E St. #104 Santa Rosa, CA 95404 Tel: (707) 575-1800 E-mail: smo@smolsonlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ross Sullivan, CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at http://bankrupt.com/misc/canb17-10065.pdf SUNEDISON INC: Sale of 7 Minnesota Projects for $19M Approved ------------------------------------------------------------- Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York authorized the sale by SunEdison, Inc. and its affiliates of SunE MN Development, LLC's 100% outstanding membership interests in the seven Project Companies ("Equity Interests") listed in Schedule 1.1 to the PSA, dated as of Jan. 26, 2017, to Ecoplexus, Inc. for an aggregate consideration of $18,931,720, subject to adjustments. The sale is free and clear of all liens, claims, liabilities, and encumbrances. Pursuant to Sections 105(a) and 365 of the Bankruptcy Code, and subject to and conditioned upon the applicable Closing of the Transactions, Sun Edison, LLC's assumption and assignment to the Project Companies or the Buyer, at the Buyer's direction, of the Seller Permits is approved, and the requirements of Bankruptcy Code sections 365(b)(1) with respect thereto are deemed satisfied. The zero Cure Amounts is the sole amount necessary to be paid by Sun Edison, LLC upon assumption of the Seller Permits under sections 365(b)(1)(A) of the Bankruptcy Code, and the payment of the applicable Cure Amount will, subject to the terms of the PSA, (i) effect a cure of all defaults existing under the Seller Permits as of and including the Closing Date (if any), and (ii) compensate the counterparty to the Seller Permits for any actual pecuniary loss resulting from all defaults existing under the Seller Permits as of and including the Closing Date. To the extent the counterparties to the Seller Permits failed to timely object to the proposed Cure Amount, such Cure Amount will be deemed to be finally determined and the counterparty will be prohibited from challenging, objecting to, or denying the validity and finality of the Cure Amount at any time, and such Cure Amount, when paid, will completely cure and remedy any breach or default with respect to the Seller Permits. The Buyer will not be required to seek or obtain relief from the automatic stay under Section 362 to implement the PSA and consummate the Transactions contemplated therein and enforce any of its remedies under the PSA or any other sale-related document, or to effectuate the releases granted by the Releasing Parties, certain of which are Debtor entities. The automatic stay imposed by Bankruptcy Code section 362 is modified solely to the extent necessary to implement the preceding sentence, provided however that the Court will retain exclusive jurisdiction over any and all disputes with respect thereto. The requirements set forth in Bankruptcy Rules 6003(b) and 6004 have been satisfied or otherwise deemed waived. As provided by Bankruptcy Rules 7062 and 9014, the terms and conditions of the Order will be effective and enforceable immediately upon entry and will not be subject to the stay provisions contained in Bankruptcy Rule 6004(h). Time is of the essence in closing the sale, and the Seller and the Buyer intend to close the sale as promptly as practicable following entry of the Order. A copy of the PSA attached to the Order is available for free at: http://bankrupt.com/misc/SunEdison_Inc_2372_Order.pdf The Purchaser can be reached at: ECOPLEXUS, INC. 101 2nd Street, Ste. 1250 San Francisco, CA 94105 Attn: John Gorman, CEO Erik Stuebe, President E-mail: johng@ecoplexus.com eriks@ecoplexus.com About SunEdison, Inc. SunEdison, Inc. (OTC PINK: SUNEQ), is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets, and a global leader in the development, manufacture and sale of silicon wafers to the semiconductor industry. On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos. 16-10991 to 16-11017). Martin H. Truong, the senior vice president, general counsel and secretary, signed the petitions. The Debtors disclosed total assets of $20.7 billion and total debt of $16.1 billion as of Sept. 30, 2015. The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP as counsel, Togut, Segal & Segal LLP as conflicts counsel, Rothschild Inc. as investment banker and financial advisor, McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors and Prime Clerk LLC as claims and noticing agent. The Debtors employed PricewaterhouseCoopers LLP as financial advisors; and KPMG LLP as their auditor and tax consultant. SunEdison also has tapped Eversheds LLP as its special counsel for Great Britain and the Middle East. Cohen & Gresser LLP has also been retained as special counsel. The Debtors retained Ernst &Young LLP to provide tax-related services. Keen-Summit Capital Partners LLC has been hired as real estate advisor. Binswanger of Texas, Inc. also has been retained as real estate agent. Sullivan & Cromwell LLP serves as counsel to TerraForm Power, Inc., and TerraForm Global, Inc. An official committee of unsecured creditors has been appointed in the case. The Committee tapped Weil, Gotshal & Manges LLP as its general bankruptcy counsel and Morrison & Foerster LLP as special counsel. Togut, Segal & Segal LLP and Kobre & Kim LLP serve as conflicts counsel. Alvarez & Marsal North America, LLC, serves as the Committee's financial advisors. Counsel to the administrative agent under the Debtors' prepetition first lien credit agreement are Richard Levy, Esq., and Brad Kotler, Esq., at Latham & Watkins. Counsel to the administrative agent under the postpetition DIP financing facility are Scott Greissman, Esq., and Elizabeth Feld, Esq. at White & Case LLP. Counsel to the Tranche B Lenders (as defined in the DIP credit agreement) and the steering committee of the second lien creditors are Arik Preis, Esq., and Naomi Moss, Esq., at Akin Gump Strauss Hauer & Field, LLP. Counsel to the administrative agent under the Debtors' prepetition second lien credit agreement is Daniel S. Brown, Esq., at Pillsbury Winthrop Shaw Pittman LLP. The collateral trustee under the Debtors' prepetition second lien credit agreement and the indenture trustee under each of the Debtors' outstanding bond issuances, is represented by Marie C. Pollio, Esq., at Shipman & Goodwin LLP. Counsel to the ad hoc group of certain holders of the Debtors' convertible senior notes is White & Case LLP's Tom Lauria, Esq. T&H PLASTICS: Unsecureds to Get $15,000 Per Year For 7 Yrs. ----------------------------------------------------------- T&H Plastics, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Texas a small business disclosure statement referring to the Debtor's plan of reorganization dated Jan. 30, 2017. Class 5 General Unsecured Claims -- estimated at $604,000 -- is impaired by the Plan. The Debtor will make seven annual installment payments to all creditors with allowed claims in this class. The first installment payment will be made 13 months after the Effective Date of the Plan. The amount of the annual installment payment will be $15,000. This payment will be disbursed to creditors with allowed claims in this class on a pro rata basis. In the event of any failure of the Reorganized Debtor to timely make its required plan payments to the creditor(s) in this class, which will constitute an event of default under the Plan as to these creditors, they will send notice of the default as defined in Section VI to the Reorganized Debtor. If the default is not cured within 30 days of the date of the notice, these creditors may proceed to collect all amounts owed pursuant to state law without further recourse to the Court. The creditor(s) are only required to send two notices of default, and upon the third event of default, the creditor(s) may proceed to collect all amounts owed under state law without recourse to the Bankruptcy Court and without further notice. The Plan will be funded by the Reorganized Debtor through future income and continued operation of the business. The Debtor believes the Plan is feasible based on the projections attached hereto as well as the increase in business and diversification of offerings. Additionally, the owners will personally contribute $12,597 to the Debtor as a new capital contribution to help fund the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/txsb16-32525-66.pdf About T&H Plastics T&H Plastics, Inc., is a for-profit corporation and was incorporated with the Texas Secretary of State on Jan. 31, 2003. The Debtor's principals, Antonio Mendoza and Hector Gomez, have been in the business of plastic recycling since 1984 and 1982 respectively. In 2003, they formed T&H Plastics, Inc., after their previous employer closed Houston Operations. T&H Plastics started operating in the same leased premises that the previous business was leasing prior to 2003. Since 2003, Messrs. Mendoza and Gomez have cultivated relationships with auto parts manufacturers in Mexico from whom they import a large portion of the plastic that they recycle. Some of these vendors supply raw materials to T&H Plastics for low or no cost due to the expense of disposal that they would face. T&H Plastics is diversifying their offerings of plastic recycling services including processing materials for other companies, brokering, toll work which includes compounding and extruding, and regrinding services. T&H Plastics filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 16-32525) on May 17, 2016. TANNER COMPANIES: Wants to Use Salem Investment Cash Collateral --------------------------------------------------------------- Tanner Companies, LLC, asks the U.S. Bankruptcy Court for the Western District of North Carolina for authorization to use cash collateral. The Debtor is indebted to Salem Investment Partners III, LP, in the approximate sum of $9,950,000 as of the Petition Date. Salem Investment asserts a security interest in substantially all of the Debtor's assets located in the United States. Salem Investment's cash collateral consists of proceeds from accounts receivable, inventory, and bank accounts. The Debtor relates that in order to facilitate the transition from the Debtor's current financial and operational structure to that contemplated by the Plan and maximize Salem’s realization of value from its collateral, pending Plan confirmation, the Debtor intends to continue its operations, including the design of apparel and accessories for upcoming seasons and the sale, both through its Stylists and its retail outlets, pursuant to its proposed 13-week budget. The Debtor proposes to grant Salem Investment with replacement liens in post-petition assets, to the same extent and priority as existed prepetition. The Debtor tells the Court that without the use of Salem's cash collateral, the Debtor will not be able to continue its sales, the value of the Debtor's inventory will deteriorate rapidly, and the Debtor's ability to fashion an effective plan will be irreparably impaired. A full-text copy of the Debtor's Motion, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/TannerCompanies2017_1740029_11.pdf About Tanner Companies, LLC Tanner Companies, LLC, filed a chapter 11 petition (Bankr. W.D.N.C. Case No. 17-40029) on Jan. 27, 2017. The petition was signed by Elaine T. Rudisill, CRO. The Debtor is represented by Joseph W. Grier, III, Esq. and Michael Leon Martinez, Esq., at Grier, Furr & Crisp, P.A. The case is assigned to Judge Craig J. Whitley. The Debtor disclosed total assets at $4.3 million and total liabilities at $18.12 million. Tanner Companies is headquartered in Rutherfordton, NC, with a secondary office in Jersey City, NJ. Tanner Companies has eight retail outlets located in the southeast region of the United States and approximately 115 employees, plus a multitude of non-employee sales stylists. The Debtor's business consists of the design and direct sales of high-end seasonal women's luxury apparel and accessories, under the Doncaster label, through independently-contracted sales stylists, which, in some instances, include agencies that incorporate more than one individual sales stylist nationwide. Inventory which does not sell during a particular season is placed in one of the Debtor's retail outlets for approximately a year. After a year, inventory which does not sell in the retail outlets is placed in the Debtor's warehouse and subsequently liquidated. The Debtor's business, recognized as one of the first primarily female-driven entrepreneurships, began in Charlotte, North Carolina approximately 85 years ago with Millie Tanner. Descendants of Millie Tanner still hold equity interests in the Debtor. Some of the Stylists have worked for the Debtor for more than 20 years. The Debtor has eight wholly owned subsidiaries: (a) Claridge Resources Limited, which maintains an office in Hong Kong used primarily to outsource production of apparel inventory; (b) Tanner Companies Italia, SRL, which assists in the sourcing of fabric and accessories; (c) Ningbo Tanner Garment Co., Ltd., which is a woven apparel production facility in Ningbo, China; (d) Tanner International, LLC; (e) Tanner Retail, LLC, (f) Tanner Holdings, LLC; (g) Tanner Designs, LLC; and (h) Tanner Ventures, LLC. TAUREN EXPLORATION: Own Plan Proposes 100% Payment to Unsecureds ---------------------------------------------------------------- Tauren Exploration, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a disclosure statement dated Jan. 30, 2017, referring to the Debtor's plan of reorganization filed on Jan. 30, 2017. General unsecured trade creditors are classified in Class 2, and will receive a distribution of 100% of their allowed claims, to be paid within 28 days of the Effective Date of the Plan. In the unlikely event that a general unsecured trade creditor claim has not been allowed by the Effective Date, holders of the claims will be paid within 14-days after the order allowing the claim becomes final. The Plan will be funded from normal operating revenue generated by the Debtor, capital contributions, advances and loans to the Reorganized Debtor, and recovery of avoidable transfers. On the Effective Date, the Debtor will transfer an overriding royalty interest to the Chapter 11 trust. It also will fund, or arrange for funding, the Chapter 11 trust with an additional $100,000. The ORRI is currently generating about $6,000 per month in revenues. The Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-32188-143.pdf As reported by the Troubled Company Reporter on Dec. 26, 2016, the Debtor filed with the Court a disclosure statement referring to the Debtor's plan of reorganization. Under that plan, Class 4 -- Unsecured Claims -- estimated at between $22,000,000 and $23,000,000 -- is impaired. On the Effective Date, the liquidating trust assets would vest in the Liquidating Trust free and clear of all Claims, equity Interests, Liens, charges or, other encumbrances. The TCR, on Dec. 30, 2016, also reported that the Bankruptcy Court approved the disclosure statement explaining the Chapter 11 plan of liquidation proposed by Gloria's Ranch, LLC, for the Debtor. The plan filed on Dec. 12 proposes the formation of a trust for the benefit of creditors holding unsecured claims against Tauren Exploration. The purpose of the trust is to liquidate assets of the company, including the pursuit of claims against its insiders. The liquidating trust will be self-funded from recoveries plus a $10,000 carve-out from the disposition of the collateral securing Gloria's Ranch's secured claim. The net recoveries will be distributed by the liquidating trustee to creditors. The plan classifies claims against and interests in Tauren Exploration into six classes. Class 4 unsecured claims and Gloria's Ranch's Class 3 secured claim are both impaired under the plan. Holders of these claims are entitled to vote. Meanwhile, all equity interests in Tauren Exploration will be canceled, according to court filings. About Tauren Exploration Tauren Exploration, Inc., filed a Chapter 11 petition (Bankr. N.D. Tex. Case No. 16-32188) on June 3, 2016, listing under $1 million in both assets and liabilities. Its core business historically has been in the oil and gas industry. The Debtor is represented by Frank L. Broyles, Esq., as counsel. The Debtor hired Nathan M. Nichols, Esq., at Orenstein Law Group, P.C., as special litigation counsel. TERRANOVA LANDSCAPES: Seeks Court Approval for Cash Collateral Use ------------------------------------------------------------------ Terranova Landscapes, Inc. d/b/a Terranova Fine Landscapes asks the U.S. Bankruptcy Court for the Eastern District of New York for authorization to use cash collateral. The Debtor's proposed Budget, provides for total expenses in the amount of $14,179.50 for the week of January 30, 2017, $25,891.05 for the week of February 6, 2017, $17,317.82 for the week of February 13, 2017, $14,691.69 for the week of February 20, 2017, and $12,616.74 for the week of February 27, 2017. The Debtor's alleged secured creditors are: LENDER BALANCE ------ ------- On Deck $87,400 IRS $66,182.93 Fox Capital Corp. $50,000 Merchants Funding Services $86,940 The Debtor proposes to grant the Secured Creditors replacement liens in all of the Debtor's pre-petition and post-petition assets and proceeds, including the cash collateral and their proceeds, to the extent that they had valid, legal and enforceable security interests in said pre-petition assets on the Filing Date and in the continuing order of priority that existed as of the Filing Date. The Debtor further proposes to pay the IRS monthly adequate protection payments in the amount of $331. The Replacement Liens will be subject and subordinate only to: (a) United States Trustee fees; (b) professional fees of duly retained professionals in the Chapter 11 case; (c) the fees and expenses of a hypothetical Chapter 7 trustee to the extent of $10,000; and (d) the recovery of funds or proceeds from the successful prosecution of avoidance actions. A full-text copy of the Debtor's Motion, dated January 30, 2017, is available at http://bankrupt.com/misc/TerranovaLandscapes2017_81770472las_12.pdf A full-text copy of the Debtor's proposed Budget, dated January 30, 2017, is available at http://bankrupt.com/misc/TerranovaLandscapes2017_81770472las_12_11.pdf About Terranova Landscapes, Inc. Terranova Landscapes, Inc. dba Terranova Fine Landscapes, based in Center Moriches, New York, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-70472) on January 27, 2017. The petition was signed by Eric Searles, president. The Debtor is represented by Gary C. Fischoff, Esq., at Berger, Fischoff, & Shumer, LLP. The case is assigned to Judge Louis A. Scarcella. At the time of the filing, the Debtor disclosed $827,529 in assets and $2.07 million in liabilities. THAMES FUNDING: Court Allows Use of Dime Bank Cash Until Feb. 28 ---------------------------------------------------------------- Judge James J. Tancredi of the U.S. Bankruptcy Court for the District of Connecticut authorized Thames Funding, Inc., to use cash collateral on an interim basis, from Feb. 1, 2017 through Feb. 28, 2017. The Debtor said that it is essential to its business and operations to use cash generated from its rental payments from its properties so as to continue to pay ordinary course business expenses. Without the use of cash collateral, the Debtor warned it will suffer harm and be forced to terminate operations and lose any chance for successful reorganization. The Debtor is authorized to use up to $6,500 for the payment of all necessary business expenses incurred in the ordinary course of its business, and the U.S. Trustee's statutory fees. The approved Budget for February 2017 provided for total expenses in the amount of $5,792. Dime Bank claimed a duly perfected, non-avoidable security interest in the Debtor's properties in Groton and Gales Ferry, Connecticut, including cash collateral associated with the properties. Dime Bank is granted replacement liens in all after-acquired property of the Debtor, to the same extent and priority as existed as of the Petition Date. The Debtor is directed to make monthly adequate protection payments in the amount of $500 to Dime Bank. The Debtor is further directed to provide Dime Bank with a monthly register report from all DIP accounts showing all disbursements made for the prior 30 days on the 15th of each month, beginning on Sept. 15, 2016. A hearing on the continued use of cash collateral is scheduled on Feb. 16, 2017 at 2:00 p.m. A full-text copy of the Interim Order, dated Jan. 27, 2017, is available at http://bankrupt.com/misc/ThamesFunding2016_1621286_63.pdf About Thames Funding, Inc. Thames Funding, Inc., filed a chapter 11 petition (Bankr. D. Conn. Case No. 16-21286) on Aug. 7, 2016. The petition was signed by John G. Syragakis, principal. The case is assigned to Judge Ann M. Nevins. The Debtor disclosed total assets of $640,000 and total debt of $1.02 million. The Debtor is represented by Joseph J. D'Agostino, Jr., Esq., at Attorney Joseph J. D'Agostino, Jr., LLC. The Debtor is authorized to continue to operate and manage its business as a Debtor-In-Possession. No trustee or examiner has been appointed in these proceedings. TLD BAR: Rigdon Has Until Feb. 28 to Use Cash Collateral -------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas authorized Debtor Bettye J. Rigdon to use cash collateral, from Feb. 1, 2017 through the earlier to occur of Feb. 28, 2017 or the date on which a final hearing on the Cash Collateral Motion is conducted. The approved Budget provided for total expenses in the amount of $6,890 for the month of February. The Internal Revenue Service and First State Bank - Chico, were granted replacement liens to compensate for any diminution in the IRS' or First State Bank - Chico's interest in the cash collateral. The Debtor is directed to make an adequate protection payment to the IRS in the amount of $1,000 on or before Feb. 20, 2017. A full-text copy of the Order, dated Jan. 30, 2017, is available at http://bankrupt.com/misc/TLDBar2016_1644620mxm11_55.pdf First State Bank - Chico is represented by: Matthew Taplett, Esq. POPE, HARDWICKE, CHRISTIE, SCHELL, KELLY & RAY, L.L.P. 500 West 7th Street, Suite 600 Fort Worth, TX 76102 About TLD Bar Ranch, LP TLD Bar Ranch, L.P., filed a chapter 11 petition (Bankr. N.D. Tex. Case No. 16-44622) on Dec. 2, 2016. The petition was signed by Bettye Jean Rigdon, manager of BJR Re Management, LLC, as the general partner of TLD Bar Ranch L.P. The case is assigned to Judge Mark X. Mullin. TLD Bar Ranch estimated assets at $1 million to $10 million and liabilities at $500,000 to $1 million at the time of the filing. The Debtor is represented by Jeff P. Prostok, Esq., at Forshey & Prostok, LLP. TOTAL COMM: IRS to Get Monthly Payment With 4% Interest in 4 Yrs. ----------------------------------------------------------------- Total Comm Systems, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a third amended disclosure statement describing its third amended plan of reorganization. Class 2 Secured Internal Revenue Service Tax Claim is unimpaired by the Plan. The IRS holds a claim of approximately $70,000 secured by property of the Debtor. This claim primes the claim of J D Factors and will be treated as follows: a. regular equal monthly payments will be made for the Allowed Class 2 Claim; b. monthly payments of the Allowed Class 2 Claim will commence the first day of the first calendar month after the Effective Date and continue monthly with interest accruing at the rate of 4% such that the Allowed Class 2 Claim is paid within 48 months of the Petition Date; c. the Class 2 Creditor will maintain any lien, encumbrance, and security interest in the Property or assets of the Debtor until the conclusion of this Plan as they relate to the Secured Claims; and d. the Class 2 Creditor will retain its Class 2 Claim until paid in full pursuant to the Plan. Class 8 Equity Holders Claims is impaired by the Plan. Class 8 consists of all equity, ownership, or stock interests in the Debtor including all warrants, options, or rights to acquire shares whether issued or not and whether contained in a single document or part of a loan document or debt instrument. Holders of Class 8 Claims will not receive a distribution under the Plan, and will maintain their equity interests. Class 8 Claims will contribute new value in the amount of $50,000, the proceeds of which will be used to pay the priority secured claim of IRS. Cash payments made pursuant to the Plan will be in U.S. funds, by check drawn on a domestic bank, or by wire transfer from a domestic bank. All distributions will be made by the disbursing agent. The Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/paeb16-15530-165.pdf As reported by the Troubled Company Reporter on Jan. 27, 2017, the Debtor filed with the Court a second amended disclosure statement describing its second amended plan of reorganization, which proposed that Class 3, Other Secured Claims, be treated as follows: (a) following a final determination of the allowed amount of each Class 3 Secured Claim, regular equal monthly payments will be made for the Allowed Secured amount of the Class 3 Claims; (b) the Debtor will create a disputed claims reserve in the amount of the total Class 3 Claims (which are approximately $325,959.62) from its normal business operations; (c) monthly payments of the Allowed Secured Class 3 Claims will commence the first day of the first calendar month after the Effective Date and continuing for 72 months with interest accruing at the rate of 3.5%; (d) Class 3 Creditors will maintain any lien, encumbrance, and security interest in the Property or assets of the Debtor until the conclusion of this Plan as they relate to the Secured Claims; and (e) to the extent that any amount of a Class 3 Claim is unsecured, it will be paid as a General Unsecured Claim. About Total Comm Systems Total Comm Systems, Inc., is a provider of engineering, construction, excavation, installation, and maintenance services for the telecommunications industry. Total Comm Systems filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 16-15530) on Aug. 3, 2016. The petition was signed by Michael H. Pollitt, president. The Debtor estimated assets of $500,000 to $1 million and liabilities of $1 million to $10 million at the time of the filing. The Debtor tapped Bielli & Klauder, LLC, as counsel; and Bambach Enterprises LLC dba Bambach Advisors, as financial advisor. The Debtor is a debtor-in-possession and no trustee has been appointed in the Chapter 11 case. TUBRO CONSTRUCTION: Wants to Use Wells Fargo Cash Collateral ------------------------------------------------------------ Tubro Construction Inc. seeks authorization from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral of Wells Fargo Bank, N.A., on an interim basis. The Debtor relates that it intends to use cash collateral to pay pre-petition debt, specifically employee payroll including officer compensation, and the associated payroll taxes. The Debtor has operated since 2010 a construction and handyman business. As part of the reorganization, the Debtor needs to continue operating its business and paying expenses, including pre-petition payroll. The Debtor asserts that continuation of its operations is essential to preserving the value of the business for the estate. The Debtor also seeks authorization to pay all federal and state withholding and payroll-related taxes, including, but not limited to, all withholding taxes, Social Security taxes, and Medicare taxes, as well as all other withholdings such as life insurance and other employee deductions. The Debtor's February 2017 Budget projects operating expenses at an aggregate sum of $156,286. From the amount, the Debtor expects to disburse an average of $65,000 for monthly payroll. The Debtor disburses payroll on a bi-weekly basis, and the next payroll is scheduled to occur on February 3, 2017 by automatic deposit. The Debtor explains that because payroll always covers the period ending two weeks prior, it will comprise entirely of hours worked pre-petition, specifically up through January 20, 2017, since its case was filed January 30, 2017. Wells Fargo holds a senior security interest in the funds in the Debtor's bank account -- totaling approximately $50,000 at present, and accounts receivable -- totaling approximately $96,000 at present. Wells Fargo is owed approximately $307,000 on the line of credit. There is also a credit card with Wells Fargo for approximately $43,000. The Debtor proposes to make monthly payments of $1,555 to Wells Fargo, and grant replacement liens on new receivables, to ensure that it is adequately protected. A full-text copy of the Debtor's Motion, dated January 31, 2017, is available at https://is.gd/O2qh5d A full-text copy of the Debtor's proposed Budget, dated January 31, 2017, is available at https://is.gd/ascD4f About Tubro Construction Inc. Tubro Construction Inc. filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 17-10390), on January 30, 2017. The petition was signed by Richard Tietjen, president. The case is assigned to Judge Marc Barreca. The Debtor is represented by Jeffrey B Wells, Esq., at Wells and Jarvis, P.S. At the time of filing, the Debtor estimated assets at $100,000 to $500,000 and liabilities at $1 million to $10 million. ULTRA PETROLEUM: Invesco No Longer Holds Equity Stake ----------------------------------------------------- Invesco Ltd. said in a regulatory filing with the Securities and Exchange Commission that it no longer holds shares of Ultra Petroleum Corp. common stock. Invesco may be reached at: Nancy Tomassone Global Assurance Officer 1555 Peachtree Street NE, Suite 1800 Atlanta GA 30309 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: Needs Until June 29 to File Reorganization Plan ---------------------------------------------------------------- Ultra Petroleum Corp. and its affiliated Debtors ask the U.S. Bankruptcy Court for the Southern District of Texas to extend the time during which the Debtors have the exclusive right to file a chapter 11 plan, through and including June 29, 2017, and the deadline to solicit a plan, through and including August 29, 2017. The Debtors contend that there are still many unresolved issues that must be addressed to bring these chapter 11 cases to conclusion. Among other things, additional time is needed for the Debtors to: (a) prosecute the Plan, including working to close the $580-million rights offering contemplated in the Backstop Commitment Agreement without the disruption that would result from alternative plans that could be motivated by the parochial interests of the Debtors' sophisticated and aggressive stakeholders; (b) continue to engage in discussions with the Committee, the OpCo Group, and the OpCo Noteholder Group regarding the Plan and Disclosure Statement -- a significant undertaking given the complexity of the Debtors' capital structure, number of organized stakeholder groups, and divergent views held by certain constituencies; (c) litigate the OpCo Group's motions to appoint a chapter 11 trustee and to contest certain Plan classification matters; and (d) continue their comprehensive claim reconciliation, objection, and settlement process, which has included the resolution of hundreds of millions of dollars of claims asserted by Pinedale Corridor L.P., Rockies Express Pipeline, LLC, and Big West Oil LLC. 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. Ultra Petroleum Corp. and seven subsidiary companies filed petitions (Bankr. S.D. Tex. Lead Case No. 16-32202) seeking relief under chapter 11 of the United States Bankruptcy Code on April 29, 2016. 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. VANGUARD NATURAL: Moody's Cuts Probability of Default Rating to D ----------------------------------------------------------------- Moody's Investors Service downgraded Vanguard Natural Resources, LLC's Probability of Default Rating (PDR) to D-PD from Caa3-PD following the company's Chapter 11 filing on February 1, 2017. Moody's simultaneously downgraded Vanguard's senior unsecured notes rating to C from Ca. Additionally, Moody's affirmed Vanguard's Caa3 Corporate Family Rating (CFR) and SGL-4 Speculative Grade Liquidity Rating. The outlook remains negative. Following the rating actions, Moody's will withdraw all ratings and the rating outlook of Vanguard consistent with Moody's practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes very limited (refer to Moody's ratings withdrawal policy available on its website, www.moodys.com). RATINGS RATIONALE Issuer: Vanguard Natural Resources, LLC Downgrades: -- Probability of Default Rating, Downgraded to D-PD from Caa3-PD -- Senior Unsecured Regular Bond/Debentures, Downgraded to C (LGD5) from Ca (LGD5) Affirmations: -- Corporate Family Rating, Affirmed Caa3 -- Speculative Grade Liquidity Rating, Affirmed SGL-4 Outlook Actions: -- Outlook, Remains Negative The downgrade of the PDR to D-PD reflects Vanguard's voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. The C rating on the notes incorporates Moody's final recovery assumptions. Vanguard plans on eliminating $708 million of debt following the reorganization. Vanguard entered into a restructuring support agreement (RSA) with certain consenting holders of its notes on February 1, 2017. Under the RSA, Vanguard's senior unsecured note holders will receive 97% of the common equity in the reorganized entity and the opportunity to participate in a rights offering. The principal methodology used in these ratings was Global Independent Exploration and Production Industry published in December 2011. Vanguard Natural Resources, LLC is an independent exploration and production company headquartered in Houston, Texas. VENUS HOSPITALITY: March 7 Combined Plan, Disclosures Hearing ------------------------------------------------------------- The Hon. Bill Parker of the U.S. Bankruptcy Court for the Eastern District of Texas conditionally approved the amended supplemental disclosure statement referring to the chapter 11 modified plan of reorganization filed on Jan. 26, 2017 by Venus Hospitality, LLC together with Girirajan Mohan and Ragini Prajapati. March 1, 2017 is fixed as the last day for filing written acceptances or rejections of the plan which must be received by 4:00 p.m. (CST). March 1, 2017 is fixed as the last day for filing and serving written objections to final approval of the disclosure statement or confirmation of the plan. The hearing to consider final approval of the disclosure statement and to consider the confirmation of the plan is fixed and will be conducted by video conferencing means on March 7, 2017, at 1:30 p.m. in the First Floor Bankruptcy Courtroom, Jack Brooks Federal Building, 300 Willow Street, in Beaumont, Texas. About Venus Hospitality 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. VIOLIN MEMORY: Samberg No Longer Holds Equity Stake --------------------------------------------------- Arthur J. Samberg disclosed in a regulatory filing with the Securities and Exchange Commission that he no longer holds shares of Violin Memory, Inc., common stock, par value $0.0001 per share. Mr. Samberg may be reached at: Arthur J. Samberg 77 Bedford Road Katonah, New York 10536 About Violin Memory Violin Memory, Inc., develops and supplies memory-based storage systems for high-speed applications, servers and networks in the Americas, Europe and the Asia Pacific. Founded in 2005, the Company is headquartered in Santa Clara, California. Violin Memory sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 16-12782) on Dec. 14, 2016. The petition was signed by Cory J. Sindelar, chief financial officer. At the time of the filing, the Debtor disclosed $38.93 million in assets and $145.4 million in liabilities. Pillsbury Winthrop Shaw Pittman LLP serves as the Debtor's legal counsel while Bayard, P.A., serves as co-counsel. The Debtor has hired Houlihan Lokey Capital, Inc., as financial advisor and investment banker. Prime Clerk LLC serves as administrative advisor. The U.S. Trustee, on Dec. 27, 2016, named three creditors to serve on the official committee of unsecured creditors Wilmington Trust, N.A., Clinton Group, Inc., and Forty Niners SC Stadium Company LC. The Committee hires Cooley LLP as lead counsel, and Elliot Greenleaf as its Delaware counsel. * * * According to Matt Chiappardi at Bankruptcy Law360, Violin Memory told the Bankruptcy Court on Jan. 30 that a unit of major creditor Soros Fund Management LLC put in the winning bid for its assets with an offer valued at least $14.5 million, but it needs more time to negotiate terms of a Chapter 11 plan sponsorship agreement. Violin Memory filed with the Bankruptcy Court a notice identifying VM Bidco LLC as the winner of its three-day auction in New York. VSI LIQUIDATING: Greenbrier Buying Cleveland Property for $50K -------------------------------------------------------------- VSI Liquidating Inc., et al., ask the U.S. Bankruptcy Court for the District of Delaware to authorize their private sale of owned real property located at 3201 Independence Road, in the County of Cuyahoga, City of Cleveland, Ohio, PPN: 131-12- 001, to Greenbrier Development, LLC for $50,000. A hearing on the Motion is set for Feb. 24, 2017 at 10:00 a.m. (ET). Objection deadline is Feb. 14, 2017 at 4:00 p.m. (ET). On Sept. 8, 2016, the Court entered an Order (A) Approving and Authorizing Sale of Substantially All of Debtors' Assets Pursuant to Purchaser's Asset Purchase Agreement, Free and Clear of Liens, Claims, Encumbrances and Other Interests, (B) Approving the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases Related Thereto, and (C) Granting Related Relief ("Valencia Sale Order"). Pursuant to the Valencia Sale Order, the Bankruptcy Court authorized and approved, among other things, the Valencia Sale of substantially all of the Debtors' assets to Valencia Bidco, LLC and its designees. On Oct. 31, 2016, the Debtors and the Purchaser closed on the Valencia Sale. On Nov. 4, 2016, the Debtors filed that ce1iain Notice of Filing of Final Asset Purchase Agreement and Related Documents in Connection with Closing of Sale of Substantially All of the Debtors' Assets [Docket No. 519], which attached a copy of the Final Asset Purchase Agreement by and among the Debtors and the Purchaser ("Final APA"). Pursuant to Schedule 1.2(1) of the Final APA, the Cleveland Property at issue in the Motion constitutes "Excluded Real Property" and was not purchased by the Purchaser in connection with the Valencia Sale. On Dec. 15, 2016, the Debtors filed the Debtors' First Amended Plan of Liquidation Under Chapter 11 of the Bankruptcy Code and the Disclosure Statement for the Debtors' First Amended Plan of Liquidation Under Chapter 11 of the Bankruptcy Code. On Dec. 19, 2016, the Court entered the Order (I) Approving the Disclosure Statement, (II) Establishing Solicitation and Voting Procedures, (III) Scheduling a Confirmation Hearing, and (IV) Establishing Notice and Objection Procedures for Confirmation of the Plan. The First Amended Plan, among other things, contemplates the creation of an Environmental Response Trust, which is intended to effectuate the transfer of certain of the Debtors' real properties, including, with written consent of the Environmental Response Trust Beneficiaries and the Environmental Response Trustee, the Cleveland Property. Article IV.J of the Plan specifically allows the Debtors the option to seek a sale of real property contemplated to be transferred to the Environmental Response Trust by filing a motion with the Bankruptcy Court seeking approval of such sale. The hearing on confirmation of the First Amended Plan is currently scheduled for Feb. 24, 2017, which is also the date on which the present Motion is set to be heard. On Sept. 18, 2013, the Debtor Vertellus Specialties, Inc. and Independence Excavating, Inc. ("Tenant") entered into Ground Lease Agreement for the lease of the Cleveland Property owned by VSI. The leased premises are subject to environmental investigation and remediation as directed by the Ohio Environmental Protection Agency ("OEPA") pursuant to a Dec. 16, 2010 OEPA Declaration and Decision Document and an OEPA Director's Final Findings & Orders ("Corrective Action"). Pursuant to Section 14.1 of the Lease Agreement, the Tenant was granted an option to purchase the Cleveland Property ("Purchase Option") for a purchase price of $50,000, subject to certain terms and conditions set forth in the Lease Agreement. Specifically, the Purchase Option is conditioned upon completion of the Tenant's remedial work under the Corrective Action, which includes installation of an isolation barrier and approval of an operation and maintenance plan for the barrier, subject to OEPA oversight and approval. To date, the Tenant has incurred direct costs exceeding $775,000 in completing the installation of the isolation barrier. In accordance with Section 14.1 of the Lease Agreement, the Tenant has: (i) delivered an Option Exercise Notice to VSI; (ii) exercised the Purchase Option to purchase the Cleveland Property for the Purchase Price; and (iii) assigned its right to purchase the Cleveland Property to the Purchaser. VSI and the Purchaser, as the Tenant's assignee, have entered into that certain Purchase Agreement for the Sale of the Cleveland Property in accordance with Section 14.1 of the Lease Agreement. The material terms and conditions of the Purchase Agreement are: a. Address of the Cleveland Property: 3201 Independence Road County of Cuyahoga, City of Cleveland, Ohio, PPN: 131-12-001. b. Purchase Price: $50,000 c. Earnest Money Deposit: $50,000 d. Closing: Within 14 days of entry of an order approving the Sale, provided that the Purchaser will have the right to extend the Closing Date for up to 30 days if the Purchaser requires such additional time to secure a new approved parcel map and/or legal description. e. Relief from Bankruptcy Rule 6004(h): The Proposed Order provides that the provisions of Bankruptcy Rule 6004(h) will be waived. f. Sale Free and Clear: The Cleveland Property will be transferred to the Purchaser free and clear of all liens, claims, encumbrances, and interests of any kind or nature to the fullest extent permitted by section 363 of the Bankruptcy Code. A copy of the Purchase Agreement attached to the Motion is available for free at: http://bankrupt.com/misc/VSI_Liquidating_700_Sales.pdf The Debtors have determined in their business judgment that the private Sale of the Cleveland Property will enable them to obtain the highest and best offer for the Cleveland Property, thereby maximizing value, and is in the best interests of the Debtors' creditors. In addition, the sale will further reduce the administrative burden on the proposed Environmental Response Trust and streamline the path to confirmation of the First Amended Plan. Accordingly, the Debtors ask the Court to grant the relief requested and such other and further relief as the Court may deem just and proper. The Purchaser can be reached at: GREENBRIER DEVELOPMENT, LLC 5720 Schaaf Rd. Independence, OH 44131 About Vertellus Specialties Vertellus Specialties Inc. was a global specialty chemicals company focused on the manufacture of ingredients used in pharmaceuticals, personal care, nutrition, agriculture, and a host of other market areas affected by trends favoring "green" technologies and chemistries. Headquartered in Indianapolis, Indiana, Vertellus Specialties Inc. and several affiliates filed separate Chapter 11 bankruptcy petitions (Bankr. D. Del. Case Nos. 16-11289 to 16-11299) on May 31, 2016. Judge Christopher S. Sontchi presides over the case. Stuart M. Brown, Esq., Kaitlin M. Edelman, Esq., Richard A. Chesley, Esq., Daniel M. Simon, Esq., and David E. Avraham, Esq., at DLA Piper LLP (US) serve as the Debtors' bankruptcy counsel. Jefferies LLC is the Debtors' investment banker. Andrew Hinkelman at FTI Consulting, Inc. is the Debtors' chief restructuring officer. Kurtzman Carson Consultants is the Debtors' claims and noticing agent. The Debtors estimated their assets at between $100 million and $500 million and debts at between $500 million and $1 billion. The petitions were signed by Anne Frye, vice president, secretary and general counsel. The Official Committee of Unsecured Creditors of Vertellus Specialties Inc., et al., has tapped Hahn & Hessen LLP as lead counsel; Morris James LLP as co-counsel; and Zolfo Cooper, LLC as its financial advisor. * * * The Troubled Company Reporter reported that Vertellus Specialties Inc. completed the sale of substantially all of its U.S. and international assets to its prior term loan lenders, a group including Black Diamond Capital Management and Brightwood Capital Advisors, among others, on Oct. 31, 2016. WADHWA DENTAL: Seeks Court Approval for Cash Collateral Use ----------------------------------------------------------- Wadhwa Dental, PA seeks authorization from the U.S. Bankruptcy Court for the Western District of Texas to use cash collateral. The Debtor is operated as a dental practice by Harmandeep S. Wadhwa, DDS, its sole owner, who is a Doctor of Dental Surgery. The Debtor owns no real property, instead, its primary assets consist of dental equipment such as dental chairs and x-ray machines worth approximately $67,500 and inventory/supplies worth $3,800. Dr. Wadhwa estimated that there were $233,750.06 in collectible accounts receivable at the time the bankruptcy was filed. The Debtor believes that it will be able to meet its obligations post-petition if it has the funds available from or generated by its pre-petition cash collateral to pay its post-petition expenses, as reflected in the proposed Budget. The proposed 90-day Budget provides total operating expenses in the amount of $109,209 from December 2016 through February 2017. The Debtor contends that it needs immediate authority to use the cash collateral in order to meet its ongoing post-petition obligations and continue its normal business operations, and preserve the value of the estate pending confirmation of a plan of reorganization. The Debtor believes that it owes Bank of America, N.A. approximately $594,658, and that Bank of America may assert a lien in the Debtor's accounts, equipment, instruments, investment property, deposit accounts, general intangibles, fixtures, furnishings and improvements, a PMSI in equipment, goods and inventory purchased from proceeds of the loan. The Debtor also believes that U.S. Bank Equipment Finance is owed the amount of $167,580, which is secured by various items of equipment financed by U.S. Bank, which includes files, replacements, parts, repairs, additions, accessions and accessories and any proceeds or insurance recoveries thereof. The Debtor proposes to provide following adequate protection to all parties with an interest in the cash collateral: (a) Replacement lien to the same extent, priority and validity as its pre-petition lien; (b) The Debtor will continue to operate its business in the ordinary course of business thus generating additional Cash Collateral; (c) The Debtor will maintain insurance upon the property giving rise to the Cash Collateral; and (d) The Debtor will provide monthly cash payments, to Bank of America, equal to the regular monthly debt service on the Debtor's note, beginning in the month of January, 2017, with one additional post-petition payment also paid in the month of January. A full-text copy of the Debtor's Motion, dated January 31, 2017, is available at https://is.gd/gau7Zn A full-text copy of the Debtor's proposed Budget, dated January 31, 2017, is available at https://is.gd/nf3xGz About Wadhwa Dental, PA Wadhwa Dental, PA is a corporation based in San Antonio, Texas. It is operated as a dental practice by Harmandeep S. Wadhwa, DDS, its sole owner. Dr. Wadhwa is a Doctor of Dental Surgery licensed by the Texas State Board of Dental Examiners since July, 2009. Wadhwa Dental, PA filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 16-52134), on September 22, 2016. The petition was signed by Harmandeep S. Wadhwa, President. The Debtor is represented by H. Anthony Hervol, Esq., at the Law Office of H. Anthony Hervol. At the time of filing, the Debtor estimated assets at $100,000 to $500,000 and liabilities at $500,000 to $1 million. No trustee or examiner has been appointed in the Debtor's Chapter 11 Case, nor has a creditors’ committee or other official committee been appointed. WALDEN REAL ESTATE: Plan Confirmation Hearing to be Held March 15 ----------------------------------------------------------------- The Hon. Keith L. Phillips of the U.S. Bankruptcy Court for the Eastern District of Virginia has scheduled for March 15, 2017, at 10:30 a.m. the hearing to consider the confirmation of the Chapter 11 plan filed by Walden Real Estate Ventures, LLC, on Dec. 22, 2016. Objections to the confirmation of the Plan must be filed by March 8, 2017, which is also the last day for filing written acceptances or rejections to the Plan. No later than 35 days prior to the Confirmation Hearing, the proponent of the Plan will mail to creditors, equity security holders, and other parties-in-interest, and transmit to the U.S. Trustee, the Plan, a ballot conforming to Official Form 14, and a notice of the Confirmation Hearing. About Walden Real Estate Ventures Walden Real Estate Ventures, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 15-35082) on Oct. 1, 2015. Hon. Keitth L. Phillips presides over the case. Kaplan, Voekler, Cunningham & Frank, PLC represents the Debtor as counsel. In its petition, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. The petition was signed by Lee A Barnes, Jr., managing member. WET SEAL: Feb. 13 Meeting Set to Form Creditors' Panel ------------------------------------------------------ Andy Vara, United States Trustee for Region 3, will hold an organizational meeting on Feb. 13, 2017, at 10:00 a.m. in the bankruptcy case of The Wet Seal, LLC. The meeting will be held at: The Doubletree Hotel 700 King Street Wilmington, DE 19801 The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' case. The organizational meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. A representative of the Debtor, however, may attend the Organizational Meeting, and provide background information regarding the bankruptcy cases. To increase participation in the Chapter 11 proceeding, Section 1102 of the Bankruptcy Code requires that the United States Trustee appoint a committee of unsecured creditors as soon as practicable. The Committee ordinarily consists of the persons, willing to serve, that hold the seven largest unsecured claims against the debtor of the kinds represented on the committee. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform other services as are in the interests of the unsecured creditors whom it represents. Mador Holdings, LLC owns 100% of the equity interest in Debtor Mador Financing, LLC and indirectly owns 100% of the equity interests in the remaining Debtors. Debtor Mador Financing, LLC owns 100% of the equity interests in Debtors The Wet Seal, LLC and The Wet Seal Gift Card, LLC. The Chapter 11 cases are pending in the U.S. Bankruptcy Court for the District of Delaware and assigned to the Hon. Judge Christopher S. Sontchi. Contemporaneously with the filing of their voluntary petitions, the Debtors are filing a motion requesting that the Court consolidate their Chapter 11 cases under the Lead Case No. 17-10229. As of the Petition Date, the Debtors owe: (a) Crystal Financial, LLC $9.7 million on account of a credit agreement dated April 15, 2015, (b) Mador Funding, LLC approximately $15.6 million and (c) unsecured creditors $8 million. The Debtors have hired Young Conaway Stargatt & Taylor, LLP as counsel and Donlin, Recano & Company, Inc. as claims & noticing agent. WILLBROS GROUP: Moody's Withdraws Caa1 Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings for Willbros Group, Inc., including its Caa1 corporate family rating, Caa1-PD probability of default rating and the B3 rating on the senior secured asset based revolving credit facility issued by Willbros United States Holdings Inc. Withdrawals: Issuer: Willbros Group, Inc. -- Probability of Default Rating, Withdrawn , previously rated Caa1-PD -- Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-3 -- Corporate Family Rating, Withdrawn , previously rated Caa1 Issuer: Willbros United States Holdings Inc. -- Senior Secured Bank Credit Facility, Withdrawn , previously rated B3 (LGD3) Outlook Actions: Issuer: Willbros Group, Inc. -- Outlook, Changed To Rating Withdrawn From Negative Issuer: Willbros United States Holdings Inc. -- Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE Moody's has withdrawn the ratings for its own business reasons. Please refer to the Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com. REGULATORY DISCLOSURES For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. WOODHAVEN TOWNHOUSE: Unsecureds to be Fully Paid in 4 Years ----------------------------------------------------------- Woodhaven Townhouse Association, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a disclosure statement dated Jan. 27, 2017, referring to the Debtor's plan of reorganization. Class 5 Allowed General Unsecured Claims will be paid once allowed in full over 48 months. The payments will be made in monthly payments on the first day of the month following the Effective Date and will continue on the first day of each month thereafter until paid as called for by the Plan. The estimated amount in this class is $83,000. Of this amount $69,000 is disputed. Christina Dudek's claim is treated in this class. The Class 5 Claims are impaired and the holders of a Class 5 Claim are entitled to vote to accept or reject the Plan. The Disclosure Statement is available at: http://bankrupt.com/misc/txnb16-34424-47.pdf About Woodhaven Townhouse Woodhaven Townhouse Association, Inc., is a townhome owner's association. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 16-34424) on Nov. 11, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Joyce W. Lindauer, Esq. The Debtor hired Jennifer K. Maddox, CPA, as accountant. WYNN RESORTS: Moody's Lowers Corporate Family Rating to Ba3 ----------------------------------------------------------- Moody's Investors Service downgraded Wynn Resorts Limited's Corporate Family Rating to Ba3 from Ba2. The company's long-term debt ratings were also lowered one-notch. Moody's also assigned an SGL-1 Speculative Grade Liquidity Rating to Wynn. The outlook is stable. "The downgrade considers that Wynn did not achieve 6.0 times net debt/EBITDA target that Moody's previously stated would be necessary by the time the $4.1 billion Wynn Palace opened for the Wynn to avoid a downgrade," stated Keith Foley, a Senior Vice President at Moody's. The Wynn Palace opened on the Cotai Strip in Macau, China in August 2016. "Although Moody's expects Wynn will be improve its leverage now that the Wynn Palace has opened and will begin to contribute EBITDA to offset the debt used to fund its construction, it's not expected the company will be able to return to a leverage profile consistent with its former Ba2 Corporate Family Rating," added Foley. Wynn's consolidated net debt/EBITDA for fiscal 2016 was about 7.6 times. Based on Moody's current assumptions, Wynn's net debt/EBITDA will not drop below 6.0 until sometime in 2018 because of what is expected to be a slower than expected ramp up of Wynn Palace and the largely debt funded development of Wynn's $2.2-$2.4 billion casino development near Boston, MA which isn't expected to open until sometime in 2019. The net debt amount used in this calculation incorporates excess cash available, which includes unrestricted cash and short-term investments, but excludes assumed amounts needed for day-to-day operations along with an estimate of offshore cash amounts. Wynn Resorts, Limited ratings downgraded: Corporate Family Rating, to Ba3 from Ba2 Probability of Default rating, to Ba3-PD from Ba2-PD Wynn Resorts, Limited ratings assigned: Speculative Grade Liquidity Rating: SGL-1 Wynn Las Vegas, LLC ratings downgraded: $1.8 billion 5 1/2% senior notes due 2025, to B1 (LGD 5) from Ba3 (LGD 5) Wynn Macau, LLC ratings downgraded: $1.35 billion 5 1/4% senior notes due 2021, to B1 (LGD 5) from Ba3 (LGD 5) Wynn America, LLC ratings downgraded: $375 million senior secured revolver due 2019, to Ba2 (LGD 2) from Ba1 (LGD 2) $875 million senior secured delay draw term 2020, to Ba2 (LGD 2) from Ba1 (LGD 2) RATING RATIONALE: Wynn's ratings are supported by the quality, popularity, and favorable reputation of company's casino properties -- a factor that continues to distinguish it from most other gaming operators. The ratings also consider the favorable prospects for the company's casino in Everett, MA, a suburb near Boston that will improve the company's geographic diversification. Moody's believes this casino will ramp up well initially as well as perform strongly over the long term given the favorable demographics, visitation trends, and population concentration of the Boston area. In addition to the company's high leverage, key credit concerns include Wynn's limited diversification despite the fact that it is one of the largest U.S. gaming operators in terms of revenue. Wynn's revenue and cash flow are concentrated in the Macau gaming market which has experienced significant declines in gaming revenue during the past few years and has only recently stabilized. Moody's also expects that Wynn will be presented with and pursue other large, high profile, integrated resort development opportunities around the world. As a result there will likely be periods where the company's leverage experiences periods of increases due to partially debt-financed, future development projects. The stable rating outlook incorporates Moody's expectation that Wynn will begin to reduce its leverage, albeit slower than expected. It also considers the financial flexibility afforded to the company by its very good liquidity profile and lack of any near-term debt maturities. An upgrade would require that Wynn demonstrate the ability and willingness to achieve and maintain net debt/EBITDA below 5.0 times. Wynn ratings could be lowered if, for any reason, it appears the company will not be able to reduce and maintain its net debt/EBITDA below 6.0 times by the end of fiscal 2018. Wynn Resorts, Limited owns 72.3% of Wynn Macau, Limited, which operates Wynn Macau and Encore at Wynn Macau in the Macau Special Administrative Region of the People's Republic of China. The company also owns 100% of Wynn Las Vegas, LLC which operates Wynn Las Vegas and Encore at Wynn Las Vegas in Las Vegas, Nevada; and 100% of Wynn America, LLC, the entity and debt obligor that owns the license for the company's Massachusetts casino development. Consolidated net revenue for the fiscal year-ended Dec. 31, 2016 was about $4.5 billion. The principal methodology used in these ratings was "Global Gaming Industry" published in June 2014. [*] No. of Companies with Moody's B3 & Below Rating Down in Jan. ---------------------------------------------------------------- The number of companies on its B3 Negative and Lower Corporate Ratings List fell again in January, dipping 2.7% month over month. Moody's Investors Service says in a new report. Down 4.5% from just a year ago, the number of companies on the list now stands at 252, reflecting a 13% decrease from the list's all-time high of 291 companies. "At 17% of the total spec-grade population, the list's cohort is close to its long-term average of 15%," noted Moody's associate analyst Julia Chursin. "Were Moody's to excludes the oil & gas sector in the analysis, however, the percentage of B3 negative and lower companies would be even closer to the 15% long-term average." Ratings upgrades picked up significantly in contrast to the prior month, causing five companies to leave the list -- a sign of improving fundamentals at spec-grade companies. Nevertheless, Chursin cautioned that defaults have not subsided to a great extent, and taken together with benign rating actions, account for the list's reduction. In fact, defaults marginally dominated upgrades by 6 to 1 ratio. Notably, the majority of these defaults emanated from the E&P and OFS sectors. Oil and gas continued to be the sector with the largest representation on Moody's list, accounting for a full quarter of the total number of companies. Consumer/business services and manufacturing followed, at 12% and 9%, respectively. [*] Number of Bankruptcy Filings by U.S. Retailers Spikes in 2016 ----------------------------------------------------------------- Although energy companies grabbed the biggest bankruptcy headlines in 2016, the number of bankruptcy filings by U.S. retailers nearly doubled, and 2017 looks bleak for the industry, according to The Deal, a business unit of TheStreet, Inc. "The rate of Chapter 11 filings is often an indicator of an industry's health and that's bad news for retailers," said Ian Wenik, bankruptcy reporter at The Deal. "The number of large-liability retail Chapter 11 filings (at least $250 million in liabilities) nearly doubled in 2016 and that trend shows no signs of slowing down. Teen clothing retailers in particular are struggling as teenagers turn towards experiences as a method of conspicuous consumption and away from fashion labels." The Deal's exclusive ranking covers the top U.S and Canadian firms involved in bankruptcy cases filed between Jan. 1 and Dec. 31, 2016. Some highlights from the report: -- Latham & Watkins LLP claimed the top spot for bankruptcy law firms by volume, with $90.2 billion in liabilities. Duane Morris LLP followed, with $70.9 billion in liabilities. Milbank, Tweed, Hadley & McCloy LLP ranked third, with $58.9 billion in liabilities. Whiteford, Taylor & Preston LLP followed in fourth with $46 billion in liabilities and DLA Piper ranked fifth with $44.7 billion in liabilities. -- Goodmans LLP claimed the top spot for bankruptcy of Canadian law firms by volume, with $11.8 billion in liabilities. Borden Ladner Gervais LLP followed, with $11.6 billion in liabilities. Torys LLP ranked third, with $10.4 billion in liabilities. Stikeman Elliott LLP followed in fourth with $10.1 billion in liabilities and Norton Rose Fulbright LLP ranked fifth with $9.8 billion in liabilities. -- For investment banks by volume, Houlihan Lokey Inc. remained in the top spot, with $118.2 billion in liabilities. Lazard Ltd. followed in second, with $83 billion in liabilities. Moelis & Co. LLC was third, with $54.7 billion in liabilities. PJT Partners Inc. ranked fourth, with $34.8 billion in liabilities. Jefferies LLC rounded up the top five with $29.8 billion in liabilities. -- FTI Consulting Inc. claimed the top spot for Canadian bankruptcy monitors by volume with $10.9 billion. PricewaterhouseCoopers Inc. followed with $8.3 billion. Ernst & Young Inc. came in third with $5.3 billion. Alvarez & Marsal LLC came in fourth with $974 million. Richter Consulting Inc. came in fifth with $672.4 million. The full report is available online, or learn more about The Deal's Bankruptcy League Tables by visiting http://www.thedeal.com/league-tables/bankruptcy/ About The Deal's Bankruptcy League Tables The Deal's U.S. Bankruptcy League Tables include cases with at least $25 million in liabilities. The Canadian Bankruptcy League Tables include all cases filed under the Companies Creditors Arrangement Act (CCAA), plus cases filed pursuant to the Bankruptcy and Insolvency Act (BIA), with at least $25 million in liabilities. The rankings are based on the aggregation of those liability values. About The Deal The Deal -- http://www.thedeal.com-- provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them. The Deal is a business unit of TheStreet, Inc., a financial news and information provider. Other business units include TheStreet, which is celebrating its 20 [th] year of producing unbiased business news and market analysis; BoardEx), a relationship mapping service of corporate directors and officers; and RateWatch, which supplies rate and fee data from banks and credit unions across the U.S. [*] Pres. Trump Picks Judge Neil Gorsuch for Supreme Court Post --------------------------------------------------------------- Jimmy Hoover, writing for Bankruptcy Law360, reports that President Donald Trump has nominated Tenth Circuit Judge Neil Gorsuch as next associate justice on the U.S. Supreme Court to succeed Justice Antonin Scalia, who died in February 2016. Judge Gorsuch has more than 10 years on a federal appeals court, Jacqueline Bell, writing for Law360, relates. Law360 states that Judge Gorsuch has degrees from Harvard Law School, a Marshall scholarship to Oxford University and two Supreme Court clerkships. Citing legal experts, Daniel Wilson at Law360 states that with a solid conservative bent, Judge Gorsuch is unlikely to shift the high court's jurisprudence significantly away from where it stood with the late Judge Scalia. "Judge Gorsuch is a stellar choice. He's brilliant and -- perhaps as important -- he hails from the West and brings much needed geographic diversity to the court," Law360 quoted Lisa Blatt, Esq., at Arnold & Porter Kaye Scholer LLP as saying. [^] BOND PRICING: For the Week from Jan. 30 to Feb. 3, 2017 ----------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- A. M. Castle & Co CASL 7.00 58.00 12/15/2017 American Eagle Energy Corp AMZG 11.00 1.00 9/1/2019 Amyris Inc AMRS 6.50 55.00 5/15/2019 Avaya Inc AVYA 10.50 26.75 3/1/2021 Avaya Inc AVYA 10.50 32.00 3/1/2021 BPZ Resources Inc BPZR 6.50 3.02 3/1/2015 BPZ Resources Inc BPZR 6.50 3.02 3/1/2049 Buffalo Thunder Development Authority BUFLO 11.00 38.00 12/9/2022 CEDC Finance Corp International Inc CEDC 10.00 14.00 4/30/2018 Caesars Entertainment Operating Co Inc CZR 12.75 74.75 4/15/2018 Caesars Entertainment Operating Co Inc CZR 5.75 66.75 10/1/2017 Chassix Holdings Inc CHASSX 10.00 8.00 12/15/2018 Chassix Holdings Inc CHASSX 10.00 8.00 12/15/2018 Chukchansi Economic Development Authority CHUKCH 9.75 42.50 5/30/2020 Chukchansi Economic Development Authority CHUKCH 9.75 42.25 5/30/2020 Cinedigm Corp CIDM 5.50 10.00 4/15/2035 Claire's Stores Inc CLE 9.00 48.00 3/15/2019 Claire's Stores Inc CLE 7.75 18.50 6/1/2020 Claire's Stores Inc CLE 8.88 21.00 3/15/2019 Claire's Stores Inc CLE 10.50 85.50 6/1/2017 Claire's Stores Inc CLE 6.13 43.50 3/15/2020 Claire's Stores Inc CLE 9.00 48.00 3/15/2019 Claire's Stores Inc CLE 9.00 47.88 3/15/2019 Claire's Stores Inc CLE 7.75 17.63 6/1/2020 Claire's Stores Inc CLE 6.13 43.50 3/15/2020 Cobalt International Energy Inc CIE 2.63 36.25 12/1/2019 Cumulus Media Holdings Inc CMLS 7.75 40.00 5/1/2019 EXCO Resources Inc XCO 7.50 49.88 9/15/2018 Emergent Capital Inc EMGC 8.50 40.00 2/15/2019 Energy Conversion Devices Inc ENER 3.00 7.88 6/15/2013 Energy Future Holdings Corp TXU 6.50 13.75 11/15/2024 Energy Future Holdings Corp TXU 5.55 10.25 11/15/2014 Energy Future Holdings Corp TXU 6.55 14.00 11/15/2034 Energy Future Holdings Corp TXU 11.25 9.75 11/1/2017 Energy Future Holdings Corp TXU 10.88 9.75 11/1/2017 Energy Future Holdings Corp TXU 9.75 29.25 10/15/2019 Energy Future Holdings Corp TXU 10.88 9.75 11/1/2017 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.00 23.63 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 10.00 24.05 12/1/2020 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 9.75 30.00 10/15/2019 Energy Future Intermediate Holding Co LLC / EFIH Finance Inc TXU 6.88 23.25 8/15/2017 Erickson Inc EAC 8.25 25.25 5/1/2020 Evergreen Solar Inc ESLR 4.00 0.39 7/15/2013 FXCM Inc FXCM 2.25 47.50 6/15/2018 Fleetwood Enterprises Inc FLTW 14.00 3.56 12/15/2011 GenOn Energy Inc GENONE 7.88 77.91 6/15/2017 Goodman Networks Inc GOODNT 12.13 42.25 7/1/2018 Gymboree Corp/The GYMB 9.13 35.00 12/1/2018 Hartford Life Insurance Co HIG 5.00 99.15 2/15/2017 Homer City Generation LP HOMCTY 8.14 40.75 10/1/2019 Horsehead Holding Corp ZINC 10.50 80.25 6/1/2017 Illinois Power Generating Co DYN 7.00 37.00 4/15/2018 Illinois Power Generating Co DYN 6.30 37.00 4/1/2020 Iracore International Holdings Inc IRACOR 9.50 51.00 6/1/2018 Iracore International Holdings Inc IRACOR 9.50 51.00 6/1/2018 IronGate Energy Services LLC IRONGT 11.00 33.25 7/1/2018 IronGate Energy Services LLC IRONGT 11.00 37.38 7/1/2018 IronGate Energy Services LLC IRONGT 11.00 35.63 7/1/2018 IronGate Energy Services LLC IRONGT 11.00 35.63 7/1/2018 Jack Cooper Holdings Corp JKCOOP 9.25 40.25 6/1/2020 James River Coal Co JRCC 7.88 1.41 4/1/2019 Koppers Inc KOP 7.88 101.50 12/1/2019 Las Vegas Monorail Co LASVMC 5.50 0.83 7/15/2019 Lehman Brothers Holdings Inc LEH 2.07 2.62 6/15/2009 Lehman Brothers Holdings Inc LEH 1.00 2.62 9/16/2010 Lehman Brothers Holdings Inc LEH 1.00 2.62 9/16/2010 Lehman Brothers Holdings Inc LEH 1.00 2.62 11/3/2011 Lehman Brothers Holdings Inc LEH 1.60 2.62 11/5/2011 Lehman Brothers Holdings Inc LEH 1.25 2.62 3/22/2012 Lehman Brothers Holdings Inc LEH 1.00 2.62 7/21/2009 Lehman Brothers Holdings Inc LEH 1.25 2.62 8/5/2012 Lehman Brothers Holdings Inc LEH 1.00 2.62 9/7/2012 Lehman Brothers Holdings Inc LEH 1.00 2.62 12/9/2012 Lehman Brothers Holdings Inc LEH 2.00 2.62 3/3/2009 Lehman Brothers Holdings Inc LEH 1.50 2.62 3/29/2013 Lehman Brothers Holdings Inc LEH 1.38 2.62 6/15/2009 Lehman Brothers Holdings Inc LEH 1.00 2.62 6/9/2009 Lehman Brothers Holdings Inc LEH 1.00 2.62 10/17/2013 Lehman Brothers Holdings Inc LEH 4.00 2.62 4/30/2009 Lehman Brothers Holdings Inc LEH 1.00 2.62 8/17/2014 Lehman Brothers Holdings Inc LEH 1.00 2.62 11/2/2011 Lehman Brothers Holdings Inc LEH 1.00 2.62 8/17/2014 Lehman Brothers Holdings Inc LEH 1.00 2.62 3/29/2014 Lehman Brothers Holdings Inc LEH 1.25 2.62 2/6/2014 Lehman Brothers Holdings Inc LEH 5.00 2.62 2/7/2009 Lehman Brothers Inc LEH 7.50 1.23 8/1/2026 Light Tower Rentals Inc LHTTWR 8.13 43.00 8/1/2019 Light Tower Rentals Inc LHTTWR 8.13 43.00 8/1/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 8.63 49.00 4/15/2020 Linn Energy LLC / Linn Energy Finance Corp LINE 6.50 49.75 5/15/2019 Linn Energy LLC / Linn Energy Finance Corp LINE 7.75 48.00 2/1/2021 MF Global Holdings Ltd MF 3.38 30.50 8/1/2018 MModal Inc MODL 10.75 10.13 8/15/2020 Midstates Petroleum Co Inc / Midstates Petroleum Co LLC MPO 10.75 0.73 10/1/2020 Modular Space Corp MODSPA 10.25 56.00 1/31/2019 Modular Space Corp MODSPA 10.25 58.13 1/31/2019 NRG REMA LLC GENONE 9.24 85.00 7/2/2017 Nine West Holdings Inc JNY 8.25 27.75 3/15/2019 Nine West Holdings Inc JNY 6.88 24.25 3/15/2019 Nine West Holdings Inc JNY 8.25 26.00 3/15/2019 Nuverra Environmental Solutions Inc NESC 9.88 11.32 4/15/2018 OMX Timber Finance Investments II LLC OMX 5.54 9.13 1/29/2020 PNC Preferred Funding Trust I PNC 2.61 96.50 N/A PNC Preferred Funding Trust II PNC 2.19 96.63 N/A Peabody Energy Corp BTU 6.00 40.00 11/15/2018 Peabody Energy Corp BTU 4.75 6.78 12/15/2041 Peabody Energy Corp BTU 6.50 38.25 9/15/2020 Peabody Energy Corp BTU 6.00 59.25 11/15/2018 Peabody Energy Corp BTU 6.00 40.00 11/15/2018 Permian Holdings Inc PRMIAN 10.50 30.00 1/15/2018 Permian Holdings Inc PRMIAN 10.50 29.25 1/15/2018 Pernix Therapeutics Holdings Inc PTX 4.25 25.00 4/1/2021 Pernix Therapeutics Holdings Inc PTX 4.25 25.81 4/1/2021 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.25 47.88 10/1/2018 Prospect Holding Co LLC / Prospect Holding Finance Co PRSPCT 10.25 47.88 10/1/2018 Rolta LLC RLTAIN 10.75 23.00 5/16/2018 Rowan Cos Inc RDC 5.00 101.66 9/1/2017 SAExploration Holdings Inc SAEX 10.00 50.13 7/15/2019 Samson Investment Co SAIVST 9.75 7.33 2/15/2020 Sequa Corp SQA 7.00 55.38 12/15/2017 Sequa Corp SQA 7.00 55.38 12/15/2017 Sidewinder Drilling Inc SIDDRI 9.75 6.00 11/15/2019 Sidewinder Drilling Inc SIDDRI 9.75 6.00 11/15/2019 SunEdison Inc SUNE 5.00 38.00 7/2/2018 SunEdison Inc SUNE 2.75 2.00 1/1/2021 SunEdison Inc SUNE 2.38 2.00 4/15/2022 SunEdison Inc SUNE 2.00 2.00 10/1/2018 SunEdison Inc SUNE 3.38 2.75 6/1/2025 SunEdison Inc SUNE 0.25 3.00 1/15/2020 SunEdison Inc SUNE 2.63 3.25 6/1/2023 TMST Inc THMR 8.00 14.44 5/15/2013 Talos Production LLC / Talos Production Finance Inc TALPRO 9.75 52.50 2/15/2018 Talos Production LLC / Talos Production Finance Inc TALPRO 9.75 70.50 2/15/2018 TerraVia Holdings Inc TVIA 5.00 40.13 10/1/2019 TerraVia Holdings Inc TVIA 6.00 66.13 2/1/2018 Terrestar Networks Inc TSTR 6.50 10.00 6/15/2014 TetraLogic Pharmaceuticals Corp TLOG 8.00 5.50 6/15/2019 Trans-Lux Corp TNLX 8.25 20.13 3/1/2012 UCI International LLC UCII 8.63 25.75 2/15/2019 Venoco LLC VQ 8.88 1.27 2/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.75 17.00 1/15/2019 Verso Paper Holdings LLC / Verso Paper Inc VRS 11.75 17.00 1/15/2019 Violin Memory Inc VMEM 4.25 8.50 10/1/2019 Walter Energy Inc WLTG 8.50 0.54 4/15/2021 Walter Energy Inc WLTG 9.88 0.62 12/15/2020 Walter Energy Inc WLTG 9.88 0.62 12/15/2020 Walter Energy Inc WLTG 9.88 0.62 12/15/2020 iHeartCommunications Inc IHRT 10.00 80.00 1/15/2018 rue21 inc RUE 9.00 24.00 10/15/2021 rue21 inc RUE 9.00 24.00 10/15/2021 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***